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In sync with its plans to expand the base, DICK’S Sporting Goods, Inc. DKS is set to launch its first-ever DICK'S House of Sport at Victor, NY, along with two warehouse stores and soccer shops in April. Further, the company is likely to open newly redesigned Golf Galaxy stores and introduce improved technology capabilities in 62 additional Golf Galaxy stores across select cities in the United States. To commemorate the events, there will be a ribbon-cutting ceremony and opportunities for customers to win exciting prizes.
These efforts are expected to create roughly 260 jobs including full-time, part-time and temporary store associates. Also, these store openings will bring the total store count to 730 in 47 states.
Notably, its new concept store — DICK'S House of Sport — which is scheduled to open between Apr 9 and Apr 11, will feature multi-sport experiences inside and outside the store, better customer service, improved technology for customers’ convenience and broad integration with the community. The store also comes with its first-ever House of Cleats, which will occasionally rotate a product; a 17,000 sq. ft. outdoor turf field and running track; a rock-climbing wall; a batting cage with HitTrax technology; golf hitting bays with TrackMan simulators; and a service area for breaking in gloves, stringing lacrosse sticks and building/repairing bikes. Customers can avail athletic and outdoor apparel brands, a wide variety of footwear, the latest top-notch equipment for team sports, golf and fitness from this store. Management intends to open another such store in Knoxville, TN, in late 2021.
Moving on, the two warehouse sale stores at Concord, NC, and Plano, TX, will offer 70% and more discounts on footwear and apparel brands. The former store has already started operating from Apr 2 while the latter is expected to be launched on Apr 7. Moreover, the soccer shops, which opened on Apr 5, include an elevated cleat shop, licensed jersey cubes and soccer trial cages in certain locations. Also, customers can avail consultations from in-store soccer experts.
Apart from these, the Golf Galaxy stores at Tulsa, OK; Richmond, VA; Fort Myers, FL; Arlington, TX; Brookfield, WI, are expected to be launched on Apr 10-11 while those at Mount Laurel, NJ, and Lakeside, MI, are likely to open on Apr 17-18. Stores at Montgomeryville, PA, and Orland Park, IL, will start functioning from Apr 24-25. With the opening of these stores, customers will be able to access industry-leading TrackMan and BioMech Golf technologies as well as other notable facilities such as state-of-the-art hitting bays, custom fittings, golf lessons from Class A Certified PGA and LPGA Professionals and the best equipment, apparel and footwear from top golf brands. Also, DICK’S Sporting highlighted that additional remodeled stores will be launched later this year.
Earlier in March, the company opened three DICK'S Sporting Goods locations and one warehouse store. It introduced one DICK'S Sporting Goods store and four warehouse sale stores in February. Prior to these, it launched six DICK'S Sporting Goods stores, two combination DICK'S and Golf Galaxy stores and three DICK'S Sporting Goods warehouse stores. Also, the company opened two types of concept stores — OVERTIME by DICK'S Sporting Goods and DICK'S Sporting Goods warehouse, in sync with its plans to expand outlet and clearance stores in a bid to offer popular athletic brands at discounted prices.
All said, we believe that such well-chalked efforts are likely to aid the company’s top line and help sustain momentum. In fact, the company expects fiscal 2021 sales to be $9,544-$9,935 million, the midpoint ($9,739.5 million) of which reflects a rise from $9,584 million reported last year.
We note that this Zacks Rank #3 (Hold) stock has rallied 30.5% in the past three months compared with the industry’s growth of 1%.
Stocks in the Retail Space
Abercrombie & Fitch ANF has a long-term earnings growth rate of 18% and currently, a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hibbett Sports HIBB currently has a long-term expected earnings growth rate of 17.2% and a Zacks Rank #1.
Tapestry TPR, with a Zacks Rank #2 (Buy), has an expected long-term earnings growth rate of 10%.
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