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，謝謝你們的支持。我叫克里斯塔，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 DICK'S SPORTING Goods 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。演講者發言後，將進行問答環節。 （操作員說明）謝謝。

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

我現在將會議交給投資者關係高級總監內特吉爾奇 (Nate Gilch)。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.

大家早安。感謝您與我們一起討論 2024 年第二季業績。我們的總裁兼執行長 Lauren Hobart 出席今天的電話會議；納夫迪普古普塔 (Navdeep Gupta)，我們的財務長。

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.

今天電話會議的回放將在我們的投資者關係網站 (investors.dicks.com) 上存檔約 12 個月。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（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結合起來考慮。

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這些前瞻性陳述或資訊的義務。請造訪我們的投資者關係網站，以了解今天電話會議中引用的非公認會計準則財務指標的對帳。最後，出於您未來的安排目的，我們暫定計劃於 2024 年 11 月 26 日發布 2024 年第三季財報結果。

With that, I'll 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. 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，我們交付了一個非常強勁的季度。我們第二季的業績繼續證明了我們的長期策略的運作情況以及我們團隊的出色執行力。憑藉我們引人注目的全通路運動員體驗、差異化產品種類、一流的隊友體驗以及與 DICK'S 品牌建立深度互動的能力，我們正在推動持續的營收成長勢頭並贏得市場份額。我真的為我們的團隊感到自豪。

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，我們再次上調全年展望。這反映了我們強勁的第二季業績以及我們對業務的信心。我們現在預計今年的銷售成長率將在 2.5% 至 3.5% 之間，每股收益將在 13.55 美元至 13.90 美元之間。現在轉向我們的結果。第二季度，我們的銷售額成長了 7.8%，達到近 35 億美元。根據日曆變更進行調整後，我們的比較增加了 4.5%。這種強勁的競爭是由平均門票和交易量的成長所推動的。

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.

我們看到更多的運動員從我們這裡購買商品，與前一年相比，他們每次旅行的花費都更多。隨著銷售額的成長、毛利率的擴大和 SG&A 槓桿的提高，我們實現了近 14% 的 EBT 利潤率和 4.37 美元的每股收益，均大幅領先去年。我們策略的核心是我們的全通路運動員體驗。我們將繼續投資於我們的數位和商店體驗，以便隨時隨地與我們的運動員見面，創造信心和興奮，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.

我們仍然對 House of Sport 和我們下一代 50, 000 平方英尺 DICK'S 場地的表現感到非常滿意，我們在內部稱之為我們的球場概念。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強大的互動。它也為我們的房地產合作夥伴帶來了巨大的利益。我們不斷從購物中心業者得知，我們的 House of Sport 門市帶動了其經營的購物中心的客流量、每平方英尺銷售額和入住率的增加。

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 吸引了前所未有的業主興趣，並有機會加入全國許多最好的購物中心。本月晚些時候，我們很高興開設第 15 個 House of Sport 地點，並期待今年再開設另外 5 個地點。我們也徹底改變了我們最典型的模式，即 50,000 平方英尺的 DICK’S 商店，轉變為我們所說的 Field House 概念。 Field House 的靈感來自 House of Sport，包括互動體驗以及提升的展示和服務。這些商店的業績都非常出色。

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.

在第二季度，我們開設了 4 個 Field House 地點，目前已開放 17 個地點，我們期待今年再開設 9 個地點。投資我們的數位能力是我們全通路運動員體驗的核心。其中包括 DICKS.com 和我們的 DICK'S 行動應用程序，它仍然是我們業務的關鍵，並與我們的運動員保持著密切的互動。我們繼續為運動員提供更好的數位購物體驗，最近推出了多項功能來幫助加速這一旅程，包括提升圖像、精選鞋類的 3D 視圖以及人工智慧聊天功能。

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.

正如我們所討論的，我們也專注於數位創新。透過 GameChanger，我們建立了一個平台，以獨特、真實的方式與 uSports 家庭互動，提供對他們最有價值的內容，即他們的孩子的體育遊戲。第二季有超過 600 萬獨立用戶使用 GameChanger，比去年增加了 11%，平均每天使用該應用程式的時間約為 45 分鐘，這說明了該內容對運動家庭、教練和運動員的力量。

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，並加強我們在運動領域的領導地位。重要的是，GameChanger 家族是 DICK 最有價值的客戶之一。同時擁有 DICK'S 記分卡的 GameChanger 客戶每年在 DICK'S 的支出是典型記分卡客戶的兩倍以上。 GameChanger 業務模式產生可預測的、經常性的、高利潤的訂閱收入，在第二季度，它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.

