실적분석 2026년 8월 25일

Dick's Sporting Goods ($DKS) FY2026 Q2 Earnings Analysis — Revenue and Adjusted EPS Both Miss Estimates, Full-Year Guidance Lowered

Earnings Scorecard

Revenue: $5.587 billion (+53.2% YoY, vs. $5.655 billion estimate) ❌ Miss

EPS: Adjusted $3.53 (vs. $3.79 estimate) ❌ Miss

Guidance: Lowered — Full-year adjusted EPS $11.00–$12.00; pro-forma Foot Locker same-store sales -2.0% to 0.0%

Stock reaction: -15.62% after-hours ($151.32) — as of 08-25 20:45 Korea time

The Positives

Dick's same-store sales +4.9%: Driven by broad-based category strength and World Cup demand

Core banner share gains: Market share expanded despite promotional intensity

Strong World Cup sales: Event-related investments delivered a meaningful boost

The core business broadened its categories and defended share, while demand tied to the soccer World Cup added fuel. The Foot Locker acquisition bulked up consolidated revenue, but the market's focus was on the quality of same-store growth at the legacy banner.

The Negatives

Adjusted EPS miss: $3.53 versus $3.79 estimate

Foot Locker same-store sales -3.6%: Footwear softness and weak launches hit directly

Full-year guidance cut: Operating-profit outlook lowered for both segments

Promotional activity in footwear and apparel intensified late in the quarter, weighing on margins and Foot Locker revenue. Management is taking a more cautious view of the back half and trimmed full-year operating-profit expectations — a combination that amplified selling pressure.

What Management Said

Management noted that while the Dick's core business was strong, late-quarter promotional intensity in footwear and apparel forced pricing responses, and Foot Locker was hit harder due to its heavier reliance on legacy sneaker silhouettes, new launches, and retro styles. They framed the near-term outlook as more cautious while reiterating conviction in long-term opportunities.

Market Reaction and What to Watch Next

Foot Locker's weakness, layered on top of a cut to full-year profits, drove a sharp sell-off immediately after the release. The prevailing read is that same-store growth at the core banner alone cannot fill the higher consolidated earnings bar set by the acquisition.

Whether Foot Locker pro-forma same-store sales hold within the -2% to 0% full-year guide

Whether promotional intensity in footwear eases and new-product launches improve next quarter

Whether the Dick's core banner's 2.5% to 4.0% same-store sales guide holds steady