DICK'S Sporting Goods Inc (DKS) 2024 Q4 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 the DICK's Sporting Goods Incorporated fourth quarter 2024 earnings conference call.

女士們、先生們，感謝你們的耐心等待。我叫克麗斯塔，今天我將擔任你們的會議接線生。在此，我謹代表迪克體育用品公司歡迎各位參加2024年第四季財報電話會議。

(Operator Instructions)

（操作說明）

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

現在，我謹將會議交給投資者關係高級總監 Nate Gilch 主持。內特，你可以開始了。

Good morning, everyone, and thank you for joining us to discuss our fourth quarter and full year 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.

各位早安，感謝各位參加本次會議，共同探討我們2024年第四季及全年業績。今天的電話會議將由我們的總裁兼執行長 Lauren Hobart 和財務長 Navdeep Gupta 主持。今天電話會議的錄音將存檔於我們的投資者關係網站 investors.dicks.com，保存期限約為 12 個月。

As a reminder, we will be making forward-looking statements which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K as well as cautionary statements made during this call.

再次提醒，我們將做出一些前瞻性聲明，這些聲明受到各種風險和不確定性的影響，可能導致我們的實際結果與這些聲明有重大差異。任何此類聲明都應與我們在盈利報告中的警示性聲明以及向美國證券交易委員會提交的文件（包括我們最新的 10-K 表格年度報告）中的風險因素討論以及本次電話會議中作出的警示性聲明一並考慮。

We assume no obligation to update any of these forward-looking statements or information. Please refer to our Investor Relations website to find the reconciliation of our non-GAAP financial measures referenced in today's call. And finally, a few admin items.

我們不承擔更新任何此類前瞻性陳述或資訊的義務。請查閱我們的投資者關係網站，以了解今天電話會議中提到的非GAAP財務指標的調節表。最後，還有一些管理事項。

First, we previously expected our warehouse sales stores to be temporary in nature and therefore, excluded revenue from these locations from our comparable sales calculations. With these stores now operating longer than originally planned, starting in fiscal 2025, we will include them as part of our comparable sales beginning in the store's 14th full month of operations.

首先，我們先前預期我們的倉儲式銷售商店是臨時性的，因此，在計算可比銷售額時，排除了這些地點的收入。由於這些門市的營運時間比原計劃要長，從 2025 財年開始，我們將從門市營運的第 14 個完整月份開始，將其納入同店銷售額的計算範圍。

Similar to our other store locations, these stores will also be included as part of our store counts and square footage. Next, at the end of today's prepared remarks, we have a short video to share with you. And finally, for future scheduling purposes, we are tentatively planning to publish our first quarter 2025 earnings results on May 28, 2025.

與其他門市一樣，這些門市也將計入我們的門市數量和麵積。接下來，在今天準備好的演講結束之前，我們將與大家分享一段短片。最後，為了方便未來安排，我們暫定於 2025 年 5 月 28 日發布 2025 年第一季財報。

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

接下來，我將把通話交給勞倫。

Good morning, everyone. 2024 was another outstanding year for our company, powered by our strategic pillars of compelling omnichannel athlete experience, differentiated product assortment, deep engagement with the DICK'S brand and the strength of our culture and our 50,000-plus teammates, we achieved another year of growth and strong performance while continuing to extend our leadership position in the market.

各位早安。 2024年對我們公司來說又是輝煌的一年。這得歸功於我們強大的策略支柱：引人入勝的全通路運動員體驗、差異化的產品組合、與DICK'S品牌深度互動，以及我們強大的企業文化和超過5萬名團隊成員的共同努力。在這一年中，我們實現了持續成長和強勁的業績，並不斷鞏固了我們在市場上的領先地位。

Our long-term strategies are clearly working. Before diving into our results, I want to take a moment to recognize the passion, hard work, and dedication of our entire team.

我們的長期策略顯然正在奏效。在深入探討我們的結果之前，我想花一點時間來感謝我們整個團隊的熱情、努力和奉獻精神。

At DICK'S, it is our people who make us great and the strong performance we're discussing this morning is a direct result of their efforts. For the full year, we are very pleased to have delivered record sales of $13.4 billion. Our comps increased 5.2%, driven by growth in average ticket and in transactions, and we continue to gain market share as consumers prioritize DICK's Sporting Goods for all their athletic needs.

在 DICK'S，正是我們的員工成就了我們的輝煌，我們今天早上討論的出色業績正是他們努力的直接結果。全年來看，我們非常高興地實現了創紀錄的 134 億美元銷售額。受平均客單價和交易量成長的推動，我們的同店銷售額成長了 5.2%，隨著消費者優先選擇 DICK's Sporting Goods 來滿足他們所有的運動需求，我們繼續擴大市場份額。

Through growth in sales and gross margin expansion, we achieved double-digit EBT margin above 11% and EPS of $14.05, both well ahead of last year. Our fourth quarter was an exceptionally strong finish to another great year.

透過銷售額成長和毛利率擴張，我們實現了超過 11% 的兩位數 EBT 利潤率和 14.05 美元的每股收益，這兩項指標都遠超去年同期。第四季表現異常強勁，為又一個輝煌的年份畫上了圓滿的句號。

Our Q4 comps increased 6.4%, driven by growth in average ticket and in transactions. To put this in context, this growth was on top of a 2.9% increase in 2023 and a 5.3% increase in 2022. During Q4, we drove continued gross margin expansion and delivered EBT margin of 10.2% and EPS of $3.62.

第四季同店銷售額成長 6.4%，主要得益於平均客單價和交易量的成長。需要指出的是，這一增長是在 2023 年增長 2.9% 和 2022 年增長 5.3% 的基礎上實現的。第四季度，我們持續擴大毛利率，實現了 10.2% 的 EBT 利潤率和 3.62 美元的每股盈餘。

DICK'S is the largest omnichannel sports retailer in the United States, now commanding just under 9% of the highly fragmented $140 billion industry. This represents an increase of approximately 50 basis points in our share over the prior year. We provided unrivaled experience for our athletes and are an important US retail partner to the world's leading sports brands. Our disciplined execution of our four strategic pillars has driven strong consistent performance.

迪克體育用品公司是美國最大的全通路運動用品零售商，目前在高度分散的1,400億美元體育用品產業中佔據了近9%的市場。這比去年我們的市佔率增加了約 50 個基點。我們為運動員提供了無與倫比的體驗，並且是世界領先運動品牌在美國的重要零售合作夥伴。我們嚴格執行四大策略支柱，從而取得了強勁且持續的業績。

Over the past two years, we've delivered nearly an 8% stacked comp, gained approximately 100 basis points of market share, and expanded our gross margin by approximately 125 basis points on a non-GAAP basis. Our business has incredible momentum.

過去兩年，我們實現了近 8% 的同店銷售額成長，市佔率成長了約 100 個基點，非 GAAP 毛利率成長了約 125 個基點。我們的業務發展勢頭非常強勁。

We also see tremendous strength and momentum in the US sports industry, a trend we expect to continue through 2030 and beyond. With the continued excitement around women's sports, the enthusiasm surrounding next year's soccer world cup matches on US soil and the anticipation for the 2028 L.A. Olympics and the 2031 Rugby World Cup, which will be held in the US for the first time, the convergence of sport and culture has never been stronger, and DICK'S sits squarely at the center of this exciting intersection.

我們也看到美國體育產業展現出巨大的實力和發展勢頭，我們預計這一趨勢將持續到 2030 年及以後。隨著人們對女子體育運動的持續熱情，對明年在美國本土舉行的足球世界杯比賽的期待，以及對2028年洛杉磯奧運會和2031年首次在美國舉辦的橄欖球世界杯的期盼，體育與文化的融合從未如此緊密，而迪克體育用品公司（DICK'S）正處於這一激動人心的交匯點的中心。

We're a nation obsessed with sport and no one is better positioned to harness this opportunity than DICK'S Sporting Goods. From this position of strength, we will make significant investments in digital and in-store opportunities to drive our business forward and further expand our market position.

我們是一個沉迷於體育運動的國家，而迪克體育用品公司（DICK'S Sporting Goods）無疑是抓住這一機會的最佳人選。憑藉這一優勢，我們將大力投資數位化和實體店機遇，以推動業務發展並進一步擴大市場份額。

Leaning into our strategic pillars, our focus is on three exciting growth areas, each with significant potential. Repositioning our real estate and store portfolio, driving continued strong growth in footwear and accelerating our e-commerce business.

依託我們的策略支柱，我們專注於三個令人振奮的成長領域，每個領域都具有巨大的潛力。重新調整我們的房地產和門市組合，推動鞋類業務持續強勁成長，並加速我們的電子商務業務發展。

Our first key growth area is delivering an elevated omnichannel athlete experience through the ongoing work to reposition our real estate owned store portfolio with House of Sport, Field House, and Golf Galaxy Performance Center.

我們的第一個關鍵成長領域是透過不斷努力重新定位我們擁有的房地產門市組合（包括 House of Sport、Field House 和 Golf Galaxy Performance Center），從而提供更優質的全通路運動員體驗。

Since opening our first House of Sport location in 2021, our excitement and conviction in this innovative concept continues to build. Over the past four years, House of Sport has disrupted and redefined sports retail. And at approximately $35 million in year one omnichannel sales, this highly experiential destination is delivering powerful financial results, which Navdeep will speak to shortly.

自 2021 年開設第一家 House of Sport 門市以來，我們對這項創新理念的熱情和信念與日俱增。在過去四年裡，House of Sport 顛覆並重新定義了運動零售業。該體驗式目的地第一年的全通路銷售額約為 3,500 萬美元，取得了強勁的財務業績，Navdeep 稍後將對此進行介紹。

House of Sport has also driven strong engagement with our athletes, brand partners, and communities. In fact, we see our house of sport locations attracting more athletes who not only spend more time in the store, but have a significantly higher spend than our typical DICK'S athletes.

House of Sport 也與我們的運動員、品牌合作夥伴和社群建立了緊密的聯繫。事實上，我們發現我們的運動用品店吸引了更多運動員，他們不僅在店內停留的時間更長，而且消費額也比我們典型的 DICK'S 運動員高得多。

Importantly, House of Sport is opening doors to new brand partnerships and strengthening existing relationships as this concept showcases our brand partners in a way no one else can. In addition to driving strong athlete excitement, House of Sport is drawing unprecedented landlord interest, which gives us the opportunity to join some of the best retail centers.

重要的是，House of Sport 為新的品牌合作打開了大門，並加強了現有的合作關係，因為這個概念以其他任何人都無法做到的方式展示了我們的品牌合作夥伴。除了激發運動員的熱情之外，House of Sport 還吸引了前所未有的房東興趣，這讓我們有機會加入一些最好的零售中心。

After opening seven more House of Sport locations during 2024, we ended the year with 19 total locations, and we look forward to adding approximately 16 more in 2025.

