家得寶 (HD) 2002 Q1 法說會逐字稿

Please stand by.

請待命。

Welcome to today's Home Depot first quarter earnings conference

歡迎來到今天的家得寶第一季度財報會議

call. This call is being recorded. Beginning today's

稱呼。正在錄製此通話。從今天開始

discussion is Bob Burton, vice president of investor relations

討論的是投資者關係副總裁 Bob Burton

Good morning. Welcome to the Home

早上好。歡迎來到首頁

Depot first quarter conference call. The earnings per share

倉庫第一季度電話會議。每股收益

were 36 cents ahead of guidance. With us, Bob Nardell, chief

比指引高出 36 美分。和我們一起，Bob Nardell，首席

executive officer, and Carol (unintelligible), vice president and

執行官，以及 Carol（聽不清），副總裁和

chief financial officer, together with other Home Depot executives.

首席財務官，以及其他家得寶高管。

Carol will go over the results, and Bob will make comments,

Carol 會檢查結果，Bob 會發表評論，

and then we will have questions. The question and answer

然後我們會有問題。問題與答案

session will be available. Questions will be limited to

會話將可用。問題將限於

analysts and investors. This conference is being broadcast

分析師和投資者。本次會議正在直播中

real time at homedepot.com. There will be a two-day

實時在 homedepot.com 上。會有兩天

telephone replay available at (719) 457-0820. The confirmation

電話重播可撥打 (719) 457-0820。確認

number is 777100.

號碼是 777100。

Before I turn the call over to Carol, let me remind you, our

在我把電話轉給卡羅爾之前，讓我提醒你，我們的

discussion will contain forward-looking statements relating to our

討論將包含與我們有關的前瞻性陳述

expectations. Additional information could cause our actual

期望。附加信息可能會導致我們的實際

results to differ materially from our forward-looking statements.

結果與我們的前瞻性陳述大不相同。

Additional information concerning these risks and uncertainties

有關這些風險和不確定性的附加信息

are contained in the companies fillings with the Securities and

包含在公司填寫的證券和

Exchange Commission, including the companies annual

交易委員會，包括公司年度

including the companies annual report on Form 10 k.

包括表格 10 k 上的公司年度報告。

We caution that these statements are (inaudible) as

我們警告說，這些陳述（聽不清）是

of the date they are made, and actual results made from the

它們的日期，以及從

present expectations or projections may vary.

目前的期望或預測可能會有所不同。

Here is Carol.

這是卡羅爾。

In this choppy economic

在這波濤洶湧的經濟

environment our associates delivered and drove continued

我們的員工交付和駕駛的環境繼續

improvements in labor productivity. This morning we are

勞動生產率的提高。今天早上我們

reporting the highest first quarter return on sales in company

報告公司第一季度最高的銷售回報率

history and the highest first quarter earnings per share

歷史和最高的第一季度每股收益

gains. Equally important, Home Depot drove a 50 basis

收益。同樣重要的是，家得寶開了 50 個基礎

point improvement in our key value metric. Return on

我們的關鍵價值指標的點改進。返回

investment capital - The financial strength of the Home

投資資本 - 家的財務實力

Depot remains unsurpassed. A record 5.2 billion dollars

倉庫仍然無與倫比。創紀錄的52億美元

in cash. On a net basis we generated 2.7 billion dollars

用現金。在淨額基礎上，我們產生了 27 億美元

in cash during the first quarter, driven by significant

第一季度的現金，受顯著推動

improvements in working capital. This is more cash than

營運資金的改善。這比現金還多

we generated during all of 2001. Over the next few minutes

我們在 2001 年全年產生。在接下來的幾分鐘內

my comments will review the quarter performance in detail

我的評論將詳細回顧季度業績

and provide guidance for the second

並為第二次提供指導

quarter of fiscal year 2002. First quarter 2002 net earnings

2002 財年第一季度。2002 年第一季度淨收益

856 million dollars, up from 632 million dollars from fiscal

8.56 億美元，高於財政年度的 6.32 億美元

2001 diluted earnings per share were 9 cents better than

2001 年攤薄後每股收益比 9 美分高出

the prior year. Sales for the quarter totaled 14.3 billion

前一年。本季度銷售額總計143億

dollars up 17 percent from the prior year driven by new

美元比上年增長 17%

store openings and 5 percent comp sales. Our strong comp

開店和 5% 的銷售額。我們強大的組合

sales reflects favorable weather as well as merchandising

銷售反映了有利的天氣以及商品推銷

and paint initiatives. Paint, lumber and, lawn and garden

和油漆倡議。油漆、木材和草坪和花園

reflect an early spring season. The weather-related categories,

反映早春的季節。與天氣相關的類別，

customers responded to the tightly focused value driven

客戶對高度關注的價值驅動做出反應

events that drove sales in flooring and kitchen and bath.

推動地板、廚房和浴室銷售的事件。

We continue to see strong performance and stores that are

我們繼續看到強勁的表現和商店

offering special services to the professional customer,

為專業客戶提供特殊服務，

what we call our pro initiative. Through the quarter

我們稱之為我們的專業倡議。通過本季度

we added 234 stores to the pro initiative. We now have

我們在 pro 計劃中增加了 234 家商店。我們現在有

the pro initiative in 769 or 55 percent of our stores.

在我們 769 家或 55% 的門店中實施 pro 計劃。

During the quarter, our pro initiative stores outperformed

在本季度，我們的 Pro Initiative 商店表現優於

core stores in productivity, operating margins and inventory

生產力、營業利潤率和庫存方面的核心商店

turnover. We saw an increase in carpet and kitchen installation.

周轉。我們看到地毯和廚房安裝有所增加。

In the first quarter, consistent with accounting principals

一季度，與會計準則一致

we record these upon completion of the job which results

我們在完成工作後記錄這些結果

in a sales deferral. This grew by 200 million dollars.

在銷售延期中。這增加了 2 億美元。

We call this to your attention; as our service business

我們提請您注意；作為我們的服務業務

grows, this will grow. This is reflected as a deferred

增長，這將增長。這反映為延期

revenue liability and will flow into revenue as the projects

收入負債，並將作為項目流入收入

are completed. Due to the 14th week of the fourth quarter

完成。由於第四季度的第 14 週

of 2001, first quarter benefited from a seasonal time shift

2001 年第一季度受益於季節性時移

which added 350 million dollars to sales. Based on current

為銷售額增加了 3.5 億美元。基於當前

economic indicators, as we told you last year we remain

經濟指標，正如我們去年告訴你的那樣，我們仍然

cautious in our expectations for the strengthening recovery.

我們對加強復甦的預期持謹慎態度。

Against a 1 percent comp in the second quarter last year,

與去年第二季度的 1% 比較，

we expect store sales to be positive from 2 to 4 percent

我們預計商店銷售額將增長 2% 至 4%

during the second quarter. During the first quarter we

在第二季度。在第一季度，我們

added 57 new stores and completed the sales of 4 stores

新增57家門店，完成4家門店銷售

in Argentina. That's 1,386 stores made up of Home Depot

在阿根廷。那是由家得寶組成的 1,386 家商店

stores and Expo Design Center stores. Others opened

專賣店和世博設計中心專賣店。其他人開了

during the quarter, 23 in February, 11 in March and 23

本季度，2 月 23 日，3 月 11 日和 23 日

in April. We plan to open 200 stores in 2002, a 15 percent

在四月份。我們計劃在 2002 年開設 200 家商店，佔 15%

increase over 1333 stores at the end of fiscal 2001. In

在 2001 財年末增加了超過 1333 家商店。

the second quarter of 2002, we plan to open an additional

2002年第二季度，我們計劃再開一家

48 new stores. Including two Expo Design Centers. Store

48家新店。包括兩個世博設計中心。店鋪

productivity metrics - Floor store footage increased

生產力指標 - 地面商店鏡頭增加

151 million. The average store footage was up from

1.51億。平均商店鏡頭從

1600 square feet last year.

