DICK'S Sporting Goods Inc (DKS) 2025 Q3 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 third quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫克麗絲塔，今天我將擔任你們的會議接線生。現在，我謹代表迪克體育用品公司歡迎各位參加2025年第三季財報電話會議。（操作說明）

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

現在我將把會議交給投資者關係部的內特·吉爾奇。內特，請繼續。

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

各位早安，感謝各位參加本次會議，共同探討我們2025年第三季的業績。今天的電話會議將由我們的執行董事長艾德·史塔克、總裁兼執行長勞倫·霍巴特和財務長馬修·古普塔參加。今天電話會議的錄音將存檔於我們的投資者關係網站 investors.dicks.com，保存期限約為 12 個月。

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

再次提醒各位，我們將做出一些前瞻性聲明，這些聲明受到各種風險和不確定性的影響，可能導致我們的實際結果與這些聲明有重大差異。任何此類聲明都應與我們在盈利報告中的警示性聲明以及我們向美國證券交易委員會提交的文件（包括我們最新的 10-K 表格年度報告和第一財季的 10-Q 表格季度報告）中的風險因素討論以及本次電話會議中作出的警示性聲明一併考慮。

We assume no obligation to update any of these forward-looking statements or information. Please refer to our Investor Relations website to find the reconciliation of our non-GAAP financial measures referenced in today's call. And finally, a couple of admin items. First, a quick note on our comparable sales reporting. Foot Locker will be included in our comp base beginning in Q4 of next year, which will mark the start of their 14th full month of operations post-acquisition.

我們不承擔更新任何此類前瞻性陳述或資訊的義務。請查閱我們的投資者關係網站，以了解今天電話會議中提到的非GAAP財務指標的調節表。最後，還有幾項管理事項。首先，簡單說明一下我們的可比較銷售報告。Foot Locker 將於明年第四季開始納入我們的比較基準，這將標誌著該公司在被收購後運營的第 14 個完整月份的開始。

As such, our reported comp sales for this quarter and for the upcoming year pertains to the DICK'S business only. Second, I want to provide clarity on certain terminology we'll use throughout today's call and going forward.

因此，我們報告的本季和下一年度的同店銷售額僅指 DICK'S 業務。其次，我想澄清一下我們將在今天的電話會議以及今後會議中使用的一些術語。

First, when we refer to the DICK'S business, we mean our existing DICK'S Sporting operations, including the DICK'S Sporting Goods, Golf Galaxy, Going, going, gone and public land banners as well as game changer. Earnings per diluted share results for the DICK'S business excludes the dilutive effect of the 9.6 million shares issued as part of the Foot Locker acquisition.

首先，當我們提到 DICK'S 業務時，我們指的是我們現有的 DICK'S Sporting 業務，包括 DICK'S Sporting Goods、Golf Galaxy、Going, going, gone 和 public land 品牌以及 game changer。DICK'S 業務的稀釋後每股盈餘結果不包括因收購 Foot Locker 而發行的 960 萬股股票的稀釋影響。

Second, the Foot Locker business refers to our newly acquired operations including the Foot Locker, Kids Foot Locker, Champs Sports, WSS and Atmos banners. And finally, for future scheduling purposes, we are tentatively planning to publish our fourth quarter 2025 earnings results on March 10, 2026.

其次，Foot Locker 業務指的是我們新收購的業務，包括 Foot Locker、Kids Foot Locker、Champs Sports、WSS 和 Atmos 品牌。最後，為了方便未來安排，我們暫定於 2026 年 3 月 10 日發布 2025 年第四季財報。

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

接下來，我將把電話交給艾德。

Thanks, Nate. Good morning, everyone. Thanks for joining us today. This is an important call. It's our first earnings call as a combined company with Foot Locker. We have a lot to share. There's a lot of detail and a lot of numbers. We want to make it clear, we're doing all that our shareholders would expect us to do to make the Foot Locker business accretive in 2026.

謝謝你，內特。各位早安。感謝您今天收看我們的節目。這是一通重要的電話。這是我們與 Foot Locker 合併後的公司首次召開財報電話會議。我們有很多話要說。裡面有很多細節和很多數字。我們想明確表示，我們正在盡一切努力，滿足股東們的期望，使 Foot Locker 業務在 2026 年實現盈利。

And I have to tell you, as the largest shareholder, I couldn't be more excited about the progress we're making and the opportunities ahead. As announced earlier this morning, we delivered another great quarter with comps of 5.7% for the DICK'S business and we continue to operate from a position of strength.

作為最大的股東，我必須告訴你們，我對我們所取得的進展和未來的機會感到無比興奮。正如今天早上早些時候宣布的那樣，我們又取得了一個非常棒的季度業績，DICK'S 業務的同店銷售額增長了 5.7%，我們繼續保持強勁的營運勢頭。

Our momentum in the DICK'S business remains strong as we execute against the key priorities that have fueled our success, a differentiated on-trend product assortment in an industry-leading omnichannel athlete experience. This is the flywheel of our success as a company, and it's driving consistent growth and performance.

我們在 DICK'S 業務方面保持強勁的發展勢頭，因為我們始終致力於實現推動我們成功的關鍵優先事項，即在行業領先的全通路運動員體驗中提供差異化的潮流產品系列。這是我們公司成功的飛輪，它推動著持續成長和業績提升。

Now I will discuss the tremendous opportunity we see with Foot Locker. Completing this acquisition on September 8 marks a bold and transformative moment for DICK'S. Together, we're building a global platform that is at the intersection of sport and culture, one that we believe will redefine sports retailing. This powerful combination will allow us to serve a broader consumer base deepen our partnerships with the world's leading sports brands and significantly expand our total addressable market.

現在我將討論我們看到的與Foot Locker合作的巨大機會。9 月 8 日完成此次收購，對 DICK'S 而言是一個大膽而具有變革意義的時刻。我們正在共同打造一個融合運動與文化的全球平台，我們相信它將重新定義運動零售業。這一強強聯合將使我們能夠服務更廣泛的消費群體，深化與世界領先運動品牌的合作關係，並顯著擴大我們的潛在市場規模。

When we announced this acquisition, we knew that business was going to need work. Let me be candid. Foot Locker is strayed from Retail 101 and did not execute the fundamentals. Post COVID, Foot Locker did not react quickly enough on its largest brand pivoted toward a direct-to-consumer model, leaving Foot Locker with the wrong inventory, too much of what didn't sell and not enough of what did sell.

當我們宣布這項收購時，我們就知道這項業務需要進行一些調整。讓我坦誠一點。Foot Locker 偏離了零售業的基本原則，沒有執行。新冠疫情後，Foot Locker 對其最大的品牌轉向直接面向消費者的模式反應不夠迅速，導致 Foot Locker 庫存錯誤，滯銷商品過多，暢銷商品過少。

Consequently, as we enter this transitional phase, the Foot Locker business, as expected, comped negatively, with pro forma comp sales for the full third quarter declining 4.7%, including a 10.2% decline internationally.

因此，隨著我們進入這一過渡階段，Foot Locker 的業務如預期般下滑，第三季整體的備考同店銷售額下降了 4.7%，其中國際市場下降了 10.2%。

Now after looking even deeper under the hood as the owners of Foot Locker, our conviction that we can turn this business around has only grown. We will bring our operational excellence, our supplier relationships and our merchandise expertise to return Foot Locker to its rightful place as a top player in the specialty athletic channel.

現在，作為 Foot Locker 的所有者，在更深入地了解了公司運作之後，我們更加堅信我們能夠扭轉這項企業的頹勢。我們將憑藉卓越的營運能力、良好的供應商關係和豐富的商品專業知識，使 Foot Locker 重返專業運動管道頂級企業的行列。

Today, we're even more excited about the long-term value we believe this acquisition will deliver to our shareholders. We're committed to investing in Foot Locker's business to return it to profitable growth. We've assembled a world-class management team to lead the Foot Locker business, and I'm personally excited to guide this next chapter.

今天，我們更加興奮地相信，此次收購將為我們的股東帶來長期價值。我們致力於投資 Foot Locker 的業務，使其恢復獲利成長。我們已經組建了一支世界一流的管理團隊來領導 Foot Locker 的業務，我個人非常興奮能夠引領這下一個篇章。

As previously announced, Ann Freeman a longtime former Nike executive is now serving his FootLocker North America President. Ann brings deep industry expertise and leadership experience and she is supported by a high-caliber team of senior leaders. A combination of key executives from Foot Locker, all of whom are well respected by the Strykers, Blue Shirts and our brand partners, experienced leaders from DICK'S and talent from other world-class companies.

正如之前宣布的那樣，耐吉前高管安·弗里曼現在擔任FootLocker北美總裁。安妮擁有深厚的行業專業知識和領導經驗，並且她得到了高素質高級領導團隊的支持。團隊成員包括 Foot Locker 的關鍵高管（他們都深受 Strykers、Blue Shirts 和我們的品牌合作夥伴的尊敬）、DICK'S 的經驗豐富的領導者以及其他世界一流公司的優秀人才。

This team was handpicked to return Foot Locker to its rightful place in our industry and we're already moving quickly in North America to build momentum. In addition, we're thrilled to have just announced that Matthew Barnes, former CEO of ALD will be joining our team next month as President of the Foot Locker International business.

這支團隊是經過精心挑選的，旨在讓 Foot Locker 重回行業應有的地位，我們已經在北美迅速行動，以建立發展勢頭。此外，我們很高興地宣布，ALD 前執行長 Matthew Barnes 將於下個月加入我們的團隊，擔任 Foot Locker 國際業務總裁。

Matthew has nearly three decades of experience in global retail and a track record of transforming brands. We look forward to working to stabilize and ultimately accelerate that business with targeted turnaround strategies to meet the evolving needs of consumers globally.

馬修在全球零售業擁有近三十年的經驗，在品牌轉型方面有著卓越的表現。我們期待透過有針對性的扭虧為盈策略，努力穩定並最終加速該業務的發展，以滿足全球消費者不斷變化的需求。

There's a lot happening to position the business for the short term and build for the long term. Our first priority is clear. We need to clean out the garage of underperforming assets. This means clearing out unproductive inventory, closing underperforming stores and rightsizing assets that don't align with our go-forward vision for the Foot Locker business. This is the groundwork for the transformation.

為了讓公司在短期內保持競爭力，並為長期發展奠定基礎，公司正在採取許多措施。我們的首要任務很明確。我們需要清理掉那些表現不佳的資產。這意味著要清理不獲利的庫存，關閉業績不佳的門市，並調整與 Foot Locker 業務未來發展願景不符的資產規模。這是變革的基礎。

We began this work shortly after the closing on September 8. We have identified an initial number of underperforming assets around the globe, including inventory that needs to be marked down and liquidated along with the preliminary number of stores that need to be impaired or closed.

我們在9月8日交易完成後不久就開始了這項工作。我們已經確定了全球範圍內一些表現不佳的資產，包括需要降價出售和清算的庫存，以及需要減值或關閉的門市的初步數量。

We initiated certain pricing actions in late Q3, and we'll be more aggressive in Q4 to clean up on productive inventory. Our intent is to get the vast majority of the inventory charges behind us by the end of the year so we can start 2026 fresh and position Foot Locker for an inflection point during the back-to-school season in 2026.

我們在第三季末啟動了一些定價措施，第四季我們將採取更積極的措施來清理生產性庫存。我們的目標是在年底前還清絕大部分庫存費用，以便我們能夠以全新的面貌迎接 2026 年，並為 Foot Locker 在 2026 年返校季的轉折點做好準備。

As a result, we expect Q4 margin rates for the Foot Locker business to be down between 1,000 basis points and 1,500 basis points with pro forma Q4 comp sales being down mid- to high single digits. We believe this aggressive purging of underperforming assets is what needs to be done to return Foot Locker to its rightful position as a key leader in this industry.

