PITTSBURGH, Nov. 14, 2017
/PRNewswire/ -- DICK'S Sporting Goods, Inc. (NYSE: DKS),
the largest U.S. based full-line omni-channel sporting goods
retailer, today reported sales and earnings results for the third
quarter ended October 28, 2017.
Third Quarter Results
The Company reported consolidated net income for the third
quarter ended October 28, 2017 of $36.9
million, or $0.35 per diluted
share, compared to the Company's expectations provided on
August 15, 2017 of $0.22 to
0.30 per diluted share. For the third quarter ended
October 29, 2016, the Company
reported consolidated net income of $48.9
million, or $0.44 per diluted
share.
On a non-GAAP basis, the Company reported consolidated net
income for the third quarter ended October 28, 2017 of
$31.9 million, or $0.30 per diluted share. For the third quarter
ended October 29, 2016, the Company
reported consolidated net income of $53.6 million,
or $0.48 per diluted share. Third quarter 2017 non-GAAP
results exclude the benefit from a multi-year sales tax refund.
Third quarter 2016 non-GAAP results exclude conversion costs for
former Sports Authority ("TSA") stores. The GAAP to non-GAAP
reconciliations are included in a table later in the release under
the heading "GAAP to Non-GAAP Reconciliations."
Net sales for the third quarter of 2017 increased 7.4% to
approximately $1.94 billion.
Consolidated same store sales decreased 0.9%, compared to the
Company's guidance of a low single-digit decrease. Third quarter
2016 consolidated same store sales increased 5.2%.
"In the third quarter, we delivered earnings per diluted share
and comp sales at the high end of our expectations, with continued
double-digit growth in eCommerce. As expected, margins were under
pressure in this highly promotional environment, but our strategy
for this environment enabled us to continue to capture market
share," said Edward W. Stack,
Chairman and Chief Executive Officer. "As we look to the fourth
quarter, we are comfortable with our prior implied sales and
earnings outlook, and believe we are well positioned to gain
additional market share."
Mr. Stack continued, "Looking ahead, we see tremendous
opportunity in our industry as it continues to evolve. We plan to
make significant investments in our business, which will have a
short-term negative impact on our earnings; however, we expect
these investments will pay meaningful dividends in the future. We
plan to increase investments in our eCommerce business, the
technology in our stores and store payroll in order to enhance the
customer experience. Meaningful investments will also be made to
DICK'S Team Sports HQ, and in the development and support of our
private brands. Given these investments, continued gross margin
pressure and approximately flat comp sales, we expect earnings per
diluted share to decline by as much as 20 percent in 2018."
Omni-channel Development
eCommerce sales for the third quarter of 2017 increased
approximately 16%. eCommerce penetration for the third quarter of
2017 was 10.3% of total net sales, compared to 9.6% during the
third quarter of 2016.
In the third quarter, the Company opened 15 new DICK'S Sporting
Goods stores and six new Field & Stream stores. The Company
also closed two specialty concept stores. As of
October 28, 2017, the Company operated 719 DICK'S Sporting
Goods stores in 47 states, with approximately 38.2 million square
feet, 98 Golf Galaxy stores in 32 states, with approximately 2.1
million square feet, and 35 Field & Stream stores in 16 states,
with approximately 1.6 million square feet. Store count, square
footage and new stores are listed in a table later in the release
under the heading "Store Count and Square Footage."
Balance Sheet
The Company ended the third quarter
of 2017 with approximately $112 million in cash
and cash equivalents and approximately $455
million in outstanding borrowings under its revolving credit
facility. Over the course of the last 12 months, the Company
continued to invest in omni-channel growth, while returning over
$343 million to shareholders through
share repurchases and quarterly dividends.
Total inventory increased 4.1% at the end of the third quarter
of 2017 as compared to the end of the third quarter of 2016.
Year-to-Date Results
The Company reported consolidated net income for the 39 weeks
ended October 28, 2017 of
$207.5 million, or $1.91 per diluted share. For the 39 weeks ended
October 29, 2016, the Company
reported consolidated net income of $197.2
million, or $1.75 per diluted
share.
On a non-GAAP basis, the Company reported consolidated net
income for the 39 weeks ended October 28,
2017 of $197.0 million, or
$1.81 per diluted share, excluding a
corporate restructuring charge, conversion costs for former TSA
stores, income related to a contract termination payment and the
benefit from a multi-year sales tax refund. For the 39 weeks ended
October 29, 2016, the Company
reported consolidated net income of $201.9
million, or $1.80 per diluted
share, excluding conversion costs for former TSA stores. The GAAP
to non-GAAP reconciliations are included in a table later in the
release under the heading "GAAP to Non-GAAP Reconciliations."
Net sales for the 39 weeks ended October
28, 2017 increased 9.0% to approximately $5.93 billion, reflecting the growth of our store
network and a 0.5% increase in consolidated same store sales.
Capital Allocation
On November 9, 2017, the Company's Board of Directors
authorized and declared a quarterly dividend in the amount of
$0.17 per share on the Company's
Common Stock and Class B Common Stock. The dividend is payable in
cash on December 29, 2017 to stockholders of record at the
close of business on December 8, 2017.
During the third quarter of 2017, the Company repurchased
approximately 2.9 million shares of its common stock at an average
cost of $26.57 per share, for a total
cost of $76 million. During fiscal
2017, the Company repurchased approximately 6.8 million shares of
its common stock at an average cost of $35.70 per share, for a total cost of
$242 million, and has approximately
$0.8 billion remaining under its
authorization that extends through 2021.
Current 2017 Outlook
The Company's current outlook for 2017 is based on current
expectations and includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, as
described later in this release. Although the Company believes
that the expectations and other comments reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations or comments will prove to be
correct.
