Dick’s Sporting Goods connects with Q1 profit, sales; plans 60 new stores

Pittsburgh – Dick’s Sporting Goods Inc. met Wall Street expectations with net income of $63.34 million in the first quarter of fiscal 2015, a 9% decrease from $69.99 million the same period a year earlier. The retailer also met the Street with consolidated net sales of $1.56 billion, a 9% increase from $1.34 billion.



However, same-store sales growth of 1% fell short of Wall Street predictions. Rising selling, general and administrative (SG&A) and pre-opening expenses dug into Dick’s profit.



Dick’s expects to open approximately 45 new Dick’s Sporting Goods stores and relocate seven Dick’s Sporting Goods stores in 2015. The company also expects to open approximately nine Field & Stream stores and relocate one Golf Galaxy store in 2015. These figures include approximately seven new Dick’s Sporting Goods stores and one new Field & Stream store in second quarter 2015.



E-commerce penetration was 8.5% of total sales, up from 7%.



"We are pleased with our first quarter results as we generated earnings at the high end of our expectations, despite a slow start to the spring season," said Edward W. Stack, chairman and CEO. "I am confident in our full year outlook as we remain focused on growing our business through driving store productivity, adding new stores in new and underpenetrated markets, expanding and controlling our e-commerce business, and further developing our Field & Stream specialty concept."



Same-store sales are expected to grow 1-3% for the full fiscal year and 2% in the second quarter.