Dick's Sporting Goods jumps on earnings beat
The sporting goods retailer posted adjusted earnings of $1.32 per share, beating the Wall Street expectation of $1.30.
Diluted GAAP earnings stood at $0.81 per share, with a consolidated net income of $90.2 million.
The difference between the GAAP and non-GAAP figures was accounted by a $46 million inventory writedown and a $47 million asset impairment and store closing charge.
Same-store sales increased by 5% on a consolidated basis compared to the fourth quarter of 2015.
Revenues for the quarter came in at 2.48 billion, exactly in line with expectations, up 10.9% from same period last year. Net income for the 52 week period ending January 28, 2017, was $287.4 million, or $2.56 per diluted share.
"In 2017, we will continue to be aggressive and evolve our business," said Edward W. Stack the company's CEO. "We will implement a new merchandising strategy aimed at rationalizing our vendor base and optimizing our assortment to deliver a more refined offering for our customers."
Management expects earnings per share in the first quarter of 2017 to be between $0.48 and $0.53.
