1. News
March 9, 2022

Dick’s Sporting Goods reports $12.29bn in net sales for FY21

The retailer’s consolidated same-store sales for the full year are expected to be between -4% to flat.

US-based sporting goods retailer Dick’s Sporting Goods has reported that its full-year net sales for the fiscal year 2021 (FY21) grew by 28.3% to $12.29bn compared to the previous year.

The company’s net sales for the year were also 40.5% higher than two years prior.

Dick’s Sporting Goods’ consolidated same-store sales increased by 26.5% in FY21, compared with a consolidated same-store sales growth of 9.9% in the previous year.

The retailer’s physical store sales increased by 42%, while its e-commerce sales saw an expected decline of 9%.

Its reported consolidated net income for FY21 amounted to $1.52bn, up by 142% from $530.3m in FY20.

Dick’s Sporting Goods’ diluted earnings per share (EPS) increased to $13.87 in FY21 from $5.72 in the prior year.

During the fourth quarter (Q4), which ended on 29 January, the company delivered $3.35bn in net sales, up by 7.3% compared with the corresponding period of FY20.

Its combined same-store sales for Q4 increased by 5.9% and its physical store sales grew by 14%, but its e-commerce sales dropped by 11% during the 13-week period.

Dick’s Sporting Goods president and CEO Lauren Hobart said: “We are extremely pleased that our team delivered the largest sales quarter in our company’s history.

“Our diverse category and brand portfolio, world-class omni-channel platform and strong execution continue to help us meet robust consumer demand.

“We are a growth company with a strong balance sheet and incredible momentum and confidence in our business.

“Our 2022 sales and earnings outlook establishes a new foundation for us to build on in the future.”

For the full year, Dick’s Sporting Goods expects its EPS to be in the range of $9.96 to $11.13.

The company has forecast consolidated same-store sales of between -4% to flat.

In November last year, Dick’s Sporting Goods expanded its Public Lands and Golf Galaxy store concepts to Columbus, Ohio, and Woodbury, Minnesota, respectively.