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，歡迎參加迪克體育用品公司2022年第二季財報電話會議。我是今天的接線生莉迪亞。 （接線生操作說明）現在，我很高興將會議交給投資者關係高級總監內特·吉爾奇先生。準備好了請開始。

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.

各位早安，感謝各位參加本次2022年第二季業績電話會議。今天出席會議的有我們的總裁兼執行長Lauren Hobart和財務長Navdeep Gupta。本次電話會議的錄音將在我們位於investors.dicks.com的投資者關係網站存檔約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.

再次提醒，我們將作出一些前瞻性陳述，這些陳述受多種風險和不確定因素的影響，可能導致我們的實際業績與這些陳述有重大差異。任何此類陳述應結合我們在盈利報告中發布的警示性聲明以及我們向美國證券交易委員會（SEC）提交的文件（包括我們最近的10-K表格年度報告）中的風險因素討論以及本次電話會議中作出的警示性聲明一併考慮。我們不承擔更新任何此類前瞻性陳述或資訊的義務。

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.

在今天早上的電話會議上，我們將討論按非GAAP準則計算的稀釋後每股收益，該準則剔除了與我們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。有關此方面的更多詳情或查找今天電話會議中提及的任何非GAAP財務指標的調節表，請訪問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，為了方便未來安排，我們暫定於2022年11月22日發布2022年第三季財報。接下來，我將把電話交給勞倫。

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.

謝謝內特，大家早安。我們對第二季的業績非常滿意，這充分體現了我們核心策略的有效性以及過去五年我們在業務各個方面取得的基礎性改進。事實上，我們第二季的息稅前利潤與2019財年全年基本持平。

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.

儘管宏觀經濟環境依然不明朗，但迪克體育用品公司的消費者表現依然穩健。過去兩年，他們生活方式發生了持久的改變，更加重視健康健身、運動和戶外活動，而我們憑藉著獨特的優勢，依然能夠掌握這些長期趨勢帶來的機會。

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.

我們的庫存狀況良好，重點品類的庫存水準有所提升。重要的是，鑑於當前的宏觀經濟環境，我們上調了全年業績預期，同時保持了適當的謹慎態度，預計稅前利潤率中位數約為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.

現在來說說我們的業績。正如我們今天早些時候宣布的那樣，我們第二季的銷售額為31億美元。其中同店銷售額下降了5.1%，但如預期，季比有所改善。值得強調的是，我們的銷售額繼續遠高於新冠疫情前的水平，比2019年第二季度增長了38%，這進一步印證了我剛才提到的消費者行為的積極轉變是持久的，而我們為把握這一轉變而採取的措施也正在取得顯著成效。

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，與疫情前相比，我們今年的關鍵運動員成功指標，包括新用戶獲取、新用戶留存、復購率和全通路行為，均全面提升。我們日益多元化的產品組合，結合我們成熟且穩健的定價策略和優化的產品組合，持續推動強勁的商品利潤率。與2019年第二季相比，我們的商品利潤率提高了439個基點，並維持了過去兩年商品利潤率成長的大部分動能。

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，我想強調一個關鍵點。我們今天銷售的產品與五年前的產品截然不同。它的價格更高，銷售管道也更窄，因此，促銷活動對它的影響也更小。此外，我們現在用於精準調整價格和促銷策略的工具也比幾年前先進得多。

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，我們的產品組合已從結構上轉向高利潤率類別。我們大幅降低了狩獵用品的投入，該類產品在2019年的利潤率比公司平均低約1700個基點。同時，我們也持續發展垂直領域品牌，這些品牌目前的利潤率比全國性品牌高出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，與疫情前相比，我們的商品毛利率將顯著提高，並且由於業務的根本性變革，這種盈利能力的提升是可持續的。與疫情前相比，我們銷售額的結構性成長、商品毛利率的擴大以及營運效率的提高，使我們的稅前利潤率達到了兩位數，接近14%，約為2019年第二季稅前利潤率的兩倍。第二季度，我們非GAAP攤薄後每股收益為3.68美元，而2019財年全年為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.

隨著我們轉型之旅的不斷推進，我們致力於強化現有策略，以進一步鞏固核心業務並推動長期獲利成長。這些策略的核心在於提升運動員體驗，我們將持續開發極具吸引力的店內服務模式，從而更好地服務我們的運動員。我們的團隊成員訓練有素，專注於為運動員找到最合適的產品，幫助他們建立自信。

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.

我們的門市現在也融入了許多體驗式元素，例如高端全方位服務的鞋類區、升級版足球用品店、高爾夫模擬器、HitTrax 擊球訓練技術和棒球打擊籠。我們新開設的 DICK'S House of Sport 和 Golf Galaxy Performance Center 門市正是高端服務模式和體驗式零售優勢的絕佳例證。這些新概念正在重新定義體育零售，為我們帶來寶貴的經驗，同時也推動了強勁的銷售和獲利成長。

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，數位化體驗仍然是我們成功的關鍵組成部分，我們將繼續優先投資於技術和數據科學，以提升運動員體驗。我們致力於透過數位化行銷提升個人化能力，加強與運動員的一對一聯繫，確保在適當的時機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.

我們強大的ScoreCard會員忠誠度計畫和龐大的運動員資料庫為我們個人化策略提供了有力支撐。目前，我們擁有超過2500萬活躍的ScoreCard會員，這是一個近年來持續成長的寶貴群體。第二季度，ScoreCard會員貢獻了我們總銷售額的70%以上，比去年同期成長了約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，我們的全通路平台以門市為樞紐，是我們重要的競爭優勢。第二季度，門市貢獻了我們總銷售額的90%以上，不僅服務店內顧客，也為全通路訂單履行提供了800多個分銷點。

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項巨大的優勢。事實上，數據顯示，約80%的活躍運動員都選擇在DICK'S享受多品牌購物體驗。更重要的是，我們與主要品牌的合作關係比以往任何時候都更加牢固，我們也不斷拓展與新興品牌的合作關係。

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.

