Here's Why Dick's Sporting Goods Stock Surged to an All-Time High Today
Shares of retail chain Dick's Sporting Goods (NYSE: DKS) surged to all-time highs today after reporting record financial results in 2022 and more than doubling its quarterly dividend. As of 1:30 p.m. ET, Dick's Sporting Goods stock was up 11%.
In 2022, net sales for Dick's Sporting Goods were up less than 1% year over year. That said, the company still delivered a record high in this metric. Moreover, it outperformed expectations. For the year, management had expected same-store sales to drop 1.5% year over year, at least. But strong sales in the final quarter of 2022 led to just a 0.5% drop in same-store sales for the year.
While net sales were up in 2022, profitability did fall for Dick's Sporting Goods. In 2021, the company had net income of $1.5 billion, which fell 31% in 2022 to just over $1 billion. Still, this is solidly profitable and slightly more than Wall Street was expecting.
Source Fool.com
