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Saturday, June 22, 2024

Dick’s Sporting Goods Reports 194% Q2 Increase in Online Sales

  • CEO Edward Stack attributed the increase to the renewed focus on health and fitness during the pandemic.
  • Net sales increased 20.1% year-over-year, to $2.71 billion from $2.26 billion.
Dick’s Sporting Goods Reports 194% Q2 Increase in Online Sales
Ethan May/IndyStar

As a perhaps unexpected side effect of the COVID-19 pandemic, a number of sporting goods retailers have reported major boosts to their sales over recent weeks thanks to people embracing fitness and outdoor activities while other pastimes are inaccessible.

Pennsylvania-based Dick’s Sporting Goods is no exception: the retailer’s digital sales skyrocketed in the quarter running April to June. Online sales, including curbside pickup, grew 194% year-over-year.

“During this pandemic, the importance of health and fitness has accelerated and participation in socially distant, outdoor activities has increased,” Dick’s Sporting Goods CEO Edward Stack said in a statement. “There has also been a greater shift toward athletic and active lifestyle product with people spending more time working and exercising at home.”

Approximately 15% of brick-and-mortar stores were closed during the quarter. The company reported that sales at stores that have been open at least 12 months rose 20.7% from a year ago. Online sales accounted for about 30% of total revenue during the quarter, up 12% from the second quarter of 2019.

Net sales increased 20.1% year-over-year, to $2.71 billion from $2.26 billion.

Dick’s Sporting Goods President Lauren Hobart said the company’s growth was bolstered by an increase in average ticket and transactions, and by substantial growth in the apparel and footwear categories, which were already two of the store’s strongest.

The company’s trajectory is similar to that of major athleticwear brands like Nike and Adidas. Nike reported that its online sales were up 75% in the quarter ending in May. Adidas reported that despite a 35% drop in revenue in its quarter ending in June, its online sales were up 93%

The news of Dick’s Sports Goods’ massive quarter also comes as Nike is reportedly ending its relationships with several major online retailers, including Zappos and Dillard’s, as it focuses on its own channels. That could lead to a further boost for stores the brand remains in.

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