Sporting goods retailer Dick's reports for Q1 2005 – Loss on merger costs
18 May '05
6 min read
Full Year 2005
- Based on an estimated 55 million shares outstanding, the Company anticipates reporting EPS for the full year of $1.82 - $1.87 per share, excluding merger integration and store closing costs, an increase of $0.03 from prior guidance due to the first quarter results, or $1.39 - $1.44 per share, including merger integration and store closing costs. This compares to full year 2004 EPS of $1.41, excluding merger integration and store closing costs and gain on sale of investment. Proforma, combined Company EPS for full year 2004 was $1.17, excluding merger integration and store closing costs and gain on sale of investment.
- Comparable store sales are expected to increase approximately 1-2%. The converted Galyan's stores will be included in the comparable store sales 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 2005.
- The Company expects to open 25 new stores in 2005 while closing six stores (five Dick's stores and one Galyan's store) due to overlap.
- Our 2005 full-year EPS guidance excludes the impact of expensing stock options as the SEC has amended the compliance date for SFAS 123R. We are planning to implement the provisions of SFAS 123R beginning in fiscal 2006.
Second Quarter 2005
- Based on an estimated 54 million shares outstanding, the Company anticipates rempliance date for SFAS 123R. We are planning to implement the provisions of SFAS 123R beginning in fiscal 2006.
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