DICK'S Sporting Goods Inc (DKS) 2023 Q4 法說會逐字稿

Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the DICK'S Sporting Goods, Inc. Fourth quarter 2023 Earnings Conference Call. (Operator Instructions)

早安.我叫丹尼斯，今天我將擔任您的會議主持人。現在，我歡迎大家參加 DICK'S Sporting Goods, Inc. 2023 年第四季財報電話會議。 （操作員指令）

I would now like to turn the conference over to Nate Gilch, Senior Director of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係高級總監 Nate Gilch。請繼續。

Good morning, everyone, and thank you for joining us to discuss our fourth quarter and full year 2023 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived on 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 年第四季和全年業績。今天的電話會議由我們的總裁兼執行長 Lauren Hobart 主持；以及我們的財務長 Navdeep Gupta。今天的電話會議重播將存檔在我們的投資者關係網站（investors.dicks.com）上，保存約 12 個月。

As a reminder, we will be making forward-looking statements which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and our most recent Form 10-Q, 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 a 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提交給美國證券交易委員會的文件中收益報告中的警示聲明和風險因素討論（包括我們上一份 10-K 表年度報告和最新的 10-Q 表）以及本次電話會議期間發表的警示聲明一併考慮。我們不承擔更新任何這些前瞻性陳述或資訊的義務。請參閱我們的投資者關係網站，尋找今天電話會議中提到的非公認會計準則財務指標的對帳表。

And finally, a few admin items. First, a reminder about our comparable store sales reporting for fiscal 2023. It's important to note that fiscal 2023 was a 53-week year. Our comp sales calculations exclude the extra week from both our full year 2023 and fourth quarter 2023 results. Thus, these metrics have been calculated on a 52-week and 13-week comparable basis.

最後，還有一些管理事項。首先，提醒一下我們 2023 財年的同店銷售報告。值得注意的是，2023 財年為 53 週。我們的可比較銷售額計算在 2023 年全年和 2023 年第四季業績中均排除了額外的一周。因此，這些指標是根據 52 週和 13 週的可比較基礎計算的。

Second, beginning in fiscal 2024, we are revising our comparable store sales calculations to include revenue from our GameChanger business.

其次，從 2024 財年開始，我們將修改可比店舖銷售額的計算方法，以包括來自 GameChanger 業務的收入。

Next, we'll be playing a short year-end video in advance of our prepared remarks. And starting toward the end of Navdeep's prepared remarks, we'll also be sharing slides to visually support key discussion points.

接下來，我們將在準備好的發言之前播放一段簡短的年終影片。從 Navdeep 的準備好的演講結束開始，我們還將分享幻燈片，以直觀地支持關鍵討論點。

And finally, for your future scheduling purposes, we are tentatively planning to publish our first quarter 2024 earnings results on May 29, 2024.

最後，為了您未來的時間安排，我們暫定於 2024 年 5 月 29 日發布 2024 年第一季的收益結果。

With that, let's play the video.

有了它，我們來播放影片。

(presentation)

（推介會）

Good morning, everyone. I hope you enjoyed the video. DICK'S is a really special company with 75 years of history reinventing sport. It's been a terrific year, and I'm really proud of the team for their extraordinary efforts.

大家早安。希望您喜歡該視頻。 DICK'S 是一家非常特別的公司，擁有 75 年重塑體育運動的歷史。這是非常棒的一年，我為團隊的非凡努力感到無比自豪。

Since our founding in 1948, DICK'S had believed in the power of sports to change lives. We bring this to life every day through the experience we provide for our athletes; the differentiated products we offer; the marketing we create to connect our athletes deeply with our brand; and most importantly, our teammates. Through these strategic pillars, we are actively creating and defining our future. And during this past year, it's evident just how far we've extended our leadership position.

自 1948 年成立以來，DICK'S 一直相信體育的力量可以改變生活。我們透過為運動員提供的體驗每天將這一點變為現實；我們提供的差異化產品；我們創建的行銷活動將我們的運動員與我們的品牌緊密聯繫起來；最重要的是我們的隊友。透過這些策略支柱，我們正在積極創造和定義我們的未來。在過去的一年裡，我們的領導地位明顯得到了進一步的提升。

For the full year, we delivered record sales of $13 billion. On a 52-week comparable basis, our comps increased 2.4%, driven by growth in transactions as we continue to gain market share. We added nearly 7 million new athletes during the year and reached record highs in our active athlete database. It's clear that sport and leading healthy, active lifestyles are priorities for our athletes, and they are increasingly looking to DICK'S Sporting Goods to meet these needs.

全年我們實現了創紀錄的 130 億美元的銷售額。以 52 週可比基礎計算，我們的同店銷售額增長了 2.4%，這得益於我們市場份額的不斷擴大以及交易量的增長。我們在這一年增加了近700萬名新運動員，活躍運動員資料庫創下了歷史新高。顯然，運動和健康、積極的生活方式是我們運動員的首要任務，他們越來越希望 DICK'S Sporting Goods 能夠滿足這些需求。

With our industry-leading assortment and strong execution, we capped off the year with incredibly strong fourth quarter and holiday season. Including week 53, our quarterly sales grew 7.8% to $3.9 billion. On a 13-week comparable basis, our comps increased 2.8%, which was on top of a 5.3% comp increase last year.

憑藉我們行業領先的產品組合和強大的執行力，我們以第四季度和假期季節的強勁表現結束了這一年。包括第 53 週在內，我們的季度銷售額成長 7.8%，達到 39 億美元。以 13 週可比基礎計算，我們的同店銷售額成長了 2.8%，高於去年 5.3% 的同店銷售額增幅。

On a non-GAAP basis, our gross margin expanded more than 200 basis points, driven by higher merchandise margin. Our non-GAAP EBT margin was 11%. And we delivered non-GAAP EPS of $3.85, which included $0.19 for the extra week. On a 13-week comparable basis, our non-GAAP EPS was $3.66, an increase of 25% versus the prior year.

根據非公認會計準則，由於商品利潤率提高，我們的毛利率擴大了 200 多個基點。我們的非公認會計準則 EBT 利潤率為 11%。我們實現的非 GAAP 每股收益為 3.85 美元，其中包括額外一周的 0.19 美元。以 13 週可比較基礎計算，我們的非 GAAP 每股收益為 3.66 美元，較上年增長 25%。

For 2024, we're guiding to another strong year and expect to grow both our sales and earnings through positive comps, higher merchandise margin and productivity gains. Our inventory is well positioned, and we're excited about the assortment we have curated for our athletes. We expect our comp sales to be in the range of 1% to 2% and expect our EPS to be in the range of $12.85 to $13.25.

展望 2024 年，我們預計將迎來另一個強勁發展的一年，並希望透過積極的同店銷售、更高的商品利潤率和生產力的提高，實現銷售額和收益的雙重增長。我們的庫存狀況良好，我們對為運動員精心挑選的商品種類感到非常興奮。我們預計同店銷售額將在 1% 至 2% 之間，每股收益將在 12.85 美元至 13.25 美元之間。

We're excited to continue redefining the future of retail. With the continued success of our growth initiatives, we will increase our capital investment to drive our business forward, both digitally and in store, and continue gaining market share in this fragmented $140 billion industry.

我們很高興能夠繼續重新定義零售業的未來。隨著我們成長計畫的持續成功，我們將增加資本投資，推動我們的業務向前發展，無論是數位化還是店內，並繼續在這個分散的價值 1,400 億美元的行業中獲得市場份額。

A key driver of this growth is the repositioning of our portfolio, including House of Sport, our next-generation 50,000, which completely revolutionizes our most typical 50,000 square foot DICK'S store; and Golf Galaxy Performance Center. Navdeep will share greater detail on House of Sport's compelling unit economics.

這一成長的關鍵驅動力是我們產品組合的重新定位，其中包括 House of Sport，我們的下一代 50,000 店，它徹底改變了我們最典型的 50,000 平方英尺的 DICK'S 商店；以及高爾夫銀河表演中心。 Navdeep 將更詳細地介紹 House of Sport 引人注目的單位經濟學。

I'd like to thank all our teammates for delivering another strong year and for their passion, hard work and dedication to our business. At DICK'S, it's our people who make us great, and none of what we accomplished is possible without our exceptional team.

我要感謝我們所有的隊友，感謝他們又一年的出色表現，感謝他們對我們事業的熱情、努力和奉獻。在 DICK'S，正是我們的員工成就了我們的偉大，如果沒有我們傑出的團隊，我們所取得的成就就不可能實現。

Before I go deeper into our growth strategies, I'll first turn the call over to Navdeep to share more detail on our financial results, 2024 outlook and capital allocation.

在深入探討我們的成長策略之前，我先將電話轉給 Navdeep，讓他分享更多有關我們的財務表現、2024 年展望和資本配置的細節。

Thank you, Lauren, and good morning, everyone. Let's begin with some highlights of our full year 2023 results, which was a 53-week year. Consolidated sales increased 5% to $12.98 billion, which included $170 million from the 53rd week. On a 52-week comparable basis, our comps increased 2.4%, and we continue to gain market share. Our comps were driven by a 1.6% increase in transaction and a 0.8% increase in average ticket.

謝謝你，勞倫，大家早安。讓我們先了解 2023 年全年業績的一些亮點，這一年共持續 53 週。綜合銷售額成長 5% 至 129.8 億美元，其中包括第 53 週的 1.7 億美元。以 52 週可比較基礎計算，我們的同店銷售額成長了 2.4%，並且我們的市佔率持續成長。我們的同店銷售額成長了 1.6%，平均票價也上漲了 0.8%。

On a non-GAAP basis, gross profit for the full year was $4.55 billion or 35.01% of net sales, an increase of 36 basis points from last year. This increase was driven by lower supply chain costs, which leveraged 80 basis points. This was partially offset by lower merchandise margin of 53 basis points, which was entirely due to higher shrink. To be clear, absent the headwind from shrink, our merchandise margin would have been flat. .

以非美國通用會計準則計算，全年毛利為 45.5 億美元，佔淨銷售額的 35.01%，較去年同期增加 36 個基點。這一成長主要得益於供應鏈成本的降低，其槓桿率上升了 80 個基點。這被 53 個基點的商品利潤率下降部分抵消，而商品利潤率下降完全是由於損耗增加造成的。需要明確的是，如果沒有商品收縮帶來的不利影響，我們的商品利潤率就會保持穩定。 。

Non-GAAP EBT was $1.4 billion or 10.8% of net sales, and we delivered non-GAAP earnings per diluted share of $12.91, which included $0.19 from the 53rd week. On a 52-week comparable basis, our non-GAAP earnings per diluted share were $12.72. This compares to a non-GAAP earnings per diluted share of $12.04 in 2022, an increase of 5.6% on a 52- to 52-week basis.

