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，歡迎參加迪克體育用品公司2022年第四季財報電話會議。我是艾米莉，今天將由我來主持本次電話會議。 （操作說明）

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

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。請開始吧。

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.

各位早安，感謝各位參加本次電話會議，共同探討我們2022年第四季及全年業績。今天出席會議的有我們的總裁兼執行長Lauren Hobart女士，以及財務長Navdeep Gupta先生。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 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.

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考慮。我們不承擔更新任何此類前瞻性陳述或資訊的義務。

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.

請造訪我們的投資者關係網站，查看今天電話會議中提及的非GAAP財務指標的調節表。最後，為了方便您日後安排時間，我們暫定於2023年5月23日發布2023年第一季財報。

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

接下來，我將把通話交給勞倫。

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%.

謝謝內特，大家早安。我們對2022年的業績非常滿意，這反映了我們業務的持續成功和強勁勢頭，也證明了我們透過專注的策略和強有力的執行，實現了長期轉型帶來的益處。我們的運動員熱愛健康積極的生活方式，他們始終將運動放在首位，並信賴迪克體育用品公司來滿足他們的需求。重要的是，我們在市佔率方面持續加速成長，在最大、最重要的品類中實現了顯著成長。第四季為又一個強勁的年度畫上了圓滿的句號。第四季度，我們實現了創紀錄的36億美元季度銷售額，同店銷售額成長了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.

這一強勁的同店銷售額成長是在去年6.6%、2020年19.3%和2019年5.3%的同店銷售額成長基礎上實現的。本季度，我們實現了2.93美元的非GAAP每股收益，遠超疫情前任何一個季度。全年來看，我們的銷售額達到124億美元，非GAAP息稅前利潤率為11.4%，非GAAP每股收益為12.04美元。作為對比，如果將2022年的業績與2019年進行比較，我們的銷售額將成長41%，即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.

我們的商品毛利率成長超過300個基點。非GAAP息稅前利潤率翻了一番以上，非GAAP每股盈餘較2019年成長超過3倍。強勁的業績和雄厚的財務實力使我們能夠加大對業務的投資，從而推動長期成長，並為股東帶來豐厚的回報。我們今天宣布大幅提高股息，將年度派息提高至每股4美元，或每季派息1美元，這充分體現了我們對業務的堅定信心，以及業務銷售額和盈利能力顯著提升的現狀，也體現了我們持續致力於為股東創造價值的決心。

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，對於迪克體育用品公司來說，這是一個無比令人興奮的時刻。公司由迪克·史塔克於1948年創立，當時他懷抱著夢想，用從祖母餅乾罐裡掏出的300美元啟動了創業計畫。在艾德的領導下，公司從一家小型漁具店發展成為全美首屈一指的體育用品零售商。我有幸與艾德共事十餘年，我們將繼續攜手合作，推動公司業務向前發展。

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.

在慶祝我們悠久歷史的同時，我們也相信，將這一里程碑視為展望未來的機會同樣重要。我們的未來一片光明，我們正以強勁的勢頭譜寫新的發展篇章。 2022年的業績為我們2023年及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.

2023年，我們將透過同店銷售額的成長、恢復門市面積成長以及提高商品毛利率，實現銷售額和利潤的雙雙成長。我們預計同店銷售額將持平或成長2%。我們預計稀釋後每股盈餘將在12.90美元至13.80美元之間，其中數值較2022年增加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.

我們將繼續創造並定義我們的未來。作為美國最大的體育用品零售商，我們擁有得天獨厚的優勢，能夠在這個規模達1400億美元的分散行業中擴大領先地位並持續提升市場份額。我要感謝所有團隊成員，感謝他們又一年的出色表現，感謝他們對我們事業的熱情、辛勤付出和奉獻精神。

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.

在迪克體育用品公司，正是我們的員工成就了我們的輝煌。如果沒有我們卓越的團隊，我們所取得的一切成就——或者說我們已經取得的一切成就——都不可能實現。

I'll now turn the call over to Navdeep to review our financial results, outlook and capital allocation 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表現、展望和資本配置。

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，大家早安。我們先來簡單回顧一下2022年全年業績。合併銷售額成長0.6%，達到創紀錄的123.7億美元，同店銷售額下降0.5%。與2019年相比，銷售額成長41.3%，即36.2億美元，顯示我們結構性成長的銷售額（高於新冠疫情前水準）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.

值得注意的是，如果您查看我們投資者簡報中的一些幻燈片，您會發現我們約 80% 的成長是由我們重點關注的鞋類、運動服裝、團隊運動和高爾夫產品的銷售推動的，我們在這些領域獲得了相當大的市場份額。這些成長直接得益於我們為運動員提供的差異化產品、優質服務和卓越體驗。

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.

以非GAAP準則計算，全年毛利為42.9億美元，佔淨銷售額的34.65%，較前一年下降368個基點。然而，以非GAAP準則計算，我們的毛利較2019年增加了531個基點。如預期，年減的主要原因是商品毛利率下降了303個基點。與2019年相比，我們的商品毛利率上升了308個基點，值得注意的是，我們維持了過去兩年商品毛利率成長的大部分。此外，由於銷售額結構性成長，我們的租金成本也大幅下降了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.

以非GAAP準則計算，銷售、管理及行政費用為27.8億美元，佔淨銷售額的22.45%，較前一年下降78個基點。銷售、管理及行政費用增加1.12億美元，主要原因是支持成長策略，公司加大了對時薪、人才和技術的投資。部分成長被激勵性薪酬支出的減少所抵銷。與2019年相比，以非GAAP準則計算，由於銷售額大幅成長，銷售、管理及行政費用槓桿率上升了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9,520萬美元，以非GAAP準則計算，較去年同期增加6,820萬美元。這一增長主要歸因於2021年第四季發行的15億美元優先票據相關的5,280萬美元利息支出。本年度還包括2,330萬美元的激勵費用，該費用部分被與我們交換約5.16億美元可轉換優先票據本金相關的現金利息節省所抵銷。

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.

