家得寶 (HD) 2018 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to The Home Depot Second Quarter 2018 Earnings Conference Call. Today's call is being recorded. (Operator Instructions)

女士們、先生們，大家好。感謝您的支持。歡迎參加家得寶 2018 年第二季財報電話會議。今天的通話正在錄音。（操作員指令）

At this time, I'd like to turn the conference over to Isabel Janci. Please go ahead.

現在，我想將會議交給 Isabel Janci。請繼續。

Thank you, and good morning, everyone. Joining us on our call today are Craig Menear, Chairman, CEO and President; Ted Decker, Executive Vice President of Merchandising; and Carol Tomé, Chief Financial Officer and Executive Vice President, Corporate Services.

謝謝大家，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)，商品銷售執行副總裁；以及財務長兼企業服務執行副總裁 Carol Tomé。

Following our prepared remarks, the call will be open for questions. Questions will be limited to analysts and investors. (Operator Instructions) If we are unable to get to your question during the call, please call our Investor Relations Department at (770) 384-2387.

在我們準備好發言之後，電話會議將開放提問。問題僅限於分析師和投資者。(操作員指示)如果我們無法在通話期間回答您的問題，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. 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.

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。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向美國證券交易委員會提交的文件中確定的因素。

Today's presentations will also include certain non-GAAP measures. Reconciliation of these measures is provided on our website.

今天的演示還將包括某些非公認會計準則指標。這些措施的協調已在我們的網站上提供。

Now let me turn the call over to Craig.

現在讓我把電話轉給克雷格。

Thank you, Isabel, and good morning, everyone. We're very pleased with our performance in the second quarter, achieving a milestone of the highest quarterly sales and net earnings results in our company history. Sales for the second quarter were up $30.5 billion, up 8.4% from last year. Comp sales were up 8% from last year, with U.S. comps of positive 8.1%. Diluted earnings per share were $3.05 in the second quarter.

謝謝你，伊莎貝爾，大家早安。我們對第二季的業績非常滿意，實現了公司歷史上最高的季度銷售額和淨收益的里程碑。第二季銷售額增加 305 億美元，比去年成長 8.4%。同店銷售額較去年同期成長 8%，其中美國同店銷售額成長 8.1%。第二季每股攤薄收益為 3.05 美元。

Our results in the second quarter reflected what we call the bathtub effect. As expected, the majority of seasonal sales we missed in the first quarter were recovered in the second quarter. We also continue to see broad-based strength across the store in all geographies. In the U.S., all 3 of our divisions posted positive comps in the second quarter, as did our 19 regions and top 40 markets. Internationally, Canada and Mexico posted mid- to high single-digit positive comps in local currency during the quarter.

我們第二季的業績反映了所謂的「浴缸效應」。正如預期的那樣，我們在第一季錯過的大部分季節性銷售額在第二季度都得到了恢復。我們也繼續看到各個地區的商店都表現出廣泛的力量。在美國，我們所有 3 個部門、19 個地區和前 40 個市場在第二季度都取得了積極的業績。從國際來看，加拿大和墨西哥本季以當地貨幣計算的銷售額均出現了中高個位數的正成長。

Our solid performance was driven by the outstanding execution of our store associates, merchants, suppliers and supply chain teams. Navigating a sudden spike in demand like the one we witnessed in May isn't easy. For example, in the Northern division, the variability in sales over a 2-week period of time was as high as 2,770 basis points as the weather turned more favorable.

我們的穩健表現得益於店員、商家、供應商和供應鏈團隊的優異表現。要應對五月那樣的突然需求激增並不容易。例如，在北部地區，由於天氣轉好，兩週內的銷售額變化高達 2,770 個基點。

As Ted will detail, both tickets and transactions grew in the quarter. We saw a healthy balance of growth from both our Pro and DIY categories, with Pro sales once again outpacing DIY sales in the quarter.

正如 Ted 所詳述的，本季度的門票和交易量均有所增長。我們看到 Pro 和 DIY 類別都實現了健康的成長平衡，本季 Pro 的銷售額再次超過了 DIY 的銷售額。

The alignment of our Interline and legacy outside sales forces around 4 targeted end markets continues to gain traction. These sales professionals are experts in their respective fields, providing valuable insight and partnership to the Pro customers that they serve. This, in turn, drives greater engagement and incremental spend.

我們的聯運和傳統外部銷售團隊圍繞著四個目標終端市場的協調繼續獲得推動。這些銷售專業人員都是各自領域的專家，為他們服務的專業客戶提供寶貴的見解和合作關係。這反過來又會推動更大的參與度和增量支出。

Our digital business continued to be a source of growth. Online traffic growth was healthy, and second quarter online sales grew approximately 26% from the second quarter of 2017. Customers continue to respond to ongoing investments and enhancements we are making in support of the customer experience.

我們的數位業務繼續成為成長的來源。線上流量成長健康，第二季線上銷售額較 2017 年第二季成長約 26%。客戶對我們為支持客戶體驗而進行的持續投資和改進不斷做出回應。

Delivering a best-in-class interconnected shopping experience encompasses much more than our digital properties and physical store assets. Our supply chain and the investments we are making to enhance the delivery and fulfillment options available for customers is also an important area of focus. We have continued to develop and roll out new delivery capabilities. We've now rolled out small parcel express delivery from store via car and van in nearly all our major markets in the U.S., with plans for further expansion.

提供一流的互聯購物體驗不僅涵蓋我們的數位資產和實體店資產。我們的供應鏈和我們為增強客戶交付和履行選項而進行的投資也是一個重要的關注領域。我們不斷開發和推出新的交付能力。目前，我們已經在美國幾乎所有主要市場推出了透過汽車和貨車從商店進行小包裹快遞的服務，並計劃進一步擴展。

Additionally, we told you that 2018 would be the year of the pilot as we test and learn with new fulfillment centers. I'm pleased to report that we are on track with our plan and opened our first MDO, or market delivery operation, during the quarter. In the second half of this year, we plan to open additional facilities.

此外，我們告訴您，2018 年將是試點年，因為我們將透過新的履行中心進行測試和學習。我很高興地報告，我們的計劃正在順利進行，並在本季度啟動了我們的第一個 MDO，即市場交付業務。今年下半年，我們計劃開設更多設施。

The opening of these facilities is a cross-functional endeavor. From our real estate team that locates the appropriate sites to our IT teams that develop the proprietary software that runs them and our supply chain team that owns execution throughout, the build-out of the One Home Depot supply chain is truly a collaborative team effort. I want to commend everyone for their work thus far in getting our 5-year journey off to a strong start.

這些設施的開放是一項跨職能的努力。從負責尋找合適地點的房地產團隊，到負責開發專有軟體的 IT 團隊，再到負責全程執行的供應鏈團隊，One Home Depot 供應鏈的建構確實是一個團隊協作的努力成果。我要對所有人迄今所做的工作表示讚揚，使我們的五年旅程有一個良好的開端。

Let me touch briefly on the progress that we're making with some of our store investments. We have implemented our wayfinding sign and store refresh package in over 500 stores year-to-date, ahead of our initial plan. We also continue to make progress on the roll of our redesigned front-end areas and BOPUS lockers, among other investments. We are only 7 months into a 3-year investing journey. We remain energized and excited about the work and the opportunities ahead. We're focused on improving the customer experience by investing in our business and in our associates.

讓我簡單介紹一下我們在一些商店投資方面取得的進展。今年迄今，我們已經在超過 500 家商店實施了導航標誌和商店更新套餐，這比我們最初的計劃提前了。我們也在重新設計的前端區域和 BOPUS 儲物櫃以及其他投資方面繼續取得進展。我們為期 3 年的投資歷程才剛過 7 個月。我們對未來的工作和機會依然充滿活力和興奮。我們致力於透過投資我們的業務和員工來改善客戶體驗。

Turning to the macro environment. The U.S. economy and drivers for home improvement spending are strong. As Carol will detail, because of our outperformance in the first half versus our plan, we are increasing our sales and earnings per share guidance for the year. We now expect fiscal 2018 sales growth of approximately 7% and diluted earnings per share of $9.42.

轉向宏觀環境。美國經濟和家居裝修支出的驅動力強勁。正如卡羅爾所詳細說明的，由於我們上半年的表現超出了我們的計劃，我們將提高今年的銷售額和每股收益預期。我們現在預計 2018 財年銷售額將成長約 7%，每股攤薄收益為 9.42 美元。

I want to close by thanking our associates for their hard work and continued dedication to our customers as they once again successfully navigated our busiest selling season. Based on the first half results, 100% of our stores qualified for Success Sharing, our profit-sharing program for our hourly associates. We are very proud of their efforts.

最後，我要感謝我們的同事們的辛勤工作和對客戶的持續奉獻，使他們再次成功度過了我們最繁忙的銷售季節。根據上半年的業績，我們 100% 的商店都符合「成功分享」的資格，這是我們針對小時工的利潤分享計畫。我們對他們的努力感到非常自豪。

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

現在，請允許我將電話轉給泰德。

Thank you, Craig, and good morning, everyone. We had a strong quarter with results that exceeded our expectations. The team did a great job of maintaining excellent service levels while preserving high in-stocks over a period of elevated demand. Our core business continues to perform well. And as expected, we saw record sales in our garden business as spring broke across the country.

謝謝你，克雷格，大家早安。我們本季表現強勁，業績超乎預期。在需求旺盛的時期內，團隊在保持高庫存的同時，也出色地完成了維持優質服務水準的工作。我們的核心業務繼續表現良好。正如預期的那樣，隨著全國春暖花開，我們的花園業務銷售額創下了歷史新高。

Looking at our departments. Lumber, indoor garden, outdoor garden and electrical had double-digit comps in the quarter. Tools and appliances were above the company average. All of the departments, but lighting, posted mid- to high single-digit comps. Lighting had a low single-digit negative comp, driven primarily by LED price deflation.

