EXEC: Dick’s Chairman Ed Stack Looks to Clean Out the “Garage of Underperforming Assets” at Foot Locker
Dick’s Sporting Goods Inc. on Thursday announced it will absorb pretax charges between $500 million and $750 million in future quarters to clear unproductive inventories and close an as-yet-undetermined number of stores at its recently-acquired Foot Locker business. On an analyst call, Ed Stack, Dick’s executive chairman, said, ”Our first priority is clear. We need to clean out the garage of underperforming assets.”
Dick’s SG Ups Guidance of Strong Q3; Will Take Hefty Charge to Rightsize Foot Locker Business
Dick’s Sporting Goods, Inc. reported same-store sales jumped a better-than-expected 5.7 percent at its Dick’s business in the third quarter, prompting the company to raise its guidance for the Dick’s business. However, the company stated it will absorb future charges of $500 million to $750 million to reduce inventory and close stores at Foot Locker, and forecast a dismal fourth quarter for the recently acquired business.
Dick’s SG Names Former Aldi Group CEO as President of Foot Locker International
Matthew Barnes will reportedly oversee the Foot Locker stores, e-commerce and digital businesses across Europe, Asia and Australia and its licensed store presence in Europe, the Middle East and Asia. Barnes will report to Ed Stack, executive chairman, Dick’s Sporting Goods, Inc.
Nike Merges Innovation, Design and Product Teams Across Brands
The new company structure “will help teams share insights, technology and methods of make throughout the innovation process, driving the creation of products that help athletes* perform at their peak,” said Nike.
Vasa Fitness Opens Eighth Location in Illinois
Vasa Fitness opened its eighth studio in Illinois and 66th nationwide. The 60,000-square-foot space in Matteson is located near Vasa Fitness Rockford, which is scheduled to open before the end of 2025.
Alo Yoga to Move to Larger Headquarters in Beverly Hills
Alo Yoga paid $90 million for La Peer Building, a vacant 82,886-square-foot property at 8942 Wilshire Boulevard in Beverly Hills, CA, that the company plans to transform into its new headquarters.
PXG Promotes from Within to Appoint COO and CIO
Parsons Xtreme Golf (PXG) promoted Brad Schweigert, most recently chief product officer, to the role of chief operating officer, and Jill Davis, the brand’s VP of information systems, to chief information officer. Schweigert joined PXG in 2013 as Chief Product Officer and a founding team member. In his expanded role, he will oversee product, operations, […]
Deloitte: Black Friday, Cyber Monday Spending to Slide 4 Percent
Industry insights from Deloitte’s 2025 Black Friday/Cyber Monday Consumer Survey found that more respondents plan to shop during the Black Friday through Cyber Monday period (November 29 to December 1) this year. The survey of 1,200 consumers was fielded between October 15 and October 23, 2025.
Reebok Inks Eyewear Licensing Deal with Brazil’s RobSol
Under the agreement, RobSol will design, manufacture and distribute Reebok sunglasses, optical frames, eyewear accessories, and swim goggles in the region, with a sport-related design ethos.
On Opens First Store in Spain
Swiss running brand On has opened its first store in Madrid, Spain, following recent global openings in Zurich, Switzerland; Seoul, South Korea; Mexico City; and Riyadh, Saudi Arabia.
Umbro Secures New Licensees Ahead of 2026 Relaunch
Umbro, the British sports equipment manufacturer specializing in soccer and rugby products, announced that it signed several new licensing partners across North America, including Isaac Morris, BBC International and Jayva Brands, as it prepares for a brand relaunch in 2026.
Topgolf Callaway Avoids Debt Downgrade Following Topgolf Sale
Moody’s Ratings confirmed Topgolf Callaway Brands Corp.’s debt ratings and changed its outlook on the company to stable from ratings under review as it expects the deal to sell a majority stake in Topgolf to Leonard Green to reduce debt levels.
Consumer Sentiment Falls Again in November
Once again, consumer sentiment fell in November compared with the preceding month amid concerns over personal finances amid higher prices, according to the University of Michigan’s monthly survey.
EXEC: Wall Street Eager to Hear Foot Locker Strategy on Dick’s SG’s Q3 Call
Dick’s Sporting Goods will log another growth quarter, outpacing the broader retail market, when it reports third-quarter results next Tuesday, November 25, but analysts will also be listening closely as the company is expected to announce further details on cost synergies, potential store closings and turnaround strategies for the recently acquired Foot Locker banners.
Vail Taps Lululemon’s Burgoyne for CRO Role; LULU Names Maestrini President & CCO
Effective January 26, Burgoyne will oversee Vail Resorts’ marketing function, lead all aspects of the guest journey and digital experience, and be directly responsible for the majority of the company’s revenue. Lululemon is consolidating all regional leadership across the company and appointing André Maestrini as president and chief commercial officer.
