DICK'S Sporting Goods, Inc. (DKS) 2025 Q4 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 fourth quarter and full year 2025 earnings conference call.

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。此時此刻，我謹代表迪克體育用品公司歡迎各位參加 2025 年第四季及全年業績電話會議。

I would now like to turn the conference over to Nate Gilch, Vice President of Investor Relations. Nate, the floor is yours.

現在我將把會議交給投資者關係副總裁內特·吉爾奇。內特，現在輪到你發言了。

Good morning, everyone, and thank you for joining us to discuss our fourth quarter and full year 2025 results. On today's call will be Ed Stack, our Executive Chairman; Lauren Hobart, our President and Chief Executive Officer; and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived 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年第四季及全年業績。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·霍巴特和財務長納夫​​迪普·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 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向美國證券交易委員會提交的文件（包括我們最新的 10-K 表格年度報告）中的風險因素討論以及本次電話會議中作出的警示性聲明一並考慮。

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

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。

And finally, a couple of admin items. First, a quick reminder on our comparable sales reporting. Foot Locker will be included in our comp calculations beginning in Q4 2026, which will mark the start of their 14th full month of operations post acquisition. And second, for future scheduling purposes, we are tentatively planning to publish our first quarter 2026 earnings results on May 27, 2026.

最後，還有幾項管理事項。首先，快速提醒一下我們的可比較銷售報告。Foot Locker 將於 2026 年第四季開始納入我們的同業比較計算，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。其次，為了方便未來安排，我們暫定於 2026 年 5 月 27 日發布 2026 年第一季財報。

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

接下來，我將把電話交給艾德。

Thanks, Nate. Good morning, everyone. As we shared this morning, we closed the year with another strong quarter for the DICK'S business, delivering comps over 3% and double-digit non-GAAP EPS growth. Our team's execution and our ability to consistently deliver a differentiated on-trend product assortment and best-in-class omnichannel athlete experience, continue to produce strong results and market share gains. We believe these fundamentals position the DICK'S business for long-term profitable growth.

謝謝你，內特。各位早安。正如我們今天早上分享的那樣，DICK'S 業務又迎來了一個強勁的季度，為這一年畫上了圓滿的句號，同店銷售額增長超過 3%，非 GAAP 每股收益增長達到兩位數。我們團隊的執行力以及我們持續提供差異化、符合潮流的產品系列和一流的全通路運動員體驗的能力，繼續帶來強勁的業績和市場份額的成長。我們相信這些基本面因素將使 DICK'S 的業務實現長期獲利成長。

Now I'd like to turn to the transformational opportunity we have with Foot Locker, where we continue to make significant progress in strengthening the business. We've now owned Foot Locker for about 6 months, and I'll tell you our excitement and our conviction and the long-term opportunity here continue to grow.

現在我想談談我們在 Foot Locker 所面臨的變革機遇，我們將繼續在加強業務方面取得重大進展。我們擁有 Foot Locker 已經大約 6 個月了，我可以告訴你，我們的興奮之情、我們的信念以及我們對這裡長期發展機會的信心都在增長。

We've moved quickly to test and learn in North America through what we call our Fast Break initiative. This is the evolution of the 11 store pilot we discussed last quarter. While it's still early, we're very encouraged by what we're seeing. During Q4, our Fast Break stores drove very strong positive comps, actually meaningfully exceeding the DICK'S business while also delivering strong gross margin improvement.

我們迅速採取行動，透過我們稱之為「快速突破」的計劃，在北美進行測試和學習。這是我們在上個季度討論的11家門市試點計畫的演變。雖然現在下結論還為時過早，但我們對目前所看到的景象感到非常鼓舞。第四季度，我們的 Fast Break 門市實現了非常強勁的同店銷售成長，實際上顯著超過了 DICK'S 的業務，同時也實現了強勁的毛利率成長。

The improvement is coming from the basics, clearer storytelling, better presentation and a more focused assortment where we removed roughly 30% of the styles on the shoe wall that were unproductive and eliminated the run-on sentence that we've been talking about that was not showing the customer what product was important. Based on the strength of the pilot results, we've already expanded Fast Break to an additional 10 stores in L.A. before the NBA All Star Game, And we're very pleased with the strong early performance.

改進源於基礎，更清晰的敘事、更好的展示和更集中的產品系列，我們移除了鞋牆上大約 30% 的低效款式，並消除了我們一直在討論的冗長句子，這種句子無法向顧客展示哪些產品是重要的。基於試點計畫的良好效果，在 NBA 全明星賽之前，我們已經將 Fast Break 推廣到洛杉磯的另外 10 家門市，我們對早期的強勁表現非常滿意。

Now looking ahead, we're excited to rapidly scale Fast Break by back-to-school 2026. As discussed last quarter, our first priority was to clean out the garage. Starting with addressing unproductive inventory. The team moved quickly and decisively to get this done and we're pleased to report that the inventory cleanup is now essentially complete. That work drove the fourth quarter profitability results we told you to expect.

展望未來，我們很高興能在 2026 年返校季之前迅速擴大 Fast Break 的規模。正如上個季度討論的那樣，我們的首要任務是清理車庫。首先要解決低效率庫存問題。團隊迅速果斷地採取行動完成了這項工作，我們很高興地報告，庫存清理工作現在已基本完成。這項工作促成了我們先前預期的第四季獲利業績。

As part of this process, we also leveraged DICK's value chain to efficiently clear product. We're also pleased that Q4 sales came in better than expected. We believe that Foot Locker's inventory is now well positioned with this heavy lift behind us. We're set up to play offense and deliver the inflection point we expect to see in this business starting with back-to-school. Another key part of cleaning out of the garage is our review of the global Foot Locker business store fleet.

作為此過程的一部分，我們還利用了 DICK 的價值鏈來有效清理產品。我們也欣喜地看到，第四季的銷售額好於預期。我們相信，隨著這項艱鉅任務的完成，Foot Locker 的庫存目前狀況良好。我們已做好準備，採取進攻策略，迎接我們預期在這個行業中將看到的轉折點，而這將從返校季開始。清理車庫的另一個關鍵部分是我們對全球 Foot Locker 商業門市網路的審查。

We continue to assess underperforming locations, but we anticipate our closure list is now much smaller than we initially estimated. We've identified opportunities to reposition and improve profitability in a meaningful number of stores, informed in large part by the success we're seeing in our Fast Break locations. Importantly, one of the main things that gives us great confidence in the future of the Foot Laker business, is what we're seeing from our brand partners.

我們將繼續評估業績不佳的門市，但我們預計目前的關店名單將比我們最初估計的要小得多。我們發現，在相當多的門市中，有重新定位和提高獲利能力的機會，這在很大程度上得益於我們在 Fast Break 門市取得的成功。重要的是，讓我們對 Foot Laker 業務的未來充滿信心的主要原因之一，是我們從品牌合作夥伴那裡看到的。

They're leaning in aligned with our vision and eager to support a thriving growing Foot Locker. You can see that already in moments like our NBA All-Star activation with Nike, Jordan, Adidas and others where we partnered closely to bring a series of sought-after launches that drove exceptional sell-throughs. We also had NBA talent appearances and community experiences for the Foot Locker consumer throughout L.A.

他們與我們的願景高度契合，並渴望支持 Foot Locker 的蓬勃發展。從我們與耐吉、喬丹、阿迪達斯等品牌合作的 NBA 全明星賽活動中，我們已經看到了這一點。我們緊密合作，推出了一系列備受追捧的產品，並取得了卓越的銷售表現。我們也為洛杉磯各地的 Foot Locker 消費者安排了 NBA 球星亮相和社區體驗活動。

Our team executed exceptionally well and together with the support of our brand partners we drove sales that meaningfully eclipse last year's event. At DICK's, we've built an industry-leading business by focusing on product performance, innovation and customer loyalty, always with a long-term view. We're applying that same proven playbook to the Foot Locker business and making the choices we believe will create the most long-term value for our shareholders.

我們的團隊執行得非常出色，再加上品牌合作夥伴的支持，我們實現了遠超過去年活動的銷售。在 DICK'S，我們專注於產品性能、創新和客戶忠誠度，始終著眼於長遠發展，從而打造了行業領先的業務。我們將同樣的行之有效的策略應用到 Foot Locker 業務中，並做出我們認為能夠為股東創造最大長期價值的選擇。

For 2026, we expect Foot Locker to deliver growth and comp sales of between 1% to 3% and operating income in the range of $100 million to $150 million. We continue to anticipate an inflection point for both sales and profitability beginning with the back-to-school season. Navdeep will share more details on our '26 expectations in his remarks. In closing, we remain very confident that DICK'S and Foot Locker are stronger together. This combination gives us more scale, deeper relationships with the most important brands in our industry, access to consumers we didn't reach before and a global footprint.

我們預計 Foot Locker 在 2026 年將實現 1% 至 3% 的成長和同店銷售額成長，營業收入將在 1 億至 1.5 億美元之間。我們預計，隨著返校季的到來，銷售額和獲利能力都將迎來轉捩點。Navdeep 將在演講中分享更多關於我們對 2026 年的期望的細節。最後，我們仍然非常有信心，DICK'S 和 Foot Locker 強強聯合，實力更強。這種組合使我們擁有了更大的規模、與業內最重要的品牌建立更深層的關係、接觸到以前從未接觸過的消費者以及全球影響力。

For Foot Locker, the benefits of our combination come through in very real ways, brands matter, product matters, execution matters and people matter. When those things come together, we believe Foot Locker will be restored to its rightful place in the industry. Before I turn it over to Lauren, I want to thank our more than 100,000 teammates across the globe for their commitment and their execution every day. With that, Lauren will walk you through the continued momentum across the DICK's business.

對 Foot Locker 而言，我們組合帶來的好處體現在非常實際的方面：品牌很重要，產品很重要，執行力很重要，人也很重要。我們相信，當這些因素齊備時，Foot Locker 將重回其在業界應有的地位。在將發言權交給勞倫之前，我想感謝我們遍布全球的 10 萬多名團隊成員，感謝他們每天的付出和努力。接下來，勞倫將帶您了解迪克體育用品公司持續發展勢頭的來龍去脈。

Lauren, I'll turn it over to you.

