DICK'S Sporting Goods Inc (DKS) 2022 Q3 法說會逐字稿

Hello, everyone, and welcome to the Q3 2022 DICK'S Sporting Goods, Inc. Earnings Conference Call. My name is Emily, and I'll be your operator for today's call. (Operator Instructions)

大家好，歡迎來到 DICK'S Sporting Goods, Inc. 2022 年第三季度收益電話會議。我叫艾米麗，今天的電話我是你的接線員。 （操作員說明）

I will now turn the call over to our host, Nate Gilch, Senior Director of Investor Relations. Please go ahead, Nate.

我現在將把電話轉給我們的主持人，投資者關係高級總監 Nate Gilch。請繼續，內特。

Good morning, everyone, and thank you for joining us to discuss our third quarter 2022 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer; 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 年第三季度的業績。我們的總裁兼首席執行官 Lauren Hobart 將出席今天的電話會議； Navdeep Gupta，我們的首席財務官。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，這些風險和不確定性可能導致我們的實際結果與這些陳述存在重大差異。任何此類聲明都應與我們的收益發布中的警告聲明和我們向美國證券交易委員會提交的文件中的風險因素討論一起考慮，包括我們關於 10-K 表格的上一份年度報告和本次電話會議期間作出的警告聲明。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 discuss 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. And finally, for your future scheduling purposes, we are tentatively planning to publish our fourth quarter 2022 earnings results on March 7, 2023.

在今天上午的電話會議上，我們將討論非公認會計原則基礎上的每股攤薄收益，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。有關此的更多詳細信息或找到任何非 GAAP 的對賬-今天的電話會議參考了 GAAP 財務指標。請參閱我們的投資者關係網站。最後，為了您未來的日程安排，我們暫定於 2023 年 3 月 7 日發布 2022 年第四季度的收益結果。

So with that, I'll now turn the call over to Lauren.

因此，我現在將電話轉給勞倫。

Thank you, Nate, and good morning, everyone. As we announced earlier this morning, we delivered an exceptionally strong quarter. Our Q3 results demonstrate the continued success and strength of our business based on our transformational journey and the foundational improvements we've made over the past 5 years. Our strategies are working and are clearly resonating with our athletes.

謝謝你，內特，大家早上好。正如我們今天早上早些時候宣布的那樣，我們交付了一個異常強勁的季度。我們的第三季度業績表明，基於我們的轉型之旅和我們在過去 5 年中所做的基礎性改進，我們的業務持續取得成功和實力。我們的策略正在發揮作用，並且顯然與我們的運動員產生了共鳴。

While consumers continue to face macroeconomic uncertainties, our athletes have held up very well as we continue to offer them a compelling and differentiated assortment as well as a best-in-class omnichannel experience. In fact, during the quarter, we saw three important consumer trends.

雖然消費者繼續面臨宏觀經濟的不確定性，但我們的運動員表現出色，因為我們繼續為他們提供引人注目的差異化產品組合以及一流的全渠道體驗。事實上，在本季度，我們看到了三個重要的消費趨勢。

More athletes purchased from us, they purchased more frequently and they spent more each trip compared to the same period last year. Our industry has strong momentum given a lasting shift in consumer behavior and our differentiated assortment, elevated service standards and best-in-class omnichannel athlete experience are setting us apart in the marketplace.

與去年同期相比，向我們購買的運動員更多，購買頻率更高，每次旅行花費更多。鑑於消費者行為的持續轉變，我們的行業發展勢頭強勁，我們差異化的產品組合、更高的服務標準和一流的全渠道運動員體驗使我們在市場上脫穎而出。

This Q3, we achieved record sales of $2.96 billion and our comps increased 6.5%, driven by increases in both transactions and average ticket. This strong comp was on top of a 13% comp last year, a 23% comp in 2020 and a 6% comp in 2019. As you've heard us say many times, DICK'S is a growth company, and our Q3 results are powerful evidence of our sustainable growth story.

今年第三季度，我們實現了創紀錄的 29.6 億美元銷售額，我們的收入增長了 6.5%，這得益於交易量和平均票價的增長。這個強大的公司去年佔 13%，2020 年佔 23%，2019 年佔 6%。正如你多次聽到我們所說的那樣，DICK'S 是一家成長型公司，我們第三季度的業績非常強勁我們可持續增長故事的證據。

As we indicated on our last call, at the end of Q2, our inventory position was strong, and we were back in stock in key items. This enabled us to deliver a very strong back-to-school season and meet robust consumer demand. Additionally, we also mentioned that we have pockets of apparel inventory to address and we have addressed much of that overage this quarter. As a result, and as expected, we saw a merchandise margin decline of 438 basis points versus last year.

正如我們在上次電話會議中指出的那樣，在第二季度末，我們的庫存狀況良好，關鍵商品的庫存恢復了。這使我們能夠提供一個非常強勁的返校季並滿足強勁的消費者需求。此外，我們還提到我們有大量服裝庫存需要解決，本季度我們已經解決了大部分庫存過剩問題。因此，正如預期的那樣，我們看到商品利潤率比去年下降了 438 個基點。

Importantly, our merchandise margin remained elevated compared to 2019. And looking ahead, we continue to be very confident that our merchandise margin will remain meaningfully higher than pre-COVID levels on an annual basis.

重要的是，與 2019 年相比，我們的商品利潤率仍然較高。展望未來，我們仍然非常有信心，我們的商品利潤率每年仍將顯著高於 COVID 之前的水平。

We achieved double-digit EBT margin of 10.3% in the quarter, over 3x our 2019 rate on a non-GAAP basis. This was driven by our structurally higher sales, expanded merchandise margins and greater operating efficiency. In total, we delivered non-GAAP earnings per diluted share of $2.60, significantly ahead of any pre-COVID third quarter in our history.

我們在本季度實現了 10.3% 的兩位數 EBT 利潤率，在非 GAAP 基礎上是我們 2019 年利率的 3 倍多。這是由我們的結構性更高的銷售額、擴大的商品利潤率和更高的運營效率推動的。總的來說，我們實現了 2.60 美元的非 GAAP 每股攤薄收益，大大領先於我們歷史上任何 COVID 之前的第三季度。

Looking ahead, our inventory is healthy and well-positioned, and we're excited about the assortment that we have in place for the holiday season. Because of our continued strong performance, quality of inventory and the confidence we have in our business, we're raising our full year outlook. We now expect comparable store sales for the year to be in the range of negative 3% to negative 1.5% and non-GAAP earnings per diluted share to be in the range of $11.50 to $12.10.

展望未來，我們的庫存健康且定位良好，我們對我們為假期準備的品種感到興奮。由於我們持續強勁的業績、庫存質量和我們對業務的信心，我們提高了全年展望。我們現在預計今年的可比店面銷售額將在負 3% 至負 1.5% 之間，非 GAAP 每股攤薄收益將在 11.50 美元至 12.10 美元之間。

In closing, I'm very pleased with our strong third quarter results and remain enthusiastic about the future of our business. I'd like to thank all of our teammates for their hard work and commitment to DICK'S Sporting Goods, which helped make this performance possible and for their upcoming efforts during the holiday season.

最後，我對我們強勁的第三季度業績感到非常滿意，並對我們業務的未來充滿熱情。我要感謝我們所有的隊友，感謝他們的辛勤工作和對 DICK'S Sporting Goods 的承諾，這有助於使這一表現成為可能，並感謝他們在假期期間所做的努力。

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

我現在將電話轉給 Navdeep，以更詳細地審查我們的財務前景和結果。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our third quarter results.

謝謝勞倫，大家早上好。讓我們首先簡要回顧一下我們第三季度的業績。

We are excited to report a consolidated sales increase of 7.7% to $2.96 billion. As Lauren noted, comparable store sales increased 6.5% on top of a 12.8% increase in the same period last year, a 23.2% increase in Q3 of 2020 and a 6% increase in Q3 of 2019. Our strong comps were driven by a 3.7% increase in transactions and a 2.8% increase in average ticket.

我們很高興地報告綜合銷售額增長 7.7% 至 29.6 億美元。正如 Lauren 指出的那樣，可比店面銷售額在去年同期增長 12.8%、2020 年第三季度增長 23.2% 和 2019 年第三季度增長 6% 的基礎上增長了 6.5%。我們強勁的業績是由 3.7交易量增加 %，平均票價增加 2.8%。

Within our portfolio, the back-to-school categories did very well, driven by our differentiated assortment across footwear, apparel and team sports. When compared to 2019, sales increased 51%. This reflects a significant sequential acceleration in our sales trends versus 2019 from recent quarters.

在我們的產品組合中，返校類別表現非常出色，這得益於我們在鞋類、服裝和團隊運動方面的差異化分類。與 2019 年相比，銷售額增長了 51%。這反映出與最近幾個季度相比，我們的銷售趨勢與 2019 年相比出現了顯著的連續加速。

Gross profit in the third quarter was $1.01 billion or 34.22% of net sales and declined 423 basis points versus last year. However, it increased 463 basis points over Q3 of 2019. As expected, the year-over-year decline was driven by merchandise margin rate decline of 438 basis points.

第三季度的毛利潤為 10.1 億美元，占淨銷售額的 34.22%，與去年同期相比下降了 423 個基點。然而，它比 2019 年第三季度增加了 463 個基點。正如預期的那樣，同比下降是由商品保證金率下降 438 個基點推動的。

During the quarter, we focused on cleaning up some targeted inventory overages due to late arriving spring products. We moved excess apparel inventory to our value chain concept and have been very successful in liquidating much of this product. We intend to continue addressing this overage in Q4 in order to start 2023 clean.

