家得寶 (HD) 2014 Q4 法說會逐字稿

Good day, and welcome to the Home Depot Q4 2014 earnings call.

大家好，歡迎參加家得寶 2014 年第四季財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製。

At this time I would like to turn the conference over to Diane Dayhoff, Vice President, Investor Relations.

現在，我想將會議交給投資者關係副總裁 Diane Dayhoff。

Please go ahead, ma'am.

請繼續，女士。

Thank you, Kayla, and good morning to everyone.

謝謝你，凱拉，大家早安。

Joining us on the call today are Craig Menear, Chairman, CEO and President; Ted Decker, EVP of Merchandising; and Carol Tome, Chief Financial Officer and Executive Vice President Corporate Services.

今天參加電話會議的還有董事長、執行長兼總裁 Craig Menear；泰德‧德克爾 (Ted Decker)，行銷執行副總裁；以及財務長兼企業服務執行副總裁 Carol Tome。

Following our prepared remarks, the call will be open for analysts' questions.

在我們準備好發言之後，電話會議將開放給分析師提問。

Questions will be limited to analysts and investors.

問題僅限於分析師和投資者。

And as a reminder, we would appreciate it if the participants would limit themselves to one question with one follow-up, please.

提醒一下，如果參與者只問一個問題並進行一次後續行動，我們將不勝感激。

If we are unable to get to your question during the call, please call our Investor Relations department at 770-384-2387.

如果我們無法在通話中回答您的問題，請致電我們的投資者關係部：770-384-2387。

Before I turn the call over to Craig, let me remind you that today's press release and the presentations made by our executives include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.

在我將電話轉給克雷格之前，請允許我提醒您，今天的新聞稿和我們高管的陳述包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.

這些聲明受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。

These risks and uncertainties include but are not limited to those factors identified in the release and in our filings with the Securities and Exchange Commission.

這些風險和不確定性包括但不限於新聞稿和我們提交給美國證券交易委員會的文件中確定的因素。

Today's presentations may also include certain non-GAAP measurements.

今天的演示可能還包含某些非 GAAP 指標。

Reconciliations of these measurements is provided on our website.

這些測量的對帳結果可在我們的網站上查看。

Now let me turn the call over to Craig.

現在讓我把電話轉給克雷格。

Thank you, Diane, and good morning, everyone.

謝謝你，黛安，大家早安。

Sales for the fourth quarter were $19.2 billion, up 8.3% from last year.

第四季銷售額為192億美元，比去年同期成長8.3%。

Comp sales were positive 7.9%, and our diluted earnings per share were $1.05.

同店銷售額為正 7.9%，每股攤薄收益為 1.05 美元。

Our US stores had a positive comp of 8.9%.

我們的美國門市的銷售額年增 8.9%。

We finished the year strong, with our largest quarterly sales growth for the year in the fourth quarter.

我們以強勁的勢頭結束了這一年，第四季度的季度銷售額實現了本年度最大的成長。

We continue to see broad-based growth across the store and our geographies.

我們繼續看到整個商店和各個地區的廣泛增長。

Our three US divisions each exceeded our sales plans, and all 19 US regions saw mid-single-digit comp growth or better in the fourth quarter.

我們的三個美國分部均超額完成了銷售計劃，美國所有 19 個地區在第四季度都實現了中等個位數或更高的成長。

As Ted will detail, all departments had positive comps, and we had strong growth in ticket and transactions in the quarter.

正如 Ted 所詳述的那樣，所有部門都取得了積極的業績，並且本季度我們的票務和交易量都實現了強勁增長。

Strength in our Pro driven businesses, as well as double-digit sales growth in our service business, also aided ticket in the quarter.

我們專業驅動業務的強勁表現以及服務業務兩位數的銷售成長也為本季的票房成長提供了助力。

As a result, both average ticket and transaction counts reached new fourth-quarter record highs.

結果，平均票價和交易數量均創下了第四季的歷史新高。

Our sales were aided by a strong response to our holiday decor, gift center, as well as our Black Friday events during the quarter.

本季度，我們的節日裝飾、禮品中心以及黑色星期五活動的強烈反響促進了我們的銷售。

Our online channel also had a strong performance over the Cyber Week period, with record traffic and orders, while at the same time, our online customer service scores improved.

我們的線上通路在網路購物週期間也表現強勁，流量和訂單量創下歷史新高，同時我們的線上客戶服務評分也有所提升。

For the year, our online business grew over $1 billion, a growth rate of over 36%.

今年，我們的線上業務成長超過 10 億美元，成長率超過 36%。

Almost 40% of our online orders were picked up in the store, a testament to the interconnectedness customers desire for our business.

我們的線上訂單中幾乎有 40% 都是在商店提貨的，這證明了客戶對我們業務的互聯互通的渴望。

Marc Powers and the store operation team, along with our IT team, completed the rollout of our second-generation First Phones in the fourth quarter.

Marc Powers 和商店營運團隊與我們的 IT 團隊在第四季度完成了第二代 First Phone 的推出。

This latest customer service tool provides a more intuitive smart phone interface, Internet access to convert online sales in the aisle, integrated mobile checkout for line busting and greatly improved overall processing speed.

這款最新的客戶服務工具提供了更直觀的智慧型手機介面、網路存取以轉換過道上的線上銷售、整合的行動結帳以減少排隊，並大大提高了整體處理速度。

On the supply chain front, Mark Holifield and the supply chain team worked tirelessly to manage through a difficult environment and even drove productivity through our network.

在供應鏈方面，馬克·霍利菲爾德 (Mark Holifield) 和供應鏈團隊不知疲倦地努力工作，克服了困難的環境，甚至透過我們的網路提高了生產力。

As we go forward, there is a tentative labor agreement at the West Coast ports.

隨著我們的前進，西海岸港口已經達成了一項初步的勞工協議。

It will take a while to get our freight moving more efficiently there, and we have a challenging transportation environment that continues.

要讓我們的貨物在那裡更有效率地運輸還需要一段時間，而且我們的運輸環境仍然充滿挑戰。

We'll continue to leverage our distribution network to minimize any impacts in stock rates.

我們將繼續利用我們的分銷網絡來盡量減少對庫存價格的影響。

Internationally, both our Mexican and Canadian businesses posted positive comps in local currency for the quarter, making it 45 and 13 quarters in a row of positive comps respectively.

在國際上，我們的墨西哥和加拿大業務本季均公佈了以當地貨幣計算的正增長業績，分別連續 45 個季度和 13 個季度實現正增長。

We also completed the acquisition of HD Supply Hardware Solutions, formerly known as Crown Bolt, in the fourth quarter.

我們也在第四季完成了對 HD Supply Hardware Solutions（原名為 Crown Bolt）的收購。

Through bringing the business back into the Home Depot family, we expect to further enhance our supply chain capabilities and product offerings in hardware.

透過將業務重新納入家得寶大家庭，我們希望進一步增強我們的供應鏈能力和硬體產品供應。

Looking at the full year of 2014, we achieved our highest retail sales in Company history.

縱觀2014年全年，我們實現了公司歷史上最高的零售額。

And through driving productivity and expense control, we also reached the highest net earnings in Company history.

並且透過提高生產力和控制費用，我們也實現了公司史上最高的淨收益。

Adding over $4 billion in sales and almost $1 billion in net earnings requires flexibility and coordination on multiple fronts, and our associates and suppliers were able to respond effectively.

增加超過 40 億美元的銷售額和近 10 億美元的淨收益需要多方面的靈活性和協調性，我們的員工和供應商能夠有效地應對。

For 2015, we believe overall GDP growth and continued tailwind from housing recovery will be the principal drivers of growth for our business.

我們相信，2015年整體GDP成長和房屋市場復甦的持續推動力將成為我們業務成長的主要動力。

Consensus 2015 GDP growth forecast calls for moderate growth.

市場普遍預期2015年GDP將溫和成長。

And most housing data points towards a continued moderate recovery in the US housing market.

大多數住房數據顯示美國房地產市場將繼續溫和復甦。

Based on this outlook, we expect comp growth in the US of approximately 4.5%.

基於此展望，我們預期美國的同店銷售額成長率約為 4.5%。

As Carol will detail, we expect similar growth in our international businesses, but currency headwinds could result in lower total Company growth.

正如卡羅爾所詳述的，我們預計國際業務將實現類似的成長，但貨幣逆風可能會導致公司整體成長放緩。

Therefore, we expect total Company comp growth of approximately 3.3% to 4.5% and corresponded diluted earnings per share of $5.11 to $5.17.

因此，我們預計公司整體營收成長約為 3.3% 至 4.5%，相應每股攤薄收益為 5.11 美元至 5.17 美元。

In 2013, we set out long-term financial targets to achieve a 13% operating margin and a 27% return on invested capital by the end of fiscal 2015.

2013年，我們訂定了長期財務目標，即在2015財年末實現13%的營業利益率和27%的投資資本報酬率。

Our guidance implies that we will accomplish these goals and will continue to drive growth and productivity in the business in 2015 and beyond.

我們的指導意味著我們將實現這些目標，並將在 2015 年及以後繼續推動業務成長和生產力。

Finally today, our Board announced a 26% increase in our quarterly dividend to $0.59 per share.

今天最後，我們的董事會宣布將季度股息增加 26% 至每股 0.59 美元。

The Board also authorized a new share repurchase program of $18 billion.

董事會也批准了一項價值180億美元的新股票回購計畫。

We remain committed to maintaining a disciplined capital allocation strategy to create value for our shareholders.

我們將繼續致力於維持嚴謹的資本配置策略，為股東創造價值。

We will invest to sustain and grow our business, and return excess cash to our shareholders through dividends and share repurchases.

我們將進行投資以維持和發展我們的業務，並透過股利和股票回購將多餘的現金回饋給股東。

I want to close by thanking our associates for their hard work and dedication to our customers in the fourth quarter and throughout the year.

最後，我要感謝我們的員工在第四季度以及全年的辛勤工作以及對客戶的奉獻。

For the second half of the year, 100% of our stores qualify for Success Sharing, our profit-sharing program for our hourly associates.

今年下半年，我們 100% 的門市都符合「成功分享」的資格，這是我們針對計時員工的利潤分享計畫。

This is our largest second-half payout to date.

這是我們迄今為止最大的下半年支出。

We look forward to continuing this momentum in 2015.

我們期待在 2015 年延續這股勢頭。

And with that, I would like to turn the call over to Ted.

說完這些，我想把電話轉給泰德。

Thanks, Craig, and good morning, everyone.

謝謝，克雷格，大家早安。

We are pleased with our performance in the fourth quarter, and saw broad strength across all geographies and across the entire store.

