DICK'S Sporting Goods Inc (DKS) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the DICK'S Sporting Goods second 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，我歡迎您參加 DICK'S Sporting Goods 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Nate Gilch, Senior Director of Investor Relations. Nate, please go ahead.

現在，我想將會議交給投資者關係高級總監 Nate Gilch。內特，請繼續。

Good morning, everyone, and thank you for joining us to discuss our second quarter of 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.

大家早安，感謝您加入我們討論 2025 年第二季的業績。參加今天電話會議的有我們的執行主席 Ed Stack、我們的總裁兼執行長 Lauren Hobart 和我們的財務長 Navdeep Gupta。

A playback of today's call will be archived on our investor relations website, located at investor.dicks.com for approximately 12 months. As a reminder, we will be making forward-looking statements which are subject to various risks and uncertainties that they cause our actual results to differ materially from these statements.

今天的電話會議回放將存檔在我們的投資者關係網站（網址為 investor.dicks.com）上，存檔期約為 12 個月。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，導致我們的實際結果與這些陳述有重大差異。

Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and our most recent quarterly report on Form 10-Q, as well as cautionary statements made during this call. We assume no obligation to update any of these forward-looking statements or information.

任何此類聲明都應與我們提交給美國證券交易委員會 (SEC) 的收益報告中的警示性聲明和風險因素討論（包括我們上一份 10-K 表年度報告和最近一份 10-Q 表季度報告）以及本次電話會議期間做出的警示性聲明一併考慮。我們不承擔更新任何這些前瞻性陳述或資訊的義務。

Please refer to our investor relations website on the reconciliation of our non-GAAP financial measures referenced in today's call. Finally, for future scheduling purposes, we are tentatively planning to publish our third quarter, 2025 earnings results on November 25, 2025.

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。最後，為了未來的安排，我們暫定於 2025 年 11 月 25 日發布 2025 年第三季的收益結果。

With that, we now turn the call over to Ed.

現在，我們將電話轉給 Ed。

Thanks, Nate. Good morning, everyone. As announced earlier this morning, we delivered a very strong second quarter with comps of 5%. Our momentum continues to build, which is a clear reflection of the strength of our long-term strategies and investments. We're really in a great lane.

謝謝，內特。大家早安。正如今天早上早些時候宣布的那樣，我們第二季度表現非常強勁，同比增長 5%。我們的勢頭持續增強，這清楚地反映了我們的長期策略和投資的實力。我們確實處在一條很好的道路上。

The convergence of sport and culture has never been stronger, and we're seeing tremendous momentum and opportunity across our industry. As a company rooted in sport, DICK'S is uniquely positioned to seize this opportunity. We have a deep understanding of our athletes, and we execute with precision from our differentiated on-trend product assortment to our industry leading omni-channel athlete experience or operating from a position of strength.

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。作為一家植根於體育運動的公司，DICK'S 擁有獨特的優勢來抓住這一機會。我們對運動員有著深刻的了解，並且從差異化的流行產品組合到行業領先的全通路運動員體驗或實力運營，我們都精準地執行。

Before Lauren and Navdeep take you through the Q2 details, I'd like to provide a brief update on our pending acquisition of Foot Locker. As previously shared, Foot Locker shareholders approved the transaction. We've also received all regulatory approvals, and we anticipate the transaction will close on September 8. We remain very enthusiastic about the strategic benefits from the deal.

在 Lauren 和 Navdeep 向您介紹第二季的細節之前，我想先簡單介紹一下我們即將收購 Foot Locker 的情況。正如之前所述，Foot Locker 股東批准了該交易。我們也獲得了所有監管部門的批准，預計交易將於 9 月 8 日完成。我們對這筆交易帶來的戰略利益仍然非常熱衷。

By bringing together DICK'S and Foot Locker's iconic brands, we will create a global leader in the sports retail industry to serve a broader set of consumers, strengthen our partnerships with the world's leading sports brands, and meaningfully expand our total addressable market. We look forward to providing more details on our plans for Foot Locker on our third quarter call.

透過整合 DICK'S 和 Foot Locker 的標誌性品牌，我們將打造體育零售業的全球領導者，服務更廣泛的消費者，加強與世界領先體育品牌的合作夥伴關係，並顯著擴大我們的整體目標市場。我們期待在第三季電話會議上提供有關 Foot Locker 計劃的更多細節。

I will now turn the call over to Lauren, who will go over our Q2 results and full year outlook.

現在我將電話轉給勞倫，她將介紹我們的第二季業績和全年展望。

Thank you, Ed, and good morning, everyone. We are very pleased with our strong Q2 results. As Ed said, our performance continues to show how well our long-term strategies are working: the strength and resilience of our operating model and our team's consistent execution. Our sustained momentum is powered by our compelling omni-channel athlete experience, differentiated product assortment, best-in-class teammate experience and our ability to create deep engagement with the DICK'S brand.

謝謝你，艾德，大家早安。我們對第二季的強勁業績感到非常滿意。正如艾德所說，我們的業績持續顯示我們的長期策略運作良好：我們的營運模式的實力和彈性，以及我們團隊的一貫執行力。我們持續的發展勢頭源於我們引人注目的全通路運動員體驗、差異化的產品組合、一流的隊友體驗以及與 DICK'S 品牌建立深度互動的能力。

Today, we're raising our full year outlook. This updated guidance reflects our strong Q2 results and the ongoing confidence we have in our business, grounded in our team's execution of the four strategic pillars I just mentioned. We now expect comp sales growth for the year to be in the range of 2% to 3.5% and EPS to be in the range of $13.90 to $14.50.

今天，我們上調了全年預期。這項更新後的指引反映了我們強勁的第二季業績以及我們對業務的持續信心，這基於我們團隊對我剛才提到的四大策略支柱的執行。我們現在預計今年的銷售額成長率將在 2% 至 3.5% 之間，每股收益將在 13.90 美元至 14.50 美元之間。

Now moving to our results. Our Q2 comps increased 5% with growth in average ticket and transactions. These strong comps were on top of a 4.5% increase last year and a 2% increase in 2023, and we continue to gain market share from online-only and from omni-channel retailers. Our second quarter gross margin expanded over 30 basis points, and we delivered non-GAAP EPS of $4.38. As we continue to execute against our strategic pillars, we're seeing strong momentum across the three growth areas that we are focusing on for this year.

現在來看看我們的結果。隨著平均票價和交易量的成長，我們的第二季銷售額成長了 5%。這些強勁的業績是在去年 4.5% 的成長和 2023 年 2% 的成長的基礎上取得的，我們將繼續從純線上零售商和全通路零售商獲得市場份額。我們第二季的毛利率成長了30個基點以上，非公認會計準則每股收益達到4.38美元。隨著我們持續執行各項策略支柱，我們在今年重點關注的三個成長領域都展現出強勁的成長動能。

First, we're making great progress repositioning our Real Estate and Store portfolio. This past quarter, we opened one additional House of Sport location. And in Q3, we expect to open 13 more, marking our highest number of House of Sport openings within a single quarter. We continue to expect to open approximately 16 total House of Sport locations this year, which will bring our year-end total to approximately 35.

首先，我們在重新定位房地產和商店組合方面取得了很大進展。上個季度，我們又開了一家 House of Sport 店。在第三季度，我們預計將再開設 13 家 House of Sport 門市，這將是我們單季開設門市數量最多的一次。我們預計今年將開設約 16 家 House of Sport 門市，這將使我們的年底門市總數達到約 35 家。

We also added four new Field House locations in Q2. We expect to open six more in Q3 and are on track to open approximately 15 total for the year, taking us to approximately 42 by year-end. These investments are driving powerful financial results, strong engagement with our athletes, brand partners and communities, and importantly, they're laying the foundation for sustainable, long-term profitable growth.

我們還在第二季增加了四個新的 Field House 地點。我們預計第三季將再開設 6 家門市，全年預計開設約 15 家門市，到年底將達到約 42 家門市。這些投資正在推動強勁的財務業績，與我們的運動員、品牌合作夥伴和社區緊密聯繫，更重要的是，它們為可持續的長期獲利成長奠定了基礎。

Second, supported by our differentiated product access and flagship vertical brands, our focus on driving growth in key categories is fueling significant athlete excitement and demand across our portfolio. In fact, during Q2, more athletes purchased from us, they purchased more frequently, and they spend more each trip compared to the same period last year. We remain encouraged by the strong product pipeline from our brand partners.

其次，在我們差異化的產品管道和旗艦垂直品牌的支持下，我們專注於推動關鍵類別的成長，這激發了我們整個產品組合中運動員的極大興趣和需求。事實上，與去年同期相比，第二季度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。我們的品牌合作夥伴強大的產品線讓我們備受鼓舞。

And third, our multibillion-dollar highly profitable e-commerce business is standing out as a growth driver, once again growing faster this quarter than the company overall. Our app has been instrumental in creating a strong launch culture across key categories, driving energy and sell-through. At the same time, our stores are executing at a very high level. They're building an athlete-centric service and selling culture and really bringing our differentiated product assortment to life for our athletes.

