For the 53 weeks ending 3 February 2024 (FY23), Dick’s Sporting Goods achieved $12.98bn in net sales, a 5% increase from $12.36bn in FY22.
Dick’s Sporting Goods president and CEO Lauren Hobart said it had been an “incredibly strong” quarter and holiday season.
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She continued: “Even excluding the extra week, this was the largest sales quarter in the history of the company, and during the fourth quarter, we drove significant gross margin and EBT margin expansion. Our full-year comps increased 2.4%, driven by growth in transactions, and we continued to gain market share.”
Net income for the year was reported at $1.047m compared to 1.043m the prior year.
The company explained that it expects to open 16 next-generation 50k Dick’s stores and eight House of Sport locations throughout 2024.
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Dick’s Sporting Goods shared that it had conducted a comprehensive review of its store portfolio concerning its outdoor speciality business and completed a business optimisation review during the fourth quarter, incurring pre-tax charges of $84.8m for the full year 2023.
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By GlobalDataThis year, the company’s primary focus lies in fostering continuous and profitable expansion by innovating across the omnichannel athlete experience, curating an appealing and distinct product selection, delivering an exceptional teammate experience, and fostering strong connections with the Dick’s brand.
Dick’s Sporting Goods Q4 snapshot:
- Revenues increased by 7.8% to $3.9bn compared to the previous year
- Net income saw 26% growth to $296m from $236m the prior year
- Earnings per share rose 37% to $3.57 from $2.60 in 2022.
Dick’s Sporting Goods has increased its annualised dividend by 10% to $4.40 per share and announced a quarterly dividend of $1.10 per share.
Dick’s Sporting Goods FY24 forecast
Looking forward Hobart forecasts “another strong year”. She said: “We plan to grow both our sales and earnings through positive comps, higher merchandise margin and productivity gains.”
For its FY24, Dick’s expects net sales in the range of $13bn to $13.13bn with comparable store sales growth to be in the range of 1% to 2% and earnings per diluted share to be in the range of $12.85 to $13.25.
“With the continued success of our new store formats and our omnichannel experience, we will accelerate our investment in our growth strategies to drive our business forward and continue gaining market share in a fragmented $140 billion dollar industry,” said Hobart.
