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 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 Net sales $ 3,042,405 $ 2,958,861 $ 9,108,228 $ 8,771,485 Cost of goods sold, including occupancy and distribution costs 1,980,942 1,946,438 5,908,672 5,652,966 GROSS PROFIT 1,061,463 1,012,423 3,199,556 3,118,519 Selling, general and administrative expenses 776,037 679,747 2,245,530 1,952,408 Pre-opening expenses 12,482 7,212 43,698 13,948 INCOME FROM OPERATIONS 272,944 325,464 910,328 1,152,163 Interest expense 14,382 26,131 43,809 77,267 Other (income) expense ( 10,084 ) ( 4,826 ) ( 56,288 ) 11,559 INCOME BEFORE INCOME TAXES 268,646 304,159 922,807 1,063,337 Provision for income taxes 67,540 75,703 172,721 255,820 NET INCOME $ 201,106 $ 228,456 $ 750,086 $ 807,517 EARNINGS PER COMMON SHARE: Basic $ 2.46 $ 2.94 $ 9.04 $ 10.55 Diluted $ 2.39 $ 2.45 $ 8.63 $ 8.17 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 81,772 77,789 82,995 76,527 Diluted 84,291 96,681 86,913 101,900 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 28, 2023 October 29, 2022 October 28, 2023 October 29, 2022 NET INCOME $ 201,106 $ 228,456 $ 750,086 $ 807,517 OTHER COMPREHENSIVE LOSS: Foreign currency translation adjustment, net of tax ( 185 ) ( 277 ) ( 210 ) ( 280 ) TOTAL OTHER COMPREHENSIVE LOSS ( 185 ) ( 277 ) ( 210 ) ( 280 ) COMPREHENSIVE INCOME $ 200,921 $ 228,179 $ 749,876 $ 807,237 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 28, 2023 January 28, 2023 October 29, 2022 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,406,214 $ 1,924,386 $ 1,437,997 Accounts receivable, net 140,791 71,286 87,191 Income taxes receivable 9,118 8,187 4,082 Inventories, net 3,282,911 2,830,917 3,361,057 Prepaid expenses and other current assets 104,963 128,410 96,135 Total current assets 4,943,997 4,963,186 4,986,462 Property and equipment, net 1,569,703 1,312,988 1,342,786 Operating lease assets 2