2024 年，我們又開設了 7 家 House of Sport 門市，到年底門市總數達到 19 家，我們期待在 2025 年再增加約 16 家門市。

By the end of 2027, we expect to have between 75 to 100 House of Sport locations across the country. We've also completely revolutionized our most typical format, our 50,000 square foot DICK'S store into our Field House concept.

到 2027 年底，我們預計全國將擁有 75 至 100 家 House of Sport 門市。我們也徹底革新了我們最典型的店面形式，將 50,000 平方英尺的 DICK'S 商店改造成了我們的 Field House 概念店。

Field House is inspired by House of Sport and includes a similar elevated assortment and service model, premium experiences and bold visual expressions. Like House of Sport, Field House is delivering incredibly strong results.

Field House 的設計靈感來自 House of Sport，並擁有類似的高端產品系列和服務模式、優質體驗和大膽的視覺表達。與 House of Sport 一樣，Field House 也取得了非常強勁的成績。

After opening 15 additional Field House locations during 2024, we finished the year with a total of 26 locations and expect to add approximately 18 more this year. As we said previously, this one-two punch of House of Sport and Field House is the future of our DICK'S stores. Our second key growth area is driving continued strong growth in our footwear business. Footwear is the one product every athlete needs. And at DICK'S, we say footwear is the engine that pulls the train.

2024 年，我們新增了 15 家 Field House 門市，到年底門市總數達到 26 家，預計今年還將新增約 18 家。正如我們之前所說，House of Sport 和 Field House 的這兩大組合代表了 DICK'S 商店的未來。我們的第二個關鍵成長領域是推動鞋類業務持續強勁成長。鞋類是每位運動員都需要的裝備。在 DICK'S，我們認為鞋類是驅動列車前進的引擎。

Over the past decade, we transformed our footwear experience through our premium full-service footwear decks, which are now in approximately 90% of our DICK'S locations. We provide our brand partners the ability to showcase their premium footwear for every sport, every athlete, and every occasion. And key brands provide us with premium product access, driving sustained and robust sales growth.

在過去的十年裡，我們透過優質的全方位服務鞋類專櫃改變了顧客的購物體驗，目前約 90% 的 DICK'S 門市都設有此類專櫃。我們為品牌合作夥伴提供展示其適用於各種運動、每位運動員和各種場合的高端鞋履的機會。重點品牌為我們提供優質產品管道，從而推動持續強勁的銷售成長。

Even with this success, we have a great opportunity to gain share. With a strong product pipeline across performance and lifestyle, combined with the success of our footwear experience, we're targeting this opportunity through strategic investments in high-impact marketing and a dedicated focus on footwear across our in-store and digital channels.

即使取得了這樣的成功，我們仍然有很大的機會擴大市場份額。憑藉著在性能和生活方式領域強大的產品線，以及我們在鞋類領域的成功經驗，我們正透過對高影響力行銷的策略性投資，以及在店內和數位管道對鞋類的專注，來把握這一機遇。

We'll partner with key brands and the athletes and celebrities who resonate most with our customers to enhance our position as the destination for all the on-trend shoes, both on and off the field. We're kicking the year off by going big during March Madness with an exciting campaign that we can't wait for you to see.

我們將與主要品牌以及最能引起我們顧客共鳴的運動員和名人合作，以鞏固我們作為所有潮流鞋履（無論場上場下）首選目的地的地位。我們將在三月瘋狂籃球賽期間推出一場令人興奮的宣傳活動，為新的一年拉開序幕，我們迫不及待地想讓你們看到。

Our third key growth area is accelerating our multibillion-dollar highly profitable e-commerce business through strategic investments designed to drive substantial long-term market share gains online. While we've seen strong e-commerce growth over the years, we see an opportunity to significantly expand our online presence and capture share.

我們的第三個關鍵成長領域是透過策略性投資加速我們價值數十億美元、利潤豐厚的電子商務業務，旨在推動線上市場份額的長期大幅成長。雖然這些年來我們看到了電子商務的強勁成長，但我們也看到了大幅擴大線上業務並獲得市場份額的機會。

We are attacking this opportunity with aggressive investments in technology and marketing aimed at enhancing the omnichannel athlete experience and driving greater consideration for dicks.com. Our technology investments will lean into our speed and convenience and will include a focus on our DICK'S app, which attracts our most loyal athletes. We'll continue to leverage our 800-plus store network for online fulfillment, which positions us closer to our athletes for speedier and more efficient delivery.

我們正積極掌握這項機遇，增加對科技和行銷的投資，旨在提升全通路運動員體驗，並提高用戶對dicks.com的關注。我們的技術投資將著重提升速度和便利性，並將重點放在吸引我們最忠實運動員的DICK'S應用程式上。我們將繼續利用我們遍布全國的 800 多家門市網路進行線上訂單履行，這使我們能夠更靠近運動員，從而實現更快、更有效率的配送。

And to further dial up those benefits, we're expanding the use of RFID technology in-store which enables our teammates to get products into our athletes hands even faster. As part of our broader digital strategy, we're also enthusiastic about two long-term growth opportunities, GameChanger and the DICK'S Media Network. GameChanger provides an innovative platform to engage with our athletes in new and compelling ways.

為了進一步提升這些優勢，我們正在擴大店內 RFID 技術的使用，使我們的團隊成員能夠更快地將產品送到運動員手中。作為我們更廣泛的數位策略的一部分，我們也對兩個長期成長機會充滿熱情，即 GameChanger 和 DICK'S 媒體網絡。GameChanger 提供了一個創新的平台，讓我們能夠以新穎且引人入勝的方式與運動員互動。

In 2024, approximately 9 million unique users were active on GameChanger with an average of nearly 1.8 million daily active users. And we're proud to say that as a highly profitable recurring revenue SaaS platform, GameChanger surpassed $100 million in revenue in 2024.

2024 年，GameChanger 的活躍獨立用戶約 900 萬，每日平均活躍用戶接近 180 萬。我們很自豪地說，作為一個盈利能力極強的經常性收入 SaaS 平台，GameChanger 在 2024 年的收入超過了 1 億美元。

We have seen close to a 40% revenue CAGR since 2017, and we're bullish about GameChanger's long-term growth opportunity. In 2025, we expect Game Changer to reach approximately $150 million in revenue and also to continue positively impacting our gross margin.

自 2017 年以來，我們的營收複合年增長率接近 40%，我們對 GameChanger 的長期成長機會感到樂觀。我們預計到 2025 年，Game Changer 的收入將達到約 1.5 億美元，並將繼續對我們的毛利率產生正面影響。

DICK's Media Network is our emerging retail media network that harnesses the unique power of our robust and growing scorecard loyalty program and database, which is the best data set in youth sports. While it's in the early stages, we are very pleased with initial interest in the platform and believe DICK's Media Network will become a driver of long-term sales growth and an important driver of long-term gross margin expansion as we scale and optimize the network.

DICK's Media Network 是我們正在發展中的零售媒體網絡，它利用了我們強大且不斷增長的記分卡忠誠度計劃和數據庫的獨特力量，這是青少年體育領域最好的數據集。雖然目前還處於早期階段，但我們對平台的初步關注度感到非常滿意，並相信隨著我們擴大規模和優化網絡，DICK's Media Network 將成為長期銷售成長的驅動力，以及長期毛利率擴張的重要驅動力。

With all of this in mind for 2025, we expect to drive continued comp growth, strategic expansion of our square footage, and improved gross margin. We anticipate our comp sales to be in the range of 1% to 3%, which at the midpoint, represents nearly a 10% three-year comp stack. We expect our EPS to be in the range of $13.80 to $14.40.

考慮到以上所有因素，我們預計 2025 年將持續實現同店銷售成長、策略性擴大營業面積並提高毛利率。我們預期同店銷售額將成長 1% 至 3%，其中數值相當於三年同店銷售額成長近 10%。我們預計每股收益將在 13.80 美元至 14.40 美元之間。

Our consistent execution and strong performance give us deep confidence in the growth opportunities we've identified. Great companies invest from a position of strength, and we are leaning into our momentum with strategic investments in the areas that matter most to our athletes and enable us to seize the significant market share opportunity ahead of us.

我們始終如一的執行力和強勁的業績，使我們對已發現的成長機會充滿信心。偉大的公司會從實力地位出發進行投資，我們正乘勢而上，在對我們的運動員來說最重要的領域進行戰略投資，從而抓住擺在我們面前的巨大市場份額機會。

With a clear strategy, a disciplined approach, and a commitment to innovation, we are well-positioned to drive sustained sales and profitability growth over the long term. With that, I'll turn it over to Navdeep to share more detail on our financial results, 2025 outlook, and capital allocation. Navdeep, over to you.

憑藉著清晰的策略、嚴謹的方法和對創新的承諾，我們有能力在長期內推動銷售額和獲利能力的持續成長。接下來，我將把發言權交給 Navdeep，讓他詳細介紹我們的財務表現、2025 年展望和資本配置。Navdeep，接下來就交給你了。

Thank you, Lauren, and good morning, everyone. Let's begin with some highlights of our full year 2024 results. Our comp sales increased 5.2%, and we continue to gain market share. This was on top of a 2.6% increase in the comp sales last year. These strong comps were driven by a 4% increase in average ticket and a 1.2% increase in transactions.

謝謝你，勞倫，大家早安。讓我們先來看看一些2024年全年業績的亮點。我們的同店銷售額成長了5.2%，市佔率持續成長。這是在去年同店銷售額成長 2.6% 的基礎上實現的。這些強勁的同店銷售成長主要得益於平均客單價上漲 4% 和交易量上漲 1.2%。

Consolidated sales increased 3.5% in 2024 to a record-setting $13.44 billion. As a reminder, last year sales were positively impacted by $170 million from the 53rd week. On a 52-week comparable basis, our consolidated net sales increased 4.9%. Driven by our strong sales and gross margin expansion, EBT was $1.52 billion, 11.3% of net sales and increased $116 million or 49 basis points from last year's non-GAAP results.

2024年合併銷售額成長3.5%，達到創紀錄的134.4億美元。提醒一下，去年第 53 週的銷售額成長了 1.7 億美元。以 52 週可比口徑計算，我們的合併淨銷售額成長了 4.9%。由於強勁的銷售額和毛利率的成長，稅前利潤為 15.2 億美元，佔淨銷售額的 11.3%，比去年的非 GAAP 業績增長了 1.16 億美元，即 49 個基點。

For the full year, we delivered earnings per diluted share of $14.05. This compares to last year's non-GAAP earnings per diluted check of $12.91, which included approximately $0.19 from the 53rd week. On a 52-week comparable basis, this is a year-over-year increase of 10.5%.