由於結構性成長的銷售額、擴大的商品毛利率以及與新冠疫情前相比更高的營運效率，非GAAP息稅前利潤（EBT）為14.1億美元，佔淨銷售額的11.43%。相較之下，2019年非GAAP息稅前利潤為4.405億美元，佔淨銷售額的5.03%，成長近10億美元，或淨銷售額佔比提升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.

我們在投資者簡報中新增的投影片重點介紹了我們目前獲利能力較疫情前顯著提升的關鍵驅動因素。這些因素包括：由於銷售基數顯著擴大，固定成本槓桿作用顯著增強；由於產品組合差異化、定價管理更加精細化以及商品組合優勢，商品毛利率顯著提高；以及電子商務盈利能力的提升，目前已與公司整體稅前利潤率持平。

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.

我們總共實現了非GAAP稀釋後每股收益12.04美元。相較之下，去年的非GAAP稀釋後每股收益為15.70美元，是2019年非GAAP稀釋後每股收益5美元（抱歉，是3.69美元）的3倍多。

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.

現在來看我們第四季的業績。我們非常高興地宣布，公司合併銷售額成長7.3%，達到36億美元。這是迪克體育用品公司史上銷售額最高的季度。同店銷售額在去年同期成長6.6%的基礎上，又成長了5.3%，而2020年第四季成長了19.3%，2019年第四季成長了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.

我們強勁的同店銷售成長主要得益於交易量成長7.6%，但部分被平均客單價下降2.3%所抵銷。在我們的產品組合中，重點品類表現特別出色，這主要得益於我們在鞋類、運動服裝和團隊運動產品方面差異化的商品組合。與2019年相比，銷售額成長了37.9%，達到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.

以非GAAP準則計算，第四季毛利為11.7億美元，佔淨銷售額的32.44%，較上年同期下降514個基點。但與2019年第四季相比，以非GAAP準則計算，毛利成長384個基點。年減主要受商品毛利率下降640個基點的影響，部分被供應鏈成本的降低所抵銷。

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.

正如計劃的那樣，在假期季節期間，我們為運動員提供了一系列極具吸引力的單品優惠。此外，我們也持續解決因Sprint產品到貨延遲而導致的庫存積壓問題。由於這些措施，我們在2023年初的庫存狀況良好。我們正在接收新到貨品，並對春季產品系列充滿期待。值得一提的是，與2019年相比，2022年第四季的毛利率提高了209個基點，這主要得益於差異化的產品組合、我們成熟且嚴謹的定價策略以及合理的產品組合。這些也是我們一直以來強調的，能夠大幅提高毛利率的關鍵因素。

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.

以非GAAP準則計算，銷售、管理及行政費用為8.237億美元，佔淨銷售額的22.9%，較上年同期成長48個基點。利息支出為1800萬美元，較上年同期增加920萬美元（以非GAAP準則計算）。此成長主要源自於2021財年1月發行的15億美元優先票據相關的1,140萬美元利息支出。

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.

由於結構性成長的銷售額、擴大的商品毛利率以及與疫情前相比更高的營運效率，非GAAP息稅前利潤（EBT）為3.505億美元，佔淨銷售額的9.74%。相較之下，2019年非GAAP息稅前利潤為1.486億美元，佔淨銷售額的5.7%，成長了2.019億美元，增幅達404個基點。總計，我們實現了非GAAP稀釋後每股收益2.93美元。相較之下，去年的非GAAP稀釋後每股收益為3.64美元，較2019年的1.32美元成長了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.

正如勞倫所說，我們對未來的機會感到非常興奮，尤其是在我們與 DICK'S House of Sport 的核心業務方面。因此，我們計劃將現有的 17 家 Field & Stream 門市（其中大部分是 DICK'S Field & Stream 組合店的一部分）轉型為 DICK'S House of Sport 或規模更大的 DICK's 門市，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.

我們在第四季關閉了其中12家門市，並計劃在2024年前完成剩餘門市的改造。因此，第四季我們產生了總計3,010萬美元的稅前費用，主要為Field & Stream門市資產的非現金減損。這些費用以及與可轉換優先票據相關的某些項目已計入我們按美國通用會計準則（GAAP）計算的每股攤薄收益2.60美元。更多詳情，請參閱我們今天上午發布的新聞稿中的非GAAP財務指標調整表。

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.

現在來看我們的資產負債表。第四季末，我們持有約19億美元的現金及現金等價物，且未動用16億美元的無擔保信貸額度。本季庫存水準較去年同期成長23%。需要說明的是，去年我們正處於全產業供應鏈中斷的背景下，努力彌補庫存缺口。因此，與2019年同期相比，更有意義的比較是與2019年同期相比。與2019年第四季相比，銷售額成長了38%，遠高於庫存29%的增幅。我們的庫存狀況良好，佈局合理。

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.

接下來談談我們第四季的資本配置。淨資本支出為8,980萬美元，我們支付了3,930萬美元的季度股利。此外，我們以平均每股107.53美元的價格回購了約61萬股股票，總額為6,600萬美元。另外，在交換了約9,500萬美元的未償還可轉換優先票據本金後，我們於2月份通知可轉換票據持有人，剩餘的5,900萬美元將以股票形式贖回，贖回金額為本金加上應計利息。我們預計這些票據將於4月18日之前全部償清。

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.

