[cnxvideo id=”655384″ placement=”ros”]Dick’s Sporting Goods Inc. (NYSE: DKS) reported its first-quarter financial results before the markets opened on Tuesday. The company said that it had $0.54 in earnings per share (EPS) and $1.8 billion in revenue, compared with consensus estimates from Thomson Reuters of $0.54 in EPS and revenue of $1.84 billion. In the same period of last year, the retailer posted EPS of $0.50 and $1.66 billion in revenue.
Consolidated same-store sales increased 2.4%, compared to the company’s guidance of an approximate 3% to 4% increase. First-quarter 2016 consolidated same-store sales increased 0.5%.
The company launched its e-commerce platform at the beginning of this quarter, and so far e-commerce sales have increased 11.0%. E-commerce penetration for the first quarter of 2017 was 9.3% of total net sales, compared to 9.2% during the first quarter of 2016.
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In terms of guidance for the second quarter, Dicks expects to see EPS in the range of $1.02 to $1.07 and consolidated same-store sales are expects to increase roughly 2% to 3%. The consensus estimates call for $1.00 in EPS and $2.19 billion in revenue.
On the books, Dick’s cash and cash equivalents totaled $108.4 million at the end of the quarter, compared with $92.49 million in the same period from last year.
Edward W. Stack, board chair and chief executive, commented:
In the first quarter, we generated non-GAAP earnings per diluted share near the high end of our guidance. Despite a challenging retail environment, we realized growth across each of our three primary categories of hardlines, apparel and footwear, and were pleased with the performance of our newly relaunched eCommerce site. We remain optimistic as we drive profitable growth on our new eCommerce platform, make marked progress on our new merchandising strategy and continue to capture market share.
Shares of Dick’s were trading down over 10% at $42.47 on Tuesday, with a consensus analyst price target of $60.07 and a 52-week trading range of $37.96 to $62.88.
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