去年1600平方英尺。

Customer transactions grew 14 percent

客戶交易量增長 14%

to 284 million for the year. Our average customer ticket

全年達到 2.84 億。我們的平均客戶票

increased 3.6 percent - This is a company record and

增長 3.6% - 這是公司的記錄，並且

reflects gains in large ticket items like flooring, kitchen

反映地板、廚房等大件物品的收益

and appliances, as well as seasonal power equipment. Our

和電器，以及季節性電力設備。我們的

weighted average weekly store sales were $808,000,

加權平均每週商店銷售額為 808,000 美元，

compared to $807,000 last year. We are

與去年的 807,000 美元相比。我們是

pleased with the store productivity.

對商店的生產力感到滿意。

We are reflecting improved in-store execution. Additionally,

我們正在反映改進的店內執行。此外，

new store productivity continues to improve. Gross margin

新店生產力持續提升。毛利率

for the first quarter was 30.53 percent, 57 basis points

第一季度為 30.53%，57 個基點

ahead of the prior year and the highest first quarter gross

高於去年同期和最高的第一季度總收入

margin in company history. This margin performance reflects

公司歷史上的利潤率。這一利潤率表現反映了

the benefits of central purchasing in several ways.

集中採購的好處有幾個方面。

We're lowering the cost with online auctions. We are

我們正在通過在線拍賣降低成本。我們是

rationalizing the inventory across the store, optimizing

合理化整個商店的庫存，優化

the product mix, like in lighting and ceiling fans. We

產品組合，如照明和吊扇。我們

are building alliances and key supplier partners. Finally,

正在建立聯盟和主要供應商合作夥伴。最後，

as we said before, the increase in the number of tool rental

正如我們之前所說，工具租賃數量的增加

centers, continues to provide benefits. At the end of

中心，繼續提供福利。在......的最後

the first quarter we were up from the 381 at the end of last

第一季度我們從上一季度末的 381 上升

year. We currently anticipate that the second quarter

年。我們目前預計第二季度

gross margin rate will reflect modest expansion against

毛利率將反映適度擴張

the second quarter of 2001. In the first quarter, we

2001 年第二季度。在第一季度，我們

leveraged total expenses for the third consecutive quarter. Selling

連續第三個季度的槓桿總支出。銷售

and operating expenses decreased 40 basis points to 19.2

營業費用下降 40 個基點至 19.2

percent from last year. The first quarter, first we

比去年的百分比。第一季度，首先我們

saw continued gains as a result of initiatives like service

服務等舉措帶來持續收益

performance improvements, or Spy. And while we continue

性能改進，或 Spy。當我們繼續

to view payroll as investment and we retain the best

將工資單視為投資，我們保留最好的

associates, we are using new tools to manage wage rates.

員工，我們正在使用新工具來管理工資率。

We experienced no wage rate inflation for the quarter.

我們本季度沒有經歷工資率上漲。

This was offset by workers compensation and general liability

這被工人賠償和一般責任所抵消

costs which increased against last year. Pre-opening expenses

成本較去年有所增加。開業前費用

were 25 million dollars for the first quarter compared with

與第一季度相比，為 2500 萬美元

27 million, 4 basis points as a percent of sales. Our

2700 萬，佔銷售額的 4 個基點。我們的

pre-opening costs on a per store basis are down 25 percent

每家商店的開業前成本下降了 25%

as we have taken two weeks out of the pre-opening period.

因為我們已經在開業前的兩個星期內結束了。

The year-over-year comparison reflects timing of store

同比比較反映了商店的時間

opening. General and administrative expenses were 1.6

開幕。一般和行政費用為 1.6

percent compared to 1.7 percent last year, a decrease of

與去年的 1.7% 相比，下降了

10 basis points. This decrease was driven by organizational

10 個基點。這種下降是由組織推動的

realignments, including the centerization of purchase

調整，包括集中採購

merchandising.

推銷。

With the sale of South American organizations and the

隨著南美組織的出售和

consolidation of southeast operations, we remain focused on

鞏固東南業務，我們仍然專注於

expenses. We expect to leverage expenses in the next

花費。我們預計將在未來利用費用

quarter. Net interest income was 10 million dollars for

四分之一。淨利息收入為1000萬美元

the first quarter against 3 million dollars in the comparable

第一季度可比 300 萬美元

quarter last year. As a percent of sales, 9.16, up

去年一季度。作為銷售額的百分比，9.16，上升

from 8.44 percent last year. This performance is the first

從去年的 8.44%。這場演出是第一

operating return on sales in company sales, and marks the

營業收入在公司銷售額中，並標誌著

third consecutive quarter of expansion. Reflecting our

連續第三個季度擴張。反映我們的

efforts to optimize our tax position through higher tax

努力通過提高稅收來優化我們的稅收狀況

credits and by lowering our effective state income tax rate.

信貸和降低我們的有效州所得稅率。

For the remainder of fiscal 2002, we expect the effective

對於 2002 財年的剩餘時間，我們預計有效

tax rate to be 37.6 percent. Net earnings were 5.99 percent

稅率為 37.6%。淨收益為 5.99%

versus 5.89 ,18 percent. That's 36 cents against 27 cents

與 5.89 .18% 相比。那是 36 美分對 27 美分

in the prior year. Dilution for the quarter were 2.365

在前一年。本季度的稀釋度為 2.365

billion shares compared to 2.347 billion in the prior year.

億股，而上年為 23.47 億股。

Our estimates of weighted earnings per share for fiscal

我們對財政年度加權每股收益的估計

year 2002 are as follows - Second quarter, 2.376 shares,

2002 年如下 - 第二季度，2.376 股，

third, 2.383, fourth, 2.390 and for the year, 2.376

第三， 2.383，第四， 2.390 和年度， 2.376

billion shares. Now moving on to the balance sheet,

億股。現在轉到資產負債表，

as I previously mentioned cash and shorts from investments

正如我之前提到的投資現金和空頭

totaled 5.2 billion dollars compared to last year, driven

與去年相比，總計 52 億美元，推動

primarily by significant improvements in working capital.

主要是通過顯著改善營運資金。

Average inventory $5.4 million, down 13 percent. We are pleased

平均庫存 540 萬美元，下降 13%。我們很滿意

with this performance, but we focus on improving velocity.

有了這個性能，但我們專注於提高速度。

Inventory turnover was 5.6 compared to 5.1 last year.

庫存周轉率為 5.6，而去年為 5.1。

This is the best first quarter performance since 1994 and

這是自 1994 年以來最好的第一季度業績，

reflects continuing strong performance in year-over-year

反映了同比持續強勁的表現

turnover improvement. Our days payable outstanding were 51

營業額改善。我們的應付賬款天數為 51

compared to 39 days in the prior year as we moved our payment

與上一年的 39 天相比，我們轉移了付款

terms towards industry standard. Long-term debt at the

符合行業標準的條款。長期債務

end of first quarter was 1.285 million dollars. Return

一季度末為128.5萬美元。返回

on invested capital is the benchmark we use as a company

投資資本是我們作為公司使用的基準

to measure value creation. Computed on beginning

衡量價值創造。開始計算

debt and equity, our return on invested capital 19.2 percent,

債務和股權，我們的投資資本回報率為 19.2%，

versus 18.7 percent last year. The operating performance

去年為 18.7%。經營業績

improvements we are driving will be reflected in this metric

我們正在推動的改進將反映在該指標中

as we move through the year. Capital expenditures were

當我們度過這一年時。資本支出是

$639 million for the quarter. We own 81 percent of our stores.

本季度為 6.39 億美元。我們擁有 81% 的門店。

Our statement for fiscal year 2002, 3.6

我們的 2002 財年報表，3.6

million dollars. Based on our guidance given for the second

百萬美元。根據我們對第二個給出的指導

quarter we are comfortable with that and we'll be glad

季度我們對此感到滿意，我們會很高興

to answer your questions on the quarter. But before we do

回答您關於本季度的問題。但在我們這樣做之前

that, I would like to turn the call to Bob Nardelli.

那，我想把電話轉給 Bob Nardelli。

Thanks, very

謝謝，非常

much. It's a strong report and it's a tough act to follow,

很多。這是一份強有力的報告，也是一項艱難的行動，

as well. I would like to add my comments on this record

以及。我想對此記錄添加我的評論

setting quarter, also. First and always, I want to thank

設置季度，也。首先，我要永遠感謝

you, our loyal, orange-blooded associates who embrace the

你們，我們忠誠的橙血夥伴，他們擁抱

new initiatives you have talked about, and we've talked

你談過的新舉措，我們也談過

to the analysts about for the last year or slightly more.

