PITTSBURGH, Jan. 12, 2012 /PRNewswire/ -- Dick's Sporting Goods, Inc. (NYSE: DKS) announced today that its Board of Directors has authorized a share repurchase program of up to $200 million of the Company's common stock over the next 12 months. The Company is also narrowing its consolidated earnings per diluted share guidance and revising its consolidated same store sales outlook for the fourth quarter and full year 2011.

Share Repurchase Program

The Company is initiating the repurchase program to offset the dilutive effect of the issuance of shares expected in connection with the expiration in 2013 of a substantial number of stock options issued following the Company's 2002 initial public offering, which are anticipated to be exercised in 2012. The Company will finance the repurchases from cash on hand.

The repurchases, which may be made in privately-negotiated transactions or in the open market as permitted by Securities Exchange Act Rule 10b-18, including pursuant to a Securities Exchange Act Rule 10b5-1 repurchase plan, could begin immediately and may occur from time-to-time in the future.  The Company may suspend or discontinue this repurchase program at any time. 

Guidance

The Company now expects consolidated earnings per diluted share to be $0.87 to 0.88 for the fourth quarter of 2011. For full year 2011, non-GAAP consolidated earnings per diluted share are expected to be $2.01 to 2.02. The Company's fourth quarter and full year 2011 revised expectations compare to original guidance of $0.87 to 0.89 and $2.01 to 2.03, respectively, as previously disclosed in its press release dated November 15, 2011. Non-GAAP earnings per diluted share exclude a gain on sale of investment and the favorable impact of lower litigation settlement costs.