Dick's Sporting Goods reported earnings on Wednesday.
The company trounced Wall Street's second-quarter earnings expectations, with the sporting-goods retailer reporting e-commerce sales nearly tripled as consumers spent more time exercising at home in response to the coronavirus pandemic.
For the quarter ended Aug. 1 Dick's reported net income of $276.8 million, or $3.12 a share, up from $112.5 million, or $1.26, in the year-earlier quarter. The latest figure exceeded FactSet's consensus analyst call for $1.26 a share of profit.
Net sales increased 20% to $2.71 billion, beating FactSet's forecast for $2.46 billion.
Same-store sales increased 20.7%, even with roughly 15% of the company's stores closed on average. E-commerce sales increased 194%, including curbside contactless pickup.
"During this pandemic, the importance of health and fitness has accelerated and participation in socially distant, outdoor activities has increased," Edward Stack, chairman and CEO, 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."
Jim Cramer weighs in on his thoughts on Dick's Sporting Goods and why he thinks that this company, alongside Best Buy, are the "last men standing."
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