DICK'S Sporting Goods Inc (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)

女士們、先生們，早安，歡迎參加迪克體育用品公司2023年第三季財報電話會議。 （操作說明）請注意，本次電話會議正在錄音。 （操作說明）

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，我謹將發言權交給投資人關係資深總監內特‧吉爾奇先生。請您開始吧，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.

各位早安，感謝各位參加本次2023年第三季業績電話會議。今天出席會議的有我們的總裁兼執行長Lauren Hobart和財務長Navdeep Gupta。本次電話會議的錄音將在我們位於investors.dicks.com的投資者關係網站存檔約12個月。

As a reminder, we'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.

再次提醒，我們將作出一些前瞻性陳述，這些陳述受多種風險和不確定因素的影響，可能導致我們的實際業績與這些陳述有重大差異。任何此類陳述應結合我們在獲利報告中發布的警示性聲明以及我們向美國證券交易委員會（SEC）提交的文件（包括我們最新的10-K表格年度報告和最新的10-Q表格季度報告）中的風險因素討論，以及本次電話會議中作出的警示性聲明進行解讀。我們不承擔更新任何此類前瞻性陳述或資訊的義務。請造訪我們的投資者關係網站，查看本次電話會議中提及的非GAAP財務指標的調節表。

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，為了方便您日後安排時間，我們暫定於 2024 年 3 月 11 日發布 2023 年第四季財報。

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

接下來，我將把通話交給勞倫。

Thank you, Nate, and good morning, everyone. We are very pleased with our 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.

謝謝內特，大家早安。我們對第三季的業績非常滿意，這反映了我們業務的持續強勁勢頭以及團隊專注且高效的執行力。在返校季，我們取得了非常亮眼的業績，這得益於我們一流的運動員體驗和差異化的產品組合。隨著消費者優先選擇迪克體育用品來滿足他們的需求，我們的市場份額也不斷擴大。

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.

第三季銷售額成長2.8%至30.4億美元，同店銷售額成長1.7%，主要得益於交易量和平均客單價的雙雙成長。這一強勁的同店銷售額成長是在去年同期成長6.5%的基礎上實現的。此外，本季度我們還發現，更多運動員選擇在我們這裡購物，並且每次購物的消費金額也有所增加。

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GAAP準則計算，我們第三季的毛利率較上年同期成長了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%的非GAAP息稅前利潤率，非GAAP每股收益為2.85美元，較上年同期成長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%.

鑑於第三季強勁的業績表現，我們上調了全年業績預期。更新後的預期既體現了我們對關鍵策略的信心，也考慮了宏觀經濟環境的不確定性。我們目前預計全年非GAAP攤薄後每股收益為12美元至12.60美元，高於先前預期的11.50美元至12.30美元。此外，我們目前預期同店銷售額將成長0.5%至2%，高於先前預期的持平至成長2%。以中間值計算，非GAAP息稅前利潤率預計約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.

我們擁有巨大的長期成長機會，並正在進行策略性投資，以鞏固自身發展優勢，並在龐大且分散的產業中持續擴大市場份額。這些投資包括加速全通路運動員體驗的創新，以及拓展我們的新概念，例如「運動之家」和我們全新的5萬平方英尺原型店，這些都受到了運動員的熱烈歡迎。

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述，我們已開展大量工作來優化業務，以便抓住眼前的機會。這包括更好地匹配人才、組織架構和支出，以支持我們最重要的成長機會，同時精簡整體成本結構。

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，正如我們上季度所討論的，我們正在為 DICK'S 的成長投入資源，並將團隊重心重新聚焦於四大關鍵策略支柱：差異化產品、運動員體驗、團隊成員體驗和品牌互動。其次，我們正在優化戶外專業業務。這主要包括整合 Moosejaw 和 Public Lands 的運營，以更有效地滿足戶外運動愛好者的需求。這項新的架構將立即提升營運效率，並使該業務在價值 400 億美元的戶外產業中佔據戰略優勢，實現獲利成長。 Navdeep 將分享更多關於我們業務優化計劃的細節，包括預期的銷售、管理及行政費用收益以及執行這些計劃的相關費用。

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方面進行創新是我們成長策略的核心。我們最新的 DICK'S 概念店已取得巨大成功，並且是我們未來持續重塑門市組合和佈局的關鍵組成部分。

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，我們對DICK'S House of Sport門市的業績持續感到滿意。第三季初，我們新開了兩家House of Sport門市，目前門市總數已達12家，其中9家是今年新開的。我們很高興計劃在2024年再開設約10家門市，包括波士頓保誠中心以及匹茲堡、邁阿密和坦帕的門市。我們預計到2027年，我們在全美的門市數量將達到75至100家。

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，我們也正在推廣新一代DICK'S門市，它徹底革新了我們最常見的5萬平方英尺的門市模式。第三季度，我們很高興地宣布新增5家店。本月初，我們又新增了3家。目前，新一代門市總數已達11家，我們對目前的業績感到滿意，並對這種全新的5萬平方英尺門市模式的長期發展前景充滿信心。

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拓展Golf Galaxy的商業版圖，為各個層級的高爾夫愛好者提供沉浸式體驗。第三季度，我們新開了7家Golf Galaxy Performance Center，讓Golf Galaxy連鎖店總數達到104家，其中包括13家Performance Center。我們相信高爾夫產業擁有巨大的長期成長潛力。未來四年，我們預計在美國開設40至50家Golf Galaxy Performance Center，其中約10家將於2024年開幕。

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.

