• by Sarah Mahoney  @mahoney_sarah, Yesterday

At a time when many sports retailers are blaming soft results on cautious consumers and tariff worries, Dick’s Sporting Goods just keeps winning. First-quarter sales rose 5.2% to a record $3.18 billion, marking the fifth consecutive quarter of sales growth above 4%. Comparable sales increased 4.5%, and while net income slipped 4% to $264 million, both revenue and profit beat Wall Street expectations.

Even as peers backpedal on full-year forecasts, Dick’s reaffirmed its guidance, expecting sales to grow between 1% and 3% in fiscal 2025.

Dick’s momentum is being driven by more than just solid execution. The Pittsburgh-based retailer’s market share climbed to 9%, fueled by a string of savvy merchandising decisions, a sharp private label strategy, and expanding experiential concepts.

The retailer opened two new House of Sport stores during the quarter, bringing the total to 19, and has 16 more on the way this year. These oversized, experience-heavy locations are shaping decisions across its fleet, including the newer Field House format, which now stands at 27 stores after four openings last quarter. Another 16 are expected this year.

Private labels like DSG, Calia, and VRST have become bestsellers, collectively generating $1.7 billion in 2024—second only to Nike. And unlike many legacy brands, Dick’s is capitalizing on the cultural zeitgeist. That includes rising enthusiasm for women’s sports, a broader obsession with wellness, and new ways fans engage through social media.

Technology is also part of the playbook, including the growing retail media network. And the company's GameChanger app for youth sports now boasts 9 million active users, with revenue up 49% to $100 million.

“Our performance demonstrates the momentum and strength of our long-term strategies and the consistency of our execution,” said Lauren Hobart, president and CEO, in the earnings announcement. “We are reaffirming our 2025 outlook … while still acknowledging the dynamic macroeconomic environment."

Analysts generally approved. David Swartz of Morningstar called the forecast cautious but pragmatic. “Although it has exposure through its vendors and vertical brands, we think the firm can mitigate the current [tariff] rates through negotiations and small price increases.”

Swartz also supported the pending Foot Locker acquisition, despite that brand’s recent struggles. “We think it expands Dick's reach with vendors and consumers (both domestic and international) and that the price is attractive.” He predicts the company will end 2026 with about 60 House of Sport and 60 Field House stores.

Others praised the brand’s fashion instincts. “Dick’s attracts more shoppers than other sports retailers with a more appealing apparel offer,” writes Neil Saunders, managing director at GlobalData. “Even for everyday basics like underwear, Dick’s is now a go-to destination for a larger cohort of customers.”

By comparison, Nike's most recent quarterly results included a 9% decline in sales, with footwear revenue in North America dropping 13%. And sales at Under Armour fell 11%.