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Dick's Sporting Goods Scores Again

 

Once again Dick’s Sporting Goods (DKS) has reported another excellent quarter. The sporting goods and apparel retailer reported EPS of 22 cents on net sales of $1.079 billion for its fiscal 3rd quarter. This compares to Wall Street consensus estimates of EPS of 17 cents and net sales of $1.04 billion. In the prior year’s quarter Dick’s Sporting Goods earned 16 cents on net sales of $990 million. 

Same store sales increased by 5.1% which was attribute to both its core Dick’s Sporting Goods Stores (+3.8%) and Golf Galaxy (+2.4%). I am very pleased to see the beginnings of a turnaround at Golf Galaxy, which so far since its acquisition by Dick’s Sporting Goods, has been somewhat of a disappointment. Direct-to-consumer sales in its ecommerce unit surged 82.4%

The company also increased its full year guidance. Now management expects to earn $1.56 to $1.58. This is an approximate increase of nearly 31% versus 2009 earnings per share of $1.20.

Dick’s Sporting Goods is a best in class sporting goods and apparel retailer. The company carries all major brands including Nike (NIKE) and Under Armour (UA). I have owned stock in Dick’s Sporting Goods ever since its IPO and continue to hold those original shares (which have split several times) and stock purchased for our LakeView Asset Management, LLC customers ever since. A continued improvement in consumer behavior, new store openings and expansion of ecommerce sales will propel Dick’s Sporting Good’s even higher. 

Looking ahead to 2011, the company can earn as much as $1.90 per share. As a result, a price target of at least $40 is quite reasonable for Dick’s Sporting Goods.

At the time of this Blog entry Scott Rothbort, his family and or clients of LakeView Asset Management, LLC owned shares of Dick's Sporting Goods (DKS) --- although positions can change at any time.

For more information on investing with LakeView Asset Management, LLC please visit the company's website

 


 



Posted By Scott Rothbort at November 16, 2010

Scott Rothbort

About Me :

SCOTT ROTHBORT

THE FINANCE PROFESSOR

 

Scott Rothbort has over 20 years of experience in the financial services industry. In 2002, Rothbort founded LakeView Asset Management, LLC, a registered investment advisor based in Millburn, N.J., which offers customized individually managed separate accounts, including proprietary long/short strategies to its high net worth clientele. He also is the founder and manager of the social networking educational website TheFinanceProfessor.com and a frequent contributor the TheStreet.com where he also writes a weekly article as The Finance Professor

Immediately prior to that, Rothbort worked at Merrill Lynch for 10 years, where he was instrumental in building the global equity derivative business and managed the global equity swap business from its inception. Rothbort previously held international assignments in Tokyo, Hong Kong and London while working for Morgan Stanley and County NatWest Securities.

Rothbort holds an MBA in finance and international business from the Stern School of Business of New York University and a BS in economics and accounting from the Wharton School of Business of the University of Pennsylvania. He is a Term Professor of Finance and the Chief Market Strategist for the Stillman School of Business of Seton Hall University.

For more information about Scott Rothbort and LakeView Asset Management, LLC, visit the company's Web site at www.lakeviewasset.com.

 


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