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Dick’s Sporting Goods’ Bottom Line Increases 22%

Published: 21:08 19 Aug 2010 BST

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Dick’s Sporting Goods (NYSE:DKS), a sporting goods retailer and the owner of Golf Galaxy stores, reported that new store openings and an increase in same store sales helped its bottom line increase 22% for the second quarter.

For the second quarter, the company earned a net income of $51.5 million, or $0.43 per diluted share, on revenues of $1226.1 million compared to net income of $42.2 million, or $0.36 per diluted share, on revenues of $1126.9 million. 

Same store sales, sales from stores opened at least a year, increased 5.7% for the quarter.  During the first half of the year, the company has already added six Dick’s Sporting Goods stores.  The company also plans to open 12 additional Dick’s Sporting Goods stores and close 12 underperforming Golf Galaxy stores in the third quarter. 

Commenting on the store closures, Edward W. Stack, CEO of Dick’s Sporting Goods said, “After evaluating individual store contributions, we have decided to close these underperforming stores. The decisions to open these stores were made by the previous Golf Galaxy management team and produced inadequate locations, sites that were too expensive, or a combination of both.”

"By rationalizing the store base, we expect to significantly increase Golf Galaxy's earnings by more than 50% on an annualized basis."

 The company had $278 million in cash at the end of the second quarter, an increase of $221 million from the second quarter of 2009.
 
Dick's Sporting Goods is a sporting goods retailer offering brand name sporting goods equipment, apparel and footwear.

The company also owns and operates Golf Galaxy, a golf specialty retailer. As of July 31, 2010, the company operated 425 Dick's Sporting Goods stores 91 Golf Galaxy stores in 31 states and also sells merchandise through websites for the two stores.

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