Dick's Sporting Goods Q4 profit up 27%, to open 40 stores in 2012
Pittsburgh -- Dick's Sporting Goods Inc. reported Tuesday that profit for the fourth quarter rose 27% to $111.1 million, compared with $87.5 million in the year-ago period. Revenue increased 6% to $1.61 billion from $1.52 billion, matching Wall Street expectations. Same-store sales inched up 0.1%.
By banner, Golf Galaxy posted a 9% increase in same-store sales for the quarter, but namesake stores slipped 2.5%.
For the full year, the company posted a profit of $263.9 million, up from $182.1 million in the previous year. Annual revenue rose 7% to $5.21 billion, from $4.87 billion.
"In 2012, we will continue to build on our momentum as we profitably grow the business with earnings expected to increase approximately 18% to 19%, while simultaneously investing in key strategic areas including new stores, e-commerce, inventory management systems and private brands," said Edward W. Stack, chairman and CEO.
The company said it expects to open 40 new Dick's Sporting Goods stores and relocate four Dick's Sporting Goods stores in 2012. Of those, six are slated to open in first quarter 2012 and one will be relocated.