Markets
BUSINESS NEWS
- Market News
- Earnings
- Recalls
- Recession Watch
- Tech News
- Financial Crisis
- Madoff Scandal
- DailyFinance
- BloggingStocks
- Luxist
- Money Videos
- Money RSS Feeds
INVESTING
- Stock Quotes
- Stock Charts
- Stock Ticker
- Currencies
- Portfolio
- Stock Screener
- Broker Center
- Mutual Fund Center
- ETF Center
- Money
- 24/7 Wall St.
- Financial Glossary
PERSONAL FINANCE AT WALLETPOP
- Bargains
- Banking
- Budget
- Calculators
- College Finance
- Community
- Credit
- Deals
- Debt
- Economizer
- Food
- Home
- Fraud
- Insurance
- Interest Rates
- Loans
- Mortgages
- Real Estate
- Recalls
- Recession
- Retirement
- Saving
- Simplification
- Specials
- Taxes
SMALL BUSINESS
Dick's Sporting Goods Reports Fourth Quarter and Full Year Results; In Line with Expectations
- 2008 Sales Increased 6% Over 2007
- Inventory per Square Foot Declined 14% at Year-End Compared to 2007 Year-End
- Company Ended 2008 Without Any Outstanding Borrowings Under Its Credit Facility
Fourth Quarter Results
The Company reported non-GAAP net income for the fourth quarter ended
On a GAAP basis, the Company reported a net loss for the fourth quarter ended
Net sales for the quarter decreased by 0.4% to
"We continued to execute well in the fourth quarter in spite of the challenging environment. We ended the quarter without any balance outstanding on our line of credit, which is an indication of our strong cash flow and balance sheet position. Additionally, we successfully reduced inventory levels and leveraged S,G & A expenses," said
Integrations
Costs related to the merger and integration of Golf Galaxy and Chick's Sporting Goods were
Non-cash Impairment Charge
In the fourth quarter, the Company recorded a pre-tax non-cash impairment charge of
The pre-tax non-cash impairment charge consisted of
New Stores
In the fourth quarter, the Company opened four Golf Galaxy stores. These stores are listed in a table later in the release under the heading "Store Count and Square Footage."
As of
Full Year Results
The Company reported non-GAAP net income for the 52 weeks ended
On a GAAP basis, the Company reported a loss for the 52 weeks ended
Net sales increased 6% to
Balance Sheet
The Company believes its strong balance sheet, which included
Current 2009 Outlook
The Company's current outlook for 2009 is based on current expectations and includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act as described later in this release. Although the Company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Due to the lack of visibility created by the current economic environment, particularly into the back half of the year, the Company believes it is appropriate to provide estimates based on the continuation of trends from the fourth quarter of 2008 into fiscal 2009. In light of the expected comparable store sales decline and the anticipated need to be even more value driven in 2009, the Company is expecting lower consolidated gross margin levels than were generated in 2008. To partially offset the lower gross margins, the Company will maintain its focus on expense management. Specifically, over the course of 2009, the Company expects to reduce operating costs by approximately
-- Full Year 2009
-- Based on an estimated 116 million diluted shares outstanding, the
Company currently anticipates reporting consolidated earnings per
diluted share of approximately $0.80 - 1.00, excluding merger
and integration costs. For the full year 2008, the Company reported
earnings per diluted share of $1.19, excluding the non-cash
impairment charge and merger and integration costs.
On a GAAP basis, the Company is anticipating reporting earnings per
diluted share of $0.77 - 0.97 in 2009 compared to a net loss of
$0.31 per diluted share in 2008.
-- Comparable store sales are expected to decrease approximately 12
to 8% compared to a 4.8% decrease in 2008. The comparable store
sales calculation for the full year 2009 includes Dick's Sporting
Goods stores and Golf Galaxy stores. The comparable store sales
calculation for the full year 2008 includes Dick's Sporting Goods
stores only.
-- The Company currently expects to open approximately 19 new Dick's
Sporting Goods stores, relocate one Dick's Sporting Goods store and
open one new Golf Galaxy store. The Company also anticipates
closing two Chick's Sporting Goods stores and converting the
remaining 12 Chick's Sporting Goods stores to Dick's Sporting Goods
stores.
-- First Quarter 2009
-- Based on an estimated 116 million diluted shares outstanding, the
Company anticipates reporting consolidated earnings per diluted
share of approximately $0.03 - 0.08 in the first quarter of 2009,
excluding merger and integration costs. In the first quarter of
2008, the Company reported earnings per diluted share of $0.18.
