20/05/2015

DICK'S Sporting Goods Reports First Quarter Results; Raises Low End of Full Year Guidance

- Consolidated earnings per diluted share totaled $0.53 during the first quarter of 2015, at the high end of guidance of $0.49 to 0.53
- Consolidated same store sales for the first quarter increased 1.0%
- Company repurchased $150 million of common stock and also declared a $0.1375 per share quarterly dividend
- Company raises the low end of its full year 2015 earnings per diluted share guidance to $3.12 to 3.20, up from $3.10 to 3.20 previously

PITTSBURGH, May 19, 2015 -- DICK'S Sporting Goods, Inc. (NYSE: DKS), the largest U.S. based full-line omni-channel sporting goods retailer, today reported sales and earnings results for the first quarter ended May 2, 2015.

First Quarter Results

The Company reported consolidated net income for the first quarter ended May 2, 2015 of $63.3 million, or $0.53 per diluted share, compared to the Company's expectations provided on March 3, 2015 of $0.49 to 0.53 per diluted share. For the first quarter ended May 3, 2014, the Company reported consolidated non-GAAP net income of $61.3 million, or $0.50 per diluted share, excluding a gain on the sale of an asset.

On a GAAP basis, the Company reported consolidated net income for the first quarter ended May 3, 2014 of $70.0 million, or $0.57 per diluted share. The GAAP to non-GAAP reconciliation is included in a table later in the release under the heading "Non-GAAP Net Income and Earnings Per Share Reconciliations."

Net sales for the first quarter of 2015 increased 8.8% to approximately $1.6 billion. Consolidated same store sales increased 1.0%, compared to the Company's guidance of approximately flat to an increase of 2%. Same store sales for DICK'S Sporting Goods increased 1.8%, while Golf Galaxy decreased 11.0%. First quarter 2014 consolidated same store sales increased 1.5%.

"We are pleased with our first quarter results as we generated earnings at the high end of our expectations, despite a slow start to the spring season," said Edward W. Stack, Chairman and CEO. "I am confident in our full year outlook as we remain focused on growing our business through driving store productivity, adding new stores in new and underpenetrated markets, expanding and controlling our eCommerce business, and further developing our Field & Stream specialty concept."

Omni-channel Development

eCommerce penetration for the first quarter of 2015 was 8.5% of total sales, compared to 7.0% during the first quarter of 2014.

In the first quarter, the Company opened nine new DICK'S Sporting Goods stores and one new Field & Stream store. The Company also relocated one DICK'S Sporting Goods store and one Golf Galaxy store. As of May 2, 2015, the Company operated 612 DICK'S Sporting Goods stores in 46 states, with approximately 32.7 million square feet, 78 Golf Galaxy stores in 29 states, with approximately 1.4 million square feet and eleven Field & Stream stores in six states, with approximately 0.6 million square feet.

Store count, square footage and new stores are listed in a table later in the release under the heading "Store Count and Square Footage."

Balance Sheet

The Company ended the first quarter of 2015 with approximately $81 million in cash and cash equivalents and approximately $51 million in outstanding borrowings under its revolving credit facility. Over the course of the last 12 months, the Company utilized capital to invest in omni-channel growth and returned over $385 million to shareholders through share repurchases and quarterly dividends. Total inventory increased 9.7% at the end of the first quarter of 2015 as compared to the end of the first quarter of 2014.

Capital Allocation

In the first quarter of 2015, the Company repurchased approximately 2.6 million shares of its common stock at an average cost of $57.09 per share, for a total cost of $150 million. Since starting its $1 billion share repurchase authorization at the beginning of fiscal 2013, the Company has repurchased over $605 million of common stock, and has approximately $395 million remaining under the authorization.

On May 14, 2015, the Company's Board of Directors authorized and declared a quarterly dividend in the amount of $0.1375 per share on the Company's Common Stock and Class B Common Stock. The dividend is payable in cash on June 30, 2015 to stockholders of record at the close of business on June 12, 2015.

