DICK'S Sporting Goods Reports Fourth Quarter and Full Year 2024 Results; Delivers Largest Sales Quarter in Company History

"Our fourth quarter was an exceptionally strong finish to another great year. With a 6.4% Q4 comp we delivered the largest sales quarter in Company history. For the full year, our comps increased 5.2%, we drove meaningful EBT margin expansion, and we gained significant market share. I'd like to thank all our teammates for their hard work and unwavering dedication to our business — at DICK'S, it's our people who make us great, and this strong performance is a direct result of their efforts."

"For 2025, our outlook reflects strong confidence in our strategies and operational strength while acknowledging the dynamic macroeconomic environment. With this in mind, we expect to drive continued comp growth, strategic expansion of our square footage, and improved gross margin. Leaning into our strategic pillars, we are investing in three exciting growth areas, each with significant potential: repositioning our real estate and store portfolio, driving continued strong growth in footwear, and accelerating our eCommerce business. With a clear strategy, a disciplined approach, and a commitment to innovation, we are well-positioned to drive sustained sales and profitability growth over the long-term and seize the significant market share opportunity ahead of us."

Fourth Quarter Operating Results

(dollars in millions, except per share data)

13 Weeks

Ended

February 1,

2025

14 Weeks

Ended

February 3,

2024 ⁽¹⁾

Change ⁽⁹⁾

Net sales ⁽²⁾

$

3,894

$

3,876

$

17

0.5 %

Comparable sales (13-week basis) ^{(2) (3)}

6.4 %

2.9 %

Income before income taxes (% of net sales) ⁽⁴⁾

10.2 %

10.2 %

— bps

Non-GAAP income before income taxes (% of net sales) ^{(4) (5)}

10.2 %

11.0 %

(83) bps

Net income

$

300

$

296

$

4

1 %

Non-GAAP net income ⁽⁵⁾

$

300

$

320

$

(20)

(6) %

Earnings per diluted share ⁽²⁾

$

3.62

$

3.57

$

0.05

1 %

Non-GAAP earnings per diluted share ^{(2) (5)}

$

3.62

$

3.85

$

(0.23)

(6) %

Year-to-Date Operating Results

(dollars in millions, except per share data)

52 Weeks

 Ended

February 1,

2025

53 Weeks

Ended

February 3,

2024 ⁽¹⁾

Change ⁽⁹⁾

Net sales ⁽²⁾

$

13,443

$

12,984

$

458

3.5 %

Comparable sales (52-week basis) ^{(2) (3)}

5.2 %

2.6 %

Income before income taxes (% of net sales) ⁽⁴⁾

11.3 %

10.2 %

Non-GAAP income before income taxes (% of net sales) ^{(4) (5)}

11.3 %

10.8 %

49 bps

Effective tax rate

23.3 %

20.6 %

268 bps

Net income

$

1,165

$

1,047

$

119

11 %

Non-GAAP net income ⁽⁵⁾

$

1,165

$

1,109

$

56

5 %

Earnings per diluted share ⁽²⁾

$

14.05

$

12.18

$

1.87

15 %

Non-GAAP earnings per diluted share ^{(2) (5)}

$

14.05

$

12.91

$

1.14

9 %

Balance Sheet

(in millions)

As of

February 1, 2025

As of

February 3, 2024

$

Change ⁽⁹⁾

%

Change ⁽⁹⁾

Cash and cash equivalents

$

1,690

$

1,801

$

(111)

(6) %

Inventories, net

$

3,350

$

2,849

$

501

18 %

Total debt ⁽⁶⁾

$

1,484

$

1,483

$

1

— %

Capital Allocation

(in millions)

52 Weeks Ended

February 1, 2025

53 Weeks Ended

February 3, 2024

$

Change ⁽⁹⁾

%

Change ⁽⁹⁾

Share repurchases ⁽⁷⁾

$

268

$

649

$

(381)

(59) %

Dividends paid ⁽⁸⁾

$

362

$

351

$

11

3 %

Gross capital expenditures

$

803

$

587

$

215

37 %

Net capital expenditures ⁽⁵⁾

$

726

$

520

$

206

40 %

⁽¹⁾

Fiscal 2023 included net sales of $170.2 million and approximately $0.19 earnings per diluted share from the extra week of operations in our fiscal year.