On a GAAP basis, the Company anticipates reporting earnings per
diluted share of approximately $0.01 - 0.06 in the first quarter
of 2009 compared to earnings per diluted share of $0.18 in the
first quarter of 2008.
-- Comparable store sales are expected to decrease approximately 12
to 9% compared to a 3.8% decrease in the first quarter last year.
The comparable store sales calculation for the first quarter 2009
includes Dick's Sporting Goods stores and Golf Galaxy stores. The
comparable store sales calculation for the first quarter 2008
includes Dick's Sporting Goods stores only.
-- The Company expects to open approximately nine new Dick's Sporting
Goods stores and one new Golf Galaxy Store in the first quarter.
-- Cash Flow
-- In 2009, the Company anticipates producing positive operating cash
flow, net of capital expenditures, in excess of that generated in
2008. This is expected to be accomplished through continued
effective inventory management and the reduction of net capital
expenditures to $60 million in 2009 as compared to $115 million in
2008.
New Accounting Pronouncement
In
As described in the Company's Form 8-K filing dated
Conference Call Info
The Company will be hosting a conference call today at
For those who cannot listen to the live broadcast, the web cast will be archived on the Company's web site for 30 days. In addition, a dial-in replay will be available shortly after the call. To listen to the replay, investors should dial 888-286-8010 (domestic callers) or 617-801-6888 (international callers) and enter confirmation code 16659881. The dial-in replay will be available for 30 days following the live call.
Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as "may," "will," "expect," "anticipate," "believe," "guidance," "estimate," "intend," "predict," and "continue" or similar words. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks and uncertainties include, without limitation, changes in macroeconomic factors and market conditions, including the housing market and fuel costs, that impact the level of consumer spending for the types of merchandise sold by the Company, potential volatility in our stock price and the tightening of availability and higher costs associated with current and new sources of credit resulting from uncertainty in financial markets, changes in consumer demand, the retailing environment and customer preferences and spending habits, competitive pressures, pricing and promotional activities of competitors, changes in law and regulation including consumer protection and labor, currency exchange rate fluctuations, weather conditions, litigation, risks and costs associated with combining businesses and/or assimilating acquired companies and our ability to manage our operations and growth. Known and unknown risks and uncertainties are more fully described in the Company's Annual Report on Form 10-K for the year ended
The prior period EPS numbers presented in this press release have been adjusted to give effect to the two-for-one stock split, in the form of a stock dividend, which became effective on
About Dick's Sporting Goods, Inc.
Dick's Sporting Goods, Inc. is an authentic full-line sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel, and footwear in a specialty store environment. As of
Dick's Sporting Goods, Inc. news releases are available at http://www.dickssportinggoods.com/ (click on the Investor Relations link at the top of the home page).
Contact:
Timothy E. Kullman, EVP - Finance, Administration,
Chief Financial Officer and Treasurer or
Anne-Marie Megela, Director, Investor Relations
724-273-3400
investors@dcsg.com
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
13 Weeks Ended
---------------------------------------
January 31, % of February 2, % of
2009 Sales(1) 2008 Sales(1)
---------- ------- ---------- -------
Net sales $1,207,531 100.00% $1,212,615 100.00%
Cost of goods sold, including
Occupancy and distribution costs 855,348 70.83 836,295 68.97
---------- ------- ---------- -------
GROSS PROFIT 352,183 29.17 376,320 31.03
Selling, general and
administrative expenses 241,676 20.01 250,356 20.65
Impairment of goodwill and other
intangible assets 164,255 13.60 - -
Impairment of store assets 29,095 2.41 - -
Merger and integration costs 9,903 0.82 - -
Pre-opening expenses 126 0.01 1,314 0.11
---------- ------- ---------- -------
INCOME (LOSS) FROM OPERATIONS (92,872) (7.69) 124,650 10.28
Interest expense, net 3,973 0.33 2,730 0.23
---------- ------- ---------- -------
INCOME (LOSS) BEFORE INCOME TAXES (96,845) (8.02) 121,920 10.05
Provision for income taxes 7,532 0.62 48,749 4.02
---------- ------- ---------- -------
