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Monday, May 27, 2024

Dick’s Sporting Goods Posts Record 3rd Quarter

Design: Alex Brooks

Dick’s Sporting Goods posted $2.75 billion in third-quarter net sales on Tuesday, a 13.9% year-over-year increase and a 40% jump since 2019.

Consolidated net income soared from $177.2 million during the third quarter of last year to $316.5 million for the three months ending Oct. 31 — net sales are at $8.94 billion through the first three quarters of the year.

Despite spending roughly $15 million in COVID-related safety costs, executive chairman Ed Stack believes “this will be the most transformational year in our history.”

The end of the quarter placed Dick’s Sporting Goods with around $1.37 billion in cash or cash equivalents.

  • Ecommerce sales increased 97% since 2019 — just 1% year-over-year — but accounted for 19% of total business.
  • Inventory rose 7.3% year-over-year.
  • By the end of the quarter, 734 brick-and-mortar locations were open.

The company paid over $500 million to stockholders during the quarter and repurchased 2.17 million shares of its common stock, totaling $273.4 million. 

With a market value of around $12.5 billion, the sporting goods company raised its full-year guidance to sales between $12.12 billion and $12.19 billion.

Dick’s Sporting Goods also announced a deal with Nike earlier this month, linking the brands’ respective membership and loyalty programs and offering exclusive Nike apparel on its website.

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