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The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

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Employees say:"The culture DSG is unlike any I've experienced before - welcoming, helpful, encouraging, positive - it really feels like I'm part of an actual sports team! There are plenty of opportunities, but no pressure, to join a multitude of groups from business-related to recreational sports. The total compensation package is generous and there are lots of other perks. I really appreciate the hybrid work schedule. Also, DSG gives back in spades to the communities we serve which I love!"

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Employees say: 
 
"Dick's Sporting Goods's focus on DE&amp;I efforts, and how we know the work is never done and continues to be a passion, along with our focus on sustainability."

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

Employees say: 
 
“What I appreciate about this place is the sense of a community feeling when you need it in addition to this just being a place where I work. We have chat groups about parenting and all things related or unrelated that we can get ideas/advice no matter where we live across the country and meet new co-workers. In addition we have resource groups of those interested helping each other throughout their career at work no matter who they are which also gives more opportunity to meet someone outside of their normal business interaction.”

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Employees say: 
 
“It is a company that provides to those across all ages, races, and genders and I see that same in the workplace. Opportunities at all levels of the organization are for everyone who works hard.”

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F500-2021-320-Dick's Sporting Goods

Dick's Sporting Goods, the country's largest athletics and fitness retailer, moved up 42 spots on the Fortune 500 this year, powered by a solid 9.5% increase in sales in 2020. In the first quarter of 2021, Dick's beat analyst estimates, reporting net income of $361.8 million compared to a loss of $143.4 million a year ago.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-362-Dicks-Sporting-Goods

The Pennsylvania-based sporting goods retailer operates hundreds of stores across the U.S.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Retailer Dick’s Sporting Goods offers a wide selection of sporting goods equipment, fitness gear, golf products, fishing gear, apparel, footwear, and accessories. The company’s portfolio includes specialty concept stores such as Golf Galaxy, Public Lands, Going Going Gone!, and Dick’s House of Sport. Dick’s Sporting Goods was founded in 1948.

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Dick's Sporting Goods (DKS): Company Profile, Stock Price, News, Rankings

legacy

Dick's Sporting Goods

dick's sporting goods

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to Dick's Sporting Goods Incorporated Third Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, there will be a question and answer session.

And I would now like to turn the conference over to Nate Gilch, Senior Director of Investor Relations. Nate, you may begin.

Good morning, everyone, and thank you for joining us to discuss our Q3 2024 results. On today's call will be Lauren Hobart, our President and Chief Executive Officer and Navdeep Gupta, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors. Dicks.com for approximately 12 months. As a reminder, we will be making forward looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.

Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last Annual Report on Form 10 ks as well as cautionary statements made during this call. We assume no obligation to update any of these forward looking statements or information. Please refer to our Investor Relations website to find the reconciliation of our non GAAP financial measures referenced in today's call. And finally, for your future scheduling purposes, we are tentatively planning to publish our Q4 2024 earnings results on March 11, 2025. With that, I will now turn the call over to Lauren.

Thank you, Nate, and good morning, everyone. As we announced earlier this morning, we delivered another strong quarter. We are very proud of our Q3 results and our performance year to date. These results show how well our long term strategies are working and the great execution from our team. Our Q3 comps increased 4.2% driven by our 4 strategic pillars of omni channel athlete experience, differentiated product assortment, deep engagement with the DICK'S brand and our knowledgeable and passionate teammates who are integral to our success.

We had an excellent back to school season and continue to gain market share. Our Q3 gross margin expanded 67 basis points from last year's non GAAP results, driven by higher merchandise margin and we delivered EPS of $2.75 As a result of our strong performance in the quarter and the continued confidence we have in our business, we are again raising our full year outlook. We now expect comp sales growth for the full year to be in the range of 3.6% to 4.2% and EPS to be in the range of $13.65 to $13.95 At the heart of our long term strategies is the omni channel athlete experience. We're continuing to invest across our digital and store experiences with a focus on elevating training, service and product knowledge to drive enhanced engagement with our athletes. We feel great about the strong performance of House of Sport.

