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Dick’s Sporting Goods: Q1 Net Sales Increase 8.8%

Dick’s Sporting Goods reported high earnings compared to their guidance for their first quarter ended May 2.

The company reported consolidated net income for the first quarter of $63.3 million, or $0.53 per diluted share, compared to the company’s March 3 expectations of $0.49 to $0.53 per diluted share. For the first quarter ended May 3, 2014, the company reported consolidated non-GAAP net income of $61.3 million, or $0.50 per diluted share, excluding a gain on the sale of an asset.

Net sales for the first quarter of 2015 increased 8.8% to approximately $1.6 billion. E-commerce penetration was 8.5% of total sales, compared to 7 percent during the first quarter of 2014.

In the first quarter, the company opened nine new Dick’s Sporting Goods stores and one new Field & Stream store. As of May 2, the company operated 612 Dick’s Sporting Goods stores in 46 states, 78 Golf Galaxy stores in 29 states, and eleven Field & Stream stores in six states.

Edward W. Stack, chairman and CEO, said, “We are pleased with our first quarter results as we generated earnings at the high end of our expectations, despite a slow start to the spring season.”

He stated confidence in the full year outlook, citing plans to drive store productivity, add stores in new markets, expand e-commerce, and develop the company’s Field & Stream specialty stores.