(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.

早上好。我叫克里斯塔，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加迪克體育用品2023年第二季度收益電話會議。 （操作員指示）Nate Gilch，投資者關係高級總監，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.

大家早上好，感謝您加入我們討論我們的 2023 年第二季度業績。我們的總裁兼首席執行官勞倫·霍巴特 (Lauren Hobart) 出席今天的電話會議；以及我們的首席財務官 Navdeep Gupta。今天電話會議的回放將在我們的投資者關係網站 Investors.dicks.com 上存檔大約 12 個月。

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

提醒一下，我們將做出前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述存在重大差異。任何此類聲明均應與我們的收益發布中的警告聲明以及我們向SEC 提交的文件中的風險因素討論結合起來考慮，包括我們在10-K 表格上的上一份年度報告以及本次電話會議期間做出的警告聲明。我們不承擔更新任何這些前瞻性陳述或信息的義務。

Please refer to our Investor Relations website to find 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.

請訪問我們的投資者關係網站，了解今天電話會議中引用的非公認會計準則財務指標的對賬情況。最後，出於您未來的安排目的，我們暫定計劃於 2023 年 11 月 21 日發布 2023 年第三季度收益結果。

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

現在，我將把電話轉給勞倫。

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.

謝謝你，內特，大家早上好。我們對第二季度強勁的銷售業績感到滿意。總銷售額增長 3.6%，達到 32.2 億美元，在強勁的交易增長的推動下，我們的可比銷售額增長了 1.8%。我們不斷獲得市場份額，這表明全國各地的運動員越來越依賴 DICK'S 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.

在本季度內，七月份返校季節開始以及我們最新的 House of Sport 門店開業時，銷售額顯著加速。對於全年而言，我們仍然有信心實現可比商店銷售額在持平至正 2% 的範圍內，與之前的預期保持不變。

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.

在這種背景下，我想花點時間談談我們第二季度的盈利能力和修訂後的 2023 年每股收益展望。雖然我們實現了 10.1% 的兩位數息稅前利潤率，但我們第二季度的盈利能力低於我們的預期。這主要是由於毛利率較低，儘管仍顯著高於新冠疫情前的水平，但低於最初預期。

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.

相對於我們最初的預期，有兩個關鍵因素影響了我們第二季度的毛利率。首先是庫存縮減幅度加大的影響。有組織的零售犯罪和盜竊是一個影響許多零售商的日益嚴重的問題。根據我們最近的實物庫存週期的結果，盜竊對我們的損耗的影響對我們第二季度的業績和我們對今年剩餘時間的預期都有意義。我們正在盡一切努力解決這個問題並確保我們的商店、隊友和運動員的安全。

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，除了收縮之外，我們還對過剩產品採取了果斷行動，特別是在戶外類別中，以便我們能夠帶來新的收入，並確保我們的庫存保持活力和定位良好。保持庫存新鮮是我們的主要經營理念之一。我們很高興我們的庫存在本季度末下降了 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 每股收益指引為 11.50 美元至 12.30 美元，考慮到了我們第二季度的業績以及我們對下半年毛利率的最新看法，包括更高水平的收縮。值得注意的是，我們仍然非常有信心，但我們仍然預計全年毛利率將比 2022 年有所增加，其中包括下半年的大幅增長。

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.

說我們的未來是光明的，這是輕描淡寫的。我們對業務的熱情以及對長期增長機會的信心從未如此強烈。我們正在進行變革性投資，以便能夠在價值 1,400 億美元的分散行業中繼續獲得份額並擴大我們的領導地位。

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.

繼過去幾年的巨大成功之後，我們正專注於利用我們最重要的增長機會。我們正在做大量的工作，以確定如何最好地優化我們的業務，以實現這一增長。這包括更好地調整我們的人才、組織設計和支出，以支持我們最關鍵的戰略，同時簡化我們的整體結構和成本。 Navdeep 將在他的講話中分享有關我們的計劃以及我們預計與此業務優化相關的相關費用的更多詳細信息。

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.

全渠道運動員體驗創新是我們發展戰略的核心，事實證明，我們最新的 DICK'S 概念取得了巨大成功，是我們未來的關鍵部分。首先，迪克體育之家正在取得巨大成果。在第二季度，我們很高興開設了 7 個新地點，本月早些時候，我們又開設了 2 個地點。

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，我有機會參觀了許多這樣的商店，每次訪問時我都為我們的團隊感到自豪，並受到他們提供的運動員體驗的啟發。這些商店的經營狀況非常好，與之前相同面積的組合商店相比，7 月份實現了兩位數的強勁複合增長。 House of Sport 現已開設 12 家門店，併計劃在 2024 年開設另外 10 家門店，我們預計到 2027 年，我們將在全國開設 75 至 100 家門店。

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，我們很高興繼續推出下一代 DICK'S 商店，這徹底改變了我們最典型的 50,000 平方英尺的格局。這家商店的靈感來自我們的 House of Sport 概念，具有類似的提升品類和服務模式、優質體驗和增強的視覺表現力。

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.

