DICK'S Sporting Goods Inc (DKS) 2022 Q4 法說會逐字稿

Hello, everyone, and welcome to the DICK'S Sporting Goods Q4 2022 Earnings Conference Call. My name is Emily, and I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎來到 DICK'S Sporting Goods 2022 年第四季度收益電話會議。我叫艾米麗，今天我會協調你的電話。 （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.

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。

Good morning, everyone, and thank you for joining us to discuss our fourth quarter and full year 2022 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer. The playback of today's call will be archived in our Investor Relations website located at investors.dicks.com for approximately 12 months.

大家早上好，感謝您加入我們討論我們的第四季度和 2022 年全年業績。我們的總裁兼首席執行官 Lauren Hobart 將出席今天的電話會議；和我們的首席財務官 Navdeep Gupta。今天電話會議的回放將在我們位於 investors.dicks.com 的投資者關係網站上存檔大約 12 個月。

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

提醒一下，我們將做出前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述存在重大差異。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。

Please refer to our Investor Relations website to find a reconciliation of our non-GAAP financial measures referenced in today's call. And finally, for your future scheduling purposes, we are tentatively planning to publish our first quarter 2023 earnings results on May 23, 2023.

請參閱我們的投資者關係網站，以查找我們在今天的電話會議中引用的非 GAAP 財務措施的對賬。最後，為了您未來的日程安排，我們暫定於 2023 年 5 月 23 日發布 2023 年第一季度的收益結果。

With that, I will now turn the call over to Lauren.

有了這個，我現在將把電話轉給勞倫。

Thank you, Nate, and good morning, everyone. We are very pleased with our 2022 results, which demonstrate the continued success strength of our business as we realize the benefits of our long-term transformation through focused strategies and strong execution. Our athletes are passionate about healthy active lifestyles and they've continued to prioritize sport and rely on DICK'S Sporting Goods to meet their needs. Importantly, we continued to gain market share at an accelerating pace with considerable growth in our largest and most important categories. Our fourth quarter was a strong ending to another strong year. This Q4, we achieved record quarterly sales of $3.6 billion, and our comps increased 5.3%.

謝謝你，內特，大家早上好。我們對 2022 年的業績感到非常滿意，這表明我們的業務持續取得成功，因為我們通過專注的戰略和強有力的執行實現了長期轉型的好處。我們的運動員熱衷於健康積極的生活方式，他們一直將運動放在首位，並依靠 DICK'S Sporting Goods 來滿足他們的需求。重要的是，隨著我們最大和最重要類別的大幅增長，我們繼續以更快的速度獲得市場份額。我們的第四季度為又一個強勁的一年畫上了圓滿的句號。這個第四季度，我們實現了創紀錄的季度銷售額 36 億美元，我們的收入增長了 5.3%。

This strong comp was on top of a 6.6% comp last year, a 19.3% comp in 2020 and a 5.3% comp in 2019. And for this fourth quarter, we delivered non-GAAP EPS of $2.93, significantly ahead of any pre-COVID Q4 in our history. For the full year, we achieved sales of $12.4 billion. Our non-GAAP EBT margin was 11.4%, and we delivered non-GAAP EPS of $12.04. To put this in context, when you look at our 2022 performance versus 2019, our sales increased 41% or $3.6 billion.

這一強勁的業績高於去年的 6.6%、2020 年的 19.3% 和 2019 年的 5.3%。在第四季度，我們交付的非 GAAP 每股收益為 2.93 美元，大大高於 COVID 之前的任何業績我們歷史上的第四季度。全年，我們實現了 124 億美元的銷售額。我們的非 GAAP EBT 利潤率為 11.4%，我們交付的非 GAAP 每股收益為 12.04 美元。綜上所述，當您查看我們 2022 年與 2019 年相比的業績時，我們的銷售額增長了 41% 或 36 億美元。

Our merchandise margin increased more than 300 basis points. Our non-GAAP EBT margin more than doubled and our non-GAAP EPS is more than 3x higher than 2019. Our strong performance and financial strength position us to increase the rate of investment in our business to fuel long-term growth opportunities and also return significant capital to shareholders. The step change increase in our dividend that we announced today, more than doubling our annualized payout to $4 per share or $1 on a quarterly basis, clearly reflects our strong conviction and a structurally higher sales and earnings profile of our business and our ongoing focus on delivering shareholder value.

我們的商品利潤率增加了 300 多個基點。我們的非 GAAP EBT 利潤率比 2019 年翻了一番以上，我們的非 GAAP 每股收益比 2019 年高出 3 倍多。我們強勁的業績和財務實力使我們能夠提高對我們業務的投資率，以推動長期增長機會和回報股東的重要資本。我們今天宣布的股息逐步增加，將我們的年化派息增加了一倍以上，達到每股 4 美元或每季度 1 美元，這清楚地反映了我們的堅定信念和我們業務的結構性更高的銷售和收益狀況以及我們持續關注實現股東價值。

With 2023 marking our company's 75th anniversary, this is an incredibly exciting time for DICK'S Sporting Goods. Our company was founded in 1948 by Dick Stack with a dream and $300 from his grandmother's cookie jar. Under Ed's leadership, it's grown from a small bait-and-tackle shop to become the preeminent sporting goods retailer in the country. I've had the honor of working alongside Ed for over a decade and we will continue partnering to drive the business forward.

2023 年是我們公司成立 75 週年，這對 DICK'S Sporting Goods 來說是一個令人難以置信的激動人心的時刻。我們公司於 1948 年由 Dick Stack 帶著夢想和他祖母的餅乾罐裡的 300 美元創立。在 Ed 的領導下，它從一家小型漁具店發展成為該國卓越的體育用品零售商。我有幸與 Ed 一起工作了十多年，我們將繼續合作推動業務向前發展。

While we will take the time to celebrate our heritage, we believe it's just as important to use this milestone as an opportunity to look forward. Our future is extremely bright, and we have great momentum as we write the next chapter in our growth story. Our 2022 results provide a strong foundation upon which we will build in 2023 and in the years ahead.

雖然我們將花時間慶祝我們的傳統，但我們相信將這一里程碑作為一個展望未來的機會同樣重要。我們的前途一片光明，我們正在書寫成長故事的新篇章。我們 2022 年的成果為我們在 2023 年和未來幾年的發展奠定了堅實的基礎。

In 2023, we will grow both our sales and earnings through positive comps, a return to square footage growth and higher merchandise margin. We expect our comparable store sales to be in the range of flat to positive 2%. We expect our earnings per diluted share to be in the range of $12.90 to $13.80, which at the midpoint is up 11% versus 2022.

到 2023 年，我們將通過積極的補償、恢復平方英尺增長和更高的商品利潤率來增加我們的銷售額和收益。我們預計我們的可比店面銷售額將在持平至正 2% 的範圍內。我們預計攤薄後每股收益將在 12.90 美元至 13.80 美元之間，與 2022 年相比增長 11%。

We will continue to create and define our future and as the largest U.S. sporting goods retailer, we are well positioned to extend our lead and continue gaining share in a fragmented $140 billion industry. I'd like to thank all of our teammates for delivering another strong year and for their passion, hard work and dedication to our business.

我們將繼續創造和定義我們的未來，作為美國最大的體育用品零售商，我們有能力擴大我們的領先優勢，並繼續在價值 1400 億美元的分散行業中獲得份額。我要感謝我們所有的隊友，感謝他們又一個強勁的一年，感謝他們對我們業務的熱情、辛勤工作和奉獻。

At DICK'S, it is our people who make us great. And none of what we would have accomplished -- none of what we have accomplished -- excuse me, would have been possible without our exceptional team.

在 DICK'S，是我們的員工讓我們變得偉大。對不起，如果沒有我們出色的團隊，我們不可能取得任何成就——我們已經取得的任何成就。

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

我現在將電話轉給 Navdeep，以更詳細地審查我們的財務業績、前景和資本配置。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our full year 2022 results. Consolidated sales increased 0.6% to a record-setting $12.37 billion and the comparable store sales decreased 0.5%. When compared to 2019, sales increased 41.3% or $3.62 billion, demonstrating the sustainability of our structurally higher sales compared to pre-COVID levels.

謝謝勞倫，大家早上好。讓我們首先簡要回顧一下我們 2022 年全年的業績。綜合銷售額增長 0.6%，達到創紀錄的 123.7 億美元，可比店面銷售額下降 0.5%。與 2019 年相比，銷售額增長了 41.3% 或 36.2 億美元，這表明與 COVID 之前的水平相比，我們結構性更高的銷售額具有可持續性。

Importantly, if you look at some of the slides that we have inserted in our investor deck, you will see that approximately 80% of our growth was driven by sales in our priority categories of footwear, athletic apparel, team sports and golf, where we gained considerable market share. These gains are the direct results of our differentiated product, enhanced service and elevated experience we provide to our athletes.

重要的是，如果你看一下我們插入投資者平台的一些幻燈片，你會發現我們大約 80% 的增長是由我們優先類別的鞋類、運動服裝、團隊運動和高爾夫的銷售推動的，我們在這些類別中獲得了可觀的市場份額。這些收益是我們為運動員提供的差異化產品、改進的服務和提升的體驗的直接結果。

On a non-GAAP basis, gross profit for the full year was $4.29 billion or 34.65% of net sales and declined 368 basis points from last year. However, our gross profit increased 531 basis points over 2019 on a non-GAAP basis. As expected, the year-over-year decline was driven by merchandise margin rate decline of 303 basis points. When compared to 2019, our merchandise margin rate was up 308 basis points, it's important to highlight that we maintain the majority of the merchandise margin expansion that we drove over the prior 2 years. We also saw a significant leverage of 306 basis points in occupancy cost due to our structurally higher sales.

按非美國通用會計準則計算，全年毛利潤為 42.9 億美元，占淨銷售額的 34.65%，比去年下降 368 個基點。然而，按非公認會計原則計算，我們的毛利比 2019 年增加了 531 個基點。正如預期的那樣，同比下降是由商品保證金率下降 303 個基點推動的。與 2019 年相比，我們的商品利潤率上升了 308 個基點，重要的是要強調，我們保持了前 2 年推動的大部分商品利潤率增長。由於我們的結構性銷售增長，我們還看到入住成本的顯著槓桿作用為 306 個基點。

On a non-GAAP basis, SG&A expenses were $2.78 billion or 22.45% of net sales and deleveraged 78 basis points from last year. SG&A dollars increased $112 million, primarily due to investments in hourly wage rates, talent and technology to support our growth strategy. This was partially offset by lower incentive compensation expense. When compared to 2019, on a non-GAAP basis, SG&A leveraged 178 basis points due to the significant sales increase.

