Dick's Sporting Goods meets first quarter expectations, plans to open 13 stores in Q2
Dick’s Sporting Goods managed to keep its fourth quarter momentum going into the first quarter of fiscal 2017. The sporting goods retailer on Tuesday posted an increase in net sales and an increase in net income that met the high end of expectations.
Net sales increased 9.9% to $1.8 billion and consolidated same store sales increased 2.4%, meeting the guidance range of 2% to 3% that was announced in March.
Net income was $58.2 million, or $0.52 per diluted share, and met the guidance expectation of $0.48 to $0.53 per diluted share. Non-GAAP net income also met expectations at $60.3 million, or $0.54 per diluted share.
"Despite a challenging retail environment, we realized growth across each of our three primary categories of hardlines, apparel and footwear, and were pleased with the performance of our newly relaunched e-commerce site," said Edward W. Stack, Chairman and Chief Executive Officer. "We remain optimistic as we drive profitable growth on our new e-commerce platform, make marked progress on our new merchandising strategy and continue to capture market share."
E-commerce was 9.3% of total sales and increased 11.0% in the first quarter due to the launch of the new platform. Offline, the retailer opened 15 new Dick’s Sporting Goods stores, 2 new Field & Stream stores and 8 new Golf Galaxy stores.
Dick’s expects to open 13 new Dick’s Sporting Goods stores in the second quarter and a total of 43 new Dick’s Sporting Goods stores in the year.
In addition, the retailer expects consolidated same stores sales to increase 2% to 3% in the second quarter and increase 1% to 3% in the year.
Earnings per diluted share and non-GAAP earnings per diluted share are expected to range from $0.98 to $1.03 and $1.02 to $1.07, respectively, in the second quarter.
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