001-31463 | 16-1241537 | |
(Commission File Number) | (IRS Employer Identification No.) |
345 Court Street Coraopolis, Pennsylvania | 15108 | |
(Address of Principal Executive Offices) | (Zip Code) |
Exhibit No. | Description | |
99.1 | Press Release dated November 18, 2014 by Dick's Sporting Goods, Inc. furnished herewith |
DICK'S SPORTING GOODS, INC. | ||
Date: November 18, 2014 | By: | /s/ ANDRÉ J. HAWAUX |
Name: | André J. Hawaux | |
Title: | EVP – Finance, Administration and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release dated November 18, 2014 by Dick's Sporting Goods, Inc. furnished herewith |
FOR IMMEDIATE RELEASE |
• | Consolidated earnings per diluted share totaled $0.41, at the higher end of guidance of $0.38 to 0.42 |
• | Consolidated same store sales increased 1.1% |
• | Company repurchased $75 million of common stock and declared a $0.125 per share quarterly dividend |
v | Full Year 2014 |
• | Based on an estimated 121 million diluted shares outstanding, the Company now anticipates reporting consolidated non-GAAP earnings per diluted share of approximately $2.75 to 2.85, excluding a gain on the sale of an asset and golf restructuring charges. For the 52 weeks ended February 1, 2014, the Company reported consolidated earnings per diluted share of $2.69. |
• | Consolidated same store sales are now expected to increase approximately 1 to 2%, compared to a 1.9% increase in fiscal 2013. |
v | Fourth Quarter 2014 |
• | Based on an estimated 120 million diluted shares outstanding, the Company currently anticipates reporting consolidated earnings per diluted share of approximately $1.18 to 1.28 in the fourth quarter of 2014, compared to consolidated earnings per diluted share of $1.11 in the fourth quarter of 2013. |
• | Consolidated same store sales are currently expected to increase approximately 1 to 3% in the fourth quarter of 2014, as compared to a 7.3% increase in the fourth quarter of 2013, adjusted for the shifted retail calendar due to the 53rd week in 2012. |
v | Capital Expenditures |
• | In 2014, the Company anticipates capital expenditures to be approximately $340 million on a gross basis and approximately $245 million on a net basis. In 2013, capital expenditures were approximately $286 million on a gross basis and approximately $238 million on a net basis. |
13 Weeks Ended | ||||||||||||||
November 1, 2014 | % of Sales (1) | November 2, 2013 | % of Sales | |||||||||||
Net sales | $ | 1,526,675 | 100.00 | % | $ | 1,400,623 | 100.00 | % | ||||||
Cost of goods sold, including occupancy and distribution costs | 1,074,703 | 70.40 | 975,724 | 69.66 | ||||||||||
GROSS PROFIT | 451,972 | 29.60 | 424,899 | 30.34 | ||||||||||
Selling, general and administrative expenses | 357,708 | 23.43 | 333,724 | 23.83 | ||||||||||
Pre-opening expenses | 14,334 | 0.94 | 12,122 | 0.87 | ||||||||||
INCOME FROM OPERATIONS | 79,930 | 5.24 | 79,053 | 5.64 | ||||||||||
Interest expense | 858 | 0.06 | 696 | 0.05 | ||||||||||
Other income | (486 | ) | (0.03 | ) | (2,735 | ) | (0.20 | ) | ||||||
INCOME BEFORE INCOME TAXES | 79,558 | 5.21 | 81,092 | 5.79 | ||||||||||
Provision for income taxes | 30,347 | 1.99 | 31,115 | 2.22 | ||||||||||
NET INCOME | $ | 49,211 | 3.22 | % | $ | 49,977 | 3.57 | % | ||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||
Basic | $ | 0.42 | $ | 0.41 | ||||||||||
