Dick's Sporting Goods Q4 net income rises

Mar 13, 2008 (Datamonitor via COMTEX) -- GGXY | news | PowerRating | PR Charts -- Dick's Sporting Goods has reported that net income for the 13 weeks ended February 2, 2008 increased 8% to $73.2 million and earnings per diluted share increased 3.3% to $0.62, compared to prior-year net income of $67.7 million, or $0.60 per diluted share, for the 14-week quarter.

The company said that net sales for the 13 weeks increased 18% to $1.21 billion due to the opening of new stores, the inclusion of Golf Galaxy in this year's quarterly results and a comparable store sales increase of 2.7% on a 13-week to 13-week comparable basis.

Net income for the 52 weeks ended February 2, 2008 increased 38% to $155 million and earnings per diluted share increased 30% to $1.33, as compared to prior year 53-week net income of $112.6 million or $1.02 per diluted share.

Net sales for the 52 weeks increased 25% to $3.89 billion, as compared to the 53 weeks ended February 3, 2007, while comparable store sales at Dick's stores on a 52-week to 52-week basis increased 2.4%, compared to a 6% increase last year.

Edward Stack, chairman and CEO, said: "We are pleased to have delivered fourth quarter sales and earnings in excess of our guidance, culminating a year in which our business generated a 30% EPS increase. We also made two acquisitions, continued to capture market share in new and existing markets, expanded our merchandise margin, and improved our operating efficiency."

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