DICK'S Sporting Goods, Inc. (DKS) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the DICK'S Sporting Goods Q1 2026 earnings conference call.

大家好。感謝各位加入我們，歡迎參加 DICK'S Sporting Goods 2026 會計年度第一季財報電話會議。

(Operator Instructions) I will now hand the conference over to Nate Gilch, VP of Investor Relations. Nate, please go ahead.

（接線員指示）我現在把電話會議交給投資人關係副總裁 Nate Gilch。Nate，請開始。

Good morning, everyone, and thank you for joining us to discuss our first quarter 2026 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.

各位早安，感謝各位加入我們，一同討論 2026 會計年度第一季業績。今天的電話會議出席者包括：執行董事長 Ed Stack；總裁兼執行長 Lauren Hobart；以及財務長 Navdeep Gupta。

A playback of today's call will be archived in our investor relations website located at investors.dicks.com for approximately 12 months.

今天電話會議的重播將存檔於我們的投資人關係網站 investors.dicks.com，保存約 12 個月。

As a reminder, we will be making forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

提醒各位，我們將發表前瞻性陳述，該等陳述受多項風險與不確定性影響，可能導致實際結果與這些陳述存在重大差異。

Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K as well as cautionary statements made during this call.

任何此類陳述均應結合我們財報新聞稿中的警示性聲明，以及我們向美國證券交易委員會（SEC）提交文件中的風險因素討論一併考量，包括我們最近一期的 Form 10-K 年度報告，以及本次電話會議中所作的警示性聲明。

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

我們不承擔更新任何前瞻性陳述或資訊的義務。請參閱我們的投資人關係網站，以取得本次電話會議所提及之非 GAAP 財務衡量指標的調節表。最後，還有幾項行政事項。

First, a quick reminder on our comparable sales reporting. Foot Locker will be included in our quarterly comp calculations beginning in Q4 of 2026, which will mark the start of their 14th full month of operations post acquisition.

首先，簡要提醒我們的同店銷售（comparable sales）揭露方式。自 2026 會計年度第四季起，Foot Locker 將納入我們每季同店銷售計算，屆時將是其併購後營運滿第 14 個完整月份的起點。

And finally, for future scheduling purposes, we are tentatively planning to publish our second quarter 2026 earnings results on August 25, 2026. And with that, I'll now turn the call over to Ed.

最後，為了未來排程之用，我們暫定於 2026 年 8 月 25 日公布 2026 會計年度第二季財報結果。接下來我把電話交給 Ed。

Thanks, Nate. Good morning, everyone. We delivered a very strong first quarter, and I want to thank our more than 100,000 teammates around the globe for their commitment and execution. Sport is one of the hottest categories in the country today.

謝謝你，Nate。各位早安。我們第一季交出非常強勁的成績，我要感謝全球超過 10 萬名隊友的投入與執行力。運動是當今全國最火熱的品類之一。

We're in the middle of a real sports moment and the intersection of sporting culture has never been stronger. You see it everywhere.

我們正處在一個真正的「運動時刻」，運動文化的交會從未如此強烈。你在各處都看得到。

From rising valuation to professional sports teams, to the level of investment from streaming platforms and networks, and the strong demand from advertisers to be a part of live sports.

從職業運動隊伍估值攀升，到串流平台與電視網的投資規模，再到廣告主對參與現場運動賽事的強勁需求。

Looking ahead, with major global events like the 2026 World Cup and the 2028 Summer Olympics in LA, we're entering one of the most exciting multiyear periods for sport in this country's history making it an incredibly powerful and compelling platform for consumer engagement today.

展望未來，隨著 2026 年世界盃與 2028 年洛杉磯夏季奧運等重大全球賽事到來，我們正進入本國運動史上最令人振奮的多年期階段之一，使運動成為當今極具力量且引人入勝的消費者互動平台。

This environment plays directly to our strengths and DICK'S is leading from the front across our stores, our digital capabilities and our now expanded global reach, we are connecting with athletes in more ways and with more relevance than at any point in our history.

這樣的環境正好發揮我們的優勢。DICK'S 在門市、數位能力以及如今擴大的全球觸及上都走在最前線；我們以比歷史上任何時刻都更多元、也更具相關性的方式與運動員建立連結。

What sets us apart is our ability to create and maintain that connection across performance, lifestyle and culture throughout the DICK's ecosystem. House of Sport and Field House are reshaping what retail can be and redefining how brands come to life.

讓我們與眾不同的是：我們能在 DICK'S 生態系中，跨越專業表現、生活風格與文化，建立並維繫這種連結。House of Sport 與 Field House 正在重塑零售的可能性，並重新定義品牌如何被具象化呈現。

GameChanger keeps us deeply embedded in youth sports, unlocking new levels of opportunity and partnership. Golf Galaxy reinforces our leadership in a category with strong participation and rising cultural relevance.

GameChanger 讓我們深度嵌入青少年運動，開啟全新層級的機會與合作夥伴關係。Golf Galaxy 鞏固我們在一個參與度強、文化相關性持續提升的品類中的領導地位。

And with Foot Locker, we reach a different consumer connected deeply with sneaker culture, basketball and lifestyle and extend our influence even further.

而透過 Foot Locker，我們觸及另一群與球鞋文化、籃球與生活風格深度連結的消費者，並進一步擴大我們的影響力。

That's why the best and most exciting sports brands in the world want to partner with us, not just to sell product, but to launch ideas, tell stories and scale concepts globally during the most important moments in sports. And that's why athlete engagement with us continues to grow.

因此，全球最頂尖、最令人興奮的運動品牌都希望與我們合作，不只是銷售產品，更是為了在最重要的運動時刻推出新想法、講述故事，並將概念擴展至全球。也因此，運動員與我們的互動持續成長。

We're investing in our business from a position of strength. We're playing offense for the long term, and it's widening the gap between us and the rest of the industry. Our vision is to build the best sports company in the world and we're just getting started.

我們正以強勢的基礎投資我們的業務。我們以長期為目標採取進攻策略，並持續拉大我們與產業其他競爭者之間的差距。我們的願景是打造全球最好的運動公司，而我們才正要開始。

Our leadership showed up clearly with an exceptionally strong performance in our DICK'S business this quarter with comps of 6%. Our team executed at a very high level, and we're all proud of their contributions.

本季我們在 DICK'S 業務上以同店銷售成長 6% 的卓越表現，清楚展現了我們的領導地位。團隊以極高水準執行，我們都為他們的貢獻感到驕傲。

Now turning to Foot Locker. We remain highly focused on the transformational opportunity ahead and on delivering an inflection point in sales and profitability, starting with back-to-school. Our excitement and confidence continue to build as we execute our plan and in Q1, we saw encouraging proof points.

接著談 Foot Locker。我們仍高度聚焦於前方的轉型機會，並致力於自返校季開始，在銷售與獲利能力上帶來轉折點。隨著我們推進計畫，興奮感與信心持續提升；在第一季，我們也看到令人鼓舞的驗證指標。

For the global Foot Locker business, we delivered slightly positive comps and operating income with merch margin improvement. This marks the first quarter of positive comps for the Foot Locker business since Q4 of 2024.

就全球 Foot Locker 業務而言，我們實現了略為正向的同店表現與營業利益，且商品毛利率有所改善。這是 Foot Locker 業務自 2024 會計年度第四季以來，首次出現同店為正的季度。

North America performed even better with a 1.4% comp growth and within this, the US. Foot Locker banner comped up 6.4%. The Foot Locker banner is our largest and most critical part of the Foot Locker business, so it's where we focused first and the results we're seeing reinforce our turnaround approach.

北美表現更佳，同店成長 1.4%；其中，美國。Foot Locker 旗艦（banner）同店成長 6.4%。Foot Locker 旗艦是 Foot Locker 業務中最大且最關鍵的部分，因此我們優先聚焦於此；目前看到的成果也強化了我們的轉型策略。

We have a clear plan, and it's working. We're raising the low end of our full year comp sales expectations for the Foot Locker business.

我們有清晰的計畫，而且正在奏效。我們將提高 Foot Locker 業務全年同店銷售預期的下緣。

We now expect comp sales growth of 1.5% to 3%, up from 1% to 3% previously. A major driver of this strong execution is our store teammates. Our stripers and Blue Shirts are energized by the renewed momentum and investment in our stores.

我們目前預期同店銷售成長為 1.5% 至 3%，高於先前的 1% 至 3%。推動這項強勁執行力的一大關鍵是我們的門市隊友。我們的條紋衫（stripers）與藍衫（Blue Shirts）因門市重新獲得動能與投資而備受鼓舞。

They are deeply embedded in their communities. They're the closest to the consumer because they are the consumer. Wearing the stripes in their own back there is a badge of honor and that authenticity shows up every day in how they tell the sneaker story.

他們深深扎根於各自的社區。他們最貼近消費者，因為他們本身就是消費者。穿上條紋、回到自己的地盤是一種榮耀徽章，而這份真實性每天都體現在他們如何講述球鞋故事。

Our Fast Break stores are performing exceptionally well. reinforcing our conviction in this capital-light remodel initiative.

我們的 Fast Break 門市表現極為出色，進一步強化我們對這項輕資本改裝計畫的信心。

During the first quarter, we expanded Fast Break by approximately 90 stores, bringing the total to approximately 100 across that expanded footprint, our Fast Break stores delivered double-digit comps in Q1 and meaningful merchandise margin improvement.

在第一季期間，我們將 Fast Break 擴展約 90 家門市，使總數在擴大後的版圖中達到約 100 家；我們的 Fast Break 門市在第一季實現兩位數同店成長，並帶來顯著的商品毛利率改善。

By back-to-school, we plan to have approximately 250 Fast Break stores across Foot Locker, Kids Foot Locker and Champs globally with further expansion ahead of the holiday season.

到返校季時，我們計畫在全球 Foot Locker、Kids Foot Locker 與 Champs 旗下合計擁有約 250 家 Fast Break 門市，並將在假期旺季前進一步擴張。

Our Fast Break initiative is built on retail fundamentals, a more focused shoe well improved storytelling and the reintroduction of apparel with curated and complementary offerings.

我們的 Fast Break 計畫建立在零售基本功之上：更聚焦的鞋牆（shoe wall）、更好的故事呈現，以及重新導入服飾，提供精選且相互搭配的商品組合。

These updates are fast to implement, typically completed in a few days and require limited capital. At its core, it's retail 101. And when you execute it with discipline, it works.

