DICK'S Sporting Goods Inc (DKS) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the DICK'S Sporting Goods First Quarter 2024 Earnings Conference Call. (Operator Instructions) Thank you.

感謝您的耐心等待，歡迎參加 DICK'S 體育用品 2024 年第一季財報電話會議。 （操作員說明）謝謝。

I'd now like to turn the call over to Nate Gilch, Senior Director of Investor Relations. You may begin.

我現在想將電話轉給投資者關係高級總監 Nate Gilch。你可以開始了。

Good morning, everyone, and thank you for joining us to discuss our first quarter 2024 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors.dicks.com for approximately 12 months.

大家早安，感謝您加入我們討論我們 2024 年第一季的業績。我們的總裁兼執行長 Lauren Hobart 出席今天的電話會議；以及我們的財務長 Navdeep Gupta。今天電話會議的回放將在我們的投資者關係網站 Investors.dicks.com 上存檔約 12 個月。

As a reminder, we'll be making forward-looking statements that 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 as well as cautionary statements made during this call.

提醒一下，我們將做出前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類聲明應與我們的收益發布中的警告聲明以及我們向SEC 提交的文件中的風險因素討論結合起來考慮，包括我們上一份10-K 表格年度報告以及本次電話會議期間做出的警告聲明。

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.

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, as we previewed on our last earnings call, beginning this quarter, we have revised our comparable sales calculation to include revenue from our GameChanger business.

最後，一些管理項目。首先，正如我們在本季開始的上一次財報電話會議上預覽的那樣，我們修改了可比銷售額計算，以包括來自 GameChanger 業務的收入。

Second, beginning this quarter, we have included grand opening advertising costs within preopening expenses. These onetime costs incurred in connection with opening new stores were historically presented within SG&A, part of advertising costs. We have reclassified prior period amounts to conform to our current year presentation.

其次，從本季開始，我們已將開業廣告費用納入開業前費用中。這些與開設新店有關的一次性成本歷來在 SG&A 中列出，作為廣告成本的一部分。我們對前期金額進行了重新分類，以符合我們本年度的表述。

And finally, for your future scheduling purposes, we are tentatively planning to publish our second quarter 2024 earnings results on September 4, 2024.

最後，出於您未來的安排目的，我們暫定計劃於 2024 年 9 月 4 日發布 2024 年第二季財報結果。

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

現在，我將把電話轉給勞倫。

Thank you, Nate, and good morning, everyone. We're incredibly proud of our strong Q1 results, which demonstrate how well our strategies are working. Powered by our compelling omnichannel athlete experience, differentiated product assortment, deep engagement with the DICK'S brand and our focus on providing a best-in-class teammate experience, we continued our momentum from the fourth quarter. Our execution on these strategic pillars is driving continued market share gains.

謝謝你，內特，大家早安。我們對第一季的強勁業績感到非常自豪，證明了我們的策略正在發揮作用。憑藉我們引人入勝的全通路運動員體驗、差異化的產品種類、與 DICK'S 品牌的深入合作以及我們專注於提供一流的隊友體驗，我們從第四季度開始延續了這一勢頭。我們對這些策略支柱的執行正在推動市場佔有率的持續成長。

For the first quarter, our sales increased 6.2% to just over $3 billion. Adjusting for the calendar shift, our comps increased 5.3%, which was on top of a 3.6% comp last year. This strong comp was driven by growth in transactions and in average ticket.

第一季度，我們的銷售額成長了 6.2%，略高於 30 億美元。根據日曆變更進行調整後，我們的比較增加了 5.3%，高於去年的 3.6%。這種強勁的競爭是由交易量和平均票價的成長所推動的。

During the quarter, we saw more athletes purchase from us, and they spent more each trip compared to the prior year. Our first quarter gross margin expanded 10 basis points, and we achieved double-digit EBT margin of over 11%. In total, we delivered Q1 EPS of $3.30.

在本季度，我們看到更多的運動員從我們這裡購買商品，而且與前一年相比，他們每次旅行的花費都更多。我們第一季的毛利率擴大了 10 個基點，EBT 利潤率達到兩位數，超過 11%。總的來說，我們第一季的每股收益為 3.30 美元。

Today, we are raising our full year outlook to reflect our strong Q1 results. We now expect comp sales growth for the year to be in the range of 2% to 3% and EPS to be in the range of $13.35 to $13.75.

今天，我們上調全年展望，以反映我們強勁的第一季業績。我們現在預計今年的銷售成長率將在 2% 至 3% 之間，每股收益將在 13.35 美元至 13.75 美元之間。

Our emphasis on the omnichannel athlete experience is driving robust athlete engagement. We are continuing to enhance service levels across all our digital and store experiences to meet our athletes wherever they are, provide the support and service they need and get product into their hands faster.

我們對全通路運動員體驗的重視正在推動運動員的積極參與。我們將繼續提高所有數位和商店體驗的服務水平，以便隨時隨地滿足我們的運動員的需求，提供他們所需的支援和服務，並更快地將產品送到他們手中。

During Q1, we continued to see growth in our omnichannel athletes, our strongest athletes, who spend more with us and shop more frequently than single-channel athletes. As we've talked about previously, our significant investments to reposition our portfolio are key to delivering an elevated omnichannel athlete experience. We expect House of Sport and our next-generation 50,000 square foot DICK'S store to drive robust omnichannel athlete engagement and generate strong sales and profitability.

在第一季度，我們繼續看到全通路運動員（我們最強大的運動員）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。正如我們之前所討論的，我們為重新定位產品組合而進行的重大投資是提供提升的全通路運動員體驗的關鍵。我們預計 House of Sport 和我們下一代 50,000 平方英尺的 DICK'S 商店將推動全通路運動員的強勁參與，並產生強勁的銷售和盈利能力。

During Q1, we opened 2 House of Sport locations and are excited to open 6 additional locations this year. We also opened 2 next-generation 50K locations during the first quarter and look forward to opening an additional 14 locations throughout 2024.

第一季期間，我們開設了 2 個 House of Sport 地點，很高興今年能再開設 6 個地點。我們也在第一季開設了 2 家新一代 50K 門市，並期待在 2024 年全年再開設 14 家門市。

We continue to be very pleased with the results of these exciting DICK'S concepts. This one-two punch of House of Sport and our next-generation 50K format, combined with the elevated omnichannel experience our teammates are bringing to light throughout our entire portfolio, is the future of DICK'S.

我們仍然對這些令人興奮的 DICK'S 概念的成果感到非常滿意。 House of Sport 的一打二打和我們的下一代 50K 格式，再加上我們的隊友在我們整個產品組合中帶來的提升的全渠道體驗，是 DICK'S 的未來。

We're also growing our Golf Galaxy Performance Centers, an immersive experience for golf enthusiasts of all levels, and opened 3 new locations during the first quarter. We remain confident in the long-term growth opportunity in golf and are excited to bring this experience to more of golfers.

我們也正在發展高爾夫銀河表演中心，為各個級別的高爾夫愛好者提供身臨其境的體驗，並在第一季度開設了 3 個新地點。我們對高爾夫運動的長期成長機會仍然充滿信心，並很高興將這種體驗帶給更多的高爾夫球手。

Investing in our digital capabilities is central to our omnichannel success. I want to briefly talk about GameChanger, a premier live streaming, scheduling, communication and scorekeeping mobile app, where we're building the first and best place to experience youth sports.

投資我們的數位能力是我們全通路成功的核心。我想簡單談談 GameChanger，這是一款一流的直播、日程安排、通信和記分移動應用程序，我們正在其中打造第一個也是最好的體驗青少年運動的場所。

During Q1, GameChanger drove continued strong sales growth. Over 5 million unique users engaged with GameChanger, averaging approximately 30 minutes per day on the app. We saw a robust increase in usage of the app across all sports, including those that are newer to the GameChanger platform, such as basketball, football, soccer and volleyball.

第一季度，GameChanger 推動了銷售持續強勁成長。超過 500 萬獨立用戶使用 GameChanger，平均每天使用應用程式的時間約為 30 分鐘。我們發現該應用程式在所有運動項目中的使用量均出現強勁增長，包括那些較新加入 GameChanger 平台的運動項目，例如籃球、橄欖球、足球和排球。

We're excited to continue innovating within the fast-growing, multibillion-dollar youth sports technology market and strengthening our relationships with athletes and their families through GameChanger.

我們很高興能夠在快速成長、價值數十億美元的青少年運動科技市場中繼續創新，並透過 GameChanger 加強我們與運動員及其家人的關係。

Our access to differentiated on-trend products, which is our second strategic pillar, helps make DICK'S the go-to destination for sport in the U.S. We're excited about the product pipeline from our key brand partners. For example, Nike's recent Paris Innovation Summit highlighted several breakthrough products across apparel and footwear that we look forward to bringing to our athletes. Our relationships with our brand partners are stronger than ever, and the innovation of performance and style, in our opinion, has never been better.

我們獲得差異化的流行產品，這是我們的第二個策略支柱，有助於使 DICK'S 成為美國運動的首選目的地。例如，耐吉最近舉行的巴黎創新高峰會重點介紹了我們期待為運動員帶來的服裝和鞋類領域的幾款突破性產品。我們與品牌合作夥伴的關係比以往任何時候都更加牢固，我們認為性能和風格的創新也前所未有。

In addition, our flagship vertical brands DSG, CALIA and VRST are resonating very well with our athletes. They continue to outpace the total company comp growth and contribute greater margin expansion. We see a long runway for sales and profitability growth for our vertical brands.

此外，我們的旗艦垂直品牌 DSG、CALIA 和 VRST 與我們的運動員產生了很好的共鳴。它們繼續超過公司整體的成長速度，並貢獻更大的利潤成長。我們看到我們的垂直品牌的銷售和盈利能力增長還有很長的路要走。

Our teammates are a critical driver of our success, and our third strategic priority is providing a best-in-class teammate experience. This past quarter, we were named a Great Place to Work for the fourth year in a row. We remain focused on providing our teammates with the tools and technology to help them do their jobs better and driving a culture where they can develop and thrive.

