DICK'S Sporting Goods, Inc. (DKS) Q1 2023 Earnings Call Transcript

For the period ending April 29, 2023

May 23, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, everyone, and welcome to the Q1 2023 DICK'S Sporting Goods Earnings Conference Call. My name is Shannon, and I will be coordinating your call today. [Operator Instructions].

I will now hand you over to your host, Nate Gilch, Senior Director of Investor Relations. Nate, please go ahead.

Nate Gilch

Good morning, everyone, and thank you for joining us to discuss our first quarter 2023 results.

On today's call will be Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer.

A playback of today's call will be archived in our Investor Relations website located at investors.dicks.com for approximately 12 months.

As a reminder, we will be making forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and cautionary statements made during this call. We assume no obligation to update any of these forward-looking statements or information.

Please refer to our Investor Relations website to find a reconciliation of our non-GAAP financial measures referenced in today's call.

And finally, for your future scheduling purposes, we are tentatively planning to publish our second quarter 2023 earnings results on August 22, 2023.

With that, I will now turn the call over to Lauren.

Lauren Hobart

Thank you, Nate, and good morning, everyone.

We are very pleased with our first quarter results, which demonstrate the continued strength of our business resulting from our focused strategies and the strong execution of our long-term transformation.

While consumers face macroeconomic uncertainties, our athletes have continued to prioritize sport and rely on DICK'S to meet their needs. In fact, compared to the same period last year, more athletes purchased from us, they purchased more frequently and they spent more each trip. Our strategies are working and resonating with our athletes.

We remain enthusiastic about our business and our long-term growth plan. As the largest U.S. sporting goods retailer, we have robust runway for growth and are well positioned to continue gaining share in a fragmented $140 billion industry. We will build on our 2022 results, which set a new bar for us in both sales and profitability, and provide an excellent foundation for growth this year and in the years ahead.