Dick’s Sporting Goods Reels In Both Online And In-Store Sales

Dick’s Sporting Goods Reels In Both Online And In-Store Sales

By the time this year’s holiday shopping season is over, Dick’s Sporting Goods executives may be daydreaming about goin’ fishing. The company has again reported a big increase in sales — not only online, but also at its physical sporting goods stores.

In a press release, the company said that “brick-and-mortar same-store sales increased double digits during the third quarter of 2020 — the company’s best performance since going public nearly two decades ago.”

At the same time, online sales surged 95 percent during the third quarter ending Oct. 31, as compared to the same period the previous year.

“We had another exceptionally strong quarter from both a sales and a profitability perspective. The strength of our diverse category portfolio once again helped us,” said Edward W. Stack, chairman and CEO.

The sporting goods company said that “consolidated net income” for the third quarter was $177.2 million, in contrast with $57.6 million for the same period in 2019.

Dick’s also noted that it incurred about $48 million in increased payroll and health and safety costs over the quarter due to the COVID-19 crisis.

In addition, net sales for the third quarter of 2020 were $2.4 billion, an increase of nearly 23 percent compared to the third quarter of 2019. The company said the increase was driven by both same-store sales, which were up 23 percent, and the 95 percent boost in eCommerce sales.

The quarterly report said that eCommerce penetration for the third quarter of 2020 was about 21 percent of total net sales, in comparison to only 13 percent the prior year.

In the second quarter, Dick’s had previously reported that its second-quarter eCommerce sales leaped forward by 194 percent. Similarly to the third quarter, a press release reported that consolidated same-store sales rose 20.7 percent in the second quarter, despite the fact that about 15 percent of stores were closed.