同時，我們正在打造並發展CALIA、VRST和DSG等顛覆性的垂直品牌。我們的產品系列緊跟各品類潮流，並且我們豐富的價格區間確保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.

我們的團隊成員是我們最寶貴的資產，我們視吸引和留住人才的能力為關鍵的差異化優勢和競爭優勢。我們為團隊成員的高度敬業度感到自豪，這體現了我們致力於打造卓越工作場所的努力。我們將繼續投資於團隊成員和優化服務模式，以維持我們強大的企業文化，並打造一流的運動員體驗。

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.

總之，我們的策略行之有效，我們對實現長期銷售和獲利成長的能力充滿信心。我們是這個龐大而分散的行業中當之無愧的市場領導者，我們相信我們已做好充分準備，繼續擴大市場份額並鞏固領先優勢。儘管宏觀經濟環境仍不明朗，但我們將繼續專注於滿足運動員的當前需求。

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.

在結束演講之前，我要感謝我們所有團隊成員的辛勤付出和對公司事業的堅定奉獻。現在我將把電話交給納夫迪普，讓他更詳細地介紹我們的財務表現和展望。

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.

謝謝勞倫，大家早安。我們先來簡單回顧一下第二季的業績。合併銷售額下降5%，約31億美元。與2019年相比，銷售額成長了38%，顯示我們結構性較高的銷售基礎（高於疫情前水準）具有可持續性。同店銷售額下降5.1%，如預期，季減幅度較第一季加快。需要提醒的是，我們在第二季結束了過去兩年約40%的同店銷售額累積成長。

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8.4%，而平均客單價上升3.3%。在我們的產品組合中，五金、服裝和鞋類這三大主要品類的表現基本上符合預期。第二季毛利為11.2億美元，佔淨銷售額的36.03%，較去年同期下降388個基點。如預期，毛利下降的主要原因是商品毛利率下降197個基點、供應鏈成本上升以及銷售額下降導致固定租金支出減少。

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，我們的商品毛利率提高了439個基點，這主要得益於我們日益多元化的產品組合、成熟穩健的定價策略以及有利的產品組合。正如勞倫所提到的，由於這些結構性因素，我們預計我們的商品毛利率將持續顯著高於新冠疫情前的水平。

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.

銷售、管理及行政費用為6.574億美元，佔淨銷售額的21.12%，較上年下降157個基點，主要原因是銷售額下降。銷售、管理及行政費用的增加是由於我們持續投資於時薪和人才，以支持我們的成長策略。

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.

本季利息支出為2,550萬美元，以非GAAP準則計算，較去年同期增加1,930萬美元。這一增長主要歸因於2021年第四季發行的15億美元優先票據產生的1,380萬美元利息支出。本季還包括與我們交換1億美元未償還可轉換優先票據本金相關的660萬美元誘導費用。

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.

由於結構性成長的銷售額、擴大的商品毛利率以及較疫情前水準更高的營運效率，稅前利潤 (EBT) 為 4.273 億美元，佔淨銷售額的 13.73%。相較之下，2019 年第二季的稅前利潤為 1.51 億美元，佔銷售額的 6.69%。總計，我們實現了非 GAAP 稀釋後每股收益 3.68 美元。相比之下，去年同期非 GAAP 稀釋後每股收益為 5.08 美元，而 2019 年 GAAP 稀釋後每股收益為 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.

現在來看我們的資產負債表。第二季末，我們持有約19億美元的現金及現金等價物，且未動用16億美元的無擔保信貸額度。與去年同期相比，我們季度末的庫存水準成長了49%。然而，去年由於供應鏈嚴重中斷，我們一直在努力彌補庫存。

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.

更恰當的比較對像是2019年第二季度，當時我們的庫存成長了40%，與銷售額成長38%基本持平。正如勞倫所說，我們的庫存狀況良好，佈局合理。我們對即將到來的返校季的商品組合充滿信心，並已做好準備，在今年餘下的時間裡繼續應對瞬息萬變的全球供應鏈環境。

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.

接下來談談我們第二季的資本配置。淨資本支出為8,450萬美元，我們支付了3,690萬美元的季度股利。本季度，我們將1億美元（約佔當時未償還可轉換優先票據本金的21%）兌換成現金，並解除了相應部分的可轉換票據套期保值和認股權證，換取了170萬股普通股。此次兌換後，我們未償還的票據本金總額為3.75億美元。本季度，我們也以平均每股80.84美元的價格回購了390萬股股票，總額為3.19億美元。

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。我們對上半年的業績感到滿意，並繼續保持著較2019年顯著的銷售額和盈利增長。鑑於第二季度的出色表現以及為即將到來的重要返校季做好了庫存準備，我們上調了2022年的業績預期。重要的是，正如勞倫所指出的，考慮到宏觀經濟背景、地緣政治環境以及瞬息萬變的全球供應鏈的不確定性，我們更新後的展望仍然保持著適當的謹慎態度。

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.

我們現在預計全年同店銷售額將下降 6% 至 2%，而先前的預期為下降 8% 至 2%。此外，我們現在預計非 GAAP 稀釋後每股收益將為 10 美元至 12 美元，而先前的預期為 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.