勞倫，我把它交給你了。

Thank you, Ed, and good morning, everyone. I want to emphasize Ed's comments and recognize the incredible work of our teams across our entire company who contributed to our success throughout this past year. I'm so proud of what we achieved together in 2025. Looking specifically at the DICK'S business, our teammates passion, their commitment to our athletes and a relentless focus on execution, powered another strong quarter and holiday season and a terrific year overall. .

謝謝你，艾德，大家早安。我想強調 Ed 的評論，並感謝我們公司所有團隊在過去一年中為我們的成功所做的傑出貢獻。我為我們2025年共同達成的成就感到無比自豪。具體來看 DICK'S 的業務，我們團隊成員的熱情、對運動員的承諾以及對執行力的不懈追求，推動了又一個強勁的季度和假日季，以及全年的出色表現。。

Their hard work continues to bring our four strategic pillars to life, a compelling omnichannel athlete experience, a differentiated on-trend product assortment, a deep engagement with the DICK'S brand and the strength of our teammates and our culture. These pillars remain the foundation of our success and guide our strong performance. For the full year.

他們的辛勤工作不斷將我們的四大戰略支柱變為現實：引人入勝的全通路運動員體驗、差異化的潮流產品系列、與 DICK'S 品牌的深度互動以及我們團隊成員和文化的強大力量。這些支柱仍然是我們成功的基石，並引導我們取得優異的成績。全年。

We are very pleased to have delivered record sales of $14.1 billion for the DICK'S business. Our comps increased 4.5% and exceeded the high end of our expectations, driven by growth in average ticket and transactions as we continue to gain market share. We drove gross margin expansion and achieved double-digit operating margin of 11.1%.

我們非常高興地宣布，DICK'S 業務的銷售額創下 141 億美元的紀錄。我們的同店銷售額成長了 4.5%，超過了我們預期的上限，這得益於平均客單價和交易量的成長，以及我們市佔率的持續擴大。我們實現了毛利率的擴張，並取得了11.1%的兩位數營業利潤率。

We delivered non-GAAP EPS of $14.58, also above the high end of our outlook and up from $14.05 in 2024. Our fourth quarter marked a strong finish to the year for the DICK'S business. Our Q4 comps increased 3.1%, building on last year's 6.6% increase and delivering a two year comp stack of nearly 10%.

我們實現了非GAAP每股收益14.58美元，也高於我們預期的上限，並且高於2024年的14.05美元。第四季標誌著迪克體育用品公司（DICK'S）的業務在全年取得了強勁的收官成績。我們第四季同店銷售額成長了 3.1%，在去年 6.6% 的成長基礎上，兩年同店銷售額累計成長了近 10%。

We saw more athletes purchased from us and they spend more each trip compared to the prior year. Our Q4 gross margin expansion accelerated sequentially, and we drove operating margin of 11% and non-GAAP EPS of $4.05, both well ahead of last year. Today, the intersection of sport and culture has never been stronger, and excitement continues to build. This momentum kicked off with the expanded college football playoffs, record-breaking interest in women's sports and a strong team USA performance in the recent Winter Olympics.

我們發現，與前一年相比，有更多運動員從我們這裡購買商品，而且他們每次購物的消費也更高。我們的第四季毛利率較上季加速成長，營業利潤率達到 11%，非 GAAP 每股盈餘達到 4.05 美元，均遠超去年同期水準。如今，體育與文化的交融從未如此緊密，人們的熱情也與日俱增。這一勢頭始於擴大的大學橄欖球季後賽、女子體育運動創紀錄的關注度以及美國隊在最近的冬季奧運會上的出色表現。

And with most of the 2026 World Cup matches on US soil this June and July, the 2028 Summer Olympics in L.A. on the horizon and the Ryder Cup returning to the US in 2029, we're entering one of the most compelling multiyear periods for sport in this country's history. Our athletes are energized.

2026 年世界盃的大部分比賽將於今年 6 月和 7 月在美國舉行，2028 年夏季奧運會將在洛杉磯舉行，萊德杯將於 2029 年重返美國，我們即將進入美國體育史上最激動人心的多年期之一。我們的運動員精神抖擻。

They're investing in the products and experiences that fuel their passions, and DICK sits squarely at the center of that intersection. With this position of strength, we entered 2026 with tremendous conviction in the opportunity ahead and our priorities for the DICK'S business are clear.

他們投資於能夠激發他們熱情的產品和體驗，而 DICK 正好位於這一交匯點的中心。憑藉這一優勢地位，我們滿懷信心地進入 2026 年，對未來的機會充滿信心，我們對 DICK'S 業務的優先事項也十分明確。

We continue to drive growth across our key categories. This is fueled by the powerful relationships that we have with our national brand partners, the energy from new and emerging brands and the continued momentum of our vertical brands. We're also continuing to reposition and elevate our real estate and store portfolio through House of Sport and Field House.

我們持續推動各主要品類的成長。這得益於我們與全國品牌合作夥伴之間強大的關係、新興品牌的活力以及我們垂直品牌的持續發展勢頭。我們也正在透過 House of Sport 和 Field House 繼續重新定位和提升我們的房地產和門市組合。

Now five years into this journey, our conviction in these innovative concepts has never been stronger. House of Sport and Field House have redefined the athlete experience, strengthened our relationships with existing brand partners, open doors to new partnerships and delivered strong financial performance. This past year, we made tremendous progress on this front. We opened 16 new House of Sport locations, ending the year with 35 locations nationwide and also opened 15 new Field House locations, bringing the total to 42 across the country.

五年過去了，我們對這些創新理念的信念從未如此堅定。House of Sport 和 Field House 重新定義了運動員體驗，加強了我們與現有品牌合作夥伴的關係，為新的合作夥伴關係打開了大門，並取得了強勁的財務業績。過去一年，我們在這方面取得了巨大的進步。我們開設了 16 家新的 House of Sport 門市，使全國門市總數達到 35 家；此外，我們還開設了 15 家新的 Field House 門市，使全國門市總數達到 42 家。

We are really excited to see the impact of scaling these powerful concepts. Looking ahead, landlord interest remains extremely strong, giving us access to some of the best retail locations in the country. In 2026, we plan to open approximately 14 House of sport locations and approximately 22 Field House locations. In addition, our focus on serving athletes is very strong, and we're really accelerating our work here.

我們非常期待看到這些強大理念推廣應用程式所帶來的影響。展望未來，房東的興趣仍然非常濃厚，這使我們能夠獲得全國一些最好的零售地段。到 2026 年，我們計劃開設大約 14 家 House of sport 門市和大約 22 家 Field House 門市。此外，我們非常重視為運動員服務，並且正在加快這方面的工作。

Our common purpose is to make sure that athletes feel confident and excited before, during and after they engage with our team, our products and our experiences. We're creating more consistency across channels in how we help our athletes find the right solutions. Whether they're using better search and reviews online, tapping into new digital tools in the store or in the app or working directly with our teammates, their experience is becoming more personalized and more connected.

我們的共同目標是確保運動員在與我們的團隊、我們的產品和我們的體驗互動之前、期間和之後都感到自信和興奮。我們正在努力提高各個管道在幫助運動員找到合適解決方案方面的一致性。無論他們是使用更好的線上搜尋和評論，還是在商店或應用程式中使用新的數位工具，亦或是直接與我們的團隊成員合作，他們的體驗都變得更加個人化和更​​加緊密聯繫。

In our stores, we're evolving our service and selling culture. We're putting a bigger emphasis on relationship building and giving teammates better training and tools. And while this is very much an ongoing journey, the feedback has been incredibly encouraging. 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 opportunities we see with Game Changer and the DICK'S Media Network.

在我們的門市裡，我們正在不斷改進我們的服務和銷售文化。我們更加重視人際關係的建立，並為團隊成員提供更好的培訓和工具。雖然這仍然是一個持續的過程，但收到的回饋令人非常鼓舞。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，並繼續對 Game Changer 和 DICK'S 媒體網絡帶來的長期機會充滿熱情。

With all this in mind, for 2026, we expect to drive continued comp growth, strategic expansion of our square footage and strong profitability for the DICK'S business. We anticipate our comp sales to be in the range of 2% to 4%, which at the midpoint represents a 7.5% two year comp stack.

考慮到所有這些因素，我們預計 2026 年 DICK'S 業務將持續實現同店銷售成長、策略性擴張營業面積並取得強勁的獲利能力。我們預計同店銷售額將成長 2% 至 4%，其中數值代表兩年同店銷售額成長 7.5%。

We expect operating margins for the DICK'S business to be approximately 11.1% at the midpoint. At the high end of our expectations, we expect to drive approximately 10 basis points of operating margin expansion on a non-GAAP basis.

我們預計 DICK'S 業務的營業利潤率中位數約為 11.1%。根據我們的預期，在非GAAP準則下，我們預計將推動營業利潤率提高約10個基點。

At the consolidated company level, we expect full year non-GAAP earnings per diluted share in the range of $13.50 to $14.50. In closing, we're entering 2026 with powerful momentum in the DICK'S business, and our focus here is unwavering. The opportunity ahead for DICK'S remains tremendous, and we are firmly positioned to capture it.

從公司整體層面來看，我們預計全年非GAAP稀釋後每股盈餘將在13.50美元至14.50美元之間。最後，我們帶著DICK'S業務的強勁勢頭進入2026年，我們在這方面的關注點將始終如一。迪克百貨未來的發展機會依然巨大，我們已做好充分準備抓住這一機遇。

With that, I'll turn it over to Navdeep to share more detail on our financial results and our 2026 outlook. Navdeep, over to you.

接下來，我將把發言權交給 Navdeep，讓他詳細介紹我們的財務表現和 2026 年展望。Navdeep，接下來就交給你了。

Thank you, Lauren, and good morning, everyone. To start, I want to echo Ed and Lauren's excitement as we enter 2026 with real strength and momentum. Now let's begin with some highlights for full year 2025 results. Consolidated net sales increased 28.1% to $17.22 billion, driven by a $3.11 billion sales contribution from a partial year of owning the Foot Locker business and a 4.5% comp increase for the DICK'S business as we continue to gain market share.

