Dick’s Digital Declines as Customers Return to Stores

Dick’s Sporting Goods doesn’t expect the struggles it reported in the first quarter of 2022 to get much better during the rest of the year, saying it sees comparable store sales struggling to ever break even year-over-year during the rest of this year after an 8.4% drop in Q1.

The retailer pointed to “evolving macroeconomic conditions” as the reason it foresees comparable store sales dropping between 2% and 8% for the full year, according to a company press release Wednesday (May 25).

Dick’s stock is up nearly 4% in early trading Wednesday as the company explains its latest results to investors and analysts in its quarterly earnings call, even as the company’s net sales are up 41% over the first three months of pre-pandemic 2019 levels.

“We are pleased with our first quarter results as our team continued to move with agility and execute well in a highly dynamic environment,” said Lauren Hobart, president and CEO, in the company press release.

“Over the past two years, we have demonstrated our ability to adeptly manage through the pandemic and other challenges — and we are confident in our continued ability to adapt quickly and execute through uncertain macroeconomic conditions,” she said.

Related: eCommerce Tumbles for Dick’s Sporting Goods

In its 2021 report, Dick’s reported a 9% drop in its eCommerce business as more shoppers returned to their local brick-and-mortar stores in the last three months of the year.

Also read: Dick’s Sporting Goods Debuts Afterpay Option

In December, Dick’s announced a partnership with buy now, pay later (BNPL) platform Afterpay to bring flexible payments to the chain’s in-store and online channels.

You’ll also like: Dick’s Sporting Goods, Nike Connect Loyalty Programs

Last year, Dick’s Sporting Goods and apparel brand Nike teamed up on what they’re calling a “connected partnership” to improve the shopping experience by giving customers access to exclusive products, experiences and offers.

Dick’s and Nike customers will be able to link their Dick’s Scorecard and Nike Membership accounts through the Dick’s mobile app and browse through an expanded selection of Nike footwear and apparel.