Dick's Sporting Goods, Inc. reported third-quarter profits grew 20.9 percent, to $50.1 million, or 40 cents per share, exceeding the company's guidance provided in mid-August calling for 36 cents a share. Fourth quarter 2012 Capital expenditures
The figure excludes the favorable impact of lower litigation settlement costs. On a GAAP basis, the company reported consolidated net income for the third quarter ended Oct. 29, 2011 of $41.5 million, or 33 cents per diluted share. For the third quarter ended Oct. 29, 2011, the company reported consolidated non-GAAP net income of $40.2 million, or 32 cents per diluted share,
Net sales for the third quarter of 2012 increased by 11.2 percent to $1.3 billion due primarily to a 5.1 percent increase in consolidated same store sales and the growth of the company's store network. The 5.1 percent consolidated same-store sales increase consisted of a 3.9 percent increase at Dick's Sporting Goods stores, a 2.3 percent increase at Golf Galaxy and a 46.7 percent increase in the e-commerce business.
“We generated record results in the third quarter, exceeding our original sales and earnings expectations,” said Edward W. Stack, Chairman and CEO. “By growing our store base, partnering with our brands, aggressively building out our omni-channel capabilities and executing our strategic marketing plan, we are driving continued profitable growth.”
In the third quarter, the company opened 21 Dick's Sporting Goods stores.
As of the end of the third quarter, the company operated 511 Dick's Sporting Goods stores in 44 states, with approximately 27.9 million square feet and 81 Golf Galaxy stores in 30 states, with approximately 1.3 million square feet.
In the beginning of the fourth quarter, the company opened seven new Dick's Sporting Goods stores, relocated one Dick's Sporting Goods store and repositioned one Golf Galaxy store.
The company has now completed its 2012 store development program, opening a total of 38 new Dick's Sporting Goods stores, relocating five Dick's Sporting Goods stores and repositioning one Golf Galaxy store.
The company ended the third quarter of 2012 with $294 million in cash and cash equivalents and did not have any outstanding borrowings under its $500 million revolving credit facility. At the end of the third quarter of 2011, the company had $483 million in cash and cash equivalents and did not have any outstanding borrowings under its credit facility. Over the course of the past twelve months, the company has utilized capital to fund its share repurchase program, pay quarterly dividends, purchase its store support center, invest in JJB Sports, acquire intellectual property rights to the Top-Flite and Field & Stream brands, and build a distribution center.
The inventory per square foot was 4.0 percent higher at the end of the third quarter of 2012 as compared to the end of the third quarter of 2011.
The company reported consolidated non-GAAP net income for the 39 weeks ended October 27, 2012 of $188.6 million, or $1.50 per diluted share. For the 39 weeks ended October 29, 2011, the company reported consolidated non-GAAP net income of $142.8 million, or $1.14 per diluted share.
On a GAAP basis, the company reported consolidated net income for the 39 weeks ended Oct. 27, 2012 of $161.0 million, or $1.28 per diluted share. For the 39 weeks ended Oct. 29, 2011, the company reported consolidated net income of $152.8 million, or $1.22 per diluted share.
Net sales for the 39 weeks ended Oct. 27, 2012 increased 12.0 percent from last year's period to $4.0 billion primarily due to a 5.6 percent increase in consolidated same store sales and the growth of the company's store network.
Current 2012 outlook
share for the 14(th) week. On a 13-week basis, earnings per diluted share are expected to be $1.00 to 1.02. In the fourth quarter of 2011, the company reported consolidated earnings per diluted share of $0.88.
approximately $235 million on a gross basis and approximately $190 million on a net basis.
Fourth quarter 2012
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
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13 Weeks Ended
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Cash dividend declared per share