現在讓我們展望一下2023年的業績，這一年將持續53週。繼2020年和2021年連續兩年創下歷史新高之後，2022年的業績為我們2023年及未來幾年的發展奠定了堅實的基礎。讓我們來詳細了解一下。同店銷售額預計將持平或成長2%，由於庫存供應改善，預計上半年同店銷售將更加強勁。

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.

預計稅前利潤率（EBT利潤率）中位數約為11.7%，主要受毛利率成長的推動。這包括商品毛利率的預期改善和供應鏈成本的降低。預計第一季毛利率將較第四季顯著提升，但較去年同期略有下降，主要原因是商品毛利率下降，部分被運費成本的改善所抵銷。

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毛利率將在年內環比提升。銷售、管理及行政費用預計將降低，主要原因是為支持我們的成長策略而進行的投資。利息支出預計約5,500萬美元，較上年減少約4,000萬美元，主要得益於我們在2022年回購可轉換債券時產生的激勵費用以及相關的利息節省。

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.

我們預計稀釋後每股收益將在 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。以此區間中位數計算，每股收益較 2022 年成長 11%，或以 52 週可比口徑增加 5%。我們的獲利預期基於約 8,800 萬股平均稀釋後流通股和約 22% 的有效稅率，該稅率主要受第一季員工股權獎勵歸屬的有利稅率影響。

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，我將簡要討論一下資本配置的優先事項。投資於推動業務實現獲利內生成長仍然是我們的首要任務。同時，我們也致力於透過季度分紅和適時回購股票，向股東返還大量資本。事實上，過去兩年，我們已向股東返還了近24億美元，其中包括約16億美元的股票回購和7.66億美元的分紅，與此同時，我們仍在持續投資於業務的盈利性增長。在適當的時候，我們將進行收購，以擴大成長並增強未來的發展能力。這一切都建立在我們致力於維持健康的資產負債表和維持投資等級信用評級的基礎之上。

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，我們的資本分配計畫包括5.5億至6億美元的資本支出。我們將進行大量投資，以發展業務並提升運動員參與。正如Lauren所說，我們很高興能再次擴大門市面積。 DICK'S House of Sport將是門市面積成長的主要驅動力。 2023年，我們將開設9家新的DICK'S House of Sport門市，其中8家是由現有的DICK'S和Field & Stream組合門市改造而成，另有1家店搬遷至新址。

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.

我們也將在2024年啟動10多家全新DICK'S House of Sport門市的建設，這些門市將陸續開幕。 2023年，我們將透過Golf Galaxy Performance Center擴大Golf Galaxy業務的版圖，並將部分臨時連鎖店轉為永久門市。此外，我們也將把100多家門市改造為高端全方位服務鞋類專賣店，讓超過75%的DICK'S門市都能提供這種卓越的運動體驗。

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，我們今天宣布大幅提高股利105%，達到每股年化股利4美元或每季派息1美元。此次股息成長基於我們對公司結構性成長的銷售額和獲利能力的信心，也反映了我們對自身策略和未來成長前景的堅定信念。

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年計畫包括預計回購3億美元的股票以抵銷股權稀釋。這部分影響已計入我們的每股盈餘預期。不過，我們也會考慮利用剩餘現金流，擇機回購超過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.

接下來，我將把發言權交還給勞倫，讓她回顧一些將推動我們實現長期獲利成長的關鍵舉措。

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，Navdeep。在 DICK'S，我們75年來一直在革新運動體驗。在這段時間裡，我們取得了長足的發展，成為美國最大的全通路運動用品零售商，身處一個價值1400億美元的行業，同時也是全球首屈一指的高端高爾夫和團隊運動用品目的地。我們為運動員提供無與倫比的運動服裝和鞋類體驗。同時，我們也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，我們幾乎對業務的各個方面都進行了轉型，並在過去三年中實現了 36 億美元的銷售額成長。我們已做好充分準備，鞏固在龐大而分散的行業中的領先地位，並且對 DICK'S 的未來充滿信心。在商品銷售方面，我們打造了業界領先的商品組合，以差異化和引領潮流的產品而聞名。我們展示全線品牌組合的能力深受策略夥伴的重視，我們與主要品牌的合作關係也比以往任何時候都更加牢固。同時，我們也積極拓展與新興品牌的合作關係，並打造了強大的垂直品牌組合，這些組合共同構成了我們公司第二大品牌。

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.

在我們的門市，我們致力於提升員工培訓體驗，從而提高團隊為顧客提供更優質服務的能力，同時努力將 DICK'S 打造成一個充滿樂趣且富有成就感的工作場所。我們堅信，員工的高度投入是為顧客提供卓越體驗的關鍵。而我們的企業文化也是我們重要的競爭優勢之一。

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，我們榮獲《財星》雜誌「零售業最佳工作場所」稱號。就在上個月，我們又被《富比士》雜誌評為全美最佳大型雇主之一。除了提升服務質量，我們也利用科技賦能的獨特店內設施，為運動員打造無與倫比的體驗。例如，HitTrax棒球打擊籠、TrackMan高爾夫模擬器和高端全方位鞋類服務區等體驗式店內設施，不僅增強了運動員的信心，也彰顯了我們專業的實力。

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.

這些策略結合我們個人化的行銷引擎和品牌建立工作，正在發揮成效。年內我們新增了700萬名運動員，第四季活躍運動員資料庫人數創下歷史新高。新運動員的年齡結構持續向年輕化和女性化傾斜，這為未來的成長提供了巨大機會。尤其值得一提的是，我們最有價值的族群——黃金運動員的數量突破700萬，創歷史新高，占我們活躍運動員總數的近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.

