Floor & Decor Holdings Inc (FND) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the Floor & Decor Holdings Inc. Second Quarter 2023 Conference Call. (Operator Instructions)

下午好，歡迎參加 Floor & Decor Holdings Inc. 2023 年第二季度電話會議。 （操作員說明）

As a reminder, this conference is being recorded. At this time, I would like to hand the call to Wayne Hood, Vice President of Investor Relations. Thank you. You may begin.

提醒一下，本次會議正在錄製中。現在，我想把電話轉給投資者關係副總裁韋恩·胡德（Wayne Hood）。謝謝。你可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to Floor & Decor's fiscal 2023 Second 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。歡迎參加 Floor & Decor 2023 財年第二季度收益電話會議。與我一起參加今天電話會議的還有首席執行官湯姆·泰勒 (Tom Taylor)；特雷弗·朗，總裁；以及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.

在開始之前，我想提醒大家注意公司的安全港語言。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，並存在風險和不確定性。任何涉及未來事件的預期、預測或其他特徵的聲明，包括財務預測或未來市場狀況，均屬於前瞻性聲明。該公司未來的實際業績可能因任何原因與此類前瞻性聲明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列出的結果。 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 understand better 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.

在本次電話會議期間，公司將討論 SEC G 條例定義的非 GAAP 財務指標。我們相信，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 指標與最直接可比的 GAAP 財務指標的調節可以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 上找到。本次電話會議的錄音重播和相關材料將在我們的投資者關係網站上提供。

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 Second Quarter Earnings Conference Call. During today's call, Trevor and I will discuss some of our fiscal 2023 second quarter highlights, then Bryan will provide a more in-depth review of our second quarter financial performance and share our thoughts about our projections for the remainder of fiscal 2023.

感謝 Wayne 和大家參加我們的 2023 財年第二季度收益電話會議。在今天的電話會議中，特雷弗和我將討論2023 財年第二季度的一些亮點，然後布萊恩將對我們第二季度的財務業績進行更深入的回顧，並分享我們對2023 財年剩餘時間的預測的想法。

Let me start by saying how pleased we are that amidst the economic challenges of rising mortgage rates and near record low existing home sales, we delivered fiscal 2023 second quarter diluted earnings per share of $0.66, which exceeded our expectations. These financial results reflect our team's intense focus on what we can control during this challenging period. We are executing our growth in customer service strategies at an elevated level, investing in new and existing stores and effectively managing our profitability when sales are modestly below our expectations. There have now been 22 consecutive months of year-over-year declines in existing home sales from rising mortgage rates, which continues to create intermediate term headwinds to our sales growth. Notwithstanding these headwinds, we continue to deliver on our growth plans by opening 9 new warehouse stores in the second quarter, including our 200th store opening in Metairie, Louisiana.

首先我要說的是，我們非常高興在抵押貸款利率上升和現有房屋銷售接近創紀錄低點的經濟挑戰中，我們實現了2023 財年第二季度攤薄每股收益0.66 美元，超出了我們的預期。這些財務業績反映了我們團隊對在這個充滿挑戰的時期我們可以控制的事情的強烈關注。我們正在以更高的水平執行客戶服務戰略的增長，投資新店和現有商店，並在銷售額略低於我們的預期時有效管理我們的盈利能力。由於抵押貸款利率上升，現房銷售現已連續 22 個月同比下降，這繼續對我們的銷售增長造成中期阻力。儘管面臨這些不利因素，我們仍繼續實現我們的增長計劃，在第二季度開設了 9 家新的倉儲店，其中包括在路易斯安那州梅泰里開設的第 200 家店。

We are proud that our growth led us to open a New England region, which creates exciting promotional opportunities for our field organization. Moreover, we are fortunate that the strength of our balance sheet and cash flows allows us to continue to invest in our existing stores and drive inspiration and newness at a time when the industry is contracting.

我們感到自豪的是，我們的發展促使我們開設了新英格蘭地區，這為我們的現場組織創造了令人興奮的促銷機會。此外，我們很幸運，我們的資產負債表和現金流的實力使我們能夠繼續投資現有商店，並在行業萎縮之際激發靈感和創新。

In the second quarter of fiscal 2023, we executed 49 design center refreshes, including 34 exciting new XL slab vignettes, 153 decorative accessory resets and by the end of 2023, we expect that all stores will have an updated wood inspiration center. When industry demand turns, we believe these investments will position us for accelerated market share growth. We continue to successfully execute our plans to strategically reduce retail prices on specific SKUs, while at the same time growing our gross margin rate sequentially and year-over-year.

在2023 財年第二季度，我們執行了49 項設計中心更新，包括34 個令人興奮的新XL 板小插圖、153 個裝飾配件重置，到2023 年底，我們預計所有商店都將擁有更新的木質靈感中心。當行業需求轉變時，我們相信這些投資將使我們加速市場份額增長。我們繼續成功執行戰略性降低特定 SKU 零售價格的計劃，同時逐年提高毛利率。

Our product price gaps are as strong as ever and on like items, they sequentially widened during the second quarter. Moreover, we have been successfully diversifying our product sourcing away from China. In 2022, our products sourced from China declined to approximately 29% of sales from 50% in 2018, and we see a path to further reduce this percentage meaningfully over time. Through our agile diversification strategies, we have demonstrated that we can reduce our product cost, drive product innovation and newness, achieve optimal economies of scale and lower our geopolitical risks from tariffs and more recently, UFLPA enforcement efforts.

我們的產品價格差距一如既往地強勁，並且在同類產品上，價格差距在第二季度連續擴大。此外，我們已經成功地將我們的產品採購從中國轉移出去。到 2022 年，我們從中國採購的產品佔銷售額的比例將從 2018 年的 50% 下降到約 29%，並且我們看到隨著時間的推移，進一步顯著降低這一百分比的途徑。通過我們靈活的多元化戰略，我們已經證明我們可以降低產品成本，推動產品創新和新穎性，實現最佳規模經濟，並降低關稅和最近的 UFLPA 執法工作帶來的地緣政治風險。

Turning to commercial. Not only are we pleased with the emerging organic growth at Spartan Surfaces, but we were able to build on their successes by acquiring Salesmaster floor solutions in June. As we look forward, we expect existing home sales to be more challenging than we previously contemplated 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 a longer duration of weak existing home sales headwinds and grow our market share even as the flooring industry contracts in 2023.

轉向商業。我們不僅對 Spartan Surfaces 不斷出現的有機增長感到滿意，而且通過在 6 月份收購 Salesmaster 地板解決方案，我們能夠在他們的成功基礎上再接再厲。展望未來，我們預計現房銷售將比我們之前預期的更具挑戰性，客戶將越來越優先考慮價值和節省，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 年出現萎縮，我們也有能力應對長期的現有房屋銷售疲軟的逆風，並擴大我們的市場份額。

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

現在讓我將電話轉給特雷弗，討論我們第二季度的銷售和增長支柱。

Thanks, Tom. We are incredibly pleased with how our stores are executing strategies to grow our market share during this challenging period. We are focused on driving top line sales growth in the second half of 2023 through new product introductions, compelling bulk out price displays at the front of our stores, basket selling, open quote conversion, select SKU price reductions and engagement and loyalty strategies, particularly amongst our top Pros. We will continue emphasizing our everyday low prices on a broad assortment of top quality and trend-forward products, our in-stock job lot quantities and in-store and online customer experience.

謝謝，湯姆。我們對我們的商店在這個充滿挑戰的時期執行擴大市場份額的策略感到非常滿意。我們致力於通過新產品推出、商店門口引人注目的批量價格展示、購物籃銷售、公開報價轉換、精選 SKU 降價以及參與度和忠誠度策略來推動 2023 年下半年的營收增長，特別是在我們的頂級專業人士中。我們將繼續強調我們每天的低價、各種優質和潮流產品、我們的庫存工作批量以及店內和在線客戶體驗。

We are pleased our second quarter customer service scores remain at all-time highs. At the same time, we are protecting our profitability by flexing payroll hours to align with transactions, improving operational efficiencies across the organization, optimizing our media mix and advertising spend for the most effective return and moderating discretionary spending.

我們很高興第二季度的客戶服務得分保持在歷史最高水平。與此同時，我們通過靈活的工資發放時間以適應交易、提高整個組織的運營效率、優化我們的媒體組合和廣告支出以獲得最有效的回報並減少可自由支配的支出來保護我們的盈利能力。

Let me turn my comments to fiscal 2023 second quarter sales. Total sales increased 4.2% to $1.100 billion from last year, and comparable store sales declined 6%, which was modestly below our expectations. Comparable store sales fell 6.6% in April, 5.5% in May and 6% in June.

讓我談談 2023 財年第二季度的銷售額。總銷售額較去年增長 4.2%，達到 11 億美元，可比商店銷售額下降 6%，略低於我們的預期。 4 月份可比商店銷售額下降 6.6%，5 月份下降 5.5%，6 月份下降 6%。

From a regional perspective, and like the first quarter, sales in our Western division remained the weakest. Our fiscal 2023 third quarter to date comparable store sales are down 8.4%, which is reflected in our updated earnings guidance provided in today's press release.

從區域角度來看，與第一季度一樣，我們西部部門的銷售額仍然最弱。我們的 2023 財年第三季度迄今為止的可比商店銷售額下降了 8.4%，這反映在我們今天的新聞稿中提供的最新盈利指引中。

Turning to our fiscal 2023 second quarter transaction and average ticket performance. Comparable store transactions declined 7.1% from last year, which was modestly below our expectations, but an improvement from the 9.9% decline in the first quarter and a 10.4% decline in the fourth quarter of fiscal 2022. Our second quarter average ticket growth of 1.1% sequentially decelerated from 7.3% in the first quarter and 14.4% in the fourth quarter of 2022. The sequential decelerating growth in our average ticket is mainly due to retail increases last year that we are now starting to anniversary in a more meaningful way as well as customers purchasing less square footage and our strategic decision to selectively lower retail prices on specific SKUs.

轉向我們 2023 財年第二季度的交易和平均門票表現。可比商店交易量較去年下降7.1%，略低於我們的預期，但較2022 財年第一季度9.9% 的下降量和2022 財年第四季度10.4% 的下降量有所改善。第二季度平均門票增長1.1% % 比2022 年第一季度的7.3% 和第四季度的14.4% 連續下降。我們的平均票價連續下降增長主要是由於去年零售額的增長，我們現在也以更有意義的方式開始週年慶由於客戶購買的面積減少，並且我們的戰略決策有選擇地降低特定 SKU 的零售價格。

Overall, homeowners and pros are engaging in fewer projects and undertaking smaller-scale flooring projects and are very intentional in their purchase decisions. For example, they are choosing a single bathroom project rather than a bathroom and a kitchen project or a 4-room project rather than a 5-room project. Additionally, the cost of financing projects has risen due to the increase in interest rates, fewer subsidized financing programs and tighter lending standards. Collectively, we believe these factors are contributing to us selling less square footage when compared with last year.

總體而言，房主和專業人士參與的項目較少，承擔的地板項目規模較小，並且在購買決策時非常謹慎。例如，他們選擇單浴室項目而不是浴室和廚房項目，或者選擇 4 房間項目而不是 5 房間項目。此外，由於利率上升、融資補貼項目減少以及貸款標準收緊，融資項目成本上升。總的來說，我們認為這些因素導致我們的銷售面積比去年減少。

That said, when the consumers are considering a flooring project, we continue to see an ongoing customer preferences towards our better and best price point products where we offer industry-leading innovation trends and styles at everyday low prices. Indeed, we are excited about the new SKUs landing in our stores in the second half of the year. Consequently, we believe we can grow our market share even while the industry is contracting.