對分析師來說，大約是去年或更多。

They helped us sell through a conflict-filled economic environment

他們幫助我們在充滿衝突的經濟環境中進行銷售

and I want to thank you our loyal long-term customers and

我要感謝我們忠實的長期客戶和

the new customers who are joining the Home Depot family.

加入家得寶大家庭的新客戶。

Allow me to highlight some of the record setting accomplishments

請允許我強調一些創紀錄的成就

for the next 5 minutes. I promise all of you we won't look

接下來的 5 分鐘。我向你們保證我們不會看

back and we'll leave this call today ready to take on the

回來，我們今天會留下這個電話，準備好接受

second quarter with all of the passion and aggressiveness

第二節充滿激情和進取心

that Carol has highlighted in this report and what we've

Carol 在本報告中強調的內容以及我們已經

been sharing with you now for over a year. Let's pause

已經和你分享一年多了。讓我們暫停一下

for a moment and think about , we opened 57 stores. That's

想了想，我們開了57家店。那是

the highest first quarter store opening in company history

公司歷史上最高的第一季度開店

and certainly is reflective of the momentum we're trying

當然也反映了我們正在嘗試的勢頭

to gain making sure that our proficiency investments are

確保我們的熟練度投資是

gaining full-year benefit by opening more in the first quarter,

通過在第一季度開設更多門店來獲得全年收益，

first half. We opened a record 17 stores on a single day

上半場。我們在一天內開設了創紀錄的 17 家門店

on February 7th. We opened our first urban store in Brooklyn

2 月 7 日。我們在布魯克林開設了第一家城市商店

and several of you were complimentary

你們中的幾個人是免費的

in your visits. We are very encouraged with

在您的訪問中。我們很受鼓舞

the initial customer traffic. This is proof-positive about

初始客戶流量。這是關於

our comments about developing a neighborhood family friendly

我們對發展鄰里家庭友好的評論

store that represents a market-back approach to our mix

代表我們組合的市場回饋方式的商店

and assortment. We're impressed that a significant number

和品種。我們印象深刻的是，一個顯著的數字

of customers early on were in the neighborhood and walked

的客戶很早就在附近步行

to visit our store. We're encouraged the sales per square

參觀我們的商店。我們鼓勵每平方的銷售額

foot and the return on capital metrics are strong, strong

腳和資本回報率指標強勁，強勁

to the point we continued to look favorably upon two more

以至於我們繼續看好另外兩個

openings this year - One in Staten Island in the third

今年開業——第三次在史泰登島開業

quarter, and we're excited about entering

季度，我們很高興進入

downtown Chicago, Lincoln Park. I think these new store

芝加哥市中心，林肯公園。我覺得這些新店

sets, as we've shared previously, give us many more arrows

集合，正如我們之前分享的，給了我們更多的箭頭

in our quiver versus a traditional and competitive store

在我們的 quiver 與傳統且有競爭力的商店中

strategy we had been on. Think about the first quarter

我們一直採用的策略。想想第一季

gross margins that reached the highest level in company

毛利率達到公司最高水平

history and at three percent we delivered the highest first

歷史上，我們以百分之三的速度交付了最高的第一

quarter earnings per share gain as Carol highlighted -

卡羅爾強調的季度每股收益增長 -

Six percent. We generated the highest return on sales in

百分之六。我們創造了最高的銷售回報率

company history in spite of an economic environment, um,

儘管有經濟環境，但公司歷史，嗯，

downward spiraling economy, conflicted economic metrics.

經濟螺旋式下降，經濟指標相互矛盾。

Again, I couldn't be prouder of our team as they

再一次，我為我們的團隊感到無比自豪，因為他們

sold through this environment. Inventory, reached 5.6,

通過這種環境銷售。庫存，達到5.6，

the highest first quarter performance since 1994 and the

自 1994 年以來最高的第一季度業績和

50 basis points is the best since 1988. At $50.40 our

50 個基點是自 1988 年以來的最佳水平。我們的價格為 50.40 美元

average customer ticket reached record levels. This is

平均客票達到創紀錄水平。這是

attributed to our associates that have embraced, Spy.

歸功於我們已經接受的同事，間諜。

The comments that Carol made about the pro and

Carol 對 pro 和

cross-merchandising efforts going on in our stores:

我們商店正在進行的交叉銷售工作：

We are starting to see traction of the

我們開始看到

initiatives we talked about last year. And let's recognize

我們去年談到的倡議。讓我們認識到

that the stores have not all comped, if you will,

如果你願意的話，商店並沒有全部競爭，

relative to these initiatives. We're seeing the early

相對於這些舉措。我們看到了早期

stages of Spy - Improved shopability, improved customer

間諜階段 - 提高購物能力，改善客戶

greets, stores more navigable, easier to access merchandise,

打招呼，商店更易於導航，更容易獲得商品，

favorable feedback from customers and associates. I

客戶和同事的好評。我

just completed a 14-day tour visiting every division and

剛剛完成了為期 14 天的參觀每個部門和

holding town-hall meetings with store associates. I talked

與商店員工舉行市政廳會議。我說

to over 3500 of our associates in that period of time, and

在此期間，我們的 3500 多名員工，以及

I will tell you, the candor, the entrepreneurial spirit,

我會告訴你，坦率，創業精神，

everything is alive and well as we go through transition

當我們經歷過渡時，一切都還活著

between Bernie and I and the transformation in our business

我和伯尼之間的關係以及我們業務的轉型

plan. Our cash reached a record 5.2 billion, and at times

計劃。我們的現金達到創紀錄的 52 億，有時

like this, what could be more important than cash and the

像這樣，還有什麼比現金和

debt to equity ratio Carol talked about - and an improving return

Carol 談到的債務股本比——以及回報率的提高

on invested capital. We've talked about this together

關於投資資本。我們一起討論過這個

and separately in our analyst meetings. We continue to

並分別在我們的分析師會議上。我們繼續

be very encouraged that our initiatives are delivering improved

非常鼓舞我們的舉措正在提供改進

performance in shopability, efficiency and productivity.

可購買性、效率和生產力方面的表現。

Early spring brought customers in for paint, lumber, lawn

早春帶來了油漆、木材、草坪的顧客

and garden products. We're excited relative to some of

和園藝產品。我們對其中一些感到興奮

the new exclusive products unique to our stores further

我們商店獨有的新獨家產品進一步

emphasizing the Home Depot as the store of destination

強調家得寶作為目的地商店

in these neighborhoods. We also saw customers respond

在這些街區。我們還看到客戶回應

to great values, unique values in flooring, kitchen, and

在地板、廚房和

bath throughout the entire quarter. Carol touched on the

整個季度洗澡。卡羅爾談到了

centralization of the purchasing. We talk about Spy for

集中採購。我們談論間諜

merchandising, really bringing the task here to Atlanta

推銷，真的把這裡的任務帶到亞特蘭大

and allowing a hybrid organization that allows for focus

並允許一個允許集中註意力的混合組織

on sales and service of merchandising in each of our store,

關於我們每個商店的商品銷售和服務，

districts, regions and divisions. We'll continue to rationalize

地區、地區和部門。我們將繼續合理化

assortments as well as our Pro and Spy initiatives, making

分類以及我們的 Pro 和 Spy 計劃，使

sure we're maximizing sales per square

確定我們正在最大化每平方的銷售額

foot to really be able to dial in the appropriate mix for

腳真正能夠撥入適當的組合

the neighborhood and optimization of our assets deployed.

我們部署的資產的鄰域和優化。

We're reaching out to customers in other ways and we're

我們正在以其他方式與客戶聯繫，我們正在

trying to change the landscape of our business. We're

試圖改變我們的業務格局。是

expanding our appliance program by ruling out other areas.

