US' Dick's Sporting Goods posts record net sales of $12.37 bn in FY22

In FY22, Dick’s Sporting Goods delivered an EBT margin of over 11 per cent, which is more than two times the figure reported in FY19, the company said in a press release.

For the fourth quarter (Q4) of FY22, Dick’s Sporting Goods recorded net sales of $3.597 billion, an increase of 7.3 per cent compared to the same period in the previous year. However, the company's income before income taxes declined from 13.7 per cent to 8.9 per cent of net sales, indicating a 482-basis-point drop. The company’s net income was $236 million in Q4 FY22, compared to $346 million in Q4 FY21. Furthermore, the earnings per diluted share was $2.60, compared to $3.16 in Q4 FY21.

Dick’s Sporting Goods expects full-year earnings per diluted share to range between $12.90 and $13.80. The company also expects comparable store sales to be in the range of flat to positive 2 per cent for the year.

Lauren Hobart, president and chief executive officer, said: "Our 2022 results provide a strong foundation upon which we will build in 2023 and well into the future. In 2023, we will grow both our sales and earnings through positive comps, a return to square footage growth and higher merchandise margin. Our consistent performance and financial strength position us to increase the rate of investment in our business to fuel long-term growth opportunities, and also return significant capital to shareholders.

"Our fourth quarter was a strong ending to another strong year. We achieved record quarterly sales and our comps grew 5.3 per cent as we continued to gain market share. As planned, we continued to address targeted inventory overages, and as a result our inventory is in great shape as we start 2023. We couldn't be more excited about our spring assortment."

Fibre2Fashion News Desk (DP)