ATLANTA — With consolidated same-store sales down 3.7 percent in the second quarter, Dick’s Sporting Goods reported a 16.5 fall in second quarter net income to $41.1 million, or 35 cents per diluted share, from $47.9 million, or 41 cents per diluted share a year ago.
Excluding the impact of costs related to the integration of Golf Galaxy, which Dick’s acquired in 2007, net income for the quarter, which ended Aug. 2, was $45.5 million, or 39 cents per share. Guidance provided by Dick’s on May 22 projected earnings between 34 and 38 cents per diluted share.
Net sales increased 7 percent to $1.086 billion from $1.013 billion in the year ago quarter, which Dick’s attributed to the opening of new stores, the inclusion of Chick’s Sporting Stores in this year’s results and the decrease in comparable store sales. Same store sales decreased 3.7 percent in Dick’s Sporting Goods Stores and fell 4.5 percent in Golf Galaxy stores. Chick’s, acquired on Nov. 30, 2007, is excluded from the comparable store sales calculation.
Dick’s said it expects to integrate Golf Galaxy’s operations by the end of this fiscal year. Costs related to the integration are expected to be approximately $11.3 million. Of that amount, $5.5 million was incurred in the second quarter, and Dick’s estimates $2.5 million and $3.3 million will be incurred in the third and fourth quarters of 2008, respectively.
The retailer opened nine Dick’s Sporting Goods stores and one Golf Galaxy store in the second quarter.
For the full year, Dick’s anticipates reporting consolidated earnings per share of approximately $1.27 to $1.36, excluding costs from the Golf Galaxy integration, or between $1.20 and $1.29 including the integration costs. Earnings for the full year 2007 were $1.33 per diluted share.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia