Dick’s Sporting Goods 2Q revenue, profit up with new and same-store sales

Dick's Sporting Goods saw its latest quarterly same-store sales rise 2.5 percent, helping boost overall revenue 6.6 percent as the Pittsburgh-based sporting goods, outdoor and fitness retailer added eight new stores during its fiscal second quarter.
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Dick's Sporting Goods Inc. (NYSE:DKS) reported higher revenue and 43-percent jump in profit for its fiscal second quarter, ended July 30, 2011.

The Pittsburgh-based sporting goods, outdoor and fitness national retailer reported revenue up 6.6 percent to $1.3 billion for its second quarter, compared to the same period a year ago. Consolidated same-store sales rose 2.5 percent, including a 1.7-percent increase at Dick’s, a 4-percent rise at Golf Galaxy and a 31.9-percent jump in e-commerce revenue.

Dick’s quarterly net profit soared 43 percent to $73.8 million, or $0.59 per diluted share, versus a profit of $51.5 million, or $0.43 per diluted share, a year ago. The company reported $626 million in cash and cash equivalents, and no borrowings under its $440 million credit facility. Inventory per square foot fell less than a percent from a year ago.

The company opened eight new stores during its second quarter, including locations in Modesto and Fresno, Calif.; Daphne, Ala.; Pocatello, Idaho; Nashua, N.H., Coon Rapids, Minn.; Staten Island, N.Y. and Manhattan, Kan.

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

Looking ahead, Dick’s officials maintained their second-half 2011 consolidated same-store growth estimates for the company at 1-2 percent, versus a 7.2-increase a year ago, and slightly raised their full-year 2011 diluted earnings per share guidance to between $1.94 and $1.96.

Company officials expect to open about 18 new Dick’s Sporting Goods stores in the third quarter.

--Compiled by David Clucas



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