結合我們的實體店，數位化體驗仍然是我們成功的關鍵組成部分。我們對科技的投入正在強化運動員的全通路體驗，並提升他們的參與度。本季度，我們新增了160萬名運動員，並且正在進一步擴大我們的全通路運動員群。全通路運動員貢獻了我們大部分的銷售額，他們的消費額更高，購物頻率也高於單通路運動員。隨著我們對數據科學和個人化服務的投入，我們很高興能夠繼續與這些運動員建立一對一的聯繫，並更好地為他們服務。

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.

我們始終致力於將 DICK'S 打造成便利的一站式購物平台，並透過擴大當日送達服務，進一步豐富了我們的配送和自提選擇。事實上，運動員現在可以在線上篩選當日送達商品。此外，在這個假期季節，我們將提供當日送達服務，直到平安夜中午 12 點，方便您購買最後一刻的禮物。

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，我們對第三季強勁的業績感到非常滿意，並對公司未來的發展充滿信心。我們期待即將到來的假期季節，以及我們為運動員提供的產品、服務和體驗。

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.

我要感謝我們所有隊友為迪克體育用品公司付出的辛勤努力和奉獻精神，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，我將把電話交給納夫迪普，讓他更詳細地介紹我們的財務表現。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our 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.

謝謝勞倫，大家早安。首先，我們簡單回顧一下第三季的業績。我們非常高興地宣布，隨著市場份額的持續增長，合併銷售額增長2.8%，達到30.4億美元。同店銷售額在去年同期6.5%的成長基礎上，又成長了1.7%。強勁的同店銷售成長主要得益於交易量成長1.1%及平均客單價成長0.6%。返校季商品整體表現非常出色，我們對House of Sport門市的表現也感到滿意。本季非同店銷售額成長約110個基點，主要得益於Moosejaw門市的銷售成長。

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GAAP準則計算，第三季毛利為10.7億美元，佔淨銷售額的35.1%，較去年同期成長88個基點。這項成長主要得益於供應鏈成本的降低，貢獻了78個基點。商品毛利率成長23個基點，如預期，這一成長主要受去年清倉活動週年紀念的推動，但部分被約50個基點的損耗所抵銷。需要明確的是，若不計損耗的影響，我們的商品毛利率本應成長超過70個基點。打擊竊盜仍然是我們的首要任務，我們將繼續增加投入，確保門市、員工和運動員的安全。

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GAAP準則計算，銷售、管理及行政費用增加5,010萬美元至7.299億美元，較前一年下降102個基點。由於銷售額超出預期、採取了有針對性的成本控制措施以及業務優化措施帶來的收益，因此這一結果優於我們的預期。

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，本季同比槓桿率下降主要得益於我們對基本工資、人才和技術的投資，旨在提升運動員體驗，以及在行銷方面的投入。這些投資部分被遞延薪酬計畫投資價值變動帶來的820萬美元支出減少（或26個基點的槓桿率下降）所抵消，而這部分支出減少又完全體現在其他收入中。

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1,440萬美元，較去年同期減少1,170萬美元。這項減少主要是由於去年因交換可轉換優先票據而產生的誘導費用，以及今年因償還這些票據而節省的利息支出。

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。這530萬美元的收入成長主要得益於現金及現金等價物平均利率上升，導致利息收入增加1,330萬美元。其他收入的這一增長部分被遞延薪酬計劃價值變動帶來的820萬美元支出增長所抵消，而這筆支出增長又完全抵消了我之前提到的銷售、管理及行政費用（SG&A）的減少。

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%.

得益於強勁的銷售業績、更高的毛利率以及更低的利息支出，非GAAP息稅前利潤（EBT）為3.211億美元，佔淨銷售額的10.6%。相較之下，2022年的EBT為3.042億美元，佔淨銷售額的10.3%。總計，我們實現了非GAAP稀釋後每股收益2.85美元。相比之下，去年的非GAAP稀釋後每股收益為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，我們優化了組織架構，更好地協調人才、組織設計和支出，以支持我們最關鍵的策略，同時簡化了整體成本結構。

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，我們正在為迪克體育用品公司（DICK'S）的成長投入資源。正如我們上次電話會議上討論的那樣，在第三季度，我們採取措施調整了資源配置和組織結構，主要集中在客戶支援中心。

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戶外用品專營業務，並組建一個團隊來支援Public Lands和Moosejaw的營運。這將使我們能夠迅速借鑒戶外用品專營業務的最佳實踐，在提高營運效率的同時推動業務成長。

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措施帶來的銷售、一般及行政費用的益處，並預期這些益處將持續到第四季和2024年。這些措施，加上我們整體上對提高生產力和降低可自由支配成本的關注，將有助於我們大幅降低2024年銷售、一般及行政費用的成長，與今年相比。

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.

由於上述措施，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 Moosejaw 非預期庫存合理化相關的 630 萬美元庫存減損損失。這些費用已計入我們按美國通用會計準則 (GAAP) 計算的每股攤薄收益 2.39 美元。有關更多詳情，請參閱我們今天早上發布的新聞稿中的非美國通用會計準則 (非 GAAP) 財務指標調整表。

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.

現在來看我們的資產負債表。第三季末，我們持有約14億美元的現金及現金等價物，且未動用16億美元的無擔保信貸額度。與去年同期相比，季度末庫存水準下降了2%。我們的庫存狀況良好，對假期季節的商品組合充滿信心。

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.

