DICK'S SPORTING GOODS (-) : 1Q26 Preview: Thoughts ahead of the print

研报英文原文证据摘录

DICK'S SPORTING GOODS (-) : 1Q26 Preview: Thoughts ahead of the print

EQUITIES

GENERAL RETAIL

DICK'S SPORTING GOODS UNDERPERFORMPRICE* USD231.2  TARGET PRICE USD167 (DOWNSIDE 28%)

FLASH NOTE

1Q26 Preview: Thoughts ahead of the print

26 MAY 2026 Securities Research Report Production time: 12:37* (London time)

Research Analyst & Publishing Entities

Aubrey Tianello, CFA BNP Paribas Securities Corp (1) (+1) 212 710 9815 Aubrey.Tianello@us.bnpparibas.com

What happened?

DKS will report 1Q26 results before market open tomorrow. We believe investors expect a beat/raise quarter, with core

Dick’s comp growth of 4.0-4.5% and FL comps ~flat. DKS does not provide explicit quarterly guidance, but we expect

comp growth to inflect in 2Q given one-time benefits from World Cup, ahead of a potential 2H deceleration. We provide

further thoughts below.

BNPP View:

Investors expect a 1Q beat + FY26 guidance raise. Investor feedback suggests that core Dick’s comp growth is

expected around 4.0-4.5%, with some higher but most generally in the range. On a two-year stack, this would represent

a 70-120bps deceleration in the core (LQ +9.7% 2yr stack). We believe that the rally in shares over the last ~month

align with the company’s presentation at a sellside conference along with feedback that points to improving Foot Locker

comps. For 1Q, we believe that Foot Locker is expected to comp ~flat, with some suggesting that North America may

be positive. The company has previously called out an expectation for 1H to be flat, but presumable 1Q lower than 2Q.

It has also noted that the inflection to growth will take place around back-to-school when product decisions by current

management become evident. In our view, if Foot Locker were to have started to show improvement, it may not be due