DICK'S Sporting Goods, Inc. (DKS) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the DICK'S Sporting Goods, Incorporated second-quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 DICK'S Sporting Goods, Incorporated 2026 會計年度第二季財報電話會議。(接線員指示)

I will now hand the conference over to Nate Gilch, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係副總裁 Nate Gilch。請開始。

Good morning, everyone, and thank you for joining us to discuss our second-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. 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，感謝各位加入我們，一同討論 2026 會計年度第二季業績。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。今日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. 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.

提醒各位，我們將發表前瞻性陳述，該等陳述受各種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。任何此類陳述均應結合我們的財報新聞稿中的警示性陳述，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陳述。

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.

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，以查閱今日電話會議所提及之非 GAAP 財務衡量指標的調節表。

I also want to note a couple of admin items. 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. And finally, for future scheduling purposes, we are tentatively planning to publish our third-quarter 2026 earnings results on November 24, 2026.

我也想補充幾項行政事項。首先，快速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 將納入我們的季度同店計算，屆時將是其併購後營運滿第 14 個完整月份的起點。最後，為便於未來行程安排，我們暫定於 2026 年 11 月 24 日公布 2026 會計年度第三季財報結果。

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

接下來，我把電話交給 Ed。

Thanks, Nate. Good morning, everyone. From a sales perspective, the second quarter was strong, particularly for the DICK'S business, which delivered nearly a 5% comp sales gain. We continue to gain market share and saw many areas of strength across our portfolio. We're also encouraged by the response of our World Cup investments, which we believe positions us to benefit from increasing soccer participation over the long term.

謝謝你，Nate。各位早安。從銷售角度來看，第二季表現強勁，尤其是 DICK'S 業務，同店銷售成長接近 5%。我們持續提升市占率，並在我們的產品組合中看到許多強勁表現的領域。我們也對世界盃相關投資所獲得的回應感到鼓舞；我們相信這使我們能在長期受惠於足球參與度的提升。

While the DICK'S business delivered the sales and profitability we expected, as the quarter progressed, it became clear that inventory levels were building up across parts of the industry, leading to a much more promotional environment. This pressured our overall company earnings.

雖然 DICK'S 業務達成了我們預期的銷售與獲利表現，但隨著季度推進，我們清楚看到產業部分領域的庫存水位正在累積，導致促銷環境顯著升溫。這對我們整體公司的獲利造成壓力。

Consumer preferences are evolving with athletes increasingly responding to newness, innovation, and a broader set of brands. As demand continued to shift during the quarter, inventory built up in parts of the industry particularly within certain legacy footwear silhouettes and apparel franchises that simply aren't resonating the way they once did. The inventory built up across the industry supply chains and across the retail marketplace, which led to an increasingly aggressive promotional environment.

消費者偏好正在演變，運動消費者對新品、創新以及更廣泛的品牌組合反應日益熱烈。隨著本季需求持續轉移，產業部分領域的庫存開始累積，特別是在某些傳統鞋款輪廓與服飾系列上，這些產品已不再像過去那樣引起共鳴。庫存在整個產業供應鏈以及零售市場中累積，進而導致促銷環境愈發激進。

In response to these changes in the market, we felt it was important to remain competitively priced to protect our leadership position. We have always managed our business for the long term. We believe protecting our leadership position will create long-term value, and we view the pricing investments we're making today as an investment in the future strength of our business. These challenges affected both DICK'S and Foot Locker, but to different degrees. At DICK'S, our diversified business model, broad category mix and balanced brand portfolio helped us navigate much of this pressure.

為因應市場的這些變化，我們認為維持具競爭力的定價以保護我們的領導地位非常重要。我們一向以長期角度經營業務。我們相信，維護領導地位將創造長期價值，而我們今天所做的定價投資，是對未來業務實力的投資。這些挑戰同時影響 DICK'S 與 Foot Locker，但程度不同。在 DICK'S，我們多元化的商業模式、廣泛的品類組合與均衡的品牌組合，幫助我們化解了相當一部分壓力。

Many areas of the DICK'S business, such as Team Sports and license were particularly strong. New emerging apparel brands generated strong ethylene engagements and footwear categories such as running fleets in the outdoor category remained healthy. While the promotional environment created pressures on margins, we continue to gain share and deliver strong sales growth. As you would expect, given its greater exposure to many of the legacy footwear silhouettes, the impact was more significant at Foot Locker. In addition, Foot Locker is more dependent on launch and retro product.

DICK'S 業務的許多領域表現亮眼，例如團隊運動（Team Sports）與授權（license）尤其強勁。新興服飾品牌帶來強勁的「ethylene」互動表現，而戶外品類中的跑步鞋類等品類仍維持健康。雖然促銷環境對毛利率造成壓力，我們仍持續提升市占並交出強勁的銷售成長。如各位所預期，鑑於 Foot Locker 對許多傳統鞋款輪廓的曝險更高，其受影響程度更為顯著。此外，Foot Locker 對新品發售（launch）與復刻（retro）產品的依賴度更高。

Not only were there fewer launches in the second quarter, but launches we did see performed below industry and our expectations. This had a meaningful impact on the results across the Foot Locker business. We're taking action to shift the mix toward in-demand brands. And while we expect the launch calendar to be more favorable in the back half of the year, the quality of those launches will be critical. We expect the broader promotional environment, particularly around legacy silhouettes to remain challenging at least through the fourth quarter.

第二季不僅新品發售數量較少，我們所看到的發售表現也低於產業與我們的預期。這對 Foot Locker 業務整體結果造成了顯著影響。我們正採取行動，將商品組合轉向更受需求帶動的品牌。雖然我們預期下半年新品發售行事曆將更有利，但這些發售的品質將至關重要。我們預期整體促銷環境，特別是圍繞傳統鞋款輪廓的促銷，至少將持續具挑戰性直到第四季。

In addition, the Foot Locker business in EMEA has been more challenging than expected. While our turnaround efforts are underway, we always anticipated EMEA to have a longer path to recovery than North America. The promotional environment remains very aggressive in EMEA. The industry is carrying too much inventory and the consumer has been even more cautious than expected due to the geopolitical environment. The combination of the softness in EMEA and these marketplace dynamics has delayed the pace of improvement that we expected to see in the Foot Locker business.

此外，Foot Locker 在歐洲、中東與非洲（EMEA）地區的業務挑戰高於預期。雖然我們的轉型措施已在推進中，但我們一向預期 EMEA 的復甦路徑會比北美更長。EMEA 的促銷環境仍然非常激進。產業庫存過高，而在地緣政治環境影響下，消費者也比預期更為謹慎。EMEA 的疲弱與這些市場動態相互疊加，延後了我們原本預期在 Foot Locker 業務中看到的改善速度。

Across the company overall, macroeconomic and geopolitical concerns also weighed on profitability during the quarter and impact of fuel, supply chain, health care and other costs. Along with the marketplace pressures we've discussed, this led us to revise expectations for the balance of the year. Navdeep will provide more detail on our updated 2026 outlook in his remarks.

就公司整體而言，宏觀經濟與地緣政治疑慮也在本季對獲利造成壓力，並影響燃料、供應鏈、醫療保健及其他成本。再加上我們所討論的市場壓力，使我們修正了今年剩餘期間的預期。Navdeep 將在他的發言中，提供我們更新後的 2026 年展望之更多細節。

But let me be clear, we believe the DICK's business remains strong and none of this changes our confidence in the long-term opportunity at Foot Locker. We're still early in the Foot Locker turnaround. We continue to invest to strengthen the business for the long term. That includes investing in the Foot Locker brand through its first major brand campaign in more than a decade, which is being incredibly well received as well as investing in our stripers who remain central to the consumer experience and a key differentiator for the brand. We're also continuing to make progress with Fast Break. We surpassed our back-to-school goal of approximately 250 Fast Break stores globally, and we'll continue to expand to more locations ahead of the holiday season. We remain very confident in the opportunity with Fast Break.

但我要說清楚，我們相信 DICK'S 業務依然強勁，而這些情況也不會改變我們對 Foot Locker 長期機會的信心。我們仍處於 Foot Locker 轉型的早期階段。我們持續投入資源，以在長期強化該業務。這包括透過十多年來首次大型品牌行銷活動投資 Foot Locker 品牌，市場反應極佳；同時也投資於我們的店員（stripers），他們仍是消費者體驗的核心，也是品牌的重要差異化因素。我們也持續推進 Fast Break 計畫。我們已在全球超越開學季目標，達成約 250 家 Fast Break 門市，並將在假期旺季前持續擴展至更多據點。我們對 Fast Break 的機會仍然非常有信心。

Our brand partners continue to be highly supportive of both the DICK'S and Foot Locker businesses, and we believe they see us as the most important player in the global athletic ecosystem. The connection between sport and culture has never been stronger. We see it every day across our business, from House of Sport to more Little League games being streamed on GameChanger to moments like the World Cup bringing millions together. No one is better positioned to capitalize on these opportunities that our combination of DICK'S, Foot Locker and GameChanger. While at the present time the marketplace has become more challenging, our leadership remains clear.

我們的品牌合作夥伴持續高度支持 DICK'S 與 Foot Locker 兩大業務，我們相信他們視我們為全球運動生態系中最重要的參與者。運動與文化之間的連結從未如此緊密。我們每天都能在業務中看到這點，從 House of Sport，到更多小聯盟（Little League）比賽透過 GameChanger 進行串流，再到世界盃這樣凝聚數百萬人的時刻。沒有任何人比我們結合 DICK'S、Foot Locker 與 GameChanger 的組合更能把握這些機會。雖然目前市場環境變得更具挑戰性，但我們的領導地位依然明確。

We will continue to invest in the growth opportunities we believe will drive long-term value, including House of Sport, Field House, GameChanger and the turnaround of Foot Locker. We are also making deliberate investments in price to protect and grow our leadership position. We have navigated environments like this before, and we remain confident in our strategy our competitive position and long-term opportunities ahead for both DICK'S, Foot Locker and GameChanger. Before I turn it over to Lauren, I'd like to thank our more than 100,000 teammates across the globe for their commitment and their execution every day.

