DICK’S Sporting Goods has reported their earnings results for the third quarter of 2020. The retailer has delivered a record-setting 23.2% increase in same-store sales. DICK’S brick-and-mortar sales numbers during the third quarter showcase the retailer’s all-time best performance since going public nearly two decades ago.“Our stores continue to be the hub of our industry-leading omni-channel platform and were the key to our unprecedented third quarter growth. Brick-and-mortar store comps grew double-digits, and our stores fulfilled approximately 70% of our online sales, which increased nearly 100% for the quarter. In fact, our stores drove 90% of our total Q3 sales growth, whether an athlete purchased at the register, picked up curbside or had their order delivered through ship-from-store. Data science and technology will continue to play an important role in creating a personalized, one-to-one relationship with our athletes, enabling us to serve them in the most convenient way possible,” said Lauren R. Hobart, President at DICK’S.Notable numbers from the report include:
- Net sales of $2.41 billion, increased 22.9%
- Net income of $182.2 million
- Earnings per diluted share of $1.84, increased 179%
- A strong financial standing with nearly $1.1 billion of cash and cash equivalents and no outstanding borrowings on its $1.855 billion revolving credit facility
“We had another exceptionally strong quarter from both a sales and a profitability perspective. The strength of our diverse category portfolio once again helped us capitalize on the favorable shifts in consumer demand, as the positive trends across golf, outdoor activities, home fitness and active lifestyle continued throughout Q3,” said Edward W. Stack, Chairman and Chief Executive Officer at DICK’S.Source: DICK’S Sporting Goods – Press Release Photo Credit: Seeking Alpha
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About DICK’S Sporting Goods, Inc. 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 October 31, 2020, the Company operated 732 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 dynamic 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.
