Dick's Sporting Goods announced its quarterly earnings, revealing that it fell short of Wall Street expectations with an adjusted earnings per share of $3.53 compared to the anticipated $3.76. Revenue also missed estimates at $5.59 billion versus the expected $5.65 billion. The company reported a net income of $315 million, down from $381 million a year earlier.
While Dick's stores experienced a 4.9% growth in comparable sales, Foot Locker's comparable sales declined by 3.6%, prompting Dick's to revise its outlook for Foot Locker to a range of flat to down 2%.
Despite maintaining a growth forecast for its own business between 2.5% and 4%, Dick's lowered its overall net sales outlook for the year from $22.1-$22.4 billion to $21.9-$22.2 billion and adjusted its consolidated operating income outlook down to $1.45-$1.55 billion from $1.69-$1.81 billion.
CEO Lauren Hobart expressed cautious optimism about the company's long-term prospects, particularly regarding Foot Locker, which Dick's acquired for $2.4 billion in 2025 as part of a strategy to enhance its market position amid a booming sportswear sector