Dick’s Sporting Goods reported second-quarter results that fell short of Wall Street expectations, prompting a significant stock decline. The company’s shares dropped 30% during trading, marking the steepest single-day loss since 2023.
The retailer’s core Dick’s stores division showed strength during the quarter ended August 1, posting comparable sales growth of 4.9% fueled by broad-based category gains and strong World Cup-related sales. However, the Foot Locker subsidiary, which Dick’s acquired for $2.4 billion in 2025, delivered disappointing results with comparable sales declining 3.6% for the period.
In response to the weaker-than-expected performance, Dick’s revised its outlook for the remainder of the year. The company adjusted its full-year net sales projection downward to a range of $21.9 billion to $22.2 billion from the prior guidance of $22.1 billion to $22.4 billion. It also reduced its consolidated operating income outlook to $1.45 billion to $1.55 billion from a previous range of $1.69 billion to $1.81 billion. Management maintained expectations for the Dick’s business to grow between 2.5% and 4%, but now projects Foot Locker comparable sales to be flat to down 2% for the full year.
For the quarter, the company reported net income of $315 million, or $3.50 per share, compared to $381 million, or $4.71 per share, in the year-ago period. On an adjusted basis excluding one-time items, earnings reached $3.53 per share. Net sales grew to $5.59 billion from $3.65 billion year-over-year. The results also included $59 million in tariff refunds and $2.1 million in related interest income during the quarter.
Chief Executive Officer Lauren Hobart stated that while the company was adopting a more conservative stance for the remainder of the year, management remained confident in Dick’s core business strength and the long-term potential at Foot Locker.
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