DICK'S SPORTING GOODS (DKS) Company Report

DICK'S Sporting Goods has undergone a significant business transformation since 2016-2017, elevating its products, merchandising, marketing, distribution, and e-commerce, with a focus on the House of Sport concept.
The company has opened 35 House of Sport stores since 2022, with plans to open approximately 15 more next year, noting their high productivity and ability to access iconic real estate.
The recent acquisition of Foot Locker is viewed as a strategic move to strengthen the footwear business and gain global access, with management focusing on "Retail 101" principles to drive a turnaround, aiming for a fresh start in 2026. The company is taking significant markdowns in Q4 for Foot Locker, expecting 1,000-1,500 basis points below last year's margin rates, to clear old inventory.
GameChanger, a SaaS platform, generated $100 million in revenue last year from its 9 million unique users and is expected to grow 30%-40%, expanding into new sports like basketball, volleyball, and flag football.
For Q4, DICK'S Sporting Goods has raised its comp sales and margin expectations, anticipating continued margin expansion year-over-year, driven by investments and broad-based growth across categories.

2 days ago

Transcript

DICK'S Sporting Goods Highlights Transformation, Foot Locker Strategy, and Growth at Morgan Stanley Conference

DKS

New Projects/Investments

M&A

Guidance Update

DICK'S Sporting Goods has undergone a significant business transformation, with the House of Sport concept being a key driver of growth and productivity. The company currently operates 35 House of Sport stores and plans to open approximately 15 more next year.
The recent acquisition of Foot Locker is central to DICK'S's strategy to expand its footwear business and global reach. A turnaround is underway, with Q4 expected to see 1,000-1,500 basis points below last year's margin rates and mid-single to high-single digit comparable sales declines for Foot Locker, aiming for a fresh start in 2026.
DICK'S Sporting Goods has demonstrated strong performance, with seven consecutive quarters of comparable store sales growth over 4%, including 5.7% in Q3. The company raised its Q4 guidance, anticipating expanded margins year-over-year for both Q4 and the full year.
The GameChanger platform is a unique and growing asset, boasting 9 million unique users and generating $100 million in revenue last year, with an expected growth rate of 30-40%. This platform, along with the DICK'S Media Network, is anticipated to drive future margin expansion.

2 days ago

Transcript

DICK'S Sporting Goods Discusses Business Transformation, Foot Locker Turnaround, and Growth Initiatives

DKS

M&A

New Projects/Investments

Guidance Update

DICK'S Sporting Goods has undergone a significant business transformation since 2016-2017, with a key component being the House of Sport concept, which currently has 35 locations and plans to open approximately 15 more next year. These stores are described as "extremely productive" and have provided access to iconic real estate.
The company recently acquired Foot Locker, with a strategic rationale to deepen involvement with key brands, gain a global footprint, and access a more urban consumer. A turnaround plan for Foot Locker is underway, involving a Q4 2025 inventory clean-out expected to result in 1,000-1,500 basis points lower margin rates compared to last year, aiming for a fresh start in 2026.
The GameChanger youth sports platform has nine million users and generated $100 million in revenue last year, with an expected 30%-40% growth driven by expansion into new sports. This platform is considered a "very profitable" SaaS business and a unique asset for a media network.
DICK'S has achieved seven consecutive quarters of over 4% comparable sales growth, including 5.7% in Q3 2025, and has raised its Q4 2025 guidance, expecting expanded margins year-over-year in Q4 and for the full year.

2 days ago

Transcript

DICK'S Sporting Goods Reports Strong Q3 2025 Results for Core Business, Raises Full-Year Outlook, and Details Foot Locker Integration Challenges

DKS

Earnings

Guidance Update

M&A

DICK'S Sporting Goods (DKS) reported strong Q3 2025 results for its core business, with comparable sales increasing 5.7% and non-GAAP EPS of $2.78.
The company raised its full-year 2025 outlook for the DKS business, now expecting comparable sales growth of 3.5%-4% and non-GAAP EPS in the range of $14.25-$14.55.
The Foot Locker acquisition, which closed on September 8th, contributed approximately $931 million in sales in Q3 2025 but resulted in a $46.3 million operating loss for the partial quarter.
DKS anticipates significant actions to optimize Foot Locker's inventory and store portfolio, expecting Q4 2025 gross margins for Foot Locker to be down 1,000-1,500 basis points and future pre-tax charges of $500 million to $750 million.
Despite these near-term challenges, the Foot Locker acquisition is expected to be accretive to EPS in fiscal 2026, excluding one-time costs.

Nov 25, 2025, 1:00 PM

Transcript

DICK'S Sporting Goods Reports Q3 2026 Results, Raises Full-Year Outlook for Core Business, and Details Foot Locker Turnaround Plan

DKS

Earnings

Guidance Update

M&A

DICK'S Sporting Goods reported strong Q3 2026 results for its core business, with comparable store sales increasing 5.7%. The company raised its full-year 2025 outlook for the DICK'S business, now expecting comp sales growth of 3.5%-4% and non-GAAP EPS in the range of $14.25-$14.55.
The acquisition of Foot Locker closed on September 8, 2025, contributing approximately $931 million in sales to consolidated net sales of $4.17 billion for Q3 2026. However, the Foot Locker business recorded a $46.3 million operating loss for the partial quarter, and its proforma comparable sales declined 4.7% for the full Q3.
Management is implementing a turnaround strategy for Foot Locker, including "cleaning out the garage" of unproductive inventory and assets, which is expected to result in future pre-tax charges of $500 million-$750 million.
Despite initial challenges, the company remains confident that the Foot Locker acquisition will be accretive to EPS in fiscal 2026, excluding one-time costs, and anticipates achieving $100 million-$125 million in cost synergies over the medium term.
For Q4 2025, the Foot Locker business is expected to experience significant gross margin declines of 1,000-1,500 basis points and proforma comparable sales decreases of mid to high single digits, with operating income projected to be slightly negative (excluding one-time costs).

