The company reported net income of $102.6 million for Q4 2018 as compared to $116 million in Q4 2017. The consolidated net income was $319.9 million for the 52 weeks ended February 2, 2019, or $3.24 per diluted share against $323.4 million for the same period last year.
In the fourth quarter, the company closed three Dick’s Sporting Goods stores. As of February 2, 2019, the company operated 729 stores in 47 states, 94 Golf Galaxy stores in 32 states, and 35 Field & Stream stores in 16 states.
“We are pleased with our fourth quarter results. Our core business performed quite well, as our athletes have responded positively to many of our initiatives, resulting in comp sales gains across key categories and double digit percentage increases in e-commerce and private brand sales,” said Edward W Stack, chairman and chief executive officer. “For 2018, we delivered earnings near the high end of our expectations, which represents an 8 per cent increase over last year. This achievement is the direct result of the hard work and commitment from our over 40,000 talented teammates.”
Based on an estimated 95 million diluted shares outstanding, the company currently projects earnings per diluted share to be approximately $3.15 to 3.35 for the full year of 2019, which includes approximately $30 million, or $0.23 per diluted share. Consolidated same store sales are currently expected to be approximately flat to an increase of 2 per cent, compared to a 3.1 per cent decrease in 2018. The company expects to deliver positive consolidated same store sales beginning in the second quarter.
The company expects to open seven new stores and relocate three in 2019. The company also expects to open two new Golf Galaxy stores and relocate one Golf Galaxy store in 2019.
“As we look forward to 2019, we are enthusiastic about our business and expect to return to positive comp sales beginning in the second quarter. We will continue to make significant investments in our business to meet our athletes’ ever-changing needs and grow our leadership position in the industry,” said Stack.
“In 2019, we are focused on enhancing our athletes’ experience in our stores, improving our e-commerce fulfillment capabilities and elevating our technology talent and capabilities,” said Lauren R Hobart, president of Dick’s Sporting Goods. “This is an exciting time for our company as we remain focused on building the best omni-channel experience in sporting goods.” (PC)
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