PITTSBURGH (BRAIN) — Dick’s Sporting Goods has reported a slight increase in net sales for the second quarter 2018, which ended Aug. 4. Sales for the quarter were up 1 percent over the same period last year, to $2.18 billion. The company reported consolidated net income of $119.4 million for the quarter, up from $112.4 million reported in 2017.
Consolidated same-store sales decreased 4 percent in the second quarter over the same period last year (based on an adjusted calendar due to a 53rd week in 2017). The company also held 6.4 percent less inventory at the end of the second quarter compared with the same time frame in 2017.
Dick’s CEO Edward Stack attributed the larger than projected decrease partly to the company’s decision to cease sales of assault rifles earlier this year, and to Under Armour’s recent move to expand its distribution to more lower-priced retailers.
But Dick’s e-commerce sales continue to increase and were up 12 percent, comprising 11 percent of the company’s total net sales compared with 9 percent during the second quarter in 2017.
“We delivered double digit growth in e-commerce, private brands, and athletic apparel excluding Under Armour, however, as expected, sales were impacted by the strategic …read more