儘管我們的業績展望並不依賴於第二季末已完成的3.61億美元股票回購之外的後續回購，但隨著時間的推移，我們將繼續把握機會。預計息稅前利潤率中位數約為10.7%，是2019年水準的兩倍多。我們的獲利預期基於約24%的有效稅率，並以約8,800萬股平均稀釋後流通股為基準。

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，我們對第二季的業績非常滿意，並且對迪克體育用品的未來充滿信心。以上就是我們準備好的發言。感謝您對迪克體育用品的關注。接線員，現在可以開始接受提問了。

(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西蒙古特曼。

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，可能還有一個長期問題。短期問題是關於業績指引。本季業績的改善意味著全年業績可能上升，也可能持平或下降。鑑於這種不確定性，既然可以採取更保守的策略，為什麼還有信心略微上調下半年的業績指引呢？

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，我來回答這個問題。這是你提出的短期問題。關於業績指引，鑑於我們在第二季度的強勁勢頭，以及第二季度環比增長加速（隨著7月進入返校季，我們的同店銷售額環比增長，庫存也比以往更加充足），我們認為下半年將保持強勁的增長勢頭。因此，我們希望適當調整績效指引，上調預期區間的下限。

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.

西蒙，就每股盈餘而言，我們也提高了每股盈餘預期。這主要是因為，如果您還記得的話，我們在第一季末曾預告，貨運和燃油成本將持續高於去年同期水平，並且還在不斷上漲。而過去三個月的情況表明，這些成本的上漲速度已經放緩，我們在調整全年每股收益預期時也考慮到了這一利好因素。

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，好的。那麼，更長期的問題是，儘管本季營收略有下降，但同店銷售額仍維持在非常強勁的水平。我想，持懷疑態度的人會說，新冠疫情後的部分需求比我們預想的要持續更久，但最終還是會消退的。

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?

樂觀者（即看漲者）會說，這就是新常態，我們會繼續上漲。您對此有何看法？我想，隨著後疫情時代資訊的不斷更新，以及某些品類需求的重新調整，我們該如何看待未來的消化系統逆轉呢？

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。我們的同店銷售額比疫情前顯著成長，我們堅信這是結構性變化的結果。一方面，消費者更重視健康、積極的戶外生活方式，我們也因此獲得了更大的市場份額；另一方面，我們業務本身也發生了許多結構性變化。如今，我們業務的結構幾乎與幾年前截然不同。

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.

我想指出的是，我們現在的產品組合與以往截然不同。我們現在能夠獲得熱度更高的產品，以及那些分銷管道更窄、受價格壓力和促銷活動影響較小的產品。我們的產品組合已顯著轉向高利潤產品。過去幾年，我們大幅降低了狩獵業務的佔比，狩獵業務的利潤率比平均值低了1700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.

我們的垂直品牌取得了成功，利潤率比平均高出 600 到 800 個基點。我認為最重要的一點是，我們已將整個行銷工作從以往依賴長期印刷管道的模式（過去我們需要提前數週甚至數月制定定價和推廣策略）轉移到了數位行銷領域。這樣一來，我們可以更精準、即時、個人化地進行行銷，而無需像以前那樣將整個門市或網站納入促銷範圍。我們可以非常精準地制定價格，並利用數據科學來實現這一點。

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.

我完全同意你的看法。公司的結構與幾年前已經截然不同，我們不再把這次疫情視為新冠疫情帶來的短暫衝擊，也永遠不會再這樣看待它。

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

今天的下一個問題來自高盛的凱特·麥克沙恩。

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。我想知道是否有辦法將其細分，例如庫存成本、庫存單位，以及您可能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?

那麼我們的第二個問題是關於下半年的毛利率走勢，您預計第三季和第四季之間會有很大差異嗎？我們該如何看待返校季和假期期間的促銷環境？

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，就成本和銷售量而言，我認為這兩者之間的比例相當均衡。當然，成本方面肯定略高一些。所以——就像我們在評論中提到的，重要的是要將庫存與2019年進行比較，因為去年的庫存組成與今年的組成截然不同。去年我們一直在努力補貨很多品類，而現在我們對庫存狀況感到非常滿意。最後一點是，如果你從銷售和成本兩方面來比較2019年的成長情況，我們可以稱之為可比性分析。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。展望返校季和假日季的促銷環境，我們預期價格和促銷活動將略微趨於正常化。與去年相比，去年的價格和促銷環境非常溫和。但所有這些都已反映在我們的未來業績預期中。我們預計不會有任何意外情況。

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銀行的艾德琳·伊赫。

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.

恭喜你們又一個季度業績非常出色。勞倫，我先從你開始說起。我們一直都認為，你們品牌覆蓋率達到85%左右是一個非常顯著的競爭優勢。

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?

您能否談談供應商返還某些優惠措施的情況，例如降價補償或退貨？這種情況目前發展如何？您目前是否看到更多此類措施，或者您預計未來會有更多此類措施出現？

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?

對Navdeep來說，現在顯然是庫存高峰期。所以我想知道第三季末以及更重要的，年底的庫存情況會如何？

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，艾德琳。我們的品牌組合絕對是我們的競爭優勢。我們與策略夥伴建立了非常良好的關係。我們在垂直品牌方面也做得非常出色。我們始終與核心合作夥伴攜手管理庫存水準。

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?

