Dick's CEO Says Retailers In 'Panic Mode'

(RTTNews) - Dick's Sporting Goods CEO Edward Stack claims that the retail industry is in a "panic mode," sending shares of the sports goods retailer and several other peers down. The company also provided a poor outlook.

"We are intentionally joining the battle, and we will aggressively be promoting our business to drive market share to our stores and online," CEO Edward Stack said on Tuesday's earnings call.

"There's a lot of people right now ... in retail and in this industry in panic mode. They seem to be in panic mode with how they're pricing, and we think it's going to continue to be promotional, and at times irrational, going forward," Stack said.

Several retailers have been struggling lately with over 6,000 stores closures announced in 2017. In order to improve sales and increase traffic, many retailers have been on a promotional spree which in turn has affected their bottom line, while consumers now prefer online shopping which provide better price.

"We're not particularly happy that we're in it, but we think we are ... one of the few that are very well-positioned to come out of the other side very strong and continue to be the leaders in this industry," he added.