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

Apparel/Garments | On 18th Feb 2017

Bangladesh apparel sector has 95% local investors: BGMEA

Over 95 per cent of the total investors in the Bangladesh apparel...

Textiles | On 18th Feb 2017

Smriti Irani resolves cutting of carpets issue at ports

During a meeting held with stake holders of the carpet weaving...

Apparel/Garments | On 18th Feb 2017

Andhra Pradesh inks MoUs to set up 12 apparel units

At the recent CII Partnership Summit held in Hyderabad, memorandum of ...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search