Dick's Sporting Goods posts ‘billion dollar’ quarter
Pittsburgh-based sporting equipment, apparel, and footwear retailer Dick's Sporting Goods, Inc. has reported improved sales and earnings for its fourth quarter and full year, ended February 3.
Net income for the 14 weeks increased 33% to $67.7 million compared with $50.7 million in the comparable period of the prior year. Net sales increased 21% to $1,026.3 million while comparable store sales increased 2% on a 13-week to 13-week comparable basis.
Net income for the 53 weeks, ended February 3, increased 39% to $112.6 million compared with prior-year 52 week proforma net income of $81.1 million.
Net sales for the 53 weeks increased 19% to $3,114.2 million while comparable store sales increased 6% on a 52-week to 52-week comparable basis.
The company completed its acquisition of Golf Galaxy, Inc. on February 13 and, under the terms of the agreement, each outstanding share of Golf Galaxy common stock has been converted into the right to receive $18.82 per share in cash, without interest, valuing the transaction at approximately $226 million.
