By ADAM SCHUPAK
Senior WriterDick’s Sportings Goods reported earnings per share rose 30 percent in 2007, thanks partly to the acquisition of Golf Galaxy. However, comparable store sales for Golf Galaxy on a proforma basis were flat for the year.
The Pittsburgh-based retailer reported net sales of $3.89 billion, up 25 percent from $3.11 billion the previous year. Net income increased to $155 million compared with $112.6 million a year ago.
Comparable store sales for Golf Galaxy on a 13-week to 13-week proforma basis decreased 8.8 percent, or 9.8 percent after adjusting for the shifted retail calendar. (Golf Galaxy will be included in Dick’s comparable store sales calculation beginning in the first quarter 2008.)
The company, which plans to add about 46 Dick’s stores and 10 Golf Galaxy stores in 2008, is trying to improve its regional balance of golf-specific store locations.
“We are really trying to move Golf Galaxy’s real estate strategy to be more southern-based where people are playing golf nine to 12 months out of the year,” said Ed Stack, Dick’s chairman and CEO.
As of Feb. 2, the company operated 340 Dick’s Sporting Goods stores in 36 states; 79 Golf Galaxy stores in 29 states, and 15 Chick’s Sporting Goods stores in California.
For the latest fourth quarter, Dick’s reported net sales of $1.21 billion and net income of $73.2 million. By comparison, the company generated net sales of $1.03 billion and net income of $67.7 million a year earlier.
• • •
Adam Schupak is a
Golfweek senior writer. To reach him e-mail
aschupak@golfweek.com.
Posted: 3/17/2008
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