STAMFORD, Conn. - Synchrony (NYSE: SYF) and DICK'S Sporting Goods (NYSE: DKS) have announced a multi-year extension to their strategic partnership, focusing on the continued provision of financial solutions for athletes through the ScoreRewards Credit Card program. This collaboration aims to enhance the shopping experience and benefits for athletes across DICK'S Sporting Goods' retail network.
The partnership, which builds on a two-decade-long relationship between the two companies, will maintain the ScoreRewards Credit Card Program, offering rewards at an accelerated rate, exclusive offers, and digital account management. The program is applicable across DICK'S Sporting Goods' 800+ locations, including House of Sport, Golf Galaxy, and Public Lands.
Darrell Owens, EVP & CEO of Lifestyle at Synchrony, emphasized the company's commitment to driving athlete loyalty and differentiating DICK'S Sporting Goods through advanced technology, data analytics, and an improved in-store experience. The ScoreRewards Credit Card and ScoreRewards Mastercard (NYSE:MA) will continue to be available for use both online and in-store, ensuring athletes can benefit from the program's rewards.
Navdeep Gupta, CFO of DICK'S Sporting Goods, highlighted the company's athlete-centric approach, expressing pride in the rewards program developed with Synchrony. Gupta underscored the importance of rewarding loyal athletes with meaningful benefits.
Synchrony, a leading consumer financial services company, offers a digitally enabled suite of financing solutions across various industries, while DICK'S Sporting Goods, an omnichannel retailer, provides products and services to athletes and outdoor enthusiasts. The extended partnership reflects both companies' dedication to enhancing the customer experience and loyalty within the athletic community.
The information for this article is based on a press release statement.
In other recent news, Synchrony Financial (NYSE:SYF) announced the addition of Daniel Colao to its Board of Directors, expanding the board to eleven members. The company also reported strong Q2 results, with net earnings of $643 million, equivalent to $1.55 per diluted share, and a 13% rise in net revenue, reaching $3.7 billion. Additionally, Synchrony issued $750 million in senior notes due in 2030, carrying a 5.935% fixed-to-floating interest rate under an underwriting agreement with Barclays Capital Inc., BofA Securities, Inc., and Mizuho Securities USA LLC.
TD Cowen and BTIG maintained their Buy ratings on Synchrony Financial, highlighting better-than-expected trends for credit losses and solid mid-single digit year-over-year loan growth rates. The company disclosed its monthly charge-off and delinquency statistics for the period ending August 31, 2024, and plans to continue releasing these statistics monthly.
Synchrony Financial added 5.1 million new accounts and grew average active accounts by 2%, projecting fully diluted earnings per share to be between $7.60 and $7.80 for the full year. In line with its commitment to transparency, the company will continue to disclose its monthly credit performance data, providing valuable insights for investors. These are the recent developments for Synchrony Financial.
InvestingPro Insights
As Synchrony (NYSE: SYF) extends its partnership with DICK'S Sporting Goods, the financial metrics provided by InvestingPro indicate a strong financial position for the company. Synchrony is trading at a low P/E ratio of 6.75, which is further reduced to 5.95 when adjusted for the last twelve months as of Q2 2024. This suggests that the company's earnings are growing faster than its stock price, potentially offering value to investors. Additionally, Synchrony's revenue has seen a healthy growth of 14.02% over the last twelve months, reflecting a robust financial performance.
InvestingPro Tips highlight that Synchrony is trading at a low earnings multiple and has maintained dividend payments for 9 consecutive years, with a current dividend yield of 2.07%. This consistency in rewarding shareholders could be attractive to long-term investors seeking stable income. Moreover, analysts predict that Synchrony will remain profitable this year, having been profitable over the last twelve months. These factors, combined with a high return over the last year of 59.19%, paint a picture of a company that is not only financially sound but also rewarding to its shareholders.
For those interested in a deeper analysis, InvestingPro offers additional tips on Synchrony, which can provide further insights into the company's financial health and stock performance. Visit https://www.investing.com/pro/SYF to explore the full range of InvestingPro Tips and make more informed investment decisions.
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