DICK'S Sporting Goods Inc (DKS) 2023 Q2 法說會逐字稿

Good morning. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the DICK'S Sporting Goods Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Nate Gilch, Senior Director of Investor Relations, you may begin your conference.

早安.我是克麗斯塔，今天將擔任本次電話會議的接線生。現在，我謹代表迪克體育用品公司歡迎各位參加2023年第二季財報電話會議。 （接線員指示）投資者關係高級總監內特·吉爾奇，您可以開始會議了。

Good morning, everyone, and thank you for joining us to discuss our second quarter 2023 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors.dicks.com for approximately 12 months.

各位早安，感謝各位參加本次2023年第二季業績電話會議。今天出席會議的有我們的總裁兼執行長Lauren Hobart和財務長Navdeep Gupta。本次電話會議的錄音將在我們位於investors.dicks.com的投資者關係網站存檔約12個月。

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

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

Please refer to our Investor Relations website to find the 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 third quarter 2023 earnings results on November 21, 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11月21日發布2023年第三季財報。

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

接下來，我將把電話交給勞倫。

Thank you, Nate, and good morning, everyone. We are pleased with our strong sales performance for the second quarter. Total sales increased 3.6% to $3.22 billion, and our comp sales increased 1.8% driven by robust transaction growth. We continue to gain market share, demonstrating that athletes throughout the country are increasingly relying on DICK'S to meet their needs.

謝謝內特，大家早安。我們對第二季強勁的銷售業績感到非常滿意。總銷售額成長3.6%，達到32.2億美元，同店銷售額成長1.8%，主要得益於交易量的強勁成長。我們持續擴大市場份額，這表明全國各地的運動員越來越依賴迪克體育用品公司來滿足他們的需求。

Within the quarter, sales accelerated significantly in July when the back-to-school season kicked off and when we opened our newest House of Sport location. For the full year, we remain confident in delivering comparable store sales in the range of flat to positive 2%, unchanged from our prior outlook.

本季度，隨著返校季的到來以及我們最新House of Sport門市的開業，7月份的銷售額顯著增長。我們對全年同店銷售額的成長預期與先前一致，預計全年同店銷售額將保持持平或成長2%。

With this context, I want to take a moment to address our second quarter profitability and our revised 2023 EPS outlook. While we delivered double-digit EBT margin of 10.1%, our second quarter profitability was short of our expectations. This was primarily due to lower gross margin, which, while still significantly above pre-COVID levels, was lower than originally anticipated.

在此背景下，我想花點時間談談我們第二季度的獲利情況以及我們修訂後的2023年每股收益預期。雖然我們實現了10.1%的兩位數息稅前利潤率，但第二季的獲利能力低於預期。這主要是由於毛利率下降，儘管毛利率仍遠高於疫情前的水平，但低於最初的預期。

Two key factors impacted our second quarter gross margin relative to our original expectations. The first was the impact of higher inventory shrink. Organized retail crime and theft in general, an increasingly serious issue impacting many retailers. Based on the results from our most recent physical inventory cycle, the impact of theft on our shrink was meaningful to both our Q2 results and our go-forward expectations for the balance of the year. We are doing everything we can to address the problem and keep our stores, teammates, and athletes safe.

有兩個關鍵因素影響了我們第二季的毛利率，使其低於預期。首先是庫存損耗增加。有組織的零售犯罪和竊盜問題日益嚴重，對許多零售商造成了影響。根據我們最近一次的實體盤點結果，竊盜造成的損耗對我們第二季的業績以及對今年剩餘時間的預期都產生了顯著影響。我們正在盡一切努力解決這個問題，並確保我們的門市、員工和運動員的安全。

And second, beyond shrink, we also took decisive action on excess products, particularly in the outdoor category to allow us to bring in new receipts and ensure our inventory remains vibrant and well positioned. Keeping our inventory fresh is one of our key operating philosophies. And we're pleased that our inventory was down 5% at the end of the quarter.

其次，除了減少損耗外，我們還對過剩產品採取了果斷措施，尤其是在戶外用品類別，以便及時引進新貨，確保庫存保持充足且供應充足。保持庫存新鮮是我們的核心營運理念之一。我們很高興本季末庫存下降了5%。

Our revised 2023 non-GAAP EPS guidance of $11.50 to $12.30 takes into account our Q2 results as well as our latest views on gross margin for the back half of the year, including higher levels of shrink. It's important to note we remain very confident, but we still expect gross margin to increase for the full year compared to 2022, which includes a significant increase in the back half.

我們修訂後的2023年非GAAP每股收益預期為11.50美元至12.30美元，該預期考慮了我們第二季度的業績以及我們對下半年毛利率的最新預期，其中包括更高的損耗率。值得注意的是，我們仍然非常有信心，但我們預計全年毛利率將高於2022年，其中下半年毛利率將顯著成長。

To say our future is bright would be an understatement. The enthusiasm we have for our business and the confidence we have in our long-term growth opportunities have never been stronger. We're making transformative investments so that we're well positioned to continue gaining share and extending our leadership in a fragmented $140 billion industry.

說我們的未來一片光明都算是保守的說法。我們對自身業務的熱情以及對長期成長機會的信心從未如此高漲。我們正在進行變革性投資，以便更好地鞏固自身地位，繼續擴大市場份額，並在這個規模達1,400億美元的分散產業中鞏固我們的領先地位。

Following our tremendous success over the last several years, we are laser-focused on capitalizing on our most significant growth opportunities. We're doing extensive work to determine how best to optimize our business going forward to capture that growth. This includes better aligning our talent, organizational design and spending in support of our most critical strategies while also streamlining our overall structure and costs. Navdeep will share more details about our plans and the associated charges we anticipate related to this business optimization in his remarks.

過去幾年我們取得了巨大的成功，現在我們正全力以赴，把握最重要的成長機會。我們正在進行大量工作，以確定如何才能最好地優化未來的業務，從而實現成長。這包括更好地匹配我們的人才、組織架構和支出，以支援我們最重要的策略，同時精簡整體結構並降低成本。 Navdeep 將在演講中詳細介紹我們的計劃以及與此次業務優化相關的預期費用。

Innovating within the omnichannel athlete experience is at the heart of our growth strategies, and our newest DICK'S concepts have proven to be tremendously successful and are a key part of our future. First, DICK'S House of Sport is yielding powerful results. During Q2, we're excited to have opened 7 new locations, and earlier this month, we opened 2 additional locations.

在全通路運動員體驗方面進行創新是我們成長策略的核心，我們最新的 DICK'S 概念店已證明取得了巨大的成功，並且是我們未來發展的關鍵組成部分。首先，DICK'S House of Sport 取得了顯著的成效。在第二季度，我們很高興地宣布開設了 7 家新店，並在本月初開設了 2 家新店。

I've had the opportunity to visit many of these stores in recent months, and I left each visit proud of our team and inspired by the athlete experience they're providing. These stores are doing incredibly well and during July, delivered strong double-digit comp growth compared to their prior combo store locations with the same square footage. With 12 total House of Sport stores now open and plans to open another 10 locations throughout 2024, we continue to expect that by 2027, we will have between 75 to 100 across the country.

近幾個月來，我有機會走訪了其中許多門市，每次都為我們的團隊感到驕傲，並深受他們為運動員提供的卓越體驗所鼓舞。這些門市的業績非常出色，7 月份的同店銷售額較之前面積相同的綜合門市實現了兩位數的強勁增長。目前 House of Sport 已開設 12 家門市，並計劃在 2024 年再開設 10 家，我們預計到 2027 年，我們在全國的門市數量將達到 75 至 100 家。

In addition to House of Sport, we're excited to continue rolling out our next-generation DICK'S store, which completely revolutionizes our most typical 50,000 square foot format. This store is inspired by our House of Sport concept with a similar elevated assortment and service model, premium experiences, and enhanced visual expressions.

除了House of Sport之外，我們也很高興繼續推出新一代DICK'S門市，它徹底革新了我們最常見的5萬平方英尺的門市模式。這家店的設計靈感源自House of Sport，擁有類似的高端商品系列和服務模式、優質體驗以及更豐富的視覺呈現。

Building on the success of our first opening, we've now opened 2 additional locations, and overall sales have been exceptionally strong. This concept is driving great results, and we're excited to open another 8 locations by the end of 2023. The one-two punch of House of Sport and our new 50,000 square foot prototype is the future of our DICK'S stores.

繼首家店成功開業之後，我們又開了兩家新店，整體銷售業績表現異常強勁。這一模式取得了顯著成效，我們非常期待在2023年底前再開設八家新店。 House of Sport 和我們全新的5萬平方英尺原型店的組合，代表了DICK'S門市的未來發展方向。

We're also extremely enthusiastic about our long-term opportunity in golf, both at DICK'S and Golf Galaxy. We're excited to open 7 new Golf Galaxy performance centers this year. Beyond this year, we will continue growing our Golf Galaxy footprint with approximately 10 new locations planned for 2024.

我們對 DICK'S 和 Golf Galaxy 在高爾夫領域的長期發展機會充滿熱情。我們很高興今年將開設 7 家新的 Golf Galaxy 訓練中心。展望未來，我們將繼續擴大 Golf Galaxy 的業務版圖，並計劃在 2024 年新增約 10 家門市。

In combination with our stores, our digital experience remains an integral part of our success. And we continue to invest in technology to strengthen our athletes' omnichannel experience. This past quarter, we were excited to extend our omnichannel fulfillment model and now offer our integrated white-label same-day delivery service on the DICK'S app and on dicks.com.

實體店與數位化體驗結合，仍然是我們成功的關鍵要素。我們將繼續投資技術，以提升運動員的全通路體驗。上個季度，我們很高興地擴展了全通路配送模式，現在在 DICK'S App 和 dicks.com 上提供整合式白標當日送達服務。

We also continue to innovate and invest in our rapidly growing and profitable GameChanger business, and we're very proud to have recently announced a multiyear partnership between GameChanger and Major League Baseball. In conjunction with the reinvention of our omnichannel experience, we continue to drive deep brand engagement.