全年來看，我們實現了每股攤薄收益 14.05 美元。相比之下，去年的非 GAAP 每股攤薄收益為 12.91 美元，其中包括第 53 週的約 0.19 美元。以 52 週可比口徑計算，年增 10.5%。

Now moving to our results for Q4. We are very pleased to deliver a Q4 comp increase of 6.4%. This represents nearly a 15% three-year comp stack. Our strong comps were driven by a 4.4% increase in average ticket and a 2% increase in transactions.

接下來公佈我們第四季的業績。我們非常高興地宣布，第四季同業成長6.4%。這相當於三年薪資成長近 15%。我們強勁的同店銷售成長主要得益於平均客單價成長 4.4% 和交易量成長 2%。

Consolidated net sales for Q4 increased 0.5% to $3.89 billion. This was the largest sales quarter in the history of our company. As we previewed during our prior calls, net sales comparison for Q4 were unfavorably impacted by approximately $200 million. This included the extra week last year, which added $170 million in sales in Q4 2023 as well as the impact of the calendar shift, which was neutral for the full year, but unfavorably impacted Q4 sales by $30 million.

第四季合併淨銷售額成長0.5%，達38.9億美元。這是我們公司史上銷售額最高的一個季度。正如我們在先前的電話會議中預告的那樣，第四季度的淨銷售額比去年同期下降了約 2 億美元，這對業績產生了不利影響。這其中包括去年多出的一周，這使得 2023 年第四季的銷售額增加了 1.7 億美元，以及日曆調整的影響，雖然對全年影響不大，但對第四季度的銷售額產生了 3000 萬美元的不利影響。

Gross profit for the fourth quarter remained strong at $1.36 billion, or 34.96% of net sales and increased 39 basis points from last year's non-GAAP results. This increase was driven by lower shipping costs and higher merchandise margin, which was partially offset by an expected deleverage on the occupancy cost due to the 53rd week last year.

第四季毛利保持強勁，達到 13.6 億美元，佔淨銷售額的 34.96%，比去年同期非 GAAP 業績成長了 39 個基點。這一成長主要得益於運輸成本降低和商品利潤率提高，但部分被去年第 53 週導致的租金成本預期下降所抵銷。

On a non-GAAP basis, SG&A expenses for the quarter increased 4.8% to $957.6 million and deleveraged 101 basis points compared to last year's non-GAAP results. This year-over-year deleverage was expected and due to the strategic investments in our technology, talent, and marketing based on the strength of our business and also included higher incentive compensation.

以非GAAP準則計算，本季銷售、一般及行政費用成長4.8%至9.576億美元，與去年同期非GAAP業績相比，槓桿率下降了101個基點。這一年槓桿率的下降是預期的，這得益於我們基於業務實力對技術、人才和行銷進行的策略投資，以及更高的激勵性薪酬。

Q4 preopening expenses were $10.7 million, an increase of $5.3 million compared to the prior year. This expected increase was driven by the timing of our new store openings. EBT in the fourth quarter was $397.3 million or 10.2% of net sales.

第四季開業前費用為 1,070 萬美元，比上年同期增加 530 萬美元。這一預期成長是由我們新店開幕的時機所推動的。第四季 EBT 為 3.973 億美元，佔淨銷售額的 10.2%。

This compares to a non-GAAP EBT of $427.7 million or 11.3% of net sales in Q4 of last year. EBT margin comparisons were unfavorably impacted by approximately 27 basis points due to the extra week last year plus the impact of the calendar shift.

相較之下，去年第四季的非GAAP EBT為4.277億美元，佔淨銷售額的11.3%。由於去年多出的一周以及日曆變化的影響，EBT 利潤率比較受到約 27 個基點的不利影響。

In total, we delivered Q4 earnings per diluted share of $3.62. This compares to last year non-GAAP earnings per diluted share of $3.85. Like sales and EBT margin, EPS comparisons for Q4 were unfavorably impacted by approximately $0.29 per diluted share due to the extra last year, which added approximately $0.19 per diluted share in Q4 2023 plus the impact of the calendar shift, which was neutral for the full year, but unfavorably impacted Q4 EPS by approximately $0.10 per diluted share.

第四季每股攤薄收益為3.62美元，去年同期非GAAP每股攤薄收益為3.85美元。與銷售額和稅前利潤率一樣，第四季每股收益也受到不利影響，較去年同期減少了約0.29美元。這主要是由於去年同期數據額外增加了約0.19美元的每股攤薄收益，加上日曆年際變化的影響（全年影響不大，但對第四季度每股收益產生了約0.10美元的不利影響）。

Now looking to our balance sheet. We ended the year with approximately $1.7 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility. Our year-end inventory levels increased 18% compared to last year.

現在來看看我們的資產負債表。年底時，我們擁有約 17 億美元的現金及現金等價物，並且沒有動用我們 16 億美元的無擔保信貸額度。與去年相比，我們年末的庫存水準增加了18%。

We believe our inventory is well-positioned with clearance levels at historic lows. As we have discussed, to maximize the benefit of our differentiated assortment, we have made a deliberate decision to lean into key items and categories.

我們相信，我們的庫存充足，清倉水準處於歷史低點。正如我們之前討論過的，為了最大限度地發揮我們差異化產品組合的優勢，我們特意決定專注於發展關鍵商品和類別。

We also invested in earlier spring receipts to more effectively transition seasons in warmer climate markets. These investments play a vital role in driving our continued strong sales momentum, which we expect to carry into 2025.

我們也投資提前引進春季產品，以便在氣候溫暖的市場中更有效地實現季節過渡。這些投資在推動我們持續強勁的銷售動能方面發揮著至關重要的作用，我們預計這種勢頭將延續到 2025 年。

Turning to our fourth quarter capital allocation. Net capital expenditures were $215 million, and we paid $89 million in quarterly dividends. We also repurchased 428,000 shares of our stock for $98 million at an average price of $228.17.

接下來談談我們第四季的資本配置。淨資本支出為 2.15 億美元，我們支付了 8,900 萬美元的季度股息。我們也以平均每股 228.17 美元的價格，斥資 9,800 萬美元回購了 428,000 股股票。

Now moving to our outlook, which balances the strong confidence we have in our strategic initiatives and operational strength against the dynamic macroeconomic environment. Consolidated sales are expected to be in the range of $13.6 billion to $13.9 billion.

現在談談我們的展望，這不僅體現了我們對自身戰略舉措和營運實力的堅定信心，也反映了動態的宏觀經濟環境。預計合併銷售額將在 136 億美元至 139 億美元之間。

As Lauren mentioned, we anticipate comp sales growth in the range of 1% to 3%, which at the midpoint represents nearly a 10% three-year comp stack. We expect comps to be closer to the high end of our guidance through the third quarter. though in Q4, we'll be lapping very strong results from 2024.

正如勞倫所提到的，我們預計同店銷售額將成長在 1% 到 3% 之間，其中數值代表三年同店銷售額將成長近 10%。我們預計第三季同店銷售額將接近我們預期的高端水平。不過，第四季我們將超越2024年的強勁業績。

Driven by the quality of our assortment, we expect gross margins to again expand year over year, which at midpoint, we expect to improve approximately 75 basis points. This brings total expected gross margin expansion over the three-year period from 2022 to 2025 to approximately 200 basis points.

由於我們產品組合的質量，我們預計毛利率將再次逐年增長，其中數值預計將增長約 75 個基點。這將使 2022 年至 2025 年三年期間的總預期毛利率擴張幅度達到約 200 個基點。

As Lauren discussed, from this position of strength, we plan to make strategic investments digitally, in store, and in marketing to better position ourselves over the long term. Thus, we anticipate gross margin expansion to be offset by SG&A deleverage. From a pacing standpoint, we expect greater SG&A expense deleverage in the first half with moderation in the second half as we lap the higher investment levels from the second half of last year.

正如勞倫所討論的那樣，憑藉這一優勢地位，我們計劃在數位化、門市和行銷方面進行策略性投資，以便更好地進行長期定位。因此，我們預期毛利率的擴張將被銷售、管理及行政費用的去槓桿化所抵銷。從節奏來看，我們預期上半年銷售、一般及行政費用的去槓桿化程度會更高，下半年則會放緩，因為我們將逐漸消化去年下半年較高的投資水平。

Preopening expenses are expected to be in the range of $65 million to $75 million, with approximately one-third incurred in the first half of the year and the remaining two-thirds in the second half. We expect both EBIT and EBT margins to be approximately 11.1% at the midpoint. At the high end of our expectations, we expect to drive approximately 10 basis points of EBIT margin expansion on a non-GAAP basis.

預計開業前費用將在 6,500 萬美元至 7,500 萬美元之間，其中約三分之一將在上半年發生，其餘三分之二將在下半年發生。我們預計息稅前利潤率和稅前利潤率的中位數均約為 11.1%。依照我們最高的預期，我們預期非GAAP準則下的EBIT利潤率將提高約10個基點。

We expect interest expense to remain roughly flat year over year, while we are modeling other income which is comprised primarily of interest income to decline due to the lower interest rate environment compared to the last year.

我們預計利息支出將與去年基本持平，而其他收入（主要由利息收入構成）由於利率環境較去年有所下降，我們預計這些收入將會減少。

We expect full year earnings per diluted share to be in the range of $13.80 to $14.40. From a pacing perspective, we expect EPS to decline year over year in the first half and increase year over year in the second half.

我們預計全年稀釋後每股收益將在 13.80 美元至 14.40 美元之間。從成長速度來看，我們預計上半年每股盈餘將年減，下半年將年增。

Our earnings guidance is based on approximately 82 million average diluted shares outstanding and effective tax rate of approximately 24%. In terms of tariffs, given the evolving nature of the discussion and a number of unknowns, our guidance does not contemplate changes in tariff at this time.

我們的獲利預期是基於約 8,200 萬股平均稀釋後流通股和約 24% 的有效稅率。就關稅而言，鑑於討論的不斷變化和許多未知因素，我們目前的指導意見並未考慮關稅的變化。

We successfully managed through tariffs in the prior cycle. Along with our brand partners, we have been diversifying our vertical brand sourcing for several years and will continue to do that going forward.

我們在上一輪關稅週期中成功應對了關稅問題。多年來，我們與品牌合作夥伴一起，一直在努力實現垂直品牌採購的多元化，未來也將繼續這樣做。

We will remain flexible and nimble to adapt to the changing environment. I'll now discuss our capital allocation priorities, investing in our business to grow our leadership position and drive profitable organic growth remains our top priority. For 2025, capital allocation plan includes net capital expenditure of approximately $1 billion, of which a portion is a shift from 2024 due to the timing of the spend.