接下來談談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利。此外，我們也以平均每股112.46美元的價格回購了350萬股股票，總額為3.881億美元。今年迄今為止，我們已透過股票回購和股利向股東返還了超過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.

最後，我想談談我們對2023年的展望。正如勞拉所指出的，由於第三季的出色表現，我們上調了全年業績預期。我們對關鍵策略充滿信心，並已做好充分準備，在可控範圍內有效執行各項策略。同時，考慮到當前宏觀經濟的不確定性，我們保持適當的謹慎態度，尤其是在預期下限方面。

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.

我們現在預計全年非GAAP稀釋後每股收益為12美元至12.60美元，高於先前預期的11.50美元至12.30美元。這其中仍包含來自第53週的約0.20美元。此外，我們現在預計全年同店銷售額將成長0.5%至2%，高於先前預期的持平至成長2%。計入第53週，我們預計全年非同店銷售額將成長約250個基點。具體而言，這包括來自第53週的約1.5億美元銷售額，而第53週的銷售額低於我們平均值。

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.

中間值顯示，非GAAP息稅前利潤率預計約為10.4%，高於我們先前預期的10.2%。我們預計全年毛利率將略有改善，但仍將受到較2022年更高的損耗率帶來的約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.

就第四季而言，我們預期毛利率和商品毛利率將持續年增，並較第三季有所提升。同時，我們預期全年銷售、管理及行政費用（SG&A）將有所下降，這主要得益於我們對成長策略的積極投資。第四季SG&A的下降幅度預計與第三季相近。

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.

我們的獲利預期基於約21%的有效稅率和約8,600萬股的平均稀釋後流通股數（低於我們先前預期的約8,700萬股）。此外，我們預計全年淨資本支出在5.5億美元至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。這些費用已從今天的非GAAP業績展望中剔除。我們仍在進行業務優化審查，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.

我們的發言到此結束。感謝您對迪克體育用品的關注。接線員，現在可以開始接受提問了。

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

（操作說明）今天早上我們先採訪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貴公司同店銷售情況的，貴公司同店銷售情況遠好於大多數零售類別，而且在過去幾年中也更具韌性。所以，您看到了細節，看到了產品類別和趨勢。在分析這些組成以及消費者行為的同時，我想評估您展望未來時需要考慮的因素。如果您想分享您對2024年的看法，當然可以，但我更想了解哪些因素讓您充滿信心，哪些因素讓您有所顧慮。

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，我們很高興看到消費者在體育用品行業中的表現，尤其欣喜的是，他們越來越多地選擇迪克體育用品來滿足自身需求。人們越來越重視健康積極的生活方式，他們重視團隊運動、戶外活動、跑步、散步等等。因此，我們對上個季度交易量和銷售額的成長感到非常滿意。而且，我們的消費者並沒有降低消費檔次，他們的消費習慣非常堅定。

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.

展望第四季度，正如您在我們先前的業績指引中所聽到的，我們對第四季度可控範圍內的各項工作都感到非常興奮。我們的產品庫存充足，我們準備了琳瑯滿目的精美禮品。如果您關注我們的LinkedIn帳號（我知道您追蹤了DSG——#dsglife），您會看到我們在全國各地開展的「馴鹿奔跑」活動，我們的團隊正全力以赴，力求為顧客打造精彩絕倫的節日體驗。

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.

我們正在權衡所有這些因素，同時謹慎考慮宏觀經濟環境和消費者狀況，因為我們知道消費者目前面臨許多挑戰。因此，我認為我們在業績指引方面一直保持著相當謹慎的態度，但我們對消費者目前的支撐表現感到非常振奮。

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。我接下來會討論毛利率，雖然我還有一些關於營收的問題，但會私下討論。關於毛利率，在過去兩年裡，去年你們和供應商合作清理了一些庫存。今年你們進行了一些戶外降價促銷。那麼，如果考慮重新調整毛利率基準，你們會把這些事件視為異常情況並重新計算毛利率嗎？還是說目前的毛利率水準是合適的基準，既能保證一定的靈活性，又能在此基礎上提供一些提升空間？

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，在分析毛利率時，重要的是要理解我們的產品組合日益多樣化。因此，我們核心的營運理念之一就是果斷行動，快速清理庫存，以便為新鮮到貨的商品騰出空間。而這正是上個季度以及過去一段時間以來推動我們同店銷售額成長的真正原因。

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，正如您所提到的，確實發生了一些特殊情況。受疫情影響，戶外裝備和服裝的需求都出現了激增。但本季的情況並非如此。本季度，我們對進貨的庫存非常滿意。我們將果斷地把門市的庫存商品清倉，並透過線上管道轉售到戶外用品區，從而為第四季和假日季的銷售騰出空間，力爭取得佳績。

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.

我認為這正是我們同店銷售成長的主要原因。而且我想提醒大家，即使剔除損耗的影響，我們的商品毛利率還是比以前高出50%。因此，我們對目前的毛利率水準感到非常自豪，並期待它能繼續提升。

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

接下來我們連線美國銀行的羅比‧奧姆斯。

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.

本季業績很棒。其實只有兩個問題。第一個是關於House of Sport的。能否更詳細說明同店銷售狀況？另外，門市的經濟模式前景是否有改善？您提到了波士頓的保誠中心。我猜想，相對於那個地段，您在那裡的租金可能很優惠。能否分享一下您的看法？

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?

