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Dick's Sporting Goods, Inc.
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About Dick's Sporting Goods, Inc.

Dick's Sporting Goods sells a full range of sports and outdoor merchandise, from A (adidas cleats) to, uh, Y (Yeti coolers). The company's more than 725 namesake stores across the US feature sporting goods, apparel, and footwear for leisure pursuits ranging from football, golf, and cycling to hunting and camping. In addition to well-known brand names, Dick's carries exclusive brands such as Walter Hagen, Second Skin, and Top-Flite. The company also operates more than 90 Golf Galaxy and some three dozen Field & Stream stores, as well as associated e-commerce sites.

Operations

Dick's reports through three primary merchandise categories: hardlines, apparel, and footwear. Hardlines, which includes equipment and gear, is the largest segment and accounts for about 45% of sales. Apparel and footwear bring in about 35% and 20%, respectively.

The company purchases merchandise from some 1,300 vendors, including Nike (its largest), which represents nearly 20% of the total. Beyond Nike and other well-known national and international brands, it sells products under its private-label brands such as Cobra (youth golf sets), Field & Stream, Fitness Gear, Lady Hagen, and Quest. Dick's own brands contribute more than 10% of sales.

Geographic Reach

Dick's has a total of more than 850 stores in 45-plus US states; its largest markets are California, Florida, New York, North Carolina, Ohio, Pennsylvania, and Texas, which together account for nearly 40% of total stores.

It also has distribution centers in Arizona, Georgia, Indiana, New York, and Pennsylvania.

Sales and Marketing

Dick's generates nearly 90% of sales through its network of retail stores, with the remainder coming from its e-commerce sites. The company is focused on developing its omni-channel offering, designed to serve customers however they prefer to shop -- in stores, online, or through a combination of both.

It markets its products through traditional channels, such as newspaper and direct mail pieces, but is increasingly moving toward digital and personalized appeals, enabled by its customer marketing database and ScoreCard loyalty program. Its Dick's Team Sports HQ business is a digital platform for youth sports meant to cultivate current and future customers.

Dick's spent $330 million on advertising in fiscal 2017, compared to about $305 million in 2016 and $276 million in 2015.

Financial Performance

Dick's has seen robust growth over the past decade with revenue doubling during that time as it expands its network of stores. Net income has generally grown over those 10 years but has been a little more sporadic.

In fiscal 2017 (ended January 2018), the company reported revenue of $8.6 billion, up 8% from the prior year. Although same-store sales were essentially flat, growth was driven by new stores (about 55 in 2017), as well as a 53rd week in the fiscal year. New stores have been powering Dick's for several years as organic growth has been anemic.

Net income that year rose about 13% to $323 million on the improved revenue performance, as well as lower pre-opening expenses (which can fluctuate based on the timing and number of new store openings) and about $15 million more in investment and other income than in fiscal 2016.

Cash at the end of fiscal 2017 was $101 million, a decrease of about $64 million from the prior year. Cash from operations contributed $746 million to the coffers, while investing activities used $486 million, mainly for property and equipment used in the buildout of new stores. Financing activities used another $324 million for dividends to stockholders and Dick's stock repurchase program.

Strategy

Dick's is operating in a highly competitive, tough retail environment at a time when foot traffic in stores is on the decline as more consumers turn to Amazon and other online destinations for purchases. For that reason, the company has made improving its omni-channel and e-commerce capabilities a key element of strategy, alongside more traditional initiatives such as expanding its store network and boosting sales of its private-label brands.

E-commerce sales as a percent of total revenue inched up less than half a percent in fiscal 2017 (to 12.4%), considerably lower than the 2% rise in 2016 and the 1% increase in 2015. In 2018 Dick's is looking to boost this growth with an improved design of online product pages, enhanced customer checkout, and personalization. It also plans to improve its shipping and fulfillment functions.

Dick's also continues to expand its store network; it has plans for about 20 new Dick's Sporting Goods locations in 2018. The company is hoping to expand in markets left underserved by competitors such as Sports Authority who have gone out of business or entered bankruptcy. It has added about 200 locations since fiscal 2013.

