Floor & Decor Holdings Inc (FND) 2023 Q1 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Floor & Decor Holdings First Quarter of 2023 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to Mr. Wayne Hood, Vice President of Investor Relations.

女士們先生們，大家好，歡迎來到 Floor & Decor Holdings 2023 年第一季度電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想將會議轉交給投資者關係副總裁 Wayne Hood 先生。

Thank you, operator, and good afternoon, everyone. Welcome to Floor & Decor's Fiscal '23 First Quarter Earnings Conference Call. Joining me on our call today are Tom Taylor, Chief Executive Officer; Trevor Lang, President; and Bryan Langley, Executive Vice President and Chief Financial Officer.

謝謝接線員，大家下午好。歡迎來到 Floor & Decor 的 23 財年第一季度收益電話會議。今天和我一起參加電話會議的是首席執行官湯姆泰勒； Trevor Lang，總裁；執行副總裁兼首席財務官 Bryan Langley。

Before we start, I want to remind everyone of the company's safe harbor language. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. Any statement that refers to expectations, projections or other characterizations of future events, including financial projections or future market conditions, is a forward-looking statement. The company's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. Floor & Decor assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results.

在我們開始之前，我想提醒大家公司的安全港語言。在本次電話會議和網絡廣播中發表的評論包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，並受風險和不確定因素的影響。任何涉及未來事件的預期、預測或其他特徵的陳述，包括財務預測或未來市場狀況，都是前瞻性陳述。公司的實際未來結果可能出於任何原因與此類前瞻性陳述中表達的結果存在重大差異，包括其向美國證券交易委員會提交的文件中所列的結果。 Floor & Decor 不承擔更新任何此類前瞻性陳述的義務。另請注意，過去的表現或市場信息並不能保證未來的結果。

During this conference call, the company will discuss non-GAAP financial measures as defined by SEC Regulation G. We believe non-GAAP disclosures enable investors to better understand our core operating performance on a comparable basis between periods. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP financial measure can be found in the earnings press release, which is available on our Investor Relations website at ir.flooranddecor.com. A recorded replay of this call and related materials will be available on our Investor Relations website.

在本次電話會議中，公司將討論美國證券交易委員會 G 條例定義的非 GAAP 財務措施。我們認為，非 GAAP 披露使投資者能夠在不同時期的可比基礎上更好地了解我們的核心經營業績。這些非 GAAP 衡量指標與最直接可比的 GAAP 財務衡量指標的對賬可在收益新聞稿中找到，該新聞稿可在我們的投資者關係網站 ir.flooranddecor.com 上獲取。我們的投資者關係網站上將提供此次電話會議的錄音重播和相關材料。

Let me now turn the call over to Tom.

現在讓我把電話轉給湯姆。

Thank you, Wayne, and everyone, for joining us on our fiscal 2023 first quarter earnings conference call. During today's call, Trevor and I will discuss some of our fiscal 2023 first quarter earnings highlights. Then, Bryan will provide a more in-depth review of our first quarter performance and share our thoughts about the remainder of fiscal 2023.

感謝 Wayne 和大家參加我們的 2023 財年第一季度財報電話會議。在今天的電話會議上，特雷弗和我將討論我們 2023 財年第一季度的一些收益要點。然後，布萊恩將對我們第一季度的業績進行更深入的回顧，並分享我們對 2023 財年剩餘時間的看法。

In the first quarter of fiscal 2023, we delivered diluted earnings per share of $0.66, in line with our expectations and flat versus the previous year. We take pride in these earnings results as we believe they demonstrate the continued strong execution of our key long-term growth strategies and our remarkable agility in adapting to significant year-over-year declines in existing home sales amidst the broader macroeconomic challenges we continue to face in 2023. As we look forward, we expect existing home sales to remain challenging in 2023 and customers to increasingly prioritize value and savings, seeking out those retailers that best meet these needs. We believe we are well positioned to navigate these headwinds and grow our market share even as the flooring industry contracts in 2023.

在 2023 財年第一季度，我們實現了 0.66 美元的稀釋後每股收益，符合我們的預期，與上一年持平。我們對這些盈利結果感到自豪，因為我們相信它們表明我們繼續強有力地執行我們的關鍵長期增長戰略，以及我們在適應更廣泛的宏觀經濟挑戰中現有房屋銷售同比大幅下滑的非凡敏捷性。面對 2023 年。展望未來，我們預計現有房屋銷售在 2023 年仍將充滿挑戰，客戶將越來越重視價值和節省，尋找最能滿足這些需求的零售商。我們相信，即使地板行業在 2023 年收縮，我們也有能力應對這些不利因素並增加我們的市場份額。

Because we source our products from 24 countries and over 240 suppliers, we are able to deliver low product prices and compelling value options across a broad range of products. Our broad assortments feature an exceptional range of price points and features and benefits for consumers looking to install any hard surface flooring. Furthermore, we are building on our value proposition in 2023 by passing along some favorable supply chain costs to our customers by selectively lowering prices on specific SKUs. We intend to maintain or widen our product price gaps with our competition and are monitoring unit price elasticity to enable us to drive incremental growth. We have introduced new lower-priced signage in our stores and website, further reinforcing our strong value message. Additionally, we are leading with compelling value options at the front of our stores and on our merchandising end caps.

由於我們的產品來自 24 個國家和 240 多家供應商，因此我們能夠在廣泛的產品範圍內提供低廉的產品價格和極具吸引力的價值選擇。我們種類繁多的產品具有範圍廣泛的價位、功能和優勢，適合希望安裝任何硬表面地板的消費者。此外，我們通過有選擇地降低特定 SKU 的價格，將一些有利的供應鏈成本轉嫁給我們的客戶，從而在 2023 年建立我們的價值主張。我們打算保持或擴大我們與競爭對手的產品價格差距，並正在監測單價彈性，以使我們能夠推動增量增長。我們在我們的商店和網站上引入了新的低價標牌，進一步強化了我們強烈的價值信息。此外，我們在我們的商店前面和我們的商品銷售端蓋上提供引人注目的價值選擇。

While maintaining our price leadership position, we are also focused on winning by driving newness and innovation through exciting new programs and initiatives in 2023. Finally, we are intently focused on driving further engagement with our homeowner and pro customers in 2023.

在保持價格領先地位的同時，我們還專注於在 2023 年通過激動人心的新計劃和舉措推動創新和創新來取勝。最後，我們專注於在 2023 年推動與房主和專業客戶的進一步互動。

Before I turn the call over to Trevor, I would like to say how inspiring it was to see our store managers leave our March annual meeting excited about developing market-specific plans to grow their market share in this challenging period and embrace the new store growth opportunities ahead of us.

在我將電話轉給 Trevor 之前，我想說看到我們的門店經理離開 3 月的年會時興奮地制定針對特定市場的計劃，以在這個充滿挑戰的時期增加他們的市場份額並迎接新的門店增長，這是多麼鼓舞人心我們面前的機會。

Let me now turn the call to Trevor to discuss our first quarter sales and growth pillars.

現在讓我把電話轉給特雷弗，討論我們第一季度的銷售和增長支柱。

Thanks, Tom. We are incredibly pleased with the energy in our stores and how they are executing our strategies to grow our market share during this challenging macroeconomic period. We are further emphasizing our everyday low prices, trend-forward assortments of in-stock job lot quantities and leading customer service provided by our store associates. We have made significant investments in our associate training and wages over the past few years leading to improved customer service, an essential attribute in this challenging period. We are not playing catch-up with associate wages and are pleased these investments are paying off.

謝謝，湯姆。我們對我們商店的活力以及他們如何執行我們的戰略以在這個充滿挑戰的宏觀經濟時期擴大我們的市場份額感到非常滿意。我們進一步強調我們每天的低價、庫存工作批次數量的前瞻性分類以及我們店員提供的領先客戶服務。在過去的幾年裡，我們在員工培訓和工資方面進行了大量投資，從而改善了客戶服務，這是這個充滿挑戰的時期的一個重要特徵。我們沒有追趕員工的工資，很高興這些投資得到回報。

For each of the last 2 quarters, we have seen a year-over-year improvement in turnover. Our fiscal 2023 first quarter key customer Net Promoter Score increased by approximately 500 basis points from the first quarter of 2022.

對於過去兩個季度的每個季度，我們都看到營業額同比增長。我們 2023 財年第一季度的主要客戶淨推薦值比 2022 年第一季度增加了約 500 個基點。

We are delighted to see that associate helpfulness ranked the highest among customer satisfaction attributes. Recently, it was announced by Yelp that Floor & Decor was the top-ranked nonfood retailer by customers in their most loved brands ranking. Having knowledgeable store associates is extremely important in the customer flooring purchase journey, ranking above low prices, and we are proud to be leading the competition on this important attribute.

我們很高興地看到員工樂於助人在客戶滿意度屬性中排名最高。最近，Yelp 宣布，Floor & Decor 在顧客最喜愛的品牌排名中名列非食品零售商榜首。擁有知識淵博的店員在客戶購買地板的過程中極為重要，其排名高於低價，我們很自豪能夠在這一重要屬性上領先競爭。

In 2023, our store managers are focused on having the best sales associates on the floor at the right time to drive conversion, engaging with homeowners as well as our pros. We've also made important improvements for our stores to better follow up on our quotes to drive better conversion. We are finding ways to manage our noncustomer-facing expenses better and tactically manage our payroll hours without sacrificing our customer service.

到 2023 年，我們的商店經理將專注於在合適的時間讓最好的銷售人員在場，以推動轉化，與房主和我們的專業人士互動。我們還對我們的商店進行了重要改進，以更好地跟進我們的報價以推動更好的轉化。我們正在尋找方法來更好地管理我們的非面向客戶的費用，並在不犧牲我們的客戶服務的情況下從戰術上管理我們的工資單時間。

Let me now turn our comments to our fiscal 2023 first quarter total sales. Total first quarter sales increased 9.1% to $1.100 billion, and comparable store sales declined 3.3% from the same period last year, which was in line with our expectations. Comparable store sales declined 0.1% in January, negative 3.7% in February and negative 5.2% in March. We estimate Hurricane Ian positively impacted our first quarter comparable store sales growth by about 100 basis points, similar to the fourth quarter of fiscal 2022. Our fiscal 2023 second quarter-to-date comparable store sales were down 6.2% from the same period last year.

現在讓我將我們的評論轉向我們 2023 財年第一季度的總銷售額。第一季度總銷售額增長 9.1% 至 11.00 億美元，可比店面銷售額較去年同期下降 3.3%，這符合我們的預期。 1 月份可比店面銷售額下降 0.1%，2 月份下降 3.7%，3 月份下降 5.2%。我們估計颶風伊恩對我們第一季度可比店面銷售額增長產生了約 100 個基點的積極影響，與 2022 財年第四季度相似。我們 2023 財年第二季度至今的可比店面銷售額較去年同期下降了 6.2% .

Turning to our 2023 first quarter transactions and average ticket performance. Comparable store transactions declined 9.9% from last year, in line with our expectations and an improvement from our 10.4% decline in the fourth quarter of fiscal 2022. Our 2023 first quarter average ticket growth sequentially decelerated to 7.3% from 14.4% in the fourth quarter of fiscal 2022. The sequential decelerating growth is due to customers purchasing less square footage and strategically lowering product prices.

