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Baron Funds Comments on Dick's Sporting Goods
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From Baron Funds' first quarter letter: Shares of Dick's Sporting Goods Inc. (DKS), the country's largest sporting goods retailer, increased 30.7% in the quarter. Sales beat expectations despite a difficult winter selling season. The company was able to achieve a higher average purchase by successfully raising prices on its apparel and footwear products. New-store productivity remained strong as the company opened 36 locations for the year. New-store openings remain on track for 2012, with another 40 stores planned. Gross margins also continued to rise. E-commerce sales rose 52% and should, in our view, remain a driver of top-line growth as new initiatives are implemented in 2012 and 2013. (Michael Baron)
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