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Dick's Sporting Goods

Dick's Sporting Goods, Inc.
Type Public
Traded as NYSE: [ DKS]
S&P 400
Industry Retail
Founded Binghamton, New York (1948)
Founders Richard "Dick" Stack
Headquarters Coraopolis, Pennsylvania, United States
Number of locations 558 (November 2013)[1]
Area served United States
Key people Edward W. Stack
(Chairman & CEO)
Joe H. Schmidt
(President & COO)
Products Sporting goods
Athletic apparel
Outerwear
Sportswear
Athletic shoes
Casual footwear
Boots
Fitness equipment
Bicycles
Outdoor equipment
Revenue Increase US$6.21 Billion (FY 2013) [2][27]
Operating income Increase US$536.81 Million (FY 2013) [2][28]
Net income Increase US$337.6 Million (FY 2013) [2][29]
Total assets Increase US$3.071 Billion (FY 2013) [2][6]
Total equity Increase US$1.692 Billion (FY 2013) [2][6]
Employees 34,300 (May 2014) [30]
Subsidiaries Dick's Sporting Goods
Golf Galaxy, Inc.
Golfworks
Field & Stream
True Runner
Blue Sombrero
Website .comDicksSportingGoods

Dick's Sporting Goods, Inc., or Dick's, is a Fortune 500 American corporation in the sporting goods and retail industries headquartered in Coraopolis, Pennsylvania.[31]

Dick's has 558 stores in 46 states as of November 19, 2013,[1] primarily in the eastern half of the United States. The company also owns Golf Galaxy, Inc., a golf specialty retailer, with 82 stores in 30 states.[1][32]

Founded in 1948 by Richard "Dick" Stack at the age of 18, the chain has expanded to become one of the largest sporting goods retailers in the world.

Dick's Sporting Goods, Saugus, Massachusetts

History

In 1948, at the age of 18, Richard Stack worked at an Army/Navy store in his hometown of Binghamton, New York, after World War II. At the owner’s request, "Dick" explored the idea of expanding the product line to include fishing and camping supplies, but the owner rejected Dick's suggestions, stating that Dick “would never make a good merchant.”

When Dick recounted his story later that day, his grandmother advised, “Dick, always follow your dreams,” and gave him $300 from her savings. He rented a storefront and opened the first Dick's as a small "bait & tackle" fishing supply store, on Court Street near Howard Avenue.[33]

In the mid-1950s, the store expanded into the market of general sports merchandise and by the early 1960s, he was able to build and open a new store on the corner of Oliver and Court St., naming it "Dick's Sporting Goods". The store prospered, and Dick eventually opened a second store in Vestal, NY. In the 1970s, the Binghamton store moved next door to an even larger facility. Dick Stack headed the organization until his retirement in 1984.

Dick Stack's son, Edward "Eddie" Stack,succeeded him in the leadership of the company, expanding the two-store business rapidly. Edward W. Stack has served as Chairman and Chief Executive Officer of Dick's Sporting Goods since 1984, having started with the company full-time in 1977, and gradually working his way up in a variety of positions including: Store Clerk, Merchandise Manager, Store Manager and President.

In the early 1990s, Dick's began chain operations, opening additional stores across Upstate New York.[34] In 1994, Dick's moved its headquarters from Binghamton, New York to Pittsburgh, Pennsylvania.[35]

Corporate

The company's e-tailing website dickssportinggoods.com is operated by GSI Commerce under license and e-commerce agreements. Because the e-commerce website is operated under a company separate from Dick's Sporting Goods, the website often carries a wider selection than what is available in the stores with prices occasionally varying.[36] As of March 2009, customers may return items purchased from the website.[37]

Excluding revenues from Chick's, Dick's generated 2007 revenues of $3.965B in fiscal 2003. With the inclusion of Chick's, Dick's now operates over 450 stores - surpassing competitors The Sports Authority in both stores and revenue.

Sponsorship

The company sponsors a number of sporting events, including:

Professional sports teams sponsored by Dick's include the NHL's Pittsburgh Penguins and Colorado Avalanche, and the Colorado Rapids of the MLS.

Dick's has also sponsored SportsMatter.com, a crowdfunding site to help support underfunded youth sports leagues.[38]

Lawsuits and legal proceedings

  • In July 1971, Dick's was accused of infringing a patent owned by Furnace Brook, LLC, in a lawsuit filed in the Northern District of Illinois.[39]
  • On March 31, 2005, the company restated the first three fiscal quarters of 2004 as well as full-year figures due to adjustments to its accounting for leases and tenant or construction allowances.[40]
  • In August 2006, Dick's was accused of infringing two patents owned by Cushion Technologies, LLC, in a lawsuit filed in the Eastern District of Texas.[41] In April 2007, Dick's settled with the plaintiff and the lawsuit was dismissed.
  • In June 2009, Dick's was accused of infringing a patent owned by The Donkey Company, Inc., in a lawsuit filed in District Court for the District of New Jersey.[42]
  • In 2014 Dick's began a lawsuit against Modell's Sporting Goods CEO, Mitchell Modell (who featured on an episode of Undercover Boss in 2012), for going undercover into their stores to gain access to their retail secrets.[43][44]

Acquisitions and expansion

Map of Dick's store locations as of October 2013.

Dick's Sporting Goods opened in Florida and California in 1997. Seven years later, the chain acquired the entirety of Galyan's, an Indiana-based sporting chain. They also acquired Golf Galaxy and Chick's in 2007.

Plans were announced in 2010 to open their first store in Washington state (Puyallup) "with six more locations [in Oregon] 'coming soon.'"[45] Oklahoma (Broken Arrow)[46] and Idaho (Pocatello) followed in 2011,[47] then New Mexico (Albuquerque) in 2012.[48]

On August 16, 2013, Dick's Sporting Goods opened its first Field & Stream Shop in Cranberry Township, Pennsylvania at the site of the former Dick's location in Cranberry (Dick's had moved to a newer location nearby in 2012), operating as a competitor to Cabela's.[26] Willie Robertson of the reality television series Duck Dynasty made a speaking appearance at a wedding at the store, with both participants dressed in camouflage,[49] as well as retired WWE wrestler Shawn Michaels (currently hosting MacMillan River Adventures on the Outdoor Channel) appearing at the store to sign autographs for the grand opening.[50] Later in the month, the store began selling AR-15 semi-automatic rifles,[51] ending the chain's 2012 self-imposed suspension of sales of certain semi-automatic firearms following the Sandy Hook Elementary School shooting.[52] Dick's has plans to open at least two more Field & Stream Shop locations in Erie, Pennsylvania (on the site of a proposed Cabela's store that Dick's had purchased before Cabela's had a chance to buy it) and Crescent Springs, Kentucky.[26] Dick's had bought the retail-related intellectual property rights to the Field & Stream name from the magazine's owner Bonnier Corporation in 2012 after having licensed the name for several years before. Bonnier remains owner of the magazine.[26]

See also

References

  1. ^  

External links

  • Dick's Sporting Goods
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