Rochester, NY 8/21/2009 10:20:06 AM
Dick's Sporting Goods Inc. DKS ,Dick’s Second Quarter Reports: Profit Sagged but Managed Narrowly Beat Wall Street Expectation
Dick's Sporting Goods Inc.
For the quarter ended Aug. 1, the company reported net income of $38.9 million, or 33 cents a share. That’s down 2.5 percent from $39.9 million, or 34 cents a share, a year ago. Wall Street analysts, on average, expected earnings per share of 31 cents, according to FactSet research.
Sales in the quarter grew 4 percent to $1.13 billion from $1.09 billion, mainly driven by new store openings. The company said sales at stores open at least a year during the quarter fell 4 percent, driven by an 11 percent same-store sales decline for the Golf Galaxy chain it bought in 2007.
Based on the company’s second-quarter performance, Dick’s said it expects full-year share earnings to come in at a range between 97 cents and $1.02. That’s up from projections earlier this year of 85 cents to 97 cents.
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