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，歡迎參加迪克體育用品公司2022年第三季財報電話會議。我是艾米莉，將擔任本次電話會議的接線生。 （接線生操作說明）

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

現在我將把電話交給我們的主持人，投資者關係高級總監內特·吉爾奇。請內特發言。

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.

各位早安，感謝各位參加本次2022年第三季業績電話會議。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進行解讀。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 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閱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。最後，為了方便您日後安排時間，我們暫定於2023年3月7日發布2022年第四季財報。

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

那麼，接下來我將把電話交給勞倫。

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.

謝謝內特，大家早安。正如我們今天早上宣布的那樣，我們取得了非常強勁的季度業績。第三季的業績表明，基於我們過去五年來的轉型歷程和基礎性改進，我們的業務持續取得成功並保持強勁勢頭。我們的策略行之有效，並且顯然引起了運動員的共鳴。

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.

儘管消費者持續面臨宏觀經濟的不確定性，但我們的運動員群體表現非常出色，因為我們繼續為他們提供極具吸引力且差異化的產品系列以及一流的全通路體驗。事實上，在本季度，我們觀察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，更多運動員向我們購買商品，購買頻率更高，每次購買的金額也更高。鑑於消費者行為的持續轉變，我們所在的產業發展勢頭強勁。我們差異化的產品組合、卓越的服務標準和一流的全通路運動員體驗，使我們在市場中脫穎而出。

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.

第三季度，我們實現了創紀錄的29.6億美元銷售額，同店銷售額成長6.5%，主要得益於交易量和平均客單價的雙雙成長。這一強勁的同店銷售額成長是在去年同期13%、2020年同期23%以及2019年同期6%的基礎上實現的。正如我們所強調的，DICK'S是一家成長型公司，而第三季的業績正是我們永續成長的有力證明。

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所述，第二季末，我們的庫存狀況良好，關鍵商品已恢復庫存。這使我們能夠順利度過返校季，滿足強勁的消費者需求。此外，我們也提到我們還有一些服裝庫存需要處理，本季我們解決了大部分庫存積壓問題。因此，如預期，我們的商品毛利率較去年同期下降了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，我們的商品毛利率與 2019 年相比仍然較高。展望未來，我們仍然非常有信心，我們的商品毛利率將持續顯著高於新冠疫情前的水平。

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.

本季我們達到了兩位數的息稅前利潤率，達到10.3%，是2019年同期非GAAP利潤率的三倍多。這主要得益於銷售額的結構性成長、商品利潤率的提高以及營運效率的提升。最終，我們實現了每股攤薄收益2.60美元（非GAAP），遠超疫情前任何一個第三季的水平。

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，我們的庫存狀況良好，佈局合理，我們對假期季節的商品組合充滿信心。鑑於我們持續強勁的業績、優質的庫存以及對業務的信心，我們上調了全年業績預期。我們現在預計全年同店銷售額將下降 3% 至 1.5%，非 GAAP 攤薄後每股收益將在 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，我對我們第三季強勁的業績感到非常滿意，並對公司的未來充滿信心。我要感謝所有團隊成員的辛勤付出和對迪克體育用品的奉獻，正是他們的努力才成就了今天的佳績，也感謝他們在即將到來的假期季節裡繼續努力。

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

現在我將把電話交給納夫迪普，讓他更詳細地回顧我們的財務前景和業績。

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

謝謝勞倫，大家早安。我們先來簡單回顧一下第三季的業績。

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.

我們欣喜宣布，公司合併銷售額成長7.7%，達到29.6億美元。正如Lauren所指出的，同店銷售額在去年同期成長12.8%、2020年第三季成長23.2%以及2019年第三季成長6%的基礎上，又成長了6.5%。強勁的同店銷售成長主要得益於交易量成長3.7%及平均客單價成長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，返校季品類表現特別出色，這主要得益於我們在鞋類、服裝和團隊運動用品方面的差異化產品組合。與2019年相比，銷售額成長了51%。這反映出，近幾季以來，我們的銷售趨勢較2019年顯著加速成長。

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.

第三季毛利為10.1億美元，佔淨銷售額的34.22%，年減423個基點。但較2019年第三季成長463個基點。如預期，年減主要受商品毛利率下降438個基點的影響。

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.

本季度，我們重點清理了春季產品到貨延遲所造成的庫存積壓。我們將多餘的服裝庫存轉移到價值鏈體系中，並成功售出了大部分產品。我們計劃在第四季繼續處理這些庫存積壓問題，以確保2023年伊始就保持良好的庫存狀態。

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.

我們第四季的商品毛利率預期已在年度展望中得到適當體現。與2019年相比，我們的商品毛利率提高了141個基點，這主要得益於差異化的產品組合、成熟且穩健的定價策略以及有利的產品結構。基於這些結構性因素，我們預期商品毛利率將持續顯著高於疫情前的水準。

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.

