Dick's Sporting Goods announced the opening of a temporary 5,000 square foot store located in Pittsburgh's historic Strip District, that is exclusively dedicated to selling official 2011 Bridgestone NHL Winter Classic merchandise. The Bridgestone NHL Winter Classic, an annual outdoor game that has become one of the NHL's marquee events, is scheduled to take place between the Pittsburgh Penguins and Washington Capitals on January 1, 2011 at Heinz Field.
Dick's Sporting Goods posted its fiscal results for the third quarter of 2010, reporting a net income of $16.86 million, down from $18.85 million from the year before. Its revenue grew 9% from the prior year to $1.08 billion.
Citi removed Dick's from its Top Picks Live list, citing issues such as less favorable traffic and weather trends in October.
The sporting goods industry was one of the few industries that came out of the recent recession virtually unscathed, and it appears that its ability to stay afloat is about to turn into increased success. Analysts expect the industry to score big this year, and early evidence supports this hypothesis. Dick's, for one, posted a 19% increase in sales in its Q2 results, and analysts believe this trend will continue for both Dick's and other sporting goods companies for at least the rest fo the year.
Dick's Sporting Goods announced its Q2 results, reporting an EPS of 43 cents, a 19.4% increase from the year before. Its revenue climbed 9% to $1.23 billion, also above forecasts.
As a result of the horrible weather this winter, retailers concentrated in the East, such as Dick's, are likely to take a noticeable hit in their first-quarter revenue.
Following the University of Alabama's victory in the national championship game, sporting goods retailers such as Dick's have benefitted from selling championship merchandise.
The 2009 Holiday Season was better-than-expected for Pittsburgh businesses (including Dick's), raising its shares at the end of the week.
The American Family Association has targeted threatened to boycott Dick's holiday retailing because it is not using the word "Christmas" in holiday marketing. This same tactic already worked on Gap, who changed their marketing to include the word after AFA boycotts
Dick's Sporting Goods announced its fiscal results for the third quarter of 2009, coming in with a net income of $18.9 million and net sales of $989.8 million.
Former Dick's VP Joseph Queri Jr. is facing criminal charges for insider trading and extracting payments for Dick's 2004 acquisition of Galyan's Trading Co. An indictment was filed in a New York court, charging Mr. Queri with conspiracy and money laundering
As a result of Lance Armstrong's 2009 comeback to the world of professional cycling, Armstrong-related items have been flying off the shelves, including Dick's Livestrong Fitness line of exercise equipment
Dick's Sporting Goods' Chairman sells 160,000 shares of at an average price of $23.28 a share on October 7, 2009
DKS Chairman sells over 400,000 shares at an average price of $22.4/share. The sporting goods company had an annual average earning growth of 26.1% from 2004-2008
For the quarter ended Aug 1, 2009, Dick's Sporting Goods reported net income of $42.4 million ($0.36 per share), beating expectations of $0.28 to $0.31.
Gwendolyn K. Manto, executive Vice President and Chief Merchandising Officer, left the company on April 13. The company doesn't plan to replace her. Instead, the existing CEO and COO's responsibilities will be reorganized.
Dick's reported a quarterly loss of 93 cents per share due to write-downs related to its purchase of the Golf Galaxy chain. Excluding the write down, Dick's profit would have been 55 cents per share. Analysts had expected a profit of 53 cents per share.
Dick's recalled its Golfer's Billiard Games and Field and Stream Dual Burner Camp Stove. Some balls were found to contain excessive lead. The stoves were found to be a burn hazard.
Dick's Sporting Goods announced it expects to record it will incur a pre-tax non-cash impairment charge relating to the Golf Galaxy acquisition in the range of $165 to $180 million. Net income is expected to come in at the upper range of its previous guidance.
Dick's announced that its Q3 revenue increased by 10%, driven primarily by its 2007 acquisition of Chick's sporting goods. However, the company's comparable store sales decreased by 2.8% as consumers started to spend less because of the weakening U.S. economy. Additionally, Dick's net income during the quarter dropped 40% during the quarter because of costs associated with the acquisitions of Chick's and Golf Galaxy. Excluding these acquisition costs, Dick's net income still decreased approximately 24.5% during the quarter.
Net sales during Q2 increased by 7%, primarily driven by new store openings as well as the acquisition of Chick's. However, the company's comparable store sales dropped by 3.7% as consumers felt the pinch of the economic downturn.
Dick's Sporting Goods reported results from the first quarter of FY08, announcing that although net sales increased 11% (largely fueled by new stores), net income decreased 4% as comparable store sales fell 3.8% and 7.4% at the Dick's Sporting Goods and Golf Galaxy chains, respectively. Management blamed the weak economic environment for the retailer's struggles but the company still plans on opening approximately 44 new Dick's Sporting Goods stores and 10 new Golf Galaxy locations in 2008.
Dick's Sporting Goods reported 18% revenue growth in the third quarter of fiscal 2007 compared to the same quarter in 2006, largely due to the inclusion of the recently acquired Golf Galaxy retail chain and new store openings through the 2007 year. Comparable store sales fell 2.5% during the quarter as retailers throughout the US faced tough conditions due to the volatile state of the economy in the wake of the subprime lending fallout.