轉向我們 2023 年第一季度的交易和平均機票表現。可比商店交易量比去年下降 9.9%，符合我們的預期，並且比我們 2022 財年第四季度 10.4% 的降幅有所改善。我們 2023 年第一季度的平均票價增長率從第四季度的 14.4% 依次放緩至 7.3% 2022 財年。連續減速增長是由於客戶購買麵積減少和戰略性降低產品價格。

We continue to see ongoing customer preferences toward our better and best price point products where we offer industry-leading innovation, trends and styles at low prices. Overall, we see our consumers transacting less often and purchasing less square footage. But when considering flooring, they prefer our higher margin, better and best price point merchandise offers.

我們繼續看到客戶對我們更好和最好的價格點產品的持續偏好，我們以低價提供行業領先的創新、趨勢和款式。總體而言，我們看到我們的消費者交易頻率降低，購買麵積減少。但在考慮地板時，他們更喜歡我們提供的更高利潤、更好和最優價位的商品。

I will now discuss our new store pillar of growth. In the first quarter of fiscal 2023, we opened 3 new warehouse format stores, bringing our total to 194 warehouse stores across 36 states. During the quarter, we closed our original design studio in New Orleans as the lease expired, and it did not align with our current prototype, leaving us with 5 design studios. As we plan for the second quarter of 2023, we are excited about achieving another milestone in our company's history with the opening of our Metairie, Louisiana store in May, which will be our 200th warehouse store we have opened in our history.

我現在將討論我們新的商店增長支柱。在 2023 財年第一季度，我們開設了 3 家新的倉儲式門店，使我們在 36 個州的門店總數達到 194 家。在本季度，我們關閉了我們在新奧爾良的原始設計工作室，因為租約到期，它與我們目前的原型不一致，留給我們 5 個設計工作室。在我們計劃 2023 年第二季度時，我們很高興實現公司歷史上的另一個里程碑，我們在路易斯安那州梅泰里的商店將於 5 月開業，這將是我們歷史上開設的第 200 家倉庫商店。

In addition to opening Metairie, we intend to open 8 additional warehouse stores in the second quarter, including 3 new markets: Temple, Texas; Huntsville, Alabama; and Grand Rapids, Michigan. We will also extend our presence in the Greater Washington, D.C. market with an opening in Aspen Hill, Maryland. Furthermore, we will continue our expansion in Florida by opening 2 warehouse stores in Orlando and 1 in Fort Myers. These openings are part of our goal of opening 32 to 35 warehouse stores in 2023. As discussed in the last earnings call, most of our 2023 new warehouse store openings are expected to be in existing markets and weighted to the second half of the year. We have considered potential construction delays by weighting the openings to the second half of 2023. Looking beyond 2023, we expect construction delays to ease and anticipate a more balanced quarterly store opening cadence that will lead to more warehouse store operating weeks.

除了開設 Metairie 外，我們還打算在第二季度再開設 8 家倉儲式門店，其中包括 3 個新市場：得克薩斯州坦普爾；阿拉巴馬州亨茨維爾；和密歇根州的大急流城。我們還將擴大我們在大華盛頓特區市場的影響力，在馬里蘭州的阿斯彭山開設分店。此外，我們將繼續在佛羅里達州擴張，在奧蘭多開設 2 家倉儲式商店，在邁爾斯堡開設 1 家。這些新店是我們在 2023 年開設 32 至 35 家倉儲式門店的目標的一部分。正如上次財報電話會議中所討論的那樣，我們 2023 年新開設的倉儲式門店中的大部分預計將在現有市場開設，並集中在今年下半年。我們通過加權到 2023 年下半年的開業時間來考慮潛在的施工延誤。展望 2023 年以後，我們預計施工延誤將會緩解，並預計季度開店節奏將更加平衡，這將導致更多的倉庫商店運營週數。

Turning to our Pro business. Our fiscal 2023 first quarter total sales to pros increased 19.1% and accounted for 42.1% of our sales, an increase of 385 basis points from last year. Pro comparable store sales increased 6.9% from last year, driven by a 6.1% growth in average ticket and a 0.7% increase in transactions. We continue to grow our pro contacts and are excited about refinements we are making in our customer relationship management, or CRM, dashboard tools that will further allow us to optimize and enhance our lead capabilities and drive engagement. Furthermore, we are pleased that our pros continue demonstrating a strong appreciation for the value of our industry-leading Pro Premier loyalty program, or PPR, as first quarter redemptions grew 95% from last year. We seek to build sticky relationships and lifetime value with pros through education and training about flooring products, installation and design solutions.

轉向我們的專業業務。我們 2023 財年第一季度對專業人士的總銷售額增長了 19.1%，占我們銷售額的 42.1%，比去年增加了 385 個基點。在平均票價增長 6.1% 和交易增長 0.7% 的推動下，Pro 可比店面銷售額比去年增長 6.9%。我們繼續擴大我們的專業聯繫人，並對我們在客戶關係管理或 CRM 儀表板工具中所做的改進感到興奮，這些工具將進一步使我們能夠優化和增強我們的領導能力並推動參與。此外，我們很高興我們的專業人士繼續對我們行業領先的 Pro Premier 忠誠度計劃 (PPR) 的價值表現出強烈的讚賞，因為第一季度的兌換量比去年增長了 95%。我們尋求通過有關地板產品、安裝和設計解決方案的教育和培訓，與專業人士建立緊密的關係和終身價值。

We aim to be the premier destination for pro education by expanding our industry partnerships. In the first quarter of 2023, we hosted 27 educational workshop training over 680 pros. For the year, we have 121 pro educational workshop events planned compared to 71 in 2022. These investments are working as those trained pros in the first quarter significantly increased their spending with us from last year.

我們的目標是通過擴大我們的行業合作夥伴關係，成為專業教育的首選目的地。 2023 年第一季度，我們舉辦了 27 場教育研討會培訓，超過 680 名專業人士參加。今年，我們計劃舉辦 121 場專業教育研討會活動，而 2022 年為 71 場。這些投資正在發揮作用，因為第一季度訓練有素的專業人士與去年相比顯著增加了他們在我們這裡的支出。

Turning to our e-commerce business. Our fiscal 2023 first quarter e-commerce sales increased 10.2% from last year and accounted for 18% of our sales compared with 17.7% in the previous year. In 2023, our e-commerce team is focused on executing strategies aimed at optimizing our customers' digital experience towards further improving conversion. We are improving our price, culture and experience and are executing a stronger value message on our website to reflect the current economic challenges. Moreover, we have added new low-priced banners to certain SKUs that further express our unbeatable prices and unmatched selection, reinforcing our value proposition.

轉向我們的電子商務業務。我們在 2023 財年第一季度的電子商務銷售額比去年增長了 10.2%，占我們銷售額的 18%，而上一年為 17.7%。 2023 年，我們的電子商務團隊將專注於執行旨在優化客戶數字體驗以進一步提高轉化率的戰略。我們正在改善我們的價格、文化和體驗，並在我們的網站上執行更強大的價值信息，以反映當前的經濟挑戰。此外，我們為某些 SKU 添加了新的低價橫幅，進一步表達了我們無與倫比的價格和無與倫比的選擇，強化了我們的價值主張。

We continue to be focused on current trends, adding inspirational and user-generated content and expanding into new categories by recently extending our outdoor category with pool options. We are emphasizing accelerating our web page load speed, improving web page load speed has several benefits, including better user experiences, higher engagement, lower balance rates, higher customer satisfaction scores, better search rankings and an improved mobile experience.

我們繼續關注當前趨勢，添加鼓舞人心的和用戶生成的內容，並通過最近將我們的戶外類別擴展到泳池選項來擴展到新類別。我們強調加快我們的網頁加載速度，提高網頁加載速度有幾個好處，包括更好的用戶體驗、更高的參與度、更低的餘額率、更高的客戶滿意度得分、更好的搜索排名和更好的移動體驗。

Moving on to our design services. We aim to continue strengthening our competitive moat through a well-executed in-store and developing in-home design services offerings. In first quarter 2023, design sales increased substantially from last year. We now have over 930 designers working in our stores with plans to have over 1,000 designers by the end of the year.

繼續我們的設計服務。我們的目標是通過執行良好的店內和開發室內設計服務產品來繼續加強我們的競爭優勢。 2023 年第一季度，設計銷售額較去年大幅增長。我們現在有超過 930 名設計師在我們的商店工作，計劃到今年年底擁有超過 1,000 名設計師。

As discussed in prior calls, we see higher customer service scores, average tickets, basket selling, installation materials, adjacent category sales and gross margins when they are involved. In 2023, we are focused on improving and measuring designer productivity by leveraging our CRM tools, systems technology and follow-up process to elevate the sales experience further to maximize conversion.

正如之前電話中所討論的那樣，我們看到更高的客戶服務評分、平均票價、籃子銷售、安裝材料、相鄰類別銷售和毛利率。到 2023 年，我們將專注於通過利用我們的 CRM 工具、系統技術和後續流程來提高和衡量設計師的生產力，以進一步提升銷售體驗以最大限度地提高轉化率。

Moving to our commercial flooring business, which includes Spartan Surfaces and our regional account managers, or RAMs, which work with our stores, we continue to be pleased with our sales and earnings growth at Spartan Surfaces and our RAMs. We believe the strong first quarter and trailing 12-month sales and earnings results further affirmed that our strategies to grow our commercial market share are working.

轉向我們的商業地板業務，包括 Spartan Surfaces 和我們的區域客戶經理，或與我們的商店合作的 RAM，我們繼續對 Spartan Surfaces 和我們的 RAM 的銷售和收入增長感到滿意。我們認為，強勁的第一季度和過去 12 個月的銷售和收益結果進一步證實了我們擴大商業市場份額的戰略正在奏效。

Spartan's fiscal 2023 first quarter sales increased by 31.7% from the first quarter of 2022, and EBIT increased by 73.5%, primarily due to better-than-expected increases in the gross margin rate. We are encouraged about the remainder of 2023 as Spartan's new [quoted] project trends, a key leading indicator, shows consistent growth. Additionally, we are excited about continuing our rapid growth of our organic and inorganic rep additions across the United States towards achieving a national footprint. We ended the first quarter of fiscal 2023 with approximately 65 Spartan reps. We are particularly pleased with the commercial order productivity of our more mature reps and our acquired rep groups are outperforming our pro formas.

斯巴達2023財年第一季度銷售額較2022年第一季度增長31.7%，息稅前利潤增長73.5%，主要原因是毛利率增長好於預期。我們對 2023 年剩餘時間感到鼓舞，因為 Spartan 的新 [引用] 項目趨勢（一個關鍵的領先指標）顯示出持續增長。此外，我們很高興能夠繼續在美國快速增長我們的有機和無機代表，以實現全國足跡。我們在 2023 財年第一季度結束時擁有大約 65 名 Spartan 代表。我們對我們更成熟的代表的商業訂單生產率感到特別滿意，我們收購的代表團隊的表現優於我們的備考。

Our RAMs fiscal 2023 first quarter sales meaningfully exceeded our expectations, increasing 70% from the first quarter of 2022. We ended the first quarter of fiscal 2023 with approximately 50 RAMs. As discussed in prior earnings calls, we remain excited about the commercial market opportunity and our strategies.