- Full Year 2017
-
- Based on an estimated 107 to 108 million diluted shares
outstanding, the Company currently anticipates reporting earnings
per diluted share in the range of $2.95 to
3.07, which includes approximately $0.05 per diluted share for the 53rd
week. The Company's earnings per diluted share guidance is not
dependent upon share repurchases beyond the $242 million executed through the third quarter
of fiscal 2017. The Company reported earnings per diluted share of
$2.56 for the 52 weeks ended
January 28, 2017.
- The Company currently anticipates reporting non-GAAP earnings
per diluted share in the range of $2.92 to
3.04. This excludes a corporate restructuring charge,
conversion costs for former TSA stores, income related to a
contract termination payment, the benefit from a multi-year sales
tax refund and a one-time cost the Company expects to incur to
enhance its ScoreCard loyalty program. On a non-GAAP basis, the
Company reported earnings per diluted share of $3.12 for the 52 weeks ended January 28, 2017.
- Consolidated same store sales are currently expected to be in
the range of approximately flat to a low single-digit decline on a
52 week to 52 week comparative basis, compared to an increase of
3.5% in 2016.
- The Company expects to open 43 new DICK'S Sporting Goods stores
and relocate seven DICK'S Sporting Goods stores in 2017. The
Company also expects to open eight new Golf Galaxy stores, relocate
one Golf Galaxy store and open eight new Field & Stream stores
adjacent to DICK'S Sporting Goods stores. These openings include
former TSA and Golfsmith stores that the Company converted to
DICK'S Sporting Goods and Golf Galaxy stores, respectively.
- Fourth Quarter 2017
-
- Based on an estimated 105 million diluted shares outstanding,
the Company currently anticipates reporting earnings per diluted
share in the range of $1.05 to 1.17,
which includes approximately $0.05
per diluted share for the 53rd week. The Company
reported earnings per diluted share of $0.81 in the fourth quarter of 2016.
- The Company currently anticipates reporting non-GAAP earnings
per diluted share in the range of $1.12 to
1.24. This excludes a one-time cost the Company expects to
incur to enhance its ScoreCard loyalty program. On a non-GAAP
basis, the Company reported earnings per diluted share of
$1.32 in the fourth quarter of
2016.
- Consolidated same store sales are currently expected to decline
in the low single-digits in the fourth quarter of 2017, compared to
an increase of 5.0% in the fourth quarter of 2016.
- The Company expects to relocate one DICK'S Sporting Goods store
in the fourth quarter of 2017.
- Capital Expenditures
-
- In 2017, the Company anticipates capital expenditures to be
approximately $400 million on a net
basis and approximately $515 million
on a gross basis. In 2016, capital expenditures were $242 million on a net basis and $422 million on a gross basis.
Conference Call Info
The Company will host a conference call today at 10:00 a.m.
Eastern Time to discuss the third quarter results. Investors
will have the opportunity to listen to the earnings conference call
over the internet through the Company's website located at
investors.DICKS.com. To listen to the live call, please go to the
website at least fifteen minutes early to register, download and
install any necessary audio software.
In addition to the webcast, the call can be accessed by dialing
(877) 443-5743 (domestic callers) or (412) 902-6617 (international
callers) and requesting the "DICK'S Sporting Goods Earnings
Call."
For those who cannot listen to the live webcast, it will be
archived on the Company's website for approximately 30 days. In
addition, a dial-in replay of the call will be available. To listen
to the replay, investors should dial (877) 344-7529 (domestic
callers) or (412) 317-0088 (international callers) and enter
confirmation code 10113127. The dial-in replay will be available
for approximately 30 days following the live call.
Non-GAAP Financial Measures
In addition to reporting the Company's financial results in
accordance with generally accepted accounting principles ("GAAP"),
the Company reports certain financial results that differ from what
is reported under GAAP. These non-GAAP financial measures include
consolidated non-GAAP net income, non-GAAP earnings per diluted
share, EBITDA, and adjusted EBITDA which management believes
provides investors with useful supplemental information to evaluate
the Company's ongoing operations and to compare with past and
future periods. Management also uses certain non-GAAP measures
internally for forecasting, budgeting, and measuring its operating
performance. These measures should be viewed as supplementing, and
not as an alternative or substitute for, the Company's financial
results prepared in accordance with GAAP. The methods used by the
Company to calculate its non-GAAP financial measures may differ
significantly from methods used by other companies to compute
similar measures. As a result, any non-GAAP financial measures
presented herein may not be comparable to similar measures provided
by other companies. A reconciliation of the Company's non-GAAP
measures to the most directly comparable GAAP financial measures
are provided below and on the Company's website at
investors.DICKS.com.
Forward-Looking Statements Involving Known and Unknown Risks
and Uncertainties
This release contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties and change based on various important
factors, many of which may be beyond our control. Our future
performance and actual results may differ materially from those
expressed or implied in such forward-looking statements.
Forward-looking statements should not be relied upon by investors
as a prediction of actual results. Forward-looking statements
include statements regarding, among other things, the Company's
future performance, including outlook for earnings and sales in the
fourth quarter and 2018; plans to accelerate investments in
eCommerce capabilities, technology, DICK'S Team Sports HQ, private
brand development, people and our customer experience; anticipated
store openings and store relocations; capital expenditures; and
share repurchases.
