Jobs losses at Dick's Sporting Goods following flat sales
23/08/2023
It also announced “business optimisation to better align talent, organisational design and spending to support growth opportunities and streamline cost structure”.
Bloomberg reported that 250 people lost their jobs, according to a person familiar with the matter.
Despite this, chairman Ed Stack commented on growth opportunities: "We are extremely excited about the future of our business.
"Our newest concepts, Dick's House of Sport and our next-generation 50,000 square foot store, are yielding powerful results. We haven't seen growth opportunities like these since we went public in the early 2000s."
The company opened seven stores during the quarter.
CEO Lauren Hobart added: “Our Q2 profitability was short of our expectations due in large part to the impact of elevated inventory shrink, an increasingly serious issue impacting many retailers.
"Despite moderating our 2023 outlook, the enthusiasm we have for our business and the confidence we have in our long-term growth opportunities have never been stronger."
Founded in 1948 and headquartered in Pittsburgh, the group owns 850 stores: Dick’s Sporting Goods, Golf Galaxy, Public Lands, Moosejaw, Going Going Gone! and Warehouse Sale. The group also owns Dick’s' House of Sport and Golf Galaxy Performance Center, as well as GameChanger, a youth sports mobile platform.
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