DICK'S Sporting Goods Inc (DKS) 2021 Q4 法說會逐字稿

Hello, and welcome to the DICK'S Sporting Goods Fourth Quarter Earnings Call. My name is Charlie, and I will be coordinating your call today. (Operator Instructions)

您好，歡迎參加 DICK'S 體育用品第四季度財報電話會議。我的名字是查理，今天我將協調你的電話。 （操作員說明）

I will now hand you over to your host, Nate Gilch, Senior Director of Investor Relations, to begin. Nate, please go ahead.

我現在將把您交給您的主持人投資者關係高級總監 Nate Gilch 開始。內特，請繼續。

Good morning, everyone, and thank you for joining us to discuss our fourth quarter and full year 2021 results. On today's call will be Ed Stack, our Executive Chairman; Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors.dicks.com for approximately 12 months.

大家早上好，感謝您加入我們討論我們的第四季度和 2021 年全年業績。今天的電話會議將是我們的執行主席 Ed Stack；我們的總裁兼首席執行官 Lauren Hobart；和我們的首席財務官 Navdeep Gupta。今天電話會議的回放將在我們位於 Investors.dicks.com 的投資者關係網站上存檔大約 12 個月。

As a reminder, we will be making forward-looking statements which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and cautionary statements made during this call. We assume no obligation to update any of these forward-looking statements or information. Please refer to our Investor Relations website to find a reconciliation of any non-GAAP financial measures referenced in today's call.

提醒一下，我們將做出前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述產生重大差異。任何此類聲明都應與我們在提交給美國證券交易委員會的文件中的收益發布和風險因素討論中的警告聲明一起考慮，包括我們上一份關於 10-K 表格的年度報告和在本次電話會議期間做出的警告聲明。我們不承擔更新任何這些前瞻性陳述或信息的義務。請參閱我們的投資者關係網站，查找今天電話會議中提到的任何非公認會計原則財務指標的對賬。

And finally, a few admin items. First, a note on our same-store sales reporting practices. Beginning in Q1 2022, we will update our method for determining consolidated same-store sales. Prior to fiscal 2022, relocated store locations have been excluded for our consolidated same-store sales calculation until the relocated store commenced its 14th full month of operations. Beginning in fiscal 2022, relocated store locations will remain in our calculations, consistent with our holistic view of each market.

最後，一些管理項目。首先，關於我們的同店銷售報告做法的說明。從 2022 年第一季度開始，我們將更新確定合併同店銷售額的方法。在 2022 財年之前，搬遷的商店位置已被排除在我們的合併同店銷售計算中，直到搬遷的商店開始其第 14 個完整月的運營。從 2022 財年開始，搬遷的門店位置將保留在我們的計算中，這與我們對每個市場的整體看法一致。

In an 8-K filed today, we have provided a table that presents quarterly and full year consolidated same-store sales results for fiscal 2021 calculated in the same manner that same-store sales will be calculated beginning in fiscal 2022. The table will also be available on our Investor Relations website.

在今天提交的 8-K 中，我們提供了一個表格，其中顯示了 2021 財年的季度和全年合併同店銷售結果，其計算方式與從 2022 財年開始計算同店銷售額的方式相同。該表格還將可在我們的投資者關係網站上查閱。

Second, also beginning in Q1, we will adopt new rules that will impact the accounting of our convertible senior notes due 2025, resulting in lower interest expense and higher diluted shares on a GAAP basis. We do not expect the net effect of these changes to materially impact our GAAP earnings per diluted share. Given our intent to settle the principal in cash and the shares that will be delivered by our bond hedge at settlement, we do not expect the notes to have a dilutive effect at settlement. Accordingly, we believe that reflecting the notes as debt more closely reflects the underlying economics of the transaction which is included in our non-GAAP outlook. For additional details on this, you can refer to our press release that we issued this morning.

其次，同樣從第一季度開始，我們將採用新規則，這將影響我們 2025 年到期的可轉換優先票據的會計處理，從而在 GAAP 基礎上降低利息費用和增加攤薄股份。我們預計這些變化的淨效應不會對我們的 GAAP 每股攤薄收益產生重大影響。鑑於我們打算以現金結算本金以及將在結算時通過債券對沖交付的股票，我們預計票據不會在結算時產生攤薄效應。因此，我們認為將票據反映為債務更接近地反映了交易的基本經濟性，這包含在我們的非公認會計原則展望中。有關這方面的更多詳細信息，您可以參考我們今天早上發布的新聞稿。

Next, I want to highlight a new investor presentation that was posted to our Investor Relations website earlier today. The intent of this presentation is to serve as a resource to provide current and prospective investors an overview of our company, strategy and competitive differentiation.

接下來，我想重點介紹一下今天早些時候發佈在我們的投資者關係網站上的新投資者演示文稿。本演示文稿的目的是作為一種資源，向當前和潛在投資者提供我們公司、戰略和競爭差異化的概述。

And lastly, for your future scheduling purposes, we are tentatively planning to publish our first quarter 2022 earnings results before the market opens on May 25, 2022, with our subsequent earnings call at 10 a.m. Eastern Time.

最後，為了您未來的日程安排，我們暫定計劃在 2022 年 5 月 25 日市場開盤前發布 2022 年第一季度的收益結果，隨後在東部時間上午 10 點召開收益電話會議。

And with that, I will now turn the call over to Ed.

有了這個，我現在將把電話轉給 Ed。

Thanks, Nate. Good morning, everyone. We had an exceptionally strong 2021 and delivered record sales and earnings. Our consolidated same-store sales increased 26.5%, which was on top of a 9.9% increase from the prior year and 3.7% increase in 2019. Our non-GAAP earnings per diluted share of $15.70 represented a 157% increase over last year and a 325% increase over 2019.

謝謝，內特。大家，早安。我們在 2021 年表現異常強勁，實現了創紀錄的銷售額和收益。我們的綜合同店銷售額增長了 26.5%，這是在比上年增長 9.9% 和 2019 年增長 3.7% 的基礎上增長的。我們的非公認會計準則每股攤薄收益為 15.70 美元，比去年增長 157%，比 2019 年增長 325%。

Our current success is the result of a deliberate multiyear transformational journey that is driving sustainable sales and profitability growth. With an athlete-first approach, we have built significant competitive advantages across our merchandise assortment, brand relationships, service model, in-store and digital commerce experiences. We have also invested in our technology capabilities, including data science, personalization, to advance our omnichannel growth strategy. Virtually nothing about our business is the same as it was 5 years ago.

我們目前的成功是經過深思熟慮的多年轉型之旅的結果，該之旅正在推動可持續的銷售和盈利增長。憑藉運動員至上的方法，我們在商品分類、品牌關係、服務模式、店內和數字商務體驗方面建立了顯著的競爭優勢。我們還投資於我們的技術能力，包括數據科學、個性化，以推進我們的全渠道增長戰略。我們的業務幾乎與 5 年前完全不同。

As expected, 2021 has been the most transformational year in our company's history. Among our accomplishments, we drove strong growth in our core DICK'S business; launched DICK'S House of Sport, a completely new experiential destination that's redefining sports retail; we reengineered Golf Galaxy and launched the Golf Galaxy Performance Center, a new immersive experience for golf enthusiasts of all levels; and finally, we unveiled Public Lands, a new omnichannel specialty concept, to better serve the outdoor athlete.

正如預期的那樣，2021 年是我們公司歷史上最具變革性的一年。在我們的成就中，我們推動了核心 DICK 業務的強勁增長；推出 DICK'S House of Sport，一個全新的體驗式目的地，重新定義體育零售；我們重新設計了高爾夫銀河，推出了高爾夫銀河表演中心，為各級高爾夫愛好者提供全新的沉浸式體驗；最後，我們推出了全新的全渠道專業概念 Public Lands，以更好地為戶外運動員服務。

We are the clear market leader in a fragmented $120 billion industry with strong secular growth trends. Our strategies are working, and we've set our business on a new trajectory for growth. We'll continue to take market share and extend our lead. We have the best overall management team we've ever had and are entering 2022 stronger than ever. Looking ahead, I couldn't be more excited about the future of our business.

在具有強勁長期增長趨勢的分散的 1200 億美元行業中，我們是明顯的市場領導者。我們的戰略正在奏效，我們已將我們的業務置於新的增長軌道上。我們將繼續佔據市場份額並擴大領先優勢。我們擁有有史以來最好的整體管理團隊，並且在進入 2022 年時比以往任何時候都更強大。展望未來，我對我們業務的未來感到無比興奮。

Before concluding, I'd like to thank all of our teammates for their hard work and unwavering dedication to our business. I'll now turn the call over to Lauren.

在結束之前，我要感謝我們所有的隊友，感謝他們的辛勤工作和對我們業務的堅定奉獻。我現在將把電話轉給勞倫。

Thank you, Ed, and good morning, everyone. I want to echo Ed's thanks to our team for their incredible passion, hard work and dedication to our athletes and to our business. At DICK'S, it is our people who make us great, and none of what has been accomplished this past year would have been possible without our exceptional team.

謝謝你，Ed，大家早上好。我想回應 Ed 對我們團隊的感謝，感謝他們對我們的運動員和我們的業務的難以置信的熱情、辛勤工作和奉獻精神。在 DICK'S，是我們的員工讓我們變得偉大，如果沒有我們出色的團隊，過去一年所取得的成就是不可能實現的。

Now on to our results. In Q4, we delivered the largest sales quarter in our company's history. Our record quarterly sales of $3.35 billion were driven by a consolidated same-store sales increase of nearly 6%, which was on top of a 19.3% increase in the same period last year and a 5.3% increase in Q4 of 2019. Our Q4 comps were supported by growth in key categories and increases in both average ticket and transactions as our diverse category and brand portfolio, world-class omnichannel platform and strong execution helped us continue to meet robust consumer demand.

現在來看我們的結果。在第四季度，我們實現了公司歷史上最大的銷售季度。我們創紀錄的季度銷售額達到 33.5 億美元，這得益於近 6% 的綜合同店銷售額增長，這是在去年同期增長 19.3% 和 2019 年第四季度增長 5.3% 的基礎之上的。我們的第四季度比較由於我們多樣化的品類和品牌組合、世界一流的全渠道平台和強大的執行力幫助我們繼續滿足強勁的消費者需求，我們得到了關鍵品類的增長以及平均門票和交易量的增長的支持。

Our athlete counts remain strong, and we added another 2.3 million new athletes during the quarter for a total of approximately 8 million new athletes acquired this year. Our highly differentiated product assortment, combined with our granular and disciplined promotion management, is enabling us to drive significantly higher merch margin rates. During the quarter, there were no major store or site-wide promotions, and we expanded our merchandise margin rate by 476 basis points versus 2020 and by 848 basis points versus 2019. Led by strong sales and merchandise margin, we achieved non-GAAP EBT margin of nearly 14%. In total, our fourth quarter non-GAAP earnings per diluted share of $3.64 represented a 50% increase over the same period last year and a 176% increase over Q4 of 2019.

