Dick’s Sporting Goods reports record year and Q4
Dick’s Sporting Goods, a significant player in the US fishing tackle market, continues to benefit from the upsurge in outdoor activities, evidenced by this week’s announcement of record full year and fourth quarter sales and earnings.
America’s largest omni-channel sporting goods retailer announced 2021 sales of $12.29 billion, a 28.3% increase over the previous year, while consolidated same store sales grew 26.5% over 2020.
The same store sales increase includes a 42% increase in bricks and mortar stores and a 9% fall in e-commerce sales, which included a period of temporary store closures. This followed a 100% increase in e-commerce sales in 2020 over 2019.
Driven by strong sales and improved margins, the company reported net income of $1.52 billion for 2021, an increase of 142% over 2020 and 315% over 2019, a two-year leap from $275.5 million in 2019.
Safety costs in response to COVID plunged from $175 million in 2020 to $15 million in 2021.
Speaking of the ‘exceptionally strong’ results, Executive Chairman Ed Stack said: “Our strategies are driving sustainable sales and profitability growth, and we have set our business on a new trajectory.”
Net sales for the fourth quarter were $3.35 billion, up 7.3% on 2020 and 28.5% on 2019. Same store sales increased 19.3% and 5.3% respectively, with a 14% increase from bricks and mortar stores and an 11% drop in e-commerce sales.
Net income for the quarter was $346.1 million, up 43% year over year and 290% ahead of 2019.
“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.”