Dick's Sporting Goods 2013 Annual Report Download - page 7

Download and view the complete annual report

Please find page 7 of the 2013 Dick's Sporting Goods annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 114

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114

COMMITMENT
TO GROWTH
and tracking protocols, and applying the sales data generated by our
ScoreCard Rewards loyalty program. These efforts fueled substantial
growth, with our eCommerce business posting a 65 percent increase in
sales as compared with 2012.
We also continued to invest in our store network. We opened 40 new stores,
ending the year with a total of 558 DICK’S Sporting Goods stores in 46
states. We relocated one store and fully remodeled four others, expanding
our selling floors and adding new features, such as our shared-service
footwear concept. We completed 75 apparel remodels, which included
refreshing select stores and incorporating vendor shops.
Finally, we opened our first two Field & Stream stores, which proved to
be our most successful store openings ever in terms of both sales and
customer turnout. This is an exciting growth opportunity, and we have laid
the groundwork to open approximately eight additional Field & Stream
stores in 2014 and a total of approximately 55 by 2017.
During the year, we also continued to reward our shareholders, returning
capital through quarterly dividends, as well as through more than $255
million in share repurchases, which we made under the five-year, up to
$1 billion share repurchase program that our Board authorized in 2013.
FULFILLING OUR VISION
At DICK’S, we come to work every day to fulfill a simple vision: To build
leading brands that serve and inspire athletes and outdoor enthusiasts
around the world to achieve their personal best. To create value for our
shareholders through the relentless improvement of everything we do.
And to make a lasting impact on our communities through sport. These
goals drive our team forward, inspiring us to advance our leadership
position, innovate new concepts for our customers and reward our
shareholders with increasing value.
As we move into 2014, we are confident that we have the strengths
required to continue our progress. We have a leading brand, a powerful
omni-channel platform and excellent vendor relationships. We have
a clear strategy that has already delivered results, and a strong and
flexible balance sheet. Most important, we have a highly experienced
management team, backed by talented and motivated associates who
consistently work to make our corporate vision a reality.
Our associates are fundamental to our progress, and I’d like to thank
them all for their hard work and dedication. I’d also like to thank our
customers for their loyalty, and to express our gratitude to you—our
shareholders—for your ongoing support of our vision and strategies.
Rest assured that we are committed to rewarding your investment in
DICK’S with continued growth and value.
Sincerely,
Edward W. Stack
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
DICK’S SPORTING GOODS // 2013 ANNUAL REPORT // 5
2013
• Opened 40 new DICK’S Sporting Goods
stores, an approximately eight percent
growth rate
• Enhanced eCommerce platform
by expanding our ship-from-store
capability, piloting buy-online, pick-up
in-store, and optimizing our mobile site
for tablet use
• Opened two Field & Stream specialty
stores and laid plans to grow this chain
to a total of approximately 55 locations
by 2017
• Opened one new Golf Galaxy store
and repositioned one existing store,
leveraging a new expanded store format
to add a range of services and amenities
• Laid plans to expand distribution center
in Georgia
2012
• Opened 38 new DICK’S Sporting Goods
stores, an eight percent growth rate
• Enhanced eCommerce platform by
launching a ship-from-store capability
and a mobile application
• Purchased Field & Stream and
Top Flite brands
• Opened a fourth distribution center
in Arizona, increasing total network
service capacity to 750 stores
2011
• Expanded store network, posting
an eight percent growth rate
• Added new eCommerce functionality
and set the stage to integrate this
platform with brick-and-mortar
stores in 2013
• Developed advanced inventory
management technologies for
launch in 2012
• Laid plans to open a fourth
distribution center in Arizona