DICK'S Sporting Goods Inc. (DKS), continuing with its aggressive store expansion strategy, is about to unveil 2 new stores in Florida. The new stores will be located at The Plaza at Coral Springs in Coral Springs and 919 Lakeland Park Center Drive in Lakeland.
The opening of these stores will bring the total number of DICK'S Sporting outlets in Florida to 30 while it will increase the overall store count in the country to 576. The celebrations to mark the opening of these stores will commence from Aug 22 and extend over the weekend. Also, the stores will remain open for longer hours over the same time frame.
The store offerings will include over 40 in-store services provided by DICK'S Sporting’s certified PROS in sports and outdoor specialties including, Bike, Golf and Fishing.
Moreover, in order to enhance footfall at its new stores during the celebration, DICK’S Sporting announced a range of lucrative giveaways. The company will distribute free Reebok Play Dry T-Shirts to the first 100 people in queue on the opening day. Also, customers who reach early will get an opportunity to open the DICK'S Sporting Goods Gift Locker, on all three days. Further, on Saturday and Sunday, it plans to give free Mystery Gift Cards worth $5–$500 to the first 100 adults in line.
Apart from these alluring offers, the company has invited “Addictive Fishing" host Blair Wiggins, to make a special appearance at the Coral Springs store on Friday and Lakeland store on Saturday. Additionally, popular Miami Heat player Chris "Birdman" Andersen will be at the Coral Springs store on Saturday. Another attraction planned for the new Lakeland store is hourly fishing shows on all three days with its 4,000 gallon bass tank on hand.
We believe that DICK’S Sporting’s strategic measures of consolidating its store base and the use of technology to provide better services are likely to strengthen its relationship with present customers along with attracting new ones. These initiatives are expected to effectively promote its products. We believe that the company will also benefit from its in-store action and online growth plans.
DICK’S Sporting currently carries a Zacks Rank #4 (Sell) as it posted lower-than-expected first-quarter fiscal 2014 results and lowered its fiscal guidance.
The company’s adjusted earnings of 50 cents per share not only missed the Zacks Consensus Estimate of 53 cents but also came below its own guidance range of 51–52 cents. Management blamed the miss on unfavorable weather conditions, which negatively impacted its golf and hunting businesses.
For fiscal 2014, management anticipates earnings per share to be between $2.70 and $2.85, down from the previous forecast of $3.03–$3.08. Currently, the Zacks Consensus Estimate stands at $2.78 per share.
Other Stocks to Consider
Some better-ranked stocks in the same industry include Barnes & Noble Inc. (BKS) and ULTA Salon, Cosmetics & Fragrance Inc. (ULTA), each carrying a Zacks Rank #2 (Buy). Another stock worth considering in the shoe-apparel space is Skechers USA Inc. (SKX) sporting a Zacks Rank #1 (Strong Buy).
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