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Dick's exceeds forecast, raises guidance

Published May 29, 2019
Net sales and same-store sales are flat; e-commerce up 15%.

NEW YORK (BRAIN) — DICK'S Sporting Goods showed improvement in its first quarter, exceeding forecasts and raising its full-year guidance. The retailer reported net sales of $1.92 billion, up 0.6% over the same period last year.

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Consolidated same store sales were flat in the quarter, or down by 2.5% when adjusted for the calendar shift due to the 53rd week in fiscal 2017. 

"We were pleased with our start to 2019, delivering higher merchandise margins and first quarter earnings per diluted share above last year. Same store sales turned positive in March and remained positive in April, as we started to see the benefits of our key strategies and investments," said Edward W. Stack, the retailer's chairman and CEO. "We are very enthusiastic about our business and are pleased to increase our full year earnings outlook."

 

E-commerce sales for the first quarter increased 15%. In the quarter e-commerce was 13% of total net sales, compared to approximately 11% during the first quarter of 2018.

In the first quarter, the Company opened one new Golf Galaxy store, relocated one DICK'S Sporting Goods store, and closed two DICK'S Sporting Goods stores. As of May 4 the company operated 727 DICK'S Sporting Goods stores in 47 states, 95 Golf Galaxy stores in 32 states, and 35 Field & Stream stores in 16 states.

The company raised its full year 2019 earnings per diluted share guidance to $3.20 to 3.40, up from the previous range of $3.15 to 3.35. 

Topics associated with this article: Earnings/Financial Reports

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