DICK'S Sporting Goods Inc (DKS) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista and I will be your conference operator today. At this time, I would like to welcome everyone to the DICK'S SPORTING Goods second quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

女士們、先生們，感謝你們的耐心等待。我叫克麗絲塔，今天將由我擔任你們的會議接線生。此時此刻，我謹代表迪克體育用品公司歡迎各位參加2024年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言結束後，將進行問答環節。（操作說明）謝謝。

I will now turn the conference over to Nate Gilch, Senior Director of Investor Relations. Nate, you may begin.

現在我將把會議交給投資者關係高級總監內特·吉爾奇。內特，你可以開始了。

Good morning, everyone. And thank you for joining us to discuss our Second Quarter of 2024 Results. On today's call will be Lauren Hobart, our President and Chief Executive Officer; Navdeep Gupta, our Chief Financial Officer.

各位早安。感謝各位蒞臨，與我們共同探討2024年第二季業績。今天的電話會議將由我們的總裁兼執行長 Lauren Hobart 和財務長 Navdeep Gupta 出席。

A playback of today's call will be archived on our investor relations website, located at investors.dicks.com for approximately 12 months. 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, as well as cautionary statements made during this call.

今天電話會議的錄音將存檔於我們的投資者關係網站 investors.dicks.com 上，保存期限約為 12 個月。再次提醒，我們將做出一些前瞻性聲明，這些聲明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聲明有重大差異。任何此類聲明都應與我們在盈利報告中的警示性聲明、向美國證券交易委員會提交的文件（包括我們最新的 10-K 表格年度報告）中的風險因素討論以及本次電話會議中作出的警示性聲明一並考慮。

We assume no obligation to update any of these forward-looking statements or information. Please refer to our Investor Relations website to find the reconciliation of our non-GAAP financial measures referenced in today's call. And finally, for your future scheduling purposes, we are tentatively planning to publish our third quarter, 2024 earnings results on November 26, 2024.

我們不承擔更新任何此類前瞻性陳述或資訊的義務。請查閱我們的投資者關係網站，以了解今天電話會議中提到的非GAAP財務指標的調節表。最後，為了方便您日後安排時間，我們暫定於 2024 年 11 月 26 日發布 2024 年第三季財報。

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

接下來，我將把電話交給勞倫。

Thank you, Nate, and good morning, everyone. As we announced earlier this morning, we delivered a very strong quarter. Our Q2 results continue to demonstrate how well our long-term strategies are working and the great execution of our team. Powered by our compelling omni-channel athlete experience, differentiated product assortment, best-in-class teammate experience, and our ability to create deep engagement with the DICK'S brand, we are driving sustained top-line momentum and gaining market share. I am really proud of our team.

謝謝你，內特，大家早安。正如我們今天早上早些時候宣布的那樣，我們本季業績非常強勁。第二季業績持續證明我們的長期策略運作良好，以及我們團隊的出色執行力。憑藉我們引人入勝的全通路運動員體驗、差異化的產品組合、一流的隊友體驗以及我們與 DICK'S 品牌建立深度聯繫的能力，我們正在推動營收持續成長並贏得市場份額。我為我們的團隊感到非常自豪。

Today, we are again raising our full year outlook. This reflects our strong Q2 results and the confidence we have in our business. We now expect comp sales growth for the year to be in the range of 2.5% to 3.5% and EPS to be in the range of $13.55 to $13.90. Now moving to our results. For the second quarter, our sales increased 7.8% to just under $3.5 billion. Adjusting for the calendar shift, our comps increased 4.5%. This strong comp was driven by growth in average ticket and in transactions.

今天，我們再次上調全年業績預期。這反映了我們第二季強勁的業績以及我們對自身業務的信心。我們現在預計全年同店銷售額成長率將在2.5%至3.5%之間，每股盈餘將介於13.55美元至13.90美元之間。接下來是我們的業績報告。第二季度，我們的銷售額成長了7.8%，略低於35億美元。考慮到日曆變化，我們的同店銷售額成長了 4.5%。這一強勁的同店銷售成長主要得益於平均客單價和交易量的成長。

We saw more athletes purchase from us and they spent more each trip compared to the prior year. With growth in sales, gross margin expansion, and SG&A leverage, we achieved EBT margin of nearly 14% and EPS of $4.37, both significantly ahead of last year. At the heart of our strategies is our Omnichannel athlete experience. We're continuing to invest across our digital and store experiences to meet our athletes wherever they are, create confidence and excitement, and get product into their hands faster.

我們發現，與前一年相比，有更多運動員從我們這裡購買商品，而且他們每次購物的消費額也更高。憑藉銷售額成長、毛利率擴張和銷售、一般及行政費用槓桿作用，我們實現了近 14% 的 EBT 利潤率和 4.37 美元的每股收益，這兩項指標均顯著高於去年同期。我們策略的核心是全通路運動員體驗。我們將繼續增加對數位化和實體店體驗的投入，以便在運動員身處何地時都能滿足他們的需求，激發他們的信心和熱情，並更快地將產品送到他們手中。

We continue to be very pleased with the performance of House of Sport and our next generation 50, 000 square foot DICK'S locations, which internally we refer to as our fieldhouse concept. With House of Sport, we are redefining sports retail and creating very strong engagement with our athletes, our brand partners, and communities. It's also driving significant benefits to our real estate partners. We continue to hear from mall operators that our House of Sport locations drive increased traffic, sales per square foot, and occupancy rates for the malls where they operate.

我們對 House of Sport 的表現以及我們下一代 50,000 平方英尺的 DICK'S 門市（我們內部稱之為「運動場館」概念）的表現仍然非常滿意。透過 House of Sport，我們正在重新定義運動零售，並與我們的運動員、品牌合作夥伴和社區建立非常牢固的聯繫。這也為我們的房地產合作夥伴帶來了顯著的利益。我們不斷聽到購物中心經營者反映，我們的 House of Sport 門市為所在購物中心帶來了更高的客流量、每平方英尺的銷售額和入住率。

House of Sport is drawing unprecedented landlord interest and the opportunity to join many of the best shopping centers in the country. Later this month, we are excited to open our 15th House of Sport location and look forward to opening another five locations this year. We've also completely revolutionized our most typical format, our 50,000 square foot DICK’S store into what we're calling our Field House concept. Field House is inspired by House of Sport and includes interactive experiences and elevated presentation and service. These stores are performing exceptionally well.

House of Sport 吸引了前所未有的房東關注，並有機會躋身全國眾多頂級購物中心之列。本月晚些時候，我們將迎來第 15 家 House of Sport 分店，我們對此感到非常興奮，並期待今年再開設 5 家分店。我們也徹底革新了我們最典型的模式，即佔地 50,000 平方英尺的 DICK'S 商店，將其改造成我們稱之為「Field House」的概念。Field House 的設計靈感來自 House of Sport，包含互動體驗和高端的展示和服務。這些門市的業績表現非常出色。

During Q2, we opened four Field House locations and with 17 now open, we look forward to opening nine more locations this year. Investing in our digital capabilities is central to our Omni-channel athlete experience. This includes DICKS.com and our DICK'S mobile app, which continues to be key to our business and have strong engagement with our athletes. We continue to make the digital shopping experience better for our athletes and recently launched several features to help accelerate this journey, including elevated imagery, 3D viewing of select footwear, and AI-powered chat features.

第二季度，我們開設了四家 Field House 門市，目前已有 17 家門市開業，我們期待今年再開設九家門市。投資我們的數位化能力是我們全通路運動員體驗的核心。這包括 DICKS.com 和我們的 DICK'S 行動應用程序，它們仍然是我們業務的關鍵，並與我們的運動員保持著密切的聯繫。我們不斷努力改善運動員的數位化購物體驗，最近推出了一些功能來幫助加快這一進程，包括增強影像、精選鞋款的 3D 查看以及人工智慧驅動的聊天功能。

As we've talked about, we're also focused on digital innovation. With GameChanger, we've built a platform that engages with uSports families in a uniquely authentic way with the content most valuable to them, their kids sports games. Over 6 million unique users engage with GameChanger in Q2, an 11% increase from last year, averaging approximately 45 minutes per day in the app, speaking to the power of this content to sport families, coaches, and players.

正如我們之前討論過的，我們也專注於數位化創新。透過 GameChanger，我們打造了一個平台，以獨特而真實的方式與 uSports 家庭互動，提供對他們最有價值的內容——孩子們的體育比賽。第二季度，GameChanger 的獨立用戶超過 600 萬，比去年同期成長了 11%，平均每天在該應用程式上花費約 45 分鐘，這反映了該內容對運動家庭、教練和運動員的強大影響力。

GameChanger allows us to connect with our athletes beyond the traditional shopping experience and reinforces our leadership in sport. Importantly, GameChanger families are some of DICK'S most valuable customers. A GameChanger customer who also has a DICK'S scorecard spends over two times more per year at DICK'S than a typical scorecard customer. The GameChanger business model generates predictable, recurring, high margin subscription revenue and during Q2, it drove continued robust sales growth.

GameChanger 讓我們能夠超越傳統的購物體驗與運動員建立聯繫，並鞏固我們在運動領域的領導地位。重要的是，「變革者家庭」是迪克體育用品店最有價值的客戶之一。擁有 DICK'S 積分卡的 GameChanger 會員每年在 DICK'S 的消費金額是普通積分卡會員的兩倍以上。GameChanger 的商業模式能夠產生可預測的、經常性的、高利潤的訂閱收入，並且在第二季度推動了持續強勁的銷售成長。

Providing differentiated on-trend product, which is our second strategic pillar, helps make DICK’S the go-to-destination for sport in the US. We are excited about our assortment for the important back-to-school season and the product pipeline from our key brand partners and vertical brands. Our teammates are a critical driver of our success, and our third strategic priority is providing a best-in-class teammate experience. Our engagement surveys demonstrate that we are a fun and rewarding place to work. Our teammates are proud, personally committed, and optimistic about our future and we're seeing fantastic improvement in turnover across our stores.

