Dick's CEO Pleased with Under Armour Turnaround
The CEO of Dick's Sporting Goods Inc. said the retailer is "very pleased" with the progress of Under Armour Inc. as the sportswear maker continues to work its way through a turnaround.
Edward W. Stack did not say much about Baltimore-based Under Armour during an earnings call with analysts, but the comments he made were quite positive. They reaffirmed what Under Armour executives said earlier this month about working with retail partners to "win with the winners." Dick's reported its overall net sales for the first quarter increased less than 1% to $1.92 billion while consolidated same-store sales were flat. Under Armour has been a problematic brand for Dick's in recent quarters. As Under Armour struggled to manage its inventory, it also experienced difficulties in differentiating its premium-priced apparel available at Dick's from the products available at lower-priced retailers like Kohl's Corp. Dick's took away shelf space from Under Armour last year.