我們的運動員人數保持強勁，本季度我們又增加了 230 萬新運動員，今年總共增加了約 800 萬新運動員。我們高度差異化的產品組合，加上我們細化和嚴格的促銷管理，使我們能夠顯著提高商品利潤率。在本季度，沒有大型商店或網站範圍內的促銷活動，我們將商品利潤率與 2020 年相比擴大了 476 個基點，與 2019 年相比擴大了 848 個基點。在強勁的銷售和商品利潤率的帶動下，我們實現了非公認會計準則 EBT利潤率接近 14%。總的來說，我們第四季度非公認會計準則每股攤薄收益為 3.64 美元，比去年同期增長 50%，比 2019 年第四季度增長 176%。

As Ed indicated, over the past 5 years, we've been on a transformational journey that's driving sustainable growth in sales and profitability. During this time, we meaningfully improved our merchandise assortment, including developing even stronger relationships with our key brand partners to drive greater access to highly differentiated product.

正如 Ed 指出的那樣，在過去 5 年中，我們一直在推動銷售和盈利能力可持續增長的轉型之旅。在此期間，我們有意義地改進了我們的商品分類，包括與我們的主要品牌合作夥伴建立更牢固的關係，以推動更多地獲得高度差異化的產品。

We implemented an enhanced service model and leaned into highly engaging in-store experiences. We focused on our culture and put our teammates, athletes and communities at the center of everything we do. Finally, we invested in technology, data science and our omnichannel platform and significantly improved our digital marketing and personalization capabilities. These transformational changes were driving improved results well before the pandemic and further accelerated our performance over the past 2 years.

我們實施了增強的服務模式，並傾向於高度參與的店內體驗。我們專注於我們的文化，並將我們的隊友、運動員和社區置於我們所做一切的中心。最後，我們投資於技術、數據科學和全渠道平台，顯著提高了我們的數字營銷和個性化能力。這些變革性的變化在大流行之前就推動了業績的改善，並進一步加速了我們在過去 2 年的表現。

DICK'S is a growth company. And with the recent completion of our $1.5 billion long-term investment-grade debt issuance, we have ample flexibility to pursue our robust growth agenda. We're entering 2022 with incredible momentum and confidence in our business. Virtually our entire category portfolio has re-baselined meaningfully higher versus pre-COVID sales levels. We've gained considerable market share in key categories. And as the largest U.S. sporting goods retailer, we are well positioned to extend our lead and continue gaining share in a large, growing and fragmented industry.

DICK'S 是一家成長型公司。隨著我們最近完成 15 億美元的長期投資級債券發行，我們有足夠的靈活性來追求我們強勁的增長議程。我們正以令人難以置信的勢頭和對我們業務的信心進入 2022 年。實際上，我們的整個品類組合已經重新設定了比新冠疫情前更高的銷售水平。我們在關鍵類別中獲得了相當大的市場份額。作為美國最大的體育用品零售商，我們完全有能力擴大我們的領先地位，並繼續在一個龐大、不斷發展且分散的行業中獲得份額。

Importantly, our 2022 sales and earnings guidance establishes a new foundation upon which we will build in the years ahead. Navdeep will address our outlook in greater detail within his remarks. Our focus in 2022 is on enhancing our existing strategies to continue to accelerate our core business and enable long-term profitable growth. First, our stores will continue to be the hub of our industry-leading omnichannel experience, serving both our in-store athletes and providing over 800 forward points of distribution for digital fulfillment.

重要的是，我們的 2022 年銷售和收益指引為我們在未來幾年的發展奠定了新的基礎。 Navdeep 將在他的講話中更詳細地闡述我們的前景。我們在 2022 年的重點是加強我們現有的戰略，以繼續加速我們的核心業務並實現長期盈利增長。首先，我們的商店將繼續成為我們行業領先的全渠道體驗的中心，為我們的店內運動員提供服務，並為數字化履行提供 800 多個前向分銷點。

During 2021, our stores comped up 42%, including a 14% increase in Q4. They enabled over 90% of our total sales and fulfilled approximately 70% of our online line sales through either ship from store, in-store pickup or curbside. In 2022, we will continue to enhance our service model and provide opportunities to try products through experiential elements, such as our premium full-service footwear decks, our HitTrax batting cages, soccer shops and golf simulators. We will also continue to invest in technology to enhance our store fulfillment and in-store pickup capabilities and drive profitability of our e-commerce business.

2021 年，我們的門店增長了 42%，其中第四季度增長了 14%。他們實現了我們總銷售額的 90% 以上，並通過從商店發貨、店內取貨或路邊配送完成了大約 70% 的在線銷售。 2022年，我們將繼續提升我們的服務模式，並通過體驗性元素提供嘗試產品的機會，例如我們的優質全方位服務鞋墊、我們的HitTrax擊球籠、足球店和高爾夫模擬器。我們還將繼續投資於技術，以提高我們的商店履行和店內取貨能力，並推動我們電子商務業務的盈利能力。

Beyond our stores, we will also continue to improve our digital experience by adding more personalization and making it even easier for athletes to find the best product for them. Backed by our investments in service, data science and our ScoreCard Program, we will continue to serve our athletes whenever, wherever and however they want, instilling confidence in their purchase and inspiring their loyalty.

除了我們的商店之外，我們還將繼續改善我們的數字體驗，增加更多的個性化，讓運動員更容易找到最適合他們的產品。在我們在服務、數據科學和記分卡計劃方面的投資支持下，我們將繼續隨時隨地為我們的運動員提供服務，以他們想要的方式，灌輸他們的購買信心並激發他們的忠誠度。

Next within merchandising. Our relationships with key brands are stronger than ever, and we will build on our momentum and drive growth in important categories, including athletic apparel, footwear, team sports and golf. We are rooted in sport, and our ability to showcase an entire brand portfolio across our national store footprint and online is highly valued by our strategic partners.

接下來是商品銷售。我們與主要品牌的關係比以往任何時候都更加牢固，我們將在運動服裝、鞋類、團隊運動和高爾夫等重要類別的基礎上繼續發展並推動增長。我們植根於體育運動，我們的戰略合作夥伴高度重視我們在全國門店和在線展示整個品牌組合的能力。

In 2021, we announced a groundbreaking new partnership with Nike to create an unmatched experience for our connected athletes. We've been encouraged by the athlete response and look forward to continually working with Nike to anticipate and fulfill the evolving needs of the athletes we serve. Looking ahead, we will continue to make big bets with all of our big brand partners to deliver an unparalleled athlete experience across our physical and digital properties.

2021 年，我們宣布與耐克建立開創性的新合作夥伴關係，為我們的互聯運動員創造無與倫比的體驗。運動員的反應讓我們深受鼓舞，並期待繼續與耐克合作，以預測和滿足我們所服務的運動員不斷變化的需求。展望未來，我們將繼續與所有大品牌合作夥伴進行大賭注，以在我們的物理和數字資產中提供無與倫比的運動員體驗。

At the same time, we will leverage athlete feedback and insights to drive vertical brand growth in new segments and categories. As we've discussed on previous calls, our vertical brands have become a significant source of strength and growth. During 2021, our vertical brands eclipsed $1.7 billion in sales, and together, represented our largest brand in golf, team sports, fitness and outdoor equipment.

同時，我們將利用運動員反饋和洞察力來推動新細分市場和類別的垂直品牌增長。正如我們在之前的電話會議中所討論的，我們的垂直品牌已成為實力和增長的重要來源。 2021 年，我們的垂直品牌銷售額超過 17 億美元，共同代表了我們在高爾夫、團隊運動、健身和戶外設備領域的最大品牌。

Finally, we remain very pleased by the early results of our new concepts and experiences, including DICK'S House of Sport, Golf Galaxy Performance Center and Public Lands. We're excited to continue to refine and grow these concepts while pulling key learnings into our core business.

最後，我們仍然對我們的新概念和體驗的早期成果感到非常高興，包括 DICK'S House of Sport、Golf Galaxy Performance Center 和 Public Lands。我們很高興能夠繼續完善和發展這些概念，同時將關鍵知識融入我們的核心業務。

In closing, I want to reiterate that our record performance in 2021 was the result of our deliberate investments, our emphasis on analyzing, understanding and meeting the evolving needs of our athletes and the tremendous execution from our team. We are very confident about the ongoing long-term growth potential of our business and believe that no one is better positioned to lead in the marketplace.

最後，我想重申，我們在 2021 年的創紀錄表現是我們深思熟慮的投資、我們對分析、理解和滿足運動員不斷變化的需求的重視，以及我們團隊出色的執行力的結果。我們對我們業務的持續長期增長潛力充滿信心，並相信沒有人能更好地在市場上處於領先地位。

I'll now turn the call over to Navdeep to review our financial results and outlook in more detail.

我現在將電話轉給 Navdeep，以更詳細地審查我們的財務業績和前景。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our full year 2021 results. Consolidated sales increased 28.3% to $12.29 billion. As Ed noted, consolidated same-store sales increased a record-setting 26.5%. This was on top of a 9.9% increase last year and a 3.7% increase in 2019. As a percentage of net sales, our online business has grown from 16% in 2019 to 21% in the current year.

謝謝你，勞倫，大家早上好。讓我們首先簡要回顧一下我們 2021 年的全年業績。合併銷售額增長 28.3% 至 122.9 億美元。正如 Ed 指出的那樣，綜合同店銷售額增長了創紀錄的 26.5%。這是在去年增長 9.9% 和 2019 年增長 3.7% 的基礎上。作為淨銷售額的百分比，我們的在線業務已從 2019 年的 16% 增長到本年度的 21%。

Gross profit for full year was $4.71 billion or 38.33% of net sales and improved 650 basis points from last year. This improvement was driven by merchandise margin rate expansion of 407 basis points and leverage on fixed occupancy costs of 223 basis points. We also saw lower shipping expense as a percentage of sales. This was due to sustained strength in our brick-and-mortar sales and higher brick-and-mortar sales penetration, following last year's temporary store closures. These items were partially offset by higher freight costs, resulting from global supply chain disruptions and our prioritization of inventory availability.

全年毛利潤為 47.1 億美元，占淨銷售額的 38.33%，比去年提高了 650 個基點。這一改善是由 407 個基點的商品利潤率擴張和 223 個基點的固定入住成本槓桿推動的。我們還看到運費佔銷售額的百分比較低。這是由於我們在去年臨時關閉商店後實體銷售持續強勁，實體銷售滲透率提高。由於全球供應鏈中斷和我們優先考慮庫存可用性，這些項目被較高的運費成本部分抵消。

SG&A expenses were $2.66 billion or 21.67% of net sales and leveraged 231 basis points from last year, primarily due to the significant sales increase. SG&A dollars increased $366 million, primarily due to current year cost increases to support the growth in sales, as well as last year's operating expense reduction following our temporary store closures. In the prior year, SG&A included $152 million of COVID-related compensation and safety cost. However, in the current year, we transitioned our hourly teammates to compensation program with a longer-term focus, including increasing and accelerating annual merit and higher hourly wages, partially reinvesting last year's COVID-related costs.

