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Text: A playback of today's call will be archived in our Investor Relations website located at investors.
dicks.com for approximately 12 months.
And finally, a few admin items.
First, a note on our same-store sales reporting practices.
Our consolidated same-store sales calculation includes stores that we chose to temporarily close last year as a result of COVID-19.
The method of calculating comp sales varies across the retail industry, including the treatment of temporary store closures as a result of COVID-19.
Accordingly, our method of calculation may not be the same as other retailers.
Next, as a reminder, due to uneven nature of 2020, we plan 2021 off of 2019 baseline.
Accordingly, we will compare 2021 sales and earnings results against both 2019 and 2020.
We are extremely pleased to announce yet another quarter of record results as we continued to execute at a very high level and capitalize on incredibly strong consumer demand.
We're in a great lane right now, and 2021 will be our boldest and most transformational year in the company's history.
We believe the future of retail is experiential, powered by technology and a world-class omnichannel operating model.
Importantly, we are reimagining the athlete experience, both across our core business and through new concepts that we have been working on for the past several years, which will collectively propel our growth in the future.
We've recently debuted DICK's House of Sport in Rochester, New York.
It's off to a great start and is on track to become among our highest volume stores in the chain.
We've reimagined virtually everything in the store and believe it sets the standard for sport retailing and athlete engagement.
Our partners who have visited the store all agree there is nothing like it, and we hope everyone has the opportunity to see it in person.
Next we are completely reengineering our Golf Galaxy business.
The game of golf is in great shape.
Our golf business has been tremendous.
With Golf Galaxy comps significantly outperforming the company average in recent quarters, we're leaning into this straight by investing in our Golf Galaxy business and adding TrackMan technology to enhance the fitting and lesson experience.
We are also investing in talent to elevate the in-store service model and are remodeling 18 stores this year.
The new stores we've remodeled are showing promising results.
Looking ahead, we expect golf to have a long runway, and we are committed to leveraging this momentum for future growth within our business.
We've been working on Public Lands for several years and look forward to opening our first two stores later this year.
Based on our research, we think there is an opportunity in the marketplace and believe this new concept will be a great growth vehicle for us.
Importantly, conservation will play a prominent role in our new Public Lands concept.
And we will champion environmental issues as we speak up to protect the planet and our Public Lands.
As a member of the outdoor industry, we have also joined forces with other retailers to advocate for conserving 30% of the U.S. lands and waters by 2030.
We expect to have the same voice and as much impact on these issues as we've had inside the DICK's business, highlighting the youth sports crisis and sensible gun legislation.
We'll be sharing more details about our plans for Public Lands in the weeks and months ahead.
In closing, you can see DICK's is a growth company, and we will continue to invest in our business to grow our lead as the nation's largest sport retailer.
We see significant growth opportunities within DICK's and Golf Galaxy as well as with House of Sport and Public Lands.
We will continue to invest in our vertical brands.
And with our key partners, including Nike, North Face, Callaway, TaylorMade and others, to elevate the athlete experience across the stores and online.
Our Q1 consolidated same-store sales increased 115% as we anniversaried the majority of our temporary store closures from last year.
The strength of our diverse category portfolio, supply chain, technology capabilities and omnichannel execution helped us continue to capitalize on strong consumer demand across golf, outdoor activities, home fitness and active lifestyle.
We also saw a resurgence in our team sports business as kids began to get back out on the field after a year in which many youth sports activities were delayed or canceled.
Our strong comps were supported by sales growth of over 100% within each of our three primary categories; the hardlines, apparel and footwear as well as increases in both average ticket and transactions.
Like others, we also benefited from the recent stimulus checks.
These results combined translate to a 52% sales increase when combined -- sorry, when compared to the first quarter of 2019.
From a channel standpoint, our brick and mortar stores generated significant triple-digit comps, and importantly, delivered an approximate 40% sales increase when compared to 2019 with roughly the same square footage.
Our eCommerce sales increased 14%, which was on top of our 110% online sales increase in the same period last year when the vast majority of our stores were closed for over six weeks.
This represented nearly a 140% increase when compared to 2019.
Within eCommerce, in-store pickup and curbside continued to be a meaningful piece of our omnichannel offering, increasing approximately 500% when compared to BOPIS sales during the first quarter of 2019.
And as a percent of online sales, we saw sequential growth compared to the second half of last year.
