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Dick’s Sporting Goods runs strong in Q2
Dick’s Sporting Goods on Tuesday hit a home run, posting second quarter results that surpassed analysts’ expectations and lifting its earnings forecast for the year. Dick's reported net income of $91.4 million for the quarter ended July 30, up from $90.8 million in the year-ago period. Net sales increased 7.9% to $1.97 billion. Online penetration for the second quarter was 8.5% of total net sales, compared to 7.3% last year. Same-store sales increased 2.8%. -
Report: Back-to-school spending to jump 33%
Shoppers are opening their pocketbooks for back-to-school spending this year. Parents expect to spend an average of $1,642 on back-to-school expenses this year, up significantly from $1,239 in 2015, according to the American Express Spending & Saving Tracker report. Parents are expected to spend more on musical instruments this ($267 vs. $194 in 2015), along with mobile devices ($172 vs. $125 in 2015).