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Dick's Sporting Goods profit slips in Q2, on track to open 38 stores in 2012

Pittsburgh -- Dick's Sporting Goods reported Tuesday that net income for the quarter ended July 28 slid to $53.7 million, from $73.8 million in the same quarter a year ago. The sporting goods retailer blamed the lackluster profit performance partly on weakness from newly acquired JJB Sports and adverse weather in the first quarter.

Sales climbed 10% to $1.4 billion, meeting Wall Street expectations. Same-store sales rose 3.8%, consisting of a 2.9% increase at Dick’s stores, a 4.4% rise at Golf Galaxy, and a 34.6% increase in its e-commerce business.

“We are on track to post strong full-year performance for 2012,” said Edward Stack, Dick's Sporting Goods chairman and CEO. The retailer raised its full-year profit guidance, and said it is on track to open 21 new Dick’s Sporting Goods stores in the third quarter and a total of 38 Dick’s stores for the year.