Dick’s Sporting Goods: Profit, Shares Jump

Sales and profits beat estimates, outlook up, declares dividends

   

Dick’s Sporting Goods: Profit, Shares Jump

Dick’s Sporting Goods (NYSE:DKS) reported first-quarter earnings of $57.2 million, up 53% from $37.5 million during the same quarter last year. EPS came in at 45 cents, compared to 30 cents last year.

That soundly beat analysts, who had predicted EPS of 38 cents, CBS noted. The company said it recorded $1.28 billion in sales for the quarter, up 15% from $1.11 billion in 2011. This also exceeded analysts’ estimates of $1.23 billion.

DicksSportingGoodsLogo 200x200 Dick's Sporting Goods: Profit, Shares Jump
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Investors liked the news, spending Dick’s shares up more than 8% in Tuesday afternoon trading.

Same-store sales rose 8.4% during the quarter, with the company’s eponymous retail outlets seeing a 7.3% sales increase, while its Golf Galaxy stores posted a 12.6% gain. E-commerce sales jumped 33.4% during the quarter.

Dick’s revised its earnings guidance for the remainder of the year upward to between $2.45 to $2.48 per share, from an earlier range of $2.38 to $2.41 per share. For the year, analysts forecast earnings of $2.43 per share.

The company forecast second-quarter earnings at 62 cents a share, in line with analysts’ predictions. Dick’s also announced a 12.5 cent dividend to be paid in late June.


Article printed from InvestorPlace Media, http://investorplace.com/2012/05/dicks-sporting-goods-profit-shares-jump/.

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