– Delivers 4.5% Comparable Sales Growth
–
– Delivers Double-Digit EBT Margin of 13.9%
–
- Delivered net sales of $3.47
billion, up 7.8% versus the prior year including the
expected benefit from the calendar shift of approximately
$95 million
- Reported earnings per diluted share of $4.37, up 55% versus the prior year
- Raises full year 2024 guidance for comparable sales growth to a
range of 2.5% to 3.5%, up from 2.0% to 3.0% previously
- Raises full year 2024 earnings per diluted share guidance to a
range of $13.55 to 13.90, up from
$13.35 to 13.75 previously
|
"Our strong second
quarter demonstrated the continued success of our long-term
strategies and how DICK'S is truly differentiated within the
industry. We are very enthusiastic about the significant growth
opportunities ahead of us, including House of Sport and the
repositioning of our portfolio. The future of our business is very
bright, and I'd like to thank all our teammates for their strong
execution in Q2 and for their dedication to DICK'S Sporting
Goods."
|
|
|
Ed Stack, Executive
Chairman
|
|
|
"We delivered a very
strong second quarter. Powered by our compelling omni-channel
athlete experience, differentiated product assortment,
best-in-class teammate experience and our ability to create deep
engagement with the DICK'S brand, we are driving sustained top-line
momentum and gaining market share. Our Q2 comps were driven by
growth in average ticket and transactions, and with growth in
sales, gross margin expansion and SG&A leverage, we delivered
EBT margin of nearly 14%. Because of our strong Q2 performance and
the confidence we have in our business, we are again raising our
full year outlook."
|
|
|
Lauren Hobart,
President and Chief Executive Officer
|
PITTSBURGH, Sept. 4,
2024 /PRNewswire/ -- DICK'S Sporting Goods, Inc.
(NYSE: DKS), the largest U.S. based full-line omni-channel sporting
goods retailer, today reported sales and earnings results for the
second quarter ended August 3,
2024.
|
Second Quarter
Operating Results
(dollars in
millions, except per share data)
|
13 Weeks
Ended
|
Change
(1)
|
|
August 3,
2024
|
July 29,
2023
|
|
Net sales
(2)
|
$
3,474
|
$
3,224
|
$
250
|
7.8 %
|
|
Comparable sales
(2) (3)
|
4.5 %
|
2.0 %
|
|
|
Income before income
taxes (4)
|
$
482
|
$
326
|
$
156
|
48 %
|
|
Income before income
taxes (4) (% of net sales)
|
13.9 %
|
10.1 %
|
378 bps
|
|
Effective tax
rate
|
24.9 %
|
25.0 %
|
(12) bps
|
|
Net income
|
$
362
|
$
244
|
$
118
|
48 %
|
|
Earnings per diluted
share (2)
|
$
4.37
|
$
2.82
|
$
1.55
|
55 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date Operating
Results
(dollars in
millions, except per share data)
|
26 Weeks
Ended
|
Change
(1)
|
|
August 3,
2024
|
July 29,
2023
|
|
Net sales
(2)
|
$
6,492
|
$
6,066
|
$
426
|
7.0 %
|
|
Comparable sales
(2) (3)
|
4.9 %
|
2.7 %
|
|
|
Income before income
taxes (4)
|
$
825
|
$
654
|
$
171
|
26 %
|
|
Income before income
taxes (4) (% of net sales)
|
12.7 %
|
10.8 %
|
192 bps
|
|
Effective tax
rate
|
22.7 %
|
16.1 %
|
662 bps
|
|
Net income
|
$
638
|
$
549
|
$
89
|
16 %
|
|
Earnings per diluted
share (2)
|
$
7.67
|
$
6.23
|
$
1.44
|
23 %
|
|
|
|
|
|
|
|
|
Balance
Sheet
(in
millions)
|
As of
August 3,
2024
|
As of
July 29,
2023
|
$
Change
(1)
|
%
Change
(1)
|
|
Cash and cash
equivalents
|
$
1,692
|
$
1,902
|
$
(210)
|
(11) %
|
|
Inventories,
net
|
$
3,178
|
$
2,851
|
$
327
|
11 %
|
|
Total debt
(5)
|
$
1,484
|
$
1,483
|
$
1
|
— %
|
|
|
|
Capital
Allocation
(in
millions)
|
26 Weeks
Ended
|
$
Change
(1)
|
%
Change
(1)
|
|
August 3,
2024
|
July 29,
2023
|
|
Share repurchases
(6)
|
$
164
|
$
260
|
$
(97)
|
(37) %
|
|
Dividends paid
(7)
|
$
183
|
$
189
|
$
(6)
|
(3) %
|
|
Gross capital
expenditures
|
$
372
|
$
249
|
$
124
|
50 %
|
|
Net capital
expenditures (8)
|
$
326
|
$
218
|
$
108
|
50 %
|
Notes
|
1.
