DICK'S Sporting Goods Inc (DKS) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the DICK'S Sporting Goods' first-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 DICK'S Sporting Goods 2025 年第一季財報電話會議。（操作員指示）

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

現在我想將會議交給投資者關係高級總監 Nate Gilch。你可以開始了。

Good morning, everyone, and thank you for joining us to discuss our first quarter 2025 results. On today's call will be Ed Stack, our Executive Chairman; Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors.dicks.com for approximately 12 months.

大家早安，感謝您加入我們討論 2025 年第一季的業績。今天的電話會議由我們的執行主席 Ed Stack 主持；我們的總裁兼執行長 Lauren Hobart；以及我們的財務長 Navdeep Gupta。今天的電話會議回放將存檔在我們的投資者關係網站 investors.dicks.com 上約 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 discussion in our filings with the SEC, including our last annual report on Form 10-K as well as cautionary statements made during this call.

提醒一下，我們將做出前瞻性陳述，這些陳述受各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類聲明都應與我們提交給美國證券交易委員會的收益報告中的警示性聲明和風險因素討論一併考慮，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示性聲明。

We assume no obligation to update any of these forward-looking statements or information. Please refer to our Investor Relations website to find a reconciliation of our non-GAAP financial measures referenced in today's call. In addition, certain important information related to the transaction will be included in the registration statement on Form S-4 that were filed by DICK'S Sporting Goods in connection with the transaction. Investors are encouraged to read the Form S-4 and other documents filed with the SEC in connection with the transaction.

我們不承擔更新任何這些前瞻性陳述或資訊的義務。請參閱我們的投資者關係網站，以了解今天電話會議中提到的非公認會計準則財務指標的對帳。此外，與交易相關的某些重要資訊將包含在 DICK'S Sporting Goods 就該交易提交的 S-4 表格註冊聲明中。鼓勵投資者閱讀與此交易相關的向美國證券交易委員會提交的 S-4 表格和其他文件。

In addition, DICK'S and Foot Locker, and our directors and officers, may be deemed to be participating in a solicitation of proxies in favor of the proposed transaction. Please refer to the disclaimer information included in our earnings release. And finally, for future scheduling purposes, we are tentatively planning to publish our second quarter 2025 earnings results on September 3, 2025.

此外，DICK'S 和 Foot Locker 以及我們的董事和高階主管可能被視為參與徵集支持擬議交易的代理權。請參閱我們的收益報告中包含的免責聲明資訊。最後，出於未來安排的目的，我們暫定於 2025 年 9 月 3 日發布 2025 年第二季財報結果。

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

說完這些，我現在將電話轉給 Ed。

Thanks, Nate. Good morning, everyone. As announced earlier this morning, we had a very strong start to the year with another quarter over a 4% comp. Our momentum is significant, and our long-term strategies are clearly working.

謝謝，內特。大家早安。正如今天早上宣布的那樣，我們今年開局非常強勁，一個季度的同比增長超過 4%。我們的勢頭強勁，我們的長期策略顯然正在發揮作用。

On May 15, we announced our plans to acquire Foot Locker, a move that represents a truly exciting and transformational moment for DICK'S. While we spoke to our strategic rationale and the significant benefits of this acquisition on our most recent investor call, I wanted to take a moment to reiterate why we're so excited about this combination and why it makes sense for DICK'S at this time.

5 月 15 日，我們宣布了收購 Foot Locker 的計劃，這項舉措對於 DICK'S 來說是一個真正令人興奮的變革時刻。當我們在最近的投資者電話會議上談到我們的戰略原理和此次收購的重大好處時，我想花點時間重申一下我們為何對這次合併如此興奮，以及為什麼這對 DICK'S 來說此時是有意義的。

The convergence of sports and culture has never been stronger, and we're seeing tremendous momentum and opportunity across our industry. For many years, we've admired Foot Locker's brand and the powerful community day built from sneaker culture. By bringing our two great brands together, we see the opportunity to create a global leader in the sports retail industry, one that serves more types of athletes, consumers and communities that we do today.

體育和文化的融合從未如此緊密，我們看到整個行業的巨大發展勢頭和機會。多年來，我們一直欽佩 Foot Locker 的品牌以及由運動鞋文化構建的強大的社區日。透過將我們兩個偉大的品牌合併，我們看到了打造體育零售業全球領導者的機會，該行業將為更多類型的運動員、消費者和社區提供服務。

This combination positions us to participate in a $300 billion global sports retail market and expands our reach to over 3,200 stores worldwide. By applying the operational expertise we've built over the years, we will help unlock the next chapter of growth for Foot Locker. We believe this makes us an even more important partner to the world's leading sports brands, giving them a larger, more connected platform to reach athletes across geographies and channels and banners.

此次合併使我們有機會參與價值 3000 億美元的全球體育零售市場，並將我們的業務範圍擴大到全球 3200 多家商店。透過運用我們多年來累積的營運專業知識，我們將幫助 Foot Locker 開啟下一個成長篇章。我們相信，這將使我們成為世界領先運動品牌更重要的合作夥伴，為他們提供更大、更互聯的平台，以接觸跨地域、跨渠道和跨旗幟的運動員。

As we said earlier, we expect the transaction to be accretive to DICK'S EPS in the first full fiscal year post close, and we see a clear path to unlocking meaningful cost synergies over the medium term. We're proud of the strong position we're in today and incredibly excited about the future we believe is ahead in combination with Foot Locker.

正如我們之前所說，我們預計此次交易將在交易結束後的第一個完整財年增加 DICK'S 的每股收益，並且我們看到了在中期內釋放有意義的成本協同效應的明確途徑。我們為今天的強勢地位感到自豪，並對與 Foot Locker 合併後的未來感到無比興奮。

While this morning, we're focused on our strong Q1 results, we look forward to sharing updates as we move through this process. I'll now turn the call over to Lauren.

雖然今天早上我們關注的是強勁的第一季業績，但我們期待在此過程中分享最新進展。我現在將電話轉給勞倫。

Thank you, Ed, and good morning, everyone. We are very pleased with our first quarter results, which we previewed for you almost two weeks ago. Our performance demonstrates the momentum and strength of our long-term strategies and the consistency of our execution.

謝謝你，艾德，大家早安。我們對第一季的業績非常滿意，大約兩週前我們就已經向大家預覽了這項業績。我們的業績證明了我們長期策略的動力和實力以及我們執行的一致性。

Our Q1 comps increased 4.5%, driven by our four strategic pillars of omnichannel athlete experience, differentiated product assortment, deep engagement with the DICK'S brand and our knowledgeable and passionate teammates who are integral to our success. This is the fifth straight quarter where our team has delivered over 4% comp growth.

我們的第一季業績成長了 4.5%，這得益於我們的四大策略支柱：全通路運動員體驗、差異化產品組合、與 DICK'S 品牌的深度合作以及對我們的成功至關重要的知識淵博且充滿熱情的隊友。這是我們團隊連續第五個季度實現超過 4% 的複合成長率。

In Q1, we saw growth in both average ticket and transactions. In fact, compared to the same period last year, more athletes purchased from us, they purchased more frequently and they spent more each trip. Our first quarter gross margin expanded over 40 basis points, driven by higher merchandise margins, and we delivered non-GAAP EPS of $3.37 ahead of last year.

在第一季度，我們看到平均票價和交易量均有所增長。事實上，與去年同期相比，從我們這裡購買產品的運動員更多，購買頻率更高，每次購買的花費也更多。受商品利潤率提高的推動，我們第一季的毛利率擴大了 40 多個基點，我們的非 GAAP 每股收益比去年同期增長了 3.37 美元。

As we reflect on our strong results and look to the rest of the year, I want to acknowledge that we're operating in an increasingly complex macroeconomic environment, one shaped by shifting trade policies and a more cautious consumer mindset.

當我們回顧強勁的業績並展望今年剩餘時間時，我想承認，我們正處於一個日益複雜的宏觀經濟環境中，這個環境受到不斷變化的貿易政策和更加謹慎的消費者心態的影響。

However, despite this uncertainty, we continue to operate from a position of strength. We hold a unique and compelling position in the industry, and we've seen that people continue to prioritize healthy lifestyle, sports and fitness and are increasingly looking to DICK'S Sporting Goods to meet these needs. It's worth highlighting that over the past three years, we've acquired over 20 million new athletes.

然而，儘管存在這種不確定性，我們仍然保持著強勁的營運動能。我們在業界佔據著獨特且引人注目的地位，並且我們看到人們繼續優先考慮健康的生活方式、運動和健身，並且越來越多地希望 DICK'S Sporting Goods 能夠滿足這些需求。值得強調的是，過去三年來，我們已經吸收了超過2,000萬名新運動員。

With all of this in mind, we are reaffirming the guidance we provided for 2025, which includes the expected impact from all tariffs currently in effect. We continue to expect 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 continue to expect our EPS to be in the range of $13.80 to $14.40. As we outlined on last quarter's call, we are leaning into our strategic pillars while focusing on three exciting growth areas with significant potential: repositioning our real estate and store portfolio; driving continued strong growth in key categories; and accelerating our e-commerce business.

考慮到所有這些，我們重申我們為 2025 年提供的指導，其中包括目前生效的所有關稅的預期影響。我們繼續預期我們的可比銷售額將在 1% 至 3% 的範圍內，中間值代表著三年可比銷售額的近 10%。我們繼續預計每股收益將在 13.80 美元至 14.40 美元之間。正如我們在上個季度的電話會議上所概述的那樣，我們正傾向於我們的戰略支柱，同時專注於三個具有巨大潛力的令人興奮的增長領域：重新定位我們的房地產和商店組合；推動關鍵類別繼續強勁增長；並加速我們的電子商務業務。

First, we continue to make meaningful progress in repositioning our real estate and store portfolio. We opened two additional House of Sport locations in Q1, followed by another location earlier this month and continue to expect to open approximately 16 total in 2025. We also added four new Field House locations in Q1 with two more opening a few weeks ago and are on track to open approximately 16 total this year. The response to these openings has been incredibly positive, and reinforces the strength of our approach to elevating the athlete experience and the importance of continuing to invest in the long-term growth opportunity ahead of us.

