Dick's Sporting Goods, Inc.
Public
Traded as
IndustryRetail
Founded1948; 70 years ago (1948) in Binghamton, New York, U.S.
FounderRichard "Dick" Stack
HeadquartersCoraopolis, Pennsylvania, U.S.
Number of locations
850 (2018)
Key people
RevenueUS$7.27 billion[2] (2015)
US$330 million[2] (2015)
Total assetsUS$3.56 billion[2] (2015)
Total equityUS$1.789 billion[2] (2015)
Number of employees
30,300 (2018)
Subsidiaries
Websitedickssportinggoods.com

Dick's Sporting Goods, Inc. is an American sporting goods retail company, based in Coraopolis, Pennsylvania. The company was established by Richard "Dick" Stack in 1948, and has approximately 850 stores and 30,000 employees, as of 2018. Dick's is the nation's largest sporting goods retailer and is listed on the Fortune 500.

Company overview[edit]

Dick's is the largest sporting goods retail company in the United States,[3] with approximately 850 stores, as of 2018.[4] The public company is based in Coraopolis, Pennsylvania,[5] outside Pittsburgh, and has approximately 30,300 employees, as of January 2018.[6] The company's subsidiaries include Field & Stream and Golf Galaxy, and previously, Chelsea Collective and True Runner.[7] In 2017, there were 690 Dick's stores, close to 100 Golf Galaxy locations, and approximately 30 Field & Stream stores.[8] The company launched Team Sports HQ, a collection of digital products, following the acquisitions of Affinity Sports, Blue Sombrero, and GameChanger.[9]

Edward W. Stack serves as chairman and chief executive officer.[10] Lauren Hobart is president of the company and the Dick's Sporting Goods Foundation[11] and Lee Belitsky is chief financial officer, as of 2018.[12]

History[edit]

Richard "Dick" Stack started the company as a fishing tackle store in Binghamton, New York, in 1948.[13] He began with a $300 loan from his grandmother, who pulled from her savings, which she kept in a cookie jar.[14]

Edward W. Stack and his siblings purchased Dick's from their father in the early 1980s,[15] when the company had two locations in Upstate New York.[16] Stack established a board of directors, opened additional stores, and relocated the company's headquarters to Pittsburgh in 1994.[17] He became chairman and chief executive officer following his father's retirement in 1984, and led the company during its initial public offering in 2002.[18]

Dick's operated primarily throughout the Eastern United States, up to 2009, and has since expanded to the Pacific Northwest and West Coast.[19] There were more than 357 Dick's stores in 38 states, as of mid 2008.[20]

In 2012, the company opened three True Runner stores targeting runners in Boston, the St. Louis suburb Brentwood, and Pittsburgh's Shadyside neighborhood.[21][22] The stores closed in early 2017.[23]

Dick's launched the women's athleisure, fitness, and lifestyle store Chelsea Collective in 2015,[24] opening two stores in Pittsburgh and Tysons, Virginia,[25] outside Washington, D.C. The shops closed in 2017.[26]

The company launched Dick's Team Sports HQ in early 2016, offering youth sports teams websites, uniforms, and sponsorship options.[27]

Dick's opened its first Field & Stream store in Cranberry Township, a suburb of Pittsburgh, in 2013.[28] Thirty-five Field & Stream stores are open across the country, as of 2018.[29] Jason Aldean became the Field & Stream brand's first spokesperson in August 2016.[30]

Following the Stoneman Douglas High School shooting in February 2018, Dick's stopped selling assault weapons and high-capacity magazines, and increased the minimum age for purchasing guns to 21.[4][7] Dick's-branded stores had suspended assault weapon sales following the Sandy Hook Elementary School shooting in 2012, but the guns were still available for purchase at Field & Stream locations.[31][32] Dick's has never carried bump stocks.[4]

The company currently operates five distribution centers.[33] The most recent, in Conklin in Southern Tier, New York opened in January 2018,[34] and was further expanded to fulfill online sales a few months later.[5]

Acquisitions[edit]

Dick's acquired Galyan's in July 2004.[35] The company agreed to purchase Golf Galaxy for $225 million in November 2006.[35] Dick's confirmed plans to close Golf Galaxy's headquarters in Eden Prairie, Minnesota in mid 2008.[36]

Dick's purchased the San Diego-based sports management technology company Affinity Sports for an undisclosed amount in mid 2016.[27] In September, Dick's acquired Sports Authority's brand name and intellectual property. There were more than 30 Sports Authority locations at the time.[37]