因此，我們預期 Foot Locker 業務第四季的毛利率將下降 1000 至 1500 個基點，預計第四季同店銷售額將下降個位數中高段。我們認為，要讓 Foot Locker 重返業界領先地位，就必須大力清理表現不佳的資產。

Navdeep will share more details in his remarks about the charges we anticipate as part of this important cleanup effort. Importantly, we've met with all of our key vendor partners and they are fully aligned with our vision and are eager to support a thriving growing Foot Locker. They indicated they are committed to investing alongside us to reignite the Foot Locker business.

納夫迪普將在演講中分享更多關於我們預計在這項重要的清理工作中提出的指控的細節。重要的是，我們已經與所有主要供應商合作夥伴進行了會面，他們完全認同我們的願景，並渴望支持 Foot Locker 的蓬勃發展。他們表示將與我們共同投資，重振 Foot Locker 業務。

We're moving with urgency and have already kicked off an 11 store pilot to begin testing changes in product and the in-store presentation. It's early, but we're encouraged by what we're seeing and learning. Looking ahead, we expect back-to-school next year to be an inflection point as our new strategies, assortments and processes aligned to drive meaningful progress in the Foot Locker business.

我們正在加快步伐，已經啟動了11家門市的試點項目，開始測試產品和店內陳列方面的變化。現在下結論還為時過早，但我們對目前所看到和了解到的情況感到鼓舞。展望未來，我們預計明年的返校季將是一個轉捩點，因為我們的新策略、產品系列和流程將協調一致，從而推動 Foot Locker 業務取得實質進展。

All supported by the work we're doing now by cleaning out the garage to position Foot Locker for future success. With these actions, we continue to expect Foot Locker to be accretive to our EPS in fiscal '26, excluding onetime costs. What amplifies our confidence are the talented people we found inside the Foot Locker business. Over the past two months, we spent time in Foot Locker stores, offices and distribution centers.

這一切都得益於我們目前正在進行的清理車庫的工作，這為 Foot Locker 未來的成功奠定了基礎。在採取這些措施後，我們仍然預期 Foot Locker 將在 2026 財年為我們的每股盈餘帶來成長，不計一次性成本。真正增強我們信心的，是我們在 Foot Locker 公司內部發現的優秀人才。在過去兩個月裡，我們走訪了 Foot Locker 的門市、辦公室和配送中心。

Our teammates passion is real, especially among the stripers and blue shirts along with the rest of the team members. They love sneakers, they're hungry for leadership, and they want to get back to playing offense. Energy is validating our excitement and building focus for what's ahead.

我們隊友的熱情是真摯的，尤其是穿著條紋衫和藍色襯衫的隊員以及其他隊員。他們熱愛運動鞋，渴望領導，並且想要重新投入進攻。能量正在印證我們的興奮之情，並讓我們更專注於未來的挑戰。

In closing, at DICK'S, we've built a business that leads our industry in performance, innovation and customer loyalty. DICK's has generated consistent growth and strong margins with a relentless focus on delivering shareholder value. While we're just getting started on Foot Locker's transformation, our deep expertise and our track record of growth and success fuel our conviction that we can turn this business around, and we are confident that Foot Locker will reemerge as a stronger, more resilient and more dynamic business. We will do this with the same grid vision and execution that got DICK'S to where it is today.

最後，在 DICK'S，我們已經建立了一家在業績、創新和客戶忠誠度方面引領行業的企業。DICK's 透過不懈地專注於為股東創造價值，實現了持續成長和強勁的利潤率。雖然我們才剛開始對 Foot Locker 進行轉型，但我們深厚的專業知識和過往的成長和成功記錄增強了我們的信心，我們相信我們可以扭轉這家企業的局面，並且我們有信心 Foot Locker 將重新崛起，成為一家更強大、更有韌性、更有活力的企業。我們將秉持與 DICK'S 取得今天成就時相同的戰略眼光和執行力來實現這一目標。

Before turning it to Lauren, I want to take a moment to thank our more than 100,000 teammates across all of our banners for their passion and commitment during this exciting chapter for our company and wish everyone a happy Thanks giving. With that, I'll turn it over to Lauren to share more on the continued momentum across the DICK'S business.

在將發言權交給勞倫之前，我想藉此機會感謝我們旗下所有品牌的 10 萬多名團隊成員，感謝他們在公司這個激動人心的篇章中所展現出的熱情和奉獻精神，並祝愿大家感恩節快樂。接下來，我將把麥克風交給 Lauren，讓她來分享更多關於 DICK'S 業務持續成長勢頭的資訊。

Thank you, Ed, and good morning, everyone. We're very pleased with our strong third quarter results for the DICK'S business which continue to demonstrate the strength of our operating model and our team's disciplined execution.

謝謝你，艾德，大家早安。我們對 DICK'S 業務第三季強勁的業績非常滿意，這繼續證明了我們營運模式的優勢和我們團隊嚴謹的執行力。

We are entirely focused on delivering on our strategies and sustaining our strong momentum. As always, our performance is powered by our compelling omnichannel athlete experience, differentiated product assortment, best-in-class teammate experience and our ability to create deep engagement with the DICK'S brand,

我們正全力以赴落實各項策略，並保持強勁的發展動能。一如既往，我們的出色表現得益於我們引人入勝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我們與 DICK'S 品牌建立深度聯繫的能力。

Today, we are raising our full year outlook for the DICK's business. This updated guidance reflects our strong Q3 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 of 3.5% to 4% for the year and EPS to be in the range of $14.25 to $14.55 for the DICK'S business.

今天，我們上調了對迪克體育用品公司全年業務的預期。此次更新後的業績指引反映了我們強勁的第三季業績，以及我們對自身業務的持續信心，這種信心源自於我們團隊對剛才提到的四大策略支柱的執行。我們現在預計，DICK'S 業務的同店銷售額全年增長 3.5% 至 4%，每股收益將在 14.25 美元至 14.55 美元之間。

Now moving to our third quarter results for the DICK'S business. Our Q3 comps increased 5.7% with growth in average ticket and transactions. These strong comps were on top of a 4.3% increase last year and a 1.9% increase in 2023 as we continue to gain market share.

接下來我們將介紹迪克體育用品公司第三季的業績。第三季同店銷售額成長5.7%，平均客單價及交易量均成長。這些強勁的同店銷售額是在去年增長 4.3% 和 2023 年增長 1.9% 的基礎上實現的，我們將繼續擴大市場份額。

Our gross margin expanded 27 basis points in line with our expectations, and we delivered non-GAAP EPS of $2.78 for the DICK'S business, up from $2.75 in the prior year's quarter. As we continue to execute through our strategic pillars, we're seeing strong momentum across the three growth areas for the DICK'S business that we are focused on for 2025.

我們的毛利率成長了 27 個基點，符合預期，DICK'S 業務的非 GAAP 每股收益為 2.78 美元，高於去年同期的 2.75 美元。隨著我們繼續推進策略支柱，我們看到 DICK'S 業務在 2025 年重點關注的三個成長領域都取得了強勁的勢頭。

First, we're incredibly proud of the progress we're making in repositioning our real estate and store portfolio. In Q3, we opened 13 new house of sport locations, the most we've ever opened in a single quarter bringing our year-to-date total to 16 openings. This achievement reflects the outstanding work of our team whose focus and execution made this ambitious rollout a reality.

首先，我們對在重新定位我們的房地產和門市組合方面取得的進展感到無比自豪。第三季度，我們開設了 13 家新的 House of Sport 門市，這是我們在一個季度內開設的門市數量最多的一次，使我們今年迄今為止的門市總數達到了 16 家。這項成就體現了我們團隊的出色工作，他們的專注和執行力使這項雄心勃勃的推廣計劃成為現實。

We now have 35 House of sport locations nationwide, a major milestone in the growth of this transformative concept. We also opened 6 new field house locations in Q3 and opened another just last week, completing our 15 planned openings for the year and bringing us to a total of 42 field house locations across the US. These innovative formats are delivering powerful financial results, deepening engagement with our athletes, brand partners and landlords and laying the foundation for long-term profitable growth for the DICK'S business.

目前，我們在全國擁有 35 家 House of sport 門市，這是這項變革性概念發展歷程中的重要里程碑。第三季度，我們開設了 6 個新的室內運動中心，上週又開設了一個，完成了今年計劃開設的 15 個中心，使我們在美國的室內運動中心總數達到了 42 個。這些創新模式帶來了強勁的財務業績，加深了與運動員、品牌合作夥伴和房東的聯繫，並為 DICK'S 業務的長期獲利成長奠定了基礎。

The second of our three major focus areas is driving growth across key categories. Our unparalleled access to top-tier products from both national and emerging brand partners continues to fuel athlete demand and excitement, driving strong growth across the DICK'S business.

我們的三大重點領域之二是推動關鍵品類的成長。我們與國內外知名品牌合作夥伴保持著無與倫比的頂級產品供應管道，這持續激發著運動員的需求和熱情，推動著 DICK'S 業務的強勁成長。

At the same time, our vertical brands are resonating incredibly well with our athletes, further contributing to this momentum. For Q3, this growth came from having more athletes purchased from us with more frequent purchases and more spending each trip.

同時，我們的垂直品牌與我們的運動員產生了非常好的共鳴，進一步推動了這一發展勢頭。第三季度，這一成長來自於更多運動員向我們購買商品，購買頻率更高，每次購物的消費金額也更大。

We feel great about the product pipeline from our brand partners, and our inventory is well positioned to meet athlete demand this holiday season. I also want to highlight our ongoing expansion into trading cards and collectibles. In partnership with Fanatics, we've launched the collectors Clubhouse in 20 health of sport locations, with plans to include it in every new location going forward.

我們對品牌合作夥伴的產品線感到非常滿意，我們的庫存也已做好充分準備，能夠滿足運動員們在這個假期季節的需求。我還想重點介紹一下我們目前正在進行的集換式卡牌和收藏品業務的拓展。我們與 Fanatics 合作，在 20 個體育用品商店推出了收藏傢俱樂部，並計劃在未來的每個新商店都開設該商店。

These spaces feature trading card, autograph memorabilia and more and the athlete response has exceeded our expectations. It's a unique and fast-growing category that's a great complement to everything we do, and we're very excited about the opportunity ahead.

這些空間展出了球星卡、簽名紀念品等，運動員的反應超出了我們的預期。這是一個獨特且快速成長的類別，與我們所做的一切都非常契合，我們對未來的機會感到非常興奮。

And our third major focus area, our multibillion-dollar, highly profitable e-commerce business continues to stand out as a growth driver, once again growing faster than the DICK'S business overall. I'd like to highlight three examples of ways we're building strength and differentiation in e-commerce.

我們的第三個重點領域，即我們價值數十億美元、利潤豐厚的電子商務業務，繼續作為成長動力脫穎而出，再次以比 DICK'S 整體業務更快的速度成長。我想重點介紹我們在電子商務領域增強實力和實現差異化發展的三個例子。

First, we're really leaning into our app experience, including app exclusive reservations that are establishing us as a leader in launch culture across many key categories. Second, we're continuing to invest in capabilities to deliver more personalized experiences, content, product recommendations and search results. An example of this is how we're targeting NFL fans with personalized creative messaging and product recommendations for their favorite team.

首先，我們正在大力提升我們的應用程式體驗，包括應用程式專屬預訂功能，這使我們在許多關鍵類別中確立了在產品發布文化方面的領先地位。其次，我們將持續投資提升各項能力，以提供更個人化的體驗、內容、產品推薦和搜尋結果。例如，我們正在透過個人化的創意訊息和產品推薦來吸引 NFL 球迷，推廣他們最喜歡的球隊。

Third, for the holiday season, we're making it easier than ever to find the perfect gift with a new capability for athletes to build and share their wish lists with family and friends. Lastly, as part of our broader digital strategy, we're harnessing the power of our athlete data and continue to be enthusiastic about the long-term growth opportunities we see with Game Changer and the DICK'S Media Network.

