- Dick’s Sporting Goods topped analyst expectations on Tuesday for its fourth-quarter earnings and revenue.
- Same-store sales rose 5.3%, more than double analyst estimates of 2.1%, according to StreetAccount.
- The company posted full-year expectations for 2023 that were also higher than analysts had expected.
A Dick’s Sporting Goods store stands on Staten Island on March 9, 2022 in New York City.
Spencer Plat | Getty Images
Dick’s Sporting Goods on Tuesday reported holiday quarter results that beat Wall Street’s expectations, citing gift season sales up even among inflation-weary consumers.
Same-store sales increased 5.3% more than double during the fourth quarter analyst estimates of 2.1%, according to StreetAccount. That metric measures sales online and in stores that have been open for 14 months or more.
The sporting goods retailer’s performance has remained resilient in the face of an inflationary macro environment and stock issues across the industry. It said on Tuesday that even despite shaky consumer demand across the industry, shoppers continued to buy.
Dick’s enters the next fiscal year with continued confidence. It expects full-year earnings per share of between $12.90 and $13.80, up from $10.78 per share for fiscal 2022. Analysts polled by Refinitiv had expected earnings per share of $12 for fiscal year 2023.
It expects same-store sales growth to remain steady at 2% for the fiscal year.
Here’s how the company did in the quarter ending Jan. 28 compared to what Wall Street expected, based on an analyst survey by Refinitiv:
- Earnings per share: $2.93, adjusted, versus $2.88 cents expected
- Revenue: $3.60 billion versus $3.45 billion expected
The company posted net income of $236 million, about 32% lower than the $346 million it reported a year earlier.
Dick’s has not been completely immune to the industry-wide retail problems, such as inventory headwinds. Supply chain disruptions led Dick’s to stock up on produce to meet pandemic-era demand, but by the time they arrived, those products were out of season.
But the company is confident it has solved its supply chain dilemma as it enters fiscal year 2023.
“As planned, we have continued to address targeted inventory overruns, and as a result, our inventory is in great shape as of the start of 2023,” said CEO Lauren Hobart.
The company will host a conference call on Tuesday at 10 a.m. ET.
This is the latest news. Check back later for updates.