我們的隊友是我們成功的關鍵驅動力，我們的第三個策略重點是提供一流的隊友體驗。上個季度，我們連續第四年被評為「最佳工作場所」。我們仍然專注於為我們的團隊成員提供工具和技術，幫助他們更好地完成工作，並推動他們能夠發展和繁榮的文化。

Lastly, we're creating deeper brand engagement. During the first quarter, we invested in several exciting marketing campaigns and also continued to invest in DICK'S brand building during March Madness. We're excited to celebrate the 10-year anniversary of our foundation, Sports Matter Program, and recently announced that the program is giving $2 million in grants to mark its anniversary and empower even more young athletes to pursue their passion.

最後，我們正在創造更深層的品牌參與。在第一季度，我們投資了幾項令人興奮的行銷活動，並在瘋狂三月期間繼續投資於 DICK'S 品牌建立。我們很高興慶祝我們的「Sports Matter Program」基金會成立 10 週年，並於最近宣布該計劃將提供 200 萬美元的贈款以紀念其成立週年，並讓更多年輕運動員能夠追求自己的熱情。

In closing, we are very pleased with the strength of our first quarter performance and are highly confident in our strategy to drive sustained profitable growth.

最後，我們對第一季的強勁業績感到非常滿意，並對我們推動持續獲利成長的策略充滿信心。

Before concluding, I'd like to thank all of our teammates across the company for their tremendous efforts and continued commitment to DICK'S Sporting Goods. It's their passion and hard work that make these results possible. They are truly an outstanding team.

在結束之前，我要感謝公司所有團隊成員的巨大努力和對 DICK'S Sporting Goods 的持續承諾。正是他們的熱情和辛勤工作才使得這些成果成為可能。他們確實是一支出色的團隊。

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

接下來，我會將電話轉給 Navdeep，以更詳細地分享我們的財務表現。

Thank you, Lauren, and good morning, everyone.

謝謝你，勞倫，大家早安。

Let's begin with a brief review of first quarter results. We are very pleased to report a consolidated sales increase of 6.2% to $3.02 billion. This included a benefit from the calendar shift due to 53rd week last year of approximately $45 million. Adjusting for the calendar shift, which we believe provides the clearest view of the business, our comps increased 5.3% as we continued to gain market share.

讓我們先簡要回顧一下第一季的業績。我們非常高興地報告綜合銷售額成長 6.2%，達到 30.2 億美元。其中包括去年第 53 週的日曆調整帶來的約 4,500 萬美元的收益。我們認為，根據日曆變化進行調整可以提供最清晰的業務視圖，隨著我們繼續獲得市場份額，我們的比較增長了 5.3%。

Our strong comps were on top of a 3.6% comp last year. Our Q1 comps were driven by a 2.7% increase in transactions and a 2.6% increase in average ticket. And we saw strength across footwear, athletic apparel and hardlines.

我們強勁的比較去年為 3.6%。我們第一季的業績成長是由交易量成長 2.7% 和平均門票成長 2.6% 推動的。我們看到了鞋類、運動服裝和硬裝產品的優勢。

Gross profit for the first quarter was $1.1 billion or 36.29% of net sales and increased 10 basis points from last year. This included leverage on occupancy costs due to higher sales and a decline in merchandise margin of 45 basis points, which included higher year-over-year strength of 22 basis points. It's worth noting that while we anticipated our shrink to be higher than the previous year, that increase in shrink moderated compared to our expectations.

第一季毛利為11億美元，佔淨銷售額的36.29%，比去年同期成長10個基點。這包括由於銷售額增加而對入住成本產生槓桿作用，以及商品利潤率下降 45 個基點，其中同比增幅更高 22 個基點。值得注意的是，雖然我們預期收縮率將高於去年，但與我們的預期相比，收縮率的增幅有所放緩。

On a non-GAAP basis, as expected, SG&A expenses increased 6.6% to $739.7 million and deleveraged 10 basis points compared to last year. This increase in SG&A dollars included investments in the exciting brand campaigns we introduced earlier this year, supporting CALIA, DSG as well as Golf Galaxy and dicks.com. This also included higher estimated incentive compensation expense and costs in support of our sales growth.

以非公認會計準則計算，正如預期的那樣，SG&A 費用增加 6.6%，達到 7.397 億美元，與去年相比去槓桿化了 10 個基點。 SG&A 美元的增加包括對我們今年早些時候推出的令人興奮的品牌活動的投資，支持 CALIA、DSG 以及 Golf Galaxy 和 dicks.com。這也包括更高的估計激勵補償費用和支持我們銷售成長的成本。

Preopening expenses were $21.1 million, an increase of $11.9 million compared to the prior year. This expected increase was primarily driven by our Q1 House of Sport opening. As Nate noted earlier, SG&A and preopening expenses have been adjusted in the current and prior years to reflect the reclassification of brand opening advertising from SG&A to preopening expenses.

開業前費用為 2,110 萬美元，比前一年增加 1,190 萬美元。這一預期增長主要是由於我們第一季體育之家的開業推動的。正如 Nate 之前指出的那樣，SG&A 和開業前費用在本年度和往年都進行了調整，以反映品牌開業廣告從 SG&A 重新分類為開業前費用。

EBT was $342.4 million or 11.34% of net sales. This compares to EBT of $328.3 million or 11.55% of net sales in Q1 of 2023.

EBT 為 3.424 億美元，佔淨銷售額的 11.34%。相較之下，2023 年第一季的息稅前利潤為 3.283 億美元，佔淨銷售額的 11.55%。

As expected, our Q1 tax rate grew from 7.2% in last year's first quarter to 19.6% this year. I'll remind you that this approximate 100 basis points increase reflects the higher tax reduction from the vesting of employee equity awards and exercises in the prior year, which favorably impacted Q1 2023 earnings by approximately $0.45 compared to the current year quarter. In total, we delivered earnings per diluted share of $3.30. This compares to earnings per diluted share of $3.40 last year.

正如預期，我們第一季的稅率從去年第一季的 7.2% 成長到今年的 19.6%。我要提醒您的是，這一大約100 個基點的增長反映了上一年員工股權獎勵和行使所帶來的更高的稅收減免，這對2023 年第一季的收益與本年度季度相比產生了約0.45 美元的有利影響。總共，我們實現了每股攤薄收益 3.30 美元。相比之下，去年稀釋後每股收益為 3.40 美元。

Now looking to our balance sheet. We ended Q1 with approximately $1.6 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility.

現在來看看我們的資產負債表。截至第一季末，我們擁有約 16 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。

Our quarter end inventory levels increased 5.5% compared to Q1 of last year, slightly below our 6.2% increase in sales. We believe our inventory is clean and well positioned.

與去年第一季相比，我們季末庫存水準增加了 5.5%，略低於銷售額 6.2% 的增幅。我們相信我們的庫存乾淨且位置良好。

Turning to our first quarter capital allocation. Net capital expenditures were $126 million, and we paid $94 million in quarterly dividends. We also repurchased 548,000 shares of our stock for $113.6 million at an average price of $207.32. In 2024, we continue to expect share repurchases of $300 million.

轉向我們第一季的資本配置。淨資本支出為 1.26 億美元，我們支付了 9,400 萬美元的季度股息。我們也以 1.136 億美元的價格回購了 548,000 股股票，平均價格為 207.32 美元。 2024 年，我們預計將繼續回購 3 億美元的股票。

Now turning to our outlook for 2024. As a result of our strong Q1 performance, our expectations for continued robust demand from athletes and the confidence we have in our business, we are raising our full year outlook. We now expect consolidated sales in the range of $13.1 billion to $13.2 billion. In addition, we now expect comp sales growth in the range of 2% to 3% compared to our prior expectation of 1% to 2% growth.

現在轉向我們對 2024 年的展望。我們現在預計綜合銷售額將在 131 億美元至 132 億美元之間。此外，我們現在預計公司銷售成長將在 2% 至 3% 之間，而先前的預期為 1% 至 2%。

EBT margin is now planned to be at 11.1% at the midpoint compared to 10.9% previously. Gross margin is now expected to expand modestly compared to 2023 non-GAAP results. We previously expected gross margins to be in line with 2023 non-GAAP results at approximately 35%. We continue to expect SG&A expenses to leverage modestly compared to 2023 non-GAAP results.

目前 EBT 利潤率計劃為 11.1%，之前為 10.9%。與 2023 年非 GAAP 業績相比，目前毛利率預計將小幅成長。我們先前預期毛利率將與 2023 年非 GAAP 業績一致，約為 35%。與 2023 年非 GAAP 業績相比，我們繼續預期 SG&A 支出將適度槓桿化。

In total, we now anticipate full year earnings per diluted share to be in the range of $13.35 to $13.75 compared to our prior expectations 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 23% compared to our prior expectation of approximately 24%. We continue to expect net capital expenditures of approximately $800 million for the year.

總的來說，我們現在預計全年攤薄每股收益將在 13.35 美元至 13.75 美元之間，而之前的預期為 12.85 美元至 13.25 美元。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 23% 的有效稅率，而我們先前的預期約為 24%。我們仍預期今年的淨資本支出約為 8 億美元。

Lastly, as you model 2024, I want to point out a couple of things that we expect to impact comparability of our financial results for the second quarter. First, recall that due to the shifted calendar, we expect our reported total sales to be positively impacted in the first half with an offset in second half. Specifically, given the impact of the shift on a key back-to-school week, we expect our reported total sales in Q2 to be positively impacted by approximately $100 million versus the prior year, with an offset in Q3.

最後，在預測 2024 年時，我想指出一些我們預期會影響第二季財務績效可比性的因素。首先，請記住，由於日曆發生變化，我們預計上半年報告的總銷售額將受到正面影響，下半年將受到抵銷。具體來說，考慮到這一轉變對關鍵的返校週的影響，我們預計第二季報告的總銷售額將比上一年受到約 1 億美元的正面影響，第三季將有所抵消。

Second, we will begin to anniversary the higher shrink rates from 2023 in the upcoming second quarter. As a reminder, our shrink in Q2 of last year also included a cumulative unfavorable true-up of actual results from our physical inventories, which reflected an 84 basis point increase over 2022. Consequently, we expect to see year-over-year favorability in shrink during this year's second quarter.