第二個問題是關於快閃店的，您能告訴我們它們在第三季非同店銷售額中發揮了怎樣的作用，以及您對第四季度的快閃店有何看法嗎？

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。我先來，然後把麥克風交給納夫迪普。 House of Sport門市的表現非常出色。我認為值得注意的是，雖然這些門市——包括一年多前開業的前三家以及過去六個月新開的門市——都帶來了積極的影響，但我們其他門市以及全通路業務也實現了成長。因此，我們的門市組合非常均衡，從同店銷售的角度來看，我們對此感到非常滿意。

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。接下來我會把麥克風交給Navdeep，讓他談談我們的租金水平等等。我們可能不會深入討論這個主題。但我們對房地產投資有著非常高的標準，只有達到一定的投資報酬率，才會進行投資。 Navdeep，你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。至於House of Sport，正如我們之前討論過的——首先，我們對已開設的12家門市的業績非常滿意。這種收益不僅體現在經濟效益（當然經濟效益也很棒），我們也看到了我們吸引新品牌和新合作夥伴進駐House of Sport展示產品的能力。我們相信保誠中心（Prudential Center）將成為另一個頂級門市，各大品牌都樂於在此展示產品。我們將在公佈2024年預期時分享更多關於這些門市經濟效益的細節，因為我們計劃在2024年再開設10家門市。

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.

關於您提到的“Going, Going, Gone!”，我們稱之為“Going, Going, Gone!”的連鎖店和倉庫門店，在我們整體的清倉策略中仍然扮演著非常重要的角色。正如勞倫所說，我們的核心優勢在於我們豐富的產品組合，這能夠幫助我們與運動員建立更緊密的聯繫。我們發現，我們的產品組合與運動員的契合度很高。在門市中提供新鮮、充滿活力的產品組合是這項策略的關鍵所在。 「Going, Going, Gone!」使我們能夠有效率地將任何過剩或清倉庫存轉移到這些門市，並獲得比以往更高的經濟回報。

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.

就非同店銷售額的影響而言，影響並不顯著，因為今年第三季我們的門市數量與去年同期非常接近。今年第三季我們有58家門市，而去年同期大約是56家。因此，兩者非常接近。今年第三季的非同店銷售額成長主要得益於Moosejaw業務的貢獻。

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)?

明白了，這很有幫助。 Navdeep，對於第四季度，你預計《Going, Going, Gone!》和（聽不清楚）的門市數量會和去年差不多嗎？

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。我們預計門市數量將與之前相近，因為我們認為目前門市數量已經能夠有效運作。正如我們之前提到的，第四季的非同店銷售數據將包括 Moosejaw 門市以及第 53 週的數據。

Moving next now to Kate McShane at Goldman Sachs.

接下來我們來聽聽高盛的凱特·麥克沙恩的發言。

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?

我想請您談談本季各品類的表現，例如服裝和鞋類與去年同期相比情況如何？另外，您是否觀察到一些高價品類（幾年前可能受益於新冠疫情）的表現趨於穩定？

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，第三季從品類層面來看，我們返校季業務的強勁表現確實令人印象深刻。返校季在全國各地呈現不同的週期，有早、中、晚三個階段，而我們也能明顯感受到同店銷售額的變化趨勢。返校季品類整體表現非常優異。鞋類、服裝和飲水用品的銷售尤其亮眼，其他配件如背包、襪子等也表現不俗。因此，我們對第三季主要類別的整體表現非常滿意。

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.

關於高價商品和新冠疫情相關商品，我想提醒各位，它們在我們業務中所佔比例較小。而且，總體而言，它們的銷售額仍然遠高於疫情前的水平。我們預計這些商品和服務類別將實現長期成長。我們目前只是在應對這些挑戰。但相對於其他業務而言，它們所佔比例很小。

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?

我們能否就您之前提到的House of Sport（聽不清楚）品牌再問一個後續問題？您能否談談這些品牌是什麼，以及它們的銷售管道，或者它們都銷售哪些品牌？

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.

當然。我認為House of Sport的獨特之處在於它完全紮根於運動領域，也是我們所有品牌的絕佳展示場所。如果你看看我們的一些大型品牌合作夥伴，他們都會說，這是他們見過的最好的品牌展示場所之一。此外，由於其規模和服務水平，我們也有機會引入新興品牌。透過這個管道，我們引進了FP Movement、On和HOKA等品牌。而且，隨著我們與這些品牌建立合作關係，它們也有機會推廣到我們連鎖店的其他門市。

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.

所以，我們的垂直品牌在House of Sport門市也有絕佳的展示效果。我們在許多門市入口處都優先展示這些品牌，而且它們的表現也相當出色。總而言之，這種展示方式非常棒，真正將品牌展現得淋漓盡致。

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

接下來我們連線D.A. Davidson的Mike Baker。

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。那麼，關於利潤率，我有幾個問題。首先，您提到明年銷售、管理及行政費用 (SG&A) 的成長速度會放緩。您能否談談 SG&A 的損益平衡點是多少？明年需要怎樣的同店銷售額才能有效利用 SG&A 的影響力？另外，同樣地，為了提高總息稅前利潤率 (EBT)，需要怎樣的同店銷售額？也就是說，要考慮毛利率可能出現的變動。

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。或許我可以先談談第三季銷售、管理及行政費用（SG&A）的表現。從利率角度來看，SG&A 仍然處於去槓桿化狀態，下降了 100 個基點，但低於我們在第二季末的預期，這主要受以下三個因素影響。

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，營收超出了我們的預期。因此，我們對僅憑營收成長這一槓桿作用就能提升的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，我們真正專注於組織內部的各項工作，旨在提升非核心業務領域（而非公司核心策略領域）的生產力和效率。您已經從我們最終的損益表中看到了這些努力的成果。此外，我們在業務優化方面採取的一些措施，其初步效益也在第三季顯現。我們預計第四季的情況與第三季類似。我們預期銷售、管理及行政費用（SG&A）的去槓桿化程度將與第三季大致相同。

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.