我們的黃金級運動員會員留存率非常高，他們持續推動銷售額的顯著成長，佔總銷售額的40%以上。我們也推出了Public Lands和Golf Galaxy Performance Center等新概念，以便更好地服務戶外運動愛好者和高爾夫球手。此外，我們最近宣布將收購領先的戶外零售商Moosejaw，這充分體現了我們致力於在價值數十億美元的戶外用品領域實現成長的決心。

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，要論我們對提升運動員體驗的創新承諾，DICK'S House of Sport 無疑是最佳例證。 DICK'S House of Sport 正在重新定義體育零售。這是一個體驗式目的地，由 Ed 委託我們打造，他向我們提出了一個挑戰：在 DICK'S Sporting Goods 商店對面建造一個能夠讓這家商店倒閉的概念店。

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，打造出市場領先的顛覆性產品。 House of Sport 致力於打造深度社區參與體驗，其意義遠超傳統零售，已成為運動員激發運動激情的理想之地。自 2021 年 House of Sport 開業以來，我們最初的三家門市都超出預期，不僅顯著提升了與品牌合作夥伴的合作，還實現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 將是我們未來發展策略的重要組成部分。未來兩年，我們計劃新增約 20 家門市，包括波士頓市中心以及我們的兩個總部所在地——匹茲堡和紐約州賓厄姆頓。未來五年，我們預計在全國開設 75 至 100 家 House of Sport 門市。同時，我們也持續將 House of Sport 的關鍵經驗融入我們核心的 DICK'S 門市營運中。事實上，今年晚些時候，我們將在印第安納州南本德開設一家佔地 5 萬平方英尺的全新 DICK'S 門市，這家門市將充分體現 House of Sport 的經驗，為我們的運動員提供更優質的服務。對於那些尚未有機會親身體驗 House of Sport 的顧客（我們強烈推薦您親自前往體驗），我們在投資者關係網站上發布了一段短視頻，幫助您更直觀地感受 House of Sport 的魅力。

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.

在我們的整個生態系統中，我們將持續改善全通路體驗。數十年來，我們始終著眼長遠，專注於對科技進行有意義的投資。多年來，運動員期望的互動方式發生了顯著變化，我們一直在思考如何透過科技賦能的個人化體驗以及堪稱體育界最佳的數據集，更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.

我們持續看到全通路運動員群體成長，他們的消費額和購物頻率都高於單通路運動員。我們對這些投資帶來的成果感到振奮，並相信我們的能力在業界獨樹一幟，能夠帶來長期的競爭優勢。隨著我們在青少年體育領域不斷鞏固領先地位，GameChanger 將發揮關鍵作用。

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 是青少年運動的頂級計分和統計行動應用，也是價值數十億美元的運動科技市場的領導者。作為一家以經常性收入為導向的軟體即服務 (SaaS) 公司，GameChanger 實現了 35% 的五年複合年增長率 (CAGR)，並保持盈利，這得益於其商業模式，該模式在消費科技領域擁有卓越的單位經濟效益。透過 GameChanger，我們利用一款易於使用的行動應用，將青少年運動員與他們的隊友、教練和家人聯繫起來，提供計分和直播功能。

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.

過去兩年，我們的GameChanger團隊對使用者體驗進行了全面革新，整合了視訊直播精彩集錦和8項全新體育項目，讓運動員及其家人無論身在何處，都能透過手機和平板電腦隨時隨地觀看比賽。 GameChanger每年報導近600萬場比賽，運動員及其家人使用該平台累計時長超過2.8億小時。為了更直觀地說明這一點，GameChanger在春季一個月內報道的比賽場次就超過了美國職棒大聯盟歷史上所有比賽的總場次。我們非常榮幸地看到GameChanger入選《快公司》2023年全球最具創新力公司榜單，並入圍將於今日稍後舉行的《體育商業雜誌》科技獎決賽。展望未來，我們將繼續在青少年體育科技領域進行創新，並進一步加強與運動員之間的重要連結。

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，我們對2023年的品牌發展有著宏偉的計畫。多年來，我們的品牌行銷激勵運動員參與運動，而我們的「運動至關重要」（Sports Matter）計畫則讓更多青少年運動員體驗到青少年運動帶來的獨特且改變人生的益處。我們相信，現在是時候將我們品牌行銷中始終貫穿的激勵和抱負，與「體育至關重要」項目的強大力量和實際行動相結合了。

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，我們將在即將到來的NCAA錦標賽期間重新推出我們的品牌，並開展一項以運動改變生活的力量為主題的宣傳活動。我們為團隊所做的出色工作感到無比自豪。如果您正在觀看男子或女子錦標賽，我保證您絕對不會錯過這場精彩的賽事。

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，我們還承諾從基金會撥款超過 500 萬美元，資助 75 個青少年體育組織，每個組織獲得 75,000 美元的撥款，以鼓勵孩子們繼續參與體育運動。

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，我們想重申，我們第四季和2022年的強勁業績直接得益於我們的策略、我們靈活應對運動員不斷變化的需求以及我們堅持不懈的創新精神，而這一切都離不開我們團隊卓越的執行力。自1948年以來，DICK'S始終堅信運動的力量能夠改變生活，我們致力於透過提升運動員體驗、加強品牌互動、打造差異化產品以及最重要的——我們的人才，將這一信念付諸實踐。

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.

這些是我們業務新增長基礎的支柱，我們相信，在市場競爭中，沒有人比我們更有優勢引領潮流。最後，我要感謝我們所有門市、配送中心和客戶支援中心的團隊成員，感謝他們為公司做出的傑出貢獻和持續奉獻。

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

我們的發言到此結束。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 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摩根士丹利的西蒙古特曼。

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2023年商家利潤率預期（上調）。您能否告知我們該預期的依據，即初始加價減去促銷費用後的構成？另外，2022年的商家利潤率水平，也就是您所設定的基準線，是否代表我們不會（聽不清楚）做出任何調整？

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.

