DICK'S Sporting Goods is the largest omni-channel sporting goods retailer in the U.S., operating roughly 800+ stores alongside a growing e-commerce channel. DICK'S core stores offer a broad assortment of athletic footwear, apparel, and equipment across virtually every sport and skill level. In September 2025, DICK'S acquired Foot Locker, a global athletic footwear and apparel retailer focused on sneaker culture, operating banners including Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos across North America, Europe, Asia, and Australia. DICK'S now reports two segments: the DICK'S Business (~$14.1B in FY25 sales) and the Foot Locker Business (~$3.1B for roughly 20 weeks of ownership). DICK'S makes money selling sports merchandise at retail, with profitability driven by merchandise margin, store traffic, and average transaction value. Key margin levers include proprietary vertical brands — CALIA, DSG, VRST, MAXFLI, and Tommy Armour — which carry 700–900 bps higher margins than national brands and represent ~$1.8B in sales. DICK'S is also converting its legacy store base into higher-productivity House of Sport and Field House formats. The company additionally operates GameChanger, a youth sports SaaS platform with ~$150M in revenue, and DICK'S Media Network, a retail media business monetizing its 30M+ loyalty member database. Foot Locker is a turnaround situation — the business weakened as Nike reduced wholesale supply — and DICK'S is executing a focused assortment reset called "Fast Break," targeting a comp and profitability inflection in the second half of FY26.