提供差異化的流行產品是我們的第二個戰略支柱，有助於使 DICK’S 成為美國運動的首選目的地。我們對重要的返校季節的產品組合以及我們的主要品牌合作夥伴和垂直品牌的產品線感到興奮。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。我們的敬業度調查表明，我們是一個充滿樂趣且回報豐厚的工作場所。我們的團隊成員感到自豪，個人承諾，並對我們的未來持樂觀態度，我們看到我們商店的營業額有了巨大的改善。

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 LA28 建立新的合作夥伴關係，指定 DICK™S 為官方體育用品零售提供商。在最近的奧運會期間，我們推出了最新的行銷活動，慶祝青年運動員，並建立在我們的信念之上，即體育有改變生活的力量。最後，我們對第二季的表現非常滿意，包括 House of Sport、我們的 Field House Concept 和 GameChanger 的強勁業績。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.

在結束之前，我要感謝公司的所有隊友，感謝他們的傑出努力和對 DICK'S Sporting Goods 的持續承諾。我們的強勁表現是他們努力的直接結果。

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. 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。在進入第二季業績之前，我想感謝我們上週提交的自願 8K，其中我們披露，8 月 21 日我們發現未經授權的第三方訪問我們的資訊系統。根據我們目前的了解，我們認為這件事並不重要。它沒有擾亂我們的業務。

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.

我們的商店仍然營業，我們的電子商務網站始終正常運作。轉向我們的第二季業績，我們非常高興地報告綜合銷售額成長 7.8%，達到 34.7 億美元。其中包括去年第 53 週帶來的日曆調整帶來的收益，約為 9,500 萬美元，即稀釋後每股收益 0.30 美元。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 4.5%。

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.

我們強勁的業績是由平均門票增長 3.5% 和交易量增長 1% 推動的。我們看到了以鞋類和運動服裝為首的關鍵類別的實力。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。這一增長是由 169 個基點的商品利潤率上升以及銷售額增加所帶來的入住成本槓桿所推動的。商品利潤率的成長是由有利的銷售組合和我們的品種品質所推動的。它還包括同比收縮幅度較小，為 83 個基點，因為我們紀念了自 2023 年以來的較大收縮，其中包括基於去年實體庫存的不利調整。

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.

以非公認會計準則計算，由於銷售額增加，SG&A 費用增加 4.1%，達到 7.863 億美元，槓桿率比去年提高了 78 個基點。 SG&A 美元的增加包括更高的激勵補償費用、計劃的營銷投資以及支持我們銷售成長的成本。開業前費用為 890 萬美元，比前一年減少 2,400 萬美元。這一下降是由於我們新店開業的時間造成的。

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.

第二季息稅前利潤為 4.823 億美元，佔淨銷售額的 13.9%。這高於2023 年第二季的3.259 億美元的息稅前利潤(EBT)，佔淨銷售額的10.1%。攤薄收益2.82 美元成長了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。現在看看我們的資產負債表，第二季末我們擁有約 17 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。由於我們持續強勁的財務業績以及對健康資產負債表的承諾，穆迪於 8 月初將我們的信用評級從 Baa3 升級至 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，我們的季度末庫存水準增加了 11%。這項庫存投資是一個有意識的決定，旨在向差異化的關鍵項目和類別傾斜，這些項目和類別預計將推動我們在2024 年下半年和2025 年初的成長。我們的庫存是乾淨且定位良好的。

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.

轉向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 4,990 萬美元的價格回購了 252,000 股股票，平均價格為 198.05 美元。今年到目前為止，我們已回購了總計 1.636 億美元的股票。我們繼續預計全年股票回購金額為 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.

現在轉向我們對 2024 年的展望。這反映了我們第二季度的強勁業績以及我們對戰略舉措和營運實力的信心，與動態的宏觀經濟環境相平衡。我們仍預期 2024 年綜合銷售額將在 131 億美元至 132 億美元之間。我們現在預計全年銷售成長率將在 2.5% 至 3.5% 之間，而先前的預期為 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 EBT 利潤率預計為 11.2%，之前為 11.1%。與先前小幅擴張的預期相比，我們現在預計毛利率將比去年同期擴大。根據我們的業務實力，我們正在進行一些策略性投資以推動長期成長，我們現在預計按非公認會計原則計算的銷售、管理及行政費用將同比適度去槓桿化。

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.

對於開業前費用，我們預計下半年費用將略高於上半年，這主要是受到新店開幕時間和組合的推動。這筆費用的絕大多數將落入第三季。總的來說，我們現在預計稀釋後股票的全年收益將在 13.55 美元至 13.90 美元之間，而先前的預期為 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。我們仍預期今年的淨資本支出約為 8 億美元。最後，請記住，由於日曆調整的影響，我們報告的上半年總銷售額和每股收益受益約 1.4 億美元，每股攤薄收益約為 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.

