(DKS) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Q3 2023 DICK'S Sporting Goods Earnings Conference Call. (Operator Instructions) And please be advised that this call is being recorded. (Operator Instructions)

早安，女士們、先生們，歡迎參加 DICK'S 體育用品 2023 年第三季財報電話會議。 （操作員說明）請注意，此通話正在錄音。 （操作員說明）

And now, at this time, I would like to turn things over to Mr. Nate Gilch, Senior Director, Investor Relations. Please go ahead, sir.

現在，我想把事情交給投資者關係高級總監 Nate Gilch 先生處理。請繼續，先生。

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

大家早安，感謝您加入我們討論我們的 2023 年第三季業績。我們的總裁兼執行長 Lauren Hobart 出席今天的電話會議；以及我們的財務長 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 上存檔約 12 個月。

As a reminder, we'll 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 our most recent Form 10-Q filing as well as cautionary statements made during this call. We assume no obligation to update any of these forward-looking statements or information. Please refer to our Investor Relations website to find the reconciliation of our non-GAAP financial measures referenced in today's call.

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有重大差異。任何此類聲明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，包括我們上一份10-K 表格年度報告和最近的10-Q 表格文件以及所做的警告聲明在這次通話期間。我們不承擔更新任何這些前瞻性陳述或資訊的義務。請造訪我們的投資者關係網站，以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帳。

And finally, for your future scheduling purposes, we are tentatively planning to publish our fourth quarter 2023 earnings results on March 11, 2024.

最後，出於您未來的安排目的，我們暫定計劃於 2024 年 3 月 11 日發布 2023 年第四季財報結果。

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 very pleased with our third quarter results, which demonstrate the ongoing strength of our business and the focused execution of our team. We had a very strong back-to-school season, driven by our best-in-class athlete experience and differentiated assortment. And we continue to gain market share as consumers prioritize DICK'S Sporting Goods to meet their needs.

謝謝你，內特，大家早安。我們對第三季的業績感到非常滿意，這證明了我們業務的持續實力和我們團隊的專注執行力。在我們一流的運動員經驗和差異化的產品組合的推動下，我們度過了一個非常強勁的返校季。隨著消費者優先考慮 DICK'S 體育用品以滿足他們的需求，我們不斷獲得市場份額。

Our third quarter sales increased 2.8% to $3.04 billion and our comps increased 1.7%, driven by increases in both transactions and average ticket. This strong comp was on top of a 6.5% increase from the same period last year. And during the quarter, we saw more athletes purchase from us while spending more each trip.

我們第三季的銷售額成長了 2.8%，達到 30.4 億美元，在交易量和平均門票成長的推動下，我們的銷售額成長了 1.7%。這一強勁的業績比去年同期增長了 6.5%。在本季度，我們看到更多的運動員從我們這裡購買商品，同時每次旅行的花費也增加了。

On a non-GAAP basis, our Q3 gross margin expanded by 88 basis points versus the prior year period. And looking to Q4, we expect to see continued year-over-year gross margin expansion. We achieved double-digit non-GAAP EBT margin of 10.6% and delivered non-GAAP EPS of $2.85, up 10% over Q3 last year.

以非公認會計原則計算，我們第三季的毛利率比去年同期增加了 88 個基點。展望第四季度，我們預期毛利率將持續年增。我們實現了 10.6% 的兩位數非 GAAP 息稅前利潤率，非 GAAP 每股收益為 2.85 美元，比去年第三季成長 10%。

As a result of our strong Q3 performance, we are raising our full year outlook. Our updated guidance balances the confidence we have in our key strategies with an acknowledgment of the uncertain macroeconomic environment. For the year, we now expect non-GAAP earnings per diluted share in the range of $12 to $12.60 compared to our prior expectation of $11.50 to $12.30. In addition, we now expect comparable store sales in the range of positive 0.5% to positive 2% compared to our prior expectation of flat to positive 2%. At the midpoint, non-GAAP EBT margin is expected to be approximately 10.4%.

由於我們第三季的強勁表現，我們上調了全年預期。我們更新的指引平衡了我們對關鍵策略的信心與對不確定的宏觀經濟環境的認識。今年，我們預計非公認會計原則每股攤薄收益將在 12 美元至 12.60 美元之間，而先前的預期為 11.50 美元至 12.30 美元。此外，我們現在預計可比商店銷售額將在正 0.5% 到正 2% 的範圍內，而我們先前的預期是持平到正 2%。以中點計算，非 GAAP EBT 利潤率預計約為 10.4%。

We have a tremendous long-term growth opportunity ahead of us, and are making strategic investments that position us well for growth and enable us to continue gaining share in a large, fragmented industry. These investments include accelerating innovation in our omnichannel athlete experience and expanding our new concepts like House of Sport and our new 50,000 square foot prototype which are resonating exceptionally well with our athletes.

我們面臨著巨大的長期成長機會，並且正在進行策略性投資，為我們的成長奠定良好的基礎，並使我們能夠繼續在一個龐大、分散的行業中獲得份額。這些投資包括加速我們全通路運動員體驗的創新，以及擴展我們的新概念，例如 House of Sport 和我們新的 50,000 平方英尺原型，這些概念與我們的運動員產生了非常好的共鳴。

As we outlined on our last call, we've done extensive work to optimize our business so we can capture the opportunity ahead of us. This includes better aligning our talent, organizational design and spending in support of our most significant growth opportunities while also streamlining our overall cost structure.

正如我們在上次電話會議中所概述的那樣，我們已經做了大量工作來優化我們的業務，以便我們能夠抓住我們面前的機會。這包括更好地調整我們的人才、組織設計和支出，以支持我們最重要的成長機會，同時簡化我們的整體成本結構。

First, as we discussed last quarter, we are resourcing DICK'S for growth and refocusing our team on our 4 key strategic pillars of differentiated products, athlete experience, teammate experience, and brand engagement. Second, we are optimizing our outdoor specialty business. This primarily includes integrating the operations of Moosejaw and Public Lands to enhance our ability to fulfill outdoor athlete demand more effectively. This new structure immediately improves operational efficiency and strategically positions this business for profitable growth within the $40 billion outdoor industry. Navdeep will share more details about our business optimization plans, including the expected SG&A benefits and the charges related to executing these plans.

首先，正如我們上季度討論的那樣，我們正在為 DICK'S 的成長提供資源，並將我們的團隊重新集中在差異化產品、運動員體驗、隊友體驗和品牌參與度這 4 個關鍵戰略支柱上。二是優化戶外專業業務。這主要包括整合 Moosejaw 和公共土地的運營，以增強我們更有效地滿足戶外運動員需求的能力。這個新結構立即提高了營運效率，並策略性地定位了該業務，以在價值 400 億美元的戶外產業中實現獲利成長。 Navdeep 將分享有關我們業務優化計劃的更多詳細信息，包括預期的 SG&A 收益以及與執行這些計劃相關的費用。

Innovating within the omnichannel athlete experience is at the heart of our growth strategies. Our newest DICK'S concepts have proven to be tremendously successful and are a key part of our future as we continue to reimagine our store portfolio and footprint.

在全通路運動員體驗中進行創新是我們發展策略的核心。事實證明，我們最新的 DICK'S 概念取得了巨大成功，並且是我們未來的關鍵組成部分，因為我們不斷重新構想我們的商店組合和足跡。

First, we continue to be pleased with the results from our DICK'S House of Sport locations. We opened 2 new Houses of Sport at the beginning of Q3 and now have a total of 12 locations open, 9 of which we opened this year. We're excited to open approximately 10 additional locations throughout 2024, including at the Prudential Center in Boston as well as locations in Pittsburgh, Miami and Tampa. We continue to expect that by 2027, we will have between 75 to 100 across the country.

首先，我們仍然對 DICK'S House of Sport 地點的結果感到滿意。我們在第三季初開設了 2 家新的 House of Sport，目前總共開設了 12 家，其中 9 家是我們今年開設的。我們很高興在 2024 年期間再開設約 10 個營業點，包括波士頓保德信中心以及匹茲堡、邁阿密和坦帕的營業點。我們仍然預計，到 2027 年，我們將在全國擁有 75 至 100 個。

In addition to House of Sport, we're rolling out our next-generation DICK'S store, which revolutionizes our most typical 50,000 square foot format. During Q3, we're excited to have opened another 5 locations. And earlier this month, we opened 3 more. With a total of 11 next-generation locations now open, we are pleased with the performance and confident in the long-term opportunity of this new 50,000 square foot prototype.

除了 House of Sport 之外，我們還推出了下一代 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。第三季度，我們很高興又開了 5 家門市。本月早些時候，我們又開了 3 家。現在共有 11 個下一代地點開業，我們對這個佔地 50,000 平方英尺的新原型的性能感到滿意，並對長期機會充滿信心。

We're also growing our Golf Galaxy footprint through Golf Galaxy Performance Center, an immersive experience for golf enthusiasts of all levels. During Q3, we opened 7 new Golf Galaxy Performance Centers, expanding our Golf Galaxy chain to 104 locations, including 13 Performance Centers. We believe there is a significant long-term growth opportunity in golf. Over the next 4 years, we expect to have as many as 40 to 50 Golf Galaxy Performance Centers across the U.S., including approximately 10 new locations in 2024.

我們也透過 Golf Galaxy Performance Center 擴大 Golf Galaxy 的足跡，為各個層級的高爾夫愛好者提供身臨其境的體驗。第三季度，我們開設了 7 個新的 Golf Galaxy 表演中心，將我們的 Golf Galaxy 連鎖店擴展到 104 個地點，其中包括 13 個表演中心。我們相信高爾夫運動存在著重大的長期成長機會。未來 4 年內，我們預計全美將擁有多達 40 至 50 個高爾夫銀河表演中心，其中包括 2024 年約 10 個新地點。

In combination with our stores, our digital experience remains an integral part of our success and the investments we are making in technology are strengthening our athletes' omnichannel experience and driving increased engagement. This quarter, we added 1.6 million new athletes and are further growing our base of omnichannel athletes. Omnichannel athletes make up the majority of our sales, and they spend more and shop with us more frequently than single-channel athletes. As we invest in data science and personalization, we're excited to continue building one-to-one relationships and better serving these athletes.