在本季度，我們重點清理了一些因春季產品遲到而導致的庫存過剩。我們將多餘的服裝庫存轉移到我們的價值鏈概念中，並且在清算大部分產品方面非常成功。我們打算在第四季度繼續解決這個超額問題，以便在 2023 年干淨利落地開始。

Our Q4 merchandise margin expectations are appropriately reflected within our annual outlook. Compared to 2019, our merchandise margin rate is 141 basis points higher driven by a differentiated assortment, combined with our sophisticated and disciplined pricing strategies and a favorable product mix. Because of these structural drivers, we continue to expect our merchandise margin rate to remain meaningfully higher than pre-COVID levels on an annual basis.

我們的第四季度商品利潤預期適當地反映在我們的年度展望中。與 2019 年相比，我們的商品利潤率提高了 141 個基點，這得益於差異化的分類，再加上我們成熟而嚴謹的定價策略以及有利的產品組合。由於這些結構性驅動因素，我們繼續預計我們的商品保證金率每年仍將顯著高於 COVID 之前的水平。

SG&A expenses were $679.7 million or 22.97% of net sales and leveraged 3 basis points compared to last year on the increase in net sales. The $48 million increase in SG&A dollars was driven by investments in hourly wage rates, talent and technology to support our growth strategies.

SG&A 費用為 6.797 億美元，占淨銷售額的 22.97%，與去年相比，淨銷售額增加了 3 個基點。 SG&A 增加了 4800 萬美元，這是由對時薪、人才和技術的投資推動的，以支持我們的增長戰略。

Interest expense was $26.1 million, an increase of $20.1 million on a non-GAAP basis compared to the same period last year. This increase was primarily due to $13.8 million of interest expense related to our $1.5 billion senior notes issued during Q4 of 2021. The current quarter also included $8.8 million of inducement charges related to our exchange of approximately $221 million of outstanding principal of our convertible senior notes.

利息支出為 2610 萬美元，按非美國通用會計準則計算，與去年同期相比增加了 2010 萬美元。這一增長主要是由於 1380 萬美元的利息支出與我們在 2021 年第四季度發行的 15 億美元優先票據相關。本季度還包括與我們交換約 2.21 億美元可轉換優先票據的未償還本金相關的 880 萬美元誘導費用.

Driven by a structurally higher sales, expanded margins and operating efficiency compared to pre-COVID levels, EBT was $304.1 million or 10.28% of net sales. This compares to a non-GAAP EBT of $59.9 million or 3.05% of net sales in 2019 and an increase of $244.2 million or 723 basis points as a percentage of net sales.

與 COVID 之前的水平相比，在結構性更高的銷售額、擴大的利潤率和運營效率的推動下，EBT 為 3.041 億美元，占淨銷售額的 10.28%。相比之下，2019 年非美國通用會計準則息稅前利潤為 5990 萬美元，占淨銷售額的 3.05%，占淨銷售額的百分比增加了 2.442 億美元，即 723 個基點。

In total, we delivered non-GAAP earnings per diluted share of $2.60. This compares to a non-GAAP earnings per diluted share of $3.19 last year and represents a 400% increase over 2019's non-GAAP earnings per diluted share of $0.52.

總的來說，我們交付的非 GAAP 每股攤薄收益為 2.60 美元。相比之下，去年的非 GAAP 攤薄每股收益為 3.19 美元，比 2019 年的非 GAAP 攤薄每股收益 0.52 美元增長了 400%。

Now looking to our balance sheet. We ended Q3 with approximately $1.4 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility. Our quarter end inventory levels increased 35% compared to Q3 of last year. As a reminder, we were chasing inventory last year amidst industry-wide supply chain disruptions. Therefore, the better comparison is against Q3 of 2019. And compared to Q3 2019, our 51% increase in sales was well ahead of our 31% increase in inventory. Our inventory is healthy and well positioned.

現在看看我們的資產負債表。我們在第三季度結束時擁有大約 14 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。與去年第三季度相比，我們的季度末庫存水平增加了 35%。提醒一下，去年我們在全行業供應鏈中斷的情況下追逐庫存。因此，與 2019 年第三季度相比更好。與 2019 年第三季度相比，我們 51% 的銷售額增長遠遠超過 31% 的庫存增長。我們的庫存健康且定位良好。

Now turning to our third quarter capital allocation. Net capital expenditures were approximately $100 million and we paid $41 million in quarterly dividends. During the quarter, we exchanged approximately $221 million of outstanding principal of our convertible senior notes for cash and unwound the corresponding portion of the convertible note hedge and warrants or 4.3 million shares of our common stock. After completing this exchange, we have taken out approximately $421 million with approximately $154 million in aggregate principal of the convertible notes still outstanding.

現在轉向我們的第三季度資本配置。淨資本支出約為 1 億美元，我們支付了 4100 萬美元的季度股息。本季度，我們將可轉換優先票據中約 2.21 億美元的未償還本金兌換成現金，並解散了相應部分的可轉換票據對沖和認股權證或 430 萬股普通股。完成此次交換後，我們已取出約 4.21 億美元，其中約 1.54 億美元的可轉換票據本金總額仍未償還。

Beyond retiring nearly 3/4 of our convertible notes, year-to-date, we have returned $485 million to shareholders through dividends and share repurchases while continuing to invest in the profitable growth of our business.

年初至今，除了收回近 3/4 的可轉換票據外，我們還通過股息和股票回購向股東返還了 4.85 億美元，同時繼續投資於我們業務的盈利增長。

So let me wrap up with our outlook for 2022. As a result of our strong Q3 performance and the quality of our assortment for the holiday season, we are raising our 2022 guidance. Importantly, our updated outlook continues to incorporate an appropriate level of caution given the uncertain macroeconomic backdrop. For the year, we now expect comparable store sales in the range of negative 3% to negative 1.5% compared to our prior expectation of negative 6% to negative 2%.

因此，讓我總結一下我們對 2022 年的展望。由於我們第三季度的強勁表現和假日季節的分類質量，我們正在上調 2022 年的指導。重要的是，鑑於不確定的宏觀經濟背景，我們更新後的展望繼續包含適當程度的謹慎。對於今年，我們現在預計可比店面銷售額在負 3% 至負 1.5% 之間，而我們之前的預期為負 6% 至負 2%。

In addition, we now expect non-GAAP earnings per diluted share in the range of $11.50 to $12.10 compared to our prior expectation of $10 and $12. EBT margin is now expected to be approximately 11.4% at the midpoint, more than double our 2019 rate. Our earnings guidance assumes an effective tax rate of about 25% and is based on approximately 88 million average diluted shares outstanding.

此外，我們現在預計非 GAAP 每股攤薄收益在 11.50 美元至 12.10 美元之間，而我們之前的預期為 10 美元和 12 美元。現在預計 EBT 利潤率中點約為 11.4%，是我們 2019 年利率的兩倍多。我們的收益指引假設有效稅率約為 25%，並基於約 8800 萬股平均攤薄流通股。

In closing, we are very pleased with our Q3 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，我們對第三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 Sporting Goods 的關注。接線員，您現在可以打開問題熱線。

(Operator Instructions) Our first question today comes from Simeon Gutman with 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。

My first question is on merch margin or gross margin. I think you've been saying that we expect to retain, I think, a majority of the COVID gains. I wanted to ask if that's still the case. And I guess the fact that you're getting through this period relatively well where your vendors have excess inventory, does that build your confidence around that forecast of being able to retain a majority of this gross margin?

我的第一個問題是關於商品利潤率或毛利率。我想你一直在說我們希望保留 COVID 的大部分收益。我想問問現在是不是這樣。而且我猜你在供應商庫存過剩的這段時期相對順利地度過了這一事實，這是否增強了你對能夠保留大部分毛利率的預測的信心？

Simeon, thank you. Yes, we still believe that we will be able to retain a significant amount of our merch margin gains. This particular quarter, if you look back at Q2, we had indicated that we had gotten a lot of late receipts in from spring that came in on top of our back-to-school inventory, and we were heavy in apparel, and we aggressively took care of that this quarter to clean up our inventory so that we could maintain -- so we've taken holiday merchandise and start 2023 clean.

西蒙，謝謝你。是的，我們仍然相信我們將能夠保留大量的商品利潤收益。這個特定的季度，如果你回顧一下第二季度，我們已經表示我們從春季開始收到了很多延遲收據，這些收據來自我們的返校庫存，而且我們的服裝很重，我們積極進取本季度負責清理我們的庫存，以便我們能夠維持 - 所以我們已經購買了假日商品並從 2023 年開始清潔。

So we absolutely believe in the structural changes in our overall margin. I would point to the fact that our EBT margin, even with that investment that we made to clean up apparel, it was 10.3%. So over 3x what it was pre-2019, we have tremendous confidence in the long-term sustainability of our profitability.

因此，我們絕對相信我們整體利潤率的結構性變化。我要指出的是，我們的 EBT 利潤率，即使加上我們為清理服裝所做的投資，也是 10.3%。因此，我們對盈利能力的長期可持續性充滿信心，是 2019 年之前的 3 倍多。

And then my follow-up is on sales. Some of the categories or the overall business, either normalizing at a higher level or just performing better than maybe the market would have thought, if you look back a couple of years. You're prepared to talk about '23, but can you just talk about some of the categories where there's been some reversion. Has that stabilized and rebounded? Does the business digest or can the business keep growing next year?

