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Dick's Sporting Goods Inc DKS
Q3 2012 Earnings Call Transcript

Transcript Call Date 11/13/2012

Operator: Good morning and welcome to the Dick’s Sporting Goods Third Quarter 2012 Earnings Call. All participants will be in listen-only mode. Please note this event is being recorded.

I would now like to turn the conference over to Anne-Marie Megela, please go ahead.

Anne-Marie Megela - Director, IR: Thank you. Good morning, and thank you for joining us to discuss our third quarter 2012 financial results. Please note that a rebroadcast of today’s call will be archived on the Investor Relations portion of our website located at www.dickssportinggoods.com for approximately 30 days. In addition, as outlined in our press release, the dial-in replay will be available for approximately 30 days.

In order for us to take advantage of the Safe Harbor rules, I would like to remind you that today’s discussion includes some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which includes, but are not limited to our views and expectations concerning our future results. Such statements relate to future events and expectations and involve known and unknown risks and uncertainties. Our actual results or actions may differ materially from those projected in the forward-looking statements.

For a summary of risk factors that could cause results to differ materially from those expressed in the forward-looking statements, please refer to our periodic reports filed within the SEC including the company’s annual report on Form 10-K for the year ended January 28, 2012. We disclaim any obligation and do not intend to update these statements except as required by the securities law.

We've also included some non-GAAP financial measures in our discussion today. Our presentation of the most directly comparable financial measures calculated in accordance with Generally Accepted Accounting Principles and related reconciliation can be found on the Investor Relations' portion of our website at dickssportinggoods.com.

Leading our call today will be Ed Stack, Chairman and Chief Executive Officer. Ed will review our third quarter financial and operating results, and discuss our guidance. Joe Schmidt, our President and Chief Operating Officer will then outline our store development program results. After Joe's comments, Tim Kullman, our Executive Vice President of Finance and Administration and Chief Financial Officer, will provide greater detail regarding our financial results and expectations.

I will now turn it over to Ed Stack.

Edward W. Stack - Chairman & CEO: Thank you, Anne-Marie. I'd like to thank all of you for joining us today. In the third quarter, we again generated record results with earnings per diluted share increasing 25% to $0.40 and exceeding our original expectations of approximately $0.36.

Sales increased 11.2% in the third quarter, driven by the growth of our store network, a 5.1% increase in consolidated same-store sales, which was on top of a 4.1% increase in the third quarter of last year. Same-store sales in the third quarter of 2012 for Dick's Sporting Goods were up 3.9%, Golf Galaxy up 2.3% and e-commerce sales were up 46.7%. We generated positive comps in all three of our major categories; apparel, footwear and hardlines.

Read our Earnings Call Transcript disclaimer.
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