The executive leadership of Findlay-based DICK’S Sporting Goods (NYSE: DKS) has some convincing to do when it comes to investors in the potential to come from the company’s recent announcement to buy Foot Locker (NYSE: FL) in a $2.4 billion deal.
Since the announcement nearly two weeks ago, Dick’s shares have dropped from around $210 a share down to $179 a share on the day after the announcement, with shares now bobbing around $175 a share, a nearly 17% drop in value for a retailer that’s achieved five consecutive quarters of more than 4% growth in same store sales amid a host of other positive metrics.
When asked about it on the company’s first quarter earnings call, Dick’s Executive Chairman Ed Stack acknowledged the lack of enthusiasm for the corporate buy.
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