Dick’s Sporting Goods reported fiscal second-quarter earnings results that fell short of Wall Street projections, prompting a significant decline in the company’s stock price. The shares fell 30% during trading, marking the retailer’s worst trading day since 2023.
The Dick’s banner achieved comparable sales growth of 4.9% for the quarter, driven by gains across multiple merchandise categories and strong performance related to World Cup demand. However, this strength was offset by deteriorating results at Foot Locker, which posted a 3.6% decline in comparable sales. In response to the Foot Locker underperformance, the company revised its full-year outlook for that business to a range of flat to down 2%.
For the period ended August 1, Dick’s reported net income of $315 million, or $3.50 per share on an as-reported basis, compared with $381 million, or $4.71 per share, in the prior-year period. On an adjusted basis excluding one-time items related to the Foot Locker acquisition, the company reported earnings of $3.53 per share. Net sales increased to $5.59 billion from $3.65 billion year-over-year.
The company trimmed its consolidated net sales guidance to a range of $21.9 billion to $22.2 billion, down from the previous projection of $22.1 billion to $22.4 billion. Operating income guidance was reduced to a range of $1.45 billion to $1.55 billion from a previous range of $1.69 billion to $1.81 billion. The Dick’s Business segment itself is still expected to achieve growth of 2.5% to 4% for the full year.
Chief Executive Lauren Hobart stated that while the company was adopting a more cautious approach for the remainder of the year, leadership remained confident in the Dick’s Business and the long-term potential at Foot Locker. Dick’s had acquired Foot Locker for $2.4 billion in 2025 as part of a strategy to expand internationally and strengthen its competitive position. During the quarter, the company received $59 million in tariff refunds along with $2.1 million in associated interest income.
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