⁽²⁾

Due to the 53^rd week in fiscal 2023, there is a one-week shift in the fiscal 2024 calendar compared to the prior year, which unfavorably impacted net sales comparisons for the fourth quarter by approximately $30 million, or approximately $0.10 per diluted share. The impact of the calendar shift was neutral on a full year basis. Comparable sales for fiscal 2024 are calculated by shifting the prior year period by one week to compare similar calendar weeks.

⁽³⁾

Beginning in fiscal 2024, we revised our method for calculating comparable sales to include GameChanger revenue. Prior year information has been revised to reflect this change for comparability purposes. See additional details as furnished in Exhibit 99.2 of the Company's Current Report on Form 8-K, filed with the SEC on March 14, 2024.

⁽⁴⁾

Also referred to by management as earnings before income taxes ("EBT").       

⁽⁵⁾

In the fiscal 2024 period, there were no non-GAAP adjustments to reported EBT margin, net income or earnings per diluted share. The fiscal 2023 period reflects non-GAAP adjustments for charges from the Company's business optimization, which was completed in 2023 to better align its talent, organization design and spending in support of its most critical strategies. For additional information, see GAAP to non-GAAP reconciliations included in tables later in the release under the heading "GAAP to Non-GAAP Reconciliations."

⁽⁶⁾

The Company had no outstanding borrowings under its revolving credit facility in 2024 and 2023.

⁽⁷⁾

During fiscal 2024 the Company repurchased 1.3 million shares of its common stock at an average price of $212.18 per share, for a total cost of $268.0 million under its share repurchase program, of which $5.0 million was paid subsequent to the fiscal year. The Company has $511.5 million remaining under its authorization as of February 1, 2025.

⁽⁸⁾

The Company declared and paid quarterly dividends of $1.10 per share in fiscal 2024 and $1.00 per share in fiscal 2023.

⁽⁹⁾

Column may not recalculate due to rounding.

2025 Outlook

Earnings per diluted share

●        $13.80 to 14.40

○        Based on approximately 82 million diluted shares outstanding

○        Based on an effective tax rate of approximately 24%

Net sales

●       $13.6 billion to 13.9 billion

Comparable sales

●       Positive 1.0% to positive 3.0%

Capital expenditures

●        Approximately $1.2 billion on a gross basis

●        Approximately $1.0 billion on a net basis

Beginning

Stores

New

Stores

Closed

Stores

Relocated /

Converted ⁽⁴⁾

Ending

Stores

(in millions)

Square Footage ^{(5) (6)}

Beginning

Ending

DICK'S Sporting Goods ⁽¹⁾

DICK'S

701

—

(6)

(17)

678

37.5

36.4

DICK'S Field House

11

4

—

11

26

0.6

1.5

DICK'S House of Sport

12

1

—

6

19

1.2

2.2

Total DICK'S Sporting Goods

724

5

(6)

—

723

39.3

40.1

Other Specialty Concepts ⁽¹⁾

Golf Galaxy ⁽²⁾

104

5

—

—

109

2.3

2.4

Going Going Gone!

17

4

—

—

21

0.8

1.0

Other

10

1

(8)

—

3

0.4

0.1

Total Other Specialty Concepts

131

10

(8)

—

133

3.4

3.5

Total ⁽³⁾

855

15

(14)

—

856

42.7

43.6

⁽¹⁾

In some markets, we operate DICK'S Sporting Goods stores adjacent to our specialty concept stores on the same property with a pass-through for our athletes. We refer to this format as a "combo store" and include combo store openings within both the DICK'S Sporting Goods and specialty concept store reconciliations, as applicable. As of February 1, 2025, the Company operated 14 combo stores.

⁽²⁾

As of February 1, 2025, includes 24 Golf Galaxy Performance Centers, with five new openings during fiscal 2024 that were converted from prior Golf Galaxy store locations.

