固安捷 (GWW) 2025 Q2 法說會逐字稿

Greetings and welcome to the WW Granger second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

問候並歡迎參加 WW Granger 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Kyle Bland, Vice President, Investor relations.

現在，我將會議交給主持人、投資人關係副總裁 Kyle Bland。

Thank you. You may begin.

謝謝。你可以開始了。

Good morning. Welcome to Grainger's second-quarter 2025 earnings call. With me are D.G. Macpherson, Chairman and CEO; and D. Merriwether, Senior Vice President and CFO.

早安.歡迎參加 Grainger 2025 年第二季財報電話會議。和我一起的還有董事長兼執行長 D.G. Macpherson 和資深副總裁兼財務長 D. Merriwether。

As a reminder, some of our comments today may include forward-looking statements that are subject to various risks and uncertainties. Additional information regarding factors that could cause actual results to differ materially is included in the company's most recent Form 8-K and other periodic reports filed with the SEC. Results for the second quarter of 2025 are consistent on both a reported and adjusted basis but will be compared to adjusted results from the prior year period, which were normalized for restructuring costs incurred in the second quarter of 2024. Definitions and full reconciliations of our non-GAAP financial measures with their corresponding GAAP measures are found in the tables at the end of this presentation and in our earnings release, both of which are available on our IR website. We will also share results related to MonotaRO.

提醒一下，我們今天的一些評論可能包含前瞻性陳述，這些陳述受各種風險和不確定性的影響。有關可能導致實際結果出現重大差異的因素的更多信息，包含在公司向美國證券交易委員會提交的最新 8-K 表格和其他定期報告中。2025 年第二季的結果在報告和調整後的基礎上都是一致的，但將與去年同期的調整後結果進行比較，該結果已根據 2024 年第二季度發生的重組成本進行了標準化。本簡報末尾的表格和我們的收益報告中提供了非 GAAP 財務指標與其對應 GAAP 指標的定義和完整對賬，這兩份報告均可在我們的 IR 網站上找到。我們也將分享與 MonotaRO 相關的結果。

Please remember that MonataRO was a public company and files Japanese GAAP, which differs from US GAAP and is reported in our results one month in arrears. As a result, the numbers discussed will differ from MonotaRO's pulled up statements.

請記住，MonataRO 是一家上市公司，採用日本 GAAP，這與美國 GAAP 不同，並且在我們的業績報告中落後了一個月。因此，討論的數字將與 MonotaRO 得出的聲明不同。

Now I'll turn it over to D.G.

現在我將把發言權交給 D.G.

Thanks, Kyle. Good morning, everyone, and thank you for joining today. In the second quarter, the external environment continued to present a degree of uncertainty. What we're observing in the field though, is largely business as usual with a sharp focus on execution. Customers are seeking reliable partners who can help them manage the current complexity, and Grainger is proud to be that partner.

謝謝，凱爾。大家早安，感謝大家今天的參與。二季度，外部環境持續呈現一定不確定性。然而，我們在現場觀察到的情況是，業務基本上一切如常，重點是執行。客戶正在尋找可靠的合作夥伴來幫助他們管理當前的複雜性，而 Grainger 很自豪能夠成為這樣的合作夥伴。

I recently spent some time with manufacturing and industrial customers in Salt Lake City. These conversations consistently focused on how Grainger can help them drive efficiencies, lowering their purchasing costs, and improving inventory management. In times of uncertainty, our role becomes even more important, and we are uniquely positioned to help our customers strengthen their purchasing processes and overall operations. To that end, we continue to collaborate closely with our supplier network to uphold our standard of getting customers the right products when and where they need them. We've built a strong foundation anchored by a world-class supply chain and enhanced by strategic investments in product information and digital capabilities.

我最近花了一些時間與鹽湖城的製造業和工業客戶相處。這些對話始終集中在 Grainger 如何幫助他們提高效率、降低採購成本和改善庫存管理。在不確定的時期，我們的角色變得更加重要，我們擁有獨特的優勢，可以幫助我們的客戶加強他們的採購流程和整體營運。為此，我們繼續與我們的供應商網路密切合作，以堅持我們的標準，確保客戶在需要的時間和地點獲得正確的產品。我們建立了堅實的基礎，以世界一流的供應鏈為基礎，並透過對產品資訊和數位能力的策略投資得到加強。

These efforts, combined with our scale, deep supplier relationships, and ability to provide alternative product solutions allow us to deliver unmatched value in any environment. Beyond serving our customers' operations, we also recognize a broader responsibility to the communities we serve. In times of need, we remain steadfast in our commitment to supporting local communities with emergency response and recovery efforts. It's a part of who we are, and how we show up every day. I am proud of the resilience and dedication demonstrated across our organization and remain confident that our team will continue to deliver value for our customers, our communities and our shareholders.

這些努力，加上我們的規模、深厚的供應商關係以及提供替代產品解決方案的能力，使我們能夠在任何環境中提供無與倫比的價值。除了服務客戶的運作之外，我們還認識到對所服務的社區負有更廣泛的責任。在需要的時候，我們堅定不移地致力於支持當地社區的緊急應變和復原工作。這是我們身分的一部分，也是我們每天表現的方式。我為我們整個組織所展現的韌性和奉獻精神感到自豪，並堅信我們的團隊將繼續為我們的客戶、社區和股東創造價值。

In the second quarter, we delivered solid results that in total were largely in line with our May verbal guide. Total company reported sales for the quarter were nearly $4.6 billion, up 5.6% or 5.1% on a daily constant currency basis. Operating margins for the company were 14.9% and diluted EPS finished the quarter up $0.21 to $9.97. Operating cash flow came in at $377 million, which allowed us to return a total of $336 million to greater shareholders through dividends and share repurchases. Importantly, while the headline results for the second quarter played out largely as expected, they do reflect our estimate of tariff-related LIFO inventory valuation headwinds.

在第二季度，我們取得了穩健的業績，整體而言與我們五月的口頭指引基本一致。公司報告本季總銷售額接近 46 億美元，成長 5.6%（以每日固定匯率計算成長 5.1%）。公司營業利益率為14.9%，本季攤薄每股收益上漲0.21美元，達9.97美元。營業現金流達到3.77億美元，這使我們能夠透過股利和股票回購向股東返還總計3.36億美元。重要的是，雖然第二季的整體業績基本上符合預期，但確實反映了我們對關稅相關的後進先出庫存估值阻力的估計。

As Dee will discuss, without this LIFO impact, our operating margin would have been flat year over year in the period. As we look ahead, we anticipate the continued LIFO headwinds along with further price/cost timing pressures will impact our performance in the back half of the year. And as a result, we are updating our earnings outlook for 2025, which Dee will detail in a moment.

正如 Dee 所討論的，如果沒有這種後進先出的影響，我們的營業利潤率在此期間將與去年同期持平。展望未來，我們預計持續的後進先出法逆風以及進一步的價格/成本時間壓力將影響我們下半年的表現。因此，我們正在更新 2025 年的獲利展望，Dee 稍後將詳細介紹。

Importantly, these accounting and timing impacts are mostly transitory, and our expectation is that gross margin will begin to recover over time as we work back toward our price cost neutrality target.

重要的是，這些會計和時間影響大多是暫時的，我們預計，隨著我們努力回到價格成本中性目標，毛利率將隨著時間的推移開始恢復。

And with that, I'll turn it over to Dee to go through the details.

說完這些，我會把話題交給 Dee 來討論細節。

Thank you, D.G. Turning to slide 7. You can see the high-level second quarter results for the total company, including $4.6 billion in sales, up 5.1% on a daily constant currency basis. Within the period, we saw gross margin softness from segment mix and from the aforementioned tariff-related impacts within the high-touch business, including noise from LIFO inventory accounting. This led to total company operating margins of 14.9% for the quarter, down 50 basis points compared to 2024, but roughly in line with our communicated expectations. Diluted EPS for the quarter of $9.97 was up $0.21 or 2.2% higher compared to the prior-year period.