在第一家門店取得成功的基礎上，我們現在又開設了 2 家門店，總體銷售情況異常強勁。這一概念正在取得巨大成果，我們很高興能在 2023 年底之前再開設 8 家門店。House of Sport 的一二沖和我們新的 50,000 平方英尺原型是我們 DICK'S 商店的未來。

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.

我們也對 DICK'S 和 Golf Galaxy 的長期高爾夫機會充滿熱情。我們很高興今年能開設 7 個新的 Golf Galaxy 表演中心。今年之後，我們將繼續擴大 Golf Galaxy 的足跡，計劃於 2024 年開設約 10 個新地點。

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.

與我們的商店相結合，我們的數字體驗仍然是我們成功不可或缺的一部分。我們繼續投資技術來增強運動員的全渠道體驗。上個季度，我們很高興擴展了我們的全渠道履行模式，現在在 DICK'S 應用程序和 dicks.com 上提供集成的白標當日送達服務。

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.

我們還繼續創新並投資於快速增長且盈利的 GameChanger 業務，我們非常自豪最近宣布 GameChanger 與美國職業棒球大聯盟之間建立多年合作夥伴關係。結合全渠道體驗的重塑，我們繼續推動深度品牌參與。

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，我們啟動了第二次“體育改變生活”活動。我們與Nike 和Jordan 合作，重點關注邁克·特勞特(Mike Trout)、亞歷克斯·摩根(Alex Morgan) 和卡梅隆·安東尼(Carmelo Anthony) 等10 位標誌性運動員，他們分享了運動如何改變他們生活的個人故事。除了運動員的故事之外，我們還捕獲了獨家的幕後內容，這些內容可供我們的 DICK'S 和 Nike 關聯會員在 DICK'S 應用程序上使用。

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.

我們看到了非常積極的運動員情緒。迄今為止，這部作品在我們的媒體上已經獲得了近 15 億的曝光量。該營銷活動在夏季最相關的體育時刻進行，包括 NBA 總決賽、NHL 斯坦利杯季后賽和女子世界杯。

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 DICK'S Sporting Goods 的持續承諾。我們在業務的各個領域都擁有一支令人難以置信的團隊，他們是我們成功的最重要驅動力。

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 DICK 的增長潛力的最終想法。我們對業務的熱情以及對長期增長機會的信心從未如此強烈。我們正在推動積極的銷售並獲得可觀的份額。

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 2023 年 EBT 預期，但今年我們仍將實現兩位數的 EBT 利潤率，大約是 2019 年水平的兩倍。基於我們新的 DICK'S 概念、House of Sport 和我們下一代 50,000 平方英尺原型的強大成果，我們面前的長期增長機會是非凡的。正如埃德所說（我引用一下），“自 2000 年代初上市以來，我們從未見過這樣的增長機會。”

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

接下來，我將把電話轉給 Navdeep，更詳細地分享我們的財務業績。

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.

謝謝你，勞倫，大家早上好。讓我們首先簡要回顧一下我們第二季度的業績。我們很高興地報告，隨著我們繼續擴大市場份額，綜合銷售額增長了 3.6%，達到 32.2 億美元。交易量增長 2.8%，導致綜合銷售額增長 1.8%，但平均票價下降 1%，部分抵消了這一影響。本季度非公司銷售增長約 180 個基點是由我們的倉庫地點和 Moosejaw 的銷售推動的。

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 Lauren 所說，我們的銷售勢頭在 7 月份顯著增強，因為我們看到了返校季節的強勁開局，並通過改造以前關閉的組合商店重新開設了 7 個新的 House of Sport 門店。我們很高興地報告，這些重新開業的商店正在產生巨大的成果。

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.

就品類表現而言，鞋類和團隊運動表現極為出色。在服裝領域，我們繼續獲得顯著的份額，並看到了主要品牌的實力，包括耐克和我們的旗艦垂直品牌。

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.

第二季度毛利潤為11.1億美元，占淨銷售額的34.42%，較去年下降161個基點。這一下降是由於商品利潤率下降 254 個基點造成的。正如勞倫所討論的，我們對過剩產品採取了果斷行動，特別是在戶外類別中，以保持我們的庫存處於有利位置。

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，我們還經歷了高於預期的萎縮帶來的重大阻力，這占我們商品利潤率下降的 1/3。這被供應鏈成本降低 115 個基點部分抵消。

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.

SG&A 費用為 7.756 億美元，占淨銷售額的 24.06%。與去年相比，SG&A 美元增加了 1.182 億美元，去槓桿化了 294 個基點。此次去槓桿化是有計劃的，並由三個關鍵因素驅動。首先，我們繼續投資於小時工資、人才和技術，以創造更好的運動員體驗，包括提高店內服務水平。這些投資推動了約 100 個基點的去槓桿化。

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，我們在營銷方面進行了投資，以支持本季度 7 家新 House of Sport 商店的成功開業以及我們歷史上最具影響力的運動“Sports Change Lives”品牌活動的第二個主要階段。我們的營銷投資推動了約 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，由於我們的遞延薪酬計劃的投資價值變化導致淨費用增加，我們看到了大約 70 個基點的去槓桿化，這在其他收入中被完全抵消。

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，值得注意的是，我們第二季度的 SG&A 包括與我們最近收購 Moosejaw 相關的整個季度的費用。開業前費用為2210萬美元，比去年同期增加1830萬美元。這一增長是為了支持我們的 7 個體育之家的改造，包括支持開業的廣告費用。

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，比去年同期減少1,110萬美元。這一減少主要是由於上一年與交換我們的可轉換優先票據有關的誘導費用以及今年因這些票據退役而節省的利息費用。

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，而去年同期的支出為 740 萬美元。這 3590 萬美元的收入增長是由於我們的現金和現金等價物平均利率上升導致利息收入增加 1490 萬美元所致。其他收入還包括因遞延薪酬計劃變化而減少的 2090 萬美元費用，這完全抵消了我之前提到的 SG&A 費用增加。

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.