SG&A 費用為 26.6 億美元，占淨銷售額的 21.67%，比去年增加了 231 個基點，這主要是由於銷售額的顯著增長。 SG&A 美元增加了 3.66 億美元，主要是由於本年度成本增加以支持銷售增長，以及去年我們臨時關閉商店後的運營費用減少。去年，SG&A 包括 1.52 億美元的 COVID 相關補償和安全成本。然而，在今年，我們將我們的小時工團隊成員轉變為具有長期關注點的薪酬計劃，包括增加和加速年度績效和更高的小時工資，部分再投資去年與 COVID 相關的成本。

Driven by our strong sales and merchandise margin rate expansion, non-GAAP EBT was $2.03 billion or 16.47% of net sales and increased $1.29 billion or 882 basis points from the same period last year. In total, non-GAAP earnings per diluted share were $15.70. This compares to a non-GAAP earnings per diluted share of $6.12 last year, a 157% year-over-year increase and a non-GAAP earnings per diluted share of $3.69 in 2019, a 325% increase.

在我們強勁的銷售和商品利潤率擴張的推動下，非美國通用會計準則 EBT 為 20.3 億美元，占淨銷售額的 16.47%，比去年同期增加 12.9 億美元或 882 個基點。總計，非公認會計準則每股攤薄收益為 15.70 美元。相比之下，去年非公認會計準則每股攤薄收益為 6.12 美元，同比增長 157%，2019 年非公認會計準則每股攤薄收益為 3.69 美元，增長 325%。

Now moving to our Q4 results. We are pleased to report a consolidated sales increase of 7.3% to $3.35 billion. As Lauren said, this was the largest sales quarter in our history. Consolidated same-store sales increased 5.9% on top of a 19.3% increase in the same period last year and a 5.3% increase in Q4 of 2019. Our strong comps were driven by growth in team sports, apparel and footwear, as well as a 4.8% increase in average ticket and a 1.1% increase in transactions. When compared to 2019, consolidated sales increased 28.5%, driven by balanced growth across our 3 primary categories of hardlines, apparel and footwear.

現在轉到我們的第四季度業績。我們很高興地報告綜合銷售額增長 7.3% 至 33.5 億美元。正如勞倫所說，這是我們歷史上最大的銷售季度。綜合同店銷售額在去年同期增長 19.3% 和 2019 年第四季度增長 5.3% 的基礎上增長了 5.9%。我們強勁的業績受到團隊運動、服裝和鞋類的增長以及平均票價增長 4.8%，交易量增長 1.1%。與 2019 年相比，綜合銷售額增長了 28.5%，這得益於我們的 3 個主要類別的硬線、服裝和鞋類的平衡增長。

Our brick-and-mortar stores comped up approximately 14% versus 2020 and delivered a 24% sales increase when compared to 2019 with roughly the same square footage. As expected, our e-commerce sales decreased 11% versus last year, which was on top of a 57% increase in Q4 of 2020. This reflects our deliberate decision to minimize site-wide promotion to better manage our inventory throughout the quarter. Compared to 2019, e-commerce sales increased 39%. And as a percentage of net sales, our online business has grown from 25% in 2019 to 27% in current quarter. E-commerce penetration was 32% last year.

與 2020 年相比，我們的實體店銷售額增長了約 14%，與 2019 年相比，銷售額增長了 24%，佔地面積大致相同。正如預期的那樣，我們的電子商務銷售額與去年相比下降了 11%，這是在 2020 年第四季度增長 57% 的基礎上的。這反映了我們有意減少全站促銷以在整個季度更好地管理我們的庫存的決定。與 2019 年相比，電子商務銷售額增長了 39%。作為淨銷售額的百分比，我們的在線業務已從 2019 年的 25% 增長到本季度的 27%。去年電子商務滲透率為32%。

Now moving to gross profit. Gross profit in the fourth quarter was $1.26 billion or 37.58% of net sales and improved 391 basis points compared to last year. This improvement was driven by merchandise margin rate expansion of 476 basis points, primarily due to fewer promotions, the result of our increasingly differentiated assortment and disciplined promotional strategies. In addition, certain categories in the marketplace continue to be supply constrained, which resulted in a reduced promotional environment. We also saw a favorable sales mix. As expected, these improvements were partially offset by higher freight costs, resulting from global supply chain disruptions and our prioritization of inventory availability.

現在轉向毛利潤。第四季度毛利潤為 12.6 億美元，占淨銷售額的 37.58%，與去年相比提高了 391 個基點。這一改善是由商品利潤率擴大 476 個基點推動的，這主要是由於促銷活動減少，這是我們日益差異化的分類和嚴格的促銷策略的結果。此外，市場上的某些類別繼續受到供應限制，從而導致促銷環境減少。我們還看到了有利的銷售組合。正如預期的那樣，由於全球供應鏈中斷和我們對庫存可用性的優先考慮，這些改進部分被更高的運費成本所抵消。

Compared to 2019, on a non-GAAP basis, gross profit as a percentage of net sales improved 898 basis points. This improvement was driven by merchandise margin rate expansion of 848 basis points due to fewer promotions and favorable sales mix, as well as leverage on fixed occupancy costs, partially offset by higher freight costs.

與 2019 年相比，按非公認會計原則計算，毛利潤占淨銷售額的百分比提高了 898 個基點。這種改善是由於促銷活動減少和有利的銷售組合，以及固定入住成本的槓桿作用，商品利潤率擴大了 848 個基點，部分被較高的運費成本所抵消。

SG&A expenses were $783.6 million or 23.38% of net sales and leveraged 97 basis points compared to last year, primarily due to increase in sales. SG&A dollars increased $22 million, primarily due to current year cost increases to support the growth in sales. In the prior year quarter, SG&A included $47 million of COVID-related compensation and safety costs, as well as $30 million donation we made to DICK'S Foundation to help jump start youth sports program struggling to make comeback in the pandemic, most of which was in Q4. As I mentioned previously, in the current year, we transitioned our hourly teammates to compensation programs with a longer-term focus, partially reinvesting last year's COVID-related cost.

SG&A 費用為 7.836 億美元，占淨銷售額的 23.38%，與去年相比提高了 97 個基點，主要是由於銷售額的增加。 SG&A 美元增加了 2200 萬美元，主要是由於本年度成本增加以支持銷售增長。在上一季度，SG&A 包括 4700 萬美元與 COVID 相關的補償和安全成本，以及我們向 DICK'S 基金會捐款 3000 萬美元，以幫助快速啟動青年體育項目，努力在大流行中捲土重來，其中大部分是在Q4。正如我之前提到的，在今年，我們將每小時的團隊成員轉變為具有長期關注點的薪酬計劃，部分再投資去年與 COVID 相關的成本。

Compared to 2019, on a non-GAAP basis, SG&A expense as a percentage of net sales deleveraged 45 basis points, primarily due to the increase in store payroll and operating expenses to support the increase in sales, as well as hourly wage rate investments and higher advertising to support our new concepts.

與 2019 年相比，在非公認會計原則的基礎上，SG&A 費用占淨銷售額的百分比下降了 45 個基點，這主要是由於商店工資和運營費用的增加以支持銷售額的增長，以及小時工資率投資和更高的廣告來支持我們的新概念。

Driven by our strong sales and merchandise margin rate expansion, non-GAAP EBT was $468.4 million or 13.97% of net sales and increased approximately $170 million or 442 basis points from the same period last year. Compared to 2019, non-GAAP EBT increased $319.8 million or 827 basis points as a percentage of net sales.

在我們強勁的銷售和商品利潤率擴張的推動下，非公認會計原則 EBT 為 4.684 億美元，占淨銷售額的 13.97%，比去年同期增加了約 1.7 億美元或 442 個基點。與 2019 年相比，非 GAAP EBT 占淨銷售額的百分比增加了 3.198 億美元或 827 個基點。

In total, we delivered non-GAAP earnings per diluted share of $3.64. This compares to non-GAAP earnings per diluted share of $2.43 last year, a 50% increase on a year-over-year basis and a non-GAAP earnings per diluted share of $1.32 in 2019, a 176% increase.

總的來說，我們實現了非公認會計原則每股攤薄收益 3.64 美元。相比之下，去年非美國通用會計準則每股攤薄收益為 2.43 美元，同比增長 50%，2019 年非美國通用會計準則每股攤薄收益為 1.32 美元，增長 176%。

On a GAAP basis, our earnings per diluted share were $3.16. This included $8.1 million in noncash interest expense, as well as 12.6 million additional diluted shares that are designed to be offset by our bond hedge at settlement but are required in the GAAP diluted share calculation, both related to our convertible notes we issued in Q1 2020. For additional details on this, you can refer to the non-GAAP reconciliation table of our press release that we issued this morning.

按照公認會計原則，我們的每股攤薄收益為 3.16 美元。這包括 810 萬美元的非現金利息費用，以及 1260 萬股額外的稀釋股份，這些股份旨在在結算時被我們的債券對沖所抵消，但在 GAAP 稀釋股份計算中是必需的，兩者都與我們在 2020 年第一季度發行的可轉換票據有關.有關這方面的更多詳細信息，您可以參考我們今天上午發布的新聞稿中的非公認會計原則對賬表。

Now looking to our balance sheet. In January, we were very pleased to complete our inaugural long-term investment-grade debt transaction, raising $1.5 billion of cash through the issuance of our senior unsecured notes. As a result, we have further strengthened our financial position, providing us the flexibility to continue investing in our business, as well as repay the $575 million of convertible senior notes.

現在看看我們的資產負債表。 1 月份，我們非常高興地完成了我們的首次長期投資級債務交易，通過發行我們的高級無抵押票據籌集了 15 億美元的現金。因此，我們進一步加強了財務狀況，使我們能夠靈活地繼續投資於我們的業務，並償還 5.75 億美元的可轉換優先票據。

We ended Q4 with approximately $2.64 billion of cash and cash equivalents and no borrowings on our new $1.6 billion unsecured credit facility. Our quarter ended inventory levels increased 17.6% compared to Q4 of last year. Looking ahead, we continue to aggressively chase product to meet demand and prioritize inventory availability over cost. As part of this, we expect elevated freight expenses to continue and have included the impact of this within our 2022 outlook.

我們在第四季度結束時擁有約 26.4 億美元的現金和現金等價物，並且我們新的 16 億美元的無擔保信貸額度沒有借款。與去年第四季度相比，我們季度末的庫存水平增加了 17.6%。展望未來，我們將繼續積極追逐產品以滿足需求，並將庫存可用性置於成本之上。作為其中的一部分，我們預計運費將繼續上漲，並將其影響納入我們的 2022 年展望。

Turning to our fourth quarter capital allocation. Net capital expenditures were $64.7 million, and we paid $35.7 million in quarterly dividends. During the quarter, we also repurchased approximately 6.8 million shares of our stock for $750 million at an average price of $110.72. We have approximately $1.85 billion remaining under our new $2 billion share repurchase program. For the year, we have returned approximately $1.8 billion to shareholders through the share repurchases and dividends.

