Dick’s Sporting Goods (DKS) - Get Report reported second-quarter earnings on Wednesday, Aug. 26. E-commerce sales increased 194% and same-store sales increased 20%. Amid the pandemic, consumers spent more time exercising at home, according to CEO Edward Stack.
"There has also been a greater shift toward athletic and active lifestyle product, with people spending more time working and exercising at home. The majority of our assortment sits squarely at the center of these trends, and while mindful of the uncertainty in the current environment, we are in a great lane right now," Stack said.
For the quarter ended Aug. 1, Dick's Sporting Goods 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.
Dick's Sporting Goods ended the quarter with cash and cash equivalents of $1.1 billion and no outstanding borrowings on its $1.85 billion revolving credit facility.
"The favorable shifts in consumer demand that drove our strong comps during Q2 have continued into Q3 but have been partially offset by softness across key back-to-school categories because of the uncertain timing of a return to school and fall team sports. Taken together, through the first three weeks of Q3, our consolidated comp sales have increased 11%, which demonstrates the strength of our diverse category portfolio," Stack said.
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