這些更新導入速度快，通常幾天內即可完成，且所需資本有限。其核心就是零售 101。而當你以紀律執行時，就會奏效。

Looking across the entire Foot Locker business, we are very excited about our assortment heading into back-to-school. This marks the first season where our team had full control over the buys, and we feel great about the product that will be in the stores.

放眼整體 Foot Locker 業務，我們對即將進入返校季的商品組合感到非常振奮。這是我們團隊首次在整個採購上擁有完全掌控權的一季，我們對將上架門市的產品感到非常有信心。

This will be supported by a bold brand relaunch designed to bring consumers back to the Foot Locker brand in a meaningful way. Behind the scenes, we are strengthening the fundamentals of the Foot Locker business. with improvements in our supply chain, we are moving product faster and getting into the right stores.

這將由一次大膽的品牌重新上市所支撐，旨在以有意義的方式讓消費者回到 Foot Locker 品牌。在幕後，我們正在強化 Foot Locker 業務的基本面。透過改善供應鏈，我們正加快產品流轉速度，並將商品送到合適的門市。

We're playing greater discipline around pricing and using real-time data to drive better decisions and sharper execution. Finally, our brand partners remain fully engaged. They want a strong growing Foot Locker, and they are leaning in with us as their largest global partner.

我們在定價方面採取更高的紀律，並運用即時數據來推動更佳決策與更精準的執行。最後，我們的品牌合作夥伴仍然全力投入。他們希望 Foot Locker 強勁成長，並作為其最大的全球合作夥伴，正與我們更緊密地攜手前進。

In closing, the early results we're seeing reinforce our conviction in both the opportunity and our approach. We have the right plan, the right team, and the right partnerships in place to unlock the full potential of the Foot Locker business.

總結來說，我們目前看到的初步成果，進一步強化了我們對機會與方法的信心。我們已具備正確的計畫、正確的團隊，以及正確的合作夥伴關係，得以釋放 Foot Locker 業務的全部潛力。

With that, Lauren will walk you through the continued momentum across the DICK'S business. Lauren, I'll turn it over to you.

接下來，Lauren 將帶各位了解 DICK'S 業務持續動能的更多進展。Lauren，交給你。

Thank you, Ed, and good morning, everyone. Building on Ed's comments, it's exciting to see sport driving sustained energy and engagement across the consumer landscape. I am so proud of how our team has turned that athlete demand into a very strong quarter of execution for the company.

謝謝你，Ed，各位早安。延續 Ed 的評論，很令人振奮的是，運動正在推動整體消費者市場持續的活力與參與度。我非常自豪，我們的團隊將運動員需求轉化為公司本季非常強勁的執行成果。

At DICKS, the team continues to excel at bringing 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 culture.

在 DICK'S，團隊持續出色地將我們的四大策略支柱落實到位：具吸引力的全通路運動員體驗、差異化且符合潮流的產品組合、與 DICK'S 品牌的深度互動，以及我們隊友與企業文化的力量。

In Q1, we delivered comp sales growth of 6% in the DICK'S business with growth in average ticket and transactions. These strong comps were on top of a 4.5% increase last year and a 5.3% increase in 2024 as we continued to gain market share.

在第一季，我們在 DICK'S 業務實現同店銷售成長 6%，平均客單價與交易筆數皆成長。這些強勁的同店表現，是建立在去年 4.5% 成長與 2024 年 5.3% 成長之上，顯示我們持續提升市占率。

One thing that remains notable is the consistency in athlete behavior. We saw more athletes purchased from us with more frequent purchases and they spend more each trip compared to the prior year.

仍然值得注意的一點是運動員消費行為的一致性。我們看到有更多運動員向我們購買、購買頻率更高，且每次到店（或每次交易）的花費較去年增加。

We continue to see a healthy consumer across income demographics with no signs of trading down alongside particularly strong engagement from our younger athletes.

我們持續看到各收入族群的消費者狀況健康，沒有出現消費降級的跡象，同時年輕運動員的參與度尤其強勁。

Our consumer is really responding to newness and innovation, which is showing up throughout the DICK'S business with broad-based growth across footwear, apparel and hard lines.

我們的消費者對新品與創新反應非常正面，這在 DICK'S 業務中處處可見，鞋類、服飾與硬體用品（hard lines）均呈現廣泛成長。

Given our continued confidence in the DICK'S business, we are raising the low end of our expectations for comparable sales and now expect growth of 2.5% to 4%, up from 2% to 4% previously.

基於我們對 DICK'S 業務持續的信心，我們上調同店銷售預期的下緣，現在預期成長 2.5% 至 4%，高於先前的 2% 至 4%。

At the high end of our expectations for the DICK'S business, we now expect to drive approximately 30 basis points of operating margin expansion on a non-GAAP basis. At the consolidated company level, we continue to expect full year non-GAAP earnings per diluted share in the range of $13.50 to $14.50.

在 DICK'S 業務預期的上緣，我們現在預期在非 GAAP 基礎上，營業利益率約擴張 30 個基點。在合併公司層級，我們仍預期全年非 GAAP 稀釋後每股盈餘介於 13.50 美元至 14.50 美元。

This continued strength reflects the progress we're making across our strategic priorities. First, we continue to drive growth in our key categories, supported by national brand partners, new and emerging brands and our own vertical brands.

這股持續的強勁表現，反映我們在各項策略優先事項上取得的進展。首先，我們持續推動關鍵品類成長，並由全國性品牌合作夥伴、新興品牌以及我們自有垂直品牌所支撐。

One of our biggest advantages is the depth of our brand relationships. We are a critical partner to the most important brands in our industry, and that shows up in the access, allocation and marketing support we receive.

我們最大的優勢之一，是品牌關係的深度。我們是本產業最重要品牌的關鍵合作夥伴，這也體現在我們獲得的商品取得、配貨（allocation）與行銷支援上。

Our partnerships span leading global brands like Nike, Adidas and Fanatics as well as fast-growing emerging brands such as Vuori and Gymshark. These relationships are deeply collaborative and they continue to bring the best product and innovation to our athletes.

我們的合作夥伴涵蓋 Nike、Adidas 與 Fanatics 等全球領導品牌，也包括 Vuori 與 Gymshark 等快速成長的新興品牌。這些關係高度協作，並持續為我們的運動員帶來最好的產品與創新。

Second, we're continuing to reposition and elevate our real estate and store portfolio through House of Sport and Field House. These concepts are redefining the athlete experience in physical retail and strengthening how our brand partners show up in our stores.

第二，我們持續透過 House of Sport 與 Field House 重新定位並提升我們的不動產與門市組合。這些概念正在重新定義實體零售中的運動員體驗，並強化我們品牌合作夥伴在門市中的呈現方式。

In Q1, we opened one House of Sport location and two field house locations, and our plans are on track to open approximately 13 and 20 more, respectively, for this year.

在第一季，我們新開出 1 間 House of Sport 門市與 2 間 Field House 門市；今年的計畫進度如期，預計分別再開出約 13 間與 20 間。

We also continue to see extremely strong interest from landlords, giving us access to some truly iconic retail locations, including Palm Beach Gardens, Cerritos and Tysons Corner.

我們也持續看到房東端極為強烈的興趣，使我們得以取得一些真正具代表性的零售據點，包括 Palm Beach Gardens、Cerritos 與 Tysons Corner。

Given these new opportunities, we can be selective in the locations we choose which will drive greater long-term shareholder value. Third, we are continuing to enhance how we serve athletes seamlessly across channels.

鑑於這些新機會，我們可以更有選擇性地挑選據點，進而創造更高的長期股東價值。第三，我們持續強化跨通路無縫服務運動員的方式。

In our stores, we're evolving the experience with a greater focus on elevated service and selling rooted in deep sport and product expertise. At the same time, we are investing in our digital experience, enhancing our site and our app.

在門市端，我們正演進體驗，更聚焦於更高水準的服務，以及建立在深厚運動與產品專業之上的銷售。同時，我們也在投資數位體驗，強化我們的網站與 App。

We recently announced the upcoming summer launch of Coach by DICK'S, our AI-powered digital agent, representing a significant step forward in how we innovate for the athlete. Coach extends the expertise of our teammates into a personalized conversational experience, helping athletes make more confident decisions across product, training and services.

我們近期宣布將於今年夏季推出 Coach by DICK'S——我們的 AI 驅動數位代理人，代表我們在為運動員創新方面邁出重要一步。Coach 將我們隊友的專業延伸為個人化的對話式體驗，協助運動員在產品、訓練與服務等面向做出更有信心的決策。

We also remain very excited about our DICK'S Media Network, a high-growth asset that allows our partners to reach athletes in very relevant ways across our houses sport locations and digital channels.

我們也對 DICK'S Media Network 持續感到非常振奮；這是一項高成長資產，讓合作夥伴能在我們的 House of Sport 據點與數位通路，以高度相關的方式觸及運動員。

And we're thrilled to have recently opened our Fort Worth distribution center, enhancing our ability to serve athletes in the fast-growing Texas market and surrounding areas. Finally, we continue to scale Game Changer as a key driver of engagement and innovation within the DICK'S ecosystem.

我們也很高興近期已啟用沃斯堡（Fort Worth）配送中心，提升我們服務快速成長的德州市場及周邊地區運動員的能力。最後，我們持續擴大 Game Changer 規模，使其成為 DICK'S 生態系中推動互動與創新的關鍵驅動力。

Earlier this year, Game Changer launched the most comprehensive product update in its history, introducing 1080p HD live streaming, automated game highlight reels and a new suite of AI-powered coaching tools designed to help coaches Coach smarter. The impact has been immediate and measurable.

今年稍早，Game Changer 推出其史上最全面的產品更新，導入 1080p HD 直播、自動化比賽精華剪輯，以及一套全新的 AI 驅動教練工具，旨在協助教練更聰明地執教。其影響立竿見影且可衡量。

In Q1, approximately 50% of all games covered on the platform were streamed live, a record for the business. At scale, the reach is significant. In the last month alone, more games were streamed on GameChanger than have been played in the entire history of Major League Baseball.

在第一季，平台上約 50% 的所有涵蓋賽事都進行了直播，創下該業務紀錄。在規模化之下，其觸及範圍相當可觀。僅在過去一個月，GameChanger 上直播的比賽數量，就超過美國職棒大聯盟（MLB）整個歷史上所進行的比賽總數。

In closing, the consistency that we're seeing across the DICK'S business validates our strategies and the discipline of our execution. We are operating from a position of strength, and we remain confident in our ability to drive sustained growth while investing for the future.

