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Sunday, July 14, 2024

Dick’s Reports Another Record Quarter

Maggie Gilroy-USA TODAY NETWORK/Design: Alex Brooks

Dick’s Sporting Goods’ fourth-quarter revenue grew 7% year-over-year to a record $3.35 billion — up 28.5% from 2019 and beating analysts’ estimates of $3.31 billion.

Net income reached $346.1 million, a significant increase from the $219.6 million it recorded during the same period last year.

Same-store sales — which included revenue from online and stores open for at least one full year — jumped 5.9%, surpassing analysts’ estimates of a 4.3% increase. 

  • Dick’s retail stores saw sales rise 14% year-over-year. 
  • Though online sales fell 11%, e-commerce sales soared 57% in 2020. The company recently announced a new ad campaign starring Charles Barkley that focuses on its retail site.
  • Inventory at the end of the fourth quarter grew 17.6% compared to the same time last year.

The company’s full-year revenue reached a record $12.29 billion, a 28.3% increase from fiscal 2020, with consolidated same-store sales ballooning 26.5% from the previous year.

New Goods

During its fiscal year, Dick’s opened its first Golf Galaxy Performance Center, House of Sport, Public Lands, and discount store Going, Going, Gone, and also announced a new partnership with Nike.

Over the course of the 12 months, Dick’s Sporting Goods issued $1.5 billion of senior unsecured notes — of which $750 million is due in 2032 and that same amount in 2052 — and returned $1.8 billion to shareholders. Dick’s also announced an 11% increase in its quarterly dividend.

The sporting goods retailer is reporting an 8% market share.

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