第三，為了迎接節日季節，我們推出了一項新功能，讓運動員能夠創建並與家人和朋友分享他們的願望清單，從而比以往任何時候都更容易找到完美的禮物。最後，作為我們更廣泛的數位化策略的一部分，我們正在利用運動員數據的力量，並且繼續對 Game Changer 和 DICK'S 媒體網絡所展現的長期成長機會充滿熱情。

Our game changer platform keeps expanding with new features, partnerships and content that enriches the whole use sports experience and reinforces our leadership in a multibillion-dollar esports tech ecosystem. Great example is our new game Insights feature, which gives coaches fast, actionable takeaways after every game, further elevating the value we provide to athletes, coaches and families.

我們顛覆性的平台不斷擴展，推出新功能、合作夥伴關係和內容，豐富用戶整體體育體驗，並鞏固我們在價值數十億美元的電競技術生態系統中的領導地位。一個很好的例子就是我們新推出的比賽洞察功能，它可以在每場比賽後為教練提供快速、可操作的總結，進一步提升我們為運動員、教練和家庭提供的價值。

We're also seeing great momentum with our DICK'S media network, which is deepening engagement with consumers and key brand partners while expanding across new ad platforms. In addition to our collection of owned and our full spectrum of off-site channels, we're ramping up our in-store capabilities like our interactive digital experiences and programmable spaces that are driving impactful brand activations in our house of sport location.

我們也看到 DICK'S 媒體網路發展勢頭強勁，它不僅加深了與消費者和主要品牌合作夥伴的互動，也擴展到了新的廣告平台。除了我們自有的管道和全方位的場外管道外，我們還在不斷提升店內能力，例如互動式數位體驗和可編程空間，這些都能在我們這個運動場所推動具有影響力的品牌推廣活動。

In closing, we're very pleased with our strong third quarter results and remain highly confident in our long-term strategies to drive sustained sales and profit growth for the DICK'S business. We believe the power of our omnichannel athlete experience and our compelling differentiated product offering will resonate with our athletes is holiday season, supported by our fantastic holiday brand campaign, which launched a few weeks ago.

最後，我們對第三季強勁的業績非常滿意，並且對我們推動 DICK'S 業務持續銷售和利潤成長的長期策略仍然充滿信心。我們相信，憑藉我們全通路運動員體驗的強大力量和極具吸引力的差異化產品，加上幾週前推出的精彩假日品牌宣傳活動，我們將在假期季節引起運動員的共鳴。

I'd like to thank all of our teammates for their hard work and commitment and for their focus on delivering great experiences for our athletes throughout the season. And also a warm welcome to all strikers, blue shirts and team members from the Foot Locker business.

我要感謝我們所有隊友的辛勤付出和敬業精神，感謝他們在整個賽季中致力於為我們的運動員提供優質的體驗。同時熱烈歡迎所有前鋒、身穿藍色球衣的Foot Locker團隊成員。

We're excited to have you as part of the DICK'S family and to achieve great things together. I share his excitement about how we will bring our operational excellence, our supplier relationships and our merchandise expertise to return Foot Locker to its rightful place as a top player in the specialty athletic channel.

我們很高興您能加入 DICK'S 大家庭，並期待與您攜手共創輝煌。我和他一樣興奮，我們將憑藉卓越的營運能力、良好的供應商關係和豐富的商品經驗，讓 Foot Locker 重返專業運動管道頂級行列。

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，我將把發言權交給 Navdeep，讓他分享更多關於我們財務表現和 2025 年展望的細節。Navdeep，接下來就交給你了。

Thank you, Lauren, and good morning, everyone. Before I begin my review of our third quarter results, I would like to take a moment to provide important context for Foot Locker's performance included in our consolidated financial results.

謝謝你，勞倫，大家早安。在開始回顧我們第三季的業績之前，我想花一點時間為Foot Locker在我們合併財務業績中的業績提供重要的背景資訊。

As noted in this morning's release, our acquisition of Foot Locker closed on September 8. As a result, our third quarter consolidated financials do not include the peak back-to-school selling season in August for the Foot Locker business. They reflect just eight weeks of post-acquisition results in September and October, historically an unprofitable time period for the Fort locker business.

正如今天早上發布的公告中所述，我們對 Foot Locker 的收購已於 9 月 8 日完成。因此，我們第三季的合併財務數據不包括 Foot Locker 業務在 8 月的返校季銷售高峰期。這些業績僅反映了收購後 9 月和 10 月的八週結果，而從歷史上看，這段時間對於 Fort 儲物櫃業務來說並不盈利。

Let's now move to a brief review of our third quarter results for the consolidated company, including continued strong performance for the DICK'S business. Consolidated net sales increased 36.3% to $4.17 billion, driven by an approximate $931 million sales contribution from a partial quarter of owning the Foot Locker business and a 5.7% comp increase for the DICK'S business as we continue to gain market share.

現在讓我們簡要回顧一下公司第三季的合併業績，其中包括 DICK'S 業務的持續強勁表現。合併淨銷售額成長 36.3% 至 41.7 億美元，這主要得益於 Foot Locker 業務部分季度帶來的約 9.31 億美元的銷售貢獻，以及 DICK'S 業務 5.7% 的同店銷售額增長，因為我們繼續擴大市場份額。

On a two-year and a three-year stack basis, comps for the DICK'S business increased 10% and 11.9%, respectively. These strong comps were driven by a 4.4% increase in average ticket and a 1.3% increase in transactions. We also saw broad-based strength across our three primary categories of footwear, apparel and hard lines.

以兩年和三年的累積計算，DICK'S 業務的同店銷售額分別成長了 10% 和 11.9%。這些強勁的同店銷售成長主要得益於平均客單價上漲 4.4% 和交易量上漲 1.3%。我們也看到，鞋類、服裝和硬線產品這三大主要類別都呈現全面強勁的成長動能。

As Nate said Foot Locker will be included in the comp base beginning in Q4 of next year, which is when they will commence their 14th full month of operation following the closing of the acquisition. For reference, pro forma comp sales for the Foot Locker business in Q3 in its entirety decreased 4.7%, where the comparable sales in North America decreasing by 2.6% and the comparable sales in Foot Locker International decreasing by 10.2%, primarily driven by softness in Europe.

正如 Nate 所說，Foot Locker 將於明年第四季開始納入比較基準，屆時將是收購完成後的第 14 個完整營運月。作為參考，Foot Locker 業務第三季整體的備考同店銷售額下降了 4.7%，其中北美地區的同店銷售額下降了 2.6%，Foot Locker 國際地區的同店銷售額下降了 10.2%，主要原因是歐洲市場的疲軟。

Consolidated gross profit for the quarter was $1.38 billion or 33.13% of net sales, down 264 basis points from last year. For the DICK'S business, gross margin increased by 27 basis points and was in line with our expectations.

本季綜合毛利潤為 13.8 億美元，佔淨銷售額的 33.13%，比去年同期下降 264 個基點。DICK'S 業務的毛利率成長了 27 個基點，符合我們的預期。

Notably, the year-over-year decline in consolidated gross margin was driven entirely by the mix impact from the lower gross margin Foot Locker business. On a non-GAAP basis, consolidated SG&A expenses increased 40.8% or $320.9 million to $1.11 billion and deleverage 84 basis points compared to last year's non-GAAP results.

值得注意的是，合併毛利率年減完全是由毛利率較低的 Foot Locker 業務帶來的產品組合影響所致。以非GAAP準則計算，合併後的銷售、一般及行政費用成長40.8%，即3.209億美元，達到11.1億美元，與去年的非GAAP業績相比，槓桿率下降了84個基點。

$259.9 million of this consolidated increase was driven by Foot Locker business. For the DICK'S business, expense dollars increased by 7.7% and deleveraged 45 basis points, which was in line with our expectation and driven by strategic investments digitally, in-store and in marketing to better position DICK'S business over the long term.

其中，Foot Locker 的業務成長帶動了 2.599 億美元的綜合成長。對於 DICK'S 業務而言，支出增加了 7.7%，槓桿率下降了 45 個基點，這符合我們的預期，並且得益於在數位化、門市和行銷方面的策略性投資，以更好地在長期內提升 DICK'S 業務的地位。

Consolidated preopening expenses were $30.6 million, an increase of $13.8 million compared to the prior year. As Lauren mentioned, this supported the opening of 13 new house port locations in Q3 our highest numbers opened in a single quarter to date, plus another six field house locations we opened in the quarter.

綜合開幕前費用為 3,060 萬美元，比前一年增加了 1,380 萬美元。正如勞倫所提到的那樣，這促成了我們在第三季度開設了 13 個新的房屋營地，這是我們迄今為止在一個季度開設的最高數量，此外，我們還在該季度開設了另外 6 個野外營地。

Consolidated non-GAAP operating income was $242.2 million or 5.81% of net sales compared to $289.5 million or 9.47% of net sales last year. For the DICK'S business, non-GAAP operating income was $288.6 million or 8.92% of net sales.

合併非GAAP營業收入為2.422億美元，佔淨銷售額的5.81%，去年同期為2.895億美元，佔淨銷售額的9.47%。迪克體育用品公司（DICK'S）的非GAAP營業收入為2.886億美元，佔淨銷售額的8.92%。

This year's consolidated results included a $46.3 million operating loss in the quarter from the Foot Locker business which was primarily driven by the gross margin decline as we initiated certain pricing actions in late Q3. Importantly, since the acquisition of Foot Locker are closed on September 8, -- these results exclude a profitable back-to-school season for the Foot locker business in August and through Labor Day. For reference, pro forma non-GAAP operating income for the Foot Locker business in Q3 in its entirety was approximately $6.8 million.

今年的綜合業績包括 Foot Locker 業務當季 4,630 萬美元的營運虧損，這主要是由於我們在第三季末啟動了一些定價措施，導致毛利率下降。值得注意的是，由於 Foot Locker 的收購已於 9 月 8 日完成，因此這些業績不包括 Foot Locker 業務在 8 月和勞動節期間盈利的返校季。作為參考，Foot Locker 業務第三季的非 GAAP 備考營業收入約為 680 萬美元。

On a non-GAAP basis, other income comprised primarily of interest income was $12.7 million, down $7.8 million from prior year. This decline was from lower cash on hand and a lower interest rate environment. Consolidated non-GAAP EBT was $239.9 million or 5.76% of net sales, including the Foot Locker business. This compares to an EBT of $297.1 million or 9.7% of net sales in Q3 of last year.

以非GAAP準則計算，其他收入（主要包括利息收入）為1,270萬美元，比上年減少780萬美元。這一下降是由於現金儲備減少和利率環境走低所造成的。合併非GAAP EBT為2.399億美元，佔淨銷售額的5.76%，其中包括Foot Locker業務。相較之下，去年第三季的稅前利潤為 2.971 億美元，佔淨銷售額的 9.7%。

Moving down the P&L. Consolidated non-GAAP income tax expense was $59.4 million or a rate of 24.7%, while the income for the DICK'S business was taxed at a low 20% rate, the combined company was subject to a higher tax rate, primarily driven by the Foot Locker's EMEA business, where full valuation allowance remains in place.

向下移動損益表。合併後的非GAAP所得稅費用為5,940萬美元，稅率為24.7%。雖然DICK'S業務的收入按較低的20%稅率徵稅，但合併後的公司適用較高的稅率，這主要是由於Foot Locker的EMEA業務，該業務仍保留了全部估值準備金。

In total, we delivered a consolidated non-GAAP earnings per diluted share of $2.07 for the quarter. These results included non-GAAP earnings per diluted share of $2.78 for the DICK'S business based on a share count of 81.2 million, which excludes the dilutive effect of the shares issued in connection with the acquisition of Foot Locker.

本季度，我們實現了合併後的非GAAP每股攤薄收益2.07美元。這些業績包括 DICK'S 業務的非 GAAP 稀釋後每股收益 2.78 美元，基於 8,120 萬股的股份數量，這不包括與收購 Foot Locker 相關的發行股份的稀釋影響。

This is up from the earnings per diluted share of $2.75 last year. The DICK's business results were partially offset by the effects of the partial quarter of contribution from the Foot Locker business, which include a $0.52 negative impact from Foot Locker operations, including the gross margin decline as well as the higher tax rate, a $0.19 negative impact from the increased share count, which was up $5.9 million prorated for the 8 weeks of the Foot Locker ownership.

