bike messenger

Sporting Goods Sales Boom

Consumers Search for Ways to Stay Fit and Entertained

Kayaks, bikes, and dumbbells are flying off shelves this summer as people look for ways to entertain themselves and stay fit during the pandemic.

In June this year, retail sales at sporting goods stores in the US hit $5.5 billion—a huge jump from $4 billion in June 2019. Bike sales rose 63% from June one year ago. Kayak and paddleboard sales were up 56%, and golf equipment sales spiked 51%.

When stores were closed in April, sporting goods sales plunged to $2.5 billion. Now, stores have adapted and are doing much of their business online.

Dick’s Sporting Goods Reports Strong Earnings and Sales

In company-specific news, Dick’s Sporting Goods (DKS) reported strong earnings and sales for its latest quarter. The Pennsylvania-based company earned $276.8 million last quarter, making up for $28 million in inventory write-downs for the retailer during the prior quarter.

Overall sales for the company were up 21% compared to the same period a year ago. Online sales, including curbside pickup, rose by 194%.

Looking Ahead

Analysts are curious to see if the sporting goods industry will continue its winning streak. The recent sales boom may have been caused by people making one-time purchases of equipment that they will not replace for some time.

On the other hand, as temperatures drop, there may be another rush to buy indoor fitness equipment like exercise machines, and winter sporting equipment like skis and jackets.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

All your finances.
All in one app.

SoFi QR code, Download now, scan this with your phone’s camera

All your finances.
All in one app.

App Store rating

SoFi iOS App, Download on the App Store SoFi Android App, Get it on Google Play

ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.

TLS 1.2 Encrypted
Equal Housing Lender