DICK'S Sporting Goods Inc (DKS) 2022 Q2 法說會逐字稿

Hello, all, and a warm welcome to the Q2 2022 DICK'S Sporting Goods Earnings Call. My name is Lydia, and I'll be your operator today. (Operator Instructions) It's my pleasure to now hand you over to Nate Gilch, Senior Director of Investor Relations. Please go ahead when you're ready.

大家好，熱烈歡迎參加 2022 年第二季度 DICK'S 體育用品財報電話會議。我叫莉迪亞，今天我就是你的接線員。 （操作員說明）我很高興現在將您交給投資者關係高級總監 Nate Gilch。準備好後請繼續。

Good morning, everyone, and thank you for joining us to discuss our second quarter 2022 results. On today's call will be 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 2022 年第二季度的業績。今天的電話會議將是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.

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。

During this morning's call, we will be discussing earnings per diluted share on a non-GAAP basis, which eliminates the impact of certain items related to our convertible senior notes issued in Q1 2020. For additional details on this or to find a reconciliation of any non-GAAP financial measures referenced on today's call, please refer to our Investor Relations website.

在今天上午的電話會議中，我們將在非公認會計原則基礎上討論攤薄後每股收益，這消除了與我們在 2020 年第一季度發行的可轉換優先票據相關的某些項目的影響。今天電話會議中提到的非公認會計原則財務指標，請參閱我們的投資者關係網站。

And finally, for the future scheduling purposes, we are tentatively planning to publish our third quarter 2022 earnings results on November 22, 2022. And with that, I will now turn the call over to Lauren.

最後，出於未來日程安排的目的，我們暫時計劃在 2022 年 11 月 22 日發布我們的 2022 年第三季度收益結果。因此，我現在將把電話轉給 Lauren。

Thank you, Nate, and good morning, everyone. We are very pleased with our second quarter results, which demonstrate the strength of our core strategies and the foundational improvements we've made across our business over the past 5 years. In fact, we delivered approximately the same EBT in Q2 as we did in all of fiscal 2019.

謝謝你，Nate，大家早上好。我們對第二季度的業績感到非常滿意，這證明了我們核心戰略的實力以及我們在過去 5 年中在整個業務中取得的基礎性改進。事實上，我們在第二季度交付的 EBT 與我們在 2019 財年全年所做的大致相同。

While the macroeconomic environment remains uncertain, the DICK's Sporting Goods consumer has held up quite well. Over the past 2 years, they've made lasting lifestyle changes focused on health and fitness, sports and outdoor activities, and we remain uniquely positioned to capitalize on these secular trends.

雖然宏觀經濟環境仍不明朗，但 DICK 的體育用品消費者表現良好。在過去的 2 年中，他們以健康和健身、運動和戶外活動為重點，對生活方式進行了持久的改變，而我們在利用這些長期趨勢方面仍然處於獨特的地位。

Our inventory is healthy and well positioned with improved in-stock levels in key categories. Importantly, we are raising our full year outlook, which continues to incorporate an appropriate level of caution, given today's macroeconomic environment and contemplates an approximate 10.7% EBT margin at the midpoint.

我們的庫存健康且定位良好，關鍵類別的庫存水平有所提高。重要的是，鑑於當前的宏觀經濟環境，我們正在上調全年展望，繼續保持適當的謹慎水平，並預計 EBT 利潤率在中點約為 10.7%。

Now to our results. As we announced earlier this morning, we delivered second quarter sales of $3.1 billion. This included a comparable store sales decline of 5.1% and, as expected, represented a sequential improvement from the first quarter. It's important to highlight that our sales continued to run substantially above pre-COVID levels, up 38% versus Q2 2019, reinforcing that the favorable shift in consumer behavior that I just mentioned is durable, and our actions to capitalize on this shift are yielding strong results.

現在來看我們的結果。正如我們今天早上早些時候宣布的那樣，我們第二季度的銷售額為 31 億美元。這包括可比店面銷售額下降 5.1%，並且正如預期的那樣，與第一季度相比出現了連續改善。重要的是要強調，我們的銷售額繼續大幅高於 COVID 之前的水平，與 2019 年第二季度相比增長了 38%，這強化了我剛才提到的消費者行為的有利轉變是持久的，我們利用這種轉變的行動正在產生強勁的效果結果。

Notably, for the year, our key athlete success metrics, inclusive of acquisitions, new athlete retention, repeat purchasing and omnichannel behavior are elevated across the board compared to pre-COVID levels. Our increasingly differentiated product assortment, combined with our sophisticated and disciplined pricing strategies and favorable product mix, continue to drive strong merchandise margin. Our merchandise margin rate was up 439 basis points versus Q2 2019 as we maintained the majority of the merchandise margin expansion that we drove over the past 2 years.

值得注意的是，與 COVID 之前的水平相比，我們的關鍵運動員成功指標（包括收購、新運動員保留、重複購買和全渠道行為）全面提升。我們日益差異化的產品組合，加上我們成熟嚴謹的定價策略和有利的產品組合，繼續推動強勁的商品利潤率。我們的商品利潤率與 2019 年第二季度相比上升了 439 個基點，因為我們維持了過去 2 年推動的大部分商品利潤率擴張。

Before continuing, let me emphasize a critical point. The content of the product that we carry today is very different from the product that we carried 5 years ago. It's higher heat and more narrowly distributed than what you'll find in the marketplace and therefore, it is not as susceptible to promotions. In addition, the tools we have today to surgically adjust pricing and promotions are significantly more sophisticated than they were several years ago.

在繼續之前，讓我強調一個關鍵點。我們今天攜帶的產品的內容與我們5年前攜帶的產品有很大的不同。它比您在市場上發現的熱量更高且分佈更窄，因此不易受到促銷的影響。此外，我們今天用來調整定價和促銷的工具比幾年前要復雜得多。

Lastly, our product mix has structurally shifted towards higher-margin categories. We've materially reduced hunt exposure, which had margins approximately 1,700 basis points below the company average in 2019, and we continue to grow our vertical brands, which currently have margins between 600 to 800 basis points above the national brands.

最後，我們的產品組合在結構上已經轉向利潤率更高的類別。我們大幅減少了狩獵風險敞口，其利潤率在 2019 年低於公司平均水平約 1,700 個基點，我們繼續發展我們的垂直品牌，目前其利潤率比全國品牌高出 600 至 800 個基點。

Looking ahead, we remain very confident that our merchandise margin will be meaningfully higher compared to pre-COVID levels on an annual basis, and that this improved profitability, is sustainable due to these foundational changes in our business. With our structurally higher sales, expanded merchandise margins and operating efficiencies compared to pre-COVID levels, we achieved double-digit EBT margin of nearly 14%, approximately 2x our Q2 2019 EBT margin. In total, we delivered non-GAAP earnings per diluted share of $3.68 in Q2 compared to $3.69 for the entire fiscal year of 2019.

展望未來，我們仍然非常有信心，與 COVID 之前的水平相比，我們的商品利潤率每年將顯著提高，並且由於我們業務的這些基礎性變化，這種盈利能力的提高是可持續的。與 COVID 之前的水平相比，我們結構性地提高了銷售額、擴大了商品利潤率和運營效率，我們實現了近 14% 的兩位數 EBT 利潤率，約為 2019 年第二季度 EBT 利潤率的 2 倍。總體而言，我們在第二季度實現了非公認會計準則每股攤薄收益 3.68 美元，而 2019 年整個財年為 3.69 美元。

As we continue our transformational journey, we are focused on enhancing our existing strategies to further strengthen our core business and to drive long-term profitable growth. At the heart of these strategies is our athlete experience, and we continue to develop a highly engaging in-store service model to better serve our athletes. Our teammates are highly trained and are focused on creating confidence for our athletes by finding the best product for them.

隨著我們繼續我們的轉型之旅，我們專注於加強我們現有的戰略，以進一步加強我們的核心業務並推動長期盈利增長。這些策略的核心是我們的運動員體驗，我們將繼續開發一種高度參與的店內服務模式，以更好地為我們的運動員服務。我們的隊友訓練有素，專注於為我們的運動員尋找最適合他們的產品來建立信心。

Our stores also now have highly experiential elements such as our premium full-service footwear decks, elevated soccer shops, golf simulators, HitTrax technology and batting cages. Our new DICK'S House of Sport and Golf Galaxy Performance Center stores are tremendous examples of the power of elevated service models and experiential retail. These new concepts are redefining sports retail and providing us with valuable learnings while also driving strong sales and profitability.

我們的商店現在還擁有高度體驗元素，例如我們的優質全方位服務鞋履甲板、高架足球商店、高爾夫模擬器、HitTrax 技術和擊球籠。我們新的 DICK'S House of Sport 和 Golf Galaxy Performance Center 商店是提升服務模式和體驗式零售力量的絕佳例子。這些新概念正在重新定義體育零售，為我們提供了寶貴的經驗，同時也推動了強勁的銷售和盈利能力。

In addition, our digital experiences remain an integral part of our success, and we continue to prioritize investments in technology and in data science to elevate the athlete experience. We're focused on advancing our personalization capabilities and enhancing our one-to-one relationships with our athletes through our digital marketing, ensuring we serve them the most relevant products at the right time.

此外，我們的數字體驗仍然是我們成功不可或缺的一部分，我們將繼續優先投資技術和數據科學，以提昇運動員體驗。我們專注於提升我們的個性化能力，並通過我們的數字營銷加強我們與運動員的一對一關係，確保我們在正確的時間為他們提供最相關的產品。

Our personalization strategies are fueled by our robust and growing ScoreCard loyalty program and total athlete database. We now have over 25 million active ScoreCard loyalty members, a valuable cohort that has grown in recent years. And during the second quarter, our ScoreCard members generated well over 70% of our total sales, up approximately 200 basis points from the same period last year.

我們強大且不斷增長的記分卡忠誠度計劃和總運動員數據庫推動了我們的個性化戰略。我們現在擁有超過 2500 萬活躍的記分卡忠誠度會員，這是一個近年來不斷增長的寶貴群體。在第二季度，我們的記分卡會員創造了超過 70% 的總銷售額，比去年同期增加了約 200 個基點。

Furthermore, our omnichannel platform, which features our stores as a hub, is an important competitive advantage for us. During the second quarter, our stores enabled over 90% of our total sales, serving both our in-store athletes and providing over 800 forward points of distribution for omnichannel fulfillment.

此外，以門店為樞紐的全渠道平台對我們來說是一項重要的競爭優勢。在第二季度，我們的商店實現了超過 90% 的總銷售額，為我們的店內運動員提供服務，並為全渠道履行提供 800 多個前向分銷點。

Next, within merchandising, our brand portfolio is a tremendous asset. And in fact, our data tells us that approximately 80% of our active athletes look to DICK'S for a multi-branded shopping experience. Importantly, our relationships with key brands remain stronger than ever, and we are continuing to develop relationships with new and emerging brands.