西蒙，是的，我們2022財年的商品毛利率確實是一個全新的基準線。我們計劃在未來繼續提高商品毛利率。接下來我會請納夫迪普來詳細解釋我們認為明年毛利率成長的來源。

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.

西蒙，正如我們在業績指引中所述，我們預計明年業務獲利能力將有所提升，這主要得益於商品毛利率和毛利率的成長。而且，正如我們之前討論的，我們對長期營收和獲利能力的持續成長也充滿信心。

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。我想接下來要談談銷售方面。我認為推動銷售業績提升的因素有很多，其中之一是分銷管道的窄幅化，但也應該反映出迪克體育用品公司在關鍵產品創意方面的出色表現。您認為這種結構能否確保迪克體育用品公司繼續保持其獨家獨特產品的地位，並能防止市場格局朝向更廣泛的領域發展？

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。您說得完全正確，我們的產品組合和品類是我們成長的關鍵驅動力，在轉型過程中一直如此，未來也將繼續如此。我們相信，在過去五年裡，我們的業務結構發生了變化。首先，我們看到消費者行為發生了轉變，他們更重視運動、健康和積極的生活方式，而迪克體育用品正是滿足這些需求的首選。正如您所提到的，我們也徹底改造了運動員體驗。我們擁有全通路功能，並且正在被消費者廣泛接受。我們擁有卓越的服務模式，並將繼續專注於此。此外，我們也將HitTrax和TrackMan等體驗融入整體體驗中，讓消費者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，我們能夠從頭到尾展示品牌，真正將品牌以最佳方式呈現，這已成為我們的一大優勢。因此，我們的分銷管道、產品獲取管道，以及我們現在擁有從入門級到高端產品線應有盡有的產品，能夠滿足專業玩家在賽場上的各種需求，這絕對是我們持續策略的重要組成部分。我們對這一增長充滿信心。

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。

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.

太好了。為精彩的一年畫上了一個完美的句點。勞倫，我想重點談談新概念和門市成長的長期前景。聽起來你們現在又開始加速擴大門市面積了，而且新開的門市面積也更大。可以談談這些門市的銷售效率和息稅前利潤貢獻嗎？我們該如何看待它們對合併後[四牆門店]業績的影響？另外，納夫迪普也想問，在這種營收成長的環境下，未來3年或5年的息稅前利潤率會是什麼樣的？

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，艾德琳。你說得完全正確，我們正在大力拓展新店，尤其是考慮到我們在House of Sport專案上的經驗。我們打造的三家概念店都實現了規模化，盈利能力極強，銷售額和利潤都大幅提升，無論是總銷售額還是單位面積的利潤，我們都在積極推進這一增長。今年我們將透過改造現有門市和搬遷一家新店來新建9家，同時還有10家新店正在籌備中，計劃於2024年開工建設，這些新店今年就將開工。我們對House of Sport項目以及它能為我們提升運動員體驗帶來的正面影響非常看好。納夫迪普？

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.

艾德琳，問得好。我覺得這個問題可以從兩方面來回答。首先，正如我們之前所說，2022年是我們新的基準年，我們將以此為基礎，實現長期的銷售和獲利成長。正如勞倫也提到的，展望未來，我們仍然相信我們擁有巨大的市場份額成長機會。我們是最大的體育用品公司。目前，我們在這個價值1400億美元的產業中僅佔8%的份額。因此，展望未來，我們對繼續為運動員提供差異化的產品組合和服務，並持續提升市場份額的機會感到非常樂觀。我今天不打算給出長期的預測，但你可以這樣理解：我們相信我們能夠繼續實現同店銷售成長，繼續擴大銷售面積，並繼續提高未來的獲利能力。正如你從我們對2023年的業績指引中所看到的，我們對此非常樂觀。

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。

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.

我想問兩個問題，就——我只是想——我覺得這有點顯而易見，但關於2023年的同店銷售額成長節奏，您能詳細解釋一下嗎？是不是第一季最強勁，然後逐漸下滑，最後降幅在0到2之間？我感覺您的意思是下半年同店銷售額會下降。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.

另一個問題也與之相關。我記得你們說過第四季平均交易額下降了2.3%。你們很少出現平均交易額為負的情況吧？能詳細解釋一下嗎？是因為銷量疲軟、單價過高，還是因為沒有漲價？另外，客流量顯然也被抵銷了。是實體店客流量增加，還是線上交易量增加？如果能提供一些關於同店銷售情況的資訊就太好了。

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。我先來。關於2023財年的同店銷售節奏，你說得對。我們預期－我們確實預期上半年的同店銷售會比下半年更強勁。回想去年同期，也就是第一季和第二季度，我們面臨嚴重的庫存挑戰。這就是為什麼隨著財年的推進，庫存到貨越來越晚的原因。也因為如此，我們很難為運動員打造真正出色的購物體驗。現在，我們的春季產品已經到貨了。我強烈建議您去迪克體育用品店看看。我們有很多非常棒的產品。

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，鑑於去年同期的業績以及我們對自身業務的信心，我們預計上半年同店銷售額將非常強勁。展望下半年，我們則持謹慎態度。我們面臨6%的同店銷售額成長，我們希望反映出這一成長幅度將會放緩。接下來，我將把時間交給Navdeep，讓他來解答您提出的其他問題。但我想先談談您關於交易規模的問題，我認為首先要指出的是，交易量增加了7.6%。

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.

