In DICK’S Sporting Goods latest financial report, the company noted a significant increase in net sales – 19.8% year-over-year. This was primarily driven by a 19.3% increase in same store sales.
Other highlights from DICK’S Q4 results include:
- Consolidated net income for the fourth quarter ended January 30, 2021 of $219.6 million, or $2.21 per diluted share.
- A 16% increase in quarterly dividend.
- Approximately $1.7 billion in cash and cash equivalents and no outstanding borrowings under its $1.855 billion revolving credit facility.
“We are very pleased with our strong fourth quarter sales and earnings results. The strength of our diverse category portfolio, technology capabilities and advanced omni-channel execution once again helped us capitalize on the favorable shifts in consumer demand across golf, outdoor activities, home fitness and active lifestyle. Our performance is a testament to the strong execution from our 50,000 dedicated teammates who continued to safely serve our athletes and communities,” said Lauren Hobart, President and Chief Executive Officer.
DICK’S Sporting Goods also provided their full-year results, which featured a net sales increase of 9.5% to $9.58 billion. Consolidated same store sales grew 3.7%.
“It’s clear that our strategies over the past several years are working and have set us up for long-term success. 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 center around enhancing our existing strategies to accelerate our core and enable long-term growth,” Hobart added.
Based on these results, the retailer is thriving in the brick-and-mortar space and has been for the past year. In Q4, DICK’S fulfilled 70% of its online orders from its store network. This initiative allowed the retailer to decrease the frictions that often arise e-commerce, such as delivery time and shipping costs.
“Our stores are the hub of our omnichannel experience. They serve our in-store athletes, while also providing over 800 forward points of distribution for digital fulfillment,” Hobart said.
With DICK’S using stores as fulfillment centers, this directly benefits their brick-and-mortar landscape. With pick-up in-store options at the forefront of most online orders, shoppers are likely to stick around and make additional purchases while visiting DICK’S stores.
About DICK’S Sporting Goods, Inc.
Founded in 1948, DICK’S Sporting Goods, Inc. is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of January 30, 2021, the Company operated 728 DICK’S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated teammates, in-store services and unique specialty shop-in-shops dedicated to Team Sports, Athletic Apparel, Golf, Lodge/Outdoor, Fitness and Footwear.