We are redefining sports retail and creating strong engagement with our athletes, brand partners and communities. We continue to see sports having a strong influence on culture and culture on sport and our house of sport concept is uniquely positioned to meet the needs of all athletes across both performance and lifestyle. In Q3, we opened 3 house of sport locations followed by 2 more earlier this month, bringing us to 19 now open ahead of the holiday season. In 2025, we expect to open approximately 15 House of Sport locations and we remain on track to have 75 to 100 locations open by 2027. Inspired by House of Sport, we continue to revolutionize our 50,000 square foot fixed stores with the next generation format, which we refer to internally as our field house concept.

These stores continue to do very well in both sales and profitability. In Q3, we opened 5 Field House locations followed by another 4 earlier this month, bringing us to 26 now open. In 2025, we expect to open approximately 20 Field House locations. The Texas market is an exciting growth opportunity for us and one of the areas where we are investing in new house support locations in marketing and in our infrastructure to enhance the omni channel experience for our athletes and capture this potential. This quarter, we broke ground on the new distribution center we've been planning in Fort Worth, Texas, which is expected to open in early 2026.

Our digital capabilities are central to our omni channel athlete experience. We continue to improve the shopping experience for our athletes, including on dicks.com and our DICK'S mobile app. Our elevated and diverse assortment uniquely positions us as the destination for new products. And this past quarter, we expanded our product launch reservations in our Dix app beyond footwear and golf to include product drops across other key categories. We're also giving our teammates new and improved technology tools to help them find the right products quicker, including expanding our use of RFID technology.

As we discussed, Game changer continues to be a key part of our digital strategy and it's strengthening our leadership in the multi $1,000,000,000 youth sports tech ecosystem. Over 5,500,000 unique users were active on Game changer in the 3rd quarter, a 21% increase from last year. And we had approximately 2,000,000 average daily active users in the Game changer app during the quarter. Providing differentiated on trend products helps make Dick the go to destination for sport in the U. S.

Our health of sport and field health concepts have opened doors to new brand partnerships and strengthened existing relationships as they enable us to showcase our brand partners and vertical brands in a way no one else can. Our priority categories continue to perform very well, led by important national brands and our flagship vertical brands. And we've deliberately taken steps to be fully stocked across key products and categories for holiday shopping. Looking ahead, we are optimistic about the product pipeline into next year. In closing, we're very pleased with our strong Q3 results and are highly confident in our long term strategies to drive sustained sales and profit growth.

We believe our differentiated product, quality service and powerful omni channel experience will resonate well with our athletes this holiday season, along with this year's really fun holiday campaign featuring NFL legend J. J. Watt and his family, which is driving so much buzz. I'd like to thank all of our teammates for their hard work and commitment to Zix Sporting Goods and for their focus on delivering great experiences for our athletes this holiday season. With that, I'll turn the call over to Navdeep to share our financial results in more detail.

Thank you, Lauren, and good morning, everyone. Let's begin with some highlights of our strong year to date performance. Through the Q3, consolidated net sales increased 4.8% to $9,550,000,000 Adjusting for the calendar shift, our comps increased 4.7 percent driven by a 3.7% increase in average ticket and a 1% increase in transactions. EBT was $1,120,000,000 11.75 percent of net sales. This is up from non GAAP EBT of $975,300,000 or 10.71 percent of net sales in the same 39 week period last year.

In total, we delivered earnings per diluted share of $10.43 This compares to non GAAP earnings per diluted share of $9.08 last year, an increase of 15% for the 39 week period. Now moving to our Q3 results. Adjusting for the calendar shift, which we believe provides the clearest view of the business, our Q3 comps increased 4.2% as we continue to gain market share. Our strong comps were driven by a 4.8% increase in average ticket and partially offset by a modest 0.6% decline in transaction. Our back to school categories did very well with strength across footwear, athletic apparel and team sports.

Consolidated net sales increased 0.5% to $3,060,000,000 As we previewed during the last quarter's call, this included the unfavorable impact of the calendar shift from the 53rd week last year. As expected, this shifted a key back to school week out of Q3 and into Q2, unfavorably impacting the Q3 sales by approximately $105,000,000 $0.35 in earnings per diluted share. Gross profit for the Q3 remains strong at $1,090,000,000 or 35.77 percent of net sales and increased 67 basis points from last year's non GAAP results. This increase was driven by higher merchandise margin of 84 basis points due to favorable sales mix and the quality of our assortment. This was partially offset by expected deleverage on occupancy costs driven by unfavorable impact to our total sales from the calendar shift.

