It sounded like a familiar story at Dick’s Sporting Goods Inc. during the third quarter: Softness in golf and hunting offset gains in apparel and other categories across the business.
Net income for the quarter ending Nov. 1 was $49.2 million, or 41 cents per diluted share. It was a slight decrease from the year-ago period of $50 million, or 40 cents per share, but still in line with analyst expectations.
Sales for the quarter totaled $1.53 billion, a 9 percent increase from the third quarter of 2013, when sales were $1.4 billion.
Comp sales during the quarter were just 1.1 percent, coming in at the lower end of guidance for the quarter of 1 to 3 percent.
“Our third-quarter earnings were at the higher end of our guidance, but continued pressure in golf and hunting kept our comp sales at the lower end of our expectations,” said Edward Stack, chairman and CEO, in a release. “The balance of our business, excluding golf and hunting, continued to deliver strong results. The performance in categories such as women’s and youth apparel are good indicators that our recent actions to reallocate space and payroll within our stores are paying off.”
The company expects $2.75 to $2.85 in earnings per diluted share for fiscal year 2014. Same-store sales are expected to increase 1 to 2 percent, representing a 1.9 percent increase over 2013.