US retailer Dick's Sporting Goods completes acquisition of Foot Locker

As a combined company, DICK'S will now operate more than 3,200 stores plus e-commerce and digital businesses across 20 countries in North America, Europe, Asia, and Australia, plus a licensed store presence in Europe, the Middle East and Asia. This expanded footprint will strengthen its relationships with key brand partners by offering broader reach and enhanced visibility on a global level.

DICK'S will continue to operate Foot Locker's portfolio of brands, including Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos, under an experienced new leadership team. DICK'S Executive Chairman, Ed Stack, will lead the global Foot Locker businesses, in partnership with two new presidents, one for North America and one for International, to enable acceleration of business momentum and targeted turnaround strategies. Ann Freeman, a longtime former Nike executive, has been appointed President of Foot Locker North America. DICK'S will appoint a President of Foot Locker International to lead other regions.

In North America, Ann Freeman will be supported by a Foot Locker management team of experienced senior leaders, who include:

• Tony Aversa is SVP and GM, Foot Locker and Kids Foot Locker North America. Tony is a 30-year veteran of Foot Locker having served in leadership roles at Foot Locker, Kids Foot Locker, WSS and most recently as GM of Champs Sports.
• Denise Karkos is SVP and General Manager, Champs Sports. Denise is joining Foot Locker from DICK'S where she most recently served as SVP, Chief eCommerce Officer.
• George Jenkins is SVP, Store Operations and Customer Experience, Foot Locker North America. Over the past 30 years, George has held various leadership roles within the Foot Locker stores organization and most recently served as VP, Customer Experience, North America.
• Peter Scaturro is SVP, Chief Financial Officer, Foot Locker North America. Peter most recently served as SVP, Strategic Planning & Growth for Foot Locker and has held several leadership roles across corporate finance, strategy and customer service at the company.
• Steve Miller is SVP, Chief Operating Officer, Foot Locker North America. Steve is a former DICK'S senior executive who led Hardlines Merchandising and before that Strategy, eCommerce & Analytics.
• Brett O'Brien is SVP, Chief Marketing Officer, Foot Locker North America. Brett is joining Foot Locker from PepsiCo where he held various marketing leadership roles, including his most recent position as Chief Sports Officer.
• Michael Keinath is SVP, Chief People Officer, Foot Locker North America. Michael is joining Foot Locker from DICK'S where he held various leadership roles overseeing talent, organizational design and effectiveness and culture initiatives.

The transaction is expected to deliver between $100 million to $125 million in cost synergies in the medium term, primarily through procurement and direct sourcing efficiencies, and DICK'S anticipates the transaction to be accretive to EPS in Fiscal Year 2026 (excluding transaction and other one-time costs to achieve synergies).

"We are very enthusiastic about the future of Foot Locker," said Ed Stack, Executive Chairman of DICK'S. "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, led by the Stripers, and creating a more powerful experience for consumers."

"We are excited to officially welcome the Foot Locker team," added Lauren Hobart, President and CEO of DICK'S. "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."

"I am thrilled to join and lead Foot Locker North America at such a transformative moment," said Ann Freeman, President of Foot Locker North America. "Together, we have an extraordinary opportunity to build on Foot Locker's rich heritage and deliver innovative experiences to a variety of footwear consumers – from athletes to sneaker enthusiasts and everyone in between. I look forward to working with the talented Foot Locker team as we accelerate growth, enrich our brand partnerships and inspire the next generation of consumers."

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ALCHEMPro News Desk (RM)