Dick's reports strong 2Q results

PITTSBURGH For its second quarter ended Aug. 4, Dick's Sporting Goods reported net income of $47.9 million compared to net income of $25.7 million last year. Earnings per diluted share increased 77% to 83 cents from 47 cents per diluted share last year.

Net sales for the quarter increased 38% to $1.01 billion due to a comparable-store sales increase of 7.2%.

Net income for the 26 weeks ended Aug. 4 increased 88% to $69.6 million and earnings per diluted share increased 78% to $1.21, as compared to prior year net income of $37.1 million, or 68 cents per diluted share.

Net sales increased 33% to $1.8 billion. Comparable-store sales increased 4.7%.

For the full year 2007, the company is increasing its earnings guidance from its previous estimate of $2.37 to $2.40 per diluted share to approximately $2.47 to $2.50 per diluted share. Comparable-store sales for Dick's Sporting Goods stores are expected to increase approximately 2% compared to a 6% increase last year.

For the third quarter, the company anticipates consolidated earnings per diluted share of approximately 9 cents to 12 cents, as compared to 14 cents in 2006.  Comparable-store sales for Dick's Sporting Goods stores are expected to decrease approximately 1% to 3%, or be approximately flat to down 2%.