Report published September 28, 2026

Dick's Sporting Goods: Comparing Today's Promotional Environment to 2017 – Goldman Sachs Equity Research

Goldman Sachs · September 28, 2026

Goldman Sachs examines current promotional pressures in the sporting goods sector relative to the 2017 cycle, concluding that current issues are concentrated in legacy lifestyle footwear silhouettes rather than broad structural retail weakness. The firm reiterates its Buy rating on Dick's Sporting Goods (DKS) with a $170 price target.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Current sporting goods inventory buildup and promotional pressures are concentrated in legacy footwear silhouettes, unlike the 2017 downturn which stemmed from apparel, hunting overhang, and broad retailer bankruptcies.
2.Broader promotional pressure is anticipated to persist through 4Q26, but DKS remains better insulated due to strengthened relationships with key vendors like Nike, an agile supply chain, and private label penetration.
3.Goldman Sachs maintains a Buy rating on DKS with a 12-month price target of $170, representing 24.6% upside from the current price of $136.43.

What is happening with promotional activity in sporting goods today?
What caused an inflection in promotions in 2017? How long did the cycle last?
What is different about the backdrop today? What should we expect moving forward?
Valuation & Risks

Report data

Exhibit 1: Footwear as a % of sales in 2024 — as of September 25, 2026.

Metric	Estimate	Context
12m Price Target	170.00 USD	Goldman Sachs 12-month target price for DKS
Closing Price	136.43 USD	Closing share price of DKS as of 25 Sep 2026
Implied Upside	24.6%	Expected total price return to target price
Vertical Brand Sales Share	13%	Private label vertical brand share of total DKS company sales
FY27E Revenue Forecast	22192.1 USD millions	Goldman Sachs consensus forecast for DKS annual revenue

Source: Goldman Sachs Global Investment Research; FactSet; Company data; Goldman Sachs Research estimates. This is a dated model snapshot, not a live forecast.