DICK’S Sporting Goods Reports its best Quarterly Sales and Earnings in 2021’s Second Quarter

Best record of quarterly earnings and sales

The second quarter of 2021 recorded gross earnings of $3.27 billion, a 20.7% rise over the second quarter of 2020 and a 45% growth over the second quarter of 2019. Consolidated same-store sales rose 19.2% in the second quarter of 2021, following rises of 20.7% in the second quarter of 2020 and 3.2% in the second quarter of 2019.

eCommerce sales grew 111% in the second quarter of 2019 and fell 28% quarter of 2020, which included a phase of temporary shop closures, as anticipated. eCommerce’s share of total net sales has increased from 12% in the second quarter of 2019 to 18% in the second quarter of 2021. In the second quarter of 2020, eCommerce growth was estimated to be about 30%.

The Company announced consolidated net profit of $495.5 million, or $4.53 per diluted share, for the second quarter ended July 31, 2021, led by growing sales and gross margin rate increase. The Company announced consolidated net income of $276.8 million, or $3.12 per diluted share, for the second quarter ended August 1, 2020, which includes approximately $14 million in pre-tax expenditures related to COVID-19.

The Company announced a consolidated net profit of $112.5 million, or $1.26 per diluted share, for the second quarter ended August 3, 2019. The Company had about $2.24 billion in cash and cash equivalents at the end of the second quarter of 2021, with no overdue loans under its $1.855 billion revolving credit facility.

Future plans of expansion

When comparing the end of the second quarter of 2021 to the end of the second quarter of 2020, total inventory grew by 7.2%. The Company announced consolidated net profit of $857.3 million, or $7.96 per diluted share, for the 26 weeks ended July 31, 2021, especially when compared to $133.4 million, or $1.53 per diluted share, for the 26 weeks ended August 1, 2020, led by growing sales and gross margin rate increase.

The Company announces changes to its 2021 capital allocation strategy, such as a special dividend of $5.50 per share, a 21% boost in its quarterly dividend to $0.4375 per share, and a minimum of $400 million in scheduled share buybacks. COVID-related safety expenditures have cost the Company about $15 million during first six months of the fiscal year 2021.

Lauren Hobart, President and Chief Executive Officer, stated that this extra cash distribution to their shareholders reflects their faith in the company, the stability of their balance sheet, and a dedication to effectively manage their capital. She added that they are still dedicated to investing in the successful expansion of their core business.

In 2021, the Company plans to establish six new DICK’S Sporting Goods shops and eight specialized concept stores, featuring two former Field & Stream stores that will be converted into Public Lands locations. In 2021, the company plans to move 11 DICK’S Sporting Goods shops. In 2021, the Company intends to buyback a minimum of $400 million in ordinary stock.

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