也就是說，當消費者考慮地板項目時，我們繼續看到客戶對我們更好和最好價位產品的持續偏好，我們以每日低價提供行業領先的創新趨勢和款式。事實上，我們對今年下半年登陸我們商店的新 SKU 感到非常興奮。因此，我們相信，即使行業正在萎縮，我們也可以擴大市場份額。

I will now discuss our new store pillar of growth. In the second quarter of fiscal 2023, we opened 9 new warehouse-format stores towards our goal of opening 32 warehouse format stores for the year. Among the 9 new warehouse store openings, 3 opened in each month of the quarter with 1 opening on the last day of the quarter. We celebrated a milestone in our compelling growth story in early May by completing our 200th warehouse store opening in Metairie, Louisiana.

我現在將討論我們新店的增長支柱。 2023 財年第二季度，我們新開了 9 家倉儲式商店，以實現全年開設 32 家倉儲式商店的目標。在 9 家新開的倉儲店中，有 3 家在本季度每個月開業，其中 1 家在本季度最後一天開業。 5 月初，我們在路易斯安那州梅泰里開設了第 200 家倉庫店，慶祝了我們引人注目的增長故事中的一個里程碑。

I want to take a moment to recognize all of the people that made this possible. Each year, I believe we get better at opening new stores, and they are better than the previous class. And I'm excited about the new stores we have in the pipeline to open towards achieving our 500 U.S. store potential. We have a busy 11 new warehouse store opening planned for the third quarter of fiscal 2023, including a record-setting monthly store opening plan of 9 new stores in the month of September. Moreover, we are excited about our plan to open 4 new stores in new markets in the third quarter, including Buffalo, Rochester and Albany, New York and Minneapolis, Minnesota.

我想花點時間向所有使這一切成為可能的人表示感謝。每年，我相信我們在開設新店方面都會做得更好，而且比上一屆更好。我對我們即將開設的新店感到興奮，以實現我們在美國開設 500 家店的潛力。我們計劃在 2023 財年第三季度繁忙地開設 11 家新倉庫店，其中包括 9 月份創紀錄的每月開店計劃 9 家新店。此外，我們對第三季度在新市場開設 4 家新店的計劃感到興奮，其中包括紐約的布法羅、羅切斯特和奧爾巴尼以及明尼蘇達州的明尼阿波利斯。

Among the 32 warehouse format stores we intend to open in fiscal 2023, 59% will be in existing and 41% in new markets. As a reminder, we consider any market where our stores have been opened less than 3 years to be a new market. Looking beyond 2023, we expect construction delays to ease and anticipate a more balanced quarterly store opening cadence, which will lead to more warehouse store operating weeks.

在我們計劃在 2023 財年開設的 32 家倉儲式商店中，59% 將位於現有市場，41% 將位於新市場。提醒一下，我們將任何我們的商店開業不到 3 年的市場視為新市場。展望 2023 年以後，我們預計施工延誤將得到緩解，並預計季度開店節奏將更加平衡，這將導致倉庫店營業周數增加。

Turning to our pro business. Our fiscal 2023 second quarter total sales to Pros increased by 8.3% and accounted for 43% of total sales. Pro comparable store sales declined 1.1% from last year, driven by a decline in transactions. While second quarter comparable store sales to Pros declined slightly from last year, we are pleased with our engagement metrics where our top Pros continue to spend more with us compared with last year, resulting in a growing wallet share.

轉向我們的專業業務。我們的 2023 財年第二季度專業人士總銷售額增長了 8.3%，佔總銷售額的 43%。由於交易量下降，專業同店銷售額較去年下降 1.1%。雖然第二季度與專業人士的可比商店銷售額較去年略有下降，但我們對我們的參與度指標感到滿意，與去年相比，我們的頂級專業人士繼續在我們這里花費更多，從而導致錢包份額不斷增長。

Furthermore, we are pleased that our Pros continue demonstrating a strong appreciation for the value of our industry-leading Pro Premier Rewards loyalty program. Over 80% of our pro sales are from PPR members, and second quarter PPR points redeemed increased by 73% from last year. We continue to grow our pro contacts and are excited about the refinements we are making in our customer relationship management or CRM dashboard tools, which will further allow us to optimize and enhance our lead capabilities and drive engagement.

此外，我們很高興我們的專業人士繼續表現出對我們行業領先的 Pro Premier Rewards 忠誠度計劃價值的強烈讚賞。我們超過80%的專業銷售來自PPR會員，第二季度兌換的PPR積分比去年增加了73%。我們不斷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，這將進一步使我們能夠優化和增強我們的領導能力並提高參與度。

We also build sticky relationships and lifetime value with Pros through education and training about flooring products, insulation and design solutions. As discussed in prior earnings call, we aim to be the premier destination for our pro education by expanding our industry partnerships. In the second quarter of 2023, we hosted 27 educational workshops, training over 500 Pros. We have 121 pro educational workshop events planned for the year compared to 71 in 2022. We believe these investments are working as those trained pros have significantly increased their spending with us from last year.

我們還通過有關地板產品、隔熱材料和設計解決方案的教育和培訓，與專業人士建立粘性關係和終身價值。正如之前的財報電話會議中所討論的那樣，我們的目標是通過擴大我們的行業合作夥伴關係，成為我們專業教育的首要目的地。 2023 年第二季度，我們舉辦了 27 場教育研討會，培訓了 500 多名專業人士。我們計劃今年舉辦 121 場專業教育研討會活動，而 2022 年將舉辦 71 場活動。我們相信這些投資正在發揮作用，因為那些經過培訓的專業人士比去年顯著增加了他們在我們這裡的支出。

Turning to our e-commerce business. Our e-commerce team continues to focus on executing strategies to drive traffic and optimizing our customers' digital experience. In the second quarter, we drove 20 million clicks to our website. Our fiscal 2023 second quarter e-commerce sales increased 12.6% from last year and accounted for 19.1% of our sales compared to 17.5% in the previous year and 18% in the first quarter of 2023.

轉向我們的電子商務業務。我們的電子商務團隊繼續專注於執行策略以增加流量並優化客戶的數字體驗。第二季度，我們的網站點擊量達到 2000 萬次。我們的 2023 財年第二季度電子商務銷售額比去年增長 12.6%，占我們銷售額的 19.1%，而上年為 17.5%，2023 年第一季度為 18%。

Importantly, our digital and physical assets are working together. 79% of customers who purchased in stores say they have been to our website. Importantly, about 80% of our online sales are picked up in store. From a merchandising perspective, we continue to be focused on current trends, adding inspirational and user-generated content and expanding into new categories.

重要的是，我們的數字資產和實物資產正在協同工作。 79% 在商店購買的顧客表示他們曾經訪問過我們的網站。重要的是，我們約 80% 的在線銷售都是在實體店提貨的。從營銷角度來看，我們繼續關注當前趨勢，添加鼓舞人心和用戶生成的內容，並擴展到新的類別。

Moving on to our design services. We believe our design services strategies are working. We're driving an elevated level of service versus our competition from trained designers capable of managing any sized project with any customer. We are now -- we now have about 5 designers per store, which gives us coverage for all days and hours of business. We have equipped designers with hardware and design software, which allows us to give customers a better and more consistent experience. Our in-home design test is now in 6 markets, and we are pleased with the results. The in-home design allows us to work with the project space, including reviewing samples, taking measurements and defining the customer's style. This experience also allows us to produce better visualization tools to help customers make the buying decision.

繼續我們的設計服務。我們相信我們的設計服務策略正在發揮作用。與我們的競爭相比，我們正在推動更高水平的服務，訓練有素的設計師能夠為任何客戶管理任何規模的項目。現在，我們每家商店大約有 5 名設計師，這使我們能夠覆蓋所有營業時間。我們為設計師配備了硬件和設計軟件，這使我們能夠為客戶提供更好、更一致的體驗。我們的室內設計測試現已在 6 個市場進行，我們對結果感到滿意。室內設計使我們能夠處理項目空間，包括審查樣品、進行測量和定義客戶的風格。這種經驗還使我們能夠生產出更好的可視化工具來幫助客戶做出購買決定。

In the second quarter of 2023, our design sales penetration increased 335 basis points from last year. We now have about 930 designers working in our stores with plans to have over 1,000 designers by the end of the year.

2023年第二季度，我們的設計銷售滲透率比去年增長了335個基點。目前，我們的門店約有 930 名設計師，計劃到今年年底擁有超過 1,000 名設計師。

Moving on to commercial flooring business. Spartan Services reported another strong quarter, further reaffirming that our strategies to grow our commercial market share are working. Spartan's fiscal 2023 second quarter total sales increased by 40.5% from last year. We are pleased that Spartan's gross margin and EBITDA margin rate continues to be better than expected, which was partially offset by transaction costs from Salesmaster in the quarter. We are equally pleased with the regional account managers, or our RAMs, that work with our stores and that are not included in Spartan's financial results. Our RAM second quarter total sales increased 39% from last year. In June, we took another step towards growing our commercial business when Spartan Services acquired Salesmaster Flooring Solutions, a top distributor of commercial flooring in the New York City market.

轉向商業地板業務。斯巴達服務公司報告了另一個強勁的季度，進一步證實了我們擴大商業市場份額的戰略正在發揮作用。 Spartan 2023財年第二季度總銷售額較去年增長40.5%。我們很高興 Spartan 的毛利率和 EBITDA 利潤率繼續好於預期，這部分被 Salesmaster 本季度的交易成本所抵消。我們同樣對與我們商店合作但不包含在 Spartan 財務業績中的區域客戶經理或我們的 RAM 感到滿意。我們第二季度的 RAM 總銷售額比去年增長了 39%。 6 月，Spartan Services 收購了紐約市商業地板頂級經銷商 Salesmaster Flooring Solutions，我們在發展商業業務方面又邁出了一步。

The acquisition significantly expands and deepens our presence in the large and highly fragmented New York City and New England markets. We're excited about leveraging Salesmaster's strong contractor relationships in their core markets, large sundries offerings, delivery and logistics network and great customer service. As we expand in the Northeast, we believe these attributes will result in higher win rates. We expect Salesmaster to benefit from increased purchasing power, better inventory levels and logistics, enhancing the value they deliver to their customers. As discussed in prior earnings calls, we remain excited about the commercial market opportunity and our strategies.

此次收購顯著擴大並深化了我們在龐大且高度分散的紐約市和新英格蘭市場的影響力。我們很高興能夠利用 Salesmaster 在其核心市場中強大的承包商關係、大型雜貨產品、交付和物流網絡以及出色的客戶服務。隨著我們在東北地區的擴張，我們相信這些特性將帶來更高的勝率。我們預計 Salesmaster 將受益於購買力的增強、庫存水平的改善和物流的改善，從而提高他們為客戶提供的價值。正如之前的財報電話會議中所討論的那樣，我們對商業市場機會和我們的戰略仍然感到興奮。

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 are confident that we have the right people, strategies and business models to continue navigating this challenging macroeconomic environment successfully.

最後，我們的運營實力雄厚，並對有機會在 2023 財年及以後繼續擴大我們的市場份額感到興奮。我們相信，我們擁有合適的人才、戰略和商業模式，能夠繼續成功應對這一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 second quarter financial results in more detail and to share our outlook for the remainder of the year.