看看我們的部門。本季度，木材、室內花園、室外花園和電器的銷售額均實現了兩位數的成長。工具和器具高於公司平均。除照明部門外，所有部門的年比銷售額均處於中高個位數。照明產業的利潤為個位數低點負成長，主要受 LED 價格下跌影響。

In the second quarter, comp average ticket increased 4.9% and comp transactions increased 2.9%. Commodity price inflation in lumber, building materials and copper positively impacted average ticket growth by approximately 119 basis points. In addition to core commodity inflation, we are now experiencing inflation in other areas. These inflationary pressures come in many forms, including rising raw material costs and transportation costs, along with recently enacted tariffs. However, as the customers advocate for value, it is our job to work with our partners throughout the value chain to manage these pressures.

第二季度，同店平均票價上漲 4.9%，同店交易量上漲 2.9%。木材、建築材料和銅等商品價格上漲對平均票價成長產生了約 119 個基點的正面影響。除了核心商品通膨外，我們現在還經歷著其他領域的通膨。通膨壓力有多種形式，包括原物料成本和運輸成本的上漲，以及最近實施的關稅。然而，由於客戶崇尚價值，我們的工作就是與整個價值鏈中的合作夥伴共同應對這些壓力。

Turning to big-ticket sales in the second quarter. We've previously defined big-ticket sales as transactions over $900. Today, we are redefining big-ticket sales as transactions over $1,000 as they now represent approximately 20% of U.S. sales. In the second quarter, transactions over $1,000 were up 10.6% compared to the second quarter of fiscal 2017. A few drivers behind the increase in big-ticket purchases were vinyl plank flooring, appliances and strength with our Pro customers.

轉向第二季的大宗商品銷售。我們之前將大額銷售定義為交易金額超過 900 美元。今天，我們將大額銷售重新定義為超過 1,000 美元的交易，因為它們現在約占美國銷售額的 20%。第二季度，1,000 美元以上的交易額與 2017 財年第二季度相比成長了 10.6%。大件商品購買量增加的幾個驅動因素包括乙烯基板地板、電器以及專業客戶的實力。

In the second quarter, sales to our Pro customers grew double digits. Pro-heavy categories like lumber, in-stock kitchens, power tools, windows and concrete all recorded double-digit comps. As you heard from Craig, our professional sales force is driving stronger relationships and a deeper level of engagement with our Pro customers, which in turn, lead to higher sales. This partnership is particularly important with our MRO customers, where we saw strong mid-single digit growth in the quarter.

第二季度，我們對 Pro 客戶的銷售額成長了兩位數。木材、現貨廚房、電動工具、窗戶和混凝土等專業重型類別均錄得兩位數的銷售量。正如您從 Craig 那裡聽到的，我們的專業銷售團隊正在與我們的專業客戶建立更牢固的關係和更深的互動，從而帶來更高的銷售額。這種合作關係對我們的 MRO 客戶來說尤其重要，我們在本季看到了強勁的中個位數成長。

Sales to our DIY customers also showed solid results as they completed a variety of spring projects. Categories like lawnmowers, watering, patio, ceiling fans and interior and exterior paint all had strong comps. In fact, our interior paint business had its best half performance in more than 5 years. And while the favorable weather drove outdoor project activity, we also saw good performance in core maintenance and repair categories during the quarter, with great results in water heaters, HVAC, safety and security and air circulation.

由於我們 DIY 客戶的完成，各種春季項目都取得了可觀的銷售業績。割草機、澆水機、露台、吊扇以及室內外塗料等類別均有強勁成長。事實上，我們的室內塗料業務創下了五年多以來最好的半年業績。在良好的天氣推動戶外專案活動的同時，我們在本季的核心維護和維修類別中也看到了良好的表現，熱水器、暖通空調、安全保障和空氣循環方面取得了巨大的成果。

During the quarter, we held our annual Memorial Day, Father's Day and Red, White and Blue events. Our merchants, merchandising execution team and stores did a fantastic job bringing great value to our customers, which helped drive transactions, both in-store and online.

在本季度，我們舉辦了年度陣亡將士紀念日、父親節和紅、白、藍活動。我們的商家、商品執行團隊和商店表現出色，為我們的客戶帶來了巨大的價值，幫助推動了店內和線上交易。

As part of our focus on balancing the art and science of retail, we have created approximately 50 cross-functional squads focused on agile development to improve the flexibility and ease of our online customer experience. As Craig called out, we saw strong growth in our online business, driven in part by an increase in our conversion rates. And our interconnected retail offering is resonated with -- resonating with our customers as 47% of all of our online orders are picked up in the store.

作為我們平衡零售藝術與科學的一部分，我們創建了大約 50 個跨職能小組，專注於敏捷開發，以提高我們的線上客戶體驗的靈活性和便利性。正如克雷格所說，我們的線上業務實現了強勁成長，部分原因是轉換率的提高。我們的連網零售服務得到了客戶的共鳴，47% 的線上訂單都是在商店取貨的。

Now let's turn our attention to the third quarter. We are thrilled to announce our new appliance partnership with Bosch. Bosch is one of the largest home appliance manufacturers in the world and brings over a century of product innovation and engineering to The Home Depot. We are excited to offer a broad selection of their appliances, both in-store and online. Most notably, Bosch is recognized as having the quietest and most reliable dishwasher on the market today, and they own the #1 brand position in the category.

現在我們把注意力轉向第三季。我們非常高興地宣布與博世建立新的家電合作夥伴關係。博世是世界上最大的家用電器製造商之一，為家得寶帶來了一個多世紀的產品創新和工程技術。我們很高興能夠在店內和網路上提供廣泛的家用電器選擇。最值得注意的是，博世被公認為當今市場上最安靜、最可靠的洗碗機，並且在該類別中擁有第一品牌的地位。

Building on the success and momentum of our LifeProof carpet and vinyl plank, we are excited to introduce LifeProof slip-resistant tile. LifeProof tile is 50% more slip-resistant than ordinary tiles and is particularly good for wet areas like bathrooms, kitchens and even outdoor patios. The innovative coating eliminates the need for a gritty texture and does not freeze, fade or crack. It is low maintenance and easy to clean. LifeProof tile is exclusive to The Home Depot.

基於我們的 LifeProof 地毯和乙烯基板的成功和發展勢頭，我們很高興推出 LifeProof 防滑瓷磚。LifeProof 瓷磚的防滑性比普通瓷磚高出 50%，特別適合浴室、廚房甚至戶外露台等潮濕區域。創新塗層無需粗糙的紋理，並且不會凍結、褪色或破裂。維護成本低，易於清潔。LifeProof 瓷磚是家得寶 (The Home Depot) 獨家銷售的。

We're also excited to be introducing some great new innovation across our Husky tool portfolio. The growing Husky brand is owned and backed by The Home Depot and offers incredible value to our customers who need tough, quality tools and storage at affordable prices. In mechanics tools, we are introducing new impact sockets that offer easier access in tight spaces. And in plumbing tools, we are introducing a ratcheting PVC pipe cutter that requires less force to cut and allows for easy, single-hand operation. All of our Husky hand tools are backed by lifetime warranty and can be replaced at any of our stores.

我們也很高興能夠在我們的 Husky 工具產品組合中推出一些很棒的新創新。不斷發展的 Husky 品牌由家得寶 (The Home Depot) 擁有並支持，為需要堅固、優質工具和存儲空間且價格實惠的客戶提供難以置信的價值。在機械工具方面，我們推出了新型衝擊套筒，以便在狹小空間內更輕鬆地使用。在管道工具方面，我們推出了棘輪式 PVC 管切割機，它切割時所需的力氣較小，而且可以輕鬆地單手操作。我們所有的 Husky 手動工具都享有終身保修，並且可以在我們的任何一家商店更換。

In addition to great new products, we are excited about our upcoming events. As summer winds down and cooler temperatures arrive, we will have an incredible lineup of great values and special buys for our customers during our Labor Day and Halloween and harvest events.

除了出色的新產品外，我們對即將舉行的活動感到興奮。隨著夏季的結束和涼爽的氣溫的到來，我們將在勞動節、萬聖節和豐收活動期間為顧客提供一系列超值商品和特價商品。

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, everyone. In the second quarter, total sales were $30.5 billion, an increase of 8.4% from last year. Recall that at the beginning of fiscal 2018, we adopted a new accounting standard pertaining to revenue recognition. The new standard changes the geography of certain items on our income statement but has no impact on operating profit. In the second quarter, the change in accounting positively impacted sales growth by $33 million.

謝謝你，泰德，大家早安。第二季總銷售額為305億美元，比去年同期成長8.4%。回想一下，在2018財年伊始，我們採用了有關收入確認的新會計準則。新標準改變了我們損益表中某些項目的地理位置，但對營業利潤沒有影響。第二季度，會計核算的變化對銷售額成長產生了 3,300 萬美元的正面影響。

Our total company comps were positive 8% for the quarter, with positive comps of 11% in May, 7.5% in June and 5.7% in July. Comps in the U.S. were positive 8.1% for the quarter, with positive comps of 10.6% in May, 7.6% in June and 6.3% in July. As you heard from Craig, our second quarter performance exemplified what we call the bathtub effect of a seasonal business. In other words, the majority of the seasonal sales missed in the first quarter due to inclement weather were recovered in the second quarter. And as you've heard, we didn't just recover seasonal sales. Our total sales growth exceeded our expectations.

本季度我們公司整體同店銷售額成長 8%，其中 5 月同店銷售額成長 11%，6 月同店銷售額成長 7.5%，7 月同店銷售額成長 5.7%。本季美國同店銷售額成長 8.1%，其中 5 月同店銷售額成長 10.6%，6 月成長 7.6%，7 月成長 6.3%。正如克雷格所說，我們第二季的業績反映了我們所謂的季節性業務的浴缸效應。換句話說，第一季因惡劣天氣而損失的季節性銷售額大部分在第二季度都得到了恢復。正如您所聽到的，我們不只是恢復了季節性銷售。我們的總銷售額成長超出了我們的預期。

One last comment on sales for the quarter. Foreign currency exchange rates had a negligible impact on sales growth.

