Dick's Sporting Goods Reports First Quarter Results; Raises Full Year
Dick's Sporting Goods Reports First Quarter Results; Raises Full Year 2012 Guidance and Declares Quarterly Dividend - Consolidated earnings per diluted share increased 50% to $0.45 per diluted share in the first quarter of 2012 as compared to consolidated earnings per diluted share of $0.30 in the first quarter of 2011
- Consolidated same store sales increased 8.4% in the first quarter of 2012
- Company raises full year estimated earnings range from $2.38 to 2.41 per diluted share to $2.45 to 2.48 per diluted share
- Board authorizes quarterly dividend of $0.125 per share PITTSBURGH, May 15, 2012 /PRNewswire/ -- Dick's Sporting Goods, Inc. (NYSE: DKS) today reported sales and earnings results for the first quarter ended April 28, 2012.
First Quarter Results
The Company reported consolidated net income for the first quarter ended April 28, 2012 of $57.2 million, or $0.45 per diluted share, exceeding the Company's earnings expectations provided on March 6, 2012 of $0.36 to 0.38 per diluted share. For the first quarter ended April 30, 2011, the Company reported consolidated net income of $37.5 million, or $0.30 per diluted share.
Net sales for the first quarter of 2012 increased by 15.1% to $1.3 billion as compared to the first quarter of 2011 due primarily to an 8.4% increase in consolidated same store sales and the growth of the Company's store network. The consolidated same store sales increase consisted of a 7.3% increase at Dick's Sporting Goods stores, a 12.6% increase at Golf Galaxy and a 33.4% increase in the Company's eCommerce business.
"We had an exceptionally strong first quarter as we generated record earnings with a 50% increase in earnings per share on 15% sales growth. We also maintained a healthy balance sheet while returning capital to stockholders through our dividend and share repurchase programs," said Edward W. Stack, Chairman and CEO. "For 2012, we are raising our full year guidance as we continue to invest in new stores and our eCommerce business as well as our margin accelerators including inventory management, private brands, and product mix shift."
In the first quarter, the Company opened six Dick's Sporting Goods stores. These stores are listed in a table later in the release under the heading "Store Count and Square Footage."
As of April 28, 2012, the Company operated 486 Dick's Sporting Goods stores in 44 states, with approximately 26.5 million square feet and 81 Golf Galaxy stores in 30 states, with approximately 1.3 million square feet.
The Company ended the first quarter of 2012 with $521 million in cash and cash equivalents and did not have any outstanding borrowings under its $500 million revolving credit facility. At the end of the first quarter of 2011, the Company had $533 million in cash and cash equivalents and did not have any outstanding borrowings under its credit facility.