Net income was $37.8 million, or $0.39 per share, compared to $36.9 million, or $0.35 per share, in the prior-year period.
During the quarter, eCommerce sales, adjusted for the calendar shift due to the 53rd week in 2017, rose 16% while eCommerce penetration was approx. 12% of total net sales. The company opened six new DICK’S Sporting Goods stores, completing its store development program for this year.
As of quarter-end, the company had 732 DICK’S Sporting Goods stores in 47 states, 94 Golf Galaxy stores in 32 states, and 35 Field & Stream stores in 16 states. Total inventory grew 0.8% versus last year.
Earnings preview: Weak outlook makes Dick’s Sporting a risky bet ahead of Q3 report
For the full year of 2018, DICK’S Sporting Goods expects consolidated same-store sales to fall 3-4%. The company raised its earnings guidance for the full year and now expects reported EPS to come in the range of $3.15 to $3.25 versus the prior range of $3.02 to $3.20. The retailer expects to incur capital expenditures of approx. $165 million.
The board of directors declared a quarterly cash dividend of $0.225 per common share, payable on December 28, 2018 to shareholders of record as of December 14, 2018.