Dick’s Sporting Goods reported stronger than expected same store sales and profits this morning for the first quarter ended May 1.
As a result, the company raised earnings estimates for the year.
Q1 results
Net sales: up 9.9% to $1 billion
Total same store sales: up 8.2% vs. its forecast of a 2% to 3% increase.
Dick’s stores same store sales: up 7.6%
Golf Galaxy stores: up 12.4%
E-commerce same store sales: up 15.2%
Net income: $26.2 million, more than doubling vs. the same period last year.
Cash: $207 million
Long term debt and leasing obligations: $141 million
New stores: 5
Total stores: 424 in 41 states
Q2 forecast
Same store sales: up 4% to 5%
Full year forecast
Earnings per share of $1.41 to $1.44 vs. previous estimate of $1.32 to $1.35.
Same store sales: up 3% to 4%
New Dick’s stores: 24
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