通過排除其他領域來擴展我們的電器計劃。

JERRY EDWARDSs and Larry Mercer are working to make sure that

JERRY EDWARDS 和 Larry Mercer 正在努力確保

the 1500 to 2000 square feet in new appliance set with

1500 至 2000 平方英尺的新電器套裝

over 150 SKUs really improves the shopability and makes

超過 150 個 SKU 確實提高了可購買性並讓

sure we're continuing to drive the female friendly aspect

我們肯定會繼續推動女性友好方面

of our store. The new appliance layout will be in all

我們的商店。新的設備佈局將在所有

stores and we're - all the new stores we open, plus retrofitted

商店和我們 - 我們開設的所有新商店，加上改造

into as many as 200 for a total of 400 by end of this year. And our

到今年年底，總共有 400 家，多達 200 家。而我們的

Design Center Initiative - It's open, quiet, self-contained. It's

設計中心倡議——它是開放的、安靜的、獨立的。它是

distinct features will add to the

獨特的功能將添加到

overall atransactiveness emphasizing that

整體的交易性強調

we're a destination store for our customers. We are retrofitting

我們是客戶的目的地商店。我們正在改造

225 stores for the design place initiative this year bringing

今年 225 家店鋪為設計場所倡議帶來

the total to 510 stores currently. And by year-end we'll

目前共有510家門店。到年底，我們將

expect to reach over 900 stores with this program. You

預計該計劃將覆蓋 900 多家商店。你

can see many similarities to our pro initiative that we're

可以看到與我們的專業倡議有很多相似之處

now applying to our appliance and our design place initiative.

現在適用於我們的電器和我們的設計場所計劃。

Again, we have a champion, we have commonality of roll-

再一次，我們有一個冠軍，我們有共同點——

out and points of responsibility in each division to embrace

每個部門的職責和責任點

this to make sure we're focused on speed and efficiency.

這是為了確保我們專注於速度和效率。

We've opened our fourth Home Depot supply store in Mesquite

我們在梅斯基特開設了第四家家得寶用品店

Texas and Milpitas, California. These stores give us an

德克薩斯州和加利福尼亞州米爾皮塔斯。這些商店給了我們一個

entry to the largest volume purchasers of large contracts

進入大宗合同的最大數量購買者

being currently supplied by supply houses. Our 5th store

目前由供應商提供。我們的第五家店

is planned for Denver. During the quarter, we enhanced

計劃在丹佛。在本季度，我們增強了

our presence in the 12.5 billion dollar Mexican home improvement

我們在價值 125 億美元的墨西哥家居裝修中的存在

market with a tremendous response, and we've announced

市場反應熱烈，我們已經宣布

the plans to acquire Gal Norte (phonetic) which will conclude this

收購 Gal Norte（語音）的計劃將結束

quarter. This is bringing the stores to loyal customers

四分之一。這將商店帶給忠實的客戶

that have been shopping us on the border for a number of

一直在邊境上給我們買了很多東西

years. We're adding two additional stores that are under

年。我們正在添加兩個額外的商店

construction. We're focused on organic and inorganic growth

建造。我們專注於有機和無機增長

in this opportunity. In the area of the logistics and

在這個機會。在物流領域和

supply chain management. Our suppliers are over 300 in

供應鏈管理。我們的供應商超過 300 家

transportation and logistics who joined us in the community

加入我們社區的交通物流

for a ka-boom build, and then also sharing with them our vision

為 ka-boom 構建，然後與他們分享我們的願景

and the mutual partnering that will be required for us to

以及我們需要的相互合作

continue to be preeminent in the area of logistics supply

在物流供應領域繼續領先

and low-cost operations. We're adding three cross dot

和低成本運營。我們正在添加三個十字點

transit facilities. Orlando, Atlanta and Baltimore.

交通設施。奧蘭多、亞特蘭大和巴爾的摩。

Total today is six with four more expected by

今天的總數是六個，預計還有四個

the end of the year. We continue to see efficiency generated

年底。我們繼續看到產生的效率

in the supply chain as a result of cross dot capacity ramp-up

由於跨網點產能提升，在供應鏈中

I hope you agree that this continuing performance

我希望你同意這種持續的表現

is a credit to the leadership team, and as Carol mentioned

是領導團隊的功勞，正如卡羅爾所說

at our seasonal peek, 290,000 associates who took on

在我們的季節性概覽中，有 290,000 名員工

a downward spiraling economy last year, but embraced a whole

去年經濟呈螺旋式下降，但包含了一個整體

host of new initiatives is starting to gain traction in

許多新舉措開始受到關注

the financial reporting today. It's paying dividend compensation.

今天的財務報告。它正在支付股息補償。

We're excited for the positioning for the balance

我們對天平的定位感到興奮

of the year. It's my belief that most companies would

年。我相信大多數公司都會

have buckled just from the economic pressure alone without

僅因經濟壓力而屈服

embracing the significant number of challenges that we thought

迎接我們認為的大量挑戰

were critical for repositioning, enhancing our business -

對重新定位、增強我們的業務至關重要 -

Enhance, extend and expand. Making sure that we continue

增強、擴展和擴展。確保我們繼續

to mirror-image a changing economy and landscape, recognizing

反映不斷變化的經濟和景觀，認識到

the demographic shifts and our consumers'

人口變化和我們消費者的

buying preferences. You've asked me

購買偏好。你問過我

about the leadership team and about some of the changes

關於領導團隊和一些變化

that have gone on. As we've gone through transition and now

已經過去了。當我們經歷了過渡，現在

transformation, the first quarter we saw great additions

轉型，第一季度我們看到了巨大的補充

to the management team. We will preserve the Home Depot

給管理團隊。我們將保留家得寶

culture and address business perspective and expertise.

文化和解決商業觀點和專業知識。

JERRY EDWARDSs who had over 40 years in industry

JERRY EDWARDS 從事行業超過 40 年

and 10 years with Home Depot was named executive

並在 Home Depot 工作了 10 年，被任命為執行官

vice-president of merchandising. He is the engine in

商品部副總裁。他是發動機

gross margin merchandising and the overall assortment.

毛利率商品和整體分類。

I would like to reemphasize to be able to have captured Bob

我想再次強調能夠抓住鮑勃

Burton, he has a strong background in high volume transactions.

Burton，他在大宗交易方面擁有深厚的背景。

He was instrumental in the beginning of saber technology.

他在軍刀技術的開端發揮了重要作用。

Bob has been working feverishly with us to make sure our

鮑勃一直在狂熱地與我們合作，以確保我們的

information systems are leading edge in providing the kind

信息系統在提供此類服務方面處於領先地位

of gain changing projects necessary for merchandising,

商品銷售所需的收益改變項目，

human resources, overall project management. I would like

人力資源，整體項目管理。我想

to reemphasize the addition of Frank Blake, our new EVP of

再次強調 Frank Blake 的加入，我們的新執行副總裁

business and corporate operations. He was the deputy secretary

業務和公司運營。他是副書記

of (inaudible). He brings broad business experiences, business

（聽不清）。他帶來了廣泛的業務經驗，業務

law and politics. We're excited to have Frank on the team.

法律和政治。我們很高興弗蘭克加入團隊。

Millard has joined JERRY EDWARDSs as the senior

Millard 已加入 JERRY EDWARDS，擔任高級

vice-president of merchandising. Excuse me. He was

商品部副總裁。打擾一下。他是

the CEO of Payless, and had a long stint with Wal-Mart

Payless 的首席執行官，並在沃爾瑪工作了很長時間

in international operations. Jim Stoddart was named president

在國際業務中。吉姆·斯托達特被任命為總裁

of Home Depot supply, a new emerging piece of our business

家得寶供應，我們業務的一個新興部分

that will take advantage of the 19 billion dollars of equity.

這將利用 190 億美元的股權。

I'm excited about the team, the new additions, the history

我對團隊、新成員和歷史感到興奮

that we have on this leadership team. Just to give you

我們在這個領導團隊中擁有的。只為給你

a perspective on that

對此的看法

let me tell you, in terms of direct respects, they are

讓我告訴你，就直接方面而言，它們是

over 160 years of Home Depot experience, alone. 160 years

超過 160 年的 Home Depot 經驗。 160 年

of Home Depot experience. Add to that industry experience

家得寶的經驗。增加該行業經驗

and we're well over 225 to 250 years. That says the average

我們已經超過 225 到 250 年了。那說平均

length of service of my direct reports within Home Depot

我在 Home Depot 的直接下屬的服務年限

is 8 years and 1 month. That's almost 30 percent of the

是8年零1個月。這幾乎是 30%

life of this company - this very new company. So I just

這家公司的生活——這家非常新的公司。所以我只是

want to, again, reinforce that we have a tremendous bench;

想再次強調我們有一個巨大的替補席；

we have tremendous regard for the culture and the history,

我們非常尊重文化和歷史，

but clearly we're transforming for the future. We have

但顯然我們正在為未來轉型。我們有

not changed our cautious outlook for the economy in the

沒有改變我們對經濟的謹慎展望

home improvement industry which we shared in November.

