Net income rose to $119.4 million or $1.20 per share from $112.4 million or $1.03 per share in the prior-year period.
E-commerce sales increased 12% during the quarter and comprised around 11% of total sales. Inventory decreased 6.4% at the end of Q2 2018 compared to last year.
During the quarter, the Coraopolis-based retailer opened five new Dick’s Sporting Goods stores. For the full year, the company is expected to open 19 new Dick’s Sporting Goods stores and relocate four Dick’s Sporting stores. Two relocations are reportedly set to take place during September in the states of Indiana and Arizona.
For full-year 2018, Dick’s raised its diluted EPS outlook to a range of $3.02 to $3.20 from the previous range of $2.92 to $3.12. Comparable sales are expected to decline 3% to 4%. The company expects to incur capital spending of around $225 million for the year.
Meanwhile, specialty retailer American Eagle Outfitters (AEO) also reported earnings results for its second quarter today. Despite the upbeat results, shares of American Eagle Outfitters fell more than 10% on weak guidance.
Related: American Eagle Outfitters fall on weak guidance
Related: Dick’s Sporting Q1 2018 Earnings Infographic