關於本季的銷售情況的最後一則評論。外幣匯率對於銷售成長的影響微乎其微。

In the second quarter, our gross margin was 34%, an increase of 36 basis points from last year. There were a number of factors that impacted our gross margin performance year-over-year, 2 of which can be isolated; and the third is just the net result of a number of factors. Specifically, we had $152 million of gross profit or 46 basis points of gross margin expansion due to the new accounting standard. We reported 16 basis points of gross margin contraction due to higher transportation and fuel costs in our supply chain. And finally, we had 6 basis points of gross margin expansion due to the net result of a number of factors, including sales mix and the impact of recently acquired companies.

第二季度，我們的毛利率為34%，比去年同期增加了36個基點。有許多因素影響了我們的毛利率同比表現，其中兩個因素可以單獨列出；第三個因素只是多種因素共同作用的結果。具體來說，由於新的會計準則，我們的毛利為1.52億美元，毛利率擴大了46個基點。由於供應鏈中的運輸和燃料成本增加，我們報告毛利率下降了 16 個基點。最後，由於銷售組合和最近收購的公司的影響等多種因素的共同作用，我們的毛利率擴大了 6 個基點。

For the year, we expect our gross margin rate to expand by approximately 41 basis points. This expansion is down slightly from our previous guidance due to higher-than-anticipated transportation costs in our supply chain.

我們預計今年的毛利率將擴大約41個基點。由於供應鏈中的運輸成本高於預期，此次擴張比我們先前的預期略有下降。

In the second quarter, operating expense as a percent of sales increased by 16 basis points to 17.9%, reflecting 90 basis points of expense leverage in BAU, or business as usual, offset by the impact of the new accounting standard and expenses associated with the strategic investment plan we laid out at our December investor conference.

第二季度，營業費用佔銷售額的百分比增加了 16 個基點，達到 17.9%，反映了 BAU（即正常業務）下 90 個基點的費用槓桿，但被新會計準則的影響以及我們在 12 月投資者會議上製定的戰略投資計劃相關的費用所抵消。

Expanding on this, the new accounting standard resulted in a $152 million increase in our operating expenses and caused 48 basis points of operating expense deleverage. And expenses related to our strategic investment plan of roughly $174 million resulted in approximately 58 basis points of operating expense deleverage. Given our strong first half performance, we now expect our fiscal 2018 operating expenses to grow at approximately 137% of our sales growth range.

進一步說，新的會計準則導致我們的營業費用增加了 1.52 億美元，並導致營業費用去槓桿化 48 個基點。與我們的策略投資計畫相關的費用約為 1.74 億美元，導致營業費用去槓桿率下降了約 58 個基點。鑑於我們上半年的強勁業績，我們現在預計 2018 財年的營運費用將成長至銷售額成長範圍的約 137%。

Our operating margin for the second quarter was 16.1%, an increase of 21 basis points from last year.

我們第二季的營業利益率為16.1％，比去年同期增加了21個基點。

For the quarter, interest and other expense decreased by $3 million to $246 million, and our effective tax rate was 24.7% compared to 36.6% in the second quarter of fiscal 2017. The decrease in our effective tax rate reflects, for the most part, the benefit of tax reform. For the year, we continue to believe our effective tax rate will be approximately 26%.

本季度，利息和其他支出減少 300 萬美元至 2.46 億美元，我們的有效稅率為 24.7%，而 2017 財年第二季為 36.6%。我們有效稅率的下降在很大程度上反映了稅制改革的好處。我們仍然認為今年的有效稅率將約為 26%。

Our diluted earnings per share for the second quarter were $3.05, an increase of 35.6% from last year.

我們第二季的每股攤薄收益為 3.05 美元，比去年同期成長 35.6%。

Moving on to some additional highlights. During the quarter, we opened 1 new store in Mexico for an ending store count of 2,286. Selling square footage at the end of the quarter was 238 million square feet. Total sales per square foot for the second quarter were $504, up 8.6% from last year. At the end of the quarter, merchandise inventories were $14 billion, up 9.1% from last year. Inventory turns were 5.4x, up 1/10 from last year.

接下來是一些額外的亮點。本季，我們在墨西哥開設了 1 家新店，期末店數達到 2,286 家。本季末銷售面積為 2.38 億平方英尺。第二季每平方英尺的總銷售額為 504 美元，比去年增長 8.6%。本季末，商品庫存為140億美元，較去年同期成長9.1%。庫存週轉率為5.4倍，比去年增加1/10。

In the second quarter, we repurchased $2 billion or approximately 9.3 million shares of outstanding stock. This included approximately 2.1 million shares on the open market and approximately 7.1 million shares repurchased through an accelerated share repurchase, or ASR program. We also received approximately 874,000 shares related to an ASR program we initiated in the first quarter. Note that for the shares repurchased under the second quarter ASR, it is an initial calculation. The final number of shares repurchased in the second quarter will be determined in the third quarter when the second quarter ASR terminates. Year-to-date, we have repurchased approximately $3 billion of our outstanding shares, and now we expect to repurchase approximately $6 billion of our outstanding shares for the year.

第二季度，我們回購了價值 20 億美元或約 930 萬股流通股。其中包括公開市場上的約 210 萬股股票和透過加速股票回購或 ASR 計畫回購的約 710 萬股股票。我們還收到了與第一季啟動的 ASR 計劃相關的約 874,000 股股票。請注意，對於第二季 ASR 下回購的股票，這是一個初始計算。第二季最終回購股份數量將在第二季 ASR 終止的第三季確定。年初至今，我們已經回購了約 30 億美元的流通股，目前我們預計今年將回購約 60 億美元的流通股。

Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 37.9%, 590 basis points higher than the second quarter of fiscal 2017.

根據過去 12 個月期初和期末長期債務和股權的平均值計算，投資資本回報率約為 37.9%，比 2017 財年第二季高出 590 個基點。

As we look to the back half of the year, we continue to expect strong economic growth, with the backdrop of a healthy home improvement environment. Homeowners continue to enjoy home price appreciation, and rising wages and low unemployment have driven consumer confidence to record-high levels. These trends are all supportive of our business, but we also know that in the second half of fiscal 2017, we experienced over $600 million of hurricane-related sales that we must comp. So today, we are lifting our fiscal 2018 guidance primarily for our first half outperformance.

展望下半年，我們預計在健康的家居裝修環境的背景下，經濟仍將保持強勁成長。房主繼續享受房價升值，薪資上漲和低失業率推動消費者信心達到歷史最高水準。這些趨勢都對我們的業務有利，但我們也知道，在2017財年下半年，我們經歷了超過6億美元的颶風相關銷售額，我們必須進行補償。因此今天，我們上調了 2018 財年業績預期，主要因為我們上半年的出色表現。

Now if there's a bias in our forecast, based on the economic environment and our August performance to date, the bias is to the up. Now remember that we guide off GAAP. Recall that fiscal 2018 will include a 53rd week, so the fourth quarter of fiscal 2018 will consist of 14 weeks.

現在，根據經濟環境和我們八月迄今的表現，如果我們的預測有偏差，那麼偏差是向上的。現在請記住，我們遵循 GAAP。回想一下，2018 財年將包括第 53 週，因此 2018 財年第四季將包含 14 週。

For fiscal 2018, we now expect sales to increase by approximately 7%, with positive comps as calculated on a 52-week basis of approximately 5.3%. For earnings per share, we expect fiscal 2018 diluted earnings per share to grow approximately 29.2% to $9.42. Our earnings per share guidance includes our intent to repurchase approximately $3 billion of outstanding shares in the back half of fiscal 2018.

對於 2018 財年，我們目前預計銷售額將成長約 7%，以 52 週計算的正銷售額約為 5.3%。對於每股收益，我們預計 2018 財年每股攤薄收益將成長約 29.2% 至 9.42 美元。我們的每股盈餘預期包括我們計劃在 2018 財年下半年回購價值約 30 億美元的流通股。

So with that, I would like to thank you for your participation in today's call. And Kat, we are now ready for questions.

因此，我要感謝您參加今天的電話會議。Kat，現在我們可以回答問題了。

(Operator Instructions) Our first question will come from Simeon Gutman from Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的 Simeon Gutman。

I wanted to first ask about the macro, probably will be a busy topic on it this morning. Look, there's a lot of noise out there. There's a lot of healthy metrics, but there's also some cautionary ones. So curious, I guess, the big one is home improvement demand and how it sort of disaggregates from declining existing home sales. Your guidance clearly doesn't imply that there's any reason to be worried, but curious how you look at the world now.

我想先問一下宏，這可能是今天早上的一個繁忙話題。瞧，外面很吵。有很多健康的指標，但也有一些警告指標。所以我很好奇，最大的問題是房屋裝修需求，以及它是如何與現有房屋銷售下滑分離開來的。您的指導顯然並不意味著有任何理由擔心，只是好奇您現在如何看待世界。

Simeon, well, we feel very positive about the strength of the home improvement sector and the customers' willingness to spend. Now I'll let Carol walk you through some of the details of how we actually think about it.

西緬，我們對家裝業的實力和顧客的消費意願感到非常樂觀。現在我讓卡羅爾向你們介紹我們對此的實際想法的一些細節。

Yes, we've expanded our thinking in this regard. We look at all housing metrics: Housing turnover; home price appreciation; new household formation; the age of the housing stock; and of course, housing starts, although that isn't as directly impacted to our business as the others. And what we've learned is that you can't to look at any housing or home improvement driver in isolation because they all play off each other. Let's take housing turnover as an example. Housing turnover now stands at about 4% of units, and that is in part because we have a housing shortage in our country. We only have 4.1 months of supply against a normal month of supply, more like 6 months of supply. And with a housing shortage, home prices have appreciated. With home price appreciation, homeowners have more equity in their homes. In fact, home equity values have increased over 120% since 2011, about $73,000 per homeowner in terms of equity. So as homeowners view their home as an investment and not an expense, they spend more. If we did look at correlating our comp sales against housing turnover going back to that number, to your point, we've disconnected, and we think that really has to do with this housing shortage. In a normal housing environment, where there's adequate supply, you see a pretty tight correlation between our comp sales and housing turnover. But now because we've got this housing shortage, it's disconnected. And I could go on and on about the macro because I know there are number of other things we could talk about. Craig, I don't know if you want me to continue on or pause.

