Dick’s Sporting Goods raised its forecast for the rest of the year on Wednesday following its latest earnings report.
The retailer generated $3.27 billion in revenue in Q2 2021, a 20.7% increase compared to the same period a year prior.
Dick’s surpassed Wall Street estimates of $2.85 billion in revenue.
The quarter was driven by same-store sales, which increased 19.2% year-over-year. E-commerce sales decreased 28% compared to Q2 2020 following the lifting of temporary store closures due to the global pandemic.
The company’s net income reached $495.5 million in Q2 2021, up from $276.8 million during the same period last year.
Dick’s continues to diversify its portfolio as the largest sporting goods retailer in the U.S.
- The company launched men’s athleisure line VRST in March.
- In April, it opened its largest store, “House of Sport,” in Victor, New York. The 100,000-square-foot store includes a rock-climbing wall, health and wellness store, and track-and-turf field.
Dick’s has more than 850 brick-and-mortar locations in the U.S. The company will add six new locations and eight specialty concept stores by the end of this year.
The company expects full-year earnings to range from $11.52 billion to $11.72 billion.