First quarter 2012 consolidated same store sales increased 8.4 percent. Unshifted consolidated same store sales decreased 1.7 percent, compared to our guidance of approximately flat to a 1 percent increase, consisting of a 1.3 percent decrease at Dick's Sporting Goods and a 7.4 percent decrease at Golf Galaxy. E-commerce penetration was 5.8 percent of total sales.
Net sales for the first quarter of 2013 increased 4.1 percent to $1.3 billion.
The company reported consolidated non-GAAP net income for the first quarter ended May 4, 2013 of $60.5 million, or 48 cents per diluted share, compared to the company's expectations provided on March 11, 2013 of 47 to 49 cents per diluted share. For the first quarter ended April 28, 2012, the company reported consolidated net income of $57.2 million, or 45 cents per diluted share.
On a GAAP basis, the company reported consolidated net income for the first quarter ended May 4, 2013 of $64.8 million, or 52 cents per diluted share. GAAP results include an after-tax increase to net income of $4.3 million, or 4 cents per diluted share, resulting from an estimated partial recovery of its previously impaired JJB investment.
The company reaffirms full-year guidance.
"In the first quarter, we generated earnings in line with our original guidance, but were not pleased with our sales results, which came in below our expectations," said Edward W. Stack, chairman and CEO. "To drive sales and preserve margins in the near-term, we will work with our vendor partners, particularly in golf, to provide value offerings; we will aggressively execute our store remodel program, with approximately 75 percent of the identified stores expected to be completed by the end of the second quarter; and we will continue to tightly manage clearance inventory, which has declined meaningfully."
Stack continued, "Over the long-term, we have significant opportunity to profitably grow our business by doubling the size of our store base, aggressively building our eCommerce business, and further strengthening our Omni-channel platform."
New Stores
In the first quarter, the company opened two new Dick's Sporting Goods stores. As of May 4, 2013, the company operated 520 Dick's Sporting Goods stores in 44 states, with approximately 28.3 million square feet and 81 Golf Galaxy stores in 30 states, with approximately 1.4 million square feet.
Balance SheetThe company ended the first quarter of 2013 with $114 million in cash and cash equivalents as compared to $521 million at the end of the first quarter of 2012. The company did not have any outstanding borrowings under its $500 million revolving credit facility. Over the course of the past twelve months, the company utilized capital to fund shares purchased pursuant to share repurchase programs, pay quarterly dividends, purchase its store support center, acquire intellectual property rights to the Field & Stream brand, build a distribution center and fund its $246 million special dividend.
Inventory per square foot was 2.5 percent higher at the end of the first quarter of 2013 as compared to the end of the first quarter of 2012, while clearance inventory per square foot decreased 7.4 percent during the same period.
Dividend
On May 20, 2013, the company's Board of Directors authorized and declared a quarterly dividend in the amount of $0.125 per share on the company's Common Stock and Class B Common Stock. The dividend is payable in cash on June 28, 2013 to stockholders of record at the close of business on June 7, 2013.
Share Repurchase Program
On March 7, 2013, the company's Board of Directors authorized a five-year share repurchase program of up to $1 billion of the company's common stock. In the first quarter, the company repurchased 1.7 million shares of its common stock at an average cost of $47.41 per share, for a total cost of $80.6 million. The company financed the repurchased shares from cash on hand.
Current 2013 Outlook
The company's current outlook for 2013 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as described later in this release. Although the company believes that the expectations and other comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations or comments will prove to be correct.
Full Year 2013 – (52 Week Year) Comparisons to Fiscal 2012 – (53 Week Year)
Based on an estimated 126 million diluted shares outstanding, the company currently anticipates reporting consolidated non-GAAP earnings per diluted share of approximately $2.84 to 2.86, excluding the partial recovery of a previously impaired asset. For the 53 weeks ended February 2, 2013, the company reported consolidated non-GAAP earnings per diluted share of $2.53, excluding an impairment charge. The 53rd week in fiscal 2012 contributed approximately $0.03 to earnings per diluted share.
Consolidated same store sales are currently expected to increase approximately 2 to 3 percent on a 52-week to 52-week comparative basis, compared to a 4.3 percent increase in fiscal 2012.
The company expects to open approximately 40 new Dick's Sporting Goods stores, relocate one Dick's Sporting Goods store and complete four full and 75 partial remodels of Dick's Sporting Goods stores in 2013. The company also expects to open one new Golf Galaxy store and relocate one Golf Galaxy store in 2013, both of which will be in the new, larger format.
The company expects to open approximately two new True Runner stores and approximately two new Field & Stream stores in 2013.
Second Quarter 2013
Based on an estimated 126 million diluted shares outstanding, the company currently anticipates reporting consolidated earnings per diluted share of approximately $0.75 to 0.77 in the second quarter of 2013, compared to second quarter 2012 non-GAAP earnings per diluted share of $0.65. On a GAAP basis, the company reported consolidated earnings per diluted share of $0.43 in the second quarter of 2012.
Consolidated same store sales adjusted for the shifted calendar, due to the 53rd week in 2012, are currently expected to increase approximately 2 to 3 percent in the second quarter of 2013, or approximately 3.5 to 4.5 percent on an unshifted basis, as compared to a 3.8 percent increase in the second quarter of 2012.
The company expects to open approximately seven new Dick's Sporting Goods stores in the second quarter of 2013.
Capital Expenditures
In 2013, the company anticipates capital expenditures to be approximately $299 million on a gross basis and approximately $258 million on a net basis.
Source Dick's Sporting Goods through SportsOnesource
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