非公認會計準則下的息稅前利潤為 14 億美元，佔淨銷售額的 10.8%，我們實現的非公認會計準則每股攤薄收益為 12.91 美元，其中包括第 53 週的 0.19 美元。以 52 週可比基礎計算，我們的非 GAAP 每股稀釋收益為 12.72 美元。相比之下，2022 年非 GAAP 每股攤薄收益為 12.04 美元，以 52 週計算成長 5.6%。

I will remind you that our 2023 tax rate was lower than our typical tax rate driven by the favorable impact of vesting of employee equity awards and exercises during the year. This positively impacted earnings per diluted share by $0.44 compared to the prior year.

我要提醒您的是，由於年內員工股權獎勵和行使的歸屬產生了有利影響，我們的 2023 年稅率低於我們的典型稅率。與去年相比，這對每股攤薄收益產生了 0.44 美元的正面影響。

As we have discussed on our prior calls, to continue fueling our long-term growth, during the second half of 2023, we took actions to better align our talent, organizational design and spending in support of our most critical strategies while also streamlining our overall cost structure. This included actions to change our resourcing and organizational structure, primarily at our customer support center, as well as the optimization of our outdoor specialty business.

正如我們在先前的電話會議上所討論的那樣，為了繼續推動我們的長期成長，在 2023 年下半年，我們採取行動，更好地協調我們的人才、組織設計和支出，以支持我們最關鍵的策略，同時精簡我們的整體成本結構。這包括改變我們的資源和組織結構的行動，主要是在我們的客戶支援中心，以及優化我們的戶外專業業務。

As part of this, we integrated operations of Moosejaw into Public Lands and made decisions about the go-forward outdoor inventory assortment consistent with our prior expectations. Additionally, we conducted a comprehensive review of our store portfolio with respect to our outdoor specialty business.

作為其中的一部分，我們將 Moosejaw 的業務整合到 Public Lands 中，並根據我們先前的預期做出了關於未來戶外庫存組合的決定。此外，我們也對戶外專業業務的門市組合進行了全面審查。

We completed our business optimization review during the fourth quarter. In total, we incurred pretax charges of $84.8 million for the full year 2023. These charges were included in our GAAP earnings per diluted share of $12.18. For additional details, you can refer to the non-GAAP reconciliation in the tables of the press release issued this morning.

我們在第四季度完成了業務優化審查。整體而言，我們在 2023 年全年的稅前費用為 8,480 萬美元。這些費用包含在我們的 GAAP 每股攤薄收益 12.18 美元中。欲了解更多詳細信息，您可以參考今天上午發布的新聞稿中的非 GAAP 對帳表。

Now moving to our results for Q4, which also included the extra week. We are very pleased to report a consolidated sales increase of 7.8% to $3.88 billion, which included $170 million from the 53rd week. On a 13-week comparable basis, this was the largest sales quarter in the history of the company. Also on a 13-week comparable basis, our comps increased 2.8% on top of a 5.3% increase in the same period last year.

現在來看看我們第四季的業績，其中也包括了額外一週。我們非常高興地報告，綜合銷售額成長 7.8%，達到 38.8 億美元，其中包括第 53 週的 1.7 億美元。以 13 週可比基礎計算，這是該公司歷史上銷售額最高的季度。此外，以 13 週可比價格計算，我們的同店銷售額在去年同期 5.3% 的增幅基礎上又增長了 2.8%。

Our strong comps were driven by a 2.8% increase in average ticket on flat transactions. Within our portfolio, we were very pleased with the performance of our key holiday categories, modestly offset by the performance of our outerwear business due to warm weather.

我們的強勁業績得益於平價交易的平均票價上漲 2.8%。在我們的產品組合中，我們對主要假日類別的表現感到非常滿意，但由於天氣變暖，外套業務的表現略有抵消。

On a non-GAAP basis, gross profit in fourth quarter was $1.34 billion or 34.57% of net sales, and expanded 213 basis points compared to last year. This year-over-year expansion was a sequential improvement from Q3 and in line with our expectations. Gross margin expansion for Q4 was driven by higher merchandise margin of 124 basis points as well as lower supply chain costs and leverage on occupancy costs. This increase in merchandise margin was primarily driven by the quality of our assortment and favorable sales mix. This was partially offset by higher shrink of approximately 50 basis points, in line with prior quarter.

以非美國通用會計準則計算，第四季毛利為13.4億美元，佔淨銷售額的34.57%，較去年同期增加213個基點。與去年同期相比，這一擴張比第三季有了連續改善，符合我們的預期。第四季毛利率的擴大得益於商品利潤率提高 124 個基點以及供應鏈成本降低和入住成本槓桿的提升。商品利潤率的成長主要得益於我們商品種類的品質和有利的銷售組合。這被約 50 個基點的更高縮水（與上一季一致）部分抵消。

On a non-GAAP basis, SG&A expenses increased 12.6% to $915.8 million or 23.63% of net sales and deleveraged 102 basis points compared to last year. As we have highlighted on prior calls, the year-over-year deleverage in fourth quarter and throughout 2023 was driven by investments in our hourly wage rate, talent and technology to create better athlete experience as well as investments in marketing. Savings from our business optimization actions helped to offset these investments. Driven by our strong sales and higher gross margin, non-GAAP EBT in the fourth quarter was $427.7 million, 11.03% of net sales. This is up from non-GAAP EBT of $350.5 million or 9.74% of net sales in Q4 of 2022.

以非公認會計準則計算，銷售、一般及行政支出較去年同期增加 12.6% 至 9.158 億美元，佔淨銷售額的 23.63%，去槓桿率降低 102 個基點。正如我們在先前的電話會議上所強調的那樣，第四季度和整個 2023 年的同比去槓桿率是由我們對小時工資率、人才和技術的投資推動的，以創造更好的運動員體驗，以及對行銷的投資。我們的業務優化行動所節省的資金有助於抵消這些投資。受強勁銷售和更高毛利率的推動，第四季度非 GAAP 息稅前利潤為 4.277 億美元，佔淨銷售額的 11.03%。這高於 2022 年第四季非 GAAP 息稅前利潤 3.505 億美元或淨銷售額的 9.74%。

In total, we delivered non-GAAP earnings per diluted share for the quarter of $3.85, which included $0.19 from 53rd week. On a 13-week comparable basis, our non-GAAP earnings per diluted share were $3.66. This compares to a non-GAAP earnings per diluted share of $2.93 in 2022, an increase of 24.9% on a 13- to 13-week basis.

總體而言，本季我們實現的非 GAAP 每股攤薄收益為 3.85 美元，其中包括第 53 週的 0.19 美元。以 13 週可比較基礎計算，我們的非 GAAP 每股稀釋收益為 3.66 美元。相比之下，2022 年非 GAAP 每股攤薄收益為 2.93 美元，以 13 週計算成長 24.9%。

During the quarter, we incurred pretax charges of $32.3 million related to our business optimization. These charges were included in our GAAP earnings per diluted share of $3.57. For additional details, you can refer to the non-GAAP reconciliation in the tables of the press release issued this morning.

本季度，我們發生了與業務優化相關的 3,230 萬美元的稅前費用。這些費用已包含在我們的 GAAP 每股攤薄收益 3.57 美元中。欲了解更多詳細信息，您可以參考今天上午發布的新聞稿中的非 GAAP 對帳表。

Now looking to our balance sheet. We ended Q4 with approximately $1.8 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility. Our year-end inventory levels increased 1% compared to last year. We believe our inventory is clean and well positioned. And in fact, our clearance penetration ended the year amongst the lowest it's ever been.

現在來看看我們的資產負債表。截至第四季末，我們的現金和現金等價物約為 18 億美元，且 16 億美元無擔保信貸額度中沒有借款。我們的年終庫存水準比去年增加了 1%。我們相信我們的庫存是乾淨的並且定位良好。事實上，今年年底我們的清關滲透率是史上最低的。

Turning to our fourth quarter capital allocation. Net capital expenditures were $151 million, and we paid $81 million in quarterly dividends.

談談我們第四季的資本配置。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。

Now moving to outlook. In 2024, we expect to grow both sales and profitability. Consolidated sales are expected to be in the range of $13 billion to $13.13 billion. We anticipate comparable store sales growth in the range of 1% to 2%. EBT margin is planned to be at 10.9% at the midpoint. We anticipate gross margins to be approximately 35% and in line with 2023 non-GAAP results. Within this, we expect merchandise margin to expand modestly, offset by occupancy deleverage as we invest to reposition the portfolio. SG&A expenses are expected to leverage modestly compared to 2023 non-GAAP results, driven by our ongoing focus on improving productivity and reducing discretionary costs as well as the expected benefits from our business optimization actions.

現在轉向展望。到 2024 年，我們預計銷售額和獲利能力都將實現成長。預計合併銷售額將在 130 億美元至 131.3 億美元之間。我們預計同店銷售額成長率將在 1% 至 2% 之間。預計 EBT 利潤率中間值為 10.9%。我們預計毛利率約為 35%，與 2023 年非 GAAP 結果一致。在此範圍內，我們預計商品利潤率將適度擴大，但隨著我們進行投資以重新定位投資組合，入住率去槓桿將抵消這一增長。與 2023 年非 GAAP 結果相比，銷售、一般及行政開支預計將小幅上漲，這得益於我們持續專注於提高生產力和降低可自由支配成本，以及業務優化行動帶來的預期收益。

We anticipate full year earnings per diluted share to be in the range of $12.85 to $13.25. Our earnings guidance is based on approximately 83 million average diluted shares outstanding and an effective tax rate of approximately 24%.

我們預計全年每股攤薄收益在 12.85 美元至 13.25 美元之間。我們的獲利預期基於約 8,300 萬股平均稀釋流通股和約 24% 的有效稅率。

As we model 2024, I want to point out a few things that we expect to impact comparability of our financial results. First, keep in mind that the extra week in 2023 will create a shifted calendar. As a result, when we report our comp sales results, we will compare week 1 through 52 in 2024 with week 2 through 53 in 2023. We do not expect this shift to have a material impact on comp sales for the full year. However, we do expect our reported sales to be positively impacted by the shifted calendar in the first half with an offset in the second half.

在我們規劃 2024 年模型時，我想指出一些我們預期會影響財務結果可比較性的事情。首先，請記住，2023 年的額外一週將導致日曆偏移。因此，當我們報告同店銷售結果時，我們會將 2024 年的第 1 至第 52 週與 2023 年的第 2 至第 53 週進行比較。我們預計這種轉變不會對全年同店銷售產生重大影響。然而，我們確實預計，上半年日曆的調整將對我們的報告銷售產生正面影響，而下半年則會有所抵銷。

During the first quarter, we will be investing in several exciting brand campaigns as well as support our Q1 House of Sport grand openings. Next, as a reminder, in Q1, we will see an unfavorable impact to our gross margin from higher shrink rates which we will anniversary starting in Q2. And finally, recall that our Q1 2023 tax rate was meaningfully lower than normal, driven by favorable impact of the vesting of employee equity awards and exercises. We do not anticipate this again in 2024.

