Dick’s Sporting Goods Inc. squarely hit estimates in the fourth quarter, growing profit by nearly 24 percent.
Net income at the Pittsburgh-based chain for the period ended Jan. 28 totaled $111.1 million, or 88 cents a share, representing an increase from $87.5 million, or 71 cents, in the same period a year earlier.
Net sales advanced 6.1 percent to $1.61 billion, despite relatively flat consolidated same-store sales. The increase was buoyed by a 52 percent surge in the firm’s e-commerce business and a 9 percent uptick at Golf Galaxy, while Dick’s Sporting Goods stores saw a 2.5 percent decrease.
“In 2012, we will continue to build on our momentum as we profitably grow the business, with earnings expected to increase approximately 18 percent to 19 percent, while simultaneously investing in key strategic areas including new stores, e-commerce, inventory management systems and private brands,” Edward Stack, Dick’s chairman and CEO, said in a statement.
For the full year, Dick’s net income rose 44.9 percent to $263.9 million, or $2.10 a share, versus $182.1 million, or $1.50, the previous year. Full-year revenue improved 7 percent to $5.2 billion on the back of 2 percent growth in consolidated same-store sales.
Dick’s ended the period with $734.4 million in cash and cash equivalents, and $151.6 million in long-term debt.