PITTSBURGH _ Dick's Sporting Goods posted earnings of $90.2 million, or 81 cents per share, in the important holiday quarter, down from $129 million, or $1.13 per share, in the same period last year.
During the fourth quarter, the retailer incurred pre-tax charges totaling $93 million, which included a $46 million to write-down the value of its inventory that does not fit within the company's new merchandising strategy, and $47 million related to its acquisitions of The Sports Authority and Golfsmith stores.
Net sales for the fourth quarter rose 10.9 percent to about $2.5 billion. Consolidated same store sales, or sales at stores open at least a year, increased 5 percent.
For the full year, Dick's, headquartered in suburban Pittsburgh, reported earnings of $287.4 million, or $2.56 per share, down from the prior year, when the company posted earnings of $330.4 million, or $2.83 per share.
Net sales for the full year rose 9 percent.
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