我們將保持靈活敏捷，以適應不斷變化的環境。接下來我將討論我們的資本配置重點，投資我們的業務以鞏固我們的領先地位並推動獲利性內生成長仍然是我們的首要任務。2025 年資本分配計畫包括約 10 億美元的淨資本支出，其中一部分由於支出時間表而從 2024 年轉移過來。

As we continue to reposition our real estate and store portfolio, these investments will be concentrated in store growth, relocations, and improvements in our existing stores and in support of our ongoing investments in supply chain and technology. Our CapEx plan also includes the purchase of certain real estate assets related to House of Sport.

隨著我們不斷調整房地產和門市組合，這些投資將集中用於門市成長、搬遷和現有門市的改進，以及支持我們對供應鏈和技術的持續投資。我們的資本支出計劃還包括購買與 House of Sport 相關的某些房地產資產。

In 2025, we plan to open approximately 16 more House of Sport locations, which will bring the total to approximately 35 by the end of the year. We also expect to begin construction on approximately 20 House of Sport locations that are scheduled to open throughout 2026. And for the Field House, we expect to open approximately 18 additional locations for a total of approximately 44 locations by the end of the year.

2025 年，我們計劃再開設約 16 家 House of Sport 門市，到年底門市總數將達到約 35 家。我們也預計將開始建造約 20 家 House of Sport 門市，這些門市計劃於 2026 年陸續開幕。至於 Field House，我們預計到今年底將新增約 18 個地點，使總地點數達到約 44 個。

Before continuing, I'm excited to provide a brief update on why we are so bullish about these new formats. For a new House of Sport in year one, we continue to expect approximately $35 million in omnichannel sales and a very strong profitability with an EBITDA margin of approximately 20%. In terms of capital, our updated expectation is slightly over $20 million, which includes the acquisition of certain real estate.

在繼續之前，我很高興能簡要介紹我們為什麼如此看好這些新形式。對於一家新的 House of Sport 來說，我們預計第一年的全通路銷售額將達到約 3,500 萬美元，獲利能力將非常強勁，EBITDA 利潤率約為 20%。就資金而言，我們更新後的預期略高於 2000 萬美元，其中包括收購某些房地產。

We are also seeing very attractive returns from our Field House locations, where we continue to target year one omnichannel sales of approximately $14 million and an EBITDA margin of approximately 20%. In 2025, we are also excited to grow the footprint of our Golf Galaxy business and plan to open approximately 14 Golf Galaxy Performance Center locations.

我們也看到，我們的 Field House 門市也獲得了非常可觀的回報，我們繼續以第一年全通路銷售額約 1400 萬美元和 EBITDA 利潤率約 20% 為目標。2025年，我們也期待擴大Golf Galaxy業務的版圖，並計畫開設約14家Golf Galaxy Performance Center門市。

We focus on maintaining real estate flexibility within our portfolio and expect approximately 70% of our 2025 openings will be relocations or convergence of existing stores into these innovative new formats. Collectively, these investments are expected to drive nearly a 3% increase in our square footage in 2025, representing an acceleration from our 2024 growth rate.

我們致力於保持投資組合的房地產靈活性，預計 2025 年新開店中約有 70% 將是現有門市的搬遷或合併，以適應這些創新的新模式。總體而言，這些投資預計將使我們在 2025 年的建築面積增加近 3%，比 2024 年的成長速度有所加快。

To support our growth, our supply chain investments include the new distribution center we are building in Fort Worth, Texas, which is expected to open in 2026. We are evolving our supply chain to better support our growing business and enhance the omnichannel athlete experience through improved cycle time and product availability.

為了支持我們的成長，我們在供應鏈方面的投資包括我們正在德克薩斯州沃斯堡建設的新配送中心，預計將於 2026 年開業。我們正在改進供應鏈，以更好地支援我們不斷成長的業務，並透過縮短週期時間和提高產品可用性來增強全通路運動員體驗。

Lastly, we continue to invest in technology that will enhance the omnichannel athlete experience and our teammate experience, along with exciting growth opportunities like GameChanger and DICK'S Media Network.

最後，我們將繼續投資於能夠提升全通路運動員體驗和我們團隊成員體驗的技術，以及像 GameChanger 和 DICK'S Media Network 這樣令人興奮的成長機會。

We also remain committed to returning significant capital to our shareholders through our quarterly dividend and opportunistic share repurchases. Over the past three years, we have returned approximately $2.2 billion to shareholders, while continuing to invest in the profitable long-term growth of our business.

我們也將繼續致力於透過季度分紅和擇機回購股票的方式，向股東返還大量資本。過去三年，我們已向股東返還了約 22 億美元，同時繼續投資於我們業務的獲利性長期成長。

All of this is underpinned by our commitment to a healthy balance sheet and maintaining our investment-grade ratings. Today, we announced a 10% increase in our quarterly dividend to an annualized payout of $4.85 per share or approximately $1.21 on a quarterly basis. This marks the 11th consecutive year that our shareholders have benefited from a dividend increase.

這一切都建立在我們對維持健康的資產負債表和維持投資等級的承諾之上。今天，我們宣布將季度股息提高 10%，達到每股年化股息 4.85 美元，或每季約 1.21 美元。這標誌著我們的股東連續第11年受益於股利成長。

Today, we also announced a new five-year share repurchase program of up to $3 billion. Our 2025 plan includes our expectation of share repurchases to offset dilution, the effect of which is included in our EPS guidance. I'd like to end our prepared remarks with a brief video that captures the energy and the enthusiasm we all feel for what we are achieving here at DICK'S. After the video, we'll open the line for questions.

今天，我們也宣布了一項新的五年股票回購計劃，金額高達 30 億美元。我們的 2025 年計畫包括我們預期透過股票回購來抵銷稀釋，其影響已計入我們的每股盈餘預期。我想以一段簡短的影片來結束我們準備好的發言，這段影片捕捉了我們所有人對在 DICK'S 所取得的成就的熱情和活力。影片結束後，我們將開放提問環節。

(video playing)

（影片播放）

(Operator Instructions)

（操作說明）

(video playing)

（影片播放）

(Operator Instructions) Adrienne Yih, Barclays.

（操作說明）巴克萊銀行 Adrienne Yih。

Congratulations. I think 6.4% is the biggest comp that we've seen in the entire holiday. I may be mistaken, but I doubt it. So congrats.

恭喜。我認為 6.4% 是整個假期期間我們看到的最大降幅。我可能弄錯了，但我對此表示懷疑。恭喜！

Thank you.

謝謝。

Lauren, can you talk about sort of the tariffs, but not necessarily sort of like what's happening to you? I know you're 85% branded, 15% private label, not a lot in China. So that's kind of like the fact of it. But can you talk about kind of what happened the last go around whether the brands made an attempt to pass through pricing to you? When we talk to some of the footwear brands, they're largely in Vietnam that don't really have as much of this pricing exposure.

勞倫，你能談談關稅方面的事情嗎？但不必談你個人的遭遇。我知道你們85%的產品是品牌產品，15%是自有品牌產品，在中國這部分不多。這就是事實。但您能否談談上次的情況，看看品牌方是否試圖將價格轉嫁給您？當我們與一些鞋類品牌交談時，發現它們大多位於越南，而越南市場對這種價格波動並不十分敏感。

So just kind of what you're seeing in the footwear landscape relative to apparel and the progress that you're having on the Texas market.

所以，我們想了解一下鞋類市場相對於服裝市場的發展情況，以及我們在德州市場的進展。

Thanks, Adrienne. Yes, we are so proud of the team, the 6.4% comp. And I'd point out the full year being a 5.2% comp. It was just a tremendous, tremendous year. We actually -- we feel terrific about our core strategies, and they are working. And our strategies involve differentiated assortment.

謝謝你，艾德琳。是的，我們為團隊感到非常自豪，6.4%的薪資差距。我還要指出，全年的成長率是 5.2%。這真是非常棒的一年。事實上，我們對自己的核心策略感到非常滿意，而這些策略正在發揮作用。我們的策略包括差異化產品組合。

And we look at this past quarter, we saw growth across every aspect of our business. So soft lines, footwear, and hardlines. And that's a credit to our merchant team for bringing in unbelievably desirable product across the board. Our team is executing at an incredibly high level and we've seen a real focus. We've all been putting a focus on athlete experience.

回顧上個季度，我們看到公司業務的各個方面都實現了成長。所以，有柔和的線條、鞋履和硬朗的線條。這要歸功於我們的採購團隊，他們引進了各方面都非常受歡迎的產品。我們的團隊執行力非常強，而且我們看到了他們真正的專注力。我們一直都非常注重運動員體驗。

But similarly, on teammate experience and making sure that we hire the best team and provide them with the tools they need, and they are an incredible team, and that's been a huge advantage to us.

但同樣地，在團隊成員經驗方面，確保我們招募到最好的團隊並為他們提供所需的工具，而他們正是一支非常優秀的團隊，這對我們來說是一個巨大的優勢。

And I would also talk about the consumer and the fact that our consumer has held up really well. And if you look at Q4 and the full year, we saw growth in ticket and transactions. We saw growth across every single income demographic in Q4 as well as the full year.

我也會談到消費者，以及我們的消費者表現得非常出色。如果看一下第四季和全年數據，我們會發現票務和交易量都有成長。第四季以及全年，我們看到所有收入群體都實現了成長。

We didn't see trade down from best to better or better to good and over the course of the year, we gained 7 million new athletes, 2.2 million in just the fourth quarter. So I want to -- I'll turn it to Navdeep to talk about your specific questions, but I think it's important to start with the fact that we have unbelievable momentum as we go into the year.

我們沒有看到最好的產品降級到更好的產品，也沒有看到更好的產品降級到優秀的產品。在這一年中，我們新增了 700 萬名運動員，光是第四季就新增了 220 萬。所以我想——我會把麥克風交給納夫迪普來回答你提出的具體問題，但我認為首先要說明的是，我們今年的發展勢頭非常強勁。

And when you look to our guidance, 1% to 3%, which is a 10% three-year stack comp, we are very confident that we can deliver the guidance regardless of what happens in the marketplace with tariffs and such. Very proud also of our [EBIT] margin at 11.1% at the midpoint. That's a very strong projection, and we're very confident we'll be able to hit that guidance. Navdeep, I'll turn it to you to talk about tariffs.