銷售、管理及行政費用為6.797億美元，佔淨銷售額的22.97%，較去年同期淨銷售額成長3個基點。銷售、管理及行政費用增加4,800萬美元，主要原因是為支持成長策略，我們在小時工資、人才和技術方面進行了投資。

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.

本季利息支出為2,610萬美元，以非GAAP準則計算，較去年同期增加2,010萬美元。此成長主要由於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約2.21億美元未償還可轉換優先票據本金相關的880萬美元激勵費用。

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.

受銷售額結構性成長、利潤率擴大以及營運效率提升（與新冠疫情前相比）的推動，稅前利潤（EBT）為3.041億美元，佔淨銷售額的10.28%。相較之下，2019年非GAAP稅前利潤為5,990萬美元，佔淨銷售額的3.05%，較2019年成長2.442億美元，增幅達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.

我們總共實現了每股非GAAP攤薄收益2.60美元。相較之下，去年每股非GAAP攤薄收益為3.19美元，比2019年的每股非GAAP攤薄收益0.52美元成長了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.

現在來看我們的資產負債表。第三季末，我們持有約14億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，本季末庫存水準成長了35%。需要說明的是，去年由於產業供應鏈中斷，我們一直在努力補充庫存。因此，與2019年第三季相比，本季的數據更具可比性。此外，與2019年第三季相比，我們的銷售額成長了51%，遠高於庫存成長31%。目前，我們的庫存狀況良好，佈局合理。

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.

現在來看我們第三季的資本配置。淨資本支出約1億美元，我們支付了4,100萬美元的季度股利。本季度，我們將約2.21億美元的未償還可轉換優先票據本金兌換成現金，並解除了相應的可轉換票據套期保值和認股權證，相當於430萬股普通股。完成此次兌換後，我們已套現約4.21億美元，目前仍有約1.54億美元的未償還可轉換票據本金。

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.

除了償還了近四分之三的可轉換債券外，今年迄今為止，我們透過股利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獲利成長。

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%.

最後，我想總結一下我們對2022年的展望。由於第三季業績強勁，以及假日季產品組合的優質表現，我們上調了2022年的業績預期。重要的是，鑑於宏觀經濟情勢的不確定性，我們更新後的預期仍然保持了適當的謹慎態度。目前，我們預期全年同店銷售額將下降3%至1.5%，而先前的預期為下降6%至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稀釋後每股盈餘將在11.50美元至12.10美元之間，高於先前預期的10美元至12美元。稅前利潤率預計中位數為11.4%左右，是2019年預期值的兩倍多。我們的獲利預測是基於約25%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 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 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西蒙古特曼。

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毛利率或毛利率。我記得您之前說過，我們預計能夠保留大部分新冠疫情帶來的收益。我想問一下，現在情況是否仍然如此？另外，考慮到您目前供應商庫存過剩，並且您能夠相對順利地度過這段時期，這是否增強了您對保留大部分毛利的預測信心？

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。是的，我們仍然相信能夠維持相當一部分商品利潤率的成長。回顧第二季度，我們曾提到，春季積壓的大量貨物加上返校季庫存，導致服裝庫存過剩。本季我們積極清理了庫存，以維持——所以我們已經清理了假日商品，並以良好的狀態迎接2023年的到來。

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，我們對整體利潤率的結構性變化充滿信心。我想指出的是，即使我們投入資金清理服裝業務，我們的稅前利潤率也達到了10.3%。這比2019年之前翻了三倍多，我們對獲利能力的長期永續性充滿信心。

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?

接下來我想問的是銷售方面的問題。某些品類或整體業務，要么已經恢復到正常水平，要么表現超出市場預期，這或許可以追溯到幾年前。您已經準備好談2023年，但能否先談談一些出現下滑的品類？這些品類的業績是否已經穩定且反彈？業務能否消化這些下滑，還是明年能繼續成長？

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。第三季度，我們重點關注的核心品類包括團隊運動、服裝、鞋類，以及所有重要的返校季品類和我們的熱門品類，這些品類的表現都非常出色。除了狩獵用品（它現在已經不再是核心品類了）之外，我們所有的核心品類都已實現了顯著的業績增長，與疫情前的水平相比有了顯著的提升。我們認為，從長遠來看，我們完全有能力在目前的水平上繼續保持成長。

Our next question comes from Adrienne Yih with Barclays.

下一個問題來自巴克萊銀行的艾德琳·伊赫。

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.