與我們的商店結合，我們的數位體驗仍然是我們成功不可或缺的一部分，我們在技術方面的投資正在增強運動員的全通路體驗並推動參與度的提高。本季度，我們新增了 160 萬名運動員，並進一步擴大了我們的全通路運動員基礎。全通路運動達人占我們銷售額的大部分，他們比單通路運動達人花費更多、更頻繁地在我們這裡購物。當我們投資數據科學和個人化時，我們很高興能夠繼續建立一對一的關係並更好地為這些運動員提供服務。

We remain focused on ensuring DICK'S is a convenient one-stop shop and have enhanced our multiple delivery and pickup options by expanding same-day delivery. In fact, athletes can now filter online for same-day delivery. And this holiday season, we will offer same-day delivery service up until 12 noon on Christmas Eve for last-minute gifting.

我們仍然致力於確保 DICK'S 成為便利的一站式商店，並透過擴大當日送達範圍來增強我們的多種送貨和取貨選項。事實上，運動員現在可以在線上篩選當天送達的商品。在這個節日期間，我們將在平安夜中午 12 點之前提供當日送達服務，以提供最後一刻的禮物。

In closing, we're very pleased with our strong third quarter results and remain enthusiastic about the future of our business. We're excited for the upcoming holiday season and the product, service and experience we're providing to our athletes.

最後，我們對第三季的強勁業績感到非常滿意，並對我們業務的未來保持熱情。我們對即將到來的假期以及我們為運動員提供的產品、服務和體驗感到興奮。

I'd like to thank all of our teammates for their hard work and commitment to DICK'S Sporting Goods and for their upcoming efforts during the fourth quarter.

我要感謝我們所有的隊友的辛勤工作和對迪克體育用品的承諾，以及他們在第四季度即將做出的努力。

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

接下來，我會將電話轉給 Navdeep，以更詳細地分享我們的財務表現。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our third quarter results. We are very pleased to report consolidated sales increase 2.8% to $3.04 billion as we continued to gain market share. Comp store sales increased 1.7% on top of a 6.5% increase in the same period last year. Our strong comps were driven by a 1.1% increase in transactions and a 0.6% increase in average ticket. Collectively, our back-to-school categories did very well and we're pleased with the results from our House of Sport locations. Our noncomp sales growth of roughly 110 basis points this quarter was primarily driven by sales at Moosejaw.

謝謝你，勞倫，大家早安。讓我們先簡要回顧一下我們第三季的業績。我們非常高興地報告，隨著我們繼續擴大市場份額，綜合銷售額增長了 2.8%，達到 30.4 億美元。比較店銷售額在去年同期成長 6.5% 的基礎上成長了 1.7%。我們強勁的業績是由交易量成長 1.1% 和平均門票成長 0.6% 推動的。總的來說，我們的返校類別表現非常好，我們對體育之家的成績感到滿意。本季我們的非公司銷售成長約 110 個基點，主要是由 Moosejaw 的銷售所推動的。

On a non-GAAP basis, gross profit in the third quarter was $1.07 billion or 35.1% of net sales and improved 88 basis points compared to last year. This improvement was driven by lower supply chain costs, which leveraged 78 basis points. Merchandise margin increased 23 basis points and as expected, this increase was primarily driven by anniversary of our clearance activity from last year and partially offset by higher shrink of approximately 50 basis points. To be clear, absent the shrink headwind, our merchandise margin would have increased over 70 basis points. [Combating theft] remains a top priority, and we continue to invest in efforts to keep our stores, teammates and athletes safe.

以非公認會計原則計算，第三季毛利為 10.7 億美元，佔淨銷售額的 35.1%，比去年同期增加 88 個基點。這項改善是由供應鏈成本降低所推動的，槓桿率提高了 78 個基點。商品利潤率成長了 23 個基點，正如預期的那樣，這一增長主要是由於我們去年的清倉活動週年紀念日推動的，並被約 50 個基點的較高收縮所部分抵消。需要明確的是，如果沒有收縮逆風，我們的商品利潤率將增加 70 個基點以上。 [打擊竊盜]仍然是重中之重，我們將繼續努力確保我們的商店、隊友和運動員的安全。

On a non-GAAP basis, SG&A expense increased $50.1 million to $729.9 million and deleveraged 102 basis points compared to last year. This was favorable versus our expectation due to better-than-expected sales, targeted actions to control discretionary costs and benefits from our business optimization actions.

以非公認會計準則計算，SG&A 費用增加了 5,010 萬美元，達到 7.299 億美元，與去年相比，去槓桿化了 102 個基點。由於銷售優於預期、控制可自由支配成本的有針對性的行動以及我們的業務優化行動帶來的收益，這比我們的預期有利。

As we have highlighted on prior calls, the year-over-year deleverage this quarter was driven by our investments in our base rate, talent and technology to create a better athlete experience as well as investments in marketing. These areas of investments were partially offset by $8.2 million of expense reduction or 26 basis points of leverage associated with changes in the investment value of our deferred compensation plan, which is fully offset in other income.

正如我們在先前的電話會議中所強調的那樣，本季的同比去槓桿化是由我們對基本費率、人才和技術的投資以及行銷投資推動的，以創造更好的運動員體驗。這些投資領域被 820 萬美元的費用減少或與我們的遞延薪酬計劃的投資價值變化相關的 26 個基點的槓桿所部分抵消，並在其他收入中完全抵消。

Interest expense was $14.4 million, a decrease of $11.7 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 the interest savings this year from the retirement of those notes.

利息支出為1440萬美元，比去年同期減少1170萬美元。這一減少主要是由於前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的退役而節省的利息。

Other income totaled $10.1 million compared to $4.8 million in the same period last year. This $5.3 million increase in income was driven by a $13.3 million increase in interest income as a result of higher average interest rates on our cash and cash equivalents. This increase to other income was partially offset by $8.2 million expense increase from change in the value of our deferred compensation plans, which fully offsets the SG&A expense reduction I mentioned earlier.

其他收入總計 1,010 萬美元，而去年同期為 480 萬美元。收入增加 530 萬美元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 1,330 萬美元。其他收入的增加被我們遞延薪酬計劃價值變化導致的 820 萬美元費用增加部分抵消，這完全抵消了我之前提到的 SG&A 費用減少。

Driven by our strong sales, higher gross margin, along with lower interest expense, non-GAAP EBT was $321.1 million or 10.6% of net sales. This compares to an EBT of $304.2 million or 10.3% of net sales in 2022. In total, we delivered non-GAAP earnings per diluted share of $2.85. This compares to a non-GAAP earnings per diluted share of $2.60 last year, an increase of 10%.

在我們強勁的銷售、更高的毛利率以及更低的利息支出的推動下，非 GAAP 息稅前利潤為 3.211 億美元，佔淨銷售額的 10.6%。相較之下，2022 年的息稅前利潤為 3.042 億美元，佔淨銷售額的 10.3%。總體而言，我們的非 GAAP 攤薄每股收益為 2.85 美元。相比之下，去年非 GAAP 攤薄後每股收益為 2.60 美元，成長了 10%。

As Lauren said, to continue fueling our long-term growth, we have optimized our organization to better align our talent, organizational design and spending in support of our most critical strategies while also streamlining our overall cost structure.

正如勞倫所說，為了繼續推動我們的長期成長，我們優化了我們的組織，以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策略，同時簡化我們的整體成本結構。

First, we are resourcing DICK'S for growth. As we have discussed -- as we discussed on our last call, during the third quarter, we took actions to change our resourcing and organizational structure, primarily at our customer support center.

首先，我們為 DICK'S 的成長提供資源。正如我們在上次電話會議中所討論的那樣，在第三季度，我們採取了行動來改變我們的資源和組織結構，主要是在我們的客戶支援中心。

Second, we are taking steps to optimize our outdoor specialty business and are forming one team that will support the operations of Public Lands and Moosejaw. This will allow us to quickly leverage the best practices across our outdoor specialty business to drive growth while operating more efficiently.

其次，我們正在採取措施優化我們的戶外專業業務，並正在組建一支團隊來支援公共土地和 Moosejaw 的營運。這將使我們能夠快速利用整個戶外專業業務的最佳實踐來推動成長，同時提高營運效率。

We started to see the SG&A benefits from these actions during the third quarter and expect to see continued benefits into Q4 and 2024. These actions, along with our overall focus on improving productivity and reducing discretionary costs will help enable us to significantly moderate our SG&A expense growth in 2024 as compared to this year.

我們在第三季開始看到這些行動帶來的SG&A 收益，並預計在第四季和2024 年將持續受益。這些行動，加上我們對提高生產力和降低可自由支配成本的整體關注，將有助於我們大幅降低SG&A 費用與今年相比，2024 年將成長。

As a result of these actions, we incurred pretax charges totaling $52.5 million during the third quarter. This included a $6.3 million of inventory-related write-down associated with rationalization of non-go-forward Moosejaw inventory. These charges were included in our GAAP earnings per diluted share of $2.39. For additional details on this, you can refer to our non-GAAP reconciliation table of our press release that we issued this morning.

由於這些行動，我們在第三季產生了總計 5,250 萬美元的稅前費用。其中包括與非前進 Moosejaw 庫存合理化相關的 630 萬美元庫存相關減記。這些費用已包含在我們 2.39 美元的 GAAP 攤薄收益中。有關這方面的更多詳細信息，您可以參閱我們今天上午發布的新聞稿中的非公認會計原則調節表。

Now looking to our balance sheet. We ended Q3 with approximately $1.4 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility. Our quarter end inventory levels decreased 2% compared to Q3 of last year. Our inventory is well positioned, and we are excited about our assortment for the holiday season.

現在來看看我們的資產負債表。截至第三季末，我們擁有約 14 億美元的現金和現金等價物，且我們的 16 億美元無擔保信貸額度沒有借款。與去年第三季相比，我們的季末庫存水準下降了 2%。我們的庫存狀況良好，我們對節日季節的品種感到興奮。

Turning to our third quarter capital allocation. Net capital expenditures were $151 million and we paid $81 million in quarterly dividends. We also repurchased 3.5 million shares of our stock for $388.1 million at an average price of $112.46. Year-to-date, we have returned over $900 million to shareholders through share repurchases and dividends.

轉向我們第三季的資本配置。淨資本支出為 1.51 億美元，我們支付了 8,100 萬美元的季度股息。我們也以 3.881 億美元的價格回購了 350 萬股股票，平均價格為 112.46 美元。今年迄今為止，我們已透過股票回購和股利向股東返還超過 9 億美元。

Let me wrap up with our outlook for 2023. As Laura noted, as a result of our Q3 performance, we are raising our full year outlook. We are confident in our key strategies and are well positioned to execute against what is in our control. At the same time, we are being appropriately cautious, particularly at the low end of our expectations, considering the ongoing macroeconomic uncertainties.

