DICK'S Sporting Goods Lifts FY18 EPS View; Stock Surges

(RTTNews) - DICK'S Sporting Goods Inc. (DKS) said it now anticipates reporting earnings per share for fiscal year 2018 to be in the range of $2.92 to $3.12, compared to the previous range of $2.80 to $3.00. Analysts polled by Thomson Reuters expect the company to report earnings of $2.93 per share for fiscal year 2018. Analysts' estimates typically exclude special items.

In the Wednesday's pre-Market trade, DKS is trading at $34.62, up $4.20 or 13.83%.

The Company's earnings per share guidance is not dependent upon share repurchases beyond the $107.9 million executed through the first quarter of fiscal 2018.

Consolidated same store sales are currently expected to be in the range of approximately flat to a low single-digit decline on a 52-week to 52-week comparative basis, compared to a decline of 0.3% in 2017.

The company expects to open 19 new DICK'S Sporting Goods stores and relocate four DICK'S Sporting Goods stores in 2018. The company does not expect to open any new Field & Stream or Golf Galaxy stores in 2018.

The Company reported that its consolidated net income for the first quarter ended May 5, 2018 was $60.1 million, or $0.59 per share, compared to $58.2 million, or $0.52 per share for the first quarter ended April 29, 2017.

On a non-GAAP basis, the Company reported consolidated net income for the first quarter ended April 29, 2017 of $60.3 million, or $0.54 per share. Analysts expected the company to report earnings of $0.45 per share.

Net sales for the first quarter of 2018 increased 4.6% to approximately $1.91 billion. Wall Street expected revenues of $1.88 billion. Adjusted for the calendar shift due to the 53rd week in 2017, consolidated same store sales decreased 2.5% on a 13-week to 13-week comparable basis.

Based on an unshifted calendar, consolidated same store sales for the first quarter decreased 0.9%. Consolidated same store sales were impacted by a continued deceleration in hunt and electronics sales, as well as colder spring weather, which resulted in a delayed start to key outdoor sports and activities. First quarter 2017 consolidated same store sales increased 2.4%.