第三，我們價值數十億美元的高利潤電子商務業務脫穎而出，成為成長動力，本季其成長速度再次高於公司整體成長速度。我們的應用程式在創建關鍵類別的強大發布文化、推動能源和銷售方面發揮了重要作用。同時，我們的商店的執行水準非常高。他們正在建立以運動員為中心的服務和銷售文化，並真正為我們的運動員帶來差異化的產品組合。

Lastly, as part of our broader digital strategy, we're harnessing the power of our athlete data, and remain very enthusiastic about the long-term growth opportunities we see with GameChanger and the DICK'S media network.

最後，作為我們更廣泛的數位策略的一部分，我們正在利用運動員數據的力量，並對 GameChanger 和 DICK'S 媒體網絡帶來的長期成長機會充滿熱情。

I want to close with a brief comment on how enthusiastic I am about the future growth potential of the DICK'S and Golf Galaxy businesses as well as a compelling range of opportunities that we see in our acquisition of Foot Locker. We've talked a lot about the strategic and financial benefits of this transaction. And as we continue on the path to closing, we remain confident in those benefits and expect a really exciting future for both companies.

最後，我想簡要地談談我對 DICK'S 和 Golf Galaxy 業務未來成長潛力的熱情，以及我們在收購 Foot Locker 時看到的一系列引人注目的機會。我們已經多次討論過這筆交易的策略和財務利益。隨著我們繼續推進交易，我們仍然對這些好處充滿信心，並期待兩家公司都能擁有真正令人興奮的未來。

Before concluding, I'd like to thank all of our teammates across the company for their outstanding efforts and continued commitment to DICK'S Sporting Goods. Their passion and hard work are the driving force behind these results.

最後，我要感謝公司全體同事對 DICK'S Sporting Goods 的傑出努力和持續承諾。他們的熱情和努力是這些成果背後的驅動力。

With that, I'll turn it over to Navdeep to share more detail on our financial results and 2025 outlook. Navdeep, over to you.

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 second quarter results. We are very pleased to deliver a consolidated sales increase of 5% to $3.65 billion. As Lauren said, our Q2 comps increased 5%, and we continue to gain market share from online-only and from omni-channel retailers. This growth represents a 9.5% two-year comp stack and 11.5% three-year comp stack. These strong comps were driven by a 4.1% increase in average ticket and a 0.9% increase in transactions. We saw broad-based strength across our key categories.

謝謝你，勞倫，大家早安。讓我們先簡要回顧一下第二季的業績。我們非常高興地看到，綜合銷售額成長了 5%，達到 36.5 億美元。正如勞倫所說，我們的第二季銷售額成長了 5%，我們繼續從純線上零售商和全通路零售商獲得市場份額。這一成長代表兩年可比成長率為 9.5%，三年期可比成長率為 11.5%。這些強勁的業績是由平均票價上漲 4.1% 和交易量上漲 0.9% 推動的。我們看到，我們各主要類別均呈現廣泛優勢。

Gross profit for the second quarter remained strong at $1.35 billion or 37.06% of net sales and increased 33 basis points from last year. This increase was driven by higher merchandise margin and leverage on occupancy costs due to higher sales. On a non-GAAP basis, SG&A expenses increased 9.9% to $864 million and deleveraged 105 basis points compared to last year's non-GAAP results.

第二季毛利保持強勁，達到 13.5 億美元，佔淨銷售額的 37.06%，比去年同期增加了 33 個基點。這一增長是由於商品利潤率提高以及銷售額增加帶來的入住成本槓桿作用所致。根據非公認會計準則 (Non-GAAP)，銷售、一般及行政開支較去年的非公認會計準則結果增加 9.9% 至 8.64 億美元，去槓桿率降低 105 個基點。

As we discussed previously, 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. Pre-opening expenses were $12.3 million, an increase of $3.4 million compared to the prior year. Non-GAAP operating income was $475 million or 13.02% of net sales. This compares to non-GAAP operating income of $480.5 million or 13.83% of net sales in Q2 of 2024.

正如我們之前所討論的，這種同比去槓桿是預期之中的，並且是由數位化、店內和行銷方面的策略投資推動的，以便我們在長期內更好地定位自己。開業前費用為 1,230 萬美元，比前一年增加 340 萬美元。非公認會計準則營業收入為 4.75 億美元，佔淨銷售額的 13.02%。相比之下，2024 年第二季非 GAAP 營業收入為 4.805 億美元，佔淨銷售額的 13.83%。

Non-GAAP EBT was $472.6 million or 12.96% of net sales. This compares to EBT of $482.3 million or 13.89% of net sales in Q2 of last year. In total, we delivered non-GAAP earnings per diluted share of $4.38. This compares to earnings per diluted share of $4.37 last year.

非公認會計準則息稅前利潤為 4.726 億美元，佔淨銷售額的 12.96%。相較之下，去年第二季的息稅前利潤為 4.823 億美元，佔淨銷售額的 13.89%。整體而言，我們非公認會計準則每股攤薄收益為 4.38 美元。去年同期每股攤薄收益為 4.37 美元。

On a GAAP basis, our earnings per diluted share was $4.71. This includes non-cash gains from non-operating investment in Foot Locker stock as well as merger and integration and financing costs related to the pending Foot Locker acquisition. For additional details on this, you can refer to the non-GAAP reconciliation tables of our press release that we issued this morning.

根據美國通用會計準則 (GAAP)，我們的稀釋每股收益為 4.71 美元。這包括對 Foot Locker 股票進行非經營性投資所產生的非現金收益，以及與即將進行的 Foot Locker 收購相關的合併、整合和融資成本。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 Q2 with approximately $1.2 billion of cash and cash equivalents and no borrowings on our new $2 billion unsecured credit facility. Our quarter end inventory levels increased 7.1% compared to Q2 of last year. As we enter into Q3, we believe our inventory is well positioned to continue fueling our sales momentum.

現在來看我們的資產負債表。截至第二季末，我們擁有約 12 億美元的現金和現金等價物，並且沒有對新的 20 億美元無擔保信貸額度進行借款。與去年第二季相比，我們季度末的庫存水準增加了 7.1%。隨著進入第三季度，我們相信我們的庫存已做好準備，並繼續推動我們的銷售動能。

Turning to our second quarter capital allocation. Net capital expenditures were $213 million, and we paid $96 million in quarterly dividends.

談談我們第二季的資本配置。淨資本支出為 2.13 億美元，我們支付了 9,600 萬美元的季度股息。

Now moving to our outlook for 2025, which does not include acquisition-related costs, investment gains or results from previously announced Foot Locker acquisition. As Lauren said, we are raising our expectation for comp sales and EPS. Our updated guidance reflects our strong Q2 performance and includes the expected impact from all tariffs currently in effect.

現在轉向我們對 2025 年的展望，其中不包括收購相關成本、投資收益或先前宣布的 Foot Locker 收購的結果。正如勞倫所說，我們正在提高對同店銷售額和每股盈餘的預期。我們更新後的指引反映了我們第二季度的強勁業績，並包括目前生效的所有關稅的預期影響。

Our guidance balances our confidence in the outcomes we are driving through our strategic initiatives and our operational strength against the ongoing complex and dynamic macroeconomic environment. We now expect full year comp sales growth in the range of 2% to 3.5% compared to our prior expectation of 1% to 3% growth. Consolidated sales are expected to be in the range of $13.75 billion to $13.95 billion compared to our prior expectation of $13.6 billion to $13.9 billion.

我們的指導平衡了我們對透過策略性措施和營運實力所取得的成果的信心，以及持續複雜而動態的宏觀經濟環境。我們現在預計全年銷售額成長率將在 2% 至 3.5% 之間，而先前我們預期的成長率為 1% 至 3%。預計合併銷售額將在 137.5 億美元至 139.5 億美元之間，而我們先前預期為 136 億美元至 139 億美元。

Driven by the quality of our assortment, we expect to drive gross margin expansion for the full year. We anticipate this expansion to be offset by SG&A deleverage as we are making strategic investments digitally, in-store and in marketing to better position ourselves for the long term. We continue to expect full year pre-opening expenses to be in the range of $65 million to $75 million.

受產品種類品質的推動，我們預計全年毛利率將有所擴大。我們預計，由於我們正在數位化、店內和行銷方面進行策略性投資，以便更好地為長期發展做好準備，因此這種擴張將被銷售、一般和行政費用去槓桿所抵消。我們仍然預計全年開業前費用將在 6500 萬美元至 7500 萬美元之間。

For the back half, we expect most of the pre-opening expenses to be concentrated in third quarter to support our 13 planned House of Sport and six Field House opening. We continue to expect operating margins to be approximately 11.1% at midpoint and at the high end of our expectations, we continue to expect to drive approximately 10 basis points of operating margin expansion.

對於下半年，我們預計大部分開業前費用將集中在第三季度，以支持我們計劃中的 13 座體育館和 6 座體育館的開幕。我們繼續預期營業利潤率的中間值約為 11.1%，而在我們的預期高端，我們繼續預期營業利潤率將擴大約 10 個基點。

We now expect EPS in the range of $13.90 to $14.50 compared to our prior expectation of $13.80 to $14.40. As contemplated in our 2025 annual plan, we expect EPS to decline year-over-year in Q3, an increase in fourth quarter. Our earnings guidance is based on approximately 81 million average diluted shares outstanding and an effective tax rate of approximately 25% compared to our prior expectation of approximately 24%. We continue to expect net capital expenditures of approximately $1 billion for the full year.