首先，我們在重新定位我們的房地產和商店組合方面繼續取得有意義的進展。我們在第一季新開了兩家 House of Sport 門市，本月初又開了一家，預計到 2025 年將新開約 16 家。我們也在第一季新增了 4 家 Field House 門市，其中幾週前又新開了兩家，今年預計新開店總數將達到 16 家左右。這些空缺的反應非常積極，並強化了我們提升運動員體驗的方法的力度，以及繼續投資於我們未來的長期成長機會的重要性。

The second of our three major growth areas is driving growth across key categories. Our strong access to top-tier products from national and emerging brands, combined with our premium in-store and digital experiences are fueling robust demand, including strong sell-through on launches.

我們的三大成長領域中的第二個是推動關鍵類別的成長。我們擁有強大的通路來獲得來自國內和新興品牌的頂級產品，加上我們優質的店內和數位體驗，推動了強勁的需求，包括新產品的強勁銷售。

Our third major growth area is accelerating our multibillion-dollar, highly profitable e-commerce business, where we see significant opportunity to grow our online presence and gain market share from online only and omnichannel retailers alike. To capture this opportunity, we're investing aggressively in technology and marketing to enhance the omnichannel athlete experience and drive greater consideration for dicks.com.

我們的第三個主要成長領域是加速我們價值數十億美元、利潤豐厚的電子商務業務，我們看到了擴大我們的線上業務並從純線上零售商和全通路零售商那裡獲得市場份額的巨大機會。為了抓住這一機遇，我們正在積極投資技術和行銷，以增強全通路運動員體驗並提高人們對 dicks.com 的關注。

We are seeing the impact of these investments. We delivered strong e-commerce growth in Q1, which again outpaced the total company growth. Our in-app capabilities have been instrumental in building excitement and driving the success of our launches across categories. In this past quarter, we delivered our biggest Diamond Sports launches ever, supported by our elevated and diverse assortment that positions us as the destination for new products.

我們正在看到這些投資的影響。我們在第一季實現了強勁的電子商務成長，再次超過了公司的整體成長。我們的應用程式內功能在激發人們的興趣和推動跨類別產品發布成功方面發揮了重要作用。在過去的一個季度，我們推出了有史以來最大的 Diamond Sports 產品，憑藉我們高端而多樣化的產品組合，我們成為新產品的目的地。

Lastly, as part of our broader digital strategy, we remain very enthusiastic about two long-term growth opportunities: GameChanger and DICK'S Media Network, both of which are delivering strong profitable growth as they scale. Looking more closely at the GameChanger business, we had over 6.5 million unique active users during the first quarter with an average of approximately 2.2 million daily ad users, a nearly 28% year-over-year increase.

最後，作為我們更廣泛的數位策略的一部分，我們仍然對兩​​個長期成長機會充滿熱情：GameChanger 和 DICK'S Media Network，這兩家公司在擴大規模的同時都實現了強勁的獲利成長。更仔細觀察 GameChanger 業務，我們在第一季擁有超過 650 萬獨立活躍用戶，平均每天約有 220 萬廣告用戶，較去年同期成長近 28%。

I'd like to thank all of our Teammates for their hard work and commitment to DICK'S Sporting Goods and for their focus on delivering great experiences for our athletes this summer season. With that, I'll turn it over to Navdeep to share more detail on our financial results and 2025 outlook. Navdeep, over to you.

我要感謝我們所有的隊友為 DICK'S Sporting Goods 所做的努力和承諾，以及他們致力於在這個夏季為我們的運動員提供出色的體驗。接下來，我將把主題交給 Navdeep，讓他分享有關我們的財務表現和 2025 年展望的更多細節。Navdeep，交給你了。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our first quarter results. We are very pleased to report a consolidated sales increase of 5.2% to $3.17 billion. Our Q1 comps increased 4.5% and we continue to gain market share from online only and from omnichannel retailers. This represents a 9.8% 2-year comp stack and a 13.4% three-year comp stack. These strong comps were driven by a 3.7% increase in average ticket and a 0.8% increase in transactions. We saw strength across key categories and our vertical brands led by DSG, CALIA and VRST, which all continue to resonate very well with our athletes.

謝謝你，勞倫，大家早安。讓我們先簡要回顧一下第一季的業績。我們非常高興地報告，綜合銷售額成長 5.2%，達到 31.7 億美元。我們第一季的銷售額成長了 4.5%，我們繼續從線上零售商和全通路零售商獲得市場份額。這代表著 2 年期可比收益率為 9.8%，3 年期可比收益率為 13.4%。這些強勁的業績是由平均票價上漲 3.7% 和交易量上漲 0.8% 推動的。我們在主要類別和以 DSG、CALIA 和 VRST 為首的垂直品牌中看到了優勢，這些品牌繼續與我們的運動員產生良好共鳴。

Gross profit for the first quarter remained strong at $1.17 billion or 36.7% of net sales and increased 41 basis points from last year. This increase was driven by higher merchandise margin.

第一季毛利保持強勁，達到 11.7 億美元，佔淨銷售額的 36.7%，比去年同期增加了 41 個基點。這一成長是由更高的商品利潤率所推動的。

On a non-GAAP basis, SG&A expenses increased 7% to $791.2 million and deleveraged 42 basis points compared to last year's non-GAAP results. As we previewed during last quarter's call, this year-over-year deleverage was expected and driven by strategic investments digitally, in-store and in marketing to better position ourselves over the long term. This was partially offset by lower incentive compensation expense compared to the prior year.

根據非公認會計準則 (Non-GAAP)，銷售、一般及行政開支 (SG&A) 較去年的非公認會計準則結果增加 7% 至 7.912 億美元，去槓桿率降低 42 個基點。正如我們在上個季度的電話會議上所預測的那樣，這種同比去槓桿是預期之中的，並且是由數位化、店內和營銷方面的戰略投資推動的，以便我們在長期內更好地定位自己。與前一年相比，這一增長被較低的激勵薪酬費用部分抵消。

Preopening expenses were $13.4 million a decrease of $7.7 million compared to the prior year and in line with our expectations. Non-GAAP operating income was $360.4 million or 11.35% of net sales. This is up from non-GAAP operating income of $334.5 million 11.08% of net sales in Q1 of 2024. On a non-GAAP basis, other income primarily comprised of interest income was $13.3 million, down $8.3 million from the prior year. This decline resulted from lower cash on hand and an expected lower interest rate environment.

開業前費用為 1,340 萬美元，比前一年減少 770 萬美元，符合我們的預期。非公認會計準則營業收入為 3.604 億美元，佔淨銷售額的 11.35%。這高於 2024 年第一季非 GAAP 營業收入 3.345 億美元，佔淨銷售額的 11.08%。以非公認會計準則計算，主要包括利息收入在內的其他收入為 1,330 萬美元，比前一年減少 830 萬美元。這一下降是由於庫存現金減少以及預期利率環境下降造成的。

Non-GAAP EBT was $361.6 million or 11.39% of net sales. This is up from EBT of $342.4 million or 11.34% of net sales in Q1 of 2024. As expected, our Q1 tax rate grew from 19.6% last year to approximately 24% this year. This approximate 440 basis point increase reflects the higher tax reduction from greater number of employee equity awards being exercised in the prior year, which favorably impacted Q1 2024 earnings by approximately $0.19 compared to the current year quarter.

非公認會計準則息稅前利潤為 3.616 億美元，佔淨銷售額的 11.39%。這高於 2024 年第一季的 EBT 3.424 億美元或淨銷售額的 11.34%。正如預期的那樣，我們第一季的稅率從去年的 19.6% 增加到今年的約 24%。這一約 440 個基點的成長反映了去年行使更多員工股權獎勵帶來的更高減稅，這對 2024 年第一季的收益產生了約 0.19 美元的正面影響，與今年第一季相比。

In total, we delivered non-GAAP earnings per diluted share of $3.37, an increase of 2.1% compared to the earnings per diluted share of $3.30 last year. On a GAAP basis, our earnings per diluted share were $3.24. This includes noncash losses from nonoperating investment in Foot Locker stock. For additional details on this, you can refer to the non-GAAP reconciliation tables of our press release that we issued this morning.

總體而言，我們實現的非公認會計準則每股攤薄收益為 3.37 美元，較去年的每股攤薄收益 3.30 美元增長 2.1%。根據 GAAP 計算，我們的每股攤薄收益為 3.24 美元。這包括對 Foot Locker 股票的非經營性投資所產生的非現金損失。有關這方面的更多詳細信息，您可以參考我們今天上午發布的新聞稿中的非 GAAP 對帳表。

Now looking to our balance sheet. We ended Q1 with approximately $1 billion of cash and cash equivalents and no borrowings on our $1.6 billion unsecured credit facility. Our quarter end inventory levels increased 12% compared to Q1 of last year. We believe our inventory is well positioned. As we have discussed, our deliberate investment in key items and categories continue to fuel our sales momentum.

現在來看我們的資產負債表。截至第一季末，我們擁有約 10 億美元的現金和現金等價物，且 16 億美元無擔保信貸額度中沒有借款。與去年第一季相比，我們季度末的庫存水準增加了 12%。我們相信我們的庫存處於良好狀態。正如我們所討論的，我們對關鍵商品和類別的刻意投資繼續推動我們的銷售動能。

Turning to our quarter capital allocation. Net capital expenditures were $242 million, and we paid $100 million in quarterly dividends. We also repurchased 1.4 million shares of our stock for $298.7 million at an average price of $218.65.

談到我們的季度資本配置。淨資本支出為 2.42 億美元，我們支付了 1 億美元的季度股息。我們也以平均價格 218.65 美元的價格回購了 140 萬股股票，價值 2.987 億美元。

Now moving to our outlook for 2025, which does not include acquisition-related costs, investment losses or results from recently announced Foot Locker acquisition. Assuming no material changes in consumer spending, we are reaffirming our expectations for comp sales and EPS. This balances our strong start to the year, our confidence in our strategic initiatives and our operational strength against an increasingly complex macroeconomic environment.