我現在將把電話轉給 Bryan，更詳細地討論我們 2023 財年第二季度的財務業績，並分享我們對今年剩餘時間的展望。

Thank you, Tom and Trevor.

謝謝你們，湯姆和特雷弗。

I want to begin by thanking all of our associates and vendor partners for their hard work and dedication to serving our customers every day. I'm particularly proud of our fiscal 2023 second quarter financial results as they demonstrate how we can grow our market share and manage our profitability during a period of industry contraction. We are executing our new store growth and gross margin recapture plans and effectively managing our expenses. Importantly, we successfully managed our inventory and other working capital, which led to a $469 million positive swing in operating cash flow from the same period last year. We accomplished these results despite rising mortgage rates during the quarter, leading to existing home sales that took a step back from where they were at the end of the first quarter of 2023 to near record lows.

首先，我要感謝我們所有的員工和供應商合作夥伴每天的辛勤工作和奉獻精神，為我們的客戶提供服務。我對我們 2023 財年第二季度的財務業績感到特別自豪，因為它們展示了我們如何在行業收縮期間擴大市場份額並管理我們的盈利能力。我們正在執行新店增長和毛利率奪回計劃，並有效管理我們的開支。重要的是，我們成功地管理了庫存和其他營運資金，導致運營現金流比去年同期增加了 4.69 億美元。儘管本季度抵押貸款利率上升，導致現有房屋銷售從 2023 年第一季度末的水平回落至接近歷史低點，但我們還是取得了這些成果。

Let me turn my discussion to some of the changes among the significant line items in our second quarter income statement, balance sheet and statement of cash flows. Then I will discuss our outlook for the remainder of the year. We are successfully executing our plans to grow our gross margin rate. Second quarter gross margin rate grew sequentially and year-over-year. Our second quarter gross margin rate increased approximately 220 basis points to 42.2% from 40.0% last year, exceeding our expectations and sequentially improving from 41.8% in the first quarter of fiscal 2023.

讓我談談第二季度損益表、資產負債表和現金流量表中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。我們正在成功執行提高毛利率的計劃。第二季度毛利率環比和同比增長。我們第二季度的毛利率從去年的 40.0% 增長了約 220 個基點至 42.2%，超出了我們的預期，並且比 2023 財年第一季度的 41.8% 有所改善。

The increase in gross margin rate is primarily due to retail price increases we took last year to mitigate higher year-over-year supply chain and product costs. As a reminder, we are on the weighted average cost method of accounting, and as such, the supply chain cost reductions we started to experience late last year and into this year are still working their way through our income statement and will continue to benefit the back half of 2023. Second quarter selling and store operating expenses increased 16.1% to $311.4 million, in line with our expectations. The growth is primarily attributable to higher occupancy costs related to 29 additional warehouse stores operating since June 30, 2022, wage rate increases and higher credit card transaction processing fees.

毛利率的增長主要是由於我們去年提高了零售價格，以緩解同比更高的供應鍊和產品成本。提醒一下，我們採用加權平均成本法進行會計處理，因此，我們從去年年底開始經歷的供應鏈成本降低一直到今年仍在我們的損益表中發揮作用，並將繼續使我們的利潤表受益。 2023年下半年。第二季度銷售和商店運營費用增長16.1% 至3.114 億美元，符合我們的預期。這一增長主要歸因於自 2022 年 6 月 30 日起新增 29 家倉儲店運營的佔用成本上升、工資上漲以及信用卡交易處理費上漲。

As a percentage of sales, selling and store operating expenses increased approximately 290 basis points to 27.4% from last year. The 290 basis points increase was modestly above our expectations primarily due to deleverage in occupancy and other fixed costs from the decline in our comparable store sales.

銷售和商店運營費用佔銷售額的百分比比去年增加了約 290 個基點，達到 27.4%。 290 個基點的增長略高於我們的預期，主要是由於我們可比商店銷售額下降導致入住率和其他固定成本去槓桿化。

Second quarter general and administrative expenses increased by 19.2% from last year, modestly above our expectations. The growth is due to investments 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 including approximately $900,000 of transaction costs associated with the acquisition of Salesmaster. As a percentage of sales, general and administrative expenses deleveraged 60 basis points to 5.5% from 4.9% last year primarily due to the decline in our comparable store sales. Preopening expenses increased by 16.5% to $10.0 million from last year, in line with our expectations. The increase primarily resulted from an increase in the number of future stores we were preparing to open compared to the prior year.

第二季度一般及管理費用較去年增長 19.2%，略高於我們的預期。這一增長是由於支持我們商店增長的投資，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較高折舊以及與我們的Spartan 子公司相關的運營費用，包括與收購Salesmaster 相關的約900,000 美元的交易成本。一般及管理費用佔銷售額的百分比從去年的 4.9% 下降了 60 個基點至 5.5%，這主要是由於我們可比商店銷售額的下降。開業前費用比去年增加 16.5% 至 1,000 萬美元，符合我們的預期。這一增長主要是由於我們準備開設的未來商店數量與上一年相比有所增加。

Second quarter net interest expense increased to $2.9 million from $1.7 million in the same period last year. The $1.2 million increase in interest expense is primarily due to an increase in average borrowings outstanding under our ABL facility and interest rate increases on outstanding debt, partially offset by increases in capitalized interest and interest income from our interest rate cap derivative contracts.

第二季度淨利息支出從去年同期的 170 萬美元增至 290 萬美元。利息支出增加120 萬美元，主要是由於我們的ABL 工具下未償還平均借款的增加以及未償債務利率的增加，部分被我們的利率上限衍生品合約的資本化利息和利息收入的增加所抵消。

Our second quarter income tax expense was $20.6 million compared to $22.9 million in the same period last year. The effective tax rate increased by 50 basis points to 22.4% from 21.9% in the previous year, primarily due to 162(m) limitations.

我們第二季度的所得稅費用為 2060 萬美元，而去年同期為 2290 萬美元。有效稅率從上一年的 21.9% 增加了 50 個基點至 22.4%，這主要是由於 162(m) 的限制。

Excluding the impact of excess tax benefits, our second quarter tax rate was approximately 24.5% compared to 23.9% in the same period last year. While second quarter sales were modestly below our expectations, we demonstrated that we can effectively manage our profitability as industry growth contracts. Second quarter adjusted EBITDA grew 1.7% to $152.8 million and diluted earnings per share of $0.66, which exceeded our expectations. In today's earnings press release, you can find a complete reconciliation of our GAAP to non-GAAP earnings.

剔除超額稅收優惠的影響，我們第二季度的稅率約為24.5%，而去年同期為23.9%。儘管第二季度銷售額略低於我們的預期，但我們證明，隨著行業增長收縮，我們可以有效管理我們的盈利能力。第二季度調整後 EBITDA 增長 1.7%，達到 1.528 億美元，攤薄後每股收益為 0.66 美元，超出了我們的預期。在今天的收益新聞稿中，您可以找到我們的 GAAP 與非 GAAP 收益的完整調節表。

Moving on to our balance sheet and cash flow. We are pleased that our inventory as of June 29, 2023, decreased by 12.8% to $1.2 billion from last year and decreased by 9.3% from the end of fiscal 2022. The decline in inventory, coupled with an increase in trade accounts payable along with other working capital initiatives, enabled us to report a $468.8 million positive swing in year-over-year operating cash flow and a significant year-over-year increase in free cash flow. The improvement in our cash flow allowed us to reduce borrowings under our ABL facility, which in turn enabled us to reduce our debt by $35.2 million to $238.4 million from the same period last year.

繼續我們的資產負債表和現金流。我們很高興看到，截至 2023 年 6 月 29 日，我們的庫存較去年減少 12.8%，至 12 億美元，較 2022 財年末減少 9.3%。庫存的下降，加上貿易應付賬款的增加，其他營運資本舉措使我們能夠實現運營現金流同比正向波動4.688 億美元，自由現金流同比顯著增加。現金流的改善使我們能夠減少 ABL 貸款下的借款，從而使我們的債務比去年同期減少 3520 萬美元，達到 2.384 億美元。

Consequently, we have an even stronger balance sheet, which will be a benefit to us as we weather the industry's contraction and make strategic investments like our recent acquisition of Salesmaster. We ended the second quarter with $703.3 million of unrestricted liquidity, consisting of $4.2 million in cash and cash equivalents and $699.1 million available for borrowing under the ABL facility.

因此，我們擁有更強大的資產負債表，這對我們有利，因為我們能夠應對行業的萎縮並進行戰略投資，例如我們最近收購了 Salesmaster。截至第二季度末，我們擁有 7.033 億美元的不受限制的流動性，其中包括 420 萬美元的現金和現金等價物以及 6.991 億美元可根據 ABL 便利借款。

Let me now turn my comments to how we are thinking about the second half of 2023 and how this compares with our previous expectations. First, the Federal Reserve has continued tightening financial conditions by raising the federal funds rate to 5.25% to 5.5% in July and continue shrinking its balance sheet to bring inflation under control to achieve its 2% inflation rate objective over time. These ongoing monetary policy decisions led to mortgage interest rates rising to over 7% in the second quarter and 7.34% in July, which led to existing home sales slipping back to 4.16 million units in June from their prior recent peak of 4.55 million units in February and 4.43 million units in March when we reported our fiscal 2023 first quarter. As we think about the long and variable lagged impact of these ongoing monetary policy actions and the likelihood that mortgage rates are now less likely to fall to 5% -- to 6% over the next 5 months.

現在讓我談談我們對 2023 年下半年的看法以及與我們之前的預期相比如何。首先，美聯儲繼續收緊金融狀況，7月份將聯邦基金利率提高至5.25%至5.5%，並繼續縮減資產負債表以控制通脹，以期逐步實現2%的通脹率目標。這些持續的貨幣政策決定導致抵押貸款利率在第二季度升至超過7%，在7 月份升至7.34%，這導致6 月份成屋銷售量從2 月份455 萬套的近期峰值回落至416 萬套。 3 月份，當我們報告 2023 財年第一季度時，銷量為 443 萬台。當我們考慮這些正在進行的貨幣政策行動的長期且可變的滯後影響以及抵押貸款利率現在不太可能在未來 5 個月內降至 5% 至 6% 的可能性時。

We now prudently expect existing home sales to exit 2023 around 4.1 million to 4.3 million units and remain near record lows. This unit level is below our previous 2023 exit rate assumption of 4.7 million to 4.9 million units annualized, as we discussed in the first quarter. Second, while home price appreciation has moderated they remain elevated from previous years, which coupled with rising mortgage rates, makes housing affordability challenging. According to NAR, the median price of the existing single-family home was $416,000 in June 2023, up 39% from $300,000 in 2020. A monthly payment is now 26.7% of income compared with 14.7% in 2020.

我們現在謹慎地預計 2023 年現有房屋銷量將達到 410 萬至 430 萬套左右，並保持在歷史低點附近。正如我們在第一季度討論的那樣，這一單位水平低於我們之前對 2023 年退出率的假設（年化 470 萬至 490 萬單位）。其次，雖然房價升值有所放緩，但與前幾年相比仍處於較高水平，加上抵押貸款利率上升，使得住房負擔能力面臨挑戰。根據 NAR 的數據，2023 年 6 月現有單戶住宅的中位價格為 416,000 美元，比 2020 年的 300,000 美元上漲 39%。每月付款目前佔收入的 26.7%，而 2020 年為 14.7%。

Taking these intermediate term headwinds and our recent sales trends into consideration, we prudently revised our fiscal 2023 sales and earnings guidance lower to reflect these ongoing headwinds. While the macroeconomic environment does present some near-term challenges, we believe the long-term secular trends that underpin growth in home improvement spending and our potential market share and 500 store opportunity in the U.S. remain as relevant as ever. We remain committed to making the investments that we believe will further expand our competitive moat and drive market share gains during this downturn to better position ourselves for when the existing home sale cycle turns. The well-established factors supporting long-term home improvement spending include significant home equity, a historically low inventory of new and existing homes for sale and an aging housing stock, where over 80% of homes are 20-plus years old. Furthermore, as more millennials enter their prime homebuying years, we are well positioned to capitalize on this growing market.

