Thursday November 30, 2023

Dick’s Reports Highest-Ever Quarterly Earnings

Dick’s Sporting Goods/Design: Alex Brooks
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Dick’s Sporting Goods is lighting up the board as stores reopen.

The retailer announced its first-quarter earnings Wednesday, recording a 119% increase in revenue to $2.92 billion compared to the $1.33 billion it reported in Q1 2020 — when Dick’s was forced to shut down its stores due to the global pandemic.

  • Same-store sales, including e-commerce, grew 115% year-over-year, with digital sales accounting for 20% of the company’s total sales.
  • Net income grew to $361.8 million, up from a loss of $143.4 million in the same period last year. 

Lauren Hobart, CEO of Dick’s Sporting Goods, credited increased interest in the company’s golf category and a “resurgence” in its team sports business as youth sports start back up.

“The strength of our category portfolio, supply chain, technology capabilities, and omni-channel execution helped us continue to capitalize on strong consumer demand across golf, outdoor activities, home fitness, and active lifestyle,” said Hobart.

The Pennsylvania-based company grew its share in the $83 billion athleisure market during the quarter, launching men’s line VRST. Dick’s in-house brands saw $1.3 billion in sales last year.

In April, Dick’s also announced the opening of its “House of Sport” interactive store in Victor, New York. A 100,000-square-foot building, House of Sport includes an indoor rock-climbing wall, golf driving bay, putting bay, health and wellness store, and outdoor track-and-turf field.

“The future of retail is experiential,” said executive chairman Ed Stack.

Dick’s plans to open six new stores and eight speciality stores by the end of the year.

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