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Higher income at Dick's Sporting Goods

10/03/2010

Dick's Sporting Goods has posted higher sales and earnings for its fourth quarter ended January 30.

The company reported net income of $67.4 million for the fourth quarter compared with $62.2 million during the prior-year period. Net sales for the quarter rose 10.7% to $1.3 billion, primarily driven by new store openings and the addition of ecommerce sales.

"Despite the difficult economic environment of 2009, our associates successfully generated more sales, effectively managed inventory levels, and continued to exercise financial discipline. As a result, we generated higher profits, leveraged expenses, further strengthened our balance sheet and believe we gained market share in 2009," said Edward Stack, chairman and CEO. "Looking to 2010, we expect to generate double-digit earnings growth and positive operating cash flow while further investing in the long-term growth of the company."

As of January 30, the company operated 419 Dick's Sporting Goods stores in 40 states, covering approximately 23.3 million square-feet, and 91 Golf Galaxy stores in 31 states, covering approximately 1.5 million square-feet.

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