Dick’s Sporting Goods, the largest American full-line omni-channel sporting goods retailer, has reported sales and earnings results for the first quarter ended April 29, 2017.
During the period under review, its net sales also improved 9.9 per cent to approximately US $ 1.8 billion while consolidated same store sales increased 2.4 per cent compared to the company’s guidance of an approximate 3 to 4 per cent increase. First quarter 2016 consolidated same store sales increased 0.5 per cent.
The retailer reported consolidated net income of US $ 56.9 million in the reporting quarter. Additionally, e-commerce sales increased 11 per cent. E-commerce penetration for the first quarter of 2017 was 9.3 per cent of total net sales as against 9.2 per cent during the corresponding quarter of 2016.
In the quarter, the company opened 15 new Dick’s Sporting Goods stores, two new Field & Stream stores, and eight new Golf Galaxy stores. As of April 29, 2017, it operated 691 Dick’s Sporting Goods stores in 47 states, with approximately 36.8 million square feet, 98 Golf Galaxy stores in 32 states, with approximately 2.1 million square feet, and 29 Field & Stream stores in 14 states, with approximately 1.4 million square feet.
“In the first quarter, we generated non-GAAP earnings per diluted share near the high end of our guidance. Despite a challenging retail environment, we realized growth across each of our three primary categories of hardliners, apparel and footwear, and were pleased with the performance of our newly relaunched e-commerce site,” said Edward W. Stack, Chairman and Chief Executive Officer while commenting on results.
Also Read – Dick’s Sporting Goods announces opening of 3 new stores
The company remains optimistic as it drives profitable growth on the new e-commerce platform, make marked progress on its new merchandising strategy and continue to capture market share. “Looking ahead, we continue to evaluate and adjust our business model, and are taking actions to reduce our expense structure in order to fund and develop our longer-term strategic initiatives,” concluded Stack.
