0001817358-26-000113
SEC filing营收增6.7%至$1.44B，可比销售+2.9%，但关税拖累毛利率降80bps至33.2%，净利增14.4%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,442.0M | $1,351.4M | +6.7% |
| Gross Profit | $479.3M | $458.9M | +4.5% |
| Gross Margin | 33.2% | 34.0% | -80 bps |
| Operating Income | $74.7M | $69.3M | +7.8% |
| Operating Margin | 5.2% | 5.1% | +10 bps |
| Net Income | $52.7M | $46.1M | +14.4% |
| Diluted EPS | $0.80 | $0.68 | +17.6% |
| Adjusted EBIT | $89.0M | $79.6M | +11.8% |
增长桥：净销售额同比增6.7%至$1,442.0M，其中可比销售+2.9%，由平均客单价+4.5%驱动、交易量-1.5%部分抵消。分品类看，outdoor +11.7%、sports and recreation +6.2%、apparel +4.7%、footwear +2.8%。新店贡献显著：过去一年新开21家门店贡献$54.5M净销售；自2022年重启新店计划以来已开65家，其中44家开业满12个月，过去12个月平均单店净销售约$13M。电商净销售同比+17.4%，占商品销售11.0%（去年10.0%）。
margin 归因：毛利率同比降80bps至33.2%，主因关税带来110bps不利影响，部分被shrink改善（+20bps）及运费与电商配送（+10bps）利好抵消。SG&A占销售额比由28.8%降至28.1%，因销售增长、全组织费用纪律及lap去年Jordan Brand launch；SG&A绝对额增$15.1M（+3.9%），其中新店与科技战略投资增$19.0M，被Jordan Brand launch lap的$7.5M部分抵消。经营利润率微升10bps至5.2%。
盈利质量：净利润同比增14.4%至$52.7M，增速快于经营利润（+7.8%），主要受益于有效税率由26.9%降至23.5%（因股权激励扣除波动）及利息费用基本持平。Adjusted EBIT同比增11.8%至$89.0M，Adjusted diluted EPS $0.93（去年$0.76）。Adjusted Free Cash Flow $121.6M（去年$106.5M）。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Outdoor | — | +11.7% | — | — | 销售增长领跑各品类 |
| Sports and recreation | — | +6.2% | — | — | 销售稳健增长 |
| Apparel | — | +4.7% | — | — | 销售增长 |
| Footwear | — | +2.8% | — | — | 可比销售基本持平 |
注：公司未在MD&A中披露各分部绝对营收及分部级利润/利润率。
| 项目 | 本期末 (2026-05-02) | 上期末 (2026-01-31) | 变化 |
|---|---|---|---|
| Cash & equivalents | $337.8M | $330.3M | +$7.5M |
| Marketable securities | — | — | — |
| Total Debt | $485.0M | $485.75M | -$0.75M |
| Net Debt | $147.2M | $155.4M | -$8.2M |
| Inventory | $1,654.4M | $1,503.8M | +$150.7M |
| RPO / Deferred revenue | $92.4M | $102.2M | -$9.8M |
| Shareholders' Equity | $2,121.0M | $2,171.4M | -$50.4M |
| 项目 | 本季 (13周) | 上年同期 (13周) |
|---|---|---|
| Buybacks 金额 | $99.3M | $99.9M |
| Buybacks 股数 | 1,703,031 | 2,080,772 |
| Dividends 每股 | $0.15 | $0.13 |
| Dividends 总额 | $9.6M | $8.7M |
| Capex | $38.9M | $50.8M |
| 债务偿还 (Term Loan) | $0.75M | $0.75M |
| 项目 | 本期 | 去年同期 |
|---|---|---|
| Operating Cash Flow | $160,606K | $157,472K |
| Capex | $38,903K | $50,830K |
| Free Cash Flow | $121,703K | $106,642K |
| FCF 转化率 (FCF/Net Income) | 230.9% | 231.4% |
| Share Repurchases | $98,412K | $99,031K |
| Dividends Paid | $9,646K | $8,716K |
CFO $160.6M 高于 Net income $52.7M，主要因 D&A $30.8M、应付账款增加 $178.0M 及权益补偿 $11.1M 等非现金与营运资本贡献，盈利质量良好；但库存增加 $150.7M 形成部分抵消。Capex $38.9M 同比下降 23.5%，资本开支强度减弱，FCF $121.7M 对资本返还 $108.1M（回购 $98.4M + 分红 $9.6M）覆盖约 1.1 倍，现金流足以支撑股东回报。