關於2024年，我這樣說是因為我們目前還無法提供2024年的業績指引，但可以先提供一個大致的思路。我們採取的業務優化措施，特別是將Moosejaw和Public Lands業務合併的舉措，其效益將持續到2024年。正因如此，我們才預測，進入2024年，我們的銷售、管理及行政費用（SG&A）成長速度將顯著放緩。

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，我們目前在第三季和第四季在可自由支配成本領域所做的工作，預計其效益也將持續到2024年。因此，我們將在下次財報電話會議上分享更多關於2024年預期的信息，包括營收、銷售、管理及行政費用以及盈利預期。

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，沒問題。還有一個後續問題，不過說實話，有點離題了。從歷史數據來看，返校季在許多方面都是假期銷售的良好先行指標。你們的返校季銷售情況非常好。就你們的業務而言，以往的假期銷售和返校季之間是否也存在這種相關性？

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，我們真正感到欣慰的是，我們的消費者表現非常出色。我們的交易量和客單價都在成長。正如勞倫所指出的，我們沒有看到任何降級交易，而且我們投資組合中所有收入群體都實現了成長。

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，假日期間的競爭環境與返校季截然不同。因此，我們對自身可控的因素充滿信心，包括豐富的商品種類、優質的服務以及門市體驗，我們都已做好充分準備，為我們的顧客提供優質服務。我們對即將到來的假日季節充滿期待。

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

太好了，沒問題。期待去波士頓保誠中心的新店看看。

Us, too.

我們也是。

Us, too.

我們也是。

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

接下來我們連線 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?

關於您之前回答西蒙提出的第四季業績比較問題，我再補充一點。您給出的指引意味著成長率將從第三季的1.7%放緩。如果我們以第三季的1.7%作為基準，那麼第四季的業績比較，無論是同比還是多年同比，都會更容易實現。聽起來庫存充足。第三季確實受到了一些反常天氣的影響。那麼，在考慮第三季到第四季的季減時，有哪些因素需要考慮呢？或者這完全只是您之前提到的宏觀經濟謹慎情緒？

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。華倫，我們給的業績指引已經相當保守了──納夫迪普剛才也說了，首先，第四季我們要和全世界所有公司競爭。而且，消費者現在面臨巨大的壓力，所以我們只能謹慎行事。因此，我認為我們只是在宏觀經濟環境不確定的情況下，努力保持適當的謹慎態度，除此之外，不應該有其他解讀。

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?

明白了。接下來是關於利潤率的問題。就貨運而言，我認為去年第三季或第四季左右出現了強勁的利多因素。我們該如何看待這種利多因素對第四季和2024年的影響？

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?

另外，為了總結毛利率部分，隨著 Golf Galaxy 和 Public（抱歉，是 Golf Galaxy 和 House of Sport）的逐步擴建，我們該如何看待明年的入住率成長？

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，沃倫，我不會透露2024年的業績指引，我們會在下一季發布。不過，我可以先回答你問題的第一部分。關於貨運費用，正如你所說，去年貨運費用的成長確實開始放緩。而且，我們在去年下半年開始看到貨運費用降低的好處，到了第四季度，這些好處更加明顯。所以，如果你查看我們去年的業績預告，就能大致了解第四季的預期。

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，我們會更詳細地討論House of Sport和Galaxy的情況，因為這與我們整體的營運模式息息相關。正如Lauren所說，我們看到House of Sport、新一代50k以及Golf Galaxy都蘊藏著巨大的成長潛力，我們對這些機會感到非常興奮，並將在下次季度會議上分享更多資訊。

We go next now to Christopher Horvers at JPMorgan.

接下來我們連線摩根大通的克里斯多福·霍弗斯。

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?

剛才您提到了業務強勁成長，包括返校季、人口結構等面向。很多零售商都提到10月的銷售放緩。我知道您不提供月度數據，但是否可以這樣說：返校季前後銷售額最高，之後有所放緩？另外，您如何看待假期季節的銷售狀況？我們會不會回到2019年那種銷售高度集中在特定活動（例如黑色星期五、網路星期一以及聖誕節前的最後兩週）的情況？

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，就我們本季的業績表現和季度安排而言，你說得對。返校季的強勁銷售推動了8月和9月的年增幅顯著。 10月年增幅有所回落，但同時也受到不利天氣的影響，畢竟氣溫升高會對業績產生一定影響。所以增幅並不顯著。不過，10月的年增幅確實有回落。

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.

展望即將到來的假期季，顯然，接下來幾週將是購物高峰期，一直到12月25日都將非常繁忙。我們看到假期季節的腳步已經拉開，這種情況已經持續好幾年了。早在11月，我們就一直在討論這個問題。現在，假期季節已經到來，我們預計接下來的五到六週將是關鍵時期，時間安排與往年類似，各種活動將帶動假期季節的到來。

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?