轉向我們第四季度的資本配置。淨資本支出為 6470 萬美元，我們支付了 3570 萬美元的季度股息。本季度，我們還以 110.72 美元的平均價格以 7.5 億美元的價格回購了大約 680 萬股我們的股票。根據我們新的 20 億美元的股票回購計劃，我們還剩下大約 18.5 億美元。全年，我們通過股票回購和分紅向股東返還了大約 18 億美元。

Now let me move to our fiscal 2022 outlook for sales and earnings. Coming off 2 consecutive record years in 2020 and 2021, our 2022 expectations provide a new foundation upon which we will build in the years ahead. As Ed said, our strategies are working, and they have set us on a new trajectory. Let us now review the details of 2022 sales and earnings and capital allocation in detail.

現在讓我談談我們 2022 財年的銷售和收益展望。在 2020 年和 2021 年連續兩個創紀錄的年份結束後，我們對 2022 年的預期為我們在未來幾年的發展奠定了新的基礎。正如 Ed 所說，我們的策略正在奏效，它們讓我們走上了一條新的軌道。現在讓我們詳細回顧一下 2022 年的銷售和收益以及資本分配的細節。

Consolidated same-store sales are expected to be in the range of negative 4% to flat with quarterly comps expected to improve sequentially throughout the year. This is on top of a 26.5% comp sales increase in 2021 and a 9.9% increase in 2020 on as-reported basis. EBT is expected to be in the range of $1.43 billion and $1.6 billion. This includes approximately $55 million of pretax interest expense associated with our new $1.5 billion long-term debt. At the midpoint, EBT margin is expected to be approximately 12.5%.

綜合同店銷售額預計將在負 4% 至持平的範圍內，季度銷售額預計將在全年連續改善。這是在 2021 年復合銷售額增長 26.5% 和 2020 年報告的基礎上增長 9.9% 的基礎之上。 EBT 預計在 14.3 億美元和 16 億美元之間。這包括與我們新的 15 億美元長期債務相關的大約 5500 萬美元的稅前利息費用。在中點，EBT 利潤率預計約為 12.5%。

Within this, gross margin is expected to decline approximately 250 basis points at the midpoint. This assumes some normalization of promotional landscape, higher freight expenses and modest deleverage on fixed expenses. SG&A expense is expected to deleverage, primarily due to hourly wage rate investments, as well as investments in advertising, talent and technology to fund our growth strategies. In total, we anticipate non-GAAP earnings per diluted share to be in the range of $11.70 to $13.10.

在此範圍內，預計毛利率將在中點下降約 250 個基點。這假設促銷環境正常化、運費增加和固定費用適度去槓桿化。 SG&A 費用預計將去槓桿化，主要是由於小時工資率投資，以及為我們的增長戰略提供資金的廣告、人才和技術投資。總的來說，我們預計非公認會計準則每股攤薄收益將在 11.70 美元至 13.10 美元之間。

Our earnings guidance is based on 94 million average diluted shares outstanding and an effective tax rate of approximately 23%. Our capital allocation plan includes net capital expenditures of $340 million to $365 million, which will be concentrated in improvements in our existing stores, ongoing investments in technology as well as new store growth.

我們的盈利指引基於 9400 萬股平均攤薄流通股和約 23% 的有效稅率。我們的資本分配計劃包括 3.4 億美元至 3.65 億美元的淨資本支出，將集中在我們現有商店的改進、對技術的持續投資以及新店的增長。

In terms of returning capital to shareholders, today, we announced an increase in our quarterly dividends of 11% to $0.4875 per share or $1.95 on an annualized basis. In addition, our plan includes a minimum of $200 million of share repurchases, the effect of which is included in our EPS guidance. However, we will consider using our expected strong free cash flow to opportunistically repurchase shares beyond the $200 million.

在向股東返還資本方面，今天，我們宣布將季度股息增加 11% 至每股 0.4875 美元或按年計算的 1.95 美元。此外，我們的計劃包括至少 2 億美元的股票回購，其影響包含在我們的每股收益指導中。但是，我們將考慮使用我們預期的強勁自由現金流機會性地回購超過 2 億美元的股票。

Before concluding, I'd like to take a moment to highlight an upcoming change in our disclosures. Beginning in Q1 2022, we will be moving away from providing e-commerce sales growth and penetration metrics. Our athletes are increasingly shopping across multiple channels on the same transaction, and it no longer makes sense to try and attribute a sale to a specific channel. And with EBT margins being similar, regardless of an online versus in-person transaction, the difference is even less relevant from a modeling perspective.

在結束之前，我想花點時間強調一下我們的披露即將發生的變化。從 2022 年第一季度開始，我們將不再提供電子商務銷售增長和滲透率指標。我們的運動員越來越多地在同一筆交易中跨多個渠道購物，嘗試將銷售歸因於特定渠道已不再有意義。由於 EBT 利潤率相似，無論是在線交易還是面對面交易，從建模的角度來看，差異就更不重要了。

We believe the single view of the consumer and of our business best represents our omnichannel approach, which centers around serving our athletes whenever, wherever and however they want to shop. As you know, we previously announced our intent to make the shift in 2020 but delayed as a result of COVID-19 and related temporary store closures. We will continue to provide consolidated same-store sales results with an updated method, as Nate described in his introduction.

我們相信，消費者和我們業務的單一視圖最能代表我們的全渠道方法，該方法的核心是隨時隨地為我們的運動員提供服務，以他們想購物的方式。如您所知，我們之前曾宣布打算在 2020 年進行轉變，但由於 COVID-19 和相關的臨時商店關閉而推遲。正如 Nate 在他的介紹中所描述的，我們將繼續以更新的方法提供合併的同店銷售結果。

In closing, we are extremely pleased with our 2021 results. We are now looking forward to continuing this success in 2022 and over the longer term.

最後，我們對 2021 年的業績感到非常滿意。我們現在期待在 2022 年和更長期繼續取得這一成功。

This concludes our prepared comments. Thank you for your interest in DICK'S Sporting Goods. Operator, you may now open the line for questions.

我們準備好的評論到此結束。感謝您對 DICK'S 體育用品的關注。接線員，您現在可以打開線路提問。

(Operator Instructions) Our first question comes from Simeon Gutman of Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Simeon Gutman。

My first question is on the new margin base for the company. You've talked about it being a foundation. One of the assumptions, it sounds like in '22, is some normalization of promotions or markdowns. I guess what if it's more than some? What are the puts and the takes in gross margin? Are you expecting supply chain eventually to go away, and that's why we should feel confident in this new normal for gross margin?

我的第一個問題是關於公司新的利潤基礎。你已經談到它是一個基礎。聽起來像是在 22 年的假設之一是促銷或降價的一些正常化。我想如果它不止一些怎麼辦？什麼是看跌期權和毛利率？您是否預計供應鏈最終會消失，這就是為什麼我們應該對毛利率的新常態充滿信心？

I'll take that, Simeon. Thank you for the question. From a margin standpoint, we do believe that the vast majority of our merch margin improvements over time are sustainable. We do expect some normalization of promotions, but what's really driving that is a complete change in our merchandising assortment, such that we now have products that are highly differentiated and not really subject to a vast promotional environment.

我會接受的，西蒙。感謝你的提問。從利潤率的角度來看，我們確實相信隨著時間的推移，我們絕大多數的商品利潤率提高是可持續的。我們確實希望促銷活動實現一些正常化，但真正推動我們商品分類的徹底改變是，我們現在擁有高度差異化的產品，並且不會真正受到廣泛的促銷環境的影響。

And so what if it's more than some? I mean, we will be managing our pricing and our promotions as we do, looking every day at what the right prices to our customers and for our business, and we expect to be able to drive significant continued margin gains versus where we were prepandemic.

那麼，如果它不止一些呢？我的意思是，我們將像我們一樣管理我們的定價和促銷活動，每天都在為我們的客戶和我們的業務尋找合適的價格，並且我們希望能夠與我們在大流行前的情況相比，推動顯著的持續利潤率增長。

And then maybe just a direct follow-up. Is there something around the initial markup? Is there something around how you're using the circular where you can basically feel confident that you're at this permanently higher level? Like what is the bottom-up reason why we should be confident that we've reached this new normal?

然後可能只是直接跟進。初始標記周圍有什麼東西嗎？是否有一些關於你如何使用通告的方法，你基本上可以確信自己處於這個永久更高的水平？比如我們應該相信我們已經達到了這個新常態的自下而上的原因是什麼？

Yes, Simeon, I think it's a few key things. First of all, as I mentioned, it is the differentiated product assortment that is not a subject because some of the products are more high-heat and desirable products. They're not a subject to a promotional environment. But at the same time, we also have evolved our marketing mix from what used to be a fully print-based plan where we would have to make decisions on pricing and promotion many weeks before understanding what the market was going to be like, to a much more digital and flexible environment now.

是的，Simeon，我認為這是一些關鍵的事情。首先，正如我所提到的，差異化的產品分類不是主題，因為有些產品是高熱度和理想的產品。他們不受促銷環境的影響。但與此同時，我們也將營銷組合從過去完全基於印刷的計劃發展為我們必須在了解市場情況之前數週就定價和促銷做出決定的計劃現在更加數字化和靈活的環境。

And we also have stepped away from the business of being promotional on a total site-wide or store-wide level because we can now be much more personalized and granular in terms of our offers with direct customer messaging. So we absolutely feel there are structural things in our gross margin that are going to set us up to permanently retain this higher level.

而且我們也已經擺脫了在整個站點或商店範圍內進行促銷的業務，因為我們現在可以通過直接的客戶消息傳遞在我們的報價方面更加個性化和細化。因此，我們絕對認為我們的毛利率中存在結構性因素，這些因素將使我們永久保持這一更高水平。

Okay. I'll turn it over. Congratulations. Good luck.

好的。我會把它翻過來。恭喜。祝你好運。

Thank you.

謝謝你。

The next question comes from Adrienne Yih of Barclays.

下一個問題來自巴克萊的 Adrienne Yih。

Congrats on another commendable finish to the year to the team. Lauren, my first question is for you. It's on the Nike partnership. What was Nike total as a percent of, I guess, COGS or however you want to do it for 2021? And then can you give us more detail on the partnership kind of as a key distributor in their "marketplace of the future"? Or is there any additional advertising demand creation budget? Will the stores look any different? Any details on that rollout, especially in light of what we've heard from other partners.

祝賀團隊在這一年取得了另一個值得稱道的成績。勞倫，我的第一個問題是問你的。這是耐克的合作夥伴關係。我猜，耐克的總成本佔 COGS 的百分比是多少，或者您想在 2021 年實現多少？然後，您能否詳細介紹一下作為“未來市場”中的主要分銷商的合作夥伴關係？或者是否有任何額外的廣告需求創造預算？商店看起來會有所不同嗎？有關該推出的任何細節，尤其是根據我們從其他合作夥伴那裡聽到的信息。

And then Navdeep, for you, 2 quick ones. What does your 2022 outlook anticipate in terms of, number one, the impact on the supply chain of higher oil prices; and number two, the impact on your target market in terms of demand forecasting?

