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Tuesday, June 25, 2024

Dick’s Sporting Goods’ Third Straight Record Year

  • Dick's Sporting Goods reported full-year net sales of $12.37 billion.
  • For the fourth quarter, net sales reached $3.6 billion.
Interior of a Dick's Sporting Goods store.
Brianna Paciorka/News Sentinel

Dick’s Sporting Goods has pulled off a third consecutive record year.

The sporting goods giant topped itself yet again with full-year net sales of $12.37 billion, a 0.6% year-over-year increase and a 41.3% increase from 2019. Net income for the year fell to $1 billion from $1.5 billion in 2021.

Fourth-quarter net sales reached $3.6 billion, a 7.3% year-over-year increase, beating analysts’ estimates of $3.45 billion. Net income fell to $235.6 million from $346.1 million for the same period last year.

Same-store sales jumped 5.3% for the 13 weeks ending Jan. 28, beating analysts’ estimates of a 2.1% increase, according to StreetAccount.

Footwear, athletic apparel, and team sports products helped boost the company’s successful quarter and year, per CNBC.

As of Jan. 28, net inventories were $2.8 billion, a 23% year-over-year increase.

“As planned, we continued to address targeted inventory overages, and as a result our inventory is in great shape as we start 2023,” CEO Lauren Hobart said.

During the quarter, Dick’s Sporting Goods announced the launch of DSG Ventures, a $50 million house fund that invests in companies holding the “belief that sports make people better.”

The fund has invested in several companies including Courtside Ventures, Moolah Kicks, and SidelineSwap.

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