PITTSBURGH (BRAIN) — Dick's Sporting Goods reported net sales increased 3.6% year-over-year in the second quarter and after an organizational review eliminated some customer support center jobs on Monday.
Dick's said the cost savings from the layoffs are expected to be offset by "talent investments" in the next year.
Net sales for the quarter ending July 29 were $3.22 billion, compared with $3.11 billion at the same time last year. Net income for the quarter was $244 million, down 23% from $319 million year-over-year. Earnings per share decreased 31%, from $4.21 to $2.90.
"We are extremely excited about the future of our business," said Executive Chairman Ed Stack. "Our newest Dick's concepts, Dick's House of Sport and our next generation 50,000-square-foot Dick's store, are yielding powerful results. We haven't seen growth opportunities like these since we went public in the early 2000s."
Seven new Dick's House of Sport locations opened during the second quarter.
Dick's Sporting Goods is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