而當我們參考我們的預期時，即 1% 到 3%（相當於三年累計成長 10%），我們非常有信心無論市場關稅等因素如何變化，我們都能實現這一預期。同時，我也非常自豪地宣布，我們的息稅前利潤率（EBIT）中位數為 11.1%。這是一個非常樂觀的預測，我們非常有信心能夠實現這一目標。納夫迪普，接下來由你來談談關稅問題。

Thanks for your recognition for the work that the team has done in Q4 and all of 2024. In terms of tariff, what I said in our prepared comments today, there is a lot that is still evolving, and that is still -- that is unknown from a tariff perspective.

感謝您對團隊在第四季和2024年全年工作的認可。就關稅而言，正如我今天在準備好的評論中所說，還有很多事情仍在發展變化，從關稅的角度來看，這仍然是未知數。

So that is not specifically contemplated in our guidance. As far as the work that we do, we have meaning, including our own vertical brand teams and our national brand partners over the last several years have diversified their production facilities across and not just from a dependence from China perspective, actually even looking outside on the footwear side, as you called out.

因此，我們的指導原則中並未特別考慮這一點。就我們所做的工作而言，我們所做的工作是有意義的，包括我們自己的垂直品牌團隊和我們的國家品牌合作夥伴，在過去幾年裡，他們已經將其生產設施多元化，不再僅僅依賴中國，實際上甚至像你提到的那樣，將目光投向了鞋類領域之外。

There has been a lot of diversification that has happened. However, as we see the landscape of the tariff continuing to evolve, and so we'll follow what we did back in 2018, 2019, that we will continue to work very closely with our brand partners, appropriately balancing what is the right pricing decisions for our athletes as well as what is the right pricing decision for our own business.

已經出現了許多多元化現象。然而，鑑於關稅情況仍在不斷變化，我們將延續 2018 年和 2019 年的做法，繼續與我們的品牌合作夥伴緊密合作，在為運動員制定合適的定價決策以及為我們自身業務制定合適的定價決策之間取得適當的平衡。

So we'll continue to lean into a strong partnership with our vendors, balancing the actions from a pricing perspective, and continuing to make sure that we are providing a well-diversified portfolio of products to our athletes who are continuing to come to us and are really excited about the offers that we have within the store as well as the service.

因此，我們將繼續與供應商建立牢固的合作關係，從定價的角度平衡各項舉措，並繼續確保我們為不斷光顧我們、對我們店內優惠和服務感到非常興奮的運動員提供多樣化的產品組合。

Great. One next question on the preopening expenses, you gave us the first half, I think last quarter, we kind of had more of it in the fourth quarter. So can you give us any more quarter-specific commentary just so we can -- because they're kind of just -- they're just there. So the Q1 to Q2, the preopening would be great. Thank you for our model.

偉大的。下一個問題是關於開業前的費用，您已經告訴我們上半年的費用，我想上個季度我們收到的費用更多，但第四季度我們收到的費用更多。所以您能否提供更多關於季度的具體評論，以便我們能夠——因為它們只是——它們只是在那裡。所以第一季到第二季度，也就是開業前的這段時間會很棒。感謝您提供的模型。

Yeah. Adrienne, I would say the preopening expenses, like you called out, very depending on the number of new store openings, and we'll give a little bit more clarity in terms of you need to be on a quarterly basis in the subsequent calls.

是的。艾德琳，正如你所說，開業前的費用很大程度上取決於新店開業的數量，我們會在後續的電話會議中更清楚地說明你需要按季度提交哪些費用。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Good fourth quarter. My question on the '25 guide, your [EBIT] margin is up a little bit or flattish. I think year-over-year, I think you said up 10 basis points Navdeep. I wanted to ask SG&A dollars within that look like they're going to be up 5% gross margin, up about 75 bps. Can you share or would you be willing to share how the guide was built?

第四節表現出色。關於2025年的業績指南，我的問題是，你們的[EBIT]利潤率是略有上升還是基本持平？我認為，與去年同期相比，正如你所說，Navdeep 上升了 10 個基點。我想問銷售、管理及行政費用（SG&A）的毛利率，看起來會成長 5%，大約成長 75 個基點。您能否分享一下或您是否願意分享一下這份指南是如何寫的？

Did you start with gross margin assumptions on product margin and supply chain and then invest the level of SG&A based on that? Or is there a bottom-up level of SG&A that you plan to spend and then create a plan to drive a similar amount of gross margin expansion to offset that deleverage?

您是否先根據產品毛利率和供應鏈毛利率做出假設，然後據此決定銷售、管理及行政費用的水平？或者，您是否計劃自下而上地增加銷售、管理及行政費用，然後製定計劃來推動類似規模的毛利率增長，以抵消這種去槓桿化？

Simeon, thank you. Again, thanks for all the comments on the Q4 performance. I would say -- maybe I'll clarify one thing just to make sure everybody has that captured appropriately. What we said at the high end of our guidance, we expect our EBIT margins, our operating income margins to expand 10 basis points on a year-over-year basis. In terms of the makeup of the SG&A and the margins, I think it started out with how we are thinking about the overall top line sales expectations.

西蒙，謝謝你。再次感謝大家對第四季業績的所有評論。我想說——或許我應該澄清一點，以確保每個人都能正確理解。正如我們先前預測的高端，我們預計息稅前利潤率和營業利潤率將年增 10 個基點。就銷售、一般及行政費用組成和利潤率而言，我認為這始於我們對整體銷售預期的看法。

So like Lauren indicated at 1% to 3% comp at the mid-percent -- or the midpoint, you have a 2% comp expectation, which is a -- which is a 10% three-year stack comp. And then we will look at some of the investments that we have been making over the last few years in the SG&A, the benefit of that SG&A investment actually shows up in gross margins.

就像 Lauren 指出的那樣，在 1% 到 3% 的薪酬中點——或者說中間點——你預期薪酬為 2%，也就是——也就是三年累計薪酬的 10%。然後我們將看看過去幾年我們在銷售、一般及行政費用方面的一些投資，這些銷售、一般及行政費用投資的收益實際上反映在毛利率上。

So the two things that we have talked about today in my prepared comments was the work that we have been doing around DICK'S Media Network, GameChanger, which is a recurring revenue and a SaaS business, as you can expect, has a much higher gross margin. So the benefits of these two capabilities are starting to show up in the gross margin. And so -- but the cost associated with that is within the SG&A.

今天我在準備好的演講中談到了兩件事：一是我們圍繞 DICK'S Media Network 所做的工作，二是 GameChanger，這是一個經常性收入的 SaaS 業務，正如你所預料的那樣，它的毛利率要高得多。因此，這兩項能力帶來的好處開始反映在毛利率上。因此－但相關的成本包含在銷售、一般及行政費用中。

So that was the other thing that we factored in. And then the third thing that we factored in is -- is the three exciting growth opportunities, and these are existing growth opportunities that are already doing really well. We said, how do we go faster in those between e-commerce, footwear, as well as repositioning our store and the real estate portfolio. So we said, what is the right level of investments that are needed to continue to fuel these trajectory in these strategies?

所以這是我們考慮的另一個因素。然後，我們考慮的第三件事是——三個令人興奮的成長機會，這些都是現有的成長機會，而且目前進展非常順利。我們當時就想，如何在電子商務、鞋類領域加快發展速度，以及如何重新定位我們的門市和房地產投資組合。因此，我們提出，要繼續推動這些策略的發展，需要多少合適的投資？

And then we balance that against the overall confidence in our product portfolio. So that's the makeup of the guidance that we have shared here today for 2025.

然後，我們將此與我們對產品組合的整體信心進行權衡。以上就是我們今天在此分享的2025年指引的構成。

Yeah. Simeon, I would just add that the opportunities that we see ahead of us are so vast, so exciting, such market share opportunities to gain that we are going to aggressively invest so that whatever ups and downs happen in the short term, so that we are set up for success in the long term.

是的。西蒙，我還要補充一點，我們面前的機會如此廣闊，如此令人興奮，如此巨大的市場份額機會，我們將積極投資，以便應對短期內可能發生的任何起伏，從而為長期的成功做好準備。

As you know, this company always has a long-term perspective on how and when we invest and we see between the competitive landscape and the momentum we have in our business, we want to go for it. And that's exactly what we're going to do this year.

如您所知，本公司在投資方式和時間上始終秉持長遠眼光，鑑於當前的競爭格局和我們業務的發展勢頭，我們決定放手一搏。而這正是我們今年要做的事。

The quick follow-up within the gross margin, I assume most of that expansion is product margin, not supply chain or how does supply chain or supply chain factor into it? And then with -- related to the House of Sport math, it looks like the return went down a little bit, but that's because you're choosing to buy these real estate. It sounds like you're buying the physical real estate. It looks like that's the only difference in the assumption, just clarifying that.

在毛利率方面，我假設大部分成長來自於產品利潤，而不是供應鏈利潤，或是供應鏈在其中扮演什麼角色？然後，與 House of Sport 的數學計算有關，看起來回報率略有下降，但那是因為你選擇購買這些房地產。聽起來你好像在買實體房產。看來這是假設中唯一的差別，我只是想澄清一下。

Yeah. I mean, you are right. With the gross margin expectations, we haven't broken that any further between merch margin and supply chain. But you're right to call out that we have continued to expect our merch margin to expand on a year-over-year basis, pretty consistent themes, the quality of the product, the access that we have, which is so differentiated. Our merchants do a great job in making sure we are not only buying the right product, but we are managing the pricing and promotions around that as well.

是的。我的意思是，你說得對。就毛利率預期而言，商品毛利率和供應鏈毛利率之間並沒有進一步的差距。但您說得對，我們一直期望我們的商品利潤率能夠逐年增長，這得益於我們始終如一的主題、產品品質以及我們所擁有的獨特優勢。我們的商家做得非常出色，不僅確保我們購買到合適的產品，而且還管理好相關的定價和促銷活動。

And then we talked about the two new capabilities with DICK'S Media Network and GameChanger. We do expect slight favorability in supply chain, but we'll continue to watch and see how the overall year unfolds. In terms of the House of Sport math, you're right. We reiterated today with a much larger sample compared to a year ago.

接著我們討論了 DICK'S Media Network 和 GameChanger 的兩項新功能。我們預計供應鏈方面會略有利好，但我們會繼續觀察，看看今年的整體情況如何發展。就體育之家的數學計算而言，你是對的。今天我們再次進行了研究，但樣本量比一年前大得多。

Now we have the knowledge of the 19 stores, actually 21 stores that we have opened as of the year and expect to finish the year with 35 stores. We have not only seen the actual performance of the stores that are already open, but looking to the confidence we have of the stores that will be opened this year, our expectation continues to be that these stores can deliver a $35 million omnichannel sales with a very strong EBITDA margins.

