PITTSBURGH, PA (BRAIN)—Dick’s sales hit $959.7 million during the first quarter compared with $912.1 million last year. However, same store sales dropped 6 percent.
The sales boost was a result the company opening nine Dick's Sporting Goods stores and one Golf Galaxy store over the quarter, as well as expanding its e-commerce business. Inventory at its stores is down 10 percent at the end of the quarter over last year.
The company’s profit fell $19.6 million to $10.2 million, in part because of higher administration expenses and lower margins on goods sold. Costs related to the integration of Chick’s Sporting Goods cost the company $4.4 million over the quarter.
Looking forward, Dick’s expects its same store sales to drop 6 to 9 percent this year, compared with the 5 percent drop in 2008.