在第一季度，我們將投資幾個令人興奮的品牌活動，並支持我們第一季的體育館盛大開幕。接下來，提醒一下，在第一季度，我們將看到更高的收縮率對我們的毛利率產生不利影響，這種影響將從第二季度開始持續。最後，回想一下，受員工股權獎勵和行使歸屬的有利影響，我們的 2023 年第一季稅率明顯低於正常水準。我們預計 2024 年不會再出現這種情況。

I'll now discuss our capital allocation priorities. Investing in our business to drive profitable organic growth remains our top priority. And as Lauren said, in 2024, we will increase our capital investment to drive our business forward.

我現在將討論我們的資本配置重點。投資我們的業務以推動獲利有機成長仍然是我們的首要任務。正如勞倫所說，2024 年，我們將增加資本投入，推動業務向前發展。

For 2024, our capital allocation plan includes net capital expenditure of approximately $800 million. As we continue to reposition our portfolio, these investments will be concentrated in store growth, relocations and improvements in our existing stores, along with ongoing investments in technology and supply chain expansion. Our 2024 CapEx plan also includes purchase of certain real estate assets related to House of Sport, for which we are evaluating potential sale-leaseback opportunities.

2024 年，我們的資本配置計畫包括約 8 億美元的淨資本支出。隨著我們繼續重新定位我們的投資組合，這些投資將集中在店面成長、現有店面的搬遷和改善，以及對技術和供應鏈擴展的持續投資。我們的 2024 年資本支出計畫還包括購買與 House of Sport 相關的某些房地產資產，我們正在評估潛在的售後回租機會。

House of Sport is one of the most exciting concepts in retail today. And in 2024, we expect to open eight new locations. As we elevate our store portfolio, seven of these are planned relocations or conversions of existing DICK'S stores, along with one new store at Prudential Center in Boston. We expect to begin construction on approximately 15 House of Sport locations that are scheduled to open throughout 2025.

House of Sport 是當今零售業最令人興奮的概念之一。到 2024 年，我們預計將開設 8 家新店。隨著我們門市組合的提升，其中七家是計劃搬遷或改造現有的 DICK'S 門市，另外還有一家位於波士頓 Prudential Center 的新門市。我們預計將開始動工興建約 15 處 House of Sport 場所，並計劃於 2025 年全年開放。

We will also open 16 next-generation 50,000 DICK'S stores in 2024. As part of this, we will relocate or remodel 12 existing DICK'S stores into this innovative new format and open 4 new locations. Across our footprint, we will add approximately 50 premium full-service footwear decks, taking this elevated athlete appearance to nearly 90% of our DICK'S locations.

我們還將在 2024 年開設 16 家下一代 50,000 家 DICK'S 商店。作為其中的一部分，我們將把 12 家現有的 DICK'S 商店遷移或改造成這種創新的新形式，並開設 4 家新店。在我們的整個業務範圍內，我們將增加約 50 個優質的全方位服務鞋類平台，將這種高級運動員外觀推廣到近 90% 的 DICK'S 門市。

In 2024, we are also excited to grow the footprint of our Golf Galaxy business and plan to open 10 Golf Galaxy Performance Center locations. As part of this, we will relocate or remodel five existing Golf Galaxy stores into this immersive new format and open five new Golf Galaxy Performance Center locations.

2024 年，我們也很高興擴大高爾夫銀河業務的足跡，並計劃開設 10 家高爾夫銀河表現中心。作為其中的一部分，我們將把五家現有的 Golf Galaxy 商店遷移或改造成這種沉浸式的新形式，並開設五家新的 Golf Galaxy 表演中心。

Through these investments, we expect to increase our square footage by approximately 2% in 2024, marking our most significant expansion since 2017. Lastly, we plan to begin construction on a new regional distribution center opening in 2026. This new DC will play an important role in supporting the long-term growth of our business.

透過這些投資，我們預計到 2024 年我們的建築面積將增加約 2%，這將是我們自 2017 年以來最重大的擴張。最後，我們計劃在 2026 年開始建造一個新的區域配送中心。這個新的配送中心將在支持我們業務的長期成長方面發揮重要作用。

Before continuing, I want to share why we are so excited about these investments, especially the House of Sport and our next-generation 50k DICK'S locations. As you will see on the slide, for a new House of Sport, in year 1, we expect approximately $35 million in omnichannel sales and a very strong profitability with a target of approximately 20% EBITDA margins. In terms of capital, it will take about $11.5 million of net CapEx to open a House of Sport location, resulting in an expected year 1 cash-on-cash return of approximately 35%.

在繼續之前，我想分享為什麼我們對這些投資如此興奮，尤其是 House of Sport 和我們的下一代 50k DICK'S 門市。正如您在幻燈片上看到的，對於新的 House of Sport，我們預計在第一年全通路銷售額約為 3500 萬美元，盈利能力非常強勁，EBITDA 利潤率目標約為 20%。在資本方面，開設 House of Sport 門市將需要約 1,150 萬美元的淨資本支出，預計第一年的現金回報率約為 35%。

We also expect attractive returns from our next-generation 50,000 DICK'S store investments, where we are targeting approximately $14 million in year 1 omnichannel sales and a comparable EBITDA margin of approximately 20%.

我們也預計下一代 50,000 家 DICK'S 商店投資將帶來可觀的回報，我們的目標是第一年全通路銷售額達到約 1,400 萬美元，可比 EBITDA 利潤率達到約 20%。

We also remain committed to returning significant capital to our shareholders through our quarterly dividend and opportunistic share repurchases. During 2023, we returned $1 billion to shareholders while continuing to invest in the profitable long-term growth of our business. All of this is underpinned by our commitment to a healthy balance sheet and maintaining our investment grade credit ratings.

我們也將繼續致力於透過季度股利和機會性股票回購向股東返還大量資本。 2023 年，我們向股東返還了 10 億美元，同時繼續投資於業務的長期獲利成長。所有這些都基於我們對健康資產負債表和維持投資等級信用評級的承諾。

Today, we announced an increase in our quarterly dividends of 10% on an annualized payout of $4.40 per share or $1.10 on a quarterly basis. This is on top of a 105% increase last year and marks the 10th consecutive year that our shareholders have benefited from a dividend increase. In addition, our 2024 plan includes our expectation for share repurchases of $300 million, which is included in our EPS guidance. As always, we will optically look at additional share repurchases throughout the year.

今天，我們宣布季度股息增加 10%，年化股息為每股 4.40 美元，或季度股息為 1.10 美元。這是去年 105% 成長的基礎上的另一個成果，標誌著我們的股東連續 10 年受益於股息成長。此外，我們的 2024 年計畫包括預期回購 3 億美元股票，這包含在我們的每股盈餘指引中。像往常一樣，我們將客觀地看待全年的額外股票回購。

With that, I'll turn it back over to Lauren to review some of the key initiatives that will drive our profitable growth in 2024 and over the long term.

接下來，我將把話題轉回給勞倫，讓她來回顧一些將在 2024 年及長期推動我們獲利成長的關鍵舉措。

Thanks, Navdeep. As we turn to 2024, our focus is on driving sustained profitable growth by innovating within the omnichannel athlete experience, curating a compelling and differentiated product assortment, providing a best-in-class teammate experience and driving deep engagement with the DICK'S brand.

謝謝，Navdeep。展望 2024 年，我們的重點是透過全通路運動員體驗創新、策劃引人注目且差異化的產品組合、提供一流的隊友體驗以及推動與 DICK'S 品牌的深度互動來推動持續的盈利增長。

Industry leaders consistently innovate from a foundation of strength, positioning themselves ahead of the curve. With this mindset, a key part of our growth strategy for this year and future years is continuing to drive omnichannel athlete engagement by repositioning our portfolio and experiences through house of Sport and our next-generation 50,000 DICK'S store.

產業領導者憑藉著實力不斷創新，始終走在時代前緣。本著這種心態，我們今年及未來幾年成長策略的關鍵部分是繼續透過運動之家和下一代 50,000 家 DICK'S 商店重新定位我們的產品組合和體驗，從而推動全通路運動員參與。

With House of Sport, we are truly redefining sports retail. Since we launched our first location in 2021, this highly experiential destination has brought very strong engagement with our athletes, brand partners and communities and has delivered powerful financial results. Compared to a typical DICK'S store, athletes are traveling farther to visit House of Sport, increasing the time they spend in the store and visiting more frequently. Because of the engagement and experience at House of Sport, our national brand partners are providing access to unique and expanded assortments, while new and emerging brands see it as a platform for growth.

透過 House of Sport，我們真正重新定義了體育零售。自 2021 年我們推出首個場地以來，這個極具體驗感的目的地已經為我們的運動員、品牌合作夥伴和社區帶來了非常密切的互動，並帶來了強勁的財務業績。與典型的 DICK'S 商店相比，運動員前往 House of Sport 的路途更遠，在商店中停留的時間也更長，而且光顧的頻率也更高。由於 House of Sport 的參與和經驗，我們的全國品牌合作夥伴正在提供獨特且更廣泛的產品組合，而新興品牌則將其視為一個成長平台。

With a total of 12 House of Sport locations now open, we look forward to opening another 8 locations in 2024. Next month, we are so excited to open a House of Sport in our home town of Pittsburgh and at the Prudential Center in Downtown Boston. We will support these grand openings with high-impact marketing.

目前共有 12 間 House of Sport 門市開業，我們期待在 2024 年再開設 8 家門市。下個月，我們非常高興能在我們的家鄉匹茲堡和波士頓市中心的 Prudential Center 開設 House of Sport。我們將透過高影響力的行銷活動支持這些盛大的開幕活動。

With the compelling economics Navdeep outlined, House of Sport is a significant part of our future growth story. As we said, by 2027, we expect to have between 75 to 100 House of Sport locations across the country. The vast majority of these will be relocations or conversions of existing DICK'S stores into House of Sport.

正如 Navdeep 所概述的令人信服的經濟學一樣，House of Sport 是我們未來成長故事的重要組成部分。正如我們所說，到 2027 年，我們預計全國將擁有 75 至 100 家 House of Sport 門市。其中絕大多數將是現有 DICK'S 商店的搬遷或改建為 House of Sport。

At the same time, we're continuing to innovate with our next-generation 50,000, which completely revolutionizes our most typical 50,000 square foot DICK'S store. Inspired by House of Sport, this store has a similar elevated assortment and service model, premium experiences and enhanced visual expressions, and the format is delivering great results.

同時，我們將繼續對下一代 50,000 進行創新，這將徹底改變我們最典型的 50,000 平方英尺的 DICK'S 商店。受到 House of Sport 的啟發，這家商店也擁有類似的高級商品組合和服務模式、優質的體驗和增強的視覺表達，而這種形式正在取得巨大的成果。

We opened 11 next-generation 50,000 locations in 2023 and are excited to open another 16 locations in 2024. This one-two punch of House of Sport and our next-generation 50,000 is the future of our DICK'S stores and will serve as the hub for our athletes' omnichannel experience.

