Dick's beats Q1 earnings estimates
PITTSBURGH Dick's Sporting Goods reported consolidated net income for the first quarter ended May 1 of $26.2 million, or 22 cents per diluted share. The first quarter earnings per diluted share exceeded estimated earnings expectations provided on March 9 of 12 cents to 13 cents per diluted share. For the first quarter ended May 2, 2009, the company reported consolidated non-GAAP net income of $12.8 million, or 11 cents per diluted share.
Net sales for the first quarter of 2010 increased by 9.2% to $1billion due primarily to an 8.2% increase in consolidated comparable-store sales and the opening of new stores, the company reported.
"In the first quarter, we grew earnings through higher sales and improved margins, increased our cash position by $161 million, and effectively managed our inventory levels," said Edward Stack, chairman and CEO. "At the same time, we continued to invest in the future growth of our business through the opening of new Dick's Sporting Goods stores, investing in technology and ramping up marketing initiatives geared towards driving market share gains."
Based on an estimated 121 million diluted shares outstanding, the company said it currently anticipates reporting consolidated earnings per diluted share of approximately $1.41 to $1.44 for the full year. Comparable-store sales are expected to increase approximately 3 to 4% compared with a 1.4% decrease in 2009.
Based on an estimated 121 million diluted shares outstanding, the company said it anticipates reporting consolidated earnings per diluted share of approximately 37 cents to 39 cents in the second quarter of 2010. Comparable-store sales are expected to increase approximately 4% to 5% compared with a 4.1% decrease in the second quarter last year.