考慮到這些中期不利因素和我們最近的銷售趨勢，我們謹慎地下調了 2023 財年的銷售和盈利指引，以反映這些持續的不利因素。雖然宏觀經濟環境確實帶來了一些近期挑戰，但我們相信，支撐家居裝修支出增長的長期長期趨勢以及我們在美國的潛在市場份額和 500 家商店機會仍然一如既往。我們仍然致力於進行投資，我們相信這些投資將進一步擴大我們的競爭護城河，並在經濟低迷時期推動市場份額的增長，以便在現有房屋銷售週期轉變時更好地定位自己。支持長期家居裝修支出的既定因素包括大量的房屋淨值、待售新房和現房庫存處於歷史低位以及住房存量老化（其中超過 80% 的房屋使用年限超過 20 年）。此外，隨著越來越多的千禧一代進入購房黃金年齡，我們已做好充分利用這個不斷增長的市場的準備。

Now I will provide some more detail pertaining to our updated fiscal 2023 full year outlook. Net sales of approximately $4.460 billion to $4.530 billion compared with our prior guidance of $4.610 billion to $4.750 billion. Comparable store sales decline of approximately 7% to 5.5% compared with our prior guidance of down 3% to flat. We expect Q3 to be the lowest comp of the year. As a reminder, we are lapping a 10.4% decline in transactions in Q4 of 2022 versus a 6.7% decline in transactions in Q3 of 2022.

現在，我將提供有關更新後的 2023 財年全年展望的更多詳細信息。淨銷售額約為 44.60 億美元至 45.30 億美元，而我們之前的指導為 46.10 億美元至 47.50 億美元。可比商店銷售額下降約 7% 至 5.5%，而我們之前的指引為下降 3% 至持平。我們預計第三季度的業績將是今年最低的。提醒一下，我們預計 2022 年第四季度的交易量下降了 10.4%，而 2022 年第三季度的交易量下降了 6.7%。

The earnings flow-through impact from a 1 percentage point change in comp is approximately $0.10 per share for the full year and approximately $0.05 for each comp point for the remaining 2 quarters of the year. Diluted earnings per share of approximately $2.30 to $2.50 compared with our prior guidance of $2.55 to $2.85. We expect Q4 earnings to be the lowest of the year. Adjusted EBITDA of approximately $570 million to $595 million compared with our prior guidance of $605 million to $650 million.

全年利潤每變化 1 個百分點，每股盈利約 0.10 美元，而今年剩餘 2 個季度，每個競爭點對盈利的影響約為 0.05 美元。稀釋後每股收益約為 2.30 美元至 2.50 美元，而我們之前的指導為 2.55 美元至 2.85 美元。我們預計第四季度盈利將是年內最低。調整後 EBITDA 約為 5.7 億至 5.95 億美元，而我們之前的指導為 6.05 億至 6.5 億美元。

Depreciation and amortization expense of approximately $200 million compared with our prior guidance of $190 million. Net interest expense of approximately $16 million to $17 million compared with our prior guidance of $17 million to $18 million, tax rate of approximately 22% compared with our prior guidance of 23%. Diluted weighted average shares outstanding of approximately 108 million, unchanged from our prior guidance. Open 32 new warehouse format stores from our prior guidance of 32 to 35 stores. Capital expenditures of approximately $590 million to $630 million compared with our prior guidance of $620 million to $675 million.

折舊和攤銷費用約為 2 億美元，而我們之前的指導為 1.9 億美元。淨利息支出約為 1600 萬至 1700 萬美元，而我們之前的指導為 1700 萬至 1800 萬美元，稅率約為 22%，而我們之前的指導為 23%。稀釋後加權平均已發行股數約為 1.08 億股，與我們之前的指引持平。在我們之前指導的 32 至 35 家商店的基礎上，開設 32 家新的倉儲式商店。資本支出約為 5.9 億至 6.3 億美元，而我們之前的指導為 6.2 億至 6.75 億美元。

Let me now pass the call back to Tom for some closing remarks.

現在讓我把電話轉給湯姆，讓他發表一些結束語。

Thanks, Bryan. These are challenging times for everyone in our segment of the home improvement industry, but we believe we have a proven, differentiated business model and the right talent to execute our growth strategies to continue to grow our market share. We believe our ability to continue to make strategic investments in a year marked by sales contraction in the industry will enable us to accelerate our market share in 2023 and beyond, particularly among Pros. We expect 2023 could be particularly difficult for independents to manage pricing, inventory and marketing in a contracting sales period when compared to our larger scale direct sourcing business model.

謝謝，布萊恩。對於家居裝修行業的每個人來說，現在都是充滿挑戰的時期，但我們相信我們擁有經過驗證的差異化商業模式和合適的人才來執行我們的增長戰略，以繼續擴大我們的市場份額。我們相信，在行業銷售萎縮的一年裡，我們有能力繼續進行戰略投資，這將使我們能夠在 2023 年及以後加快我們的市場份額，特別是在專業人士中。我們預計，與我們更大規模的直接採購業務模式相比，2023 年對於獨立公司來說，在合同銷售期內管理定價、庫存和營銷可能會特別困難。

We believe we are managing our business to accelerate our market share and deliver significant earnings power when the industry returns to growth. We believe our long-term earnings growth algorithm remains intact. I want to thank all of our associates and vendor partners for their hard work and dedication to serving our customers every day. Operator, we would now like to take questions.

我們相信，我們正在管理我們的業務，以加快我們的市場份額，並在行業恢復增長時提供顯著的盈利能力。我們相信我們的長期盈利增長算法保持不變。我要感謝我們所有的員工和供應商合作夥伴每天的辛勤工作和奉獻精神，為我們的客戶提供服務。接線員，我們現在想回答問題。

(Operator Instructions) Our first questions come from the line of Michael Lasser with UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Michael Lasser。

What are the trends at your most mature stores? And the reason why I ask is because there's a debate about the degree to which Floor & Decor might have been over-earning for the last few years because of things like whole house renovations or the excessive money that's been flowing to the consumers. So the key is -- what is a realistic level of sales productivity for your most mature stores?

你們最成熟的商店的趨勢是什麼？我之所以問這個問題，是因為人們對地板和裝飾在過去幾年中由於整棟房屋裝修或流向消費者的過多資金等原因可能超額盈利的程度存在爭議。所以關鍵是——對於最成熟的商店來說，銷售生產力的實際水平是多少？

Michael, this is Trevor. I'll take a crack at that, and Bryan may weigh in as well. I think our mature stores are maybe 200 basis points below our total comp that we reported there. And as to how much was over earned during the COVID period, I mean there's something to that. I don't know that we can specifically know what that number is. But obviously, we went through that back then, people were stuck at home and they couldn't travel, and they invested in their home because they were working from home. So there's probably some truth to that, but I'm not sure we can tell you exactly how much of that was part of our -- when we had those strong results in '20 and '21 and in the first half of '22.

邁克爾，這是特雷弗。我會嘗試一下，布萊恩也可能會參與其中。我認為我們成熟的商店可能比我們在那里報告的總薪酬低 200 個基點。至於在新冠疫情期間超額賺了多少錢，我的意思是這是有原因的。我不知道我們能具體知道這個數字是多少。但顯然，我們當時經歷過這樣的情況，人們被困在家裡，無法出行，他們投資於自己的房屋，因為他們在家工作。所以這可能有一定道理，但我不確定我們能否確切地告訴你其中有多少是我們的一部分——當我們在 20 年和 21 年以及 22 年上半年取得瞭如此強勁的成績時。

Yes. Michael, I'll jump in. I'll just -- I'll kind of unbundle the comp a little bit and then talk a little bit about the mature stores as well. So if you think about it, if you follow the story, we were down 3.3% in Q1, down 6% in Q2. What Trevor said in the call is we're down 8.4% now. That would imply that the back half on the high end is around 6.3% and the back half on the low end is 9.3%. The reason that we believe Q4 will improve from Q3 is we're stacking against our weakest transactions. In Q4, if you remember, they were down 10.4%. And in Q3, they were down 6.7%.

是的。邁克爾，我會插話。我會稍微分解一下比較，然後也談談成熟的商店。因此，如果你仔細想想，如果你關注這個故事，我們第一季度下降了 3.3%，第二季度下降了 6%。 Trevor 在電話中說我們現在下跌了 8.4%。這意味著高端的後半部分約為 6.3%，低端的後半部分約為 9.3%。我們相信第四季度將比第三季度有所改善的原因是我們正在針對最弱的交易進行疊加。如果你還記得的話，第四季度他們下降了 10.4%。第三季度下降了 6.7%。

The other reason really is that we also opened 13 of our 32 stores or 40% were in Q4 of last year. So all of those are going to start to enter into the comp base in Q4 as well. And then to piggyback on Trevor's point, embedded in this guide is high single digit to low double-digit declines for our mature stores. So that's embedded within kind of the numbers that we gave you. So our new store classes are still comping positive to Trevor's point, so they're -- our new stores are a little bit lower than what we guided to -- our mature stores.

另一個原因確實是，我們在 32 家商店中開設了 13 家，即 40% 是在去年第四季度開設的。因此，所有這些也將在第四季度開始進入競爭基礎。然後，根據特雷弗的觀點，本指南中包含了我們成熟商店的高個位數到低兩位數的下降。因此，這已包含在我們提供給您的數字中。因此，我們的新商店類別仍然與特雷弗的觀點相比較，所以它們 - 我們的新商店比我們指導的要低一點 - 我們的成熟商店。

So Bryan, when the dust settles, what do you think your mature stores on average are going to be doing from a sales per store heading into 2024. And then as you think about 2024, is your change to the guidance just simply pushing off the time of the recovery? Or is it more of an acknowledgment that our stores were overearning and they're going to -- it's going to take some time for them to find a sustainable level.

所以Bryan，當塵埃落定後，您認為從到2024 年每家商店的銷售額來看，您的成熟商店平均會做什麼。然後，當您考慮2024 年時，您對指導的更改是否只是簡單地推遲了恢復時間？或者這更多的是承認我們的商店收入超額，他們將需要一些時間才能找到可持續的水平。

Yes. It's more of a push off, we would say. We don't think that they've come down. Any reason -- obviously, they're negative comp in this year, but there's no reason they wouldn't earn back to where they were. We don't believe they overachieved to their long-term goals.

是的。我們會說，這更像是一種推遲。我們不認為他們已經倒下。任何原因——顯然，他們今年的薪酬是負的，但他們沒有理由不賺錢回到原來的水平。我們不認為他們超額實現了長期目標。

As long as existing home sales are staying at this level. It puts -- gives us some challenge. And we've got to continue to fight to take market share during this time. But this is just a pushout to when things would get better.

只要現房銷售保持在這個水平。它給我們帶來了一些挑戰。在此期間，我們必須繼續爭取市場份額。但這只是事情好轉的一個推遲。

Our next questions come from the line of Steven Zaccone with Citi.