提供差異化的潮流產品，這是我們的第二個戰略支柱，有助於使 DICK'S 成為美國運動用品的首選目的地。我們對即將到來的重要返校季的產品系列以及來自我們主要品牌合作夥伴和垂直品牌的後續產品線感到非常興奮。我們的團隊成員是我們成功的關鍵驅動力，而我們的第三個策略重點是提供一流的團隊成員體驗。我們的員工敬業度調查顯示，我們是一個充滿樂趣且富有成就感的工作場所。我們的團隊成員都感到自豪，全心投入工作，並對我們的未來充滿信心，我們看到各門市的營業額都得到了顯著改善。

Lastly, we're continuing to invest in DICK'S brand building. We recently announced a new partnership with Team USA and LA28, designating DICK’S as the official sporting goods retail provider. During the recent Olympic Games, we launched our latest marketing campaign that celebrates youth athletes and builds on our belief that sports have the power to change lives. In closing, we are very pleased with our second quarter performance, including the strong results at House of Sport, our Field House Concept, and GameChanger. And we are highly confident in our strategies to drive sustained and profitable growth.

最後，我們將繼續投資 DICK'S 品牌建立。我們最近宣布與美國隊和洛杉磯28週年紀念賽建立新的合作夥伴關係，指定DICK’C’C’C’C’C 為官方體育用品零售供應商。在最近的奧運期間，我們推出了最新的行銷活動，旨在表彰青年運動員，並秉持著運動能改變人生的信念。最後，我們對第二季的業績非常滿意，包括 House of Sport、Field House Concept 和 GameChanger 的強勁表​​現。我們對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 this company for their outstanding efforts and continued commitment to DICK'S Sporting Goods. Our strong performance is a direct result of their efforts.

在結束演講之前，我要感謝公司所有團隊成員的傑出努力和對迪克體育用品公司的持續奉獻。我們所取得的優異成績直接歸功於他們的努力。

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

接下來，我將把電話交給納夫迪普，讓他更詳細地介紹我們的財務表現。

Thank you, Lauren, and good morning everyone. Before jumping into our Q2 results, I want to acknowledge the voluntary 8K we filed last week in which we disclosed that on August 21st we discovered unauthorized third-party access to our information systems. Based on our current knowledge, we do not believe that this incident is material. It did not disrupt our business.

謝謝你，勞倫，大家早安。在深入探討我們的第二季業績之前，我想先說明我們上週提交的自願性 8-K 表格，其中披露了我們在 8 月 21 日發現未經授權的第三方訪問了我們的資訊系統。根據我們目前掌握的信息，我們認為這起事件並不重要。它沒有對我們的業務造成乾擾。

Our stores remained open, and our e-commerce sites were functioning throughout. Moving to our second quarter results, we are very pleased to report a consolidated sales increase of 7.8% to $3.47 billion. This included a benefit from the calendar shift due to the 53rd-week last year of approximately $95 million or $0.30 in earnings per diluted share. Adjusting for the calendar shift, which we believe provides the clearest view of the business, our comps increased 4.5% as we continued to gain market share.

我們的實體店一直保持營業，電子商務網站也始終正常運作。接下來是第二季業績，我們非常高興地宣布，合併銷售額成長7.8%，達到34.7億美元。這其中包括去年第 53 週的日曆調整而帶來的收益，約為 9,500 萬美元，即每股攤薄收益 0.30 美元。考慮到日曆變化（我們認為這能最清晰地反映業務狀況），我們的同店銷售額增長了 4.5%，市場份額也持續增長。

Our strong comps were driven by a 3.5% increase in average ticket and a 1% increase in transactions. We saw strength across key categories, led by footwear and athletic apparel. Gross profit for the second quarter was $1.28 billion or 36.73% of net sales and increased 231 basis points from last year. This increase was driven by a higher merchandise margin of 169 basis points and leverage on occupancy costs, due to the higher sales. The increase in merchandise margin was driven by favorable sales mix and the quality of our assortment. It also included lower year-over-year shrink of 83 basis points as we anniversaried higher shrinks from 2023 that included an unfavorable true-up based on the physical inventories last year.

我們強勁的同店銷售成長主要得益於平均客單價成長 3.5% 和交易量成長 1%。我們看到各主要品類表現強勁，其中鞋類和運動服飾表現特別突出。第二季毛利為 12.8 億美元，佔淨銷售額的 36.73%，比去年同期成長 231 個基點。這一成長主要得益於商品毛利率提高了 169 個基點，以及銷售額成長帶來的租金成本槓桿效應。商品毛利率的成長得益於有利的銷售組合和我們商品種類的品質。這也包括同比下降 83 個基點，因為我們從 2023 年開始經歷了更大的萎縮，其中包括根據去年的實際庫存進行的不利調整。

On a non-GAAP basis, SG&A expenses increased 4.1% to $786.3 million and leveraged 78 basis points compared to last year due to the higher sales. The increase in SG&A dollars included higher incentive compensation expense, planned investment in marketing, and costs in support of our sales growth. Pre-opening expenses were $8.9 million a decrease of $24 million compared to the prior year. This decrease was driven by the timing of our new store opening.

以非GAAP準則計算，銷售、一般及行政費用增加4.1%至7.863億美元，由於銷售額成長，與去年相比槓桿率提高了78個基點。銷售、一般及行政費用的增加包括更高的激勵性薪酬支出、計劃中的市場營銷投資以及支持銷售增長的成本。開業前費用為 890 萬美元，比前一年減少了 2,400 萬美元。這一降幅是由於我們新店開幕的時機所致。

EBT in the second quarter was $482.3 million or 13.9% of net sales. This is up from EBT of $325.9 million or 10.1% of net sales in Q2 of 2023. In total, we delivered earnings per diluted share of $4.37 an increase of 55% compared to the earnings per diluted share of $2.82 last year.

第二季 EBT 為 4.823 億美元，佔淨銷售額的 13.9%。這比 2023 年第二季的 EBT 3.259 億美元（佔淨銷售額的 10.1%）有所增長。總計，我們實現了每股攤薄收益 4.37 美元，比去年的每股攤薄收益 2.82 美元增長了 55%。

As I mentioned earlier, this included a $0.30 earnings per diluted share benefit from the calendar shift. Now looking to our balance sheet, we ended Q2 with approximately $1.7 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility. As a result of our consistent and strong financial performance and commitment to a healthy balance sheet, Moody's upgraded our credit ratings from Baa3 to Baa2 in early August.

正如我之前提到的，這包括日曆調整帶來的每股攤薄收益 0.30 美元。現在來看我們的資產負債表，截至第二季末，我們擁有約 17 億美元的現金及現金等價物，並且沒有動用我們 16 億美元的無擔保信貸額度。由於我們持續強勁的財務表現和對健康資產負債表的承諾，穆迪在 8 月初將我們的信用評級從 Baa3 上調至 Baa2。

Our quarter-end inventory levels increased 11% compared to Q2 of last year. This inventory investment has been a conscious decision to lean into differentiated key items and categories which are expected to drive our growth into the second half of 2024 and into early 2025. We believe our inventory is clean and well-positioned as we enter into Q3.

與去年第二季相比，我們季度末的庫存水準增加了11%。這項庫存投資是我們有意為之的決定，旨在重點發展差異化的關鍵商品和類別，預計這些商品和類別將推動我們在 2024 年下半年和 2025 年初實現成長。我們相信，進入第三季度，我們的庫存狀況良好，儲備充足。

Turning to our second quarter capital allocation. Net capital expenditures were $199 million and we paid $89 million in quarterly dividends. We also repurchased 252,000 shares of our stock for $49.9 million at an average price of $198.05. Thus far this year, we have repurchased a total of $163.6 million of our stock. For the full year, we continue to expect share repurchases of $300 million.

接下來談談我們第二季的資本配置。淨資本支出為 1.99 億美元，我們支付了 8,900 萬美元的季度股息。我們也以平均每股 198.05 美元的價格回購了 252,000 股股票，總額為 4,990 萬美元。今年到目前為止，我們已累積回購了價值 1.636 億美元的股票。我們預計全年股票回購額將達 3 億美元。

Now moving to our outlook for 2024. As Lauren said, we are again raising our full year outlook. This reflects our strong Q2 performance and our confidence in our strategic initiatives and operational strength, balanced against the dynamic macroeconomic environment. We continue to expect 2024 consolidated sales in the range of $13.1 billion to $13.2 billion. We now expect full year comp sales growth in the range of 2.5% to 3.5% compared to our prior expectation of 2% to 3% growth.

現在展望一下2024年。正如勞倫所說，我們再次上調了全年業績預期。這反映了我們第二季強勁的業績，以及我們對自身戰略舉措和營運實力的信心，同時也體現了我們在動態宏觀經濟環境下的平衡能力。我們仍預期 2024 年合併銷售額將在 131 億至 132 億美元之間。我們現在預計全年同店銷售額成長在 2.5% 至 3.5% 之間，而我們先前的預期為成長 2% 至 3%。

EBT margin is now expected to be at 11.2% at the midpoint compared to 11.1% previously. We now expect gross margins to expand year-over-year compared to our expectation for a modest expansion previously. Based on the strength of our business, we are making some strategic investments to drive long-term growth and we now expect SG&A expenses on a non-GAAP basis to de-leverage modestly year-over-year.

目前預計 EBT 利潤率中位數為 11.2%，而此前為 11.1%。我們現在預計毛利率將同比增長，而此前我們預計毛利率將小幅增長。基於我們業務的強勁勢頭，我們正在進行一些策略性投資以推動長期成長，我們現在預計非GAAP基礎上的銷售、一般及行政費用將同比略有下降。

For pre-opening expenses, we expect second half expenses to be moderately higher than the first half, driven by the timing and mix of our new store openings. The vast majority of this expense will fall into the third quarter. In total, we now anticipate full year earnings for diluted share to be in the range of $13.55 to $13.90 compared to our prior expectation of $13.35 to $13.75.

由於新店開幕的時間和組合等因素，我們預計下半年開幕前的費用將略高於上半年。絕大部分支出將發生在第三季。總體而言，我們現在預計全年稀釋後每股收益將在 13.55 美元至 13.90 美元之間，而我們之前的預期為 13.35 美元至 13.75 美元。

Our earnings guidance is based on approximately 83 million average diluted shares outstanding and an effective tax rate of approximately 23%. We continue to expect net capital expenditures of approximately $800 million for the year. Lastly, keep in mind that due to the impact of shifted calendar, our reported total sales and EPS benefited by approximately $140 million are approximately $0.45 in earnings per diluted share in the first half.