是的，我們有一些退貨機制，也就是退貨政策（RTV），但我們也會即時調整策略，以確定最佳的產品銷售方式。而且，我們擁有非常有效率的清倉流程，包括我們全新的「清倉甩賣」概念，這使我們能夠快速處理任何滯銷產品。 Navdeep，關於庫存方面呢？

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，艾德琳，我們不會就第三季或全年的庫存前景提供指導。不過，我想強調的一點，就像勞倫在評論中提到的那樣，對吧？我們對目前的庫存狀況非常滿意，尤其是在即將到來的重要返校季。我們對庫存水準和整體庫存結構都感到滿意。庫存狀況良好，非常健康。因此，我們對今年下半年的前景非常樂觀。

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羅比·奧姆斯。

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?

本季度業績和前景都很棒。我有幾個問題想請教一下。能否詳細介紹一下第二季哪些品類表現突出（不包括返校季）？還有客單價成長，我記得你們說過，如果我沒記錯的話，客單價成長了約 8%，但交易量下降了約 8%。能否解釋一下背後的原因？我理解這意味著交易量增速較第一季放緩，能否談談可能的原因？另外，客戶群中是否有降級消費的情況？

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。首先說說第二季表現優異的品類，我們所有重點品類都取得了巨大的成功，符合預期。尤其是鞋類，表現非常強勁，因為我們的產品系列絕對是業內頂尖的，這為我們的客戶帶來了巨大的成功。

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.

團隊運動業務已經恢復，而且表現非常強勁。我們對高爾夫業務尤其滿意，該業務在第二季度環比成長，且仍遠高於2019年同期水準。運動服裝是我們核心業務中唯一在第二季略有下滑的業務，這主要是因為部分服裝產品在春季新品和返校季新品同時到貨。

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.

但即便在服飾品類中，一旦產品開始流通，我們的團隊在產品流通和上架方面都做得非常好。 7月份，我們也開始看到運動服飾的同店銷售額顯著提升。所以整體而言，各品類的表現都非常強勁。接下來請Navdeep回答關於票務的問題。

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.

讓我再簡單分析一下。第二季度，我們的同店銷售額下降了5.1%。交易量實際下降了8.4%，但平均客單價上漲了3.3%。然而，正如您所想，交易數據中存在相當大的波動，尤其是在我們受到去年發放的刺激性補貼以及不同市場因新冠疫情而重新開放時間差異的影響的情況下。

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，如果我們看一下與 2019 年同期相比的交易量，就會發現第一季和第二季的交易量實際上都實現了成長。而且，這種成長趨勢比單獨比較第一季和第二季的交易量變化要合理得多。希望這能解答關於交易趨勢的問題。

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。任何關於高通膨環境下消費者行為轉變的訊息，以及你是否在商店裡看到這種降級消費的現象，都非常重要。

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降級趨勢。我們的消費者表現非常穩健。我們沒有看到人們從最好的產品轉向更好的產品，再轉向更好的產品，最後轉向一般的產品。事實上，在所有收入群體中，趨勢都相當相似。我認為這正好說明我們的產品組合能夠滿足每個人的需求。

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.

如果您正在尋找最頂級的技術裝備或鞋釘，我們能滿足您的需求；但我們也有價格親民的品牌，例如我們的DSG品牌，它表現非常出色，兼具極高的性價比和時尚感。總而言之，我們的消費者群非常穩定，整體而言，他們的消費能力很強。

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

今天我們提出的下一個問題來自 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.

我針對西蒙關於同業比較結構及其穩定性所提出的問題進行了後續探討。您能否深入分析一下，特別是過去幾季受疫情影響的冬季品類表現如何？它們是否仍在逐步恢復正常，並拖累整體同業比較？或者它們已經開始恢復正常並趨於穩定？我只是想了解一下，這些品類未來是否會繼續拖累同業比較。

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，疫情期間受益的品類有很多，順便說一句，受益的品類有很多，包括鞋類和服裝，這些品類依然表現強勁；還有一些更具體的受益品類，比如健身器材或戶外裝備自行車，這些品類的表現符合我們的預期，實際上，它們的銷售額仍然遠高於2019年的水平。因此，儘管由於這些行業的激增，銷售額在逐年調整，但它們仍然遠高於疫情前的水平。

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?

明白了。我的後續問題是：你們在事先準備好的發言稿中提到一個很有趣的觀點。你們指出，更多熱銷、更窄通路銷售的產品是商品利潤率成長的主要驅動因素。如果我們回顧一下自2019年以來你們實現的400個基點的商品利潤率成長，那麼，產品組合的變化，例如轉向熱銷、高利潤產品，是否才是更主要的驅動因素？還是說，折扣力度和促銷活動的減少才是更主要的驅動因素？

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，我認為這實際上是平衡的，對吧？如果你仔細觀察，我們看到的是，獵裝產品（其利潤率過去低1700個基點）的利潤率下降，以及垂直品牌利潤率加速成長（600到800個基點），這是影響產品組合的一個因素。

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.

正如您所指出的，我們所售產品的溢價，尤其是在鞋類和服裝等關鍵品類中，帶來了雙重收益：首先，這些品類的利潤率較高；其次，正如您所說，由於這些產品供應量有限，促銷力度也較小。正是這兩方面的因素共同推高了我們的商品利潤率。

Our next question today comes from Christopher Horvers of JPMorgan.

今天我們提出的下一個問題來自摩根大通的克里斯多福霍弗斯。

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?

