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Dick’s Sporting Goods To Continue Opening New Stores

The transformation of Dick’s Sporting Goods into an experiential, omnichannel retailer is well underway, executives say, as consumer demand for athletic gear and apparel remains high.

The company reported on Wednesday (Aug. 25) that its same-store sales are up 19.2 percent through July 31 compared to the same time a year ago. Executives raised their already-optimistic full year guidance even higher as a result of continued sales that are higher than execs expected.

Dick’s expects to open six new stores and eight specialty concept stores in 2021, including the conversion of two former Field & Stream stores into Public Lands stores. The company also expects to relocate 11 stores in 2021.

“We said 2021 was going to be the most transformational year in our history, and so far, it certainly has been,” Executive Chairman Ed Stack said in the company announcement. “We continue to perform at a very high level and invest in our future to reimagine the athlete experience in our core business and with new concepts.”

He added that he is “very pleased with the strength of our business and confident about our growth opportunities.”

Net sales in second quarter of fiscal 2021 for Dick’s were $6.19 billion, a 53 percent increase from the second quarter of 2020 and up 48 percent from the same time two years ago.

Although eCommerce sales dipped 28 percent in the second quarter compared to a year earlier, that was part of a concerted effort by Dick’s to bring more shoppers into their stores to immerse themselves in its increasing focus on experiential shopping. Digital sales were up 111 percent over 2019; overall, eCommerce has grown from 12 percent of net sales for Dick’s in 2019 to 18 percent this year.

Dick’s projects between $11.5 billion and $11.7 billion in net sales for fiscal 2021, up 18 to 20 percent from the prior fiscal year’s total of $9.6 billion and an increased from the range of $10.5 billion to $10.8 billion forecast at the end of the first quarter.

Related: Dick’s Outlines Bold, Experiential Retail Future After Record Q1 Results

Stack told investors during the company’s first-quarter earnings call to expect to see a more hands-on business model going forward as the company leans into building an omnichannel business. “We are reimagining the athlete experience, both across our core business and through new concepts that we have been working on for the past several years, which will collectively propel our growth in the future,” he said.

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