Company Reports

Sporting goods are sold through many channels, but we believe Dick’s Sporting Goods has earned a competitive edge based on its brand intangible assets. Supporting brand loyalty, we think consumers are drawn to a vast, on-trend product assortment and a differentiated in-store experience and service model. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.

Dick's Sporting Goods' second-quarter comparable sales rose 4.9% at its namesake store (69% of sales) but slid 3.6% at Foot Locker (31%). With a loss from Foot Locker, non-GAAP operating margin fell to 7.9% from 12.4%. Non-GAAP 2026 EPS guidance was cut to $11-$12 from $13.50-$14.50 prior.

Although sporting goods are sold through many channels, we believe that Dick’s Sporting Goods has earned a competitive edge based on its brand intangible assets. Supporting brand loyalty, we believe consumers are drawn to a vast, on-trend product assortment and a differentiated in-store experience and service model. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.

Dick's Sporting Goods had same-store sales growth of 6% and 0.6% for its namesake and Foot Locker businesses, respectively, in the first quarter. Its non-GAAP operating margin and EPS declined to 7.3% from 11.4% and to $2.90 from $3.37, respectively, with the addition of lower-margin Foot Locker.

We assign a narrow moat rating to Dick’s Sporting Goods. Although sporting goods are sold through many channels, we believe that Dick’s has earned a competitive edge based on its brand intangible assets. Supporting brand loyalty, we believe consumers are drawn to a vast, on-trend product assortment and a differentiated in-store experience and service model. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.

Dick's Sporting Goods delivered 3.1% comparable sales growth (excluding Foot Locker) and 60% total sales growth in 2025's fourth quarter. Its non-GAAP operating margin and earnings per share of 7% and $3.45, respectively, declined from 10.1% and $3.62 on a loss from its Foot Locker segment.

We assign a narrow moat rating to Dick’s Sporting Goods. Although sporting goods are sold through many channels, we believe that Dick’s has earned a competitive edge based on its brand intangible assets. Supporting brand loyalty, we believe consumers are drawn to a vast, on-trend product assortment and a differentiated in-store experience and service model. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.

Dick's Sporting Goods posted a 5.8% operating margin and $2.07 in adjusted earnings per share in the third quarter, including Foot Locker, which was acquired Sept. 8. However, the legacy operations posted 5.7% comparable sales growth, an 8.9% adjusted operating margin, and $2.78 in adjusted EPS.

We assign a narrow moat rating to Dick’s Sporting Goods. Although sporting goods are sold through many channels, we believe that Dick’s has earned a competitive edge based on a brand intangible asset. Supporting brand loyalty, we believe consumers are drawn to a vast, on-trend product assortment and differentiated in-store experience and service model. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.

Dick's Sporting Goods had 5% second-quarter comparable sales growth. Its adjusted operating margin of 13% was down from 13.8% last year on prudent higher digital, store, and marketing investments, and adjusted EPS was $4.38 (up $0.01). The Foot Locker deal should close on Sept. 8.

We assign a narrow moat rating to Dick’s Sporting Goods. Although sporting goods are sold through many channels, we believe that Dick’s has earned a competitive edge based on a brand intangible asset. Supporting brand loyalty, we believe consumers are drawn to a vast, on-trend product assortment and differentiated in-store experience and service model. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.

Overcoming a tough sportswear market, Dick's Sporting Goods achieved 4.5% comparable sales growth, an 11.4% adjusted operating margin, and $3.37 in adjusted EPS in the first quarter. It released preliminary results in conjunction with its Foot Locker acquisition announcement of May 15.

Dick's Sporting Goods will buy rival athletic apparel and footwear retailer Foot Locker for $2.4 billion in equity value, paid in cash or stock. Separately, Dick's revealed solid preliminary first-quarter results of 4.5% comparable sales growth and $3.37 in adjusted earnings per share.

We assign a narrow moat rating to Dick’s Sporting Goods. Although sporting goods are sold through many channels, we believe that Dick’s has earned a competitive edge based on a brand intangible asset. The retailer is a key destination for consumers and athletic apparel and equipment vendors, standing resilient while many peers have shuttered. Supporting brand loyalty, we believe consumers are drawn to a vast, on-trend product assortment and differentiated in-store experience and service model. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.

We don't expect a material change to our $155 per share fair value estimate for narrow-moat Dick's Sporting Goods, as strong fiscal 2024 fourth-quarter results offset a weaker profit outlook when plans to invest in store remodels and technology collide with an uncertain economic environment. We believe Dick's investments in its vast store base and differentiated in-store experience strengthens its role as a key vendor partner, helping brands reach consumers with on-trend products. Still, we think shares are overvalued, despite a mid-single-digit percentage decline in price on March 11.

We recently upgraded our moat rating for Dick’s Sporting Goods to narrow from none. Although sporting goods are sold through many channels, we believe that Dick’s has earned a competitive edge based on a brand intangible asset. The retailer is a key destination for consumers and athletic apparel and equipment vendors, standing resilient while many peers have shuttered. We believe consumers are drawn to its vast, on-trend product assortment and differentiated in-store experience and service model, which fosters brand loyalty. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.

We don’t anticipate making a material change to our $155 per share fair value estimate for narrow-moat Dick’s Sporting Goods following its third-quarter results, which featured stronger-than-expected same-store sales growth but slightly underperforming profitability. While we acknowledge the retailer’s strong market position and appeal to both consumers and vendors, we believe the shares remain overpriced.

We have upgraded our moat rating for Dick’s Sporting Goods to narrow from no moat. Although sporting goods are sold through many channels, we believe that Dick’s has earned a competitive edge based on a brand intangible asset. The retailer is a key destination for consumers and athletic apparel and equipment vendors, standing resilient while many peers have shuttered. We believe consumers are drawn to its vast, on-trend product assortment and differentiated in-store experience and service model, which fosters brand loyalty. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.

We are changing our moat rating for Dick’s Sporting Goods to narrow moat from our prior no moat rating based on a brand intangible asset. Although sporting goods are sold through many channels, we believe that the firm has built a competitive advantage. The retailer is a key destination for consumers and athletic apparel and equipment vendors, standing resilient while many peers have shuttered. We believe consumers are drawn to its vast, on-trend product assortment and differentiated in-store experience and service model, which fosters brand loyalty. Meanwhile, vendors see Dick’s as a reliable partner for reaching and engaging with consumers, leveraging the firm’s store-within-a-store model to showcase a wide range of products, including exclusives.

Dick’s Sporting Goods continues to shine in a tough sportswear market, posting second-quarter results above our expectations. The firm’s 4.5% same-store sales growth outperformed our 3.5% estimate and the results of most retail peers. Although we rate Dick’s as a no-moat company due to the competitiveness of the sporting goods retail market, we believe its core strategies, including merchandising upgrades, House of Sport, loyalty program, and store remodels, are succeeding.