謝謝你，勞倫，大家早安。首先，我想和 Ed 和 Lauren 一樣興奮，因為我們將以真正的實力和勢頭邁入 2026 年。現在讓我們先來看看2025年全年業績的一些亮點。合併淨銷售額成長 28.1% 至 172.2 億美元，這主要得益於 Foot Locker 業務部分年度的 31.1 億美元銷售額貢獻，以及 DICK'S 業務 4.5% 的同店銷售額增長，因為我們繼續擴大市場份額。

These strong comps were driven by a 4.2% increase in average ticket and a 0.3% increase in transactions. On a two year and a three year stack basis, comps for the DICK'S business increased 9.7% and 12.3%, respectively. Consolidated non-GAAP operating income was $1.52 billion or 8.81% of net sales compared to $1.5 billion or 11.14% of net sales last year. This includes operating income of $1.57 billion or 11.12% of net sales for the DICK'S business, driven by strong comps and the gross margin expansion and a $52.2 million operating loss from a partial year of owning the Foot Locker business.

這些強勁的同店銷售成長主要得益於平均客單價上漲 4.2% 和交易量上漲 0.3%。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 9.7% 和 12.3%。合併非GAAP營業收入為15.2億美元，佔淨銷售額的8.81%，去年同期為15億美元，佔淨銷售額的11.14%。其中包括 DICK'S 業務的營業收入 15.7 億美元，佔淨銷售額的 11.12%，這主要得益於強勁的同店銷售和毛利率的擴張；以及由於部分年度擁有 Foot Locker 業務而產生的 5220 萬美元營業虧損。

Consolidated non-GAAP earnings per diluted share were $13.20, which included just over 20 weeks of results for the Foot Locker business and a diluted share count of 85.1 million. Looking specifically at the DICK'S business, we delivered non-GAAP earnings per diluted share of $14.58 based on the share count of 81.2 million, which excludes the dilutive effect of the shares issued in connection to the acquisition of Foot Locker. That exceeded the high end of our guidance and is up 3.8% from our earnings per diluted share of $14.05 last year.

合併後的非GAAP每股攤薄收益為13.20美元，其中包括Foot Locker業務20多周的業績，攤薄後的股份數量為8510萬股。具體來看 DICK'S 業務，根據 8,120 萬股的股份數量，我們得出非 GAAP 稀釋後每股收益為 14.58 美元，這不包括與收購 Foot Locker 相關的發行股份的稀釋影響。這超過了我們預期的上限，比去年每股攤薄收益 14.05 美元增長了 3.8%。

Now moving to our results for Q4. Consolidated Q4 net sales increased 59.9% to $6.23 billion, driven by a $2.18 billion sales contribution from the newly acquired Foot Locker business and a 3.1% comp increase for the DICK's business. These strong Q4 comps were on top of last year's 6.6% comp and were driven by a 4.4% increase in average ticket, partially offset by a 1.3% decline in transactions.

接下來公佈我們第四季的業績。第四季綜合淨銷售額成長 59.9% 至 62.3 億美元，主要得益於新收購的 Foot Locker 業務貢獻的 21.8 億美元銷售額以及 DICK's 業務 3.1% 的同店銷售額增長。第四季強勁的同店銷售額成長是在去年 6.6% 的同店銷售額成長基礎上實現的，主要得益於平均客單價成長 4.4%，但部分被交易量下降 1.3% 所抵銷。

On a 2-year and a 3-year stack basis, comps for the DICK'S business increased 9.7% and 12.6%, respectively. In terms of the category performance, we saw broad-based strength across our three primary categories of footwear, apparel and hard lines.

以 2 年和 3 年的累積計算，DICK'S 業務的同店銷售額分別成長了 9.7% 和 12.6%。從品類表現來看，我們在鞋類、服裝和硬線這三大主要類別中都看到了全面的強勁表現。

For reference, pro forma comp sales for the Foot Locker business in Q4 decreased 3.4%. On a non-GAAP basis, consolidated gross profit for the fourth quarter was $1.99 billion or 31.93% of net sales, down 303 basis points from last year. For the DICK's business, gross margin expansion accelerated sequentially, increasing 67 basis points, driven entirely by higher merchandise margin.

作為參考，Foot Locker 業務第四季的備考同店銷售額下降了 3.4%。以非GAAP準則計算，第四季合併毛利為19.9億美元，佔淨銷售額的31.93%，比去年同期下降303個基點。迪克百貨的業務毛利率環比加速成長，成長了 67 個基點，完全是由商品毛利率提高所驅動的。

Notably, the year-over-year decline in consolidated gross margin was driven entirely by the mix impact from the Foot Locker business. On a GAAP basis, in connection with cleaning out the garage, our actions to optimize Foot Locker's inventory that doesn't align with our go-forward vision, unfavorably impacted gross profit by [$218 million]. This was in line with our expectations. On a non-GAAP basis, consolidated SG&A expenses for the fourth quarter increased 60.5% or $579.2 million to $1.54 billion and deleveraged 9 basis points compared to the last year's non-GAAP results.

值得注意的是，合併毛利率年減完全是由 Foot Locker 業務的組合影響所造成的。根據美國通用會計準則（GAAP），在清理庫存的過程中，我們為優化Foot Locker庫存而採取的措施（這些庫存與我們未來的發展願景不符）對毛利產生了不利影響。[2.18億美元]這符合我們的預期。以非GAAP準則計算，第四季合併銷售、一般及行政費用成長60.5%，即5.792億美元，達到15.4億美元，與去年同期非GAAP業績相比，槓桿率下降了9個基點。

$549.5 million of this consolidated increase was driven by the Foot Locker business. For the DICK'S business, SG&A expense dollars increased 3.1% and leverage 22 basis points. Consolidated non-GAAP operating income for the fourth quarter was $438.6 million or 7.04% of net sales compared to $393 million or 10.09% of net sales last year.

其中 5.495 億美元的綜合成長是由 Foot Locker 業務推動的。對於 DICK'S 業務而言，銷售、一般及行政費用增加了 3.1%，槓桿率為 22 個基點。第四季綜合非GAAP營業收入為4.386億美元，佔淨銷售額的7.04%，去年同期為3.93億美元，佔淨銷售額的10.09%。

For the DICK'S business, operating income was $444.5 million or 10.97% of net sales. This quarter's consolidated results included a $5.9 million operating loss from the Foot Locker business, which was in line with our expectations.

迪克體育用品店的營業收入為 4.445 億美元，佔淨銷售額的 10.97%。本季綜合業績包括 Foot Locker 業務 590 萬美元的營運虧損，這與我們的預期相符。

Moving down the P&L. Consolidated non-GAAP income tax expense was $114.8 million at a rate of 26.8%. This was favorable to our expectations largely due to the mix of earnings across jurisdictions, resulting from investments we are making in Foot Locker's EMEA business to improve its future profitability.

向下移動損益表。合併非GAAP所得稅費用為1.148億美元，稅率為26.8%。這主要得益於我們對 Foot Locker 歐洲、中東和非洲業務的投資，以提高其未來的獲利能力，從而實現了不同司法管轄區的獲利組合，這符合我們的預期。

In total, we delivered consolidated non-GAAP earnings per diluted share of $3.45 for the quarter. These results included non-GAAP earnings per diluted share of $4.05 for the DICK's business based on the share count of 81.2 million, which excluded the dilutive effect of the shares issued in connection with the Foot Locker acquisition.

本季度，我們實現了合併後的非GAAP每股攤薄收益3.45美元。這些業績包括 DICK's 業務的非 GAAP 稀釋後每股收益 4.05 美元，基於 8,120 萬股的股份數量，不包括與收購 Foot Locker 相關的股份的稀釋影響。

This is up 11.9% from earnings per diluted share of [ $3.62 ] for Q4 last year. At the consolidated level, the DICK'S business results were partially offset by the contribution from the Foot Locker business which includes a $0.44 negative impact from higher share count due to the acquisition and a $0.16 negative impact from Foot Locker operations. On a GAAP basis, our earnings per diluted share were $1.41. This includes $235.5 million of pretax Foot Locker acquisition-related costs and a $13.4 million pretax asset write-down.

這比去年第四季每股攤薄收益 [ 3.62 美元 ] 成長了 11.9%。從合併層面來看，DICK'S 的業務業績部分被 Foot Locker 業務的貢獻所抵消，其中包括收購導致股份數量增加而產生的 0.44 美元的負面影響，以及 Foot Locker 營運產生的 0.16 美元的負面影響。以美國通用會計準則計算，我們的稀釋後每股收益為 1.41 美元。其中包括 2.355 億美元的稅前 Foot Locker 收購相關成本和 1,340 萬美元的稅前資產減損。

For additional details, you can refer to the non-GAAP reconciliation tables from our press release that we issued this morning. Now looking to our balance sheet. We ended the year with approximately $1.35 billion of cash and cash equivalents and no borrowings on our $2 billion unsecured credit facility. We ended the year with approximately $4.91 billion of inventory, which includes the Foot Locker business and represents a 47% increase compared to last year.

有關更多詳情，您可以參考我們今天早上發布的新聞稿中的非GAAP財務指標調整表。現在來看看我們的資產負債表。年底時，我們擁有約 13.5 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。截至年底，我們的庫存約為 49.1 億美元，其中包括 Foot Locker 業務，比去年增長了 47%。

For the DICK'S business, inventory levels increased 1% compared to last year. We believe our inventory is well positioned to continue to fuel our sales momentum, which we expect to carry into 2026. Turning to fourth quarter capital allocation. Net capital expenditures were $302 million, and we paid $108 million in quarterly dividends. We also repurchased 218,000 shares of our stock for $43 million at an average price of $199.51.

迪克體育用品公司的庫存水準比去年增加了 1%。我們相信，我們的庫存狀況良好，能夠繼續推動銷售勢頭，我們預計這一勢頭將延續到 2026 年。接下來討論第四季資本配置。淨資本支出為 3.02 億美元，我們支付了 1.08 億美元的季度股息。我們也以平均每股 199.51 美元的價格，斥資 4,300 萬美元回購了 218,000 股股票。

Before I move to our outlook, I want to address a few key expectations surrounding the Foot Locker acquisition. First, as we discussed last quarter, our immediate priority has been to clean out the garage and optimize the inventory assortment and store portfolio of the Foot Locker business. As part of these actions and broader merger and integration work, we previously estimated and continue to expect total pretax charges of between $500 million and $750 million.