讓我總結一下我們對 2023 年的展望。正如勞拉指出的，由於我們第三季的表現，我們正在上調全年展望。我們對我們的關鍵策略充滿信心，並且有能力執行我們控制範圍內的事情。同時，考慮到持續的宏觀經濟不確定性，我們保持適當的謹慎態度，特別是在我們預期的低端。

For the year, we now expect non-GAAP earnings per diluted share in the range of $12 to $12.60 compared to our prior expectation of $11.50 to $12.30. This continues to include approximately $0.20 coming from the 53rd week. In addition, we now expect comparable store sales in the range of positive 0.5% to positive 2% compared to our prior expectation of flat to positive 2%. Including the 53rd week, we expect roughly 250 basis points of noncomp sales growth for the full year. Specifically, this includes approximately $150 million in sales from the 53rd week, which is a smaller than average sales week for us.

今年，我們預計非公認會計原則每股攤薄收益將在 12 美元至 12.60 美元之間，而先前的預期為 11.50 美元至 12.30 美元。這繼續包括來自第 53 週的約 0.20 美元。此外，我們現在預計可比商店銷售額將在正 0.5% 到正 2% 的範圍內，而我們先前的預期是持平到正 2%。包括第 53 週，我們預計全年非企業銷售成長約 250 個基點。具體來說，這包括第 53 週以來約 1.5 億美元的銷售額，這對我們來說是一個低於平均銷售額的周。

At the midpoint, non-GAAP EBT margin is expected to be approximately 10.4% compared to our prior expectation of 10.2%. We expect modest improvement in gross margin for the full year, which continues to include an approximate 50 basis point unfavorable impact from higher shrink compared to 2022.

中點時，非 GAAP EBT 利潤率預計約為 10.4%，而我們先前的預期為 10.2%。我們預計全年毛利率將小幅改善，其中繼續包括與 2022 年相比更高的收縮率帶來的約 50 個基點的不利影響。

Specific to Q4, we expect to deliver continued gross margin and merch margin expansion on a year-over-year basis with some improvement versus our Q3 expansion. We also continue to expect SG&A expenses to deleverage on a full year, primarily due to the proactive investments in our growth strategies. Specific to Q4, we expect SG&A to deleverage by a similar magnitude as the third quarter.

具體到第四季度，我們預計毛利率和商品利潤率將繼續同比增長，與第三季度的擴張相比有所改善。我們也繼續預期全年的銷售、管理及行政費用將去槓桿化，這主要是由於我們對成長策略的積極投資。具體到第四季度，我們預期銷售、管理及行政費用去槓桿化的幅度與第三季相似。

Our earnings guidance is based on an effective tax rate of approximately 21% and an approximately 86 million average diluted shares outstanding compared to our prior expectation of approximately 87 million average diluted shares outstanding. In addition, we expect net capital expenditures between $550 million to $600 million for the year. As part of our business optimization, we incurred pretax charges totaling $52.5 million during the third quarter and currently expect to incur charges of approximately $10 million in fourth quarter. These charges were excluded from today's non-GAAP outlook. We are still conducting our business optimization review, which we expect to be completed during fiscal 2023.

我們的獲利指引是基於約 21% 的有效稅率和約 8,600 萬股攤薄後流通股，而我們先前的預期為約 8,700 萬股攤薄後流通股。此外，我們預計今年淨資本支出將在 5.5 億至 6 億美元之間。作為業務優化的一部分，我們在第三季產生了總計 5,250 萬美元的稅前費用，目前預計第四季將產生約 1,000 萬美元的費用。這些費用被排除在今天的非公認會計準則展望之外。我們仍在進行業務優化審核，預計 2023 財年完成。

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，現在可以撥打電話提問。

(Operator Instructions) We'll go first this morning to Simeon Gutman at Morgan Stanley.

（操作員指示）今天早上我們先去摩根士丹利的西蒙‧古特曼。

My first question is on the comps of the business, which have much better than most retail categories and more resilient over the last couple of years. So you see the detail, you see the product categories, the trends. As you look at this composition and how the consumer is going, I'm trying to assess what the puts and takes are as you look forward. And if you want to share how you think about '24, fine, but more interested in what gives you confidence and what gives you pause.

我的第一個問題是關於該業務的比較，該業務比大多數零售類別要好得多，並且在過去幾年中更具彈性。所以你可以看到細節、產品類別和趨勢。當您查看此組合以及消費者的走勢時，我正在嘗試評估您所期望的看跌期權和索取金額。如果你想分享你對 24 歲的看法，很好，但你更感興趣的是什麼給你信心，什麼讓你猶豫。

Thanks, Simeon. Yes, we are pleased with how our consumer is holding up within the sporting goods industry and then particularly that they're choosing DICK's increasingly to meet their needs. People are prioritizing a healthy and active lifestyle. They're prioritizing team sports, outdoors, living, running, walking, all of those things. And so we felt in this past quarter, particularly pleased of the increase in transactions and ticket. And the fact that our consumers are not trading down, that our consumer has held up very, very well.

謝謝，西蒙。是的，我們對我們的消費者在體育用品行業中的表現感到滿意，尤其是他們越來越多地選擇 DICK's 來滿足他們的需求。人們優先考慮健康和積極的生活方式。他們優先考慮團隊運動、戶外活動、生活、跑步、散步，所有這些事情。因此，我們在上個季度對交易和門票的增加感到特別高興。事實上，我們的消費者並沒有降價，我們的消費者一直保持得非常非常好。

So as we look into Q4, as you've heard in our guidance, we are very excited about what we have within our control for Q4. Our products are in stock. We've got tremendous gifts. And if you look at LinkedIn, I know you follow DSG -- #dsglife, but you'll see what we call Reindeer Runs going on all across the country, and the teams are pumped to deliver an amazing holiday experience.

因此，當我們研究第四季度時，正如您在我們的指導中所聽到的那樣，我們對我們對第四季度的控制範圍感到非常興奮。我們的產品有庫存。我們有巨大的禮物。如果您查看 LinkedIn，我知道您會關注 DSG — #dsglife，但您會看到全國各地都在舉辦我們所謂的「馴鹿跑」活動，而且團隊都在全力以赴地提供令人驚嘆的假期體驗。

We're balancing all of that with caution about the macroeconomic environment and the consumer because we know that consumers are going through a lot right now. So I think we've been reasonably cautious in our guidance, but we're very excited about how our consumers are holding this up.

我們正在平衡所有這些，同時對宏觀經濟環境和消費者保持謹慎，因為我們知道消費者現在正在經歷很多事情。因此，我認為我們在指導方面一直相當謹慎，但我們對消費者的堅持感到非常興奮。

Okay. I'll shift the follow-up to gross margin, although I have some more on top line but do it offline. The -- on the gross margin, so in the last 2 years, last year you had -- you worked with a vendor to move some inventory. This year, you had some outdoor markdowns. So if you think about gross margins rebasing, do you look at those events as anomalies and you recapture that margin? Or is this level the right baseline that gives you flexibility and then you could offer some upside from here?

好的。我將把後續工作轉向毛利率，儘管我還有更多的收入，但要在線下進行。 - 就毛利率而言，在過去的兩年裡，去年你與供應商合作轉移了一些庫存。今年，您進行了一些戶外降價活動。因此，如果您考慮毛利率調整，您是否會將這些事件視為異常情況並重新獲得毛利率？或者這個水平是給你靈活性的正確基線，然後你可以從這裡提供一些好處？

Thanks, Simeon. I think it's important when you look at the gross margin to understand that our product mix has become increasingly differentiated. And as a result of that, one of our core operating philosophies is always to be very decisive and move inventory so that we can make room for clean and fresh receipts. And that is really what -- that's what drove our comp this past quarter and what's been driving our comp for some time.

謝謝，西蒙。我認為，當你查看毛利率時，你會發現我們的產品組合變得越來越差異化，這一點很重要。因此，我們的核心經營理念之一就是始終非常果斷地轉移庫存，以便為乾淨、新鮮的收貨騰出空間。這確實是——這就是上個季度推動我們業績成長的因素，也是一段時間以來推動我們業績成長的因素。

Last year, what you're mentioning, there were a few unusual events. There was a lump in outdoor equipment related to the pandemic. There was a lump in like apparel related to the pandemic. That is not the story of this quarter. This quarter, we are very happy with the inventory that we're bringing in. And we move decisively to move the product that's in the stores through to clearance and to outdoor into online channels that we could make room to have an amazing Q4 and amazing holiday season.

去年，正如你所提到的，發生了一些不尋常的事件。與大流行相關的戶外設備出現了腫塊。與流行病相關的類似服裝出現了腫塊。這不是本季的故事。本季度，我們對引入的庫存感到非常滿意。我們果斷採取行動，將商店中的產品通過清倉和戶外渠道轉移到在線渠道，這樣我們就可以騰出空間來擁有令人驚嘆的第四季度和令人驚嘆的業績。假期。

I do think that's what drove our comps. And I would remind you that we are still -- you take out the impact of shrink, we are still 50% higher on a merch margin basis from where we were before. So we're very proud of where we are from a gross margin standpoint and expect it to continue to improve.

我確實認為這就是推動我們比賽的動力。我想提醒您的是，我們仍然 - 除去損耗的影響，我們的商品利潤率仍然比之前高出 50%。因此，從毛利率的角度來看，我們對我們的現狀感到非常自豪，並期望它繼續改善。

We go next now to Robby Ohmes at Bank of America.

接下來我們請聽聽美國銀行的羅比‧歐姆斯 (Robby Ohmes)。

Great quarter. Just -- really just two questions. The first was just on House of Sport. Any more color you can give on how the ones that are comping are comping? And also, is the store economic model outlook improving? You mentioned the Prudential Center in Boston. I'm assuming you might be getting great lease rates on that relative to that location. Maybe some thoughts on that.

很棒的季度。只是——真的只是兩個問題。第一個是在《體育之家》上。您可以對正在競爭的人如何競爭提供更多的資訊嗎？另外，商店經濟模式的前景是否正在改善？您提到了波士頓保德信中心。我假設您可能會獲得相對於該位置的較高租賃率。也許對此有一些想法。

And then the second question is just Going, Going, Gone! and pop-up stores, can you tell us what kind of role that they played in noncomp sales in the third quarter and how you're thinking about those for the fourth quarter?