我們持續創新並投資於快速成長且獲利的GameChanger業務，並非常自豪地宣布GameChanger與美國職棒大聯盟達成多年合作關係。結合我們全通路體驗的革新，我們將繼續推動品牌深度互動。

This past quarter, we launched the second iteration of our Sports Change Lives campaign. In partnership with Nike and Jordan, we're spotlighting 10 iconic athletes, including Mike Trout, Alex Morgan and Carmelo Anthony, who share their personal stories of how sports change their lives. In addition to the athlete stories, we captured exclusive behind-the-scenes content that is available to our DICK'S and Nike connected members on the DICK'S app.

上個季度，我們推出了「運動改變人生」活動的第二期。我們與耐吉和喬丹合作，聚焦10位運動偶像，包括麥克特勞特、亞歷克斯摩根和卡梅隆安東尼，他們將分享運動如何改變生活的個人故事。除了運動員的故事，我們還拍攝了獨家幕後花絮，DICK'S 和耐吉會員可透過 DICK'S 應用程式觀看。

We've seen extremely positive athlete sentiment. And to date, this work has achieved nearly 1.5 billion impressions in our media. The marketing campaign has run in the summer's most relevant sports moments, including the NBA finals, NHL Stanley Cup playoffs and the Women's World Cup.

我們看到運動員們對這項活動反應非常正面。迄今為止，這項活動在我們的媒體平台上已獲得近15億次曝光。這項行銷活動在夏季最受矚目的體育賽事期間進行，包括NBA總決賽、NHL史丹利盃季後賽和女足世界盃。

I want to thank all of our teammates across the company for their outstanding efforts and continued commitment to DICK'S Sporting Goods. We have an incredible team here across every area of our business, and they are the most important drivers of our success.

我要感謝公司所有團隊成員的傑出努力和對迪克體育用品公司的持續奉獻。我們擁有一支遍佈各個業務領域的優秀團隊，他們是我們成功的關鍵驅動力。

Before concluding, I want to share some final thoughts on DICK'S growth potential. The enthusiasm we have for our business and the confidence we have in our long-term growth opportunities has never been stronger. We're driving positive comp sales and gaining significant share.

在結束之前，我想分享一些關於迪克體育用品公司成長潛力的最後想法。我們對公司的熱情以及對長期成長機會的信心從未如此高漲。我們正在推動同店銷售額的成長，並大幅提升市場佔有率。

Despite moderating our 2023 EBT expectations, we will still deliver double-digit EBT margin this year, which is approximately double our 2019 rate. And based on the powerful results of our new DICK'S concept, House of Sport and our next-generation 50,000 square foot prototype, the long-term growth opportunity we have ahead of us is nothing short of extraordinary. As Ed said, and I quote, "we haven't seen growth opportunities like these since we went public in the early 2000s."

儘管我們下調了對2023年EBT（息稅前利潤）的預期，但我們今年仍將實現兩位數的EBT利潤率，約為2019年的兩倍。而且，基於我們全新DICK'S概念店、House of Sport以及我們佔地5萬平方英尺的下一代原型店的強勁表現，我們面前的長期增長機會可謂非同凡響。正如Ed所說（我引用他的話）：“自2000年代初上市以來，我們從未見過如此巨大的成長機會。”

With that, I will turn the call over to Navdeep to share our financial results in more detail.

接下來，我將把電話交給納夫迪普，讓他更詳細地介紹我們的財務表現。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our second quarter results. We are pleased to report a consolidated sales increase of 3.6% to $3.22 billion as we continue to gain market share. Comp sales increased 1.8% driven by a 2.8% increase in transactions, partially offset by a 1% decline in average ticket. The roughly 180 basis points of noncomp sales growth this quarter was driven by sales at our warehouse locations and Moosejaw.

謝謝勞倫，大家早安。我們先來簡單回顧一下第二季的業績。我們很高興地宣布，隨著市場份額的持續增長，公司合併銷售額增長了3.6%，達到32.2億美元。同店銷售額成長了1.8%，主要得益於交易量成長2.8%，但部分被平均客單價下降1%所抵銷。本季非同店銷售額成長約180個基點，主要來自我們倉庫及Moosejaw門市的銷售。

As Lauren said, our sales momentum built considerably in July as we saw a strong start to the back-to-school season and reopened 7 new House of Sport locations by converting previously closed combo stores. We are excited to report that these reopened stores are yielding tremendous results.

正如勞倫所說，隨著返校季的強勁開局，以及我們通過將之前關閉的綜合門店改造為運動服飾店而重新開業，7月份我們的銷售勢頭顯著增強。我們很高興地報告，這些重新開業的門市取得了巨大的成功。

In terms of category performance, footwear and team sports did extremely well. In apparel, we continued to gain significant share and saw strength across key brands, including Nike and our flagship vertical brands.

從品類表現來看，鞋類和團隊運動產品表現特別優異。服裝方面，我們持續擴大市場份額，包括耐吉和我們的旗艦垂直品牌在內的主要品牌均表現強勁。

Gross profit in the second quarter was $1.11 billion or 34.42% of net sales and declined 161 basis points compared to last year. This decline was driven by lower merchandise margin of 254 basis points. As Lauren discussed, we took decisive actions on excess product, particularly in the outdoor category to keep our inventory well positioned.

第二季毛利為11.1億美元，佔淨銷售額的34.42%，較去年同期下降161個基點。毛利下降的主要原因是商品毛利率下降了254個基點。正如Lauren所說，我們針對過剩產品，特別是戶外用品類產品，採取了果斷措施，以確保庫存充足。

In addition, we experienced a meaningful headwind from higher-than-expected shrink, which represents 1/3 of our merchandise margin decline. This was partially offset by lower supply chain costs with 115 basis points.

此外，高於預期的損耗也為我們帶來了顯著的不利影響，這占我們商品毛利率下降的三分之一。供應鏈成本下降115個基點，部分抵銷了這項影響。

SG&A expenses were $775.6 million or 24.06% of net sales. SG&A dollars increased $118.2 million and deleveraged 294 basis points compared to last year. This deleverage was planned and was driven by 3 key factors. First, we continue to invest in our hourly wage rate, talent and technology to create a better athlete experience, including elevating our service levels in store. These investments drove approximately 100 basis points of deleverage.

銷售、管理及行政費用為7.756億美元，佔淨銷售額的24.06%。與去年相比，銷售、管理及行政費用增加了1.182億美元，槓桿率下降了294個基點。這一槓桿率下降是計劃之內的，主要由三個關鍵因素驅動。首先，我們持續投資於時薪、人才和技術，以提升運動員體驗，包括提高門市服務水準。這些投資帶來了約100個基點的槓桿率下降。

Second, we made investments in marketing to support a highly successful opening of 7 new House of Sport stores in this quarter as well as the second major phase of our Sports Change Lives brand campaign, our most impactful campaign in the history. Our marketing investments drove approximately 70 basis points of deleverage.

其次，我們加大了行銷投入，以支持本季度7家全新House of Sport門市的成功開業，以及「運動改變生活」品牌推廣活動的第二階段——這是我們歷史上最具影響力的推廣活動。我們的行銷投入帶來了約70個基點的去槓桿化。

And third, we saw approximately 70 basis points of deleverage due to the net expense increase from the changes in the investment values of our deferred compensation plan, which is fully offset in other income.

第三，由於遞延薪酬計畫投資價值的變化導致淨支出增加，我們看到槓桿率下降了約 70 個基點，但這被其他收入完全抵消了。

Lastly, it's worth noting that our Q2 SG&A included a full quarter of expenses associated with our recent Moosejaw acquisition. Preopening expenses were $22.1 million, an increase of $18.3 million compared to the same period last year. This increase was in support of our 7 House of Sport conversions, including advertising expense to support the openings.

最後值得一提的是，我們第二季的銷售、管理及行政費用包含了與近期收購 Moosejaw 相關的一整季支出。開業前費用為 2,210 萬美元，較去年同期增加 1,830 萬美元。這筆增加的費用用於支持我們 7 家 House of Sport 門市的改造，包括開業相關的廣告支出。

Interest expense was $14.4 million, a decrease of $11.1 million compared to the same period last year. This decrease was primarily due to the inducement charges incurred in the prior year related to the exchange of our convertible senior notes and interest expense savings this year from the retirement of these notes.

利息支出為1,440萬美元，較去年同期減少1,110萬美元。這項減少主要是由於去年因可轉換優先票據交換而產生的激勵費用，以及今年因償還這些票據而節省的利息支出。

Other income totaled $28.5 million compared to the expense of $7.4 million in the same period last year. This $35.9 million increase in income was driven by a $14.9 million increase in our interest income as a result of higher average interest rates on our cash and cash equivalents. Other income also included the $20.9 million expense reduction from changes in our deferred compensation plans, which fully offset the SG&A expense increase I mentioned earlier.

其他收入總計2,850萬美元，而去年同期支出為740萬美元。這3590萬美元的收入成長主要得益於現金及現金等價物平均利率上升，導致利息收入增加1,490萬美元。其他收入還包括遞延薪酬計畫調整帶來的2,090萬美元支出減少，完全抵銷了我之前提到的銷售、管理及行政費用（SG&A）的成長。

EBT was $325.9 million or 10.1% of net sales. This compares to an EBT of $427.3 million or 13.73% of net sales in 2022. In total, we delivered earnings per diluted share of $2.82. This compares to a non-GAAP earnings per diluted share of $3.68 last year.

