Dick's Sporting Goods Inc. reported net income of $9.2 million for the third quarter, a decrease from $12.2 million last year.
The direct marketer and retailer posted net sales of $924.2 million for the quarter ended Nov. 1, a 10.2% increase over $838.7 million in the prior year.
The Pittsburgh company attributed these results in part to the opening of new stores, the inclusion of Chick's Sporting Goods in this year's quarterly results as well as a 2.8% decrease in comparable store sales.
This 2.8% sales decline consisted of a 2.5% decrease in Dick's Sporting Goods stores and a 7.4% decline in the Golf Galaxy stores. Chick's was acquired last November and is excluded from the comparable store sales calculation, noted the company.
“We are pleased to generate results in line with our expectations, particularly in light of the current environment,” said CEO Edward W. Stack, in a statement. “In these difficult times, we are carefully growing the business, successfully managing inventory and enforcing strict expense controls.”