我們將持續投資於我們相信能夠驅動長期價值的成長機會，包括 House of Sport、Field House、GameChanger，以及 Foot Locker 的轉型。我們也正有意識地在價格上進行投資，以保護並擴大我們的領導地位。我們以前也曾在類似的環境中前行，我們仍對我們的策略、競爭地位，以及 DICK'S、Foot Locker 與 GameChanger 未來的長期機會充滿信心。在交給 Lauren 之前，我想感謝我們全球超過 100,000 位隊友每天的投入與執行。

With that, I'll turn it over to Lauren to share more on DICK'S.

接下來，我把時間交給 Lauren，分享更多關於 DICK'S 的內容。

Thank you, Ed, and good morning, everyone. As Ed mentioned, the breadth and diversity of DICK'S business allowed us to deliver another strong quarter. Once again, we demonstrated the power of our strategy and execution. Our team continues its commitment to bring our four strategic pillars to life, a compelling omnichannel athlete experience, a differentiated on-trend product assortment, deep engagement with the DICK'S brand, and the strength of our teammates and culture. In Q2, we delivered total sales growth of 5.6% and comp sales growth of 4.9% for the DICK'S business.

謝謝你，Ed，各位早安。如同 Ed 提到的，DICK'S 業務的廣度與多元性讓我們再度交出一個強勁的季度表現。我們再次展現了我們策略與執行力的威力。我們的團隊持續致力於落實四大策略支柱：具吸引力的全通路運動員體驗、差異化且符合潮流的商品組合、與 DICK'S 品牌的深度互動，以及隊友與文化的力量。在第二季，我們 DICK'S 業務的總銷售成長 5.6%，同店銷售成長 4.9%。

Importantly, our growth outpaced the broader industry by nearly 200 basis points, reinforcing our ability to strengthen our leadership position and gain market share. Our comps were driven by growth in average ticket and transactions, and we saw broad-based growth across footwear, apparel and hardlines. The DICK'S business also delivered gross margin expansion during the quarter. Growth businesses like DICK's Media Network and GameChanger continue to generate strong returns and further diversify our earnings stream. Together, the contributions from these businesses plus tariff refunds recognized during the quarter helped offset the promotional pressure we saw across parts of the athletic footwear and apparel marketplace.

重要的是，我們的成長速度比整體產業快了將近 200 個基點，進一步強化我們鞏固領導地位並提升市占率的能力。同店成長主要由平均客單價與交易筆數的成長所帶動，且我們在鞋類、服飾與硬線商品均見到廣泛的成長。DICK'S 業務在本季也實現毛利率擴張。像 DICK's Media Network 與 GameChanger 等成長型業務持續帶來強勁回報，並進一步多元化我們的獲利來源。這些業務的貢獻，加上本季認列的關稅退稅，協助抵銷我們在運動鞋與運動服飾市場部分領域所看到的促銷壓力。

As Ed discussed, we made the deliberate decision to invest in price to protect and grow our leadership position. The World Cup was another great example of how we're leading sports retail in the US. We invested significantly in marketing around the event, primarily through our adidas partnership and our team delivered outstanding results. I'm incredibly proud of how our teammates brought our vision to life for athletes across the country. We believe the World Cup will be a catalyst for long-term growth in soccer participation, fan engagement and consumer demand across the US.

如同 Ed 所討論的，我們做出有意識的決定，在價格上進行投資，以保護並擴大我們的領導地位。世界盃是另一個很好的例子，展現我們如何在美國引領運動零售。我們圍繞該賽事大幅加碼行銷投資，主要透過我們與 adidas 的合作，而我們的團隊也交出卓越成果。我為我們的隊友如何將願景落實、服務全國各地的運動員感到無比自豪。我們相信世界盃將成為推動美國足球參與度、球迷互動與消費需求長期成長的催化劑。

We believe that we're extremely well positioned to benefit from that growth through our strong brand partnerships, national footprint, connections with athletes and families and leadership position in youth sports. That same commitment to driving long-term growth is reflected in our continued expansion of House of Sport and Field House, which both continue to perform extremely well. During Q2, we opened 5 House of Sport locations and 8 Field House locations. For the year, we expect to open approximately 14 total House of Sport locations and 20 total Field House locations. Within House of Sport, compelling new experiences, including Collectors Clubhouse and our (inaudible) partnership are driving athlete engagement and fueling sales growth.

我們相信，憑藉強大的品牌合作夥伴關係、全國據點布局、與運動員及家庭的連結，以及在青少年運動領域的領導地位，我們具備極佳的條件從這波成長中受益。同樣推動長期成長的承諾，也反映在我們持續擴張 House of Sport 與 Field House 上，兩者目前都持續表現非常出色。在第二季，我們新開了 5 間 House of Sport 與 8 間 Field House。全年而言，我們預期將新開約 14 間 House of Sport 與 20 間 Field House。在 House of Sport 內，具吸引力的新體驗（包括 Collectors Clubhouse 以及我們的（聽不清）合作）正在帶動運動員互動並推升銷售成長。

These stores are giving us access to some of the best real estate in the country, including Cerritos, Tysons Corner and Palm Beach Gardens, and we believe they represent the future of sports retail. These concepts are not only creating differentiated experiences that are also helping us deliver the most relevant products and brands to athletes. More broadly, our athletes continue to respond to innovation, differentiated product and emerging trends across the marketplace. The House of Sport and Field House experience allows us to bring those trends to life in a differentiated way. These concepts have strengthened our partnerships with established industry leaders and with newer brands, enabling us to deliver a unique assortment that sets DICK'S apart in the marketplace, and we believe represents a meaningful competitive advantage.

這些門市讓我們得以進駐全美一些最優質的不動產地段，包括 Cerritos、Tysons Corner 與 Palm Beach Gardens；我們相信它們代表運動零售的未來。這些概念不僅創造差異化體驗，也協助我們向運動員提供最相關的產品與品牌。更廣泛而言，我們的運動員客群持續對市場上的創新、差異化產品與新興趨勢做出正向回應。House of Sport 與 Field House 的體驗讓我們能以更具差異化的方式將這些趨勢具體呈現。這些概念強化了我們與既有產業領導者及新興品牌的合作，使我們能提供獨特的商品組合，讓 DICK'S 在市場中脫穎而出；我們相信這代表一項重要的競爭優勢。

Our ability to identify and respond to trends is supported by another important competitive advantage, our relationship with athletes. Our ScoreCard loyalty program is one of the most powerful assets in the DICK'S business connecting us with approximately 30 million active athletes. It gives us the ability to better understand our athletes, engage with them more personally and deliver more relevant products, services and experiences. During the quarter, we relaunched ScoreCard to provide greater value, increased flexibility and more meaningful member benefits. As part of that relaunch, we introduced ScoreCards a paid tier designed for our most engaged athletes who will pay $99 per year for membership and enhance loyalty offerings.

我們辨識並回應趨勢的能力，還受到另一項重要競爭優勢的支持：我們與運動員之間的關係。我們的 ScoreCard 忠誠度計畫是 DICK'S 業務中最強大的資產之一，讓我們與約 3,000 萬名活躍運動員建立連結。它讓我們能更深入了解運動員、以更個人化的方式與他們互動，並提供更相關的產品、服務與體驗。本季我們重新推出 ScoreCard，以提供更高價值、更大彈性與更具意義的會員福利。作為此次改版的一部分，我們推出 ScoreCards 付費等級，專為最投入的運動員設計，會員年費為 99 美元，並強化忠誠度方案內容。

Over time, we believe these enhancements will increase engagement drive higher purchase frequency, strength and loyalty and further reinforce our competitive position. We're also continuing to leverage technology to build on this understanding of our athletes and improve their digital and in-store experiences. Earlier, I mentioned that GameChanger has become an increasingly important asset for us, contributing strong financial performance and providing meaningful data and athlete engagement. GameChanger continues to deliver exceptional results. And with it, we have one of the most comprehensive usesports ecosystems in the country.

隨著時間推進，我們相信這些強化將提升互動、帶動更高的購買頻率、增強黏著度與忠誠度，並進一步鞏固我們的競爭地位。我們也持續運用科技，在對運動員的理解基礎上，改善其數位與門市體驗。先前我提到，GameChanger 已成為我們愈來愈重要的資產，帶來強勁的財務表現，並提供有意義的數據與運動員互動。GameChanger 持續交出卓越成果。透過它，我們擁有全美最完整的青少年運動生態系之一。

This gives us a powerful advantage as we continue to deepen our connection with athletes, families, coaches and teams. It also helps drive our broader business, including our DICK'S Media network, by allowing us to better understand and serve the youth sports community. As Ed discussed, while we drove positive footwear and apparel comps in Q2, parts of the industry became more challenging as the quarter progressed and we've adjusted our expectations to include our assumption about these ongoing dynamics for the balance of the year. That said, nothing we've seen changes our strategy or our confidence in the DICK'S business and our sales expectations remain unchanged. We are encouraged by the strength of the DICK's business, the momentum we're seeing across many areas of our company and the opportunities ahead.

這讓我們在持續深化與運動員、家庭、教練與球隊的連結方面具備強大優勢。它也透過讓我們更了解並服務青少年運動社群，進一步帶動我們更廣泛的業務，包括 DICK'S Media network。如同 Ed 所討論的，雖然我們在第二季帶動鞋類與服飾的同店成長轉正，但隨著季度推進，產業的部分領域變得更具挑戰；我們已調整預期，並將對這些持續動態的假設納入今年剩餘期間的展望。即便如此，我們所看到的情況並未改變我們的策略或我們對 DICK'S 業務的信心，我們的銷售預期仍維持不變。我們對 DICK'S 業務的韌性、公司多個領域所展現的動能，以及未來的機會感到振奮。

We've been through marketplace transitions before, and each time, we've strengthened our competitive position. We believe our differentiated athlete experiences, strong brand partnerships disciplined execution and long-term investments will allow us to do that again.

