Dick's Sporting Goods Files Q2 2024 10-Q

TL;DR

DKS Q2 10-Q filed. Financials and ops update.

AI Summary

Dick's Sporting Goods, Inc. filed its 10-Q for the period ending August 3, 2024. The company reported financial results and provided updates on its business operations. Key financial figures and operational details are outlined within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Dick's Sporting Goods, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Players & Entities

• DICK'S SPORTING GOODS, INC. (company) — Filer
• 0001089063-24-000111 (filing_id) — Accession Number
• 20240803 (date) — Reporting Period End Date
• 20240904 (date) — Filing Date
• CORAOPOLIS, PA (location) — Company Headquarters

FAQ

Key Financial Figures

• $0.01 — ange on which Registered Common Stock, $0.01 par value DKS The New York Stock Exchan

Filing Documents

• dks-20240803.htm (10-Q) — 861KB
• dks-exhibit_311x20240803.htm (EX-31.1) — 10KB
• dks-exhibit_312x20240803.htm (EX-31.2) — 10KB
• dks-exhibit_321x20240803.htm (EX-32.1) — 5KB
• dks-exhibit_322x20240803.htm (EX-32.2) — 5KB
• 0001089063-24-000111.txt ( ) — 3323KB
• dks-20240803.xsd (EX-101.SCH) — 16KB
• dks-20240803_cal.xml (EX-101.CAL) — 50KB
• dks-20240803_def.xml (EX-101.DEF) — 102KB
• dks-20240803_lab.xml (EX-101.LAB) — 336KB
• dks-20240803_pre.xml (EX-101.PRE) — 221KB
• dks-20240803_htm.xml (XML) — 268KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

OTHER INFORMATION

PART II. OTHER INFORMATION 24

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 25 INDEX TO EXHIBITS 25

SIGNATURES

SIGNATURES 26 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (Unaudited) 13 Weeks Ended 26 Weeks Ended August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Net sales $ 3,473,635 $ 3,223,643 $ 6,492,019 $ 6,065,823 Cost of goods sold, including occupancy and distribution costs 2,197,935 2,114,167 4,121,025 3,927,731 GROSS PROFIT 1,275,700 1,109,476 2,370,994 2,138,092 Selling, general and administrative expenses 796,673 764,788 1,540,071 1,458,632 Pre-opening expenses 8,931 32,929 30,027 42,078 INCOME FROM OPERATIONS 470,096 311,759 800,896 637,382 Interest expense 13,521 14,384 27,357 29,427 Other income ( 25,756 ) ( 28,499 ) ( 51,148 ) ( 46,206 ) INCOME BEFORE INCOME TAXES 482,331 325,874 824,687 654,161 Provision for income taxes 120,101 81,543 187,162 105,181 NET INCOME $ 362,230 $ 244,331 $ 637,525 $ 548,980 EARNINGS PER COMMON SHARE: Basic $ 4.50 $ 2.90 $ 7.92 $ 6.57 Diluted $ 4.37 $ 2.82 $ 7.67 $ 6.23 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 80,432 84,142 80,507 83,607 Diluted 82,814 86,783 83,080 88,224 See accompanying notes to unaudited condensed consolidated financial statements. 3 Table of Contents DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (Unaudited) 13 Weeks Ended 26 Weeks Ended August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 NET INCOME $ 362,230 $ 244,331 $ 637,525 $ 548,980 OTHER COMPREHENSIVE (LOSS) INCOME: Foreign currency translation adjustment, net of tax ( 76 ) 68 ( 136 ) ( 25 ) TOTAL OTHER COMPREHENSIVE (LOSS) INCOME ( 76 ) 68 ( 136 ) ( 25 ) COMPREHENSIVE INCOME $ 362,154 $ 244,399 $ 637,389 $ 548,955 See accompanying notes to unaudited condensed consolidated financial statements. 4 Table of Contents DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this Quarterly Report on Form 10-Q or made by our management involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. These statements can be identified as those that may predict, forecast, indicate or imply future results, performance or advancements 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. Forward-looking statements address, among other things, our expectations regarding our future comparable sales and earnings per share; our belief that many consumers have made lasting lifestyle changes with an increased focus on health and fitness, sports, and outdoor activities, leading to structurally higher sales; current macroeconomic conditions, including the uncertain impact of inflationary pressures, geopolitical conflicts, the end of student loan payment deferments, and elevated interest rates; supply chain disruptions, including factory closures and port congestion; changes in consumer demand for products in certain categories, including fitness and outdoor equipment; the adequacy of our cash flow; our ability to control expenses and manage inventory shrink; the impact of our business optimization efforts completed in 2023; plans to opportunistically open new stores in under-penetrated markets and leverage our real estate portfolio to capita

View Full Filing

View this 10-Q filing on SEC EDGAR