現在轉向我們對 2025 年的展望，其中不包括收購相關成本、投資損失或最近宣布的 Foot Locker 收購的成果。假設消費者支出沒有重大變化，我們重申對同店銷售額和每股盈餘的預期。這平衡了我們今年的強勁開局、我們對戰略舉措的信心以及在日益複雜的宏觀經濟環境下的營運實力。

We continue to expect comp sales growth in the range of 1% to 3%, with comps closer to the high end of our guidance through the third quarter. Consolidated sales are expected to remain in the range of $13.6 billion to $13.9 billion. Driven by the quality of our assortment, we also continue to expect gross margins to improve by approximately 75 basis points at the midpoint.

我們繼續預期同店銷售額成長率將在 1% 至 3% 之間，第三季的同店銷售額將更接近我們預期的高端。預計合併銷售額將維持在 136 億美元至 139 億美元之間。受我們產品組合品質的推動，我們也預期毛利率中位數將持續提高約 75 個基點。

As we have 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 our gross margin expansion to be offset by SG&A deleverage. From a pacing standpoint, we continue to 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 the last year.

正如我們從這一優勢地位所討論的那樣，我們計劃在數位、店內和行銷方面進行策略性投資，以便長期更好地定位自己。因此，我們預期毛利率的擴大將被銷售、一般及行政費用的去槓桿所抵銷。從節奏的角度來看，我們仍然預計上半年銷售、一般及行政費用去槓桿率將進一步提高，下半年將有所緩和，因為我們將達到去年下半年更高的投資水平。

We continue to expect preopening expenses 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 third in the second half. We continue to expect operating margin to be approximately 11.1% at the midpoint. And at the high end of our expectations, we continue to expect to drive approximately 10 basis points of operating margin expansion. We continue to expect full year earnings per diluted share to be in the range of $13.80 to $4.40.

我們仍然預計開業前費用將在 6,500 萬美元至 7,500 萬美元之間，其中約三分之一發生在上半年，其餘三分之二發生在下半年。我們繼續預期營業利潤率中間值約為 11.1%。在我們的預期高端，我們繼續預計將推動營業利潤率擴大約 10 個基點。我們繼續預計全年每股攤薄收益將在 13.80 美元至 4.40 美元之間。

As a reminder, this does not include the acquisition-related costs, investment losses or results from the recently announced Foot Locker acquisition. From a pacing perspective, we continue to expect EPS to decline year-over-year in the first half and increase year-over-year in the second half.

提醒一下，這不包括收購相關成本、投資損失或最近宣布的 Foot Locker 收購的成果。從節奏角度來看，我們仍然預期上半年每股盈餘將年減，下半年將年增。

Our earnings guidance is based on approximately 81 million average diluted shares outstanding compared to the prior expectation of 82 million, and an effective tax rate of approximately 24%. We continue to expect net capital expenditures of approximately $1 billion for the year.

我們的獲利預期基於約 8,100 萬股平均稀釋流通股（先前預期為 8,200 萬股）和約 24% 的有效稅率。我們繼續預計今年的淨資本支出約為 10 億美元。

As Lauren mentioned, our guidance includes the expected impact from all tariffs currently in effect. We are working closely with our manufacturing and brand partners to mitigate potential impact and we are making continued progress in diversifying our direct sourcing footprint. As I mentioned, our inventory is well positioned with healthy levels across key categories. We have navigated similar environments before, and we are confident we have the team, tools and relationships to manage through this.

正如勞倫所提到的，我們的指導包括目前生效的所有關稅的預期影響。我們正在與製造和品牌合作夥伴密切合作，以減輕潛在影響，並在多樣化直接採購足跡方面不斷取得進展。正如我所提到的，我們的庫存狀況良好，各主要類別的庫存水準都處於健康水準。我們以前也經歷過類似的環境，我們相信我們擁有團隊、工具和關係來應對這種情況。

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

我們的準備好的演講到此結束。感謝您對 DICK'S Sporting Goods 的關注。接線員，您現在可以打開熱線來回答問題了。

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。（操作員指示）

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Hey, good morning. My first question is for Ed, and with regard to the proposed transaction on Foot Locker. So I think a lot of us have studied this very closely. I know you have been talking to a number of investors or potential investors out there. You counted the kind of the merits of the transaction. The question I have is as you're talking to investors and with DICK'S stock still being down from the time of the announcement, what do you think -- is there anything clear that you think the market's really missing on the potential for this transaction, both in the near or maybe longer term?

嘿，早安。我的第一個問題是針對 Ed 的，關於 Foot Locker 的擬議交易。所以我認為我們很多人都對此進行了非常仔細的研究。我知道您一直在與許多投資者或潛在投資者交談。你計算了交易的優點。我的問題是，當您與投資者交談時，迪克的股價自宣布以來一直處於下跌狀態，您認為——有什麼明顯的跡象表明，您認為市場真的錯過了這筆交易的潛力，無論是在短期還是長期？

Brian, thanks for the question. We understand that there's really a group of people out there, shareholders that would really prefer we just continue to do what we're doing. And it's -- our business is very strong. We've got a lot of momentum around what's going on from a House of Sport standpoint, what's going on from a Field House. We've got these projects firmly under control and people would just be wishing we just continue to do what we're doing. We don't think that's right long term for the business.

布萊恩，謝謝你的提問。我們知道，確實有一群人，股東，真的希望我們繼續做我們正在做的事情。而且我們的業務非常強勁。我們對體育場館和體育館的各項活動都抱持著很大的期待。我們已經牢牢控制了這些項目，人們只是希望我們繼續做我們正在做的事情。我們認為這對企業的長遠發展並不有利。

So with the Foot Locker transaction, we see several opportunities. It really gives us a unique opportunity to strengthen our brand relationships through a global presence, gives us the ability to service a portion of the market that we just we can't service today at -- with our DICK'S Sporting Goods stores. We believe we can bring greater operational efficiency to the Foot Locker business and increase its profitability. We've kind of talked that we'll capture $100 million to $125 million of synergies through the medium term. And we've been very clear that we believe this will be accretive to our earnings in the first full fiscal year following the close.

因此，透過 Foot Locker 交易，我們看到了一些機會。它確實為我們提供了一個獨特的機會，透過全球影響力來加強我們的品牌關係，使我們能夠服務於我們目前無法透過我們的 DICK'S Sporting Goods 商店服務的部分市場。我們相信我們可以為 Foot Locker 業務帶來更高的營運效率並提高其獲利能力。我們曾談到，我們將在中期內實現 1 億至 1.25 億美元的綜效。我們已經非常明確地表示，我們相信這將增加我們在交易結束後的第一個完整財政年度的收益。

As we take a look at why we did this, we believe sport and culture have intersected around the globe, and it's only going to get stronger over time. This gives us an opportunity to compete for that market share and not just abdicate it to other retailers around the globe. We just don't feel that we should do that.

當我們思考為什麼這樣做時，我們相信體育和文化已經在全球範圍內交織在一起，而且隨著時間的推移，這種交織只會變得更加強大。這使我們有機會爭取市場份額，而不是將其拱手讓給全球其他零售商。我們只是覺得我們不應該這麼做。

And what the Street needs to understand is that like it or not, we don't make investments or decisions for a quarter or two, we make these decisions and investments for a lifetime. And we do know that it's up to us to prove to the Street and to everybody that this was the right decision to make. We're confident that we'll be able to do that.

華爾街需要明白的是，不管喜歡與否，我們所做的投資或決策不是為了一兩個季度，而是為一生所做的決策和投資。我們確實知道，我們必須向華爾街和所有人證明，這是一個正確的決定。我們有信心能夠做到這一點。

So we're really excited about this acquisition. We think it's going to be very good for our shareholders. It's very good for the Foot Locker shareholders, it will be good for the consumer out there. And the momentum we have with our DICK'S business we do not expect to be interrupted. So we're pretty excited about this.

所以我們對這次收購感到非常興奮。我們認為這對我們的股東來說非常有利。這對 Foot Locker 股東來說非常好，對消費者來說也是一件好事。我們不希望 DICK'S 業務的發展勢頭受到干擾。所以我們對此感到非常興奮。

That's very helpful and I appreciate it. Thank you. So second question for Lauren just on the business. And look, we're all still really focused here on tariffs, and obviously, it's a very fluid backdrop. So I guess the question I want to ask is, as you're talking to your brand partners out there, is there any update on how we should be thinking about DICK'S plans to deal with tariffs and we recognize we really don't know what the tariffs are going to be yet?

這非常有幫助，我非常感激。謝謝。所以第二個問題是關於勞倫的，只是關於業務。而且，我們仍然非常關注關稅問題，顯然，這是一個非常不穩定的背景。所以我想問的問題是，當您與那裡的品牌合作夥伴交談時，是否有任何關於我們應該如何考慮 DICK'S 應對關稅的計劃的最新消息，並且我們意識到我們真的不知道關稅是多少？

Thanks, Brian. Yes, I want to point to the fact that we are starting -- this year, started with such incredible momentum, and it's actually been a trend that's been going on now five consecutive quarters of over 4% comp growth. And we have tremendous momentum in many aspects of our business.

謝謝，布萊恩。是的，我想指出的是，今年我們一開始就表現出令人難以置信的勢頭，實際上這種趨勢已經持續了五個季度，比去年同期成長超過 4%。我們業務的許多方面都呈現出強勁的發展勢頭。

So obviously, our long-term strategies are clearly working, and that's everything from our differentiated product assortment to how we are elevating our athlete experience. Our team is operating at an absolutely incredible level, and they are really to be given the credit for the incredible performance that we have.