On a non GAAP basis, SG and A expenses increased 7.2 percent to $787,100,000 and deleveraged 162 basis points compared to last year's non GAAP results. This year over year deleverage was expected with approximately 65 basis points of this increase due to unfavorable impact to our reported total sales from the calendar shift. The remaining increase was driven by strategic investments primarily across marketing, technology and talent based on the strength of our business as well as higher incentive compensation. Preopening expenses was $16,800,000 a decrease of $3,600,000 compared to the prior year and favorable versus our expectations due to difference in timing of new store openings. EBT was $297,100,000 or 9.7 percent of net sales.

This compares to a non GAAP EBT of $321,100,000 or 10.6 percent of net sales in Q3 of 2023. This included an unfavorable impact from the calendar shift of approximately 95 basis points. In total, we delivered earnings per diluted share of $2.75 This compares to a non GAAP earnings per diluted share of $2.85 last year. As I mentioned earlier, the current year included an unfavorable impact from the calendar shift of $0.35 in earnings per diluted share. Now looking to our balance sheet, we ended Q3 with approximately $1,500,000,000 of cash and cash equivalents and no borrowings on our $1,600,000,000 unsecured credit facility.

Our quarter end inventory levels increased 13% compared to Q3 of last year. As we have talked about previously, to maximize the benefit of our differentiated assortment, we have made a conscious decision to lean into key items and categories, which we expect to drive our growth in Q4 as well as into early 2025. Our investment is in some of our strongest product offerings and we believe our inventory is clean and well positioned as we enter the Q4. In fact, our clearance inventory is down meaningfully year over year. Turning to our Q3 capital allocation.

Net capital expenditures were approximately $185,000,000 and we paid $90,000,000 in quarterly dividends. We also repurchased approximately 35,000 shares of our stock for $6,700,000 at an average price of $194.22 Thus far this year, we have repurchased a total of $170,300,000 of our stock. For the full year, we continue to expect share repurchases of approximately $300,000,000 Now moving to our outlook for 2024. As Lawrence said, we are again raising our full year outlook. This reflects our strong Q3 performance and our confidence in our strategic initiatives and operational strength balanced against the dynamic macroeconomic environment and shorter traditional holiday shopping season.

We now expect consolidated net sales in the range of $13,200,000,000 to $13,300,000,000 compared to our prior expectation of $13,100,000,000 to $13,200,000,000 We now expect full year comp sales growth in the range of 3.6% to 4.2% compared to our prior expectation of 2.5% to 3.5% growth. Driven by the quality of assortment, we continue to expect gross margin to expand year over year and now anticipate it will slightly exceed our prior expectations. Based on the strength of our business, we are making strategic investments to better position ourselves for 2025 and over the long term and continue to expect SG and A to deleverage year over year. We continue to expect EBT margins to be at 11.2 percent of sales at the midpoint. In total, we now anticipate earnings per diluted share to be in the range of $13.65 to $13.95 compared to our prior expectation of $13.55 to $13.90 Our earnings guidance is based on approximately 83,000,000 average diluted shares outstanding and an effective tax rate of 23%.

We continue to expect net capital expenditures of approximately $800,000,000 for the year. Lastly, keep in mind, due to the impact of the shifted calendar, our reported total sales and EPS benefited by approximately $35,000,000 or approximately $0.10 per diluted share through the 1st 3 quarters of the year. We expect a modestly unfavorable impact in the Q4 of approximately $30,000,000 or $0.10 per diluted share. On a full year basis, this shift will not impact our results. Furthermore, recall that last year's 53rd week added $170,000,000 or $0.19 per diluted share in Q4 2023.

In total, Q4 compares versus last year will be unfavorably impacted by approximately $200,000,000 in sales and approximately $0.29 in earnings per diluted share. This all has been contemplated within our updated guidance. In closing, we are very pleased with our Q3 performance and the success of our long term strategy. We remain very enthusiastic about the future of our business. This concludes our prepared remarks.

Thank you for your interest in DICK'S Sporting Goods. Operator, you may now open the line for questions.

Your first question comes from the line of Adrienne Yih with Barclays. Please go ahead.

Good morning. And let me just say congratulations. My first question is actually going to be on your ability to succeed in the current environment. So what we've seen so far during retail seat earning season is most of the winners are those who are kind of more value oriented and they're giving back price. The composition of your comp is kind of the opposite.

