Dick’s reports loss for Q4

Pittsburgh Dick’s Sporting Goods reported Tuesday a net loss of $104.4 million for the fourth quarter ended Jan. 31.

The chain also reported that net sales for the quarter decreased by 0.4% to $1.2 million, due to an 8.6% decrease in same-store sales partially offset by the opening of new stores. The 8.6% consolidated same-store sales decline consisted of an 8.1% decrease in Dick's Sporting Goods stores and a 20.7% decline in the Golf Galaxy stores. Chick's Sporting Goods, which was acquired on Nov. 30, 2007, is excluded from this same-store sales calculation.

“We ended the quarter without any balance outstanding on our line of credit, which is an indication of our strong cash flow and balance sheet position. Additionally, we successfully reduced inventory levels and leveraged S G & A expenses," said Edward W. Stack, Dick’s chairman and CEO.

For the 52 weeks ended Jan. 31, Dick’s reported a loss of $35.1 million. On a non-GAAP basis, net income was $138.9 million. Net sales increased 6% to $4,130.1 million due to the opening of new stores and the inclusion of Chick’s Sporting Goods in this year’s results. Same-store sales decreased by 4.8% for the year.