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。首先，正如我們上個季度討論的那樣，我們眼下的首要任務是清理庫存，優化 Foot Locker 業務的庫存種類和門市組合。作為這些行動以及更廣泛的合併和整合工作的一部分，我們先前估計並繼續預期稅前總費用在 5 億美元至 7.5 億美元之間。

During 2025, we recognized $390 million of these charges. The remaining pretax charges will be incurred over 2026 and the medium term as we complete this work. Approximately $150 million of these remaining charges are expected in 2026 and are excluded from today's non-GAAP EPS outlook.

2025 年，我們確認了其中 3.9 億美元的費用。剩餘的稅前費用將在 2026 年及中期內分期產生，直到我們完成這項工作。預計剩餘費用中約有 1.5 億美元將在 2026 年產生，這些費用不包含在今天的非 GAAP 每股收益預期中。

Second, we remain confident in achieving the previously announced $100 million to $125 million of cost synergies over the medium term, primarily from procurement and direct sourcing efficiencies. A portion of these synergy benefits are expected in 2026, which have been reflected in our outlook. Now moving to our outlook for full year 2026.

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。預計部分協同效應將在 2026 年顯現，這已反映在我們的展望中。現在讓我們來看看2026年全年的展望。

Our guidance reflects continued strength and momentum of the DICK'S business and the turnaround efforts underway at Foot Locker, all within the context of the dynamic geopolitical and macroeconomic environment. Beginning with the DICK's business in 2026. Total sales are expected to be in the range of $14.5 billion to $14.7 billion.

我們的業績指引反映了 DICK'S 業務的持續強勁勢頭和 Foot Locker 正在進行的轉型努力，所有這些都發生在動態的地緣政治和宏觀經濟環境背景下。從 DICK's 業務開始，時間是 2026 年。預計總銷售額將在 145 億美元至 147 億美元之間。

And as Lauren mentioned, we anticipate comp sales growth of the DICK'S business in the range of 2% to 4%. From a pacing standpoint, we expect slightly higher comps in the first half, driven in large part by the timing of the World Cup.

正如 Lauren 所提到的，我們預計 DICK'S 業務的同店銷售額成長將在 2% 到 4% 之間。從節奏的角度來看，我們預計上半年的比賽會略微增多，這很大程度上是由於世界盃的舉辦時間所致。

Preopening expenses are expected to be approximately $90 million for the full year. We expect operating margin for the DICK'S business to be approximately 11.1% at the midpoint. And at the high end of our expectations, we expect to drive approximately 10 basis points of operating margin expansion on a non-GAAP basis. From a pacing standpoint, we expect operating margins for the DICK'S business to decline in the first half and expand in the second half due to the timing of the planned investments and synergy savings.

預計全年開幕前費用約為 9,000 萬美元。我們預計 DICK'S 業務的營業利潤率中位數約為 11.1%。依照我們最高的預期，我們預期非GAAP準則下的營業利潤率將提高約10個基點。從進度來看，我們預計 DICK'S 業務的營業利潤率在上半年會下降，在下半年會上升，這是由於計劃投資的時間安排和協同效應帶來的節省。

Now turning to the Foot Locker business in 2026. As Ed discussed, we remain confident in the value creation of this business. Total sales are expected to be in the range of $7.6 billion to $7.7 billion. Pro forma account sales for the Foot Locker business are expected to be in the range of 1% to 3%. We expect operating income for the Foot Locker business to be in the range of $100 million to $150 million.

現在轉向 2026 年的 Foot Locker 業務。正如艾德所說，我們仍然對這項業務的價值創造充滿信心。預計總銷售額將在76億美元至77億美元之間。Foot Locker 業務的預期預估銷售額將在 1% 到 3% 之間。我們預計 Foot Locker 業務的營業收入將在 1 億美元至 1.5 億美元之間。

And from a pacing standpoint, we expect operating income performance to be back half weighted as the pro forma comps and gross margins start to strengthen from back-to-school onwards. At the consolidated company level, we expect full year non-GAAP operating income in the range of $1.68 billion to $1.81 billion, and the non-GAAP earnings per diluted share in the range of $13.50 to $14.50. Our earnings guidance is based on approximately 91 million average diluted shares outstanding which includes the dilutive impact of 9.6 million shares issued in connection with the Foot Locker acquisition.

從成長速度來看，我們預期隨著開學季的到來，備考同店銷售額和毛利率開始走強，營業收入表現將回落一半。在公司合併層面，我們預計全年非GAAP營業收入將在16.8億美元至18.1億美元之間，非GAAP稀釋後每股收益將在13.50美元至14.50美元之間。我們的獲利預期基於約9,100萬股平均稀釋後流通股，其中包括因收購Foot Locker而發行的960萬股股份的稀釋影響。

We anticipate a consolidated company effective tax rate of approximately 25.5% for the full year. We expect interest expense of approximately $70 million and interest income to be in the range of $20 million to $25 million. I'll now discuss our capital allocation priorities. For 2026, our capital allocation plan includes net capital expenditure of approximately $1.5 billion.

我們預計全年合併後的公司實際稅率約為 25.5%。我們預計利息支出約為 7,000 萬美元，利息收入在 2,000 萬美元至 2,500 萬美元之間。接下來我將討論我們的資本配置優先事項。2026 年，我們的資本配置計畫包括約 15 億美元的淨資本支出。

Starting with the DICK's business. As we continue to reposition our real estate and store portfolio, our investments will be concentrated in store growth, relocations and improvements in our existing stores plus some ongoing investments in technology and supply chain.

先從迪克公司說起。隨著我們不斷調整房地產和門市組合，我們的投資將集中在門市成長、搬遷和現有門市的改進，以及對技術和供應鏈的一些持續投資。

As Lauren noted, we are very excited to open approximately 14 House of Sport locations and approximately 22 DICK Field House locations in 2026 in addition, we plan to begin construction on approximately 18 House of Sport locations that are expected to open in 2027.

正如勞倫所指出的，我們非常高興能在 2026 年開設大約 14 家 House of Sport 門市和大約 22 家 DICK Field House 門市，此外，我們計劃開始建造大約 18 家 House of Sport 門市，預計將於 2027 年開業。

House of Sport and DICK's Field House remain two of our most powerful and long-term growth drivers, and we will continue expanding these formats with discipline. In 2026, we are also excited to grow the footprint of our Golf Galaxy business and plan to open approximately 15 Golf Galaxy Performance Center locations. Now turning to the Foot Locker business.

House of Sport 和 DICK's Field House 仍然是我們最強大、最具長期成長潛力的兩個方面，我們將繼續有條不紊地拓展這些業務模式。2026年，我們也期待擴大Golf Galaxy業務的版圖，並計畫開設約15家Golf Galaxy Performance Center門市。現在來說說Foot Locker的業務。

Capital expenditures in 2026 will be focused on reenergizing our store fleet, including the rapid expansion of our Fast Break initiative. We also remain committed to returning significant capital to our shareholders through our quarterly dividend and opportunistic share repurchases.

2026 年的資本支出將集中用於重振我們的門市網絡，包括快速擴張我們的 Fast Break 計畫。我們也將繼續致力於透過季度分紅和擇機回購股票的方式，向股東返還大量資本。

Today, we announced a 3% increase in our quarterly dividend to an annualized payout of $5 per share or $1.25 on a quarterly basis. This marks the 12th consecutive year that our shareholders have benefited from a dividend increase. Our 2026 plan includes our expectation for share repurchases to offset normal cost dilution, the effect of which is included in our EPS guidance.

今天，我們宣布將季度股息提高 3%，達到每股年化股息 5 美元，或每季派息 1.25 美元。這標誌著我們的股東連續第12年受益於股利成長。我們的 2026 年計畫包括我們預期透過股票回購來抵銷正常的成本稀釋，其影響已包含在我們的每股盈餘預期中。

In closing, we entered 2026 with a powerful momentum in DICK's business and a clear path to improved performance at Foot Locker. We remain focused on execution, committed to creating durable value and confident in the year ahead. This concludes our prepared remarks. Thank you for your interest in DICK'S Sporting Goods. Operator, you may now open the line for questions.

最後，我們帶著 DICK's 業務的強勁勢頭進入了 2026 年，而 Foot Locker 的業績也有了明確的提升方向。我們將繼續專注於執行，致力於創造持久價值，並對未來一年充滿信心。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）

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

congratulations on a nice quarter, nice progress here.So again, I want to ask maybe a two part question with both parts focused on the core DICK's business. So first, if you look at the guidance you laid out for sales growth for DICK'S, it's very solid above the current published Street forecast. Just the question I had there is, you talked about this a little bit, but maybe elaborate further, really, what's that giving you that confidence in the underlying momentum?

恭喜你們本季業績出色，取得了不錯的進展。所以，我想再問一個可能包含兩部分的問題，兩部分都應圍繞著迪克體育用品公司的核心業務。首先，如果你看一下你為 DICK'S 制定的銷售成長指導方針，它非常穩健，遠高於目前華爾街公佈的預測。我剛才想問的是，您剛才稍微談到了這一點，但能否進一步闡述一下，究竟是什麼讓您對潛在的成長勢頭充滿信心？

And then the follow-up question also on DICK's, if you look at the fourth quarter, I mean actually too nitpicky there but obviously, a very solid quarter, but there was a lot of deceleration within sales growth in the core DICK'S business, what we saw in the third quarter. Maybe you can discuss what was behind that?

然後，關於 DICK'S 的後續問題，如果你看一下第四季度，我的意思是，實際上有點吹毛求疵了，但顯然這是一個非常穩健的季度，但 DICK'S 核心業務的銷售增長出現了很大的放緩，就像我們在第三季度看到的那樣。或許你可以談談這件事背後的原因？

Thanks, Brian. I appreciate the question. We had a fantastic quarter in Q4. We are really proud of the quarter we just put up. We had a 3.1% comp growth.

謝謝你，布萊恩。感謝您的提問。第四季我們取得了非常棒的業績。我們為剛剛完成的季度感到非常自豪。我們實現了3.1%的同業成長。

And importantly, we were on top of the prior year 6.6% comp. So on a two year stack basis, we actually exceeded our internal expectations, and we were close to 10%. So it was a really strong quarter from a comp standpoint. We also expanded gross margin and operating margin in the Dick's business. So overall, really proud of how the team navigated through Q4.

