Dick’s Sporting Goods runs past Street with profit, trips up on sales; plans 53 stores

Pittsburgh – Dick’s Sporting Goods Inc. beat Wall Street expectations for profit but failed to meet the Street with sales growth in the second quarter of fiscal 2015. The retailer also announced it plans to open 44 new Dick’s Sporting Goods stores and nine new Field & Stream stores, as well as relocate five Dick’s Sporting Goods stores and one Golf Galaxy store, during fiscal 2015.



Net income soared 31% to $90.84 million, from $69.47 million in the second quarter of the previous fiscal year. Cost of sales increased at a pace below sales growth. In addition, Dick’s eliminated a golf restructuring charge from the prior year period.



Net sales rose 8% to $1.82 billion, from $1.69 billion. E-commerce penetration increased to 7.3% of net sales from 6.3% of net sales. Consolidated same-store sales grew 1.2%.



"We are pleased with our second quarter results,” said Edward W. Stack, chairman and CEO. “We delivered a double-digit increase in earnings by leveraging our omnichannel presence to generate profitable revenue growth and meaningful margin expansion. We are seeing the benefits of our key growth pillars, as we continue to open very productive stores while winning online."