謝謝，D.G. 翻到第 7 張投影片。您可以看到整個公司第二季的業績表現優異，其中包括 46 億美元的銷售額，以每日固定匯率計算成長 5.1%。在此期間，我們看到毛利率因細分市場組合以及高接觸業務中上述與關稅相關的影響（包括後進先出法庫存會計的噪音）而疲軟。這導致本季公司總營業利潤率為 14.9%，與 2024 年相比下降了 50 個基點，但大致符合我們傳達的預期。本季稀釋每股收益為 9.97 美元，較去年同期上漲 0.21 美元，漲幅為 2.2%。

Moving to segment level results. The High-Touch Solutions segment delivered solid growth in the quarter. In total, sales were up 2.5% on a reported basis or up 2.8% on a daily constant currency basis, with growth across all geographies and local days, local constant currency. Results were driven by continued volume growth and modest price inflation in the segment.

轉向細分級別的結果。高接觸解決方案部門在本季實現了穩健成長。總體而言，銷售額按報告基礎計算增長了 2.5%，按每日固定匯率計算增長了 2.8%，所有地區和當地日期、當地固定匯率均實現增長。業績的推動力來自於該部門銷售的持續成長和價格的適度上漲。

From an end market perspective, our indicators suggest the MRO market remained muted but was softer than expected. We saw strong performance with contractor and healthcare customers, which helped to offset slower growth in other areas of the business. For this segment, gross profit margin finished the quarter at 41%, down 70 basis points versus prior year. In the quarter, we saw a negative price/cost spread as we progress negotiations with suppliers and elected to not pass any off-cycle price increases on to our customers. This caused timing-related lumpiness in the period. However, as pricing catches up, starting with our regular September cycle, we expect price/cost will begin to recover.

從終端市場角度來看，我們的指標顯示 MRO 市場依然低迷，但比預期要疲軟。我們看到承包商和醫療保健客戶表現強勁，這有助於抵消其他業務領域成長放緩的影響。該部門本季的毛利率為 41%，較上年下降 70 個基點。在本季度，隨著我們與供應商的談判不斷推進，我們選擇不將任何非週期性價格上漲轉嫁給客戶，我們看到了負的價格/成本差。這導致了該時期與時間相關的不平衡。然而，隨著價格上漲，從我們常規的九月週期開始，我們預計價格/成本將開始回升。

Further, because we are on LIFO, we had to pull through the current estimated impact of all effective cost increases known to date, putting further pressure on margins in the quarter. These two tariff-related impacts were only partially offset by favorable mix and freight in the period. And I would note that if we were not on LIFO, our gross margin rate would have been flat compared to the prior year quarter. On SG&A, we slightly delevered in the quarter as we continue to invest in marketing.

此外，由於我們採用後進先出法，我們必須克服迄今為止已知的所有有效成本增加的當前估計影響，從而進一步給本季度的利潤率帶來壓力。這兩項與關稅相關的影響僅被本期間的有利產品組合和運費部分抵消。我要指出的是，如果我們不採用後進先出法，我們的毛利率與去年同期相比將持平。在銷售、一般及行政費用方面，由於我們繼續在行銷方面進行投資，本季我們略微降低了槓桿率。

These costs, along with our annual merit increases that went live to start the quarter, were only partially offset by productivity gains and sales leverage. Taking all of this together, operating margin for this segment finished at 16.6%, down 90 basis points versus the prior-year quarter.

這些成本，加上我們在本季初開始實施的年度績效加薪，僅被生產力提高和銷售槓桿部分抵銷。綜合考慮上述因素，該部門的營業利潤率為 16.6%，較去年同期下降 90 個基點。

Now focusing on Endless Assortment segment. Sales increased 19.7% or 16.3% on the daily constant currency basis, which normalizes for the FX tailwinds realized in the period. Zoro US was up 20%, while MonotaRO will achieved 16.4% growth in local days local constant currency. At a business level, Zoro continues its strong momentum driven by growth from its core B2B customers, along with improving customer retention rates. At MonataRO, sales growth remained strong with continued growth from enterprise customers coupled with solid acquisition and repeat purchase rates with small and midsized businesses.

現在專注於無限分類領域。銷售額成長 19.7%（以每日固定匯率計算成長 16.3%），這得益於期內實現的外匯順風。Zoro US 上漲 20%，而 MonotaRO 以當地固定匯率計算則達到 16.4% 的成長。在業務層面，Zoro 繼續保持強勁勢頭，這得益於其核心 B2B 客戶的成長以及客戶保留率的提高。MonataRO 的銷售成長依然強勁，企業客戶持續成長，加上中小型企業的穩定收購率和重複購買率。

On profitability, operating margins for the segment increased by 200 basis points to 9.9%, with both businesses contributing to the favorability. MonotaRO's margins remained strong at 13.2% as they continue to gain operating leverage. At Zoro, operating margins accelerated sequentially and were up 380 basis points year over year to 5.8%, aided by gross margin flow-through and strong top-line leverage. As sales comps become more pronounced for Zoro in the back half of the year, we do anticipate this margin outperformance will moderate slightly as the year continues.

在獲利能力方面，該部門的營業利潤率增加了 200 個基點，達到 9.9%，兩項業務都為盈利做出了貢獻。由於營運槓桿不斷增加，MonotaRO 的利潤率依然保持強勁，達到 13.2%。Zoro 的營業利潤率持續加速，較去年同期成長 380 個基點至 5.8%，這得益於毛利率的流動和強勁的營收槓桿。隨著下半年 Zoro 的銷售成長更加明顯，我們預計，隨著時間的推移，其利潤率表現將略有放緩。

Beyond the results, you will see in the appendix that the team took steps in the period to optimize roles assortment. Specifically, net SKUs declined by $1.1 million in the quarter, driven by the elimination of some low-volume, low-service items. This near-term reduction is part of the ongoing effort to further improve the customer experience at Zoro and has no impact on our go-forward strategy or expected financial performance. Looking forward, our optimization efforts will continue over the next several quarters, but we expect net assortment growth for the business over time. Overall, we had an exceptional first half across Endless Assortment, and we remain confident in the team's ability to continue delivering strong results going forward.

除了結果之外，您還可以在附錄中看到團隊在此期間採取了措施來優化角色分配。具體而言，由於一些低容量、低服務項目的淘汰，本季淨 SKU 減少了 110 萬美元。這次短期減價是 Zoro 持續努力改善客戶體驗的一部分，不會對我們的未來策略或預期財務表現產生影響。展望未來，我們的優化工作將在接下來的幾個季度繼續進行，但我們預計業務的淨分類將隨著時間的推移而成長。總體而言，我們在 Endless Assortment 的上半年表現非常出色，我們仍然對團隊在未來繼續取得強勁成績的能力充滿信心。

As we look to the back half of the year, I thought it would be helpful to share a brief update on where we are with tariffs. As we shared during our first-quarter earnings call, we took initial pricing actions in May, primarily related to Section 232 and the first wave of announced tariffs on China. These initial pricing actions only apply to a small portion of our products, largely those where Grainger is importing the product directly.

展望下半年，我認為分享關稅的最新情況會很有幫助。正如我們在第一季財報電話會議上所分享的，我們在 5 月採取了初步定價行動，主要與第 232 條款和第一波對中國宣布的關稅有關。這些初步定價措施僅適用於我們的一小部分產品，主要是 Grainger 直接進口的產品。

As part of this initial wave, we did not take any pricing action on the reciprocal escalations. Consequently, we expect our initial pricing actions to hold as they relate to tariff levels that remain in place today. At this point, it's a bit early to get an accurate elasticity read, but as the full competitive set takes price through the cycle, we still expect these May price actions will approach the previously discussed 1% to 1.5% net annualized price inflation run rate for the high touch business.

作為這初始浪潮的一部分，我們沒有對後續升級採取任何定價行動。因此，我們預計我們的初步定價行動將維持與目前維持的關稅水準相關的水準。目前，要獲得準確的彈性讀數還為時過早，但隨著整個競爭組合推動價格經歷整個週期，我們仍然預計 5 月份的價格走勢將接近之前討論過的 1% 至 1.5% 的高接觸業務淨年化價格通脹運行率。

Of the vast majority of our remaining products where Grainger is not the direct importer, we continue to work with our supplier partners regarding tariff-related cost increases. We've finalized negotiations on a number of impacted SKUs but expect conversations to be iterative throughout the balance of the year as the tariff environment remains highly fluid.