我們的獲利預期是基於約 8,300 萬股平均稀釋後流通股和約 23% 的有效稅率。我們仍預期本年度淨資本支出約為 8 億美元。最後，請記住，由於日曆調整的影響，我們上半年報告的總銷售額和每股收益受益約 1.4 億美元，稀釋後每股收益約為 0.45 美元。

We expect an offsetting negative impact in the second half of the year. With the key back-to-school week shifting out of Q3 and into Q2 this year, the vast majority of this offset will happen in the third quarter. We estimate the unfavorable impact to Q3 reported total sales to be approximately $105 million or approximately $0.35 in earnings per diluted share. Excluding the 53rd week last year, which added $170 million or $0.19 in earnings per diluted share, this shift will not impact our full year results. In closing, we are very pleased with our second quarter performance and the success of our long-term strategies. We remain very enthusiastic about the future of our business. This concludes our prepared remarks. Thank you for your interest in DICK'S Sporting Goods.

我們預計下半年將出現抵銷性負面影響。由於今年重要的返校週從第三季度提前到了第二季度，因此絕大部分的抵消將在第三季度發生。我們估計，這將對第三季報告的總銷售額造成約 1.05 億美元的不利影響，或對每股稀釋收益造成約 0.35 美元的影響。除去年第 53 週（該週增加了 1.7 億美元或每股攤薄收益 0.19 美元）外，這項變更不會影響我們全年的業績。最後，我們對第二季的業績以及長期策略的成功感到非常滿意。我們對公司的未來依然充滿信心。我們的發言稿到此結束。感謝您對迪克體育用品公司的關注。

Operator, you may now open the line for questions.

接線員，現在可以開始接聽提問電話了。

Thank you. We will now begin the question-and answer-session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Good morning. Let me add my congratulations. It is not often we see this kind of success at selling at full price in this landscape. So congrats. Lauren, I guess my first question is going to be pretty high level. I kind of want just you to go over again why DKS is having the success post-COVID, right, and what arguably is kind of a slowing athleisure or athletic environment? And you did it during the prepared remarks, but can you go through again kind of the top three things that DICK'S has done kind of pre-pandemic to post-pandemic and why you're kind of merging as the dominant player in the sporting goods landscape? Thanks.

早安.我也要向你表示祝賀。在這種市場環境下，以全價出售並取得如此成功的情況並不常見。恭喜！勞倫，我想我的第一個問題會比較高層次。我想請你再詳細解釋一下，為什麼 DKS 在新冠疫情後能夠取得成功，而運動休閒或競技環境卻在逐漸放緩？您在事先準備好的發言稿中已經提到了這一點，但您能否再回顧一下迪克體育用品公司在疫情前後所做的最重要的三件事，以及為什麼你們正在成為體育用品領域的主導企業？謝謝。

Thanks, Adrienne. I appreciate your congratulations, very, very pleased with the Q2 performance that we just put up, 4.5% comp. That was on top of a 2% comp last year, and we are driving market share gains. And I think that really speaks to the fact that our athletes, our consumer, we call athletes, are holding up very well. They continue to prioritize a healthy outdoor active lifestyle, they are prioritizing team sports. But I think, the reason we continue to gain market share is because our long-term strategies are working.

謝謝你，艾德琳。感謝您的祝賀，我對我們剛剛公佈的第二季業績非常非常滿意，年增 4.5%。這是在去年 2% 的同店銷售成長基礎上實現的，我們正在推動市場份額的成長。我認為這充分說明，我們的運動員，我們的消費者，我們稱之為運動員，他們的狀態非常好。他們繼續重視健康的戶外正向生活方式，他們重視團隊運動。但我認為，我們能夠持續獲得市場份額的原因是我們的長期策略正在發揮作用。

So to your point about what's changed and it’s even before COVID, over the past several years, we have been focused on several key strategic pillars. The first one is differentiated product. And our merchant teams have done an absolutely outstanding job, bringing in products that are high demand, that people are seeking, that teams are seeking, that all athletes are looking for. And that's a product that is both for a competitive performance athlete but also a lifestyle for that athlete or for that consumer. And so we now have an assortment that is truly differentiated in the marketplace and enables us to continue to drive sales and the healthy margins that you mentioned.

所以，關於您提到的變化，甚至在新冠疫情之前，在過去的幾年裡，我們一直專注於幾個關鍵的策略支柱。第一種是差異化產品。我們的採購團隊做得非常出色，引進了市場需求量大、人們想要購買、團隊想要購買、所有運動員都想要的產品。這款產品既適用於競技運動員，也適用於運動員或消費者的生活方式。因此，我們現在擁有了真正與市場差異化的產品系列，使我們能夠繼續推動銷售並保持您提到的健康利潤率。

Our athlete experience is another thing that we've been incredibly focused on, and that means a lot of things to us. That means both enhancing the service in our stores, making sure that we get product into people's hands sooner, making sure we get people the right product and it also speaks to the reinvention of our entire portfolio. We keep reinventing DICK'S Sporting Goods and that's something that's core to our values and our culture. But with House of Sport and the Field House, we continue to push what a reinvented model for serving athletes can look like, and those learnings continue to trickle down through our entire company.

我們一直非常關注運動員的體驗，這對我們來說意義重大。這意味著既要提升我們門市的服務水平，確保產品更快地送到顧客手中，確保顧客拿到合適的產品，同時也意味著要對我們整個產品組合進行重新打造。我們不斷革新 DICK'S Sporting Goods，這正是我們價值觀和文化的核心。但透過 House of Sport 和 Field House，我們不斷探索為運動員服務的全新模式，而這些經驗也持續滲透到我們整個公司。

Overall, I will just say, this past quarter, we saw growth across all income demographics, which was terrific. And we saw more athletes purchase from us, spending more per trip. So that's the increase in transactions and tickets. And we added 1.6 million athletes to our database in the quarter. So great quarter, but this has been a long-term strategy, multiple years, starting even pre-pandemic, and I'm very, very pleased with how the team has actually executed.

總的來說，我想說，上個季度我們看到所有收入群體都實現了成長，這非常棒。我們發現，越來越多的運動員向我們購買商品，每次購物的消費額也更高。這就是交易量和票務量增加的原因。本季度，我們的資料庫新增了 160 萬名運動員。這個季度業績很棒，但這其實是一個長期策略，歷時多年，甚至在疫情爆發前就開始了，我對團隊的實際執行情況非常非常滿意。

Great. And then a quick follow-up for Navdeep on the inventory. Obviously, you are building the inventory with a little bit higher, right than where we are on sales. Often, that's something that people look at. But can you just describe – there is a time in retail when you actually press on the accelerator and start to give that more gas to the inventory, and it's when you actually see the comps accelerating. So can you just talk about kind of giving the balance a little more oxygen to be able to taste those comps? And how you're derisking on the backside? Are you taking more upfront? Are how you're managing that? Thank you.

偉大的。然後，納夫迪普迅速跟進庫存。顯然，你們的庫存水準比我們目前的銷售水準略高一些。人們通常會關注這一點。但你能描述一下零售業中，當你真正踩下油門，開始加大庫存投入時，你會真正看到同店銷售額加速成長。所以，您能否談談如何讓這種平衡更加平衡，以便更好地品嚐這些競爭的風味？那麼，你們是如何降低後端風險的呢？你打算預付更多款項嗎？你是如何應對的？謝謝。

Adrienne, thank you for that question. First of all, I think that you framed it really well, that this is us pouring a little bit more accelerant into our core strategies, what Lauren talked about, and she touched upon both of the most important facts on why the inventory investments we are making. First of all, it goes back to the access that we have, the work that our merchants have done in getting a differentiated product into our stores and on our website. This assortment is resonating so well. We see as a key area. And what I called out in my prepared remarks, as the key area of a conscious investment that we are making.

艾德琳，謝謝你的提問。首先，我認為你描述得非常好，這就是我們向核心策略注入更多動力，正如勞倫所談到的，她也提到了我們進行庫存投資的兩個最重要的原因。首先，這要歸功於我們所擁有的管道，以及我們的商家為將差異化產品引入我們的商店和網站所做的工作。這系列反應非常好。我們認為這是一個關鍵領域。我在事先準備好的演講稿中指出，這是我們正在進行有意識投資的關鍵領域。

The second thing that I would point to is our inventory is really clean and very well balanced. Our clearance inventory is meaningfully down compared to last year in Q2. And then the third thing is if you look deeper into our updated guidance that we have provided, this goes back to the confidence that we have in our assortment. We raised our second half comp expectations modestly and actually raised our merch margin expectations also modestly in the second half.

第二點我想指出的是，我們的庫存非常乾淨，而且非常平衡。與去年第二季相比，我們的清倉庫存大幅下降。第三點是，如果你深入了解我們提供的最新指導，你會發現這源自於我們對自身產品組合的信心。我們小幅提高了下半年的同店銷售預期，實際上，我們也小幅提高了下半年的商品利潤率預期。

Again, coming back to the quality of assortment that we have, the access that we have to a very differentiated assortment. So we feel really good about the inventory and how well we are positioned for back-to-school season.

再說一遍，我們擁有優質的商品種類，我們能夠獲得非常多樣化的商品種類。因此，我們對庫存狀況以及為迎接返校季所做的準備感到非常滿意。

Yes. And Adrienne, I would just add that the inventory that we've invested in is in things like key items and strike points and brands, and it has a long sale life. So we expect to have this inventory available and ready to sell into the spring and the Q1 of 2025. It is really good inventory.

是的。艾德琳，我還要補充一點，我們投資的庫存都是一些關鍵商品、重點商品和品牌，它們的銷售週期很長。因此，我們預計這些庫存將一直供應到 2025 年春季和第一季度，隨時可以銷售。庫存品質真的很好。

Fantastic. Best of luck.

極好的。祝你好運。

Thank you.

謝謝。

Thanks Adrienne.

謝謝你，艾德琳。

Brian Nagel, Oppenheimer

布萊恩‧納格爾，奧本海默

Hi, good morning. I, too, would like to add my congratulations on another very nice quarter.

您好，早安。我也想祝賀你們又取得了非常出色的季度業績。

Thanks, Brian.

謝謝你，布萊恩。

So the first question I have, I'll ask a high-level question and my follow-up would be more specific. But from a high-level perspective, look a lot of us follow closely your vendor partners. And what we are hearing out there is this refocus, if you will on product innovation from Nike, Under Armour and many others. So the question I want to ask is look, DICK'S has been performing very, very well through a difficult macro backdrop, through a level of product innovation. Are you starting to see now from these vendors the product innovation accelerating? And to the extent you are, I mean, how much of an incremental tailwind for DICK'S will this be as it continues to take shape?