These same-day services along with ship from store are fully enabled by our stores which are the hub of our industry-leading omnichannel experience, both serving our in-store athletes and providing over 800 forward points of distribution for digital fulfillment.
During Q1, our stores enabled approximately 90% of our total sales and fulfilled approximately 70% of our online sales through either ship from store, in-store pickup or curbside.
Throughout the quarter, we remained disciplined in our promotional strategy and cadence, and certain categories in the marketplace continue to be supply constrained.
As a result, we expanded our merchandise margin rate by 787 basis points versus 2020 and 312 basis points versus 2019.
This merchandise margin expansion, along with substantial leverage on fixed costs, drove a significant improvement in gross margin.
In total, our first quarter non-GAAP earnings per diluted share of $3.79 not only represented a 511% increase over Q1 2019, but eclipse our full year 2019 non-GAAP earnings per diluted share of $3.59.
During the first quarter last year, we recorded a net loss per share of $1.71 as we temporarily closed our stores to promote the safety of our teammates, athletes and communities.
Looking ahead, we remain very enthusiastic about our business and we're raising our full year sales and earnings guidance.
Our financial outlook balances this enthusiasm with the uncertainties that still exist, particularly as it relates to the second half of the year.
Lee will address our outlook in greater detail within his remarks.
Now let me provide a few updates on our strategic growth drivers.
First, within merchandising, our well defined brand strategy drive differentiation and exclusivity within our assortments as we leverage both our key national brand partnerships and our highly profitable and growing vertical brand portfolio.
During the quarter, our vertical brands continue to be a significant source of strength, posting triple-digit comps with merchandise margin rate expansion that outperformed the company average.
We saw sustained success in DSG, our largest vertical brand as well as in CALIA, our second largest women's athletic apparel brand.
This year we are investing to make our vertical brands even stronger through improved space in-store and increased marketing.
In March, we augmented our men's athletic apparel collection by launching VRST, our new premium apparel brand that serves the modern athletic male.
The team has done a great job with VRST, and it's off to a really strong start.
Next, to increase engagement with our athletes, we're taking steps to dial-up service in our stores and to make our stores more experiential.
As Ed mentioned, we've been very pleased with the early results from our first DICK's House of Sport and are excited for the grand opening of our second location in Knoxville next week.
Virtually everything in House of Sport is new; from our engagement and service models to our merchandising standards, brands and concept shops as well as an adjacent outdoor field to host sports events and promote product trial.
These highly experiential stores are exploring the future of retail and they provide us a great opportunity to test and learn.
We'll continue to refine and grow the House of Sport concept while also rolling the most successful elements into our core DICK's stores.
Beyond House of Sport, we continue to evolve the DICK's athlete experience.
During the quarter, we added more than 30 soccer shops that provide a high level of service from in-store soccer experts who are especially trained to help athletes find the equipment and cleats they need to excel at the game.
The soccer shops also feature a variety of updated in-store elements, including an elevated cleat shop, an expanded selection of licensed jerseys and soccer trial cages in select locations.
We've been pleased with the initial results and plan to add additional shops throughout the year.
As discussed on prior calls, footwear is a key pillar of our merchandising strategy.
And during the quarter, we converted more than 40 additional stores to premium full service footwear.
Over 50 more stores will be converted by the end of the year, taking this experience to approximately 60% of the DICK's chain.
Lastly, as the number one premium golf retailer in the world, we are benefiting from renewed interest in the game.
Participation rates are healthy and energy for the game of golf continues to increase with women, juniors and young adults contributing to the game's growth.
As a result of this robust demand, our golf business has been great at both DICK's and Golf Galaxy with Golf Galaxy comps significantly outperforming the company average in recent quarters.
In 2021, we're investing over $20 million to transform our Golf Galaxy stores via combination of elevated experience, industry-leading technology and unmatched expertise through our certified PGA and LPGA professionals.
As part of this, we've rolled out TrackMan technology to over 80% of the chain to enhance the fitting and lesson experience.
We've also completely redesigned nearly 20 stores.
In addition, we enabled online booking of lessons and club fittings and invested in talent and training to elevate our in-store service model.
We supported these efforts through our first Golf Galaxy specific brand campaign, Better Your Best, across TV, social and in-store.
Now moving to our omnichannel capabilities.
We continue to drive significant improvement in the profitability of our eCommerce channel through fewer promotions, leverage of fixed costs and strong athlete adoption of in-store pickup and curbside.
