DICK’S Sporting Goods Inc. (DKS) reported better-than-expected earnings for the third quarter of 2018 but revenues came in a bit shy of estimates. The stock climbed over 3% in premarket hours on Wednesday.
Net sales dropped 4.5% to approx. $1.86 billion from the same period last year. Consolidated same-store sales, based on an unshifted calendar, fell 6.1%. After adjusting for the calendar shift due to the 53rd week in 2017, same-store sales fell 3.9%.
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.
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.
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