EBT 為 3.259 億美元，占淨銷售額的 10.1%。相比之下，2022 年的息稅前利潤為 4.273 億美元，占淨銷售額的 13.73%。總體而言，我們實現了每股攤薄收益 2.82 美元。相比之下，去年非 GAAP 攤薄每股收益為 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.

現在看看我們的資產負債表。截至第二季度末，我們擁有約 19 億美元的現金和現金等價物，並且我們的 16 億美元無擔保信貸額度沒有借款。與去年第二季度相比，我們的季末庫存水平下降了 5%。我們的庫存已為重要的返校季節做好準備。

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.

轉向我們第二季度的資本配置。淨資本支出為 1.57 億美元，我們支付了 8400 萬美元的季度股息。我們還回購了 160 萬股普通股，即 2.027 億美元，平均價格為 129.14 美元。今年到目前為止，我們已購買或回購了總計價值 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.

現在轉向我們對 2023 年的展望。我們重申我們對可比商店銷售額將持平至+ 2% 的預期。考慮到持續的宏觀經濟不確定性，包括即將恢復學生貸款償還，我們繼續衡量我們的預期。在此範圍的中點意味著我們的後半部分薪酬將大致持平，而去年同期的薪酬增幅約為 6%。包括第 53 週，我們預計全年非企業銷售增長約 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.

根據我們第二季度的業績以及對下半年毛利率的最新看法，我們現在預計非 GAAP 每股攤薄收益將在 11.50 美元至 12.30 美元之間，而我們之前的預期為 12.90 美元至 13.80 美元。這繼續包括來自第 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.

中點時，非 GAAP EBT 利潤率預計約為 10.2%，而我們之前的預期為 11.6%。儘管我們的預期有所緩和，但我們仍然預計全年毛利率將有所改善，隨著 2022 年同期的周年清關活動以及貨運費用的改善，毛利率將在今年下半年顯著改善。

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.

現在，這包括對更高實力的預期，這將使我們的全年毛利率比 2022 年降低約 50 個基點，以及我們繼續強調保持庫存活力和新鮮。我們還繼續預計全年的銷售、管理和行政費用將去槓桿化，這主要是由於我們對增長戰略的積極投資，我們預計這將推動長期銷售和盈利能力的增長。

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，在我們指引的中點，我們預計 SG&A 將去槓桿化，較上年略高於 200 個基點。我們預計全年開業前費用將增加，下半年同比增速將放緩。

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.

我們的盈利指引基於約 21% 的有效稅率和約 8700 萬股平均稀釋後已發行股票，而我們之前的預期為約 8800 萬股平均稀釋後已發行股票。作為業務優化的一部分，我們做出了艱難的決定，主要是取消客戶支持中心的某些職位，預計第三季度將產生約 2000 萬美元的遣散費。這些費用被排除在今天的非公認會計準則展望之外。

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.

未來 12 個月的戰略人才投資預計將很大程度上抵消相關成本節省。雖然我們目前尚未承諾採取具體的額外行動，但我們目前預計在 2023 財年完成業務優化計劃，這可能會導致 2500 萬至 5000 萬美元的額外費用。這些潛在的行動並未被納入今天的展望中，任何相關費用都將不包括在我們基於非公認會計原則的業績中。此外，基於我們對核心戰略的持續信心，我們維持今年淨資本支出在 5.5 億至 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.

我們準備好的評論到此結束。感謝您對 DICK'S 體育用品的興趣。接線員，您現在可以撥打電話提問。

(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 Simeon Gutman。

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。我的第一個問題只是想澄清一下，本季度的毛利率或商品利潤率下降了 1/3。然後我認為剩下的將是果斷的行動。如果這是正確的，您能否在行動中量化戶外類別造成的百分比或壓力以及其餘類別的情況如何？

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.

這是——是的，你的描述是正確的。正如我在準備好的評論中指出的那樣，下降的最大驅動因素是我們繼續果斷地保持庫存清潔。戶外就是一個完美的例子。所以我不願意討論任何關於戶外有多大的進一步細節。

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.

但思考這個問題的方法是，在第二季度中期左右，出現了一個室外高峰。這就是目的——我們做出的有目的的決定是為了保持我們的庫存清潔並對戶外類別做出決定。

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.

第二季度驚喜的最大影響主要來自收縮。我們以為我們已經為它預留了足夠的空間。然而，事件數量和有組織零售犯罪的影響明顯高於我們的預期，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.

