Dick's Sporting Goods Inc. swung to a first-quarter loss as closed stores took a big toll on sales. But the company said it sees “progressive recovery” in early second-quarter sales.
The sporting good giant reported a net loss of $143.4 million for the quarter ended May 2, compared to net income of $57.5 million in the year-ago period. Losses include $62 million in pre-tax expenses for worker compensation, safety amid the COVID-19 outbreak and inventory writedown.
Sales fell 30.6% to $1.33 billion. Consolidated same-store sales decreased 29.5%, driven by temporary store closures that started on March 18 to help prevent the spread of COVID-19. . . . more