我們於 2023 年開設了 11 家下一代 50,000 家門市，並很高興在 2024 年再開設 16 家門市。 House of Sport 和我們的下一代 50,000 家門市的這一組合拳是我們 DICK'S 商店的未來，並將成為我們運動員全通路體驗的中心。

Golf Galaxy is another important part of our growth story. This past year, we grew our Golf Galaxy footprint to over 100 locations. As Navdeep said, we plan to further grow our footprint through Golf Galaxy Performance Centers, which offer an immersive experience for golf enthusiasts of all levels. With 14 performance centers now open, we're excited to open another 10 locations throughout 2024.

高爾夫銀河是我們成長故事的另一個重要部分。去年，我們把 Golf Galaxy 的業務範圍擴大到了 100 多個地點。正如 Navdeep 所說，我們計劃透過高爾夫銀河表演中心進一步擴大我們的足跡，為各個級別的高爾夫愛好者提供身臨其境的體驗。目前已有 14 個表演中心開業，我們很高興能在 2024 年再開設 10 個表演中心。

This spring, we're investing in marketing to drive market share and elevate the Golf Galaxy brand perception in a memorable and relatable way for golfers. During 2023, golf rounds played in the U.S. hit an all-time high, and we believe golf is a compelling long-term growth opportunity.

今年春天，我們投資行銷來提高市場份額，並讓高爾夫球手以一種難忘且可理解的方式提升 Golf Galaxy 品牌的認知度。 2023 年，美國的高爾夫球比賽場次創下歷史新高，我們相信高爾夫是一個引人注目的長期成長機會。

When we talk about drivers of success, it's critical to mention our strong brand relationships. With these strategic partnerships, we've built our industry-leading assortment, making DICK'S the go-to destination for differentiated and on-trend product.

當我們談論成功的驅動力時，提到我們強大的品牌關係至關重要。透過這些策略合作夥伴關係，我們建立了業界領先的產品組合，使 DICK'S 成為差異化和流行產品的首選目的地。

We'll continue to make big bets with our partners while also actively seeking to work with new and emerging brands. At the same time, we will continue to invest in our highly profitable portfolio of powerhouse vertical brands, including VRST, DSG and CALIA, that are gaining meaningful traction with our athletes.

我們將繼續與合作夥伴一起大膽嘗試，同時積極尋求與新興品牌的合作。同時，我們將繼續投資於我們高利潤的強大垂直品牌組合，包括 VRST、DSG 和 CALIA，這些品牌正在對我們的運動員產生重大影響。

For DSG, which is our largest vertical brand, we expect to build on the success of our Q4 campaign with an always-on approach focused on family, value and sport. With CALIA, our second-largest women's apparel brand behind only Nike, we recently launched the Inspire collection. This is our most versatile collection yet and features an innovative new fabric. We're supporting this important launch through a campaign that uniquely positions CALIA as a performance brand that embodies strength as beautiful.

對於我們最大的垂直品牌 DSG，我們期望在第四季度活動成功的基礎上，繼續始終關注家庭、價值和運動。 CALIA 是我們僅次於 Nike 的第二大女裝品牌，我們最近推出了 Inspire 系列。這是我們迄今為止用途最廣泛的系列，採用創新的新面料。我們透過一項活動支持這次重要的發布，該活動將 CALIA 獨特地定位為體現力量與美麗的性能品牌。

Our digital capabilities are also core to our omnichannel success, and we continue to see growth in our omnichannel athletes to spend more with us and shop more frequently than single-channel athletes. As part of this, we continue to rapidly advance our capabilities in getting products into the hands of our athletes very quickly. And throughout 2024, we'll look to drive consideration for dicks.com through a marketing campaign where we're teaming up with A-list celebrities and adding some humor to really make it memorable.

我們的數位能力也是我們全通路成功的核心，我們不斷看到全通路運動員在我們這裡消費的金額比單通路運動員更多、購物頻率更高。作為其中的一部分，我們將繼續快速提升我們的能力，以便快速將產品送到運動員手中。在整個 2024 年，我們將透過行銷活動來提高人們對 dicks.com 的關注度，我們將與一線名人合作，並添加一些幽默元素，讓它真正令人難忘。

As we expand our leadership position in youth sports, GameChanger, another incredibly strong digital capability we have, plays a pivotal role. GameChanger has become a leader in the multibillion-dollar youth sports technology market. It is a go-to destination for millions of parents, grandparents and fans to watch games, track stats and share video highlights for athletes of all ages.

隨著我們擴大在青少年體育領域的領導地位，我們另一個非常強大的數位能力 GameChanger 發揮關鍵作用。 GameChanger已成為價值數十億美元的青少年運動科技市場的領導者。它是數百萬父母、祖父母和球迷觀看比賽、追蹤統計數據和分享各個年齡層運動員影片精彩片段的首選目的地。

Last year, over 1 million teams used GameChanger to capture moments from 7 million games and create 110 million highlight clips. In fact, more games are covered on GameChanger in a single spring month than have been played in the entire history of Major League Baseball.

去年，超過 100 萬支球隊使用 GameChanger 捕捉了 700 萬場比賽的精彩時刻並製作了 1.1 億個精彩片段。事實上，GameChanger 在春季一個月內報導的比賽比美國職棒大聯盟整個歷史上報導的比賽還要多。

As a recurring revenue, Software as a Service platform, Game changer is very profitable and has grown sales at over a 35% CAGR since 2017. We expect GameChanger to reach approximately $100 million in sales this year.

作為經常性收入的軟體即服務平台，Game Changer 利潤豐厚，自 2017 年以來銷售額以超過 35% 的複合年增長率增長。我們預計 GameChanger 今年的銷售額將達到約 1 億美元。

Importantly, GameChanger families are some of DICK'S Sporting Goods most valuable customers. A GameChanger customer who also has a DICK'S scorecard spends over 2x more per year at DICK'S than a typical scorecard member. With customers visiting the app over 13 times a month, we believe there are numerous opportunities for DICK'S to reach these customers in unique and authentic ways to drive brand loyalty and sales.

重要的是，GameChanger 家庭是 DICK'S Sporting Goods 最有價值的客戶之一。擁有 DICK'S 記分卡的 GameChanger 客戶每年在 DICK'S 的消費額比普通記分卡會員高出 2 倍以上。由於客戶每月訪問該應用程式超過 13 次，我們相信 DICK'S 有大量機會以獨特和真實的方式接觸這些客戶，以提高品牌忠誠度和銷售量。

Lastly, we will continue to invest in DICK'S brand-building through our Sports Change Lives campaign. At DICK'S, we believe sports have the power to change lives, and our objective with this work is to unequivocally communicate who we are and what we stand for. We're pleased with the first year results and the way the campaign is resonating with our athletes and increasing brand connection. In the second year of this campaign, you'll see new creative expressions during high-profile sports moments like the NCAA tournament, the Summer Olympics and NFL games.

最後，我們將透過「體育改變生活」活動繼續投資 DICK'S 品牌建立。在 DICK'S，我們相信體育運動具有改變生活的力量，我們這項工作的目標是明確地傳達我們是誰以及我們的立場。我們對第一年的成果以及活動與運動員產生的共鳴和增強品牌聯繫的方式感到滿意。在活動的第二年，您將在 NCAA 錦標賽、夏季奧運會和 NFL 比賽等備受矚目的體育賽事中看到新的創意表達。

In conclusion, we are extremely optimistic about our future and the opportunities ahead of us. We're very pleased with our results and accomplishments in 2023, especially our progress in advancing House of Sport, our next-generation 50,000 and upgrades to our existing footprint to enhance the athlete experience. We're continuing to innovate our omnichannel approach, which is further improving convenience and satisfaction and driving higher sales and market share gains.

總之，我們對我們的未來和麵臨的機會非常樂觀。我們對 2023 年的業績和成就感到非常滿意，尤其是在推進運動之家、下一代 50,000 以及升級現有足跡以增強運動員體驗方面取得的進展。我們正在繼續創新全通路方法，進一步提高便利性和滿意度，並推動更高的銷售額和市場份額的成長。

Our decision to step up our investments in 2024 to fuel our future growth clearly demonstrates the confidence we have in our business and our team. I'm incredibly proud to be working alongside such a talented and motivated group across every part of our company, from stores, to our corporate teams, to our distribution centers, to our GameChanger team, and I'm so excited about the future.

我們決定在 2024 年加大投資以推動未來成長，這清楚地表明了我們對我們的業務和團隊的信心。我非常自豪能夠與公司各部門這樣一支才華橫溢、積極進取的團隊一起工作，從商店到企業團隊、配送中心再到 GameChanger 團隊，我對未來感到非常興奮。

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

我們的準備好的演講到此結束。感謝您對 DICK'S Sporting Goods 的關注。接線員，您現在可以開通問答線路了。

(Operator Instructions) Your first question is from the line of Simeon Gutman with Morgan Stanley.

（操作員指示）您的第一個問題來自摩根士丹利的西緬古特曼 (Simeon Gutman)。

My first question is on margins and growth going forward. The business looks like it's rebased, and you now have the House of Sport coming in, which sound very positive to both growth and to margin. Curious how we should think about the business from this point going forward. Are you thinking about it in terms of earnings growth? Or should we think about the margin growing and making this a margin story as well?

我的第一個問題是關於未來的利潤和成長。業務看起來已經重新定位，而且現在又加入了 House of Sport，這對於成長和利潤都非常有利。好奇從現在起我們應該如何看待未來的業務。您是從獲利成長的角度來考慮這個問題的嗎？或者我們是否應該考慮利潤的成長並將其也作為一個利潤故事？

Thanks, Simeon. We are incredibly excited about the momentum that we have in our business, just coming off of this Q4 with a 2.8% comp on top of a 5.3% comp. And then looking forward to the year, we are driving growth in top line, margin and profitability overall.

謝謝，西緬。我們對我們業務的發展勢頭感到非常興奮，今年第四季的年成長率為 2.8%，高於去年同期的 5.3%。展望新的一年，我們將全面推動營業額、利潤率和獲利能力的成長。

And I think the key driver of the margin story is really the differentiated product that we continue to have access to and expand access to. That product is resonating with athletes, it's creating newness and innovation and just a feel in the store of energy. And it's also enabling us to navigate, this past Q4, a fairly promotional environment, where we were able to navigate without having to be extremely promotional. And actually, we drove over 200 basis points of gross margin.

