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Dick's Sporting Goods DKS has slowly but steadily improved operating margins and returns on capital since its initial public offering, and we expect further improvement. In what we consider a fragmented and competitive industry, Dick's has emerged as a best-in-class operator, and one of only two competitors that has U.
We believe its growth and profitability improvement potential have not been exhausted, as there are still markets not fully penetrated, the competition remains fragmented, and operating margins leverage with scale. Yet because of seasonal and cyclical issues in two productDick's shares trade at a discount to our fair value estimate.
Dick's Sporting Goods has grown from less than stores in to more than Dick's branded full-line sporting goods stores and 84 Golf Galaxy golf specialty stores today. Even with this consistent and lengthy growth trajectory, the firm only began penetrating markets west of the Mississippi inand we believe there is still white space for Dick's to fill in stores, particularly in the Western United States.
Typically, smaller stores and retailers that aren't sporting goods specialists are the share losers when Dick's enters a market. After the financial crisis ofobtaining suitable commercial real estate appeared to be an issue, but we believe today the environment has improved enough to make management's goals of more than Dick's stores and nearly 90 Golf Galaxy stores very achievable.
Paul Swinand does not own actual or beneficial shares in any of the securities mentioned above.
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