我們現在預計每股收益將在 13.90 美元至 14.50 美元之間，而先前的預期為 13.80 美元至 14.40 美元。正如我們 2025 年年度計畫所設想的那樣，我們預計第三季每股收益將年減，第四季將有所成長。我們的獲利預期基於約 8,100 萬股平均稀釋流通股和約 25% 的有效稅率，而我們先前預期的有效稅率約為 24%。我們繼續預計全年淨資本支出約為 10 億美元。

In closing, we are very pleased with our second quarter performance and the success of our long-term strategy. We remain very enthusiastic about the future of our business.

最後，我們對第二季的業績和長期策略的成功感到非常滿意。我們對我們業務的未來仍然充滿熱情。

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。

Nice quarter, congratulations. I want to focus in the (inaudible) DICK'S business, I want to focus on your pending acquisition in Foot Locker. So Foot Locker reported results just recently, stark contrast to DICK'S, much weaker. So the question I want to ask is, I mean, as you're thinking about this acquisition, which will close shortly, any update on how you plan to revitalize, if you will, that Foot Locker business under DICK'S ownership and the timing of their key initiatives there?

不錯的一個季度，恭喜。我想專注於（聽不清楚）DICK'S 的業務，我想專注於你們即將進行的 Foot Locker 收購。因此，Foot Locker 最近才公佈業績，與 DICK'S 形成鮮明對比，業績疲軟得多。所以我想問的問題是，我的意思是，當您考慮這次即將完成的收購時，您計劃如何重振 DICK'S 旗下的 Foot Locker 業務以及他們在那裡採取主要舉措的時間安排？

Sure, Brian.

當然，布萊恩。

Actually, it looks like we may have lost Ed. Ed is actually in Europe visiting some Foot Locker stores. Ed, are you there? No, we can't hear you. So I will answer the question, Brian, and we'll work to get Ed's line restored. Ed, try one more time? Nope. Okay.

事實上，我們好像已經失去艾德了。艾德現在正在歐洲參觀一些 Foot Locker 商店。艾德，你在嗎？不，我們聽不到你的聲音。所以我會回答這個問題，布萊恩，我們會努力恢復艾德的線路。艾德，再試一次？沒有。好的。

So thank you for the question. We really appreciate it. We see a tremendous opportunity with the Foot Locker business. We think this acquisition is going to be great for our consumers, our employees, our vendor partners and also our shareholders. And the more time that we spend in our -- with the Foot Locker team, both at our various headquarters and also in the stores with the stripers, we are increasingly optimistic and this is a team that really, really wants to win.

謝謝你的提問。我們非常感激。我們看到 Foot Locker 業務蘊含著巨大的機會。我們認為此次收購對我們的消費者、員工、供應商合作夥伴以及股東來說都將是件好事。我們與 Foot Locker 團隊（無論是在各個總部還是在有球員的商店）相處的時間越長，我們就越樂觀，這是一支真正想要獲勝的團隊。

What we plan to do? We are going to be working with our brand partners who are very excited about the opportunity to turn the business around who are already sharing really strong insights. We plan to invest in stores. We plan to invest in marketing, and we know that there are opportunities from a core merchandising standpoint. We're excited about apparel opportunities and also bringing in a new assortment of products. So across the board, we're very excited.

我們計劃做什麼？我們將與我們的品牌合作夥伴合作，他們對扭轉業務的機會感到非常興奮，他們已經分享了非常強大的見解。我們計劃投資商店。我們計劃投資行銷，我們知道從核心商品銷售的角度來看存在機會。我們對服裝領域的機會以及推出一系列新產品感到興奮。因此，總體而言，我們感到非常興奮。

Brian, I would say we haven't closed the transaction yet. So we are at September 8 moving toward doing that. And we will be back to you at our Q3 call with more specific details. But rest assured, we are very excited about the opportunity that we see in Foot Locker and we are moving forward with a lot of enthusiasm.

布萊恩，我想說我們還沒完成交易。因此我們將於 9 月 8 日開始著手實現這一目標。我們將在第三季電話會議上向您提供更多具體細節。但請放心，我們對 Foot Locker 所看到的機會感到非常興奮，並且我們正滿懷熱情地向前邁進。

I appreciate the details. And then if I can just focus a big picture, but more, I guess, on the DICK'S business, just topic, du jour, if you will, the tariffs. So where is DICK'S within the tariff conversation, your mitigation efforts. And to the extent that either DICK'S or your supply partners have started to adjust prices. Have you seen any actual or any impact upon demand on the part of your consumers?

我很欣賞這些細節。然後，如果我可以集中註意力看一看大局，但我想更多的是關於 DICK'S 的業務，只是當天的話題，如果你願意的話，就是關稅。那麼，DICK'S 在關稅對話中發揮了什麼作用，您的緩解措施是什麼？並且 DICK'S 或您的供應合作夥伴已開始調整價格。您是否看到消費者方面的需求有任何實際影響？

Thanks, Brian. We actually -- we come off a quarter where we had 5% comps, and we're feeling really strong about all aspects of our business. Our long-term strategies are clearly working. Everything from the differentiated assortment that we have in the stores, our athlete experience, which we continue to invest in and reinvent in our stores, our online business, our app, but also in our reinvention of our product -- our portfolio of stores with our House of Sport and our Field House concept.

謝謝，布萊恩。事實上，我們剛剛過去的一個季度的銷售額同比增長了 5%，我們對業務的各個方面都感到非常強勁。我們的長期策略顯然正在發揮作用。從我們在商店中提供的差異化商品，到我們在商店中持續投資和重塑的運動員體驗、我們的在線業務、我們的應用程序，以及我們對產品的重塑——我們的商店組合，包括我們的運動之家和田徑場概念。

So I would point to the execution of our team, which has just been absolutely extraordinary. And their passion to win and their passion to produce results are really driving so much of our business. As you look to the back half, we just did take up our top-line and bottom-line guidance, and that includes all of the impact of tariffs that we see.

因此，我想指出我們團隊的執行力絕對是非凡的。他們對勝利的熱情和對成果的熱情確實推動了我們的業務發展。展望下半年，我們剛剛提出了營收和利潤預測，其中包括我們看到的所有關稅影響。

We did also just come off of a Q2 where our gross margin expanded, and we are navigating very well through an uncertain tariff environment. We've seen some sporadic price increases, but they are surgical and not across the board, and we're seeing our consumer, obviously, with a 5% comp, we're seeing the consumer respond really well. So I'm very pleased that we are navigating well and still increasing our guidance and our gross margin for the back half.

我們剛剛經歷了第二季度，毛利率有所擴大，並且我們在不確定的關稅環境中表現得非常好。我們看到了一些零星的價格上漲，但這些上漲是針對特定人群的，而不是全面的，而且我們看到消費者對 5% 的漲價反應非常好。因此，我很高興看到我們進展順利，並且仍在提高下半年的業績指引和毛利率。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

So Lauren, you mentioned the business is vibrant. Can you talk about the second half comp assumptions? Are there any signs that the consumer is slowing in any categories? Is there some just caution because of comparison and maybe tariff impact that the consumer could face?

勞倫，您提到業務很活躍。能談談下半年的業績假設嗎？是否有跡象顯示某些類別的消費正在放緩？由於比較以及消費者可能面臨的關稅影響，是否需要謹慎？

Yes. Thanks for the question, Simeon. We are not seeing any signs of slowdown with the consumer. In fact, one of the most exciting things about the quarter that we just delivered is the broad-based nature of the growth that we saw. We saw growth across all of our key segments. So Footwear, Apparel, Team Sports and Golf, all doing really, really well. So we do not see signs that the consumer is slowing.

是的。謝謝你的提問，西緬。我們沒有看到消費出現任何放緩的跡象。事實上，我們剛剛發布的這個季度最令人興奮的事情之一就是我們看到的廣泛成長性質。我們看到所有主要領域都實現了成長。因此，鞋類、服裝、團隊運動和高爾夫都表現得非常非常好。因此，我們沒有看到消費放緩的跡象。

I would say, if anything, if you look to the assortment and the partnership that we have with our key brands, there is a trend toward innovation and newness in the products that are coming down the pike. They are keeping the consumer really, really energized and they're responding very well to some of that technicity that's all in the product, both again, hardlines and softlines.

我想說，如果你看看我們的產品組合以及我們與主要品牌的合作關係，你會發現即將推出的產品呈現出創新和新穎的趨勢。他們讓消費者真正充滿活力，並且對產品中的一些技術細節反應良好，無論是硬線產品還是軟線產品。

So we're seeing with bat launches as well as apparel as well as technical running and the new running constructs that are out in the market. So we think we're going to be navigating really well. We did just take our comp assumptions up for the back half. So we are confident we can deliver that guidance.

因此，我們看到市場上出現了球棒、服裝、技術跑步和新型跑步構造。所以我們認為我們的導航將會非常好。我們確實提高了下半年的競爭假設。因此我們有信心能夠提供該指導。

Yes, Simeon, just to build on what Lauren said, as you can imagine, the overall macroeconomic situation continues to remain dynamic, and that's the reason we continue to have in the range of an outlook that we have provided. But the things that we control, the core strategy, the assortment that we have access to, how well our inventory is positioned for the back half, we are really excited about all the opportunities that we continue to see ahead of us.

