By Nicholas G. Miller

Dick's Sporting Goods reported higher fiscal first-quarter sales as its efforts to turn around the recently acquired Foot Locker delivered results.

The retailer posted net income of $320 million, or $3.54 a share, compared with $264 million, or $3.24 a share, the year before.

Adjusted earnings were $2.90 a share. Analysts polled by FactSet expected $2.89 a share.

Sales rose to $5.17 billion from $3.18 billion. Wall Street expected $5.07 billion.

Same-store sales grew 4.1%, including 6% for Dick's and 0.6% for Foot Locker. Analysts had forecast 3% growth for the company.

Dick's is trying to transform Foot Locker, which it acquired last September, and has been clearing inventory and closing underperforming stores.

"With Foot Locker, our excitement and confidence continue to build as we execute our plan, and in Q1 we saw encouraging proof points, returning the Foot Locker Business to positive comps and profitability," said Executive Chairman Ed Stack.

Dick's raised the bottom end of its comparable-sales growth guidance for 2026, now expecting 2.5% to 4% growth for the Dick's business, compared with its prior forecast of 2% to 4%, and 1.5%-to-3% growth for Foot Locker, compared with previous guidance of 1% to 3%.

The company lowered its full-year earnings guidance to $13.27 to $14.27 a share, down from its previous forecast of $13.70 to $14.70 a share. It continues to expect adjusted earnings of $13.50 to $14.50 a share.

Write to Nicholas G. Miller at nicholas.miller@wsj.com.

(END) Dow Jones Newswires

May 27, 2026 07:40 ET (11:40 GMT)

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