您談到了業務發展勢頭，並特別提到了7月份和開學季。我知道您不提供季度業績指引，但您對業績指引的節奏有什麼看法嗎？當您重新審視業績指引時，您對第三季下半年和第四季的內部預期是否有所變動？

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，正如你所說，我們對第二季的收尾工作感到滿意。而且，如果你看看七月底，那正是返校季的初期。如果把這看作是我們對返校季預期的一個佐證，那麼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，您也正確地指出了衡量季度間趨勢的唯一指標。但是，就我們目前的庫存水平，以及即將到來的重要返校季的庫存狀況而言，我們非常滿意。

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，如果你看看我們之前將全年業績指引下限上調至-6%的做法，這不僅反映了我們從第二季度獲得的收益，也反映了我們對消費者趨勢保持良好勢頭的樂觀態度，好於我們在第一季末的預期。這些因素都已納入我們將業績指引下限上調至-6%的考量之中。

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。您也提到，預計第三季促銷活動會逐漸恢復正常。那麼，您如何看待您在第二季度提到的利潤率結構？我們預計第三季會出現任何下滑嗎？顯然，與2019年第三季相比，利潤率仍然非常強勁，但第三季是否會有所下降？

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，我認為我們並沒有明確表示預計促銷活動會增加。我們在業績指引中強調的是，我們目前尚不清楚下半年的整體促銷環境會如何。而這正是我們業績指引中所考慮的因素。因此，如果市場環境持續保持良好，這將對第三季的實際業績產生影響。

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.

正如勞倫所指出的，在某些品類中，例如服裝，我們的業務佔比更高，我們將在下半年針對這些產品採取相應的行銷活動。然而，即便如此，我們也已將這些影響納入了我們的業績預期，因此我們對全年業績預期非常有信心。

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，我還要補充一點，從長遠來看，我們仍然非常有信心，從結構上看，我們將保持過去幾年所取得的一半以上的利潤成長。

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

下一個問題來自瑞銀集團的麥可·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?

這裡是 Atul Maheswari，代 Michael Lasser 發言。首先，關於同店銷售指引，我有個問題。指引的中點意味著，後半年的三年複合年增長率（CAGR），也就是三年幾何級數增長，相對於第二季和上半年都會放緩。 Lauren，這是否反映了你在事先準備好的發言稿中提到的對績效指引的謹慎態度？此外，同店銷售指引是否假設下半年各品類的需求會比第二季進一步放緩？

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。正如我們在事先準備好的評論中提到的，我們對秋季的預期持謹慎態度。宏觀經濟情勢以及地緣政治情勢仍充滿挑戰。

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，我們需要關注這些趨勢，而這正是我們在績效指引中所考慮的因素。如果您看一下業績指引的上限和下限，是的，中間值確實存在。但就業績效指引的上限而言，我們預計全年同業拆借收入將下降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，我還想指出，您將今年與 2019 年同期進行比較時，考慮到我們在 2019 年進行了非常非常大的促銷活動。因此，雖然我們正在考慮在下半年採取一些正常的定價和促銷措施，但這可能會對三年期的比較結果產生影響。

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?

明白了，這很有幫助。我的後續問題是，雖然有很多理由相信目前的同店銷售水平和銷售額是可持續的，但如果2023年同店銷售仍然面臨壓力，那麼為了保證盈利能力，還有多少空間可以削減營運費用？

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.

如果我看一下你們的損益表，儘管銷售額成長了35%，但你們的銷售、管理及行政費用率（SG&A利潤率）與2019年相比並沒有顯著提高。因此，如果明年銷售面臨壓力，你們或許還有削減成本的空間，但我很想聽聽你們的看法。

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，如果你仔細分析一下，你會發現我們的損益表有很大的彈性，對吧？首先，我的意思是，我們在這裡討論的是一個假設情況，假設2023年的銷售額下降，因為我們並沒有隱瞞任何相關資訊。撇開宏觀經濟情勢不談，我們對自己的業務非常樂觀。但就損益表的彈性而言，首先我們會關注變動成本。正如您所提到的，即使在我們的可自由支配支出和固定支出方面，也存在一定的靈活性。

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，正如您所指出的，我們——就像我們之前所說的——目前在一個發展勢頭強勁的行業中僅佔8%的市場份額。因此，我們正在積極增加對關鍵品類和關鍵能力的投資，以確保我們所引領的趨勢能夠長期持續發展。如有需要，我們也會考慮進一步的投資。但我們對公司的長期銷售和利潤前景非常樂觀。

The next question comes from Paul Lejuez of Citigroup.

下一個問題來自花旗集團的保羅‧萊胡茲。

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?

我很想了解一下鞋類產品的狀況。也想請您詳細說說您在耐吉產品和非耐吉產品的銷售表現。另外，我還想了解您的應用程式與耐吉應用程式的整合情況，以及這種整合在獲取新客戶方面可能起到的作用（如果確實能為您的網路帶來新客戶的話）。

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。鞋類整體銷售狀況非常好。耐吉表現不錯，其他品牌也都很棒。總的來說，我們產品的品質和種類都與以前大不相同，消費者對這種銷售模式的反應也非常好。

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.

我們與耐吉的合作關係持續取得豐碩成果。我們正在攜手合作。隨著供應鏈的不斷完善，我們開始透過這一管道銷售一些熱門產品，並且每個季度都在穩步增長與耐吉和迪克體育用品公司（DICK'S）合作的新客戶，上個季度也不例外。

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?

