0001089063false00010890632024-09-032024-09-03

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported):  September 3, 2024
 
DICK'S SPORTING GOODS, INC.
(Exact name of registrant as specified in its charter)
Delaware001-3146316-1241537
(State or Other Jurisdiction of Incorporation)
(Commission File Number)(IRS Employer Identification No.)

345 Court Street, Coraopolis, PA 15108
(Address of Principal Executive Offices)
 
(724) 273-3400
(Registrant's Telephone Number, Including Area Code)
 
N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueDKSThe New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



TABLE OF CONTENTS
 



ITEM 2.02.     RESULTS OF OPERATIONS AND FINANCIAL CONDITION
 
On September 4, 2024, the Company issued a press release announcing its results for the second fiscal quarter ended August 3, 2024 and certain other information that is furnished as Exhibit 99.1 to this Form 8-K.

ITEM 8.01.     OTHER EVENTS
 
On September 3, 2024, the Board of Directors of Dick's Sporting Goods, Inc. 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.

ITEM 9.01.     FINANCIAL STATEMENTS AND EXHIBITS
 
(d)  Exhibits.

The following exhibits are being furnished pursuant to Item 601 of Regulation S-K and General Instruction B.2 to this Form 8-K:
Exhibit No. Description
   
 Press Release dated September 4, 2024 by Dick's Sporting Goods, Inc. furnished herewith
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
DICK'S SPORTING GOODS, INC.
Date: September 4, 2024By:/s/ NAVDEEP GUPTA
Name:Navdeep Gupta
Title:
Executive Vice President – Chief Financial Officer



Exhibit Index
 
 
Exhibit No. Description
   
 Press Release dated September 4, 2024 by Dick's Sporting Goods, Inc. furnished herewith
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


Exhibit 99.1
                                    
FOR IMMEDIATE RELEASE 
dicks_2023.jpg
DICK'S Sporting Goods Reports Second Quarter Results; Raises 2024 Outlook
– 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, September 4, 2024 - 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, 2024July 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 rate24.9%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, 2024July 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 rate22.7%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, 2024July 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:
Metric2024 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, 202426 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 stores724131 855 728 125 853 
Q1 New stores
13 4 — — — 
Q2 New stores
25 7 — 1 1 
Stores acquired—— — — 12 12 
Closed stores23 5 3 3 6 
Ending stores
725 (3)
136 861 725 135 860 
Relocated stores51 6 10 1 11 
 Square Footage:
 (in millions)
DICK'S Sporting Goods
Specialty Concept Stores (1)
Total (2)(4)
Q1 202339.23.442.6
Q2 202339.03.442.4
Q3 202339.23.642.7
Q4 202339.33.442.7
Q1 202439.43.542.9
Q2 202439.63.743.2
(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 costs2,197,935 63.27 2,114,167 65.58 
GROSS PROFIT1,275,700 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 OPERATIONS470,096 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 TAXES482,331 13.89 325,874 10.11 
Provision for income taxes120,101 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 costs4,121,025 63.48 3,927,731 64.75 
GROSS PROFIT2,370,994 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 OPERATIONS800,896 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 TAXES824,687 12.70 654,161 10.78 
Provision for income taxes187,162 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, net168,495 139,842 114,877 
Income taxes receivable11,410 13,795 4,108 
Inventories, net3,178,024 2,851,366 2,848,797 
Prepaid expenses and other current assets130,707 115,138 121,047 
Total current assets5,180,535 5,022,044 4,890,049 
Property and equipment, net1,862,206 1,520,678 1,638,161 
Operating lease assets2,346,020 2,269,101 2,257,482 
Intangible assets, net56,520 62,993 56,663 
Goodwill245,857 250,503 245,857 
Deferred income taxes31,928 24,278 37,846 
Other assets212,893 207,767 185,694 
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 expenses604,372 597,740 551,369 
Operating lease liabilities489,511 499,189 492,856 
Income taxes payable58,454 52,699 54,508 
Deferred revenue and other liabilities342,019 305,389 364,933 
Total current liabilities2,921,006 2,775,679 2,752,394 
LONG-TERM LIABILITIES:   
Revolving credit borrowings— — — 
 Senior notes1,483,734 1,482,794 1,483,260 
Long-term operating lease liabilities2,423,264 2,276,037 2,287,714 
Other long-term liabilities183,070 178,493 171,103 
Total long-term liabilities4,090,068 3,937,324 3,942,077 
COMMITMENTS AND CONTINGENCIES   
STOCKHOLDERS' EQUITY:   
Common stock568 602 568 
Class B common stock236 236 236 
Additional paid-in capital1,463,498 1,419,628 1,448,855 
Retained earnings6,045,601 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' equity2,924,885 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 amortization189,219 168,900 
Amortization of deferred financing fees and debt discount1,162 1,210 
Deferred income taxes5,918 16,911 
Stock-based compensation32,812 28,006 
Other, net2,443 (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 payable141,555 14,404 
Accrued expenses5,450 14,004 
Income taxes payable / receivable(3,356)17,671 
Construction allowances provided by landlords46,556 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 activities626,148 693,493 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Capital expenditures(372,105)(248,560)
Proceeds from sale of other assets8,775 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 options12,950 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 PERIOD1,801,220 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 expensesOther (income) expense Income before income taxesNet incomeEarnings per diluted share
GAAP Basis$796,673 $(25,756)$482,331 $362,230 $4.37 
% of Net Sales22.93 %(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 Sales22.64 %(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 expensesOther (income) expenseIncome before income taxesNet incomeEarnings per diluted share
GAAP Basis$1,540,071 $(51,148)$824,687 $637,525 $7.67 
% of Net Sales23.72 %(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 Sales23.50 %(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 expensesOther (income) expenseIncome before income taxesNet incomeEarnings per diluted share
GAAP Basis$764,788 $(28,499)$325,874 $244,331 $2.82 
% of Net Sales23.72 %(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 Sales23.42 %(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 expensesOther (income) expenseIncome before income taxesNet incomeEarnings per diluted share
GAAP Basis$1,458,632 $(46,206)$654,161 $548,980 $6.23 
% of Net Sales24.05 %(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 Sales23.88 %(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 landlords46,556 30,995 
Net capital expenditures$(325,549)$(217,565)



v3.24.2.u1
Cover Page
Sep. 03, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Sep. 03, 2024
Entity Registrant Name DICK'S SPORTING GOODS, INC.
Entity Incorporation, State DE
Entity File Number 001-31463
Entity Tax Identification Number 16-1241537
Entity Address Line One 345 Court Street
Entity Address, City Coraopolis
Entity Address, State PA
Entity Address, Postal Zip Code 15108
City Area Code 724
Local Phone Number 273-3400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol DKS
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001089063
Amendment Flag false
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