我們過去也曾經歷市場轉換，而每一次我們都強化了競爭地位。我們相信，差異化的運動員體驗、強大的品牌合作夥伴關係、嚴謹的執行力與長期投資，將使我們再次做到這一點。

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

接下來，我把時間交給 Navdeep，分享我們財務結果與 2026 年展望的更多細節。Navdeep，交給你。

Thank you, Lauren, and good morning, everyone. Let's begin with a review of our second quarter results. Consolidated net sales increased 53.2% to $5.59 billion driven by a $1.74 billion contribution from the Foot Locker business and a 4.9% comp increase for the DICK'S business. The DICK'S business comp reflects a 3.6% increase in average ticket and a 1.3% increase in transactions with the broad-based growth across footwear, apparel and hardlines including strong results from the World Cup. On a 2-year and a 3-year basis, comps for DICK'S business increased 9.9% and 14.4%, respectively.

謝謝你，Lauren，各位早安。我們先從回顧第二季業績開始。合併淨銷售額成長 53.2% 至 55.9 億美元，主要由 Foot Locker 業務貢獻 17.4 億美元，以及 DICK'S 業務同店成長 4.9% 所帶動。DICK'S 業務同店表現反映平均客單價成長 3.6%、交易筆數成長 1.3%，並在鞋類、服飾與硬線商品呈現廣泛成長，其中包括世界盃帶來的強勁成果。以 2 年與 3 年為基礎計算，DICK'S 業務同店分別成長 9.9% 與 14.4%。

Pro forma comps for Foot Locker business declined 3.6% for the quarter, reflecting declines in both North America and the international business. Results were impacted by challenging conditions in athletic footwear marketplace as well as fewer launches and weaker consumer response to key launches during the quarter. From a margin perspective, consolidated non-GAAP gross profit was $1.9 billion or 34.06% of net sales, down 300 basis points from last year. The year-over-year decline was driven by the mix impact from the Foot Locker business. Within the DICK'S business, gross margin expanded 79 basis points versus last year.

Foot Locker 業務的備考同店銷售（pro forma comps）本季下滑 3.6%，反映北美與國際業務皆出現下滑。本季業績受到運動鞋市場環境艱困影響，亦因新品發表次數較少，以及消費者對關鍵新品上市的反應較弱。從毛利率角度來看，合併非 GAAP 毛利為 19 億美元，約占淨銷售額的 34.06%，較去年下降 300 個基點。年對年下滑主要由 Foot Locker 業務的組合（mix）影響所致。在 DICK'S 業務方面，毛利率較去年擴張 79 個基點。

The improvement was driven by strong growth in DICK'S Media Network and GameChanger as well as the benefit from tariff refunds recognized during the quarter. These benefits helped offset increased investment in pricing due to promotional marketplace, particularly in athletic footwear and apparel, product mix and higher fuel and supply chain costs. During the second quarter, we received approximately $59 million of tariff refunds, including $57 million related to DICK'S business and $2 million related to the Foot Locker business. Of the total amount, a benefit of approximately $21 million was included in our non-GAAP results for Q2 and $38 million was excluded as onetime benefit as it related to the tariff expense recognized in the prior year. The $21 million included in our non-GAAP results consisted of a $19 million benefit to the DICK'S business merchandise margin and a $2 million benefit to the Foot Locker business merchandise margin.

改善主要由 DICK'S Media Network 與 GameChanger 的強勁成長所帶動，並受惠於本季認列的關稅退稅。上述效益有助於抵銷因促銷型市場環境而增加的定價投資（尤其在運動鞋與服飾）、產品組合變化，以及較高的燃料與供應鏈成本。第二季期間，我們收到約 5,900 萬美元的關稅退稅，其中 5,700 萬美元與 DICK'S 業務相關，200 萬美元與 Foot Locker 業務相關。在總額中，約 2,100 萬美元的效益納入我們第二季的非 GAAP 結果，另有 3,800 萬美元因屬一次性效益（與前一年度已認列的關稅費用相關）而予以排除。納入非 GAAP 結果的 2,100 萬美元，包括對 DICK'S 業務商品毛利率的 1,900 萬美元效益，以及對 Foot Locker 業務商品毛利率的 200 萬美元效益。

We have reinvested these benefits into the business to remain competitively priced and help offset ongoing fuel, supply chain and other inflationary cost pressures. Turning to expenses. On a non-GAAP basis, consolidated SG&A expenses increased 65% or $562 million to $1.43 billion and deleveraged 183 basis points compared to last year's non-GAAP results. Approximately $477 million of the SG&A increase was attributable to the addition of the Foot Locker business. As expected, for the DICK'S business, SG&A deleveraged 96 basis points driven by our strong investments in World Cup marketing as well as continued investments in our digital and in-store experiences.

我們已將這些效益再投資於業務，以維持具競爭力的定價，並協助抵銷持續的燃料、供應鏈及其他通膨成本壓力。接著談費用。以非 GAAP 基礎計，合併 SG&A（銷售、一般及行政）費用增加 65%，或增加 5.62 億美元至 14.3 億美元，且相較去年非 GAAP 結果槓桿惡化（deleverage）183 個基點。SG&A 增加中約 4.77 億美元可歸因於併入 Foot Locker 業務。如預期，在 DICK'S 業務方面，SG&A 槓桿惡化 96 個基點，主要由我們對世界盃行銷的強力投入，以及持續投資於數位與門市體驗所致。

In addition, we are experiencing higher teammate health care costs. As expected, due to the timing of our new store openings, preopening expenses were $23.5 million, an increase of $11.2 million compared to the prior year. As Lauren mentioned, this supported the opening of 5 new House of Sport and 8 Field House locations in Q2. Consolidated non-GAAP operating income was $453.3 million or 8.11% of net sales compared to $475 million or 13.02% of net sales last year. This includes operating income of $485.2 million or 12.6% of net sales for DICK's business and an operating loss of $31.9 million for the Foot Locker business.

此外，我們也正面臨較高的員工醫療保健成本。如預期，由於新店開幕時點的影響，開店前費用為 2,350 萬美元，較去年增加 1,120 萬美元。如 Lauren 所提及，這支持了第二季開出 5 間新的 House of Sport 與 8 個 Field House 據點。合併非 GAAP 營業利益為 4.533 億美元，約占淨銷售額的 8.11%，相較去年為 4.75 億美元、占淨銷售額 13.02%。其中包括 DICK'S 業務的營業利益 4.852 億美元（占淨銷售額 12.6%），以及 Foot Locker 業務的營業損失 3,190 萬美元。

The Foot Locker results reflect both the challenging promotional environment we have discussed earlier and our decision to continue investing in the business, including brand marketing initiatives designed to support the long-term turnaround. Moving down the P&L. Consolidated non-GAAP income tax expense was $124.3 million or a rate of 28.1%. Our effective tax rate for the quarter was shaped by the mix of our earnings in foreign jurisdictions. In total, we delivered consolidated non-GAAP earnings per diluted share of $3.53 for the quarter, which includes the dilutive impact of the 9.6 million shares issued in connection with the Foot Locker acquisition.

Foot Locker 的結果同時反映我們先前討論過的艱困促銷環境，以及我們決定持續投資該業務（包括旨在支持長期扭轉的品牌行銷計畫）。接著往下看損益表。合併非 GAAP 所得稅費用為 1.243 億美元，稅率為 28.1%。本季有效稅率受我們在海外司法管轄區的獲利組合影響。整體而言，我們本季合併非 GAAP 稀釋後每股盈餘為 3.53 美元，其中包含因 Foot Locker 收購案而發行 960 萬股所造成的稀釋影響。

This compares to non-GAAP earnings per diluted share of $4.38 last year. On a GAAP basis, our earnings per diluted share were $3.50. This includes approximately $40 million of pretax income related to the tariff refunds and approximately $29 million of pretax Foot Locker acquisition-related costs. It also includes approximately $15 million of costs associated with redesigning the store labor model for the DICK'S business. For additional details, you can refer to the non-GAAP reconciliation tables of our press release that we issued this morning.

相較之下，去年非 GAAP 稀釋後每股盈餘為 4.38 美元。以 GAAP 基礎計，我們的稀釋後每股盈餘為 3.50 美元。其中包含約 4,000 萬美元與關稅退稅相關的稅前收益，以及約 2,900 萬美元與 Foot Locker 收購相關的稅前成本。亦包含約 1,500 萬美元與 DICK'S 業務門市人力模式重新設計相關的成本。如需更多細節，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 $914 million of cash and cash equivalents and no borrowings on our $2 billion unsecured credit facility. Inventory was $5.57 billion, reflecting the addition of the Foot Locker business. Inventory for the DICK'S business was up 6%, in line with our total sales growth. Turning to capital allocation for the quarter.

接著看資產負債表。本季末我們持有約 9.14 億美元的現金及約當現金，且在 20 億美元的無擔保循環信用額度下無任何借款。存貨為 55.7 億美元，反映併入 Foot Locker 業務。DICK'S 業務的存貨年增 6%，與我們整體銷售成長一致。接著談本季的資本配置。

Net capital expenditures were $325 million, and we paid $111 million in dividends. Before I move to outlook, I would like to provide a brief update on the expectations surrounding the Foot Locker acquisition. First, as part of our clean out of the garage actions and broader merger and integration work, we expect total pretax charges of up to $750 million. To date, we have recognized $516 million of these charges. The remaining pretax charges will be incurred through 2026 and over the medium term as we complete this work.