It's stronger full price selling, AUR probably up on that ATV. So Lauren, can you talk about why Dick's is positioned, why you're taking so much market share with non promotional sales in an era of very promotional holiday? And the kind of shift of the power of your multi brand retail strategy, given that you're one of the biggest national sporting goods retailer? Thank you.

Thanks, Adrienne. Yeah, we are really pleased with the comp that we just put up and to your point there has we have had 3 quarters in a row now of over a 4% comp. And I think it really is a testament to the fact that our long term strategies are working. And I would point to the access that we've had continued to gain to differentiated product. Our merchant team has done an absolutely amazing job and to your point.

Multi brand retail strategy between our national partners and our vertical brands. And at the same time, our team throughout the entire organization is executing at such an incredibly high level. So we're really able to serve athletes with the products that they need and do it in a way that is increasingly engaging and a really fun experience. It's important, I think, to look at our athlete and how athletes are doing. They have been for some time prioritizing healthy and active lifestyle.

They're prioritizing team sports. We saw a tremendous, gain in the back to school categories this past quarter. So footwear, apparel, team sports, but also prioritizing just outdoor living, golf, really all of the athletic categories and just being outside. We saw 1,500,000 more athletes enter our ecosystem over the past quarter, and we saw growth across all income demographics. So again, to your point, we are sort of seeing different trends perhaps in the industry would be saying.

I would point to the fact that, in the industry would be saying. I would point to the fact that we're in such an exciting time in sport and an exciting time in the industry. The country is really having what we're calling a smart moment. And if you think about it between women's basketball, which is just on fire, and the expanded NCAA playoffs for football this year, and then the fact that the World Cup is going to be mostly in the U. S.

In 'twenty six and the Olympics in L. A. In 'twenty eight, we really expect that sport's going to continue to have an outsized influence on culture and culture on sport. And I really think DICK'S is in such a great lane to just ride those trends in that we are rooted in sport. We have all the performance merchandising gear you could ever want, but we increasingly also have product that is the lifestyle of sport.

And so that's why we have such confidence in our athlete and our growth going forward.

Fantastic. And my follow-up, Navdeep, I guess officially the tariff man has come. So we had an update yesterday evening, 25% Canada, Mexico and obviously the 10% in China. Historically, you've already told us that you don't have much exposure, but for the private label. So can you just update us?

I'm assuming that this doesn't change the answer that you've given us before, but just remind us now that we have some quasi official numbers, how are you thinking about that? Thank you.

Yes. Adrian, thanks for that question. First of all, thank you for your comments on the Q3 results as well. We couldn't be more excited about the results that we have delivered here in Q3. In terms of tariffs, I think so I would say that slightly more information is known.

We still don't know about the timing and the likely the categories that would be impacted. So still a lot to be learned more. But like you said, we have navigated the situation back in 2018, 2019 effectively as well. Vertical brands perspective, we have a very small or actually very, very negligible amount of exposure as because we have diversified our supply chain both from China as well as there's not much of an exposure even if you look into Mexico or Canada. So we feel we are well positioned for that.

And then like Lauren indicated, we have very strong partnership with our national brand vendors. So as more is learned, we'll continue to navigate that in close partnership with our national brand vendors as well. Overall, if you look back to how we navigated this in 2018, 2019, that will be kind of the playbook that will follow here again as more is learned.

Fantastic. Happy Thanksgiving. Happy Black Friday.

Your next question comes from the line of Simeon Gutman with Morgan Stanley. Please go ahead.

Good morning, everyone. My first question is on inventory and then a follow-up on the P and L. You gave the color around the inventory spread and you mentioned similar factors in the prior quarter. So we know what to expect. My question is, are you tracking where you'd expect to be by the end of Q4?

And does any of the slower start to cold temperatures affect how you'll end the year versus where you expect to be in the early part of next year?

Thanks, Simeon. Yes, I'm glad you asked. I want to discuss the inventory, the investment that we've made in inventory. We have made a conscious decision over the course of several quarters now to invest in our highly differentiated assortment. And this quarter, the inventory that we ended the quarter with is complete with things like key items, key brands, things like fleece, things like footwear, the licensed opportunity that I just mentioned with the NCAA playoff expansion.