然後我的後續行動是銷售。如果回顧幾年，某些類別或整體業務要么在更高水平上正常化，要么只是表現得比市場預期的要好。你已經準備好談論 23 年了，但你能不能談談一些已經回歸的類別。是否企穩反彈？明年業務是否消化或業務能否保持增長？

Yes. So the categories in Q3 that our core categories are the ones that we are the most focused on. So team sports, apparel, footwear, all key back-to-school categories and our top categories, and they performed extremely well. If you look across every single one of our key categories, everything except hunt, which is not a key category anymore, we have meaningfully rebaselined versus pre-COVID levels. We see no reason why long term, we should not be able to continue to grow from this level.

是的。因此，我們最關注的核心類別是第三季度的類別。因此，團隊運動、服裝、鞋類、所有關鍵的返校類別和我們的頂級類別，它們都表現非常出色。如果你查看我們的每一個關鍵類別，除了狩獵之外的所有類別，它不再是關鍵類別，我們已經有意義地重新調整了 COVID 之前的水平。從長遠來看，我們看不出有什麼理由不能繼續從這個水平上發展。

Our next question comes from Adrienne Yih with Barclays.

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Congratulations to the team on this stellar execution as always. So Lauren, I guess my first question is going to be on the promo environment. Is it only apparel? It sounds like you've actually made your way through that. Are you seeing any kind of spillage -- spill over into safe footwear? And how much vendor support are you getting for those promos? How long do you think that lasts? And then for Navdeep, clearly, you're buying for spring of next year. So you had that buildup of safety stock in transit, whatever you want to call it, but how are you thinking about unit buys, excluding, right, outside of that in-transit inventory.

祝賀團隊一如既往地出色執行。勞倫，我想我的第一個問題是關於促銷環境。只是服裝嗎？聽起來您實際上已經通過了。您是否看到任何類型的溢出物——溢出到安全鞋中？您為這些促銷獲得了多少供應商支持？你認為這能持續多久？然後對於 Navdeep，很明顯，你要為明年春天購買。所以你在運輸途中積累了安全庫存，不管你想怎麼稱呼它，但是你如何考慮單位購買，不包括在途庫存之外。

Thanks, Adrienne. So we work very closely with our vendor partners, as always, to make sure that the inventory in the marketplace is at the levels that we all want it to be. We continue to move product when it needs to be moved, and that's in every category. Apparel was an issue this past quarter, and we will be aggressive to clean up whatever needs to be cleaned up in Q4 in partnership with our vendor partners. Our main priority right now is to start 2023 clean, and we're really thrilled that we have in stock for Q4 inventory for the first time in a few years that's going to be robust and that people will be able to find exactly what they're looking for with great holiday gifts. Navdeep?

謝謝，艾德麗安。因此，我們一如既往地與我們的供應商合作夥伴密切合作，以確保市場上的庫存處於我們都希望的水平。我們會在需要移動產品時繼續移動產品，這在每個類別中都是如此。服裝是上個季度的一個問題，我們將與我們的供應商合作夥伴合作，積極清理第四季度需要清理的任何東西。我們現在的首要任務是在 2023 年開始清潔，我們真的很高興我們幾年來第一次有第四季度的庫存，這將是強勁的，人們將能夠準確地找到他們想要的東西。我們正在尋找精美的節日禮物。導航深度？

Yes, Adrienne, thanks. For 2023, I'm not going to be able to provide any early guidance. But as Lauren indicated, we are very confident about the core aspects of the business as you think about apparel, footwear, team sports and even the outdoor category. So we are appropriately being cautious about -- with the macroeconomic outlook. But overall, we are very confident about the sales expectations on a long-term basis. And we'll provide our 2023 outlook as part of our fourth quarter earnings release.

是的，艾德麗安，謝謝。對於 2023 年，我無法提供任何早期指導。但正如 Lauren 所指出的，我們對業務的核心方面非常有信心，因為您會考慮服裝、鞋類、團隊運動甚至戶外類別。因此，我們對宏觀經濟前景持謹慎態度。但總的來說，我們對長期的銷售預期非常有信心。我們將在第四季度收益發布中提供 2023 年展望。

Our next question comes from Robby Ohmes with Bank of America.

我們的下一個問題來自美國銀行的 Robby Ohmes。

My question is on the basket uplift that you guys saw in the third quarter, do you -- should we look for that to continue into the fourth quarter? Maybe more color on what is driving the increase in the average transaction size? Is it better in-stock levels and the high ticket items? Or is it because you were out of stock last year? Like more of the dynamic on what's driving that would be helpful.

我的問題是關於你們在第三節看到的籃筐提升，你們——我們是否應該期待這種情況持續到第四節？也許更多關於推動平均交易規模增加的原因？是更好的庫存水平和高價商品嗎？還是因為你去年缺貨？喜歡更多關於驅動因素的動態會有所幫助。

Yes. So our comps this year -- this quarter was really strong, driven by more than -- 50% was driven by transactions and the rest by basket. And within the basket, there was some impact of inflation and passing some costs along to consumers, some of which we absorbed ourselves. But there was also a shift in terms of the mix that we provide to consumers and some premiumization of what people are buying. Consumers are absolutely signaling that a healthy active outdoor lifestyle is important to them, and they are buying what they're considering discretionary items to keep that lifestyle going. So it was really across the entire basket. Things were improved.

是的。所以我們今年的收入——這個季度真的很強勁，受超過——50% 的驅動是由交易驅動的，其餘的是由籃子驅動的。在籃子中，通貨膨脹產生了一些影響，並將一些成本轉嫁給了消費者，其中一些我們自己承擔了。但我們為消費者提供的產品組合也發生了變化，人們購買的產品也有所高端化。消費者絕對錶明，健康積極的戶外生活方式對他們很重要，他們正在購買他們認為可自由支配的物品，以保持這種生活方式。所以它真的跨越了整個籃子。情況有所改善。

Yes, Robby, maybe I'll add one more comment. Each of our the consumer income demographic that we have within our store did really, really well in third quarter. And what we saw was that highly engaged and loyal athletes that we have in our gold customer. Those customers actually did even better. And so we continue to be really optimistic when we look at the core aspects of the business about the fourth quarter. We are balancing that against the macroeconomic constraints that we see right now. But overall, we were very pleased with the results that we saw in Q3.

是的，羅比，也許我會再添加一條評論。我們店內的每個消費者收入統計數據在第三季度都非常非常好。我們看到的是我們的金牌客戶擁有高度敬業和忠誠的運動員。這些客戶實際上做得更好。因此，當我們審視第四季度業務的核心方面時，我們仍然非常樂觀。我們正在將其與我們目前看到的宏觀經濟限制進行平衡。但總的來說，我們對第三季度的結果感到非常滿意。

And maybe just a quick follow-up. Can you remind us how holiday played out last year in terms of pull-forward of spending and how you're planning against that this year for the fourth quarter?

也許只是快速跟進。您能否提醒我們去年假期在支出方面的表現如何以及您今年第四季度的計劃如何？

Yes. We probably, Robby, saw a little bit pretty much like every retailer that there was a little bit of early start to the season, both last year and if you look in 2020 as well because of the overall constrained inventory levels that were existing. And -- but however, as we look to the business, we look at it as the overall holiday season. So not too focused on the first few weeks or late October.

是的。羅比，我們可能有點像每個零售商一樣，認為這個季節的開始有點早，無論是去年還是 2020 年，因為現有的整體庫存水平受到限制。而且 - 但是，當我們著眼於業務時，我們將其視為整個假期。所以不要太關注前幾週或十月下旬。

The next question comes from the line of Kate McShane with Goldman Sachs.

下一個問題來自 Kate McShane 與 Goldman Sachs 的對話。

I'm just trying to reconcile what one of your vendors said with regards to the amount of inventory that they had in transit. And I wondered if there was any risk of further late deliveries over the next quarter or two that you might have to manage as a result?

我只是想調和你們的一位供應商所說的關於他們在運輸途中的庫存量。我想知道在接下來的一兩個季度中是否存在您可能需要管理的進一步延遲交付的風險？

Kate, thank you. Yes, we are working very closely with our vendor partners. We've got a great flow of product right now, and everything has been factored into our guidance, which we're feeling really, really good about.

凱特，謝謝你。是的，我們正在與我們的供應商合作夥伴密切合作。我們現在有大量的產品，所有內容都已納入我們的指導中，我們對此感覺非常非常好。

Our next question comes from Paul Lejuez with Citi.

我們的下一個問題來自花旗銀行的 Paul Lejuez。

Maybe you could frame for us the amount of excess inventory that you had to clear through in 3Q, how that compares to what you think you have to clear through in 4Q. Any help you can provide on the merchandise margin side. And I guess just related to the clearance, I'm curious if as you picked up the promotional cadence, if you saw a lift in sales? Was it a traffic and sales driver during the quarter?

也許您可以為我們說明您在第三季度必須清理的過剩庫存量，與您認為在第四季度必須清理的庫存量相比如何。您可以在商品保證金方面提供的任何幫助。我想這與清倉有關，我很好奇當你加快促銷節奏時，你是否看到銷售額有所提升？它是本季度的流量和銷售驅動因素嗎？

Paul, I think there are two questions there. In terms of the quantification of the clearance inventory, I would say it was not a material portion of our driver of the sales in the third quarter. What we saw and like Lauren alluded to, we saw the gain in our comp sales come more from the transaction growth and the AUR increase. And AUR increase also came from kind of the high heat and the highly allocated assortment that we have.

保羅，我認為這裡有兩個問題。就清倉庫存的量化而言，我想說這不是我們第三季度銷售驅動力的重要組成部分。我們所看到的和 Lauren 提到的一樣，我們看到我們的 comp 銷售額的增長更多地來自交易增長和 AUR 增長。 AUR 的增加也來自於我們擁有的高熱度和高度分配的分類。

In terms of the potential markdown risk for fourth quarter, much of the inventory that had been moved into clearance was activated and quickly moved through in third quarter. There is some pockets of inventory here in fourth quarter, which we will continue to address. However, all of that has been contemplated in our fourth quarter guidance. And with this guidance that we have given, we are very confident that we'll be able to maintain a meaningful gain in our merch margins compared to 2019.

