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Dick’s reports net income increase in Q1

Published May 21, 2013

PITTSBURGH, PA (BRAIN) — Dick’s Sporting Goods reported net income of $60.5 million for its fiscal first quarter ended May 4, up 5.8 percent from the comparable period in 2012. Net sales rose 4.1 percent to $1.3 billion, while consolidated same-store sales decreased 3.8 percent compared with a year earlier; these figures were adjusted for the shifted calendar due to a 53rd week in 2012.

Dick's opened two new stores in the first quarter and expects to open approximately 40 new stores in 2013. The company also plans to relocate one Dick’s store, fully remodel four stores and partially renovate 75 stores this year. 

“In the first quarter, we generated earnings in line with our original guidance, but were not pleased with our sales results, which came in below our expectations," said Edward W. Stack, chairman and CEO. “Over the long term, we have significant opportunity to profitably grow our business by doubling the size of our store base, aggressively building our e-commerce business and further strengthening our omni-channel platform.”

For the second quarter, Dick’s projects an increase in consolidated same-store sales of 3.5 to 4.5 percent, compared with a 3.8 percent increase in the second quarter of 2012.

Dick’s sells bikes from such brands as Diamondback, Nishiki and Nirve, as well as cycling apparel, helmets, accessories and car racks, but does not break out its cycling business in earnings reports. 

The company operates 520 stores in 44 states.

 

Topics associated with this article: Earnings/Financial Reports

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