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.
Net sales for the third quarter of 2012 increase 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 Dick's 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."
In the third quarter, the Company opened 21 Dick's Sporting Goods stores. As of the end of the third quarter, the Company operated 511 Dick's 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 Dick's Sporting Goods stores, relocated one Dick's 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 Dick's Sporting Goods stores, relocating five Dick's Sporting Goods stores and repositioning one Golf Galaxy store.
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.
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