恭喜團隊一如既往地出色執行。 Lauren，我的第一個問題是關於促銷環境的。促銷範圍僅限於服裝嗎？聽起來你們已經完成這部分工作了。你們有沒有看到任何溢出效應──例如溢出到安全鞋類？你們在這些促銷活動中獲得了多少供應商支援？你們認為這種支持能持續多久？還有，Navdeep，顯然你們正在為明年春季採購。所以你們之前已經積壓了一些在途的安全庫存，不管你怎麼稱呼它，但你們是如何考慮在排除這些在途庫存的情況下進行產品採購的呢？

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，艾德琳。我們一如既往地與供應商夥伴緊密合作，確保市場上的庫存達到我們共同期望的水平。我們會持續在需要的時候及時清理庫存，所有類別都是如此。服裝類商品在上個季度出現了一些問題，我們將與供應商夥伴攜手，在第四季積極清理所有需要清理的庫存。我們目前的首要任務是確保2023年以清爽的庫存狀態開啟，我們非常高興地宣布，幾年來首次，我們第四季度的庫存將非常充足，人們將能夠找到他們想要的商品，包括精美的節日禮物。納夫迪普？

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，艾德琳，謝謝。關於2023年，我暫時無法提供任何預測。但正如勞倫所說，我們對服裝、鞋類、團隊運動甚至戶外用品等核心業務領域都非常有信心。因此，我們對宏觀經濟前景保持謹慎態度是理所當然的。但整體而言，我們對長期銷售預期非常有信心。我們將在第四季財報發佈時公佈2023年的展望。

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

下一個問題來自美國銀行的羅比·奧姆斯。

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季觀察到的客單價提升，你們認為這種成長動能延續到第四季嗎？能否詳細解釋一下推動平均交易額成長的因素？是庫存水準提高和高價商品的增加嗎？還是因為去年庫存不足？如果能更詳細地分析背後的驅動因素就更好了。

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。所以今年的同店銷售額－本季表現非常強勁，其中超過50%的成長來自交易量，其餘部分來自購物籃銷售額。在購物籃銷售額方面，通貨膨脹產生了一定的影響，我們將部分成本轉嫁給了消費者，其中一部分成本由我們自己承擔。但我們提供給消費者的產品組合也發生了變化，消費者購買的產品也更高端化。消費者明確表示，健康積極的戶外生活方式對他們來說非常重要，他們正在購買那些他們認為是可自由支配的商品來維持這種生活方式。所以，整體而言，整個購物籃的銷售額都有所提升。

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，我可能還要補充一點。我們店內各收入階層的消費者在第三季都表現得非常出色。尤其值得一提的是，我們黃金客戶群中那些高度活躍且忠誠的運動員，他們的表現甚至更勝一籌。因此，我們對第四季的核心業務依然保持樂觀。當然，我們也在權衡當前宏觀經濟情勢所帶來的限制因素。但總的來說，我們對第三季的業績非常滿意。

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?

或許還可以再問一個後續問題。您能否簡要介紹去年假日季的消費提前情況，以及您今年第四季將如何應對這種情況？

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，我們可能和幾乎所有零售商一樣，都發現銷售旺季提前到來了，去年如此，2020年也是如此，因為整體庫存水準都比較緊張。但是，從業務角度來看，我們著眼於整個假日季，而不是僅僅關注前幾週或十月下旬。

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

下一個問題來自高盛的凱特·麥克沙恩。

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?

我只是想核實一下你們供應商關於在途庫存數量的說法。我想知道，未來一兩個季度是否存在進一步延遲交貨的風險，而這可能需要你們採取措施應對？

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。是的，我們正與供應商夥伴密切合作。目前產品供應充足，所有因素都已納入我們的指導方針，對此我們感到非常滿意。

Our next question comes from Paul Lejuez with Citi.

下一個問題來自花旗銀行的保羅‧勒朱茲。

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?

您能否為我們介紹一下第三季需要清理的庫存積壓量，並與您預期第四季需要清理的庫存量進行比較？能否提供一些關於商品毛利率方面的資訊？另外，關於清倉，我想了解一下，隨著促銷力道的加大，銷售量是否有提升？促銷活動是否在本季帶動了客流量和銷售額的成長？

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，我認為它並非第三季銷售額的主要驅動因素。正如勞倫所提到的，我們看到同店銷售額的成長更多來自於交易量的成長和平均成交量（AUR）的提升。而平均成交量（AUR）的提升也得益於我們高熱銷且高度集中的商品組合。

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，第三季大部分已進入清倉階段的庫存已啟動並迅速售罄。第四季仍有一些庫存積壓，我們將繼續處理。然而，所有這些因素都已納入我們第四季的業績預期。基於我們給予的業績預期，我們非常有信心能夠維持商品毛利率較2019年達到顯著成長。

Our next question comes from Christopher Horvers with JPMorgan.

下一個問題來自摩根大通的克里斯多福·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?

能詳細分析一下毛利率方面嗎？ 438個基點的毛利率成長是否包含了鞋服類相對於其他品類表現優異帶來的組合報酬？另外，您如何看待貨運業務？貨運成本是否仍構成年比壓力？是否存在任何資本化的庫存成本會在未來幾季滯後反映？

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，克里斯，就產品組合而言，可能略有改善，但改善幅度不大，所以沒有特別提及。至於運費，是的，我們看到運費自今年年初以來持續下降，但與2019年相比仍然沒有下降。

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.