對於我們剩餘的絕大多數產品，如果 Grainger 不是直接進口商，我們將繼續與供應商合作夥伴就關稅相關的成本上漲進行合作。我們已經就一些受影響的 SKU 完成了談判，但由於關稅環境仍然高度不穩定，預計今年餘下的談判仍將反覆進行。

Looking ahead to the third quarter, we expect to adhere to our regular cycle with our next pricing action slated to go live in early September. This route will include some further increases on products directly imported by Grainger to reflect current tariff rates, which are higher than what we passed in May. The September cycle will also include initial pricing actions on supplier imported products where we have finalized negotiations. The past price from this route is expected to result in net annualized incremental price of 2% to 2.5% on a run rate basis for the High Touch business. Note that these run rate price figures are annualized and on a cumulative basis will lay across the full-year 2025 to deliver close to 1% price in total for the High Touch business.

展望第三季度，我們預計將遵循常規週期，下一次定價行動將於 9 月初實施。這條路線將進一步提高 Grainger 直接進口產品的部分關稅，以反映當前的關稅稅率，該稅率高於我們 5 月通過的稅率。9 月的周期還將包括我們已完成談判的供應商進口產品的初步定價行動。預計該路線的過去價格將導致 High Touch 業務的淨年化增量價格在運行率基礎上上漲 2% 至 2.5%。請注意，這些運行價格數字是年化的，累計將涵蓋 2025 年全年，為 High Touch 業務帶來接近 1% 的總價格。

As we wait on pricing actions until September, we do anticipate continued headwinds from price costs and further LIFO inventory valuation impacts in the third quarter. But as we pass price, we expect gross margin will recover to more normal levels over time. The team continues to stay nimble as the cost environment evolves, and we take actions as needed over the remainder of the year and into 2026. Despite the anticipated lumpiness, we remain focused on adhering to our two core pricing tenets: to remain price competitive and to achieve price cost neutrality over time.

由於我們要等到 9 月再進行定價行動，我們確實預期第三季價格成本和後進先出法庫存估值影響將繼續帶來阻力。但隨著價格的下降，我們預計毛利率將隨著時間的推移恢復到更正常的水平。隨著成本環境的變化，團隊繼續保持靈活，並在今年剩餘時間和 2026 年根據需要採取行動。儘管預計會出現波動，但我們仍將專注於堅持我們的兩個核心定價原則：保持價格競爭力並實現價格成本中立。

Now moving to the updated outlook for the remainder of 2025. First, we're adjusting our sales outlook to reflect both the latest FX rates and the aforementioned pricing actions, the latter of which we expect will contribute around 1% in total for the High Touch business in 2025. These tailwinds are partially offset by the softer-than-expected MRO market we've seen to date, which we don't expect will recover in the back half of the year.

現在轉向 2025 年剩餘時間的最新展望。首先，我們正在調整銷售前景，以反映最新的外匯匯率和上述定價行動，我們預計後者將在 2025 年為 High Touch 業務貢獻約 1% 的總收入。這些順風因素被我們迄今為止看到的弱於預期的 MRO 市場部分抵消，我們預計該市場不會在今年下半年復甦。

More notably, as D.G. mentioned at the beginning of the call, we're updating our outlook to reflect the tariff-related price/cost timing headwinds and our current full-year estimate for the LIFO valuation impact. Consequently, we've lowered our gross margin guide with the total company now expected to be between 38.6% and 38.9% or down 80 to 50 basis points year over year.

更值得注意的是，正如 D.G. 在電話會議開始時提到的那樣，我們正在更新我們的展望，以反映與關稅相關的價格/成本時間阻力以及我們對後進先出估值影響的當前全年估計。因此，我們下調了整個公司的毛利率預期，目前預計在 38.6% 至 38.9% 之間，或年減 80 至 50 個基點。

Our SG&A outlook remains largely unchanged, and therefore, this gross margin pressure will flow through to operating margins where we now expect the total company will finish between 14.7% and 15.1%. This all translates to earnings per share between $38.50 and $40.25, up roughly 1% year over year at the midpoint. Updates were also made to our supplemental guidance, which included a $100 million increase in expected capital expenditures due to the timing of DC network investments and the related offset to our share repurchase outlook. This updated outlook assumes no changes to the effective tariff schedule as of July 31.

我們的銷售、一般及行政開支前景基本保持不變，因此，這種毛利率壓力將轉化為營業利潤率，我們目前預計整個公司的營業利潤率將在 14.7% 至 15.1% 之間。所有這些相當於每股收益在 38.50 美元至 40.25 美元之間，中間值年增約 1%。我們也對補充指引進行了更新，其中包括由於 DC 網路投資時機以及與股票回購前景相關的抵消，預期資本支出增加 1 億美元。此更新後的展望假設截至 7 月 31 日的有效關稅表沒有變更。

The third quarter is off to a solid start with preliminary total company July sales up slightly north of 6% on a daily constant currency basis and aided by softer comps in the prior-year period. We expect growth will moderate as the quarter goes on and anticipate total company sales for the third quarter to be up north of 5% on a daily constant currency basis. As discussed, gross margin will see further pressure in the quarter, driving a sequential decline in total company operating margin to around 14.5%.

第三季開局良好，公司 7 月初步總銷售額以每日固定匯率計算略微上漲 6%，並受到去年同期銷售額較弱的推動。我們預計，隨著本季的推進，成長將會放緩，並預計第三季公司總銷售額將按每日固定匯率計算將成長 5% 以上。如上所述，本季毛利率將進一步承壓，導致公司整體營業利潤率季減至約 14.5%。

With that, I'll turn it back to D.G.

說完這些，我將把它交還給 D.G。

Thanks, Dee. Overall, I'm encouraged by how the team continues to manage through this uncertain and evolving environment. Although we did slightly lower our 2025 outlook, it is primarily the result of a softer-than-expected market and transitory impacts on gross margin, neither of which changed our view of how the business is operating overall. I remain confident in our strategy and our ability to drive long-term value for all stakeholders.

謝謝，迪。總的來說，我對團隊如何繼續應對這種不確定且不斷變化的環境感到鼓舞。雖然我們確實略微下調了 2025 年的預期，但這主要是由於市場弱於預期以及對毛利率的暫時影響，但這兩者都沒有改變我們對整體業務營運狀況的看法。我對我們的策略以及為所有利害關係人創造長期價值的能力充滿信心。

And with that, we'll open it up for Q&A.

接下來，我們將開始問答環節。

(Operator Instructions)

（操作員指示）

David Manthey, Baird.

大衛‧曼西，貝爾德。

First question on the LIFO accounting and the operating income impact. It looks like it was about, I don't know, 50 basis points or something. And I guess the question that's out here is if you are on average cost for accounting here in book, would your second out -- the second-half outlook has changed at all, or is this just a timing factor of the LIFO and price increases, et cetera?

第一個問題是關於後進先出法會計和營業收入的影響。看起來大約是，我不知道，50 個基點或類似的數字。我想這裡的問題是，如果您按照帳簿上的平均會計成本來計算，那麼您的第二季度前景——下半年前景是否會發生變化，或者這僅僅是後進先出法和價格上漲等的時間因素？

So our performance as we were on FIFO would have been different, as you noted. However, as it relates to the outlook, our outlook would not have included the negative impacts of LIFO. But our underlying operations, I will say, are still very similar. When you look at our ability to estimate the price increases outside of the LIFO impact and the timing of our cost changes. Those things, I believe, will remain the same.

因此，正如您所說，我們在 FIFO 上的表現會有所不同。然而，就前景而言，我們的前景不會包括後進先出法的負面影響。但我要說的是，我們的基本營運仍然非常相似。當您查看我們估計後進先出法影響之外的價格上漲以及成本變化時間的能力。我相信，這些事情將保持不變。

So the only real difference is that we would not have had this LIFO accounting impact flow through COGS and through the P&L in the way it is flowing through today. So when you look at, specifically, our EPS year-over-year just comparing ourselves to ourselves instead of being up 2, EPS would have been up north of 6%.

