Dick’s Sporting Goods Q1 2026: Sales Jump as Foot Locker Turnaround Takes Hold
Reporting on Dick’s Sporting Goods’ Q1 fiscal 2026 results, released May 27, 2026.
Dick’s Sporting Goods delivered a strong first quarter and offered the clearest evidence yet that its acquisition of Foot Locker is paying off. Consolidated net sales jumped roughly 60% to more than $6.2 billion as the newly acquired banner contributed for the first full quarter, while the core Dick’s business posted comparable sales and net sales growth of about 6%.
Foot Locker: First Positive Comps Since Late 2024
On the earnings call, Dick’s Executive Chairman Ed Stack said the Foot Locker turnaround is “showing green shoots,” including its first positive comparable-store sales since the end of 2024. Same-store sales at Foot Locker rose 0.6%, revenue came in around $1.8 billion, and the banner generated a small operating profit. The U.S. Foot Locker banner specifically saw a 6.4% comp increase, helped by the company’s “Fast Break” store-refresh initiative — which features an expanded apparel assortment, a tighter footwear SKU count, and improved visual merchandising. Refreshed locations posted double-digit comp gains in the quarter.
Roughly 100 Foot Locker stores have been remodeled to date, with plans to reach 250 by back-to-school. This will also be the first back-to-school season in which Dick’s controls Foot Locker’s merchandise buying.
Core Dick’s Business Holds Up Across Income Levels
CEO Lauren Hobart said the core Dick’s business delivered broad-based growth, with consumers responding to newness and innovation — and no signs of trading down. Newer brand partners like Vuori and Gymshark are resonating, and Dick’s continues to expand its experiential big-box concepts House of Sport and Field House, with around 20 House of Sport openings planned for 2026.
The company is also leaning into technology, recently launching Coach by Dick’s, a conversational AI agent inside the mobile app that delivers personalized product recommendations and training tips.
Guidance: Stronger Top Line, Trimmer Bottom Line
Dick’s raised its full-year comparable-sales outlook for both banners on the back of Q1 momentum. However, the company trimmed its consolidated full-year earnings guidance to a range of $13.27 to $14.27 per diluted share (from $13.70 to $14.70), reflecting integration costs and Foot Locker’s lower margin profile — which contributed to a roughly 402-basis-point decline in consolidated non-GAAP operating margin to 7.3%.
By segment, Dick’s now expects 2026 net sales of $14.5–$14.7 billion for its core business and $7.6–$7.7 billion for Foot Locker.
What It Means for Retail Real Estate
Dick’s continued investment in physical retail — through House of Sport, Field House, and the refresh of hundreds of Foot Locker locations — is a meaningful signal for landlords and developers in the sporting goods and athletic footwear categories. With Dick’s planning aggressive store remodels and new big-box openings, and with the Foot Locker fleet being rationalized rather than gutted, well-located retail real estate that fits these experiential formats remains in demand.
“We’re right on schedule.” — Ed Stack, Executive Chairman, Dick’s Sporting Goods, on the Foot Locker turnaround
Original WSJ coverage: Dick’s Sales Rise as Foot Locker Returns to Growth — The Wall Street Journal
Additional reporting: Retail Dive — Another strong quarter for Dick’s quells some Foot Locker fears
Curated for Schuckman Realty’s retail real estate audience.