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Dick's Sporting Goods, Inc. has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports a net sales increase of 0.5% to $3.06 billion from $3.04 billion in the same quarter of the previous year. The increase is attributed to new store openings and a favorable sales mix.
Comparable sales, adjusted for a calendar shift due to the 53rd week in fiscal 2023, increased by 4.2%. This growth was driven by higher sales in back-to-school categories such as footwear and athletic apparel.
Net income for the quarter was $227.8 million, or $2.75 per diluted share, up from $201.1 million, or $2.39 per diluted share, in the previous year. The increase was partially offset by the unfavorable impact of a calendar shift.
Gross profit for the quarter was $1,093.4 million, representing 35.77% of net sales, up from 34.89% in the prior year. The improvement was due to higher merchandise margins and lower eCommerce shipping costs.
Selling, general, and administrative expenses increased to $790.6 million from $768.2 million, primarily due to strategic investments and higher incentive compensation.
Pre-opening expenses decreased to $16.8 million from $20.3 million, reflecting fewer new store openings and relocations compared to the previous year.
Other income increased to $24.0 million from $10.1 million, driven by changes in deferred compensation plan investment values.
The effective tax rate decreased to 23.3% from 25.1% in the previous year, influenced by higher excess tax benefits from employee equity awards.
As of November 2, 2024, Dick's Sporting Goods operated 864 stores, including new DICK’S House of Sport and Golf Galaxy (DKS+2.73%) Performance Center locations.
The company declared a quarterly cash dividend of $1.10 per share, payable on December 27, 2024, to stockholders of record as of December 13, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dick's Sporting Goods Inc quarterly 10-Q report dated November 27, 2024. To report an error, please email earnings@qz.com.