就產品流通而言，是的，成本降低的好處要到 2023 年才能實現，這還需要一段時間。

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，您提到在第四季業績指引方面力求謹慎保守。您下調了相對於2019年的三年複合年增長率預期。我想請您談談做出這項判斷的依據。我知道目前正值10月底至11月，存在一些正常的季節性因素，您是否根據當前的業務趨勢推斷出第四季度的業績預期？或者說，您是否已經考慮到了業績指引中存在的保守因素？

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，我們對公司在第三季強勁成長後的勢頭感到非常樂觀。我想指出的是，第三季我們有三個月表現非常出色。進入第四季度，我們完全沒有看到任何下滑的跡象。我們對第四季充滿信心。鑑於宏觀經濟環境的不確定性以及消費者目前面臨的諸多挑戰，我們保持適當的謹慎，但我們的信心仍然高漲。

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

下一個問題來自 D.A. Davidson 的 Mike Baker。

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?

關於之前提出的庫存積壓問題，我有個後續問題。 ——我記得你們第四季的息稅前利潤率預期下降了260個基點。這將是全年降幅最小的季度，也比第三季好。這是因為你們的降價促銷活動基本上已經結束了嗎？如果不是，為什麼第四季的息稅前利潤率降幅預期會好於前幾季？

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，麥克，我不會具體預測第四季的情況，我相信你能推斷出來。我想說的是，從結構上看，隨著我們進入第四季度，一些方面預計會有所改善。正如我們所說，我們在第三季啟動的大部分清關工作已經完成。這是原因之一。另一個原因是，我們對控製成本和提高生產效率的能力充滿信心。

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.

明白了。如果可以的話，我再問一個後續問題，雖然有點瑣碎，但關於利息支出以及所有相關費用（包括轉換資產），今年前三個季度每季大約是2500萬美元到2600萬美元。如果按照非GAAP準則計算，您能否解釋為什麼會有這樣的差異？我知道轉換資產涉及很多因素，所以想請您幫忙分析這部分。

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。您說的完全正確，可轉換債券的一次性成本確實很高，年初至今已超過2000萬美元。因此，如果您決定在第四季執行另一筆可轉換債券交易，我們先前的預期並未考慮到此不利因素。但我們會繼續關注可轉換債券，並視情況在第四季進行交易。

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.

本季執行得非常出色。很抱歉我一直追問商品毛利率的問題，但我認為了解其中的動態至關重要。如果僅以2019年同期水準為基準，商品毛利率似乎從第二季到第三季下降了約300個基點。您能否更詳細地說明一下，其中有多少是由於服裝清倉造成的？這樣我們才能了解，如果排除春季末期收貨的影響，商品毛利率會是什麼樣子。

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，我們在第三季看到的絕大部分下滑都源自於我們針對勞倫在第二季末指出的服裝庫存過剩問題所採取的行動。

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?

明白了。好的。我的後續問題是關於清倉流程的具體細節。我知道你們有很多清倉產品都採用自己的清倉模式和價值鏈模式。能否簡單介紹一下，與之前透過主店清倉相比，採用你們自己的清倉模式能帶來多少利潤提升？

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。我們的價值鏈理念在現有門市和倉儲式門市都取得了巨大成功。我們發現，清倉產品的利潤率還有提升空間。線上清倉也取得了不錯的成績，同時也能讓我們把新鮮產品引進迪克體育用品店，這也有助於提高利潤率。納夫迪普，我想我們無法給出具體的答案。

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，我們對目前採用的「清倉甩賣」策略以及倉庫位置都非常滿意。正如勞倫所指出的，從清倉的角度來看，這款產品的回收比2019年好得多。我們已將此視為我們有信心保持與2019年相比相當可觀的利潤增長的關鍵結構性驅動因素之一。

The next question today comes from Michael Lasser with UBS.

今天的下一個問題來自瑞銀集團的麥可拉塞爾。

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?

所以您今天早上傳達的訊息是，第三季度利潤率的下降是暫時的，因為它與庫存過剩有關，這些庫存預計將在第四季度末清理完畢，而這種情況會延續到明年。明年，整體需求環境可能會疲軟，因此您需要加強促銷來吸引顧客，這將抵消部分因庫存清理而帶來的收益。我的理解對嗎？

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.