我們的 RAM 2023 財年第一季度銷售額大大超出了我們的預期，比 2022 年第一季度增長了 70%。我們在 2023 財年第一季度末擁有大約 50 個 RAM。正如之前的財報電話會議所討論的那樣，我們仍然對商業市場機會和我們的戰略感到興奮。

Finally, we are operating from a position of strength and are excited about the opportunity to continue to grow our market share in fiscal 2023 and beyond. We have demonstrated that we have the right teams, strategies and an agile business model, which we believe will allow us to continue to successfully navigate the challenging macroeconomic environment.

最後，我們的運營處於有利地位，並且很高興有機會在 2023 財年及以後繼續擴大我們的市場份額。我們已經證明，我們擁有合適的團隊、戰略和靈活的商業模式，我們相信這將使我們能夠繼續成功應對充滿挑戰的宏觀經濟環境。

I will now turn the call over to Bryan to discuss our fiscal 2023 first quarter financial results in more detail and share our outlook for the remainder of the year.

我現在將電話轉給布萊恩，更詳細地討論我們 2023 財年第一季度的財務業績，並分享我們對今年剩餘時間的展望。

Thank you, Tom and Trevor. Our first quarter financial performance is once again a testament to the strength of our business model. Despite the significant year-over-year declines in existing home sales and their adverse impact on our business, we were able to effectively manage our profitability by successfully executing our gross margin rate recapture plan and manage our expenses efficiently. As a result, we delivered 2023 first quarter diluted earnings per share of $0.66, in line with our expectations and flat to 2022.

謝謝湯姆和特雷弗。我們第一季度的財務業績再次證明了我們商業模式的實力。儘管現有房屋銷售同比大幅下降並對我們的業務產生不利影響，但我們能夠通過成功執行毛利率回收計劃並有效地管理我們的費用來有效地管理我們的盈利能力。因此，我們交付了 2023 年第一季度攤薄後每股收益 0.66 美元，符合我們的預期，與 2022 年持平。

Let me now turn my discussion to some changes with significant line items in our first quarter income statement, balance sheet and statement of cash flows. Then I will discuss our outlook for the remainder of the year. We are pleased that our fiscal 2023 first quarter gross margin rate increased 210 basis points to 41.8%, primarily from our decision to raise retail prices last year to offset higher supply chain and product costs. These results increase our confidence in achieving our 2023 gross margin exit rate target of 42%. As a reminder, we are now able to selectively lower retail prices while simultaneously recapturing gross margin rate as lower supply chain costs move through our income statement in fiscal 2023. We expect this to result in a substantial year-over-year increase in gross margin rate in fiscal '23, with most of the expansion in the first half of fiscal 2023.

現在讓我把我的討論轉向我們第一季度損益表、資產負債表和現金流量表中具有重要項目的一些變化。然後我將討論我們對今年剩餘時間的展望。我們很高興我們的 2023 財年第一季度毛利率增加了 210 個基點，達到 41.8%，這主要是由於我們去年決定提高零售價格以抵消更高的供應鍊和產品成本。這些結果增強了我們實現 2023 年 42% 毛利率退出率目標的信心。提醒一下，我們現在能夠有選擇地降低零售價格，同時重新獲得毛利率，因為較低的供應鏈成本將通過我們 2023 財年的損益表。我們預計這將導致毛利率同比大幅增長23 財年的增長率，大部分擴張發生在 2023 財年上半年。

Our fiscal 2023 first quarter selling and store operating expenses increased to $303.7 million or 21.7% from the same period last year. As a percentage of sales, selling and store operating expenses increased 280 basis points to 27.1% compared to last year, in line with our expectations. The cost increase was primarily attributable to 28 additional warehouse stores operating since March 31, 2022. Wage rate increases, higher credit card transaction processing fees and deleveraging occupancy and other fixed costs resulting from a 3.3% decline in comparable store sales. We expect our annual selling and store operating expenses to approximate 27% of sales, unchanged from our guidance.

我們 2023 財年第一季度的銷售和門店運營費用比去年同期增加到 3.037 億美元或 21.7%。與去年相比，銷售和門店運營費用佔銷售額的百分比增加了 280 個基點，達到 27.1%，符合我們的預期。成本增加的主要原因是自 2022 年 3 月 31 日以來新增了 28 家倉儲式商店。工資率上漲、信用卡交易處理費增加以及去槓桿化的入住率和其他固定成本導致可比商店銷售額下降 3.3%。我們預計我們的年度銷售和商店運營費用約為銷售額的 27%，與我們的指導持平。

Our fiscal 2023 first quarter general and administrative expenses increased to $61.9 million or 13.3% from the same period last year. The increase is due to investments we are making to support our store growth, including increased store support staff, higher depreciation related to technology and other store support center investments and operating expenses related to our Spartan subsidiary. As a percentage of sales, general and administrative expenses increased 20 basis points to 5.5% from 5.3% last year, primarily from deleverage caused by lower year-over-year comparable store sales.

我們 2023 財年第一季度的一般和行政費用比去年同期增加到 6190 萬美元或 13.3%。增加是由於我們為支持我們的商店增長而進行的投資，包括增加商店支持人員、與技術和其他商店支持中心投資相關的更高折舊以及與我們的 Spartan 子公司相關的運營費用。一般和行政費用佔銷售額的百分比從去年的 5.3% 上升 20 個基點至 5.5%，這主要是由於可比店面銷售額同比下降導致的去槓桿化。

Preopening expenses of $8.0 million decreased 19.3% from the same period last year. The decrease is primarily the result of fewer new store openings compared to the prior year period.

開業前費用為 800 萬美元，比去年同期下降 19.3%。減少的主要原因是與去年同期相比新店開張較少。

First quarter net interest expense increased to $4.9 million from $1.2 million in the same period last year. The $3.7 million increase in interest expense is in line with our expectations and is primarily due to an increase in borrowings under our ABL facility and interest rate increases, partially offset by increases in capitalized interest.

第一季度淨利息支出從去年同期的 120 萬美元增至 490 萬美元。利息支出增加 370 萬美元符合我們的預期，這主要是由於我們的 ABL 貸款下的借款增加和利率增加，部分被資本化利息的增加所抵消。

Income tax expense was $19.1 million compared to $21.9 million in the same period last year. Our first quarter effective tax rate declined 250 basis points to 21.1% from 23.6% in the same period last year. The decrease in the effective tax rate was primarily due to year-over-year increases in excess tax benefits related to stock-based compensation awards. Excluding the impact of excess tax benefits, our first quarter tax rate was approximately 24.6% compared to 24.4% in the same period last year.

所得稅費用為 1910 萬美元，而去年同期為 2190 萬美元。我們第一季度的有效稅率從去年同期的 23.6% 下降了 250 個基點至 21.1%。實際稅率的下降主要是由於與股票薪酬獎勵相關的超額稅收優惠同比增加。排除超額稅收優惠的影響，我們第一季度的稅率約為 24.6%，而去年同期為 24.4%。

Let me now turn my comments to our profitability. Our first quarter net income increased 0.8% to $71.5 million, and diluted earnings per share of $0.66 was flat compared to last year and in line with our expectations. We ended the first quarter with 107.7 million diluted weighted average shares outstanding compared with 107.5 million last year.

現在讓我將我的評論轉向我們的盈利能力。我們第一季度淨收入增長 0.8% 至 7150 萬美元，攤薄後每股收益為 0.66 美元，與去年持平，符合我們的預期。第一季度結束時，我們的稀釋加權平均流通股為 1.077 億股，而去年為 1.075 億股。

Our adjusted EBITDA increased 10.2% to $149.6 million from the same period last year. Our first quarter adjusted EBITDA margin increased to 13.3% from 13.2% last year. A complete reconciliation of net income to adjusted EBITDA can be found in today's earnings press release.

我們調整後的 EBITDA 比去年同期增長 10.2% 至 1.496 億美元。我們第一季度調整後的 EBITDA 利潤率從去年的 13.2% 增加到 13.3%。在今天的收益新聞稿中可以找到淨收入與調整後 EBITDA 的完整對賬。

Moving on to our balance sheet and cash flow. We are pleased that our first quarter total inventory decreased 8.6% from December 2022 to $1.2 billion, in line with our expectations. The decline in total inventory and other working capital initiatives enabled us to report first quarter cash flow from operations of $250.3 million, a $253.6 million positive swing in year-over-year operating cash flow. We expect working capital improvement for the full year as we anticipate inventory to grow at a slower rate than sales and from the benefit of expanded AP days.

繼續我們的資產負債表和現金流量。我們很高興我們第一季度的總庫存比 2022 年 12 月下降 8.6% 至 12 億美元，符合我們的預期。總庫存和其他營運資金舉措的減少使我們能夠報告第一季度運營現金流量為 2.503 億美元，同比運營現金流量增加 2.536 億美元。我們預計全年的營運資金將有所改善，因為我們預計庫存的增長速度將低於銷售速度，並且受益於 AP 天數的增加。

We ended the first quarter with $665.2 million of unrestricted liquidity consisting of $5 million in cash and cash equivalents and $660.2 million of available for borrowing under the ABL facility.

第一季度結束時，我們擁有 6.652 億美元的不受限制的流動資金，其中包括 500 萬美元的現金和現金等價物以及 6.602 億美元的 ABL 貸款下的可藉貸資金。

Let me turn my comments to how we are thinking about the macroeconomic environment and the remainder of 2023. The long-term secular trends that underpin growth in home improvement spending and our 500-store opportunity in the U.S. remain as relevant as ever. We are pleased to be able to make investment even during a declining housing cycle to extend our competitive moat with the intent of growing our market share and being even stronger as the housing cycle turns. The well-established factors supporting long-term home improvement spending include a historically low inventory of new and existing homes for sale, an aging housing stock where over 80% of homes are 20-plus years old and require investment in repair, and significant home equity. Furthermore, as more millennials enter their prime homebuying years, we are well positioned to capitalize on this growing market.

讓我談談我們對宏觀經濟環境和 2023 年剩餘時間的看法。支持家居裝修支出增長的長期長期趨勢和我們在美國的 500 家門店機會仍然與以往一樣重要。我們很高興即使在房地產週期下滑期間也能進行投資，以擴大我們的競爭護城河，以期增加我們的市場份額，並隨著房地產週期的轉變而變得更加強大。支持長期家居改善支出的既定因素包括待售新房和現房庫存處於歷史低位，住房存量老化，其中超過 80% 的房屋年齡超過 20 年，需要維修投資，以及大量房屋公平。此外，隨著越來越多的千禧一代進入購房黃金時期，我們已做好充分準備利用這個不斷增長的市場。

In the short run, the Federal Reserve continues to be on a path of expeditiously raising interest rates, shrinking its balance sheet and tightening financial conditions to bring our inflation under control to fulfill its price stability goal. The effect of these policy changes has led to significant declines in year-over-year existing home sales, moderating home price appreciation and home equity values and slowing growth in spending that is outside of our control.