然後第二個問題就是走，走，走！和快閃店，您能否告訴我們它們在第三季的非公司銷售中發揮了什麼樣的作用，以及您如何看待第四季度的這些作用？

Thanks, Robby. I'll start, and I'll turn it over to Navdeep. House of Sport stores are performing very, very well. And I think it's important to note that as much as we got a positive impact from those stores, both the first 3 that we opened more than a year ago and the new stores that just opened in the past 6 months, we also had growth across the balance of our portfolio and our omnichannel business as well. So it was a very balanced portfolio, which we're very happy with from a comp standpoint.

謝謝，羅比。我先開始，然後把它交給 Navdeep。 House of Sport 商店的表現非常非常好。我認為值得注意的是，儘管我們從這些商店中獲得了積極的影響，無論是我們一年多前開設的前3 家商店還是過去6 個月內剛開設的新商店，我們的各個方面也都取得了成長我們的產品組合和全通路業務的平衡。所以這是一個非常平衡的投資組合，從比較的角度來看我們對此非常滿意。

The economics of House of Sport are very good. I'll turn it over to Navdeep to talk about how our lease rates and such. We're probably not going to get into that. But we have a very high standard for how we look at our real estate investments, and we don't do anything unless we hurdle a certain amount of ROI. So Navdeep, anything you would add?

House of Sport的經濟效益非常好。我會把它交給 Navdeep 來談談我們的租賃費率之類的。我們可能不會討論這個。但我們對房地產投資有著非常高的標準，除非達到一定的投資報酬率，否則我們不會採取任何行動。那麼 Navdeep，您還有什麼要補充的嗎？

Yes. Robby, thanks for your comments. And as far as the House of Sport is concerned, like we have talked about -- we continue to be, first of all, pleased with the performance of the 12 stores that we have opened. And the benefit is not just coming from an economic point of view, which is also great, but we are also seeing our ability to be able to attract new brands and new partners that are coming to showcase their product at House of Sport location. And we feel Prudential Center will be another kind of that top-notch location where the brands would love to showcase their product. We'll share more details about the economics of these boxes when we share our 2024 expectations because we -- our plan is to open 10 additional locations in '24.

是的。羅比，謝謝你的評論。就 House of Sport 而言，正如我們所討論的那樣，首先，我們仍然對我們開設的 12 家商店的表現感到滿意。好處不僅來自經濟角度，這也很棒，而且我們還看到我們有能力吸引新品牌和新合作夥伴來 House of Sport 展示他們的產品。我們認為保誠中心將成為品牌願意展示其產品的另一個頂級場所。當我們分享 2024 年的期望時，我們將分享有關這些盒子的經濟效益的更多細節，因為我們的計劃是在 2024 年再開設 10 個地點。

Coming to your question about Going, Going, Gone!, the Going, Going, Gone! chain and the warehouse plus locations, as we call them, continue to play a very important role in our overall clearance strategy. Like Lauren talked about, the core differentiator for us continues to be the product assortment that we have available to drive the engaged relationship with our athletes. We are seeing our assortment resonate really well with the athletes. And having fresh and new vibrant assortment available in stores is a key part of that strategy. And Going, Going, Gone! allows us to move any excess or clearance inventory very efficiently into those locations and get a much better economic return than we were able to get in the past.

回答你關於“走，走，走！”的問題，“走，走，走！”連鎖店和我們所說的倉庫加地點，繼續在我們的整體清關策略中發揮非常重要的作用。正如勞倫所說，我們的核心差異化因素仍然是我們可以用來推動與運動員建立密切關係的產品種類。我們發現我們的產品與運動員產生了很好的共鳴。在商店中提供新鮮和充滿活力的新品種是該策略的關鍵部分。走，走，走了！使我們能夠非常有效地將任何多餘或清倉庫存轉移到這些地點，並獲得比過去更好的經濟回報。

In terms of the noncomp impact, it didn't have a significant noncomp impact because the number of stores that we had in Q3 this year are very comparable to the number of stores that we had last year. So 58 stores this year compared to, call it, 56 stores last year in Q3. So it's a very comparable view. The noncomp benefit in the Q3 of this year was driven by the Moosejaw business.

就非競爭影響而言，它沒有產生重大的非競爭影響，因為我們今年第三季的商店數量與去年的商店數量非常相似。因此，今年第三季有 58 家商店，而去年第三季有 56 家商店。所以這是一個非常可比較的觀點。今年第三季的非公司收益是由 Moosejaw 業務推動的。

Got you. That's helpful. And just Navdeep for 4Q, do you expect sort of similar number stores versus last year for Going, Going, Gone! and (inaudible)?

明白你了。這很有幫助。就 Navdeep 而言，您是否期望第四季度的 Going, Going, Gone! 商店數量與去年類似？和（聽不清楚）？

Yes. We expect similar store count to be because we feel like we have reached a good point of where we can operate those number of stores very efficiently. The noncomp in fourth quarter will be Moosejaw as well as the 53rd week, as we have called out.

是的。我們預計商店數量會類似，因為我們覺得我們已經達到了可以非常有效地經營這些商店數量的最佳點。正如我們所指出的，第四季度的非比賽將是 Moosejaw 以及第 53 週。

Moving next now to Kate McShane at Goldman Sachs.

接下來請聽聽高盛的凱特‧麥克沙恩 (Kate McShane)。

I wondered if you could talk to any category performance during the quarter, just maybe how apparel and footwear looked relative to the second quarter year-over-year? And are you seeing any stabilization in some of the bigger ticket categories that maybe were COVID beneficiary categories a couple of years ago?

我想知道您是否可以談談本季任何類別的表現，例如服裝和鞋類與第二季同比情況如何？您是否看到一些較大的門票類別（幾年前可能是新冠疫情受益者類別）出現了穩定？

Thanks, Kate. Yes, the story in Q3 from a category level really was about the strength of our back-to-school business. We saw strength as back-to-school has different cycles throughout the country, early, mid and late back-to-school, and we could literally see the comps follow those trends. The back-to-school categories were performing so well. So collectively, that is footwear and apparel and hydration, which is doing incredibly well and then other accessories like backpacks, socks and those sorts of things. So we're very pleased with -- overall, how our key categories performed in Q3.

謝謝，凱特。是的，第三季的故事確實是關​​於我們返校業務的實力。我們看到了力量，因為全國各地的返校週期不同，返校的早、中、晚，我們確實可以看到比賽遵循這些趨勢。返校類別表現非常好。總的來說，就是鞋類、服裝和水袋，它們的表現非常好，然後是背包、襪子等其他配件。總的來說，我們對我們的關鍵類別在第三季的表現感到非常滿意。

Looking at the higher ticket, the COVID categories, I want to just remind you, they are a smaller percentage of our business. And across the board, they remain significantly higher than our pre-COVID levels. We do expect long-term growth in those categories. We're just managing through them. But they are a small percentage of our business relative to the rest.

看看更高的票數，即新冠肺炎類別，我想提醒您，它們在我們業務中所佔的比例較小。總體而言，它們仍顯著高於新冠疫情前的水平。我們確實預計這些類別將實現長期成長。我們只是透過它們進行管理。但相對於其他業務，它們只占我們業務的一小部分。

And if we could just have a follow-up question with regard to your commentary around House of Sport (inaudible) brands. Can you talk at all as to what those are and maybe how the brand distribution or just what brands they're carrying?

我們是否可以就您對 House of Sport（聽不清楚）品牌的評論提出一個後續問題。您能否談談這些是什麼，以及品牌的分佈或它們所攜帶的品牌是什麼？

Yes, sure. I think House of Sport is unique in that it is totally rooted in sport, and it's a fantastic destination for all of our brands. So if you look at some of our bigger brand partners, it's one of the best presentations -- they've said, one of the best presentations of their brands that they see. It's also an opportunity because of the size and the level of service where we can bring in new and emerging brands. And through that channel, we brought in brands like FP Movement and On and HOKA. And so -- and those then have ability to transfer down to the rest of the chain as we become partners.

是的，當然。我認為 House of Sport 的獨特之處在於它完全植根於運動，對於我們所有品牌來說，它都是一個絕佳的目的地。因此，如果你看看我們的一些較大的品牌合作夥伴，你會發現這是最好的展示之一——他們說，這是他們看到的最好的品牌展示之一。由於我們可以引入新興品牌的規模和服務水平，這也是一個機會。透過這個管道，我們引進了 FP Movement、On 和 HOKA 等品牌。因此，當我們成為合作夥伴時，這些人就有能力轉移到鏈條的其餘部分。

So our vertical brands also have incredible presence in our House of Sport stores. We lead with them across the board in many of our entrances and they're doing quite well, too. So overall, just -- it's a fantastic presentation and really puts brands in their best light.

因此，我們的垂直品牌在 House of Sport 商店中也擁有令人難以置信的影響力。我們在許多入口處都與他們一起領先，而且他們也做得很好。總的來說，這是一次精彩的展示，真正讓品牌展現最好的一面。

We'll go next now to Mike Baker at D.A. Davidson.

接下來我們請聽聽 D.A. 的 Mike Baker。戴維森。

Okay. So a couple of margin questions. One, you talked about SG&A growing less next year. Have you -- can you talk about what your breakeven comp is in terms of SG&A? What kind of comp do you need next year to leverage your SG&A? And maybe along the same lines, what kind of comp you need for total EBT margins to be up, in other words, incorporating what might go on in gross margin in that as well?

好的。所以有幾個保證金問題。第一，您談到明年的銷售管理及行政費用 (SG&A) 成長將會減少。您能否談談您的 SG&A 損益平衡比較是多少？您明年需要什麼樣的薪水來利用您的 SG&A？也許沿著同樣的思路，您需要什麼樣的補償才能提高總 EBT 利潤率，換句話說，將毛利率也納入其中？

Yes, Mike, thanks for the question. Maybe I'll start with the Q3 performance that we saw in the SG&A. So the SG&A came in -- from a rate perspective, it's still deleveraged, 100 basis points, but it was lower than the expectation that we had given at the end of Q2, driven by three primary things.

是的，麥克，謝謝你的提問。也許我會從我們在 SG&A 中看到的第三季表現開始。因此，SG&A 進來了——從利率的角度來看，它仍然是去槓桿化的，100 個基點，但它低於我們在第二季末給出的預期，這是由三個主要因素推動的。

First, the top line came in at the higher end of our expectations. So we're very pleased with the productivity that we were able to drive from just the leverage on the higher level of top line performance.

