Dick's Sporting Goods 2015 Annual Report Download - page 27

Download and view the complete annual report

Please find page 27 of the 2015 Dick's Sporting Goods annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

Executive Summary
• Earnings per diluted share of $2.83 in fiscal 2015 was relatively flat compared to earnings per diluted share of $2.84 in
fiscal 2014. Net income for fiscal 2015 totaled $330.4 million compared to $344.2 million in fiscal 2014.
• Fiscal 2015 net income includes $4.7 million, net of tax, or $0.04 per diluted share, related to a litigation
settlement charge.
• Fiscal 2014 net income included $8.7 million, net of tax, or $0.07 per diluted share, related to a gain on the sale of
a Gulfstream G650 corporate aircraft and charges totaling $12.2 million, net of tax, or $0.10 per diluted share,
related to the Company's golf restructuring.
• Net sales increased 7% to $7,271.0 million in fiscal 2015 from $6,814.5 million in fiscal 2014 due primarily to the
growth of our store network, partially offset by a 0.2% decrease in consolidated same store sales.
• eCommerce sales penetration in fiscal 2015 increased to 10.3% of total net sales compared to 9.2% in fiscal 2014.
• Gross profit decreased to 30.02% in fiscal 2015 as a percentage of net sales from 30.62% in fiscal 2014 due primarily
to lower merchandise margins, occupancy deleverage and higher shipping expenses.
• In fiscal 2015, the Company:
• Declared and paid aggregate cash dividends of $0.55 per share of common stock and Class B common stock.
• Repurchased 7.4 million shares of common stock for $357.3 million.
• Amended its revolving senior secured credit facility (the "Credit Agreement") to increase lender commitments
from $500 million to $1 billion, reduced applicable margins on base rate and LIBOR rate loans and extended the
maturity date to August 12, 2020.
• Ended the period with no outstanding borrowings under the Credit Agreement.
• The following table summarizes store openings and closings for fiscal 2015 and fiscal 2014:
Fiscal 2015 Fiscal 2014
Dick's
Sporting
Goods
Specialty Store
Concepts (1) Total
Dick's
Sporting
Goods
Specialty Store
Concepts (1) Total
Beginning stores 603 91 694 558 84 642
New stores:
Single-level€stores 41 11 52 42 9 51
Two-level stores 3 — 3 4 — 4
Total new stores 44 11 55 46 9 55
Ending stores 647 102 749 604 93 697
Closed stores 3 5 8 1 2 3
Ending stores 644 97 741 603 91 694
Remodeled stores 2 — 2 5 — 5
Relocated stores 7 1 8 5 2 7
(1) Includes the Company's Golf Galaxy, Field & Stream and other specialty concept stores. The Company opened nine
new Field & Stream stores in fiscal 2015. As of January 30, 2016, the Company operated 73 Golf Galaxy stores and
19 Field & Stream stores.
21