DICK'S Sporting Goods Inc (DKS) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to Dick's Sporting Goods Incorporated Third Quarter 2024 Earnings Conference Call. (Operator Instructions)

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，我歡迎大家參加迪克體育用品公司 2024 年第三季財報電話會議。 （操作員說明）

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

現在我想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 Q3 2024 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors. Dicks.com for approximately 12 months. 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.

大家早安，感謝您加入我們討論 2024 年第三季的業績。我們的總裁兼執行長 Lauren Hobart 和財務長 Navdeep Gupta 出席今天的電話會議。今天電話會議的回放將存檔在我們位於投資者的投資者關係網站上。 Dicks.com 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。

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. We assume no obligation to update any of these forward looking statements or information.

任何此類聲明應與我們的收益發布中的警告聲明以及我們向SEC 提交的文件中的風險因素討論結合起來考慮，包括我們上一份10-K 表格年度報告以及本次電話會議期間做出的警告聲明。我們不承擔更新任何這些前瞻性陳述或資訊的義務。

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 fourth quarter 2024 earnings results on March 11, 2025. With that, I will now turn the call over to Lauren.

請參閱我們的投資者關係網站，尋找今天電話會議中引用的非公認會計原則財務指標的調節表。最後，為了您未來的日程安排，我們暫定計劃於 2025 年 3 月 11 日發布 2024 年第四季度收益結果。

Thank you, Nate, and good morning, everyone. As we announced earlier this morning, we delivered another strong quarter. We are very proud of our Q3 results and our performance year to date. These results show how well our long term strategies are working and the great execution from our team. Our Q3 comps increased 4.2% driven by our four strategic pillars of omni channel athlete experience, differentiated product assortment, deep engagement with the DICK'S brand and our knowledgeable and passionate teammates who are integral to our success.

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，我們再次實現了強勁的季度業績。我們對第三季的業績和今年迄今的表現感到非常自豪。這些結果顯示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。我們的第三季業績成長了4.2%，這得益於我們的四大策略支柱：全通路運動員體驗、差異化的產品種類、與DICK'S 品牌的深入接觸以及我們知識淵博、充滿熱情的隊友，他們是我們成功不可或缺的一部分。

We had an excellent back to school season and continue to gain market share. Our third quarter gross margin expanded 67 basis points from last year's non GAAP results, driven by higher merchandise margin and we delivered EPS of $2.75 As a result of our strong performance in the quarter and the continued confidence we have in our business, we are again raising our full year outlook. We now expect comp sales growth for the full year to be in the range of 3.6% to 4.2% and EPS to be in the range of $13.65 to $13.95. At the heart of our long term strategies is the omni channel athlete experience.

我們度過了一個出色的返校季，並繼續獲得市場份額。在商品利潤率提高的推動下，我們第三季度的毛利率比去年的非GAAP 業績增長了67 個基點，我們實現了2.75 美元的每股收益。的持續信心，我們再次實現了上調全年展望。我們目前預計全年銷售成長率將在 3.6% 至 4.2% 之間，每股收益將在 13.65 美元至 13.95 美元之間。我們長期策略的核心是全通路運動員體驗。

We're continuing to invest across our digital and store experiences with a focus on elevating training, service, and product knowledge to drive enhanced engagement with our athletes. We feel great about the strong performance of House of Sport.

我們將繼續投資於我們的數位和商店體驗，重點是提升培訓、服務和產品知識，以提高與運動員的互動。我們對 House of Sport 的強勁表​​現感到非常滿意。

We are redefining sports retail and creating strong engagement with our athletes, brand partners and communities. We continue to see sports having a strong influence on culture and culture on sport and our house of sport concept is uniquely positioned to meet the needs of all athletes across both performance and lifestyle. In Q3, we opened three house of sport locations followed by two more earlier this month, bringing us to 19 now open ahead of the holiday season.

我們正在重新定義運動零售，並與我們的運動員、品牌合作夥伴和社群建立強大的互動。我們繼續看到體育對文化和體育文化產生強大的影響，我們的運動之家理念具有獨特的定位，可以滿足所有運動員在表現和生活方式方面的需求。在第三季度，我們開設了 3 個體育場所，隨後在本月初又開設了 2 個，目前在假期季節之前開放的場所達到 19 個。

In 2025, we expect to open approximately 15 House of Sport locations and we remain on track to have 75 to 100 locations open by 2027. Inspired by House of Sport, we continue to revolutionize our 50,000 square foot fixed stores with the next generation format, which we refer to internally as our field house concept.

到2025 年，我們預計將開設約15 家House of Sport 門市，並且預計到2027 年將開設75 至100 家門市。商店，我們在內部稱之為我們的球場概念。

These stores continue to do very well in both sales and profitability. In Q3, we opened five Field House locations followed by another four earlier this month, bringing us to 26 now open. In 2025, we expect to open approximately 20 Field House locations. The Texas market is an exciting growth opportunity for us and one of the areas where we are investing in new house support locations in marketing and in our infrastructure to enhance the omni channel experience for our athletes and capture this potential. This quarter, we broke ground on the new distribution center we've been planning in Fort Worth, Texas, which is expected to open in early 2026.

這些商店在銷售額和盈利能力方面繼續表現出色。在第三季度，我們開設了 5 家 Field House 門市，本月稍早又開設了 4 家，目前已開業的門市數量達到 26 家。到 2025 年，我們預計將開設約 20 個 Field House 地點。德州市場對我們來說是一個令人興奮的成長機會，也是我們在行銷和基礎設施方面投資新房支援地點的地區之一，以增強運動員的全通路體驗並抓住這一潛力。本季度，我們計劃在德州沃思堡建設的新配送中心破土動工，預計將於 2026 年初開幕。

Our digital capabilities are central to our omni channel athlete experience. We continue to improve the shopping experience for our athletes, including on dicks.com and our DICK'S mobile app. Our elevated and diverse assortment uniquely positions us as the destination for new products. And this past quarter, we expanded our product launch reservations in our Dix app beyond footwear and golf to include product drops across other key categories. We're also giving our teammates new and improved technology tools to help them find the right products quicker, including expanding our use of RFID technology.

我們的數位能力是我們全通路運動員體驗的核心。我們繼續改善運動員的購物體驗，包括在 dicks.com 和我們的 DICK'S 行動應用程式上。我們優質且多樣化的產品系列使我們成為新產品的獨特目的地。上個季度，我們將 Dix 應用程式中的產品發布預訂範圍擴大到鞋類和高爾夫之外，還包括其他關鍵類別的產品推出。我們也為我們的團隊成員提供新的和改進的技術工具，以幫助他們更快找到合適的產品，包括擴大我們對 RFID 技術的使用。

As we discussed, Game changer continues to be a key part of our digital strategy and it's strengthening our leadership in the multi-billion dollar youth sports tech ecosystem. Over 5.5 million unique users were active on Game changer in the third quarter, a 21% increase from last year. And we had approximately 2 million average daily active users in the Game changer app during the quarter. Providing differentiated on trend products helps make Dick the go to destination for sport in the US.

正如我們所討論的，遊戲規則改變者仍然是我們數位策略的關鍵部分，它正在加強我們在價值數十億美元的青少年體育技術生態系統中的領導地位。第三季 Gamechanger 上的活躍獨立用戶數量超過 550 萬，比去年增加了 21%。本季度，遊戲規則改變者應用程式的日均活躍用戶約為 200 萬。提供差異化的潮流產品幫助迪克成為美國運動的首選目的地。

Our health of sport and field health concepts have opened doors to new brand partnerships and strengthened existing relationships as they enable us to showcase our brand partners and vertical brands in a way no one else can. Our priority categories continue to perform very well, led by important national brands and our flagship vertical brands. And we've deliberately taken steps to be fully stocked across key products and categories for holiday shopping.

我們的運動健康和場地健康概念為新的品牌合作夥伴關係打開了大門，並加強了現有的關係，因為它們使我們能夠以其他人無法做到的方式展示我們的品牌合作夥伴和垂直品牌。我們的優先類別繼續表現出色，以重要的國家品牌和旗艦垂直品牌為主導。我們特意採取措施，為假日購物的關鍵產品和類別提供充足的庫存。

Looking ahead, we are optimistic about the product pipeline into next year. In closing, we're very pleased with our strong Q3 results and are highly confident in our long term strategies to drive sustained sales and profit growth. We believe our differentiated product, quality service and powerful omni channel experience will resonate well with our athletes this holiday season, along with this year's really fun holiday campaign featuring NFL legend J. J. Watt and his family, which is driving so much buzz.

展望未來，我們對明年的產品線持樂觀態度。最後，我們對第三季的強勁業績感到非常滿意，並對我們推動持續銷售和利潤成長的長期策略充滿信心。我們相信，我們差異化的產品、優質的服務和強大的全渠道體驗將在這個假期與我們的運動員產生良好的共鳴，同時今年由NFL 傳奇人物J. J. Watt 及其家人主演的非常有趣的假期活動將引起廣泛關注。

I'd like to thank all of our teammates for their hard work and commitment to Zix Sporting Goods and for their focus on delivering great experiences for our athletes this holiday season. With that, I'll turn the call over to Navdeep to share our financial results in more detail.

我要感謝我們所有的隊友的辛勤工作和對 Zix Sporting Goods 的承諾，以及他們在這個假期為我們的運動員提供美好體驗的專注。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. Let's begin with some highlights of our strong year to date performance. Through the third quarter, consolidated net sales increased 4.8% to $9.55 billion . Adjusting for the calendar shift, our comps increased 4.7% driven by a 3.7% increase in average ticket and a 1% increase in transactions. EBT was $1.12 billion, 11.75 %of net sales. This is up from non GAAP EBT of $975.3 million or 10.71% of net sales in the same 39 week period last year.