雖然平均客單價略有下降（我們沒有具體說明是平均客單價還是平均客單價），但我們發現運動員數量更多了，我們的資料庫中運動員數據也更多了。他們的購物頻率較高，總消費額也較高。因此，在這樣的交易規模下，能夠實現 5.3% 的同店銷售成長，我們對此感到非常滿意。

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.

羅比，我覺得勞倫已經回答得很好了。或許可以換個角度思考：如果你看看我們2023年和2019年同樣的交易和票據，你會發現業績更均衡。所以這或許是另一種思考方式。至於整體業績指引，我們對2023年的業績指引仍然非常樂觀與充滿信心。

Our next question comes from Kate McShane with Goldman Sachs.

下一個問題來自高盛的凱特·麥克沙恩。

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.

我們想再次探討商品毛利率和毛利率指引，看看是什麼因素推動了您預期2023年毛利率的提升。是因為2022年庫存問題和促銷活動非常嚴重，所以您預期情況會有所改善嗎？還是供應商關係或商品毛利率方面出現了一些變化，促成了毛利率的提升？任何深入的分析都將對我們非常有幫助。

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，我是納夫迪普。我們針對毛利率預期做了兩點補充說明。首先，我們預計商品毛利率和總毛利率將在2023年有所改善，其中司機商品毛利率以及較低的貨運成本也將在2023年開始顯現效益。關於毛利率本身，正如您所想，第一季我們以及整個行業的庫存狀況都相當緊張。因此，在進行年度化調整時，我們預期上半年價格將趨於正常化，這也是我們對商品毛利率成長預期的一部分。展望下半年，隨著庫存週轉，我們預計貨運成本也將開始受益，因為我們可以將這些費用資本化。這是我們在業績指引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，我想補充你問題的另一部分。你問我們是否克服了嚴重的庫存問題或促銷活動。我想明確一點，雖然我們去年克服了許多庫存中斷的問題，但並沒有恢復到整體促銷的規模。我們透過價值連鎖店和「Going, Going, Gone!」連鎖店清理了到期庫存，並且透過一系列正價商品，讓迪克體育用品店在節日期間保持了良好的形象。這種情況貫穿了全年。至於促銷活動，我想再次強調一下——這個主題經常被提及——促銷活動並不是我們去年業績的關鍵因素。雖然有一些商品折扣，尤其是大宗商品，但對我們來說，促銷活動並不多。

Our next question comes from Chris Horvers with JPMorgan.

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?

我還有幾個與業績相關的關鍵問題。首先，您在規劃業務時，一直以2019年為參考，但現在的問題是，2019年是否仍然是一個合適的參考點？您是否以四年為週期來考慮？更廣泛地說，您是否預期業務會在一年中逐漸恢復正常的季節性節奏？此外，在考慮下半年業績與上半年業績的直接比較時，您認為促銷活動在多大程度上推高了下半年的同店銷售？也就是說，您認為哪些銷售額需要透過自然調整才能恢復？

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。 2019年我們一直在討論這個問題，主要是因為過去幾年經歷了不少起伏，但以後不會再這樣了。 2022年是我們新的發展基石，我們將以此為基礎實現成長。我們將提升營收和利潤。是的，我們希望今年季節性規律能夠恢復正常，因為去年的庫存挑戰以及由此對消費者購物行為的影響，再加上通貨膨脹等問題，都讓我們感到擔憂。我們希望所有這些問題都能在今年得到緩解，以便我們能夠以此為基礎繼續制定未來的計劃。

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.

這一點很重要，也和我剛才跟凱特說的有關，我們的促銷活動並沒有提振下半年的同店銷售。事實上，我們的大部分庫存清倉都發生在價值鍊和倉儲式門市，這些清倉對同店銷售額沒有影響，我們的同店銷售額成長主要由交易量驅動，交易量增加了7.6%。

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

下一個問題來自 D.A. Davidson 的 Mike Baker。

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。哎，我真不想問這麼瑣碎無聊的建模問題，但我確實想問你們2020年的銷售成長或銷售前景（與同店銷售額相比）。我們大概可以估算出額外一週的收入，但Moosejaw（我記得金額有幾億美元）預計3月完成交易。這包含在你們的業績指引裡嗎？還是說這算是額外收入？

Go ahead, Navdeep.

請繼續，納夫迪普。

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.

麥克，由於 Moosejaw 的交易尚未完成，因此我們目前不將其納入業績指引。我們會將相關評論納入下一季的展望報告中。

It's not likely to be material.

不太可能是實質的。

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。好的。好的。那麼，第二個建模問題。請談談利息收入在第四季對獲利的推動作用。您之前告訴我們2023年的利息支出應該是多少。您能否告訴我們，在您的稅前利潤預期範圍內，利息收入預計是多少？

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.

麥克，你問得好。我認為這完全取決於我們如何處理多餘的現金，因為我們在業績指引中也提到，我們將繼續抓住機會進行股票回購。所以，股票回購的策略會對利息收入產生影響。但你說得對，在目前的利率環境下，我們能夠從資產負債表上的多餘現金中獲得不錯的收益。

Our next question comes from Michael Lasser with UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

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.

所以您提到2022年的毛利率是34.6%——我再重複一次。您提到2022年的34.6%毛利率是一個新的水平，之後會以此為基礎向上攀升。然而，去年的34.6%毛利率中包含了大量的庫存清倉。此外，您還受益於更低的運輸成本。那麼，為什麼不能從中獲得更多收益呢？您在多大程度上認為運輸成本會在2023年推動毛利率的成長？

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，為什麼你的毛利率未來不會更高？你是否預期促銷活動會增加，進而達到一定的抵銷作用？

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，我們先來確認你問題的理解是否正確，因為我可能要先從問題的中間部分開始回答。你提到運輸成本在2022年是一項收益。實際上並非如此，因為我們是在庫存週轉期確認運費的。所以，當我們開始看到運費帶來的早期收益時，實際上要到2023年下半年才會真正看到收益。

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.

