CORAOPOLIS, Pa. — Dick's Sporting Goods Inc. today reported fiscal first-quarter earnings of $319.8 million, short of analysts’ expectations, and issued a mixed guidance that reflects ongoing expenses, including costs associated with a turnaround at the Foot Locker franchise that Dick’s acquired last year.
Dick’s reported revenue of $5.16 billion in the quarter, up from $3.17 billion last year, before the Foot Locker deal closed. Foot Locker contributed nearly $1.8 billion in sales in the three months to May 2.
The specialty retailer raised the low end of expectations for full-year comparable-store sales at both the Dick’s and Foot Locker locations but lowered its range for earnings, to between $13.27 and $14.27 a share from a prior range of $13.50 to $14.70 per share.
"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,” Lauren Hobart, president and chief executive officer at Dick’s, said in a press release. “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."
Comps at Foot Locker locations in the United States increased 0.6% in the first quarter, following a 2.6% decline in the year-earlier period.
Dick’s reported that it incurred $96.5 million in charges in the quarter related to the Foot Locker acquisition. That includes $53.8 million for merger-and- acquisition costs including severance and store closings, and $42.7 million related to inventory.
A recent report from Placer.ai, which uses location analytics to track foot traffic, found that visits to Dick's stores declined 3.1% in the first quarter. The firm noted that this year's period had one less Saturday than the comparable period a year ago.