其次，我們將在即將到來的第二季開始慶祝 2023 年以來更高的收縮率。提醒一下，我們去年第二季的萎縮還包括對實際庫存實際結果的累積不利調整，這反映出比 2022 年增加了 84 個基點。

In closing, we are very pleased with our Q1 results and remain enthusiastic about the future of our business. This concludes our prepared remarks. Thank you for your interest in DICK'S Sporting Goods.

最後，我們對第一季的業績感到非常滿意，並對我們業務的未來保持熱情。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。

Operator, you may now open the line for questions.

接線員，現在可以撥打電話提問。

(Operator Instructions) Your first question comes from the line of Adrienne Yih from Barclays.

（操作員說明） 您的第一個問題來自巴克萊銀行的 Adrienne Yih。

And congratulations on a great start to the year. Lauren, we were lucky enough to see House of Sport in Boston during the quarter. And I guess, my question for you is kind of more longer term. The notion or the philosophy was that you want to create a store such that people wouldn't need to go to another store other than House of Sport or the DICK'S next-gen. So to the extent that you see kind of going forward, how do you see the sporting goods landscape kind of panning out?

恭喜您今年取得了良好的開端。勞倫，我們很幸運在本季見到了波士頓的 House of Sport。我想，我向你提出的問題是一個更長期的問題。這個想法或理念是，你想要創建一家商店，這樣人們就不需要去除了 House of Sport 或 DICK'S next-gen 以外的其他商店。那麼，就您所看到的未來​​發展而言，您如何看待體育用品產業的發展？

And then my kind of main question is the investment in training, education, service and then advertising, it's a level up of anything that we're seeing currently in the retail landscape. So can you talk about kind of the investments that you're making there and how that's going to differentiate your concept versus the rest of retail?

我的主要問題是對培訓、教育、服務和廣告的投資，這是我們目前在零售領域看到的任何東西的升級。那麼您能談談您在那裡進行的投資類型以及這將如何使您的概念與其他零售業區分開來嗎？

Great. Thanks, Adrienne. Yes, we were delighted to have you and the good people in Boston. We've had a ton of people coming through the House of Sport there. And the excitement in that community has been absolutely just incredible to see.

偉大的。謝謝，艾德麗安。是的，我們很高興您和波士頓的好人們。有很多人經過那裡的體育之家。社區的興奮程度絕對令人難以置信。

I think the thing about House of Sport that is truly redefining sports retail is that we are creating an experience that people cannot get anywhere else. And what you're seeing is athletes are really responding to it. So communities are responding to it. I don't know how -- some of you texted that you saw the blimp going by. There's just so much fanfare and excitement when we open a House of Sport.

我認為 House of Sport 真正重新定義體育零售的一點是，我們正在創造一種人們在其他地方無法獲得的體驗。你看到的是運動員確實對此做出了反應。因此社區正在對此做出回應。我不知道怎麼——你們中的一些人發短信說你們看到了飛艇經過。當我們開設體育之家時，會有如此多的宣傳和興奮。

But then as it's opened, athletes are coming in. They're driving further. They are spending more time. They're really excited about the product and the experience that they see at House of Sport.

但隨著它的開放，運動員們進來了。他們花了更多的時間。他們對 House of Sport 的產品和體驗感到非常興奮。

Secondly, the brand partners that we have are also very excited because we can bring a brand to life throughout our entire company in a really elevated way. But in House of Sport, because we have collab spaces and other opportunities to truly bring a brand to life, we can showcase a brand in the best possible way. And that's helping us drive both new partnerships as well as more access and excitement with our current brand partners.

其次，我們的品牌合作夥伴也非常興奮，因為我們可以以真正崇高的方式將品牌帶入整個公司。但在 House of Sport，因為我們有合作空間和其他真正將品牌帶入生活的機會，所以我們可以以最好的方式展示品牌。這有助於我們推動新的合作夥伴關係，以及與我們現有品牌合作夥伴的更多接觸和興奮。

And then the last thing I would point out that I think is important to note is that if you look at real estate developers and landlords and mall developers, when a House of Sport opens in a mall, we are seeing significant increases in traffic to the mall.

最後我要指出的是，我認為值得注意的是，如果你看看房地產開發商、房東和購物中心開發商，當體育之家在購物中心開業時，我們會看到前往購物中心的人流顯著增加。

And so there's a lot of excitement in the marketplace there as well. Across the board, we're just super excited about House of Sport and equally excited about our new 50,000 square foot format, which is a takedown of the House of Sport, provides many of the same elements.

因此那裡的市場也很令人興奮。總的來說，我們對 House of Sport 感到非常興奮，對我們新的 50,000 平方英尺的場地也同樣感到興奮，它是 House of Sport 的一個版本，提供了許多相同的元素。

You asked about investments, I -- we -- I'll turn it to Navdeep to talk a little bit about SG&A. But the SG&A expenses in Q1 were as planned, and we invested in marketing. We will continue to invest to build our brand long term. We invested in training and service and tech tools to drive the athlete experience that our teammates need to be able to deliver.

你問了有關投資的問題，我——我們——我會把它交給 Navdeep 來談談 SG&A。但第一季的 SG&A 費用按計劃進行，並且我們在行銷方面進行了投資。我們將繼續投資以長期打造我們的品牌。我們投資於培訓、服務和技術工具，以推動我們的隊友所能提供的運動員體驗。

Anything you would add, Navdeep?

Navdeep，您還有什麼要補充的嗎？

Yes. No, Adrienne, and just building on what Lauren said, the focus continues to be, as Lauren said, it's around the core 4 pillars, and 2 of those pillars that we talk a lot about is about the athlete experience and the teammate experience.

是的。不，艾德麗安，只是在勞倫所說的基礎上，正如勞倫所說，重點仍然是圍繞核心 4 個支柱，而我們經常談論的其中 2 個支柱是關於運動員體驗和隊友體驗。

And above that, our store team as well as the merchandising team are doing in bringing innovative and very differentiated product to our stores. And the store team, the work that they're doing in providing this experience and kind of the fit experience that we are able to provide to our athletes when they walk into the store, whether it's a baseball bat, whether it's a golf club, that, we feel, is the -- is kind of our differentiator, as we see not only within our own industry peers but, quite frankly, against some of the specialty players that are in the marketplace as well.

除此之外，我們的商店團隊和銷售團隊正在努力為我們的商店帶來創新且非常差異化的產品。商店團隊，他們在提供這種體驗方面所做的工作，以及當我們的運動員走進商店時我們能夠為他們提供的健身體驗，無論是棒球棒，還是高爾夫球桿，我們認為，這就是我們的差異化因素，我們不僅在自己的行業同行中看到這一點，而且坦率地說，與市場上的一些專業參與者相比也是如此。

So that will be a key area for our investments. And like Lauren indicated, we showcase that with the investments in advertising, including our vertical brands and how differentiated they are as part of Q1. But we expect these investments to continue to be balanced against the sales growth that we are delivering here as well.

因此，這將是我們投資的關鍵領域。正如勞倫所指出的，我們透過廣告投資來展示這一點，包括我們的垂直品牌以及它們作為第一季的一部分的差異化程度。但我們預計這些投資將繼續與我們在這裡實現的銷售成長保持平衡。

Your next question comes from the line of Simeon Gutman from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Simeon Gutman。

I wanted to ask about sell-through of seasonal merchandise, spring and summer, as the seasons are transitioning. And in the context of merch margin being down a little this quarter, can you also share with us, was merch margin -- or is merch margin plan to be flat within the overall gross margin guidance? Or is the gross margin being elevated by occupancy?

我想詢問春季和夏季季節性商品的銷售情況，因為季節正在轉變。在本季商品利潤率略有下降的情況下，您能否與我們分享一下，商品利潤率是——還是商品利潤率計劃在總體毛利率指導範圍內持平？或者毛利率是否因入住率而增加？

Thanks, Simeon. Yes, for the quarter, we were really pleased with our gross margin, expanded 10 basis points, 36.29%. There were a ton of puts and takes to the quarter as we expected there would be. Well -- and an unexpected good surprise with the sales numbers that enabled us to drive more leverage on occupancy costs, more leverage on supply chain and e-commerce costs.

謝謝，西蒙。是的，我們對本季的毛利率非常滿意，擴大了 10 個基點，達到 36.29%。正如我們預期的那樣，本季有大量的看跌期權和看跌期權。嗯——銷售數字給我們帶來了意想不到的驚喜，使我們能夠更好地利用入住成本、供應鏈和電子商務成本。

All of that were -- was slightly offset by a 45 basis point decline in merch margin. But that, we had anticipated driven primarily because of the shrink -- the fact that we're not anniversary-ing yet the shrink reserves that we put into place. And we'll start anniversary-ing those in Q2.

所有這些都被商品利潤率下降 45 個基點略有抵消。但是，我們預計主要是由於縮減而推動的 - 事實上，我們還沒有周年紀念，但我們已經落實了縮減儲備。我們將在第二季開始週年慶。

I think it's important to note that our -- one of our core merchandising strategies and one of our core sales driving strategies is to keep our inventory clean and fresh. We are constantly moving product through the life cycles that when people come into our stores or shop online, they're getting a completely differentiated assortment, and they are finding the products that are appealing to them.

我認為值得注意的是，我們的核心銷售策略之一和我們的核心銷售驅動策略之一是保持我們的庫存清潔和新鮮。我們不斷地改變產品的生命週期，當人們進入我們的商店或在線購物時，他們會得到完全差異化的品種，並且會找到對他們有吸引力的產品。

And so as expected, merch margin was slightly declined in Q1. But for the full year, we are now expecting gross margin to expand modestly, whereas before we had said it was going to be flat.

因此，正如預期的那樣，第一季的商品利潤率略有下降。但就全年而言，我們現在預計毛利率將小幅成長，而之前我們曾表示毛利率將持平。

And we are expecting...

我們期待...

I want to ask...

