Dick's Sporting: 'Experienced continued significant declines in Under Armour'
"As we continue to focus on driving profitable sales, we are very pleased with our strong gross margin improvement. An improved product cycle, fewer promotions, and a favorable product mix contributed to the overall strength in our merchandise margin," said Edward W. Stack, Chairman and Chief Executive Officer. Stack continued, "We delivered double digit growth in eCommerce, private brands, and athletic apparel excluding Under Armour, however, as expected, sales were impacted by the strategic decisions we made regarding the slow growth, low margin hunt and electronics businesses, which accounted for nearly half of our comp decline. In addition, we experienced continued significant declines in Under Armour sales as a result of their decision to expand distribution. We are very confident our sales trajectory will improve next year as these headwinds are expected to subside." "We have made great progress in executing our strategic framework, particularly in delivering productivity improvements, which are leading to real savings that are being reinvested in long-term growth initiatives such as eCommerce and Team Sports HQ," said Lauren R. Hobart, President of DICK'S Sporting Goods. "Additionally, we continue to develop a leading omni-channel experience for athletes through improvements in our in-store and online experiences." DKS UAA