Dick’s profit down, but sales up 9% |

Dick’s profit down, but sales up 9%

Dick’s Sporting Goods Inc. reported an 11 percent drop on higher sales for the third quarter, a period in which the retailer opened a dozen new Dick’s stores and closed the same number of underperforming Golf Galaxy stores.

Findlay-based Dick’s said it earned $16.9 million, or 14 cents a share, for the period ended Oct. 30. That’s down from $18.9 million, or 16 cents, a year ago.

Sales were nearly $1.08 billion, up by 9 percent compared to $989.8 million a year ago. The company raised its earnings guidance for 2010 to between $1.56 and $1.58 a share, excluding an 8 cent-per-share impact from the Golf Galaxy closings.

CEO Ed Stack expressed optimism that the company can double its network of Dick’s stores, currently at 437, while also growing its Golf Galaxy and e-commerce businesses.

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