And so we don't peanut butter spread the inventory across the categories. We're very surgical and strategic about it. We have 2 exciting opportunities that some of this inventory is meant to address going into Q4. One of which is that around the holiday season leading into like the last days of Christmas or right before Christmas, we sometimes were broken on size and color for some of our key items, say Nike fleece and things like that. So we will be addressing that with the inventory.

And we also feel like we have an opportunity in our warmer weather climates to transition out of holiday and into our spring merchandise even earlier. So we've accelerated some of that. So many of these products will have life into 2025 and we should see the results in the back half of the quarter and into 2025. So we are very confident. And you saw that we just increased our guidance.

Our comp guidance implied in Q4 has increased as well. So we're very pleased.

And Simeon, let me just build on what Lauren said. The inventory is right in line with our expectation. And you called out a little bit on the colder weather impact. I would say the weather is still very early part of Q4. The vast majority of the holiday selling season is ahead of us.

So we feel really good about the quality of the inventory. We also called out that the clearance levels continue to be really well managed. It's actually down significantly. So overall really excited about the composition of the inventory, how well that inventory is positioned in the key categories. And based on that confidence we raised our Q4 expectation and our full year comp expectations as well.

Okay. Thanks for that. The follow-up is on the P and L. I don't think we've gotten into a discussion on margin versus EBITDA growth. I know we've talked about it individual years.

My question is whether it's Q4 or beyond thinking about SG and A dollar growth because there's a higher level of expenses now with House of Sport and other costs. Should we expect you to lever SG and A or should we meaning should margins go up or should margins gross margin offset what's happening in SG and A? How do we expect the movement of the P and L going forward?

Yeah. Simeon, maybe I'll start with the full year guidance that we have issued and in another quarter we'll be providing a little bit of a further outlook for 2025. So let's start with the results that we have posted as well as the guidance that we have issued. So first of all, we couldn't be more excited about the 4.7% comp that we have posted year to date and the guidance that we have issued. And at the midpoint of our guidance, our comp will be approximately 4% which is on top of a 2.6% growth or comp growth last year.

And like you indicated, our expectation is that the merch margin at the midpoint will expand on a 40 basis points on a year over year basis as well. So said in effect that the way we are thinking about our focus in driving the business is to continue to drive the strong top line and strong bottom line improvement. There will be puts and takes between the margin and SG and A and as you are seeing it at this year play out, we are driving really strong top line momentum and driving strong gross margin expansion and we're leveraging that to make strategic investments in SG and A to position ourselves better even for 2025 and beyond. Lauren indicated one of the technologies that we have implemented RFID in our stores which is allowing our store team members to quickly find the product and and serve that athlete. As you can imagine in apparel and footwear, it's really important to be able to quickly locate the product and service that athlete.

And those are the examples of the investments that we are making which we believe will drive long term returns as we look to 'twenty five and beyond. So in a summary, what I would say is look to us to continue to drive strong top line and strong profitability improvement with little bit of an interplay between the margin and SG and A.

Perfect. Thanks. Good quarter and good luck on the holidays.

Your next question comes from the line of Brian Nagel with Oppenheimer. Please go ahead.

Hi, good morning. Congrats again. Another great quarter.

So my first question, we talked in the prepared comments, you talked about the ongoing success of the new concepts, including House of Sport. So I guess the question is just maybe you can remind us the rollout plan as we through the balance of 24, but probably more important into 25? And then how are these how is this rollout now impacting comp store sales growth at Dick's? You're recognizing there's been some noise around sales growth with the calendar shift.

Thanks, Brian. I'll start just with an update on the House of Support concept in general and Navdeep will answer some of your more detailed questions. But House of Support continues to be an incredibly impactful part of our long term strategy. We just opened 4 more in the past couple of weeks. We had the opportunity to go visit many of them and they just the impact they have in the community when they open is terrific.

The experience is delighting athletes. We're seeing athletes drive longer distances. They're spending more time when they come. The community is just absolutely embracing a house of sport. Importantly, we're also seeing our vendor partners get very excited about the fact that they can bring their whole brand to life in a house of sport and in particular in the CoLab spaces where we can tell this incredible brand story.

Last thing I would just say is that landlords and mall operators are noticing that we, when we put a house of sport into a mall, we get incredible, there's incredible traffic increases to the mall, which is obviously a win win for everybody, but it's also allowing us to get access to even better long term real estate opportunities. So we are really excited. I'll turn it to Navdeep to answer some of your more specific questions.

