Dick’s Q1 tops Street; raises outlook
Dick’s Sporting Goods reported first-quarter earnings and sales that topped analysts’ estimates amid rising same-store sales.
Net income totaled $57.5 million, or 61 cents a share, in the quarter ended May 4, compared with $60.1 million, or 59 cents a share, in the year-earlier period. Adjusted per-share earnings came to 62 cents, ahead of estimates of 58 cents.
Sales rose 0.6% to $1.92 billion, topping estimates of $1.90 billion. Same-store sales were flat. Analysts had expected a decline of 1.3%.
E-commerce sales for the first quarter increased 15%, and were as approximately 13% of total net sales, compared to approximately 11% during the first quarter of 2018.
“We were pleased with our start to 2019, delivering higher merchandise margins and first quarter earnings per diluted share above last year,” said Edward W. Stack, chairman and CEO. “Same-store sales turned positive in March and remained positive in April, as we started to see the benefits of our key strategies and investments. We are very enthusiastic about our business and are pleased to increase our full-year earnings outlook.”
The company expects to open seven new Dick’s Sporting Goods stores and relocate three Dick’s Sporting Goods stores in 2019. It also expects to open two new Golf Galaxy stores and relocate one Golf Galaxy store in 2019.
As of May 4, 2019, the company operated 727 Dick’s Sporting Goods stores in 47 states, with approximately 38.6 million square feet, 95 Golf Galaxy stores in 32 states, with approximately 2.0 million square feet, and 35 Field & Stream stores in 16 states, with approximately 1.7 million square feet.
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