Dick's Sporting Goods posts record 2022 revenues
U.S. sporting retailer Dick's Sporting Goods delivered record-setting net sales of $12.37 billion in 2022, up 0.6%, the back of strong sales growth in its fourth quarter, including solid comparable sales.
The Pittsburgh-based company clocked revenues of $3.6 billion for the quarter ending January 28, up 7%, compared to the prior-year period. Comparable store sales lifted 5% during the quarter, and net income dropped 32% to $236 million.
Net income for the year ending January 28 fell 31% to $1 billion.
"Following two consecutive record years, we are very pleased with our 2022 performance, which was the largest sales year in our company's history. These results and our 2023 outlook demonstrate the strength of our business as we continue to execute our multi-year transformation through focused strategies and strong execution. I'd like to thank all our teammates for their hard work and unwavering dedication to our business," said Ed Stack, executive chairman.
"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. The step-change increase in our dividend clearly reflects our strong conviction in our structurally higher sales and earnings," added Stack.
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