American firm Dick's Sporting Goods' sales surge 7% in H1 FY24

The company’s income before income taxes for the period stood at $825 million, representing a 26 per cent year-over-year increase compared to $654 million in the first half of fiscal 2023. This growth pushed the income before income taxes as a percentage of net sales to 12.7 per cent, up 192 basis points from 10.8 per cent in the prior year, the company said in a press release.

Net income reached $638 million, an increase of 16 per cent from $549 million last year. This resulted in earnings per diluted share of $7.67, a 23 per cent jump from the $6.23 per share reported in the same period of fiscal 2023.

In the second quarter, for the 13 weeks ending August 3, 2024, Dick’s Sporting Goods posted net sales of $3.47 billion, up 7.8 per cent from the $3.22 billion achieved during the same period in 2023. Comparable sales in Q2 increased by 4.5 per cent, compared to 2.0 per cent in Q2 FY23.

Income before income taxes for Q2 2024 surged by 48 per cent, reaching $482 million compared to $326 million in the same quarter last year. This represented 13.9 per cent of net sales, up significantly by 378 basis points from 10.1 per cent in Q2 FY23.

The company’s net income for the quarter came in at $362 million, up 48 per cent from the $244 million reported in Q2 FY23. This translated into a substantial rise in earnings per diluted share to $4.37, a 55 per cent increase compared to $2.82 in the same quarter last year.

"Our strong second quarter demonstrated the continued success of our long-term strategies and how DICK'S is truly differentiated within the industry. We are very enthusiastic about the significant growth opportunities ahead of us, including House of Sport and the repositioning of our portfolio. The future of our business is very bright, and I'd like to thank all our teammates for their strong execution in Q2 and for their dedication to DICK'S Sporting Goods," said Ed Stack, executive chairman.

Fibre2Fashion News Desk (DP)