DICK'S下调FY2026 EPS指引，Foot Locker转为亏损预期且促销压力加剧

Earnings Call Insights: DICK'S Sporting Goods (DKS) Q2 2026
"From a sales perspective, the second quarter was strong, particularly for the DICK'S business, which delivered nearly a 5% comp sales gain" and "it became clear that inventory levels were building up across parts of the industry, leading to a much more promotional environment" (Executive Chairman Edward Stack).
"As you would expect, given its greater exposure to many of the legacy footwear silhouettes, the impact was more significant at Foot Locker" and "the Foot Locker business in EMEA has been more challenging than expected" (Executive Chairman Stack).
"In Q2, we delivered total sales growth of 5.6% and comp sales growth of 4.9% for the DICK'S business" and "our growth outpaced the broader industry by nearly 200 basis points" (President, CEO & Director Lauren Hobart).
"During the quarter, we relaunched ScoreCard" and "we introduced ScoreCard+, a paid tier designed for our most engaged athletes who will pay $99 per year for membership" (President, CEO & Director Hobart).
"Consolidated net sales increased 53.2% to $5.59 billion" and "we delivered consolidated non-GAAP earnings per diluted share of $3.53" (Executive VP & CFO Navdeep Gupta).
"We continue to expect full year comp sales growth in the range of 2.5% to 4%" for the DICK'S business, but "we now expect operating margins in the range of 10.6% to 10.9% compared to our prior expectation of 11% to 11.4%" (Executive VP & CFO Gupta).
"We now expect full year pro forma comp sales to be in the range of negative 2% to flat compared to our prior expectation of 1.5% to 3% growth" for Foot Locker, and "we now expect an operating loss for the Foot Locker business in the range of $80 million to $40 million compared to our prior expectations of $110 million to $150 million in profit" (Executive VP & CFO Gupta).
"At the consolidated company level, we now expect full year non-GAAP earnings per diluted share in the range of $11 to $12 compared to our prior range of $13.50 to $14.50" (Executive VP & CFO Gupta).
Analysts’ estimates were provided for fiscal 2027 and fiscal 2028 and did not match the FY2026 guidance periods discussed on this call, so no guidance vs. consensus comparison was included.
"Consolidated non-GAAP gross profit was $1.9 billion or 34.06% of net sales, down 300 basis points from last year" and the decline was "driven by the mix impact from the Foot Locker business" (Executive VP & CFO Gupta).
"During the second quarter, we received approximately $59 million of tariff refunds" and "a benefit of approximately $21 million was included in our non-GAAP results for Q2" (Executive VP & CFO Gupta).
"Consolidated non-GAAP operating income was $453.3 million or 8.11% of net sales" including "operating income of $485.2 million" for DICK'S and "an operating loss of $31.9 million" for Foot Locker (Executive VP & CFO Gupta).
"We ended the quarter with approximately $914 million of cash and cash equivalents and no borrowings on our $2 billion unsecured credit facility" (Executive VP & CFO Gupta).
Simeon Gutman, Morgan Stanley: "what's changed since we were sitting here 90 days ago"; Executive Chairman Stack: "the market has become much more promotional, primarily in the athletic footwear space" and "the another thing from a Foot Locker standpoint ... is EMEA."
Simeon Gutman, Morgan Stanley: whether pressure is demand vs. suppliers clearing inventory; Executive Chairman Stack: "I don't think this is a demand issue" and "I think this is temporary. We've got to get through this" on footwear and apparel.
Christopher Horvers, JPMorgan: cadence for Foot Locker pressure in Q3 vs. Q4; Executive Chairman Stack: "We think Q3 is going to be a bit more difficult in Q4, but we're not going to get into what we're thinking for Q4" and "the market is going to continue to be promotional through the balance of the year."
