Dick's Sales Surge 119% as it Invests in Stores and Private Labels
Retail Dive | May 27, 2021
With ongoing in-store initiatives, Dick's Sporting Goods reported record sales for Q1, up 119% from last year and up 52% compared to 2019. E-commerce growth came on top of a 110% increase last year, but brick and mortar was the real star, as strong results justified investing more in store concepts and experiential elements. Net income was nearly $362 million, compared to a net loss of $143 million during the pandemic. Compared to 2019, net income surged 529%.
"Dick's is a growth company and we will continue to invest in our business to grow our lead as the nation's largest sport retailer," Executive Chairman and Chief Merchandising Officer Ed Stack said. "We see significant growth opportunities within Dick's and Golf Galaxy, as well as with House of Sport and Public Lands. We will continue to invest in our vertical brands, and with our key partners to elevate the athlete experience."
"Despite some very favorable conditions, Dick's also deserves credit for its success," Neil Saunders, managing director for GlobalData, shared. "The apparel offer, for example, is looking stronger than ever with a very good mix of big brands and own-labels. The introduction of new own-brands such as VRST has helped to elevate the proposition and has allowed Dick's to differentiate from rivals."