這比去年每股攤薄收益 2.75 美元有所增長。DICK's 的業績部分被 Foot Locker 業務部分季度貢獻的影響所抵消，其中包括 Foot Locker 營運帶來的 0.52 美元負面影響（包括毛利率下降和稅率上升），以及 Foot Locker 持股 8 週期間，股份數量增加 590 萬美元帶來的 0.19 美元負面影響。

On a GAAP basis, our earnings per diluted shares were $0.86. This includes the noncash gains from our nonoperating investment in Foot Locker stock as well as $141.9 million of pretax Foot Locker acquisition-related costs. For additional details on this, you can refer to the non-GAAP reconciliation table of our press release that we issued this morning.

以美國通用會計準則計算，我們每股攤薄收益為 0.86 美元。這包括我們對 Foot Locker 股票的非經營性投資產生的非現金收益，以及 1.419 億美元的稅前 Foot Locker 收購相關成本。有關此方面的更多詳細信息，您可以參考我們今天早上發布的新聞稿中的非GAAP財務指標調節表。

Now turning to our balance sheet. We ended Q3 with approximately $821 million of cash and cash equivalents and no borrowings on our $2 billion unsecured credit facility. Our quarter end inventory levels increased 51% compared to Q3 of last year. Excluding the Foot Locker business, inventory levels for DICK'S business increased 2% compared to Q3 of last year.

現在來看我們的資產負債表。第三季末，我們持有約 8.21 億美元的現金及現金等價物，並且沒有動用我們 20 億美元的無擔保信貸額度。本季末庫存水準較去年第三季成長了51%。除 Foot Locker 業務外，DICK'S 業務的庫存水準比去年第三季成長了 2%。

We believe the inventory in DICK'S business is well positioned to continue fueling our sales momentum. For reference, on a pro forma basis, inventory levels for the Foot Locker business increased approximately 5% as compared to the same period last year. And as Ed mentioned, the work is underway to clear out the unproductive inventory at the Foot Locker business.

我們相信，DICK'S 的庫存狀況良好，能夠繼續推動我們的銷售成長動能。作為參考，以備考基準計算，Foot Locker 業務的庫存水準與去年同期相比成長了約 5%。正如 Ed 所提到的，Foot Locker 公司正在進行清理滯銷庫存的工作。

Turning to our third quarter capital allocation. Net capital expenditures were $218 million, which included $201 million for the DICK'S business and $17 million for the Foot Locker business. We also paid $109 million in quarterly dividends. Before I move to our outlook, I want to address a few key expectations surrounding the Foot Locker acquisition.

接下來談談我們第三季的資本配置。淨資本支出為 2.18 億美元，其中包括 DICK'S 業務的 2.01 億美元和 Foot Locker 業務的 1,700 萬美元。我們也支付了1.09億美元的季度股利。在展望未來之前，我想先談談圍繞 Foot Locker 收購案的一些關鍵預期。

First, as Ed discussed, our immediate priority is to clean out the garage of unproductive assets as we look to optimize the inventory assortment and store portfolio of the Foot Locker business. We expect these actions, along with other merger and integration costs to result in a future pretax charge of between $500 million and $750 million. Importantly, these future pretax charges are excluded from today's outlook.

首先，正如 Ed 所討論的，我們眼下的首要任務是清理車庫中無用的資產，以便優化 Foot Locker 業務的庫存種類和門市組合。我們預計這些舉措，以及其他合併和整合成本，將導致未來產生 5 億美元至 7.5 億美元的稅前費用。重要的是，這些未來的稅前費用不包含在今天的展望中。

Second, we remain confident in achieving the previously announced $100 million to $125 million in cost synergies over the medium term, primarily from procurement and direct sourcing efficiencies. Third, as Ed said, we continue to expect the acquisition to be accretive to EPS in fiscal 2026 excluding onetime costs.

其次，我們仍然有信心在中期內實現先前宣布的 1 億美元至 1.25 億美元的成本協同效應，主要來自採購和直接採購效率的提高。第三，正如 Ed 所說，我們仍然預計此次收購將在 2026 財年增加每股收益（不包括一次性成本）。

Now moving to our outlook for 2025. Today, we are providing an updated outlook that is specific to DICK's business and does not include the Foot Locker business, which we will address separately. We are taking this approach to ensure comparability of our performance across the quarters and to provide ongoing visibility into the DICK'S business. This outlook also excludes the investment gains as well as the merger and integration costs related to the Foot locker acquisition.

現在展望一下2025年。今天，我們將提供一份針對 DICK'S 業務的最新展望，其中不包括 Foot Locker 業務，我們將另行討論該業務。我們採取這種做法是為了確保各季度業績的可比性，並持續展現 DICK'S 的業務狀況。該展望還不包括與收購 Foot Locker 相關的投資收益以及合併和整合成本。

As Lauren said, we are raising our expectation for comp sales and EPS for the DICK'S business. Our updated guidance reflects our strong Q3 performance and includes the expected impact from all tariffs currently in effect. This outlook balances our confidence in the outcomes we are driving through our strategic initiatives and our operational strength against the ongoing dynamic macroeconomic environment.

正如勞倫所說，我們提高了對迪克百貨業務同店銷售額和每股收益的預期。我們更新後的業績指引反映了我們第三季強勁的業績表現，並包含了目前所有關稅措施的預期影響。這項展望平衡了我們對透過策略性措施和營運實力所取得成果的信心，以及當前動態的宏觀經濟環境。

We now expect full year comp sales growth for the DICK'S business in the range of 3.5% to 4% compared to our prior growth expectation of 2% to 3.5%. Total sales for the DICK'S business are expected to be in the range of $13.95 billion to $14 billion compared to our prior expectation of $13.75 billion to $13.95 billion.

我們現在預計 DICK'S 業務全年同店銷售額成長將在 3.5% 至 4% 之間，而我們先前的成長預期為 2% 至 3.5%。DICK'S 業務的總銷售額預計將在 139.5 億美元至 140 億美元之間，而我們先前的預期為 137.5 億美元至 139.5 億美元。

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

憑藉我們優質的產品組合，我們預計全年毛利率將持續成長。我們預計此次擴張將透過降低銷售、管理及行政費用來抵消，因為我們正在數位化、門市和行銷方面進行策略性投資，以更好地在長期內定位自己。

We still expect operating margins to be approximately 11.1% at the midpoint. At the high end of the expectations, we continue to expect to drive approximately 10 basis points of operating margin expansion. We now expect EPS for DICK'S business in the range of $14.25 to $14.55 compared to our prior expectation of $13.90 to $14.50.

我們仍預期營業利潤率中位數約為 11.1%。在預期上限的情況下，我們仍然預期營業利潤率將提高約 10 個基點。我們現在預計 DICK'S 業務的每股收益將在 14.25 美元至 14.55 美元之間，而我們先前的預期為 13.90 美元至 14.50 美元。

Our earnings guidance for DICK's business is based on approximately 81 million average diluted shares outstanding and excludes the dilutive impact of the 9.6 million shares issued in connection with the acquisition. This outlook for DICK'S business also assumes an effective tax rate of approximately 24% compared to our prior expectation of approximately 25%. We continue to expect net capital expenditures of approximately $1 billion for the full year for the DICK'S business.

我們對 DICK 業務的獲利預期是基於約 8,100 萬股平均稀釋後流通股計算的，並且不包括與收購相關的 960 萬股發行股份的稀釋影響。DICK'S 業務的這項展望也假設有效稅率約為 24%，而我們先前的預期約為 25%。我們仍然預計 DICK'S 業務全年淨資本支出約為 10 億美元。

Turning now to the Foot Locker business. We want to provide some perspective on our expectations for the fourth quarter. As Ed discussed, our priority is to position Foot Locker for a fresh start in 2026 and reset the business for long-term success.

現在來談談Foot Locker的業務。我們想就第四季的預期做一些說明。正如 Ed 所討論的，我們的首要任務是讓 Foot Locker 在 2026 年重新出發，並重塑業務以實現長期成功。

This includes taking strategic actions to address unproductive assets, including the optimization of inventory and the closure of underperforming stores. As a result of our actions to optimize Foot Locker's inventory, we expect Q4 gross margins for footlocker business will be down between thousand to 1,500 basis points as compared to Foot Locker's reported results in the same period last year, with a pro forma comp sales being down mid- to high single digits. Excluding the onetime costs associated with our actions to address unproductive assets, we expect Q4 operating income for the Foot Locker business to be slightly negative.

這包括採取策略行動來解決低效資產問題，例如優化庫存和關閉業績不佳的門市。由於我們採取了優化 Foot Locker 庫存的措施，我們預計 Foot Locker 第四季度的毛利率將比去年同期 Foot Locker 公佈的業績下降 1000 至 1500 個基點，預計同店銷售額將下降個位數中高段。不計入為解決非生產性資產問題而採取的一次性措施所產生的成本，我們預計 Foot Locker 業務第四季的營業收入將略微為負。

Looking ahead, we expect next year's back-to-school season to be an inflection point to drive meaningful progress in the Foot Locker business. As a reminder, we continue to expect the Foot Locker acquisition to be accretive to our EPS in fiscal 2026, excluding the onetime costs.

展望未來，我們預計明年的返校季將成為推動 Foot Locker 業務取得實質進展的轉捩點。再次提醒大家，我們仍預期 Foot Locker 的收購將在 2026 財年增加我們的每股盈餘，不包括一次性成本。

Before we wrap up, I want to provide a couple of consolidated company assumptions to provide clarity for your models. For the fourth quarter, we expect approximately 91 million average diluted shares outstanding, which includes the dilutive impact of the 9.6 million shares issued in connection with the Foot Locker acquisition.

在結束之前，我想提供一些公司統一的假設，以幫助大家更好地理解模型。我們預計第四季度平均稀釋後流通股約為 9,100 萬股，其中包括因收購 Foot Locker 而發行的 960 萬股股份的稀釋影響。

We also anticipate a consolidated company effective tax rate of approximately 29% for Q4, impacted by the expected Foot Locker losses in EMEA were no corresponding tax benefit as anticipated. As Ed and Lauren said at the top of the call, we are proud that we continue to operate from a position of strength with robust momentum in DICK'S business and a significant effort underway to return the Foot Locker business to growth.

我們也預計，由於歐洲、中東和非洲地區 Foot Locker 的預期虧損沒有帶來預期的相應稅收優惠，第四季度公司合併有效稅率約為 29%。正如 Ed 和 Lauren 在電話會議開始時所說，我們很自豪能夠繼續保持強勁的實力，DICK'S 業務發展勢頭良好，並且我們正在努力使 Foot Locker 業務重回增長軌道。

We are doing all that our shareholders would expect to make the Foot Locker business accretive in 2026. We could not be more excited about our future together. This concludes our prepared remarks. Thank you for your interest in DICK'S Sporting Goods. Operator, you may now open the line for questions.

我們正在盡一切努力，以滿足股東的期望，使 Foot Locker 業務在 2026 年實現盈利。我們對我們的未來充滿期待。我們的發言稿到此結束。感謝您對迪克體育用品公司的關注。接線員，現在可以開始接聽提問電話了。

(Operator Instructions)

（操作說明）

Robbie Ohmes, Bank of America.

羅比‧奧姆斯，美國銀行。

My first question is, I know we're going to be talking a lot about Foot Locker today. But on the DICK'S business, it looked like a really great quarter, comps up 5.7%, et cetera, and you raised guidance. But just how are you driving that? And how are you guys thinking about your confidence going into holiday here?