按非美國通用會計準則計算，SG&A 費用為 27.8 億美元，占淨銷售額的 22.45%，與去年相比去槓桿化了 78 個基點。 SG&A 美元增加了 1.12 億美元，這主要是由於對小時工資率、人才和技術的投資，以支持我們的增長戰略。這部分被較低的激勵補償費用所抵消。與 2019 年相比，在非 GAAP 基礎上，由於銷售額的顯著增長，SG&A 槓桿化了 178 個基點。

Interest expense was $95.2 million, an increase of $68.2 million on a non-GAAP basis compared to the same period last year. This increase was primarily due to $52.8 million of interest expense related to the $1.5 billion senior notes issued during Q4 of 2021. The current year also included $23.3 million of inducement charges that were partially offset by cash interest savings both related to our exchange of approximately $516 million, a principal of our convertible senior notes.

利息支出為 9520 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 6820 萬美元。這一增長主要是由於 5280 萬美元的利息支出與 2021 年第四季度發行的 15 億美元優先票據相關。本年度還包括 2330 萬美元的誘導費用，這些費用被與我們交換約 516 美元相關的現金利息儲蓄部分抵消萬，我們可轉換優先票據的本金。

Driven by our structurally higher sales, expanded merchandise margin and operating efficiencies compared to pre-COVID levels, non-GAAP EBT was $1.41 billion or 11.43% of net sales. This compares to a non-GAAP EBT of $440.5 million or 5.03% of net sales in 2019, an increase of close to $1 billion, or 640 basis points as a percentage of net sales.

與 COVID 之前的水平相比，在我們結構性更高的銷售額、擴大的商品利潤率和運營效率的推動下，非 GAAP EBT 為 14.1 億美元，占淨銷售額的 11.43%。相比之下，2019 年非美國通用會計準則 EBT 為 4.405 億美元，占淨銷售額的 5.03%，增加了近 10 億美元，占淨銷售額的百分比為 640 個基點。

The additional slides that we have included in our investor deck highlight the key drivers of our structurally higher profitability today versus pre-COVID. These include significant leverage of fixed costs due to our structurally higher sales base, a structurally higher merchandise margin due to our differentiated product assortment, more granular pricing management and the merchandising mix benefits and the improved e-commerce profitability, which is now in line with the total company EBT margin.

我們在投資者平台中包含的其他幻燈片強調了我們今天與 COVID 之前相比結構性更高盈利能力的關鍵驅動因素。這些包括由於我們結構性更高的銷售基礎而導致的固定成本的顯著槓桿作用，由於我們差異化的產品分類而導致的結構性更高的商品利潤率，更精細的定價管理和商品組合優勢以及電子商務盈利能力的提高，這與公司 EBT 利潤總額。

In total, we delivered non-GAAP earnings per diluted share of $12.04. This compares to a non-GAAP earnings per diluted share of $15.70 last year and is more than 3x our 2019 non-GAAP earnings per diluted share of $5 -- of sorry, $3.69.

總的來說，我們交付的非 GAAP 每股攤薄收益為 12.04 美元。相比之下，去年非 GAAP 每股攤薄收益為 15.70 美元，是我們 2019 年非 GAAP 每股攤薄收益 5 美元的 3 倍多——抱歉，3.69 美元。

Now moving to our Q4 results. We are very pleased to report a consolidated sales increase of 7.3% to $3.6 billion. This was the largest sales quarter in the history of DICK'S Sporting Goods. Comparable store sales increased 5.3% on top of a 6.6% increase in the same period last year and 19.3% increase in Q4 of 2020 and a 5.3% increase in Q4 of 2019.

現在轉到我們的第四季度結果。我們很高興地報告綜合銷售額增長 7.3% 至 36 億美元。這是 DICK'S Sporting Goods 歷史上最大的銷售季度。可比店面銷售額增長 5.3%，去年同期增長 6.6%，2020 年第四季度增長 19.3%，2019 年第四季度增長 5.3%。

Our strong comps were driven by a 7.6% increase in transactions, partially offset by a 2.3% decline in average ticket. Within our portfolio, our priority categories did very well, driven by our differentiated assortment across footwear, athletic apparel and team sports. When compared to 2019, sales increased 37.9% or $988.1 million.

我們強勁的收入是由交易量增長 7.6% 推動的，部分被平均票價下降 2.3% 所抵消。在我們的產品組合中，我們的優先類別表現非常出色，這得益於我們在鞋類、運動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 37.9% 或 9.881 億美元。

On a non-GAAP basis, gross profit in the fourth quarter was $1.17 billion or 32.44% of net sales and declined 514 basis points versus last year. However, our gross profit increased 384 basis points over Q4 of 2019 on a non-GAAP basis. The year-over-year decline was driven by merchandise margin rate decline of 640 basis points and partially offset by lower supply chain costs.

按非美國通用會計準則計算，第四季度毛利潤為 11.7 億美元，占淨銷售額的 32.44%，與去年同期相比下降 514 個基點。然而，我們的毛利在非 GAAP 基礎上比 2019 年第四季度增長了 384 個基點。同比下降的原因是商品利潤率下降了 640 個基點，部分被較低的供應鏈成本所抵消。

As planned, during the holiday season, we provided our athletes with a series of compelling item level deals. Additionally, we continue to address targeted inventory overages due to the late arriving Sprint product. As a result of these actions, our inventory is in great shape as we start 2023. We are taking in new receipts and could not be more excited about our spring assortment. Importantly, when compared to 2019, Q4 '22 margin rate is 209 basis points higher, driven by a differentiated assortment, combined with our sophisticated and disciplined pricing strategy and a favorable product mix. These are the same key contributors to our structurally higher margins that we have been emphasizing.

按照計劃，在假期期間，我們為我們的運動員提供了一系列引人注目的單品級別優惠。此外，我們將繼續解決由於 Sprint 產品遲到而導致的目標庫存過剩問題。由於採取了這些行動，從 2023 年開始，我們的庫存狀況良好。我們收到了新的收據，對我們的春季商品分類感到無比興奮。重要的是，與 2019 年相比，22 年第四季度的利潤率高出 209 個基點，這得益於差異化的產品組合，再加上我們成熟而嚴謹的定價策略以及有利的產品組合。這些是我們一直強調的結構性較高利潤率的主要貢獻者。

On a non-GAAP basis, SG&A expenses were $823.7 million or 22.9% of net sales and leveraged 48 basis points compared to last year. Interest expense was $18 million, an increase of $9.2 million on a non-GAAP basis compared to the same period last year. This increase was primarily due to $11.4 million of interest expense related to the $1.5 billion senior notes issued in January of fiscal '21.

按非美國通用會計準則計算，SG&A 費用為 8.237 億美元，占淨銷售額的 22.9%，與去年相比槓桿化 48 個基點。利息支出為 1800 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 920 萬美元。這一增長主要是由於與 21 財年 1 月發行的 15 億美元優先票據相關的 1140 萬美元利息支出所致。

Driven by our structurally higher sales, expanded merchandise margin and operating efficiencies compared to pre-COVID levels, non-GAAP EBT was $350.5 million or 9.74% of net sales. This compares to a non-GAAP EBT of $148.6 million or 5.7% of net sales in 2019, an increase of $201.9 million or [404] basis points as a percentage of net sales. In total, we delivered non-GAAP earnings per diluted share of $2.93. This compares to a non-GAAP earnings per diluted share of $3.64 last year and represents a 122% increase over 2019's non-GAAP earnings per diluted share of $1.32.

與 COVID 之前的水平相比，在我們結構性更高的銷售額、擴大的商品利潤率和運營效率的推動下，非 GAAP EBT 為 3.505 億美元，占淨銷售額的 9.74%。相比之下，2019 年非美國通用會計準則 EBT 為 1.486 億美元，占淨銷售額的 5.7%，占淨銷售額的百分比增加了 2.019 億美元或 [404] 個基點。總的來說，我們交付的非 GAAP 每股攤薄收益為 2.93 美元。相比之下，去年的非 GAAP 攤薄每股收益為 3.64 美元，比 2019 年的非 GAAP 攤薄每股收益 1.32 美元增長了 122%。

As Lauren said, we are very excited about the opportunities ahead of us, particularly in our core business with DICK's House of Sport. As a result, we plan to convert our 17 existing Field & Stream stores, the majority of which are part of DICK'S Field & Stream combo store to DICK's House of Sport or larger [format] DICK's stores and exit the Field & Stream brand.

正如 Lauren 所說，我們對擺在我們面前的機遇感到非常興奮，尤其是在我們與 DICK's House of Sport 的核心業務中。因此，我們計劃將我們現有的 17 家 Field & Stream 商店（其中大部分是 DICK'S Field & Stream 組合商店的一部分）轉換為 DICK's House of Sport 或更大 [格式] DICK 的商店，並退出 Field & Stream 品牌。

We closed 12 of these stores during Q4, and we plan to convert the remaining stores by 2024. As a result, in Q4, we incurred pretax charges totaling $30.1 million, primarily noncash impairments of Field & Stream store assets. These charges, along with certain items related to our convertible senior notes were included in our GAAP earnings per diluted share of $2.60. For additional details on this, you can refer to our non-GAAP reconciliation table of our press release that we issued this morning.

我們在第四季度關閉了其中 12 家這樣的商店，我們計劃到 2024 年轉換剩餘的商店。因此，在第四季度，我們產生了總計 3010 萬美元的稅前費用，主要是 Field & Stream 商店資產的非現金減值。這些費用以及與我們的可轉換優先票據相關的某些項目已計入我們的 GAAP 每股攤薄收益 2.60 美元。有關這方面的更多詳細信息，您可以參考我們今天上午發布的新聞稿的非 GAAP 調節表。

Now looking to our balance sheet. We ended Q4 with approximately $1.9 billion of cash and cash equivalents, with no borrowings on our $1.6 billion unsecured credit facility. Quarter inventory levels increased 23% compared to Q4 of last year. As a reminder, we were chasing inventory last year amidst industry-wide supply chain disruptions. Therefore, the more useful comparison is against 2019. Compared to Q4 of 2019, a 38% increase in sales was well ahead of our 29% increase in inventory. Our inventory is healthy and well positioned.

現在看看我們的資產負債表。我們在第四季度結束時擁有大約 19 億美元的現金和現金等價物，我們的 16 億美元無擔保信貸額度沒有借款。與去年第四季度相比，季度庫存水平增加了 23%。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，更有用的比較是與 2019 年相比。與 2019 年第四季度相比，銷售額增長 38% 遠遠高於我們 29% 的庫存增長。我們的庫存健康且定位良好。

Turning to our fourth quarter capital allocation. Net capital expenditures were $89.8 million, and we paid $39.3 million in quarterly dividends. We also repurchased approximately 610,000 shares of our stock for $66 million at an average price of $107.53. Furthermore, following the exchange of approximately $95 million of the outstanding principle of our convertible senior notes, we gave notice in February to the convertible noteholders that the remaining $59 million will be redeemed in shares for the total principal plus the accrued interest. We expect these notes to be fully paid off by April 18.

