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Dick's Sporting Goods net sales up 5.6% to $1.96 bn in Q3

Nov '19
Pic: Dick
Pic: Dick's Sporting Goods
Dick's Sporting Goods, Inc, the largest US based full-line omni-channel sporting goods retailer, has reported consolidated net income of $57.6 million for third quarter ending November 2, 2019, compared to net income of $37.8 million for the same period last year. Net sales for the third quarter of 2019 increased 5.6 per cent to approximately $1.96 billion.

The consolidated same store sales increased 6 per cent in Q3 2019, compared to a decrease of 3.9 per cent for the same period last year.

"We are very pleased with our strong third quarter results, as we delivered a 6 per cent 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," said Edward W. Stack, chairman and chief executive officer. "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 momentum in our stores continued to build with our focus on service standards, recognition of great results and stronger marketing. Combining this with the successful openings of our new e-commerce fulfilment centres and enhanced website functionality, we continue to build one of the best omni-channel experiences in retail," said Lauren R Hobart, president, Dick's Sporting Goods.

The e-commerce sales for the third quarter of 2019 increased 13 per cent. E-commerce penetration for the third quarter of 2019 was approximately 13 per cent of total net sales, compared to approximately 12 per cent 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 programme. The company also exited eight Field & Stream stores, which were subleased to Sportsman's Warehouse, and closed one Golf Galaxy Store. As of November 2, 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.

The company reported consolidated net income for the 39 weeks ended November 2, 2019 of $227.6 million. For the 39 weeks ended November 3, 2018, the company had reported consolidated net income of $217.3 million.

Net sales for the 39 weeks ending November 2, 2019 increased 3.3 per cent to approximately $6.14 billion. Consolidated same store sales increased 3.1 per cent this year compared to a decrease of 3.5 per cent last year.

Based on an estimated 89 million average diluted shares outstanding, the company currently projects earnings per diluted share to be approximately $3.63 to 3.73 for the full year of 2019. The company reported earnings per diluted share of $3.24 for the 52 weeks ending February 2, 2019.

Consolidated same store sales are currently expected to increase 2.5-3 per. In 2019, the company anticipates capital expenditures to be approximately $230 million on a gross basis and approximately $200 million on a net basis.

Fibre2Fashion News Desk (PC)

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