DICK'S SPORTING GOODS
Dick's Sporting Goods is launching its own men's athleisure line, rivaling Lululemon
VRST is debuting Tuesday on both Dick's Sporting Goods' website and a standalone VRST.com, and will be rolled out to more than 400 Dick's Sporting Goods locations across the country in the coming weeks. Dick's Sporting Goods is entering a hotly contested market for men's athletic apparel with the launch of its own brand called VRST. VRST debuts Tuesday on Dick's website and a standalone VRST.com, and will roll out to more than 400 Dick's stores in the coming weeks, the company said. Following the success that Dick's has had with its Calia athleisure line for women, the company said it saw a blank space in its stores to have a more upscale and lifestyle-driven line for men. Dick's amped up private-label investments come, though, as big-name brands like Nike and Under Armour have pledged to sell more merchandise directly to consumers.cnbc.com
Stocks making the biggest moves midday: Tesla, Stitch Fix, Dick's Sporting Goods & more
Tech stocks — Tech and more-speculative stocks rose en masse on Tuesday as a retreat in U.S. Treasury yields helped the sector reverse some of the steep losses its seen in recent weeks. Electric car maker Tesla jumped more than 14%, on pace for its best day since March 2020. Zoom Video — Shares of the video communications company popped more than 7% midday after chief executive and founder Eric Yuan transferred roughly 40% of his stake, according to a government filing. First Energy — Shares of the energy company rose more than 2% after Bloomberg News reported that activist investor Carl Icahn is in talks with the company about potentially taking two seats on the board. Dick's Sporting Goods — The retail stock slumped about 6% on Tuesday despite the company beating Wall Street estimates on the top and bottom lines for its fourth quarter.cnbc.com
Dick's Sporting Goods shares fall as retailer predicts slowing sales in year ahead
Dick's Sporting Goods on Tuesday topped Wall Street's fourth-quarter estimates, as shoppers continued to buy equipment and apparel for outdoor activities and home workouts during the Covid pandemic. It estimated net sales for the year ahead will range between $9.54 billion and $9.94 billion, roughly flat compared with its net sales of $9.58 billion in fiscal 2020. Dick's sales have picked up during the pandemic, as shoppers bought golf clubs, workout tops and other items to stay in shape and pass the time. It plans to invest in technology to support golf fittings and lessons at its Golf Galaxy stores and overhaul its soccer business at Dick's stores. Along with its off-mall sporting goods stores, the retailer operates Golf Galaxy and Field & Stream stores.cnbc.com
Stocks making the biggest moves in the premarket: Best Buy, Hormel, Abercrombie & Fitch & more
Hormel (HRL) – The food producer fell a penny a share shy of forecasts, with quarterly earnings of 43 cents per share. Burlington Stores (BURL) – The apparel retailer beat estimates by 13 cents a share, with quarterly earnings of 29 cents per share. Smucker (SJM) – Smucker reported quarterly earnings of $2.39 per share, 16 cents a share above estimates. Urban Outfitters (URBN) – Urban Outfitters reported quarterly earnings of 78 cents per share, beating the 45 cents a share consensus estimate. Ambarella (AMBA) – Ambarella earned 9 cents per share for its latest quarter, 4 cents a share above estimates.cnbc.com
Dick's Sporting Goods picks President Lauren Hobart as CEO, sees sales surge as consumers buy fitness gear
Dick's Sporting Goods on Tuesday announced its current president, Lauren Hobart, will succeed Ed Stack as chief executive on Feb. 1. The announcement comes as Dick's Sporting Goods continues to reap the benefits of consumers buying more workout gear, sporting goods and outdoor equipment during the coronavirus pandemic. Its e-commerce sales surged 95% during the third quarter, and it reported record quarterly same-store sales growth of more than 23%. Net sales climbed roughly 23% to $2.41 billion from $1.96 billion a year earlier, better than the $2.23 billion forecast by analysts. Through the first three weeks of the holiday quarter, it said same-store sales are up a high-teens percentage.cnbc.com
Two retail stocks to watch ahead of their earnings reports this week
Retail earnings are ramping up this week. Urban Outfitters reports on Monday, a day before Best Buy, Dick's Sporting Goods, Abercrombie and Fitch, Dollar Tree, Nordstrom, Gap and American Eagle Outfitters. All of their stocks are in the green year to date except for Nordstrom, which is down almost 48%. With October retail sales missing expectations and a somewhat unpredictable holiday season around the corner, traders are on the lookout for anything that might indicate how the end-of-year spending story might play out for retailers. Dollar Tree, however, looked to be in a more precarious position, he said.cnbc.com
No sweat: Dick's crushes 2Q as consumers focus on fitness
At home workouts and outdoor athletic activities are shaping up to be good business for Dick's Sporting Goods. The retailer's second-quarter results easily beat Wall Street's expectations as consumers continue to focus on health and wellness while stuck at home amid the coronavirus pandemic. During this pandemic, the importance of health and fitness has accelerated and participation in socially distant, outdoor activities has increased. Sales at stores open at least a year, a key gauge of a retailer's health, increased 20.7%. Families are now expanding beyond workouts to socially distant activities that everyone can enjoy, like hikes, backyard camp outs and fishing.