|
Column may not
recalculate due to rounding.
|
|
2.
|
Due to the
53rd week in fiscal 2023, there is a one-week shift in
the fiscal 2024 calendar compared to the prior year, which
favorably impacted net sales comparisons for the second quarter by
approximately $95 million, or approximately $0.30 per diluted
share, and the year-to-date period by approximately $140 million,
or approximately $0.45 per diluted share. Comparable sales for
fiscal 2024 are calculated by shifting the prior year period by one
week to compare similar calendar weeks.
|
|
3.
|
Beginning in fiscal
2024, we revised our method for calculating comparable sales to
include GameChanger revenue. Prior year information has been
revised to reflect this change for comparability purposes. See
additional details as furnished in Exhibit 99.2 of the Company's
Current Report on Form 8-K, filed with the SEC on March 14,
2024.
|
|
4.
|
Also referred to by
management as earnings before income taxes ("EBT").
|
|
5.
|
The Company had no
outstanding borrowings under its revolving credit facility in 2024
and 2023.
|
|
6.
|
During the 26 weeks
ended August 3, 2024, the Company repurchased 0.8 million shares of
its common stock under its share repurchase program at an average
price of $204.40 per share, for a total cost of $163.6 million. The
Company has $616.0 million remaining under its authorization as of
August 3, 2024.
|
|
7.
|
The Company declared
and paid quarterly dividends of $1.10 per share in fiscal 2024 and
$1.00 per share in fiscal 2023.
|
|
8.
|
For additional
information, see GAAP to non-GAAP reconciliations included in
tables later in the release under the heading "GAAP to Non-GAAP
Reconciliations."
|
Quarterly Dividend
On September 3, 2024, the Company's Board of Directors
authorized and declared a quarterly dividend in the amount of
$1.10 per share on the Company's
common stock and Class B common stock. The dividend is payable in
cash on October 4, 2024 to stockholders of record at the close
of business on September 20, 2024.
Full Year 2024 Outlook
The Company's Full Year Outlook for 2024 is presented below:
|
Metric
|
2024 Outlook
|
|
Earnings per diluted
share
|
● $13.55 to
13.90
•
Based on approximately 83 million diluted shares
outstanding
•
Based on an effective tax rate of approximately 23%
|
|
Net sales
|
● $13.1
billion to 13.2 billion
|
|
Comparable
sales
|
● Growth of
2.5% to 3.5%
|
|
Capital
expenditures
|
●
Approximately $900 million on a gross basis
●
Approximately $800 million on a net basis
|
Store Count and Square Footage
The following tables summarize store activity for the periods
indicated:
|
26 Weeks Ended August
3, 2024
|
26 Weeks Ended July 29,
2023
|
|
DICK'S
Sporting
Goods
|
Specialty
Concept Stores
(1)
|
Total
(2)
|
DICK'S
Sporting
Goods
|
Specialty
Concept Stores
(1)
|
Total
(2)
|
|
Beginning
stores
|
724
|
131
|
855
|
728
|
125
|
853
|
|
Q1 New
stores
|
1
|
3
|
4
|
—
|
—
|
—
|
|
Q2 New
stores
|
2
|
5
|
7
|
—
|
1
|
1
|
|
Stores
acquired
|
—
|
—
|
—
|
—
|
12
|
12
|
|
Closed
stores
|
2
|
3
|
5
|
3
|
3
|
6
|
|
Ending
stores
|
725
(3)
|
136
|
861
|
725
|
135
|
860
|
|
Relocated
stores
|
5
|
1
|
6
|
10
|
1
|
11
|
|
Square
Footage:
(in
millions)
|
DICK'S Sporting
Goods
|
Specialty Concept
Stores (1)
|
Total
(2)(4)
|
|
Q1 2023
|
39.2
|
3.4
|
42.6
|
|
Q2 2023
|
39.0
|
3.4
|
42.4
|
|
Q3 2023
|
39.2
|
3.6
|
42.7
|
|
Q4 2023
|
39.3
|
3.4
|
42.7
|
|
Q1 2024
|
39.4
|
3.5
|
42.9
|
|
Q2 2024
|
39.6
|
3.7
|
43.2
|
|
|
|
(1)
|
Includes our Golf
Galaxy, Public Lands, Going Going Gone! and other specialty concept
stores. As of August 3, 2024, we operated 108 Golf Galaxy
stores, 8 Public Lands stores, and 20 Going Going Gone! stores. As
of July 29, 2023, we operated 97 Golf Galaxy stores, 7 Public
Lands stores, 16 Going Going Gone! stores and other specialty
concept stores. In some markets, we operate DICK'S Sporting Goods