我們的下一個問題來自花旗銀行的 Steven Zaccone。

I wanted to ask about the market growth rate with your guidance calling for down mid-singles to down 7%. How do you expect the market overall is performing? And then when you think about the change in guidance across DIY versus pro and maybe product categories and then even the size of the project, what do you think is really coming in weaker than expected by the biggest magnitude?

我想問一下市場增長率，您的指導要求將中單價格下降到 7%。您預計市場整體表現如何？然後，當你考慮 DIY 與專業人士的指導方針的變化，甚至產品類別，甚至項目規模的變化時，你認為真正比預期弱的最大程度是什麼？

I'll take the first part, and then Trevor, you can take the second part. This is Tom. So I would say the market is growing at a slower pace than we are. We're still growing. I mean we have a negative comp environment, but as we open stores, we're still growing. So our -- in the quarter, we were up 4%. And year-to-date, I think we're up somewhere around 6%. So we're growing. And when you just look at people that we compete with that are publicly traded, their growth is significant. Tile Shop reported today. There were a negative 8.4%, [of lumber] in the first period. And the first quarter was a negative [15%]. Mohawk reported North America was down 9%. So we're growing. So we believe we're taking market share at a pretty good clip, and the market is absolutely in much worse condition than we are.

我會講第一部分，然後特雷弗，你可以講第二部分。這是湯姆。所以我想說市場的增長速度比我們慢。我們還在成長。我的意思是，我們面臨著負面的競爭環境，但隨著我們開設商店，我們仍在增長。所以我們的——在這個季度，我們增長了 4%。今年迄今為止，我認為我們的漲幅約為 6%。所以我們正在成長。當你看看那些與我們競爭的上市公司時，你會發現他們的增長是顯著的。瓷磚店今天報導。第一期[木材]出現負 8.4%。第一季度的業績為負 [15%]。 Mohawk 報告北美地區下跌 9%。所以我們正在成長。因此，我們相信我們正在以相當好的速度佔據市場份額，但市場狀況絕對比我們糟糕得多。

And if I understand the second question, our pro business continues to do well relative to the rest of the business. We talked about our commercial -- small, but our commercial business continues to do incredibly well, both on the Spartan side and our regional account managers on the retail side. The consumer, the DIY, that's the part that's struggling. And we measure that closely. That's the part of the business that's least of us have the ability to control. And as Tom mentioned, you've had, call it, 5.5 million to 6 million existing home sales turnover for much of the last 50 years. You're now at 4 million, and this cycle is now 22 months into it. and it hasn't gotten any better. Interest rates are back -- our mortgage rates are back above 7%. And so it's just, it's a time of compression on the -- just the housing cycle. We feel as good as ever about our medium- and long-term outlooks we just need to get past this cycle.

如果我理解第二個問題，我們的專業業務相對於其他業務繼續表現良好。我們談論了我們的商業業務——規模雖小，但我們的商業業務繼續表現得非常好，無論是在斯巴達方面還是在零售方面的區域客戶經理。消費者、DIY 者，這才是苦苦掙扎的部分。我們對此進行了仔細衡量。這是我們最沒有能力控制的業務部分。正如 Tom 提到的，過去 50 年的大部分時間裡，現有房屋銷售量為 550 萬至 600 萬套。現在已經有 400 萬了，這個週期已經過去 22 個月了。而且情況並沒有好轉。利率又回來了——我們的抵押貸款利率又回到了 7% 以上。所以，現在是住房週期壓縮的時期。我們對中長期前景的感覺一如既往地好，我們只需要度過這個週期即可。

Okay. Great. The follow-up I had was on just the competitive dynamics that you're seeing in the market right now given your comments about value and savings, how do you feel about your price gaps? And do you see the competitive dynamic changing as we get into the back half of the year and into next year?

好的。偉大的。我的後續行動是關於您現在在市場上看到的競爭動態，考慮到您對價值和節省的評論，您對價格差距有何看法？隨著我們進入下半年和明年，您認為競爭動態會發生變化嗎？

I'll take that. This is Tom. I feel good about our price gaps versus our competition. We monitor those on a -- feels like a daily basis. But we monitor them on a weekly basis, and we feel as good as ever about how we're competing in the marketplace. And as I look forward, do I think it's going to get worse, do I think it's going to get more challenging. I mean, as Trevor said, this is the 22nd consecutive month of negative existing home sales. This has been a tough market for people to sell our category for a while. And so -- we're going to continue to monitor that. We're going to continue to protect our moat. We know we're getting new customers every day that are looking for value in this type of environment. So we feel good about our price gaps and we'll continue to make sure that they stay good.

我會接受的。這是湯姆。我對我們與競爭對手的價格差距感到滿意。我們每天都會監控這些情況。但我們每週都會對它們進行監控，並且我們對自己在市場上的競爭方式一如既往地感覺良好。當我展望未來時，我認為情況會變得更糟嗎？我認為它會變得更具挑戰性嗎？我的意思是，正如特雷弗所說，這是連續 22 個月現房銷售出現負數。一段時間以來，對於人們來說，銷售我們的產品類別一直是一個艱難的市場。因此，我們將繼續監控這一情況。我們將繼續保護我們的護城河。我們知道每天都會有新客戶在這種環境中尋找價值。因此，我們對價格差距感到滿意，並將繼續確保價格差距保持良好。

Our next questions come from the line of Steven Forbes with Guggenheim.

我們的下一個問題來自史蒂文·福布斯與古根海姆的對話。

I wanted to focus on the updated capital spending plan. So I guess, first, I just wanted to confirm that the reduction for the year is solely tied to the 3 stores that were pulled out. And I'm curious if you can maybe give us a preview on how you're thinking about 2024 in terms of the store pipeline and/or what level of capital spending you're sort of comfortable planning for as we think through the free cash flow implications of the guidance revision?

我想重點關注更新後的資本支出計劃。所以我想，首先，我只是想確認今年的減少僅與撤出的 3 家商店有關。我很好奇您是否可以向我們介紹一下您對 2024 年的商店管道和/或在我們考慮自由現金時您願意計劃的資本支出水平的看法指南修訂對流程有何影響？

Steven, I'll start and then Tom and Trevor will jump in. So on the very first question, the reduction is actually more tied to fewer land purchases that we had contemplated in the original guide and then a little bit for the spend of '24. Those 3 stores, we're still spending on. They're really just kind of pushing into next year. So it's not that we've cut that or anything else. It's really tied to more just spending for the future class of '24 and land purchase that we have. And we're still looking to own probably 5% to 10% of any given class. So it's just a little bit less than we had kind of predicted at the beginning of the year.

史蒂文，我先開始，然後湯姆和特雷弗會插話。所以在第一個問題上，減少實際上更多地與我們在最初的指南中考慮的土地購買量的減少有關，然後是“ 24.那3家商店，我們還在花錢。他們實際上只是在推進明年。所以我們並沒有削減這個或其他任何東西。這實際上與未來“24 世紀”階層的更多支出以及我們現有的土地購買有關。我們仍然希望擁有任何特定類別的 5% 到 10% 的股份。所以這比我們年初的預測要少一點。

That's right. I'll take the second part of the question. As we said through our script, I said in the last couple of calls, we know this is a cycle. Things will be difficult. We're running the business the best of our ability, but we're trying to gain market share, and we know that nothing's changed in our 500-store algorithm. So we plan to open at least 35 stores next year. As we sit here today, that's how we see the world is that we plan to open at least 35 stores next year.

這是正確的。我將回答問題的第二部分。正如我們在腳本中所說，我在最後幾次通話中說過，我們知道這是一個循環。事情會很困難。我們正在盡最大努力經營業務，但我們正在努力獲得市場份額，而且我們知道我們的 500 家商店算法沒有任何變化。所以我們計劃明年至少開35家店。當我們今天坐在這裡時，我們就是這樣看待世界的：我們計劃明年開設至少 35 家商店。

We may update that as we get into the next quarter. But we've got -- our class of '24 pipeline is terrific. We got a store in Brooklyn that we're going to open up, more stores in the Northeast, stores in our good markets. So we're excited about that pipeline and are going to continue down that path.

當我們進入下一個季度時，我們可能會更新這一點。但我們的 24 級管道非常棒。我們將在布魯克林開設一家商店，在東北部以及我們的優質市場開設更多商店。因此，我們對這條管道感到興奮，並將繼續沿著這條道路走下去。

And then maybe just a quick follow-up for Bryan. As we think back to sort of a selling store operating expense deleverage you've experienced (inaudible) experienced year-to-date, can you help break that down into comparable store deleverage versus the weight of the new growth?

然後也許只是布萊恩的快速跟進。當我們回想一下您今年迄今為止所經歷的（聽不清）銷售商店運營費用去槓桿化時，您能否幫助將其分解為可比較的商店去槓桿化與新增長的權重？

Yes, the majority of it is going to be in the mature stores. And so when you think about it, what I said in the prepared remarks, we are seeing wage rate increases, higher credit card transaction processing fees. And so the new stores are still layering in the same way that they have. We've been able to combat kind of that inflation, but the cost on a like-for-like store is almost equal from where it was last year.

是的，其中大部分將在成熟的商店中進行。因此，當你考慮一下我在準備好的發言中所說的內容時，我們看到工資上漲，信用卡交易處理費上漲。因此，新商店仍然以原來的方式分層。我們已經能夠應對某種程度的通貨膨脹，但同類商店的成本與去年幾乎持平。

So the deleverage is almost all due to just the decrease in sales. So it's all because we're negatively comping at those stores. We've been able to kind of hold costs flat even with inflation coming in by flexing our store hours and cutting discretionary spend.

所以去槓桿幾乎全部是由於銷量下降造成的。所以這都是因為我們在這些商店中進行了負面競爭。即使在通貨膨脹的情況下，我們也能夠通過靈活營業時間和削減可自由支配支出來保持成本不變。

Our next questions come from the line of Chuck Grom with Gordon Haskett.

我們的下一個問題來自查克·格羅姆和戈登·哈斯克特的對話。

My question is on the recent uptick in rates. And if that's having any impact on what you're hearing from the Pros and current plans for projects over the next, call it, 6 to 9 months?

我的問題是關於最近利率的上升。如果這對您從專業人士那裡聽到的內容以及當前的未來項目計劃（稱之為 6 到 9 個月）有任何影響嗎？

We have talked to a lot of pros over the last several months. And they still have decent backlogs is what they tell us. We're talking hundreds and hundreds of pros across the United States. They saw decent backlogs, but it has slowed a little bit. And when you're turning over 5.5 million, 6 million homes, there's a lot bigger projects that are being done, right? There's -- when someone is going to sell a home, they may have to invest in multiple bedrooms and bathrooms and kitchens. Now that existing home sales is bumping along at 4.1 million, which again is one of the lowest we've seen in the last 50 years. People are just doing much smaller projects as opposed to doing a whole floor, maybe they just do a bathroom or a kitchen. And so they've also said the size of their projects has come down too.

