The PGA may have just finished the British Open, but back in the U.S., Dick’s Sporting Goods appears to be finished with the PGA.
Dick’s, the sporting goods superstore and largest retailer of TaylorMade and Callaway golf products, fired more than 400 PGA professionals hired at stores across the country, according to the Wall Street Journal.
Dick’s had planned to have a PGA professional at every store in hopes to differentiate itself from online retailers. However, factors like a sluggish economy and the decline of Tiger Woods forced the store to abandon hopes of dominating the golf world, according to ESPN.
Decreasing prices and increasing competition also drove down earnings and led to the sports giant’s decision.
“We are selling drivers in our stores this spring for $US99 that were $US299 approximately 21 months ago,” said Ed Stack, CEO and Chairman of Dick’s, in a conference call to investors after announcing earnings.
Apparently, playing golf is also losing its popularity for many Americans. The number of people playing is down 2.5%, which marks the fifth consecutive year that golf has declined in America, according to Bloomberg.
Stock prices for Dick’s Sporting Goods were down 1% as markets closed Tuesday evening.
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