轉向我們的第四季度資本配置。淨資本支出為 8980 萬美元，我們支付了 3930 萬美元的季度股息。我們還以 107.53 美元的平均價格以 6600 萬美元的價格回購了大約 610,000 股股票。此外，在交換了約 9500 萬美元的可轉換優先票據的未償還本金後，我們在 2 月向可轉換票據持有人發出通知，剩餘的 5900 萬美元將以股份形式贖回，以獲得本金總額和應計利息。我們預計這些票據將在 4 月 18 日之前全部付清。

Now let me move to our 2023 outlook, which will be for 53-week year. Coming off of 2 consecutive record years in 2020 and 2021, our 2022 results provide a strong foundation upon which we will build in 2023 and in the years ahead. Let's review the details. Comparable store sales are expected to be in the range of flat to positive 2%, with comps expected to be stronger in the first half due to improved inventory availability.

現在讓我談談我們的 2023 年展望，這將是 53 週的一年。繼 2020 年和 2021 年連續兩年創紀錄之後，我們 2022 年的業績為我們在 2023 年和未來幾年的發展奠定了堅實的基礎。讓我們回顧一下細節。預計可比店面銷售額將在持平至正 2% 之間，由於庫存可用性提高，預計上半年的可比店面銷售額將走強。

At the midpoint, EBT margin is expected to be approximately 11.7%, driven by increase in gross margins. This includes an expected improvement in merchandise margin and lower supply chain costs. Q1 gross margin is expected to meaningfully improve versus Q4, but be modestly down year-over-year primarily due to lower merchandise margins partially offset by improving freight expenses.

在中點，EBT 利潤率預計約為 11.7%，受毛利率增長的推動。這包括商品利潤率的預期改善和供應鏈成本的降低。與第四季度相比，第一季度毛利率預計將顯著提高，但同比略有下降，這主要是由於較低的商品利潤率被運費的改善部分抵消了。

We expect both gross margins and merchandise margins to sequentially improve through the year. SG&A expenses are expected to deleverage primarily due to investments to fund our growth strategy. Interest expense is expected to be approximately $55 million, which is down approximately $40 million year-over-year due to the inducement charges that we incurred throughout 2022 as we repurchase our convertible debt and related interest savings.

我們預計毛利率和商品利潤率將在今年依次提高。由於為我們的增長戰略提供資金的投資，SG&A 費用預計將去槓桿化。利息支出預計約為 5500 萬美元，同比下降約 4000 萬美元，這是由於我們在整個 2022 年回購可轉換債券和相關利息儲蓄時產生的誘導費用。

In total, we anticipate earnings per diluted share to be in the range of $12.90 to $13.80, which includes approximately $0.20 coming from the 53rd week. At the midpoint of this range, EPS is up 11% versus 2022 or up 5% on a 52-week comparable basis. Our earnings guidance is based on approximately 88 million average diluted shares outstanding and an effective tax rate of approximately 22%, which is driven by a favorable rate impact on the vesting of employee equity awards in the first quarter.

總體而言，我們預計每股攤薄收益將在 12.90 美元至 13.80 美元之間，其中包括來自第 53 週的約 0.20 美元。在此範圍的中點，每股收益較 2022 年增長 11%，或在 52 周可比基礎上增長 5%。我們的收益指引基於約 8800 萬股平均攤薄流通股和約 22% 的有效稅率，這是受第一季度對員工股權獎勵歸屬的有利稅率影響所推動。

I'll conclude with a brief discussion around capital allocation priorities. Investing in our business drive profitable organic growth remains our top priority. We also remain committed to returning significant capital to our shareholders through our quarterly dividend and through opportunistic share repurchases. In fact, over the past 2 years, we have returned nearly $2.4 billion to shareholders, which included approximately $1.6 billion of share repurchases and $766 million of dividend, all while continuing to invest in the profitable growth of our business. Where appropriate, we will pursue acquisitions to amplify our growth and add new capabilities for the future. All of this is underpinned by our commitment to a healthy balance sheet and maintaining our investment grade credit ratings.

最後，我將圍繞資本分配優先事項進行簡短討論。投資於我們的業務以推動盈利性有機增長仍然是我們的首要任務。我們還致力於通過季度股息和機會性股票回購向股東返還大量資本。事實上，在過去 2 年中，我們已向股東返還近 24 億美元，其中包括約 16 億美元的股票回購和 7.66 億美元的股息，同時繼續投資於我們業務的盈利增長。在適當的時候，我們將進行收購以擴大我們的增長並為未來增加新的能力。所有這一切都得到了我們對健康資產負債表和維持投資級信用評級的承諾的支持。

For 2023, our capital allocation plan includes capital expenditures of $550 million to $600 million. We will make significant investments to grow our business and drive athlete engagement. And as Lauren said, we are excited to return to growing our square footage. DICK'S House of Sport will be the primary driver of the square footage growth. In 2023, we will open 9 new DICK'S House of Sport locations, 8 of which are existing DICK'S and Field & Stream combo store conversions, along with 1 relocation.

2023 年，我們的資本配置計劃包括 5.5 億至 6 億美元的資本支出。我們將進行大量投資以發展我們的業務並推動運動員參與。正如 Lauren 所說，我們很高興能夠重新擴大我們的面積。 DICK'S House of Sport 將成為建築面積增長的主要驅動力。 2023 年，我們將開設 9 個新的 DICK'S House of Sport 地點，其中 8 個是現有的 DICK'S 和 Field & Stream 組合商店改造，以及 1 個搬遷。

We will also begin construction on more than 10 new DICK'S House of Sport locations that will open throughout 2024. In 2023, we will grow the footprint of our Golf Galaxy business through Golf Galaxy Performance Center and convert temporary value chain stores to permanent locations. In addition, we will convert over additional 100 stores to premium full-service footwear, taking this elevated athlete experience to over 75% of our DICK'S locations.

我們還將開始建設 10 多個新的 DICK'S House of Sport 地點，這些地點將在 2024 年全年開放。2023 年，我們將通過 Golf Galaxy Performance Center 擴大 Golf Galaxy 業務的足跡，並將臨時價值鏈商店轉變為永久地點。此外，我們將把另外 100 多家商店改造成優質的全方位服務鞋類，將這種提升的運動員體驗帶到我們 75% 以上的 DICK'S 門店。

In terms of returning capital to shareholders, today, we announced a considerable increase in our dividends of 105% to an annualized payout of $4 per share or $1 on a quarterly basis. This dividend increase is based on our confidence in our structurally higher sales and earnings profile and reflects our conviction in our strategies and future growth trajectory.

在向股東返還資本方面，今天，我們宣布將股息大幅增加 105%，達到每股 4 美元或每季度 1 美元的年化派息。這種股息增長是基於我們對結構性更高的銷售和盈利狀況的信心，並反映了我們對我們的戰略和未來增長軌蹟的信念。

In addition, our 2023 plan includes our expectation of $300 million of share repurchases to offset dilution. The effect of which is included in our EPS guidance. However, we will consider using our excess cash flow to opportunistically repurchase shares beyond the $300 million.

此外，我們的 2023 年計劃包括我們預期的 3 億美元股票回購以抵消稀釋。其影響包含在我們的 EPS 指南中。但是，我們將考慮使用我們的過剩現金流來機會主義地回購超過 3 億美元的股票。

With that, I'll turn it back over to Lauren to review some of the key initiatives that will propel our profitable long-term growth.

有了這個，我將把它轉回給 Lauren 來審查一些將推動我們盈利的長期增長的關鍵舉措。

Thanks, Navdeep. At DICK'S, we've been reinventing sports for 75 years. Over this time, we've grown significantly to become the largest omnichannel sports retailer in the U.S., a $140 billion industry, and the #1 premium golf and team sports destination in the world. We provide an unrivaled athletic apparel and footwear experience to our athletes. And we are the most important U.S. retail partner to many of the world's leading sports brands.

謝謝，納夫迪普。在 DICK'S，75 年來我們一直在重塑運動。在這段時間裡，我們已經顯著成長為美國最大的全渠道體育零售商，一個價值 1400 億美元的產業，以及世界排名第一的優質高爾夫和團隊運動目的地。我們為運動員提供無與倫比的運動服裝和鞋類體驗。我們是許多世界領先運動品牌在美國最重要的零售合作夥伴。

Since 2017, we have transformed virtually every aspect of our business and have added $3.6 billion in sales over the last 3 years. We are well positioned to extend our leadership in a large fragmented industry and have never been more excited about the future of DICK'S. Within merchandising, we've built an industry-leading assortment known for differentiated and on-trend product. Our ability to showcase an entire brand portfolio is highly valued by our strategic partners, and our relationships with key brands remain stronger than ever. We're also developing relationships with new and emerging brands, and at the same time, have created powerhouse vertical brands that collectively represent the second largest brand in our company.

自 2017 年以來，我們幾乎改變了我們業務的方方面面，並在過去 3 年中增加了 36 億美元的銷售額。我們有能力擴大我們在一個龐大的分散行業中的領導地位，並且對 DICK'S 的未來感到前所未有的興奮。在銷售方面，我們建立了一個行業領先的分類，以差異化和流行的產品而聞名。我們展示整個品牌組合的能力受到戰略合作夥伴的高度重視，我們與主要品牌的關係比以往任何時候都更加牢固。我們還在發展與新興品牌的關係，同時創建了強大的垂直品牌，這些品牌共同代表了我們公司的第二大品牌。

In our stores, we've invested in our teammate experience in training to heighten our team's ability to provide an enhanced level of service to our athletes, all while continuing to make DICK'S a fun and rewarding place to work. We believe strongly that highly engaged teammates are critical to providing a great experience for our athletes. And our culture is one of our key competitive advantages.

在我們的商店中，我們投資於我們隊友的訓練經驗，以提高我們團隊為我們的運動員提供更高水平服務的能力，同時繼續使 DICK'S 成為一個有趣和有益的工作場所。我們堅信，高度敬業的隊友對於為我們的運動員提供出色的體驗至關重要。我們的文化是我們的主要競爭優勢之一。

In 2022, we were named one of Fortune's Best Workplaces in Retail. And just last month, we were named one of America's best large employers by Forbes. Along with enhanced service, we've leveraged distinct in-store elements powered by technology to provide an unparalleled athlete experience. Experiential in-store elements such as HitTrax batting cages, TrackMan golf simulators and premium full-service footwear decks, inspire confidence in our athletes and reinforce the power of our expertise.

2022 年，我們被《財富》雜誌評為零售業最佳工作場所之一。就在上個月，我們被福布斯評為美國最佳大型雇主之一。除了增強的服務，我們還利用由技術支持的獨特店內元素來提供無與倫比的運動員體驗。 HitTrax 擊球籠、TrackMan 高爾夫模擬器和優質全方位服務鞋類甲板等體驗式店內元素激發了我們運動員的信心，並增強了我們專業知識的力量。

These strategies in combination with our personalized marketing engine and brand building efforts are working. We added 7 million new athletes during the year and reached record highs in our active athlete database in Q4. Our new athletes continue to skew younger and more female, representing a great opportunity for future growth. Importantly, our gold athletes, our most valuable cohort hit a record high of over 7 million people, equating to nearly 30% of our active scorecard members.

