Many retailers struggled during the important holiday quarter, but Findlay retailer Dick’s Sporting Goods this morning said it did better than expected.
Dick’s now expects consolidated earnings per share in the range of $1.10 to $1.11 for the three months ended Feb. 1, as compared to the company’s earlier predictions that earnings would be in the range of $1.04 to $1.07 per share.
Analysts polled by Thomson Financial had been looking for $1.06 per share, on average.
Sales in stores that have been open at least a year — an industry gauge meant to reduce the boost from opening new stores — rose about 7 percent, the company said in this morning’s announcement. Dick’s, in November, had predicted it would see a 3 to 4 percent gain.
“Even with the cautious consumer environment and a shorter and promotional holiday season, we generated sales well above our original expectations,” chairman and CEO Edward W. Stack said in the announcement. He said profit margins were consistent with last year.
Dick’s is now looking for consolidated earnings per share of $2.68 to $2.69 per share, excluding one-time adjustments, for the full fiscal year. That compares to early predictions of $2.62 to $2.65 per share.
Analysts had been looking for $2.65 per share.
The company is expected to release full results for the fourth quarter and fiscal year in a few weeks.
Teresa F. Lindeman: firstname.lastname@example.org or at 412-263-2018. First Published February 10, 2014 9:23 AM