我們對第四季度的表現感到滿意，並且看到所有地區和整個商店都表現出廣泛優勢。

Nine departments had comps above the Company average for the fourth quarter.

第四季度，九個部門的同店銷售額高於公司平均。

They were tools, lumber, millwork, lighting, decor, building materials, kitchen, bath and hardware.

它們是工具、木材、木製品、照明、裝飾、建築材料、廚房、浴室和五金。

All the rest of our departments had positive comps in the mid-single digits.

我們其餘所有部門的可比較銷售額均取得了中等個位數的正成長。

Pro categories had tremendous growth during the quarter, and we saw double-digit comps in compressors, siding, roofing, ladders, concrete fasteners and several lumber categories.

專業類別在本季度實現了巨大的成長，我們看到壓縮機、壁板、屋頂、梯子、混凝土緊固件和幾個木材類別的銷售額都實現了兩位數的同比增長。

Our millwork categories also had another quarter of great performance, led by double-digit comps in patio doors, windows, interior doors and exterior doors.

我們的木製品類別在另一個季度也表現出色，其中露台門、窗戶、內門和外門的銷售額均實現了兩位數的成長。

Maintenance and repair categories continued to perform well, and we saw comps above the Company average in products like water heaters, wiring devices, cleaning, conduit and cogs.

維護和維修類別繼續表現良好，我們看到熱水器、接線裝置、清潔、導管和齒輪等產品的表現高於公司平均水平。

Decor products were also strong, with comps above the Company average in vanities, bathroom fixtures, decorative holiday, interior lighting and hard-surface flooring.

裝飾產品也表現強勁，梳妝台、浴室設備、節日裝飾、室內照明和硬地板等產品的銷售量均高於公司平均水平。

Several events had record performance during the quarter.

本季有多項活動創下了紀錄。

Black Friday was our biggest sales day in history, helping drive double-digit comps in categories like appliances and grills for the quarter.

「黑色星期五」是我們史上最大的銷售日，推動家電和烤架等類別的本季銷售額將達到兩位數成長。

Our gift centers performed extremely well.

我們的禮品中心表現非常出色。

We saw double-digit comps in tool storage, portable power, power tool accessories and hand tools.

我們看到工具儲存、便攜式電源、電動工具配件和手動工具的銷售額均出現了兩位數的上漲。

Finally, our storage event was well received, with double-digit comps.

最後，我們的儲存活動獲得了熱烈的迴響，獲得了兩位數的收益。

In 2014, we reviewed 154 product categories, or roughly a third of the store, using our merchandising planning tools.

2014 年，我們使用商品規劃工具審查了 154 個產品類別，約佔商店的三分之一。

Results to date have been promising.

迄今為止的結果令人欣喜。

For example, vanities -- we created store clusters based on certain SKU attributes like vanity size and finish.

例如，梳妝台——我們根據某些 SKU 屬性（如梳妝台尺寸和飾面）創建了商店集群。

This allows us to better match our assortment to customer preferences in those clusters.

這使我們能夠更好地根據這些集群中的客戶偏好來匹配我們的產品組合。

Additionally, we leveraged data from our online channel to bring a new assortment of products to the stores, which allows customers to choose from different vanity tops and storage cabinet combinations.

此外，我們利用線上管道的數據為商店帶來了一系列新的產品，讓顧客可以從不同的梳妝台和儲物櫃組合中進行選擇。

This assortment is currently in about 100 US stores, and we plan on setting several hundred additional stores throughout 2015.

此系列產品目前已在美國約 100 家商店銷售，我們計劃在 2015 年再開設數百家商店。

In the fourth quarter, total comp transactions grew by 4.9%.

第四季度，同店交易總額增加了 4.9%。

And for the year, we set a new transaction record with over 1.4 billion total transactions.

今年，我們創下了總交易量超過 14 億的新紀錄。

In the quarter, comp ticket increased 2.9%.

本季，綜合票價上漲了 2.9%。

Our average ticket increase reflects about [16] basis points of growth due to commodity price inflation and products such as lumber.

我們的平均票價漲幅反映了由於大宗商品價格通膨和木材等產品導致的約 [16] 個基點的增長。

Transactions for tickets under $50 representing approximately 20% of our US sales were up 3.1% for the fourth quarter.

50 美元以下門票交易量約占我們美國銷售額的 20%，第四季成長了 3.1%。

Transactions for ticket over $900, also representing approximately 20% of our US sales, were up 10.3% in the fourth quarter.

900 美元以上的門票交易量也占我們美國銷售額的約 20%，在第四季度增長了 10.3%。

The drivers behind the increase in big-ticket purchases were appliances, water heaters, and several installation service categories such as windows, roofing and sheds.

大件商品購買量成長的驅動因素是家用電器、熱水器以及窗戶、屋頂和棚屋等幾個安裝服務類別。

For the year, our average ticket grew by 1.9%.

今年，我們的平均票價增加了1.9%。

Now let me turn our attention to the first quarter.

現在我把注意力轉向第一季。

We're excited about the launch of our new Color Solutions center featuring Behr, Glidden and our Home Decorators collection of paint brands.

我們非常高興能夠推出新的色彩解決方案中心，該中心主要提供 Behr、Glidden 和我們的家居裝飾師系列油漆品牌。

We work closely with our supplier partners and leverage consumer insights data to create a better shopping experience for our customers.

我們與供應商合作夥伴密切合作，利用消費者洞察數據為客戶創造更好的購物體驗。

The new center clearly outlines our paint assortment, expands our color offering and simplifies the selection process.

新中心清晰地概述了我們的油漆品種，擴大了我們的顏色供應並簡化了選擇流程。

We plan to roll it to all US stores by the end of the second quarter.

我們計劃在第二季末將其推廣到所有美國商店。

For our Pro customer, we are introducing new and exclusive products from Milwaukee, Makita, and DeWalt, all leaders in professional tools.

對於我們的專業客戶，我們推出了來自 Milwaukee、Makita 和 DeWalt 的全新獨家產品，這些公司都是專業工具領域的領導者。

New products within the Milwaukee fuel lineup, like the circular saw and Whole-Hawg heavy-duty drill, have increased battery life, power and durability, saving our Pros time and money on the job site.

密爾瓦基燃料系列中的新產品，例如圓鋸和 Whole-Hawg 重型鑽頭，都增加了電池壽命、功率和耐用性，為我們專業人員在工作現場節省了時間和金錢。

We are looking forward to spring and are excited about several new product categories in grills and patio.

我們期待春天的到來，並對燒烤架和露台的幾個新產品類別感到興奮。

In grills, we have a new exclusive brand launch with Nexgrill and are introducing several exclusive models from Weber and KitchenAid.

在烤肉架方面，我們與 Nexgrill 共同推出了新的獨家品牌，並推出了來自 Weber 和 KitchenAid 的幾款獨家型號。

Our expanded assortment online offers numerous options from premium grills to pizza ovens.

我們不斷擴大的線上商品種類提供了從高檔烤架到披薩烤箱的眾多選擇。

Our patio assortment continues to grow, including a new collection from Brown Jordan, new fabric and color options in our Create Your Own collection and expanded accessory offerings.

我們的露台產品系列不斷豐富，包括 Brown Jordan 的新系列、「Create Your Own」系列中的新面料和顏色選擇以及更廣泛的配件產品。

For the gardener, Vigaro's new colored mulch in red, black and brown offers a 12-month color guarantee at a great value.

對於園丁來說，Vigaro 的紅色、黑色和棕色新彩色覆蓋物提供了 12 個月的顏色保證，非常超值。

Our spring Black Friday event will once again offer amazing values for our customers.

我們的春季黑色星期五活動將再次為我們的客戶提供驚人的價值。

The stores will be loaded with exciting products and exclusives on items like live goods, grills and outdoor power equipment.

商店將裝滿令人興奮的產品和獨家商品，如活體商品、烤架和戶外動力設備。

We are looking to a great spring season.

我們期待著一個美好的春天的到來。

With that, I'd like to turn the call over to Carol.

說完這些，我想把電話轉給卡蘿。

Thank you, Ted, and good morning.

謝謝你，泰德，早安。

In the fourth quarter, sales were $19.2 billion.

第四季銷售額為192億美元。

Comp sales were a positive 7.9% for the quarter, with comps up 7.8% in November, 7.9% in December and 8% in January.

本季同店銷售額成長 7.9%，其中 11 月同店銷售額成長 7.8%，1 月成長 7.9%，1 月成長 8%。

The continuing strength in the US dollar negatively impacted total Company comps by approximately $149 million.

美元持續走強對公司整體獲利產生了約 1.49 億美元的負面影響。

Comp sales for US stores were positive 8.9% for the quarter, with comps of 8.8% in November, 8.6% in December and 9.3% in January.

本季美國門市同店銷售額成長 8.9%，其中 11 月同店銷售額成長 8.8%，12 月同店銷售額成長 8.6%，1 月同店銷售額成長 9.3%。

For the year, our sales increased 5.5% to $83.2 billion, and total Company comp sales were positive 5.3%.

全年銷售額成長 5.5%，達到 832 億美元，公司整體銷售額成長 5.3%。

Comps for US stores were positive 6.1%.

美國門市的同店銷售額成長了 6.1%。

Our total Company gross margin was 35.1% for the fourth quarter, 10 basis points higher than last year, driven by gross margin expansion in our US business.

第四季度，該公司總毛利率為35.1%，比去年同期高出10個基點，這得益於美國業務毛利率的擴大。

The year-over-year market expansion in our US businesses is explained by the following.

我們美國業務的市場逐年擴張的原因如下。

First, we experienced 18 basis points of gross margin expansion due to productivity within our supply chain and lower fuel cost.

首先，由於我們供應鏈的生產力提高和燃料成本降低，我們的毛利率擴大了 18 個基點。

And second, we are starting to see a turnaround in our shrink performance, and lower shrink contributed 7 basis points of gross margin expansion.

其次，我們開始看到收縮表現好轉，收縮減少為毛利率帶來了 7 個基點的成長。

Finally, we experienced 15 basis points of gross margin contraction due primarily to a change in the mix of products sold, namely a higher penetration of lower-margin product categories like appliances and lumber.

最後，我們的毛利率下降了 15 個基點，這主要是由於銷售產品結構的變化，即家電和木材等低利潤產品類別的滲透率更高。

For the year, we experienced 6 basis points of gross margin expansion.

今年，我們的毛利率擴大了 6 個基點。

Operating expense as a percent of sales decreased by 139 basis points to 23.7% in the fourth quarter.

第四季度，營業費用佔銷售額的百分比下降了 139 個基點，至 23.7%。

Our expense leverage reflects the impact of positive comp sales growth and continued focus on expense control.

