Dick’s Sporting Goods announced Thursday (July 28) that it has partnered with working capital platform C2FO to offer prepayments on approved invoices that will support the long-term success of minority-owned businesses, veterans , people with disabilities and women with rationalized access to capital.
“One of the challenges that diversely owned and operated businesses face is access to working capital,” said Ramon Catania, director of supplier initiatives at Dick’s Sporting Goods. “With C2FO, suppliers who work with us will have earlier access to cash to fund day-to-day operations or grow their businesses. This can help unlock the resources suppliers need to deliver products and services to our customers faster. clients. “
C2FO allows suppliers to expedite the payment of selected invoices for a minimum discount, with Dick self-funding advance payments, according to the release. Dick’s has pledged to spend $300 million each year by 2025 on diversely owned and operated businesses.
According to the release, companies with diverse interests used the C2FO platform to secure 3.2 times more than other companies in 2021. So far in 2022, the company has accelerated more than $2 billion. advance payments to businesses belonging to various companies around the world.
In May, Dick’s Sporting Goods said it did not expect the difficulties it reported in the first quarter of 2022 to improve much over the rest of the year, saying it is seeing sales same-store sales struggled to break even year-over-year after an 8.4% decline in Q1.
Read more: Dick’s digital declines as customers return to stores
At the time, the retailer said “changing macroeconomic conditions” were the reason it expected same-store sales to decline between 2% and 8% for the full year. In its 2021 report, Dick’s reported a 9% decline in its e-commerce business as more shoppers returned to their local physical stores in the last three months of the year.
“Over the past two years, we have demonstrated our ability to skillfully manage the pandemic and other challenges – and we are confident in our continued ability to adapt quickly and execute in uncertain macroeconomic conditions,” said the president. and CEO Lauren Hobart at the time. .
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