首先，營收高於我們的預期。因此，我們對能夠透過更高水準的頂線績效來提高生產力感到非常滿意。

Second, really, really focused about the work that got done within the collective organization to be able to drive productivity and efficiency pretty much in the discretionary areas, away from the core strategies of the company. So you saw the results of that manifest through the P&L that we delivered. And then some of the actions that we undertook here in the business optimization, the early parts of those benefits were also in Q3. And we expect a similar outlook as we shared for Q4. We expect SG&A to deleverage in the similar zone as where the deleverage in Q3 came in.

其次，真正真正專注於集體組織內完成的工作，以便能夠在可自由支配的領域中提高生產力和效率，遠離公司的核心策略。因此，您透過我們提供的損益表看到了該清單的結果。然後我們在業務優化方面採取的一些行動，這些好處的早期部分也在第三季。我們預計第四季度的前景與我們所分享的類似。我們預期 SG&A 的去槓桿化程度與第三季的去槓桿化程度相似。

In terms of 2024, here's the way I'll say it because we are not ready to provide guidance as yet for 2024, but here's a framework to think about it. The business optimization actions that we have taken, particularly in the Moosejaw and Public Lands businesses being brought together, that benefit will continue into 2024. And that's the reason we said our SG&A will significantly moderate in terms of the growth as we go into '24.

就 2024 年而言，我會這麼說，因為我們尚未準備好為 2024 年提供指導，但這裡有一個思考框架。我們採取的業務優化行動，特別是在Moosejaw 和公共土地業務合併方面，這種效益將持續到2024 年。這就是我們說，隨著我們進入24 年，我們的SG&A 將在成長方面顯著放緩。 。

In addition, the work that we are doing currently and have done in the discretionary cost area in Q3 and in Q4, we expect that benefit also to continue into 2024. So we'll share more at the next earnings call about '24 expectations, including the top line and the SG&A and the profitability expectation.

此外，我們目前正在做的工作以及在第三季和第四季在可自由支配成本領域所做的工作，我們預計這種好處也將持續到2024 年。因此，我們將在下一次財報電話會議上分享更多有關「24 年預期」的信息，包括營收、SG&A 以及獲利預期。

Okay. Fair enough. One other, I guess, follow-up but candidly, a different topic. Historically, in a lot of ways, back-to-school is a very good leading indicator for holiday sales. You had a very good back-to-school. Historically, in your business, have you seen that kind of correlation between holiday sales and back-to-school?

好的。很公平。我想，另一個話題是後續的，但坦白說，是一個不同的話題。從歷史上看，在許多方面，返校是假期銷售的一個非常好的領先指標。你返校過得很愉快。從歷史上看，在您的業務中，您是否看到過假期銷售與返校銷售之間的這種相關性？

I would say what we are really pleased is the fact that our consumer is holding up really well. We are seeing growth both in our transaction and in our ticket. And as Lauren indicated, we have not seen any trade downs, and all income demographics across our portfolio actually grew.

我想說的是，我們真正感到高興的是我們的消費者表現得非常好。我們看到交易和門票都在成長。正如勞倫所指出的，我們沒有看到任何交易下降，而且我們投資組合中的所有收入人口統計數據實際上都在增長。

However, the competitive set in holidays is different than back-to-school season. So we are very optimistic about the things that are within our control, our assortment, our service levels as well as the experience in the stores are ready to serve our athletes. And we couldn't be more excited about the holiday season.

然而，假期期間的競爭環境與返校季節不同。因此，我們對我們控制範圍內的事情非常樂觀，我們的品種、我們的服務水平以及商店的體驗已經準備好為我們的運動員服務。我們對假期感到無比興奮。

Great. Fair enough. Look forward to seeing the new store in the Prudential Center up here in Boston.

偉大的。很公平。期待在波士頓保德信中心看到這家新店。

Us, too.

我們也是。

Us, too.

我們也是。

We'll go next now to Warren Cheng at Evercore ISI.

接下來我們請聽聽 Evercore ISI 的 Warren Cheng。

Just to follow up on your answer to Simeon's question on the 4Q comp. So the guidance implies a deceleration from the 1.7% from 3Q. So if we use that 3Q 1.7% level as an anchor, the compares get easier going in the fourth quarter on both the year-over-year and multiyear basis. It sounds like the inventories are well stocked. 3Q had some unseasonal weather. So as we think about that 3Q to 4Q sequential slowdown, are there factors that we should consider? Or is that entirely just the macro caution that you talked about?

只是為了跟進您對 Simeon 關於 4Q comp 的問題的回答。因此，該指引意味著較第三季的 1.7% 放緩。因此，如果我們使用第三季 1.7% 的水平作為錨點，第四季的年比和多年比較就會變得更容易。聽起來庫存很充足。第三季出現一些反季天氣。那麼，當我們考慮第三季到第四季的連續放緩時，我們應該考慮哪些因素？或者這完全只是您所說的宏觀謹慎？

Yes. Warren, we are being conservative on the low end of our guidance just given -- Navdeep just said, first of all, we compete with everyone in the world during the fourth quarter. And also, the consumer is going through an awful lot and we're just going -- we're trying to be cautious. And so I wouldn't read into anything other than we are trying to model in an appropriate level of caution due to the uncertain macroeconomic environment.

是的。沃倫（Warren），我們對剛剛給出的指導的低端持保守態度 - 納夫迪普（Navdeep）剛剛表示，首先，我們在第四季度與世界上的每個人競爭。而且，消費者正在經歷很多事情，而我們只是在努力保持謹慎。因此，由於宏觀經濟環境的不確定性，除了我們試圖以適當的謹慎程度進行建模之外，我不會解讀任何其他內容。

Got it. And then a follow-up on margins. So just on freight, I think it flipped to a big tailwind around third quarter or fourth quarter last year. How should we think about the spillover into 4Q and 2024?

知道了。然後是利潤率的後續行動。因此，就貨運而言，我認為去年第三季或第四季左右出現了巨大的順風車。我們該如何看待第四季和 2024 年的溢出效應？

And then also just on -- to round up the gross margin piece, how should we think about occupancy expense growth in next year as you sort of ramp up Golf Galaxy and Public -- sorry, Golf Galaxy and House of Sport?

然後，為了總結毛利率，我們應該如何考慮明年的入住費用增長，因為你在某種程度上增加了高爾夫銀河和公共——對不起，高爾夫銀河和體育之家？

Yes. Warren, I'll stay away from 2024 guidance. We'll provide that at the next quarter. But I'll -- maybe I'll answer your first part of the question. In terms of the freight expenses, I would say that the freight expenses, to your point, did start to moderate in terms of the growth last year. It's also -- we started to see the benefits of the lower freight expenses in the back half of last year. And I would say they were a little bit more pronounced into Q4. So if you look at our prepared comments from last year, you will be able to get to a good approximation for the Q4 expectations.

是的。 Warren，我將遠離 2024 年指導。我們將在下個季度提供。但我會——也許我會回答你問題的第一部分。就運費而言，我想說的是，從去年的成長來看，運費確實開始放緩。去年下半年，我們也開始看到運費降低的好處。我想說，他們在第四季的表現更加明顯。因此，如果您查看我們去年準備的評論，您將能夠對第四季度的預期有一個很好的估計。

And about the occupancy, we'll talk about more between House of Sport and Galaxy because that all ties into how we think about the overall operating model. But like Lauren said, the core growth opportunities that we see between the House of Sport locations, the next-gen 50k as well as Golf Galaxy, we are very excited about all of those opportunities, and we'll share more at the next quarter meeting.

關於入住率，我們將更多地討論 House of Sport 和 Galaxy 之間的情況，因為這一切都與我們對整體營運模式的看法有關。但正如勞倫所說，我們在 House of Sport、下一代 50k 以及 Golf Galaxy 之間看到了核心成長機會，我們對所有這些機會感到非常興奮，我們將在下個季度分享更多會議。

We go next now to Christopher Horvers at JPMorgan.

接下來我們請摩根大通的克里斯多福‧霍弗斯 (Christopher Horvers) 發言。

So just following up on, you talked about strength in the business. You talked about strength in back-to-school, in demographics and so forth. A lot of retailers have talked about some moderation in October. So is it -- I know you don't give monthlies, but is it fair to say that there was -- the strength was -- the comps were highest around back-to-school season, and then moderated? And then I guess related to that, how are you thinking about how the holiday season plays out? Are we reverting back to like 2019 where sales are very focused around events, whether that's Black Friday and Cyber Monday and then the last 2 weeks for Christmas?

接下來，您談到了業務實力。您談到了返校、人口統計等方面的優勢。許多零售商都談到了十月的一些適度調整。那麼是嗎——我知道你不提供月度數據，但可以公平地說，有——強度是——返校季節期間的比較最高，然後有所緩和？然後我想與此相關的是，您如何看待假期的結束？我們是否會回到 2019 年那樣，銷售非常集中於活動，無論是黑色星期五和網路星期一，還是聖誕節的最後兩週？

Yes, Chris, so in terms of the strength of our quarter, the calendarization of our quarter, you are correct. The back-to-school strength drove significant comps in August and September. We did see a moderation in October of comps, but we also had unfavorable weather, as warmer weather has an impact. So nothing significant. But yes, we saw a moderation in October.

是的，克里斯，就我們季度的實力和季度日曆而言，您是正確的。返校季的強勁勢頭推動了八月和九月的重大競爭。我們確實看到十月份的比較有所放緩，但我們也遇到了不利的天氣，因為天氣變暖會產生影響。所以沒有什麼重要的。但是，是的，我們在十月看到了放緩。

As we look to the holiday season, obviously, we have the biggest weeks coming up ahead of us, and it will be busy right until December 25. And we are seeing holidays kicking off, and this has been going on now for a few years. Earlier, in November, we've been talking about that for some time. We're seeing it now, and we expect it will be a key 5 or 6 weeks here, and it will be similar timing to what it was before, with events driving a lot of the excitement.

當我們展望假期時，顯然，最重要的幾週即將到來，直到 12 月 25 日為止都會很忙。我們看到假期即將開始，這種情況已經持續了幾年。早些時候，也就是 11 月份，我們已經討論這個問題有一段時間了。我們現在看到了，我們預計這將是關鍵的 5 到 6 週，而且時間安排與之前類似，事件會帶來很多興奮。

And then my follow-up is, I just think about innovation in 2024 across different categories. You've had a lot of success this year on having high-heat product. And on the apparel side, you've also had expanded a few key brands around the -- in the footwear category. So thinking about those categories in particular, how are you thinking about innovation as you look at 2024, and maybe as well on the golf side?