我的第一個問題是，我知道我們今天會聊很多關於Foot Locker的話題。但就 DICK'S 的業務而言，這看起來是一個非常出色的季度，同店銷售額增長了 5.7% 等等，而且你們還提高了業績預期。但你是怎麼開的呢？你們覺得自己對即將到來的假期信心如何？

Thanks, Robbie. We are so proud of the team for 5.7% comp. And importantly, we are comping strong comps. So a two-year stack of 10% and -- and as you know, it's been several quarters -- seven quarters in a row actually where we've had an over 4% comp. That really speaks to the fact that our long-term strategies are working.

謝謝你，羅比。我們為團隊取得 5.7% 的業績成長感到非常自豪。更重要的是，我們的競爭對手實力很強。所以，兩年累計成長了 10%，而且——正如你所知，已經連續好幾個季度——實際上是連續七個季度，我們的薪資成長都超過了 4%。這充分說明我們的長期策略是有效的。

And I would point to the differentiated product assortment that we've been able to bring in everything from newness from our strategic partners to emerging brands, our vertical brands, consumers athletes are really resonating with the products that we are providing.

我想指出的是，我們引進了差異化的產品組合，從策略夥伴帶來的新品到新興品牌，再到我們的垂直品牌，消費者和運動員都對我們提供的產品產生了強烈的共鳴。

And at the same time, our entire team is fully focused on delivering an engaging athlete experience. And that's in our stores, that's our digital environment. We are really focused on excelling and getting people the product that will give them the confidence, the excitement to do their absolute best. So -- so our strategies are working.

同時，我們整個團隊都全力以赴，致力於為運動員提供引人入勝的體驗。這就是我們實體店的現狀，這就是我們的數位化環境。我們真正專注於追求卓越，為人們提供能夠給予他們信心和熱情，讓他們做到最好的產品。所以——我們的策略奏效了。

If you look at Q3, one of the great things we saw was that we had growth across all of our key categories. And when you think of back to school, you think of back to sport, you think of footwear and apparel and team sports, we not get out of the part of those categories, but also golf and as well as our license business and our trading card business really doing well.

如果看一下第三季度，我們發現的一大亮點是所有主要類別都實現了成長。說到返校季，人們就會想到運動，想到鞋類、服裝和團隊運動，我們不僅涉足這些領域，高爾夫、授權業務和集換式卡牌業務也發展得非常好。

So as it flip to holiday, all of those themes are the reasons why we are so excited and confident as we look to Q4 and then we just raised our guidance. We've got an incredible product assortment for athletes. The consumer is fully focused on sport, and we are right setting at the middle of the intersection of sport and culture, and we've got great gifts across our entire portfolio. So we're really pleased going into Q4.

所以，隨著假期的臨近，所有這些主題都讓我們對第四季充滿信心和興奮，因此我們提高了業績預期。我們為運動員準備了種類繁多的優質產品。消費者完全專注於體育運動，而我們恰好位於體育和文化的交匯點，我們的整個產品組合中都有很棒的禮物。所以我們對進入第四季感到非常滿意。

That's really helpful. And then just my follow-up, just on Foot Locker, what kind of assumptions did you make about Foot Locker's cleanup of inventory in the fourth quarter having on DICK'S Sporting Goods? And also how many stores are you guys planning to close? And what would the timing be there?

這真的很有幫助。然後，我還有一個後續問題，關於 Foot Locker，您對 Foot Locker 在第四季度清理庫存對 DICK'S Sporting Goods 的影響做出了哪些假設？還有，你們打算關閉多少家店？那具體時間安排是怎麼樣的呢？

Thanks, Robbie. As we take a look at store closings, we're still addressing that. We've got some stores that we think we're going to close. We're also looking to address just the upside that we think we have in these stores and how many really need to be closed and how many can we make more profitable. So we'll give you some more guidance on that at the end of our fourth quarter call.

謝謝你，羅比。當我們關注門市關閉問題時，我們仍在研究這個問題。我們有一些門市可能要關門了。我們也希望探討這些門市的優勢所在，以及究竟有多少門市需要關閉，又有多少門市可以提高獲利能力。所以，我們會在第四季財報電話會議結束時就此提供更多指引。

Robbie, let me quickly add on to the Foot Locker clean up of the inventory in the fourth quarter. So Ed said in his prepared remarks as well as what I said that we expect the gross margins in the Foot Locker business in the fourth quarter to be down between 1,000 basis points to 1,500 basis points. As you can imagine, that is primarily driven by us quickly addressing the unproductive inventory that is in the system right now and have the room available to bring the excitement assortment that will position the business really well for 2026.

羅比，讓我快速補充一下Foot Locker在第四季的庫存清理情況。所以，艾德在事先準備好的發言稿中以及我所說的，我們預計 Foot Locker 業務第四季的毛利率將下降 1000 至 1500 個基點。如您所想，這主要得益於我們迅速解決目前系統中存在的低效庫存，並騰出空間引入令人興奮的產品系列，從而使公司在 2026 年佔據有利地位。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

My first question on Foot Locker. So it looks like the business may have been a bit softer than -- the Street was expecting in Q3, and you're anticipating a slightly negative operating income in Q4, yet you're expecting the acquisition to be accretive to EPS in '26. Can you walk through the building blocks to achieve it? And then what gives you confidence?

我的第一個問題是關於Foot Locker的。所以看來，該公司第三季的業務表現可能比華爾街預期的要疲軟一些，而且您預計第四季度的營業收入將略微為負，但您預計此次收購將在 2026 年增加每股收益。你能一步步找出實現目標的步驟嗎？那麼，是什麼讓你充滿自信呢？

Sure. Thanks, Simeon. I can't tell you we really couldn't be more excited about Foot Locker and the opportunity of Foot Locker. But there's some work that needs to be done to get it ready to -- for '26 and for it to be accretive to our business. So one of the things that we're doing, and we gave the Foot Locker team kind of a visual that we need to clean out the garage.

當然。謝謝你，西蒙。我無法用言語表達我們對 Foot Locker 以及 Foot Locker 帶來的機會感到多麼興奮。但要讓它為 2026 年做好準備，並為我們的業務帶來成長，還有一些工作要做。所以我們正在做的一件事，就是給 Foot Locker 團隊提供了一個可視化的方案，讓他們意識到我們需要清理車庫。

So we're cleaning out the garage. We're cleaning out old unproductive inventory. We're going to be impairing underperforming assets and from a confidence standpoint, those are all part of the building blocks that we need to put together to be ready for 2026.

所以我們正在清理車庫。我們正在清理舊的、低效率的庫存。我們將對錶現不佳的資產進行減值，從信心角度來看，這些都是我們為迎接 2026 年做好準備所需建造的基石。

We have tremendous confidence in this management team that we've assembled in North America, as we talked about, it's being led by Ann Freeman a long-time Nike executive that we've got a tremendous amount of respect for, and the brands have a tremendous amount of respect for.

我們對在北美組成的這支管理團隊充滿信心。正如我們之前所說，這支團隊由安·弗里曼領導，她是一位在耐吉公司工作多年的高階主管，我們和耐吉品牌都非常尊重她。

We just announced today that Matthew Barnes is going to run our international business, and he's a Brit, and we think that EMEA truly needs to be run by a European. We're making some real changes on how we are approaching the international business, which we think is going to be very positive.

我們今天剛宣布，馬修·巴恩斯將負責我們的國際業務，他是英國人，我們認為歐洲、中東和非洲地區確實需要由歐洲人來管理。我們正在對國際業務的處理方式進行一些真正的改變，我們認為這將產生非常積極的影響。

And one of the things we love about Foot Locker, and one of the reasons we bought it when we went out and did our due diligence before is the men and women in the stores, the stripers and the blue shirts. These young men and women, they love sneakers, they love Foot Locker. They love to be around this product and there really are -- we really think they're our secret weapon as we go forward.

我們喜歡 Foot Locker 的原因之一，也是我們之前進行盡職調查後選擇購買它的原因之一，就是店裡的男男女女，穿著條紋衫和藍色襯衫的店員。這些年輕人喜歡運動鞋，喜歡Foot Locker。他們非常喜歡這款產品，而且確實如此——我們真的認為他們是我們未來發展的秘密武器。

And the other thing that gives us tremendous amount of confidence is we've talked with every brand and every brand has a renewed interest in being supportive to Foot Locker, and they've all talked that they want a stable and growing Foot Locker. And to be honest with you, it's great for our business, but it's also great for the brands business. And we've got complete alignment with the brands. And we are confident that in 2026, we do put all these building blocks together, we're confident that Foot Locker will be accretive to our earnings in 2026.

另一件讓我們充滿信心的事情是，我們已經與每個品牌進行了溝通，每個品牌都重新燃起了支持 Foot Locker 的興趣，他們都表示希望 Foot Locker 能夠穩定發展。說實話，這對我們公司來說是好事，對品牌業務來說也是好事。我們與這些品牌完全契合。我們有信心，到 2026 年，當我們把所有這些要素整合起來之後，Foot Locker 將在 2026 年為我們帶來收益成長。

So my follow-up, I guess I'll make it two parts. First, just to that point on '26 accretion. That's Foot Locker stand-alone, including synergy. That's not, let's say, DICK'S Sporting Goods electing to buy stock back. That's Foot Locker math adding to DICK'S earnings base. That's part one of the follow-up.

所以，我的後續內容，我想我會分成兩個部分。首先，就到 '26 吸積的那個點為止。這是 Foot Locker 的獨立營運情況，包括綜效。那可不是說，迪克體育用品公司選擇回購股票。這是Foot Locker的獲利算力，它增加了DICK'S的獲利基礎。這是後續報道的第一部分。

And then part two, you don't tell us what your footwear gross margin is inside of core DKS. But if you look at Foot Locker, they've been on a steady decline for the last several years, and a lot of it does track with one of your major suppliers proliferation of product, is it feasible once you're done with your cleanup that you can get gross margins at parity with the DICK'S Sporting Goods?

其次，在第二部分，你沒有告訴我們DKS核心業務中鞋類產品的毛利率是多少。但如果你看看 Foot Locker，你會發現它在過去幾年裡一直在穩步下滑，而且這很大程度上與你的一個主要供應商的產品擴張有關。一旦你完成了清理工作，是否有可能獲得與 DICK'S Sporting Goods 相同的毛利率？

Or is there something about the mix and the selection that you can't get it quite to that level? Meaning how much quick repair could there be once you clean up the assortment?

或者說，是不是因為混音和選曲方面的問題，你才無法達到那種程度？也就是說，一旦你把這些東西清理乾淨，有多少可以快速修復的地方？

Well, we're not going to guide right now, and we'll give you some more guidance at the end of Q4. But we're not going to give you -- we're not going to tell you where it's going to be compared to DICK's Sporting Goods, but we do know that it can be meaningfully different than it is right now. There's a huge opportunity One of the reasons it struggled is they haven't had access to some of the key product. They haven't had allocation of some of the product. There's a number of stores that are out of stock in product that they don't have.

嗯，我們現在不提供指導，我們會在第四季末提供更多指導。但我們不會告訴你——我們不會告訴你它與 DICK's Sporting Goods 相比會是什麼樣子，但我們知道它肯定會與現在的情況有很大的不同。這裡蘊藏著巨大的機會。它發展受阻的原因之一是他們無法獲得一些關鍵產品。他們還沒有獲得部分產品的配額。很多商店都缺貨，因為他們根本沒有這種商品。

I was just in a store in New York this yesterday as a matter of fact, and talking to the gentleman who runs the store, and he said, we're a great running store. We just got NIKE's running construct in last week. And when you take a look at some things like that, there's just a huge opportunity. That product is being sold at full price. So yes, we're really confident that there'll be a meaningful increase in their gross margin. And we'll give you some more color on that at the end of the fourth quarter.

事實上，我昨天才去過紐約的一家商店，和店主聊了聊，他說，我們是一家很棒的跑步用品店。我們上星期剛收到耐吉的跑步鞋。當你仔細審視這類事情時，你會發現其中蘊藏著巨大的機會。該產品以全價出售。所以，是的，我們非常有信心他們的毛利率會大幅增加。我們將在第四節末為您帶來更多相關資訊。

And then I don't know, Ed, sorry, it was a follow-up to the accretion comment, if you can comment any more on that, whether that included buyback or that's just core Foot Locker?

