Dick’s Sporting Goods Reports Record Earnings, 194 Percent Increase in E-Commerce Sales
PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) recorded its highest quarterly earnings in company history for its fiscal second quarter, which ended on Aug. 1. The company reported $276.8 million in consolidated net income and boosted its earnings per share by 155 percent relative to the second quarter of 2019, rising from $1.26 per share in 2019 to $3.21 per share in 2020. The Pittsburgh-based retailer cited booming e-commerce sales, which rose by 194 percent year over year, as a key driver in the company’s growth. In addition, Dick’s noted that through the first three weeks of the third quarter, same-store sales have already increased by 11 percent compared to that period in 2019. Dick’s has also opened several new stores in recent weeks, including two in Massachusetts and one in New Jersey, as well as a combined Dick’s Sporting Goods and Golf Galaxy store in Georgia. The company’s stock price opened at $47.70 per share on Wednesday, Aug. 26, up from $32.62 per share a year ago.