World Footwear

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Dick's Sporting Goods with record results

May 31, 2021 United States
Dick's Sporting Goods with record results
The sporting goods retailer reported sales and earnings results for the first quarter ended on the 1st of May 2021. Net sales for the first quarter of 2021 increased 119% compared to the first quarter of 2020 and increased 52% compared to the first quarter of 2019
"We are in a great lane right now, and 2021 will be our boldest and most transformational year in the company’s history. We believe the future of retail is experiential, powered by technology and a world-class omni-channel operating model. Importantly, we are reimagining the athlete experience, both across our core business and through new concepts that we have been working on for the past several years, which will collectively propel our growth in the future", stated Ed Stack, Executive Chairman and Chief Merchandising Officer.

First Quarter Results

Net sales for the first quarter of 2021 were 2.92 billion US dollars, an increase of 119% compared to the first quarter of 2020, or a 52% increase compared to the first quarter of 2019. The increase compared to last year's quarter was driven by a 115% increase in consolidated same store sales, which included an increase in ecommerce sales of 14%. Ecommerce sales increased 110% in last year's first quarter and ecommerce penetration has grown from 13% of total net sales in the first quarter of 2019 to 20% for the first quarter of 2021. First quarter 2020 consolidated same store sales decreased by 29.5%, driven by temporary store closures that started on the 18th March, 2020 to help prevent the spread of COVID-19. First quarter 2019 consolidated same store sales were flat.

The company reported consolidated net income for the first quarter ended on the 1st of May 2021 of 361.8 million US dollars, or 3.41 US dollars per diluted share, compared to a consolidated net loss for the first quarter ended on the 2nd of May 2020 of 143.4 million US dollars, or 1.71 US dollars per diluted share. Dick's Sporting Goods reported consolidated net income for the first quarter ended on the 4th of May 2019 of 57.5 million US dollars, or 0.61 US dollars per diluted share.

“We are very pleased to deliver another exceptionally strong quarter, achieving record first quarter sales and our highest-ever quarterly earnings, both significantly exceeding our expectations. The strength of our diverse category portfolio, supply chain, technology capabilities and omni-channel execution helped us continue to capitalize on strong consumer demand across golf, outdoor activities, home fitness and active lifestyle. We also saw a resurgence in our team sports business as kids began to get back out on the field after a year in which many youth sports activities were delayed or cancelled. Looking ahead, we remain very enthusiastic about our business and are pleased to increase our full year sales and earnings outlook", concluded Lauren Hobart, President and Chief Executive Officer.

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