就第四季度潛在的降價風險而言，許多已經清倉的庫存在第三季度被激活並迅速轉移。第四季度這裡有一些庫存，我們將繼續解決。但是，所有這些都已在我們的第四季度指南中進行了考慮。根據我們給出的指導意見，我們非常有信心與 2019 年相比，我們的商品利潤率能夠保持顯著增長。

Our next question comes from Christopher Horvers with JPMorgan.

我們的下一個問題來自摩根大通的克里斯托弗霍弗斯。

Can you dig in a little bit on the gross margin side? The 438 basis points, does that include the mix benefit if footwear and apparel did really well relative to other categories? And then as you think about the freight line, how are you thinking about freight costs? Were they still a pressure year-over-year? Is there any sort of capitalized inventory costs that will flow through on a delayed basis as we look over the coming quarters?

你能在毛利率方面深入挖掘一下嗎？ 438 個基點，如果鞋類和服裝相對於其他類別確實表現出色，這是否包括混合效益？然後，當您考慮貨運專線時，您如何考慮貨運成本？他們仍然是一個年復一年的壓力嗎？在我們展望未來幾個季度時，是否有任何形式的資本化庫存成本會延遲流轉？

Yes, Chris, in terms of the mix, there was probably a small benefit, but it wasn't material to call that out, and that's the reason it was not included. In terms of the freight costs, yes, we are seeing that the freight costs have continued to come down and have come down since the beginning of this year, but still not down versus -- when you compare it to 2019.

是的，Chris，就混合而言，可能有一點好處，但說出來並不重要，這就是它沒有被包括在內的原因。就運費而言，是的，我們看到運費自今年年初以來一直在持續下降，但與 2019 年相比仍未下降。

In terms of the flow of the product, yes, it will take some time that cost will -- or the benefit of this reduced cost will be realized into 2023.

就產品流而言，是的，成本將需要一些時間——或者這種降低成本的好處將在 2023 年實現。

And then as a follow-up, you mentioned trying to be prudent and conservative around the guidance in the fourth quarter. You are degrading your sort of 3-year CAGR growth relative to 2019. I guess, can you talk about what informs that point of view? I know there's some normalized and seasonality that's occurring as we speak sort of end of October through November, are you extrapolating the sort of the current trend of the business to arrive at the implied 4Q comp? Or are you -- is there -- what degree of conservatism is baked in?

然後作為後續行動，你提到要在第四季度的指導方針周圍保持謹慎和保守。相對於 2019 年，你正在降低你的 3 年 CAGR 增長。我想，你能談談這種觀點的依據是什麼嗎？我知道在我們談到 10 月底到 11 月時，會出現一些正常化和季節性，您是否在推斷當前業務趨勢的類型以得出隱含的 4Q comp？或者你 - 有沒有 - 保守主義的程度如何？

Chris, we feel incredibly good about the momentum in our business coming out of a very strong Q3. I would point out, we had three really strong months in Q3. And coming into Q4, we see absolutely no signs of any degradation. We're very enthusiastic about Q4. We are being appropriately cautious just because of the uncertain macroeconomic environment and the fact that the consumer is going through a lot right now, but our confidence is as high as it's been.

克里斯，我們對第三季度非常強勁的業務發展勢頭感到非常滿意。我要指出的是，我們在第三季度度過了非常強勁的三個月。進入第四季度，我們絕對沒有看到任何退化的跡象。我們對第四季度非常熱情。由於不確定的宏觀經濟環境以及消費者現在正在經歷很多事情這一事實，我們正處於適當的謹慎狀態，但我們的信心與以往一樣高。

Our next question comes from Mike Baker with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Mike Baker。戴維森。

So just a follow-up on a previous question on how much inventory is left to clear. The -- I think your fourth quarter EBT margin guidance is down 260 basis points. That would be the smallest decline over the year and better than what you saw in the third quarter. Is that because you're now mostly through the markdowns? Or if not, why is the EBT margins decline expected to be better in the fourth quarter than the previous quarters?

因此，只是對之前關於還有多少庫存需要清理的問題進行跟進。 - 我認為你的第四季度 EBT 保證金指導下降了 260 個基點。這將是今年以來最小的跌幅，並且好於第三季度的跌幅。那是因為你現在主要是通過降價促銷嗎？或者，如果不是，為什麼預計第四季度的 EBT 利潤率降幅會好於前幾個季度？

Yes, Mike, I won't guide specifically to fourth quarter, I'm sure you can back into it. I would say there are structurally things are expected to improve as we go into the fourth quarter. Like we said, much of the clearance activity that we were activating in third quarter is behind us. So that's one reason. The other reason is just because we feel confident about our ability to manage our expenses as well as drive higher productivity.

是的，邁克，我不會專門指導第四季度，我相信你可以回到它。我想說的是，隨著我們進入第四季度，結構性的事情有望有所改善。就像我們說的那樣，我們在第三季度啟動的大部分清理活動都已經過去了。所以這是一個原因。另一個原因僅僅是因為我們對自己管理開支和提高生產力的能力充滿信心。

Makes sense. If I could ask one more follow-up, a mundane question, but the interest expense and everything that's going in that line with all the converted stuff, it's been about $25 million, $26 million each of the three quarters this year. On a non-GAAP basis, can you just help us any reason why that should be different? I know there's a lot of moving pieces with the convert there. So just wondering if you can help us with that line.

說得通。如果我能再問一個後續問題，一個平凡的問題，但利息支出以及所有與所有轉換後的東西相關的一切，今年三個季度中每個季度大約為 2500 萬美元，2600 萬美元。在非 GAAP 的基礎上，您能否幫助我們說明為什麼會有所不同？我知道那裡有很多關於轉換的動人片段。所以只是想知道您是否可以幫助我們解決這一問題。

Yes. You are spot on in terms of the onetime costs associated with the convert, it's over $20 million when you look at it on a year-to-date basis. So if you do decide to execute another tranche of the convertible note transaction in fourth quarter, that headwind was not contemplated in our guidance. But we will continue to look on the convert and take that out in fourth quarter on an opportunistic basis.

是的。就與轉換相關的一次性成本而言，您是正確的，從年初至今來看，它超過 2000 萬美元。因此，如果您決定在第四季度執行另一筆可轉換票據交易，那麼我們的指導意見中並未考慮到這種逆風。但我們將繼續關注轉換，並在第四季度機會主義的基礎上將其淘汰。

Our next question is from Warren Cheng with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Warren Cheng。

Great execution this quarter. Sorry to keep hammering on this merchandise margin question, but I think it's just really important to understand the dynamics here. So if I just look relative to 2019 levels, it looks like the merchandise margins degraded about 300 basis points from second quarter to third. Can you just give us a little bit better sense of how much of that came from that apparel clearance maybe so we can understand what merchandise margin would look like excluding this issue with the late spring receipts.

本季度執行力出色。很抱歉繼續強調這個商品利潤率問題，但我認為了解這裡的動態非常重要。因此，如果我只看相對於 2019 年的水平，商品利潤率似乎從第二季度到第三季度下降了約 300 個基點。你能不能讓我們更好地了解其中有多少來自服裝清倉，這樣我們就可以了解商品利潤率會是什麼樣子，不包括春末收據的這個問題。

Warren, the vast majority of the decline that we saw here in third quarter came from the activation that we had around the apparel overages that Lauren indicated at the end of Q2.

沃倫，我們在第三季度看到的絕大部分下降來自勞倫在第二季度末表示的服裝過剩的激活。

Got it. Okay. And my follow-up is just any color on the process of clearing these inventories. I know a lot more is running through your own clearance concepts, your own value chain concepts. Can you just give us a sense of the margin uplift when it runs through your own content versus the old way through your own mainline stores?

知道了。好的。我的後續行動只是關於清理這些庫存的過程的任何顏色。我知道更多的是貫穿你自己的清關概念，你自己的價值鏈概念。當它通過您自己的內容與通過您自己的主線商店的舊方式運行時，您能否給我們一個利潤提升的感覺？

Yes. We've had great success with our value chain concepts, both ongoing on and our warehouse stores. We do see that we can optimize our margin on our clearance better. We also have great success when we clear products online, but it also enables us to bring product -- fresh product into the DICK'S stores, which also helps us drive margin. Navdeep, I don't think we're going to answer specifically.

是的。我們在我們的價值鏈概念上取得了巨大的成功，無論是在我們的倉庫商店還是在進行中。我們確實看到我們可以更好地優化清關利潤。我們在網上清理產品時也取得了巨大成功，但它也使我們能夠將產品——新鮮產品帶入 DICK'S 商店，這也有助於我們提高利潤率。 Navdeep，我認為我們不會具體回答。

Yes. Warren, I would say that we are very pleased with the strategy that we have of leveraging the Going, Going, Gone! concept as well as the warehouse locations. Like Lauren indicated the recovery on this on this product from a clearance perspective is significantly better than what we used to have in 2019. And we have called out that as one of the key structural drivers of our confidence of us being able to maintain a meaningful portion of the margin gains compared to 2019.

是的。沃倫，我想說我們對利用 Going, Going, Gone! 的策略感到非常滿意！概念以及倉庫位置。就像 Lauren 指出的那樣，從清關的角度來看，該產品的複蘇明顯好於我們過去在 2019 年的情況。我們已經指出，這是我們能夠保持有意義的信心的關鍵結構性驅動因素之一與 2019 年相比，部分利潤增長。

The next question today comes from Michael Lasser with UBS.

