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Dick's Sporting Goods Inc. Message Board

  • michaelisin4u michaelisin4u May 19, 2009 9:54 AM Flag

    Dick's Sporting Goods Reports First Quarter Results;


    Dick's Sporting Goods Reports First Quarter Results; Earnings Per Share and Same Store Sales Exceed Expectations
    - Company generated non-GAAP earnings per share of $0.11, above previous estimate of $0.03 to $0.08. GAAP earnings per share were $0.09.

    - Consolidated same store sales declined 6.0%, better than previous estimate of a 12% to 9% decline.

    - Inventory per square foot declined 9.7% at the end of the first quarter of 2009 compared to the end of the first quarter of 2008.

    PITTSBURGH, May 19 /PRNewswire-FirstCall/ -- Dick's Sporting Goods, Inc. (NYSE: DKS) today reported sales and earnings results for the first quarter ended May 2, 2009.

    First Quarter Results

    The Company reported non-GAAP net income for the first quarter ended May 2, 2009 of $12.8 million, or $0.11 per diluted share. Non-GAAP earnings exclude costs related to the Chick's Sporting Goods integration. The first quarter earnings per diluted share exceeded estimated earnings expectations provided on March 10, 2009 of $0.03 - 0.08 per diluted share.

    On a GAAP basis, the Company reported net income for the first quarter ended May 2, 2009 of $10.2 million, or $0.09 per diluted share, which includes a $1.1 million tax expense reduction related to the resolution of a tax audit of a prior fiscal year. For the first quarter ended May 3, 2008, net income and earnings per diluted share were $19.6 million and $0.17, respectively. The GAAP to non-GAAP reconciliation is included in a table later in the release under the heading "Non-GAAP Net Income and Earnings Per Share Reconciliation."

    Net sales for the quarter increased by 5.2% to $959.7 million due primarily to the opening of new stores and the addition of e-commerce sales, partially offset by a 6.0% decrease in comparable store sales. The 6.0% consolidated same store sales decline consisted of a 4.6% decrease in Dick's Sporting Goods stores and a 19.7% decline in the Golf Galaxy stores.

    "We are pleased to have generated better than expected same store sales and earnings results in the first quarter. Considering the continued difficult macro economic environment, our associates have done a great job growing the business while controlling expenses and managing inventory. We have a strong balance sheet, and in 2009 we expect to generate positive net operating cash flow in excess of what was generated last year," said Edward W. Stack, Chairman and CEO.

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