Dick's Sporting Goods beats by $0.14, misses on revs; raises FY19 EPS in-line; Q2 adjusted comps -4.0%; sees FY19 comps (4%) - (3%) versus prior guidance of flat to low single digit decline
- Reports Q2 (Jul) earnings of $1.20 per share, $0.14 better than the S&P Capital IQ Consensus of $1.06; revenues rose 0.9% year/year to $2.18 bln vs the $2.24 bln S&P Capital IQ Consensus. "Adjusted for the calendar shift due to the 53rd week in 2017, which we believe is the best view of the business, consolidated same store sales decreased 4.0% on a 13-week to 13-week comparable basis. Based on an unshifted calendar, consolidated same store sales for the second quarter decreased 1.9%. Second quarter 2017 consolidated same store sales increased 0.1%."
- Co issues raised guidance for FY19, sees EPS of $3.02-3.20 from $2.92-3.12 vs. $3.08 S&P Capital IQ Consensus. Consolidated same store sales are currently expected to decline 3% to 4% on a 52-week to 52-week comparative basis, compared to a decline of 0.3% in 2017 (prior guidance called for flat to low single digit decline).
- "In addition, we experienced continued significant declines in Under Armour (UA, UAA) sales as a result of their decision to expand distribution. We are very confident our sales trajectory will improve next year as these headwinds are expected to subside