我們在 11 月分享的家裝行業。

Carol and I went through a very strong econometric model

卡羅爾和我經歷了一個非常強大的計量經濟學模型

that highlighted many of the things we're experiencing today

這突出了我們今天正在經歷的許多事情

which is why Carol and I and the rest of the team remain

這就是為什麼 Carol 和我以及團隊的其他成員留下來的原因

cautious. Our outlook back then and continues today was

謹慎。我們當時和今天的展望是

for a flat home improvement growth this year, followed

今年家裝增長持平，緊隨其後的是

by very modest 3 percent growth in each of the extending

在每個擴展中以非常適度的 3% 增長

years for '0 2 and '03. The model that we did, results

'0 2 和 '03 的年份。我們做的模型，結果

of our store process, again, continues to indicate that recovery

再次，我們的存儲過程繼續表明恢復

would be modest this year. And I think that's reflected

今年會很謙虛。我認為這反映了

in the conflicted economic indicators that we're seeing

在我們看到的相互矛盾的經濟指標中

today. We saw where the secretary of labor announced

今天。我們看到勞工部長宣布的地方

unemployment reaching 6 percent and looking to

失業率達到 6% 並期待

6 and-a-half percent by mid summer. The April housing

到仲夏時為 6% 半。四月住房

starts dropped to the lowest level since October, 5.4 to

開工率降至 10 月以來的最低水平，5.4 至

a rate of 5.6 million units. However sales first quarter

560萬台。但是第一季度的銷售額

annual rate of 5.78 million, is at an historic high. Home ownership

年化率578萬，處於歷史最高水平。房產權

climbs as we see an increase in family formation. Home

隨著我們看到家庭形成的增加而攀升。家

affordability remains unchanged and certainly bodes well

負擔能力保持不變，當然是個好兆頭

for us. Mortgage refinancings are picking up, although

為我們。儘管抵押貸款再融資正在增加

uncertain whether they will support ongoing home improvement

不確定他們是否會支持正在進行的家居裝修

spending. Financial targets, in a continuing choppy economic

開支。財務目標，在持續波動的經濟中

environment, you can expect Home Depot to stay on strategy.

環境，你可以期待家得寶保持戰略。

We did not go off strategy one dollar as we told you

我們並沒有像我們告訴你的那樣放棄一美元的策略

we would open 200 stores; we hired 40 thousand new associates;

我們將開設 200 家商店；我們僱傭了 4 萬名新員工；

and we would invest 3 billion dollars. We're staying right

我們將投資30億美元。我們保持正確

on target with this year's strategy. We expect to see

與今年的戰略目標一致。我們期待看到

topline benefits from our initiatives like pro and at-home

頂線受益於我們的舉措，如專業和在家

services and merchandising, and Spy, and certainly appliances

服務和銷售，還有間諜，當然還有電器

and the decor. We're maintaining very strong earnings

和裝飾。我們保持著非常強勁的收益

leverage as we deliver on productivity and efficiency investments

在我們提供生產力和效率投資時發揮槓桿作用

throughout the year. We continue to be comfortable in

全年。我們繼續感到舒適

our earnings guidance as Carol mentioned for 47 openings for

正如 Carol 提到的，我們為 47 個職位空缺提供了收入指導

the second quarter. I hope you feel a sense of confidence

第二季度。我希望你感到自信

as we transitioned through the prior year and now clearly

當我們過渡到前一年，現在很明顯

are on track as a result of our store initiatives, again

由於我們的商店計劃，我們再次走上正軌

strategic, operating and resource deployment. At this

戰略、運營和資源部署。在這

point, I would like to turn it back over to Bob Burton

點，我想把它還給鮑勃伯頓

and we'll be ready to take questions you might have.

我們將準備好回答您可能提出的問題。

We're ready for questions.

我們準備好提問了。

Signal us by pressing the star key

按星號鍵向我們發出信號

and the 1 on the keypad. We will take the questions as

和鍵盤上的 1。我們將問題視為

time permits. We have Matthew with Goldman, Sachs and Co.

時間允許。我們有高盛的 Matthew。

k you. Good morning. Two questions:

k你。早上好。兩個問題：

if I may, if you could give us a sense

如果可以的話，如果你能給我們一個感覺

as to how the tone of business might have evolved through

至於業務的基調可能是如何演變的

the quarter and how that might influence your comp guidance

該季度以及這可能如何影響您的薪酬指導

for the second quarter.

第二季度。

And just to state the second questions - Your cash

並且只是陳述第二個問題 - 你的現金

balance has risen to astounding levels and

平衡已經上升到驚人的水平，並且

my sense is that you're actively thinking about

我的感覺是你在積極思考

that, and I'm asking what your thought process is about

那，我在問你的思考過程是關於什麼的

what you want to do with the cash?

你想用現金做什麼？

Those are two

那是兩個

good questions. I highlighted that basically our comp

好問題。我強調了基本上我們的比賽

forecast or guidance for the second quarter was

第二季度的預測或指導是

somewhere around two to four percent. And again, Matt,

大約百分之二到四。再一次，馬特，

I think while we're seeing conflicted economic metric,

我認為，當我們看到相互矛盾的經濟指標時，

and we're seeing, you know, certainly their ability across

我們看到，你知道，當然他們的能力

the country. I mean, one of the wonderful advantages we

國家。我的意思是，我們的奇妙優勢之一

have is our geographic reach, and one of the disadvantages

有是我們的地理範圍，也是缺點之一

is the seasonability and the weather. We aren't seeing

是季節性和天氣。我們沒有看到

much difference in what you've heard other retailers

與您聽到的其他零售商有很大不同

reporting. Not to make this a Weather Channel report, but

報告。不要把它變成天氣頻道的報導，而是

we're still waiting for spring up in the northeast. I'm

我們仍在等待東北的春天。我是

certainly tickled to death to be living in Atlanta versus

住在亞特蘭大和

upstate New York that had snow the other day, putting a damper

前幾天下雪的紐約州北部，放了一個阻尼器

on the seasonality. We're comfortable with the guidance

關於季節性。我們對指導感到滿意

that Carol highlighted for the quarter, up two to four percent.

Carol 在本季度強調了這一點，增長了 2% 到 4%。

If you think about the second question on cash, it's a credit

如果您考慮關於現金的第二個問題，那就是信用

to the team here who have embraced, in particular, a tough

對於這裡的團隊，他們特別接受了一個艱難的

economic environment, the importance of cash. We read -

經濟環境，現金的重要性。我們讀 -

we hear a lot now as cash being one of the key metrics

我們現在聽到很多，因為現金是關鍵指標之一

to really validate the health of a company. Because it really

真正驗證公司的健康狀況。因為真的

is, um, reflective of what he coming in. As I've said

是，嗯，反映了他的到來。正如我所說的

before, we are and have been and will continue to look at

以前，我們現在和過去都將繼續關注

opportunistic acquisitions. We think there's a lot of opportunity

機會性收購。我們認為有很多機會

out there. Frank Blake and the leadership team will be

在那裡。弗蘭克布萊克和領導團隊將

working closely together. Total homes acquisition in new

緊密合作。新房總購置

Mexico are proof positive on how we will redeploy the

墨西哥對我們將如何重新部署

cash; cash that will give us geographic persons, bring

現金;給我們地理人物的現金，帶來

us into markets for new vendor and merchandising sources

我們進入市場尋找新的供應商和商品來源

and the logistics and the adjacencies that it brings us

以及它給我們帶來的物流和鄰接

along with the close relationship of the leadership team.

以及領導班子的密切關係。

We're excited about it. And I think there will be other

我們對此感到興奮。而且我認為還會有其他

opportunities resulting in acquisitions.

導致收購的機會。

We will get a return on

我們將獲得回報

capital of 19.2 percent.

資本金 19.2%。

Fair enough. Thank you.