淨資本支出為 3.25 億美元，並支付 1.11 億美元股利。在我談展望之前，我想就 Foot Locker 收購案相關的預期提供簡要更新。首先，作為我們「清理車庫（clean out of the garage）」行動以及更廣泛的合併與整合作業的一部分，我們預期稅前總費用最高可達 7.5 億美元。截至目前，我們已認列其中 5.16 億美元。其餘稅前費用將於 2026 年及中期內隨著我們完成相關工作而發生。

We continue to expect approximately $200 million of acquisition-related charges in 2026, which have been excluded from today's non-GAAP EPS outlook. Second, we remain confident in achieving our 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 and are reflected in our outlook.

我們仍預期 2026 年約有 2 億美元的收購相關費用，且已自今日的非 GAAP EPS 展望中排除。其次，我們仍有信心在中期內達成先前公布的 1 億至 1.25 億美元成本綜效，主要來自採購與直接採購（direct sourcing）效率提升。部分綜效效益預期將於 2026 年實現，並已反映於我們的展望中。

Now, moving to our outlook for 2026. I'll start with DICK'S business. While second quarter results met our expectations, and we believe that underlying trends remain healthy, we are taking a more cautious view of the second half of this year given the marketplace conditions we saw in Q2. While we continue to expect full-year comp sales growth in the range of 2.5% to 4%, we now expect operating margins in the range of 10.6% to 10.9% compared to our prior expectation of 11% to 11.4%. For full year, we now expect gross margin to decline slightly. This reflects our expectation for a more promotional marketplace through the balance of the year as well as higher expected fuel prices and supply chain expenses. In terms of cadence, we expect gross margin pressure to be most pronounced in Q3.

現在，進入我們對 2026 年的展望。我先從 DICK'S 業務開始。雖然第二季結果符合我們預期，且我們認為基本趨勢仍然健康，但鑑於我們在第二季所見的市場狀況，我們對今年下半年採取更為審慎的看法。雖然我們仍預期全年同店銷售成長介於 2.5% 至 4%，但我們目前預期營業利益率介於 10.6% 至 10.9%，低於先前預期的 11% 至 11.4%。就全年而言，我們目前預期毛利率將小幅下滑。這反映我們預期今年剩餘期間市場促銷將更為激烈，以及預期燃料價格與供應鏈費用較高。就節奏而言，我們預期毛利率壓力在第三季最為明顯。

We also expect SG&A expenses to deleverage for the full year, including, at the midpoint, nearly 50 basis points of deleverage in Q3, primarily reflecting the investments and cost pressures we have discussed. Now turning to the Foot Locker business. We are reducing our full year outlook to reflect the same footwear marketplace pressures, which are having a more significant impact on Foot Locker as well as continued challenges in EMEA. We now expect full year pro forma comp sales to be in the range of negative 2% to flat compared to our prior expectation of 1.5% to 3% growth. We now expect an operating loss for the Foot Locker business in the range of $80 million to $40 million compared to our prior expectations of $110 million to $150 million in profit.

我們也預期 SG&A 費用在全年將出現槓桿惡化；以中位數來看，第三季約有接近 50 個基點的槓桿惡化，主要反映我們已討論的投資與成本壓力。接著談 Foot Locker 業務。我們下調全年展望，以反映相同的鞋類市場壓力；該壓力對 Foot Locker 的影響更為顯著，且 EMEA 地區仍面臨持續挑戰。我們目前預期全年備考同店銷售介於年減 2% 至持平，低於先前預期的成長 1.5% 至 3%。我們目前預期 Foot Locker 業務的營業損失介於 8,000 萬至 4,000 萬美元，相較先前預期為 1.1 億至 1.5 億美元的營業利益。

At the consolidated company level, we now expect full year non-GAAP earnings per diluted share in the range of $11 to $12 compared to our prior range of $13.50 to $14.50. Our earnings guidance is based on approximately 90 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 29% for the full year. This is approximately 200 basis points higher than our prior expectations as the current marketplace conditions, particularly in EMEA, are expected to persist through the end of this year. This increase in tax rate unfavorably impacts our non-GAAP EPS guidance by approximately $0.35 for the full year and is included in our updated outlook.

在合併公司層級，我們目前預期全年非 GAAP 稀釋後每股盈餘將落在 11 至 12 美元區間，低於先前的 13.50 至 14.50 美元區間。我們的獲利指引係以約 9,000 萬股平均稀釋後流通股數為基礎，其中包含與收購 Foot Locker 相關所發行 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 29%。這較我們先前預期約高出 200 個基點，因為目前的市場狀況，特別是在 EMEA，預期將持續至今年年底。此稅率上升對我們全年非 GAAP EPS 指引造成約 0.35 美元的不利影響，並已納入我們更新後的展望之中。

Finally, from a capital allocation standpoint, we continue to invest in our business to strengthen our leadership position drive profitable organic growth across the DICK'S business and support the turnaround at Foot Locker. And we continue to expect net capital expenditures of approximately $1.4 billion for the year, split roughly 70-30 between DICK'S and Foot Locker business. For DICK'S business, our investment remained focused on store growth, store relocations, improvements in our existing stores as well as ongoing enhancements to our technology and supply chain capabilities. For the Foot Locker business, our investments are focused on reenergizing our store fleet, including our Fast Break initiative and supporting the long-term turnaround of the business. In closing, our updated outlook reflects the pressures we are seeing today and a more promotional environment we expect through the balance of the year.

最後，就資本配置而言，我們持續投資於業務，以強化我們的領導地位、推動 DICK'S 業務的獲利性有機成長，並支持 Foot Locker 的轉型。我們仍預期今年淨資本支出約為 14 億美元，約以 70/30 的比例分配於 DICK'S 與 Foot Locker 業務。就 DICK'S 業務而言，我們的投資仍聚焦於門市成長、門市搬遷、既有門市改善，以及持續強化我們的科技與供應鏈能力。就 Foot Locker 業務而言，我們的投資聚焦於重新活化門市組合，包括我們的 Fast Break 計畫，並支持該業務的長期轉型。總結而言，我們更新後的展望反映了我們目前所見的壓力，以及我們預期今年剩餘期間將持續的更具促銷性的環境。

While those dynamics are creating a near-term challenges, our confidence in the DICK'S business and the long-term opportunity at Foot Locker remains unchanged. This concludes our prepared remarks. Thank you for your interest in DICK'S Sporting Goods.

雖然這些動態在短期內帶來挑戰，但我們對 DICK'S 業務以及 Foot Locker 的長期機會之信心仍維持不變。以上為我們事先準備的發言。感謝各位對 DICK'S Sporting Goods 的關注。

Operator, you may now open the line for questions.

接線員，您現在可以開放提問。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Simeon Gutman。

I guess the first question simply is what's changed since we were sitting here 90 days ago, and you were raising guidance and speaking very optimistically about both DICK'S and Foot Locker.

我想第一個問題很簡單：相較於 90 天前我們坐在這裡時，你們上調指引並且非常樂觀地談到 DICK'S 與 Foot Locker，現在到底改變了什麼？

Thanks for the call, Simeon, and thanks for being so direct. First of all, we continue to be very excited about our business, and I think everybody should know that. The DICK'S stores comped 4.9%. And we did not take the sales down our sales expectations down on the DICK'S side. We are expecting margin pressure as the market has become much more promotional primarily in the athletic footwear space.

謝謝這通電話，Simeon，也謝謝你這麼直接。首先，我們仍然對我們的業務感到非常振奮，我想大家都應該知道這一點。DICK'S 門市同店銷售成長 4.9%。而且在 DICK'S 這一端，我們並沒有下調銷售預期。我們預期毛利率將承受壓力，因為市場變得更具促銷性，主要是在運動鞋類領域。

But the DICK'S business continues to perform extremely well. A number of brands got very -- what changed is the number of brands got very promotional on their sites, and those promotions spilled into the broader marketplace. And we expect that to unfortunately continue through the balance of the year. But on the DICK'S side, we've got a very broad category portfolio. And DICK'S is not nearly as reliant on the footwear business as Foot Locker is.

但 DICK'S 業務仍持續表現非常出色。一些品牌變得非常——改變之處在於，有更多品牌在其自家網站上大幅促銷，而這些促銷外溢到更廣泛的市場。而且很不幸地，我們預期這種情況將持續到今年剩餘期間。但在 DICK'S 這一端，我們擁有非常廣泛的品類組合。而且 DICK'S 對鞋類業務的依賴程度遠不如 Foot Locker。

We've taken the EPS down just a little bit because of the margin pressure, the macro geopolitical environment, but overall, the DICK'S business has been very good, comps at 4.9% in the quarter, and we did not take -- we did not reduce our expectations from a sales standpoint. We did participate and expect to participate in this promotional environment, and we really believe that that's one of the best investments we can make in this business is to keep that leadership position and not give that market share because this is going to subside at some point, and we'll keep that market share when things start to get better. But we think the promotional environment out there, we need to participate in that, and it's one of the best investments we can make in our business. From a Foot Locker standpoint, we still continue to be really excited about the long-term opportunities for Foot Locker. As several of these brands became more promotional to clear inventory, the margin pressure on and Foot Locker is much greater than DICK'S.

我們只是把 EPS 略微下調，原因在於毛利率壓力、總體與地緣政治環境，但整體而言，DICK'S 業務表現一直很好，本季同店成長 4.9%，而且我們並沒有——我們並未從銷售角度下調預期。我們確實參與、也預期將持續參與這樣的促銷環境；我們真心相信，這是我們在此業務中能做的最佳投資之一：維持領導地位，不把市占讓出去，因為這種情況終究會在某個時間點消退，而當情況開始好轉時，我們將保有這些市占。但我們認為外部的促銷環境，我們需要參與其中，而這也是我們能對業務做出的最佳投資之一。就 Foot Locker 而言，我們仍然對 Foot Locker 的長期機會感到非常振奮。隨著其中一些品牌為了清理庫存而加大促銷，Foot Locker 所承受的毛利率壓力遠大於 DICK'S。

As we all know, footwear is the vast majority of the Foot Locker business. And Foot Locker is much more reliant on those legacy silhouettes that have slowed down. They're much more reliant on launch product. And the launch product in Q2 was -- it was disappointing in the marketplace, not just for us but for the entire marketplace. And the -- another thing from a Foot Locker standpoint that we didn't realize would continue to be as difficult as it is, is EMEA.

