Dick’s Sporting Goods Reports 23.2 Percent Third-Quarter Sales Increase, Announces Leadership Change
PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) reported a 23.2 percent increase in same-store sales for its fiscal third quarter that ended on Oct. 31, the company’s best performance in same-store sales since going public nearly two decades ago. In addition, the Pittsburgh-based retailer saw its e-commerce sales rise by 95 percent relative to the third quarter of 2019, ending the period with roughly $1.1 billion in cash. Net income for the third quarter stood at approximately $177 million, a healthy 67 percent increase from the $57.5 million in net income reported in the third quarter of last year. Dick’s Sporting Goods also announced that as of Feb. 1, 2021, chairman and CEO Edward Stack will assume the role of executive chairman. Lauren Hobart will be the new president and CEO under the long-term succession plan. The company’s stock price opened at $58.74 per share on Tuesday, up from $40.41 per share a year ago.