總結來說，我們在 DICK'S 業務中看到的一致性表現，驗證了我們的策略與執行紀律。我們正處於優勢地位運營，並對在投資未來的同時推動持續成長的能力保持信心。

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，我將交給 Navdeep，分享我們財務結果的更多細節以及 2026 年展望。Navdeep，交給你。

Thank you, Lauren, and good morning, everyone. Let's begin with a brief review of our first quarter results. Consolidated net sales increased 62.7% to $5.16 billion, driven by a $1.79 billion contribution from Foot Locker business and a 6% comp increase for the DICK'S business as we continue to gain market share.

謝謝你，Lauren，各位早安。我們先簡要回顧第一季業績。合併淨銷售額成長 62.7% 至 51.6 億美元，主要由 Foot Locker 業務貢獻 17.9 億美元，以及 DICK'S 業務同店成長 6% 所帶動；我們持續提升市占率。

DICK's business comp reflects a 5.5% increase in average ticket and a 0.5% increase in transactions with a broad-based strength across footwear, apparel and hard lines.

DICK'S 業務同店表現反映平均客單價成長 5.5%，交易筆數成長 0.5%，且鞋類、服飾與硬體用品（hard lines）均呈現廣泛強勁表現。

On a two year and a three year basis, DICK's business comped increased 10.5% and 15.8%, respectively. Pro forma comps for the Foot Locker business accelerated increasing 0.6% for the quarter, driven by a 1.4% increase in North America.

以兩年與三年為基準，DICK'S 業務同店分別成長 10.5% 與 15.8%。Foot Locker 業務的擬制（pro forma）同店加速成長，本季增加 0.6%，主要由北美成長 1.4% 所帶動。

Notably, as Ed highlighted, the US Foot Locker banner delivered a 6.4% comp growth reflecting strong underlying performance as we focus on driving improvements in this important part of the Foot Locker business.

值得注意的是，正如 Ed 所強調，美國 Foot Locker 旗艦品牌同店銷售成長 6.4%，反映出強勁的基本面表現，因為我們正專注於推動這一 Foot Locker 業務重要部分的改善。

From a margin perspective, consolidated non-GAAP gross profit was $1.73 billion or 33.42% of net sales, down 328 basis points from last year. The year-over-year decline was primarily driven by mix impact from the Foot Locker business. Turning to our expenses.

從毛利率角度來看，合併非 GAAP 毛利為 17.3 億美元，約占淨銷售額的 33.42%，較去年下降 328 個基點。年對年下滑主要由 Foot Locker 業務的組合影響所致。接著看我們的費用。

On a non-GAAP basis, consolidated SG&A expenses increased 68.4% or $541 million to $1.33 billion, and deleveraged 88 basis points compared to last year's non-GAAP results. $480 million of this consolidated increase was driven by Foot Locker business.

以非 GAAP 基礎計，合併 SG&A（銷售、一般及行政）費用增加 68.4%（或 5.41 億美元）至 13.3 億美元，較去年非 GAAP 結果槓桿率下降 88 個基點。此合併增幅中有 4.80 億美元來自 Foot Locker 業務。

As expected, for the DICK'S business, SG&A deleveraged 31 basis points, driven by investments digitally and in-store. Consolidated non-GAAP operating income was $378.4 million or 7.33% of net sales compared to $360.4 million or 11.35% of net sales last year.

如預期，DICK'S 業務的 SG&A 槓桿率下降 31 個基點，主要由數位與門市投資所驅動。合併非 GAAP 營業利益為 3.784 億美元，約占淨銷售額的 7.33%，相比去年為 3.604 億美元、占淨銷售額 11.35%。

For the DICK'S business, operating income was $361 million or 10.69% of net sales. And for the Foot Locker business, we delivered operating income of $17.5 million or 0.98% of net sales.

就 DICK'S 業務而言，營業利益為 3.61 億美元，約占淨銷售額的 10.69%。而 Foot Locker 業務方面，我們實現營業利益 1,750 萬美元，約占淨銷售額的 0.98%。

Moving down the P&L. Consolidated non-GAAP income tax expense was $106.2 million or a rate of 28.8%. Our effective tax rate for the quarter was shaped by a mix of our earnings in foreign jurisdictions, including the effect of purchase accounting adjustments, particularly in Europe, where losses do not currently generate a tax benefit due to valuation allowances.

接著往下看損益表。合併非 GAAP 所得稅費用為 1.062 億美元，稅率為 28.8%。本季有效稅率受我們在海外司法管轄區的獲利組合影響，並包含購買會計調整的影響，尤其在歐洲，由於估值備抵（valuation allowances），目前虧損不會產生稅務利益。

In total, we delivered consolidated non-GAAP earnings per diluted share of $2.90 for the quarter, which includes the dilutive impact of the 9.6 million shares issued in connection with the Foot Locker acquisition. This compares to our non-GAAP earnings per diluted share of $3.37 last year. On a GAAP basis, our earnings per diluted share were $3.54.

整體而言，本季合併非 GAAP 稀釋後每股盈餘為 2.90 美元，其中包含因收購 Foot Locker 而發行 960 萬股所帶來的稀釋影響。相比之下，去年非 GAAP 稀釋後每股盈餘為 3.37 美元。以 GAAP 基礎計，我們的稀釋後每股盈餘為 3.54 美元。

This includes $174 million of pretax litigation and other settlements partially offset by $97 million of pretax footlocker acquisition-related costs. For additional details, you can refer to the non-GAAP reconciliation tables of our press release that we issued this morning.

其中包含 1.74 億美元的稅前訴訟及其他和解費用，部分被 9,700 萬美元的稅前 Foot Locker 收購相關成本所抵銷。更多細節請參閱我們今早發布之新聞稿中的非 GAAP 調節表。

Now looking to our balance sheet. We ended the quarter with approximately $1 billion of cash and cash equivalents and no borrowings on our $2 billion unsecured credit facility.

現在來看資產負債表。本季末我們持有約 10 億美元的現金及約當現金，且在 20 億美元的無擔保循環信貸額度下沒有任何借款。

Inventory was $5.42 billion, reflecting the addition of the Foot Locker business, while the DICK'S business inventory was up just 3%. Importantly, we believe in our inventory remains well positioned to support our growth plans across both DICK'S and Foot Locker businesses.

存貨為 54.2 億美元，反映納入 Foot Locker 業務；而 DICK'S 業務存貨僅增加 3%。重要的是，我們認為目前存貨水位配置良好，可支撐 DICK'S 與 Foot Locker 兩項業務的成長計畫。

Turning to capital allocation. Net capital expenditures were $289 million, and we paid $114 million in quarterly dividends. We also repurchased 719,000 shares of our stock for $141 million at an average price of $196.38.

接著談資本配置。淨資本支出為 2.89 億美元，並支付 1.14 億美元的季度股利。我們也以平均每股 196.38 美元的價格回購 719,000 股股票，總金額 1.41 億美元。

Before I move to our outlook, I would like to provide a brief update on the expectations surrounding the Foot Locker acquisition. First, as part of a cleanout of the garage actions and broader merger and integration work, we previously estimated and continue to expect total pretax charges of between $500 million and $750 million.

在我談到展望之前，我想就 Foot Locker 收購相關的預期提供簡要更新。首先，作為「清理車庫」（cleanout of the garage）行動以及更廣泛的合併與整合工作的一部分，我們先前估計且仍預期稅前總費用介於 5 億至 7.5 億美元。

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. We now expect approximately $200 million of these remaining charges in 2026 compared to our original expectation of $150 million.

在 2025 年，我們已認列其中 3.90 億美元的費用。其餘稅前費用將在 2026 年及中期期間隨著我們完成相關工作而發生。我們目前預期 2026 年約有 2 億美元的剩餘費用，較原先預期的 1.5 億美元為高。

These charges have been excluded from today's non-GAAP EPS outlook. Second, we remain confident in achieving previously announced $100 million to $125 million of cost synergies over the medium term primarily from procurement and direct sourcing efficiencies.

上述費用已自今日的非 GAAP EPS 展望中排除。第二，我們仍有信心在中期主要透過採購與直接採購效率，達成先前公布的 1 億至 1.25 億美元成本綜效。

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. Our guidance continues to reflect the strength of the DICK'S business and the turnaround efforts underway at Foot Locker, all within the context of the dynamic geopolitical and macroeconomic environment. Based on our confidence in DICK'S and Foot Locker, we are raising the low end of our comp sales guidance for both businesses.

其中一部分綜效效益預期將在 2026 年實現，並已反映於我們的展望中。接著談我們對 2026 全年的展望。我們的指引持續反映 DICK'S 業務的強勁表現，以及 Foot Locker 正在推進的轉型努力，同時也考量到多變的地緣政治與總體經濟環境。基於我們對 DICK'S 與 Foot Locker 的信心，我們上調兩項業務同店銷售指引的低端。

Beginning with the DICK'S business, we now expect full year comp sales growth in the range of 2.5% to 4% compared to our prior growth expectation of 2% to 4%. From a pacing standpoint, we continue to expect higher comps in the first half, driven in large part by the timing of the World Cup.

先從 DICK'S 業務開始，我們目前預期全年同店銷售成長介於 2.5% 至 4%，相較先前預期的 2% 至 4%有所上調。就節奏而言，我們仍預期上半年同店表現較高，主要受世界盃時點影響所帶動。

We continue to expect preopening expenses to be approximately $90 million for the full year for the DICK'S business. From an operating margin, we now expect the high end of our expectation for the DICK'S business to be approximately 11.4%, which is above our prior expectation of approximately 11.2%.

我們仍預期 DICK'S 業務全年開店前費用約為 9,000 萬美元。就營業利益率而言，我們目前預期 DICK'S 業務的高端約為 11.4%，高於先前約 11.2% 的預期。

From a pacing standpoint, we continue to 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.

就節奏而言，我們仍預期 DICK'S 業務的營業利益率將在上半年下降、下半年擴張，原因在於計畫性投資與綜效節省的時點差異。

The most significant pressure is expected in Q2, driven primarily by the timing of planned SG&A investments, including marketing tied to the World Cup, and the timing of preopening expenses to support a higher number of House of Sport openings in this year's second quarter compared to the last year.

最顯著的壓力預期出現在第二季，主要由計畫性 SG&A 投資的時點所致，包括與世界盃相關的行銷支出，以及為支援今年第二季 House of Sport 開店數量高於去年而產生的開店前費用時點。

Now turning to Foot Locker business. We now expect full year pro forma comp sales growth in the range of 1.5% to 3% compared to our prior growth expectation of 1% to 3%.