stores adjacent to our specialty concept stores on the same
property with a pass-through for our athletes. We refer to this
format as a "combo store" and include combo store openings within
both the DICK'S Sporting Goods and specialty concept store
reconciliations, as applicable. As of August 3, 2024, the
Company operated 19 combo stores.
|
|
(2)
|
Excludes temporary
value chain locations, of which the Company operated 32 and 38 as
of August 3, 2024 and July 29, 2023,
respectively.
|
|
(3)
|
As of August 3,
2024, includes 14 DICK'S House of Sport stores, with two new
openings during the first quarter of fiscal 2024, one of which was
relocated from a prior store location.
|
|
(4)
|
Column may not
recalculate due to rounding.
|
Non-GAAP Financial Measures
In addition to reporting the Company's financial results in
accordance with generally accepted accounting principles ("GAAP"),
the Company reports certain financial results that differ from what
is reported under GAAP. These non-GAAP financial measures include
non-GAAP EBT margin, non-GAAP net income, non-GAAP earnings per
diluted share and net capital expenditures, which management
believes provides investors with useful supplemental information to
evaluate the Company's ongoing operations and to compare with past
and future periods. Furthermore, management believes that
adjustments related to its deferred compensation plans enables
investors to better understand its selling, general and
administrative expense trends excluding non-cash changes in our
deferred compensation plan investment fair values from market
fluctuations that are offset within other income. Management also
uses these non-GAAP measures internally for forecasting, budgeting,
and measuring its operating performance. These measures should be
viewed as supplementing, and not as an alternative or substitute
for, the Company's financial results prepared in accordance with
GAAP. The methods used by the Company to calculate its non-GAAP
financial measures may differ significantly from methods used by
other companies to compute similar measures. As a result, any
non-GAAP financial measures presented herein may not be comparable
to similar measures provided by other companies. A reconciliation
of the Company's non-GAAP measures to the most directly comparable
GAAP financial measures are provided below and on the Company's
website at investors.DICKS.com.
Forward-Looking Statements Involving Known and Unknown Risks
and Uncertainties
This release contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified as
those that may predict, forecast, indicate or imply future results
or performance and by forward-looking words such as "believe",
"anticipate", "expect", "estimate", "predict", "intend", "plan",
"project", "goal", "will", "will be", "will continue", "will
result", "could", "may", "might" or any variations of such words or
other words with similar meanings. These statements are subject to
risks and uncertainties and change based on various important
factors, many of which may be beyond the Company's control. The
Company's future performance and actual results may differ
materially from those expressed or implied in such forward-looking
statements. Forward-looking statements should not be relied upon by
investors as a prediction of actual results. Forward-looking
statements include statements regarding, among other things, the
Company's future performance, including 2024 outlook for earnings,
sales, and capital expenditures; our growth opportunities,
including sales and earnings through positive comps, higher gross
margin and SG&A leverage; the repositioning of our real estate
portfolio; access to differentiated products; execution of our core
strategies; demand from our athletes; expected share repurchases;
the expected increased dividend on an annualized basis; and the
health and positioning of our inventory.