其次，在商品銷售方面，我們的品牌組合是一筆巨大的資產。事實上，我們的數據告訴我們，大約 80% 的活躍運動員希望 DICK'S 獲得多品牌購物體驗。重要的是，我們與主要品牌的關係比以往任何時候都更加牢固，我們正在繼續發展與新興品牌的關係。

At the same time, we are creating and growing disruptive vertical brands like CALIA, VRST and DSG. Our assortment is on trend across categories, and we -- our wide range of price points ensures we are able to meet the needs of all athletes.

與此同時，我們正在創建和發展顛覆性的垂直品牌，如 CALIA、VRST 和 DSG。我們的產品種類在各個類別中都處於流行趨勢，而且我們廣泛的價格點確保我們能夠滿足所有運動員的需求。

Our teammates are our greatest assets, and we see our ability to attract and retain talent as a key differentiator and a competitive advantage for us. We're proud of our high teammate engagement levels, which reflect our efforts to be a great place to work. We'll continue to invest in our teammates and our enhanced service model to maintain our strong culture and drive a top-tier athlete experience.

我們的隊友是我們最大的資產，我們將吸引和留住人才的能力視為我們的關鍵差異化因素和競爭優勢。我們為我們的高團隊合作水平感到自豪，這反映了我們努力成為一個偉大的工作場所。我們將繼續投資於我們的隊友和我們增強的服務模式，以保持我們強大的文化並推動頂級運動員體驗。

In closing, our strategies are working, and we remain confident in our ability to deliver long-term sales and earnings growth. We're the clear market leader in a large fragmented industry, and we believe we are well positioned to continue taking market share and extending our lead. Through the macro -- though the macroeconomic environment remains uncertain, we will continue to focus on meeting the current needs of our athletes.

最後，我們的戰略正在奏效，我們對實現長期銷售和盈利增長的能力仍然充滿信心。我們是大型分散行業中明顯的市場領導者，我們相信我們有能力繼續佔據市場份額並擴大我們的領先地位。通過宏觀——儘管宏觀經濟環境仍然不確定，但我們將繼續專注於滿足運動員當前的需求。

Before concluding, I want to thank all of our teammates for their hard work and unwavering dedication to our business. I'll now turn the call over to Navdeep to review our financial results and outlook in more detail.

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 second quarter results. Consolidated sales decreased 5% to approximately $3.1 billion. When compared to 2019, sales increased 38%, demonstrating the sustainability of our structurally higher sales base compared to pre-COVID levels. Comparable store sales decreased 5.1% and, as expected, accelerated sequentially from the first quarter. As a reminder, we were lapping a 2-year stack comp increase of approximately 40% in Q2.

謝謝你，勞倫，大家早上好。讓我們首先簡要回顧一下我們的第二季度業績。合併銷售額下降 5% 至約 31 億美元。與 2019 年相比，銷售額增長了 38%，表明與 COVID 之前的水平相比，我們結構性更高的銷售基礎的可持續性。可比店面銷售額下降 5.1%，正如預期的那樣，較第一季度環比增長。提醒一下，我們在第二季度實現了 2 年的堆棧補償增長約 40%。

Transactions declined 8.4% while the average ticket increased 3.3%. Within our portfolio, each of our 3 primary categories of hardlines, apparel and footwear performed generally in line with our expectations. Gross profit in the second quarter was $1.12 billion or 36.03% of net sales and declined 388 basis points versus last year. As expected, this decline was driven by merchandise margin rate decline of 197 basis points, higher supply chain costs and deleverage on fixed occupancy costs from lower sales.

交易量下降了 8.4%，而平均票數增加了 3.3%。在我們的投資組合中，我們的三個主要類別的硬線、服裝和鞋類中的每一個都總體上符合我們的預期。第二季度毛利潤為 11.2 億美元，占淨銷售額的 36.03%，比去年下降 388 個基點。正如預期的那樣，這一下降是由商品利潤率下降 197 個基點、供應鏈成本上升以及銷售下降導致的固定佔用成本去槓桿化推動的。

Compared to 2019, our merchandise margin rate expanded 439 basis points, driven by our increasingly differentiated product assortment, combined with our sophisticated and disciplined pricing strategies and favorable product mix. As Lauren mentioned, because of these structural drivers, we continue to expect our merchandise margin rate to be meaningfully higher than pre-COVID levels on an annual basis.

與 2019 年相比，我們的商品利潤率增加了 439 個基點，這得益於我們日益差異化的產品分類，以及我們成熟和嚴謹的定價策略和有利的產品組合。正如 Lauren 所說，由於這些結構性驅動因素，我們繼續預計我們的商品利潤率每年將顯著高於 COVID 之前的水平。

SG&A expenses were $657.4 million or 21.12% of net sales and deleveraged 157 basis points compared to last year, primarily due to the decrease in sales. The increase in SG&A dollars was driven by our continued investment in hourly wage rates and talent to support our growth strategies.

SG&A 費用為 6.574 億美元，占淨銷售額的 21.12%，與去年相比去槓桿化 157 個基點，主要是由於銷售額下降。 SG&A 美元的增加是由於我們對小時工資和人才的持續投資以支持我們的增長戰略。

Interest expense was $25.5 million, an increase of $19.3 million on a non-GAAP basis compared to the same period last year. This increase was primarily due to the $13.8 million of interest expense related to our $1.5 billion senior notes issued during Q4 of 2021. The current quarter also included $6.6 million of inducement charge related to our exchange of $100 million outstanding principal of our convertible senior notes.

利息支出為 2550 萬美元，按非公認會計原則計算，與去年同期相比增加了 1930 萬美元。這一增長主要是由於與我們在 2021 年第四季度發行的 15 億美元優先票據相關的 1380 萬美元利息費用。本季度還包括與我們交換 1 億美元可轉換優先票據的未償本金相關的 660 萬美元的誘導費用。

Driven by our structurally higher sales, expanded merchandise margin and operating efficiency compared to pre-COVID levels, EBT was $427.3 million or 13.73% of net sales. This compares to EBT of $151 million or 6.69% of sales in the second quarter of 2019. In total, we delivered non-GAAP earnings per diluted share of $3.68. This compares to non-GAAP earnings per diluted share of $5.08 last year and GAAP earnings per diluted share of $1.26 in 2019.

與 COVID 之前的水平相比，在我們結構性更高的銷售額、擴大的商品利潤率和運營效率的推動下，EBT 為 4.273 億美元，占淨銷售額的 13.73%。相比之下，2019 年第二季度的 EBT 為 1.51 億美元，佔銷售額的 6.69%。總的來說，我們實現了非公認會計準則每股攤薄收益 3.68 美元。相比之下，去年非 GAAP 每股攤薄收益為 5.08 美元，2019 年 GAAP 每股攤薄收益為 1.26 美元。

Now looking to our balance sheet. We ended Q2 with approximately $1.9 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility. Our quarter-end inventory levels increased 49% compared to Q2 of last year. However, we were chasing inventory last year amid significant supply chain disruptions.

現在看看我們的資產負債表。我們在第二季度結束時擁有約 19 億美元的現金和現金等價物，並且我們的 16 億美元無擔保信貸額度沒有借款。與去年第二季度相比，我們的季度末庫存水平增加了 49%。然而，由於供應鏈嚴重中斷，我們去年一直在追逐庫存。

A better comparison is against Q2 of 2019, where our 40% increase in inventory was relatively in line with our 38% increase in sales. As Lauren said, our inventory is healthy and well positioned. We are excited about the assortment we have in place for the important back-to-school season, and we are prepared to continue navigating a dynamic global supply chain environment through the rest of the year.

更好的比較是與 2019 年第二季度相比，我們 40% 的庫存增長與我們 38% 的銷售額增長相對一致。正如勞倫所說，我們的庫存健康且定位良好。我們對我們為重要的返校季準備的分類感到興奮，我們準備在今年餘下的時間裡繼續駕馭充滿活力的全球供應鏈環境。

Turning to our second quarter capital allocation. Net capital expenditures were $84.5 million, and we paid $36.9 million in quarterly dividends. During the quarter, we exchanged $100 million or approximately 21% of then-outstanding principal of our convertible senior notes for cash and unwound the corresponding portion of the convertible note hedge and warrants for 1.7 million shares of our common stock. Following this exchange, we have $375 million in aggregate principal amount outstanding. During the quarter, we also repurchased 3.9 million shares of our stock for $319 million at an average price of $80.84.

轉向我們第二季度的資本配置。淨資本支出為 8450 萬美元，我們支付了 3690 萬美元的季度股息。在本季度，我們將 1 億美元或約 21% 的可轉換優先票據當時未償本金換成現金，並為我們的 170 萬股普通股解除可轉換票據對沖和認股權證的相應部分。在這次交換之後，我們有 3.75 億美元的未償本金總額。在本季度，我們還以 80.84 美元的平均價格以 3.19 億美元的價格回購了 390 萬股我們的股票。

Now let me wrap up with our outlook for 2022. We are pleased with our performance in the first half of the year and continue to deliver meaningful sales and profitability growth over 2019. As a result of our Q2 performance and improved inventory position for the important back-to-school season, we are raising our 2022 guidance. Importantly, as Lauren indicated, our updated outlook continues to incorporate an appropriate level of caution, given the uncertainty around the macroeconomic backdrop, geopolitical environment, and the dynamic global supply chain.

現在讓我總結一下我們對 2022 年的展望。我們對上半年的表現感到滿意，並在 2019 年繼續實現有意義的銷售和盈利增長。由於我們第二季度的表現和重要的庫存狀況的改善開學季，我們正在提高 2022 年的指導。重要的是，正如 Lauren 所說，鑑於宏觀經濟背景、地緣政治環境和充滿活力的全球供應鏈的不確定性，我們更新後的前景繼續保持適當的謹慎水平。

For the year, we now expect comparable store sales in the range of negative 6% to negative 2% compared to our prior expectation between negative 8% to negative 2%. In addition, we now expect non-GAAP earnings per diluted share in the range of $10 to $12 compared to our prior expectation of $9.15 to $11.70.

今年，我們現在預計可比商店銷售額在負 6% 到負 2% 之間，而我們之前的預期在負 8% 到負 2% 之間。此外，我們現在預計非公認會計準則每股攤薄收益在 10 美元至 12 美元之間，而我們之前的預期為 9.15 美元至 11.70 美元。

While our outlook is not dependent upon share repurchases beyond the $361 million executed through the end of Q2, we will continue to be opportunistic as the year progresses. EBT margin is expected to be approximately 10.7% at the midpoint, more than double our 2019 rate. Our earnings guidance assumes an effective tax rate of approximately 24% and is based on approximately 88 million average diluted shares outstanding.