稅前利潤為3.259億美元，佔淨銷售額的10.1%。相較之下，2022年稅前利潤為4.273億美元，佔淨銷售額的13.73%。總計，我們實現了每股攤薄收益2.82美元。相較之下，去年的非GAAP每股攤薄收益為3.68美元。

Now looking to our balance sheet. We ended Q2 with approximately $1.9 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility. Our quarter-end inventory levels decreased 5% compared to Q2 of last year. Our inventory is well positioned for the important back-to-school season.

現在來看我們的資產負債表。第二季末，我們持有約19億美元的現金及現金等價物，且未動用16億美元的無擔保信貸額度。與去年同期相比，我們季度末的庫存水準下降了5%。我們的庫存已為重要的返校季做好了充分準備。

Turning to our second quarter capital allocation. Net capital expenditures were $157 million, and we paid $84 million in quarterly dividends. We also repurchased 1.6 million shares of our common stock or $202.7 million at an average price of $129.14. Thus far this year, we have purchased -- repurchased a total of $260.4 million worth of our stock.

接下來談談我們第二季的資本配置。淨資本支出為1.57億美元，我們支付了8,400萬美元的季度股利。此外，我們也以平均每股129.14美元的價格回購了160萬股普通股，總價值2.027億美元。今年迄今為止，我們已累積回購了價值2.604億美元的股票。

Now turning to our outlook for 2023. We are reaffirming our expectations for comparable store sales to be in the range of flat to plus 2%. We continue to be measured in our expectation, considering the continued macroeconomic uncertainties including upcoming resumption of student loan repayments. At the midpoint of this range implies our back half comp will be approximately flat, which is on top of a comp increase of approximately 6% in the same period last year. Including the 53rd week, we expect roughly 250 basis points of noncomp sales growth for the full year.

現在展望2023年。我們重申對同店銷售額的預期，預期成長幅度在持平至2%之間。考慮到宏觀經濟持續存在不確定性，包括即將恢復學生貸款償還，我們仍保持謹慎的預期。此預期區間的中位數意味著下半年同店銷售額將基本持平，而去年同期同店銷售額成長約6%。若計入第53週，我們預計全年非同店銷售額將成長約250個基點。

As a result of our Q2 performance and our latest views on gross margin for the back half, we now expect non-GAAP earnings per diluted share to be in the range of $11.50 to $12.30 compared to our prior expectation of $12.90 to $13.80. This continues to include approximately $0.20 coming from the 53rd week.

鑑於第二季業績以及我們對下半年毛利率的最新預期，我們現在預計非GAAP稀釋後每股收益將在11.50美元至12.30美元之間，低於先前預期的12.90美元至13.80美元。這仍然包含來自第53週的約0.20美元。

At the midpoint, non-GAAP EBT margin is expected to be approximately 10.2% compared to our prior expectation of 11.6%. Despite moderating our expectations, we continue to expect improvements in gross margin for full year, which will meaningfully improve in the back half of the year as we anniversary clearance activity from the same period in 2022 and benefit from improving freight expenses.

中位數預測顯示，非GAAP息稅前利潤率預計約為10.2%，低於我們先前預期的11.6%。儘管我們下調了預期，但我們仍然預期全年毛利率將有所改善，尤其是在下半年，隨著2022年同期清關業務的周年紀念以及運費成本的下降，毛利率將顯著提升。

This now includes an expectation of higher strength, which will reduce our full year gross margins by approximately 50 basis points compared to 2022 as well as our continued emphasis to keep our inventory vibrant and fresh. We also continue to expect SG&A expenses to deleverage for the full year primarily due to the proactive investments in our growth strategy, which we expect will drive long-term sales and profitability growth.

目前，我們預期業績將更加強勁，這將導致全年毛利率較2022年下降約50個基點。同時，我們也將持續致力於維持庫存的活力和新鮮度。此外，我們預計全年銷售、管理及行政費用將有所下降，這主要得益於我們對成長策略的積極投資，我們預期這將推動長期銷售額和獲利能力的成長。

Specific to the back half, at the midpoint of our guidance, we expect SG&A to deleverage slightly over 200 basis points versus the prior year. We expect preopening expenses will increase for full year with a year-over-year growth moderating in the back half.

具體到下半年，根據我們預期的中位數，我們預期銷售、管理及行政費用（SG&A）將較上年同期略微下降200多個基點。我們預計全年開業前費用將有所增加，但下半年年增速將放緩。

Our earnings guidance is based on an effective tax rate of approximately 21% and approximately 87 million average diluted shares outstanding compared to our prior expectation of approximately 88 million average diluted shares outstanding. As part of the business optimization, we made the difficult decision to eliminate certain positions primarily at our customer support center, for which we expect to incur approximately $20 million of severance expense in the third quarter. These charges were excluded from today's non-GAAP outlook.

我們的獲利預期基於約21%的有效稅率和約8700萬股平均稀釋後流通股，而我們先前的預期為約8,800萬股平均稀釋後流通股。作為業務優化的一部分，我們做出了艱難的決定，裁減部分職位，主要集中在客戶支援中心，預計第三季將因此產生約2,000萬美元的遣散費。這些費用已從今天的非GAAP業績展望中剔除。

Related cost savings are expected to be largely offset by strategic talent investment over the next 12 months. While we have not committed to specific additional actions at this time, we currently expect to complete our business optimization plans during fiscal 2023, which may result in additional charges of $25 million to $50 million. These potential actions were not contemplated as part of today's outlook, and any related charges will be excluded from our results on a non-GAAP basis. In addition, based on our continued confidence in our core strategies, we are maintaining our expectation for net capital expenditures of between $550 million to $600 million for the year.

預計未來12個月內，相關的成本節約將主要被策略性人才投資所抵銷。雖然我們目前尚未承諾採取具體的額外措施，但我們預計將在2023財年完成業務優化計劃，這可能會導致2500萬美元至5000萬美元的額外支出。這些潛在措施並未納入今天的展望，任何相關支出都將從我們的非GAAP績效中剔除。此外，基於我們對核心策略的持續信心，我們維持對全年淨資本支出在5.5億美元至6億美元之間的預期。

This concludes our prepared comments. 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) Your first question comes from the line of Simeon Gutman from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的西蒙古特曼。

It's Simeon Gutman. My first question is just to clarify the gross margin or merch margin decline in the quarter was 1/3 shrink. And then I think then the remainder would be decisive actions. And if that's correct, can you quantify within the actions what percentage of it or what pressure was due to the outdoor category and how are the remaining categories looking?

我是西蒙古特曼。我的第一個問題是，請您確認一下，本季毛利率或商品毛利率的下降幅度是減少了三分之一。我認為剩下的部分應該是採取的果斷措施。如果我的理解正確，您能否量化一下這些措施中，戶外品類所佔的比例或壓力有多大？其他品類的狀況如何？

This is -- yes, you characterized it right. The largest driver of the decline, as I called out in my prepared commentary, was around the fact that we continue to be decisive in keeping our inventory clean. Outdoor was a perfect example of that. So I'm not willing to discuss any further details about how big the outdoor was.

是的，你的描述很準確。正如我在事先準備好的評論中提到的，下滑的最大驅動因素是我們始終堅持保持庫存清潔。戶外用品就是一個完美的例子。因此，我不想再討論戶外用品的規模究竟有多大。

But the way to think about that is there is an outdoor peak that happens, right, around the mid part of Q2. And that was the purpose -- purposeful decision that we made to keep our inventory clean and be decisive about the outdoor category.

但我們應該這樣理解：戶外用品的銷售高峰通常出現在第二季中期。而這正是我們做出這項決定的目的——保持庫存充足，並對戶外用品類別採取果斷策略。

The biggest impact in terms of the surprise for Q2 primarily came from shrink. We thought we had adequately reserved for it. However, the number of incidents and the organized retail crime impact came in significantly higher than we anticipated, and that impacted our Q2 results as well.

第二季業績意外的最大影響主要來自於損耗。我們原以為已為此預留了充足的準備金，但事件數量和有組織零售犯罪的影響遠超預期，這也影響了我們第二季度的業績。

Simeon, I want to add just a couple of things about the outdoor category. We had -- there was excess inventory in the marketplace. And as Navdeep said, there's a very short window in which to sell through that. And so we were aggressive, but it doesn't change our expectations on the outdoor category in general. We are very excited about reinventing the outdoor category and delivering a great consumer experience. This was a short-term issue this past quarter.

西蒙，關於戶外用品類別，我想補充幾點。之前市場上的庫存過剩。正如納夫迪普所說，清倉的窗口期非常短。所以我們採取了積極的銷售策略，但這並不影響我們對整個戶外用品類別的期望。我們非常興奮能夠重塑戶外用品類別，並為消費者帶來卓越的體驗。這只是上個季度的短期問題。

Okay. And then maybe the follow-up is, last year, there was some markdown activity. This year, there's some, I guess, as well as what you'd call it. So what actions -- excuse me, do you take so that you prevent that -- this from continually happening? How do you think about that? Because I think it's a key part of keeping the gross margin sustainably higher than pre-COVID levels.

好的。接下來我想問的是，去年你們進行了一些降價促銷活動。今年，我想也有一些降價促銷活動，以及你們所謂的「促銷」。那麼，你們採取了哪些措施──抱歉，應該說你們採取了哪些措施來防止這種情況持續發生？你們是如何看待這個問題的？因為我認為這是維持毛利率持續高於疫情前水準的關鍵。

Yes. So last year, it's a very different situation from this year. I just want to take you back to the spring receipts came in quite late last year, and there was a ton of inventory in the marketplace. And we acknowledged at the time and then did get very heavy into our clearance activity. We dropped 600 basis points in margin at the end of last year.

是的。去年的情況和今年截然不同。我想帶您回顧去年春季的情況，當時收據到帳很晚，導致市場上庫存積壓嚴重。我們當時就意識到了這一點，並大力開展了清倉活動。去年年底，我們的利潤率下降了600個基點。

Importantly, this year, we are acting the way we would to keep our inventory fresh and clean. We're being surgical and aggressive. And we do expect gross margins on a full year basis to increase over last year and to sequentially improve as we go through the back half of the year.