然後，我不知道，埃德，抱歉，這是對之前關於增值評論的後續，您能否就此再補充一些內容，例如這是否包括回購，還是僅僅指Foot Locker的核心業務？

That's core Foot Locker. That's not to say we might not -- as we said, we've been -- we'll be opportunistic based on what happens with the stock. We may buy back some stock. But we think from a core Foot Locker standpoint, it can be accretive to our earnings in 2016.

這就是Foot Locker的核心理念。這並不是說我們不會——正如我們所說，我們一直都是——根據股票的走勢採取機會主義策略。我們可能會回購部分股票。但我們認為，從 Foot Locker 的核心角度來看，這可以增加我們 2016 年的收益。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

We were curious about how you're going to manage the markdowns at Foot Locker. I guess the concern is, is that if you do discount aggressively in the fourth quarter, do you think you'll be in a position where you can go back and to full price selling and the customer be ready for that as new product comes into the store.

我們很好奇您將如何管理 Foot Locker 的降價促銷活動。我想大家擔心的是，如果你在第四季大幅降價，你認為當你恢復全價銷售時，隨著新產品上架，顧客是否能夠做好準備？

And our second question on the discounting is, do you feel like the market is going to be heavy with discounts now in Q4? And how much do you expect that to impact the market and DICK'S own footwear sales?

關於折扣，我們的第二個問題是，您認為第四季市場上的折扣力道會很大嗎？你預計這將對市場和迪克體育用品公司本身的鞋類銷售產生多大影響？

Sure. Thanks for the -- Thanks, Kate. I don't really think that that's going to be an issue with these markdowns and then going back to full price because the product that we're marking down is older product that hasn't sold product that's been sitting around for a while. So when we get the new fresh product, we'll sell -- we're confident we'll sell that at full price. And the consumer out there is looking for a new fresh product that is innovative in the marketplace.

當然。謝謝你——謝謝，凱特。我並不認為這些降價促銷後再恢復原價會是個問題，因為我們降價促銷的產品是滯銷的舊產品，已經存放了一段時間了。所以，當我們拿到新的新鮮產品時，我們有信心以全價出售。而消費者們正在尋找市場上新穎創新的產品。

And that's what Foot Locker for the most part, doesn't have right now, and we'll be bringing that product in as we get into 2016. From a discounting standpoint, right now and who knows things could change. But right now, we don't think that the discounting is going to be meaningfully different than it was last year.

而這正是 Foot Locker 目前大部分產品所缺乏的，我們將在 2016 年引進產品。從折扣的角度來看，目前是這樣，但誰知道情況會不會改變。但就目前而言，我們認為折扣力道不會與去年有實質的不同。

We do feel that we've got, as Lauren said in her remarks, we've got different and innovative product, more premium product that you'll see product that's that is fully distributed in the marketplace. We don't see that the promotional activity impacting our business a whole lot.

正如勞倫在演講中所說，我們確實認為我們擁有與眾不同、富有創新性的產品，更高端的產品，您將會看到這些產品已在市場上全面鋪貨。我們認為促銷活動對我們的業務影響不大。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Great. It's great to see the continued momentum at the DICK'S brand. I guess, Lauren and Ed, obviously, I'm going to talk a question about from about Foot Locker. Is this a case of kind of just historically underperforming operations and with some closures and inventory management that you can control the controllables to kind of turn the business or are there more infrastructure investments in some longer tailed structural things about the business.

偉大的。很高興看到 DICK'S 品牌持續保持成長勢頭。我想，蘿倫和艾德，很顯然，我要問一個關於Foot Locker的問題。這是否只是由於歷史上營運表現不佳，以及透過關閉一些門市和庫存管理等可控因素來扭轉業務局面，還是需要對業務的一些長期結構性問題進行更多基礎設施投資？

Secondarily, are there banners within Foot Locker that no longer perhaps makes sense -- and if you could talk about that. And then finally, my follow-up is on inventory. 1,000 basis points to 1,500 basis points is quite a bit. Is there a write-off reserve within that? And -- is it just the depth of the promo? Or are you using third-party talent? Just trying to understand the magnitude of that and the quickness of trying to get through that in the next couple of months.

其次，Foot Locker 店內是否有一些橫幅廣告可能已經不再有意義了——如果您能談談這方面的話。最後，我的後續問題是關於庫存。 1000到1500個基點可不是個小數目。其中是否包含核銷準備金？難道僅僅是宣傳的深度不夠嗎？還是你們使用的是第三方人才？我只是想了解這件事的嚴重性，以及在接下來的幾個月裡要迅速解決這件事的緊迫性。

That's a lot, Adrian. Let me start. That's okay. So the idea of this is historically underperforming operations. I think that's a big part of this. So Foot Locker really didn't -- they kind of got away from retail 101 of trying to have the right product and the right store and having those -- I think turning this around, we don't think there's going to be some capital involved, and we're going to invest in the stores.

艾德里安，這可不少。我先開始。沒關係。所以，這個想法是針對歷史上表現不佳的營運。我認為這在其中起著至關重要的作用。所以 Foot Locker 實際上並沒有——他們有點偏離了零售業的基本原則，即擁有合適的產品和合適的商店——我認為要扭轉這種局面，我們認為不會涉及任何資本，我們將投資於這些商店。

But we've just done an 11-store test, and it was pretty capital-light. And what we really did is we took the inventory -- most of the inventory out of the store, and we relaid out the wall. And one of the things that the DICK'S team is really good at and we're bringing that expertise to Foot Locker is from a merchandising standpoint and how those visual merchandising really can help drive the store.

但我們剛剛完成了一項包含 11 家門市的測試，而且投入的資金非常少。我們實際做的就是把庫存——大部分庫存——從商店裡搬了出去，然後重新裝修了牆壁。DICK'S 團隊非常擅長的一點，也是我們將這種專業知識帶到 Foot Locker 的一點，就是從商品陳列的角度出發，探討視覺陳列如何真正幫助推動門店發展。

We took the inventory out of the store and we redid the walls. And no real infrastructure back in there. But if you had walked into a Foot Locker store and still walk into a lot of foot Locker stores other than is 11 and look at the wall it's kind of merely a run-on sentence of shoes.

我們把店裡的庫存都搬走了，然後重新粉刷了牆壁。那裡根本沒有像樣的基礎設施。但是，如果你走進一家 Foot Locker 商店，或者像現在這樣走進很多 Foot Locker 商店（除了 11 號店），看看牆上的鞋子，你會發現它們就像是一連串的鞋子。

And what we've done is we've taken and tried to segment it and show the consumer what's important in the stores. And we've got this 11 store test, and now it's only 11 stores, but the results have been -- we're pretty enthusiastic about the results. So we think that we can definitely turn this around.

我們所做的就是將市場細分，並向消費者展示商店裡哪些東西比較重要。我們已經進行了 11 家門市的測試，現在只有 11 家門市，但結果——我們對結果非常滿意。所以我們認為我們一定能扭轉局面。

As far as the inventory being down 1,000 basis points to 1,500 basis points we are going to -- we're going to take markdowns to get this out of the store of older underperforming SKUs. And we do expect at the end of the year, there will be a program that we will sell some of this off to a jobber and just clean out what's left from the inventory and be able to get a fresh start in 2026. So that's why we're moving as quickly as we can to get a fresh start in 2026.

鑑於庫存下降了 1,000 到 1,500 個基點，我們將採取降價措施，把這些老舊且表現不佳的 SKU 從商店中清理出去。我們預計到年底，我們將推出一項計劃，把其中一部分賣給批發商，清理剩餘的庫存，以便在 2026 年重新開始。所以，這就是為什麼我們要盡最大努力在 2026 年重新開始。

Yes. I want to just add to what Ed is saying from my perspective. If you look at the core challenges that we're facing with the business, it really is, as you said, it's underperforming operations, it's inventory management. It's core Retail 101.

是的。我想從我的角度補充艾德的觀點。如果你看看我們業務面臨的核心挑戰，正如你所說，確實是營運效率低下和庫存管理不善。這是零售業的基礎知識。

And one of the things that's been so amazing to see if the team is coming together and Ed is spending a ton of time with them is that the core expertise index, be it merchandising and the balance of art and science or the visual presentation you can hear in his remarks, just talking about that, the fact that our -- we are marketing driven company and that we believe in brand.

最令人驚嘆的事情之一，就是看到團隊齊心協力，Ed 也花了很多時間和他們在一起，那就是核心專業知識指數，無論是商品銷售、藝術與科學的平衡，還是視覺呈現，你都可以在他的講話中聽到，談到這一點，我們是一家以營銷為導向的公司，我們相信品牌。

And so those plans are being worked on for next year. And the brand relationships, this is a heavy operational focus. All of those things are being transferred by osmosis coaching mentorship, all of that. And that's what gives me the confidence that we are moving in the right direction.

因此，明年的計劃正在製定中。品牌關係是營運中的重要重點。所有這些都是透過潛移默化、指導和輔導等方式傳遞的。正是這一點讓我相信我們正朝著正確的方向前進。

Okay. And just to be very crystal clear, the markdowns of the inventory are on lifestyle and we'll have kind of no competitive impact with the performance -- premium performance at DKS. So there's no crossover there.

好的。需要非常明確地說明的是，庫存降價是針對生活方式的，不會對業績產生任何競爭影響——DKS 的高端業績。所以這兩者之間沒有交叉。

The product that we're marking down is not a key product at DICK'S Sporting Goods. It's an older product that quite frankly, and with the visual we used with the Foot Locker team and it is kind of caught on globally is we just got to clean out the garage. We've got to clean out all the inventory that's kind of in the corner that's not selling that we need to have out of our system.

我們正在降價的這款產品並不是迪克體育用品店的主打產品。坦白說，這是一款比較老的產品，而且我們和 Foot Locker 團隊一起使用的視覺效果在全球範圍內都流行起來，我們只是需要清理一下車庫而已。我們必須清理掉所有滯銷的庫存，把它們從我們的系統中移除。

Fantastic. Makes 100% sense. Good luck.

極好的。完全合理。祝你好運。

Thank you.

謝謝。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

The first one, relatively straightforward the expectation that Foot Locker will be accretive next year is based on the $14.25 million to $14.55 million for this year. Is that correct? And how dependent is the accretion expectation on inflecting the sales that you would anticipate by back to school for next year?

第一個比較直接的預期是，Foot Locker 明年將實現獲利成長，這是基於今年 1,425 萬美元至 1,455 萬美元的獲利預期。是這樣嗎？那麼，成長預期在多大程度上取決於您預計明年返校季帶來的銷售額變化？

Michael, thanks for that question. Yes, let me clarify on exactly like you said, yes, the basis is on the $14.25 million to $14.55 million as the basis for 2025 results, and the kind of the dependency, I think it starts with what Ed said about the building blocks.

邁克爾，謝謝你的提問。是的，讓我澄清一下，正如你所說，是的，2025 年的業績基礎是 1425 萬美元到 1455 萬美元，至於這種依賴關係，我認為它始於 Ed 所說的構建模組。

It starts off with cleaning out the garage, positioning the inventory and having that excitement assortment and the newness that is resonating so well at DICK'S Sporting goods with the gross margin expansion and the merch margin expansion that you are seeing is going to be the first and foremost a priority as we look to the building blocks for how can this business be accretive -- and keep in mind, we talked about as part of the cleaning out of the garage that there are other unproductive assets.

首先要清理車庫，重新擺放庫存，打造令人興奮的商品系列，並保持新鮮感。正如你所看到的，迪克體育用品公司在毛利率和商品利潤率方面取得了巨大成功。這將是我們首要的任務，因為我們需要找到讓這項業務增值的基礎——記住，正如我們在清理車庫時提到的，還有其他一些不俱生產性的資產。

We are looking into the store portfolio, where there are some unprofitable stores. But the opportunity we are looking at that is not only deciding if the store should be closed, but actually, the opportunity is the reverse to say if those stores had access to the right product and the right innovation and the newness can those stores be turned around and made profitable.