很公平。謝謝你。

Moving now to take our next question

現在開始回答我們的下一個問題

from Maureen (inaudible) at State Street Research. Maureen?

來自道富研究的莫琳（聽不清）。莫琳？

I was wondering if we could

我想知道我們是否可以

talk about the increase in the tickets, which is up. How

說說門票的漲價，這是漲了。如何

much of that is driven by the pro business and what's happening

其中大部分是由專業業務和正在發生的事情驅動的

with the average retail customer? And what if any correlation

與普通零售客戶？如果有任何相關性怎麼辦

does this have to the shift of more projects in the mix?

這是否需要轉移更多項目？

As you mentioned, there's deferral in that, as well.

正如你所提到的，這也有延期。

I would like

我想

to give a few comments and I'll turn it over to Carol for

發表一些意見，我會把它交給卡羅爾

the specifics. As we announced a year ago, and we looked

細節。正如我們一年前宣布的那樣，我們看起來

at the demographic shifts, we saw two things that really

在人口結構的變化中，我們看到了兩件真正

drove our strategic initiatives - At-home services to

推動我們的戰略舉措 - 在家服務

make sure that when loyal customers were moving from the

確保當忠誠的客戶從

do-it-yourself to do-it-for-me, we could extend the product

自己動手為我做，我們可以擴展產品

from in the box to out of the box; and in that shift, some

從盒內到盒外；在這種轉變中，一些

would go to repair, remodel and contractors. So we needed

會去維修、改造和承包商。所以我們需要

the duality of at-home services and pro. We asked Tom

家庭服務和專業人士的雙重性。我們問湯姆

Taylor who was running one of our divisions to come in and

負責我們部門之一的泰勒進來

he's reflective of how we're running it today, he's putting

他反映了我們今天的運作方式，他說

highly regarded champions into position. You heard the

備受推崇的冠軍就位。你聽到了

number of stores, over 500 last year and 900 this year

門店數量，去年500多家，今年900多家

with pro set. We're seeing seasoned associates on the

與親集。我們在

desk. Our pros are telling us they like the stability

桌子。我們的專業人士告訴我們他們喜歡穩定性

of having licensed plumbers, general contractors, licensed

擁有執照的水管工、總承包商、執照

electricians. We're seeing cross merchandising, and the

電工。我們看到了交叉推銷，而

professional shopping the entire store. So we think this

專業購物整個商店。所以我們認為這

initiative is really providing a tremendous base for improving

主動性確實為改進提供了巨大的基礎

our average ticket. Carol, you commented earlier.

我們的平均票。卡羅爾，你之前評論過。

When we look at the pro initiative,

當我們查看 pro 倡議時，

the average ticket is higher than the core DIY stores.

平均票價高於核心DIY商店。

The real driver between the 3.6 percent increase we posted

我們發布的 3.6% 增長之間的真正驅動因素

was an increase in large ticket items, flooring, kitchen

是大件物品、地板、廚房的增加

and appliances, and seasonal power equipment. And

和電器，以及季節性電力設備。和

the new Toro line. Jerry?

新的 Toro 系列。傑瑞？

We have had a

我們有一個

successful season and the new Toro line, exclusive

成功的賽季和新的 Toro 系列，獨家

line to us, in the home improvement industry has been remarkably

對我們來說，在家裝行業已經有了顯著的表現

successful in the mid range price points. This has helped

在中檔價位上取得成功。這有幫助

our outdoor power equipment sales.

我們的戶外動力設備銷售。

The other thing -

另一件事——

Larry Mercer, I would like to have him comment - who is

拉里·默瑟，我想讓他發表評論 - 誰是

the father of Spy and who has really, not only driven this

間諜之父，他真的，不僅推動了這個

thing from a launch, but also the fact that we now have metrics

從發布開始的事情，而且我們現在有指標的事實

in place that are monitoring the actual Spy implementation,

正在監視實際 Spy 實施的地方，

to make sure we're getting the traction.

以確保我們獲得牽引力。

We're really seeing in the

我們真的在

first quarter of this year a real productivity shift in

今年第一季度真正的生產力轉變

terms of the staffing on the floor and it's part of the

地板上的人員配備條款，這是

Spy platform, and even though we haven't comped it yet in

間諜平台，即使我們還沒有加入

all stores across the country, we're seeing a

全國所有的商店，我們看到了

lift in terms of our average ticket and better staffing

提高我們的平均票價和更好的人員配備

on the floor. As Bob mentioned, we have a very rigid 30-day

在地上。正如 Bob 提到的，我們有一個非常嚴格的 30 天

measurement of every store in the Home Depot and we're

測量家得寶的每家商店，我們

able to look at the opportunity of customer demand versus

能夠查看客戶需求的機會與

actual staffing. It's been a challenge that Home Depot

實際人員配置。家得寶一直是個挑戰

has been continually improving on. And we're pleased with

一直在不斷改進。我們很高興

what we're seeing off of the two-year build up of Spy

我們從兩年的間諜活動中看到了什麼

That's great. Thank you.

那太棒了。謝謝你。

Moving on, we'll take a question from

繼續，我們將提出一個問題

Dan Weaver, at Deca Bank (phonetic).

丹·韋弗，德卡銀行（注音）。

My question is regarding the

我的問題是關於

same store sales guidance. If you think about the, um,

同店銷售指導。如果你想想，嗯，

the two-year comp trend, um, you're coming off of a 2 percent

兩年的薪酬趨勢，嗯，你正在減少 2%

increase in the first quarter and advertising at 3 to 4 percent

第一季度增長，廣告增長 3% 至 4%

outlook. And at the same time you are

外表。同時你是

expressing cautious views.

表達謹慎的觀點。

Based on the economic drivers Bob set

基於鮑勃設定的經濟驅動因素

forth for you. And based on the current stores. We're looking

為你而來。並基於目前的商店。我們正在尋找

at the initiatives, we have to drive same store sales. We're

在這些舉措中，我們必須推動同店銷售。是

comfortable with the 2 to 4 percent guidance we've given

對我們給出的 2% 到 4% 的指導感到滿意

you.

你。

When you have a 10 k

當你有一個 10 k

discussing cannibalization - and I would estimate diluted

討論自相殘殺——我估計會被稀釋

the same store sales by four percentage points from last

同店銷售額較上年下降4個百分點

year. Based on the real estate strategies in place, would

年。根據現有的房地產戰略，將

that be less or equal to a year-ago trends

小於或等於一年前的趨勢

That's the ongoing rate of cannibalization.

這就是自相殘殺的持續速度。

We don't comment on that, because we deliberately cannibalize.

我們不對此發表評論，因為我們故意蠶食。

I was thinking if the cannibalization

我在想如果自相殘殺

was less it might build more in-store sales.

少它可能會建立更多的店內銷售。

Let me comment.

讓我評論一下。

You're on the fringe of an important area for us.

對我們來說，你正處於一個重要領域的邊緣。

And here's two responses. No. 1, we have changed the

這裡有兩個回應。第一，我們改變了

format of our store relative to size and location. Let

我們商店相對於大小和位置的格式。讓

me comment on two things we're doing. You know that we

我評論我們正在做的兩件事。你知道我們

had an additional 120 thousand square foot store and that's

有一個額外的 12 萬平方英尺的商店，那就是

the culture and heritage of the store that got us where

將我們帶到哪裡的商店的文化和遺產

we are. In going forward we had to re-examine that business

我們是。展望未來，我們必須重新審視該業務

model and we have to the point we have the 120 thousand

模型，我們必須達到 120,000

square foot box, 90, 95,000 square foot, and a 60 to 65,000.

平方英尺的盒子，90、95,000 平方英尺和 60 到 65,000。

square feet. We've added an arrow to our quiver. As

平方英尺。我們在箭袋上添加了一個箭頭。作為

we look at the markets, we're putting in the right size

我們著眼於市場，我們投入了合適的規模

and assortment to maximize the return on that investment.

和分類以最大化該投資的回報。

Carol mentioned new store productivity and inventory.

