Finanzas: DICK’S Sporting Goods Reports Third Quarter Results

 

DICK’S Sporting Goods, Inc. (DKS) (NYSE: DKS), the largest U.S. based full-line omni-channel sporting goods retailer, today reported sales and earnings results for the third quarter ended October 29, 2016.

Third Quarter Results

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The Company reported consolidated net income for the third quarter ended October 29, 2016 of $48.9 million, or $0.44 per diluted share. For the third quarter ended October 31, 2015, the Company reported consolidated net income of $47.2 million, or $0.41 per diluted share.

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On a non-GAAP basis, the Company reported consolidated net income for the third quarter ended October 29, 2016 of $53.6 million, or $0.48 per diluted share, excluding costs the Company incurred to convert former The Sports Authority (TSA) stores to DICK’S Sporting Goods stores, compared to the Company’s expectations provided on August 16, 2016 of $0.39 to 0.42 per diluted share. For the third quarter ended October 31, 2015, the Company reported consolidated non-GAAP net income of $51.9 million, or $0.45 per diluted share, excluding a litigation settlement charge. The GAAP to non-GAAP reconciliations are included in a table later in the release under the heading «Non-GAAP Net Income and Earnings Per Share Reconciliations.»

Net sales for the third quarter of 2016 increased 10.2% to approximately $1.8 billion. Consolidated same store sales increased 5.2%, compared to the Company’s guidance of an approximate 2 to 3% increase. Same store sales for DICK’S Sporting Goods increased 5.5%, while Golf Galaxy decreased 3.3%. Third quarter 2015 consolidated same store sales increased 0.4%.

«We are very pleased with our third quarter results, which were driven by a 5.2% comp sales increase and gross margin expansion. We realized meaningful market share gains and saw growth across each of our three primary categories of hardlines, apparel and footwear, while maintaining tight control of our inventory,» said Edward W. Stack, Chairman and CEO. «Looking ahead, we believe our assortment and marketing will help us to continue to capture displaced market share this holiday.»

Omni-channel Development

eCommerce penetration for the third quarter of 2016 was 9.6% of total net sales, compared to 8.0% during the third quarter of 2015.

In the third quarter, the Company opened 27 new DICK’S Sporting Goods stores, seven new Field & Stream stores, and two new Golf Galaxy stores. The Company also relocated four DICK’S Sporting Goods stores. Additionally, the Company closed one Field & Stream store. As of October 29, 2016, the Company operated 676 DICK’S Sporting Goods stores in 47 states, with approximately 36.1 million square feet, 74 Golf Galaxy stores in 29 states, with approximately 1.4 million square feet, and 27 Field & Stream stores in 13 states, with approximately 1.3 million square feet.

Store count, square footage and new stores are listed in a table later in the release under the heading «Store Count and Square Footage.»

Balance Sheet

The Company ended the third quarter of 2016 with approximately $85 million in cash and cash equivalents and approximately $261 million in outstanding borrowings under its revolving credit facility. Over the course of the last 12 months, the Company continued to invest in omni-channel growth, while returning over $240 million to shareholders through share repurchases and quarterly dividends.

Total inventory increased 4.8% at the end of the third quarter of 2016 as compared to the end of the third quarter of 2015.

Year-to-Date Results

The Company reported consolidated net income for the 39 weeks ended October 29, 2016 of $197.2 million, or $1.75 per diluted share. For the 39 weeks ended October 31, 2015, the Company reported consolidated net income of $201.4 million, or $1.71 per diluted share.

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Fuente: Seeking Alpha


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