接下來想問的是，我一直在思考2024年各類別的創新。今年你們在熱銷產品方面取得了很大的成功。在服裝方面，你們也拓展了幾個重點品牌——尤其是在鞋類領域。所以，具體到這些品類，您是如何看待2024年的創新，以及高爾夫領域的創新呢？

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.

我們感到非常興奮。總的來說，我們對業務創新感到興奮。我們對正在創新的新模式感到興奮。我們對服務模式的創新感到興奮。我們也對許多品牌合作夥伴的產品感到興奮。我們認為這將會是非常棒的一年——恕我直言，我對2024年的產品充滿期待。

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.

創新無所不在，各個品類也時不時會迎來爆炸性成長。過去幾年，補水領域的發展令人矚目。明年或許會有其他品類脫穎而出，但我們已經看到服裝、鞋類和高爾夫等所有關鍵品類都湧現出許多令人興奮的新產品。

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.

我或許還要補充一點。我們仍然看到自身發展的機會，可以繼續將我們優質的全方位鞋履專櫃擴展到公司整體門市組合的更大範圍內。這樣做不僅能讓我們接觸更多品牌，也能讓我們更深入了解這些品牌。因此，我們有一些自然的策略可以運用，坦白說，這些策略已經取得了非常好的效果，這讓我們對2024年的前景充滿信心。

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

Navdeep，你能否提醒我們一下，從鞋類市場的滲透率角度來看，你目前的市場狀況以及未來的發展方向？

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

是的，目前大約75%的商店都具備這種能力。

We go next now to Michael Lasser at UBS.

接下來我們連線瑞銀集團的麥可‧拉塞爾。

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，您計劃對毛利率施加一定的壓力，以保持庫存的新鮮度，貫穿全年。您實際運用這種彈性是超出預期還是低於預期？您是否認為這已成為營運成本的一部分，並將在未來的成本結構中反映出來？

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，我們——我想說，我們核心營運理念之一，也是推動我們銷售成長的關鍵因素，就是保持庫存新鮮和清潔。尤其是在庫存差異化程度越來越高的情況下，及時進貨，並在產品熱銷時及時補充庫存，保持門市的不斷更新換代，就顯得尤為重要。

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，隨著本季毛利率的逐步提升，我們在清倉甩賣方面採取了更為積極的措施，但促銷活動比我們預期的要多一些。總的來說，我們始終堅持保持門市清潔。應該說，本季並沒有發生任何特別或異常的情況。我們非常高興毛利率能夠成長。展望第四季度，我們預期毛利率將加速成長。同時，我們也對公司的整體獲利能力感到非常滿意。

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，你提到市場環境比你預期的更具促銷氛圍，這如何影響你對第四季的預期？此外，本季毛利率的加速成長是否僅是由於運費成本降低所帶來的收益加速釋放所致？

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。實際上，第四季毛利率加速成長也考慮到了第四季度正值促銷清倉期，因為去年同期服裝業庫存過剩。因此，當我們展望第四季度時，我們看到促銷活動增加，促銷管道也更加活躍，我們將根據自身情況，在認為必要的時間和地點精準參與，以保持競爭力。我們已將所有這些因素納入業績預期，並仍預期第四季毛利率將加速成長。

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，我再補充一點。我來澄清一下問題的最後一部分。正如我在準備的發言稿中提到的，我們預計進入第四季後，毛利和商品毛利率都會有所成長。商品毛利率的成長，就像勞倫剛才提到的那樣，是我們現有行動和能力的年度化體現。至於你問題的最後一部分，降低的運費成本帶來的收益也會計入毛利。

We go next now to Paul Kearney at Barclays.

接下來我們連接巴克萊銀行的保羅卡尼。

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?

關於促銷活動，我想請您按類別談談您目前看到的促銷力道。是不是服裝類商品的促銷力道比您預期的還要大？還是說您在店內其他區域，例如鞋類和五金類商品，也看到了促銷活動？另外，您能否談談供應商的支援力度與去年相比如何？

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。正如我之前提到的，第四季我們要和從珠寶到家電，以及所有可能作為禮品的商品展開競爭。因此，各品類的促銷活動也都在意料之中。我不會說店內哪個區域的促銷力道較大。我們確保為那些在節日期間前來購物的顧客提供超值優惠。

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.

供應商支援方面，我們與供應商保持持續的合作關係。這種合作每週、每月都在進行。至於具體細節，我們不方便置評，但它始終是我們營運模式的關鍵組成部分。

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，太好了。還有一個後續問題。您能否簡要說明一下，在考慮明年及未來發展時，資本配置的優先事項是什麼？我們是否可以假設股票回購將繼續作為該策略的一部分？如果是，那麼它的具體位置在哪裡？

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，正如我們之前所說，資本配置的優先事項保持不變。我們專注於維持資產負債表上適當的現金水準。其次，我們將持續維持現有的投資等級信用評等。第三，我們仍會繼續投資於業務發展。作為我們更新後的業績指引的一部分，我們維持了5.5億美元至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.

正如您在第三季所看到的，當我們發現股價出現機會或錯位時，我們會根據股價走勢和我們對公司長期發展的信心進行操作。我們當時出手回購了價值3.88億美元的股票。至於對股東的回報，我們的首要任務仍然是提供良好的股息回報，今年我們已將股息翻了一番，同時我們也將繼續抓住機會回購股票。

We go next now to Paul Lejuez at Citigroup.

接下來我們連線花旗集團的保羅‧勒胡茲。

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.

