DICK'S Sporting Goods, Inc. the largest U.S. based full-line omni-channel sporting goods retailer, announced that fourth quarter 2013 consolidated same store sales exceeded expectations. As a result, the Company increased its fourth quarter and full year 2013 expectations. The Company also provided preliminary earnings guidance for fiscal 2014.
-Fourth quarter 2013 shifted consolidated same store sales increased approximately 7%, compared to guidance of a 3 to 4% increase
-Fourth quarter 2013 consolidated earnings per diluted share now expected to be approximately $1.10 to 1.11 compared to previous guidance of $1.04 to 1.07
-Full year 2014 consolidated earnings per diluted share expected to be approximately $3.03 to 3.08
Fourth Quarter 2013 Results
The Company now expects consolidated earnings per diluted share of approximately $1.10 to 1.11 for the fourth quarter of 2013, compared to guidance of $1.04 to 1.07 provided on November 19, 2013. For the fourth quarter of 2012, consolidated earnings per diluted share were $1.03. The 14th week in the fourth quarter of fiscal 2012 contributed approximately $0.03 to earnings per diluted share.
Consolidated same store sales, adjusted for the shifted calendar, due to the 53rd week in fiscal 2012, increased approximately 7%, or approximately 6% on an unshifted basis, in the fourth quarter of 2013. The same store sales results compare to guidance provided on November 19, 2013 for a 3 to 4% increase, or a 2 to 3% increase on an unshifted basis. Consolidated same store sales increased 1.2% in the fourth quarter of 2012.
The improved outlook is due to better than anticipated fourth quarter same store sales and merchandise margin, partially offset by higher incentive compensation. The fourth quarter earnings guidance includes approximately $0.01 per diluted share benefit attributable to share repurchases in the fourth quarter of 2013 totaling $150 million.
"Even with the cautious consumer environment and a shorter and promotional holiday season, we generated sales well above our original expectations, maintained merchandise margin levels consistent with last year and leveraged SG&A," said Edward W. Stack, Chairman and Chief Executive Officer.
"We enter 2014 with a robust and growing omni-channel network and exciting merchandising opportunities, which we believe will translate into double-digit earnings growth."
Full Year 2013 Results
The Company now expects consolidated non-GAAP earnings per diluted share of approximately $2.68 to 2.69 for the fiscal year ended February 1, 2014, compared to guidance of $2.62 to 2.65 provided on November 19, 2013.