這些策略與我們的個性化營銷引擎和品牌建設工作相結合正在發揮作用。我們在這一年新增了 700 萬名運動員，並在第四季度創下了活躍運動員數據庫的歷史新高。我們的新運動員繼續偏向年輕化和女性化，這是未來發展的絕佳機會。重要的是，我們的金牌運動員，我們最有價值的人群創下了超過 700 萬人的歷史新高，相當於我們活躍記分卡成員的近 30%。

We're seeing very strong retention with our gold athletes and they continue to drive meaningful sales growth, representing well over 40% of total sales. We've also launched new concepts such as Public Lands and Golf Galaxy Performance Center to better serve enthusiast outdoor athletes and golfers and recently announced that we will be acquiring leading outdoor retailer, Moosejaw, a real affirmation of our commitment to growth in the multibillion-dollar outdoor category.

我們看到金牌運動員的保留率非常高，他們繼續推動有意義的銷售增長，佔總銷售額的 40% 以上。我們還推出了 Public Lands 和 Golf Galaxy Performance Center 等新概念，以更好地為戶外運動愛好者和高爾夫球手提供服務，並且最近宣布我們將收購領先的戶外零售商 Moosejaw，這是對我們致力於在數十億-元戶外類。

However, there is no greater example of our commitment to innovation within the athlete experience than DICK'S House of Sport. DICK's House of Sport is redefining sports retail. It's an experiential destination that was hired by Ed as he challenged us to create a concept that is built across the street from a DICK'S Sporting Goods store would put that store out of business.

然而，沒有比 DICK'S House of Sport 更能體現我們對運動員體驗創新承諾的例子了。 DICK's House of Sport 正在重新定義體育零售。這是 Ed 僱用的體驗目的地，因為他向我們提出挑戰，要求我們創造一個概念，即在 DICK'S Sporting Goods 商店街對面建造的概念將使該商店倒閉。

It's this way of thinking that drives us to continue to innovate and create market-leading disruption. House of Sport is an experience that fosters deep community involvement goes well beyond traditional retail and has become a destination where athletes can fuel their passions. Since launching House of Sport in 2021, our initial 3 locations have exceeded our expectations, driving strong engagement with our brand partners while delivering much higher total sales and profit as well as much higher sales and profit on a per square foot basis.

正是這種思維方式驅使我們不斷創新並創造市場領先的顛覆。 House of Sport 是一種促進深入社區參與的體驗，遠遠超出了傳統零售業，它已成為運動員激發激情的目的地。自 2021 年推出 House of Sport 以來，我們最初的 3 個地點超出了我們的預期，推動了與我們品牌合作夥伴的密切互動，同時帶來了更高的總銷售額和利潤，以及更高的每平方英尺銷售額和利潤。

House of Sport will be a significant part of our future growth story. Over the next 2 years, we plan to open around 20 additional locations, including Downtown Boston and our 2 hometowns of Pittsburgh and Binghamton, New York. And over the next 5 years, we could have as many as 75 to 100 House of Sport across the country. We are also continuing to pull key learnings into our core DICK'S fleet. In fact, later this year, we're excited to open the next-generation 50,000 square foot DICK'S store in South Bend, Indiana, which will reflect the House of Sport learnings for our athletes. For those who haven't yet had the chance to visit a House of Sport in person, which we highly recommend, we've added a short video to our Investor Relations website to help bring the experience to life.

House of Sport 將成為我們未來發展故事的重要組成部分。在接下來的 2 年裡，我們計劃開設大約 20 個額外的地點，包括波士頓市中心和我們的 2 個家鄉匹茲堡和紐約賓厄姆頓。在接下來的 5 年裡，我們可以在全國擁有多達 75 到 100 個體育之家。我們還繼續將重要的知識融入我們的核心 DICK'S 機隊中。事實上，今年晚些時候，我們很高興在印第安納州南本德開設下一代 50,000 平方英尺的 DICK'S 商店，這將反映我們運動員在體育之家的學習。對於那些還沒有機會親自參觀我們強烈推薦的體育館的人，我們在我們的投資者關係網站上添加了一個簡短的視頻，以幫助將體驗帶入生活。

Across our ecosystem, we will continue to improve our omnichannel experience. For decades, we focused on making meaningful investments in technology with the long game in mind. Our athletes desired touch points have evolved significantly over the years, and we think about how to best meet their needs through a personalized experience enabled by technology and arguably the best data set in sports.

在我們的生態系統中，我們將繼續改善我們的全渠道體驗。幾十年來，我們著眼於長遠，專注於對技術進行有意義的投資。多年來，我們的運動員期望的接觸點發生了顯著變化，我們考慮如何通過技術支持的個性化體驗和可以說是運動中最好的數據集來最好地滿足他們的需求。

We continue to see growth in our omnichannel athletes who spend more with us and shop more frequently than single-channel athletes. We're excited by the results these investments are generating and believe our capabilities are distinctive in our industry and provide a long-term competitive advantage. As we expand our leadership position in youth sports, GameChanger plays a pivotal role.

我們繼續看到我們的全渠道運動員在增長，他們在我們這里花費更多，並且比單一渠道運動員更頻繁地購物。我們對這些投資產生的結果感到興奮，並相信我們的能力在我們的行業中是獨一無二的，並提供長期的競爭優勢。隨著我們擴大在青少年體育領域的領導地位，GameChanger 發揮著舉足輕重的作用。

GameChanger is the premier scoring and statistics mobile app for youth sports and is a leader in the multibillion-dollar sports technology market. As a recurring revenue Software-as-a-Service company. GameChanger has delivered 5-year revenue CAGR of 35%, while also being profitable, a function of its business model, which delivers some of the best unit economics in consumer technology. With GameChanger, we are connecting youth athletes to their teammates, coaches and families through score-keeping and live streaming, all on 1 easy-to-use mobile app.

GameChanger 是面向青少年體育的首要計分和統計移動應用程序，是價值數十億美元的體育技術市場的領導者。作為一家經常性收入軟件即服務公司。 GameChanger 實現了 35% 的 5 年收入複合年增長率，同時還盈利，這是其商業模式的一個功能，它提供了消費技術領域最好的單位經濟效益。借助 GameChanger，我們通過記分和直播將青年運動員與他們的隊友、教練和家人聯繫起來，所有這些都在一個易於使用的移動應用程序上進行。

Over the past 2 years, our GameChanger team transformed its user experience to incorporate video streaming highlights and 8 [new] sports, all delivered to athletes and their families on their phones and tablets anywhere they are. Every year, nearly 6 million games are covered on GameChanger and athletes and their families engaged with the platform for over 280 million hours. To put this in perspective, more games are covered in a single spring month on GameChanger that have been played in the entire history of Major League Baseball. We were honored to see GameChanger named to Fast Company's list of the World's Most Innovative Companies for 2023 and also be named as a finalist for the Sports Business Journal Tech awards that will be held later today. Looking ahead, we will continue innovating within youth sports technology and strengthening this important connection with athletes.

在過去的 2 年裡，我們的 GameChanger 團隊改變了其用戶體驗，將視頻流媒體亮點和 8 種 [新] 運動結合起來，所有這些都通過手機和平板電腦隨時隨地提供給運動員及其家人。每年，GameChanger 上會播放近 600 萬場比賽，運動員及其家人使用該平台的時間超過 2.8 億小時。從這個角度來看，在整個美國職業棒球大聯盟的歷史上，GameChanger 在一個春季的一個月內涵蓋了更多的比賽。我們很榮幸看到 GameChanger 入選 Fast Company 的 2023 年全球最具創新力公司名單，併入圍將於今天晚些時候舉行的體育商業雜誌技術獎決賽。展望未來，我們將繼續在青少年體育技術領域進行創新，並加強與運動員的重要聯繫。

Lastly, we have big plans for our brand in 2023. Over the years, our brand marketing has inspired athletes to participate in sports and our Sports Matter program has made it possible for more youth athletes to experience the unique and life-altering benefits that youth sports provide. We believe it's time to blend the inspiration and aspiration that's always been a part of our brand marketing efforts with the raw power and a motion of our Sports Matter initiative.

最後，我們在 2023 年為我們的品牌制定了宏偉的計劃。多年來，我們的品牌營銷激勵運動員參與體育運動，而我們的 Sports Matter 計劃使更多的青年運動員能夠體驗到獨特的、改變生活的好處。運動提供。我們認為，是時候將一直是我們品牌營銷工作一部分的靈感和抱負與我們 Sports Matter 倡議的原始力量和動議結合起來了。

To make that happen, we're really pleased to share that we will be relaunching our brand during the upcoming NCAA tournament with a campaign focused on the power of sports to change lives. We are so proud of the great work our team has done. And if you're watching the tournament, men's or women's, I promise you will not miss it.

為了實現這一目標，我們非常高興地宣布，我們將在即將舉行的 NCAA 錦標賽期間重新推出我們的品牌，並開展一場專注於體育改變生活的力量的活動。我們為我們的團隊所做的出色工作感到自豪。如果你正在觀看比賽，無論男子還是女子，我保證你不會錯過。

In addition, we're combining this with a commitment from our foundation of more than $5 million to fund 75 youth sports organizations, each with a $75,000 grant to keep kids playing.

此外，我們將此與我們基金會承諾的超過 500 萬美元資助 75 個青年體育組織，每個組織提供 75,000 美元的贈款，讓孩子們繼續運動。

In closing, we want to reiterate that our strong Q4 and 2022 performance is the direct result of our strategies, our agility in meeting the evolving needs of our athletes and our relentless drive to innovate all supported by outstanding execution from our team. Since 1948, DICK'S has believed in the power of sports to change lives, and we are committed to bringing this belief to life through our athlete experience, brand engagement, differentiated product and, most importantly, our people.

最後，我們要重申，我們在第四季度和 2022 年的強勁表現是我們戰略的直接結果，我們在滿足運動員不斷變化的需求方面的敏捷性以及我們團隊出色執行力支持的不懈創新動力。自 1948 年以來，DICK'S 一直堅信體育改變生活的力量，我們致力於通過我們的運動員體驗、品牌參與、差異化產品以及最重要的是我們的員工將這一信念變為現實。

These are the pillars of the new foundation of growth for our business, and we believe that no one is better positioned to lead in the marketplace. Before concluding, I'd like to thank all of our teammates across our stores, distribution centers and customer support center for their outstanding efforts and continued commitment to our business.

這些是我們業務增長新基礎的支柱，我們相信沒有人能更好地引領市場。在結束之前，我要感謝我們門店、配送中心和客戶支持中心的所有同事，感謝他們的傑出努力和對我們業務的持續承諾。

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

我們準備好的發言到此結束。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 the line of Simeon Gutman with Morgan Stanley.