在短期內，美聯儲繼續走在迅速加息、縮減資產負債表和收緊金融環境的道路上，以控制我們的通脹，以實現其物價穩定目標。這些政策變化的影響導致現有房屋銷售同比大幅下降，減緩了房價升值和房屋淨值價值，並減緩了我們無法控制的支出增長。

That said, we are encouraged by moderating year-over-year declines in existing home sales that emerged in February and March, but we recognize that 2 months is not a trend, and there remain headwinds as we move through the remainder of the year. Taking these headwinds into consideration and their potential impact on our business, we continue to expect our annual 2023 comparable store sales growth to be within the range of flat to down 3% and diluted earnings per share to be in the range of $2.55 to $2.85, unchanged from our prior guidance.

也就是說，我們對 2 月和 3 月出現的現房銷售同比下降有所放緩感到鼓舞，但我們認識到 2 個月不是趨勢，並且在今年剩餘時間裡仍然存在阻力。考慮到這些不利因素及其對我們業務的潛在影響，我們繼續預計我們 2023 年的年度可比店面銷售額增長將持平至下降 3%，攤薄後每股收益將在 2.55 美元至 2.85 美元之間，與我們之前的指導意見相同。

However, achieving the high end of this sales and earnings range could be more challenging from further pressure on existing home sales, a deeper-than-expected economic recession or a prolonged shift in spending from durables to services that further slows demand. It is still early in the year, but we want to be prudent in assessing potential sales and earnings outcomes in fiscal 2023.

然而，由於現有房屋銷售面臨進一步壓力、經濟衰退比預期更嚴重或支出從耐用品轉向服務業的時間延長導致需求進一步放緩，因此要實現這一銷售和收益範圍的高端可能更具挑戰性。現在仍處於年初，但我們希望謹慎評估 2023 財年的潛在銷售和收益結果。

As a reminder, the earnings flow-through impact from a 1 percentage point change in comparable store sales approximates $0.10 per share for the full year and approximately $0.08 for each comp point for the remaining 3 quarters of the year. Let me provide some additional context about how we were thinking about the remainder of the year.

提醒一下，全年可比商店銷售額變化 1 個百分點的收益流轉影響約為每股 0.10 美元，而在今年剩餘的 3 個季度中，每個補償點的收益流轉影響約為 0.08 美元。讓我提供一些關於我們如何考慮今年剩餘時間的額外背景信息。

We expect our fiscal 2023 second quarter comparable store sales to sequentially decline and to potentially represent the largest decline of the year before returning to growth in the fourth quarter of fiscal 2023. Similarly, we expect second quarter earnings to represent trough earnings and to be slightly lower than the first quarter before sequentially improving in the second half of the year, primarily in the fourth quarter. Our expectations contemplate continued declines in comparable store transactions in the first half of 2023 before returning to growth in the second half of the year, primarily in the fourth quarter.

我們預計我們 2023 財年第二季度的可比店面銷售額將連續下降，並可能成為今年最大的跌幅，然後在 2023 財年第四季度恢復增長。同樣，我們預計第二季度的收益將代表谷底收益，並且略有下降低於第一季度，然後在下半年連續改善，主要是在第四季度。我們的預期是 2023 年上半年可比商店交易量將繼續下降，然後在下半年恢復增長，主要是在第四季度。

As a reminder, we started to cycle past high single-digit declines in transactions in the second and third quarters of fiscal 2023 before comparing against a 10.4% decline in the fourth quarter of 2022. The strategic price reductions we are making to improve our transactions and grow our market share in a contracting industry is expected to lead to a slight decline in our average ticket in the second half of the year, but we believe will improve our transaction trends as we move through the year.

提醒一下，在與 2022 年第四季度 10.4% 的降幅相比之前，我們在 2023 財年第二和第三季度的交易量開始出現高單位數降幅。我們正在採取戰略性降價措施來改善我們的交易並增加我們在承包行業的市場份額預計將導致我們下半年的平均票價略有下降，但我們相信隨著我們今年的發展，我們的交易趨勢將有所改善。

Let me now turn the call back to Tom.

現在讓我把電話轉回給湯姆。

Thanks, Bryan. In closing, we believe our ability to continue to make strategic investments in a year marked by a contraction in the industry growth will enable us to accelerate our market share in 2023 and beyond, particularly among pros. As a reminder, we increased our market share by 200 basis points to approximately 10% in 2022, and we are thrilled that the early first quarter 2023 market share data points to another strong year.

謝謝，布萊恩。最後，我們相信我們在行業增長收縮的一年中繼續進行戰略投資的能力將使我們能夠在 2023 年及以後加快我們的市場份額，尤其是在專業人士中。提醒一下，我們在 2022 年將市場份額提高了 200 個基點，達到約 10%，我們很高興 2023 年第一季度初的市場份額數據表明又是一個強勁的一年。

We expect 2023 could be particularly difficult for independents to manage pricing, inventory and marketing during a contracting sales period when compared to our larger-scale direct sourcing business model. We remain committed to investing in our associates, opening 32 to 35 new warehouse format stores, remodeling existing stores and enhancing our technology and e-commerce platform to improve the customer experience. While 2023 will be a challenging year, we are intent on further widening our competitive moat, managing our profitability and laying the foundation for accelerated earnings growth into 2024 and beyond.

與我們更大規模的直接採購業務模式相比，我們預計 2023 年獨立公司在合同銷售期間管理定價、庫存和營銷可能特別困難。我們仍然致力於投資於我們的員工，開設 32 至 35 家新的倉庫格式商店，改造現有商店並增強我們的技術和電子商務平台以改善客戶體驗。雖然 2023 年將是充滿挑戰的一年，但我們打算進一步拓寬我們的競爭護城河，管理我們的盈利能力，並為 2024 年及以後的加速盈利增長奠定基礎。

In closing, we owe our success to our associates' hard work and dedication, who serve our customers with excellence every day.

最後，我們的成功歸功於員工的辛勤工作和奉獻精神，他們每天都為我們的客戶提供卓越的服務。

Operator, we would now like to take questions.

接線員，我們現在想提問。

(Operator Instructions) The first question comes from Steven Zaccone of Citi.

（操作員說明）第一個問題來自花旗銀行的 Steven Zaccone。

Bryan, I wanted to follow up on the same-store sales guidance for the balance of the year. Thanks for the detail on the cadence. But specifically on the second quarter, when you say the largest decline, should we assume this quarter-to-date trend kind of holds and you'll probably be in a down mid-single-digit range? And then if that's the case, how do you see the building blocks to achieve the high end of the full year range? It just seems to have had a pretty big acceleration in the back half. So how do we think through that?

布萊恩，我想跟進今年剩餘時間的同店銷售指導。感謝您提供有關節奏的詳細信息。但特別是在第二季度，當你說最大跌幅時，我們是否應該假設這種季度至今的趨勢保持不變，你可能會處於一個中等個位數的下降範圍內？如果是這樣的話，您如何看待實現全年範圍高端的基石？它似乎在後半部分有相當大的加速。那麼我們如何思考呢？

Yes. No, thanks for the question. Look, I think you've kind of noted a little bit there. So as we think about it, Q2 will be down. I think the way that -- we don't really give the quarterly guidance, but we said that, that will be the largest decline. We do think it should get slightly better from where it is today, as you think about it. And then as we think about the second half, we'll expect sequential improvement with growth in the fourth quarter. Obviously, to achieve the high end, you'd have to have a decent amount of growth in that fourth quarter to offset the 3.3% that we had in Q1. Where we are today, you should see slight improvement from there but then as it grows throughout the fourth quarter.

是的。不，謝謝你的提問。看，我想你已經有點注意到那裡了。因此，正如我們所考慮的那樣，第二季度將會下降。我認為——我們並沒有真正給出季度指導，但我們說過，這將是最大的跌幅。正如您所想的，我們確實認為它應該比今天的情況稍微好一些。然後當我們考慮下半年時，我們預計隨著第四季度的增長而出現連續改善。顯然，要實現高端，第四季度必須有可觀的增長才能抵消第一季度 3.3% 的增長。我們今天所處的位置，你應該會看到從那里略有改善，但隨著它在整個第四季度的增長。

But there's a couple of things there. Transactions are in line with that. So transactions are expected to be in the high single-digit negative for the first half and then sequentially improve to growth in the fourth quarter as well. So there's a couple of reasons why. One, we're against easier compares. So remember, Q2 and Q3 were high single-digit declines in 2022, and then Q4 was down 10.4%. So part of the story is what we're lobbying against. We also expect transaction improvements from the pricing actions that we've taken. And then third, we also expect sequential improvement in existing home sales throughout the year. As seen in both February and March, they're up from that trough of 4 million units, so we think as that continues to improve throughout the year.

但那裡有幾件事。交易與此一致。因此，預計上半年的交易量將處於高個位數負值，然後在第四季度也將連續改善至增長。所以有幾個原因。第一，我們反對更簡單的比較。所以請記住，Q2 和 Q3 是 2022 年的高個位數跌幅，然後 Q4 下降了 10.4%。所以故事的一部分是我們遊說反對的。我們還期望通過我們採取的定價措施改善交易。第三，我們還預計全年現有房屋銷售量將有所改善。正如 2 月和 3 月所見，它們已從 400 萬台的低谷回升，因此我們認為這一數字全年都會繼續改善。

So just think about the assumptions embedded within our plan. We've got existing home sales sequentially improving from the lower mortgage rates off a peak of 7% in October of 2022. And as I just mentioned, we're encouraged by what we've seen in February and March in the improvement in existing home sales.

因此，只需考慮我們計劃中的假設。我們的現有房屋銷售從 2022 年 10 月 7% 的峰值的較低抵押貸款利率開始連續改善。正如我剛才提到的，我們對 2 月和 3 月現有房屋銷售的改善感到鼓舞房屋銷售。

Great. That's helpful. And then, I mean, just to follow up on the April deceleration. It doesn't seem that big for March, but it's still a step down. I think people are trying to grapple with how much is weather and other data points out there on the consumer. Is there anything you're seeing in the month of April that's a notable change in trend, whether it's pro or DIY or just traffic trends? It would be helpful to get some color.

偉大的。這很有幫助。然後，我的意思是，只是為了跟進 4 月份的減速。三月份好像沒那麼大，但還是差了一步。我認為人們正在努力解決天氣和其他數據對消費者的影響有多大。您在 4 月份看到的趨勢中是否有任何顯著變化，無論是專業趨勢、DIY 趨勢還是流量趨勢？獲得一些顏色會很有幫助。

This is Tom. I'll start, and if Trevor or Bryan want to add, feel free. I think the only thing with April that is a little bit tricky as -- Easter fell in April. Spring break was in April. And as we've experienced coming out of COVID, holiday weeks have had a lot more travel in it, a lot more consumer spend going to leisure and entertainment than before. So I think that's part of April. We've seen a little bit of improvement in the month of May, so we're encouraged by that. But I think more than anything, weather doesn't impact us all that much. It may shift business a little bit. There was some adverse weather, but I believe it ties much more into how the consumers spent their time and their money during the month of April.