我們的費用槓桿反映了同店銷售額的正面成長和持續關注費用控制的影響。

Fiscal 2014 operating expense as a percent of sales was 22.2%, a decrease of 90 basis points from what we reported last year.

2014 財年營業費用佔銷售額的百分比為 22.2%，比我們去年報告的下降了 90 個基點。

For the year, our expenses grew at 25% of our sales growth rate, in line with our most recent guidance.

今年，我們的支出以銷售額成長率的 25% 成長，與我們最近的預期一致。

And just a comment on data breach related expenses.

只是對資料外洩相關費用的評論。

In the fourth quarter, our gross data breach expenses were approximately $20 million.

第四季度，我們的總資料外洩費用約為 2,000 萬美元。

After estimating our insurance recovery, we recorded approximately $5 million of net data breach related expenses in the quarter.

在估算了我們的保險賠償金額之後，我們在本季度記錄了約 500 萬美元的淨資料外洩相關費用。

For the year, our gross data breach expenses were approximately $63 million.

今年，我們的資料外洩總費用約為 6,300 萬美元。

And after expected insurance recovery, our net data breach expenses were approximately $33 million.

扣除預期的保險賠償後，我們的淨資料外洩費用約為 3,300 萬美元。

Our operating margin for the quarter was 11.4% and for the year reached 12.6%.

我們本季的營業利益率為11.4%，全年營業利益率達12.6%。

Interest in investment income increased by $111 million in the quarter, reflecting a gain on sale of 4.1 million shares of HD Supply common stock.

本季投資收益利息增加了 1.11 億美元，反映了出售 410 萬股 HD Supply 普通股的收益。

Since the beginning of the year and including the fourth-quarter transaction, we have sold 12.2 million shares of HD Supply common stock for $323 million, or $0.15 of earnings per diluted share, of which $0.05 was recognized in the fourth quarter.

自今年年初以來，包括第四季度的交易在內，我們已出售了 1,220 萬股 HD Supply 普通股，總價值為 3.23 億美元，即每股攤薄收益 0.15 美元，其中第四季度確認了 0.05 美元。

We now own approximately 4.1 million shares, or 2%, of HD Supply's outstanding shares.

我們目前擁有 HD Supply 流通股約 410 萬股，佔其流通股數的 2%。

In the quarter, interest expense increased by $31 million from last year, due primarily to interest associated with higher long-term debt levels than one year ago.

本季度，利息支出較上年同期增加了 3,100 萬美元，主要原因是與一年前相比長期債務水平較高導致的利息增加。

Our income tax provision rate was 34.1% in the fourth quarter and 36.4% for the year.

我們第四季的所得稅準備率為34.1%，全年為36.4%。

The tax rate for the quarter and the year reflected the benefit from favorable tax settlement and the Tax Increase Prevention Act of 2014, which provided a one-year extension of certain expiring tax credits.

本季和年度的稅率反映了有利的稅收結算和2014年《稅收增加預防法案》帶來的好處，該法案將某些即將到期的稅收抵免延長一年。

Diluted earnings per share for the fourth quarter were $1.05, an increase of 43.8% from last year.

第四季每股攤薄收益為1.05美元，較去年同期成長43.8%。

And for the year, diluted earnings per share were $4.71, an increase of 25.3% compared to the prior year.

全年每股攤薄收益為 4.71 美元，較上年增長 25.3%。

Moving to some additional highlights, during the fourth quarter we opened three new stores: two in Mexico and one in Canada.

另外還有一些亮點，第四季我們開了三家新店：兩家在墨西哥，一家在加拿大。

We ended the year with 2,269 stores.

截至年底，我們的門市總數為 2,269 家。

At the end of the year, selling square footage was 236 million, flat to last year, and sales per square foot increased 5.3% to $352.

年底，銷售面積為 2.36 億平方英尺，與去年持平，每平方英尺銷售額成長 5.3%，達到 352 美元。

At the end of the year, inventory was [$11.1 billion], flat to last year, but that's a bit distorted due to a stronger US dollar.

截至年底，庫存為 [111 億美元]，與去年持平，但由於美元走強，庫存有點扭曲。

On a currency neutral basis, inventory dollars were up approximately $193 million from last year.

以貨幣中性計算，庫存金額較去年同期增加約 1.93 億美元。

Inventory turns were 4.7 times, up from 4.6 times last year.

庫存週轉率為4.7次，高於去年的4.6次。

Payables were also flat to last year, again distorted by the impact of a stronger US dollar.

應付款項也與去年持平，同樣受到美元走強的影響。

On a currency neutral basis, payables were up $98 million from the prior year.

以貨幣中性計算，應付款項較前一年增加 9,800 萬美元。

We generated strong cash in the year and use that cash, as well as proceeds from an incremental debt offering, to invest in our business, repurchase our shares and pay a healthy dividend to our shareholders.

我們今年產生了強勁的現金，並利用這些現金以及增量債務發行的收益來投資我們的業務，回購我們的股票並向我們的股東支付豐厚的股息。

For the year, we spent roughly $1.6 billion in capital, including the recent acquisition of HD Supply Hardware Solutions.

今年，我們花了約 16 億美元的資本，包括最近收購的 HD Supply Hardware Solutions。

We repurchased $7 billion, or 80 million of our outstanding shares, including $1.26 billion, or 12.4 million shares, in the fourth quarter.

我們回購了價值 70 億美元（約 8,000 萬股）的流通股，其中第四季回購了價值 12.6 億美元（約 1,240 萬股）的流通股。

And we paid $2.5 billion (technical difficulty).

我們付了25億美元（技術難題）。

Our capital allocation philosophy supports our commitment to deliver high returns on invested capital.

我們的資本配置理念支持我們對投資資本實現高回報的承諾。

Computed on the average of beginning and ending long-term debt and equity for the trailing four quarters, return on invested capital was 24.9%, 400 basis points higher than at the end of fiscal 2013.

根據過去四個季度期初和期末長期債務和股權的平均值計算，投資資本回報率為 24.9%，比 2013 財年末高出 400 個基點。

We detailed our 2015 guidance in our press release, but I want to take a few moments to comment on the highlights.

我們在新聞稿中詳細介紹了 2015 年的指導方針，但我想花一點時間對其中的亮點進行評論。

Remember that we guide off of GAAP.

請記住，我們是根據 GAAP 來指導的。

So fiscal 2015's guidance will launch from our reported results for fiscal 2014.

因此，2015 財年的指引將從我們報告的 2014 財年業績開始。

Further, our earnings-per-share guidance does not take into account any expenses that we may incur in the future for data breach related claims.

此外，我們的每股盈餘指引並未考慮我們未來可能因資料外洩相關索賠而產生的任何費用。

While these expenses are reasonably possible, they are not at this time estimable.

雖然這些費用是合理可能的，但目前還無法估計。

When we are able to estimate these expenses, we will provide an update to our guidance.

當我們能夠估算這些費用時，我們將提供更新的指導。

As we look at 2015, we expect US comps to grow at GDP plus approximately 150 basis points coming from the recovering housing market.

展望2015年，我們預期受惠於房地產市場的復甦，美國可比價格將以GDP的倍數增加約150個基點。

We project similar growth rates in Canada and Mexico, yielding total Company comp sales of 5.4% -- excuse me, at 4.5%.

我們預計加拿大和墨西哥的成長率相似，公司總銷售額將達到 5.4%——對不起，是 4.5%。

Let me just reread that, please.

請讓我再讀一遍。

We project similar growth rates in Canada and Mexico, yielding total Company comp sales of 4.5%.

我們預計加拿大和墨西哥的成長率相似，公司總銷售額將達到 4.5%。

With the benefit of new stores, we project total sales growth of approximately 4.7%.

由於新店開業，我們預計總銷售額將成長約 4.7%。

The recent significant strengthening of the US dollar, however, suggests that total Company sales growth could be lower.

然而，近期美元大幅走強意味著公司整體銷售額成長可能會下降。

As a result, we are providing a range of sales, comp sales and diluted earnings-per-share growth to reflect the difference between 2014 average exchange rates and current exchange rates.

因此，我們提供一系列銷售額、可比較銷售額和稀釋每股收益成長，以反映 2014 年平均匯率與當前匯率之間的差異。

If foreign currency exchange rates remain where they are today, this would cause a negative impact to fiscal 2015 net sales growth of approximately $1 billion, dropping our projected total sales growth rate from 4.7% to 3.5%, and our projected comp sales growth from 4.5% to 3.3%.

如果外匯匯率維持在目前的水平，這將對 2015 財年淨銷售額成長造成約 10 億美元的負面影響，使我們預期的總銷售額成長率從 4.7% 降至 3.5%，預計的同店銷售額成長率從 4.5% 降至 3.3%。

For 2015, we are projecting our gross margin rates to remain flat to what we reported in fiscal 2014.

我們預計 2015 年的毛利率將與 2014 財年的水平持平。

This projection is based on our belief that we will experience growth rates higher than the Company average in lower-margin categories like building materials, offsetting projected gross margin expansion coming from continued productivity.

這項預測是基於我們的信念，即我們在建築材料等利潤率較低的類別中將經歷高於公司平均水平的成長率，從而抵消持續提高生產力帶來的預期毛利率擴張。

We don't expect our gross margin to be materially impacted by exchange rates.

我們預計我們的毛利率不會受到匯率的重大影響。

On a currency-neutral basis, we are forecasting our expenses to grow at approximately 40% of the rate of our sales growth.

根據貨幣中性計算，我們預測我們的支出成長率將達到銷售額成長率的約 40%。

This is higher than the expense growth factor we reported in fiscal 2014 for a couple of reasons.

由於以下幾個原因，該數字高於我們在 2014 財政年度報告的費用成長因素。

First, we had some expense benefit throughout the year in our casualty reserves and other items that we do not believe will repeat.

首先，我們全年在傷亡儲備金和其他項目上有一些支出收益，我們認為這些收益不會重複。

Second, as we continue to harden our IT security, we will be investing in higher level of IT resources to achieve our goal.

第二，隨著我們不斷加強IT安全，我們將投入更高水準的IT資源來實現我們的目標。

For the year, we project that our operating margin will grow by approximately 60 basis points.

我們預計今年的營業利潤率將成長約 60 個基點。

We don't expect our operating margin to be materially impacted by exchange rates.

我們預計我們的營業利潤率不會受到匯率的重大影響。

We expect our diluted earnings per share to increase by approximately 10% to $5.17.

我們預計每股攤薄收益將增加約 10% 至 5.17 美元。

But if exchange rates remain where they are today, our projected diluted earnings per share would be approximately $5.11.

