Dick's Sporting Goods 2004 Annual Report Download - page 7

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5DICK’S SPORTING GOODS, INC. 2004 ANNUAL REPORT
2004
highlights
2004
Performance
Delivered record net income and earnings per share, earning us the distinction
as the most profitable publicly held full-line sporting goods retailer for
the seventh consecutive year.2In addition, in the fourth quarter of 2004
we generated sales greater than any other full-line sporting goods retailer.
Generated return on invested capital of 12.1 percent.
Posted a 36 percent increase in our stock price.
Growth
Acquired Galyan’s Trading Company, adding 48 stores in 21 states that
positioned us in a number of key new markets and expanded our square
footage at the time of the acquisition by nearly 50 percent. Also gained a
364,000 square-foot distribution center and more than 6,000 associates.
Opened 29 new locations, which when combined with the stores from
the Galyan’s acquisition, enabled us to increase our store square footage
by 71 percent and close the year with 234 locations in 33 states.
Drove a 43 percent increase in sales, primarily as a result of acquiring
48 Galyan’s stores, opening 29 new stores, and increasing our comparable
store sales by 2.6 percent.
Infrastructure
Paved the way for future growth by introducing new merchandising and
inventory allocation systems to manage our needs; and by moving into a
new corporate headquarters building that centralized our associates and
provided us with additional space to expand.
Expanded our existing distribution center by more than 50 percent,
to support continued growth.
Solidified our access to borrowed funds by increasing our existing credit
facility to $350 million and extending the term through May of 2008.
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2As measured by income from continuing operations and adjusted for non-recurring items.