這是湯姆。我會開始，如果 Trevor 或 Bryan 想補充，請隨意。我認為 4 月唯一有點棘手的事情是——復活節在 4 月落下。春假是在四月。正如我們從 COVID 中經歷的那樣，假期周中有更多的旅行，比以前更多的消費者用於休閒和娛樂的支出。所以我認為那是四月的一部分。我們在 5 月份看到了一些改善，因此我們對此感到鼓舞。但我認為最重要的是，天氣對我們的影響並不大。它可能會稍微改變業務。有一些不利的天氣，但我相信這更多地與消費者在 4 月份如何度過他們的時間和金錢有關。

The next question comes from Zack Fadem of Wells Fargo.

下一個問題來自富國銀行的 Zack Fadem。

Could you talk to the performance of your mature store comps in the quarter relative to the newer stores in the comp base? And maybe help us bridge the gap between the 2 along with the impact of cannibalization to get to your down 3 comp. And is there any reason to believe that the new store maturity curve for the newer stores in the comp base could change in this tougher backdrop?

您能否談談您的成熟商店 comp 在本季度相對於 comp 基礎中較新商店的表現？也許可以幫助我們彌合兩者之間的差距以及蠶食的影響，從而使您的 3 comp 下降。是否有任何理由相信，在這種更艱難的背景下，競爭基礎中較新商店的新商店成熟度曲線可能會發生變化？

So I'll answer the last part first. I don't think it's going to change the actual curve itself. I think what you're doing is you're starting with just a little bit lower of a base, is the way that I would think about the new stores, but we are still seeing -- we're seeing significant growth in those the same way we have. We started 60% productivity and work our way up through first 5 years kind of getting to the mature base.

所以我會先回答最後一部分。我不認為它會改變實際曲線本身。我認為你正在做的是你從稍微低一點的基數開始，這是我考慮新店的方式，但我們仍然看到 - 我們看到那些顯著增長和我們一樣。我們從 60% 的生產力開始，並通過前 5 年的方式努力達到成熟的基礎。

And then of the 3.3%, I don't think there's any disproportionate amount of gap between what we've seen historically from the mature performance versus our kind of new store ramp-up there. I think cannibalization was slightly higher. We never really give that number, but it was just slightly higher in Q1 just due to the 13 stores that we opened in Q4. So I do think you saw a little bit more of an impact there, but nothing really to call out.

然後在 3.3% 中，我認為我們從歷史上從成熟的表現中看到的與我們在那裡的新店擴張之間沒有任何不成比例的差距。我認為蠶食率略高。我們從來沒有真正給出這個數字，但由於我們在第四季度開設了 13 家商店，因此第一季度的數字略高。所以我確實認為你在那裡看到了更多的影響，但沒有什麼可說的。

Okay. And then the additional color you provided on the comp and EPS cadence from Q2 to Q4. Could you talk about specifically what you're seeing in the business or the macro today to suggest that Q2 will be the trough? And then given that you didn't provide the cadence initially, could you talk about what's changed here versus your initial expectations provided a quarter ago?

好的。然後是您在第 2 季度到第 4 季度的 comp 和 EPS 節奏上提供的附加顏色。您能否具體談談您今天在業務或宏觀上看到的情況，表明第二季度將是低谷？然後鑑於您最初沒有提供節奏，您能否談談這裡與您一個季度前提供的最初期望相比發生了什麼變化？

Yes. I mean, look, we were in line in Q1, so I don't know that a lot has really changed other than Q2. I mean, look, it's -- we talked about existing home sales, right? That's our highest correlated metric, and again, we've seen improvement in February and both March. And so we know there's a bit of a lag there, and so as we think about back half gives us a little bit more confidence. And what we see today, we were at 4 million, but I think it went to 4.7 million and back down to 4.4 million. So both February and March were above kind of that 4 million trough that we saw exiting Q4 and into January. So I think that gives us a little bit more conviction about where we'll be in the back half and that growth that we're expecting to get. So just where we see it today, we think Q2 kind of will be the trough. I don't know if you [get the answer]. Does that make sense, Zack, or anything else?

是的。我的意思是，看，我們在第一季度排成一行，所以我不知道除了第二季度之外還有很多其他變化。我的意思是，看，它是——我們談到了現房銷售，對嗎？這是我們最高的相關指標，我們再次看到 2 月和 3 月有所改善。所以我們知道那裡有一點滯後，所以當我們考慮後半部分時，我們會更有信心。我們今天看到的是 400 萬，但我認為它達到了 470 萬，然後又回落到 440 萬。因此，2 月和 3 月都高於我們在第四季度和 1 月看到的 400 萬低谷。所以我認為這讓我們對後半部分的位置以及我們期望獲得的增長更有信心。因此，就在我們今天看到的地方，我們認為第二季度將是低谷。我不知道你是否[得到答案]。這有意義嗎，扎克，或者其他什麼？

All good.

都好。

The next question comes from Simeon Gutman of Morgan Stanley.

下一個問題來自摩根士丹利的 Simeon Gutman。

The quarter-to-date step down, and apologies to harp on this, it sounded the way Tom described it were transactions if people are taking time off, et cetera. Or are you also seeing a further step down in footage purchase? That's my first question.

季度至今的辭職，並為此道歉，這聽起來就像湯姆描述的那樣，如果人們休假等等，這就是交易。或者您是否也看到了鏡頭購買的進一步減少？這是我的第一個問題。

Little bit of both. So we have seen square footage slow from what it's been historically, so -- but it's -- yes. But it's much more the foot traffic problem during the month of April. But as I said, April, I told you what I think my reasons are around April, and we're seeing some improvement as we get to the month of May.

兩者都有一點。所以我們已經看到平方英尺比歷史上的慢，所以 - 但它 - 是的。但更多的是 4 月份的人流量問題。但正如我所說，4 月，我告訴過你我認為我的原因是在 4 月左右，而且隨著我們進入 5 月份，我們看到了一些改善。

I think -- this is Trevor. One thing just worth mentioning, as we forecast the business, doing it at a fairly granular level, we take the current trends that we're seeing in the business, and then we make an assumption on what's going to happen for the rest of the year. As we said, we expect existing home sales, as we exit the year, hopefully get closer to 4.7 million, 4.8 million, maybe 4.9 million. And we think the combination of the fact that we're going up against easier comparisons as well as the macro getting better, that that's going to be the driver.

我想——這是特雷弗。值得一提的是，當我們預測業務時，在相當精細的層面上進行預測，我們採用我們在業務中看到的當前趨勢，然後我們假設其餘部分會發生什麼年。正如我們所說，我們預計現有房屋銷售量在今年結束時有望接近 470 萬、480 萬，甚至 490 萬。而且我們認為，我們正在反對更容易的比較以及宏觀變得更好這一事實的結合，這將成為驅動因素。

I mean, the Fed seems like they're going to be pausing rates. Most of the banks that we've talked to see mortgage rates getting certainly below 6%. Some haven't been as low as 5%. So I think the combination of our current trends plus what we're seeing in the macro is what gives us some confidence going up against easier comparisons that our business will continue to accelerate. And we're 5 weeks into the quarter, so that doesn't make the whole year, but we're doing really well against that forecast.

我的意思是，美聯儲似乎要暫停利率。我們談過的大多數銀行都認為抵押貸款利率肯定會低於 6%。有些還沒有低到5%。因此，我認為我們當前的趨勢加上我們在宏觀上看到的情況的結合讓我們有信心與更容易比較的我們的業務將繼續加速進行比較。我們進入本季度已有 5 週時間，所以這不會影響全年，但我們的表現確實好於該預測。

And quick follow-up on gross margin. You're getting pretty close to that 42% already. I think it was said it will be up substantially in the first half. So if rate comes down, it feels like you've kind of passed that 42% mark. I think that's been asked prior. And then I was -- maybe a little confused. It sounded like you're investing in price, but you're content with gap. So are you actually maintaining price gaps? Or are you widening them?

并快速跟進毛利率。您已經非常接近 42% 了。我認為據說上半年會大幅上漲。所以如果利率下降，感覺就像你已經超過了 42% 的大關。我想這已經被問過了。然後我 - 可能有點困惑。聽起來你在投資價格，但你對差距感到滿意。那麼你實際上是在維持價格差距嗎？或者你正在擴大它們？

Yes. This is Tom. I'll go first. So yes, we're pleased with our margin recapture. We did that or we've been accomplishing that while taking price at the same time. So supply chain costs continue to come down. Our team has done an excellent job in managing that. We're passing some along. We like the optionality. I mean we're going to continue to watch what happens to elasticity of the SKUs as we adjust price and monitor that. And if we see that that's going to be beneficial to transactions or if we're going to get more square footage, then we'll be a little more aggressive. But it's possible that we could keep a lot of that margin, and our margin rates would exit higher than we anticipated.

是的。這是湯姆。我先走了所以是的，我們對我們的保證金收回感到滿意。我們做到了這一點，或者我們在同時定價的同時一直在實現這一目標。因此供應鏈成本繼續下降。我們的團隊在管理這方面做得非常出色。我們正在傳遞一些。我們喜歡這種可選性。我的意思是，我們將繼續觀察 SKU 的彈性，因為我們會調整價格並對其進行監控。如果我們看到這將有利於交易，或者如果我們要獲得更多的平方英尺，那麼我們會更加積極一些。但我們有可能保留大部分保證金，而且我們的保證金率將高於我們的預期。

Simeon, on the other question, yes, I mean, we watch our price versus the competition very closely. And we feel great about where our pricing is versus the competition. And our merchants have done a fantastic job on some of these price reductions, being very thoughtful about where in the assortment we can make improvements. And it's early, but as Tom mentioned, the elasticity that we're seeing is encouraging. So as those supply chain costs continue to come down, which we expect they will, we'll balance that growth goal of growing the gross margin but also making strategic investments in price that we think will drive incremental volume.

Simeon，關於另一個問題，是的，我的意思是，我們非常密切地關注我們的價格與競爭對手的關係。我們對我們的定價與競爭對手的差距感到滿意。我們的商家在其中一些降價方面做得非常出色，他們非常仔細地思考我們可以在哪些方面做出改進。現在還早，但正如湯姆所說，我們看到的彈性令人鼓舞。因此，隨著這些供應鏈成本繼續下降，我們預計它們會下降，我們將平衡增加毛利率的增長目標，同時也會對價格進行戰略投資，我們認為這將推動增量。

And it gives us optionality to manage the P&L to those changing complexions for payroll and other things like that. Gross margin is that lever that we have, so it's good to have that optionality.

它使我們可以選擇管理損益表，以適應那些不斷變化的薪資和其他類似情況。毛利率是我們擁有的槓桿，因此擁有這種選擇權是件好事。

The next question comes from Steven Forbes of Guggenheim Partners.

下一個問題來自 Guggenheim Partners 的 Steven Forbes。

I wanted to start with homeowner trends. I think it was Trevor who gave us the breakdown of pro comps by taking first transaction. I was wondering if you could do that for homeowner and DIY. And maybe just comment on how you sort of expect the strategic price investments to impact trends within the homeowner base into the back half here?

