Dick’s CEO: “The Retail Industry Is In Panic Mode”

• Dick’s CEO: “The Retail Industry Is In Panic Mode”
  by Tyler Durden, www.zerohedge.com
  With Dick’s stock crashing after reporting dreadful results this morning, in which both comp sales and EPS missed as the company slashed its full year guidance below even the lowest sellside forecast (it now sees full year EPS of $2.80 to $3.00, below the previous guidance of $3.65 to $3.75 and the Wall Street estimate of $3.62 ), the management team had no reason to hold back on today’s earnings call, and luckily – unlike many other retailers who still hold out hope that the worst is behind them – it did not, for an unvarnished look into the retail space.
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  Confirming just how little pricing power retailers have, CEO Ed Stack said “we have conducted extensive consumer research, and the customers have told us they feel our prices are not competitive in today’s environment” in which everyone is slashing price to capture market share, and as a result the company is “intentionally joining this battle, and we will aggressively be promoting our business to drive market share to our stores and online.”
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