In short: A full page of the deck, and the sharpest single consumer datapoint of the week: the acquisition, not the core, broke. Q2 revenue $5.59B vs $5.65B (+53% year-over-year on the Foot Locker consolidation) with adjusted EPS $3.53 vs $3.78, down 19%. The split is the story — DICK'S comps +4.9% against Foot Locker pro-forma comps −3.6%. The FY26 guide was cut hard: net sales to $21.9-22.2B (vs $22.38B est.) and adjusted EPS to $11.00-12.00 against a $14.24 estimate, with Foot Locker segment profit swinging from +$110-150M to −$80M to −$40M and adjusted operating margin down 491bp to 8.1% on inventory up 63%. Ed Stack's explanation: "conditions across portions of the athletic footwear and apparel marketplace became increasingly promotional… a more significant impact on the Foot Locker business given its greater exposure to legacy footwear silhouettes and greater dependence on footwear launch and retro product." Sits with the more cautious Lowe's, the upbeat Target and Walmart's worst comp miss in years as the mixed consumer read.
DICK'S bought Foot Locker, and this quarter the acquisition is what broke. Group revenue rose 53% purely because Foot Locker is now consolidated, but adjusted earnings per share fell 19% and missed. The split tells the story: DICK'S own stores grew sales 4.9%, while Foot Locker's comparable sales fell 3.6%.
The full-year guidance cut is severe. Earnings guidance went to $11-12 a share against a $14.24 expectation, and Foot Locker's segment profit was re-guided from a positive $110-150 million to a loss of $40-80 million — a swing of roughly $200 million in one quarter's thinking. Operating margin fell almost five percentage points and inventory is up 63%.
Ed Stack's explanation names the cause precisely: the athletic footwear market "became increasingly promotional," and Foot Locker is disproportionately exposed because it depends on limited-edition launches and retro models rather than everyday product. When those launches are fewer and sell below expectations, the inventory has to be discounted, and the margin goes with it.
It belongs beside Walmart's worst comparable-sales miss in years, a cautious Lowe's and a more upbeat Target as this week's mixed read on the American consumer — with the specific warning that a struggling acquisition is where a soft consumer shows up first.
Full passage: premium transcript (PDF).
In short: Fifth-worst performer at −15.9% (printed on the card as "Dick's Sprtng. Goods"). Performance-card entry only, with no commentary or valuation. A first appearance in this archive.
In short: "Dick's Sporting Goods hasn't traded well lately" — the retailer named alongside On, Under Armour and Nike as evidence of a sector-wide problem. Terranova's diagnosis applies: strength in off-price retail "is generally equating to a negative growth environment for apparel." Brown: "every one of these charts looks worse than the last one."
In short: Weiss's final trade: the stock's corrected a little and "has these peaks and valleys," but it's "still the top play in retail in my view."
In short: Her other best-in-class discretionary pick to buy on today's sector selloff — quality consumer franchise sold off with the group, not on its own fundamentals.
Dick's is the largest national sporting-goods retailer and Link's other "buy the best-in-class name on the selloff" pick. The logic is the same as Starbucks: discretionary stocks got hit hard today as a group, so she wants the quality leader at the lower price rather than chasing the names that deserve to be down.
In short: Weiss (highest since Feb '25): the largest, most national sporting-goods retailer, constantly refreshing stores; "in season for it." Still likes it despite a premium multiple.
Dick's is the largest, most national sporting-goods retailer, and Weiss likes that it's distinguished from rivals — it keeps refreshing its stores and is "in season" (heading into a strong selling period). He acknowledges it trades at a premium multiple (it isn't cheap), but he's comfortable owning the category leader. The stock is at its highest since February 2025.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.