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Dick's Sporting Goods(DKS) - 2023 Q1 - Quarterly Report
2022-05-24 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended April 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 001-31463 DICK'S SPORTING GOODS, INC. (Exact name of registrant as specified in its charter) Delaware 16-1241537 (State or Oth ...
Dick's Sporting Goods(DKS) - 2022 Q4 - Annual Report
2022-03-22 16:00
Economic and Consumer Trends - The company's performance is highly dependent on U.S. consumer confidence and economic health, with potential impacts from factors like inflation, consumer debt, and the ongoing COVID-19 pandemic [50]. - Decreases in consumer discretionary spending may lead to lower comparable sales and average transaction values, potentially necessitating increased promotional activities that could negatively affect gross margins [51]. - The COVID-19 pandemic has significantly altered U.S. consumer shopping patterns, leading to increased eCommerce penetration and demand for health and fitness-related products, though the long-term sustainability of these trends remains uncertain [56]. - The profitability of stores is influenced by consumer demographics and shopping habits, which have been affected by the COVID-19 pandemic [84]. - Seasonal influences significantly affect sales and operating income, with the highest results typically occurring in the second and fourth fiscal quarters [104]. Supply Chain and Operational Risks - Supply chain disruptions, including those caused by the COVID-19 pandemic, have resulted in inventory delays and product shortages, which could adversely affect sales and profitability [66]. - Labor shortages in the transportation industry may impact the timely supply of products to stores, affecting overall business operations [64]. - The company faces risks related to international manufacturing, including trade issues, currency fluctuations, and potential shipment delays, which could negatively impact sales and profitability [65]. - The distribution and fulfillment network's optimization is critical, as disruptions could adversely affect financial condition and results of operations [85]. - The company relies on independent third-party transportation providers for merchandise shipments, which subjects it to various risks [88]. - The company may face disruptions in its supply chain due to natural disasters or extreme weather conditions, negatively impacting production and delivery [106]. - The company relies on suppliers for timely delivery of quality products, and disruptions in these relationships could materially decline revenue [114]. Financial Performance and Strategic Investments - Fluctuations in product costs due to inflationary pressures and supply chain constraints could negatively impact the company's financial results and operational performance [60]. - The company's strategic plans may initially negatively impact financial results and may not achieve desired outcomes within the anticipated timeframe [78]. - The focus on long-term strategic investments, including digital capabilities and eCommerce platform improvements, may require significant capital investment and management attention [79]. - The company's ability to operate and expand is dependent on adequate capital, which is influenced by cash flow and market conditions [134]. - The company may pursue strategic alliances or acquisitions, but there is no assurance that these will produce anticipated results or be successfully integrated [131]. - Changes in tax laws and regulations could adversely affect the company’s financial results or condition [127]. - The company has $575 million of 3.25% convertible senior notes due 2025, $750 million of 2032 Notes, $750 million of 2052 Notes, and a $1.6 billion Revolving Credit Facility [137]. - The company may face substantial liquidity problems if cash flows and capital resources are insufficient to fund debt service obligations, potentially leading to asset sales or restructuring [138]. - The Revolving Credit Facility contains restrictive covenants that limit the ability to incur additional unsecured indebtedness and sell substantial assets [140]. - A takeover could be complicated by provisions in the indentures governing the Convertible Senior Notes and the 2032 and 2052 Notes, which may require repurchase of notes at a premium [141]. - The company entered into convertible note hedge transactions to reduce potential dilution of common stock related to the Convertible Senior Notes [142]. - The interest rate on the current Credit Facility is variable, and as of January 29, 2022, there were no outstanding borrowings under the Credit Facility [214]. - Inflationary factors may adversely affect operating results, although no material impact has been observed to date [216]. Competitive Landscape - The sporting goods retail market is intensely competitive and fragmented, with competition from various channels, including online retailers and direct-to-consumer vendors, which may pressure pricing and profitability [52]. - The competitive labor market for skilled professionals may impact the company's ability to attract and retain key personnel [101]. Product and Brand Management - The introduction of vertical brand offerings and new store concepts involves significant resource allocation and carries risks of increased costs and potential asset impairments if consumer demand does not support these initiatives [74]. - The company’s financial results could be adversely affected by product safety concerns, which may lead to decreased sales and increased costs [120]. - The company’s sales of professional sports team merchandise may fluctuate based on the performance of those teams, impacting financial results [129]. - The company purchased merchandise from approximately 1,400 vendors in fiscal 2021, with Nike representing about 17% of total merchandise purchases [115]. Data and Technology Risks - Data protection is critical, and any compromise could result in significant legal and financial exposure, as well as harm to reputation [92].
Dick's Sporting Goods(DKS) - 2021 Q4 - Earnings Call Transcript
2022-03-08 19:12
DICK'S Sporting Goods, Inc. (NYSE:DKS) Q4 2021 Earnings Conference Call March 4, 2022 10:00 AM ET Company Participants Nate Gilch - Senior Director of Investor Relations Ed Stack - Executive Chairman Lauren Hobart - President and Chief Executive Officer Navdeep Gupta - Chief Financial Officer Conference Call Participants Simeon Gutman - Morgan Stanley Adrienne Yih - Barclays Paul Lejuez - Citi Warren Cheng - Evercore Kate McShane - Goldman Sachs Michael Baker - D.A. Davidson Chuck Grom - Gordon Haskett Chri ...
Dick's Sporting Goods(DKS) - 2021 Q4 - Earnings Call Presentation
2022-03-08 18:46
INVESTOR PRESENTATION | MARCH 2022 EVERY SEASON STARTS AT This investor presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking 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 forwar ...