因此，唯一真正的區別是，我們不會讓這種後進先出會計影響像今天這樣流經 COGS 和損益表。因此，當您具體查看我們的每股盈餘與去年同期相比時，只需與我們自己進行比較，每股盈餘就不會成長 2%，而會成長 6% 以上。

That makes sense. And then as we're looking forward, Dee, you gave us some insight into third quarter. I think you said gross margin would step down again in the third quarter and operating income would come in at 14.5%, if I heard you correctly. Could we think about the progression from there? So I know operating income usually takes a step down seasonally in the fourth quarter, but not necessarily gross margin.

這很有道理。然後，當我們展望未來時，Dee，您給了我們一些關於第三季度的見解。如果我沒聽錯的話，您說的是第三季毛利率將再次下降，營業收入將達到 14.5%。我們可以從那裡考慮進展嗎？所以我知道第四季的營業收入通常會出現季節性下降，但毛利率不一定會下降。

So anything directionally you can talk to us about how the P&L is going to move from the third quarter to the fourth quarter, just so we incorporate that correctly?

那麼，您能否從方向上與我們談談損益表從第三季到第四季的變動情況，以便我們能夠正確地將其納入其中？

Yeah. I do believe seasonally stepping from Q3 to Q4, we will still see the revenue trend through normal seasonality, but the point you make related to pricing, pricing will continue to build, with our September pricing change heading into the fourth quarter. And so we will start to see improvement in gross margins and expect to exit the year with improved price cost. And that's what helps with buoying operating earnings at the end of the year.

是的。我確實相信，從第三季度到第四季度，我們仍然會看到收入趨勢經歷正常的季節性變化，但您提到的與定價有關的觀點是，定價將繼續上漲，9 月的價格變化將進入第四季度。因此，我們將開始看到毛利率的提高，並預計今年年底價格成本將會改善。這有助於提高年底的營業利潤。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

It sounds like there was a judgment call made on the timing of when you're going to push through the second batch of inflationary factors here. And I think you referenced that you're just going to take it on the normal cycle in September. I'm just curious what went into that decision-making process. Did you consider pushing in a more real-time fashion. Have you seen others do that in the marketplace?

聽起來，你已經對何時推動第二批通膨因素做出了判斷。我認為您提到您將在 9 月按照正常週期進行。我只是好奇這個決策過程是怎麼樣的。您是否考慮過以更即時的方式進行推動？您在市場上有看過其他人這樣做嗎？

What were some of the gives and takes there on arriving at the decision you did?

在做出這個決定時，您做出了哪些讓步和妥協？

Yeah. So we considered all kinds of different options here. We decided to keep our price increase on a normal schedule. We think it's the best thing from a customer stability standpoint, and we're hearing very good things from our customers about that decision. We will be a little bit upside down on price cost, but there are other factors that are actually moving sort of positively as well.

是的。所以我們在這裡考慮了各種不同的選擇。我們決定按照正常計劃提高價格。我們認為從客戶穩定性的角度來看這是最好的選擇，而且我們從客戶那裡聽到了對這項決定的正面評價。我們在價格成本方面會有些顛倒，但其他因素實際上也正在發生正面變化。

And as we discussed, really the LIFO impact is the biggest impact on our GP now. And so we felt like, ex that, we could manage this by going to 9/1 and wait it out.

正如我們所討論的，後進先出法對我們的 GP 確實目前影響最大。因此，我們覺得，除此以外，我們可以通過到 9/1 來解決這個問題並等待它結束。

Following up on Zoro, good update this quarter. It sounds like you did some pricing optimization and then also reduced the SKU count. If you can bring us into that decision-making process, how long have those initiatives been under consideration? And what's the lay of the land there as we go forward?

跟進 Zoro，本季更新良好。聽起來您做了一些價格優化，然後還減少了 SKU 數量。如果您可以讓我們參與決策過程，這些措施已經考慮多久了？隨著我們繼續前進，那裡的地形是怎麼樣的呢？

Yeah. And I think the pricing decision has been in the works for the better part of the year. We've been considering that and made some changes and have learned our way into what we actually did. It's a bit different tilt on pricing, which provides a better experience for customers. The SKU count one, when you have millions and millions and millions of products, 12 million, 13 million products, it's healthy to go through and say which products are actually noise and not creating a great customer experience.

是的。我認為定價決策已經在今年大部分時間醞釀。我們一直在考慮這個問題，並做出了一些改變，並且已經了解了我們實際所做的事情的方法。定價方面略有不同，為客戶提供了更好的體驗。SKU 數量第一，當您擁有數以百萬計的產品，1200 萬、1300 萬種產品時，仔細檢查並判斷哪些產品實際上是噪音並且不能創造良好的客戶體驗是有益的。

So we basically identified a set of products, a fairly large set of products that we got rid of, we will continue to expand the assortment, but we want to make sure we do it in ways that actually improve the customer experience. So that's really what that was all about.

因此，我們基本上確定了一組產品，一組相當大的產品，我們將其淘汰，我們將繼續擴大品種，但我們希望確保我們的做法能夠真正改善客戶體驗。這就是事情的真正意義。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

D.G., in your opening remarks, you talked about how in times of uncertainty, customers lean more heavily on Grainger. And we certainly saw that through COVID and all the supply chain disruption that followed, but it doesn't seem like we're seeing that same impact here in this current period of disruption. Outgrowth remains sluggish. There seems maybe a little bit of less conviction in pushing price to get value for that supply chain partner status. So I guess, I mean, maybe you would disagree with that.

D.G.，在您的開場白中，您談到在不確定的時期，客戶會更加依賴 Grainger。我們確實在新冠疫情以及隨後的所有供應鏈中斷中看到了這一點，但在當前的混亂時期，我們似乎並沒有看到同樣的影響。經濟成長依然低迷。人們似乎不太相信透過提高價格來獲得供應鏈合作夥伴地位的價值。所以我想，我的意思是，也許你會不同意這一點。

But why do you think maybe we're not seeing that -- those tailwinds that we saw in other times of disruption?

但是，您認為為什麼我們可能沒有看到在其他混亂時期看到的順風呢？

Well, I think the pandemic disruption was very much a supply disruption, which is less the case this time. I think there hasn't been many challenges getting supply, so we may have seen some tailwinds there. I would say a couple of things. One is, I don't think we have any lack of confidence in passing price.

嗯，我認為疫情造成的中斷很大程度上是供應中斷，但這次的情況不太一樣。我認為在獲取供應方面並沒有遇到太多挑戰，所以我們可能已經看到了一些順風。我想說幾件事。一是，我認為我們對傳遞價格並不缺乏信心。

I think we're just trying to time it correctly for customers and marry it up, so it actually makes sense. And so we still feel like we're going to be able to pass price through this period. We may not see as much cost as others as well. So our price might not be as big, but there's mix issues and all kinds of things that drive that. And in terms of share gain, actually, the second quarter look better from a High Touch share gain, and we continue to see significant disruption between our internal metric and the 1 unit metric, the external one.

我認為我們只是想為客戶安排正確的時間並將其結合起來，這樣才有意義。因此，我們仍然覺得我們能夠在這段時期內傳遞價格。我們可能看不到與其他人一樣多的成本。因此我們的價格可能不會那麼高，但存在混合問題以及推動這一問題的各種因素。就份額成長而言，實際上，第二季從高接觸份額成長來看情況更好，我們繼續看到內部指標和 1 個單位指標（外部指標）之間存在顯著差異。

And the internal one would suggest we gained quite a bit of share in the second quarter. And there has been surveys from your peers that have suggested the market was down two or three even in the quarter. So I think actually, share gain, we feel pretty good about, again, so I don't know that we feel like we're not gaining share. We do. We feel like we're gaining share.

