Dick’s Sporting Goods Inc. former Senior VP of Real Estate Joseph Queri, Jr. was slapped with a fine on Monday for insider trading stemming from the sporting good chain’s acquisition of Galyan’s Trading Company, Inc. in 2004.
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Dick’s Sporting Goods Inc. reported a fourth-quarter 2008 loss of $104 million, or 93 cents per share, down from a profit of $73 million, or 62 cents per share, for the same period last year.
Adjusted earnings were 55 cents per share, excluding an impairment charge for its acquisition of Golf Galaxy and Chick’s Sporting Goods.
Dicks Sporting Goods announced yesterday that “it expects to record a pre-tax non-cash impairment charge based upon unaudited, preliminary year-end estimates in the range of approximately $165 to 180 million that will decrease net income by $144 to 153 million, or approximately $1.29 to 1.37 per diluted share in fiscal 2008,” according to a press release published by Streetinsider.com
The company also reported that same store sales are down 8.6 percent:
“Excluding the asset impairment charge described above, the Company anticipates that fourth quarter 2008 consolidated earnings per diluted share will be at least at the midpoint of its previously-announced estimated range of $0.49 to 0.56 per diluted share excluding costs from the Golf Galaxy and Chick’s Sporting Goods integration, or $0.47 to 0.54 per diluted share including the Golf Galaxy and Chick’s Sporting Goods integration costs.”
Read the entire press release HERE.
Even been in a Dick’s Sporting Goods? I haven’t. Their 483 stores (including 85 Golf Galaxy and 14 Chick’s) in 41 states are mostly in the eastern part of the country. But I have visited Joe’s a few times, and I suspect they are similar to Dick’s.
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