顯然，我們的長期策略正在發揮作用，從差異化的產品組合到我們如何提升運動員體驗。我們的團隊正以絕對令人難以置信的水平運作，我們的出色表現確實應該歸功於他們。

And importantly, our consumer has held up very well, and this has been a trend for some time, and it continues to be a trend where people are prioritizing activities, healthy, active lifestyle, team sports, running, walking, being outside with their kids. And so this quarter, we actually saw no trade down from best to better to better to good. We saw growth across all income demographics. And we saw growth in ticket and transactions.

重要的是，我們的消費者表現很好，這已經成為一種趨勢，這種趨勢持續了一段時間，人們優先考慮活動、健康、積極的生活方式、團隊運動、跑步、散步、與孩子一起戶外活動。因此本季我們實際上並沒有看到從最好到更好到更好再到好的下降趨勢。我們看到所有收入人群的收入都在成長。我們看到票務和交易量都在成長。

So I say all that because as we look to tariffs, we have now factored in all of the known tariffs into our guidance. We are able to affirm our guidance going forward, both top line and bottom line and 75 basis points of gross margin improvement. And we will continue to work incredibly closely with our brand partners and our manufacturing partners to navigate.

我之所以這麼說，是因為當我們考慮關稅時，我們現在已經將所有已知的關稅納入了我們的指導範圍。我們可以確認我們對未來的指導，包括營收和利潤以及 75 個基點的毛利率改善。我們將繼續與我們的品牌合作夥伴和製造合作夥伴密切合作，共同探索。

We are constantly making decisions on what the best thing is for athletes and what the best thing is for the businesses and the profitability, and we'll continue to balance that. We have an incredibly dynamic pricing ability, but very pleased today to be able to confirm that we are holding to our guidance top line and bottom line.

我們一直在決定什麼對運動員最有利，什麼對企業和獲利能力最有利，我們將繼續平衡這兩者。我們擁有令人難以置信的動態定價能力，但今天非常高興能夠確認我們堅持我們的指導頂線和底線。

Much appreciated. Thank you.

非常感謝。謝謝。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Hey, good morning, everyone. And good quarter. I want to ask about the durability of the comp strength. So most discretionary businesses that we cover, they've comped negative for two to three years. You haven't had that, now you've five in a row plus and you're guiding 1% to 3% for the full year. Y

嘿，大家早安。和良好的季度。我想問一下複合材料強度的耐久性。因此，我們所涵蓋的大多數非必需業務的利潤在兩到三年內都是負數。您以前沒有這樣做過，但現在您已經連續五次實現盈利，並且預計全年盈利將達到 1% 至 3%。是

ou mentioned dynamic backdrop, and it sounds like maybe some tough compares by the fourth quarter. Is that the rationale of keeping the 1% to 3%? Or is there anything unique? Meaning, why can't it be eight quarters in a row for -- given how the business keeps performing? Thanks.

您提到了動態背景，聽起來第四季可能會有一些艱難的比較。這就是保持 1% 到 3% 的理由嗎？或者說有什麼獨特之處嗎？意思是，考慮到業務的持續表現，為什麼不能連續八個季度實現這一目標？謝謝。

Yes. Thanks, Simeon. Look, our consumer, as I said, is incredibly strong. Our business has a tremendous amount of momentum. We do have higher comps that we're lapping in the back half of the year, and so that's a factor. But we feel incredibly strong about the factors that we can control in our business and incredibly confident as we go forward.

是的。謝謝，西緬。正如我所說，我們的消費者非常強大。我們的業務發展勢頭強勁。我們確實在下半年取得了更高的業績，這是一個因素。但我們對我們能夠控制的業務因素感到非常強大，並且對未來的發展充滿信心。

I would point to the fact that the consumer has held up well does speak somewhat to the fact that our business is very resilient, and people are increasingly prioritizing these categories with the available income that they have. And we continue to expect that, that will be the case throughout the year.

我想指出的是，消費者表現良好確實在一定程度上說明了我們的業務非常有彈性，而且人們越來越多地根據自己的可用收入優先考慮這些類別。我們繼續預計，全年情況都將如此。

Okay. My follow-up, I want to ask about Nike. I realize there's maybe sensitivity to talk about one brand, but I think the importance of it goes higher now for DICK'S and then in the future with Foot Locker. And I don't think there's a company or people that are suited to give us a perspective. So if you're willing, assessment, where the brand is in terms of cleaning up inventories in the marketplace? Do they have a defined distribution strategy, and then what your assessment or opinion on product innovation is? Just your thoughts, I realize you can't speak for them.

好的。接下來我想問一下有關耐吉的問題。我意識到談論一個品牌可能比較敏感，但我認為現在它對 DICK'S 的重要性更高，而未來對 Foot Locker 的重要性也會更高。我不認為有任何公司或個人適合為我們提供觀點。因此，如果您願意評估一下，該品牌在清理市場庫存方面處於什麼位置？他們是否有明確的分銷策略？您對產品創新的評價或看法是什麼？只是你的想法，我知道你不能代表他們說話。

Yes. Thanks, Simeon. So yes, Nike is a very important strategic part for us. And we continue to be really happy both with our partnership and the strategic nature of it, the fact that we're innovating and working on longer-term consumer trends and product pipelines. What we see coming down the pipe, we're very excited about. And Nike continues to perform really, really well for us.

是的。謝謝，西緬。所以是的，耐吉對我們來說是一個非常重要的策略組成部分。我們對我們的合作夥伴關係及其戰略性質感到非常高興，事實上我們正在創新並致力於長期消費趨勢和產品線。我們對即將發生的事情感到非常興奮。耐吉繼續為我們帶來非常出色的表現。

So as we look to the future, we did -- we've heard about some distribution changes. We work very closely with all of our brand partners. And one thing that you can say about Nike time in and time out is that they are very good at segmenting their products. And we have no reason to expect that, that won't be the same.

因此，當我們展望未來時，我們確實聽說過一些分銷變化。我們與所有品牌合作夥伴密切合作。關於耐吉，你可以一次又一次地說，他們非常擅長將產品細分。我們沒有理由期待事情會有所不同。

So we expect segmentation of the market. We expect minimal overlap with some of the new distribution. And we're excited about a lot of product innovation coming down the pipe. The running constructs, some of the lifestyle apparel, women's basketball, there's a lot of great stuff going on. So we feel terrific about the Nike partnership.

因此我們預計市場將會細分。我們預計與一些新分佈的重疊最小。我們對即將推出的大量產品創新感到非常興奮。跑步裝備、一些生活風格服裝、女子籃球，有很多精彩的事情正在發生。因此，我們對與耐吉的合作感到非常高興。

Okay, thank you. Good luck.

好的，謝謝。祝你好運。

Thank you.

謝謝。

Adrienne Yih, Barclays Bank.

巴克萊銀行的 Adrienne Yih。

Great. And congratulations on another very well-executed quarter. Lauren, you're welcome. For you, it's about the price increases or the inevitable price increases, I might say. It seems like at this level of the 30% China, 10% elsewhere that the price increases needed are not terribly daunting, I would say, maybe low to mid-single digit. How do you think about when you take prices in your own direct segment versus when you're seeing the price increases asked of you from the brands? Thank you.

偉大的。恭喜您又一個季度取得了優異的業績。勞倫，別客氣。對於您來說，我想說，這是關於價格上漲或不可避免的價格上漲。看起來，在中國 30%、其他地方 10% 的這個水平上，所需的價格上漲並不是太可怕，我想說，可能只是低到中等個位數。當您在自己的直銷部門中提高價格時，與當您看到品牌要求您提高價格時，您有何看法？謝謝。

Yes, no, you're right. And that's why we were able to just confirm our guidance is that we believe with the tariffs that are known to date, we can manage, and we are continuing to do that.

是的，不，你是對的。這就是為什麼我們能夠確認我們的指導方針，我們相信，憑藉迄今為止已知的關稅，我們可以管理，而且我們將繼續這樣做。

We are constantly assessing our pricing down to the item level, SKU level. And we do that based on consumer demand and the profitability of the business. We are -- we have a very advanced pricing capability, much more advanced than we used to have and much more enabled to make real-time and quick decisions.

我們不斷評估我們的定價，直至商品等級、SKU 等級。我們根據消費者需求和業務獲利能力來做到這一點。我們擁有非常先進的定價能力，比以前先進得多，並且能夠做出即時、快速的決策。

And so this is just a core -- this is something we do. This is a core strength of ours. We will continue to navigate. And I would take comfort in the fact that our margin, we just guided at the midpoint, up 75 basis points. We feel very confident.

所以這只是核心——這是我們所做的事情。這是我們的核心優勢。我們將繼續航行。讓我感到欣慰的是，我們的利潤率剛剛在中間點上漲了 75 個基點。我們感到非常有信心。

Great. And then Navdeep, my follow-up is on inventory for you. You pulled forward some, it seems. When would the tariffs or the costs start to come through the P&L? And how are you thinking about units versus dollars as we end the quarter and start into the fall season? Thank you.

偉大的。然後 Navdeep，我的後續問題是有關您的庫存。看起來你向前邁了一些。關稅或成本何時開始計入損益表？當我們結束本季並開始進入秋季時，您如何看待單位與美元的關係？謝謝。

Adrienne, let me start with where we finished in Q1. Our inventory growth was 12%. But one of the important things that we have said consistently is the fact that this is the differentiated inventory that is allowing us to drive this differentiated top line results. Like Lauren called out, this was the fifth straight quarter with over 4% of comp. That is driven as one of the core strategies that we have is the differentiated access to the product.

艾德麗安，讓我先從我們在第一季的成績開始說起。我們的庫存成長率為12%。但我們一直強調的一件重要的事情是，差異化的庫存使我們能夠實現差異化的營收表現。正如勞倫所說，這已經是連續第五個季度的年增幅超過 4%。這是我們的核心策略之一，即產品的差異化獲取。

The focused investments that we made at the end of Q4 are bringing the spring products earlier actually worked really well. And that's what you saw was the outsized comp that we were able to deliver. In terms of the inventory growth and the impact from tariffs, we expect that the inventory growth will moderate even with some of the tariff headwinds that we have anticipated in that as we -- especially as we start to lap the investments that were made in the second half of 2024.