內部數據顯示，我們在第二季獲得了相當多的份額。您的同行所做的調查也表明，本季市場甚至下跌了兩到三倍。因此我認為，實際上，我們對份額的成長感覺很好，所以我不知道我們是否覺得我們沒有獲得份額。是的。我們感覺我們的份額正在增加。

I appreciate that. And then I guess just on the gross margin, the 50 basis points guide down. Could you just kind of maybe talk about how that splits between the LIFO pressures, which it sounds like are higher than we're expected in April despite general de-escalation versus how much of that pressure is just some price/cost timing into the back half?

我很感激。然後我猜想僅就毛利率而言，50 個基點就會下降。您能否談談後進先出法壓力是如何劃分的？聽起來，儘管 4 月份總體情況有所緩和，但後進先出法壓力似乎仍高於我們的預期；而後進先出法壓力中有多少只是後半部分的價格/成本時機？

So I just want to step back a little bit. So thanks for that question. I think it ties back to the last question too, a little bit, which is back in Q1 when we were looking at the guide, there was information in the market related to tariffs. One piece of information looks like China tariff was like at 135%, which it is nowhere near today. And so when D.G.

所以我只想稍微退一步。謝謝你的提問。我認為這也與最後一個問題有一點聯繫，即在第一季度，當我們查看指南時，市場上有與關稅相關的資訊。有一則訊息顯示，中國的關稅曾高達 135%，但今天還遠遠達不到這個水準。所以當 D.G.

talked about being really prudent about the timing of when we're going to take price, this is what we mean. Like if we would have taken that assumption, which was very high level, very hard to measure at that point in time and then roll that through our estimates, we would have had some drawing changes to guidance then and then now having had a whole quarter of better information, a little bit more certainty around tariffs and then being able to actually estimate their near-term impacts I think, has put us in a better position. And then that has also allowed our pricing team to take that information and then make better pricing decisions with our customers at this time. Back to your question related to how much is LIFO versus how much is price cost. The vast majority of the impact to us or like as an example, to high touch in this quarter is the LIFO impact.

談到我們在選擇定價時機時要非常謹慎，這就是我們的意思。例如，如果我們採用這個假設，這個假設在當時是非常高的水平，很難衡量，然後透過我們的估計，我們就會對當時的指導做出一些改變，而現在我們有了整整一個季度的更好的信息，對關稅有了更多的確定性，然後能夠真正估計它們的近期影響，我認為這讓我們處於更有利的地位。這也使我們的定價團隊能夠獲取這些信息，然後與我們的客戶一起做出更好的定價決策。回到您的問題，關於後進先出法與價格成本的關係是多少。對我們影響最大的，或者說，本季高接觸的影響主要是後進先出法的影響。

It's like 80 basis points. And so there is impact to price cost, but much smaller than the impact of LIFO. And we believe that will continue to be the case as we move through the year because as we've noted, we will, in September, be then updating for the incremental increase that had been announced on aluminum and steel for some of the other changes that have occurred. And so that will also continue to flow through as subsequent LIFO adjustments. But as it relates to gross margin, none of that reverts unless we have deflation, which we don't see any coming, but gross margin will improve since we're on LIFO because pricing will start to take hold.

大約是 80 個基點。因此，這會影響價格成本，但比後進先出法的影響要小得多。我們相信，隨著時間的推移，這種情況將繼續下去，因為正如我們所指出的，我們將在 9 月更新已宣布的鋁和鋼關稅增量增長以及已發生的一些其他變化。因此，這也將作為後續的後進先出調整繼續流動。但就毛利率而言，除非出現通貨緊縮，否則這些都不會恢復，而我們預計不會出現通貨緊縮，但由於我們採用後進先出法，定價將開始穩定，因此毛利率將會提高。

And so if there's one thing to walk away with, those of us that are on LIFO have a hotter impact or more negative impact to gross margin at the beginning of these cycles because we restate our entire inventory to the latest price or cost of goods, and that flows through the P&L immediately. Over time, as pricing takes hold and that LIFO impact normalizes, our gross margin starts to recover and improve. Different than those on FIFO who have the opportunity to flow through their lower cost inventory while they're taking price leading to higher gross margin that then starts to mitigate through the cycle.

因此，如果有一件事需要放棄，那就是我們這些採用後進先出法的人在這些週期開始時對毛利率的影響更大或更負面，因為我們將整個庫存重新表述為最新的價格或商品成本，並且這會立即流經損益表。隨著時間的推移，隨著定價的穩定和後進先出法的影響的正常化，我們的毛利率開始恢復和提高。與先進先出 (FIFO) 不同的是，先進先出 (FIFO) 有機會在定價的同時流過其低成本庫存，從而獲得更高的毛利率，然後在整個週期內開始緩解。

So over time, our gross margins will become much more comparable to others based upon the differences in our accounting treatment. So we expect our gross margin and specifically our price cost, which is not the biggest impact here. It is a timing difference to moderate as we go through the end of 2025 and into early 2026 as we continue to take price.

因此，隨著時間的推移，基於會計處理的差異，我們的毛利率將與其他公司更具可比性。因此，我們預計我們的毛利率以及特別是我們的價格成本並不是這裡最大的影響。隨著我們繼續採取價格，時間差異將會緩和，從 2025 年底到 2026 年初。

Jacob Levinson, Melius Research.

Jacob Levinson，Melius Research。

I realize these tariffs are a moving target, but if you've got -- if you have a 30% tariff on China today and obviously different rates than some of the other major manufacturing centers. Does -- is the economics of private label really changing versus the branded side? Because I assume it's probably not necessarily straightforward because you've got branded stuff that's also being made in China or Vietnam, but I'm just trying to get a sense of whether there's been a real shift in terms of the economics of private level?

我知道這些關稅是一個不斷變化的目標，但如果你今天對中國徵收 30% 的關稅，而且稅率顯然與其他一些主要製造中心不同。與品牌經濟相比，自有品牌的經濟狀況真的改變了嗎？因為我認為這可能不一定簡單，因為你擁有的品牌產品也在中國或越南生產，但我只是想了解私人層面的經濟是否發生了真正的轉變？

Yes. So I guess, first of all, I would say that we do have a lot of US private label production, so that is not affected. Certainly, the China component of private brand is -- could be impacted. It really depends -- without sort of giving you a direct answer here, it really depends on the SKU level analysis.

是的。所以我想，首先，我想說我們確實有很多美國自有品牌生產，所以這不會受到影響。當然，自有品牌的中國部分可能會受到影響。這確實取決於——這裡無法直接給出答案，但這確實取決於 SKU 等級分析。

So there are some SKUs for which a 30% tariff might make them much less competitive to the national brand. And there's many where it doesn't matter. You're still more competitive coming from China. So really, it's happening at the SKU level. We're watching it very closely.

因此，對於某些 SKU 來說，30% 的關稅可能會使其與國家品牌的競爭力大大降低。還有很多事情並不重要。來自中國的競爭仍然更激烈。所以實際上，它發生在 SKU 層級。我們正在密切關注此事。

I suspect once we get through the next quarter, we'll have a lot more to say about what we're seeing. It's still really, really early in terms of what we're seeing from the cost increases on our private brand. But it's going to very dramatically by SKU, and we'll have a better perspective over time.

我想，一旦我們度過下個季度，我們就會對所看到的情況有更多的了解。從我們自有品牌成本上漲的情況來看，現在還為時過早。但 SKU 將會顯著變化，隨著時間的推移，我們將有一個更好的視角。

Okay. That makes sense. And just on a brighter note, Zoro seems to be heading in stride there. I know Tom asked about it as well. But can you just help us understand like what's really changed in that business?

好的。這很有道理。值得慶幸的是，索隆似乎正在大步前進。我知道湯姆也問過這個問題。但是您能否幫助我們了解該行業真正發生了哪些變化？

I know there's been a lot of cross-pollination with MonataRO, but it seems like they're finally kind of getting the flywheel going there?

我知道與 MonataRO 有很多交叉合作，但看起來他們終於開始發揮飛輪的作用了？

Yes, yes. I think I'd point to a few things. One is, I think they've done a nice job of improving who they target to acquire and then getting to repeat business with those customers. And that includes how they think about what products they promote, how they think about evaluating customers initially, and then how they think about basically marketing to those customers that are attractive. And so a lot of what MonataRO has done to be successful, they built and ported over the logic.