更重要的是，我們的成長率比前一年的 6.6% 還要高。因此，從兩年的技術堆疊來看，我們實際上超出了內部預期，接近 10%。所以從同業比較的角度來看，這是一個非常強勁的季度。我們也提高了迪克體育用品業務的毛利率和營業利潤率。總的來說，我對團隊在第四季的表現感到非常自豪。

I think why that gives me confidence as we look to the future is that the momentum in our business remains incredibly strong. And in this past Q4, we saw growth across all of our key categories, footwear, apparel, hardlines. And we're finding that consumers are doing very, very well. So we have seen growth across all income demographics.

我認為，讓我對未來充滿信心的原因在於，我們業務的發展勢頭依然非常強勁。在剛過去的第四季度，我們所有主要品類（鞋類、服裝、五金製品）都實現了成長。我們發現消費者的表現非常非常好。因此，我們看到各個收入群體都實現了成長。

We haven't seen trade down, and we're finding that when a consumer sees something that's new or innovative or technically impactful, they are -- it's resonating with them, and they are coming.

我們沒有看到降級消費，而且我們發現，當消費者看到新穎、創新或具有技術影響力的產品時，他們會產生共鳴，並會購買。

And we think that's only going to continue as we look to the year and the incredible excitement around sport and the influence it has on culture as we head into the World Cup coming -- March Madison and then World Cup. So we're really, really confident. The two year stack going forward is 7.5% comps, so 2.4% on top of our -- 2% to 4% on top of our 4.5%, and we are really thrilled with the momentum we have to deliver that.

我們認為，隨著今年的到來，這種趨勢只會繼續下去，體育運動帶來的難以置信的興奮以及它對文化的影響，尤其是在即將到來的世界盃——三月麥迪遜錦標賽和世界盃之後。所以我們真的很有信心。未來兩年的收益目標為 7.5% 的同業拆借利率，即在我們現有 4.5% 的基礎上再增加 2.4%——在我們現有 4.5% 的基礎上再增加 2% 到 4%，我們對實現這一目標的勢頭感到非常興奮。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

And I'll add my congratulations. Very well done. Great way to end of the year and start the new one. It sounds like there's a lot of exciting work underway at Foot Locker to reposition the business for its turn in '26. So on top of that, the Q4 results came in better than you saw, particularly sales and margins were in line.

我也要向你表示祝賀。做得非常好。這是結束舊年、開啟新年的絕佳方式。聽起來 Foot Locker 正在進行許多令人興奮的工作，以重新定位業務，迎接 2026 年的變革。此外，第四季的業績比你看到的要好，特別是銷售額和利潤率都達到了預期。

So my question centers around the cleaning out of the garage, which you expressed last quarter as your top priority.

所以我的問題主要圍繞在清理車庫展開，您在上個季度曾表示這是您的首要任務。

It sounds like inventory is nice and clean. How would you characterize where you are -- is there more work to do? And how many stores will be in this Fast Break that you could touch this year? And then I have a follow-up.

聽起來庫存管理得井然有序。您如何評價您目前所處的位置—是否還有更多的工作要做？今年，有多少家店會參與「快攻」活動，供您體驗？然後我還有一個後續問題。

Thanks, Adrienne. I can tell you that the team did across the globe, a great job to clean out the garage there was a lot of excess inventory there, inventory that wasn't very productive. Like we said in the Fast Break stores, we took out roughly 30% of the SKUs and kind of fixed that run-on sentence that was the Foot Locker shoe wall. The team across the globe, North America, Europe, Asia, really got behind this whole clean out the garage objective and did that.

謝謝你，艾德琳。我可以告訴你，全球各地的團隊都出色地完成了清理倉庫的工作，那裡有很多過剩的庫存，這些庫存並沒有帶來太多效益。正如我們在 Fast Break 門市中所說，我們減少了大約 30% 的 SKU，並改進了 Foot Locker 鞋牆上冗長的商品陳列。全球各地的團隊，包括北美、歐洲和亞洲的團隊，都全力支持清理車庫這個目標，並且做到了。

And to be honest with you, we're -- that work is done. That's behind us. We cleaned out the garage with the markdowns in the stores and move products through the Foot Locker stores and the Champs stores. We also utilized -- I think this is one of the benefits of the acquisition between DICK'S and Foot Locker. We actually utilized the DICK'S value chain of going, going, gone to clean out a lot of that inventory.

坦白說，這項工作已經完成了。那些都過去了。我們利用商店的降價促銷活動清理了車庫，並將產品轉移到 Foot Locker 商店和 Champs 商店。我們也利用了——我認為這是 DICK'S 和 Foot Locker 收購帶來的好處之一。我們實際上利用了 DICK'S 的快速銷售模式來清理大量庫存。

We were able to recover a higher cash amount by putting it through the DICK'S value chain that if we set that out through a jobber and it's -- we're really well positioned. This inventory at Foot Locker is probably cleaner than it has ever been.

我們透過 DICK'S 的價值鏈收回了更高的現金金額，而如果我們透過批發商出售，情況就完全不同了——我們真的處於非常有利的地位。Foot Locker的庫存可能是有史以來最乾淨的。

And that's going to -- that should bode well for our margins and our sales going forward, returning this chain to growth with a comp of 1% to 3%. Should have margin expansion here. We're confident of that. So all in all, to clean out the garage, the team did a great job, and we're done.

這將有利於我們未來的利潤率和銷售額，使該連鎖店恢復成長，同店銷售額成長 1% 至 3%。這裡應該會有利潤空間擴大。我們對此充滿信心。總而言之，團隊出色地完成了車庫的清理工作，我們已經完成了。

Fantastic. Follow-up, Lauren, as you look at the innovation pipeline throughout 2026, particularly in (inaudible) running and performance Basketball, are you seeing a meaningful shift back toward like iconic must-have products from your biggest traditional partners? Or should we expect growth still to be driven by the addition and growth of new smaller niche brands?

極好的。勞倫，接下來，當你展望 2026 年的創新發展方向時，尤其是在（聽不清楚）跑步和籃球運動領域，你是否看到你最大的傳統合作夥伴正在回歸標誌性的必備產品？或者我們應該預期成長仍然會由新增的小型利基品牌及其發展所驅動？

Yes. Thanks, Adrienne. We are seeing growth across the board. So we're seeing great growth from our strategic partners. And we're very excited about things like the running footwear, the innovation that we're seeing, the new run construct from Nike doing very well and across the board running is really doing well.

是的。謝謝你，艾德琳。我們看到各方面都在成長。因此，我們看到策略合作夥伴取得了巨大的成長。我們對跑步鞋等領域感到非常興奮，我們看到了許多創新，Nike推出的新跑步鞋表現出色，跑步運動整體發展勢頭良好。

Signature basketball is also doing really, really well. And that's true, of course, DICK'S and Foot Locker with DICK'S, we're particularly excited about the excitement around women's sports. And Sabrina in Asia have done so well and then we look forward and [Caitlin] coming is going to be a lot of excitement. Team sports also driving incredible buzz in a way that it used to be footwear launches that used to drive this kind of excitement.

簽名籃球也發展得非常非常好。當然，這是真的，DICK'S 和 Foot Locker 都對女子運動的熱潮感到格外興奮。Sabrina 在亞洲的表現非常出色，我們期待 Caitlin 的到來，這將令人非常興奮。團隊運動也引發了令人難以置信的熱議，而過去只有鞋類新品發布才能引起這種轟動。

We're seeing that in team sports and all aspects of our business. And so between new and emerging brands, we've got some -- we're adding through the House of Sport partnerships with really exciting brands. We've got Jim Shark, the first US wholesale partner and a lot of brands who have come in through the House of Sport who are now widening into Field House locations and then even beyond to the entire DICK's format.

我們在團隊運動和我們業務的各個方面都看到了這一點。因此，在新興品牌方面，我們有一些——我們正在透過 House of Sport 與一些非常令人興奮的品牌建立合作關係。我們有 Jim Shark，他是我們在美國的第一個批發合作夥伴，還有很多品牌透過 House of Sport 進入市場，現在這些品牌正在擴展到 Field House 商店，甚至擴展到整個 DICK's 系統。

So I would say what's great about the growth is it's across the board in all categories, and it's also across the board between our strategic partners, our emerging partners and our vertical brands.

所以我認為，成長最棒的地方在於它在所有類別中都實現了全面成長，而且在我們的策略夥伴、新興合作夥伴和垂直品牌之間也實現了全面成長。

And if I could just add on to that. As Lauren said, Nike is doing very well. We're really pleased with them. Adidas, we're leaning into the World Cup with Adidas, and we think the World Cup is going to be great. And with Fanatics, we've really partnered on the collectibles in the card side of the business, the trading card business, which we will have collectible shops in all House of Sport stores going forward bringing those into some of the Field House concepts.

如果我能補充一點就好了。正如勞倫所說，耐吉做得非常好。我們對他們非常滿意。阿迪達斯，我們全力投入世界杯，我們認為世界杯將會非常精彩。我們與 Fanatics 在卡片收藏品業務方面建立了真正的合作關係，也就是集換式卡牌業務。未來，我們將在所有 House of Sport 商店開設收藏品商店，並將這些商店引進一些 Field House 概念店。

So this whole idea of collectibles and trading card business, which we haven't been in before, will certainly will be accretive to our sales number.

因此，我們之前從未涉足過的收藏品和交易卡業務，肯定會對我們的銷售額產生正面影響。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

So the business is performing solidly. If we step back, call it, three months ago, I would have suggested or thought that the core business, the margin might be a little stronger given some of the House of Sport penetration and the continued gross margin gains.

所以公司業績表現穩健。如果我們回顧一下，比如說三個月前，我會認為，考慮到 House of Sport 的一些滲透率和持續的毛利率成長，核心業務的利潤率可能會更高一些。

In Foot Locker, we were -- I would expect a little bit more, I guess, EBIT to get to that accretion number. Curious how you react to all of that. Is that fair? And is that different versus the way you see it?

在 Foot Locker，我們——我想，為了達到那個成長目標，EBIT 應該會更高一些。很好奇你對這一切有何反應。這樣公平嗎？這和你的看法有什麼不同嗎？

Well, let me jump in on the Foot Locker piece, first, Simeon. And so we could have -- we actually could have kind of guided Foot Locker to be higher if we had -- based on our original projections. But what's happened is we've gone through this Fast Break process. We've got the fast -- the original 11 Fast Break stores. We added 10 Fast Break stores in L.A around the All-Star game.

