Dick's maintains its revenue forecast for 2023 and forecasts revenue growth of 2%.
Sapper retailer Dick's announced its decision to invest in retail development and open nine new House of Sport stores in 2023. Dick's Sporting Goods reported 2022 sales this week, with revenue adding 5.3 percent due to declines by some of the retailer's closest competitors.
Dick's maintains its revenue forecast for 2023 and forecasts revenue growth of 2%. The company says first-quarter sales increased 3.4% and net income added 17%. In addition to the 9 House of Sport stores that will open in 2023, the retailer also announced the opening of 10 outlets in 2024. By 2027, the company expects the chain to grow from 75 to 100 outlets.
Experts say Dick's revenue growth shows the retailer is "ahead of trends and capturing market share." Unlike other chains more focused on apparel and sneakers, the retailer offers a large selection of sports equipment, including for team sports.
In March 2023, Dick's closed its acquisition of Moosejaw. It is expected to bring the company about $100 million in revenue at the end of the year. At the same time, the retailer continues to improve its stores, including the addition of premium footwear sections in 20 stores. By the end of the year, the retrofit will cover 75 percent of the chain's stores.