Dick's acquired Golfsmith, the largest golf retailer in the United States, at a bankruptcy auction in October 2016. Dick's bid approximately $70 million for all of Golfsmith's intellectual property and inventory. The company planned to retain around 30 of Golfsmith's more than 100 locations, as well as 500 employees.[38] Dick's rebranded 36–38 Golfsmith stores in 16 U.S. states as Golf Galaxy in 2017.[39] This increased the number of Golf Galaxy stores to 98, located in 33 states.[40]

Lawsuits and legal proceedings[edit]

  • In July 1971, Dick's was told of infringing a patent owned by Furnace Brook, LLC, in a lawsuit filed in the Northern District of Illinois.[41]
  • 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.[42]
  • 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.[43]
  • 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.[44]

Partnerships and sponsorships[edit]

The company signed a 20-year naming rights agreement for Dick's Sporting Goods Park, a soccer-specific stadium for the Colorado Rapids team in Commerce City, Colorado, in 2006.[45] Dick's has sponsored the Pittsburgh Penguins and the team's home arena, PPG Paints Arena (formerly Consol Energy Center).[46]

Sporting events sponsored by Dick's have included the Dick's Sporting Goods Open and the Pittsburgh Marathon.[47][48] Dick's began sponsoring ESPN's college football kickoff week in 2009.[49]

In 2015, the company sponsored Olympic and Paralympic athletes and hopefuls, and became the "official sporting goods retailer" for Team USA for the 2016 Summer Olympics and Paralympics.[50] Dick's and Team USA established the Ambassador Program and Contender's Program in partnership with the United States Olympic Committee, employing Olympians and prospective Olympic athletes. Dick's employed approximately 200 Team USA athletes competing in 35 different Olympic and Paralympic sports, as of March–July 2016.[51][52] The athletes worked in 89 stores in 32 states.[53]

Dick's partnered with Carrie Underwood in 2015 to launch Calia, a fitness lifestyle line.[54]

Dick's Sporting Goods Foundation[edit]

In 2014, the Dick's Sporting Goods Foundation committed up to $2 million annually to fund youth sports via its Sports Matter program.[55] More than $50 million has been pledged for youth sports initiatives, benefitting hundreds of thousands of athletes, as of mid 2018.[56] The organization also launched an awareness campaign with Jon Gruden and Michael B. Jordan serving as spokespeople, and worked with director Judd Ehrlich to release We Could Be King, a documentary film about two Philadelphia high school football teams forced to merge due to lack of funding.[55] Following Hurricane Harvey and Hurricane Irma (2017), the foundation donated $2 million to youth sports facilities and program in affected areas, including $120,000 for Houston's reVision soccer team, composed of immigrants from Africa.[11] Dick's later featured the team in a documentary-style advertisement called reVision FC: A Holiday Assist.[11]

References[edit]

