Dick's Sporting Goods Inc reported sales and earnings results for the fourth quarter and year ended February 3, 2007.
Fourth Quarter Results (14 weeks compared to 13 weeks last year):
Net income for the 14 weeks ended February 3, 2007 increased 33% to $67.7 million and earnings per share increased 28% to $1.20, as compared to prior year 13 week proforma net income of $50.7 million, or $0.94 per share (which has been adjusted for $0.06 of stock option expense per share as if the Company expensed stock options). Earnings guidance provided on November 13, 2006 was for earnings per share of approximately $1.13 - 1.16.
On a GAAP basis, net income increased to $67.7 million and earnings per share increased to $1.20, as compared to prior year net income (excluding stock option expense) of $54.0 million, or $1.00 per share.
Net sales for the 14 week quarter increased 21% to $1,026.3 million while comparable store sales increased 2.0% on a 13-week to 13-week comparable basis. The former Galyan's stores are included in the fourth quarter comparable store sales calculation. Comparable store sales guidance provided on November 13, 2006 was for an increase of approximately 2 - 3% on a 13-week to 13-week comparable basis.
"The fourth quarter was our first billion dollar sales quarter, a special milestone. More importantly, we executed well through our most important quarter, delivering earnings in excess of our guidance. I'd like to commend all of the Dick's Sporting Goods associates for their consistent efforts which are the backbone of our strong earnings results," said Edward W. Stack, Chairman and CEO.
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