我們正在調查門市組合，其中一些門市不盈利。但我們現在面臨的機會不僅僅是決定是否應該關閉這家商店，實際上，機會恰恰相反，那就是如果這些商店能夠獲得合適的產品、正確的創新和新鮮感，這些商店能否扭轉局面並實現盈利。

So we are looking into that. We are absolutely looking into some of the unproductive assets that want to be part of the core business going forward. But to your point, it starts with sales and margin. And in addition to that, we'll look into cleaning over the garage to position the business for a profitable growth into 2026, especially in the -- from the back-to-school season of next year.

所以我們正在調查此事。我們正在認真研究一些目前效率低下的資產，希望它們未來能成為核心業務的一部分。但正如你所說，一切都始於銷售額和利潤率。除此之外，我們還將研究如何清理車庫，以便為企業在 2026 年實現獲利成長做好準備，尤其是在明年返校季。

Got you. And my follow-up question is one of the key debates on the combined enterprise story right now is how do you ring-fence the core DICK'S business in order to ensure that the integration of Foot Locker does not become a distraction to slow the momentum of the core business.

抓到你了。我的後續問題是，目前關於合併後企業故事的關鍵辯論之一是如何將 DICK'S 的核心業務隔離開來，以確保 Foot Locker 的整合不會分散注意力，從而減緩核心業務的發展勢頭。

It does look like in the fourth quarter, you are anticipating a significant slowdown guiding to a flat to slightly positive comp for the core business. So a, what is fostering that expectation. And b, given you have owned this business for a matter of months now, give us a sense of how you anticipate that they won't be -- it won't become a distraction such as the core business can it accelerate into next year and drive some growth on top of are that you're acting to put like sorry. There was a lot of words in that question.

看起來，您預計第四季經濟將大幅放緩，核心業務的同店銷售額將持平或略有成長。那麼，是什麼助長了這種期望呢？其次，鑑於您擁有這家公司才幾個月，請您談談您預計它不會——不會像核心業務那樣分散注意力，它能否在明年加速發展並推動一些增長，您現在的做法就像是在說抱歉。這個問題裡面有很多字。

Got it. Thank you, Michael. One of the absolute prerequisites for us to do this acquisition was exactly what you're saying. We needed to ring-fence the DICK'S team and DICK'S needs to stay completely focused on driving our growth and our strategic priorities. And that is exactly what we are doing.

知道了。謝謝你，麥可。我們進行此次收購的絕對前提條件之一，正是您剛才所說的。我們需要將 DICK'S 團隊隔離起來，DICK'S 需要完全專注於推動我們的成長和策略重點。而這正是我們正在做的。

I mean 8, 10 weeks in now, I'm even more confident that, that is how we're doing it. We've set up the team at Foot Locker. Ed is very much spending time over there. The DICK's team is fully focused on the DICK's priorities. And we're going to continue to just keep the teams sharing learnings but not remotely working. Not distracting each other from what their core priorities are. When we look at Q4, you mentioned the deceleration, I want to be really clear about this.

我的意思是，現在已經過去了 8 到 10 週，我更加確信，我們就是這樣做的。我們已經在 Foot Locker 組建了團隊。艾德在那邊待的時間很長。DICK's 團隊全力以赴，專注於 DICK's 的各項優先事項。我們將繼續保持團隊間分享經驗，但不會遠距辦公。不要讓彼此分心，從而偏離各自的核心要務。當我們回顧第四季時，您提到了成長放緩，我想就此明確說明。

We just came off of a 5.7% comp, and we're up against a 6.4% comp last year. So the fact that you see our comp slightly moderating in Q4. We actually just raised the comp and the high end of our previous guidance now is the low end of our guidance. So we are really bullish on the holiday. We are just balancing that with an appropriate level of caution as we always do. We don't ever guide to the best possible outcome. But we are pumped and ready to go on the DICK'S side for Q4.

我們上一年的業績比較率為 5.7%，而今年的業績比較率為 6.4%。所以，您可以看到我們的競爭對手在第四季度略有放緩。我們實際上剛剛提高了預期，之前預期的上限現在變成了預期的下限。所以我們非常看好這個假期。我們一如既往地採取適當的謹慎態度來平衡這兩方面。我們從來不會引導人們走向最佳結果。但我們已經摩拳擦掌，準備好在第四季全力以赴。

Mike Baker, D.A. Davidson.

麥克貝克，D.A.戴維森。

Great. A couple to start on. First, a little bit more detail on that 11 store test, maybe any initial results or pop in sales and I mean, is it just as simple as relaying a back wall or there's got to be more to what you're doing. So if you could address that, please.

偉大的。先從幾個例子開始。首先，關於那 11 家門市的測試，能否提供一些更詳細的信息，例如初步結果或銷售額的成長？我的意思是，這是否只是簡單地重新裝修一下後牆，還是其中還有更多需要注意的地方？所以，如果您能解答這個問題，那就太好了。

Sure. So we're not going to lay out kind of the results. As I said, they're early, but we're really very encouraged on them. And it's not just as simple as laying out the wall as we've kind of taken some of the older product out of that -- those stores, put in some newer, fresher product that we were able to get our hands on. And one of the things we've also done is we're bringing the apparel business back to Foot Locker.

當然。所以我們不會公佈結果。正如我所說，現在還為時過早，但我們對他們的表現感到非常鼓舞。而且，這不僅僅是佈置牆面那麼簡單，因為我們已經從那些商店裡移除了一些舊產品，換成了我們能夠得到的一些更新、更新鮮的產品。我們所做的另一件事就是將服裝業務重新帶回 Foot Locker。

They had really kind of walked away from the apparel business. And if you walk into these stores, you can see the apparel in there, and the apparel is selling really quite well, too. So -- we think that there's an increase from a footwear standpoint, from an apparel standpoint going forward.

他們實際上已經徹底退出了服裝業。如果你走進這些商店，你會看到裡面的服裝，而且這些服裝的銷售也非常好。所以——我們認為，從鞋類和服裝的角度來看，未來都會有所成長。

And we'll -- we'll more than likely give you a little bit more color on this test at the end of the fourth quarter as we give guidance going into 2026. But there's a lot of just basic retail 101 that if Foot Locker gets back to that or when as Foot Locker gets back to it will have a meaningful impact on their business.

我們很可能會在第四季末，也就是我們給出 2026 年業績指引的時候，為大家提供更多關於這項測試的細節資訊。但是，如果 Foot Locker 能夠回歸零售業的基本原則，或者說當 Foot Locker 回歸零售業的時候，這些原則將對他們的業務產生重大影響。

Great. Fair enough. One more follow-up. If I could. You're talking about a fresh start and getting everything cleared by the end of fourth quarter, but back-to-school is the inflection point, not to put too much pressure on you or try to accelerate it, but why not spring as an example as the inflection point?

偉大的。很公平。還有一個後續問題。如果我能。你說要重新開始，並在第四季結束前把所有事情都處理好，但返校是轉捩點，我不想給你施加太大壓力或試圖加快進度，但為什麼不以春季為例作為轉折點呢？

Why should the FERC, presumably, the first half not be as strong?

為什麼聯邦能源監管委員會（FERC）的前半部不應該那麼強硬呢？

I think that's a really good question. And the main reason for that is our merchandising philosophy and how we're buying the product, we didn't buy that. It was bought by the previous management team. And we think that there's some -- and we're going to talk to the brands about trying to plug some holes. But the third quarter or the back-to-school time frame is the first time we will have had complete control over the assortment going forward.

我覺得這確實是個好問題。主要原因是我們的商品銷售理念以及我們採購產品的方式，我們沒有購買那種產品。它被之前的管理團隊收購了。我們認為存在一些問題──我們將與相關品牌商洽談，努力解決這些問題。但第三季或返校季是我們首次能夠完全掌控未來產品組合的時期。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

This is Jolie Wasserman on for Chris. Just following up with DICK's ability to affect inventory orders for Foot Locker. So just confirming that you're saying that you won't be able to fully affect it until the start of the third quarter, but are you able to have any sort of impact even if it's lighter in the first half? And just specifically on the percent of spring ordered since the acquisition, how much of that have you been able to order thus far? And how do you see that flowing into the fall?

這裡是喬莉‧沃瑟曼替克里斯報道。我只是想跟進一下 DICK 對 Foot Locker 庫存訂單的影響能力。所以，我確認一下，你是說要到第三節開始才能完全影響比賽，但即使在上半場影響較小，你是否也能產生某種影響？具體來說，自收購以來，春季訂單的百分比是多少？到目前為止，你們已經訂購了多少？那麼，您認為這種趨勢會如何延續到秋季？

We can have some impact on Q1 and Q2, probably hopefully a little bit more on Q2 than Q1, but we're working through that and working with the brands and they are being as helpful as they can to try to get product to us that we need. But it's really going to be in that third quarter that you'll see the big difference that our team will have fully bought that product and merchandise that product.

我們可能會對第一季和第二季產生一些影響，希望第二季的影響能比第一季更大一些，但我們正在努力解決這個問題，並與品牌方合作，他們也在盡最大努力幫助我們獲得所需的產品。但到了第三季度，你會看到巨大的變化，因為我們的團隊將完全接受並推廣該產品。

That makes sense. And our follow-up question was just on gross margin with the third quarter. Just more broadly, if you could speak to what's going on there in terms of promotional environment for -- this is all for DICK'S promotional environment. tariff costs and the other inputs we discussed last quarter, like the game changer business?

這很有道理。我們的後續問題是關於第三季的毛利率。更廣泛地說，您能否談談迪克體育用品公司（DICK'S）目前的促銷環境——這裡指的是迪克體育用品公司的促銷環境，包括關稅成本以及我們上個季度討論的其他因素，比如顛覆性業務？

Yes. So we reported today a 27 basis points expansion in our gross margin. Keep in mind that, that 27 basis points of gross margin expansion is on top of 70 basis points of expansion that we saw. In terms of the promotionality within the quarter, the promotionality, as you can imagine, the overall marketplace continues to remain dynamic. We participated in select promotions, which we always do during the important back-to-school season.

是的。今天我們公佈的數據顯示，毛利率增加了27個基點。請記住，這 27 個基點的毛利率成長是在先前 70 個基點成長的基礎上實現的。就本季內的促銷活動而言，正如你所想，整個市場仍然保持著活力。我們參與了一些促銷活動，這在重要的返校季期間是我們一貫的做法。

The tariff impact was within that quarter, our results as well within the merchandising margin. But keep in mind, we still delivered a merchandising margin expansion of 5 basis points on top of almost about 60 basis points of impact -- a positive impact last year.

關稅的影響在該季度內顯現，我們的業績也反映在商品銷售利潤率。但請記住，我們仍然實現了商品銷售利潤率成長 5 個基點，而去年我們的影響力接近 60 個基點——這是一個正面的影響。

And there was a slight unfavorable impact from the mix, like Lauren talked about the license business performed really well, which is a fantastic growth opportunity but has a slightly lower margin. So that -- we had a little bit of an unfavorable impact from the mix as well.

組合中也出現了一些不利影響，就像勞倫提到的那樣，授權業務表現非常出色，這是一個絕佳的成長機會，但利潤率略低。所以——這種混合也為我們帶來了一些不利影響。

And just to kind of round out that answer, I would say that if you look at it, we have guided that we expect our gross margin to expand -- on a full year basis, we expect gross margin to expand in our -- on the back half as well as within the fourth quarter.

最後，為了更完整地回答這個問題，我想說，如果你看一下，我們已經預測，我們預計全年毛利率將會成長，我們預計下半年以及第四季的毛利率都會成長。

So overall, we feel great about the merchandising capability. The work that the game changer team is doing and the DICK'S Media network, those those ingredients continue to remain in place that drive our confidence in the gross margin expansion for this year and into the future.