我想從房主趨勢開始。我認為是 Trevor 通過進行第一筆交易向我們提供了 pro comps 的細分。我想知道你是否可以為房主和 DIY 做這件事。也許只是評論你如何期望戰略價格投資影響房主群內的趨勢到後半部分？

I don't know if we have the homeowner trends at our fingertips, but obviously, they're below where the pro is. And then on the expectation, I mean, the pricing we feel like we invested it in areas that matter the most and where we're going to have the biggest impact. And there -- and some of those SKUs include SKUs that really matter to the pros. So again, I think we've been strategic on where we're going to take those price reductions. And just reiterate for the last time, the earlier reads on elasticity are positive.

我不知道我們是否掌握了房主趨勢，但顯然，它們低於專業人士的水平。然後關於期望，我的意思是，我們覺得我們將其投資在最重要和我們將產生最大影響的領域的定價。在那裡 - 其中一些 SKU 包括對專業人士真正重要的 SKU。因此，我認為我們在降價方面一直具有戰略意義。最後一次重申，早期對彈性的解讀是積極的。

Yes. The math doesn't -- you can't just add the 2 together, but I mean, our segmentations are either pro or homeowner. So if we were down 3.3% and we know we were up 6.7% in pro, you can just literally do the inverse. It'd be down about 10% roughly on the homeowner side.

是的。數學不是——你不能把這兩個加在一起，但我的意思是，我們的細分要么是專業人士，要么是房主。因此，如果我們下跌了 3.3%，而我們知道我們在專業領域上漲了 6.7%，那麼您可以從字面上做相反的事情。在房主方面，它會下降大約 10%。

And I think the price -- the kind of the -- as we look at, pricing, as we've adjusted it, it hasn't been all that much. But where we have, it is going to benefit, you think, the pro who's in our store much more frequently. They'll see it and we want them to see it, and we think it will benefit them.

而且我認為價格 - 那種 - 正如我們所看到的那樣，定價，正如我們已經調整過的那樣，它並沒有那麼多。但是，在我們擁有的地方，您認為，這將使更頻繁地光顧我們商店的專業人士受益。他們會看到它，我們希望他們看到它，我們認為這將使他們受益。

And then maybe just a quick follow-up on the pro. You think about awareness. I don't know if you can sort of frame for us where awareness sits with the pro in both new and existing markets. And then the opportunity, right, to grow the pro member base this year just given the value proposition, some of these investments, et cetera, maybe comment on if there are any sort of targeted or planned initiatives that you have in the pipeline here to really press the awareness factor.

然後也許只是對專業人士的快速跟進。你考慮意識。我不知道您是否可以為我們構建一個框架，即在新市場和現有市場中，專業人士的認知度如何。然後是今年擴大專業會員基礎的機會，只是考慮到價值主張，其中一些投資等等，也許可以評論你是否有任何有針對性或計劃中的舉措在這裡進行真正按下意識因素。

Yes. I mean our pro awareness is high. I think it's in the 80% for the vast majority of our markets. Maybe some of the new markets might be a little bit lower than that. But we have very good aided brand awareness with our pros. And you know our business well. I think we're -- it's a mosaic of things that we're doing to service that pro. It starts with great customer service. It starts with great assortment that's curated for the market. It's prices that matter and SKUs they care about. It's a dedicated team to take care of them, a great loyalty program.

是的。我的意思是我們的職業意識很高。我認為對於我們絕大多數市場來說，這一比例為 80%。也許一些新市場可能會比這低一點。但是我們的專業人士有很好的輔助品牌知名度。而且你很了解我們的業務。我認為我們是——這是我們為專業人士服務所做的一系列事情。它始於出色的客戶服務。首先是為市場精心挑選的種類繁多的商品。他們關心的是價格和 SKU。這是一個專門照顧他們的團隊，一個很好的忠誠度計劃。

We're testing this tier-based program that we're excited about. Our in-stocks are better than they were last year, and we see our in-stocks continuing to improve even from the good rate. I mean I think all those things together work in concert that we think we'll continue to take market share. We also have great CRM tools that allow us to follow up with those pros.

我們正在測試這個令我們興奮的基於等級的計劃。我們的庫存比去年好，我們看到我們的庫存繼續改善，甚至從良好的比率。我的意思是，我認為所有這些因素共同作用，我們認為我們將繼續佔據市場份額。我們還有很棒的 CRM 工具，可以讓我們跟進這些專業人士。

I'll speak to just a couple of things that we're doing to increase awareness as well or that should help awareness. One, recently, we put in a feature where our stores, when someone comes in and works with the designer and we don't know the pro, they're -- the pro's not in our system, now our teams can follow up. We weren't capturing that information historically. Same thing goes if a pro picks up product and they're not in our database, we now can contact them. That's new -- relatively new. We've had it for a little bit of time, but that should help us get to pros who may not be familiar with us.

我將談談我們正在做的幾件事情，以提高人們的認識，或者應該有助於提高人們的認識。一，最近，我們在我們的商店中添加了一個功能，當有人進來並與設計師一起工作並且我們不認識專業人士時，他們 - 專業人士不在我們的系統中，現在我們的團隊可以跟進。我們並沒有從歷史上獲取這些信息。如果專業人士拿起產品但他們不在我們的數據庫中，情況也是如此，我們現在可以聯繫他們。這是新的——相對較新。我們已經有一段時間了，但這應該有助於我們接觸到可能不熟悉我們的專業人士。

Two, we're back out on the street. After COVID, our pro teams stayed in the store more. We were trying to keep up with the business. And now we have the ability to get back out and go find new pros in the stores. And our stores are out doing that, pounding the pavement.

二，我們回到街上。 COVID 之後，我們的專業團隊更多地留在店裡。我們試圖跟上業務。現在我們有能力退出並在商店中尋找新的專業人士。我們的商店正在這樣做，衝擊人行道。

And then third, and it was mentioned in the -- it's been mentioned in our scripts over the last few scripts. We're doing an excellent job of getting pros and doing training across. Whether it's our vendors or NTCA, we're doing classes, and we're impacting more pros. All those things should help continue to build our brand awareness.

然後是第三個，在過去幾個腳本中我們的腳本中提到過它。我們在獲得專業人士和進行培訓方面做得非常出色。無論是我們的供應商還是 NTCA，我們都在上課，我們正在影響更多的專業人士。所有這些都應該有助於繼續建立我們的品牌知名度。

The next question comes from Michael Lasser of UBS.

下一個問題來自瑞銀的 Michael Lasser。

Tom, the skeptics are arguing the -- Floor & Decor has assumed in its guidance that trends are going to get better based on the macro and easy comparisons and haven't factored in the prospect of a recession that could not only impact consumer spending but also the prospect of the ability for the consumer to buy a home, which in turn would negatively impact housing turnover, and that's going to cause downsize risk to not only this year but also next year for Floor & Decor. Why is that wrong?

Tom，持懷疑態度的人在爭論——Floor & Decor 在其指南中假設趨勢會根據宏觀和簡單的比較而變得更好，並且沒有考慮到經濟衰退的前景，經濟衰退不僅會影響消費者支出，而且還有消費者買房能力的前景，這反過來會對房屋營業額產生負面影響，這將導致 Floor & Decor 不僅在今年而且在明年都會面臨裁員風險。為什麼錯了？

I mean I think we believe that as existing home sales turn positive towards the end of the year that we will see benefit from that. Historically, we've got a great correlation with existing home sales. We think that number -- as we said in the previous 2 calls, we don't believe that number goes below 4 million. If that number stays, we'll start having the increase as we get to the back half of the year. We're taking share, Michael, at a really good rate. Our indications are that, in this market that's contracting, we're taking share quicker this year than we did last year. So I think from a share perspective, existing home sales turning positive, I think those things will benefit us.

我的意思是我認為我們相信，隨著現有房屋銷售在年底前轉好，我們將從中受益。從歷史上看，我們與現有房屋銷售有很大的相關性。我們認為這個數字——正如我們在前兩次電話會議中所說的那樣，我們認為這個數字不會低於 400 萬。如果這個數字保持不變，我們將在今年下半年開始增加。邁克爾，我們正在以非常好的速度分享。我們的跡象表明，在這個正在收縮的市場中，我們今年的市場份額比去年更快。所以我認為從股票的角度來看，現房銷售轉正，我認為這些事情將使我們受益。

Yes. I mean, Michael, if you think about it, [19] (inaudible) year-over-year declines that we've had in existing home sales. I mean, at some point, it's got to come out. Again, we have our house view. We've kind of given you guys that as well that every comp point's worth $0.10 of EPS.

是的。我的意思是，邁克爾，如果你考慮一下，[19]（聽不清）我們在現有房屋銷售方面的同比下降。我的意思是，在某個時候，它必須出來。再次，我們有我們的房子視圖。我們也給了你們每個補償點價值 0.10 美元的 EPS。

Yes. We believe our category has been in a recession. It's there. Like that -- so as we get to where things get positive towards the back half of the year, we think that gets a little bit better.

是的。我們認為我們的類別一直處於衰退之中。在那。就像那樣 - 所以當我們到達今年下半年事情變得積極的地方時，我們認為情況會好一些。

Okay. My follow-up question is how much do you think the independents and other players in the industry have already reduced price? And how much do you think they will reduce price in the event that demand dropped further in here?

好的。我的後續問題是，您認為該行業的獨立人士和其他參與者已經降價了多少？如果這裡的需求進一步下降，您認為他們會降價多少？

Yes. This is Trevor. I mean we are fortunate we have merchants that live in all of our 12 regions, 13 regions. And we do detailed price shops every week. And as we said earlier, when we look at our pricing not just against our larger competitors but even our smaller competitors, we think our price gaps are at or as good as they've ever been.

是的。這是特雷弗。我的意思是我們很幸運，我們的商人遍布我們所有的 12 個地區，13 個地區。我們每週都會進行詳細的價格商店。正如我們之前所說，當我們不僅針對較大的競爭對手而且甚至針對我們較小的競爭對手查看我們的定價時，我們認為我們的價格差距達到或與以往一樣好。

They have taken a look. It's -- we have seen price come down. Others are passing on supply chain savings as well. But as Trevor said earlier, we're confident in our spread versus them. We're not seeing irrational behavior within the marketplace, and so we feel good about that part of the boat.

他們看過了。這是——我們已經看到價格下降了。其他人也在轉嫁供應鏈儲蓄。但正如特雷弗早些時候所說，我們對我們與他們的利差充滿信心。我們在市場上沒有看到非理性行為，因此我們對這部分事情感覺良好。

And I think most -- everybody probably knows this but maybe just in case there's new people on the phone. When you look at our pricing versus the independents, it's demonstrably below. We're not talking 5% or 10%. In many cases, it could be 20%, 30%, some cases, 50% or 100% below or their price might be 100% above ours. So even if they were to lower their prices more than we are, which we haven't seen, our prices are so much below the independents that we don't think that that's going to put pressure on us.

我認為大多數人可能都知道這一點，但也許只是為了以防萬一有新人接電話。當您查看我們的定價與獨立定價時，它顯然低於。我們說的不是 5% 或 10%。在許多情況下，它可能比我們的價格低 20%、30%，在某些情況下，可能低 50% 或 100%，或者他們的價格可能比我們的價格高 100%。因此，即使他們比我們降價更多，我們還沒有看到，我們的價格遠低於獨立公司，我們認為這不會給我們帶來壓力。

(Operator Instructions) The next question comes from Chuck Grom of Gordon Haskett.

