Dick’s reports net income increase in Q1

Dick’s reports net income increase in Q1 | Bicycle Retailer and Industry News Skip to main content Search form Search Follow Bicycle Retailer

Sections+- Industry NewsNorth AmericaInternationalStudies/ReportsRetail NewsOpinionProductsNew ProductsRecallsArchivesClassifiedsCalendarAdvertiseSubscribeContact You are hereHome » Retail News Dick’s reports net income increase in Q1 Published May 21, 2013 by BRAIN Staff

PITTSBURGH, PA (BRAIN) — Dick’s Sporting Goods reported net income of $60.5 million for its fiscal first quarter ended May 4, up 5.8 percent from the comparable period in 2012. Net sales rose 4.1 percent to $1.3 billion, while consolidated same-store sales decreased 3.8 percent compared with a year earlier; these figures were adjusted for the shifted calendar due to a 53rd week in 2012.

Dick's opened two new stores in the first quarter and expects to open approximately 40 new stores in 2013. The company also plans to relocate one Dick’s store, fully remodel four stores and partially renovate 75 stores this year. 

“In the first quarter, we generated earnings in line with our original guidance, but were not pleased with our sales results, which came in below our expectations," said Edward W. Stack, chairman and CEO. “Over the long term, we have significant opportunity to profitably grow our business by doubling the size of our store base, aggressively building our e-commerce business and further strengthening our omni-channel platform.”

For the second quarter, Dick’s projects an increase in consolidated same-store sales of 3.5 to 4.5 percent, compared with a 3.8 percent increase in the second quarter of 2012.

Dick’s sells bikes from such brands as Diamondback, Nishiki and Nirve, as well as cycling apparel, helmets, accessories and car racks, but does not break out its cycling business in earnings reports. 

The company operates 520 stores in 44 states.

 

Topics associated with this article: Earnings/Financial Reports Join the Conversation Related Articles Dick’s posts 10 percent jump in net incomeE-commerce boosts Dick’s Q3 earnings Easton-Bell Doubles Net IncomeShimano Net Income Jumps 44 PercentREI income slumps 3.9 percent for 2012Tough Market Trims Shimano Income ForecastDick's Sales Up 10 Percent Recent News Dick’s reports net income increase in Q1 Bike magazine owner buys TransWorld titles Craft North America launches custom program From the mag: Easton-Bell on the rebound Chain lube that glows ... Verde PR launches events division Tornadoes rock the Plains states; retailers unscathed Tweets from @BicycleRetailer/bike-industry-tweeters!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");
Featured Video

Serfas: All Riders Welcome Previous Videos »

News Industry NewsOpinion/AnalysisProduct/TechRetail News Resources Current IssueIndustry StocksVideosSurveysCalendar Contact Staff DirectoryContact Us Classifieds Browse ClassifiedsSubmit a Classified Advertising Advertising Info Subscribe SubscribeNewsletterLatest Issue Search form Search Follow Bicycle Retailer

25431 Cabot Road, Suite 204
Laguna Hills, CA 92653
This website copyright © 2012.
All rights reserved

View the original article here