Dick's Sporting Goods (DKS) Tops Q3 EPS by $1.08

Dick's Sporting Goods (NYSE: DKS) reported Q3 EPS of $2.01, $1.08 better than the analyst estimate of $0.93. Revenue for the quarter rose 22.9% to $2.41 billion versus the consensus estimate of $2.2 billion. The company reported a 23.2% increase in consolidated same store sales and an increase in eCommerce sales of 95%.

Full Year 2020 Outlook

As previously announced on March 19, 2020, the Company withdrew its fiscal 2020 outlook. The Company is not providing an updated outlook at this time.

"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 capitalize on the favorable shifts in consumer demand, as the positive trends across golf, outdoor activities, home fitness and active lifestyle continued throughout Q3," said Edward W. Stack, Chairman and Chief Executive Officer. "Our performance in the quarter was driven by our 45,000 dedicated teammates who continued to work hard every day to safely serve our athletes and communities."

Lauren R. Hobart, President, added, "Our stores continue to be the hub of our industry-leading omni-channel platform and were the key to our unprecedented third quarter growth. Brick-and-mortar store comps grew double-digits, and our stores fulfilled approximately 70% of our online sales, which increased nearly 100% for the quarter. In fact, our stores drove 90% of our total Q3 sales growth, whether an athlete purchased at the register, picked up curbside or had their order delivered through ship-from-store. Data science and technology will continue to play an important role in creating a personalized, one-to-one relationship with our athletes, enabling us to serve them in the most convenient way possible."

Mr. Stack concluded, "Overall, the favorable trends in our business have continued into Q4. These strong sales results have been partially offset by warmer weather that has negatively impacted sales in important cold-weather categories. Taken together, through the first three weeks of Q4, our consolidated comp sales have increased in the high-teens."

For earnings history and earnings-related data on Dick's Sporting Goods (DKS) click here.

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