PITTSBURGH (BRAIN) — Dick's Sporting Goods net sales increased 5% year-over-year in the second quarter, and the big-box brand raised its full-year outlook while announcing its acquisition of Foot Locker will close in early September.
Net sales for the quarter ending Aug. 2 were $3.65 billion, compared with $3.47 billion at the same time last year. Year-over-year net income for the quarter was also up 5%, from $362 million to $381 million, and earnings per share increased 8%, from $4.37 to $4.71.
Full-year guidance for comparable sales growth was raised to 2.0% to 3.5% from 1.0% to 3.0%.
During the quarter, Dick's opened one House of Sport and four Field House locations.
"We remain very enthusiastic about the strategic benefits from the Foot Locker acquisition," said Dick's Executive Chairman Ed Stack. "As previously shared, Foot Locker shareholders approved the transaction. We have also received all required regulatory approvals, and we anticipate that the deal will close on Sept. 8."
Dick's Sporting Goods is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
