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☆ Dick's Sporting Goods soars past holiday quarter estimates, raises dividend 10%
▼ + stars: | 2024-03-14 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Dick's Sporting Goods raised its dividend by 10% on Thursday as the company posted its largest sales quarter in its history and projected another year of growth. Many retailers benefited from a 53rd week in fiscal 2023, but Dick's said it still broke records during its fiscal fourth quarter even without those extra days. "With our industry-leading assortment and strong execution, we capped off the year with an incredibly strong fourth quarter and holiday season," CEO Lauren Hobart said in a statement. Following the strong quarter, Dick's raised its quarterly dividend 10% to $1.10 per share. "We compete with everyone in the world during the fourth quarter, and also the consumer is going through an awful lot, and we're just trying to be cautious."

Persons: Dick's, Lauren Hobart, Ed Stack, Hobart, we're Organizations: Dick's Sporting Goods, LSEG Locations: Williston, United States

☆ This winter was weirdly warm — and rough for retailers
▼ + stars: | 2024-03-13 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The US just experienced the warmest "meteorological winter" on record, NOAA said last week. It also led to unpredictable consumer demand, causing headaches for retailers and other businesses. For Dick's, warmer weather means that sales skew toward lightweight fleeces rather than pricier down parkas, she said. A retailer in South Dakota surveyed by the Federal Reserve said that even though the warmer weather led to higher foot traffic, sales of winter gear and equipment fell. AdvertisementFrom major complications to minor inconveniences, it's looking like this winter could be a preview of what's to come thanks to the climate crisis.

Persons: Lauren Hobart, Hobart's, didn't, Hal Lawton, Lawton isn't, Raymond James, Lowe's, Marvin Ellison, Bill Boltz, Wisconsin's Organizations: NOAA, Service, National Oceanographic, Atmospheric Administration, Sporting, Tractor, Co, Raymond, Raymond James Institutional Investors, Federal Reserve, Climate Central Locations: NOAA's, East, Midwest, South Dakota

☆ Dick's Sporting Goods shares jump after retailer hikes outlook as it bounces back from theft woes
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Sales and profits at Dick's Sporting Goods bounced back in the third quarter, leading the retailer to raise its full-year guidance Tuesday after it shocked investors earlier this year when it slashed its outlook over theft concerns. In a news release, the company said it's "excited" for the holiday season after seeing "strong" back-to-school sales. Excluding one time items, Dick's saw earnings per share of $2.85. But it still falls below the original outlook the company set earlier this year, when it said it expected earnings of $12.90 to $13.80. Dick's also raised its comparable sales outlook and expects them to be up between 0.5% and 2%, compared to a previous range of flat to up 2%.

Persons: Dick's, Lauren Hobart Organizations: Dick's Sporting Goods, LSEG Locations: Dick's

☆ Cramer sees opportunity in Dick's Sporting Goods, despite a rough quarter
▼ + stars: | 2023-08-23 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

While CNBC's Jim Cramer acknowledged Dick's Sporting Goods reported a rough quarter, he thinks Wall Street's reaction was a little extreme. The company's stock tumbled a little over 24% during Tuesday's session. Dick's reported $2.82 earnings per share, significantly less than the $3.81 per share that analysts expected, according to Refinitiv. He said he thinks Dick's new app GameChanger could be a boon for the company. For example, at one of Dick's House of Sport locations in Minnesota, they had a focus on fishing equipment."

Persons: Jim Cramer, Cramer, Dick's, Lauren Hobart Organizations: Sporting Goods, Revenue, Dick's Locations: Refinitiv, Minnesota

☆ Dick's CEO blames 'alarming' retail theft for a surprising profit drop: 'It's a problem for our entire country'
▼ + stars: | 2023-08-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

However, the number of incidents and the organized retail crime impact came in significantly higher than we anticipated," Gupta said. Gupta said inventory shrink accounted for one-third of the decline in merchandise profits. AdvertisementAdvertisementWhile theft is the largest contributor to inventory shrink, the figure also includes merchandise lost to damage or other errors. The National Retail Federation estimates that retail shrink cost retailers a combined $94.5 billion in 2021, up from $90.8 billion in 2020. AdvertisementAdvertisementEven with the higher rate of shrink, Gupta said the company is in better shape now than it was just a few years ago.

Persons: Lauren Hobart, Navdeep Gupta, Dick's, Gupta, Hobart Organizations: Sporting Goods, Service, Goods, National Retail Federation Locations: Wall, Silicon, Hobart

☆ Macy's, Dick's, and Lowe's are sounding alarms on US shoppers
▼ + stars: | 2023-08-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Macy's said US consumers have less cash to spend, and are choosing experiences over products. Dick's meanwhile reported an unexpected uptick in inventory shrink, presumably from theft. Macy's, Dick's Sporting Goods, and Lowe's each sounded alarm bells on Tuesday about the financial state of US shoppers, with each company reporting softening profit margins in key categories. Lowe's — like rival Home Depot last week — is seeing weaker demand from its DIY shoppers after a burst of home spending during the pandemic. In a press release, Dick's CEO Lauren Hobart called shrink "an increasingly serious issue impacting many retailers."

