Dick's Sporting Goods Q1 profit drops 48%

Pittsburgh Dick's Sporting Goods reported on Tuesday that its first-quarter profit fell 48%, a result of tough economic conditions that continue to keep shoppers at bay.

Dick's earned $10.2 million, compared with $19.6 million the same quarter last year.

Excluding costs related to its Chick's Sporting Goods acquisition, the company posted an adjusted profit of $12.8 million for the recent quarter.

Sales rose 5.2% to $959.7 million from $912.1 million a year earlier, mainly as a result of the opening of new stores and the addition of e-commerce sales. Same-store sales dropped 6%.

Dick's said the same-store sales drop included a 4.6% decrease in same-store sales at Dick's Sporting Goods stores and a 19.7% same-store sales decline at Golf Galaxy stores.