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

Financial Statements (unaudited)

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 (in thousands) (Unaudited) August 3, 2024 February 3, 2024 July 29, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,691,899 $ 1,801,220 $ 1,901,903 Accounts receivable, net 168,495 114,877 139,842 Income taxes receivable 11,410 4,108 13,795 Inventories, net 3,178,024 2,848,797 2,851,366 Prepaid expenses and other current assets 130,707 121,047 115,138 Total current assets 5,180,535 4,890,049 5,022,044 Property and equipment, net 1,862,206 1,638,161 1,520,678