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

My first question is on the '23 merchant margin guidance that's [being up]. Can you tell us the source, the mix underlying initial markups less promo? And then is the '22 level of merch margin, is that the baseline that you're underwriting has number we won't (inaudible) any.

我的第一個問題是關於 [being up] 的 23 年商家保證金指南。你能告訴我們來源，初始加價減去促銷的混合嗎？然後是 22 年的商品保證金水平，你承保的基線有我們不會（聽不清）的數字。

Simeon, yes, our fiscal '22 level of merch margin is indeed a new baseline. We are planning to grow our merch margin going forward. I'll turn to Navdeep to answer the breakdown of where we think that will come from next year.

Simeon，是的，我們 22 財年的商品利潤率水平確實是一個新的基準。我們計劃在未來增加我們的商品利潤率。我將求助於 Navdeep 來回答我們認為明年將來自何處的細分。

Simeon, as we articulated in our guidance, we expect the profitability of the business to improve next year, driven by both growth in our merchandise margin and gross margin. And as we talked about it, we are very optimistic about continuing to grow our top line and profitability on the long-term basis as well.

Simeon，正如我們在我們的指導中所闡明的那樣，我們預計明年業務的盈利能力將在我們的商品利潤率和毛利率增長的推動下有所改善。正如我們所談論的那樣，我們對在長期基礎上繼續增加我們的收入和盈利能力非常樂觀。

Okay. I guess the follow-up switch to sales. One of the factors or a lot of factors have driven the better sales performance I think some of the narrow distribution, but should also a reflection of how well you've done that DICK'S is getting key product [idea] has helped. What's your line of sight that this structure holds that DICK'S continues to be a place with exclusive unique product and that the marketplace doesn't evolve to be more widespread.

好的。我猜想後續會轉向銷售。一個因素或許多因素推動了更好的銷售業績，我認為一些狹窄的分佈，但也應該反映出你做得有多好，即 DICK'S 正在獲得關鍵產品 [idea] 有所幫助。在您看來，這種結構認為 DICK'S 仍然是一個擁有獨特產品的地方，並且市場不會發展得更廣泛。

Thanks, Simeon. You're absolutely right that our product mix and our assortment is a key driver of our growth, and it's been a driver of our growth in our transformation, and it will be going forward. we believe there has been a structural change in our business over the last 5 years. First of all, we've seen a shift in consumer behavior where they are prioritizing athletic endeavor sports, health and active -- heath and -- healthy excuse me, an active lifestyle, and they're prioritizing DICK'S in order to meet those needs. But as you mentioned, we've also completely revamped our athlete experience. So we've got omnichannel capabilities that people are leaning into. We've got a great service model that we continue to focus on. And we brought in experiences such as HitTrax and TrackMan into our overall experience so that people can really feel confident in the goods that they're buying.

謝謝，西蒙。你說得對，我們的產品組合和分類是我們增長的關鍵驅動力，它一直是我們轉型增長的驅動力，而且它將向前發展。我們相信過去 5 年我們的業務發生了結構性變化。首先，我們已經看到消費者行為發生了轉變，他們優先考慮運動、健康和活躍——健康和——對不起，健康，一種積極的生活方式，他們正在優先考慮 DICK'S 以滿足這些需求.但正如您提到的，我們還徹底改進了我們的運動員體驗。因此，我們擁有人們正在使用的全渠道功能。我們有一個很棒的服務模型，我們將繼續關注它。我們將 HitTrax 和 TrackMan 等體驗引入到我們的整體體驗中，這樣人們才能真正對他們購買的商品充滿信心。

And then lastly, our ability to showcase a brand from head to toe and to really put a brand forward and the best light possible has become a big advantage. So our distribution, our access to products, the fact that we now have products all the way from opening price point up to what the enthusiast will desire to meet their needs on the field is absolutely part of our ongoing strategy. We're very confident in that growth.

最後，我們能夠從頭到腳展示品牌並真正推動品牌發展，並儘可能提供最好的燈光，這已成為一大優勢。因此，我們的分銷，我們對產品的訪問，我們現在擁有的產品從開盤價一直到發燒友希望滿足他們在現場的需求，這絕對是我們持續戰略的一部分。我們對這種增長非常有信心。

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。

Great. And nice end to a great year. Lauren, I wanted to focus sort of on the maybe longer-term horizon on the new concept and the store growth. It sounds like you're now back into the acceleration of square footage and the stores that are being opened are much larger in size, I think. Can you talk about kind of the sales productivity of those boxes and the EBIT contribution and how we should think about that sort of impacting the consolidated [4-wall]. And then my follow-up, Navdeep is also on that, in that kind of top line environment, what do longer-term kind of EBT margins look like maybe on a 3-year or 5-year horizon, if you will.

偉大的。美好的一年結束了。勞倫，我想把重點放在新概念和商店增長的長期視野上。聽起來你現在又回到了平方英尺的加速，我認為正在開業的商店規模要大得多。你能談談這些盒子的銷售效率和息稅前利潤的貢獻，以及我們應該如何考慮這種對綜合 [4-wall] 的影響。然後我的後續行動，Navdeep 也在那個問題上，在那種頂線環境中，如果你願意的話，長期的 EBT 利潤率可能在 3 年或 5 年的範圍內是什麼樣子。

Thanks, Adrienne. You're absolutely correct that we are leaning into new store growth and specifically due to the experience we've had with House of Sport, the fact that the 3 experiences that we built as really concept stores have become scalable, highly profitable, more sales, more profit, both on a total basis as well as a square footage basis, we are leaning into that growth. And so we will have 9 that are being built this year from remodels and one relocation as well as 10 in the pipeline for 2024 that we're already going to start construction this year. we're very, very bullish on House of Sport and what this can do for our athlete experience in our business. Navdeep?

謝謝，艾德麗安。你是完全正確的，我們正傾向於新店的增長，特別是由於我們在 House of Sport 的經驗，事實上我們作為真正的概念店建立的 3 種體驗已經變得可擴展、高利潤、更多的銷售，更多的利潤，無論是在總的基礎上還是在平方英尺的基礎上，我們都傾向於這種增長。因此，我們今年將有 9 座正在通過改建和一處搬遷建造，還有 10 座正在籌備中，將於 2024 年開始建設，我們今年已經開始建造。我們非常、非常看好 House of Sport 以及它可以為我們的運動員在我們的業務中的體驗做些什麼。導航深度？

Adrienne, great question. I think maybe there is 2 ways to answer this. First of all, like we have said 2022 is the new baseline foundation upon which we will grow our sales and earnings over the long term. As also Lauren noted, as we look to the future, we still believe there is a tremendous amount of share gain opportunity for us. We are the largest sporting goods company. And right now, our share in $140 billion industry is just 8%. So as we look to the future, that is we are very optimistic about the opportunity that we have to continue to provide differentiated assortment and service to our athletes and continue to gain share. I'm not willing to give today a long-term rubric, but here's the way to think about it, that we believe we can continue to drive positive comps, continue to grow our square footage and continue to expand our profitability into the future. And we are very optimistic, as you can see based on the guidance that we have provided that for 2023.

艾德麗安，好問題。我想也許有兩種方法可以回答這個問題。首先，就像我們說過的那樣，2022 年是我們長期增長銷售額和收益的新基線。正如 Lauren 指出的那樣，展望未來，我們仍然相信我們有巨大的份額增長機會。我們是最大的體育用品公司。而現在，我們在價值 1400 億美元的行業中的份額僅為 8%。因此，當我們展望未來時，我們對繼續為我們的運動員提供差異化分類和服務並繼續獲得份額的機會感到非常樂觀。我不願意在今天給出一個長期的標題，但這是思考它的方式，我們相信我們可以繼續推動積極的競爭，繼續擴大我們的面積並繼續擴大我們未來的盈利能力。我們非常樂觀，正如您根據我們為 2023 年提供的指導所看到的那樣。

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。

I think 2 questions, just -- I just want to -- I think this is kind of obvious, but the cadence of comps in 2023, could you give a little more color? Are they sort of strongest in the first quarter and then fade through the year and at a [0 to 2]. I think you're implying that we should be doing negative same-store sales for the back half of the year. I just want to confirm that.

我想有 2 個問題，只是 - 我只是想 - 我認為這有點明顯，但是 2023 年的節奏，你能再多說一點嗎？他們是不是在第一季度表現最強勁，然後在一年中以 [0 比 2] 的速度消退。我認為你是在暗示我們應該在今年下半年進行負同店銷售。我只是想確認一下。

And then the other question is somewhat related. Just the average transaction size was, I think you guys said down in the fourth quarter, I think 2.3%. That doesn't -- you guys don't have negative average transaction size often? Is it -- can you give us color on it? Is it weak, large ticket or lack of price increases? And then also related to that, the traffic was obviously offset that. Was that store -- more store traffic or more online transactions? Any color on these things around same-store sales would be great.

然後另一個問題有點相關。只是平均交易規模是，我想你們在第四季度說的下降了 2.3%。那不是——你們不經常有負平均交易規模嗎？它是——你能給我們顏色嗎？是疲軟、大票還是沒有漲價？然後也與此相關，流量顯然被抵消了。那家商店是——更多的商店流量還是更多的在線交易？這些東西在同店銷售中的任何顏色都會很棒。

Thanks, Robby. I'll start off. The cadence of comps in fiscal '23, you're correct. That we will expect -- we do expect comps to be stronger in the first half than the second half. As you think back to last year at this time, Q1 and Q2, we had significant inventory challenges. That's the whole reason why the inventory came in late as the year went on. And it was difficult to put together a really fantastic athlete experience. At this point, our spring product is in. I would actually encourage you to go to a DICK'S store and take a look. We have a fantastic assortment.

謝謝，羅比。我要開始了。 23 財年的補償節奏，你是對的。我們會期望 - 我們確實希望 comps 在上半年比下半年更強大。當你回想起去年的這個時候，第一季度和第二季度，我們面臨著巨大的庫存挑戰。這就是為什麼庫存隨著時間的推移而遲到的全部原因。而且很難將真正出色的運動員體驗放在一起。至此，我們的春季產品上市了。我實際上鼓勵您去 DICK'S 商店看一看。我們有一個很棒的分類。

And so due to the comps from last year and the confidence we have in our business, we do expect comps to be very strong in the first half. As you look towards the back half of the year, we're just being cautious. We're up against a 6% comp, and we want to reflect that the comps will moderate. I'll turn it -- I will turn it over to Navdeep to break down some of your further questions. But I do want to start by saying your question about transaction size, I think you have to start with the fact that transactions were up 7.6%.

因此，由於去年的業績和我們對業務的信心，我們確實預計上半年的業績會非常強勁。當你展望今年下半年時，我們只是保持謹慎。我們面對的是 6% 的補償，我們想反映出補償會適度。我會把它轉給 Navdeep 來分解你的一些進一步問題。但我確實想先說一下你關於交易規模的問題，我認為你必須從交易增長 7.6% 的事實開始。

So while there was a slight decline in average ticket and we don't break out whether that's AUR, UPT, we did find that there were more athletes, so we have more athletes in our database. They shopped more frequently. And in total, they spent more. So delivering a 5.3% comp with that level of transaction size, we're really, really pleased with that.

