Dick's Sporting Goods 2009 Annual Report Download - page 7

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2009 HIGHLIGHTS
PERFORMANCE
Posted sales of $4.4 billion, a 7 percent
increase compared with 2008, reinforcing Dick’s
as the largest and most profitable publicly held
full-line sporting goods retailer in the U.S.
Lowered our operating expenses relative to
sales by implementing a series of initiatives
across the company, including reducing capital
expenditures and leveraging payroll
Strengthened our balance sheet and cash
position by managing expenses, paying down
debt, improving working capital and tightening
inventory management controls
Completed the repurchase of $172.5 million
for our senior convertible notes in the first
quarter of fiscal 2009, while reducing the
average borrowings outstanding on our credit
agreement by 15% and increasing our cash
position from $75 million at year-end 2008 to
$226 million at year-end 2009
GROWTH
Added 24 Dick’s Sporting Goods stores,
which positioned us in several new regions
and increased our presence in California,
Florida and Texas
Seized an opportunity to occupy prime real
estate vacated by a former competitor in the
Pacific Northwest, accelerating our growth in
this region through the addition of six new stores
Capitalized on our 2007 acquisition of Chick’s
Sporting Goods by successfully converting all
of our Chick’s locations into Dick’s Sporting
Goods stores
Leveraged our new distribution center
in Atlanta to increase our network capacity
and create efficiencies
CORPORATE RESPONSIBILITY
We underscore our commitment to responsible corporate citizenship by
participating in a range of philanthropic activities. One of these is the Dick’s
Sporting Goods Community Youth Program, through which we donate sports
equipment to youth organizations across the nation, equipping approximately
one million children with new sporting goods each year. We also serve as a
corporate partner for Thanks and Giving, a campaign established by St. Jude
Children’s Research Hospital to raise funds on behalf of children with cancer
and other diseases. In 2009, we introduced new incentives to encourage our
employees and customers to support this cause. We also proudly feature
the LIVESTRONG collection of apparel, footwear and fitness equipment.
LIVESTRONG was developed by Nike and the Lance Armstrong Foundation to
raise funds for cancer research, and every sale of LIVESTRONG merchandise
represents another contribution to this important effort.
Dick’s Sporting Goods, Inc. | 2009 Annual Report 5