Factors that could cause actual results to differ materially
from those expressed or implied in any forward-looking statements
include, but are not limited to: changes in consumer discretionary
spending; our eCommerce platform not producing the anticipated
benefits within the expected time-frame or at all; the streamlining
of the Company's vendor base and execution of the Company's new
merchandising strategy not producing the anticipated benefits
within the expected time-frame or at all; the amount that we devote
to strategic investments and the timing and success of those
investments; the integration of strategic acquisitions being more
difficult, time-consuming, or costly than expected; inventory turn;
changes in the competitive market and competition amongst
retailers, including an increase in promotional activity;
changes in consumer demand or shopping patterns and our ability to
identify new trends and have the right trending products in our
stores and on our website; changes in existing tax, labor and other
laws and regulations, including those changing tax rates and
imposing new taxes and surcharges; limitations on the availability
of attractive retail store sites; omni-channel growth; unauthorized
disclosure of sensitive or confidential customer information; risks
relating to our private brand offerings and new retail concepts;
website downtime, disruptions or other problems with our eCommerce
platform, including interruptions, delays or downtime caused by
high volumes of users or transactions, deficiencies in design or
implementation, or platform enhancements; disruptions or other
problems with our information systems; factors affecting our
vendors, including supply chain and currency risks; talent needs
and the loss of Edward W. Stack, our
Chairman and Chief Executive Officer; developments with sports
leagues, professional athletes or sports superstars;
weather-related disruptions and seasonality of our business; and
risks associated with being a controlled company.
For additional information on these and other factors that could
affect our actual results, see our risk factors, which may be
amended from time to time, set forth in our filings with the
Securities and Exchange Commission ("SEC"), including our most
recent Annual Report filed with the SEC on March 24, 2017. The
Company disclaims and does not undertake any obligation to update
or revise any forward-looking statement in this press release,
except as required by applicable law or regulation. Forward-looking
statements included in this release are made as of the date of this
release.
About DICK'S Sporting Goods, Inc.
Founded in 1948, DICK'S Sporting Goods, Inc. is a leading
omni-channel sporting goods retailer offering an extensive
assortment of authentic, high-quality sports equipment, apparel,
footwear and accessories. As of October 28, 2017, the
Company operated more than 715 DICK'S Sporting Goods locations
across the United States, serving
and inspiring athletes and outdoor enthusiasts to achieve their
personal best through a blend of dedicated associates, in-store
services and unique specialty shop-in-shops dedicated to Team
Sports, Athletic Apparel, Golf, Lodge/Outdoor, Fitness and
Footwear.
Headquartered in Pittsburgh,
PA, DICK'S also owns and operates Golf Galaxy and Field
& Stream specialty stores, as well as DICK'S Team Sports
HQ, an all-in-one youth sports digital platform offering free
league management services, mobile apps for scheduling,
communications and live scorekeeping, custom uniforms and FanWear
and access to donations and sponsorships. DICK'S offers its
products through a content-rich eCommerce platform that is
integrated with its store network and provides customers with the
convenience and expertise of a 24-hour storefront. For more
information, visit the Press Room or Investor Relations pages at
dicks.com.
Contacts:
Investor Relations:
Nate Gilch, Director of Investor
Relations
DICK'S Sporting Goods, Inc.
investors@dcsg.com
(724) 273-3400
Media Relations:
(724) 273-5552 or press@dcsg.com
|
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME - UNAUDITED
(In thousands,
except per share data)
|
|
|
|
13 Weeks
Ended
|
|
|
October 28,
2017
|
|
% of
Sales(1)
|
|
October 29,
2016
|
|
% of
Sales
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
1,944,187
|
|
|
100.00
|
%
|
|
$
|
1,810,347
|
|
|
100.00
|
%
|
|
Cost of goods sold,
including occupancy and
distribution costs
|
|
1,410,067
|
|
|
72.53
|
|
|
1,257,504
|
|
|
69.46
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
534,120
|
|
|
27.47
|
|
|
552,843
|
|
|
30.54
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
475,899
|
|
|
24.48
|
|
|
459,782
|
|
|
25.40
|
|
|
Pre-opening
expenses
|
|
8,220
|
|
|
0.42
|
|
|
19,304
|
|
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
50,001
|
|
|
2.57
|
|
|
73,757
|
|
|
4.07
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
2,839
|
|
|
0.15
|
|
|
1,265
|
|
|
0.07
|
|
|
Other
income
|
|
(10,768)
|
|
|
(0.55)
|
|
|
(3,778)
|
|
|
(0.21)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
57,930
|
|
|
2.98
|
|
|
76,270
|
|
|
4.21
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
21,017
|
|
|
1.08
|
|
|
27,356
|
|
|
1.51
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