所以我的第一個問題會比較廣泛，我的後續問題會更具體。但從宏觀角度來看，我們很多人都會密切關注你們的供應商夥伴。我們從市場上聽到的消息是，Nike、安德瑪和許多其他公司都在重新聚焦於產品創新。所以我想問的問題是，你看，在宏觀經濟狀況艱難的情況下，迪克體育用品公司憑藉其產品創新能力，表現得非常非常好。你現在是否開始看到這些供應商的產品創新正在加速？就你而言，我的意思是，隨著事情的不斷發展，這將為 DICK'S 帶來多大的推動作用？

Thanks, Brian. Absolutely. We're seeing our vendor partners focus on innovation, and we are solid, as I mentioned earlier, are innovating our entire experience as well with our strategic partners, We have really long term sharing sessions, strategy sessions where we do at the pipeline for years to come.

謝謝你，布萊恩。絕對地。我們看到我們的供應商合作夥伴專注於創新，正如我之前提到的，我們也在與策略合作夥伴一起革新我們的整個體驗。我們舉行了真正長期的分享會議和策略會議，為未來幾年的發展制定計劃。

Ladies and gentlemen, this is the operator. We are experiencing technical difficulties. Please remain online. Your lines will be placed on music hold. Thank you for your patience.

女士們先生們，這位是接線生。我們遇到了技術故障。請保持在線狀態。您的線路將被置於音樂保持狀態。感謝您的耐心等待。

Ladies and gentlemen, we will resume growth. Brian Nagle. Your line is now live.

女士們先生們，我們將恢復成長。布萊恩·納格爾。您的線路已開通。

Brian, I apologize. I heard your question, and I don't know whether you heard any of my answer. Our line dropped. So should I start over?

布萊恩，我道歉。我聽到了你的問題，但我不知道你是否聽到了我的回答。我們的線路斷了。那我應該重新開始嗎？

You started to respond. I mean, do you want me to repeat the question?

你開始回應了。我的意思是，你想讓我重複這個問題嗎？

Sure. Why don't we do that? Thank you very much.

當然。我們為什麼不這麼做呢？非常感謝。

So look, my question was, what we are hearing from a number of your key vendor partners is that they are refocusing on post-pandemic, refocusing on product innovation. DICK'S has performed extraordinarily well through a tough macro backdrop and maybe while product innovation throughout the sector was lowing. So the question I have is, I mean, are you starting to see some benefits of this product innovation from your vendor partners? And then b, how should we think about this refocusing on product innovation on the part of these vendor partners, as an incremental tailwind for DICK'S either through the balance of '24 into '25 or whatever?

所以，我的問題是，我們從你們一些主要的供應商合作夥伴那裡了解到，他們正在重新聚焦後疫情時代，重新聚焦產品創新。在宏觀經濟情勢嚴峻，且整個產業產品創新放緩的情況下，DICK'S 的表現卻異常出色。所以我的問題是，你們的供應商夥伴是否開始從這項產品創新中看到一些好處？其次，我們應該如何看待這些供應商合作夥伴將重心重新放在產品創新上，這是否會成為迪克體育用品公司在 2024 年剩餘時間到 2025 年或其他任何時期的持續成長動力？

Thanks, Brian. Yes, we’re excited about the product innovation cycle that we see coming down the pike with our vendor partners. And we have, as you would expect, long-term strategy meetings where we get peaks under the tent about what's coming. We're excited about the product innovation. But I would also point out, as I mentioned, to Adrienne's question, the innovation that we have in our own business in terms of how we are serving athletes the reinvented portfolio and the access that we have to highly differentiated products. So product, itself, is a key tailwind for us, has been for some time, and we continue to see that due to the access, due to innovation coming, we think it is a key pillar for us.

謝謝你，布萊恩。是的，我們對即將與供應商合作夥伴共同開啟的產品創新週期感到興奮。正如你所預料的那樣，我們會召開長期策略會議，提前了解即將發生的事情。我們對產品創新感到非常興奮。但正如我之前提到的，針對艾德麗安的問題，我也要指出，我們在自身業務中也進行了創新，例如我們如何為運動員提供服務、重新打造的產品組合以及我們能夠獲得高度差異化的產品。因此，產品本身一直是我們的重要助力，而且這種情況已經持續了一段時間，我們將繼續看到這一點，因為產品通路的拓展和創新的湧現，我們認為產品是我們發展的關鍵支柱。

Thanks Lauren, that's helpful. And my follow-up question, I guess, maybe more for Navdeep. So you mentioned in your prepared comments, it sounds like incremental investments that you are going to undertake here in the second half of '24, which changes somewhat kind of the leverage profile of the business, at least near-term, so I guess the question I'm asking is maybe you can elaborate more on those investments?

謝謝勞倫，這很有幫助。我的後續問題，我想，或許更該問納夫迪普。您在準備好的評論中提到，您計劃在 2024 年下半年進行一些增量投資，這在一定程度上改變了公司的槓桿狀況，至少在短期內如此。所以我想問的是，您能否更詳細地說明這些投資？

Yes, Brian, just let me give a little bit of color to that. So if you look at it, we are investing in the core strategy. The strategies that Lauren articulated so well that are working that are resonating with our athletes and are working so well. So things like repositioning our portfolio is, one. The technology investments that are allowing us to provide a very differentiated level of service to our athletes when they walk into our store or the technology investment that is making our website, so much more functional, those are the core areas of investment that we are leaning into to continue to position our business for 2025 and beyond in a very differentiated way.

是的，布萊恩，讓我再補充一點細節。所以仔細分析一下，我們其實是在投資核心策略。勞倫提出的策略非常有效，引起了我們運動員的共鳴，並且效果顯著。所以，重新調整我們的投資組合就是其中之一。科技投資使我們能夠為走進我們商店的運動員提供差異化的服務，或者使我們的網站功能更加強大的技術投資，這些都是我們正在重點投入的核心投資領域，以繼續以差異化的方式使我們的業務在 2025 年及以後保持領先地位。

The other comment that I would add to that is the investment in our SG&A is balanced against the confidence that we have in our total margin expectation. So if you look deeper into our guidance, we have raised our total margin expectations for full year and then net that against the SG&A investment. In totality, we actually have taken our operating margin expectations up by 10 basis points compared to our prior guidance. Very helpful. Thank you.

我還要補充一點，我們對銷售、一般及行政費用的投資與我們對總利潤率預期的信心是平衡的。因此，如果您深入了解我們的業績指引，就會發現我們提高了全年總利潤率預期，然後將其與銷售、管理及行政費用抵銷。總體而言，我們實際上將營業利潤率預期比先前的預期提高了 10 個基點。很有幫助。謝謝。

That's very helpful.

那很有幫助。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hi, good morning everyone. Lauren, I wanted to start asking about the top-line and engagement on the customer side. The angle is this proliferation of some of the strongest brands, and I won't name them all, but there is a handful that are higher profile that are probably driving a good amount of growth, at least that's a perception. My question is, what are you paying attention to that gives you confidence that you are maintaining engagement with your customers on all of these brands? My perception is that some of these brands are starting to proliferate into other places. So how is that engagement changing as we see some of these brands and products end up in more places?

大家早安。勞倫，我想開始詢問營收狀況和客戶參與度。關鍵在於一些實力最強的品牌的激增，我不會一一列舉，但其中一些知名度較高的品牌可能正在推動相當可觀的增長，至少人們是這麼認為的。我的問題是，您專注於哪些方面，才能讓您確信您與所有這些品牌的客戶都保持著互動？我的感覺是，其中一些品牌正在向其他地方擴張。那麼，隨著一些品牌和產品出現在更多的地方，這種互動方式會發生怎樣的變化呢？

Thanks, Simeon. Our engagement with our customers, we call athletes, is as high as it is ever been. And that's a credit to the experience that we have in the stores. It is also a credit to our brand campaign and what our marketing team has done. I know many of you have seen some of the work that came out during the Olympics. So we are top of mind awareness is great.

謝謝你，西蒙。我們與客戶（我們稱之為運動員）的互動程度達到了前所未有的高度。這要歸功於我們在門市累積的經驗。這也歸功於我們的品牌推廣活動和行銷團隊的努力。我知道你們很多人都看過一些奧運期間展出的作品。所以，提高我們的品牌知名度非常重要。

But when you get into products, we are unique in our ability to provide both performance and lifestyle, head to toe. We know the output starts with the footwear for a kid, and we can output them for their entire outfit both every day in life and on the field as well. So we are excited about the differentiation that we have versus our competitors. We feel really good about the increased access that we have to products, and we also feel really good about our performance of our vertical brands. So in general, very optimistic about our continued growth.

但說到產品，我們獨樹一幟，能夠提供從頭到腳兼具性能和生活方式的產品。我們知道，產品系列的起點是孩子的鞋子，我們可以為他們打造日常穿著和運動場上穿著的全套服裝。因此，我們對自身與競爭對手之間的差異化優勢感到興奮。我們對產品獲取管道的增加感到非常滿意，同時也對我們垂直品牌的表現感到非常滿意。總的來說，我對我們未來的持續成長非常樂觀。

A quick follow-up on House of Sport. Can you talk about the trajectory versus initial forecast and more so post the 12-month period, so in the 12. I think, I don't know what month we're at, 18th month or so, maybe closer to 24 in one or two cases. Anything that's surprising in terms of product categories or merchandise versus your forecast?

關於House of Sport的簡要後續報道。你能談談目前的趨勢與最初的預測相比如何，尤其是在 12 個月後的情況嗎？我想，我不知道現在是幾月份了，大概是18個月左右，也可能有一兩個例子接近24個月。與預測相比，產品類別或商品方面有沒有什麼出乎意料的情況？

Yes. I mean we continue to be really pleased with how our House of Sports stores are performing. We did give comp guidance at the end of last year, that the two had been opened enough to have a comps positively. And the things that get us very excited about the House of Sport is both the fact that athletes are traveling further, they are visiting more frequently, they are increasing the dwell time, the amount of time that they spend in our stores.

