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Dick’s reports net income increase in Q2

Published August 20, 2013

PITTSBURGH, PA (BRAIN) — Dick’s Sporting Goods reported net income of $88.9 million for its fiscal second quarter ended Aug. 3, up 9.1 percent from the same period last year. Net sales rose 6.6 percent to $1.5 billion, while consolidated same-store sales decreased 0.4 percent, coming in under the company’s prediction of a 2 to 3 percent increase for the period.

"Our second-quarter results were below our guidance as a sluggish consumer environment along with higher levels of precipitation and cooler temperatures contributed to a decrease in traffic, resulting in lower-than-expected same-store sales," said Edward W. Stack, Dick’s Sporting Goods chairman and CEO. "Despite these challenges in the second quarter, we were able to generate record non-GAAP earnings per share."

Dick’s opened seven new stores in the second quarter, toward a goal of opening 40 new stores in 2013. The company expects to open 20 new stores and remodel three existing stores in the third quarter of 2013.

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 527 stores in 44 states. Dick’s is traded on the New York Stock Exchange under the symbol DKS. Its stock performance is tracked on the BRAIN Industry Stock Chart

 

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