|
36,913
|
|
|
1.90
|
%
|
|
$
|
48,914
|
|
|
2.70
|
%
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.35
|
|
|
|
|
$
|
0.44
|
|
|
|
|
Diluted
|
|
$
|
0.35
|
|
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
105,466
|
|
|
|
|
110,607
|
|
|
|
|
Diluted
|
|
105,814
|
|
|
|
|
111,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividend
declared per share
|
|
$
|
0.17000
|
|
|
|
|
$
|
0.15125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Column does not add due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME - UNAUDITED
(In thousands,
except per share data)
|
|
|
|
39 Weeks
Ended
|
|
|
October 28,
2017
|
|
% of
Sales(1)
|
|
October 29,
2016
|
|
%
of
Sales(1)
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
5,926,350
|
|
|
100.00
|
%
|
|
$
|
5,438,548
|
|
|
100.00
|
%
|
|
Cost of goods sold,
including occupancy and
distribution costs
|
|
4,213,143
|
|
|
71.09
|
|
|
3,792,529
|
|
|
69.73
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
1,713,207
|
|
|
28.91
|
|
|
1,646,019
|
|
|
30.27
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
1,385,506
|
|
|
23.38
|
|
|
1,300,071
|
|
|
23.90
|
|
|
Pre-opening
expenses
|
|
28,441
|
|
|
0.48
|
|
|
34,309
|
|
|
0.63
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
299,260
|
|
|
5.05
|
|
|
311,639
|
|
|
5.73
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
6,319
|
|
|
0.11
|
|
|
4,014
|
|
|
0.07
|
|
|
Other
income
|
|
(28,117)
|
|
|
(0.47)
|
|
|
(7,775)
|
|
|
(0.14)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
321,058
|
|
|
5.42
|
|
|
315,400
|
|
|
5.80
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
113,564
|
|
|
1.92
|
|
|
118,192
|
|
|
2.17
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
|
207,494
|
|
|
3.50
|
%
|
|
$
|
197,208
|
|
|
3.63
|
%
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.92
|
|
|
|
|
$
|
1.77
|
|
|
|
|
Diluted
|
|
$
|
1.91
|
|
|
|
|
$
|
1.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
108,027
|
|
|
|
|
111,328
|
|
|
|
|
Diluted
|
|
108,633
|
|
|
|
|
112,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per share
|
|
$
|
0.51000
|
|
|
|
|
$
|
0.45375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Column does not add due to
rounding
|
|
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS - UNAUDITED
(Dollars in
thousands)
|
|
|
|
October 28,
2017
|
|
October 29,
2016
|
|
January 28,
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
111,815
|
|
|
$
|
85,408
|
|
|
$
|
164,777
|
|
|
Accounts receivable,
net
|
|
88,979
|
|
|
121,189
|
|
|
75,199
|
|
|
Income taxes
receivable
|
|
72,911
|
|
|
32,583
|
|
|
2,307
|
|
|
Inventories,
net
|
|
2,178,495
|
|
|
2,092,402
|
|
|
1,638,632
|
|
|
Prepaid expenses and
other current assets
|
|
129,876
|
|
|
112,523
|
|
|
114,763
|
|
|
Total current
assets
|
|
2,582,076
|
|
|
2,444,105
|
|
|
1,995,678
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
1,679,872
|
|
|
1,492,274
|
|
|
1,522,574
|
|
|
Intangible assets,
net
|
|
144,896
|
|
|
137,155
|
|
|
140,835
|
|
|
Goodwill
|
|
245,126
|
|
|
200,594
|
|
|
245,059
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
10,425
|
|
|
5,345
|
|
|
45,927
|
|
|
Other
|
|
122,519
|
|
|
102,733
|
|
|
108,223
|
|
|
Total other
assets
|
|
132,944
|
|
|
108,078
|
|
|
154,150
|
|
|
TOTAL
ASSETS
|
|
$
|
4,784,914
|
|
|
$
|
4,382,206
|
|
|
$
|
4,058,296
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,061,776
|
|
|
$
|
1,031,587
|
|
|
$
|
755,537
|
|
|
Accrued
expenses
|
|
378,477
|
|
|
375,553
|
|
|
384,210
|
|
|
Deferred revenue and
other liabilities
|
|
161,193
|
|
|
146,585
|
|
|
203,788
|
|
|
Income taxes
payable
|
|
488
|
|
|
—
|
|
|
53,234
|
|
|
Current portion of
other long-term debt and leasing
obligations
|
|
5,175
|
|
|
615
|
|
|
646
|
|
|
Total current
liabilities
|
|
1,607,109
|
|
|
1,554,340
|
|
|
1,397,415
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
|
Revolving credit
borrowings
|
|
454,700
|
|
|
260,900
|
|
|
—
|
|
|
Other long-term debt
and leasing obligations
|
|
61,413
|
|
|
4,861
|
|
|
4,679
|
|
|
Deferred income
taxes
|
|
23,710
|
|
|
8,252
|
|
|
—
|
|
|
Deferred revenue and
other liabilities
|
|
764,996
|
|
|
683,988
|
|
|
726,713
|
|
|
Total long-term
liabilities
|
|
1,304,819
|
|
|
958,001
|
|
|
731,392
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
Common
stock
|
|
797
|
|
|
860
|
|
|
856
|
|
|
Class B common
stock
|
|
247
|
|
|
247
|
|
|
247
|
|
|
Additional paid-in
capital
|
|
1,166,370
|
|
|
1,114,622
|
|
|
1,130,830
|
|
|
Retained
earnings
|
|
2,106,086
|
|
|
1,882,934
|
|
|
1,956,066
|
|
|
Accumulated other
comprehensive loss
|
|
(85)
|
|
|
(147)
|
|
|
(132)
|
|
|
Treasury stock, at
cost
|
|
(1,400,429)
|
|
|
(1,128,651)
|
|
|
(1,158,378)
|
|
|
Total stockholders'
equity
|
|
1,872,986
|
|
|
1,869,865
|
|
|
1,929,489
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
|
4,784,914
|
|
|
$
|
4,382,206
|
|
|
$
|
4,058,296
|
|
|
|
|
|
|
|
|
|
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS - UNAUDITED
(Dollars in
thousands)
|
|
|
|
39 Weeks
Ended
|
|
|
October 28,
2017
|
|
October 29,
2016
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
$
|
207,494
|
|
|
$
|
197,208
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
|
Depreciation and
amortization
|
|
166,521
|
|
|
149,131
|
|
|
Deferred income
