In a filing with the Securities & Exchange Commission, Dick's Sporting Goods outlined a state-by-state plan for where it sees its potential to double its store count in the years ahead. Not surprisingly, its biggest expansion potential was seen in the West but sizeable growth was also forecast in Texas, New York, Maryland, Oklahoma, Arizona, New Jersey, Wisconsin, Louisiana, Iowa, Michigan and Illinois. More mature states were seen as Pennsylvania, Maine, Tennessee, Alabama, and Indiana.

The filing was made for an investor presentation held at Baron Funds Conference on October 22. Dick's SG has stated that it sees potential for more than 900 stores in the U.S., which compares to 425 in 42 states at the close of the second quarter.

In the west, Dick's SG said it sees the potential for 94 stores in California, up from 15 currently. Its store base is Washington is seen growing from one currently to 18; Colorado, 13 to 18; Utah, one to 12; Oregon, eight to 11; Nevada, one to eight; and Idaho, one to six. Montana is seen as growing from no locations currently to five. Wyoming, also with no current locations, is only seen with room for one.

In the Southwest, Texas is seen as having the potential to reach 60 stores, up from 18 currently; Arizona, one to 20; Oklahoma, 0 to 14; and New Mexico, 0 to 4.

In the Midwest, Ohio is seen having the potential to grow from 35 stores currently to 43; Michigan, 15 to 30; Illinois, 21 to  36; Indiana, 17 to 21; Wisconsin, seven to 16; Minnesota, seven to 13; Kansas, six to 12; Iowa, two to nine; Missouri, three to nine; and Nebraska, three to four.
 
In the South, Florida is seen expanding its store base from 11 to 54; North Carolina, 22 to 31; Virginia, 20 to 31; Georgia, 14 to 26; Tennessee, 14 to 16; South Carolina, eight to 14; Alabama, nine to 13; Kentucky, 6 to 13; Louisiana, two to 10; Arkansas, one to seven; Mississippi, three to nine; and West Virginia, five to six.

In the Mid-Atlantic, Dick's SG's Pennsylvania store base is seen as only having the potential to expand from 36 stores to 42; New York, 29 to 50; New Jersey, 15 to 24; Maryland, nine to 23; Connecticut, eight to 15; and Delaware, two to four.

In the New England region, Massachusetts is seen expanding from 16 stores to 27; New Hampshire, three to seven; Maine, four to six; and Rhode Island, two to four. Vermont, with two stores, is the only one of the continental states where it sees no growth.

No expansion plans were listed for Hawaii and Alaska.

Other details in the presentation:

  • The filing noted that Dick's SG – including Golf Galaxy – is by far the largest full-line sporting goods retailer in the county, with $4.41 billion in sales in 2009. That compares to an estimated $2.7 billion for The Sports Authority, $896 million for Big Five; $594 million for Hibbett, and $354 million for Sport Chalet.
  • Its 5-year compound annual growth rate in store-unit growth is 12%, rising from 234 stores in 2005 to 419 in 2009. Unit count was bolstered by the acquisition of the 48-unit Galyan's chain in 2004. It expects to be at 445 by the close of this year.
  • Dick's SG expects to open 26 new stores in 2010 and 34 in 2011.
  • Dick's SG's 5-year CAGR revenue rate is 16%, increasing to $4.4 billion in 2009 from $2.6 million in 2005. It expects to approach $5 billion in 2010. Besides Gaylan's, top-line growth was aided by the Golf Galaxy purchase in 2007.