我認為利潤率的關鍵驅動因素實際上是我們繼續能夠獲得並擴大獲得管道的差異化產品。該產品引起了運動員的共鳴，它創造了新穎性和創新性，並帶來了能量儲存的感覺。而且，這也使我們能夠在剛剛過去的第四季度，在一個相當具有促銷性的環境中開展業務，而我們無需進行過度的促銷。實際上，我們的毛利率提高了 200 個基點以上。

So House of Sport is a great lever in that it enables us to provide a completely immersive experience for athletes. We've got rock-climbing walls and tracks and field and a whole bunch of elevated service and visual presentation. But importantly, from a margin standpoint, House of Sport does encourage our brand partners, both our strategic partners and our new and emerging brand partners, to experiment. We can bring a brand to life in our Co Lab space in a really exciting way, and it's therefore enabling us to drive even deeper partnerships and more access to new and different products. So overall, very confident about the long-term margin story.

因此，運動之家是一個很好的槓桿，它使我們能夠為運動員提供完全沉浸式的體驗。我們有攀岩牆、田徑場和大量的高架服務和視覺展示。但重要的是，從利潤的角度來看，House of Sport 確實鼓勵我們的品牌合作夥伴（包括我們的策略夥伴和新興品牌合作夥伴）進行嘗試。我們可以以非常令人興奮的方式在我們的 Co Lab 空間中為品牌注入活力，因此，它使我們能夠推動更深層的合作夥伴關係，並獲得更多新產品和不同產品。因此整體而言，我們對長期利潤率非常有信心。

Okay. And I'll paraphrase, but I don't want it to be my follow-up. But the paraphrase, it sounds like in the future, a combination of margins and earnings growth. It's not just about dollar growth, but margins can expand as well.

好的。我會進行解釋，但我不希望這成為我的後續行動。但解釋一下，這聽起來像是未來利潤率和獲利成長的結合。這不僅關係到美元的成長，利潤率也可以擴大。

And then my follow-up is, thinking about the industry and market share for 2024 among the categories that you sell, it's just hard because we don't see a clean benchmark for what the industry can grow. But do you assume the industry grows? And are we reaching some type of normal industry growth CAGR and market share growth CAGR? And how do you -- how should we think about that for the next several years?

然後我的後續問題是，思考 2024 年您所銷售產品類別的行業和市場份額，這很難，因為我們沒有看到行業能夠成長的明確基準。但你認為這個產業會成長嗎？我們是否達到某種正常的產業成長複合年增長率和市佔率成長複合年增長率？那麼您—我們該如何看待未來幾年的這個問題？

Yes. So our strategy is to continue to gain market share in this industry, and we're doing that in several ways. We're doing it with the strategic pillars that we've talked about, be it the differentiated products; our investment in athlete experience; our investment in our brand and our teammate experience, which is really an incredible asset that we have because we have the best teammates in the business, and they have incredible momentum.

是的。因此，我們的策略是繼續在這個行業中獲得市場份額，我們正在透過多種方式實現這一目標。我們正在根據我們所討論的策略支柱來實現這一目標，無論是差異化產品；我們對運動員體驗的投資；我們對品牌和隊友經驗的投資，這確實是我們擁有的寶貴資產，因為我們擁有業內最好的隊友，他們擁有令人難以置信的動力。

So when we look at the growth, we're -- it's coming from market share gains. We're also reimagining our portfolio such that we're going to have 20 House of Sports and 27 new prototypes of our 50,000 new experience, which is really a takedown of House of Sport and a super exciting place.

因此，當我們看成長時，我們發現它來自於市場份額的成長。我們也重新構想了我們的投資組合，我們將擁有 20 個運動之家和 27 個新原型，以實現 50,000 個新體驗，這實際上是運動之家的一次革新，也是一個超級令人興奮的地方。

So to answer your question directly, we're not counting on a significant amount of category growth because we think we have so much momentum to drive share.

因此，直接回答你的問題，我們並不指望品類會有顯著的成長，因為我們認為我們有巨大的動力來推動份額的成長。

I mean, I'll just build on what Lauren said. If you look at it, right, it's $140 billion overall industry, which is highly fragmented. And what we reiterated today is our core strategies are working really well, and we actually gained almost 50 basis points of our market share over 2023. So really exciting about the results we are posting as well as the core strategy and how those core strategies are resonating with our athletes.

我的意思是，我只是基於勞倫所說的話。如果你看一下，你會發現整個產業規模高達 1,400 億美元，而且高度分散。我們今天重申的是，我們的核心策略確實運作良好，而且我們的市佔率實際上在 2023 年成長了近 50 個基點。因此，我們發布的結果和核心策略以及這些核心策略如何引起我們運動員的共鳴真的令人興奮。

I'm going to add one last thing to Navdeep's comments, which is the consumer has held up incredibly well. We saw that in Q4, we saw it all last year, where we didn't see a trade-down from best to better, better to good. We saw growth across all income demographics. So we do have a healthy consumer, and they are increasingly choosing DICK'S to meet their needs.

我要對 Navdeep 的評論補充最後一點，那就是消費者的表現非常好。我們在第四季度看到了這一點，我們在去年也看到了這一切，我們沒有看到從最好到更好、從更好到好的趨勢下降。我們看到所有收入人群的收入都在成長。因此，我們確實擁有健康的消費者，而且他們越來越多地選擇 DICK'S 來滿足他們的需求。

Your next question is from the line of Adrienne Yih with Barclays.

您的下一個問題來自巴克萊銀行的 Adrienne Yih。

Congrats on the quarter and the year, really great, phenomenal execution. So Lauren, I'm going to stick with the House of Sports, the notion that the kind of 4-wall EBITDA is higher than the core. What exactly -- and I know you touched on this earlier. But can you describe sort of the revenue model? How much is from goods, I guess, primarily versus services? The goods that are in there, I assume they sound like they're better and best. And then how much of the House of Sports is sort of exclusive and differentiated versus core DICK'S?

恭喜本季和今年的業績，真的很棒，執行力驚人。所以勞倫，我將堅持體育之家的觀點，即四面牆 EBITDA 高於核心。究竟是什麼——我知道您之前提到過這一點。但你能描述一下這種收入模式嗎？我猜，主要來自商品和服務的比例是多少？我認為裡面的商品聽起來更優質、最好。那麼，與核心的 DICK'S 相比，House of Sports 的獨特性和差異化程度有多大呢？

And then for Navdeep, my follow-up is, I mean, inventory is so clean, right, across kind of like the landscape. So two things here. Can you first discuss the level of innovation and trends that you're seeing in 2024? And then secondarily, can you talk about sort of the need and the potential for replenishment, given that inventory levels are pretty low?

然後對於 Navdeep，我的後續行動是，我的意思是，庫存非常乾淨，對吧，有點像整個景觀。這裡有兩件事。能先討論一下您在 2024 年看到的創新程度和趨勢嗎？其次，考慮到庫存水準相當低，您能談談補貨的需求和潛力嗎？

Thanks, Adrienne, yes. So when you look at a House of Sport store, it's important to note that all of our core strategies are coming to life in just even a dialed up way. So our differentiated product, the access we have there, the service model, the experience, is all coming to life in a really fantastic way.

謝謝，艾德麗安，是的。因此，當您查看 House of Sport 商店時，重要的是要注意，我們的所有核心策略都正在以撥號的方式變為現實。所以我們的差異化產品、我們在那裡擁有的管道、服務模式、體驗，都以一種非常奇妙的方式變成了現實。

The vast majority of our revenue still comes from product. Obviously, we also have service revenue in there, but it's a typical business model. And I think what's really driving that is how the athlete is responding. We've got athletes who are driving further, they're coming more frequently, they're spending more time when they get to a House of Sport. And overall, the sales per square foot as a result of that is higher. So it's -- really, it's our core business model, just really elevated.

我們的絕大部分收入仍來自於產品。顯然，我們也提供服務收入，但這是典型的商業模式。我認為，真正推動這現象的是運動員的反應。我們的運動員開車越來越遠，來得越來越頻繁，他們在運動之家所花的時間也越來越多。整體而言，每平方英尺的銷售額因此更高。所以，這其實是我們的核心商業模式，只不過是更高等級的了。

I'll start with the answer to the question you asked Navdeep, just about the newness and the innovation for 2024. We are really excited. And I would say, if you go into our stores right now, you can see our spring set. You can see that on the softline side as well as the hardlines and team sports, we are very excited about the innovation that's coming down the pike and our increased access to some of the very hot product that people are reacting -- the athletes are reacting really well to.

我首先來回答你向 Navdeep 提出的問題，關於 2024 年的新穎性和創新。我們真的很興奮。我想說的是，如果你現在走進我們的商店，你就可以看到我們的春季套裝。你可以看到，無論是軟性產品還是硬性產品以及團隊運動，我們都對即將出現的創新感到非常興奮，我們也更加容易獲得一些非常熱門的產品，人們對此反應熱烈——運動員對此反應非常好。

Navdeep, I'll turn it to you for the inventory question.

Navdeep，我會把庫存問題交給你。

Adrienne, thanks for the question. So really pleased with the overall inventory and the quality of the inventory that we finished 2023 with. Our inventory grew just about 1% on top of a 5% growth in sales. And as we reiterated this morning, that the focus that we have of keeping our inventory clean and well positioned is a core tenet and a core strategy of the company, and that is what is allowing us to continue to differentiate our results versus our competition.

阿德里安，謝謝你的提問。因此，我們對 2023 年結束時的整體庫存和庫存品質感到非常滿意。我們的銷售額成長了 5%，而庫存僅成長了約 1%。正如我們今天早上重申的那樣，保持庫存清潔和良好定位是公司的核心原則和核心策略，這使我們能夠繼續在競爭中脫穎而出。

And in terms of our expectations for 2024, like Lauren said, there is so much of innovative and newness available to us in the market, not only from the national brands, but also from the emerging brands. So looking deeper into it and really excited about the spring assortment as well as the more assortment that we see coming into our stores, both in House of Sport and in the next-gen 50,000 locations.

就我們對 2024 年的期望而言，正如勞倫所說，市場上有如此多的創新和新鮮事物可供我們選擇，不僅來自國家品牌，還來自新興品牌。因此，深入研究後，我們對春季產品系列以及即將進入我們商店的更多產品系列感到非常興奮，無論是在 House of Sport 還是下一代 50,000 個地點。

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

您的下一個問題來自摩根大通的 Chris Horvers。

So my first question is trying to pull together some of the different commentary and questions that we've already had. As you think about -- you gave the EBITDA -- 4-wall EBITDA margin for both concepts. Can you talk about the merch margin? It sounds like it's higher. How does that -- how do you think about the other lines in the P&L? Is the occupancy cost higher? And then what about the cost to actually operate the store? In terms of trying to understand the breakdown to get to that 20% 4-wall EBITDA margin. And how does that compare to the existing box?