Yeah Brian, just to give some of the count information. So we finished last year with 12 houses for location and we expect to finish this year with approximately 20 houses for location. What we have indicated is we plan to open another 15 locations in 2025 with the long term expectations of 75 to 100 housesport locations by 2027. In terms of the comp definition, the vast majority of these house of support openings will be relocation or remodels of the existing locations and they will continue to remain in our comp as have been. And so that's the reason you're not seeing that much of a difference come through between the comp and the total sales growth.

We do selectively open new locations as well. For example, Prudential Center this year, a house of support location was a brand new location, but those will be far and few between. So vast majority of these these housesport locations will be within our comp composition as we look to the future as well.

Okay, that's very helpful. Appreciate all that. Then my follow-up question, I guess, Nir, just with regard to guidance, I know it's a follow-up, so maybe I can make it 2 parts anyway. So sorry about that. So look, you beat Street in Q3, you lifted guidance for the full year.

Are you the first part of that question, are you taking up guidance for from your internal projections for the Q4? And then with regard to and I know you mentioned and others and a lot of others have talked about the impact of this shortened holiday season. How are you thinking about that? I mean, I was in one of your stores, I guess, last week and I saw a lot of holiday signage already. So it seems like you're doing what you can to kind of pull forward.

But how are you thinking just about what how the impacts could play out here from this fewer days between Thanksgiving and Christmas?

Yes. Thanks, Brian. So to your point, we beat our Q3 estimates and did lift our guidance and that is reflecting both the confidence that we have in the momentum in the business and all of the long term strategies that I mentioned. We're super excited about Holiday, by the way. I would just point out that our stores, to your point, are looking amazing.

Our online store looks amazing. Our marketing kicked off a few weeks ago with JJ Watt, as I mentioned in the prepared remarks. It's just driving an incredible buzz. And our team is extremely pumped. So we're excited about Q4.

We did want to be appropriately cautious given the two factors, one being just the uncertain macroeconomic environment and then also the fewer holiday days. There's 5 fewer. People are waking up and talking to it. I'm hearing even people in my life talk about how, oh, my gosh, Christmas is coming. They have to quickly accelerate the gift buying.

But we've been prepared for this. Black Friday holiday has expanded into the early weeks of November for many years now and we've started our stores already, our online stores ready. So, we are excited about it, just being appropriately cautious. Aptivo, would you add?

Yeah. Just to build, Brian, on what Lauren said. So as we indicated today, we have raised both our comp and the EPS expectations for full year. In Q3, we delivered really strong results. So we definitely look to that opportunity to translate that beat in terms of our full year expectations.

In terms of Q4, what we have indicated is we have raised our top line expectations for Q4 driven by the fact that how strongly we feel our inventory position is, how well ready our stores and our website are for the holiday selling season. But we are as you can imagine, we are balancing that against the macroeconomic uncertainties as well as the short haul and talent that Lauren talked about. In terms of the full year EPS expectations, we have raised that as well. And within that, you have the composition of the margins being raised a little bit versus our prior expectations, offset by the SG and A investment opportunities that we see to continue to take advantage of the opportunities we see to position the business better for 2025. So overall, really excited about the results we posted as well as the confidence we have for Q4 and beyond.

Great. Well, I appreciate all the color. Congrats again. Best of luck here for the holiday.

Your next question comes from the line of Kate McShane with Goldman Sachs. Please go ahead.

Hi, good morning. Thanks for taking our questions. Because it's come up a couple of times with the commentary around differentiation and I know that's been a big driver of growth for you, How much would you say your product overlaps with retailers today? And how has that changed?

Kate, thanks for the question. We have really been leaning into differentiation across the board. And if you look at our footwear, we have highly differentiated product. If you look at even some of the exclusives we have across our hardline businesses, there's exclusives even in team sports and things like that. So we have a highly differentiated product.

It does allow us to be much more surgical when, where and how we participate in any sort of promotional activity. We're just less vulnerable to the entire market going up and down. And it continues to be a core strategy of us. We don't release the exact amount that our products overlap. But, Navdeep, would you?