是的，西緬，基於勞倫所說的，你可以想像，整體宏觀經濟形勢繼續保持動態，這就是我們繼續保持所提供的展望範圍的原因。但是，我們控制的事情、核心策略、我們可以獲得的分類、我們的庫存在下半年的定位如何，我們對未來繼續看到的所有機會感到非常興奮。

Okay. And then my follow-up is on margin. There's maybe like a near-term component and then a medium term. The near-term gross, the language in the presentation changed a little bit. And I don't know if you mentioned merch margin in Q2. So some clarification on the level of expansion you expect plus what happened in Q2.

好的。然後我的後續問題是保證金。可能有一個近期部分，然後是一個中期部分。就近期的整體情況而言，演示中的語言略有改變。我不知道您是否提到了第二季的商品利潤。因此，請澄清一下您預期的擴張水平以及第二季度發生的情況。

And then the medium-term question is more on expenses within the margin. At what point does the leverage threshold of the business change, meaning you have the curve of House of Sport expense, technology, whatever else you're dealing with in SG&A, when does that level off such that the comp leverage point actually moderates or at least stabilize?

那麼中期問題更多的是關於利潤範圍內的支出。企業的槓桿門檻何時發生變化，這意味著您有 House of Sport 費用、技術以及您在 SG&A 中處理的任何其他費用的曲線，什麼時候會趨於平穩，從而使公司槓桿點實際上趨於緩和或至少保持穩定？

Yes. So Simeon, let me -- I think there are three questions there, and I'll try to answer all three of them, and let me know if I missed something. So the first, starting with Q2, like Lauren indicated, we are very pleased with the business here in Q2. Not only did we deliver a 5% comp, 9.5% two-year stack, but we delivered that on strong gross margin and merch margin expansion. So our margins expanded 33 basis points gross margins and the merch margin expanded by 18 basis points.

是的。所以西緬，讓我——我認為那裡有三個問題，我會盡力回答所有三個問題，如果我遺漏了什麼，請告訴我。首先，從第二季開始，正如勞倫所說，我們對第二季的業務非常滿意。我們不僅實現了 5% 的年增幅和 9.5% 的兩年期增幅，而且還實現了強勁的毛利率和商品利潤率擴張。因此，我們的利潤率擴大了 33 個基點，毛利率擴大了 18 個基點。

The drivers of that expanded merch margin continues to be consistent with what we have been talking about, about the quality of our assortment, the favorable mix that we continue to see from the core categories that are performing exceedingly well as well as some of the early benefits that we have started to see from GameChanger and DICK'S Media Network.

擴大商品利潤率的驅動因素與我們一直在談論的一致，包括我們的產品組合品質、我們繼續看到的、表現優異的核心類別的有利組合，以及我們從 GameChanger 和 DICK'S Media Network 開始看到的一些早期好處。

And as we look to the back half, those three drivers will continue to remain to be the drivers of our expanded gross margin outlook that we have shared on a year-over-year basis for the full year as well.

展望下半年，這三個驅動因素將繼續成為我們擴大毛利率前景的驅動力，我們也已分享了全年同比毛利率的預測。

In terms of the leverage point, so we're not sharing the long-term rubric here. But the way we have consistently said in the past, we believe that we can deliver kind of a leverage on the SG&A at a low single digit comp, and that will be balanced between the margin outlook that we share as well as the SG&A investment opportunity.

就槓桿點而言，我們不會在這裡分享長期準則。但正如我們過去一直所說的那樣，我們相信我們可以在較低的個位數比率下對銷售、一般和行政費用 (SG&A) 實現某種槓桿作用，這將在我們共享的利潤率前景和銷售、一般和行政費用投資機會之間取得平衡。

But what we have been saying is you can continue to look to us to drive consistently the strong top line and the strong bottom line momentum on the top line on an EPS basis. We will continue to balance that between the opportunity that we see to create long-term differentiating opportunities like GameChanger, DICK'S Media Network. Some of the work that our technology team has been doing in personalization, RFID. These are the differentiating capabilities that we are investing in that are driving sustained top line results as well as strong profitability growth.

但我們一直在說的是，您可以繼續期待我們以每股收益為基礎持續推動強勁的營收和強勁的獲利動能。我們將繼續在我們看到的機會之間取得平衡，以創造長期差異化機會，例如 GameChanger、DICK'S Media Network。我們的技術團隊在個人化、RFID 方面一直在做一些工作。這些是我們正在投資的差異化能力，它們將推動持續的營收績效以及強勁的獲利成長。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

I'll add my Congratulations. Well done. Lauren, so my question is sort of higher-level kind of what we're seeing in the industry overall. Athlete apparel and even performance footwear, they generally, right, have been under some pressure year-to-date. Seemingly, the retail channel, the wholesale part of their business is doing better than maybe their own DTC.

我要表達我的祝賀。做得好。勞倫，我的問題是關於我們在整個行業中看到的更高層次的情況。運動服裝，甚至是運動鞋，總體來說，今年迄今都承受著一定的壓力。看起來，他們的零售通路和批發業務部分可能比他們自己的 DTC 做得更好。

And then you have kind of your -- the deal with Foot Locker makes you a bigger present for NIKE. So it just feels like to me, some of the balance of power may be shifting in your favor. And I'm wondering if you can discuss that from a broad long-term perspective.

然後你就有了——與 Foot Locker 的交易讓你為 NIKE 帶來了更大的禮物。所以對我來說，感覺一些力量平衡可能正在轉向對你有利的方向。我想知道您是否可以從廣闊的長期角度來討論這個問題。

And then Navdeep, can you talk about how much of your comp came from current day price increases? What do you foresee for third- and fourth quarter. And then you're working on spring orders. So are brands raising prices, right, because there's this rolling impact of the tariffs in the spring season more intensively than fall?

然後 Navdeep，您能談談您的收入有多少來自於當前的價格上漲嗎？您對第三季和第四季有何預測？然後你開始處理春季訂單。那麼，品牌是否會提高價格，因為春季關稅的滾動影響比秋季更大？

Okay, Adrienne. Thanks for the question. So starting with what we're seeing in the industry and overall, we are seeing, as I just mentioned, growth across all aspects of our business. So that's Footwear, and that's Apparel and it's also Team Sports as well as Golf. So we are finding growth in all of those.

好的，艾德麗安。謝謝你的提問。因此，從我們在行業和整體上看到的情況開始，正如我剛才提到的，我們看到我們業務的各個方面都在成長。這就是鞋類，這就是服裝，這就是團隊運動以及高爾夫。因此，我們發現所有這些都在增長。

And you're right, as we become a -- Foot Locker becomes part of the DICK's family, we are an even more important brand to our wholesale partners. And that's part of the thesis and the strategy is that we want to be involved in that long-term -- just long-term insight sharing, trend identification, product development. So we're very, very focused on that.

您說得對，隨著 Foot Locker 成為 DICK 家族的一部分，我們對我們的批發合作夥伴來說就變得更加重要了。這是論文的一部分，我們的策略是希望長期參與其中——長期的洞察力分享、趨勢識別和產品開發。所以我們非常非常關注這一點。

I don't know if I would say the balance of power would shift. I think what I would say is our strategic relationship is very, very strong. And as the consumer continues to vote with -- into the categories that we serve, be it all -- be it the high heat footwear as well as the bats and all of the newness and the innovation that are coming down the pike, we feel terrific. We are rooted in sports. Our brand partners are rooted in sport, and we're very optimistic about the future.

我不知道我是否會說力量平衡會發生轉變。我想說的是，我們的策略關係非常非常牢固。隨著消費者繼續對我們服務的類別進行投票，無論是耐高溫鞋類、球棒還是所有即將推出的新產品和創新產品，我們感到非常高興。我們紮根於體育運動。我們的品牌合作夥伴紮根於運動，我們對未來非常樂觀。

Navdeep, I'll turn it to you.

Navdeep，我會把它交給你。

Yes, Adrienne, in terms of just drivers of the business, when you look at the comp, almost 1% of our comp came from the increase in transaction and the remaining came from the overall basket increase. As Lauren indicated, we are seeing really strong affinity towards the innovation as well as newness that is available in the products. And so that continues to be a big driver of the overall basket selling and the work that our teams are doing in stores and helping sell a much more comprehensive basket. And so that means more units per transaction. That is also a driver in addition to the product mix as well.

是的，艾德麗安，就業務驅動力而言，當你查看公司業績時，你會發現我們近 1% 的業績來自交易的增長，其餘的則來自整體購物籃的增長。正如勞倫所指出的，我們看到了人們對產品的創新和新穎性的強烈興趣。因此，這繼續成為整體購物籃銷售和我們團隊在商店所做的工作以及幫助銷售更全面的購物籃的重要推動力。這意味著每筆交易的單位數更多。這也是除了產品組合之外的驅動因素。

So it's a combination of all three of those things that we are seeing, a continued improvement in our basket selling as well as continued increase in transactions.