謝謝你，勞倫，大家早安。讓我們先回顧一下我們今年迄今為止強勁表現的一些亮點。截至第三季度，綜合淨銷售額成長 4.8%，達到 95.5 億美元。根據日曆變化進行調整後，由於平均門票增長 3.7% 和交易量增長 1%，我們的比較增長了 4.7%。 EBT 為 11.2 億美元，佔淨銷售額的 11.75%。這高於去年同期 39 週內非 GAAP 息稅前利潤 9.753 億美元，佔淨銷售額的 10.71%。

In total, we delivered earnings per diluted share of $10.43 This compares to non GAAP earnings per diluted share of $9.08 last year, an increase of 15% for the 39 week period. Now moving to our Q3 results. Adjusting for the calendar shift, which we believe provides the clearest view of the business, our Q3 comps increased 4.2% as we continue to gain market share. Our strong comps were driven by a 4.8% increase in average ticket and partially offset by a modest 0.6% decline in transaction. Our back to school categories did very well with strength across footwear, athletic apparel, and team sports.

總體而言，我們實現的每股攤薄收益為 10.43 美元，而去年的非 GAAP 攤薄收益為 9.08 美元，在 39 週期間增長了 15%。現在轉向我們的第三季業績。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，我們的第三季業績成長了 4.2%。我們強勁的業績是由平均票價成長 4.8% 推動的，但部分被交易量小幅下降 0.6% 所抵消。我們的返校類別在鞋類、運動服裝和團隊運動方面表現出色。

Consolidated net sales increased 0.5% to $3.06 billion. As we previewed during the last quarter's call, this included the unfavourable impact of the calendar shift from the 53 week last year. As expected, this shifted a key back to school week out of Q3 and into Q2, unfavourably impacting the third quarter sales by approximately $105 million and $0.35 in earnings per diluted share. Gross profit for the third quarter remains strong at $1.09 billion or 35.77%of net sales and increased 67 basis points from last year's non GAAP results.

綜合淨銷售額成長 0.5%，達到 30.6 億美元。正如我們在上個季度的電話會議中所預見的那樣，這包括去年 53 週日曆變化的不利影響。正如預期的那樣，這將關鍵時間從第三季度轉移到了第二季度的學校週，對第三季度銷售額產生了約1.05 億美元的不利影響，稀釋後每股收益產生了0.35 美元的不利影響。第三季毛利依然強勁，達到 10.9 億美元，佔淨銷售額的 35.77%，比去年的非 GAAP 業績成長 67 個基點。

This increase was driven by higher merchandise margin of 84 basis points due to favourable sales mix and the quality of our assortment. This was partially offset by expected deleverage on occupancy costs driven by unfavourable impact to our total sales from the calendar shift.

這一增長是由於有利的銷售組合和我們的品種品質提高了 84 個基點的商品利潤率。這被預期的入住成本去槓桿化所部分抵消，因為日曆轉換對我們的總銷售額產生了不利影響。

On a non GAAP basis, SG&A expenses increased 7.2% to $787.1 million and deleveraged 162 basis points compared to last year's non GAAP results. This year-over-year deleverage was expected with approximately 65 basis points of this increase due to unfavourable impact to our reported total sales from the calendar shift. The remaining increase was driven by strategic investments primarily across marketing, technology and talent based on the strength of our business as well as higher incentive compensation.

以非公認會計原則計算，SG&A 費用增加 7.2%，達到 7.871 億美元，與去年的非公認會計原則結果相比，去槓桿化程度降低了 162 個基點。由於日曆轉換對我們報告的總銷售額產生不利影響，預計將年比去槓桿化增幅約為 65 個基點。剩餘的成長是由基於我們業務實力的行銷、技術和人才策略投資以及更高的激勵薪酬所推動的。

Preopening expenses was $16.8 million a decrease of $3.6 million compared to the prior year and favourable versus our expectations due to difference in timing of new store openings. EBT was $297.1 million or 9.7% of net sales.

開業前費用為 1,680 萬美元，比上年減少 360 萬美元，由於新店開業時間的差異，符合我們的預期。 EBT 為 2.971 億美元，佔淨銷售額的 9.7%。

This compares to a non GAAP EBT of $321.1 million or 10.6 % of net sales in Q3 of 2023. This included an unfavourable impact from the calendar shift of approximately 95 basis points. In total, we delivered earnings per diluted share of $2.75. This compares to a non GAAP earnings per diluted share of $2.85 last year. As I mentioned earlier, the current year included an unfavourable impact from the calendar shift of $0.35 in earnings per diluted share. Now looking to our balance sheet, we ended Q3 with approximately $1.5 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility.

相較之下，2023 年第三季的非 GAAP 息稅前利潤為 3.211 億美元，佔淨銷售額的 10.6%。總共，我們實現了每股攤薄收益 2.75 美元。相比之下，去年的非 GAAP 攤薄每股收益為 2.85 美元。正如我之前提到的，今年的日曆變化對稀釋每股盈餘產生了 0.35 美元的不利影響。現在看看我們的資產負債表，第三季結束時，我們擁有約 15 億美元的現金和現金等價物，並且我們的 16 億美元無擔保信貸額度沒有借款。

Our quarter end inventory levels increased 13% compared to Q3 of last year. As we have talked about previously, to maximize the benefit of our differentiated assortment, we have made a conscious decision to lean into key items and categories, which we expect to drive our growth in Q4 as well as into early 2025. Our investment is in some of our strongest product offerings and we believe our inventory is clean and well positioned as we enter the fourth quarter. In fact, our clearance inventory is down meaningfully year-over- year. Turning to our third quarter capital allocation.

與去年第三季相比，我們的季末庫存水準增加了 13%。正如我們之前所討論的，為了最大限度地發揮我們差異化品種的優勢，我們有意識地決定重點關注關鍵商品和類別，我們預計這將推動我們在第四季度以及 2025 年初的增長。我們提供了一些最強大的產品，我們相信，進入第四季度後，我們的庫存乾淨且定位良好。事實上，我們的清倉庫存年比大幅下降。轉向我們第三季的資本配置。

Net capital expenditures were approximately $185 million and we paid $90 million in quarterly dividends. We also repurchased approximately 35,000 shares of our stock for $6.7 million at an average price of $194.22 Thus far this year, we have repurchased a total of $170.3 million of our stock. For the full year, we continue to expect share repurchases of approximately $300 million.

淨資本支出約為 1.85 億美元，我們支付了 9,000 萬美元的季度股息。我們還以 670 萬美元的價格回購了約 35,000 股股票，平均價格為 194.22 美元。我們預計全年將回購約 3 億美元的股票。

Now moving to our outlook for 2024. As Lawrence said, we are again raising our full year outlook. This reflects our strong Q3 performance and our confidence in our strategic initiatives and operational strength balanced against the dynamic macroeconomic environment and shorter traditional holiday shopping season.

現在轉向我們對 2024 年的展望。這反映了我們第三季的強勁業績，以及我們對策略性舉措和營運實力的信心，與動態的宏觀經濟環境和較短的傳統假期購物季相平衡。

We now expect consolidated net sales in the range of $13.2 billion to $13.3 billion compared to our prior expectation of $13.1 billion to $13.2 billion. We now expect full year comp sales growth in the range of 3.6% to 4.2% compared to our prior expectation of 2.5% to 3.5% growth. Driven by the quality of assortment, we continue to expect gross margin to expand year-over-year and now anticipate it will slightly exceed our prior expectations.

我們現在預計合併淨銷售額將在 132 億美元至 133 億美元之間，而先前的預期為 131 億美元至 132 億美元。我們目前預計全年銷售成長率為 3.6% 至 4.2%，而先前的預期為 2.5% 至 3.5%。在品種品質的推動下，我們繼續預計毛利率將同比增長，目前預計將略高於我們先前的預期。

Based on the strength of our business, we are making strategic investments to better position ourselves for 2025 and over the long term and continue to expect SG&A to deleverage year-over-year. We continue to expect EBT margins to be at 11.2% of sales at the midpoint. In total, we now anticipate earnings per diluted share to be in the range of $13.65 to $13.95 compared to our prior expectation of $13.55 to $13.90 Our earnings guidance is based on approximately 83 million average diluted shares outstanding and an effective tax rate of 23%.

基於我們的業務實力，我們正在進行戰略投資，以便為 2025 年和長期做好更好的定位，並繼續預計 SG&A 將逐年去槓桿化。我們繼續預期息稅前利潤率為銷售額的中位數 11.2%。總的來說，我們現在預計稀釋後每股收益將在13.65 美元至13.95 美元之間，而之前的預期為13.55 美元至13.90 美元。 % 的有效稅率。

We continue to expect net capital expenditures of approximately $800 million for the year. Lastly, keep in mind, due to the impact of the shifted calendar, our reported total sales and EPS benefited by approximately $35 million or approximately $0.10 per diluted share through the first three quarters of the year. We expect a modestly unfavourable impact in the fourth quarter of approximately $30 million or $0.10 per diluted share. On a full year basis, this shift will not impact our results. Furthermore, recall that last year's 53 week added $170 million or $0.19 per diluted share in Q4 2023.

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，今年前三個季度我們報告的總銷售額和每股收益增加了約 3500 萬美元，即稀釋後每股收益約 0.10 美元。我們預計第四季度的輕微不利影響約為 3000 萬美元或稀釋後每股 0.10 美元。從全年來看，這項轉變不會影響我們的業績。此外，請回想一下，去年第 53 週在 2023 年第四季增加了 1.7 億美元，即稀釋後每股收益 0.19 美元。

In total, Q4 compares versus last year will be unfavourably impacted by approximately $200 million in sales and approximately $0.29 in earnings per diluted share. This all has been contemplated within our updated guidance. In closing, we are very pleased with our third quarter performance and the success of our long term strategy. We remain very enthusiastic about the future of our business. This concludes our prepared remarks.

總體而言，與去年相比，第四季度將受到約 2 億美元銷售額和約 0.29 美元稀釋每股收益的不利影響。這一切都已在我們更新的指南中考慮到。最後，我們對第三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。

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

感謝您對 DICK'S 體育用品的興趣。接線員，現在可以撥打電話提問。

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. And let me just say congratulations. My first question is actually going to be on your ability to succeed in the current environment. So what we've seen so far during retail seat earning season is most of the winners are those who are kind of more value oriented and they're giving back price. The composition of your comp is kind of the opposite.