然後是 Navdeep，給你 2 個快速的。您對 2022 年的前景有何預期，第一，油價上漲對供應鏈的影響；第二，在需求預測方面對您的目標市場的影響？

Thanks, Adrienne. So starting off with the Nike partnership. Our relationship with Nike is at an all-time high, and I would say it's become incredibly strategic in that we are reinventing together what the customer experience is. We started that over the past several years and most recently with our connected membership program, where consumers can opt in to both a DICK'S and Nike membership, and that unlocks tremendous amount of access to products for them, experiences and content.

謝謝，阿德里安。因此，從與耐克的合作夥伴關係開始。我們與耐克的關係處於歷史最高水平，我想說這已經變得非常具有戰略意義，因為我們正在共同重塑客戶體驗。我們在過去幾年中開始了這一點，最近一次是通過我們的互聯會員計劃，消費者可以選擇加入 DICK'S 和耐克會員，這為他們解鎖了大量的產品、體驗和內容。

And so I do believe we will continue to innovate with Nike, spend in co-marketing as we have and really reinvent the consumer experience. I would say that that's true of all of our strategic partners. We have many strategic partners, if you look at our co-creation model with Adidas and Under Armour and tremendous strategic partnerships with Callaway and TaylorMade.

所以我相信我們將繼續與耐克一起創新，像我們一樣在聯合營銷上投入資金，並真正重塑消費者體驗。我想說的是，我們所有的戰略合作夥伴都是如此。如果你看看我們與阿迪達斯和安德瑪的共同創造模式，以及與卡拉威和泰勒梅的巨大戰略合作夥伴關係，我們有許多戰略合作夥伴。

To answer your specific question about Nike and what percentage of sales they were for this past year, they were 17% of our mix. Navdeep?

為了回答您關於耐克的具體問題以及他們在過去一年的銷售額百分比，他們占我們組合的 17%。導航深度？

Yes. Adrienne, thanks for your question. I think maybe I'll answer both questions together. When we created our budget, the geopolitical situations were not what they are right now, so we'll continue to watch how these situations evolve. In terms of the demand, I'll start with that, and then I'll come to the oil prices. We feel strongly about the demand. We have seen a sustained level of demand, both even in Q4 and all through 2021.

是的。阿德里安娜，謝謝你的提問。我想也許我會一起回答這兩個問題。當我們制定預算時，地緣政治局勢與現在不同，因此我們將繼續觀察這些局勢如何演變。就需求而言，我將從這個開始，然後我會談到油價。我們對需求感到強烈。即使在第四季度和整個 2021 年，我們都看到了持續的需求水平。

When we look at the macro changes, we are seeing that those are still very lasting. The lifestyle changes that our athletes have made in terms of focus on the health and fitness, the greater participation in the outdoor activities, as well as casualization of the workplace, that trend has continued to remain elevated.

當我們查看宏觀變化時，我們看到這些變化仍然非常持久。我們的運動員在註重健康和健身、更多地參與戶外活動以及工作場所的休閒化方面所做的生活方式改變，這一趨勢繼續保持高位。

And what I -- what Lauren called out, right, the brand partnerships that we have, the allocations that we are getting, as well as the capabilities that we have built internally to be able to kind of capture the demand gives us a lot of confidence.

而我——勞倫所說的，對，我們擁有的品牌合作夥伴關係，我們獲得的分配，以及我們內部建立的能夠捕捉需求的能力，給了我們很多信心。

And then on the -- in terms of the oil prices, we looked at the -- when we created the budget, as you can imagine, that was at the beginning of this year, we used the market prices as part of our budget expectation, and we'll closely monitor the situation as the year evolves in terms of our financial expectations. But we are very optimistic in the guidance that we have given based on the time and place when the budgets were created.

然後 - 就油價而言，我們研究了 - 當我們制定預算時，你可以想像，那是在今年年初，我們使用市場價格作為我們預算預期的一部分，我們將根據我們的財務預期密切關注這一年的發展情況。但我們對根據預算制定的時間和地點給出的指導非常樂觀。

The next question comes from Paul Lejuez of Citi.

下一個問題來自花旗的 Paul Lejuez。

Can you talk a little bit more about how you're thinking about comp performance in the first half versus second half? I think you mentioned sequential improvement each quarter. Anything you can provide in terms of color around what -- how you guys are planning and specifically in the March, April period as you anniversary stimulus?

你能多談談你如何看待上半場和下半場的比賽表現嗎？我認為您提到了每個季度的連續改進。你能提供什麼顏色方面的東西——你們是如何計劃的，特別是在三月、四月期間，作為你們的周年紀念？

And then just second, just curious about category performance in '21 versus '19. Which categories sit most above your 2019 levels? And how are you thinking about growth by category in 2022?

然後只是第二個，只是對 21 年和 19 年的類別表現感到好奇。哪些類別最高於您 2019 年的水平？您如何看待 2022 年按類別劃分的增長？

You take the first, Navdeep, and I'll take the second.

你拿第一個，Navdeep，我拿第二個。

Paul, this is Navdeep. I'll take the first question. Like I called out in our guidance, we are expecting the comps to sequentially improve. I think to one of the factors you called out, which is the stimulus impact, the stimulus impact, I would say, was much more in March through the May time frame. And so as we kind of lap that in Q1, that expectation has been included in our guidance. As well as, as we look to the inventory position, we believe that will continue to improve. We finished strongly at the end of Q4 of 2021. However, we are continuing to build our inventory as we go into the peak selling season here. So we believe that the inventory position, as well as the lapping of the stimulus money from last year, is what we have called out that we expect our comps to sequentially improve as we move through the year.

保羅，這是納夫迪普。我會回答第一個問題。就像我在我們的指導中所說的那樣，我們預計比賽會逐步改善。我認為你提到的一個因素是刺激影響，我想說的是，在 3 月到 5 月的時間框架內，刺激影響要大得多。因此，當我們在第一季度達到這一目標時，這種期望已包含在我們的指導中。此外，當我們關注庫存狀況時，我們相信這將繼續改善。我們在 2021 年第四季度末表現強勁。但是，隨著我們進入銷售旺季，我們將繼續增加庫存。因此，我們認為庫存狀況以及去年刺激資金的使用，是我們所呼籲的，我們預計隨著我們一年的發展，我們的業績將依次改善。

And regarding our category performance in 2021 versus 2019, I think it's really important to note that we have increased our sales in every single category over -- meaningfully over 2019 with the exception of hunt, which is a result of a long-term strategy. But every single category has re-baselined significantly higher. We saw, in 2021, incredible strength in our -- what I would say is our core businesses, so team sports, athletic apparel, athletic footwear and golf. I'll even point out golf in this past year had a record number of rounds played. So we have a lot of confidence in those categories. And then in some of the "pandemic-surging categories" like fitness and bikes, while there's some rightsizing going on, they are significantly higher than they were in 2019.

關於我們在 2021 年與 2019 年的類別表現，我認為非常重要的是要注意，我們在每個類別中的銷售額都比 2019 年有所增加，但狩獵除外，這是長期戰略的結果。但每一個類別都重新設定了顯著更高的基準。我們在 2021 年看到了令人難以置信的實力——我想說的是我們的核心業務，包括團隊運動、運動服裝、運動鞋和高爾夫。我什至要指出，過去一年裡，高爾夫打了創紀錄的回合數。所以我們對這些類別很有信心。然後在一些“流行病激增的類別”中，比如健身和自行車，雖然正在進行一些調整，但它們明顯高於 2019 年。

The next question comes from Warren Cheng of Evercore.

下一個問題來自 Evercore 的 Warren Cheng。

I just wanted to ask a follow-up to Simeon's question, and I just want to make sure I'm hearing that correctly. It sounds like you expect some normalization in promotions this year. But then on the flip side, there's going to be elevated freight expense in your gross margin structure that's potentially going to normalize the other direction. So on a net basis, am I hearing correctly that this -- the guidance you've given is down 250, that's a rough proxy for kind of the new sustainable gross margin structure going forward?

我只是想追問一下西蒙的問題，我只是想確保我沒聽錯。聽起來您預計今年的促銷活動會正常化。但另一方面，您的毛利率結構中的運費將會增加，這可能會使另一個方向正常化。所以在淨值的基礎上，我是否正確地聽到這個 - 你給出的指導下降了 250，這是未來新的可持續毛利率結構的粗略代表？

Yes. Warren, this is Navdeep. I'll take this question. So in terms of the freight expenses, what we have called out is that we expect the freight expenses to remain elevated, even in 2022. So there's not much of a decline that we are expecting in freight expenses. At least as of now, we can't see that playing out in the marketplace.

是的。沃倫，這是納夫迪普。我會回答這個問題。因此，就運費而言，我們所呼籲的是，即使在 2022 年，運費仍將保持高位。因此，我們預計運費不會有太大的下降。至少到目前為止，我們看不到這種情況在市場上發揮作用。

The reduction in the gross margin that we have called out is primarily related to the normalization of the promotions environment and some deleverage as well on the fixed expenses with the midpoint of the comp guidance that we have given.

我們所說的毛利率下降主要與促銷環境的正常化和一些去槓桿化以及我們給出的薪酬指導中點的固定費用有關。

But Warren, I do want to also mention, Navdeep mentioned in his opening remarks, that we do think, across the board, this is a new base from which we can grow in the future, our sales and our margin rates.

但沃倫，我還想提一下，納夫迪普在他的開場白中提到，我們確實認為，全面來說，這是一個新的基礎，我們可以在未來發展，我們的銷售額和利潤率。

Okay. Great. Okay. That was kind of what I was getting at. And then my second -- my follow-up question, I just wanted to ask about some of your brand partnerships. If you kind of look outside your biggest 2 or 3, can you just give us a little sense of how some of those conversations are going? Are there smaller brands that you highlight as getting more material or maybe conversations you're having now that you haven't had before in the past?

好的。偉大的。好的。這就是我的意思。然後是我的第二個問題——我的後續問題，我只是想問一下你們的一些品牌合作夥伴關係。如果你不看你最大的 2 或 3 個人，你能不能讓我們了解一下其中一些對話的進展情況？是否有一些較小的品牌被您強調為獲得更多材料，或者您現在正在進行的對話是您過去從未有過的？

Our brand relationships are at an all-time high. We are having incredibly strategic discussions with every key brand partner we have in key categories, and that's across athletic apparel, athletic footwear, team sports. We are also working with new and emerging brands, as we always have, and continue to take bets on emerging players.

我們的品牌關係處於歷史最高水平。我們正在與關鍵類別的每個關鍵品牌合作夥伴進行令人難以置信的戰略討論，包括運動服裝、運動鞋、團隊運動。我們也一如既往地與新興品牌合作，並繼續押注新興品牌。

But over -- across the board, I would say some -- part of the reason for this elevated expectation that we have is our relationships with our brand partners are at an all-time high. We're getting better allocation, and they are narrowing distribution, and we are working with them to reinvent the consumer experience.

但是總體而言，我想說一些-我們對這種期望的提高的部分原因是我們與品牌合作夥伴的關係處於歷史最高水平。我們正在獲得更好的分配，他們正在縮小分配範圍，我們正在與他們合作重塑消費者體驗。

The next question comes from Kate McShane of Goldman Sachs.

