Dick’s Sporting Goods (DKS) Q4 2022 earnings

  • Dick’s Sporting Goods beat analysts’ expectations for its fourth-quarter earnings and revenue on Tuesday.
  • According to StreetAccount, same-store sales rose 5.3%, more than double analysts’ estimate of 2.1%.
  • The company released full-year guidance for 2023, which also came in ahead of analysts’ expectations.

A Dick’s Sporting Goods store stands in Staten Island on March 09, 2022 in New York City.

Spencer Platt | Getty Images

Dick’s Sporting Goods on Tuesday reported results for the holiday quarter that beat Wall Street’s expectations, citing a sales boost from the gift-giving season, even among inflation-weary consumers.

Same-store sales up 5.3% more than doubled in the fourth quarter Analyst estimates of 2.1% according to StreetAccount. This metric measures sales online and in stores that have been open for at least 14 months.

The sporting goods retailer’s performance remained resilient amid an inflationary macro environment and industry-wide inventory struggles. On Tuesday, it said buyers kept buying despite shaky consumer demand across the sector.

Dick’s enters the next fiscal year with continued confidence. The company is expecting full-year earnings per share of between $12.90 and $13.80, up from $10.78 per share for fiscal 2022. Analysts polled by Refinitiv had earnings per share of $12 for fiscal 2023 -dollars expected.

Same-store sales growth for the fiscal year is expected to be flat at 2%.

Here’s how the company performed for the quarter ended January 28 compared to what Wall Street expected based on a poll of analysts by Refinitiv:

  • Earnings per share: $2.93 adjusted versus $2.88 cents expected
  • Revenue: $3.60 billion versus $3.45 billion expected

The company reported net income of $236 million, down about 32% from the $346 million it reported a year earlier.

Dick’s wasn’t entirely immune to industry-wide retail issues like inventory headwinds. Supply chain disruptions caused Dick’s to stock up on product to meet pandemic-era demand, only for those products to be out of season by the time they arrived.

However, the company is confident that it has resolved its supply chain dilemma heading into fiscal 2023.

“We have continued to address targeted inventory excesses as planned and as a result our inventory is in excellent shape entering 2023,” said CEO Lauren Hobart.

The company will host a conference call Tuesday at 10:00 a.m. ET.

This is breaking news. Please check back for updates.

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