Sporting goods retailer,
Dick's Sporting Goods Inc.
(
DKS
), is set to open four more stores, including two new stores and
two relocated stores, in different locations nation-wide on October
17. The two new stores are slated to come up in Florida, at Shoppes
at Alafaya in Waterford Lakes and at Seminole Towne Center in
Sanford; while the relocated stores will be positioned in
Pennsylvania, at Cranberry Crossroads in Cranberry Township and
South Hills Village Mall in Upper St. Clair.
Earlier this month, the company announced the opening of five new
stores at various parts of the United States. Additionally, in
September, the company had opened ten stores at different locations
across the country. The opening of stores remains in sync with the
company's previously announced plan of inaugurating 21 stores in
the third quarter and relocating 3 of them.
For fiscal 2012, the company plans to open approximately 38 Dick's
Sporting Goods stores. Moreover, it plans to relocate about five
Dick's Sporting Goods stores and one Golf Galaxy store in 2012. In
the long-term, Dick's Sporting aims at opening additional 400
stores, targeting a total store count of about 900 in the United
States.
We believe Dick's Sporting continues to progress well with its
growth initiatives, which include expanding its store base and
bringing in technological advancements to better serve its patrons.
The company's extensive network of stores helps it further to gain
market share while also boosting its top line and providing an
competitive edge over its rivals, including
Foot Locker Inc.
(
FL
) and
Wal-Mart Stores Inc.
(
WMT
).
Apart from expanding its store base, Dick's Sporting is also
focusing on buyers' needs to generate growth opportunities that
will augment sales. The company aims at providing topnotch shopping
experience to its customers and has introduced a new mobile
application for iPhones and Android Smartphones.
We believe that the company's strategic measures of solidifying its
store base and using technology to provide better customer services
will enhance its relationship with clients and help attract and
retain customers as well as promote its offerings.
Currently, we maintain our long-term Neutral recommendation on the
stock. Dick's Sporting Goods retains a short term Zacks #3 Rank
(Hold rating) for the next 1-3 months.
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