Dick's sees earnings improvement

PITTSBURGH, Penn. Dick’s Sporting Goods reported consolidated net income for third quarter ended Oct. 31 of $18.9 million, or 16 cents per diluted share. For the third quarter ended Nov. 1, 2008, the company reported consolidated non-GAAP net income of $8 million, or 7 cents per diluted share. Net sales for third quarter 2009 increased by 7.1% to $989.8 million due primarily to a 1.9% increase in consolidated comparable-store sales, the opening of new stores and the addition of e-commerce sales.

For fourth quarter 2009, based on an estimated 120 million diluted shares outstanding, the company anticipates reporting consolidated earnings per diluted share of approximately 41 to 46 cents in fourth quarter 2009. Comparable-store sales are expected to decrease approximately 6 to 4% compared with an 8.6% decrease in the fourth quarter last year. For full year 2009, comparable-store sales are currently expected to decrease approximately 4 to 3% compared with a 4.8% decrease in 2008.