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，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 DICK'S Sporting Goods, Inc. 2023 年第四季財報電話會議。 （操作員說明）

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

我現在想將會議交給投資者關係高級總監內特吉爾奇 (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第四季和 2023 年全年業績。我們的總裁兼執行長 Lauren Hobart 出席今天的電話會議；以及我們的財務長 Navdeep Gupta。今天電話會議的回放將在我們的投資者關係網站 Investors.dicks.com 上存檔約 12 個月。

As a reminder, we 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，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類聲明應與我們的收益發布中的警示性聲明以及我們向SEC 提交的文件中的風險因素討論結合起來考慮，包括我們上一份10-K 表格年度報告和最新的10-Q 表格以及警示性聲明在此通話期間進行的。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引用的非公認會計準則財務指標的調節表。

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，一些管理項目。首先，提醒一下我們 2023 財年的可比商店銷售報告。值得注意的是，2023 財年有 53 週。我們的比較銷售額計算不包括 2023 年全年及 2023 年第四季業績中的額外一週。因此，這些指標是在 52 週和 13 週可比較的基礎上計算的。

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，我們正在修改可比商店銷售計算，以包括 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，我們將在準備好的演講之前播放一段簡短的年終影片。從 Navdeep 準備好的發言即將結束時開始，我們還將共享幻燈片以直觀地支援關鍵討論點。

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，出於您未來的安排目的，我們暫定計劃於 2024 年 5 月 29 日發布 2024 年第一季財報結果。

With that, let's play the video.

接下來，讓我們播放影片。

(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。我希望你喜歡這個影片。 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。這是了不起的一年，我為團隊的非凡努力感到自豪。

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 一直相信運動改變生活的力量。我們每天都透過為運動員提供的體驗來實現這一點；我們提供的差異化產品；我們創建的行銷活動旨在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，我們的領導地位得到了明顯的提升。

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.

我們全年的銷售額達到創紀錄的 130 億美元。在 52 週可比基礎上，我們的比較成長了 2.4%，這得益於我們不斷獲得市場份額、交易成長的推動。我們在這一年新增了近 700 萬名運動員，活躍運動員資料庫達到了歷史新高。顯然，運動和引領健康、積極的生活方式是我們運動員的首要任務，他們越來越希望迪克體育用品能滿足這些需求。

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，我們以令人難以置信的強勁第四季度和假期季節結束了這一年。包括第 53 週在內，我們的季度銷售額成長了 7.8%，達到 39 億美元。在 13 週可比基礎上，我們的比較成長了 2.8%，高於去年 5.3% 的成長。

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.

在非 GAAP 基礎上，由於商品利潤率提高，我們的毛利率增加了 200 多個基點。我們的非 GAAP EBT 利潤率為 11%。我們交付的非 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 週可比計算，我們的非 GAAP 每股收益為 3.66 美元，比上年增長 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.

2024 年，我們將迎來另一個強勁的一年，並期望透過積極的競爭、更高的商品利潤率和生產力提高來實現銷售額和收入的成長。我們的庫存定位良好，我們對為運動員精心策劃的品種感到興奮。我們預計公司銷售額將在 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。隨著我們的成長計畫持續取得成功，我們將增加資本投資，以推動我們的數位業務和實體店業務向前發展，並繼續在這個價值 1,400 億美元的分散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，包括我們的下一代 50,000 House of Sport，它徹底改變了我們最典型的 50,000 平方英尺 DICK'S 商店；和高爾夫銀河表演中心。 Navdeep 將分享有關 House of Sport 引人注目的單位經濟效益的更多細節。

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團隊成員，感謝他們為我們的業務帶來了另一個強勁的一年，並感謝他們的熱情、辛勤工作和奉獻精神。在 DICK'S，我們的員工讓我們變得偉大，如果沒有我們出色的團隊，我們就不可能有今天的成就。

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，我將首先將電話轉給 Navdeep，分享有關我們的財務表現、2024 年展望和資本配置的更多詳細資訊。

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。讓我們先回顧一下 2023 年全年業績的一些亮點，這一年為期 53 週。綜合銷售額成長 5%，達到 129.8 億美元，其中第 53 週銷售額為 1.7 億美元。在 52 週可比基礎上，我們的比較增長了 2.4%，我們繼續獲得市場份額。我們的比較是由交易量增長 1.6% 和平均門票增長 0.8% 推動的。

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%，較去年增加 36 個基點。這一增長是由供應鏈成本降低所推動的，槓桿率提高了 80 個基點。這被商品利潤率下降 53 個基點所部分抵消，這完全是由於損耗率上升所致。需要明確的是，如果沒有收縮帶來的阻力，我們的商品利潤率將會持平。 。

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 GAAP 息稅前利潤為 14 億美元，佔淨銷售額的 10.8%，非 GAAP 攤薄後每股收益為 12.91 美元，包括第 53 週的 0.19 美元。在 52 週可比基礎上，我們的非 GAAP 攤薄每股收益為 12.72 美元。相比之下，2022 年非 GAAP 攤薄每股收益為 12.04 美元，在 52 至 52 週的基礎上增長了 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有利影響，我們 2023 年的稅率低於典型稅率。與前一年相比，這對稀釋後每股收益產生了 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.

