Net income surged at Dick’s Sporting Goods in the fourth quarter.
For the period ended Jan. 29, the Pittsburgh-based retailer earned $87.5 million, or 71 cents a share, up 30 percent from $67.4 million, or 56 cents, in the same period a year ago.
Revenue in the quarter advanced 14 percent to $1.5 billion, thanks to a 9.4 percent increase in consolidated same-store sales and the opening of new stores. The e-commerce business saw the strongest growth, at 36 percent.
For the full year, Dick’s earned a net income of $182.1 million, or $1.50 a share, compared with $135.4 million, or $1.15. Revenue was 10 percent higher, at $4.9 billion.
The firm now expects earnings per share of approximately $1.89 to $1.91 for fiscal 2011.
“We … have executed our business plan by posting six consecutive quarters of same-store sales gains, opening 26 new stores in 2010, expanding our margin rates and reducing inventory per square foot,” Edward Stack, the firm’s chairman and CEO, said in a statement. “As a result, we are solidly positioned to generate further growth and increased operating margins in the coming years.”
Dick’s ended the year with $546 million in cash and cash equivalents and no outstanding borrowings under its $440 million revolving credit facility.