PITTSBURGH (BRAIN) — Dick's Sporting Goods reported third-quarter revenue increased 22.9% year-over-year led by a continued rise in e-commerce, which grew 95%, and record store sales.
For the quarter ending Oct. 31, net sales were $2.41 billion, of which e-commerce totaled 21%. In the third quarter 2019, e-commerce sales were 13% of Dick's net sales. Consolidated store sales increased 23.2% year-over-year. Third-quarter net income was $177 million ($1.84 earnings per diluted share), an increase year-over-year of 205%.
"Our stores continue to be the hub of our industry-leading omni-channel platform and were the key to our unprecedented third-quarter growth," said Lauren R. Hobart, Dick's president.
"Brick-and-mortar store comps grew double-digits, and our stores fulfilled approximately 70% of our online sales, which increased nearly 100% for the quarter. In fact, our stores drove 90% of our total Q3 sales growth, whether an athlete purchased at the register, picked up curbside or had their order delivered through ship-from-store. Data science and technology will continue to play an important role in creating a personalized, one-to-one relationship with our athletes, enabling us to serve them in the most convenient way possible."
Dick's had about $48 million of pre-tax employee compensation and safety costs in response to COVID-19 during the current quarter.
The company also announced CEO Edward W. Stack will become executive chairman on Feb. 1. He also will oversee key strategic growth initiatives. Hobart will add CEO responsibilities in addition to remaining president.
Dick's Sporting Goods is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