  1. ^ "Management". Dick's Sporting Goods.
  2. ^ a b c d "Form 10-K". U.S. Securities and Exchange Commission. p. 18. Retrieved July 4, 2018.
  3. ^ Mosendz, Polly; Townsend, Matt (May 3, 2018). "Dick's Sporting Goods ramps up gun control push, hires lobbyist". The Denver Post. Digital First Media. ISSN 1930-2193. Retrieved June 27, 2018 – via Bloomberg L.P.
  4. ^ a b c Isidore, Chris (February 28, 2018). "Dick's Sporting Goods will stop selling assault-style rifles". CNNMoney. AT&T. Retrieved June 27, 2018.
  5. ^ a b "New Dick's Sporting Goods facility to expand, add jobs". The Seattle Times. The Seattle Times Company. Associated Press. April 25, 2018. ISSN 0745-9696. OCLC 9198928. Retrieved July 2, 2018.
  6. ^ "340: Dick's Sporting Goods". Fortune Magazine. ISSN 0015-8259. Retrieved June 27, 2018.
  7. ^ a b Caplan, David; Kindelan, Katie (February 28, 2018). "Dick's Sporting Goods CEO on decision to no longer sell assault-style rifles: 'We don't want to be a part of this story'". ABC News. Retrieved June 27, 2018.
  8. ^ "Dick's Sporting Goods cutting over 100 jobs; shares tumble as sales fall short". Pittsburgh Tribune-Review. May 16, 2017. Retrieved July 4, 2018.
  9. ^ Ha, Anthony (November 28, 2016). "Dick's Sporting Goods acquires mobile scorekeeping company GameChanger Media". TechCrunch. Retrieved July 18, 2018.
  10. ^ "Edward Stack". Forbes. ISSN 0015-6914. Retrieved June 7, 2018.
  11. ^ a b c Rittenhouse, Lindsay (December 13, 2017). "Dick's Sporting Goods Funds a Youth Immigrant Soccer Team in This Emotional Holiday Spot". Adweek. ISSN 0199-2864. Retrieved July 2, 2018.
  12. ^ Smith, Aaron (May 30, 2018). "Dick's soaring sales prove it can succeed without assault rifles". CNNMoney. Retrieved June 27, 2018.
  13. ^ Begley, Sarah (February 28, 2018). "What to Know about Edward Stack, the CEO of Dick's Sporting Goods". Time Magazine. ISSN 0040-781X. OCLC 1311479. Retrieved June 7, 2018.
  14. ^ Graham, Sherry (January 13, 2002). "Dick's Sporting Goods will come to Rock Road". Wichita Business Journal. Retrieved July 6, 2018.
  15. ^ Platsky, Jeff (February 28, 2018). "In the national spotlight: Ed Stack's roots are in Binghamton". Press & Sun-Bulletin. Gannett Company. ISSN 0886-8816. OCLC 12636926. Retrieved June 7, 2018.
  16. ^ "Dick's Sporting Goods to open at Crossroads Bellevue". Bellevue Reporter. Black Press. October 20, 2017. Retrieved June 7, 2018.
  17. ^ LaWell, Carolyn (October 27, 2010). "Ed Stack stays close to his business to make Dick's Sporting Goods better". Smart Business. Retrieved June 7, 2018.
  18. ^ Townsend, Matt (May 30, 2018). "Dick's Sporting Goods stock spikes 28 percent as earnings guidance outweighs gun controversy". Chicago Tribune. Tronc. ISSN 1085-6706. OCLC 60639020. Retrieved June 27, 2018 – via Bloomberg L.P.
  19. ^ Martinez, Amy (October 29, 2009). "Dick's Sporting Goods expanding to Washington". The Seattle Times. Retrieved July 2, 2018.
  20. ^ Nguyen, Hang (October 2, 2008). "Chick's Sporting Goods store converts to Dick's — its first in CA". Orange County Register. Digital First Media. ISSN 0886-4934. OCLC 12199155. Retrieved July 4, 2018.
  21. ^ Kumar, Kavita (August 24, 2012). "New running specialty store, True Runner, coming to Brentwood Square". St. Louis Post-Dispatch. Lee Enterprises. ISSN 1930-9600. OCLC 1764810. Retrieved July 2, 2018.
  22. ^ Leonard, Kim (January 30, 2013). "Dick's to start Field & Stream outdoor equipment store". Pittsburgh Tribune-Review. Retrieved July 4, 2018.
  23. ^ Schooley, Tim (January 13, 2017). "Exclusive: True Runner to close in Shadyside". Pittsburgh Business Times. Retrieved July 4, 2018.
  24. ^ Fleisher, Chris (July 20, 2015). "Dick's Sporting Goods to open women's fitness, lifestyle boutiques". Pittsburgh Tribune-Review. Retrieved July 4, 2018.
  25. ^ Cooper, Rebecca (July 20, 2015). "Dick's Sporting Goods rolls out new national brand in Tysons Corner". Washington Business Journal. Retrieved July 4, 2018.
  26. ^ Ritenbaugh, Stephanie (July 17, 2017). "Dick's Sporting Goods prototype Chelsea Collective closing up shops". Pittsburgh Post-Gazette. Retrieved July 4, 2018.
  27. ^ a b Adamek, Steve (August 21, 2016). "DICK'S Sporting Goods Acquires San Diego-Based Affinity Sports". San Diego Business Journal. ISSN 8750-6890. Retrieved July 2, 2018.
