Dick'S Sporting Goods (DKS) Q1 FY2024 earnings: revenue $3.0 billion, up 6.2% on the year

Dick'S Sporting Goods, Inc. (DKS) reported revenue of $3.0 billion for Q1 FY2024, the quarter ended 4 May 2024, up 6.2% on the same quarter a year earlier. Net income was $275 million, down 9.6% on the year, and diluted earnings per share $3.30. The figures are the company's own, from the 10-Q it filed with the SEC on 30 May 2024.

Revenue$3.0 billionup 6.2%

Net income$275 milliondown 9.6%

Diluted EPS$3.30

QuarterQ1 FY2024ended 4 May 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	3,018	3,876	n/a	n/a
Cost of revenue	1,923	2,542	n/a	n/a
Gross profit	1,095	1,334	n/a	n/a
Gross margin	36.3%	34.4%	n/a
Selling, general and administrative	743	959	n/a	n/a
Operating income	331	372	n/a	n/a
Operating margin	11.0%	9.6%	n/a
Interest expense	13.8	14.2	n/a	n/a
Pre-tax income	342	395	n/a	n/a
Income tax	67.1	98.9	n/a	n/a
Effective tax rate	19.6%	25.0%	n/a
Net income	275	296	n/a	n/a
Net margin	9.1%	7.6%	n/a
Diluted EPS	$3.30	$3.57	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	232	763	n/a	n/a
Capital expenditure	158	178	n/a	n/a
Free cash flow	74.2	585	n/a	n/a
Free cash flow margin	2.5%	15.1%	n/a
Cash from investing	-158	-181	n/a	n/a
Cash from financing	-226	-186	n/a	n/a
Depreciation and amortisation	91.5	123	n/a	n/a
Share-based compensation	17.3	17.7	n/a	n/a
Buybacks	109	0.0	n/a	n/a
Dividends paid	94.4	80.6	n/a	n/a
Dividend per share	$1.10	n/a	n/a	n/a
Diluted shares, weighted	83m	83m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,687	2,617	n/a	n/a
Debt	n/a	1,483	n/a	n/a
Operating lease liabilities	2,337	2,288	n/a	n/a
Other liabilities	4,681	2,923	n/a	n/a
Total liabilities and equity	9,705	9,312	n/a	n/a
Fixed assets	1,751	1,638	n/a	n/a
Goodwill	246	246	n/a	n/a
Intangible assets	56.6	56.7	n/a	n/a
Cash and equivalents	1,649	1,801	n/a	n/a
Inventory	3,201	2,849	n/a	n/a
Other assets	2,802	2,721	n/a	n/a
Total assets	9,705	9,312	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,042	3,876	3,018	3,474	3,057	3,894	3,175	3,647	4,168	6,226	5,165	5,587
Cost of revenue	1,981	2,542	1,923	2,198	1,964	2,532	2,010	2,295	2,787	4,456	3,481	3,644
Gross profit	1,061	1,334	1,095	1,276	1,093	1,361	1,165	1,351	1,381	1,770	1,683	1,943
Gross margin	35%	34%	36%	37%	36%	35%	37%	37%	33%	28%	33%	35%
SG&A	768	959	743	797	791	964	786	879	1,119	1,555	1,164	1,447
Operating income	273	372	331	470	286	387	366	452	93.1	185	451	441
Operating margin	9%	10%	11%	14%	9%	10%	12%	12%	2%	3%	9%	8%
Interest expense	14.4	14.2	13.8	13.5	12.9	12.7	12.1	16.1	18.3	17.7	17.5	17.8
Pre-tax income	269	395	342	482	297	397	348	510	104	180	446	438
Tax rate	25%	25%	20%	25%	23%	24%	24%	25%	28%	29%	28%	28%
Net income	201	296	275	362	228	300	264	381	75.2	128	320	315
Net margin	7%	8%	9%	10%	7%	8%	8%	10%	2%	2%	6%	6%
Diluted EPS	$2.39	$3.57	$3.30	$4.37	$2.75	$3.62	$3.24	$4.71	$0.86	$1.41	$3.54	$3.50
Operating cash flow	71.2	763	232	394	54.2	632	178	558	-248	1,050	277	516
Capital expenditure	161	178	158	215	193	237	265	261	267	344	361	383
Free cash flow	-89.7	585	74.2	180	-139	395	-86.7	296	-516	706	-84.2	133
Buybacks	388	0.0	109	54.9	6.7	92.8	304	0.0	0.0	43.5	141	0.0
Dividends paid	81.5	80.6	94.4	88.7	90.0	88.6	99.9	96.1	109	108	114	111
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 4 May 2024, filed 30 May 2024, accession 0001089063-24-000070: the filing on EDGAR. All of Dick'S Sporting Goods, Inc.'s filings: EDGAR company page.

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