在過去的幾個月裡，我們與很多專業人士進行了交談。他們告訴我們，他們仍然有相當多的積壓訂單。我們正在談論美國各地成百上千的職業選手。他們看到了相當多的積壓，但速度有所放緩。當你要交付 550 萬、600 萬套房屋時，還有很多更大的項目正在進行，對嗎？當有人要出售房屋時，他們可能必須投資多間臥室、浴室和廚房。現在，現房銷售量猛增至 410 萬套，這又是過去 50 年來的最低水平之一。人們只是做更小的項目，而不是做整個樓層，也許他們只是做浴室或廚房。因此他們還表示，他們的項目規模也有所下降。

That's probably the biggest thing that's changed for us relative to when we started the year, our transactions are pretty close to what we thought. The ticket is pretty close to what we thought. But some of the square footage size of the jobs has come down, and I don't know that we would have thought to think that was going to happen. So that's probably the biggest change is people are just doing smaller jobs as a lot less houses are turning over.

這可能是我們與年初相比發生的最大變化，我們的交易與我們的想法非常接近。這張票和我們想像的很接近。但一些工作崗位的面積已經下降，我不知道我們是否會想到這種情況會發生。因此，最大的變化可能是人們只做較小的工作，因為房屋的周轉量減少了很多。

Okay. Great. And then my second question is just on new store productivity. You opened 9 stores. I think you said 3 within each month of the quarter. And I think there was 1 store that you opened up on the last day. But the NSP is much lower than it's been -- we're calculated around 61%. Just -- so is there anything going on there that would drive that lower?

好的。偉大的。我的第二個問題是關於新店的生產力。您開了 9 家商店。我認為您說的是該季度每個月內 3 個。我認為您在最後一天開了 1 家商店。但 NSP 比以前低得多——我們計算出約為 61%。只是——那麼有什麼事情會導致這個值下降嗎？

The way I always think about that is -- we disclosed it in our 10-K. We think our new stores should do anywhere from $14.5 million to $16 million, $16.5 million in sales in the first year. And we sort of build our portfolio of stores around those metrics. When things were incredible, we were doing $16.5 million as you look at the class of '19, '20 and '21. The class of '22 and early in '23, that number is probably more around $14.5 million in sales. And so as you've seen our same-store sales come down just because there's less people in the market. You've seen our new store sales productivity come down. So do I think that number is going to go back up to $15 million, $15.5 million, $16 million. I think as the economy recovers, it will.

我一直思考這個問題的方式是——我們在 10-K 中披露了這一點。我們認為我們的新店的銷售額應該在 1,450 萬美元到 1,600 萬美元之間，第一年的銷售額為 1,650 萬美元。我們圍繞這些指標構建我們的商店組合。當事情變得令人難以置信時，我們的收入為 1650 萬美元，看看 '19、'20 和 '21 班級。 22 年級和 23 年級早期的銷售額可能約為 1,450 萬美元。正如您所看到的，我們的同店銷售額下降只是因為市場上的人數減少了。您已經看到我們的新店銷售效率下降了。所以我認為這個數字會回升至 1500 萬美元、1550 萬美元、1600 萬美元。我認為隨著經濟復甦，它會的。

And those stores we're making probably over 3 -- they were making over $3 million in full-all EBITDA in year 1. And now that you're going to do $1 million or so less -- maybe a little bit more $1 million or so less than that in this current environment, you can pull that through kind of in the mid- to high 30s, and so they're going to make still a really good just under $2 million or just over -- just under $3 million, maybe $2.5 million, but they're still very productive stores, and they're going to give us a return on invested capital well above our cost of capital.

我們正在做的那些商店可能超過 3 家——他們在第一年的全部 EBITDA 收入超過 300 萬美元。現在你要做的將少 100 萬美元左右——也許會多一點 100 萬美元或者在當前環境下，你可以把它拉到30 多歲左右，所以他們的收入仍然非常好，略低於200 萬美元或略高於- 略低於300 萬美元，也許250 萬美元，但它們仍然是非常高效的商店，它們將為我們帶來遠高於我們資本成本的投資資本回報。

And this is Bryan. It gives us more of a maturation curve as well as they mature.

這是布萊恩。它給了我們更多的成熟曲線以及他們的成熟。

Yes, because they're ultimately get the...

是的，因為他們最終得到...

They would ultimately get to the same.

他們最終會得到同樣的結果。

It's a good your point.

你的觀點很好。

Our next questions come from the line of Simeon Gutman with Morgan Stanley.

我們的下一個問題來自西蒙·古特曼 (Simeon Gutman) 與摩根士丹利 (Morgan Stanley) 的對話。

I want to ask first about gross margins. They're still benefiting, and I think you mentioned there's still a little bit of a benefit through the back half of the year. Does it flip to a headwind? I think part of the question is what happens with price? And you mentioned there were some selective, I guess, taking price down. But curious how it wraps into '24. I know it's early to talk about it, but curious if it does flip over.

我想先問一下毛利率。他們仍然受益，我想你提到過今年下半年仍然有一些好處。它會逆風轉向嗎？我認為部分問題是價格會發生什麼變化？我猜你提到有一些選擇性的降低價格。但很好奇它是如何融入“24”的。我知道現在談論它還為時過早，但很好奇它是否會翻轉。

Yes, it is early to talk about '24. We're -- our margin -- I've been very pleased with our ability to protect our value, pass some price along back to our professional customers who saw us taking price up and just continuing to improve margin, like as I said in the script, and we've been able to do it sequentially and then year-over-year. And I think that goes into 2024. I do believe that we have the ability to continue to improve our margin rates. We're going to -- we're watching where we have taken price down and measuring unit elasticity seen if we're getting a benefit. It's inconclusive now, but we're watching it. But I think between our own initiatives of selling better and best products and design initiatives and continuing to watch our supply chain do a great job of getting costs out, our merchants buying better, I think we have the ability to exceed our historical gross margin rates. How quick that comes, that is yet to be determined. We'll talk about '24 as we get closer to it, but I do think we'll have improvement.

是的，現在談論“24”還為時過早。我們的利潤率我對我們保護價值的能力感到非常滿意，將一些價格回饋給我們的專業客戶，他們看到我們提高價格並繼續提高利潤率，就像我在劇本，我們已經能夠按順序完成，然後逐年完成。我認為這會持續到 2024 年。我確實相信我們有能力繼續提高我們的利潤率。我們將觀察我們在哪些方面降低了價格，並衡量我們是否獲得收益的單位彈性。現在還沒有定論，但我們正在觀察。但我認為，在我們自己銷售更好、最好的產品和設計舉措的舉措以及繼續觀察我們的供應鏈在降低成本方面做得很好、我們的商家更好地購買之間，我認為我們有能力超越我們的歷史毛利率。來得有多快，目前還無法確定。當我們臨近 24 週年時我們會談論它，但我確實認為我們會有進步。

Yes. And then it's actually -- it's another '24. I'm hesitant to talk about it, but it's more about the housing market because Trevor mentioned that the consumer just spending a little bit less. There was a debate in this industry that the wealth and homeowners that lock-in or stay-in effect would continue to drive the industry, not necessarily support it, but not create -- not avoid negative comps. But it looks like, let's say, existing home sales don't grow in '24, which some are forecasting. Like how do you -- I know it's early again, but how do you think about this wealth effect, is there enough for this business or the industry to grow or it could be a longer transition period?

是的。然後實際上——又是一個24小時了。我不太願意談論這個問題，但更多的是關於房地產市場，因為特雷弗提到消費者只是少花一點錢。這個行業有一個爭論，即鎖定或留在效應中的財富和房主將繼續推動該行業，不一定會支持它，但不會創造——也不會避免負面競爭。但看起來，24 年成屋銷售並沒有像一些人預測的那樣增長。就像你——我知道現在還為時過早，但你如何看待這種財富效應，這個企業或行業是否有足夠的增長空間，或者可能需要更長的過渡期？

I mean I think that's difficult to answer. I'll take a stab. We're kind of looking at each other who's going to answer that one. I would say -- I mean as I look into next year, even if the we just need -- existing home sales have been running in the negative 20% range. So if we get to -- as we start lapping as we get into the fourth quarter, there won't be -- if they stay at this 4.1 million, 4.2 million like we think we're going to exit the year, then they're not negative 20%. They're flat or slightly up. And as we go into next year, we think that could get better. And if existing home sales are better than they were year-over-year, we think that benefits us.

我的意思是我認為這很難回答。我來一刺。我們互相看著誰來回答這個問題。我想說的是——我的意思是，當我展望明年時，即使我們只需要——現房銷售一直在負 20% 的範圍內運行。因此，如果我們能夠——當我們進入第四季度時開始圈速時，就不會有——如果他們保持在410 萬、420 ​​萬，就像我們認為我們將在今年結束時那樣，那麼他們不是負20%。它們是平坦的或稍微向上的。當我們進入明年時，我們認為情況可能會變得更好。如果現房銷售好於去年同期，我們認為這對我們有利。

Now -- and I also think there's going to be some pent-up demand with this amount of slowdown in the business as you get to next year, I think people will become more inpatient and they may take on more projects. And our consumers are -- they slant to a little higher end. Their balance sheets look pretty good. So we do think that hopefully, that will -- as time goes on and people are going to say, "you know what, I've waited long enough, I'm going to redo that bathroom. I'm going to redo that kitchen." So I think between existing home sales probably slight -- maybe low, but they're not going to be 20% year-over-year low. And then I think as time goes on, I do think people will take on more because the value of their homes is pretty good.

現在——我還認為，隨著明年業務的放緩，將會出現一些被壓抑的需求，我認為人們會變得更加不耐煩，他們可能會承擔更多的項目。我們的消費者——他們傾向於高端一點。他們的資產負債表看起來相當不錯。所以我們確實認為，隨著時間的推移，人們會說，“你知道嗎，我已經等了足夠長的時間了，我要重做那個浴室。我要重做那個”廚房。”因此，我認為現房銷售量可能會略有下降，甚至可能較低，但同比不會低 20%。然後我認為隨著時間的推移，我確實認為人們會承擔更多，因為他們的房屋價值相當不錯。

And look -- this is Bryan. I mean if the duration lasts longer as you're alluding to, if it does, it's going to put a lot more pressure on our independent competitors, which could also allow us to gain even more market share. So just 1 way to think through it.

看——這是布萊恩。我的意思是，如果像你提到的那樣持續時間更長，那麼這會給我們的獨立競爭對手帶來更大的壓力，這也可能讓我們獲得更多的市場份額。所以只有一種思考方式。

That's true -- that's a good point.

確實如此——這是一個很好的觀點。

Our next question come from the line of Zach Fadem with Wells Fargo.

我們的下一個問題來自富國銀行的 Zach Fadem。

I want to follow up a bit on that last question. And maybe you could talk about the historical correlation between your business and existing home sales and how that relationship has held up or changed over the years? And then just considering the current dynamics around rates and home prices and all the folks who've locked in low mortgage rate I mean, is there any reason to believe that the historical correlation is still the right way to think about modeling your business? Or could that actually change?

我想對最後一個問題進行一些跟進。也許您可以談談您的業務與現房銷售之間的歷史相關性，以及這種關係多年來如何保持或變化？然後，考慮到當前利率和房價的動態以及所有鎖定低抵押貸款利率的人，我的意思是，是否有任何理由相信歷史相關性仍然是考慮對您的業務進行建模的正確方法？或者說這真的會改變嗎？

I do think that's been the highest macroeconomic factor that correlates to our business. You go back and look at kind of late '17, '18 -- or '18 and '19 when existing home sales slowed, when interest rates went up and our business decelerated some. Obviously, you've seen that same thing happen starting last year in July, existing home sales fell a lot anywhere from 20% to 35% per month for, as we said, the last 12 months, and you saw our business slow down and actually turned negative for the first time. So yes, I think that's right.

