Dick’s Sporting Goods released its Q4 and full-year earnings on Tuesday and the retailer has reasons to be optimistic after an unprecedented fiscal year.
Fourth-quarter revenue reached $3.13 billion, beating analysts’ estimate of $3.07 billion for the quarter, and last year’s Q4 revenue of $2.61 billion.
“We were challenged in numerous ways, as were so many others, but as an organization we not only survived – we thrived, delivering record-setting sales and earnings,” said Ed Stack, the company’s executive chairman and chief merchandising officer.
The growing interest in golf, activewear, and general physical activity during the pandemic helped propel Dick’s to a profitable year.
- E-commerce sales increased by 100%.
- Net sales for the year climbed 9.5% to $9.58 billion.
Despite the success, the retailer’s shares fell by more than 6% yesterday due to its forecast that sales may slow as life returns to normal and more social or entertainment options become available.
As part of an effort to thwart any setbacks, the retailer is opening six new stores and six specialty concept stores. It also plans to buy back at least $200 million of its stock this year.