对 2Q26e 持谨慎态度

研报英文原文证据摘录

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M

Update

August 17, 2026 10:30 PM GMT

Dick's Sporting Goods | North America

Morgan Stanley & Co. LLC

Simeon Gutman, CFA

Equity Analyst

Taking a Tempered View Into

2Q26e

Pedro Gil, CFA

Equity Analyst

Zachary Abraham

Research Associate

Expecting a modest deceleration in 2Q26e comps at core DKS,

to +4% to +5%, despite World Cup marketing spend, as industry

headwinds weigh on demand near term. FL facing more

significant demand pressure, we believe, even as ‘Fast Break’

conversions gear up for BTS. OW, $270 PT.

Skylar Tennant

Research Associate

Dick's Sporting Goods (DKS.N, DKS UN)

Hardline/Broadline/Food Retail | United States of America

cases. We anticipate comparable sales growth at core Dick's will slow to the +4-5%

Stock Rating

Industry View

Price target

Shr price, close (Aug 17, 2026)

Mkt cap, curr (mm)

52-Week Range

range in 2Q26e, decelerating from the +6.0% posted in Q1. Although the company

Fiscal Year Ending

01/26 01/27e 01/28e 01/29e

continues to invest in its store experience, deepen key brand partnerships, and roll

EPS ($)**

ModelWare EPS ($)

P/E

Div yld (%)

12.28

16.4

2.3

Taking a tempered view into 2Q26e. We maintain our OW rating and $270 PT.

Risk/reward is favorably skewed with 63%/11% upside/downside to our bull/bear

out on-trend merchandise, we think the underlying momentum has softened

through June and July, pressured by weaker consumer confidence, broader

macroeconomic challenges, and a general slowdown across the sporting goods

retail sector. Staying within the core Dick's segment, we expect operating margins to

compress in 2Q26e as spending on brand support and marketing — particularly

represent roughly 5% of DKS's revenue (with about 85% locked in under contracts),

remain an ongoing near-term drag given elevated diesel prices and freight rates. All

told, we estimate a core Dick's operating margin of 8.4% for 2Q26e, roughly 10 basis

14.06

14.0

2.1

16.32

12.0

2.2

18.26

10.7

2.4

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Quarterly EPS ($)

…