DICK'S Sporting Goods Inc. (DKS) reported first-quarter net income of $64.8 million or $0.52 per share. The company noted that the results include an after-tax increase to net income of $4.3 million, or $0.04 per share, resulting from an estimated partial recovery of its previously impaired JJB investment. For the first quarter of prior year, net income was $57.2 million, or $0.45 per share.
Adjusted net income was $60.5 million, or $0.48 per share for the quarter.
Net sales increased 4.1% to $1.33 billion. Adjusted for the shifted calendar due to the 53rd week in 2012, consolidated same store sales decreased 3.8%. Shifted same store sales for DICK'S Sporting Goods decreased 3.2% and Golf Galaxy sales decreased 11.8%. Unshifted consolidated same store sales decreased 1.7%, consisting of a 1.3% decrease at DICK'S Sporting Goods and a 7.4% decrease at Golf Galaxy.
On average, 29 analysts polled by Thomson Reuters expected the company to report profit per share of $0.48 for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.36 billion for the quarter.
The company currently expects fiscal 2013 adjusted earnings per share of approximately $2.84 to 2.86, excluding the partial recovery of a previously impaired asset. Consolidated same store sales are currently expected to increase approximately 2% to 3% on a 52-week to 52-week comparative basis. Analysts expect the company to report fiscal 2013 profit per share of $2.86.
The company currently expects second-quarter earnings per share of approximately $0.75 to 0.77. Consolidated same store sales adjusted for the shifted calendar, due to the 53rd week in 2012, are currently expected to increase approximately 2% to 3% in the second quarter of 2013, or approximately 3.5% to 4.5% on an unshifted basis. Analysts expect the company to report second-quarter profit per share of $0.76.
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