因此我的第一個問題是嘗試匯總我們已經收到的一些不同評論和問題。正如您所想的 - 您給出了 EBITDA - 這兩個概念的 4 壁 EBITDA 利潤率。能談談商品利潤嗎？聽起來好像更高。那怎麼樣——您如何看待損益表中的其他項目？入住成本是不是比較高？那麼實際經營商店的成本是多少？就嘗試了解實現 20% 4 壁 EBITDA 利潤率的細目而言。那和現有的盒子相比怎麼樣？

Yes, Chris, first of all, really excited to be able to share the economics of our House of Sport location and the 50,000, our next-gen store. This has been something that has been requested for a while, but we wanted to make sure we had enough maturity as well as enough time behind us to be able to share these economics.

是的，克里斯，首先，我非常高興能夠分享我們的 House of Sport 門市和下一代 50,000 門店的財務狀況。這是一段時間以來一直要求的事情，但我們希望確保我們有足夠的成熟度以及足夠的時間來分享這些經濟效益。

So let's start with the top line. Really great to see, first of all, our stores open at full maturity because of the strong brand awareness and the brand positioning that we have in these markets. The House of Sport locations are opening on an omnichannel basis, almost about a $35 million in top line sales and almost about $14 million when it comes to the next-gen 50,000.

那我們就從第一行開始吧。真的很高興看到，首先，由於我們在這些市場擁有強大的品牌知名度和品牌定位，我們的商店已經完全成熟。 House of Sport 門市以全通路方式開業，其頂線銷售額接近 3,500 萬美元，而下一代 50,000 家門市的銷售額接近 1,400 萬美元。

And like I think that you called it out, that we have a comparable EBITDA margins between both these boxes. And as you can expect, there's a little bit of an interplay that happens between the margin and the SG&A. You have a little bit more of the elevated experience being provided in House of Sport locations, and so therefore, there is a little bit of a higher service level component of it. But the service also comes with the revenue associated with this, so there's a little bit of a higher margin you get from that.

而且我認為正如您所說，這兩個盒子之間的 EBITDA 利潤率是相當的。正如您所預料的，利潤率和銷售、一般和行政費用之間存在一些交互作用。您在 House of Sport 場所可以獲得更高級的體驗，因此，它的服務水準也更高一些。但這項服務也能帶來相關收入，因此您可以從中獲得更高的利潤。

I would say -- and I think that you called out occupancy. There's a little bit of a more capital investment that we are putting into it, so that plays into the depreciation. But when you look at the overall, just the operating -- or the EBITDA margin rates that we are driving, we are very, very happy with the returns that we are driving and the strong profitability that we are delivering out of both these boxes.

我想說——我認為你已經提到了佔用率。我們對此投入了更多的資本投資，因此這會導致折舊。但當你從整體上看，僅從我們的營業利潤率或 EBITDA 利潤率來看，我們對所獲得的回報以及我們在這兩個方面取得的強勁盈利感到非常非常滿意。

Got it. So succinctly, it allows you -- and I think, Lauren, you said this earlier. It's basically this is the next sort of lever to continue to gain share. And the components might be different, but at the end of the day, the margin returns are comparable and it's the opportunity to continue to grow.

知道了。簡而言之，它允許你 — — 勞倫，我想你之前就說過這件事。從根本上來說，這是繼續獲得份額的下一種槓桿。雖然各個組成部分可能有所不同，但最終的利潤回報是可比的，而且這是一個持續成長的機會。

Yes. Chris, I will build on what we have been saying, that the financial returns are great, but what is even better is how well this overall concept is resonating not only with our brand partners, with our athletes and also with the community. And that's what we see as a long-term driver of the differentiation of getting better access, getting more allocated product available to us, having the emerging brands come to us and want to partner with us in these really, really experiential destinations. And that is what we consider as a true differentiator DICK'S Sporting Goods.

是的。克里斯，我將基於我們之前所說的，即財務回報非常豐厚，但更好的是，這個整體概念不僅引起了我們的品牌合作夥伴、運動員的共鳴，也引起了社群的共鳴。我們認為，這就是實現差異化的長期驅動力，即獲得更好的訪問機會、獲得更多分配的產品，讓新興品牌找到我們並希望與我們在這些真正體驗式的目的地進行合作。這就是我們認為的 DICK'S Sporting Goods 的真正差異化因素。

Understood. That's very helpful. And my follow-up is, Navdeep, you talked about some particular headwinds in the first quarter. Maybe is there -- maybe could you just bring those all together? And is there a certain way that we should be thinking about the investments and how that's going to affect the SG&A? And you talked about shrink in terms of the gross margin. Would you still expect merchandise margin to be up? So maybe just a finer point around the first quarter.

明白了。這非常有幫助。我的後續問題是，Navdeep，您談到了第一季的一些特別的不利因素。也許有——也許你可以把它們放在一起嗎？我們是否應該以某種方式考慮投資以及投資將如何影響銷售、一般和行政費用？您談到了毛利率的縮水。您還預期商品利潤率會上升嗎？因此，也許只是第一季的一個更細微的點。

Yes. So a few comments that we gave out in our prepared comments today. First of all, I'll start with the sales, right? We're going to have a shifted calendar, so there will be a little bit of an impact to our total top line sales total revenue, but not a significant impact when you think around a shifted basis on comp.

是的。以下是我們在今天的準備好的評論中提出的一些評論。首先，我先從銷售開始，對嗎？我們的日程表將會發生變化，因此這會對我們的總銷售額和總收入產生一點影響，但是，如果考慮到公司營業收入的變化，則不會產生重大影響。

What we did call out was just a reminder, we saw the elevated levels of shrink in Q2 of 2023. So in Q1, we haven't lapped that as yet. So as you all are modeling, it will be helpful to keep that in mind. The other is the tax rate. If you remember, our tax rate in Q1 was significantly low compared to our normalized tax rate, and you will see that piece play out as well.

我們確實指出的只是提醒，我們看到 2023 年第二季的萎縮程度加劇。因此，在第一季度，我們尚未解決這個問題。所以，當你們進行建模時，牢記這一點將會很有幫助。另一個是稅率。如果您還記得的話，我們第一季的稅率與標準稅率相比明顯較低，您也會看到這一點。

And finally, hopefully, you all have watched some of the exciting brand campaigns that we have going on right now between brand campaigns associated with our launch of our CALIA Inspire collection, our dicks.com campaign. And so we are investing into that. In addition, we're going to be opening two really exciting House of Sport locations here in Q1 between Ross Park Mall here in Pittsburgh and at Prudential Center. So you will see some of the investments associated with those two stores in Q1 as well. So a slightly elevated levels of preopening expense, maybe I'll just put a finer point on that one.

最後，希望大家都觀看了我們正在進行的一些令人興奮的品牌活動，這些活動包括與我們推出 CALIA Inspire 系列相關的品牌活動以及我們的 dicks.com 活動。因此我們正在對此進行投資。此外，我們將於第一季在匹茲堡的 Ross Park Mall 和 Prudential Center 之間開設兩家非常令人興奮的 House of Sport 門市。因此您也會在第一季看到與這兩家商店相關的一些投資。因此，對於開業前費用的水平略有提高，我也許可以對此做更詳細的說明。

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

您的下一個問題來自高盛的凱特·麥克沙恩。

I wanted to ask about just if there was any more detail on the performance of footwear versus apparel versus hardlines in the fourth quarter.

我想詢問的是，是否有關於第四季度鞋類、服裝和硬線產品表現的更多詳細資訊。

And our second question was, if there was any impact to the 2024 comp guide as a result of the relocations that you're doing for House of Sport.

我們的第二個問題是，您為 House of Sport 進行的搬遷是否會對 2024 年的綜合指南產生任何影響。

Thanks, Kate. So in terms of category performance, with the 2.8% comp this past quarter, we saw growth across all of our key categories. So growth in footwear, growth in apparel and growth in some of the key hardlines categories. So it really was across the board. The only area of softness was the cold weather didn't come as we had hoped it would, and so there was some softness in outerwear. But across the board, really strong growth in our core categories.

謝謝，凱特。因此，就類別表現而言，上個季度的年成長率為 2.8%，我們看到所有主要類別均實現成長。因此，鞋類、服裝以及一些關鍵耐用品類別的銷售額都在成長。所以這確實是全面的。唯一柔軟的地方是寒冷的天氣並沒有像我們所希望的那樣到來，所以外套有點柔軟。但總體而言，我們的核心類別實現了真正強勁的成長。

I'll turn it to Navdeep for the next question.

下一個問題將交給 Navdeep。

Yes. Kate, in terms of the comp guidance, overall, like we said, because of the shifted calendar, no material impact to the comp cadence itself when you look at it. However, keep in mind, last year, we were converting eight combo locations into House of Sport which were closed during the first half of last year. So we expect our comp in the first half to be slightly stronger than the comps in the back half of the year.

是的。凱特，就薪酬指導而言，總體而言，就像我們所說的那樣，由於日曆的變化，從表面上看，對薪酬節奏本身沒有實質影響。然而，請記住，去年我們將八個組合地點改造成運動之家，這些地點在去年上半年被關閉了。因此，我們預計上半年的業績將略強於下半年的業績。

But there won't be any impact from store closures as you relocate this year?

但是今年搬遷時關閉商店不會帶來任何影響嗎？

No. We're not doing the closed remodels as we did last year.

不。我們不會像去年一樣進行封閉式改造。

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

您的下一個問題來自美國銀行的 Robby Ohmes。

Great quarter, and thanks for all the commentary on the store economics. Really appreciate that. A couple of follow-ups on just the fourth quarter. Can you give us a sense of sort of digital transactions versus in-store transactions in the fourth quarter? Were in-store transactions positive?

這是一個很棒的季度，感謝您對商店經濟的所有評論。真的很感激。僅對第四季進行一些後續報導。您能否向我們介紹一下第四季數位交易與店內交易的情況？店內交易狀況良好嗎？

Robby, thanks for the question. We're not guiding to digital versus in-store overall. In the fourth quarter, transactions were flat and most of the growth came from ticket. However, it's really important to note that, in Q4 of last year, we were up over 7.6% in transactions. So from a 2-year basis on an omnichannel standpoint, really, really strong growth in transactions. Digital business remains really strong, but we're not going to get into more detail than that.

羅比，謝謝你的提問。我們並不全面地指導數位化和店內化。第四季度，交易量持平，大部分成長來自票務。然而，值得注意的是，去年第四季度，我們的交易量增加了 7.6% 以上。因此，從兩年全通路角度來看，交易量成長確實非常強勁。數位業務依然強勁，但我們不會對此進行更詳細的討論。

And then just for the comp guidance you're giving for 2024. Should we -- how should we think about the ticket versus transaction component?

然後僅針對您給予的 2024 年業績指引。我們應該如何考慮票務與交易部分？

Yes, Robby, we won't break that down any further. I'm really excited about -- to be able to guide on a positive basis on top of a 2.4% comp from last year. And our focus is continuing to be about driving sales and profitability growth for the business.

是的，羅比，我們不會進一步討論這個問題。我真的很興奮 - 能夠在去年 2.4% 的同比增長基礎上做出積極指引。我們的重點仍然是推動業務銷售和獲利成長。

Overall, this year, we did have -- the majority of growth did come from transaction growth, if you look at the 2.4%. So we are very confident in our comp guidance.

