PITTSBURGH (BRAIN) — Dick's Sporting Goods' net sales increased 6% in the third quarter compared to the same time last year, the company's biggest quarterly increase since 2013.
Net sales were reported at $2 million, up from $1.9 million for the quarter ending Nov. 2. The company said the increase was spurred by both average ticket and transactions. Net income was $57.6 million, up from $37.8 million year over year.
Dick's reported third-quarter earnings per diluted share of $0.66 and non-GAAP earnings per diluted share of $0.52, an increase of 69% and 33%, respectively. Dick's raised the full-year earnings per diluted share guidance to $3.63-$3.73 and full year 2019 non-GAAP earnings per diluted share guidance to $3.50-$3.60, both up from the previous range of $3.30-$3.45. Dick's repurchased about $100 million of common stock during the third quarter.
"As we head into the holiday season, we remain very enthusiastic about our business, and we are pleased to increase our full year sales and earnings outlook for the third time this year," said Edward W. Stack, chairman and CEO.
"The momentum in our stores continued to build with our focus on service standards, recognition of great results and stronger marketing," said Dick's president Lauren R. Hobart. "Combining this with the successful opening of our new e-commerce fulfillment centers and enhanced website functionality, we continue to build one of the best omni-channel experiences in retail."
Third-quarter e-commerce sales increased 13%. Opening in the quarter were six Dick's Sporting Goods and a Golf Galaxy, which completed the company's store development program. Dick's subleased eight Field & Stream stores to Sportsman's Warehouse and closed a Golf Galaxy.
The company now has 733 Dick's Sporting Goods in 47 states, 95 Golf Galaxy stores in 32 states and 27 Field & Stream stores in 16 states.
Dick's Sporting Goods stock is traded on the New York Stock Exchange under the DKS symbol. DKS stock quote at Marketwatch.com.
