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Friday, July 12, 2024

Dick’s Sporting Goods Picking Up Steam

  • Dick's Sporting Goods reported $3.11 billion in second-quarter revenue.
  • Net sales increased 38% from the same period in 2019.
Dicks-Sporting-Goods
Maggie Gilroy-USA TODAY NETWORK

Dick’s Sporting Goods reported $3.11 billion in second-quarter revenue, outpacing analysts’ estimates of $3.07 billion.

Net sales fell 5% year-over-year but increased 38% from the same period in 2019 — which executive chairman Ed Stack attributes to higher sales during the pandemic and previous structural changes.

Comparable store sales declined 5.1%, while net income fell to $318.5 million, a 35.7% year-over-year decline from $495.5 million.

Dick’s Sporting Goods raised its full-year guidance and now expects comparable store sales to decline 6% to 2%, rather than the previously estimated drop of 8% to 2%. 

Dick’s Deals

Dick’s Sporting Goods continues to jump on new business opportunities despite economic conditions. 

  • Earlier this month, the company entered an agreement with the defending WNBA champions Chicago Sky to become the team’s official sporting goods retailer.
  • In July, the company launched an interactive experience with Roblox as kids return to school.
  • In May, Dick’s brand CALIA launched its first-ever women’s golf collection.

The company has more than 850 Dick’s Sporting Goods, Golf Galaxy, Field & Stream, Public Lands, Warehouse Sale, and Going Going Gone! stores. It also operates Golf Galaxy Performance Center and Dick’s House of Sport.

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