⁽³⁾

Excludes Warehouse Sale store locations that are temporary in nature, of which the Company operated 29 and 36 as of February 1, 2025 and February 3, 2024, respectively. Beginning in fiscal 2025, these stores will be included in store count and related square footage. See additional details in the Company's Current Report on Form 8-K, filed herewith.

⁽⁴⁾

Reflects stores converted between concept or prototype through store relocations (12) or remodels (10) as part of the Company's strategy to reposition its store portfolio.

⁽⁵⁾

Includes square footage as of February 1, 2025 related to five Public Lands store closures as we plan to convert three into DICK'S House of Sport and two into DICK'S Field House stores during fiscal 2025.

⁽⁶⁾

Columns may not recalculate due to rounding.

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(In thousands, except per share data)

13 Weeks Ended

14 Weeks Ended

February 1,

2025

% of

Sales

February 3,

2024

% of

Sales

Net sales

$         3,893,649

100.00 %

$         3,876,171

100.00 %

Cost of goods sold, including occupancy and

   distribution costs

2,532,391

65.04

2,541,992

65.58

GROSS PROFIT

1,361,258

34.96

1,334,179

34.42

Selling, general and administrative expenses

963,580

24.75

956,710

24.68

Pre-opening expenses

10,686

0.27

5,431

0.14

INCOME FROM OPERATIONS

386,992

9.94

372,038

9.60

Interest expense

12,683

0.33

14,215

0.37

Other (income) expense

(22,963)

(0.59)

(37,520)

(0.97)

INCOME BEFORE INCOME TAXES

397,272

10.20

395,343

10.20

Provision for income taxes

97,303

2.50

98,910

2.55

NET INCOME

$            299,969

7.70 %

$            296,433

7.65 %

EARNINGS PER COMMON SHARE:

Basic

$                  3.73

$                  3.69

Diluted

$                  3.62

$                  3.57

WEIGHTED AVERAGE COMMON SHARES

   OUTSTANDING:

Basic

80,453

80,370

Diluted

82,779

83,111

Beginning in 2024, the Company included grand opening advertising costs within pre-opening expenses, which were historically

included within selling, general and administrative expenses. Prior period amounts have been reclassified to conform to our current

year presentation.

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(In thousands, except per share data)

52 Weeks Ended

53 Weeks Ended

February 1,

2025

% of

Sales

February 3,

2024

% of

Sales

Net sales

$       13,442,849

100.00 %

$        12,984,399

100.00 %

Cost of goods sold, including occupancy and

   distribution costs

8,617,153

64.10

8,450,664

65.08

GROSS PROFIT

4,825,696

35.90

4,533,735

34.92

Selling, general and administrative expenses

3,294,272

24.51

3,183,530

24.52

Pre-opening expenses

57,492

0.43

67,840

0.52

INCOME FROM OPERATIONS

1,473,932

10.96

1,282,365

9.88

Interest expense

52,987

0.39

58,023

0.45

Other (income) expense

(98,088)

(0.73)

(93,809)

(0.72)

INCOME BEFORE INCOME TAXES

1,519,033

11.30

1,318,151

10.15

Provision for income taxes

353,725

2.63

271,632

2.09

NET INCOME

$         1,165,308

8.67 %

$          1,046,519

8.06 %

EARNINGS PER COMMON SHARE:

Basic

$                14.48

$                 12.72

Diluted

$                14.05

$                 12.18

WEIGHTED AVERAGE COMMON SHARES

   OUTSTANDING:

Basic

80,468

82,302

Diluted

82,929

85,925

Beginning in 2024, the Company included grand opening advertising costs within pre-opening expenses, which were historically

included within selling, general and administrative expenses. Prior period amounts have been reclassified to conform to our current

year presentation.

