Dick's Sporting Goods Inc. reported sales and earnings results for the fourth quarter and full year ended January 28, 2012.
The Company reported consolidated net income for the fourth quarter ended January 28, 2012 of$111.1 million, or $0.88 per diluted share, at the high end of the Company's revised expectations provided on January 12, 2012 of $0.87 to 0.88 per diluted share. The Company reported consolidated non-GAAP net income of $94.0 million, or $0.76 per diluted share, for the fourth quarter ended January 29, 2011, excluding an after-tax charge of $6.5 million, or $0.05 per diluted share, from litigation settlement costs. On a GAAP basis, the Company reported consolidated net income for the fourth quarter ended January 29, 2011 of $87.5 million, or $0.71 per diluted share.
Net sales for the fourth quarter of 2011 increased by 6.1% to $1.6 billion as compared to the fourth quarter of 2010 due primarily to the growth of the Company's store network and a 0.1% increase in consolidated same store sales. The consolidated same store sales increase was in line with the Company's revised expectations provided on January 12, 2012 and consisted of a 2.5% decrease at Dick's Sporting Goods stores, a 9.0% increase at Golf Galaxy and a 52.0% increase in the Company's eCommerce business.
"In the fourth quarter, we generated record earnings, maintained an exceptionally strong balance sheet with our cash balance growing $188 million, initiated our first ever dividend, and announced a 12-month share repurchase program," said Edward W. Stack, Chairman and CEO. "In 2012, we will continue to build on our momentum as we profitably grow the business with earnings expected to increase approximately 18 to 19%, while simultaneously investing in key strategic areas including new stores, eCommerce, inventory management systems and private brands."
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Dick's Sporting Goods Inc
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