我們預計下半年的負面影響將會抵銷。隨著今年關鍵的返校週從第三季轉移到第二季度，絕大多數的抵銷將發生在第三季度。我們估計對第三季報告的總銷售額的不利影響約為 1.05 億美元，或攤薄後每股收益約 0.35 美元。排除去年第 53 週增加的 1.7 億美元或每股攤薄收益 0.19 美元，這一轉變不會影響我們的全年業績。最後，我們對第二季的業績和長期策略的成功感到非常滿意。我們對業務的未來仍然充滿熱情。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。

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

謝謝。我們現在開始問答環節。 （操作員說明）

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，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.讓我補充一下我的祝賀。在這種情況下，我們很少看到這種全價銷售的成功。所以恭喜。勞倫，我想我的第一個問題是相當高水準的。我有點想讓你再回顧為什麼 DKS 在新冠疫情之後取得了成功，對吧，以及什麼可以說是一種放緩的運動休閒或運動環境？你在準備好的發言中做到了這一點，但是你能再回顧一下 DICK'S 在大流行前和大流行後所做的前三件事，以及為什麼你會成為體育用品領域的主導者嗎？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，艾德麗安娜。我感謝您的祝賀，對我們剛剛提出的 4.5% 的第二季表現非常非常滿意。這是在去年 2% 的基礎上實現的，我們正在推動市場份額的成長。我認為這確實說明了這樣一個事實：我們的運動員、我們的消費者（我們稱之為運動員）表現得很好。他們繼續優先考慮健康的戶外活動生活方式，他們優先考慮團隊運動。但我認為，我們繼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.

因此，就您所說的變化而言，甚至在新冠疫情爆發之前，過去幾年我們就一直專注於幾個關鍵的戰略支柱。第一個是差異化產品。我們的商人團隊做得非常出色，帶來了需求量大、人們正在尋找、團隊正在尋找、所有運動員都在尋找的產品。這種產品既適合競技運動員，也適合該運動員或該消費者的生活方式。因此，我們現在擁有真正在市場上脫穎而出的產品組合，使我們能夠繼續推動銷售和您提到的健康利潤。

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.

我們的運動員體驗是我們非常關注的另一件事，這對我們來說意義重大。這意味著加強我們商店的服務，確保我們更快地將產品送到人們手中，確保我們為人們提供合適的產品，這也意味著我們整個產品組合的重塑。我們不斷重塑 DICK'S 體育用品，這是我們價值觀和文化的核心。但透過 House of Sport 和 Field House，我們繼續推動為運動員提供服務的全新模式，而這些經驗將繼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，我只想說，上個季度，我們看到所有收入人口的成長，這是非常棒的。我們看到越來越多的運動員向我們購買商品，每次旅行花費更多。這就是交易和門票的增加。本季我們的資料庫中新增了 160 萬名運動員。這是一個很棒的季度，但這是一項長期策略，持續了多年，甚至在大流行前就開始了，我對團隊的實際執行方式非常非常滿意。

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 Navdeep 對庫存進行快速跟進。顯然，你們的庫存量比我們的銷售量高一些。通常，這是人們關注的東西。但你能簡單描述一下嗎？那麼你能談談給天平多一點氧氣以便能夠品嚐這些混合物嗎？那麼你如何在背後規避風險呢？您是否會提前採取更多措施？你是如何處理的？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.

艾德麗安，謝謝你提出這個問題。首先，我認為你的框架非常好，這是我們為我們的核心策略注入更多的促進劑，勞倫談到了什麼，她談到了為什麼我們進行庫存投資的兩個最重要的事實製作。首先，它可以追溯到我們擁有的訪問權限，以及我們的商家在將差異化產品引入我們的商店和網站方面所做的工作。這個品種引起了很好的共鳴。我們認為這是一個關鍵領域。我在準備好的演講中指出，這是我們正在進行的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.

我要指出的第二件事是我們的庫存非常乾淨且非常平衡。與去年第二季相比，我們的清倉庫存大幅下降。第三件事是，如果您更深入地研究我們提供的更新指南，這又回到了我們對我們的產品組合的信心。我們小幅提高了下半年的業績預期，實際上下半年也小幅提高了商品利潤率預期。

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.

再次回到我們擁有的品種的質量，我們擁有非常差異化的品種的機會。因此，我們對庫存以及我們為返校季節做好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。艾德麗安，我想補充一點，我們投資的庫存是關鍵商品、打擊點和品牌等，而且它的銷售壽命很長。因此，我們預計會有這些庫存，並準備在 2025 年春季和第一季出售。

Fantastic. Best of luck.

極好的。祝你好運。

Thank you.

謝謝。

Thanks Adrienne.

謝謝艾德麗安。

Brian Nagel, Oppenheimer

布萊恩·內格爾，奧本海默

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

嗨，早安。我也想對又一個美好的季度表示祝賀。

Thanks, Brian.