Dick's Sporting Goods(DKS) - 2021 Q3 - Earnings Call Transcript
2021-11-23 19:41
DICK'S Sporting Goods, Inc. (NYSE:DKS) Q3 2021 Earnings Conference Call November 23, 2021 10:00 AM ET Company Participants Nate Gilch - Senior Director, IR Ed Stack - Executive Chairman and Chief Merchandising Officer Lauren Hobart - President and CEO Navdeep Gupta - CFO Conference Call Participants Simeon Gutman - Morgan Stanley Warren Cheng - Evercore ISI Robbie Ohmes - Bank of America Merrill Lynch Adrienne Yih - Barclays John Kernan - Cowen Michael Baker - D.A. Davidson Christopher Horvers - JP Morgan P ...
Dick's Sporting Goods(DKS) - 2022 Q3 - Quarterly Report
2021-11-22 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended October 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 001-31463 DICK'S SPORTING GOODS, INC. (Exact name of registrant as specified in its charter) Delaware 16-1241537 (State or O ...
Dick's Sporting Goods(DKS) - 2021 Q2 - Earnings Call Transcript
2021-08-25 20:05
Financial Data and Key Metrics Changes - The company reported record quarterly sales of approximately $3.27 billion, a 20.7% increase compared to the same period last year [16] - Consolidated same-store sales increased by 19.2%, building on a 20.7% increase in the same period last year [16] - Non-GAAP earnings per diluted share reached $5.08, representing a 58% increase year-over-year and a 303% increase compared to Q2 2019 [19] Business Line Data and Key Metrics Changes - Strong growth was observed across all three primary categories: hardlines, apparel, and footwear, with double-digit sales growth [8] - Brick-and-mortar stores comped up nearly 40% versus last year and delivered a 36% sales increase compared to 2019 [9] - E-commerce sales increased by 111% compared to 2019, although there was a 28% decline versus last year due to a high base effect [10][16] Market Data and Key Metrics Changes - The company successfully retained 8.5 million new athletes acquired last year and added 2 million new athletes during the quarter [8] - The online business grew from 12% of total net sales in 2019 to 18% in the current quarter [16] - The golf business, particularly through Golf Galaxy, has seen significant growth, with plans to expand TrackMan technology to all stores [12] Company Strategy and Development Direction - The company is focused on transforming the athlete experience and investing in new concepts like DICK'S House of Sport and Public Lands [6][13] - A commitment to enhancing the omnichannel experience is evident, with over 90% of total sales enabled by stores [9] - The company plans to continue investing in technology, infrastructure, and team development to support future growth [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sales and earnings trajectory, raising full-year sales and earnings guidance for the second time this year [13][23] - The company acknowledged potential challenges from global supply chain disruptions but remains optimistic about consumer demand [23][38] - Management highlighted a fundamental shift in consumer behavior towards health and fitness, which is expected to sustain demand [26] Other Important Information - The company announced a special dividend of $5.50 per share and increased its quarterly dividend by 21% [7][22] - A transition in the CFO role was noted, with Navdeep Gupta appointed as the new CFO effective October 1st [15] Q&A Session All Questions and Answers Question: Does the industry continue to grow and compound at new order levels? - Management indicated that consumer demand for sporting goods remains strong, with categories significantly higher than pre-pandemic levels [30] Question: Are you seeing traffic to the business accelerate? - Yes, traffic is accelerating significantly, along with an increase in average unit retail (AUR) [32] Question: Can you talk about e-commerce profitability? - E-commerce profitability is now in line with the company average, with ongoing improvements expected [33] Question: What is the outlook for back-to-school sales? - The entire business is trending strong, with both team sports and back-to-school contributing positively [34] Question: What insights do you have about new customers? - The retention rate of new athletes remains strong, and the company is actively engaging them through personalized marketing [37] Question: How do you feel about product availability for the holiday season? - The company is confident in having products available for the holiday season, despite ongoing supply chain challenges [38] Question: Can you provide additional color on the back half of the year? - Guidance for the back half of the year has been raised significantly, with expectations for low single to mid-digit negative comps [41] Question: How much of the sales performance is attributed to market share versus overall market growth? - The company believes it is taking market share, particularly in apparel, footwear, and team sports [58]
Dick's Sporting Goods(DKS) - 2022 Q2 - Quarterly Report
2021-08-24 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended July 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 001-31463 DICK'S SPORTING GOODS, INC. (Exact name of registrant as specified in its charter) Delaware 16-1241537 (State or Othe ...
Dick's Sporting Goods(DKS) - 2021 Q1 - Earnings Call Transcript
2021-05-26 20:16
DICK'S Sporting Goods, Inc. (NYSE:DKS) Q1 2021 Earnings Conference Call May 26, 2021 10:00 AM ET Company Participants Nate Gilch - Senior Director, Investor Relations Edward Stack - Executive Chairman and Chief Merchandising Officer Lauren Hobart - President and Chief Executive Officer Lee Belitsky - Executive Vice President and Chief Financial Officer Conference Call Participants Robby Ohmes - Bank of America Adrienne Yih - Barclays Simeon Gutman - Morgan Stanley Paul Lejuez - Citigroup Michael Lasser - UB ...
Dick's Sporting Goods(DKS) - 2022 Q1 - Quarterly Report
2021-05-25 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended May 1, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 001-31463 DICK'S SPORTING GOODS, INC. (Exact name of registrant as specified in its charter) Delaware 16-1241537 (State or Other ...