* Second-quarter earnings/share $0.65 vs est $0.64
* Second-quarter sales $1.44 bln, in line with estimates
* Sees third-quarter profit/share $0.36, in line
* Raises full-year earnings/share view to $2.47-$2.51
By Aditi Shrivastava
Aug 14 Dick's Sporting Goods Inc, the
largest publicly traded U.S. sports goods retailer, reported a
better-than-expected quarterly profit on higher sales, but
forecast full-year earnings largely below Wall Street
The company raised its 2012 forecast for the second time in
three months and now expects per-share earnings of $2.47 to
$2.51 during the year, up from its earlier range of $2.45 to
Analysts were expecting earnings of $2.51 per share,
according to Thomson Reuters I/B/E/S.
Dick's has always been conservative with their profit
forecast and investors were expecting a bigger raise because of
a recent share buy-back, analyst Paul Swinand of Morningstar Inc
Dick's, which sells footwear, gear and apparel of brands
such as Nike, Adidas and Under Armour, said in January it
planned to repurchase shares worth $200 million.
Analyst Swinand also expects the company's sales to be
boosted by demand for products such as sneakers and jerseys in
the back-to-school season.
In a statement, CEO Edward Stack outlined plans to open new
stores and improve margins by managing its inventory as well as
selling more high-margin products.
The company's third-quarter profit forecast of 36 cents per
share was in line with estimates.
Second-quarter earnings fell to $53.7 million, or 43 cents
per share, from $73.8 million, or 59 cents per share, a year
On an adjusted basis, the company earned 65 cents per share,
1 cent above analysts' average estimate.
Revenue rose 10 percent to $1.44 billion, in line with
The company, which operates 490 namesake and 81 Golf Galaxy
stores, said same-store sales, or sales at stores open for at
least a year, rose 3.8 percent.
Comparable sales at Dick's Sporting stores were up 2.9
percent, while those at Golf Galaxy stores rose 4.4 percent and
eCommerce sales jumped 36.4 percent.
Shares of the Pittsburgh-based company were down 2.5 percent
at $49.33 in morning trade on Tuesday on the New York Stock
Exchange. They touched a low of $47.92.