DICK'S Sporting Goods Q1 Profit Rises; Cuts FY14 Outlook - Quick Facts

(RTTNews) - Sporting goods retailer DICK'S Sporting Goods Inc. (DKS) reported that its net income for the first quarter ended May 3, 2014 rose to $70.0 million or $0.57 per share from $64.8 million or $0.52 per share for the first quarter ended May 4, 2013.

Non-GAAP net income for the first quarter was $61.3 million or $0.50 per share, up from $60.5 million or $0.48 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew to $1.44 billion from $1.33 billion in the year ago quarter. Wall Street expected revenues of $1.46 billion.

Consolidated same store sales increased 1.5%. First quarter 2013 consolidated same store sales decreased 3.8%, adjusted for the shifted retail calendar due to the 53rd week in 2012. Same store sales in the first quarter of 2014 for DICK'S Sporting Goods increased 2.3%, while Golf Galaxy decreased 10.4%.

Looking ahead for the second quarter 2014, the company anticipates earnings per share to be in the range of approximately $0.62 to 0.67, on projected consolidated same store sales growth of 1% to 3%. Analysts project second-quarter earnings of $0.82 per share.

The company lowered full year earnings outlook to reflect continuation of negative trends in golf and hunting.

For fiscal 2014, the company currently anticipates consolidated non-GAAP earnings per share of approximately $2.70 to $2.85, excluding a gain on the sale of an asset. Previously, the company anticipated consolidated earnings per share of approximately $3.03 to $3.08 for fiscal 2014. Analysts project annual earnings per share of $3.08.

Consolidated same store sales for fiscal 2014 are currently expected to increase approximately 1% to 3%. This compared to the previous expectation of an approximate 3% to 4% increase.