Sales and retail expansion increase profit at Dick's Sporting Goods
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Dick's Sporting Goods Inc. beat analysts' expectations in the third quarter, posting a profit of $50.1 million, up from $41.5 million in the same period a year earlier.
The Findlay retailer credited both a 5.1 percent increase in sales at its established stores and the growth of its national store network with helping drive sales in the three months ended Oct. 27 up 11.2 percent to $1.3 billion.
On a per-share basis, earnings of 40 cents compared to 33 cents last year. Analysts polled by Thompson Financial had been looking on average for 37 cents per share in the third quarter.
During the third quarter, the company opened 21 new Dick's Sporting Goods stores, bringing its total to 511 in 44 states. At the beginning of the fourth quarter, another seven Dick's stores were opened. The company also operates 81 Golf Galaxy stores in 30 states.
Looking ahead, the company is projecting earnings per share in the range of $1.03 to $1.05 in the holiday quarter. Analysts are predicting $1.07 per share.
First Published November 13, 2012 9:06 am