DICK’S Sporting Goods has reported significant sales results from their second quarter. Net sales had increased 20.1% to approximately $2.71 billion, from $2.26 billion a year ago, and beating expectations of $2.46 billion. The retailer also noted that physical store sales had increased 20.7%, even with about 15% of their stores closed during the quarter.
E-commerce sales had also brought in a significant amount of revenue, which included pick-up options. However, with some of their stores still shut down, numbers came in much stronger than expected. This points to the fact that brick and mortar is far from dead, and pent-up consumer demand exceeded expectations for the quarter. Chief Executive Officer Edward W. Stack noted that the popularity of at-home fitness options and outdoor activities had benefited the company significantly.
“We had an exceptionally strong Q2 in which we delivered our highest ever quarterly sales and earnings. These results are a testament to the hard work and dedication of our teammates, who reacted quickly to favorable shifts in consumer demand throughout the quarter,” said Edward W. Stack, Chief Executive Officer.
Source: DICK’S Sporting Goods – Press Release 8/26/20
Photo Credit: DICK’S Best Period in History
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About DICK’s Sporting Goods
Founded in 1948, DICK’S Sporting Goods, Inc. is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of August 1, 2020, the Company operated 726 DICK’S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated teammates, in-store services and unique specialty shop-in-shops dedicated to Team Sports, Athletic Apparel, Golf, Lodge/Outdoor, Fitness and Footwear. Headquartered in Pittsburgh, PA, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as GameChanger, a youth sports mobile app for scheduling, communications and live scorekeeping. DICK’S offers its products through a content-rich eCommerce platform that is integrated with its store network and provides customers with the convenience and expertise of a 24-hour storefront. For more information, visit the Investor Relations page at dicks.com.