我想問一下...

Simeon, I'll just add one more thing to what Lauren said. The merch margin, I would say, in Q1 was in line with our expectations, and we expect merch margin to also expand modestly on a year-over-year basis in '24 compared to non-GAAP 2023 results.

西蒙，我將在勞倫所說的基礎上再補充一件事。我想說，第一季的商品利潤率符合我們的預期，與非 GAAP 2023 年業績相比，我們預計 24 年的商品利潤率也將同比小幅增長。

Okay. And then a follow-up, Navdeep. The full year EBIT or the implied EBIT or EBT, whatever way you look at it, looks like it's being raised above and beyond what was achieved or beat versus The Street number in Q1.

好的。然後是後續行動，Navdeep。全年息稅前利潤或隱含息稅前利潤或息稅前利潤，無論你如何看待，看起來都超出了第一季所實現或擊敗的水平。

The comp, I think, looks like it's more of a flow-through from what happened in Q1. So is that fair? And what is changing in terms of profit to raise the back half, while sales is kind of moving up by what happened in Q1?

我認為，這個比較看起來更像是第一季發生的事情的延續。那麼這公平嗎？在銷售額因第一季發生的情況而上升的情況下，下半年利潤發生了什麼變化？

Yes. Simeon, that's a great question. First of all, let me start by saying we were really excited by the results that we delivered here in Q1. And we continue to remain really excited about the future and the opportunities that we see ahead of us.

是的。西蒙，這是一個很好的問題。首先，我首先要說的是，我們對第一季交付的結果感到非常興奮。我們仍然對未來和我們看到的機會感到非常興奮。

As you can imagine, this is just Q1. We are very early in the year, as well as everybody knows what else is happening on a macro factor basis. So what we have done today in terms of the full year guidance is it reflects the results that we posted here in Q1, and we maintain largely our expectations for Q2 through Q4.

正如你所想像的，這只是第一季。我們還處於今年的早期，每個人都知道宏觀因素正在發生什麼。因此，我們今天在全年指導方面所做的工作反映了我們在第一季發布的結果，並且我們基本上維持對第二季度到第四季度的預期。

There's a little bit of a disconnect with the external consensus expectation, but I would say we are appropriately cautious as we think about Q2 through Q4. But we continue to remain really excited about the opportunities that we see for the balance of the year.

與外部共識預期有些脫節，但我想說，在考慮第二季到第四季時，我們保持適當的謹慎態度。但我們仍然對今年剩下的時間看到的機會感到非常興奮。

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

您的下一個問題來自高盛的 Kate McShane。

I believe when you last guided same-store sales of 1% to 2%, that was mainly based on your assumption of market share gains. With the new comp guide of 2% to 3% today, is there any better view on the health of the industry within that? Or is it still primarily driven by market share?

我相信，當您上次指導同店銷售額成長1%至2%時，這主要是基於您對市佔率成長的假設。今天新的薪酬指南為 2% 至 3%，對於行業的健康狀況是否有更好的看法？或者它仍然主要由市場份額驅動？

Kate, we are excited to raise the comp guidance from 1% to 2% to 2% to 3% for the balance of the year. As Navdeep had just mentioned, the large part of that is flowing through the results that we just had in Q1, so that we do maintain an appropriate level of caution as we go.

凱特，我們很高興將今年剩餘時間的薪資指導從 1% 至 2% 提高到 2% 至 3%。正如 Navdeep 剛才提到的，其中很大一部分是我們剛剛在第一季獲得的結果，因此我們在前進過程中確實保持了適當的謹慎程度。

We obvious -- we do plan on continuing to gain market share. That's one of our key strategies, and we think we have the experience and the product to be able to do that.

顯然，我們確實計劃繼續獲得市場份額。這是我們的關鍵策略之一，我們認為我們擁有實現這一目標的經驗和產品。

Okay. And then our second question. With the change in accounting for GameChanger and some of your earlier comments in the prepared comments about GameChanger, is there a meaningful strategy change there in terms of how much that can drive the business? And what is kind of the long-term goal and strategy with GameChanger?

好的。然後是我們的第二個問題。隨著 GameChanger 會計的變化以及您之前在有關 GameChanger 的準備評論中的一些評論，在可以推動業務的程度方面是否存在有意義的戰略變化？ GameChanger 的長期目標和策略是什麼？

Yes. Thanks for the question. We're so excited about GameChanger and excited in the fact that it is such an amazing -- a motive platform through which people can engage with their kids' sports, with their grandkids' sports, and kids can track their stats and see how they're doing and where they're performing.

是的。謝謝你的提問。我們對 GameChanger 感到非常興奮，因為它是一個如此神奇的平台，人們可以透過它參與孩子的運動、孫子的運動，孩子們可以追蹤他們的統計數據並了解他們的表現他們正在做什麼以及他們在哪裡表演。

So you're hearing the excitement because we've been investing in this digital platform. It's a leading new sports app. It's got incredible capabilities, and it keeps driving meaningful success. So 5 million active users on the platform in Q1, on average spending 30 minutes per day in -- on GameChanger, it's an incredible engagement tool.

所以你聽到了興奮的聲音，因為我們一直在投資這個數位平台。這是一款領先的新型運動應用程式。它具有令人難以置信的能力，並且不斷推動有意義的成功。第一季平台上有 500 萬活躍用戶，平均每天在 GameChanger 上花費 30 分鐘，這是一個令人難以置信的參與工具。

So the way I look at it, the way we look at it is that it's a key part of our long-term strategy to become synonymous with sports. It's part of our entire ecosystem. You're seeing -- we're starting to account for it in comps. It's a relatively negligible part of that equation right now, but we believe it is a big part of our future.

所以我和我們的看法是，成為運動的代名詞是我們長期策略的關鍵部分。它是我們整個生態系統的一部分。你看到了——我們開始在比較中考慮它。目前它在這個方程式中相對可以忽略不計，但我們相信它是我們未來的重要組成部分。

Yes. Kate, I'll add 2 more points to that, to what Lauren said. First of all, right, the platform itself is a very high growth, both on a sales basis as well on a -- and is a very profitable platform. So by itself, the business itself is fantastic.

是的。凱特，我將根據勞倫所說的再補充兩點。首先，是的，該平臺本身的成長速度非常快，無論是在銷售基礎上還是在——而且是一個非常有利可圖的平台。因此，就其本身而言，這項業務本身就非常棒。

The other thing that we have talked about is the fact that the athletes that are both GameChanger user and a ScoreCard user have 2x the revenue profile of a just a ScoreCard user. So that indicates also that the level of engagement that we have with these multichannel athletes is actually really, really exciting and interesting to us as we look to the long-term opportunity for this platform.

我們討論的另一件事是，同時是 GameChanger 用戶和記分卡用戶的運動員的收入是記分卡用戶的兩倍。因此，這也表明，當我們期待這個平台的長期機會時，我們與這些多通路運動員的互動程度實際上非常非常令人興奮和有趣。

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

您的下一個問題來自摩根大通的 Chris Horvers。

So my first question is just a follow-up on the merchandise margin. Can you talk about what -- after the first quarter being down, can you talk about what the drivers of -- that makes it go up over the year?

所以我的第一個問題只是關於商品利潤的後續問題。您能否談談在第一季下滑之後，是什麼因素推動了這一季度的成長？

And within that answer, maybe address, is it channel inventories clearing up? We've heard about maybe some of the vendors being promotional. Is the newness coming? Is it the House of Sport? Maybe help us think about what the big drivers are there.

在這個答案中，也許是解決渠道庫存清理問題？我們聽說有些供應商可能正在促銷。新鮮事來了嗎？是體育之家嗎？也許可以幫助我們思考主要的驅動因素是什麼。

Yes. Chris, I'll start with the full year outlook that we provided. So we expect both the gross margin and the merch margin to expand modestly compared to 2023 non-GAAP results we posted last year.

是的。克里斯，我將從我們提供的全年展望開始。因此，與我們去年發布的 2023 年非 GAAP 業績相比，我們預計毛利率和商品利潤率將小幅成長。

The ingredients within that, if you think about Q1 results, we have already declared what -- there are a couple of points we shared today around the Q2 expectation that you need to be thinking about as you model this. The first and foremost is we had an 84 basis points of accumulative true-up in shrink last year when we did the physical inventories in that store. And so we don't anticipate having that same impact this year.

其中的成分，如果你考慮第一季的結果，我們已經宣布了什麼——我們今天分享了圍繞第二季預期的幾點要點，你在建模時需要考慮這些要點。首先也是最重要的是，去年我們在那家商店進行實體庫存時，累積收縮率達到了 84 個基點。因此，我們預計今年不會產生同樣的影響。

So there will be favorability that we expect in shrink results in Q2. And we continue to be appropriately cautious for the balance of the year just on the shrink line itself.

因此，我們預計第二季的業績將會縮減。我們繼續對今年剩餘時間的收縮線本身保持適當謹慎。

And in addition, as you would remind -- you would recall that we were cleaning up some of the inventory in the outdoor space last year in Q2. So we don't anticipate annualizing those actions either because where we have exited Q1 this year, we feel really great about the -- our inventory and the quality of the inventory and, most importantly, the assortment that we have available for going into the kind of the key selling season here in Q2. So we're excited about the assortment and how clean that assortment is. So we expect that action again will not be annualized as we look to Q2.

此外，正如您所提醒的那樣，您可能還記得去年第二季我們正在清理室外空間的一些庫存。因此，我們也不預期對這些行動進行年度化，因為我們今年已經退出第一季度，我們對我們的庫存和庫存質量，以及最重要的是，我們可用於進入的品種感到非常好。是關鍵的銷售季節。因此，我們對這個品種以及該品種的清潔程度感到興奮。因此，我們預計第二季的行動不會再次按年計算。

Got it. And then in my -- as a follow-up question, just can you touch a little bit on how you think about the cadence of comps over the year? I know you don't drive -- speak specifically to by quarter, but how should we think about that?

