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Dick's Sporting Goods reports Q3 profit and sales increases


Pittsburgh Dick’s Sporting Goods on Thursday said it posted net income for the third quarter of $18.9 million, compared with $8 million in the year-ago quarter.

Consolidated same-store sales increased 1.9%, better than previous estimates of a 6% to 4% decline.

Net sales for the third quarter increased by 7.1% to $989.8 million.

"While we are pleased with the year-over-year growth in sales and operating margin generated in the third quarter, we believe we benefited from a shift of cold weather product sales from the fourth quarter to the third quarter as a result of colder weather conditions relative to last year," said Edward W. Stack, chairman and CEO. "This was an outstanding quarter for us in a difficult economic climate.”

In the third quarter, the company opened 11 Dick's Sporting Goods stores and relocated one store.

In the first three quarters of 2009, the company has opened 24 new Dick's Sporting Goods stores, relocated one Dick's Sporting Goods store, opened one new Golf Galaxy store, converted the Golf Shop to a Golf Galaxy store, closed two Chick's Sporting Goods stores and converted the remaining Chick's Sporting Goods stores to Dick's Sporting Goods stores.

As of Oct. 31, the retailer operated 420 Dick's Sporting Goods stores in 40 states, with approximately 23.4 million sq. ft., and 91 Golf Galaxy stores in 31 states, with approximately 1.5 million sq. ft.

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