因此，雖然平均票價略有下降，而且我們沒有說明這是 AUR 還是 UPT，但我們確實發現有更多的運動員，所以我們的數據庫中有更多的運動員。他們購物的頻率更高。總的來說，他們花了更多。因此，以這種交易規模提供 5.3% 的補償，我們對此非常非常滿意。

Robby, I think Lauren covered that answered really well. Maybe another way to think about this is if you look at our -- the same transaction and ticket versus 2019, we saw much balanced performance. So that maybe is another way to think about that. And then as you look to the guidance overall, we are remaining very optimistic and confident about the guidance that we have provided here for 2023.

Robby，我認為 Lauren 的回答非常好。也許另一種思考方式是，如果你看看我們的——與 2019 年相同的交易和門票，我們看到了非常平衡的表現。所以這也許是另一種思考方式。然後，當您查看總體指導時，我們對我們在此提供的 2023 年指導保持非常樂觀和自信。

Our next question comes from Kate McShane with Goldman Sachs.

我們的下一個問題來自高盛的 Kate McShane。

We wondered if we could go back to the merchandise margins and the gross margin guide in terms of what is driving the improvement that you expect for gross margins in '23. Is it because we're lapping such severe inventory issues and promotions in '22 that you expect things to be a little bit better? Is there something changing with the vendor relationships or the merch margin to be a little bit better? Any drill down there would be really helpful.

我們想知道我們是否可以回到商品利潤率和毛利率指南，了解是什麼推動了您對 23 年毛利率的預期改善。是不是因為我們在 22 年解決瞭如此嚴重的庫存問題和促銷活動，您希望情況會好一點？供應商關係或商品利潤率是否發生了變化，變得更好了一點？任何向下鑽取都會非常有幫助。

Kate, this is Navdeep. So we gave 2 color commentary around the gross margin expectation. First, that we expect that the merch margin and gross margins will improve into 2023, 2 drivers merch margin as well as the lower freight expenses that we will start to see the benefit into 2023 as well. In terms of a little bit of more cadence around gross -- merch margin itself, as you can imagine, the inventory positions in Q1, both for us as well as the -- in the industry was pretty lean and was pretty constrained. So as we are annualizing that, we expect some level of normalization of the pricing in the first half and that's what we gave in our kind of a cadence for the merch margin expansion. And as you think about the back half, we also expect the freight expenses to start to have the benefit as the inventory starts to turn because we capitalize those expenses. So that's the other factor that we have contemplated in our guidance.

凱特，這是 Navdeep。因此，我們圍繞毛利率預期給出了 2 種顏色的評論。首先，我們預計到 2023 年商品利潤率和毛利率將提高，2 個驅動程序的商品利潤率以及較低的運費，我們也將在 2023 年開始看到收益。正如您可以想像的那樣，就毛利率本身的更多節奏而言，第一季度的庫存狀況，無論是對我們還是對行業來說都非常精簡，而且非常受限。因此，當我們對其進行年度化時，我們預計上半年的定價會出現一定程度的正常化，這就是我們為商品利潤率擴張提供的節奏。當你考慮後半部分時，我們還預計運費將隨著庫存開始轉變而開始受益，因為我們將這些費用資本化。所以這是我們在指南中考慮的另一個因素。

Kate, I just want to pick up one other part of your question. You asked whether we're lapping severe inventory issues or promotions. I want to be very clear that while we managed through a lot of inventory disruptions last year, there was no return to an overall promotional environment. We cleared due inventory through our value chain stores, through our Going, Going, Gone! chain, and we were able to keep the DICK'S store really looking great for holiday with an assortment of full-price merchandise. And that really was true throughout the entire year. So promotions, I just want to pick up on the -- story that comes up all the time, promotions were not a key factor in our year, last year. There was price item discounts, especially on lumps, but it wasn't a highly promotional environment for us.

凱特，我只想回答你問題的另一部分。您問我們是否正在應對嚴重的庫存問題或促銷活動。我想非常明確地指出，雖然去年我們設法解決了很多庫存中斷問題，但整體促銷環境並沒有恢復。我們通過我們的價值鏈商店，通過我們的 Going，Going，Gone！連鎖店，我們能夠通過各種全價商品讓 DICK'S 商店看起來非常適合度假。整整一年都是如此。所以促銷活動，我只想了解 - 一直出現的故事，促銷活動並不是我們去年的關鍵因素。有價格商品折扣，尤其是塊狀商品，但對我們來說這不是一個高度促銷的環境。

Our next question comes from Chris Horvers with JPMorgan.

我們的下一個問題來自摩根大通的克里斯霍弗斯。

I have a couple of top line-related questions as well. So first, as you think about how you're planning the business you've referenced 2019 up until this point, we're getting to a period is 2019 even a good reference point. So are you looking at things on a 4-year basis? And then more broadly, is the expectation that your business sort of reverts to like a normal seasonal cadence over the year? And then related to that, just as you think about that back half and that hard compare, to what extent do you think that the promotions elevated the comp trend in the back half of the year as -- in terms of like some sales that you're just going to have to naturally get back?

我也有幾個與頂線相關的問題。因此，首先，當您考慮如何規劃您在 2019 年之前引用的業務時，我們將進入一個時期，即 2019 年甚至是一個很好的參考點。那麼你是在 4 年的基礎上看事情嗎？然後更廣泛地說，是否期望您的業務在一年中恢復到正常的季節性節奏？然後與此相關的是，就像你考慮後半部分和那個艱難的比較一樣，你認為促銷在多大程度上提升了下半年的補償趨勢——就你認為的一些銷售額而言只是要自然而然地回來嗎？

Yes. Thanks, Chris. We have been talking in 2019 just due to all of the ups and downs of the past few years, but we will not be doing that going forward. And '22 is the new base from which we're going to grow. We're going to grow the top line and bottom line. And yes, it is our hope that this year, finally, there is some normalized seasonal cadence just because with the inventory challenges for last year and the impact that had on consumer shopping behavior as well as some of the issues people are having with inflation. All of that will -- we're hoping will normalize this year so that we can continue to plan from this going forward.

是的。謝謝，克里斯。由於過去幾年的所有起伏，我們一直在談論 2019 年，但我們不會在未來這樣做。 22 年是我們發展的新基地。我們將增加頂線和底線。是的，我們希望今年終於有一些正常的季節性節奏，只是因為去年的庫存挑戰及其對消費者購物行為的影響以及人們在通貨膨脹方面遇到的一些問題。所有這一切都將——我們希望今年能夠正常化，這樣我們就可以繼續計劃未來的發展。

Important point and related to what I was just saying to Kate, our promotions did not elevate our comp trends in the second half. In fact, most of the inventory liquidation that we had happened in our value chain and in our warehouse stores, which don't affect our comp, our comp was driven by transactions, 7.6% increase in transactions.

重要的一點和我剛才對凱特說的話有關，我們的晉升並沒有提升我們下半年的競爭趨勢。事實上，我們的大部分庫存清算發生在我們的價值鍊和我們的倉庫中，這不會影響我們的補償，我們的補償是由交易驅動的，交易增加了 7.6%。

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。

Okay. Geez I hate to ask too mundane and boring modeling questions, but I did want to ask you about your 2020 sales growth or sales outlook versus comps, we can probably estimate the extra week, but is Moosejaw, which I think is a couple of hundred million dollars supposed to close in March. Is that in the guidance? Or would that be above and beyond?

好的。 Geez 我不想問太平凡和無聊的建模問題，但我確實想問你關於你 2020 年的銷售增長或銷售前景與 comps，我們可能可以估計額外的一周，但是是 Moosejaw，我認為是幾百萬美元應該在三月份關閉。是在指南中嗎？或者那會超越嗎？

Go ahead, Navdeep.

去吧，Navdeep。

Mike, Moosejaw is not included in our guidance as the transaction has not yet closed. So we will include that commentary in our next quarter's outlook.

Mike，Moosejaw 未包含在我們的指導中，因為交易尚未完成。因此，我們將在下一季度的展望中包含該評論。

It's not likely to be material.

這不太可能是物質的。

Okay. Fine. Okay. And then a second modeling question. Talk to us about interest income was a big driver to earnings in the fourth quarter. What is -- you told us what interest expense should be in 2023. Can you tell us what interest income is expected within your EBT guidance?

好的。美好的。好的。然後是第二個建模問題。與我們談論利息收入是第四季度收益的重要推動力。什麼是——你告訴我們 2023 年的利息支出應該是多少。你能告訴我們在你的 EBT 指導下預期的利息收入是多少嗎？

That's a great question, Mike. I think it will all depend on what do we do with the excess cash as we have also included in our guidance that we will continue to remain opportunistic with our share buyback. So depending on what we do with the share buyback, that will have an impact on the interest income. But you rightfully said, with the current interest environment that we have, we are able to get a good yield on our excess cash on the balance sheet.

這是一個很好的問題，邁克。我認為這將完全取決於我們如何處理多餘的現金，因為我們也在我們的指導中包括我們將繼續在股票回購方面保持機會主義。因此，根據我們對股票回購的處理方式，這將對利息收入產生影響。但你說得對，在我們目前的利率環境下，我們能夠從資產負債表上的多餘現金中獲得良好的收益。

Our next question comes from Michael Lasser with UBS.

我們的下一個問題來自瑞銀的 Michael Lasser。

So you mentioned that the 30 -- the 2022 present a 34.6% gross margin -- let me start that again. You mentioned that the 2022 gross margin of 34.6% is the new level from which you'll start to move higher from over -- from here. Yet the 34.6% gross margin last year had a significant amount of inventory liquidation within that. So plus you have the benefit of lower transportation costs. So a, why wouldn't you get more of that back? And to what degree are you just assuming that transportation costs are going to drive the gross margin in 2023.

所以你提到 30 - 2022 年的毛利率為 34.6% - 讓我重新開始。你提到 2022 年 34.6% 的毛利率是新的水平，你將從這裡開始走得更高。然而，去年 34.6% 的毛利率中有大量庫存清算。因此，您還可以享受更低的運輸成本。那麼，你為什麼不得到更多的回報呢？您只是假設運輸成本將在多大程度上推動 2023 年的毛利率。

In a nutshell, why isn't your gross margin going to be even better moving forward? Are you expecting that promotions are going to increase, and that will provide a little bit of an offset?

簡而言之，為什麼您的毛利率不會更好地向前發展？您是否預計促銷活動會增加，這會提供一點抵消？

Michael, let's make sure we understand your question currently because maybe I'll begin with the middle part of your question. You indicated that the transportation cost was a benefit in 2022. Actually, that is not the case because we recognize the freight expenses over the turn of the inventory. So by the time we started to see the early benefits of the freight expenses by the time it rolls through, we actually will start to see the benefit in the second half of 2023.

