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

September 4, 2024

– 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.