我們在第四季末進行的重點投資提前推出了春季產品，效果確實很好。這就是您所看到的我們能夠提供的超大補償。就庫存成長和關稅的影響而言，我們預計，即使面臨我們預期的一些關稅阻力，庫存成長仍將放緩，尤其是當我們開始收回 2024 年下半年進行的投資時。

Robert Ohmes, Bank of America.

美國銀行的羅伯特‧奧姆斯 (Robert Ohmes)。

Oh hey, good morning. Thanks for taking my question. It's really two follow-ups. One is just -- can you guys talk about the way -- how you took share from Foot Locker over the last few years? And how much of that was a driver to growth? And then I think you guys called out you're gaining share from digital and omnichannel. Is there a shift in who you're taking share from? And how are you thinking about taking that share as people like Amazon maybe be getting better allocations from people like Nike?

噢嘿，早安。感謝您回答我的問題。這其實是兩個後續行動。一是——你們能談談過去幾年你們是如何從 Foot Locker 手中奪取市場份額的嗎？其中有多少是成長的動力？然後我想你們說你們正在從數位和全渠道獲得份額。您的市佔率是否有所變化？鑑於像亞馬遜這樣的公司可能會從耐吉這樣的公司獲得更好的分配，您如何考慮獲得這一份額？

And then my follow-up is just quickly on -- just remind us what the expectations are for FTC approvals for the merger.

然後我的後續問題很簡單——提醒一下我們對聯邦貿易委員會批准此次合併的期望是什麼。

Thanks, Robby. So we have been gaining share for some time now. We have been operating at a $140 billion TAM in the US, and we have been driving a point of growth in the last year, and it's continued. The great thing about our industry is we only have 8% market share despite all of the growth that we've had and the fact that we are a dominant player. And we have incredible -- we have such a strong business and yet there is so much market share to be gained.

謝謝，羅比。因此，我們的市場份額已經持續增長了一段時間。我們在美國營運的總市場規模為 1,400 億美元，去年我們一直在推動成長點，而這種成長勢頭還在持續。我們這個行業最棒的地方在於，儘管我們取得了巨大的成長，並且佔據主導地位，但我們的市場份額卻只有 8%。我們的業務非常強大，但仍有很大的市場份額有待提升。

And so we're gaining share from many places. We're gaining share from digital channels, we're gaining share from omnichannel. And as I mentioned before, we continue to feel very confident that our brands appreciate that they can bring their whole brand to life in our store from head to toe, including gear and equipment. We can tell a whole brand story, and we are rooted in sport, and that gives us an advantage versus our competitors, both online and omnichannel.

因此，我們在很多地方都獲得了市場份額。我們正在從數位管道獲得份額，我們正在從全通路獲得份額。正如我之前提到的，我們仍然非常有信心，我們的品牌很高興能夠在我們的商店中將他們的整個品牌從頭到腳（包括裝備和設備）煥發生機。我們可以講述完整的品牌故事，而且我們植根於體育，這使我們在線上和全通路競爭中佔據優勢。

I'll turn it to Navdeep to talk about the FTC.

我將請 Navdeep 來談論 FTC。

Yes, Robby. Let me just quickly build on what Lauren answered. In terms of the share gain also, we have to keep in mind that the gains are coming from the core product focus categories. So it's apparel, it's footwear, it's team sports, the work our merchant teams are doing even in some of the outdoor categories are the drivers of our differentiation. In terms of the FTC approval on the merger, we anticipate that will be somewhere in the second half of this year.

是的，羅比。讓我快速地補充一下勞倫的回答。就份額成長而言，我們還必須記住，成長來自核心產品重點類別。因此，服裝、鞋類、團隊運動，甚至我們的商家團隊在一些戶外類別中所做的工作都是我們差異化的驅動力。關於聯邦貿易委員會對合併的批准，我們預計將在今年下半年左右。

And just in terms of Amazon, just do you expect segmentation to be favorable to DICK'S Sporting Goods still?

就亞馬遜而言，您是否仍然認為市場區隔對 DICK'S Sporting Goods 有利？

Yes. Nike has -- Nike and all of our brands do a good job segmenting, and we are expecting this will be no different. We expect minimal overlap.

是的。耐吉和我們所有的品牌在細分方面都做得很好，我們預計這次也不會例外。我們期望重疊最小。

Terrific. Thank you.

了不起。謝謝。

Michael Baker with DA Davidson.

貝克 (Michael Baker) 和 DA Davidson。

I wanted to ask about a different acquisition. Can you talk a little bit about the investment you made in -- or your affiliate made in Unrivaled Sports and how that impacts your GameChanger business? And was that contemplated in the guidance that you've given for the year for GameChanger? Just wanted to dig into that a little bit, if I could.

我想詢問有關另一項收購的情況。您能否談談您對 Unrivaled Sports 的投資或您的關聯公司對 Unrivaled Sports 的投資以及這對您的 GameChanger 業務有何影響？您在為 GameChanger 制定年度指導時是否考慮到了這一點？如果可以的話，我只是想深入研究這一點。

Yes. Michael, thank you so much for that question because we are very, very excited about the investment that we've made in Unrivaled and that we continue to make in GameChanger.

是的。邁克爾，非常感謝您的提問，因為我們對在 Unrivaled 上進行的投資以及繼續在 GameChanger 上的投資感到非常非常興奮。

So let me start quickly with GameChanger, that business over $100 million last year, growing to $150 million, highly profitable, software as a subscription business. But more importantly, it enables us as DICK'S to get involved in all aspects of the athlete's journey from the time they sign up for a team to when they're playing to a GameChanger's case when they are watching the game, fans, parents, watching scores, stats. It's an incredibly rich database. And it also continues to fuel our DICK'S Media Network, which is -- GameChanger is a live sports platform, media platform that we're very excited to be able to put into our DICK'S Media network.

那麼就讓我先從 GameChanger 開始吧，該業務去年收入超過 1 億美元，目前成長至 1.5 億美元，利潤豐厚，軟體即訂閱業務。但更重要的是，它使我們作為 DICK'S 能夠參與運動員旅程的各個方面，從他們報名參加球隊到他們參加比賽，再到他們觀看比賽、球迷、父母、觀看比分和統計數據的 GameChanger 案例。這是一個極為豐富的資料庫。它也繼續為我們的 DICK'S 媒體網絡提供動力，GameChanger 是一個現場體育平台，我們非常高興能夠將其納入我們的 DICK'S 媒體網絡。

Unrivaled, we're so excited because they're on the ground and they're providing youth sport experiences at places like Cooperstown, All-Star Village, and they're hosting 600,000 youth athletes, 2 million families in the course of the year. And we're so excited to be able to be at that point of sport when kids are competing and elevate the experience and share just best practices and a lot of business opportunities unlocked as well.

無與倫比的，我們非常興奮，因為他們在當地為青少年提供體育體驗，例如庫珀斯敦、全明星村，並且他們在一年中接待了 60 萬名青少年運動員和 200 萬個家庭。我們非常高興能夠參與孩子們參與運動的活動中，提升他們的體驗，分享最佳實踐，同時也釋放出許多商業機會。

Michael, let me quickly build on what Lauren said. If you think about the opportunity that we talk about in the youth sports infrastructure, that opportunity goes well beyond what happens during the physical game day, where GameChanger is one of the most dominant and the most differentiated product platform that is out there. Now with the partnership and the equity investment that we have Unrivaled in, this gives us an opportunity to actually look at the ecosystem much more holistically and much more collectively between the GameChanger business and the Unrivaled opportunity that we have.

邁克爾，讓我快速回顧一下勞倫所說的內容。如果你考慮我們在青少年體育基礎設施中談論的機會，這個機會遠遠超出了實體比賽日期間發生的事情，而 GameChanger 是其中最主要和最具差異化的產品平台之一。現在，透過與 Unrivaled 建立合作關係並進行股權投資，我們有機會更全面、更全面地審視 GameChanger 業務和 Unrivaled 機會之間的生態系統。

Couldn't be more excited about this overall $40 billion TAM, which is growing really well. And with the capability we have with GameChanger and now the partnership that we have with Unrivaled, this will allow us to really differentiate in that space even further.

對於這個整體規模達 400 億美元的 TAM，我感到非常興奮，而且它的成長勢頭非常好。憑藉我們與 GameChanger 合作的能力以及現在與 Unrivaled 的合作，這將使我們在該領域進一步脫穎而出。

Got it. Makes sense. If I could ask one more follow-up from a previous question asking you to comment on your -- on the competitive situation again. Nike tried to sell through Amazon in the past. It didn't work. They pulled back on it. Why would this be different? Have you seen -- do you have any insight as to what your competitors are doing differently this time versus when they first tried that partnership?

知道了。有道理。如果我可以再問一個先前問題的後續問題，請您再次評論您的競爭狀況。耐吉過去曾嘗試透過亞馬遜進行銷售。它不起作用。他們把它拉了回來。為什麼會有所不同？您是否看過—您是否了解您的競爭對手這次的做法與第一次嘗試合作時有何不同？

Yes. I don't -- we don't speak on behalf of Nike. They are -- I know, have an effort to clean up the marketplace, and that's a driver of what they're doing now. I'll let them speak to what their motives are.

是的。我不是－我們不代表耐吉發言。我知道，他們正在努力淨化市場，這就是他們現在所做事情的驅動力。我會讓他們說出他們的動機。

Okay, fair enough. Thank you.

好吧，夠公平。謝謝。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Hi, good morning. Thanks for taking our question. We just wanted to hear a little bit more about the category performance in the quarter, how footwear, apparel and hard goods performed relative to each other and the overall comp, and if there was any cadence difference between the months.

