E-commerce growth leads Dick’s Q4 and 2020 sales jump

PITTSBURGH (BRAIN) — Dick’s Sporting Goods reported fourth-quarter net sales increased 19.8% year-over-year, driven by e-commerce and consolidated same store sales. For the year, net sales grew 9.5% over 2019.

Net sales for the quarter ending Jan. 30 were $3.13 billion, compared to $2.6 billion at the same time last year. Net sales for 2020 were $9.6 billion, rising from $8.8 billion.

Consolidated same store sales grew 19.3% in the quarter. E-commerce sales made up about 32% of the net sales, compared to 25% at the same time last year. For 2020, consolidated same store sales increased a record 10%, despite temporary store closures in the spring because of the COVID-19 pandemic. That led to e-commerce sales jumping 100% for the year. E-commerce for the year was about 30% of Dick’s total net sales, compared to 16% in 2019.

“The strength of our diverse category portfolio, technology capabilities, and advanced omni-channel execution once again helped us capitalize on the favorable shifts in consumer demand across golf, outdoor activities, home fitness, and active lifestyle,” said Lauren Hobart, president and chief executive officer. “Our performance is a testament to the strong execution from our 50,000 dedicated teammates who continued to safely serve our athletes and communities.”

Dick’s reported fourth-quarter net income at $220 million ($2.21 per diluted share). On a non-GAAP basis, Dick’s reported fourth-quarter net income of $225 million ($2.43 per diluted share).

For the year, the company reported consolidated net income of $530 million ($5.72 per diluted share).

“We’ve never had a year quite like 2020,” said Ed Stack, executive chairman and chief merchandising officer. “We were challenged in numerous ways, as were so many others, but as an organization we not only survived, we thrived, delivering record-setting sales and earnings.”