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Dick's Sporting generates significant earnings growth
09 Mar '11
5 min read
The inventory per square foot was 4.1% lower at the end of the fourth quarter 2010 as compared to the end of the fourth quarter 2009.
Full Year Results
The Company reported consolidated non-GAAP net income for the 52 weeks ended January 29, 2011 of $198.4 million, or $1.63 per diluted share. Non-GAAP earnings exclude Golf Galaxy store closing costs and litigation settlement costs. For the 52 weeks ended January 30, 2010, the Company reported consolidated non-GAAP net income of $141.4 million, or $1.20 per diluted share, which excluded merger and integration costs.
On a GAAP basis, the Company reported consolidated net income for the 52 weeks ended January 29, 2011 of $182.1 million, or $1.50 per diluted share, compared to $135.4 million, or $1.15 per diluted share for the 52 weeks ended January 30, 2010. The GAAP to non-GAAP reconciliations are included later in the release under the heading "Non-GAAP Net Income and Earnings Per Share Reconciliation."
Net sales for the full year 2010 increased 10.4% to $4,871.5 million due primarily to a 7.4% increase in consolidated same store sales and the opening of new stores.
Current 2011 Outlook
The Company's current outlook for 2011 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, as described later in this release. Although the Company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Full Year 2011
• Based on an estimated 125 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $1.89 - 1.91. For the full year 2010, the Company reported consolidated earnings per diluted share of $1.63, excluding Golf Galaxy store closing costs and litigation settlement costs. On a GAAP basis, the Company reported consolidated earnings per diluted share of $1.50 in 2010.
• Consolidated same store sales are currently expected to increase approximately 3%. The same store sales calculation for the full year 2011 includes Dick's Sporting Goods stores, Golf Galaxy stores and the Company's e-commerce business.
• The Company currently expects to open approximately 34 new Dick's Sporting Goods stores, remodel 13 Dick's Sporting Goods stores and open approximately three new Golf Galaxy stores in 2011.
First Quarter 2011
• Based on an estimated 124 million diluted shares outstanding, the Company anticipates reporting consolidated earnings per diluted share of approximately $0.26 - 0.28 in the first quarter of 2011. In the first quarter of 2010, the Company reported earnings per diluted share of $0.22.
• Consolidated same store sales are expected to increase approximately 4 - 5%. The same store sales calculation for the first quarter 2011 includes Dick's Sporting Goods stores, Golf Galaxy stores and the Company's e-commerce business.
• The Company expects to open approximately three new Dick's Sporting Goods stores in the first quarter of 2011.
Dick's Sporting Goods, Inc. is an authentic full-line sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel and footwear in a specialty store environment.
Full Year Results
The Company reported consolidated non-GAAP net income for the 52 weeks ended January 29, 2011 of $198.4 million, or $1.63 per diluted share. Non-GAAP earnings exclude Golf Galaxy store closing costs and litigation settlement costs. For the 52 weeks ended January 30, 2010, the Company reported consolidated non-GAAP net income of $141.4 million, or $1.20 per diluted share, which excluded merger and integration costs.
On a GAAP basis, the Company reported consolidated net income for the 52 weeks ended January 29, 2011 of $182.1 million, or $1.50 per diluted share, compared to $135.4 million, or $1.15 per diluted share for the 52 weeks ended January 30, 2010. The GAAP to non-GAAP reconciliations are included later in the release under the heading "Non-GAAP Net Income and Earnings Per Share Reconciliation."
Net sales for the full year 2010 increased 10.4% to $4,871.5 million due primarily to a 7.4% increase in consolidated same store sales and the opening of new stores.
Current 2011 Outlook
The Company's current outlook for 2011 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, as described later in this release. Although the Company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Full Year 2011
• Based on an estimated 125 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $1.89 - 1.91. For the full year 2010, the Company reported consolidated earnings per diluted share of $1.63, excluding Golf Galaxy store closing costs and litigation settlement costs. On a GAAP basis, the Company reported consolidated earnings per diluted share of $1.50 in 2010.
• Consolidated same store sales are currently expected to increase approximately 3%. The same store sales calculation for the full year 2011 includes Dick's Sporting Goods stores, Golf Galaxy stores and the Company's e-commerce business.
• The Company currently expects to open approximately 34 new Dick's Sporting Goods stores, remodel 13 Dick's Sporting Goods stores and open approximately three new Golf Galaxy stores in 2011.
First Quarter 2011
• Based on an estimated 124 million diluted shares outstanding, the Company anticipates reporting consolidated earnings per diluted share of approximately $0.26 - 0.28 in the first quarter of 2011. In the first quarter of 2010, the Company reported earnings per diluted share of $0.22.
• Consolidated same store sales are expected to increase approximately 4 - 5%. The same store sales calculation for the first quarter 2011 includes Dick's Sporting Goods stores, Golf Galaxy stores and the Company's e-commerce business.
• The Company expects to open approximately three new Dick's Sporting Goods stores in the first quarter of 2011.
Dick's Sporting Goods, Inc. is an authentic full-line sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel and footwear in a specialty store environment.
Dick's Sporting Goods Inc
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