NET INCOME (LOSS) $(104,377) (8.64%) $73,171 6.03%
========== ======= ========== =======
EARNINGS (LOSS) PER COMMON SHARE:
Basic $(0.93) $0.66
Diluted $(0.93) $0.62
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING:
Basic 112,115 111,033
Diluted 112,115 117,721
(1) Column does not add due to rounding
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(In thousands, except per share data)
52 Weeks Ended
---------------------------------------
January 31, % of February 2, % of
2009 Sales(1) 2008 Sales(1)
---------- ------- ---------- -------
Net sales $4,130,128 100.00% $3,888,422 100.00%
Cost of goods sold, including
Occupancy and distribution costs 2,946,079 71.33 2,730,359 70.22
---------- ------- ---------- -------
GROSS PROFIT 1,184,049 28.67 1,158,063 29.78
Selling, general and
administrative expenses 928,170 22.47 870,415 22.38
Impairment of goodwill and other
intangible assets 164,255 3.98 - -
Impairment of store assets 29,095 0.70 - -
Merger and integration costs 15,877 0.38 - -
Pre-opening expenses 16,272 0.39 18,831 0.48
---------- ------- ---------- -------
INCOME FROM OPERATIONS 30,380 0.74 268,817 6.91
Gain on sale of asset (2,356) (0.06) - -
Interest expense, net 10,963 0.27 11,290 0.29
---------- ------- ---------- -------
INCOME BEFORE INCOME TAXES 21,773 0.53 257,527 6.62
Provision for income taxes 56,867 1.38 102,491 2.64
---------- ------- ---------- -------
NET INCOME (LOSS) $(35,094) (0.85%) $155,036 3.99%
========== ======= ========== =======
EARNINGS (LOSS) PER COMMON SHARE:
Basic $(0.31) $1.42
Diluted $(0.31) $1.33
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING:
Basic 111,662 109,383
Diluted 111,662 116,504
(1) Column does not add due to rounding
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
January 31, February 2, 2009 2008 ---------- --------- (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $74,837 $50,307 Accounts receivable, net 57,803 62,035 Income taxes receivable 5,638 - Inventories, net 854,771 887,364 Prepaid expenses and other current assets 46,194 50,274 Deferred income taxes 10,621 19,714 ---------- --------- Total current assets 1,049,864 1,069,694 ---------- ---------
Property and equipment, net 515,982 531,779 Construction in progress - leased facilities 52,054 23,744 Intangible assets, net 46,846 80,038 Goodwill 200,594 304,366 Other assets: Deferred income taxes 67,709 6,366 Investments 2,629 3,225 Other 30,846 16,423 ---------- --------- Total other assets 101,184 26,014 ---------- --------- TOTAL ASSETS $1,966,524 $2,035,635 ========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $299,113 $365,750 Accrued expenses 209,866 228,816 Deferred revenue and other liabilities 102,866 104,549 Income taxes payable 3,024 62,583 Current portion of other long-term debt and capital leases 606 250 ---------- --------- Total current liabilities 615,475 761,948 ---------- --------- LONG-TERM LIABILITIES: Senior convertible notes 172,500 172,500 Revolving credit borrowings - - Other long-term debt and capital leases 8,758 8,685 Non-cash obligations for construction in progress - leased facilities 52,054 23,744 Deferred revenue and other liabilities 222,155 180,238 ---------- --------- Total long-term liabilities 455,467 385,167 ---------- --------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock 871 848 Class B common stock 253 263 Additional paid-in capital 459,076 416,423 Retained earnings 433,880 468,974 Accumulated other comprehensive income 1,502 2,012 ---------- --------- Total stockholders' equity 895,582 888,520 ---------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,966,524 $2,035,635 ========== =========
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) 52 Weeks Ended --------------------- January 31, February 2, 2009 2008 ---------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: (unaudited)
Net income (loss) $(35,094) $155,036 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 90,732 75,052 Impairment of goodwill and other intangible assets 164,255 - Impairment of store assets 29,095 - Deferred income taxes (45,906) (32,696) Stock-based compensation 25,600 29,039 Excess tax benefit from stock-based compensation (1,786) (34,918) Tax benefit from exercise of stock options 369 5,396 Tax benefit from convertible bond hedge 3,017 2,811 Gain on sale of asset (2,356) - Changes in assets and liabilities: Accounts receivable 3,090 (10,982) Income taxes payable/receivable (63,089) 114,706 Inventories 29,581 (127,027) Prepaid expenses and other assets (10,554) (4,267) Accounts payable (56,709) 12,337 Accrued expenses (6,736) 26,222 Deferred construction allowances 19,452 22,256 Deferred revenue and other liabilities 16,850 29,869 ---------- -------- Net cash provided by operating activities 159,811 262,834 ---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (191,423) (172,366) Purchase of corporate aircraft (25,107) - Proceeds from sale of corporate aircraft 27,463 - Proceeds from sale-leaseback transactions 44,873 28,440 Payment for purchase of Golf Galaxy, net of $4,859 cash acquired - (222,170) Payment for purchase of Chick's Sporting Goods - (69,200) ---------- -------- Net cash used in investing activities (144,194) (435,296) ---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES: Revolving credit borrowings, net - - Payments on other long-term debt and capital leases (6,793) (1,058) Construction allowance receipts 11,874 13,282 Proceeds from sale of common stock under employee stock purchase plan 5,174 4,507 Proceeds from exercise of stock options 7,320 30,259 Excess tax benefit from stock-based compensation 1,786 34,918 Repurchase of common stock (386) - (Decrease) increase in bank overdraft (9,927) 4,785 ---------- -------- Net cash provided by financing activities 9,048 86,693 ---------- --------
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (135) 134 ---------- -------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 24,530 (85,635)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 50,307 135,942 ---------- -------- CASH AND CASH EQUIVALENTS, END OF PERIOD $74,837 $50,307 ========== ======== Supplemental disclosure of cash flow information: Construction in progress - leased facilities $28,310 $10,657 Accrued property and equipment $(18,986) $(6,928) Cash paid for interest $8,021 $11,195 Cash paid for income taxes $167,721 $17,832 Stock options issued for acquisition $7,093 $7,307
Store Count and Square Footage
The following represents a reconciliation of beginning and ending stores and square footage for the periods indicated:
GOLF GALAXY ------------------------------------------------- Store Market Store Market -------------- ------- ----------- ------- Renton, WA Seattle Naples, FL Naples Sugar Land, TX Houston Orlando, FL Orlando
Fiscal 2008
---------------------------------------------
Dick's Golf Chick's Total
Sporting Galaxy Sporting
Goods Goods
--------- ------ -------- -----
Beginning stores 340 79 15 434
Q1 New 8 4 - 12
Q2 New 9 1 - 10
Q3 New 26 1 - 27
Q4 New - 4 - 4
--------- ------ -------- -----
383 89 15 487
--------- ------ -------- -----
Closed - - - -
--------- ------ -------- -----
Converted 1 - (1) -
--------- ------ -------- -----
Ending stores 384 89 14 487
========= ====== ======== =====
Relocated stores 1 - - 1
========= ====== ======== =====
Fiscal 2007
---------------------------------------------
Dick's Golf Chick's Total
Sporting Galaxy Sporting
Goods Goods(1)
--------- ------ -------- -----
Beginning stores 294 65 - 359
Q1 New 15 10 - 25
Q2 New 6 2 - 8
Q3 New 25 - - 25
Q4 New - 4 15 19
--------- ------ -------- -----
340 81 15 436
--------- ------ -------- -----
Closed - (2) - (2)
--------- ------ -------- -----
Converted - - - -
--------- ------ -------- -----
Ending stores 340 79 15 434
========= ====== ======== =====
Relocated stores 1 - - 1
========= ====== ======== =====
Square Footage:
(in millions)
Dick's Golf Chick's Total
Sporting Galaxy Sporting
Goods Goods
-------- ------ -------- -----
Q1 2007 17.4 1.1 - 18.5
Q2 2007 17.8 1.1 - 18.9
Q3 2007 19.0 1.2 - 20.2
Q4 2007 19.0 1.3 0.8 21.1
------------- -------- ------ -------- -----
Q1 2008 19.5 1.3 0.8 21.6
Q2 2008 20.0 1.3 0.8 22.1
Q3 2008 21.4 1.4 0.7 23.5
Q4 2008 21.4 1.5 0.7 23.6
(1) Column reflects the 15 Chick's Sporting Goods stores acquired in
the fourth quarter of 2007.
Non-GAAP Financial Measures
In addition to reporting the Company's financial results in accordance with generally accepted accounting principles ("GAAP"), the Company provides information regarding net income and earnings per diluted share adjusted for impairment charges and merger and integration costs, pro-forma comparable store sales, earnings before interest, taxes and depreciation ("EBITDA") as well as a reconciliation from the Company's gross capital expenditures, net of tenant allowances. The following measures are considered non-GAAP and are not preferable to GAAP financial information; however, the Company believes this information provides additional measures of performance that the Company's management, analysts and investors can use to compare core, operating results between reporting periods. These non-GAAP measures are provided below and on the Company's website at http://www.dickssportinggoods.com/ (click on the Investor Relations link at the top of the home page). The Company's website is not part of this press release.