Lastly, Dick's continues to focus on its private-label brands, which it feels is a differentiator and competitive advantage. The growth of the private-label business outpaced the company average in fiscal 2017 when it surpassed more than $1 billion in sales. The company expects private brands to outpace the average again in 2018 as it invests in marketing, design, and technology behind key brands such as CALIA, Walter Hagan, and Fitness Gear.

Mergers and Acquisitions

Dick's made several small purchases throughout 2016 as part of its Dick's Team Sports HQ business, a digital platform for youth sports that includes mobile apps, live scorekeeping, and league management services. Those acquisitions include Blue Sombrero (team and league uniforms), Affinity Sports (league registration software), and GameChanger Media (team information sharing and management software).

Company Background

Dick's was founded in 1948 when Dick Stack, father of company chairman and CEO Edward Stack, opened a bait and tackle shop.

Dick's Sporting Goods, Inc.

345 COURT ST
Coraopolis, PA 15108-3817
Phone: 1 (724) 273-3400

Stats

Employer Type: Publicly Owned
Stock Symbol: DKS
Stock Exchange: , NYSE
Vice Chairman: William J. Colombo
Chairman and CEO: Edward W. Stack
EVP and Chief Strategy Officer: Michele B. Willoughby
Employees (This Location): 275
Employees (All Locations): 40,700

