– Foot Locker Business Returns to Comp Sales Growth and Profitability (A) (B),
– Raises Low End of 2026 Comp Sales Outlook for Both the DICK'S and Foot Locker Businesses (A) (B) ,
Delivered earnings per diluted share of $3.54 and non-GAAP earnings per diluted share of $2.90 (C) compared to earnings per diluted share of $3.24 and non-GAAP earnings per diluted share of $3.37 in the prior year quarter; Current year results include the dilutive impact of the 9.6 million shares issued in connection with the Foot Locker acquisition
Scaled the Foot Locker Business's Fast Break initiative to approximately 100 stores globally during the first quarter and remain on track to reach approximately 250 stores by back to school
Raises low end of full year 2026 guidance for comparable sales growth for both the DICK'S and Foot Locker Businesses:
DICK'S Business now 2.5% to 4.0%, up from 2.0% to 4.0% previously
Foot Locker Business (B) now 1.5% to 3.0%, up from 1.0% to 3.0% previously
Updates full year 2026 consolidated operating income guidance to a range of $1.69 to 1.81 billion, compared to $1.71 to 1.83 billion previously; Raises full year 2026 consolidated non-GAAP operating income guidance to a range of $1.71 to 1.83 billion, up from $1.68 to 1.81 billion previously
Updates full year 2026 consolidated earnings per diluted share guidance to a range of $13.27 to 14.27, compared to $13.70 to 14.70 previously; Continues to expect full year 2026 non-GAAP earnings per diluted share to be in the range of $13.50 to 14.50
"Sport is one of the hottest categories in the country today, and DICK'S is leading from the front. We're investing from a position of strength and playing offense for the long term, widening the gap between us and the rest of the industry. Our leadership showed up clearly in our DICK'S Business results this quarter, with 6% comp growth. With Foot Locker, our excitement and confidence continue to build as we execute our plan, and in Q1 we saw encouraging proof points, returning the Foot Locker Business to positive comps and profitability. Our Fast Break initiative, our capital light store remodel program, is delivering exceptional results, with double-digit comps and merchandise margin improvement as we rapidly scale toward approximately 250 stores by back to school. Based on this early progress, we are raising the low end of our full-year comp sales expectation for the Foot Locker Business."
Ed Stack, Executive Chairman
"We're very proud of our company's Q1 results. Sport is driving sustained energy and engagement across the consumer landscape, and our team turned that athlete demand into another very strong quarter of execution. In Q1, we delivered comp sales growth of 6% in the DICK'S Business, with growth in average ticket and transactions, and broad-based strength across footwear, apparel, and hardlines. These strong comps were on top of a 4.5% increase last year and a 5.3% increase in 2024, as we continued to gain market share. Given our continued confidence in the DICK'S Business, we are raising our full-year expectations for comp sales growth and profitability."
Lauren Hobart, President and Chief Executive Officer
PITTSBURGH, May 27, 2026 /PRNewswire/ -- DICK'S Sporting Goods, Inc. (NYSE:DKS), a leading global sports retailer, today reported sales and earnings results for the first quarter ended May 2, 2026.
(A)
Results described by management for the "DICK'S Business" represent the existing DICK'S Sporting Goods operations, which includes the DICK'S Sporting Goods, Golf Galaxy, Going Going Gone! and Public Lands banners, as well as GameChanger. The results for the "Foot Locker Business" refer to our acquired operations, including the Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos banners. Profitability for the DICK'S and Foot Locker Businesses represents segment profit, or operating income for a respective segment.
(B)
Comparable sales for the Foot Locker Business are represented on a proforma basis and are calculated as if Foot Locker had been acquired at the beginning of the periods presented. Foot Locker will not be included in quarterly comparable sales until the fourth quarter of fiscal 2026 and full year comparable sales in fiscal 2027.
(C)
For additional information, see the section of this release titled "Non-GAAP Financial Measures" and GAAP to non-GAAP reconciliations included in tables later in this release under the heading "GAAP to Non-GAAP Reconciliations."
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED
Information below represents consolidated supplemental financial results for the 13 weeks ended May 2, 2026, which includes the DICK'S and Foot Locker Businesses. Prior period results reflect the DICK'S Business on a stand-alone basis.