雖然我們的前景並不依賴於截至第二季度末執行的 3.61 億美元以外的股票回購，但隨著時間的推移，我們將繼續投機取巧。 EBT 利潤率中點預計約為 10.7%，是我們 2019 年利率的兩倍多。我們的盈利指引假設有效稅率約為 24%，並基於約 8800 萬股平均攤薄流通股。

In closing, we are very pleased with our Q2 results, and we remain very enthusiastic about the future of DICK'S. This concludes our prepared comments. Thank you for your interest in DICK'S Sporting Goods. Operator, you may now open the line for questions.

最後，我們對第二季度的業績感到非常滿意，我們對 DICK'S 的未來仍然充滿熱情。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 today comes from Simeon Gutman of Morgan Stanley.

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

I have a short-term and then maybe a longer-term question. The short term is on the guidance. The better performance this quarter meant that the year could have gone up or, in theory, could have stayed the same or gone down. So given the uncertainty, why the confidence to even slightly nudge up the back half when you could have just kept it more conservative?

我有一個短期問題，然後可能是一個長期問題。短期在指導。本季度更好的表現意味著這一年可能會上升，或者理論上可以保持不變或下降。因此，考慮到不確定性，當你本可以保持更加保守的情況下，為什麼還要稍微推動後半部分的信心呢？

Simeon, I'll take that one. That was your short-term question. Guidance, we felt, given the momentum that we had in Q2, the strong Q2 and the fact that within Q2, sequential -- our comp sequentially accelerated as we moved into July and the back-to-school season and our inventory started to be in stock more than it had been before, we feel like we're going into the back half with a lot of momentum. And thus, we wanted to appropriately adjust our guidance and take the low end of the range up.

西蒙，我要那個。那是你的短期問題。我們認為，鑑於我們在第二季度的勢頭、強勁的第二季度以及在第二季度內連續的事實——我們的收入隨著我們進入 7 月和返校季節而連續加速，我們的庫存開始增加庫存比以前更多，我們覺得我們正在以很大的勢頭進入後半部分。因此，我們希望適當調整我們的指導並提高範圍的低端。

And Simeon, just on the EPS basis, I would say that we also raised our EPS expectations, and that was driven by, if you recall at the end of Q1, we had kind of foreshadowed that the freight and the fuel expenses were continuing to remain elevated versus last year but continuing to rise. And what we have seen in the last, call it, 3 months, that they are not remaining -- they're not going as fast up as they were going before, and some of that favorability was contemplated in our adjustment of the EPS expectation for full year.

Simeon，就每股收益而言，我想說我們也提高了每股收益預期，這是由於，如果你記得在第一季度末，我們已經預示了運費和燃料費用將繼續下降。與去年相比保持高位，但繼續上升。我們在過去的三個月裡看到，它們並沒有留下來——它們的增長速度沒有以前那麼快，我們在調整每股收益預期時考慮了其中的一些有利因素全年。

Got it, okay. And then the longer-term question is the stacks, the comp stacks, are holding up at remarkably strong levels even though the top line this quarter declined a little. I guess the skeptic would say that some of the demand post COVID is holding up a little bit longer than we think, and it's going to eventually subside.

明白了，好吧。然後更長期的問題是籌碼，即比賽籌碼，儘管本季度的收入略有下降，但仍保持在非常強勁的水平。我猜懷疑論者會說，在 COVID 之後的一些需求持續時間比我們想像的要長一些，並且最終會消退。

The non-skeptic, [the bull], would say, this is new normal and we continue to move higher. Do you have any thoughts on that? I guess as you get more information post COVID, I guess, as demand rebases in some categories, how to think about digestion reversion going forward?

不持懷疑態度的 [牛市] 會說，這是新常態，我們會繼續走高。你對此有什麼想法嗎？我想隨著您在 COVID 發布後獲得更多信息，我想隨著某些類別的需求重新調整，如何考慮未來的消化恢復？

Yes, Simeon, we agree. Our comps are significantly higher than they were pre COVID, and we believe very strongly that, that is structural in nature, both because consumers have adopted more of a healthy and active outdoor lifestyle and we're getting a bigger market share of that, but also there are many structural changes in our business. There's almost nothing structurally the same in our business as there was several years ago.

是的，西蒙，我們同意。我們的比例明顯高於 COVID 之前的水平，我們非常堅信，這本質上是結構性的，因為消費者已經採用了更多的健康和積極的戶外生活方式，而我們正在獲得更大的市場份額，但是我們的業務也有許多結構性變化。我們的業務在結構上幾乎與幾年前完全不同。

I would point to the fact that our assortment is completely different now than it was. We've got access to higher-heat products, more narrowly distributed product that doesn't -- isn't nearly as susceptible to pricing pressures and promotions. Our product mix has meaningfully changed toward higher-margin products. We've reduced our hunt exposure meaningfully over the past years, and that hunt business was 1,700 basis points below our average.

我要指出的是，我們現在的分類與以前完全不同。我們可以接觸到更高熱度的產品，分佈更窄的產品，它們幾乎不會受到定價壓力和促銷的影響。我們的產品組合已顯著轉變為利潤率更高的產品。在過去幾年中，我們已經顯著減少了狩獵風險，狩獵業務比我們的平均水平低 1,700 個基點。

We're having success with our vertical brands, which have 600 to 800 basis points higher than our average margin. And then I think one of the most important things is that we have moved our entire marketing effort from what used to be a long-term print-based effort, where we had to make decisions multiple weeks and even months in advance on how we wanted to price and promote, we've moved that all to a digital marketing capability, where we can be much more surgical, much more real-time, much more personalized, so we don't have to put the whole store or the whole website on sale. We can be very, very specific with our pricing and leverage data science to do that.

我們在垂直品牌方面取得了成功，它們比我們的平均利潤率高出 600 到 800 個基點。然後我認為最重要的事情之一是我們已經將我們的整個營銷工作從過去的長期印刷工作轉移到過去，我們不得不提前數週甚至數月就我們想要的方式做出決定為了定價和促銷，我們將這一切都轉移到了數字營銷能力中，在那裡我們可以更加外科手術、更加實時、更加個性化，因此我們不必放置整個商店或整個網站出售。我們可以非常非常具體地定價並利用數據科學來做到這一點。

So absolutely agree with you. The business is structurally different than it was several years ago, and we are no longer looking at this nor will we ever as a COVID bump that was going to return.

所以絕對同意你的看法。該業務在結構上與幾年前有所不同，我們不再關注這一點，也永遠不會成為即將回歸的 COVID 衝擊。

Our next question today comes from Kate McShane of Goldman Sachs.

我們今天的下一個問題來自高盛的 Kate McShane。

We had a question around inventory and gross margin. I wondered if there was any way to break it down, the inventory between cost and units and maybe any earlier receipts that you might be taking.

我們有一個關於庫存和毛利率的問題。我想知道是否有任何方法可以將其分解，成本和單位之間的庫存以及您可能會收到的任何早期收據。

And then just our second question is around the gross margin cadence in the second half, if you expect much difference between Q3 and Q4 and how we should think about the promotional environment around back-to-school and holiday?

然後我們的第二個問題是關於下半年的毛利率節奏，如果您預計 Q3 和 Q4 之間會有很大差異，我們應該如何考慮圍繞返校和假期的促銷環境？

Kate, in terms of the cost and the units, I would say it's a pretty balanced breakdown between the 2. Definitely a little bit more elevated on the cost side. So that's -- but like we said in our commentary, it is important to look at the inventory versus 2019 just because of where the makeup of the inventory last year was and how the makeup, right, this year is looking very different. We were chasing a lot of categories last year, and we feel much, much better about the in-stocks today. And the last thing I would say is if you look at the growth versus 2019, again on a unit and on a cost basis, it's, call it, comparable view. Lauren?

凱特，就成本和單位而言，我想說這是兩者之間的一個相當平衡的細分。在成本方面肯定會更高一些。所以這就是 - 但就像我們在評論中所說的那樣，查看庫存與 2019 年很重要，因為去年庫存的構成以及構成如何，對，今年看起來非常不同。去年我們追逐了很多品類，我們對今天的庫存感覺好多了。我要說的最後一件事是，如果你看一下與 2019 年相比的增長，再次以單位和成本為基礎，這就是所謂的可比視圖。勞倫？

Yes. As we look to the promotional environment for back-to-school and holiday, we are anticipating a slightly more normalized pricing and promotion environment. If you look versus last year, it was an incredibly benign pricing promotion environment. But all of that is reflected in our go-forward guidance. We're not expecting any surprises there.

是的。當我們關注返校和假期的促銷環境時，我們預計定價和促銷環境會稍微正常化。與去年相比，這是一個非常良性的定價促銷環境。但所有這些都反映在我們的前進指導中。我們並不期待那裡有任何驚喜。

Our next question today comes from Adrienne Yih of Barclays.

我們今天的下一個問題來自巴克萊的 Adrienne Yih。

Congratulations on another really solid quarter. Lauren, I'm going to start with you. We've always talked about how the notion that you're about 85% branded is a pretty significant competitive advantage.

祝賀另一個非常穩固的季度。勞倫，我要從你開始。我們一直在談論您擁有大約 85% 品牌的概念是一個非常重要的競爭優勢。

Can you talk about that with regard to return of some vendor levers, say, markdown money or RTV? How is that evolving? And are you seeing any more of it current day or expecting more of it in your forward guidance?

你能談談關於一些供應商槓桿的回報，比如降價資金或 RTV 嗎？這是如何演變的？您是否在今天看到更多或期待在您的前瞻性指導中獲得更多？

And then for Navdeep, it's obviously peak inventory period. So wondering what the inventory might look like at the end of third quarter and probably more importantly, at the end of the year?

然後對於 Navdeep 來說，這顯然是庫存高峰期。所以想知道第三季度末庫存可能會是什麼樣子，更重要的是，在今年年底？

Thanks, Adrienne. Our brand assortment is absolutely a competitive advantage for us. We've got fantastic relationships with our strategic partners. We also are doing a really, really strong job with our vertical brands. We always work with our core partners on managing our inventory levels.

謝謝，阿德里安。我們的品牌分類對我們來說絕對是一個競爭優勢。我們與戰略合作夥伴建立了良好的關係。我們的垂直品牌也做得非常非常強大。我們始終與核心合作夥伴合作管理我們的庫存水平。

So yes, we have certain return levers, RTVs, but we also work really real-time to determine how best to move through product. And we have, in our case, a really elevated clearance process, including our new Going, Going, Gone! concept, which allows us to work -- to move product really quickly through if there are any overages. Navdeep, about inventory?

所以，是的，我們有一定的回報槓桿，RTV，但我們也非常實時地工作以確定如何最好地通過產品。在我們的案例中，我們有一個真正提升的清關流程，包括我們新的 Going, Going, Gone！概念，它使我們能夠工作——如果有任何超量，就可以非常快速地移動產品。 Navdeep，關於庫存？

Yes. Adrienne, we won't provide the guidance for an inventory on an outlook for Q3 or for full year. However, having said that, the point that I want to make is like Lauren called out in her comments, right? We feel really, really good about where our inventory right now is, especially as we head into the important back-to-school season. We feel good about the inventory levels and our overall composition of the inventory itself. It's very well positioned and very healthy. So we feel very optimistic as we go into the back half of this year.

