Dick's Sporting Goods Files Q3 2024 10-Q

TL;DR

**DKS Q3 10-Q filed. Financials and updates out.**

AI Summary

Dick's Sporting Goods, Inc. filed its 10-Q for the period ending November 2, 2024. The filing covers financial results and operational updates for the third quarter of fiscal year 2024. Key financial data and disclosures relevant to investors are included.

Why It Matters

This filing provides investors with the latest financial performance and disclosures for Dick's Sporting Goods, enabling them to make informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• DICK'S SPORTING GOODS, INC. (company) — Filer
• 20241102 (date) — Period of Report
• 20241127 (date) — Filed as of Date
• CORAOPOLIS, PA (location) — Business Address

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-20241102.htm (10-Q) — 948KB
• dks-exhibit_311x20241102.htm (EX-31.1) — 10KB
• dks-exhibit_312x20241102.htm (EX-31.2) — 10KB
• dks-exhibit_321x20241102.htm (EX-32.1) — 5KB
• dks-exhibit_322x20241102.htm (EX-32.2) — 5KB
• 0001089063-24-000121.txt ( ) — 3469KB
• dks-20241102.xsd (EX-101.SCH) — 16KB
• dks-20241102_cal.xml (EX-101.CAL) — 50KB
• dks-20241102_def.xml (EX-101.DEF) — 102KB
• dks-20241102_lab.xml (EX-101.LAB) — 336KB
• dks-20241102_pre.xml (EX-101.PRE) — 221KB
• dks-20241102_htm.xml (XML) — 296KB

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 39 Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net sales $ 3,057,181 $ 3,042,405 $ 9,549,200 $ 9,108,228 Cost of goods sold, including occupancy and distribution costs 1,963,737 1,980,942 6,084,762 5,908,672 GROSS PROFIT 1,093,444 1,061,463 3,464,438 3,199,556 Selling, general and administrative expenses 790,621 768,188 2,330,692 2,226,820 Pre-opening expenses 16,779 20,331 46,806 62,408 INCOME FROM OPERATIONS 286,044 272,944 1,086,940 910,328 Interest expense 12,947 14,382 40,304 43,809 Other income ( 23,976 ) ( 10,084 ) ( 75,124 ) ( 56,288 ) INCOME BEFORE INCOME TAXES 297,073 268,646 1,121,760 922,807 Provision for income taxes 69,260 67,540 256,422 172,721 NET INCOME $ 227,813 $ 201,106 $ 865,338 $ 750,086 EARNINGS PER COMMON SHARE: Basic $ 2.83 $ 2.46 $ 10.75 $ 9.04 Diluted $ 2.75 $ 2.39 $ 10.43 $ 8.63 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 80,404 81,772 80,473 82,995 Diluted 82,776 84,291 82,979 86,913 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 39 Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 NET INCOME $ 227,813 $ 201,106 $ 865,338 $ 750,086 OTHER COMPREHENSIVE LOSS: Foreign currency translation adjustment, net of tax ( 54 ) ( 185 ) ( 190 ) ( 210 ) TOTAL OTHER COMPREHENSIVE LOSS ( 54 ) ( 185 ) ( 190 ) ( 210 ) COMPREHENSIVE INCOME $ 227,759 $ 200,921 $ 865,148 $ 749,876 See accompanying notes to unaudited condensed consolidated financial statements. 4 Table of Contents DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLID

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, foreign trade, geopolitical conflicts, 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 ou

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