Dick's Sporting Goods

Dick's Sporting Goods Inc. on Tuesday reported better-than-expected sales and earnings for its fiscal third quarter but tempered its good news with a weak outlook for the fourth quarter.    Dick’s posted net income of $48.9 million for the quarter ended Oct. 31, up from $47.2 million in the year-ago period.   On a per-share basis, the Coraopolis, Pennsylvania-based company said it had profit of 44 cents. Earnings, adjusted for non-recurring costs, were 48 cents per share.  

Dick’s Sporting Goods has cast its eye on another bankrupt sports retailer and former competitor.   In June, Dick’s acquired the intellectual property of the bankrupt Sports Authority. Dick’s is now preparing a bid for the U.S. business of Golfsmith International Holdings Inc., according to Reuters.      In making a bid, Dick’s is going up against an offer by Worldwide Golf Shops, according to the report.     

Park West Village

Location: Cary/Morrisville, North Carolina

Size: Approximately 750,000 sq. ft.

Owner: CASTO

Key tenants: Target, T.J. Maxx, Buy Buy Baby, Ross, PetSmart, Earth Fare, Chili’s, Travinia, Hallmark, Carter’s, Gander Mountain, Stone Theatres, Chico’s, White House Black Market, ULTA, Pier 1, Charming Charlie’s, Firebirds, Blackfinn Ameripub, LOFT, Starbucks

New shopping center construction may be in a nationwide lull, but not in Tarrant County, Texas, where a developer is poised to break ground on a 90-acre parcel flanked by two other sizeable centers.   A partnership controlled by the De La Vega Group will begin building a mixed-use project called The Citadel across Interstate 35 from Alliance Town Center and adjoining the newly opened Presidio Town Center north of Fort Worth. Upon its completion, retail space will top 2 million sq. ft. in the submarket.  

Dick’s Sporting Goods has a permanent CFO.   The retailer on Monday appointed Lee J. Belitsky as executive VP, CFO, effective immediately.   Belitsky assumes the responsibilities from André Hawaux, Dick’s executive VP, COO, who has served as the financial officer on an interim basis since August 2016. Hawaux will continue to serve as COO.  

Petco is losing its longtime chairman and CEO.   Jim Myers, a 26-year company veteran and CEO since 2004, is retiring. Petco pesident and chief merchant Brad Weston, who joined the company in 2011, will succeed Myers as CEO, effective February 1, 2017.   Prior to joining Petco, Weston held senior leadership roles at Dick's Sporting Goods, May Merchandising Company and Robinsons-May.  

Back in January, Dick’s Sporting Goods launched Team Sports HQ in an effort to capture the nation’s lucrative youth sports league business. Today the company announced the purchase of the tech to get it there.  

Dick’s Sporting Goods on Tuesday hit a home run, posting second quarter results that surpassed analysts’ expectations and lifting its earnings forecast for the year.   Dick's reported net income of $91.4 million for the quarter ended July 30, up from $90.8 million in the year-ago period.   Net sales increased 7.9% to $1.97 billion. Online penetration for the second quarter was 8.5% of total net sales, compared to 7.3% last year. Same-store sales increased 2.8%.   

Dick’s Sporting Goods is expanding its footprint in the Houston market.   The retailer is looking to open six stores this fall in the Houston area, up from the five it had previously announced, the Houston Business Journal reported.   In November, General Growth Properties announced it had signed lease agreements with Dick’s to open in five GG shopping centers in Houston: Baybrook Mall, Deebrook Mall, First Colony Mall, The Woodlands Mall, and Willowbrook Mall.

A brand known for its low, low prices and high volume has opened its fifth U.S. store.   Primark has opened at PREIT’s Willow Grove Park Mall in the Philadelphia suburb of Willow Grove, Pennsylvania. This is the second Primark location in the Philadelphia region. The store occupies 58,300 sq. ft. of space previously occupied by Sears on the second and third floors of the southwest side of the mall.  It features 59 fitting rooms and 47 registers, recharge areas, as well as a fashion "trend room.”