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Dick's Sporting Goods profit dips 48 percent

| Wednesday, May 20, 2009

Dick's Sporting Goods Inc. reported net income of $10.2 million for the first quarter, down about 48 percent from a year ago.

The earnings amount to 9 cents a share, and compare to a $19.6 million profit, of 17 cents, a year ago. The Findlay-based sporting goods retailer said it had sales of $959.7 million for the period ended May 2, up from $912 million a year ago.

CEO Edward W. Stack said the company generated better than expected same-store sales and results, and expects earnings per share for the full year of 85 to 97 cents, compared to a net loss in 2008 of 36 cents. Dick's plans to open 20 new namesake stores and one Golf Galaxy this year.

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