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Dick's Sporting Goods' net sales drop 5% in second quarter

Published August 23, 2022

PITTSBURGH (BRAIN) — Dick's Sporting Goods' second-quarter net sales declined 5% year-over-year and comparable store sales were down 5.1%.

For the period ending July 30, net sales were $3.11 billion, compared with $3.27 billion at the same time last year. Net income increased 35.7%, from $496 million to $319 million, and earnings per share dropped 28.3% from $4.53 to $3.25 year-over-year.

While revenue decreased year-over-year, Dick's President and CEO Lauren Hobart noted sales were up 38% compared with the second-quarter of 2019.

"Our inventory is healthy and well-positioned, and we are excited about our assortment for the back-to-school season," Hobart said. "We are raising our full-year 2022 outlook, which continues to incorporate an appropriate level of caution given today's uncertain macroeconomic environment."

Topics associated with this article: Earnings/Financial Reports

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