Dick’s Sporting Goods, a US-based full-line omni-channel sporting goods retailer, posted 22.9 per cent sales growth to $2.41 billion in its third quarter (Q3) FY20 ended on October 31, 2020, compared to the sales of $1.96 billion in the same period previous fiscal. Company’s net income for the quarter jumped to $177.2 million (Q3 FY19: $57.5 million).
“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 capitalise on the favourable shifts in consumer demand, as the positive trends across golf, outdoor activities, home fitness and active lifestyle continued throughout Q3,” Edward Stack, chairman and chief executive officer at Dick’s Sporting Goods, said in a press release.
Gross profit increased to $842.1 million ($580.6 million). Selling, general and administrative expenses were $591.1 million ($531.7 million). Income from operations for Q3 FY20 rose to $246.0 million ($45.6 million).
“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 per cent of our online sales, which increased nearly 100 per cent for the quarter. In fact, our stores drove 90 per cent 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,” Lauren Hobart, president at Dick’s Sporting Goods, said.
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