Dick’s Sporting Goods Reported Fourth-Quarter Earnings
Mar 8, 2022 By MarketDepth
Dick’s Sporting Goods (NYSE: DKS) reported fourth-quarter earnings on Tuesday that topped analysts’ estimates after accumulating big gains from the previous year, fueled by pandemic purchases. Amid the crisis, consumers purchased outdoor equipment as well as fitness accessories. Shares rose over 5% during premarket trading amid the news.
Higher Than Anticipated
The American sporting goods retail company reported earnings of USD3.64 per share, compared to the expected USD3.43 a share. Revenue amounted to USD3.35 Billion, higher than analysts anticipated USD3.31 Billion. Additionally, net income for the three month period amounted to USD346.1 Million, a substantial increase from the previous year’s USD219.6 Million.
“Our exceptionally strong 2021 reflects another positive step forward in our multi-year transformational journey. Our strategies are driving sustainable sales and profitability growth, and we have set our business on a new trajectory. I’d like to thank all our teammates for their hard work and unwavering dedication to our business.”Ed Stack, Executive Chairman
Furthermore, same-store sales for locations open at least 12 months, shot up 5.9%, better than analysts forecasted 4.3% increase, according to StreetAccount. For the full year, the company experienced adjusted earnings per share between USD11.70 to USD13.10, though analysts had predicted USD11.31, according to refinitiv.
“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.”Lauren Hobart, President and CEO
Dick’s shares have plummeted 14% throughout the year and has a current market cap of USD8.9 Million.