Dick’s Sporting Goods (NYSE:DKS) reported astonishing quarterly earnings and sales growth Wednesday, as consumers flocked to its website for hiking gear, kayaks, weights and workout clothes to stay busy during the coronavirus crisis.
The retailer’s digital sales surged 194%, including the orders customers made online to pick up at stores when they were shuttered. And profits increased a triple-digit percentage from a year ago, thanks in part to the retailer not having to use as many promotions to move merchandise that was hot in demand.
Said CEO Ed Stack, "During this pandemic, the importance of health and fitness has accelerated and participation in socially distant, outdoor activities has increased.
"There has also been a greater shift toward athletic and active lifestyle product with people spending more time working and exercising at home."
DKS went on to say its net income for the quarter grew roughly 148% to $276.8 million, or $3.12 per share, compared with $112.5 million, or $1.26 a share, a year ago.
Excluding one-time charges, Dick’s Sporting Goods earned $3.21 per share, more than double the $1.30 that analysts were projecting.
Net sales increased 20.1% to $2.71 billion from $2.26 billion a year ago, beating expectations for $2.46 billion.
Same-store sales, which track sales at stores open for at least 12 months, were up 20.7%.
That was better than the 9.9% expected by analysts, and up drastically from growth of 3.2% in the same period last year.
Shares hiked $6.14, or 13.2%, at Wednesday’s open to $52.81.
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