謝謝，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是，我會問一個高層次的問題，我的後續行動會更具體。但從高層次的角度來看，我們許多人都密切關注您的供應商合作夥伴。我們聽到的是這種重新關注，如果你願意關注耐吉、安德瑪和許多其他公司的產品創新。所以我想問的問題是，迪克在困難的宏觀背景下，透過一定程度的產品創新，表現非常非常好。現在您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 DICK'S 的不斷成形，這會為它帶來多大的增量推動力？

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，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，我們正在與戰略合作夥伴一起創新我們的整個體驗，我們有真正長期的分享會議和戰略會議，我們正在籌備這些會議未來幾年。

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，這是接線生。我們遇到技術困難。請保持在線。您的台詞將會被音樂保留。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·內格爾。您的線路現已上線。

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，不知道你是否聽到了我的回答。我們的線路掉線了。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，我們從一些主要供應商合作夥伴那裡聽到的是，他們正在重新關注疫情後的情況，重新關注產品創新。在嚴峻的宏觀背景下，甚至在整個產業的產品創新低迷的情況下，迪克的表現卻異常出色。所以我的問題是，您是否開始從供應商夥伴那裡看到這種產品創新的一些好處？然後 b，我們應該如何看待這些供應商合作夥伴重新關注產品創新，作為 DICK'S 的增量順風，無論是透過「24」到「25」的平衡還是其他方式？

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，布萊恩。是的，我們對與供應商合作夥伴一起進行的產品創新週期感到興奮。正如您所期望的那樣，我們召開了長期策略會議，在會議上我們對即將發生的事情進行了深入探討。我們對產品創新感到興奮。但正如我所提到的，對於艾德麗安的問題，我也想指出，我們在自己的業務中所進行的創新，包括如何為運動員提供重新設計的產品組合以及我們獲得高度差異化產品的機會。因此，產品本身對我們來說是一個關鍵的推動力，已經有一段時間了，我們繼續看到，由於進入，由於創新的到來，我們認為它是我們的關鍵支柱。

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。我想我的後續問題可能更多是針對 Navdeep 的。因此，您在準備好的評論中提到，聽起來您將在 24 年下半年進行增量投資，這會在一定程度上改變企業的槓桿狀況，至少在短期內如此，所以我想我要問的問題是，您是否可以詳細說明這些投資？

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，請讓我對此進行一些說明。所以如果你看一下，我們正在投資核心策略。勞倫所闡述的策略非常有效，與我們的運動員產生了共鳴，而且效果非常好。因此，像重新定位我們的投資組合這樣的事情就是其中之一。技術投資使我們能夠在運動員走進我們的商店時為他們提供非常差異化的服務水平，或者技術投資使我們的網站更加實用，這些是我們正在傾斜的核心投資領域繼續以差異化的方式為2025年及以後的業務定位。

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.

我要補充的另一條評論是，對我們的銷售及管理費用的投資與我們對總利潤率預期的信心是平衡的。因此，如果您更深入研究我們的指導，我們將提高全年的總利潤率預期，然後將其與 SG&A 投資相抵銷。總的來說，與先前的指導相比，我們實際上已將營業利潤率預期提高了 10 個基點。非常有幫助。謝謝。

That's very helpful.

這非常有幫助。

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?

嗨，大家早安。勞倫，我想開始詢問客戶的營收和參與度。角度是一些最強大的品牌的擴散，我不會全部說出它們的名字，但有一些知名度更高的品牌可能正在推動大量的成長，至少這是一種看法。我的問題是，您關注的是什麼讓您有信心在所有這些品牌上與客戶保持互動？我的看法是，其中一些品牌開始擴散到其他地方。那麼，當我們看到其中一些品牌和產品最終出現在更多地方時，這種參與度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，西蒙。我們與客戶（我們稱之為運動員）的互動程度空前高漲。這歸功於我們在商店中獲得的體驗。這也是對我們的品牌活動和行銷團隊所做工作的認可。我知道你們很多人都看過奧運期間發表的一些作品。所以我們的首要意識是偉大的。

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.

但當您接觸產品時，我們的獨特之處在於我們能夠從頭到腳提供性能和生活方式。我們知道輸出從兒童鞋開始，我們可以為他們日常生活和球場上的整套服裝輸出它們。因此，我們對與競爭對手的差異化感到興奮。我們對產品獲取管道的增加感到非常滿意，而且我們對垂直品牌的表現也感到非常滿意。所以總的來說，我們對我們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?

體育之家的快速跟進。你能談談軌跡與最初的預測，尤其是在 12 個月期間，所以在 12 個月內。或兩種情況。與您的預測相比，在產品類別或商品方面有什麼令人驚訝的事情嗎？

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，我們仍然對 House of Sports 商店的表現感到非常滿意。我們確實在去年年底給出了比較指導，這兩者已經足夠開放，可以積極地進行比較。讓我們對體育之家感到非常興奮的事實是，運動員們旅行的距離越來越遠，他們訪問的頻率越來越高，他們在我們商店的停留時間和停留時間也越來越長。

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，賦予品牌生命的能力確實幫助我們參與了您剛才談到的一些產品創新。因此，我們可以在我們的協作空間中賦予品牌生命，我們稱之為我們的合作，以一種引人入勝的方式，我們可以與一些現有的合作夥伴談論品牌故事或將新品牌帶入生活。這是了解新品牌合作夥伴以及與我們現有合作夥伴建立聯繫的絕佳方式。

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.