然後我的後續行動是，我只考慮 2024 年不同類別的創新。今年你們在高熱度產品方面取得了很大的成功。在服裝方面，您還圍繞著鞋類類別擴展了一些關鍵品牌。因此，特別考慮這些類別，展望 2024 年，您如何考慮創新，也許高爾夫方面也是如此？

We're excited. Generally speaking, we're excited about the innovation in our business. We're excited about the new formats that we're innovating. We're excited about innovation in our service model. And we're excited about the product that we're seeing from many of our brand partners. We think it's going to be very -- it will be a great year from -- without me giving guidance, I'm excited about the product that I'm seeing 2024.

我們很興奮。總的來說，我們對業務創新感到興奮。我們對我們正在創新的新格式感到興奮。我們對服務模式的創新感到興奮。我們對許多品牌合作夥伴提供的產品感到非常興奮。我們認為，如果沒有我的指導，這將是非常美好的一年，我對 2024 年看到的產品感到興奮。

Innovation across the board, categories get interestingly hot from time to time. It's interesting to see what's happening with hydration in the past few years. There could be other categories that pop next year, but we see really exciting product in all the key categories of apparel and footwear and golf.

全面創新，類別時不時變得有趣。看看過去幾年水合作用的情況很有趣。明年可能會有其他類別流行，但我們在服裝、鞋類和高爾夫的所有關鍵類別中都看到了真正令人興奮的產品。

And maybe I'll add one more point. We still see organic opportunity for us to continue to expand our premium full service footwear decks into the larger part of the overall company portfolio of stores. And as we do that, that opens up more access to brands as well as deeper access within those brands as well. So there are organic actions that we have at our disposal and quite frankly, that have done really well that give us confidence as we look to '24.

也許我還要補充一點。我們仍然看到了有機機會，可以繼續將我們的優質全方位服務鞋類產品擴展到整個公司商店組合的較大部分。當我們這樣做時，我們可以打開更多接觸品牌的機會，也可以更深入地接觸這些品牌。因此，我們可以採取一些有機的行動，坦白說，這些行動做得非常好，讓我們對 24 世紀充滿信心。

And Navdeep, could you just remind us where you are from a penetration perspective on the footwear decks and where it's going?

Navdeep，您能從鞋類平台的滲透角度提醒我們您現在的位置以及未來的發展方向嗎？

Yes, about 75% of the stores today have that capability.

是的，如今大約 75% 的商店具備這種能力。

We go next now to Michael Lasser at UBS.

接下來我們請瑞銀集團的麥可‧拉瑟 (Michael Lasser) 發言。

Last quarter, you had planned some gross margin pressure to keep your inventories fresh as you move through the course of the year. Have you used more or less of that flexibility than you anticipated? And would consider that now just the cost of doing business that's going to be part of the cost structure moving forward?

上個季度，您計劃施加一些毛利率壓力，以在全年中保持庫存新鮮。您使用的彈性比您預期的多還是少？是否會考慮現在只是開展業務的成本將成為未來成本結構的一部分？

Michael, yes, we are -- I would say, one of our core operating philosophies and what is driving our top line sales is our ability to keep our inventory fresh and clean. And especially the more that the inventory has become highly differentiated, it's important to bring it in when it's hot, when it's -- and keep the stores constantly evolving.

邁克爾，是的，我想說，我們的核心經營理念之一以及推動我們頂線銷售的因素是我們保持庫存新鮮和清潔的能力。尤其是庫存變得高度差異化，重要的是要在最熱的時候引進它，並保持商店不斷發展。

And so we are -- as our gross margin materialized through the quarter, we were slightly more aggressive in terms of moving stuff out, but the environment was slightly more promotional than we had originally expected. But generally speaking, we were decisive just to keep the stores clean. Nothing extraordinary or out of the ordinary, I should say, happened during the quarter. And we're very pleased that we were able to grow gross margin. And as we look to Q4, we are expecting accelerated gains. We're also very pleased with the overall profitability of the business.

因此，隨著本季毛利率的實現，我們在搬出產品方面稍微更加積極，但促銷環境比我們最初預期的要稍微強一些。但總的來說，我們果斷只是為了保持商店清潔。我應該說，本季沒有發生什麼特別或不尋常的事情。我們非常高興能夠提高毛利率。展望第四季度，我們預期收益將加速成長。我們對業務的整體獲利能力也非常滿意。

And Lauren, your comment that the environment was a bit more promotional than you expected, how does that feed into your expectation for 4Q? And is the fact that your gross margin expansion going to accelerate in this quarter simply a function of an accelerating benefit from the lower freight cost?

勞倫（Lauren），您認為環境比您預期的促銷力度更大，這對您對第四季度的預期有何影響？事實上，您的毛利率擴張將在本季加速，這是否只是貨運成本下降帶來的加速效益的結果？

Yes. Actually, the Q4 gross margin acceleration also factors in the fact that Q4 was a very promotional clearance time as the industry had a glut of apparel last year at this time. And so when we're saying we are looking to Q4, we are seeing some increased promotional activity, we're seeing more [map breaks] and we will be participating surgically where and when we feel it's necessary for us to stay competitive. We have factored all of that into our guidance and still expect gross margin to accelerate in Q4.

是的。事實上，第四季毛利率加速也因為第四季是一個非常促銷的清倉時間，因為去年這個時候產業出現了服裝供過於求的情況。因此，當我們說我們期待第四季度時，我們看到促銷活動有所增加，我們看到更多的[地圖中斷]，並且我們將在我們認為有必要保持競爭力的時間和地點進行外科手術。我們已將所有這些因素納入我們的指導中，並且仍然預計第四季度毛利率將加速。

Michael, let me add one more thing. I'll just clarify on the last part of the question. As -- in my prepared comments, I talked about that we expect both the gross profit as well as the merch margin to expand as we go into the fourth quarter. So the merch margin would be on -- like the things that Lauren talked about, would be kind of the annualization of the actions and the capabilities that we have. And to your last part of the question, that lower freight cost benefits would be part of the gross profit.

邁克爾，讓我再補充一件事。我將澄清問題的最後部分。在我準備好的評論中，我談到，隨著進入第四季度，我們預計毛利和商品利潤率都會擴大。因此，商品利潤將是——就像勞倫談到的那樣，將是我們所擁有的行動和能力的年度化。對於問題的最後一部分，較低的運費成本收益將成為毛利的一部分。

We go next now to Paul Kearney at Barclays.

接下來我們請教巴克萊銀行的保羅‧科爾尼。

Just on the promotional conversation, wondering if you can comment on maybe by category, what you're seeing is more promotional. Is it that apparel is just more promotional than you would expect it to be? Or are you seeing promotions elsewhere in the store in footwear and hardlines? And could you comment on the level of vendor support relative to last year?

就促銷對話而言，想知道您是否可以按類別發表評論，您看到的是更多促銷。服裝的促銷作用是否比您想像的還要強？或者您在商店其他地方看到了鞋類和強硬產品的促銷活動？您能否評論一下相對於去年的供應商支援程度？

Yes. In Q4, as I mentioned, we compete with everything from jewelry to appliances to everything that could possibly be a gift. And so the promotions by category are what you would expect. There is -- I wouldn't say there's an area of the store that's more promotional. We're making sure we have hot deals for consumers who are coming in and excited to shop during the holiday season.

是的。正如我所提到的，在第四季度，我們的競爭範圍涵蓋從珠寶到電器再到可能作為禮物的所有物品。因此，按類別進行的促銷活動正是您所期望的。我不會說商店中有一個區域更具促銷性。我們確保為假期期間前來購物的消費者提供超值優惠。

Vendor support, we work ongoing with our vendors. This is a week in, week out, month in, month out. And that -- it's something we're not going to comment on specifically, but continues to be a key part of our operating model.

供應商支持，我們與供應商持續合作。這是一周又一周、一個月又一個月。我們不會具體評論這一點，但它仍然是我們營運模式的關鍵部分。

Okay. Great. And just a quick follow-up. Could you maybe just refresh us on the capital allocation priority as we think about next year and into the future. Could we be assuming a continuation of share repurchases as part of that strategy? And where does that fall?

好的。偉大的。只是快速跟進。當我們考慮明年和未來時，您能否向我們介紹一下資本配置優先事項？我們是否可以假設繼續進行股票回購作為該策略的一部分？那落在哪裡呢？

Yes. Paul, consistent with what we have said, the capital allocation priority continues to remain consistent. We are focused on maintaining an appropriate level of cash on the balance sheet. And the second is to continue to maintain our investment-grade status that we have. And the third priority continues to be invest into the business. And as part of our updated guidance, we have maintained the capital investment expectation of $550 million to $600 million.

是的。保羅，與我們所說的一致，資本配置優先順序繼續保持一致。我們致力於維持資產負債表上適當的現金水準。第二是繼續維持我們現有的投資等級地位。第三個優先事項仍然是對業務的投資。作為我們更新指導的一部分，我們維持了 5.5 億至 6 億美元的資本投資預期。

What you saw us do in Q3 is when we see there is an opportunistic or a dislocation in our stock price, we will step in based on where the stock prices and the long-term confidence we have in our company. And we stepped in and bought $388 million worth of stock. And from a return to the shareholders, our priority continues to be able to give a good return in terms of the dividend, which we doubled this year as well as continuing to opportunistically buy back shares.

你在第三季看到我們所做的是，當我們看到我們的股價有機會主義或錯位時，我們將根據股價和我們對公司的長期信心介入。我們介入並購買了價值 3.88 億美元的股票。從對股東的回報來看，我們的首要任務仍然是能夠在股息方面提供良好的回報，今年我們將股息增加了一倍，並繼續機會主義地回購股票。

We go next now to Paul Lejuez at Citigroup.

接下來我們請來花旗集團的保羅‧勒胡埃斯 (Paul Lejuez)。

This is [Kelly] on for Paul. I just want to follow-up on House of Sport stores. I hope you could parse out the performance of some of the newly converted House of Sport stores that are included in the comp base relative to how legacy gift stores performed in the third quarter? And I just have a follow-up.

這是[凱利]為保羅代言的。我只想跟進 House of Sport 商店的情況。希望您能分析一下納入比較基礎的一些新改建的 House of Sport 商店的業績與傳統禮品店在第三季度的業績相比？我只是有一個後續行動。

Yes. [Kelly], thanks for that question. Let me clarify one thing. We never took out those stores that were converted into House of Sport out of the comp base. So they were part of our comp base even in the first half of this year. And quite frankly, we had talked about that they were an unfavorable impact as we were converting them.