因此，我們看到的是這三件事的結合，即我們的籃子銷售持續改善以及交易持續增加。

In terms of the outlook for 3Q and 4Q, we typically don't break that out between that level of detail. So I won't do that right now. And then as far as the outlook for the spring season, we will share that in the due course of time. As you can imagine, we are working very closely with national brand partners and our own vertical brands to come up with the plan for 2026.

就第三季和第四季的前景而言，我們通常不會在那個詳細程度之間進行細分。所以我現在不會這麼做。至於春季的展望，我們將在適當的時候分享。你可以想像，我們正在與國家品牌合作夥伴和我們自己的垂直品牌密切合作，制定 2026 年的計劃。

Robby Ohmes, Bank of America.

羅比·歐姆斯（Robby Ohmes），美國銀行。

Great quarter. I was wondering if, Lauren, we could get a little more color on the -- what you're seeing from your customer. You gave us a lot already, but I think you're seeing -- it sounds like more shifting to online versus in-stores? Could you tell us how back-to-school went for you guys and how you think you did there versus last year? And are you seeing your customer gravitating work towards promotions or things like that?

很棒的一個季度。勞倫，我想知道我們是否可以更詳細地了解一下——您從客戶那裡看到了什麼。您已經給了我們很多信息，但我認為您看到了——這聽起來更像是轉向網上銷售而不是店內銷售？可以告訴我們你們開學的情況嗎？與去年相比，你們覺得今年開學的情況如何？您是否發現您的客戶對促銷或類似的東西感興趣？

Thanks, Robby. Thanks for the question. We are seeing strength with our consumer across the board. Our consumer is responding to our assortment, they're responding to the athlete experience. And there's -- we're seeing growth. We've been saying that we are outperforming in e-commerce, but we're seeing incredibly strong growth in all of our channels. So it's not a shift as much as it is just overall consumer demand.

謝謝，羅比。謝謝你的提問。我們看到消費者的整體表現強勁。我們的消費者對我們的產品系列做出了回應，他們對運動員的體驗做出了回應。而且，我們看到了成長。我們一直在說我們在電子商務方面表現出色，但我們所有管道都實現了令人難以置信的強勁成長。因此，這與其說是一種轉變，不如說是一種整體消費者需求。

We feel terrific about back-to-school. A lot of those sales are in Q3. And so we will be reporting on back-to-school when we come back to you in a few months. But between the amazing footwear that we have, the apparel, the backpacks, the lunch boxes, we have a terrific assortment. And promotional activity hasn't been an enormous factor for us. We are navigating, as we always do, we're surgical and the differentiated assortment that we have enables us to really lean into newness and innovation rather than a deep promotional cycle.

我們對返校感到十分高興。很多銷售都發生在第三季。因此，幾個月後當我們回來時，我們會向您報告開學的情況。但是，我們有令人驚嘆的鞋類、服裝、背包、午餐盒等，種類繁多。促銷活動對我們來說並不是一個很大的因素。我們正在導航，就像我們一直在做的那樣，我們是有針對性的，我們擁有的差異化產品組合使我們能夠真正傾向於新穎性和創新，而不是深度促銷週期。

So I just would point to, I think our consumer across the board is doing so well. And you see that in the fact that we don't -- we're not seeing trade down from best-to-better or better-to-good. We're seeing growth across all income demographics. We have products for absolutely every consumer, and that's taking us into the back half.

所以我只想指出，我認為我們的消費者整體表現都很好。事實上，我們並沒有看到貿易從最好走向更好或從更好走向好的現象。我們看到所有收入人群的收入都在成長。我們有適合每位消費者的產品，這就是我們進入後半部的原因。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Getting feedback and (inaudible) under pressure, that is probably related to some of the commentary around the gross margin where previously there was an explicit expectation that it was going to be up 75 basis points for the year. And now the expectation is simply that it's going to be up. So, a, what is the most realistic expectation you anticipate now for your gross margin? And, b, why would it be less than up 75 basis points like it was before?

獲得回饋和（聽不清楚）壓力，這可能與一些有關毛利率的評論有關，之前明確預期今年的毛利率將上漲 75 個基點。現在的預期只是它會上升。那麼，您現在對毛利率最現實的預期是多少？而且，b，為什麼它會比以前少漲 75 個基點呢？

Michael, thanks for that question. I think the first part of your question broke up, but I think your question is around the gross margin and the outlook that we have for the full year. So we still expect the gross margin to expand on a full year basis. And that has been shared as part of the updated outlook.

邁克爾，謝謝你的提問。我認為您問題的第一部分已經分解，但我認為您的問題是關於毛利率和我們對全年的展望。因此我們仍然預計全年毛利率將會擴大。這已作為更新後的展望的一部分進行了分享。

As you can imagine, we have balanced several puts and takes as we navigate the landscape that we have in front of us between tariffs. Our consistent focus on keeping our inventory really vibrant because that inventory and the assortment is what is driving this consistent top line momentum that we have been delivering six straight quarters of over 4% comp.

正如您所想的，我們在應對關稅問題時已經權衡了多種利弊。我們始終致力於保持庫存的活力，因為庫存和產品種類是推動持續營收成長動能的動力，我們已經連續六個季度實現超過 4% 的同比增長。

And you can also imagine the pricing and the promotional landscape always remains very dynamic. So we're trying to balance all of those different drivers as we look to the back half and balance that against our SG&A expectations from an investment perspective because what we have also reiterated is that at the high end of the guidance, we still expect our operating margins to expand by 10 basis points, which is very consistent with what we had been talking as we thought about the full year.

您也可以想像定價和促銷格局始終保持非常活躍。因此，我們在展望下半年時試圖平衡所有這些不同的驅動因素，並從投資角度將其與我們的銷售、一般及行政費用預期進行平衡，因為我們也重申，在指引的高端，我們仍然預計我們的營業利潤率將擴大 10 個基點，這與我們對全年的預期非常一致。

So really excited about the overall outlook we have shared, expanded top line expectations, expanded bottom line expectation and still continue to expect gross margin expansion driven by the new drivers like GameChanger, DMN, but predominantly driven by the differentiated product assortment and balancing that against the SG&A investment opportunity.

因此，對於我們分享的整體前景感到非常興奮，擴大了營收預期，擴大了利潤預期，並且仍然預計毛利率將由 GameChanger、DMN 等新驅動因素推動，但主要由差異化產品組合推動，並與 SG&A 投資機會取得平衡。

My follow-up question is, given the performance of your stock price, it's likely that you'll have to issue more shares now for the Foot Locker deal that what was maybe previously anticipated. So how does that impact the potential flow-through that you're going to get from the deal in the first year after you acquire it? And would you still expect it to be accretive given those additional shares you may have to deliver?

我的後續問題是，鑑於貴公司股價的表現，現在你們可能需要為 Foot Locker 交易發行比之前預期更多的股票。那麼這會對您收購後第一年從交易中獲得的潛在收益產生什麼影響呢？考慮到您可能要交付的額外股份，您是否仍期望它能夠增值？

Yes. Michael, great question. As you know, the shareholder election was on the 29. So based on the consideration mix between the stock and cash, that will determine the level of accretion. And all of that we are working through right now. Once we are on the other side of September 8, we'll be having our own detailed evaluation of the opportunities that we see with the core business. We talked again about the synergies and the confidence we have of $100 million to $125 million of synergies and balancing that against the consideration mix. So much more -- good question, much more to come as we share the outlook as part of the Q3 call.

是的。邁克爾，好問題。如您所知，股東選舉於 29 日舉行。因此，根據股票和現金之間的對價組合，這將決定增值的水平。我們現在正在努力解決所有這些問題。一旦我們度過 9 月 8 日，我們將對核心業務中看到的機會進行詳細的評估。我們再次討論了協同效應以及我們對 1 億美元至 1.25 億美元協同效應的信心，並將其與考慮組合進行平衡。還有更多——好問題，我們將在第三季電話會議上分享展望，屆時還會有更多內容。

Mike Baker, D.A. Davidson.

麥克貝克、D.A.戴維森。

Great. I wanted to ask about GameChanger. Sometimes it gives some statistics in terms of terms of users and the like. Any update on any of those GameChanger type numbers.

偉大的。我想問有關 GameChanger 的問題。有時它會給出一些有關用戶等方面的統計數據。關於任何 GameChanger 類型數字的任何更新。

Yes. Thanks, Mike. Great question. GameChanger continues to do incredibly well, highly profitable, fast-growing software as a subscription business. And in Q2, that continued. So we have saw 7.4 million unique active users in Q2. And on average, 5.5 monthly active users were in the app. That's up 16% year-over-year. We're still on track for the growth numbers. We hit over $100 million last year, and we're on track or almost a 50% revenue growth on that. And so everything is going great with GameChanger.

是的。謝謝，麥克。好問題。GameChanger 作為訂閱業務軟體公司，持續表現優異，利潤豐厚，成長迅速。而在第二季度，這種情況仍在持續。因此，我們在第二季看到了 740 萬獨立活躍用戶。該應用程式每月平均有 5.5 名活躍用戶。與去年同期相比成長了 16%。我們仍在朝著成長目標邁進。去年我們的收入超過了 1 億美元，並且預計將實現近 50% 的收入成長。所以 GameChanger 的一切進展都很順利。

I would say one of the more exciting things that's happening also is that the DICK'S and the GameChanger businesses are working closer than ever on things like -- we're calling a live experience called Bat Lab, where we're rating with bringing top-top athletes and rating all of the new equipment for the year.

