家得寶 (HD) 2015 Q4 法說會逐字稿

Good day ladies and gentlemen. Welcome to The Home Depot fourth-quarter and fiscal 2015 earnings call. Today's conference is being recorded.

女士們、先生們，大家好。歡迎參加家得寶 2015 財年第四季和收益電話會議。今天的會議正在錄製。

(Operator Instructions)

（操作員指令）

At the time I would like to turn the conference over to Ms. Diane Dayhoff, Vice President of Investor Relations. Please go ahead, ma'am.

現在，我想將會議交給投資者關係副總裁 Diane Dayhoff 女士。請繼續，女士。

Thank you, Nicole, and good morning to everyone. Joining us on our 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.

謝謝你，妮可，大家早安。今天參加我們電話會議的有董事長、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 analyst questions. Questions will be limited to analysts and investors and as a reminder we would appreciate it if the participants would limit themselves to one question with one follow-up, please. If we are unable to get to your question during the call, please call investor relations department at 770-384-2387.

在我們準備好發言之後，電話會議將開放給分析師提問。問題僅限於分析師和投資者，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。如果我們無法在通話中回答您的問題，請致電投資者關係部：770-384-2387。

Now 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. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include but are not limited to the factors identified in the release and in our filings with the Securities and Exchange Commission.

現在，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層的陳述包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。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。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. Reconciliation of these measurements is provided on our website.

今天的演示可能還包含某些非 GAAP 指標。我們的網站上提供了這些測量值的對照表。

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. Fiscal 2015 was a record year for our Company. We achieved sales of $88.5 billion, the highest in Company history.

謝謝你，黛安，大家早安。2015 財年是我們公司創紀錄的一年。我們實現了 885 億美元的銷售額，創下公司歷史最高水準。

We also recorded the highest net earnings in Company history and fiscal 2015 earnings per share grew 15.9% to $5.46. Sales for the fourth quarter were $21 billion, up 9.5% from last year. Comp sales were up 7.1% from last year and our US stores had a positive comp of 8.9%.

我們也創下了公司歷史上最高的淨收益，2015 財年每股收益成長 15.9% 至 5.46 美元。第四季銷售額為210億美元，比去年同期成長9.5%。同店銷售額較去年同期成長 7.1%，其中美國門市同店銷售額成長 8.9%。

Diluted earnings per share were $1.17 in the fourth quarter. Our strong sales performance was driven by a continued moderate housing recovery, exciting merchandising events, solid execution and a benefit from favorable weather. We continue to see broad-based growth across the store and our geographies.

第四季每股攤薄收益為 1.17 美元。我們強勁的銷售業績得益於持續溫和的房屋市場復甦、令人興奮的行銷活動、穩健的執行以及有利的天氣條件。我們繼續看到整個商店和各個地區的廣泛增長。

All three of our US divisions posted positive comps in the fourth quarter led by our southern division which posted low double-digit comps while our northern and western divisions recorded high single-digit comps. And all 19 US regions and top 40 markets saw mid-single-digit to low double-digit comps in the quarter.

我們所有三個美國分部在第四季度都取得了積極的業績，其中南部分部取得了較低的兩位數業績，而北部和西部分部則取得了較高的個位數業績。本季度，美國所有 19 個地區和前 40 個市場均實現了中個位數至低兩位數的年增長。

Internationally, our Mexican and Canadian businesses had another quarter of solid performance. Mexico reported positive double-digit comps in local currency, making it 49 consecutive quarters of positive comp growth.

在國際上，我們的墨西哥和加拿大業務又一個季度表現穩健。墨西哥報告稱，以當地貨幣計算，其同店銷售額實現了兩位數的正增長，這是其連續 49 個季度實現同店銷售額正增長。

Our Canadian business also posted high single-digit comps in local currency for a total of 17 consecutive quarters of positive comp growth. Canada ended the year with sales over $7 billion in local currency, reinforcing our position as the number one home-improvement retailer in Canada.

我們的加拿大業務以當地貨幣計算也實現了高個位數的同比增長，共連續 17 個季度實現了正增長。加拿大今年的銷售額以當地貨幣計算超過 70 億美元，鞏固了我們作為加拿大第一大家居裝飾零售商的地位。

I would like to congratulate Jeff Kinnaird who was recently promoted to President of Home Depot Canada. Jeff is a 19-year Home Depot veteran with strong operational and merchandising experience which has allowed him to be instrumental in our success in Canada.

我要祝賀 Jeff Kinnaird 最近晉升為加拿大家得寶公司總裁。傑夫是一名擁有 19 年工作經驗的家得寶資深員工，擁有豐富的營運和銷售經驗，這對我們在加拿大的成功起到了至關重要的作用。

While there was strength in seasonal holiday decor, gift center and Black Friday events, core categories were also a strong contributor to our performance. Both ticket and transactions grew in the quarter. As Ted will detail, all of our merchandising departments posted positive comps and we saw healthy balance of growth among both Pro and DIY categories with Pro outpacing our DIY business in the US.

雖然季節性節日裝飾、禮品中心和黑色星期五活動表現強勁，但核心類別也是我們業績的重要貢獻者。本季門票和交易量均有所成長。正如 Ted 所詳述，我們所有的商品部門都公佈了積極的業績，我們看到 Pro 和 DIY 類別之間的健康增長平衡，並且在美國 Pro 業務的增長速度超過了 DIY 業務。

You will recall during the third quarter we completed the acquisition of Interline Brands, the leading national distributor of maintenance repair and operations or MRO products. We told you that in the second 90 days of integration would be about building out specific business cases. We are moving forward on a number of exciting sales-driving initiatives that have been identified through this process.

您可能還記得，我們​​在第三季完成了對 Interline Brands 的收購，該公司是全國領先的維護維修和營運或 MRO 產品分銷商。我們告訴過您，在第二個 90 天的整合中，我們將致力於建立具體的業務案例。我們正在推動一系列透過此過程確定的令人興奮的銷售推動措施。

For example, we will soon begin offering our exclusive paint brands to Interline's multifamily operators. We have a good sense of what we need to accomplish over the next 18 to 24 months in order to fully realize the value of the Interline acquisition and the total Pro opportunity.

例如，我們很快就會開始向 Interline 的多戶型營運商提供我們獨家的油漆品牌。我們非常清楚，為了充分實現 Interline 收購和 Pro 整體機會的價值，我們需要在未來 18 到 24 個月內完成哪些任務。

The retail environment is evolving and the blending of the digital and physical worlds remain a common theme. We are responsive to these trends, building out our interconnected capabilities and investing in content, site improvement and improved mobile experiences to solve for a frictionless customer experience. We continue to see healthy sales from our digital business while also seeing year-over-year improvement in customer satisfaction scores.

零售環境正在不斷發展，數位世界和實體世界的融合仍然是一個共同的主題。我們對這些趨勢做出了積極的回應，建立了我們的互聯能力，並投資於內容、網站改進和改進的行動體驗，以實現無摩擦的客戶體驗。我們的數位業務持續保持健康的銷售勢頭，同時客戶滿意度評分也逐年提高。

For the year, our online business grew by approximately $1 billion, a growth rate of over 25% versus the prior year. A significant portion of this online growth leverages the physical store assets that we have as over 40% of our online orders are picked up in stores. This is a testament to the power of our interconnected strategy.

今年，我們的線上業務成長了約 10 億美元，比前一年增長了 25% 以上。線上業務成長很大一部分得益於我們現有的實體店資產，因為我們 40% 以上的線上訂單都是在實體店提貨的。這充分證明了我們互聯互通策略的威力。

At our December Investor Conference we highlighted our plans to further optimize our supply chain through what we call supply chain synchronization or Project Sync. We have been piloting Project Sync in Houston for some time and have now begun to roll out in a few other regions. Though it is early days, we have seen benefit in transportation savings, inventory turn and a reduction in product leadtimes. We appreciate the efforts of our cross functional teams internally as well as the increased collaboration with our external partners as all parties involved are working together to develop and adopt engineered flow schedules that serve as the foundation of Project Sync.

在 12 月的投資者會議上，我們強調了透過所謂的供應鏈同步或 Project Sync 進一步優化供應鏈的計畫。我們已經在休士頓試行 Project Sync 一段時間了，現在已經開始在其他幾個地區推廣。雖然還處於早期階段，但我們已經看到了運輸節省、庫存週轉和產品交貨時間縮短方面的好處。我們感謝內部跨職能團隊的努力以及與外部合作夥伴加強的合作，因為所有相關方都在共同努力製定和採用作為 Project Sync 基礎的工程流程計劃。

Turning to the macroenvironment, while 2016 consensus US GDP growth projections have moderated, we continue to see positive signs in the housing data with home price appreciation, housing turnover and household formation being the key drivers of growth for our business.

談到宏觀環境，雖然2016年美國GDP成長預測已經放緩，但我們繼續看到住房數據的正面跡象，房價上漲、房屋成交量和家庭組成成為我們業務成長的主要驅動力。

We expect 2016 comp growth of approximately 4.5%. Carol will take you through the details but currency headwinds could result in lower total Company comp growth. Therefore, we expect total Company comp growth of approximately 3.7% to 4.5% and corresponding diluted earnings per share of $6.12 to $6.18.

我們預計 2016 年將年增約 4.5%。卡羅爾將向您介紹詳細信息，但貨幣逆風可能會導致公司整體營收成長下降。因此，我們預計公司整體營收成長約為 3.7% 至 4.5%，相應每股攤薄收益為 6.12 美元至 6.18 美元。

Today our Board announced a 17% increase in our quarterly dividend to $0.69 per share. We remain committed to maintaining a disciplined capital allocation strategy to create value for our shareholders. We will invest to sustain and grow our business and return excess cash to our shareholders through dividends and share repurchases.

