Dick’s Sporting Goods sales grow 8 percent in second quarter, lifts full-year guidance

Dick’s Sporting Goods announced on Wednesday sales increased 7.8 percent to $3.47 billion in the second, prompting the U.S. sporting retailer to lift its full-year guidance.

The Pittsburgh-based company said comparable store sales grew 4.5 percent, following the 2 percent comp store sales growth in the year-ago period. Six-month comps were up 4.9 percent for the period ending August 3.

​Net income was reported at $362.2 million, or $4.37 per diluted share, in the second quarter, compared to $325.9 million, or $2.82 per diluted share, in the corresponding year-ago quarter, representing a 55 percent uptick.
​
“We delivered a very strong second quarter. Powered by our compelling omni-channel 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,” said Lauren Hobart, president and chief executive officer, Dick’s Sporting Goods.

“Our Q2 comps were driven by growth in average ticket and transactions, and with growth in sales, gross margin expansion and SG&A leverage, we delivered EBT margin of nearly 14%. Because of our strong Q2 performance and the confidence we have in our business, we are again raising our full year outlook.”

Looking ahead, Dick’s said it is raising its full-year 2024 guidance for comparable sales growth to a range of 2.5 percent to 3.5 percent, up from the previous guidance of 2.0 percent to 3.0 percent growth. The company also raised its full-year 2024 earnings per diluted share guidance to a range of $13.55 to $13.90 per diluted share, up from the previous guidance of $13.35 to $13.75 per diluted share.