PITTSBURGH (BRAIN) — Dick's Sporting Goods had another record earnings period, reporting net sales increased 20.7% year-over-year.
Net sales for the quarter ending July 31 were $3.27 billion compared with $2.71 billion at the same time last year. Net income rose from $277 million to $496 million during the same span. Earnings per diluted share increased from $3.12 to $4.53.
Non-GAAP net income for the quarter was $501.2 million ($5.08 per diluted share) compared with $281.7 million ($3.21) in Q2 2020. Full-year 2021 earnings per diluted share guidance was raised to $11-$11.45 and full-year 2021 non-GAAP earnings per diluted share guidance to $12.45-$12.95.
E-commerce sales increased 111% compared with the second quarter of 2019 and decreased 28% compared to the second quarter of 2020, which included a period of temporary store closures because of the COVID-19 pandemic. E-commerce has grown from 12% of total net sales in the second quarter of 2019 to 18% for the second quarter of 2021.
"We said 2021 was going to be the most transformational year in our history, and so far, it certainly has been," said Ed Stack, executive chairman. "We continue to perform at a very high level and invest in our future to reimagine the athlete experience in our core business and with new concepts. I am very pleased with the strength of our business and confident about our growth opportunities."
Also announced were six new sporting goods stores and eight specialty concept stores are expected to open before the end of the year.
Dick's Sporting Goods is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