  28. ^ Schooley, Tim (August 20, 2013). "Field & Stream store best ever opening for Dick's Sporting Goods". Pittsburgh Business Times. Retrieved September 5, 2018.
  29. ^ Gartland, Dan (February 28, 2018). "Dick's Sporting Goods Ends Sale of Assault-Style Rifles After Florida School Shooting". Sports Illustrated. Retrieved September 5, 2018.
  30. ^ Pasquarelli, Adrianne (August 22, 2016). "Dick's Sporting Goods Taps Jason Aldean in New Campaign". Advertising Age. Retrieved July 2, 2018.
  31. ^ Popken, Ben (February 28, 2018). "Dick's Sporting Goods will stop selling assault-style rifles, Walmart raising age for gun sales". NBC News. Retrieved June 27, 2018.
  32. ^ "Walmart Joins Dick's Sporting Goods in Tighter Limits on Gun Sales". NPR. February 28, 2018. Retrieved June 27, 2018.
  33. ^ Platsky, Jeff (March 13, 2018). "Conklin center plays large role in Dick's online growth strategy". Press & Sun-Bulletin. Retrieved September 5, 2018.
  34. ^ Platsky, Jeff (January 25, 2018). "Dick's Sporting Goods CEO Ed Stack: 'We're going to be a winner'". Press & Sun-Bulletin. Retrieved July 2, 2018.
  35. ^ a b "Dick's pays $225 million to acquire Golf Galaxy". The Denver Post. November 14, 2006. Retrieved July 2, 2018 – via Bloomberg News.
  36. ^ Phelps, David (July 7, 2008). "Golf Galaxy chain to lose its head office". Star Tribune. OCLC 43369847. Retrieved July 2, 2018.
  37. ^ La Monica, Paul R. (September 19, 2016). "Dick's Sporting Goods Is America's hottest retailer". CNNMoney. Retrieved July 2, 2018.
  38. ^ Stachura, Mike (October 21, 2016). "Reuters: Dick's Sporting Goods buys up Golfsmith stores at bankruptcy auction". Golf Digest. ISSN 0017-176X. Retrieved July 2, 2018.
  39. ^ Schooley, Tim (May 2, 2017). "Triad Golfsmith store rebranded as Golf Galaxy". Triad Business Journal. Retrieved July 2, 2018.
  40. ^ Dinges, Gary (May 15, 2017). "With Golfsmith's demise, Golf Galaxy steps into void". Austin American-Statesman. GateHouse Media. ISSN 1553-8451. Retrieved July 2, 2018.
  41. ^ "Furnace Brook LLC v. Aeropostale, Inc. et al". Dockets.justia.com. Retrieved December 1, 2012.
  42. ^ "Dick's Sporting Goods Announces Completion Of Review Of Acctg For Leases And Construction Allowances". Phx.corporate-ir.net. Retrieved September 4, 2016.
  43. ^ "The Turtle Company Inc. V. Pro Specialities Group Inc. Et Al". Dockets.justia.com. June 29, 2009. Retrieved December 1, 2012.
  44. ^ ABC News (2014-03-05). "Dick's Sporting Goods Accuses Rival Modell's of Spying". ABC News.
  45. ^ Vuong, Andy (November 8, 2006). "Kroenke extols stadium deal". The Denver Post. Retrieved July 3, 2018.
  46. ^ Muret, Don (July 12, 2010). "Penguins add five new sponsors for Consol Energy Center". Pittsburgh Business Times. Retrieved July 3, 2018.
  47. ^ Herrington, Ryan. "Dick's Sporting Goods Open champ Scott McCarron is becoming a senior force after winning third title of 2017". Golf Digest. Retrieved July 2, 2018.
  48. ^ "Photos: Dick's Sporting Goods Pittsburgh Marathon". Pittsburgh Business Times. May 9, 2018. Retrieved July 2, 2018.
  49. ^ Rovell, Darren (July 24, 2009). "New Roethlisberger Spot Will Continue To Air". CNBC. Retrieved July 3, 2018.
  50. ^ Mamula, Kris B. (February 10, 2015). "Dick's in sponsorship deal with United States Olympic Committee". Pittsburgh Business Times. Retrieved July 3, 2018.
  51. ^ Pasquarelli, Adrianne (March 4, 2016). "Dicks Kicks Off its Olympics Marketing with New Spot". Advertising Age. Retrieved July 3, 2018.
  52. ^ Wattles, Jackie (July 20, 2016). "Olympic contenders get help clearing financial bar from sporting goods chain". CNNMoney. Retrieved July 3, 2018.
  53. ^ Knowlton, Emmett (March 17, 2016). "Sporting goods company gives hundreds of Olympic hopefuls one of their most-basic needs — a job". Business Insider. Retrieved July 3, 2018.
  54. ^ Kell, John (March 3, 2015). "Carrie Underwood is the newest threat to Adidas". Fortune. Retrieved September 5, 2018.
  55. ^ a b "DICK'S Sporting Goods Foundation Launches $25 Million Youth Sports Initiative". Philanthropy News Digest. Foundation Center. March 12, 2014. Retrieved July 2, 2018.
  56. ^ "Gruden aids 4 youth football programs in Oakland area". USA Today. Associated Press. July 18, 2018. Retrieved July 18, 2018.

External links[edit]