正如我們在之前的電話會議中所討論的那樣，為了繼續推動我們的長期成長，在2023 年下半年，我們採取了行動，更好地調整我們的人才、組織設計和支出，以支持我們最關鍵的策略，同時簡化我們的整體流程。成本結構。這包括改變我們的資源和組織結構（主要是在我們的客戶支援中心）的行動，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 的營運整合到公共土地中，並根據我們先前的預期做出了有關戶外庫存分類的決策。此外，我們也對戶外專業業務的商店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.

我們在第四季完成了業務優化審核。 2023 年全年，我們總共產生了 8,480 萬美元的稅前費用。這些費用已包含在我們 12.18 美元的 GAAP 稀釋每股收益中。有關更多詳細信息，您可以參閱今天上午發布的新聞稿表格中的非公認會計準則對帳表。

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.

現在轉向我們第四季的結果，其中也包括額外的一周。我們非常高興地報告，綜合銷售額成長了 7.8%，達到 38.8 億美元，其中第 53 週的銷售額成長了 1.7 億美元。以 13 週可比計算，這是該公司歷史上最大的銷售季度。同樣在 13 週可比較基礎上，我們的比較在去年同期成長 5.3% 的基礎上成長了 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.

我們強勁的業績得益於統一交易的平均門票增長 2.8%。在我們的投資組合中，我們對主要假日類別的表現非常滿意，但由於天氣溫暖而被外套業務的表現適度抵消。

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%，較去年同期成長 213 個基點。這一同比擴張較第三季連續改善，符合我們的預期。第四季毛利率的成長是由商品利潤率提高 124 個基點以及供應鏈成本和占用成本槓桿降低所推動的。商品利潤率的成長主要是由我們的品種品質和有利的銷售組合所推動的。這被約 50 個基點的較大收縮所部分抵消，與上一季一致。

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，SG&A 費用成長 12.6%，達到 9.158 億美元，佔淨銷售額的 23.63%，與去年相比，去槓桿化程度降低了 102 個基點。正如我們在先前的電話會議中所強調的那樣，第四季度和2023 年全年的同比去槓桿化是由我們對時薪、人才和技術的投資推動的，以創造更好的運動員體驗以及行銷投資。我們的業務優化行動節省的資金有助於抵消這些投資。在我們強勁的銷售和更高的毛利率的推動下，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，佔淨銷售額的 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.

總的來說，我們本季的非 GAAP 攤薄每股收益為 3.85 美元，其中包括第 53 週的 0.19 美元。在 13 週可比基礎上，我們的非 GAAP 攤薄每股收益為 3.66 美元。相比之下，2022 年非 GAAP 攤薄每股收益為 2.93 美元，在 13 至 13 週的基礎上增長了 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，我們因業務優化而產生了 3,230 萬美元的稅前費用。這些費用已包含在我們 3.57 美元的 GAAP 攤薄收益中。有關更多詳細信息，您可以參閱今天上午發布的新聞稿表格中的非公認會計準則對帳表。

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，我們擁有約 18 億美元的現金和現金等價物，並且我們的 16 億美元無擔保信貸額度沒有借款。我們的年末庫存水準比去年增加了 1%。我們相信我們的庫存乾淨且位置良好。事實上，我們的清倉滲透率在今年是有史以來最低的。

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

轉向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。 2024 年，我們預期銷售額和獲利能力都會成長。預計綜合銷售額將在 130 億美元至 131.3 億美元之間。我們預計可比商店銷售額成長在 1% 至 2% 範圍內。 EBT 利潤率計劃為 10.9% 的中點。我們預計毛利率約為 35%，與 2023 年非 GAAP 業績一致。在此範圍內，我們預計商品利潤率將小幅擴大，但隨著我們投資重新定位投資組合，入住率去槓桿化將抵消這一影響。與 2023 年非 GAAP 業績相比，SG&A 費用預計將適度槓桿化，這是由於我們持續關注提高生產力和降低可自由支配成本以及業務優化行動的預期收益。

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將在 12.85 美元至 13.25 美元之間。我們的獲利指引是基於約 8,300 萬股平均稀釋後流通股和約 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.

