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Dick's reports strong Q2, raises guidance

By Press Releases
August 16, 2011 7:00 AM

Press Release:

 

Dick's Sporting Goods Reports Second Quarter Results; Exceeds Earnings Expectations

 

- Consolidated non-GAAP earnings per diluted share increased 21% to $0.52 per diluted share in the second quarter of 2011 from $0.43 per diluted share in the second quarter of 2010


- Consolidated same store sales increased 2.5% in the second quarter of 2011


- Company raises full year estimated non-GAAP earnings range from $1.91 to 1.93 per diluted share to a range of $1.94 to 1.96 per diluted share


- Company ended the second quarter of 2011 with $626 million in cash, without any outstanding borrowings under its credit facility

 

PITTSBURGH, Aug. 16, 2011 /PRNewswire/ -- Dick's Sporting Goods, Inc. (NYSE:DKS - News) today reported sales and earnings results for the second quarter ended July 30, 2011.

 

Second Quarter Results

 

The Company reported consolidated non-GAAP net income for the second quarter ended July 30, 2011 of $65.1 million, or $0.52 per diluted share, excluding a $0.07 per diluted share impact from a gain on sale of investment. The second quarter consolidated non-GAAP earnings per diluted share exceeded estimated earnings expectations provided on May 17, 2011 of $0.47 - 0.49 per diluted share.

 

On a GAAP basis, the Company reported consolidated net income for the second quarter ended July 30, 2011 of $73.8 million, or $0.59 per diluted share. The GAAP to non-GAAP reconciliations are included in a table later in the release under the heading "Non-GAAP Net Income and Earnings Per Share Reconciliation." For the second quarter ended July 31, 2010, the Company reported consolidated net income of $51.5 million, or $0.43 per diluted share.

 

Net sales for the second quarter of 2011 increased by 6.6% to $1.3 billion due primarily to a 2.5% increase in consolidated same store sales and the opening of new stores. The 2.5% consolidated same store sales increase consisted of a 1.7% increase at Dick's Sporting Goods stores, a 4.0% increase at Golf Galaxy stores and a 31.9% increase in its e-commerce business.

 

"In the second quarter, we delivered profitable growth that exceeded our earnings projections while continuing to strengthen our balance sheet. While top line sales started slow in the quarter, June and July comps accelerated at a pace above our quarterly target of approximately 3%," said Edward W. Stack, Chairman and CEO. "We also made marked progress in developing all of our growth drivers by adding productive, profitable stores; building our e-commerce business; and expanding our overall margin rates. As a result, we are well positioned to continue to meaningfully grow our business."

 

New Stores

 

In the second quarter, the Company opened eight Dick's Sporting Goods stores. These stores are listed in a table later in the release under the heading "Store Count and Square Footage."

 

As of July 30, 2011, the Company operated 455 Dick's Sporting Goods stores in 42 states, with approximately 25.1 million square feet and 81 Golf Galaxy stores in 30 states, with approximately 1.3 million square feet.

 

Balance Sheet

 

The Company ended the second quarter of 2011 with $626 million in cash and cash equivalents and did not have any outstanding borrowings under its $440 million credit facility. At the end of the second quarter of 2010, the Company had $278 million in cash and cash equivalents and did not have any outstanding borrowings under its credit facility.

 

The inventory per square foot was 0.9% lower at the end of the second quarter 2011 as compared to the end of the second quarter of 2010.

 

Year-to-Date Results

 

The Company reported consolidated non-GAAP net income for the 26 weeks ended July 30, 2011 of $102.6 million, or $0.82 per diluted share. On a GAAP basis, the Company reported consolidated net income for the 26 weeks ended July 30, 2011 of $111.3 million, or $0.89 per diluted share. For the 26 weeks ended July 31, 2010, the Company reported consolidated net income of $77.7 million, or $0.64 per diluted share.

 

Net sales for the first half of 2011 increased 6.5% from the first half of 2010 to $2.4 billion primarily due to a consolidated same store sales increase of 2.3% and the opening of new stores.

 

See Page 2 for updated 2011 guidance

 

 

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