Diluted | $ | 0.41 | $ | 0.40 | ||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||
Basic | 118,142 | 123,221 | ||||||||||||
Diluted | 120,002 | 125,842 | ||||||||||||
Cash dividend declared per share | $ | 0.125 | $ | 0.125 | ||||||||||
(1) Column does not add due to rounding | ||||||||||||||
39 Weeks Ended | ||||||||||||||
November 1, 2014 | % of Sales (1) | November 2, 2013 | % of Sales (1) | |||||||||||
Net sales | $ | 4,654,473 | 100.00 | % | $ | 4,265,755 | 100.00 | % | ||||||
Cost of goods sold, including occupancy and distribution costs | 3,259,063 | 70.02 | 2,949,872 | 69.15 | ||||||||||
GROSS PROFIT | 1,395,410 | 29.98 | 1,315,883 | 30.85 | ||||||||||
Selling, general and administrative expenses | 1,063,351 | 22.85 | 983,382 | 23.05 | ||||||||||
Pre-opening expenses | 28,480 | 0.61 | 18,736 | 0.44 | ||||||||||
INCOME FROM OPERATIONS | 303,579 | 6.52 | 313,765 | 7.36 | ||||||||||
Interest expense | 2,230 | 0.05 | 2,081 | 0.05 | ||||||||||
Other income | (4,863 | ) | (0.10 | ) | (10,675 | ) | (0.25 | ) | ||||||
INCOME BEFORE INCOME TAXES | 306,212 | 6.58 | 322,359 | 7.56 | ||||||||||
Provision for income taxes | 117,550 | 2.53 | 123,398 | 2.89 | ||||||||||
NET INCOME | $ | 188,662 | 4.05 | % | $ | 198,961 | 4.66 | % | ||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||
Basic | $ | 1.58 | $ | 1.62 | ||||||||||
Diluted | $ | 1.55 | $ | 1.58 | ||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||
Basic | 119,743 | 122,942 | ||||||||||||
Diluted | 121,734 | 125,766 | ||||||||||||
Cash dividends declared per share | $ | 0.375 | $ | 0.375 | ||||||||||
(1) Column does not add due to rounding |
November 1, 2014 | November 2, 2013 | February 1, 2014 | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 77,933 | $ | 65,647 | $ | 181,731 | ||||||
Accounts receivable, net | 87,944 | 81,389 | 60,779 | |||||||||
Income taxes receivable | 10,361 | 34,635 | 7,275 | |||||||||
Inventories, net | 1,765,119 | 1,570,034 | 1,232,065 | |||||||||
Prepaid expenses and other current assets | 92,375 | 104,806 | 99,386 | |||||||||
Deferred income taxes | 42,133 | 48,414 | 38,835 | |||||||||
Total current assets | 2,075,865 | 1,904,925 | 1,620,071 | |||||||||
Property and equipment, net | 1,195,274 | 1,059,865 | 1,084,529 | |||||||||
Intangible assets, net | 111,195 | 98,792 | 98,255 | |||||||||
Goodwill | 200,594 | 200,594 | 200,594 | |||||||||
Other assets: | ||||||||||||
Deferred income taxes | 2,209 | 3,286 | 2,477 | |||||||||
Other | 70,395 | 80,433 | 65,561 | |||||||||
Total other assets | 72,604 | 83,719 | 68,038 | |||||||||
TOTAL ASSETS | $ | 3,655,532 | $ | 3,347,895 | $ | 3,071,487 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
CURRENT LIABILITIES: | ||||||||||||
Accounts payable | $ | 826,945 | $ | 738,196 | $ | 562,439 | ||||||
Accrued expenses | 307,708 | 316,421 | 265,040 | |||||||||
Deferred revenue and other liabilities | 123,665 | 106,847 | 154,384 | |||||||||
Income taxes payable | — | — | 19,825 | |||||||||
Current portion of other long-term debt and leasing obligations | 461 | 7,540 | 899 | |||||||||
Total current liabilities | 1,258,779 | 1,169,004 | 1,002,587 | |||||||||
LONG-TERM LIABILITIES: | ||||||||||||
Revolving credit borrowings | 280,500 | 116,400 | — | |||||||||
Other long-term debt and leasing obligations | 6,108 | 6,596 | 6,476 | |||||||||
Deferred income taxes | 23,584 | 29,160 | 38,617 | |||||||||
