By Rob Sabo
Dick’s Sporting Goods on Sept. 8 announced it had completed its $2.4 billion acquisition of Foot Locker.
The acquisition significantly expands Dick’s Sporting Goods’ global reach—Foot Locker operated approximately 2,400 stores in North America, Asia, Europe, Australia, and New Zealand, with a wide portfolio of brands that includes Kids Foot Locker, Champs Sports, apparel retailer WSS, and Japanese boutique streetwear and sneaker retailer Atmos.
Foot Locker in 2021 purchased Atmos for $360 million and WSS for $750 million. Dick’s Sporting Goods now operates more than 3,200 stores and e-commerce entities in 20 countries, the company said.
In addition to extending its global reach, the acquisition enhances the Dick’s Sporting Goods brand and strengthens its relationships among brand partners, the Pittsburgh-based company said.
Lauren Hobart, president and CEO of Dick’s, said that joining the two companies fuels continued momentum for the Dick’s Sporting Goods brand and helps spur additional growth across the Foot Locker portfolio.
“As a combined company, Dick’s and Foot Locker will create a global platform that will redefine the sports retail industry and unlock value for both companies, our brand partners, our teammates, our communities and our shareholders,” Hobart said.
Despite global sales of more than $8 billion in 2024, Foot Locker recently had been plagued by sagging sales—year-over-year total sales slumped 5.8 percent in its fourth quarter ended Feb 1, the company reported.
Dick’s will continue to operate the Foot Locker umbrella of brands as a standalone business, but will shake up leadership, the company said. Ed Stack, executive chairman for Dick’s Sporting Goods, will head global operations for the Foot Locker portfolio of businesses. Ann Freeman was appointed president of Foot Locker North America, and Dick’s will appoint a president to lead Foot Locker’s international operations in the future, the company said.
Freeman spent more than 26 years at Nike, rising from sales clerk to vice president and general manager of Nike’s North American operations. She left the company in 2021.
“I am thrilled to lead Foot Locker North America at such a transformative moment,” Freeman said.
“We have an extraordinary opportunity to build on Foot Locker’s rich heritage and deliver innovative experiences to a variety of footwear consumers. I look forward to working with the Foot Locker team as we accelerate growth, enrich our brand partnerships and inspire the next generation of consumers.”
Dick’s Sporting Goods said the acquisition is expected to deliver approximately $100–125 million in cost synergies through increased efficiencies in procurement and direct sourcing. Dick’s said the transaction will be accredited to its earnings-per-share in fiscal year 2026.
“We are very enthusiastic about the future of Foot Locker,” Stack said. “The world-class team we have assembled is committed to returning Foot Locker to its rightful place in our industry. We are committed to investing in and growing Foot Locker through its strong culture and creating a more powerful experience for consumers.”
Goldman Sachs and Wachtell, Lipton, Rosen & Katz advised Dick’s Sporting Goods through the transaction.
