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|Dick's Sporting Goods Reports Second Quarter Results; Exceeds Expectations|
Second Quarter Results
The Company reported consolidated non-GAAP net income for the second quarter ended
On a GAAP basis, the Company reported consolidated net income for the second quarter ended
Net sales for the second quarter of 2012 increased by 10.0% to
"We have delivered another exceptional quarter, and are on track to post strong full-year performance for 2012," said
In the second quarter, the Company opened four
The Company ended the second quarter of 2012 with
The inventory per square foot was 4.2% higher at the end of the second quarter of 2012 as compared to the end of the second quarter of 2011.
The Company reported consolidated non-GAAP net income for the 26 weeks ended
On a GAAP basis, the Company reported consolidated net income for the 26 weeks ended
Net sales for the first half of 2012 increased 12.3% from the first half of 2011 to
Investment in JJB
In the second quarter, the Company recorded a pre-tax impairment charge of
"Since making our investment in JJB, and as publicly announced, JJB's performance has materially deteriorated from its expectations, partly due to a worsening macro environment in
Field & Stream
Current 2012 Outlook
The Company's current outlook for 2012 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as described later in this release. Although the Company believes that the expectations and other comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations or comments will prove to be correct.
Conference Call Info
The Company will be hosting a conference call today at
In addition to the webcast, the call can be accessed by dialing (866) 652-5200 (domestic callers) or (412) 317-6060 (international callers) and requesting the "Dick's Sporting Goods Earnings Call."
For those who cannot listen to the live webcast, it will be archived on the Company's website for 30 days. In addition, a dial-in replay of the call will be available. To listen to the replay, investors should dial (877) 344-7529 (domestic callers) or (412) 317-0088 (international callers) and enter confirmation code 10016648. The dial-in replay will be available for 30 days following the live call.
Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties
Except for historical information contained herein, the statements in this release or otherwise made by our management in connection with the subject matter of this release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond our control. Our future performance and financial results may differ materially from those included in any such forward-looking statements and such forward-looking statements should not be relied upon by investors as a prediction of actual results. You can identify these statements as those that may predict, forecast, indicate or imply future results, performance or advancements and by forward-looking words such as "believe", "anticipate", "expect", "estimate", "predict", "intend", "plan", "project", "goal", "will", "will be", "will continue", "will result", "could", "may", "might" or other words with similar meanings. Forward-looking statements includes statements regarding, among other things, our expectations regarding full year performance, profitable growth, investing in new stores, developing omni-channel capabilities and increasing margins, the benefits of the Field & Stream acquisition, and expectations on earnings and capital expenditures.
The following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results, and could cause actual results for fiscal 2012 and beyond to differ materially from those expressed or implied in any forward-looking statements included in this release or otherwise made by our management: continuation of the ongoing economic and financial downturn that may cause a continued decline in consumer spending and other changes in macroeconomic factors or market conditions that impact consumer spending or shopping patterns, particularly for the types of merchandise that we sell; changes in the general economic and business conditions and in the specialty retail or sporting goods industry in particular; fluctuations in our quarterly operating results or same store sales; volatility in our stock price; our ability to access adequate capital; competition in the sporting goods industry; limitations on the availability of attractive store locations; inability to manage our growth, open new stores on a timely basis or expand successfully in new and existing markets; changes in consumer demand; unauthorized disclosure of sensitive, personal or confidential information; disruptions in our or our vendors' supply chains; our relationships with our vendors; factors affecting our vendors, including potential increases in the costs of products, their ability to maintain their inventory and production levels and their ability or willingness to provide us with sufficient quantities of products at acceptable prices; factors that could negatively affect our private brand offerings; risks and costs relating to the products we sell, including product liability claims, and the availability of recourse to third parties, including our insurance policies, product recalls and the regulation of and other hazards associated with certain products we sell, such as hunting rifles and ammunition; the loss of our key executives, especially
Known and unknown risks and uncertainties are more fully described in the Company's Annual Report on Form 10-K for the year ended
Store Count and Square Footage
The stores that opened during the second quarter of 2012 are as follows:
The following represents a reconciliation of beginning and ending stores and square footage for the periods indicated:
Non-GAAP Financial Measures
In addition to reporting the Company's financial results in accordance with generally accepted accounting principles ("GAAP"), the Company provides information regarding net income and earnings per diluted share adjusted, to exclude an impairment charge in the 13 and 26 weeks ended
Adjusted EBITDA should not be considered as an alternative to net income or any other generally accepted accounting principles measure of performance or liquidity. Adjusted EBITDA, as the Company has calculated it, may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA is a key metric used by the Company that provides a measurement of profitability that eliminates the effect of changes resulting from financing decisions, tax regulations and capital investments.
Reconciliation of Gross Capital Expenditures to Net Capital Expenditures
The following table represents a reconciliation of the Company's gross capital expenditures to its capital expenditures, net of tenant allowances.
New Store Productivity Calculation
The following calculations represent: (1) the new store productivity calculation on a consolidated basis; and (2) the new store productivity calculation for