Simeon，我想補充一些有關戶外類別的內容。我們有——市場上有過剩的庫存。正如 Navdeep 所說，賣出的時間非常短。所以我們很積極，但這並沒有改變我們對戶外類別的總體期望。我們對於重塑戶外品類並提供出色的消費者體驗感到非常興奮。這是上個季度的一個短期問題。

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。然後也許後續是，去年有一些降價活動。我想，今年有一些，以及你所說的。那麼，請問，您採取了什麼行動來防止這種情況繼續發生呢？您對此有何看法？因為我認為這是保持毛利率持續高於新冠疫情前水平的關鍵部分。

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。所以去年的情況和今年有很大不同。我只想帶你回顧一下去年很晚才收到的春季收據，市場上有大量庫存。我們當時就承認了這一點，然後就開始大力開展清理活動。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，今年我們將一如既往地保持庫存新鮮和乾淨。我們正在像外科手術一樣積極進取。我們確實預計全年毛利率將比去年有所增加，並在今年下半年持續改善。

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.

因此，了解這並不是以任何方式、形式或方式回歸促銷環境非常重要。這就是我們的外科手術並保持庫存新鮮。我們預計下半年和全年的毛利率將會增長。

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

您的下一個問題來自巴克萊銀行的 Adrienne Yih。

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?

Lauren，希望保留 House of Sport 的概念和新原型。在這一點上，我認為獲得有關商店經濟、成熟度、任何 4 牆指標回報的任何顏色對我們都有幫助。但是，除了您想分享的任何定性評論之外，您還可以與我們更定量地分享什麼嗎？

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，可以理解的是，堅持毛利率構成，而不是更多促銷，但這意味著庫存減記，以使庫存非常乾淨和新鮮。我們應該如何看待收縮？你每年做一次嗎？你每年做兩次嗎？然後我們是否會在接下來的三個季度積累這一點，然後在明年第四季度實現良好的積極逆轉？

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，艾德麗安。從你關於體育之家的第一個問題開始。正如我們在準備好的發言中提到的，本季度 7 月份的增長顯著，這是因為返校開局非常強勁。

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.

但同樣重要的是，我們開設了 7 家體育之家，而且它們做得非常好。現在很容易在相同面積的基礎上將它們與我們的組合商店進行比較，因為這些很大程度上是組合商店的搬遷或改造。我們看到了顯著的增長。我們非常非常看好這個概念。

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，50,000 the DICK'S——經典的 50,000 平方英尺的重新設計，其靈感來自 House of Sport。而且它的表現非常非常好。因此，我將把它交給 Navdeep 來討論利潤率，但我確實想強調，通過這兩個概念，我們面前有一個令人難以置信的增長機會。

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.

我們對他們感到非常樂觀。現在我們本季度又新開了 10 到 2 家。所以總共有 12 個開放。我們可以自信地說，他們做得非常好。

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。艾德麗安，也許我會在勞倫所說的基礎上再加一句，因為她總結得很好。我想說的是，我們看到體育之家開業的反應不僅來自運動員，而且來自我們的品牌合作夥伴以及購物中心業主，反應非常積極。因此，我們對為購物中心帶來的變化以及為運動員帶來的品種感到非常興奮。

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.

在回答您有關實際庫存盤點的問題時，我們每年進行一次實際庫存盤點。我們在返校季節之前就這樣做了，就在那時——收縮水平升高，我們實際上量化了其影響，並將其記錄在第二季度的結果中。

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.

正如我在準備好的發言中所說，我們假設這種趨勢將持續更長時間。因此，我們對今年下半年的收縮預期有所提高，這進一步給我們對 2023 年的前景帶來壓力。

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.

我們必須拭目以待，看看這種情況何時會逆轉。但現在，我們想要保守，我們想要對可能仍然存在的潛在風險保持謹慎。

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

您的下一個問題來自美國銀行的羅比·歐姆斯 (Robby Ohmes)。

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.

我將把關於息稅前利潤率下降前景的更深層次問題留到我們可能會進行的後續電話會議中，但也許會對本季度發生的事情有更多了解。返校進展如您所願嗎？也許更多關於哪些類別有效和無效的評論。

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.

第二季度門票有所下降。那次交易下跌了嗎？那是混合的嗎？也許只是引導我們經歷發生的不同事情。

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。因此，從我們的總比較開始，我們的比較為 1.8%，總銷售額為 3.6%。值得注意的是，我們的消費者做得非常非常好。我會就此指出一些不同的證據。

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，我們看到了每個收入人群的增長，我知道這與您從其他公司聽到的不同。從收入最低的消費者到收入較高的消費者，我們都看到了每一項的增長。

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.

我們沒有看到從最好到更好或從更好到好產品的交易。我們看到交易量增長了 2.8%。因此，雖然平均門票有所下降，但總體而言，我們有更多的運動員加入我們的數據庫，進入我們的行列。他們來得更頻繁，總消費也更多。

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.

因此，我們的消費者表現非常好，這一點非常明確且重要。我認為我們過去認為是可自由支配的類別已經成為對他們來說非常重要的東西，他們用錢包投票，他們想要保持健康、積極的生活方式、團隊運動、跑步、步行，所有這些事物。總的來說，本季度以及現在的許多季度消費者確實非常非常出色。

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，也許我會以此為基礎。就我們在​​ 7 月份看到的情況而言，我們對季度末（尤其是 7 月份）所看到的結果和勢頭感到非常興奮。

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.

