Dick's Q1 sales up, beats EPS expectations
PITTSBURGH — Dick's Sporting Goods reported consolidated net income for the first quarter ended April 30 of $37.5 million, or 30 cents per diluted share, exceeding the company's earnings expectations provided on March 8 of 26 cents to 28 cents per diluted share. For the first quarter ended May 1, 2010, the company reported consolidated net income of $26.2 million, or 22 cents per diluted share.
Net sales for the first quarter of 2011 increased by 6.3% to $1.1 billion due primarily to a 2.1% increase in consolidated same-store sales and the opening of new stores. The 2.1% consolidated same-store sales increase consisted of a 1.4% increase at Dick's Sporting Goods stores, a 3.3% increase at Golf Galaxy and a 25.2% increase in its e-commerce business.
"In the first quarter, we demonstrated our ability to effectively run our business and generate better than expected earnings, despite unfavorable weather conditions in many of our markets," said Edward Stack, chairman and CEO. "With several multi-year growth opportunities, a strong balance sheet, and a talented team of associates, we are optimistic about the near and long-term prospects of our business."
In the first quarter, the company opened three Dick's Sporting Goods stores. As of April 30, the company operated 447 Dick's Sporting Goods stores in 42 states, with approximately 24.7 million sq. ft. and 81 Golf Galaxy stores in 30 states, with approximately 1.3 million sq. ft.
For the full year 2011, Dick's Sporting Goods currently anticipates reporting consolidated earnings per diluted share of approximately $1.91 to $1.93. Consolidated same-store sales are currently expected to increase approximately 3% compared to a 7.4% increase last year.
For the second quarter 2011, the company currently anticipates reporting consolidated earnings per diluted share of approximately 47 cents to 49 cents in the second quarter of 2011. In the second quarter of 2010, the company reported consolidated earnings per diluted share of 43 cents. Consolidated same-store sales are currently expected to increase approximately 3% compared with a 5.7% increase in the second quarter last year.