- Prachi Singh |
Dick’s Sporting Goods, for the first quarter ended May 2, 2015 said that its consolidated net income was 63.3 million dollars or 0.53 dollars per diluted share. Consolidated non-GAAP net income stood at 61.3 million dollars, or 0.50 dollars per diluted share. On a GAAP basis, consolidated net income was 70 million dollars or 0.57 dollars per diluted share.
Net sales for the first quarter increased 8.8 percent to about 1.6 billion dollars. Consolidated same store sales increased 1 percent. Same store sales for Dick’s Sporting Goods increased 1.8 percent, while for Golf Galaxy decreased 11 percent. First quarter 2014 consolidated same store sales increased 1.5 percent.
“We are pleased with our first quarter results as we generated earnings at the high end of our expectations, despite a slow start to the spring season," said Edward W. Stack, Chairman and CEO, adding, "We plan to open new stores in new and underpenetrated markets, expanding and controlling our ecommerce business, and further developing our Field & Stream specialty concept."
Ecommerce penetration for the first quarter was 8.5 percent of total sales, compared to 7 percent during the first quarter of 2014. The company opened nine new Dick’s Sporting Goods stores and one new Field & Stream store during the quarter. As of May 2, 2015, the company operated 612 Dick’s Sporting Goods stores in 46 states, 78 Golf Galaxy stores in 29 states and eleven Field & Stream stores in six states.
On May 14, 2015, the company's Board of Directors authorized and declared a quarterly dividend in the amount of 0.1375 dollars per share on the company's Common Stock and Class B Common Stock. Based on an estimated 118 million diluted shares outstanding, the company currently anticipates reporting consolidated earnings per diluted share of approximately 3.12 dollars to 3.20 dollars. Consolidated same store sales are currently expected to increase 1 to 3 percent, compared to a 2.4 percent increase in fiscal 2014.
The Company expects to open approximately 45 new DICK'S Sporting Goods stores and relocate seven DICK'S Sporting Goods stores in 2015. The Company also expects to open approximately nine Field & Stream stores and relocate one Golf Galaxy store in 2015. The company currently anticipates reporting consolidated earnings per diluted share of approximately 0.73 dollars to 0.76 dollars in the second quarter of 2015. Consolidated same store sales are currently expected to be approximately flat to an increase of 2 percent in the second quarter of 2015, as compared to a 3.2 percent increase in the second quarter of 2014. The company also expects to open approximately seven new Dick’s Sporting Goods stores and one new Field & Stream store in the second quarter of 2015.