taxes
|
|
59,145
|
|
|
2,618
|
|
|
Stock-based
compensation
|
|
24,762
|
|
|
24,746
|
|
|
Other non-cash
items
|
|
595
|
|
|
541
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
(18,145)
|
|
|
(38,002)
|
|
|
Inventories
|
|
(539,863)
|
|
|
(565,215)
|
|
|
Prepaid expenses and
other assets
|
|
(20,847)
|
|
|
(10,931)
|
|
|
Accounts
payable
|
|
316,602
|
|
|
342,369
|
|
|
Accrued
expenses
|
|
23,404
|
|
|
67,986
|
|
|
Income taxes payable /
receivable
|
|
(123,350)
|
|
|
(58,841)
|
|
|
Deferred construction
allowances
|
|
78,482
|
|
|
114,158
|
|
|
Deferred revenue and
other liabilities
|
|
(49,258)
|
|
|
(32,686)
|
|
|
Net cash provided by
operating activities
|
|
125,542
|
|
|
193,082
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Capital
expenditures
|
|
(386,600)
|
|
|
(307,302)
|
|
|
Acquisitions, net of
cash acquired
|
|
(8,500)
|
|
|
—
|
|
|
Deposits and purchases
of other assets
|
|
(2,344)
|
|
|
(41,946)
|
|
|
Net cash used in
investing activities
|
|
(397,444)
|
|
|
(349,248)
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Revolving credit
borrowings
|
|
2,431,200
|
|
|
1,738,200
|
|
|
Revolving credit
repayments
|
|
(1,976,500)
|
|
|
(1,477,300)
|
|
|
Proceeds from term
loan
|
|
62,492
|
|
|
—
|
|
|
Payments on other
long-term debt and leasing obligations
|
|
(1,229)
|
|
|
(437)
|
|
|
Construction allowance
receipts
|
|
—
|
|
|
—
|
|
|
Proceeds from exercise
of stock options
|
|
16,558
|
|
|
24,950
|
|
|
Minimum tax
withholding requirements
|
|
(5,771)
|
|
|
(6,909)
|
|
|
Cash paid for treasury
stock
|
|
(242,119)
|
|
|
(116,006)
|
|
|
Cash dividends paid to
stockholders
|
|
(55,375)
|
|
|
(51,246)
|
|
|
(Decrease) increase in
bank overdraft
|
|
(10,363)
|
|
|
11,354
|
|
|
Net cash provided by
financing activities
|
|
218,893
|
|
|
122,606
|
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH AND CASH
EQUIVALENTS
|
|
47
|
|
|
32
|
|
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS
|
|
(52,962)
|
|
|
(33,528)
|
|
|
CASH AND CASH
EQUIVALENTS, BEGINNING OF PERIOD
|
|
164,777
|
|
|
118,936
|
|
|
CASH AND CASH
EQUIVALENTS, END OF PERIOD
|
|
$
|
111,815
|
|
|
$
|
85,408
|
|
|
Store Count and
Square Footage
|
|
|
The stores that
opened during the third quarter of 2017 are as follows:
|
|
|
Store
|
|
Market
|
|
Concept
|
|
Houston,
TX
|
|
Houston
|
|
DICK'S Sporting
Goods
|
|
Sacramento,
CA
|
|
Sacramento
|
|
DICK'S Sporting
Goods
|
|
Medford,
MA
|
|
Boston
|
|
DICK'S Sporting
Goods
|
|
Pooler, GA
|
|
Savannah
|
|
DICK'S Sporting
Goods
|
|
Northbrook,
IL
|
|
Chicago
|
|
DICK'S Sporting
Goods
|
|
Roseville,
CA
|
|
Sacramento
|
|
DICK'S Sporting
Goods
|
|
Fairfield,
CA
|
|
Fairfield
|
|
DICK'S Sporting
Goods
|
|
Lincoln,
NE
|
|
Lincoln
|
|
DICK'S Sporting
Goods
|
|
Houston,
TX
|
|
Houston
|
|
DICK'S Sporting
Goods
|
|
Ellicott City,
MD
|
|
Baltimore
|
|
DICK'S Sporting
Goods
|
|
Fairview Heights,
IL
|
|
St. Louis
|
|
DICK'S Sporting
Goods
|
|
Tukwila,
WA
|
|
Seattle
|
|
DICK'S Sporting
Goods
|
|
Tacoma, WA
|
|
Seattle
|
|
DICK'S Sporting
Goods
|
|
Bellevue,
WA
|
|
Seattle
|
|
DICK'S Sporting
Goods
|
|
Prosper,
TX
|
|
Dallas
|
|
DICK'S Sporting Goods
(1)
|
|
Prosper,
TX
|
|
Dallas
|
|
Field & Stream
(1)
|
|
Barboursville,
WV
|
|
Huntington
|
|
Field & Stream
(1)
|
|
Scranton,
PA
|
|
Scranton/Wilkes
Barre
|
|
Field & Stream
(1)
|
|
Fayetteville,
NC
|
|
Fayetteville
|
|
Field & Stream
(1)
|
|
Florence,
AL
|
|
Florence
|
|
Field & Stream
(1)
|
|
Kennesaw,
GA
|
|
Atlanta
|
|
Field & Stream
(1)
|
|
The following
represents a reconciliation of beginning and ending stores and
square footage for the periods indicated:
|
|
|
Store
Count:
|
|
|
|
Fiscal
2017
|
|
Fiscal
2016
|
|
|
DICK'S
Sporting
Goods(1)
|
|
Specialty
Concept
Stores(1)
|
|
Total
|
|
DICK'S
Sporting
Goods(1)
|
|
Specialty
Concept
Stores(1)
|
|
Total
|
|
Beginning
stores
|
|
676
|
|
|
121
|
|
|
797
|
|
|
644
|
|
|
97
|
|
|
741
|
|
|
Q1 New
stores
|
|
15
|
|
|
10
|
|
|
25
|
|
|
3
|
|
|
2
|
|
|
5
|
|
|
Q2 New
stores
|
|
13
|
|
|
—
|
|
|
13
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
Q3 New
stores
|
|
15
|
|
|
6
|
|
|
21
|
|
|
27
|
|
|
9
|
|
|
36
|
|
|
Closed
stores
|
|
—
|
|
|
4
|
|
|
4
|
|
|
3
|
|
|
2
|
|
|
5
|
|
|
Ending
stores
|
|
719
|
|
|
133
|
|
|
852
|
|
|
676
|
|
|
106
|
|
|
782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Relocated
stores
|
|
6
|
|
|
1
|
|
|
7
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Square
Footage:
(in
millions)
|
|
|
|
DICK'S
Sporting
Goods(1)
|
|
Specialty
Concept
Stores(1)
|
|
Total(2)
|
|
Q1 2016
|
|
34.5
|
|
|
2.4
|
|
|
37.0
|
|
|
Q2 2016
|
|
34.6
|
|
|
2.4
|
|
|
37.1
|
|
|
Q3 2016
|
|
36.1
|
|
|
2.7
|
|
|
38.8
|
|
|
Q4 2016
|
|
36.0
|
|
|
3.2
|
|
|
39.3
|
|
|
Q1 2017
|
|
36.8
|
|
|
3.5
|
|
|
40.3
|
|
|
Q2 2017
|
|
37.4
|
|
|
3.5
|
|
|
40.9
|
|
|
Q3 2017
|
|
38.2
|
|
|
3.7
|
|
|
41.9
|
|
|
|
(1)
|
Specialty concept
stores include the Company's Golf Galaxy, Field & Stream and
other specialty concept stores. In some markets we operate adjacent
stores on the same property with a pass-through for customers. We
refer to this format as a "combo store" and include combo store
openings within both the DICK'S Sporting Goods and specialty
concept store reconciliations, as applicable. As of
October 28, 2017, the Company operated 20 combo
stores.
