Recently, full-line sporting goods retailer DICK's Sporting Goods Inc. (DKS) took its store expansion plan forward with the declaration of a store opening in Tallahassee, FL. The celebration to mark the store opening will commence on Aug 23 and extend over the weekend.
Located at the Tallahassee Shopping Center — 1729 Apalachee Parkway, the store will be the company’s 23rd outlet in the state of Florida and 528th store across the United States. The store offerings will include over 40 suitable in-store services provided by DICK'S certified PROS in Golf, Bike, Hunting, Fishing, Team Sports and more.
In its last earnings release, DICK’s Sporting reiterated its plans to open 40 new namesake stores and relocate 1 of them during fiscal 2013. Of the total DICK’s Sporting stores slated be open, 7 have already been opened in the second quarter while 20 will be opened in the third quarter. Additionally, the company hopes to complete the remodeling of 4 DICK's Sporting Goods stores, while partly renovating 75 stores.
The company also intends to open 1 new Golf Galaxy store and relocate 1 Golf Galaxy store in fiscal 2013. Furthermore, DICK’s Sporting wants to open 1 True Runner store and 2 new Field & Stream stores in 2013.
We believe that DICK’S Sporting continues to progress well with its growth initiatives, which include expanding the store base and incorporating technological advancements to serve its clients better. The company leverages an extensive network of stores to effectively penetrate into target markets, which in turn, enable the company to generate healthy sales and gain a competitive edge.
Apart from expanding its store base, DICK’S Sporting is focusing on customer needs to generate opportunities that will boost sales. In order to make the shopping experience a convenient one, the company has introduced a new mobile application for iPhones and Android Smartphones that enable customers to locate DICK’S Sporting stores in any particular area and buy goods directly, using the application.
We believe that the company’s strategic measures of consolidating its store base and the use of technology to provide better services will enhance its relationship with present customers, attract new customers and effectively promote products.
Other Stocks to Consider
Dick’s Sporting currently carries a Zacks Rank #4 (Sell). Other stocks in the retail sector worth considering include Five Below, Inc. (FIVE), Steiner Leisure Ltd. (STNR) and Tractor Supply Company (TSCO). All these carry a Zacks Rank #2 (Buy).
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