是的。我的意思是，我們對旗下House of Sports門市的業績一直非常滿意。我們在去年年底給出了比較指導意見，認為這兩家公司已經足夠開放，可以進行積極的比較。而讓我們對運動之家感到非常興奮的是，運動員們不僅走得更遠，而且光顧的頻率也更高，他們在我們店裡停留的時間也更長了。

And in general, what we are seeing is that, the ability to bring a brand to life is really helping us engage in some of that product innovation that you talked about just a moment ago. So we can bring a brand's life in our collaborative spaces, we call them our collab, in such an engaging way where we can talk about a brand story with some of our existing partners or bring in new brands to life. It's been a fantastic way to get to know new brand partners and also to develop access with our current partners.

總的來說，我們看到的是，賦予品牌生命力的能力確實有助於我們參與您剛才提到的產品創新。因此，我們可以在我們的協作空間（我們稱之為「合作空間」）中以引人入勝的方式展現品牌的生命力，我們可以與一些現有合作夥伴談論品牌故事，或將新品牌帶入生活。這不僅是結識新品牌合作夥伴的絕佳途徑，也是拓展與現有合作關係的有效方式。

And the last thing I would say that's just been increasingly noticeable is how much noise and excitement that we are making with the landlord and mall owner and our operator business. And the fact that when we open a House of Sport, the mall owners are telling us that they see increased traffic, they see increased sales per square foot and occupancy rates. So that's actually giving us access to some of the best malls and the best shopping centers in the country and is a big part of our strategy.

最後我想說的是，越來越明顯的一點是，我們與房東、商場業主以及我們的營運商之間產生了多大的聲勢和興奮。事實上，當我們開設一家 House of Sport 時，購物中心的業主告訴我們，他們看到客流量增加，每平方英尺的銷售額和入住率也提高了。因此，這實際上讓我們能夠進入全國一些最好的購物中心，也是我們策略的重要組成部分。

Okay, thanks. Well done, good luck.

好的，謝謝。幹得好，祝你好運。

Thank you Simeon.

謝謝你，西蒙。

Robby Ohmes, Bank of America .

羅比‧奧姆斯，美國銀行。

Hi, good morning guys. Great quarter. My first question, and probably both of them are actually for Navdeep. Navdeep, can you talk about the House of Sport conversions and sort of how that might have benefited comps in the second quarter and how we should think about House of Sport conversions in the back half as a benefit to comps versus maybe what you saw in the first half? And then another modeling question, I'll just give you the two upfront, would just be for gross margin in the back half, if you could give us any thoughts on puts and takes for us to think about in 3Q versus 4Q, that would be great.

大家好，早安。很棒的季度。我的第一個問題，也許這兩個問題其實都是問 Navdeep 的。Navdeep，你能談談 House of Sport 的轉換率，以及它如何可能在第二節對同店銷售有利，以及我們應該如何看待 House of Sport 在下半場的轉換率對同店銷售的益處，這與你在上半場看到的情況有何不同嗎？還有一個建模問題，我先給你兩個，是關於下半年毛利率的，如果你能給我們一些關於第三季度和第四季度需要考慮的看跌期權和看漲期權的想法，那就太好了。

Thanks, Robby. I appreciate your comment on the second quarter performance. So in terms of the conversion benefit for House of Sport, very consistent with what we had said at the end of last year. We had guided to the fact that our first half will benefit because as you recall, there were eight House of Sport conversions that we are doing last year that were all closed remodels. And so our first half of the comp of 2024 benefited from those closed remodels. And our expectation for the second half in the updated guidance that we have given is that our comps will be, again positive in the second half. However, we'll see a little bit of a takedown of the benefit that we saw in the first half.

謝謝你，羅比。感謝您對第二季業績的評價。因此，就 House of Sport 的轉化收益而言，這與我們去年年底所說的非常一致。我們之前已經預料到，上半年將會受益，因為如您所知，我們去年進行了八次 House of Sport 的改造，而這些改造都是在原始場地進行翻新。因此，我們 2024 年上半年的業績得益於這些已完成的改造項目。根據我們更新後的業績指引，我們對下半年的預期是，下半年同店銷售將再次實現正成長。然而，我們會看到上半年所取得的成果有所下降。

We continue to remain really confident about the House of Sport overall strategy. As Lauren just said in the prior question, the product access that we are having, the differentiated service that we are able to provide, how well that service and the product offering is resonating with our athletes that are traveling further, spending more time in the stores. Our store teams are doing a fantastic job of leveraging the assets that they have in store, including the field and engaging deeper with the community. And that is what is giving us the confidence that you see us taking the House of Sport learnings and translating that into the Field House concept that we talked this morning about.

我們對House of Sport的整體策略仍然充滿信心。正如 Lauren 在上一個問題中所說，我們擁有的產品管道，我們能夠提供的差異化服務，以及這種服務和產品供應與那些需要長途跋涉、在商店里花費更多時間的運動員之間的共鳴程度。我們的門市團隊在利用門市現有資源方面做得非常出色，包括現場資源，並更深入地與社區互動。正是這一點讓我們有信心，將體育之家（House of Sport）的經驗轉化為我們今天早上討論的室內運動場館（Field House）的概念。

So hopefully, that answers your question in terms of the House of Sport in the first half versus the second half. Coming to the gross margin expectation, it is a great question because there are definitely some puts and takes as you look to the gross margin expectations for the second half. So let us start back to what we said at the end of last year. We said that our occupancy costs will be deleveraging this year, and that was contemplated in our original expectation. We still expect occupancy cost to deleverage on a full year basis. However, it will be the deleverage will be less now because of the elevated sales expectation that we have.

希望這能解答你關於體育之家上半場和下半場的問題。關於毛利率預期，這是一個很好的問題，因為在展望下半年毛利率預期時，肯定存在一些利多和不利因素。那麼，讓我們回到去年年底我們討論的內容。我們曾表示，今年的入住成本將會下降，而這在我們最初的預期中也已有所考慮。我們仍然預計全年入住成本將下降。然而，由於我們對銷售的預期較高，去槓桿化的程度將會降低。

The impact of Q3 shift of the important back-to-school sales shifting out of Q3 into Q2 to the tune of $105 million needs to be modern and appropriately when you are looking into the Q3 gross profit expectation. And likewise, keep in mind, in fourth quarter, we had the week 53 as well. So that additional week of $170 million of sales when you are modeling in the gross profit expectation for fourth quarter needs to be contemplated.

重要的返校季銷售從第三季轉移到第二季度，金額高達 1.05 億美元，這項變化的影響在評估第三季毛利預期時需要及時、適當地考慮。同樣地，請記住，第四季我們還有第 53 週。因此，在對第四季度毛利潤預期進行建模時，需要考慮額外一周的 1.7 億美元銷售額。

In totality, what we have said is driven by the strong performance that we have driven in Q2, we have raised our total margin expectations for full year and also taken modestly up our merch margin expectations in second half, driven by the confidence that we have in our assortment.

總而言之，我們所說的都是基於我們在第二季度取得的強勁業績，我們提高了全年總利潤率預期，並且由於我們對產品組合充滿信心，也略微提高了下半年商品利潤率預期。

Thank you.

謝謝。

Thank you, Robby.

謝謝你，羅比。

Mike Baker, D.A. Davidson .

麥克貝克，D.A.戴維森。

Okay. Also a couple of questions. One, I remember DICK'S was all about the athlete and it wasn't really focused in the past as much on lifestyle. I get now that it's still all about the athlete. That's clear. But it seems like there's been a little bit more shift towards some lifestyle type products. Is that just in House of Sport? Or is that across the entire chain? Am I right in my perception that, that shifted a little bit? Any way to sort of frame that up a little bit, please?

好的。還有幾個問題。我記得迪克體育用品店以前主要服務運動員，並沒有太注重生活方式。我現在明白了，一切最終還是圍繞著運動員。這一點很清楚。但似乎市場對一些生活風格類產品的需求增加。只有House of Sport有嗎？還是說這種情況遍及整個供應鏈？我的理解沒錯吧，情況稍微改變了？能否稍微解釋一下？

Mike, it is a great question. So we have always been rooted in sport, and we remain rooted in sport. We will always be about athletes and performance and getting people confident and excited about the product that they have that's going to increase their capabilities.

麥克，這是一個很好的問題。因此，我們一直紮根於體育，而且我們將繼續紮根於體育。我們將始終關注運動員和運動表現，讓人們對他們擁有的、能夠提升他們能力的產品充滿信心和熱情。

What we didn't have access to before we started to invest in the premium full-service footwear, DICK'S, was the product that these kids want. These are athletes as well rooted in sport, but what they're wearing off the field, off the court as well. And it is just a part of their lifestyle, the lifestyle of an athlete. So now that we've invested in our premium full-service footwear DICK'S, you are correct in saying we are rooted in sport.

在我們開始投資高端全方位服務鞋履品牌 DICK'S 之前，我們無法獲得這些孩子想要的產品。這些運動員不僅在運動中根基深厚，而且在場下、球場外的穿著打扮也同樣引人注目。這只是他們生活方式的一部分，運動員的生活方式。既然我們已經投資了高端全方位服務鞋類品牌 DICK'S，那麼你說的沒錯，我們確實紮根於運動領域。

We still have incredible both footwear, apparel and gear for anybody who wants to compete at a high level. And in fact, that continues to improve, as we get access even in our footwear DICK'S, things like really elite soccer cleats and things like that. In the same time, we now have access to the cool shoes, and that's important to the athlete when they come and they can get everything that they need.

我們仍然擁有種類繁多的優質鞋類、服裝和裝備，適合任何想要在高水平比賽中競技的人。事實上，這種情況還在不斷改善，我們甚至可以在鞋類商店 DICK'S 買到一些頂級足球鞋之類的東西。同時，我們現在可以買到很棒的鞋子，這對運動員來說很重要，因為他們來到這裡後可以獲得他們所需的一切。

And Mike, let me build on that. This is much beyond just the House of Sport as well. As we have called out in the past, 90% of our chain now has a premium full-service footwear DICK'S experience. So the access that Lauren just talked about goes well beyond our House of Sport locations into our Field House. And actually, it goes into the almost large majority of our DICK'S Sporting Goods chain as well.

