Dick's Sporting Goods 2010 Annual Report Download - page 4

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EXCEPTIONAL AGILITY
Since our inception, our management team has continuously evaluated the dynamics that impact
our market, gaining valuable insight into the forces within each business cycle that could ultimately
impede or drive our progress. Over the years, our success in identifying these forces and leveraging
them to our advantage has given us exceptional market agility, which we use to proactively manage
market challenges and deliver strong financial performance.
In 2010, we continued to demonstrate our market agility, posting marked increases in both
earnings and sales, and delivering impressive same store sales in our Dick’s Sporting Goods
and Golf Galaxy chains, as well as in our e-commerce channel. We increased our consolidated
non-GAAP earnings per diluted share by 36 percent to $1.63, compared with consolidated non-
GAAP earnings per diluted share of $1.20 in 2009. We improved our overall same store sales by
7.4 percent, compared with a decline of 1.4 percent in 2009. We also opened 26 new Dick’s Sporting
Goods locations during 2010, representing a 6 percent growth rate. We accomplished this growth
while continuing to implement our store remodeling program, and still maintaining our focus on
strengthening our balance sheet. As a result, we ended the year with $546 million in cash and cash
equivalents and no outstanding borrowings under our revolving credit facility.
DEAR FELLOW SHAREHOLDERS
Baseball great Willie Mays once observed that the real challenge doesn’t lie in being good at sports
from time to time, but in being good at sports every day. His point, of course, is that top athletes
consistently rise above the difficulties that life casts in their path to deliver strong and steady
performance over the long term. The same can be said of top companies, and in 2010, Dick’s Sporting
Goods once again demonstrated our ability to be good, every day. We did this by rising above the
challenges that impacted our market to deliver strong financial and operational performance, make
strategic investments in our business, and develop a targeted plan to fuel our continued progress.
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