PITTSBURGH, Pa. (BRAIN) — Dick's Sporting Goods has reported that fourth quarter 2013 consolidated same-store sales exceeded the company's predictions. As a result, Dick's has increased its fourth quarter and full year 2013 expectations.
Consolidated same-store sales increased 7 percent in the fourth quarter of 2013. Dick's also reported better than anticipated merchandise margins, and now expects consolidated earnings per diluted share of approximately $1.10 to $1.11 for the fourth quarter, compared to guidance of $1.04 to $1.07 provided on November 19, 2013. For the fourth quarter of 2012, consolidated earnings per diluted share were $1.03.
"Even with the cautious consumer environment and a shorter and promotional holiday season, we generated sales well above our original expectations, maintained merchandise margin levels consistent with last year and leveraged SG&A (Selling, General and Administrative expenses)," said Edward W. Stack, chairman and CEO of Dick's. "We enter 2014 with a robust and growing omni-channel network and exciting merchandising opportunities, which we believe will translate into double-digit earnings growth."
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 558 stores in 46 states.