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News Breaks
May 20, 2014
11:39 EDTHIBB, ELY, UA, CAB, NKE, DKSDick's weak outlook for hunting, golf weighs on Cabela's, Callaway
Shares of sports and fitness retailer Dick's Sporting Goods (DKS) are sinking after the company's first quarter results and fiscal 2014 outlook trailed analysts' consensus estimates. Shares of a number of the the company's peers are also sliding following Dick's worse than expected outlook, particularly in golf and hunting. WHAT'S NEW: This morning, Dick's reported Q1 adjusted earnings per share of 50c and revenue of $1.44B, trailing expectations of 52c and $1.46B, respectively. The company's Q1 same store sales increased 1.5%, with Dick's citing difficulties in the golf and hunting categories during the quarter. The company forecast Q2 EPS of 62c-67c, far short of the consensus of 82c, with its Q2 SSS seen to increase 1%-3%. For FY14, Dick's expects adjusted EPS of $2.70-$2.85, compared to consensus of $3.08. On the company's conference call, management said the hunting business was expected to continue its negative trend through Q2. They said the golf decline was "more concerning" than the hunting decline, and that the company has not "found the bottom" yet in golf. The company expects earnings will continue to be significantly impacted by the hunting and golf segments, as they represent 30% of annual sales. ANALYST REACTION: Following its report, research firms SunTrust and Sterne Agee both downgraded Dick's Sporting Goods to Neutral from Buy. OTHERS TO WATCH: Shares of Cabelas (CAB), a retailer of hunting, fishing, camping, and related outdoor gear, and Callaway Golf (ELY), which competes with Dick's in the golf space, are both sharply lower this morning, as are other sporting goods retailers like Big 5 Sporting Goods (BGFV), and Hibbett Sports (HIBB). Shares of Nike (NKE) and Under Armour (UA), whose sports apparel and shoes are sold at Dick's, are also lower. PRICE ACTION: In late morning trading, Dick's Sporting Goods fell $8.78, or 16.5%, to $44.38 on nearly five times its average daily trading volume. Earlier in the session, the stock hit a new 52-week low of $44.24. Cabellas shares are down 4.7% to $61.43, Callaway is down 6.7% to $7.79 and Hibbett Sports is down 2.2% to %56.19.
News For DKS;CAB;ELY;NKE;UA;HIBB From The Last 14 Days
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April 14, 2015
16:25 EDTNKEPiper upgrades Nike to buy following survey of teens
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16:06 EDTNKENike upgraded to Overweight from Neutral at Piper Jaffray
08:21 EDTUAUnder Armour one of best growth stories in retail, says Canaccord
Canaccord called Under Armour one of the best growth stories in retail and said it expects solid Q1 results from the company on April 21. The firm sees a robust sales growth trajectory, led by footwear, international, and women's products. Canaccord reiterated its Buy rating and $97 price target on Under Armour shares.
07:37 EDTDKSDick's Sporting backs FY15 EPS $3.10-$3.20, consensus $3.20
The company's earnings per share guidance includes the expectation of approximately $100M-200M of share repurchases in 2015. Consolidated SSS are currently expected to increase 1 to 3% in fiscal 2015.
07:36 EDTDKSDick's Sporting backs Q1 EPS 49c-53c, consensus 53c
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07:36 EDTDKSDick's Sporting expects to invest $850M in net CapEx over next three years
DICK'S Sporting Goods also reaffirmed its capital allocation strategy to provide returns to shareholders through investing in the business, repurchasing shares and paying dividends. To drive the growth of the business the company expects to invest approximately $850M in net capital expenditures over the next three years, primarily in new stores, store remodels and eCommerce. With its $1B 5-year share repurchase authorization, the company targets share repurchases of $100 to 200 million annually. The company is also committed to quarterly dividends.
07:35 EDTDKSDick's Sporting expects to open 9 Specialty Concept stores in 2015
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07:34 EDTDKSDick's Sporting plans to have ecommerce site on own platform in January 2017
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07:34 EDTDKSDick's Sporting sees significant opportunity to increase market share in US
The company sees significant opportunity to increase market share in the U.S. through growing its DICK'S Sporting Goods store base in new and underpenetrated markets and increasing its eCommerce sales. Stores continue to be a very profitable growth vehicle that deliver strong new store productivity, accelerate eCommerce growth, build brand equity and customer loyalty, and reinforce the strength of the Company's vendor partnerships. The company is taking a measured approach to growing its store count and anticipates growing its DICK'S Sporting Goods store base to approximately 735 to 750 stores by the end of fiscal 2017, an increase of approximately 135 to 150 stores from the 603 stores at the end of fiscal 2014. The company plans to grow eCommerce sales to approximately $1B-1.2B in fiscal 2017, from $628 million in fiscal 2014.
07:32 EDTDKSDick's Sporting sees FY17 revenue $8.7B-$9B, 3-year EPS CAGR of 12%-16%
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April 13, 2015
08:32 EDTNKE, DKS, ELY, UAUnder Armour rises after Spieth brings attention to golf gear
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April 11, 2015
14:02 EDTDKSDick's Sporting to host analyst meeting
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April 10, 2015
10:00 EDTCABOn The Fly: Analyst Downgrade Summary
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07:31 EDTDKSDick's Sporting long-term positioning underappreciated, says UBS
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06:11 EDTCABCabela's downgraded to Sell from Neutral at Goldman
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April 9, 2015
09:18 EDTNKEBofA/Merrill retail analysts hold an analyst/industry conference call
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06:41 EDTUA, NKEPiper ups Under Armour target after meeting with Finish Line
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April 8, 2015
07:35 EDTUAFBR says Under Armour can post high-20% sales growth for several years
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April 7, 2015
10:05 EDTELYOn The Fly: Analyst Initiation Summary
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06:10 EDTELYCallaway Golf initiated with a Neutral at SunTrust
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