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Some Foot Locker Stores to Close in 2026 as New Owner Dick's Moves to 'Clean Out the Garage'
Dick's Sporting Goods is closing some Foot Locker stores in 2026 to protect profits after acquiring the chain, which has faced years of underperformance and a weaker consumer base.
- Following its third-quarter earnings report, Dick's Sporting Goods said it will close some Foot Locker stores to protect 2026 results, as part of a restructuring, on Nov. 25.
- Underperforming Foot Locker has struggled in recent years with declining sales, and its lower-income Foot Locker consumers haven't held up in a softening economy, Dick's said.
- In pilot stores, Dick's said it is taking aggressive markdowns and impairing some store assets, expecting $3590 million in pre-tax charges.
- Thanks to Foot Locker's nearly $931 million revenue, Dick's sales increased 3.6% to $4.17 billion, despite a $46 million loss pulling down results and guiding full-year EPS to $14.25-$14.55.
- The company expects to finish clearing inventory by the end of this year to give Foot Locker a fresh start, and Stack said back-to-school next year will bring buying control and margin gains.
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Leaning Left0Leaning Right2Center11Last UpdatedBias Distribution85% Center
Bias Distribution
- 85% of the sources are Center
85% Center
C 85%
15%
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