部分是這樣，邁克爾，但並非全部。不。我們預計利潤率下降的情況將在明年得到控制。沒錯，這些投資是為了清理庫存，我們將繼續這樣做。我們不對明年的業績做出預測，但我只想指出，我們的運動員數量顯著增長。過去兩年，我們的運動員數量增長超過1650萬，今年迄今為止，已有450萬新運動員加入，他們推動了交易，我們的黃金客戶也在增長。因此，我認為目前我們預計不會出現任何需要大力促銷的整體需求變化。

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，我還要補充一點你提到的。我們之前討論過的商品利潤率持續保持高位的一個結構性驅動因素，就是我們目前門市的商品種類。這些商品種類豐富、熱銷，通常不會受到促銷活動的影響。因此，這也是我們對2023年充滿信心的另一個重要因素。

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，客觀來說，DICK'S 在本季有望成為零售業乃至體育用品零售業業績最強勁的品牌之一。想必部分原因在於 DICK'S 獨特的商品種類，例如其豐富的鞋類產品，而且目前正值鞋類銷售旺季。這些都吸引了大量客流。同時，返校季的銷售情況也相當不錯，部分原因是過去幾年孩子們不是沒上學，就是根本不知道什麼時候才能開學。那麼，在這樣的特殊情況下，是否存在什麼獨特的因素推動了需求成長，而這種成長可能不會持續到明年，尤其是在整體消費環境可能趨於疲軟的情況下？

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，你剛才基本上概括了我們過去幾年來的轉型歷程，我們確實改變了產品配置，也改變了我們為消費者提供的產品。我們推出了更熱門、更具差異化的產品。同時，我們一直在努力提升全通路運動員體驗，包括提升門市服務、提升數位體驗，以及讓消費者隨時隨地都能輕鬆購買所需產品。因此，我們推動需求成長的方式並沒有什麼特別之處，而且這種趨勢明年也會持續維持。

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.

返校季恰好是我們鞋類、服裝和團隊運動產品最強品類的展示季。但本季並沒有什麼特別之處，應該會延續下去。

Our next question comes from John Kernan with Cowen.

下一個問題來自 Cowen 公司的 John Kernan。

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?

恭喜本季業績不錯。僅就庫存而言，第三季資產負債表上的庫存為33億美元。其中一部分顯然是由於成本上升造成的，但我們應該如何看待第四季度（您認為最終會是什麼情況）庫存的同比增長？您認為2023年春季的庫存水準會是多少？

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，我們來深入分析一下第三季的庫存。正如我們之前提到的，最好將庫存成長與2019年同期進行比較，因為去年我們一直在努力清理庫存，包括第四季度，當時為了迎接假日季，我們還有很多產品在運輸途中。所以，當我們查看第三季的庫存成長時，會發現我們的銷售額比2019年同期成長了51%，庫存成長了31%。我們將繼續沿用先前的庫存管理方式。我們希望確保在重要的假期季節期間，運動員們能夠獲得充足的庫存。正如我們之前所說，目前還有一些庫存積壓，我們將在第四季積極處理這些問題。總的來說，我們認為目前的庫存狀況良好，已經為假期季節做好了充分的準備。

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?

明白了。接下來我想快速問一個關於供應鏈成本的問題。顯然，大家都看到了，有些進口貨運成本已經大幅下降。那麼，我們該如何看待第四季以及明年國內貨運和運輸成本的變化呢？

You meant Q4 of this year?

您指的是今年第四季嗎？

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，這很有幫助。我們同意您對國際貨運的看法，成本確實在持續下降，我估計是從第三季開始的。然而，國內貨運方面仍波動較大，我們正與供應商夥伴密切合作，我們的供應鏈團隊也與國內合作夥伴緊密協作。國內貨運市場依然不穩定，我們密切關注著。但目前，我們的重點是確保門市庫存充足，運動員也能在假期季節找到合適的購買機會。

Our next question comes from Brian Nagel with Oppenheimer.

下一個問題來自奧本海默公司的布萊恩·納格爾。

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?

這裡是威廉道森，代布萊恩納格爾為您報道。恭喜貴公司本季業績出色。我們的問題主要集中在產品組合方面，例如貴公司如何平衡全國性客戶和垂直品牌之間的關係？可否介紹一下貴公司自有品牌在本季的表現，以及該顧客的行為？

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。我們的垂直品牌表現持續強勁，第三季業績更是超越了今年整體水準。尤其是DSG品牌，表現尤為出色。它是兼具時尚感與實用性的產品，價格也極具吸引力，完美契合當下消費者的需求。同時，CALIA和VRST正在填補我們產品線的空白，並積極拓展運動型男裝、運動型女裝以及兼具性能與生活方式的品牌。因此，我們對這些垂直品牌的表現非常滿意。

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.

我們上次更新的數據是每年更新一次，當時我們的垂直產業品牌滲透率為14%。所以我們會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，謝謝。還有一個後續問題，您是否觀察到不同地區以及其他產品類別之間有任何差異？

Nothing meaningful in the quarter. No.

本季沒什麼實質進展。沒有。

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

今天的下一個問題來自威廉斯交易公司的山姆波瑟。

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?

很多問題都已解答，但我還有一些疑問。你們本季的電商滲透率或電商銷售額是多少？

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，我們不再單獨列出那部分數據了。在考慮運動員時，我們會從全通路的角度來看待他們，因為運動員在做決定時不會考慮管道，而這正是我們希望的業務運作方式。所以我們不再提供那部分數據。實際上，這種情況從今年年初就開始了。

Okay. I missed that...