至於業績指引，這其實就是您問題的第一部分，我們之前談到了銷售額和獲利能力，但我們並沒有具體說明毛利率。我們指的是公司整體獲利能力，這才是新的基準。因此，我們對先前給予的績效指引非常有信心，相信到2023年，商品毛利率和毛利都將比2022年底有所提升。

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.

我這樣問可能比較好一些，因為我之前的表達不夠清晰，對此我深感抱歉。為什麼你們沒有恢復到2021年38%的毛利率呢？當時庫存清倉較少，而且你們的運輸成本也比較優惠。另外，如果我還要問第二個問題，那麼在第四季度，那些重點品類商品齊全的門市和那些重點品類商品不齊全的門市相比，業績表現如何？這兩類門市的同店銷售額是否有顯著差異？

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。我來回答第一個問題，第二個問題請勞倫回答。就長期發展而言，正如我們之前所說，目前沒有任何結構性因素會阻礙我們達到2021年的獲利水準。所以，邁克爾，你的評論很中肯。勞倫，或許你可以回答第二個問題。

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，如果您想想我們優先發展的品類，例如鞋類、運動服裝、團隊運動以及我們高端全方位服務鞋類專櫃中的鞋類，正如您在我們事先準備好的發言稿中聽到的，我們正在加大對這些品類的投入，因為這使我們能夠提供完整的產品系列，真正讓運動員滿意，並推動同店銷售的強勁增長。除此之外，我們不會詳細分析第四季各個品類的具體表現。但總的來說，我們的產品系列非常出色，並推動了同店銷售的成長。

The 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。

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?

非常棒的季度和全年業績，恭喜！我的第一個問題是──我是說，一個後續問題。顯然，你們公司內部都在熱議庫存清倉和促銷活動恢復正常化的問題。如果我理解沒錯的話，你們的意思是，促銷活動並沒有推動下半年的業務成長。但你們對2023年上半年持樂觀態度，認為庫存充足將有助於提升DICK'S的銷售額，或者說，進一步提升銷售額。所以我的問題是，DICK'S是否完全不受其他品牌或零售商促銷活動的影響？你們是否只是在應對這些影響？

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。迪克體育用品公司－我不能說它完全不受公司外部促銷活動的影響，但我們現在的產品種類非常集中，而且差異化程度很高，所以我們不會花太多時間關注外部促銷環境。我們擁有一個包含1.5億用戶的龐大資料庫。我們可以根據客戶的具體情況制定個人化的定價策略，並且我們更注重在必要時對價格商品進行策略性投資，以推動業務發展。

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，恭喜！我的第二個問題也是關於迪克體育用品公司（DICK'S）與其他產業現狀的比較。最近很多零售商都談到了消費者面臨的壓力，無論是通貨膨脹還是其他經濟因素。顯然，你們的銷售額有所提升。所以我想問的是，你們強勁的業績背後是否反映了消費者壓力增大的跡象？展望2023年，你們今天提出的業績指引所依據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。我們看到消費者表現非常出色。我想舉幾個數據點來說明這一點。在所有收入群體中，我們都看到了成長，上個季度也出現了成長。我們的黃金級運動員群體成長了，但實際上所有收入群體都實現了成長。我們發現，人們正在優先考慮健康、養生和積極的生活方式以及團隊運動。這些運動甚至比疫情前更受歡迎，我認為人們已經決定，無論錢包裡有多少錢，都會優先考慮這些方面。它們正逐漸成為必需品，而不是可有可無的東西。 Navdeep，接下來請你回答關於我們宏觀假設的問題。

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。就宏觀經濟預期而言，我們會繼續密切關注宏觀經濟情勢的發展。但正如您所說，根據我們提供的業績指引（同店銷售額持平或成長2%），我們對此指引非常樂觀且充滿信心。這主要基於我們差異化的產品組合、自身的能力以及過去幾年我們引進的眾多優秀運動員，因此我們對目前的業績指引充滿信心。

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?

我想問一下關於與耐吉的合作。你們的會員忠誠度計畫外掛已經上線一年多了，他們現在應該比以前更深入地了解客戶資料了。他們也多次提到要投資尋找最佳策略夥伴。您能否舉例說明一下他們是如何利用這些數據的？或是能否分享他們與你們合作的最新進展？

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。我們與耐吉的關係正處於歷史最佳時期，這體現在我們分享的方方面面，包括洞察和產品資訊。我們著眼於長遠，專注於消費者和各品類的發展狀況，並在策略層面合作。我們對會員互聯模式的進展非常滿意。目前已有超過100萬會員選擇關聯他們的耐吉和迪克體育用品（DICK'S）會員帳戶。正因如此，我們能夠更深入地了解我們的運動員，了解他們的購物方式、購物地點，以及如何在合作中不斷創新。我們對即將推出的全通路體驗，以及一些尚未公開的內容，感到非常興奮。總而言之，與耐吉的合作對我們來說意義非凡，堪稱美好的合作關係。

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?