Carol 提到了新店的生產力和庫存。

This is not a business, Dan, and you know that, this is

這不是生意，丹，你知道，這是

not one size fits all. There are places for consistency

沒有一種尺寸適合所有人。有一致性的地方

or uniformity, compliant entrepreneurial. There's also the

或統一，合規的企業家。還有

entrepreneurial spirit; that's alive and well. Geographically,

企業精神;那是活得很好。地理上，

we're making sure that when we reach a point when the store's

我們確保當我們到達商店的某個點時

120, 125 million dollar stores - can we really take care

120、1.25 億美元的商店——我們真的能保重嗎

of the customer? What we'll do is put a store in an adjacent

客戶的？我們要做的是在相鄰的

store to better serve the customer base. A

商店以更好地服務於客戶群。一個

portion will peel away from the existing store, but we

部分將從現有商店剝離，但我們

want to improve accessibility and shopability. We're

希望提高可訪問性和可購物性。是

going to locations that represent net new. And when we

前往代表全新的地點。而當我們

sit in the monthly real estate meeting, we're exploring

參加每月的房地產會議，我們正在探索

on a geographic basis, not only the need to better serve

在地理基礎上，不僅需要更好地服務

a customer where we have, you know, where we're being, um,

我們擁有的客戶，你知道，我們在哪裡，嗯，

stressed at a high volume, but we're also looking for net

壓力很大，但我們也在尋找網絡

new. And this urban concept allows us to reach customers

新的。而這個城市概念使我們能夠接觸到客戶

previously we haven't gotten to. We're excited about it.

以前我們還沒有得到。我們對此感到興奮。

So I think while you're point about cannibalization

所以我認為，當你談到自相殘殺時

is correct, our goal would be to stabilize and work through

是正確的，我們的目標是穩定並通過

it to a lesser degree as we go forward.

隨著我們前進，它的程度會降低。

Thanks a lot.

非常感謝。

Up next, we'll take a question from

接下來，我們將提出一個問題

Raymond James, Bud Bugash (phonetic).

Raymond James，Bud Bugash（注音）。

Good morning. A question

早上好。一個問題

on the margin issue. The modest improvement in gross margin.

關於保證金問題。毛利率小幅提升。

Could you quantify where the shifts in margins are,

你能量化利潤率的變化在哪裡嗎？

and did much of that come from increased reliance

並且其中大部分來自增加的依賴

of imports as acquisitions?

進口作為收購？

As we talked about with regards to our

正如我們談到我們的

centralized purchasing groups, going forward, we are

集採團，未來，我們

projecting modest gross margin expansion. As we continue

預計毛利率將適度增長。當我們繼續

to look at ways to increase customer value, today

尋找增加客戶價值的方法，今天

our import penetration is 6.2 percent which is the same

我們的進口滲透率為 6.2%，這是相同的

as the at the end of 2001. We hope to increase that penetration

就像在 2001 年底一樣。我們希望增加這種滲透率

over the next several years, but it is something that takes

在接下來的幾年裡，但這需要

time to develop those vendor supplier relationships to ensure

時間來發展這些供應商供應商關係，以確保

we're delivering the best quality and best product

我們提供最好的質量和最好的產品

offerings.

供品。

What was that at the

那是什麼

end of the first quarter of 2001?

2001 年第一季度末？

5.2 percent.

5.2%。

It's 100 basis points from

這是100個基點

this just past - up 57 is more than just

這剛剛過去 - up 57 不僅僅是

modest?

謙虛的？

57 is more than modest in my estimation.

在我的估計中，57 是適度的。

Two more. Can you give

還有兩個。你能給

us a number on accounts payable?

我們的應付賬款編號？

As a percent of accounts payable?

占應付賬款的百分比？

You gave us 51 days. I

你給了我們51天。我

just wanted to know if you would give us the actual number?

只是想知道你是否會給我們實際的數字？

Bob Burton here.

鮑勃伯頓在這裡。

I'll call and give you the number.

我會打電話給你號碼。

Peter Caruso.

彼得·卡魯索。

What happens in this

這會發生什麼

industry is you get comparisons with the major competitors

行業是您與主要競爭對手的比較

in the industry, that being Lowes. And you know, when you

在業內，這就是Lowes。你知道，當你

look back over history, you have outcomped each other and

回顧歷史，你們已經超越了彼此，

sometimes you're in line. I'm not making a big deal with

有時你在排隊。我沒有什麼大不了的

the fact that Lowes is outcomping Home Depot right now. I think

事實上，Lowes 現在已經超過了 Home Depot。我認為

there is a merit where they have expanded the classes of

有一個優點是他們擴大了

trade. And they've taken up the average ticket. Can

貿易。他們已經佔據了平均票。能

you and Jerry address your merchandise content within your

您和 Jerry 在您的

store, on the consumer side - not the pro side - how you

商店，在消費者方面 - 而不是專業方面 - 你如何

may try to expand classes of trade, and whether you see

可能會嘗試擴大貿易類別，以及您是否看到

a merit in taking up the average price point in order to

佔據平均價格點的優點，以便

have a better class of goods in some categories within your

在您的某些類別中擁有更好的商品類別

store?

店鋪？

I think those

我認為那些

are fair questions. And we're doing a number of things

是公平的問題。我們正在做很多事情

within our store. I want to, number one - I'm

在我們的商店內。我想，第一 - 我是

not sure if this was your question or not, but you know

不確定這是否是您的問題，但您知道

gross margin from our standpoint is going to be earned

從我們的角度來看，將獲得毛利率

gross margin. We don't see a lot of pricing out there

毛利率。我們沒有看到很多定價

as a way of enhancing gross margin. Quite honestly in

作為提高毛利率的一種方式。很誠實地在

our tradition of everyday low prices we think bringing

我們認為每天都有低價的傳統

value to the customer is critically important. Point one and

對客戶的價值至關重要。第一點和

two. That's point one and two. I think your other question

二。這是第一點和第二點。我想你的另一個問題

goes to the point of mix. And what are the opportunities

到了混合點。機會是什麼

to enhance our mix to help drive, um, the profitability

加強我們的組合以幫助推動，嗯，盈利能力

of our stores. I think Jerry can talk about some of the

我們的商店。我認為傑瑞可以談談一些

things we've seen in those categories. In those categories,

我們在這些類別中看到的東西。在這些類別中，

I think lawn and garden represent - I'll

我認為草坪和花園代表 - 我會

let Jerry comment.

讓傑瑞發表評論。

As an oversight, I think lawn and

作為疏忽，我認為草坪和

garden, the merchant, and the whole team have positioned

花園、商人和整個團隊已經定位

us far better than we've ever been positioned, whether

我們比以往任何時候都好得多，無論是

you look at power, power equipment. If you think about

你看電源，電源設備。如果你考慮

the way we've organized now, centrally, to get some of the

我們現在集中組織的方式，以獲取一些

large buys, but keeping the hybrid of lawn and garden.

大量購買，但保留草坪和花園的混合體。

For the local nurseries. I think we have more color,

對於當地的托兒所。我想我們有更多的顏色，

more vitality. More freshness than we've had in a long

更有活力。比我們長久以來更新鮮

time. If you look across the store in flooring and some

時間。如果你在地板和一些

of the values Jerry and his team have been able to bring,

傑里和他的團隊能夠帶來的價值，

it's evidence if you walk the store, but our customer reaction,

如果你去商店，這是證據，但我們的客戶反應，

certainly on the hard flooring, has been phenomenal. And

當然在硬地板上，已經很了不起了。和

of course our side, we've been able to gain tremendous leverage

當然，我們這邊，我們已經獲得了巨大的影響力

for some of the best hard flooring

對於一些最好的硬地板

in the industry. You want to comment? We are -

在行業中。你想發表評論嗎？我們是 -

we are rolling out a proprietary traffic master. The designs

我們正在推出一個專有的流量大師。設計

and colors are all unique to Home Depot. And they offer

和顏色都是家得寶獨有的。他們提供

tremendous value as highly competitive price points. This

作為極具競爭力的價格點的巨大價值。這個

will be a winner as we roll this out in the third and fourth

將成為贏家，因為我們將在第三和第四次推出這個

quarter. We have greatly expanded our lighting and ceiling

四分之一。我們大大擴展了我們的照明和天花板

fans. And in Hampton Bay, the largest ceiling fan, we have

粉絲。在漢普頓灣，最大的吊扇，我們有

7 energy star rated ceiling fans. Nobody else has this.

7 個能源之星評級的吊扇。沒有其他人有這個。

So we're showing tremendous growth in this category this year.