邁克爾，讓我們確保我們目前理解你的問題，因為也許我會從你問題的中間部分開始。您表示運輸成本在 2022 年是一項收益。實際上，情況並非如此，因為我們在存貨周轉時確認了運費。因此，當我們開始看到運費的早期收益時，我們實際上將在 2023 年下半年開始看到收益。

And in terms of the guidance, that's kind of the first part of your question, what we said about both the sales and the profitability and we're not indicating to the gross margins. We're talking about the overall profitability of the company is the new baseline. So we are very confident in the guidance that we gave that we will improve both the merch margin and gross profit into 2023 over where we finished 2022.

就指導而言，這是你問題的第一部分，我們談到了銷售額和盈利能力，我們並沒有指出毛利率。我們所說的公司整體盈利能力是新的基準線。因此，我們對我們給出的指導非常有信心，即我們將在 2022 年完成的基礎上將商品利潤率和毛利潤提高到 2023 年。

Here's the better way to maybe ask the question because it wasn't clear, and I apologize for that. Why wouldn't you get back to the 38% gross margin you had in 2021 when there was less inventory clearance and you should have the favorable transportation costs on top of that? And just in case I want to add my second question, how did the stores that had the full complement of assortment for priority category do you compared to the stores that did not have as elevated an assortment within priority categories in the fourth quarter. Did you see a material difference in the comp in those 2 cohorts of stores.

這是提出問題的更好方法，因為它不清楚，對此我深表歉意。為什麼你不回到 2021 年 38% 的毛利率，當時庫存清倉較少，而且你應該在這之上有有利的運輸成本？為了以防萬一我想補充我的第二個問題，與第四季度在優先類別中沒有提升分類的商店相比，優先類別中有完整分類的商店如何。您是否看到這 2 批商店的競爭有實質性差異？

Yes. I'll take the first part, and I'll turn to Lauren for the second one. In terms of over time, like we have said, there is nothing structurally that is holding us back from achieving that level of profitability that we delivered in 2021. So over time, Michael, your comment is appropriate. And maybe Lauren, you can take the second one.

是的。我會講第一部分，第二部分我會找 Lauren 講。正如我們所說，隨著時間的推移，沒有任何結構性因素阻礙我們實現 2021 年實現的盈利水平。所以隨著時間的推移，邁克爾，你的評論是恰當的。也許勞倫，你可以選第二個。

Sure. Yes. I mean if you think about our priority categories of footwear, athletic apparel, team sports, footwear in our premium full-service footwear decks, we are making a larger investment in those, as you heard in our prepared remarks because it does allow us to have a full assortment, which does really delight the athlete and enable us to drive strong comps. Beyond that, we're not going to break down how it was -- how we did in Q4 by various categories. But generally speaking, our assortment was really strong and drove the comp.

當然。是的。我的意思是，如果您在我們優質的全方位服務鞋類甲板上考慮我們優先類別的鞋類、運動服裝、團隊運動、鞋類，我們正在對這些進行更大的投資，正如您在我們準備好的評論中所聽到的那樣，因為它確實允許我們種類齊全，這確實讓運動員感到高興，並使我們能夠駕駛強大的比賽。除此之外，我們不會分解它的情況——我們在第四季度的不同類別的表現。但總的來說，我們的分類非常強大並且推動了比賽。

The next question comes from Brian Nagel with Oppenheimer.

下一個問題來自 Brian Nagel 和 Oppenheimer。

Great, great quarter and year. Congratulations. So my first question is just -- I mean a bit of a follow-up. And look, there's obviously a lot of talk in your broader space about inventory clearance and our normalizing promotions. So if I hear what you're saying, is that promotions did not drive the business in the second half of the year. You're actually optimistic as we look into the first half of '23, the better inventory availability will help you drive improved sales or further improved sales at DICK'S. So the question I have is, is DICK'S then just not affected by promotions outside of your company, what you're seeing with other brands or other retailers? Have you just been managing through that?

很棒，很棒的季度和年度。恭喜。所以我的第一個問題只是 - 我的意思是一些後續行動。你看，在你更廣闊的空間裡顯然有很多關於庫存清理和我們正常化促銷的討論。因此，如果我聽到你的意思，促銷活動並沒有推動下半年的業務發展。當我們展望 23 年上半年時，您實際上很樂觀，更好的庫存可用性將幫助您提高銷售額或進一步提高 DICK'S 的銷售額。所以我的問題是，DICK'S 是否不受貴公司外部促銷活動的影響，以及您在其他品牌或其他零售商那裡看到的情況？你剛剛經歷過這些嗎？

Yes. Thanks, Brian. So DICK'S is -- I can't say it's not affected by any promotions outside of our company, but our assortment is so narrowly distributed now and just differentiated that we don't spend a lot of time looking at an outside promotional environment. We have an extensive database of 150 million people. We can manage on a personalized basis what pricing we want to offer, and we are very much more focused on strategic investments in price item where necessary to move our business.

是的。謝謝，布萊恩。所以 DICK'S 是——我不能說它不受我們公司以外的任何促銷活動的影響，但我們的品種現在分佈範圍很窄，而且差異化，我們不會花很多時間關注外部促銷環境。我們擁有一個包含 1.5 億人的龐大數據庫。我們可以在個性化的基礎上管理我們想要提供的定價，並且我們更加專注於在必要時對價格項目進行戰略投資以推動我們的業務發展。

That's very helpful. And congrats on that. And then the second question I have also just looking at DICK'S relative to what else is happening out there. So a number of retailers have talked lately about pressure within their consumer, whether it be inflation or some other type of economic factors. Clearly, your sales improved here. So I guess the question I have is, are you seeing any signs of a more pressured consumer behind your strong results and as we look into '23, what's the basic macro assumption underpinning the guidance you outlined today?

這很有幫助。並對此表示祝賀。然後是第二個問題，我也只是看看 DICK'S 相對於那裡發生的其他事情。因此，許多零售商最近談到了他們消費者的壓力，無論是通貨膨脹還是其他類型的經濟因素。顯然，您的銷售額在這裡有所提高。所以我想我的問題是，你是否看到任何跡象表明你的強勁業績背後有更大壓力的消費者，當我們調查 23 年時，支持你今天概述的指導的基本宏觀假設是什麼？

Yes. Thanks. So we are seeing our consumer doing very, very well. And I would point to a few data points on that. So over each one of our income demographics, we have seen growth, and we saw growth in this past quarter. We saw growth in our gold athletes, but every single income demographic. And what we're finding is that people are prioritizing health and wellness and active lifestyle team sports. And those are -- they're even more popular than they were before the pandemic, I think people really have decided with whatever they have in their wallet, they're prioritizing these categories. They're coming to life more as necessities rather than discretionary. Navdeep, I'll turn it to you to answer the question on our macro assumptions.

是的。謝謝。所以我們看到我們的消費者做得非常非常好。我會指出一些數據點。因此，在我們的每個收入人口統計數據中，我們都看到了增長，並且我們在上個季度看到了增長。我們看到了金牌運動員的增長，但每個收入人群都有增長。我們發現，人們正在優先考慮健康和保健以及積極的生活方式團隊運動。那些 - 它們比大流行之前更受歡迎，我認為人們真的已經決定用他們錢包裡的任何東西，他們正在優先考慮這些類別。它們更多地作為生活必需品而不是隨意使用。 Navdeep，我會請你回答關於我們的宏觀假設的問題。

Yes. In terms of the macro assumptions, we will continue to be mindful about what is happening in the macroeconomic landscape. But to your point, as you look at the guidance that we have provided, flat comp to plus 2%, we are very optimistic and confident about the guidance that we have provided. Just based on the differentiated assortment, the capabilities that we have as well as the number of athletes that we have acquired over the last several years here, we are confident in the guidance that we have provided.

是的。在宏觀假設方面，我們將繼續關注宏觀經濟格局中正在發生的事情。但就您的觀點而言，當您查看我們提供的指導時，持平 2%，我們對我們提供的指導非常樂觀和有信心。僅僅基於差異化的分類、我們擁有的能力以及過去幾年我們在這裡獲得的運動員數量，我們對我們提供的指導充滿信心。

The next question comes from Warren Cheng with Evercore ISI.

下一個問題來自 Evercore ISI 的 Warren Cheng。

I just wanted to ask about the partnership with Nike. So you're over a year now into the loyalty program plug-in and they're presumably getting a much deeper level of customer data insight than they were before. And they've talked a lot about investing in the best strategic partners. Are there examples you can give on just how they've been using that data? Or any updates on how they're engaging with you as a partner?

我只是想問一下與耐克的合作關係。因此，您現在已經使用忠誠度計劃插件一年多了，他們大概比以前獲得了更深入的客戶數據洞察力。他們就投資最佳戰略合作夥伴談了很多。您是否可以舉例說明他們如何使用這些數據？或者關於他們作為合作夥伴如何與您互動的任何更新？

Yes, Warren. Thank you. Our relationship with Nike is at an all-time high, and that's everything from insights that we are sharing, product information that we're sharing. And we're looking very long term at the state of the consumer and each category and working at a very strategic level. We've been very pleased with how the connected membership has gone. We have over 1 million members now who have opted to link both their Nike and their DICK'S loyalty accounts. And because of that, we're able to get much better insights into our athletes, how they're shopping, where they're shopping and how we can continue to innovate in that partnership. We're very excited about some of the things coming down the pike with that connected membership in terms of omnichannel experiences that we're going to offer that we haven't gotten into yet. But overall, the Nike partnership is a tremendous -- just a wonderful partnership for us.

是的，沃倫。謝謝。我們與耐克的關係處於歷史最高水平，從我們分享的見解到我們分享的產品信息，一切都是如此。我們正在長期關註消費者和每個類別的狀況，並在非常戰略的層面上開展工作。我們對關聯會員的消失情況感到非常滿意。我們現在有超過 100 萬會員選擇關聯他們的 Nike 和 DICK'S 忠誠度賬戶。正因為如此，我們能夠更好地了解我們的運動員、他們如何購物、在哪裡購物以及我們如何在這種夥伴關係中繼續創新。就我們將要提供的全渠道體驗而言，我們對連接會員資格帶來的一些事情感到非常興奮，我們還沒有進入。但總的來說，耐克的合作夥伴關係是巨大的——對我們來說是一個美妙的合作夥伴關係。

Great. And my follow-up, just a clarification on some of the comments you made earlier about the House of Sport roll-up or rollout. Is that actually going to be margin accretive or margin neutral? Or is that -- does that take time to scale before that happens?

偉大的。而我的後續行動，只是澄清你之前對體育館的推出或推出所做的一些評論。這實際上會增加利潤率還是保持利潤率中性？或者是——在這種情況發生之前需要時間來擴大規模嗎？

Yes. So Warren, just a couple of comments before we get into the specifics. So we are very confident about the House of Sport strategy. The 3 stores that we have opened, it's a handful of stores, but the results both on the top line and the bottom line that we are seeing are really, really great. And that's what gives us the confidence that we have. In terms of the impact of these things, that will be recognized over time, as you can imagine, over the next 2 years, we intend to open about 20 and like Lauren said in our prepared comments over the next 5 years, it could be 75 to 100. So the benefit will be seen over time, but we are very optimistic about the strategy and the differentiation as well as the ability it provides us to engage with the athlete in a very differentiated way.

