In 2021, Dick’s Sporting Goods (NYSE:DKS) posted a record annual revenue, hitting $12.3 billion, and its net income tripled as it pivoted its distribution strategy during the pandemic.
Dick’s looks to sustain its record growth under CEO Lauren Hobart, the first nonfamily business chief in the company’s history, with a focus on technology as it navigates tough competition in the sporting goods e-commerce space.
Dick’s Sporting Goods was founded in 1948 by 18-year-old Dick Stack who had just $300 in his pocket when he opened his first store. At the time, it was a simple bait and tackle shop that later expanded to work clothes, sportswear, equipment, camping gear and picnic supplies. Still, expansion was slow to take hold, with nearly two decades passing before the second Dick’s store opened.
It wasn’t until the 1970s and 1980s when business started to take off, when Ed Stack, Dick’s son, bought the company. In the 1990s, the company expanded its offerings to include more sports, outdoor equipment, apparel and footwear, and by 1996, there were 50 Dick’s Sporting Goods stores.
Dick’s went public in 2002, with 141 stores across 25 states. During the early 2000s, competitors like Sports Authority emerged as the sporting goods segment grew in popularity as sports participation became a big part of the business.
Sports Authority, its biggest rival at the time, had 221 more stores than Dick’s and generated more revenue. But Dick’s saw consistent revenue and net income growth as the company grew its reach with more stores.
DKS shares grew 23 cents in price to $132.31.
