Dick’s Q4 income jumps 30%; 34 stores on tap for 2011
Pittsburgh -- Dick's Sporting Goods said Tuesday its net income increased 30% in the fourth quarter on improving revenue.
The sporting goods retailer reported net income of $87.5 million in the quarter ended Jan. 29, from $67.4 million last year.
Revenue rose 14% to $1.52 billion from $1.34 billion last year. Analysts expected revenue of $1.45 billion, on average. Same-store sales rose 9.4%. Sporting goods stores were hit hard during the recession as people cut back on bigger ticket items, but sales have improved. The quarter marks Dick's sixth consecutive quarter of higher revenue in stores open at least one year.
For the year, net income rose 35% to $182.1 million. Revenue rose 10% to $4.87 billion.
Dick’s plans to open approximately 34 namesake stores and remodel 13 existing units in its current fiscal year. It also plans to open roughly three Golf Galaxy stores.