今天，我們的董事會宣布將季度股息增加 17% 至每股 0.69 美元。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。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。

The power of The Home Depot begins with our Company's strong culture and commitment to our values. I want to thank our associates for their hard work and dedication to our customers.

家得寶的力量始於我們公司強大的文化和對價值觀的承諾。我要感謝我們的同事的辛勤工作和對客戶的奉獻。

And I'd also like to congratulate Ann-Marie Campbell who was recently promoted to Executive Vice President of US Stores. With more than 30 years with the Company, Ann-Marie brings a deep understanding of Home Depot's operations, culture and customers to the role.

我還要祝賀最近晉升為美國商店執行副總裁的安·瑪麗·坎貝爾 (Ann-Marie Campbell)。安瑪莉 (Ann-Marie) 在公司工作 30 多年，對家得寶的營運、文化和客戶有著深刻的理解。

Based on this quarter's results, 100% off our stores qualified for Success Sharing, our profit-sharing program for our hourly associates. This is our largest second-half payout to date and we look forward to continuing this momentum in 2016.

根據本季的業績，我們 100% 的商店都符合「成功分享」資格，這是我們針對小時工的利潤分享計畫。這是我們迄今為止最大的下半年支出，我們期待在 2016 年延續這一勢頭。

And with that let me turn the call over to Ted.

現在，讓我將電話轉給泰德。

Thanks, Craig, and good morning everyone. We were pleased with our performance in the fourth quarter as sales exceeded our expectations.

謝謝，克雷格，大家早安。我們對第四季度的表現感到滿意，因為銷售額超出了我們的預期。

We saw strength across the entire store as well as continued growth in our online business. Sales were aided by milder weather and great events including the strong Black Friday and gift center.

我們看到整個商店的實力以及在線業務的持續增長。溫和的天氣和強勁的“黑色星期五”和禮品中心等大型活動促進了銷售。

All of our merchandising departments posted positive comps. Appliances, tools, building materials had double-digit comps in the quarter. Lighting, plumbing, hardware and indoor garden where above the Company average and decor was in line with the Company average. Outdoor garden, millwork, lumber, kitchen and bath, paint, electrical and flooring posted mid-single-digit positive comps.

我們所有的商品銷售部門都公佈了正面的業績。本季度，家用電器、工具、建築材料的銷售額均實現了兩位數的年增長。照明、管道、五金和室內花園均高於公司平均水平，裝飾也與公司平均水平一致。戶外花園、木製品、木材、廚房和浴室、油漆、電氣和地板均取得了中等個位數的正成長。

Pro-heavy category saw significant growth during the quarter as we saw double digit comps in siding, pneumatics, circuit protection, fencing, fasteners and exterior doors. Our recent assortment update in roofing continues to drive excellent results as we saw double-digit comps in roofing in the fourth quarter.

由於我們看到壁板、氣動裝置、電路保護、圍欄、緊固件和外門等產品的銷售額均出現了兩位數的增長，因此專業重型類別在本季度實現了顯著增長。我們最近對屋頂產品的品種更新繼續帶來優異的業績，因為我們看到第四季度屋頂產品的銷售額實現了兩位數的同比增長。

And we continue to see strength in core maintenance and repair categories with double-digit comps in pumps, security lighting, water heaters, electrical tools, construction adhesives, ladders and caulks. Cleaning, bath fixtures, door locks and pipe and fittings also had comps above the Company average.

我們繼續看到核心維護和維修類別的強勢，泵浦、安全照明、熱水器、電動工具、建築膠黏劑、梯子和填縫劑的銷售額均達到兩位數成長。清潔、衛浴設備、門鎖以及管道和配件的銷售額也高於公司平均水平。

We believe that more favorable weather trends in the quarter aided sales growth by approximately $100 million. Our customers took advantage of the milder weather and were able to complete more outdoor projects. For example, we saw double-digit comp sales in pressure washers, hardscapes, mowers, outdoor power, concrete and pressure-treated decking.

我們相信，本季更為有利的天氣趨勢推動銷售額成長約 1 億美元。我們的客戶利用溫和的天氣完成了更多的戶外項目。例如，我們看到高壓清洗機、硬景觀、割草機、戶外電源、混凝土和壓力處理地板的銷售額均實現了兩位數的年增長。

Black Friday, gift center and storage events provided great values and were well received by our customers. Our strong Black Friday helped drive double-digit comps in categories like portable power and appliances.

黑色星期五、禮品中心和倉儲活動提供了巨大的價值，受到了客戶的一致好評。我們強勁的「黑色星期五」銷售量推動了便攜式電源和家用電器等類別的銷售額實現兩位數成長。

Gift center performed extremely well and we saw double-digit comps in tools storage, power tool accessories and hand tools. In addition, our associates rallied behind our decorative holiday offering, resulting in comps above the Company average.

禮品中心的表現非常出色，我們看到工具存儲、電動工具配件和手動工具的銷售額都實現了兩位數的同比增長。此外，我們的員工也大力支持我們的節日裝飾產品，使得我們的同店銷售額高於公司平均水平。

In the fourth quarter total comp transactions grew by 5% and for the year we set a new transaction record with over 1.5 billion total transactions. In the quarter comp ticket increased 2%. Our comp ticket increase reflects about 32 basis points of contraction due to commodity price deflation in products such as lumber and copper.

第四季度，同店交易總額增加了 5%，全年交易總額超過 15 億，創下了新的交易記錄。本季的票價上漲了 2%。我們的票價成長反映了由於木材和銅等商品價格通貨緊縮而導致的約 32 個基點的收縮。

Transactions for tickets under $50, representing approximately 20% of our US sales, were up 3.8% for the fourth quarter. Transactions for tickets over $900, also representing approximately 20% of our US sales, were up 11.9% in 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 3.8%。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 11.9%。

The drivers behind the increase in big-ticket purchases were appliances, roofing and special order kitchens. Big-ticket was also driven by several installation service categories such as roofing, sheds and countertops.

大件商品購買量成長的驅動因素是家用電器、屋頂和特別訂購的廚房。屋頂、棚屋和檯面等幾個安裝服務類別也推動了高價位的銷售。

Now let me turn our attention to the first quarter. In our ongoing effort to update and refresh our assortments, we will be resetting our door lock assortment in the first quarter. Using our assortment planning tools we were able to more effectively cluster our door lock assortment around styles, finishes and brands.

現在我把注意力轉向第一季。在我們不斷努力更新和刷新我們的產品系列的過程中，我們將在第一季重置我們的門鎖產品系列。使用我們的產品分類規劃工具，我們能夠更有效地根據款式、飾面和品牌對門鎖產品進行分類。

In addition, we have a new merchandising approach that highlights our brands and their complete collections. Our reset will include great innovative products such as the Schlage connect and Kwikset 915 electronic locks plate.

此外，我們採用了新的行銷方法，以突出我們的品牌及其完整系列。我們的重置將包括 Schlage connect 和 Kwikset 915 電子鎖板等偉大的創新產品。

For our Pro customer we are introducing new and exclusive products from Milwaukee, DEWALT, Ryobi and Rigid all leaders in professional tools. The new Milwaukee M18 FUEL with ONE KEY is a revolutionary technology that provides users the ability to control tool settings, track the location of their tools and manage their tool and equipment inventory with their wireless devices. This innovative technology gives our Pro customers the trusted power of the Milwaukee brand with added benefits to make them more productive. Among big-box retailers the Milwaukee M18 FUEL with ONE KEY can only be found at the Home Depot.

對於我們的專業客戶，我們推出了來自 Milwaukee、DEWALT、Ryobi 和 Rigid（專業工具領域的領導者）的全新獨家產品。全新 Milwaukee M18 FUEL 一鍵式控制是一項革命性的技術，使用戶能夠使用無線設備控制工具設定、追蹤工具位置以及管理工具和設備庫存。這項創新技術讓我們的專業客戶能夠享受到密爾瓦基品牌值得信賴的實力，同時也能帶來額外的好處，提高他們的工作效率。在大型零售商中，只有 Home Depot 可以找到 Milwaukee M18 FUEL with ONE KEY。

In addition to great new products, we are gearing up for the spring selling season. We are excited about our exclusive drill offers from Weber, NextGrill and KitchenAid and our large assortment online offers numerous options from infrared gas grills to smokers. Our patio assortment continues to expand including new dining set designs from Hampton Bay, an enhanced offering of patio accessories.

除了出色的新產品外，我們還在為春季銷售旺季做準備。我們對 Weber、NextGrill 和 KitchenAid 的獨家鑽頭優惠感到非常興奮，我們豐富的線上商品系列提供了從紅外線燃氣烤爐到煙熏爐的眾多選擇。我們的露台產品系列不斷擴大，包括漢普頓灣 (Hampton Bay) 的全新餐具設計和增強的露台配件系列。

For the gardener, we are excited about our expanded selection of exclusive organics from Dr. Earth and Black Magic. Our spring Black Friday event will once again offer amazing values for our customers.

對於園丁來說，我們很高興能擴大 Dr. Earth 和 Black Magic 的獨家有機產品的選擇範圍。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. We are looking forward to a great spring season.

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。我們期盼美好的春天的到來。

With that I would like to turn the call over to Carol.

因此我想將電話轉給卡羅爾。

Thank you, Ted, and good morning everyone. In the fourth quarter sales were $21 billion, a 9.5% decrease from last year. Comp sales were positive 7.1% for the quarter with comps up 6.3% in November, 8.6% in December and 6.7% in January.

