Dick’s Sporting Goods Inc. reported same-store sales at the legacy Dick’s business grew a better-than-expected 6 percent in the first quarter while the Foot Locker segment returned to positive comps and profitability. Earnings was slightly above analyst targets although guidance was mixed.

The retailer raised the low end of its 2026 comp sales outlook for both the Dick’s and Foot Locker businesses. On a non-GAAP or adjusted basis, Dick’s raised its 2026 outlook for operating income but kept it the same for net earnings. On a GAAP basis, earnings guidance was lowered for the year.

Earnings on a non-GAAP basis were $2.90 in the quarter compared to the analysts’ consensus estimate of $2.89. Sales of $5.17 billion topped the average analyst estimate of $5.04 billion.

Highlights for the Quarter

  • Delivered earnings per diluted share of $3.54 and non-GAAP earnings per diluted share of $2.90 compared to earnings per diluted share of $3.24 and non-GAAP Delivered earnings per diluted share of $3.54 and non-GAAP earnings per diluted share of $2.90 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 remains on track to reach approximately 250 stores by back to school
  • Raises the 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 percent to 4.0 percent, up from 2.0 percent to 4.0 percent previously
    • Foot Locker Business now 1.5 percent to 3.0 percent, up from 1.0 percent to 3.0 percent 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.

Management Commentary
Ed Stack, executive chairman, said, “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 was clearly evident in our Dick’s Business results this quarter, with 6 percent 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.”

Lauren Hobart, president and chief executive officer, said, “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 percent in the Dick’s Business, driven by higher average ticket and transactions and broad-based strength across footwear, apparel, and hardlines. These strong comps were on top of a 4.5 percent increase last year and a 5.3 percent 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.”

First-Quarter Results

First-Quarter Breakout of Dick’s and Foot Locker Businesses
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 pro-forma comparable sales information.

Full Year 2026 Outlook

Segment Outlook
Dick’s said it’s 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.

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:

Image courtesy Dick’s Sporting Goods