早安.讓我表示祝賀。我的第一個問題實際上是關於你在當前環境中取得成功的能力。因此，到目前為止，我們在零售席位賺取季節看到的是，大多數獲勝者都是那些更注重價值的人，他們正在回饋價格。你的比賽的組成有點相反。

It's stronger full price selling, AUR probably up on that ATV. So Lauren, can you talk about why Dick's is positioned, why you're taking so much market share with non-promotional sales in an era of very promotional holiday? And the kind of shift of the power of your multi brand retail strategy, given that you're one of the biggest national sporting goods retailer? Thank you.

全價銷售更強勁，ATV 的 AUR 可能會上漲。那麼勞倫，您能談談為什麼迪克的定位嗎？鑑於您是全國最大的運動用品零售商之一，您的多品牌零售策略的力量會發生怎樣的轉變？謝謝。

Thanks, Adrienne. Yeah, we are really pleased with the comp that we just put up and to your point there has we have had three quarters in a row now of over a 4% comp. And I think it really is a testament to the fact that our long term strategies are working. And I would point to the access that we've had continued to gain to differentiated product. Our merchant team has done an absolutely amazing job and to your point.

謝謝，艾德麗安。是的，我們對我們剛剛提出的補償非常滿意，就你的觀點而言，我們現在已經連續四分之三獲得超過 4% 的補償。我認為這確實證明了我們的長期策略正在發揮作用。我想指出的是我們不斷獲得差異化產品。我們的商家團隊做得非常出色，符合您的觀點。

Multi brand retail strategy between our national partners and our vertical brands. And at the same time, our team throughout the entire organization is executing at such an incredibly high level. So we're really able to serve athletes with the products that they need and do it in a way that is increasingly engaging and a really fun experience. It's important, I think, to look at our athlete and how athletes are doing. They have been for some time prioritizing healthy and active lifestyle, they're prioritizing team sports.

我們的全國合作夥伴和垂直品牌之間的多品牌零售策略。同時，我們整個組織的團隊都在以令人難以置信的高水準執行。因此，我們確實能夠為運動員提供他們需要的產品，並以越來越有吸引力和真正有趣的體驗的方式做到這一點。我認為，了解我們的運動員以及運動員的表現很重要。一段時間以來，他們一直優先考慮健康和積極的生活方式，他們優先考慮團隊運動。

We saw a tremendous, gain in the back to school categories this past quarter. So footwear, apparel, team sports, but also prioritizing just outdoor living, golf, really all of the athletic categories and just being outside. We saw 1.5 million more athletes enter our ecosystem over the past quarter, and we saw growth across all income demographics. So again, to your point, we are sort of seeing different trends perhaps in the industry would be saying.

上個季度，我們看到返校類別取得了巨大的進步。因此，鞋類、服裝、團隊運動，但也優先考慮戶外生活、高爾夫、所有運動類別以及戶外活動。過去一個季度，我們看到又有 150 萬名運動員進入我們的生態系統，而且所有收入人群都在成長。再次，就您的觀點而言，我們看到了行業中可能會說的不同趨勢。

I would point to the fact that, in the industry would be saying. I would point to the fact that we're in such an exciting time in sport and an exciting time in the industry. The country is really having what we're calling a smart moment. And if you think about it between women's basketball, which is just on fire, and the expanded NCAA playoffs for football this year, and then the fact that the World Cup is going to be mostly in the US in '26 and the Olympics in L. A in '28, we really expect that sport's going to continue to have an outsized influence on culture and culture on sport and I really think DICK'S is in such a great lane to just ride those trends in that we are rooted in sport.

我想指出一個事實，業內人士會這麼說。我想指出這樣一個事實：我們正處於體育界和行業中如此激動人心的時刻。這個國家確實正在經歷我們所說的明智時刻。如果你考慮一下剛剛火熱的女籃和今年擴大的 NCAA 橄欖球季後賽，以及 26 年的世界盃將主要在美國舉行以及 20 世紀的奧運會將主要在美國舉行的事實。體育將繼續對文化和文化對體育產生巨大的影響，我真的認為DICK'S 正處於順應這些趨勢的偉大道路上，因為我們植根於體育。

We have all the performance merchandising gear you could ever want, but we increasingly also have product that is the lifestyle of sport. And so that's why we have such confidence in our athlete and our growth going forward.

我們擁有您想要的所有功能性銷售裝備，但我們也越來越多地提供運動生活方式的產品。這就是為什麼我們對我們的運動員和我們未來的成長充滿信心。

Fantastic. And my follow-up, Navdeep, I guess officially the tariff man has come. So we had an update yesterday evening, 25% Canada, Mexico and obviously the 10% in China. Historically, you've already told us that you don't have much exposure, but for the private label. So can you just update us?

極好的。我的後續行動，Navdeep，我猜關稅人員已經正式來了。昨天晚上我們收到了最新消息，加拿大、墨西哥佔 25%，顯然中國佔 10%。從歷史上看，您已經告訴我們，除了自有品牌之外，您沒有太多曝光度。那您能給我們更新一下嗎？

I'm assuming that this doesn't change the answer that you've given us before, but just remind us now that we have some quasi-official numbers, how are you thinking about that? Thank you.

我假設這不會改變您之前給我們的答案，但只是提醒我們現在我們有一些準官方數字，您對此有何看法？謝謝。

Yes. Adrian, thanks for that question. First of all, thank you for your comments on the Q3 results as well. We couldn't be more excited about the results that we have delivered here in Q3. In terms of tariffs, I think so I would say that slightly more information is known.

是的。阿德里安，謝謝你提出這個問題。首先，也感謝您對第三季結果的評論。我們對第三季交付的結果感到非常興奮。就關稅而言，我認為是的，我想說的是，已知的資訊稍微多一些。

We still don't know about the timing and the likely the categories that would be impacted. So still a lot to be learned more. But like you said, we have navigated the situation back in 2018, 2019 effectively as well. Vertical brands perspective, we have a very small or actually very, very negligible amount of exposure as because we have diversified our supply chain both from China as well as there's not much of an exposure even if you look into Mexico or Canada. So we feel we are well positioned for that.

我們仍然不知道受影響的時間和可能的類別。所以還有很多東西要學習。但就像你說的，我們在 2018 年、2019 年也有效地應對了這種情況。從垂直品牌的角度來看，我們的曝光量非常小，或者實際上非常非常可以忽略不計，因為我們的供應鏈來自中國，而且即使你看看墨西哥或加拿大，也沒有太多的曝光度。所以我們覺得我們已經做好充分準備了。

And then like Lauren indicated, we have very strong partnership with our national brand vendors. So as more is learned, we'll continue to navigate that in close partnership with our national brand vendors as well. Overall, if you look back to how we navigated this in 2018, 2019, that will be kind of the playbook that will follow here again as more is learned.

然後，就像勞倫指出的那樣，我們與國內品牌供應商建立了非常牢固的合作關係。因此，隨著了解的更多，我們也將繼續與我們的國內品牌供應商密切合作來解決這個問題。總的來說，如果你回顧我們在 2018 年和 2019 年如何應對這一問題，你會發現，隨著了解的更多，這將是一個將再次遵循的劇本。

Fantastic. Happy Thanksgiving. Happy Black Friday.

極好的。感恩節快樂。黑色星期五快樂。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Good morning, everyone. My first question is on inventory and then a follow-up on the P&L. You gave the color around the inventory spread and you mentioned similar factors in the prior quarter. So we know what to expect. My question is, are you tracking where you'd expect to be by the end of fourth quarter?

大家早安。我的第一個問題是關於庫存，然後是損益表的後續問題。您給出了庫存價差的顏色，並在上一季提到了類似的因素。所以我們知道會發生什麼。我的問題是，您是否追蹤到第四季末的預期情況？

And does any of the slower start to cold temperatures affect how you'll end the year versus where you expect to be in the early part of next year?

寒冷氣溫開始較慢是否會影響您今年結束時的情況與您預計明年初的情況相比？

Thanks, Simeon. Yes, I'm glad you asked. I want to discuss the inventory, the investment that we've made in inventory. We have made a conscious decision over the course of several quarters now to invest in our highly differentiated assortment. And this quarter, the inventory that we ended the quarter with is complete with things like key items, key brands, things like fleece, things like footwear, the licensed opportunity that I just mentioned with the NCAA playoff expansion.

謝謝，西蒙。是的，我很高興你問。我想討論庫存，我們在庫存方面的投資。在幾個季度的過程中，我們做出了有意識的決定，投資於我們高度差異化的產品組合。本季度，我們季末的庫存包括關鍵商品、關鍵品牌、羊毛、鞋類等物品，還有我剛剛提到的 NCAA 季後賽擴張的授權機會。

And so we don't peanut butter spread the inventory across the categories. We're very surgical and strategic about it. We have two exciting opportunities that some of this inventory is meant to address going into Q4. One of which is that around the holiday season leading into like the last days of Christmas or right before Christmas, we sometimes were broken on size and color for some of our key items, say Nike fleece and things like that. So we will be addressing that with the inventory.

因此，我們不會將花生醬分散到各個類別的庫存中。我們對此非常謹慎和戰略。我們有兩個令人興奮的機會，其中一些庫存旨在進入第四季度。其中之一是，在聖誕節最後幾天或聖誕節前夕的假期期間，我們有時會在一些關鍵商品的尺寸和顏色上出現問題，例如耐吉抓絨之類的東西。因此，我們將透過庫存來解決這個問題。

And we also feel like we have an opportunity in our warmer weather climates to transition out of holiday and into our spring merchandise even earlier. So we've accelerated some of that. So many of these products will have life into 2025 and we should see the results in the back half of the quarter and into 2025. So we are very confident. And you saw that we just increased our guidance. Our comp guidance implied in Q4 has increased as well. So we're very pleased.

我們也覺得，在氣候變暖的情況下，我們有機會更早從假期過渡到春季商品。所以我們加快了其中的一些速度。其中許多產品將持續到 2025 年，我們應該在本季後半段和 2025 年看到結果。你看到我們剛剛增加了指導。我們第四季暗示的比較指引也有所增加。所以我們非常高興。

And Simeon, let me just build on what Lauren said. The inventory is right in line with our expectation. And you called out a little bit on the colder weather impact. I would say the weather is still very early part of Q4. The vast majority of the holiday selling season is ahead of us.

