Dick's Sporting Goods CEO: There is a perfect storm ahead
Lots of retailers are in panic mode, according to Dick's Sporting Goods CEO Edward Stack, and there is a "perfect storm" approaching for the industry due to competition from ecommerce.
In response, Stack said retailers are panicking due to what he views as a "difficult environment." The CEO's remarks were made during an investor's call this week, according to a Business Insider report.
"I think it's just a perfect storm right now in retail, and I think sporting goods is in the center of it," Stack said.
Yet, his company is one of the few "very well positioned" to survive and continue to lead.
"We're going to be aggressive and we will be beating their prices," Stack said. "We're not going to sit back and just watch this happen. We've got the financial strength and muscle to withstand this storm."