好吧，西蒙，首先讓我來談談Foot Locker那件事。因此，如果我們按照最初的預測，我們實際上可以引導 Foot Locker 的價格更高。但現在的情況是，我們已經經歷了快速反擊的過程。我們擁有速度最快的門市——最初的 11 家 Fast Break 門市。全明星賽期間，我們在洛杉磯新增了 10 家 Fast Break 門市。

We've got a couple of Fast Break stores in Europe right now. And what we found is some of those underperforming stores that are losing money or just marginally profitable right now, based on what we're seeing, we can do from a Fast Break standpoint and renovating these stores, we can make these stores very profitable. So we're closing less stores than we had originally anticipated. If we had decided to close those stores, Foot Locker could have been a bit more profitable in Q1 and Q2.

我們目前在歐洲有幾家 Fast Break 門市。我們發現，對於一些目前業績不佳、虧損或僅略有盈利的門市，根據我們觀察到的情況，我們可以從快速改造的角度出發，對這些門市進行翻新，使它們變得非常有利可圖。因此，我們關閉的門市數量比原先預期的要少。如果我們當時決定關閉這些門市，Foot Locker 在第一季和第二季的獲利能力可能會更強一些。

It's going to take us a little time to get these Fast Break stores done and kind of get to all of them that we want to get to. We'll get -- but we will get to probably 250 of these stores by back-to-school, which is Herculean effort, but we are really confident we can do that.

我們需要一些時間來完成這些 Fast Break 門市的拍攝，並盡可能拍攝我們想拍攝的門市。我們會做到——但我們大概能在返校季之前開設 250 家這樣的門市，這是一項艱鉅的任務，但我們真的很有信心能夠做到。

So the reason the Foot Locker is where it is right now is because Fast Break in the optimism we have for Foot Locker is even greater than it was originally because some of these marginally profitable or stores that are not making money right now, if we feed them the right inventory, we can make them profitable. And we think that's the right thing to do on a longer-term basis.

所以 Foot Locker 之所以能取得現在的成就，是因為 Fast Break 對 Foot Locker 的樂觀情緒比最初更加高漲，因為一些目前盈利微薄或尚未盈利的門店，如果我們能為其提供合適的庫存，就能使其盈利。我們認為從長遠來看，這是正確的做法。

Simeon, I'll build on to what Ed said--

西蒙，我會補充艾德剛才說的——

Sorry, go ahead.

抱歉，請繼續。

Yes. I'll just build on quickly. Like what -- the guidance that we provide always balances the optimism and the confidence that we have against the overall macroeconomic and geopolitical situation. You can see it that it's very dynamic. And so that was another thing that we factored into our guidance.

是的。我就簡單快速地繼續。例如－我們提供的指導始終在保持樂觀和信心的同時，兼顧整體宏觀經濟和地緣政治情勢。你可以看出它非常充滿活力。所以，這也是我們在製定指導方針時考慮的另一個因素。

Quickly touching on your gross margin expansion in Q4. We were very happy with the results we posted here like Lauren said, 3.1% comp on top of a 6% comp. In an environment -- in a quarter that is typically very promotional. We were very happy with the 67 basis points of margin expansion we posted here in Q4.

簡單談談貴公司第四季的毛利率成長。正如勞倫所說，我們對在這裡公佈的結果非常滿意，在 6% 的佣金基礎上又增加了 3.1% 的佣金。在一個通常促銷活動非常頻繁的環境中—在一個季度裡。我們對第四季實現的 67 個基點的利潤率擴張感到非常滿意。

And keep in mind, this 67 basis points of margin expansion, all came from a merchandising margin. So our merchants and the inventory management team did a phenomenal job to finish the year strong from a clean inventory and driving top line momentum as well as gross margin expansion.

請記住，這 67 個基點的利潤率成長全部來自商品銷售利潤。因此，我們的商家和庫存管理團隊出色地完成了工作，在庫存充足的情況下，實現了強勁的業績收官，推動了營收成長和毛利率擴張。

And I think, Simeon, also, it was -- it was more promotional out there than we had anticipated. And I think the team did a fabulous job managing our margin rates and the profitability of the business and the operating margins in an environment that was as promotional as it was.

西蒙，我覺得也是──宣傳力度比我們預想的還要大。我認為，在如此促銷的環境下，團隊在管理我們的利潤率、業務盈利能力和營業利潤率方面做得非常出色。

That's helpful. And just to clarify, I guess when I meant the margin, I was actually looking more towards '26, like the full year, I think the fourth quarter was quite solid. But the -- I guess the follow-up is first half or second half. I don't know if you would share what you've thought about for World Cup, if there was an explicit top line impact. And then are you -- is some of the investment spending related to core?

那很有幫助。澄清一下，我之前說的利潤率，其實更多的是指 2026 年全年，我認為第四季表現相當穩健。但是——我猜後續內容應該是上半部或下半部。我不知道您是否願意分享您對世界盃的看法，以及它是否對頂級聯賽產生了明顯的積極影響。那麼，你們的部分投資支出是否與核心業務有關？

Or is there something some spend even ahead of World Cup where the margin ends up ramping more in the second half than the first half?

或者，有沒有一些球隊甚至在世界盃前就開始投入資金，結果下半場的差距比上半場更大？

Yes. So Simeon, in what we gave in my prepared comments today is that we expect the comps to be slightly higher in the DICK'S business in the first half because of the World Cup benefit. We didn't explicitly guide to the exact number associated with it, but that's what was assumed in our guidance that we have shared. And then we expected that the operating margins to decline in the first half due to two big reasons.

是的。所以西蒙，正如我今天準備的評論中所說，我們預計由於世界盃的影響，DICK'S 上半年的業務比較數據會略高一些。我們沒有明確指出具體的數字，但這是我們在分享的指導下預設的數值。然後，我們預期上半年營業利潤率會下降，主要有兩個原因。

One, we are making appropriate level of investments in the business to continue to position the business for the long term. And second, the synergy benefits that we are looking at will be more back half weighted. And so that is the other benefit that kicks in more in the second half than in the first half.

第一，我們正在對業務進行適當的投資，以繼續為業務的長期發展奠定基礎。其次，我們所關注的綜效帶來的益處將更體現在後半部。所以，這是下半場比上半場更能體現的另一個優勢。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

We wanted to ask about Game Changer and Retail Media. I know you mentioned it in the prepared comments a little bit. But we wondered if there was any way you could talk about any new initiatives maybe with either business and then just in terms of what we can expect from margin contribution from that this year.

我們想諮詢Game Changer和零售媒體的相關事宜。我知道你在準備好的評論中稍微提到了這一點。但我們想知道您是否可以談談與這兩個業務相關的任何新舉措，以及我們今年可以預期這些舉措能帶來多少利潤貢獻。

Thanks, Kate. Game Changer and DMN are both really important powerful new assets that we have in our portfolio. And I'll start with GameChanger. As you know, GameChanger is a leader -- the market leader in the multibillion-dollar tech sports space, and it continues to drive really strong comps, like nearly 40% CAGR and strong profitability.

謝謝你，凱特。Game Changer 和 DMN 都是我們投資組合中非常重要且強大的新資產。我先從GameChanger開始。如你所知，GameChanger 是行業領導者——是價值數十億美元的體育科技領域的市場領導者，並且它持續推動著非常強勁的業績成長，例如近 40% 的複合年增長率和強勁的盈利能力。

It's a SaaS system, and it just continues to drive strength in profit. So you can look at it that way and say game changer is fantastic. But then when you step out and say look at the impact that game changer and DICK'S can have together. So the fact that we can be embedded in e-sport lives at the moment when they are preparing and playing, we can be involved with parents and grandparents. We can have kids get their stacks and their highlight wheels and all of thaT It just makes us really embedded in e-sport culture.

這是一個SaaS系統，而且它一直在持續推動獲利成長。所以你可以這樣看待它，並說它是一款非常棒的顛覆性產品。但當你走出去，說看看這款遊戲改變者和迪克體育用品公司聯手能產生的影響時，就會明白了。因此，我們可以在電競選手準備和比賽的那一刻融入他們的生活，我們可以與他們的父母和祖父母一起參與其中。我們可以讓孩子們獲得他們的積分、精彩片段等等。這讓我們真正融入了電子競技文化。

The other thing and it's related to your second part of your question is that from a DICK'S Media Network standpoint, game changer is unique in the marketplace where it has live sports in a way that really nobody else can provide.

還有一點，這與你問題的第二部分有關，那就是從 DICK'S Media Network 的角度來看，Game Changer 在市場上是獨一無二的，它以其他任何媒體都無法提供的方式提供現場體育賽事。

And so it's a big asset for our DICK'S media network, and it's appealing to our brand partners as well as to our (inaudible) partners who want to be a part of esports. And in terms of newness, we did just unleash a bunch of features in game changer. The quality, for those of you who watch the video quality is high-definition video is incredible, really, Chris, really clear.

因此，這對我們的 DICK'S 媒體網絡來說是一筆巨大的財富，它對我們的品牌合作夥伴以及想要參與電競的（聽不清楚）合作夥伴都很有吸引力。就創新性而言，我們剛剛在遊戲規則改變者中推出了一系列新功能。對於那些觀看影片的人來說，影片品質是高清的，真的非常清晰，克里斯，真的非常棒。

And we are going to continue to -- we have coaches tools that we just launched. And with DMN, the tech team has done an amazing job really building automation so we can really attribute sales to our partners' investment. So all in all, really exciting parts of the business. .

我們將繼續進行——我們剛剛推出了一些教練工具。借助 DMN，技術團隊在建立自動化方面做得非常出色，因此我們可以真正將銷售額歸功於合作夥伴的投資。總而言之，這是業務中非常令人興奮的部分。。

And Kate, I'll just build on what Lauren said. The underlying drivers of the gross margin that we have talked about for some time now continue to remain in place in terms of the product that we have access to not only just in 2026, but what we see in the pipeline the work that our vertical brands team is doing as well as game changer and DMN.

凱特，我就在勞倫剛才說的基礎上補充一下。我們之前討論過的毛利率的根本驅動因素，不僅在 2026 年，而且在我們目前的產品線中，以及我們在研發管線中看到的垂直品牌團隊正在進行的工作，還有 Game Changer 和 DMN，都將繼續發揮作用。

These are still the inherent drivers of the gross margin confidence that we have for 2026. We are balancing that in '26 against we have the exciting opening of the 6 distribution center in early part of '26. So that's contemplated in our guidance expectation.

