Dick’s Sporting Items stories 20.7% improve in Q2 web gross sales

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The US sporting goods retailer Dick’s Sporting Goods reported a 20.7% increase in sales to $ 3.27 billion in the second quarter of this year compared to the same period last year.

The company’s net sales increased 45.0% compared to the second quarter of 2019.

During that period, consolidated sales in the same store increased 19.2%, e-commerce sales increased 111%, and e-commerce penetration increased to 18% of total net sales.

Dick’s Sporting Goods posted consolidated net income of $ 495.5 million, or $ 4.53 on a diluted portion, driven by robust sales and an increase in gross margin.

The company closed the quarter with approximately $ 2.24 billion in cash.

Lauren Hobart, President and CEO of Dick’s Sporting Goods, said, “Our record quarterly sales and earnings exceeded our expectations, reflecting continued strong consumer demand across our diverse product portfolio, as well as the strength of our omnichannel offering and enhanced athletic experience.

“I would like to thank all of our teammates for how they implemented our core strategies and for their commitment [our company]who made this performance possible.

“Given the strength of our business and our expectations of continued strong consumer demand, we are pleased to be raising our full-year sales and earnings outlook for the second time this year.”

For the 26 weeks ending July 31, Dick’s Sporting Goods net sales increased 53% to $ 6.19 billion, while consolidated sales in the same store increased 51%.

The company’s e-commerce sales rose 124% and e-commerce penetration rose to 19%.

This year the company plans to open six Dick’s Sporting Goods Stores and eight Specialty Concept Stores, including the conversion of two former Field and Stream Stores into Public Lands Stores.

Dick’s Sporting Goods also expects to move 11 of its stores by the end of the year.

Following these results, the company increased its earnings per diluted share for the full year from $ 11.00 to $ 11.45.

In April, Dick’s Sporting Goods opened a concept store, Dick’s House of Sport, in New York.

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GlobalData

We cover the entire spectrum of the retail value system – from suppliers, manufacturers and sales channels to insights and trends around the globe.

08/28/2020

GlobalData

GlobalData can provide actionable insights to drive your business forward

08/28/2020

GlobalData

GlobalData exists to help companies decipher the future so they can benefit from faster, more informed decisions.

08/28/2020

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