Dicks Sporting Goods Inc Stock Price, News & Analysis

DICK'S Sporting Goods (NYSE: DKS) reported strong third-quarter results for 2020, with net income of $177.2 million ($1.84 per diluted share), significantly up from $57.6 million ($0.66 per diluted share) in Q3 2019. Non-GAAP net income was $182.2 million ($2.01 per diluted share), boosted by a 22.9% increase in net sales to $2.41 billion. E-commerce sales soared by 95%, comprising approximately 21% of total sales. Despite ongoing COVID-19 expenses of around $48 million, the company maintained robust inventory levels and a strong cash position of nearly $1.1 billion, with no debt under its credit facility.

DICK'S Sporting Goods (NYSE: DKS) announced its first-ever "10 Days of Black Friday" starting November 18, 2020, enabling convenient holiday shopping through various promotions both in-store and online. To enhance safety, the company will distribute deals over ten days, recruit additional staff for order fulfillment, and implement improved technologies for customer service. Key discounts include up to $1,200 off select cardio equipment and 50% off table tennis tables. DICK'S aims to provide shoppers flexibility and a seamless experience this holiday season while ensuring safety measures are in place.

DICK'S Sporting Goods, Inc. (NYSE: DKS) will announce its third quarter fiscal 2020 results on November 24, 2020, before the market opens. A conference call to discuss these results is scheduled for 10:00 a.m. ET the same day, available via webcast on the Investor Relations website. As of October 31, 2020, DICK'S operates 732 locations across the U.S., offering a vast range of sports equipment, apparel, and accessories, with additional brands including Golf Galaxy and Field & Stream. For further information, visit dicks.com.

DICK'S Sporting Goods (NYSE: DKS) has launched three temporary pop-up shops for the CALIA by Carrie Underwood brand, which has become a leading seller in women's athletic apparel. These shops will operate from October 28 through December 31 in Austin, TX, Santa Monica, CA, and via a mobile shop in Nashville, TN. The initiative aims to enhance visibility and shopping experiences as the holiday season approaches, promoting CALIA's offerings while ensuring safety measures are in place during the pandemic.

DICK'S Sporting Goods (NYSE: DKS) plans to hire up to 9,000 seasonal associates for the 2020 holiday season, kicking off with its third annual "National Signing Day" on October 14. This initiative aims to enhance customer service and support increased eCommerce sales, which grew by 194% in Q2 2020. The company will also implement Curbside Contactless Pickup and ship-from-store options to improve the shopping experience. All stores will close on Thanksgiving Day to allow employees to spend the holiday with family.

DICK'S Sporting Goods (NYSE: DKS) is set to expand with the opening of 11 new locations in October, including six DICK'S Sporting Goods stores, two Golf Galaxy sites, and three Warehouse Sale locations, creating approximately 400 jobs. The company will also introduce Soccer Shops for an enhanced soccer experience and host its first Loyalty Appreciation Week from October 5 to 11, offering bonus points to loyalty members. Following these openings, DICK'S will operate 732 stores nationwide, aiming to elevate customer engagement and sales through innovative experiences.

DICK'S Sporting Goods (NYSE: DKS) announced its commitment to eliminate single-use plastic bags from its stores by 2025, aligning with the Closed Loop Partners' Circular Economy initiative. The U.S. uses 100 billion plastic bags annually with less than 10% recycled. As part of the effort, DICK'S joins the Consortium to Reinvent the Retail Bag, partnering with major retailers like CVS Health and Walmart. The initiative will explore sustainable solutions to replace traditional retail bags, focusing on innovation and community engagement to reduce environmental impact.

DICK'S Sporting Goods has appointed Sandeep Mathrani, CEO of WeWork, and Desiree Ralls-Morrison, SVP and General Counsel at Boston Scientific, to its board of directors. This move aims to enhance the company's strategy as it integrates online and brick-and-mortar operations. Mathrani expresses confidence in DICK'S ability to lead in the sporting goods sector, while Ralls-Morrison aims to contribute to the company's innovative legacy. Former board members Vincent C. Byrd and Allen R. Weiss have stepped down after nearly 17 years of service.

DICK'S Sporting Goods (NYSE: DKS) is set to enhance its presence with the opening of three stores across the U.S. in September 2020. This includes a DICK'S store, a combined DICK'S and Golf Galaxy location, and a standalone Golf Galaxy store, collectively creating approximately 150 jobs. The new locations will showcase exclusive offerings from the company's private brands alongside major national vendors. The grand openings will feature ceremonies and customer giveaways, further promoting community engagement.