謝謝你，泰德，大家早安。第四季銷售額為210億美元，較去年同期下降9.5%。本季同店銷售額成長 7.1%，其中 11 月成長 6.3%，12 月成長 8.6%，1 月成長 6.7%。

The continuing strength in the US dollar negatively impacted total Company comps in the quarter by approximately $350 million, or 1.8%. Comps for US stores were positive 8.9% for the quarter with comps up 8.1% in November, 10.6% in December and 8.2% in January.

美元持續走強對公司本季總營收產生了負面影響，影響金額約為 3.5 億美元，即 1.8%。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 8.1%，12 月成長 10.6%，1 月成長 8.2%。

For the year, our sales increased 6.4% to $88.5 billion and total Company comp sales were positive 5.6%. Comps for US stores were positive 7.1%.

今年，我們的銷售額成長 6.4%，達到 885 億美元，公司整體銷售額成長 5.6%。美國門市的同店銷售額年增 7.1%。

During the year, a stronger US dollar negatively impacted sales growth by approximately $1.4 billion, or 1.6%. Our gross margin was 34.1% for the fourth quarter, a decrease of 24 basis points from last year and in line with our plan.

本年度，美元走強對銷售額成長產生了約 14 億美元（即 1.6%）的負面影響。我們第四季的毛利率為34.1%，比去年同期下降了24個基點，符合我們的計劃。

The change in gross margin was driven primarily by the following factors: first, we experienced 15 basis points of gross margin expansion due to productivity within our supply chain and lower fuel costs; second, we had 26 basis points of gross margin contraction due to the impact of Interline Brands; and third, we had 13 basis points of gross margin contraction due to a change in the mix a product sold including a higher penetration of lower margin product categories like appliances. For the year, we experienced 6 basis points of gross margin expansion.

毛利率的變化主要由以下因素造成：首先，由於我們供應鏈的生產效率提高以及燃料成本降低，毛利率擴大了 15 個基點；第二，受聯運品牌的影響，毛利率下降了26個基點；第三，由於銷售產品結構的變化，包括家電等低利潤產品類別的滲透率提高，我們的毛利率下降了 13 個基點。今年，我們的毛利率擴大了 6 個基點。

In the fourth quarter, operating expense as a percent of sales decreased by 96 basis points from last year to 22%. Our operating expenses were $90 million over our plan. We had some unexpected expenses associated with store maintenance, snow removal and our data breach.

第四季度，營業費用佔銷售額的比例比去年同期下降了 96 個基點，至 22%。我們的營運費用超出計劃9000萬美元。我們產生了一些與商店維護、除雪和資料外洩相關的意外開支。

Further, given our sales out-performance to plan we increased our accrual for management bonus and Success Sharing. For fiscal 2015 our operating expense as a percentage of sales was 20.9%, a decrease of 65 basis points from fiscal 2014. Our operating margin for the fourth quarter was 12.1% and for the year was 13.3%.

此外，鑑於我們的銷售業績超出計劃，我們增加了管理獎金和成功分享的應計金額。2015 財年，我們的營業費用佔銷售額的百分比為 20.9%，比 2014 財年下降了 65 個基點。我們第四季的營業利益率為 12.1%，全年營業利益率為 13.3%。

In the fourth quarter interest and other expense was $236 million, an increase of $138 million from last year. The year-over-year increase reflects two items: first, last year we recorded a $111 million pretax gain on the sale of HD Supply common stock that did not repeat this year; and second, interest expense was $29 million higher than last year, due primarily to higher long-term debt balances.

第四季利息和其他支出為2.36億美元，比去年同期增加1.38億美元。年比成長反映了兩點：首先，去年我們出售 HD Supply 普通股獲得了 1.11 億美元的稅前收益，今年沒有出現這樣的情況；其次，利息支出比去年增加了 2,900 萬美元，主要原因是長期債務餘額增加。

Our income tax provision rate for both the fourth quarter and fiscal 2015 was 36.4%. Diluted earnings per share for the fourth quarter were $1.17, an increase of 11.4% from last year. For the year, diluted earnings per share were $5.46, an increase of 15.9% compared to fiscal 1214.

我們 2015 財年第四季和全年的所得稅預提率為 36.4%。第四季每股攤薄收益為 1.17 美元，較去年同期成長 11.4%。全年每股攤薄收益為 5.46 美元，較 1214 財年增長 15.9%。

Now moving to some additional highlights, during the fourth quarter we opened one new store in Mexico, bringing our total store count at the end of the year to 2,274 stores. At the end of the year selling square footage was 237 million, up slightly from last year, and sales per square foot increased 5.2% to $371. At the end of the year inventory was $11.8 billion, up $730 million from a year ago.

現在來看看一些額外的亮點，第四季度我們在墨西哥開設了一家新店，使我們年底的總店數達到 2,274 家。年底銷售面積為 2.37 億平方英尺，比去年略有成長，每平方英尺銷售額成長 5.2%，達到 371 美元。年末庫存為 118 億美元，比去年同期增加了 7.3 億美元。

On a currency neutral basis, inventory dollars grew by $872 million. Inventory turns were 4.9 times, up from 4.7 times last year.

以貨幣中性計算，庫存美元增加了 8.72 億美元。庫存週轉率為4.9次，高於去年的4.7次。

Payables grew $758 million from last year. On a currency neutral basis payables were up $834 million.

應付款項較去年同期增加了 7.58 億美元。以貨幣中性計算，應付款項增加了 8.34 億美元。

Moving on to capital allocation, in 2015 we generated approximately $9.4 billion of cash from operations and used that cash as well as proceeds from $4 billion of incremental long-term debt issuances to invest in our business, to repurchase our shares and pay dividends to our shareholders. During the year we invested approximately $3.2 billion back into the business through capital expenditures and the acquisition of Interline Brands.

談到資本配置，2015年我們從經營活動中產生了大約94億美元的現金，並使用這筆現金以及40億美元增量長期債務發行所得來投資我們的業務，回購我們的股票並向我們的股東支付股息。本年度，我們透過資本支出和收購 Interline Brands 向業務重新投資了約 32 億美元。

Further, we repurchased $7 billion or approximately 59 million of our outstanding shares including $2 billion or 16.2 million shares in the fourth quarter. Finally, we paid $3 billion in dividends.

此外，我們還回購了價值 70 億美元或約 5,900 萬股流通股，其中包括第四季度回購的價值 20 億美元或 1,620 萬股。最後我們支付了30億美元的股利。

Our capital allocation philosophy supports our commitment to deliver high returns on invested capital. Computed on the average of beginning and ending long-term debt and equity for the trailing four quarters, return on invested capital was 28%, 310 basis points higher than at the end of fiscal 2014.

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。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 28%，比 2014 財年末高出 310 個基點。

One more comment on capital allocation. For this month we refinanced approximately $3 billion of our long-term debt that is coming due in March 2016.

關於資本配置還有一則評論。本月，我們對 2016 年 3 月到期的約 30 億美元長期債務進行了再融資。

This morning we issued a press release with our guidance for fiscal 2016. I want to take a few months to comment on the highlights. Remember that we guide off of GAAP, so fiscal 2016 guidance will launch from our reported results for fiscal 2015.

今天早上，我們發布了一份新聞稿，其中包含了我們對2016財年的指導。我想花幾個月的時間來評論一下亮點。請記住，我們是根據 GAAP 制定的指南，因此 2016 財政年度指南將從我們報告的 2015 財年業績開始。

As we look to 2016, we are projecting total Company comps of approximately 4.5%. Our comp forecast is based on US GDP growth estimates of 2.1%, plus continued recovery in the housing market. With the benefit of five new stores and a full year of sales from Interline Brands, we project total sales growth of approximately 6%.

展望 2016 年，我們預期公司整體營收成長率約為 4.5%。我們的比較預測是基於美國 2.1% 的 GDP 成長估計以及房地產市場的持續復甦。由於五家新店和 Interline Brands 的全年銷售，我們預計總銷售額將成長約 6%。

Our 2016 sales forecast is based on 2015 average US dollar foreign-exchange rates. The US dollar is currently stronger than the average exchange rate. As a result we are providing a range of sales, comp sales and diluted earnings per share growth to reflect the difference between 2015 average exchange rates and current exchange rates.

我們對 2016 年銷售的預測是基於 2015 年美元平均匯率。美元目前強於平均匯率。因此，我們提供了一系列銷售額、可比較銷售額和每股攤薄收益成長，以反映 2015 年平均匯率與目前匯率之間的差異。

If currency exchange rates remain where they are today, this would cause a negative impact to fiscal 2016 net sales growth of approximately $800 million, dropping our projected total sales growth rate from 6% to 5.1% and our projected top sales growth from 4.5% to 3.7%. As we discussed during our December investor conference, we are planning our gross margin rate to remain flat to what we reported in fiscal 2015. We don't expect our gross margin rate to be materially impacted by exchange rates.

如果貨幣匯率維持在目前的水平，這將對 2016 財年的淨銷售額成長產生約 8 億美元的負面影響，使我們預期的總銷售額成長率從 6% 降至 5.1%，最高銷售額成長率從 4.5% 降至 3.7%。正如我們在 12 月投資者會議上所討論的那樣，我們計劃將毛利率與 2015 財年報告的水平保持平穩。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 rate, less than what we experienced in fiscal 2015 as we had $120 million of net breach-related expenses in fiscal 2015 that should not repeat in 2016. For the year, we project that our operating margin will grow by approximately 70 basis points. We don't expect our operating margin to be materially impacted by exchange rates.

