- Walmart Inc (NYSE:WMT) prepared to sell e-commerce outdoor retailer Moosejaw to Dick’s Sporting Goods Inc (NYSE:DKS) for undisclosed terms.
- The acquisition will expand Dick’s outdoor portfolio, currently led by its specialty retailer, Public Lands.
- Walmart snapped Moosejaw in February 2017 for $51 million to bolster its e-commerce offerings.
- Moosejaw, founded in Michigan in 1992, operates a highly successful e-commerce platform. Moosejaw also operates brick-and-mortar locations in Arkansas, Colorado, Illinois, Kansas, Michigan, and Missouri.
- Moosejaw joined the Walmart family to expand the latter’s assortment and expertise in the specialty outdoor category, a Walmart spokesperson stated TechCrunch. Since acquiring Moosejaw, Walmart.com has grown from 70 million to hundreds of millions of items.
- Todd Spaletto, President of Public Lands and Senior Vice President DICK’S Sporting Goods, said, “We believe there’s potential to grow the Moosejaw business and provide compelling experiences and an expanded product assortment to its millions of loyal customers.”
- Once the acquisition closes, Moosejaw CEO Eoin Comerford will report to Spaletto.
- When Walmart scooped Moosejaw in 2017, it aimed to beef up its portfolio of digital brands under Marc Lore and went on a sort of M&A spree. The sale indicates Walmart’s possible struggle to integrate direct-to-consumer brands into its larger business, the report adds.
- DKS held $1.4 billion in cash and equivalents as of Oct. 29, 2022.
- Price Action: DKS shares closed higher by 0.50% at $129.96 on Thursday.
Goldman Sachs Reinstates Neutral on U.S. Bancorp, Announces $51 Price Target
Goldman Sachs analyst Richard Ramsden reinstates U.S. Bancorp (NYSE:USB) with a Neutral and announces $51 price target.
