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Dick's Same Store sales exceed expectations
25
May '09
Dick's Sporting Goods Inc reported sales and earnings results for the first quarter ended May 2, 2009.

First Quarter Results:
The Company reported non-GAAP net income for the first quarter ended May 2, 2009 of $12.8 million, or $0.11 per diluted share. Non-GAAP earnings exclude costs related to the Chick's Sporting Goods integration. The first quarter earnings per diluted share exceeded estimated earnings expectations provided on March 10, 2009 of $0.03 - 0.08 per diluted share.

On a GAAP basis, the Company reported net income for the first quarter ended May 2, 2009 of $10.2 million, or $0.09 per diluted share, which includes a $1.1 million tax expense reduction related to the resolution of a tax audit of a prior fiscal year. For the first quarter ended May 3, 2008, net income and earnings per diluted share were $19.6 million and $0.17, respectively.

Net sales for the quarter increased by 5.2% to $959.7 million due primarily to the opening of new stores and the addition of e-commerce sales, partially offset by a 6.0% decrease in comparable store sales. The 6.0% consolidated same store sales decline consisted of a 4.6% decrease in Dick's Sporting Goods stores and a 19.7% decline in the Golf Galaxy stores.

"We are pleased to have generated better than expected same store sales and earnings results in the first quarter. Considering the continued difficult macro economic environment, our associates have done a great job growing the business while controlling expenses and managing inventory. We have a strong balance sheet, and in 2009 we expect to generate positive net operating cash flow in excess of what was generated last year," said Edward W. Stack, Chairman and CEO.

Integrations:
Costs related to the merger and integration of Chick's Sporting Goods were $4.4 million in the first quarter. Merger and integration costs include duplicative administration costs, management and advertising expenses associated with the store conversions and severance. In the first quarter, the Company completed the conversion of one Chick's Sporting Goods store to a Dick's Sporting Goods store. The remaining planned Chick's Sporting Goods store conversions have been completed in the second quarter of 2009.

New Stores:
In the first quarter, the Company opened nine Dick's Sporting Goods stores and one Golf Galaxy store. Also, one Chick's Sporting Goods store was converted to a Dick's Sporting Goods store. These stores are listed in a table later in the release under the heading "Store Count and Square Footage."

As of May 2, 2009, the Company operated 394 Dick's Sporting Goods stores in 39 states, with approximately 22.0 million square feet, 91 Golf Galaxy stores in 31 states, with approximately 1.5 million square feet, and 13 Chick's Sporting Goods stores in California, with approximately 0.6 million square feet.

Balance Sheet:
Long term debt declined by $171.7 million from the end of the first quarter of 2008 to the end of the first quarter of 2009 due to the repayment of $172.5 million for the Company's senior convertible notes in the first quarter of this year. The inventory per square foot was 9.7% less at the end of the first quarter 2009 as compared to the end of the first quarter 2008.


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