是的，是的。我想我會指出幾件事。一是，我認為他們在改善目標客戶群以及與這些客戶重複業務方面做得很好。其中包括他們如何考慮推廣什麼產品、如何最初評估客戶，以及如何向有吸引力的客戶行銷。因此，MonataRO 所做的許多工作都是為了取得成功，他們建立並移植了邏輯。

It's a little bit different in this context. But to basically get to that repeat business. And that repeat rate is really, really important. That's up about 200 basis points year-over-year, which is a big deal to that business. The other thing I'd say is, as they grow, they had already built out a lot of the capabilities, they get good -- really good leverage when they grow at this point because they don't need to add nearly as much cost.

在這種情況下，情況有點不同。但基本上是為了實現重複業務。重複率確實非常重要。這比去年同期成長了約 200 個基點，這對該業務來說意義重大。我想說的另一件事是，隨著他們的成長，他們已經建立起了很多能力，當他們在這個階段成長時，他們會獲得很好的——非常好的槓桿作用，因為他們不需要增加那麼多的成本。

So those two things are really working in their favor.

所以這兩件事確實對他們有利。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

So it sounds like a key message here on gross margin is that the update is more about LIFO than it is price cost. So my question is, the new 50 basis point headwind to gross margin for the year, how much of that is LIFO and how much of that is price cost timing?

因此，聽起來關於毛利率的一個關鍵訊息是，更新更多的是關於後進先出法，而不是價格成本。所以我的問題是，今年毛利率面臨的新的 50 個基點阻力，其中有多少是後進先出法，有多少是價格成本時機？

I will say the majority of that is LIFO. And again, I think we'll really start to see the price cost portions of that unwind into 2026. There is a component there, but as I noted, I kind of noted the impact of high touch in this quarter is significant. It is the main event when you look at the year-over-year decline to high-touch gross margin.

我想說的是，其中大部分是後進先出法。而且我認為，到 2026 年，我們才會真正開始看到價格成本部分逐漸消退。這裡有一個組成部分，但正如我所指出的，我注意到本季高接觸的影響是顯著的。當你看到高接觸毛利率年減時，這就是主要事件。

Yes. I would just say we said this a few times. RGP would have been flat year-over-year, which is actually better than we expected to start going into the year if we didn't have LIFO. So while we have some price cost headwinds, we have other things that have been positive as well. And so LIFO on the math basis is the entirety of what we're seeing right now.

是的。我只想說我們已經說過幾次了。如果我們沒有採用後進先出法，那麼 RGP 將會與去年同期持平，這實際上比我們年初預期的要好。因此，雖然我們面臨一些價格成本的阻力，但我們也遇到了其他積極因素。因此，從數學角度來看，後進先出法就是我們現在所看到的全部。

Okay, that's helpful. And then my follow-up, this might be kind of a hard question, but there's new tariffs being announced today. And one of the questions I'm getting from clients is, is there going to be more price cost risk now in the second half if you have more tariff-driven inflation?

好的，這很有幫助。然後我的後續問題是，這可能是一個很難的問題，但今天將宣布新的關稅。客戶經常問我的一個問題是，如果關稅引發的通膨進一步加劇，下半年的價格成本風險是否會更大？

Hard to tell. So I mean, clearly, China is the most significant trade partner we have at this point. So some of the countries that are being announced have much smaller impacts than China does. And Mexico hasn't changed. They are a significant trade partners as well.

很難說。所以我的意思是，顯然，中國目前是我們最重要的貿易夥伴。因此，一些宣布參與的國家的影響比中國小得多。而墨西哥卻沒有改變。他們也是重要的貿易夥伴。

So it just depends on which countries have that happen to them. And right now, there's obviously risk depending on what happens or opportunity as well, depending on what happens going forward. But China is the biggest one we have to watch. And so so far, I don't think the things that have been announced today would have a huge impact on us based on what I know.

所以這取決於哪些國家會發生這種情況。而現在，顯然存在風險，這取決於發生的情況，也存在機遇，取決於未來發生的情況。但我們必須關注的最大國家是中國。所以到目前為止，根據我所知，我認為今天宣布的事情不會對我們產生巨大影響。

Christopher Glynn, Oppenheimer & Company.

克里斯多福‧格林（Christopher Glynn），奧本海默公司。

So you mentioned a great description of the decision-making process with deferring on price a bit, and you talked about the customer benefits and the good feedback there. I wanted to talk about maybe what long-term strategic goals you might have had in mind there along the way as well. Is this sort of a nice arrow in the quiver as you go through next rounds of contract negotiations and display into the wallet share strategy?

所以您提到了對推遲價格的決策過程的精彩描述，並且談到了客戶利益和良好的反饋。我想談談您在過程中可能考慮過的長期策略目標。當您進行下一輪合約談判並將其融入錢包份額策略時，這是否是一種不錯的手段？

I think our long-term share strategy is based much more on providing exceptional service, helping customers take out costs, helping them with their purchasing process, helping them manage inventory. We -- but we do recognize that you don't want to -- winning the tariff transition is not really a thing for us. For us it's are we doing the right things for the customers and making sure we continue to build loyalty and trust. And so that's a big part of what we do. And we think that does help us in the long term.

我認為我們的長期份額策略更基於提供卓越的服務，幫助客戶降低成本，幫助他們完成採購流程，幫助他們管理庫存。我們——但我們確實意識到你不想——贏得關稅轉型對我們來說並不是什麼大事。對我們來說，關鍵在於我們是否為客戶做了正確的事情，並確保我們繼續建立忠誠度和信任。這是我們工作的很大一部分。我們認為從長遠來看這確實對我們有幫助。

This wasn't really a specific point we are trying to make around share gain, but we do think it does help. We do think it helps us over time.

這並不是我們在市場佔有率成長方面想要表達的具體觀點，但我們確實認為它有幫助。我們確實認為它會隨著時間的推移對我們有所幫助。

Okay. Great. And just a follow-up on Zoro. It's had tremendous sequential momentum in the last few quarters. I think the high India guidance has kind of flattish through the back half.

好的。偉大的。這只是 Zoro 的後續報導。過去幾個季度，它一直保持著巨大的持續成長勢頭。我認為印度的高指導在後半段已經趨於平緩。

Is that just conservatism relative to 2Q on --

這僅僅是相對於第二季的保守主義嗎？--

Yes. Last year, they're cycling some tough comps. So it's just a modest deceleration but nothing to worry about. We're still very bullish on their outlook.

是的。去年，他們參加了一些艱難的比賽。所以這只是適度的減速，沒什麼好擔心的。我們仍然非常看好他們的前景。

Deane Dray, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Deane Dray。

I'd like to circle back on the Zoro SKU pruning. I consider this to be a very healthy process. But I'd love to hear just a bit more detail on the algorithm, the approach here? Is it simplification? Do you look at returns by SKU, the volume that's being done and frequency of ordering.

我想重新討論一下 Zoro SKU 修剪。我認為這是一個非常健康的過程。但我很想聽到更多關於該演算法和方法的細節？是簡化嗎？您是否會根據 SKU、正在完成的數量和訂購頻率來查看退貨情況。

It's probably all of the above, but what is the net impact?

可能以上都是，但最終影響是什麼？

The net impact is basically nothing. These are SKUs that basically weren't moving. And frankly, we're we're probably not helping searchability on the website. And so these are very low risk, like no risk financial decisions that were made in the quarter.

淨影響基本上為零。這些 SKU 基本上沒有移動。坦白說，我們可能對網站的可搜尋性沒有幫助。因此，這些風險非常低，就像本季做出的無風險財務決策一樣。

Great. Is there any -- would you be following a similar practice with the core Grainger offerings? Is that -- have you done any meaningful calling of the SKUs? And maybe just kind of size that process paratha.

偉大的。有沒有—您會對核心 Grainger 產品採取類似的做法嗎？那是——您對 SKU 做過任何有意義的呼叫嗎？也許只是處理 paratha 的大小。

We do that on an ongoing basis. That is not new for us. We probably have 80,000 SKUs followed every year, roughly or something like that, and then we add a little bit more than that to get to the net assortment number. But that is a very well well-trod path and the analytics to make those decisions a very clear have been in place for a long time. I think with Zoro, the difference is you added so many so fast.

