PITTSBURGH, June 12, 2020 /PRNewswire/ -- DICK'S
Sporting Goods, Inc. (NYSE: DKS) today announced the reinstatement
of its dividend program.
In the first quarter of 2020, following its temporary store
closures, the Company announced temporary pay reductions for many
salaried teammates, furloughs of a significant number of its
workforce and the suspension of its dividend program and share
repurchases, among other measures, to bolster its cash position and
maximize flexibility as part of the Company's initial response to
COVID-19. Now, with strong early sales results as stores have
re-opened and the expectation to have nearly 100% of its stores
re-opened to the public by June 30,
2020, the Company has restored previously reduced salaries
for all teammates, except for certain executives, and has returned
substantially all teammates from furlough.
On June 10, 2020, the Board of
Directors of DICK'S Sporting Goods, Inc. also reinstated the
dividend program and authorized and declared a quarterly dividend
of $0.3125 per share on the Company's
Common Stock and Class B Common Stock. The dividend is payable in
cash on June 30, 2020, to
stockholders of record at the close of business on June 22, 2020. Additionally, the Company may
resume opportunistic share repurchases under its current
authorizations.
Forward-Looking Statements Involving Known and Unknown Risks
and Uncertainties
This release contains forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
and may change due to various important factors, many of which may
be beyond the Company's control. The Company's future performance
and actual results may differ materially from those expressed or
implied in such forward-looking statements. Forward-looking
statements should not be relied upon by investors as a prediction
of actual results. Forward-looking statements in this release
address, among other things, the re-opening of stores and the
Company's share repurchases and dividend program.
Factors that could cause actual results to differ materially
from those expressed or implied by any forward-looking statements
include, but are not limited to, the impact on our business,
operations and financial results due to the duration and scope of
the COVID-19 pandemic, including whether there is a second wave or
periods of increases in the number of COVID-19 cases in areas in
which we operate, and the restrictions imposed by federal, state,
and local governments in response to the pandemic; changes in
consumer discretionary spending, including those caused by
COVID-19; store closures and other impacts to our business
resulting from civil disturbances; investments in omni-channel
growth not producing the anticipated benefits within the expected
time-frame or at all; risks relating to private brands and new
retail concepts; investments in business transformation initiatives
not producing the anticipated benefits within the expected
time-frame or at all; the amount devoted to strategic investments
and the timing and success of those investments; the results of the
strategic review of the hunt business, including Field &
Stream; inventory turn; changes in the competitive market and
competition amongst retailers, including an increase in promotional
activity; changes in consumer demand or shopping patterns and the
ability to identify new trends and have the right trending products
in stores and online, including changes caused by COVID-19; changes
in existing tax, labor, foreign trade and other laws and
regulations, including those imposing new taxes, surcharges, or
tariffs; limitations on the availability of attractive retail store
sites; unauthorized disclosure of sensitive or confidential
customer information; website downtime, disruptions or other
problems with the eCommerce platform, including interruptions,
delays or downtime caused by high volumes of users or transactions,
deficiencies in design or implementation, or platform enhancements;
disruptions or other problems with information systems; factors
affecting vendors, including supply chain and currency risks;
talent needs and the loss of Edward W.
Stack, Chairman and Chief Executive Officer; developments
with sports leagues, professional athletes or sports superstars,
including disruptions and cancellations due to COVID-19;
weather-related disruptions and seasonality of the Company's
business; and risks associated with being a controlled company.
For additional information on these and other factors that could
affect the Company's actual results, see the risk factors set forth
in the Company's filings with the SEC, including the most recent
Annual Report filed with the SEC on March
20, 2020, and the Quarterly Report on Form 10-Q filed on
June 3, 2020. The Company does
not undertake any obligation to update or revise any
forward-looking statement in this release, except as required by
applicable law or regulation.
About DICK'S Sporting Goods, Inc.
Founded in
1948, DICK'S Sporting Goods, Inc. is a leading omni-channel
sporting goods retailer offering an extensive assortment of
authentic, high-quality sports equipment, apparel, footwear and
accessories. As of May 2, 2020, the
Company operated 726 DICK'S Sporting Goods locations across
the United States, serving and
inspiring athletes and outdoor enthusiasts to achieve their
personal best through a blend of dedicated teammates, in-store
services and unique specialty shop-in-shops dedicated to Team
Sports, Athletic Apparel, Golf, Lodge/Outdoor, Fitness and
Footwear.
Headquartered in Pittsburgh,
PA, DICK'S also owns and operates Golf Galaxy and Field
& Stream specialty stores, as well as GameChanger, a youth
sports mobile app for scheduling, communications and live
scorekeeping. DICK'S offers its products through a content-rich
eCommerce platform that is integrated with its store network and
provides customers with the convenience and expertise of a 24-hour
storefront. For more information, visit the Investor
Relations page at dicks.com.
Contacts:
Investor Relations:
Nate Gilch, Senior Director of
Investor Relations
DICK'S Sporting Goods, Inc.
(724) 273-3400 or investors@dcsg.com
Media Relations:
(724) 273-5552 or press@dcsg.com
Category: Financial
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SOURCE DICK'S Sporting Goods, Inc.