The Sports Authority comes on strong in fourth quarter

The Sports Authority Inc. reported a strong fourth quarter of 2002, with profits of $52.9 million, or $1.56 a diluted share, compared with $15.6 million, or 47 cents a diluted share, for the same period in 2001.

Sales for the quarter were $388.4 million vs. $400.6 million in 2001. Comparable store sales were down 4.7 percent.

Profit for 2002 was $59.7 million, or $1.75 a diluted share, vs. $12.4 million, or 37 cents a diluted share, for 2001. Sales revenue for the year was $1.43 billion vs. $1.42 billion in fiscal 2001. Comparable store sales for the year were down 0.3 percent; the company blamed soft consumer demand during the second half of the year.

In 2002, the company's debt decreased by $59 million, after a $70 million decrease in 2001.

The company forecast a break-even first quarter, but that assumed no Middle East conflict. For the full year, it forecast earnings of 70 cents to 72 cents a diluted share.

— Noah Liberman