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- **DICK'S Business Strength**: Q3 comp +5.7% (2-year stack +10%), with House of Sport expansion and e-commerce growth >20%.
- **Foot Locker Turnaround**: $500M-$750M inventory/write-off charges expected, targeting 2026 back-to-school as inflection point.
- **Financial Impact**: FY25 DICK'S EPS guidance raised to $14.25-$14.55, despite Foot Locker Q4 operating loss.
- **Execution Confidence**: Management prioritizing inventory cleanup, store portfolio optimization, and brand partnerships.

**【Executive Chairman Opening Remarks】**
- Acquired Foot Locker in September 2025, to expand addressable market and deepen brand partnerships.
- Foot Locker Q3 pro forma comp sales declined 4.7% (North America -2.6%, International -10.2%) due to inventory misalignment and store underperformance.
- Priorities: Clean out $500M-$750M of unproductive inventory, close underperforming stores, and refresh assortment for 2026 back-to-school.
- Target: Foot Locker to be EPS accretive in FY26, excluding one-time costs.

**【CEO (Lauren Hobart) Business Update】**
- DICK'S business Q3 comp +5.7% (2-year stack +10%), driven by omnichannel athlete experience and House of Sport expansion.
- Raised FY25 guidance: Comp sales 3.5%-4%, EPS $14.25-$14.55.
- Key initiatives: 16 new House of Sport locations, e-commerce growth >20%, and trading cards/collateral expansion.

**【CFO (Navdeep Gupta) Financial Review】**
- Consolidated Q3 net sales $4.17B (+36.3%), driven by DICK'S +5.7% comp and partial Foot Locker contribution.
- DICK'S gross margin +27bps, operating margin 8.92% (vs. 9.47% prior year due to Foot Locker mix).
- Q4 expectations: Foot Locker operating loss ~$0M, DICK'S comp flat to +low single digits.
- FY25 DICK'S capex $1B, excluding Foot Locker costs.

**【Q&A Highlights】**
- Inventory cleanup: Q4 gross margin down 1,000-1,500bps for Foot Locker, with >$500M write-offs.
- Store closures: Underperforming stores to be identified by Q4, with no specific count yet.
- Brand alignment: Key vendors committed to supporting Foot Locker turnaround.
- DICK'S resilience: Q4 guidance reflects cautious holiday outlook despite strong Q3 momentum.


DICK'S Sporting Goods, Inc. (DKS) Q3 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DKS

DKS fundamentals

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