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SBD/August 20, 2014/Finance
Dick's Sporting Goods Beats Q2 Projections, But Struggling Golf Sales Cut Into Profits
Published August 20, 2014
IN THE ROUGH: The WALL STREET JOURNAL's Sara Germano writes with Dick's "reeling from a monthslong decline in sales, mounting inventories and little recovery in participation rates" in golf, the retailer expects the category to "fall to about 10% of its business over the next three to four years from 15% today and 20% a few years ago." The company yesterday said that nearly "two-thirds of Golf Galaxy's store leases will end in the next three years and that it might close underperforming locations" (WALL STREET JOURNAL, 8/20). In Pittsburgh, Teresa Lindeman notes Dick’s management "conceded that profit margins were hurt by clearance deals that boosted sales." Stack: “We got very promotional from a golf standpoint to drive traffic in" (PITTSBURGH POST-GAZETTE, 8/20). At presstime, shares of Dick's were trading at $44.68 per share, up 1.1% from the close of business on Tuesday (THE DAILY).