我確實認為這是與我們業務相關的最高宏觀經濟因素。你回頭看看 17 年、18 年末，或者 18 年和 19 年，當時現有房屋銷售放緩，利率上升，我們的業務也有所放緩。顯然，您已經看到從去年 7 月開始發生同樣的事情，正如我們所說，過去 12 個月，現有房屋銷售每月下降 20% 至 35%，您看到我們的業務放緩，實際上第一次變成了負值。所以是的，我認為這是對的。

I think as Tom mentioned, though, it doesn't feel like we're going to go way below 4 million existing home sales. If you look over the last 50 years, I think that's only happened once. So we just need them to quit being so negative. And I think then we can grow from there, is our view. I mean when we look at our model and what we're doing versus the competition, we're continuing to make huge strides forward. I think we feel as good about our people, our turnover is low. Our customer service scores are high. Our innovation and the assortment is fantastic. So that's my best answer.

不過，我認為正如 Tom 提到的，我們的現房銷量不會低於 400 萬套。如果你回顧過去 50 年，我認為這種情況只發生過一次。所以我們只需要他們停止如此消極。我認為我們可以從那裡開始成長，這是我們的觀點。我的意思是，當我們審視我們的模式以及我們相對於競爭對手所做的事情時，我們正在繼續取得巨大進步。我認為我們對員工的感覺很好，但我們的人員流動率很低。我們的客戶服務得分很高。我們的創新和品種非常棒。這就是我的最佳答案。

Yes. No, mine too. I wouldn't say -- I mean, much different. I don't think that there's anything that's happened in the last year or 2 that's going to change that existing home sales aren't good for us. If existing home sales are positive year-over-year. That's a good thing for Floor & Decor.

是的。不，我的也是。我不會說——我的意思是，有很大不同。我認為過去一兩年發生的任何事情都不會改變現有房屋銷售對我們不利的情況。如果現房銷售同比呈正值。這對於地板和裝飾來說是一件好事。

Got it. I appreciate the color. And then I think you made a change to your private label credit card. Curious if you've seen any impact from the change of the tightening credit terms as a whole, specifically on that card as well as for your customers in general as well as the pro.

知道了。我很欣賞它的顏色。然後我認為您對您的自有品牌信用卡進行了更改。很好奇您是否看到了整個信貸條款收緊變化帶來的任何影響，特別是對該卡以及您的一般客戶和專業人士的影響。

Very perceptive. We did make a change in May. We went with a bigger vendor that we felt was more aligned with us. Early reads, it looks like their approval rate is slightly better than the previous provider and we feel good about it. And they're a big partner. And we -- they do a lot of private -- I think they're the largest private label credit card company in the United States, that they're a good partner with us, and we're optimistic about it.

非常有洞察力。我們確實在五月份做出了改變。我們選擇了一家更大的供應商，我們認為他們更適合我們。早期閱讀，看起來他們的支持率比以前的提供商略好，我們對此感覺很好。他們是一個重要的合作夥伴。我們——他們做了很多私人業務——我認為他們是美國最大的私人標籤信用卡公司，他們是我們的良好合作夥伴，我們對此持樂觀態度。

(Operator Instructions) Our next question comes from the line of Seth Sigman with Barclays.

（操作員說明）我們的下一個問題來自巴克萊銀行的 Seth Sigman。

Okay. Great. So a lot of the slowdown here is happening through average ticket. And I guess we're all trying to figure out where that settles. Your average ticket is up, let's say, 25% versus 2019. And it seems like a portion of that was same SKU price increases, but maybe a bigger piece of that was the impact from larger projects and mix. So I was hoping you can maybe break that down for us a little bit more. How much upside to ticket came from that increase in average square footage per project? And then how do you think about where that normalizes? So does it go back to 2019 levels? Does it go lower based on EHS? How do you think about that?

好的。偉大的。因此，這裡的大部分放緩是通過平均票價發生的。我想我們都在試圖找出解決辦法。比方說，與 2019 年相比，您的平均票價上漲了 25%。其中一部分似乎是相同的 SKU 價格上漲，但其中更大的一部分可能是大型項目和組合的影響。所以我希望你能為我們詳細解釋一下。每個項目平均面積的增加給門票帶來了多少好處？那麼您如何看待這種正常化的情況？那麼它會回到2019年的水平嗎？根據 EHS 是否會降低？您對此有何看法？

I think our ticket will bounce -- round out where it's going to be this year. And then I think it's going to grow in the future because our e-commerce business is our highest ticket and that will hopefully continue to grow at a faster rate themselves like it has for the last 12 years. Our pro ticket is higher than our homeowner business that we're hopeful will continue to grow. Our design ticket is higher. Design is a big focus for us, as Tom mentioned, that's up 330 basis points. So I think we're just going to kind of level out and see what this year is. Our RAM sales, which really -- most of those get tendered through the stores, those are big commercial sales. Those are all higher tickets. So my expectation is once we get through this arguably one of the worst housing markets we've seen in the last 50 years, those strategic initiatives that we're focused on will drive ticket growth.

我認為我們的門票將會反彈——最終確定今年的票數。然後我認為它在未來將會增長，因為我們的電子商務業務是我們最高的收入，並且有望像過去 12 年一樣繼續以更快的速度增長。我們的專業門票高於我們的房主業務，我們希望能夠繼續增長。我們的設計門票更高。正如 Tom 提到的，設計是我們的一大關注點，增長了 330 個基點。所以我認為我們只是要穩定下來，看看今年會發生什麼。我們的 RAM 銷售，實際上，其中大部分都是通過商店進行招標的，這些都是大型商業銷售。這些都是更高的門票。因此，我的預期是，一旦我們度過了這可以說是過去 50 年來最糟糕的房地產市場之一，我們關注的那些戰略舉措將推動門票增長。

And the final thing I'll mention is our merchants continue to do a great job. People are doing less square footage, but they're still continuing to focus on better and best. And our pricing, generally speaking, when you look at our pricing versus better invest, we're not competing as much with the home centers there, we're competing against the independents. And our value equation goes up a lot. And that's why that part of our business continues to take market share is because our better and best assortment is incredible and our pricing differential versus our competition is also very high.

我要提到的最後一件事是我們的商家繼續做得很好。人們的面積越來越小，但他們仍然繼續專注於更好、最好的產品。一般來說，我們的定價與更好的投資相比，我們並沒有與那裡的家庭中心競爭，我們正在與獨立機構競爭。我們的價值方程式上升了很多。這就是為什麼我們的這部分業務繼續佔據市場份額，因為我們更好、最好的品種令人難以置信，而且我們與競爭對手的定價差異也非常高。

And then the last thing I would say, along with all those benefits is once existing home sales go positive, then people start doing -- they get back to doing a, as Trevor -- as we mentioned earlier in the call, and one of the questions, people will do more rooms in their house. When people move into a house, they do more rooms. And today, when they're staying in the same house, they're in a room at a time. So when that gets back into the blend of the average ticket, that's a good thing.

然後我要說的最後一件事，除了所有這些好處之外，一旦現有房屋銷售轉為正數，那麼人們就會開始做——他們會像特雷弗一樣——正如我們之前在電話會議中提到的那樣，其中之一的問題，人們會在他們的房子裡做更多的房間。當人們搬進房子時，他們會建造更多的房間。如今，當他們住在同一棟房子裡時，他們每次都呆在一個房間裡。因此，當它重新融入平均票價時，這是一件好事。

Our next question comes from the line of Jonathan Matuszewski with Jefferies.

我們的下一個問題來自 Jonathan Matuszewski 和 Jefferies 的對話。

So my question has 2 parts. So strong gross margin result this quarter, it exceeded what we had been thinking for late '23. So as such, how should we be thinking about 3Q and 4Q gross margin? Should we be planning for sequential improvements from recent levels. And then relatedly for gross margin, Tom, you mentioned that the pricing rollbacks have been inconclusive. Can you just share any more detail maybe where you've seen success, maybe where you haven't?

所以我的問題有兩部分。本季度的毛利率結果非常強勁，超出了我們 23 年末的預期。那麼，我們應該如何看待第三季度和第四季度的毛利率呢？我們是否應該計劃從最近的水平進行連續的改進？然後，與毛利率相關，湯姆，您提到定價回滾尚無定論。您能否分享更多細節，也許您在哪些方面取得了成功，也許在哪些方面沒有取得成功？

Jonathan, this is Bryan. I'll start it and then pass it over to Tom. So for the gross margin, Q1, we were at 41.8%, Q2 42.2%. So obviously, we did exceed our own internal expectations as well. We do think the back half is going to be at, if not slightly better than that 42.2%. So for the full year, we should be around kind of that 42.2% on a full year basis, which tells you the back half should be slightly better than where we just exited.

喬納森，這是布萊恩。我將啟動它，然後將其傳遞給湯姆。因此，就毛利率而言，第一季度為 41.8%，第二季度為 42.2%。顯然，我們也確實超出了我們自己的內部預期。我們確實認為後半部分的比例即使不是比 42.2% 稍好一些。因此，就全年而言，我們應該在全年的基礎上達到 42.2% 左右，這告訴你下半年應該比我們剛剛退出時稍好一些。

Yes. I think -- and then just the -- what I mentioned earlier that our test results are inconclusive. I would say, that remains the case. They are inconclusive. It's very hard. Some appear to have worked well, some appear to have not made a difference. It's hard to ascertain if we've just shifted a customer within our own store to a different SKU because our assortments are so broad, they come in and we [perfected] the price on 1 thing and it takes them from 1 SKU to another. So there's some difficulty. We do see some benefits to certain departments that we see more benefit than others, and we're going to continue to lean on that learning and apply that as we think about more price reductions in the future.

是的。我認為——然後就是——我之前提到的，我們的測試結果尚無定論。我想說，情況仍然如此。他們還沒有定論。這很難。有些似乎效果很好，有些則似乎沒有發揮作用。很難確定我們是否剛剛將自己商店內的客戶轉移到不同的SKU，因為我們的品種非常廣泛，他們進來後，我們[完善]了一件商品的價格，然後將他們從一個SKU 轉移到了另一個。所以有一定的難度。我們確實看到了某些部門的一些好處，我們看到比其他部門更多的好處，我們將繼續依靠這種學習並在我們考慮未來更多降價時應用它。

Our next question comes from the line of Karen Short with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的凱倫·肖特 (Karen Short)。

Two questions. So first is when we think about comp deleverage as it relates to EBIT deleverage, can you remind me what the actual relationship is on that. So like if you have 1% comp down, what that would mean for EBIT?

兩個問題。首先是當我們考慮公司去槓桿化與息稅前利潤去槓桿化時，您能否提醒我兩者之間的實際關係是什麼？那麼，如果您的補償下降了 1%，這對息稅前利潤意味著什麼？

Yes. So this year, every comp point is worth about $40 million. So when you flow that through, it's usually in the mid-30s. So for each comp point flex, that's where we get that $0.10 in EPS that we quoted for the full year. So for the back half, every comp point change is worth about $0.05, it would be about half of that. So it's worth $20 million in the back half.

是的。因此，今年每個補償點的價值約為 4000 萬美元。所以當你經歷這個過程時，通常是在 30 多歲左右。因此，對於每個補償點彈性，我們可以得到全年報價的 0.10 美元 EPS。因此，對於後半部分，每個補償點變化的價值約為 0.05 美元，大約是其中的一半。所以後半部分價值2000萬美元。

Our next question comes from the line of Chris Bottiglieri with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Chris Bottiglieri。

So I read that Spartan is creating a new home construction division. I guess why now? I mean historically, what have been some of the constraints that prevented. Floor & Decor itself went after this end market [with] Spartan for that matter.

