The company has ended its fiscal year on an upbeat note, with its revenue and earnings beating estimates.
Other good news included its largest sales quarter, and a better-than-expected forecast for 2022 earnings and same-store sales. The nation’s largest sporting goods retailer reported net income of $346.1M, or $3.16 per share, for the quarter ended 29 January, up from $219.6M, or $2.21 a share, in the year-ago period. Adjusted earnings were $3.64 per share, beating analysts’ estimates for $3.43.
Revenue rose 7.3 per cent to $3.35bn, topping estimates for $3.31bn. On a two-year basis, sales increased 28.5 per cent. Same-store sales rose 5.9 per cent, more than an expected, with a 14 per cent year-over-year increase at Dick’s physical stores as customers returned to in-store shopping and an 11 per cent decline in online revenue. Online penetration has grown from 25 per cent of total net sales in the fourth quarter of 2019 to 27 per cent for the fourth quarter of 2021.
For the full year, Dick’s net sales rose 28.3 per cent to $12.29bn. Consolidated same-store sales increased 26.5 per cent, which followed consolidated same store sales increases of 9.9 per cent in fiscal 2020 and 3.7 per cent in fiscal 2019. The fiscal 2021 same-store sales increase included a 42 per cent increase in brick-and-mortar stores and an expected 9 per cent decrease in e-commerce. Net income totalled $1.52bn in fiscal 2021, or $13.87 per diluted share, an increase of 142 per cent compared to fiscal 2020.