嗨，早安。感謝您回答我們的問題。我們只是想進一步了解本季各類別的表現，鞋類、服裝和耐用品相對於彼此和整體的表現如何，以及各個月份之間是否存在節奏差異。

Thanks, Kate. We -- with a 4.5% comp, we saw growth across so many areas of our business. So we saw growth in footwear, we saw growth in apparel, we saw growth in team sports. And then from a cadence standpoint, like the rest of the world, the beginning of the month was a little cold and wet, February was, but it continued to improve, and we had strength across the quarter in each month.

謝謝，凱特。我們的年成長率為 4.5%，我們的業務的許多領域都實現了成長。因此，我們看到鞋類產品的成長，我們看到服裝產品的成長，我們看到團隊運動產品的成長。然後從節奏的角度來看，就像世界其他地方一樣，月初有點冷和潮濕，二月也是如此，但情況繼續好轉，我們每個月在整個季度都有所增強。

Thank you.

謝謝。

Christopher Horvers, JPMorgan Chase & Co.

摩根大通公司克里斯多福‧霍弗斯

Thanks, good morning everybody. So I just want to follow up on the tariff question. Have you actually received any tariff items into inventory? Have you taken any prices yet on that product? And if not, when would you expect to start to turn that inventory of tariff items?

謝謝，大家早安。所以我只想跟進關稅問題。您是否確實收到任何關稅商品入庫？你已經對該產品進行過報價了嗎？如果沒有，您預計什麼時候開始調整這些關稅商品的庫存？

Chris, we have no impact from tariffs in Q1, and we are working very closely with each of the brand partners on the right cadence and how best do we flow it. So we'll share much more as these things start to actualize. As we called out in our guidance, we have contemplated some of the timings associated with it in our guidance, and we still feel great about the 75 basis points of the margin expansion that we guided for the full year.

克里斯，第一季我們沒有受到關稅的影響，我們正在與每個品牌合作夥伴密切合作，以找到正確的節奏和最佳的流程。因此，當這些事情開始實現時，我們將分享更多資訊。正如我們在指引中提到的那樣，我們已經在指引中考慮了與之相關的一些時間安排，並且我們仍然對我們指引的全年利潤率擴張 75 個基點感到滿意。

Understood. And I had a question on the Foot Locker deal as well. Looking at the documents, it seems like it's a pretty low divestiture threshold. I think it's $100 million in terms of if you're forced to divest more than that, that you could potentially walk away from the deal. Can you talk about why that level? That doesn't seem like that's a whole lot of Foot Locker stores in terms of potential divestiture. So any comments on that would be helpful. Thank you.

明白了。我對 Foot Locker 交易也有一個疑問。從文件來看，剝離的門檻似乎相當低。我認為這個金額是 1 億美元，如果你被迫剝離的資產超過這個金額，那麼你可能會放棄這筆交易。你能談談為什麼是那個水平嗎？從潛在剝離的角度來看，這似乎並不是很多 Foot Locker 商店。因此，任何對此的評論都會有所幫助。謝謝。

Sure. We think that -- as we talked about one of the main reasons for this is to serve a consumer that we're not able to serve today. And if we have to divest a lot, then it kind of makes it not consistent with what our strategy and the tactics are that we want to employ. So that's why we've got that $100 million number there. We really want to service a consumer that we don't service today.

當然。我們認為——正如我們所討論的，這樣做的主要原因之一是為了服務我們目前無法服務的消費者。如果我們必須剝離大量資產，那麼這就會與我們想要採取的策略和策略不一致。這就是我們得到 1 億美元這個數字的原因。我們確實想為目前尚未服務的消費者提供服務。

Got it. Very helpful.

知道了。非常有幫助。

Joe Feldman, Telsey Advisory Group.

喬‧費爾德曼 (Joe Feldman)，特爾西顧問集團 (Telsey Advisory Group)。

Thanks for taking the question, guys. I had two quick ones. On Golf Galaxy, can you maybe share some color on the business and how it trended through the quarter and maybe even more broadly to the DICK'S business, how golf is continuing to do?

謝謝大家回答這個問題。我很快就吃了兩個。關於 Golf Galaxy，您能否分享一些業務細節以及本季的業務趨勢，甚至更廣泛地說，對於 DICK'S 業務，高爾夫業務的持續表現如何？

Sure, Joe. Yes, golf remains a very important category for us. We think there is a compelling long-term growth opportunity. And as you know, in 2024, rounds played were at an all-time high.

當然，喬。是的，高爾夫對我們來說仍然是一個非常重要的類別。我們認為這是一個引人注目的長期成長機會。眾所周知，2024 年的比賽輪次達到了歷史最高水準。

I think for us, we're looking at reinventing the business with Golf Galaxy Performance Center, which is an immersive experiential place for golfers to come and have lessons and fittings and really immerse themselves into the game of golf. And we've got 27 GGPCs, Golf Galaxy Performance Centers that are going to 35 this year. So we're really excited about it.

我認為，對我們來說，我們正在考慮透過高爾夫銀河表現中心重塑業務，這是一個沉浸式體驗場所，高爾夫球手可以來這裡上課、試穿，真正沉浸在高爾夫運動中。我們目前有 27 個 GGPC（高爾夫銀河表演中心），今年將增加到 35 個。所以我們對此感到非常興奮。

One thing I'm also very excited about from a golf standpoint is how well our vertical brands do across our golf business. And we are our own number one vendor partner in golf with vertical brands. And I just have to say a shout out to our team and to Ben Griffin, who's been playing the Maxfli ball and is so -- and just won two PGA Tour events and is doing so incredibly well. We have so much excitement around the golf business. And with Golf Galaxy and DICK'S Golf, we think that there's a tremendous potential here.

從高爾夫的角度來看，令我非常興奮的一件事是我們的垂直品牌在整個高爾夫業務中表現如何。我們是高爾夫領域垂直品牌的頭號供應商合作夥伴。我只想向我們的團隊和本·格里芬致敬，他一直在使用 Maxfli 球，並且剛剛贏得了兩項 PGA 巡迴賽冠軍，表現非常出色。我們對高爾夫事業充滿熱情。有了 Golf Galaxy 和 DICK'S Golf，我們認為這裡存在著巨大的潛力。

That's great. Thank you. And then just I wanted to follow up on GameChanger. Can you share a little more color on the crossover between the GameChanger users and DICK'S Shoppers and how you drive that crossover to get them to sort of come to DICK'S and spend at the stores?

那太棒了。謝謝。然後我只是想跟進 GameChanger。您能否詳細介紹一下 GameChanger 用戶和 DICK'S 購物者之間的交叉，以及您如何推動這種交叉以讓他們來到 DICK'S 商店消費？

Yes, that's a great question. We do find that our -- the people who do crossover, so our GameChanger users and our DICK'S shoppers are some of our absolute best shoppers. They are highly engaged. They are gold members through and through. And we're doing -- increasingly every year, we're doing more to drive both sign-up for GameChanger among DICK'S shoppers, so making GameChanger known and available to DICK'S shoppers and then similarly, presenting different options to GameChanger users to purchase at DICK'S.

是的，這是一個很好的問題。我們確實發現，我們的跨界人士，我們的 GameChanger 用戶和 DICK'S 購物者是我們絕對最好的購物者。他們參與度很高。他們都是地道道的金牌會員。我們每年都在做更多的事情來推動 DICK'S 購物者註冊 GameChanger，從而使 GameChanger 為 DICK'S 購物者所知並可用，然後同樣地，為 GameChanger 用戶提供在 DICK'S 購買的不同選項。

One of the big capabilities in the DICK'S Media Network is that there is an opportunity for in-game advertising. Again, it's a long -- it's a live sport platform that we're using. And that's people focused, watching at the point of sport, watching their kids, their grandkids or their own stats and scoring history. And they are -- we are able to be highly targeted in terms of how we present products and items to them at DICK'S. So that's -- we are in early innings of that, but it's an incredibly important future growth area for both GameChanger and DICK'S.

DICK'S 媒體網路的一大優勢是能夠提供遊戲內廣告的機會。再說一次，這是一個很長的——我們正在使用的現場體育平台。這就是以人為本，專注於體育賽事，關注他們的孩子、孫子或他們自己的統計數據和得分歷史。而且，就我們在 DICK'S 向他們展示產品和物品的方式而言，我們能夠高度有針對性。所以，我們還處於早期階段，但對於 GameChanger 和 DICK'S 來說，這是一個極其重要的未來成長領域。

Yes, Joe, let me build on what Lauren said. Another thing that we did here in Q1 was we introduced the Bat Lab initiative, which is basically bringing the content series to help parents and the youth athletes to be able to find the right bat for their game, especially the baseball bat.

是的，喬，讓我根據勞倫所說的話繼續說。我們在第一季做的另一件事是推出了 Bat Lab 計劃，該計劃主要透過一系列內容來幫助家長和青少年運動員找到適合他們比賽的球棒，尤其是棒球棒。

So we invited 20 high school and collegiate players. They tested 12 different BBCOR bats using the GameChanger app and the platform. And the scoring was done both on a qualitative basis and a quantitative basis. And this data was all made available to the DICK'S Sporting Goods athlete on our website. And this is the intersection opportunity that we see where we can leverage the core capabilities of the GameChanger platform and bring that as an opportunity to showcase differentiated opportunities to our athletes on the DICK'S platform.

因此我們邀請了 20 名高中和大學球員。他們使用 GameChanger 應用程式和平台測試了 12 種不同的 BBCOR 球棒。評分是根據品質和數量進行的。這些數據均已透過我們的網站提供給 DICK'S Sporting Goods 運動員。這是我們看到的一個交叉機會，我們可以利用 GameChanger 平台的核心功能，並將其作為在 DICK'S 平台上向我們的運動員展示差異化機會的機會。

That's great. Thanks, guys. Good luck with this quarter.

那太棒了。謝謝大家。祝本季好運。

Thank you.

謝謝。

Michael Lasser, UBS Investment Bank.

