Home / Knowledge / News / Apparel/Garments / DICK'S Sporting Goods Q1'FY14 net sales climb 7.9%
DICK'S Sporting Goods Q1'FY14 net sales climb 7.9%
21
May '14
DICK'S Sporting Goods, Inc., the largest U.S. based full-line omni-channel sporting goods retailer, reported sales and earnings results for the first quarter ended May 3, 2014.
 
Highlights: 
-Consolidated non-GAAP earnings per diluted share increased 4% to $0.50 in the first quarter of 2014 as compared to consolidated non-GAAP earnings per diluted share of $0.48 in the first quarter of 2013
- Consolidated same store sales for the first quarter increased 1.5%
- Significant weakness in golf and hunting overshadowed strength in athletic apparel, athletic footwear and team sports and a continued acceleration of the eCommerce business
- Company lowers full year earnings outlook to reflect continuation of negative trends in golf and hunting
- Company repurchased $25.0 million of common stock and also declared a $0.125 per share quarterly dividend
 
First Quarter Results
Net sales for the first quarter of 2014 increased 7.9% to $1.4 billion. Consolidated same store sales increased 1.5%, compared to the Company's guidance of an approximate 3 to 4% increase. First quarter 2013 consolidated same store sales decreased 3.8%, adjusted for the shifted retail calendar due to the 53rd week in 2012. Same store sales in the first quarter of 2014 for DICK'S Sporting Goods increased 2.3%, while Golf Galaxy decreased 10.4%.
 
The Company reported consolidated non-GAAP net income for the first quarter ended May 3, 2014 of $61.3 million, or $0.50 per diluted share, excluding a gain on the sale of an asset, compared to the Company's expectations provided on March 11, 2014 of $0.51 to 0.53 per diluted share. For the first quarter ended May 4, 2013, the Company reported consolidated non-GAAP net income of $60.5 million, or $0.48 per diluted share.
 
On a GAAP basis, the Company reported consolidated net income for the first quarter ended May 3, 2014 of $70.0 million, or $0.57 per diluted share. For the first quarter ended May 4, 2013, the Company reported consolidated net income of $64.8 million, or $0.52 per diluted share. The GAAP to non-GAAP reconciliations are included in a table later in the release under the heading "Non-GAAP Net Income and Earnings Per Share Reconciliations."
 
"Our difficulties this quarter were isolated to two categories: golf and hunting," said Edward W. Stack, Chairman and CEO. "After a very challenging first quarter in golf last year, we expected some further headwinds and only modest improvement, but instead we saw a continued significant decline. In the case of hunting, we planned the business down based on last year's catalysts, but it was even weaker than expected."
 

DICK'S Sporting Goods


Must ReadView All

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Giorgio Mantovani
Corman S.p.A

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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