United States Of America : Net sales at Dick's Sporting climb 10.2% in Q3FY16

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Net sales at Dick's Sporting climb 10.2% in Q3FY16

21
Nov '16

Net sales at Dick's Sporting Goods climbed 10.2 per cent over a fiscal ago quarter, to $1.8 billion in the three months ended October 29, 2016, while same store sales rose 5.2 per cent as against its guidance of 2-3 per cent increase. Of overall same store sales, that of Dick's Sporting Goods grew 5.5 per cent, while that of Golf Galaxy dropped 3.3 per cent.

For the third quarter of fiscal 2016, consolidated net income was $48.9 million, or $0.44 per diluted share, compared to consolidated net income of $47.2 million, or $0.41 per diluted share in the third fiscal quarter ended October 31, 2015.

On a non-GAAP basis, consolidated net income for the reporting quarter stood at $53.6 million, or $0.48 per diluted share, which excludes costs that Dick's incurred to convert the former Sports Authority labelled stores to Dick's Sporting Goods stores.

In the prior fiscal's third quarter, the company reported consolidated non-GAAP net income of $51.9 million, or $0.45 per diluted share, which excludes a litigation settlement charge.

"We realised meaningful market share gains and saw growth across each of our three primary categories of hardlines, apparel and footwear, while maintaining tight control of our inventory," CEO Edward Stack said. "Looking ahead, we believe our assortment and marketing will help us to continue to capture displaced market share this holiday." (AR)

Fibre2Fashion News Desk – India

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