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Dick's Sporting Goods reports 3.2% increase in store sales

Published August 22, 2019

PITTSBURGH (BRAIN) — Dick's Sporting Goods reported store sales increased 3.2% in the second quarter over the same period last year and raised full-year guidance.

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That gain was driven by second-quarter e-commerce sales increasing 21%, which was about 12% of total net sales, compared to 11% over the same period last year.

Net sales for the second quarter increased 3.8% to about $2.26 billion.

Reported net income for the quarter that ended Aug. 3 decreased 5.8%, from $119.4 million to $112.5 million.

"Our strong comp sales performance was driven by increases in both average ticket and transactions and represented our strongest quarterly comp since 2016," said Edward W. Stack, chairman and CEO. "We saw growth across each of our three primary categories of hardlines, apparel and footwear, our brick-and-mortar stores comped positively and our e-commerce channel remained strong."

Dick's opened two e-commerce fulfillment centers this week "to provide our athletes with faster and more reliable delivery," said Lauren R. Hobart, Dick's president.

The company completed the sale of two of its technology subsidiaries Thursday, Blue Sombrero and Affinity Sports, to Stack Sports for $45 million. Stack Sports has no affiliation with Edward W. Stack. The sale is expected to result in a one-time gain that will be determined later in the third quarter.

The company opened two new stores and closed two others. Dick's has 727 stores in 47 states.

Topics associated with this article: Earnings/Financial Reports

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