我想說的一件更令人興奮的事情是，DICK'S 和 GameChanger 企業在諸如此類的事情上比以往任何時候都更加緊密地合作——我們正在進行一項名為 Bat Lab 的現場體驗，我們將在其中對頂級運動員的到來進行評級，並對全年的所有新設備進行評級。

GameChanger and DICK'S, we're working on sharing data so that we can be more personalized. And GameChanger's a huge piece of our DICK'S Media Network, where we have actually live sports where we can tap into people who are fully engaged in the moment while they're watching their kids, their grandkids, play sports in a highly personalized way. So GameChanger is doing fantastic.

GameChanger 和 DICK'S，我們正在努力共享數據，以便我們能夠更加個人化。GameChanger 是我們 DICK'S 媒體網絡的重要組成部分，我們透過這個網絡直播體育賽事，讓那些全神貫注於當下的人能夠以高度個性化的方式觀看他們的孩子、孫子參加體育運動。所以 GameChanger 表現非常出色。

Yes, Mike, I'll just build on what Lauren said. I think we want to give a shout out to the GameChanger team as they have been driving some of the most sustained and differentiated results in overall youth sports industry. And in Q1, hopefully, you all got a chance to see the first time that we actually did a brand advertising for GameChanger because we feel the brand awareness is another unique opportunity that we see with the GameChanger business. Couldn't be more excited about the results the team is driving and how sustained and differentiated those results are.

是的，麥克，我只是根據勞倫所說的話來補充。我想我們應該向 GameChanger 團隊致敬，因為他們在整個青少年運動產業中推動了一些最持久和差異化的成果。在第一季度，希望大家都有機會看到我們第一次為 GameChanger 做品牌廣告，因為我們認為品牌知名度是 GameChanger 業務的另一個獨特機會。對於團隊所取得的成果以及這些成果的持久性和差異化程度，我感到非常興奮。

Yes. Sounds great. One more follow-up, and you'll probably pump this to the third quarter. But just on Foot Locker, the more you've gotten to know them and see them and visit them, et cetera, any change to those synergy numbers? I believe in the past, they didn't really include any revenue synergies, but you're talking about ways to improve the assortment, et cetera. And as part of the deal being approved, I didn't see anything on divestitures. Are there going to be any required divestitures?

是的。聽起來很棒。再進行一次跟進，您可能會將其推至第三季。但就 Foot Locker 而言，你越了解他們、看到他們、拜訪他們等等，這些協同效應數字有改變嗎？我相信在過去，他們實際上並沒有包括任何收入協同效應，但你正在談論改善產品種類的方法等等。作為交易批准的一部分，我沒有看到任何有關資產剝離的內容。是否需要進行任何必要的資產剝離？

No. Too soon for us to comment on all that. We are not changing the synergy numbers. We had said $100 million to $125 million in synergies, and that is -- we're still very much going after that. We will be diving in once we get past the transaction on September 8 and be back to you in Q3. So you are right.

不。我們目前還無法對這一切發表評論。我們不會改變協同效應數字。我們曾說過協同效應將達到 1 億美元到 1.25 億美元，而且我們仍在努力實現這一目標。一旦我們在 9 月 8 日完成交易，我們就會深入研究，並在第三季回覆您。所以你是對的。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯。

I wanted to follow up on the share count question. In the original release, you did talk about the expected that the deal would be accretive on an earnings basis, I believe, in the first full year post acquisition. Is the answer that -- I think it's about 11 million shares, obviously, Foot Locker stock price moving here. But to the extent that you get a full share conversion, would you expect it to be -- still be accretive on an earnings basis? Or is that more of like it will be accretive, but on an operating profit dollar basis?

我想跟進股票數量問題。在最初的版本中，您確實談到了預期該交易將在收購後的第一個完整年度內在收益基礎上實現增值。答案是——我認為大約有 1100 萬股，顯然，Foot Locker 的股價正在上漲。但是，如果您實現了完全股票轉換，您是否期望它能夠——在收益基礎上仍然實現增值？或者說，它更像是會增值，但是是以營業利潤美元為基礎的？

Yes, Chris, all our great questions. As you can imagine, there are multiple moving pieces when you are trying to understand the accretion dilution. Share count just happens to be one of them, like Lauren indicated, its synergy expectation, the timing of synergy would be another driver, the core business performance would be another driver. So there is definitely more work to be done.

是的，克里斯，我們提出的所有問題都很棒。正如您所想像的，當您試圖了解吸積稀釋時，有多個活動的部分。股票數量恰好是其中之一，正如勞倫指出的那樣，其協同效應預期、協同效應時機是另一個驅動因素，核心業務表現也是另一個驅動因素。因此肯定還有更多工作要做。

But what we continue to remain confident is that this would be accretive, but level of accretion will be depending based on the consideration mix, but that is the work that is ahead of us. Once we are past September 8, we'll be working very closely as a collective company to refine those expectations and share a deeper outlook as part of our Q3 and Q4 call.

但我們仍然堅信這會帶來增值，但增值的程度將取決於考慮的組合，但這是我們面臨的工作。一旦過了 9 月 8 日，我們將作為一個集體公司密切合作，以完善這些預期，並在第三季和第四季電話會議上分享更深入的展望。

Got it. Makes sense. And then as you think about the momentum that you've seen in the business, the excitement around the newness, what seems to be a pretty good back-to-school season in the implied comps in the back half are -- understanding you mentioned you've raised them, but it does signal a sharp deceleration. So is that just more caution around what might happen with the consumer sort of in between events given the uncertainty with tariffs?

知道了。有道理。然後，當您想到您在業務中看到的勢頭、圍繞新事物的興奮時，下半年隱含的可比數據似乎是一個非常好的返校季節——理解您提到您已經提高了它們，但這確實預示著急劇減速。那麼，考慮到關稅的不確定性，這是否只是對消費者在事件之間可能發生的情況更加謹慎？

Thanks, Chris. Yes, we are balancing the incredible momentum that we have in the business with just some appropriate caution about the uncertain macroeconomic environment. We've now included tariffs and everything we know about tariffs then. And keep in mind, we're also lapping second half comps that are aggressive, 50 basis points stronger than the first half. So we are really confident. We never guide to the highest possible outcome, but we have tremendous momentum and are just appropriately cautious as we guide.

謝謝，克里斯。是的，我們正在平衡業務中令人難以置信的發展勢頭，同時對不確定的宏觀經濟環境保持適當的謹慎。我們現在已經包含了關稅以及我們所知道的有關關稅的一切。請記住，我們下半年的業績表現也十分強勁，比上半年高出 50 個基點。所以我們非常有信心。我們從不引導最高的結果，但我們擁有巨大的動力，並且在引導時保持適當的謹慎。

Yes. So Chris, just as a reminder, what Lauren is alluding to is the fact that we actually delivered a 6.4% comp in Q4. So that has also been contemplated as we gave the second half outlook. But unlike you rightly pointed out, we raised our second half outlook versus our prior guidance based on the strength of the core strategies, strength of the assortment that we have as well as how well our teams are executing.

是的。所以克里斯，提醒一下，勞倫暗示的是，我們在第四季度實際上實現了 6.4% 的同比增長。因此，我們在展望下半年時也考慮到了這一點。但與您正確指出的不同，我們根據核心策略的實力、我們擁有的產品組合的實力以及我們團隊的執行情況，上調了下半年的展望，而非先前的指引。

Understood. Have a great back-to-school season.

明白了。祝大家開學季愉快。

Joe Feldman, Telsey Advisory Group.

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

Lauren, I think you mentioned customers are responding to category innovation and technology in some of the products. And I was wondering if you could share a little more color on that and maybe which categories you're seeing the most innovation in or just which products and what people are looking at there?

勞倫，我想您曾提到客戶對某些產品的類別創新和技術做出了回應。我想知道您是否可以對此進行更詳細的介紹，也許您看到哪些類別的創新最多，或者哪些產品以及人們正在關注什麼？

Yes. Thank you. We are seeing, as I said, growth across the entire business, and we are absolutely seeing consumers lean into innovation and technical aspects of the product and performance. So you see it in the running construct from NIKE, for example, doing really well. You see it, as I've mentioned in some of the hardline categories. We're actually having a tremendous excitement in the license category, and we've got small tests going on with trading cards that are doing very well. There is excitement.

是的。謝謝。正如我所說，我們看到整個業務都在成長，我們也確實看到消費者傾向於產品和性能的創新和技術方面。例如，你可以看到 NIKE 的跑步構造表現得非常好。正如我在一些強硬類別中提到的那樣，您看到了它。我們實際上對許可類別感到非常興奮，並且我們已經對交易卡進行了小規模測試，結果非常好。很興奮。

I think it speaks to the fact that the consumer, sport and culture are intertwined in ways that have never been this powerful and the consumer is very, very interested in newness of the lifestyle sport and the performance of sport and we're carrying those products. So I could point to the entire portfolio and say there are areas of incredible excitement and things that we're very excited about coming down the pike.