知道了。然後，在我的後續問題中，您能否談談您對這一年比賽節奏的看法？我知道你不開車——特別是按季度說話，但我們應該如何考慮這一點？

I know there was some lift in the first quarter here with regards to lapping the closed stores, the House of Sport stores, and I think the general consensus maybe was around 2 points. So any comment on that and how you think about the cadence of comps over the year?

我知道第一季在關閉的商店、House of Sport 商店方面有一些提升，我認為普遍的共識可能是 2 點左右。那麼對此有何評論以及您如何看待這一年的比賽節奏？

Yes. Chris, you're absolutely right. We said originally, and we still hold to that, the first half of the year, where we had 8 of our largest stores being converted to House of Sport and closed for a good part of the first half of last year is driving stronger comps in Q1.

是的。克里斯，你說得完全正確。我們最初說過，現在仍然堅持這一點，今年上半年，我們有 8 家最大的商店被改建為 House of Sport，並在去年上半年的大部分時間裡關閉，這正在推動更強勁的競爭Q1.

Now we just obviously delivered a stronger comp than we had even expected. But in the first half, we do -- we will feel that impact. And then in the second half, we'll go up against that -- those openings. And so that is why we've said the deceleration -- we expect some deceleration in the back half, and nothing has changed in that opinion. We continue to believe that.

現在我們顯然提供了比我們預期更強大的補償。但在上半場，我們確實會感受到這種影響。然後在下半場，我們將對抗那些空缺。這就是我們所說的減速的原因——我們預期後半段會出現一些減速，但這種觀點並沒有任何改變。我們仍然相信這一點。

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

您的下一個問題來自美國銀行的羅比·歐姆斯 (Robby Ohmes)。

Great quarter. My first question is just, Lauren, you guys have been leading with apparel and footwear for a little while now. Any signs or expectations that hardlines could start to catch up and grow again for you guys?

很棒的季度。我的第一個問題是，勞倫，你們在服裝和鞋類領域處於領先地位已經有一段時間了。有任何跡像或期望表明強硬派可能會開始迎頭趕上並再次成長嗎？

Thanks, Robby yes, what's really great about the quarter we just had with the 5.3% comp is we saw growth across all aspects of our business. So we saw growth in footwear. We saw growth in athletic apparel. We saw growth in total hardlines.

謝謝，羅比，是的，我們剛剛獲得 5.3% 的季度業績，最棒的是我們看到了業務各個方面的成長。所以我們看到了鞋類的成長。我們看到運動服裝的成長。我們看到強硬路線總數的成長。

Obviously, there's some puts and takes in there. And we've been talking about some of those -- some of the consumer trends that are rightsizing from the pandemic, but that's a very small piece of our business.

顯然，其中有一些投入和投入。我們一直在討論其中的一些——一些因疫情而調整規模的消費趨勢，但這只是我們業務的一小部分。

And the core hardline categories are doing very well. This past quarter, we had a slightly wetter season impacted the game of golf and team sports a little bit, but just nominally so. And in general, we're very, very excited about the hardlines business.

核心強硬品類表現也非常好。上個季度，我們經歷了一個稍微潮濕的季節，對高爾夫運動和團隊運動產生了一些影響，但只是名義上的。總的來說，我們對硬線業務非常非常興奮。

Got it. And then you guys called out Nike and the Paris Summit in the press release. Can you give a little more color on what you think the pipeline looks like from Nike, your other key vendors, versus what you were getting last year heading into the year?

知道了。然後你們在新聞稿中提到了耐吉和巴黎高峰會。您能否為您認為耐吉和其他主要供應商的管道與去年進入今年的管道相比提供更多資訊？

Thanks, Robby. Yes, I would say we are excited about the product pipeline that we see across our strategic partners, and we look long term. Obviously, we have long-term strategy planning meetings, where we're looking out a couple of years with our strategic partners.

謝謝，羅比。是的，我想說，我們對策略夥伴的產品線感到興奮，並且我們著眼長遠。顯然，我們有長期策略規劃會議，我們正在與策略夥伴一起展望未來幾年的情況。

I'm also very excited, as we all are, about our flagship vertical brands, CALIA, DSG, VRST doing incredibly well and some of our emerging brands. Within our strategic partners, we are very excited about the long-term work that we saw in Nike. We were there at the Innovation Summit. And then more recently, we were in their offices and looking at future innovation.

和我們所有人一樣，我也對我們的旗艦垂直品牌 CALIA、DSG、VRST 以及我們的一些新興品牌的出色表現感到非常興奮。在我們的策略夥伴中，我們對耐吉的長期合作感到非常興奮。我們參加了創新高峰會。最近，我們在他們的辦公室裡展望未來的創新。

I would call out things like the technology that they are bringing to the Air platform. It's going to be very exciting from a consumer standpoint. We're really excited about the elevation of both performance apparel and footwear and bringing some newness into those categories.

我會提到他們為 Air 平台帶來的技術之類的東西。從消費者的角度來看，這將非常令人興奮。我們對功能性服裝和鞋類的提升以及為這些類別帶來一些新鮮感感到非常興奮。

And then they've started to talk about what their Olympic messaging is going to be, and we are really, really excited to see that come to market and just drive consumer noise around the Nike brand. So across the board, very excited about that partnership.

然後他們開始談論他們的奧運訊息將是什麼，我們真的非常興奮地看到它進入市場並推動消費者對耐吉品牌的關注。總的來說，我們對這種夥伴關係感到非常興奮。

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

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

Congrats on a really solid quarter in a tough environment here. I wanted to ask about how you're thinking about SG&A and investment here, and whether that's evolving given the really strong response you're getting to the elevated service levels at House of Sport and the next-gen stores.

恭喜我們在艱難的環境中取得了非常穩定的季度業績。我想問一下您對這裡的銷售、行政管理和投資有何看法，以及鑑於您對 House of Sport 和下一代商店提高服務水平的強烈反響，這種情況是否正在發生變化。

Could the core benefit from kind of a higher level of SG&A and selling personnel? And maybe just if you could take a minute and talk about how you're thinking about SG&A in the medium term here.

核心人員能否從更高水準的 SG&A 和銷售人員中受益？也許您可以花一點時間談談您對中期 SG&A 的看法。

So Warren, first of all, let's start with where we -- SG&A came in. So SG&A deleveraged 10 basis points here in Q1, and that was driven by the core investments that we are making, including in advertising, so -- because we see clearly an opportunity to continue to position, especially our flagship vertical brands, in a much more appropriate fashion with our athletes because those brands, like Lauren said, are resonating so well.

因此，沃倫，首先，讓我們從我們的SG&A 介入之處開始。 —因為我們我們清楚地看到了繼續定位的機會，特別是我們的旗艦垂直品牌，以一種更適合我們運動員的方式，因為這些品牌，就像勞倫所說的那樣，引起了很好的共鳴。

So you saw us come out with advertising message around CALIA, around DSG, as well as drove the brand awareness for our dot-com platform with dicks.com. So that will be an area that we said we were going to invest in Q1 and the early part of the year, and we did that.

因此，您看到我們圍繞 CALIA、DSG 發布了廣告訊息，並透過 dicks.com 提高了我們的網路平台的品牌知名度。因此，這將是我們表示將在第一季和今年年初投資的一個領域，我們也做到了。

And then on a full year basis, what we have guided is we expect our SG&A to modestly leverage on a year-over-year basis. So we are being prudent in how we are making investment. You called out, we are making investments in talent, in technology as well as in the store service level, especially as I look to the House of Sport as well as the 50K. And those are kind of the planned investments that we are making, in addition to investments that we are making in store training.

然後，在全年的基礎上，我們的指導是，我們預計我們的銷售、管理及行政費用將逐年適度槓桿化。因此，我們對投資方式持謹慎態度。您指出，我們正在人才、技術以及商店服務水準方面進行投資，特別是當我關注 House of Sport 和 50K 時。除了我們在商店培訓方面進行的投資之外，這些都是我們正在計劃的投資。

So we'll continue to look to meet these core investments that are driving the differentiation in the marketplace and are resonating really well with the athletes. However, balancing that also against the overall ability to drive the leverage on the SG&A line for the full year.

因此，我們將繼續尋求滿足這些核心投資，這些投資正在推動市場差異化，並與運動員產生良好的共鳴。然而，也要平衡這一點與推動全年 SG&A 線槓桿的整體能力。

And my follow-up question. Can you help us put this $35 million [per box] number that you gave last quarter in a little bit more context. Once you're fully rolled out to the 75 to 100 target over the next 3 years, would that represent sort of one of the larger and more productive stores in the chain?

還有我的後續問題。您能否幫助我們將您上季度提供的這個 3500 萬美元（每盒）的數字放在更具體的背景下？一旦您在未來 3 年內全面推出 75 至 100 家商店的目標，這是否會成為連鎖店中規模更大、生產力更高的商店之一？

Because I know you're -- the new House of Sport have a lot of different shapes and sizes. Or is that pretty representative of the average that you would expect across the fully scaled out chain?

因為我知道新的體育之家有很多不同的形狀和大小。或者，這是否相當能代表您在整個橫向擴展鏈中所期望的平均值？

Yes. So the $35 million that we shared last quarter, that's kind of our expectation for an average House of Sport on an omni basis. That includes both the store as well as the eComm business.

是的。因此，我們在上個季度分享的 3500 萬美元，這是我們對體育之家在全方位基礎上的平均預期。這包括商店和電子商務業務。

And we have rolled out 12 stores. Based -- this is based off of the learning informed by those 12 stores that we have opened at the end of 2023, and we continue to be really excited with the 2 store openings that we have done here in Q1.

我們已經開設了 12 家商店。基於——這是基於我們在 2023 年底開設的 12 家商店所了解到的情況，我們對第一季在這裡開設的 2 家商店仍然感到非常興奮。

I would point out also the 50,000 continue to deliver incredibly strong results. And the House of Sport, the ones that are -- have been opened the longest also keep driving growth. So we're really excited not just about how they open, but how they grow past that.

我還想指出，這 50,000 名員工繼續提供令人難以置信的強勁成果。而開設時間最長的體育之家也不斷推動成長。因此，我們不僅對它們的開業方式感到非常興奮，而且對它們如何成長超越這一點感到非常興奮。

Your next question comes from the line of Mike Baker from D.A. Davidson.