重要的是，今年我們將採取一貫的措施，確保庫存新鮮充足。我們採取精準而積極的策略。我們預計全年毛利率將高於去年，並在下半年持續成長。

So it's really important to understand this is not a return to a promotional environment in any way, shape or form. This is us being surgical and keeping our inventory fresh. And we expect to grow gross margin in the back half and for the full year.

所以，務必理解，這絕不意味著恢復促銷活動。我們採取的是精準的庫存管理策略，確保庫存保持新鮮。我們預計下半年以及全年毛利率都將有所成長。

Your next question comes from the line of Adrienne Yih from Barclays.

你的下一個問題來自巴克萊銀行的艾德麗安·伊（Adrienne Yih）的提問。

Lauren, wanting to stay on the House of Sport concept and the new prototype. At this point, I think it's helpful for us to get any kind of color on store economics, the maturation, any 4-wall metric payback. But anything that you can share with us more quantitatively in addition to any qualitative comments you want to share as well?

勞倫，她想繼續推進House of Sport的概念和新的原型設計。目前，我認為我們需要了解一些關於門市經濟效益、成熟度以及任何實際指標回報的資訊。除了您想分享的定性意見之外，您能否提供一些更量化的數據？

And then, Navdeep, kind of sticking on the gross margin composition understandably not more promotional, but this sort of implies an inventory write-down to get inventory very clean and fresh. How should we think about shrink? Do you do it once a year? Do you do it twice a year? And then are we going to accrue that for the next 3 quarters and then get a nice positive reversal of that in the fourth quarter of next year?

然後，Navdeep 堅持認為毛利率構成並非主要促銷手段，但這似乎意味著需要進行庫存減值，以確保庫存乾淨新鮮。我們該如何看待損耗？一年一次？還是一年兩次？之後，我們是否要將這部分損耗計提到接下來的三個季度，然後在明年第四季獲得可觀的正向調整？

Thanks, Adrienne. Starting with your first question on House of Sport. As we mentioned in our prepared remarks, July picked up significantly in the quarter, and that was because of back-to-school starting off really strong.

謝謝艾德琳。先回答你關於House of Sport的第一個問題。正如我們在事先準備好的發言稿中提到的，七月份的業績顯著提升，這主要是因為開學季開局強勁。

But also importantly, we had 7 Houses of Sport that we opened, and they are doing incredibly well. It's easy now to compare them on the same square footage basis versus our combo stores because these were largely relocations or -- remodels of combo stores. And we are seeing significant growth. We are very, very bullish on this concept.

但更重要的是，我們新開了7家House of Sport，而且它們的表現都非常出色。現在很容易將它們與我們的其他綜合門市以相同面積進行比較，因為這些新店大多是由綜合門市搬遷或改造而成。我們看到了顯著的成長。我們對這個模式非常有信心。

Similarly, with the 50,000 the DICK'S -- classic 50,000 square feet redesign, it's inspired by House of Sport. And it's doing very, very well. So I will turn it over to Navdeep to talk about margin, but I do want to emphasize that we have an incredible growth opportunity ahead of us with these 2 concepts.

同樣，佔地 5 萬平方英尺的 DICK'S 經典店面也進行了重新設計，靈感來自 House of Sport。而且這家店的業績非常出色。接下來我會把時間交給 Navdeep 來談談利潤率，但我確實想強調，這兩家概念店都蘊藏著巨大的成長潛力。

We feel so optimistic about them. And now we've got 10 -- 2 more that we opened this quarter. So there's 12 open in total. We can confidently say that they are doing incredibly well.

我們對他們的前景非常樂觀。現在我們有10家門市——本季又新開了2家。所以總共有12家店開業。我們可以自信地說，他們的業績非常出色。

Yes. Adrienne, maybe I'll add one more sentence to what Lauren said because she summed it up really well. I would say that the response that we are seeing to the House of Sport opening not just from the athlete but our brand partners as well as mall owners is exceptionally positive. So we are really excited about the changes that we are bringing to the mall as well as the assortment that we are bringing to our athletes.

是的。艾德琳，我可能要補充一句勞倫剛才說的，因為她總結得非常好。我想說的是，無論是運動員、品牌合作夥伴或購物中心業主，對運動之家開幕的反應都非常正面。因此，我們對即將為購物中心帶來的改變以及即將為運動員帶來的豐富商品種類感到非常興奮。

In terms of answering your question around the physical inventory count, so we conduct our physical inventory once a year. We do that right ahead of the back-to-school season, and that's when -- the elevated levels of shrink, we actually quantified the impact of that, and we booked that in our Q2 results.

關於您提出的實體盤點問題，我們每年都會進行一次實體盤點。盤點時間安排在返校季之前，屆時損耗率會顯著上升。我們已經量化了損耗的影響，並將其計入第二季業績。

And like I said in my prepared remarks, we are assuming that this is a trend that is going to remain with us for a longer time. So we have baked in an elevated level of shrink expectations for the back half of this year that further pressured our outlook that we gave for 2023.

正如我在事先準備好的演講稿中所說，我們預計這種趨勢將會持續較長時間。因此，我們提高了對今年下半年經濟萎縮的預期，這進一步加劇了我們對2023年經濟前景的擔憂。

We'll have to wait and see when does this reverse. But right now, we wanted to be conservative, and we wanted to be prudent about the potential risk that may still be out there.

我們只能拭目以待，看看這種情況何時會逆轉。但就目前而言，我們希望保持保守，謹慎對待可能仍然存在的潛在風險。

Your next question comes from the line of Robby Ohmes from Bank of America.

你的下一個問題來自美國銀行的羅比·奧姆斯。

I'll save my deeper questions on the EBIT margin decline outlook for maybe the follow-up call we're going to have, but maybe get a little more color on what happened during the quarter. Has back-to-school gone as well as you expected? Maybe more commentary on what categories worked and didn't work.

關於息稅前利潤率下降前景的深入問題，我打算留到下次電話會議上再問，不過我想了解一下本季的具體情況。返校季的銷售狀況是否符合預期？能否詳細說說哪些品類表現良好，哪些品類表現不佳？

There was a ticket decline in the second quarter. Was that trade down? Was that mix? Maybe just sort of walk us through the different things that happened.

第二季度票房有所下降。是交易量減少嗎？還是產品組合變化導致的？能否請您詳細解釋一下具體情況？

Yes. Thanks, Robby. So starting with our total comp, we had a 1.8% comp and a 3.6% total sales. It's really important to note that our consumer is doing very, very well. And I would point to a number of different proof points on that.

是的，謝謝羅比。首先來看我們的同店銷售額成長率，1.8%，總銷售額成長率為3.6%。需要特別指出的是，我們的消費者表現非常出色。我可以列舉很多不同的例子來證明這一點。

First of all, we saw growth across every single income demographic, which I know is different from what you're hearing from other companies. From our lowest income consumer to our higher income demographics, we saw growth across each one.

首先，我們看到所有收入群體都實現了成長，我知道這與其他公司的情況有所不同。從最低收入群體到最高收入群體，我們都看到了成長。

We did not see a trade down from best to better or better to good products. We saw transactions grow 2.8%. So while there was some decline in average ticket, overall, we had more athletes join our database, come into our fold. And they came more often, and they spend more in total.

我們沒有看到產品從最佳降級到更好，或從更好降級到一般的情況出現。交易量增加了2.8%。因此，儘管平均客單價有所下降，但總體而言，加入我們資料庫、成為我們會員的運動員人數更多了。他們光顧的頻率更高，總消費額也更高。

So it is really clear and important to note that our consumer is doing very well. And I think what we used to consider as a discretionary category has become something that's very important to them and something they're voting with their wallet that they want to maintain a healthy, active lifestyle, team sports, running, walking, all of these things. So overall, really, really terrific consumer for the quarter and for many quarters now.

所以很明顯，我們的消費者表現非常出色。我認為，我們過去視為可自由支配的消費品，現在對他們來說已經變得非常重要，他們用實際行動表明，他們想要保持健康積極的生活方式，例如參與團隊運動、跑步、散步等等。總而言之，本季以及過去幾個季度以來，消費者的表現都非常出色。

Robby, maybe I'll build on that. In terms of what we are seeing in the month of July, we couldn't be more excited about the results and the momentum that we are seeing at the tail end of our quarter, especially in the month of July.

羅比，或許我可以以此為基礎繼續深入探討。就七月份的情況而言，我們對季度末，特別是七月份的業績和發展勢頭感到無比興奮。

Two big reasons for that. You called out very early back-to-school season that started out in the tail of Q2. We are very excited about the start of the season, still plenty of season to go ahead of us.

原因有二。你提到開學季很早就開始了，實際上從第二季末就開始了。我們對新賽季的開始感到非常興奮，畢竟賽季還有很長的路要走。

The second aspect is we opened our 7 House of Sport locations in Q2 and actually in the month of July. And the results and the momentum that we are seeing coming out of those locations as well as the 2 next generation 50,000 square feet stores that we open, we now have 3 of them.

第二方面，我們在第二季度，也就是7月份，開了7家House of Sport門市。我們看到這些門市以及我們即將開設的2家5萬平方英尺的新一代門市都取得了不錯的成績和發展勢頭，目前我們已經擁有3家這樣的門市。

The collective momentum that we are seeing from the investments that we have made, how well the assortment is resonating and how well the service is resonating, we couldn't be more excited about. And that's what you saw us reiterating our guidance for full year on a comp sales basis.

我們看到，從我們所做的投資中，到如今產品組合和服務的良好反響，都取得了顯著的成效，這讓我們無比振奮。正因如此，我們重申了全年同店銷售額的預期。

And just to clarify, the inventory actions taken in the second quarter, did they support the traffic? Did they have an impact on the ticket?

