Dick's Sporting Goods Inc reported sales and earnings results for the second quarter ended August 4, 2007. The results include the operating results of Golf Galaxy for 2007 from the acquisition date, but not for 2006 as Golf Galaxy was acquired on February 13, 2007.
Second Quarter Results: Net income increased 87% to $47.9 million and earnings per diluted share increased 77% to $0.83, compared to prior year net income of $25.7 million, or $0.47 per diluted share. Earnings guidance provided on May 23, 2007 was for earnings per diluted share of $0.74 - 0.77. The operating results of Golf Galaxy are included in the current period results.
Net sales for the quarter increased 38% to $1,013.4 million due to a comparable store sales increase of 7.2% (or 5.8% adjusting for the shifted retail calendar, compared to a 6.5% increase in Q2 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 Sporting Goods comparable store sales calculation beginning in Q2 2008).
Comparable store sales for Golf Galaxy on a proforma basis increased 4.7%, or 5.5% after adjusting for the shifted retail calendar.
"The Dick's Sporting Goods portfolio of businesses produced an outstanding second quarter. We achieved increased sales not only in golf but across most of our businesses, delivered gross margin improvements, provided operating expense leverage and solid inventory management."
marketing@alchempro.com