整體而言，今年我們的成長大部分確實來自交易成長，如果你看 2.4% 的話。因此，我們對我們的薪酬指導非常有信心。

And then just one quick clarification. On the -- for the store economic models, when you guys say omnichannel sales, is it -- is that -- is it a web sale that's fulfilled by the store to call it -- what gets included in omnichannel sales at a House of Sport or the new 50,000 store?

然後只需快速澄清一下。對於商店經濟模型，當你們說全通路銷售時，它是——是由商店完成的網路銷售——House of Sport 或新的 50,000 家商店的全通路銷售包括什麼？

Yes. No, Robby, that's exactly that. It's not only the stores that are fulfilled from a store with an athlete walking in. Even an omnichannel sale or a digital sale that gets fulfilled by the store is also included in that because that's what we look as the 4-wall performance of the store, including the work that our team members are doing in fulfilling an omnichannel order.

是的。不，羅比，正是如此。這不僅僅是運動員走進商店即可完成的銷售。甚至全通路銷售或由商店完成的數位銷售也包括在內，因為這就是我們所看到的商店的四面牆表現，包括我們的團隊成員在履行全通路訂單時所做的工作。

Yes. And the stores are fulfilling over 80% of e-com orders, 90% of orders across the board, if you include the brick-and-mortar. So it's appropriate to think of it as omnichannel sales.

是的。這些商店履行了 80% 以上的電子商務訂單，如果包括實體店，則履行了 90% 以上的訂單。因此將其視為全通路銷售是恰當的。

Your next question is from the line of Brian Nagel with Oppenheimer.

您的下一個問題來自奧本海默公司的布萊恩·納格爾。

Congrats on another nice quarter.

恭喜您又度過了一個美好的季度。

Thank you.

謝謝。

Thank you.

謝謝。

First question I have, just to go back -- it wasn't that long ago we were talking a lot about shrink. Looking at the results today in your commentary, it seems as though you've done a nice job kind of getting your arms around the shrink. The question I have is, as we're looking now into 2024, how should we be thinking about the trajectory in shrink or the mitigation efforts that are ongoing at DICK'S to manage shrink?

我的第一個問題是回顧一下──不久之前我們還在討論收縮的問題。從您今天評論的結果來看，似乎您在說服心理醫生方面做得很好。我的問題是，當我們展望 2024 年時，我們應該如何看待收縮的軌跡，或者 DICK'S 為管理收縮而正在進行的緩解措施？

Thanks, Brian. Yes, we do feel that we are appropriately reserved for shrink. We've been doing significantly more inventory pulses and I do believe that we have an appropriate reserve going forward. In Q1, it's important to note that we are still up against the headwind of the fact that we didn't put the extra shrink reserve in until the end of Q2 last year.

謝謝，布萊恩。是的，我們確實覺得我們適合當心理醫生。我們一直在進行大量的庫存脈衝，我相信我們未來有適當的儲備。在第一季度，值得注意的是，我們仍然面臨著這樣的不利因素：我們直到去年第二季末才投入額外的收縮儲備。

But overall, we're doing a lot of things in store to mitigate. We're working with loss prevention and local law enforcement as well as moving products to the back of the store that are high shrink. So we have a lot going on. But overall, we are appropriately reserved.

但總的來說，我們正在做很多事情來緩解影響。我們正在與防損部門和當地執法部門合作，並將收縮率高的產品移至商店後面。因此我們有很多事情要做。但整體來說，我們還是適當保守的。

Got it. And then my follow-up question, this is a bit of, I think, a follow-up to the prior question. But just with regard to transaction growth. So DICK'S has done a phenomenal job here driving transaction growth, and you clearly stand out amongst most retailers doing so.

知道了。然後是我的後續問題，我認為這是對上一個問題的後續。但僅僅關於交易成長。所以，DICK'S 在推動交易成長方面做得非常出色，而且你們在眾多零售商中脫穎而出。

You're recognizing all the changes that have happened in the business and the merchandising and all. But is there anything you can kind of help us understand better, underlying drivers of that transaction growth? Are you seeing any type of variability across the chain, maybe within departments, so we get a better understanding of kind of the sustainability of that?

您認識到業務、商品銷售等各個領域發生的所有變化。但是您能幫助我們更了解交易成長的根本驅動因素嗎？您是否看到整個鏈條中，也許是部門內部，存在任何類型的變化，以便我們更好地了解其可持續性？

Brian, I really think the transaction growth has so much to do with things like our differentiated product and the access that we have. But on top of that, when athletes are coming into our stores, our team -- or shopping online, our team is striving to make that omnichannel athlete experience, really satisfy, and they're making great progress there. And then also, I think the brand and the fact that we are a brand that is very much based in our values, and we continue to talk about the power of sports. So all of those things are working together and driving strong transactions.

布萊恩，我確實認為交易成長與我們的差異化產品和我們擁有的管道等有很大關係。但最重要的是，當運動員進入我們的商店、我們的團隊或在線購物時，我們的團隊正在努力使全通路運動員體驗真正令人滿意，他們在那裡取得了巨大進步。此外，我認為我們的品牌和事實在很大程度上是基於我們的價值觀，我們繼續談論運動的力量。因此，所有這些因素共同作用，推動了強勁的交易。

Yes, Brian, I'll add to the fact that, if you look at it in 2023 and in fourth quarter, we gained 7 million new athletes in 2023. And just in fourth quarter alone, we gained 2 million new athletes. So back to Lauren's point, the athlete database that we have, the work that we have been doing around personalization and the loyalty and our scorecard program, in addition to having the right product, our ability to be able to go and address and discuss those type of features and product availability in our store is resonating very well as well with our athletes.

是的，布萊恩，我要補充一點，如果你看 2023 年和第四季度，我們在 2023 年增加了 700 萬名新運動員。光是在第四季度，我們就增加了 200 萬名新運動員。回到勞倫的觀點，我們擁有的運動員資料庫，我們在個性化和忠誠度以及記分卡計劃方面所做的工作，除了擁有合適的產品之外，我們能夠去解決和討論這些類型的功能和我們商店中的產品可用性的能力也與我們的運動員產生了很好的共鳴。

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

您的下一個問題來自 TD Cowen 的 John Kernan。

Congrats on another great year. I think you said the House of sports, they open at maturity. How do we think about the comp contribution for both House of Sport and the next-gen 50,000 square foot stores if they're opening at maturity? How do we think about them, the comp contribution in year 2 and beyond, going forward?

恭喜您又度過了美好的一年。我想你說的是體育之家，它們在成熟時開放。如果 House of Sport 和下一代 50,000 平方英尺商店在成熟時開業，我們如何看待它們的薪酬貢獻？我們如何看待他們，如何看待第二年及以後的薪酬貢獻？

Yes. John, I think that's a 2-part question there, so I'll start with the second part in terms of the comp contribution as we look at the growth in the second year. And that has been one of the questions. We are very optimistic and confident in the results that we are seeing.

是的。約翰，我認為這是一個由兩部分組成的問題，因此我將從第二部分開始，即公司貢獻方面，我們來看看第二年的成長情況。這就是一直存在的問題之一。我們對所看到的結果非常樂觀並充滿信心。

So first of all, we don't have a large sample. There are two stores of our stores that were opened in 2021 and 2022. They actually have comped the second full year. And what we saw was, in 2023, they actually posted comp sales growth again in year 2. So really happy with the overall performance.

首先，我們沒有大樣本。我們有兩家店分別於 2021 年和 2022 年開業。他們實際上已經完成了第二年全年的補償。我們看到，在 2023 年，他們實際上在第二年再次實現了同店銷售額成長。因此，對整體表現非常滿意。

In terms of the comp contribution and so the opportunities when we are relocating, let's say, a 50,000 or an 80,000 box that goes from somewhere to $19 million to $20 million going to closer to a $35 million omnichannel sales, that's the comp contribution that we are really excited about as well.

就公司貢獻而言，當我們重新定位一個 50,000 或 80,000 個箱子時，其銷售額將從某個地方的 1900 萬美元增加到 2000 萬美元，最終接近 3500 萬美元的全渠道銷售額，這也是令我們非常興奮的公司貢獻。

And then -- and I would be remiss if I didn't add the differentiated product that we are able to get through these things, through the next-gen 50,000 or House or Sport location, that allows us to cascade that innovation and newness down into our -- into the normal DICK'S stores as well, is allowing us to continue to elevate the overall portfolio of the stores and the performance that we are seeing out of those.

然後 - 如果我沒有添加我們能夠透過這些東西獲得的差異化產品，透過下一代 50,000 或 House 或 Sport 位置，那麼我會很失職，這使我們能夠將這種創新和新穎性傳遞到我們的 - 進入正常的 DICK'S 商店，這使我們能夠繼續提升商店的整體組合以及我們從中看到的表現。

That's helpful. I guess my follow-up, just shift to more of a category level. Softlines, apparel, footwear, I think it's going to be around 60% of the business this year. It's not terribly different from where it was historically, but I think we can all see that the allocations from vendors have gotten significantly better. The private label offering has clearly increased as well. I think this has contributed to 255 basis points in merch margin expansion since pre-COVID levels. How should we think about future merch margin? Particularly as all of the softline categories seem to be elevated at this point.

這很有幫助。我想我的後續行動只是轉向更多的類別層面。紡織品、服裝、鞋類，我認為今年這些將佔到業務的60%左右。它與歷史情況並沒有太大的不同，但我認為我們都可以看到來自供應商的分配已經明顯改善。自有品牌的供應量也明顯增加。我認為這已促使商品利潤率自新冠疫情之前的水平以來擴大了 255 個基點。我們該如何考慮未來的商品利潤？特別是因為此時所有的軟線類別似乎都提升了。

Yes. So John, I would say that the overall -- the composition of the product continues to be the biggest driver of our merch margin expansion when you look at it versus 2019. And we are confident that, that will continue to be one of the biggest drivers.

是的。所以約翰，我想說，與 2019 年相比，總體而言，產品的組成仍然是我們商品利潤率擴張的最大驅動力。我們有信心，這將繼續成為最大的驅動力之一。

The two other drivers that we talk about internally a lot is our excitement about the vertical brand work. And hopefully, you've seen some of the work that we have recently launched in terms of the CALIA Inspire product that we launched here in 2024. The DSG brand is resonating really well with our athletes. We actually have now an always-on kind of a message around DSG brand. So the softline vertical brand product is resonating really well with our athletes.