Factors that could cause actual results to differ materially
from those expressed or implied in any forward-looking statements
include, but are not limited to: macroeconomic conditions,
inflation, elevated interest rates and recessionary pressures,
adverse changes in consumer disposable income, reinstatement of
student loan payments, consumer confidence and perception of
economic conditions, including the instability in the banking
sector, geopolitical conflicts (including the conflicts in
Ukraine and the Middle East) and the threat or outbreak of
further conflicts, terrorism or public unrest and changes in
consumer discretionary spending; changes in the competitive market
and competition amongst retailers and increasing direct competition
from vendors; fluctuations in product costs and availability;
international risks and costs, including foreign trade issues,
currency exchange rate fluctuations, shipment delays and supply
chain disruptions and political instability; changes in consumer
demand or shopping patterns and the ability to identify new trends
and have the right trending products in stores and online; our
investments in vertical brand offerings and new specialty concept
stores; our investments in GameChanger, our sports technology
platform; reputational harm or negative reactions from customers,
vendors and stockholders regarding Company policy changes or
advocacy efforts related to social and political issues;
investments in strategic plans and initiatives not producing the
anticipated benefits within the expected time-frame or at all; an
ability to execute our real estate strategy and risks associated
with the brick and mortar retail store model; risks related to our
distribution and fulfillment network; unauthorized disclosure of
sensitive or confidential customer information or disruptions or
other problems with our information systems, including our
eCommerce platform; our ability to hire and retain quality
teammates, including store managers and sales associates,
increasing labor costs or the loss of key personnel;
weather-related risks and seasonality of certain categories of the
Company's operations; our ability to protect against inventory
shrink; the ability of suppliers, distributors and manufacturers to
provide us with sufficient quantities of quality product in a
timely fashion; changes in existing tax, labor, foreign trade and
other laws and regulations, including those imposing new taxes,
surcharges, and tariffs, and compliance with such laws and
regulations; product safety and labeling concerns; various types of
litigation and other claims and sufficient insurance with respect
thereto; our ability to protect our intellectual property rights or
claims of infringement by third parties; the performance of
professional sports teams and other factors relating to
professional sports leagues and key athletes; and the availability
of adequate capital; the issuance of quarterly cash dividends and
our repurchase activity, if any; and obligations and other
provisions related to our indebtedness.
For additional information on these and other factors that could
affect the Company's actual results, see the risk factors set forth
in the Company's filings with the Securities and Exchange
Commission ("SEC"), including the most recent Annual Report on Form
10-K, filed with the SEC on March 28, 2024. The Company
disclaims and does not undertake any obligation to update or revise
any forward-looking statement in this press release, except as
required by applicable law or regulation. Forward-looking
statements included in this release are made as of the date of this
release.
Conference Call Info
The Company will host a conference call today at 8:00 a.m. Eastern Time to discuss the second
quarter results. Investors will have the opportunity to listen to
the earnings conference call over the internet through the
Company's website located at investors.DICKS.com. To listen to the
live call, please go to the website at least fifteen minutes early
to register, download, and install any necessary audio software.
For those who cannot listen to the live webcast, it will be
archived on the Company's website for approximately twelve
months.
About DICK'S Sporting Goods, Inc.
