Sports Authority reports net sales up $8.0mn for quarter ended April 30, 05
25 May '05
3 min read
nation's largest full-line sporting goods retailers & branded sporting apparel & equipment provider the sports authority inc announced the results for first fiscal quarter ended april 30, 2005.
- diluted eps of $0.30 vs. previous guidance of $0.24 - $0.26 - comparable store sales increase of 1.8%
net income for the first quarter was $8.0 million, or $0.30 per diluted share compared with net income of $4.2 million, or $0.16 per diluted share, including merger integration costs, in the prior year's first quarter. excluding the effect of after-tax merger integration costs of $5.2 million, or $0.20 per diluted share, net income for the prior year's first quarter was $9.4 million, or $0.36 per diluted share.
total sales for the first quarter were $591.2 million compared with $572.0 million in the prior year's first quarter, an increase of $19.2 million or 3.4%. first quarter comparable store sales for the company increased 1.8% which was within the previous guidance of 1% to 2%.
the company opened five stores and closed four stores during the first quarter to arrive at a total number of stores in operation as of april 30, 2005 of 393 stores in 45 states.
doug morton, chief executive officer commented, "they were pleased with our top line performance during the quarter, primarily driven by strength in footwear, apparel and certain hard good categories. our promising start to the spring season allowed us to exceed our previous gross margin assumptions and our expenses continue to be well controlled. in addition, our initiatives to reduce debt and inventory are progressing ahead of plan."
marketing@alchempro.com
