Dick’s Sporting Goods Inc. posted better-than-expected financial results in the fourth quarter, but provided an outlook suggesting a slowdown in sales for the coming year.
In the three months ended January 30th, Coraopolis recorded , Penn, based retailer reported earnings of $ 225 million or earnings of $ 2.43 per share compared to earnings of $ 113.3 million for the same period last year or earnings of $ 1.32 per share . Wall Street had forecast earnings of $ 2.28 per share. Revenue rose 19.8% to $ 3.13 billion, beating analysts’ estimates of $ 3.07 billion.
According to the company, the revenue improvement was due to a 19.3 increase in comps % – including a 57% increase in e-commerce, which represented 32% of total revenue, compared to 25% in the previous fourth quarter.
In a statement, President and CEO Lauren Hobart noted that Dick’s management is using « very satisfied » with the quarterly results. « The strength of our diverse portfolio of categories, technological capabilities and advanced omnichannel execution have once again helped us capitalize on the favorable changes in consumer demand for golf, outdoor activities, home fitness and active lifestyles, » she said.
Chairman and Chief Merchandising Officer Ed Stack added, « We have never had a year like 2020. We have been challenged in a variety of ways, like so many others, but as an organization we not only survived – we thrived and set records – Determine sales and earnings. “
For the full year, Dick reported earnings of $ 546.2 million, or earnings of $ 6.12 per share, compared to a profit of $ 329.1 million, or earnings of $ 3.69 for the prior period USD per share was achieved. Revenue grew 9.5% to $ 9.58 billion. Despite lengthy store closings from March through May, the company saw consolidated sales in the same store grow 9.9%, with e-commerce up 100%. (Online penetration in the 52 weeks represented about 30% of total revenue, up from 16% last year.)
At the end of January, the chain had cash and cash equivalents of around $ 1.7 billion, excluding any outstanding loans under its approximately $ 1.85 billion revolving credit facility.
« It’s clear our strategies have been working for the past few years and are geared towards long-term success, » said Hobart. “As we enter 2021, our business is so dynamic and we were happy with our start to the year. Our focus in 2021 will be on improving our existing strategies to accelerate our core and enable long-term growth. “
Dick’s also offered an outlook for the coming fiscal year: It expected earnings of $ 4.40 to $ 5.20 per share and sales of between $ 9.54 and $ 9.94 billion. The comps are predicted to decrease by up to 2% or to increase by 2%.
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