PITTSBURGH, Pa. (BRAIN) — Dick's Sporting Goods has reported its earnings results for the third quarter, which ended on November 1. Dick's reported a consolidated net income of $49.2 million, or $0.41 per diluted share, down slightly from the same period in 2013.
But Dick's also reported that third-quarter net sales increased 9 percent to $1.5 billion, with consolidated same store sales up 1.1 percent over the same period last year. Same store sales for Dick's Sporting Goods increased 1.7 percent, but were down 8.9 percent for the company's Golf Galaxy stores.
"Our third quarter earnings were at the higher end of our guidance, but continued pressures in golf and hunting kept our comp sales at the lower end of our expectations," said Edward W. Stack, Dick's chairman and CEO. "The balance of our business, excluding golf and hunting, continued to deliver strong results, posting a 4.6 percent comp increase for the quarter. The performance in these other categories, such as women's and youth apparel, are good indicators that our recent actions to reallocate space and payroll within our stores are paying off."
Online sales accounted for 7.3 percent of Dick's third-quarter sales, up from 6.5 percent in the same period last year. For the year through November 1, Dick's reported consolidated non-GAAP net income of $192.2 million, which is down from $199.3 million for the same period in 2013. The company's net sales, however, are up 9.1 percent over last year. Dick's opened 24 new stores and closed one in the third quarter
Dick's sells bikes from such brands as Diamondback, Nishiki and Nirve, as well as cycling apparel, helmets, accessories and car racks, but generally does not break out its cycling business in earnings reports.
The company operates 597 stores in 46 states.
