Dick’s Sporting Goods, Inc. posted net sales of $3.47 billion in the fiscal second quarter ended August 3, an increase of 7.8 percent year-over-year (y/y) versus $3.22 billion in fiscal Q2 last year, including the expected benefit from the retail calendar shift of approximately $95 million.
Comparable store sales growth came in at 4.5 percent y/y, on top of the 2.0 percent y/y comp store sales growth in the year-ago Q2 period. Six-month year-to-date comps were up 4.9 percent y/y through August 3.
Gross margin was 36.7 percent of sales in the second quarter, a 231 basis point increase compared to the 34.4 percent margin in the year-ago Q2 period.
Selling, general and administrative expenses were $796.7 million, or 22.9 percent of sales, in the quarter, compared to $764.8 million, or 23.7 percent of sales, in the year-ago quarter.
Operating margin was 13.5 percent of sales in Q2, compared to 9.7 percent in the same quarter last year.
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 y/y increase in EPS.
Outlook
The company 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. Dick’s 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.
Image courtesy Dick’s Sporting Goods
See below for additional SGB Media coverage of the Dick’s SG Q2 results and the Wall Street concerns over guidance for the back half of the year:
EXEC: Dick’s SG Tempers Outlook for H2 on Concerns Over Consumer