We're continuing to enhance the curbside experience with new features like proxy pickup as well as through improved inventory availability and reduced pickup wait time for athletes.
During Q1, over 90% of curbside orders were ready within 15 minutes.
And upon checking at the store, 50% were delivered to the athlete's car in under 2.5 minutes.
Looking ahead, we continue to expect curbside pickup will remain a meaningful piece of our omnichannel offering as our athletes turned to this service for speed and convenience.
Along with curbside, our ScoreCard program continues to be a key to our omnichannel offering with more than 20 million active members who drive over 70% of our sales.
We're using data science to drive more personalized marketing and engagement with our athletes, which is resulting in strong retention of the 8.5 million new athletes we acquired last year.
Speaking of new athletes, we acquired nearly 2 million new athletes this past quarter.
And relative to our existing athletes, they continue to skew younger and more female, representing a great opportunity for future growth.
In closing, we are a growth company, steeped in technology and omnichannel experience with a bold path forward.
As we continue to execute against our strategic priorities, we are enthusiastic about our business and confident that our investments will strengthen our leadership position within the marketplace.
I had the pleasure of visiting many of our stores during this first quarter.
Let's begin with a brief review of our first quarter results.
Consolidated sales increased 119% to approximately $2.92 billion.
Including the impact of last year's temporary store closures, consolidated same-store sales increased 115%.
This increase was broad-based with each of our three primary categories of hardlines, apparel and footwear comping up over 100%.
Transactions increased 90%, and average ticket increased 25%.
Compared to 2019, consolidated sales increased 52%.
Our brick and mortar stores comped up nearly 190% as we anniversaried last year's temporary store closures.
And compared to 2019, increased approximately 40% with roughly the same square footage.
Our eCommerce sales increased 14% over last year and increased 139% versus 2019.
As a percent of total net sales, our online business was 20%.
As expected, this decrease from the 39% of net sales in 2020 given last year's temporary store closures, but increased compared to the 13% we had in 2019.
Lastly, in terms of stimulus.
While this can be difficult to quantify, we recognize that our athletes had more cash spend during the quarter and believe we benefited from this during the first quarter.
Gross profit in the first quarter was $1.09 billion or 37.3% of net sales and improved approximately 2,100 basis points compared to last year.
This improvement was driven by leverage on fixed occupancy cost of approximately 1,000 basis points from the significant sales increase and merchandise margin rate expansion of 787 basis points, primarily driven by fewer promotions and a favorable sales mix.
Additionally, last year included $28 million of inventory writedowns, resulting from our temporary store closures, which were subsequently recovered in the second quarter of 2020 due to better than anticipated sales and margin on merchandise nearing the end-of-life upon the reopening of our stores.
The balance of the improvement was driven by lower shipping expense as a percent of net sales due to higher brick and mortar store sales penetration following last year's temporary store closures.
Compared to 2019, gross profit as a percent of sales improved by 795 basis points, driven by leverage on fixed occupancy costs of 475 basis points due to the significant sales increase and merchandise margin rate expansion of 312 basis points, primarily driven by fewer promotions.
SG&A expenses were $608.3 million or 20.84% of net sales and leveraged 940 basis points compared to last year due to the significant sales increase.
SG&A dollars increased $205.1 million, of which $21 million is attributable to the expense recognition associated with changes in our deferred compensation plan investment values.
This expense is fully offset in other income and has no impact on net earnings.
The remaining $183 million is primarily due to normalization of expenses following our temporary store closures last year to support the increase in sales as well as higher incentive compensation expenses due to our strong first quarter results.
SG&A expenses include $13 million of COVID-related safety costs, which in light of the latest CDC guidance, we expect these costs to decline significantly beginning in the second quarter.
Compared to 2019's non-GAAP results, SG&A expenses as a percent of net sales, leveraged 446 basis points from the -- due to the significant sales increase.
SG&A dollars increased $122.3 million due to increases in store payroll and operating expenses to support the increase in sales and hourly wage rate investments and COVID-related safety costs as well as higher incentive compensation expenses.
Driven by our strong sales and gross margin rate expansion, we delivered record quarterly non-GAAP EBT and EBT margin results.
Non-GAAP EBT was $477.1 million or 16.35% of net sales, and it increased $684.8 million or approximately 3,200 basis points from the same period last year.