我要說的最後一件事越來越引人注目，那就是我們與房東、購物中心所有者以及我們的營運商業務之間產生了多少噪音和興奮。事實上，當我們開設運動之家時，購物中心業主告訴我們，他們看到人流量增加，每平方英尺銷售額和入住率增加。因此，這實際上使我們能夠進入該國一些最好的購物中心和最好的購物中心，這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.

謝謝西蒙。

Robby Ohmes, Bank of America .

羅比·歐姆斯，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.

嗨，大家早安。很棒的季度。我的第一個問題，可能這兩個問題其實都是針對 Navdeep 的。 Navdeep，您可以談談體育之家的轉換以及這可能如何使第二季度的比賽受益，以及我們應該如何考慮後半段體育之家的轉換對比賽的好處，而不是您在上半場看到的情況上半場？然後是另一個建模問題，我將預先給您兩個，只是後半部分的毛利率，如果您能給我們任何有關看跌期權和索取期權的想法，以便我們在第三季度和第四季度中考慮，那就會棒極了。

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，羅比。感謝您對第二季業績的評論。因此，就 House of Sport 的轉換效益而言，與我們去年年底所說的非常一致。我們已經意識到，我們的上半年將會受益，因為正如您所記得的，我們去年正在進行八項體育之家的改造，這些改造都是封閉式的。因此，我們 2024 年上半年的業績受惠於這些封閉式改造。在我們給予的更新指引中，我們對下半年的期望是，我們的表現在下半年將再次保持樂觀。然而，我們會看到上半年看到的效益有所下降。

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.

我們仍然對體育之家的整體策略充滿信心。正如勞倫在上一個問題中所說，我們擁有的產品訪問權限，我們能夠提供的差異化服務，該服務和產品與我們的運動員產生了多大的共鳴，他們走得更遠，花更多的時間在商店。我們的商店團隊在利用他們現有的商店資產（包括現場和更深入地參與社區）方面做得非常出色。這就是給我們信心的原因，您看到我們將體育之家的經驗轉化為我們今天早上討論的球場之家的概念。

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.

希望這能回答你關於體育之家上半場與下半場的問題。說到毛利率預期，這是一個很好的問題，因為當你考慮下半年的毛利率預期時，肯定會有一些看跌期權和看跌期權。讓我們回到去年年底所說的。我們說今年的入住成本會去槓桿，這是我們最初的預期。我們仍然預計全年入住成本將去槓桿化。然而，由於我們的銷售預期提高，去槓桿化現在將會減少。

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.

當您研究第三季度毛利預期時，重要的返校銷售額從第三季度轉移到第二季度，第三季度的影響需要是現代且適當的，達到 1.05 億美元。同樣，請記住，在第四季度，我們也有第 53 週。因此，當您對第四季度的毛利預期進行建模時，需要考慮額外一週 1.7 億美元的銷售額。

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.

總的來說，我們所說的是由我們在第二季度推動的強勁業績推動的，我們提高了全年的總利潤率預期，並在下半年適度提高了我們的商品利潤率預期，這是由於我們有信心在我們的品種中。

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。第一，我記得 DICK'S 的重點是運動員，過去並沒有真正關註生活方式。我現在明白了，一切仍然取決於運動員。很清楚。但似乎更多地轉向了一些生活方式類型的產品。那隻是在體育之家嗎？還是整個鏈條都如此？我的看法是否正確，情況又發生了一些變化？請問有什麼辦法可以稍微整理一下嗎？

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，我們始終植根於體育，並將始終植根於體育。我們將始終關注運動員和表現，讓人們對他們擁有的能夠提高他們能力的產品充滿信心和興奮。

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.

在我們開始投資優質全方位服務鞋類 DICK'S 之前，我們無法獲得這些孩子想要的產品。這些運動員同樣植根於運動，但他們在球場外的穿著也是如此。這只是他們生活方式的一部分，運動員生活方式的一部分。現在我們已經投資了優質的全方位服務鞋 DICK'S，您說我們紮根於運動是正確的。

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.

我們仍然為任何想要高水準競爭的人提供令人難以置信的鞋類、服裝和裝備。事實上，這種情況還在繼續改善，因為我們甚至可以使用 DICK'S 鞋類，例如真正的精英足球鞋之類的東西。同時，我們現在可以買到很酷的鞋子，這對運動員來說很重要，當他們來的時候，他們可以獲得他們需要的一切。

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，讓我以此為基礎。這也遠遠超出了體育之家的範圍。正如我們過去所指出的那樣，我們的連鎖店 90% 現在都擁有優質的全方位服務鞋類 DICK'S 體驗。因此，勞倫剛才談到的訪問權限遠遠超出了我們的體育之家的範圍，進入了我們的體育場。事實上，我們的 DICK'S 體育用品連鎖店幾乎大部分都採用這種產品。

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。我想說的是，一個後續行動和一個嚴肅的問題是，凱爾特人隊在本季度幫助了多少？你一定賣掉了大量的凱爾特人關懷吧？我買了很多。這對比賽有幫助嗎？我確實要問，在冠軍賽結束後，我們確實看到很多東西很快就降價了。我只是想知道凱爾特人隊的冠軍和那種授權產品銷售對本季有何影響？

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.

