With $300 of his grandmother’s money in his pocket, 18-year-old Dick Stack opened a modest bait and tackle shop in Binghamton, NY in 1948. Ten years later, he expanded his product line to include much of what you could expect to find in a Dick’s Sporting Goods store today.
The never-say-never attitude that inspired Dick to open his first shop has stayed with the company over the years. This year, Edward Stack, chairman and CEO, said “We have successfully navigated the storms of the recession and have executed our business plan by posting six consecutive quarters of same-store sales gains, opening 26 new stores in 2010, expanding our margin rates, and reducing inventory per square foot. As a result, we are solidly positioned to generate further growth and increased operating margins in the coming years.”
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