好吧，我錯過了…

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

或許我會補充這一點。我們對兩個管道的整體表現都非常非常滿意。

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?

讓我再補充一下。好的。回到庫存問題，你們目前的庫存週轉量是多少？ ——根據你們目前的狀況來看，最佳庫存週轉量是多少？或者說，最佳年度週轉目標是多少？因為庫存週轉量比疫情前增加，但比疫情前略慢。那麼，我們該如何考慮最佳庫存週轉量呢？你們的庫存週轉量應該是14或15週，還是17或18週？

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，薩姆，我們沒有給出那種級別的指導，但你可以這樣理解：我們將庫存增長和銷售增長與2019年進行比較，因為那可能是我們庫存水平最後一次趨於正常的時候。所以，這可能是目前最簡單也最好的比較方法。

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

好的。那麼，如今會員忠誠度計畫在您的業務中佔多大比例呢？

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...

這占我們業務的70%以上。但更重要的是，我們擁有超過2500萬名忠誠會員，超過3200萬活躍會員（包括忠誠會員計劃內外的會員），以及我們資料庫中總共超過1.5億的運動員。所以他們構成了一個…

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，關於宏觀層面有許多問題。但我的問題是關於你們公司已經採取的措施以及業務的長期成長。為了克服宏觀層面的挑戰，你們在提升顧客參與、個人化流程等方面處於什麼階段？因為我並不認為你們的競爭對手是你們，但另一家體育用品零售商報告稱，你們的業績明顯優於他們。下週我們還會聽到其他人的發言。你們能否談談你們的客戶關係管理系統（CRM）的使用情況，以及整個系統是如何發展的，並從你們的角度解釋一下，為什麼你們的業務能夠重新定位並在此基礎上繼續增長？

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.

問得好。的確，這個問題問得很好，因為我們的資料庫以及我們對運動員的了解都達到了歷史最高水平，而且我們擁有我認為體育界最好的數據集，這並非我一人之言。我們擁有令人驚嘆的數據集。我們比以往任何時候都更加重視個人化服務。我們正在提升運動員的參與度，無論是在線上還是在我們的實體店，我們都致力於改善運動員的體驗。但同時，我認為我們仍處於起步階段。因此，我認為我們在個性化方面還有很長的路要走。我們不斷吸引新的運動員加入。我們非常注重利用客戶關係管理（CRM）資料庫，為使用者提供最佳體驗。儘管我們已經取得了長足的進步，但我認為，在許多方面，我們仍然處於起步階段。

Our next question is from Steven Forbes with Guggenheim.

下一個問題來自古根漢美術館的史蒂文·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.

我想再次探討交易趨勢的加速成長，如果我們以三年為週期來看，這確實是一個顯著的連續成長。所以我很想知道是什麼因素推動了這一成長，是否與新簽約的運動員有關。您提到了400萬美元，但這400萬美元是否更集中在第三季？我真正想了解的是，這種交易成長的趨勢能否持續多年。

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，謝謝你的提問。我們的交易量成長主要來自幾個重要趨勢。首先，我們確實迎來了新的運動員。我剛才提到今年迄今新增了450萬名運動員，其中150萬名是上個季度新增的。所以，全年的成長都相當穩定。此外，運動員的加入也推動了交易量和單筆交易金額的成長。

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.

我認為深入了解消費者的消費習慣以及他們對我們門市的回饋至關重要。過去一個季度，我們所有收入階層的消費者都實現了顯著成長。顯然，我們能夠滿足所有人的需求，既能滿足他們的需求，又能展現戶外生活方式。我們沒有看到消費者降低消費水準。隨著運動員資料庫的不斷增長，以及我們持續推進的個人化服務（並將持續到明年），我們預計這將成為我們未來發展的關鍵驅動力。

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?

關於Navdeep，我想快速跟進。顯然，你們公司作為淨發行股公司，需要處理可轉換債券對沖的結算和解除等事宜。所以，如果您能詳細解釋一下上個季度暫停股票回購的決定，那就太好了。展望未來12個月，關於資本配置方面，您有什麼最新進展嗎？

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，我先回答你的第二個問題。關於資本配置，我們仍擁有非常強勁的資產負債表，現金及現金等價物高達14億美元。此外，維持投資等級信用評等也是我們考慮資本結構的重要標準之一。同時，我們也持續積極投資於自身業務和成長機會。

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.

關於您提出的年初至今的問題，我們已透過股票回購將資產負債表上的超額現金返還了4.85億美元。年初我們曾預計至少回購3億美元，而現在已經超過了這個目標。本季度，我們專注於贖回可轉換債券。我們贖回了2.21億美元的可轉換債券，這些債券的價內程度很深，交易方式幾乎與普通股相同。正如您所說，我們透過現在贖回可轉換債券來規避股價持續上漲可能帶來的未來股權稀釋風險。

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，總體而言，我們將繼續在資本配置方面保持靈活，回購更多股票，並在今年剩餘時間內抓住機會進行股票回購。

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?

