Dick's acquires Foot Locker for $2.5B, adding $3.1B sales but $60M loss and 31% Nike exposure

Filed March 27, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 27, 2025 · ~2 min read

Key Changes

• high

  Foot Locker acquisition closed Sept 2025 for $2.5B, adding 2,561 stores globally but posting $60M loss on $3.1B sales; pro forma comps down 3.3%, international down 8.1%. Management expects profitability return in FY2026 with $100-125M cost synergies.

  Business: Foot Locker acquisition verify on EDGAR →
• high

  Nike concentration jumped from 25% to 31% of merchandise purchases post-acquisition, creating heightened vendor dependency risk as Foot Locker's business model heavily weights athletic footwear.

  Business: Nike vendor concentration verify on EDGAR →
• high

  Company incurred $390M in acquisition charges (inventory write-downs, integration costs) in FY2025, with $150M more expected in FY2026. Total integration costs projected at $500-750M.

  MD&A: Foot Locker acquisition-related charges verify on EDGAR →