Dick's Sporting Goods FY19 sales rise 3.7% to $8.75 bn

30 Mar '20

3 min read

Pic: Dick's Sporting Goods

Dick's Sporting Goods, a US-based full-line omni-channel sporting goods retailer, posted 3.7 per cent increase in its net sales to $8.75 billion in full fiscal 2019 that ended on February 1, 2020 compared to sales of $8.43 billion in prior year. Net income over the fiscal were $297.46 million compared to net income of $319.86 million in prior year.

Gross profit in FY19 were $2.55 billion compared to $2.43 billion in prior year. Income from the operations fell to $375.61 million compared to $444.73 million in prior year. Selling, general & administrative (SG&A) expenses rose to $2.17 billion compared to $1.98 billion in prior year.

“In 2019, we developed strong momentum in our stores and online. Our efforts demonstrate that when we focus on serving our athletes, we can drive a meaningful impact on sales. We remain focused on driving positive results through an improved service and selling culture, while continuing to improve our omni-channel experience through faster and more reliable delivery as well as improved functionality and performance of our website,” Lauren Hobart, president of Dick'S Sporting Goods, said in a press release.

Company’s fourth quarter (Q4) FY19 net sales was $2.60 billion compared to sales of $2.49 billion in same period prior year. Net income in the quarter were $68.81 million compared to $102.55 million in same period prior year.

"We are very pleased with our strong fourth quarter results. Despite the compressed holiday selling season and the challenging conditions we faced with unseasonably warm weather, we delivered a 5.3 per cent comp sales increase, supported by increases in both average ticket and transactions, as well as growth across each of our three primary categories of hardlines, apparel and footwear," Edward Stack, chairman and chief executive officer, said in a press release.

E-commerce sales for the fourth quarter FY19 increased 15 per cent. In Q4, the company closed seven Dick's Sporting Goods stores and one Golf Galaxy store. As of February 1, 2020, the company operated 726 Dick's Sporting Goods stores in 47 states.

"As we enter 2020, we remain enthusiastic about our business and have been pleased with our start to the year. We are excited to continue to focus on and enhance our 2019 strategies, which include optimising our inventory and floor space, delivering differentiated merchandising and driving athlete engagement across all channels. Our outlook balances this enthusiasm with a degree of caution over the coronavirus and how it may impact our business,” Stack said.

Fibre2Fashion News Desk (JL)

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