今天的下一個問題來自瑞銀的 Michael Lasser。

So the message that you're offering this morning is that the margin degradation that you experienced in the third quarter is transitory in nature because it's associated with having excess inventory that presumably will be cleared out by the end of the fourth quarter, and you will now have this moving into next year. Now next year, you might experience a softer overall demand environment such that you will have to increase your promotional activity to work harder to driving customers and this will offset some of the benefit next year that you'll have from cleaner inventory. Is that the right way to think about it?

所以你今天早上要傳達的信息是，你在第三季度經歷的利潤率下降本質上是暫時的，因為它與過剩庫存有關，這些庫存可能會在第四季度末被清理掉，你會現在有這個進入明年。明年現在，您可能會遇到整體需求環境疲軟，因此您將不得不增加促銷活動以更加努力地吸引客戶，這將抵消明年您從更清潔的庫存中獲得的一些好處。這是正確的思考方式嗎？

Partly, Michael, but not all. No. The margin degradation, we expect to be clean going into next year. So correct that these were investments that we made to get our inventory clean and we'll continue to do that. We're not guiding to next year, but I would just point to the fact that we've had significant athlete growth. We've had growth in the number of athletes, over 16.5 million new athletes in the last 2 years and this year-to-date, 4.5 million new athletes joining, and they are driving transactions and our gold customers are growing. So I would not say that we're expecting at this point in time, any sort of an overall demand change that would require a heavy promotional environment.

部分，邁克爾，但不是全部。不。利潤率下降，我們預計明年會很乾淨。如此正確，這些是我們為清理庫存而進行的投資，我們將繼續這樣做。我們沒有指導明年，但我只想指出一個事實，即我們的運動員增長顯著。我們的運動員數量有所增長，過去兩年有超過 1650 萬新運動員加入，今年迄今有 450 萬新運動員加入，他們正在推動交易，我們的黃金客戶也在增長。所以我不會說我們在這個時間點期待任何需要大量促銷環境的整體需求變化。

Yes, Michael, and I'll add one more you have called out. One of the -- yes. One of the structural drivers that we have talked about in merch margin continuing to remain significantly elevated is the assortment that we now have in our stores. And that assortment is highly allocated, high heat and typically not impacted by the promotional activity that might be happening. So that's another factor that gives us tremendous amount of confidence as we look to 2023.

是的，邁克爾，我會再添加一個你叫出來的。其中之一——是的。我們談到的商品利潤率繼續顯著提高的結構性驅動因素之一是我們現在在商店中擁有的商品種類。而且該分類高度分配，熱度高，通常不受可能發生的促銷活動的影響。因此，這是另一個讓我們對 2023 年充滿信心的因素。

My follow-up question is objectively, DICK's is going to put up one of the strongest results across retail and within sporting this retail in the quarter. Presumably, some of that is related to the unique content that DICK'S has, where it's got a great assortment of footwear, there's a footwear cycle going on. And that's drawing in a lot of the traffic. This is happening at a time where back-to-school was good in part because kids hadn't been in school or known to be -- weren't going to know to be in school ahead of time for the last few years. So is there anything unique given those set of circumstances that is -- you would hold responsible for driving demand that may not persist into next year, especially at a time where the overall consumer environment is likely going to soften.

我的後續問題是客觀的，DICK's 將在本季度的零售業和體育零售業中取得最強勁的業績之一。據推測，其中一些與 DICK'S 所擁有的獨特內容有關，它擁有種類繁多的鞋類產品，並且正在進行鞋類產品循環。這吸引了大量的流量。發生這種情況的時候返校很好，部分原因是孩子們沒有上過學，或者不知道在過去幾年裡提前上學了。那麼，在這些情況下，有什麼獨特之處嗎？您將負責推動可能不會持續到明年的需求，尤其是在整體消費環境可能會走軟的時候。

Michael, you have essentially just laid out what I would say is our transformational journey over the past few years where we have really changed the allocation of products that we have, what we're offering to consumers. We've got higher heat and more differentiated products. And at the same time, we've been working on our omnichannel athlete experience of elevating service in the stores, elevating our digital experience, elevating -- having a product available close to the consumer when and where they want it. So there's nothing unique about how we drove demand that won't persist into next year.

邁克爾，你基本上只是闡述了我想說的是我們在過去幾年的轉型之旅，我們真正改變了我們擁有的產品分配，我們向消費者提供的產品。我們有更高的熱度和更多差異化的產品。與此同時，我們一直在致力於我們的全渠道運動員體驗，提升商店服務，提升我們的數字體驗，提升——讓產品在消費者需要的時間和地點附近提供。因此，我們如何推動不會持續到明年的需求並沒有什麼獨特之處。

The back-to-school season happens to be a showcase of our very strongest categories in footwear, apparel and team sports. But nothing unique about this quarter that shouldn't persist.

開學季恰好展示了我們在鞋類、服裝和團隊運動方面最強勁的品類。但本季度沒有什麼不應該持續存在的獨特之處。

Our next question comes from John Kernan with Cowen.

我們的下一個問題來自 John Kernan 和 Cowen。

Congrats on nice quarter. Just on inventory. $3.3 billion on the balance sheet in Q3. Some of that's obviously just from higher cost, but how should we think about the growth of inventory year-over-year in Q4 where you think you might finish? And what you think inventory levels look like in the spring of '23?

恭喜你有一個不錯的季度。就在庫存上。第三季度的資產負債表為 33 億美元。其中一些顯然只是來自更高的成本，但我們應該如何考慮您認為您可能會在第四季度完成的庫存同比增長？您認為 23 年春季的庫存水平如何？

John, just let's deep -- go a little bit deeper into the Q3 results in terms of the inventory. And as we called out, it's much better to look at inventory growth versus 2019 as we were chasing our inventory all of last year, including fourth quarter with plenty of product remaining in transit as we were getting ready for the holiday season. So when you look at the growth in our inventory in third quarter, our sales grew versus 2019, 51% and our inventory grew 31%. And we'll continue to manage the inventory the same way. We want to make sure that there is right availability and in-stock available for the athletes for the important holiday season. And there are pockets of inventory, like we have said, we will actively work on that in the fourth quarter. Overall, we feel our inventory is healthy and is very well-positioned for the holiday season.

約翰，讓我們深入了解一下第三季度庫存方面的結果。正如我們所呼籲的那樣，最好看看庫存增長與 2019 年相比，因為我們去年全年都在追逐庫存，包括第四季度，在我們為假期做準備時，仍有大量產品在運輸途中。因此，當您查看我們第三季度的庫存增長時，我們的銷售額與 2019 年相比增長了 51%，我們的庫存增長了 31%。我們將繼續以同樣的方式管理庫存。我們希望確保在重要的假日季節為運動員提供合適的可用性和庫存。還有一些庫存，就像我們說過的那樣，我們將在第四季度積極開展工作。總的來說，我們認為我們的庫存是健康的，並且非常適合假期。

Got it. And then maybe one quick follow-up as it relates to supply chain costs. Obviously everybody can see that some of the inbound freight costs have come down pretty significantly. How do we think about some of the domestic freight and shipping costs as we go into Q4 and next year?

知道了。然後可能會進行一次快速跟進，因為它與供應鏈成本有關。顯然，每個人都可以看到一些入境運費已經大幅下降。當我們進入第四季度和明年時，我們如何考慮一些國內運費和運輸成本？

You meant Q4 of this year?

你是說今年Q4？

Yes.

是的。

Okay.

好的。

How do we think about -- I think.

我們如何思考——我認為。

No, that's helpful. No, we agree with you on the international freight side that definitely there is a continued lowering of the costs that we have seen, probably I would call it from third quarter onwards. And However, the domestic side still continues to be volatile, and we are working very closely with our vendor partners as well as our supply chain team works very closely with the domestic partners as well. That still continues to be volatile. We are playing close attention to it. But right now, our focus is to make sure that the inventory is available in stores and available for athlete to buy as they are looking for good opportunities here for the holiday season.

不，那很有幫助。不，我們同意您在國際貨運方面的看法，即我們所看到的成本肯定會持續下降，我可能會從第三季度開始稱之為。然而，國內方面仍然繼續動盪，我們正在與我們的供應商合作夥伴密切合作，我們的供應鏈團隊也與國內合作夥伴密切合作。這仍然是不穩定的。我們正在密切關注它。但現在，我們的重點是確保庫存在商店中可用，並且可供運動員購買，因為他們正在這裡尋找假期的好機會。

Our next question comes from Brian Nagel with Oppenheimer.

我們的下一個問題來自 Brian Nagel 和 Oppenheimer。

This is William Dawson on for Brian Nagel. Congrats on a nice quarter. So our question is actually just on product mix over time, how you're balancing between your national accounts and your vertical brands? And can you provide an update on the performance in the quarter for your private label brands and how this customer is behaving?

這是 William Dawson 代替 Brian Nagel。祝賀一個不錯的季度。所以我們的問題實際上只是關於隨著時間的推移產品組合，你如何在你的國民賬戶和你的垂直品牌之間取得平衡？您能否提供本季度自有品牌的最新業績以及該客戶的行為方式？

Yes. Our vertical brands continue to do very well and outperformed our this year in Q3. The DSG brand, in particular, has done incredibly well. It's a high fashion, high-function product at a very attractive price point. It's perfect for the consumer right now. And at the same time, CALIA and VRST are filling white space in our assortment and really leaning toward that athletic male, athletic female and more of a performance and lifestyle brands. So we're very, very pleased with the vertical brands.

