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Dick’s posts 10 percent jump in net income

Published March 25, 2013

PITTSBURGH, PA (BRAIN)—Dick’s Sporting Goods saw net income rise 10 percent to $291 million for its fiscal year ended Feb. 2 as net sales jumped 12 percent to $5.84 billion, according to the company’s 10-K filing. Consolidated same-store sales rose 4.3 percent for the year, compared with a gain of 2 percent in fiscal 2011.

Fourth-quarter net sales rose 12 percent to $1.8 billion primarily on the expansion of the company’s network of stores. Dick’s added seven new locations during the quarter, and for the full year its store count rose by 36, to 518 locations. Dick’s also operates 81 Golf Galaxy stores.

“In 2012, we made several important investments for the future, including adding locations, acquiring established brands, developing and testing retail concepts, further building omni-channel capabilities, and creating new marketing strategies," chairman and CEO Edward W. Stack said in a statement. “All of these investments have strengthened our foundation and position us for continued growth. We’re optimistic about our outlook for the coming year and excited about our long-term prospects for the future.”

Looking ahead to fiscal 2013, the company expects to add 40 Dick’s Sporting Goods locations, relocate one, add a Golf Galaxy store and relocate another.

Dick’s sells bikes from such brands as Diamondback, Nishiki and Nirve, as well as cycling apparel, helmets, accessories and car racks, but does not break out its cycling business in earnings reports.

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