"Our business has held up relatively well in this environment," he said of the recession. "We feel there is going to be consolidation in this industry."

Stack specifically pointed to the Chapter 11 filing by Wilsonville, OR-based Joe's Sports & Outdoor, a 30-store chain in the Northwest. That move could give Dick's a chance to move into that region of the country, and if bankruptcies by other chains follow, there could be more opportunities, he said.

During the quarter, lagging golfing-related sales, in part, hurt Dick's performance. Dick's stores turned in an 8.1% same-store sales decline year over year, while its 89 Golf Galaxy specialty stores' comps plummeted 20.7%. "We anticipate the golf business to continue to be difficult," Stack said.