你的下一個問題來自 D.A. 的 Mike Baker。戴維森。

Okay. Sort of been asked, but maybe asked in another way. The -- so the EBT -- the implied EBT margin for the rest of the year is up, I think, after it was down this quarter. Now it seems like a lot of that is because of cycling the second quarter declines from last year.

好的。有點被問過，但也許以另一種方式問過。我認為，在本季下降之後，今年剩餘時間的隱含稅前利潤率有所上升。現在看來，這很大程度是因為第二季的自行車銷量較去年下降。

So I guess, the question is this. How should we think about the potential to increase your margins in the back half of the year? And then beyond this year, the margins, you're sequentially guiding will be up, I think, 30 basis points on the EBT line this year. What are the long-term margin drivers? Should margins, once we cycle the easy comparison in the second quarter, the margins keep going up?

所以我想，問題是這樣的。我們該如何考慮下半年增加利潤的潛力？然後，在今年之後，我認為，您連續指導的利潤率今年將在 EBT 線上提高 30 個基點。長期利潤驅動因素是什麼？一旦我們在第二季進行簡單比較，利潤率是否應該繼續上升？

Yes. Mike, great question. I won't provide quarterly guidance today, but what we have given to you are some of the key ingredients. On a full year basis, we expect our EBT margin to expand driven by the fact that we expect gross margin to expand modestly as well as our SG&A to leverage modestly compared to non-GAAP results for 2023.

是的。麥克，好問題。我今天不會提供季度指導，但我們向您提供的是一些關鍵要素。與 2023 年非 GAAP 業績相比，我們預計我們的 EBT 利潤率將有所增長，因為我們預計毛利率將小幅增長，而且我們的 SG&A 槓桿率將小幅增長。

And you called out really well that the drivers of that will be definitely here in Q2. Keep in mind, Q2 will also have the higher amount of leverage being driven by the $100 million of sales shift that we're going to see from Q3 into Q2.

您很好地指出，驅動因素肯定會在第二季出現。請記住，由於我們將看到從第三季到第二季的 1 億美元銷售轉移，第二季也將擁有更高的槓桿率。

In terms of the long-term expectation, we continue to be really, call it, excited about both the ability to grow our top line sales as well as the bottom line profitability over the long term.

就長期預期而言，我們仍然對長期增加營收和獲利能力感到興奮。

Okay. That makes sense. Follow-up question. How much of the $11 million increase in preopening costs went to pay Larry Bird, Kevin McHale and Robert Parish to show up at your opening, which was amazing?

好的。這就說得通了。後續問題。開業前增加的1100 萬美元費用中有多少用於支付拉里·伯德(Larry Bird)、凱文·麥克海爾(Kevin McHale) 和羅伯特·帕里什(Robert Parish) 出席您的開幕典禮，這真是太棒了？

Those are what you call it the right investment there. Like Lauren said, they are driving such an excitement in the community and the overall results that we are driving here in these stores. But great question.

這些就是您所謂的正確投資。正如勞倫所說，他們在社區中引起瞭如此大的興奮，並且我們在這些商店中推動了整體成果。但很好的問題。

Great question.

很好的問題。

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

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

Wanted to ask a bit about the promotional environment and what you're seeing out there. And it feels like inventory levels are still a bit high from a lot of the competition and some of the brands. And I'm just curious about how you're approaching it and what you're seeing.

想詢問一些有關促銷環境以及您所看到的情況的資訊。與許多競爭對手和一些品牌相比，感覺庫存水準仍然有點高。我只是好奇你是如何接近它以及你所看到的。

Thanks, Joe. We didn't see an unusually promotional environment in Q1. Certainly, the industry overall is in a better place than it was at the end of last year. And our inventory, in particular, 5.5% growth on a 6.2% total comp, we feel really good about our inventory and the healthiness of it.

謝謝，喬。我們在第一季沒有看到異常的促銷環境。當然，整個行業的狀況比去年年底好。尤其是我們的庫存，在總成長率為 6.2% 的情況下成長了 5.5%，我們對我們的庫存及其健康狀況感到非常滿意。

And so I think we continue to manage through whatever promotional environment will come our way. But we're -- we have no concerns there, and we know that we have the ability to manage with the tools that we have to drive profits.

因此，我認為我們將繼續應對任何促銷環境。但我們對此並不擔心，我們知道我們有能力使用我們所擁有的工具進行管理以提高利潤。

Got it. And then want to -- and another kind of related question to some of the categories that were asked about. But how is outdoor broadly performing? Because I know -- again, we hear it's kind of still soft out there. And just wondering if you guys saw a step-up in your outdoor performance.

知道了。然後想要 - 以及另一個與所詢問的某些類別相關的問題。但戶外活動的整體表現如何？因為我知道——我們再次聽說外面的天氣仍然很柔和。只是想知道你們的戶外表現是否有進步。

Yes. Joe, I want to point out. In the long term, we have a tremendous confidence in the outdoor business. It's a $40 billion TAM. We are building public lands. We are working to move our athletes to bring explorers rather to bring them in, so that we can really deliver a unique and differentiated experience in the outdoor category.

是的。喬，我想指出。從長遠來看，我們對戶外業務充滿信心。這是一個價值 400 億美元的 TAM。我們正在建造公共土地。我們正在努力讓我們的運動員帶去探險家，而不是帶他們進來，這樣我們才能真正在戶外類別中提供獨特且差異化的體驗。

Across the board, the industry does continue to have a post-pandemic reset, and we're no different in that than everybody else. But it doesn't take away -- it's a small piece of our business, first of all, at this time and doesn't take away from our confidence, our long-term confidence, that there is a consumer here that we can serve even better than they're being served today.

總體而言，該行業確實在大流行後繼續重置，我們在這方面與其他人沒有什麼不同。但這並不會奪走——首先，目前這只是我們業務的一小部分，並且不會奪走我們的信心，我們的長期信心，我們可以為這裡的消費者提供服務甚至比他們今天得到的服務還要好。

And participation in the outdoor category continues to be high. So when this category rebounds, it's going to -- we believe it's going to be really strong.

戶外類別的參與度仍然很高。因此，當這個類別反彈時，我們相信它會非常強勁。

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

您的下一個問題來自 TD Cowen 的 John Kernan。

And congrats on a great quarter. Can you talk to footwear? Footwear has been a big driver of comps going back to last year. I know the premium footwear deck has obviously attracted top allocations from Nike, HOKA, On.

並祝賀這個季度的出色表現。能談談鞋類嗎？自去年以來，鞋類一直是競爭的主要動力。我知道高階鞋類套牌顯然吸引了 Nike、HOKA、On 的頂級配置。

How many more doors can HOKA and On get into? How many more premium footwear decks can there be? And maybe just talk to the allocations you're getting in footwear given it's such a big portion of the comp these days.

HOKA和On還能進入多少扇門？還有多少高級鞋類牌組？也許只是談談你在鞋類方面的分配，因為現在鞋類佔了補償的很大一部分。

Yes. Great question. Footwear certainly has been a big driver of comps, and footwear is a key part of how people shop. It's the engine that drives the train. We're very pleased with our footwear business.

是的。很好的問題。鞋類無疑是商品價格的一大動力，鞋類是人們購物方式的關鍵部分。這是驅動火車的引擎。我們對我們的鞋類業務非常滿意。

Our premium full-service footwear decks, which we started putting into place many years ago, absolutely are driving that elevated experience and then opening us up for more allocations, more specialty brand partners.

我們多年前開始實施的優質全方位服務鞋類平台絕對正在推動提升體驗，然後為我們提供更多分配、更多專業品牌合作夥伴。

With HOKA and On -- and with the premium footwear decks, we'll be at 90% by the end of the year. And obviously, all of our new store development as we reimagine the portfolio will have premium full-service footwear decks.

憑藉 HOKA 和 On 以及優質鞋類產品，到今年年底我們的進度將達到 90%。顯然，當我們重新構想產品組合時，我們所有的新店開發都將擁有優質的全方位服務鞋類平台。

HOKA and On are still in a good portion of the chain. There's still significant upside in both brands. HOKA is a little further ahead than On at this point just in terms of the number of door count, and we're excited to continue to expand those brands as well.

HOKA 和 On 仍處於該鏈條的很大一部分。這兩個品牌仍有顯著的優勢。僅就門數而言，HOKA 目前比 On 領先一些，我們也很高興能夠繼續擴展這些品牌。

Got it. And then maybe we saw some more sluggish trends within the broader sporting goods industry in the first quarter that you obviously significantly outperformed. Just are there any regions that are outperforming? What were the biggest category outperformers in Q1? And how are you thinking about long-term market share in the industry?

知道了。然後，也許我們在第一季看到更廣泛的體育用品行業出現了一些更低迷的趨勢，而你們的表現顯然明顯優於其他行業。有哪些地區表現優異？第一季表現最好的類別是什麼？您如何看待該行業的長期市場佔有率？

Yew. We had 5.3% comp. We saw growth. We didn't see sluggish trends across our categories. We saw growth across all of the different areas of our business. Footwear, apparel, total hardlines all grew.

紅豆杉。我們有 5.3% 的補償。我們看到了成長。我們沒有看到我們的各個類別出現疲軟的趨勢。我們看到了我們業務的所有不同領域的成長。鞋類、服裝、硬裝產品均有成長。

And I think what -- we can speak to our story. The consumer is absolutely putting a priority on healthy and active lifestyle. You see people running and walking, being outdoors. But I think the most important thing is that we are providing them with an experience that they're clearly choosing, and that's both due to the products that we have in our stores as well as the experience that we provide in store and online.

我認為──我們可以講述我們的故事。消費者絕對優先考慮健康和積極的生活方式。你看到人們在戶外奔跑、走路。但我認為最重要的是，我們為他們提供了他們明確選擇的體驗，這既歸功於我們商店中的產品，也歸功於我們在商店和網路上提供的體驗。

And so it's the core strategies that are coming to life that are driving our performance, and we're not seeing any pockets of softness across the country.