這些仍然是我們對 2026 年毛利率充滿信心的內在驅動因素。我們正在權衡 2026 年的這些因素，以及 2026 年初即將開幕的第 6 個配送中心帶來的令人興奮的機會。所以，這一點已納入我們的指導預期中。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

So my first question for you, Ed, is what did you learn from Foot Locker and this 11 store test. And can you talk about how applicable the changes are to the rest of the chain. The 11 stores, were they more city center locations like times square versus suburban-based mall locations that people tend to associate with Foot Locker.

所以我的第一個問題是，Ed，你從 Foot Locker 和這 11 家門市的測驗中學到了什麼。您能否談談這些變化對整個供應鏈其他環節的適用性？這 11 家門市，是像時代廣場那樣的市中心位置，還是像人們通常認為 Foot Locker 那樣位於郊區購物中心的位置？

What was the receptivity to running in brands like [Hoka] and On to that core Foot Locker customer relative to basketball in the 200 locations that you're targeting by back-to-school, what's the commonality among these locations relative to the 11 store test that you targeted and then obviously, much larger chain?

在返校季期間，Foot Locker 的核心客戶對 Hoka 和 On 等跑步品牌的接受度如何？與籃球鞋相比，您在 200 個目標門市的表現如何？這些門市與您之前在 11 家門市進行的測試以及規模較大的連鎖店相比，有哪些共同點？

Sure. Thanks, Chris. The 11 store test was really a broad-based test. So we did some more urban stores. We did suburban stores.

當然。謝謝你，克里斯。這項涵蓋 11 家門市的測試實際上是一次覆蓋面很廣的測試。所以我們又開了一些城市門市。我們開的是郊區商店。

We did -- we pulled some high-volume stores. We obviously pulled some lower-volume stores, which is why we're not closing as many stores as we anticipated. So it was really a broad-based test on that original 11. The 10 in L.A. would be more urban stores that we've done.

我們確實這麼做了——我們撤掉了一些銷量很大的門市。我們顯然關閉了一些銷量較低的門市，所以我們關閉的門市數量沒有預期的那麼多。所以，這實際上是對最初的 11 項測試進行的廣泛的測試。洛杉磯的這 10 家店將更偏向都會風格，與我們以往的門市有所不同。

And they've been -- what was common to them is we put a common merchandising in merchandise presentation theme across all of these banners, which really was to take out a lot of the unproductive inventory that was sitting on the wall that the consumer didn't want cleared up the wall. And I've used the phrase was the footwear wall, it was a run-on sentence.

它們的共同點在於，我們在所有這些橫幅上都採用了共同的商品陳列主題，這實際上是為了清除牆上大量消費者不想要的低效庫存。我曾經用過「鞋牆」這個片語，它是一個很長的句子。

So we took that run-on sentence down, took roughly 30% of the choices out of the store, relaid out the wall with the key product, and so the consumer can walk in and see what's important, whether it's an Air Force One in color, whether it's a New Balance launch, whatever it might possibly be. We've got the ability to clearly communicate to the consumer what's new and what's the high heat product.

所以我們刪除了那句冗長的句子，從商店裡撤掉了大約 30% 的商品，重新佈置了展示牆，只保留了重點產品，這樣消費者就可以走進去看到重要的商品，無論是彩色空軍一號，還是新百倫的新品，無論是什麼。我們有能力清楚地向消費者傳達哪些是新產品，哪些是耐高溫產品。

And when we did that, these comps have been have been extremely strong. Strong enough that this is the game plan that we're going to roll out to roughly 250 stores by back-to-school. Those 250 stores, again, will be a cross section of stores. There'll be urban stores, there'll be suburban stores. There'll be some mall stores, and we'll take a look at this on a store-by-store basis, and it will be a great cross-section of the the business again.

當我們這樣做的時候，這些比較結果都非常強勁。該計劃非常有力，我們將在返校季前將其推廣到大約 250 家門市。這 250 家門市將代表不同類型的門市。會有城市門店，也會有郊區門市。會有一些商場店鋪，我們會逐店考察，這將再次很好地反映出該行業的各種情況。

We're also going to be doing this in Europe. And we've got a couple in Europe, and we've seen -- we're very pleased with the results we're seeing in Europe, and we'll be rolling out these -- the Fast Break stores in Europe. And the 250 includes the US and Europe. And if you think about it, we're pretty conservative.

我們也會在歐洲進行這項工作。我們在歐洲已經有幾家門市了，我們對在歐洲取得的成果非常滿意，我們將在歐洲推廣這些 Fast Break 門市。這 250 個國家包括美國和歐洲。仔細想想，我們其實還挺保守的。

If we didn't think -- if we weren't highly confident that these this Fast Break concept wouldn't be highly successful, we wouldn't be rolling out 250 of them by back-to-school. So with that should give everybody confidence that we've got a game plan here that we've proven that it will work.

如果我們沒有充分的信心——如果我們沒有意識到這種快速突破的概念會非常成功，我們就不會在開學季之前推出 250 個這樣的計畫。所以這應該能讓大家相信，我們已經制定了一個行之有效的計畫。

That's very helpful. And then, I guess a two part follow-up. Traffic is always a red flag in retail, and it did turn negative in the core business in the fourth quarter. I get the two year stack math, but the -- your ASP or your ticket is going to get harder as the year progresses, presumably, there was some inflation from tariffs as well.

那很有幫助。然後，我想應該會有兩個部分後續報道。客流量在零售業始終是個危險訊號，而第四季核心業務的客流量確實出現了負成長。我理解兩年的疊加計算，但是——隨著時間的推移，你的平均售價或你的出票難度會越來越大，想必關稅也造成了一些通貨膨脹。

So how should we think about looking at that traffic number and going forward as you think about sort of running that two year stack, how applicable is traffic headwinds earlier versus traffic rebounding later and ticket sort of moderating.

那麼，我們應該如何看待這個流量數據，以及在考慮運行這個兩年計畫時，早期的流量逆風與後期的流量反彈和罰單數量的減少相比，哪個因素更適用？

Thanks, Chris. The transactions in Q4, again, we -- on a two year stack basis, if you look, they were positive. If you look at the full year, they were positive. We were up again such a strong comp from the year before that I just think you have to take that into consideration. We have been driving strong basket and AUR, and that's just speaks to our differentiated product assortment.

謝謝你，克里斯。第四季的交易情況，從兩年的平均來看，是正面的。如果縱觀全年，他們的業績是正面的。我們今年的對手實力比去年強很多，我覺得這一點必須考慮進去。我們一直保持著強勁的客單價和平均單價，這充分說明了我們差異化的產品組合的優勢。

It's really not due to inflation. It's due to the fact that we are increasingly getting access and allocation to really great products that people are resonating with. So if you look to next -- the headwinds look at our guidance, we are projecting 2% to 4% comps on top of the 4.5%. So we are not concerned about traffic or transactions.

這真的不是通貨膨脹造成的。這是因為我們越來越有機會接觸到真正能引起人們共鳴的優秀產品。所以，展望未來－不利因素請參考我們的預期，我們預期同店銷售額將在 4.5% 的基礎上再成長 2% 至 4%。所以我們並不關心交通流量或交易量。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

Curious on synergies. Do you expect that number that you shared to grow past the medium term. Also curious how you're thinking about what is the medium term? And then second, kind of related, perhaps on Foot Locker, that business used to achieve $700 million of operating income, if you look prior to 2020, $700 million plus. I'm curious how much progress you think you can make towards that level and over what period?

對協同效應很感興趣。你認為你分享的這個數字在中期之後會持續成長嗎？另外，我很好奇你對中期目標有什麼想法？其次，有點相關，也許可以提到 Foot Locker，這家公司在 2020 年之前曾實現 7 億美元的營業收入，超過 7 億美元。我很好奇你認為自己能在多大程度上達到那個水平，以及需要多長時間？

Paul, thanks for the question. So let me start with synergies. So we have reiterated today that we continue to expect synergies to be $100 million to $125 million over the medium term. And we continue to remain very confident. As you can imagine, we are six months into this transaction.

保羅，謝謝你的提問。那麼，就讓我先從綜效說起吧。因此，我們今天重申，我們仍然預計中期內協同效應將達到 1 億美元至 1.25 億美元。我們依然充滿信心。正如您所想，這筆交易已經進行了六個月。

We are working cross-functionally across both the organization and the level of detail that the teams have created is fantastic. . So as we learn more, we'll definitely share if there are any updated expectations. As of today, we'll reiterate the kind of the outlook that I had shared. In terms of what does medium term mean, there is a portion that is definitely in 2026 for synergies that has been included in the guidance.

我們正在組織內部進行跨職能合作，各個團隊所展現出的細節程度令人驚嘆。。隨著我們了解更多信息，如有任何更新的預期，我們一定會及時分享。從今天起，我們將重申我先前提出的觀點。至於中期意味著什麼，其中有一部分肯定是在 2026 年實現的協同效應，這部分已經包含在指導方針中。

And I would say the medium term would be maybe a couple of years after that. In terms of the $700 million of operating income for Foot Locker, I think this is a little bit too early to be able to give a long-term outlook, but we feel really confident in what Ed talked about the momentum that we have built, the focus that we have in returning this business to growth from the 1% to 3% comp that we have got it and returning this business back to profitability. So six months in, really, really enthusiastic about the underlying momentum as well as the team that is driving these results. We'll share more in a due course of time about the longer-term outlook.

我認為中期可能是指那之後的幾年。就 Foot Locker 7 億美元的營業收入而言，我認為現在做出長期展望還為時過早，但我們對 Ed 所說的我們所建立的勢頭、我們致力於將這項業務從目前的 1% 到 3% 的同店增長率恢復到增長並使其重新盈利的目標感到非常有信心。六個月過去了，我對目前的發展勢頭以及推動這些成果的團隊感到非常非常興奮。關於長期展望，我們將在適當的時候分享更多資訊。

Mike Baker, D.A. Davidson.

