The company opened six Dick's Sporting Goods stores and two Golf Galaxy stores in the second quarter, bringing its total new stores opened this year to 21 as of the end of the second quarter. In addition to reporting on plans to open the 24 new stores in the third quarter, the company said that it expects to open 45 new Dick's Sporting Goods stores and 16 new Golf Galaxy stores in this fiscal year, and to relocate one Dick's Sporting Goods store for the second quarter ended August 4, 2007.
Dick's tallied an 87% increase in net income on a 38% increase in sales for the company's latest financial quarter. The 315-store chain earned $47.9 million and 83 cents per diluted share, compared with net income of $25.7 million and 47 cents per share in the comparable quarter last year.
On the sales side, the Pittsburgh-based retailer boosted total sales to more than $1 billion, crediting the increase to a combination of the opening of new stores and a comparable store sales increase of 7.2% compared with last year's second quarter. The quarter's results also included a financial breakout of the performance of the company's Golf Galaxy stores, which on a pro forma basis increased 4.7%. Golf Galaxy will be included in the quarterly comparable store base beginning in Q2 2008, which will be the first full quarter following the anniversary of the date of Dick's acquisition of the golf store chain.
The second quarter is Golf Galaxy's seasonally largest quarter, Dick's chairman and CEO Edward W. Stack pointed out. He added that the Dick's chain "achieved increased sales not only in golf but across most of our businesses."
Besides its 315 Dick's Sporting Goods locations, which it operates primarily in the East, the company operates 77 Golf Galaxy stores.
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