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Dick's comparable store sales soar 2.7%
11 Mar '08
3 min read
Dick's Sporting Goods Inc reported sales and earnings results for the fourth quarter and year ended February 2, 2008. The results include the operating results of Golf Galaxy and Chick's Sporting Goods for 2007 from their respective acquisition dates, but not for 2006 as Golf Galaxy and Chick's were acquired on February 13, 2007 and November 30, 2007, respectively.
Fourth Quarter Results (13 weeks compared to 14 weeks last year):
Net income for the 13 weeks ended February 2, 2008 increased 8% to $73.2 million and earnings per diluted share increased 3.3% to $0.62, compared to prior year net income of $67.7 million, or $0.60 per diluted share for the 14 week quarter, which provided an extra week of operations and included the favorable impact of sales of licensed merchandise relating to the Super Bowl, which combined contributed approximately $0.05 to our fiscal 2006 earnings.
The Company's most recent guidance provided on January 15, 2008 was for earnings per diluted share of at least $0.60 - 0.61. The operating results of Golf Galaxy are included in the current period results and the results for Chick's are included from its November 30, 2007 acquisition date.
Net sales for the 13 weeks increased 18% to $1,212.6 million due to the opening of new stores, the inclusion of Golf Galaxy in this year's quarterly results (which will be included in Dick's Sporting Goods comparable store sales calculation beginning in Q1 2008), and a comparable store sales increase of 2.7% on a 13-week to 13-week comparable basis (or an increase of 3.4%, adjusting for the shifted retail calendar). Comparable store sales for Golf Galaxy on a 13-week to 13-week proforma basis decreased 8.8%, or 9.8% after adjusting for the shifted retail calendar.
Fourth Quarter Results (13 weeks compared to 14 weeks last year):
Net income for the 13 weeks ended February 2, 2008 increased 8% to $73.2 million and earnings per diluted share increased 3.3% to $0.62, compared to prior year net income of $67.7 million, or $0.60 per diluted share for the 14 week quarter, which provided an extra week of operations and included the favorable impact of sales of licensed merchandise relating to the Super Bowl, which combined contributed approximately $0.05 to our fiscal 2006 earnings.
The Company's most recent guidance provided on January 15, 2008 was for earnings per diluted share of at least $0.60 - 0.61. The operating results of Golf Galaxy are included in the current period results and the results for Chick's are included from its November 30, 2007 acquisition date.
Net sales for the 13 weeks increased 18% to $1,212.6 million due to the opening of new stores, the inclusion of Golf Galaxy in this year's quarterly results (which will be included in Dick's Sporting Goods comparable store sales calculation beginning in Q1 2008), and a comparable store sales increase of 2.7% on a 13-week to 13-week comparable basis (or an increase of 3.4%, adjusting for the shifted retail calendar). Comparable store sales for Golf Galaxy on a 13-week to 13-week proforma basis decreased 8.8%, or 9.8% after adjusting for the shifted retail calendar.
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