西蒙，讓我以勞倫的話為基礎。庫存符合我們的預期。您也提到了寒冷天氣的影響。我想說第四季的天氣還很早。假日銷售季的大部分時間即將到來。

So we feel really good about the quality of the inventory. We also called out that the clearance levels continue to be really well managed. It's actually down significantly. So overall really excited about the composition of the inventory, how well that inventory is positioned in the key categories. And based on that confidence we raised our Q4 expectation and our full year comp expectations as well.

所以我們對庫存的品質感覺非常好。我們也指出，清關水準仍然得到了很好的管理。實際上已經大幅下降了。總體而言，我們對庫存的組成以及該庫存在關鍵類別中的定位感到非常興奮。基於這種信心，我們也提高了第四季的預期和全年的預期。

Okay. Thanks for that. The follow-up is on the P&L. I don't think we've gotten into a discussion on margin versus EBITDA growth. I know we've talked about it individual years. My question is whether it's fourth quarter or beyond thinking about SG&A dollar growth because there's a higher level of expenses now with House of Sport and other costs. Should we expect you to lever SG&A or should we meaning should margins go up or should margins gross margin offset what's happening in SG&A? How do we expect the movement of the P&L going forward?

好的。謝謝你。後續是損益表。我認為我們還沒有就利潤率與 EBITDA 成長進行討論。我知道我們已經討論過很多年了。我的問題是，這是否是第四季度，還是超出考慮SG&A美元成長的範圍，因為現在體育之家和其他成本的支出水平更高。我們是否應該期望您利用 SG&A 槓桿，或者我們的意思是利潤率應該上升，還是利潤率毛利率應該抵消 SG&A 中發生的情況？我們預期損益表未來的走勢如何？

Yeah. Simeon, maybe I'll start with the full year guidance that we have issued and in another quarter we'll be providing a little bit of a further outlook for 2025. So let's start with the results that we have posted as well as the guidance that we have issued. So first of all, we couldn't be more excited about the 4.7% comp that we have posted year to date and the guidance that we have issued. And at the midpoint of our guidance, our comp will be approximately 4% which is on top of a 2.6% growth or comp growth last year.

是的。 Simeon，也許我會從我們發布的全年指導開始，在另一個季度我們將提供 2025 年的進一步展望。首先，我們對今年迄今為止發布的 4.7% 的薪酬以及我們發布的指導感到非常興奮。在我們指導的中點，我們的複合成長率約為 4%，高於去年 2.6% 的成長率或複合成長率。

And like you indicated, our expectation is that the merch margin at the midpoint will expand on a 40 basis points on a year-over-year basis as well. So said in effect that the way we are thinking about our focus in driving the business is to continue to drive the strong top line and strong bottom line improvement. There will be puts and takes between the margin and SG&A and as you are seeing it at this year play out, we are driving really strong top line momentum and driving strong gross margin expansion and we're leveraging that to make strategic investments in SG&A to position ourselves better even for 2025 and beyond.

正如您所指出的，我們預計中間的商品利潤率也將比去年同期擴大 40 個基點。因此，實際上我們考慮推動業務發展的重點是繼續推動強勁的營收和獲利改善。利潤率和SG&A 之間將會存在看跌期權和索取，正如您在今年所看到的那樣，我們正在推動真正強勁的營收勢頭並推動強勁的毛利率擴張，我們正在利用這一點對SG&A 進行戰略投資即使在 2025 年及以後，我們也能更好地定位自己。

Lauren indicated one of the technologies that we have implemented RFID in our stores which is allowing our store team members to quickly find the product and serve that athlete. As you can imagine in apparel and footwear, it's really important to be able to quickly locate the product and service that athlete.

Lauren 指出，我們在商店中實施了 RFID 技術之一，該技術使我們的商店團隊成員能夠快速找到產品並為運動員提供服務。正如您在服裝和鞋類中可以想像的那樣，能夠快速找到運動員所需的產品和服務非常重要。

And those are the examples of the investments that we are making which we believe will drive long term returns as we look to '25 and beyond. So in a summary, what I would say is look to us to continue to drive strong top line and strong profitability improvement with little bit of an interplay between the margin and SG&A.

這些是我們正在進行的投資的例子，我們相信這些投資將在 25 年及以後帶來長期回報。總而言之，我想說的是，希望我們繼續推動強勁的營收和強勁的獲利能力改善，同時確保利潤率和銷售管理費用之間的相互作用很小。

Perfect. Thanks. Good quarter and good luck on the holidays.

完美的。謝謝。美好的季度和假期好運。

Thank you.

謝謝。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

Hi, good morning. Congrats again. Another great quarter.

嗨，早安。再次恭喜。又一個偉大的季度。

Thank you.

謝謝。

Thank you.

謝謝。

So my first question, we talked in the prepared comments, you talked about the ongoing success of the new concepts, including House of Sport. So I guess the question is just maybe you can remind us the rollout plan as we through the balance of '24, but probably more important into '25? And then how are these -- how is this rollout now impacting comp store sales growth at Dick's? You're recognizing there's been some noise around sales growth with the calendar shift.

所以我的第一個問題，我們在準備好的評論中談到了，您談到了新概念的持續成功，包括體育之家。所以我想問題是也許你可以提醒我們在 24 年餘下的時間裡推出計劃，但可能在 25 年更重要？那麼，這些產品的推出對 Dick's 的贈品店銷售成長有何影響？您意識到隨著日曆的變化，銷售成長出現了一些噪音。

Thanks, Brian. I'll start just with an update on the House of Support concept in general and Navdeep will answer some of your more detailed questions. But House of Support continues to be an incredibly impactful part of our long term strategy. We just opened four more in the past couple of weeks. We had the opportunity to go visit many of them and they just the impact they have in the community when they open is terrific.

謝謝，布萊恩。我將從一般支援之家概念的更新開始，Navdeep 將回答您的一些更詳細的問題。但支持之家仍是我們長期策略中極具影響力的一部分。在過去的幾周里，我們剛剛又開了四家。我們有機會參觀了其中的許多工廠，它們開業後對社區的影響是巨大的。

The experience is delighting athletes. We're seeing athletes drive longer distances. They're spending more time when they come. The community is just absolutely embracing a house of sport. Importantly, we're also seeing our vendor partners get very excited about the fact that they can bring their whole brand to life in a house of sport and in particular in the CoLab spaces where we can tell this incredible brand story.

這種經驗讓運動員很高興。我們看到運動員行駛更遠的距離。當他們來的時候，他們會花更多的時間。這個社區完全擁抱運動之家。重要的是，我們也看到我們的供應商合作夥伴感到非常興奮，因為他們可以在運動之家，特別是在CoLab 空間中將他們的整個品牌帶入生活，在這裡我們可以講述這個令人難以置信的品牌故事。

Last thing I would just say is that landlords and mall operators are noticing that we -- when we put a house of sport into a mall, we get incredible, there's incredible traffic increases to the mall, which is obviously a win win for everybody, but it's also allowing us to get access to even better long term real estate opportunities. So we are really excited. I'll turn it to Navdeep to answer some of your more specific questions.

我要說的最後一件事是，房東和購物中心營運商注意到，當我們將運動之家放入購物中心時，我們感到難以置信，購物中心的客流量增加得令人難以置信，這顯然對每個人來說都是雙贏，但這也讓我們能夠獲得更好的長期房地產機會。所以我們真的很興奮。我會將其轉給 Navdeep 來回答您的一些更具體的問題。

Yeah Brian, just to give some of the count information. So we finished last year with 12 houses for location and we expect to finish this year with approximately 20 houses for location. What we have indicated is we plan to open another 15 locations in 2025 with the long term expectations of 75 to 100 houses port locations by 2027.

是的，布萊恩，只是提供一些計數資訊。去年我們完成了 12 棟房屋的選址工作，預計今年將完成約 20 棟房屋的選址工作。我們表示，我們計劃在 2025 年開設另外 15 個港口地點，長期預期到 2027 年將開設 75 至 100 個港口地點。

In terms of the comp definition, the vast majority of these house of support openings will be relocation or remodels of the existing locations and they will continue to remain in our comp as have been. And so that's the reason you're not seeing that much of a difference come through between the comp and the total sales growth.

就補償定義而言，這些支持性空缺職位中的絕大多數將是對現有地點的搬遷或改造，並且它們將繼續保留在我們的補償中。這就是為什麼你沒有看到比較和總銷售成長之間有太大差異的原因。

We do selectively open new locations as well. For example, Prudential Center this year, a house of support location was a brand new location, but those will be far and few between. So vast majority of these houses port locations will be within our comp composition as we look to the future as well.

我們也會選擇性地開設新地點。例如，保德信中心今年的支援之家地點是一個全新的地點，但這些地點之間的距離很遠而且很少。因此，當我們展望未來時，絕大多數這些港口位置都將在我們的組成範圍內。

Okay, that's very helpful. Appreciate all that. Then my follow-up question, I guess, Nir, just with regard to guidance, I know it's a follow-up, so maybe I can make it two parts anyway. So sorry about that. So look, you beat Street in Q3, you lifted guidance for the full year.

好的，這非常有幫助。欣賞這一切。然後我想，尼爾，我的後續問題只是關於指導，我知道這是一個後續問題，所以也許我可以將其分為兩部分。對此感到非常抱歉。所以看，你在第三季擊敗了 Street，你提高了全年的指導。

Are you the first part of that question, are you taking up guidance for from your internal projections for the fourth quarter? And then with regard to and I know you mentioned and others and a lot of others have talked about the impact of this shortened holiday season. How are you thinking about that? I mean, I was in one of your stores, I guess, last week and I saw a lot of holiday signage already. So it seems like you're doing what you can to kind of pull forward.

您是這個問題的第一部分嗎？然後，我知道你提到過，其他人和許多其他人都談到了這個縮短的假期的影響。你覺得怎麼樣？我的意思是，我想，上週我在你們的一家商店裡，我已經看到了很多節日標誌。所以看起來你正在盡你所能來推動前進。

But how are you thinking just about what how the impacts could play out here from this fewer days between Thanksgiving and Christmas?

