– Delivers Net Sales of $3.02 Billion, Up 6.2% Versus the Prior Year – – Delivers Double-Digit EBT Margin of 11.3% – Delivered 5.3% comparable sales growth, driven by growth in transactions and average ticket Reported earnings per diluted share of $3.30 with 4% EBT growth Raises full year 2024 guidance for comparable sales growth to a range of 2.0% to 3.0%, up from 1.0% to 2.0% previously Raises full year 2024 earnings per diluted share guidance to a range of $13.35 to 13.75, up from $12.85 to 13.25 previously "Our strong first quarter results continue to prove that DICK'S is the go-to destination for sport and sport culture in the US. The product pipeline from our key brand partners and our vertical brand portfolio has never been better. For example, Nike's recent Paris innovation summit highlighted a number of breakthrough products across apparel and footwear that we look forward to bringing to our athletes. We have significant momentum and are excited about the differentiated product and compelling experience we are providing." Ed Stack, Executive Chairman "We are incredibly proud of our first quarter results. With our comps increasing 5.3% and double-digit EBT margin of over 11%, we drove continued momentum in our business. Our core strategies and execution are delivering strong results, and we are continuing to gain market share as consumers prioritize DICK'S Sporting Goods to meet their needs. Because of our strong Q1 performance, our expectations for continued robust demand from athletes and the confidence we have in our business, we are raising our full year outlook." Lauren Hobart, President and Chief Executive Officer PITTSBURGH, May 29, 2024 /PRNewswire/ -- DICK'S Sporting Goods, Inc. (NYSE: DKS), the largest U.S. based full-line omni-channel sporting goods retailer, today reported sales and earnings results for the first quarter ended May 4, 2024.   First Quarter Operating Results (dollars in millions, except per share data) 13 Weeks Ended Change (1) May 4, 2024 April 29, 2023 Net sales (2) $              3,018 $              2,842 $          176 6.2 % Comparable sales (2) (3) 5.3 % 3.6 % Income before income taxes (4) $                 342 $                 328 $            14 4 % Income before income taxes (4) (% of net sales) 11.3 % 11.6 % (21) bps Effective tax rate 19.6 % 7.2 % 1,239 bps Net income $                 275 $                 305 $           (29) (10) % Earnings per diluted share $                3.30 $                3.40 $        (0.10) (3) %   Balance Sheet (in millions) As of May 4, 2024 As of April 29, 2023 $ Change (1) % Change (1) Cash and cash equivalents $                1,649 $                1,643 $              6 — % Inventories, net $                3,201 $                3,034 $          167 6 % Total debt (5) $                1,483 $                1,483 $              1 — %   Capital Allocation (in millions) 13 Weeks Ended $ Change (1) % Change (1) May 4, 2024 April 29, 2023 Share repurchases (6) $                 114 $                   58 $            56 97 % Dividends paid (7) $                   94 $                 105 $           (10) (10) % Gross capital expenditures $                 158 $                   85 $            73 86 % Net capital expenditures (8) $                 126 $                   61 $            65 107 % Notes 1.  Column may not recalculate due to rounding. 2.       Due to the 53rd week in fiscal 2023, there is a one-week shift in the fiscal 2024 calendar compared to the prior year, which favorably impacted current period net sales comparisons by approximately $45 million. Comparable sales for fiscal 2024 are calculated by shifting the prior year period by one week to compare similar calendar weeks. 3.       Beginning in fiscal 2024, we revised our method for calculating comparable sales to include GameChanger revenue. Prior year information has been revised to reflect this change for comparability purposes. See additional details as furnished in Exhibit 99.2 of the Company's Current Report on Form 8-K, filed with the SEC on March 14, 2024. 4.  Also referred to by management as earnings before income taxes ("EBT"). 5.  The Company had no outstanding borrowings under its revolving credit facility in 2024 and 2023. 6.       During the 13 weeks ended May 4, 2024, the Company repurchased 0.5 million shares of its common stock under its share repurchase program at an average price of $207.32 per share, for a total cost of $113.6 million, of which $5.0 million was paid subsequent to the first fiscal quarter. The Company has $665.9 million remaining under its authorization as of May 4, 2024. 7.  The Company declared and paid quarterly dividends of $1.10 per share in fiscal 2024 and $1.00 per share in fiscal 2023. 8.       