DICK’S Sporting Goods (DKS) Morgan Stanley Global Consumer & Retail Conference summary

Business transformation and strategic focus

• Sales are over 50% higher and profits four times greater than pre-2019 levels, reflecting a shift from COVID-era gains to a forward-looking growth strategy.

• Four core strategic pillars: athlete experience, store reinvention, differentiated product, and digital technology investments.

• House of Sport and Field House concepts are central to repositioning the store portfolio, offering immersive experiences and driving brand partnerships.

• Vertical brands now represent the second-largest vendor, with a $2 billion penetration goal, delivering higher margins and filling white space in the assortment.

• A culture of recognition and employee engagement is credited as a key driver of ongoing momentum and performance.

Consumer trends and market share

• Consumer demand remains strong, with three consecutive quarters of 4%+ comp growth and 1.5 million new athletes acquired in Q3.

• Anticipation of continued prioritization of sport and active lifestyles, supported by cultural trends and upcoming major sporting events.

• Gaining market share in footwear, apparel, team sports, and golf, with footwear and apparel as the largest share gainers.

• Golf remains robust post-pandemic, with participation and sales above 2019 levels.

Brand and product strategy

• Diverse brand portfolio with Nike as the top partner (24% of business), but 80% of shoppers buy multiple brands.

• Premium full-service footwear decks and flexible merchandising allow for rapid adaptation to brand trends and consumer preferences.

• Strong growth from On, HOKA, Adidas, New Balance, and Nike, with innovation and lifestyle trends driving excitement.