|
|
|
|
(2)
|
Column may not add
due to rounding.
|
|
DICK'S SPORTING
GOODS, INC.
GAAP to NON-GAAP
RECONCILIATIONS
(Dollars in
thousands, except per share amounts)
(unaudited)
|
|
|
13 Weeks Ended
October 28, 2017
|
|
|
|
|
|
|
Other
income
|
Income
before
income
taxes
|
Net
income
|
Earnings
per diluted
share
|
|
GAAP Basis
|
$
|
(10,768)
|
|
$
|
57,930
|
|
$
|
36,913
|
|
$
|
0.35
|
|
|
% of Net
Sales
|
(0.55)%
|
|
2.98
|
%
|
1.90
|
%
|
|
|
Sales tax refund
(1)
|
8,104
|
|
(8,104)
|
|
(5,024)
|
|
|
|
Non-GAAP
Basis
|
$
|
(2,664)
|
|
$
|
49,826
|
|
$
|
31,889
|
|
$
|
0.30
|
|
|
% of Net
Sales
|
(0.14)%
|
|
2.56
|
%
|
1.64
|
%
|
|
|
|
|
(1)
|
Multi-year sales tax
refund. The provision for income taxes was calculated at 38%, which
approximates the Company's blended tax rate.
|
|
39 Weeks Ended
October 28, 2017
|
|
|
|
|
|
|
|
|
Selling,
general and
administrative
expenses
|
Pre-
opening
expenses
|
Other
income
|
Income
before
income
taxes
|
Net
income (5)
|
Earnings
per diluted
share
|
|
GAAP Basis
|
$
|
1,385,506
|
|
$
|
28,441
|
|
$
|
(28,117)
|
|
$
|
321,058
|
|
$
|
207,494
|
|
$
|
1.91
|
|
|
% of Net
Sales
|
23.38
|
%
|
0.48
|
%
|
(0.47)%
|
|
5.42
|
%
|
3.50
|
%
|
|
|
Corporate
restructuring charge (1)
|
(7,077)
|
|
—
|
|
—
|
|
7,077
|
|
4,388
|
|
|
|
TSA conversion costs
(2)
|
—
|
|
(3,474)
|
|
—
|
|
3,474
|
|
2,154
|
|
|
|
Contract termination
payment (3)
|
—
|
|
—
|
|
12,000
|
|
(12,000)
|
|
(12,000)
|
|
|
|
Sales tax refund
(4)
|
—
|
|
—
|
|
8,104
|
|
(8,104)
|
|
(5,024)
|
|
|
|
Non-GAAP
Basis
|
$
|
1,378,429
|
|
$
|
24,967
|
|
$
|
(8,013)
|
|
$
|
311,505
|
|
$
|
197,012
|
|
$
|
1.81
|
|
|
% of Net
Sales
|
23.26
|
%
|
0.42
|
%
|
(0.14)%
|
|
5.26
|
%
|
3.32
|
%
|
|
|
|
|
(1)
|
Severance, other
employee-related costs and asset write-downs related to corporate
restructuring.
|
|
(2)
|
Costs related to
converting former TSA stores.
|
|
(3)
|
Contract termination
payment. There was no related tax expense as the Company
utilized net capital loss carryforwards that were previously
subject to a valuation allowance.
|
|
(4)
|
Multi-year sales tax
refund.
|
|
(5)
|
The provision for
income taxes for Non-GAAP adjustments was calculated at 38%, which
approximates the Company's blended tax rate, unless otherwise
noted.
|
|
13 Weeks Ended
October 29, 2016
|
|
|
|
|
|
|
|
Selling,
general and
administrative
expenses
|
Pre-
opening
expenses
|
Income
before
income
taxes
|
Net
income
|
Earnings
per diluted
share
|
|
GAAP Basis
|
$
|
459,782
|
|
$
|
19,304
|
|
$
|
76,270
|
|
$
|
48,914
|
|
$
|
0.44
|
|
|
% of Net
Sales
|
25.40
|
%
|
1.07
|
%
|
4.21
|
%
|
2.70
|
%
|
|
|
TSA conversion costs
(1)
|
(6,491)
|
|
(1,145)
|
|
7,636
|
|
4,734
|
|
|
|
Non-GAAP
Basis
|
$
|
453,291
|
|
$
|
18,159
|
|
$
|
83,906
|
|
$
|
53,648
|
|
$
|
0.48
|
|
|
% of Net
Sales
|
25.04
|
%
|
1.00
|
%
|
4.63
|
%
|
2.96
|
%
|
|
|
|
|
(1)
|
Costs related to
converting former TSA stores. The provision for income taxes was
calculated at 38%, which approximated the Company's blended tax
rate.