Deferred revenue and other liabilities | 422,407 | 328,712 | 331,628 | |||||||||
Total long-term liabilities | 732,599 | 480,868 | 376,721 | |||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||
Common stock | 925 | 982 | 961 | |||||||||
Class B common stock | 249 | 249 | 249 | |||||||||
Additional paid-in capital | 987,892 | 937,742 | 958,943 | |||||||||
Retained earnings | 1,330,542 | 1,064,511 | 1,187,514 | |||||||||
Accumulated other comprehensive income | 15 | 78 | 24 | |||||||||
Treasury stock, at cost | (655,469 | ) | (305,539 | ) | (455,512 | ) | ||||||
Total stockholders' equity | 1,664,154 | 1,698,023 | 1,692,179 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 3,655,532 | $ | 3,347,895 | $ | 3,071,487 | ||||||
39 Weeks Ended | ||||||||
November 1, 2014 | November 2, 2013 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 188,662 | $ | 198,961 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||||||
Depreciation and amortization | 131,000 | 113,437 | ||||||
Deferred income taxes | (18,063 | ) | 4,718 | |||||
Stock-based compensation | 19,430 | 20,610 | ||||||
Excess tax benefit from exercise of stock options | (6,588 | ) | (20,966 | ) | ||||
Tax benefit from exercise of stock options | 28 | 125 | ||||||
Gain on sale of asset | (14,428 | ) | — | |||||
Other non-cash items | 435 | 435 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (14,146 | ) | (28,850 | ) | ||||
Inventories | (533,054 | ) | (473,848 | ) | ||||
Prepaid expenses and other assets | (12,870 | ) | (9,752 | ) | ||||
Accounts payable | 290,216 | 209,346 | ||||||
Accrued expenses | 25,532 | 3,440 | ||||||
Income taxes payable / receivable | (16,362 | ) | (66,680 | ) | ||||
Deferred construction allowances | 87,898 | 37,125 | ||||||
Deferred revenue and other liabilities | (24,933 | ) | (45,804 | ) | ||||
Net cash provided by (used in) operating activities | 102,757 | (57,703 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Capital expenditures | (271,257 | ) | (196,862 | ) | ||||
Proceeds from sale of other assets | 74,534 | 11,000 | ||||||
Deposits and purchases of other assets | (26,780 | ) | (60,048 | ) | ||||
Net cash used in investing activities | (223,503 | ) | (245,910 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Revolving credit borrowings | 1,057,600 | 680,000 | ||||||
Revolving credit repayments | (777,100 | ) | (563,600 | ) | ||||
Payments on other long-term debt and leasing obligations | (806 | ) | (2,139 | ) | ||||
Construction allowance receipts | — | — | ||||||
Proceeds from exercise of stock options | 10,671 | 34,920 | ||||||
Excess tax benefit from exercise of stock options | 6,588 | 20,966 | ||||||
Minimum tax withholding requirements | (7,722 | ) | (13,090 | ) | ||||
Cash paid for treasury stock | (200,000 | ) | (105,603 | ) | ||||
Cash dividends paid to stockholders | (46,564 | ) | (48,977 | ) | ||||
(Decrease) increase in bank overdraft | (25,710 | ) | 21,603 | |||||
Net cash provided by financing activities | 16,957 | 24,080 | ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (9 | ) | (34 | ) | ||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (103,798 | ) | (279,567 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 181,731 | 345,214 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 77,933 | $ | 65,647 |
Store | Market | Concept | ||
Coral Springs, FL | Miami/Ft. Lauderdale | DICK'S Sporting Goods | ||