More relevantly, compared to 2019, non-GAAP EBT increased $396 million or approximately 1,200 basis points as a percent of net sales.
In total, we delivered non-GAAP earnings per diluted share of $3.79.
This is compared to a net loss per share of $1.71 last year and non-GAAP earnings per diluted share of $0.62 in 2019, a 511% increase.
On a GAAP basis, our earnings per diluted share were $3.41.
This includes $7.3 million in non-cash interest expense as well as 9.2 million additional shares that will be offset by our bond hedge at settlement, but are required in the GAAP diluted share calculation.
Both are related to the convertible notes we issued in the first quarter of 2020.
Now looking to our balance sheet, we are in a strong financial position, ending Q1 with approximately $1.86 billion of cash and cash equivalents and no borrowings on our $1.85 billion revolving credit facility.
While our quarter end inventory levels decreased 4% compared to the same period last year, our strong flow of products supported Q1 sales growth in excess of our expectations.
Looking ahead, our inventory is very clean and we continue to expect a robust product flow.
In terms of supply chain expense, we are seeing elevated costs, which we expect to continue, but thus far have mitigated this pressure through higher ticket as a result of being less promotional and increasing prices in select categories.
Turning to our first quarter capital allocation.
Net capital expenditures were $57.2 million and we paid $33 million in quarterly dividends.
During the quarter, we also repurchased just over 1 million shares of our stock for $76.8 million at an average price of $74.59 and we have approximately $954 million remaining under our share repurchase program, and our plan for 2021 continues to include a minimum of $200 million of share repurchases.
Now let me move on to our fiscal 2021 outlook for sales and earnings.
As a result of our significant Q1 results, we are raising our consolidated same-store sales guidance and now expect full year comp sales to increase by 8% to 11% compared to our prior expectation of down 2% to up 2%.
At the midpoint, our updated comp sales guidance represents a 22% sales increase versus 2019 compared to our prior expectation of up 11%.
While we have been very pleased with the start of our second quarter and are highly encouraged about the rest of the year, beginning in June, we will start to anniversary significant comp sales gains from last year.
There is also continued uncertainty around when consumer behavior will normalize and what the new normal will be.
And we are limited in our ability to forecast demand, particularly as it relates to the second half.
Given this, within our updated outlook, we have maintained our Q3 and Q4 performance expectations in line with our original guidance, which assumes comps will decline in the range of high-single to low-double-digits.
Non-GAAP EBT is now expected to be in the range of $1 billion to $1.1 billion compared to our prior outlook of $550 million to $650 million, which at the midpoint and on a non-GAAP basis, is up 142% versus 2019 and up 45% versus 2020.
At the midpoint, non-GAAP EBT margin is expected to be approximately 10%.
Within this, gross margin is expected to increase versus 2019, driven by leverage on fixed expenses and higher merchandise margins.
When compared to 2020, gross margin is also expected to increase driven by leverage on fixed expenses, while merchandise margins are expected to be approximately flat.
This assumes a gradual normalization promotions beginning in the second quarter and modest deleverage on fixed expenses in the second half.
SG&A expense is expected to leverage versus both 2019 and 2020 due to the significant projected increase in full year sales.
As a reminder, at the beginning of 2021, we transitioned last year's premium pay program to a more lasting compensation program, including increasing and accelerating annual merit increases and higher wage minimums.
The impact of these programs has been included within our guidance.
In total, we are raising our full year non-GAAP earnings per diluted share outlook to a range of $8 to $8.70 compared to our prior outlook of $4.40 to $5.20.
At the midpoint and on a non-GAAP basis, our updated earnings per share guidance is up 126% versus 2019 and up 36% versus 2020.
In closing, we are extremely pleased with our Q1 results and remain very enthusiastic about the future of DICK's Sporting Goods.
This concludes our prepared comments.

user
compname reports record quarterly earnings in first quarter 2021; delivers 115% increase in same store sales compared to the first quarter of 2020 and raises full year guidance.
sees fy non-gaap earnings per share $8.00 to $8.70.
q1 sales rose 119 percent to $2.92 billion.
115% increase in consolidated same store sales in q1.
qtrly consolidated net income $3.41 per share.
qtrly non-gaap net income $3.79 per share.
plans to repurchase a minimum of $200 million of its common shares in 2021.
for 2021, incurred about $13 million of covid-related safety costs in q1.
expects to relocate 11 dick's sporting goods stores in 2021.

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