Stocks making the biggest moves in the premarket: Tesla, Amazon, Disney, Boeing, Zoom Video & more
The company warned the economic impact of the coronavirus outbreak would be material, and that it is withdrawing its 2020 guidance. Tesla (TSLA) Tesla will furlough all non-essential workers and cut salaries as the virus outbreak shuts down the automaker's production. Amazon (AMZN) Amazon is suspending its "Amazon Shipping" service in June, according to the Wall Street Journal. ISS is calling for investors to withhold votes for Chairman Stephen Bergstrom, according to The Wall Street Journal, due to the highly restrictive nature of the shareholder rights plan. Perrigo (PRGO) Perrigo said it saw a sales boost in the first quarter due to the coronavirus outbreak.cnbc.com
Dick's Sporting Goods is pulling guns from another 440 stores this year, shares jump
Mannequins stand next to merchandise displayed for sale at a Dick's Sporting Goods store in West Nyack, New York. Dick's Sporting Goods said Tuesday it will remove guns from another 440 stores this year, building on its efforts after the deadly school shooting in Parkland, Florida, in 2018. Looking to the full year, Dick's is now calling for earnings per share to range from $3.60 to $4. Net sales were up about 4.7% to $2.61 billion from $2.49 billion a year earlier, topping estimates for $2.57 billion. Sales online and at stores open for at least 12 months were up 5.3% during the holiday quarter, better than the 3% jump that analysts were expecting.cnbc.com
2 men steal shopping cart of Nike basketball shoes from Dick’s store in Bloomfield Township, police say
BLOOMFIELD TOWNSHIP, Mich. – Two men stole a shopping cart full of Nike basketball shoes from a Dick’s Sporting Goods store in Bloomfield Township, police said. Officials learned from the store manager that two men loaded a shopping cart full of Nike basketball shoes and fled out the emergency exit in the back of the store. The other has a facial tattoo, stands about 6 feet tall and weighs 240 pounds, according to authorities. Officials estimate the men stole more than $800 worth of gym shoes. Anyone who recognizes the men is asked to call Bloomfield Township police at 248-433-7755.
Here are the best analyst calls of the week on Wall Street including Dick's and an advertising play
Here are some of the best analyst calls on Wall Street this week:Goldman Sachs - Dick's Sporting Goods, Buy ratingGoldman Sachs called Dick's Sporting Goods its "most out of consensus" idea in its specialty retail coverage this week. 30% of analysts have a buy rating on Dick's according to TipRanks. Jefferies - Focus Financial Partners, Buy ratingThis week, Jefferies initiated Focus Financial Partners with a buy rating. JMP said the company's "strong" brand and "solid" reputation in the law enforcement community give Axon a "dominant platform" for growth. The company's strong brand and solid reputation with law enforcement provide AAXN with a dominant platform from which to grow."cnbc.com
Dick's has destroyed $5 million worth of weapons, CEO says
Scott Olson/Getty Images(CNN) - Dick's Sporting Goods has destroyed $5 million of the chain's gun inventory, its CEO said. After finding out that Dick's had sold the Parkland shooter a shotgun, CEO Edward Stack decided last year the company would no longer sell firearm to anyone under 21. Dick's announced it would destroy its inventory of weapons, rather than allow them to be sold by another retailer. Since then, about $5 million of the chain's gun inventory has been turned into scrap metal, Stack said in an interview with CBS. Though the gun sold to the shooter was not the AR-15-style rifle used in the shooting, Stack said he couldn't stand being part of the narrative of mass shootings.
Dick's Sporting Goods CEO Ed Stack: The consumer is in 'pretty good shape'
The CEO of the largest sporting goods retailer in the U.S. says he doesn't see any sign of consumers slowing down their spending, ahead of this holiday season. The American consumer is in "pretty good shape," Dick's Sporting Goods CEO Ed Stack said during CNBC's "Squawk Box" Tuesday morning. Dick's Sporting Goods recently raised its annual outlook after reporting better-than-expected same-store sales growth, of 3.2%, last quarter, including any expected impact from additional tariffs, according to the CEO. Dick's Sporting Goods shares have rallied more than 21% this year, bringing the company's market cap to about $3.4 billion. Stack also has a new book hitting shelves on Tuesday morning, called, "It's How We Play The Game: Build a Business.cnbc.com
Dick's Sporting Goods seeking seasonal employees in Michigan
Dick's Sporting Goods is looking to hire 130 seasonal employees across its 12 Michigan locations on Oct. 16 as part of its "National Signing Day." The company is seeking applicants who are "passionate about sports to draw on their personal experiences and in-depth knowledge to guide, inform, equip and inspire customers this holiday season," according to a media release. Those interested are encouraged to apply online then visit their nearest Dick's on Oct. 16 to be interviewed. Michigan store locations:Rochester HillsNorthvilleChesterfieldNovi (Fountain Walk)BloomfieldSterling HeightsLivoniaCantonRosevilleTroyTaylorBrightonCopyright 2019 by WDIV ClickOnDetroit - All rights reserved.
