DICK’s sporting goods has announced the company’s first quarter financial results. According to the details, the company has recorded the strong liquidity position in terms of cash and cash equivalent of approx. $1.5 billion. The company’s consolidated game store sales for Q1 2020 decreased to 29.5% due to the ongoing Covid-19 pandemic.
The company’s eCommerce sales increased up to 110% during the Q1 2020 as compared to the previous quarter of 2019. The company has recorded the decrease in the consolidated same store sales up to 4. Percent. The company has re-opened its 80% of stores as of May 30, 2020.
Chief Executive Officer and Chairman of DICK’s Sporting Goods, Edward W. Stack said, “Although the business environment of 2020 remains uncertain, DICK’S Sporting Goods is in a position of strength. We believe coming out of the current crisis, health and fitness will become even more important to the consumer. As the leader in the sporting goods retail sector, our relationships with key brands have never been stronger and we are in a great place to support this demand.”
“Our experienced management team has a history of successfully navigating difficult market cycles and remains fully committed to managing our business with a long-term view. Perhaps most importantly, our balance sheet is strong, and due to the actions taken when the pandemic first hit, we have enhanced liquidity to emerge from this crisis in an even stronger competitive position.”
President of the DICK’s Sporting Goods, Lauren R. Hobart said, “Through March 10th our consolidated same store sales increased 7.9%, a clear indication that our strategies were working. Throughout the store closures we continued to serve our athletes online, and our eCommerce sales, including Curbside Contactless Pickup, were tremendous, increasing 210% since we temporarily closed our stores through the end of the first quarter.”