Dick's hunts for growth with new outdoor concept
Dick’s Sporting Goods first Field & Stream outdoor specialty store is scheduled to open this fall in the Pittsburgh suburb of Cranberry Township.
The company on Monday announced plans for two Field & Stream stores in 2013 when it reported fourth quarter financial results and later the following day revealed the location of the first store. Dick’s acquired the Field & Stream brand last year. The company said the store will offer the best brands to meet the evolving needs of hunters, anglers and outdoorsmen in categories such as outdoor equipment, accessories and services in hunting, fishing, archery and camping.
"We look forward to opening the Field & Stream store and delivering a high level of service for the passionate outdoorsman," said Joe Schmidt, Dick’s president and COO. "Dick’s Sorting Goods originally began as a bait and tackle shop, and the Field & Stream store will build upon both brands' heritage to provide an excellent customer experience for outdoor enthusiasts."
Said enthusiasts already have a range of options between over-the-top specialty retailers such as Bass Pro and Cabela’s or the subdued presentation found at Gander Mountain stores. Dick’s also operates 518 full line stores that feature hunting, fishing and camping as core departments.
Word of the store’s location came a day after the retailer reported a fourth quarter profit of $1.03 a share that was three cents shy of analysts’ estimates. A meager 1.2% same store sales increase, partially caused by unseasonably warm weather and soft sales of big ticket items, contributed to the miss.
Total sales for the 14 week period ended February 2, increased 12% to $1.8 billion compared to the 13 week period the prior year. The company’s consolidated same store sales increase of 1.2% was driven by a 54.2% increase in online sales, offset by a 2.2% decrease at Dick's Sporting Goods stores and a 1.3% increase at Golf Galaxy stores.
With 518 full line stores already, Dick’s contends the U.S. can support upwards of 1,000 of its stores, but the Field & Stream concept could represent a new growth vehicle. The same could be said for a new concept Dick’s said it will introduce this year called True Runner. The retailer plans to open two of the running specialty stores at locations yet to be identified.