明白了。還有一個後續問題。我正在考慮明年，不知道您是否——如果我錯過了您之前關於一些新興成長型概念的更新，請見諒——就本季度的業績而言，您對明年的成長有何看法？

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。我們——Public Lands現在有三家門市。我們對目前的經營狀況非常滿意。當然，與規模龐大的DICK'S相比，我們的規模還很小。我們的House of Sport概念店持續發展良好，我們也從中汲取了許多寶貴的經驗。未來，我們將持續拓展House of Sport的門市，同時也總結經驗教訓，並在整個連鎖店範圍內重新思考如何提升服務與顧客體驗。

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，在Golf Galaxy Performance Center，我們也重新開發、重塑消費者體驗。我們將繼續投資建造更多Golf Galaxy Performance Center，同時也將經驗應用到整個連鎖體系中。目前表現非常出色的另一個新概念是我們的「Going, Going, Gone!」（即「快閃店」）和倉儲式銷售管道。顯然，這項業務正處於通膨環境下。擁有這樣的管道非常重要。在過去的幾個月裡，我們大幅增加了這類門市的數量，並且發現消費者對這個管道的反應也非常好。

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

下一個問題來自 D.A. Davidson 的 Michael Baker。

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。關於您之前提到的要保持疫情期間利潤率至少50%的說法，我想再談談。如果我從稅前利潤（EBT）的角度來看，這意味著利潤率應該略高於10.8%或10.9%。您今年的預期是10.7%。這是否意味著，或者我們可以推斷，您認為今年的利潤率會比去年有所下降，但會在2013年（原文如此）[2023年]觸底反彈？基於您先前的說法，這樣的假設是否合理？

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，麥克，如果你看一下業績指引的中點，沒錯，我們確實維持了2019年大部分的利潤率。再次強調，我們不會對2023年做出業績指引。正如我們所說，我們對公司長期的銷售額和獲利成長趨勢非常有信心。談到2023年，最大的未知數在於宏觀經濟狀況。所以，拋開宏觀經濟因素不談，你的觀點完全正確。我們對公司長期的銷售額和獲利成長趨勢非常樂觀。

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，太好了，沒問題。作為後續，您對損益表的組成部分做了一些很好的闡述。我們當然可以自己進行估算，但還有一個問題需要您解答。我們該如何看待利息支出－調整轉換係數後的非GAAP利息支出？我們該如何看待下半年或全年的利息支出？

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。如果你仔細分析，你會發現最大的變數在於，如果你進行年比比較，你會發現我們資產負債表上現在這些長期優先票據尚未償還。所以，如果你堅持下去——我們認為這對我們公司來說是正確的資本結構——那麼這是一個結構性因素。

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.

也就是說，如果你看一下第一季和第二季的數據，我們會發現與可轉換債券結算相關的一次性成本略高於600萬美元。如果我們在下半年再次進行類似的交易，將會產生相應的成本。但這屬於一次性成本，只是因為提前解除了可轉換債券的到期日。

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.

綜上所述，您能否直接提供一個非GAAP利息支出資料？當然，我們也可以自己計算，但如果您能告訴我們第三季和第四季的非GAAP利息支出預期，對大家都會更方便。

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利息支出與第二季基本一致，只是我們提到的610萬美元是一次性交易成本。

Next today is Cowen's John Kernan.

接下來是考恩公司的約翰·克南。

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?

我想回到商品毛利率預期這個話題。特別是服裝方面，看起來一些供應商已經放棄了[墊子]業務。門市促銷力道似乎很大。所有供應商的資產負債表上的庫存量和成本看起來都相當高。那麼，隨著我們進入下半年，運動服裝的預期情況如何？您認為明年什麼時候運動服飾類別的促銷環境才能恢復正常？

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。我們正與供應商密切合作。你說得對，服裝類別由於車隊清倉，我們正在全力以赴確保產品能夠順利售罄。我們正透過「清倉甩賣」管道以及迪克體育用品商店的清倉活動來推進這一品類的銷售。

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.

我們很難準確預測促銷活動何時才能恢復正常，但我們已將所有預期情況納入指導方針，並且目前正在對部分服裝進行降價促銷。這些措施已包含在我們的指導方針中，並且銷售情況良好。因此，我們希望短期內情況能有所改善。

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?

明白了。或許可以作為先前關於年末存貨餘額問題的後續，也想問一下目前資產負債表上部分存貨的相關成本。我們應該如何—或者說，我們應該如何預期資產負債表上現有存貨的相關成本？

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，產品成本也必然隨之增加。這種情況會延續到明年嗎？對於您和您的許多供應商而言，我們應該如何看待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，我認為部分成本還會延續到明年。正如您所想，今年成本上漲導致我們需要一段時間才能消化庫存。因此，尤其是運費上漲帶來的成本壓力，我認為會持續到明年年初。

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.

目前尚不清楚的是，今年剩餘時間整體供應鏈格局將如何變化。進入下半年後，我們對供應鏈前景的信心比三個月前（第一季末）時要好得多。因此，在今年剩餘的時間裡，我們仍需繼續應對成本壓力。

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，也恭喜你今年的成功。

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

今天的下一個問題來自威廉斯貿易公司的薩姆·波瑟。

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?

關於上一個問題，我還有一個後續問題。您能否詳細說明一下七月的情況，以及月底開始的MAP假期是否有幫助？您是否需要承擔與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。七月份我們的整體業務，尤其是服裝業務，表現強勁，因此月底的最低廣告價格（MAP）也得到了我們和品牌合作夥伴的相應承擔。所以這方面沒什麼特別值得一提的。

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，許多討論都集中在接下來可能發生的事情以及消費者會採取什麼行動。您能否談談您在數位化和消費者互動方面所做的所有投資，包括線上和線下管道，這些投資似乎幫助您克服了一些宏觀經濟方面的擔憂。您能否談談這些投資是如何發展的，以及這種彈性在順境和逆境中對您有何幫助？

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，Sam。這是一個很好的問題。過去幾年，我們一直在努力提升全通路體驗。首先，你會看到我們為 DICK'S 和 Golf Galaxy 門市引入了消費者非常認可的全新體驗；其次，我們提升了服務水平，消費者也十分重視這一點，因為他們可以藉此找到最適合自己的產品。此外，我們也徹底革新了行銷方式，使其更加數位化，並能提供更個人化的服務。

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，當你查看我們的運動員資料庫時，就能看到所有這些。還有一點我們在電話會議上還沒提到，那就是我們目前擁有500萬會員的ScoreCard Gold客戶貢獻了我們40%的銷售額。他們的貢獻和佔比都在成長，這再次表明我們正在提升客戶參與。因此，從客戶的角度來看，無論是在線上或線下，整體體驗都比幾年前有了顯著提升。

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?