所以我們喜歡凱爾特人隊。我們喜歡所有獲勝的球隊，但這在本季並不重要。擁有一些總是很棒的——獲得熱門授權總是很棒的，但這並不重要。

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.

然後關於降價問題，您將繼續看到我們對我們擁有的庫存非常果斷。我們希望確保我們能夠在商店和網路上找到合適的產品，並有足夠的空間，以繼續推動我們從運動員那裡看到的熱情。

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.感謝您回答我的問題。並祝賀這個季度的出色表現。

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 您的供應鏈在過去幾年中已經發生了很大的變化。您正在流通並將庫存設定為非常高的全價銷售。我知道你宣佈在沃思堡開設另一個 DC。您能談談未來的供應鏈以及您在整個全通路策略中的策略嗎？下半年供應鏈的成本如何？

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。因此，我們對供應鏈團隊感到非常興奮，但我們的銷售團隊、供應鏈團隊和庫存分配團隊緊密合作的程度如何，因為這一切都是為了確保您擁有正確的訪問權限，然後能夠以最有效的方式和最快的方式流動該產品，如果它是一個產品，或者正如我們所討論的許可證產品，需要以不同的速度通過網絡流動。這三個團隊合作得非常好。

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 DC 進行投資的原因是，如果您將我們的業務與 2019 年進行比較，就會發現我們的業務收入比 2019 年大幅增長。因此我們考慮並說我們需要對我們的供應鏈進行一些固定投資。這是在達拉斯開設第六個 DC 的計劃，該中心將於 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.

就下半年預期而言，供應鏈沒有什麼實質可談的。它的運作符合我們的預期。團隊做得非常出色，繼續應對我們所看到的充滿挑戰的局面，特別是在國際貨運方面。但總的來說，我們對現有的合作夥伴關係以及我們的供應鏈團隊正在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.

約翰，我只想在 Navdeep 的評論中補充一點，即我們的電子商務實現情況以及我們的商店已成為我們供應鏈中非常關鍵的一部分。我們透過我們的商店滿足絕大多數的電子商務需求，這讓我們更接近運動員、更快的交貨、更低的成本。因此，作為我們供應鏈的一部分，我們將開設六個 DC 來幫助為我們所有的商店提供服務，但我們的商店也是我們供應鏈中令人難以置信的一部分，並且為運動員提供服務。

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.

這很有幫助，謝謝，還有 Navdeep、Lauren 為您跟進。 CALIA、VRST 和 DSG 等一些私人品牌似乎已經在商店內獲得了平方英尺的空間。與連鎖店相比，它們的表現如何？自有品牌的前景如何？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。我們對我們的垂直品牌的全面表現感到非常興奮。我特別要提到 DSG、VRST 和 CALIA。 DSG，這三個人實際上都在填補我們投資組合中的空白。 DSG 為高價位產品填補了一個夢幻般的空白，該產品具有非常高的功能、高級時尚且表現非常出色。因此，您會看到所有這些垂直品牌的空間都在增加，因為它們的表現非常好，而且商業反應也很好。

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無限長褲，這確實令人興奮且表現得非常好。 CALIA 繼續表現得非常出色，再次滿足了從球場、健身房到戶外的生活方式需求，並且表現得非常出色。因此，我們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‧哈斯凱特

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?

這是埃里克為查克發言。我只是想問一下你們正在進行的增量SG&A 投資。您是否會將 25 年的投資提前到今年？現在這些純粹是從實力角度來看的增量嗎？我們又該如何看待下半年這些投資的時機呢？

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，我想說這是兩者的結合。我們看到了從 25 年到今年的一些拉動機會，以及一些增量投資機會，以繼續為 2025 年及以後做好更好的準備。

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.

就這些支出的時間安排而言，我想說，它們的比例將在第三季和第四季之間。其中一件事，當您考慮建模時，我希望您記住第三季的開業前費用。當你考慮下半年的期望時，這也將是一個投資領域。

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。然後，您能從數量上提供一下，當您考慮去年的臨時關閉和改建時，體育之家的影響力有多大嗎？本季奧運、夏季足球錦標賽有什麼好處嗎？迄今為止對第三季的任何評論嗎？

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.

好吧，讓我們從最後一個開始，因為我認為這是最簡單的一個。我們不會提供評論。我們對關鍵的返校季節感到非常興奮，而且我們正處於返校季節的中期。因此，我們將在 11 月底提供有關第三季評論的更多詳細資訊。

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展示體育和體育生活方式的重要性，無論是青年運動員還是成年運動員。因此，我們認為這更多是一個展示商店和社區積極生活方式重要性的機會。它不一定會對我們在第二季看到的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.