眾所周知，鞋類占 Foot Locker 業務的絕大部分。而且 Foot Locker 更依賴那些已經放緩的傳統經典鞋型。他們也更依賴新品發售（launch）產品。而第二季的新品發售產品——在市場上的表現令人失望，不只是對我們，對整個市場都是如此。另外，從 Foot Locker 的角度來看，我們沒有意識到會持續如此艱難的一點是 EMEA。

The impact on EMEA is much greater than what's going on in the US. It's a more competitive market. It's a much more promotional market than the US right now based on fuel costs, the consumer is much more cautious in EMEA. The excess inventory that's out there really contributed to this real margin pressure.

EMEA 的影響程度遠大於美國目前的情況。那是一個競爭更激烈的市場。基於燃料成本等因素，目前它也是一個比美國更具促銷性的市場，且 EMEA 的消費者更為謹慎。市場上的過剩庫存確實加劇了這種毛利率壓力。

You've seen that from some other retailers in Europe that have talked about how promotional the market is and how difficult the consumer is. But overall, from a Foot Locker standpoint, I hope everybody can understand the partnerships that we are building and have built with the brands that we do business with, who are looking for a global partner to partner across the entire globe from a launch standpoint, silhouette standpoint. The partnerships we've been able to develop here are going to pay huge dividends in the future. And it may be a little bit difficult right now, this industry is going through a bit of a transition. But what we did with Foot Locker is absolutely the long-term right decision. Although right now, I'm sure some of you are kind of scratching your head, but we absolutely believe long term was the right thing to do.

你也從一些其他歐洲零售商那裡看到，他們談到市場促銷程度有多高、以及消費者有多難做。但整體而言，就 Foot Locker 來說，我希望大家能理解：我們正在建立、也已經與我們合作的品牌建立起夥伴關係；這些品牌正在尋找一個全球夥伴，能在新品發售、鞋型等面向，於全球範圍內合作。我們在這裡所建立的夥伴關係，未來將帶來巨大的回報。而現在可能會有點困難，這個產業正處於某種轉型期。但我們對 Foot Locker 所做的決策，絕對是長期而言正確的決定。雖然就目前而言，我確定你們當中有些人可能有點摸不著頭緒，但我們絕對相信，從長期來看這是正確的事。

So as a follow-up, Ed, and Lauren and team, if you look at these two categories, footwear and apparel, it sounds like that's where the marketplace challenges are centered. Can you talk about your opinion on footwear, if this is footwear fatigue, the market's been strong, people have multiple sets and they're slowing their consumption? Or is this a supplier or two having to clear out older inventory that's creating a temporary cloud and the same logic question applying to apparel, where there's a lot of athleisure apparel in the market and now the market is needing to clear it? Or is it a supplier or to creating the pressure?

那作為追問，Ed、Lauren 以及團隊，如果你看這兩個品類：鞋類與服飾，聽起來市場挑戰主要集中在這裡。你能談談你對鞋類的看法嗎？這是否是鞋類疲乏——市場一直很強，人們已經有多雙鞋，因而放緩消費？或者這是某一兩家供應商必須清理較舊庫存所造成的短期陰霾；同樣的邏輯也適用於服飾——市場上有大量 athleisure 休閒運動服飾，現在市場需要清庫？還是說是某一家或幾家供應商造成了壓力？

Well, I think there's some suppliers out there. And there's several suppliers that have got some inventory that have been -- they promoted on their sites and it's spilled over into the marketplace. I don't think this is a demand issue going forward from a footwear standpoint. I'll talk about footwear, and then I'll talk about apparel a little bit. I don't think this is a demand issue.

嗯，我認為市場上確實有一些供應商。而且有好幾家供應商手上有一些庫存——他們在自家網站上做了促銷，並外溢到整個市場。我不認為從鞋類的角度來看，這會是未來的需求問題。我先談鞋類，然後再稍微談一下服飾。我不認為這是需求問題。

The consumer is looking for products that are new, innovative different in the marketplace and some of these older legacy silhouettes and franchises that have done so well have slowed and slowed relatively quickly. But as we go through this, I think it's going to be fine. There are some things out in the marketplace that are working extremely well, whether it's from the Nike Mind shoe, the Nike Running construct is great. The adidas women's product in Prints & Patterns has done extremely well. But I think this is temporary.

消費者正在尋找在市場上新穎、具創新且與眾不同的產品，而一些過去表現非常好的較舊經典鞋型與系列（franchises）已經放緩，而且放緩得相對快。但隨著我們走過這段期間，我認為一切都會沒問題。市場上有一些產品表現非常好，不論是 Nike Mind 鞋款，Nike Running 的產品架構都很出色。adidas 女款在 Prints & Patterns 的產品表現也非常好。但我認為這是暫時性的。

We've got to get through this -- the pain that we're going to endure here from a promotional standpoint, but we'll come out the other side in very good shape. From an apparel standpoint, it's some of the same things from an apparel standpoint. Some of those legacy silhouettes have just slowed. They've been more broadly distributed, and those products have slowed. The new product that's out there from some of the traditional brands, the Nike Solo fleece is doing extremely well.

我們必須度過這一段——從促銷角度來看，我們將承受的痛苦，但我們會以非常好的狀態走出來。從服飾角度來看，也有一些相同的情況。其中一些經典鞋型確實只是放緩了。它們的鋪貨更廣，而那些產品就放緩了。傳統品牌推出的新產品方面，Nike Solo 刷毛（fleece）表現非常好。

You take a look at Gymshark, we have in the store right now, doing extremely well, free people movements doing extremely well. So there are pockets that are doing extremely well, which is why we haven't taking down the sales number on the DICK'S side, but I think this is -- it's temporary. We're going to go through a little bit of pain. But when we come out the other side, I think we're going to be -- I think the industry is going to be fine and DICK'S is going to be very well positioned.

你看看 Gymshark，我們現在店內有，表現非常好；Free People Movement 也表現非常好。所以確實有一些區塊表現非常好，這也是為什麼我們沒有下調 DICK'S 端的銷售數字，但我認為這——是暫時性的。我們會經歷一點痛苦。但當我們走出另一端時，我認為——我認為整個產業會沒問題，而 DICK'S 也會處於非常有利的位置。

Christopher Horvers, JPMorgan.

Christopher Horvers，摩根大通（JPMorgan）。

I also did one on follow-up on the footwear cycle, I guess, can you talk about casual and fashion relative to running? And as you think about the last four years, where the emergence of two huge brands, pretty different silhouettes relative to what existed in the market. Is -- do you think that there could be some sort of hangover around the footwear cycle as the -- maybe the level of innovation slows and we start to not have as much newness out into the market, and that has some sort of impact in terms of the traffic that comes to the Cortex store?

我也想就鞋類週期再追問一下，我想，能否談談休閒與時尚相對於跑步品類的情況？以及回顧過去四年，兩個大型品牌的崛起，其鞋型相較於市場既有款式相當不同。你是否認為鞋類週期可能會出現某種「後遺症」，因為——也許創新程度放緩，我們投放到市場的新鮮感變少，進而對到 Cortex 門店的客流帶來某種影響？

Chris, thanks for the question. And I think the hangover we're -- we have the hangover right now. We're going through that with these legacy silhouettes the new styles of shoes that are coming out from brands across the board, whether it be Nike, whether it be adi, whether it be On, HOKA, we're going through that reset right now. And like I said, some of the products that are doing extremely well from a Nike standpoint, the mind shoe is great. The running silhouette and Nike changed the running silhouette.

Chris，謝謝你的問題。我認為我們——現在就正處於那個「後遺症」。我們正在經歷這個調整期：這些經典鞋型，以及各品牌全面推出的新鞋款風格，不論是 Nike、不論是 adi、不論是 On、HOKA，我們現在就在做這個重置。而且如我所說，從 Nike 的角度來看，有些產品表現非常好，Mind 鞋款很棒。跑步鞋型方面，Nike 改變了跑步鞋型。

They really redefined this whole category of business. They've done extremely well with the Vomero and Peg and those two, in particular, have done extremely well. What we see coming from our friends from Nike in basketball, we are extremely excited about between what they're doing with (inaudible), Caitlin, Asia, that whole basketball category we're really excited about going forward. And I think how exciting the NBA playoffs were last year would -- what went on with the next is going to give basketball a bit of (inaudible) and Nike is best positioned to take advantage of that. The other brands that we talk about, whether it be On and adidas and HOKA there's some innovation coming down that we're pretty excited about.

他們確實重新定義了整個業務品類。他們在 Vomero 和 Peg 上做得非常好，尤其是這兩款表現非常出色。我們看到 Nike 在籃球領域接下來的動作，對於他們在（聽不清）、Caitlin、Asia，以及整個籃球品類所做的事情，我們非常興奮、也很期待未來。我認為去年 NBA 季後賽有多精彩——接下來發生的事情將會讓籃球帶來一些（聽不清）的動能，而 Nike 最有條件把握這個機會。至於我們提到的其他品牌，不論是 On、adidas、HOKA，也有一些創新即將推出，我們相當期待。

This is why I think we're experiencing the hangover right now in some of these new silhouettes that are coming to the market are doing well. And on the more casual side take a look at what's going on with UGG and Birkenstock. We couldn't be happier with what's going on with those styles of shoes. And we've gotten greater access to those and a greater allocation. We've developed a terrific partnership. They're great to work with. And we're pretty excited about this. So we're going to experience some pain for the -- at least through the end of this year, but we remain pretty enthusiastic going forward.