接著看 Foot Locker 業務。我們目前預期全年備考（pro forma）同店銷售成長介於 1.5% 至 3%，相較先前預期的 1% 至 3%有所上調。

We now expect operating income for the Foot Locker business to be in the range of $110 million to $150 million compared to our prior expectation of $100 million to $150 million. From a pacing standpoint, we continue to expect comp sales and operating income performance to be back half weighted.

我們目前預期 Foot Locker 業務的營業利益介於 1.10 億至 1.50 億美元，相較先前預期的 1.00 億至 1.50 億美元有所上調。就節奏而言，我們仍預期同店銷售與營業利益表現將偏向下半年。

At the consolidated company level, we continue to expect full year non-GAAP earnings per diluted share in the range of $13.50 to $14.50.

在合併公司層面，我們仍預期全年非 GAAP 稀釋後每股盈餘介於 13.50 至 14.50 美元。

Our earnings guidance is now based on approximately 90.5 million average diluted shares outstanding, which includes the dilutive impact of 9.6 million shares issued in connection with the Foot Locker acquisition. We now anticipate a consolidated company effective tax rate of approximately 27% for the full year.

我們的獲利指引目前以約 9,050 萬股的平均稀釋後流通股數為基礎，其中包含因收購 Foot Locker 而發行 960 萬股所帶來的稀釋影響。我們目前預期合併公司全年有效稅率約為 27%。

This is approximately 150 basis points higher than our original expectation as the dynamics we saw in Q1 are expected to persist, albeit to a lesser degree. This increase in tax rate unfavorably impacts our non-GAAP EPS guidance by approximately $0.25 for the full year and is included in our updated outlook.

這比我們原先預期高約 150 個基點，因為我們在第一季看到的動態預期將持續存在，但程度會較輕。稅率上升對我們全年非 GAAP EPS 指引造成約 0.25 美元的不利影響，並已納入更新後的展望。

Finally, from a capital allocation standpoint, investing in our business to grow our leadership position and drive profitable organic growth across both DICK'S and Foot Locker business remains our top priority.

最後，就資本配置而言，投資於我們的業務以鞏固領導地位，並在 DICK'S 與 Foot Locker 兩項業務中推動具獲利性的內生成長，仍是我們的首要優先事項。

We now expect net capital expenditures of approximately $1.4 billion for the full year, split roughly 70-30 across DICK'S and Foot Locker businesses.

我們目前預期全年淨資本支出約為14億美元，約以70/30的比例分配於DICK'S與Foot Locker兩大業務。

For the DICK'S business, our investment will be focused on store growth, relocations and improvement in our existing stores as well as ongoing investments in technology and supply chain.

就DICK'S業務而言，我們的投資將聚焦於門市成長、搬遷與既有門市改善，以及對科技與供應鏈的持續投資。

For the Foot Locker business, our investments will be focused on reenergizing our store fleet, including our Fast Break initiative. In closing, we are pleased with the strength in the DICK'S business and confident in the path to improved performance at the Foot Locker business.

就Foot Locker業務而言，我們的投資將聚焦於重新活化我們的門市組合，包括我們的Fast Break計畫。最後，我們對DICK'S業務的強勁表現感到滿意，並對Foot Locker業務邁向改善績效的路徑充滿信心。

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

以上為我們預先準備的發言。感謝各位對DICK'S Sporting Goods的關注。接線員，您現在可以開放提問。

(Operator Instructions) Simeon Gutman with Morgan Stanley.

(接線員指示) Morgan Stanley的Simeon Gutman。

Good morning, everyone, good quarter. So I know we're going to spend some time on Foot Locker this morning, but I want to start with the DICK'S business. A 6% comp is a very strong start to the year. Can you talk about the key drivers of the performance?

各位早安，本季表現不錯。我知道今天早上我們會花一些時間談Foot Locker，但我想先從DICK'S業務開始。同店銷售成長6%是今年非常強勁的開局。能否談談推動這項表現的關鍵因素？

How much reflects underlying momentum versus any onetime benefits in the quarter? And then how you're thinking about comps from here?

其中有多少反映的是基本面動能，而非本季任何一次性利多？另外，你們如何看待接下來的同店表現？

Thanks, Simeon. Yes, we are really proud of the quarter and the results we just put out the DICK'S comp increased 6%. This was definitely not a result of a onetime factor. We saw broad-based strength across the entire portfolio. We saw strength in footwear and apparel, and hardlines.

謝謝你，Simeon。是的，我們對本季以及剛公布的結果感到非常自豪，DICK'S的同店銷售成長了6%。這絕對不是一次性因素造成的結果。我們看到整個產品組合呈現廣泛的強勁表現。我們在鞋類、服飾以及硬線品類都看到強勁表現。

Within hardlines feeling really terrific about team sports and licensed and trading cards and golf. There was tremendous growth across the whole portfolio. And really, this is due to the fact that our long-term strategies are working.

在硬線品類方面，我們對團隊運動、授權商品與集換式卡牌以及高爾夫的表現感到非常振奮。整個產品組合都出現了顯著成長。而這主要是因為我們的長期策略正在發揮作用。

We've been leaning into differentiated products. elevated product, we're finding that consumers are really resonating with newness with technical innovation. And at the same time, we've repositioned our portfolio with House of Sport and Field House and the best expression of retailers cascading through our entire business.

我們持續加碼差異化商品與更高端的商品，並發現消費者對新品與技術創新確實很有共鳴。同時，我們也透過House of Sport與Field House重新定位我們的組合，並將最佳零售呈現方式擴散到整個業務。

Our entire team is completely focused on elevating the athlete experience in our stores and through our digital ecosystem, and that is a big factor of our results. The other thing I would point to is, as Ed mentioned in his prepared remarks, sport is one of the hottest categories in the country today, and we sit right at the intersection of sport and culture.

我們整個團隊都全力聚焦於在門市與數位生態系中提升運動員體驗，這是我們成果的一大因素。另外我想指出的是，如同Ed在預先準備的發言中提到的，運動是當今全美最熱門的品類之一，而我們正好位於運動與文化的交會點。

We're feeling that excitement in North America going into the World Cup. It's going to continue for many years going into LA '28 and we happen to just be in a fantastic lane.

在北美，我們感受到迎接世界盃的熱度。這股熱潮將持續多年，並延伸到洛杉磯2028年奧運，而我們剛好處在非常有利的賽道上。

But for many quarters now, we have seen our consumer hold up really, really well. We haven't seen trade down again this quarter. We didn't see trade down from best to better or better to good. We saw growth again this quarter of all income demographics and we added 1.5 million new athletes to our database. So really, really pleased with the quarter that we just had and the momentum that signals in our business.

而且在過去許多季度中，我們看到消費者的韌性表現非常、非常好。本季我們沒有看到消費降級。我們沒有看到從最佳降到較佳，或從較佳降到一般。本季各收入族群都再次成長，我們也在資料庫中新增了150萬名新運動員。因此，我們對剛結束的這一季以及它所顯示的業務動能感到非常、非常滿意。

And my follow-up is on profit and flow-through. So the 6% comps, we would have expected a little stronger flow through. For us, strong comps typically means more full-price selling, so good for gross and then nice SG&A leverage.

我的追問是關於獲利與流轉率（flow-through）。同店成長6%，我們原本預期流轉率會更強一些。對我們而言，強勁的同店通常代表更多正價銷售，對毛利有利，並且SG&A也能有不錯的槓桿效益。

So can you talk about what's unique either to Q1? It may be unique to 2026, given World Cup and the timing of House of Sport.

所以能否談談Q1有什麼特殊之處？或者這可能是2026年的特殊情況，考量世界盃以及House of Sport的時點？

And is it more or less a whole year where we don't get what this operating leverage of the business throws off and we'll see more strength as we go into next year?

以及這是否意味著全年我們較難看到這項業務營運槓桿所帶來的貢獻，而要等到明年才會看到更強的表現？

Okay. Simeon, it's a really, really good question. I'm glad you asked it. Our business is performing exactly as we had expected it to and as we guided. So in the first half, we said we were going to have higher comps than the second half.

好的。Simeon，這真的是一個非常、非常好的問題。我很高興你問到。我們的業務表現完全符合我們的預期，也符合我們所提供的指引。因此在上半年，我們說過同店會比下半年更高。

And we also were going and making significant investments in our business, which we did. We invested in World Cup, and we'll continue to do that in Q2. So for the first half, we did expect stronger comps, lower flow through.

而且我們也會對業務進行重大投資，我們確實也這麼做了。我們投資於世界盃，並且會在Q2持續投入。因此在上半年，我們確實預期同店更強、流轉率較低。

But when you look at the full year guidance, we just took our high end of our guidance up 20 basis points. So we guided to 10. We're now guiding to 30 basis points of improvement at the high end of the range, 11.4%.

但若看全年指引，我們剛把指引區間高端上調了20個基點。我們原先指引為改善10個基點。現在我們指引在區間高端將改善30個基點，達到11.4%。

We're absolutely expecting leverage for the full year. Just as we've been planning, it's going to come in the second half, and that's just due to the timing of investments. So again, we feel terrific about the business and really good about the leverage for this year and the operating profit will flow through.

我們完全預期全年會出現槓桿效益。正如我們一直規劃的，槓桿將在下半年顯現，這只是投資時點的問題。所以再次強調，我們對業務狀況感到非常振奮，也對今年的槓桿效益很有信心，營業利益將會流轉出來。

Brian Nagel with Oppenheimer.

Oppenheimer的Brian Nagel。

So my first question, I do want to focus on Foot Locker. So in your commentary and lately, you've expressed a lot of confidence in the turnaround that we saw some encouraging signs here in the first quarter, particularly in the United States.

我的第一個問題想聚焦在Foot Locker。在你們的評論以及近期表述中，你們對轉型相當有信心；而在第一季我們也看到一些令人鼓舞的跡象，特別是在美國。

So can you just kind of maybe talk more about where the turnaround is today? A focus again on the with the progress you're seeing with the Fast Break refresh and just your overall positioning and health of that inventory within the Foot Locker channel.

所以你能否更進一步談談目前轉型進展到哪裡？再聚焦一下你們在Fast Break翻新方面看到的進度，以及Foot Locker通路內整體商品定位與庫存健康狀況？

Sure. Thanks, Brian. We're right on schedule with what we plan to do with Foot Locker. We've through last year, we've cleaned out the garage from an inventory standpoint. So our inventory is in terrific shape.