在我們建立 2024 年模型時，我想指出一些我們預計會影響財務績效可比性的因素。首先，請記住，2023 年多出的一周將導致日曆變更。因此，當我們報告同業銷售結果時，我們會將 2024 年第 1 週到第 52 週與 2023 年第 2 週到第 53 週進行比較。我們預計這種轉變不會對全年同業銷售產生重大影響。然而，我們確實預計我們報告的銷售額將受到上半年日曆調整的正面影響，並在下半年抵銷。

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 House of Sport 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，我們將從第二季度開始週年紀念。最後，請記住，由於員工股權獎勵和行使的歸屬帶來了有利影響，我們 2023 年第一季的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優先事項。投資我們的業務以推動獲利的有機成長仍然是我們的首要任務。正如勞倫所說，到2024年，我們將增加資本投資來推動我們的業務向前發展。

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，我們的資本分配計畫包括約 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，這些投資將集中在現有商店的商店成長、搬遷和改進，以及對技術和供應鏈擴張的持續投資。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 個新地點。隨著我們提升門市組合，其中 7 家計劃對現有 DICK'S 門市進行搬遷或改造，並在波士頓保德信中心開設 1 家新店。我們預計將開始建造約 15 個體育之家地點，並計劃於 2025 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.

我們也將在 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 DICK'S 商店搬遷或改造為這種創新的新業態，並開設 4 家新店。在我們的足跡中，我們將添加大約 50 個優質全方位服務鞋櫃，將這種高雅的運動員外觀帶到我們近 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 Golf Galaxy 業務的足跡，並計劃開設 10 個 Golf Galaxy 表演中心。作為其中的一部分，我們將重新定位或改造現有的五家高爾夫銀河商店，使其成為這種沉浸式新格式，並開設五個新的高爾夫銀河表演中心地點。

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 年我們的佔地面積將增加約2%，這是我們自2017 年以來最顯著的擴張。最後，我們計劃在2026 年開始建造新的區域配送中心。這個新的配送中心將發揮重要作用在支持我們業務的長期成長方面發揮作用。

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 場所。正如您將在幻燈片中看到的那樣，對於新的 House of Sport，我們預計第一年的全通路銷售額約為 3500 萬美元，盈利能力非常強勁，目標是 EBITDA 利潤率約為 20%。就資本而言，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 商店投資將獲得可觀的回報，我們的目標是第一年全通路銷售額約為 1,400 萬美元，可比 EBITDA 利潤率約為 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.

我們也仍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 10 億美元，同時繼續投資於業務的獲利性長期成長。所有這一切的基礎是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，我們宣布將季度股息增加 10%，年化股息為每股 4.40 美元，或每季 1.10 美元。繼去年增加 105% 的基礎上，這標誌著我們的股東連續第十年受益於股息增加。此外，我們的 2024 年計劃包括預計回購 3 億美元的股票，這已包含在我們的 EPS 指導中。像往常一樣，我們將直觀地關注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.

至此，我將把它轉回 Lauren 來回顧一些將推動我們 2024 年及長期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，納維迪普。展望 2024 年，我們的重點是透過在全通路運動員體驗中進行創新、策劃引人注目的差異化產品組合、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.

產業領導者不斷以實力為基礎進行創新，使自己處於領先地位。秉持這種心態，我們今年和未來幾年成長策略的關鍵部分是透過 house of Sport 和下一代 50,000 DICK'S 商店重新定位我們的產品組合和體驗，繼續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。自從我們在 2021 年開設第一家門市以來，這個高度體驗式的目的地為我們的運動員、品牌合作夥伴和社群帶來了強烈的參與度，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 的路程更遠，在店內停留的時間更長，訪問頻率也更高。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豐富的產品系列，而新興品牌則將其視為成長平台。

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.

House of Sport 現已開放 12 家，我們期待在 2024 年再開設 8 家。下個月，我們很高興能在我們的家鄉匹茲堡和波士頓市中心的保德信中心開設一家 House of Sport 。我們將透過高影響力的行銷來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.

憑藉 Navdeep 概述的引人注目的經濟學，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，我們預計將在全國擁有 75 至 100 個 House of Sport 地點。其中絕大多數是將現有 DICK'S 商店搬遷或改建為 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，我們正在繼續創新我們的下一代 50,000，這徹底改變了我們最典型的 50,000 平方英尺的 DICK'S 商店。受到 House of Sport 的啟發，這家商店擁有類似的提升品類和服務模式、優質體驗和增強的視覺表現力，並且這種形式取得了良好的效果。

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.

