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Dick’s Sporting Goods swung to a loss as stay-at-home orders to slow the spread of COVID-19 shuttered stores for the final weeks of March.
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The Coraopolis, Pennsylvania-based sporting goods retailer lost $143.4 million, or $1.71 a share, in the first quarter as revenue plunged 31 percent from a year ago to $1.33 billion. Wall Street analysts surveyed by Refinitiv were expecting a loss of 57 cents a share on revenue of $1.45 billion.
“Although the business environment of 2020 remains uncertain, Dick’s Sporting Goods is in a position of strength,” CEO Edward Stack said in a statement. “We believe coming out of the current crisis, health and fitness will become even more important to the consumer.”
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