Current 2015 Outlook

The Company's current outlook for 2015 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 2015

Based on an estimated 118 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $3.12 to 3.20. The Company's earnings per share guidance contemplates the $150 million of share repurchases executed in the first quarter of 2015. For the 52 weeks ended January 31, 2015, the Company reported non-GAAP consolidated earnings per diluted share of $2.87, excluding a gain on the sale of an asset and golf restructuring charges. On a GAAP basis, the Company reported consolidated earnings per diluted share of $2.84 for the 52 weeks ended January 31, 2015.

Consolidated same store sales are currently expected to increase 1 to 3%, compared to a 2.4% increase in fiscal 2014.

The Company expects to open approximately 45 new DICK'S Sporting Goods stores and relocate seven DICK'S Sporting Goods stores in 2015. The Company also expects to open approximately nine Field & Stream stores and relocate one Golf Galaxy store in 2015.

Second Quarter 2015

Based on an estimated 118 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $0.73 to 0.76 in the second quarter of 2015, compared to second quarter 2014 non-GAAP consolidated earnings per diluted share of $0.67, excluding golf restructuring charges. On a GAAP basis, the Company reported consolidated earnings per diluted share of $0.57 in the second quarter of 2014.

Consolidated same store sales are currently expected to be approximately flat to an increase of 2% in the second quarter of 2015, as compared to a 3.2% increase in the second quarter of 2014.

The Company expects to open approximately seven new DICK'S Sporting Goods stores and one new Field & Stream store in the second quarter of 2015.

Capital Expenditures

In 2015, the Company anticipates capital expenditures to be approximately $245 million on a net basis and approximately $365 million on a gross basis. In 2014, capital expenditures were approximately $247 million on a net basis and approximately $349 million on a gross basis.

Conference Call Info

The Company will host a conference call today at 10:00 a.m. Eastern Time to discuss the first quarter results. Investors will have the opportunity to listen to the earnings conference call over the internet through the Company's website located at investors.DICKS.com. To listen to the live call, please go to the website at least fifteen minutes early to register and download and install any necessary audio software.

In addition to the webcast, the call can be accessed by dialing (877) 443-5743 (domestic callers) or (412) 902-6617 (international callers) and requesting the "DICK'S Sporting Goods Earnings Call."

For those who cannot listen to the live webcast, it will be archived on the Company's website for approximately 30 days. In addition, a dial-in replay of the call will be available. To listen to the replay, investors should dial (877) 344-7529 (domestic callers) or (412) 317-0088 (international callers) and enter confirmation code 10064849. The dial-in replay will be available for approximately 30 days following the live call.

Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties

Except for historical information contained herein, the statements in this release or otherwise made by our management in connection with the subject matter of this release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond our control. Our future performance and financial results may differ materially from those included in any such forward-looking statements and such forward-looking statements should not be relied upon by investors as a prediction of actual results. You can identify these statements as those that may predict, forecast, indicate or imply future results, performance or advancements and by forward-looking words such as "believe", "anticipate", "expect", "estimate", "predict", "intend", "plan", "project", "goal", "will", "will be", "will continue", "will result", "could", "may", "might" or other words with similar meanings. Forward-looking statements include statements regarding, among other things, the Company's future performance, number of shares outstanding, inventory position, growth in the omni-channel network, number of new store openings and capital expenditures.

The following factors, among others, in some cases have affected and, in the future, could affect our financial performance and actual results, and could cause actual results for fiscal years 2015, 2016, 2017 and beyond to differ materially from those expressed or implied in any forward-looking statements included in this release or otherwise made by our management: Changes in consumer discretionary spending; competition in the sporting goods industry; changes in consumer demand or shopping patterns; limitations on the availability of attractive retail store sites; omni-channel growth and our development of an eCommerce platform; unauthorized disclosure of sensitive or confidential customer information; risks relating to our private brand offerings and new retail concepts; disruptions with our eCommerce service provider or our information systems; access to adequate capital; changing laws and regulations affecting our business including the regulation of consumer products, firearms and ammunition; factors affecting our vendors, including supply chain and currency risks; litigation risks; talent needs and the loss of Edward W. Stack, our Chairman and Chief Executive Officer; protection of our intellectual property; disruption at our distribution facilities; disruptions of our information systems; developments with sports leagues, professional athletes or sports superstars; weather and seasonality of our business; regional risks; risks associated with strategic investments or acquisitions; risks associated with being a controlled company; our anti-takeover provisions; our current intention to issue quarterly cash dividends; and our share repurchase activity, if any.