我們在2023 年開設了11 家下一代50,000 家門市，並很高興在2024 年開設另外16 家門市。House of Sport 和我們的下一代50,000 家的這一二沖床是我們DICK'S 商店的未來，並將成為我們運動員的全通路體驗。

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，我們將 Golf Galaxy 的足跡擴大到了 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，該中心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 年開設另外 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，我們在行銷方面進行投資，以提高市場份額，並以讓高爾夫球手難忘且容易產生共鳴的方式提升 Golf Galaxy 品牌認知度。 2023 年，美國的高爾夫球場數創下歷史新高，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因素時，提及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進行大賭注，同時積極尋求與新興品牌合作。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有意義的吸引力。

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，我們希望在第四季度行銷活動取得成功的基礎上，持續專注於家庭、價值和運動。我們與僅次於 Nike 的第二大女裝品牌 CALIA 最近推出了 Inspire 系列。這是我們迄今為止用途最廣泛的系列，採用創新布料。我們透過一項活動來支持這一重要的發布，該活動將 CALIA 獨特地定位為體現力量和美麗的高性能品牌。

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，我們繼續看到全通路運動員的成長，他們比單通路運動員在我們這裡花費更多，購物更頻繁。作為其中的一部分，我們繼續快速提高我們的能力，將產品快速送到運動員手中。在整個 2024 年，我們將透過與一線名人合作的營銷活動來提高 dicks.com 的關注度，並添加一些幽默，使其真正令人難忘。

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，GameChanger（我們擁有的另一項極其強大的數位能力）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、追蹤統計數據並分享各年齡層運動員影片集錦的首選目的地。

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 萬支團隊使用 GameChanger 捕捉了 700 萬場比賽的精彩時刻並創建了 1.1 億個精彩片段。事實上，GameChanger 在春季的一個月內報導的比賽數量比整個美國職棒大聯盟歷史上的比賽數量還要多。

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.

作為一個經常性收入軟體即服務平台，Gamechanger 利潤豐厚，自 2017 年以來銷售額複合年增長率超過 35%。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 家族是 DICK'S Sporting Goods 最有價值的客戶之一。同時擁有 DICK'S 記分卡的 GameChanger 客戶每年在 DICK'S 的支出比一般記分卡會員高出 2 倍以上。客戶每月訪問該應用程式的次數超過 13 次，我們相信 DICK'S 有大量機會以獨特而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，我們相信體育有改變生活的力量，我們這項工作的目標是明確傳達我們是誰以及我們代表什麼。我們對第一年的成果以及活動與我們的運動員產生共鳴並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方式。

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眼前的機會非常樂觀。我們對 2023 年的成果和成就感到非常滿意，特別是我們在推進 House of Sport、我們的下一代 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。我們正在繼續創新我們的全通路方法，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。我非常自豪能夠與我們公司各部門的這樣一個才華橫溢、積極進取的團隊一起工作，從商店到我們的公司團隊，到我們的配送中心，到我們的 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.

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

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

（操作員說明）您的第一個問題來自摩根士丹利的 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率和成長。這項業務看起來已經重新定位，現在體育之家也加入進來，這聽起來對成長和利潤率都非常積極。很好奇從現在開始我們應該如何思考業務。您是否從獲利成長的角度考慮？或者我們是否應該考慮利潤成長並使這也成為一個利潤故事？

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，西蒙。我們對我們業務的發展勢頭感到非常興奮，第四季度剛結束，我們的成長率為 2.8%，高於 5.3%。展望今年，我們將推動整體營收、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.

我認為利潤故事的關鍵驅動因素實際上是我們繼續獲得並擴大獲得的差異化產品。該產品引起了運動員的共鳴，它創造了新鮮感和創新，並給人一種能量儲存的感覺。它還使我們能夠在剛剛過去的第四季度，在一個相當促銷的環境中，我們能夠在不需要過度促銷的情況下進行導航。事實上，我們的毛利率提高了 200 個基點。

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，House of Sport 是一個很好的槓桿，它使我們能夠為運動員提供完全身臨其境的體驗。我們有攀岩牆、田徑場以及大量優質服務和視覺呈現。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。我們可以在我們的 Co Lab 空間中以非常令人興奮的方式將品牌帶入生活，因此使我們能夠推動更深入的合作夥伴關係並獲得更多新的和不同的產品。總的來說，對長期利潤率故事非常有信心。

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。我會解釋一下，但我不希望它成為我的後續內容。但換句話說，聽起來像是在未來，利潤率和獲利成長的結合。這不僅關係到美元的成長，也關係到利潤率的擴大。

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?