是的。我們的垂直品牌繼續表現出色，並且在今年第三季度的表現優於我們。尤其是 DSG 品牌，做得非常好。它是一款時尚、功能強大的產品，價格極具吸引力。它現在非常適合消費者。與此同時，CALIA 和 VRST 正在填補我們產品系列中的空白，並真正傾向於運動男性、運動女性以及更多表現和生活方式品牌。所以我們對垂直品牌非常非常滿意。

The last time we gave an update that we do it annually, and it was 14% was our vertical brand penetration. So we'll update that again at the end of this year. Yes.

上一次我們每年更新一次，14% 是我們的垂直品牌滲透率。所以我們將在今年年底再次更新。是的。

Okay. I appreciate that. And just a follow-up, do you see any variability across geographies and across other product spectrums?

好的。我很感激。只是後續行動，您是否看到跨地域和其他產品範圍的任何差異？

Nothing meaningful in the quarter. No.

本季度沒有任何意義。不。

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

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

A bunch of them have been answered, but I have a few more. What was your -- or your e-commerce penetration or e-commerce sales for the quarter?

已經回答了很多，但我還有一些。您本季度的電子商務滲透率或電子商務銷售額是多少？

Sam, we no longer break that out. As we think about the athlete, we look at the athlete on an omnichannel basis because the athlete is making the channel agnostic decision, and that's the way we want to operate our business. So we no longer are giving that breakout. Actually, that's been going on since the beginning of this year.

山姆，我們不再打破它。當我們考慮運動員時，我們會在全渠道的基礎上看待運動員，因為運動員正在做出與渠道無關的決定，而這正是我們想要經營業務的方式。所以我們不再給出那個突破。實際上，從今年年初就開始了。

Okay. I missed that...

好的。我錯過了...

Maybe I'll add that. We were very, very happy with the overall performance that we saw across both channels.

也許我會補充一點。我們對兩個渠道的整體表現非常非常滿意。

So let me just follow up. Okay. So back to inventory, what is your forward weeks of supply -- optimum forward weeks of supply with what you're seeing right now or optimum annual turn target that would be -- because it's up from pre-COVID. It's turning a little slower than pre-COVID. But what's -- so how should we think about sort of what it should be on an optimum basis? Should you be having like 14 or 15 forward weeks of supply or you -- should you be running at 17 or 18?

所以讓我跟進一下。好的。所以回到庫存，你的未來供應週數是多少——你現在看到的最佳未來供應週數或最佳年度周轉目標——因為它比 COVID 之前有所提高。它的轉變速度比 COVID 之前要慢一些。但是什麼是 - 那麼我們應該如何考慮在最佳基礎上它應該是什麼？你應該有 14 或 15 週的供應，還是你 - 你應該在 17 或 18 運行？

Yes, Sam, we haven't given that level of guidance, but the way to think about this is as we are comparing our inventory growth and sales growth compared to 2019 because that is probably the last time we had some normalized level of inventory. So probably that's the easiest and the best comparison right now you could do.

是的，山姆，我們沒有給出那種水平的指導，但考慮這一點的方式是我們將我們的庫存增長和銷售增長與 2019 年進行比較，因為那可能是我們最後一次擁有正常的庫存水平。所以這可能是您現在可以做的最簡單和最好的比較。

Okay. And then the loyalty members make up how much of your business these days?

好的。那麼現在忠誠會員在您的業務中所佔比例是多少？

It's over 70% of our business. But importantly, we've got over 25 million loyalty members, over 32 million active members, both outside of our loyalty and within and then over 150 million athletes who are in our database overall. So they comprise a...

它占我們業務的 70% 以上。但重要的是，我們有超過 2500 萬的忠誠會員，超過 3200 萬的活躍會員，包括我們忠誠度之外和內部的會員，還有超過 1.5 億的運動員在我們的數據庫中。所以他們組成了一個...

Okay. And then lastly, there's a lot of questions asked about the macro. But my question for you is about what you guys have done and about the long-term growth of the business. Where are you in the continuum of improving the levels of engagement, the personalization process and so on to overcome the macro because I wouldn't call it necessarily a direct competitor, but another athletic retailer reported, you put up significantly better numbers. We're going to hear from somebody else next week. Can you talk about your -- the use of your CRM and how everything is evolving and sort of the reason why from the perspective of what you're doing that the business is rebasing over and can grow from here?

好的。最後，有很多關於宏的問題。但我的問題是關於你們做了什麼以及業務的長期增長。你在提高參與度、個性化過程等以克服宏觀的連續體中處於什麼位置，因為我不一定稱之為直接競爭對手，但另一家運動零售商報告說，你提供了更好的數字。我們將在下週收到其他人的來信。你能談談你的 - 你的 CRM 的使用以及一切是如何發展的，以及為什麼從你正在做的事情的角度來看，業務正在重新定位並可以從這裡發展？

Great question. Yes, it's a great question because our database and our knowledge of our athletes is at an all-time high, and we continue to have, what I would say, is the best data set in sports, and I'm not the only person saying that. We have an amazing data set. We are more personalized than ever before. We're driving engagement, both online and also, I would say, in our stores in terms of how we serve athletes, so we're very focused on the athlete experience. But at the same time, I would say we're in early innings. So I think we've got a long way to go with personalization. We continue to gain new athletes. We're very focused on -- using that CRM database to provide people with the best experience for them. And that's, I think, early innings still for a lot of this despite how far along we've come.

很好的問題。是的，這是一個很好的問題，因為我們的數據庫和我們對運動員的了解處於歷史最高水平，而且我要說的是，我們繼續擁有體育界最好的數據集，而且我不是唯一的人這麼說。我們有一個驚人的數據集。我們比以往任何時候都更加個性化。我們正在推動參與，無論是在網上還是在我們的商店中，就我們如何為運動員提供服務而言，因此我們非常關注運動員的體驗。但與此同時，我會說我們處於早期階段。所以我認為我們在個性化方面還有很長的路要走。我們繼續獲得新的運動員。我們非常專注於——使用 CRM 數據庫為人們提供最佳體驗。而且，我認為，儘管我們已經走了多遠，但對於很多這樣的事情來說，早期的幾局仍然存在。

Our next question is from Steven Forbes with Guggenheim.

我們的下一個問題來自古根海姆的史蒂文福布斯。

I wanted to revisit the acceleration in transaction trends, really, if we look at it on a 3-year basis, it was a meaningful sequential improvement. So curious if you could just expand on what drove that, if it had anything to do with new athletes that were acquired. You mentioned $4 million, but is that $4 million more heavily weighted to the third quarter. Really just trying to get any insight on the sustainability of the step-up in transactions on a multiyear trend.

我想重新審視交易趨勢的加速，真的，如果我們在 3 年的基礎上看，這是一個有意義的連續改進。很好奇你是否可以擴展驅動它的原因，如果它與獲得的新運動員有任何關係。你提到了 400 萬美元，但 400 萬美元對第三季度的權重更大。真的只是想了解多年趨勢中交易增長的可持續性。

Yes, Steven, thank you for the question. So we -- our growth in transaction came from several important trends. First of all, we did have new athletes come in. So I mentioned 4.5 million year-to-date, 1.5 million of those were in the past quarter. So it's been fairly consistent throughout the year. But they are also driving increased transactions and increased dollars per transaction.

是的，史蒂文，謝謝你提出這個問題。所以我們 - 我們的交易增長來自幾個重要趨勢。首先，我們確實有新運動員加入。所以我提到今年迄今為止有 450 萬，其中 150 萬是在上個季度。因此，它全年都相當穩定。但它們也推動了交易量的增加和每筆交易美元的增加。

And I think it's important to dive into how our consumers are doing and how they're responding to our industry in our stores. But every single one of our income demographic levels has grown meaningfully in the past quarter. So it's clear that we are providing something for everybody in terms of -- so we can meet their needs and still deliver that outdoor lifestyle. We are not seeing people trade down. So between our athlete database growing, our increased personalization efforts, which will continue into next year, we expect that, that will be a key driver for us going forward.

而且我認為深入了解我們的消費者如何做以及他們如何在我們的商店中響應我們的行業非常重要。但在過去的一個季度中，我們的每一個收入人口統計水平都取得了有意義的增長。所以很明顯，我們正在為每個人提供一些東西——這樣我們就可以滿足他們的需求，同時仍然提供戶外生活方式。我們沒有看到人們進行低價交易。因此，在我們不斷增長的運動員數據庫和我們不斷增加的個性化努力之間，我們預計這將持續到明年，這將成為我們前進的關鍵驅動力。

Maybe just a quick follow-up on Navdeep, obviously, right, you sort of a net share issuer with the settlement and unwind of the convertible note hedges and so forth. So would love to just maybe if you can expand on the decision to pause the repurchase activity last quarter. Any current updates on capital allocation as we look forward here over the NTM?

也許只是對 Navdeep 的快速跟進，顯然，你是一個淨股票發行人，負責結算和解除可轉換票據對沖等。如果你能擴大上個季度暫停回購活動的決定，那麼我很樂意。我們在這裡期待 NTM，目前有沒有關於資本配置的最新消息？

Yes. No, let me start with your second question first. So as we think about capital allocation, we continue to have a really strong balance sheet with more -- with $1.4 billion of cash and cash equivalents. In addition to that, maintaining the investment grade is an important part of the criteria as we think about the capital structure. And then we are continuing to invest aggressively in our business and the growth opportunities that we have.

