Dick's Sporting Goods exceeds quarterly EPS estimates

PITTSBURGH Dick's Sporting Goods reported consolidated net income for the second quarter ended July 31 of $51.5 million, or 43 cents per diluted share. The second-quarter consolidated earnings per diluted share exceeded estimated earnings expectations provided on May 18 of 37 cents to 39 cents per diluted share.

Net sales for the second quarter of 2010 increased by 8.8% from the second quarter of 2009 to $1.2 billion due primarily to a 5.7% increase in consolidated same-store sales and the opening of new stores. The 5.7% consolidated same-store sales increase consisted of a 5.6% increase in Dick's Sporting Goods stores, a 2.9% increase in Golf Galaxy stores and a 28% increase in e-commerce.

"We delivered strong results in the second quarter, generating our highest level of earnings per share in any second quarter and producing our fourth straight quarter of positive same store sales," said Edward Stack, chairman and CEO. "Based on our performance and our expectations for the remainder of the year, we are raising our full year guidance and now believe that consolidated non-GAAP earnings per diluted share will increase 22% to 24% from 2009 to 2010."

For the full year 2010 the company expects to report consolidated non-GAAP earnings per diluted share of approximately $1.46 to $1.49, excluding an approximate 10 cents per diluted share impact from store closures. Consolidated same-store sales are currently expected to increase approximately 4% to 5% compared with a 1.4% decrease in 2009. 

The company currently expects reporting third quarter non-GAAP consolidated earnings per diluted share of approximately 15 cents to 16 cents, excluding an approximate 10 cent per diluted share impact from store closures. Consolidated same-store sales are currently expected to increase approximately 1% to 2% compared with a 1.9% increase in the third quarter last year.