Dick's Sporting Goods, Inc. has reacted to a number of negative reports from other sporting goods retailers this week and re-affirmed its outlook previously provided for the second fiscal quarter of 2004.
As originally provided in the Company's first quarter earnings press release, the outlook for the second quarter remains as follows:
- Based on an estimated 52.5 million fully-diluted shares outstanding, EPS for the second quarter is expected to be $0.32 – 0.33 per diluted share, a 3 – 6% increase over the prior year's second quarter EPS of $0.31. Last year's second quarter included $0.02 per fully-diluted share of gain from the sale of stock of our third-party internet commerce service provider, while this year's second quarter estimate includes $0.01 per fully-diluted share of expenses for the relocation of a store.
- Net income is expected to be $16.8 – 17.2 million, compared to last year's net income of $15.5 million in the second quarter, an increase of 8 – 11%.
- Comparable store sales are expected to increase 2-3%.
- There were no stores planned to open in the second quarter, however 2 to 3 stores may open during the end of July. The Company expects to relocate three stores during the quarter. Expenses associated with the relocations are expected to be approximately $0.7 million after-tax. These expenses are included in the guidance for net income and EPS above.
