Dick’s Sporting Goods raised its 2024 outlook on Wednesday morning after the retailer reported sales and earnings figures that beat expectations.
In the second quarter, the sporting goods store’s revenues were $3.47 billion, up 7.8 percent from the same quarter last year and ahead of the $3.44 billion expected by analysts surveyed by Yahoo Finance. Earnings per diluted share were $4.37, up 55 percent from last year and ahead of the $3.83 analysts were looking for. Comparable store sales were up 4.5 percent.
Dick’s Sporting Goods’ president and chief executive officer Lauren Hobart said the retailer’s strong results in Q2 were driven by growth in average ticket and transactions, along with sales growth, gross margin expansion and SG&A leverage.
“Powered by our compelling omnichannel athlete experience, differentiated product assortment, best-in-class teammate experience and our ability to create deep engagement with the Dick’s brand, we are driving sustained top-line momentum and gaining market share,” Hobart said.
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Dick’s raised its outlook for fiscal year 2024 and expects net sales in the range of $13.1 billion to 13.2 billion. Earnings per diluted share are expected to be between $13.55 and $13.90 and comparable sales are projected to grow between 2.5 percent and to 3.5 percent.
Dick’s operated 725 Dick’s stores as of Aug. 3, 2024, including 14 House of Sport stores, two of which opened in Q1. The chain also operated 108 Golf Galaxy stores, eight Public Lands stores and 20 Going Going Gone! stores as of Aug. 3.
“Our strong second quarter demonstrated the continued success of our long-term strategies and how Dick’s is truly differentiated within the industry,” executive chairman Ed Stack said in a statement. “We are very enthusiastic about the significant growth opportunities ahead of us, including House of Sport and the repositioning of our portfolio. The future of our business is very bright, and I’d like to thank all our teammates for their strong execution in Q2 and for their dedication to Dick’s Sporting Goods.”