就體育之家的改造而言，我現在不會量化這一點。但就像我們說的，上半年受益，但第二季度的收益低於第一季度，你可以想像，因為去年，我們在去年第二季度開始開放其中一些改造。

Great. Appreciate it.

偉大的。欣賞它。

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。感謝您提出我的問題。你們能否提供更多詳細信息，說明哪些品類為你們帶來了同店動力？

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，威爾。憑藉 4.5% 的薪酬，我們看到了業務多個方面的成長。我們確實看到了鞋類和服裝的特殊優勢，我們看到了強硬路線中的一些變化。但總的來說，大家都很滿意。

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。還給我一個。您是否看到紅海的延誤是您提前引入庫存的原因之一？這對你們來說仍然是一個問題嗎？

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，它有某些方面，但我不會將其稱為材料。我們正在努力解決現有的動態供應鏈環境，但這並不是庫存投資的物質驅動因素。今年第二季與去年相比，時間上略有差異。

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。我們不是提前存貨，可以這麼說，我們是在進行策略性投資，謹慎選擇投資庫存，這樣我們才能滿足運動員的需求。

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?

嗨，大家早安。這是賈斯汀·克萊伯。感謝您提出問題。我的第一個問題只是好奇你如何看待下半年的收縮。看來本季度，您實際上重新獲得了去年所有的累積調整。那麼，您修訂後的利潤率前景是否假設縮減是今年下半年的順風車？

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，你說得對，我們在做庫存時比去年調整了收縮，所以你不應該指望下半年它會持平。

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。然後還有一個關於指導的問題。薪酬指南已提出，但您持有總銷售觀點。那麼，這是否只是不在補償基地中的臨時倉庫數量減少的結果？或者有其他事情發生嗎？

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，只是發生了一些這樣的情況。首先，有一點時間安排。您可以想像，非補償銷售額中有一點點，當您四捨五入到數十億美元時，也有一個四捨五入因素。但是，是的，它是這三件事的結合。

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

知道了。好的。有道理。謝謝你們。恭喜本季。

Thank you.

謝謝。

Warren Cheng, Evercore ISI .

沃倫·鄭，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?

嗨，早安。我想問一下，連鎖店最終升級到Field House地點的限制是多少？您是否正在加快步伐？後續的一項只是每家商店的 SG&A 負荷，與 Field House 位置的基礎相比如何？

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，升級到 Field House 的商店數量沒有限制。我們有大量的商店每年都會進行更新，我們將在有意義的情況下繼續升級，或者我們將在有意義的情況下搬遷並開發一個運動場。但從長遠來看，這就是 DICK'S Sporting Goods 的未來，我會將其轉交給 Navdeep 來解答 SG&A 問題。

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，正如您所料，我們肯定會投資提高這些商店的服務水平和體驗。但請記住，我們去年分享的內容是，Field House 的營收和利潤都非常強勁，EBITDA 利潤率為 20% 或略高。因此，我們仍然很高興能夠平衡我們正在進行的投資和我們所帶來的回報。

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.

明白你了。謝謝。接下來，一些新的 House of Sport 門市的開幕面積比原來的 120,000 個要小一些。這些地點和 Field House 地點之間是否存在某種融合？到底是什麼讓 House of Sport 與 Field House 有所不同，或是定義 House of Sport 的定義特徵是什麼？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。我們最初的一些體育之家場地非常大，遠超過 100,000 平方英尺。我們繼續迭代，我們可以將模型適應到100,000平方英尺，我們可以繼續適應。

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 Field House 概念時，它肯定更傾向於我們最初的 50,000 格式。雖然它有更高的展示、更高的服務、更高的產品，但還有一些互動體驗，例如攀岩牆和追蹤場之類的東西，我們根本無法將這些體驗放在 Field House 的位置。

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，除了以積極的方式，從體育之家學到的東西繼續滲透到球場之家，然後滲透到我們鏈條的整個其他部分之外，存在著融合。

Great. Thanks for the color. Good Luck

偉大的。謝謝你的顏色。祝你好運

Thank you.

謝謝。

Thank you. Your next.

謝謝。你的下一個。

Paul Lejuez, Citi .

保羅‧勒胡埃斯，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?

你好，謝謝。這是凱利替保羅發言。感謝您提出我們的問題。看來 2H 前景假設比較可能持平至上漲 2。我們應該考慮第三季和第四季的任何差異嗎？

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，我想說，下半年的指導是，如果你建模了，它就不會平坦。我們預計下半年（第三季和第四季）都會出現正面的業績。該範圍的高端和低端之間的唯一區別是平衡存在的宏觀經濟不確定性，因為消費者繼續面臨壓力，而我們正在平衡我們的樂觀情緒和對我們核心的信心宏觀經濟背景下的策略。

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.