我們一直在做這件事。這對我們來說並不是什麼新鮮事。我們每年大概追蹤 80,000 個 SKU，大概如此，然後我們會再增加一點點，以達到淨分類數量。但這是一條非常常見的道路，而做出這些決策所需的分析方法已經存在很長時間了。我認為 Zoro 的不同之處在於你如此快速地添加瞭如此多的內容。

We've added things that we didn't know if they were going to sell or not. And so if they didn't, then we made the decision.

我們添加了一些我們不知道是否會出售的東西。如果他們不這樣做，那麼我們就做出決定。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

I guess just -- I'm sorry to come back to pricing here again, but just on high-touch pricing specifically, you'd flag 1 to 1.5 points of kind of target price for the quarter, we came in basically flat. Was that fully offset by negative mix, or was it a measure of weak realization on the price front there?

我想只是——很抱歉再次回到定價問題，但具體到高接觸定價，你會標記本季度目標價的 1 到 1.5 個點，我們基本上持平。這是否完全被負面組合所抵消，還是這是價格方面實現疲軟的一種衡量標準？

So when we laid out what we thought we would realize the 1% and 1.5%, that was on an annualized run rate basis. And so you're right. In the quarter, you'd have to look at how much of that in the next quarter, you would actually realize. Well, one, the actions were taken in May, so we didn't have the full quarter. So that's an impact.

因此，當我們列出我們認為可以實現的 1% 和 1.5% 時，這是基於年化的運行率。所以你是對的。在本季度，你必須看看下個季度你實際上能實現多少。首先，這些行動是在五月採取的，所以我們沒有整個季度的數據。所以這會產生影響。

And then when you compare to prior year 2024 actions, they're so offset there year-over-year because last year's increase was larger than the 1 we took this year. So that explains a portion of it. The rest of it, though, we believe has to do with the fact that our sales and others are taking price on different SKUs at different times, and it's really hard to read elasticity. Based upon what we continue to see, even including in this month, that is improving. And so we have conviction that on a run rate basis, we will get on an annualized basis to the 1% to the 1.5%.

然後，當你與 2024 年之前的行動進行比較時，你會發現它們與去年相比有很大的抵消，因為去年的增幅大於今年的增幅。這解釋了其中的一部分。不過，我們認為，其餘部分與我們的銷售和其他銷售在不同時間對不同 SKU 定價的事實有關，而且很難讀懂彈性。根據我們持續看到的情況，甚至包括本月的情況，情況正在改善。因此，我們堅信，以運行率計算，我們將實現年化成長率達到 1% 至 1.5%。

And as it relates to September, with that continued conviction and then the new -- an additional pricing of tariffs and other negotiated costs, we plan to pass enough to realize an additional 2% to 2.5% on an annualized run rate basis to cover those increases. And then as we stated in our prepared remarks, when you look at that across all of 2025, we expect to realize about 1%, the combination of those 2 with the timing because we do -- we are starting to see competitors take more price. And so we feel like we'll be in a more normalized environment and realization will get back to what we have seen historically.

就 9 月而言，憑藉持續的信念以及新的——關稅和其他協商成本的額外定價，我們計劃透過足夠的措施，以年化運行率實現額外的 2% 至 2.5%，以彌補這些增長。然後，正如我們在準備好的發言中所說的那樣，當你縱觀整個 2025 年時，我們預計實現約 1%，將這兩者與時間結合起來，因為我們確實——我們開始看到競爭對手收取更高的價格。因此，我們感覺我們將處於一個更正常化的環境中，並且實現將回到我們所見過的歷史狀態。

I guess just as a follow-up here. I noticed you moved about $100 million from the buyback towards CapEx investment in the guide here. Just maybe some color on what we're spending on, what kind of projects are moving forward here that look more attractive today?

我想這只是一個後續行動。我注意到，在本指南中，您從回購中轉移了約 1 億美元用於資本支出投資。也許可以稍微介紹一下我們的支出狀況，目前哪些正在推進的項目看起來更有吸引力？

Yes. It's -- what I would say is the vast majority of that is in the supply chain investment, and it was -- there was an opportunity to make an investment for the future. It's not going to be near term, but it's longer term. And so we're thinking about the longer-term network evolution, and there was just an opportunity to make -- to add some money to the budget.

是的。我想說的是，其中絕大部分是在供應鏈投資中，這是一個為未來投資的機會。這不會是短期的，而是長期的。因此，我們正在考慮長期的網路發展，這只是一個增加預算的機會。

(Operator Instructions)

（操作員指示）

Sabrina Abrams, Bank of America.

美國銀行的薩布麗娜‧艾布拉姆斯 (Sabrina Abrams)。

Apologies, I'm also going to go back to pricing. But if I look at like the government pricing data for nondurable wholesalers, like the smaller machinery equipment and supplies wholesalers. The industry data is closer to like mid-single digits up year-over-year. And I just want to understand maybe it's something in the definition of how you report pricing. But just want to understand like maybe the difference between what the government data suggesting inflation is running at versus reported pricing for you guys?

抱歉，我還要回去討論定價問題。但如果我查看非耐用品批發商的政府定價數據，例如較小的機械設備和耗材批發商。產業數據較上年同期成長接近個位數中段。我只是想了解這是否與如何報告定價的定義有關。但只是想了解政府數據顯示的通膨率與你們報告的價格之間的差異？

Yes. I mean, I think it's -- that's an interesting deal. Obviously, we we look at -- first of all, we think we've got better scale and opportunity to not have the cost increases maybe that others might take. And so we tend to match, try to match our cost with our pricing, and that's what you'll see us do over the next few years. What D.

是的。我的意思是，我認為這是一筆有趣的交易。顯然，我們首先認為，我們擁有更好的規模和機會，不會像其他人一樣增加成本。因此，我們傾向於匹配，嘗試將我們的成本與我們的定價相匹配，這就是您將在未來幾年看到我們所做的。什麼 D。

did talk about, though, is we will be run rate 3% to 4% at the end of the year for this year. So you will see us increase prices. But we're not happy to take them maybe as soon as others do. That's not unusual for us when there's an inflationary environment. That's been the history.

不過，我們確實談到了，今年年底我們的運行率將達到 3% 到 4%。所以你會看到我們提高價格。但我們可能不願意像其他人一樣盡快接受它們。當通貨膨脹的環境下，這對我們來說並不罕見。這就是歷史。

And then just on the high-touch volume, they were better, I guess, than what I had in my model in the quarter. I think there we have like some monthly sales. I think July, you said coming a little bit better on the easier comp. Anything to call it on like cadence of demand in the quarter? Like I understand you guys don't have a ton of -- you guys don't really have like big capital project exposure, but I think what we're hearing from some of the other manufacturers is you did feel a little bit better about the macro in July.

然後，就高接觸量而言，我想，它們比我本季模型中的要好。我認為我們有一些每月銷售額。我認為七月，你說在更容易的比賽中表現會更好一些。有什麼可以稱之為本季需求節奏嗎？就像我理解的那樣，你們並沒有大量的——你們實際上並沒有大型資本項目曝光，但我認為我們從其他一些製造商那裡聽到的是，你們對七月份的宏觀經濟確實感覺好一些。

So just any color there.

所以那裡只有任何顏色。

Yes. I mean it's hard to talk about the macro. I think the macro has been (inaudible) Do you think we've -- like I said before, we are doing better on share gain and volume share gain was pretty solid in the quarter. And again, we'd expect that in July.

是的。我的意思是談論宏觀是困難的。我認為宏觀已經（聽不清楚）您認為我們——就像我之前說的，我們在份額增長方面做得更好，而且本季度的銷量份額增長相當穩健。我們再次預計這一時間是在七月。

So it doesn't feel like a huge change, frankly. It feels like the demand environment is still relatively muted, but we do feel like we're doing reasonably well in that environment.