Known and unknown risks and uncertainties are more fully described in the Company's Annual Report on Form 10-K for the year ended January 31, 2015 as filed with the Securities and Exchange Commission ("SEC") on March 27, 2015 and in other reports filed with the SEC. In addition, we operate in a highly competitive and rapidly changing environment; therefore, new risk factors can arise, and it is not possible for management to predict or assess the impact of all such risk factors. Forward-looking statements included in this release are made as of the date of this release. We do not assume any obligation and do not intend to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the securities laws.

About DICK'S Sporting Goods, Inc.

Founded in 1948, DICK'S Sporting Goods, Inc. is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of May 2, 2015, the Company operated more than 610 DICK'S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated associates, in-store services and unique specialty shop-in-shops dedicated to Team Sports, Athletic Apparel, Golf, Lodge/Outdoor, Fitness and Footwear.

Headquartered in Pittsburgh, PA, DICK'S also owns and operates Golf Galaxy, Field & Stream and True Runner specialty stores. DICK'S offers its products through a content-rich eCommerce platform that is integrated with its store network and provides customers with the convenience and expertise of a 24-hour storefront. DICK'S Sporting Goods, Inc. news releases are available at investors.DICKS.com. The Company's website is not part of this release.

Investor Relations: Anne-Marie Megela, Vice President – Treasury Services and Investor Relations, or Nathaniel A. Gilch, Director of Investor Relations/ DICK'S Sporting Goods, Inc./ investors@dcsg.com/ (724) 273-3400

Media Relations: (724) 273-5552 or press@dcsg.com

DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)



13 Weeks Ended


May 2,
 2015

% of 
Sales (1)

May 3,
 2014

% of
Sales









Net sales

$
1,565,308


100.00
%

$
1,438,908


100.00
%
Cost of goods sold, including occupancy and
distribution costs

1,096,320


70.04


998,025


69.36










GROSS PROFIT

468,988


29.96


440,883


30.64










Selling, general and administrative expenses

360,736


23.05


322,589


22.42

Pre-opening expenses

6,340


0.41


6,206


0.43










INCOME FROM OPERATIONS

101,912


6.51


112,088


7.79










Interest expense

634


0.04


610


0.04

Other income

(2,150)


(0.14)


(2,364)


(0.16)










INCOME BEFORE INCOME TAXES

103,428


6.61


113,842


7.91










Provision for income taxes

40,083


2.56


43,858


3.05










NET INCOME

$
63,345


4.05
%

$
69,984


4.86
%









EARNINGS PER COMMON SHARE:








Basic

$
0.54




$
0.58



Diluted

$
0.53




$
0.57












WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:








Basic

117,044




121,138



Diluted

118,906




123,360












Cash dividend declared per share

$
0.1375




$
0.1250












(1) Column does not add due to rounding











DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(Dollars in thousands)



May 2,
 2015

May 3,
 2014

January 31,
 2015
ASSETS






CURRENT ASSETS:






Cash and cash equivalents

$
81,409


$
139,372


$
221,679

Accounts receivable, net

63,871


66,479


80,292

Income taxes receivable

5,748


6,861


14,293

Inventories, net

1,623,753


1,480,724


1,390,767

Prepaid expenses and other current assets

108,773


93,751


91,767

Deferred income taxes

45,555


33,715


51,586

Total current assets

1,929,109


1,820,902


1,850,384








Property and equipment, net

1,220,471


1,077,254


1,203,382

Intangible assets, net

110,179


97,795


110,162

Goodwill

200,594


200,594


200,594

Other assets:






Deferred income taxes

812


2,606


1,862

Other

73,863


70,286


69,814

Total other assets

74,675


72,892


71,676

TOTAL ASSETS

$
3,535,028


$
3,269,437


$
3,436,198








LIABILITIES AND STOCKHOLDERS' EQUITY






CURRENT LIABILITIES:






Accounts payable

$
777,800


$
701,005


$
614,511

Accrued expenses

275,561


273,761


283,828

Deferred revenue and other liabilities

149,974


134,406


172,259

Income taxes payable

25,176


34,914


47,698

Current portion of other long-term debt and leasing obligations

539


459


537

Total current liabilities

1,229,050


1,144,545


1,118,833

LONG-TERM LIABILITIES:






Revolving credit borrowings

51,200





Other long-term debt and leasing obligations

5,781


6,356


5,913

Deferred income taxes

42,902


25,965


44,494

Deferred revenue and other liabilities

462,974


357,359


434,733

Total long-term liabilities

562,857


389,680


485,140

COMMITMENTS AND CONTINGENCIES






STOCKHOLDERS' EQUITY:






Common stock

912


962


932

Class B common stock

249


249


249

Additional paid-in capital

1,029,208


972,338


1,015,404

Retained earnings

1,518,237


1,242,140


1,471,182

Accumulated other comprehensive (loss) income

(42)


31


(73)

Treasury stock, at cost

(805,443)


(480,508)


(655,469)

Total stockholders' equity

1,743,121


1,735,212


1,832,225

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$
3,535,028


$
3,269,437


$
3,436,198










DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(Dollars in thousands)



13 Weeks Ended


May 2,
 2015

May 3,
 2014
CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$
63,345


$
69,984

Adjustments to reconcile net income to net cash provided by operating activities




Depreciation and amortization

42,576


36,859

Deferred income taxes

5,489


(7,661)

Stock-based compensation

7,008


6,705

Excess tax benefit from exercise of stock options

(5,114)


(6,231)

Gain on sale of asset



(14,428)

Other non-cash items

133


145

Changes in assets and liabilities:




Accounts receivable

2,550


(375)

Inventories

(232,986)


(248,659)

Prepaid expenses and other assets

(16,878)


(14,407)

Accounts payable

163,478


168,833

Accrued expenses

(9,365)


(2,729)

Income taxes payable / receivable

(8,914)


21,743

Deferred construction allowances

40,579


24,002

Deferred revenue and other liabilities

(16,393)


(19,857)

Net cash provided by operating activities

35,508


13,924

CASH FLOWS FROM INVESTING ACTIVITIES:




Capital expenditures

(65,724)


(63,918)

Proceeds from sale of other assets



73,392

Deposits and purchases of other assets

(406)


(4)

Net cash (used in) provided by investing activities

(66,130)


9,470

CASH FLOWS FROM FINANCING ACTIVITIES:




Revolving credit borrowings

124,300



Revolving credit repayments

(73,100)



Payments on other long-term debt and leasing obligations

(130)


(560)

Construction allowance receipts




Proceeds from exercise of stock options

9,245


7,945

Excess tax benefit from exercise of stock options

5,115


6,240

Minimum tax withholding requirements

(7,507)


(7,499)

Cash paid for treasury stock

(150,000)


(25,000)

Cash dividend paid to stockholders

(17,413)


(16,619)

Decrease in bank overdraft

(189)


(30,267)

Net cash used in financing activities

(109,679)


(65,760)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

31


7

NET DECREASE IN CASH AND CASH EQUIVALENTS

(140,270)


(42,359)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

221,679


181,731

CASH AND CASH EQUIVALENTS, END OF PERIOD

$
81,409


$
139,372



Store Count and Square Footage
The stores that opened during the first quarter of 2015 are as follows:

Store

Market

Concept
Santa Rosa, CA

Santa Rosa

DICK'S Sporting Goods
Goldsboro, NC

Goldsboro

DICK'S Sporting Goods
Boise, ID

Boise

DICK'S Sporting Goods
Marietta, GA

Atlanta

DICK'S Sporting Goods
Brooksville, FL

Tampa

DICK'S Sporting Goods
Washington, MO

St. Louis

DICK'S Sporting Goods
Twin Falls, ID

Twin Falls

DICK'S Sporting Goods
Burlington, IA

Burlington

DICK'S Sporting Goods
Moline, IL

Quad Cities

DICK'S Sporting Goods
Troy, MI

Detroit

Field & Stream

The following represents a reconciliation of beginning and ending stores and square footage for the periods indicated:

Store Count:


Fiscal 2015

Fiscal 2014


DICK'S
Sporting
Goods

Specialty Store
Concepts
(1)

Total

DICK'S
Sporting
Goods

Specialty Store
Concepts
(1)

Total
Beginning stores

603

91

694

558

84

642
Q1 New stores

9

1

10

8


8
Ending stores

612

92

704

566

84

650













Relocated stores

1

1

2

1

1

2














Square Footage:(in millions)


DICK'S
Sporting
Goods

Specialty Store
Concepts
(1)

Total
Q1 2014

30.6

1.5

32.1
Q2 2014

30.9

1.6

32.5
Q3 2014

32.0

2.0

34.0
Q4 2014

32.3

1.9

34.2
Q1 2015

32.7

2.0

34.7

(1) Includes the Company's Golf Galaxy, Field & Stream and True Runner stores.


Non-GAAP Financial Measures

In addition to reporting the Company's financial results in accordance with generally accepted accounting principles ("GAAP"), the Company believes that certain non-GAAP financial information provides users of the Company's financial information with additional useful information in evaluating operating performance between reporting periods. These measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. A reconciliation of the Company's non-GAAP measures to the most directly comparable GAAP financial measures are provided below and on the Company's website at investors.DICKS.com.

Non-GAAP Net Income and Earnings Per Share Reconciliations:
(in thousands, except per share data):



Fiscal 2014


13 Weeks Ended May 3, 2014









As Reported

Gain on Sale
of Asset

Non-GAAP
Total
Net sales

$
1,438,908


$


$
1,438,908

Cost of goods sold, including occupancy and distribution costs

998,025




998,025








GROSS PROFIT

440,883




440,883








Selling, general and administrative expenses

322,589


14,428


337,017

Pre-opening expenses

6,206




6,206








INCOME FROM OPERATIONS

112,088


(14,428)


97,660








Interest expense

610




610

Other income

(2,364)




(2,364)








INCOME BEFORE INCOME TAXES

113,842


(14,428)


99,414








Provision for income taxes

43,858


(5,771)


38,087








NET INCOME

$
69,984


$
(8,657)


$
61,327








EARNINGS PER COMMON SHARE:






Basic

$
0.58




$
0.51

Diluted

$
0.57




$
0.50








WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:






Basic

121,138




121,138

Diluted

123,360




123,360



During the first quarter of 2014, the Company recorded a pre-tax $14.4 million gain on sale of a Gulfstream G650 corporate aircraft. The provision for income taxes was calculated at 40%, which approximates the Company's blended tax rate.




Fiscal 2014


13 Weeks Ended August 2, 2014









As Reported

Golf
Restructuring
Charges

Non-GAAP
Total
Net sales

$
1,688,890


$


$
1,688,890

Cost of goods sold, including occupancy and
distribution costs

1,186,334


(2,405)


1,183,929








GROSS PROFIT

502,556


2,405


504,961








Selling, general and administrative expenses

383,054


(17,960)


365,094

Pre-opening expenses

7,940




7,940








INCOME FROM OPERATIONS

111,562


20,365


131,927








Interest expense

763




763

Other income

(2,013)




(2,013)








INCOME BEFORE INCOME TAXES

112,812


20,365


133,177








Provision for income taxes

43,345


8,146


51,491








NET INCOME

$
69,467


$
12,219


$
81,686








EARNINGS PER COMMON SHARE:






Basic

$
0.58




$
0.68

Diluted

$
0.57




$
0.67








WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:






Basic

119,950




119,950

Diluted

121,840




121,840



During the second quarter of 2014, the Company recorded pre-tax restructuring charges of $20.4 million including a $14.3 million non-cash impairment of trademarks and store assets, severance charges of $3.7 million resulting from the elimination of specific staff in the golf area of its DICK'S stores and consolidation of DICK'S golf and Golf Galaxy corporate and administrative functions, and a $2.4 million write-down of excess golf inventories. The provision for income taxes was calculated at 40%, which approximates the Company's blended tax rate.




Fiscal 2014


52 Weeks Ended January 31, 2015











As Reported

Gain on Sale
of Asset

Golf
Restructuring
Charges

Non-GAAP
Total
Net sales

$
6,814,479


$


$


$
6,814,479

Cost of goods sold, including occupancy and
distribution costs

4,727,813




(2,405)


4,725,408










GROSS PROFIT

2,086,666




2,405


2,089,071










Selling, general and administrative expenses

1,502,089


14,428


(17,960)


1,498,557

Pre-opening expenses

30,518






30,518










INCOME FROM OPERATIONS

554,059


(14,428)


20,365


559,996










Interest expense

3,215






3,215

Other income

(5,170)






(5,170)










INCOME BEFORE INCOME TAXES

556,014


(14,428)


20,365


561,951










Provision for income taxes

211,816


(5,771)


8,146


214,191










NET INCOME

$
344,198


$
(8,657)


$
12,219


$
347,760










EARNINGS PER COMMON SHARE:








Basic

$
2.89






$
2.92

Diluted

$
2.84






$
2.87










WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:








Basic

119,244






119,244

Diluted

121,238






121,238



During the first quarter of 2014, the Company recorded a pre-tax $14.4 million gain on sale of a Gulfstream G650 corporate aircraft. During the second quarter of 2014, the Company recorded pre-tax restructuring charges of $20.4 million including a $14.3 million non-cash impairment of trademarks and store assets, severance charges of $3.7 million resulting from the elimination of specific staff in the golf area of its DICK'S stores and consolidation of DICK'S golf and Golf Galaxy corporate and administrative functions, and a $2.4 million write-down of excess golf inventories. The provision for income taxes for the aforementioned adjustments were calculated at 40%, which approximates the Company's blended tax rate.


Adjusted EBITDA

Adjusted EBITDA should not be considered as an alternative to net income or any other generally accepted accounting principles measure of performance or liquidity. Adjusted EBITDA, as the Company has calculated it, may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA is a key metric used by the Company that provides a measurement of profitability that eliminates the effect of changes resulting from financing decisions, tax regulations, capital investments and certain non-recurring, infrequent or unusual items.

13 Weeks Ended


May 2,
 2015

May 3,
 2014


(dollars in thousands)
Net income

$
63,345


$
69,984

Provision for income taxes

40,083


43,858

Interest expense

634


610

Depreciation and amortization

42,576


36,859

EBITDA

$
146,638


$
151,311

Less: Gain on sale of asset



(14,428)

Adjusted EBITDA, as defined

$
146,638


$
136,883






% increase in adjusted EBITDA

7
%



Reconciliation of Gross Capital Expenditures to Net Capital Expenditures The following table represents a reconciliation of the Company's gross capital expenditures to its capital expenditures, net of tenant allowances

13 Weeks Ended


May 2,
 2015

May 3,
 2014


(dollars in thousands)
Gross capital expenditures

$
(65,724)


$
(63,918)

Proceeds from sale-leaseback transactions




Deferred construction allowances

40,579


24,002

Construction allowance receipts




Net capital expenditures

$
(25,145)


$
(39,916)




SOURCE DICK'S Sporting Goods, Inc. through PRNewswire by press release
http://www.dickssportinggoods.com

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