在貨幣中性基礎上，我們預測我們的費用將以銷售額增長率的大約 40% 的速度增長，低於 2015 財年的水平，因為我們在 2015 財年的淨違約相關費用為 1.2 億美元，而 2016 年應該不會再出現這種情況。我們預計今年的營業利潤率將成長約 70 個基點。我們預計我們的營業利潤率不會受到匯率的重大影響。

For the year we anticipate our income tax provision rate to be approximately 37%. We expect our diluted earnings per share to increase by approximately 13% to $6.18. But if exchange rates remain where they are today, our projected diluted earnings per share would be approximately $6.12.

我們預計今年的所得稅預提率約為 37%。我們預計每股攤薄收益將增加約 13% 至 6.18 美元。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 6.12 美元。

Our earnings per share guidance includes our plan to repurchase approximately $5 billion of outstanding shares during the year using excess cash. For the year, we project cash flow from the business of roughly $10 billion. Our 2016 capital spending plan is approximately $1.64 billion, a 9% increase from what we spent in fiscal 2015 in support of our strategic initiatives and to maintain our aging store base.

我們的每股盈餘預期包括我們計劃在年內利用過剩現金回購約 50 億美元流通股。我們預計今年的業務現金流約為 100 億美元。我們 2016 年的資本支出計畫約為 16.4 億美元，比 2015 財年的支出增加 9%，用於支持我們的策略計畫和維護我們老化的門市基礎。

We will also use our cash to repurchase $5 billion of shares and pay $3.4 billion of dividends. As Craig mentioned, we just announced a 17% increase on our quarterly dividend which equates to an annual dividend of $2.76, in line with our targeted dividend payout ratio of 50%. Our commitment to shareholder returns continues to be a hallmark of The Home Depot.

我們還將利用現金回購價值 50 億美元的股票並支付 34 億美元的股息。正如 Craig 所提到的，我們剛剛宣布季度股息增加 17%，相當於年度股息 2.76 美元，與我們 50% 的目標股息支付率一致。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. And Nicole, we are now ready for questions.

感謝您參加今天的電話會議。妮可，我們現在可以回答問題了。

(Operator Instructions) Peter Benedict, Robert W. Baird.

（操作員指示）Peter Benedict、Robert W. Baird。

Hey guys, thanks for taking the question. First question, just an accounting one I guess, how are you going to deal with the Interline Brands sales as we move through 2016? Once we anniversary that do those go into the comp base or are they going to be separate?

嘿夥計們，謝謝你們回答這個問題。第一個問題，我猜只是一個會計問題，在 2016 年，您將如何處理 Interline Brands 的銷售？一旦我們慶祝週年紀念日，這些會進入公司基礎嗎，還是會將它們分開？

Yes, Peter, we're going to put Interline into our comp base. We think it's important to operate as one Home Depot. So as a result the comp, as you think about the shape of the year the comp in the back half of the year will be higher than the comps in the first half of the year.

是的，彼得，我們將把 Interline 納入我們的薪資基礎。我們認為以「家得寶」的模式運作非常重要。因此，從今年的情況來看，下半年的銷售額將高於上半年的銷售額。

Okay, perfect. That's helpful. And then I mean the numbers don't seem to suggest you've seen any impact from the wealth effect whether it be the energy markets or the stock market.

好的，完美。這很有幫助。然後我的意思是，這些數字似乎並沒有顯​​示你看到財富效應的任何影響，無論是能源市場還是股票市場。

Obviously everything in big-ticket very strong, but is there as you peel back the information, is there anything you're seeing in terms of consumers starting to pull back on any of the higher ticket stuff? Again the consolidated numbers don't seem to suggest that. Thank you.

顯然，所有高價位商品的銷售量都非常強勁，但是，當您仔細分析資訊時，您是否發現消費者開始減少購買高價位商品了？綜合數據似乎再次沒有顯示這一點。謝謝。

Peter, we're not seeing that. Our business was good and continues to be good.

彼得，我們沒有看到這一點。我們的業務一直很好並且持續良好。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯 (Chris Horvers)。

Thanks, good morning, and fantastic quarter. I'm trying to understand the underlying tenor of demand. You mentioned about $100 million lift to comps from weather.

謝謝，早上好，這是一個非常棒的季度。我試著去了解需求的根本基調。您提到天氣因素為同店銷售額帶來了約 1 億美元的成長。

It looks about 50 basis points. Was weather a benefit across all three months or was it mainly a November and December impact?

看起來約50個基點。天氣對這三個月都有好處嗎？

Well if we look at our comp performance we saw a double-digit comp in the US in December. And that was really whether driven. December was the warmest month on record in 121 years and Ted, didn't we see a lot of strength in outdoor categories?

如果我們看一下我們的同店業績，我們會發現 12 月份美國的同店業績實現了兩位數的成長。這確實與是否被驅動有關。十二月是有史以來 121 年來最溫暖的月份，特德，難道我們沒有看到戶外類別的強勁表現嗎？

Yes, so clearly both our Pros and consumers were able to continue with outdoor projects. But really we're seeing comp continue to be strong across the entire store. And while we appreciate the $100 million odd of benefit from weather we don't look at this as a weather story in our fourth quarter.

是的，所以顯然我們的專業人士和消費者都可以繼續進行戶外專案。但實際上，我們看到整個商店的銷售額持續保持強勁。雖然我們意識到天氣為我們帶來了 1 億美元的收益，但我們並不認為這是第四季度的天氣影響。

Goodness no. We grew our sales by $1.8 billion. So $100 million of growth on $1.8 billion is not a weather story.

天哪，不。我們的銷售額成長了18億美元。因此，在 18 億美元的基礎上實現 1 億美元的成長並不是一個天氣故事。

And it's geographies as well. We saw strength across really all the markets.

這也是地理位置的問題。我們確實看到所有市場都表現強勁。

Understood. And then I mean do you look at that $100 million as a pull forward and sort of sticking with the weather theme, the first and second quarter tend to be volatile, so how are you thinking about that $100 million and how you are thinking just how perhaps the spring plays out? I know it's easier to look at it on the halves but as we model out the quarter how you are thinking about the first versus the second quarter.

明白了。然後我的意思是，您是否將這 1 億美元視為一種向前的推動力，並且堅持天氣主題，第一季度和第二季度往往不穩定，那麼您如何看待這 1 億美元以及您認為春季可能會如何發展？我知道從兩半的角度來看這個問題更容易，但是當我們對這個季度進行建模時，您是如何考慮第一季與第二季的。

Chris, generally you don't see a pull forward from Q4 into Q1 or vice versa. Generally it plays the bathtub effect between the first quarter and second quarter as spring breaks. So we don't believe it's a pull forward.

克里斯，通常你不會看到從 Q4 到 Q1 的拉動，反之亦然。一般在第一季和第二季之間，也就是春假期間，會發揮浴缸效應。因此，我們不認為這是一種向前的拉動。

As we built our plan we did build the first quarter as the lowest comping quarter for the year. But that's principally because as we exited the year, as Ted commented, we had commodity deflation in our sales where that commodity deflation continues into the first quarter. So we built a plan to reflect it.

在製定計劃時，我們確實將第一季打造為今年同比銷售額最低的季度。但這主要是因為，正如泰德所說，當我們結束這一年時，我們的銷售出現了大宗商品通貨緊縮，而這種大宗商品通貨緊縮持續到了第一季。因此我們制定了一個計劃來反映這一點。

Thanks very much.

非常感謝。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

Thanks, good morning. Nice quarter.

謝謝，早安。不錯的季度。

Craig or Carol in following on this theme, this was I think the second strongest US comp since the housing recovery for Home Depot and it comes when other things in retail are getting a little shaky. We talked about weather a little but can you give us examples that you can share of any housing markets that maybe longer in the tooth of recovery that continue to just chug along?

克雷格 (Craig) 或卡羅爾 (Carol) 繼續這個主題，我認為這是自家得寶 (Home Depot) 住房市場復甦以來美國第二強勁的競爭對手，而此時零售業的其他領域正變得有些不穩定。我們談了一些天氣問題，但您能否給我們舉一些例子，說明哪些房地產市場可能已經進入復甦階段並繼續緩慢前進？

Actually, the overall variability that we saw in the quarter by market was kind of directly in line with what we saw last year. And you do get a little bit more market variation as you're in winter months based on how winter breaks. So really there's not a lot of big variability.

實際上，我們在本季看到的市場整體變化與去年的情況基本一致。而且，根據冬季假期的情況，在冬季，你會感受到更多的市場變化。因此實際上不存在太大的變化。

Got it. So just underlying strength.

知道了。所以只是潛在的實力。

And then I may have missed this in the prepared remarks, but on Interline can you share with us how it performed versus expectations, anything on sales or margin? And realize it's early and I don't think a lot of the integration is just getting started but can you do you have a sense of how much overlap there is with the Pro, your Pro, and spending on Interline Brands maybe outside of The Home Depot today?

然後，我可能在準備好的評論中錯過了這一點，但關於 Interline，您能否與我們分享其表現與預期相比如何，包括銷售額或利潤率方面的情況？我意識到現在還為時過早，我認為很多整合才剛開始，但您能否了解一下 Pro、您的 Pro 以及 Interline Brands（可能包括家得寶之外的品牌）的支出有多少重疊？

We're obviously in the early days of the integration efforts and we've worked hard across, as we shared we have a common vendor base so we're working through the programs with our vendors. We reduced redundancy in the business and now we are really getting into more of the focus on the sales side of it and sales-driving initiatives.

