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Foot Locker returns to growth but weighs on Dick's Sporting Goods as earnings miss
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- In the three months ended May 2, Dick's incurred $96.5 million in charges related to the acquisition.
- Those expenses contributed to a miss on Dick's bottom line, as top line results exceeded expectations.
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Foot Locker is slowly getting back to growth, but the costly turnaround of the legacy sneaker store is still weighing on its parent company Dick's Sporting Goods' bottom line, as the company posted an earnings miss on Wednesday.
In the three months ended May 2, Dick's incurred $96.5 million in charges related to the acquisition. That includes $53.8 million for merger and acquisition costs like severance and store closings, and $42.7 million to clear through sale inventory.
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