MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details on Industry Insight.
Industry customer Dick’s Sports Goods third quarter results turned out better than expected thanks to colder weather but the company is still cautious about the fourth quarter.
Dick’s bought Southern California based Chick’s Sporting Goods in 2007 and has reduced the number of action sports brands it carries.
Net sales: up 7.1% to $989.8 million
Consolidated same-store sales: up 1.9%, better than the 4% to 6% decline expected.
Net income: $18.9 million vs. $6.2 million the same period last year.
Inventories: down 8.6% vs. the third quarter last year.
Q4: Dick's remained cautious about the fourth quarter and expects same-store sales to decline 4% to 6%.
The company opened 11 new stores in the quarter and now operates 420 Dick’s stores in 40 states and 91 Golf Galaxy stores in 31 states.