Retailer’s sales from online and curbside orders nearly tripled for the second quarter, though uncertainty around the return to school is tempering results.
By guest author Dave Sebastian from Wall Street Journal
With many gyms closed by the coronavirus pandemic, homebound Americans spent the summer buying new bicycles, golf clubs and treadmills—boosting sales at one of the few chains that sells them all, Dick’s Sporting Goods Inc. DKS +15.00 %
The sporting-goods retailer said its e-commerce sales nearly tripled in the quarter ended Aug. 1, offsetting temporary store closures and more than doubling Dick’s profit from a year ago.
But executives said uncertainty around the return to school and fall team sports is weighing on its sales in the current quarter.
For the first three weeks of August, Dick’s same-store sales rose 11 %, Mr. Stack said.
The Pittsburgh company posted a record second-quarter profit of USD 276.8 million, or USD 3.12 a share, on sales of USD 2.71 billion. Its profit more than doubled from the year ago period.
Best Buy Co. on Tuesday said its online sales more than tripled, though product shortages crimped the gains. Walmart Inc. executives said last week out-of-stock products hampered food sales.
Chains that mostly carry apparel, however, have struggled with pandemic store closures and consumers spending less on clothing. On Tuesday, Nordstrom Inc.’s revenue declined by 53 % from a year earlier in the quarter ended Aug. 1, including a 5 % drop in the department store chain’s online sales.
Adjusted earnings were USD 3.21 a share. Analysts polled by FactSet were expecting adjusted earnings of USD 1.26 a share on sales of USD 2.46 billion.