所以我讀到斯巴達正在創建一個新的住宅建築部門。我猜為什麼是現在？我的意思是，從歷史上看，有哪些限制因素阻礙了這一進程。 Floor & Decor 本身就與 Spartan 一起追求這個終端市場。

I didn't get the question.

我沒聽懂問題。

Yes, I didn't get the question of the question. You're talking about the new builder?

是的，我沒聽懂問題的意思。你說的是新建築商嗎？

Yes, he's talking about commercial -- or excuse me, the new builder within Spartan.

是的，他說的是商業——或者對不起，斯巴達的新建築商。

Yes. So it was a -- we hired...

是的。所以這是一個——我們僱傭了……

Salesmaster. No -- so...

推銷員。不——所以……

We saw a press release that Spartan was getting into the new home construction channel not that's accurate...

我們看到一份新聞稿稱斯巴達正在進入新房建設渠道，但這並不准確......

Yes, we -- Spartan did a press release on someone that they've hired that's going to help them with the -- sorry, we weren't sure if it was a Salesmaster question or a recent hire question. Sorry about that. So yes, Spartan recently did a press release on a person that we've hired that's helping us think about our new construction opportunities. It is a segment that Spartan has not really focused on historically. We do a good job at Floor & Decor through our RAMs with custom homebuilders, but we really don't do much on the new construction side.

是的，我們 - 斯巴達人為他們僱用的人發布了一份新聞稿，這將幫助他們解決 - 抱歉，我們不確定這是銷售主管問題還是最近僱用的問題。對於那個很抱歉。所以，是的，斯巴達最近為我們聘請的一位人員發布了新聞稿，該人員幫助我們思考新的建設機會。這是斯巴達歷史上並沒有真正關注的一個部分。我們通過與定制住宅建築商的 RAM 在地板和裝飾方面做得很好，但我們在新建築方面確實做得不多。

So we wanted to get some horsepower in there to help us. We think it's a big opportunity. We've got a Board Member from Pulte Homes who's helped us think about that business differently and to help us educate us about that business differently. So we think it's a big opportunity. And if you look at what's going on with new home sales today, as the existing home inventory is so low, that's a sector that's doing well, and we think we can provide good opportunities there. So we want to make it a more meaningful part of our business in the future. Thus, we hired someone really good.

所以我們想在那裡獲得一些馬力來幫助我們。我們認為這是一個很大的機會。我們有一位來自 Pulte Homes 的董事會成員，他幫助我們以不同的方式思考該業務，並幫助我們以不同的方式教育我們該業務。所以我們認為這是一個很大的機會。如果你看看今天新屋銷售的情況，由於現有房屋庫存如此之低，這是一個表現良好的行業，我們認為我們可以在那裡提供良好的機會。因此，我們希望使其成為我們未來業務中更有意義的一部分。因此，我們聘請了一個非常優秀的人。

Our next question comes from the line of Seth Basham with Wedbush Securities.

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

I just want to follow up on a couple of your comments regarding increased focus on value by consumers, but you're still seeing a mix shift to better invest. First of all, is that accurate? Can you square that away? And second of all, as you move forward, are you adding more merchandise to service that opening price point?

我只是想跟進您關於消費者更加關注價值的一些評論，但您仍然看到了向更好投資的混合轉變。首先，這準確嗎？你能把它消除嗎？其次，隨著您的前進，您是否會添加更多商品來服務於開盤價？

So when we talk about value, I'll start with the first -- my first kind of feelings about it, when a customer elects to do the job in their house, they're still electing to buy the best product that we have in the stores, the better and best product. The value is still important to them and the value proposition on our better and best products because mainly we compete with the independents on that, the spread is really significant. So we think when someone is going to do the job, they're still going to be looking for when -- they're going to want the better and best products in their stores and we think -- in their homes, and we think that our competitive moat around those products is better. So we are paying attention to opening price point. We always do. We know that's very important for particularly in the flipper business. We know that, that's significant. So we pay attention. Our merchants do a good job of always updating our opening price points. I wouldn't say we've added to our opening price points. I'd say it's pretty much consistent to what we've historically done.

因此，當我們談論價值時，我將從第一個開始——我對此的第一種感受，當客戶選擇在他們的房子裡做這項工作時，他們仍然選擇購買我們擁有的最好的產品。商店，更好最好的產品。價值對他們來說仍然很重要，我們更好和最好的產品的價值主張仍然很重要，因為我們主要在這方面與獨立公司競爭，價差確實很大。因此，我們認為，當有人要做這項工作時，他們仍然會尋找——他們想要在他們的商店裡買到更好、最好的產品，我們認為——在他們的家裡，我們認為我們圍繞這些產品的競爭護城河更好。所以我們正在關注開盤價。我們總是這樣做。我們知道這對於腳蹼行業尤其重要。我們知道，這很重要。所以我們要注意。我們的商家在不斷更新我們的開盤價方面做得很好。我不會說我們已經提高了開盤價。我想說這與我們歷史上所做的事情非常一致。

Our next question comes from the line of Justin Kleber with Baird.

我們的下一個問題來自賈斯汀·克萊伯和貝爾德的對話。

Can you guys just talk about what's driving the deceleration in comps quarter-to-date? Is it transactions taking a step back? Or is it related to ticket? And then kind of part of that question on the sequential improvement you've seen in transactions here in 2Q. Did you comment on pro specifically, I'm curious how that trended relative to 1Q.

你們能談談是什麼推動了本季度迄今為止的比較減速嗎？交易是否會倒退？還是跟門票有關係？然後，這個問題的一部分是關於您在第二季度的交易中看到的連續改善。您是否具體評論了專業版，我很好奇相對於第一季度的趨勢如何。

Justin, I'll take the first part of it, and maybe Trevor can jump in on the pro side. So the number 1 thing that led to the deceleration is around transactions. It's all tied to the existing home sales step down that we're kind of seeing. So if you remember, existing home sales in January were 4 million, they stepped up 4.6 million in Feb 4.4 million in March and then started to climb back down to 4.3 million in April, 4.3 million in May and down to 4.2 million in June. That's really around transactions that are leading to that negative (inaudible) more so. The average ticket is actually in line with our expectations.

賈斯汀，我會先講第一部分，也許特雷弗可以加入職業方面。因此，導致減速的第一件事是交易。這一切都與我們看到的現房銷售下降有關。所以，如果你還記得的話，1 月份現房銷售量為400 萬套，2 月份增加460 萬套，3 月份增加到440 萬套，然後開始回落到4 月份的430 萬套，5 月份的430 萬套，6 月份下降到420 萬套。這實際上是關於導致負面（聽不清）的交易。平均票價其實符合我們的預期。

And on the pro side, it has decelerated as well, but it's still outperforming the homeowner or the DIY business.

從積極的角度來看，它也有所減速，但它的表現仍然優於房主或 DIY 業務。

Our next question comes from the line of Keith Hughes with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Keith Hughes。

Yes, this is building on the last question. So in the guidance in the second half, is ticket an add or subtraction? What kind of numbers are we looking at? And are you expecting?

是的，這是建立在最後一個問題的基礎上的。那麼下半年的指導中，門票是加還是減呢？我們正在尋找什麼樣的數字？而你期待嗎？

So ticket in the back half will actually be negative. And so it's been sequentially declining as we expected kind of throughout the year. And so you have that kind of inflects your crossover point. Transactions will get better, but really they're less worse. So they'll stay down as well, but ticket will cross over and cut into negative for the back half of the year.

所以後半部分的票實際上是負數。因此，正如我們預期的那樣，這一數字全年都在連續下降。所以你的交叉點就有了這種變化。交易會變得更好，但實際上情況不會那麼糟糕。因此，它們也將保持下降，但今年下半年的票價將交叉並降至負值。

Our final question will come from the line of Greg Melich with Evercore.

我們的最後一個問題將來自 Greg Melich 與 Evercore 的關係。

I'd love to follow up and if you already answered this, please just tell me, I dropped off there in the middle. But on category mix, just because it's changed so much over the years. I'd love to get an update on how the mix is really driven between categories. I think you said you're still seeing trade ups, but I'd love to know what it's doing, laminates versus wood and what that does to your gross margins.

我很樂意跟進，如果您已經回答了這個問題，請告訴我，我在中間就下車了。但在類別組合上，只是因為多年來它發生了很大變化。我很想了解不同類別之間的混合是如何真正驅動的最新信息。我想你說過你仍然看到貿易上升，但我很想知道它在做什麼，層壓板與木材以及這對你的毛利率有何影響。

Yes. So we do see the what I'm going to call the man-made products continue to outperform the natural products. So on the wood-look side of the business, laminate and rigid core vinyl are taking share from wood. And on the, call it, the tile side of the business, the mostly porcelain tile, but porcelain or ceramic tile versus the natural stone businesses are continuing to perform better than the stone businesses. So the answer is the man-made products are better in almost all regards Same thing is going on in deco. And the margin profile for those categories and the man-made products are better than the natural products, the ticket is lower, but the margin profile in the (inaudible) is higher for the natural products. I'm sorry, for the man-made products.

是的。因此，我們確實看到我所說的人造產品繼續優於天然產品。因此，在木質外觀業務方面，層壓板和硬芯乙烯基正在從木材中奪取份額。在業務的瓷磚方面，主要是瓷磚，但與天然石材業務相比，瓷磚或瓷磚業務的表現繼續好於石材業務。所以答案是人造產品幾乎在所有方面都更好。同樣的事情也在裝飾中發生。這些類別和人造產品的利潤狀況優於天然產品，門票較低，但（聽不清）天然產品的利潤狀況較高。對於人造產品，我很抱歉。

This is Bryan. Before the call ended, I just want to jump in and kind of help you guys a little bit with the modeling. You couldn't find an natural way to make it transition in. Just I know it's not the question that was asked, but the original guide had store and selling -- or selling store operating expenses at 27% of sales. We now feel like that's going to be 27.5% to 28% for the year. General and administrative was 5% of sales on the original guide. That's going to be closer to 5.6% to 5.7% for the year. Preopening expenses, we'll still be maintaining around that 1%. And so I just wanted you guys to have that as well as just to kind of help with your modeling.

這是布萊恩。在通話結束之前，我只想介入並在建模方面為你們提供一些幫助。你找不到一種自然的方式來過渡。我只知道這不是問題所在，但最初的指南有商店和銷售——或者以銷售額的 27% 出售商店運營費用。我們現在認為今年的增長率將是 27.5% 到 28%。一般和行政費用佔原指南銷售額的 5%。今年的增長率將接近 5.6% 至 5.7%。開業前費用，我們仍將維持在 1% 左右。所以我只是希望你們能夠擁有它，並為你們的建模提供一些幫助。

So that concludes our question-and-answer portion of the call. I appreciate everyone's interest in our second quarter earnings and our outlook for the year. We appreciate everything that everyone is doing. This is -- we feel like we're doing everything we can to balance our profitability, while at the same time, taking market share and ready for the other side of a down cycle. So we look forward to updating you on the next call.

我們的電話問答部分就到此結束。我感謝大家對我們第二季度收益和今年展望的興趣。我們感謝每個人所做的一切。我們覺得我們正在盡一切努力來平衡我們的盈利能力，同時佔領市場份額並為下行週期的另一面做好準備。因此，我們期待在下次通話時向您通報最新情況。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and enjoy the rest of your evening.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您度過愉快的夜晚。