然後我的後續行動是，考慮您在 2024 年銷售的類別中的行業和市場份額，這很難，因為我們沒有看到行業成長的明確基準。但你認為這個產業會成長嗎？我們是否達到了某種正常的產業複合年增長率和市佔率複合年增長率？在接下來的幾年裡，我們該如何考慮這個問題？

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，我們的策略是繼續獲得該行業的市場份額，我們正在透過多種方式做到這一點。我們正在利用我們已經討論過的策略支柱來做到這一點，無論是差異化產品；我們對運動員經驗的投入；我們對品牌的投資和隊友的經驗，這確實是我們擁有的令人難以置信的資產，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，當我們看到成長時，我們發現它來自市場份額的成長。我們也正在重新構想我們的產品組合，以便我們將擁有20 個House of Sports 和27 個新原型，涵蓋我們的50,000 個新體驗，這確實是House of Sport 的一個顛覆，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，為了直接回答你的問題，我們並不指望類別的大幅成長，因為我們認為我們有很大的動力來推動份額。

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，我會以勞倫所說的為基礎。如果你看一下，你會發現整個產業價值 1400 億美元，而且高度分散。我們今天重申的是，我們的核心策略運作得非常好，實際上，我們的市場佔有率在 2023 年增加了近 50 個基點。我們發布的結果以及核心策略以及這些核心策略的實施方式非常令人興奮與我們的運動員產生共鳴。

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.

我要在 Navdeep 的評論中添加最後一件事，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，去年我們也看到了這一點，我們沒有看到從最好到更好、從更好到好的折衷。我們看到所有收入人口的成長。所以我們確實有一個健康的消費者，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?

恭喜本季和本年度，執行力非常出色。所以勞倫，我將堅持體育之家的觀點，即四面牆 EBITDA 高於核心。到底是什麼——我知道你之前提到過這一點。但您能描述一下收入模式嗎？我猜，有多少是來自商品，主要是來自服務？我認為裡面的商品聽起來更好、最好。那麼，與核心 DICK'S 相比，House of Sports 有多少是排他性和差異化的？

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，就像風景一樣。所以這裡有兩件事。您能否先討論一下您在 2024 年看到的創新水平和趨勢？其次，鑑於庫存水準相當低，您能否談談補貨的需求和潛力？

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，請務必注意，我們所有的核心策略都以撥號方式實現。因此，我們的差異化產品、我們在那裡的訪問權限、服務模式、體驗，都以非常奇妙的方式實現。

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.

我們的絕大多數收入仍然來自產品。顯然，我們也有服務收入，但這是典型的商業模式。我認為真正的推動因素是運動員的反應方式。我們的運動員開得更遠，他們來得更頻繁，他們在到達體育之家時花了更多的時間。整體而言，每平方英尺的銷售額因此更高。所以這確實是我們的核心商業模式，而且確實得到了提升。

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.

我將首先回答您向 Navdeep 提出的問題，即 2024 年的新穎性和創新。我們真的很興奮。我想說，如果你現在走進我們的商店，你就能看到我們的春季套裝。你可以看到，在軟裝、硬裝和團隊運動方面，我們對不斷湧現的創新以及我們增加獲得人們反應的一些非常熱門產品的機會感到非常興奮——運動員們也做出了反應真的很好。

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

Navdeep，我會把庫存問題轉給你。

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.

艾德麗安娜，謝謝你的提問。我們對 2023 年完成的整體庫存和庫存品質非常滿意。我們的庫存僅成長了約 1%，而銷售額卻成長了 5%。正如我們今天早上重申的那樣，我們的重點是保持庫存乾淨和定位良好，這是公司的核心宗旨和核心策略，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 Lauren 所說，市場上有許多創新和新事物可供我們使用，不僅來自國家品牌，還來自新興品牌。因此，深入研究後，我們對春季品種以及我們在 House of Sport 和下一代 50,000 個門市中看到的更多品種感到非常興奮。

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將我們已經收到的一些不同評論和問題匯總在一起。如您所想，您為這兩個概念給出了 EBITDA——4 壁 EBITDA 利潤率。能談談商品利潤嗎？聽起來好像更高了。您如何看待損益表中的其他項目？入住成本高嗎？那麼實際經營商店的成本又如何呢？就試圖了解細目以達到 20% 的 4 壁 EBITDA 利潤率而言。與現有的盒子相比如何？

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，非常高興能夠分享我們 House of Sport 門市和我們下一代商店 50,000 的經濟效益。這是人們一直以來的要求，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學。

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.

讓我們從頂行開始。真的很高興看到，首先，由於我們在這些市場上擁有強大的品牌意識和品牌定位，我們的商店已經完全成熟。 House of Sport 門市以全通路開業，總銷售額近 3,500 萬美元，下一代 50,000 美元銷售額近 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.