我還有一個後續問題。您認為，在分析消費者行為、自身行為等等這些因素時，有多少是您可以控制的，又有多少是宏觀經濟因素所決定的？因為大家都在問消費者會做什麼。但我的問題是，您究竟認為自己有多少能力來留住消費者，讓他們在經濟情勢好壞的情況下都能持續光顧？

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.

薩姆，對我來說，思考這個問題的關鍵在於審視我們能夠掌控的結構性驅動因素，而我們在這方面做得非常好。坦白說，我關注的是，光是過去幾年裡，我們就新增了1,600萬名運動員會員。正如勞倫所提到的，能夠真正與他們互動是我們區別於業內許多其他競爭對手的獨特優勢。

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.

此外，從我們獲取高溫產品和窄幅分銷管道的角度來看，這也推動了我們產品差異化，而這種差異化更掌握在我們手中。同樣，從損益表來看，我們先前提到的利潤率提升主要得益於過去幾年我們有意識地對業務進行的結構性改進，正是這些改進讓我們對公司的長期銷售和盈利前景充滿信心。

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，雖然我們的產品組合和種類中有些產品您可能認為是可有可無的，但我們業務中也有一些必需品。這涵蓋了從確保您的孩子穿上合適的足球鞋，到您戶外跑步時所需的各種裝備，即使您的鞋子已經磨損，也能確保您發揮最佳水平。因此，我們確實有一些產品在以往的經濟衰退中表現良好，我們能夠為不同客戶群提供不同價位和不同檔次的產品，這是我們可以掌控的。

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?

關於不斷變化的銷售指南，鑑於目前零售業普遍庫存水準較高，您能否提醒我們促銷活動的預期？另外，關於第二季度，您能否分析一下商品、店舖租金、電商等因素導致的毛利率下降，以及是否還有其他因素影響了該季度業績？

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.

查克，我先回答第二個問題，然後再回答你的第一個問題。如果你仔細分析毛利下降的組成，你會發現商品毛利率下降了197個基點，這可能是最大的影響因素。正如我們之前提到的，供應鏈成本（因為運費上漲）和因同店銷售額下降導致的入住率槓桿率降低也帶來了壓力，這一點也在意料之中。

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.

就毛利率下降而言，我認為這是意料之中的，我們在年初就已考慮到並朝著這個方向努力。我們正在深入研究的是，如何確保我們能夠維持大部分利潤率，以及我們與2019年相比所做的結構性調整。

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.

回到您第一個關於促銷預期的問題，我們預期——或者說，在我們的預測中，我們已經考慮到下半年促銷環境將更加正常化。這並不是說它會回到2019年的狀態，但肯定不會像2021年那麼平靜。這就是我們在預測中考慮的內容。

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.

好的。接下來，您提到了更好的定價工具。我認為這是提高商品利潤率的關鍵因素之一。能詳細解釋一下嗎？是指區域定價嗎？再多說幾句。

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，我們已經建立了非常強大的數據科學能力，可以優化定價。我們正尋求逐一產品、逐一市場、逐一消費者地進行即時優化。這是我們多年來累積的關鍵優勢。

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

下一個問題來自 Baird 公司的 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?

如果我看一下你們銷售額預期的中位數，它假設你們的銷售額將比 2019 年成長約 36%。我很好奇你們是如何彌合產業成長與你們市場佔有率成長之間的差距的。我知道，Navdeep，你之前提到過 8% 的市場份額，我認為這和你們在 2020 年投資者簡報中提到的數字一樣。看起來你們的成長速度似乎超過了產業平均。那麼，對於目前的市場份額，你們有什麼新的見解嗎？

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業績感到非常滿意。你看，我們上半年的市佔率確實有所成長。憑藉我們擁有的差異化優勢，這也符合我們的預期，我們將能夠繼續擴大市場份額，尤其是在我們的核心類別——鞋類、服裝、團隊運動和高爾夫。

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。關於促銷環境，我還有一個後續問題。與五月的預期相比，你們今年下半年的周邊產品利潤預期是否有所調整？

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.

我認為是這兩方面因素的綜合作用。沒錯，內部能力是最大的未知數。至於指導方針的中點，仍然更取決於外部環境，而不是我們內部的預期。

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

接下來，我們將回答來自 Telsey Advisory Group 的 Joe Feldman 提出的問題。

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?

恭喜本季業績！關於庫存，目前服裝、鞋類和五金類商品的周轉情況如何？例如，您是說五金類商品嗎？不同品類之間的周轉情況是否有差異？能否準時到貨？是否仍需要加快訂單處理速度，或因為無法全部到貨而增加訂單量？

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，我認為有必要重申一下，我們的庫存狀況非常健康，我們不擔心庫存有問題。自過去兩年半以來，我們的商品流通情況逐類顯著改善。當然，我們也面臨過一些挑戰。正如我之前提到的，最近的挑戰是服裝，但目前情況正在好轉，我們正在努力處理積壓訂單，這也對我們的銷售產生了影響。

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.

