Outdoor financials: Dick’s Q2 net income up 32 percent, plus Hibbett Sports

Dick’s Q2 net income up 32 percent

Second-quarter net income for Dick’s Sporting Goods (NYSE: DKS) jumped 32 percent as its same-store sales reversed a drop reported in the same quarter last year.

It earned $51.5 million, or $0.43 per share, in the quarter that ended July 31, compared to net income of $38.9 million, or $0.33 per share, in the second quarter of 2009.

Revenue grew 9 percent to $1.23 billion.

Same-store sales climbed 5.6 percent at its Dick’s Sporting Goods locations and 2.9 percent at its Golf Galaxy stores. In contrast, that measure fell 3.2 percent in last year’s second quarter at Dick’s locations and 11.1 percent at Golf Galaxy stores.

Looking ahead, the company expects same-store sales to grow between 4 percent and 5 percent in 2010. It also expects full-year adjusted earnings per share of between $1.46 and $1.49. And, for the third quarter, Dick’s forecasts adjusted earnings per share of between $0.15 and $0.16.

Hibbett Sports’ Q2 profit surges

Hibbett Sports (Nasdaq: HIBB) said its second-quarter net income was nearly triple its profit a year earlier as its sales surged.

For the quarter ended July 31, it posted net income of $4.0 million, or $0.14 per share, compared with $1.1 million, or $0.04 per share, a year earlier.

Revenue rose almost 14 percent to $139.8 million, up from $123.1 million a year earlier. Same-store sales rose 11.9 percent.

In the second quarter, Hibbett Sports opened 10 stores and closed three, bringing its count to 767 in 24 states in the South, Midwest and Southwest. In the full fiscal year, the company expects to open about 30 new stores, expand about 20 high-performing locations and close 10 to 15 underperforming stores.

Hibbett raised its forecast for full-year earnings to a range of $1.45 to $1.55 per share, saying it expects same-store sales to rise by a percentage in the mid- to high single digits during fiscal 2011’s second half.



–Compiled by Wendy Geister

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