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Dick's Sporting Goods Inc. Message Board

  • bluecheese4u bluecheese4u Nov 13, 2012 9:14 AM Flag

    #$%$ Sporting Goods Reports Third Quarter Results; Exceeds Expectations

    #$%$ Sporting Goods Reports Third Quarter Results; Exceeds Expectations

    - Consolidated earnings per diluted share increased 25% to $0.40 per diluted share in the third quarter of 2012 compared to non-GAAP earnings per diluted share of $0.32 in the third quarter of 2011

    - Consolidated same store sales increased 5.1% in the third quarter of 2012

    - Company raises full year estimated consolidated non-GAAP earnings range from $2.47 to 2.51 per diluted share to $2.53 to 2.55 per diluted share

    - Board authorizes quarterly dividend of $0.125 per share
    PITTSBURGH, Nov. 13, 2012 /PRNewswire/ -- #$%$ Sporting Goods, Inc. (NYSE: DKS), the largest U.S.-based full-line sporting goods retailer, today reported sales and earnings results for the third quarter ended October 27, 2012.

    Third Quarter Results

    The Company reported consolidated net income for the third quarter ended October 27, 2012 of $50.1 million, or $0.40 per diluted share, exceeding the Company's earnings expectations provided on August 14, 2012 of $0.36 per diluted share. For the third quarter ended October 29, 2011, the Company reported consolidated non-GAAP net income of $40.2 million, or $0.32 per diluted share, excluding the favorable impact of lower litigation settlement costs. On a GAAP basis, the Company reported consolidated net income for the third quarter ended October 29, 2011 of $41.5 million, or $0.33 per diluted share. The GAAP to non-GAAP reconciliations are included in a table later in the release under the heading "Non-GAAP Net Income and Earnings Per Share Reconciliations."

    Net sales for the third quarter of 2012 increased by 11.2% to $1.3 billion due primarily to a 5.1% increase in consolidated same store sales and the growth of the Company's store network. The 5.1% consolidated same store sales increase consisted of a 3.9% increase at #$%$ Sporting Goods stores, a 2.3% increase at Golf Galaxy and a 46.7% increase in the eCommerce business.

    "We generated record results in the third quarter, exceeding our original sales and earnings expectations," said Edward W. Stack, Chairman and CEO. "By growing our store base, partnering with our brands, aggressively building out our omni-channel capabilities and executing our strategic marketing plan, we are driving continued profitable growth."

    New Stores

    In the third quarter, the Company opened 21 #$%$ Sporting Goods stores. These stores are listed in a table later in the release under the heading "Store Count and Square Footage."

    As of the end of the third quarter, the Company operated 511 #$%$ Sporting Goods stores in 44 states, with approximately 27.9 million square feet and 81 Golf Galaxy stores in 30 states, with approximately 1.3 million square feet.

    In the beginning of the fourth quarter, the Company opened seven new #$%$ Sporting Goods stores, relocated one #$%$ Sporting Goods store and repositioned one Golf Galaxy store.

    The Company has now completed its 2012 store development program, opening a total of 38 new #$%$ Sporting Goods stores, relocating five #$%$ Sporting Goods stores and repositioning one Golf Galaxy store.

    Balance Sheet

    The Company ended the third quarter of 2012 with $294 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 third quarter of 2011, the Company had $483 million in cash and cash equivalents and did not have any outstanding borrowings under its credit facility. Over the course of the past twelve months, the Company has utilized capital to fund its share repurchase program, pay quarterly dividends, purchase its store support center, invest in JJB Sports, acquire intellectual property rights to the Top-Flite and Field & Stream brands, and build a distribution center.

    The inventory per square foot was 4.0% higher at the end of the third quarter of 2012 as compared to the end of the third quarter of 2011.

    Year-to-Date Results

    The Company reported consolidated non-GAAP net income for the 39 weeks ended October 27, 2012 of $188.6 million, or $1.50 per diluted share. For the 39 weeks ended October 29, 2011, the Company reported consolidated non-GAAP net income of $142.8 million, or $1.14 per diluted share.

    On a GAAP basis, the Company reported consolidated net income for the 39 weeks ended October 27, 2012 of $161.0 million, or $1.28 per diluted share. For the 39 weeks ended October 29, 2011, the Company reported consolidated net income of $152.8 million, or $1.22 per diluted share.

    Net sales for the 39 weeks ended October 27, 2012 increased 12.0% from last year's period to $4.0 billion primarily due to a 5.6% increase in consolidated same store sales and the growth of the Company's store network.

    Dividend

    On November 7, 2012, the Company's Board of Directors authorized and declared a quarterly dividend in the amount of $0.125 per share on the Company's Common Stock and Class B Common Stock. The dividend is payable in cash on December 28, 2012 to stockholders of record at the close of business on November 30, 2012.

    Current 2012 Outlook

    The Company's current outlook for 2012 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as described later in this release. Although the Company believes that the expectations and other comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations or comments will prove to be correct.

    Full Year 2012 – (53 Week Year) Comparisons to Fiscal 2011 – (52 Week Year)
    Based on an estimated 126 million diluted shares outstanding, the Company currently anticipates reporting consolidated non-GAAP earnings per diluted share of approximately $2.53 to 2.55, excluding an impairment charge and including approximately $0.03 per diluted share for the 53rd week. On a 52-week basis, non-GAAP earnings per diluted share are expected to be $2.50 to 2.52. For the 52 weeks ended January 28, 2012, the Company reported consolidated non-GAAP earnings per diluted share of $2.02, excluding a gain on sale of investment and the favorable impact of lower litigation settlement costs. On a GAAP basis, the Company reported consolidated earnings per diluted share of $2.10 in 2011.
    Consolidated same store sales are currently expected to increase approximately 5% on a 52-week to 52-week comparative basis, compared to a 2.0% increase in fiscal 2011.
    Fourth Quarter 2012 – (14 Week Quarter) Comparisons to Fourth Quarter 2011 – (13 Week Quarter)
    Based on an estimated 127 million diluted shares outstanding,the Company currently anticipates reporting consolidated earnings per diluted share of approximately $1.03 to 1.05 in the fourth quarter of 2012 compared to our prior expectation of $1.01 to 1.05. The fourth quarter guidance includes approximately $0.03 per diluted share for the 14th week. On a 13-week basis, earnings per diluted share are expected to be $1.00 to 1.02. In the fourth quarter of 2011, the Company reported consolidated earnings per diluted share of $0.88.
    Consolidated same store sales are currently expected to increase approximately 4% compared to a 0.1% increase in the fourth quarter last year.
    Capital Expenditures
    In 2012, the Company anticipates capital expenditures to be approximately $235 million on a gross basis and approximately $190 million on a net basis.
    Conference Call Info

    The Company will be hosting a conference call today at 10:00 a.m. eastern time

    phxDOTcorporate-irDOTnet/phoenix.zhtml?c=132215&p=irol-newsArticle&ID=1757894&highlight=

 
DKS
45.21+0.58(+1.30%)Aug 22 4:00 PMEDT

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