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    DICK'S Sporting Goods Reports Second Quarter Results; Raises 2024 Outlook

    9/4/24 7:00:00 AM ET
    $DKS
    Other Specialty Stores
    Consumer Discretionary
    Get the next $DKS alert in real time by email

    – 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.

    DICK'S gets athletes ready for back to school as it reports Q2 earnings.

     

    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.

    [email protected]

    (724) 273-3400

    Media Relations:

    (724) 273-5552 or [email protected]

    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)

     

    DICK'S Sporting Goods Logo. (PRNewsfoto/DICK'S Sporting Goods, Inc.)

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/dicks-sporting-goods-reports-second-quarter-results-raises-2024-outlook-302237380.html

    SOURCE DICK'S Sporting Goods, Inc.

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