但如果匯率維持在今天的水平，我們預計每股攤薄收益將約為 5.11 美元。

As Craig mentioned, in support of our commitment to share repurchases our Board just announced a new share repurchase authorization of $18 billion, replacing our remaining authorization of $1.5 billion.

正如克雷格所提到的，為了支持我們對股票回購的承諾，我們的董事會剛剛宣布了 180 億美元的新股票回購授權，取代我們剩餘的 15 億美元授權。

Our 2015 diluted earnings per share guidance includes our plan to repurchase approximately $4.5 billion of outstanding shares during the year using excess cash.

我們對 2015 年攤薄每股收益的預期包括我們計劃在年內利用過剩現金回購約 45 億美元流通股。

For the year, we project cash flow from the business of roughly $9 billion.

我們預計今年的業務現金流約為 90 億美元。

We will use our cash to invest back into the business.

我們將用現金重新投資於業務。

Our 2015 capital spending plan is approximately $1.6 billion, an 11% increase from what we spent in fiscal 2014 in support of interconnected retail and to continue to harden our IT security.

我們 2015 年的資本支出計畫約為 16 億美元，比 2014 財年的支出增加 11%，用於支援互聯零售並繼續加強我們的 IT 安全。

We will also use our cash to pay our dividend.

我們還將使用現金支付股利。

And as Craig mentioned, we just announced a 26% increase in our quarterly dividend, which equates to an annual dividend of $2.36, in line with our targeted dividend payout ratio of 50%.

正如 Craig 所提到的，我們剛剛宣布季度股息增加 26%，相當於年度股息 2.36 美元，與我們 50% 的目標股息支付率一致。

Our commitment to shareholder returns continues to be a hallmark of the Home Depot.

我們對股東回報的承諾繼續成為家得寶的標誌。

So we thank you for your participation in today's call.

感謝您參加今天的電話會議。

And Kayla, we are now ready for questions.

凱拉，現在我們可以回答問題了。

(Operator Instructions).

（操作員指令）。

Dan Binder, Jefferies.

丹賓德（Dan Binder），傑富瑞（Jefferies）。

Carol, you made some good progress on expense growth last year; in particular, the first half of the year.

卡羅爾，去年你在費用成長方面取得了一些進展；特別是上半年。

I was wondering if you could just talk a little bit about how you view that 40% expense growth rate as a percent of sales front half versus back half.

我想知道您是否可以稍微談談您如何看待 40% 的費用增長率占前半部分銷售額與後半部分的百分比。

Sure.

當然。

So let me take you back to the guidance that we provided one year ago where we said that we thought our expenses for 2014 would grow at 33% of our sales growth.

所以讓我回顧一下我們一年前提供的指導，當時我們說我們認為 2014 年的支出將以銷售額成長 33% 的速度成長。

Fast forward to the end of this year, we did better than that; our expenses grew at 25% of our sales growth.

快進到今年年底，我們的表現比那更好；我們的開支隨著銷售額的成長而成長了25%。

And there are a couple of reasons for that.

這有幾個原因。

We had some good guys throughout the year.

我們全年都有一些優秀的球員。

We have talked to you about some of those, principally in our casualty area, this being in workers' compensation and general liability.

我們已經與您討論過其中的一些問題，主要是在我們的傷亡領域，即工傷賠償和一般責任。

And some other good guys.

還有一些其他好人。

But we don't think we'll repeat next year.

但我們認為明年不會再發生同樣的情況。

Further, we had $33 million of data breach related expenses that we aren't projecting for next year, but we are projecting higher investments in our IT infrastructure, including people.

此外，我們還有 3,300 萬美元的資料外洩相關費用，這些費用預計不會在明年支付，但我們預計將在 IT 基礎設施（包括人員）上投入更多資金。

So if you look at the good guys that we had, including the data breach related expenses, it nets out to $70 million.

因此，如果你看看我們擁有的好人，包括與資料外洩相關的費用，淨收入為 7000 萬美元。

If you added the $70 million to the expenses that we reported for 2014, you would see that our expense growth factor for the year was more like 33%.

如果將 7000 萬美元添加到我們報告的 2014 年支出中，您會發現我們今年的支出成長係數更像是 33%。

And then if you run off of that adjusted base for 2015, the adjusted expense growth factor is about 33%.

然後，如果您以 2015 年的調整基數計算，調整後的費用成長係數約為 33%。

So hopefully that gives you some color as to what we are thinking about in expenses.

所以希望這能讓您了解我們在費用上的考量。

And does it look a little bit lopsided front half versus back half?

前半部和後半部看起來是不是有點不平衡？

As you know, we run our business obviously by quarters, but it's almost easier to run it by half because weather has such havoc with our sales.

如您所知，我們的業務顯然是按季度運營的，但由於天氣對我們的銷售造成了很大的影響，因此以半季度營運幾乎更容易。

If you look at the spread of the year by half, I will tell you the top line is pretty tight.

如果您按半年來查看一年的跨度，我會告訴您營收情況相當緊張。

And the expense growth factor is actually higher in the first half of the year than it is in the second half of the year.

而且上半年的費用成長因素其實高於下半年。

Then if you break it down by quarters -- and, again, the quarters can be all over the place, as we know, because of weather -- but it would suggest that the expense growth factor would be higher in Q1 and Q2 than it would be in Q3 and Q4.

然後，如果按季度細分——同樣，由於天氣原因，各個季度可能會有所不同——但這表明，第一季和第二季的費用增長因素將高於第三季和第四季。

Hopefully that's helpful.

希望有幫助。

Yes.

是的。

Thank you.

謝謝。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯 (Chris Horvers)。

Thanks, and good morning.

謝謝，早安。

Just a follow-up on that.

這只是對此的一個後續行動。

Walmart has raised a lot of questions about wage pressures in the United States, and a lot of investors are curious how that might impact other big retailers out there.

沃爾瑪對美國薪資壓力提出了許多疑問，許多投資者好奇這將如何影響其他大型零售商。

So do you have any comment on your exposure to minimum wage and how the Walmart announcement could affect the competitive environment?

那麼您對於最低工資的影響以及沃爾瑪的聲明將如何影響競爭環境有何評論？

Chris, we have prided ourselves on paying above the market as a Company for a number of years.

克里斯，多年來，我們公司一直以高於市場的報價而自豪。

That's our intent going forward.

這就是我們今後的目標。

We continually look at the market on a market-by-market basis and make adjustments where appropriate.

我們不斷地根據每個市場的情況來審視市場，並做出適當的調整。

Okay.

好的。

So it doesn't sound like -- it sounds like you're already above it and it doesn't seem to be any issue for you this year.

所以聽起來不像——聽起來你已經超越了這個目標，而且今年這對你來說似乎不是什麼問題。

Yes.

是的。

We -- again, with the guidance that we've given, we've taken into account what we continually do, and that's adjust according to each given market as it's needed.

我們 — — 再次強調，根據我們給予的指導，我們已經考慮到我們持續做的事情，並且根據每個特定市場的需要進行調整。

You may have seen our announcement to hire 80,000 seasonal workers.

您可能已經看到我們宣布僱用 80,000 名季節工人。

And Marc Powers was sharing with us this morning that we're having great applications.

馬克鮑爾斯 (Marc Powers) 今天早上與我們分享了我們擁有的出色應用程式。

Right.

正確的。

From across the country, we have strength out in the West already with our spring sales.

從全國來看，我們的春季銷售已經在西部地區展現實力。

And we are able to keep up with our customer demand to deliver on a great customer experience by keeping up with the hiring from our hiring pools.

而且，我們能夠滿足客戶的需求，透過不斷擴大我們的招募團隊來提供出色的客戶體驗。

And as we look across the country, we don't think we'll have any issues whatsoever supporting the demand that we'll have this spring across the country as well.

放眼全國，我們認為，在滿足今年春季全國範圍內的需求方面，我們不會有任何問題。

Understood.

明白了。

Then Carol, it seems like your guidance doesn't -- your share repurchase guidance doesn't embed any incremental leverage at the end of the year about 1.8 times.

那麼卡羅爾，似乎你的指導意見沒有——你的股票回購指導意見沒有在年底嵌入任何增量槓桿，大約 1.8 倍。

So can you talk about has the philosophy changed in terms of the leverage level that you will target and sort of what the rationale is behind that?

那麼，您能否談談您所針對的槓桿水平的概念是否發生了變化，以及背後的理由是什麼？

Sure, Chris.

當然，克里斯。

I will take you back to a year ago where we guided share repurchases of 5 billion, and we ended up doing 7 billion.

回顧一年前，我們指導的股票回購金額為 50 億美元，最終我們回購了 70 億美元。

This year, we're guiding of 4.5 billion.

今年我們的預期目標是45億。

We tend not to guide (inaudible) finance share repurchases.

我們傾向於不指導（聽不清楚）金融股票回購。

But our philosophy regarding leverage has not changed.

但我們對槓桿的概念沒有改變。

Our adjusted debt-to-EBITDAR ratio, as you point out, stands at 1.8 times.

正如您所指出的，我們的調整後債務與 EBITDAR 比率為 1.8 倍。

That gives us $2 billion of borrowing capacity.

這給了我們20億美元的借貸能力。

So as we have shown in the past two years, we've guided and then we've done more.

正如我們在過去兩年中所展示的那樣，我們已經進行了指導，並且做得更多。

It's not our intent to let the adjusted debt to EBITDAR ratio drop.

我們無意讓調整後的債務與 EBITDAR 比率下降。

Perfect.

完美的。

Have a great spring, guys.

祝大家春天愉快。

Thanks.

謝謝。

Seth Sigman, Credit Suisse.

瑞士信貸的塞思·西格曼（Seth Sigman）。

Great.

偉大的。

Thanks, and good morning.

謝謝，早安。

Just a question on gross margin maybe for you, Carol.

卡蘿爾，也許你只是想問毛利率。

You guys have a done a great job managing it.

你們在管理方面做得很好。

The guidance for flat seems pretty consistent.

對於平坦的指引似乎相當一致。

Just wondering on the mix if that should be a bigger impact in 2015 than in 2014.

只是想知道這是否會在 2015 年比 2014 年產生更大的影響。

And just generally, are there maybe some offsets there on the positive side like we saw in Q4?

總體而言，是否可能存在一些像我們在第四季度看到的那樣積極的抵消因素？

I guess there is also an expectation for some deflation across the various input costs.

我認為，人們也預期各種投入成本會出現一定程度的通貨緊縮。

So how do you think about that?

那麼您對此有什麼看法？

Well, we think about it very carefully.

