DICK’S Sporting Goods Inc. (NYSE: DKS) Wednesday reported Q1 earnings and revenue that surpassed street expectations, sending the stock up over 6% during pre-market hours.
Net sales edged up 0.6% to $1.92 billion, slightly above analysts’ estimate of $1.90 billion, even as consolidated same-store sales remained flat year-over-year.
Adjusted net income rose to 62 cents per share from 59 cents per share a year ago, also surpassing the street projection of 59 cents per share.
CEO Edward Stack said, “We were pleased with our start to 2019, delivering higher merchandise margins and first quarter earnings per diluted share above last year. Same-store sales turned positive in March and remained positive in April, as we started to see the benefits of our key strategies and investments.”
eCommerce sales rose 15% during the quarter while eCommerce penetration was approx. 13% of total net sales.
For the full year 2019, Dick’s currently projects EPS to be approximately $3.20 to 3.40. Consolidated same-store sales are currently expected to be slightly positive to an increase of 2%, compared to a 3.1% decrease in 2018.
DICK’S sales have fallen over the past two quarters and the company has been seeing weakness in its hunting segment, mainly due to government restrictions on firearm sales. The retailer has been slowly removing hunting goods from its stores and replacing them with other products.
Comparable sales have also shown a declining trend for the past several quarters. During the fourth quarter earnings announcement, the company had expressed optimism that it would return to positive comp sales in the second quarter of 2019.
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