DICK'S Sporting Q2 Results Top Estimates; Stock Surges

(RTTNews) - DICK'S Sporting Goods Inc. (DKS) reported that its net income for the second quarter ended August 1, 2020 significantly increased to $276.8 million or $3.12 per share from last year's $112.5 million or $1.26 per share, reflecting strong quarterly sales.

In Wednesday pre-market trade, DKS was trading at $51.46 up $4.82 or 10.33 percent.

On a non-GAAP basis, net income for the latest-quarter was $281.7 million, or $3.21 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.30 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the second quarter increased 20.1% to $2.71 billion from last year. Analysts expected revenue of $2.46 billion for the quarter.

Consolidated same store sales for the quarter increased 20.7%, even with about 15% of the company's stores closed on average. eCommerce sales increased 194%, including Curbside Contactless Pickup. Second quarter 2019 consolidated same store sales increased 3.2%.

The company said it did not provided an updated outlook. It withdrew its fiscal 2020 outlook in March.