因此，今年我們在這一類別中顯示出巨大的增長。

We're also rolling out an expanded lamp program, 150 new

我們還推出了一個擴展的燈泡計劃，150 個新的

SKUs' of portable lighting that's beginning to show very

便攜式照明設備的 SKU 開始顯著

positive results for us. And power tools are - Reoby (phonetic)

對我們來說是積極的結果。還有電動工具——Reoby（注音）

power tool line is showing a lot of growth for us - which

電動工具線對我們來說顯示出很大的增長 - 這

is exclusive to us. And we mentioned that Toro and Honda

是我們獨有的。我們提到了 Toro 和 Honda

are both proprietary and are showing us good growth this

都是專有的，並且向我們展示了良好的增長

year. Our affiliation, with YOW, allows us to provide next-day

年。我們與 YOW 的隸屬關係使我們能夠提供次日

delivery at a cost of only $7.50. This will enable us to

運費僅為 7.50 美元。這將使我們能夠

scale back existing inventory and greatly improve our capability

縮減現有庫存並大大提高我們的能力

of providing much higher price points of faucets to our

為我們提供更高價位的水龍頭

customers

顧客

When Lowes do come into

當洛斯確實進入

a Home Depot market, same store sales will decline about

某家得寶市場，同店銷售額將下降約

10 percent in the first year and then get back to normal

第一年10%，然後恢復正常

- breaking even in the second year, and get back to normal

- 第二年收支平衡，恢復正常

in the third year. Can you give us an update on that metric?

在第三年。您能給我們提供有關該指標的最新信息嗎？

Geez, Peter,

天哪，彼得，

I can't. I'm not familiar with what Arthur was talking

我不能。我不熟悉亞瑟在說什麼

about there. What I have seen is both sides of that

關於那裡。我所看到的是這兩個方面

equation. We've seen, you know, our nearest competitor

方程。我們已經看到，你知道，我們最接近的競爭對手

put up a store right across the street with no impact,

在街對面開一家商店，沒有任何影響，

quite honestly. Obviously what we've done is, make sure

老實說。顯然我們所做的是，確保

that that store is better prepared than ever. We have

那家商店比以往任何時候都準備得更好。我們有

seen some stores that have lost some sales - just the novelty

看到一些商店失去了一些銷售 - 只是新奇

effect of a new store in the neighborhood - and we'll come

附近新店的影響——我們會來的

back again. I can't comment on the 10 percent, number.

再次回來。我無法對 10% 的數字發表評論。

I will tell you, Peter, they recently went to

我會告訴你，彼得，他們最近去了

look at the markets where we're competing against Lowes - Dallas

看看我們與洛斯競爭的市場 - 達拉斯

Seattle, et cetera, and I was pleased with

西雅圖等等，我很滿意

what I saw.

我所看到的。

I think we have time for one more

我想我們還有時間再來一次

question. Wayne Hood at Prudential.

問題。保誠的韋恩胡德。

I was - you made a comment

我是 - 你發表了評論

about improved labor productivity. And that had a positive

關於提高勞動生產率。這有一個積極的

impact on the sale and in store sales. I'm wondering,

對銷售和店內銷售的影響。我在想，

what's systemic in that that's preventing you from getting

什麼是系統性的，它阻止你得到

back to those historical levels? Workers

回到那些歷史水平？工作人員

compensation or other things?

補償還是其他？

Several things go into that equation.

這個等式有幾件事。

Things like increased depreciation. If you think about the number

諸如增加折舊之類的事情。如果你考慮數字

of stores we now own versus the number of stores that we

我們現在擁有的商店數量與我們擁有的商店數量

owned in the 1998, 1999 time frame. We have higher property

在 1998 年、1999 年的時間範圍內擁有。我們有更高的財產

tax expense, we have higher utility expenses.

稅收費用，我們有更高的公用事業費用。

There are a number of factors that suggest we

有許多因素表明我們

can't get back to those levels quickly, but we're driving

不能很快回到那些水平，但我們正在開車

productivity and a wonderful experience for our customers

生產力和為我們的客戶帶來美妙的體驗

so we drive that top line

所以我們推動了頂線

It's almost redundant,

幾乎是多餘的，

but what we're seeing on the measurements, in the second

但是我們在測量中看到的，在第二

year of Spy, it would indicate a much higher degree of customer

間諜年，這將表明更高程度的客戶

demand in the aisles of the store. What we can control

商店過道的需求。我們能控制什麼

on a day-to-day basis, we are pleased.

在日常的基礎上，我們很高興。

Retraction, managing the

撤回，管理

improved profitability, what do you see in the first quarter

提高盈利能力，您在第一季度看到了什麼

in comp store sales trends?

在comp商店的銷售趨勢中？

Let me comment,

讓我評論，

Wayne. I know that from the standpoint of previous numbers

韋恩。我知道從以前的數字的角度來看

your term, retraction, but, again, we're talking about doubling

你的任期，撤回，但是，再次，我們在談論加倍

over three years, the number of stores that we have. Going

超過三年，我們擁有的商店數量。去

from the 40, 44, up to 80 stores. And Carol commented that

從 40 家、44 家，到 80 家門店。卡羅爾評論說

the number of stores that we opened in the first quarter and

我們在第一季度開設的商店數量以及

we have a few more to go yet this year. I think we've

今年我們還有一些事情要做。我想我們已經

gone through a transformation with Expo. And again, as you

經歷了世博會的轉變。再一次，就像你

know, we have taken what was a separate merchandising

知道，我們已經採取了單獨的商品銷售

organization, and blended it in with Jerry to maximize our buying

組織，並將其與傑瑞混合，以最大限度地提高我們的購買量

leverage, so we're buying on a host basis, but

槓桿，所以我們在主機基礎上購買，但是

have maintained the individuality and the merchant that

保持了個性和商家

is unique to Expo. We have re-aligned our labor productivity

是世博所獨有的。我們重新調整了勞動生產率

model and are working closely with Jerry and his team. We

模特，並與傑瑞和他的團隊密切合作。我們

have taken a different approach to the roll-out of Expo.

對世博會的推出採取了不同的方法。

It was mirror imaging of putting in a store and get in-fill.

這是放入商店並進行填充的鏡像。

We're now looking for geographic reach versus density.

我們現在正在尋找地理範圍與密度。

And we're starting to see the benefits of that now, Wayne,

我們現在開始看到這樣做的好處，韋恩，

this year. Now while we changed the strategy, we had

今年。現在，當我們改變策略時，我們有

commitments for real estate we fulfilled, but we're now starting

我們履行了對房地產的承諾，但我們現在開始了

to see that we also, as you know, have broadened

看到我們也，如你所知，擴大了

the band of our served market. So by doing that, we doubled

我們服務的市場樂隊。所以通過這樣做，我們翻了一番

the population, the potential targeted population. We're

人群，潛在的目標人群。是

still tuning this thing up and we're still on track as we

仍在調整這件事，我們仍然在軌道上，因為我們

shared with you in November in the rest of the analyst

11月在剩下的分析師中與大家分享

meeting, the rest of you that were in the analyst meeting.

會議，其他參加分析師會議的人。

We're not coming off strategy. We're challenging

我們不會脫離戰略。我們在挑戰

ourselves. It's a unique niche that allows a solution

我們自己。這是一個獨特的利基市場，可以提供解決方案

for that particular customer segment

針對特定客戶群

Did they have improved

他們有沒有改進

profitability in the first quarter?

一季度盈利？

We don't break

我們不打破

that out Wayne.

韋恩。

You can.

你可以。

But we don't. (laughter)

但我們沒有。 （笑聲）

We know but we

我們知道，但我們

don't share that.

不要分享那個。

Thank you.

謝謝你。

That concludes the question and answer

到此結束問答

session. Mr. Burton, I'll turn things back to you.

會議。伯頓先生，我會把事情還給你。

We have a two-day telephone relay,

我們有兩天的電話接力，

(719) 457-0820. The confirmation code is 777100.

(719) 457-0820。確認碼是 777100。

We will be available for

我們將可用於

questions after the call concludes. Thank you for

通話結束後的問題。謝謝你

dialing in.

撥入。

Thank you for your participation

感謝您的參與

and have a pleasant day.

並度過愉快的一天。