Persons: Macy's, Lowe's, Dick's, they're, Jeff Gennette, Lauren Hobart, Neil Saunders, Brian Cornell, John David Rainey Organizations: Service, Dick's Sporting Goods, CNBC, Total, Depot, Walmart Locations: Wall, Silicon

☆ Dick's Sporting Goods plunges 25% after it says retail-theft crime wave lowered profits
▼ + stars: | 2023-08-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Dick's Sporting Goods plunged 25% on Tuesday after the company revealed weak second-quarter earnings. The retailer said it saw a decline in profits due to increased shrinkage, which is code for retail theft. The mention of theft hurting its business was a first for Dick's Sporting Goods, and it took analysts by surprise. AdvertisementAdvertisementDick's Sporting Goods was a darling retail stock that has seen strong performance since the COVID-19 pandemic began in March 2020. Part of the strength in Dick's Sporting Goods stock in recent years was driven by an increase in business as consumers got out of their house and more active as the pandemic subsided.

Persons: Lauren Hobart, Lauren Hobard, Target, Ed Stack, Goldman Sachs, Kate McShane, Wells, Will Gaertner Organizations: Sporting Goods, Service, Walgreens, Target, Dick's Sporting Goods, Sporting, Goods Locations: Wall, Silicon

☆ Dick's shares fall 20% as retailer slashes outlook over theft concerns
▼ + stars: | 2023-08-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Dick's now expects earnings of $11.33 to $12.13 per share for the year, compared to a previously issued guidance of $12.90 to $13.80. During the quarter, Dick's used promotions to offload inventory from the category. Overall, inventories were down about 5% in the quarter compared to the year ago period. While the quarter is a bit rough compared to Dick's usual reports, the retailer is still holding on to its pandemic-gains. Same store sales were up 1.8% in the quarter, compared to down 5.1% in the year ago period, and were driven by a 2.8% uptick in transactions.

Persons: Dick's, Lauren Hobart, Ed Stack, It's, We've, Stack, CNBC's Courtney Reagan Organizations: Sporting Goods, Refinitiv, CNBC

New York CNN —Dick’s Sporting Goods warned Tuesday that retail theft is damaging its business and would lead to lower annual profits. Retail “shrink” is a term that refers to merchandise that goes missing due to theft, fraud, damage, accounting errors or other reasons. The retailer reported a large number of incidents of shoplifting and organized retail crime in its stores nationwide. Need and opportunity become forceful catalysts for driving up incidents of retail crime, experts said. According to the National Retail Federation, the industry’s biggest trade group, large-scale store theft is becoming a bigger part of retail shrink.

Persons: Lauren Hobart, can’t, ”, Read Hayes, criminologist, Gucci, – Organizations: New, New York CNN —, Goods, Walgreens, University of Florida, Prevention Research Council, Walmart, Target, National Retail Federation, eBay, Facebook, Westfield, Westfield Topanga Shopping, Nordstrom, FBI, New York Police Department, New York State, Police Locations: New York, Pittsburgh, Los Angeles, Chicago, Westfield Topanga, Burbank , Glendale, Beverly Hills, Santa Monica, New York City

☆ Dick's Sporting Goods beats Wall Street's expectations for holiday quarter
▼ + stars: | 2023-03-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

A Dick’s Sporting Goods store stands in Staten Island on March 09, 2022 in New York City. Dick's Sporting Goods on Tuesday reported holiday quarter results that beat Wall Street's expectations, citing a sales boost from the gift-giving season even with inflation-weary consumers. Same-store sales increased 5.3% during the fourth quarter, more than double analysts' estimates of 2.1%, according to StreetAccount. Analysts polled by Refinitiv had expected fiscal 2023 EPS of $12. But the company feels confident it has resolved its supply chain dilemma as it heads into the 2023 fiscal year.

☆ Why Dick's Sporting Goods succeeded where Sports Authority failed
▼ + stars: | 2023-02-08 | by ( Darren Geeter | ) www.cnbc.com time to read: +5 min

The most significant player in the space, Dick's Sporting Goods, controls an estimated 14.2% of the market, the most by a single company. Dick's Sporting Goods was founded in 1948 by 18-year-old Dick Stack who had just $300 in his pocket when he opened his first store. In the 1990s, the company expanded its offerings to include more sports, outdoor equipment, apparel and footwear, and by 1996, there were 50 Dick's Sporting Goods stores. While Dick's Sporting Goods was expanding, its archrival Sports Authority was on the verge of collapse. Dick's Sporting Goods' momentum continued well into 2021 as the company set new records.

☆ Some Retailers Are Learning to Love Bulked-Up Inventories
▼ + stars: | 2022-12-01 | by ( Liz Young | ) www.wsj.com time to read: +6 min

Discount retailers Burlington Stores Inc. and TJX Cos. are among those happy to stock up as other merchants look to off-load goods. “Last year, our store inventories were just too lean going into the spring,” Mr. O’Sullivan said on a Nov. 22 call with analysts. The overall retail sector’s ratio of inventories to sales, a measure of how much companies have in stock compared with what they sell, remains tight by historical standards. The ratio for inventories to sales at those stores was 1.54 in September, up sharply from 1.39 in September 2019, according to Census Bureau figures. The company reported inventories rose 44% in the latest quarter compared with the same period a year earlier.

☆ Retailers Stuck With Too Much Inventory Face Risky Decisions
▼ + stars: | 2022-06-03 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +8 min

In the past two weeks, retailers have shown that the anticipated, but hard to time, cooling in consumer demand for goods has arrived. And many retailers reported holding more inventory than they'd like — and the goods they have might not be the ones they need now. Several retailers mentioned late deliveries of spring merchandise, which compounded their inventory glut when mixed with the cooling demand. Quite literally, it means to pack inventory away to sell when its season comes back around. On top of the risk that the product may not be attractive in the future, holding inventory means paying for storage.

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