Dick's Sporting Goods beats by $0.02, reports revs in-line; guides Q1 EPS below consensus; guides FY18 EPS below consensus; raises dividend 12% :
- Reports Q4 (Jan) earnings of $1.32 per share, excluding $0.51/share impairment/inventory write down, $0.02 better than the Capital IQ Consensus of $1.30; revenues rose 10.9% year/year to $2.48 bln vs the $2.48 bln Capital IQ Consensus.
- Consolidated same store sales increased 5.0% compared to the Company's guidance of an approximate 3 to 6% increase. Same store sales for DICK'S Sporting Goods increased 5.3%, while Golf Galaxy increased 13.2%. Fourth quarter 2015 consolidated same store sales decreased 2.5%. "We realized meaningful market share gains and saw growth across each of our three primary categories of hardlines, apparel and footwear."
- Co issues downside guidance for Q1, sees EPS of $0.50-0.55, excluding non-recurring items, vs. $0.61 Capital IQ Consensus Estimate; comps +3-4%
- Co issues downside guidance for FY18, sees EPS of $3.65-3.75, excluding non-recurring items, vs. $3.77 Capital IQ Consensus Estimate; comps +2-3%.
- eCommerce penetration for the fourth quarter of 2016 was 17.9% of total net sales, compared to 15.7% during the fourth quarter of 2015.
- In the fourth quarter, the Company opened three former TSA stores as new DICK'S Sporting Goods stores and closed three DICK'S Sporting Goods stores, 13 Golf Galaxy stores and two True Runner stores. The Company also acquired 30 Golfsmith stores, which are being converted to the Golf Galaxy brand. Ten of the 13 Golf Galaxy store closures were located in close proximity to an acquired Golfsmith store that is better positioned to serve the Company's customers. As of January 28, 2017, the Company operated 676 DICK'S Sporting Goods stores in 47 states, with ~36.0 million square feet, 91 golf specialty stores in 32 states, with ~1.9 million square feet and 27 Field & Stream stores in 13 states, with ~1.3 million square feet.
- Raises dividend 12% to $0.17/share.
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