DICK'S Sporting Goods Q1 Profit Declines - Quick Facts

(RTTNews) - DICK'S Sporting Goods, Inc. (DKS) reported that its net income for the first quarter ended May 2, 2015 declined to $63.3 million or $0.53 per share, from $70.0 million, or $0.57 per share in the year ago quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the latest first quarter increased 8.8% to $1.57 billion from $1.44 billion in the comparable quarter last year. Consolidated same store sales increased 1.0% compared to the Company's guidance of approximately flat to an increase of 2%. Wall Street expected revenues of $1.56 billion for the quarter.

Same store sales for DICK'S Sporting Goods increased 1.8%, while Golf Galaxy decreased 11.0%.

Looking ahead to the second quarter, the company expects earnings per share of about $0.73 to $0.76. Analysts currently expect second quarter earnings of $0.76 per share. Consolidated same store sales are currently expected to be flat to an increase of 2%, compared to a 3.2% increase in the second quarter of 2015.

The Company expects to open approximately seven DICK'S Sporting Goods stores, and one new Field & Stream store in the second quarter of 2015.

For fiscal 2015, the company currently anticipates reporting consolidated earnings per share of approximately $3.12 to 3.20. Analysts expect annual earnings of $3.20 per share. The Company's earnings per share guidance contemplates the $150 million of share repurchases executed in the first quarter of 2015. Consolidated same store sales are currently expected to increase 1 to 3%, compared to a 2.4% increase in fiscal 2014.

The company expects to open approximately 45 DICK'S Sporting Goods stores and relocate seven DICK'S Sporting Goods stores in 2015. The Company also expects to open approximately nine Field & Stream stores and relocate one Golf Galaxy store in 2015.

Earlier, the company expected fiscal 2015 earnings per share of about $3.10 to $3.20.