Dick's Sporting Goods Inc. (NYSE:DKS) Q3 2020 Earnings Conference Call - Final Transcript

Nov 24, 2020 • 10:00 am ET


Dick's Sporting Goods Inc. (NYSE:DKS) Q3 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the DICK's Sporting Goods Third Quarter Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]

Please note this event is being recorded. I would now like to turn the conference over to Nate Gilch, Senior Director of Investor Relations. Please go ahead.

Nate Gilch

Good morning, everyone. And thank you for joining us to discuss our third quarter 2020 results. On today's call will be Ed Stack, our Chairman and Chief Executive Officer; Lauren Hobart, our President; and Lee Belitsky, our Chief Financial Officer. A playback of today's call will be archived in our Investor Relations website located at investors.dicks.com for approximately 12 months.

As a reminder, we will be making forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last Annual Report on Form 10-K and cautionary statements made during this call. We assume no obligation to update any of these forward-looking statements or information. Please refer to our Investor Relations website to find the reconciliation of any non-GAAP financial measures referenced in today's call.

And finally, a couple of admin items. First, a note on our same-store sales reporting practices. Our consolidated same-store sales calculation include stores that were temporarily closed as a result of COVID-19. The method of calculating comp sales varies across the retail industry, including the treatment of temporary store closures as a result of COVID-19. Accordingly, our method of calculation may not be the same as other retailers. And second, for your future scheduling purposes, we are tentatively planning to publish our fourth quarter and full year 2020 earnings release before the market opens on March 9, 2021 with our subsequent earnings call at 10 AM Eastern Time.

With that, I'll now turn the call over to Ed.

Edward W. Stack

Thanks, Nate. Good morning, everyone. Before we begin, I'd like to discuss the executive transition we announced this morning. As of February 1, 2021, I will assume the role of Executive Chairman, while continuing my responsibilities as Chief Merchant. I'll also oversee the strategic growth initiatives for the Company. As I make this transition, I want everyone to know, as the largest in controlling shareholder of DICK's Sporting Goods, I remain as committed and is excited about this business as I have ever been.

The Board unanimously elected Lauren as President and CEO of DICK's also effective February 1. Lauren brings more than 25 years of finance, consumer and retail experience, having spent five years in banking and 14 years at PepsiCo and various leadership roles before joining us nearly a decade ago as our Chief Marketing Officer. She was appointed President in 2017 and joined the Board the following year.

Since joining the Company, Lauren has been instrumental to our growth and success revamping