Fair Start to 2019 for No-Moat Dick’s Sporting Goods, but Traffic a Concern; Shares Undervalued
No-moat Dick’s Sporting Goods matched our $0.61 EPS forecast for the first quarter. Flat same-store sales beat our forecast of a 1.3% decline, but adjusted selling, general, and administrative expense of 25.3% of sales was 70 basis points higher than we anticipated. Elevated expenses were partially due to initiatives to improve digital offerings and customer service. Although Dick’s has taken some costs out of the business, its operating margins have been steadily declining since 2012. Given the...Dick's Sporting Goods is an omni-channel sporting goods retailer offering sports equipment, apparel, footwear and accessories. The company also owns and operates Golf Galaxy, Field & Stream and other specialty concept stores, and Dick's Team Sports HQ, an all-in-one youth sports digital platform offering scheduling, communications and live scorekeeping through its GameChanger mobile apps, free league management services, custom uniforms and fan wear, and access to donations and sponsorships. The company provides products to its customers through its retail stores and online. The company is also involved in local communities, sponsoring teams in various sports.
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