但是，您如何看待感恩節和聖誕節之間這短短幾天的影響會產生什麼影響？

Yes. Thanks, Brian. So to your point, we beat our Q3 estimates and did lift our guidance and that is reflecting both the confidence that we have in the momentum in the business and all of the long term strategies that I mentioned. We're super excited about Holiday, by the way. I would just point out that our stores, to your point, are looking amazing.

是的。謝謝，布萊恩。因此，就您的觀點而言，我們超出了第三季度的預期，並確實提高了我們的指導，這反映了我們對業務勢頭以及我提到的所有長期策略的信心。順便說一句，我們對假期感到非常興奮。我只想指出，就您而言，我們的商店看起來棒極了。

Our online store looks amazing. Our marketing kicked off a few weeks ago with JJ Watt, as I mentioned in the prepared remarks. It's just driving an incredible buzz. And our team is extremely pumped. So we're excited about Q4.

我們的線上商店看起來棒極了。正如我在準備好的演講中提到的，我們的行銷活動在幾週前與 JJ Watt 一起開始。它帶來了令人難以置信的轟動。我們的團隊非常有活力。所以我們對第四季感到興奮。

We did want to be appropriately cautious given the two factors, one being just the uncertain macroeconomic environment and then also the fewer holiday days. There's five fewer. People are waking up and talking to it. I'm hearing even people in my life talk about how, oh, my gosh, Christmas is coming. They have to quickly accelerate the gift buying.

考慮到兩個因素，我們確實希望保持適當的謹慎，一是宏觀經濟環境的不確定性，二是假期天數的減少。還少了五個。人們正在醒來並與它交談。我甚至聽到我生活中的人談論，哦，天哪，聖誕節即將到來。他們必須迅速加快禮品購買速度。

But we've been prepared for this. Black Friday holiday has expanded into the early weeks of November for many years now and we've started our stores already, our online stores ready. So, we are excited about it, just being appropriately cautious. Aptivo, would you add?

但我們已經為此做好了準備。多年來，黑色星期五假期一直延伸到 11 月的前幾週，我們已經開設了我們的商店，我們的線上商店也已準備就緒。因此，我們對此感到興奮，只是保持適當的謹慎。 Aptivo，您可以補充一下嗎？

Yeah. Just to build, Brian, on what Lauren said. So as we indicated today, we have raised both our comp and the EPS expectations for full year. In Q3, we delivered really strong results. So we definitely look to that opportunity to translate that beat in terms of our full year expectations.

是的。布萊恩，只是以勞倫所說的話為基礎。因此，正如我們今天所指出的，我們提高了全年的比較和每股盈餘預期。在第三季度，我們取得了非常強勁的業績。因此，我們絕對希望有機會將這項業績轉化為我們全年的預期。

In terms of Q4, what we have indicated is we have raised our top line expectations for Q4 driven by the fact that how strongly we feel our inventory position is, how well ready our stores and our website are for the holiday selling season. But we are as you can imagine, we are balancing that against the macroeconomic uncertainties as well as the short haul and talent that Lauren talked about. In terms of the full year EPS expectations, we have raised that as well.

就第四季度而言，我們表示，我們提高了對第四季度的營收預期，因為我們認為我們的庫存狀況有多強烈，我們的商店和網站為假日銷售季節做好了充分的準備。但正如你可以想像的那樣，我們正在平衡宏觀經濟的不確定性以及勞倫談到的短期和人才。就全年每股收益預期而言，我們也上調了這項預期。

And within that, you have the composition of the margins being raised a little bit versus our prior expectations, offset by the SG&A investment opportunities that we see to continue to take advantage of the opportunities we see to position the business better for 2025. So overall, really excited about the results we posted as well as the confidence we have for Q4 and beyond.

其中，利潤率的組成比我們之前的預期有所提高，但被 SG&A 投資機會所抵消，我們認為這些投資機會將繼續利用我們看到的機會，在 2025 年更好地定位業務。 ，對我們發布的結果以及我們對第四季度及以後的信心感到非常興奮。

Great. Well, I appreciate all the color. Congrats again. Best of luck here for the holiday.

偉大的。嗯，我欣賞所有的顏色。再次恭喜。祝你假期好運。

Thanks, Brian.

謝謝，布萊恩。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

Hi, good morning. Thanks for taking our questions. Because it's come up a couple of times with the commentary around differentiation and I know that's been a big driver of growth for you. How much would you say your product overlaps with retailers today? And how has that changed?

嗨，早安。感謝您回答我們的問題。因為圍繞著差異化的評論已經多次出現，我知道這對你們來說是成長的一大推動力。您認為您的產品與現今零售商有多少重疊？那麼情況發生了什麼樣的變化呢？

Kate, thanks for the question. We have really been leaning into differentiation across the board. And if you look at our footwear, we have highly differentiated product. If you look at even some of the exclusives we have across our hardline businesses, there's exclusives even in team sports and things like that. So we have a highly differentiated product.

凱特，謝謝你的提問。我們確實一直在全面地傾向於差異化。如果您看看我們的鞋類，您會發現我們擁有高度差異化的產品。如果你看看我們在強硬業務中擁有的一些獨家產品，甚至在團隊運動和類似的事情中也有獨家產品。所以我們有一個高度差異化的產品。

It does allow us to be much more surgical when, where and how we participate in any sort of promotional activity. We're just less vulnerable to the entire market going up and down. And it continues to be a core strategy of us. We don't release the exact amount that our products overlap. But, Navdeep, would you?

它確實讓我們能夠在何時、何地以及如何參與任何類型的促銷活動中更加精準。我們只是不太容易受到整個市場漲跌的影響。它仍然是我們的核心策略。我們不會公佈我們的產品重疊的確切數量。但是，納維迪普，你願意嗎？

Yeah, Kate. And just to build on what Lauren said, the other portfolio that we have in our assortment and that we are really excited about is our vertical brands. So our vertical brands, especially when you think of the flagship vertical brand, CALIA, WES, DSG, those brands are resonating so well with our athletes and we continue to see that as an opportunity to not only differentiate our assortment, but our overall basket building opportunity that we provide to these athletes.

是的，凱特。在勞倫所說的基礎上，我們的產品組合中另一個讓我們感到非常興奮的產品組合是我們的垂直品牌。因此，我們的垂直品牌，特別是當你想到旗艦垂直品牌CALIA、WES、DSG 時，這些品牌與我們的運動員產生了很好的共鳴，我們繼續將其視為一個機會，不僅可以使我們的產品類別與眾不同，而且可以使我們的整體產品脫穎而出我們為這些運動員提供創造機會。

So, yeah, no, our key driver of both the top line momentum as well as the margin gains that we have been driving is driven by the work that our merchandising team is doing in creating these curated assortment and having in-depth presentation of these products available in stores and online.

所以，是的，不，我們的營收動力和利潤成長的主要驅動力是由我們的銷售團隊在創建這些精選品種和深入展示這些產品方面所做的工作所驅動的。網上購買。

Okay. And then our follow-up question, thank you, was on the drivers of ticket during the quarter. It seems like ticket increased a little bit more than what we've seen. How much of that is just same SKU inflation versus mix of what you sold in Q3?

好的。謝謝，我們的後續問題是關於本季度罰單的驅動因素。票價似乎比我們看到的要高一些。其中有多少是相同的 SKU 通膨與您在第三季銷售的商品的組合相比？

Yeah, Kate, I would say it's pretty consistent with what we have been talking about the drivers of the ticket. It goes back to your prior question. It is driven by the differentiated product that we have access to and what Lauren called out in her remarks that you know this curated and differentiated product is not exposed to kind of the promotional pressures that may be out there. So we are able to get a better recovery on the margin as well and that also helps us drive a higher ticket. So it's again mix, that differentiated product and the pricing opportunity that we see.

是的，凱特，我想說這與我們一直在談論的罰單司機的情況非常一致。這又回到了你之前的問題。它是由我們可以獲得的差異化產品驅動的，勞倫在她的評論中指出，你知道這種精心策劃的差異化產品不會受到可能的促銷壓力。因此，我們也能夠在利潤率上獲得更好的復甦，這也有助於我們獲得更高的票價。因此，這又是一種混合，即我們看到的差異化產品和定價機會。

Thank you.

謝謝。

Thank you.

謝謝。

Robbie Ohmes, Bank of America.

羅比·歐姆斯，美國銀行。

Hey, congrats guys. Thanks for taking my question. Actually just two quicker questions. One, can you guys talk a little more about Game changer remind us the flow through and remind us the long term opportunity there? And then the second one is, can you give a little more color on some of the key new brand partnerships that you see coming down the pike for House of Sport?

嘿，恭喜你們。感謝您提出我的問題。實際上只是兩個更快的問題。第一，你們能多談談遊戲規則改變者提醒我們流程並提醒我們那裡的長期機會嗎？第二個問題是，您能否對 House of Sport 即將推出的一些關鍵新品牌合作夥伴關係進行更多介紹？

Thanks, Robbie. We're so excited about Game changer. The Game changer business continues to do really well. And for those of you who I know engage with it for your kids, you love it. But we are now forecasting for this year $100 million in Game changer revenue and it's a highly profitable software as a subscription model and it just continues to grow and dominate in the use for tech space.

謝謝，羅比。我們對遊戲規則改變者感到非常興奮。遊戲規則改變者業務持續表現出色。對於我認識的那些為自己的孩子參與其中的人來說，你們喜歡它。但我們現在預測今年遊戲規則改變者的收入將達到 1 億美元，作為訂閱模式，它是一種利潤豐厚的軟體，並且它將繼續增長並在技術領域的使用中佔據主導地位。

This past quarter for Game Changer, we had 5.5 million unique active users, which was a 21% increase over last year. And they're averaging approximately 2 million active users in the app every single day. The Game changer business is moving into more and more video streaming opportunities, which is enabling us to open basketball and some other sports. And those video games that were streamed increased 50%. So just from a strategic standpoint, we feel like Game changer and Dick's are so well aligned.

上個季度，Game Changer 擁有 550 萬獨立活躍用戶，比去年成長 21%。該應用程式平均每天約有 200 萬活躍用戶。遊戲規則改變者業務正在進入越來越多的視訊串流機會，這使我們能夠開展籃球和其他一些運動項目。串流媒體播放的電玩遊戲數量增加了 50%。因此，僅從戰略角度來看，我們覺得 Game Changer 和 Dick's 非常契合。

We actually co presented what we call the Bat Lab this past weekend in Florida, where athletes from across the country were able to come in and demo all of the bats and give ratings. And it's just so exciting to see that brand become an even bigger part of our ecosystem.