是的。 Adrienne，我們不會就第三季度或全年的展望提供庫存指導。但是，話雖如此，我想說的是就像勞倫在她的評論中所說的那樣，對吧？我們對我們現在的庫存狀況感到非常非常好，尤其是在我們進入重要的返校季節時。我們對庫存水平和庫存本身的整體構成感覺良好。它的位置非常好，非常健康。因此，當我們進入今年下半年時，我們感到非常樂觀。

The next question today comes from Robby Ohmes of Bank of America.

今天的下一個問題來自美國銀行的 Robby Ohmes。

Great quarter and outlook. A couple of quick questions. Just -- could you give a little more color on the categories that outperformed in the second quarter, excluding back-to-school? And the ticket growth, I think you guys said, if I got it right, ticket was up around 8% and transactions down around 8%. Maybe some color around -- I think that would mean decelerating transactions versus the first quarter, and some color around what's maybe going on there? And is there any kind of trade-down things happening with your customers as well?

偉大的季度和前景。幾個快速的問題。只是-您能否對第二季度表現出色的類別（不包括返校）進行更多說明？門票增長，我想你們說，如果我做對了，門票上漲了 8% 左右，交易量下降了 8% 左右。也許有一些色彩——我認為這意味著與第一季度相比交易放緩，以及可能發生的事情有一些色彩？您的客戶是否也發生了任何折衷的事情？

Thanks, Robby. So starting with the categories that outperformed in Q2, we actually had tremendous success across all of our key categories. They were in line with our expectations. Footwear, in particular, is really strong, given our assortment is absolutely best-in-class, and that's driving incredible success with our customers.

謝謝，羅比。因此，從第二季度表現出色的類別開始，我們實際上在所有關鍵類別中都取得了巨大成功。他們符合我們的預期。尤其是鞋類，它非常強大，因為我們的產品種類絕對是一流的，這為我們的客戶帶來了難以置信的成功。

Team Sports have been back and that business is very strong. We were really pleased with the golf business, which sequentially accelerated in Q2 versus Q1 and still remains significantly above 2019. Athletic apparel was the only business that was slightly challenged in Q2 of our core businesses, and that was really because there were some lead shipments in apparel, where some of the spring products came in on top of back-to-school products.

團隊運動已經回來了，這項業務非常強大。我們對高爾夫業務感到非常滿意，該業務在第二季度與第一季度相比連續加速，但仍遠高於 2019 年。運動服裝是我們第二季度核心業務中唯一受到輕微挑戰的業務，這確實是因為有一些領先的出貨量在服裝方面，一些春季產品出現在返校產品之上。

But even within apparel, once the products started flowing, and our teams have done an absolutely incredible job flowing product and getting it into the stores. In July, we started to see comp significantly improve in athletic apparel as well. So overall, really, really strong across the categories. I'll turn it to Navdeep to answer the ticket question.

但即使在服裝領域，一旦產品開始流通，我們的團隊在流通產品並將其送入商店方面做得非常出色。 7 月，我們開始看到運動服裝的成分也顯著改善。所以總的來說，在各個類別中真的非常強大。我會把它交給 Navdeep 來回答票務問題。

So let me give a little bit of a breakdown again. So in Q2, our comps declined 5.1%. The transactions actually declined 8.4% and the average ticket was up 3.3%. However, as you can imagine, there's meaningful noise in the transactions data, especially as we are going up against the stimulus payments that were given out last year as well as the kind of the timing of the different markets reopening because of COVID.

因此，讓我再次進行一些細分。所以在第二季度，我們的業績下降了 5.1%。交易量實際上下降了 8.4%，平均票價上漲了 3.3%。但是，正如您可以想像的那樣，交易數據中存在有意義的噪音，特別是當我們反對去年發放的刺激支付以及因 COVID 導致不同市場重新開放的時機時。

And therefore, we -- if you look at the comp -- the transactions comparison versus 2019, the transactions actually grew in both quarters, Q1 and Q2. And they were much more in line versus kind of the change that you might see if you look at on a transaction -- on a Q1 versus Q2 basis. So hopefully, that gives the answer in terms of the transaction trends.

因此，我們 - 如果你看一下比較 - 與 2019 年的交易比較，交易實際上在第一季度和第二季度都有增長。而且它們與您在交易中可能會看到的那種變化更加一致 - 在第一季度與第二季度的基礎上。因此，希望這可以根據交易趨勢給出答案。

That does. That really helps. And just any sort of color around just the consumers' shifting behavior in a high inflation environment, and if you're seeing that kind of trade down stuff in your stores?

確實如此。這真的很有幫助。在高通脹環境下，消費者行為的轉變是否存在任何色彩，如果您在商店中看到這種以舊換新的東西？

Yes. Robby, we actually are not seeing a significant trade down. Our consumer is holding up very well. We're not seeing people trade from best to better and better -- from best to better and better to good products. In fact, across all income demographics, the trends are pretty similar. I think that just speaks to the fact that our portfolio has something for everybody.

是的。羅比，我們實際上並沒有看到明顯的交易下降。我們的消費者表現得很好。我們沒有看到人們從最好的交易到更好的交易——從最好的交易到更好的交易，從更好的交易到好的產品。事實上，在所有收入人口統計數據中，趨勢都非常相似。我認為這只是說明我們的投資組合適合每個人的事實。

If you're looking for the most premium technical piece of equipment or cleats, we've got that for you, but we also have opening price point brands like our DSG brand, which is doing really, really well and has tremendous value and fashion to it. So across the board, no meaning -- our consumer is holding up very well.

如果您正在尋找最優質的技術設備或防滑釘，我們可以為您提供，但我們也有像 DSG 品牌這樣的開價品牌，它做得非常非常好，具有巨大的價值和時尚給它。所以總的來說，沒有任何意義——我們的消費者表現得很好。

Our next question today comes from Warren Cheng of Evercore ISI.

我們今天的下一個問題來自 Evercore ISI 的 Warren Cheng。

I had a follow-up on Simeon's question on the comp stack and how it's been remarkably stable. Can you dig in and give us some color on how the pandemic winter categories, in particular, have performed the last few quarters? Are they still normalizing and dragging on that overall comp? Or has that started to normalize and stabilize? Just trying to think through kind of how those categories are going to drag or not drag on comps from here.

我對 Simeon 關於 comp stack 的問題以及它如何非常穩定進行了跟進。您能否深入了解一下大流行冬季類別在過去幾個季度的表現如何？他們是否仍在規範化並拖累整體組合？還是已經開始正常化和穩定？只是想考慮一下這些類別將如何從這裡拖累或不拖累組合。

Warren, so the "pandemic-winning" categories, and by the way, there were a lot of pandemic-winning categories, including footwear and apparel, which remained incredibly strong, some of the more specific pandemic winners like fitness or outdoor equipment bikes, those are acting in line with our expectations and, in fact, are still significantly above 2019 levels. So while there is some adjustment going on year-to-year due to the surge in those businesses, they are significantly higher than they were pre-pandemic.

沃倫，所以是“大流行獲勝”類別，順便說一句，有很多大流行獲勝類別，包括鞋類和服裝，它們仍然非常強勁，一些更具體的大流行獲勝者，例如健身或戶外裝備自行車，這些都符合我們的預期，實際上仍遠高於 2019 年的水平。因此，儘管由於這些業務的激增，逐年進行了一些調整，但它們明顯高於大流行前的水平。

Got it. And my follow-up. I thought you guys made an interesting comment in your prepared remarks. You called out that more higher heat, more narrowly-distributed product has been a driver of the merch margin. If we step back and look at that 400 basis points of merch margin expansion you've achieved since 2019, has the mix shift component, some mix shift to high heat product, higher-margin product, has that been the more material driver? Or has the lower markdowns and lower promos been the more material driver?

知道了。還有我的後續。我認為你們在準備好的評論中發表了有趣的評論。您指出，熱量更高、分佈更窄的產品一直是商品利潤率的驅動因素。如果我們退後一步，看看你們自 2019 年以來實現的 400 個基點的商品利潤率擴張，是否有混合轉移成分，一些混合轉移到高熱產品，更高利潤的產品，這是否是更多的材料驅動因素？還是較低的降價和較低的促銷是更多的物質驅動因素？

Yes. Warren, this is -- I would say it actually is all balanced, right? If you look at it, what we are seeing is that the mix shift that we have gotten from the hunt product, which used to have 1,700 basis points lower margin rate, going down as well as acceleration of the vertical brands with 600 to 800 basis points is 1 driver of mix.

是的。沃倫，這是——我會說它實際上是平衡的，對吧？如果你看一下，我們看到的是我們從狩獵產品中得到的混合轉變，過去利潤率降低 1,700 個基點，下降以及垂直品牌加速從 600 個基點到 800 個基點積分是混合的 1 個驅動因素。

And as you called out, the premium of products that we carry, especially in the key categories like footwear and apparel as well, we are seeing benefits in twofold: one, the benefit is coming because of the margin rates from this category. The bigger benefit, like you called out, is coming because of the lack of promotion that -- because these are highly allocated product. It's a combination of both of those things that is also driving our merch margins higher.

正如你所說，我們所銷售的產品的溢價，尤其是在鞋類和服裝等關鍵類別中，我們看到了雙重好處：第一，好處來自這一類別的利潤率。更大的好處，就像你所說的那樣，是因為缺乏促銷——因為這些是高度分配的產品。這兩件事的結合也推動了我們的商品利潤率更高。

Our next question today comes from Christopher Horvers of JPMorgan.

我們今天的下一個問題來自摩根大通的 Christopher Horvers。

You talked about momentum in the business and called out July and back-to-school. I know you don't guide to the quarters, but any thoughts on the cadence? And as you revisited the guidance, did your internal expectations change for the back half in 3Q versus 4Q?

你談到了業務的發展勢頭，並呼籲 7 月重返校園。我知道你不指導宿舍，但對節奏有什麼想法嗎？當您重新審視該指引時，您對第三季度與第四季度後半部分的內部預期是否發生了變化？

Chris, like you called out, right, we were pleased with the way the quarter 2 finished. And if you look at the tail end of July, it's kind of the early season of the back-to-school season. If you look at that as a testament of where we are expecting for back-to-school season, we are very happy with the early start of the back-to-school season.

克里斯，就像你所說的那樣，對，我們對第 2 季度的結束方式感到滿意。如果你看看 7 月底，那是返校季的早期。如果您將其視為我們對返校季的期望的證明，我們對返校季的提前開始感到非常高興。

And yes, and you also called out correctly the one guide to the inter-quarter trend. But we -- the inventory levels that we have, the in-stock position that we are going into the important back-to-school season, we are very pleased with that.