Katharine McShane, Goldman Sachs: Fast Break vs. legacy Foot Locker performance and year-end store count; Executive Chairman Stack: "the Fast Break stores have definitely outperformed the traditional legacy stores" and "it will be somewhere in north of 300, 350 stores by the end of the year globally."
Irwin Boruchow, Wells Fargo: back-to-school trends and drivers of Foot Locker profit outlook; Executive Chairman Stack: "we're not going to comment on back-to-school right now" and profitability impact included "the margin -- the change in margin" plus "a sizable amount of money into marketing" and increased "payroll of our Stripers."
Michael Lasser, UBS: actions if tough conditions persist into 2027 and Foot Locker profitability levers; President Hobart: "obviously, we're not going to give any guidance"; Executive Chairman Stack: "the answer to your question is simply, yes" on opportunities to improve Foot Locker economics.
Paul Lejuez, Citigroup: SG&A approach and rationale for Foot Locker marketing investment; Executive Chairman Stack: "I don't think there's a better time to do this right now when the market is in a bit of a turmoil"; Executive VP & CFO Gupta: "we expect the SG&A to deleverage for the full year with the highest pressure in the third quarter."
Robert Drbul, BTIG: trading cards/collectibles performance; Executive Chairman Stack: "The trading card business and the collectible business has been great" and "This is a very big growth opportunity for us" (with marketing planned more aggressively).
Analysts’ tone was slightly negative, centered on the guidance reversal and Foot Locker execution risk, led by questions like "what's changed" and requests to quantify EMEA impact and Foot Locker margins (Simeon Gutman, Morgan Stanley; Katharine McShane, Goldman Sachs; Irwin Boruchow, Wells Fargo).
Management tone was slightly defensive but confident, repeatedly emphasizing long-term positioning and pricing investment, including "let me be clear" on confidence in Foot Locker’s opportunity and "we need to participate in this promotional environment" (Executive Chairman Stack).
Versus Q1’s more optimistic posture around a Foot Locker "inflection point," Q2 included more cautionary language on promotions and EMEA, while still stating "we remain confident in our strategy" (Executive Chairman Stack).
Q1 framed momentum and improvement at Foot Locker, including "slightly positive comps and operating income" and raising Foot Locker full-year pro forma comp growth to "1.5% to 3%" (Executive Chairman Stack; Executive VP & CFO Gupta); Q2 shifted to "negative 2% to flat" and an expected Foot Locker operating loss (Executive VP & CFO Gupta).
Q1 described the promotional environment as not a major factor (President, CEO & Director Hobart); Q2 highlighted "a much more promotional environment" spilling from brand sites into retail and expected to persist "at least through the fourth quarter" (Executive Chairman Stack).
Q1 increased confidence in consolidated EPS guidance at "$13.50 to $14.50"; Q2 reduced it to "$11 to $12" and cited both promotional pressure and a higher expected full-year effective tax rate of "approximately 29%" (Executive VP & CFO Gupta).
"Inventory levels were building up across parts of the industry" with "an increasingly aggressive promotional environment" and sensitivity to "certain legacy footwear silhouettes and apparel franchises" (Executive Chairman Stack).
"The Foot Locker business in EMEA has been more challenging than expected" amid a consumer that "has been even more cautious than expected due to the geopolitical environment" (Executive Chairman Stack).
Cost pressures cited included "fuel, supply chain, health care and other costs" and the company said it has "reinvested" tariff-refund benefits "to remain competitively priced" (Executive Chairman Stack; Executive VP & CFO Gupta).
Management described a Q2 where DICK'S sustained sales momentum and market-share gains, but an industry-wide promotional reset—especially in legacy lifestyle footwear—compressed profitability expectations and drove a meaningfully lower FY2026 consolidated EPS outlook. Leadership emphasized that price and marketing investments are being made to protect market position, while Foot Locker’s turnaround timeline was pressured by weaker launches and a tougher-than-expected EMEA backdrop, even as the company continued to point to Fast Break expansion, brand partners, and medium-term synergy targets as key levers.