好的。我還有一個後續問題，想澄清一下您之前關於House of Sport整合或推出的一些評論。這真的會提升利潤率還是利潤率不變？或者說，這需要一段時間來擴大規模才能實現？

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。華倫，在深入探討細節之前，我想先簡單提幾點。我們對House of Sport的策略非常有信心。雖然目前只開了三家店，數量不多，但無論是營收還是利潤，都取得了非常顯著的成效。正是這些成效讓我們充滿信心。至於這些舉措的影響，正如你所想，還需要時間才能顯現。未來兩年，我們計劃開設大約20家門市；正如勞倫在先前的演講稿中提到的，未來五年，門市數量可能會達到75到100家。所以，效益需要時間才能顯現，但我們對這項策略及其差異化優勢，以及它賦予我們與運動員進行差異化互動的能力，都抱持著非常樂觀的態度。

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。

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?

我很想知道您能否更新一下「Going, Going, Gone!」專案的情況。您今年底一共開設了多少家門市？其中有多少是快閃店，又有多少是永久門市？您能否分享一下該專案在2022年秋季對銷售額的貢獻？ 2023年秋季的計畫是什麼？

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，關於那些我們稱為「永久門市」的門市，也就是所謂的「即將關閉」的門市，到年底我們一共關閉了15家。此外，我們還有更多的倉庫，以及我們稱為「臨時門市」的43個地點。我們對這個策略非常看好，它不僅讓我們能夠接觸到運動員，而且是與出口運動員商品不同的運動員群體。這是其中一個優勢。此外，正如我們之前討論過的，它還能幫助我們清理庫存，並提高庫存回收率，這對我們來說也是一大優勢。

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，我只想補充一點。我認為我們看待「Going, Going, Gone!」連鎖店的方式是將其視為一種靈活的資產。因此我們可以擴張，就像我們之前開設的臨時快閃店一樣。如果不需要或效果不佳，我們可以隨時關閉這些快閃店。所以，當某種模式最終成為「Going, Going, Gone!」的概念時，它就已經經過了驗證和測試，而且我們的倉儲策略也非常靈活。

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.

明白了。那麼，能否再詳細提供一下2023年的資本支出投資明細呢？其中有多少是用於門市層級（包括新店和現有門市），又有多少是用於IT和公司總部？

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，正如我們之前提到的，絕大部分支出或資本投資將用於門市，對吧？我們的計畫是開設9家新的House of Sport門市，並繼續推進先前對2024年House of Sport新店開幕的資本投資。此外，正如我們之前提到的，我們將把數百家店升級為高端全方位服務的DICK'S鞋店。當然，我們也會在後台進行投資，例如GameChanger技術、個人化服務以及其他資料分析能力的投資，所有這些都包含在績效指引中。但絕大部分投資仍將用於門市營運。

The next question comes from John Kernan with Cowen.

下一個問題來自考恩公司的約翰·克南。

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.

恭喜你們度過了精彩的一年！那麼，我們該如何看待新店面積成長所帶來的生產力提升呢？看起來確實如此——本季同店銷售額與整體報告銷售額之間的差距接近200個基點，這表明新店的生產力提升已經顯現。而且，新店的生產力提升相當顯著。所以我很好奇，鑑於你們所討論的門市數量以及部分門市的較大規模，我們應該如何建構新店生產力與整體面積成長的模型呢？

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，這個問題有兩種不同的答案。首先，如果你看一下第四季度的數據，你會發現同店銷售額和總銷售額成長之間的差異，正如你所說，一部分是由一些新店開業推動的。此外，我們還有一些臨時倉庫，也就是我們所謂的「倉庫加門店」模式，這些臨時倉庫的銷售額並沒有計入同店銷售額。所以，第四季這些臨時倉庫的銷售額已經包含在總銷售額中了。

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.

回到您提出的宏觀問題，我們發現，將一家普通的5萬美金門市改造成House of Sport專賣店，或者哪怕只是將一家普通門店改造成House of Sport專賣店，都能顯著提升銷售效率。考慮到我們目前改造的大部分門市都是搬遷門市，這些門市的業績將計入我們的同店銷售預期，而不是新店。而當我們開設全新的DICK'S House of Sport專賣店時，它們肯定會提升我們新店的業績指標。

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

今天最後一個問題來自 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，您在2023年可能會考慮對商品銷售方面做出哪些調整？例如，根據您從消費者那裡了解到的情況，您是否會專注於或加強某些品類、趨勢或產品？

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，我們仍然非常專注於四大優先類別：鞋類、團隊運動、運動服裝和高爾夫，我們也一直在尋找新類別的新趨勢。但總的來說，這些類別占我們業務的80%以上，也是我們致力於推動成長的重點領域。

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

明白了。好的。看來對其中一些來說，不會有什麼新東西了。那——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，我只是想說——我並沒有說沒有新東西。實際上，還有很多新東西即將推出。我只是想告訴你，我們目前的重點是鞋類、團隊運動、服裝和高爾夫這幾個優先類別。但毫無疑問，整個業務領域都有很多新東西。

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，我明白了。好的，抱歉我誤會了。關於自有品牌，您能否分享一下最新的市場滲透率以及您在第四季度觀察到的情況？我覺得你們通常會更詳細地介紹消費者如何選擇你們的品牌。

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都表現出色。我們對DSG品牌（入門級、功能性強、時尚感高）以及CALIA和VRST品牌的表現非常滿意，它們填補了我們產品組合中的空白。就連Hagen品牌也表現得非常出色。展望年底，我們去年的整體垂直品牌滲透率達到了14%。幾年前，我們最初為垂直品牌設定了約20億美元的目標，最終實現了約17億美元，我們對未來的銷售額和利潤空間都非常樂觀。如您所知，垂直品牌的利潤率比我們的平均高出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.

很遺憾，今天的提問時間就到這裡了。現在我將把電話轉回給總裁兼執行長勞倫·霍巴特，請她作總結發言。

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.

感謝各位今天抽出時間，也感謝各位對迪克體育用品的關注。我們期待在下次電話會議上見到你們。謝謝。

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。