就像我認為您指出的那樣，我們在這兩個盒子之間具有可比的 EBITDA 利潤率。正如您所預料的那樣，利潤率和 SG&A 之間會發生一些相互作用。您可以在 House of Sport 地點獲得更多的高級體驗，因此，其中有一些更高的服務等級。但該服務還附帶與之相關的收入，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——我認為你已經要求入住了。我們投入了更多的資本投資，因此會影響折舊。但是，當你看看整體情況，即我們正在推動的營運或 EBITDA 利潤率時，我們對我們正在推動的回報以及我們從這兩個方面帶來的強勁盈利能力感到非常非常滿意。

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——我想，勞倫，你之前說過這一點。基本上，這是繼續獲得份額的下一種槓桿。組成部分可能會有所不同，但最終，利潤回報是可比的，這是繼續成長的機會。

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，我將在我們一直所說的基礎上繼續發展，即財務回報是巨大的，但更好的是這個整體概念不僅與我們的品牌合作夥伴、我們的運動員以及社區產生了很好的共鳴。這就是我們所認為的差異化的長期驅動力，即獲得更好的准入，為我們提供更多分配的產品，讓新興品牌來找我們並希望在這些真正、真正的體驗目的地與我們合作。這就是我們認為 DICK'S Sporting Goods 真正的差異化因素。

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。我的後續行動是，Navdeep，您談到了第一季的一些特殊阻力。也許就在那裡——也許你可以把這些都放在一起嗎？我們是否應該以某種方式考慮投資以及這將如何影響 SG&A？您談到了毛利率的下降。您仍然預期商品利潤率會上升嗎？所以也許第一節的一個更好的點。

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。我們今天在準備好的評論中給了一些評論。首先，我將從銷售開始，對嗎？我們將調整日曆，因此對我們的總銷售收入總收入會有一點影響，但當您考慮調整比較基礎時，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.

我們所做的只是提醒一下，我們在 2023 年第二季度看到了收縮水平的升高。所以在第一季度，我們還沒有做到這一點。因此，當你們都在建模時，記住這一點會很有幫助。另一個是稅率。如果您還記得，與我們的標準化稅率相比，我們第一季的稅率要低得多，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目前正在進行的一些令人興奮的品牌活動，這些活動與我們推出 CALIA Inspire 系列相關的品牌活動以及我們的 dicks.com 活動有關。所以我們正在對此進行投資。此外，我們將在第一季在匹茲堡羅斯公園購物中心和保德信中心之間開設兩個非常令人興奮的 House of Sport 地點。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，開業前的費用水平略有提高，也許我會對此提出更具體的觀點。

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 Kate McShane。

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.

我想詢問是否有更多有關第四季鞋類、服裝和強硬產品表現的詳細資訊。

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，你們為 House of Sport 所做的搬遷是否會對 2024 年比賽指南產生任何影響。

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，上個季度的複合成長率為 2.8%，我們看到所有關鍵類別均出現成長。因此，鞋類、服裝以及一些關鍵的硬裝類別都有成長。所以這確實是全面的。唯一柔軟的地方是寒冷的天氣沒有像我們希望的那樣到來，因此外套有些柔軟。但總體而言，我們的核心類別成長確實強勁。

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

我將把它轉給 Navdeep 來回答下一個問題。

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，就比賽指導而言，總體而言，正如我們所說，由於日曆發生了變化，當您查看它時，對比賽節奏本身沒有重大影響。然而，請記住，去年，我們將八個組合地點改建為 House of Sport，這些地點在去年上半年關閉。因此，我們預計上半年的業績將略強於下半年。

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

但今年搬遷後，關店不會有任何影響嗎？

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

不。我們不會像去年那樣進行封閉式改造。

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羅比·歐姆斯 (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?

很棒的季度，感謝所有關於商店經濟的評論。真的很感激。就第四季而言，有一些後續行動。您能為我們介紹一下第四季數位交易與店內交易的情況嗎？店內交易是否積極？

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。我們並不是在整體上指導數位化與店內化。第四季交易量持平，大部分成長來自門票。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，從全通路的角度來看，兩年的交易成長確實非常強勁。數位業務仍然非常強勁，但我們不會討論更多細節。

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

然後是您為 2024 年提供的補償指南。我們應該如何考慮門票與交易部分？

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，我們不會再細分了。我真的很興奮——能夠在去年 2.4% 的基礎上提供積極的指導。我們的重點仍然是推動業務的銷售和獲利成長。

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.

總體而言，今年我們確實實現了——如果你看看 2.4% 的話，大部分成長確實來自交易成長。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?

