Home / Knowledge / News / Apparel/Garments / Dick's Sporting generates significant earnings growth
Dick's Sporting generates significant earnings growth
09
Mar '11
Dick's Sporting Goods Inc reported sales and earnings results for the fourth quarter and full year ended January 29, 2011.

Fourth Quarter Results

The Company reported consolidated non-GAAP net income for the fourth quarter ended January 29, 2011 of $94.0 million, or $0.76 per diluted share, excluding an after-tax charge of $6.5 million, or $0.05 per diluted share from litigation settlement costs. These costs are from the previously disclosed fourth quarter settlement of wage and hour class action lawsuits and are included in selling, general and administrative expenses. The fourth quarter consolidated non-GAAP earnings per diluted share exceeded estimated earnings expectations provided on November 16, 2010 of $0.69 - 0.71 per diluted share.

On a GAAP basis, the Company reported consolidated net income for the fourth quarter ended January 29, 2011 of $87.5 million, or $0.71 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 Reconciliation." For the fourth quarter ended January 30, 2010, the Company reported consolidated net income of $67.4 million, or $0.56 per diluted share (GAAP and non-GAAP).

Net sales for the fourth quarter of 2010 increased by 13.6% from the fourth quarter of 2009 to $1,518.9 million due primarily to a 9.4% increase in consolidated same store sales and the opening of new stores. The 9.4% consolidated same store sales increase consisted of an 8.6% increase at Dick's Sporting Goods stores, a 2.2% increase at Golf Galaxy and a 36.3% increase in our e-commerce business.

"In 2010, we generated significant earnings growth while maintaining our focus on strengthening our balance sheet," said Edward W. Stack, Chairman and CEO. "We have successfully navigated the storms of the recession and have executed our business plan by posting six consecutive quarters of same store sales gains, opening 26 new stores in 2010, expanding our margin rates and reducing inventory per square foot. As a result, we are solidly positioned to generate further growth and increased operating margins in the coming years."

Stores

In the fourth quarter, the Company opened eight new Dick's Sporting Goods stores, remodeled one Dick's Sporting Goods store, relocated one Dick's Sporting Goods store, closed one Dick's Sporting Goods Store and opened two new Golf Galaxy stores. The new stores are listed in a table later in the release under the heading "Store Count and Square Footage."

As of January 29, 2011, the Company operated 444 Dick's Sporting Goods stores in 42 states, with approximately 24.6 million square feet and 81 Golf Galaxy stores in 30 states, with approximately 1.3 million square feet.

Balance Sheet

The Company ended the fourth quarter of 2010 with $546 million in cash and cash equivalents and did not have any outstanding borrowingsunder its $440 million revolving credit facility. At the end of the fourth quarter of 2009, the Company had $226 million in cash and cash equivalents and did not have any outstanding borrowings under its credit facility.


Must ReadView All

Israeli minister announces tax cuts on consumer goods

Apparel/Garments | On 14th Dec 2017

Israeli minister announces tax cuts on consumer goods

The Israeli Government will slash taxes by $227 million, finance...

Courtesy: Kelvin Techstyles

Apparel/Garments | On 14th Dec 2017

Kelvin Techstyles fuses style and function in city apparel

Fusing style and function in outdoor clothing, Roseville,...

India’s WPI inflation for textiles up 0.3% in Nov 2017

Textiles | On 14th Dec 2017

India’s WPI inflation for textiles up 0.3% in Nov 2017

India’s annual rate of inflation, based on monthly wholesale price...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Urmil Arya

Sushila International, a well established textile organisation established ...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Steve Cole
Xerium Technologies

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search