Inventory Turnover › By Retailer › DICK'S Sporting Goods
DICK'S Sporting Goods Inventory Turnover: The Foot Locker Year
DICK'S Sporting Goods, Inc. (DKS) turned its inventory 2.8x in fiscal 2025 (52 weeks ended January 31, 2026), about 131 days on hand. That year it bought Foot Locker, so the closing balance sheet holds a much bigger business than the year's cost of goods sold reflects. All figures are from the company's 10-K filings on SEC EDGAR.
Quick answer: DICK'S fiscal 2025 and 2024 10-K inventory turnover ratio
Fiscal 2025 (10-K)
2.8x for the 52 weeks ended January 31, 2026. $11,547.9M cost of goods sold over $4,128.8M average inventory ($3,349.8M opening, $4,907.8M closing). About 131 days on hand. Includes Foot Locker from September 8, 2025.
Fiscal 2024 (10-K)
2.8x for the 52 weeks ended February 1, 2025. $8,617.2M cost of goods sold over $3,099.3M average inventory. About 131 days on hand. DICK'S on its own.
Turnover = cost of goods sold / average inventory (mean of opening and closing balance-sheet inventory). DICK'S cost of goods sold includes occupancy and distribution costs. Figures from DICK'S 10-K filings on SEC EDGAR (CIK 0001089063), verified 10 November 2026.
Fiscal 2022 - fiscal 2025 turnover history
| Fiscal Year | Cost of Sales | Inv (start) | Inv (end) | Turnover | Days on Hand |
|---|---|---|---|---|---|
| FY2022 (ended Jan 28, 2023) | $8,083.6M | $2,297.6M | $2,830.9M | 3.2x | 116 |
| FY2023 (ended Feb 3, 2024) | $8,450.7M | $2,830.9M | $2,848.8M | 3.0x | 123 |
| FY2024 (ended Feb 1, 2025) | $8,617.2M | $2,848.8M | $3,349.8M | 2.8x | 131 |
| FY2025 (ended Jan 31, 2026) | $11,547.9M | $3,349.8M | $4,907.8M | 2.8x | 131 |
Inventory (start) equals the prior year's inventory (end). DICK'S fiscal year ends on the Saturday closest to the end of January. Fiscal 2023 was a 53-week year, which adds a week of cost of goods sold to that year.
3.2x · Year-end inventory rose 23% while cost of goods sold grew 7%. The fastest year in the window still meant about four months of stock on hand.
3.0x · Inventory held flat across a 53-week year, but the higher opening balance pulled the average up and turnover down to 3.0x.
2.8x · Year-end inventory rose 18% against 2% growth in cost of goods sold, the last year before the Foot Locker deal.
2.8x · Foot Locker joined on September 8, 2025, bringing $1,718.1M of inventory. Cost of goods sold jumped 34%, but only about 21 weeks of Foot Locker's sales are in it.
Why the Foot Locker year reads 2.8x
Turnover divides a full year of cost of goods sold by average inventory. When a retailer buys another retailer partway through the year, the two halves of that sum stop matching. DICK'S completed the Foot Locker acquisition on September 8, 2025. From that day the closing balance sheet carried Foot Locker's stock, recorded at $1,718.1M in the acquisition accounts. But fiscal 2025 cost of goods sold only includes Foot Locker for the roughly 21 weeks after the deal closed.
The 10-K puts the Foot Locker Business at $3.1B of net sales for that part-year, and points out that the window missed the August back-to-school season. Net sales for the combined company rose 28.1% to $17.22B; cost of goods sold rose 34% to $11.55B; closing inventory rose 47% to $4.91B. Two distortions roughly cancel to leave the ratio at 2.8x: only part of Foot Locker's year is in cost of goods sold, which pushes turnover down, while the opening balance has no Foot Locker stock in it, which keeps average inventory low and pushes turnover up.
DICK'S also cleared Foot Locker inventory it did not want. It reviewed unproductive inventory across the assortment, took $217.9M of charges from the write-down and liquidation of inventory, and says it believes Foot Locker inventory is well positioned entering fiscal 2026. The first full year of the combined business, fiscal 2026, will be the first clean read of the new company's turnover.
