Dick's Sporting Goods Inc. (NYSE:DKS) reported better than expected earnings for the first quarter 2011 after a 2.1 percent increase in same-store sales.
The Pittsburgh, Pa.-based sporting, outdoor and fitness goods retailer reported first-quarter revenue of $1.1 billion – up 6.3 percent from the same period a year ago with the addition of three new Dick’s stores in Escondido, Calif., Renton, Wash., and White Plains, N.Y. Same-store sales grew 2.1 percent, including a 1.4-percent increase in sales at Dick’s, a 3.3-percent increase at Golf Galaxy and a 25.2-percent increase via its e-commerce business.
Companywide, first-quarter net income for Dick’s came in at $37.5 million, or $0.30 per diluted share, beating the company’s pervious expectation of between $0.26 and $0.28 per diluted share. The latest quarterly figures were also up from a year ago when Dick’s reported net income of $26.2 million, or $0.22 per diluted share for the first quarter 2010.
Based on the good performance, company officials raised full-year 2011 guidance, anticipating earnings per diluted share of approximately $1.91 and $1.93, compared to projections of between $1.89 and $1.91 a quarter ago.
Looking at the next quarter, company officials projected earnings between $0.47 and $0.49 per diluted share for second quarter 2011, with same-store sales estimated to grow at 3 percent, versus a 5.7-percent increase a year ago.
The company expects to open eight new Dick's Sporting Goods stores and relocate one Golf Galaxy store in second quarter 2011.
--Compiled by David Clucas
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