嗯，我們仔細考慮了一下。

We start with our approach on where the business is going.

我們首先要了解業務的發展方向。

And we believe that we will have outpaced growth in lower-margin categories just because we haven't fully recovered some of those lower-margin categories.

我們相信，我們的成長速度將會超過低利潤類別，只是因為我們還沒有完全恢復一些低利潤類別。

If you look at peak to trough sales, we have categories that have not fully recovered to the tune of $4 billion of sales.

如果從高峰到低谷的銷售額來看，我們還有一些類別的銷售額尚未完全恢復，達到 40 億美元。

I'll call out one of those; that would be millwork.

我會喊出其中一個；那就是木製品。

Peak to trough is still a billion-dollar opportunity for us.

從峰頂到谷底對我們來說仍然是價值十億美元的機會。

As Ted called out, we had great growth in millwork in the fourth quarter.

正如泰德所說，我們在第四季的木製品業務取得了巨大的成長。

We want those sales to come.

我們希望實現這些銷售。

We want to recover those sales, and so we want to provide plenty of room within our margin guidance to allow for that to happen.

我們希望恢復這些銷售額，因此我們希望在利潤率指導範圍內提供足夠的空間來實現這一目標。

It doesn't mean, however, that we are not focused on productivity.

但這並不意味著我們不關註生產力。

We are focused on productivity.

我們注重生產力。

We will drive productivity.

我們將提高生產力。

But we want to make sure that we leave plenty of room for growth in the categories where the growth will naturally happen.

但我們希望確保在自然成長的類別中留出足夠的成長空間。

And maybe, Ted, you want to give some more color to that.

或許，泰德，你想為它添加一些色彩。

That's right.

這是正確的。

We track our 40 largest classes, and 16 of those have not recovered for peak.

我們追蹤了 40 個最大的班級，其中 16 個班級尚未恢復高峰。

And predominant categories there are in lumber and building materials.

其中主要類別是木材和建築材料。

So we saw great results in those categories in Q4 and expect that going into 2015.

我們在第四季度的這些類別中看到了出色的成績，並且預計這種成績將持續到 2015 年。

So that will be some margin pressure and holding flat is because we see productivity in other parts of the business.

因此，這將對利潤率造成一些壓力，而保持平穩是因為我們看到業務其他部分的生產力。

Seth, I think if you look back at the guidance we've given over the past several years in terms of how we would actually deliver, it's been a combination of expense control and increasing our op margin.

塞斯，我認為，如果回顧過去幾年我們給出的有關實際交付情況的指導，你會發現，我們的指導方針是費用控制和提高營業利潤率的結合。

That has always played out just a little bit differently than the way we planned it based on what happens in the marketplace.

根據市場情況，事情的發展總是與我們計劃的一點點不同。

So we'll remain focused on productivity and the pressures in the market and how we want to apply our pressure in the market will ultimately determine where those two lines fall.

因此，我們將繼續關註生產力和市場壓力，而我們如何在市場中施加壓力最終將決定這兩條線的位置。

Okay.

好的。

Thank you.

謝謝。

That's helpful.

這很有幫助。

And then maybe just one follow-up.

然後可能只需要一次後續行動。

As you look at trends on the ticket side, big tickets -- nice to see the improvement there.

當您查看門票方面的趨勢時，很高興看到大額門票有所改善。

Maybe more from a merchandising perspective, are there still areas where you can push up pricing, whether it's adding more technology or adding different brands to the mix?

也許從商品推銷的角度來看，是否還有可以提高價格的領域，無論是增加更多技術還是添加不同的品牌？

Well, I wouldn't say we specifically look at pushing up pricing, but we certainly -- as we've talked (technical difficulty) support portfolio and applying our merchandising planning tools on assortments, we've seen that when we offer innovation and a better assortment, the customer has followed those price points.

嗯，我不會說我們專門考慮提高價格，但我們確實——正如我們所談論的（技術難度）支援組合和將我們的商品規劃工具應用於商品組合時，我們發現，當我們提供創新和更好的商品組合時，客戶就會遵循這些價格點。

But, again, we're letting the customer take us there and showing great assortments and innovative product, and the customer is responding.

但是，我們再次讓客戶帶我們去那裡，展示精彩的品種和創新產品，客戶也在回應。

I think two great examples of that are what's happened over the years in lithium technology and LED.

我認為兩個很好的例子就是多年來鋰技術和 LED 領域的進展。

Clearly, the customer is willing to spend a higher ticket for those products because of the benefit they get from them.

顯然，顧客願意花更高的價格購買這些產品，因為他們能從中獲益。

Okay, great.

好的，太好了。

Thanks very much.

非常感謝。

Aram Rubinson, Wolfe Research.

阿拉姆·魯賓遜（Aram Rubinson），沃爾夫研究公司。

A couple of things.

有幾件事。

Can you talk about the inventory a little bit, Carol?

卡羅爾，你能談談庫存嗎？

I know you mentioned that there was some FX element, but it still would've only risen 2% on kind of an adjusted basis.

我知道您曾提到其中存在一些外匯因素，但經過調整後它仍然只會上漲 2%。

So I'm curious whether or not you've had shortages getting inventory in or whether you're just getting more efficient on that line because the turns would have improved pretty significantly with or without that adjustment.

所以我很好奇你們在庫存方面是否遇到短缺，或者你們的生產線是否提高了效率，因為無論是否進行這種調整，週轉率都會得到顯著改善。

Well, I think our supply chain team has done a masterful job of managing a very difficult situation.

嗯，我認為我們的供應鏈團隊在處理非常困難的情況方面做得非常出色。

And for sure, we've had some challenges on the West Coast.

當然，我們在西海岸遇到了一些挑戰。

But if you recall, last year we had challenges domestically because of Snowmageddon (laughter).

但如果你還記得的話，去年我們因國內大雪災而面臨挑戰（笑聲）。

So when you work it all out, our inventory business is in pretty good shape.

所以，當你把所有問題都解決之後，你會發現我們的庫存業務狀況非常好。

We are on a march to get to a 5-times turn.

我們正在朝著五倍轉變邁進。

On the guidance that we gave you this morning, we are not going to get there in 2015.

根據我們今天早上給您的指導，我們不會在 2015 年實現這一目標。

We are very careful here.

我們在這方面非常小心。

We don't want to go out of stock.

我們不想缺貨。

Also productivity and inventory, it will go up another 10th or so in 2015, but we don't want to do this in a way that would put harm in our business.

此外，生產力和庫存將在 2015 年再增加十分之一左右，但我們不想以有損於業務的方式進行。

And our in-stock rates are really pretty good.

而且我們的庫存率確實相當不錯。

We've shared with you in the past that our number one priority is in-stock.

我們過去曾與大家分享過，我們的首要任務是確保庫存。

Clearly, we will focus on inventory productivity, but that can't come at the expense of in-stock.

顯然，我們將重點放在庫存生產率，但這不能以犧牲庫存為代價。

And Mark, I don't know if you want to -- Mark Holifield is here.

馬克，我不知道你是否願意——馬克·霍利菲爾德就在這裡。

I don't know if you want a comment a little bit on the question around the port.

我不知道您是否想就有關港口的問題發表一些評論。

Yes, good morning.

是的，早安。

Transportation has been a challenge.

交通一直是個挑戰。

Clearly, the West Coast port situation has been tough, with 12- to 16-day delays there generally in getting our import product in.

顯然，西海岸港口的情況很艱難，我們的進口產品通常需要延誤 12 到 16 天。

But we have been able to get that product through.

但我們已經能夠讓該產品通過。

There is a fair amount of uncertainty what the new normal will be once the ports get back to normal.

一旦港口恢復正常，新的常態將會是怎樣，還有相當大的不確定性。

But we will continue to leverage our supply chain to drive inventory turns and, most importantly, in-stock.

但我們將繼續利用我們的供應鏈來推動庫存週轉，最重要的是，保持庫存。

All right.

好的。

Well, good job driving the comp like that without great logistics backdrop.

好吧，在沒有良好物流背景的情況下，能夠如此順利地推動公司發展，真是不錯。

The follow-up, if I can, is just in terms of categories, you gave us some characterization of the growth in certain categories.

如果可以的話，後續問題只是從類別方面，您對某些類別的成長給出了一些特徵。

Can you tell us where maybe you're seeing either outsized market share gains or maybe even some market share losses, and maybe where in 2015 you're putting your big foot forward?

您能否告訴我們，在哪些方面您的市佔率可能會大幅增加，或甚至可能會有所損失？

Well, I'd say that we saw market share gains across (technical difficulty) categories we track, with public information gain share in 11 of those categories.

嗯，我想說的是，我們所追蹤的各個（技術難度）類別的市場份額都有所增長，其中 11 個類別的公共資訊份額有所增長。

So it was pretty broad based.

因此它的基礎相當廣泛。

I think those same categories are likely to continue into 2015.

我認為這些相同的類別很可能會持續到 2015 年。

We're very excited about our new paint Color Solutions center.

我們對我們的新油漆色彩解決方案中心感到非常興奮。

We're going to invest in another 170 stores in expanding appliances.

我們將對另外 170 家門市進行投資，擴充電器。

You've heard us talk about our hardset flowing.

您已經聽過我們談論我們的硬核流動。

We are also going to reset the end bay hardset flooring this year, which is great new tile product, a lot of wood tile that are getting up to two and three feet in length.

我們今年還將重新設置端艙硬地板，這是一種很棒的新型瓷磚產品，許多木磚長達兩到三英尺。

So all that new, exciting product is going to be coming into the store.

因此，所有這些新穎、令人興奮的產品都將進入商店。

We continue to invest in our tool center, so you so the double-digit comps really across the board in our power tool categories.

我們將繼續對我們的工具中心進行投資，因此，您會看到我們電動工具類別中的兩位數的銷售額確實全面增長。

That's great innovative product, but we've also been going back every year doing a couple hundred stores and refreshing our tool crib.

這是一款很棒的創新產品，但我們每年也會回去參觀幾百家商店並更新我們的工具庫。

So we will continue with all of those initiatives and look to take more share.

因此，我們將繼續執行這些舉措並尋求獲得更多份額。

Okay.

好的。

Best of luck.

祝你好運。

Thank you for the call.

謝謝您的來電。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

Thanks.

謝謝。

Good morning, and very nice results.

早上好，結果非常好。

A question on sales.

關於銷售的一個問題。

Some nice acceleration this quarter.

本季取得了一些不錯的進展。

Can you attribute it to either the underlying home-improvement market getting stronger?

您能將其歸因於潛在的家居裝飾市場日益強勁嗎？

I don't know if there was any recovery you can detect post breach.

