World Footwear

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Dick's Sporting Goods consolidates sales

Jun 11, 2019 United States
Dick's Sporting Goods consolidates sales
The Pittsburgh-based sporting goods retailer announced results for the first quarter ended on the 4th of May. Net sales for the first quarter of 2019 increased by roughly 1%
"We were pleased with our start to 2019, delivering higher merchandise margins and first quarter earnings per diluted share above last year. Same store sales turned positive in March and remained positive in April, as we started to see the benefits of our key strategies and investments", commented Edward W. Stack, Chairman and Chief Executive Officer, adding: "We are very enthusiastic about our business and are pleased to increase our full year earnings outlook.""

First quarter Update

Net sales for the first quarter of 2019 increased by 0.6% to approximately 1.92 billion US dollars. Consolidated same store sales were flat. First quarter 2018 consolidated same store sales decreased 2.5%, adjusted for the calendar shift due to the 53rd week in fiscal 2017, which the company believes is the best view of its business.

In the first quarter, the company opened one new Golf Galaxy store, relocated one DICK'S Sporting Goods store, and closed two DICK'S Sporting Goods stores. As of the 4th of May 2019, the company operated 727 DICK'S Sporting Goods stores in 47 states, with approximately 38.6 million square feet, 95 Golf Galaxy stores in 32 states, with approximately 2.0 million square feet, and 35 Field & Stream stores in 16 states, with approximately 1.7 million square feet.

Omni-channel Development

e-commerce sales for the first quarter of 2019 increased by 15%. eCommerce penetration for the first quarter of 2019 was approximately 13% of total net sales, compared to approximately 11% during the first quarter of 2018.


Full Year 2019 Outlook

Based on an estimated 91.5 million diluted shares outstanding, the company currently projects earnings per diluted share to be approximately 3.20 to 3.40 US dollars. Earnings per diluted share guidance includes approximately 30 million US dollars of net investments in business transformation initiatives.

Consolidated same store sales are currently expected to be slightly positive to an increase of 2%, compared to a 3.1% decrease in 2018. The company expects to deliver positive consolidated same store sales beginning in the second quarter.

The company expects to open seven new DICK'S Sporting Goods stores and relocate three DICK'S Sporting Goods stores in 2019, and to open two new Golf Galaxy stores and relocate one Golf Galaxy store in 2019. Six of the new stores are expected to open during the third quarter.

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