Sales up 12% at Dick's Sporting Goods in FY'13

The Company ended fiscal 2012 with $345 million in cash and cash equivalents as compared to $734 million at the end of fiscal 2011, and did not have any outstanding borrowings under its $500 million revolving credit facility.

Over the course of the past twelve months, the Company utilized capital to fund its $200 million share repurchase program, pay quarterly dividends, purchase its store support center, invest in JJB Sports, acquire intellectual property rights to the Top-Flite and Field & Stream brands,  build a distribution center and fund its $246 million special dividend.

Inventory per square foot was 0.7% higher at the end of the fourth quarter of 2012 as compared to the end of the fourth quarter of 2011.

Full Year 2012 Results (53 weeks compared to 52 weeks last year)

The Company reported consolidated non-GAAP net income for the 53 weeks ended February 2, 2013 of $318.3 million, or $2.53 per diluted share, excluding an impairment charge and including approximately $0.03 per diluted share for the 53rd week.  For the 52 weeks ended January 28, 2012, the Company reported consolidated non-GAAP net income of $253.9 million, or $2.02 per diluted share.

On a GAAP basis, the Company reported consolidated net income for the 53 weeks ended February 2, 2013 of $290.7 million, or $2.31 per diluted share. For the 52 weeks ended January 28, 2012, the Company reported consolidated net income of $263.9 million, or $2.10 per diluted share.  The GAAP to non-GAAP reconciliation is included in a table later in the release under the heading "Non-GAAP Net Income and Earnings Per Share Reconciliation."

Net sales for the 53 weeks ended February 2, 2013 increased 12.0% from last year's 52-week period to $5.8 billion primarily due to a 4.3% increase in consolidated same store sales on a 52-week to 52-week comparable basis and the growth of the Company's store network.

"In 2012, we made several important investments for the future, including adding locations, acquiring established brands, developing and testing retail concepts, further building omni-channel capabilities, and creating new marketing strategies," said Mr. Stack.

"All of these investments have strengthened our foundation and position us for continued growth. We're optimistic about our outlook for the coming year and excited about our long-term prospects for the future."

Dick's Sporting Goods