US retailer Dick's Sporting Goods reports FY20 sales of $9.58 bn

26 Apr '21

2 min read

Pic: Dick's Sporting Goods

Dick's Sporting Goods, a US-based full-line omni-channel sporting goods retailer, has posted 9.5 per cent sales growth to $9.58 billion in its complete fiscal 2020 ended on January 30, 2021, compared to the sales of $8.75 billion in the previous fiscal. The company’s net income for the year jumped to $530.25 million (FY19: $297.46 million).

“We've never had a year quite like 2020. We were challenged in numerous ways, as were so many others, but as an organisation we not only survived – we thrived, delivering record-setting sales and earnings,” Ed Stack, executive chairman and chief merchandising officer, said in a press release.

Gross profit for the year was $3.05 billion ($2.55 billion), while selling, general and administrative expenses were $2.29 billion ($2.17 billion). The company’s income from operations rose to $711.73 million ($407.70 million).

“We are very pleased with our strong fourth quarter sales and earnings results,” Lauren Hobart, president and chief executive officer at Dick’s Sporting Goods said. “The strength of our diverse category portfolio, technology capabilities and advanced omni-channel execution once again helped us capitalise on the favourable shifts in consumer demand across golf, outdoor activities, home fitness and active lifestyle.”

“As we enter 2021, our business has so much momentum, and we have been pleased with our start to the year. Our focus in 2021 will centre around enhancing our existing strategies to accelerate our core and enable long-term growth,” Hobart said.

Fibre2Fashion News Desk (JL)

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