Nike Stock Slumps on Weak Q2 Results from Dick's Sporting Goods

Nike's stock price declined by 2.4% in pre-market hours following disappointing quarterly results from Dick's Sporting Goods and a reduced annual earnings forecast.

The sporting goods retailer attributed the reduction to intensifying promotional pressures, underwhelming new product introductions in the athletic footwear segment, and increased inventory levels.

Dick's completed its acquisition of Foot Locker last year, making it one of Nike's largest wholesale distribution partners. This comes as Nike has pivoted back toward wholesale channels after emphasizing direct-to-consumer strategy.

Stifel maintained its Hold rating and $45 price target for Nike following its 2026 back-to-school retail survey, which ranked Nike as the top brand choice in 45.8% of retail observations.