It’s acquiring another big-name retailer.
Transcript:
As it looks to expand internationally, Dick’s Sporting Goods says it plans to acquire one of its rivals: FootLocker. Dick’s hopes the $2.4 billion deal will being in new customers, as well as grab ahold of the Nike sneaker market.
Of the deal, FootLocker CEO Mary Dillon said “By joining forces with DICK’S, Foot Locker will be even better positioned to expand sneaker culture, elevate the omnichannel experience for our customers and brand partners, and enhance our position in the industry.” At the time of the deal, shares of FootLocker were down more than 40% from the start of the year.
While the two companies are seen as rivals – Dick’s has almost double the revenue of FootLocker. The company reported revenue of $13.4 billion in its most recent fiscal year, compared to FootLocker’s $7.99 billion.
After the deal is completed, FootLocker will remain a standalone brand within the Dick’s portfolio – maintaining brands FootLocker Kids, WSS, and Champs.
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