Boston, MA 03/11/2014 (wallstreetpr) – Dicks Sporting Goods Inc. (NYSE:DKS) the largest US based full line sporting goods retailer, has reported impressive fourth quarter and full year results for the period ending February 1, 2014 which saw its profit jump by 6.9% . The increase in profit was mainly as a result of increased sales for the quarter.
Fourth Quarter Financials
Net income for the fourth quarter was up, coming in at $138.6 million or $1, 11 per diluted share surpassing earlier set estimates of between $1.04 and $1.07 per diluted share. Same store sales for the quarter was also up increasing by 7.3% compared to the company’s guidance growth of between 3% and 4%. Dicks Sporting same store sale growth beat a guidance of between 2% to 3% to come in at 6.3%.
Dicks Sporting net sales clocked in at $1.9 billion for the quarter an increase of 7% compared to the same quarter a year earlier. The company’s earnings per share for the quarter stood at $1.11 with the company expecting the robust growth to continue in the current quarter
Store Development
Dicks Sporting was able to open 6 new sporting goods stores as the company continues with its plan to spread its wings to increase its market share. The fourth quarter also saw the company remodel one of its stores, it now operates a total of 558 Dicks sporting goods stores in 46 states
Dicks Sporting Balance Sheet
The company as of close of business on February 1, 2014 had cash and cash equivalent amounting to $182 million compared to a high of $345 million as of the end of 2012 fiscal year. The reduction was mainly as a result of the company utilizing most of its capital for Omni channel growth, remodeling of stores and shares repurchase.
Dicks Sporting Full Year Results
Net income for the full year came in at $337.6 million or $2.69 per diluted share up from a low of $318.3 million reported in 2012. On a GAAP basis the company net income came in at $290.7 million. Net sales for full year were up by 6.5% coming in at $6.2 billion driven by the opening of new stores which caused a massive growth of sales.
The fourth quarter also saw the company spend $150 million for the repurchase of 2.6 million shares at an average cost price of $56.71.