麥克，讓我接著說。這遠遠超出了體育之家的範疇。正如我們之前所指出的，我們連鎖店 90% 的門市現在都提供迪克百貨 (DICK'S) 的優質全方位鞋類服務體驗。所以，勞倫剛才提到的這種便利性遠不止於我們的運動家，還包括我們的室內運動場館。事實上，它也滲透到我們迪克體育用品連鎖店的絕大多數商品中。

Got it. Makes sense. One follow-up and sort of a serious question, I'll say, how much did the Celtics helped in the quarter? You must have sold a ton of Celtics Care? I bought a lot. Did that help the comp at all? And I do ask, we did actually see a lot of stuff mark-down pretty quickly after the championship. I'm just wondering how the Celtics championship and that kind of licensed-product sales impacted the quarter?

知道了。有道理。最後還有一個比較嚴肅的問題，我想問一下，塞爾提克隊在這一節發揮了多大作用？你肯定賣出了很多凱爾特人運動服吧？我買了很多。那對比賽有幫助嗎？而且我確實想問，我們在錦標賽結束後確實看到很多東西很快就降價了。我只是想知道塞爾提克奪冠以及隨之而來的授權產品銷售對本季業績產生了怎樣的影響？

So we love the Celtics. We love all teams that are winning, but it wasn't material in the quarter. It's always great to have some – it is always great to have licensed hot, but it wasn't material.

我們熱愛凱爾特人隊。我們喜歡所有贏球的球隊，但這與本季的比賽結果無關。擁有一些授權的熱門內容總是很棒的，但這並不是實質的內容。

And then on to the markdown question, you will continue to see us being very decisive about the inventory that we have. We want to make sure that we have access as well as space available in store and online for the right product that can continue to drive this enthusiasm we are seeing from our athletes.

至於降價促銷的問題，您會看到我們繼續對現有庫存採取非常果斷的態度。我們希望確保我們有足夠的管道和空間，在實體店和網路上銷售合適的產品，以繼續激發運動員的熱情。

Awesome. Thank you.

驚人的。謝謝。

Thank you.

謝謝。

John Kernan, TD Cowen

約翰·克南，TD·考恩

Good morning. Thanks for taking my questions. And congrats on a great quarter.

早安.謝謝您回答我的問題。恭喜你們本季表現出色。

Thank you.

謝謝。

Navdeep your supply chain has evolved quite a bit over the last several years. You're flowing through and setting inventory very high full price sell-through. I know you announced the another DC opening in Forth Worth. Can you talk about the supply chain going forward, your strategy within the entire omnichannel strategy? And how do costs look for the supply chain going into the back half of the year?

Navdeep，你的供應鏈在過去幾年裡發生了很大的變化。你們的銷售速度很快，庫存週轉率很高，全價銷售率也很高。我知道您宣布了在沃斯堡開設另一家 DC 門市的消息。您能否談談未來的供應鏈發展方向，以及您在整個全通路策略中的策略？那麼，進入下半年，供應鏈的成本狀況如何呢？

Yes. So we couldn't be more excited about the supply chain team, but how well our merchandising team and our supply chain team and our inventory allocation team work closely together because it is all about making sure you have the right access, but then are able to flow that product in the most efficient way and in the quickest way possible, where if it is a product or as we talked about the license product that needs to flow at a different speed through the network. And all these three teams work so well together.

是的。所以我們對供應鏈團隊感到無比興奮，但我們的商品團隊、供應鏈團隊和庫存分配團隊之間的密切合作也讓我們倍感欣慰，因為這一切都是為了確保您擁有正確的訪問權限，然後以最有效、最快的方式流通產品，而對於某些產品，或者像我們之前討論過的授權產品，則需要在網絡中以不同的速度流通。這三隊合作得非常出色。

And the investment that we’re making into the new DC is driven by the fact that if you look at our business compared to 2019, our business top-line is up significantly more than where it was in 2019. The SKU, the velocity of the SKU and the product access that we have is so differentiated. So we look at it and say that we need to make some fixed investments into our supply chain. And that's the plan to open the six DC in Dallas, which will open in early part of 2026.

我們對新資料中心的投資源於這樣一個事實：與 2019 年相比，我們的業務收入大幅成長。我們的 SKU、SKU 的周轉速度以及產品取得管道都具有很大的差異化。因此，我們檢視後認為，我們需要對供應鏈進行一些固定投資。這是在達拉斯開設第六家資料中心的計劃，該資料中心將於 2026 年初開業。

In terms of the second half expectation, there is nothing material to talk about the supply chain. It is running in-line with our expectation. The team is doing a fantastic job in kind of continuing to navigate the challenging landscape that we see, especially on the international freight side. But overall, really pleased with the partnership that exists and the work our supply chain team is doing.

至於下半年的預期，供應鏈方面沒有什麼實質的事情可說。運行情況符合我們的預期。團隊在應對我們所看到的充滿挑戰的局面方面做得非常出色，尤其是在國際貨運方面。但總的來說，我對現有的合作關係以及我們供應鏈團隊所做的工作感到非常滿意。

John, I just want to add a point to Navdeep's comments about our fulfillment for e-commerce and the fact that our stores have become a really critical part of our supply chain. We fulfill the vast majority of our eCommerce demand through our stores, and that gets us closer to the athletes, quicker delivery, lower cost. And so part of our supply chain, we are opening six DC to help service all of our stores, but our stores are also an incredible piece of our supply chain as well as being athlete serving.

John，我只想補充 Navdeep 對我們電子商務履行情況的評論，以及我們的門市已成為我們供應鏈中真正關鍵的一部分。我們透過實體店滿足了絕大多數的電子商務需求，這讓我們能夠更貼近運動員，實現更快的配送，降低成本。因此，作為我們供應鏈的一部分，我們正在開設六個配送中心來幫助服務我們所有的門市，但我們的門市也是我們供應鏈中非常重要的一部分，同時也是為運動員提供服務的場所。

That's helpful thanks, and Navdeep, Lauren follow-up for you. It seems like some of the private owned brands like CALIA, VRST and DSG have gained square footage space inside the stores. How are those performing versus the chain? And what's the outlook for owned brands? Thanks.

很有幫助，謝謝。 Navdeep，Lauren會跟進你的情況。一些私人品牌，如 CALIA、VRST 和 DSG，似乎在商店內獲得了更大的銷售面積。這些產品與整個連鎖店相比表現如何？自有品牌的未來前景如何？謝謝。

Thank you. We are very excited about how our vertical brands are performing across the board. In particular, I would point to DSG, VRST and CALIA. DSG, All three of them actually are filling a white space in our portfolio. DSG filling a fantastic whitespace for opening price point product that's very high function, high fashion and doing incredibly well. So you are seeing increased space across all of these vertical brands because they are performing so well and the commercial reacting.

謝謝。我們對旗下各垂直品牌整體的表現感到非常興奮。我尤其要提到 DSG、VRST 和 CALIA。DSG，這三家公司實際上都填補了我們投資組合中的空缺。DSG 填補了入門級產品市場的絕佳空白，該產品功能強大、時尚前衛，且銷售業績非常出色。因此，你會看到所有這些垂直品牌的市場份額都在增加，因為它們的表現非常出色，商業也做出了相應的反應。

From a VRST standpoint, we just had a relaunch our limitless pant, which is really exciting and doing very well. And CALIA continues to do incredibly well, again meeting a need in a lifestyle to from the field or to the gym and outside and doing incredibly well. So we continue to grow both our strategic brands and our vertical brands. The whole portfolio is doing well.

從 VRST 的角度來看，我們剛剛重新推出了我們的無限褲，這真的令人興奮，而且銷售情況非常好。CALIA 的表現依然非常出色，再次滿足了人們從運動場或健身房到戶外運動的生活方式需求，並且表現非常出色。因此，我們將繼續發展我們的策略品牌和垂直品牌。整個投資組合表現良好。

Excellent. Thank you.

出色的。謝謝。

Thank you.

謝謝。

Chuck Grom, Gordon Haskett

查克‧格羅姆，戈登‧哈斯克特

This is Eric on for Chuck. I just wanted to ask about the incremental SG&A investments you're making. Are you pulling forward investments from '25 into this year? Are these purely incremental now just from a position of strength? And how should we think about the timing of these investments in the back half of the year?

這裡是埃里克替查克發言。我只是想問你們正在進行的增量銷售、管理及行政費用投資。您是否將2025年的投資提前到今年進行？這些僅僅是由於實力優勢而採取的漸進式措施嗎？那麼，我們該如何考慮在下半年進行這些投資的時機呢？

Yes, I would say it's a combination of both things. We are seeing some pull forward opportunities from '25 into this year as well as some incremental investment opportunities to continue to position better for 2025 and beyond.

是的，我認為是兩者的結合。我們看到一些原本計劃在 2025 年實現的投資機會提前到了今年，同時也有一些新增的投資機會，以便更好地為 2025 年及以後做好準備。

In terms of the timing of these expenses, I’d say, they would be ratably between Q3 and Q4. One of the things, as you're thinking about the modeling, I want you to keep in mind the preopening expenses in Q3. That will be an area of investment also when you look to the back half expectations.

至於這些費用發生的時間，我認為大概會在第三季和第四季之間。當您考慮建模時，我希望您記住第三季的開業前費用。展望下半年的預期，這也將是一個需要投資的領域。

Great. And then can you just provide any quantitatively how impactful the House of Sport was as you lap the temporary closings from last year and the conversions? And was there any benefit this quarter from the Olympics, the summer soccer tournaments? And just any commentary on Q3 to-date?

偉大的。那麼，您能否量化一下，在彌補去年的臨時關閉和改建工程之後，體育之家產生了多大的影響？本季奧運和夏季足球錦標賽是否帶來了任何好處？對第三季至今的情況有什麼看法嗎？

Well, let's start with the last one because I think that's the easiest one. We won't provide the commentary. We are very excited about the key back-to-school season, and we’re in the middle of the back-to-school season. So we'll provide more details about our Q3 commentary in late November.

好，我們就從最後一個開始吧，因為我覺得那是最簡單的。我們不會提供評論。我們對重要的返校季感到非常興奮，現在正值返校季。因此，我們將在11月下旬提供更多關於第三季業績報告的細節。

In terms of the Olympics, Olympics is a fantastic opportunity to continue to showcase the importance of sport and sport lifestyle in all athletes, whether it is the youth athletes or whether it is the adult athletes. So we see that more as an opportunity to showcase the importance of stores and active lifestyle in the communities. It necessarily does not have a significant impact to our comp sales performance that we saw here in Q2.

