Dicks Sporting Goods Q2 Earnings Beat Estimates

reported upbeat earnings for the second quarter. The Coraopolis, Pennsylvania-based company posted quarterly net income of $90.8 million, or $0.77 per share, compared to $69.5 million, or $0.57 per share, in the year-ago quarter. Excluding golf restructuring charges, net income was $0.67 per share in the prior year. Its sales climbed 7.9 percent to $1.8 billion. However, analysts were expecting earnings of $0.75 per share on revenue of $1.83 billion. The average estimate among 16 Estimize users was for earnings of $0.75 per share and revenue of $1.83 billion. Its same-store sales increased 1.2 percent in the quarter. The company ended the quarter with around $123 million in cash and cash equivalents. During fiscal 2015, Dicks Sporting repurchased around 2.6 million shares of its common stock for a total cost of $150 million. Dicks Sporting declared a quarterly dividend of $0.1375 per share. "We are pleased with our second quarter results. We delivered a double-digit increase in earnings by leveraging our omni-channel presence to generate profitable revenue growth and meaningful margin expansion," said Edward W. Stack, Chairman and CEO. "We are seeing the benefits of our key growth pillars, as we continue to open very productive stores while winning online." The company now expects fiscal 2015 earnings of $3.13 to $3.21 per share, versus analysts' estimates of $3.19 per share. It also projects same-store sales growth of 1 percent to 3 percent in the year. For the third quarter, Dick's Sporting projects earnings of $0.45 to 0.48 per share and same store sales growth of 1 percent to 3 percent. Dick's Sporting shares gained 0.60 percent to close at $50.70 yesterday.