For additional information, see GAAP to non-GAAP reconciliations included in tables later in the release under the heading "GAAP to Non-GAAP Reconciliations." Quarterly Dividend  On May 28, 2024, the Company's Board of Directors authorized and declared a quarterly dividend in the amount of $1.10 per share on the Company's common stock and Class B common stock. The dividend is payable in cash on June 28, 2024 to stockholders of record at the close of business on June 14, 2024. Full Year 2024 Outlook The Company's Full Year Outlook for 2024 is presented below: Metric 2024 Outlook Earnings per diluted share ●        $13.35 to 13.75 •         Based on approximately 83 million diluted shares outstanding •         Based on an effective tax rate of approximately 23% Net sales ●        $13.1 billion to 13.2 billion Comparable sales ●        Growth of 2.0% to 3.0% Capital expenditures ●        Approximately $900 million on a gross basis ●        Approximately $800 million on a net basis Store Count and Square Footage The following tables summarize store activity for the periods indicated: 13 Weeks Ended May 4, 2024 13 Weeks Ended April 29, 2023 DICK'S Sporting Goods Specialty Concept Stores (1) Total (2) DICK'S Sporting Goods Specialty Concept Stores (1) Total (2) Beginning stores 724 131 855 728 125 853 Q1 New stores 1 3 4 — — — Stores acquired (3) — — — — 12 12 Closed stores 2 — 2 — 2 2 Ending stores 723 (4) 134 857 728 135 863 Relocated stores 3 1 4 1 — 1    Square Footage:  (in millions) DICK'S Sporting Goods Specialty Concept Stores (1) Total (2)(5) Q1 2023 39.2 3.4 42.6 Q2 2023 39.0 3.4 42.4 Q3 2023 39.2 3.6 42.7 Q4 2023 39.3 3.4 42.7 Q1 2024 39.4 3.5 42.9 (1)  Includes our Golf Galaxy, Public Lands, Going Going Gone! and other specialty concept stores. As of May 4, 2024, we operated 106 Golf Galaxy stores, 7 Public Lands stores, 18 Going Going Gone! stores, and other specialty concept stores. As of April 29, 2023, we operated 97 Golf Galaxy stores, 7 Public Lands stores, 15 Going Going Gone! stores and other specialty concept stores. In some markets, we operate DICK'S Sporting Goods stores adjacent to our specialty concept stores on the same property with a pass-through for our athletes. We refer to this format as a "combo store" and include combo store openings within both the DICK'S Sporting Goods and specialty concept store reconciliations, as applicable. As of May 4, 2024, the Company operated 19 combo stores. (2)  Excludes Warehouse Sale store locations that are temporary in nature, of which the Company operated 34 and 39 as of May 4, 2024 and April 29, 2023, respectively. (3)  Represents Moosejaw store locations acquired by the Company during the first quarter of fiscal 2023, which average approximately 4,000 square feet per store. The Company closed 10 of the previously acquired Moosejaw store locations during fiscal 2023. (4)  As of May 4, 2024, includes 14 DICK'S House of Sport stores, with two new openings during the first quarter of fiscal 2024, one of which was relocated from a prior store location. (5)  Column may not recalculate due to rounding. Non-GAAP Financial Measures In addition to reporting the Company's financial results in accordance with generally accepted accounting principles ("GAAP"), the Company reports certain financial results that differ from what is reported under GAAP. These non-GAAP financial measures include non-GAAP EBT margin, non-GAAP net income, non-GAAP earnings per diluted share and net capital expenditures, which management believes provides investors with useful supplemental information to evaluate the Company's ongoing operations and to compare with past and future periods. Furthermore, management believes that adjustments related to its deferred compensation plans enables investors to better understand its selling, general and administrative expense trends excluding non-cash changes in our deferred compensation plan investment fair values from market fluctuations that are offset within other income. Management also uses these non-GAAP measures internally for forecasting, budgeting, and measuring its operating performance. These measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. A reconciliation of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are provided below and on the Company's website at investors.DICKS.com. Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified as those that may predict, forecast, indicate or imply future results or performance and by forward-looking words such as "believe", "anticipate", "expect", "estimate", "predict", "intend", "plan", "project", "goal", "will", "will be", "will continue", "will result", "could", "may", "might" or any variations of such words or other words with similar meanings. These statements are subject to risks and uncertainties and change based on various important factors, many of which may be beyond the Company's control. The Company's future performance and actual results may differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements should not be relied upon by investors as a prediction of actual results. Forward-looking statements include statements regarding, among other things, the Company's future performance, including 2024 outlook for earnings, sales, and capital expenditures; our plan ...