News – United States – Dick’s Sporting Goods sees quarterly earnings spike, but outlook points to slower sales in 2021


Dick’s Sporting Goods Inc posted better-than-expected financial results for the fourth quarter, but provided an outlook that pointed to a sales slowdown for the coming year

For the three months ended January 30, the Coraopolis, Penn, based retailer posted profits of $ 225 million, or profit of $ 2, 43 compared to profit of $ 113 for the same period last year, or profit of $ 3 million $ 132 per share Wall Street had forecast earnings of $ 228 per share Revenue rose 198% to $ 3.13 billion, beating analysts’ estimates of $ 3.07 billion
According to the company, the improvement in sales was due to a 3% increase in comps – including a 57% increase in e-commerce, which accounted for 32% of total sales, compared to 25% in the previous fourth quarter

In a statement, President and CEO Lauren Hobart noted that Dick’s management were “very pleased” with the quarterly results, “The strength of our diverse portfolio of categories, technological capabilities and advanced omnichannel execution have once again helped us make the changes favorable leverage consumer demand for golf, outdoor activities, home fitness and active lifestyle, “she said

Chairman and Chief Merchandising Officer Ed Stack added, “We have never had a year like 2020. We have been challenged in a variety of ways, like so many others, but as an organization we not only survived – we succeeded and did record sales and earnings achieved ”

For the full year, Dick reported earnings of $ 546 million, or earnings of $ 612 per share, compared to a profit of $ 329 million, or earnings of $ 369 per share, for the prior period rose 95% to $ 958 billion despite lengthy store closings from March to May reported a 9% increase in consolidated sales in the same store, e-commerce up 100% (online penetration in the 52 weeks accounted for about 30% of total sales, compared to 16% in the previous year)

At the end of January, the chain had approximately $ 1.7 billion in cash and equivalents, excluding any outstanding loans, under approximately $ 1.85 billion in revolving credit facility

“It’s clear that our strategies have been working over the past few years and have set us up for long-term success,” Hobart said. “As we step into 2021, our business has so much momentum and we were with our start into that Year Satisfied Our focus in 2021 will be on improving our existing strategies to accelerate our core and enable long-term growth ”

Dick’s also provided an outlook for the coming fiscal year: earnings were expected to be $ 4.40 to $ 5.00 per share and revenue in the range of between $ 954 billion and $ 94 billion. Comps are projected to increase by up to 2% will fall or rise by 2%

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News – United States – Dick Sporting Goods Record Quarterly Earnings Beat, But Outlook Points To Slower Sales In 2021
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