Dick’s sees 53% profit surge in Q1, raises outlook; to open 40 stores in 2012

Pittsburgh -- Dick's Sporting Goods Inc. reported Tuesday that profit for the quarter ended April 28 surged 53% to $57.2 million, compared with $37.5 million for the year-ago period. The sporting goods retailer raised its earnings outlook for the year.

“For 2012, we are raising our full year guidance as we continue to invest in new stores and our e-commerce business, as well as our margin accelerators including inventory management, private brands, and product mix shift,” said Edward W. Stack, CEO.

Revenue for the quarter rose 15% to $1.28 billion from $1.11 billion last year, surpassing Wall Street expectations of $1.23 billion. Same-store sales increased 8.4% -- up 7.3% at namesake stores and up 12.6% at Golf Galaxy.

Dick’s said it is on track to open four Dick’s Sporting Goods stores in the current quarter, and 40 namesake stores in 2012. Five Dick’s stores will be relocated and two Golf Galaxy stores will be repositioned in 2012, said the company.