DICK'S Sporting Goods (NYSE: DKS) creates confidence and
excitement by inspiring, supporting and personally equipping all
athletes to achieve their dreams. Founded in 1948 and headquartered
in Pittsburgh, the leading
omnichannel retailer serves athletes and outdoor enthusiasts in
more than 850 DICK'S Sporting Goods, Golf Galaxy, Public Lands,
Going Going Gone! and Warehouse Sale stores, online, and through
the DICK'S mobile app. DICK'S also owns and operates DICK'S House
of Sport and Golf Galaxy Performance Center, as well as
GameChanger, a youth sports mobile platform for live streaming,
scheduling, communications and scorekeeping.
Driven by its belief that sports have the power to change lives,
DICK'S has been a longtime champion for youth sports and, together
with its Foundation, has donated millions of dollars to support
under-resourced teams and athletes through the Sports Matter
program and other community-based initiatives. Additional
information about DICK'S business, corporate giving, sustainability
efforts and employment opportunities can be found on dicks.com,
investors.dicks.com, sportsmatter.org,
dickssportinggoods.jobs and on Instagram, TikTok, Facebook and
X.
Contacts:
Investor Relations:
Nate Gilch, Senior Director of
Investor Relations
DICK'S Sporting Goods, Inc.
investors@dcsg.com
(724) 273-3400
Media Relations:
(724) 273-5552 or press@dcsg.com
Category: Earnings
|
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME - UNAUDITED
(In thousands,
except per share data)
|
|
|
|
13 Weeks
Ended
|
|
|
August 3,
2024
|
|
% of
Sales (1)
|
|
July 29,
2023
|
|
% of
Sales (1)
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
3,473,635
|
|
100.00 %
|
|
$
3,223,643
|
|
100.00 %
|
|
Cost of goods sold,
including occupancy and
distribution costs
|
|
2,197,935
|
|
63.27
|
|
2,114,167
|
|
65.58
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
1,275,700
|
|
36.73
|
|
1,109,476
|
|
34.42
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
796,673
|
|
22.93
|
|
764,788
|
|
23.72
|
|
Pre-opening
expenses
|
|
8,931
|
|
0.26
|
|
32,929
|
|
1.02
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
470,096
|
|
13.53
|
|
311,759
|
|
9.67
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
13,521
|
|
0.39
|
|
14,384
|
|
0.45
|
|
Other (income)
expense
|
|
(25,756)
|
|
(0.74)
|
|
(28,499)
|
|
(0.88)
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
482,331
|
|
13.89
|
|
325,874
|
|
10.11
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
120,101
|
|
3.46
|
|
81,543
|
|
2.53
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
362,230
|
|
10.43 %
|
|
$
244,331
|
|
7.58 %
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
4.50
|
|
|
|
$
2.90
|
|
|
|
Diluted
|
|
$
4.37
|
|
|
|
$
2.82
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON
SHARES
OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
80,432
|
|
|
|
84,142
|
|
|
|
Diluted
|
|
82,814
|
|
|
|
86,783
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Column does not add due to
rounding
|
|
|
Beginning in 2024, the
Company included grand opening advertising costs within pre-opening
expenses, which were historically included within selling, general
and administrative expenses. Prior period amounts have been
reclassified to conform to our current year
presentation.
|
|
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME - UNAUDITED
(In thousands,
except per share data)
|
|
|
|
26 Weeks
Ended
|
|
|
August 3,
2024
|
|
% of
Sales (1)
|
|
July 29,
2023
|
|
% of
Sales
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
6,492,019
|
|
100.00 %
|
|
$
6,065,823
|
|
100.00 %
|
|
Cost of goods sold,
including occupancy and
distribution costs
|
|
4,121,025
|
|
63.48
|
|
3,927,731
|
|
64.75
|
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
2,370,994
|
|
36.52
|
|
2,138,092
|
|
35.25
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
1,540,071
|
|
23.72
|
|
1,458,632
|
|
24.05
|
|
Pre-opening
expenses
|
|
30,027
|
|
0.46
|
|
42,078
|
|
0.69
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
800,896
|
|
12.34
|
|
637,382
|
|
10.51
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
27,357
|
|
0.42
|
|
29,427
|
|
0.49
|
|
Other (income)
expense
|
|
(51,148)
|
|
(0.79)
|
|
(46,206)
|
|
(0.76)
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
824,687
|
|
12.70
|
|
654,161
|
|
10.78
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
187,162
|
|
2.88
|
|
105,181
|
|
1.73
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
$
637,525
|
|
9.82 %
|
|
$
548,980
|
|
9.05 %
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
7.92
|
|
|
|
$
6.57
|
|
|
|
Diluted
|
|
$
7.67
|
|
|
|
$
6.23
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON
SHARES
OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
80,507
|
|
|
|
83,607
|
|
|
|
Diluted
|
|
83,080
|
|
|
|
88,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Column does not add due to
rounding
|
|
|
Beginning in 2024, the
Company included grand opening advertising costs within pre-opening
expenses, which were historically included within selling, general
and administrative expenses. Prior period amounts have been
reclassified to conform to our current year
presentation.
