Callaway Golf's Q3 Revenue Beats Projections Under Armour's Apparel & Footwear Sales Rise By 29% TPG Takes 53% Majority Stake In CAA Overseas Group Launching Bid To Buy Reebok ISC's Q3 Revenues Jump 11% Oyo Sports Gets $11M Equity Infusion Nike Revenue Up In Q1 Gametime Closes On Venture Capital Round Cox Enterprises Buys Mobile Outfit Experience Dick's Sporting Goods Top Execs To Step Down
Upcoming Conferences and Events
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).