我認為這說明了消費者、運動和文化以前所未有的強大方式交織在一起，消費者對生活方式運動的新穎性和運動表現非常感興趣，而我們正在銷售這些產品。因此，我可以指出整個投資組合，並說其中一些領域令人興奮不已，而且我們對即將發生的事情感到非常興奮。

That's great. And maybe a quick separate sort of question, which is, can you talk a little bit about how you guys are incorporating new technologies into the business like AI or computer vision and machine learning and how that's maybe going to help on the back end and the front end?

那太棒了。也許還有一個簡單的單獨問題，那就是，您能否談談您如何將新技術融入業務中，例如人工智慧或電腦視覺和機器學習，以及這些技術如何幫助後端和前端？

Yes. That's a great question. As you know, we have been investing in SG&A for some time now. And a lot of that is in marketing but also technical tools that are really enabling our business. And we've been investing in things like the digital businesses to make our e-commerce and the GameChanger business even stronger. We're investing in the marketing stack so that we can even be more personalized.

是的。這是一個很好的問題。如您所知，我們已經在銷售、一般及行政費用 (SG&A) 方面投資了一段時間了。其中很大一部分是在行銷方面，但也有真正推動我們業務發展的技術工具。我們一直在數位業務等領域進行投資，以使我們的電子商務和 GameChanger 業務更加強大。我們正在投資行銷堆棧，以便我們可以更加個人化。

We're investing in tools for our teammates so that they use RFID to help find products around the store and to be able to send products faster to athletes. And we have AI embedded in many of these tools. We've got search function, supercharged search on e-com, that is based on AI enablement and as is teammate scheduling and product and merch assortment planning.

我們正在為我們的隊友投資工具，以便他們使用 RFID 來幫助在商店周圍尋找產品，並能夠更快地將產品發送給運動員。我們在許多這樣的工具中嵌入了人工智慧。我們擁有搜尋功能，即基於人工智慧支援的電子商務增強搜尋功能，以及隊友調度和產品及商品分類規劃。

So early innings with AI, but there are the tools that we are building are powered by them and will continue to be more so. And this is a very significant part of how we're driving productivity and also empowering our teammates to spend more time with athletes in the sales and service mode rather than on tasking.

人工智慧才剛起步，但我們正在建構的工具是由人工智慧驅動的，並且將繼續如此。這是我們提高生產力的一個非常重要的部分，同時也讓我們的隊友能夠花更多的時間在銷售和服務模式上與運動員在一起，而不是在任務上。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Congrats on a nice quarter. Lauren, can you talk to the athletic footwear cycle where you think we are? Prices seem to be moving a little bit higher and probably will so through the first half of next year. How do you think the consumers' ability to absorb these price increases stands? And I got a quick follow-up after that.

恭喜本季取得良好業績。勞倫，你能談談我們目前所處的運動鞋週期嗎？價格似乎略有上漲，並且很可能在明年上半年繼續上漲。您認為消費者承受價格上漲的能力如何？此後我很快就得到了跟進。

Well, as I've said, the Footwear business continues to be very, very strong. There have been some selective price increases, but we and our brand partners are very surgical about when, where and how much we can bring in some minor price increases to offset some of the tariffs, but we are always conscious of what the consumer will be able to afford and the profitability of the business.

嗯，正如我所說的，鞋類業務繼續保持非常非常強勁的勢頭。有一些選擇性的價格上漲，但我們和我們的品牌合作夥伴非常謹慎地考慮何時、何地以及以何種程度進行小幅價格上漲以抵消部分關稅，但我們始終清楚消費者的承受能力和企業的盈利能力。

So with the 5% comp, we have not seen the consumer having any issue with the price increases, the small level of price increases that have gone in, and we're seeing incredible demand for footwear.

因此，在 5% 的漲幅下，我們並未發現消費者對價格上漲有任何問題，價格上漲幅度很小，我們看到對鞋類的需求非常大。

Got it. Then Navdeep, maybe a quick question for you. Just the tariff impacts on cost of goods sold and gross margin in the back half. What are your assumptions? And how do you think this will trend into the first half of next year?

知道了。那麼 Navdeep，我想問你一個簡單的問題。關稅只會影響下半年的銷售成本和毛利率。你的假設是什麼？您認為明年上半年的趨勢會是如何？

Yes, John, minimal impact on tariffs in Q2. There is a small impact in the second half that has been contemplated into our outlook that we shared for the margin as well as the full year profitability. We'll share much more around the FY 2026 in due course. But as you can imagine, this is an active body of work between us, with our manufacturers, with the national brand partners and also looking at the pricing and promotion opportunity that we see. So plenty of work that is still ahead of us, feel great about the outlook and how our teams have been managing through this situation.

是的，約翰，這對第二季的關稅影響微乎其微。我們已將下半年的利潤率和全年獲利能力展望納入考量，認為這會產生小幅影響。我們將在適當的時候分享更多有關 2026 財年的資訊。但你可以想像，這是我們與製造商、國家品牌合作夥伴之間的積極合作，同時也關注我們所看到的定價和促銷機會。因此，我們面前還有很多工作要做，我們對前景以及我們的團隊如何應對這種情況感到非常滿意。

Joseph Civello, Truist.

約瑟夫·西維洛，Truist。

I was wondering if you could talk a little bit about how traffic compares between Field House and House of Sport stores versus the chain average and how you're thinking about the dynamics between ticket and transactions moving forward?

我想知道您是否可以談談 Field House 和 House of Sport 商店的客流量與連鎖店平均客流量的比較情況，以及您如何看待未來門票和交易之間的動態？

Yes. So we don't break that level of details out. So I'll not do that right now. As you can imagine, we continue to remain really, really enthusiastic about the performance that we are seeing from House of Sport stores, the Field House stores, not just from a traffic perspective, but overall basket building opportunity, the work that our teams are doing in fully servicing these athletes that are walking into these locations, the experiences that we are able to provide.

是的。所以我們不會透露這一層次的細節。所以我現在不會這麼做。你可以想像，我們對 House of Sport 商店和 Field House 商店的表現一直非常非常熱衷，不僅僅是從客流量的角度，而且從整體的購物籃建設機會、我們的團隊為走進這些地方的運動員提供的全面服務以及我們能夠提供的體驗。

So traffic probably is a very a niche way to look at it, and we are looking at the overall aggregate level of performance coming out of these stores. And as we have shared, we are very excited about the top-line momentum as well as the bottom-line momentum. More importantly, how well these are resonating with our brand partners is a very differentiating capability that we are excited about.

因此，客流量可能是一種非常小眾的觀察方式，而我們觀察的是這些商店的整體表現水準。正如我們所分享的，我們對營收成長動能和利潤成長動能感到非常興奮。更重要的是，這些與我們的品牌合作夥伴的共鳴程度是一種非常獨特的能力，我們對此感到興奮。

In terms of the dynamics -- tickets and transactions, we won't guide at that level, as you can consistently see over the last several quarters. Our growth in comp sales has been consistently coming from more transactions as well as ticket and that goes back to continue to being the case where DICK'S is seen as the right destination for sport and culture, and that's what gets us really excited as we look to the balance of the year this year.

就動態而言——門票和交易，我們不會在該水平上進行指導，正如您在過去幾個季度中不斷看到的那樣。我們的可比銷售額的成長一直來自於更多的交易和門票，這可以追溯到 DICK'S 繼續被視為體育和文化的正確目的地，這也是我們在展望今年的平衡時感到非常興奮的原因。

Got it. Makes sense. And then if I could just squeeze in one more. Just wanted to ask about the recent retail media investments and how we should think about that business scaling through this year and then maybe how we're thinking about it in 2026 versus 2025?

知道了。有道理。然後如果我能再擠一點的話。只是想問一下最近的零售媒體投資，以及我們應該如何看待今年該業務的擴展，以及我們如何看待 2026 年與 2025 年相比的業務擴展？

Yes. We are thrilled with our DICK'S Media Network. We have been building it for some time now. It is getting increasingly more powerful as we leverage the automation of the data and the reporting. Our brand partners and non-endemic partners are very excited, but we are still in early innings.

是的。我們對 DICK'S 媒體網絡感到非常興奮。我們已經建造它有一段時間了。隨著我們利用數據和報告的自動化，它變得越來越強大。我們的品牌合作夥伴和非本土合作夥伴都非常興奮，但我們仍處於早期階段。

So we haven't broken out exactly how much we are expecting from the Retail Media Network this year or next year. But I would look to this as being a long-term growth profitability driver, margin driver and revenue. We're very, very pleased. We have a unique network here, where we have access to view sports and actually live sports, if you look at the GameChanger platform, and it's something that is being recognized as being very unique in the industry.

因此，我們還沒有具體說明今年或明年對零售媒體網路的預期。但我認為這是長期成長獲利能力、利潤率和收入的驅動力。我們非常非常高興。我們在這裡擁有一個獨特的網絡，我們可以觀看體育賽事和現場體育賽事，如果你看看 GameChanger 平台，你會發現它在業內被認為是非常獨特的。

Yes. Joe, I'll actually connect your last question and this question on DMN because there is a very unique opportunity that exists at the intersection of Field House and House of Sport with DICK'S Media Network as well, where we are able to activate the brands, both endemic and non-endemic and really, really showcase those brands in front of the athletes while they are visiting House of Sport and Field House. So that's where the unique opportunity that we see between GameChanger, the retail location as well as some of the online platforms that we have.