|
|
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS - UNAUDITED
(In
thousands)
|
|
|
|
August 3,
2024
|
|
July 29,
2023
|
|
February 3,
2024
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,691,899
|
|
$
1,901,903
|
|
$
1,801,220
|
|
Accounts receivable,
net
|
|
168,495
|
|
139,842
|
|
114,877
|
|
Income taxes
receivable
|
|
11,410
|
|
13,795
|
|
4,108
|
|
Inventories,
net
|
|
3,178,024
|
|
2,851,366
|
|
2,848,797
|
|
Prepaid expenses and
other current assets
|
|
130,707
|
|
115,138
|
|
121,047
|
|
Total current
assets
|
|
5,180,535
|
|
5,022,044
|
|
4,890,049
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
1,862,206
|
|
1,520,678
|
|
1,638,161
|
|
Operating lease
assets
|
|
2,346,020
|
|
2,269,101
|
|
2,257,482
|
|
Intangible assets,
net
|
|
56,520
|
|
62,993
|
|
56,663
|
|
Goodwill
|
|
245,857
|
|
250,503
|
|
245,857
|
|
Deferred income
taxes
|
|
31,928
|
|
24,278
|
|
37,846
|
|
Other
assets
|
|
212,893
|
|
207,767
|
|
185,694
|
|
TOTAL
ASSETS
|
|
$
9,935,959
|
|
$
9,357,364
|
|
$
9,311,752
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
1,426,650
|
|
$
1,320,662
|
|
$
1,288,728
|
|
Accrued
expenses
|
|
604,372
|
|
597,740
|
|
551,369
|
|
Operating lease
liabilities
|
|
489,511
|
|
499,189
|
|
492,856
|
|
Income taxes
payable
|
|
58,454
|
|
52,699
|
|
54,508
|
|
Deferred revenue and
other liabilities
|
|
342,019
|
|
305,389
|
|
364,933
|
|
Total current
liabilities
|
|
2,921,006
|
|
2,775,679
|
|
2,752,394
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
|
|
Revolving credit
borrowings
|
|
—
|
|
—
|
|
—
|
|
Senior
notes
|
|
1,483,734
|
|
1,482,794
|
|
1,483,260
|
|
Long-term operating
lease liabilities
|
|
2,423,264
|
|
2,276,037
|
|
2,287,714
|
|
Other long-term
liabilities
|
|
183,070
|
|
178,493
|
|
171,103
|
|
Total long-term
liabilities
|
|
4,090,068
|
|
3,937,324
|
|
3,942,077
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
Common
stock
|
|
568
|
|
602
|
|
568
|
|
Class B common
stock
|
|
236
|
|
236
|
|
236
|
|
Additional paid-in
capital
|
|
1,463,498
|
|
1,419,628
|
|
1,448,855
|
|
Retained
earnings
|
|
6,045,601
|
|
5,255,787
|
|
5,588,914
|
|
Accumulated other
comprehensive loss
|
|
(465)
|
|
(277)
|
|
(329)
|
|
Treasury stock, at
cost
|
|
(4,584,553)
|
|
(4,031,615)
|
|
(4,420,963)
|
|
Total stockholders'
equity
|
|
2,924,885
|
|
2,644,361
|
|
2,617,281
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
9,935,959
|
|
$
9,357,364
|
|
$
9,311,752
|
|
|
|
|
|
|
|
|
DICK'S SPORTING
GOODS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS - UNAUDITED
(In
thousands)
|
|
|
|
26 Weeks
Ended
|
|
|
August 3,
2024
|
|
July 29,
2023
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
$
637,525
|
|
$
548,980
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
189,219
|
|
168,900
|
|
Amortization of
deferred financing fees and debt discount