是的，我們在這方面拓展了思路。我們關注所有住房指標：住房週轉率；房價升值；新家庭的組成；住房存量的年齡；當然還有住房開工，儘管它對我們的業務的影響不像其他因素那麼直接。我們的經驗是，不能孤立地看待任何住房或家居裝修驅動因素，因為它們都是相互影響的。我們以房屋週轉率為例。目前住房週轉率約4%，部分原因是我們國家有房屋短缺。與正常月份的供應量相比，我們的供應量僅為 4.1 個月，更像是 6 個月的供應量。由於住房短缺，房價上漲。隨著房價升值，房主擁有的房屋權益也越來越多。事實上，自 2011 年以來，房屋淨值已上漲超過 120%，每位房主的淨值約為 73,000 美元。因此，由於房主將自己的房屋視為一項投資而不是一項開支，因此他們會花費更多。如果我們確實將可比銷售額與房屋週轉率關聯起來，回到那個數字，正如您所說，我們已經脫節了，我們認為這確實與住房短缺有關。在正常的住房環境中，如果供應充足，您會發現我們的同店銷售額和住房週轉率之間存在相當緊密的相關性。但現在由於住房短缺，這種聯繫已經中斷。我可以繼續討論宏觀問題，因為我知道還有很多其他事情我們還可以談論。克雷格，我不知道你是想讓我繼續還是暫停。

I think that probably the biggest question that we get is around affordability as it relates to the housing environment, and with the increase in interest rates, when do we get worried about affordability? And again, Carol can walk through how we think about affordability. But the affordability factor with interest rates doesn't impact the majority of folks.

我認為我們遇到的最大問題可能是與住房環境有關的負擔能力，隨著利率上升，我們什麼時候會擔心負擔能力？卡羅爾再次闡述了我們對可負擔性的看法。但利率的承受能力因素不會影響多數人。

Yes. I think it's so very important that when you think about the Affordability Index, and we've talked to you about this in the past. Right now, the Affordability Index for the country is 144. And if you look at the historical average, it's 127. So in the past, we said, "Well, if it gets to 127, that could be a watchout for us." But as we thought about, we thought, really, you need to think about it on the margin because if only 4% of housing units are turning in a year, that means 96% of homeowners are staying in their home. And they don't care about rising interest rates. And in fact, they love rising home prices because their equity is worth more. So really, when you think about affordability, it's the 96% of the housing units that are in place that are driving the home [improvement] spend and not so much the marginal turnover that the media tends to pay attention to.

是的。我認為當您考慮可負擔性指數時，這一點非常重要，我們過去也曾與您討論過這個問題。目前，該國的負擔能力指數為 144。如果你看看歷史平均值，它是 127。所以在過去，我們說，“好吧，如果達到 127，那對我們來說可能就是一個需要注意的問題了。”但正如我們所想，我們認為，實際上，你需要從邊際角度來考慮這個問題，因為如果一年內只有 4% 的住房單元轉手，那就意味著 96% 的房主仍住在自己的家中。他們並不關心利率上升。事實上，他們喜歡房價上漲，因為他們的資產價值更高。因此，實際上，當你考慮負擔能力時，96% 的現有住房單元才是推動家居 [改善] 支出的因素，而不是媒體往往關注的邊際營業額。

And I guess, just following up on affordability. You have this visibility, we don't, right? There are some markets in which the Affordability Index has dropped a little more severe than the average. I noticed this quarter was really about seasonal and bathtub effect. But can you disaggregate those markets in which the affordability has deteriorated the most? And then what the top line trend, anything in those markets of note?

我想，只是關注可負擔性。你們有這種可見性，而我們沒有，對嗎？有些市場的負擔能力指數下降幅度比平均值更為嚴重。我注意到本季確實與季節和浴缸效應有關。但你能否分解出那些負擔能力下降最嚴重的市場呢？那麼，這些市場的營收趨勢如何？

Yes. So let's just take Seattle. Seattle, the home prices have been on fire and on fire for a while. Our comp in the Seattle market in the second quarter was 7.7%.

是的。我們就以西雅圖為例吧。西雅圖，房價這段時間一直很火爆。我們第二季在西雅圖市場的銷售額年增 7.7%。

Our next question comes from Chuck Grom with Gordon Haskett.

下一個問題來自 Gordon Haskett 的 Chuck Grom。

Just on the expense front, Carol. Your growth factor saw a little bit of a step-down here versus the pace in the first quarter despite the better comp. Just wondering if you could frame out some of the components for us, the BAU. And then also looking ahead into the third and fourth quarter, how you see it framing up.

僅就費用方面而言，卡羅爾。儘管同比增速有所改善，但與第一季相比，成長因素略有下降。只是想知道您是否可以為我們概述一下 BAU 的一些組件。然後展望第三季度和第四季度，您認為其將如何發展。

Sure. So in the second quarter, as we talked about on our prepared remarks, we had 90 basis points of expense leverage in BAU. And if you look at the drivers of those 90 basis points, roughly 50 of the basis points came from payroll and payroll-related items. You've heard Ann-Marie Campbell talk about a new labor model that she's introduced into the stores. We're driving productivity in our stores, while at the same time, increasing our customer reports. Our customers are very happy with the service that they're getting in our stores. The rest of the leverage came from leveraging fixed costs as well as everything else. I mean, productivity is a virtuous cycle here at The Home Depot. When you put up a comp of 8%, you expect to get pretty good expense leverage, and indeed, we did. As we think about the balance of the year, our expense growth factor for the first half of the year was 139%. We would expect it to be around 135% for the back half of the year, giving us the guidance that we gave you of 137%. And just a comment on the quarters. We would expense the -- we would think the expense growth factor would be slightly higher in the third quarter than the fourth quarter because remember, the fourth quarter has that extra week.

當然。因此，在第二季度，正如我們在準備好的評論中談到的那樣，我們的 BAU 費用槓桿率為 90 個基點。如果你看看這 90 個基點的驅動因素，大約有 50 個基點來自工資和工資相關項目。您已經聽過安瑪莉坎貝爾談論她在商店中引入的一種新勞動模式。我們正在提高商店的生產力，同時增加我們的客戶報告。我們的顧客對我們商店提供的服務非常滿意。其餘的槓桿作用來自於固定成本以及其他一切槓桿作用。我的意思是，在家得寶這裡，生產力就是一個良性循環。當你提出 8% 的補償時，你期望獲得相當不錯的費用槓桿，事實上，我們做到了。當我們考慮今年的餘額時，我們上半年的費用成長係數是 139%。我們預計今年下半年的銷售額將達到 135% 左右，這與先前給出的 137% 的預期相符。這只是針對季度的評論。我們會將費用——我們認為第三季度的費用增長因素會略高於第四季度，因為請記住，第四季度有額外的一周。

Okay, great. That's very helpful. And then just, Craig, on the MDOs, you said you opened up one so far. Just any learnings -- any early learnings so far? Can you quantify how many you think you're going to do in the back half of the year? And bigger picture, how do you frame out the opportunity across the board?

好的，太好了。這非常有幫助。然後，克雷格，關於 MDO，您說您目前已經開放了一個。只是任何學習——到目前為止有任何早期學習嗎？您能量化一下您認為下半年要完成多少工作嗎？從更大角度來看，您如何全面地掌握機會？

First of all, it's very, very early to gather any learnings. We just got the facility opened, but we're up and running and obviously learning as we go. We actually won't disclose what we're -- how many we open in the back half. But if you think about the approach to this, and I'll let Mark jump in here, it is using the advantage that we've built in our upstream network to actually feed the downstream opportunity that we have to continue to drive the way the customer wants to engage with us. And Mark, I don't know if you have any additional comments.

首先，現在收集任何經驗還為時過早。我們的設施才剛開放，但我們已開始運行，顯然我們正在邊運行邊學習。實際上，我們不會透露後半部我們開了多少店。但如果你考慮一下這種方法，我讓馬克來談談，那就是利用我們在上游網路中建立的優勢來實際滿足下游機會，我們必須繼續推動客戶希望與我們互動的方式。馬克，我不知道您是否還有其他評論。

Right. The market delivery operation that we've opened is just part of our overall plan to drive the fastest, most efficient delivery in home improvement. Just getting started there, so it's very early days in terms of that. But this is one of those stockless locations that's a delivery hub in a local area. And we deliver primarily appliances out of there at this point, but we'll be adding more products to that as we go. Expect more, and we'll keep you posted as we go in the second half and beyond.

正確的。我們開啟的市場配送業務，只是我們推動家裝最快、最高效配送的整體計畫的一部分。我們才剛開始，所以就這個而言還處於早期階段。但這是當地的一個無庫存地點，也是配送中心之一。目前，我們主要運送家用電器，但我們會逐步增加更多的產品。敬請期待，我們將隨時向您通報下半年及以後的進度。

We'll continue on to Michael Lasser with UBS.

我們將繼續討論瑞銀的麥可‧拉瑟 (Michael Lasser)。

So if we average out your comp transactions between the first and the second quarter to account for the seasonality and the seasonal shift between those 2 periods, it looks like it was up around 0.7%. That would have -- that represents the slowest traffic growth in the last few years. Do you think that's a sign that maybe the cycle is entering the later stages? And what would cause that to reaccelerate from here?

因此，如果我們計算第一季和第二季之間的平均交易額，以考慮季節性以及這兩個時期之間的季節性變化，則看起來增長了約 0.7%。那將是——這是過去幾年中最慢的流量成長。您是否認為這表明周期可能正在進入後期階段？那麼，什麼會導致這種趨勢再次加速呢？

So we probably need to look at your math. But when we look at our transactions for the second quarter and back out garden, our seasonal business, our comp transaction was up 1.6%.

