One new store will open during the company's second quarter,while the remaining locations will debut in the third quarter.About 60% of the stores will go into existing markets while therest will enter new locales.

|

During the first quarter, Dick's posted a 7.6% increase insame-store sales year over year at its namesake stores and a 12.4%jump at its 91-unit Golf Galaxy chain, which will get five newunits this year. The company's Q1 net income hit $26.2 million,more than doubling the $12.8 million it brought in during the sameyear-ago period.

|

As Dick's grows, the sporting goods sector of retail gets morecompetitive, said Edward Stack, the chain's chairman and chiefexecutive officer, during its earnings call. "We think it's goingto be a bit more competitive out there," he said, explaining thatthe company will step up marketing efforts.

|

For the full year, management expects same-store sales to risebetween 3% and 4%, with the second quarter increasing from 4% to5%. Capital expenditures are forecast in the $175-millionrange.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.