The company reported the strongest holiday sales quarter in its history along with earnings that were far ahead of Street estimates.
The nation’s largest sporting goods raised its quarterly dividend 10 per cent to $1.10 per share and forecast another year of positive growth.
The company is planning major expansion during 2024, including growing its experiential Dick’s House of Sport concept, with the opening of eight new stores, including a 100,000sq ft location at the Prudential Center in Boston this spring. (In addition to the new openings, it will also break ground on an additional seven House of Sport sites during the year.)
In addition, Dick’s plans to open 10 Golf Galaxy Performance Center locations and 16 next-generation Dick’s stores this year. Currently, there are 12 House of Sport locations, 14 Performance Center locations and 11 next-gen sites open.
On the company’s earnings call, CFO Navdeep Gupta described the expansion as the most significant square footage addition since 2017.