我不知道在違規行為發生後是否可以檢測到任何恢復。

I'm not sure this segment is very gasoline price sensitive, but to any extent you think that could have played a role.

我不確定這個部分是否對汽油價格非常敏感，但你認為在某種程度上這可能發揮了作用。

A couple of comments, and then I will ask Carol to comment as well.

有幾則評論，然後我會請卡羅爾也發表評論。

So as it relates to the gasoline, we've looked hard over the years to try to look at correlation gas prices to sales, and we have not been able to draw that correlation.

因此，就汽油而言，多年來我們一直在努力研究汽油價格與銷售之間的關聯，但卻未能得出這種關聯。

Clearly, it is a positive thing when a customer has more disposable income in their pocket.

顯然，當顧客口袋裡有更多的可支配收入時，這是一件好事。

So even though we can't draw the correlation, that is a good news thing for us.

因此，儘管我們無法得出相關性，但這對我們來說還是一個好消息。

I'd also say that we were very pleased with the level of transaction growth that we had in the quarter.

我還想說，我們對本季的交易成長水準非常滿意。

Matter of fact, it was above what we had anticipated.

事實上，它超出了我們的預期。

And I think in large part that's a strong response to the great programs that Ted called out in terms of the events that we put together and just awesome execution by our store associates as well.

我認為，很大程度上這是對泰德所呼籲的偉大計劃的強烈回應，就我們組織的活動而言，以及我們店員的出色執行而言。

Maybe a few other data points we'd throw on our Pro customer for known data sets, and this would be looking at private-label credit card sales for our Pros as well as Pros who are a managed account -- saw growth in those Pros that was above the Company average.

我們可能會向我們的專業客戶提供一些其他已知數據集的數據點，這將包括查看我們的專業人士以及託管帳戶的專業人士的自有品牌信用卡銷售情況——這些專業人士的增長高於公司平均水平。

And that then is supported by the merchandise strength that Ted called out in his comments.

這得到了泰德在評論中提到的商品實力的支持。

On the housing front, the data is really pretty interesting.

在住房方面，數據確實非常有趣。

Relative to what we thought would happen, home prices came in in the year I think around 4%.

相對於我們預期的情況，我認為今年的房價上漲了 4% 左右。

Thought they'd be in the 5% or 6% area.

我以為他們會在 5% 或 6% 的區域。

So they were up not as much as we thought but pretty much in line with what we thought.

因此，它們的漲幅沒有我們想像的那麼多，但與我們的預期基本一致。

Turnover was actually down slightly, which is really interesting.

營業額實際上略有下降，這真的很有趣。

We thought we'd get a boost from turnover in 2014.

我們認為 2014 年的營業額會有所提升。

Actually, it was down slightly.

事實上，它略有下降。

The good news is the forecast is it will be up in 2015, which gives us a lot of confidence for the guidance that we just gave for the full year.

好消息是，預計 2015 年產量將會上升，這讓我們對剛剛給出的全年預期充滿信心。

The other thing I'll throw out there, we're spending some time researching.

我要說的另一件事是，我們正在花一些時間進行研究。

We don't have a good point of view.

我們沒有一個好的觀點。

And maybe you want to do some of this as you do your research.

也許您在進行研究時想要做其中的一些事情。

There's this -- research was done 10 years ago about a wealth effect on home price appreciation and how it might be a six- to nine- to 12-month lag.

十年前有人研究過財富效應對房價升值的影響，以及它如何會存在 6 到 9 到 12 個月的延遲。

And if that were to be true, then you could attribute some of the benefit in the fourth quarter to the home price appreciation that occurred in 2014.

如果這是真的，那麼你可以將第四季的部分收益歸因於 2014 年房價上漲。

We haven't formally formulated our thoughts there.

我們還沒有正式在那裡表達我們的想法。

We're studying this as -- this is research that's, again, 10 years old.

我們正在研究這一點——這也是一項已有 10 年歷史的研究。

But we're looking into that because we think we find it to be very intriguing research.

但我們正在研究這個問題，因為我們認為這是一項非常有趣的研究。

Thank you.

謝謝。

And my follow-up is regarding, I guess, sales and leverage.

我想，我的後續問題與銷售和槓桿有關。

Carol, you mentioned expense dollars; I guess, growth 40%, and you said some of it is a little bit more spending.

卡羅爾，你提到了費用美元；我猜，成長 40%，而你說其中一些是多了一些支出。

If sales growth ends up being better than your guidance and you mentioned some of the higher-ticket categories, I guess some of the big building material areas getting better.

如果銷售成長最終好於您的預期，並且您提到了一些價格較高的類別，那麼我猜一些大型建築材料領域的情況會好轉。

And so maybe there is a reason that you see a better top line next year.

所以也許有理由相信明年的營收會更好。

Does that mean you'll still spend at that rate to get 40% -- I mean, 40% growth, or will you allow that to flow through to the bottom line?

這是否意味著您仍將按照該速度支出以獲得 40% 的成長，還是您會允許其流向底線？

It really depends on how the sales growth comps.

這實際上取決於銷售成長情況。

As you know, we have an activity-based staffing model inside of our stores, and payroll is our largest.

如您所知，我們的商店內部採用基於活動的人員配置模式，而薪資單是我們最大的開支。

If the outperformance was solely in the form of transactions, the expense growth factor would be more along the lines of 40%.

如果優異表現僅體現在交易方面，費用成長因素將更接近 40%。

If, however, it came through the ticket, it would all fall to the bottom line.

然而，如果透過票證支付，那麼一切都將落到底線。

So it really depends on how the selling comes.

所以這其實取決於銷售情況。

Okay.

好的。

Thanks.

謝謝。

Good luck.

祝你好運。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Good morning.

早安.

A couple of questions.

幾個問題。

First off, with respect to the capital allocation and the buyback, I'm looking at the numbers you laid out today, the new $18 billion buyback (inaudible), should we expect some type of maybe philosophical change between how you allocate capital between buybacks and dividends going forward, or would the split largely remain the same?

首先，關於資本配置和回購，我正在查看您今天列出的數字，新的 180 億美元回購（聽不清楚），我們是否應該預期您在回購和股息之間分配資本的方式會發生某種哲學上的變化，還是分割方式基本上保持不變？

I would say we're not looking for any major change as you go forward.

我想說的是，我們並不期待未來會有任何重大改變。

We review our capital allocation approach with our Board on a quarterly basis.

我們每季與董事會一起審查我們的資本配置方法。

And so if you look at what the Board just authorized in terms of share repurchase, we've spelled out what we put into the plan based on excess cash.

因此，如果你看看董事會剛剛批准的股票回購計劃，你會發現我們已經根據過剩現金詳細說明了我們納入計劃的內容。

But clearly, it implies that we'll do more than that given what the authorization was just put forth with.

但顯然，這意味著，根據剛剛提出的授權，我們將會做更多的事情。

And I would say, Brian, that our commitment to the dividend is solid.

布萊恩，我想說，我們對股利的承諾是堅定的。

Could it be higher?

還能更高嗎？

That's subject to the Board's decision.

這取決於董事會的決定。

Would it be lower?

會不會更低？

No.

不。

So that gives you an idea of what might happen over time in terms of its changing shifts between the percentage of dollars that go to dividend and share repurchase.

這樣，您就可以了解，隨著時間的推移，用於股息和股票回購的資金百分比之間可能發生的變化。

Got it.

知道了。

And as far as my follow-up, you talked a lot about currency and the translation impact.

就我的後續問題而言，您談了很多關於貨幣和翻譯的影響。

I guess the negative translation you expect negative translation impact of 2013.

我猜你預期的負面翻譯會對 2013 年的負面翻譯產生影響。

As we think about the gross margin and your guidance for essentially a flat gross margin in 2015, is there some type of benefit you'll get from the sourcing side with a stronger US dollar that maybe factors into that gross margin guidance, or could it potentially represent some upside?

當我們考慮毛利率以及您對2015年基本持平的毛利率的指導時，美元走強是否會從採購方面給您帶來某種好處，這可能會影響到毛利率指導，或者可能帶來一些好處？

So for the products that we source outside the United States from the United States, most of that is denominated in dollars because the currency footprint of our suppliers, even though may be physically located outside the United States, the currency footprint is dollar-denominated.

因此，對於我們從美國境外採購的產品，大部分都是以美元計價的，因為我們的供應商的貨幣足跡，即使實際位於美國境外，也是以美元計價的。

So we don't see a lot of purchasing power benefits in that regard.

因此，我們並沒有看到這方面的購買力優勢。

I will say that actually there's a slight amount of risk in Canada because Canada buys, in US dollars, a small portion.

我想說的是，加拿大實際上存在一點風險，因為加拿大隻以美元購買了一小部分。

Now, we've hedged away most of -- and that's a transaction exposure.

現在，我們已經對沖了大部分交易風險。

We've hedged most of that away.

我們已經對其中大部分進行了避險。

So I'm not worried about it.

所以我並不擔心。

That's why we've guided flat for the year.

這就是我們預計今年業績將持平的原因。

I wanted to share that with you.

我想與你們分享這一點。

Congrats again.

再次恭喜。

Thank you.

謝謝。

Michael Lasser, UBS.

瑞銀的麥可‧拉瑟 (Michael Lasser)。

Carol, I was hoping you could dig a little deeper into some of the comments that you just made about home prices and perhaps that being the driver of the strong performance over the last several quarters.

卡羅爾，我希望您能更深入地談談您剛才對房價的評論，以及房價也許是過去幾季強勁表現的驅動因素。

Is that your hypothesis that the reason why the business performed so much better than what would be suggested by a straight GDP model and despite the fact that housing didn't live up to what you had expected it to be in 2014, the business performed very well due in part to a delayed response to home prices?

您的假設是，為什麼公司業績遠好於直接 GDP 模型所顯示的業績，儘管 2014 年房屋市場沒有達到您的預期，但公司業績良好部分原因是由於對房價的反應延遲？

Or is there some other factor like a catch-up in spending as a result of pent-up demand?

或者是否有其他因素，例如因被壓抑的需求而導致的支出追趕？

Well, see, this is the question, isn't it?

嗯，瞧，這就是問題所在，不是嗎？

And we're trying to get behind it.

我們正在努力支持它。

Because if you look just at our model, we way outperformed what the model would have projected.

因為如果你只看我們的模型，我們的表現遠遠超出了模型的預測。

Now, Ted shared with you the market share gains that we enjoyed.

現在，泰德與大家分享我們所取得的市場份額成長。

So we know that was a driver of it.

所以我們知道這是導致這現象的一個原因。

But I think there's something else going on.

但我認為還有其他事情發生。

Is it delayed factor?