What keeps DICK'S near 3x
1. Hard goods that sell slowly
Hardlines (sporting goods equipment, fitness equipment, golf equipment and fishing gear) were 36% of sales in fiscal 2024 and 29% in fiscal 2025 once Foot Locker was added. A wide equipment range has to be on the floor to win the trip, and much of it sells only a few units a week per store.
2. Size runs in footwear and apparel
Every shoe and garment needs a full range of sizes in each location. Foot Locker adds more of exactly this kind of inventory: footwear rose from 28% to 40% of sales in fiscal 2025, carried across Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos, in 3,195 store locations across the two businesses at year end.
3. Two inventory methods under one roof
DICK'S values its own inventory at weighted average cost. Most Foot Locker inventory is valued with the retail inventory method, with WSS and atmos on weighted average cost. Both are held at the lower of cost and net realizable value, so the combined balance is comparable, but the integration adds a source of noise to year-on-year changes.
4. Cost of goods sold includes occupancy
DICK'S reports cost of goods sold including store occupancy, distribution, freight and shipping costs. Including occupancy raises the numerator, so the ratio runs higher than a merchandise-only measure. Compare it with retailers that report the same way, such as TJX, Williams-Sonoma and Ulta.
Where 2.8x sits among retailers
Latest 10-K inventory turnover, times per year
Each figure is cost of sales over average inventory from the company's latest 10-K. Every retailer here has its own case study; the full ranked list is on the inventory turnover by retailer page.
DICK'S sits at the slow end of general retail, below specialty apparel such as Lululemon (3.1x) and Gap (4.3x), and close to Williams-Sonoma and Macy's at 3.0x. Only auto parts chains such as O'Reilly and AutoZone, which hold years of parts coverage for every vehicle on the road, turn much slower.
Within its own sector DICK'S is at the median: the sporting goods benchmarks put Academy Sports at 2.8x and Big 5 at 2.1x. For Foot Locker's last standalone figures before the deal, see the footwear benchmarks.
Frequently asked questions
What is DICK'S Sporting Goods' inventory turnover ratio?
DICK'S turned its inventory 2.8x in fiscal 2025, the 52 weeks ended January 31, 2026. That is $11,547.9M of cost of goods sold divided by $4,128.8M average inventory (the mean of the $3,349.8M opening and $4,907.8M closing balances) from its 10-K. It works out to about 131 days of inventory on hand, the same as fiscal 2024.
How did the Foot Locker acquisition affect DICK'S inventory turnover?
It distorts the fiscal 2025 ratio. DICK'S completed the acquisition on September 8, 2025, and the closing balance sheet carries all of Foot Locker's inventory ($1,718.1M at the acquisition date). Cost of goods sold only includes Foot Locker from that date to year end, about 21 of 52 weeks, and its 10-K notes that window misses the August back-to-school peak. A full year of the combined business would put more cost of goods sold against similar inventory.
How is DICK'S inventory turnover calculated from the 10-K?
Divide cost of goods sold by average inventory, where average inventory is the mean of the opening and closing balance-sheet inventories. DICK'S reports cost of goods sold including occupancy and distribution costs (it also includes freight and shipping), so the ratio runs higher than a pure merchandise-cost measure would. For fiscal 2025: $11,547.9M / (($3,349.8M + $4,907.8M) / 2) = 2.8x.
Is 2.8x a good inventory turnover for a sporting goods retailer?
It is normal for the format. Sporting goods stores carry hard goods such as golf, fishing and fitness equipment alongside footwear and apparel in many sizes, and much of that range sells slowly. Academy Sports also turned about 2.8x in its fiscal 2025, so DICK'S sits at the sector median rather than behind it.
Related
Sporting Goods Sector
DICK'S, Academy and Big 5 compared.
Footwear Sector
Foot Locker's last standalone turnover.
Nike Case Study
The brand side of the sneaker shelf.
Turnover by Retailer
All 25 retailers ranked.
Days Sales of Inventory
Turn 2.8x into 131 days on hand.
Carrying Cost
What four months of stock costs to hold.