顯然，我們正處於整合工作的早期階段，我們一直在努力工作，正如我們所分享的，我們有一個共同的供應商基礎，因此我們正在與我們的供應商合作完成這些計劃。我們減少了業務中的冗餘，現在我們真正將更多的注意力放在銷售方面和銷售驅動計劃上。

As we called out we're excited about the fact that we will begin to sell our paint brands to the multifamily operators in the Interline Company. Bill Lennie is here and he might want to comment. We're starting to see some success in crossover but it's very early days.

正如我們所說，我們很高興將開始向 Interline 公司的多戶營運商銷售我們的油漆品牌。比爾·倫尼 (Bill Lennie) 在這裡，他可能想發表評論。我們開始看到跨界領域取得一些成功，但這還為時過早。

No, it is. We have seen some wins and some initial account engagements. So what that does, it really validates what we see as the value of the Interline acquisition.

不，是的。我們已經看到了一些勝利和一些初始帳戶參與。這確實證實了我們所看到的 Interline 收購的價值。

It's just that synergy about being able to sell across channel. And as Carol articulated we're working on that vision of one Home Depot that allows our customers to shop either in-store, online or through Interline and having a greater access to a broader range of goods.

這只是跨通路銷售的綜效。正如卡羅爾所說，我們正在努力實現家得寶的願景，讓我們的客戶可以在店內、線上或透過 Interline 購物，並能夠購買到更廣泛的商品。

Okay, thanks.

好的，謝謝。

Seth Sigman, Credit Suisse.

瑞士信貸的塞思·西格曼（Seth Sigman）。

Good morning and congrats on the quarter. I wanted to just follow up on that last question, but specifically on gross margins, Carol your guidance of flat gross margin which is pretty consistent with everything you said before, obviously Interline has a little bit of a near-term impact on that despite lower SG&A.

早安，恭喜本季取得佳績。我想跟進最後一個問題，具體到毛利率方面，Carol，您指導的毛利率持平，這與您之前所說的一切非常一致，顯然，儘管銷售、一般及行政費用較低，但 Interline 對此在短期內有一點影響。

Once you anniversary the inclusion of Interline, how do you think about the gross margin opportunity from either synergies with Interline or continued supply chain benefits or even lower input costs that suppliers have talked about? And I guess what you see is the offset to that? Thanks.

一旦您回顧 Interline 的加入，您如何看待與 Interline 的協同效應、持續的供應鏈利益或供應商所談論的更低的投入成本所帶來的毛利率機會？我猜您看到的就是它的偏移量？謝謝。

Sure. As Craig mentioned it's really easier to look at our business by half. So as you think about gross margins for 2016 the first half because of the impact of Interline will be down year on year.

當然。正如 Craig 所提到的，用一半的眼光來看待我們的業務確實更容易。因此，當您考慮2016年上半年的毛利率時，由於聯運的影響，毛利率將比去年同期下降。

The back half will be up year on year. The back half will be up year on year because we will be and anniversarying Interline and we will see the benefits of productivity. We've talked to you in the past of our ongoing efforts to drive productivity within our cost of goods.

下半年將年增。下半年業績將年增，因為我們將迎來 Interline 週年慶，我們將看到生產力的效益。我們過去曾經與您討論過我們為在商品成本範圍內提高生產力所做的持續努力。

We have a cost-out team that we stood up several years ago that works directly with Ted and the merchants to drive productivity and first cost which is our largest cost flow. And you've seen us drive incredible productivity in our supply chain. For the year we had 20 basis points of expansion coming off of supply chain.

我們幾年前就成立了成本會計團隊，直接與 Ted 和商家合作，以提高生產力和初始成本，這是我們最大的成本流。而且您已經看到我們在供應鏈中實現了令人難以置信的生產力。今年，我們的供應鏈實現了 20 個基點的擴張。

This productivity that we are driving to our business allows us to invest in lower margin categories, not only Interline but lower margin categories like appliances and other categories, that haven't fully recovered since the downturn. So we feel very confident of the gross margin guidance that we've given for 2016.

我們為業務帶來的生產力使我們能夠投資於利潤率較低的類別，不僅是聯運，還包括家電和其他自經濟衰退以來尚未完全恢復的利潤率較低的類別。因此，我們對 2016 年的毛利率預期非常有信心。

So I would also comment that I would make we shared at the Investor Conference that our approach is to really to look at the end-to-end value chain and drive deeper collaboration with our vendor partners. And as we work through this with key suppliers, as Ted and I talk to them, we're confident and likewise so are they that there is opportunity to take cost out of the entire value chain which would benefit not only The Home Depot customer in terms of greater value, the shareholder, but also our vendor partners in terms of driving profitability for them as well.

因此，我還想評論一下，我們在投資者會議上分享了我們的方法是真正著眼於端到端價值鏈，並推動與我們的供應商合作夥伴進行更深入的合作。當我們與主要供應商一起解決這個問題時，正如泰德和我與他們交談時一樣，我們和他們都相信，有機會從整個價值鏈中降低成本，這不僅會使家得寶的客戶和股東受益，還能使我們的供應商合作夥伴獲得更大的價值，從而提高他們的盈利能力。

Okay, thanks for that. That's very helpful.

好的，謝謝。這非常有幫助。

Maybe just one follow-up question on Canada which has come into focus recently. Can you just elaborate on the performance in Canada and maybe more importantly how the position of Home Depot has evolved there over time and how are you thinking about perhaps more capital being deployed there by others in the sector?

也許這只是最近引起人們關注的有關加拿大的後續問題。您能否詳細說明一下家得寶在加拿大的表現？

We're actually very pleased with our performance in Canada. Before bringing Bill back he did an amazing job in Canada and Jeff and the team will continue that effort.

事實上，我們對我們在加拿大的表現非常滿意。在比爾回來之前，他在加拿大做出了出色的工作，傑夫和團隊將繼續他的努力。

We have made significant capital investments in Canada not only in our stores but the experience that our customers have in store but also in our website as we've replatformed our website and continue to develop our interconnected strategy for Canada as well as a significant investment in our supply chain, deploying our strategy that we developed here in the US into Canada as well. So we're looking forward to continued opportunity to serve our Canadian customers.

我們在加拿大進行了大量資本投資，不僅投資於我們的商店，還投資於我們客戶在店內的體驗，以及我們的網站，因為我們重新構建了網站平台，並繼續為加拿大製定互聯戰略，同時對我們的供應鏈進行了大量投資，將我們在美國製定的戰略也部署到加拿大。因此，我們期待繼續有機會為我們的加拿大客戶提供服務。

And I might just throw in, from a store footprint perspective we have 182 stores in Canada where we want the stores to be. So we're very pleased with our store footprint.

我可能只是想補充一下，從商店足跡的角度來看，我們在加拿大有 182 家商店，我們希望商店能落腳這些地方。因此，我們對我們的門市足跡非常滿意。

Thanks so much for the color.

非常感謝這個顏色。

Michael Lasser, UBS.

瑞銀的麥可‧拉瑟 (Michael Lasser)。

Good morning, thanks a lot for taking my question. One of the biggest surprises in the fourth quarter was the amount of market share that you were able to grab and that's not even accounting for some of your nontraditional competitors like department stores, messages your building material flows.

早上好，非常感謝您回答我的問題。第四季最大的驚喜之一是您能夠搶佔的市場份額，這甚至還沒有考慮到一些非傳統的競爭對手，如百貨商場、建築材料流等。

So do you have a sense of where it's coming from? Are you seeing capacity come out of the system from some of your traditional competitors and that may be enabling you to gain share? Or have you altered the way you do business such that these share gains are accelerating?

那你知道它是從哪裡來的嗎？您是否看到一些傳統競爭對手的產能從系統中釋放出來，這可能使您獲得市場份額？或者您改變了經營方式，從而使得份額成長速度加快？

Well, I'd say that certainly it is something that we focus on all the time. The customer is clearly investing in our space so we're in a good asset class as it relates to housing.

嗯，我想說這確實是我們一直在關注的事情。客戶顯然正在投資我們的空間，因此就住房而言，我們屬於良好的資產類別。

But incredibly proud of the team's efforts. Whether that is the merchants to be able to deliver incredible values, our stores and our online team to be able to execute against that, our supply chain team that delivered and the nimbleness of our supply chain to be able to react to kind of both weather patterns that happened during the quarter, just really, really pleased with the effort that the team put forth in total.

但我對團隊的努力感到無比自豪。無論是商家能夠提供令人難以置信的價值，還是我們的商店和線上團隊能夠實現這一點，我們的供應鏈團隊能夠交付成果，我們的供應鏈能夠靈活地對本季度發生的天氣模式做出反應，我們對團隊總體上付出的努力感到非常非常滿意。

And do you have a sense whether your share gain, and I know it seems based on your commentary about the different business segments whether your share gains were larger on the Pro side than they were on the consumer side? I'm not including Interline, I'm just talking in the core business.

您是否感覺到您的份額是否有所增長？ 我知道，根據您對不同業務部門的評論，似乎您在專業方面的份額增長是否大於在消費者方面的份額增長？我並沒有將 Interline 納入，我只是在談論核心業務。

Right. I mean what I would say is the measure of share is something that's incredibly difficult to get at overall. We do believe we're taking share in the market but the finite number is pretty tough to do that.

正確的。我的意思是，我想說的是，份額的衡量總體來說是一件極其難以獲得的事情。我們確實相信我們正在佔領市場份額，但有限的數量使得做到這一點相當困難。

It really depends on what you're talking about. Ripping double-digit positives, suspect that was a Pro customer. In fact, we know it is a Pro customer through our consumer insights.