因此，正是正在實施的核心策略推動了我們的業績，我們在全國範圍內沒有看到任何疲軟的情況。

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

您的下一個問題來自貝爾德 (Baird) 的賈斯汀·克萊伯 (Justin Kleber)。

First, just a clarification on the full year merch margin outlook. Is the modest expansion just recapturing the shrink pressure from last year or you're expecting, I guess, what I would call, your core merch margins to improve year-over-year? Particularly, Navdeep, you've mentioned lapping the outdoor clearance. So I just wanted to clarify that first.

首先，對全年商品利潤率前景進行澄清。適度的擴張是否只是重新承受去年的萎縮壓力，或者您預計，我猜，我所說的，您的核心商品利潤率將比去年同期改善？特別是，Navdeep，您提到了研磨室外間隙。所以我想先澄清這一點。

Yes. So from a shrink perspective, we said that we will be having favorable impact in Q2, and then we continue to be appropriately cautious. We have counted half of the chain, and still half of the chain needs to be counted. So as you can imagine, we want to be cautious in our expectation for shrink.

是的。所以從收縮的角度來看，我們說第二季會產生有利的影響，然後我們繼續適當地謹慎。我們已經統計了一半的鏈條，還需要統計一半的鏈條。正如您可以想像的那樣，我們對縮水的預期要保持謹慎。

And on the merch margin side, we continue to be really enthusiastic about the work that our merchant team is doing in terms of the differentiated product assortment we are bringing, the work that we are doing and how well our flagship vertical brands are performing between CALIA, DSG, VRST.

在商品利潤方面，我們繼續對我們的商家團隊正在做的工作充滿熱情，包括我們帶來的差異化產品種類、我們正在做的工作以及我們的旗艦垂直品牌在 CALIA 之間的表現、DSG、VRST 。

And so we continue to be -- I won't break down merch margin expectations deeper than that, but we expect to grow our margins, both the gross margins and merch margin, on a year-over-year basis modestly as we look to the full year.

因此，我們將繼續 - 我不會比這更深入地分解商品利潤率預期，但我們預計我們的利潤率（毛利率和商品利潤率）會逐年適度增長，因為我們希望全年。

Got it. Okay. Just one other question around the calendar shift. Curious if you could share the EPS benefit in 1Q. I assume those sales flow through at a much higher incremental margin.

知道了。好的。還有一個關於日曆轉換的問題。很好奇您是否可以分享第一季的每股盈餘收益。我認為這些銷售的增量利潤率要高得多。

But again, just any color on how that $45 million in 1Q impacted earnings? And then just so we can think about the lift in 2Q related to the $100 million in calendar shift benefit.

但同樣，第一季的 4,500 萬美元對獲利有何影響？然後我們就可以考慮第二季與 1 億美元日曆輪班福利相關的提升。

Yes. I would say, as you can imagine, it's $45 million, so you can appropriately do a flow-through calculation on that. And this is -- the shift is happening in the early part of the year, so you can appropriately adjust your margin expectation and the SG&A.

是的。我想說，正如你想像的那樣，它是 4500 萬美元，所以你可以適當地對此進行流通計算。這是—這種轉變發生在今年年初，因此您可以適當調整您的利潤率預期和銷售管理費用 (SG&A)。

I would say, net between the Q2 and Q3, the impact would be neutral. It's just that Q2 is going to get a favorable impact with the $100 million of sales within approximately the same amount of an offsetting impact in Q3.

我想說，在第二季和第三季之間，影響是中性的。只是第二季將獲得 1 億美元銷售額的有利影響，與第三季的抵銷影響大致相同。

Your next question comes from the line of Joseph Civello from Truist Securities.

您的下一個問題來自 Truist Securities 的 Joseph Civello。

And congrats on the quarter. I just wanted to ask another question about the cost cadence this year. In 2Q, obviously, you're going to be lapping a ton of clearance in the outdoor from last year. Should we think about recovering all of that or most of that? Or could you give any guidance there?

恭喜本季。我只是想問另一個關於今年成本節奏的問題。顯然，在第二季度，您將比去年在戶外獲得大量許可。我們應該考慮恢復全部還是大部分？或者你能在那裡給予任何指導嗎？

Joe, I don't know if I'll give any more specific guidance on a quarterly basis. But as you can imagine, in addition to kind of the lapping of the clearance activity that you called out, we will be favorable against the shrink true-up that we had, almost about 84 basis points of an unfavorable impact that we saw in Q2.

喬，我不知道是否會按季度提供更具體的指導。但正如你可以想像的那樣，除了你所說的清倉活動之外，我們還將有利於我們所經歷的收縮調整，我們在第二季度看到的不利影響幾乎約為 84 個基點。

I would look at it on a full year basis. We -- like we said, we expect our merch margin to expand on a year-over-year basis as well as the gross margins.

我會以全年為基礎來看待它。正如我們所說，我們預計我們的商品利潤率和毛利率將同比增長。

Okay. Great. And then just one more question. I think you said shrink came in a little bit better than you were expecting. How should we think about that in the second half as you are lapping normalized shrink from last year?

好的。偉大的。然後還有一個問題。我想你說過心理醫生的表現比你預期的好一些。當你正在經歷去年的標準化收縮時，我們該如何看待下半年的情況？

Yes, absolutely. Great question. So shrink, it deleveraged 22 basis points here in Q1. It did -- the shrink is still going up on a year-over-year basis. I want to be clear about it. So that's where we continue to be appropriately cautious as we look to Q3 and Q4, in part on a P&L basis.

是的，一點沒錯。很好的問題。所以收縮，第一季去槓桿化了 22 個基點。確實如此——收縮率仍在逐年上升。我想澄清這一點。因此，在我們展望第三季和第四季時，我們將繼續保持適當的謹慎態度，部分是基於損益表。

However, like you said, it did moderate versus our internal expectation, which is a good new strength. But we have only counted half of our chain, so we'll continue to be appropriately cautious as we look to the balance of the year on shrink line.

然而，正如您所說，它確實與我們的內部預期相比有所緩和，這是一個很好的新優勢。但我們只計算了鏈條的一半，因此在展望今年剩餘時間的收縮線時，我們將繼續保持適當的謹慎態度。

I would give a lot of credit to -- I'll give a little bit of a shout-out to our store team and the DC team, the work that they're doing in not just in continuing to move the merchandise, make appropriate operating decisions to keep the stores and our athletes safe. That is allowing us to have a slightly, call it, moderated growth on a year-over-year basis versus our internal expectations.

我要高度讚揚我們的商店團隊和 DC 團隊，他們所做的工作不僅僅是繼續運送商品、做出適當的調整確保商店和運動員安全的營運決策。這使得我們的同比增長與我們的內部預期相比略有放緩。

Your next question comes from the line of Chuck Grom from Gordon Haskett.

你的下一個問題來自戈登·哈斯克特的查克·格羅姆。

My question is on traffic. The past few quarters have been really, really strong, particularly on a 2-year basis. Curious if there's a way to unpack new customers versus existing customers.

我的問題是關於交通。過去幾季的表現非常非常強勁，尤其是從兩年來看。很好奇是否有辦法區分新客戶和現有客戶。

So we've continued to grow our athlete base over the past several years. I think we had 7 million new athletes joined last year and 1.5 million this past quarter. And then traffic has continued to be strong.

因此，我們在過去幾年中不斷擴大我們的運動員基礎。我認為去年有 700 萬名新運動員加入，上個季度有 150 萬名新運動員加入。然後流量持續強勁。

So it's about new athletes. It's also just about the differentiated product that we keep bringing in and the fact that the elevation of the brand and the experience is -- has been strong. So really, really good traffic numbers. And our consumer is holding up very, very well.

所以這是關於新運動員的。這也與我們不斷推出的差異化產品有關，以及品牌和體驗的提升一直很強勁這一事實。非常非常好的交通數字。我們的消費者表現得非常非常好。

Okay. Great. And then my follow-up is just on GameChanger. I'm curious how you're thinking about growing that business. I have 4 kids and new sports. There's just a big appetite, right, to watch your kids. There's a ton of different platforms out there. But it seems like you guys are taking the pole position here. Just curious how you're thinking about growing it over time.

好的。偉大的。然後我的後續行動就是在 GameChanger 上。我很好奇你是如何考慮發展這項業務的。我有 4 個孩子和新的運動。只是有很大的胃口，對吧，想要照顧你的孩子。那裡有很多不同的平台。但看起來你們在這裡佔據了杆位。只是好奇你如何考慮隨著時間的推移增長它。

Yes. Great question. And we have the same vision you have. It is the best platform. And really, we started off, GameChanger was a Diamond Sports-focused business. And so while we continue to improve, we're using artificial intelligence to get the video even more exciting and accurate, and there's lots going on behind the scenes there to drive even more excitement there.

是的。很好的問題。我們和您有同樣的願景。這是最好的平台。事實上，我們一開始，GameChanger 是一家專注於 Diamond Sports 的企業。因此，在我們不斷改進的同時，我們正在使用人工智慧來使影片更加令人興奮和準確，而且幕後還有很多事情可以推動更多的興奮。

Our biggest thing in the short term is to grow the Diamond Sports business into other emerging -- the non-emerging sports, but they're emerging to the platform, things like volleyball and other sports, and basketball is a big priority. So that's how we're going to be growing near term.

短期內我們最重要的事情是將鑽石體育業務發展到其他新興運動——非新興運動，但它們正在新興到平台，例如排球和其他運動，而籃球是一個重中之重。這就是我們近期的成長方式。

But our vision is big here, and we are thinking long term and how we can continue to develop that connection with our athletes, not just when they're in the store, but when they're at their practice, at their games and beyond during training.

但我們的願景很遠大，我們正在長遠思考，以及如何繼續發展與運動員的聯繫，不僅僅是當他們在商店裡時，而是當他們在訓練、比賽及其他時候在訓練中。

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

您的下一個問題來自花旗銀行的 Paul Lejuez。

Wondering if you could talk a little bit more about stores versus eComm in terms of what you're seeing, transactions versus ticket moving both channels. And I'm curious if you could share anything further about what we see in the eComm business in the trade area of a House of Sport store when it opens and as they mature.

