Dick's Sporting Goods has "scaled back its plans for new stores and its predictions for revenue growth and profitability over the next several years as demand remains sluggish for some of its core products," including golf, according to Alex Nixon of the PITTSBURGH TRIBUNE-REVIEW. Dick's yesterday said that it "expects to have between 735 and 750 Dick's stores by the end" of '17, which "is down" from a September '13 prediction that it "would have 815 stores" at the end of '17. The retailer said that it "would not build any more Golf Galaxy stores, and would have 30 to 35 Field & Stream" stores by '17, "instead of 55." Dick's CEO Ed Stack said, "We feel based on the evolving dynamics of retail sales, we should be more prudent in our approach to brick-and-mortar expansion as we move forward." Stack added that the company "expects annual sales of between" $8.7-9B in '17, "down from the earlier prediction" of $10B (PITTSBURGH TRIBUNE-REVIEW, 4/15). The WALL STREET JOURNAL's Angela Chen notes Dick's said that it "expects to grow e-commerce revenue to between" $1-1.2B in FY '17, from $628M in '14. In addition, Dick’s will invest about $850M in "capital expenditure, mostly in e-commerce, new stores and remodeling" (WSJ.com, 4/14). At presstime, shares of Dick's were trading at $57.17, down 0.78% from the close of business yesterday (THE DAILY).