下一個問題來自高盛的 Kate McShane。

Our question also centered around the comp build for 2022. We wondered if you could talk to us a little bit about the big ticket assumptions in the outlook versus what you've seen in '21, how inflation comes into play with your comp guide and any kind of market share assumptions there.

我們的問題還圍繞 2022 年的薪酬構建。我們想知道您是否可以與我們談談前景中的大票假設與您在 21 年看到的情況，通貨膨脹如何與您的薪酬指南和那裡有任何類型的市場份額假設。

And then our second question is you've mentioned you have a much different assortment than you did 5 years ago. How much do you think the success of the DICK'S Sporting Goods private label brand has been to changing over your assortment and your market share gains.

然後我們的第二個問題是，您提到您的分類與 5 年前大不相同。您認為 DICK'S Sporting Goods 自有品牌的成功在多大程度上改變了您的產品種類和市場份額的增長。

Kate, this is Navdeep. I'll take the first one in terms of the build for FY '22. So maybe I'll begin a little bit with what we saw in Q4. So the vast majority of our Q4 comp was driven by ticket. But actually, if you'll peel that a little bit further, what you see is that there was a strong growth that we saw in transactions in our store, and the ticket increase was actually driven by our decision to be not promotional in the e-comm and in our stores.

凱特，這是納夫迪普。就 22 財年的構建而言，我將採用第一個。所以也許我會從我們在第四季度看到的內容開始。所以我們第四季度的絕大多數比賽都是由門票驅動的。但實際上，如果你再深入一點，你會看到我們在商店的交易中看到了強勁的增長，而門票的增長實際上是由我們決定在 e 不促銷-comm 和我們的商店。

So as we look to 2022, we will constantly continue to evaluate what is the right strategy of balancing our -- kind of the needs of the athlete as well as what is the right decision from a marketplace perspective. And in terms of -- we haven't given this level of granularity, but I would say that we expect that the tickets will continue to be stronger as we look to '22. However, transactions will also remain strong as we have seen a good experience and the traction with our brick-and-mortar business as well as e-comm.

因此，展望 2022 年，我們將不斷評估什麼是平衡我們的正確策略——運動員的需求，以及從市場角度來看什麼是正確的決定。就 - 我們沒有給出這種粒度級別，但我想說，我們預計到 22 年，門票將繼續走強。然而，交易也將保持強勁，因為我們已經看到了良好的體驗以及我們的實體業務和電子商務的牽引力。

Yes. From an assortment standpoint, our vertical brands remain very, very strong. We're over $1.7 billion. We're getting very strong growth out of our vertical brands, and we continue to use those brands to fill in opportunities across our portfolio. Brands like DSG, which brings in an opening price point; and CALIA, which attracts the female -- athletic female; and then VRST, our new men's apparel brand, all fill white space that was missing in our portfolio before.

是的。從品類的角度來看，我們的垂直品牌仍然非常非常強大。我們的資產超過 17 億美元。我們從垂直品牌中獲得了非常強勁的增長，我們將繼續使用這些品牌來填補我們產品組合中的機會。像DSG這樣的品牌，帶來了開盤價；還有CALIA，吸引女性——運動型女性；然後是我們的新男裝品牌 VRST，所有這些都填補了我們之前產品組合中缺失的空白。

The next question comes from Michael Baker of D.A. Davidson.

下一個問題來自 D.A. 的 Michael Baker。戴維森。

I want to ask you about the new debt you took and what that means for some -- for growth initiatives going forward. Does it signal more aggressive growth, higher CapEx? I know you gave guidance for next year, which is up a little bit. But longer term, store count growth, et cetera, if you could sort of talk to that.

我想問你關於你承擔的新債務以及這對某些人意味著什麼——對於未來的增長計劃。它是否預示著更積極的增長和更高的資本支出？我知道你給了明年的指導，這有點上升。但從長遠來看，商店數量的增長等等，如果你能談談的話。

Yes. Thanks, Michael. So the new debt we just raised, we're very pleased. We raised $1.5 billion investment-grade debt, which just gives us an incredible amount of opportunity to invest in our business and growth. So first and foremost, we are going to maintain what we would consider an appropriate cash balance and always make sure that we can weather any storm. We're also going to invest heavily in our business, be that new store expansion, real estate and in-store experience, as well as technology. And then lastly, of course, we will look to return excess cash flow to shareholders in various ways.

是的。謝謝，邁克爾。所以我們剛剛籌集的新債務，我們很高興。我們籌集了 15 億美元的投資級債務，這為我們提供了巨大的機會來投資於我們的業務和增長。因此，首先，我們將保持我們認為適當的現金餘額，並始終確保我們能夠經受住任何風暴。我們還將大力投資於我們的業務，包括新店擴張、房地產和店內體驗以及技術。最後，當然，我們將尋求以各種方式將多餘的現金流返還給股東。

So in terms of our store count growth and our CapEx, store counts, we are expecting 11 new DICK'S stores this coming year -- actually 11 new stores, period, 4 DICK'S and 7 specialty and 11 remodel stores, including 1 House of Sport and 1 Golf Galaxy Performance Center. And our CapEx will support all the activities I mentioned before in in-store and real estate and technology.

因此，就我們的店鋪數量增長和資本支出、店鋪數量而言，我們預計來年將有 11 家新的 DICK'S 店鋪——實際上是 11 家新店，期間，4 家 DICK'S 和 7 家專賣店和 11 家改造店，包括 1 家 House of Sport 和1 高爾夫銀河表演中心。我們的資本支出將支持我之前提到的店內、房地產和技術方面的所有活動。

Okay. That's helpful. One more, if I could. I don't know if you're willing to talk about the pace of business throughout the fourth quarter. You came in better than the pre-announcement on -- in early January, so I suppose that implies that January was better than expectation. But what, in particular, was better in January? And can you talk about how January was planned versus November and December?

好的。這很有幫助。如果可以的話，再來一張。我不知道您是否願意談論整個第四季度的業務節奏。你比 1 月初的預告要好，所以我認為這意味著 1 月份好於預期。但是，特別是在一月份，什麼更好呢？你能談談 1 月與 11 月和 12 月的計劃嗎？

Yes. We were very, very pleased with our January performance, as you note, as we did indicate what our forecast was in the early weeks of January. What happened to drive those results even higher is that we had an improved inventory level versus our expectations, just given our really strong promotional management throughout the earlier months in the quarter. And then we also had a significant impact of cold weather that drove a lot of outerwear business in January. So we were very pleased. Overall, we were pleased with January versus our forecast and also versus 2 years ago. It performed very, very well.

是的。正如您所指出的，我們對 1 月份的表現非常、非常滿意，因為我們確實表明了 1 月初幾週的預測。推動這些結果更高的是，我們的庫存水平比我們的預期有所提高，因為我們在本季度前幾個月的促銷管理非常強大。然後我們還受到寒冷天氣的重大影響，這推動了 1 月份的大量外套業務。所以我們非常高興。總體而言，我們對 1 月份與我們的預測以及 2 年前相比感到滿意。它表現得非常非常好。

The next question comes from Chuck Grom of Gordon Haskett.

下一個問題來自 Gordon Haskett 的 Chuck Grom。

Congrats on a really great year. My question is on the long term and how you're thinking about the algo beyond '22 as you build off the roughly $14 million per store that you're generating today and the 12.5% EBT margin that you've forecasted for '22.

祝賀這一年真的很棒。我的問題是長期的，以及你如何考慮 22 年以後的算法，因為你現在每家商店產生的收入約為 1400 萬美元，以及你預測的 22 年 EBT 利潤率為 12.5%。

Chuck, this is Navdeep. I'll take that question. First of all, we are very excited about the results that we have delivered over the last couple of years but actually, as Ed called out, the transformation journey we have been on for the last 5 years. And what gives us the confidence as we look to the future are the things that, like Lauren called out, the changes and the improvements that we have made are so foundational to our success over the last few years, and that's what gives us the confidence as we look to the future as well.

查克，這是納夫迪普。我會回答這個問題。首先，我們對過去幾年所取得的成果感到非常興奮，但實際上，正如 Ed 所說，我們在過去 5 年中一直在進行的轉型之旅。當我們展望未來時，讓我們充滿信心的是，就像 Lauren 所說的那樣，我們所做的改變和改進是我們在過去幾年中取得成功的基礎，這就是讓我們充滿信心的原因我們也展望未來。

In terms of an EBT margin, we have improved our sales over. If you just look at pre-pandemic, our sales are up $3 billion. Our earnings, even with the midpoint of guidance, will be up over $1 billion from where they were. So we are really excited about the results, and we feel like we can continue to create this in '22 as a new foundation and continue to grow our sales and profitability on a long-term basis.

就 EBT 利潤率而言，我們已經提高了銷售額。如果你只看大流行前，我們的銷售額增加了 30 億美元。我們的收入，即使是在指導的中點，也將比原來的水平增加超過 10 億美元。因此，我們對結果感到非常興奮，我們覺得我們可以在 22 年繼續創造它作為一個新的基礎，並繼續長期增長我們的銷售額和盈利能力。

Okay, very helpful. And then when you think about House of Sport and Public Lands, you talked about key learnings that you plan to introduce into the core business. Just wondering if you can maybe provide some examples of some of the recent learnings over the past couple of quarters and then what you are applying to the existing store fleet.

好的，很有幫助。然後當你想到體育和公共土地之家時，你談到了你計劃引入核心業務的關鍵知識。只是想知道您是否可以提供一些過去幾個季度最近學習的一些示例，然後您將哪些內容應用於現有的商店車隊。

Yes. House of Sport is a fully experiential destination with a tremendous service model, community involvement, different fitting room experience and all those things we are pulling back into the DICK'S -- all of the DICK'S stores when we look at how we want to serve athletes and different experiences that we want to build into. You'll see us continuing to grow things of an experiential nature in our stores, so increased soccer shops, increased premium footwear decks. We've already -- we've got HitTrax in many of our stores. But most importantly, I think the service model has become really emblematic of how we want to serve athletes.

是的。 House of Sport 是一個完全體驗式的目的地，擁有巨大的服務模式、社區參與、不同的試衣間體驗以及所有我們在 DICK'S 中回歸的東西——所有 DICK'S 商店，當我們看到我們希望如何為運動員和我們想要構建的不同體驗。你會看到我們繼續在我們的商店裡種植體驗性的東西，所以增加了足球店，增加了高級鞋類甲板。我們已經 - 我們的許多商店都有 HitTrax。但最重要的是，我認為服務模式已經成為我們為運動員服務的真正像徵。

With Public Lands, we have really -- we're excited about the learnings that we're getting about the outdoor category and the consumer that we feel is underserved there. We've got brand partnerships that we're very excited about developing, which can come back to DICK'S and just a general focus on the outdoor business in DICK'S Sporting Goods.

對於公共土地，我們真的 - 我們對我們在戶外類別和我們認為那裡沒有得到充分服務的消費者方面獲得的學習感到興奮。我們已經建立了我們對發展非常興奮的品牌合作夥伴關係，這可以回到 DICK'S，並且只關注 DICK'S Sporting Goods 的戶外業務。

The next question comes from Chris Horvers of JPMorgan.

