- DICK’S Sporting Goods, Inc. (NYSE:DKS) reported fourth-quarter FY22 sales growth of 7.3% year-on-year to $3.597 billion, beating the consensus of $3.45 billion.
- Comparable store sales increased 5.3% versus 6.6% growth a year ago.
- Gross profit margin contracted 516 basis points Y/Y to 32.42%. Operating margin contracted 554 basis points to 8.64%, and operating income for the quarter fell 34.5% to $310.8 million.
- The company held $1.9 billion in cash and equivalents as of Jan. 28, 2023. Total inventory at the end of Q4 increased 23% Y/Y.
- Adjusted EPS of $2.93 beat the analyst consensus of $2.88.
- The company’s Board declared a quarterly dividend of $1.00 per share, payable in cash on Mar. 31, 2023, to stockholders of record on Mar. 17, 2023.
- The dividend represents an increase of 105% over the company’s previous quarterly per share amount and is equivalent to an annualized dividend of $4.00 per share.
- Outlook: DKS sees FY23 EPS of $12.90 – $13.80 versus the Street view of $11.96. â—¦ It includes approximately $0.20 per share for the 53rd week.
- DKS expects FY23 gross capital expenditure of $670 million – $720 million.
- DKS expects comparable store sales to be flat to positive 2.0% on a 52-week basis.
- Price Action: DKS shares are trading higher by 5.95% at $140.00 in premarket on the last check Tuesday.
Cannabis MSOs Are Refinancing At Higher Costs, Check Their Balance Sheets Analyst Advises
Even top multi-state operators (MSOs) are feeling the impact of the demand and supply capital imbalance faced by the cannabis industry, says Cantor Fitzgerald's Pablo Zuanic who noted that refinancings are being undertaken at higher than normal costs.
