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Dick's plans to open new Golf Galaxy store in Q2
23 May '08
3 min read
Dick's Sporting Goods Inc reported sales and earnings results for the first quarter ended May 3, 2008. The results include the operating results of Golf Galaxy and Chick's Sporting Goods from their respective acquisition dates of February 13, 2007 and November 30, 2007.
First Quarter Results:
Net income decreased 4% to $20.8 million and earnings per diluted share decreased 5% to $0.18, compared to prior year net income of $21.7 million, or $0.19 per diluted share. First quarter 2008 results include a pretax gain on sale of a corporate aircraft totaling $2.4 million, or $0.01 per diluted share. Earnings guidance provided on March 11, 2008 was for earnings per diluted share of $0.16 - 0.19.
Net sales for the quarter increased 11% to $912.1 million primarily due to new store sales, partially offset by a comparable store sales decrease of 3.8% for Dick's Sporting Goods stores, compared to the first quarter of 2007. Comparable store sales for Golf Galaxy on a pro-forma basis decreased 7.4%.
"Throughout this difficult environment, we will continue to focus on the core athlete and outdoor enthusiast, while managing our business with our consistent focus on financial discipline and operational execution," said Edward W. Stack, Chairman, CEO and President.
New Stores:
In the first quarter, the Company opened eight Dick's Sporting Goods stores and four Golf Galaxy stores. The stores that opened in the first quarter are listed in a table laterin the release under the heading "Store Count and Square Footage."
First Quarter Results:
Net income decreased 4% to $20.8 million and earnings per diluted share decreased 5% to $0.18, compared to prior year net income of $21.7 million, or $0.19 per diluted share. First quarter 2008 results include a pretax gain on sale of a corporate aircraft totaling $2.4 million, or $0.01 per diluted share. Earnings guidance provided on March 11, 2008 was for earnings per diluted share of $0.16 - 0.19.
Net sales for the quarter increased 11% to $912.1 million primarily due to new store sales, partially offset by a comparable store sales decrease of 3.8% for Dick's Sporting Goods stores, compared to the first quarter of 2007. Comparable store sales for Golf Galaxy on a pro-forma basis decreased 7.4%.
"Throughout this difficult environment, we will continue to focus on the core athlete and outdoor enthusiast, while managing our business with our consistent focus on financial discipline and operational execution," said Edward W. Stack, Chairman, CEO and President.
New Stores:
In the first quarter, the Company opened eight Dick's Sporting Goods stores and four Golf Galaxy stores. The stores that opened in the first quarter are listed in a table laterin the release under the heading "Store Count and Square Footage."
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