Lakeland, FL | Lakeland | DICK'S Sporting Goods | ||
Garden City, KS | Garden City | DICK'S Sporting Goods | ||
Frankfort, KY | Lexington | DICK'S Sporting Goods | ||
Wilmington, NC | Wilmington | DICK'S Sporting Goods | ||
North Myrtle Beach, SC | Myrtle Beach | DICK'S Sporting Goods | ||
Columbus, MS | Columbus | DICK'S Sporting Goods | ||
Stockton, CA | Stockton | DICK'S Sporting Goods | ||
Burlington, WA | Burlington | DICK'S Sporting Goods | ||
Muncie, IN | Muncie | DICK'S Sporting Goods | ||
Patchogue, NY | Long Island | DICK'S Sporting Goods | ||
Savannah, GA | Savannah | DICK'S Sporting Goods | ||
Palmdale, CA | Palmdale | DICK'S Sporting Goods | ||
Federal Way, WA | Seattle | DICK'S Sporting Goods | ||
Richmond, IN | Richmond | DICK'S Sporting Goods | ||
Springfield, VA | Washington D.C. | DICK'S Sporting Goods | ||
Orlando, FL | Orlando | DICK'S Sporting Goods | ||
Roseville, MI | Detroit | DICK'S Sporting Goods | ||
Richmond, KY | Lexington | DICK'S Sporting Goods | ||
Nampa, ID | Boise | DICK'S Sporting Goods | ||
Holland, MI | Grand Rapids | DICK'S Sporting Goods | ||
Wentzville, MO | St. Louis | DICK'S Sporting Goods | ||
Turlock, CA | Modesto | DICK'S Sporting Goods | ||
Fremont, CA | San Francisco | DICK'S Sporting Goods | ||
Cary, NC | Raleigh | Golf Galaxy | ||
Cary, NC | Raleigh | Field & Stream | ||
Columbus, OH | Columbus | Field & Stream | ||
Washington, PA | Pittsburgh | Field & Stream | ||
Altoona, PA | Altoona | Field & Stream | ||
Rochester, NY | Rochester | Field & Stream | ||
Horseheads, NY | Elmira | Field & Stream | ||
Miamisburg, OH | Dayton | Field & Stream |
Fiscal 2014 | Fiscal 2013 | |||||||||||||||||
DICK'S Sporting Goods | Specialty Store Concepts (1) | Total | DICK'S Sporting Goods | Specialty Store Concepts (1) | Total | |||||||||||||
Beginning stores | 558 | 84 | 642 | 518 | 83 | 601 | ||||||||||||
Q1 New stores | 8 | — | 8 | 2 | — | 2 | ||||||||||||
Q2 New stores | 8 | 1 | 9 | 7 | — | 7 | ||||||||||||
Q3 New stores | 24 | 8 | 32 | 25 | 3 | 28 | ||||||||||||
Ending stores | 598 | 93 | 691 | 552 | 86 | 638 | ||||||||||||
Closed stores | 1 | — | 1 | — | — | — | ||||||||||||
Ending stores | 597 | 93 | 690 | 552 | 86 | 638 | ||||||||||||
Remodeled stores | 5 | — | 5 | 3 | — | 3 | ||||||||||||
Relocated stores | 5 | 2 | 7 | 1 | 1 | 2 | ||||||||||||
DICK'S Sporting Goods | Specialty Store Concepts (1) | Total (2) | |||||||
Q1 2013 | 28.3 | 1.4 | 29.7 | ||||||
Q2 2013 | 28.7 | 1.4 | 30.0 | ||||||
Q3 2013 | 29.9 | 1.5 | 31.4 | ||||||
Q4 2013 | 30.1 | 1.5 | 31.6 | ||||||
Q1 2014 | 30.6 | 1.5 | 32.1 | ||||||
Q2 2014 | 30.9 | 1.6 | 32.5 | ||||||
Q3 2014 | 32.0 | 2.0 | 34.0 |
(1) | Includes the Company's Golf Galaxy, Field & Stream and True Runner stores. |
(2) | Column may not add due to rounding. |
Fiscal 2014 | ||||||||||||||||
39 Weeks Ended November 1, 2014 | ||||||||||||||||
As Reported | Gain on Sale of Asset | Golf Restructuring Charges | Non-GAAP Total | |||||||||||||
Net sales | $ | 4,654,473 | $ | — | $ | — | $ | 4,654,473 | ||||||||
Cost of goods sold, including occupancy and distribution costs | 3,259,063 | — | (2,405 | ) | 3,256,658 | |||||||||||
GROSS PROFIT | 1,395,410 | — | 2,405 | 1,397,815 | ||||||||||||
Selling, general and administrative expenses | 1,063,351 | 14,428 | (17,960 | ) | 1,059,819 | |||||||||||
Pre-opening expenses | 28,480 | — | — | 28,480 | ||||||||||||
