US' Dick's Sporting Goods' sales rise 5% to $12.98 bn in FY23

14 Mar '24

3 min read

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Dick's Sporting Goods reported a 5 per cent increase in net sales to $12.984 billion in FY23 and a 2.4 per cent rise in comparable store sales.
In FY23, the company's net income remained stable at $1.047 billion, with earnings per diluted share up 13 per cent to $12.18.
The fourth quarter saw a 7.8 per cent increase in net sales to $3.876 billion.

Dick's Sporting Goods, a leading US-based sporting goods retailer, has reported net sales of $12.984 billion in fiscal 2023 (FY23), ended February 3, representing a 5 per cent increase from $12.368 billion in the previous fiscal. Comparable store sales also saw a positive shift, rising by 2.4 per cent on a 52-week basis, a notable improvement from a 0.5 per cent decrease the year prior.

Income before income taxes as a percentage of net sales slightly declined to 10.2 per cent from 11.2 per cent, reflecting a 104 basis points decrease. However, on a non-GAAP basis, income before income taxes accounted for 10.8 per cent of net sales, compared to 11.4 per cent in FY22, marking a 63-basis-points reduction, the company said in a press release.

Net income for FY23 remained stable at $1.047 billion, marginally up by $3 million, while non-GAAP net income rose by 4 per cent to $1.109 billion from $1.065 billion in FY22. Earnings per diluted share increased by 13 per cent to $12.18, and non-GAAP earnings per diluted share went up by 7 per cent to $12.91.

The fourth quarter of FY23 also showed growth, with net sales reaching $3.876 billion, up 7.8 per cent from $3.597 billion in the same period last year. Comparable store sales grew by 2.8 per cent on a 13-week basis, despite a decrease from a 5.3 per cent growth in the previous year.

Income before income taxes as a percentage of net sales improved significantly to 10.2 per cent from 8.9 per cent, and on a non-GAAP basis, it increased to 11.0 per cent from 9.7 per cent. Net income surged by 26 per cent to $296 million, and non-GAAP net income saw a 24 per cent increase to $320 million. Earnings per diluted share rose by 37 per cent to $3.57, with non-GAAP earnings per diluted share growing by 31 per cent to $3.85.

"We are very pleased with our results and accomplishments in 2023 and are excited to continue to redefine the future of retail. We are proud of our progress in repositioning our portfolio through House of Sport, our next generation 50,000 square foot Dick's store and Golf Galaxy Performance Center. Our growth opportunities are significant, and we continue to prioritise investments in our future to fuel long-term omnichannel growth. I'd like to thank all our teammates for their hard work and unwavering dedication to our business," said Ed Stack, executive chairman.

Fibre2Fashion News Desk (DP)

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