另外，為了更清楚說明，第二季採取的庫存措施是否促進了客流量成長？是否對客單價產生了影響？

I would say no. It was a small targeted portion of the actions that we took. We are happy with the fact that actually our inventory finished down 5% compared to last year, but those actions were highly targeted. And like Lauren indicated, it was primarily focused around our outdoor category.

我不這麼認為。這只是我們採取的眾多措施中的一小部分。我們很高興最終庫存比去年下降了5%，但這些措施都是有針對性的。正如勞倫所說，這些措施主要集中在戶外用品類別。

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

你的下一個問題來自高盛的凱特·麥克沙恩。

I know you flagged strength in footwear and team sports in the quarter, but it sounds like apparel maybe underperformed a little bit. Is that the case? And did it have to do more with outdoor with -- or something else there?

我知道您提到本季鞋類和團隊運動產品表現強勁，但聽起來服裝業務可能略顯遜色。是這樣嗎？這主要是因為戶外運動產品銷售不佳，還是另有原因？

Thanks, Kate. We saw tremendous growth in team sports and in footwear. And you're correct, apparel did soften. The one thing I want to point out about apparel is that the softening was at an industry level, we did continue to gain market share. And importantly, our Nike apparel business was extremely positive, very strong. And our flagship vertical brands were also very strong. So we're very optimistic and bullish about apparel going forward.

謝謝凱特。我們在團隊運動和鞋類領域都看到了巨大的成長。你說得對，服裝業務確實有所放緩。關於服裝業務，我想強調的是，這種放緩是行業層面的，我們仍然持續擴大市場份額。更重要的是，我們的耐吉服裝業務表現非常強勁，勢頭良好。我們的旗艦垂直品牌也同樣表現出色。因此，我們對服裝業務的未來發展非常樂觀。

And I wanted to ask a question about what you guys flagged in the press release. I think Ed said and his quote about growth opportunities being the best since you've gone public in the early 2000s. We just wondered if you could drill down a little bit more on what that statement means and what the opportunities are.

我想問一個關於你們在新聞稿中提到的問題。我記得Ed說過，公司目前的發展機會是自2000年初上市以來最好的。我們想請你們詳細解釋一下這句話的意思以及這些機會具體指什麼。

Yes. So retail has increasingly become about innovation and about technology and the technological enablement of that innovation. And what we have ahead of us is completely revolutionizing retail.

是的。零售業越來越注重創新、技術以及技術對創新的支援。而我們即將面臨的，將是零售業的徹底改變。

So our House of Sport concept, our new 50,000 square feet, we're leaning into experiences. We're leaning into service. We've got fantastic assortment, and we're investing to technologically enable all of our teammates. And that's in every aspect of our business from supply chain to eComm to how we arm our teammates and run our stores.

所以，我們的「運動之家」概念店，我們全新的5萬平方英尺空間，我們致力於打造卓越的體驗。我們致力於提供優質的服務。我們擁有豐富的商品種類，我們正在投資技術，以賦予我們所有的團隊成員。這體現在我們業務的方方面面，從供應鏈到電子商務，再到我們如何為團隊成員配備裝備以及如何經營我們的門市。

There has not been an opportunity this notable. I have to quote Ed because I wasn't here back in the early 2000s but since we went public, and we had so much growth ahead of us.

從未有過如此難得的機會。我得引用艾德的話，因為我2000年初的時候不在公司，但自從我們上市以來，我們擁有巨大的發展潛力。

Your next question comes from the line of Chris Horvers from JPMorgan.

你的下一個問題來自摩根大通的克里斯霍弗斯。

I just wanted to follow up on the cadence question. So you mentioned House of Sport in addition to momentum. So can you maybe parse out a little bit more the comp cadence. Is House of Sport in the comp? And maybe talk about what you saw over the season.

我只是想就節奏問題再追問一下。您除了提到「勢頭」之外，還提到了「運動之家」（House of Sport）。能否更詳細分析比賽節奏？ 「運動之家」是否參與了競爭？能否談談您在整個賽季中觀察到的情況？

Yes, Chris, we saw positive comps across all the months of our quarter. And yes, to answer your question, House of Sport is in the comp base because this is a relocation of an existing store or it's just a remodel of an existing location. And the 7 of the ones that were opened here in Q2 were remodel of our earlier Field & Stream combo locations.

是的，克里斯，我們本季所有月份的同店銷售額都實現了正成長。是的，回答你的問題，House of Sport之所以計入同店銷售額基數，是因為它要么是現有門市的搬遷，要么是現有門市的翻新。第二季新開的7家門市都是之前Field & Stream組合店的翻新改造。

Understood. And then as it relates to the shrink, I'm not sure if this was touched on earlier, but it was 1/3 of the impact, the gross margin or the merchandise margin, in the second quarter. Was there an accrual in the first quarter just as we try to parse out what the back half actually looks like, given that you're expecting shrink to be a 50 basis point impact for the year.

明白了。關於損耗，我不確定之前是否提到過，但它在第二季對毛利率或商品毛利率的影響達到了三分之一。鑑於您預計全年損耗將造成 50 個基點的影響，我們目前正試圖分析下半年的實際情況，那麼第一季是否有相應的提列？

Yes. No. Chris, it's a good question. Yes, there was an incremental accrual that we had at the end of Q1 as well. However, when the physical inventory hit our store ahead of the back-to-school season, that's where the elevated level of shrink became clear to us, and we could actually quantify that. We had been seeing the number of incidents go up, but quantification of that gets done as part of the physical inventory process.

是的。不。克里斯，問得好。是的，我們在第一季末也增加了一筆應計費用。然而，在返校季到來之前進行實體盤點時，我們才清楚地意識到損耗率居高不下，而且我們能夠量化損耗。我們之前就注意到損耗事件的數量增加，但量化損耗需要透過實體盤點流程來完成。

So yes, there was a headwind in Q1, and there was a catch-up that you saw in Q2. And the full year expectations of 50 basis points, you should be able to quantify based on the tail of Q1, Q2 as well as the back half expectations, which are elevated compared to where we finished in Q2.

所以，是的，第一季確實面臨一些不利因素，而第二季則出現了追趕。至於全年預期的50個基點，你應該能夠根據第一季末、第二季末以及下半年的預期來量化，這些預期都高於我們在第二季末的水平。

Meaning that the impact in the second half is bigger than what you accrued for in the second quarter?

這意味著下半年的影響力大於第二季所取得的成就？

Yes, we are expecting some level of elevation level -- elevated levels of shrink to continue, just being conservative and being prudent about this potential risk that we continue to see elevate.

是的，我們預期會出現一定程度的萎縮程度會持續上升，我們只是對這種持續上升的潛在風險保持保守和謹慎的態度。

Your next question comes from the line of John Kernan from TD Cowen.

你的下一個問題來自 TD Cowen 的 John Kernan 的一句話。

I have a couple here. Lauren, just on the topic of shrink, what do you think the long-term solution to this is across the sector? And do you think you're at an appropriate level of reserves as we go into next year, given what you're currently seeing?

我這裡有幾個問題。勞倫，關於損耗問題，你認為整個產業從長遠來看應該如何解決？鑑於你目前觀察到的情況，你認為到明年，你們的儲備水準是否合適？

Yes, John. As you know, shrink is an industry level problem. It's actually -- it's a problem for our entire country. And it's something that we all need to work together on with our partners, with our trade organizations and with our government, honestly, to continue to address the shrink issue. We've all seen the stories, and it's quite alarming what's going on.

是的，約翰。如你所知，損耗是產業層面的問題。實際上，它關乎我們整個國家。坦白說，我們需要與我們的合作夥伴、產業協會以及政府攜手合作，共同解決損耗問題。我們都看到了相關的報道，情況確實令人擔憂。

So yes, we believe we have appropriately reserved at this point. To Navdeep's point, we've been conservative as we go into the back half, but we are going to fight to the extent we can to keep our teammates, our athletes and our stores safe. And that's with increased security with lock-up, cameras, and working with local law enforcement and with our industry partners.

所以，是的，我們認為目前我們已經預留了足夠的資金。正如納夫迪普所說，進入下半季後，我們一直保持保守策略，但我們會盡一切努力保障我們的團隊成員、運動員和門市的安全。這包括加強安全措施，例如加裝鎖、安裝監視攝影機，以及與當地執法部門和產業夥伴密切合作。

Understood. And then Navdeep, I think you said SG&A at the midpoint of the new guidance is 200 basis points of deleverage. What's changed in your thinking around SG&A as we get into the back half of the year and as you got through Q2? The comp guidance obviously didn't change much. So -- but there is -- it does feel like there's more deleverage going on at this point. So maybe can you talk to that?

明白了。 Navdeep，我記得你說過，新指引中點的銷售、管理及行政費用（SG&A）相當於200個基點的去槓桿化。隨著下半年到來，尤其是在第二季結束後，你對SG&A的看法有哪些改變？同業預期顯然變化不大。所以——但感覺——目前去槓桿化程度似乎更高了。能談談這方面嗎？

Yes, John, I would say there's no change in our thinking from an SG&A perspective. This is what we contemplated and actually, quite frankly, guided at the beginning of the year that we expected SG&A to deleverage. And if you look at the back half deleverage of slightly over 200 basis points, it's actually in line with the deleverage that you saw in the first half of this year.

是的，約翰，從銷售、管理及行政費用（SG&A）的角度來看，我們的想法並沒有改變。這正是我們年初就考慮並實際指導的，即我們預期SG&A會降低槓桿率。如果你看一下下半年略高於200個基點的槓桿率降低情況，實際上與今年上半年的槓桿率降低情況基本一致。

This goes back to what Lauren talked about and what Ed has said about we have such a significant opportunity ahead of us in terms of these growth opportunities and the investment that is required. And no different than what we guided in CapEx, the investments that we are making in our business are driving the long-term sales and profitability growth, whether it is the technology talent, whether it is the talent within our stores and the service that we can provide as well as making prudent investments in GameChanger platform.

