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.
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 #
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%.
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 #
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.
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 #
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."
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 #
"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, Inc., the largest U.S. based full-line omni-channel sporting goods retailer, reported sales and earnings results for the first #
DICK'S Sporting Goods