Sporting goods company Dick's Sporting Goods Inc reported sales and earnings results for the first quarter ended April 29th 2006.
The net income increased 30 percent to $11.4 million and earnings per share increased 31 percent to $0.21, as compared to prior year proforma net income of $8.8 million, or $0.16 per share. Earnings guidance provided on March 7th 2006 was for earnings per share of $0.15 - 0.17.
On a GAAP basis, net income increased to $11.4 million and earnings per share increased to $0.21, as compared to the prior year net loss of $(7.3) million, or $(0.15) per share which included $32.5 million pre-tax of merger integration costs.
Net sales for the quarter increased 13 percent to $645.5 million. Comparable store sales increased 6.5 percent. The increase in comparable store sales is due to increases in a majority of the company's merchandise categories including licensed merchandise which is mainly related to the Pittsburgh Steelers Super Bowl win, and accounted for approx. 2 percent of the comp sales gain.
"We are pleased to report such strong results for the quarter. Business was robust across most categories including our lodge business, which continues to benefit from an initiative started almost two years ago. This category continues to produce positive comp sales in a difficult environment. Additionally, the former Galyan's stores performed well against the anniversary of their re-grand opening last year," said Edward Stack, Chairman and CEO.
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