Current 2011 Outlook
The Company's current outlook for 2011 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as described later in this release. Although the Company believes that the expectations and other comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations or comments will prove to be correct.
Full Year 2011
Based on an estimated 126 million diluted shares outstanding, the Company currently anticipates reporting consolidated non-GAAP earnings per diluted share of approximately $1.94 – 1.96, excluding a gain on sale of investments. For the full year 2010, the Company reported consolidated non-GAAP earnings per diluted share of $1.63, excluding Golf Galaxy store closing costs and litigation settlement costs. On a GAAP basis, the Company reported consolidated earnings per diluted share of $1.50 in 2010.
Consolidated same store sales are currently expected to increase approximately 1 - 2% compared to a 7.2% increase last year.
The Company currently expects to open approximately 36 new Dick's Sporting Goods stores, remodel 14 Dick's Sporting Goods stores, and relocate one Golf Galaxy store in 2011.
Third Quarter 2011
Based on an estimated 126 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $0.24 - 0.26 in the third quarter of 2011. In the third quarter of 2010, the Company reported consolidated non-GAAP earnings per diluted share of $0.22.
Consolidated same store sales are currently expected to increase approximately 1 - 2% compared to a 5.1% increase in the third quarter last year.
The Company expects to open approximately 18 new Dick's Sporting Goods stores in the third quarter of 2011.
In 2011, the Company anticipates capital expenditures to be approximately $252 million on a gross basis and approximately $197 million on a net basis.
"While some may view our top line guidance as being conservative, we believe that the current instability in many global markets and the uncertainty in the domestic macro economic environment, warrant a cautious outlook," stated Mr. Stack. "With our proven ability to execute on our margin expansion opportunities and to manage inventory and expenses, we've maintained our earnings expectations for the second half of the year."
Dick's Sporting Goods, Inc. is an authentic full-line sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel and footwear in a specialty store environment. The Company also owns and operates Golf Galaxy, LLC, a golf specialty retailer. As of July 30, 2011, the Company operated 455 Dick's Sporting Goods stores in 42 states, 81 Golf Galaxy stores in 30 states and e-commerce web sites and catalog operations for both Dick's Sporting Goods and Golf Galaxy. Dick's Sporting Goods, Inc. news releases are available at http://www.dickssportinggoods.com/investors. The Company's web site is not part of this release.