Dick’s Sporting Goods, the largest US-based full-line omni-channel sporting goods retailer, has announced its financial results for the third quarter of 2017.
Consolidated net income of Dick’s stood at US $ 36.9 million against US $ 48.9 million in the same quarter last year.
The retailer’s net income on the non-GAAP basis was US $ 31.9 million against US $ 53.6 million in the corresponding period of 2016. Online sales soared 16 per cent.
However, sales increased by 7.4 per cent during the reporting quarter against a 5.2 per cent rise last year.
During the third quarter, the company launched 15 new Dick’s Sporting Goods and 6 Field & Stream stores.
“Our strategy to beat a highly promotional environment has enabled us to capture the market share,” said Edward W. Stack, Chairman and Chief Executive Officer of the company.
For the fourth quarter, Dick’s is optimistic and believes that it would be able to position itself in a manner to gain additional market share.
The retailer is also planning to bring in some major investments in its business, which is expected to have a short-term negative impact on its earnings.
Additionally, the sports company has appointed Paul Gaffney as its new Chief Technology Officer. Paul will assume charge on November 20, 2017.
