Dick's Sporting Goods continues to invest
Dick’s Sporting Goods has posted improved results for its first quarter ended May 1 and says it is continuing to make new investments despite the difficult financial climate.
The company reported net income of $26.2 million for the quarter compared with $12.8 million during the prior-year period. Net sales rose 9.2% to $1 billion, due primarily to an 8.2% increase in consolidated comparable store sales and the opening of new stores. The 8.2% consolidated same store sales increase consisted of a 7.6% increase in Dick's Sporting Goods stores, a 12.4% increase in Golf Galaxy stores and a 15.2% increase in e-commerce.
"In the first quarter, we grew earnings through higher sales and improved margins, increased our cash position by $161 million, and effectively managed our inventory levels," said Edward Stack, chairman and CEO. "At the same time, we continued to invest in the future growth of our business through the opening of new Dick's Sporting Goods stores, investing in technology and ramping up marketing initiatives geared towards driving market share gains."
During the first quarter, the company opened five Dick's Sporting Goods stores. As of May 1, it operated 424 Dick's Sporting Goods stores in 41 states, with approximately 23.6 million square feet and 91 Golf Galaxy stores in 31 states, with approximately 1.5 million square feet.
