Dick's Sporting Goods 1Q Profit Slips

Pittsburgh Dick's Sporting Goods Inc. said Thursday its fiscal first-quarter earnings fell 4%, as declining sales at established stores overshadowed gains from newly opened ones.

For the quarter ended May 3, the company earned $20.8 million compared with $21.7 million in the year-ago quarter.

Revenue rose 11% to $912.1 million from $823.6 million a year earlier.

The company attributed its rising sales to its newly opened stores. The company opened eight Dick's Sporting Goods stores and four Golf Galaxy stores during the quarter. Dick's Sporting Goods acquired Golf Galaxy in February 2007.

Dick's Sporting Goods same-store sales fell 3.8% in the first quarter. Golf Galaxy same-store sales fell 7.4%.