Market News

Dick’s Sporting Goods’ Q4 Results Surpass Expectations

Sporting goods retail company Dick’s Sporting Goods, Inc. (NYSE: DKS) has reported better-than-expected results for the fourth quarter ended January 29, 2022.

Following the upbeat earnings, shares of the company rose over 2.4% to close at $101.79 in Tuesday’s extended trading session.

Revenue & Earnings

Dick’s Sporting Goods reported quarterly net sales of $3.35 billion, up 7.3% from the same quarter last year. Further, the figure surpassed the consensus estimate of $3.3 billion. A year-over-year increase of 5.9% witnessed in consolidated same store sales, which includes a 14% rise in brick-and-mortar stores compared to the previous year, contributed primarily to the overall growth in net sales.

The company’s earnings per share (EPS) for the quarter stood at $3.64, up 50% year-over-year. Moreover, the figure comfortably outpaced the consensus estimate of $3.43 per share.

Meanwhile, the company ended the quarter with a store count of 861, up from 854 in the previous year, while the total square footage of stores at the end of the quarter stood at 42.4 million.

Outlook

For Fiscal 2021, the company forecasts EPS to be in the range of $11.70 to $13.10 per share. Further, it anticipates consolidated same store sales to be in the range of negative 4% to flat.

Management Commentary

The CEO of DICK’S Sporting Goods, Lauren Hobart, said, “Our diverse category and brand portfolio, world-class omni-channel platform and strong execution continue to help us meet robust consumer demand. We are a growth company with a strong balance sheet and incredible momentum and confidence in our business. Our 2022 sales and earnings outlook establishes a new foundation for us to build on in the future.”

Stock Rating

The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 10 Buys and 4 Holds. The average DICK’S Sporting Goods price target of $149.54 implies that the stock has upside potential of 47.2% from current levels. Shares have gained 41.4% over the past year.

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