Dick's Sporting Goods
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| Type | Public |
|---|---|
| Traded as | NYSE: DKS S&P 400 |
| Industry | Retail and Sporting Goods |
| Founded | Binghamton, New York, U.S. (1948) |
| Founder(s) | Richard "Dick" Stack |
| Headquarters | Pittsburgh, Pennsylvania, United States |
| Number of locations | 525 (August 2011)[1] |
| Area served | United States |
| Key people | Edward W. Stack (Chairman & CEO) Joe H. Schmidt (Chairman & COO) |
| Products | Athletic Apparel Outerwear Sportswear Athletic Shoes Casual Footwear Boots Fitness Equipment Golf Apparel, Accessories, and Equipment Bicycles Outdoor Equipment |
| Revenue |  US$4.41 Billion (FY 2010)[2] |
| Operating income | US$225 Million (FY 2010)[2] |
| Net income | US$135 Million (FY 2010)[2] |
| Total assets | US$2.25 Billion (FY 2010)[3] |
| Total equity | US$1.08 Billion (FY 2010)[3] |
| Employees | 25,000 [4] |
| Subsidiaries | Dick's Sporting Goods Golf Galaxy Galyan's Trading Company Chick's Sporting Goods |
| Website | DicksSportingGoods.com GolfGalaxy.com |
Dick's Sporting Goods, Inc. (NYSE: DKS) or Dick's, is a Fortune 500 American corporation in the sporting goods and retail industries.
The company's headquarters are on the grounds of Pittsburgh International Airport in Findlay Township near Pittsburgh, Pennsylvania. Dick's has 451 stores in 42 states as of July 25, 2011, primarily in the eastern half of the United States. The company also owns Golf Galaxy, Inc., a multi-channel golf specialty retailer, with 81 stores in 30 states.[5]
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.
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[edit] 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.[6]
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, Eric "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.[7] In 1994, Dick's moved its headquarters from Binghamton, NY to Pittsburgh, PA.[8]
[edit] 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.[9] As of March 2009, customers may return items purchased from the website. However, customers will only be able to get a Merchandise Credit for what they paid.[10]
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.
[edit] Sponsorship
The company sponsors a number of sporting events, including:
- Football - Dick's Sporting Goods ESPN Kickoff Week
- Soccer - Dick's Sporting Goods Park
- Golf - Dick's Sporting Goods Open
- Running - Dick's Sporting Goods Pittsburgh Marathon
[edit] Lawsuits and legal proceedings
- 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.[11] 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.[12]
- 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.[13]
[edit] Acquisitions and expansion
- 1997 - Dick's Sporting Goods, to open stores in Florida and California and company.
- 2004 - Forty-eight locations from Galyan's Trading Company, another sporting goods store.
- 2007 - Golf Galaxy, 65 golf superstores
- 2007 - Chick's Sporting Goods, a California-based company.
- 2010 - Plans to open first store in Washington state ( Puyallup, WA) "with six more locations [in Oregon] 'coming soon.'" [14]
- 2011 - The first Dick's store in Oklahoma opened in October in Broken Arrow[15].
- 2012 - Dick's plans to open its first New Mexico store in Albuquerque during the summer of 2012[16].
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Dick's Sporting Goods (ex-Galyan's) storefront at SouthPark Mall, Charlotte, North Carolina.
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The typical Lodge section of a modern Dick's Sporting Goods store.
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Court Street store, Binghamton, New York. This store has been in operation since the 1960s and is a fraction of the modern stores' sizes.
[edit] Competition
Dick's Sporting Goods major competitor stores include:
- Hibbett Sports
- Sport Chalet
- Scheels All Sports
- Sports Authority
- MC Sports
- Gander Mountain
- Big 5 Sporting Goods
- Dunham's Sports
- Academy Sports and Outdoors
- Summit Sports
- Modell's Sporting Goods
- City Sports
[edit] References
- ^ http://www.marketresearch.com/GlobalData-v3648/Dick-Sporting-Goods-DKS-Financial-6484765/
- ^ a b c Dick's Sporting Goods (DKS) annual SEC income statement filing via Wikinvest
- ^ a b Dick's Sporting Goods (DKS) annual SEC balance sheet filing via Wikinvest
- ^ http://www.cravath.com/Alumni-Spotlight-An-Ironman-in-the-Steel-City/
- ^ Dick's Sporting Goods, Inc. - Investor Relations
- ^ http://www.dickssportinggoods.com/corp/index.jsp?page=aboutU
- ^ Niedt, Bob (1993-04-29). "Wilmorite to boost CNY malls". Syracuse Herald-Journal.
- ^ Lindeman, Teresa F (2004-11-21). "Ed's way stacks up well for Dick's". Pittsburgh Post-Gazette.
- ^ "Dick's Sporting Goods : Product Availability and Price". http://www.dickssportinggoods.com/helpdesk/availabilityPop.jsp. Retrieved 2011-09-13.
- ^ {{cite web|url=http://www.dickssportinggoods.com/helpdesk/index.jsp?display=returns&subdisplay=returns%7Ctitle=Dick's Sporting Goods : Returns|accessdate=2011-09-13
- ^ [1]
- ^ [2]
- ^ [3]
- ^ Martinez, Amy (2009-10-29). "Dick's Sporting Goods expanding to Washington". The Seattle Times.
- ^ "Dick's Sporting Goods Store To Open This Month In Broken Arrow". NewsOn6.com. 2011-10-04. http://www.newson6.com/story/15614178/dicks-sporting-goods-store-to-open-this-month-in-broken-arrow. Retrieved 2011-10-06.
- ^ "Dick’s To Open Albuquerque Store". Albuquerque Journal. 2011-09-14. http://www.abqjournal.com/main/2011/09/14/news/dicks-to-open-albuquerque-store-2.html. Retrieved 2011-10-06.
[edit] External links
- Dick's Sporting Goods
- Dick's Sporting Goods Park
- Dick's Sporting Goods Open
- Dick's Sporting Goods Pittsburgh Marathon
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