Major Office Locations

Coraopolis, PA

Other Locations

Alabaster, AL
Birmingham, AL
Cullman, AL
Daphne, AL
Dothan, AL
Florence, AL
Huntsville, AL
Mobile, AL
Montgomery, AL
Opelika, AL
Oxford, AL
Tuscaloosa, AL
Conway, AR
Fort Smith, AR
Hot Springs, AR
Chandler, AZ
Gilbert, AZ
Glendale, AZ
Goodyear, AZ
Peoria, AZ
Phoenix, AZ
Prescott Valley, AZ
Scottsdale, AZ
Tempe, AZ
Tucson, AZ
Brea, CA
Cerritos, CA
Chico, CA
Chino, CA
Clovis, CA
Daly City, CA
Dublin, CA
El Cajon, CA
Elk Grove, CA
El Segundo, CA
Escondido, CA
Fairfield, CA
Folsom, CA
Fremont, CA
Fresno, CA
Glendale, CA
Hayward, CA
Huntington Beach, CA
Ladera Ranch, CA
Laguna Hills, CA
Lodi, CA
Modesto, CA
Moorpark, CA
Morgan Hill, CA
Murrieta, CA
Newport Beach, CA
Oceanside, CA
Palm Desert, CA
Pasadena, CA
Petaluma, CA
Pleasant Hill, CA
Pleasanton, CA
Redding, CA
Roseville, CA
Salinas, CA
San Diego, CA
San Jose, CA
San Luis Obispo, CA
Santa Clarita, CA
Santa Maria, CA
Santa Rosa, CA
Stockton, CA
Turlock, CA
Tustin, CA
Upland, CA
Victorville, CA
Visalia, CA
West Covina, CA
Yorba Linda, CA
Aurora, CO
Brighton, CO
Broomfield, CO
Colorado Springs, CO
Englewood, CO
Lakewood, CO
Littleton, CO
Longmont, CO
Loveland, CO
Thornton, CO
Westminster, CO
Canton, CT
Danbury, CT
Lisbon, CT
Manchester, CT
Meriden, CT
Milford, CT
Newington, CT
North Haven, CT
Norwalk, CT
Plainville, CT
Waterford, CT
Washington, DC
Dover, DE
Newark, DE
Wilmington, DE
Altamonte Springs, FL
Aventura, FL
Boca Raton, FL
Boynton Beach, FL
Bradenton, FL
Brandon, FL
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Plantation, FL
Sanford, FL
Sarasota, FL
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Tallahassee, FL
Tampa, FL
Wesley Chapel, FL
West Palm Beach, FL
Alpharetta, GA
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Yorkville, IL
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Highland, IN
Indianapolis, IN
Lafayette, IN
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Plainfield, IN
Valparaiso, IN
Lawrence, KS
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Olathe, KS
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Salina, KS
Shawnee Mission, KS
Topeka, KS
Wichita, KS
Ashland, KY
Bowling Green, KY
Florence, KY
Frankfort, KY
Lexington, KY
Louisville, KY
Richmond, KY
Gretna, LA
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Metairie, LA
Monroe, LA
Shreveport, LA
Slidell, LA
Brockton, MA
Burlington, MA
Danvers, MA
Dartmouth, MA
Dedham, MA
Hadley, MA
Hanover, MA
Leominster, MA
Medford, MA
Millbury, MA
Natick, MA
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Pittsfield, MA
Plymouth, MA
Reading, MA
Saugus, MA
Seekonk, MA
Taunton, MA
West Springfield, MA
Worcester, MA
Baltimore, MD
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Columbia, MD
Easton, MD
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Frederick, MD
Gaithersburg, MD
Glen Burnie, MD
Hagerstown, MD
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Rockville, MD
Salisbury, MD
Towson, MD
Westminster, MD
Wheaton, MD
Augusta, ME
Bangor, ME
South Portland, ME
Topsham, ME
Ann Arbor, MI
Bloomfield, MI
Brighton, MI
Canton, MI
Chesterfield, MI
Fort Gratiot, MI
Grandville, MI
Kalamazoo, MI
Lansing, MI
Mount Pleasant, MI
Muskegon, MI
Novi, MI
Okemos, MI
Portage, MI
Rochester Hills, MI
Roseville, MI
Saginaw, MI
Taylor, MI
Troy, MI
Utica, MI
Westland, MI
Bloomington, MN
Burnsville, MN
Duluth, MN
Maple Grove, MN
Minneapolis, MN
Minnetonka, MN
Plymouth, MN
Richfield, MN
Saint Paul, MN
Waite Park, MN
Woodbury, MN
Chesterfield, MO
Columbia, MO
Jefferson City, MO
Lees Summit, MO
Liberty, MO
Osage Beach, MO
Saint Louis, MO
Washington, MO
Wentzville, MO
Columbus, MS
Hattiesburg, MS
Madison, MS
Oxford, MS
Apex, NC
Arden, NC
Asheville, NC
Burlington, NC
Cary, NC
Charlotte, NC
Concord, NC
Durham, NC
Garner, NC
Gastonia, NC
Goldsboro, NC
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Hickory, NC
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Knightdale, NC
Matthews, NC
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Morehead City, NC
Morganton, NC
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Raleigh, NC
Wilmington, NC
Winston Salem, NC
Bismarck, ND
Grand Island, NE
Omaha, NE
Papillion, NE
Concord, NH
Keene, NH
Nashua, NH
Seabrook, NH
Brick, NJ
Burlington, NJ
Cherry Hill, NJ
Deptford, NJ
East Brunswick, NJ
