Dick's Sporting Goods Inc reported sales and earnings results for the second quarter ended July 29, 2006.
Second Quarter Results
Net income for the second quarter ended July 29, 2006 increased 25 percent to $25.7 million and earnings per share increased 24 percent to $0.47, as compared to prior year proforma net income of $20.6 million.
Or $0.38 per share (which has been adjusted for $0.07 of stock option expense per share as if the Company expensed stock options, and excludes merger integration and store closing costs and gain on sale of investment). Earnings guidance provided on May 16, 2006 was for earnings per share of $0.43 - 0.44.
Net sales for the quarter increased 18 percent to $734.0 million while comparable store sales increased 6.5 percent. The former Galyan's stores are included in the second quarter comparable store sales calculation.
New Stores
In the second quarter, the Company opened five stores, one each in Atlanta, GA; Melbourne, FL; Winston-Salem, NC; Cedar Rapids, IA and Nashville, TN.
As of July 29, 2006, the Company operated 268 stores, with approximately 15.5 million square feet, in 34 states.
Year-to-Date Results
Net income for the 26 weeks ended July 29, 2006 increased 26 percent to $37.1 million and earnings per share increased 24 percent to $0.68, as compared to prior year proforma net income of $29.4 million.
Or $0.55 per share (which has been adjusted for $0.13 of stock option expense per share as if the Company expensed stock options, and excludes merger integration and store closing costs and gain on sale of investment).
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