這呼應了勞倫和艾德之前提到的，我們面前蘊藏著巨大的成長機會和所需的投資。正如我們在資本支出方面所指導的那樣，我們對業務的投資正在推動長期的銷售和盈利增長，無論是技術人才、門店員工、服務，還是對GameChanger平台的審慎投資。

Those are all the examples. And so coming back to your question, our expectations continue to be in line with our previous guidance that this is going to be an area where we will continue to invest.

以上就是所有例子。回到您的問題，我們的預期與先前的指導意見一致，我們將繼續在這個領域進行投資。

I'll foreshadow and I know this would be a question. We expect our 2024 growth in SG&A to moderate from this point. But 2023 is right in line with our expectations.

我先預告一下，我知道大家一定會問這個問題。我們預計2024年銷售、管理及行政費用（SG&A）的成長速度將比目前放緩。但2023年的成長速度與我們的預期基本一致。

Your next question comes from the line of Warren Cheng from Evercore ISI.

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

I just want to clarify, the delta between how much you missed your 2Q margin expectations and what you're baking in for second half headwinds incremental to 3 months ago, can you just clarify the buckets that were unique to Q2 and -- versus the ones that you're carrying forward into the second half?

我只是想澄清一下，您第二季度利潤率未達預期與三個月前您為應對下半年不利因素而增加的預期之間的差額，您能否具體說明一下哪些是第二季度特有的，哪些是您將延續到下半年的？

Yes. Warren, I would say that the buckets are pretty much the same versus our original expectations. Like Lauren called out, the biggest surprise against our expectation was the elevated levels of shrink that became apparent to us when the physical inventory hit the store. And we have assumed, like I said, we have assumed that this trend is not going to abate here with the physical inventory results.

是的，沃倫，我認為實際庫存情況與我們最初的預期基本一致。正如勞倫指出的那樣，最大的意外是實體盤點後發現的損耗率遠高於預期。而且正如我之前所說，我們認為這種趨勢在這次實體盤點中不會有所緩解。

So we have baked in some elevated level of shrink in our back half expectations. And the second driver was the decisive action that we took to keep our inventory claims, the example you gave of the outdoor. And we have assumed some of this moderation in -- some of this activity in the back half expectation as well to continue to keep our inventory fresh and well positioned because the assortment that we have in our House of Sport location and our next-gen 50,000 is different and is elevated. And we want to make sure we are continuously keeping our inventory clean to be able to bring in the innovation and the right assortment to be able to fuel the growth in these locations.

因此，我們在下半年的預期中已考慮了較高的損耗率。第二個驅動因素是我們採取的果斷措施，以確保庫存充足，就像您提到的戶外用品一樣。我們也已在下半年的預期中考慮到了這種損耗率的下降，以保持庫存的新鮮度和充足供應，因為我們在House of Sport門市和新一代50,000系列門市的商品種類有所不同，而且品質更高。我們希望確保庫存始終保持充足，以便能夠引入創新產品和合適的商品組合，從而推動這些門市的成長。

And for my follow-up, I just wanted to ask how you -- if you step back in the state of margins beyond this year, we're obviously in a very uncharacteristically high promotional environment. The 0 to 2 comp is clearly below what your typical leverage point would be for fixed costs. Maybe we say shrink is here to stay.

我的後續問題是，如果您回顧今年以後的利潤率狀況，您會發現我們顯然處於一個異常高的促銷環境下。 0到2的同店銷售額明顯低於固定成本的典型槓桿點。或許我們可以說，損耗將會長期存在。

But if you just kind of look at all these factors together, how much pressure are you facing on margins this year on sort of these temporary 2023 specific pressures? And how should we think about normalized profitability of the business beyond this year?

但如果把所有這些因素綜合考慮，今年利潤率會受到多大的壓力，這些壓力又會因為2023年的一些暫時性因素而增加？我們又該如何看待公司今年之後正常的獲利能力呢？

Yes. Maybe I'll begin with our confidence in the long-term [growth rate] that we have. We could not be more excited about the long-term growth opportunities that we see from a top line sales perspective or from the bottom line profitability. The ingredients of our sales and profitability business absolutely remain intact, whether it is our ability to continue to gain share in $140 billion fragmented industry, the work that we are doing with House of Sport and the next-gen 50,000. Our recipe or the ingredients that we have called out around the margin continue to remain.

是的。或許我可以先談談我們對長期成長率的信心。無論是從營收或利潤的角度來看，我們都對長期成長機會感到無比興奮。我們銷售和獲利業務的關鍵要素仍然穩固，無論是我們繼續在價值1400億美元的分散行業中擴大市場份額的能力，還是我們與House of Sport以及下一代50,000的合作。我們之前提到的那些關鍵要素仍然有效。

Our product is extremely differentiated and very narrowly distributed. And that is what gives us the confidence that we can continue to grow our margins. Quite frankly, with the 50 basis points of headwind in shrink this year, we are guiding that on a full year basis, our total gross margin will be higher than 2022. And from a -- that's what -- coming back to your question, that's what is giving us the confidence that we can continue to grow the top line and the bottom line in the years to come.

我們的產品極具差異化，且通路非常狹窄。正是這一點讓我們有信心繼續提升利潤率。坦白說，儘管今年面臨50個基點的萎縮阻力，我們預計全年毛利率將高於2022年。回到您的問題，正是這一點讓我們有信心在未來幾年繼續實現營收和利潤的雙重成長。

Your next question comes from the line of Michael Lasser from UBS.

你的下一個問題來自瑞銀集團的麥可·拉塞爾。

So given that the shrink impact being greater in the second half than it was in the first half, and you don't take physical inventories until what it sounds like around the middle of the year, we should anticipate that this issue of shrink is going to impact you into at least the first half of next year until you fully anniversary, is that right?

鑑於下半年的損耗影響比上半年更大，而且你們似乎要到年中左右才會進行實物盤點，我們應該預料到，這種損耗問題至少會持續到明年上半年，直到你們的周年紀念日結束，是這樣嗎？

Yes, Michael, we are revisiting our physical inventory process based on the learnings that we have had this year. So we will share more, but I don't anticipate us doing one large inventory count like we did this year. Considering the level of risk, we may be actually be counting our stores a little bit more frequently or at least sampling stores to keep a close tab on the situation.

是的，邁克爾，我們正在根據今年的經驗教訓重新審視我們的實體盤點流程。我們會分享更多信息，但我預計我們不會像今年那樣進行一次大規模的盤點。考慮到風險水平，我們可能會更頻繁地對門市進行盤點，或至少抽取部分門市進行抽樣檢查，以便密切注意情況。

Okay. And then on the House of Sport, 2 related questions here. Number one, how much of the SG&A growth in the last couple of quarters and really for the full year that you're expecting is related to a greater fixed cost structure, both in the store as well as what's necessary in the customer support and store support center to continue to build out these bigger locations?

好的。關於House of Sport，這裡有兩個相關的問題。第一，您預計過去幾季以及全年銷售、管理及行政費用（SG&A）的成長中，有多少是由於門市固定成本結構增加，以及為了繼續擴建這些大型門市，客戶支援和門市支援中心所需的成本增加所致？

And if you look at the Rochester and the Knoxville locations, which are, I believe, the first to have been opened and the longest in existence, how did the comp in the last couple of periods at those locations compared to the comps overall for the chain?

如果你看一下羅徹斯特和諾克斯維爾的門市（我相信它們是最早開業的，也是存在時間最長的），那麼在最近幾個時期，這些門市的業績與整個連鎖店的業績相比如何？

Yes, Michael, great question. First of all, let's put this in context. We only have 12 House of Sport locations. So when you think about the overall magnitude of impact in SG&A, I would say it's pretty insignificant.

是的，邁克爾，問得好。首先，我們來看看具體情況。我們只有12家House of Sport門市。所以，如果你考慮到銷售、管理及行政費用（SG&A）的整體影響，我認為這部分影響微乎其微。

But the capabilities that we are building in -- at the corporate -- at the support center here in terms of technology and bringing in the right talent to be able to find the opportunities to grow into 2024 and 2025, that's what the business optimization exercise is about for us. It's finding the right talent, resourcing appropriately and then finding the capabilities that need to be built.

但是，我們正在公司層面，也就是我們這個支援中心，建立技術能力，並引進合適的人才，以便抓住機遇，在2024年和2025年實現成長。這才是我們業務優化工作的核心所在。它包括找到合適的人才，合理配置資源，以及建構需要具備的能力。

So in terms of the absolute impact on SG&A from the opening of House of Sport location, I would say it's pretty small. And now to answer your question, we could not be more excited about the results that we continue to see out of our stores that have been open for some time now. And we couldn't be more excited about the overall sales and profitability results from those locations as well.

因此，就House of Sport門市開業對銷售、管理及行政費用（SG&A）的絕對影響而言，我認為影響非常小。現在回答您的問題，我們對已開業一段時間的門市持續取得的業績感到非常興奮。同時，我們也對這些門市的整體銷售和獲利能力感到非常滿意。

Your next question comes from the line of Brian Nagel from Oppenheimer.

你的下一個問題來自奧本海默公司的布萊恩·納格爾。

So my first question, with regard to the inventory adjustment you took here in Q2, the outdoor product, so is -- just to understand this clearly, so is that product -- the product that you basically wrote down, is that product now sold? Or we still anticipate selling that product over the balance of the year?

我的第一個問題是，關於您在第二季度對戶外產品進行的庫存調整，為了確保我理解正確，您之前減記的那部分庫存，現在是否已經售出？或者我們仍然預計在今年剩餘時間內能夠售出？

And then, I guess, the second question there is what -- we've been talking about some weakness in outdoor for a while, but what necessitated the write-down now? Or why did you do it now?