現在我們已經掌握了 19 家門市的信息，實際上是今年我們已經開設了 21 家門市，預計到年底將達到 35 家門市。我們不僅看到了已開業門市的實際業績，而且鑑於我們對今年即將開業門市的信心，我們仍然預期這些門市能夠實現 3500 萬美元的全通路銷售額，並擁有非常強勁的 EBITDA 利潤率。

Yes, the CapEx has gone up a little bit, but that, like you called out, the access to real estate that we have is so different than we have ever had in the past. The excitement from the landlord community is really high. And at the same time, considering the strength of our balance sheet, we are making the investments to actually buy some of these real estate.

是的，資本支出確實有所增加，但正如你所指出的，我們現在擁有的房地產資源與過去截然不同。房東族群對此感到非常興奮。同時，考慮到我們強勁的資產負債表，我們正在進行投資，實際購買其中的一些房地產。

And that's the reason you have slightly higher level of CapEx than last year. But overall, very happy with the returns, both on the top line, bottom line as well as how well these strategies are resonating with our landlord partner and the brands.

這就是你們今年資本支出略高於去年的原因。但總的來說，我對收益非常滿意，無論是營收、利潤，還是這些策略與我們的房東合作夥伴和品牌之間的良好反響。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

Our question centers around the footwear strategy that you mentioned within the three pillars that you're investing in. This year, it sounds like there will be more of a marketing effort behind that. We wondered what that looked like. And will we be seeing anything different in the store from an assortment standpoint.

我們的問題主要圍繞在您在投資的三大支柱中提到的鞋類策略。今年看來，這方面會投入更多行銷力。我們很好奇那是什麼樣子。那麼，從商品種類來看，商店裡會有什麼不同嗎？

Thanks, Kate. Great question. We are very, very excited about footwear. And as you know, we have spent many years now completely revolutionizing our footwear portfolio. We've got footwear premium full-service footwear decks in 90% of our doors, which enables us to get access to the really best assortment of product and increased allocation and online, we can also leverage those styles online. And so footwear has become a very, very important business to us.

謝謝你，凱特。問得好。我們對鞋類產品感到非常非常興奮。如你所知，我們多年來一直在徹底革新我們的鞋類產品組合。我們在 90% 的門市設有全方位服務的鞋類專櫃，這使我們能夠獲得真正最好的產品系列和更大的配額，而且在線上，我們也可以利用這些款式。因此，鞋類業務對我們來說變得非常非常重要。

Just as a data point, when our 10-K comes out, you're going to see that our footwear penetration is now at 28%. So over 10 years, it's gone up 900 basis points, and half of that has happened in the last three years. So footwear is one of our most important, it's a signature business for us. And we continue to drive increased assortment, increased focus on athlete experience, both in-store and online. We really feel at DICK'S, we've got footwear for every single occasion.

僅舉一例，當我們的 10-K 報告發佈時，您將看到我們的鞋類滲透率目前為 28%。因此，在過去的 10 年裡，它上漲了 900 個基點，其中一半是在過去三年中發生的。所以鞋類是我們最重要的業務之一，也是我們的標誌性業務。我們將繼續努力增加產品種類，更重視提升運動員的體驗，無論是在實體店還是在線上。在 DICK'S，我們真心覺得我們能為各種場合提供合適的鞋子。

So if you take an athlete, they, of course, have their needs on court, on field, but they also need a pair of running shoes, a pair of training shoes. They need slides to go to from practicing games, and of course, they want the lifestyle [modern]. And we are really the only place where they can get something for every single athlete, for every single occasion, and for every single sport. So we're very, very focused on driving our footwear business.

所以，如果你以運動員為例，當然需要在球場上、賽場上穿著合適的鞋子，但他們也需要一雙跑鞋、一雙訓練鞋。他們需要滑梯來結束練習賽，當然，他們也想要那種生活方式。[現代的]。而且我們是唯一能夠為每位運動員、每個場合、每項運動提供相應產品的地方。因此，我們非常非常專注於發展我們的鞋類業務。

When you say what are we going to do? What are we going to change? You're absolutely right. We will be focusing on high-impact marketing because we want to make sure that consumers know that DICK'S is the home for all of the best footwear. So you'll see that kick off in a couple of weeks.

你說，我們接下來該怎麼辦？我們要改變什麼？你說得完全正確。我們將專注於高影響力行銷，因為我們希望確保消費者知道 DICK'S 是所有最佳鞋履的聚集地。所以，幾週後你就會看到它啟動了。

We're also in-store leaning into service models as well as online just making sure that we have access to incredible imagery. So for in-store, we're talking about training of our teammates. We just finished a run Summit. We were hiring experts.

我們也在實體店和線上通路大力發展服務模式，確保我們能夠獲得精美的圖片。所以對於店內方面，我們指的是對我們團隊成員的訓練。我們剛結束了一次跑步高峰會。我們當時正在聘請專家。

We're just really leaning into product knowledge and expertise. And with the digital channels, we have things like 3D imagery for footwear. So the people who are shopping online or in-app can really get the best experience.

我們非常注重產品知識和專業技能。借助數位管道，我們可以使用諸如鞋類的 3D 影像等技術。因此，在線購物或透過應用程式購物的人們可以獲得最佳體驗。

Other technology enhancements in footwear, our shoe runner capability is really terrific, and it enables us to get product out of the back room into an athlete's hands in just moment. Our team has created RFID technology where if you see it in the store, it's amazing, and the team can actually scan the entire footwear deck in just a moment and figure out what exactly needs to be replenished, what has to come out of the back room and make sure every single image, every single product is out on the floor.

在鞋類技術方面，我們的跑鞋性能非常出色，能夠讓我們在短時間內將產品從倉庫送到運動員手中。我們的團隊開發了 RFID 技術，如果你在店裡看到它，你會覺得很神奇。團隊可以在瞬間掃描整個鞋架，找出哪些鞋子需要補貨，哪些鞋子需要從倉庫拿出來，並確保每一張圖片、每一件產品都擺放在貨架上。

And then we've really worked on our app experience, so that's working to become the destination for launches and footwear reservations.

然後，我們一直在努力改進我們的應用程式體驗，使其成為新品發布和鞋履預訂的首選平台。

So that's the crux of our strategy. It is, of course, pinned on excellent assortment, excellent access, and we continue to grow both our assortment and access and with 90% of our doors having premium full-service footwear, we'll continue to make that the case.

這就是我們策略的核心。當然，這一切都建立在優良的商品種類和便捷的購物體驗之上，我們將繼續擴大商品種類和購物體驗，目前我們90%的門市都提供優質的全方位鞋類服務，我們將繼續保持這一優勢。

And just one follow-up question to that. You mentioned the penetration is now at 28%, which is significantly higher. Can we expect that mix to change meaningfully from here?

還有一個後續問題。您提到目前的滲透率已達到 28%，這顯著提高了。我們能否預期這種結構從此發生顯著變化？

It's our hope to gain significant growth in market share in this category.

我們希望在這個品類中獲得顯著的市佔率成長。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

First off, I want to also add my congratulations on a nice quarter and a nice year. Well done. So the question I have -- hello.

首先，我還要祝賀你度過了一個美好的季度和一年。做得好。所以我的問題是──你好。

Brian, we hear you. Brian? Operator, can you take the next call, and we'll hope Brian gets back on.

布萊恩，我們聽到了。布萊恩？接線員，請接聽下一個電話，我們希望布萊恩能盡快回撥。

Joe Feldman, Tesley Advisory Group.

Joe Feldman，Tesley諮詢小組。

Congrats on the strong quarter. I wanted to ask -- with regard to the new stores, can you share any more detail about like where they're going to open. I think I heard you say about 70% will be relocations, so maybe it's just existing markets. But I was curious as to the mix new markets and versus existing markets? And also related to the real estate, are you seeing landlords contribute at the same rate to the new stores.

恭喜你們本季業績出色。我想問一下——關於新店，您能否透露更多細節，例如它們將在哪裡開業？我好像聽你說過大約 70% 是搬遷，所以可能只是現有市場。但我很好奇新市場與現有市場的比例是多少？另外，關於房地產方面，您是否看到房東以相同的速度為新商店提供資金？

I know that you guys are in high demand among the landlords. So I'm assuming that's still the case, but I just wanted to get a little more color on that.

我知道你們很受房東歡迎。所以我假設情況仍然如此，但我只是想了解更多細節。

Thanks, Joe, for that question. And like we said it in our prepared remarks, we continue to see the opportunity to reimagine our existing footprint that we have within the store itself. So in the new store openings that we have guided to with House of Sport locations and with Field House, 70% of these locations will be actually reimagination or relocation of the existing footprint.

謝謝你的提問，喬。正如我們在準備好的演講稿中所說，我們仍然看到重新構想我們在商店內部現有佈局的機會。因此，在我們指導開設的 House of Sport 和 Field House 新店中，70% 的店鋪其實都是現有店舖的重新構想或搬遷。

So we continue to see really good opportunities in existing markets and where we actually already have a great relationship with the athlete.

因此，我們繼續在現有市場以及我們與運動員已經建立良好關係的市場中看到非常好的機會。

So you will see us continuing to lean into that. Yeah, we will selectively open some of the new locations and those have been incorporated into the expectations. In terms of the participation with the landlord, I think so the participation and support comes in two different forms.

所以你會看到我們繼續在這方面投入更多精力。是的，我們會有選擇地開設一些新店，這些都已納入預期之中。就與房東的合作而言，我認為參與和支持有兩種不同的形式。

So one of them, like you called out, the tenant allowance is definitely an interesting area that we continue -- our real estate team does a great job in negotiating these deals. But actually, the better opportunity is also coming through in the access to some of the real estate that we in the past would not have had access to.

就像你提到的那樣，租戶補貼絕對是一個值得我們繼續關注的有趣領域——我們的房地產團隊在談判這些交易方面做得非常出色。但實際上，更好的機會也來自於我們現在有機會獲得一些過去我們無法獲得的房地產。

So the excitement is coming from both the tenant allowance, but much more so to the access to some of the premier real estate locations that we may not have had access in the past. So we are excited on all those -- on both of those fronts, especially around the performance that we see continuing from our existing markets with some sprinkle and opportunities in new markets.

因此，令人興奮的是租戶補貼，但更重要的是有機會進入一些我們過去可能無法進入的頂級房地產地段。因此，我們對所有這些方面都感到興奮——在這兩個方面，尤其是我們看到現有市場業績的持續成長，以及在新市場的一些成長和機會。

That's very helpful. And then just a follow-up. With regard to tariffs, I fully understand you guys not including it in the guidance go forward. Presumably, what's been in place like with China is in the guidance. I just want to clarify that.