這實際上取決於你在談論什麼。撕開兩位數的正值，懷疑那是專業客戶。事實上，我們透過消費者洞察知道這是一位專業客戶。

Appliances contributed 50 basis points of outcome growth in the quarter. Most of that is consumer. So you really have to look at the category of business and what was driving it.

家電為本季的業績成長貢獻了 50 個基點。其中大部分是消費者。所以你確實必須看看業務類別以及它的推動因素。

And can you tie those share gains to some of your Pro initiatives, like the credit initiative, the Pro Xtra initiative and some of what you've done recently? I think it's important just to get a sense for how long the marketshare gain can last.

您能否將這些份額增長與您的一些 Pro 計劃（例如信貸計劃、Pro Xtra 計劃）以及您最近所做的一些事情聯繫起來？我認為了解市場佔有率的成長能夠持續多久是很重要的。

Sure. So I will speak to the private label card perhaps. We just rolled out our new value prop in January so you really can't attribute the strength in Pro, which by the way grew faster than the consumer in the fourth quarter, you can't attribute that to the new private label card.

當然。因此我或許會談談自有品牌卡。我們剛剛在一月份推出了新的價值主張，因此你不能把優勢歸功於Pro，順便說一句，Pro在第四季度的增長速度比消費者更快，你不能把這歸功於新的自有品牌卡。

But we're really excited about what that new private label card is offering to our Pro customers. As you know 60 days to pay, fuel rewards, 365 day returns. It's early days but we are liking what we see.

但我們對新自有品牌卡為我們的專業客戶提供的服務感到非常興奮。如您所知，60 天內付款，燃料獎勵，365 天退貨。雖然還為時過早，但我們對所看到的結果感到滿意。

Our new accounts are up over our target. Our pros are enjoying on average $25 off at the pump when they are using their fuel reward card.

我們的新帳戶數量已超出我們的目標。我們的專業人員使用燃油獎勵卡時平均可享 25 美元的加油折扣。

So we really like what we're seeing and we think that is going to bode well for 2016. So you can't attribute that but some of the other initiatives that we've introduced are really helping drive the business.

所以我們真的很喜歡我們所看到的，我們認為這對 2016 年來說是一個好兆頭。所以你不能將此歸因於此，但我們推出的一些其他舉措確實有助於推動業務發展。

Yes, Michael what I think is happening and we're just very a pleased with the performance across all the categories is we are focused on having the right brands, the right assortments. We've done a lot of work, we've talked about our assortment planning tools.

是的，邁克爾，我認為正在發生的事情是，我們對所有類別的表現都非常滿意，因為我們專注於擁有正確的品牌和正確的產品組合。我們已經做了很多工作，我們討論了我們的分類規劃工具。

We feel we have the right line structure in the store with great brands in the right price points. We're focused on everyday value and convenience for our Pro and our consumer customers and I think this is resonating.

我們認為我們商店的產品線結構正確，並且擁有價格合適的優秀品牌。我們專注於為專業客戶和消費者客戶提供日常價值和便利，我認為這引起了共鳴。

Thank you so much. Good luck.

太感謝了。祝你好運。

Seth Basham, Wedbush Securities.

韋德布希證券公司的塞思·巴沙姆（Seth Basham）。

Thanks a lot and good morning. Just to follow up on Michael's question, as you think about 2016 and your comp forecast ex-Interline would you expect the Pro to be a larger driver of your comps in 2016 and 2015?

非常感謝，早安。只是想跟進邁克爾的問題，當您考慮 2016 年以及您對 Interline 的同店銷售額預測時，您是否預計 Pro 會成為 2016 年和 2015 年同店銷售額的更大推動力？

I think we're focused on actually growing all of our segments. We're focused on growing the Pro customer, the DIY customer, the do-it-for-me customer as well as our digital customer.

我認為我們真正關注的是所有細分市場的成長。我們專注於發展專業客戶、DIY 客戶、代做客戶以及數位客戶。

So we haven't really thought about it as one being radically outsized versus the other. And we look at transactions and ticket as a balance of growth as well.

所以我們還沒有真正想過，一個會比另一個大得多。我們也將交易和票務視為成長的平衡。

Got it. A follow-up, as you think about the composition of traffic and ticket into 2016 you're looking for a balance.

知道了。接下來，當您考慮 2016 年的流量和票務組成時，您正在尋求一種平衡。

What does that dictate in terms of your expectations for the housing market? Do you expect housing prices and turnover to be about in line with 2015 or do you expect any change?

這對您對房地產市場的預期有何影響？您預計房價和成交量與 2015 年持平嗎，或者會有所變動？

We actually expect some changes, so let me walk you through those changes if I may. The first one I'm going to do is walk you from where we exited in the US, a comp of 7.1% to the guidance of 4.5%.

我們實際上期待一些變化，所以如果可以的話，讓我帶您了解這些變化。我要做的第一件事是介紹我們在美國退出時的水平，從 7.1% 的年增幅到 4.5% 的預期增幅。

That's a 260 basis point delta and the drivers of that are threefold. First it starts with GDP. We're using GDP growth forecast of 2.1%. GDP in the United States for 2015 was 2.4%, so those 30 basis points coming off the top because that's lower GDP.

這是一個 260 個基點的增量，其驅動因素有三個面向。首先從GDP開始。我們的GDP成長預測為2.1%。2015 年美國的 GDP 為 2.4%，因此這 30 個基點被扣除，因為這是較低的 GDP。

Secondly, on home prices we anticipate home prices to be up next year 3.5%. That's good. It's down from the growth that we experienced in 2015 of 5.4%, so that's another 30 basis points of growth coming off the top.

其次，關於房價，我們預計明年房價將上漲 3.5%。那挺好的。這比 2015 年 5.4% 的成長率有所下降，也就是說，成長率又下降了 30 個基點。

And then there's 200 basis points of market share coming off because we just don't build market share to our growth forecast. So that gives you 4.5% comp estimate for 2016.

然後，市佔率就下降了 200 個基點，因為我們的市佔率沒有達到我們的成長預測。因此，2016 年的年比預期為 4.5%。

A few other housing numbers since you asked. I gave you the home price estimate that we are using but we anticipate housing turnover to be up 4.4% of units, household formation to be up considerably. We are forecasting 1.9 million households formed as a block, this year was about 1.3 million households.

自您詢問以來，還有其他幾個住房號碼。我給了你我們正在使用的房價估計值，但我們預計住房週轉率將上升 4.4%，家庭組成率將大幅上升。我們預計將有 190 萬戶家庭組成一個集團，今年約有 130 萬戶家庭。

The other thing is that we're really spending time trying to get a better understanding is the impact of the age of the housing stock. As you know 65% of the homes in the United States are older than 30 years and there's external research that shows that spending on older homes is higher. John Burns would suggest it's something like 7.5% higher.

另一件事是，我們確實花時間試圖更了解房屋存量年齡的影響。眾所周知，美國 65% 的房屋年齡超過 30 年，而且有外部研究表明，老房子的支出更高。約翰伯恩斯 (John Burns) 認為該數字應該高出 7.5% 左右。

Our own internal research suggests it's 8% higher. So this aging housing stock bodes very well for us.

我們自己的內部研究顯示這個數字高出了 8%。因此，這些老化的房屋存量對我們來說是個好兆頭。

And if we could take you back to the last mild recession, and I'm talking a lot here and I apologize, but if you take it back to the last mild recession of 2001 housing stock was a lot younger 15 years ago. So this is a good news story for us.

如果我們能帶您回顧上一次溫和的經濟衰退，我在這裡說了很多，我很抱歉，但如果您回顧 2001 年上一次溫和的經濟衰退，住房存量在 15 年前要年輕得多。這對我們來說是一個好消息。

Got it. That is a good news story.

知道了。這是一個好消息。

Just one last follow-up, obviously you don't factor in market share gains. But anything execution wise that you think will change that that could impact the market share gain trajectory in 2016?

最後一個問題，顯然你沒有將市場佔有率的成長考慮在內。但是，您認為在執行方面有什麼變化會改變 2016 年的市佔率成長軌跡嗎？

We're going to continue to focus on what we've been doing. So no, I don't see any major change.

我們將繼續專注於我們正在做的事情。所以，我沒有看到任何重大變化。

Great, thank you and good luck.

太好了，謝謝你，祝你好運。

Jessica Mace, Nomura Securities.

野村證券的傑西卡·梅斯 (Jessica Mace)。

Hi, good morning and congrats on the good result. My first question is about the SG&A guidance. I just want to clarify that 40% of sales growth includes the data breach expenses from last year and if there's anything else we should be factoring in as to why that would be lower than the 50% of sales growth guidance you gave at your Analyst Day.

嗨，早安，恭喜你取得好成績。我的第一個問題是關於銷售、一般及行政開支 (SG&A) 指引。我只是想澄清一下，40% 的銷售成長包括去年的資料外洩費用，如果還有其他因素，我們也應該考慮，以解釋為什麼該數字會低於您在分析師日給出的 50% 的銷售成長預期。

I'm confirming that. You understand that completely.

我確認這一點。你完全理解這一點。

All right, great. And then I had a question on the interconnected retail.

好的，太好了。然後我有一個關於互聯零售的問題。

You showed some good progress in that channel. What are the other near-term milestones we should be looking for in that channel?

您在該頻道上表現出了一些良好的進展。我們應該在該頻道中尋找哪些其他近期里程碑？

We're continuing to clearly roll out the investment we've made in our direct fulfillment centers. So we're continuing to a sort those buildings which will give us the capability where we put product across all three buildings to be able to get product to our customers in two business days or less. So you'll see us continue to shrink leadtimes for our customers.

