Dick's Sporting Goods raises low end of full year outlook following Foot Locker acquisition

US sports retailer Dick's Sporting Goods today reported its financial results for the first quarter ended May 2, 2026, delivering strong comparable store sales growth and increasing the lower threshold of its annual sales guidance.

The consolidated results reflect the operation of the recently acquired Foot Locker business for the entire 13-week period, whereas the prior year quarter reflected Dick's Sporting Goods on a stand-alone basis. Net sales for the first quarter increased by 62.7 percent to 5.16 billion dollars, and the company delivered earnings per diluted share of 3.54 dollars, compared to 3.24 dollars in the first quarter of 2025. On a non-GAAP basis, earnings per diluted share were 2.90 dollars compared to 3.37 dollars in the prior year quarter, reflecting the dilutive impact of 9.6 million shares issued to complete the Foot Locker acquisition.

Elevated performance across banner segments

The core Dick's Sporting Goods segment, which management refers to as the Dick's Business, reported a 6 percent increase in comparable store sales, building upon a 4.5 percent increase in the same period last year. Growth was driven by gains in both average ticket values and transaction volumes, with broad-based demand across apparel, footwear, and hardlines.

The acquired Foot Locker Business, which encompasses the Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos banners, returned to proforma comparable sales growth of 0.6 percent during the quarter, compared to a decline of 2.9 percent in the prior year period.

"Sport is one of the hottest categories in the country today, and Dick's is leading from the front," said executive chairman Ed Stack. "With Foot Locker, our excitement and confidence continue to build as we execute our plan, and in the first quarter we saw encouraging proof points, returning the Foot Locker Business to positive comps and profitability."

Strategic store optimization and integration plans

Dick's Sporting Goods has scaled its Foot Locker Fast Break store remodel initiative to approximately 100 locations globally during the quarter, with plans to reach 250 stores by the back-to-school season. The company noted that this capital-light remodel program is generating double-digit comparable sales and merchandise margin improvements.

As part of an ongoing review of unproductive assets, the group is optimization inventory and closing underperforming retail locations. During the quarter, the Foot Locker Business closed 85 owned stores, including 62 units identified as unproductive. As of May 2, 2026, the consolidated company operated 3,115 store locations globally.

Updated annual consolidated guidance

Following the positive start to the year, Dick's Sporting Goods raised the lower limit of its full year 2026 proforma comparable store sales outlook. For the Dick's Business, full year comparable sale are now projected to increase between 2.5 percent and 4 percent, up from the previous forecast of 2 percent to 4 percent. The Foot Locker Business expectation was lifted to a range of 1.5 percent to 3 percent, compared to the 1 percent to 3 percent anticipated previously.

On a consolidated basis, full year net sales are projected to range from 22.10 billion dollars to 22.40 billion dollars. Full year non-GAAP operating income is now expected to sit between 1.71 billion dollars and 1.83 billion dollars, representing an increase from the previous guidance range of 1.68 billion dollars to 1.81 billion dollars. Non-GAAP earnings per diluted share are forecasted to remain between 13.50 dollars and 14.50 dollars.