US-based omnichannel sporting goods retailer DICK’S Sporting Goods has announced a net income of $1.046bn for the fiscal year 2023 (FY 2023), representing 8.06% of the year’s total sales.
For the 53 weeks ending 3 February 2024, the company achieved $12.98bn in net sales, a 5.0% increase from $12.36bn in FY 2022.
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The company delivered 2.4% in FY 2023 comparable store sales growth, bolstered by a 1.6% rise in transactions.
The retailer reported earnings per diluted share of $12.18 for the full year, a 13% increase from $10.78 in the previous year.
In Q4 FY 2023, DICK’S Sporting Goods delivered $3.87bn in net sales, up 7.8% from $3.59bn in the same period of the previous year.
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Net income for the period stood at $296m, a 26% increase from $236m in the previous year.
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By GlobalDataIts earnings per share also saw a significant rise of 37% to $3.57 in Q4 FY 2023 from $2.60 in Q4 FY 2022.
DICK’S Sporting Goods anticipates a full-year net sales forecast of between $13.0bn and $13.13bn for FY 2024, with comparable store sales growth expected to range from 1.0% to 2.0%.
The company projects its EPS to be between $12.85 and $13.25.
The retailer has raised its annualised dividend to $4.40 per share, up 10%, and declared a quarterly dividend of $1.10 per share.
As of 3 February 2024, its total debt was recorded at $1.48bn.
DICK’S Sporting Goods president and CEO Lauren Hobart said: “With our industry-leading assortment and strong execution, we capped off the year with an incredibly strong fourth quarter and holiday season. Even excluding the extra week, this was the largest sales quarter in the history of the company, and during the fourth quarter, we drove significant gross margin and EBT [earnings before tax] margin expansion. Our full-year comps increased 2.4%, driven by growth in transactions, and we continued to gain market share.”
“We are guiding [towards] another strong year in 2024. We plan to grow both our sales and earnings through positive comps, higher merchandise margin and productivity gains. With the continued success of our new store formats and our omnichannel experience, we will accelerate our investment in our growth strategies to drive our business forward and continue gaining market share in a fragmented $140bn industry.”