所以坦白說，這感覺不像是一個巨大的改變。感覺需求環境仍然相對低迷，但我們確實感覺在這種環境下我們做得相當好。

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Maybe this payback -- maybe to piggyback on that last question. Look, it does sound like you feel confident around the net price realization into the back half on the negotiations that are already finalized. I guess, is the confidence that volumes don't have another -- or don't have a negative response as you introduce these price increases really just driven by net customer adds, or is it that you think there's also a stickiness to your current customers as it relates to volumes today?

也許這是回報——也許是為了搭上最後一個問題的便車。看起來，聽起來您對已經完成的談判後半部分的淨價實現充滿信心。我想，您確信銷量不會再有其他影響嗎？或者，當您引入這些價格上漲時，不會出現負面反應，這真的只是由淨客戶增加所驅動的嗎？還是您認為與今天的銷售相關的現有客戶也存在黏性？

Well, I mean, I guess what we would say is we think that price increases in general and inflation in general is going to have an impact on market demand. So we do have some -- we have the market demand not doing as well in the back half as we had in the first half. So that's where you see that impact. We don't think we are uniquely exposed. We think everybody is doing the same thing.

嗯，我的意思是，我想我們會說，我們認為總體價格上漲和整體通貨膨脹將對市場需求產生影響。因此，我們確實存在一些問題——下半年的市場需求不如上半年好。這就是你看到的影響。我們並不認為我們是唯一受到這種影響的人。我們認為每個人都在做同樣的事情。

And so we feel confident in our ability to realize prices with that lower market demand.

因此，我們對在較低的市場需求下實現價格的能力充滿信心。

Got it. Okay. And then just for my follow-up, switching gears to Endless Assortment. I think the total revenue guide kind of implies Endless Assortment grows similar on the total sales, maybe like in that high teen to low 20% in the back half but maybe the incrementals are slightly lower than what we saw in 2Q. Dee, is that right?

知道了。好的。然後，為了跟進，我將轉向「無盡分類」。我認為總收入指南暗示了 Endless Assortment 在總銷售額上的成長類似，可能在下半年達到 15% 到 20% 左右，但增量可能略低於我們在第二季度看到的水平。迪，是嗎？

And if so, just any comments on what's driving that deleverage?

如果是的話，您對推動去槓桿的原因有何評論？

Yes. You do have that right. And again, we talked a little bit earlier about the fact that some of it is the comp that Zoro is cycling through because they had a stronger back half last year, after some of the actions they took the prior year. And so when you look at it on a two-year basis, we feel like the numbers are in the right realm. So it's really a comping issue for EA.

是的。你確實有這個權利。而且，我們之前再次談到，部分原因是 Zoro 正在循環競爭，因為在前一年採取了一些行動之後，他們去年的後半段表現更為強勁。因此，當你從兩年的角度來看時，我們覺得這些數字是在正確的範圍內。所以這對 EA 來說確實是一個競爭問題。

Patrick Baumann, JPMorgan.

摩根大通的派崔克‧鮑曼。

One quick one on gross margin. So it looks like the exit rate on gross margin in the fourth quarter is maybe in the high 38% range. Given the timing of the price increases coming through, which I think you said we're going to annualize at 3% to 4%, maybe that hits at some point in '26, but starting in late '25, I guess. And then also the LIFO impact to '25, do you think 2026 will be a year of gross margin expansion back to that 39% level just based on all those things and this LIFO dynamic that sounds like it's timing related.

關於毛利率，我簡單說一下。因此看起來第四季的毛利率退出率可能在 38% 的高點範圍內。考慮到價格上漲的時機，我想您曾說過我們將以 3% 到 4% 的年率實現價格上漲，也許這會在 26 年的某個時候實現，但我猜是從 25 年底開始。然後還有後進先出法對 25 年的影響，您是否認為 2026 年將是毛利率擴張回升至 39% 水平的一年，這僅基於所有這些因素以及聽起來與時間相關的後進先出法動態。

I would say that would be reasonable. All things equal, and no other dramatic changes around there and things like that are known.

我想說這是合理的。所有條件都相同，周圍沒有其他重大變化，並且諸如此類的事情也為人所知。

So today, we -- today we would say that would be very likely (inaudible) Obviously, things could change. Yes, that is the way that should flow.

所以今天，我們——今天我們會說這很有可能（聽不清楚）顯然，事情可能會改變。是的，這才是應該的方式。

Yes.

是的。

I mean, I'll take that an encouraging sign because I actually wasn't really expecting response for you on that. The next question was on government customer dynamics. It looks like things were relatively stable in the quarter after slowing a bit in the first quarter. Can you talk about whether you've seen contract cancellations at all impact your business there and whether you've been able to act fill that with with other activities. Just any dynamics within government, customer, federal versus state local versus military, however you like to talk to it.

我的意思是，我會把這看作是一個令人鼓舞的信號，因為我實際上並沒有真正期待你對此做出回應。下一個問題是關於政府客戶動態。看起來，在第一季略微放緩之後，本季的情況相對穩定。您能否談談合約取消是否對您在那裡的業務產生影響，以及您是否能夠透過其他活動來彌補這一影響。只是政府、客戶、聯邦與州、地方與軍隊內部的任何動態，無論您喜歡如何談論它。

Yes. I mean -- so certainly the place we've seen, we don't have contracts canceled. We don't -- we typically are transacting in small orders with our customers, basically. But the nonmilitary federal business certainly has been struggling. It is down.

是的。我的意思是——我們所看到的地方肯定沒有取消合約。我們不會——基本上，我們通常與客戶進行小額訂單交易。但非軍事聯邦業務確實一直在苦苦掙扎。它倒下了。

The military business has been good. State and local has been okay. Some states doing well, some not. So really, other than that, the small portion were 70%, state and local 30%, federal, most of our federal and military, we aren't that impacted by this as a very small portion that has some impact.

軍事業務一直很好。州和地方都還好。有些州表現良好，有些則不然。所以實際上，除此之外，一小部分佔 70%，州和地方佔 30%，聯邦，我們的大部分聯邦和軍隊，我們並沒有受到太大的影響，因為只有很小一部分產生了一些影響。

And there are no further questions at this time. So I'll hand the floor back to management for closing remarks.

目前沒有其他問題。因此，我將把發言權交還給管理層，請他們發表結束語。

All right. Thanks for joining us today. We really appreciate it. It's an interesting moment. From our perspective, obviously, Endless Assortment had a really good quarter and has a lot of momentum.

好的。感謝您今天加入我們。我們非常感激。這是一個有趣的時刻。從我們的角度來看，Endless Assortment 顯然本季表現非常好，並且發展勢頭強勁。

We feel like the high-tech model is gaining share and the volume looks pretty healthy. And our underlying performance would have been pretty good and quite good actually had not been for LIFO, but we are on LIFO. So the reality is we have altered our guide based on largely on that, as we discussed, and that will cycle through. And it's going to be several quarters until that cycle through, and that goes away as an issue. And also, we do believe that market demand is going to be relatively muted, and we've taken that down as well.

我們感覺到高科技模式的市佔率正在增加，而且銷售看起來相當可觀。如果不是採用後進先出法，我們的基本業績其實會相當不錯，但我們採用的是後進先出法。因此，事實上，正如我們所討論的，我們已經在很大程度上根據這一點修改了我們的指南，並且將會循環進行。需要幾個季度的時間才能完成這個週期，這個問題才會消失。此外，我們確實相信市場需求將相對低迷，我們也已將其降低。

And that's just a reflection of what we think tariff price increases are likely to do to the market. We also think that's temporary. None of those -- either of those things change the way we think about the business or run the business. And like I mentioned, we run it for long-term health and success. So we feel pretty confident about what we're doing and how we're doing it and appreciate you joining today.

這只是我們認為關稅上漲可能對市場產生的影響的反映。我們也認為這只是暫時的。這些都不會改變我們對業務的看法或經營業務的方式。正如我所提到的，我們經營它是為了長期的健康和成功。因此，我們對我們正在做的事情以及我們如何做感到非常有信心，並感謝您今天的加入。

Thank you.

謝謝。

This concludes today's conference. All parties may disconnect. Have a good day.

今天的會議到此結束。各方均可斷開連線。祝你有美好的一天。