是的。不，讓我先從你的第二個問題開始。因此，當我們考慮資本配置時，我們繼續擁有非常強大的資產負債表，擁有更多 - 14 億美元的現金和現金等價物。除此之外，在我們考慮資本結構時，維持投資等級是標準的重要組成部分。然後我們將繼續積極投資於我們的業務和我們擁有的增長機會。

To your question on a year-to-date basis, we have returned $485 million of excess cash on the balance sheet between the share repurchases, which we guided at the beginning of the year, a minimum of 300. We have already eclipsed that. And in this quarter, we focused on taking out the converts. So we took out $221 million of convert, how deep the convert is in the money, it trades pretty much like an equity. And like you said, it's -- we are taking that potential future dilution as the stock price continues to rise by taking the convert out right now.

對於你提出的年初至今的問題，我們在股票回購之間返還了 4.85 億美元的資產負債表超額現金，這是我們在年初指導的，至少 300 美元。我們已經超過了這一數字。在本季度，我們專注於淘汰皈依者。所以我們拿出了 2.21 億美元的轉換，轉換在貨幣中的深度，它的交易非常像股票。就像你說的，它是——我們正在考慮未來潛在的稀釋，因為股票價格繼續上漲，現在就把轉換出局。

So overall, we'll continue to be flexible in our capital allocation in terms of buying more shares back and we'll be opportunistic as we look to the share buyback for the balance of this year.

因此，總的來說，我們將在回購更多股票方面繼續靈活地進行資本配置，並且在我們期待今年餘下時間的股票回購時，我們將採取機會主義態度。

Our next question comes from Joe Feldman with Telsey Advisory Group.

我們的下一個問題來自 Telsey Advisory Group 的 Joe Feldman。

I wanted to ask about the layout in the store, at least a couple of local stores around me, it feels like you've done some things to adjust the layout. Maybe emphasizing private brands a bit more, the vertical brands, I should say, more front and center and in fact, even replacing where you used to keep the big brands, the national brands. And I'm just curious if that's something you're testing and what you're learning from that test? And is that something we should expect to see in more stores in the future?

我想問一下店裡的佈局，至少我周圍有幾個當地的店，感覺你做了一些調整佈局的事情。也許更強調自有品牌，垂直品牌，我應該說，更前沿和中心，事實上，甚至取代你過去保留大品牌的地方，國家品牌。我很好奇這是否是您正在測試的東西以及您從該測試中學到了什麼？我們應該期望將來在更多商店看到這種東西嗎？

Joe, I think what you're picking up on is that we have adopted a very flexible approach to how we lay out products based on in-stocks, based on what's hot with the consumer at the moment. And so -- no longer are the days where you're going to walk into a DICK'S store and see everything laid out the same way. We are constantly optimizing. We do space optimization frequently and move things around as needed.

喬，我認為你正在接受的是，我們採用了一種非常靈活的方法來根據庫存，根據消費者目前的熱點來佈置產品。因此 - 不再是您走進 DICK'S 商店並看到所有東西都以相同方式佈置的日子。我們在不斷優化。我們經常進行空間優化，並根據需要四處移動。

Got it. Okay. And then just wanted to get an update on maybe House of Sport and Public Lands, just latest learnings and expansion plans for those two concepts?

知道了。好的。然後只是想了解有關體育館和公共土地的最新信息，這兩個概念的最新知識和擴展計劃？

House of Sport has been absolutely tremendous, both in terms of how the locations themselves are doing. They far exceeded our expectations. But also in terms of what we're able to take from House of Sport and bring down to the rest of our chain in terms of service levels and products and even -- we have some new products that have launched there that have done really well the rest of the chain. So really, really excited about House of Sport.

House of Sport 絕對是巨大的，無論是就地點本身的表現而言。他們遠遠超出了我們的預期。但就我們能夠從 House of Sport 獲得的東西以及在服務水平和產品方面帶到我們鏈條的其他部分而言，甚至 - 我們在那裡推出的一些新產品做得非常好鏈的其餘部分。對House of Sport 真的非常非常興奮。

Public Lands also equally really excited about. We have just launched, I think, five new Publicly Lands stores about in the past month. They are meant to tap into a very broad outdoor consumer, and they are doing an incredible job serving those explorers very well. So we're very excited. Public Lands, still in test phase. House of Sport support definitely a key part of our roll forward strategies.

Public Lands 也同樣非常興奮。我認為，在過去的一個月裡，我們剛剛推出了五家新的 Publicly Lands 商店。他們旨在吸引非常廣泛的戶外消費者，並且他們在為這些探險者提供出色的服務方面做得非常出色。所以我們非常興奮。公共土地，仍處於測試階段。 House of Sport 的支持絕對是我們向前推進戰略的關鍵部分。

The next question comes from Seth Basham with Wedbush Securities.

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

I'm sorry to parse words, and maybe this is just a nuance, but regarding the merchandise margin improvement that you've seen since 2019, you're indicating now that you expect to retain a significant amount or a meaningful amount of it versus previously expecting to retain a majority of it. Is that accurate?

很抱歉解析文字，也許這只是一個細微差別，但關於您自 2019 年以來看到的商品利潤率改善，您現在表示您希望保留大量或有意義的數量，而不是以前希望保留其中的大部分。那是準確的嗎？

Seth, I would say we are still guiding that we will maintain a meaningful portion of that margin gain. So again, maybe I'll recap some of the structural reasons that we are seeing, and we have that confidence. If you look at Q3, the performance that we saw in Q3 from the highly-allocated product is what drove a significant amount of our success in third quarter. And to me, that's kind of a go-forward strategy, and that will be a continued benefit that we will keep.

賽斯，我想說我們仍在指導我們將保持利潤率收益的很大一部分。所以，也許我會回顧一下我們所看到的一些結構性原因，我們有信心。如果你看一下第三季度，我們在第三季度從高度分配的產品中看到的表現是我們在第三季度取得巨大成功的原因。對我來說，這是一種前瞻性戰略，這將是我們將保持的持續利益。

The tools that we have, whether it is Going, Going, Gone! or the promotional and the pricing capabilities that we have delivered is something that is really, really strong compared to where it was in 2019. And that, again, gives us a tremendous amount of confidence.

我們擁有的工具，無論是Going，Going，Gone！或者我們提供的促銷和定價能力與 2019 年相比確實非常強大。這再次給了我們極大的信心。

And then the product mix, I know there was a question on vertical brands. The vertical brands have 600 to 800 basis points of higher margin. And these brands, again, resonated really well in third quarter. And the hunt penetration, that used to have almost about 1,700 basis points lower margin, and that has become a meaningfully small piece of our business. When you look back at all of these structural drivers, and you look at the performance that we delivered in Q3, that's what gives us the tremendous amount of confidence that we can maintain a meaningful portion of these gains versus 2019.

然後是產品組合，我知道垂直品牌存在問題。垂直品牌的利潤率高出 600 到 800 個基點。這些品牌在第三季度再次引起了很好的共鳴。而狩獵滲透，過去的利潤率降低了近 1,700 個基點，這已經成為我們業務中有意義的一小部分。當您回顧所有這些結構性驅動因素，並查看我們在第三季度提供的業績時，這讓我們充滿信心，與 2019 年相比，我們能夠保持這些收益的很大一部分。

That's helpful. But just to clarify, you don't expect to necessarily maintain majority anymore, just a meaningful amount?

這很有幫助。但澄清一下，您不再期望一定要保持多數，只是有意義的數量？

Yes. Yes, you can parse the words, but we are very confident that we'll maintain a meaningful portion of those gains versus 2019.

是的。是的，你可以解析這些詞，但我們非常有信心，與 2019 年相比，我們將保持這些收益的很大一部分。

I think -- just to add on this, it's important to look at our full year results. We've been talking about full year and we absolutely expect to maintain a significantly meaningful amount of our margin improvements.

我認為 - 補充一點，看看我們的全年業績很重要。我們一直在談論全年，我們絕對希望保持顯著有意義的利潤率改善。

Wonderful. And just as a follow-up question regarding the promotional environment outside of apparel, how would you characterize that relative to pre-pandemic levels and your expectations into the holiday season?

精彩的。關於服裝以外的促銷環境的後續問題，相對於大流行前的水平以及您對假期的期望，您如何描述這一點？

Yes. Our approach to the holiday season is very different from how it was prepandemic. We are being much more surgical. We're making sure we have great gifts for people at great value but no longer are we doing whole household sites on sale, that sort of a sledgehammer approach to promotion. We're being much more targeted, much more item focused and much more surgical. We're really excited about the in-stock levels that we have and that our approach to holiday is going to be very well-received by athletes.

是的。我們對待假期的方式與大流行前的方式截然不同。我們正在變得更加外科手術。我們確保我們為人們提供物超所值的精美禮物，但我們不再銷售整個家庭網站，這是一種大錘式的促銷方式。我們變得更加有針對性，更加專注於物品並且更加外科手術。我們對我們的庫存水平感到非常興奮，我們的假期方式將受到運動員的歡迎。

The next question comes from Justin Kleber with Baird.

下一個問題來自 Justin Kleber 和 Baird。

Just wanted to ask a follow-up on merch margins. Given your comments on largely working through the apparel inventory here in 3Q, do you expect your merchandise margin declines to moderate in 4Q based on the guidance?

只是想詢問有關商品利潤率的後續問題。鑑於您對 3 季度主要處理服裝庫存的評論，您預計根據指導，您的商品利潤率下降在 4 季度會放緩嗎？

Yes. Justin, I would say it's been implied in our annual outlook. When you look at the merch margin, there are a couple of factors you have to keep in mind. Comparing to 2019, we definitely feel very confident that we'll maintain a meaningful portion of those gains as we go into the fourth quarter. And then you have to look into the commentary that we gave in fourth quarter around the promotional landscape last year compared to where our expectation that Lauren just laid out.