所以我們可能需要看看你的數學。但當我們回顧第二季的交易並回顧我們的季節性業務時，我們的可比交易增長了 1.6%。

Okay, that's helpful. And given all the discussion about tariffs and inflation with -- maybe you can tell us about your performance in the appliance category, particularly washing machines because that has been an area where there has been pricing -- significant pricing pass-through. And based on that experience, how do you see the next few quarters unfolding in terms of the elasticity of demand as you try and navigate through what's probably going to be a hotter inflationary environment?

好的，這很有幫助。考慮到有關關稅和通貨膨脹的所有討論——也許您可以告訴我們您在家電類別中的表現，特別是洗衣機，因為該領域一直存在顯著的定價傳導。基於這項經驗，當您試圖應對可能更激烈的通膨環境時，您認為未來幾季需求彈性將會如何發展？

Michael, I would say at this point that the tariff environment is manageable. And given our sales and our size and scale, it's even that much more manageable. Overall, on the lumber tariffs with Canada and the laundry tariffs on washing machines, as you mentioned, in the Section 301s that have come through, this is all low single-digit percent of our COGS and just 25-odd basis points of cost pressure. I mean, we are seeing increased cost requests from suppliers, particularly the ones that have been impacted by the tariffs. But as you can see, the overall size is very manageable at this point. Now there are some categories, and laundry being the most specific, where you had up to 25% and 50% tariff if you get over certain volumes of imports. For sure, that elasticity showed up. You had mid-teen increase in the industry with laundry prices, and you did see some unit fall-off there. But as the Korean manufacturers get their facilities up and running in Tennessee and South Carolina, respectively, that tariff pressure will mitigate because they will be producing all their machines here domestically.

邁克爾，我現在想說的是，關稅環境是可控的。考慮到我們的銷售額、規模和範圍，這甚至更易於管理。總體而言，正如您所提到的，對於與加拿大徵收的木材關稅以及洗衣機的洗衣關稅，在已經出台的 301 條款中，這些關稅僅占我們銷貨成本的低個位數百分比，僅帶來 25 個基點的成本壓力。我的意思是，我們看到供應商的成本要求不斷增加，特別是那些受到關稅影響的供應商。但如您所見，目前整體規模是非常易於管理的。現在有一些類別，其中洗衣品是最具體的，如果進口量超過一定數量，則關稅最高可達 25％ 至 50％。確實，這種彈性已經顯現出來。業界洗衣價格出現了十五六倍的增幅，但同時也看到了一些銷量的下降。但隨著韓國製造商分別在田納西州和南卡羅來納州建立並運營工廠，關稅壓力將會減輕，因為他們將在國內生產所有機器。

And Ted, just to follow-up on that. Is there anything that you can learn from the experience with washing machines that you might be able to apply to other categories, especially those ones that will be affected by the next round of tariffs?

泰德，我來跟進一下這個問題。您能從洗衣機的經驗中學到什麼，並將其應用到其他類別的產品中，尤其是那些將受到下一輪關稅影響的產品？

Sure. I think we take a portfolio approach to this. And we do not -- these tariffs are very specific. I mean, they're calling out products with specific dimensions. So it's not always even a category of goods, it's a specific unit or a number of units within a category of goods. So yes, we apply learnings on elasticity, and we're not necessarily taking a one-for-one retail with the cost increase. We manage it at the portfolio level. And as I said, with this gross less than low single-digit percent of COGS, well within our scope to manage this at the portfolio level.

當然。我認為我們對此採取了組合方法。我們沒有——這些關稅非常具體。我的意思是，他們正在召集具有特定尺寸的產品。所以它不總是一個商品類別，而是某一類商品中的特定單位或多個單位。所以是的，我們運用彈性方面的知識，而且我們不一定會採取一對一的零售方式來增加成本。我們在投資組合層面進行管理。正如我所說的，由於總銷貨成本低於個位數百分比，我們完全可以在投資組合層面進行管理。

Our next question comes from Kate McShane with Citi.

下一個問題來自花旗銀行的凱特‧麥克沙恩 (Kate McShane)。

This is Geoff Small on for Kate McShane. We want to first dig into the second quarter sales result. You mentioned that the majority of lost sales from the first quarter were recovered in the second quarter. We were just wondering if you can quantify that amount and provide color if there will be any ongoing benefit in third quarter. And just curious if you saw any ongoing benefit from the hurricane recovery in your second quarter results as well.

傑夫·斯莫爾 (Geoff Small) 代表凱特·麥克沙恩 (Kate McShane) 發言。我們首先想深入了解第二季的銷售業績。您提到第一季的大部分銷售額損失已在第二季恢復。我們只是想知道您是否可以量化這個金額，並提供第三季是否還會有任何持續的收益。我很好奇，您是否也看到颶風過後您的第二季業績有持續的恢復效益？

Yes. We can unpack that 8% comp for you this way, and I'm going to round to make it easy. About 2 points of growth came from our seasonal business. About 1 point of growth came from the index-based commodity categories that Ted called out on his call. Another 1% came from hurricane-related sales. And then the remaining 4% came from everything else.

是的。我們可以透過這種方式為您解讀那 8% 的補償，而且我將進行四捨五入以使其變得簡單。大約2個百分點的成長來自於我們的季節性業務。大約 1 點的增長來自於泰德在電話會議上提到的基於指數的商品類別。另外 1% 來自颶風相關的銷售。剩下的 4% 來自其他一切。

Understood. That's helpful. And just also wanted to dig into the comp performance of your newly remodeled and refreshed stores. I think 250 were completed in the first quarter, and you're now through 500 of those stores. Can you provide any detail on the comp performance of those refreshed stores? And we're just also curious how many refreshes or remodels you expect to complete over the course of this year.

明白了。這很有幫助。並且也想深入了解您新裝修和翻新的商店的業績。我認為第一季已經完成了 250 家門市的建設，現在這些門市已經開設了 500 家。您能否提供有關這些翻新商店的業績表現的詳細資訊？我們也很好奇您預計今年將完成多少次翻新或改造。

Geoff, obviously, for competitive reasons, we're not going to call out performance of those stores. But we're continuing to roll that through the back half of the year.

傑夫，顯然，出於競爭原因，我們不會公佈這些商店的表現。但我們將在下半年繼續推動這項措施。

Yes, we're really, really excited by the execution of this initiative. In fact, if you look at the capital that we spent for the first 6 months of the year, 50% of that went into the stores. Our team's just doing a great job of putting in everything we said we were going to do.

是的，我們對這項計劃的實施感到非常非常興奮。事實上，如果你看看我們今年前六個月花費的資金，其中 50% 都投入了商店。我們的團隊非常出色地完成了我們承諾的一切。

Yes, we're super excited. So the greatest-penetration stores will get our new wayfinding and sign package, which really brightens up the store and makes navigation to the store much easier. We also do, we call it a general environmental cleanup at the store: Spiff the floors, add lighting, paint, remodel restrooms, break rooms for the associates, et cetera. So very pleased with the look and feel, and our customer sat scores are trending up as we roll that out. As Craig mentioned, we're doing lockers. We're rolling lockers out, revamping some front ends of the store, putting buy online, pickup in store storage lockers into the stores. And also, very excited to be rolling out electronic shelf labels. We've not done this in the past. We're starting with our appliance department, and we'll do over half the stores this year with sort of iPad-sized electronic price signs and information on the appliance in our appliance departments.

是的，我們非常興奮。因此，滲透率最高的商店將獲得我們新的尋路和標牌包，這確實使商店變得更加明亮，並使商店導航變得更加容易。我們也這樣做，我們稱之為商店的一般環境清潔：修整地板，添加照明，油漆，改造衛生間、員工休息室等。我們對外觀和感覺非常滿意，隨著我們推出這款產品，我們的客戶滿意度評分呈上升趨勢。正如 Craig 提到的，我們正在做儲物櫃。我們正在推出儲物櫃，改造商店的一些前端，將網路購買、店內取貨的儲物櫃放入商店中。此外，我們也非常高興推出電子貨架標籤。我們以前沒有這樣做過。我們從家電部門開始，今年我們將在超過一半的商店安裝 iPad 大小的電子價格牌以及家電部門的家電資訊。

So this is not for the faint of heart, right? There's a lot going on inside the stores. But we piloted this for over a year before we even started to roll. And perhaps, that's one reason why we're rolling faster than we thought we might.

所以這不適合膽小的人，對嗎？商店裡發生了很多事情。但我們在正式開始實施之前已經試行了一年多的時間。或許，這就是為什麼我們的發展速度比我們想像的要快的原因之一。

Right.

正確的。

We'll now hear from Steve Forbes with Guggenheim Securities.

現在我們來聽聽古根漢證券公司的史蒂夫福布斯的發言。

Regarding gross margin. So where there any surprises this quarter? You called out transportation headwind, 16 basis points, which I think is up about 8 basis points sequentially, but shrink wasn't called out. So is shrink improving? And how do you expect that transportation headwind to trend as we move into the back half of the year?

關於毛利率。那麼本季有什麼驚喜嗎？您指出運輸業面臨逆風，下跌了 16 個基點，我認為環比上漲了約 8 個基點，但沒有指出收縮。那麼收縮是否有改善呢？您預計，進入下半年，交通運輸逆風將會出現怎樣的趨勢？

So we, like the rest of the nation, are facing higher transportation and fuel costs. And we reflected that in the guidance that we gave for our gross margin for the year now. We expect an expansion of 41 basis points for the year. Last quarter, we expected 44 basis points. So we have factored that -- we're doing our best to manage through it, but there's a real issue in the transportation markets in our country. On the shrink side, shrink was one of those other factors. When I called out the drivers of gross margin performance, the change in accounting, transportation and then all other, shrink was in that all other bucket of 6 basis points of expansion. It was actually a hurt in the quarter, but we were able to offset with, actually, the benefits coming off of the newly acquired companies. We've got a cross-functional team that's working on shrink. And just yesterday, we had a really great report out and have hired a new Loss Prevention Officer into our company, and we're excited about that.

