Dick's remains positive
Dick's Sporting Goods, Inc. has posted sales figures for the fourth quarter and year ended January 31. The results include the operating results of Golf Galaxy and Chick's Sporting Goods from their respective acquisition dates of February 13, 2007, and November 30, 2007.
Net sales for the fourth quarter fell 0.4% to $1.2 billion, mainly because of an 8.6% decrease in comparable store sales, which was partially offset by the opening of new stores. The 8.6% consolidated same store sales decline consisted of an 8.1% decrease in Dick's Sporting Goods stores and a 20.7% decline in the Golf Galaxy stores.
"We continued to execute well in the fourth quarter in spite of the challenging environment. We ended the quarter without any balance outstanding on our line of credit, which is an indication of our strong cash flow and balance sheet position," said Edward Stack, chairman and CEO. "As we plan our business for 2009, we are not anticipating any improvement in the macro economic conditions compared to what we experienced in the fourth quarter. We will continue to remain focused on servicing core athletes and outdoor enthusiasts, carefully managing inventory levels, tightly controlling expenses, and modestly growing our store base."
For the full year, net sales increased 6% to $4.1 billion, primarily because of the opening of new stores and the inclusion of Chick's Sporting Goods, partially offset by a comparable store sales decrease of 4.8%.