是的。 [凱利]，謝謝你的提問。讓我澄清一件事。我們從未將那些改建為 House of Sport 的商店從補償基地中剔除。因此，即使在今年上半年，他們也是我們的補償基礎的一部分。坦白說，我們在轉換它們時談到了它們帶來的不利影響。

In terms of the performance that we have seen from these stores, we couldn't be more excited. There are only eight of them that -- collectively 12 of them, but the original stores are doing really well. The new group of stores are doing extremely well as well. And yes, they had a favorable impact to our comp, but we were very pleased with the overall portfolio of the brick-and-mortar and the omni comp that we were able to deliver. So overall, very pleased with the performance of House of Sport location as well as the core business that we saw in Q3.

就我們從這些商店看到的表現而言，我們感到非常興奮。雖然只有 8 家，總共 12 家，但原來的商店做得非常好。新的商店群也表現得非常好。是的，它們對我們的競爭產生了有利的影響，但我們對我們能夠提供的實體和全方位競爭的整體產品組合感到非常滿意。總的來說，我們對 House of Sport 的表現以及我們在第三季看到的核心業務非常滿意。

Got it. And on the Public Lands-Moosejaw plan, can you just give us an update on how many Public Lands stores you have? And whether your plan for these businesses includes more stores, what's sort of the go-forward plan for that outdoor category outside of the core DICK'S store?

知道了。關於 Public Lands-Moosejaw 計劃，您能否向我們介紹您擁有多少家 Public Lands 商店的最新情況？無論您對這些業務的計劃是否包括更多商店，在核心 DICK'S 商店之外的戶外類別的未來計劃是什麼？

Yes. This is -- let me start on that. First, let's talk a little bit about our overall excitement about the outdoor category. Like we have talked about Moosejaw and Public Lands collectively serve the outdoor athlete, and that industry is a $40 billion highly fragmented industry, but not a clear leader. So as we see the collective capability that we have between the Moosejaw brand as well as the Public Lands brand, we are extremely excited about that opportunity to continue to differentiate and provide a much more synergistic way of serving that athlete as we look forward.

是的。這是——讓我開始吧。首先，我們來談談我們對戶外類別的整體興奮程度。就像我們談論的 Moosejaw 和 Public Lands 共同為戶外運動員服務一樣，該行業是一個價值 400 億美元的高度分散的行業，但沒有明確的領導者。因此，當我們看到 Moosejaw 品牌和 Public Lands 品牌之間的集體能力時，我們非常高興有機會繼續保持差異化，並為我們期待的運動員提供更具協同性的服務方式。

So what we talked about in Q3 was we were -- as you can imagine, after the acquisition, we are integrating the back-office operations of the Moosejaw and Public Lands team and bringing one team together to serve these athletes.

所以我們在第三季度談到的是 - 正如你可以想像的那樣，在收購之後，我們正在整合 Moosejaw 和 Public Lands 團隊的後台運營，並將一個團隊聚集在一起為這些運動員提供服務。

In terms of the number of Public Lands stores that we have, we have 7 Public Lands locations right now, and we are excited about the ongoing business that we see here collectively between both these brands.

就我們擁有的 Public Lands 商店數量而言，我們目前擁有 7 個 Public Lands 門市，我們對這兩個品牌之間正在進行的業務感到興奮。

Any plans to open more?

有計劃開設更多嗎？

We'll share more details in 2024. But yes, our plans are to continue testing and learning into this brand and opening more stores as we go look into the future.

我們將在 2024 年分享更多細節。但是，是的，我們的計劃是繼續測試和學習這個品牌，並在展望未來時開設更多商店。

We'll go next now to John Kernan at TD Cowen.

接下來我們請聽 TD Cowen 的 John Kernan。

Keeping on the House of Sport theme, how should we think about the contribution to unit growth and top line into next year? And then also, how should we think about the four-wall margin on these stores versus the existing chain?

延續體育之家的主題，我們該如何考慮明年對單位成長和營收的貢獻？然後，我們應該如何考慮這些商店與現有連鎖店的四面牆利潤？

John, I would say, first of all, as we have talked about, most of the 12 stores that we have opened are either a conversion or a relocation of an existing store. So what you're looking here is not a significant expansion in the square footage of the overall company. But what we are seeing is a very differentiated experience that we are able to provide in these stores.

約翰，我想說，首先，正如我們談到的，我們開設的 12 家商店中，大多數都是現有商店的改建或搬遷。因此，您在這裡看到的並不是整個公司面積的顯著擴張。但我們看到的是我們能夠在這些商店中提供非常差異化的體驗。

We'll share more specifics in fourth quarter, but I can give you this that from a sales productivity perspective as well as the contribution perspective, we are very happy with the financial returns that we are delivering on these investments.

我們將在第四季度分享更多細節，但我可以告訴您，從銷售生產力的角度以及貢獻的角度來看，我們對這些投資所帶來的財務回報感到非常滿意。

Got it. And then maybe just a quick follow-up on SG&A and some of the cost savings that you're looking at from some of the business optimization initiatives, how should we think about the net savings that you see into 2024 and beyond?

知道了。然後，也許只是對 SG&A 以及您從某些業務優化計劃中看到的一些成本節省進行快速跟進，我們應該如何考慮您在 2024 年及以後看到的淨節省？

So in our prepared comments, what we shared was that we expect our SG&A growth to significantly moderate, especially considering the growth that we have seen in our SG&A this year. But as you can imagine, it's a combination of multiple things. What do we expect the sales growth to be next year.

因此，在我們準備好的評論中，我們分享的是，我們預計 SG&A 成長將顯著放緩，特別是考慮到我們今年的 SG&A 成長。但正如你可以想像的那樣，這是多種因素的結合。我們預計明年的銷售成長是多少？

But -- so we'll share more, but the framework that I would use is, first of all, the business optimization work that we are doing, especially with bringing the Moosejaw and the Public Lands business together will have continued benefit, actually bigger benefits into 2024, as well as the productivity and the efficiency conversation that we talked about in Q3 and Q4, those actions will continue to kind of help us mitigate the growth in SG&A as we look to the future.

但是——所以我們會分享更多，但我要使用的框架首先是我們正在做的業務優化工作，特別是將 Moosejaw 和公共土地業務結合在一起，將帶來持續的好處，實際上更大到2024 年的效益，以及我們在第三季和第四季討論的生產力和效率對話，這些行動將繼續幫助我們在展望未來時減輕SG&A 的成長。

We'll go next now to Joe Feldman at Telsey Advisory Group.

接下來我們將邀請特爾西諮詢集團的喬‧費爾德曼 (Joe Feldman)。

Congrats on the quarter. Wanted to go back to the comments you made about weather. And how much of a factor does weather have for you guys in the fourth quarter? Like will apparel be an issue if weather doesn't really get cold here and -- because it seems like it did -- it was softer for everybody, not just you in October because weather was a little more warmer than normal. So just wondering how to think about the fourth quarter in apparel.

恭喜本季。想回到你對天氣的評論。天氣對你們第四季的影響有多大？如果這裡的天氣並沒有真正變冷，那麼服裝就會成為一個問題——因為看起來確實變冷了——對每個人來說，天氣都會變得更柔軟，而不僅僅是十月份的你，因為天氣比平常暖和一點。所以只是想知道如何看待服裝領域的第四季。

Yes. Thanks, Joe. Certainly, Q4 is the most weather-dependent category. We've, over time, mitigated some of the volatility of that factor because we can't control the weather, but just making sure we have all sorts of lightweight. Fleece is a big driver for us and things that don't depend on super extreme cold. That said, we like cold. So I'm hoping for a snowy Thanksgiving and Christmas.

是的。謝謝，喬。當然，第四季是最依賴天氣的類別。隨著時間的推移，我們已經減輕了該因素的一些波動性，因為我們無法控制天氣，但只是確保我們擁有各種輕量級。羊毛對我們和不依賴超級極端寒冷的事物來說是一個很大的推動力。也就是說，我們喜歡寒冷。所以我希望感恩節和聖誕節能下雪。

Got it. Okay. And then another question just -- I know inventory is in good shape, but how are you guys planning it to end -- get through the fourth quarter? And then your initial thoughts on '24, like how you'll plan? Will it be up? Will it still be down a little bit like we've been seeing this year? How should we think about it?

知道了。好的。然後另一個問題是——我知道庫存狀況良好，但你們計劃如何結束——度過第四季度？然後你對 24 的最初想法，例如你將如何計劃？會起來嗎？它還會像我們今年看到的那樣略有下降嗎？我們該如何思考呢？

Yes. I would say that we haven't given the guidance for Q4 on inventory. But I would start to say by the fact that if you look at our sales were up 3% almost in Q3, and our inventory was down 2%. So that kind of indicates how well we are managing the overall inventory position, and I would say a similar sentiment as we look to Q4 as well.

是的。我想說的是，我們還沒有給出第四季的庫存指引。但我首先要說的是，如果你看看我們第三季的銷售額幾乎成長了 3%，而我們的庫存下降了 2%。因此，這表明我們管理整體庫存狀況的情況如何，我想說，我們對第四季的看法也與此類似。

We are right now in the middle of our budget season for 2024, and we are planning through the top line, the bottom line expectations and the inventory. So we'll share more about exact 2024 working capital investment as we share the guidance in next quarter.

我們現在正處於 2024 年預算季的中期，我們正在透過收入、利潤預期和庫存進行規劃。因此，我們將在下一季度分享指導時分享更多有關 2024 年確切營運資本投資的資訊。

We'll go next now to Will Gaertner at Wells Fargo.

接下來我們將邀請富國銀行的威爾‧加特納 (Will Gaertner)。

Could you guys just give us a breakdown of store openings for the balance of the year? And perhaps into next year, how you're thinking about store openings and how we should be modeling that?

你們能否給我們今年剩餘時間的新店開幕情況明細？也許到明年，您如何考慮開店以及我們應該如何建模？

Yes. The store openings for Q4 are primarily done with the holiday season. So not too many stores are expected to open here in the fourth quarter.

是的。第四季的開店主要是在假期期間完成的。因此預計第四季度不會有太多商店在這裡開業。

What we have guided in terms of the preliminary 2024 expectation is 10 House of Sport openings. You can see us continuing to open more Golf Galaxy locations into 2024. We continue to be really pleased with the overall performance of the Galaxy Performance Center. In addition, we will also be remodeling our stores to continue to keep our overall assortment within those stores fresh and have the right capability and experience investment in the core part of the DICK'S stores as well.