就奧運會而言，奧運會是一個絕佳的機會，可以繼續向所有運動員，無論是青少年運動員還是成年運動員，展示運動和運動生活方式的重要性。因此，我們認為這是一個展示商店和積極生活方式在社區中的重要性的機會。它可能不會對我們在第二季看到的同店銷售業績產生重大影響。

In terms of the House of Sport conversion, I wouldn't quantify that right now. But like we said, the first half benefited, but the benefit in Q2 was lower than in Q1, as you can imagine, because last year, we started to open some of these remodels in the second quarter of last year.

至於 House of Sport 的轉型，我現在還無法量化。但正如我們所說，上半年受益，但第二季度的收益低於第一季度，正如你所想，因為去年，我們是從第二季度開始開放其中一些改造項目的。

Great. Appreciate it.

偉大的。謝謝。

Will Gaertner, Wells Fargo.

威爾·加特納，富國銀行。

Hi, guys. Thanks for taking my question. Can you guys just provide some more detail on what categories are driving the same-store momentum for you?

嗨，大家好。謝謝您回答我的問題。你們能否詳細說明哪些品類推動了同店銷售成長？

Yes. Thanks, Will. With the 4.5% comp, we saw growth across many aspects of our business. We did see particular strength in footwear and apparel, and we saw some puts and takes within hardlines. But overall, just really pleased across the board.

是的。謝謝你，威爾。4.5% 的同業拆借成長率，使我們業務的許多方面都實現了成長。我們看到鞋類和服裝領域表現特別強勁，而強硬派領域則出現了一些價格波動。但總的來說，各方面都非常滿意。

Got it. And just one more for me. Is one of the reasons why you are bringing in inventory earlier, are you seeing delays with Red Sea? Is that still an issue for you guys?

知道了。再給我來一杯。你們提前引進庫存的原因之一，是不是因為紅海方面延誤了？你們那邊這個問題依然存在嗎？

Well, there is some aspect of it, but I won't call that as a material. We are working through kind of a dynamic supply chain environment that exists, but it's not a material driver of the inventory investment. Just a slight amount of timing difference between this year, Q2 and last year.

嗯，它確實包含一些這樣的元素，但我不會稱它為一種材料。我們正在應對一種動態的供應鏈環境，但這並不是庫存投資的實質驅動因素。今年第二季與去年同期相比，時間上只有細微的差別。

Yes. We're not being inventory in earlier, so to speak, we're making strategic investments, cautious choices to invest in inventory so that we can meet athletes' demand.

是的。我們並沒有提前囤貨，而是進行策略性投資，謹慎地選擇投資庫存，以便滿足運動員的需求。

Understood, I’ll pass it on. Thank you.

明白了，我會轉達的。謝謝。

Thank you

謝謝

Justin Kleber, Robert W Baird

賈斯汀·克萊伯，羅伯特·W·貝爾德

Hi, good morning, everyone. It's Justin Kleber. Thanks for taking the questions. First one for me was just curious how you are thinking about shrink over the back half of the year. It looks like this quarter, you effectively recaptured all of last year's cumulative true-up. So does your revised margin outlook assume shrink is a tailwind across the back half of the year?

大家早安。是賈斯汀·克萊伯。謝謝您回答問題。我首先只是好奇您如何看待下半年的經濟萎縮問題。看來本季你們已經有效彌補了去年同期所有累積的調整損失。那麼，您修訂後的利潤率預期是否假設下半年的萎縮將成為利好因素？

Yes, you are correct that we trued up shrink over last year when we had done inventories, and so you shouldn’t expect it to be flat going forward into the second half.

是的，您說得對，我們在盤點庫存時已經修正了去年的損耗，所以您不應該指望下半年的損耗會保持平穩。

Got it. Okay. Thanks. And then one other question just on the guidance. The comp guide was raised, but you held the total sales view. So is that just a function of fewer temp warehouse stores that are not in the comp base? Or is there something else going on there?

知道了。好的。謝謝。還有一個關於指導方針的問題。雖然競爭對手的業績有所提升，但你仍然掌握著總銷售額的主動權。所以這只是因為不在基準範圍內的臨時倉庫門市數量較少造成的嗎？或者，那裡還有其他事情發生？

No, it's a few of those puts and takes that happen. First of all, there is a little bit of a timing. There is a little bit in the non-comp sales, as well as you can imagine, there is a rounding factor as well when you are rounding to billions of the dollars. But yes, it is a combination of those three things.

不，就是偶爾發生的一些買賣交易。首先，時機很重要。非同店銷售額中也存在一些誤差，而且正如你所想，當金額達到數十億美元時，也存在一個舍入因素。是的，它是這三者的結合。

Got it. Okay. Makes sense. Thanks guys. And congrats on the quarter.

知道了。好的。有道理。謝謝各位。恭喜你本季業績出色。

Thank you.

謝謝。

Warren Cheng, Evercore ISI .

Warren Cheng，Evercore ISI。

Hi, good morning. I want to ask what's the limit on how much of the chain can eventually be upgraded to Field House locations? And are you accelerating the pace there? And one follow-up on that was just SG&A load per store, how does that compare to the base for the Field House location?

您好，早安。我想問一下，該連鎖店最終最多能有多少家門市升級為 Field House 門市？你們那邊正在加快步伐嗎？還有一個後續問題是，每家店的銷售、管理及行政費用與 Field House 門市的基本費用相比如何？

Warren, there's no set limit on how many stores could be upgraded to Field House. We have a significant number of our stores that come up for renewal every year, and we'll continue to upgrade as it make sense, or we'll relocate as it makes sense and develop a Field House. But long term, that is the future of DICK'S Sporting Goods, and I will pass it to Navdeep for the SG&A question.

沃倫，升級為 Field House 的門市數量沒有上限。我們每年都有相當數量的門市需要翻新，我們會根據實際情況進行升級改造，或根據實際情況進行搬遷，並開發室內運動中心。但從長遠來看，這就是迪克體育用品公司的未來，我會把銷售、管理及行政費用的問題交給納夫迪普來回答。

Yes. Warren, as you can expect, we are definitely making investments in elevated levels of service and experience in these stores. But keep in mind, what we shared last year that the Field House stored have both a very strong top-line and a bottom-line profile with an EBITDA margin of 20% or slightly more. So we continue to be pleased in balancing the investments that we are making and the returns that we are driving.

是的。沃倫，正如你所料，我們確實在這些門市投入資金，以提升服務和體驗水平。但請記住，我們去年分享的數據顯示，Field House 儲存的商品在營收和利潤方面都非常強勁，EBITDA 利潤率達到 20% 或略高。因此，我們對目前所做的投資和所取得的回報之間的平衡感到滿意。

Got you. Thanks. And then for my follow-up, some of the new House of Sport locations are opening in a little bit smaller footprint than the original 120,000. Is there some convergence happening between those and the Field House locations? And what really makes the House of Sport differentiate from Field House kind or what are the kind of defining characteristics that define House of Sport? Thank you.

抓到你了。謝謝。然後，我的後續報導是，一些新的 House of Sport 門市佔地面積比最初的 120,000 平方英尺要小一些。這些地點和體育館地點之間是否存在某種交會點？那麼，體育館與一般體育館究竟有何不同呢？或者說，體育館有哪些定義的特徵？謝謝。

Yes, it's a great question. Some of our first House of Sport locations were very large, well over 100,000 square feet. And we continue to iterate, we can adapt to that model to 100,000 square feet, we can continue to adapt.

是的，這是一個很好的問題。我們最早的一些 House of Sport 門市面積非常大，超過 10 萬平方英尺。我們不斷迭代，我們可以將模型擴展到 10 萬平方英尺，我們可以繼續調整。

When we look at a Field House concept, it is definitely leaning more toward our original 50,000 format. And while it has elevated presentation, elevated service, elevated product there are some of those interactive experiences like a rock climbing wall and tracking field and things like that, that we simply can't put into a Field House location.

當我們審視體育館的概念時，它無疑更傾向於我們最初的 50,000 人制形式。雖然它擁有更高級的展示、更高級的服務和更高級的產品，但像攀岩牆和跑道之類的互動體驗，是我們根本無法在體育館裡實現的。

But I wouldn't say, there is a convergence except for in a positive way that the learnings from House of Sport continue to trickle to Field House and then to the entire rest of our chain.

但我不會說兩者之間存在某種融合，除非是以積極的方式，即 House of Sport 的經驗不斷滲透到 Field House，然後又滲透到我們整個連鎖機構。

Great. Thanks for the color. Good Luck

偉大的。謝謝你提供的色彩。祝你好運

Thank you.

謝謝。

Thank you. Your next.

謝謝。下一個。

Paul Lejuez, Citi .

保羅‧勒朱茲，花旗銀行。

Hi, thanks. This is Kelly on for Paul. Thanks for taking our question. It looks like the 2H outlook assumed comps could have flattish to up 2. Just curious what your assumptions there on the low end versus the high end? And any differences we should take into account 3Q versus 4Q?

您好，謝謝。這裡是凱莉替保羅報道。感謝您回答我們的問題。下半年的展望似乎假設同業比較數據可能持平或上漲 2%。我只是好奇你對低端和高端的假設分別是什麼？那麼，第三季和第四季之間有哪些差異需要考慮呢？

Yes, the second half guidance is, I would say, if you've modeled it won't be flat. We are expecting positive comps in the second half, both in Q3 and Q4. The only thing that between the difference between the high end of the range or the low end of the range is balancing the macroeconomic uncertainties that exist, as the consumer continues to be under pressure, and we are balancing our optimism and our confidence in our core strategy against the macroeconomic backdrop.

是的，下半年的預期是，如果你做過模型預測，你會發現它不會是平穩的。我們預計下半年，第三季和第四季度，同店銷售額將出現正成長。高端產品和低端產品之間的唯一區別在於平衡宏觀經濟的不確定性，因為消費者持續面臨壓力，而我們也在宏觀經濟背景下平衡我們對核心策略的樂觀和信心。

Q3 and Q4, I would say, no significant differences. Back-to-school is an important season when we think of Q3 and then holiday continue to be such an important part of fourth quarter.

