Dick’s Sporting Goods (DKS) names new CEO, announces Q3 2020 earnings

Lauren Hobart Washington, president and member of the board of directors at Dick’s Sporting Goods, speaks during the Fortune’s Most Powerful Women’s Summit on October 22, 2019.

Sara Silbiger | Bloomberg Getty Images

Dick’s Sporting Goods announced on Tuesday its current chairman, Lauren Hobart, who is set to succeed Ed Stack as chief executive on 1 February.

Stack, 65, will transition to executive chairman and remain the lead trader, the company said in a news release. He took over the business from his father in 1984, when he was 29 years old. He later made Dick’s Sporting Goods public in 2002.

“This is the right time for this change,” Stack said in a statement. “We have the best management team in the company’s history, and the investment we have made in our people, our stores and our communities has taken off.”

Dick’s Sporting Goods as announced is intended to continue the benefits of consumers purchasing more workout gear, sporting goods and outdoor equipment during the coronovirus epidemic. Its e-commerce sales grew by 95% during the third quarter, and it recorded a similar quarterly sales growth of 23%.

Based on refinitive data, analysts believe that Dick’s Sporting Goods, during its third quarter of 2020, expected what analysts expected.

  • Earnings per share: $ 2.01 vs. $ 1.01, expected
  • Revenue: $ 2.41 billion vs. $ 2.23 billion, expected

The company said it is not offering an approach for the remainder of the year due to the uncertainty stemming from the epidemic.

However, the company said that, so far, “our business continues to have favorable trends” in the fourth quarter. During the first three weeks of the holiday quarter, it said that same-store sales have a higher teen percentage.

PepsiCo, Wells Fargo and JPMorgan, joined Dick’s Sporting Goods in February 2011, after a 52-year stance at Hobart, as Senior Vice President and Chief Marketing Officer, where he developed one of the retailer’s top private labels Played a key role in doing and launching. , Calia by Carrie Underwood. In 2015 Lauren was promoted to Executive Vice President and CMO and then as Chief Customer and Digital Officer. He was named president in May 2017, and has served on Dick’s Sporting Goods Board of Directors since January 2018.

Hobart also joined Yama’s board of directors earlier this year! Of brands.

More recently, Hobart has made the women’s athletic apparel and footwear market a major focus on Dick’s Sporting Goods, helping launch additional private labels. She has filed for bankruptcy and closed stores in recent years by her Sport Goods rivals such as the Sports Authority, Sport Chalet and City Sports – her strategy of Dick’s Sporting Goods to compete against the likes of Amazon and Walmart. Has helped.

It has helped the company recreate its inventions on key categories like youth sports, to improve customer service and to add in-store experiences such as batting cages, to offer shoppers something they can’t find on the Internet Can.

During the epidemic, however, Dick’s Sporting Goods’ focus has been on online sales and has encouraged shoppers to use their in-store pickup option for e-commerce shopping. During the third quarter, the company said its online sales accounted for about 21% of total net sales, up from 13% a year earlier.

With Monday’s market close, Dick’s Sporting Goods shares are up more than 18% this year. The company has a market cap of about $ 5.2 billion.

Find the full press release from Dick’s Sporting Goods here.

This is a developing story. Please check back for updates.

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