是的。沃倫，在我們進入具體細節之前，請發表一些評論。所以我們對House of Sport的戰略很有信心。我們已經開設了 3 家商店，這是少數商店，但我們看到的頂線和底線的結果都非常非常好。這就是給我們信心的原因。就這些事情的影響而言，隨著時間的推移會被認識到，正如你可以想像的那樣，在未來 2 年內，我們打算開設大約 20 個，就像 Lauren 在我們準備好的未來 5 年評論中所說的那樣，它可能是75 到 100。所以隨著時間的推移會看到好處，但我們對策略和差異化以及它為我們提供的以非常差異化的方式與運動員互動的能力非常樂觀。

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。

I'm curious if you can give an update on Going, Going, Gone!. How many did you end the year with? How many are pop-ups versus permanent? And anything you could share in terms of what that added to sales in F '22? And what's the plan for F '23?

我很好奇你是否可以提供關於 Going, Going, Gone! 的最新消息。你年底有多少？彈出窗口與永久窗口有多少？就 F '22 的銷售增長而言，您有什麼可以分享的嗎？ F '23 的計劃是什麼？

So Paul, in terms of the Going, Going, Gone! on stores, like as we call them permanent, there were 15 of them that we had at the end of the year. We had more warehouse plus those are kind of the 43 temporary locations as we call them, really, really enthusiastic about the strategy, not only is it allowing us to engage with an athlete and a different profile of an athlete than it exporting goods athlete. So that's 1 benefit. In addition, as we have talked about the benefit that this provides in terms of being able to liquidate our inventory and actually get a better recovery rate on that inventory is also a strong asset for us.

所以保羅，就去，去，走了！在商店裡，就像我們所說的永久性商店，我們在年底有 15 家。我們有更多的倉庫，加上我們所謂的 43 個臨時地點，我們真的非常熱衷於這個策略，它不僅讓我們能夠與運動員接觸，而且運動員的形象與出口商品運動員不同。所以這是 1 個好處。此外，正如我們所討論的那樣，這在清算我們的庫存方面提供了好處，並且實際上獲得了更好的庫存回收率，這對我們來說也是一項強大的資產。

Paul, I would just add one thing. I think the way we look at the Going, Going, Gone! chain is that it's a flexible asset. So we can expand, and we've done that with our temporary pop-up locations. We can take those down if we don't need them or if they're not working. So by the time something becomes a Going, Going, Gone! concept, it's been proven and tested, but the warehouse strategy is very flexible.

保羅，我只想補充一件事。我認為我們看待 Going, Going, Gone 的方式！鍊是一種靈活的資產。所以我們可以擴展，我們已經通過我們的臨時彈出位置做到了這一點。如果我們不需要它們或它們不起作用，我們可以將它們取下。因此，當某事變成 Going, Going, Gone 時！概念，它已經過證明和測試，但倉庫策略非常靈活。

Got it. And then could you just maybe just get a little bit of a further breakdown of CapEx investments for '23? Just how much of that is at the store level, both new and existing stores versus IT and corporate.

知道了。然後你能不能進一步了解一下 23 年的資本支出投資？其中有多少是在商店層面，包括新店和現有商店與 IT 和企業。

Yes. Paul, look the vast majority of the expend or the capital investment will be going into stores as we called out, right? We -- our plan is to open 9 new House of Sport locations as well as to the earlier capital investment into the 2024 House of Sport openings. In addition, as we indicated, we'll be upgrading hundred of our stores to premium full-service footwear DICK'S. There is definitely an investment on the backside in terms of the GameChanger technology, the investments that we are making in personalization as well as the other capability from data and analytics, all of that is also included in the guidance. But the vast majority of the investment will continue to be store facing.

是的。保羅，正如我們所呼籲的，絕大部分支出或資本投資將進入商店，對吧？我們——我們的計劃是開設 9 個新的體育館，以及對 2024 年體育館開放的早期資本投資。此外，正如我們所指出的，我們將把我們的數百家商店升級為優質的全方位服務鞋類 DICK'S。在 GameChanger 技術方面肯定有投資，我們在個性化方面的投資以及數據和分析的其他能力，所有這些也包含在指南中。但絕大部分投資將繼續面向商店。

The next question comes from John Kernan with Cowen.

下一個問題來自 John Kernan 和 Cowen。

Congrats on a great year. So how should we think about the new store productivity contribution from square footage growth? It looks like that -- the gap between comps and overall reported sales was close to 200 basis points this quarter, which would suggest any new store productivity has come online. It's been quite productive. So just curious as how should we model 1 new store productivity and overall square footage growth based on the number of stores you're talking to and also the bigger size of some of them.

恭喜你度過了美好的一年。那麼我們應該如何考慮面積增長對新店生產力的貢獻呢？看起來——本季度 comps 與總體報告銷售額之間的差距接近 200 個基點，這表明任何新商店的生產力都已經上線。這是非常有成效的。所以很好奇，我們應該如何根據您正在與之交談的商店數量以及其中一些更大的規模來模擬 1 新商店生產力和整體面積增長。

Yes. John, 2 different answers to that. First of all, if you look at Q4, the difference that you're seeing between the comp sales and the total sales growth, one, like you said, is driven by some of the new store openings. In addition, the temporary warehouse locations that we have, the warehouse plus stores, as we call them, they are not included in the comp numbers. So the sales that happened during the fourth quarter in those temporary locations are included in that.

是的。約翰，對此有 2 個不同的答案。首先，如果你看一下第四季度，你看到的銷售額和總銷售額增長之間的差異，就像你說的那樣，是由一些新店開業推動的。此外，我們擁有的臨時倉庫位置，倉庫加商店，正如我們所說，它們不包括在補償編號中。因此，第四季度在這些臨時地點發生的銷售包括在其中。

Coming back to your macro question, we do see a significant improvement in our sales productivity when we convert a store from the basic 50,000 store to a House of Sport location or even a comparable store to a House of Sport location. Considering that the majority of the stores that we have remodeled right now are relocations. So those will be in our comp expectation. They won't be as part of the new stores. And when we opened DICK'S House of Sport as a brand-new location, yes, they will definitely start to benefit our new store productivity metrics.

回到你的宏觀問題，當我們將一家商店從基本的 50,000 家商店轉變為 House of Sport 地點，或者甚至將一家類似商店轉變為 House of Sport 地點時，我們確實看到我們的銷售效率有了顯著提高。考慮到我們現在改造的大部分門店都是搬遷。因此，這些將在我們的預期之內。他們不會成為新店的一部分。當我們將 DICK'S House of Sport 作為一個全新的地點開業時，是的，他們肯定會開始受益於我們新的商店生產力指標。

Our final question today comes from Joe Feldman of Telsey Advisory Group.

我們今天的最後一個問題來自 Telsey Advisory Group 的 Joe Feldman。

I wanted to ask about any merchandising changes you might be considering for 2023? Like are there any categories or certain trends or products that you might be leaning into or emphasizing a little bit more based on what you're seeing from the consumer?

我想問一下您可能會考慮在 2023 年進行任何商品銷售變更？根據您從消費者那裡看到的情況，是否有任何類別或某些趨勢或產品是您可能傾向於或更加強調的？

Joe, yes, we are still very focused on our 4 priority categories, footwear, team sports, athletic apparel and golf, we're always looking for new trends in new categories. But generally speaking, that's the 80% plus of our business, and that's where we're focused on driving growth.

喬，是的，我們仍然非常關注我們的 4 個優先類別，鞋類、團隊運動、運動服裝和高爾夫，我們一直在尋找新類別的新趨勢。但總的來說，這是我們業務的 80% 以上，這也是我們專注於推動增長的地方。

Got it. Okay. So not much newness coming, I guess, for some of those. What about -- sorry, yes.

知道了。好的。所以我猜，對於其中一些人來說，不會有太多新鮮事物出現。怎麼樣 - 抱歉，是的。

Sorry, Joe, I just want to -- I didn't say there wasn't any newness. There's a ton of newness coming. I just want to share with you that our priority categories of footwear, teams sports, apparel and golf are where we're focused. But there's certainly a ton of newness across the business.

抱歉，喬，我只是想——我沒有說沒有任何新鮮事。一大堆新事物即將到來。我只想與您分享，我們關注的優先類別是鞋類、團隊運動、服裝和高爾夫。但整個行業肯定有很多新鮮事物。

Okay. I got it. Okay. Sorry for misunderstanding that. And then with regards to private label, maybe could you share just kind of the latest penetration and what you saw in the fourth quarter, I feel like you guys usually have shared a little more color there around how the consumer is opting for some of your brands.

好的。我得到了它。好的。抱歉造成誤解。然後關於自有品牌，也許你能分享一下最新的滲透率和你在第四季度看到的情況嗎，我覺得你們通常會就消費者如何選擇你的一些產品分享更多的顏色品牌。

Yes. Thanks, Joe. Our vertical brands did tremendously well last year and in the quarter. We are really pleased with how the DSG brand is doing, opening price point brand, high function, high fashion as well as CALIA and VRST, which are filling white space in our portfolio. And even the Hagen brand doing incredibly well. So as we look to the end of the year, our overall vertical brand penetration for this past year was 14%. We had originally laid out a goal of about $2 billion a few years ago for vertical brands, and we finished about $1.7 billion very excited about both the sales and margin opportunity to go forward. As you know, vertical brands have 600 to 800 basis points of higher margin than our average.

是的。謝謝，喬。我們的垂直品牌去年和本季度表現非常出色。我們對 DSG 品牌的表現非常滿意，開放價位品牌、高功能、高時尚以及 CALIA 和 VRST 填補了我們產品組合中的空白。甚至 Hagen 品牌也做得非常好。因此，展望年底，我們在過去一年的整體垂直品牌滲透率為 14%。幾年前，我們最初為垂直品牌制定了約 20 億美元的目標，我們完成了約 17 億美元，對未來的銷售和利潤機會感到非常興奮。如您所知，垂直品牌的利潤率比我們的平均水平高 600 到 800 個基點。

Unfortunately, that is all the time we have today for questions. I'll now turn the call back to Lauren Hobart, President and CEO, for any concluding remarks.

不幸的是，這是我們今天所有的提問時間。現在，我將把電話轉回給總裁兼首席執行官勞倫霍巴特，聽取任何總結性意見。

Thank you all for your time today and for your interest in DICK'S Sporting Goods. We look forward to seeing you on the next call. Thank you.

感謝大家今天抽出寶貴時間以及對 DICK'S Sporting Goods 的關注。我們期待在下次通話中見到您。謝謝。

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。