Dick’s Sporting Goods has pulled off a third consecutive record year.
The sporting goods giant topped itself yet again with full-year net sales of $12.37 billion, a 0.6% year-over-year increase and a 41.3% increase from 2019. Net income for the year fell to $1 billion from $1.5 billion in 2021.
Fourth-quarter net sales reached $3.6 billion, a 7.3% year-over-year increase, beating analysts’ estimates of $3.45 billion. Net income fell to $235.6 million from $346.1 million for the same period last year.
Same-store sales jumped 5.3% for the 13 weeks ending Jan. 28, beating analysts’ estimates of a 2.1% increase, according to StreetAccount.
Footwear, athletic apparel, and team sports products helped boost the company’s successful quarter and year, per CNBC.
As of Jan. 28, net inventories were $2.8 billion, a 23% year-over-year increase.
“As planned, we continued to address targeted inventory overages, and as a result our inventory is in great shape as we start 2023,” CEO Lauren Hobart said.
During the quarter, Dick’s Sporting Goods announced the launch of DSG Ventures, a $50 million house fund that invests in companies holding the “belief that sports make people better.”
The fund has invested in several companies including Courtside Ventures, Moolah Kicks, and SidelineSwap.