Dick's Sporting Goods Q2 sales and profit improve

Dick’s Sporting Goods reported consolidated net income for the second quarter ended August 1, 2020 of 276.8 million dollars or 3.12 dollars per diluted share compared to 112.5 million dollars or 1.26 dollars per diluted share in the same quarter last year. On a non-GAAP basis, the company reported consolidated net income of 281.7 million dollars or 3.21 dollars per diluted share. Net sales for the quarter increased 20.1 percent to 2.71 billion dollars, while consolidated same store sales increased 20.7 percent and ecommerce sales increased 194 percent.

“We had an exceptionally strong Q2 in which we delivered our highest ever quarterly sales and earnings,” said Edward W. Stack, Chairman and Chief Executive Officer of the company, adding, “There has also been a greater shift toward athletic and active lifestyle product with people spending more time working and exercising at home. The majority of our assortment sits squarely at the center of these trends, and while mindful of the uncertainty in the current environment, we are in a great lane right now.”

The company reported consolidated net income for the 26 weeks ended August 1, 2020 of 133.4 million dollars or 1.53 dollars per diluted share compared to consolidated net income of 170.1 million dollars or 1.85 dollars per diluted share. On a non-GAAP basis, the company reported consolidated net income of 139.1 million dollars or 1.60 dollars per diluted share compared to 171 million dollars or 1.86 dollars per diluted share. Net sales for the period decreased 3.2 percent to 4.05 billion dollars, while consolidated same store sales decreased only 2.3 percent. Ecommerce sales increased 154 percent.

Picture:Facebook/Dick's Sporting Goods