Dick’s Sporting Items warns gross sales might gradual

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Dick’s Sporting Goods Inc. sales rose 20% in the most recent quarter. However, the retail chain expects growth to slow down in the new fiscal year.

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DKS DICKS SPORTING 78.17 +1.61 + 2.10%

The sportswear and athletic apparel company reported net earnings of $ 219.6 million for the fourth fiscal quarter ended Jan. 30, up three times the prior-year period’s $ 69.8 million. Earnings per share rose from 81 cents to $ 2.21.

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Dick’s adjusted profit of $ 2.43 was 13 cents above analyst projections for this metric.

Total revenue increased from $ 2.61 billion year-over-year to $ 3.13 billion. This was ahead of the consensus estimate produced by FactSet.

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Like many other companies, Dick’s temporarily closed stores last year when the Covid-19 pandemic first worsened and then reopened.

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Demand has improved compared to last spring, also because consumers are ordering more goods from companies via their online offers.

Overall, Dick’s said sales in the same store on Tuesday rose 19% in the most recent quarter. Ecommerce sales rose 57% and accounted for about a third of total sales. In the same period last year, e-commerce sales accounted for around a quarter of sales.

But Dick’s reported sales growth of around 23% in the same store in November, a record high in the third quarter of the fiscal year, and e-commerce sales rose 95% during that period.

The company’s forecast for the new fiscal year suggests that revenue growth will not be as strong. During the reporting period, sales in the same store could fall 2% or rise up to 2%, according to the company.

For the new fiscal year, the company forecast sales of $ 9.54 billion to $ 9.94 billion. In the middle, this would be an increase of 2% compared to the previous year. For the fiscal year ended January 30, net sales increased 9.5%.

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Annual earnings are expected to be between $ 3.81 and $ 4.55 per share, up from $ 5.72 per share last year. Dick’s said the result should also be lower after adjustments.

Write to Micah Maidenberg at [email protected]

(END) Dow Jones Newswires

March 9, 2021 8:15 AM ET (1:15 PM GMT)

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