是的，您還正確地指出了季度間趨勢的一個指南。但是我們 - 我們擁有的庫存水平，我們進入重要的返校季節的庫存狀況，我們對此感到非常滿意。

In terms of the internal expectation, definitely, if you look at what we did at the lower end of the guidance of raising the low end of the guidance to minus 6% for the full year, that kind of flowed not only the benefit that we saw from Q2 but also our optimism around the consumer trend holding up well, better than we had kind of feared at the end of Q1. And that has been factored into the -- bringing the low end of the guidance up to minus 6%.

就內部預期而言，毫無疑問，如果你看看我們在指引的低端做了什麼，將全年指引的低端提高到負 6%，那不僅帶來了我們的收益。從第二季度開始，我們對消費趨勢的樂觀情緒也保持良好，比我們在第一季度末所擔心的要好。這已被計入 - 將指導的低端提高到負 6%。

Understood. And then you also mentioned on the expectation at 3Q, you'll have some promotional normalization. So how are you thinking about that margin stack that you referenced for the second quarter? Do we see any degradation in that in the third quarter? Obviously, still very strong versus 3Q '19, but does it lessen in the third quarter?

明白了。然後你還提到了對第三季度的預期，你會有一些促銷正常化。那麼您如何看待您在第二季度引用的保證金堆棧？我們是否看到第三季度的情況有所下降？顯然，與 19 年第三季度相比仍然非常強勁，但在第三季度會減弱嗎？

Yes, Chris, I don't think we called out that we anticipate our promotions will be going up. What we called out in our guidance is the fact that what we don't know is what the overall promotional landscape in the back half will look like. And that is what has been factored into our guidance. So if we continue to see a benign environment, that will be a factor into the actual results for Q3.

是的，克里斯，我認為我們並沒有說我們預計我們的促銷活動會上升。我們在指導中指出的是，我們不知道後半部分的整體促銷環境會是什麼樣子。這就是我們的指導中考慮的因素。因此，如果我們繼續看到良性環境，那將是影響第三季度實際結果的一個因素。

There are, like Lauren indicated, there are certain categories where we are a bit heavier like, say, in apparel, and we will be appropriately activating around those products as we go into the back half. However, even that impact has been contemplated into our guidance, and so we feel really strongly about the guidance that we have given for the full year.

就像 Lauren 指出的那樣，在某些類別中我們會比較重，比如服裝，當我們進入後半部分時，我們將圍繞這些產品進行適當的激活。但是，即使是這種影響也已納入我們的指導，因此我們對我們全年提供的指導感到非常強烈。

Yes, Chris, I would just add that long term, we still feel very confident that structurally, we will maintain more than half of our -- the margin gains that we've gotten over the past couple of years.

是的，克里斯，我只想補充一點，從長遠來看，我們仍然非常有信心，在結構上，我們將維持過去幾年所獲得的利潤率增長的一半以上。

The next question in the queue comes from Michael Lasser of UBS.

隊列中的下一個問題來自瑞銀的邁克爾·拉塞爾。

This is Atul Maheswari on for Michael Lasser. First, a quick question on the comp guidance. At the midpoint, it implies that the 3-year CAGR, so the 3-year geometric stacks in the back half, decelerate relative to the second quarter and the first half. So does this reflect the caution that, Lauren, you cited in the prepared remarks with respect to your guidance? And does the comp guidance assume that demand for your categories in the back half decelerate further from what you saw in the second quarter?

這是 Michael Lasser 的 Atul Maheswari。首先，關於補償指南的快速問題。在中點，這意味著 3 年復合年增長率，即後半部分的 3 年幾何疊加，相對於第二季度和上半年有所減速。那麼，這是否反映了勞倫，您在準備好的評論中提到的關於您的指導的謹慎？比較指南是否假設後半部分對您的類別的需求比您在第二季度看到的進一步減速？

Yes. I would say like we called out in our prepared comments, right, we are appropriately being cautious about our expectations for fall. And the macroeconomic situation as well as the geopolitical situation continue to remain challenge.

是的。我想說就像我們在準備好的評論中所說的那樣，對，我們對秋天的期望保持謹慎。宏觀經濟形勢和地緣政治形勢依然充滿挑戰。

So we need to be cognizant of those trends, and that is what has been contemplated in our guidance. And if you look at the high end of the guidance and the low end of the guidance, yes, the midpoint is there, it is. But at the high end of the guidance, we are expecting the comp to be minus 2% for full year.

因此，我們需要認識到這些趨勢，而這正是我們的指導方針所考慮的。如果您查看指導的高端和指導的低端，是的，中點就在那裡，它就是。但在指導的高端，我們預計全年的補償率為負 2%。

Yes, I would also point out the comparison that you're making versus triple year of 2019 includes the fact that we were very, very promotional in 2019. So while we are contemplating that there will be some normalized pricing and promotion in the back half, that could be impacting the comps as well on a 3-year stack.

是的，我還要指出您與 2019 年三年的比較包括我們在 2019 年非常非常促銷的事實。因此，雖然我們正在考慮在後半部分會有一些標準化的定價和促銷，這也可能會影響 3 年的比賽。

Got it. That's very helpful. And then my follow-up question is, I mean, granted that there are a lot of reasons to believe that the current comp levels and the current sales levels are sustainable, but in the event that comps do remain pressured in 2023, how much room is there to cut back on operating expenses to manage profitability?

知道了。這很有幫助。然後我的後續問題是，我的意思是，有很多理由相信當前的薪酬水平和當前的銷售水平是可持續的，但如果薪酬在 2023 年仍然面臨壓力，那麼還有多少空間有沒有削減運營費用來管理盈利能力？

If I look at your P&L, your SG&A margin has not really leveraged much versus 2019 despite sales being 35% higher. So one would think that there is room to cut back on costs next year, should sales come under pressure, but would love to get your thoughts on it as well.

如果我查看您的損益表，儘管銷售額增長了 35%，但與 2019 年相比，您的 SG&A 利潤率並沒有真正發揮太大作用。因此，如果銷售面臨壓力，人們會認為明年有削減成本的空間，但也很想听聽你的想法。

Yes. So we have tremendous amount of flexibility in our P&L, if you look at it, right? The first thing is, and I mean, we are talking about a hypothetical here in case the 2023 sales are down because we are not hiding anything like that. We feel really optimistic about our business, keeping the macroeconomic situations aside. But just looking into the P&L flexibility, the first thing would be we'll look into the variable expenses. And to the extent you called out, there is flexibility even in our discretionary and our fixed expenses.

是的。所以我們的損益表有很大的靈活性，如果你看一下，對吧？首先，我的意思是，我們在這裡討論的是一個假設，以防 2023 年的銷售額下降，因為我們沒有隱瞞任何類似的事情。我們對我們的業務感到非常樂觀，將宏觀經濟形勢放在一邊。但只要研究損益表的靈活性，我們首先要研究的是可變費用。就您所說的而言，即使是我們的可自由支配和固定開支也具有靈活性。

And then lastly, as you called out, we -- like we said, we only have 8% share today in a very strong industry that is doing really well. So we are being aggressive in terms of our investments in the key categories and in key capabilities to be able to ensure the long-term sustainability of the trends that we have been driving. And we potentially could look into those investments as well, if need be. But we feel very optimistic about the long-term sales and the profit trajectory of the business.

最後，正如你所說，我們 - 就像我們所說的，我們今天在一個非常強大的行業中只有 8% 的份額，而且表現非常好。因此，我們正在積極投資關鍵類別和關鍵能力，以確保我們一直在推動的趨勢的長期可持續性。如果需要，我們也可能會研究這些投資。但我們對業務的長期銷售和利潤軌跡感到非常樂觀。

The next question comes from Paul Lejuez of Citigroup.

下一個問題來自花旗集團的 Paul Lejuez。

Curious if you could talk a little bit more about the footwear category. Curious about your performance in Nike product versus non-Nike product, if that's something that you might be willing to give more color on. And also, I would love to hear an update on the linkage of your app with the Nike app and what that might be doing in terms of new customer acquisition if, in fact, it is bringing in new customers into your network?

好奇您能否多談談鞋類類別。好奇你在 Nike 產品與非 Nike 產品中的表現，如果你願意在這方面提供更多色彩的話。此外，我很想听聽有關您的應用程序與耐克應用程序鏈接的最新信息，以及如果事實上它正在將新客戶帶入您的網絡，那麼在新客戶獲取方面可能會做些什麼？

Thanks, Paul. Footwear is doing incredibly well across the board. Nike is doing well. Other brands are doing very well. So just in general, the quality of our assortment and the type of products we have is so meaningfully different than it was before that, that business is really being responded to very well by consumers.

謝謝，保羅。鞋類的整體表現令人難以置信。耐克做得很好。其他品牌都做得很好。因此，總的來說，我們的分類質量和我們擁有的產品類型與之前有很大不同，消費者對這項業務的反應非常好。

Our connected membership with Nike continues to be really fruitful. We are working together. We're starting as the supply chain continues to improve, starting to get some higher-heat product going through that connection, and we are growing new customers that are jointly connected to Nike and DICK'S each quarter meaningfully, this past quarter as well.

我們與耐克的關聯會員資格仍然非常富有成效。我們正在共同努力。隨著供應鏈的不斷改善，我們開始著手通過這種連接獲得一些更高熱量的產品，並且我們在每個季度都在增加與耐克和 DICK'S 有意義的新客戶，在過去的一個季度也是如此。

Got it. And then just a follow-up. Just thinking out to next year, I don't know if you -- sorry if I missed any update you gave on some of the younger growing concepts, but just performance in the quarter, how are you thinking about growth for next year?

知道了。然後只是跟進。只是考慮到明年，我不知道你是否 - 抱歉，如果我錯過了你對一些年輕成長概念的更新，但只是本季度的表現，你如何看待明年的增長？

Yes. So we -- Public Lands has 3 stores now. We're very, very pleased with how that's doing. It's very small, obviously, compared to the large DICK'S business. Our House of Sport concept continues to do very, very well and we're learning significantly from that experience. We're going to be growing more House of Sport experiences go forward, but we're also taking lessons and rethinking throughout the entire chain how we can improve the service and the experience.

是的。所以我們——Public Lands 現在有 3 家商店。我們對它的表現非常非常滿意。很明顯，與大的 DICK 的業務相比，它非常小。我們的運動之家概念繼續做得非常非常好，我們從那次經驗中學到了很多東西。我們將繼續發展更多的 House of Sport 體驗，但我們也在整個鏈條中吸取教訓並重新思考如何改善服務和體驗。

And similarly, with Golf Galaxy Performance Center, we are redeveloping, reinventing the consumer experience. We'll continue to invest in more Golf Galaxy Performance Centers but also bringing the learnings through the rest of that chain. The last new concept that is really doing very well right now is our Going, Going, Gone! and warehouse channel. That business is obviously in an inflationary environment. It's great to have that kind of channel. We've built significantly more even in the past months, and we're finding the consumer responding very well to that channel as well.

