"Our business has held up relatively well in this environment," he said of the recession. "We feel there is going to be consolidation in this industry."

Stack specifically pointed to the Chapter 11 filing by Wilsonville, OR-based Joe's Sports & Outdoor, a 30-store chain in the Northwest. That move could give Dick's a chance to move into that region of the country, and if bankruptcies by other chains follow, there could be more opportunities, he said.

During the quarter, lagging golfing-related sales, in part, hurt Dick's performance. Dick's stores turned in an 8.1% same-store sales decline year over year, while its 89 Golf Galaxy specialty stores' comps plummeted 20.7%. "We anticipate the golf business to continue to be difficult," Stack said.

Firearms and ammunition were the chain's top-selling items, while athletic footwear also performed well.

The company's total sales came in at $1.2 billion during the quarter, a 0.4% increase from the prior-year period, while net income was $63.4 million, down from $73.2 million.

Though Dick's management still sees expansion opportunities long term, the chain is tempering its store openings this year, with one Gold Galaxy and 19 Dick's on tap. Stack said there are less places to go that developers can build with suitable co-tenants. "With other retailers cutting back, it's tough for the developer to meet co-tenancy requirements," he said.