PITTSBURGH (BRAIN) — Dick's Sporting Goods has reported an increased consolidated net income of $37.8 million for the third quarter ended Nov. 3, compared with $36.9 million during the same period in 2017. The company also reported a 16 percent increase in e-commerce sales for the quarter, with e-commerce sales accounting for about 12 percent of the company's total net sales, up 10 percent over the third quarter of 2017.
However, the company's third-quarter net sales were down 4.5 percent to approximately $1.86 billion, with consolidated same-store sales down 3.9 percent on a 13-week to 13-week comparable basis when adjusted for the calendar shift to account for the 53rd week in 2017. Third-quarter consolidated same-store sales decreased 0.9 percent in 2017.
But Dick's raised its 2018 earnings per diluted share guidance to $3.15 to $3.25, up from the previous range of $3.02 to $3.20.
"We are pleased to deliver another quarter of strong earnings. Our continued improvements in gross margin and disciplined expense management more than offset our strategic investments, and contributed to increased profitability compared to last year," said Edward W. Stack, Dick's chairman and CEO. "Comparable sales were within our range of expectations, including continued headwinds in the hunt and electronics categories. Our efforts have been focused on driving profitable sales and managing our business to deliver higher earnings. As a result, we are pleased to increase our fiscal 2018 earnings guidance for a third consecutive quarter."
Dick's opened six new stores during the third quarter, upping its count to 732 locations in 47 states, with about 33.8 million square feet.
For the year, Dick's reported slight 0.3 percent increase in net sales to approximately $5.94 billion, but consolidated same-store sales decreased 3.5 percent. The retailer sells bikes from GT, Schwinn, Mongoose, Strider, Pacific Cycles and others, as well as cycling parts, apparel and accessories.
