Dick's Sporting Good's Q3 result exceeds expectations

Year-to-Date Results

The Company reported consolidated non-GAAP net income for the 39 weeks ended October 27, 2012 of $188.6 million, or $1.50 per diluted share.  For the 39 weeks ended October 29, 2011, the Company reported consolidated non-GAAP net income of $142.8 million, or $1.14 per diluted share.

On a GAAP basis, the Company reported consolidated net income for the 39 weeks ended October 27, 2012 of $161.0 million, or $1.28 per diluted share. For the 39 weeks ended October 29, 2011, the Company reported consolidated net income of $152.8 million, or $1.22 per diluted share.

Net sales for the 39 weeks ended October 27, 2012 increased 12.0% from last year's period to $4.0 billion primarily due to a 5.6% increase in consolidated same store sales and the growth of the Company's store network.

Current 2012 Outlook

Full Year 2012 – (53 Week Year) Comparisons to Fiscal 2011 – (52 Week Year)

• Based on an estimated 126 million diluted shares outstanding, the Company currently anticipates reporting consolidated non-GAAP earnings per diluted share of approximately $2.53 to 2.55, excluding an impairment charge and including approximately $0.03 per diluted share for the 53rd week.  On a 52-week basis, non-GAAP earnings per diluted share are expected to be $2.50 to 2.52.  For the 52 weeks ended January 28, 2012, the Company reported consolidated non-GAAP earnings per diluted share of $2.02, excluding a gain on sale of investment and the favorable impact of lower litigation settlement costs. On a GAAP basis, the Company reported consolidated earnings per diluted share of $2.10 in 2011.
• Consolidated same store sales are currently expected to increase approximately 5% on a 52-week to 52-week comparative basis, compared to a 2.0% increase in fiscal 2011.

Fourth Quarter 2012 – (14 Week Quarter) Comparisons to Fourth Quarter 2011 – (13 Week Quarter)

• Based on an estimated 127 million diluted shares outstanding,the Company currently anticipates reporting consolidated earnings per diluted share of approximately $1.03 to 1.05 in the fourth quarter of 2012 compared to our prior expectation of $1.01 to 1.05.  The fourth quarter guidance includes approximately $0.03 per diluted share for the 14th week.  On a 13-week basis, earnings per diluted share are expected to be $1.00 to 1.02.  In the fourth quarter of 2011, the Company reported consolidated earnings per diluted share of $0.88.
• Consolidated same store sales are currently expected to increase approximately 4% compared to a 0.1% increase in the fourth quarter last year.

Capital Expenditures

• In 2012, the Company anticipates capital expenditures to be approximately $235 million on a gross basis and approximately $190 million on a net basis.

Dick's Sporting Goods, Inc. is an authentic full-line sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel and footwear in a specialty store environment.

Dick's Sporting Goods Inc.