我們將繼續明確地推行我們在直接履行中心所做的投資。因此，我們將繼續對這些建築進行分類，以便我們能夠將產品放在所有三棟建築中，以便能夠在兩個工作日或更短的時間內將產品送到客戶手中。所以你會看到我們繼續縮短客戶的交貨時間。

You will continue to see us invest in enhancements through search visualization as it relates to not only photography but video for our customers. We know there are customers engaged in that.

您將繼續看到我們透過搜尋視覺化進行投資以增強功能，因為它不僅與攝影有關，還與客戶的影片有關。我們知道有顧客正在做這件事。

And Kevin Hofmann is here who runs our online business. Kevin, I don't know if you have an additional comment to make to that?

還有負責我們線上業務的 Kevin Hofmann。凱文，我不知道您對此是否還有其他評論？

Sure. And just continuing to develop better experiences for our customers, mobile experience are a big focus for us as well. And as Craig mentioned we're also rolling out our Buy Online, Deliver From Store functionality throughout the year and we think our customers will be excited about that.

當然。我們將繼續為客戶開發更好的體驗，行動體驗也是我們關注的重點。正如 Craig 所提到的，我們還將在全年推出「線上購買、店內出貨」功能，我們認為我們的客戶會對此感到興奮。

The great news for us is 40%-plus of all the orders that happen in our digital space our customers choose to pick that up in one of our stores. They are conveniently located, they are safe, they know the product is gonna be there, they don't have to worry about it not being on their doorstep. And that's a great opportunity for us as it drives more traffic to our stores.

對我們來說，好消息是，在我們的數位空間中發生的所有訂單中，超過 40% 的客戶選擇在我們的一家商店取貨。他們所處的位置很便利，很安全，他們知道產品會送到他們那裡，他們不必擔心產品不在他們家門口。這對我們來說是一個很好的機會，因為它可以為我們的商店帶來更多的客流量。

Great, thank you very much.

太好了，非常感謝。

Dan Binder, Jefferies.

丹賓德（Dan Binder），傑富瑞（Jefferies）。

Hi, thank you. My question was regarding online. I was wondering if you could give us the growth rate in the quarter.

你好，謝謝。我的問題是關於在線的。我想知道您是否能告訴我們本季的成長率。

I think you gave us the year. And what do you think the top two or three things are that are helping the strong conversion there?

我想你給了我們年份。您認為哪兩三件事情對強勁轉變最為有幫助？

Our online sales grew $230 million or 23% in the quarter. For the year total online sales were $4.7 billion, that's 5.3% of our total sales, up from 4.5% from last year. So really pleased with the growth.

本季我們的線上銷售額成長了 2.3 億美元，即 23%。全年線上銷售額為 47 億美元，占我們總銷售額的 5.3%，高於去年的 4.5%。我對於這種增長感到非常高興。

And Kevin do you want to --

凱文你想——

So two things driving the growth is really what we talked about: great mobile experiences, great end-to-end interconnected experience. Our focus is not just the transaction online but as Craig said over 40% of our orders actually end up in the store in one way, shape or form.

我們實際上談論的是推動成長的兩個因素：出色的行動體驗、出色的端到端互聯體驗。我們的重點不僅僅是線上交易，而且正如 Craig 所說，超過 40% 的訂單最終都會以某種方式到達商店。

So what we found is a lot of our online experiences are really about tying the customer back to their store-side shopping journey. And when we look at the total enterprise conversion rate just very, very pleased with our progress there.

因此，我們發現，我們的許多線上體驗實際上都是為了將顧客與店內購物之旅聯繫起來。當我們看到整體企業轉換率時，我們對我們的進展感到非常非常滿意。

Whether they convert online or whether they convert in the store that's really the customer's decision. So really great progress. We set all new records during our Cyber Monday event and our Black Friday event and really, really strong momentum.

無論他們是在線上轉換還是在商店轉換，這實際上都是客戶的決定。所以這確實是一個很大的進步。我們在網路星期一活動和黑色星期五活動期間創下了所有新紀錄，勢頭非常強勁。

And then my follow-up just hoping maybe you could comment on a few things. First, what your commodity deflation assumptions are for Q1, what the breakdown was at the $90 million of extra expense in Q4 and what you may be seeing in wage pressures across the Company or regionally?

然後我的後續問題是希望您能對一些事情發表評論。首先，您對第一季的商品通貨緊縮假設是什麼，第四季度 9,000 萬美元額外支出的細目是什麼，以及您可能看到整個公司或整個地區的工資壓力是什麼？

Happy to. So the commodity price deflation pressure, again we don't forecast future deflation. So our forecast is inflation, deflation neutral.

很開心。因此對於大宗商品價格通貨緊縮壓力，我們再次不預測未來的通貨緊縮。因此，我們的預測是通貨膨脹、通貨緊縮中性。

But because we have seen prices come down that has a year-over-year impact it's about 50 bps in the first quarter. Looking at the breakdown of expenses, of the $90 million that were over our plan about one-third of the dollars were related to store maintenance, snow removal and the data breach, the data breach specifically being $9 million and the rest was in our bonus and Success Sharing.

但是，由於我們看到價格下降，其同比影響在第一季約為 50 個基點。查看費用明細，在超出計劃的 9000 萬美元中，約有三分之一與商店維護、清除積雪和資料外洩有關，其中資料外洩具體為 900 萬美元，其餘部分用於我們的獎金和成功分享。

As Craig pointed out all of our stores are eligible for Success Sharing. We are going to have the highest second-half payout in our Company history, so we're excited about that. And then Dan, the third question --?

正如 Craig 指出的那樣，我們所有的商店都符合成功分享的資格。我們將獲得公司史上最高的下半年派息，因此我們對此感到非常興奮。然後丹，第三個問題──？

Was regarding wage pressure that you may be seeing either regionally or as a Company, how it increases and so forth.

是關於您可能在地區或公司層面看到的工資壓力，以及工資壓力如何增加等等。

Yes, so thank you for that question. As we told you at our Investor Conference, we do have some people costs coming out as both in terms of wage pressure as well as higher medical costs due to prescription drugs. All of those pressures have been addressed and in the guidance that we have given you.

是的，感謝您的提問。正如我們在投資者會議上所說的那樣，我們確實有一些人員成本，既包括工資壓力，也包括處方藥導致的更高的醫療費用。所有這些壓力都已解決，並已在我們給予您的指導中解決。

Great, thank you.

太好了，謝謝。

Matthew Fassler, Goldman Sachs.

高盛的馬修法斯勒。

Thanks a lot and good morning. My primary question relates to your big-ticket sales trends.

非常感謝，早安。我的主要問題與您的高價商品銷售趨勢有關。

That comp com growth in tickets of $900 or more I think is the second strong guest on record on both a one-year and a two-year basis. A couple of elements there. You mentioned custom kitchens.

我認為，門票價格年增 900 美元或以上，是一年和兩年來第二大強勁嘉賓。那裡有幾個元素。您提到了定制廚房。

Kind of curious whether those megaprojects are getting more traction? And also does the Pro growth that you're seeing, and particularly the acceleration of some of the Pro categories doing better disproportionately impact that big-ticket zone of your sales?

有點好奇這些大型專案是否正在獲得更多關注？另外，您所看到的 Pro 級成長，特別是某些 Pro 類別的加速成長，是否會對您們銷售的高價位區域產生不成比例的影響？

Well, I would say Matt on big-ticket we like the progress we're seeing in the momentum. So you specifically mentioned the kitchen cabinet business. That was a strong double-digit comp for us.

好吧，我想說，馬特，就大局而言，我們喜歡我們所看到的勢頭的進展。所以您特別提到了廚櫃業務。對我們來說這是一個強勁的兩位數成長。

And what's encouraging is the pipeline of quotes in our system are at record highs and even now after such a strong Q4 going into Q1 we have a very robust pipeline. Just across the whole store appliances obviously is a big-ticket item that continues to grow.

令人鼓舞的是，我們系統中的報價管道處於歷史最高水平，即使在經歷瞭如此強勁的第四季度後進入第一季度，我們的報價管道仍然非常穩健。在整個商店中，家用電器顯然是一種持續成長的高價位商品。

And our service business, we have nice traction with our home interiors business and exterior business whether it's kitchen installs or roofing, siding, windows. So seeing really across the business.

我們的服務業務，我們的室內裝潢業務和室外裝潢業務都有著良好的發展勢頭，無論是廚房安裝還是屋頂、牆板、窗戶。所以才能真正看清整個業務。

And if it's possible to dissect the acceleration from the 8% growth really high single digits that you've seen year to date to the 12% number, would you say that DIY or either DIY or Pro is disproportionately behind that pickup?

如果可以分析今年迄今 8% 的高個位數成長和 12% 的成長速度，您是否會認為 DIY、DIY 或 Pro 對這一成長的推動作用尤為突出？

Actually both. I mean the install's certainly consumer. Appliance is consumer, roofing has a tendency to be Pro.

事實上兩者都有。我的意思是安裝肯定是消費者。家電是消費者，屋頂往往是專業人士。

Great, thank you for that.

太好了，謝謝你。

Matt, the only point on that is as we look at we talk about our top classes that still haven't recovered from peak. And we're still as much as we've recovered in aggregate, all of the lost sales, there is still $2.5 billion in key categories. Those tend to be bigger ticket items.

馬特，唯一的一點是，當我們談論我們的頂級班級時，他們仍然沒有從巔峰狀態恢復過來。而且，我們整體恢復了所有損失的銷售額，主要類別的銷售額仍有 25 億美元。這些往往都是價格較大的物品。

So special order kitchens, countertops in all manner of millwork still remain below the 2006 peak. So we're watching our ticket carefully as Carol said. But from all indications pipelines are strong and sales continue with good momentum.