拉瑟（Michael Lasser），瑞銀投資銀行。

Good morning. Thank you so much for taking my question. There's still a perception by some that DICK'S comp over the last several quarters has been driven by unique and temporary factors, such as the contribution from the House of Sports or a unique allocation of footwear to the stores. Is there anything different from this quarter to suggest that these unique factors are really just not driving the business, it's more broad-based than that, and it's more sustainable such that you're still being quite conservative as you look out over the next couple of quarters? Thank you.

早安.非常感謝您回答我的問題。有些人仍然認為，過去幾季 DICK'S 的業績成長受到了獨特和暫時因素的影響，例如來自運動之家的貢獻或對商店鞋類產品的獨特分配。與本季度相比，有什麼不同表明這些獨特因素實際上並沒有推動業務發展，而是具有更廣泛的基礎，並且更具可持續性，因此您在展望未來幾個季度時仍然持相當保守的態度？謝謝。

Yes. Thanks, Michael, for the question. I can't emphasize enough that our growth has been ongoing for many, many quarters in a row, and it is due to the fact that our long-term strategies are working. And we have four core strategies. The first that we've leaned into across the board, not just temporary in one category, but across the board is access to differentiated product. And we continue to build out those relationships with brand partners, get increasing access in House of Sport and Field House enable us to bring in even newer product, more emerging brands and also tell our partner brands story to life in powerful ways.

是的。謝謝邁克爾提出這個問題。我再怎麼強調也不為過，我們的成長已經連續多個季度持續，這是因為我們的長期策略正在發揮作用。我們有四個核心戰略。我們全面傾斜的第一點，不只是暫時在一個類別中，而是全面傾斜，以獲得差異化的產品。我們將繼續與品牌合作夥伴建立關係，在 House of Sport 和 Field House 中獲得越來越多的訪問權，這使我們能夠引入更新的產品、更多的新興品牌，並以強有力的方式講述我們合作夥伴品牌的故事。

The same time, elevating the athlete experience is a second core strategy of ours, and that is everything from our teammates working incredibly hard in the store to provide confidence to athletes that they are stepping into the right product for them, that's going to help them improve their game, all the way to reinventing our entire concepts with House of Sport and Foot Locker.

同時，提升運動員體驗是我們的第二個核心策略，這包括我們的隊友在商店裡辛勤工作，讓運動員相信他們買到了適合自己的產品，幫助他們提高比賽水平，一直到透過 House of Sport 和 Foot Locker 重塑我們的整個概念。

The other thing I will say is one of our biggest assets is our team and the culture that we have at DICK'S. They are -- we have an incredible group of people. We say it's the best team in sports, and it is, and I can't emphasize enough how powerful that team has been in terms of driving our growth.

我想說的另一件事是，我們最大的資產之一是我們的團隊和 DICK'S 的文化。他們就是──我們擁有一群不可思議的人。我們說這是體育界最好的團隊，事實也確實如此，而且我再怎麼強調這支團隊在推動我們成長方面有多麼強大都不為過。

And the last thing, our fourth core strategy is just our investment in our brand and our Sports Matter program and the fact that our brand belief is really powerful. So I don't at all think that our growth has been driven by unique and temporary factors. I mean this has been a core strategic plan that's been executed over the course of many, many years.

最後，我們的第四個核心策略就是對我們的品牌和運動事務計畫的投資，以及我們的品牌信念非常強大的事實。所以我根本不認為我們的成長是由獨特和暫時的因素所推動的。我的意思是，這是一個多年來一直在執行的核心策略計畫。

Okay, thank you very much for that, Lauren. And my follow-up question is, DICK'S is already getting pretty remarkable allocations from its key vendor partners, especially in the footwear categories. How much better can it get?

好的，非常感謝你，勞倫。我的後續問題是，DICK'S 已經從其主要供應商合作夥伴那裡獲得了相當可觀的分配，特別是在鞋類類別中。它還能變得有多好？

Michael, it can always get better. We can always have more. We're putting more premium full-service footwear decks in. We're at 90% now. We'll continue to go. And we -- this is a key part of our core strength is that we will continue to get fantastic allocation. Footwear is a very strong business.

邁克爾，情況總是會變得更好。我們總是可以擁有更多。我們正在推出更多優質的全方位服務鞋類產品。我們現在已完成 90%。我們會繼續前進。這是我們核心優勢的關鍵部分，我們將繼續獲得出色的分配。鞋類是一個非常強大的行業。

And Michael, just let me build because the opportunity is beyond footwear. We see the opportunity to be able to provide the head-to-toe look for the athlete and be able to service their team sports need and the accessory business. That's the differentiation that we bring not only to our athletes, but quite frankly, we bring that differentiation to our brand partners as well.

邁克爾，就讓我來創作吧，因為這個機會不僅限於鞋類。我們看到了為運動員提供從頭到腳的服裝，並滿足他們的團隊運動需求和配件業務的機會。我們不僅為我們的運動員帶來這種差異化，而且坦白說，我們也為我們的品牌合作夥伴帶來這種差異化。

That is what is driving this differentiated allocation. The work that we are doing in House of Sport, the work that our field team is doing in servicing those athletes and bringing that excitement to the store is the differentiating capability that is allowing us to deliver these really strong results.

這就是推動這種差異化配置的因素​​。我們在運動之家所做的工作，我們的現場團隊為運動員提供服務並為商店帶來興奮的工作，是我們能夠取得這些真正強勁成果的差異化能力。

Yes, I'm sorry, I'm going to build one more time. I just want to say that we mentioned it in our prepared remarks, but the fact that there is growth and excitement and newness and launches in all aspects of our business is an increasingly important phenomenon. So even in our Diamond Sports business, trading cards, I mean, we are having -- there's pockets of really incredible excitement across all aspects of our business.

是的，很抱歉，我還要再建一次。我只是想說，我們在準備好的發言中提到了這一點，但事實上，我們業務的各個方面都出現了成長、興奮、新鮮和推出，這是一個越來越重要的現象。因此，即使在我們的 Diamond Sports 業務、交易卡業務中，我們也在業務的各個方面感受到令人難以置信的興奮。

I should have phrased my question better. It was more so in relation to the Foot Locker acquisition. That's all very helpful information. But DICK'S -- like I said, DICK'S is already getting as good, if not better, than any other player allocations out there. So the contribution from Foot Locker, can it get that much better?

我應該更好地表達我的問題。這與 Foot Locker 收購案更相關。這些都是非常有用的資訊。但是 DICK'S — — 就像我說的，DICK'S 已經變得和其他任何球員分配一樣好，甚至更好。那麼 Foot Locker 的貢獻還能更好嗎？

I think one of the important parts of the strategy in terms of a potential acquisition of Foot Locker is that we partner with our brands in an incredibly strong strategic way, and that's all of our partner brands. As we now would become a global business, we will now be partnering -- these are all global brands. We'll be partnering with them on even longer-term global product innovation. And so yes, I do expect that this is a real win for our relationships with our brand partners, and we will continue to drive our product assortment.

我認為，就潛在收購 Foot Locker 而言，策略的一個重要部分是我們以極其強大的策略方式與我們的品牌合作，這就是我們所有的合作品牌。由於我們現在已成為全球性企業，因此我們現在將與全球品牌合作。我們將與他們合作，進行更長期的全球產品創新。是的，我確實希望這對我們與品牌合作夥伴的關係來說是一次真正的勝利，我們將繼續推動我們的產品分類。

Understood. Thank you, so much and good luck.

明白了。非常感謝，祝你好運。

Thank you.

謝謝。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Good morning. Thanks for taking my question.

早安.感謝您回答我的問題。

So Lauren, maybe asked a different way, operationally, what do you see as the biggest opportunity within the Foot Locker banner? And when you think about that, financially, what's the biggest opportunity? Their operating margin obviously is depressed versus history. What do you see as the biggest line items for improvement in their operating margin and their financial returns?

那麼勞倫，也許可以換個方式問，從營運角度來看，您認為 Foot Locker 品牌最大的機會是什麼？那麼從財務角度考慮，最大的機會是什麼？與歷史相比，他們的營業利潤率明顯下降。您認為其營業利益率和財務回報改善的最大因素是什麼？

Yes. John, we are obviously in the early stages of the acquisition, but we've done an extensive amount of due diligence. And we see a lot of opportunities. Their original strategies, the Lace Up plan has some very strong aspects to it that we believe we can continue to drive growth from, including reinventing the stores and leaning into the digital experience and marketing and all of that.

是的。約翰，我們顯然處於收購的早期階段，但我們已經做了大量的盡職調查。我們看到了很多機會。他們最初的策略，Lace Up 計劃有一些非常強大的方面，我們相信我們可以繼續推動成長，包括重塑商店並依靠數位體驗和行銷等等。

But I also want to say why I personally am so excited. I mean we have the DICK'S business that has so much momentum, and we are going to keep our DICK'S team fully focused on the momentum that we have in the DICK'S business. And at the same time, we are going to put a small group of people working for Ed to work with the Foot Locker team to really unlock all of that, the gross margin improvement that we know is available.

但我也想說一下我個人為什麼這麼興奮。我的意思是，我們的 DICK'S 業務發展勢頭強勁，我們將讓我們的 DICK'S 團隊全力專注於 DICK'S 業務的發展勢頭。同時，我們將安排一小群為 Ed 工作的人與 Foot Locker 團隊合作，真正實現我們所知的毛利率提升。

And with Ed, obviously, he's an incredibly -- incredible retail expert. He's got operational excellence, incredibly strong brand relationships, real estate development relationships. I mean it's such a wonderful thing that he's going to be able to bring all that expertise and partner with the Foot Locker leadership team to drive both businesses. We are confident that we'll be able to execute the heck out of this and really drive that gross margin improvement that will drive profitability.

