While such rapid growth was accompanied by proportional gains in total revenue, it did not yet translate well onto the balance sheet. In 1990, the company more than doubled its size to 19 stores. With the financial backing of the multi-billion-dollar retail giant, Smith now had the resources he needed to implement his plans fully and begin an expansion program that would see The Sports Authority grow to 100 stores four years later. Joseph Antonini, then chairman of Kmart Corporation, shared Smith's confidence and acquired the sporting goods minichain for $75 million in March of that same year. By 1990 he was running eight megastores, mainly in Florida, and while his company had yet to turn a profit, the then 55-year-old fitness enthusiast was convinced he could make the idea work if he could obtain the capital to fund full-scale expansion. With the backing of a group of venture capitalists, he got another chance and set out to build his own sporting goods giant. While at Herman's, Smith tried unsuccessfully to bring the same comprehensive megastore concept that had fueled the tremendous growth of Toys "R" Us and Home Depot to the sporting goods industry. The idea behind the company that would grow to become the nation's largest sporting goods chain in just five years came from Jack Smith, a former CEO of Herman's World of Sports, who opened the first Sports Authority store in Fort Lauderdale, Florida, in 1987. The first comprehensive sporting goods store to top $1 billion in sales, The Sports Authority competes in a $35 billion market that includes traditional and specialty sporting goods retailers, as well as large format sporting goods retailers and mass merchandisers. Soft lines&mdash⟩parel and footwear, its most profitable product-make up the rest. Over half of the company's annual revenue is generated from the sale of hard lines&mdash≡uipment for team sports, fitness, hunting, fishing, camping, golf, racquet sports, cycling, water sports, marine, snow sports, and general merchandise.
Its large format stores, virtually all of which exceed 40,000 square feet, carry more than 900 brand names, including Adidas, Asics, Coleman, K2, Nike, Prince, and Starter. From its 136 stores, which are located in 26 states and in Canada, the company sells sporting goods in over 1,200 merchandise categories. is the world's largest full-line sporting goods retailer.
Our strategy to achieve this goal is offer our customers: an extensive selection of quality brand name merchandise powerfully merchandised megastores that provide ease of shopping competitive prices that create value premium customer service and product knowledge and convenient locations throughout our markets.
Our mission is simple-create a shopping experience establishing The Sports Authority as the first choice for the sports, leisure and recreational customer. SICs: 5941 Sporting Goods & Bicycle Shops
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