Dick's Sporting Goods Q3 profit falls

PITTSBURGH Dick’s Sporting Goods’ net income for the quarter ended Oct. 30 dropped to $16.9 million, compared with net income of $18.9 million for the year-ago period.

Sales rose 9% to $1.08 billion, from $990 million.

 

Same-store sales increased 5.1%, with a 3.8% increase in Dick’s Sporting Goods stores, a 2.4% increase in Golf Galaxy and an 82.4% increase in e-commerce.

 

Edward W. Stack, chairman and CEO, said the retailer is optimistic about the performance and about future growth opportunities, “including the potential to more than double our network of Dick's Sporting Goods stores and to fuel the growth of our Golf Galaxy and e-commerce businesses, while continuing to drive margin expansion and deliver long-term shareholder value," he said.

 

In the third quarter, the company opened 12, remodeled eight and relocated one Dick's Sporting Goods stores, as well as closed 12 underperforming Golf Galaxy stores. Currently, the company operates 437 Dick's Sporting Goods stores in 42 states, and 79 Golf Galaxy stores in 29 states.