那麼，我想，第二個問題是──我們之前一直在討論戶外業務的一些弱點，但是什麼原因導致現在需要進行資產剝離呢？或者說，為什麼你們現在要這樣做？

Yes. Thanks, Brian. So the product we got aggressive with in Q2 is -- sold very well, and we've moved through it such that we don't have to pack a majority of it away. And we were heading to a place where we were going to have to do that. So we're very, very pleased with how it's sold through and moving on.

是的，謝謝你，布萊恩。我們在第二季大力推廣的那款產品——銷售量非常好，而且銷售速度很快，大部分庫存都不需要打包。我們之前一度以為不得不這麼做了。所以我們對它的銷售狀況和銷售進度非常滿意。

Why go through the product now, there's 7 peak selling weeks in the outdoor category. Obviously, the whole business is a full year business. But for the sub categories that we're talking about, there's 7 peak weeks.

為什麼現在就介紹產品呢？戶外用品類產品有7週的銷售高峰期。當然，整個行業是全年運營的。但就我們討論的這些子類別而言，確實有7週的銷售高峰期。

And so you have to strike while the iron is hot, and that's exactly what we decided to do. And again, I am very happy with that decision because it does make our inventory cleaner. We're down 5% at the end of the year, and we don't have to pack it away.

所以，你必須趁熱打鐵，而我們正是這麼做的。再次強調，我對這個決定非常滿意，因為它確實讓我們的庫存更加精簡。年底我們的庫存減少了5%，而且我們也不用把多餘的庫存打包存放。

Okay. And my second question, it's going to be maybe a little bit bigger picture. But we look at the release today, and you have the inventory issue we just discussed. You have obviously the shrink issue that we've been discussing here, which is rather significant. And then you've also rightsizing, to some extent, your labor force.

好的。我的第二個問題，可能要從更宏觀的角度來看。讓我們來看看今天發布的產品，你們有剛才討論過的庫存問題。顯然，還有我們一直在討論的損耗問題，這個問題相當嚴重。此外，你們也在一定程度上調整了員工規模。

So there's a lot here happening in Q2. So the question I have is -- and I get that in your comments, you're still very upbeat about the longer-term potential for DICK'S and the DICK'S model. But given everything we're learning today, are you taking a different -- or do you have a different perspective on the nearer-term outlook for DICK'S, the underlying health of this business?

所以第二季發生了很多事。我的問題是——我知道您在之前的評論中仍然非常看好迪克體育用品公司及其商業模式的長期潛力。但鑑於我們今天了解到的所有情況，您對迪克體育用品公司的近期前景以及這項業務的根本健康狀況是否有不同的看法？

Absolutely not. Absolutely not. No, I would point to we are doubling our EBT margin. Our sales are 40% higher than they were pre-pandemic. Our EPS is 3x what it was. We have a shrink issue, and we cleaned up some outdoor inventory. We are completely confident in the future short term and long term of our business.

絕對不是。絕對不是。不，我想指出的是，我們的稅前利潤率翻了一番。我們的銷售額比疫情前成長了40%。我們的每股盈餘是之前的3倍。我們確實有損耗問題，並且清理了一些戶外庫存。我們對公司業務的短期和長期發展都充滿信心。

Your next question comes from the line of Paul Lejuez from Citi.

你的下一個問題來自花旗銀行的保羅‧萊胡茲。

How much of the addition of the -- or the opening of the House of Sport stores move the comp in 2Q? And related to that, you all said there was a July pickup. I think you said it picked up significantly. So how much did it specifically act as a driver of July?

House of Sport門市的新增或開幕對第二季同店銷售的影響有多大？另外，你們都提到7月業績回升，而且回升幅度相當顯著。那麼，這些新增或開業究竟對7月的業績成長起了多大推動作用？

And also, you were just talking about the outdoor promotions really moving through quickly. How much did that drive July comps? I think you said you're positive every month, but you said July picked up very significantly. And comp was only up 1 and change. So I just want to understand that a little bit better. And then did you not adjust any of your second half sales assumptions from having less inventory than you thought as a result of that inventory count?

另外，您剛才提到戶外促銷活動進展迅速。這對七月份的同店銷售成長有多大影響？我記得您說過每個月都是正成長，但七月的成長尤為顯著。而七月份的同店銷售額只成長了1%多一點。所以我想更深入地了解一下。還有，由於庫存盤點結果顯示庫存低於預期，您是否調整了下半年的銷售預期？

Thanks, Paul. I just want to point out on House of Sport, while we're not going to get into exactly the impact in July, overall, it's really important to note that we had closed several stores. And so net-net, despite how great these stores did in July, it was a drain on comps in the quarter, and that's important to note.

謝謝保羅。關於House of Sport，我想指出一點，雖然我們不打算詳細討論7月份的具體影響，但總體而言，我們關閉了幾家門市，這一點非常重要。因此，儘管這些門市7月份的業績很好，但總體而言，它們還是拖累了本季的同店銷售額，這一點需要特別注意。

So really a tale of 2 cities. We have closed them so that we could open them with great fanfare, which is exactly what we did with great grand openings. I'll turn it to Navdeep for the other questions.

所以這真是兩個截然不同的世界。我們關閉了一些地方，是為了能夠以盛大的儀式重新開放，而我們也確實做到了，舉辦了盛大的開幕典禮。其他問題，我把問題交給納夫迪普回答。

Yes. In terms of the impact in July, like Lauren said, had we not closed these stores, our comp in Q2 would have been higher. And we saw the acceleration, and these stores grand opened literally in the last few weeks of July. So the overall impact in July, and actually, quite frankly, in Q2 is very small.

是的。就7月的影響而言，正如Lauren所說，如果我們沒有關閉這些門市，第二季的同店銷售額會更高。而且我們看到了成長加速，這些門市實際上是在7月最後幾週才盛大開幕的。因此，7月份的整體影響，坦白說，實際上對第二季的影響都非常小。

And what we are excited about is the opportunity that we see now that these stores have grand opened and the acceleration that we are seeing. And that's what gives us the excitement about the outlook that we have for the back half of this year.

我們感到興奮的是，隨著這些門市盛大開業，我們看到了巨大的發展機會和加速成長的勢頭。這也讓我們對今年下半年的前景充滿信心。

In terms of did we adjust any sales assumptions with the less inventory, I would say no, the inventory is pretty clean. The 5% was actually in line with where we wanted to be at the end of the quarter. So the decisive actions that we took in Q2 actually positioned us well to be able to bring in the innovation and bring in the right product for the back-to-school season as well as the holiday season that is upon us.

至於庫存減少是否影響了銷售預期，我認為沒有，庫存狀況良好。 5%的庫存率實際上符合我們季度末的預期目標。因此，我們在第二季採取的果斷措施，使我們能夠更好地推出創新產品，並為即將到來的返校季和假期季節提供合適的商品。

Right. Because you have a bigger shrink issue than you thought, do you have less inventory to sell than you had previously anticipated?

沒錯。因為你的損耗問題比你預想的要嚴重，所以你的庫存銷售量是否比之前預期的要少？

Well, shrink is unfortunate, but then you make sure that you're not impacting the customer experience. And you're buying the product to be able to have the right assortment and the availability within our stores.

損耗固然令人遺憾，但關鍵在於確保不影響顧客體驗。我們採購產品是為了確保門市商品種類齊全、供應充足。

Your next question comes from the line of Mike Baker from D.A. Davidson.

你的下一個問題來自 D.A. Davidson 的 Mike Baker 的一個線索。

Can I try to clarify the margin change in the guidance. I think the EBT guidance is down about -- I think it's 140 basis points. 50 of that is because of the higher shrink. What's the rest of it? Is it the combination of the markdowns that you took in the second quarter as well as expected markdowns for the back half of the year because Navdeep just said that's going to linger a little bit. Are those the factors that are leading to the lower margin because you said sales are the same and SG&A is the same?

我可以試著解釋一下業績指引中利潤率的變化嗎？我認為稅前利潤指引下調了大約——我記得是140個基點。其中50個基點是因為損耗增加。剩下的50個基點是什麼原因造成的？是第二季的降價以及預計下半年的降價造成的嗎？因為Navdeep剛才說過，這些降價的影響還會持續一段時間。這些因素是否導致了利潤率下降？因為您說過銷售額和銷售、管理及行政費用都維持不變。

Yes. Mike, you're right. The change besides shrink is coming from just we're flowing through the Q2 results as well as keeping our -- we moderated our merchandise margin expectations in the back half, in line with the actions that we discussed here in Q2. We are just wanting to make sure that we are keeping our inventory fresh and vibrant and want to make sure that we are positioning our growth opportunities and bringing -- the ability to bring in the innovation that we see in the marketplace are coming down, including some of the exciting brands that are available to us now.

是的，麥克，你說得對。除了損耗之外，其他變化還來自於我們正在消化第二季度業績，以及我們下半年調整了商品毛利率預期，這與我們在第二季度討論的措施一致。我們只是想確保庫存保持新鮮活力，確保我們能夠掌握成長機會，並引進市場上湧現的創新產品，包括一些我們現在可以引進的令人興奮的品牌。

Okay. That helps. Bigger picture question. The whole idea here is that the margins are structurally higher than they were pre-pandemic. And based on your guidance, they still will be just less so than maybe some people have thought.

好的，這很有幫助。再問一個更宏觀的問題。關鍵在於，目前的利潤率結構性地高於疫情前。根據您的分析，利潤率仍然會更高，只是可能比某些人預想的要低。

The question is this. This shrink issue, does that mean that your margins longer term are just going to be less than you would have otherwise thought prior to doing these physical inventories in the second quarter? How much of that impact the longer-term margin?

