Dick’s Sporting Goods increases dividend by 105 percent

Dick’s Sporting Goods delivered full year 2022 net sales of 12.37 billion dollars, up 0.6 percent versus 2021 and up 41.3 percent versus 2019.

The company’s earnings per diluted share were 10.78 dollars compared to 13.87 dollars last year and non-GAAP earnings per diluted share were 12.04 dollars versus 15.70 dollars, while EBT margin was 11 percent, more than two times 2019.

Dick’s increased annualised dividend to 4 dollars per share, an increase of 105 percent compared to 1.95 dollars per share in 2022. The company declared a quarterly dividend of 1 dollar per share.

"In 2023, we will grow both our sales and earnings through positive comps, a return to square footage growth and higher merchandise margin. The step-change increase in our dividend clearly reflects our strong conviction in our structurally higher sales and earnings," said Lauren Hobart, the company’s president and chief executive officer.

For the fourth quarter, the company reported net sales of 3,597 million dollars, up 7.3 percent from the same period last year. Earnings per diluted share were 2.60 dollars versus 3.16 dollars in the same quarter previous year and non-GAAP earnings per diluted share were 2.93 dollars against 3.64 dollars.

"Our fourth quarter was a strong ending to another strong year. We achieved record quarterly sales and our comps grew 5.3 percent as we continued to gain market share. We couldn't be more excited about our spring assortment," added Hobart.

The company expects full year earnings per diluted share to be in the range of 12.90 dollars to 13.80 dollars and comparable store sales to be in the range of flat to positive 2 percent.