同樣，通過 Golf Galaxy Performance Center，我們正在重新開發、重塑消費者體驗。我們將繼續投資於更多的 Golf Galaxy 表演中心，同時將學習成果帶到該鏈條的其餘部分。現在真正做得很好的最後一個新概念是我們的 Going, Going, Gone！和倉庫渠道。該業務顯然處於通貨膨脹環境中。有這樣的頻道真是太好了。即使在過去的幾個月裡，我們也建立了更多的產品，我們發現消費者對該渠道的反應也非常好。

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。

Okay. So you -- the comment -- I want to go back to the comment about maintaining at least 50% of the margin gained during the pandemic. And so if I look at it on the EBT line, that implies something a little bit north of about 10.8%, 10.9%. Your guidance this year is 10.7%. Does that imply or can we infer that you think margin is going to be down this year, obviously, versus last year, but they sort of bottom here and start to go back up in 2013 (sic) [2023]. Is that a reasonable assumption based on that comment?

好的。所以你——評論——我想回到關於在大流行期間保持至少 50% 的利潤的評論。因此，如果我在 EBT 線上查看它，這意味著大約 10.8%、10.9% 稍微偏北一些。你今年的指導是 10.7%。這是否意味著或者我們是否可以推斷您認為今年的利潤率會下降，很明顯，與去年相比，但它們在這裡觸底並在 2013 年（原文如此）[2023] 開始回升。這是基於該評論的合理假設嗎？

Yes. Mike, if you look at the midpoint of the guidance, yes, you are right that we are maintaining a majority of the margins that we have driven over 2019. And again, we're not going to guide to 2023. Like we said, we are very confident about the sales and the earnings trajectory of the business over the long term. The biggest unknown, if you think about '23, is around the macroeconomic condition. So if those -- keeping the macro aside, your thesis is spot on. We feel really optimistic about the sales and the profit trajectory of the business over the long term.

是的。邁克，如果你看一下指導的中點，是的，你是對的，我們保持了 2019 年的大部分利潤率。再說一次，我們不會指導到 2023 年。就像我們說的，從長遠來看，我們對業務的銷售和盈利軌跡非常有信心。如果您考慮 23 年，最大的未知數是宏觀經濟狀況。所以，如果這些——把宏觀放在一邊，你的論文就是正確的。從長遠來看，我們對業務的銷售和利潤軌跡感到非常樂觀。

Okay. Great. Fair enough. As a follow-up, you gave some color -- some good color on components of the P&L. We can obviously make our own estimates, but one missing piece, if you would. How should we think about interest expense -- non-GAAP interest expense after the adjustments for the convert? How should we think about that in the back half of the year or full year?

好的。偉大的。很公平。作為後續，你給了一些顏色——損益表的一些很好的顏色。如果您願意，我們顯然可以做出自己的估計，但缺少一個部分。我們應該如何考慮利息費用——轉換調整後的非 GAAP 利息費用？下半年或全年我們應該如何考慮？

Yes. The biggest variable factor, if you look at it, again, if you're doing the year-over-year comparison is the fact that we didn't have the long-term senior notes that we have outstanding on the balance sheet today. So if you keep -- and we believe that is the right capital structure for us as a company. So that is a structural piece.

是的。最大的可變因素，如果你再看一遍，如果你進行同比比較，那就是我們沒有今天在資產負債表上未償還的長期優先票據。因此，如果您保留 - 我們相信這對我們公司來說是正確的資本結構。所以這是一個結構件。

The piece that is -- if you look in both in Q1 and in Q2, we had the onetime cost associated with settlement of the convertible notes to the tune of just over $6 million, and if we do make another transaction like that in the second half, there will be a corresponding cost. But that is onetime in nature. It's associated with just unwinding of the convert earlier than it is due.

這就是——如果你在第一季度和第二季度都看一下，我們與可轉換票據結算相關的一次性成本剛剛超過 600 萬美元，如果我們確實在第二季度進行了另一筆類似的交易一半，會有相應的費用。但這在自然界中是一次性的。它與在到期之前解除轉換有關。

So putting that all together, would you care to just give us a non-GAAP interest expense number? Or we can certainly figure it out, but it might just be easier for everyone if you told us how to expect non-GAAP interest in the third and fourth quarter.

所以把所有這些放在一起，你願意給我們一個非公認會計原則的利息費用數字嗎？或者我們當然可以弄清楚，但如果你告訴我們如何在第三和第四季度預期非公認會計原則的興趣，對每個人來說可能會更容易。

Yes, non-GAAP interest expense would be pretty much in line with Q2, with the exception of the $6.1 million that we called out for the onetime transaction cost.

是的，非 GAAP 利息費用將與第二季度基本一致，但我們為一次性交易成本提出的 610 萬美元除外。

Next today is Cowen's John Kernan.

下一個今天是 Cowen 的 John Kernan。

Wanted to go back to maybe the merchandise margin expectations. The assumptions for apparel, in particular, it looks like some of the vendors moved away from [mats]. Promotions look high in store. They look -- inventory units and costs on all the vendors balance sheets look fairly high. So what's the assumption for athletic apparel as we move through the back half of the year? When do you think we'll be in a normalized promotional environment in that apparel category as we go into next year?

想回到商品利潤率預期。尤其是對服裝的假設，看起來一些供應商已經遠離了 [mats]。促銷活動在商店中看起來很高。他們看起來——所有供應商資產負債表上的庫存單位和成本看起來都相當高。那麼，當我們度過下半年時，運動服裝的假設是什麼？當我們進入明年時，您認為我們何時會在該服裝類別中處於正常的促銷環境中？

Thanks, John. We are working really closely with our vendors. And you're right that apparel is a category where we're all working due to fleet through to make sure that we clear through the product. We are moving through that through our Going, Going, Gone! channel, through also our DICK'S clearance activity.

謝謝，約翰。我們正在與我們的供應商密切合作。你說得對，服裝是我們所有人都在努力的一個類別，因為我們正在努力確保我們通過產品。我們正在通過我們的 Going, Going, Gone！渠道，也通過我們的 DICK 的通關活動。

It's hard to know when exactly we'll see a normalized promotional activity, but we do have everything that we anticipate reflected into our guidance, and we are marking some apparel down right now. That's included in our guidance and it's moving well through the system. So we're hoping for improvement in the near term.

很難知道我們什麼時候會看到正常化的促銷活動，但我們確實將我們預期的一切都反映在我們的指導中，我們現在正在對一些服裝進行降價。這包含在我們的指導中，並且在整個系統中運行良好。所以我們希望在短期內有所改善。

Got it. Maybe just a follow-up to the earlier question on inventory balance into year end and maybe just the costs associated with some of the inventory on balance sheet now. How do we -- how should we expect some of the costs associated with the current inventory units on the balance sheet?

知道了。也許只是對早先關於年底庫存餘額問題的跟進，也許只是與現在資產負債表上的一些庫存相關的成本。我們如何——我們應該如何預期資產負債表上與當前庫存單位相關的一些成本？

Obviously, freight is elevated, product costs need to be moving higher. Could some of this carry over into next year? How should we think about the cost piece of the inventory that's on the balance sheet right now for both you and a lot of your vendors?

顯然，運費上漲，產品成本需要上漲。其中一些可以延續到明年嗎？對於您和您的許多供應商，我們應該如何考慮目前資產負債表上的庫存成本部分？

Yes, I would say that some of that cost will continue into next year as well. As you can imagine, the cost increases that have been taken this year, it will take some time for us to be able to sell through that inventory. So that cost pressure, as you look from the freight cost increases, especially, will remain with us, I would say, until an early part of next year.

是的，我會說其中一些成本也將持續到明年。可以想像，今年已經採取的成本增加，我們需要一些時間才能通過該庫存進行銷售。因此，從運費成本的增長來看，這種成本壓力尤其會一直存在，我想說，直到明年年初。

The piece that is unknown is how the overall supply chain landscape continues to remain for the balance of this year. We feel better about that as we are going into the second half versus how we felt, call it, 3 months ago at the end of Q1. So we'll have to continue to navigate that cost pressures as we go through the balance of this year.

未知的部分是整體供應鍊格局如何繼續保持今年的平衡。當我們進入下半場時，我們對此感覺更好，而不是我們在 3 個月前第一季度末的感覺，稱之為。因此，在今年餘下的時間裡，我們將不得不繼續應對成本壓力。

Okay, that's helpful. Best of luck and congrats on the success through this year.

好的，這很有幫助。祝你好運，並祝賀今年取得成功。

The next question today comes from Sam Poser of Williams Trading.

今天的下一個問題來自 Williams Trading 的 Sam Poser。

I have a follow-up on the last question. In regard to the -- can you give us some more color on what happened in July and if the MAP holiday that started towards the end of the month helped that? And are you being -- are you having to absorb any of the markdowns associated with that MAP holiday?

我對最後一個問題進行了跟進。關於 - 你能否給我們一些關於 7 月份發生的事情的更多信息，以及本月底開始的 MAP 假期是否有幫助？你是否——你是否必須吸收與那個 MAP 假期相關的任何降價？

Yes. So we did have a strong month throughout July in the business overall and in apparel, so the MAP rates at the end of the month, we participated in them. We absorbed an appropriate portion of that as do our brand partners. So nothing meaningful to talk about there.

是的。因此，整個 7 月份我們的整體業務和服裝業務確實表現強勁，因此月底的 MAP 費率，我們參與其中。我們吸收了其中的一部分，我們的品牌合作夥伴也是如此。所以那裡沒什麼可談的。

And then secondly, a lot of the conversation is about what may happen next and about what the consumer is going to do. Can you talk about the improvement in all these investments you're doing in digital, in consumer engagement, both in the store and online to help -- it appears to have helped you overcome some of the concerns you had about the macro. And can you talk about how that's evolving and how that bit of flexibility may or may not help you both in good and bad times?

其次，很多對話都是關於接下來可能發生的事情以及消費者將要做什麼。您能否談談您在數字化、消費者參與方面所做的所有這些投資的改進，無論是在商店還是在線上，以提供幫助 - 它似乎幫助您克服了您對宏觀的一些擔憂。你能談談它是如何發展的，以及這種靈活性在好的和壞的時期可能會或可能不會幫助你嗎？

Yes. Thank you, Sam. It's a great question. We have been working on improving our entire omnichannel experience over the past several years. And so you're seeing us, first of all, bring experiences into our DICK'S stores and our Golf Galaxy stores that the consumer is responding really well to; elevated service levels, which the consumer also is valuing so that they can find the right product for them. We've completely transformed our marketing so that we are much more digitally savvy and we can be much more personalized.