總的來說，我們對商品銷售能力感到非常滿意。變革團隊所做的工作以及 DICK'S 媒體網絡，這些因素持續存在，增強了我們對今年及未來毛利率成長的信心。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

Can you talk about the $500 million to $750 million in charges that might be coming. How much of that is cash versus just write-offs? And how many stores are actually being reviewed when you think about that range of $500 million to $750 million? And any split that you can share on US, international or a banner.

你能談談可能即將到來的 5 億至 7.5 億美元的指控嗎？其中有多少是現金，又有多少是壞帳？考慮到5億美元到7.5億美元的金額範圍，實際接受審查的門市數量有多少？任何拆分都可以在美國、國際或橫幅廣告上分享。

Yes, Paul, we'll share much more of the detailed assumptions. As you can imagine, we are 10 weeks into this acquisition. And like I said before, we are balancing the evaluation that we are doing with the opportunity that we see in terms of driving growth and profitability expansion on a store basis. So on stores, we'll share much more of the detailed plans during our Q4 call.

是的，保羅，我們會分享更多詳細的假設。正如您所想，這次收購已經進行了 10 週。正如我之前所說，我們正在權衡我們正在進行的評估與我們看到的在門市層面推動成長和獲利能力擴張的機會。關於門市方面，我們將在第四季財報電話會議上分享更多詳細方案。

In terms of the makeup of the $500 million to $750 million, I would say there are three main buckets. The first and foremost, as Ed talked about, is the unproductive inventory, which makes up quite a decent chunk of that, that we will be addressing -- vast majority of that will be addressed here in Q4.

就這 5 億到 7.5 億美元的組成而言，我認為主要分為三類。正如 Ed 所談到的，首要問題是低效庫存，這部分庫存佔了相當大的比例，我們將著手解決這個問題——其中絕大部分將在第四季度得到解決。

That does include some of the store portfolio valuation. And then we are looking deeper into the assets that we have in place, some of the technology assets, some of the legacy contracts that we will evaluate as far as the fourth quarter and clean that, also have to position the business and the profitability of the business for 2026.

這其中確實包含了一部分門市組合估值。然後，我們將深入研究我們現有的資產，包括一些技術資產和一些遺留合同，我們將在第四季度對其進行評估和清理，同時也要為 2026 年的業務和盈利能力做好準備。

In terms of the cash versus noncash, I would say it will be a combination of both things. Inventory definitely would be cash, but if there are some existing assets on the balance sheet that will be cleaning up, those will obviously be noncash. So we'll share more detailed assumptions behind all of this during our fourth quarter call.

至於現金與非現金支付方式，我認為會是兩者的結合。庫存肯定是現金，但如果資產負債表上有一些現有資產需要清理，那麼這些顯然是非現金的。因此，我們將在第四季度財報電話會議上分享所有這些假設背後的更詳細細節。

Great. And then just on the synergy number, the 1 to 1.25. How much of that are you assuming you can capture in F '26 to get to those accretion numbers. I'm curious if you're thinking you might be actually playing for a bigger number than that 100 to 125 in longer term?

偉大的。然後，就協同數而言，1 到 1.25。你假設你能在 F '26 中捕獲多少才能達到這些吸積數。我很好奇，你是否考慮過從長遠來看，你的目標金額可能會超過100到125？

Yes. Well, the $100 million to $125 million, I would say we have -- there's a lot of work that has already been done. What we are working through, as you can imagine, is just conversations with the brands, conversations with the nonmerchandising vendors, and those conversations are happening right now.

是的。嗯，關於1億到1.25億美元的預算，我想說我們已經做了很多工作。正如你所想，我們目前正在做的就是與品牌方、非商品供應商進行對話，而這些對話現在正在進行中。

So to now have a better line of sight, call it, 12 weeks from now as part of the fourth quarter. And in terms of looking for additional opportunity, you know us, we'll continue to focus on driving the top line and the bottom line results for the collective business now. So absolutely, that's a focus within the organization.

所以現在要更好地展望未來，不妨把時間定在12週後，也就是第四季。至於尋找更多機會，你們也了解我們，我們將繼續專注於提升公司整體的營收和利潤。所以，這絕對是公司內部的關注重點。

Cristina Fernández, Gelsey Advisory Group.

克里斯蒂娜·費爾南德斯 (Cristina Fernández)，蓋爾西諮詢小組。

I wanted to ask a question on the vision for the merchandising and full locker that business historically was heavy on basketball sneaker culture and kits. So as you look at where there can be improvement? Do you see that mix materially changing? On the apparel side, are you looking to lean more into private label? Or do you also see natural brands playing a big role in their apparel expansion?

我想問一個關於商品銷售和全套更衣室願景的問題，因為這項業務歷來都非常注重籃球鞋文化和裝備。那麼，您會考慮哪些方面可以改進呢？你認為這種結構會發生實質變化嗎？在服裝方面，您是否考慮更多地發展自有品牌？或者，您是否也認為天然品牌在服裝擴張中扮演重要角色？

Yes. Foot Locker has always been steeped in basketball culture, and it will best but will still be in a very important part of that. The best ball construct that we see in the product coming forward from a basketball standpoint. We are really enthusiastic about across a couple of brands. And the apparel business, we do see the apparel business -- the national brands is where they had kind of stepped away from.

是的。Foot Locker 一直以來都深深紮根於籃球文化之中，它或許會變得更好，但仍將是其中非常重要的一部分。從籃球的角度來看，這是我們目前看到的產品中最好的球體結構。我們對旗下幾個品牌都非常感興趣。至於服裝業，我們確實看到他們已經逐漸放棄了全國性品牌。

And leaned into their private brands, which we think the private brands certainly have a place there, but we feel that the national brands will have a meaningful increase in the apparel business in Foot Locker which will help drive the AURs, and we think it will be very profitable.

他們也大力發展自有品牌，我們認為自有品牌當然有其存在的價值，但我們認為，Foot Locker 的服裝業務中，全國性品牌將會有顯著增長，這將有助於推動平均單位銷售額 (AUR) 的增長，我們認為這將非常有利可圖。

And then my second question is on full locker also have been on a pretty significant remodel in refresh program. Have you continued with those for locker reimagine stores? Or have you paused that program and looking to make changes in that real estate strategy that they have been on.

我的第二個問題是關於全儲物櫃的，我們也一直在進行一項相當大的改造和翻新計劃。你們是否繼續推進那些針對儲物櫃改造商店的計畫？或者你們是否已經暫停了該計劃，並正在考慮改變他們一直在執行的房地產策略？

I think the Foot Locker reimagined stores has been an interesting test. As we've kind of gone through there, there's parts of the reimagined store that are very good and other parts that need to be rethought, and we're in the process of rethinking those right now.

我認為Foot Locker重新設計的門市是一次有趣的嘗試。正如我們所經歷的，重新構想的商店有些部分非常好，而其他部分則需要重新思考，我們目前正在重新思考這些部分。

So as an example, what they characterize as the kicked Club and the drop zone when you first walk into a Foot Locker store in the middle of the store -- we're going to take that out, reimagine that give better sight lines to the balance of the store and repurpose some of that place, which -- that area of the store, which was not very productive at all.

舉個例子，他們把Foot Locker商店入口處的「踢踏俱樂部」和「落貨區」稱為「踢踏俱樂部」和「落貨區」——我們將移除它，重新構想，讓顧客能更好地看到商店的其他區域，並重新利用那部分空間——商店的那個區域，它原本的效率並不高。

It was more of a social place and turn that into giving the apparel presentation more space and really focusing from an apparel standpoint, which we think will drive the sales even better than they are.

它以前更像是一個社交場所，現在我們要把它改造成一個服裝展示空間更大的場所，真正從服裝的角度出發，我們認為這將比現在更好地促進銷售。

Steve Forbes, Guggenheim.

史蒂夫福布斯，古根漢美術館。

Ed, I was curious maybe to just explore like any demographic differences we should be aware of as we think about the performance spread between the two businesses. I think one of the thoughts out there is maybe more exposure to lower income, but I'd be curious maybe just hearing you summarize how we should think about the demographic exposure and how that sort of impacts your merchandising plans on a go-forward basis here?

艾德，我很好奇，或許可以探討一下，在考慮兩家公司績效差異時，我們應該注意哪些人口統計上的差異。我認為目前的一種觀點是，或許應該更多地接觸低收入人群，但我很想聽聽您總結一下，我們應該如何看待人口統計方面的接觸，以及這會對您未來的商品銷售計劃產生怎樣的影響？

Well, we'll merchandise Foot Locker for Foot Locker, which is going to be a bit more basketball inspired, a bit more trend inspired, definitely more urban than the DICK'S business. The DICK'S business will be more sport-led along with the lifestyle product. We think DICK'S is really kind of at the center of sport and culture and it's a more suburban concept.

我們將為 Foot Locker 銷售商品，這將更偏向籃球風格，更受潮流啟發，肯定比 DICK'S 的風格更都市化。迪克體育用品公司（DICK'S）的業務將更加重視運動產品和生活方式產品。我們認為 DICK'S 真正處於體育和文化的中心，它更像是一種郊區概念。

With that being said, all categories of consumer, if you will, are looking for a product that is new, innovative and different than what's out there in the marketplace right now. And Foot Wacker didn't have that new and innovative product as we get into the 2026, we'll start to have more of that product.

也就是說，所有類型的消費者都在尋找一種新穎、創新且與目前市場上現有產品不同的產品。而 Foot Wacker 並沒有推出那種新穎的創新產品，但到了 2026 年，我們將開始擁有更多這樣的產品。

And by the third quarter, we think we'll be fully invested in that newer -- the newer innovative product that the consumer across all income levels is looking for.

到第三季度，我們認為我們將全力投入這款更新、更具創新性的產品中，而這款產品正是各個收入階層的消費者所期待的。

And then just a quick follow-up, maybe just overall on the same page here, is this slightly negative adjusted EBIT for Foot Locker on a pro forma basis, that compares to the $118 million last year. just, I guess, confirm that. And then is there any way to sort of think through how you sort of view like a normalized 4Q or how you would speak to just where that LTM adjusted EBITDA profile is for the business relative to the 395 that's in the presentation?

最後再補充一點，或許只是為了確保大家理解一致，Foot Locker 的調整後息稅前利潤（EBIT）按備考基準計算略微為負，而去年為 1.18 億美元。請確認一下。那麼，有沒有辦法思考一下，您如何看待正常化的第四季度，或者您如何看待相對於簡報中提到的 395 而言，該業務的 LTM 調整後 EBITDA 情況呢？

Yes. So the competitors and you're right, it's comparing to a normalized on a non-GAAP basis, the results that the Foot Locker posted in fourth quarter of last year. And keep in mind, the connection point between the 1,000 or the 1,500 basis points of the margin decline versus the slightly negative operating income expectation for Foot Locker is the part of the cleanup of the garage inventory. And that's the piece that we have threaded between the two, the numbers and the estimates that we gave out for the Foot Locker business.

是的。所以，競爭對手的情況是，你說得對，這是與 Foot Locker 去年第四季度公佈的業績（按非 GAAP 準則調整後）進行比較的結果。請記住，利潤率下降 1,000 或 1,500 個基點與 Foot Locker 略微為負的營業收入預期之間的聯繫點是清理車庫庫存的一部分。這就是我們把兩者聯繫起來的關鍵所在，即我們為 Foot Locker 業務提供的數字和估計。

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

問答環節到此結束。現在我將把會議交還給總裁兼執行長勞倫·霍巴特，請她作總結發言。

Well, thank you all for your interest in the DICK'S story. We will see you next quarter. Have a wonderful Thanksgiving and a huge thank you to our entire team of over 100,000 people around the globe. Thank you.

感謝大家對迪克的故事有興趣。我們下個季度再見。祝大家感恩節快樂！也衷心感謝我們遍佈全球的10萬多名員工。謝謝。

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

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