Dick’s Sporting Goods saw sales grow 5 per cent to $12.98 billion last year, which an analyst attributed to the retailer’s broader product offering attracting more customers.

“Part of this success is down to the general casualization of fashion which, in turn, has been facilitated by changes like working from home more. This has helped categories like athleisure become mainstream,” said GlobalData MD Neil Saunders.

“However, part is also down to the general effort Dick’s makes in apparel. Shopping at Dick’s is often easier and more pleasant than visiting department stores. As such, more shoppers have transferred some of their spending to Dick’s for everyday clothing which has allowed them to take share from other more traditional apparel retailers.”

The company’s net income increased by a minimal 0.4 per cent to $1.05 billion.

For the current fiscal year, the company forecasts net sales of $13 billion to 13.13 billion.

“We are guiding to another strong year in 2024. We plan to grow both our sales and earnings through positive comps, higher merchandise margin and productivity gains,” said Dick’s president and CEO Lauren Hobart.

“With the continued success of our new store formats and our omnichannel experience, we will accelerate our investment in our growth strategies to drive our business forward and continue gaining market share in a fragmented $140-billion-dollar industry.”