是的。謝謝你，山姆。這是一個很好的問題。在過去的幾年裡，我們一直在努力改善我們的整個全渠道體驗。因此，您看到我們首先將體驗帶入我們的 DICK'S 商店和我們的 Golf Galaxy 商店，消費者對此反應非常好；提高服務水平，消費者也很重視這一點，以便他們可以找到適合他們的產品。我們已經徹底改變了我們的營銷方式，使我們更加精通數字化，我們可以更加個性化。

And I think you see all of that when you look at our athlete database. One thing that we haven't mentioned on the call yet, I don't think, is that our ScoreCard Gold customers who are now 5 million strong are contributing 40% of our sales. So they are growing in terms of their contribution and their mix, which again speaks to the fact that we are creating engagement with our customers. So the entire experience from a customer standpoint, both online and in-store, is meaningfully improved from what it was several years ago.

我認為當您查看我們的運動員數據庫時，您會看到所有這些。我認為，我們在電話會議上還沒有提到的一件事是，我們現在擁有 500 萬強大的 ScoreCard Gold 客戶貢獻了我們 40% 的銷售額。因此，他們在貢獻和組合方面都在增長，這再次說明了我們正在與客戶建立互動的事實。因此，從客戶的角度來看，無論是在線還是店內，整個體驗都比幾年前有了顯著改善。

I just have a quick follow-up. How much of sort of this MAP -- how much when you look at what the consumer is doing and what you're doing and so on, do you feel, is in your control versus sort of what's happening on the macro? Because everybody asks about what the consumer is going to do. But my question is what -- how much of this do you really believe you have control of to keep that consumer coming again, both in good times and bad?

我只是有一個快速跟進。這個 MAP 有多少——當你看到消費者在做什麼以及你在做什麼等等時，你覺得有多少是你可以控制的，而不是宏觀上發生的事情？因為每個人都在問消費者將要做什麼。但我的問題是——你真的相信你可以控制多少來讓消費者再次光顧，無論是在好的時候還是壞的時候？

Sam, to me, the way to think about this would be to look at the structural drivers of what is in our control, and we have done a really, really good job around. So the things that I look to is, quite frankly, that we have 16 million new athletes that we acquired over the last couple of years alone. And like Lauren mentioned, the ability to be able to really engage with them is definitely differentiated approach that we have than a lot of players in the industry.

山姆，對我來說，思考這個問題的方法是看看我們控制的結構驅動因素，我們在這方面做得非常非常好。因此，坦率地說，我所期待的是，僅在過去幾年中，我們就獲得了 1600 萬新運動員。就像 Lauren 提到的那樣，能夠真正與他們互動的能力絕對是我們擁有的不同於業內許多參與者的方法。

And then when you look at, in terms of the access that we have gotten of the high heat and kind of the narrowly distributed product also drives the differentiation that is much more in our control. And then looking very similarly on a P&L basis, if you look, the drivers that we called out to the margin rate improvement are much more structural improvements that we have made in our business very, very consciously over the last few years, and those are the reasons why we feel really optimistic about the long-term sales and the profitability trajectory of the company.

然後，當您查看時，就我們獲得的高熱量和狹窄分佈的產品種類而言，這也推動了我們控制範圍內的差異化。然後在損益表的基礎上看起來非常相似，如果你看的話，我們呼籲提高利潤率的驅動因素是我們在過去幾年非常非常有意識地在我們的業務中做出的結構性改進，這些是我們對公司的長期銷售和盈利軌跡感到非常樂觀的原因。

I would add to that, that our product mix and our assortment, while some of it you may consider discretionary, there are things in our business that are essential. And that's everything from making sure that your kids have the right cleats on their feet to equipment that you need to perform at your best to if you're outside running and your shoes are worn down. So we do have products that have held up well in prior recessions and the fact that we offer different price points and different levels for everybody is something in our control.

我還要補充一點，我們的產品組合和分類，雖然其中一些你可能認為是自由裁量的，但我們的業務中有些東西是必不可少的。這就是確保您的孩子腳上有正確的防滑釘到您需要發揮最佳性能的設備，再到您在戶外跑步並且鞋子磨損時的一切。因此，我們確實有在之前的經濟衰退中表現良好的產品，而且我們為每個人提供不同的價格點和不同的水平這一事實是我們可以控制的。

The next question comes from Chuck Grom of Gordon Haskett.

下一個問題來自 Gordon Haskett 的 Chuck Grom。

On the changing guide, can you remind us the expectation for promotions, given how elevated inventory levels are across a lot of retail today? And then on 2Q, can you unpack the gross margin decline between merch, occupancy, e-comm and if there's any other items that played into the quarter?

在不斷變化的指南中，您能否提醒我們對促銷的期望，因為當今許多零售店的庫存水平都很高？然後在第二季度，您能否分析商品、入住率、電子商務之間的毛利率下降，以及是否有任何其他項目在本季度發揮作用？

Chuck, I'll take the second question first and then I'll come back to your first question. So if you look at the de-comp of the gross profit decline, within that, the merch margin declined 197 basis points and that's probably the biggest driver. And like we called out, right, there was pressure, as you can expect, from the supply chain cost because of the freight cost and the occupancy deleverage because of the negative comps.

Chuck，我先回答第二個問題，然後再回答你的第一個問題。因此，如果您查看毛利潤下降的分解圖，其中商品利潤率下降了 197 個基點，這可能是最大的驅動力。正如我們所說的那樣，正如您所料，由於運費成本和由於負補償而導致的入住率去槓桿化，供應鏈成本面臨壓力。

When you -- the way to think about the gross margin decline, to me, this was expected and we had contemplated and guided to that at the beginning of the year. What is -- what we have -- we are continuing to look deeper into is to make sure that we are maintaining a vast majority of the margins and the structural changes we have made versus 2019.

當你 - 考慮毛利率下降的方式時，對我來說，這是意料之中的，我們在年初就考慮並指導了這一點。我們正在繼續深入研究的是什麼——我們正在繼續深入研究，以確保我們保持與 2019 年相比的絕大多數利潤和我們所做的結構性變化。

Coming back to your first question in terms of the promotional expectations, so we are expecting -- or in our guidance, we have contemplated a more normalized promotional landscape in the second half. Not that it will go back to 2019 time frame as it was then, but it definitely may not be -- or it may not be as benign as what we saw in 2021. So that is what has been contemplated in our guidance.

回到你關於促銷預期的第一個問題，所以我們期待 - 或者在我們的指導中，我們已經考慮了下半年更正常的促銷環境。並不是說它會像當時那樣回到 2019 年的時間框架，但它絕對可能不會——或者它可能不像我們在 2021 年看到的那樣良性。這就是我們在指導中所考慮的。

Great. And then as a follow-up, you talked about better tools to control pricing. And I think that's been one of the key building blocks on the merchandise margin improvement. Can you elaborate on that a little bit? Is that zone pricing? Just a little bit more color.

偉大的。然後作為後續行動，您談到了控制定價的更好工具。我認為這是提高商品利潤率的關鍵組成部分之一。你能詳細說明一下嗎？那是區域定價嗎？只是顏色多一點。

Yes, we've developed a really strong data science capability where we can optimize pricing. And we're looking to do that real-time item by item and market and consumer by consumer. So that is a key advantage that we've built over time.

是的，我們已經開發了一種非常強大的數據科學能力，可以優化定價。我們希望逐個項目、逐個市場和逐個消費者地進行實時處理。所以這是我們隨著時間的推移建立的一個關鍵優勢。

Our next question in the queue comes from Justin Kleber of Baird.

我們在隊列中的下一個問題來自 Baird 的 Justin Kleber。

If I look at the midpoint of your guidance on sales, it assumes that you're going to be up about 36% from '19. Just curious how you bridge that gap between growth in the sector versus your market share gains. I know, Navdeep, you mentioned 8% share earlier, which I think is the same number you have in the investor deck for 2020. It just seems like your growth is outpacing the industry. So any updated thoughts on where share stands today?

如果我查看您的銷售指導的中點，它假設您將比 19 年增長約 36%。只是好奇您如何彌合該行業增長與市場份額增長之間的差距。我知道，Navdeep，你之前提到了 8% 的份額，我認為這與你在 2020 年投資者甲板上的數字相同。看起來你的增長速度超過了行業。那麼關於今天份額的位置有什麼更新的想法嗎？

Yes. Justin, we are pleased with the performance that we have driven through the first half of this year. And if you look at it, and we have definitely gained share in the first half of this year. And that is kind of our expectation as well with the differentiating capabilities that we have, we will be able to continue to gain share, especially in the key categories where -- which are core categories for us as we think about footwear, apparel, team sports and golf.

是的。賈斯汀，我們對今年上半年的表現感到滿意。如果你看一下，我們肯定在今年上半年獲得了份額。這也是我們的期望，以及我們擁有的差異化能力，我們將能夠繼續獲得份額，尤其是在關鍵類別中——這是我們考慮鞋類、服裝、團隊時的核心類別運動和高爾夫。

Okay. And just a quick follow-up on the promotional environment. Have you guys changed your internal expectations from a merch margin perspective over the back half of this year relative to what you were thinking back in May?

好的。並且只是對促銷環境的快速跟進。相對於 5 月份的想法，你們是否從今年下半年的商品利潤率角度改變了內部預期？

I would say it's a combination of both of those things. Yes, the internal capabilities are the biggest unknown. In terms of the midpoint of the guidance, continues to be more to do with the external environment versus our internal expectations.

我會說這是兩者的結合。是的，內部能力是最大的未知數。就指導的中點而言，繼續更多地與外部環境有關，而不是我們的內部預期。

Next we'll take a question from Joe Feldman of Telsey Advisory Group.

接下來，我們將回答 Telsey 諮詢集團的 Joe Feldman 的問題。

Congrats on the quarter. In terms of the inventory, how is the flow of goods these days in apparel versus footwear versus hardware? Like are you seeing -- I mean, hardlines. Are you seeing differences among the categories and the flow of goods and are you getting things on time? Are you still finding you need to kind of accelerate orders or order more than you anticipate getting because you won't get the full order fulfilled?

祝賀本季度。就庫存而言，如今服裝、鞋類和硬件的商品流通情況如何？就像你看到的那樣——我的意思是，強硬派。您是否看到品類和商品流向之間的差異，您是否按時收到貨？您是否仍然發現您需要加快訂單速度或訂單量超出您的預期，因為您無法完成全部訂單？

Yes. Thanks, Joe. Our inventory, overall, I think it's important just to restate that our inventory is very healthy and we do not -- we are not concerned that there's toxicity in our inventory. Our flow of goods has improved significantly category by category throughout the last 2.5 years. It's been a series of different challenges. The most recent challenge was apparel, as I mentioned, but we are -- that is moving now, and we are working through the backlog that was there and clearing that through, and it is affecting our sales as well.