INCOME FROM OPERATIONS | 303,579 | (14,428 | ) | 20,365 | 309,516 | |||||||||||
Interest expense | 2,230 | — | — | 2,230 | ||||||||||||
Other income | (4,863 | ) | — | — | (4,863 | ) | ||||||||||
INCOME BEFORE INCOME TAXES | 306,212 | (14,428 | ) | 20,365 | 312,149 | |||||||||||
Provision for income taxes | 117,550 | (5,771 | ) | 8,146 | 119,925 | |||||||||||
NET INCOME | $ | 188,662 | $ | (8,657 | ) | $ | 12,219 | $ | 192,224 | |||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||||
Basic | $ | 1.58 | $ | 1.61 | ||||||||||||
Diluted | $ | 1.55 | $ | 1.58 | ||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||
Basic | 119,743 | 119,743 | ||||||||||||||
Diluted | 121,734 | 121,734 |
Fiscal 2013 | ||||||||||||||||
39 Weeks Ended November 2, 2013 | ||||||||||||||||
As Reported | Recovery of Previously Impaired Asset | Asset Impairment Charge | Non-GAAP Total | |||||||||||||
Net sales | $ | 4,265,755 | $ | — | $ | — | $ | 4,265,755 | ||||||||
Cost of goods sold, including occupancy and distribution costs | 2,949,872 | — | — | 2,949,872 | ||||||||||||
GROSS PROFIT | 1,315,883 | — | — | 1,315,883 | ||||||||||||
Selling, general and administrative expenses | 983,382 | — | (7,881 | ) | 975,501 | |||||||||||
Pre-opening expenses | 18,736 | — | — | 18,736 | ||||||||||||
INCOME FROM OPERATIONS | 313,765 | — | 7,881 | 321,646 | ||||||||||||
Interest expense | 2,081 | — | — | 2,081 | ||||||||||||
Other income | (10,675 | ) | 4,342 | — | (6,333 | ) | ||||||||||
INCOME BEFORE INCOME TAXES | 322,359 | (4,342 | ) | 7,881 | 325,898 | |||||||||||
Provision for income taxes | 123,398 | — | 3,152 | 126,550 | ||||||||||||
NET INCOME | $ | 198,961 | $ | (4,342 | ) | $ | 4,729 | $ | 199,348 | |||||||
EARNINGS PER COMMON SHARE: | ||||||||||||||||
Basic | $ | 1.62 | $ | 1.62 | ||||||||||||
Diluted | $ | 1.58 | $ | 1.59 | ||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||
Basic | 122,942 | 122,942 | ||||||||||||||
Diluted | 125,766 | 125,766 |
13 Weeks Ended | ||||||||
November 1, 2014 | November 2, 2013 | |||||||
(dollars in thousands) | ||||||||
Net income | $ | 49,211 | $ | 49,977 | ||||
Provision for income taxes | 30,347 | 31,115 | ||||||
Interest expense | 858 | 696 | ||||||
Depreciation and amortization | 41,229 | 37,123 | ||||||
EBITDA | $ | 121,645 | $ | 118,911 | ||||
% increase in EBITDA | 2 | % |
39 Weeks Ended | ||||||||
November 1, 2014 | November 2, 2013 | |||||||
(dollars in thousands) | ||||||||
Net income | $ | 188,662 | $ | 198,961 | ||||
Provision for income taxes | 117,550 | 123,398 | ||||||
Interest expense | 2,230 | 2,081 | ||||||
Depreciation and amortization | 131,000 | 113,437 | ||||||
EBITDA | $ | 439,442 | $ | 437,877 | ||||
Less: Recovery of previously impaired asset | — | (4,342 | ) | |||||
Less: Gain on sale of asset | (14,428 | ) | — | |||||
Add: Golf restructuring charges | 6,043 | — | ||||||
Adjusted EBITDA, as defined | $ | 431,057 | $ | 433,535 | ||||
% decrease in adjusted EBITDA | (1 | )% |
39 Weeks Ended | ||||||||
November 1, 2014 | November 2, 2013 | |||||||
(dollars in thousands) | ||||||||
Gross capital expenditures | $ | (271,257 | ) | $ | (196,862 | ) | ||
Proceeds from sale-leaseback transactions | — | — | ||||||
Deferred construction allowances | 87,898 | 37,125 | ||||||
Construction allowance receipts | — | — | ||||||
Net capital expenditures | $ | (183,359 | ) | $ | (159,737 | ) |
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