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 26 Weeks Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Net sales $ 3,223,643 $ 3,112,419 $ 6,065,823 $ 5,812,624 Cost of goods sold, including occupancy and distribution costs 2,114,167 1,991,037 3,927,731 3,706,528 GROSS PROFIT 1,109,476 1,121,382 2,138,092 2,106,096 Selling, general and administrative expenses 775,590 657,368 1,469,494 1,272,661 Pre-opening expenses 22,127 3,836 31,216 6,736 INCOME FROM OPERATIONS 311,759 460,178 637,382 826,699 Interest expense 14,384 25,494 29,427 51,136 Other (income) expense ( 28,499 ) 7,363 ( 46,206 ) 16,385 INCOME BEFORE INCOME TAXES 325,874 427,321 654,161 759,178 Provision for income taxes 81,543 108,819 105,181 180,117 NET INCOME $ 244,331 $ 318,502 $ 548,980 $ 579,061 EARNINGS PER COMMON SHARE: Basic $ 2.90 $ 4.21 $ 6.57 $ 7.63 Diluted $ 2.82 $ 3.25 $ 6.23 $ 5.70 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 84,142 75,610 83,607 75,895 Diluted 86,783 100,389 88,224 104,509 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 26 Weeks Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 NET INCOME $ 244,331 $ 318,502 $ 548,980 $ 579,061 OTHER COMPREHENSIVE INCOME (LOSS): Foreign currency translation adjustment, net of tax 68 4 ( 25 ) ( 3 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 68 4 ( 25 ) ( 3 ) COMPREHENSIVE INCOME $ 244,399 $ 318,506 $ 548,955 $ 579,058 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) July 29, 2023 January 28, 2023 July 30, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,901,903 $ 1,924,386 $ 1,895,521 Accounts receivable, net 139,842 71,286 83,151 Income taxes receivable 13,795 8,187 1,277 Inventories, net 2,851,366 2,830,917 2,995,963 Prepaid expenses and other current assets 115,138 128,410 100,761 Total current assets 5,022,044 4,963,186 5,076,673 Property and equipment, net 1,520,678 1,312,988 1,321,737 Operating lease assets 2,269,101 2,138,366 2,071,084 Intangible assets