Home / Knowledge / News / Apparel/Garments / Online sales touch 6.3% of Q2 revenues at DICK'S Sporting
Online sales touch 6.3% of Q2 revenues at DICK'S Sporting
20
Aug '14
Ecommerce sales accounted for 6.3% of total revenue at DICK'S Sporting Goods, Inc., the largest U.S. based full-line omni-channel sporting, including apparel goods retailer in the second quarter ended August 2, 2014, up from 5.6% in the second quarter last year.

Net sales for the second quarter of 2014 rose 10.3% from a year earlier to $1.7 billion, while consolidated same store sales increased 3.2%, compared to its guidance of a growth between 1 to 3%.

Same store sales for DICK'S Sporting Goods went up 4.1%, while that of Golf Galaxy fell 9.3%.

DICK’S reported consolidated non-GAAP net income for the second quarter 2014 of $81.7 million, or $0.67 per diluted share, excluding golf restructuring charges, compares favourably with the higher end of its May 2014 guidance of $0.62 to 0.67 per diluted share.

For the second quarter ended August 3, 2013, the retailer reported consolidated non-GAAP net income of $88.9 million, or $0.71 per diluted share, excluding an asset impairment charge.

CEO Edward Stack said, “Our second quarter results came in at the high end of our expectations and as anticipated, the golf and hunting businesses continued to experience negative comps.

“However, excluding these two categories, the remainder of the business delivered a 7.8% same store sales increase. We saw significant strength in several areas, including categories that have received more space within our stores, such as women's and youth athletic apparel", he added.

In the second quarter 2014, DICK’S recorded pre-tax charges totalling $20.4 million related to the restructuring of its golf business. These actions were taken to align the cost structure with current and expected trends in golf.

Pre-tax charges include; a $14.3 million non-cash impairment of trademarks and store assets used in the Company's golf business; severance charges totalling $3.7 million relating to the elimination of specific golf positions from the DICK'S stores, and from the combination of DICK'S golf and Golf Galaxy corporate and administrative functions and a $2.4 million write-down of golf-related inventory.

DICK’S ended the second quarter of 2014 with $100 million in cash and cash equivalents and no outstanding borrowings under its revolving credit facility.

This compares to cash and cash equivalents of approximately $135 million and no outstanding borrowings under its $500 million revolving credit facility at the end of the second quarter of 2013.

Over the course of the past twelve months, DICK’S utilized capital to invest in omni-channel growth, including Field & Stream stores, and returned over $360 million to shareholders through share repurchases and quarterly dividends.

Total inventory was 11.2% higher at the end of the second quarter of 2014 as compared to the end of the second quarter of 2013.

Approximately 2% of inventory growth reflects inventory to support Field & Stream, including the seven new stores scheduled to open in the third quarter.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 30th Sep 2016

China aims 6-7% annual output growth in textile industry

The Chinese government has set a target to achieve average annual...

Apparel/Garments | On 30th Sep 2016

Cambodian workers to get $153 minimum wage from Jan

Garment workers in Cambodia would get a minimum wage of $153 per...

Textiles | On 30th Sep 2016

South Indian mills seek cotton storage facility in Colombo

South Indian textile mills, primarily those in Tamil Nadu are looking ...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

Anvita Mehra
Confidential Couture

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Giorgio Mantovani
Corman S.p.A

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Steve Cole
Xerium Technologies

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Jay Ramrakhiani
Occasions Elegance Wear

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

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
September 2016

September 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search