PITTSBURGH (BRAIN) — Dick's Sporting Goods' fourth-quarter sales were the largest in its history while its full-year net sales increased 5% over 2022.
Net sales for the fourth quarter ending Feb. 3 were $3.87 billion, compared with $3.59 billion year-over-year. For 2023, net sales were $12.98 billion, compared with $12.36 billion at the same time last year.
Dick's had comparable store sales growth of 2.4% that was driven by a 1.6% transaction increase.
"We are guiding to another strong year in 2024," said Lauren Hobart, president and CEO. "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 $140-billion-dollar industry."
Giant Group confirmed on Feb. 12 that it will sell bikes through about 25 specialty stores owned by Dick's, including House of Sport, Public Lands, and Moosejaw locations.
Fourth-quarter net income increased 26%, from $236 million to $296 million year-over-year, with earnings per share rising from $2.60 to $3.57. Full-year net income was steady at $1.047 billion compared with $1.043 billion in 2022. Full-year earnings per share rose 13%, from $10.78 to $12.18.
Dick's Sporting Goods is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
