Interviews
News Flash
Dick's Same Store sales exceed expectations
25 May '09
6 min read
Current 2009 Outlook:
The Company's current outlook for 2009 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act 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.
The Company believes that the remainder of the year will continue to be challenging. However, based on the first quarter results and the Company's expectations for the second quarter, it is raising the low end of its annual earnings estimates and increasing the expected same store sales for 2009.
Full Year 2009:
• Based on an estimated 116 million diluted shares outstanding, the Company currently anticipates reporting non-GAAP consolidated earnings per diluted share of approximately $0.88 - 1.00, excluding merger and integration costs. For the full year 2008, the Company reported consolidated earnings per diluted share of $1.15, excluding a non-cash impairment charge and merger and integration costs.
• On a GAAP basis, the Company is anticipating reporting consolidated earnings per diluted share of approximately $0.85 - 0.97 in 2009 compared to a net loss of $0.36 per diluted share in 2008.
• Comparable store sales are expected to decrease approximately 9 to 6% compared to a 4.8% decrease in 2008. The comparable store sales calculation for the full year 2009 includes Dick's Sporting Goods stores and Golf Galaxy stores. The comparable store sales calculation for the full year 2008 includes Dick's Sporting Goods stores only.
• The Company currently expects to open approximately 20 new Dick's Sporting Goods stores, relocate one Dick's Sporting Goods store and open one new Golf Galaxy store. The Company anticipates closing two Chick's Sporting Goods stores and converting the remaining Chick's Sporting Goods stores to Dick's Sporting Goods stores.
Second Quarter 2009
• Based on an estimated 116 million diluted shares outstanding, the Company anticipates reporting non-GAAP consolidated earnings per diluted share of approximately $0.28 - 0.31 in the second quarter of 2009, excluding merger and integration costs. In the second quarter of 2008, the Company reported non-GAAP earnings per diluted share of $0.38, excluding merger and integration costs.
• On a GAAP basis, the Company anticipates reporting consolidated earnings per diluted share of approximately $0.27 - 0.30 in the second quarter of 2009 compared to consolidated earnings per diluted share of $0.34 in the second quarter of 2008.
• Comparable store sales are expected to decrease approximately 9 to 6% compared to a 3.7% decrease in the second quarter last year. The comparable store sales calculation for the second quarter in 2008 and 2009 includes Dick's Sporting Goods stores and Golf Galaxy stores.
• The Company expects to open approximately four new Dick's Sporting Goods stores in the second quarter.
• The Company has already converted the remaining Chick's Sporting Goods stores to Dick's Sporting Goods stores in May.
Cash Flow
• In 2009, the Company anticipates producing positive operating cash flow, net of capital expenditures, in excess of that generated in 2008. This is expected to be accomplished through continued effective inventory management and the anticipated reduction of net capital expenditures to $60 million in 2009 as compared to $115 million in 2008.
The Company's current outlook for 2009 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act 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.
The Company believes that the remainder of the year will continue to be challenging. However, based on the first quarter results and the Company's expectations for the second quarter, it is raising the low end of its annual earnings estimates and increasing the expected same store sales for 2009.
Full Year 2009:
• Based on an estimated 116 million diluted shares outstanding, the Company currently anticipates reporting non-GAAP consolidated earnings per diluted share of approximately $0.88 - 1.00, excluding merger and integration costs. For the full year 2008, the Company reported consolidated earnings per diluted share of $1.15, excluding a non-cash impairment charge and merger and integration costs.
• On a GAAP basis, the Company is anticipating reporting consolidated earnings per diluted share of approximately $0.85 - 0.97 in 2009 compared to a net loss of $0.36 per diluted share in 2008.
• Comparable store sales are expected to decrease approximately 9 to 6% compared to a 4.8% decrease in 2008. The comparable store sales calculation for the full year 2009 includes Dick's Sporting Goods stores and Golf Galaxy stores. The comparable store sales calculation for the full year 2008 includes Dick's Sporting Goods stores only.
• The Company currently expects to open approximately 20 new Dick's Sporting Goods stores, relocate one Dick's Sporting Goods store and open one new Golf Galaxy store. The Company anticipates closing two Chick's Sporting Goods stores and converting the remaining Chick's Sporting Goods stores to Dick's Sporting Goods stores.
Second Quarter 2009
• Based on an estimated 116 million diluted shares outstanding, the Company anticipates reporting non-GAAP consolidated earnings per diluted share of approximately $0.28 - 0.31 in the second quarter of 2009, excluding merger and integration costs. In the second quarter of 2008, the Company reported non-GAAP earnings per diluted share of $0.38, excluding merger and integration costs.
• On a GAAP basis, the Company anticipates reporting consolidated earnings per diluted share of approximately $0.27 - 0.30 in the second quarter of 2009 compared to consolidated earnings per diluted share of $0.34 in the second quarter of 2008.
• Comparable store sales are expected to decrease approximately 9 to 6% compared to a 3.7% decrease in the second quarter last year. The comparable store sales calculation for the second quarter in 2008 and 2009 includes Dick's Sporting Goods stores and Golf Galaxy stores.
• The Company expects to open approximately four new Dick's Sporting Goods stores in the second quarter.
• The Company has already converted the remaining Chick's Sporting Goods stores to Dick's Sporting Goods stores in May.
Cash Flow
• In 2009, the Company anticipates producing positive operating cash flow, net of capital expenditures, in excess of that generated in 2008. This is expected to be accomplished through continued effective inventory management and the anticipated reduction of net capital expenditures to $60 million in 2009 as compared to $115 million in 2008.
Dick's Sporting Goods Inc
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
