Dick’s Secures $2.4 Billion Foot Locker Acquisition

Foot Locker is now officially a part of Dick’s Sporting Goods.

Dick’s announced Monday (Sept. 8) that it had concluded its $2.4 billion acquisition of the footwear and sporting goods chain. This purchase gives Dick’s a greater piece of the sneaker market, as it now operates more than 3,200 stores, while positioning it to expand on an international basis.

“We are excited to officially welcome the Foot Locker team,” Lauren Hobart, president and CEO of Dick’s, said in a news release. “Bringing together the strengths of both companies will help us return Foot Locker to growth while continuing to fuel Dick’s momentum. 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.”

Dick’s announced the planned acquisition in May, saying it intended to run Foot Locker as a standalone business keeping the retailer’s brands.

The deal was closed following the mandatory waiting period under U.S. antitrust law, which ended Aug 25. Foot Locker shareholders had approved the deal days earlier.

During the question-and-answer session of Dick’s most recent earnings call, management was asked about the acquisition, as Foot Locker had recently reported relatively weaker results compared to Dick’s.

“We plan to invest in stores. We plan to invest in marketing, and we know that there are opportunities from a core merchandising standpoint,” Hobart said, adding that “we’re excited about apparel opportunities and also bringing in a new assortment of products.”

As Foot Locker is enmeshed with Dick’s business, she said, the company will become an even more important brand to its wholesaler partners.

“Footwear is the engine that pulls the train. We always have said the outfit starts with the footwear. Footwear is key for performance. It’s key for sport lifestyle,” Hobart told analysts. “We’re serving different consumers, both at Dick’s and at the Foot Locker banners, and we are going to be delivering them what they need in a category that we think is fairly important both short term and long term.”

Dick’s had just reported second-quarter 2025 earnings, which showed a 5% comparable sales gain, with the company raising its full-year guidance.

And as PYMNTS wrote last week, the retailer is among several chains turning to AI to optimize its inventory.