DICK'S Sporting Goods, Inc. (DKS) Q4 2022 Earnings Call Transcript

For the period ending January 28, 2023

March 7, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, everyone, and welcome to the DICK'S Sporting Goods Q4 2022 Earnings Conference Call. My name is Emily, and I'll be coordinating your call today. [Operator Instructions]

I will now turn the call over to our host, Nate Gilch, Senior Director of Investor Relations. Please go ahead.

Nate Gilch

Good morning, everyone, and thank you for joining us to discuss our fourth quarter and full year 2022 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer.

The playback of today's call will be archived in our Investor Relations website located at investors.DICKS.com for approximately 12 months.

As a reminder, we will be making forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC including our last annual report on Form 10-K and cautionary statements made during this call.

We assume no obligation to update any of these forward-looking statements or information. Please refer to our Investor Relations website to find a reconciliation of our non-GAAP financial measures referenced in today's call. And finally, for your future scheduling purposes, we are tentatively planning to publish our first quarter 2023 earnings results on May 23, 2023.

With that, I will now turn the call over to Lauren.

Lauren Hobart

Thank you, Nate, and good morning, everyone.

We are very pleased with our 2022 results, which demonstrate the continued success and strength of our business as we realize the benefits of our long-term transformation through focused strategies and strong execution. Our athletes are passionate about healthy active lifestyles and they've continued to prioritize sport and rely on DICK'S Sporting Goods to meet their needs. Importantly, we continued to gain market share at an accelerating pace with considerable growth in our largest and most important categories. Our fourth quarter was a strong ending to another strong year. This Q4, we achieved record quarterly sales of $3.6 billion, and our comps increased 5.3%.

This strong comp was on top of a 6.6% comp last year, a 19.3% comp in 2020 and a 5.3% comp in 2019. And for this fourth quarter, we delivered non-GAAP EPS of $2.93, significantly ahead of any pre-COVID Q4 in our history. For the full year, we achieved sales of $12.4 billion. Our non-GAAP EBT margin was 11.4%, and we delivered non-GAAP EPS of $12.04. To put this in context, when you look at our 2022 performance versus 2019, our sales increased 41% or $3.6 billion.