Dick’s Sporting Goods’ Sales Surge to Record Levels

By
Bruce Christian
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Dick’s Sporting Goods surged to a record third quarter with $2.96 billion in net sales, outpacing analysts’ estimates of $2.7 billion.

Despite a 7.7 percent year-over-year increase in sales, the largest U.S.-based sporting goods retailer posted a profit of $228 million — down from $317 million in Q3 FY 2021 but still better than expected.

  • Comparable store sales increased 6.5 percent, adding to the 12.8 percent increase it had during the same period last year and the 23.2 percent increase it recorded in 2020.
  • The retailer’s inventory levels increased 35 percent to $3.4 billion ahead of the holiday season.

During the quarter, Dick’s Sporting Goods announced an agreement with Peloton in the latter’s first brick-and-mortar deal, with the former carrying Peloton’s Bike ($1,445), Bike+ ($2,495), Tread ($3,495), and Guide ($295), plus bike shoes and exercise mats.

The company, has more than 850 Dick’s Sporting Goods, Golf Galaxy, Field & Stream, Public Lands, Warehouse Sales, and Going Going Gone! stores also raised its full-year outlook, which still includes “an appropriate level of caution” due to the economic environment.

Earlier this month, Dick’s Sporting Goods announced the launch of DSG Ventures, a $50 million in-house fund that will invest in companies holding the “belief that sports make people better.”

DSG Ventures has invested in several companies including Moolah Kicks, SidelineSwap, and Courtside Ventures.

Photo by: Brianna Paciorka / Imagn