其中有兩個重要原因。您很早就宣布了從第二季度末開始的返校季。我們對賽季的開始感到非常興奮，我們還有很多賽季要做。

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.

第二個方面是我們在第二季度，實際上是在 7 月份開設了 7 個 House of Sport 地點。我們看到這些地點以及我們開設的 2 家下一代 50,000 平方英尺商店所帶來的成果和勢頭，我們現在擁有其中 3 家。

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.

我們從我們所做的投資中看到的集體動力，產品種類和服務的共鳴程度，讓我們感到無比興奮。這就是您看到的我們重申的基於比較銷售的全年指導。

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?

想澄清一下，第二季度採取的庫存行動是否支持了流量？對門票有影響嗎？

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.

我會說不。這是我們採取的行動的一小部分有針對性的部分。我們很高興看到我們的庫存實際上比去年下降了 5%，但這些行動具有很強的針對性。正如勞倫所指出的，它主要集中在我們的戶外類別上。

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

您的下一個問題來自高盛的 Kate McShane。

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?

我知道您在本季度的鞋類和團隊運動方面表現強勁，但聽起來服裝可能表現不佳。是這樣嗎？它是否必須在戶外或其他方面做更多的事情？

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。我們看到團隊運動和鞋類產品的巨大增長。你是對的，服裝確實軟化了。關於服裝，我想指出的一件事是，疲軟是在行業層面，我們確實繼續獲得市場份額。重要的是，我們的耐克服裝業務非常積極、非常強勁。我們的旗艦垂直品牌也非常強大。因此，我們對服裝行業的未來非常樂觀。

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標記的內容的問題。我認為 Ed 所說的以及他關於增長機會的說法是自 2000 年代初上市以來最好的。我們只是想知道您是否可以更深入地了解該聲明的含義以及機會是什麼。

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。因此，零售業越來越關注創新、技術以及創新的技術支持。擺在我們面前的是零售業的徹底變革。

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.

因此，我們的運動之家概念，我們新的 50,000 平方英尺，我們傾向於體驗。我們正在轉向服務。我們有很棒的產品組合，並且我們正在投資以技術支持我們所有的隊友。這體現在我們業務的各個方面，從供應鏈到電子商務，再到我們如何武裝我們的隊友和經營我們的商店。

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.

還沒有這樣值得注意的機會。我必須引用 Ed 的話，因為我在 2000 年代初期並不在這裡，但自從我們上市以來，我們面前有如此多的增長。

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

您的下一個問題來自摩根大通的 Chris Horvers。

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.

我只是想跟進節奏問題。所以你除了提到勢頭之外還提到了體育之家。那麼你能不能解析出更多的節奏。 House of Sport 是否參加比賽？也許可以談談你在這個賽季看到的事情。

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，我們在本季度的所有月份中都看到了積極的業績。是的，為了回答你的問題，House of Sport 位於補償基地中，因為這是對現有商店的搬遷，或者只是對現有地點的改造。第二季度在這裡開設的 7 家店是對我們早期的 Field & Stream 組合店進行改建的。

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。然後，由於與收縮有關，我不確定之前是否已觸及這一點，但它是第二季度毛利率或商品利潤率影響的 1/3。考慮到您預計今年的收縮將產生 50 個基點的影響，當我們試圖解析下半年實際情況時，第一季度是否有應計項目？

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，這是個好問題。是的，我們在第一季度末也有增量應計。然而，當實體庫存在返校季之前到達我們的商店時，我們就清楚了損耗水平的升高，並且我們實際上可以對其進行量化。我們看到事件數量有所增加，但量化是作為實物庫存流程的一部分完成的。

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，第一季度出現了逆風，而你在第二季度看到了追趕。全年預期為 50 個基點，您應該能夠根據第一季度、第二季度的尾部以及下半年的預期進行量化，這些預期與我們第二季度的預期相比有所提高。

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比第二季度的影響更大？

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，我們預計會出現某種程度的升高——收縮水平將繼續升高，只是對我們繼續看到的這種潛在風險保持保守和謹慎。

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

您的下一個問題來自 TD Cowen 的 John Kernan。

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?

我這裡有一對。勞倫，關於收縮的話題，您認為整個行業的長期解決方案是什麼？鑑於您目前所看到的情況，您認為明年進入時您的儲備水平是否合適？

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。如您所知，收縮是一個行業層面的問題。這實際上是我們整個國家的問題。老實說，我們所有人都需要與我們的合作夥伴、我們的貿易組織以及我們的政府共同努力，繼續解決萎縮問題。我們都看過這些故事，正在發生的事情非常令人震驚。

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，我們相信我們在這一點上已經做出了適當的保留。就納夫迪普的觀點而言，我們在進入後半場時一直很保守，但我們將盡我們所能，確保我們的隊友、運動員和商店的安全。這就是通過鎖門、攝像頭以及與當地執法部門和我們的行業合作夥伴合作來提高安全性。

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。然後 Navdeep，我想你說過新指導中點的 SG&A 是 200 個基點的去槓桿化。當我們進入今年下半年以及您度過第二季度時，您對 SG&A 的看法發生了哪些變化？比較指導顯然沒有太大變化。因此，但確實感覺目前正在進行更多的去槓桿化。那麼也許你可以談談嗎？

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，John，我想說，從 SG&A 的角度來看，我們的想法沒有變化。這是我們所考慮的，實際上，坦率地說，我們在今年年初就預計SG&A去槓桿化。如果你看一下下半年略高於200個基點的去槓桿化，它實際上與你在今年上半年看到的去槓桿化是一致的。

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.

這可以追溯到勞倫和埃德所說的，就這些增長機會和所需的投資而言，我們面前有如此重要的機會。與我們在資本支出中所指導的沒有什麼不同，我們在業務中進行的投資正在推動長期銷售和盈利能力的增長，無論是技術人才，還是我們商店內的人才以及我們提供的服務。可以在GameChanger平台上提供並進行謹慎的投資。

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.

這些都是例子。回到你的問題，我們的期望繼續與我們之前的指導一致，即這將是我們將繼續投資的領域。

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.

我會預示，我知道這將是一個問題。我們預計 2024 年 SG&A 的增長將從此時開始放緩。但 2023 年正好符合我們的預期。

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

您的下一個問題來自 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，您錯過第二季度利潤率預期的程度與您為下半年逆風增量到3 個月前所面臨的情況之間的差異，您能否澄清一下第二季度特有的部分以及- 與您將把哪些內容帶入下半年？

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，我想說的是，這些桶與我們最初的預期幾乎相同。正如勞倫所指出的那樣，與我們預期相反的最大驚喜是，當實體庫存到達商店時，我們就發現了明顯的損耗水平。正如我所說，我們假設這種趨勢不會隨著實物庫存結果而減弱。

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，我們在後半部分的預期中增加了一定程度的收縮。第二個驅動因素是我們為保留庫存索賠而採取的果斷行動，您舉的戶外例子。我們已經假設了一些適度的活動 - 預計下半年的一些活動也會繼續保持我們的庫存新鮮和定位良好，因為我們在 House of Sport 位置和下一代 50,000 的產品種類齊全是不同的並且是升高的。我們希望確保我們不斷保持庫存清潔，以便能夠引入創新和正確的品種，從而推動這些地區的增長。

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.

對於我的後續行動，我只是想問你，如果你在今年之後的利潤率狀態回退，我們顯然處於一個非常不尋常的高促銷環境中。 0 比 2 的比較明顯低於固定成本的典型槓桿點。也許我們會說收縮將繼續存在。

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?

但如果你把所有這些因素放在一起考慮，你今年的利潤率面臨著多大的壓力，這些壓力是 2023 年暫時的具體壓力？我們應該如何看待今年之後業務的正常盈利能力？

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。也許我會從我們對長期[增長率]的信心開始。我們對從頂線銷售角度或從底線盈利能力角度看到的長期增長機會感到非常興奮。我們的銷售和盈利業務的要素絕對保持不變，無論是我們繼續在價值 1,400 億美元的分散行業中獲得份額的能力，還是我們與 House of Sport 和下一代 50,000 人所做的工作。我們的食譜或我們在邊緣標註的成分繼續保留。

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.

我們的產品差異化極大，分佈範圍也非常狹窄。這讓我們有信心繼續提高利潤。坦率地說，隨著今年收縮 50 個基點的逆風，我們預計全年的總毛利率將高於 2022 年。回到你的問題，這讓我們有信心在未來幾年繼續增加收入和利潤。

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

您的下一個問題來自瑞銀集團 (UBS) 的邁克爾·拉瑟 (Michael Lasser)。

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?

因此，考慮到下半年的縮水影響比上半年更大，而且直到年中左右才進行實際庫存，我們應該預計這個縮水問題將會持續下去。至少在明年上半年對你產生影響，直到你的周年紀念日，對嗎？

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重新審視我們的實物庫存流程。因此，我們將分享更多信息，但我預計我們不會像今年那樣進行大量庫存盤點。考慮到風險水平，我們實際上可能會更頻繁地清點我們的商店，或者至少對商店進行抽樣，以密切關注情況。

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。然後在體育之家，有兩個相關問題。第一，過去幾個季度以及您預期的全年 SG&A 增長有多少與更大的固定成本結構相關，包括商店以及客戶支持和商店所需的內容支持中心繼續建設這些更大的地點？

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?

如果你看一下羅切斯特和諾克斯維爾的地點，我相信它們是最早開業且存在時間最長的地點，那麼與該地點的整體比較相比，這些地點過去幾個時期的比較情況如何鏈？

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，好問題。首先，讓我們把它放在上下文中。我們只有 12 個 House of Sport 地點。因此，當您考慮 SG&A 的總體影響程度時，我會說這是相當微不足道的。

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，我們在公司的支持中心正在建立的能力，包括技術和引進合適的人才，以便能夠找到 2024 年和 2025 年發展的機會，這就是業務優化的目的是關於我們的。它正在尋找合適的人才，適當地配置資源，然後找到需要建立的能力。

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，就體育之家開業對 SG&A 的絕對影響而言，我認為這是相當小的。現在回答你的問題，我們對已經開業一段時間的商店繼續看到的結果感到非常興奮。我們對這些地點的整體銷售和盈利能力也感到非常興奮。

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

您的下一個問題來自奧本海默的布萊恩·內格爾（Brian Nagel）。

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?

