World Footwear

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Dick's Sporting Goods reports third quarter results

Nov 28, 2019 United States
Dick's Sporting Goods reports third quarter results
The Pittsburgh based company delivered a 6.0% increase in same store sales in the period and raised the guidance for the full year
"We are very pleased with our strong third quarter results, as we delivered a 6.0% comp sales increase and meaningful gross margin expansion. We saw increases in both average ticket and transactions, as well as growth across each of our three primary categories of hardlines, apparel and footwear", commented Edward W. Stack, Chairman and Chief Executive Officer, adding: "As we head into the holiday season, we remain very enthusiastic about our business, and we are pleased to increase our full year sales and earnings outlook for the third time this year."

The company reported consolidated net income for the third quarter ended on the 2nd of November 2019 of 57.6 million US dollars, or 0.66 US dollars per diluted share (this compares to 37.8 million US dollars, or 0.39 US dollars per diluted share in similar period in 2018).

Net sales for the third quarter
increased by 5.6% to approximately 1.96 billion US dollars. Consolidated same store sales increased by 6.0%. Third quarter 2018 consolidated same store sales decreased by 3.9%, adjusted for the calendar shift due to the 53rd week in fiscal 2017.

Omni-channel Development

ecommerce sales for the third quarter of 2019 increased by 13%. ecommerce penetration for the third quarter of 2019 was approximately 13% of total net sales, compared to approximately 12% during the third quarter of 2018.

In the third quarter, the company opened six new Dick's Sporting Goods stores and one new Golf Galaxy store, completing its 2019 store development program. The company also exited eight Field & Stream stores, which were subleased to Sportsman's Warehouse, and closed one Golf Galaxy Store. As of the 2nd of November 2019, the company operated 733 Dick's Sporting Goods stores in 47 states, with approximately 38.8 million square feet, 95 Golf Galaxy stores in 32 states, with approximately 2.0 million square feet, and 27 Field & Stream stores in 16 states, with approximately 1.2 million square feet.

Year-to-Date Results

The company reported consolidated net income for the 39 weeks ended on the 2nd of November 2019 of 227.6 million US dollars, or 2.53 US dollars per diluted share (in similar period in the previous year: the company reported consolidated net income of 217.3 million US dollars, or 2.18 US dollars per diluted share).

Net sales for the 39 weeks ended on the 2nd of November 2019 increased by 3.3% to approximately 6.14 billion US dollars. Consolidated same store sales increased by 3.1%. Consolidated same store sales decreased by 3.5% for the 39-weeks ended on the 3rd of November 2018, adjusted for the calendar shift due to the 53rd week in 2017.

Full Year 2019 Outlook

Consolidated same store sales are currently expected to increase 2.5% to 3%, compared to a 3.1% decrease in 2018.

Image credits: foxbusiness.com

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