我想問一下關於店鋪佈局的問題，至少在我附近的幾家店裡，感覺你們對佈局做了一些調整。也許你們更注重自有品牌，或者更準確地說，是垂直品牌，把它們放在更顯眼的位置，甚至替換了以前擺放大品牌和全國性品牌的地方。我只是好奇這是否是你們正在測試的方案，以及你們從測試中獲得了哪些經驗？未來我們是否會在更多門市看到這種佈局？

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，我想你已經注意到，我們採取了一種非常靈活的商品陳列方式，主要根據庫存情況和當前的消費者熱度來安排商品。所以，你再也不會走進一家迪克體育用品店，看到所有商品都以同樣的方式擺放了。我們一直在不斷優化，經常進行空間調整，並根據需要重新佈置商品。

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?

明白了。好的。另外，我想了解House of Sport和Public Lands的最新情況，這兩個專案有哪些新的進展和拓展計劃？

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 的表現絕對令人驚艷，無論是門市本身的營運狀況，都遠遠超出了我們的預期。更重要的是，我們能夠從 House of Sport 汲取經驗，並將其運用到我們連鎖店的其他門市，包括服務等級、產品，甚至一些在 House of Sport 推出的新產品，在其他門市也取得了非常好的反響。所以，我們對 House of Sport 的發展前景感到非常興奮。

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 同樣令人興奮。過去一個月，我們剛開了五家新的 Public Lands 門市。這些門市旨在吸引更廣泛的戶外運動消費者，而且它們在服務這些探險者方面做得非常出色。所以我們感到非常興奮。 Public Lands 目前仍處於測試階段。 House of Sport 的支援無疑是我們未來發展策略的關鍵組成部分。

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?

很抱歉我措辭有些生硬，也許這只是個細微的差別，但關於您自 2019 年以來看到的商品利潤率提升，您現在的意思是預計會保留相當一部分或相當可觀的利潤，而不是像之前那樣預計保留大部分利潤。是這樣嗎？

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.

塞思，我想說我們仍然預計能夠保持相當一部分利潤成長。所以，我再總結一下我們所看到的一些結構性原因，以及我們對此充滿信心的原因。如果你回顧第三季度，你會發現高配額產品在第三季的優異表現是推動我們第三季成功的重要因素。在我看來，這是一種未來的發展策略，而我們將繼續保持這一優勢。

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.

我們現在擁有的工具，無論是“Going, Going, Gone!”，還是我們提供的促銷和定價能力，都比 2019 年時強大得多。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.

關於產品組合，我知道之前有人問過垂直品牌的問題。垂直品牌的利潤率比其他品牌高出600到800個基點。而且，這些品牌在第三季的表現也非常好。至於獵裝滲透率，它之前的利潤率低了近1700個基點，現在在我們業務中所佔的份額已經非常小了。回顧所有這些結構性因素，再看看我們在第三季所取得的業績，正是這些因素讓我們非常有信心能夠維持與2019年相比相當一部分的成長。

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。但為了確認一下，您不再期望保持多數席位，而只是希望獲得相當數量的席位嗎？

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，你可以仔細分析這些詞語，但我們非常有信心，與 2019 年相比，我們將保持相當一部分的成長。

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——重要的是要關注我們的全年業績。我們一直在討論全年業績，我們絕對有信心保持相當可觀的利潤率提升。

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?

太好了。還有一個關於服裝以外促銷環境的後續問題，您如何評價其與疫情前水準的對比，以及您對假日季的預期？

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。我們應對假日季的方式與疫情前截然不同。我們現在更加重視精準行銷。我們確保為顧客提供物美價廉的精美禮品，但不再像以前那樣鋪天蓋地地推出全屋促銷活動。我們現在更加精準，更加重視單品銷售，也更加重視策略。我們對目前的庫存水準感到非常滿意，並相信我們的假日行銷策略會受到運動員的歡迎。

The next question comes from Justin Kleber with Baird.

下一個問題來自 Baird 公司的 Justin Kleber。

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?