我是凱莉，替保羅問的。我想跟進一下House of Sport門市的情況。希望您能分析一下，在第三季度，一些新改造的House of Sport門市（已納入同店銷售基數）的業績與原有禮品店的業績有何不同？我還有一個後續問題。

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，[凱莉]，謝謝你的提問。我澄清一點。我們從未將那些改建成House of Sport的門市從同店銷售基數中剔除。所以即使在今年上半年，它們也一直是我們同店銷售基數的一部分。坦白說，我們在改建過程中就討論過，它們確實帶來了不利影響。

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.

就這些門市的業績而言，我們感到無比振奮。雖然總共只有12家店，但最初的8家店表現非常出色。新開的門市也同樣表現優異。沒錯，它們確實對我們的同店銷售額產生了正面影響，但我們對實體店和全通路銷售的整體業績都非常滿意。總而言之，我們對House of Sport門市以及第三季核心業務的表現都非常滿意。

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?

明白了。關於Public Lands-Moosejaw的計劃，您能否告知我們Public Lands目前有多少家門市？您的計劃是否包括開設更多門市？除了DICK'S核心門市之外，戶外用品類別的未來發展計畫是什麼？

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——讓我先從這裡開始。首先，我們來談談我們對戶外類別的整體熱情。正如我們之前提到的，Moosejaw 和 Public Lands 共同服務於戶外運動愛好者，而戶外運動行業是一個價值 400 億美元、高度分散的行業，目前還沒有明顯的領導者。因此，我們看到了 Moosejaw 和 Public Lands 品牌之間的協同效應，我們非常興奮能夠抓住這個機會，繼續打造差異化優勢，並在未來以更具協同效應的方式服務於戶外運動愛好者。

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討論的是——正如你所想，收購完成後，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 Public Lands 門市的數量而言，我們目前有 7 家 Public Lands 門市，我們對這兩個品牌共同發展的業務前景感到非常興奮。

Any plans to open more?

有計劃開設更多分店嗎？

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。但沒錯，我們的計劃是繼續測試和學習這個品牌，並展望未來開設更多門市。

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

接下來我們連線TD Cowen公司的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House of Sport的主題，我們該如何看待對明年門市成長與營收的貢獻？此外，我們又該如何看待這些門市的利潤率與現有連鎖店相比如何？

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，首先我想說，正如我們之前討論過的，我們新開的12家門店大多是由現有門市改造或搬遷而來。所以，你看到的並不是公司整體面積的大幅擴張。但我們確實在這些門市中實現了截然不同的購物體驗。

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，但我可以告訴你們的是，從銷售效率和貢獻的角度來看，我們對這些投資帶來的財務回報非常滿意。

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?

明白了。那麼，關於銷售、一般及行政費用（SG&A）以及您透過一些業務優化措施所看到的成本節約，能否再快速跟進一下？您預計到2024年及以後，淨節約額將如何計算？

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，我們在事先準備好的評論中提到，我們預計銷售、管理及行政費用（SG&A）的成長將顯著放緩，尤其考慮到今年SG&A的成長幅度。但正如您所想，這是多種因素共同作用的結果。我們預計明年的銷售成長會是多少呢？

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，但我首先要介紹的框架是，我們正在進行的業務優化工作，特別是將 Moosejaw 和公共土地業務合併，將持續帶來益處，實際上到 2024 年將帶來更大的益處，以及我們在第三季度和第四季度討論的生產力和效率問題，這些措施將繼續幫助我們緩解未來銷售、一般及行政費用的增長。

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

接下來我們連線 Telsey Advisory Group 的 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.

恭喜你本季業績出色。我想再談談你之前提到的天氣問題。天氣對你們第四季的業績影響有多大？例如，如果天氣沒有真正變冷，而且——因為看起來確實如此——十月份大家的服裝都比較寬鬆，不僅僅是你們，因為天氣比往年略微暖和一些，那麼服裝會不會成為問題？所以我想了解一下你們對第四季服裝銷售的預期。

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，第四季的產品受天氣影響最大。隨著時間的推移，我們已經盡力降低天氣波動的影響，因為我們無法控制天氣，但我們會確保各種輕便產品都有庫存。抓絨衣是我們的主要需求，其他一些不依賴極端寒冷天氣的產品也同樣重要。話雖如此，我們還是喜歡寒冷的天氣。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?

明白了。好的。還有一個問題——我知道庫存狀況良好，但你們打算如何安排庫存，順利度過第四季？還有，你們對2024年的初步想法是什麼？例如你們的計劃是什麼？會增長嗎？還是會像今年這樣略有下降？我們該如何看待這個問題？

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。我們尚未給出第四季度的庫存指引。但從第三季銷售額成長近3%，庫存下降2%這一事實來看，這顯示我們整體庫存管理狀況良好。展望第四季度，我認為情況也類似。

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.

我們目前正處於2024年預算編制季的中期，正在製定營收、利潤預期和庫存計畫。因此，我們將在下個季度發布業績指引時，詳細介紹2024年的具體營運資本投資計畫。

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

接下來我們連線富國銀行的威爾加特納。

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?

你們能否提供今年剩餘時間的門市開幕計畫明細？還有，能否談談明年的門市開幕計劃，以及你們的規劃和我們應該如何制定相應的模型？

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。第四季的新店開幕主要集中在假日季。因此，預計第四季不會有太多新店開業。

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.

