Dick's Q1 profit more than doubles
Dick's Sporting Goods (NYSE: DKS) said strong same-store sales drove its first-quarter profit to more than double on higher overall revenue.
It earned $26.2 million, or $0.22 per share, for the three months ended May 1, compared to a profit of $10.2 million, or $0.09 per share, for the same period a year earlier.
Revenue in the quarter rose 9 percent to $1.05 billion, up from $959.7 million a year earlier.
Sales at stores open at least a year increased 8.2 percent in the first quarter.
The company ended the first quarter with $207 million in cash and cash equivalents and did not have any outstanding borrowings under its $440 million credit line.
In its guidance report, the company said it expects second-quarter earnings per share of $0.37 to $0.39 and full-year earnings per share of $1.41 to $1.44. Same-store sales are expected to increase between roughly 3 percent and 4 percent for 2010, compared to a 1.4-percent decrease in 2009, the company said.
Wal-Mart’s Q1 income up, same-store sales drop
Wal-Mart Stores (NYSE: WMT) posted a 10-percent increase in first-quarter net income, driven by cost cutting and growth overseas.
For the period ended April 30, it posted net income of $3.32 billion, or $0.88 per share, compared with $3.02 billion, or $0.77 per share, in the same quarter last year.
Total revenue rose almost 6 percent to $99.85 billion, up from $94.24 billion.
Within the company's U.S. namesake stores, total revenue was up 1.1 percent, while Sam's Club rose 4.6 percent. Wal-Mart's international business jumped 21.4 percent.
Same-store sales dropped 1.1 percent, dragged down by its U.S. division. At the company's U.S. namesake stores, same-store sales were down 1.4 percent, while at Sam's Club, they were up 0.7 percent.
Looking ahead, Wal-Mart said it expects revenue at stores open at least a year for its Wal-Mart stores to be anywhere from down 2 percent to up 1 percent for the second quarter. At Sam's Club, it expects the key measure to be unchanged from a year ago.
It also anticipates earnings per share in the range of $0.93 to $0.98 per share for the same period.
--Compiled by Wendy Geister
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