Dick's Sporting Goods seeking seasonal employees in Michigan
Dick's Sporting Goods is looking to hire 130 seasonal employees across its 12 Michigan locations on Oct. 16 as part of its "National Signing Day." The company is seeking applicants who are "passionate about sports to draw on their personal experiences and in-depth knowledge to guide, inform, equip and inspire customers this holiday season," according to a media release. Those interested are encouraged to apply online then visit their nearest Dick's on Oct. 16 to be interviewed. Michigan store locations:
Multiple baseball mitts stolen from Dick's Sporting Goods store in Livonia, police say
A person of interest in the theft of multiple baseball mitts from Dick's Sporting Goods in Livonia. (WDIV)LIVONIA, Mich. - Livonia police are searching for a person of interest in connection with the theft of baseball mitts from a Dick's Sporting Goods store. The theft happened at the Dick's Sporting Goods at 13501 Middlebelt Road, according to authorities. Officials said multiple baseball mitts were stolen. The man in the photos above is considered a person of interest in the case, police said.
Dick's Sporting Goods is turning to women to fuel its turnaround
CORAOPOLIS, Pa. Dick's Sporting Goods might be best known as the place for a Little League Baseball coach to stop in for new gloves, a high-school basketball player to buy sneakers or an amateur golfer to pick up a new putter. The effort comes as Dick's Sporting Goods is beginning to pull itself out of a sales slump. Shares of Dick's Sporting Goods are up more than 30% this year, with more investors betting on a successful turnaround. Overall, Dick's Sporting Goods brought in sales of $8.4 billion in 2018, down about 1.8% from the prior year. A portion of that growth stems from Calia, a women's brand Dick's Sporting Goods launched nearly five years ago.cnbc.com
Sony and Disney reach a deal to continue Spider-Man movie partnership
Sony and Walt Disney on Friday announced that Marvel Studios, led by President Kevin Feige, will produce a third film in Spider-Man: Homecoming series. As part of the arrangement, Spider-Man will also appear in a future Marvel Studios film. The news comes a month after Deadline first reported in August that Disney and Sony Pictures decided to part ways. "I think this is amazing news for a Spider-Man fan and a Marvel movie fan," Erik Davis, managing editor of Fandango, said. Since releasing its first Disney-produced Marvel movie in 2012, the company has earned more than $18.2 billion on the films at the global box office.cnbc.com
Consumers are really starting to worry about the trade war
U.S. consumers are getting increasingly anxious about the trade war with China despite a recent thaw in the tensions ahead of the trade talks next month. The University of Michigan's Surveys of Consumers showed in September that a near-record number of consumers cited trade policies as a negative factor weighing on the economy. "Trade policies have had the greatest negative impact on consumers, with a near record one-third of all consumers negatively mentioning trade policies in September when asked to explain in their own words the factors underlying their economic expectations," Richard Curtin, chief economist of the Surveys of Consumers, said in a statement. The result came as the U.S. and China are slated to resume trade talks on Oct. 10 in Washington. "Despite the high levels of confidence, consumers have also expressed rising levels of economic uncertainty," Curtin said.cnbc.com
Dick's is still figuring out what to do with its gun business
Its sales were not significantly hit in stores where it replaced its "hunt" business with other items. Dick's pulled hunting products, including firearms, out of 10 stores last fall as an initial test. Stack said the hunting business hasn't been a particularly good one for either Dick's or the industry as a whole recently. And the margins in the firearm business is lower than the margins for other products that Dick's sells. But Stack said the company isn't ready to make a decision about whether to drop the hunt business altogether.
Walmart pressured to stop selling guns after latest shootings
Walmart, despite a history as a seller of hunting weapons that goes back to its origins, has also shifted its gun sales policies in response to high profile shootings. Social media users call for Walmart to end sale of firearmsThe company faced hundreds of calls on social media to stop selling guns altogether. Walmart could also play a role in educating its customers on gun safety, said Texas Gun Sense President Ed Scruggs. Dick's has pulled gun sales entirely from more than 100 of its stores, and suggested that trend may continue. Public statements like these do make a difference, said Shannon Watts, founder of gun safety advocacy group Moms Demand Action.
Retailers among 2019's worst stocks
Spencer Platt/Getty Images(CNN) - Looking for more proof of just how hard it is for traditional retailers to compete in a world that's increasingly dominated by Amazon? Nordstrom and Gap are the worst-performing stocks in the S&P 500 so far this year. Several other big brick-and-mortar retailers are among the market's biggest losers of the first half of 2019. All of those companies have recorded sluggish sales and profits as consumers increasingly shop online. And Home Depot, which faces less competition from Amazon and online shopping in general, is up more than 20%.
Retailers pull former NFL player Ray Rice's jerseys
Retailers pull former NFL player Ray Rice's jerseys Following the indefinite suspension of Ray Rice, Nike and Dick's Sporting Goods have stopped selling the player's jerseys online. However, a Baltimore restaurant wants the otherwise unwanted gear. Norah O'Donnell reports.cbsnews.com