As a result of Lance Armstrong's 2009 comeback to the world of professional cycling, Armstrong-related items have been flying off the shelves, including Dick's Livestrong Fitness line of exercise equipment
Dick's Chairman sells 160,000 shares of at an average price of $23.28 a share on October 7, 2009
DKS Chairman sells over 400,000 shares at an average price of $22.4/share. The sporting goods company had an annual average earning growth of 26.1% from 2004-2008
For the quarter ended Aug 1, 2009, Dick's reported net income of $42.4 million ($0.36 per share), beating expectations of $0.28 to $0.31.
Gwendolyn K. Manto, executive Vice President and Chief Merchandising Officer, left the company on April 13. The company doesn't plan to replace her. Instead, the existing CEO and COO's responsibilities will be reorganized.
Dick's reported a quarterly loss of 93 cents per share due to write-downs related to its purchase of the Golf Galaxy chain. Excluding the write down, Dick's profit would have been 55 cents per share. Analysts had expected a profit of 53 cents per share.
Dick's recalled its Golfer's Billiard Games and Field and Stream Dual Burner Camp Stove. Some balls were found to contain excessive lead. The stoves were found to be a burn hazard.
Dick's announced it expects to record it will incur a pre-tax non-cash impairment charge relating to the Golf Galaxy acquisition in the range of $165 to $180 million. Net income is expected to come in at the upper range of its previous guidance.
Dick's announced that its Q3 revenue increased by 10%, driven primarily by its 2007 acquisition of Chick's sporting goods. However, the company's comparable store sales decreased by 2.8% as consumers started to spend less because of the weakening U.S. economy. Additionally, Dick's net income during the quarter dropped 40% during the quarter because of costs associated with the acquisitions of Chick's and Golf Galaxy. Excluding these acquisition costs, Dick's net income still decreased approximately 24.5% during the quarter.
Net sales during Q2 increased by 7%, primarily driven by new store openings as well as the acquisition of Chick's. However, the company's comparable store sales dropped by 3.7% as consumers felt the pinch of the economic downturn.
Dick's Sporting Goods reported results from the first quarter of FY08, announcing that although net sales increased 11% (largely fueled by new stores), net income decreased 4% as comparable store sales fell 3.8% and 7.4% at the Dick's and Golf Galaxy chains, respectively. Management blamed the weak economic environment for the retailer's struggles but the company still plans on opening approximately 44 new Dick's stores and 10 new Golf Galaxy locations in 2008.
Dick's reported 18% revenue growth in the third quarter of fiscal 2007 compared to the same quarter in 2006, largely due to the inclusion of the recently acquired Golf Galaxy retail chain and new store openings through the 2007 year. Comparable store sales fell 2.5% during the quarter as retailers throughout the US faced tough conditions due to the volatile state of the economy in the wake of the subprime lending fallout.
Dick's Sporting Goods executed a 2:1 split of its common stock.