是延遲因素嗎？

We don't know.

我們不知道。

We're studying this research.

我們正在研究這個問題。

It's 10 years old, but we're studying it.

它已經有 10 年歷史了，但我們正在研究它。

Could it be this?

難道是這個？

There have been 3.6 million single-family homes added to the rental stock between 2006 and 2013.

2006年至2013年間，出租房屋數量增加了360萬套。

That 3.6 million homes, they are under-maintained.

這 360 萬戶房屋維護不足。

As those homes are moving out of rental into home ownership, they badly need a remodel.

隨著這些房屋從出租房屋轉變為自有房屋，它們迫切需要改造。

And in fact, the Harvard Joint Center for Housing Studies said that 2014 was the first year since 2005 where remodel dollars are up.

事實上，哈佛大學住房研究聯合中心表示，2014 年是自 2005 年以來住房改造費用首次上漲的一年。

So could it be some of that?

那麼可能是其中的一部分嗎？

I think the answer is yes.

我認為答案是肯定的。

Michael, we're doing a lot of work in this regard.

邁克爾，我們在這方面做了很多工作。

And as we formulate our thoughts here, we will certainly come back and share them with you.

當我們在這裡形成我們的想法時，我們一定會回來與你們分享。

Could it also be that maybe not only have the way that consumers looked at home improvement spending evolved, but also the way that consumers have looked at the Home Depot store evolved, given that you've expanded the penetration of six categories like appliances and consumables like cleaning supplies.

是因為您已經擴大了家用電器和清潔用品等消耗品等六個類別的滲透率，所以不僅消費者看待家裝支出的方式發生了變化，而且消費者看待家得寶​​商店的方式也發生了變化？

So do you think that's a part of it as well?

那麼您認為這也是其中的一部分嗎？

And I guess the question is how sustainable is it?

我想問題在於它的可持續性如何？

Have you seen any slowdown in February as a result?

因此，您是否發現二月的經濟放緩？

I think it's fair to say that we have and continue to evolve the offering in the store.

我認為可以公平地說，我們已經並將繼續改進商店提供的服務。

There's no doubt about that.

毫無疑問。

Ted called out some of the investments that we've made, whether that be in appliances, whether it be in flooring.

泰德列舉了我們所做的一些投資，無論是在電器方面，還是在地板方面。

As you pointed out, the expansion in categories like cleaning, which is a great repeat business for us, it's a consumable -- I think it also goes to the hard work and effort that our store operations and all of our store associates have done over the past couple of years to restore the service in our stores.

正如您所指出的，清潔等類別的擴展，對於我們來說是一項很好的重複業務，它是一種消耗品——我認為這也歸功於我們的門店運營和所有門店員工在過去幾年中為恢復我們門店的服務所做的辛勤工作和努力。

So I think we have a better experience for our stores.

所以我認為我們的商店有更好的體驗。

Likewise, we can't forget the growth of the interconnected opportunity that we have.

同樣，我們也不能忘記我們擁有的連網機會的成長。

And we're seeing the customer engage with the Home Depot across multiple channels.

我們看到客戶透過多種管道與家得寶進行互動。

Almost 40% of all of our transactions on HomeDepot.com actually finish in one of our Orange Box stores.

HomeDepot.com 上幾乎 40% 的交易實際上是在我們的一家 Orange Box 商店完成的。

So there's a lot of change that's happening in the retail environment right now, and we feel good about the offerings that we're putting out to our customers and driving value as well as the opportunity going forward to continue to do that.

目前零售環境正在發生許多變化，我們對於向客戶提供的產品和推動的價值以及未來繼續這樣做的機會感到滿意。

And earlier in the call in response to a question, I said that the first quarter is planned to be our highest comping quarter.

早些時候在電話會議上回答問題時，我說過，第一季計劃成為我們營收最高的季度。

Looking at our results February to date, we are on our plan.

從二月至今的業績來看，我們正在按照計畫進行。

Awesome.

驚人的。

Thank you so much, and good luck with spring.

非常感謝，祝春天好運。

Thank you.

謝謝。

Matthew Fassler, Goldman Sachs.

高盛的馬修法斯勒。

Thanks a lot.

多謝。

Good morning.

早安.

I have a couple of sales questions, and the first relates to online.

我有幾個關於銷售的問題，第一個與線上有關。

If you could just help us out with the math of the contribution of the online business to comps.

如果您能幫我們計算一下線上業務對同店銷售額的貢獻的話。

And then also qualitatively give us a sense if you've been able to measure what proportion, if any, of the online business that you're doing is incremental to Home Depot from a customer perspective.

然後從定性的角度讓我們了解您是否能夠衡量從客戶角度來看，您所做的線上業務對家得寶有何增量？

The answer to your first question is dotcom contributed 100 basis points to our comp in Q4, 110 basis points for the year.

你第一個問題的答案是，網路公司在第四季為我們貢獻了 100 個基點，全年貢獻了 110 個基點。

In terms of incrementality --

就增量而言——

I mean, largely, we're seeing growth in category both in-store as well as online.

我的意思是，總體而言，我們看到店內和網路上的商品類別都在成長。

We have seen a few categories during 2014 like patio make a harder shift to the online space in large part because the digital capabilities allows us to do things like select your own cushions, which would be extremely difficult to execute in the store.

2014年，我們發現一些品類（例如露台產品）向線上管道的轉變更加困難，很大程度上是因為數位化功能讓我們能夠進行諸如選擇自己的墊子之類的操作，而這些操作在商店中是極難實現的。

Got it.

知道了。

And then my second question, your comps in the big-ticket category for big-ticket transactions have continued to surge.

然後我的第二個問題是，你們在大額交易的大額類別中的可比價格持續飆升。

And presumably that relates both to categories like appliances but also to projects.

據推測這既與電器等類別有關，也與項目有關。

So can you give us a sense as to whether you find projects as an asset class if you all are kicking in and what that typically means for the foregone sales?

那麼，您能否告訴我們，如果您都參與進來，您是否將專案視為一種資產類別，以及這通常對放棄的銷售意味著什麼？

Because those typically, I would imagine, last for some time.

因為我想像這些通常會持續一段時間。

Certainly appliances, in our installation categories, we had double-digit comps in our services businesses.

當然，在我們的安裝類別中，家用電器在我們的服務業務中實現了兩位數的同比增長。

Those are helping the ticket.

這些都是對票有幫助的。

But as we do some more projects, and those are when we tend to see more the lumber and building material product in the basket, those are increasing.

但隨著我們開展更多的項目，我們往往會在籃子中看到更多的木材和建築材料產品，這些產品的數量正在增加。

We've watched units per basket very carefully.

我們非常仔細地觀察了每個籃子的單位數。

And for years, as you can imagine, those were going down.

你可以想像，多年來，這些數字一直在下降。

We're now starting to see modest increases in our units per basket, and that does speak to project work.

我們現在開始看到每籃單位數量略有增加，這確實說明專案工作進展順利。

And your experience over time -- and I know it's been a while since we have been able to talk about an upturn in this metric -- is that something that tends to endure for a while as projects gain momentum?

而您的長期經驗是——我知道我們已經有一段時間沒有談論過這個指標的上升了——隨著專案的發展勢頭，這種上升趨勢是否會持續一段時間？

It's been such a long time since we've had this experience.

我們已經很久沒有這樣的經驗了。

We should go back and look at it.

我們應該回去看看。

I don't know how to answer that question.

我不知道如何回答這個問題。

Thanks a lot, guys.

非常感謝大家。

I really appreciate it.

我非常感激。

Jaime Katz, Morningstar.

晨星公司的 Jaime Katz。

Good morning.

早安.

Following up on some of the economic questions from earlier, I know you guys usually talk about funding standards and how credit availability has changed.

接下來是之前提出的一些財務問題，我知道你們通常會談論融資標準以及信貸可用性如何變化。

Could you add some commentary on that this quarter?

您能對本季的情況發表一些評論嗎？

I'm happy to.

我很樂意。

It's still tight.

還是很緊。

As we think about the recovery and steepness of recovery, it could be accelerated if mortgage underwriting standards were to be loosened up.

當我們思考復甦和復甦的幅度時，如果放鬆抵押貸款承保標準，復甦可能會加速。

We've looked at surveys of bankers, and there's been a small, small percentage of them who've said they were loosening up on underwriting standards, but it still very tight.

我們查看了對銀行家的調查，其中有一小部分人表示他們正在放鬆承保標準，但仍然非常嚴格。

Okay.

好的。

And then as a follow-on, have you guys changed your longer-term thoughts on the potential of either the Canadian or Mexico business?

然後作為後續問題，你們是否改變了對加拿大或墨西哥業務潛力的長期想法？

And just any sort of added information you have on either of those businesses would be helpful.

而且，只要您提供關於這兩家公司的任何附加信息，都會很有幫助。

We're very pleased with both our business in Canada as well as Mexico delivering great performance year after year after year.

我們對加拿大和墨西哥的業務年復一年的出色表現感到非常高興。

And so we continue to be focused on driving the business not only here in the US but throughout North America.

因此，我們將繼續致力於推動業務發展，不僅在美國，而且在整個北美。

Our businesses are very profitable in those countries.

我們的業務在這些國家利潤豐厚。

In 2015, we will open six stores: 5 in Mexico, 1 in Canada.

2015年，我們將開設6家門市：墨西哥5家，加拿大1家。

That's proof positive of how bullish we are of those businesses.

這充分證明了我們對這些業務的樂觀態度。

Excellent.

出色的。

Thank you.

謝謝。

Mike Baker, Deutsche Bank.

德意志銀行的麥克貝克。

Thanks.

謝謝。

A couple of questions on the comp.

關於電腦的幾個問題。

Just to clarify, Carol, what did you say about the comp progression?

卡羅爾，只是想澄清一下，你對電腦進度有什麼看法？

I heard it as expenses when you were talking about it.

當你談論它時，我將其視為費用。

So could you just repeat what you said about the comp progression through the year?

那麼，您能否重複一下您所說的關於全年薪資成長的情況？

And then I have a follow-up to that.

然後我會對此進行跟進。

Yes, I started talking about the top line when I said if you look at the business by halves, the comp was very tight first half versus second half.

是的，當我開始談論營業收入時，我說過，如果你把業務分成兩半來看，上半年與下半年的比較非常緊張。

And then if you break it apart by quarter, we believe that the first quarter would be our strongest comping quarter; the second quarter, our lowest comping quarter; and then the third and fourth quarter, about the same.

如果按季度細分，我們認為第一季將是我們業績最強勁的季度；第二季是我們年比獲利最低的季度；第三季和第四季也差不多。

I understand.