我想說，第三季和第四季沒有顯著差異。當我們想到第三季時，返校是一個重要的季節，然後假期仍然是第四季度的重要組成部分。

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。只是後續行動。我知道您已經談到了其中一些高性能品牌，特別是 HOKA 和 ON。我認為你們確實在第二季度推出了更多門。那麼，車門上推出的任何其他顏色、它們在同類基礎上的表現如何以及在 F'25 中是否有更多機會與這些品牌一起擴展車門？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 都有更多的擴展機會，我們將繼續這樣做。這些品牌在我們同一家商店的表現都非常好。

Thank you.

謝謝。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

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。因此，認識到您沒有按季度進行指導，DICK'S 在第二季度的表現確實比市場預期高出 0.50 美元。您將全年指南提高了 0.15 美元至 0.20 美元。那麼，您對下半年銷售額和利潤變化的內部預期到底如何呢？

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，也許我會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到我們所說的事實，即我們設定了1 億美元的重要返校週從第三季轉移到第二季。我們今天所說的是 9,500 萬美元的收益，當你看到比較銷售額與總銷售額之間的增量時，這 9,500 萬美元是由這種轉變帶來的。第二季的收益約為 0.30 美元。所以這是我想確保分析師、每個人都正確建模的一件事。

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.

就指導而言，我們已經完成了第二季的目標，無論是在營收、毛利預期還是全年每股收益方面。除此之外，基於我們對產品種類和核心策略的信心，我們適度提高了下半年的業績預期。

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.

再次請記住，當您逐年查看第三季時，您希望保留 1.05 億美元的不利影響，因為現在進入第二季的返校節拍會影響第三季。我們也對此進行了量化，我們將在第三季看到約 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。我想以 Navdeep 的觀點為基礎，因為它是如此重要。所以我們對後半段的期望絕對沒有下降。事實上，正如 Navdeep 提到的那樣，比較方面略有改善。但從第三季到第二季以及第53週的影響可能會有些混亂。因此，我們很樂意在通話後回答任何問題。

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，鑑於您已經建立並運行了 House of Sport 的核心基礎，您從這些地點的經濟角度看到了什麼，會影響您將如何繼續處理您將要定位的未來幾批新車型考慮到未來幾年應該會增加60 到80 個體育之家地點？

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，我們仍然對在體育之家看到的表現感到非常滿意。到今年年底，我們將擁有 20 家店，從我們在第一批商店中看到的表現來看，這些商店處於與我們合作的第二年，這些商店仍在積極競爭。我們去年和今年開設的商店不僅繼續滿足我們的財務預期，更重要的是我們對它們在所開設的社區中引起共鳴的期望。

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，當我們考慮這些機會時，這繼續給我們進一步定位我們的連鎖店的信心。我們對 House of Sport 的長期前景充滿信心。

Thank you very much and good luck.

非常感謝，祝你好運。

Thank you.

謝謝。

teven Forbes, Guggenheim.

十福布斯、古根漢。

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，納維迪普。也許只是對邁克爾問題的快速跟進。鑑於您確實有兩種格式在這裡成熟，並且有些進入比較基礎，任何方法都可以幫助確定相對於您給出的商店目標的盈利能力和銷售範圍的趨勢，意思是範圍緊湊並且給予您確信那些最初的商店目標可能是保守的嗎？或者有什麼方法可以幫助確定他們與備考計劃相比的表現如何？

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.

他們的會議完全符合我們的預期預期。在內部，我們從財務回報的角度來看它。他們的表現正好達到我們預期的水平。這就是為什麼你會看到我們不僅傾向於 House of Sport 策略，而且還從資本支出的角度出發，我們將去收購其中一些地點，因為我們認為這是我們可以向我們的客戶提供的差異化產品。運動員，也為我們的品牌合作夥伴和房東提供非常不同的服務和體驗。因此，我們仍然對 House of Sport 商店的能力以及回報充滿信心。

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.

就長期前景而言。讓我再完成一篇。就長期前景而言，當我們開始提供更詳細的2025 年展望時，我們將分享這一點。一致企業長期的銷售額和獲利能力。當我們尋求重新定位我們正在進行的投資組合、機會或投資時，這就是我們將繼續關注的重點。

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.

然後快速跟進下半場的組成可能暗示了比賽指導。考慮到平均票價的優勢，以及您對與運動員互動的評論，我們應該期望在今年下半年調整哪些內容？是更多的是票據審核還是交易審核？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，我們不提供那麼詳細的指導。所以我想說，史蒂文，在整體層面上，我們對我們擁有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。從比較指導的角度來看，您看到的範圍主要是由宏觀經濟的不確定性所驅動的，我們只是希望在今天提供指導時承認這一點。

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

女士們、先生們，我現在將會議轉回勞倫·霍巴特 (Lauren Hobart) 進行閉幕評論。

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.

感謝大家今天參加我們的電話會議、對 DICK’S 體育用品的興趣以及我們在全國和世界各地的所有隊友。非常感謝您為推動我們取得成果所做的一切。謝謝大家。下季見。

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。