The retailer’s stock surged on better-than-expected results and a robust outlook.
An aggressive approach to inventory helped Dick’s Sporting Goods Inc. deliver better-than-expected fourth-quarter results and a robust outlook Tuesday, sending the retailer’s stock surging.
“[Dick’s]... An aggressive approach to inventory helped Dick’s Sporting Goods Inc. deliver better-than-expected fourth-quarter results and a robust outlook Tuesday, sending the retailer’s stock surging. “[Dick’s] delivered a far better than expected [fourth-quarter 2022] comp, aggressively clearing inventory to end the quarter up 23% versus +35% last quarter and 49% at mid-year,” wrote D.A. Davidson analyst Michael Baker in a note released Thursday. D.A. Davidson has a buy rating for Dick’s Sporting Goods.While the retailer’s inventory push resulted in lower-than-expected gross margins and operating margins, those were more than offset by sales growth, according to Baker.
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