Dick's Sporting Goods reports rise in Q2 same-store sales, raises outlook

Dick’s Sporting Goods reported consolidated net income for the second quarter ended August 3, 2019 of 112.5 million dollars or 1.26 dollars per diluted share, compared to 119.4 million dollars or 1.20 dollars per diluted share in the previous year. Net sales for the quarter increased 3.8 percent to approximately 2.26 billion dollars and consolidated same store sales increased 3.2 percent compared to 4 percent decrease last year.

“Our strong comp sales performance was driven by increases in both average ticket and transactions and represented our strongest quarterly comp since 2016. We saw growth across each of our three primary categories of hardlines, apparel and footwear, our brick-and-mortar stores developed positively and our ecommerce channel remained strong, increasing 21 percent,” said Edward W. Stack, the company’s Chairman and Chief Executive Officer in a statement.

Dick’s Sporting Goods H1 same-store sales up 1.7 percent

The company reported consolidated net income for the 26 weeks of 170.1 million dollars or 1.85 dollars per diluted share compared to 179.5 million dollars or 1.78 dollars per diluted share. On a non-GAAP basis, the company’s net income was 171 million dollars or 1.86 dollars per diluted share. Net sales for period increased 2.3 percent to approximately 4.18 billion dollars and consolidated same store sales increased 1.7 percent.

In the second quarter, the company opened two new Dick’s Sporting Goods stores and closed two. As of August 3, 2019, the company operated 727 Dick’s Sporting Goods stores in 47 states, 95 Golf Galaxy stores in 32 states, and 35 Field & Stream stores in 16 states.

Dick’s Sporting Goods raises full year outlook

Based on an estimated 90 million average diluted shares outstanding, the company currently projects earnings per diluted share to be approximately 3.30 dollars to 3.45 dollars. The company reported earnings per diluted share of 3.24 dollars for the 52 weeks ended February 2, 2019. Consolidated same store sales are currently expected to increase low single-digits, compared to a 3.1 percent decrease in 2018.

The company expects to open eight new Dick’s Sporting Goods stores and relocate three Dick’s Sporting Goods stores in 2019. The Company also expects to open two new Golf Galaxy stores and relocate two Golf Galaxy stores in 2019. Seven of the new stores are expected to open during the third quarter.

Picture:Facebook/Dick's Sporting Goods