Dick’s Sporting Goods reported net sales for the fiscal first quarter rose 5.3 percent to $2.84 billion from $2.70 billion in the prior-year Q1 period. Comparable store sales grew 3.4 percent, partially reversing the 8.4 percent comp store sales decline in the year-ago period.

Net income increased 17 percent to $305 million, or $3.40 per diluted share, in the 13-week period ended April 29, compared to $261 million, or $2.47 per diluted share in the year-ago quarter. EPS was up 38 percent for the quarter on a GAAP basis and up 19 percent on a non-GAAP adjusted basis.

Inventories were up 7 percent at quarter-end to $3.03 billion.

Earnings of $3.40 topped analysts’ consensus estimate of $3.21. Sales of $2.84 billion were slightly ahead of analysts’ consensus estimate of $2.8 billion.

Ed Stack, executive chairman, said, “Our strong start to 2023 demonstrates the sustained strength of our business. We are very enthusiastic about our strategies and continue to invest in our future to fuel long-term growth opportunities, including a return to square footage growth. I’d like to thank all our teammates for how they delivered in Q1 and for their dedication to Dick’s Sporting Goods.”

Lauren Hobart, president and chief executive officer, said, “We are very pleased with our first quarter results. Even as consumers face macroeconomic uncertainties, our athletes have continued to prioritize sport and rely on Dick’s to meet their needs, and we continue to gain market share. Our Q1 sales grew 5.3 percent, driven by strong comps and healthy transaction growth, and we delivered another strong double-digit EBT margin. We remain confident in our ability to drive sales and profitability growth in 2023 and over the long term.”

Dick’s reaffirmed its 2023 outlook.

Looking ahead, DKS sees flat to positive 2 percent comp store sales on a 52-week basis. Earnings per share are forecast at a range of $12.90 to $13.80, including approximately 20 cents per diluted share for the 53rd in the current fiscal year. The forecast includes the acquisition of Moosejaw.

Look for more detailed reporting on Dick’s Sporting Goods’ first quarter results and outlook, including commentary from company executives, in SGB Executive late today.