因此，我們和全國其他地區一樣，面臨更高的運輸和燃料成本。我們在今年毛利率的預測中已經反映了這一點。我們預計今年的擴張幅度為 41 個基點。上個季度，我們預計為 44 個基點。所以我們已經考慮到了這一點——我們正在盡最大努力解決這個問題，但我們國家的運輸市場確實存在問題。在收縮方面，收縮是其他因素之一。當我指出毛利率表現的驅動因素時，會計、運輸和所有其他方面的變化，收縮都屬於所有其他 6 個基點的擴張範圍。這實際上是本季的一個損失，但​​我們實際上能夠透過新收購公司帶來的收益來抵銷。我們有一個跨職能團隊致力於收縮研究。就在昨天，我們發布了一份非常棒的報告，並在我們公司聘請了一位新的損失預防官，我們對此感到非常興奮。

And then just a quick follow-up, right, because you called out that 100% of the stores qualify for profit-sharing this quarter. How did that compare to last year as we conceptualize the year-over-year impact from the stronger performance of the business broadly? And how do we think about that impact for the full year?

然後只是一個快速的跟進，對吧，因為您提到本季度 100％ 的商店都有資格獲得利潤分享。當我們全面了解業務表現強勁帶來的年比影響時，與去年相比如何？我們如何看待這對全年的影響？

So as for the first half, and if I recall correctly, I think for the first half last year, we were 100% for our stores as well, I believe.

至於上半年，沒記錯的話，我認為去年上半年我們各門市的營業額也是 100%。

Yes. We might have been close...

是的。我們可能已經很親密了…

Really, it might have been 90 -- yes, might have been 2 stores that missed last year.

實際上，可能有 90 家店——是的，去年可能有 2 家店沒有開業。

Yes.

是的。

Our next question comes from Seth Sigman from Credit Suisse.

下一個問題來自瑞士信貸的塞思·西格曼。

A couple of follow-up questions here. First, just in terms of the inflation impact on comps that you talked about. Just to clarify, it sounds like the bulk of the impact is really just on commodity items at this point. I wasn't sure. Are you expecting to see more increases in non-commodity items as you move through the year? And then I'm also just wondering, from a competitive perspective, are you seeing any of your competitors handle the inflation differently? Meaning, maybe not pass as much through, get more aggressive, et cetera?

這裡有幾個後續問題。首先，就您談到的通貨膨脹對同店商品的影響而言。需要澄清的是，聽起來目前大部分影響其實只是在商品上。我不確定。您是否預計，隨著時間推移，非商品項目的價格將進一步上漲？然後我還想知道，從競爭的角度來看，您是否看到您的競爭對手以不同的方式應對通貨膨脹？意思是，可能不會傳遞那麼多，變得更具攻擊性，等等？

So yes, at this point, by far, the largest impact is the 119 basis points that we called out from core commodities. And there are puts and takes in that, but for the most part, Seth, lumber, for example, is priced weekly. And you might have some differential on a SKU or market here or there, but those tend to be priced competitively by everyone across the marketplace. We don't see large impacts in the second half from the non-commodity. And in fact, commodity has come down meaningfully. Lumber and copper each, which are behind the 119 basis points, have moved down over the last 8 weeks. So if you look at lumber prices, we are now on framing only 4% ahead of last year, and the peak there was about 40%. So we're not going to see the same lumber inflation in the back half. Panel prices, again, were 35% or 40% above LY, and that's now at about 1% over last year. The good news is we spoke about elasticity earlier. I mean, at 40% increase, we saw such a sharp and quick run-up in lumber prices. We were starting to see an impact in units. But over the last 6, 7, 8 weeks of these prices have come down, units have responded nicely. So we'll take the volume any day over price in commodities.

所以是的，目前為止，最大的影響是我們從核心商品預測的 119 個基點。這其中有得有失，但大多數情況下，例如塞斯，木材的價格是按週計算的。你可能在某個 SKU 或市場上存在一些差異，但這些差異往往由市場上的每個人以具有競爭力的價格定價。我們預計下半年非大宗商品不會帶來重大影響。事實上，商品價格已大幅下降。木材和銅的價格均低於 119 個基點，並且在過去 8 週內有所下跌。所以如果你看看木材價格，我們現在的木材價格只比去年上漲了 4%，而最高時上漲了 40% 左右。因此，下半年我們不會看到同樣的木材通膨。面板價格再次比去年高出 35％ 或 40％，目前比去年高出 1％ 左右。好消息是我們之前談到了彈性。我的意思是，在 40% 的漲幅下，我們看到木材價格如此急劇而快速地上漲。我們開始看到對單位的影響。但在過去 6、7、8 週內，這些價格已經下降，單位反應良好。因此，我們每天都會考慮商品交易量而非價格。

Okay. And then my follow-up is on the digital business up 26%, a nice acceleration. Think it contributed 170 basis points to the comps, which is really one of the strongest we've seen. So my question is, is this driven by the seasonal shift? Was there a benefit from that? Or something else that maybe you can point to that you think is driving that strength. And I think a lot of it is still coming from the store -- or picked up in the store. I'm just curious, what are you seeing that's helping drive that acceleration?

好的。然後我的後續關注是數位業務成長了 26%，這是一個不錯的加速。我認為它為同行業貢獻了 170 個基點，這確實是我們所見過的最強勁的貢獻之一。所以我的問題是，這是由季節變化引起的嗎？這樣做有什麼好處嗎？或者您可以指出其他一些您認為可以推動這種優勢的因素。我認為很多商品仍然來自商店，或在商店裡買的。我只是好奇，你看到了什麼有助於推動這種加速？

Yes. I'll make a comment and I'll turn it over to Kevin. Overall strength in our online business, but certainly supported as well with the seasonal categories. So it's interesting that seasonal businesses pick up in the online space just like they do in the physical space.

是的。我會發表評論並將其交給凱文。我們的線上業務整體實力雄厚，季節性類別也得到了支持。有趣的是，季節性業務在網路空間中的成長與在實體空間中的成長情況一樣。

Yes. And certainly, we saw balanced growth with both traffic and conversion as we continue to just manage the shift to mobile as well. We have really solid progress with our mobile properties. And while we had strength across the store, as Craig mentioned, real strength in the seasonal business has really helped.

是的。當然，隨著我們繼續管理向行動端的轉變，我們看到流量和轉換率都實現了均衡成長。我們的行動業務取得了長足的進步。正如克雷格所說，雖然我們整個商店都有實力，但季節性業務的真正實力確實有所幫助。

And 47% of our online orders are picked up inside of the store so that we're really driving this interconnected experience.

47% 的線上訂單都是在店內取貨，因此我們真正推動了這種互聯體驗。

Our next question comes from Matt McClintock with Barclays.

下一個問題來自巴克萊銀行的馬特·麥克林托克。

Just Craig, you talk about rolling out small parcel across all major markets now. I was just wondering if you could maybe talk a little bit about the experience of what you're seeing in the business in those markets when that capability is rolled out.

克雷格，你剛才談到現在在所有主要市場推出小包裹業務。我只是想知道，您是否可以談談當該功能推出時，您在這些市場的業務中看到的體驗。

Sure. I'll make a comment and I'll turn over to Mark. We're actually very pleased with what we're seeing here, and it gives us the capability to offer different value propositions to our customers. So customer needs a smaller delivery, we can do that much more effectively and much faster for them. And then it's providing leverage into our overall delivery capability right, Mark?

當然。我會發表評論，然後將麥克風交給馬克。事實上，我們對目前看到的情況非常滿意，這使我們能夠向客戶提供不同的價值主張。如果客戶需要較小的交付量，我們可以更有效、更快地為他們完成。然後它會為我們的整體交付能力提供槓桿作用，對吧，馬克？

That's right. I mean, again, on the theme of the fastest, most efficient delivery in home improvement, certainly, we're fast when we have car and van same-day delivery available from our stores in all of our major markets. We're almost there with all of our major markets. What we'd say about that is it's great because that's incredibly fast, but it also has great coverage. We'd match our coverage of same-day delivery up against anyone in the marketplace, and we would say that our home improvement capability is unmatched in the marketplace. So Kevin mentioned the drivers of digital growth. One of those is increased conversion due to faster delivery.

這是正確的。我的意思是，再次談到家居裝修中最快、最高效的送貨方式，當然，當我們在所有主要市場的商店都提供汽車和貨車當日送貨服務時，我們的速度會很快。我們幾乎已經涵蓋了所有主要市場。我們要說的是，它很棒，因為它的速度非常快，而且覆蓋範圍也很廣。我們的當日送達服務覆蓋範圍可與市場上的任何公司相媲美，而且我們可以說，我們的家居裝修能力在市場上是無與倫比的。凱文提到了數位成長的驅動力。其中之一就是由於交付速度更快而提高了轉換率。

And then Carol, if I could ask a follow-up. Just on the macro, I understand you have to look at everything holistically. But does -- is there any independent impact on certain product categories with housing turnover being as low as it is? I'm just trying to parse through with the 96% of the people that are staying at their house, 4% that are moving. Does that actually have an outsized impact on specific product categories or not?

然後卡羅爾，如果我可以問一個後續問題。僅從宏觀角度來看，我理解你必須全面地看待一切。但是，在住房週轉率如此低的情況下，是否會對某些產品類別產生獨立影響？我只是想分析一下 96% 的人待在家裡，4% 的人搬家的情況。這是否真的會對特定產品類別產生巨大影響？

Let's just look at the math of housing turnover. With 4% of units turning, that's about 5 million households turning. And I'm looking at occupied households today. That's 5 million units turning. The average spend is $3,500 a unit. So that means the market opportunity for housing turnover is $17.5 billion. If you use our NAICS market share of 28%, that gets you $5 billion-ish of sales. So $5 billion-ish of sales on our base of $100 billion suggests that turnover just isn't that important. And just for fun, I modeled what could happen, using that simple math, if turnover were to decline 15%. No one's projecting that, but model it just for fun. And the impact on comps, because, again, it's not very big, was less than 1%. So to your specific question about category-specific, we have no insight there. But I bring it up to 40,000 feet and say it's just not that important?

