DICK'S Sporting Goods Expects Positive Comps. Beginning Q2 - Quick Facts

(RTTNews) - DICK'S Sporting Goods, Inc. (DKS) announced, for fiscal 2019, based on an estimated 95 million diluted shares outstanding, the company currently projects earnings per diluted share to be approximately $3.15 to 3.35, which includes approximately $30 million, or $0.23 per diluted share, of net investments in business transformation initiatives. For fiscal 2019, consolidated same store sales are currently expected to be approximately flat to an increase of 2%. The company expects to deliver positive consolidated same store sales beginning in the second quarter.

The company expects to open seven new DICK'S Sporting Goods stores and relocate three DICK'S Sporting Goods stores in 2019. The company also expects to open two new Golf Galaxy stores and relocate one Golf Galaxy store in 2019. Six of the new stores are expected to open during the third quarter.

On a non-GAAP basis, the company reported consolidated net income for the fourth quarter ended February 3, 2018 of $127.3 million, or $1.22 per share, which was positively impacted by approximately $0.09 per diluted share for the 14th week.

Adjusted for the calendar shift due to the 53rd week in fiscal 2017, consolidated same store sales decreased 2.2% on a 13-week to 13-week comparable basis. Net sales for the fourth quarter decreased 6.5% to approximately $2.49 billion. Based on an unshifted calendar, consolidated same store sales for the fourth quarter decreased 3.7%.

"We are pleased with our fourth quarter results. Our core business performed quite well, as our athletes have responded positively to many of our initiatives, resulting in comp sales gains across key categories and double digit percentage increases in eCommerce and private brand sales," said Edward Stack, Chairman and CEO.

On a non-GAAP basis, the company reported consolidated net income for the 53 weeks ended February 3, 2018 of $324.3 million, or $3.01 per diluted share, which also included approximately $0.09 per diluted share for the 53rd week. Adjusted for the calendar shift due to the 53rd week in 2017 consolidated same store sales decreased 3.1% on a 52-week to 52-week comparable basis.