Full-line sporting goods retailer, Dick's Sporting Goods Inc. (DKS - Analyst Report) , continues to progress on its store expansion strategy with the announcement of plans to open a new store at Parkway Shops in Jacksonville, Fla. The store’s opening ceremony will take place today evening, and will commence its operation from Mar 27.
Located at the Parkway Shops at 14964 Max Leggett Parkway, Suite 300, this store will be Dick’s Sporting’s 21st store in Fla. and 520th store across the country. This latest store’s offerings will include over 40 convenient in-store services carried out by DICK'S certified PROS in Golf, Bike, Hunting, Fishing, Team Sports and more.
During the fourth quarter of fiscal 2012, Dick’s Sporting opened 7 namesake outlets, while relocated 1 store. Additionally, the company moved 1 Golf Galaxy store to a new location. This brought the company’s total Dick's Sporting Goods stores to 518, spread across 44 states and Golf Galaxy stores to 81, in 30 states, at the end of fiscal 2012.
For fiscal 2013, Dick’s Sporting targets to open 40 new namesake stores and relocate 1 of them. Additionally, the company expects to complete the remodeling of 4 Dick’s Sporting Goods stores, while 75 stores are expected to be partially remodeled. Moreover, the company plans to open 1 new Golf Galaxy store and relocate 1 Golf Galaxy store in fiscal 2013.
In the long-term, the company aims at opening additional 400 stores, targeting a total store count of about 900 in the United States.
We believe Dick's Sporting continues to progress well with its growth initiatives, which include expanding its store base and bringing in technological advancements to better serve its patrons. The company leverages an extensive network of stores to effectively penetrate into its target markets, which in turn, enables the company to generate healthy sales and gain a competitive advantage over its rivals, including Foot Locker Inc. (FL - Analyst Report) , Big 5 Sporting Goods Corp. (BGFV - Analyst Report) and Wal-Mart Stores Inc. (WMT - Analyst Report) .
Apart from expanding its store base, Dick’s is also focusing on buyers’ needs to generate growth opportunities that will augment sales. The company aims to provide topnotch shopping experience to its customers and has introduced a new mobile application for iPhones and Android Smartphones that enables the consumers to locate the company’s stores in any particular area and buy goods straight away using the application.
We believe that the company’s strategic measures of solidifying its store base and using technology to provide better customer services will enhance its relationship with clients and will help attract and retain customers as well as promote its offerings.
Currently, Dick's Sporting has a Zacks Rank #3 (Hold).