我明白。

Okay.

好的。

Thank you.

謝謝。

And then I guess related to that, I'm just curious how -- I mean, I guess you talked about February a little bit.

然後我想與此相關，我只是好奇——我的意思是，我想你談到了二月。

But how does weather impact you guys in February?

但是二月的天氣對你們有什麼影響呢？

I think there are ice storms down in North Carolina, and it's been crazy up here in Boston.

我認為北卡羅來納州發生了冰暴，波士頓這邊的情況也很瘋狂。

So part of me thinks that that's a positive people are buying a lot of snow removal and heating and the like.

因此，我部分認為這是一件好事，人們正在購買大量除雪和取暖等產品。

But are you losing out when you normally would be seeing some early spring business in some of the Southern areas in February?

但是，如果您通常可以在二月在某些南部地區看到一些早春生意，那麼您會錯過機會嗎？

And so how do I think about that?

那我該如何看待這個問題呢？

How does that net out?

淨結果如何？

Thanks.

謝謝。

Well, it's interesting.

嗯，很有趣。

As we sit here looking out the window, we have snow in Atlanta.

當我們坐在這裡向窗外望去時，亞特蘭大正下著雪。

A dusting, if it were.

如果可以的話，那就撣掉灰塵吧。

The weather, obviously, is there in some form every year, which is why we look at the business on halfs when it comes to the seasonal businesses.

顯然，天氣每年都會以某種形式存在，這就是為什麼我們在談到季節性業務時會以一半的時間來看待業務。

When you have weather, clearly your exterior businesses -- when the weather is tough, exterior businesses pull back.

當天氣惡劣時，顯然您的外部業務—當天氣惡劣時，外部業務就會減少。

You're able to sell through the winter category goods.

您可以銷售冬季類別的商品。

And then when the weather improves, you begin to see the outdoor businesses.

當天氣好轉時，你會開始看到戶外業務。

So we very much -- it's very early on in the beginning of the year here, and expect that weather over the half will play out as it does every year.

因此，我們非常 — — 現在正值年初，我們預計今年上半年的天氣狀況將與往年一樣。

This is our third now brutal end to winter.

這是我們第三次經歷殘酷的冬天。

In each of the prior two, we had excellent recovery.

在前兩場比賽中，我們都取得了很好的恢復成績。

And it's still very early this year.

今年還為時過早。

Right, okay.

好的，好的。

Makes sense.

有道理。

If I could add one more follow-up, the $18 billion in buybacks over the next three years, it sounds like you don't need any incremental debt to get there, in your view.

如果我可以再補充一點，那就是未來三年 180 億美元的回購，聽起來你不需要任何增量債務來實現這一目標。

Well, to accelerate it, we'd like to -- we would obviously raise some incremental debt.

嗯，為了加速這一進程，我們顯然願意增加一些增量債務。

Sorry, could you repeat that?

抱歉，你能重複一遍嗎？

I'm sorry if I wasn't clear.

如果我沒有表達清楚，很抱歉。

In order to accelerate and get it done before 2017 -- for example, if we did more this year than we've guided -- we would raise incremental debt.

為了加速並在 2017 年之前完成目標 - 例如，如果我們今年的完成情況超出預期 - 我們將增加增量債務。

Understood, understood.

明白，明白。

Okay, thank you.

好的，謝謝。

Scot Ciccarelli, RBC Capital Markets.

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

Can you provide a bit more color on the Pro business?

能否詳細介紹一下 Pro 業務？

Historically, you've helped us understand what the trends are within some of the bigger Pros versus smaller Pros.

從歷史上看，您幫助我們了解一些較大的專業公司和較小的專業公司之間的趨勢。

And then also, Carol, to -- or Carol or Craig, to the degree that you can, can you tell us what you're seeing in some of the tests on the credit extension to the Pros?

然後，卡羅爾，或者卡羅爾或克雷格，在你們可以的範圍內，你能告訴我們你在對專業人士的信貸延期進行的一些測試中看到了什麼嗎？

So in the Pro business overall, as Ted called out, when you look at businesses that we have, they are heavily penetrated by the Pro.

因此，就 Pro 業務整體而言，正如 Ted 所說，當您查看我們的業務時，會發現它們已被 Pro 嚴重滲透。

We had very strong results.

我們取得了非常好的成績。

We see the Pro coming back.

我們看到 Pro 回歸了。

Candidly, we've lost a little bit of visibility with the breach and changeover of cards for the Pro, and our ability to track that is clearly as what we had prior to the breach.

坦白說，由於 Pro 版卡的洩漏和更換，我們的可見性有所下降，而且我們追蹤該情況的能力顯然與洩漏之前一樣。

But all indications that we have, as Carol called out, indicate that we had a very strong quarter with the pro, and we look to see that continue as we move into 2015.

但正如卡羅爾所說，所有跡像都表明，我們在本季度的職業表現非常強勁，我們希望這種勢頭在 2015 年能夠繼續延續。

And on the credit side, for our private-label credit card the approval rates for our Pro customers are 71.2%.

在信貸方面，對於我們的自有品牌信用卡，我們的專業客戶的批准率為 71.2%。

That's actually higher than the approval rates for our consumer customers.

這實際上高於我們的消費者客戶的認可率。

Because we're coming back with a second look.

因為我們會再回來看一眼。

If a Pro applies for credit and is denied, we do a second look.

如果專業人士申請信貸並被拒絕，我們會進行第二次審查。

And a second look has actually helped us bump up that approval rate, so we're pleased with that.

第二次審查實際上幫助我們提高了批准率，所以我們對此感到滿意。

The average line is $6,900, so very pleased with our private-label card.

平均限額為 6,900 美元，因此我們對我們的自有品牌卡非常滿意。

And to your question, Scot, particularly about extended terms, we do have a pilot underway in a number of stores with the extended terms.

史考特，關於你的問題，特別是關於延長期限的問題，我們確實已經在多家商店進行了延長期限的試行。

These are terms that you can't find anywhere else, and our Pros are responding very well to that.

這些術語您在其他任何地方都找不到，我們的專業人士對此反應非常好。

So stay tuned for more information on that topic.

因此請繼續關注有關該主題的更多資訊。

Okay.

好的。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Kayla, we have time for one more question.

凱拉，我們還有時間再問一個問題。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

I guess I'm going to go with a couple of follow-ups.

我想我將進行一些後續行動。

One is on inflation and then on e-commerce.

一是通貨膨脹，二是電子商務。

It was a bit of inflation in the quarter.

本季出現了一些通貨膨脹。

I assume in the outlook, though, you don't assume any.

不過，我認為從前景來看，你不會做任何假設。

Is that correct?

那正確嗎？

Greg, that's right.

格雷格，沒錯。

Our outlook is inflation neutral.

我們對通膨的展望是中性的。

Okay.

好的。

And then a little deeper on e-commerce, thanks for the data there.

然後更深入地了解電子商務，感謝那裡的數據。

It seems like you're about a $4 billion business now.

看起來你的企業現在價值約 40 億美元。

Could you tell us how it's actually impacting the profitability in the margins?

您能告訴我們它實際上是如何影響利潤率的嗎？

I know you had one online for film and center was up and running; you were talking about doing another one.

我知道你們有一個線上電影中心並且已經啟動並運行；你正在談論做另一件事。

And have we reached a point where we're actually starting to leverage that business so that year over year it's no longer a drag on margin?

我們是否已經達到了開始真正利用該業務的程度，以便它不再逐年拖累利潤？

Thanks.

謝謝。

I will start with a comment, and then Kevin Hoffmann is here, who runs our online business.

首先我想發表一下評論，然後是負責我們線上業務的凱文霍夫曼 (Kevin Hoffmann)。

I will let him add to it.

我會讓他補充內容。

If you look at the overall business, again, pleased.

如果你看一下整體業務，你會再次感到高興。

We grew $1 billion in our online space.

我們的網路業務成長了 10 億美元。

We see this largely as additive to the business overall.

我們認為這對整個業務來說很大程度上是一種補充。

And we manage this on a portfolio basis.

我們根據投資組合來管理這一點。

When you think about almost 40% of our transactions touching and interacting in the store, it's kind of hard to parse out the pure e-commerce, if you will.

當你考慮到我們幾乎 40% 的交易都是在商店中接觸和互動時，你就很難分析出純粹的電子商務。

We look at the margin overall in the business as a blended margin.

我們將整個業務的利潤率視為混合利潤率。

Having said that, there are categories that it's more profitable to drive online, and there's categories that are clearly the store is the best business model.

話雖如此，有些品類透過線上銷售能帶來更多利潤，而有些品類顯然實體店銷售才是最佳的商業模式。

And we'll continue to look at that, and we continue to do things like invest in our direct fulfillment centers to be able to drive efficiency in that business.

我們將繼續關注這一點，並繼續採取措施，例如投資我們的直接履行中心，以提高該業務的效率。

Kevin, I don't know if you want to update on the fulfillment centers.

凱文，我不知道您是否想了解履行中心的最新情況。

Yes, so we've successfully ramped up our first two facilities, one in Georgia and one in California, and they are doing very, very nicely.

是的，我們已經成功擴大了我們的前兩個工廠，一個在喬治亞州，一個在加利福尼亞州，而且它們的運作非常非常好。

And we have a third facility under construction.

我們還有第三個工廠正在興建中。

And look forward to fully leveraging those and stocking those and delivering great service to the customers.

並期待充分利用這些資源、儲存這些資源並為客戶提供優質服務。

So really, really pleased with how fast it's come online.

我真的非常高興它上線的速度如此之快。

So if I could follow up to that, Carol, if you look at the 60 bps of EBIT margin expansion this year, do you assume that this development and building the business in those facilities is a headwind or actually a tailwind at this point?

所以如果我可以跟進這個問題的話，卡羅爾，如果您看看今年 60 個基點的息稅前利潤率擴張，您是否認為這些設施的開發和業務建設是逆風還是順風？

Well, we've got to get the third one up and running.

好吧，我們必須讓第三個啟動並運行。

So that's a bit of a headwind.

這確實有點不利。

We're compensating for that headwind with cost out in other areas.

我們正在透過降低其他領域的成本來彌補這一不利因素。

We run our business from a productivity virtuous cycle, and we continue and we will continue to do that in 2015.

我們依照生產力良性循環來經營業務，2015年我們將繼續這樣做。

That's great.

那太棒了。

Good luck, guys.

祝你們好運。

Thank you.

謝謝。

Thank you.

謝謝。

Well, thank you, everyone, for joining us today, and we look forward to talking with you next quarter.

好吧，感謝大家今天的加入我們，我們期待下個季度與你們交談。

This concludes today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。