Yeah, Kate. And just to build on what Lauren said, the other portfolio that we have in our assortment and that we are really excited about is our vertical brands. So our vertical brands, especially when you think of the flagship vertical brand, CALIA, WES, DSG, those brands are resonating so well with our athletes and we continue to see that as an opportunity to not only differentiate our assortment, but our overall basket building opportunity that we provide to these athletes. So, yeah, no, our key driver of both the top line momentum as well as the margin gains that we have been driving is driven by the work that our merchandising team is doing in creating these curated assortment and having in-depth presentation of these products available in stores and online.

Okay. And then our follow-up question, thank you, was on the drivers of ticket during the quarter. It seems like ticket increased a little bit more than what we've seen. How much of that is just same SKU inflation versus mix of what you sold in Q3?

Yeah, Kate, I would say it's pretty consistent with what we have been talking about the drivers of the ticket. It goes back to your prior question. It is driven by the differentiated product that we have access to and what Lauren called out in her remarks that you know this curated and differentiated product is not exposed to kind of the promotional pressures that may be out there. So we are able to get a better recovery on the margin as well and that also helps us drive a higher ticket. So it's again mix, that differentiated product and the pricing opportunity that we see.

Your next question comes from the line of Robbie Ohmes with Bank of America. Please go ahead.

Hey, congrats guys. Thanks for taking my question. Actually just two quicker questions. One, can you guys talk a little more about Game changer remind us the flow through and remind us the long term opportunity there? And then the second one is, can you give a little more color on some of the key new brand partnerships that you see coming down the pike for House of Sport?

Thanks, Robbie. We're so excited about Game changer. The Game changer business continues to do really well. And for those of you who I know engage with it for your kids, you love it. But we are now forecasting for this year $100,000,000 in Game changer revenue and it's a highly profitable software as a subscription model and it just continues to grow and dominate in the use for tech space.

This past quarter for Game Changer, we had 5,500,000 unique active users, which was a 21% increase over last year. And they're averaging approximately 2,000,000 active users in the app every single day. The Game changer business is moving into more and more video streaming opportunities, which is enabling us to open basketball and some other sports. And those video games that were streamed increased 50%. So just from a strategic standpoint, we feel like Game changer and Dick's are so well aligned.

We actually co presented what we call the Bat Lab this past weekend in Florida, where athletes from across the country were able to come in and demo all of the bats and give ratings. And it's just so exciting to see that brand become an even bigger part of our ecosystem.

Robbie, thanks for your comments. And let me build a little bit on what Lauren said in terms of the game changer platform and the excitement that we have, not just about the platform, but the combined capability on what it can mean for the athletes at TIX holistically. So like Lauren indicated, the size of the business that we have indicated, we expect this business to be about about $100,000,000 of sales in 2024 and it's growing at 30% to 40% CAGR each year and that has been the CAGR of this business for last several years. So couldn't be more excited about the size of the business, the top line momentum that the team is able to drive as well as the profitability of the business. As you can imagine, a SaaS business is extremely profitable.

So it's a great complement to our capabilities. In terms of the long term opportunity, we believe that the youth's tech landscape or youth sports tech landscape is multi $1,000,000,000 and as you can imagine with $100,000,000 and probably the best tool that is out there in the marketplace, we feel that this opportunity is really ripe for continued growth into the future. Lauren, you want to address

Oh yes, thank you. Your second question. So House of Sport has been fantastic for us because of the key brand partnerships that we have been able to expand and also build. So even our national brands have just loved being able to bring their brand to life in our collab spaces, but we've also had exciting partnerships with new and emerging brands.

Things like GOAT, the lacrosse brand that we're very excited about. Right now, there's an incredible holiday presentation. Our vertical brands are being demoed in the collab space. We continue to have People Movement came in through a CoLab space. So there's a lot of brands that have come in through House of Sport that have translated into big brand partners for us and that are transferring through the entire chain.

Terrific. I look forward to being in one of your HOS stores on Black Friday.

Your next question comes from the line of John Kernan with TD Cowen. Please go ahead.

Retailer Dick’s Sporting Goods offers a wide selection of sporting goods equipment, fitness gear, golf products, fishing gear, apparel, footwear, and accessories. The company’s portfolio includes specialty concept stores such as Golf Galaxy, Public Lands, Going Going Gone!, and Dick’s House of Sport. Dick’s Sporting Goods was founded in 1948.

Dick's Sporting Goods Q3 2025 Earnings Call Transcript | Fortune

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