New Stores Boost Dick's Sporting Goods' 4Q Profits

Dick's Sporting Goods (NYSE: DKS) said Tuesday its fiscal fourth-quarter net income rose 27 percent, bolstered by contributions from newly opened stores.

The Pittsburgh, Pa.-based retailer reported a net income of $111.08 million, or 88 cents per share, for the fourth quarter ended Jan. 28, compared with the previous year's $87.49 million, or 71 cents per share.

Its sales for the quarter also matched analysts' expectations, according to a Wall Street Journal survey, increasing 6 percent to $1.61 billion from $1.52 billion in fiscal 2011.

The rise in fourth-quarter net income was largely attributed to the opening of six new stores plus a small increase in consolidated same-store sales.

Excluding one-time events, reported adjusted net income of $94 million, or 76 cents per share, for the fourth quarter ended Jan. 29, 2011, excluding an after-tax charge of $6.5 million, or five cents per share, from litigation settlement costs.

For the full fiscal year, net income grew 44 percent to $263.91 million, or $2.10 per share, up from $182.08 million, or $1.50 per share the year earlier. Sales for the full year increased 7 percent to $5.21 billion, from $4.87 billion in 2011.

Excluding one-time events, earnings per share for fiscal 2011 rose 24 percent.

The company's outlook for 2012 calls for earnings of $2.38 to $2.41 per share, fueled by an increase of 2 percent to 3 percent in sales.

The company's share price was up 73 cents to $46.30 during midday trading.