First Quarter Consolidated Operating Results
(in millions, except percentage and per share data)
13 Weeks Ended
Change (9)
May 2, 2026
May 3, 2025
GAAP
Net sales
$
5,165
$
3,175
$
1,990
62.7 %
Operating income (% of net sales) (1)
8.7 %
11.5 %
(281) bps
Effective tax rate
28.3 %
24.0 %
434 bps
Net income
$
320
$
264
$
56
21 %
Weighted average diluted shares outstanding (2)
90
81
9
11 %
Earnings per diluted share (2)
$
3.54
$
3.24
$
0.30
9 %
Non-GAAP (3)
Operating income (% of net sales) (1)
7.3 %
11.4 %
(402) bps
Effective tax rate
28.8 %
24.1 %
475 bps
Net income
$
262
$
275
$
(12)
(5) %
Earnings per diluted share (2)
$
2.90
$
3.37
$
(0.47)
(14) %
Balance Sheet
(in millions)
As of
May 2, 2026
As of
May 3, 2025
$
Change (9)
%
Change (9)
Cash and cash equivalents
$
998
$
1,036
$
(38)
(4) %
Inventories, net (4)
$
5,419
$
3,569
$
1,850
52 %
Long-term debt and financing lease obligations (5)
$
1,906
$
1,484
$
421
28 %
Capital Allocation
(in millions)
13 Weeks Ended
$
Change (9)
%
Change (9)
May 2, 2026
May 3, 2025
Share repurchases (6)
$
141
$
299
$
(157)
(53) %
Dividends paid (7)
$
114
$
100
$
14
14 %
Gross capital expenditures (8)
$
361
$
265
$
96
36 %
Net capital expenditures (3) (8)
$
289
$
242
$
47
19 %
Notes
(1)
Also referred to by management as operating margin.
(2)
Current year weighted average diluted shares outstanding and earnings per diluted share include the dilutive effect of the 9.6 million shares issued in connection with the Foot Locker acquisition.
(3)
For additional information, see the section of this release titled "Non-GAAP Financial Measures" and GAAP to non-GAAP reconciliations included in tables later in this release under the heading "GAAP to Non-GAAP Reconciliations."
(4)
Inventories, net as of May 2, 2026 includes $3.7 billion for the DICK'S Business and $1.7 billion for the Foot Locker Business. Inventory increased 3% for the DICK'S Business as compared to May 3, 2025.
(5)
Current year balance includes $385.5 million of carrying value for senior notes due 2029 and $34.9 million for the long-term portion of financing lease obligations acquired in connection with the Foot Locker acquisition. The Company had no outstanding borrowings under its revolving credit facility in 2026 and 2025.
(6)
During the 13 weeks ended May 2, 2026, the Company repurchased 0.7 million shares of its common stock under its previously announced share repurchase program at an average price of $196.38 per share, for a total cost of $141.2 million, and has $3.0 billion remaining under existing share repurchase authorizations as of May 2, 2026. The Company also paid $5 million during fiscal 2025 for shares repurchased during fiscal 2024.
(7)
The Company declared and paid quarterly dividends of $1.25 per share in fiscal 2026 and $1.2125 per share in fiscal 2025.
(8)
During the 13 weeks ended May 2, 2026, gross and net capital expenditures totaled $294.9 million and $224.3 million, respectively, for the DICK'S Business and $65.9 million and $64.7 million, respectively, for the Foot Locker Business.
(9)
Column may not recalculate due to rounding.
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION - UNAUDITED (Continued)
Information below represents supplemental financial results for the DICK'S and Foot Locker Businesses for the periods presented. Prior period results reflect the DICK'S Business on a stand-alone basis, with the exception of proforma comparable sales information. Refer to Proforma Comparable Sales section for additional information.
13 Weeks Ended
(in thousands)
May 2, 2026
May 3, 2025
Net sales
DICK'S Sporting Goods
$ 3,377,440
$ 3,174,677
Foot Locker
1,787,064
—
Total net sales
$ 5,164,504
$ 3,174,677
Gross profit
DICK'S Sporting Goods
$ 1,227,321
$ 1,165,086
Foot Locker
498,666
—
Corporate and other expenses (1)
(42,725)
—
Total gross profit
$ 1,683,262
$ 1,165,086
Segment profit
DICK'S Sporting Goods
$ 360,975
$ 360,408
Foot Locker
17,462
—
Reconciliation to pre-tax income
Corporate and other income (2)
(72,213)
(5,708)
Interest expense
17,541
12,138
Other (income) expense
(13,166)
6,256
Pre-tax income
$ 446,275
$ 347,722
Proforma
Comparable Sales
13 Weeks Ended
May 2, 2026
May 3, 2025
DICK'S Sporting Goods
6.0 %
4.5 %
Proforma Foot Locker (3) (4)
0.6 %
(2.9) %
Proforma consolidated comparable sales (3)
4.1 %
1.7 %
(1)
Corporate and other expenses within gross profit represent charges to write down and liquidate inventory from the Company's review of the Foot Locker Business.