（操作員說明）下一個問題來自 Gordon Haskett 的 Chuck Grom。

Fortuitous timing there, so I'm going to try to sneak in 2. I wonder if you could share transactions by month during the quarter for us and also quarter-to-date. And then wondering if there's any performance differences by region, particularly in some of these parts of the country where housing has seen more price compression over the past couple of months?

那裡的時機很巧，所以我將嘗試潛入 2。我想知道您是否可以為我們分享本季度的月度交易以及本季度至今的交易。然後想知道是否存在因地區而異的性能差異，特別是在該國的某些地區，過去幾個月住房價格壓縮幅度更大？

I'll take the first part, while Bryan's looking the transaction part up. So the -- we're seeing more pressure in the West, which is where the housing challenge is the more significant. We're seeing the same challenges. I think the good news for us is we're not mature in the West. Our -- we've got a good density in the West, but the stores tend to be a little bit younger. So they're still gaining awareness and gaining market share, so hopefully, that helps offset a little bit of that softness. But there's definitely been a change in trajectory in the West over the last 6 months.

我將負責第一部分，而 Bryan 正在查找交易部分。所以——我們在西方看到了更大的壓力，這是住房挑戰更為重大的地方。我們看到了同樣的挑戰。我認為對我們來說好消息是我們在西方還不成熟。我們的 - 我們在西部有很好的密度，但商店往往更年輕一些。因此，他們仍在提高知名度並獲得市場份額，所以希望這有助於抵消一點這種疲軟。但在過去 6 個月裡，西方的發展軌跡肯定發生了變化。

And if you're thinking about the trend, so the quarter was 9.9% down, negative transaction comp. It was 8.7% down in January, 10.8% down in February and 10.1% down in March, so really didn't deviate that much kind of as we move throughout. So to Tom's point, the average ticket change was due to us lapping higher retail from last year as well as square footage being down just a little bit per transaction.

如果你考慮趨勢，那麼這個季度下降了 9.9%，負交易。 1 月份下降了 8.7%，2 月份下降了 10.8%，3 月份下降了 10.1%，所以我們在整個過程中確實沒有偏離那麼多。因此，在湯姆看來，平均票價變化是由於我們從去年開始增加了零售額，而且每筆交易的面積略有下降。

The next question comes from Karen Short of Credit Suisse.

下一個問題來自瑞士信貸的 Karen Short。

Just a quick -- a couple of key questions. So with respect to the pros, I think you made a comment that you thought that the pro backlog had actually deteriorated, so I wanted to just clarify that. And then the second question I just had is, I think you talked about in prior quarters when commodity prices kind of come down, you're more likely to actually bring down prices. And it seems like that's maybe not what you're seeing today. So I just wanted to clarify that.

快速回答幾個關鍵問題。所以關於專業人士，我認為你發表評論說你認為專業積壓實際上已經惡化，所以我想澄清一下。然後我剛剛提出的第二個問題是，我認為你在前幾個季度談到商品價格下降時，你更有可能真正降低價格。看起來這可能不是您今天所看到的。所以我只想澄清一下。

Yes. I'll take a stab at that, and then Tom and Bryan can weigh in as well. On the pros, yes, I think we are seeing backlog sort of revert back to the mean. They were so high and so strong for such a long period of time after we back -- opened up in the second half of 2020. And this is a bit of a generalized statement. But generally, if you want a pro to come to your house to do a measurement, give you a quote, you can have them there within a week. And then they're going to have that quote, assuming you agree to them. Once you agree with them, within 2 or 3 weeks after that, you can have that installed.

是的。我會嘗試一下，然後 Tom 和 Bryan 也可以權衡一下。就專業人士而言，是的，我認為我們看到積壓有點回到均值。在我們回來之後的很長一段時間裡，它們是如此之高，如此之強——在 2020 年下半年開放。這是一個籠統的說法。但一般來說，如果你想讓專業人士上門測量，給你一個報價，你可以在一周內讓他們到場。假設您同意他們，然後他們就會引用該報價。一旦你同意他們，在那之後的 2 或 3 週內，你可以安裝它。

We spend a lot of time with a substantial amount of our pros. In total, we probably talked to close to 1,000 of our pros over the last several months. And what they're telling us is they're busy. They've got plenty of remodels. They're doing construction. They're taking on new kinds of work.

我們花了很多時間和大量的專業人士在一起。在過去的幾個月裡，我們總共可能與近 1,000 名專業人士進行了交談。他們告訴我們的是他們很忙。他們有很多改造。他們在做建築。他們正在從事新的工作。

The biggest piece of the business that has slowed, and it makes sense when you look at existing home sales being down 20%, 25%, 30%, is the house flipper piece. That's the big piece of the Pro business that I think has slowed. There's just not as many house flipping items going on.

業務放緩的最大部分，當你看到現有房屋銷售下降 20%、25%、30% 時，這是有道理的，是房屋腳蹼部分。這是我認為已經放緩的專業業務的重要組成部分。只是沒有那麼多房子翻轉項目在進行。

And on the pricing front, I would say, again, as we said a couple of times, I mean, our prices are as good as they've been versus the competition. We have lowered prices this year, and we have seen competition lower prices this year. But I think we've been thoughtful in maintaining or, in some cases, improving our prices versus our competition. And we have lowered prices.

在定價方面，我會再次說，正如我們說過幾次，我的意思是，我們的價格與競爭對手一樣好。今年我們降價了，今年我們也看到了競爭對手的降價。但我認為我們在維持或在某些情況下提高我們的價格以對抗我們的競爭方面是深思熟慮的。我們已經降低了價格。

The next question comes from Seth Sigman of Barclays.

下一個問題來自巴克萊銀行的 Seth Sigman。

I wanted to focus a little bit on SG&A, specifically store OpEx, which I think was up about 3% per average store. I'm pretty sure that's above what you had implied in the full year guidance. Is there anything one-off or timing related that we should be thinking about? And just how should we build that out through the rest of the year? If I recall, you had also planned for lower volume in your expense outlook. So just how do we think about the levers if comps do stay at this level?

我想把重點放在 SG&A 上，特別是商店運營支出，我認為每家商店的運營支出平均增長了 3% 左右。我很確定這高於你在全年指導中暗示的水平。是否有任何我們應該考慮的一次性或時間相關的事情？我們應該如何在今年餘下的時間裡建立它？如果我記得的話，你還計劃在你的支出前景中降低數量。那麼，如果 comp 確實保持在這個水平，我們如何考慮槓桿呢？

Yes. This is Bryan. I'll go ahead and take that. So we came in at 27.1% of sales. I think we guided to 27% for the year. And so as you think about that going across, it's going to be 27% -- our expectation is 27% for the year and pretty steady kind of throughout each quarter. So that's best way that I can help you kind of model that. And that's what we guided to. And on a per store basis, just to kind of clarify that as well, so versus last year, it is up just slightly, and majority of that is due to depreciation.

是的。這是布萊恩。我會繼續接受那個。所以我們的銷售額佔銷售額的 27.1%。我認為我們今年的目標是 27%。因此，當你考慮到這一點時，它將達到 27%——我們的預期是全年 27%，並且每個季度都相當穩定。所以這是我可以幫助您建立模型的最佳方式。這就是我們的指導。在每家商店的基礎上，也只是為了澄清這一點，所以與去年相比，它略有上升，其中大部分是由於折舊。

The next question comes from Kate McShane of Goldman Sachs.

下一個問題來自高盛的 Kate McShane。

I wondered if you could dimensionalize the share gains you're seeing any further. I know you mentioned you expect accelerating trends this year, Tom. But what are you comparing it to? I just would imagine that things were, from a competitive standpoint, given the supply chain challenges and inventory disruption that there was probably some good share gain taken last year. But just how should -- what should we assume for share gains this year versus what you saw in 2022?

我想知道你是否可以進一步確定你看到的股票收益。我知道你提到過你預計今年的趨勢會加速，湯姆。但是你拿它來比什麼呢？我只是想，從競爭的角度來看，考慮到供應鏈挑戰和庫存中斷，去年可能有一些不錯的份額增長。但是，與您在 2022 年看到的情況相比，我們應該如何假設今年的股票收益呢？

I mean I'll start. Modestly better. I think we're taking a good amount of share. I think the independents have a difficult time navigating in this environment. I think people are looking for value. We are the low-cost leader. Our prices are the best, and I think that's bringing people that are doing flooring jobs into our stores. So I just think because of the nature of this macro environment that our ability to take share versus independents is pretty significant, and it's what we're -- it's kind of what we're seeing.

我是說我要開始了。謙虛更好。我認為我們正在佔據很大的份額。我認為獨立人士在這種環境中很難駕馭。我認為人們正在尋找價值。我們是低成本領導者。我們的價格是最好的，我認為這會吸引從事地板工作的人們進入我們的商店。所以我只是認為，由於這種宏觀環境的性質，我們與獨立企業相比的分享能力非常重要，這就是我們所看到的。

And if you look -- when Mohawk did their call and Mohawk talked about North American sales, their North American sales were down a little over 11% in their call. Now there's some soft surface in that, so it's not all hard surface, but our total sales were up 9% in the quarter.

如果你看——當莫霍克打電話給莫霍克時，莫霍克談到了北美的銷售情況，他們的北美銷售額在電話中下降了 11% 以上。現在有一些軟表面，所以它不全是硬表面，但我們的總銷售額在本季度增長了 9%。

And if you look at our market share versus the growth in the industry, when you look at market insights and some of the other people that provide -- they're not showing the market growing at the same rate we are. And we had one of the largest credit card issuers, at least for their business, which they own a substantial portion of the U.S. credit card business, show that since 2020, we had over 500 basis points of market share gain relative to what they saw from their other people buying from specialty flooring as well. So the 3 -- the ways we triangulate, it shows in all cases, we're gaining market share in this environment.

如果你看一下我們的市場份額與行業增長的對比，當你看市場洞察力和其他一些提供的人時——他們並沒有顯示出市場的增長速度與我們相同。我們擁有最大的信用卡發行商之一，至少就他們的業務而言，他們擁有美國信用卡業務的很大一部分，表明自 2020 年以來，相對於他們所看到的，我們的市場份額增加了 500 多個基點他們的其他人也從專業地板上購買。所以 3 - 我們三角測量的方式，它在所有情況下都表明，我們正在這種環境中獲得市場份額。

The next question comes from Jonathan Matuszewski of Jefferies.

下一個問題來自 Jefferies 的 Jonathan Matuszewski。

So trade up to better and best SKUs has been helping gross margin for a while now. It sounds like that continued in 1Q. Is this dynamic anticipated to continue as we move throughout the year? And basically, is this dynamic factored into the gross margin guidance?

因此，升級到更好和最好的 SKU 一段時間以來一直在幫助毛利率。聽起來這種情況在 1Q 繼續。隨著我們全年的移動，這種動態是否會持續下去？基本上，這種動態因素是否已納入毛利率指導中？

This is Ersan. Our (inaudible) penetration continued to improve year-over-year, and we -- and even when we did the retail reductions, we took the approach of the balanced portfolio approach so that we can have a better shopping experience for our customers. At this point, we see the trend going to better and best as we continue.

