* Q1 EPS $0.45 vs est $0.38
* Q1 sales $1.3 bln vs est $1.23 bln
* Raises FY12 EPS outlook to $2.45-$2.48 vs est $2.43
* Sees Q2 EPS $0.62-$0.63 vs est $0.63
* Shares up as much as 8 pct
May 15 Dick's Sporting Goods Inc
reported quarterly results comfortably above analyst estimates,
as warm weather helped pull forward s u mmer sales, sending its
shares up as much as 8 percent.
The sporting goods retailer's sales are heavily influenced
by the weather. A warm winter and a dry spring encouraged more
outdoor activity in the quarter compared to the year-ago period,
which was rainy in many regions in the United States.
"People were playing golf earlier this year, they were
fishing earlier this year," Dick's CEO Edward Stack said on the
company's post-earnings conference call with analysts.
"The kids were out on the field playing lacrosse and
baseball earlier this year."
The Pittsburgh-based company raised its full-year
earnings-per-share outlook by about the same amount with which
it had topped Wall Street estimates.
Inventory per square foot was 6.6 percent higher at the end
of the first quarter of 2012. The company said it expects
inventory to be at appropriate levels by the fourth quarter of
At the end of last year, the company said it had a higher
inventory due to unsold winter products and planned to get rid
of it by discounting and returning merchandise to vendors.
Dick's Sporting, which operates 486 namesake and 81 Golf
Galaxy stores, said limited commercial real estate in the U.S.
is hindering the speed of its store expansion.
The company expects to open 40 new Dick's Sporting Goods
stores and relocate 5 stores in 2012. Dick's opened 6 stores
during the first quarter.
It also said that on May 7 it bought its Store Support
Center for about $133 million, including settlement costs.
First-quarter earnings per share jumped 50 percent to 45
cents per share, beating estimates of 38 cents a share.
Net sales rose 15 percent to $1.3 billion, with same-store
sales -- or those at stores open at least a year -- increasing
8.4 percent. Analysts were expecting revenue of $1.23 billion.
Same-store sales at Golf Galaxy stores rose 12.6 percent,
while eCommerce sales jumped 33.4 percent
Shares of the company were trading up 6 percent at $50.00 on
Tuesday afternoon on the New York Stock Exchange.