- Dick's Sporting Goods (NYSE:DKS) reports consolidated comparable sales increased 23.2% in Q3 to sail past the consensus mark of +14.1%. E-commerce sales were up 95% during the quarter. Brick-and-mortar store comparable sales rose double-digits and Dick's stores fulfilled ~70% of online sales.
- The retailer says it saw positive trends across golf, outdoor activities, home fitness and active lifestyle throughout the quarter.
- Dick's ended the quarter with close to $1.1B in cash and no outstanding borrowings under the $1.855B revolving credit facility.
- CEO update: "Overall, the favorable trends in our business have continued into Q4. These strong sales results have been partially offset by warmer weather that has negatively impacted sales in important cold-weather categories. Taken together, through the first three weeks of Q4, our consolidated comp sales have increased in the high-teens."
- Dick's also announced that CEO Edward Stack is transitioning to be the executive chairman of the board and current President Lauren Hobart will become the new CEO.
- Shares of Dick's are down 0.90% in premarket action.