In line with its store expansion strategy, DICK'S Sporting Goods, Inc. (DKS - Free Report) announced plans to inaugurate its eleventh store in Washington. The new store is slated to open doors on Dec 2, with grand celebrations continuing over the weekend.
The outlet, to be located at Northgate North in Seattle, WA (328 NE Northgate Way), will take the company’s store count in the U.S. to 679. Also, it will be one of the first former The Sports Authority stores to be converted to a DICK'S Sporting Goods outlet.
The new store will offer over 40 in-store services provided by DICK'S certified PROS in sports and outdoor specialties like golf, bike and fishing. Additionally, the location will house Under Armour, Inc. (UA - Free Report) and NIKE, Inc. (NKE - Free Report) shops. It will also accommodate athletic clothing and footwear, along with the latest equipment for team sports, fitness, hunting, camping and fishing.
The company will distribute free Adidas (ADDYY - Free Report) Go-To Performance T-shirts to the first 100 people in queue on the opening day. Further, the early birds (only adults) will get an opportunity to open the DICK'S Sporting Goods Gift Locker on all three days of celebrations. Additionally, on Saturday and Sunday, the company plans to give away Mystery Gift Cards to the first 100 adults in line.
Moreover, to attract customers, Seattle defensive back, DeShawn Shead has been invited to make an appearance at the Washington outlet on Friday. Also, those coming to the store first will be handed out a wristband on Friday, while stocks last.
Recently, DICK'S Sporting posted solid third-quarter fiscal 2016 results, driven by robust comparable store sales, gross margin expansion and tough inventory management. Also, management raised its fiscal 2016 view on the back of its robust results and expectations of market share gains in the future. (Read more: DICK'S Sporting Q3 Earnings Beat, Q4 View Hits Stock)
We believe that this full-line sporting goods retailer will benefit from its in-store action and online growth strategies. Also, the company has been aggressively expanding its store base and eCommerce capabilities to achieve its long-term revenue target by the end of fiscal 2017.
DICK'S Sporting closed trading at $60.18 yesterday and has surged a whopping 70.2% on a year-to-date basis, clearly outperforming the Zacks Categorized Retail–Miscellaneous/Diversified market growth of 11.6%. The stock holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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