East Hanover, NJ
Freehold, NJ
Manahawkin, NJ
Mays Landing, NJ
Mount Laurel, NJ
Paramus, NJ
Princeton, NJ
South Plainfield, NJ
Union, NJ
Woodbridge, NJ
Albuquerque, NM
Farmington, NM
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Henderson, NV
Las Vegas, NV
Albany, NY
Amherst, NY
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Clay, NY
Commack, NY
De Witt, NY
Garden City, NY
Glendale, NY
Horseheads, NY
Kingston, NY
Lake Grove, NY
Melville, NY
Middletown, NY
New Hartford, NY
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Patchogue, NY
Plattsburgh, NY
Queensbury, NY
Riverhead, NY
Rochester, NY
Saratoga Springs, NY
Staten Island, NY
Syracuse, NY
Vestal, NY
Victor, NY
Watertown, NY
Webster, NY
West Nyack, NY
Williamsville, NY
Yonkers, NY
Yorktown Heights, NY
Akron, OH
Aurora, OH
Beavercreek, OH
Boardman, OH
Canton, OH
Chillicothe, OH
Cincinnati, OH
Cleveland, OH
Columbus, OH
Dayton, OH
Dublin, OH
Elyria, OH
Fairfield Township, OH
Findlay, OH
Grove City, OH
Heath, OH
Hilliard, OH
Holland, OH
Huber Heights, OH
Lancaster, OH
Liberty Township, OH
Mason, OH
Mentor, OH
Miamisburg, OH
New Philadelphia, OH
Niles, OH
North Olmsted, OH
Ontario, OH
Parma, OH
Sandusky, OH
Springfield, OH
Steubenville, OH
Strongsville, OH
Toledo, OH
Westlake, OH
Broken Arrow, OK
Midwest City, OK
Moore, OK
Oklahoma City, OK
Tulsa, OK
Bend, OR
Gresham, OR
Happy Valley, OR
Hillsboro, OR
Lake Oswego, OR
Medford, OR
Portland, OR
Salem, OR
Tigard, OR
Allentown, PA
Altoona, PA
Bastrop, PA
Baxter, PA
Berwyn, PA
Bloomington, PA
Boise, PA
Chambersburg, PA
Chandler, PA
Chula Vista, PA
Collegeville, PA
Columbus, PA
Coraopolis, PA
Cranberry Township, PA
Cullman, PA
Davenport, PA
Downingtown, PA
Easton, PA
El Paso, PA
Erie, PA
Fairless Hills, PA
Friendswood, PA
Glen Allen, PA
Greensburg, PA
Hanover, PA
Harrisburg, PA
Homestead, PA
Huntsville, PA
Independence, PA
King Of Prussia, PA
Lake City, PA
Langhorne, PA
Mesquite, PA
Miami, PA
Monaca, PA
Monroeville, PA
Muncy, PA
Muskogee, PA
Nampa, PA
North Wales, PA
Oak Ridge, PA
Philadelphia, PA
Pittsburgh, PA
Plymouth Meeting, PA
Pottstown, PA
Quincy, PA
Reading, PA
Reno, PA
Richmond, PA
Sacramento, PA
Saint Petersburg, PA
San Diego, PA
Seattle, PA
Selinsgrove, PA
Smithton, PA
State College, PA
Sterling Heights, PA
Stroudsburg, PA
Syracuse, PA
Tarentum, PA
Thousand Oaks, PA
Troy, PA
Uniontown, PA
Valley Stream, PA
Washington, PA
West Mifflin, PA
Whitehall, PA
Wilkes Barre, PA
Willow Grove, PA
Wooster, PA
York, PA
Smithfield, RI
Warwick, RI
Bluffton, SC
Charleston, SC
Columbia, SC
Greenville, SC
Mount Pleasant, SC
Myrtle Beach, SC
North Myrtle Beach, SC
Rock Hill, SC
Summerville, SC
Sioux Falls, SD
Brentwood, TN
Bristol, TN
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Clarksville, TN
Cordova, TN
Franklin, TN
Johnson City, TN
Kingsport, TN
Knoxville, TN
Madison, TN
Memphis, TN
Morristown, TN
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El Paso, TX
Euless, TX
Flower Mound, TX
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Garland, TX
Grapevine, TX
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Irving, TX
Katy, TX
Longview, TX
Mesquite, TX
New Braunfels, TX
Pearland, TX
Pflugerville, TX
Plano, TX
Prosper, TX
San Antonio, TX
Sugar Land, TX
The Woodlands, TX
American Fork, UT
Layton, UT
Midvale, UT
Orem, UT
Salt Lake City, UT
St George, UT
Baileys Crossroads, VA
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Chesterfield, VA
Christiansburg, VA
Culpeper, VA
Danville, VA
Dulles, VA
Fairfax, VA
Fredericksburg, VA
Gainesville, VA
Glen Allen, VA
Harrisonburg, VA
Leesburg, VA
Lynchburg, VA
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North Chesterfield, VA
Richmond, VA
Roanoke, VA
Sterling, VA
Suffolk, VA
Virginia Beach, VA
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Winchester, VA
Woodbridge, VA
Rutland, VT
Williston, VT
Bellingham, WA
Burlington, WA
Federal Way, WA
Issaquah, WA
Marysville, WA
Puyallup, WA
Renton, WA
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Spokane Valley, WA
Tukwila, WA
Union Gap, WA
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Grand Chute, WI
Green Bay, WI
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La Crosse, WI
Madison, WI
Milwaukee, WI
Mount Pleasant, WI
Oshkosh, WI
Wausau, WI
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