想知道您是否可以根據您所看到的內容、交易與透過兩個管道移動的票證來更多地談論商店與電子商務。我很好奇您能否進一步分享我們在 House of Sport 商店開業和成熟時在電子商務業務中看到的情況。

Yes. Paul, thanks for the question. We don't -- we know to break out stores in eComm, and that's because the -- inherently, the customer is so omnichannel and focused that it became a very challenging exercise. But we're very pleased with our digital business and very pleased with how the eCommerce business responds when we open new stores and when a House of Sport comes in the area. It's all a very positive ecosystem story.

是的。保羅，謝謝你的提問。我們知道，我們不會在電子商務中開設商店，這是因為，從本質上講，客戶是全通路且專注的，這成為一項非常具有挑戰性的工作。但我們對我們的數位業務非常滿意，並且對我們開設新店以及體育之家進入該地區時電子商務業務的反應非常滿意。這都是一個非常積極的生態系統故事。

Okay. Then just a follow-up. Did anything change in terms of how you're thinking about category performance as you move throughout the year? Just based on what you saw in Q1, maybe relative to your prior expectations, just how each category is contributing to this year as well?

好的。然後只是後續行動。隨著全年的變動，您對品類表現的看法有什麼改變嗎？根據您在第一季看到的情況，也許相對於您先前的預期，每個類別對今年的貢獻如何？

Now, overall, the categories are delivering on our expectations above them in Q1, and nothing material changed.

現在，總體而言，這些類別在第一季的表現超出了我們的預期，沒有任何重大變化。

Our next question comes from the line of Will Gaertner from Wells Fargo.

我們的下一個問題來自富國銀行的威爾·加特納。

Just firstly, where are you guys and who are you guys taking share from, in your opinion?

首先，您認為您在哪裡？

It's a good question, yes. We're taking share really across the board. There's been some consolidation in the industry. We are taking share from -- I don't want to call out anybody specifically, but we have our premium footwear assortment, for example, is driving strong interest. Our apparel is driving strong interest. Our vertical brands are meeting consumer needs. Even everything from opening price point to true lifestyle. So I would say it's across the board and across the industry that we're seeing share gains.

這是一個好問題，是的。我們正在真正全面地分享份額。業界出現了一些整合。我們正在從——我不想具體點名任何人，但我們的優質鞋類品種，例如，正在引起強烈的興趣。我們的服裝引起了人們的強烈興趣。我們的垂直品牌正在滿足消費者的需求。甚至從開盤價到真正的生活方式的一切。因此，我想說，我們在整個行業和整個行業中看到了份額的成長。

Got it, got it. As far as GameChanger, it looks like you added 20 basis points to the comp last year.

明白了，明白了。就 GameChanger 而言，您去年的比較似乎增加了 20 個基點。

Correct.

正確的。

How do we think about GameChanger as far as revenue going forward? I mean, it's -- I think you called out $100 million revenue in 4Q. Is that -- is there any seasonal puts and takes there? I mean, how do we think about GameChanger and how much it is going to add to the comp going forward?

就未來的收入而言，我們如何看待 GameChanger？我的意思是，我認為您在第四季度公佈了 1 億美元的收入。那是——那裡有季節性的看跌期權和看跌期權嗎？我的意思是，我們如何看待 GameChanger 以及它將為未來的競爭增加多少？

Yes. You said both of the facts really well. Yes, the favorable -- the impact was -- the favorable impact to comp was about 20 basis points, and we expect that on a full year basis. It will range between 20 to 30 basis points. And our full year expectation from the GameChanger platform is to deliver about $100 million of sales here in 2024.

是的。你把這兩個事實都說得很好。是的，有利的——影響是——對比較的有利影響約為 20 個基點，我們預計全年都是如此。其範圍將在20至30個基點之間。我們對 GameChanger 平台的全年期望是在 2024 年實現約 1 億美元的銷售額。

Your next question comes from the line of Seth Basham from Wedbush Securities.

您的下一個問題來自 Wedbush Securities 的 Seth Basham。

My question is just on SG&A. Following the business optimization actions you took last year, where are you with reinvesting there? Are you still on track to reinvest in the focus areas that you planned? And any other color you have on the SG&A outlook?

我的問題只是關於SG&A。繼去年採取的業務優化行動之後，您的再投資進度如何？您是否仍在計劃的重點領域進行再投資？您對 SG&A 前景還有其他看法嗎？

Yes. No, we are definitely focused on investing in appropriate capabilities. And quite frankly, we have been doing this all along 2023 itself. The big area of investments continue to be in talent, right, bringing the right talent that is helping us do these store openings, have the successful openings, not just at the House of Sport, but the 50K.

是的。不，我們絕對專注於投資適當的能力。坦白說，我們從 2023 年起就一直在這樣做。投資的主要領域仍然是人才，對吧，引進合適的人才來幫助我們開設這些商店，不僅在 House of Sport，而且在 50K 都成功開設了這些商店。

There is a lot of investment, as you can imagine, that is going in technology area, which, as you can imagine, that is allowing us to get the top line returns from those investments. And it's also helping us drive productivity improvements, which we are then able to reinvest that into the business.

正如您可以想像的那樣，技術領域正在進行大量投資，正如您可以想像的那樣，這使我們能夠從這些投資中獲得最高回報。它還幫助我們提高生產力，然後我們能夠將其重新投資到業務中。

And then the third area continues to be investment appropriately within the advertising line, running the brand awareness as well as the growth in our vertical brands.

第三個領域繼續是在廣告領域進行適當的投資，提高品牌知名度以及垂直品牌的成長。

Got it. And so going forward beyond 2024, SG&A leverage is going to be predominantly dependent on top line growth. Is that a fair statement?

知道了。因此，展望 2024 年後，SG&A 槓桿將主要取決於營收成長。這是一個公平的說法嗎？

That's generally a fair statement. But I would say, again, we -- on a long-term basis, we expect both to drive top line growth as well as the bottom line profitability improvement. It will be balanced between the margin investment opportunity or the SG&A investment opportunities.

這通常是一個公平的說法。但我想說，從長遠來看，我們預計既能推動營收成長，又能提高獲利能力。它將在保證金投資機會或 SG&A 投資機會之間取得平衡。

And your final question today comes the line of Jonathan Matuszewski from Jefferies.

今天的最後一個問題來自 Jefferies 的 Jonathan Matuszewski。

Great. Nice results. The first one was on ticket. If you could give us just more color on what fueled the ticket growth this quarter. It looks better than the industry, and prepared remarks indicate more spend per trip.

偉大的。不錯的結果。第一個是在票上的。如果您能給我們更多關於推動本季門票成長的因素的資訊。它看起來比行業更好，而且準備好的評論表明每次旅行的花費更多。

So any more color there would be helpful. And kind of understanding what's embedded in that revised comp guide for 2024 regarding ticket, whether the 50-50 split from 1Q is reasonable.

所以更多的顏色會有幫助。了解 2024 年修訂後的補償指南中關於門票的內容，從第一季開始 50-50 的分配是否合理。

Jonathan, I would say the answer to the first question is the same, right? What is driving increased basket size when the athletes come to our store as well as the overall ticket continues to be driven by the differentiated product that we have access to.

喬納森，我想說第一個問題的答案是一樣的，對吧？當運動員來到我們的商店時，推動購物籃尺寸增加的因素以及總門票數量繼續受到我們可以獲得的差異化產品的推動。

This is the product that is highly coveted, highly in demand right now. So having that product allows you to not only capture the demand that is walking into the store or online, but you're able to get a much better recovery on that full price selling as well.

這是目前備受追捧、需求量大的產品。因此，擁有該產品不僅可以讓您捕捉走進商店或網路上的需求，還可以從全價銷售中獲得更好的回報。

So the premium assortment and the premium product as well as the most allocated and sought-after product continues to drive both the -- our ticket size as well as the basket size when the athletes come.

因此，優質的品種和優質的產品以及分配最多和最受歡迎的產品繼續推動我們的門票規模以及運動員到來時的購物籃規模。

And in terms of the guidance, we don't provide the guidance at that level. So I'll continue to keep the comp guidance of 2% to 3% for the full year at the highest level. And we continue to be really excited about the balance trend that we are driving between the traffic growth as well as the ticket growth.

在指導方面，我們不提供該級別的指導。因此，我將繼續將全年 2% 至 3% 的薪酬指導保持在最高水準。我們仍然對我們在流量成長和門票成長之間推動的平衡趨勢感到非常興奮。

Great. And just a quick follow-up on the transaction this quarter. Did you see any discernible shift in trends across income cohorts?

偉大的。這是本季交易的快速跟進。您是否發現不同收入群體的趨勢發生了明顯的變化？

We didn't. We saw growth across all of our income demographics, and we didn't see a trade down from best -- Better Your Best goods. So pretty consistent across all the income demographics of cohorts.

我們沒有。我們看到所有收入人口都在成長，而且我們沒有看到最好的商品下降——更好的商品。因此，所有群體的收入人口統計都非常一致。

And that concludes our question-and-answer session. I will now turn the call back over to President and CEO, Lauren Hobart, for some closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回總裁兼執行長勞倫‧霍巴特 (Lauren Hobart)，讓其發表一些結束語。

Well, thank you all for your interest in DICK'S Sporting Goods. And I just want to take a moment to thank our incredible team, in our CSC, our DCs, our stores, our GameChanger offices. It is they who delivered this really strong quarter. And I'm very, very thankful and proud of them. Thank you, all. We'll see you next quarter.

好的，感謝大家對 DICK'S Sporting Goods 的興趣。我只想花點時間感謝我們令人難以置信的團隊，在我們的 CSC、我們的 DC、我們的商店、我們的 GameChanger 辦公室。正是他們帶來了這個非常強勁的季度。我非常非常感謝他們，並為他們感到驕傲。謝謝你們。我們下季見。

This concludes today's conference call. Thank you for your participation.

今天的電話會議到此結束。感謝您的參與。