Dick's Sporting Goods 4Q net income climbs

PITTSBURGH (AP) ? Dick's Sporting Goods Inc. said Tuesday that its fourth-quarter earnings rose 27 percent, helped by strong sales online and at its Golf Galaxy stores.

The company, which sells sporting goods and other items, reported net income of $111.1 million, or 88 cents per share, for the period ended Jan. 28. That compares with $87.5 million, or 71 cents per share, in the prior-year period.

Revenue climbed 6 percent to $1.61 billion from $1.52 billion.

The earnings and revenue performances met the expectations of analysts polled by FactSet.

In January Dick's said that milder-than-usual weather hurt sales and inventories during the fourth quarter, but that its quarterly results would meet expectations.

Revenue at stores open at least a year edged up 0.1 percent. This metric is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.

Golf Galaxy posted a 9 percent increase in revenue at stores open at least a year, while Dick's Sporting Goods stores fell 2.5 percent. Online sales increased 52 percent.

Its shares rose 50 cents to $$46.07 in morning trading while major market indicators fell broadly.

For the year, Dick's reported net income of $263.9 million, or $2.10 per share. That's up from $182.1 million, or $1.50 per share, in the previous year. Annual revenue rose 7 percent to $5.21 billion from $4.87 billion.

Dick's anticipates earnings of about $2.38 to $2.41 per share, for the current year. This includes approximately 3 cents per share for an extra week in the period. Analysts expected earnings of $2.39 per share for the year ending in January 2013.

The Pittsburgh company foresees revenue at stores open at least a year rising about 2 percent to 3 percent.

For the first quarter, Dick's expects earnings of approximately 36 cents to 38 cents per share. Revenue at stores open at least a year is expected to climb about 3 percent to 4 percent. Wall Street forecasts first-quarter earnings of 36 cents per share.

Dick's had 480 of its namesake stores in 43 states and 81 Golf Galaxy stores in 30 states at the quarter's end.

Source: http://news.yahoo.com/dicks-sporting-goods-4q-net-income-climbs-133434163.html

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