我們初步預計2024年將開設10家House of Sport門市。同時，我們也計劃在2024年繼續開設更多Golf Galaxy門市。我們對Galaxy Performance Center的整體表現非常滿意。此外，我們也將對門市進行改造升級，以保持店內商品種類的新鮮感，並在DICK'S門市的核心營運環節投入足夠的資源和經驗。

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?

明白了。那接下來能不能簡單談談通路庫存狀況？你們觀察到哪些品類庫存最充足？哪些品類庫存比較緊張？請從庫存角度簡單介紹一下你們觀察到的類別狀況。

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。目前各品類或產品庫存方面沒有什麼特別或異常的情況，整個產業都是如此，但情況與去年庫存水準嚴重失衡的情況不同。

We go next now to Joe Civello at Truist.

接下來我們連線 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?

關於House of Sport門市，我想快速跟進。各位能否指出一下，在House of Sport與其他門市相比，在票務或交易方面有哪些優勢？

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。首先，我想說，我們旗下的運動體驗中心整體組合與運動員的契合度非常高。我們看到，越來越多的運動員願意遠道而來體驗我們這些充滿體驗的場所，這都帶來了顯著的益處。此外，我們也看到了客單價的提升。因此，我對運動員的組成、我們能夠與他們建立的互動以及客單價都感到非常鼓舞。

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

接下來我們連接 Baird 公司的 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.

關於您提供的第四季營收預期，我還有一個疑問。如果我取您提供的同店銷售額和非同店銷售額基準值的中點，那麼在排除額外一周的情況下，預期營收環比增長幅度似乎在10%左右。而疫情前，貴公司第四季的營收環比成長通常超過30%。所以，您能否幫我解釋一下，為什麼現在情況有所不同？為什麼這種關係不再成立？是因為您在假日期間的促銷活動更加謹慎了嗎？還是因為業務結構發生了很大變化？我只是想弄明白這一點。

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，我是納夫迪普。我來試著解釋一下。我們對第四季的考量方式與我們對假期季節的考量方式非常相似。假期季節與返校季截然不同，是完全不同的時期。因此，我們更多地從同比的角度來看待假日季，而不是從第三季度到第四季度的周期性變化來分析。

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.

但正如您所說，當我們回顧第四季的預期時，首先，我們面臨著5.3%的年增速。與返校季相比，今年的競爭格局要複雜得多。我們對預期上限仍然充滿信心——我們已經盡力控制了所有可控因素。考慮到第四季我們將要面對的宏觀經濟環境，以及與其他所有競爭對手的競爭，我們下調了第四季預期下限。因此，我們認為我們已經對前景進行了適當的平衡，如果您有更深入的問題，我們可以私下討論。

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，我只想補充一點——再次強調，我們沒有幾年前關於這個特定主題的數據對比，但我推測，我們在第三季度業務的強勁表現，包括返校季商品、多年來的團隊運動以及鞋類和服裝，可能已經稍微平緩了這種曲線。

And our final question comes from Daniel Imbro at Stephens.

最後一個問題來自史蒂芬斯大學的丹尼爾·伊姆布羅。

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?

或許先從庫存入手，然後再進行優化。 Navdeep，我猜庫存減記是指上季遺留的戶外用品類別的庫存減記嗎？庫存方面還有什麼需要處理的嗎？網站上看起來自行車和戶外用品還有一些不錯的促銷活動。所以，我們正在考慮庫存減記或優化工作是否已經完成？

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，讓我解釋一下。這兩件事完全獨立，截然不同。我們GAAP展望中包含的一次性操作和庫存減損實際上與Moosejaw品牌有關。我們在該業務中有一些次要SKU。在我們計劃將兩個品牌整合的過程中，這些SKU將不會納入未來的產品組合。所以，您現在看到的是圍繞Moosejaw業務的操作，並不一定與我們在第二季度討論的操作有關。

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.

總體而言，我們的庫存狀況良好，我們對第四季度的產品組合感到非常興奮。從整體庫存來看，儘管營收成長了3%，但庫存卻下降了2%。因此，我們繼續保持良好的庫存管理，並對即將到來的假期季節充滿期待。

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?

太好了。勞倫，或許可以補充一點，你提到今天沒有看到任何降價交易，這或許有點出乎意料，但也令人鼓舞。我很好奇你是如何考慮進貨的，或者你今天是如何指導你的採購人員應對這種情況的。你是否在為進一步的降價交易做準備？你是否在那個價位區間建立庫存？如果沒有，但如果真的出現降價交易，你建立的庫存和消費者的實際需求之間會不會出現不匹配的情況？

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，你問得好。我們確保每個價位段都有庫存，滿足每位顧客的需求。雖然隨著我們獲得高端鞋履和其他熱門產品的供應，我們的一些產品變得更加高端，但同時，我們的DSG品牌也取得了顯著進展。 DSG是入門品牌，兼具極高的性價比、時尚感和價格優勢。所以我認為我們完全能夠滿足消費者的需求，而且我們很高興地看到，消費者並沒有降低消費水平，我們可以靈活調整，隨時滿足他們的需求。

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。現在，我想把時間交還給您，總裁兼執行長霍巴特女士，請您作總結發言。

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.

非常感謝。祝大家感恩節快樂。感謝您對迪克體育用品的關注，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.

謝謝霍巴特女士。女士們、先生們，迪克體育用品公司2023年第三季財報電話會議到此結束。非常感謝各位的參與，祝大家今天過得愉快。再見。