我們內部經常討論的另外兩個驅動因素是我們對垂直品牌工作的興奮。希望您已經看到了我們最近推出的一些作品，例如我們於 2024 年推出的 CALIA Inspire 產品。 DSG 品牌與我們的運動員產生了很好的共鳴。我們實際上現在已經擁有一種圍繞 DSG 品牌的永恆信息。因此，軟線垂直品牌產品與我們的運動員產生了良好的共鳴。

So the vertical brand and continuing to lean into that with moving towards the $2 billion long-term goal that we have will be another big driver of the margin in the recent years as well as we look forward on a go-forward basis. And finally, we are constantly elevating our -- some of the promotional optimization and pricing optimization capabilities as well. So we'll continue to lean into the same things that we have leaned on, and really confident about the differentiated product.

因此，垂直品牌以及繼續朝著 20 億美元的長期目標邁進將成為近年來利潤率的另一個大推動力，我們對此充滿期待。最後，我們也不斷提升我們的一些促銷優化和定價優化能力。因此，我們將繼續依賴我們一直依賴的東西，並對差異化產品充滿信心。

John, it's also -- it's across the board. It's not -- there isn't just a softlines story here. We are focused on margin gains across the entire portfolio.

約翰，這也是 — — 這是全面的。這並非——這不僅僅是一個軟線故事。我們專注於整個投資組合的利潤成長。

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

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

Great quarter. I was wondering if you could share a little more thought on the share gain that you're seeing and where that may be coming from. Like is it -- I'm just curious, I mean, you guys continue to execute so well. And maybe you could share some thoughts there.

非常棒的一個季度。我想知道您是否可以分享更多關於您所看到的份額增長以及其來源的看法。就像這樣——我只是好奇，我的意思是，你們繼續表現得這麼好。也許您可以在那裡分享一些想法。

Thanks, Joe. I mean, we are gaining market share due to our differentiated experience, the reimagining of our portfolio, the experience we're providing. I think it's coming from a lot of places. And as we continue to get differentiated access to product, I believe it will continue to come.

謝謝，喬。我的意思是，憑藉我們差異化的體驗、對我們產品組合的重新構想以及我們提供的體驗，我們正在獲得市場份額。我認為它來自很多地方。隨著我們不斷獲得差異化的產品取得途徑，我相信這種情況將會持續下去。

Got it. And then just a quick sort of unrelated follow-up. But with regard to freight, and I have -- it's been a tailwind for you guys. When does -- do we lap some of that? And also, have you seen any pressure on future costs related to what's going on in kind of the global supply chain network with the Red Sea, the Panama Canal issues, all those kinds of things?

知道了。然後只是一些快速的、不相關的後續內容。但就貨運而言，這對你們來說是一個順風。我們什麼時候才能解決其中的一些問題？此外，您是否認為與紅海、巴拿馬運河問題等全球供應鏈網路相關的未來成本會面臨壓力？

Yes, Joe, like you called out in 2023, we saw the tailwind from the freight. As we look to 2024, we are not expecting any kind of tailwind or headwind right now. But to your point, we are definitely evaluating the evolving situation that we have across the world right now. But overall, we feel great about the inventory position, and we'll continue to monitor how the overall situations evolve.

是的，喬，就像你在 2023 年所說的那樣，我們看到了貨運的順風。展望 2024 年，我們現在預計不會有任何順風或逆風。但正如您所說，我們確實正在評估當前世界各地不斷變化的情況。但總體而言，我們對庫存狀況感到滿意，並將繼續關注整體情況的發展。

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

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

I was wondering how the shift to the newer concepts and also the rollout of the [floor] decks will impact the assortment on a couple of dimensions. So first, if you think about sort of the big global brands versus smaller brands or your own private label, how will that mix skew as you build out some of the newer concepts? It sounds like, from an answer to an earlier question, that vertical brand penetration is going to go up from here. Curious on the global brand aspect.

我想知道向新概念的轉變以及[地板]甲板的推出將如何影響幾個維度上的分類。首先，如果您考慮大型全球品牌與小品牌或您自己的自有品牌，當您建立一些較新的概念時，這種組合將如何發生傾斜？從先前問題的答案來看，垂直品牌滲透率將從現在開始上升。對全球品牌方面感到好奇。

Yes. Warren, we are excited, I would say, across the board, right? Our partnership with the national brands is an all-time high. We continue to differentiate not only our service levels, but the experience that we provide within our stores.

是的。華倫，我想說，我們全家都很興奮，對吧？我們與國家品牌的合作達到了前所未有的高度。我們不僅繼續差異化我們的服務水平，也繼續差異化我們在商店內提供的體驗。

And the national brands, all of them want to be rooted in sports. So when they look to a partner that can not only bring their full assortment and breadth of product to life, but actually can bring that across -- bring that to life across the nation, we are the destination for that. So we continue to see a very strong level of partnership and interest and the innovation and newness that is coming into our stores.

而民族品牌，也都想根植於運動。因此，當他們尋找一個合作夥伴，不僅可以將其全系列產品變為現實，而且實際上可以將這種產品傳播到全國各地時，我們就是他們的目標。因此，我們繼續看到非常強大的合作夥伴關係和興趣以及不斷湧入我們商店的創新和新鮮事物。

Likewise, we are very excited about some of the emerging brands like On and HOKA and Free People Movement. And we see the opportunity not only to continue to have a deeper partnership with these brands, but also expand that relationship deeper into our own chain.

同樣，我們對一些新興品牌感到非常興奮，例如 On、HOKA 和 Free People Movement。我們看到的機會不僅是繼續與這些品牌建立更深的合作關係，而且還可以將這種關係​​擴展到我們自己的連鎖店。

And finally, the work that our vertical brand team has done is phenomenal, really excited about the launches that we have done this year and what more is to come in 2024.

最後，我們的垂直品牌團隊所做的工作非常出色，我們對今年的發布以及 2024 年的更多舉措感到非常興奮。

I also wanted to ask about your latest view on where you see long-term normalized gross margins and EBIT margins as you shift to these newer concepts. There's a lot of moving parts here. And curious if you can give us your view on the level and also the ongoing drivers that will shape margins past this year.

我還想問一下，當您轉向這些較新的概念時，您對長期標準化毛利率和息稅前利潤率的最新看法。這裡有很多活動部件。我很好奇您是否可以告訴我們您對今年以後利潤率水準和持續影響利潤率的驅動因素的看法。

Yes. Warren, today, we are not going to be providing a long-term algorithm. But what we have consistently said is and what we are consistently delivering is the fact that we are confident in driving the long-term sales and profitability of the company leaning into the core strategies that Lauren has laid it out today. So we'll continue to execute and confident in the guidance that we have provided to be able to drive positive comps in 2024 on top of a strong 2.4% comp that we posted in '23.

是的。沃倫，今天我們不會提供長期演算法。但我們一直在說的是，我們一直在實現的事實是，我們有信心依靠勞倫今天提出的核心策略來推動公司的長期銷售和獲利能力。因此，我們將繼續執行並提供指導，並對我們提供的指導充滿信心，能夠在 2023 年實現 2.4% 強勁增長的基礎上，在 2024 年實現積極的增長。

Today's final question will come from the line of Mike Baker with D.A. Davidson.

今天的最後一個問題來自 D.A. 的 Mike Baker。戴維森。

Okay. I wanted to ask a follow-up on the outdoor concepts. You talked about bigger-picture restructuring or changing some things there. But more specifics, what is the plan in terms of store count there? Are you closing those stores down? And just longer term, a couple of iterations you've had on the outdoor business in your history. What's sort of the long-term thought process there?

好的。我想問一下有關戶外概念的後續問題。您談到了更大範圍的重組或改變一些事情。但更具體地說，那裡的商店數量計劃是怎樣的？你們要關閉那些商店嗎？從長期來看，您在歷史上對戶外業務有過幾次迭代。那裡的長期思考過程是什麼樣的呢？

Yes, Mike, we continue to be really excited about the outdoor category. When you look at it at the macro level, this is a $40 billion highly fragmented TAM that is out there. And we know there is an opportunity to similarly differentiate in terms of service, product experience as well as the overall assortment that we can provide.

是的，麥克，我們繼續對戶外類別感到非常興奮。從宏觀層面來看，這是一個價值 400 億美元、高度分散的 TAM。我們知道，在服務、產品體驗以及我們所能提供的整體產品組合方面，我們也有機會實現類似的差異化。

So what we have done in 2023, we've acquired Moosejaw and the work that we did last year was actually bringing the back office operation of Moosejaw and Public Lands together to be able to drive the long-term profitability in that business. And what we have called out in the business optimization actions are actually rationalizing some of the investments that we have made.

因此，我們在 2023 年所做的就是收購了 Moosejaw，而我們去年所做的工作實際上是將 Moosejaw 和 Public Lands 的後台營運整合在一起，以推動該業務的長期盈利能力。我們在業務優化行動中所呼籲的實際上是對我們所做的一些投資進行合理化。

We are not -- we are closing Moosejaw locations, but we are confident in the go-forward business, and we'll continue to evaluate that space. But overall, on a long-term basis, continue to remain really confident about the opportunity in the outdoor segment.

我們不會關閉 Moosejaw 門市，但我們對未來的業務充滿信心，並將繼續評估該領域。但總體而言，從長遠來看，我們對於戶外領域的機會仍然充滿信心。

Okay. One quick follow-up. I may have missed it. Just looking for a number. Did you tell us how much it costs, the cost to build the 50,000 stores? So I think you gave us the sales volume and the EBITDA margin. I may have missed it, I didn't hear the cost to build and therefore the cash-on-cash returns.

好的。快速跟進一次。我可能錯過了。只是尋找一個號碼。您告訴我們建造這 50,000 家商店需要花費多少錢嗎？所以我認為您給了我們銷售量和 EBITDA 利潤率。我可能錯過了，我沒有聽到建造成本，因此也沒有聽到現金回報。

Yes. Actually, Mike, on both these metrics are in the slide that will be there on our Investor Relations webpage, both the net capital investment, inventory, as well as the preopening and then the cash-on-cash return.

是的。實際上，麥克，這兩個指標都在我們的投資者關係網頁上的幻燈片中，包括淨資本投資、庫存、開業前回報率和現金回報率。

Got it. Sorry, doing the call on the phone, so I missed that. Appreciate the color.

知道了。抱歉，我正在打電話，所以我錯過了。感謝色彩。

We appreciate the flexibility on joining us early here.

我們非常感謝您能提前加入我們。

This concludes the question-and-answer session. I will now turn the call over to Lauren Hobart, President and Chief Executive Officer, for closing remarks.

問答環節到此結束。現在，我將把電話轉給總裁兼執行長勞倫‧霍巴特 (Lauren Hobart)，請她致最後一次演講。

Thanks, everybody, and thanks for your interest in DICK'S Sporting Goods. And I want to give a shout out to our 50,000 teammates who really are the reason that we are driving these incredible results.

謝謝大家，感謝您對 DICK'S Sporting Goods 的關注。我想向我們的 50,000 名隊友致以謝意，他們是我們取得這些令人難以置信的成果的真正原因。

Thank you all very much. See you next quarter.

非常感謝大家。下個季度見。