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HomeBusinessDick's Sporting Goods exceeded expectations and increased the dividend by 105%

Dick’s Sporting Goods exceeded expectations and increased the dividend by 105%

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DICK’S Sporting Goods Logo. (PRNewsFoto/DICK’S Sporting Goods)

Dick’s Sporting Goods (DKS), a retailer of athletic gear and clothing, released its fourth-quarter financial data on Tuesday morning. The DKS stock surged after the findings.

Adjusted earnings dropped for the fourth quarter in a row, swooning 19.5% to $2.93 per share. To $3.59 billion, sales increased 7.3%. That exceeded analyst predictions, which called for a 20.9% decline in earnings to $2.88 per share on a rise in revenue of 3% to $3.45 billion.

Comparable-store sales growth decreased 1.3% year over year to 5.3% for Q4, but it still outperformed the 2.1% growth estimate from FactSet.

Following two straight record years, Executive Chairman Ed Stack stated in the earnings release, “We are very happy with our 2022 performance, which was the biggest sales year in our company’s history.

Full-year net sales edged up 0.6% to a record $12.37 billion for 2022, but were up 41.3% from 2019 sales previous to the pandemic. Adjusted profits for the full year decreased 23% to $12.04 per share.

Additionally, the Dick’s Sporting Goods board approved a raise in the annualized dividend of 105%, making it $4 per share. A $1 per share quarterly dividend was announced by the business.

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