Non-GAAP Net Income and Earnings Per Share Reconciliation (in thousands, except per share data):
Fiscal 2008 13 Weeks Ended January 31, 2009 ------------------------------------------- Merger and Non-GAAP As Integration Impairment Pro-forma Reported Costs Charges Total ---------- ----------- --------- ---------- Net sales $1,207,531 $- $- $1,207,531 Cost of goods sold, including occupancy and distribution costs 855,348 - - 855,348 ---------- ----------- --------- ---------- GROSS PROFIT 352,183 - - 352,183
Selling, general and administrative expenses 241,676 - - 241,676 Impairment of goodwill and Other intangible assets 164,255 - (164,255) - Impairment of store assets 29,095 - (29,095) - Merger and integration costs 9,903 (9,903) - - Pre-opening expenses 126 - - 126 ---------- ----------- --------- ---------- INCOME (LOSS) FROM OPERATIONS (92,872) 9,903 193,350 110,381
Interest expense, net 3,973 - - 3,973 ---------- ----------- --------- ---------- INCOME (LOSS) BEFORE INCOME TAXES (96,845) 9,903 193,350 106,408
Provision for income taxes 7,532 (3,745) (31,688) 42,965 ---------- ----------- --------- ---------- NET INCOME (LOSS) $(104,377) $6,158 $161,662 $63,443 ========== =========== ========= ========== EARNINGS (LOSS) PER COMMON SHARE: Basic $(0.93) $0.57 Diluted $(0.93) $0.55
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 112,115 112,115 Diluted 112,115 115,796
Notes: (1) Due to the net loss, as reported diluted earnings per share is calculated using basic weighted average common shares outstanding.
(2) The goodwill impairment charge of $111,312 is not deductible for tax purposes.
Fiscal 2008 52 Weeks Ended January 31, 2009 ------------------------------------------- Merger and Non-GAAP As Integration Impairment Pro-forma Reported Costs Charges Total ---------- ----------- --------- ---------- Net sales $4,130,128 $- $- $4,130,128 Cost of goods sold, including occupancy and distribution costs 2,946,079 - - 2,946,079 ---------- ----------- --------- ---------- GROSS PROFIT 1,184,049 - - 1,184,049
Selling, general and administrative expenses 928,170 - - 928,170 Impairment of goodwill and Other intangible assets 164,255 - (164,255) - Impairment of store assets 29,095 - (29,095) - Merger and integration costs 15,877 (15,877) - - Pre-opening expenses 16,272 - - 16,272 ---------- ----------- --------- ---------- INCOME FROM OPERATIONS 30,380 15,877 193,350 239,607
Gain on sale of asset (2,356) - - (2,356) Interest expense, net 10,963 - - 10,963 ---------- ----------- --------- ---------- INCOME BEFORE INCOME TAXES 21,773 15,877 193,350 231,000
Provision for income taxes, excluding tax impact of non deductible executive separation costs 54,362 (6,041) (31,688) 92,091 Tax impact of non deductible executive separation costs 2,505 2,505 - - ---------- ----------- --------- ---------- Provision for income taxes 56,867 (3,536) (31,688) 92,091 ---------- ----------- --------- ---------- NET INCOME (LOSS) $(35,094) $12,341 $161,662 $138,909 ========== =========== ========= ========== EARNINGS (LOSS) PER COMMON SHARE: Basic $(0.31) $1.24 Diluted $(0.31) $1.19
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 111,662 111,662 Diluted 111,662 116,650
Notes: (1) Costs related to the Golf Galaxy and Chick's Sporting Goods integration total $18.4 million, which includes $15.9 million of pre tax "merger and integration costs" and $2.5 million included in the Company's provision for income taxes reflecting the "tax impact of non deductible executive separation costs". The net income impact of merger and integration costs equals $12.3 million, which includes $9.8 million for the after tax amount of "merger and integration costs" and the $2.5 million included in the Company's provision for income taxes reflecting the "tax impact of non deductible executive separation costs."
(2) Due to the net loss, as reported diluted earnings per share is calculated using basic weighted average common shares outstanding.
(3) The goodwill impairment charge of $111,312 is not deductible for tax purposes.