我們預計 2024 年將開設 10 個運動之家。您可以看到我們將在 2024 年繼續開設更多 Golf Galaxy 地點。我們對 Galaxy 性能中心的整體性能仍然非常滿意。此外，我們還將改造我們的商店，以繼續保持這些商店內的整體品種新鮮，並在 DICK'S 商店的核心部分擁有適當的能力和經驗投資。

Got it. And then maybe just talk a little bit about inventory in the channel. What are you seeing -- what categories are you seeing your heaviest? Which are lean? Just give us a little bit of context in what categories you're seeing from an inventory perspective?

知道了。然後也許只是談談渠道中的庫存。您看到了什麼－您最看重哪些類別？哪些是瘦的？請給我們一些背景信息，說明您從庫存角度看到了哪些類別？

Yes. Well, there's nothing extraordinary or out of the ordinary going on with inventory in the categories or we're appropriately moving to product, the whole industry is, but it isn't the way it was last year where there was really distorted levels of inventory.

是的。好吧，這些類別的庫存沒有什麼特別或不尋常的事情發生，或者我們正在適當地轉向產品，整個行業都是如此，但這並不是去年的情況，當時的庫存水平確實扭曲了。

We go next now to Joe Civello at Truist.

接下來我們請講 Truist 的 Joe Civello。

Quick follow-up on the House of Sport locations. Can you guys call out anything in terms of like ticket or transaction benefits that you see at House of Sport versus other locations?

快速跟進體育之家的地點。你們能說說在 House of Sport 與其他地方相比在門票或交易方面的好處嗎？

Yes. I would say, first of all, our overall portfolio of the House of Sport is resonating really well with the athlete. So we see benefits in how many athletes and how far they're traveling to come and visit these experiential locations that we have. In addition, we are also seeing benefits in the overall basket size. So I'm really encouraged by the make of the athletes, the engagement that we are able to drive with those athletes as well as the basket size.

是的。我想說，首先，我們體育之家的整體產品組合與運動員產生了很好的共鳴。因此，我們看到了有多少運動員以及他們要走多遠來參觀我們擁有的這些體驗場所的好處。此外，我們也看到整體購物籃規模的優勢。因此，我對運動員的素質、我們能夠與這些運動員進行的互動以及籃子的大小感到非常鼓舞。

We'll go next now to Justin Kleber at Baird.

接下來我們將採訪貝爾德的賈斯汀·克萊伯 (Justin Kleber)。

Just one for me on the implied 4Q revenue guide. If I take the midpoints of the comp and the noncomp benchmarks you shared, it looks like guidance assumes that revenues will lift sequentially kind of in the high teens range, if I exclude the extra week. And if I go back prepandemic, your 4Q revenues used to grow north of 30% quarter-over-quarter. So just -- can you help me, I guess, reconcile why that's not the case anymore? Why that relationship doesn't hold? Are you just more disciplined with promotions around the holiday? Or is the mix of the business that much different? Just trying to understand that.

我只想了解隱含的第四季營收指南。如果我採用您分享的比較基準和非比較基準的中點，看起來指導假設收入將在高青少年範圍內連續上升，如果我排除額外的一周。如果我回到大流行前，你們第四季的營收曾經較上季成長 30% 以上。所以，我想，你能幫我解釋為什麼情況不再是這樣了嗎？為什麼這種關係不成立？您是否在假期期間的促銷活動中更自律？或是業務組合有很大不同嗎？只是想了解這一點。

Yes. Justin, this is Navdeep. I'll take an attempt at that. The way we have thought about fourth quarter is very comparable to how we think about the holiday season. Holiday season is a very distinct and a different season when we compare that to the back-to-school season. So we look at it much more on a sequential year-over-year basis versus the 3Q to 4Q build.

是的。賈斯汀，這是納維迪普。我會嘗試一下。我們對第四季的看法與我們對假期的看法非常相似。當我們將假期與返校季進行比較時，假期是一個非常獨特且不同的季節。因此，與第三季到第四季的建構相比，我們更專注於同比的情況。

But to your point, when we look -- the fourth quarter expectation that we guided to, first of all, we are up against a 5.3% comp. It's a much more wider competitive set compared to the back-to-school season. And we continue to be really confident on the high end of the expectation that we have -- that we have driven about the things that we have within our control. We moderated the low end of our Q4 expectation, just considering the macroeconomic landscape that we'll be competing with everybody else in fourth quarter. So we feel we have appropriately balanced the outlook and maybe we can take that offline and if you have a deeper question on that.

但就你的觀點而言，當我們查看我們指導的第四季度預期時，首先，我們的同比增長率為 5.3%。與返校季相比，這是一個更廣泛的競爭環境。我們仍然對我們的最高期望充滿信心——我們已經推動了我們控制範圍內的事情。考慮到我們將在第四季度與其他所有人競爭的宏觀經濟形勢，我們調整了第四季度預期的下限。因此，我們認為我們已經適當地平衡了前景，也許我們可以將其離線，如果您對此有更深層的問題。

Yes. Justin, I would just add one thing that -- and again, we don't have the numbers compared to multiple years ago on this particular topic, but I would hypothesize that the strength that we've had in our business in Q3 between back-to-school categories, team sports over the years and just footwear and apparel is probably -- has even smoothed out that curve a little bit.

是的。賈斯汀，我只想補充一件事 - 再說一遍，我們沒有關於這個特定主題的與多年前相比的數字，但我假設我們在第三季度的業務實力到學校的類別、多年來的團隊運動以及鞋類和服裝可能已經使這條曲線變得平滑了一點。

And our final question comes from Daniel Imbro at Stephens.

我們的最後一個問題來自史蒂芬斯的丹尼爾·因布羅。

Maybe a first one just on inventory and then the optimization actions. I guess the inventory write-down, Navdeep, is that all within the outdoor categories that were maybe left over from last quarter? And is there anything left to do on the inventory side? It does look like on the website, there's still some decent promotions in bikes and outdoors. So trying to think about are we through that inventory kind of write-down or optimization?

也許第一個只是關於庫存，然後是優化操作。我猜，Navdeep，庫存減記是否全部屬於上季可能剩下的戶外類別？庫存方面還有什麼要做的嗎？從網站上看，自行車和戶外活動仍然有一些不錯的促銷活動。那麼，想想我們是否經歷了庫存類型的減記或最佳化？

Yes, Daniel, let me clarify. The two things are totally separate and distinct. The onetime action that is included in our GAAP outlook and the inventory write-down actually is associated with the Moosejaw brand. We have some tertiary SKUs in that business. That will not be part of the go-forward assortment as we look to bring the 2 brands together. And so that's what you're seeing is the action around the Moosejaw business, not necessarily anything to do with the actions that we talked about in Q2.

是的，丹尼爾，讓我澄清一下。這兩件事是完全分開且不同的。我們的 GAAP 展望和庫存減記中包含的一次性行動實際上與 Moosejaw 品牌相關。我們在該業務中有一些三級 SKU。這不會成為未來產品組合的一部分，因為我們希望將這兩個品牌結合在一起。因此，您所看到的是圍繞 Moosejaw 業務的行動，不一定與我們在第二季度討論的行動有關。

Overall, our inventory is really clean and we are really excited about the assortment that we have available for Q4. And if you look at the overall inventory, we were down 2% on top line growth of 3%. So we continue to manage the overall inventory really well and excited for the holiday season.

總的來說，我們的庫存非常乾淨，我們對第四季度的可用品種感到非常興奮。如果你看一下整體庫存，你會發現我們的收入成長了 3%，但下降了 2%。因此，我們繼續很好地管理整體庫存，並對假期感到興奮。

Great. And then maybe as a related follow-up, Lauren, you noted you're not seeing any trade down today, and that's maybe surprising, but encouraging. I'm curious how you're thinking about buying inventory or how you're telling your buyers today to handle that. Are you preparing for a further trade down? Are you building inventory in that part of the price spectrum? And maybe if not, if we see a trade down, could there be a mismatch between the inventory you built and where the consumer shakes out?

偉大的。然後，也許作為相關的後續行動，勞倫，您注意到今天沒有看到任何交易下跌，這可能令人驚訝，但令人鼓舞。我很好奇您是如何考慮購買庫存的，或者您今天如何告訴買家處理這個問題。您準備進一步下跌嗎？您是否正在該價格範圍內建立庫存？也許如果沒有，如果我們看到交易下降，你建立的庫存和消費者的庫存之間是否會出現不匹配？

Dan, it's a great question. We make sure that we have inventory for every single shopper at every single price point. So while some of our products have become even more premium as we've got access to premium footwear and just hotter products in general we, at the same time, have made meaningful inroads with our DSG brand, which is an opening price point brand that has tremendous value and tremendous fashion and a great price point. So I think we're perfectly suited to match the consumer needs, and we've been very happy to see that the consumer isn't shifting down, but we can flex and we'll have what they need when they need it.

丹，這是一個很好的問題。我們確保為每個購物者提供每個價格點的庫存。因此，雖然我們的一些產品變得更加優質，因為我們可以獲得優質鞋類和一般更熱門的產品，但與此同時，我們的 DSG 品牌取得了有意義的進展，這是一個開放價格點品牌，具有巨大的價值和巨大的時尚性以及很高的價格點。因此，我認為我們非常適合滿足消費者的需求，我們很高興看到消費者沒有下降，但我們可以靈活調整，在他們需要時我們會提供他們需要的東西。

Thank you. At this time, I would like to turn things back over to you, Ms. Hobart, President and CEO, for any closing comments.

謝謝。此時此刻，我想將事情交還給總裁兼執行長霍巴特女士，請您發表最後意見。

Well, thank you very much. I hope everybody has a wonderful Thanksgiving. Thanks for your interest in DICK'S Sporting Goods, and we'll see you in the New Year. Thank you.

好的，謝謝。我希望每個人都有一個美好的感恩節。感謝您對 DICK'S 體育用品的關注，我們新年再見。謝謝。

Thank you, Ms. Hobart. Ladies and gentlemen, at this time, that does conclude the Q3 2023 DICK'S Sporting Goods Earnings Conference Call. Thank you very much for joining us, and we wish you all a great day. Goodbye.

謝謝你，霍巴特女士。女士們、先生們，此時 DICK'S 體育用品 2023 年第三季獲利電話會議就到此結束了。非常感謝您加入我們，祝大家有個愉快的一天。再見。