因此，特殊訂購廚房、各種木製品的檯面價格仍低於 2006 年的高峰。因此，正如卡羅爾所說的，我們會仔細查看我們的票。但所有跡象表明，通路強勁，銷售動能持續良好。

Great. And then just a couple of cleanup points on the expense line.

偉大的。然後只需在費用線上清理幾個點。

Carol, you spoke about the impact of Interline on gross margin rate. Can you talk to the impact if any on the expense ratio and the D&A guidance does suggest a bit of a pickup. Is that primarily related to the deal or is there something else moving that number?

卡羅爾，您談到了聯運對毛利率的影響。您能否談談這對費用率是否有影響？這主要和交易有關嗎，還是有其他因素影響了這個數字？

The D&A pickup is related to shorter life assets being put into service. We're coming into IT in a big way and that capital tends to have a shorter life.

D&A 的上升與壽命較短的資產投入使用有關。我們正在大舉進軍 IT 領域，而資本的壽命往往較短。

And the impact of Interline is really reflected in the overall expense growth factor for the quarter. We were around 52%-ish. That's really because of Interline, if you back out Interline it was more like 40%.

而聯運的影響確實反映在本季的整體費用成長因素。我們大概是 52% 左右。這其實是因為 Interline，如果你退出 Interline，那麼這個比例會更高，達到 40%。

Great, thanks so much.

太好了，非常感謝。

Scot Ciccarelli, RBC Capital Markets.

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

Good morning, guys. So a bigger question, I guess two questions technically on e-commerce. We've obviously seen e-commerce disrupt so many retail sectors.

大家早安。所以更大的問題是，我猜從電子商務技術上來說有兩個問題。我們顯然已經看到電子商務顛覆了許多零售業。

So I guess the two questions are number one, how do you think about the risk of consumers potentially getting increasingly used to shopping for your category especially with the growth of your own platform online? And then two, in your opinion what makes home-improvement different than what we've seen in so many other retail sectors where the box guys tend to battle market share losses and margin compression over time? Why would you be immune to that in your opinion?

所以我想這兩個問題是：首先，您如何看待消費者可能越來越習慣於購買您的產品類別的風險，尤其是隨著您自己的線上平台的成長？第二，您認為家裝業與我們在其他零售業看到的情況有何不同？您認為為何會對此免疫？

I think when you look at the business in total there is a combination of factors. There are segments of our business we shared in the past that we believe the best business model is in the store. And the customers have -- they are smart, they have a tendency to gravitate to the best business models.

我認為，從整體來看，這項業務涉及多種因素。我們過去分享過一些業務部分，我們認為最好的商業模式是在商店中。而且客戶很聰明，他們傾向於選擇最好的商業模式。

So we think there's elements of things like concrete and soils and mulches that make sense and that's where the customer will find the best value to purchase the product. There's other categories that are enhanced by the digital experience as Kevin was just sharing a minute ago where our customers actually start their shopping experience online but then finish in store.

因此，我們認為混凝土、土壤和覆蓋物等元素是有意義的，客戶可以從中找到購買產品的最佳價值。正如凱文剛才分享的那樣，其他類別也透過數位體驗得到了增強，我們的客戶實際上是在網路上開始他們的購物體驗，然後在商店中完成購物。

Then there's clearly categories that are if you will at risk to transfer online because whether it's breadth of assortment or ease of shipping. And candidly in those categories to date for the most part we actually see growth in both camps. And so the digital business in large part has been incremental growth for us, and we see that opportunity to continue.

那麼顯然有一些類別如果您願意的話會面臨在線轉移的風險，因為無論是分類的廣度還是運輸的便利性。坦白說，到目前為止，在這些類別中我們實際上大部分都看到了兩個陣營的成長。因此，數位業務在很大程度上為我們帶來了增量成長，並且我們看到了繼續發展的機會。

But do you think there's a risk that as people get more used to shopping at some of those categories that you're terming at risk that you can wind up seeing increased margin compression down the road? Because obviously that's something we've seen in a lot of other retail segments.

但您是否認為，隨著人們越來越習慣購買您所說的某些類別的商品，未來利潤率是否會進一步壓縮？因為很明顯我們在許多其他零售領域也看到了這種現象。

We run this as one business as a portfolio. We build out the capabilities and the tools to give visibility to our merchants to manage this across channels. So it's all built into our forward look that we shared at our Investor Conference.

我們將其作為一個業務組合來運作。我們建立了相關功能和工具，為商家提供視覺性，以便他們可以跨通路進行管理。這一切都融入了我們在投資者會議上分享的前瞻性觀點中。

Got you. All right, thanks, guys.

明白了。好的，謝謝大家。

Kate McShane, Citi.

花旗銀行的凱特‧麥克沙恩 (Kate McShane)。

Hi, thank you, good morning. My question is on Project Sync.

嗨，謝謝，早安。我的問題是關於 Project Sync 的。

I know that was a big focus of your Analyst Day and you had mentioned in the prepared comments that it's been rolled out beyond Houston. Can you give us any more detail about where else this has been rolled out to and can you remind us when you see this being completed?

我知道這是你們分析師日關注的重點，並且你在準備好的評論中提到它已經在休士頓以外地區推廣。您能否向我們提供更多有關此項計劃在其他哪些地方推廣的詳細資訊？

It is in the process of rolling out in additional southern areas of the country. And this is a multiyear effort.

該計畫目前正在該國其他南部地區推廣。這是一項多年的努力。

Okay, thank you. And my follow-up question was just on exclusivity of product.

好的，謝謝。我的後續問題只是關於產品的獨特性。

Again in the prepared comments I think you said that was a differentiator for the Pro. Do you have a percentage of what you're offering or sales percentage is of exclusive product to the Pro customer?

再次，在準備好的評論中，我認為您說過這是 Pro 的區別所在。您所提供的產品或銷售百分比中，是否有一定比例是專為專業客戶提供的產品？

Honestly, we haven't calculated that.

說實話，我們還沒有計算過這一點。

We've talked about our private brands in the 15% to 20% range. But not talked about the exclusive products.

我們討論過的自有品牌的比例在 15% 到 20% 之間。但沒有談到獨家產品。

Okay, thank you.

好的，謝謝。

Nicole, we do have time for one more question.

妮可，我們還有時間再問一個問題。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

Great, thanks. I'll have two parts to it just to sneak one in.

太好了，謝謝。我將把它分成兩部分，只是為了偷偷地放進去。

Carol, I just want to make sure I got the SG&A thing right in the guidance. If it's 40% of sales growth we should be taking 40% of 5.5 when we think about SG&A dollar growth. Is that right?

卡羅爾，我只是想確保我在指導中正確理解了銷售、一般和行政費用 (SG&A) 事項。如果銷售額成長了 40%，那麼當我們考慮銷售、一般和行政費用成長時，我們應該取 5.5 的 40%。是嗎？

So you should be taking 40% of the sales growth we gave which is 6%.

因此你應該拿走我們給的銷售成長的 40%，也就是 6%。

Okay. And then the second question is on working capital. So I hate to end on this but try to find something wrong with these numbers.

好的。第二個問題是關於營運資金。所以我不想就此結束，而是試著找出這些數字的錯誤之處。

Inventory was up a lot but payables were up, too. What do you have in your $10 billion of cash flow guidance for working capital in 2016 and do you feel good about inventories where they are? Are they too hot, too cold, just right?

庫存大幅增加，但應付款項也增加。您在 2016 年 100 億美元營運資本現金流指引中提出了哪些內容？它們是否太熱、太冷，還是剛好？

So our inventories are in the best shape we've seen. And I've been here, this is my 21st year so I can speak from authority they are in really great shape. We have 1/10 improvement in inventory plan for 2016 and Mark Holifield is here and I would say we might want to try to get even better than that but that's our plan.

因此我們的庫存處於我們所見過的最佳狀態。我來這裡已經有 21 年了，因此我可以很有權威的說，他們的狀況非常好。我們的 2016 年庫存計劃改進了 1/10，馬克·霍利菲爾德 (Mark Holifield) 也在這裡，我想說我們可能想嘗試做得更好，但這是我們的計劃。

Yes, just one thing just color on inventory, one thing to keep in mind his last year we had the West Coast port disruption which led to artificially lower inventory. So we're actually very pleased where our inventory is. And on top of that we're very, very pleased where are in-stock is compared to last year which we're really seeing a material improvement in in-stock versus last year because we are overlapping those poor disruptions from last year.

是的，只有一件事是關於庫存的，有一件事要記住，去年我們遇到了西海岸港口中斷，導致庫存人為降低。因此我們對我們的庫存狀況非常滿意。最重要的是，我們非常高興看到庫存情況與去年相比有了實質的改善，因為我們正在彌補去年的那些不良中斷。

Great. So it's fair to say the $10 billion of cash from operations might include a couple hundred million from working capital but it's nothing, there's no massive move either way?

偉大的。因此，公平地說，100 億美元的營運現金中可能包括幾億美元的營運資金，但這不算什麼，無論如何都沒有什麼大的變動？

That's correct.

沒錯。

Okay great. Good luck.

好的，太好了。祝你好運。

Thank you.

謝謝。

Well, thank you for joining us on our call today. And we look forward to reporting our first-quarter earnings at the end of May when we will talk to you then.

好吧，感謝您今天的電話會議。我們期待在五月底報告第一季的收益，屆時我們將與您進行交談。

Once again Ladies and gentlemen, that conclude today's conference. We appreciate your participation today.

女士們、先生們，今天的會議到此結束。我們感謝您今天的參與。