Dick's reports 1Q loss

PITTSBURGH Dick's Sporting Goods reported that first quarter net income decreased 4% to $20.8 million and earnings per diluted share decreased 5% to 18 cents, compared to prior year net income of $21.7 million, or 19 cents per diluted share.

Net sales for the quarter increased 11% to $912.1 million primarily due to new store sales, partially offset by a comparable-store sales decrease of 3.8% for Dick's Sporting Goods stores, compared to the first quarter of 2007. Comparable-store sales for Golf Galaxy on a pro-forma basis decreased 7.4%.

"Throughout this difficult environment, we will continue to focus on the core athlete and outdoor enthusiast, while managing our business with our consistent focus on financial discipline and operational execution," said Edward Stack, chairman, ceo and president.

For the full year 2008, the company expects earnings per diluted share of approximately $1.22 to $1.36. Comparable-store sales are expected to decrease by about 3% to 5%.

For the second quarter of 2008, the company expects earnings per diluted share to be between approximately 34 cents and 38 cents. Comparable-store sales are expected to decrease by about 4% to 7%.