|
|
1,162
|
|
1,210
|
|
Deferred income
taxes
|
|
5,918
|
|
16,911
|
|
Stock-based
compensation
|
|
32,812
|
|
28,006
|
|
Other, net
|
|
2,443
|
|
(1,464)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
(34,396)
|
|
(30,311)
|
|
Inventories
|
|
(329,227)
|
|
16,254
|
|
Prepaid expenses and
other assets
|
|
(10,464)
|
|
(10,088)
|
|
Accounts
payable
|
|
141,555
|
|
14,404
|
|
Accrued
expenses
|
|
5,450
|
|
14,004
|
|
Income taxes payable /
receivable
|
|
(3,356)
|
|
17,671
|
|
Construction
allowances provided by landlords
|
|
46,556
|
|
30,995
|
|
Deferred revenue and
other liabilities
|
|
(22,501)
|
|
(35,648)
|
|
Operating lease assets
and liabilities
|
|
(36,548)
|
|
(86,331)
|
|
Net cash provided by
operating activities
|
|
626,148
|
|
693,493
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Capital
expenditures
|
|
(372,105)
|
|
(248,560)
|
|
Proceeds from sale of
other assets
|
|
8,775
|
|
27,500
|
|
Other investing
activities
|
|
(3,548)
|
|
(47,719)
|
|
Net cash used in
investing activities
|
|
(366,878)
|
|
(268,779)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Principal paid in
connection with exchange of convertible senior notes
|
|
—
|
|
(137)
|
|
Payments on finance
lease obligations
|
|
—
|
|
(401)
|
|
Proceeds from exercise
of stock options
|
|
12,950
|
|
13,332
|
|
Minimum tax
withholding requirements
|
|
(31,111)
|
|
(96,992)
|
|
Cash paid for treasury
stock
|
|
(163,567)
|
|
(260,438)
|
|
Cash dividends paid to
stockholders
|
|
(183,094)
|
|
(189,110)
|
|
(Decrease) increase in
bank overdraft
|
|
(3,633)
|
|
86,574
|
|
Net cash used in
financing activities
|
|
(368,455)
|
|
(447,172)
|
|
EFFECT OF EXCHANGE
RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
(136)
|
|
(25)
|
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS
|
|
(109,321)
|
|
(22,483)
|
|
CASH AND CASH
EQUIVALENTS, BEGINNING OF PERIOD
|
|
1,801,220
|
|
1,924,386
|
|
CASH AND CASH
EQUIVALENTS, END OF PERIOD
|
|
$
1,691,899
|
|
$
1,901,903
|
|
DICK'S SPORTING
GOODS, INC.
GAAP to NON-GAAP
RECONCILIATIONS - UNAUDITED
|
|
Non-GAAP Net Income
and Earnings Per Share Reconciliations
(dollars in thousands,
except per share amounts)
|
|
|
13 Weeks Ended
August 3, 2024
|
|
|
|
|
|
|
|
Selling, general
and
administrative
expenses
|
Other
(income)
expense
|
Income
before
income taxes
|
Net
income
|
Earnings per
diluted share
|
|
GAAP Basis
|
$
796,673
|
$
(25,756)
|
$
482,331
|
$
362,230
|
$
4.37
|
|
% of Net
Sales
|
22.93 %
|
(0.74) %
|
13.89 %
|
10.43 %
|
|
|
Deferred compensation
plan
adjustments (1)
|
(10,399)
|
10,399
|
—
|
—
|
|
|
Non-GAAP
Basis
|
$
786,274
|
$
(15,357)
|
$
482,331
|
$
362,230
|
$
4.37
|
|
% of Net
Sales
|
22.64 %
|
(0.44) %
|
13.89 %
|
10.43 %
|
|
|
(1)
Includes non-cash changes in fair value of employee deferred
compensation plan investments held in rabbi trusts.
