Dick’s Sporting Goods reported its second-quarter results on Thursday, revealing stronger-than-expected same-store sales growth but an inventory-related loss..
**Financial Performance**.
For the quarter ended July 30, 2023, Dick’s Sporting Goods reported net income of $358.2 million, down from $461.5 million in the prior-year period. This translates to a diluted earnings per share (EPS) of $3.22, a 22.4% decrease compared to last year’s EPS of $4.15..
Total revenue increased by 8.2% year-over-year to $3.24 billion, surpassing analysts’ expectations. Same-store sales, a key metric for retail performance, rose by 9.3%, driven by strong demand across all categories, including apparel, footwear, and sporting goods..
**Inventory Challenges**.
Despite solid sales growth, Dick’s Sporting Goods faced challenges related to inventory management. The company booked a $75 million loss due to inventory shrinkage, which includes theft, fraud, and internal errors. This loss impacted the company’s overall profitability..
**CEO Commentary**.
Dick’s Sporting Goods CEO Lauren Hobart commented on the company’s performance, saying, .
