Dick’s Chairman Defends Foot Locker Deal as Long-Term Play (1)

Dick’s Sporting Goods Inc. shares rose after its chairman pushed back on criticism of its pending acquisition of struggling footwear chain Foot Locker Inc.

Ed Stack, Dick’s executive chairman and son of the company’s founder, addressed investor concerns that the retailer plans to add a footwear business that will require work to turn around. Its shares were down about 17% since the transaction was announced on May 15.

“We understand that there’s really a group of people out there, shareholders, that would really have preferred we just continue to do what we’re doing,” Stack said on a conference call ...