|
|
|
26 Weeks Ended
August 3, 2024
|
|
|
|
|
|
|
|
Selling, general
and
administrative
expenses
|
Other
(income)
expense
|
Income
before
income taxes
|
Net
income
|
Earnings per
diluted share
|
|
GAAP Basis
|
$
1,540,071
|
$
(51,148)
|
$
824,687
|
$
637,525
|
$
7.67
|
|
% of Net
Sales
|
23.72 %
|
(0.79) %
|
12.70 %
|
9.82 %
|
|
|
Deferred compensation
plan
adjustments (1)
|
(14,146)
|
14,146
|
—
|
—
|
|
|
Non-GAAP
Basis
|
$
1,525,925
|
$
(37,002)
|
$
824,687
|
$
637,525
|
$
7.67
|
|
% of Net
Sales
|
23.50 %
|
(0.57) %
|
12.70 %
|
9.82 %
|
|
|
(1) Includes
non-cash changes in fair value of employee deferred compensation
plan investments held in rabbi trusts.
|
|
|
13 Weeks Ended July
29, 2023
|
|
|
|
|
|
|
|
Selling, general
and
administrative
expenses
|
Other
(income)
expense
|
Income
before
income taxes
|
Net
income
|
Earnings per
diluted share
|
|
GAAP Basis
|
$
764,788
|
$
(28,499)
|
$
325,874
|
$
244,331
|
$
2.82
|
|
% of Net
Sales
|
23.72 %
|
(0.88) %
|
10.11 %
|
7.58 %
|
|
|
Deferred compensation
plan
adjustments (1)
|
(9,730)
|
9,730
|
—
|
—
|
|
|
Non-GAAP
Basis
|
$
755,058
|
$
(18,769)
|
$
325,874
|
$
244,331
|
$
2.82
|
|
% of Net
Sales
|
23.42 %
|
(0.58) %
|
10.11 %
|
7.58 %
|
|
|
(1) Includes
non-cash changes in fair value of employee deferred compensation
plan investments held in rabbi trusts.
|
|
|
26 Weeks Ended July
29, 2023
|
|
|
|
|
|
|
|
Selling, general
and
administrative
expenses
|
Other
(income)
expense
|
Income
before
income taxes
|
Net
income
|
Earnings per
diluted share
|
|
GAAP Basis
|
$
1,458,632
|
$
(46,206)
|
$
654,161
|
$
548,980
|
$
6.23
|
|
% of Net
Sales
|
24.05 %
|
(0.76) %
|
10.78 %
|
9.05 %
|
|
|
Deferred compensation
plan
adjustments (1)
|
(9,909)
|
9,909
|
—
|
—
|
|
|
Non-GAAP
Basis
|
$
1,448,723
|
$
(36,297)
|
$
654,161
|
$
548,980
|
$
6.23
|
|
% of Net
Sales
|
23.88 %
|
(0.60) %
|
10.78 %
|
9.05 %
|
|
|
(1) Includes
non-cash changes in fair value of employee deferred compensation
plan investments held in rabbi trusts.
|
|
Reconciliation of
Gross Capital Expenditures to Net Capital
Expenditures
(in
thousands)
The following table
represents a reconciliation of the Company's gross capital
expenditures to its capital expenditures, net
of construction allowances.
|
|
|
|
26 Weeks
Ended
|
|
|
August 3,
2024
|
|
July 29,
2023
|
|
Gross capital
expenditures
|
|
$
(372,105)
|
|
$
(248,560)
|
|
Construction allowances
provided by landlords
|
|
46,556
|
|
30,995
|
|
Net capital
expenditures
|
|
$
(325,549)
|
|
$
(217,565)
|
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SOURCE DICK'S Sporting Goods, Inc.