Dick’s Sporting Goods posts comparable store sales growth

Dick’s Sporting Goods delivered 1.8 percent growth in second quarter comparable store sales, driven by a 2.8 percent increase in transactions and continued market share gains.

The company reported earnings per diluted share of 2.82 dollars compared to 3.25 dollars or 3.68 dollars on a non-GAAP basis, during the prior year quarter. Net income declined to 288 million dollars.

The company has reaffirmed 2023 comparable store sales outlook in the range of flat to positive 2 percent and revised full year earnings per diluted share of 11.33 to 12.13 dollars and 11.50 to 12.30 dollars on a non-GAAP basis, to reflect second quarter results and gross margin expectations for the second half of the year.

"We are pleased with our strong sales performance for the second quarter led by robust transaction growth and continued market share gains. Within the quarter, sales accelerated significantly in July, and we remain confident in delivering positive comp sales for 2023. While we posted another double-digit EBT margin, our Q2 profitability was short of our expectations," said Lauren Hobart, the company’s president and chief executive officer.

Dick’s also announced business optimization to better align talent, organisational design and spending to support growth opportunities and streamline cost structure.

During the quarter under review, the company opened seven new Dick’s House of Sport.

"Our newest Dick’s concepts, Dick’s House of Sport and our next generation 50,000 square foot Dick’s store, are yielding powerful results. We haven't seen growth opportunities like these since we went public in the early 2000s," added Ed Zack, the company’s executive chairman.

On August 21, 2023, the company's board of directors declared a quarterly dividend of 1 dollar per share payable in cash on September 29, 2023 to stockholders of record at the close of business on September 15, 2023.