是的。賈斯汀，我想說我們的年度展望中已經暗示了這一點。當您查看商品利潤率時，您必須牢記幾個因素。與 2019 年相比，我們非常有信心在進入第四季度時保持這些收益的很大一部分。然後你必須看看我們在第四季度圍繞去年的促銷環境發表的評論，與我們對 Lauren 剛剛提出的預期進行比較。

Overall, on an annual basis, like we have said, we'll maintain a meaningful portion of the gains versus 2019.

總體而言，正如我們所說，與 2019 年相比，我們將保持相當一部分收益。

Okay. Maybe a follow-up, Navdeep, on just SG&A flexibility. Your sales based on the guidance are going to be up to 38.5% at the midpoint. Looks like SG&A will have leveraged maybe around 150 basis points versus '19. So clearly, you've been reinvesting some of the top line upside into SG&A in the past few years, whether that's marketing or wages. I guess my question is in the event demand does soften, how much flexibility do you have within your SG&A structure to maintain EBT margins at this level without of course sacrificing service levels in the store?

好的。 Navdeep 可能只是關於 SG&A 靈活性的後續行動。根據指導，您的銷售額在中點將達到 38.5%。與 19 年相比，SG&A 的槓桿率可能約為 150 個基點。很明顯，在過去的幾年裡，你一直在將一些最高的收益重新投資到 SG&A 中，無論是營銷還是工資。我想我的問題是，如果需求確實疲軟，您在 SG&A 結構中有多大的靈活性來將 EBT 利潤率維持在這個水平，當然不會犧牲商店的服務水平？

Yes. Justin, I think that you've read the SG&A profile really well. We agree that we are investing in the long-term growth strategies of the company. In addition, the wage pressures continue to remain elevated compared to 2019. So those are the big areas of investment in SG&A as you look to this year.

是的。賈斯汀，我認為你已經很好地閱讀了 SG&A 簡介。我們同意我們正在投資於公司的長期增長戰略。此外，與 2019 年相比，工資壓力繼續居高不下。因此，這些是今年 SG&A 投資的主要領域。

In terms of the forward-looking view, first of all, the variable expense is always flexible sales. So if the sales are volatile for whatever reason, we believe that our variable expenses will definitely reflect. In addition, we have flexibility in our fixed as well as the discretionary expenses as well. And as you called out, we will balance these actions with what is the right thing to do for the long-term aspect of the business versus keeping the company in really healthy conditions. And we could look also at our growth strategies and the investments required. So internally, we feel really confident that we will be able to navigate macroeconomic conditions really well and drive the long-term sales growth and the profitability growth of the company.

就前瞻性而言，首先，可變費用始終是靈活的銷售。因此，如果銷售額因任何原因波動，我們相信我們的可變費用肯定會反映出來。此外，我們在固定費用和可自由支配費用方面也具有靈活性。正如您所說，我們將在這些行動與為業務的長期方面做正確的事情以及讓公司保持真正健康的狀況之間取得平衡。我們還可以看看我們的增長戰略和所需的投資。因此，在內部，我們非常有信心能夠很好地駕馭宏觀經濟狀況，並推動公司的長期銷售增長和盈利能力增長。

The next question comes from Jim Duffy with Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

I have a few questions about the warehouse store strategy. We have about 50 locations. So it looks like temporary locations. Is that how you think about this? Or is that a permanent part of the strategy? And I'm curious how that fits with the Going, Going, Gone! concepts?

我有幾個關於倉庫存儲策略的問題。我們有大約 50 個地點。所以它看起來像臨時位置。你是這麼想的嗎？或者這是戰略的永久部分？我很好奇這與 Going, Going, Gone 有什麼關係？概念？

Yes. Great question, Jim. The way we're thinking about the value change in general, is that we have a try before you buy strategy where we do a pop up, and that's what you're seeing at the DICK's warehouse stores. See how the consumer reacts, see how we like the real estate and then a portion of those are converted into a Going, Going, Gone! permanent location. So that will be our ongoing strategy. We find a great deal of success try before we actually sign a long-term lease.

是的。好問題，吉姆。我們考慮一般價值變化的方式是，我們在購買策略之前先試一試，我們會彈出，這就是您在 DICK 的倉庫商店看到的。看看消費者的反應如何，看看我們如何喜歡房地產，然後其中的一部分轉化為 Going, Going, Gone！永久位置。因此，這將是我們的持續戰略。在我們實際簽署長期租約之前，我們發現了很多成功的嘗試。

Got it. And then a question around the inventory in those stores, the footprints for the ones I've seen are large. Are you opportunistically buying to populate these stores? Or is there inventory in these stores simply accessed from regular way business. And I'm also curious, is that inventory in the outlet store strategy, is that visible and shoppable online? Or are those kind of brick-and-mortar silos?

知道了。然後是關於這些商店庫存的問題，我看到的那些商店的足跡很大。您是否在投機購買以填充這些商店？或者這些商店中是否有庫存，可以通過常規方式輕鬆訪問。而且我也很好奇，直銷店策略中的庫存是否可以在網上看到和購買？還是那種實體筒倉？

Yes. They are shoppable online. In fact, they really help us by consolidating all of the clearance inventory into one location. We can easily find it and light it up online, not worrying about safety stocks and things like that. So that's a key part of it.

是的。它們可以在線購買。事實上，他們通過將所有清倉庫存整合到一個位置來真正幫助我們。我們可以很容易地找到它並在網上點亮它，而不用擔心安全庫存之類的事情。所以這是它的關鍵部分。

We do buy a little bit opportunistically for the Going, Going, Gone! at warehouse stores. But by and large, they are primarily clearance channels for DICK'S Sporting Goods. Our main goal is to clear that product so that we can bring fresh new receipts into DICK'S.

我們確實為 Going, Going, Gone 購買了一些機會主義的東西！在倉庫商店。但總的來說，它們主要是 DICK'S Sporting Goods 的清倉渠道。我們的主要目標是清除該產品，以便我們可以將新的新收據帶入 DICK'S。

Our last question today comes from Daniel Imbro with Stephens Inc.

我們今天的最後一個問題來自 Stephens Inc. 的 Daniel Imbro。

I wanted to ask one, Lauren, on the consumer. It doesn't sound like you're seeing any trade down yet. But just as the consumer weakens, are there levers you can pull other than price to kind of increase the value offering DICK'S has to retain that customer? And then just as you think about the box, what categories would you expect to slow first? Or where would be the times of weakness you're looking for to get a sense of the health of the consumer?

我想問一個關於消費者的問題，勞倫。聽起來您還沒有看到任何交易下降。但是，正如消費者減弱一樣，除了價格之外，您是否可以利用其他槓桿來增加 DICK'S 必須提供的價值來留住該客戶？然後就像您考慮盒子一樣，您希望首先放慢哪些類別？或者您正在尋找什麼時候可以了解消費者的健康狀況？

Daniel, the way we approach the assortment is that we want to have something for everyone. We are not seeing people trade down, but we do offer a range of opening price points, fantastic apparel and gear all the way up to the most premium. So I mean, sort of there's levers we can pull. Our scorecard engagement is really high. That's a great tool for us. It enables us to get personalized message out to our athletes. But across the board, we're not seeing -- I can't predict because I don't see any slowdown in any of our key categories. They're all healthy.

丹尼爾，我們處理分類的方式是我們希望為每個人提供一些東西。我們並沒有看到人們降價交易，但我們確實提供了一系列的開盤價、精美的服裝和裝備，一直到最高端。所以我的意思是，我們可以利用一些槓桿。我們的記分卡參與度非常高。這對我們來說是一個很好的工具。它使我們能夠向我們的運動員傳達個性化信息。但總體而言，我們沒有看到 - 我無法預測，因為我沒有看到我們任何關鍵類別的任何放緩。他們都很健康。

That's helpful. And then I think just to dig in on the inventory a little more detail or asked a different way. Is your inventory equally strong or healthy across maybe vertical brands and national brands? Or are you more exposed? Just thinking about if there was a trade down, could you get stuck with more national brand inventory that maybe the consumer is opting out of? Or how is your inventory held across the different kind of subsets of inventory?

這很有幫助。然後我想只是為了更詳細地了解庫存或詢問不同的方式。您的庫存在垂直品牌和民族品牌中是否同樣強勁或健康？還是你暴露得更多？試想一下，如果有降價交易，您是否會陷入更多消費者可能選擇退出的國家品牌庫存？或者您的庫存如何跨不同類型的庫存子集持有？

Yes. Overall, I would say our inventory is very healthy and very well-positioned for the holiday season. The only lump that we called out was on the athletic apparel side and we are -- much of that has been already activated here in third quarter, and we'll continue to work through that. But overall, like I said, we feel really strong about our in-stock levels going into this important holiday season.

是的。總的來說，我會說我們的庫存非常健康，並且非常適合假期。我們提到的唯一問題是在運動服裝方面，我們 - 其中大部分已經在第三季度在這裡激活，我們將繼續努力解決這個問題。但總的來說，就像我說的那樣，我們對進入這個重要假日季節的庫存水平感到非常滿意。

Those are all the questions we have for today. So I will now turn the call back to Lauren Hobart, President and CEO, for concluding remarks.

這些就是我們今天的所有問題。因此，我現在將把電話轉回給總裁兼首席執行官勞倫霍巴特，以作總結髮言。

Thanks, everybody, for your interest in DICK'S Sporting Goods. I hope you have a happy, healthy and safe holiday. Bye-bye.

謝謝大家對 DICK'S Sporting Goods 的關注。我希望你有一個快樂、健康和安全的假期。再見。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家今天加入我們。我們的通話到此結束，您現在可以斷開您的線路。