Dick's Sporting Goods (NYSE:DKS) posted Q1 earnings of $475.81 million, an increase from Q4 of 63.96%. Sales dropped to $2.92 billion, a 6.59% decrease between quarters. In Q4, Dick's Sporting Goods earned $290.20 million, whereas sales reached $3.12 billion.
After a few quarters of sales growth significantly outpacing inventory additions, the two were closer to parity at retailers specializing in general merchandise and household goods during the fiscal first quarter, which concluded at the end of April. While stock levels are beginning to improve, it appears it may take retailers a while to rebuild positions to normal historical levels.
Stephens & Co. boosted the price target for Chipotle Mexican Grill, Inc. (NYSE: CMG) from $1,600 to $1,700. Chipotle shares fell 0.1% to close at $1,345.81 on Wednesday.