Dick's Sporting Goods Inc reported sales and earnings results for the first quarter ended May 5, 2007. The results include the operating results of the recently purchased Golf Galaxy for the first quarter of 2007, but not for 2006 as Golf Galaxy was acquired on February 13, 2007.
First Quarter Results :
Net income increased 90% to $21.7 million and earnings per diluted share increased 81% to $0.38, compared to prior year net income of $11.4 million, or $0.21 per share.
The operating results of Golf Galaxy have been included in the results beginning with the February 13, 2007 date of acquisition. Earnings guidance provided on March 13, 2007 was for earnings per share of $0.35 - 0.38.
Net sales for the quarter increased 28% to $823.6 million due to a comparable store sales increase of 2.0% (or 0.1% adjusting for the shifted retail calendar, compared to a 6.5% increase in Q1 last year), the opening of new stores, and the inclusion of Golf Galaxy in this years' quarterly results (which will be included in Dick's comparable store sales calculation beginning in Q2 2008).
Comparable store sales for Golf Galaxy on a pro-forma basis increased 5.5%, or were flat after adjusting for the shifted retail calendar.
"We were very pleased with our sales results considering the later than expected start to the spring sports seasons. There are several reasons that a number of locales postponed the start of these seasons, including timing of spring break due to the Easter shift and unplayable field conditions in the Northeast and Midwest. Even in these challenging conditions, we were able to provide earnings at the high end of our range," said Edward W. Stack, Chairman and CEO.
In the first quarter, the Company opened 15 Dick's Sporting Goods stores and ten Golf Galaxy stores. The stores that opened in the first quarter are listed in a table later in the release under the heading "Store Count and Square Footage".
Dick's Sporting Goods Inc
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