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 the rest will enter new locales.
During the first quarter, Dick's posted a 7.6% increase in same-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 new units this year. The company's Q1 net income hit $26.2 million, more than doubling the $12.8 million it brought in during the same year-ago period.
As Dick's grows, the sporting goods sector of retail gets more competitive, said Edward Stack, the chain's chairman and chief executive officer, during its earnings call. "We think it's going to be a bit more competitive out there," he said, explaining that the company will step up marketing efforts.
For the full year, management expects same-store sales to rise between 3% and 4%, with the second quarter increasing from 4% to 5%. Capital expenditures are forecast in the $175-million range.
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