然後簡單澄清一下。關於 - 對於商店經濟模型，當你們說全通路銷售時，是不是 - 是 - 是由商店完成的網路銷售嗎？運動還是新開的 50,000 家商店？

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，就是這樣。不僅僅是商店透過運動員走進的商店來實現。甚至由商店實現的全通路銷售或數位銷售也包括在內，因為這就是我們所看到的商店的 4 牆績效，包括我們的團隊成員在履行全通路訂單方面所做的工作。

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。商店正在履行超過 80% 的電子商務訂單，如果算上實體店的話，則為 90% 的全面訂單。因此，將其視為全通路銷售是合適的。

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

你的下一個問題來自布萊恩·內格爾和奧本海默的對話。

Congrats on another nice quarter.

恭喜又一個美好的季度。

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——不久前我們談論了很多關於收縮的問題。看看你今天評論中的結果，似乎你在擁抱心理醫生方面做得很好。我的問題是，當我們現在展望 2024 年時，我們應該如何考慮縮減的軌跡或 DICK'S 正在進行的緩解縮減的努力？

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，我們確實覺得自己適合接受心理諮商。我們一直在做更多的庫存脈衝，我確實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準備金。

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，我們正在採取很多措施來緩解這種情況。我們正在與防損和當地執法部門合作，並將高損耗產品移至商店後面。所以我們有很多事情要做。但整體而言，我們還是適當保留的。

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，我認為這是前一個問題的後續問題。但僅就交易成長而言。因此，DICK'S 在推動交易成長方面做得非常出色，您顯然在大多數這樣做的零售商中脫穎而出。

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?

您正在認識到業務和銷售等方面發生的所有變化。但有什麼可以幫助我們更好地理解交易成長的潛在驅動因素嗎？您是否看到整個鏈條（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，我真的認為交易成長與我們的差異化產品和我們擁有的訪問權限等因素有很大關係。但最重要的是，當運動員進入我們的商店、我們的團隊或線上購物時，我們的團隊正在努力讓全通路的運動員體驗真正令人滿意，他們正在那裡取得巨大進步。然後，我認為這個品牌以及我們是一個非常基於我們的價值觀的品牌這一事實，我們繼續談論運動的力量。因此，所有這些因素共同作用並推動強勁的交易。

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，我要補充一個事實，如果你看看 2023 年和第四季度，我們在 2023 年增加了 700 萬新運動員。僅在第四季度，我們就增加了 200 萬新運動員。回到勞倫的觀點，我們擁有的運動員資料庫，我們圍繞著個性化和忠誠度所做的工作以及我們的記分卡計劃，除了擁有合適的產品之外，我們還有能力去解決和討論這些問題我們商店的功能類型和產品可用性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 John Kernan 和 TD Cowen。

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?

祝賀又一個偉大的一年。我想你說的是體育之家，他們在成熟時開放。如果 House of Sport 和下一代 50,000 平方英尺商店成熟時開業，我們如何看待它們的補償貢獻？我們如何看待它們，即第二年及以後的補償貢獻？

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，所以我將從第二部分開始討論第二年的成長情況，即補償貢獻。這一直是問題之一。我們對所看到的結果非常樂觀和充滿信心。

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。我們店裡有兩家店分別是2021年和2022年開業的，其實已經算了第二個完整的年度了。我們看到的是，到 2023 年，他們實際上在第二年再次實現了銷售成長。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.

就補償貢獻以及我們搬遷時的機會而言，比方說，一個50,000 或80,000 個盒子從某個地方變為1900 萬美元至2000 萬美元，接近3500 萬美元的全渠道銷售額，這就是我們的補償貢獻也真的很興奮。

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——如果我不添加我們能夠透過這些事情獲得的差異化產品，透過下一代 50,000 或住宅或體育位置，我將是失職的，這使我們能夠將創新和新穎性向下級聯進入我們的— —以及普通的DICK'S 商店，使我們能夠繼續提升商店的整體產品組合以及我們從這些商店中看到的業績。

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級。我認為紡織品、服裝、鞋類將佔今年業務的 60% 左右。這與歷史上的情況並沒有太大不同，但我認為我們都可以看到供應商的分配已經明顯改善。自有品牌產品也明顯增加。我認為這使得商品利潤率自新冠疫情之前的水平以來擴大了 255 個基點。我們該如何看待未來的商品利潤？特別是目前所有的紡織品類別似乎都在提升。

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推動力。我們相信，這將繼續成為最大的推動力之一。駕駛者。

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.

