DICK'S Sporting Goods Q2 Profit Rises; Lifts FY15 EPS Range - Quick Facts

(RTTNews) - DICK'S Sporting Goods, Inc. (DKS) reported second-quarter net income increased to $90.8 million or $0.77 per share, from $69.5 million, or $0.57 per share in the year ago quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the latest second quarter increased 7.9% to $1.82 billion from $1.69 billion in the comparable quarter last year. Consolidated same store sales increased 1.2% compared to the Company's guidance of approximately flat to an increase of 2%. Wall Street expected revenues of $1.83 billion for the quarter.

Same store sales for DICK'S Sporting Goods increased 1.5%, while Golf Galaxy decreased 2.9%.

Looking ahead to the third quarter, the company expects earnings per share to be in the range of $0.45 to $0.48 and consolidated same store sales to increase in the range of 1 to 3%. Analysts currently expect third quarter earnings of $0.47 per share.

The Company expects to open approximately 27 new DICK'S Sporting Goods stores and relocate five DICK'S Sporting Goods stores in the third quarter of 2015. The Company also expects to open seven new Field & Stream stores in the third quarter of 2015.

For fiscal 2015, the company raised its earnings per share to a range of $3.13 to 3.21 from its previous range of $3.12 to $3.20 per share. Analysts expect annual earnings of $3.19 per share. The Company's earnings per share guidance contemplates the $150 million of share repurchases executed in the first quarter of 2015.

The company continues to expect consolidated same store sales to increase 1 to 3%.

The Company expects to open 44 new DICK'S Sporting Goods stores and relocate seven DICK'S Sporting Goods stores in 2015. The Company also expects to open nine new Field & Stream stores and relocate one Golf Galaxy store in 2015.