實際上，上週末我們在佛羅裡達州共同展示了我們所說的蝙蝠實驗室，來自全國各地的運動員都可以進來演示所有蝙蝠並給出評分。看到該品牌成為我們生態系統中更重要的一部分，真是令人興奮。

Robbie, thanks for your comments. And let me build a little bit on what Lauren said in terms of the game changer platform and the excitement that we have, not just about the platform, but the combined capability on what it can mean for the athletes at TIX holistically. So like Lauren indicated, the size of the business that we have indicated, we expect this business to be about $100 million of sales in 2024 and it's growing at 30% to 40% CAGR each year and that has been the CAGR of this business for last several years.

羅比，謝謝你的評論。讓我以 Lauren 所說的關於改變遊戲規則的平台和我們所擁有的興奮為基礎，不僅僅是平台，還有它對 TIX 運動員的整體意義的綜合能力。因此，正如Lauren 所指出的那樣，我們預計該業務到2024 年的銷售額將達到1 億美元左右，並且每年以30% 至40% 的複合年增長率增長，這也是該業務多年來的複合年成長率過去幾年。

So couldn't be more excited about the size of the business, the top line momentum that the team is able to drive as well as the profitability of the business. As you can imagine, a SaaS business is extremely profitable. So it's a great complement to our capabilities. In terms of the long term opportunity, we believe that the youth's tech landscape or youth sports tech landscape is multi billion dollars and as you can imagine with $100 million and probably the best tool that is out there in the marketplace, we feel that this opportunity is really ripe for continued growth into the future. Lauren, you want to address brand opportunities?

因此，我們對業務規模、團隊能夠推動的營收動力以及業務獲利能力感到非常興奮。正如您可以想像的那樣，SaaS 業務的利潤非常豐厚。所以它是我們能力的一個很好的補充。就長期機會而言，我們相信青少年的科技前景或青少年體育科技前景價值數十億美元，正如你可以想像的那樣，1億美元可能是市場上最好的工具，我們認為這個機會未來持續增長的時機確實已經成熟。勞倫，您想解決品牌機會嗎？

Thank you, Lynette. Oh yes, thank you. Your second question. So House of Sport has been fantastic for us because of the key brand partnerships that we have been able to expand and also build. So even our national brands have just loved being able to bring their brand to life in our collab spaces, but we've also had exciting partnerships with new and emerging brands.

謝謝你，萊內特。哦，是的，謝謝。你的第二個問題。因此，House of Sport 對我們來說非常棒，因為我們能夠擴大並建立關鍵的品牌合作夥伴關係。因此，即使是我們的國家品牌也很喜歡能夠在我們的合作空間中將他們的品牌帶入生活，但我們也與新興品牌建立了令人興奮的合作關係。

Things like GOAT, the lacrosse brand that we're very excited about. Right now, there's an incredible holiday presentation. Our vertical brands are being demoed in the collab space. We continue to have People Movement came in through a CoLab space. So there's a lot of brands that have come in through House of Sport that have translated into big brand partners for us and that are transferring through the entire chain.

例如我們非常興奮的長曲棍球品牌 GOAT。現在，有一個令人難以置信的節日演示。我們的垂直品牌正在合作空間中進行示範。我們繼續透過 CoLab 空間進行人民運動。因此，有許多品牌透過 House of Sport 進入，這些品牌已經轉化為我們的大品牌合作夥伴，並且正在透過整個鏈條進行轉移。

Terrific. I look forward to being in one of your HOS stores on Black Friday.

了不起。我期待著黑色星期五來到你們的居屋商店之一。

Yay. Thanks, Robbie. Thank you.

耶。謝謝，羅比。謝謝。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Good morning. Thanks for taking my question and congrats on another good quarter. On slide 11, you've had this slide in the deck for several earnings calls now. The $35 million in omni channel house of Sports sales and then the $14 million in Dick's Fieldhouse omnichannel sales in year one with the 20%, four wall omni EBITDA margin. How does this trend how do you model this or expect this to trend into year two and three as these stores mature? I would imagine the House of Sport open to very high levels of productivity. How do these contribute to the comps, the store productivity and EBIT margin in year two and three?

早安.感謝您提出我的問題，並祝賀又一個美好的季度。在投影片 11 上，您現在已將這張投影片用於多次財報電話會議。第一年，全通路體育館的全通路銷售額為 3,500 萬美元，Dick's Fieldhouse 全通路銷售額為 1,400 萬美元，四面牆全通路 EBITDA 利潤率為 20%。隨著這些商店的成熟，這種趨勢如何建模，或者預計這種趨勢會持續到第二年和第三年？我想像體育之家能夠達到非常高水準的生產力。這些對第二年和第三年的表現、商店生產力和息稅前利潤率有何貢獻？

Thank you.

謝謝。

Yes, John, great question. And we have talked about this in the prior calls as well. We could not be more excited about not only how strongly these stores are opening in year one, both the House of Sport as well as Fieldhouse, but the comp trajectory that we are seeing in the select group of stores that have actually come one full year and in their second and on some stores actually in their third year. On the trajectory that we are seeing in year two, these stores come positively in the second year as well because the excitement continues to build.

是的，約翰，好問題。我們在之前的電話會議中也討論過這一點。我們不僅對這些商店（House of Sport 和 Fieldhouse）在第一年的開業表現有多強勁感到興奮，而且對我們在實際開業一整年的精選商店組中看到的競爭軌跡感到非常興奮在他們的第二年和一些商店實際上是在他們的第三年。按照我們在第二年看到的軌跡，這些商店在第二年也取得了積極的進展，因為興奮感不斷增強。

Two, we are able to engage with the athletes in a slightly different way because our team members learn, the community learns on what and how to engage with the with kind of the experiences that are within the store, whether it is the field that is within the store, the climbing wall or the community center that is within the store. All of those become a little bit of a deeper point of engagement within the local market.

第二，我們能夠以稍微不同的方式與運動員互動，因為我們的團隊成員學習，社區學習什麼以及如何參與商店內的體驗，無論是在場上還是在場上。中心。所有這些都成為當地市場更深層的參與點。

So we are excited about the trajectory that we see in year two. So we'll continue to provide more color as we learn more. But right now based on the trends that we have seen, we're excited about the overall opportunity as well as the results that we see in year two.

因此，我們對第二年看到的發展軌跡感到興奮。因此，隨著我們了解更多，我們將繼續提供更多顏色。但現在根據我們所看到的趨勢，我們對整體機會以及我們在第二年看到的結果感到興奮。

That's helpful. Thank you. I guess my follow-up is just on the soft lines piece of the business. I think it's been a big driver of comps for several quarters now dating back to last year. Can you talk about the outlook for the footwear business, footwear decks and how many more footwear decks you can put in place?

這很有幫助。謝謝。我想我的後續行動只是針對該業務的軟線部分。我認為從去年開始的幾個季度以來，它一直是業績的主要推動力。您能否談談鞋類業務的前景、鞋類平台以及您還可以建立多少鞋類平台？

How many doors are on in HOKA? Can they be in additionally to what they're already in now and the outlook for that key part of the business in Q4?

HOKA 有多少扇門？他們能否在現有的基礎上以及第四季度業務關鍵部分的前景中有所作為？

Yeah. First of all, maybe I'll start back more at the core category. So we have said there are four core categories where we are focused on driving our business and those are athletic apparel, athletic footwear, team sports and golf. So when you look at it and you look at not just those the performance in those categories as well as our results that we have delivered over the last several quarters, our growth continues to come from our core categories. And these are the exact categories we are continuing to gain strong share in the marketplace as well.

是的。首先，也許我會更多地從核心類別開始。因此，我們說過，我們專注於推動業務的四個核心類別，即運動服裝、運動鞋、團隊運動和高爾夫。因此，當你審視它時，你不僅會看到這些類別的表現，還有我們在過去幾季交付的業績，我們的成長繼續來自我們的核心類別。這些正是我們繼續在市場上獲得強勁份額的類別。

When it comes to the footwear, we call it footwear is the engine that drives the chain. The amount of focus and attention that our merchandising team provides on that, outputs on that, the supply chain team works closely with the store organization. The work that we have done not just in premium full service footwear deck but on house of fleet capability that we have in our stores is allowing us to really differentiate the assortment that we have in our store, the service levels that we have in our stores and most importantly how well both the athletic footwear as well as the lifestyle footwear assortment that is available in our store.

說到鞋類，我們稱鞋類為驅動鏈條的引擎。我們的銷售團隊對此給予的關注與關注程度，以及供應鏈團隊與商店組織密切合作的成果。我們不僅在優質全方位服務鞋類方面所做的工作，而且在我們商店擁有的車隊能力方面所做的工作使我們能夠真正區分我們商店中的品種和我們商店中的服務水平最重要的是，我們商店提供的運動鞋和生活方式鞋品類如何。

So we continue to be really excited about the opportunity in both in footwear and in apparel. Just to add a little bit on the brand result itself, we have ON, HOKA, Nike, New Balance and so we are excited about the brand assortment that we have available in these stores as well. 90% of our stores today have premium full service footwear deck and we see opportunities to continue to expand on HOKA further deeper into our chain.

因此，我們仍然對鞋類和服裝領域的機會感到非常興奮。只是為了增加一點品牌效果本身，我們有 ON、HOKA、Nike、New Balance，因此我們對這些商店中提供的品牌類型感到很興奮。如今，我們 90% 的商店都擁有優質的全方位服務鞋類平台，我們看到了繼續將 HOKA 進一步擴展到我們連鎖店的機會。

That's great. Thank you.

那太棒了。謝謝。

Christopher Horvers, Morgan Stanley.

克里斯多福‧霍弗斯，摩根士丹利。

Hi. This is Jolie Wasserman on for Christopher Horvers. Thank you for taking our questions. Our first question is on your updated view for merch margin in 4Q. I know you spoke a little bit about the full year. And right now, is it any different from what you were thinking in September? How 3Q played out relative to your expectations? And also, in shrink came in better than expected, what if that was normalized to 2019 levels?