這是二三。我們（聽不清）的滲透率逐年提高，而且我們 - 即使在減少零售時，我們也採用了平衡投資組合的方法，以便我們可以為客戶提供更好的購物體驗。在這一點上，我們看到趨勢會隨著我們的繼續而變得更好和最好。

I think when -- if a consumer is going to do the job in their home, they're going to buy what they want. So the less consumers are coming in and opting to buy, but I think if they're doing the job, they're going to buy what they want and that -- they tend to gravitate towards the better and best. Our merchants have done an outstanding job continuing to go. We never stopped doing product line reviews. We never stopped bringing in new products.

我想什麼時候——如果消費者要在家裡做這項工作，他們會買他們想要的東西。因此，進來並選擇購買的消費者越少，但我認為，如果他們正在做這項工作，他們就會購買他們想要的東西——他們往往會被更好和最好的東西所吸引。我們的商人已經做了出色的工作，繼續前進。我們從未停止過產品線審查。我們從未停止引進新產品。

And we're playing for the long game. This is a moment in time. This is a difficult macro, but we know on the other side of this, we'll be ready for it. So I expect those trends to continue and to -- and this should continue to help margin and that's into our assumptions.

我們正在打一場持久戰。這是一個及時的時刻。這是一個困難的宏，但我們知道另一方面，我們會為此做好準備。因此，我預計這些趨勢將繼續下去——這應該會繼續幫助利潤率，這是我們的假設。

The next question comes from Justin Kleber of Baird.

下一個問題來自 Baird 的 Justin Kleber。

Just another follow-up here on the price reductions. How much have you rolled back prices? And it wasn't clear to me. Are you already seeing customers respond to lower prices? Or are you just expecting that to happen? Because I think you said, Tom, that transactions decelerated in April from the March, right? So I just want some clarification there.

這裡只是關於降價的另一個後續行動。您將價格回落了多少？我不清楚。您是否已經看到客戶對較低的價格做出反應？還是您只是期待這種情況發生？因為我想你說過，湯姆，4 月份的交易量比 3 月份有所下降，對吧？所以我只想在那裡澄清一下。

Transactions were flat in April to -- and so in line with our expectations. It's too early to understand elasticity in the price changes. We've taken -- if you go into the stores, you'll see there's signing in the stores where we've taken the prices down. And our -- as I mentioned on the previous call, I mean, part of it is we want to stay the low-cost leader. We took price for the first time since I've been here. We took price and supply chain costs were coming down. We felt that we need to pass some of that back to our professional customers as supply chain costs have gone the other way to -- we're their partners, and we want to be their partners in the long run, so we felt it was prudent.

4 月份的交易持平至 - 因此符合我們的預期。現在了解價格變化的彈性還為時過早。我們採取了——如果你去商店，你會看到在我們降低價格的商店裡簽了名。而我們——正如我在之前的電話會議中提到的，我的意思是，部分原因是我們希望保持低成本領先地位。自從我來這里以來，這是我們第一次定價。我們接受了價格，供應鏈成本正在下降。我們覺得我們需要將其中的一些回饋給我們的專業客戶，因為供應鏈成本已經反過來——我們是他們的合作夥伴，從長遠來看我們希望成為他們的合作夥伴，所以我們覺得這是謹慎。

It's too early to tell the benefits of it. We've maintained our spread while taking the prices down. But as I said earlier, we're going to watch elasticity, and we'll be thoughtful in what we pass along for the remainder of the year.

現在說它的好處還為時過早。我們在降低價格的同時保持了價差。但正如我之前所說，我們將關注彈性，我們將在今年餘下的時間裡仔細考慮我們傳遞的內容。

The next question comes from Seth Basham of Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Seth Basham。

This is Nathan Friedman on for Seth. I'll try to squeeze 2 in here. First, as you start to reduce some of your freight vendor contracts, should we be contemplating some gross margin benefits now that freight costs have come down significantly? Or is this not as material of a benefit in times past?

這是賽斯的內森·弗里德曼。我會嘗試在這裡擠 2。首先，當您開始減少一些貨運供應商合同時，既然貨運成本已大幅下降，我們是否應該考慮一些毛利率收益？或者這在過去不是一種利益物質？

And then secondly, it may not be as large of an issue as it was in the past given some navigation out of Asia, but we've read about regulatory changes regarding imports from Asia being interrupted with the U.S. requiring proof of supply chain compliance as part of a forced labor protection act. So my question there is just curious if you -- if there's any impact you're seeing that we should be contemplating or considering or if this is further helping some share gains as others struggle.

其次，考慮到亞洲的航行，這可能不像過去那麼大，但我們已經了解到有關從亞洲進口的監管變化因美國而中斷，要求提供供應鏈合規性證明強制勞動保護法的一部分。所以我的問題只是好奇你是否 - 如果你看到我們應該考慮或考慮的任何影響，或者這是否會在其他人掙扎時進一步幫助一些份額收益。

So I'll try to answer both of those for you real quick. This is Bryan. So from a cost perspective, just keep in mind that we're on a weighted average costing system. So all of that favorable supply chain impact that we've gotten from a cash basis or from a contract basis in Q4 and earlier in Q1 will bleed in throughout the year. So those have been contemplated kind of throughout the year, and that's part of what allows us to have the optionality to give some of that back to our consumers. So that is contemplated in there, and we do expect to continue to receive savings throughout the year with that.

所以我會盡量快速地為你回答這兩個問題。這是布萊恩。因此，從成本的角度來看，請記住我們使用的是加權平均成本核算系統。因此，我們在第四季度和第一季度早些時候從現金基礎或合同基礎獲得的所有有利供應鏈影響將在全年流血。因此，全年都在考慮這些問題，這是讓我們可以選擇將其中一些回饋給消費者的部分原因。所以這是在那裡考慮的，我們確實希望全年繼續節省開支。

And as far as your second question for the legal, compliance stuff, to date, there have been no actions that have impacted our business. And so just to expand a little bit, we're focused on working with our suppliers to prevent disruptions by continuing to map their supply chains, monitor their material sourcing and being prepared to respond to U.S. customs if or when needed.

至於你關於法律、合規問題的第二個問題，到目前為止，還沒有任何影響我們業務的行動。因此，為了擴大一點，我們專注於與我們的供應商合作，通過繼續繪製他們的供應鏈地圖、監控他們的材料採購併準備在需要時對美國海關做出回應來防止中斷。

The next question comes from Chris Horvers of JPMorgan.

下一個問題來自摩根大通的克里斯霍弗斯。

My only question is, as you think about the average footage increase that you've seen maybe since 2019, how did you think about that in terms of laying the guidance out? If we went back down to more of a pre-COVID-sized average project, what would that represent from a comp headwind perspective?

我唯一的問題是，當您考慮自 2019 年以來可能看到的平均鏡頭增加時，您在製定指導方面是如何考慮的？如果我們回到更多 COVID 之前規模的平均項目，從競爭逆風的角度來看，這代表什麼？

I'm not sure. I mean we're looking at each other, Chris. That's a really good question to understand. I think that our average square foot pre-COVID was probably better than it is today. I don't have that data in front of me, but I would say there's a pre-COVID number.

我不知道。我的意思是我們正在看著對方，克里斯。這是一個很好理解的問題。我認為我們在 COVID 之前的平均平方英尺可能比現在好。我面前沒有這些數據，但我會說有一個 COVID 之前的數字。

Slightly, but I wouldn't say that it's materially different, Chris. The way that I would say it is it is down slightly. As we talked about, our square foot per transaction is a little bit less, but it's tough when you think about projects because they come in 2 times, 3 times, 4 times? Or do they come in once and kind of bundle that together? So square foot for us, we tend to look at it on a project basis as well as on a per transaction. And so it's -- on a project basis, it is down a little bit from pre-COVID, but I wouldn't say that it's materially less.

有一點，但我不會說它有實質性的不同，克里斯。我要說的是它略有下降。正如我們所談到的，我們每筆交易的平方英尺要少一些，但是當你考慮項目時就很難了，因為它們來了 2 次、3 次、4 次？還是他們進來一次然後捆綁在一起？所以平方英尺對我們來說，我們傾向於在項目和每筆交易的基礎上看待它。所以它 - 在項目的基礎上，它比 COVID 之前有所下降，但我不會說它實質上更少。

And there's other complexities in that, too. Our Pro business was probably 30% of our sales back then. Now it's over 40%, at least pro tendering it. Our design business was much less material than it is now. We know when our designers are involved, the project size goes up as well. So it's just the -- it's a fairly different business now than it was back then.

還有其他的複雜性。當時我們的 Pro 業務可能占我們銷售額的 30%。現在已經超過40%了，至少pro tender吧。我們的設計業務遠沒有現在那麼重要。我們知道當我們的設計師參與進來時，項目規模也會增加。所以這只是 - 現在的業務與當時完全不同。

Your final question comes from the line of Liz Suzuki of Bank of America.

你的最後一個問題來自美國銀行的 Liz Suzuki。

So I just had a question about the inventory. You mentioned that it was down in the quarter and from fourth quarter. And I'm just wondering what that looked like in units and whether there was some intentional destocking there based on what you're seeing in demand.

所以我只是有一個關於庫存的問題。你提到它在本季度和第四季度都有所下降。而且我只是想知道單位看起來像什麼，以及是否根據您看到的需求有意去庫存。

Yes. I mean, look, units were down from year-end because you're talking about from December 2022, we were down 8.6%. So yes, I mean some of that was us putting suppression on orders just getting it in line, but you will see that grow year-over-year. As we exit the year, it's just going to grow at a slower rate, modestly slower rate than we will for sales. But there were units down. I mean, that was...

是的。我的意思是，你看，單位數量比年底有所下降，因為你說的是從 2022 年 12 月開始，我們下降了 8.6%。所以是的，我的意思是其中一些是我們對訂單進行壓制只是為了讓它排隊，但你會看到它逐年增長。當我們結束這一年時，它只會以較慢的速度增長，比我們的銷售速度略慢。但是有單位下降。我的意思是，那是...

And I would just say that our in-stocks are terrific, and they're a lot better than they were a year ago.

我只想說我們的庫存非常好，比一年前好多了。

And most of our stores are going to open in the back half. So 65% are opening in the back half, and that's part of the inventory build as well. And as we get into the back half and as we open more stores early in 2024, you're going to see some of that build up. So...

我們的大部分商店都將在下半年開業。所以 65% 的人在後半段開張，這也是庫存建設的一部分。隨著我們進入後半部分，隨著我們在 2024 年初開設更多商店，你會看到其中一些積累。所以...

So I appreciate everyone joining the call. Thanks for your questions, and we look forward to updating you on the next quarter. Thank you.

所以我感謝大家加入電話會議。感謝您提出問題，我們期待在下個季度為您更新。謝謝。

Thank you, sir. Ladies and gentlemen, that does conclude today's teleconference. Thank you for attending, and you may now disconnect your lines.

謝謝你，先生。女士們，先生們，今天的電話會議到此結束。感謝您的出席，您現在可以斷開您的線路。