當然。謝謝你，Brian。Foot Locker的進度完全符合我們的計畫時程。從去年以來，我們已在庫存面把「倉庫清一清」。因此我們的庫存狀況非常健康。

We've repaired vendor relationships with key brands that we're somewhat disenchanted with Foot Locker. We've repaired those vendor relationships, and they're now fully supportive of Foot Locker and really want Foot Locker to be a stable, growing retailer as part of their portfolio. So we've repaired those relationships. We've rebuilt the management teams, and we've remerchandised the stores of what we're doing with Fast Break.

我們也修復了與關鍵品牌供應商的關係，這些供應商先前對Foot Locker有些失望。我們已修復這些供應商關係，他們現在完全支持Foot Locker，並且非常希望Foot Locker能成為其品牌組合中穩定、成長的零售商。因此我們修復了這些關係。我們也重建了管理團隊，並透過Fast Break重新調整門市商品配置。

From a Fast Break standpoint, which of those early stores that we reconceptualized what the wall would look like. As you've heard me say before, the Foot Locker footwear wall was really run-on sentence. It was just filled with a bunch of shoes, and it was nothing important.

就Fast Break而言，在那些早期我們重新概念化的門市中，我們重新設計了鞋牆應該呈現的樣貌。如同我之前說過的，Foot Locker的鞋牆過去就像一個冗長的句子。牆上塞滿了各式鞋款，但沒有任何重點。

What we did is we took all those shoes off the wall, we reduced roughly 30% of the SKU choices and focus on key styles, key colors and key stories that when the consumer came in, they knew what was important. In those Fast Break stores, as we've talked about, have done extremely well, but they comped double digits in the first quarter.

我們做的是把那些鞋都從牆上拿下來，將SKU選擇大約減少30%，並聚焦於關鍵款式、關鍵配色與關鍵主題，讓消費者進店時能清楚知道什麼才是重點。正如我們先前談到的，那些Fast Break門市表現非常好，第一季同店達到雙位數成長。

So we're really excited about that. As I said, the inventory is in good shape. We've augmented some of the assortment that would in the first quarter that helped the business. And remember, we've always said that the inflection point here was going to begin in back-to-school which is the first time that the team bought the entire assortment. So we feel that inflection point in back-to-school is going to happen.

所以我們對此真的感到非常興奮。如我所說，庫存狀況良好。我們也補強了部分第一季的商品組合，這對業務有所助益。而且請記得，我們一直說這裡的轉折點會從返校季開始，因為那是團隊第一次採購完整的商品組合。因此我們認為返校季的轉折點將會發生。

And we will have bought the product, and that's the first time we'll be back marketing and doing the relaunch of the Foot Locker brand and a big marketing effort, which we are really pretty excited about. And as you said, we did focus our attention on the biggest part of the business, which is the US Foot Locker locations.

而且我們將已完成商品採購，這也將是我們第一次重新回到行銷端，進行 Foot Locker 品牌的重新上市（relaunch）以及一項大型行銷活動，對此我們其實相當興奮。另外如你所說，我們確實把注意力放在業務中最大的一塊，也就是美國的 Foot Locker 門市。

And those stores comped at over a 6% comp in the first quarter. So our plan, we're right on schedule with our plan. Our plan is working, and we continue to be really excited about the Foot Locker business going forward.

而這些門市在第一季的同店銷售成長超過 6%。所以就我們的計畫而言，我們完全按進度推進。我們的計畫正在奏效，我們也持續對未來的 Foot Locker 業務感到非常振奮。

I appreciate all that. So I guess as my follow-up, I just want to follow up on the Fast Break. I've spent my associates and I've spent a lot of time looking at the Foot Locker stores that you've refreshed, the Fast Break stores. And make sure I understand this. And they do look much cleaner, much better organized.

我很感謝這些說明。那我接著追問一下，我想再追問 Fast Break。我和我的同事花了很多時間去看你們翻新的 Foot Locker 門市，也就是 Fast Break 門市。我想確認我理解正確。它們看起來確實更乾淨、陳列也更有條理。

But that's, there's no new product. The product we're seeing in those stores is still legacy products sort of say. You haven't introduced new products. So what's driving those sales is just having a much cleaner, better organized existing product?

但那裡並沒有新產品。我們在那些門市看到的產品仍然算是既有（legacy）產品。你們還沒有導入新產品。所以推動銷售的因素只是既有產品在更乾淨、更有條理的呈現之下嗎？

For right now, yes. And when you've been into the Fast Break stores, you've seen, although it's not perfect yet, you've seen an increase in the apparel business in the apparel presentation that we've got there. Foot Locker previously, I won't say they exited the apparel business, but they significantly scaled back the apparel business.

就目前而言，是的。而且你去過 Fast Break 門市也會看到，雖然還不算完美，但我們在服飾業務以及服飾陳列呈現上已有所提升。Foot Locker 先前我不會說他們退出服飾業務，但確實大幅縮減了服飾業務規模。

So we brought apparel back in, and we've done the best we could cobbling together because we didn't buy this assortment. We did talk to brands, and they got us some additional allocation of product that, so that we'd be in better stock.

所以我們把服飾帶回來了；由於這套商品組合不是我們採購的，我們只能盡力拼湊、把能做的做到最好。我們也和品牌方溝通，他們額外分配了一些產品配額給我們，讓我們的庫存能更充足。

But as I've said, the first time that we were able to buy the product and build that assortment is for the back-to-school season, and that's where you'll see that inflection point.

但如我所說，我們第一次能夠自行採購產品並建立那套商品組合，是在返校季，而你會在那時看到轉折點。

Kate McShane with Goldman Sachs.

高盛（Goldman Sachs）的 Kate McShane。

It looks like your capital expenditure outlook came down a little bit for fiscal year '26. And we wondered if you could explain what the change was there? Is there any breakdown you can give Foot Locker and DICK'S and is there a way to think about CapEx from the Fast Break investment, but also by banner for Foot Locker?

看起來你們對 2026 財年的資本支出展望略微下調了一些。我們想請你們說明一下這個變動的原因是什麼？你們能否提供 Foot Locker 與 DICK'S 的拆分？另外，對於 Foot Locker 而言，是否能從 Fast Break 投資以及按品牌（banner）角度來理解資本支出？

This is Navdeep. So two part question there. Let me start with the outlook that we have provided for the CapEx, we actually gave a little bit of a detailed outlook on between the banners. And right now, we expect net CapEx for the DICK'S banner to be about $1 billion for 2026 and place to be about $400 million.

我是 Navdeep。這是個兩部分的問題。我先從我們提供的資本支出展望談起；我們其實已在不同品牌（banner）之間提供了更細的展望。目前我們預期 2026 年 DICK'S 品牌的淨資本支出約為 10 億美元，而其他（place）約為 4 億美元。

As you can imagine, a majority is at $400 million of the capital investment in Foot Locker will be associated with the investments that we are making in our stores, including the Fast Break stores.

如你所想，Foot Locker 這 4 億美元的資本投資中，大部分將與我們對門市的投資相關，包括 Fast Break 門市。

But as Ed called out, the Fast Break stores are capital-light but at the same time, when you think about the magnitude of investments in terms of the number of stores we'll be investing in, that is a significant portion of the CapEx investment for market for $26 million.

但正如 Ed 提到的，Fast Break 門市屬於輕資本（capital-light），不過同時，當你考量我們將投資的門市數量規模時，這會是 2026 年資本支出投資中的相當大一部分。

In terms of where the efficiencies came the efficiency or the decrease in our CapEx outlook by about $100 million came predominantly in the DICK'S business, as part of what Lauren talked about, like the confidence that we have on our operating margin expansion on a full year basis.

至於效率提升的來源——我們將資本支出展望下調約 1 億美元，主要來自 DICK'S 業務，這也呼應 Lauren 所談到的：我們對全年營業利益率擴張的信心。

The team has been working on productivity initiatives for last several years, and it's, what you're seeing is the manifestation of that work showing up both in the operating margin leverage expectation on the full year as well as the capital efficiency of $100 million of reduction in CapEx outlook for DICK'S for full year.

團隊過去幾年一直在推動生產力提升計畫，而你現在看到的是這些工作的成果，反映在全年營業利益率槓桿（leverage）預期上，也反映在資本效率上——也就是 DICK'S 全年資本支出展望下調 1 億美元。

Okay. And just as a follow-up question with the strength in the Foot Locker US business, can you maybe talk through what you're seeing with the Foot Locker Europe stores currently?

了解。那再追問一下，鑑於 Foot Locker 美國業務的強勁表現，你們能否談談目前 Foot Locker 歐洲門市的情況？

Yes. Europe, the European business is, as we expected, is a little bit behind where the US business is. We are just in the process of implementing the Fast Break strategy into Europe. We've got a couple of stores done there.

可以。歐洲業務如我們預期，進度比美國業務稍微落後一些。我們正在把 Fast Break 策略導入歐洲。那邊已經完成了幾家門市。

And the results are pretty promising. We're making some other changes there from a management standpoint. But all in all, the European business is about where we anticipated it to be, but it's definitely a bit behind the US business.

而結果相當令人鼓舞。我們也正在從管理層面做一些其他調整。但整體而言，歐洲業務大致符合我們的預期，只是確實比美國業務落後一些。

And we expect that to be that way through the end of the year. But we do expect that we'll catch up.

我們預期這種情況會持續到年底。但我們也預期之後會追上。

Adrienne Yih with Barclays.

巴克萊（Barclays）的 Adrienne Yih。

Ed and Lauren, I guess my question starts with kind of what macro backdrop do you kind of envision for the rest of the year and the guidance? And then secondarily, Lauren, I really like to comment on the intersection of sports and culture, right?

Ed 和 Lauren，我的問題首先是：你們對今年剩餘時間的總體（macro）背景以及指引（guidance）大致是怎麼看待的？其次，Lauren，我很想請你評論一下運動與文化的交會點。

Sport and lifestyle and you have the two brands to go after both of those. So can you talk about kind of level of innovation, competition and maybe kind of focus on some of the footwear fashion trends so performance versus lifestyle versus maybe nonathletic, just the ebbs and flows at kind of subsector trends.

運動與生活風格，而你們有兩個品牌可以分別切入這兩個面向。所以你能否談談創新程度、競爭態勢，以及可能聚焦在一些鞋類的時尚趨勢上——例如性能（performance）對比生活風（lifestyle）或甚至非運動類（nonathletic），在各子領域趨勢上的起伏變化？

Great. Thanks, Adrienne. We looked at the guidance, the macro, we've balanced all of the confidence that we have in our business and momentum that I talked about in my first answer with some caution appropriate level of caution about the macroeconomic environment, geopolitical environment, and that is why we've left the top end of our comp range same both Optics and Foot Locker.

