Sporting goods retailer Dick's reports for Q1 2005 – Loss on merger costs
18 May '05
6 min read
Leading sporting goods retailer Dick's Sporting Goods Inc reported sales and earnings results for the first quarter ended April 30, 2005. Results include the operating results for the recently purchased Galyan's for the first quarter of 2005, but not for 2004 as Galyan's was acquired in July 2004.
First Quarter Results
The Company reported net income for the first quarter ended April 30, 2005, excluding merger integration and store closing costs, of $12.2 million, or $0.23 per share, as compared to earnings guidance provided on March 7, 2005 of $0.18 - 0.20 per share excluding merger integration and store closing costs. This compares to GAAP net income and earnings per share of $10.6 million and $0.20, respectively, and proforma, combined Company net income and earnings per share of $5.0 million and $0.10, respectively, for the first quarter ended May 1, 2004.
Including after tax merger integration and store closing costs of $19.5 million, or $0.36 per share, the Company reported a net loss for the first quarter ended April 30, 2005 of $7.3 million, or $0.15 per share as compared to earnings guidance of a loss of $0.19 - 0.21 per share including merger integration and store closing costs.
Total sales for the quarter increased 57% over last year to $570.8 million due to a comparable store sales increase of 3.2%, the opening of new stores, and the inclusion of the former Galyan's operations in this year's quarterly results. We are planning to include the converted Galyan's stores in the comparable store base beginning in the second quarter of fiscal 2006, as the re-branding and re-merchandising effort of all converted Galyan's stores has been substantially completed as of the end of the first quarter of 2005.
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