- Dick’s Sporting Goods beat analyst expectations on its fourth-quarter earnings and revenue on Tuesday.
- According to StreetAccount, same-store sales increased 5.3%, more than double the analyst estimate of 2.1%.
- The company posted full-year guidance for 2023 that was well above analysts’ estimates.
A Dick’s Sporting Goods store in Staten Island on March 09, 2022 in New York City.
Spencer Platt | Getty Images
Dick’s Sporting Goods reported holiday quarter results Tuesday that beat Wall Street expectations, citing a boost in sales from the gift-giving season even with inflation-weary consumers.
Same-store sales rose 5.3% During the fourth quarter, more than doubled Analysts estimate 2.1%, according to StreetAccount. This metric measures sales online and in stores open for 14 months or more.
The sporting good retailer’s performance has remained resilient in the face of an inflationary macroenvironment and industry-wide inventory struggles. It said on Tuesday that despite volatile consumer demand across the region, its shoppers continued to shop.
Dix is heading into its next fiscal year with continued confidence. It expects earnings per share of between $12.90 and $13.80 for fiscal 2022, up from $10.78 per share. Analysts polled by Refinitiv expected fiscal 2023 EPS of $12.
It expects same-store sales growth to be flat to 2% for the fiscal year.
Here’s how the company fared in the quarter ended January 28 That compared to what Wall Street expected, based on a poll of analysts by Refinitiv:
- Earnings per share: $2.93, adjusted, versus the $2.88 cents expected
- Revenue: $3.60 billion vs. $3.45 billion expected
The company posted net income of $236 million, down about 32% compared to the $346 million reported a year ago.
Dick’s hasn’t been entirely immune to industry-wide retail pains like inventory headwinds. Supply chain disruptions led Dick’s to stockpile products to meet pandemic-era demand, only for those products to be out of season by the time they arrived.
But the company is confident that it has solved its supply chain dilemma in the 2023 fiscal year.
“As planned, we continued to address targeted inventory overages, and as a result our inventory is in great shape for early 2023,” said CEO Lauren Hobart.
The company will host a conference call on Tuesday at 10am ET.
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