你好。這是朱莉·沃瑟曼為克里斯多福·霍弗斯配音。感謝您接受我們的提問。我們的第一個問題是關於您對第四季度商品利潤率的最新看法。我知道你談到了全年的情況。現在，這和你九月的想法有什麼不同嗎？第三季的表現與您的預期相比如何？此外，收縮率比預期，如果將其正常化至 2019 年的水平會怎樣？

So let me start with Q3 results and then I'll talk to Q4. So Q4 sorry, on Q3, like we said, our gross profit increased 67 basis points and the merch margin increased 83 basis points. The merch margin increase on a year-over-year basis in Q3 was primarily driven by the mix and the quality of the product that and the assortment that we had available. So as we look to Q4, what we have guided is the expectation that our merch margin, we'll see how it plays out with all of the promotional landscape in Q4. But right now our expectation is our merch margin will increase again in Q4.

讓我從第三季的結果開始，然後我將討論第四季的結果。所以第四季度抱歉，在第三季度，就像我們所說的，我們的毛利增加了 67 個基點，商品利潤率增加了 83 個基點。第三季的商品利潤率年增主要是由產品的組合和品質以及我們現有的品種所推動的。因此，當我們展望第四季度時，我們所指導的是我們的商品利潤率的預期，我們將看看它如何在第四季度的所有促銷環境中發揮作用。但目前我們的預期是我們的商品利潤率將在第四季再次增加。

In terms of the shrink, the shrink results came in slightly better to in line with our expectations in Q3. And right now, our expectation for shrink for Q4 is to be relatively flat on a year-over-year basis in Q4.

在收縮方面，第三季的收縮結果略優於我們的預期。目前，我們對第四季萎縮的預期是與去年同期相比相對持平。

Got it. And our follow-up question, I know you spoke a little bit to weather earlier in the call with Fleece, but we were wondering if you could speak more to the cadence with the election, hurricanes, warm weather throughout the quarter.

知道了。我們的後續問題是，我知道您在早些時候與 Fleece 的電話會議中談到了天氣問題，但我們想知道您是否可以更多地談論整個季度的選舉、颶風和溫暖天氣的節奏。

Yes. So we said we had a really strong back to school season, so that was obviously early in the quarter. We had great growth in footwear, apparel, team sports. It was warmer than we might have liked in the last part of the quarter, but it didn't have a material impact on our comps. And we remain very excited about Q4.

是的。所以我們說我們的返校季非常強勁，所以這顯然是在本季初期。我們在鞋類、服裝、團隊運動方面取得了巨大的成長。本季最後一部分的氣溫比我們預期的要溫暖，但這並沒有對我們的業績產生重大影響。我們對第四季仍然非常興奮。

An election pullback?

選舉撤退？

Yes. We didn't see anything meaningful. It's good that I think it's good for the country that there's some certainty. And we're seeing people and nothing was material in the quarter. We're seeing the consumer just fine after that.

是的。我們沒有看到任何有意義的東西。我認為有一定的確定性對國家來說是件好事。我們看到了一些人，但本季沒有什麼實質的事情。此後我們看到消費者一切都很好。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good morning. Thank you so much for taking my question. As you look to 2025, would you expect that your merchandise margin will continue to expand? And what opportunities outside of private label and inventory management might you have to drive further merch margin expansion into next year, especially because you'll be coming off of a pretty strong merch margin year this year?

早安.非常感謝您回答我的問題。展望 2025 年，您預期您的商品利潤率會繼續擴大嗎？除了自有品牌和庫存管理之外，您還可能需要哪些機會來推動明年的商品利潤率進一步擴大，尤其是因為今年您將獲得相當強勁的商品利潤率？

Michael, thanks for the question and we'll give more specific 2025 guidance in the next quarter. The way to think about merch margin and quite frankly the opportunity that we have said pretty consistently in the last few years is again going back to the three big players that we see in opportunity to grow our merch margin.

Michael，感謝您提出問題，我們將在下一季提供更具體的 2025 年指引。考慮商品利潤的方法以及坦白說，我們在過去幾年中一直一致表示的機會再次回到了我們認為有機會增加商品利潤的三大參與者。

First and foremost is the quality of the assortment. The differentiated assortment, the access that we have and being able to control the full price selling opportunity, that continues to be a big driver, not just on the results that we have posted in the recent years and as well as we look to the future.

首先也是最重要的是品種的品質。差異化的品種、我們擁有的管道以及能夠控制全價銷售機會，這仍然是一個巨大的推動因素，不僅僅是我們近年來發布的結果以及我們對未來的展望。

The second, the work that our pricing and pricing team have done in terms of the models that they have developed allows us to be really surgical and one on one basis to be able to offer the right level of promotion and pricing offerings to our athletes.

第二，我們的定價和定價團隊在他們開發的模型方面所做的工作使我們能夠真正做到外科手術和一對一的基礎，從而能夠為我們的運動員提供適當水平的促銷和定價產品。

And that's a capability that we'll continue to leverage to continue to optimize our price and the promotions. And the last thing that you called out is the opportunity we see with the vertical brands. Vertical brands carry 600 to 800 basis points of higher margins compared to the national brands. So the more we are able to drive the penetration there as we have been able to do with CLIA versus DSG, especially our flagship apparel brands. We see that opportunity to be even better as we go into the future.

我們將繼續利用這項能力來繼續優化我們的價格和促銷活動。您提到的最後一件事是我們在垂直品牌中看到的機會。與全國品牌相比，垂直品牌的利潤率高出 600 至 800 個基點。因此，我們越能推動該領域的滲透，就像我們在 CLIA 和 DSG 上所做的那樣，尤其是我們的旗艦服裝品牌。當我們走向未來時，我們看到這個機會會變得更好。

The biggest unknown right now which we talked earlier in the call is around tariffs. So we'll provide appropriate level of details at the next earnings call for 2025 March margin.

我們之前在電話會議中談到的目前最大的未知數是關稅。因此，我們將在下一次財報電話會議上提供 2025 年 3 月利潤率的適當詳細資訊。

Okay. My follow-up question is your inventory is running up just under about half a billion dollars year-over- year. There may be some timing given the calendar and impact on that. In the past, the market might have been concerned that would have created more merchandise margin headwind. Now it seems like Dick's has a better engine to be able to clear that out through the going, going, gone chain.

好的。我的後續問題是，你們的庫存年增了近 5 億美元。考慮到日曆及其影響，可能會有一些時間安排。過去，市場可能擔心這會帶來更多的商品利潤逆風。現在看來迪克有一個更好的引擎能夠透過不斷的、不斷的、消失的鏈條來清除它。

So A, is there less risk that you will be stuck in an inventory, a heavy inventory position that could create some merchandise margin risk in the fourth quarter? And I know you said you expect merch margins to be up in the fourth quarter, but it's I believe your guidance is up only 40 basis points for the year. So far, on average each quarter you've been up about 70 basis points. So A, how does that math work? And B, what's going to drive the merch margin expansion in the fourth quarter, especially in light of the inventory position? Thank you very much.

那麼，A，您被困在庫存中的風險是否會減少，大量庫存部位可能會在第四季度產生一些商品利潤風險？我知道您說過您預計第四季度的商品利潤率會上升，但我相信您今年的指導僅上升 40 個基點。到目前為止，平均每季上漲約 70 個基點。那麼A，這個數學是如何運作的呢？ B，什麼將推動第四季的商品利潤率擴張，特別是考慮到庫存狀況？非常感謝。

Yes. Thanks, Michael. I think your question is well taken. And I want to be really clear about the fact that we are really strategic and surgical in how we have invested in inventory in key items, key categories, and things that we don't think are going to become toxic and we're not concerned are going to create a heavy markdown risk, as you mentioned. We have guided, as you said, to a Q4 margin increase and we are really confident this inventory is a key part of our strategy to really lean into having the right stuff for our athletes when they come into our store and online.

是的。謝謝，麥可。我認為你的問題得到了很好的解答。我想澄清一個事實，即我們在如何投資關鍵商品、關鍵類別以及我們認為不會有毒且我們不擔心的庫存方面確實具有戰略性和外科手術性正如您提到的，這將造成嚴重的降價風險。正如您所說，我們已經指導第四季度的利潤率增加，我們非常有信心該庫存是我們策略的關鍵部分，我們的策略是在運動員進入我們的商店和網上時真正致力於為他們提供合適的東西。

Yeah, Michael, I'll build on what Lauren said. So you called out that the 40 basis points is the EBT expansion that we have at the midpoint. So a couple of things to keep in mind as you're thinking about fourth quarter and this was included in my prepared comments that we'll have an unfavourable impact to our sales to the tune of $200 million and that will that is driven by the 53 week last year as well as the calendar shift that we have talked about.

是的，邁克爾，我會以勞倫所說的為基礎。因此，您指出 40 個基點是我們的 EBT 擴張的中點。因此，當您考慮第四季度時，請記住以下幾點，這已包含在我準備好的評論中，即我們將對我們的銷售額產生高達 2 億美元的不利影響，而這是去年第53週以及我們談到的日曆轉換。

The other is our pre-opening expenses in Q4 are going to be slightly higher than last year and hopefully you saw that our pre-opening expenses in Q3 came in under our expectations that we have shared as well. And that is primarily driven by the shift of some timing of the new store opening.

另一個是我們第四季度的開業前費用將略高於去年，希望您看到我們第三季的開業前費用也低於我們所分享的預期。這主要是由於新店開幕時間的改變所致。

As Lauren called out that we opened three new house of support locations right at the beginning of Q4. So there's a little bit of an impact in the profitability improvement on a Q4 basis when you consider the impact of pre-opening shift as well as the $200 million of unfavourable impact. And then the last thing I would call out is as expected, you can expect there's some level of caution that we have included in our guidance considering the macro and the shorter holiday calendar. So it's a combination of those three or four things that you are seeing the profitability impact in fourth quarter.