這也是為什麼我認為我們現在正在經歷「後遺症」，同時一些進入市場的新鞋型表現良好。而在更偏休閒的那一端，看看 UGG 和 Birkenstock 的情況。我們對這些鞋款風格的表現再滿意不過。而且我們取得了更高的進貨權限與更大的配貨量。我們建立了非常棒的合作夥伴關係。他們非常好合作。我們對此相當興奮。所以我們在——至少到今年年底——仍會經歷一些痛苦，但展望未來我們依然相當樂觀。

If I could just build, I think, Chris, your question about the hangover with two large brands. I do think, as Ed said, that is not the issue because the running category in itself and all performance is doing really well. So I really do believe this is focused on the lifestyle legacy silhouettes that aren't doing well. The performance aspects of the category and then some of the newness that I'd mentioned continue to do really well.

如果我可以補充一下，我想，Chris，你問到兩個大型品牌帶來的「後遺症」。我確實認為，如 Ed 所說，那不是問題，因為跑步品類本身以及所有性能（performance）品類表現都非常好。所以我真的相信，問題集中在表現不佳的生活風格（lifestyle）經典鞋型。該品類中的性能面向，以及我提到的一些新款，仍持續表現非常好。

And if I can add one more thing on these legacy silhouettes, some of these legacy silhouettes that are out there that the brands have started to innovate inside those silhouettes with different materials and patterns have shown some life with those silhouettes. But the basic silhouette has been more difficult. But the modifications they've made to those silhouettes like I say, with Print & Pattern color have definitely helped us. There's just not enough of them in the marketplace to offset the traditional ones, not yet anyway.

另外我再補充一點關於這些經典鞋型：市面上有些經典鞋型，品牌已開始在這些鞋型內做創新，採用不同材質與圖案，讓這些鞋型展現出一些活力。但基本款鞋型就比較困難。不過他們對這些鞋型所做的改動——就像我說的，Print & Pattern 的配色——確實幫了我們。只是市場上的量還不夠，尚不足以抵消傳統款的影響，至少目前還不行。

Understood. And then can you talk about the cadence of how you're thinking about the back half of Foot Locker's top line and margins, you mentioned promotions through the end of the year, but you also concentrated it in the third quarter. So how are you thinking about, like, I guess, how deep the third quarter is on the margin pressure front relative to the fourth quarter and similarly on Foot Locker's top line?

了解。那接著你能談談你們如何看待 Foot Locker 下半年營收與毛利的節奏嗎？你提到促銷會持續到年底，但你也把它更集中在第三季。所以你們怎麼看——我想——第三季在毛利壓力方面相對於第四季會有多深？同樣地，在 Foot Locker 的營收端（top line）也是如此？

We think Q3 is going to be a bit more difficult in Q4, but we're not going to get into what we're thinking for Q4. I think the market is going to continue to be promotional through the balance of the year. I was talking with one of the brands and his comment was I've never seen the specialty channel of distribution, so promotional in my career. And that specialty channel is extremely promotional. You saw that with one of our competitors and how they talked about it.

我們認為第三季會比第四季更具挑戰，但我們不會談我們對第四季的看法。我認為今年剩餘時間市場仍會持續促銷。我和其中一個品牌的人聊過，他的評論是：在我的職涯中，我從未見過專業通路（specialty channel）的分銷如此促銷。而那個專業通路確實促銷力度非常大。你也從我們某個競爭對手的說法中看到這一點。

But again, I do think that once this inventory gets cleaned up, it's going to be -- it will be back to something more normal. We continue to be extremely enthusiastic about the footwear business. We really do believe that footwear is the engine that pulls the train. We take a look at what kids need from a footwear standpoint. And we really look at this as you need roughly 5 pairs of shoes.

但再說一次，我確實認為一旦這些庫存被清理掉，就會——就會回到更正常的狀態。我們對鞋類業務仍然非常有信心、也非常熱情。我們真的相信鞋類是帶動整列火車前進的引擎。我們看看孩子們在鞋類方面的需求。我們真的認為你大約需要 5 雙鞋。

You need a pair of shoes that you're going to play the sport in, whether it's going to be football, basketball, baseball, soccer, or whatever it is, you need a pair of shoes there. From a training standpoint, you need a running pair of shoes. Today, you've gotten some really specialized from a weightlifting standpoint. You need a recovery shoe. And then you need that lifestyle shoe that you're going to wear that kind of says, hey, I'm a soccer player, I'm a basketball player, I'm whatever sport you are most interested in or from a lifestyle standpoint.

你需要一雙你要用來從事該運動的鞋子，不論是美式足球、籃球、棒球、足球或任何運動，你都需要一雙對應的鞋。從訓練的角度來看，你需要一雙跑鞋。而今天，從舉重訓練的角度來看，你已經有了一些非常專業化的鞋款。你需要一雙恢復鞋。然後你還需要那種生活風格的鞋，你會穿著它，它某種程度上在說：嘿，我是踢足球的、我是打籃球的，或不論你最感興趣的是哪一種運動，或從生活風格的角度來看。

So the footwear business is not going away. The footwear business is going to continue to be extremely important to this industry and to DICK'S Sporting Goods and to Foot Locker. We're going to go through some pain. And every once in a while, an industry has to go through a little bit of pain to reset, and we're going through that right now, but we're going to come out the other side, the industry and the DICK'S Inc. stronger than we've gone into it.

所以鞋類業務不會消失。鞋類業務將持續對這個產業、對 DICK'S Sporting Goods 以及對 Foot Locker 都極其重要。我們會經歷一些陣痛。而每隔一段時間，一個產業就必須經歷一點陣痛來重置；我們現在正處於這個階段，但我們會走出另一端，整個產業以及 DICK'S Inc. 都會比進入這段期間時更強大。

Chris, I also want to add on the DICK'S side, you asked about Foot Locker, but it is important to listen to Navdeep's prepared remarks about Q3 versus Q4 and just the investment in margin and SG&A on the DICK'S side also will be more aggressive in Q3 rather than Q4.

Chris，我也想補充一下 DICK'S 這邊，你問的是 Foot Locker，但也很重要的是聽聽 Navdeep 對於第三季相較第四季的事先準備發言；另外，在 DICK'S 這邊，對毛利率以及 SG&A 的投資在第三季也會比第四季更積極。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

We wanted to ask about the difference in performance between the Fast Break stores and the legacy Foot Locker stores. How also have you seen the assortment changes play out in the stores, which I think started to hit in August and what the consumer response has been? And then can you give us a final number of where you think the number of Fast Break stores will be by the end of the year?

我們想問一下 Fast Break 門市與傳統的 legacy Foot Locker 門市之間的表現差異。另外，你們如何看待門市的商品組合調整所帶來的影響（我認為是從 8 月開始逐步反映），以及消費者的反應如何？最後，你能否給我們一個最終數字，說明你們預期到年底 Fast Break 門市的數量會是多少？

Sure. So the Fast Break stores have definitely outperformed the traditional legacy stores. And we think that will continue based on the products that we've gotten in there. The legacy stores also have got that -- the Fast Break stores still have some of that legacy silhouettes that have been brought in. And so they're not perfect yet.

當然。所以 Fast Break 門市的表現確實優於傳統的 legacy 門市。而我們認為，基於我們導入到那些門市的產品，這種趨勢會持續。legacy 門市也已經拿到那些——Fast Break 門市仍然帶有一些導入的 legacy 經典鞋型。所以它們目前還不算完美。

They need that new assortment of product, and we'll be getting that there. But the Fast Break stores definitely outperformed the legacy stores. We'll continue to invest in fast break going forward. And the number of stores we're not going to kind of give you up, but it will be somewhere in north of 300, 350 doors by the end of the year globally.

它們需要新的商品組合，我們也會把那些商品導入。但 Fast Break 門市的表現確實優於 legacy 門市。未來我們會持續投資 Fast Break。至於門市數量，我們不會給出一個精確數字，但到年底在全球範圍內大概會在 300 家以上、約 350 家門市。

And is there any way to quantify how much of the margin impact or the cut today is being driven by EMEA versus what's happening in the US?

那有沒有辦法量化一下，今天毛利率影響或下修之中，有多少是由 EMEA 所驅動、相較於美國發生的情況？

So we're not going to talk about this specifically, but EMEA is much more impactful than the US. It's much more promotional over there. It's a more competitive environment. and much more promotional.

所以我們不會具體談這個，但 EMEA 的影響遠大於美國。那邊的促銷力度更大。競爭環境更激烈，而且促銷也更多。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊。

Ed, thanks for the color kind of at the higher level, still trying to understand what Lauren was saying, which is that athletic performance continues to do well. This sounds like it's much more of a lifestyle athletic issue. Can you talk a little bit about the fact that possibly the incremental shift is to nonathletic trends like you were saying, UGG, Birk, et cetera. And do you see that happening? How -- if so, how can you participate in that on a larger scale while we wait for athletic to sort of come back?

Ed，謝謝你提供較高層次的說明；我仍在試著理解 Lauren 的意思，也就是運動機能類仍持續表現良好。聽起來這更像是生活風格運動類的問題。你能否談談是否有更多增量需求轉向非運動的潮流趨勢，如你所說的 UGG、Birk 等等？你有看到這種情況發生嗎？如果是的話，在我們等待運動類回溫的同時，你們要如何在更大規模上參與其中？

And then just wrapping that all up, you talked about this as sort of a -- through the end of the year. But when we hear from the brands, they talk about innovation, newness, the new cycle coming sort of back-to-school next year. So as you think about the back half of the year, are you canceling orders? What are you doing for your spring buys? Just some color on that.

然後把這些問題總結一下，你提到這大概會持續到年底。但當我們聽品牌方說法時，他們談的是創新、新品，以及新的週期可能會在明年返校季左右回來。所以當你們思考今年下半年時，你們有在取消訂單嗎？你們春季採購怎麼做？能否就此提供一些說明？

Thanks, Adrienne. I'll try to answer all of those questions. It's okay. The athletic performance is -- we feel the athletic performance shoes are continue to do very well. The lifestyle has been a bit more of an issue, but -- so I said, the brands are starting to bring in more lifestyle shoes like the Nike Mind shoes, as I indicated.

