US: Golf Galaxy boosts Q3 at Dick’s Sporting Goods
The acquisition of Golf Galaxy earlier this year helped speciality retailer Dick's Sporting Goods to record a 57% increase in third-quarter net income.
Net sales for the three months ended 3 November were up 18% to $838.8m, buoyed by the opening of new stores and the contribution of Golf Galaxy, which Dick's bought for $225m in February.
However, this was offset by a same-store sales dip of 2.5%. Net income was up 57% to $12.2m, bringing net income for the first nine months of the year up 82% to $81.9m. Net sales over the same period rose 28% to $2.68bn.
"Our performance this quarter demonstrates once again how our emphasis on execution, combined with the strength of our business model, delivers consistent financial performance," said Dick's chairman and CEO Edward Stack. "Improved margins, greater efficiencies, the strength of our golf business and strong cashflow continue to drive our earnings increases. As we head into our seasonally largest quarter, our inventory is on plan and our stores are well-positioned to deliver solid results."
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