好的。謝謝你，Adrienne。在指引與總體環境方面，我們在我第一個回答中提到的、對自身業務與動能的信心，與對總體經濟環境、地緣政治環境所需的適度謹慎之間做了平衡；這也是為什麼我們把同店銷售區間（comp range）的上緣維持不變，DICK'S 與 Foot Locker 都一樣。

But overall, our strategies are working. The things that we can control are working, and we're feeling really good about them. In terms of the intersection of sports and culture, we see a lot of innovation within footwear, in particular, we're really pleased with things like performance running, which is doing really, really well.

但整體而言，我們的策略正在奏效。我們能掌控的事情都在發揮效果，我們對此感覺非常好。至於運動與文化的交會點，我們看到鞋類領域有很多創新；尤其我們對像是性能跑鞋（performance running）這類別的表現非常滿意，真的非常、非常好。

Even basketball, women's basketball is doing really well, some of the lifestyle footwear is doing very well at point to retro in particular, and some of the other brands are doing really terrific and training and recovery.

甚至籃球品類，女子籃球也表現非常好；部分生活風鞋款也表現很強，尤其是復古（retro）風格；另外一些品牌在訓練與恢復（training and recovery）方面也做得非常出色。

So we're seeing, footwear is a very strong business for us. We drove growth in the past quarter. We'll continue to drive growth into the future, and we're feeling very bullish.

所以我們看到鞋類對我們而言是一個非常強勁的業務。我們在上一季帶動了成長。未來我們也會持續帶動成長，我們的看法非常樂觀。

Great. And my follow-up, Ed, you mentioned the brand relationships kind of porting over that strength to Foot Locker. Can you kind of give us specific examples of what that means? Is it faster turns, obviously, access to exclusive, really kind of what are the muscle that you're porting over from to DICK'S to Foot Locker?

很好。接著追問一下，Ed，你提到品牌關係某種程度上把那份優勢移植到 Foot Locker。你能否給我們一些具體例子，說明這代表什麼？是更快的庫存周轉、顯然還有取得獨家款的機會——你們究竟把哪些「肌肉」從 DICK'S 帶到 Foot Locker？

Sure. I think there's a number of things. The fact that Foot Locker will now have a different allocation of product that they didn't have before access to certain products that they didn't have before.

當然。我認為有好幾個面向。首先，Foot Locker 現在能拿到不同的商品配貨（allocation），也就是以前拿不到的某些產品，現在可以取得。

And the confidence of these brands that Foot Locker is a viable go-forward business that can help them grow, which a number of them had lost and we've talked about this and they talk to me about this that they have really lost confidence in Foot Locker that they didn't think Foot Locker was really going to be able to, kind of present their product in the way that they wanted it presented to protect their brands.

另外，這些品牌對 Foot Locker 的信心也回來了——相信 Foot Locker 是一個可持續、可向前發展的業務平台，能幫助他們成長。過去不少品牌已經失去信心；我們也談過這點，他們也跟我提過：他們真的對 Foot Locker 失去信心，覺得 Foot Locker 未必能以他們希望的方式呈現產品、以保護其品牌形象。

And with the relationship that they have, we have between DICK'S and Foot Locker, these brands, all these relationships have been repaired.

而透過 DICK'S 與 Foot Locker 之間的關係，這些品牌——所有這些關係——都已經修復了。

And what we've got from an allocation standpoint, what we've got from an exclusive standpoint on either styles and/or colors going forward. Stories that we'll be able to tell around different athletes and around different aspects what's going on in sport or sneaker culture is very different.

從配貨角度、以及未來在獨家（exclusive）方面——不論是款式和/或配色——我們所取得的資源都不同了。我們能圍繞不同運動員、以及運動或球鞋文化中正在發生的不同面向去講述的故事，也會非常不一樣。

And you'll see a lot of that start to come delay to an even greater degree in Q1 of next year as we're beginning to build those assortments now. But it's an entirely different relationship with the brands. And if you talk to the group in Foot Locker, the buyers, the Stripers, et cetera, they'll see a very different brand relationships going forward, in the past and going forward.

你們會在明年第一季看到更多這些成果、而且程度更高，因為我們現在就開始建立那些商品組合。但這與品牌之間的關係已是完全不同的狀態。如果你去跟 Foot Locker 的團隊——採購、店員（Stripers）等等——聊，他們會看到未來的品牌關係與過去相比將非常不同。

Bob Drbul with BTIG.

BTIG 的 Bob Drbul。

I was wondering if you could expand a bit more on the core DICK'S Sporting Goods segment, the gross margin performance and the decline that we saw this quarter.

我想請你再多談一些 DICK'S Sporting Goods 核心業務部門，本季毛利率表現以及我們看到的下滑。

About the DICK'S gross margin line about 35 basis points on a year-over-year basis, two big drivers on that and both in line with our expectation. The first is the headwind that we saw in supply chain expenses. One, as you can anticipate that the higher fuel cost that was a headwind on a year-over-year basis, as well as we opened our 6 distribution center in Q1. And it was in the tail end of Q1.

關於 DICK'S 的毛利率，年對年大約下滑 35 個基點，主要有兩個驅動因素，而且都符合我們的預期。第一個是供應鏈費用帶來的逆風。如你所料，較高的燃料成本在年對年比較上形成逆風；此外，我們在第一季開設了第 6 座配送中心，而且是在第一季尾端。

Really excited to have had that new infrastructure available to be able to service the apple in a much more efficient way as well as serve our stores, however, that dead a little bit of a headwind on a year-over-year basis when you open FX infrastructure.

我們非常興奮能有這套新基礎設施，讓我們能以更高效率服務線上業務，同時也能服務門市；不過，當你啟用固定成本（FX）基礎設施時，年對年比較上確實會帶來一些逆風。

Outside of that, we saw a little bit of a mix headwind driven by the fact, like Lauren talked about the exciting new business and a tremendous amount of growth opportunity we see in the trading card business, it's bringing a new customer, it's allowing us to go kind of take the market around the collectibles as well as trading cuts.

除此之外，我們也看到一些組合（mix）逆風，原因是——如 Lauren 提到的——我們在新業務上很振奮，並且在集換式卡牌（trading card）業務看到巨大的成長機會；它帶來新客群，讓我們能在收藏品以及集換式卡牌市場中擴張。

However, that does come with a slightly lower gross margin, and that was a mix impact that you saw. I'll turn is by saying, if you look at our outlook that we have shared for the full year, we expect our gross margin to expand now with the updated outlook that we have provided.

不過，這確實會伴隨略低的毛利率，因此你看到的是組合影響。最後我想補充的是：如果你看我們對全年所分享的展望，依據我們提供的最新展望，我們現在預期全年毛利率將擴張。

Great. And then if I could just ask one more question. On the basketball business, can you talk about maybe what you're seeing at the DICK'S segment versus what you're seeing at the Foot Locker stores in basketball?

很好。如果我可以再問一個問題。關於籃球業務，你能談談在 DICK'S 部門看到的情況，與在 Foot Locker 門市看到的籃球品類表現有何不同嗎？

Sure. Basketball business is coming back. Basketball had, it slowed down a little bit. The basketball business is coming back in a really big fashion and really built around women's basketball business, whether that (inaudible) Asia, that group of ethics have had a real impact. And boys and girls, young men and women are buying that product.

當然。籃球業務正在回升。籃球之前確實放緩了一些。但籃球業務正以非常大的幅度回來，而且很大程度是由女子籃球帶動——不論是（聽不清）Asia，那一批運動員對市場產生了很大影響。男孩女孩、年輕男性與女性都在購買這些產品。

And we're pretty excited about it around the DICK'S business. We're very excited about it around the Foot Locker business. So basketball has really been, is going to be quite good, and we're pretty excited about it across both banners.

我們對 DICK'S 的籃球業務非常興奮。我們對 Foot Locker 的籃球業務也非常興奮。所以籃球品類確實會表現得相當好，我們對兩個旗艦（banners）都很期待。

Michael Lasser with UBS.

UBS 的 Michael Lasser。

On the outlook for the DICK'S core business. You mentioned that you expect the gross margin to improve over the course of the year. Presumably, collectible will remain a source of pressure. So what do you expect outside of the supply chain drag becoming less of an impact? What do you expect the offset will be from this collectible pressure and any other driver that you're considering over the course of the next few quarters.

關於 DICK'S 核心業務的展望。你提到你們預期毛利率會在今年逐季改善。推測收藏品仍會是壓力來源。那麼，除了供應鏈拖累影響變小之外，你們還預期有哪些因素？你們預期用什麼來抵消收藏品帶來的壓力，以及未來幾季你們考量的其他驅動因素是什麼？

I would say that there are puts and takes with the gross margin outlook. And like you call out like fuel pressure we have contemplated at least that pressure persisting into the near future.

我會說，毛利率展望有利有弊、此消彼長。正如你提到的燃料壓力，我們的規劃至少是把這項壓力在短期內持續存在納入考量。

We have talked about the sixth DICK'S opening for this year as well as the occupancy headwind as we look to continue to invest in repositioning our portfolio and the mix trade headwind that you called out from trading cards is also contemplating it.

我們也談到今年第 6 家 DICK'S 開店，以及在我們持續投資、重新定位門市組合時所面臨的租賃/使用成本（occupancy）逆風；你提到的集換式卡牌帶來的組合/交易結構（mix trade）逆風，我們也已納入考量。

However, the offset impact has continued to be pretty consistent with what has been driving our gross margin expansion. The first report was the access and allocation that Ed just talked about.

不過，抵消的因素仍相當一致，與一直以來推動我們毛利率擴張的因素相同。第一個支撐點是 Ed 剛剛談到的取得與配貨（access and allocation）。

That continues to be the key driver of us continuing to have confidence in the gross margin and the merch margin expansion.

這仍然是我們對毛利率與商品毛利率（merch margin）擴張保持信心的關鍵驅動因素。

The work that our pricing team is doing the work that our vertical brand teams are doing. And again, vertical brands carry 700 to 900 basis points of higher margin rate. So as we penetrate more there, those brands are doing fantastic for us. That's the driver.

再來是我們定價團隊所做的工作，以及我們垂直品牌（vertical brand）團隊所做的工作。而且，垂直品牌的毛利率通常高出 700 到 900 個基點。因此，隨著我們提高滲透率，這些品牌對我們的表現非常出色。這就是驅動因素。

And then outside of that, like Lauren talked this morning about our excitement for the DICK'S Media Network, which is continuing to have a strong growth as well as the growth that we are seeing in our GameChanger business will be the drivers that would be offsetting some of the headwinds that I just mentioned.

