Net sales for the fourth quarter at Dick’s Sporting Goods were 3.13 billion dollars, an increase of 19.8 percent compared to the fourth quarter of 2019. This increase was driven by a 19.3 percent increase in consolidated same store sales, which included an increase in ecommerce sales of 57 percent. Ecommerce penetration for the quarter was approximately 32 percent of total net sales, compared to approximately 25 percent during the fourth quarter of 2019. Fourth quarter consolidated same store sales increased 5.3 percent.
The company reported consolidated net income of 219.6 million dollars or 2.21 dollars per diluted share compared to 69.8 million dollars or 81 cents per diluted share. On a non-GAAP basis, the company reported consolidated net income of 225 million dollars or 2.43 dollars per diluted share compared to 113.3 million dollars or 1.32 dollars per diluted share.
“We are very pleased with our strong fourth quarter sales and earnings results,” said Lauren Hobart, the company’s President and Chief Executive Officer, adding, “The strength of our diverse category portfolio, technology capabilities and advanced omni-channel execution once again helped us capitalize on the favourable shifts in consumer demand across golf, outdoor activities, home fitness and active lifestyle.”
Review of Dicks Sporting Goods’ full year results
Net sales for the 52 weeks ended January 30, 2021 increased 9.5 percent to approximately 9.58 billion dollars, while consolidated same store sales increased 9.9 percent despite temporary store closures during March, April and May to help prevent the spread of Covid-19. The company’s ecommerce sales increased 100 percent.
The company reported consolidated net income for the 52 weeks ended January 30, 2021 of 530.3 million dollars or 5.72 dollars per diluted share compared to 297.5 million dollars or 3.34 dollars per diluted share in the previous year. On a non-GAAP basis, the company reported consolidated net income of 546.2 million dollars or 6.12 dollars per diluted share compared to 329.1 million dollars or 3.69 dollars per diluted share.
On March 5, 2021, the company’s board of directors authorized and declared a quarterly dividend in the amount of 0.3625 dollars per share on the company’s Common Stock and Class B Common Stock. This dividend represents an increase of 16 percent over the company’s previous quarterly per share amount and is equivalent to an annualized dividend of 1.45 dollars per share.
Image:Dick's Sporting Goods, PR Newswire