我想就商品毛利率問題再問一下。鑑於您之前提到第三季服裝庫存基本上已經消化完畢，根據業績指引，您預期第四季商品毛利率的下降幅度會有所收窄嗎？

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，我認為這一點在我們的年度展望中已經有所體現。在分析商品利潤率時，需要考慮幾個因素。與 2019 年相比，我們非常有信心在第四季度保持相當一部分的成長。此外，你還需要參考我們去年第四季對促銷環境的評論，以及勞倫剛才提到的預期。

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，從年度數據來看，我們將保持與 2019 年相比相當大一部分的成長。

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，或許可以就銷售、管理及行政費用（SG&A）的彈性再問一個問題。根據你們的指導，銷售額成長中位數將達到38.5%。看起來SG&A費用比2019年增加了約150個基點。顯然，過去幾年你們一直在將部分營收成長再投資於SG&A，無論是行銷還是員工薪資。我想問的是，如果需求疲軟，你們的SG&A結構有多大的彈性，才能在不犧牲門市服務水準的前提下，維持目前的稅前利潤率？

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，我認為你對銷售、管理及行政費用（SG&A）的分析非常透徹。我們一致認為，我們正在投資公司的長期成長策略。此外，與2019年相比，薪資壓力依然居高不下。因此，這些就是今年SG&A投資的重點領域。

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.

展望未來，首先，變動費用始終與銷售額息息相關。因此，如果銷售額因任何原因出現波動，我們相信變動費用必然會受到影響。此外，我們的固定費用和可自由支配費用也具有一定的彈性。正如您所提到的，我們將權衡這些措施，既要考慮企業的長期發展，也要確保公司保持穩健的營運狀況。我們也會審視自身的成長策略和所需的投資。因此，我們內部非常有信心能夠妥善應對宏觀經濟環境的變化，並推動公司實現長期的銷售成長和獲利能力提升。

The next question comes from Jim Duffy with Stifel.

下一個問題來自 Stifel 公司的 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?

關於倉儲式門市策略，我有一些問題。我們大約有50家門店，看起來像是臨時性的。您也是這樣看待的嗎？還是說這是戰略的永久組成部分？另外，我很好奇這與「清倉甩賣」的理念是如何契合的？

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，吉姆，問得好。我們目前對價值變化的思考方式是，我們採取「先試後買」的策略，也就是先開設快閃店，就像你在迪克體育用品倉庫店看到的那樣。看看消費者的反應，看看我們對店面的滿意度，然後把其中一部分店面轉為「即將售罄」的永久門市。這將是我們持續的策略。我們發現，在簽訂長期租賃合約之前進行試營運往往能取得很大的成功。

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?

明白了。還有一個關於這些門市庫存的問題，我看到的門市面積都很大。你們是特意進貨來充實這些門市嗎？還是說這些門市的庫存只是透過常規管道獲得的？我還想問一下，這些奧特萊斯門市的庫存策略是否適用於線上銷售？還是說它們就像實體店的孤島？

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，它們都可以在網路上購買。事實上，它們確實幫了我們很大的忙，因為它們把所有清倉庫存都集中在一個地方。我們可以輕鬆找到它們，並在網路上上架，不用擔心安全庫存之類的問題。所以這是關鍵。

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.

我們偶爾也會從倉儲式商店的清倉甩賣中購買一些商品。但總的來說，這些商店主要是迪克體育用品的清倉管道。我們的主要目標是清理這些商品，以便為迪克體育用品引進新鮮的貨源。

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

今天最後一個問題來自 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?

勞倫，我想問你一個關於消費者的問題。聽起來你目前還沒有看到任何消費下滑的跡象。但是，一旦消費者的消費意願減弱，除了價格之外，你還能採取哪些措施來提升迪克體育用品的價值，從而留住顧客？另外，從整體來看，你認為哪些品類會先放緩成長？或者說，你會關注哪些消費疲軟的時期，以此來判斷消費者的健康狀況？

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，我們打造產品系列的方式是力求滿足所有人的需求。我們並沒有看到消費者降級消費，但我們的確提供了一系列入門價位的產品，從優質的服裝和裝備到頂級產品，應有盡有。所以，我的意思是，我們有很多方法可以發揮作用。我們的評分卡互動率非常高，這對我們來說是一個很棒的工具，它使我們能夠向運動員推送個人化訊息。但總的來說，我們並沒有看到——我無法預測——因為我們沒有看到任何主要類別出現放緩的跡象，它們都發展得很好。

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。然後我想再深入探討庫存狀況，或是換個方式問。你們的庫存，無論是垂直品牌還是全國性品牌，是否都同樣強勁健康？還是說你們的庫存分散程度比較高？想想看，如果產品線降級，你們會不會囤積了太多消費者可能不再購買的全國性品牌庫存？或者說，你們在不同類型的庫存子集中是如何分配的？

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，我認為我們的庫存狀況非常良好，為假期季節做好了充分準備。我們之前提到的唯一不足之處是運動服裝，不過我們已經在第三季解決了大部分庫存問題，並將繼續努力。但總的來說，正如我所說，我們對即將到來的重要假期季節的庫存水準非常有信心。

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.

今天的問題就這些了。現在我將把電話交還給總裁兼執行長勞倫·霍巴特，請她作總結發言。

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

感謝大家對迪克體育用品的關注。祝大家假期愉快、健康、平安。再見。

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

感謝各位今天參與我們的通話。通話到此結束，您可以掛斷電話了。