是的。謝謝，喬。總的來說，我們的庫存，我認為重要的是重申我們的庫存非常健康，而我們沒有——我們並不擔心我們的庫存有毒性。在過去的 2.5 年中，我們的商品流逐類顯著改善。這是一系列不同的挑戰。正如我所提到的，最近的挑戰是服裝，但我們正在 - 現在正在移動，我們正在處理那裡的積壓並清理它，它也影響了我們的銷售。

When it comes to some of our hardline categories, say, fitness and outdoor equipment, we have bought -- that is -- we have a lot of inventory there that we just -- we're buying around for next year. So no issues with flow there. And footwear has been pretty good. So flow is good. It's just -- there's -- over the last 2.5 years, something is a new challenge every few months. So that's how we're managing it.

當談到我們的一些強硬類別時，比如健身和戶外設備，我們已經購買了——也就是說——我們在那裡有很多庫存——我們正在為明年購買。所以那裡的流量沒有問題。鞋類一直很好。所以流量很好。只是——有——在過去的 2.5 年裡，每隔幾個月就會有一些新的挑戰。這就是我們管理它的方式。

Got it. Yes, that's helpful. And then kind of what are you guys seeing these days from a labor perspective? Like I know wage pressures there, and we keep hearing about how hard it is to get talent, especially at distribution centers. And I'm just wondering what you guys are seeing from your stores and distribution centers. Do you have the staffing you need in gearing up for this holiday season?

知道了。是的，這很有幫助。然後你們這些天從勞工的角度看到了什麼？就像我知道那裡的工資壓力一樣，我們不斷聽說要獲得人才有多難，尤其是在配送中心。我只是想知道你們從商店和配送中心看到了什麼。您是否擁有為這個假期做準備所需的人員？

Yes. Labor -- there has been labor shortage in the market for a couple of years now. It has improved. We have not been having issues that maybe some other people are having in terms of not being able to staff appropriately. Our stores have remained fully staffed. Our distribution centers are staffed and operating well.

是的。勞動力——市場勞動力短缺已經有幾年了。它有所改善。我們沒有遇到其他人可能遇到的無法適當配備人員的問題。我們的商店仍然滿員。我們的配送中心配備齊全，運作良好。

And I think that, that speaks to the fact that we -- obviously, we have a competitive wage and our wage costs have gone up as everybody's has. But more importantly, our teammate engagement, our employee engagement is at an all-time high. And I do think that being a fun and great place to work is meaningfully a competitive advantage for us that's made a meaningful improvement in this area for us.

而且我認為，這說明了我們 - 顯然，我們的工資具有競爭力，而且我們的工資成本已經像每個人一樣上漲。但更重要的是，我們的隊友敬業度，我們的員工敬業度處於歷史最高水平。而且我確實認為，成為一個有趣和偉大的工作場所對我們來說是一種有意義的競爭優勢，這對我們來說在這個領域取得了有意義的改進。

The next question comes from Seth Basham of Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Seth Basham。

My question is on the high heat and narrowly distributed products that you mentioned being key to driving margin expansion for the last 3 years. Could you give us a sense of what your sales mix is of those products relative to 2019 and what the margin differential is on those products relative to average, realized margin differential it is?

我的問題是關於你提到的在過去 3 年中推動利潤增長的關鍵產品的高熱度和分佈範圍窄的產品。您能否告訴我們相對於 2019 年您的這些產品的銷售組合是什麼，以及這些產品相對於平均實際利潤率差異的利潤率是多少？

Seth, definitely, the mix of those products, if you look -- within the key categories like footwear, the mix is significantly higher compared to where it was in 2019. And in terms of the margin, the margin also -- the net margin that -- the realized margin is also higher. It's a combination, like we said. The promotional intensity on those products and how narrowly distributed they are helps us drive our incremental margin in that as well.

賽斯，當然，這些產品的組合，如果你看的話——在鞋類等關鍵類別中，與 2019 年相比，組合明顯更高。就利潤率而言，利潤率也——淨利潤率那 - 實現的利潤也更高。就像我們說的那樣，這是一個組合。這些產品的促銷強度以及它們的分佈範圍如何也有助於我們推動我們在這方面的增量利潤。

Got it. But can you provide any more quantification? Are we talking 1,000 basis point difference in mix in high heat and narrowly distributed products relative to 2019?

知道了。但是你能提供更多的量化嗎？相對於 2019 年，我們是否在談論高熱量和窄分佈產品的組合差異 1,000 個基點？

Yes. As we have called out, it's a very proportional view between the mix benefit that we have driven between the lower penetration of hunt, the vertical brands, the pricing capabilities that Lauren talked about as well as the narrowly distributed mix and the higher heat product that we have. So it's balanced between all 3 of those levels.

是的。正如我們所說，這是我們在 Hunt 的較低滲透率、垂直品牌、Lauren 談到的定價能力以及分佈範圍窄的組合和較高熱度產品之間推動的混合收益之間非常成比例的觀點。我們有。所以它在所有這三個級別之間保持平衡。

Got it, okay. And my follow-up question is just, I know you don't normally talk too much about cadence in the quarter, but can you give us a sense of whether or not your traffic or transactions growth on a comparable store sales basis improved through the quarter?

明白了，好吧。我的後續問題是，我知道您通常不會過多談論本季度的節奏，但您能否告訴我們您的流量或交易增長在可比商店銷售基礎上是否通過四分之一？

It's very, very noisy to look on a year-over-year basis because of the stimulus impact and the timing of stimulus from last year. The way I would look at it is if you look at it versus 2019, it was pretty balanced, and we were pleased with the overall trajectory of the traffic as -- even looking back into Q1 of this year.

由於刺激影響和去年的刺激時機，逐年查看是非常非常嘈雜的。我的看法是，如果您將其與 2019 年相比，它非常平衡，我們對流量的整體軌跡感到滿意——甚至回顧今年第一季度。

Next, we have a question from Jim Duffy of Stifel.

接下來，我們有一個來自 Stifel 的 Jim Duffy 的問題。

A few around the apparel business. On the spring product, I'm curious. Will you carry inventory over to spring '23? Or have you pushed that back to the vendors, given the dynamic of late deliveries? And then given the environment, do you foresee favorable buying opportunities for spring '23 in the apparel business?

一些周圍的服裝業務。關於春季產品，我很好奇。您會將庫存轉移到 23 年春季嗎？還是考慮到延遲交付的動態，您是否將其推回給供應商？然後考慮到環境，您是否預見到 23 年春季服裝業務的有利購買機會？

Thanks, Jim. We are looking -- some of the seasonal business is -- well, some of the business in apparel is seasonal and won't be appropriate to carry over to fiscal '23. Some of it is appropriate. We work with our vendors to cancel where appropriate and/or our RTV.

謝謝，吉姆。我們正在尋找——一些季節性業務是——嗯，服裝行業的一些業務是季節性的，不適合延續到 23 財年。其中一些是適當的。我們與供應商合作，在適當的情況下取消和/或我們的 RTV。

But mostly, we are working together now to clear through any overages, any late product that isn't seasonal right now or that needs to move before we get into holiday. So -- and yes, I do think we see favorable buying opportunities in spring '23, where we could be buying now for them.

但大多數情況下，我們現在正在共同努力，以清除任何超量產品，任何目前不是季節性的或需要在我們進入假期之前移動的延遲產品。所以 - 是的，我確實認為我們在 23 年春季看到了有利的購買機會，我們現在可以為他們購買。

And finally, our last question comes from Brian Nagel of Oppenheimer.

最後，我們的最後一個問題來自 Oppenheimer 的 Brian Nagel。

I, too, would like to add my congratulations for another extraordinarily solid quarter. So congrats. The questions I have. I guess they're longer term in nature. But I mean when we look at the business, just to understand what's really -- kind of what's really happening here. Your business is clearly, as you mentioned in your prepared comments in response to the question, we've clearly [restrengthened] stronger here over the past couple of years and a few years.

我也想祝賀另一個非常穩固的季度。那麼恭喜。我的問題。我想它們本質上是長期的。但我的意思是，當我們審視業務時，只是為了了解真正的情況——這裡真正發生的事情。正如您在準備好回答問題的評論中提到的那樣，您的業務很明顯，在過去幾年和幾年中，我們顯然已經[重新加強]了這裡。

So as you look at it, do you think that's more -- I mean, is it more a function of behavioral changes on the part of your consumers that took hold during the pandemic? Or these internal initiatives, in particular on the merchandising side?

因此，當您查看它時，您是否認為這更多-我的意思是，它是否更多地取決於大流行期間消費者的行為變化？還是這些內部舉措，尤其是在銷售方面？

But then the follow-up question I have for that, to the extent that you've now shifted the business to better products, higher end product, clearly, we're seeing no indication of this right now, but does that make DICK'S or render DICK'S potentially more susceptible in a weaker [spending] environment?

但是接下來我要問的問題是，就您現在將業務轉移到更好的產品，更高端的產品而言，顯然，我們現在沒有看到任何跡象，但這是否會使 DICK'S 或讓 DICK'S 在較弱的 [支出] 環境中可能更容易受到影響？

Thanks, Brian. So our business certainly has strengthened, as you said. And I would say this is more a function of the strategies that we have put in place over the past 5 years to make our business completely transformed. You cannot look at our merchandising assortment and not notice just how completely different it is. At the same time, we've been fortunate that our consumer has chosen a more outdoor lifestyle, a healthier lifestyle, more active.

謝謝，布賴恩。因此，正如您所說，我們的業務肯定有所加強。我想說，這更多是我們過去 5 年為使我們的業務徹底轉型而製定的戰略的一個功能。您不能只看我們的商品分類，就不會注意到它有多麼不同。與此同時，我們很幸運，我們的消費者選擇了更戶外的生活方式、更健康的生活方式、更積極的生活方式。

And so the pie is growing. But I would say the bigger change, if you look over the past several years, is the strategies that we've put in place in the business. With the high-end products, people spend money on what's important to them and these products are highly desirable. So we're seeing that now even though it's a tougher -- it's an inflationary time frame. So we're happy to have that product and to be delighting consumers in that way.

所以餡餅越來越大。但我想說，如果你回顧過去幾年，更大的變化是我們在業務中實施的策略。有了高端產品，人們把錢花在對他們來說很重要的東西上，這些產品非常受歡迎。所以我們現在看到了這一點，即使它更加艱難——這是一個通貨膨脹的時間框架。因此，我們很高興擁有該產品並以這種方式取悅消費者。

We have no further questions in the queue today, so I'll turn the call back to Lauren Hobart, President and CEO, for closing remarks.

今天我們在隊列中沒有其他問題，所以我將把電話轉回給總裁兼首席執行官 Lauren Hobart 做閉幕詞。

Thank you, and thanks, everybody, for your interest in DICK'S Sporting Goods. I will look forward to seeing you and talking next quarter. Thank you.

謝謝大家，謝謝大家對 DICK'S Sporting Goods 的關注。我期待在下個季度見到你並交談。謝謝你。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開您的線路。