Pittsburgh – Dick’s Sporting Goods Inc. reported healthy net income and sales growth during the first quarter of fiscal 2014, compared to the same period a year earlier. Net income rose 8% to $69.98 million from $64.82 million, while net sales increased 8% to $1.44 billion from $1.33 billion.
Dick’s plans to open 50 new Dick’s Sporting Goods stores during the fiscal year, relocate five Dick’s stores and remodel five Dick’s stores. The company also intends to open approximately eight new Field & Stream stores, relocate two Golf Galaxy stores and open one new Golf Galaxy store in 2014.
Same-store sales grew 1.2%. Same-store sales are expected to rise 1.3% in both the second quarter and full fiscal year. Edward W. Stack, chairman and CEO of Dick’s, said golf and hunting sales lagged other categories.
“Our difficulties this quarter were isolated to two categories: golf and hunting," said Stack. "After a very challenging first quarter in golf last year, we expected some further headwinds and only modest improvement, but instead we saw a continued significant decline. In the case of hunting, we planned the business down based on last year's catalysts, but it was even weaker than expected."