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - UNAUDITED

(In thousands)

February 1,

2025

February 3,

2024

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$             1,689,940

$             1,801,220

Accounts receivable, net

214,250

114,877

Income taxes receivable

4,920

4,108

Inventories, net

3,349,830

2,848,797

Prepaid expenses and other current assets

158,767

121,047

Total current assets

5,417,707

4,890,049

Property and equipment, net

2,069,914

1,638,161

Operating lease assets

2,367,317

2,257,482

Intangible assets, net

58,598

56,663

Goodwill

245,857

245,857

Deferred income taxes

52,684

37,846

Other assets

246,617

185,694

TOTAL ASSETS

$           10,458,694

$              9,311,752

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$             1,497,743

$             1,288,728

Accrued expenses

653,324

551,369

Operating lease liabilities

503,236

492,856

Income taxes payable

30,718

54,508

Deferred revenue and other liabilities

395,041

364,933

Total current liabilities

3,080,062

2,752,394

LONG-TERM LIABILITIES:

Revolving credit borrowings

—

—

Senior notes

1,484,217

1,483,260

Long-term operating lease liabilities

2,500,307

2,287,714

Other long-term liabilities

195,844

171,103

Total long-term liabilities

4,180,368

3,942,077

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:

Common stock

567

568

Class B common stock

236

236

Additional paid-in capital

1,495,329

1,448,855

Retained earnings

6,392,513

5,588,914

Accumulated other comprehensive loss

(755)

(329)

Treasury stock, at cost

(4,689,626)

(4,420,963)

Total stockholders' equity

3,198,264

2,617,281

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$           10,458,694

$              9,311,752

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(In thousands)

Fiscal Year Ended

February 1,

2025

February 3,

2024

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$         1,165,308

$         1,046,519

Adjustments to reconcile net income to net cash provided by operating

activities:

Depreciation and amortization

400,409

393,933

Amortization of deferred financing fees and debt discount

2,333

2,364

Deferred income taxes

(14,838)

3,343

Stock-based compensation

71,001

57,285

Other, net

(6,565)

9,332

Changes in assets and liabilities:

Accounts receivable

(11,865)

(4,236)

Inventories

(501,033)

18,823

Prepaid expenses and other assets

(57,159)

(18,220)

Accounts payable

185,883

20,365

Accrued expenses

58,941

(2,462)

Income taxes payable / receivable

(26,155)

29,167

Construction allowances provided by landlords

76,287

67,061

Deferred revenue and other liabilities

41,536

25,190

Operating lease assets and liabilities

(72,248)

(121,129)

Net cash provided by operating activities

1,311,835

1,527,335

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

(802,565)

(587,426)

Proceeds from sale of other assets

11,872

27,500

Other investing activities

(5,865)

(54,750)

Net cash used in investing activities

(796,558)

(614,676)

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal paid in connection with exchange of convertible senior notes

—

(137)

Payments on finance lease obligations

—

(823)

Proceeds from exercise of stock options

18,000

15,205

Minimum tax withholding requirements

(42,515)

(98,917)

Cash paid for treasury stock

(263,021)

(648,554)

Cash dividends paid to stockholders

(361,727)

(351,201)

Increase in bank overdraft

23,132

48,679

Net cash used in financing activities

(626,131)

(1,035,748)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

(426)

(77)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(111,280)

(123,166)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

1,801,220

1,924,386

CASH AND CASH EQUIVALENTS, END OF PERIOD

$         1,689,940

$         1,801,220

Non-GAAP Net Income and Earnings Per Share Reconciliations

(dollars in thousands, except per share amounts)

13 Weeks Ended February 1, 2025

Selling, general

and

Administrative

expenses

Other

(income)

expense

Income

before

income taxes

Net income

Earnings per

diluted share

GAAP Basis

$                963,580

$        (22,963)

$       397,272

$      299,969

$                  3.62

% of Net Sales

24.75 %

(0.59) %

10.20 %

7.70 %

Deferred compensation plan

   adjustments ⁽¹⁾

(6,015)

6,015

—

—

Non-GAAP Basis

$                957,565

$        (16,948)

$       397,272

$      299,969

$                  3.62

% of Net Sales

24.59 %

(0.44) %

10.20 %

7.70 %

⁽¹⁾ Includes non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

52 Weeks Ended February 1, 2025

Selling, general

and

administrative

expenses

Income from

operations ⁽²⁾

Other

(income)

expense

Income

before

income

taxes

Net income

Earnings

per diluted

share

GAAP Basis

$          3,294,272

$   1,473,932

$   (98,088)

