US retailer Dick's Sporting Goods posts 28.3% sales growth in 2021

In the fourth quarter of 2021, net sales were recorded at $3.35 billion, an increase of 7.3 per cent compared to the fourth quarter of 2020 and a 28.5 per cent increase compared to the fourth quarter of 2019. Consolidated same store sales for the fourth quarter of 2021 increased 5.9 per cent, which followed consolidated same store sales increase of 19.3 per cent in the fourth quarter of 2020 and 5.3 per cent in the fourth quarter of 2019.

"Our exceptionally strong 2021 reflects another positive step forward in our multi-year transformational journey," said Ed Stack, executive chairman, Dick's Sporting Goods. "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."

Driven by strong sales and merchandise margin rate expansion, the company reported consolidated net income for the fourth quarter ended January 29, 2022 of $346.1 million, or $3.16 per diluted share, an increase of 43 per cent compared to the fourth quarter of 2020 and an increase of 290 per cent compared to the fourth quarter of 2019, the company said in a press release.

In fiscal 2021, the company reported consolidated net income of $1.52 billion in fiscal 2021, or $13.87 per diluted share, an increase of 142 per cent compared to fiscal 2020 and an increase of 315 per cent compared to fiscal 2019. The company reported consolidated net income of $530.3 million in fiscal 2020, or $5.72 per diluted share.

"We are extremely pleased that our team delivered the largest sales quarter in our company's history," said Lauren Hobart, president and CEO. "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."

Coming off two consecutive record years in 2020 and 2021, the company's fiscal 2022 outlook provides a new foundation upon which it will build in the years ahead.

ALCHEMPro News Desk (RR)