Dick's Q1 profit more than doubles
Dick's Sporting Goods (NYSE: DKS) said strong same-store sales drove its first-quarter profit to more than double on higher overall revenue.
It earned $26.2 million, or $0.22 per share, for the three months ended May 1, compared to a profit of $10.2 million, or $0.09 per share, for the same period a year earlier.
Revenue in the quarter rose 9 percent to $1.05 billion from $959.7 million a year earlier.
Sales at stores open at least a year increased 8.2 percent in the first quarter.
The company ended the first quarter with $207 million in cash and cash equivalents and did not have any outstanding borrowings under its $440 million credit line.
In its guidance report, the company said it expects second-quarter earnings per share of $0.37 to $0.39 and full-year earnings per share of $1.41 to $1.44. Same-store sales are expected to increase between roughly 3 percent and 4 percent for 2010, compared to a 1.4 percent decrease in 2009, the company said.
--Compiled by Wendy Geister
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