那很有幫助。然後還有一個後續問題。關於關稅問題，我完全理解你們未來不會將其納入指導方針中。據推測，與中國的情況類似，相關規定已包含在指導方針中。我只是想澄清一下。

But also -- could you just remind everybody just your exposure to the various countries that are talked about daily and just what we might be able to think about for this year?

另外——您能否提醒大家，您接觸過那些每天都在談論的各個國家，以及我們今年可以思考些什麼？

Yeah, Joe, the existing tariffs that have been in place for some time, let's say, call it, back in 2024, those have already been contemplated. What is not contemplated is all of the new discussions that are happening and that continue to evolve on a daily basis. In terms of the exposure, very limited to negligible exposure from Mexico and Canada. And for our own vertical brands, we have significantly diversified away from China from an apparel perspective over the last several years.

是的，喬，現有的關稅已經實施了一段時間，比如說，早在 2024 年，這些關稅就已經被考慮過了。然而，人們並未考慮到所有正在發生且每天都在不斷發展的新討論。就接觸範圍而言，來自墨西哥和加拿大的接觸範圍非常有限，甚至可以忽略不計。而就我們自己的垂直品牌而言，在過去幾年裡，我們在服裝領域已經大幅減少了對中國的依賴。

There is some exposure associated with the hard lines, but nothing significant to call out. And from a vertical brands -- outside of vertical brands from our national brands, we will continue to work with their own diversified supply chain. And we are confident that the relationship that we have and the partnership opportunity that we see with these vendors we'll continue to be able to provide an appropriate level of assortment and pricing opportunities to our athletes.

雖然硬性措施會帶來一些風險，但沒有什麼值得特別指出的。對於垂直品牌——除了我們國家品牌之外的垂直品牌，我們將繼續與他們多元化的供應鏈合作。我們相信，憑藉我們與這些供應商的關係以及我們看到的合作機會，我們將繼續為我們的運動員提供適當的產品種類和價格選擇。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

Sorry about that. My line dropped before, I apologize.

抱歉。剛才我的線路斷線了，很抱歉。

No problem.

沒問題。

So first off, I want to congratulate you on a nice -- very nice fourth quarter and full year. So congrats.

首先，我要祝賀你們第四季和全年都取得了非常好的成績。恭喜！

Thank you, Brian.

謝謝你，布萊恩。

So the question I have -- look, it's a little touchy feely, but I'm sitting here -- I mean, listen, on my listening to your commentary, reading your results and watching my screen. And there's a of the aggregators out there, the new services are picking up that DICK'S is talking about a weaker consumer, okay?

所以我的問題是——聽著，這有點感性，但我現在坐在這裡——我的意思是，聽著，我一邊聽著你的評論，一邊讀著你的結果，一邊看著我的螢幕。而且，市面上有許多聚合平台，新的服務也開始意識到，DICK'S 正在談論的是一個消費能力較弱的群體，懂嗎？

So the way I want to ask the question is you had a very solid fourth quarter. We talked about that. You issued your guidance, you have a history, a good history of guiding conservatively and topping those numbers.

所以我想這樣問：你們第四季表現非常出色。我們談過這件事。你發布了指導意見，你過往的指導意見一直都很穩健，而且你的成績也一直優於預期。

Are you saying to us that you are seeing a weaker consumer now? And maybe so I'll ask it more specifically, as you think about that guidance, does that reflect a weaker consumer that you're seeing now -- are you seeing some type of noticeable weakness in the current results?

您的意思是說，現在看到的是消費者信心減弱的情況嗎？所以我可以更具體地問一下，您在考慮該指導意見時，這是否反映了您現在看到的消費者信心減弱的情況——您是否在當前的業績中看到了某種明顯的疲軟跡象？

Brian, I'm so glad you asked the question. Absolutely not the case, we are not seeing a weaker consumer now. We're coming off a fantastic Q4. Our guidance merely reflects the fact that there's so much uncertainty in the world today in the geopolitical environment, macroeconomic environment, we are just being appropriately cautious.

布萊恩，很高興你問了這個問題。絕對不是這樣，我們現在並沒有看到消費者的購買力減弱。我們剛剛結束了一個非常棒的第四季。我們的指導只反映了當今世界地緣政治環境、宏觀經濟環境存在許多不確定性，我們只是採取適當的謹慎態度。

And I would give you a couple of other data points about our consumer and why we actually feel optimistic. Our consumer has proven that in times of stress and uncertainty that they are leaning into outdoor being outside, going for a run or walk going to teams, watch team sports. It's become much more necessity than a discretionary item and it makes sense because it is a way for people to find calm and in otherwise uncertain time frame.

我也會提供一些關於我們消費者的其他數據，以及我們為什麼感到樂觀的原因。我們的消費者已經證明，在壓力和不確定時期，他們會傾向於戶外活動，例如跑步或散步，參加團隊活動，觀看團隊運動。它已經從可有可無的物品變成了必需品，這很合理，因為它是人們在充滿不確定性的時期尋找平靜的一種方式。

The other thing why we feel great is that sports are having a huge moment in the United States. We talked about it in our prepared remarks, but there's -- this is a nation that is obsessed with sport, and that's only going to continue as we have all of these major events on US soil.

我們感到振奮的另一個原因是，體育運動在美國正蓬勃發展。我們在準備好的演講稿中談到了這一點，但是——這是一個痴迷於體育的國家，隨著我們在美國本土舉辦所有這些重大賽事，這種情況只會繼續下去。

And so we feel like our industry is also -- we're in the right lane from an industry standpoint, we've got something for everybody with our DSG brand, opening price point brand, it's got everything gear equipment amazing and apparel, amazingly fashionable, functional really, really wonderful line there, all the way up to the highest of performance equipment and gear for anybody's needs.

因此，我們覺得我們的行業也——從行業角度來看，我們走在正確的道路上，我們的 DSG 品牌，一個入門級價位品牌，擁有各種裝備和服裝，款式時尚，功能齊全，產品線非常出色，一直到滿足任何人需求的最高性能裝備。

So we definitely are feeling great about our consumer. We are just reflecting appropriate level of caution given so much uncertainty out in the marketplace.

所以，我們對我們的消費者感到非常滿意。鑑於目前市場存在許多不確定因素，我們只是採取了適當的謹慎態度。

No, that's perfect. It makes a ton of sense. I appreciate the detail there. My follow-up question, again, also on the touchy feely side. But look, a number of us follow very closely, your manufacturing partners, namely Nike.

不，這正合適。這很有道理。我很欣賞你注重細節這一點。我的後續問題，同樣也是關於情感方面的。但你看，我們很多人都在密切關注你們的製造合作夥伴，也就是Nike。

And they're talking a lot about increased product innovation. As you think about '25, again, from a planning process, are you seeing a resurgence at all or an uptick even in product innovation in some of your key partners?

他們一直在談論要加大產品創新。展望 2025 年，從規劃的角度來看，您是否看到一些主要合作夥伴的產品創新出現復甦或成長？

Yes. By the way, I'm totally happy if you want to keep asking touchy feely questions. I let where people visit over here, and we love our business. So absolutely. From products that we're seeing, brand relationships, I would start by saying that our strategic relationships are a key, key competitive advantage for us.

是的。順便說一句，如果你想繼續問一些比較感性的問題，我完全不介意。我允許人們來這裡參觀，我們熱愛我們的生意。當然。從我們目前的產品和品牌關係來看，我認為我們的策略關係是我們的關鍵競爭優勢。

And that's across the board with Nike, Adidas, on HOKA, our emerging brands. I mean we spend a lot of time with our partners and just really understanding both the landscape, the consumer, and what's coming down the pipe.

Nike、阿迪達斯、HOKA 以及我們所有新興品牌都是如此。我的意思是，我們花了很多時間和合作夥伴在一起，真正了解市場格局、消費者以及未來的發展趨勢。

We're particularly excited about all of the product pipeline that we see from our brand partners coming this year. I would point to things like the Nike running construct, which we're really very excited about but also emerging -- of running footwear from all of our key brands like HOKA and other brands are really bringing innovation to the table.

我們對今年品牌合作夥伴即將推出的所有產品都感到非常興奮。我想指出像耐吉跑步鞋這樣的產品，我們對此感到非常興奮，但同時也指出，我們所有主要品牌（如 HOKA 和其他品牌）的跑步鞋也在不斷湧現創新。

We're very excited about basketball footwear. We're excited about lifestyle footwear trends for many brands. So across the board, we see a lot of product innovation, and that gives us the confidence to really lean into our businesses this year.

我們對籃球鞋市場感到非常興奮。我們對許多品牌的時尚鞋履潮流感到興奮。因此，我們看到各方面都湧現了許多產品創新，這讓我們有信心在今年真正大力發展業務。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

So it sounds like there is a strong commitment to continue to make these investments. But in light of all the economic uncertainty out there, how much flexibility does this have in the event that there starts to be a comp shortfall? How much variability -- is there your SG&A such that you could support your profitability this year in the event that you did fall short on the comp? And what is the realistic long-term SG&A run rate in terms of the rate of growth?

看來公司有強烈的意願繼​​續進行這些投資。但鑑於當前經濟情勢的不確定性，如果出現薪資缺口，這種做法的彈性有多大？波動空間有多大？如果今年的業績低於同業平均水平，你的銷售、管理及行政費用是否足以支撐你的獲利能力？那麼，從成長率來看，合理的長期銷售、管理及行政費用運作率是多少？

Thanks for the question, Michael. We are always going to manage our business for the long term. We've got significant market share and growth opportunities, and you're seeing that in terms of our investment areas. We're very excited about them. But of course, at the same time, we've been doing this for over 75 years.

謝謝你的提問，麥可。我們將始終以長遠眼光經營我們的業務。我們擁有顯著的市佔率和成長機會，這一點從我們的投資領域就能看出。我們對此感到非常興奮。當然，同時，我們從事這項工作已經超過75年了。

We're managing the business each and every day, each and every quarter. And we will -- we've got enough flexibility to make informed decisions if and when we need to do that. At the end of it, our goal is to come out with a business that is capturing as much market share as possible. And we can be as flexible as we need to be to do that.

我們每天、每季都在管理這項業務。我們會的－我們有足夠的彈性，在需要的時候做出明智的決定。最終，我們的目標是打造一家能夠盡可能佔據市場份額的企業。我們可以根據需要靈活調整策略來實現這一點。

Michael, let me build on what Lauren said. As you can expect, we have flexibility within our own discretionary spend within the SG&A. We will always be very flexible and nimble and making sure that we are operating our business financially responsibly.