顯然，艾德是一位非常出色的零售專家。他擁有卓越的營運能力、極其強大的品牌關係和房地產開發關係。我的意思是，他能夠帶來所有的專業知識並與 Foot Locker 領導團隊合作推動兩項業務，這真是一件很棒的事情。我們有信心，我們能夠順利完成這一目標，並真正推動毛利率的提高，從而提高獲利能力。

Got it. And maybe just a quick follow-up on House of Sport and the Field House. I think you'll have roughly low 40s number of Field House stores by the end of the year, mid-30s House of Sport. How should we think about the overall square footage growth of the total business this year? It looks like it was up about 5% year-over-year in Q1.

知道了。也許只是對體育館和田徑場進行快速跟進。我認為今年年底，Field House 商店數量將達到 40 多家，而 House of Sport 商店數量將達到 30 多家。我們該如何看待今年整個業務的整體面積成長？看起來第一季同比增長了約 5%。

Yes, John. Like we continue to expect the House of Sport to be in the range of 75 to 100 as we look to the near future. And like you said, will be about 35 House of Sport locations by the end of this year, just over 40 Field House locations.

是的，約翰。就像我們繼續預計不久的將來體育之家的人數將在 75 到 100 之間一樣。正如您所說，到今年年底，House of Sport 的門市數量將達到 35 家左右，Field House 的門市數量將超過 40 家。

The way I would characterize the square footage growth is, would be in that same 2% or slightly north of that depending on the number of new store openings. As we have alluded to, we anticipate opening about 20 House of Sport locations in 2026, which will be the continued driver of the business as we look to the future.

我認為面積增長幅度將是相同的 2% 或略高一點，具體取決於新開店的數量。正如我們所提到的，我們預計在 2026 年開設約 20 家 House of Sport 門市，這將成為我們未來業務的持續驅動力。

In terms of the Field House, this is our way of reimagining what a DICK'S 50,000 would look like. And so as we open new stores or we relocate DICK'S locations in the future, those will all open as field house locations.

就體育館而言，這是我們重新想像 DICK'S 50,000 的樣子。因此，當我們將來開設新店或重新安置 DICK'S 店時，它們都將作為體育館商店開放。

Got it. So low single digits actual square footage growth as we model out the stores out --

知道了。因此，當我們模擬商店時，實際平方英尺成長率很低--

Yes. That -- as you can imagine, that will vary depending on the number of new store openings, but generally in that range.

是的。你可以想像，這將根據新店開業的數量而有所不同，但一般都在這個範圍內。

Okay, thank you.

好的，謝謝。

Paul Lejuez, Citigroup.

花旗集團的保羅‧勒胡埃斯 (Paul Lejuez)。

Hey, thanks guys. Just had a couple of questions related to the overlap with Foot Locker. Curious if you could talk about what percent of your stores overlap in the same centers. And if you can, remind us what percent of your stores are mall versus off? Second, just customer overlap, what you think it is with Foot Locker? And then third, specifically on Nike, what percent of your Nike SKUs are also sold at Foot Locker as you might -- estimated?

嘿，謝謝大家。我有幾個與 Foot Locker 重疊相關的問題。我很好奇您是否可以談談在同一中心重疊的商店百分比是多少。如果可以的話，請告訴我們，你們的商店中，購物中心佔比是多少，場外佔比是多少？第二，只是客戶重疊，您認為它與 Foot Locker 有什麼不同？第三，具體到耐吉，您估計有多少比例的耐吉 SKU 也在 Foot Locker 上銷售？

Paul, we are still very early in the stages of the acquisition process. I'm not going to speak to most of those questions. But when we close the deal, we will come out and share all of this.

保羅，我們的收購過程還處於非常早期的階段。我不會回答其中大部分問題。但當我們達成交易時，我們會公開並分享這一切。

Just to answer your specific questions about DICK'S, about 30% of our stores are in malls. And we do believe one of the strong tenets of this acquisition is that we will be acquiring a different customer. We'll have access even within the US to urban locations that we don't have access to before with the large format stores, and we are hoping that this will be incremental to our customer base.

僅回答您關於 DICK'S 的具體問題，我們大約 30% 的商店位於商場內。我們確實相信，此次收購的一大優勢是我們將獲得不同的客戶。透過大型商店，我們甚至可以進入美國境內以前無法進入的城市地區，我們希望這可以擴大我們的客戶群。

Got it. And then anything you could add maybe on potential revenue synergies between the two organizations?

知道了。然後，您能否補充這兩個組織之間潛在的收入綜效？

Paul, we'll share much more detailed points when the transaction is closed.

保羅，交易完成後我們會分享更多詳細的要點。

Thank you. Good luck.

謝謝。祝你好運。

Justin Kleber, Baird.

賈斯汀·克萊伯，貝爾德。

Good morning, everyone. Thanks for taking the question. Just wanted to ask about gross margin and what drives the acceleration from the 40 basis points here in 1Q to 75 for the full year, particularly as I would think occupancy is going to delever across the balance of the year just based on the moderation in comps you're projecting?

大家早安。感謝您回答這個問題。我只是想問毛利率，以及是什麼推動了毛利率從第一季的 40 個基點加速到全年的 75 個基點，特別是因為我認為入住率將會在今年剩餘時間裡降低，這僅基於您預測的可比價格的緩和？

Yes, Justin, just let's start with the Q1 performance. In Q1, we delivered a 41 basis points of gross margin expansion, which was driven by the merch margin expansion. And as we have said, the gross margin and the merch margin expansion continues to come from the differentiated product, the work that our team has been doing on the pricing and promotion optimization as well as the strong performance that we saw in our vertical brands, which carry the 700 to 900 basis points of higher margin.

是的，賈斯汀，我們就從第一季的表現開始吧。在第一季度，我們的毛利率成長了 41 個基點，這得益於商品利潤率的擴大。正如我們所說，毛利率和商品利潤率的擴大繼續來自於差異化產品、我們的團隊在定價和促銷優化方面所做的工作以及我們在垂直品牌中看到的強勁表現，這些品牌的利潤率提高了 700 到 900 個基點。

And as we look to the future and the balance of this year, our expectation is these will be the same three key drivers of the gross margin expansion in addition to the two new drivers, which we believe will continue to drive higher levels of margin improvement as we go into the balance of the year between GameChanger as well as the DICK'S Media Network.

展望未來和今年的平衡，我們預計，除了兩個新驅動因素外，這仍將是毛利率擴張的三個關鍵驅動因素，我們相信，隨著 GameChanger 和 DICK'S Media Network 在平衡今年的平衡時，這三個新驅動因素將繼續推動更高水平的利潤率改善。

Okay, thank you for that. Now, just one quick follow-up on buybacks, nearly $300 million in the first quarter. Should we expect buybacks to be on hold as you work to close the acquisition?

好的，謝謝你。現在，只需快速跟進一次回購，第一季的回購金額接近 3 億美元。在你們努力完成收購的過程中，我們是否應該預期回購會暫停？

Yes, we'll continue to be nimble and flexible about it. As you can imagine, there are certain restrictions as we are in the phase of the S-4 filing. So we'll evaluate that appropriately for the balance of the year.

是的，我們會繼續保持彈性和彈性。正如您所想的，由於我們正處於 S-4 申請階段，因此存在某些限制。因此，我們將根據今年的餘額對此進行適當的評估。

All right, thank you so much. Best of luck.

好的，非常感謝。祝你好運。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Great, good morning and thanks for taking my questions. The first one was on the assortment. We're hearing of some retailers' plans to trim their product assortment as one method of neutralizing tariff cost headwinds. And just curious if that was part of your approach? And if so, if you could elaborate.

太好了，早安，謝謝您回答我的問題。第一個是關於分類的。我們聽說一些零售商計劃削減產品種類，作為抵消關稅成本阻力的一種方法。我只是好奇這是否是您的方法的一部分？如果是的話，您能否詳細說明一下？

John, no, we are managing our business in terms of what's right for the consumer, making sure that we have the best product, everything from opening price point to the best performance gear and equipment. And so no, that is not a stated strategy of ours. It's -- we are going to optimize our inventory for what the athlete needs.

約翰，不，我們根據消費者的利益來管理我們的業務，確保我們擁有最好的產品，從起始價到最佳性能的裝備和設備。所以，這不是我們既定的策略。我們將根據運動員的需求來優化我們的庫存。

Understood. And just a quick follow-up on GameChanger. If you could talk about just the mix of the active user base in terms of maybe what percentage of those GameChanger users are utilizing it from a free version versus a paid subscription and how you see that evolving?

明白了。這只是對 GameChanger 的快速跟進。如果您可以談談活躍用戶群的組成，例如 GameChanger 用戶中有多少比例使用免費版，有多少比例使用付費訂閱，以及您如何看待這種發展？

Yes. John, in terms of what we are seeing is, one, we are seeing a strong level of engagement across both our free model that we have as well as the paid model that we have. Keep in mind, the opportunity that Lauren talked about, the DICK'S Media Network gives us an opportunity to engage even if somebody is using the app on a free basis to be able to engage with those set of athletes in a differentiated way.

是的。約翰，就我們所看到的情況而言，首先，我們看到我們的免費模式和付費模式都具有很強的參與度。請記住，勞倫談到的機會，DICK'S 媒體網絡為我們提供了一個參與的機會，即使有人免費使用該應用程序，也能夠以差異化的方式與這些運動員互動。

And we definitely see an opportunity. And quite frankly, the team does a fantastic job of upselling and cross-selling the application across the active database. So great opportunity, and that's the reason we feel confident in being able to drive the 40% to 50% growth that we have been driving on a top line basis on the GameChanger platform.

我們確實看到了機會。坦白說，該團隊在活動資料庫的追加銷售和交叉銷售應用程式方面做得非常出色。這是一個非常好的機會，這就是我們有信心在 GameChanger 平台上實現 40% 至 50% 的收入成長的原因。

Thank you.

謝謝。

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

我們的問答環節到此結束，現在我將會議交還給總裁兼執行長 Lauren Hobart 進行總結發言。

Thank you all for your interest in DICK'S Sporting Goods, and we're excited to see you next quarter. Thank you.

感謝大家對 DICK'S Sporting Goods 的關注，我們很高興下個季度能見到您。謝謝。

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。