DICK’S Sporting Goods Inc., the largest US based full-line omni-channel sporting goods retailer, has reported sales and earnings results for the third quarter ended October 29, 2016. The company’s consolidated net income stood at US $ 48.9 million in the reporting quarter compared to US $ 47.2 million in the corresponding period last year.
In the reporting period, the retailer’s net sales surged 10.2 per cent to US $ 1.8 billion. Its consolidated same store sales increased 5.2 per cent compared to last year’s 0.4 per cent. Same store sales for DICK’S Sporting Goods soared 5.5 per cent, while Golf Galaxy declined 3.3 per cent. eCommerce penetration for the period under review was 9.6 per cent of total net sales as against 8 per cent during the third quarter of last year.
“We saw growth across each of our three primary categories of hardlines, apparel and footwear, while maintaining tight control of our inventory. Looking ahead, we believe our assortment and marketing will help us to continue to capture displaced market share this holiday,” said Edward W. Stack, Chairman and CEO, DICK’S Sporting Goods.
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The company opened 27 new DICK’S Sporting Goods stores, seven new Field & Stream stores, two new Golf Galaxy stores; relocated four DICK’S Sporting Goods stores and one Field & Stream store during the quarter.
As per the financial outlook for full year 2016, the company expects its consolidated same store sales to increase approximately 3 to 4 per cent. It expects to open 38 new DICK’S Sporting Goods stores nine new Field & Stream stores, two new Golf Galaxy stores and relocate nine DICK’S Sporting Goods stores in 2016. In the fourth quarter of current fiscal, it projects an increase of 3 to 6 per cent in the consolidated same store sales.