就我們的一些硬線產品類別而言，例如健身和戶外裝備，我們已經採購了大量庫存，正在為明年做準備。所以這方面的供貨沒有問題。鞋類銷售情況也相當不錯。因此，供貨順暢。只是在過去兩年半的時間裡，幾乎每隔幾個月就會出現新的挑戰。這就是我們應對的方式。

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?

明白了。是的，這很有幫助。那麼，從勞動市場的角度來看，你們最近的情況如何？我知道薪資壓力很大，而且我們也常聽到招募人才有多難，尤其是在配送中心。我想了解你們門市和配送中心的狀況。你們的員工配備是否充足，能夠為即將到來的假期季節做好準備？

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。勞動力方面—過去幾年市場上一直存在勞動力短缺問題。不過情況已經有所改善。我們沒有遇到其他一些公司可能遇到的人員配備不足的問題。我們的門市一直保持滿員狀態。我們的配送中心人員配備齊全，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.

我認為這說明，我們——顯然，我們的薪資水平很有競爭力，而且工資成本也像其他公司一樣上漲了。但更重要的是，我們的團隊成員敬業度，也就是員工敬業度，都達到了歷史新高。我確實認為，營造一個輕鬆愉快的工作環境對我們來說是一項重要的競爭優勢，也為我們在這方面帶來了顯著的提升。

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?

我的問題是關於您提到的那些在過去三年中推動利潤率成長的關鍵因素——高溫熱銷且銷售通路狹窄的產品。您能否簡單介紹一下這些產品在2019年的銷售組合情況，以及它們與平均實際利潤率相比的利潤率差異？

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.

塞思，沒錯，這些產品的組合確實有所提升──尤其是在鞋類等關鍵品類中，與2019年相比，其組合比例顯著提高。就利潤率而言，淨利潤率和實際利潤率也更高。正如我們所說，這是多種因素共同作用的結果。這些產品的促銷力度以及其精準的通路也有助於我們提升利潤率。

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?

明白了。但是您能提供更多量化數據嗎？我們說的是相對於 2019 年，高溫和窄銷產品組合的 1000 個基點差異嗎？

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。正如我們之前提到的，我們所實現的組合優勢非常均衡，這體現在狩獵產品滲透率較低、垂直品牌、Lauren提到的定價能力、窄通路分銷以及我們擁有的熱門產品等方面。因此，這三個層面之間達到了平衡。

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，好的。我的後續問題是，我知道您通常不會過多談論季度業績，但您能否簡要說明一下，本季度您的客流量或交易量（按同店銷售額計算）是否有所改善？

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.

由於去年刺激政策的影響以及刺激政策出台的時間，年比數據波動非常大。我的理解是，如果與 2019 年相比，情況相當平衡，我們對整體流量成長趨勢感到滿意——即使回顧今年第一季也是如此。

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

接下來，我們來聽聽 Stifel 公司的 Jim Duffy 提出的問題。

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?

關於服裝業的一些問題。我對春季產品很有興趣。你們會把庫存延至2023年春季嗎？還是考慮到交貨延遲的情況，已經把庫存推遲給供應商了？另外，鑑於目前的市場環境，你們預計2023年春季服飾業會有好的採購機會嗎？

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。我們正在考慮－部分季節性業務，例如服裝業務，是季節性的，不適合結轉到2023財年。部分業務則適合結轉到2023財年。我們會與供應商協商，酌情取消訂單和/或退貨。

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.

但目前我們主要的工作是共同清理積壓庫存，以及那些非當季或需要在假日到來前售出的滯銷產品。所以——是的，我認為2023年春季會有不錯的採購機會，我們現在就可以開始為他們進貨了。

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

最後，我們的最後一個問題來自奧本海默公司的布萊恩·納格爾。

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.

我也想祝賀你們又一個季度業績非常出色。恭喜！我有一些問題，我想這些問題比較偏向長期發展。我的意思是，當我們審視業務時，為了真正了解這裡究竟發生了什麼。正如您在回答這個問題時所提到的，您們的業務在過去幾年顯然已經得到了顯著加強。

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?

所以，從您的角度來看，您認為這更多是——我的意思是，更多是疫情期間消費者行為改變的結果？還是這些內部舉措，特別是商品銷售方面的舉措的結果？

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，我還有一個後續問題，既然你們現在已經將業務轉向更好的產品、更高端的產品，顯然，我們目前還沒有看到任何跡象表明這一點，但這是否會使 DICK'S 在疲軟的消費環境下更容易受到影響？

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.

謝謝布萊恩。正如你所說，我們的業務確實得到了加強。我認為這主要歸功於我們過去五年實施的策略，這些策略使我們的業務實現了徹底轉型。你只要看看我們的商品種類，就會發現它已經發生了翻天覆地的變化。同時，我們也很幸運，我們的消費者選擇了更戶外、更健康、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.

所以市場蛋糕不斷變大。但如果你回顧過去幾年，我認為更大的變化在於我們為公司製定的策略。對於高端產品，人們願意把錢花在對他們重要的東西上，而這些產品確實非常受歡迎。因此，即使在當前通膨高企的時期，我們也看到了這一點。我們很高興能夠提供這類產品，並以這種方式為消費者帶來愉悅的體驗。

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.

今天沒有其他問題需要提問了，所以我將把電話轉回給總裁兼執行長勞倫·霍巴特，請她做總結發言。

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.

感謝各位對迪克體育用品的關注。期待下季與大家見面交流。謝謝！

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。感謝您的參與。您可以掛斷電話了。