我們在內部經常談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在 2024 年推出的 CALIA Inspire 產品方面所做的一些工作。DSG 品牌與我們的運動員產生了很好的共鳴。事實上，我們現在有一個關於 DSG 品牌的始終在線的信息。因此，Softline 垂直品牌產品與我們的運動員產生了很好的共鳴。

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，垂直品牌並繼續致力於實現 20 億美元的長期目標，將成為近年來利潤率的另一個重要推動力，我們也期待未來的發展。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，我們將繼續致力於我們所依賴的相同事物，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－－全面的。這不是——這裡不僅僅是一個軟線故事。我們專注於整個投資組合的利潤收益。

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.

很棒的季度。我想知道您是否可以分享您所看到的份額收益以及其可能來自何處的更多想法。就像是這樣——我只是很好奇，我的意思是，你們繼續執行得這麼好。也許你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，由於我們差異化的經驗、我們產品組合的重新構想以及我們提供的經驗，我們正在獲得市場份額。我認為它來自很多地方。隨著我們繼續獲得差異化的產品，我相信這種情況將會繼續出現。

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。然後只是快速進行一些不相關的後續行動。但就貨運而言，我認為這對你們來說是順風車。我們什麼時候會做些什麼？此外，您是否看到與紅海、巴拿馬運河問題等全球供應鏈網路中正在發生的事情相關的未來成本壓力？

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，Joe，就像您在 2023 年所說的那樣，我們看到了貨運的順風車。展望 2024 年，我們目前預計不會有任何順風或逆風。但就你而言，我們肯定正在評估目前世界各地不斷變化的局勢。但總的來說，我們對庫存狀況感覺良好，我們將繼續監控整體情況的演變。

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方面的分類。因此，首先，如果您考慮某種大型全球品牌與小型品牌或您自己的自有品牌，那麼當您建立一些較新的概念時，這種混合會如何傾斜？從對先前問題的回答來看，垂直品牌滲透率將從這裡開始上升。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。沃倫，我想說，我們很興奮，全面，對吧？我們與民族品牌的合作關係達到歷史最高水準。我們不僅繼續提高我們的服務水平，而且還不斷提高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，無不希望紮根於運動。因此，當他們尋找一個不僅能夠將其全系列和廣泛的產品帶入生活，而且實際上能夠在全國範圍內實現這一點的合作夥伴時，我們就是他們的目的地。因此，我們繼續看到非常強烈的合作夥伴關係和興趣，以及進入我們商店的創新和新穎。

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 On、HOKA 和 Free People Movement 等一些新興品牌感到非常興奮。我們看到了不僅有機會繼續與這些品牌建立更深入的合作關係，而且還將這種關係​​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，我們對今年所做的發布以及 2024 年將推出的更多內容感到非常興奮。

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，當您轉向這些新概念時，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。很好奇您是否可以向我們提供您對這一水平以及將影響今年過去的利潤率的持續驅動因素的看法。

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。但我們一直所說並且始終如一地交付的是這樣一個事實：我們有信心推動公司的長期銷售和盈利能力，並依靠勞倫今天制定的核心戰略。因此，我們將繼續執行並對我們提供的指導充滿信心，以便能夠在 23 年發布的 2.4% 的強勁競爭基礎上，在 2024 年推動積極的競爭。

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將來自 Mike Baker 和 D.A.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。我想問戶外概念的後續情況。您談到了更大的重組或改變那裡的一些事情。但更具體的是，那裡的商店數量有什麼計畫？你要關閉那些商店嗎？從長遠來看，您歷史上的戶外業務已經經歷過幾次迭代。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，我們仍然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，我們有機會在服務、產品體驗以及我們可以提供的整體產品類別方面實現類似的差異化。

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，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，以便能夠推動該業務的長期盈利能力。我們所呼籲的業務優化行動實際上是在合理化我們所做的一些投資。

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——我們正在關閉 Moosejaw 門市，但我們對未來的業務充滿信心，我們將繼續評估該空間。但總體而言，從長遠來看，我們繼續對戶外領域的機會保持信心。

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。一項快速跟進。我可能錯過了。只是想找個號碼而已。您有告訴我們建造50,000家商店的成本是多少嗎？所以我認為你給了我們銷售和 EBITDA 利潤率。我可能錯過了，我沒有聽說建造成本以及現金回報。

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。事實上，麥克，這兩個指標都在我們投資者關係網頁上的幻燈片中，包括淨資本投資、庫存，以及預開業和現金回報。

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。欣賞顏色。

We appreciate the flexibility on joining us early here.

我們感謝您儘早加入我們的靈活性。

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。我現在將把電話轉給總裁兼執行長 Lauren Hobart 致閉幕詞。

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，也謝謝您對迪克體育用品的興趣。我想向我們的 50,000 名隊友大聲喊叫，他們是我們取得這些令人難以置信的成績的真正原因。

Thank you all very much. See you next quarter.

非常感謝大家。下季見。