是的。喬，我實際上會將您的最後一個問題和 DMN 上的這個問題聯繫起來，因為在 Field House 和 House of Sport 與 DICK'S Media Network 的交匯處也存在一個非常獨特的機會，我們可以激活本地和非本地品牌，並在運動員參觀 House of Sport 和 Field House 時真正地向他們展示這些品牌。這就是我們在 GameChanger、零售店以及我們擁有的一些線上平台之間看到的獨特機會。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Sorry if I missed it, but did you talk about the performance of your private brand this quarter? And then just along those lines, from a tariff perspective, curious what kind of cost increases you're seeing due to tariffs on the product and your direct import and what your plans are with price for those items?

抱歉，如果我沒注意到，但您是否談到了本季您的自有品牌的表現？然後，從關稅的角度來看，您是否好奇由於產品關稅和直接進口，您會看到什麼樣的成本增加，以及您對這些商品的價格有何計劃？

And then same question for national brands for the price increases that you are seeing, what's happening with price? Are you looking to maintain margin or are you looking to maintain profit dollars?

同樣的問題，對於您所看到的國產品牌的價格上漲，價格發生了什麼變化？您是想維持利潤率還是想維持利潤？

Great, Paul. Thanks for the question. I'll start off. Our vertical brands continue to do very, very well. And I specifically would point to our flagship apparel brands, DSG, CALIA and VRST, doing very well and meeting a consumer need in our stores for product that is not being covered elsewhere. It's really -- it's a great incremental opportunity.

太好了，保羅。謝謝你的提問。我先開始了。我們的垂直品牌繼續表現非常出色。我特別要指出的是，我們的旗艦服裝品牌 DSG、CALIA 和 VRST 表現非常出色，滿足了消費者對我們商店中其他地方未涵蓋的產品的需求。這確實是一個很好的增量機會。

Our vertical brands also still have 700 basis points to 900 basis points higher margin than the average national brand, and we are the number one or two vendor in a lot of key categories for ourselves, Accessories, Athletic Apparel, Fitness, Golf, Team Sports. So across the board, vertical brand is doing very well.

我們的垂直品牌的利潤率仍然比全國品牌平均高出 700 個基點到 900 個基點，而且我們在許多關鍵類別中都是第一或第二的供應商，包括配件、運動服裝、健身、高爾夫、團隊運動。因此，整體而言，垂直品牌表現非常好。

I'll turn it to Navdeep to answer the second part of your question.

我將讓 Navdeep 來回答您問題的第二部分。

Yes. So Paul, just to build on the tariff question as well as pricing. As you can imagine, we have seen some of the brand partners. As we manage our business, they are managing theirs, and there is a little bit of an increase in prices that we have seen both on the vertical brand side as well as from the national brand partners.

是的。保羅，我們只是想討論一下關稅問題以及定價問題。正如您所想像的，我們已經看到了一些品牌合作夥伴。當我們管理我們的業務時，他們也在管理他們的業務，我們看到垂直品牌方面以及國家品牌合作夥伴的價格都有所上漲。

However, consistent with what we have been doing for a few years now as well as if you look in the prior cycles, we take a very surgical and a flexible approach to pricing. We are consistently working very closely with our manufacturers and our brand partners, trying to make the right decision that balances the needs of that athlete so that we continue to drive the top line momentum at the same time, balance against the profitability of the business. And this all has been contemplated in the updated outlook that we provided for the second half.

然而，與我們幾年來的做法一致，如果你回顧先前的周期，你會發現我們對定價採取了非常精準和靈活的方法。我們始終與製造商和品牌合作夥伴密切合作，努力做出正確的決策，平衡運動員的需求，以便我們繼續推動營收成長勢頭，同時平衡業務的獲利能力。我們在下半年的最新展望中已經考慮到了這一切。

Justin Kleber, Baird.

賈斯汀·克萊伯，貝爾德。

Just wanted to follow up there on Paul's vertical brand question and ask it in a bit different way, specifically as it relates to how you envision leveraging your success in vertical brands and perhaps introducing some of these into the Foot Locker stores?

我只是想跟進 Paul 的垂直品牌問題，並以稍微不同的方式提出這個問題，特別是關於您如何設想利用垂直品牌的成功，並可能將其中一些引入 Foot Locker 商店？

Justin, it's too soon for us to talk about that. We have to immerse into the business. We haven't closed yet. We don't know. We think there's a lot of merchandising opportunities. We think there's apparel opportunities over in Foot Locker, but vertical brands, way too soon to tell.

賈斯汀，我們現在談論這個還為時過早。我們必須全心投入業務。我們還沒有關門。我們不知道。我們認為有很多行銷機會。我們認為 Foot Locker 存在服裝領域的機會，但對於垂直品牌來說，現在下結論還為時過早。

Okay. And then just one for clarification. The new comp and sales guide, does that just flow through the first half upside? Or I thought, Lauren, I heard you mention that you did take up your second half assumptions. So I just wanted to clarify that.

好的。然後只需澄清一點。新的同店銷售指南是否只是反映上半年的上漲趨勢？或者我想，勞倫，我聽到你提到你確實接受了你的後半部分假設。所以我只是想澄清這一點。

Yes, we did take up the second half assumptions, modestly. Navdeep, if you want to get some specifics.

是的，我們確實謙虛地採納了下半年的假設。Navdeep，如果你想了解一些具體細節。

Yes, absolutely. Justin, like Lauren indicated, we flowed through the beat on Q2 against our own internal expectations, and we have modestly raised our second half comp expectations modestly also for the back half.

是的，絕對是。賈斯汀，就像勞倫指出的那樣，我們在第二季度的業績超出了我們自己的內部預期，我們適度提高了下半年的業績預期。

Eric Cohen, Gordon Haskett.

艾瑞克·科恩、戈登·哈斯凱特。

Great quarter. Historically, DICK'S has had a pretty diversified offering across categories, the Footwear, Apparel, hardlines. But then post the Foot Locker acquisition, your footwear category is going to become a much more meaningful part of the business. So I guess how do you see concerns that the business is that going to have incremental inherent risk by being much more tied to a single category than you have been in the past?

很棒的一個季度。從歷史上看，DICK'S 的產品類別相當多樣化，包括鞋類、服裝和硬線產品。但在收購 Foot Locker 之後，您的鞋類類別將成為業務中更有意義的一部分。那麼我想您如何看待這樣的擔憂：由於業務比過去更依賴單一類別，因此會產生增量固有風險？

Thanks, Eric. Footwear is the engine that pulls the train. We always have said that the outfit starts with the footwear. Footwear is key for performance. It's key for sport lifestyle. As sport and culture continue to intertwine, footwear is the key product. So we are quite confident. We're serving different consumers both at DICK'S and at the Foot Locker banners, and we are going to be delivering them what they need in a category that we think is very important both short-term and long-term.

謝謝，埃里克。鞋類是拉動火車的引擎。我們總是說，服裝從鞋子開始。鞋類是性能表現的關鍵。這是運動生活方式的關鍵。隨著運動和文化不斷交織，鞋類成為關鍵產品。所以我們非常有信心。我們為 DICK'S 和 Foot Locker 品牌的不同消費者提供服務，我們將在我們認為對短期和長期都非常重要的一個類別中為他們提供他們所需的產品。

Great. And just as you continue to open up, have opened up more House of Sport in different market sizes and locations in markets, have you seen any difference in sort of the sales productivity or how they ramp, because now you're going to accelerate the openings and things to think about just of those performance should be consistent as you expand more.

偉大的。正如你們繼續開放，在不同的市場規模和地點開設更多的 House of Sport 一樣，你們是否看到銷售生產力或增長方式有任何差異，因為現在你們要加快開業速度，而要考慮的事情就是，隨著你們進一步擴張，這些表現應該保持一致。

Yeah, Eric. We are very happy with the performance that we are seeing, actually excited also about the fact that even some of the smaller markets are able to support House of Sport locations very, very productively. So that actually expands the opportunities for us to think broadly about the House of Sport strategy as we look to the next few years.

是的，埃里克。我們對所看到的表現感到非常高興，實際上，我們也對一些較小的市場也能夠非常高效地支持 House of Sport 分店這一事實感到興奮。因此，這實際上擴大了我們在未來幾年廣泛思考體育之家策略的機會。

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

我們的問答環節到此結束。現在我將把發言權交還給總裁兼執行長勞倫‧霍巴特 (Lauren Hobart)，請他發表最後評論。

Thank you all for your time today and for your interest in DICK'S Sporting Goods and a shout out to our teams across the country and a welcome to our new Foot Locker teammates. We're excited to get going after September 8. Thank you all very much.

感謝大家今天抽出時間以及對 DICK'S Sporting Goods 的關注，並向我們全國各地的團隊致敬，歡迎我們新的 Foot Locker 隊友。我們很高興能在 9 月 8 日之後開始行動。非常感謝大家。

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。