Business
Dick’s Sporting Goods to shutter some Foot Locker stores to protect profits
A Dick’s Sporting Goods store in Pleasant Hill, California, US, on Monday, Nov. 24, 2025.
David Paul Morris | Bloomberg | Getty Images
Dick’s Sporting Goods is planning to close a slew of Foot Locker stores now that its acquisition of the sneaker company is complete, the company said Tuesday when announcing fiscal third-quarter earnings.
It’s unclear how many stores Dick’s plans to shutter, but the closures are part of a larger restructuring it’s implementing so Foot Locker isn’t a drag on its profits come fiscal 2026, Dick’s Executive Chairman Ed Stack told CNBC’s Courtney Reagan.
“We need to clean out the garage,” said Stack. “We’ve taken pretty aggressive markdowns to clean out old merchandise. We’re impairing some store assets. We’ll close some stores … everything we’re doing is there to protect 2026 and just kind of do this one time.”
The company declined to say how many stores would be impacted and whether the restructuring will include layoffs.
As a result, Foot Locker’s comparable sales are expected to be down in the mid- to high-single digits in the current quarter with margins projected to fall between 10 and 15 percentage points.
The entrance to a Footlocker retail store in the Barton Creek Square Mall on Sept. 8, 2025 in Austin, Texas.
Brandon Bell | Getty Images
Shares of Dick’s Sporting Goods fell roughly 3% in early trading Tuesday.
Beyond the Foot Locker business, Dick’s stores saw comparable sales rise 5.7% during the quarter, well ahead of the 3.6% analysts had expected, according to StreetAccount.
For its namesake banner, the company is now expecting comparable sales to rise between 3.5% and 4%, up from its prior range of 2% to 3.5%. That’s ahead of expectations for 3.6% growth, according to StreetAccount.
Dick’s is also now expecting full-year earnings per share to be between $14.25 and $14.55, up from a previous forecast of $13.90 to $14.50 and in line with expectations of $14.44 per share, according to LSEG.
Here’s how the big-box sporting goods store performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:
- Earnings per share: $2.78 adjusted vs. $2.71 expected
- Revenue: $4.17 billion vs. $3.59 billion expected
The company’s reported net income for the three-month period that ended Nov. 1 was $75.2 million, or 86 cents per share, compared with $227.8 million, or $2.75 per share, a year earlier. Excluding one-time items including the impact of the Foot Locker acquisition, Dick’s posted earnings per share of $2.78.
Dick’s has been a standout performer across the retail industry and now has the challenge of fixing Foot Locker’s business so it doesn’t weigh on its typically pristine results.
Dick’s $2.4 billion acquisition of Foot Locker gave it a massive competitive edge in the wholesale sneaker market, most importantly for Nike products, and access to both an international and urban consumer.
It’s also supercharging the company’s growth. Thanks to Foot Locker’s revenue, almost $931 million during the quarter, Dick’s sales rose a staggering 36% to $4.17 billion from $3.06 billion a year earlier.
However, it also acquired some risks. Foot Locker has about 2,400 stores globally and has underperformed for years. Its consumer tends to skew lower income than Dick’s’ and hasn’t held up as well in a softening economy.
Under CEO Mary Dillon, Foot Locker had worked to refresh its stores and change the way it merchandises sneakers. Since its acquisition, it began testing changes in 11 stores in North America to see if the fixes improve sales, including cutting products by more than 20%, bringing back apparel and changing Foot Locker’s “footwear wall.”
“If you’d walked into a Foot Locker store before and you looked at the footwear wall … it was nothing but a run on sentence,” said Stack. “It was just a whole bunch of shoes thrown up on the wall, and we took all of that down, we re-merchandised it, focused on shoes we really wanted to sell. … It’s early on, but we’re pretty enthusiastic about what we’ve done.”
— CNBC’s Courtney Reagan contributed to this report.
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.
Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra.
According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.
Expected Powertrain
The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.
Design
In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction.
Size
The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.
Price
Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.
Jetour
Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.
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