下一個問題來自摩根大通的 Chris Horvers。

So my first question is have you tried to put a number on how much you thought that inventory constraints impacted fourth quarter comps in total? And maybe thoughts on how that could impact perhaps the first quarter of '22. And then I have a follow-up.

所以我的第一個問題是，您是否嘗試過說明您認為庫存限制對第四季度的總體影響有多大？也許還有關於這可能會如何影響 22 年第一季度的想法。然後我有一個跟進。

So we haven't put a number on how much inventory constraints impacted Q4. But I will say, for the last 2 years, there have been inventory challenges, supply chain challenges, constraints. And what I think we've proven with the 5.9% comp that we just delivered in Q4 is that despite some inventory constraints, we have a broad portfolio, we can offer some substitutions when we don't have the exact products that people wanted and that we can manage really well. And we will expect to do that through any choppiness that's coming through the next year.

因此，我們還沒有給出庫存限制對第四季度的影響程度的數字。但我會說，在過去的兩年裡，存在庫存挑戰、供應鏈挑戰和限制。我認為我們已經用我們剛剛在第四季度交付的 5.9% 比較證明了，儘管存在一些庫存限制，但我們擁有廣泛的產品組合，當我們沒有人們想要的確切產品時，我們可以提供一些替代品，並且我們可以管理得很好。我們希望通過明年的任何動盪來做到這一點。

Got it. And then on the capital allocation question, you mentioned maintaining a higher level of cash on the balance sheet. But at this point, you're sitting on gross cash that's more than 20% of your current market cap, and you'll probably generate another 10% in free cash flow this year. So I guess, to what extent is the $200 million share repurchase guide conservative versus maybe looking to opportunistically collapse that convert structure? And if you were able to take the convert structure down, how accretive might that be to EPS?

知道了。然後在資本配置問題上，您提到在資產負債表上保持較高水平的現金。但在這一點上，你的總現金佔你當前市值的 20% 以上，今年你可能會再產生 10% 的自由現金流。所以我想，2億美元的股票回購指南在多大程度上是保守的，而不是可能希望機會主義地崩潰這種轉換結構？如果你能夠降低轉換結構，這對 EPS 有多大的影響？

Yes. Chris, great question. I don't think so we will dispute anything that you called out. But like we called out in my prepared remarks, the $200 million is a minimum that we called out. So as we look to this year, we will evaluate all available options to us, whether to do an incremental opportunistic share buyback as well as we'll definitely look into a convert, as we have called out. And you know that these notes are callable next year and -- but still, the maturity is still further quite a ways away. So we'll continue to evaluate all opportunities available to us, and at the same time, continue to maintain an appropriate level of cash on the balance sheet because the uncertainties in the world are not behind us.

是的。克里斯，好問題。我認為我們不會對你所說的任何事情提出異議。但就像我們在準備好的講話中所說的那樣，2 億美元是我們要求的最低限度。因此，展望今年，我們將評估我們所有可用的選項，是否進行增量機會主義股票回購，以及我們肯定會考慮轉換，正如我們所呼籲的那樣。而且你知道這些票據明年可以贖回 - 但仍然距離成熟還有很長的路要走。因此，我們將繼續評估我們可用的所有機會，同時繼續在資產負債表上保持適當的現金水平，因為世界上的不確定性並沒有過去。

The next question comes from Beth Reed of Truist Securities.

下一個問題來自 Truist Securities 的 Beth Reed。

Could you frame for us how you're thinking about gross margins, maybe first half versus second half, given that it sounds like you don't expect freight to ease all that much, even in the back half, if I understood that comment correctly?

您能否為我們介紹一下您如何考慮毛利率，可能是上半年與下半年，因為如果我正確理解該評論，聽起來您並不期望運費會減輕那麼多，即使在後半部分也是如此?

And then thus far, have you seen anything in the environment to indicate that perhaps others are starting to ratchet up the promos a bit?

到目前為止，您是否在環境中看到任何跡象表明其他人可能開始加大促銷力度？

Beth, we do not -- we are not anticipating nor are we seeing right now any sort of an increase of any meaningful proportion in the promotional environment. When we've looked at the year, in the second half, we have planned for a little bit more of a promotional activity than what we're seeing now but nothing like what we used to see in pre-pandemic levels for all the reasons I said before about the differentiated assortment and the fact that we can be much more surgical with our pricing.

貝絲，我們沒有——我們沒有預料到，我們現在也沒有看到促銷環境中有任何有意義的比例增加。當我們回顧這一年時，在下半年，我們計劃進行比現在更多的促銷活動，但由於各種原因，與我們過去在大流行前的水平上看到的完全不同我之前說過差異化的分類以及我們可以在定價方面更具外科手術性的事實。

And Beth, on your question on the freight, I would say that the freight expenses will continue to remain volatile. We did prioritize inventory availability over cost in fourth quarter, including air freighting of some products. So we'll have to just continue to evaluate that situation. And maybe we may see some favorability as we go into the fourth quarter of this year and don't have to repeat those processes. But that's still much further away, and we'll have to continue to evaluate.

貝絲，關於你關於運費的問題，我想說運費將繼續保持波動。我們確實在第四季度優先考慮了庫存可用性而不是成本，包括一些產品的空運。所以我們必須繼續評估這種情況。當我們進入今年第四季度並且不必重複這些過程時，也許我們可能會看到一些有利因素。但這還有很長的路要走，我們將不得不繼續評估。

The next question comes from Seth Basham of Wedbush.

下一個問題來自 Wedbush 的 Seth Basham。

When you look at your implied gross margin guidance for 2022 of nearly 36%, it's up about 650 basis points since 2019. And then if that's the new foundation on which to grow, can you help us understand the key building blocks to bridge from 2019 to 2022, and, in particular, focus on how much has been driven by better allocations and good relationships with vendors for high-heat products?

當您查看 2022 年近 36% 的隱含毛利率指導時，它自 2019 年以來上漲了約 650 個基點。然後，如果這是增長的新基礎，您能否幫助我們了解從 2019 年開始過渡的關鍵組成部分到 2022 年，特別是關注更好的分配和與高熱產品供應商的良好關係推動了多少？

Seth, this is Navdeep. I'll take that question. First of all, we are very pleased with the results that we have delivered over the last several years. And as Lauren called out, vast majority of this margin increase that we have driven is structural. And the big call out is, if you look at the improvements that we have driven, vast majority of that improvement is in merchandise margin.

賽斯，這是納夫迪普。我會回答這個問題。首先，我們對過去幾年取得的成果感到非常滿意。正如 Lauren 所說，我們推動的利潤增長大部分是結構性的。最重要的是，如果你看看我們推動的改進，絕大多數改進是在商品利潤率上。

And we won't break this out. But if you look at it, the reason what gives us the confidence is because of the fact that most of this improvement is structural because differentiated assortment, more sophisticated promotion strategy. And the other 2 things that we don't talk as much about, but we have seen a huge improvement in our clearance and price optimization work as well through the data analytics. And those are the things that give us a lot of confidence that -- as well as the hunt penetration which has gone down pretty substantially from where it was in 2019. So that's the reason we believe these are structural, and we'll be able to continue to have these benefits going forward.

我們不會打破這個。但如果你仔細看，給我們信心的原因是因為這種改進大部分是結構性的，因為差異化的分類，更複雜的促銷策略。還有另外兩件事我們沒有多談，但我們已經看到我們的清倉和價格優化工作以及通過數據分析取得了巨大的進步。這些都是讓我們充滿信心的事情 - 以及與 2019 年相比大幅下降的狩獵滲透率。所以這就是我們認為這些是結構性的原因，我們將能夠繼續獲得這些好處。

What we did call out in our FY '22 guidance is that we expect some of this -- some giveback to happen because of the promotion as well as the leverage on the fixed expenses.

我們在 22 財年的指導中確實指出的是，我們預計其中的一些——由於促銷以及固定費用的槓桿作用會發生一些回饋。

Got it. And specifically, as it relates to high-heat product allocation, would you care to quantify or say how big a driver that's been of the improved structural gross margin that you see going forward?

知道了。特別是，由於它與高溫產品分配有關，您是否願意量化或說出您認為未來結構性毛利率提高的驅動因素有多大？

We're not going to quantify it, but I will go back to what we said over the last 5 years. Our entire portfolio of products has changed and been elevated, and that's all access. It's high-heat product, which we continue to be very pleased with our allocation, but also just highly desirable and coveted product that is across our footwear and apparel and other categories of our stores. So we're very much looking forward to that continuing to help us drive gross margin.

我們不會量化它，但我會回到過去 5 年所說的內容。我們的整個產品組合都發生了變化並得到提升，這就是全部。它是高熱量產品，我們繼續對我們的分配感到非常滿意，但也是我們的鞋類和服裝以及我們商店的其他類別中非常受歡迎和令人垂涎的產品。因此，我們非常期待繼續幫助我們提高毛利率。

The next question comes from Michael Lasser of UBS.

下一個問題來自瑞銀的邁克爾·拉塞爾。

The debate on the stock is not really about what's going to happen to DICK'S Sporting Goods this year. It's really more about what's going to happen next year, in 2023, and beyond. So if you're starting to see some giveback of the categories that have done really well during the pandemic and experienced inordinate demand and maybe that even extends to footwear and apparel given that consumers have been at home and shifted their wardrobe to more casual wear, why wouldn't sales be down again in 2023 as things return to normalcy?

關於股票的辯論實際上並不是關於今年 DICK'S Sporting Goods 會發生什麼。更多的是關於明年、2023 年及以後會發生什麼。因此，如果您開始看到在大流行期間表現非常出色並經歷過度需求的類別的一些回饋，考慮到消費者已經在家並將衣櫥轉向更休閒的服裝，這甚至可能延伸到鞋類和服裝，隨著事情恢復正常，為什麼 2023 年銷售額不會再次下降？

Michael, yes, it's Lauren. We definitely see future significant share gains available to us in all of the key categories. We -- I mean, evidenced by Q4, we had some pandemic reset of some of those categories, like fitness, as I mentioned before. But our core categories of athletic apparel, athletic footwear, team sports and golf, we expect to continue to grow due to the assortments, due to our strategic partnerships and due to the fact that we are a clear market leader now in $120 billion marketplace that only has the opportunity to grow. So we -- this is a new base for us. We believe on the top line and the bottom line, we're going to continue to grow, and we're excited for the future.

邁克爾，是的，是勞倫。我們肯定會在所有關鍵類別中看到未來可觀的份額增長。正如我之前提到的，我們——我的意思是，第四季度證明，我們對其中一些類別進行了一些大流行性的重置，比如健身。但我們的運動服裝、運動鞋、團隊運動和高爾夫的核心類別，由於我們的戰略合作夥伴關係以及我們現在在 1200 億美元的市場中成為明顯的市場領導者這一事實，我們預計將繼續增長。只有成長的機會。所以我們——這對我們來說是一個新的基地。我們相信在收入和利潤上，我們將繼續增長，我們對未來感到興奮。

And then my follow-up question is you mentioned you expect some promotions to return in the second half of this year. Have you assumed that you'll go back to site-wide or store-wide promotions as part of that expectation?