所以我的第一個問題，關於你在第二季度進行的庫存調整，戶外產品也是——只是為了清楚地理解這一點，那個產品也是如此——你基本上寫下的產品，是現在銷售的產品？或者我們仍然預計在今年剩餘時間內銷售該產品？

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?

然後，我想，第二個問題是——我們已經討論了戶外領域的一些弱點一段時間了，但現在是什麼需要減記呢？或者你為什麼現在才這麼做？

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，布萊恩。因此，我們在第二季度積極推出的產品銷量非常好，而且我們已經完成了它，這樣我們就不必將大部分產品打包帶走。我們正前往一個我們必須這樣做的地方。所以我們對它的銷售和繼續發展感到非常非常滿意。

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.

為什麼現在就查看產品，戶外品類有 7 個銷售高峰週。顯然，整個業務是全年業務。但對於我們正在討論的子類別，有 7 個高峰週。

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，這正是我們決定要做的。再說一次，我對這個決定非常滿意，因為它確實使我們的庫存更加干淨。年底我們的股價下跌了 5%，但我們不必把它收起來。

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，這可能是一個更大的問題。但我們看看今天的發布，你會發現我們剛才討論的庫存問題。顯然，我們一直在討論收縮問題，這是相當重要的。然後，在某種程度上，你還可以調整你的勞動力規模。

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?

所以第二季度發生了很多事情。所以我的問題是——我從您的評論中了解到，您仍然對 DICK'S 和 DICK'S 模型的長期潛力非常樂觀。但考慮到我們今天學到的一切，您對 DICK'S 的近期前景、該業務的基本健康狀況是否持不同的觀點？

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。絕對不。不，我想說的是，我們的息稅前利潤率正在翻倍。我們的銷售額比大流行前高出 40%。我們的 EPS 是原來的 3 倍。我們遇到了縮水問題，並清理了一些戶外庫存。我們對未來的短期和長期業務充滿信心。

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

您的下一個問題來自花旗銀行的 Paul Lejuez。

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 商店的增加或開設對第二季度的業績有多大影響？與此相關的是，你們都說七月有一次提貨。我想你說過它顯著回升。那麼它具體充當了July的驅動力有多少呢？

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?

而且，您剛剛談到戶外促銷活動進展得很快。這對 7 月份的業績有多大推動？我想你說過你每個月都是積極的，但你說七月的回升非常顯著。而比較僅上升 1 並發生變化。所以我只是想更好地理解這一點。然後，您是否沒有調整任何下半年的銷售假設，因為庫存數量比您想像的要少？

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。我只想指出 House of Sport 的情況，雖然我們不會具體討論 7 月份的影響，但總的來說，值得注意的是我們已經關閉了幾家商店。因此，儘管這些商店在 7 月份的業績非常出色，但本季度的業績卻出現了下滑，這一點值得注意。

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.

這確實是兩個城市的故事。我們關閉了它們，以便我們可以大張旗鼓地開放它們，這正是我們在盛大開業時所做的。其他問題我會轉給 Navdeep。

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 月份的影響而言，就像勞倫所說，如果我們沒有關閉這些商店，我們第二季度的業績會更高。我們看到了這種加速，這些商店在七月的最後幾周盛大開業。因此，7 月份的整體影響，實際上，坦率地說，第二季度的影響非常小。

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，我們現在看到這些商店盛大開業所帶來的機會以及我們所看到的加速發展。這就是讓我們對今年下半年的前景感到興奮的原因。

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.

就我們是否用更少的庫存調整任何銷售假設而言，我會說不，庫存非常乾淨。 5% 實際上符合我們希望在季度末達到的水平。因此，我們在第二季度採取的果斷行動實際上使我們能夠引入創新，並為返校季節以及即將到來的假期帶來合適的產品。

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

正確的。因為您面臨的損耗問題比您想像的要大，所以您要出售的庫存是否比您之前預期的要少？

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.

好吧，縮小是不幸的，但你要確保不會影響客戶體驗。您購買產品是為了能夠在我們的商店中擁有正確的品種和庫存。

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. 的 Mike Baker。戴維森。

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?

我可以嘗試澄清指南中的保證金變化嗎？我認為 EBT 指引下降了大約 140 個基點。其中 50 是因為收縮率較高。剩下的是什麼？是不是你在第二季度進行的降價以及今年下半年預期的降價的組合，因為 Navdeep 剛剛表示降價會持續一段時間。這些因素是否會導致利潤率下降，因為您說銷售額相同且銷售管理費用 (SG&A) 相同？

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。邁克，你說得對。除了收縮之外的變化還來自於我們正在瀏覽第二季度的業績以及保持我們在後半段調整的商品利潤率預期，這與我們在第二季度討論的行動一致。我們只是想確保我們的庫存保持新鮮和活力，並希望確保我們定位我們的增長機會並帶來——我們在市場上看到的創新能力正在下降，包括我們現在可以使用一些令人興奮的品牌。

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。這有幫助。更大的問題。這裡的整體想法是，利潤率在結構上高於大流行前。根據您的指導，它們仍然會比某些人想像的要少。

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。這種收縮問題是否意味著您的長期利潤率將低於您在第二季度進行這些實物庫存之前的預期？其中對長期利潤率的影響有多大？

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。我想說，根據我們現在所看到的情況，答案是肯定的，而且我們無法預見未來的收縮會是什麼樣子。正如勞倫所說，這不僅僅是迪克體育用品的挑戰。這是零售業面臨的集體挑戰。

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.