第三季和第四季度，我認為沒有顯著差異。開學季是我們想到第三季時的一個重要時期，而假期仍然是第四季非常重要的組成部分。

Got it. And just a follow-up. I know you talked about some of these high-performing brands already, HOKA and ON specifically. I think you did roll out some more doors in 2Q. So any additional color on the door rollout, how they're performing on a like-for-like basis and if there's more opportunity to expand doors with these brands in F'25? Thanks.

知道了。還有一個後續問題。我知道你之前已經提到過一些高性能品牌，特別是 HOKA 和 ON。我認為你們在第二季確實推出了一些新的產品。那麼，關於門類產品的推出，還有什麼其他資訊嗎？它們在同類產品中的表現如何？在2025年秋季，這些品牌是否還有更多機會拓展門類產品市場？謝謝。

Yes. There is more opportunity to expand both in HOKA and ON, and we'll be continuing to do that. And the brands are performing very well where we have them in same stores.

是的。HOKA 和 ON 都還有更大的發展空間，我們將繼續這樣做。而且在我們銷售這些品牌的同一家門市裡，它們的銷售表現都非常好。

Thank you.

謝謝。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Good morning. Thank you so much for taking my question. So recognizing that you don't guide by quarter, DICK'S did outperform the consensus by $0.50 in the second quarter. You are raising the full year guide by $0.15 to $0.20. So how at all is your expectations internally for sales and profit change in the back half of the year?

早安.非常感謝您回答我的問題。鑑於我們不按季度進行業績預測，DICK'S 在第二季度的業績確實比普遍預期高出 0.50 美元。你們將全年指導價調高了0.15美元至0.20美元。那麼，你們內部對下半年的銷售和利潤變化有何預期？

Yes, Michael, maybe I'll start with the consensus part of the question because one thing that we had guided very clearly at the end of Q1, and hopefully more and more analysts will listen to what we say is the fact that we set the $100 million of important back-to-school week shifting out of Q3 into Q2. And what we told today was $95 million of benefit, when you see the delta between the comp sales and the total sales, that $95 million was driven by the shift. And it benefited the second quarter by the tune of almost about $0.30. So that is one thing that I want to make sure that analysts, everybody's modeling that appropriately.

是的，邁克爾，也許我應該先從問題的共識部分開始，因為我們在第一季末非常明確地指導了一件事，希望越來越多的分析師會聽取我們的意見，那就是我們將價值 1 億美元的重要返校週從第三季度轉移到了第二季度。我們今天宣布的收益是 9500 萬美元，當你看到同店銷售額和總銷售額之間的差額時，你會發現這 9500 萬美元是由這種轉變帶來的。第二季因此受益約0.30美元。所以我想確保分析師們，所有人都能正確地將其納入模型中。

What we did as far as the guidance is concerned, we have flown through the beat that we delivered here in second quarter, both in top-line, gross profit expectation as well as on the EPS on a full year basis. In addition to that, we modestly raised our second half comp expectation based on the confidence that we have in our product assortment and our core strategies.

就業績指引而言，我們遠遠超出了第二季度的預期，無論是營收、毛利預期還是全年每股收益。除此之外，基於我們對產品組合和核心策略的信心，我們小幅提高了下半年的同店銷售預期。

Keep in mind, again, as you are looking into Q3 on a year-over-year basis, you want to keep that $105 million of an unfavorable impact with the back-to-school beat now into Q2 impacting Q3. And we quantified that as well that it is about approximately $0.35 of unfavorable impact we will see in Q3.

再次提醒，在對第三季度進行同比分析時，要考慮到返校季帶來的 1.05 億美元的不利影響，而這種影響現在已經延續到第二季​​度，並最終波及到第三季度。我們也量化分析了這一點，認為第三季將出現約 0.35 美元的不利影響。

Yes. I want to just build on Navdeep's point because it is such an important point. So there was absolutely no deceleration in our back-half expectations. In fact, modest improvement in comps, as Navdeep mentioned. But there may be some confusion in terms of the impact from third quarter to second quarter and the 53rd week. So we would be happy to answer any questions after the call.

是的。我想在Navdeep的觀點基礎上再補充一些，因為這是一個非常重要的觀點。因此，我們對下半程的預期絲毫沒有降低。事實上，正如Navdeep提到的那樣，比賽成績略有提高。但第三季對第二季和第 53 週的影響可能會有些混淆。通話結束後，我們很樂意回答任何問題。

My follow-up question is given you have a core base of House of Sport up and running, what are you seeing from these locations in terms of their economics at influencing how you will proceed with the coming tranches of new models that you will be locating given that there should be 60 to 80 additional House of Sport locations over the next couple of years?

我的後續問題是，鑑於你們已經擁有一個運作良好的 House of Sport 核心基地，考慮到未來幾年應該會有 60 到 80 家新的 House of Sport 門市，你們從這些門市的經濟效益來看，會對你們未來開設新店的策略產生哪些影響？

Yes, Michael, I’d say, that we continue to be really pleased with the performance that we are seeing out of the House of Sport locations. We'll have 20 locations by the end of this year and the performance that we have seen in the first tranche of the stores that that are in the second year of the comp journey with us, those stores are still comping positively. The stores that we have opened last year and this year, they continue to meet not only our financial expectations, more importantly our expectations from how well they are resonating in the communities that they are opening.

是的，邁克爾，我想說，我們對House of Sport門市的表現仍然非常滿意。到今年年底，我們將擁有 20 家門市。從第一批與我們開展同店銷售業務的第二年來看，這些門市的業績仍保持正成長。我們去年和今年開設的門市不僅繼續達到我們的財務預期，更重要的是，它們在開業所在社區的反應也達到了我們的預期。

So this is continuing to give us confidence into positioning our chain even further as we think about these opportunities. And we are pretty confident in the long-term outlook that we have given for House of Sport.

因此，這讓我們更有信心進一步鞏固我們的產業鏈，並考慮這些機會。我們對House of Sport的長期發展前景相當有信心。

Thank you very much and good luck.

非常感謝，祝你好運。

Thank you.

謝謝。

teven Forbes, Guggenheim.

史蒂文福布斯，古根漢美術館。

Good morning, Lauren, Navdeep. Maybe just a quick follow-up on Michael's question. Given that you do have both formats sort of maturing here and some entering the comp base, any way to help frame how the range of profitability and sales are trending relative to the store targets you’ve given, meaning is the range tight and giving you confidence that maybe those original store targets are conservative? Or any way to just help frame up how they're performing versus the pro forma plan?

早安，勞倫，納夫迪普。或許可以簡單跟進一下麥可的問題。鑑於你們這兩種模式都逐漸成熟，並且有些已經進入競爭基礎，有沒有辦法幫助你們了解盈利能力和銷售額相對於你們給出的門店目標的趨勢範圍？也就是說，這個範圍是否很窄，是否讓你們相信最初的門市目標可能過於保守？或者有什麼方法可以幫助我們了解他們的實際表現與預期計劃之間的差異？

They are meeting right in-line with our pro forma expectations. Internally, we look at it from a financial return perspective. They are hurdling right at the level that we expect those to be. And that's the reason you are seeing us not only lean into the House of Sport strategy, but also lean in from a CapEx perspective where we are going and acquiring some of these locations because we feel this is a differentiated offering that we can offer to our athletes and also provide a very different level of service and experience to our brand partners and to the landlord. So we continue to be very confident in the capabilities, as well as the returns that we are seeing through the House of Sport stores.

他們的表現完全符合我們的預期。從內部來看，我們是出於財務回報的角度來考慮這個問題的。他們的跨欄水準完全符合我們的預期。這就是為什麼您會看到我們不僅大力推行「運動之家」策略，而且還從資本支出角度加大投入，收購一些場地，因為我們認為這可以為我們的運動員提供差異化的產品，也可以為我們的品牌合作夥伴和業主提供截然不同的服務和體驗。因此，我們對House of Sport門市的能力以及所獲得的回報仍然充滿信心。

In terms of the long-term outlook. Let me just finish one more. In terms of the long-term outlook, we'll share that as we start to provide the more detailed outlook for 2025. However, what I can say is our focus internally and consistently with what we have said in the past is to drive both the sales and profitability for the long-term of the business. And that's where we will continue to be focused, as we look to the repositioning the portfolio, opportunity or the investments that we are making.

從長遠角度來看。讓我再完成一個。至於長期前景，我們將在開始提供更詳細的 2025 年展望時與大家分享。但是，我可以肯定的是，我們內部的重點，也是我們過去一直強調的，是推動業務長期的銷售和獲利能力。我們將繼續關注這一點，並專注於重新調整投資組合、掌握機會或進行投資。

And then just a quick follow-up on maybe the makeup of the second half implied comp guidance. Given the strength in comp average ticket, but also your comments right around engagement with your athletes, what should we expect to moderate in the back-half of the year? Is it more ticket moderation or transaction moderation? Thank you.

最後，我想快速跟進下半年隱含同店銷售預期構成的問題。鑑於平均客單價的強勁表現，以及您剛才提到的與運動員互動方面的問題，我們應該預期下半年哪些方面會有所緩和？是更專注於票務審核還是交易審核？謝謝。

Yes, we don't provide the guidance at that level of detail. So I’d say, Steven, at the aggregate level, we feel really confident about the core strategies and the core product offering that we have. We couldn't be more excited about the back-to-school season and the holiday season that is upon us. The range that you are seeing from a guidance perspective on a comp basis is primarily driven by the macroeconomic uncertainties that we just want that we wanted to be acknowledging as we provided the guidance today.

是的，我們不提供如此詳細的指導。所以，史蒂文，我想說，從整體來看，我們對我們的核心策略和核心產品非常有信心。我們對即將到來的返校季和假期感到無比興奮。從業績效指引的角度來看，您看到的績效範圍（以同業比較為基礎）主要是由宏觀經濟的不確定性造成的，我們今天在提供業績指引時也想承認這一點。

Ladies and gentlemen, I will now turn the conference back over to Lauren Hobart for closing comments.

女士們、先生們，現在我將把會議交還給勞倫‧霍巴特，請她作閉幕致詞。

Thank you all for attending our call today and for your interest in DICK’S Sporting Goods and to all of our teammates across the country and the world. Thank you so much for all you do to drive our results. Thanks, everybody. See you next quarter.

感謝各位今天參加我們的電話會議，感謝你們對 DICK’S 體育用品的關注，也感謝我們在全國乃至全世界的所有團隊成員。非常感謝您為提升我們的業績所做的一切。謝謝大家。下個季度見。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。