Dick’s Sporting Goods raised its full-year guidance on Wednesday after delivering strong second quarter results, with net sales up 7.8% to $3.47 billion compared to the same quarter last year.
The company’s reported earnings per diluted share was $4.37, up 55% from last year, and Dick’s raised its full-year 2024 guidance for comparable sales growth to a range of 2.5% to 3.5%, up from 2% to 3%.
“We delivered a very strong second quarter,” said President and CEO Lauren Hobart in a statement. Hobart attributed the results to higher customer numbers and larger transactions on the Dick’s earnings call on Wednesday morning. That’s due in part to the company’s focus on product assortment and bringing differentiated products into stores, which have sold well without discounting.
Dick’s has also been focused on customer experience, enhancing store service, and growing its House of Sport concept stores, which include amentities such as climbing walls and batting cages.
Through the first half of 2024, Dick’s opened three Dick’s Sporting Goods stores and closed two, bringing the total to 724. Dick’s also opened eight new specialty concept stores, which include Public Lands, Golf Galaxy, and Going Going Gone, and closed three, bringing the total to 136.
“This has been a long-term, long-term strategy over multiple years, starting even pre-pandemic, and I’m very, very pleased with how the team has actually executed it,” Hobart said.
Dick’s net income for the quarter ending Aug. 3 was $362 million, up from $244 million in the same quarter last year.