DICK’S Sporting Goods, Inc., the largest U.S. based full-line omni-channel sporting goods retailer, has reported sales and earnings results for the second quarter. Q2 Highlights:- Net sales for the second quarter of 2021 were $3.27 billion, an increase of 20.7% compared to the second quarter of 2020
- Consolidated same store sales for the second quarter of 2021 increased 19.2%
- Driven by strong sales and gross margin rate expansion, the company reported consolidated net income of $495.5 million, or $4.53 per diluted share
- The company ended the second quarter of 2021 with approximately $2.24 billion in cash and cash equivalents and no outstanding borrowings
- Total inventory increased 7.2% at the end of the second quarter of 2021 compared to the end of the second quarter of 2020
“We said 2021 was going to be the most transformational year in our history, and so far, it certainly has been. We continue to perform at a very high level and invest in our future to reimagine the athlete experience in our core business and with new concepts. I am very pleased with the strength of our business and confident about our growth opportunities,” said Ed Stack, Executive Chairman.
“Our record-breaking quarterly sales and earnings significantly exceeded our expectations, reflecting continued strong consumer demand across our diverse category portfolio along with the strength of our omni-channel offering and elevated athlete experience. I’d like to thank all our teammates for how they delivered against our core strategies and for their commitment to DICK’S Sporting Goods, which helped make this performance possible. Based on the strength of our business and our expectations for continued strong consumer demand, we are pleased to increase our full year sales and earnings outlook for the second time this year,” said Lauren Hobart, President and Chief Executive Officer.Source: DICK’S Sporting Goods Press Release Photo Credit: SGB Media
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About DICK’S Sporting Goods, Inc. Founded in 1948, DICK’S Sporting Goods is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of July 31, 2021, the Company operated 731 DICK’S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a combination of its dedicated teammates, in-store services and unique specialty shop-in-shops dedicated to Team Sports, Athletic Apparel, Golf, Outdoor, Fitness and Footwear. Headquartered in Pittsburgh, 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, live scorekeeping and video streaming. DICK’S offers its products through a dynamic eCommerce platform that is integrated with its store network and provides athletes with the convenience and expertise of a 24-hour storefront. For more information, visit the Investor Relations page at dicks.com.
