Dick's Sporting Goods 1Q Comp Strength and Foot Locker Update

Dick's reported strong 1Q SSS growth of 6% and a return to growth at Foot Locker, prompting GS to reiterate its Buy rating despite a slight EPS miss driven by taxes.

Key Takeaways

• 1.Dick's and Foot Locker both delivered positive comparable store sales (SSS) in 1Q, with Foot Locker returning to growth (+0.6%) for the first time since 4Q24.
• 2.Management raised full-year guidance for the Dick's business and Foot Locker comps, though EPS guidance was reiterated due to a higher expected tax rate.
• 3.The 'Fast Break' store initiative at Foot Locker is showing strong early results with double-digit comparable growth in 1Q.

Table of Contents

• Key takeaways
• 1Q26 recap
• Updating estimates
• Valuation & Risks
• Disclosure Appendix
• Ratings, coverage universe and related definitions

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