PITTSBURGH (BRAIN) — Dick's Sporting Goods net sales increased 36.3% year-over-year in the third quarter while the big-box brand completed the Foot Locker acquisition and announced it will close an undisclosed number of the underperforming shoe stores.
Net sales for the quarter ending Nov. 1 was $4.17 billion, compared with $3.06 billion at the same time last year. Dick's will raise its full-year guidance for comparable sales growth to a range of 3.5% to 4.0%, an increase from 2.0% to 3.5% previously. Dick's also reported 5.7% comp sales growth.
Year-over-year net income for the quarter was down 67%, from $228 million to $75 million, and earnings per share decreased 69%, from $2.75 to $0.86.
"At Foot Locker, we've assembled a world-class management team and are taking decisive actions to 'clean out the garage' by clearing unproductive inventory, closing underperforming stores, and laying the foundation for a fresh start in 2026," said Ed Stack, executive chairman.
Dick's announced the appointment of Matthew Barnes as Foot Locker president, effective Dec. 3. Barnes will lead the business' international operations with a focus on driving growth. Barnes has nearly three decades of leadership experience from across the United Kingdom, Europe, U.S., China, and Australia.
Dick's opened 13 House of Sport locations and six Field House locations during the quarter.
Dick's Sporting Goods is traded on the New York Stock Exchange under the DKS symbol. More information: DKS stock quote at NYSE.com.
