DICK’S Sporting Goods, Inc. (NYSE: DKS) on Thursday announced financial results for the fourth quarter of 2023, reporting an increase in sales and profit.
Net sales of the sportswear company increased 8% year-over-year to $3.88 billion in the January quarter. Comparable store sales rose 2.8%, which is slower than the 5.3% growth achieved in the prior-year quarter.
Net income, on a reported basis, increased to $296 million or $3.57 per share in the fourth quarter from $236 million or $2.60 per share last year. Adjusted earnings were $3.85 per share, up 31%.
“With our industry-leading assortment and strong execution, we capped off the year with an incredibly strong fourth quarter and holiday season. Even excluding the extra week, this was the largest sales quarter in the history of the Company, and during the fourth quarter, we drove significant gross margin and EBT margin expansion. Our full year comps increased 2.4%, driven by growth in transactions, and we continued to gain market share,” said Lauren Hobart, CEO of DICK’s Sporting.