Dick’s delivers record net sales for second consecutive year

Dick’s Sporting Goods has delivered record net sales for the second consecutive year. The 800-plus store retailer, which sells a high volume of fishing tackle, has reported net sales of $12.37 billion for the full year of 2022, up 0.6% on 2021 and up 41.3% on 2019.

The company’s annual figures were capped by its fourth quarter, in which it achieved record quarterly sales and market share gains.

“Our 2022 results provide a strong foundation upon which to build in 2023 and well into the future,” said President and CEO Lauren Hobart. “In 2023 we will grow both sales and earnings through positive comps, a return to square footage growth and higher margins.

“Our consistent performance and financial strength positions us to increase the rate of investment in our business to fuel long-term growth opportunities.”

Speaking about the largest sales year in the company’s 75-year history, Executive Chairman Ed Stack, said: “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.”

Dick’s reported net sales of $12,368 billion for the year ending January 28th with net income at $1,043 billion.

Fourth quarter net sales of $3,597 billion were up 7.3%, topping Wall Street forecasts, with comparable store sales up 5.3%. Net income of $236 million was down 32%.