Home / Knowledge / News / Apparel/Garments / Sales rise 4.1% in Q1FY'13 at Dick's Sporting
Sales rise 4.1% in Q1FY'13 at Dick's Sporting
21
May '13
The Company reported consolidated non-GAAP net income for the first quarter ended May 4, 2013 of $60.5 million, or $0.48 per diluted share, compared to the Company's expectations provided on March 11, 2013 of $0.47 to 0.49 per diluted share. For the first quarter ended April 28, 2012, the Company reported consolidated net income of $57.2 million, or $0.45 per diluted share.

On a GAAP basis, the Company reported consolidated net income for the first quarter ended May 4, 2013 of $64.8 million, or $0.52 per diluted share.  GAAP results include an after-tax increase to net income of $4.3 million, or $0.04 per diluted share, resulting from an estimated partial recovery of its previously impaired JJB investment.  The GAAP to non-GAAP reconciliation is included in a table later in the release under the heading "Non-GAAP Net Income and Earnings Per Share Reconciliation."

Net sales for the first quarter of 2013 increased 4.1% to $1.3 billion.  Adjusted for the shifted calendar due to the 53rd week in 2012, consolidated same store sales decreased 3.8%, compared to our guidance of an approximate 1 to 2% decrease.  First quarter 2012 consolidated same store sales increased 8.4%.  Shifted same store sales in the first quarter of 2013 for DICK'S Sporting Goods decreased 3.2% and Golf Galaxy sales decreased 11.8%. 

Unshifted consolidated same store sales decreased 1.7%, compared to our guidance of approximately flat to a 1% increase, consisting of a 1.3% decrease at DICK'S Sporting Goods and a 7.4% decrease at Golf Galaxy.  eCommerce penetration was 5.8% of total sales.

"In the first quarter, we generated earnings in line with our original guidance, but were not pleased with our sales results, which came in below our expectations," said Edward W. Stack, Chairman and CEO. "To drive sales and preserve margins in the near-term, we will work with our vendor partners, particularly in golf, to provide value offerings; we will aggressively execute our store remodel program, with approximately 75% of the identified stores expected to be completed by the end of the second quarter; and we will continue to tightly manage clearance inventory, which has declined meaningfully."

Mr. Stack continued, "Over the long-term, we have significant opportunity to profitably grow our business by doubling the size of our store base, aggressively building our eCommerce business, and further strengthening our Omni-channel platform."

In the first quarter, the Company opened two new DICK'S Sporting Goods stores. These stores are listed in a table later in the release under the heading "Store Count and Square Footage."

As of May 4, 2013, the Company operated 520 DICK'S Sporting Goods stores in 44 states, with approximately 28.3 million square feet and 81 Golf Galaxy stores in 30 states, with approximately 1.4 million square feet.

Dick's Sporting Goods


Must ReadView All

Textiles | On 22nd Jun 2017

Zund unveils cradle feeder roll-feed system for fabrics

Zund Systemtechnik AG, Switzerland’s textile machinery firm that...

Textiles | On 22nd Jun 2017

Hpfabrics opening production facility in Forsyth County

Hpfabrics, manufacturer of raw fabrics, is opening a new production...

Courtesy: Napapijri

Apparel/Garments | On 22nd Jun 2017

Napapijri's Superlight Parka is free of fur and down

Napapijri has introduced the new Superlight Parka, a new lightweight...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search