Pro-forma Comparable Store Sales
The following pro-forma comparable store sales present information as if Golf Galaxy had been acquired at the beginning of the periods presented. The sales have been adjusted to conform to the Company's reporting calendar and method of reporting comparable sales. Golf Galaxy is included in the quarterly comparable store base beginning in Q2 2008, which is the first full quarter following the anniversary of the date of acquisition.
Dick's Golf Consolidated
Sporting Galaxy
Goods
-------- ------ ------------
13 weeks ended February 2, 2008 2.7% -8.8% 2.2%
52 weeks ended February 2, 2008 2.4% -0.1% 2.1%
52 weeks ended January 31, 2009 -4.8% -7.7% -5.0%
Inventory per Square Foot
The following inventory per square foot calculations reconcile consolidated inventory per square foot to inventory per square foot for Dick's Sporting Goods only.
January 31, February 2,
2009 2008
---------- ----------
Consolidated inventory $854,771 A $887,364 A
Less: Chick's Sporting Goods and Golf
Galaxy inventory (105,965) (125,644)
---------- ----------
Dick's Sporting Goods inventory 748,806 C 761,720 C
Consolidated square feet 23,593 B 21,084 B
Less: Chick's Sporting Goods and Golf
Galaxy square feet (2,151) (2,042)
---------- ----------
Dick's Sporting Goods square feet 21,442 D 19,042 D
Consolidated inventory per square foot (A/B) 36.23 42.09
% decrease 2008 compared to 2007 -13.9%
Dick's Sporting Goods inventory per square
foot (C/D) 34.92 40.00
% decrease 2008 compared to 2007 -12.7%
EBITDA
EBITDA should not be considered as an alternative to net income or any other generally accepted accounting principles measure of performance or liquidity. EBITDA, as the Company has calculated it, may not be comparable to similarly titled measures reported by other companies. 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, and capital investments.
13 Weeks Ended
-----------------------------
January 31, February 2,
EBITDA 2009 2008
------------------------------------- ---------- ----------
(dollars in thousands)
Net income (loss) $(104,377) $73,171
Provision for income taxes 7,532 48,749
Interest expense, net 3,973 2,730
Depreciation and amortization 24,906 19,485
Less: Depreciation and amortization
(merger integration) (1,941) -
Add: Merger and integration costs 9,903 -
Add: Impairment of goodwill and other
intangible assets 164,255 -
Add: Impairment of store assets 29,095 -
---------- --------
EBITDA $133,346 $144,135
========== ========
% decrease in EBITDA -7%
52 Weeks Ended ----------------------------- January 31, February 2, EBITDA 2009 2008 ------------------------------------- ---------- ---------- (dollars in thousands) Net income (loss) $(35,094) $155,036 Provision for income taxes 56,867 102,491 Interest expense, net 10,963 11,290 Depreciation and amortization 90,732 75,052 Less: Depreciation and amortization (merger integration) (2,392) - Add: Merger and integration costs 15,877 - Less: Gain on sale of asset (2,356) - Add: Impairment of goodwill and other intangible assets 164,255 - Add: Impairment of store assets 29,095 - -------- -------- EBITDA $327,947 $343,869 ======== ======== % decrease in EBITDA -5%
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.
52 Weeks Ended
------------------------
January 31, February 2,
2009 2008
---------- ----------
(dollars in thousands)
Gross capital expenditures $(191,423) $(172,366)
Proceeds from sale-leaseback transactions 44,873 28,440
Changes in deferred construction allowances 19,452 22,256
Construction allowance receipts 11,874 13,282
---------- ----------
Net capital expenditures $(115,224) $(108,388)
========== ==========
SOURCE Dick's Sporting Goods, Inc.
Latest Money News
- Weak dollar, home sales data carry stocks higher
- Tax credit gives home sales best boost in decade
- HP's profit up 14 pct despite sales drop
- AP Poll: Debt stress turns shoppers into Scrooges
- Obama: US economy has 'core strengths'
- Tyson Foods posts 4Q loss on beef charge
- Economic survey: Job losses to bottom out in 1Q
- Google's plan for netbook PCs moves higher...
- TJX: Back up the truck
- Dell being left behind as PC market...
- Heinz earnings preview: Lower Q2 profit...
- Is dollar destined to dive in 2010?
- Closing Bell: Stock bulls and dollar death...
- Entergy: Pull-back is buy opportunity
- So long peak oil, here comes peak uranium
- Medtronic earnings preview: Strong Q2...