Dick's Sporting Goods Inc.'s sales jumped 20% in the latest quarter, but the retail chain said it expects the growth to slow in the new fiscal year.
The athletic gear and apparel company on Tuesday reported net income of $219.6 million for its fiscal fourth quarter that ended Jan. 30, triple the $69.8 million for the year-earlier period. Earnings per share rose to $2.21 from 81 cents.
Dick's adjusted profit of $2.43 was 13 cents more than forecasts from analysts for that metric.
Total sales rose to $3.13 billion from $2.61 billion year over year. That was ahead of the consensus estimate compiled by FactSet.
Like many other businesses, Dick's temporarily closed stores last year when the Covid-19 pandemic was first intensifying and then moved to reopen them.
Demand has improved as compared with last spring, in part because consumers are ordering more goods from the company through its online offerings.
Overall, Dick's said Tuesday same-store sales rose 19% in the latest quarter. Ecommerce sales were up 57%, and made up about one-third of total sales, the company said. During the same period a year earlier, ecommerce sales accounted for about one-quarter of sales.
But Dick's reported in November a same-store sales gain of roughly 23%, a record, during its fiscal third quarter, and ecommerce sales during that period were up 95%.
The company's forecast for its new fiscal year suggests sales growth won't be as strong. For the period, same-store sales may fall 2% or rise up to 2%, the company said.
For the new fiscal year, the company forecast $9.54 billion to $9.94 billion in sales. At the midpoint, that would be up 2% compared with the prior year. In the fiscal year that ended Jan. 30, net sales rose 9.5%.
Profit for the year is expected to range from $3.81 to $4.55 a share, down from $5.72 a share last year. Dick's said earnings, following adjustments, are also expected to be lower.
Write to Micah Maidenberg at email@example.com
(END) Dow Jones Newswires
March 09, 2021 08:15 ET (13:15 GMT)