然後我的後續問題是你提到你預計今年下半年會有一些促銷活動回歸。作為期望的一部分，您是否假設您將返回站點範圍或商店範圍的促銷活動？

That is not -- we're moving more toward personalized and optimized promotional activity and pricing. I can't see the future, but that's not on my immediate radar screen right now that we will go back to that.

那不是——我們正朝著個性化和優化的促銷活動和定價邁進。我看不到未來，但現在不在我的直接雷達屏幕上，我們將回到那個。

The next question comes from John Kernan of Cowen.

下一個問題來自 Cowen 的 John Kernan。

Excellent. Just curious on your view of the levels of in-transit inventory out there. A lot of the vendors are stuck right now with a lot of in-transit inventory on -- that's recorded on the balance sheet. I'm just curious how you envision product flows and inventory dynamics changing as we get into the back half of the year.

優秀。只是好奇您對那裡在途庫存水平的看法。許多供應商現在都被大量在途庫存困住了——這些都記錄在資產負債表上。我只是想知道隨著我們進入下半年，您如何設想產品流和庫存動態變化。

John, this is Navdeep. Yes, I think that this is -- we would say, even on the vertical brand side, we had product that was in transit, and this is a little bit of the manifestation of the shutdowns that happened overseas in Q3 and early part of Q4. And so we'll have to just continue to watch. And as we called out in our prepared comments, we feel that the inventory positions will continue to improve as we go through 2022. And we feel that the current level of inventories are appropriate, but we'll have to continue to evaluate the situation and the marketplace as it plays out. But we are very optimistic about the guidance that we have given as well as the inventory levels and building throughout the year.

約翰，這是納夫迪普。是的，我認為這是 - 我們會說，即使在垂直品牌方面，我們也有產品在運輸中，這是第三季度和第四季度初期在海外發生的停工的一點表現.所以我們必須繼續觀察。正如我們在準備好的評論中所指出的那樣，我們認為隨著 2022 年的到來，庫存狀況將繼續改善。我們認為目前的庫存水平是合適的，但我們必須繼續評估情況和市場發揮作用。但我們對我們給出的指導以及全年的庫存水平和建設非常樂觀。

Got it. Maybe just a follow-up on wages and SG&A rates in dollars as we go through this year and into next. Where are you on the wage cycle? Some of your big-box peers have been increasing wages pretty systemically. Just curious when you think about stores and DCs, where we are in terms of labor costs and labor inflation in the model.

知道了。也許只是在我們今年和明年的工資和 SG&A 費率的後續行動。你在工資週期的哪個位置？您的一些大型同行一直在系統地提高工資。當您想到商店和配送中心時，只是好奇，我們在模型中的勞動力成本和勞動力通脹方面所處的位置。

Yes. First of all, I would call it that we don't look at the wage minimums as the defining criteria. We look much more as to what is the appropriate wage we have to pay, both in the distribution center and our stores by market to attract the right level of talent. And so it's much more of finding the right talent that can provide that right level of experience to our athlete, which is definitely elevated than a lot of other retailers that are in the marketplace.

是的。首先，我認為我們不將最低工資視為定義標準。我們更多地關注我們必須支付的適當工資，無論是在配送中心還是按市場劃分的商店，以吸引合適水平的人才。因此，更重要的是找到合適的人才，為我們的運動員提供合適的體驗水平，這絕對比市場上的許多其他零售商都要高。

The other thing that I'll call out is we have become an employer of choice. We saw this even in third and fourth quarter where a lot of other retailers were having challenges in staffing their stores, we were very fortunate. The morale, the engagement and the camaraderie that exists in our stores is phenomenal, and that's been one of the core strengths in terms of us continuing to deliver strong results in Q4 as well as in 2021. And we look forward to continuing to maintain that.

我要說的另一件事是我們已成為首選雇主。即使在第三和第四季度，我們也看到了這一點，當時許多其他零售商在為他們的商店配備人員方面遇到了挑戰，我們非常幸運。我們商店的士氣、敬業度和友情是非凡的，這是我們在第四季度和 2021 年繼續取得強勁業績的核心優勢之一。我們期待繼續保持這一點.

The final question comes from Sam Poser of Williams Trading.

最後一個問題來自 Williams Trading 的 Sam Poser。

I have 3. I'm just going to do it real quick. The Nike dropping numerous accounts over the last year, how do you view that as helping your share gain?

我有 3 個。我會盡快完成。耐克在去年放棄了許多賬戶，你如何看待這有助於你的份額增長？

Number two, your inventory is up like 4% versus 2019 and up a lot from last year. What is the optimum inventory? How much are you missing right now based on what you think?

第二，與 2019 年相比，您的庫存增加了 4%，並且比去年增加了很多。什麼是最佳庫存？根據您的想法，您現在缺少多少？

And the last question I would be able to ask on e-commerce is your e-commerce business is up 80% from pre-COVID levels. Are we looking at sort of a re-basing of this business in that $2.6 billion range? And when you think about next year and going forward, how much of that future, of the growth that you anticipate will be driven from your e-commerce business given this will be the last time I can ask that question?

關於電子商務，我能問的最後一個問題是，您的電子商務業務比疫情前的水平增長了 80%。我們是否正在考慮在 26 億美元的範圍內對這項業務進行重新定位？當您考慮明年和未來時，您預期的增長中有多少將來自您的電子商務業務，因為這將是我最後一次可以問這個問題？

Sam, all right. I'll take your questions in order, I hope. So starting with Nike and their strategy towards more differentiated retail and the fact that they are narrowing distribution is certainly something as they focus on us as a key strategic partner, and we reinvent the consumer experience together, certainly helped some share gains.

山姆，好吧。我會按順序回答你的問題，我希望。因此，從耐克開始，他們制定更加差異化的零售戰略，他們正在縮小分銷範圍，這當然是他們將我們作為關鍵戰略合作夥伴的重點，我們一起重塑消費者體驗，當然有助於分享收益。

From an inventory level, I think you raised a really good point that we are turning our inventory very, very quickly, just due to supply chain challenges and inventory challenges. And we do hope, as we go forward, that we will continue to build inventory this year so that we can be even more in stock than we are now.

從庫存水平來看，我認為您提出了一個非常好的觀點，即我們正在非常非常迅速地周轉庫存，這僅僅是由於供應鏈挑戰和庫存挑戰。我們確實希望，隨著我們的前進，今年我們將繼續增加庫存，以便我們的庫存比現在更多。

With e-commerce, we absolutely expect e-commerce to continue to grow. So you mentioned the base right now of $2.6 billion. We do think that we should be able to continue to grow that. But as we said before in our prepared remarks, the e-comm versus store segmentation is a little bit arbitrary in that there are so many people who are touching multiple channels in any given purchase. But we're very pleased with our omnichannel experience and driving that business.

對於電子商務，我們絕對期望電子商務繼續增長。所以你提到了現在 26 億美元的基數。我們確實認為我們應該能夠繼續增長。但正如我們之前在準備好的評論中所說，電子商務與商店的細分有點武斷，因為在任何給定的購買中都有很多人接觸多個渠道。但我們對我們的全渠道體驗和推動該業務感到非常滿意。

So let me just one last follow-up. On the inventory, how -- like what would be optimum right now? If you said -- assuming it's the right product, what would be the level that would be optimum at the moment with your inventory around like $2.7 billion? Is that -- yes, in that $2.7 billion range? Is that the way to think about it?

所以讓我最後一次跟進。在庫存方面，如何——比如現在最適合什麼？如果你說——假設它是正確的產品，那麼在你的庫存約為 27 億美元的情況下，目前的最佳水平是多少？那是——是的，在 27 億美元的範圍內嗎？是這樣想的嗎？

Yes. Sam, this is Navdeep. Yes, I would say yes. I don't know if we'll put an exact number to it. We will say that the inventory has definitely not kept pace with the overall sales growth since 2019, and we'll continue to build our inventory position as we go through this year. The big areas that I would call out would be our -- building of the inventory in athletic footwear, apparel. And we feel strong about the in-stocks today, but we feel there is definite opportunities, and we'll look to build as we go into the future.

是的。山姆，這是納夫迪普。是的，我會說是的。我不知道我們是否會給它一個確切的數字。我們會說，自 2019 年以來，庫存肯定沒有跟上整體銷售增長的步伐，我們將在今年繼續建立我們的庫存頭寸。我要提到的主要領域是我們——建立運動鞋、服裝的庫存。我們對今天的庫存感覺很強烈，但我們覺得有明確的機會，我們將在未來建立。

Okay. And one last one, I'm sorry. The -- how do you prevent yourselves from your eyes getting bigger than your stomach is when you are building for demand going forward given the success? I understand you're going to re-base well above where you were pre-COVID, but how do you prevent yourself from like getting the buyers to start buying too aggressively? Or -- and how do you use the learnings you had to better, more efficiently buy and make sure you don't get ahead of yourself, which has certainly been something that sort of happened by design or not even by design over the last 2 years?

好的。最後一個，對不起。當你為未來的需求建立成功時，你如何防止自己的眼睛變得比肚子大？我知道您將重新建立遠高於 COVID 之前的基礎，但是您如何防止自己喜歡讓買家開始過於激進地購買？或者——以及你如何利用你必須學習的知識來更好、更有效地購買，並確保你不會超越自己，這肯定是在過去 2 年的設計中發生的事情，甚至不是設計發生的事情年？

Yes. I would say this is one of our absolute core competencies. When we look at how to buy and what demand is, we certainly don't just look at last year. We look at multiple years of history and underlying trends. And I think we've managed it really, really well so far and better than most in the marketplace. So we -- there's very little risk of us getting too aggressive. We are constantly monitoring our open to buy and our investments and chasing where appropriate and managing where we need to pull back.

是的。我想說這是我們絕對的核心競爭力之一。當我們看如何購買和需求是什麼時，我們當然不會只看去年。我們著眼於多年的歷史和潛在趨勢。而且我認為到目前為止，我們已經做得非常非常好，並且比市場上的大多數人都做得更好。所以我們——我們變得過於激進的風險很小。我們一直在監控我們的開放購買和我們的投資，並在適當的地方追逐並管理我們需要撤回的地方。

This concludes the Q&A portion of this call, so I'll hand it back to Lauren Hobart, President and CEO, for any closing remarks.

本次電話會議的問答部分到此結束，因此我將把它交還給總裁兼首席執行官 Lauren Hobart，以供結束髮言。

Thank you, and thanks all for your participation. I just want to reiterate that, at DICK'S, we have been on a transformational journey for the past 5 years, and there are several long-term reasons for our business being as strong as it is which we know will continue into the future. I want to thank our teammates for everything that they've done to drive our results, and thank you all for your interest in DICK'S Sporting Goods.

謝謝大家，也謝謝大家的參與。我只想重申，在 DICK'S，過去 5 年我們一直處於轉型之旅，我們的業務如此強大有幾個長期原因，我們知道這些原因將持續到未來。我要感謝我們的隊友為推動我們的成績所做的一切，並感謝大家對 DICK'S Sporting Goods 的興趣。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。