$  1,519,033

$  1,165,308

$            14.05

% of Net Sales

24.51 %

10.96 %

(0.73) %

11.30 %

8.67 %

Deferred compensation plan

   adjustments ⁽¹⁾

(23,637)

23,637

23,637

—

—

Non-GAAP Basis

$          3,270,635

$   1,497,569

$   (74,451)

$  1,519,033

$  1,165,308

$            14.05

% of Net Sales

24.33 %

11.14 %

(0.55) %

11.30 %

8.67 %

⁽¹⁾ Includes non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

⁽²⁾ Also referred to by management as earnings before interest, other income or expense and income taxes ("EBIT").

14 Weeks Ended February 3, 2024

Gross

profit

Selling, general

and

administrative

expenses

Other

(income)

expense

Income

before

income

taxes

Net

 income ⁽³⁾

Earnings

per diluted

share

GAAP Basis

$  1,334,179

$            956,710

$    (37,520)

$     395,343

$     296,433

$             3.57

% of Net Sales

34.42 %

24.68 %

(0.97) %

10.20 %

7.65 %

Business optimization

   charges ⁽¹⁾

5,661

(26,654)

—

32,315

23,913

Deferred compensation

   plan adjustments ⁽²⁾

—

(16,097)

16,097

—

—

Non-GAAP Basis

$  1,339,840

$            913,959

$    (21,423)

$     427,658

$     320,346

$             3.85

% of Net Sales

34.57 %

23.58 %

(0.55) %

11.03 %

8.26 %

⁽¹⁾ Included $23.2 million of non-cash impairments of store assets, a $5.7 million write-down of inventory and $3.4 million of severance-

     related costs.

⁽²⁾ Included non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

⁽³⁾ The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximated the Company's blended tax

     rate.

53 Weeks Ended February 3, 2024

Gross

profit

Selling, general

and

administrative

expenses

Other

(income)

expense

Income

before

income

taxes

Net

 income ⁽³⁾

Earnings

per diluted

share

GAAP Basis

$  4,533,735

$         3,183,530

$     (93,809)

$    1,318,151

$   1,046,519

$             12.18

% of Net Sales

34.92 %

24.52 %

(0.72) %

10.15 %

8.06 %

Business optimization

   charges ⁽¹⁾

11,984

(72,829)

—

84,813

62,762

Deferred compensation

   plan adjustments ⁽²⁾

—

(13,960)

13,960

—

—

Non-GAAP Basis

$  4,545,719

$        3,096,741

$   (79,849)

$  1,402,964

$ 1,109,281

$             12.91

% of Net Sales

35.01 %

23.85 %

(0.61) %

10.80 %

8.54 %

⁽¹⁾ Included $46.1 million of non-cash impairments of store and intangible assets, $26.7 million of severance-related costs and a $12.0

     million write-down of inventory.

⁽²⁾ Included non-cash changes in fair value of employee deferred compensation plan investments held in rabbi trusts.

⁽³⁾ The provision for income taxes for non-GAAP adjustments was calculated at 26% which approximated the Company's blended tax

     rate.

Reconciliation of Gross Capital Expenditures to Net Capital Expenditures

(in thousands)

The following table represents a reconciliation of the Company's gross capital expenditures to its capital expenditures, net of

construction allowances.

Fiscal Year Ended

February 1,

2025

February 3,

2024

Gross capital expenditures

$                (802,565)

$               (587,426)

Construction allowances provided by landlords

76,287

67,061

Net capital expenditures

$                (726,278)

$               (520,365)

Fiscal 2023 Net Sales Adjusted for the 53rd Week

(in thousands)

Net sales adjusted for the extra week during the 14 and 53 weeks ended February 3, 2024 is presented below to illustrate

the impact of the extra week on reported net sales in comparison to reported results for the 13 and 52 weeks ended February

1, 2025.

Period Ended February 3, 2024

14 Weeks

53 Weeks

Net sales

$               3,876,171

$             12,984,399

Less: 53^rd week net sales

(170,223)

(170,223)

Adjusted net sales

$               3,705,948

$             12,814,176