DICK'S SPORTING GOODS, INC. 10-Q10-Q

Financial Statements (unaudited)

ITEM 1. FINANCIAL STATEMENTS DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) (Unaudited) 13 Weeks Ended 39 Weeks Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Net sales $ 2,958,861 $ 2,747,647 $ 8,771,485 $ 8,941,208 Cost of goods sold, including occupancy and distribution costs 1,946,438 1,691,071 5,652,966 5,488,928 GROSS PROFIT 1,012,423 1,056,576 3,118,519 3,452,280 Selling, general and administrative expenses 679,747 631,943 1,952,408 1,880,505 Pre-opening expenses 7,212 4,765 13,948 12,545 INCOME FROM OPERATIONS 325,464 419,868 1,152,163 1,559,230 Interest expense 26,131 13,789 77,267 40,971 Other (income) expense ( 4,826 ) ( 1,748 ) 11,559 ( 15,893 ) INCOME BEFORE INCOME TAXES 304,159 407,827 1,063,337 1,534,152 Provision for income taxes 75,703 91,314 255,820 360,374 NET INCOME $ 228,456 $ 316,513 $ 807,517 $ 1,173,778 EARNINGS PER COMMON SHARE: Basic $ 2.94 $ 3.79 $ 10.55 $ 13.93 Diluted $ 2.45 $ 2.78 $ 8.17 $ 10.70 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 77,789 83,537 76,527 84,266 Diluted 96,681 113,664 101,900 109,648 See accompanying notes to unaudited consolidated financial statements. 3 Table of Contents DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) (Unaudited) 13 Weeks Ended 39 Weeks Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 NET INCOME $ 228,456 $ 316,513 $ 807,517 $ 1,173,778 OTHER COMPREHENSIVE (LOSS) INCOME: Foreign currency translation adjustment, net of tax ( 277 ) 15 ( 280 ) 58 TOTAL OTHER COMPREHENSIVE (LOSS) INCOME ( 277 ) 15 ( 280 ) 58 COMPREHENSIVE INCOME $ 228,179 $ 316,528 $ 807,237 $ 1,173,836 See accompanying notes to unaudited consolidated financial statements. 4 Table of Contents DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) October 29, 2022 January 29, 2022 October 30, 2021 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,437,997 $ 2,643,205 $ 1,372,892 Accounts receivable, net 87,191 68,263 89,479 Income taxes receivable 4,082 1,978 683 Inventories, net 3,361,057 2,297,609 2,490,438 Prepaid expenses and other current assets 96,135 95,601 92,673 Total current assets 4,986,462 5,106,656 4,046,165 Property and equipment, net 1,342,786 1,319,681 1,314,567 Operating lease ass