Leading online sporting goods retailer Dick's Sporting Goods Inc reported sales and earnings results for the second quarter ended July 30, 2005, with earnings at the high end of guidance.
Second Quarter Results
The Company reported net income for the second quarter ended July 30, 2005, excluding merger integration and store closing costs and gain on sale of investment, of $24.2 million, or $0.45 per share, as compared to earnings guidance provided on May 17, 2005 of $0.43 - 0.45 per share excluding merger integration and store closing costs. This compares to GAAP net income and earnings per share of $17.9 million and $0.34, respectively, and proforma, combined company net income and earnings per share of $11.0 million and $0.21, respectively, for the second quarter ended July 31, 2004.
Including after-tax merger integration and store closing costs of $3.2 million, or $0.06 per share, and after-tax gain on sale of investment of $1.1 million, or $0.02 per share, the Company reported net income for the second quarter ended July 30, 2005 of $22.1 million, or $0.41 per share as compared to earnings guidance of $0.37 - $0.39 per share including merger integration and store closing costs.
Total sales for the quarter increased 50 percent over last year to $622.0 million due to a comparable store sales increase of 0.5 percent, the opening of new stores, and the inclusion of the former Galyan's operations in this year's quarterly results for the full 13 weeks. The former Galyan's stores will be included in the comparable store base beginning in the second quarter of fiscal 2006.
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