Dick’s Sporting Goods is raising its full-year outlook as its momentum shows no signs of slowing down anytime soon.
The sporting goods giant's net income rose nearly 80% to $495.5 million, or $4.53 share, in the quarter ended July 31, from $276.8 million, or $3.12 per share, in the year-ago period. Adjusted earnings per share were $5.08, crushing analysts's estimates of $2.08.
Net sales totaled $3.27 billion, an increase of 21% compared to the year-ago quarter and a 45% increase compared to the second quarter of fiscal 2019. Consolidated same-store sales increased 19%, following increases of 21% last year and 3% in the second quarter of fiscal 2019.
Dick's reported that its e-commerce sales increased 111% over last year and, "as planned," fell 28% compared to the second quarter of fiscal 2020, a period during which some of its stores were temporarily closed. E-commerce penetration of total net sales was approximately 18%, compared to 30% last year and 12% in the second quarter of 2019.
Looking ahead, Dick’s is now forecasting net sales of $11.52 to $11.72 billion for fiscal 2021, along with consolidated same-store sales growth of 18 to 20% and earnings per diluted share of $11 to $11.45.
The company expects to open a total of six namesake locations and eight specialty concept stores in 2021, including the conversion of two former Field & Stream locations into its new outdoor-focused format, Public Lands. The new concept follows on the heels of another new concept, Dick's House of Sport, which debuted in April, at Eastview Mall, in the Rochester suburb of Victor, New York
"We said 2021 was going to be the most transformational year in our history, and so far, it certainly has been," said Ed Stack, executive chairman, Dick’s Sporting Goods. "We continue to perform at a very high level and invest in our future to reimagine the athlete experience in our core business and with new concepts. "I am very pleased with the strength of our business and confident about our growth opportunities."
"Our record-breaking quarterly sales and earnings significantly exceeded our expectations, reflecting continued strong consumer demand across our diverse category portfolio along with the strength of our omnichannel offering and elevated athlete experience. I'd like to thank all our teammates for how they delivered against our core strategies and for their commitment to Dick’s Sporting Goods, which helped make this performance possible," said Lauren Hobart, president and CEO, Dick’s Sporting Goods. "Based on the strength of our business and our expectations for continued strong consumer demand, we are pleased to increase our full year sales and earnings outlook for the second time this year."
As of July 31, 2021, the company operated 731 Dick’s Sporting Goods locations across the United States.