我們來看看住房週轉率的計算。如果單位轉動 4%，則約有 500 萬個家庭轉動。我今天正在查看有人居住的家庭。也就是說，銷量有 500 萬台。平均每單位花費 3,500 美元。這意味著住房週轉的市場機會是 175 億美元。如果您使用我們 28% 的 NAICS 市場份額，那麼您的銷售額將達到 50 億美元左右。因此，在我們 1000 億美元的基礎之上，50 億美元左右的銷售額表明營業額並不是那麼重要。為了好玩，我用簡單的數學方法模擬如果營業額下降 15% 會發生什麼事。沒有人預測這一點，但只是為了好玩而建模。因為對同類產品的影響不是很大，所以不到 1%。因此，對於您關於特定類別的具體問題，我們沒有任何見解。但我把它提高到 40,000 英尺並且說它不是那麼重要？

I guess, the only comment (inaudible) categories, if you think about the #1 project would be painting. And you would think that if there was going to be an impact, it would be there. We just had our best paint quarter in 5 years.

我想，如果你想想，唯一的評論（聽不清楚）類別，第一個項目就是繪畫。你可能會想，如果有影響，它就會存在。我們剛剛經歷了五年來最好的油漆季度。

Right, exactly. Right.

對，確實如此。正確的。

Our next question comes from Jonathan Matuszewski with Jefferies.

我們的下一個問題來自 Jefferies 的 Jonathan Matuszewski。

Could you talk a little bit to the traction you're having in home furnishings? It's a category, I believe, you're leaning into more with SKU count additions. So any color there would be helpful.

您能否談談您在家庭裝飾領域的進展？我相信，透過增加 SKU 數量，您會更傾向於這個類別。所以任何顏色都會有幫助。

Sure. Very early days, as you say. We're adding a number of SKUs in things like tabletop, in decor, in rugs, et cetera. Very early days, but pleased with our traction. Significant growth, but on a low base. We've completed the integration of the company store, and one of our first integration moves was to list a lot of their better sellers on The Home Depot website. So that just went live some weeks ago and starting to see an uptick there. This all a journey for our customers to find this product on our website and engage with The Home Depot in these adjacent, but we think, very relevant categories.

當然。正如您所說，還處於早期階段。我們正在桌面、裝飾、地毯等方面增加大量 SKU。雖然還處於早期階段，但我們對我們的發展感到滿意。增長顯著，但基數較低。我們已經完成了公司商店的整合，我們的首要整合舉措之一就是在 The Home Depot 網站上列出許多暢銷商品。該產品幾週前才剛上線，並且開始出現上漲趨勢。這一切都是為了幫助我們的客戶在我們的網站上找到該產品，並在這些相鄰但我們認為非常相關的類別中與家得寶進行互動。

Yes. If you think about the data that shows that average number of retailers a customer shopped in roughly the last 4 years has declined from 13 to 9. And our consumer research said that the customer trusts us to bring value, and questions why we don't help them fulfill the balance of their needs in their home, this is an opportunity for us as we go forward, largely as this business continues to shift to the digital world. So you should think about this as a digital strategy.

是的。如果你仔細想想，你會發現在過去的四年裡，顧客購物的零售商平均數量從 13 家下降到了 9 家。所以你應該把它看作是一種數位策略。

Great. And then just a quick follow-up. Any updates on the B2B site that you're developing for the Pros? Is that currently being piloted in select markets? Or any update there would be great.

偉大的。然後只是快速的跟進。您為專業人士開發的 B2B 網站有任何更新嗎？目前是否正在部分市場進行試行？或者任何更新都會很棒。

Sure. I'll let Bill address that.

當然。我請比爾來解決這個問題。

Well, so when we talked about this last December, we said this was a 2- to 3-year journey, and it will be to build out all the tools and applications that our professional business customers need. And we're still in the customer intercept, interview phase and we're in testing mode. So we'll probably get a couple of customers over on kind of a small test as we go through Q3. But we'll see more activity around this space in Q4.

嗯，當我們去年 12 月談論這個問題時，我們說過這是一個 2 到 3 年的旅程，它將構建出我們的專業商業客戶所需的所有工具和應用程式。我們仍處於客戶攔截、訪談階段，並且處於測試模式。因此，在第三季度，我們可能會邀請一些客戶進行小規模的測試。但我們將在第四季度看到該領域的更多活動。

We saw a demo of it yesterday, though. And the demo looked good. We got to get it now out of beta into some customer hands, but it looked pretty good.

不過，昨天我們看到了它的示範。並且演示看起來不錯。現在我們已經將它從測試版發佈到一些客戶手中，但它看起來相當不錯。

Good progress as we lean into the initiative.

隨著我們朝著這項倡議邁進，取得了良好的進展。

We'll now go to Matt Fassler with Goldman Sachs.

現在我們請高盛的 Matt Fassler 發言。

My first question relates to inventory. Obviously, had a very healthy quarter, and the inventory was up around the pace of sales, but a bit more so than in Q1 and a bit above the rate of sales growth that you seem to anticipate for the second half of the year. So any color on what drove the increase would be terrific.

我的第一個問題與庫存有關。顯然，這是一個非常健康的季度，庫存與銷售速度同步成長，但比第一季略有增加，也略高於您預期的下半年銷售成長率。因此，任何能夠解釋推動這一成長的原因都是十分重要的。

So Matt, we -- the main thing there is we're investing at an accelerated rate in merchandising resets. The inventory from a seasonal perspective is in great shape. We're at record-high levels of in-stock, which we felt was critically important to be able to capture the sales that we did in the second quarter. But the main reason for the increase is the add-on of new businesses and the investment in accelerated merchandising resets.

所以馬特，我們 — — 最主要的是我們正在加速投資商品重置。從季節性角度來看，庫存狀況良好。我們的庫存水準達到了歷史最高水平，我們認為這對於實現第二季的銷售量至關重要。但成長的主要原因是新業務的增加以及加速商品重置的投入。

Right. And just the capital associated with our merchandising resets alone this year is $275 million. So we're investing into this for the long-term customer experience.

正確的。今年僅與商品重置相關的資本就高達 2.75 億美元。因此，我們對此進行投資是為了長期的客戶體驗。

Got you. And then a second question, just on the sales for the second half. You don't typically guide precisely to the quarter. So can you give us a sense of whether, in the second half sales guidance is as you presented it today, what was implied in the business plan at the end of Q1? And then also any comments, just given the storm impact of Q3 versus Q4 in the anticipated pace of business.

明白了。然後是第二個問題，關於下半年的銷售情況。通常，您不會精確地指導季度。那麼，您能否告訴我們，下半年的銷售預期是否與您今天介紹的一樣，與第一季末的業務計劃中暗示的內容一致？然後還有任何評論，只是考慮到第三季與第四季相比風暴對預期業務速度的影響。

Great. So based on the guidance that we gave today, the comp in the second half of the year would be lower than the first half of the year. But Matt, the stacks, the 2-year stacks, will be identical. So our 2-year stack in the first half was over 12%, so that gives you a sense. There's no deceleration happening in the business. On the storm side, I called out about a point of growth from hurricane-related sales in the second quarter. We recovered $500 million of the $600 million we had last year. So we think we can get another $100 million in Q3-ish, Q3, Q4-ish. But remember then, we have to comp all the stuff. So there's the relative comparison. Did that make sense?

偉大的。因此，根據我們今天給予的指導，下半年的業績將低於上半年。但是馬特，兩年的堆疊將是相同的。因此，我們上半年的兩年期堆疊超過了 12%，這讓您有個概念。業務並未出現減速現象。在風暴方面，我預計第二季颶風相關的銷售額將出現一個成長點。我們收回了去年 6 億美元中的 5 億美元。因此我們認為我們可以在第三季、第四季左右再獲得 1 億美元。但請記住，我們必須補償所有的東西。因此存在相對比較。這樣有道理嗎？

Got you. It does. And then finally, you spoke about inflation earlier in the call. You started to see inflation last year, but it's been quite persistent. So any sense for the inflation backdrop embedded in that second half guide?

明白了。是的。最後，您在電話會議中早些時候談到了通貨膨脹問題。去年就開始出現通貨膨脹，而且這種現像一直持續存在。那麼，這份下半年指引中隱含的通膨背景有什麼意義嗎？

There isn't any.

沒有。

We really didn't.

我們確實沒有。

There isn't any.

沒有。

We don't. Like Ted said, Matt, we're seeing the commodity side of the inflation mitigate. It's really going away, so...

我們沒有。正如泰德、馬特所說，我們看到商品方面的通膨正在緩解。它確實會消失，所以...

We'll now go to Budd Bugatch with Raymond James.

我們現在將和 Raymond James 一起前往 Budd Bugatch。

Most of my questions have been asked, so I'm just going to go with one small question and talk about Pro penetration. You've had some really great growth in Pro. I think penetration, last we knew, was like 40% of sales. Has that moved up at all with the continuing outpacing of Pro?

我的大部分問題都已經被問過了，所以我只想問一個小問題並談論 Pro 滲透。您在 Pro 方面取得了長足的進步。據我們所知，滲透率約佔銷售額的 40%。隨著 Pro 的不斷超越，這一點是否有所進步？

Yes, actually, we are seeing movement on that as we've consistently had our Pro business growth accelerate against our growth in DIY. So we are seeing that.

是的，實際上，我們看到了這方面的進展，因為我們的專業業務成長一直在加速，而 DIY 業務的成長也在加速。所以我們看到了這一點。

Yes, Matt, this is Bill Lennie. We would peg that growth or the Pro penetration closer to 45% today, just, we've seen several years of growth where Pros outpace the consumer. Consumers' strength has been there, but with the activity in the home investment that Carol spoke to, the Pro growth has exceeded that, and we'd peg it at about 45%.

