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Dick’s Sporting Goods: Q1 net income rises to 60.1 mn dollars

By Prachi Singh

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Business

Dick’s Sporting Goods, Inc. has reported consolidated net income for the first quarter ended May 5, 2018 of 60.1 million dollars or 0.59 dollar per diluted share compared to 58.2 million dollars or 0.52 dollar per diluted share same quarter, last year. On a non-GAAP basis, the company’s consolidated net income for the first quarter ended April 29, 2017 was 60.3 million dollars or 0.54 dollar per diluted share. Net sales for the quarter increased 4.6 percent to approximately 1.91 billion dollars.

"Our strong first quarter earnings reflect improved execution against our merchandising strategy, which resulted in higher merchandise margins. Product newness, strength in our private brands and a more refined assortment led to a much healthier business, with fewer promotions and cleaner inventory throughout the quarter. We believe these benefits will continue as we further optimize our assortments," said Edward W. Stack, the company’s Chairman and Chief Executive Officer in a statement.

Highlights of Dick’s Sporting Goods’ first quarter

Adjusted for the calendar shift due to the 53rd week in 2017, consolidated same store sales decreased 2.5 percent on a 13-week to 13-week comparable basis. Based on an un-shifted calendar, consolidated same store sales for the first quarter decreased 0.9 percent. The company said, consolidated same store sales were impacted by a continued deceleration in hunt and electronics sales, as well as colder spring weather, which resulted in a delayed start to key outdoor sports and activities. First quarter 2017 consolidated same store sales had increased 2.4 percent.

Hover over the graph to learn more.

Adjusted for the calendar shift due to the 53rd week in 2017, ecommerce sales for the first quarter increased 24 percent and ecommerce penetration for the quarter was approximately 11 percent of total net sales, compared to approximately 9 percent during the first quarter of 2017.

In the first quarter, the company opened eight new Dick’s Sporting Goods stores. As of May 5, 2018, the company operated 724 Dick’s Sporting Goods stores in 47 states, 94 Golf Galaxy stores in 32 states, and 35 Field & Stream stores in 16 states.

Dick’s Sporting Goods reveals full year outlook

Based on an estimated 101 million diluted shares outstanding, the company currently anticipates reporting earnings per diluted share in the range of 2.92 dollars to 3.12 dollars, compared to the previous range of 2.80 dollars to 3 dollars.

Consolidated same store sales are currently expected to be in the range of approximately flat to a low single-digit decline on a 52-week to 52-week comparative basis, compared to a decline of 0.3 percent in 2017.

The company expects to open 19 new Dick’s Sporting Goods stores and relocate four Dick’s Sporting Goods stores in 2018. The Company does not expect to open any new Field & Stream or Golf Galaxy stores in 2018.

Picture:Facebook/Dick's Sporting Goods

Dick's Sporting Goods
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