此外，如 Lauren 今天早上提到的，我們對 DICK'S Media Network 的發展感到興奮，它持續強勁成長；以及我們在 GameChanger 業務看到的成長，也將成為抵消我剛提到部分逆風的驅動因素。

And Michael, if I can just add to that. I want to just say the Collectibles business, the Trading Card business, are such exciting incremental opportunities. So while they do have a lower margin than our overall mix, I think they give them as a pressure or any sort of negative thing is the wrong way to look at it.

Michael，如果我可以再補充一下。我想說，收藏品業務、集換式卡牌業務，是非常令人興奮的增量機會。所以，雖然它們的毛利率低於我們整體組合，但把它們視為壓力或任何負面因素，我認為是錯誤的看法。

It's incremental gross margin dollars, bringing people in more frequently, appealing to a younger audience, totally incremental from the rest of our store and driving trips. So we're thrilled about that business.

它帶來的是增量的毛利額（gross margin dollars），讓顧客更頻繁進店，吸引更年輕的受眾，與我們門市其他品類完全增量互補，並帶動來店次數。所以我們對這項業務非常振奮。

And to best point, the math will work so that we can grow the gross margin for the full year.

而且回到重點，從數學上來看，我們仍能在全年實現毛利率成長。

Lauren, obviously, I'd be remiss if I didn't ask you if you wanted to quantify the contribution from collectibles and trading cards in the first quarter, but I assume.

Lauren，顯然如果我不問你是否願意量化第一季收藏品與集換式卡牌的貢獻，我就失職了——不過我猜……

We do not probably won't.

我們不會，可能也不會。

Okay. And my follow-up question is on the economics of the House of Sport location. This is now more in focus over time as you add more of these flagship stores, how have the economics change are you continuing to see the same-store sales growth in the second, third and fourth year of these locations, consistent with the overall chain average?

好的。我的追問是關於 House of Sport 據點的經濟效益。隨著你們持續增加這些旗艦店，這點隨時間推移變得更受關注；這些據點的經濟效益有何變化？在第二、第三與第四年，你們是否仍看到同店銷售成長，且與整體連鎖平均一致？

And do you think the return on investment, both tangible and maybe intangible because you do get some intangible benefits from your key stakeholders like landlords and vendors will the tangible benefits or the tangible return be sustained as you scale this concept to what could be 75 or more locations over time.

另外你們是否認為投資報酬率（ROI），包含有形以及可能的無形（因為你們確實會從房東與供應商等關鍵利害關係人獲得一些無形效益），當你們把這個概念擴張到長期可能 75 家或更多據點時，有形效益或有形報酬是否能夠維持？

Yes. Great question. House of Sport is everything you just said. It has a tangible benefit. It has an intangible benefit from a financial standpoint.

是的。好問題。House of Sport 就如你所說的一切。它有有形效益。從財務角度來看，它也有無形效益。

We're thrilled with the results, and we do see comp store growth in years three and years four even. So we've been able to confirm that. So they open fully and then continue to grow and are driving strong sales and profitability and ROI. So really terrific financial results.

我們對成果非常振奮，而且我們確實看到第三年、甚至第四年仍有同店成長。所以我們已經能夠確認這點。因此它們在完整開店後仍持續成長，並帶動強勁的銷售、獲利與 ROI。所以財務成果真的非常出色。

But some of the intangibles that you mentioned are really important, and that's everything from the consumer, the athlete who is coming and spending more time in our stores significantly, spending significantly higher than an average typical fixed athlete, our national brand partners.

但你提到的一些無形面向也非常重要，涵蓋從消費者、到來店並在店內停留更久的運動員，他們的消費明顯高於一般典型的固定客群運動員，以及我們的全國性品牌合作夥伴。

So this has been an incredible onramp for new and emerging brands. You've heard us say this quarter, we just added Vuori to our mix of brands, last quarter, Gymshark.

因此，這已成為新興品牌導入的絕佳入口。你們也聽到我們這一季提到，我們剛把 Vuori 加入品牌組合；上一季則是 Gymshark。

That's all been enabled because of the House of Sport, where people can really bring a brand to like head-to-toe color story, and it's a fantastic way for us all to get to know each other. So that's going to have tangible returns in the future that will impact the whole business.

這些都因 House of Sport 而得以實現，因為在那裡人們可以把一個品牌以從頭到腳的色彩故事完整呈現，這也是讓我們彼此更深入了解的絕佳方式。因此，未來這將帶來有形回報，並影響整體業務。

And then lastly, you mentioned the landlord community. Every time we open on these House of Sport, we're seeing incredible impact in the center or the mall.

最後，你提到了房東社群。每次我們開設這些 House of Sport，我們都看到對該商圈或購物中心帶來驚人的影響。

We're driving traffic. We're revitalizing different areas of real estate throughout the country. And so that's giving us access to bigger, better, really more premium locations, which we are working really closely to curate and move forward.

我們帶動人流。我們正在讓全國各地不同的商用不動產區域重新活絡。因此這也讓我們能取得更大、更好、也更高端的據點；我們正與其密切合作，進行策劃並推進。

So I think it's a win-win. The last thing I'll say is House of Sport it's translating not just to the House of Sport, but our Field House concept, which is our prototype is really a mini version of a House of Sport. It's got many of the same elements just a little smaller.

所以我認為這是雙贏。我最後想說的是，House of Sport 的成果不只體現在 House of Sport 本身，也延伸到我們的 Field House 概念；我們的原型店其實就是 House of Sport 的迷你版。它具備許多相同元素，只是規模小一些。

And so that's a very tangible return as well. And as we look to the rest of the portfolio, where the whole chain is benefiting from things like product access and experiential selling and elevated curated experience across the board. So really, really strong House of Sport overall.

因此這同樣帶來非常有形的回報。而當我們看整體門店組合時，整個連鎖都在受益，例如產品取得、體驗式銷售，以及全面提升且精選策劃的體驗。所以整體而言，House of Sport 的表現非常、非常強勁。

Yes, Michael, I'll just build on what Lauren said, which was a pretty comprehensive response. Another opportunity that we are now investing into in House of Sport is the DICK'S Media network. The way we can bring a brand alive and through the DICK'S Media network have that curated experience and engagement that we have with is what the brands are really excited about.

是的，Michael，我補充一下 Lauren 的說法，她的回答已相當全面。我們目前在 House of Sport 也正在投資的另一個機會是 DICK'S Media network。我們能夠讓品牌更具生命力，並透過 DICK'S Media network 帶來我們所打造的精選體驗與互動參與，這正是品牌方非常興奮的地方。

Our digital team, our marketing team have done a fantastic job, not just creating that moment or to create that interaction, but be able to create that in a way that is measurable and quantifiable that we can report the metrics back to the brands. And that's what the brands are really excited about as we think about the DICK'S Media network.

我們的數位團隊與行銷團隊做得非常出色，不僅是創造那個時刻或互動，更能以可衡量、可量化的方式來打造，並把指標回報給品牌方。而這正是品牌方在談到 DICK'S Media network 時最感到興奮的部分。

Paul Lejuez with Citi.

花旗（Citi）的 Paul Lejuez。

Lauren, I think you said you didn't see a trade down between good, better and best. Can you talk about the performance of those three good, better, best in terms of what is driving the comp from each of those different segments might be how each of your customer segments are holding up? And then second, curious to get your updated thoughts on putting some leverage on the balance sheet, progress more aggressive with share repo?

Lauren，我想你說你沒有看到在 good、better、best 之間出現降級消費（trade down）。你能談談這三個層級 good、better、best 的表現嗎？例如各個不同區隔各自的同店成長是由什麼驅動、以及你們不同客群的韌性如何？第二個問題，我想了解你們對於在資產負債表上增加一些槓桿的最新看法，是否會更積極推進庫藏股回購？

Great. Well, I'll start with your first question. I did say we did not see trade down between good, better and best. And I won't get into specifics about all the three, but I do think it's important to know that we are serving different occasions and different athletes.

好的。我先回答第一個問題。我確實說過，我們沒有看到在 good、better、best 之間的降級消費。我不會深入談三者的所有細節，但我認為重要的是要知道，我們在服務不同的使用情境與不同類型的運動員。

And within our portfolio, we have everything from opening price points, a, our DSG brand, which is really tremendously attractive pricing, but high function, high fashion, all the way up to, if you look at technical apparel or on the equipment side, really performance driving equipment cleats, everything.

在我們的產品組合中，從入門價位帶開始，例如我們的 DSG 品牌，價格非常有吸引力，但兼具高機能與高時尚；一路到技術型服飾，或在裝備端，真正能提升表現的裝備、釘鞋等，應有盡有。

So every single one of those categories is doing well, and they all play a role in a balanced portfolio, and they're all being reacted to by different consumer groups, and that's what's driving the comp in each of those segments. I'll turn it to Navdeep to talk about the balance sheet.

因此，這些類別每一個都表現良好；它們在一個均衡的組合中各自扮演角色，也分別受到不同消費族群的青睞，而這正是推動各區隔同店表現的原因。我把資產負債表的問題交給 Navdeep。

Yes. Paul, this is build on your question on the balance sheet itself. We continue to have a very strong balance sheet. As you saw in Q1, we bought $140 million our shares already in Q1 and still finish the quarter with $1 billion of cash on the balance sheet. So we have plenty of flexibility.

好的。Paul，我接著回答你關於資產負債表的問題。我們仍然擁有非常強健的資產負債表。如你在第一季看到的，我們在 Q1 已回購了 1.4 億美元的股票，但季末資產負債表上仍有 10 億美元現金。所以我們有很大的彈性。

And from a share repurchase perspective, I would say we'll continue to be opportunistic and that's the approach that we have taken and we'll continue to take that approach into the balance of this year.

至於股票回購，我會說我們會持續把握機會、採取機動策略；這一直是我們採取的做法，也會在今年剩餘期間延續這個做法。

Just one quick follow-up. The private label business, you mentioned brand you talk about how private label generally performed versus the rest of the chain?

再快速追問一個。自有品牌（private label）業務方面，你提到品牌；你能談談自有品牌相較於整體連鎖的表現大致如何嗎？

Yes. We're thrilled with our vertical brand business. We're thrilled with the DSG brand, the CALIA brand, the first brand. (inaudible) doing amazingly well. The brands are doing very well versus the rest of the chain and also continuing to expand gross margin.

