StubHub Goes Away From "All-In" Pricing Dalian Wanda Buys Ironman For $650M NYRA's Operating Loss Spikes Despite Triple Crown IMG College Buys TopShelf For Hospitality Adidas Seeking Buyer For Golf Brands Adidas Could Spin Off Golf Unit Adidas Buys Fitness App Runtastic For $239M Chime Sold To WPP, Providence Equity Callaway Golf Reports Mixed Q2 Results CDI Reports Record Quarterly Revenue
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).