Dick’s Sporting Goods reported net income of $57.2 million ($0.45 Diluted EPS) for the first quarter ended Apr 29, a 52% increased from the year-ago period. Net sales increased 15.1% to $1.282 billion, as same-store sales rose 8.4% for the 11th straight quarterly gain, consisting of a 7.3% decrease at Dick’s Sporting Goods stores, a 12.6% increase at Golf Galaxy stores and a 33.4% increase in its e-commerce business. “We had an exceptionally strong first quarter as we generated record earnings with a 50% increase in earnings per share on 15% sales growth. We also maintained a healthy balance sheet while returning capital to stockholders through our dividend and share repurchase programs,” said Edward W. Stack, Chairman and CEO. “For 2012, we are raising our full year guidance as we continue to invest in new stores and our eCommerce business as well as our margin accelerators including inventory management, private brands, and product mix shift.” For fiscal 2012, the company expects consolidated same store sales to increase approximately 3% to 4%, earnings per diluted share of approximately $2.45 to $2.48 (up from previous guidance of $2.38 to $2.41) and approximately 40 new Dick’s Sporting Goods.