Nov 25, 2025, 1:00 PM

Transcript

DICK'S Sporting Goods Reports Strong Q3 2026 Results for Core Business, Details Foot Locker Acquisition Impact and Outlook

DKS

Earnings

Guidance Update

M&A

DICK'S Sporting Goods (DKS) reported strong Q3 2026 comparable sales growth of 5.7% for its core business, leading to an increased full-year 2025 outlook for the DKS business with total sales expected between $13.95 billion and $14 billion and EPS between $14.25 and $14.55.
The acquisition of Foot Locker closed on September 8th, contributing approximately $931 million to consolidated net sales of $4.17 billion for Q3 2026.
For the partial Q3 2026, the Foot Locker business recorded an operating loss of $46.3 million and a proforma comparable sales decline of 4.7% for the full third quarter.
DKS anticipates future pre-tax charges of $500 million to $750 million for Foot Locker's unproductive assets and integration, expecting Q4 gross margins for Foot Locker to be down 1,000-1,500 basis points due to inventory optimization.
Management expects the Foot Locker acquisition to be accretive to EPS in fiscal 2026, excluding one-time costs, and projects $100-$125 million in cost synergies over the medium term.

Nov 25, 2025, 1:00 PM

Transcript

DICK'S Sporting Goods Reports Q3 2026 Results, Raises 2025 Outlook, and Appoints Foot Locker International President

DKS

Earnings

Guidance Update

M&A

DICK'S Sporting Goods reported Q3 2026 consolidated GAAP diluted earnings per share of $0.86 and non-GAAP diluted earnings per share of $2.07 for the 13 weeks ended November 1, 2025.
The company's DICK'S Business delivered 5.7% comparable sales growth for Q3 2026 and raised its full-year 2025 guidance for comparable sales growth to a range of 3.5% to 4.0% and diluted EPS to $14.25 to $14.55.
Following the acquisition of Foot Locker in September 2025, Matthew Barnes was appointed President of Foot Locker International, effective December 3, 2025.
The Foot Locker acquisition is expected to result in future pre-tax charges of $500 to $750 million, and the Q4 2025 outlook for the Foot Locker Business anticipates a 1,000 to 1,500 basis point decrease in gross margin and mid- to high-single digit pro-forma comparable sales decline.
A quarterly dividend of $1.2125 per share was authorized and declared on November 24, 2025, payable on December 26, 2025.

Nov 25, 2025, 12:03 PM

8-K

DICK'S Sporting Goods Reports Q3 Results, Raises FY25 Outlook, and Details Foot Locker Acquisition

DKS

Earnings

Guidance Update

M&A

DICK'S Sporting Goods reported 5.7% comparable sales growth for its DICK'S Business for the third quarter ended November 1, 2025.
The company raised its full-year 2025 guidance for the DICK'S Business, with comparable sales growth now expected to be in the range of 3.5% to 4.0% (up from 2.0% to 3.5%) and earnings per diluted share projected between $14.25 and $14.55 (up from $13.90 to $14.50).
The acquisition of Foot Locker was completed for $2.5 billion, with expected future pre-tax charges of $500 to $750 million related to asset review, merger, and integration costs. The Foot Locker Business is anticipated to have Q4 2025 gross margin down 1,000 to 1,500 basis points and pro-forma comparable sales down mid- to high-single digits.

Nov 25, 2025, 12:00 PM

Press Release

DICK'S Sporting Goods Completes Foot Locker Notes Exchange Offer

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M&A

Debt Issuance

DICK'S Sporting Goods, Inc. completed an Exchange Offer on September 11, 2025, for Foot Locker, Inc.'s 4.000% Senior Notes due 2029, accepting $381,932,000 in aggregate principal amount.
In connection with this, DICK'S issued $381,932,000 aggregate principal amount of new 4.000% Senior Notes due 2029 on the same date.
The newly issued DICK'S Notes are unsecured, unsubordinated obligations with an interest rate of 4.000% per annum and a maturity date of October 1, 2029.
This Exchange Offer was part of the process related to DICK'S acquisition of Foot Locker, Inc..

Sep 11, 2025, 8:49 PM

8-K

DICK'S Sporting Goods Reports Strong Q2 2026 Results and Raises Full-Year 2025 Outlook

DKS

Earnings

Guidance Update

M&A

DICK'S Sporting Goods delivered strong Q2 2026 results, with comparable store sales increasing 5% and consolidated sales reaching $3.65 billion, a 5% increase. Non-GAAP EPS for the quarter was $4.38, and gross margin expanded over 30 basis points.
The company raised its full-year 2025 outlook, now expecting comparable sales growth in the range of 2% to 3.5% (up from 1% to 3%) and non-GAAP EPS between $13.9 and $14.5 (up from $13.8 to $14.4).
The pending acquisition of Foot Locker is anticipated to close on September 8, having received all regulatory and shareholder approvals. DICK'S Sporting Goods expects $100 million to $125 million in synergies from the acquisition and believes it will be accretive.
Strategic investments continue, with plans to open approximately 16 House of Sport locations and 15 Fieldhouse locations in 2025. The Game Changer business reported 7.4 million unique active users in Q2 and is on track for almost 50% revenue growth.

Aug 28, 2025, 10:30 PM

Earnings Transcripts

Quarterly earnings call transcripts for DICK'S SPORTING GOODS.

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