Dick's Sporting Goods beats by $0.01, beats on revs; guides Q3 EPS midpoint below consensus; reaffirms FY15 guidance
Reports Q2 (Jul) adj. earnings of $0.67 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.66; revenues rose 10.3% year/year to $1.69 bln vs the $1.65 bln consensus.
Co reaffirms guidance for FY15, sees EPS of $2.70-2.85 vs. $2.77 Capital IQ Consensus; comps +1.3%.
- Consolidated same store sales increased 3.2%, compared to the Company's guidance of an ~1 to 3% increase. Same store sales for DICK'S Sporting Goods increased 4.1%, while Golf Galaxy decreased 9.3%. Second quarter 2013 consolidated same store sales decreased 0.4%, adjusted for the shifted retail calendar due to the 53rd week in 2012.
- eCommerce penetration for the second quarter of 2014 was 6.3% of total sales, compared to 5.6% in the second quarter last year.
- In Q2, the co recorded pre-tax charges totaling $20.4 million related to the restructuring of its golf business. These actions were taken to align the cost structure with current and expected trends in golf.
Co reaffirms guidance for FY15, sees EPS of $2.70-2.85 vs. $2.77 Capital IQ Consensus; comps +1.3%.