|
|
39 Weeks Ended
October 29, 2016
|
|
|
|
|
|
|
|
Selling,
general and
administrative
expenses
|
Pre-
opening
expenses
|
Income
before
income
taxes
|
Net
income
|
Earnings
per diluted
share
|
|
GAAP Basis
|
$
|
1,300,071
|
|
$
|
34,309
|
|
$
|
315,400
|
|
$
|
197,208
|
|
$
|
1.75
|
|
|
% of Net
Sales
|
23.90
|
%
|
0.63
|
%
|
5.80
|
%
|
3.63
|
%
|
|
|
TSA conversion costs
(1)
|
(6,491)
|
|
(1,145)
|
|
7,636
|
|
4,734
|
|
|
|
Non-GAAP
Basis
|
$
|
1,293,580
|
|
$
|
33,164
|
|
$
|
323,036
|
|
$
|
201,942
|
|
$
|
1.80
|
|
|
% of Net
Sales
|
23.79
|
%
|
0.61
|
%
|
5.94
|
%
|
3.71
|
%
|
|
|
|
|
(1)
|
Costs related to
converting former TSA stores. The provision for income taxes was
calculated at 38%, which approximated the Company's blended tax
rate.
|
|
13 Weeks Ended
January 28, 2017
|
|
|
|
|
|
|
|
|
Cost of
goods sold
|
Selling,
general and
administrative
expenses
|
Pre-
opening
expenses
|
Income
before
income
taxes
|
Net
income (5)
|
Earnings
per diluted
share
|
|
GAAP Basis
|
$
|
1,763,669
|
|
$
|
575,573
|
|
$
|
5,977
|
|
$
|
143,020
|
|
$
|
90,188
|
|
$
|
0.81
|
|
|
% of Net
Sales
|
71.02
|
%
|
23.18
|
%
|
0.24
|
%
|
5.76
|
%
|
3.63
|
%
|
|
|
Inventory write-down
(1)
|
(46,379)
|
|
—
|
|
—
|
|
46,379
|
|
28,755
|
|
|
|
Non-cash impairment
and
store closing charge
(2)
|
—
|
|
(32,821)
|
|
—
|
|
32,821
|
|
20,349
|
|
|
|
Non-operating
asset
impairment (3)
|
—
|
|
(7,707)
|
|
—
|
|
7,707
|
|
4,778
|
|
|
|
TSA and Golfsmith
conversion
costs (4)
|
—
|
|
(2,054)
|
|
(3,957)
|
|
6,011
|
|
3,727
|
|
|
|
Non-GAAP
Basis
|
$
|
1,717,290
|
|
$
|
532,991
|
|
$
|
2,020
|
|
$
|
235,938
|
|
$
|
147,797
|
|
$
|
1.32
|
|
|
% of Net
Sales
|
69.15
|
%
|
21.46
|
%
|
0.08
|
%
|
9.50
|
%
|
5.95
|
%
|
|
|
|
|
(1)
|
Inventory write-down
to net realizable value in connection with the Company's new
merchandising strategy.
|
|
(2)
|
Included non-cash
impairment of store assets and store closing charges primarily
related to ten Golf Galaxy stores in overlapping trade areas with
former Golfsmith stores.
|
|
(3)
|
Non-cash impairment
charge to reduce the carrying value of a corporate aircraft held
for sale to its fair market value.
|
|
(4)
|
Costs related to
converting former TSA and Golfsmith stores.
|
|
(5)
|
The provision for
income taxes for Non-GAAP adjustments was calculated at 38%, which
approximated the Company's blended tax rate.
|
|
52 Weeks Ended
January 28, 2017
|
|
|
|
|
|
|
|
|
Cost of
goods sold
|
Selling,
general and
administrative
expenses
|
Pre-
opening
expenses
|
Income
before
income
taxes
|
Net
income (5)
|
Earnings
per diluted
share
|
|
GAAP Basis
|
$
|
5,556,198
|
|
$
|
1,875,643
|
|
$
|
40,286
|
|
$
|
458,422
|
|
$
|
287,396
|
|
$
|
2.56
|
|
|
% of Net
Sales
|
70.14
|
%
|
23.68
|
%
|
0.51
|
%
|
5.79
|
%
|
3.63
|
%
|
|
|
Inventory write-down
(1)
|
(46,379)
|
|
—
|
|
—
|
|
46,379
|
|
28,755
|
|
|
|
Non-cash impairment
and
store closing charge
(2)
|
—
|
|
(32,821)
|
|
—
|
|
32,821
|
|
20,349
|
|
|
|
Non-operating
asset
impairment (3)
|
—
|
|
(7,707)
|
|
—
|
|
7,707
|
|
4,778
|
|
|
|
TSA and Golfsmith
conversion
costs (4)
|
—
|
|
(8,545)
|
|
(5,102)
|
|
13,647
|
|
8,461
|
|
|
|
Non-GAAP
Basis
|
$
|
5,509,819
|
|
$
|
1,826,570
|
|
$
|
35,184
|
|
$
|
558,976
|
|
$
|
349,739
|
|
$
|
3.12
|
|
|
% of Net
Sales
|
69.55
|
%
|
23.06
|
%
|
0.44
|
%
|
7.06
|
%
|
4.41
|
%
|
|
|
|
|
(1)
|
Inventory write-down
to net realizable value in connection with the Company's new
merchandising strategy.
|
|
(2)
|
Included non-cash
impairment of store assets and store closing charges primarily
related to ten Golf Galaxy stores in overlapping trade areas with
former Golfsmith stores.
|
|
(3)
|
Non-cash impairment
charge to reduce the carrying value of a corporate aircraft held
for sale to its fair market value.
|
|
(4)
|
Costs related to
converting former TSA and Golfsmith stores.