邁克爾，讓我補充一下勞倫剛才說的話。正如您所料，我們在銷售、一般及行政費用中擁有一定的自主支配權。我們將始終保持靈活敏捷，並確保以負責任的財務方式經營業務。

And like Lauren said, the intent is to continue to protect the investments that are the right long-term investments despite some of the macroeconomic uncertainties that might be happening on a very near-term basis.

正如勞倫所說，我們的目標是繼續保護那些正確的長期投資，儘管短期內可能會出現一些宏觀經濟不確定性。

To answer your question on the SG&A, it's really important to understand the fact that some of the SG&A investments actually are being shown in the SG&A side, but the benefits of those are actually being reflected on the gross margin side.

關於您提出的銷售、一般及行政費用 (SG&A) 問題，需要明確的是，雖然部分 SG&A 投資確實體現在 SG&A 方面，但這些投資的收益實際上反映在了毛利率方面。

And two examples that I'll point out is when you look at the technology and the talent investment that we have made in our game changer business, that shows up on our SG&A line. However, the benefit of the revenue, the higher margin rate from that business and the kind of the sustainability of the relationship with that athlete all of those benefits show up either in the sales line or in the margin line. So that's the geography thing that we have to keep in mind, and we consciously are focused on that.

我要指出的兩個例子是，當我們審視我們在顛覆性業務中投入的技術和人才時，就會發現這體現在我們的銷售、一般及行政費用中。然而，收入帶來的好處、更高的利潤率以及與運動員之間關係的可持續性，所有這些好處都會反映在銷售額或利潤率上。所以，這是我們必須牢記的地理因素，我們也一直有意識地關注這一點。

And in terms of the long-term rubric, we haven't shared a long-term rubric, and I'm not going to do that today. But one thing that will consistently you will hear us talk about as a fact that look to us to drive long-term sales and profitability growth of the business.

至於長期評價標準，我們還沒有公佈長期評價標準，今天我也不打算公佈。但有一件事你會一直聽到我們把它當作事實來談論，那就是要推動業務的長期銷售和獲利成長。

There will be some of these interplay between margin and SG&A. But our intent is to continue to gain share at 9% market share. We still feel there is a lot of greenfield opportunities that are ahead of us, continuing to position the chain and the business for the long term as well as continuing to drive profitability and provide strong shareholder returns.

利潤率和銷售、管理及行政費用之間會存在一些交互作用。但我們的目標是繼續擴大市場份額，目前已達到 9%。我們仍然認為前方有許多新的發展機會，我們將繼續為長遠發展做好連鎖店和企業的準備，同時繼續提高獲利能力，為股東帶來豐厚的回報。

Got you. It sounds like based on your comments around quarter-to-date trends as well as the confidence that you have in the outlook that you won't need to discount some of the inventories that you have currently in stock.

抓到你了。根據你對本季至今趨勢的評論以及你對前景的信心，聽起來你不需要對目前庫存中的一些商品進行打折。

But with that being said, how much risk is there given that your inventory was up 18% as of the end of the quarter? And if some of the adverse weather that has occurred early in the quarter persist throughout the rest of the quarter and the rest of the spring selling season. How would you handle the impact to some of your more seasonal category.

但話雖如此，考慮到截至季度末庫存量增加了 18%，風險究竟有多大？如果本季初出現的一些不利天氣持續到本季剩餘時間以及整個春季銷售旺季。您會如何應對對某些季節性較強類別的影響？

Michael, I think that there are two questions in that. So let me take the first one. I don't think it will be provided in inter-quarter commentary on quarter-to-date performance. We look to the business on a full year basis, and we are very confident in the guidance that we have provided today.

邁克爾，我認為這裡包含兩個問題。那我先來回答第一個問題。我認為不會在季度間對季度至今業績的評論中提供相關資訊。我們以全年為單位來展望業務，並且對今天提供的業績指引非常有信心。

The second question around the inventory, let me reiterate the fact that this was a very focused and a deliberate decision that we made in third quarter and in fourth quarter to bring the inventory into the stores and have that assortment available that is driving such strong results.

關於庫存的第二個問題，我想重申一下，這是我們在第三季和第四季經過深思熟慮後做出的一個非常有針對性的決定，目的是將庫存引入商店，並提供能夠帶來如此強勁業績的商品組合。

The 6.4% comp that we have driven here in fourth quarter could not have been possible. On top of the 2.9% from last year could not have been possible without the strength of the assortment that we had available in our stores.

我們在第四季度實現了 6.4% 的同店銷售額成長，這在以前是不可能實現的。如果沒有我們門市提供的豐富商品種類，去年2.9%的成長是不可能實現的。

What Lauren also talked about today is we are very happy with the balance of the assortment and how well that assortment is targeted within our store and our clearance levels being at historic lows. And keep in mind, in the guidance that we have provided, we continue to expect our gross margins and [merch margin] to expand on a year-over-year basis in 2025.

勞倫今天也談到，我們對商品種類的平衡以及這些商品在我們店內的針對性非常滿意，而且我們的清倉水平也處於歷史低點。請記住，在我們提供的指導意見中，我們仍然預計到 2025 年，我們的毛利率和商品毛利率將逐年增加。

So look, we feel really confident about the product portfolio, the opportunity for us to continue to gain share and drive [merch margin] expansion, and we'll let the year play out, but we are very confident in the guidance that we have provided today.

所以，我們對產品組合、繼續擴大市場份額和推動商品利潤成長的機會感到非常有信心，我們將拭​​目以待，但我們對今天提供的業績指引非常有信心。

Christopher Horvers, J.P. Morgan.

克里斯多福‧霍弗斯，摩根大通。

So my first question is on the average ticket, can you talk about what the drivers of average ticket were -- and related to that, to what extent did footwear drive this? And is it purposeful in that you've mixed to higher price points versus maybe ASP inflation on the footwear side?

所以我的第一個問題是關於平均罰單，您能談談平均罰單的驅動因素是什麼嗎？ ——以及與之相關的，鞋類在多大程度上影響了平均罰單？你們這樣做是不是有意為之，例如在鞋類產品方面採用更高的價格點，而不是像其他產品那樣採用平均售價上漲策略？

Yes, Chris, I would say it's pretty much driven by the fact that we have such differentiated product and the access to the product. So it always goes back to the product, the innovation and the availability of the product and then having the differentiated product allows us to continue to monetize the top line benefits a little bit more from a pricing and promotionality that may be existing and it was definitely existing in fourth quarter. So driven by the mix, driven by the quality of our assortment and the service that our team members are providing.

是的，克里斯，我認為這很大程度上是因為我們擁有差異化的產品以及獲取產品的管道。所以，最終還是要回到產品本身，產品的創新和可用性，而差異化的產品使我們能夠繼續從現有的定價和促銷活動中獲得更多收益，而這種定價和促銷活動在第四季度肯定是存在的。因此，我們的成功源自於豐富的產品組合、優質的產品種類以及團隊成員提供的服務。

Not driven by inflation.

並非受通貨膨脹驅動。

Got it. And then on the -- your alternative profit pools, don't call it alternative profit pools, but the advertising and the GameChanger, can you talk about how you think about that on a multiyear basis in terms of like it didn't sound like it was contributory to gross margin this year. It sounds like you're expecting a little bit in 2025. But over time, why aren't these 20 to 40 basis -- 20 basis points each on an annual basis as you scale up those businesses?

知道了。然後，關於你們的替代利潤池——別叫它替代利潤池，而是廣告和 GameChanger——你能談談你如何從多年角度考慮這個問題嗎？聽起來它今年對毛利率的貢獻不大。聽起來你對 2025 年有點期待。但隨著時間的推移，為什麼這些基點不是每年 20 到 40 個基點（隨著業務規模的擴大，每年每個基點增加 20 個基點）呢？

Chris, it's a great question. We are so very confident and excited in both of these platforms. They are both -- they are seizing unique and different opportunities. And actually, somewhat interconnected in a really awesome way, I mean GameChanger enables us to be at all parts of the youth sports journey and the platform just keeps growing and growing.

克里斯，這是一個很好的問題。我們對這兩個平台都充滿信心和期待。他們都是——他們都在抓住獨特而不同的機會。實際上，GameChanger 以一種非常棒的方式相互關聯，它使我們能夠參與青少年體育運動的各個階段，而且這個平台還在不斷發展壯大。

As we said, we have over $100 million in revenue this year. It's a very profitable subscription as a software business. And it's had 40% CAGR since 2017. We're very excited. What's really cool is that the DICK'S Media Network is also an enormous opportunity, and I'll back up a little bit and say our scorecard data and the fact that we have so much access to who's playing what sport and what brands and all that is an enormous asset.

正如我們所說，我們今年的收入超過1億美元。對於軟體企業而言，訂閱模式非常有利可圖。自 2017 年以來，其複合年增長率達到了 40%。我們非常興奮。真正酷的是，DICK'S 媒體網絡也是一個巨大的機遇，我稍微回顧一下，我們的記分卡數據以及我們能夠如此廣泛地了解誰在玩什麼運動、哪些品牌等等，都是一筆巨大的財富。

And then you pair that with GameChanger, which is really a live media platform for youth sports where there haven't been eyeballs in the past.

然後，你再將它與 GameChanger 結合起來，GameChanger 實際上是一個青少年體育的直播媒體平台，而青少年體育在過去並沒有太多觀眾。

So when you stream games on GameChanger, that's an amazing opportunity for brands to put relevant products into the point of sport in a way that just hasn't been able to be done and certainly not in youth sports. So all of those things are giving us incredible enthusiasm and optimism about both platforms, both separately and together.

因此，當您在 GameChanger 上直播比賽時，對於品牌來說，這是一個絕佳的機會，可以將相關的產品融入到體育運動中，而這是以前從未實現過的，尤其是在青少年體育運動中。因此，所有這些因素都讓我們對這兩個平台，無論是單獨來看還是結合起來，都充滿了極大的熱情和樂觀。

So it absolutely will be a very long-term big gross margin contributor. We'll get to that when we issue long-term guidance in the future, but we are really investing and leaning into both what we think are incredible opportunities

因此，它絕對會成為長期毛利率的重要貢獻者。我們將在未來的長期業績指引中詳細說明，但我們現在確實在大力投資並積極把握我們認為的絕佳機會。

And that concludes our question-and-answer session. And I will now turn the conference back over to Lauren Hobart, President and Chief Executive Officer, for closing remarks.

我們的問答環節到此結束。現在我將把會議交還給總裁兼執行長勞倫·霍巴特，請她致閉幕詞。

Well, thanks, everybody, for your interest in DICK'S Sporting Goods and to our team. Thank you for all your amazing efforts. And we'll see you next quarter. Thank you.

感謝大家對迪克體育用品公司和我們團隊的關注。感謝你們付出的所有努力。我們下個季度再見。謝謝。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。