Dick's Sporting Goods reports EPS in-line, revs in-line; guides Q2 EPS above consensus; reaffirms FY18 EPS guidance, lowers comps:
- Reports Q1 (Apr) earnings of $0.54 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.54; revenues rose 9.9% year/year to $1.83 bln vs the $1.83 bln Capital IQ Consensus.
- Comps +2.4% vs. +3-4% guidance.
- Co issues upside guidance for Q2, sees EPS of $1.02-1.07, excluding non-recurring items, vs. $0.99 Capital IQ Consensus Estimate; comps +2-3%.
- Co reaffirms guidance for FY18, sees EPS of $3.65-3.75 vs. $3.72 Capital IQ Consensus Estimate; lowers comps to +1-3% from +2-3%.
- eCommerce sales increased 11.0%. eCommerce penetration for the first quarter of 2017 was 9.3% of total net sales, compared to 9.2% during the first quarter of 2016.
- "In the first quarter, we generated non-GAAP earnings per diluted share near the high end of our guidance. Despite a challenging retail environment, we realized growth across each of our three primary categories of hardlines, apparel and footwear, and were pleased with the performance of our newly relaunched eCommerce site," said Edward W. Stack, Chairman and Chief Executive Officer. "We remain optimistic as we drive profitable growth on our new eCommerce platform, make marked progress on our new merchandising strategy and continue to capture market share."
- As of April 29, 2017, the Company operated 691 DICK'S Sporting Goods stores in 47 states, with ~36.8 million square feet, 98 Golf Galaxy stores in 32 states, with ~2.1 million square feet, and 29 Field & Stream stores in 14 states, with ~1.4 million square feet
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