Dick’s Sporting Goods bullish on spring despite weak winter

Gains for its Golf Galaxy business this warmer winter helped Dick's Sporting Goods offset declines of cold weather related products. Plus the outdoor and fitness retailer gives a bullish forecast for spring.
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Dick’s Sporting Goods reported higher revenue and profit for the fourth quarter 2011, eeking out a 0.1 percent gain in same-store sales despite a decline in winter related equipment and apparel.

Consumers took advantage of the warm winter to golf rather than ski, as the Pittsburgh-based sporting goods, outdoor and fitness retail chain saw a 9-percent rise in same-store sales at its Golf Galaxy business, helping offset a 2.5-percent decline in same-store sales at its Dick’s stores. The latter was led by a drop in sales of cold weather related products, officials said.

Including its new stores added, Dick’s Sporting Goods’ fourth-quarter sales rose 6.1 percent to $1.6 billion, and its quarterly net income came in at $111.1 million, or 88 cents per diluted share, compared to a net income of $87.5 million, or 71 cents per diluted share, a year ago.

Dick’s officials said they are bullish for spring, forecasting same-store to rise by 3 to 4 percent in the first quarter 2012, compared to a 2.1 percent increase during the same period a year ago.

The outlook was a bit more positive than those of fellow retail chains Big 5 Sporting Goods and Sports Chalet, which both recently forecasted weaker starts to 2012 due to lingering effects of the weak winter.

--David Clucas

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