DICK'S Sporting Expands Store Network With Two New Outlets
Zacks Investment Research | Sep 03, 2019 10:04PM ET
DICK'S Sporting Goods Inc.’s (NYSE:DKS) consistent efforts to build the best omni-channel experience by strengthening store network and e-commerce presence are commendable. To reinforce its footprint in the states of Washington and Pennsylvania, the company intends to inaugurate two flagship stores this month. With the accretion of these stores, the company will operate 728 DICK'S Sporting Goods stores across 47 states.
The new store in Washington is slated to open doors at Columbia Center in Kennewick, wherein the gala opening celebrations will take place between Sep 20 and 22. Meanwhile, the outlet in Pennsylvania will open at Plymouth Meeting Mall, with an inaugural fest to be held between Sep 21 and 22. The opening events will include lucrative opportunities to win prizes alongside special guest in-store appearances.
Notably, store openings benefit the employees and the respective community. Apparently, the latest openings will bring about 140 collective jobs in the two communities. The new stores will offer high-class services, with exclusive apparel and footwear collections from the company’s private brands like Tommy Armour, Field & Stream and more. Additionally, assortments from leading players like NIKE, Inc. (NYSE:NKE) and Adidas (OTC:ADDYY) will be available in these outlets.
As of Aug 3, 2019, DICK'S Sporting operated 727 namesake stores across 47 states, 95 Golf Galaxy stores in 32 states and 35 Field & Stream stores in 16 states. In fiscal 2019, management plans to open eight namesake and two Golf Galaxy stores. Of these, it expects to inaugurate seven stores in the third quarter of fiscal 2019. The company also plans to relocate three namesake and two Golf Galaxy stores.
On the e-commerce front, DICK’S Sporting has been making investments to improve fulfillment capabilities and develop technology solutions. The company opened two dedicated e-commerce fulfillment centers in New York and California. Additionally, it is focusing on improving digital marketing efforts by strengthening partnerships with Facebook, Inc. (NASDAQ:FB) .
Impressively, e-commerce sales grew 21% in second-quarter fiscal 2019. E-commerce penetration improved to about 12% of net sales, up from roughly 11% in the prior-year quarter. Robust omni-channel initiatives are likely to enrich customers’ experience, and augment the company’s top and bottom lines.
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These laudable efforts have aided this Zacks Rank #2 (Buy) company’s shares to gain 8.6% year to date against the Zacks Investment Research
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