Dick’s Sporting Goods surged to a record third quarter with $2.96 billion in net sales, outpacing analysts’ estimates of $2.7 billion.
Despite a 7.7% year-over-year increase in sales, the largest U.S.-based sporting goods retailer posted a profit of $228 million — down from $317 million in Q3 FY 2021 but still better than expected.
- Comparable store sales increased 6.5%, adding to the 12.8% increase it had during the same period last year and the 23.2% increase it recorded in 2020.
- The retailer’s inventory levels increased 35% to $3.4 billion ahead of the holiday season.
During the quarter, Dick’s Sporting Goods announced an agreement with Peloton in the latter’s first brick-and-mortar deal, with the former carrying Peloton’s Bike ($1,445), Bike+ ($2,495), Tread ($3,495), and Guide ($295), plus bike shoes and exercise mats.
The company, which has more than 850 Dick’s Sporting Goods, Golf Galaxy, Field & Stream, Public Lands, Warehouse Sales, and Going Going Gone! stores, also raised its full-year outlook, which still reportedly includes “an appropriate level of caution” due to the economic environment.
DSG Ventures
Earlier this month, Dick’s Sporting Goods announced the launch of DSG Ventures, a $50 million in-house fund that will invest in companies holding the “belief that sports make people better.”
DSG Ventures has already invested in several companies including Moolah Kicks, SidelineSwap, and Courtside Ventures.
