Dick's Profit Jumps 43 Percent

Published by: Dave Simmons on 16th Aug 2011 | View all blogs by Dave Simmons
Dick's Profit Jumps 43 Percent

Dick's Sporting Goods released its second-quarter results Tuesday,posting a 43 percent increase in profits thanks to strong growth in sales online.  The retailer also upgraded its full-year outlook based on the positive results.  For the three months ended July 30th, the company earned $73.8 million, or 59 cents a share, up from 2Q 2010 earnings of $51.5 million, 43 cents a share.  Revenue for the May-July period came in at $1.31 billion, 7 percent higher than the company's total revenue of $1.23 billion in the same period a year ago.

Excluding a one-time gain during the period, earnings were 52 cents a share, topping analysts' expectations of 50 cents a share in a recent FactSet survey.  The analysts had forecast higher revenue, however, at an average of $1.32 billion.  Shares of the sporting goods retailer fell slightly, dropping less than half-a-percent.

Dick's revenue from stores open at least a year rose 2.5 percent, mainly due to a 31.9 percent rise in online sales, which are included in the same store numbers.  Same store revenue is considered a key indicator of a retailer's performance because it excludes data from newly opened locations and stores that closed during the period.  At the end of July, Dick's had 455 of its flagship sporting goods stores located in 42 states, as well as 81 Golf Galaxy stores across 30 states.

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