是的，馬特，這是比爾·倫尼。我們認為如今 Pro 的成長率或滲透率接近 45%，只是，我們已經看到專業人士的成長速度超過了消費者的成長速度。消費者的實力一直存在，但是隨著卡羅爾談到的住房投資活動，Pro 的成長已經超過了消費者的實力，我們將其定為 45% 左右。

And Bill, to your particular area, or the integration of the outside sales force and the inside sales force, can you give us a little flavor of where that is in the Interline integration today? And then you've made a lot of progress, I know, but where is that? And what have you been pleased by?

比爾，針對您的具體領域，或者說外部銷售團隊和內部銷售團隊的整合，您能否為我們介紹一下目前 Interline 整合的情況？我知道你已經取得了很大的進步，但是進步在哪裡呢？什麼事讓你高興呢？

Yes, Craig, in his opening comments, spoke about integrating our outside sales forces. That's been completed. We're seeing great collaboration across the organizations, which is allowing us to cross-sell between Interline's inventories and Home Depot's inventories. And then our sales professionals really provide a service beyond just product for our customers. They are experts in their field. And with that, it does drive engagement. So we've seen great strength, both in-store and outside of the store, and particularly, with our MRO account. So that integration continues to progress nicely.

是的，克雷格在開場白中談到了整合我們的外部銷售團隊。那已經完成了。我們看到各個組織之間有著很好的合作，這使我們能夠在 Interline 的庫存和 Home Depot 的庫存之間進行交叉銷售。我們的銷售專業人員實際上為客戶提供的不僅僅是產品的服務。他們都是各自領域的專家。這樣一來，它確實能推動參與度。因此，我們看到了強大的實力，無論是店內還是店外，特別是我們的 MRO 帳戶。因此整合工作持續順利進展。

Our next question comes from Zach Fadem with Wells Fargo.

下一個問題來自富國銀行的 Zach Fadem。

With respect to your online business, would you say there are any particular categories where you tend to over-index relative to your overall mix? And conversely, what are the categories that maybe haven't resonated with the consumers, haven't seen that response yet? Curious if you could talk about the dynamics there.

就您的網路業務而言，您是否認為是否存在一些特定類別，相對於您的整體業務組合，您傾向於過度重視它們？相反，哪些類別可能還沒有引起消費者的共鳴，還沒有看到迴響？好奇您是否可以談談那裡的動態。

I actually think what I'd say is we're seeing kind of the opposite effect. I think there were categories that we anticipated the customer may not engage in the digital world, but that shopping experience actually starts in the digital world, even if it finishes in the physical world. So if you think about things like flooring or doors, which you would traditionally think of as a category that will be purchased in store, in most cases, the shopping experience actually starts in the digital world. So we've seen really nice engagement with the customer really across categories.

我實際上認為我想說的是，我們看到的是相反的效果。我認為，我們預計客戶可能不會參與數位世界，但購物體驗實際上始於數位世界，即使它結束於實體世界。因此，如果你考慮地板或門之類的商品，傳統上你會認為它們是在商店購買的類別，但在大多數情況下，購物體驗實際上始於數位世界。因此，我們看到跨類別的客戶互動確實非常良好。

That's interesting. And to follow-up on the Pro, could you talk about any impact you're seeing from your data initiatives? And any evidence today that you're gaining share of the Pro wallet? And then just with respect to the categories, where do you see the biggest opportunities to gain Pro share?

那很有意思。作為對 Pro 的後續跟進，您能談談您從數據計劃中看到的任何影響嗎？今天有什麼證據表明你們正在獲得 Pro 錢包的份額嗎？那麼就類別而言，您認為獲得 Pro 份額的最大機會在哪裡？

Just a quick comment on the Pro data. We've -- through my view and our tools at the Pro desk, have been able to provide better insights for our in-store Pro sales associates. And we've seen growth across all of our managed accounts in our portfolios. But the fastest-growing segment of our Pro business is the Pros that are in our stores and covered by our [positives]. So it just shows, as we provide insights, we can give them some guided selling tools, they engage more with the customers, can provide better insights across what services and what products we can provide. That just leads to engagement and Pro growth. So strength has really been outpaced in-store versus our outside sales, which is all about execution and in-stocks and great relationships.

只是對 Pro 數據的一個簡短評論。透過我的觀點和專業服務台的工具，我們能夠為店內專業銷售人員提供更好的見解。我們看到，我們投資組合中的所有管理帳戶都在成長。但我們專業業務中成長最快的部分是那些在我們的商店中並受到我們的[積極因素]覆蓋的專業人士。因此，這表明，當我們提供見解時，我們可以為他們提供一些指導性銷售工具，他們可以與客戶進行更多互動，可以更好地了解我們可以提供哪些服務和哪些產品。這只會帶來參與度和專業成長。因此，與外部銷售相比，店內銷售的實力確實被超越了，外部銷售的關鍵在於執行、庫存和良好的關係。

Our next question comes from Chris Horvers with JPMorgan.

下一個問題來自摩根大通的 Chris Horvers。

A couple of follow-up questions. Just the first question is there's been a lot of management changes at your largest competitor. And I know it's early, but are you seeing any difference in terms of how they approach the market, whether from a customer service perspective, yet, or from a promotional perspective or any other changes?

幾個後續問題。第一個問題是，你們最大的競爭對手的管理階層已經發生了許多變化。我知道現在還為時過早，但您是否看到他們在市場准入方面有什麼不同，無論是從客戶服務角度，還是從促銷角度，還是從其他方面？

Our job is to focus on our customer. That's really what we're focused on doing.

我們的工作是關注我們的客戶。這確實就是我們重點要做的事情。

Understood. And then besides appliances, you don't bake market share gains into your guide. Can you talk about how you assess your performance relative to the market in 2Q overall? Did you gain share? And any sense on the breakdown in share -- between share capture in DIY versus Pro?

明白了。除了家用電器之外，你不會將市場份額的成長納入你的指南中。您能否談談您如何評價您第二季相對於市場的整體表現？您獲得份額了嗎？那麼，DIY 和 Pro 的份額細分情況如何呢？

Well, if only we had that kind of insight into share capture, DIY versus Pro. As you know, market share is a bit elusive for us. The best that we can do is look at the NAICS: 4441. And if we look at the NAICS: 4441, it would suggest that we gained share in the second quarter.

好吧，如果我們對 DIY 與 Pro 的份額獲取有這樣的洞察力的話。如您所知，市場佔有率對我們來說有點難以捉摸。我們能做的最好的事情就是看看 NAICS：4441。如果我們看一下 NAICS：4441，它表明我們在第二季度的份額有所增加。

And then the last question, as you think about your outlook for market growth in the back half of the year, has there been any changes since you put out the initial guidance in 4Q or since the 1Q update?

最後一個問題，當您考慮今年下半年市場成長前景時，自您在第四季度發布初步指引或自第一季更新以來，是否有任何變化？

No, housing -- or home price appreciation is doing exactly what we thought it would do. Household formation is trending the way that we thought it would. The age of the houses, well, they're getting older. Housing turnover's the only one that slowed down a little bit. But again, it's not that important since it's a driver of spend, not a driver of growth.

不，住房——或者房價上漲正在發生和我們想像的一樣。家庭組成的趨勢正如我們想像的那樣。這些房子的年紀越來越大了。房屋成交量是唯一一個略有放緩的領域。但同樣，這並不是那麼重要，因為它是支出的驅動力，而不是成長的驅動力。

Kat, we have time for one more question.

凱特，我們還有時間再問一個問題。

And our final question comes from Brian Nagel with Oppenheimer.

我們的最後一個問題來自奧本海默公司的布萊恩·納格爾。

So most of my questions have been asked and answered. So I'll just ask, really, one quick one here. There's been a lot of discussion about lapping the hurricanes in the second half of this year. As we look what's happening now in the West Coast United States with fires out there, what type of -- how does Home Depot typically react with that? Is there an initial wave of demand that comes? Is there a long-term demand that comes as a result of that activity?

所以我的大部分問題都已經得到解答了。因此，我在這裡只想問一個簡單的問題。關於今年下半年如何應對颶風的討論很多。我們看到現在美國西海岸發生的火災，家得寶通常會如何應對？是否會出現第一波需求？這項活動是否會帶來長期需求？

I mean, the first thing I'd say is boy, our thoughts and prayers go to all the folks that are being impacted here. It's a horrible situation, for sure. And for us, the good news is that we don't have any structures that have been impacted, but we certainly have associates and customers who have been impacted. And it's just -- it's a tough situation, for sure. Fires are a tough thing because basically, fires destroy everything. And essentially, you're in a new rebuild from that point forward. That's obviously not the focus of our business. It's not where our strength or focus is. So no, it's a tough deal for those affected. And we feel for everybody that's going through this and certainly hope for the safety of all the folks battling the blazes, our first responders.

我的意思是，我首先要說的是，我們的思念和祈禱與所有受到影響的人們同在。這確實是一個可怕的情況。對我們來說，好消息是我們的建築物沒有受到影響，但我們的同事和客戶肯定受到了影響。這確實是一個艱難的局面。火災是一件很難處理的事情，因為火災基本上會摧毀一切。本質上，從那時起你就處於一個新的重建階段。這顯然不是我們業務的重點。這不是我們的優勢或重點。所以，對於受影響的人來說，這是一筆艱難的交易。我們對所有經歷這一切的人深表同情，並且希望所有與大火搏鬥的人們、我們的第一個響應者都能平安。

Thank you for joining us today. We look forward to speaking with you on our Third Quarter Earnings Call in November.

感謝您今天加入我們。我們期待在 11 月的第三季財報電話會議上與您交談。

Thank you. Ladies and gentlemen, again, that does conclude today's conference. Thank you all again for your participation, you may now disconnect.

謝謝。女士們、先生們，今天的會議到此結束。再次感謝大家的參與，現在可以斷開連線了。