謝謝你，Adrienne。我會盡量回答所有問題。沒問題。運動機能方面——我們認為運動機能鞋仍然持續賣得很好。生活風格方面確實比較有些問題，但——所以我說，品牌正在開始導入更多生活風格鞋款，例如我提到的 Nike Mind 鞋款。

They're taking Print & Pattern in to some of those more legacy lifestyle shoes. You can see that with what Mike he's done with Pattern Leather, what Adidas has done with Print & Pattern. So we're -- we think that, that is going to be is going to be fine. It's just going to take a little bit of time. I do think there is a shift toward this brown shoe piece of this and whether it's a UGG and Birkenstock and we continue to participate in those.

他們也把 Print & Pattern（印花與圖樣）導入到一些更偏傳統的生活風格鞋款中。你可以從 Mike 在 Pattern Leather（皮革圖樣）上所做的、以及 Adidas 在 Print & Pattern 上所做的看到這點。所以我們——我們認為那會——會沒問題。只是需要一點時間。我確實認為有一個轉向所謂「棕色鞋」這一塊的趨勢，不論是 UGG 或 Birkenstock，而我們也持續參與其中。

Those businesses for us are really on fire. They're up significantly. We've got a couple of other brands that we're looking at to bring in also. And so they will help offset this as the athletic business goes through this transition period. So we -- especially on the DICK'S side, we think the 4 business is going to really -- is going to comp positively in the back half of the year on the DICK'S side, although there will be some margin pressure.

對我們來說，那些業務真的非常火熱。成長幅度很大。我們也在評估另外幾個品牌，準備一併導入。因此，當運動類業務處於這段轉換期時，它們將有助於抵消影響。所以我們——特別是在 DICK'S 這邊，我們認為鞋類業務在今年下半年於 DICK'S 端將會呈現同店正成長，儘管毛利率會有一些壓力。

And again, I feel that it's the right thing for us to do to participate in this margin pressure to make sure that we maintain our market share. We think it's a great investment for our business. And we talk all the time that we don't make investments for a quarter or 2 in our business. We really look to make investments for a lifetime, and we think this is a really important investment to make from a price standpoint to keep that market share. The other question about the new cycle for next year, we're modifying some orders here and there, but nothing really out of the ordinary of what we would normally do as we take a look at styles that are selling or not selling or colors or things that are going to be the changes in the marketplace.

再說一次，我覺得參與承受這些毛利率壓力、以確保我們維持市占率，對我們而言是正確的做法。我們認為這對我們的業務是一項很好的投資。我們也一直在談，我們不會只為了一季或兩季而投資。我們真正著眼的是做「一輩子」的投資，而我們認為從價格角度來看，為了守住市占率，這是一項非常重要的投資。至於你問到明年新品週期的問題，我們會在某些訂單上做一些調整，但並沒有做任何明顯不同於我們平常做法的事情；我們通常會檢視哪些款式賣得好或不好、顏色等，以及市場上的變化。

So we're not doing anything meaningfully different than we would normally do. Some of the brands are talking about innovation through back-to-school. We see some of that innovation happening now and going into next year. And I won't repeat myself with some of the things we talked about.

所以我們並沒有做任何有重大差異的事情。有些品牌在談返校季的創新。我們看到部分創新正在發生，並延續到明年。而我就不重複我們剛才談到的一些內容了。

Lorraine Hutchinson, Bank of America.

Lorraine Hutchinson，美國銀行。

I wanted to ask about the Foot Locker margins and if there's any self-help that can be executed to stabilize the margins while the comps remain weak in the back half?

我想請教一下 Foot Locker 的利潤率，以及在下半年同店銷售（comps）仍然疲弱的情況下，是否有任何可執行的「自助」措施來穩定利潤率？

I'm not sure from a self-help standpoint, we're doing our best to help ourselves. But in the marketplace, if a shoe is at a certain price in the marketplace, then we feel we need to be competitively priced. So we're not leading this margin erosion. We are participating in it where we have to, to make sure that we keep our market share. But we are not -- we are in no way leading the price issues here.

就「自助」的角度來看，我不太確定；我們已經盡最大努力自我改善。但在市場上，如果某款鞋在市場上的價格就是那個水準，我們就覺得必須維持具競爭力的定價。所以我們並不是在主導這波利潤率侵蝕。我們是在必要時參與其中，以確保我們維持市占率。但我們不是——我們絕對不是在帶頭引發這裡的價格問題。

And I would also add that apparel, bringing apparel into the Foot Locker stores will help that as well as allocations of some of the new product that you mentioned that we're so excited about in the back half.

我也想補充，將服飾品類導入 Foot Locker 門市也會有所幫助，另外還有你提到、我們對下半年非常興奮的一些新品配貨（allocations）。

Correct. Yes, some of the brands have provided us additional product that higher heat product that we can sell at full price to help offset some of the margin. But we're working the margin as well as we can.

沒錯。是的，有些品牌提供了我們更多的產品——更高熱度（higher heat）的產品——我們可以用原價銷售，以協助抵消部分利潤率壓力。但我們已經在盡可能把利潤率做到最好。

Ike Boruchow, Wells Fargo.

Ike Boruchow，富國銀行。

I was wondering if you could comment on your early signals on back-to-school, specifically at Foot Locker, but also core DICK'S. And then on the Foot Locker guide down on the profit, it's just -- it's surprising a $200 million revenue cut driving a $200 million profit cut. So maybe just some more clarity on the merchandise margin or gross margin expectations in the back half of Q3 for Foot Locker as well would be helpful.

我想請你們談談開學季（back-to-school）的早期訊號，特別是 Foot Locker，但也包括 DICK'S 核心業務。另外，Foot Locker 的獲利指引下修——只是——令人意外的是，營收下修 2 億美元竟然帶來獲利下修 2 億美元。所以如果能更清楚說明一下 Foot Locker 在第三季後半段的商品毛利率或整體毛利率預期，也會很有幫助。

Sure. The margin -- I mean you've got the sales cut based on what's going on in the marketplace. And then you've got the margin, the change in margin is what's driving -- or two of the things that are driving this but then also what we're doing from a marketing standpoint with Foot Locker. So we're making investments, again, in a long-term view of what we're going to do with Foot Locker. Foot Locker hasn't had an out-of-home marketing plan since roughly 2013, give or take, roughly 2013.

當然。利潤率——我的意思是，你們看到的銷售下修是基於市場上正在發生的情況。然後利潤率的變化是推動這件事的——或是推動這件事的兩個因素之一——但另外還有我們在 Foot Locker 的行銷面所做的事情。所以我們正在投資，而且再次強調，是以 Foot Locker 長期發展的角度來投資。Foot Locker 自大約 2013 年左右（上下）以來，就沒有做過戶外（out-of-home）行銷計畫。

The previous management team did nothing to market the business from a top of funnel standpoint to really build the brand. And we're in the middle of fixing that to increase consideration of Foot Locker and build that brand back. The new marketing campaign that we put out recently called COLORS, which kind of takes a journey of sneaker culture from the beginning to where it is today. has gotten great response. We think it's going to help from a business standpoint, sales going forward.

前一個管理團隊在行銷上，從漏斗頂端（top of funnel）的角度幾乎沒有做任何事來真正建立品牌。而我們正在修正這件事，以提升消費者對 Foot Locker 的考量度（consideration），並把品牌重新建立起來。我們最近推出的新行銷活動叫 COLORS，某種程度上是帶大家走一趟球鞋文化從起源到今天的旅程，反應非常好。我們認為這將有助於未來的業務表現與銷售。

But we're putting a sizable amount of money into marketing. We've also added payroll to our strikers. The -- we've increased the payroll of our stripers which is all part of this. Again, looking to make long-term investments in our business. So that's where the profitability cuts coming from.

但我們在行銷上投入了相當可觀的資金。我們也增加了門市條紋員工（stripers）的薪資預算。——我們提高了 stripers 的薪資預算，這都是其中的一部分。再次強調，這是為了對我們的業務做長期投資。所以獲利下修主要就是來自這裡。

But we still remain excited about Foot Locker, and I think it was -- it's the right thing to do for our business long term.

但我們仍然對 Foot Locker 感到興奮，而且我認為——這是對我們長期業務而言正確的做法。

In back-to-school?

關於開學季呢？

We're not going to give -- we don't give any guidance in inter-quarter guidance of how back-to-school is doing. But we've -- the back-to-school guidance is embedded in our full year guidance. And -- but from a -- we're not going to comment on back-to-school right now, which is our -- which has always been our process.

我們不會提供——我們不會在季度之間提供開學季表現的指引。但我們的全年指引已經包含了開學季的假設。而且——就——我們現在不會評論開學季，這是我們——也一直以來的作法。

Michael Lasser, UBS.

Michael Lasser，瑞銀。

How should we be looking at the economics, the art economics of the business as we move into 2027, especially as the core DICK'S business is going to now have to lap the World Cup, the Knicks win, some tariff-related benefits. And if these challenging conditions persist well into next year, what are the economics of the enterprise look like, especially considering that the market probably is just going to extrapolate the core outlook for the back half into next year?

當我們邁向 2027 年時，應該如何看待這門生意的經濟性、也就是業務的基本經濟模型（economics），特別是 DICK'S 核心業務接下來將面臨世界盃、尼克隊奪冠、以及一些關稅相關利益的比較基期（lap）。如果這些具挑戰性的狀況一路延續到明年，那麼整體企業的經濟性會是什麼樣子？尤其考量到市場可能會把下半年核心展望直接外推到明年？

Michael, thanks for the question. One thing I think it's important to point out is the 4.9% comp that the DICK'S business had in Q2 does include World Cup. But even if you exclude the World Cup, we did have growth across the portfolio. And we saw growth across hardlines as well as apparel and footwear despite all of the challenges. And despite even the challenging market environment that we were navigating.