|
|
(5)
|
The provision for
income taxes for Non-GAAP adjustments was calculated at 38%, which
approximated the Company's blended tax rate.
|
|
Adjusted
EBITDA
|
|
|
Adjusted EBITDA
should not be considered as an alternative to net income or any
other generally accepted accounting principles measure of
performance or liquidity. Adjusted EBITDA, as the Company has
calculated it, may not be comparable to similarly titled measures
reported by other companies. Adjusted EBITDA is a key metric used
by the Company that provides a measurement of profitability that
eliminates the effect of changes resulting from financing
decisions, tax regulations, capital investments and certain
non-recurring, infrequent or unusual items.
|
|
|
|
13 Weeks
Ended
|
|
|
October 28,
2017
|
|
October 29,
2016
|
|
|
(dollars in thousands)
|
|
Net income
|
|
$
|
36,913
|
|
|
$
|
48,914
|
|
|
Provision for income
taxes
|
|
21,017
|
|
|
27,356
|
|
|
Interest
expense
|
|
2,839
|
|
|
1,265
|
|
|
Depreciation and
amortization
|
|
57,436
|
|
|
52,600
|
|
|
EBITDA
|
|
$
|
118,205
|
|
|
$
|
130,135
|
|
|
Add: TSA conversion
costs
|
|
—
|
|
|
7,636
|
|
|
Less: Sales tax
refund
|
|
(8,104)
|
|
|
—
|
|
|
Adjusted EBITDA, as
defined
|
|
$
|
110,101
|
|
|
$
|
137,771
|
|
|
|
|
|
|
|
% decrease in
adjusted EBITDA
|
|
(20)%
|
|
|
|
|
|
|
|
39 Weeks
Ended
|
|
|
October 28,
2017
|
|
October 29,
2016
|
|
|
(dollars in thousands)
|
|
Net income
|
|
$
|
207,494
|
|
|
$
|
197,208
|
|
|
Provision for income
taxes
|
|
113,564
|
|
|
118,192
|
|
|
Interest
expense
|
|
6,319
|
|
|
4,014
|
|
|
Depreciation and
amortization
|
|
166,521
|
|
|
149,131
|
|
|
EBITDA
|
|
$
|
493,898
|
|
|
$
|
468,545
|
|
|
Add: Corporate
restructuring charge
|
|
6,129
|
|
|
—
|
|
|
Add: TSA conversion
costs
|
|
3,474
|
|
|
7,636
|
|
|
Less: Contract
termination payment
|
|
(12,000)
|
|
|
—
|
|
|
Less: Sales tax
refund
|
|
(8,104)
|
|
|
—
|
|
|
Adjusted EBITDA, as
defined
|
|
$
|
483,397
|
|
|
$
|
476,181
|
|
|
|
|
|
|
|
% increase in
adjusted EBITDA
|
|
2
|
%
|
|
|
|
Reconciliation of
Gross Capital Expenditures to Net Capital
Expenditures
|
|
|
The following table
represents a reconciliation of the Company's gross capital
expenditures to its capital expenditures, net of tenant
allowances.
|
|
|
|
39 Weeks
Ended
|
|
|
October 28,
2017
|
|
October 29,
2016
|
|
|
(dollars in thousands)
|
|
Gross capital
expenditures
|
|
$
|
(386,600)
|
|
|
$
|
(307,302)
|
|
|
Proceeds from
sale-leaseback transactions
|
|
—
|
|
|
—
|
|
|
Deferred construction
allowances
|
|
78,482
|
|
|
114,158
|
|
|
Construction
allowance receipts
|
|
—
|
|
|
—
|
|
|
Net capital
expenditures
|
|
$
|
(308,118)
|
|
|
$
|
(193,144)
|
|
|
Reconciliation of
Non-GAAP Consolidated Net Income and Earnings Per Diluted Share
Guidance
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
14 Weeks Ended
February 3, 2018
|
|
53 Weeks Ended
February 3, 2018
|
|
|
Low-End
|
|
High-End
|
|
Low-End
|
|
High-End
|
|
|
Amount
|
|
EPS
|
|
Amount
|
|
EPS
|
|
Amount
|
|
EPS
|
|
Amount
|
|
EPS
|
|
GAAP consolidated
net
income and earnings
per
diluted share
|
|
$
|
110,160
|
|
|
$
|
1.05
|
|
|
$
|
122,560
|
|
|
$
|
1.17
|
|
|
$
|
317,043
|
|
|
$
|
2.95
|
|
|
$
|
330,043
|
|
|
$
|
3.07
|
|
|
Corporate
restructuring charge
|
|
—
|
|
|
|
|
—
|
|
|
|
|
7,077
|
|
|
|
|
7,077
|
|
|
|
|
TSA conversion
costs
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3,474
|
|
|
|
|
3,474
|
|
|
|
|
Contract termination
payment
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(12,000)
|
|
|
|
|
(12,000)
|
|
|
|
|
Sales tax
refund
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(8,104)
|
|
|
|
|
(8,104)
|
|
|
|
|
Loyalty program
enhancement
costs
|
|
12,000
|
|
|
|
|
12,000
|
|
|
|
|
12,000
|
|
|
|
|
12,000
|
|
|
|
|
Tax effect of the
above items
|
|
4,560
|
|
|
|
|
4,560
|
|
|
|
|
5,490
|
|
|
|
|
5,490
|
|
|
|
|
Non-GAAP consolidated
net
income and earnings per
diluted share
|
|
$
|
117,600
|
|
|
$
|
1.12
|
|
|
$
|
130,000
|
|
|
$
|
1.24
|
|
|
$
|
314,000
|
|
|
$
|
2.92
|
|
|
$
|
327,000
|
|
|
$
|
3.04
|
|
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SOURCE DICK'S Sporting Goods, Inc.