No-moat Dick's attempts to bolster its leading position by increasing in-store investments.
Third-quarter results showed that no-moat Dick’s Sporting Goods is on track to meet our fiscal 2017 assumptions of 8% sales growth and gross margins down 50 basis points to around 29%. However, the tough North American environment is prompting the retailer to make further investments in technology, in-store wages and training, and its omnichannel, which are expected to hinder margins in fiscal 2018. Despite the near-term hit to profitability, we view this spending as essential, given the intense...
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