Michael，謝謝你的問題。我認為有一點很重要需要指出：DICK'S 在第二季的 4.9% 同店成長（comp）確實包含了世界盃的影響。但即使排除世界盃，我們的整體組合（portfolio）仍然有成長。而且儘管面臨各種挑戰，我們在硬商品（hardlines）、服飾與鞋類都看到成長。即便是在我們所處理的艱困市場環境之下。

So as we look to '27, obviously, we're not going to give any guidance, but we do feel from a top line standpoint, we have a lot of exciting things going on, and we continue to invest in the long-term health of the business. I'll turn it to Navdeep to talk about other aspects.

所以展望 2027 年，當然我們不會提供任何指引，但就營收端（top line）而言，我們確實有很多令人興奮的事情正在進行，而且我們會持續投資於業務的長期健康。我把其他面向交給 Navdeep 來說明。

Yes, Michael, to build on what Lauren said, as you can imagine, we are not going to give a guidance for 2027. But if you look deeper into our drivers of profitability in Q2, you will see that some of the topics that we have talked about for the last several years, like DICK'S Media Network and GameChanger that they will start to become a bigger driver of the merch margin expansion as well. And that is what you saw here in Q3. Our merch margin expanded almost about 150 basis points that included the benefits of the tariff, but if you can be quantified what the benefit of tariff was.

是的，Michael，延續 Lauren 的說法，如你所想，我們不會提供 2027 年的指引。但如果你更深入看我們第二季的獲利驅動因素，你會看到一些我們過去幾年一直在談的主題，例如 DICK'S Media Network 和 GameChanger，將開始成為商品毛利率擴張（merch margin expansion）更大的驅動力。而這就是你在第三季看到的情況。我們的商品毛利率擴張了將近 150 個基點，其中包含關稅帶來的利益，但如果你能量化關稅帶來的利益的話。

But even if you back that out, we were very happy that we were able to not only drive the margin expansion from these new capabilities but offset the promotional proper pressures that we saw not only from the footwear and the apparel marketplace, but also the higher fuel cost, so we feel like the rule brick that we have talked about of being able to continue to drive our gross margin expansion and making appropriate level of investments is the right framework, and we will continue to leverage that as we go into '27.

但即使把那部分扣除，我們仍然很高興，我們不僅能透過這些新能力推動利潤率擴張，還能抵消我們看到的促銷壓力——不只是來自鞋類與服飾市場，也包括較高的燃油成本——因此我們認為，我們一直談到的那套「規則／框架」（rubric），也就是持續推動毛利率擴張並進行適當水準的投資，是正確的架構；而我們在邁向 2027 年時也會持續運用它。

Okay. My follow-up question is, is there an opportunity to engineer a greater profitability of the enterprise from the Foot Locker business either by optimizing the store fleet or monetizing some of the assets within that broader Foot Locker umbrella in under what conditions for the market would you need to see in order to move from improving -- trying to improve the performance of the business to rightsizing that organization?

好的。我的追問是：Foot Locker 業務是否有機會透過優化門市組合（store fleet）或將 Foot Locker 更大體系內的一些資產變現，來提升整體企業的獲利能力？以及在什麼樣的市場條件下，你們會需要從「改善業務表現」轉向「調整規模（rightsizing）該組織」？

Michael, we're not going to kind of lay out specifics, but the answer to your question is simply yes.

Michael，我們不會具體列出細節，但對你問題的答案很簡單：是的。

Michael, I'll build on what Ed said, that we reiterated our confidence in terms of the synergies of $100 million to $125 million, and that's the bigger part of the rubric as well that we all feel confident about.

Michael，我補充 Ed 的說法：我們重申了對協同效益 1 億至 1.25 億美元的信心，而這也是我們大家都很有信心的那套框架中更重要的一部分。

Paul Lejuez, Citibank.

Paul Lejuez，花旗銀行。

Curious how you're going to manage SG&A during this period where you're operating in a more challenging athletic market? And specifically, how you're thinking about SG&A growth in the second half? And then second part, I'm curious about the investments, specifically on the Foot Locker side. It sounds like you've got a big marketing came and coming, but curious about the thought process of making that investment at a time when maybe the stores and the assortment are not where you want them to be?

想請教在這段期間、當你們所處的運動用品市場更具挑戰時，你們打算如何管理SG&A（銷售、一般及行政費用）？特別是，你們如何看待下半年SG&A的成長？第二部分，我想問投資方面，尤其是Foot Locker這邊。聽起來你們即將推出一個大型行銷活動，但我好奇的是，在可能門市狀況與商品組合尚未達到你們理想狀態的時候，做出這項投資的思考脈絡是什麼？

I'll talk about the marketing investments, and I'll let Lauren talk about the SG&A piece. But from a marketing standpoint, I don't think there's a better time to do this right now when the market is in a bit of a turmoil from a marketing standpoint to gain more market share. And when things come out the other side, we'll have that market share as part of our portfolio that we can grow the business in. So I think as others might scale back, this, I think, is a great time for us to invest from a marketing standpoint, especially since marketing Foot Locker did virtually no marketing other than digital marketing for so many years and just let the kind of the view of the brand atrophy, and we feel it's really important that we make these investments. And I think this is a perfect time to do that.

我先談行銷投資，SG&A的部分我讓Lauren來說。但就行銷角度而言，我不認為有比現在更好的時機；當市場在行銷層面有些動盪時，正是爭取更多市占的好時候。等到情勢走出另一端，我們就能把這些市占納入我們的組合，進一步擴大業務。所以我認為，當其他人可能縮手時，對我們來說，從行銷角度投資是很好的時機，尤其是因為Foot Locker多年來幾乎除了數位行銷之外沒有做什麼行銷，只是讓品牌能見度逐漸弱化；我們覺得做這些投資非常重要。我認為現在正是做這件事的完美時機。

Yes. Building on what Ed said, we always look at the long term, that is a consistent thesis that we have across both Foot Locker and the DICK'S business and some of the investments that we've been making on the DICK'S side in SG&A over the past few years to drive tech, to drive GameChanger, to drive the DICK'S Media Network are really some of the -- in addition to the House of Sport and Field House, the capital investments we've made there, these are some of the core things that are driving our growth, our profitability and as Navdeep said, specifically gross margins. So it actually helps offset some of the pressures that we have in the marketplace. We are building an entire ecosystem here, and they are important parts of it, so absolutely not considering slowing down.

是的。延續Ed所說的，我們一向著眼長期；這是我們在Foot Locker與DICK'S業務上都一致的核心論點。我們過去幾年在DICK'S端於SG&A所做的一些投資，用來推動科技、推動GameChanger、推動DICK'S Media Network——再加上House of Sport與Field House，以及我們在那裡所做的資本性投資——這些都是推動我們成長與獲利、以及如Navdeep所說特別是毛利率的核心要素。因此，這其實有助於抵消我們在市場上面臨的一些壓力。我們正在打造一個完整的生態系，而這些都是其中重要的組成部分，所以我們絕對不會考慮放慢腳步。

And so what is that SG&A growth that we should be thinking about for second half and then into next year?

那麼，下半年以及進入明年，我們應該如何看待SG&A的成長？

So on our DICK'S side, we expect the SG&A to deleverage for the full year with the highest pressure in the third quarter, and I called it out in my prepared comments that the pressure in the second half will be to the tune of about 50 basis points. And then as we start to lap the investments that we made in fourth quarter, we expect SG&A to leverage.

就我們DICK'S這邊而言，我們預期全年SG&A將出現去槓桿（deleverage），其中第三季壓力最大；我在事先準備的發言中也提到，下半年壓力大約在50個基點左右。接著，當我們開始與第四季所做的投資形成比較基期（lap）後，我們預期SG&A將轉為槓桿化（leverage）。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

I was just wondering if you could comment a bit more on the trading card business and how that's performing and trending within the core DICK'S business.

我想請你們再多談一點集換式卡牌（trading card）業務，以及它在DICK'S核心業務中的表現與趨勢。

Thanks, Bob. The trading card business in the collectible business has been great. We're very enthusiastic about that. We're building the Collectors Clubhouse and all House of Sports stores going forward. We're moving that into a number of the field house locations.

謝謝你，Bob。集換式卡牌業務以及收藏品業務表現非常好。我們對此非常振奮。未來我們會在所有House of Sports門市打造Collectors Clubhouse。我們也正把這個概念導入多個Field House據點。

This is a very big growth opportunity for us. The partnership we've put together with Michael Rubin and his company on trading cards and collectibles, I think is really great for both of us. And there's a lot of growth opportunity here in the trading card business. You'll start to see us marketing the trading card business more aggressively than we have in the past. And we do really believe we can be one of the main the main distribution points for these cards that have gotten to be so in vogue right now and exciting.

這對我們而言是一個非常大的成長機會。我們與Michael Rubin及其公司在集換式卡牌與收藏品方面建立的合作夥伴關係，我認為對雙方都非常好。而且在集換式卡牌業務上有很大的成長空間。你們會開始看到我們比過去更積極地行銷集換式卡牌業務。我們也確實相信，我們可以成為這些目前非常流行、令人興奮的卡牌的主要——主要——通路據點之一。

I mean, if you're a collector, it's pretty exciting to rip through those cards and see what you get. It's gotten to become a family activity with fathers and sons, mothers, daughters, sons, I mean it's just gotten to be a -- it's just a great family activity that is pretty exciting for us and for fanatics business in the DICK'S business.

我的意思是，如果你是收藏家，拆卡看看會抽到什麼，真的很令人興奮。這也逐漸成為一種家庭活動：爸爸和兒子、媽媽和女兒、兒子——我是說，這已經變成一個——對我們以及Fanatics在DICK'S業務中而言，都是一項很棒、也相當令人興奮的家庭活動。

This concludes our Q&A session. I will now turn the call back to Lauren Hobart, President and CEO, for closing remarks.

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

Well, thank you, everybody, for your interest in DICK'S and thanks to our 100,000 teammates and we will see you next quarter.

好的，謝謝各位對DICK'S的關注，也感謝我們10萬名隊友；我們下個季度見。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。