Dick’s Sporting Goods reports strong first quarter

Pittsburgh-based Dick’s Sporting Goods saw an 8.4 percent rise in same store sales, which included a 7.3 percent increase at Dick’s Sporting Goods Stores, a 12.6 percent increase at Golf Galaxy and a 33.4 percent increase in the company’s ecommerce business.
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Dick’s Sporting Goods, the largest publicly traded U.S. sporting goods retailer, reported strong first quarter results, on both revenue and profit.

The Pittsburgh-based sporting goods, outdoor and fitness retail chain saw an 8.4 percent rise in same store sales overall, which included a 7.3 percent increase at Dick’s Sporting Goods Stores, a 12.6 percent increase at Golf Galaxy and a 33.4 percent increase in the company’s ecommerce business.

The company’s first-quarter net income rose to $57.2 million, or 45 cents per diluted share, beating the company’s earning expectations of 36 to 38 cents per diluted share. This marked an increase from first-quarter 2011’s net income of $37.5 million, or 30 cents per diluted share. The company’s first-quarter net sales came in at $1.3 billion.

Company officials said it plans to continue to invest in new stores and its ecommerce business. In the first quarter, the company opened six new Dick’s Sporting Goods stores.

--Ana Trujillo

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