(2)
Corporate and other income includes income for litigation and other settlements and changes in the fair value of employee deferred compensation plan investments held in rabbi trusts, partially offset by Foot Locker acquisition-related costs.
(3)
Proforma comparable sales are calculated as if Foot Locker had been acquired at the beginning of the periods presented. Sales have been adjusted to conform to the Company's method of reporting comparable sales. Comparable sales are calculated on a constant currency basis, which translates the current year's results using the prior year periods' exchange rates.
(4)
Includes Foot Locker International proforma comparable sales decreases of (1.7%) and (8.9%) for the 13 weeks ended May 2, 2026 and May 3, 2025, respectively, which represents operations of the Foot Locker Business in Europe and Asia Pacific.
Full Year 2026 Outlook
The Company's Full Year Outlook for 2026 is presented below.
Consolidated Outlook
Metric
Consolidated Full Year 2026 Outlook
Net sales
$22.1 billion to 22.4 billion
Operating income
$1.69 billion to 1.81 billion
$1.71 billion to 1.83 billion on a non-GAAP basis (1)
Earnings per diluted share
$13.27 to 14.27
Based on approximately 90.5 million diluted shares outstanding, which includes the dilutive impact of the 9.6 million shares issued in connection with the Foot Locker acquisition
Based on an effective tax rate of approximately 27% (2)
$13.50 to 14.50 on a non-GAAP basis (1)
Capital expenditures
Approximately $1.6 billion on a gross basis
Approximately $1.4 billion on a net basis
(1)
Refer to the section of this release titled "Non-GAAP Financial Measures" and GAAP to non-GAAP reconciliations included in tables later in this release under the heading "GAAP to Non-GAAP Reconciliations."
(2)
Effective tax rate includes the unfavorable mix of our earnings in foreign jurisdictions and the effect of purchase accounting adjustments, particularly in Europe, where losses do not currently generate a tax benefit due to valuation allowances.
Segment Outlook
The Company is providing the following segment outlook for the DICK'S and Foot Locker Businesses to provide visibility into segment-level performance that is included in the consolidated outlook above. The information below does not include corporate and other activities, which for fiscal 2026, primarily include income received as part of litigation and other settlements, partially offset by Foot Locker acquisition-related costs.
Metric
Full Year 2026 Outlook
DICK'S Business
Foot Locker Business
Net sales
$14.5 billion to 14.7 billion
$7.6 billion to 7.7 billion
Comparable sales (1)
Positive 2.5% to positive 4.0%
Positive 1.5% to positive 3.0% (1)
Segment profit (2)
$1.60 billion to 1.68 billion
$110 million to 150 million
Segment profit (2)
(% of net sales)
11.0% to 11.4%
1.4% to 1.9%
Capital expenditures
Approximately $1.2 billion on a gross basis
Approximately $1.0 billion on a net basis
Approximately $0.4 billion on a gross basis
Approximately $0.4 billion on a net basis
(1)
Comparable sales outlook for the Foot Locker Business is on a proforma basis, as Foot Locker will be included in the quarterly comparable store calculation beginning in the fourth quarter of fiscal 2026, which is when these stores will commence their 14th full month of operations following the date of acquisition.
(2)
Segment profit represents operating income for a respective segment. Corporate and other activities, which represent costs or income not specifically related to the recurring operations of our segments, are not included in these results as they are not used by the Company to evaluate segment performance.
Store Count and Square Footage
As of May 2, 2026, the Company operated 3,115 store locations across the DICK'S and Foot Locker Businesses. The following tables summarize store activity for fiscal 2026:
DICK'S Business
Beginning
Stores
New
Stores
Closed
Stores
Relocated /
Converted (6)
Ending
Stores
Gross
Square Footage (7)
(in millions)
Beginning
Ending
DICK'S
644
—
(2)
(2)
640
34.4
34.2
DICK'S Field House
42
1
—
1
44
2.4
2.5
