Sales and profit jump at Dick's Sporting Goods
Dick’s Sporting Goods, Inc. reported consolidated net income for the third quarter of 177.2 million dollars or 1.84 dollars per diluted share compared to 57.6 million dollars or 66 cents per diluted share in the same quarter of 2019. On a non-GAAP basis, the company reported consolidated net income of 182.2 million dollars or 2.01 dollars per diluted share compared to 44.8 million dollars or 52 cents per diluted share in the third quarter of 2019. Net sales for the quarter were 2.41 billion dollars, an increase of 22.9 percent driven by a 23.2 percent increase in consolidated same store sales and included an increase in ecommerce sales of 95 percent.
“We had another exceptionally strong quarter from both a sales and a profitability perspective,” said Edward W. Stack, the company’s Chairman and Chief Executive Officer in a statement, adding, “Overall, the favorable trends in our business have continued into Q4. These strong sales results have been partially offset by warmer weather that has negatively impacted sales in important cold-weather categories. Taken together, through the first three weeks of Q4, our consolidated comp sales have increased in the high-teens.”
The Company reported consolidated net income for the 39 weeks ended October 31, 2020 of 310.6 million dollars or 3.44 dollars per diluted share compared to 227.6 million dollars or 2.53 dollars per diluted share for the same period last year. On a non-GAAP basis, the company reported consolidated net income of 321.3 million dollars or 3.65 dollars per diluted share compared to 215.8 million dollars or 2.39 dollars per diluted share. Net sales for the 39 weeks increased 5.2 percent to 6.46 billion dollars. The company added that despite temporary store closures during March, April and May to help prevent the spread of Covid-19, consolidated same store sales increased 5.8 percent, while ecommerce sales increased 135 percent.