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Dick's Sporting exceeds earnings guidance
22 Aug '08
5 min read
Including the impact of the gain on the sale of the corporate aircraft and the integration costs related to Golf Galaxy, which totals $3.0 million, or $0.03 per diluted share, the Company reported net income for the 26 weeks ended August 2, 2008 of $61.9 million, or $0.53 per diluted share.
Net sales increased 9% to $1,998.4 million primarily due to the opening of new stores, the inclusion of Chick's Sporting Goods in this year's results and a comparable store sales decrease of 3.7%. Year-to-date comparable store sales exclude Golf Galaxy and Chick's Sporting Goods.
Current 2008 Outlook:
The Company's current outlook for 2008 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act as described later in this release. Although the Company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Full Year 2008
• Based on an estimated 118 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $1.27 - 1.36, excluding costs from the Golf Galaxy integration. The Company anticipates reporting earnings per diluted share of approximately $1.20 - 1.29, including the integration costs. Earnings per diluted share for the full year 2007 were $1.33.
• Comparable store sales, which include Dick's Sporting Goods stores only, are expected to decrease approximately 5 to 3%. The comparable store sales calculation for the full year excludes the Golf Galaxy and Chick's Sporting Goods stores.
• The Company expects to open approximately 43 new Dick's Sporting Goods stores, ten new Golf Galaxy stores, relocate one Dick's Sporting Goods store and convert one Chick's Sporting Goods store to a Dick's Sporting Goods store in 2008.
Third Quarter 2008:
• Based on an estimated 117 million diluted shares outstanding, the Company anticipates reporting consolidated earnings per diluted share of approximately $0.04 - 0.08, excluding costs from the Golf Galaxy integration. The Company anticipates reporting earnings per diluted share of approximately $0.02 - 0.06, including the integration costs. Earnings per diluted share for the third quarter of 2007 were $0.10.
• Comparable store sales are expected to decrease approximately 5 to 2%, which compares to a 1% decrease in the third quarter last year, as adjusted for the shifted retail calendar. The comparable store sales calculation for the third quarter includes Golf Galaxy stores and excludes the Chick's Sporting Goods stores.
• The Company expects to open approximately 26 new Dick's Sporting Goods stores and convert one Chick's Sporting Goods store to a Dick's Sporting Goods store.
Net sales increased 9% to $1,998.4 million primarily due to the opening of new stores, the inclusion of Chick's Sporting Goods in this year's results and a comparable store sales decrease of 3.7%. Year-to-date comparable store sales exclude Golf Galaxy and Chick's Sporting Goods.
Current 2008 Outlook:
The Company's current outlook for 2008 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act as described later in this release. Although the Company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Full Year 2008
• Based on an estimated 118 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $1.27 - 1.36, excluding costs from the Golf Galaxy integration. The Company anticipates reporting earnings per diluted share of approximately $1.20 - 1.29, including the integration costs. Earnings per diluted share for the full year 2007 were $1.33.
• Comparable store sales, which include Dick's Sporting Goods stores only, are expected to decrease approximately 5 to 3%. The comparable store sales calculation for the full year excludes the Golf Galaxy and Chick's Sporting Goods stores.
• The Company expects to open approximately 43 new Dick's Sporting Goods stores, ten new Golf Galaxy stores, relocate one Dick's Sporting Goods store and convert one Chick's Sporting Goods store to a Dick's Sporting Goods store in 2008.
Third Quarter 2008:
• Based on an estimated 117 million diluted shares outstanding, the Company anticipates reporting consolidated earnings per diluted share of approximately $0.04 - 0.08, excluding costs from the Golf Galaxy integration. The Company anticipates reporting earnings per diluted share of approximately $0.02 - 0.06, including the integration costs. Earnings per diluted share for the third quarter of 2007 were $0.10.
• Comparable store sales are expected to decrease approximately 5 to 2%, which compares to a 1% decrease in the third quarter last year, as adjusted for the shifted retail calendar. The comparable store sales calculation for the third quarter includes Golf Galaxy stores and excludes the Chick's Sporting Goods stores.
• The Company expects to open approximately 26 new Dick's Sporting Goods stores and convert one Chick's Sporting Goods store to a Dick's Sporting Goods store.
Dick's Sporting Goods Inc
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