Fresh of the news that it is set to acquire Foot Locker in a $2.4 billion deal, Dick’s Sporting Goods said that it delivered record first-quarter sales.

The Pittsburgh-based athletic retailer saw net sales increase 5.2 percent to $3.18 billion, up from $3.02 billion the same time last year. Net income in the quarter was $264 million, or $3.24 per diluted share, compared with $275 million, or $3.30 per diluted share, a year earlier. Excluding one-time items related to its acquisition of Foot Locker, Dick’s posted earnings per share of $3.37.

Dick’s Sporting Goods president and chief executive officer Lauren Hobart said in a statement that the company’s Q1 performance “demonstrates the momentum and strength” of its long-term strategies and the consistency of its execution.

“Our Q1 comps increased 4.5 percent, driven by growth in both average ticket and in transactions and this was our fifth straight quarter with comps over 4.0 percent,” Hobart said. “Our first quarter gross margin expanded, and we delivered non-GAAP EPS ahead of the prior year.

The CEO added that the company is reaffirming its 2025 outlook, which reflects its “strong start to the year and confidence” in its strategies and operational strength while still acknowledging the dynamic macroeconomic environment.

Looking ahead, the company expects net sales for the full fiscal year 2025 to be between $13.6 billion and 13.9 billion, with earnings per diluted share in the range of $13.80 to 14.40. For now, Dick’s outlook doesn’t include acquisition-related costs or results from the Foot Locker merger. 

This comes after the May 15 announcement that Dick’s said it would acquire Foot Locker, Inc. for about $2.4 billion.

The completion of the acquisition is subject to Foot Locker shareholder approval and other customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2025.

Dick’s Sporting Goods said it intends to finance the acquisition through a combination of cash-on-hand, revolving borrowings and other new debt, to the degree Foot Locker shareholders do not elect to receive their consideration entirely in shares of the company’s common stock.

The deal is set to dramatically alter the retail landscape — giving Dick’s major international presence and huge leverage with big brands like Nike and Adidas.

Executive chairman Ed Stack added in a statement on Wednesday that the company is in a “strong position” as it looks ahead.

“Earlier this month, we announced our plans to acquire Foot Locker, a move that represents a truly exciting and transformational moment for Dick’s,” Stack said. “For many years we’ve admired Foot Locker’s brand and the powerful community they’ve built in sneaker culture. By bringing our two great brands together, we see the opportunity to create a global leader in the sports retail industry by serving a broader set of athletes.”