Dick’s Sporting Goods plans ‘significant investments’
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Dick’s Sporting Goods, North America’s largest sporting goods retailer, has announced plans to make ‘significant investments’ in its business.
It revealed its plans at the presentation of its third quarter results which saw a 7.4% increase in sales to approximately $1.94 billion. Included in that was double digit growth in e-commerce.
Edward W. Stack, Chairman and Chief Executive Officer, told investors: “Looking ahead, we see tremendous opportunity in our industry as it continues to evolve. We plan to make significant investments in our business which will have a short-term negative impact on our earnings.
“However, we expect these investments will pay meaningful dividends in the future.”
He added that it planned to increase investment in its e-commerce business, the technology in its stores and store payroll to improve the customer experience and meaningful investment at its Dick’s Team Sports headquarters. It will also be developing and supporting its private brands.
In the third quarter, the company opened 15 new Dick’s Sporting Goods stores and six specialised Field & Stream outlets. As of October 28th, 2017 it operated 719 Dick’s stores in 47 states and 35 Field & Stream in 16 states.
For the year to date, net sales increased 9% compared to the same period last year to approximately $5.93 billion.