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DICK'S expands sports gear trade-in partnership with SidelineSwap

EditorIsmeta Mujdragic
Published 04/16/2024, 06:51 AM

PITTSBURGH - DICK'S Sporting Goods (NYSE: DKS), in collaboration with SidelineSwap, is scaling up its efforts to promote the circular economy in sports. This year, they are broadening their joint resale initiative to include over 300 trade-in events across the United States, aiming to meet the growing consumer demand for sustainable and cost-effective ways to purchase sports equipment.

At these events, athletes can bring their previously owned sports gear to participating DICK'S locations, where SidelineSwap's experts will assess the items and provide instant e-gift cards reflecting their trade-in value. This initiative also offers a responsible disposal option for gear that does not qualify for trade-in, as these can be donated or recycled.

The partnership, now in its third year, has been successful, with athletes receiving an average e-gift card value of $120 for their trade-ins during 2023. Customer feedback indicates a strong interest in resale activities, with the majority expressing a willingness to participate at least annually.

Trade-in events are scheduled across several states, including Pennsylvania, New York, New Jersey, Delaware, Maryland, Virginia, Massachusetts, New Hampshire, Rhode Island, Connecticut, Illinois, Michigan, Colorado, Wisconsin, and Georgia. More details on specific locations and dates are available on DICK'S Sporting Goods' website.

Brendan Candon, CEO of SidelineSwap, highlighted the significance of recommerce in the sporting goods sector, which accounts for a substantial portion of the resale market outside of fashion. The partnership aims to raise awareness of the value in trading in various sports equipment, from baseball bats to hockey skates.

Michael Stack, VP of Strategy & Corporate Development at DICK'S Sporting Goods, emphasized the convenience and environmental benefits of the trade-in events, particularly as the spring sports season approaches.

SidelineSwap has been instrumental in the resale of over $250 million worth of sports gear and has prevented approximately 180,000 pounds of used equipment from ending up in landfills each year.

The information for this article is based on a press release statement from DICK'S Sporting Goods and SidelineSwap.

InvestingPro Insights

DICK'S Sporting Goods (NYSE: DKS) continues to demonstrate strong financial performance alongside their commitment to sustainability and the circular economy. With a market capitalization of $16.37 billion, the company is showing resilience in the retail sector. In the last twelve months as of Q4 2024, DICK'S Sporting Goods reported a revenue growth of 4.98%, indicating a steady increase in sales. This growth is further exemplified by a higher quarterly revenue growth of 7.77% in Q4 2024, showcasing the company's ability to capitalize on market opportunities during that period.

Investors should note that DICK'S Sporting Goods is trading at a high price-to-earnings (P/E) ratio of 15.62, which is slightly reduced from the adjusted P/E ratio of 14.73 for the same period. This suggests that the stock is valued at a premium relative to its earnings, which is an important consideration for those looking to invest based on near-term earnings growth. An InvestingPro Tip highlights that the company's stock price movements have been quite volatile, which could offer both risks and opportunities for investors.

Regarding shareholder returns, DICK'S Sporting Goods has maintained dividend payments for 14 consecutive years, with a notable dividend growth of 125.64% in the last twelve months as of Q4 2024. This demonstrates the company's commitment to returning value to its shareholders over time. Additionally, the company's strong return over the last three months, with a price total return of 46.12%, aligns with the positive customer feedback received for its resale initiatives.

For investors seeking further insights, there are additional InvestingPro Tips available, including the company's ability to cover interest payments with its cash flows and its moderate level of debt. To explore these tips and gain a deeper understanding of DICK'S Sporting Goods' financial health and market position, visit https://www.investing.com/pro/DKS. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to even more valuable insights.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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