正如勞倫所說，我們在第四季初開設了三個新的支援中心。因此，當您考慮開業前班次的影響以及 2 億美元的不利影響時，第四季度的獲利能力改善會受到一些影響。然後我要指出的最後一件事正如預期的那樣，考慮到宏觀和較短的假期日曆，您可以預期我們在我們的指導中包含了一定程度的謹慎。因此，您在第四季度看到的盈利能力影響是這三到四件事的結合。

Thank you very much and good luck.

非常感謝，祝你好運。

Thank you.

謝謝。

Paul Lejuez, Citigroup.

保羅‧勒胡埃斯，花旗集團。

Hi, this is Kelly on for Paul. Thanks for taking our question. Could you just elaborate more on your philosophy around SG &A? If you see sales and gross margin materialize ahead of plan, should we expect you to continue to invest some of the upside in key initiatives? Any chance you can quantify the impact of higher incentive comp on SG&A this year? And could you give us an idea of what sort of comp you need to leverage fixed costs within gross margin SG&A as we look to F25 and beyond?

大家好，我是保羅的凱利。感謝您提出我們的問題。能否詳細說明您對 SG&A 的理念？如果您看到銷售額和毛利率提前實現，我們是否應該期望您繼續在關鍵舉措上投資一些上行空間？您是否有機會量化今年更高的激勵薪酬對 SG&A 的影響？當我們展望 F25 及更高水準時，您能否告訴我們您需要什麼樣的補償來在毛利率 SG&A 內利用固定成本？

Yeah. Kelly, I think there were a couple of questions there in that. So I think so maybe we'll start with the philosophy. Like I said before, our philosophy is to drive top line and bottom line growth for the company and continue to position the company for the long term growth, whether it is house support opportunity we see in investment, technology capabilities that we see in investment opportunities in. We will make appropriate decisions on where the investments need to be made.

是的。凱利，我認為其中有幾個問題。所以我想也許我們會從哲學開始。正如我之前所說，我們的理念是推動公司的營收和利潤成長，並繼續為公司的長期成長定位，無論是我們在投資中看到的內部支持機會，還是我們在投資機會中看到的技術能力我們將就需要在何處進行投資做出適當的決定。

Sometimes the investments need to be made in on the margin side. For example, opening up the distribution center that we have talked about in the near future. So that will be an investment on the margin side or the technology investments which predominantly sit within the SG&A. In terms of the expectations for or the outlook for the SG&A for future year, I would say we'll provide our '25 guidance in the next quarter but you can continue to look to us to drive the top line and the bottom line improvement. In terms of the comp needed to leverage the SG&A, it will all depend on where and what levels of investments we see.

有時需要在保證金方面進行投資。例如我們近期談到的開放配送中心。因此，這將是利潤方面的投資或主要屬於銷售、一般管理費用 (SG&A) 的技術投資。就未來一年的 SG&A 預期或前景而言，我想說我們將在下個季度提供 '25 指導，但您可以繼續期待我們推動營收和利潤的改善。就利用 SG&A 所需的薪酬而言，這完全取決於我們看到的投資地點和等級。

So I don't know if I want to give a specific number associated with that but I would say the focus for us is continuing to drive the top line and the bottom line improvement.

因此，我不知道是否想給出與此相關的具體數字，但我想說，我們的重點是繼續推動營收和利潤的改善。

Thank you. And just to follow-up, I think you said you plan to open another 15 houses for locations in 2025. Is that the total sort of new store openings we should have expected in F25? Meaning, does that include the field house concepts? And just could you give us more color on the relocations versus remodels of existing locations?

謝謝。後續，我想您說過您計劃在 2025 年再開設 15 家分店。意思是，這包括球場概念嗎？您能給我們更多有關現有地點的搬遷與改造的資訊嗎？

Specifically, what sort of what level of remodels do you expect to do in 2025? And any color on the lift productivity lift you see after you do a remodel? Thanks.

具體來說，您預計 2025 年將進行何種程度的改造？改造後，您看到電梯生產力提升後有什麼顏色嗎？謝謝。

Okay, Kelly. There were a number of questions there and I'll see if I can address all of them. So first of all, in terms of the store count, the 15 House of Sport openings are just House of Sport openings. On top of that, we expect to open an additional twenty FieldHouse locations. There will be some Golf Galaxy openings as well and we'll provide the store count and the new store opening expectations in 2025.

好吧，凱利。那裡有很多問題，我會看看是否可以解決所有問題。所以首先，從店鋪數量來看，15家House of Sport開業的店只是House of Sport開業的。除此之外，我們預計將再開設 20 個 FieldHouse 場地。一些 Golf Galaxy 也會開業，我們將提供 2025 年的門市數量和新店開業預期。

However, I want to reiterate again something that I said before that vast majority of the field house locations as well as house support locations, especially the house support locations will be relocation or remodelled. So you won't see a lot of new store count happening as we look to 2025 as well. If you look at the results, other than the store count that we have provided for 2024, we are seeing only a 2% increase in square footage on a year-over-year basis driven by the new store openings. We'll provide more details as we share our 25 outlook for the new store count openings.

不過，我想再次重申我之前說過的話，絕大多數場館位置以及房屋支援地點，特別是房屋支援地點將被搬遷或改造。因此，預計到 2025 年，您也不會看到大量新店數量出現。如果你看一下結果，除了我們提供的 2024 年商店數量之外，我們發現在新店開業的推動下，面積同比僅增加了 2%。我們將在分享 25 家新店開幕數量展望時提供更多詳細資訊。

Thanks. Best of luck.

謝謝。祝你好運。

Thank you.

謝謝。

Justin Kleber, Baird.

賈斯汀·克萊伯，貝爾德。

Hey, good morning, everyone. Thanks for taking the question. Lauren, you mentioned in your response to a prior question that the tail end of the quarter being softer. I guess that's not surprising given how warm October was. But did that softer exit rate play a role in the transaction decline that you experienced in the third quarter?

嘿，大家早安。感謝您提出問題。勞倫，您在回答先前的問題時提到，本季末的情況較為疲軟。考慮到十月的溫暖，我想這並不奇怪。但是，退出率下降是否導致了您在第三季經歷的交易下降？

No, and thank you for asking the question because I want to clear that up. We had a great quarter. Every month was a great quarter. And so all I was mentioning is that weather did not play a material impact in the quarter overall and maybe we saw a little bit of it in the back half. So, I just don't want you to take away that we had a dip in the tail end of the quarter.

不，感謝您提出這個問題，因為我想澄清這一點。我們度過了一個美好的季度。每個月都是一個很棒的季度。因此，我所提到的是，天氣並沒有對整個季度產生實質影響，也許我們在後半段看到了一些影響。所以，我只是不想讓你認為我們在本季末出現了下滑。

Yes. Justin and just to add to what Lauren said, you see the puts and takes with the weather within our portfolio of categories that we have. So if you see a softer performance in the cold weather categories, what you also saw or you also see is some of the favourable trends in the categories that do well in kind of the moderate temperatures. So for example, the golf business actually exceeded our expectations in the back half.

是的。賈斯汀（Justin）補充一下勞倫（Lauren）所說的內容，您可以在我們擁有的類別組合中看到天氣的看跌期權和期權。因此，如果您看到寒冷天氣類別中的表現較弱，那麼您也看到或您也看到了在適中溫度下表現良好的類別中的一些有利趨勢。例如，高爾夫業務下半年實際上超出了我們的預期。

So this is the reason we really like the portfolio of products that we have that the interplay between these categories doesn't insulate us from the weather impact but it allows us to navigate the month over month transitions as much better than we have been able to do in the past.

因此，這就是我們真正喜歡我們擁有的產品組合的原因，這些類別之間的相互作用並不能讓我們免受天氣影響，但它使我們能夠比我們能夠更好地應對逐月的轉變。 。

Okay. That makes sense. Thanks, Navdeep. And then my follow-up is just given the continued strength in House of Sport, I wanted to ask about what elements of House of Sport are you finding most impactful within the Fieldhouse stores?

好的。這是有道理的。謝謝，納維迪普。然後我的後續行動是考慮到 House of Sport 的持續實力，我想問您認為 House of Sport 的哪些元素在 Fieldhouse 商店中最具影響力？

Yes. Thanks. Great question. As you're pointing out that House of Sport is doing so well for all the reasons we talked about and it's such an exciting concept, but it is the cornerstone of our strategy to just reposition our entire portfolio. And what we mean by that is the things that are doing so great and are such a big part of house of support are things like improved service, better assortment and access to product experiences.

是的。謝謝。很好的問題。正如您所指出的，出於我們所討論的所有原因，House of Sport 的表現非常好，這是一個令人興奮的概念，但它是我們重新定位整個投資組合的策略的基石。我們的意思是，那些做得如此出色並且在支援之家中佔據如此重要部分的事情是諸如改進的服務、更好的分類和獲得產品體驗之類的事情。

All of those things are translating into our field house concept, which is honestly from a visual presentation standpoint, looks just like a house of sport, a smaller version of a house of sport, but it has all of those elevated aspects, to the degree that we can fit them into a 50,000 square foot box. But it's also translating through our entire organization. So things like the elevated service, elevating product, you're going to see that as we reposition our entire portfolio, House of Sport has a longer impact than you might think just looking at the House of Sport stores.

所有這些都轉化為我們的球場概念，老實說，從視覺呈現的角度來看，它看起來就像一個運動之家，一個運動之家的較小版本，但它具有所有這些提升的方面，在某種程度上我們可以將它們裝入 50,000 平方英尺的盒子中。但它也在我們整個組織中得到體現。因此，像是提升服務、提升產品這樣的事情，當我們重新定位我們的整個產品組合時，你會發現 House of Sport 的影響比你想像的更長久。

I will now turn the conference back over to Lauren Hulbert, Chief Executive Officer, for closing comments.

現在我將把會議轉回執行長勞倫·赫爾伯特 (Lauren Hulbert) 發表閉幕評論。

Okay. Well, thank you all for your interest in Dick's Sporting Goods. I hope everyone has a happy holiday. And to our team, I'm excited to see you out in the stores this week. Have a great holiday weekend.

好的。好的，謝謝大家對迪克體育用品的興趣。我希望每個人都有一個愉快的假期。對於我們的團隊來說，我很高興本週在商店見到您。祝你周末假期愉快。

Thanks.

謝謝。

And 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。