可以。我們對自營品牌（vertical brand）業務的表現非常振奮。我們對 DSG 品牌、CALIA 品牌、First 品牌也非常振奮。（聽不清）表現非常好。這些品牌相較於整體連鎖表現更佳，並且也持續擴大毛利率。

So a vertical brand, on average, is 700 to 900 basis points higher margin, gross margin than the average DICK'S margin. And that continues, the team is doing a fantastic job continuing to leverage that. So overall, our vertical brands are a key mix. They're also filling white space opportunities in the portfolio, and we're thrilled with how they're doing.

因此，自營品牌平均毛利率比 DICK'S 的平均毛利率高出 700 到 900 個基點。而這個趨勢仍在延續；團隊在持續放大這項優勢方面做得非常出色。總體而言，我們的自營品牌是重要的組合要素。它們也在產品組合中填補了白地機會，我們對其表現非常滿意。

Christopher Horvers with JPMorgan.

摩根大通（JPMorgan）的 Christopher Horvers。

So my first question is, you've been very optimistic about the DICK'S business, but we're also coming off a period where there was plenty of tax stimulus that affected all levels of the consumer income spectrum. So my question is, I was curious if you thought the first quarter benefited from tax stimulus such two, three year trend that you referenced is not sustainable as we look forward outside of just being prudent.

我的第一個問題是，你們一直對 DICK'S 的業務非常樂觀，但我們也剛走過一段有大量稅務刺激（tax stimulus）的時期，這影響了各個收入層級的消費者。所以我想問的是，我很好奇你是否認為第一季受惠於稅務刺激，因此你提到的兩、三年趨勢在往前看時可能無法持續——除了單純保持審慎之外。

Yes. First, I would say we were very happy with the overall performance that we saw across both the banners not just DICK'S and the Foot Locker business as well. If you look at it, the outlook that we have provided continues to kind of indicate that level of confidence around the core strategies, and we are balancing that against the macroeconomic and the geopolitical landscape.

是的。首先，我想說，我們對在兩個品牌旗幟下所看到的整體表現都非常滿意，不僅是 DICK'S，也包括 Foot Locker 的業務。如果你看一下，我們所提供的展望仍然在某種程度上顯示出我們對核心策略的信心，而同時我們也在宏觀經濟與地緣政治環境之間取得平衡。

I don't know if I would call out that we saw any significant benefit from the stimulus checks as they were puts and takes even if you look at it within Q1 with the similar spec and higher gas prices. And even in those economic conditions, we delivered being answered as a really strong results across all the banners.

我不確定是否可以說我們從刺激支票中看到任何顯著的好處，因為即使你看第一季，在類似的情況以及更高的油價下，影響也是有得有失。即便在那樣的經濟條件下，我們仍在所有品牌旗幟下交出了非常強勁的業績。

Understood. And then on the Foot Locker side of the business, a two part question. Can you talk about same-store sales from an AUR and transaction perspective, one would think that it was basically AUR, but you also have all the clearance that you took in the back half and you're going to be remerchandising, and getting better just overall in-stocks in the stores such that transactions could also accelerate.

了解。接著關於 Foot Locker 這邊的業務，我有一個兩部分的問題。你能否從 AUR（平均單價）與交易量的角度談談同店銷售？一般會認為主要是 AUR 帶動，但你們在下半年後段做了很多清倉，接下來也會重新配置商品，並提升門店整體現貨供應，因此交易量也可能加速。

And then on the gross margin side of it, in the Foot Locker gross margin, was there any remnant clearance in there? And presumably, we didn't have any of the buying synergies in there yet.

另外在毛利率方面，Foot Locker 的毛利率裡是否還包含任何殘餘的清倉影響？而且推測目前應該也還沒有反映任何採購協同效益。

Yes. I think on the gross margin piece, there was certainly still some clearance. There's always going to be clearance in a retail business. There's products that you think you're going to sell,don't sell its output all part of the normal aspect of the business.

是的。我認為在毛利率這一塊，確實仍有一些清倉。零售業務永遠都會有清倉。有些產品你以為會賣得動，但沒有賣掉，這些都是業務正常運作的一部分。

So we were very pleased with what we did with Foot Locker from a, we haven't guided right now, and we're not going to report this until it becomes comp in the fourth quarter, the transactions and the traffic piece of this.

因此我們對 Foot Locker 的表現非常滿意；就交易量與客流這一塊，我們目前沒有提供指引，而且要等到第四季成為可比同店（comp）後才會對外揭露。

But we are right on schedule with what we're doing with Foot Locker. We're really excited about it, and we're looking forward to that back-to-school time period, we have that inflection point where we've been, had the ability to buy the product and also lay out the relaunch marketing campaign that we've got with Foot Locker that we're pretty excited about.

但我們在 Foot Locker 的推進進度完全符合計畫。我們對此非常興奮，也很期待返校季那段期間；我們在那裡會迎來一個轉折點，因為我們已經有能力採購到產品，同時也規劃了與 Foot Locker 的重新啟動行銷活動，我們對此相當期待。

And then there's no buying synergies in that gross margin yet?

那麼毛利率裡目前還沒有任何採購協同效益，對嗎？

No.

對。

Cristina Fernandez with Telsey Advisory Group.

Telsey Advisory Group 的 Cristina Fernandez。

I have two questions on Foot Locker. Ed, you mentioned earlier that you were planning on doing more than 250 stores on the fast conversions after back-to-school. How many can you think you can do for the year with the double-digit comps?

我有兩個關於 Foot Locker 的問題。Ed，你先前提到返校季之後，快速轉換（fast conversions）的門店計畫會做超過 250 家。在同店成長達到兩位數的情況下，你認為今年全年大概能做多少家？

Would you look to accelerate that? And the second question is on the changes on the merchandising plan for back-to-school in the half on the back half.

你們會考慮加速嗎？第二個問題是關於返校季在下半年後段的商品企劃變更。

Can you talk about what categories will be, the changes will be more pronounced for the consumer, whether it's like basketball, cash flow running or any more details you can share?

你能談談哪些品類的變化會讓消費者感受更明顯嗎？例如籃球、跑步（偏現金流/主力款）之類，或你能分享的任何更多細節？

Sure. So the Fast Break stores will have 250 of them for back-to-school. We will continue that program through holiday. We'll have some, we'll have more done for holiday. We're not going to guide to those right now.

當然。Fast Break 門店在返校季會有 250 家。我們會把這個計畫延續到假期季。假期季前我們還會完成更多家。目前我們不會對此提供指引。

We're trying to decide how much we want to disrupt the holiday business with this, but there will be more of those that will be done at the end of the third quarter and the beginning of the fourth quarter. So we will continue with this. We're very pleased with how the Fast Break stores are doing.

我們正在評估希望在多大程度上用這個計畫去干擾假期季的業務，但在第三季末與第四季初會再完成更多家。所以我們會持續推進。我們對 Fast Break 門店的表現非常滿意。

As it relates to the merchandising plans for the back-to-school season, the categories that we're focusing on, you'll see a better assortment of women's product. You'll see a better assortment of what's going on from a basketball standpoint and not only performance run, but also the retrorun category will be, will we'll see better product and more storytelling around that.

至於返校季的商品企劃，我們聚焦的品類方面，你會看到女款商品的組合更好。你會看到籃球相關的商品組合更好；不僅是專業跑步（performance run），復古跑鞋（retrorun）品類也會有更好的產品，並且我們會圍繞它做更多故事化呈現。

And then one of the things you'll see is you'll see better apparel product in there and a better apparel assortment around stories associated with tying back to the shoe. So it will be around footwear, apparel and some around some key accessory items that Foot Locker had run out of in the past that we will be in stock in and we think will certainly help us get the business going forward as we look at this inflection point in back-to-school.

另外你會看到更好的服飾產品，以及更好的服飾組合，並以與鞋款連結的故事主題來呈現。因此會圍繞鞋類、服飾，以及一些關鍵配件品項；過去 Foot Locker 曾經缺貨的配件，我們會補足現貨，我們認為這將確實有助於在返校季這個轉折點之後推動業務向前。

Joseph Civello with Truist Securities.

Truist Securities 的 Joseph Civello。

I was wondering, is there anything you could fuss out in your data that suggest that you might be getting incremental comp lift from the usage of GLP-1s, anything like the categories or the sizing or something like that?

我想請問，你們是否能從數據中看出任何跡象，顯示使用 GLP-1 類藥物可能帶來額外的同店成長提升？例如在某些品類、尺碼等方面？

Yes, we don't have specific data on that, but for the long time now, we've been seeing people leaning in. This goes back many years post-COVID leaning into a healthier active lifestyle, outdoor-living team sports, golf. So in general, our consumer is doing really well and leading into this, but we don't have any specific correlation to GLP-1s.

是的，我們沒有針對那點的具體數據；但長期以來，我們一直看到人們更投入其中。這可以追溯到 COVID 之後的多年，大家更傾向於更健康、積極的生活方式：戶外生活、團隊運動、高爾夫。所以整體而言，我們的消費者狀況很好，也更投入這些活動，但我們沒有任何與 GLP-1 的具體相關性。

Got it. And then maybe just one follow-up. Can you give any color on the promotional environment, maybe like how it impacts both the DICK'S and the Foot Locker side of the business?

了解。那再追問一個問題。你能否談談促銷環境的情況，例如它如何影響 DICK'S 與 Foot Locker 兩邊的業務？

Yes. In Q1, we didn't, that wasn't a major factor. And we always on both the Dick's and the Foot Locker side, we'll manage through any promotional environment we do what's best for the consumer and best for our business, and we're very surgical about it.

可以。在第一季，這不是主要因素。而且無論是 Dick's 還是 Foot Locker，我們都會在任何促銷環境下進行管理，做對消費者最好、也對我們業務最好的事，而且我們在操作上非常精準。

We've got advanced pricing capabilities where we can really be curated in how we lean into a promotional environment. But nothing on the horizon network are (inaudible).

我們具備先進的定價能力，能夠以更精細的方式來決定在促銷環境中如何切入。但目前看起來沒有什麼即將發生的情況，網路上也都(聽不清)。

We have reached the end of the Q&A session. I will now turn the call back to Lauren Hobart, President and CEO, for closing remarks.

問答環節到此結束。接下來我將把電話交回給總裁兼執行長 Lauren Hobart 作結語。

Thank you, everybody, for your interest in DICK'S and thank you to our 100,000 teammates and associates around the country and around the world. We have the best team in sports, and we're very grateful for everything you do. Thank you all.

謝謝各位對 DICK'S 的關注，也感謝我們在全國以及全球各地的 100,000 位隊友與同仁。我們擁有體育零售業最棒的團隊，我們非常感謝你們所做的一切。謝謝大家。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。