麥克貝克，D.A.戴維森。

Just on the Fast Break and improvement in Foot Locker and the profit trends, just a little more color on the pacing throughout the year, presumably Foot Locker profits, well, I guess, I shouldn't say presumably, but do we expect them to be negative in the first quarter and the second quarter until the back-to-school improvement kicks in. Just wondering on the expectations of how Foot Locker progresses throughout the year?

關於 Foot Locker 的快速發展和利潤趨勢，以及全年的業績成長情況，再補充一些細節。 Foot Locker 的利潤，嗯，我猜，我不應該說“估計”，但我們是否預計在第一季度和第二季度，直到返校季的業績好轉之前，其利潤都會為負值？想了解大家對Foot Locker今年的發展預期？

Yes. Mike, I will say that we expect both the sales and profitability to be back half weighted. As you can imagine, we said that the real inflection in this business will come from when we were able to source the buys effectively the way we wanted it. And that happens from the back-to-school time frame.

是的。麥克，我想說的是，我們預計銷售額和獲利能力都將下降一半。正如你所想，我們說過，這項業務的真正轉折點將來自於我們能夠以我們想要的方式有效地採購商品。這種情況從開學季就開始出現了。

And as Ed referenced, the Fast Break stores being in position, which will also be during the back-to-school time frame. So we expect comps to be back half weighted, and we expect the profitability also to be second half weighted. Keep in mind on profitability, we also will have the benefit of the synergies that will kick in into the second half of 2026.

正如 Ed 所提到的，Fast Break 門市的佈局也將在返校季期間完成。因此，我們預期同店銷售額將以下半年為權重，獲利能力也將以下半年為權重。考慮到獲利能力，我們也將受益於2026年下半年開始顯現的綜效。

Makes sense. If I could completely switch gears for a follow-up, so maybe not really a follow-up. But talk to us about Agentic Commerce or how are you dealing with that? Do you think there's been any impact? Do you feel like you're well suited in that kind of environment? Just curious your view on how that works.

有道理。如果我能完全轉換話題進行後續討論的話，那麼也許這不算是後續討論。但請談談代理商商務，或者您是如何應對這個問題的？你認為這會造成任何影響嗎？你覺得自己適合那種環境嗎？我只是好奇你對這個運作方式的看法。

Yes. Thanks, Mike. We are absolutely looking into all aspects of artificial intelligence, including Agentic. I think there's two opportunities and the way our teams are looking at it, there's the opportunity to make our teammates more efficient and to remove a lot of manual work. And examples of that, we have some Martech technology that we're building that can just remove a lot of the manual work that they are doing and just productivity in general.

是的。謝謝你，麥克。我們正在全面研究人工智慧的各個方面，包括智慧代理。我認為有兩個機會，我們團隊也看到了這一點，一個是讓我們的隊友更有效率，並減少大量的人工工作。例如，我們正在開發一些行銷技術，可以消除他們正在做的許多手動工作，並提高整體生產力。

We're using that AI right now in terms of store labor forecasting. We've got a new AI and enabled tool in our app and we're able to make more custom recommendations. So across the board, inventory management and making sure regional relevancy is happening all is factored with artificial intelligence.

我們目前正在使用這項人工智慧技術進行門市勞動力預測。我們的應用程式中新增了人工智慧工具，現在可以提供更多個人化推薦。因此，從整體來看，庫存管理和確保區域相關性都融入了人工智慧。

However, if you look to the future and you look at Agentic, I think the biggest unlock in terms of our athlete experience is for us to really lean into what we call our common purpose and find ways to bring the power of our expertise and all of our opinion and knowledge that we have with sports and enable that to be available to people as they're working in the new world. And we're working on that.

然而，展望未來，看看 Agentic，我認為在提升運動員體驗方面，最大的突破在於真正深入我們所謂的共同目標，找到方法將我們在體育方面的專業知識、觀點和知識的力量帶給在新世界中工作的人。我們正在努力解決這個問題。

More to come, but we -- that is a big focus to take all of our data, all of our knowledge our teammate -- all of the learnings that we've had over the years and make that available for consumers. So more to come.

未來會有更多內容，但我們——我們的一大重點是將我們所有的數據、我們所有的知識、我們團隊成員——我們多年來積累的所有經驗教訓都提供給消費者。敬請期待更多內容。

Joseph [Civello], Truist.

Joseph [Civello]，Truist。

I have one on the DICK'S Media Network. Can you talk about the opportunities to sort of expand that to Foot Locker and what that time line might look like, even though I know it's probably longer dated.

我在 DICK'S 媒體網路上有一個帳號。您能否談談將這種模式擴展到 Foot Locker 的機會，以及相關的時間表可能會是什麼樣的？雖然我知道這可能需要更長的時間。

Yes. It's a little premature. So as you know, we are maniacally focused at the DICK'S business on the DICK'S business and the Foot Locker business, maniacally focused on the Foot Locker business. Certainly, there's long-term opportunities here, but we are each executing our plays right now.

是的。現在說這些還為時過早。如你所知，我們瘋狂地專注於 DICK'S 的業務和 Foot Locker 的業務，並瘋狂地專注於 Foot Locker 的業務。當然，這裡存在著長遠的機遇，但我們現在都在各自執行自己的策略。

Got it. And maybe just a quick sort of mechanical question. You mentioned using the DICK'S kind of Going, Going, Gone! to clean out the garage. Can you talk about how that impacts the financials for each segment?

知道了。或許還有一個關於技術方面的問題。你提到過使用 DICK'S 那種“Going, Going, Gone！”清理車庫。您能談談這會對各個業務部門的財務狀況產生什麼影響嗎？

It actually helps. I mean it cleans out -- it gets rid of older, unproductive inventory. So it brings cash into the business and it cleans up the store, and we've done this on the DICK'S side, and we'll expect to do it on the Foot Locker side, cleaning up the store gives more room and space to be able to feature those newer products, the newer styles that we can sell at basically full price.

確實很有幫助。我的意思是，它可以清理庫存——清除舊的、低效的庫存。這樣既能為企業帶來現金流，又能清理店鋪，我們在 DICK'S 方面已經這樣做了，我們也希望在 Foot Locker 方面這樣做。清理店鋪能騰出更多空間來展示那些我們可以以基本全價出售的新產品和新款式。

So it's really -- it's very helpful to the margins. It's helpful to the sales, and it's helpful to the cash flow of the business.

所以這對利潤率來說真的很有幫助。它有助於銷售，也有助於企業的現金流。

Got it. And is that contemplated in the synergies?

知道了。協同效應中是否考慮到了這一點？

That is not contemplated in the synergies. Our focus on synergies, like I said in my prepared remarks, is focused around the merchandising actions, primarily negotiations as well as non-merch procurement synergy negotiations.

協同效應中並未考慮到這一點。正如我在準備好的演講稿中所說，我們對綜效的關注主要集中在商品銷售活動上，主要是談判以及非商品採購綜效談判。

Cristina Fernandez, Telsey Advisory Group.

克里斯蒂娜·費爾南德斯，Telsey諮詢集團。

I had a couple of questions on the Foot Locker business. The negative 3.4% pro forma comp relative to the guidance for down mid- to high single digit. Can you talk about what led to the better result. And then I also wanted to see if you could give a little bit more color on Foot Locker about the regions.

我有一些關於Foot Locker業務的問題。與先前預期的中高個位數降幅相比，實際年減 3.4%。能談談是什麼導致了更好的結果嗎？然後我還想看看您能否更詳細地介紹一下 Foot Locker 在各個地區的情況。

I assume North America outperformed Europe and whether the Fast Break merchandising tests included work on some of the other banners like Champs or Kids Foot Locker or those are just purely on the Foot Locker store fleet.

我猜想北美市場的表現優於歐洲市場，而且 Fast Break 商品銷售測試是否包含了 Champs 或 Kids Foot Locker 等其他品牌，還是只限於 Foot Locker 門市。

The better performance at negative 3.4% versus what we had guided to was really a result of the stripers and the team at Foot Locker are really getting behind the whole idea of cleaning out the garage. They really wanted to clean out the garage. They want to get rid of that old inventory.

實際表現比我們預期的負 3.4% 要好，這實際上是由於 Foot Locker 的條紋衫和團隊真正支持清理車庫的想法。他們真的很想清理車庫。他們想處理掉那些舊庫存。

They wanted to get the new product in, and they worked tirelessly to get rid of that product. and that helped drive better sales. And we kind of came in right in line from a margin rate standpoint.

他們急於推出新產品，並為此不遺餘力地清理舊產品，有助於提升新產品的銷售量。從利潤率的角度來看，我們剛好符合市場預期。

From a Foot Locker standpoint by performance by region. North America, Europe, it was -- there's not a huge difference between how the two regions performed I think that going forward, I think that right now, the US is a little bit ahead of Europe, but we -- just because we did more of the Fast Break stores in in the US than we did in Europe, but Europe is not very far behind. We're going to get Europe turned around also.

從 Foot Locker 的角度來看，按地區劃分的績效。北美和歐洲的情況——我認為這兩個地區的表現並沒有太大差異。展望未來，我認為目前美國略微領先歐洲，但這僅僅是因為我們在美國開設的 Fast Break 門市比在歐洲多，但歐洲也緊隨其後。我們也要讓歐洲重回正軌。

We're pretty excited about what's going on in Europe. And we brought in Matthew Barnes from Aldi to run this business. He's made some changes to his team. We've got a terrific team basis for a terrific team in Europe, and we couldn't be more confident in Matthew and his leadership to turn the whole international business around.

我們對歐洲正在發生的事情感到非常興奮。我們從 Aldi 聘請了 Matthew Barnes 來管理這家公司。他對球隊進行了一些調整。我們在歐洲擁有一個非常優秀的團隊基礎，我們對馬修及其領導能力充滿信心，相信他能夠扭轉整個國際業務的局面。

Thank you. I would now like to turn the conference back over to Lauren Hobart, President and CEO, for closing comments.

謝謝。現在我謹將會議交還給總裁兼執行長勞倫·霍巴特，請她作閉幕致詞。

Okay. Well, thank you all for your interest in DICK'S and Foot Locker, and we look forward to seeing you next time to all our teammates and stripers and Blueshirt listening. Thank you for all of your hard work. We'll see you next quarter.

好的。感謝大家對 DICK'S 和 Foot Locker 的關注，我們期待下次再見到各位隊友、員工和藍衫軍。感謝你們的辛勤付出。我們下個季度再見。

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。