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Dick's Sporting Goods jumps on earnings beat

Prashanth Jeyathilagar
sporting goods

(Getty Images)
Shares of Dick's Sporting Goods are up over 1% in pre-market trading on Tuesday after the company reported better than expected fourth-quarter results.

The sporting goods retailer posted adjusted earnings of $1.32 per share, beating the Wall Street expectation of $1.30.

Diluted GAAP earnings stood at $0.81 per share, with a consolidated net income of $90.2 million.

The difference between the GAAP and non-GAAP figures was accounted by a $46 million inventory writedown and a $47 million asset impairment and store closing charge.

Same-store sales increased by 5% on a consolidated basis compared to the fourth quarter of 2015.

Revenues for the quarter came in at 2.48 billion, exactly in line with expectations, up 10.9% from same period last year. Net income for the 52 week period ending January 28, 2017, was $287.4 million, or $2.56 per diluted share.

"In 2017, we will continue to be aggressive and evolve our business," said Edward W. Stack the company's CEO. "We will implement a new merchandising strategy aimed at rationalizing our vendor base and optimizing our assortment to deliver a more refined offering for our customers."

Management expects earnings per share in the first quarter of 2017 to be between $0.48 and $0.53.

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(Markets Insider)

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