因此，我不知道我們是否可以推動零售界（坦率地說，整個社區）的集體決心。但就目前而言，在短期內，我們確實預計這種風險將繼續存在。

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。話雖如此，您指出，我們的利潤率在結構上高於大流行前，這是絕對正確的。因此，我們在一個結構性改善明顯高於大流行前的地方開展業務。你是對的，如果收縮確實稍微減少了這一點，那麼整個故事不會改變。

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?

所以你總是談論利潤基線。去年，這應該是基線。現在顯然，由於收縮問題和其他原因，去年不是基線。我想我可以問這個嗎？今年 10.1% 的 EBT 利潤率是新的基準嗎？

So go ahead, Navdeep.

所以，繼續吧，納維迪普。

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。不，絕對是。我們絕對相信，即使你看一下全年的總利潤率，我們的總利潤率實際上也會高於 2022 年。因此，即使面臨收縮的逆風，我們的總利潤率也會更高。

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.

我們指出，SG&A 是一項計劃投資，我們預計 SG&A 增長將在明年放緩。所以，是的，我們對銷售和盈利能力的長期預期絕對有信心。

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

您的下一個問題來自貝爾德 (Baird) 的賈斯汀·克萊伯 (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.

只是 2 點澄清。關於收縮，您提到了與 22 年相比 50 個基點的逆風。很好奇這與大流行前的毛利率和收縮率相比處於什麼位置。

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，就下半年 SG&A 去槓桿化 200 個基點而言，這是否排除了——我認為確實如此，但排除了去年第四季度與 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，我先從心理醫生開始。與大流行前的水平相比，它顯著升高，即萎縮。我想說，去年年底我們對商店進行實物庫存盤點時，我們的基線接近於大流行前的水平。因此，與我們過去所處的原始水平相比，這 50 個基點是一個相當顯著的加速。

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.

就SG&A去槓桿化而言，我們沒有與Field & Stream相關的一次性費用。所以也許你和我可以把這個問題離線並和你一起澄清。 SG&A 去槓桿化是按同類計算的，我們預計今年下半年略高於 200 個基點。

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

您的下一個問題來自 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?

我想問一下鞋子的問題。您在鞋類中看到的優勢有多少與整體類別相關，與您的品種變化和您在商店中所做的分銷變化有關，我猜，市場份額的增長可能是您這邊的？

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。好吧，鞋類的萎縮與我們的變化無關——我們沒有進入按類別級別的指導，但是......

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

不不不。我正在談論該類別的實力。

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

哦，力量。對不起，我誤會你了。

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

有多少與你相對於行業的變化有關——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.

知道了。好的。謝謝。是的。因此，我們鞋類業務的增長肯定與消費者對鞋類非常感興趣這一事實有關，但更重要的是，憑藉我們優質的全方位服務鞋類平台、我們的品類變化以及我們擁有的品牌渠道，我們比以往任何時候都更好地滿足消費者的需求。所以對我們來說，這是品種變化、整體體驗、分銷變化等等的結合。

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?

知道了。然後再次回到庫存問題。我知道，正如您多次描述的那樣，您的處境非常乾淨。但這是否也意味著您的庫存水平處於應有的水平？

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?

下半年庫存該如何看待？就像今年結束時會比去年同期有所下降嗎？或者您認為它會回到去年的水平嗎？或者我想我們應該如何看待下半年的庫存增長率？

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。我不知道我是否想對全年庫存預期進行必要的指導。我想說的是，我們將繼續——這也將完全取決於營收結果。但我想說，我們對目前為返校季和假期做好庫存的結果感到非常滿意。我很高興我們的業績同比下降了 5%，如果你看一下，實際上每平方英尺的價格略高。

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。庫存水平相當不錯，這也是我們在 7 月份以如此強勁的開學季開始的部分原因。

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。

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.

對我來說只是一個快速的。在指南上，我們應該如何考慮下半年的分階段競爭？以一年為基礎，比較結果相對相似。但從多年來看，第三季度的難度要大得多。我試圖將這一點與您關於七月返校情況強勁的評論聯繫起來，我認為這意味著八月也相當健康。

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。 Chuck，我不知道是否可以提供更多細節。但我會（聽不清）集體基礎上，如果你看看我們在第三季度和第四季度的比較，它們非常有價值。我們對返校季和假期一樣樂觀。對後半段的整體銷售預期非常興奮。

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

請總裁兼首席執行官 Lauren Hobart 發表最後講話。

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.

好的，謝謝大家對迪克體育用品的興趣。我們期待在下個季度的電話會議上見到大家。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，您現在可以斷開連接。