問題是這樣的：這種庫存縮水問題是否意味著，從長遠來看，你的利潤率會比你在第二季度進行實體盤點之前預期的要低？這會對長期利潤率產生多大的影響？

Yes. I would say the answer is yes based on what we are able to see now, and we can't foreshadow what the shrink would look like in future. Like Lauren said, this is not just a DICK'S Sporting Goods challenge. This is a collective retail challenge.

是的。就目前的情況來看，我認為答案是肯定的，但我們無法預知未來萎縮的程度。正如勞倫所說，這不僅是迪克體育用品公司面臨的挑戰，而是整個零售業面臨的挑戰。

So I don't know if we can push out of what the collective resolve of the retail community and quite frankly, community at large would be. But for now, for the near term, we do anticipate this will -- this risk will remain with us.

所以我不知道我們能否改變零售業乃至整個社會的集體決心。但就目前而言，在短期內，我們預期這種風險仍將存在。

Yes. That said, you point out, and you're absolutely right that our margins are structurally higher than pre-pandemic. And so we are operating in a place where they are structurally improved significantly higher than they were pre-pandemic. And you're right, if shrink does take that down slightly, this overall story does not change.

是的。正如您所指出的，而且您說得完全正確，我們的利潤率結構性地高於疫情前水準。因此，我們目前的利潤率結構性地顯著高於疫情前水準。您也說得對，即使損耗略微拉低了利潤率，整體情況也不會改變。

So you'd always talked about the margin baselining. And last year, it's supposed to be the baseline. Now clearly the last year is not the baseline because of the shrink issue and other things. I guess can I ask this? Is the 10.1% EBT margin this year, do you think that's the new baseline?

所以你一直在談論利潤率基準。去年原本應該是基準線。但現在顯然，由於損耗問題和其他一些因素，去年的基準線已經不再適用。我想問一下，今年的10.1%稅前利潤率，你認為這是新的基準線嗎？

So go ahead, Navdeep.

那就開始吧，納夫迪普。

Yes. No, absolutely. We absolutely believe even if you look at the total margin for a full year, our total margins will actually be higher than 2022. So even with this headwind of shrink, our total margins will be higher.

是的。沒錯，絕對是如此。我們堅信，即使從全年總利潤率來看，我們的總利潤率實際上也會高於2022年。因此，即使面臨業務萎縮的不利因素，我們的總利潤率仍然會更高。

We called out that the SG&A is a planned investment, and we are expecting our SG&A growth to moderate into next year. So yes, absolutely confident in the long-term expectations on both sales and the profitability basis.

我們已明確指出，銷售、管理及行政費用（SG&A）是一項計劃內投資，並且我們預計明年SG&A的成長速度將放緩。因此，我們對銷售額和獲利能力的長期預期都充滿信心。

Your next question comes from the line of Justin Kleber from Baird.

你的下一個問題來自 Baird 公司的 Justin Kleber。

Just 2 clarifications. On shrink, you mentioned the 50 basis point headwind versus '22. Curious where that sits versus your pre-pandemic gross margin and shrink rate.

有兩個問題需要澄清。關於損耗，您提到與 2022 年相比有 50 個基點的不利影響。我想知道這與疫情前的毛利率和損耗率相比如何。

And then secondly, Navdeep, just on the SG&A deleverage of 200 basis points across the second half, does that exclude -- I assume it does but that exclude last year's onetime charge in 4Q related to Field & Stream?

其次，Navdeep，關於下半年 SG&A 去槓桿化 200 個基點，這是否不包括——我假設不包括，但不包括去年第四季度與 Field & Stream 相關的一次性費用？

So Justin, I'll start with the shrink. The -- It is significantly elevated versus the pre-pandemic level, the shrink. I would say we had kind of baseline closer to the pre-pandemic level late last year when we did the physical inventory of our stores. So this 50 basis points is a pretty significant acceleration from the kind of the original levels we used to be at.

賈斯汀，我先來說說損耗率。與疫情前相比，損耗率顯著上升。去年年底我們對門市進行實體盤點時，損耗率基本上恢復到了疫情前的水平。所以，這50個基點的增幅相當顯著，遠遠超出我們之前的水準。

In terms of the SG&A deleverage, we did not have a onetime charge associated with Field & Stream. So maybe you and I can take this offline and clarify this with you. The SG&A deleverage is on an apples-to-apples basis like we have guided to be slightly over 200 basis points for the back half of this year.

關於銷售、管理及行政費用（SG&A）的槓桿化，我們沒有與《Field & Stream》相關的一次性費用。所以，或許我們可以私下討論一下，向您解釋清楚。 SG&A槓桿化的幅度是基於同等條件計算的，正如我們之前預測的那樣，今年下半年將略高於200個基點。

Your next question comes from the line of Joe Feldman from Telsey Advisory Group.

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

I wanted to ask on footwear. How much of the strength that you're seeing in footwear is related to the category overall versus your assortment changes and the distribution changes you've made in your stores and possible, I guess, market share gains, I'm assuming on your side?

我想問一下關於鞋類銷售的問題。您目前看到的鞋類銷售強勁勢頭，有多少是由於整個品類本身的強勁表現，又有多少是由於您在門店進行的商品組合調整、分銷渠道的改變，以及（我猜）市場份額的增長（我假設是您這邊的市場份額增長）？

Yes. Well, the shrink in footwear is not related to the change in our -- we didn't get into the guiding by category level but...

是的。鞋類銷售下滑與我們－我們沒有深入探討按品類劃分的指導原則－無關，但是…

No, no, no. I was talking about the strength of the category.

不，不，不。我指的是這個類別的實力。

Oh, the strength. I'm sorry, I misunderstood you.

哦，真是堅強。對不起，我誤會你了。

How much was related to your changes versus the industry and just -- yes.

有多少是你的改變與產業變化相關的——是的。

Got it. Okay. Thank you. Yes. So our growth in footwear is definitely related to the fact that the consumer is very interested in footwear, but more importantly, the fact that with our premium full-service footwear decks and our assortment changes and the access that we have to brands, we are meeting those consumer needs better than we ever have before. So it's a combination for us of assortment changes, overall experience, distribution changes, all of that.

明白了。好的。謝謝。是的。所以，我們在鞋類業務的成長當然與消費者對鞋類的濃厚興趣有關，但更重要的是，憑藉我們優質的全方位鞋類服務平台、不斷更新的產品系列以及我們與各大品牌的合作管道，我們比以往任何時候都更好地滿足了消費者的需求。因此，對我們來說，這是產品系列更新、整體體驗優化、分銷管道調整等多面向因素共同作用的結果。

Got it. And then just back to the inventory question again. I know it's -- you're in a very clean position as you've described a few times. But does that also mean your in-stock levels are where they should be, broadly speaking?

明白了。那我們再回到庫存問題。我知道——正如您之前多次提到的，您的庫存狀況非常良好。但這是否也意味著，總的來說，您的庫存水準已經達到應有的水準了呢？

And how should we think about inventory in the second half? Like will it end the year down a little bit year-over-year? Or do you think it comes back to kind of level with last year? Or how should we think about the growth rate, I guess, of inventory for the back half?

那我們該如何看待下半年的庫存情況呢？例如，庫存量會比去年同期略有下降嗎？還是會跟去年基本持平？或者說，我們該如何看待下半年的庫存成長率？

Yes. I don't know if I want to guide necessarily in terms of the inventory expectations for full year. I would say that we continue to -- it will all depend on the top line results as well. But I would say we are very happy with the results of where the -- our inventory currently is positioned for both the back-to-school season and the holiday season. I'm happy with the fact that we finished down 5% on a year-over-year basis, actually slightly higher on a per square footage basis if you look at it.

是的。我不確定是否應該對全年的庫存預期做出具體預測。我想說的是，一切都取決於營收業績。但我必須說，我們對目前的庫存配置非常滿意，無論是返校季還是假期季節。我很高興我們最終的庫存年減了5%，但實際上，如果以每平方英尺計算，下降幅度略高於去年同期。

Yes. And stock levels are quite good, and that's partly what's made us start the back-to-school season with such strength in July.

是的。而且庫存水準相當不錯，這也是我們7月開學季表現如此強勁的部分原因。

Our final question comes from the line of Chuck Grom from Gordon Haskett.

我們的最後一個問題來自戈登·哈斯克特的查克·格羅姆的詩句。

Just one quick one for me. On the guide, how should we think about the phasing of comps in the back half of the year? On a 1-year basis, the comparisons are relatively similar. But on a multiyear, they're much, much harder in the third quarter. And I'm trying to tie that in with your commentary about back-to-school in July being strong, which I presume would mean that August is also pretty healthy.

我還有一個問題想請教一下。關於指南，我們該如何看待下半年的比較資料安排？如果以一年為單位進行比較，數據相對接近。但如果以多年為單位進行比較，第三季的比較就困難得多。我試圖將這一點與您之前提到的七月份開學季表現強勁的觀點聯繫起來，我推測這意味著八月份的數據也相當不錯。

Yes. Chuck, I don't know if I would give any further details on that. But I'll (inaudible) a collective basis, if you look at our comps, both in Q3 and Q4, they were pretty valuable. And we are equally as optimistic about the back-to-school season as we are about our holiday season. So very excited about the overall back half sales expectations.

是的。查克，我不知道是否該透露更多細節。但總的來說，如果你看一下我們第三季和第四季的同店銷售額，它們都相當可觀。我們對返校季和假日季的銷售前景同樣樂觀。因此，我對下半年的整體銷售預期感到非常興奮。

Lauren Hobart, President and CEO, please go ahead with final remarks.

總裁兼執行長勞倫·霍巴特，請作最後總結發言。

Well, thank you, everybody, for your interest in DICK'S Sporting Goods. We will look forward to seeing you all at the next quarter call. Thank you.

感謝各位對迪克體育用品公司的關注。我們期待在下次季度電話會議上與大家見面。謝謝。

And this concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您可以斷開連接了。