家得寶 (HD) 2018 Q3 法說會逐字稿

Good day, and welcome to The Home Depot Q3 2018 Earnings Call.

美好的一天，歡迎來到家得寶 2018 年第三季度財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

(Operator Instructions) At this time, I would like to turn the conference over to Isabel Janci.

（操作員說明）此時，我想將會議交給 Isabel Janci。

Please go ahead, ma'am.

請繼續，女士。

Thank you, and good morning, everyone.

謝謝大家，大家早上好。

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.

今天加入我們電話會議的還有董事長、首席執行官兼總裁 Craig Menear；銷售執行副總裁 Ted Decker； Carol Tomé，首席財務官兼企業服務執行副總裁。

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

在我們準備好的講話之後，電話將開放接受提問。

Questions will be limited to analysts and investors.

問題僅限於分析師和投資者。

(Operator Instructions) If we are unable to get your question during the call, please call our Investor Relations Department at (770) 384-2387.

（操作員說明）如果我們在通話期間無法回答您的問題，請致電 (770) 384-2387 聯繫我們的投資者關係部。

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

在我將電話轉給 Craig 之前，讓我提醒您，今天的新聞稿和我們高管所做的陳述包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。

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

這些陳述受到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存在重大差異。

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.

這些風險和不確定性包括但不限於新聞稿和我們向證券交易委員會提交的文件中確定的因素。

Today's discussion will also include certain non-GAAP measures.

今天的討論還將包括某些非公認會計原則的措施。

Reconciliation of these measures is provided on our website.

我們的網站上提供了這些措施的對賬。

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.

謝謝你，伊莎貝爾，大家早上好。

We are pleased with our results in the quarter.

我們對本季度的業績感到滿意。

Sales for the third quarter were up 5.1% from last year to $26.3 billion.

第三季度銷售額比去年同期增長 5.1% 至 263 億美元。

Comp sales were up 4.8% from last year and our U.S. comps were positive 5.4%.

可比銷售額比去年增長 4.8%，我們的美國可比為正 5.4%。

Diluted earnings per share were $2.51 in the third quarter.

第三季度每股攤薄收益為 2.51 美元。

From a geographic perspective, sales were strong across the U.S. All but one of our 19 regions posted positive comps.

從地理角度來看，整個美國的銷售都很強勁。除了我們 19 個地區中的一個地區之外，所有地區都發布了積極的業績。

The exception was our Gulf region, which faced tough compares associated with the anniversary-ing of Hurricane Harvey.

一個例外是我們的海灣地區，它面臨著與哈維颶風週年紀念相關的艱難比較。

Recall that we are lapping almost $300 million of hurricane-related sales from the third quarter of last year.

回想一下，從去年第三季度開始，我們與颶風相關的銷售額接近 3 億美元。

While this quarter brought hurricanes Florence and Michael, the scope of devastation was more compact from a geographical perspective than what we experienced in prior year.

雖然本季度帶來了佛羅倫薩和邁克爾颶風，但從地理角度來看，破壞範圍比我們去年經歷的更為緊湊。

Nonetheless, these storms did inflict significant damage in our community, and our thoughts and prayers are with them as they began the recovery efforts.

儘管如此，這些風暴確實對我們的社區造成了重大破壞，當他們開始恢復工作時，我們的思念和祈禱與他們同在。

Our thoughts and prayers also go out to all those who are currently being impacted by the deadly fires in California.

我們也向所有目前受到加利福尼亞致命火災影響的人表達我們的想法和祈禱。

Internationally, both Canada and Mexico posted positive comps in local currency.

在國際上，加拿大和墨西哥都以當地貨幣發布了正收益。

As Ted will detail, both ticket and transactions grew in the quarter.

正如 Ted 將詳細介紹的那樣，本季度門票和交易量均有所增長。

Pro sales once again outpaced DIY sales, but we continue to see a healthy balance of growth from both Pro and DIY customers as they shop across the store.

Pro 銷售再次超過 DIY 銷售，但我們繼續看到 Pro 和 DIY 客戶在整個商店購物時的增長保持健康平衡。

We believe this is a testament to the overall strength of demand in the home improvement market.

我們認為，這證明了家居裝修市場的整體需求強勁。

Our digital business continues to be another source of growth.

我們的數字業務繼續成為另一個增長來源。

Online traffic growth was healthy.

在線流量增長健康。

In third quarter, online sales grew approximately 28% from the third quarter of 2017.

第三季度，在線銷售額比 2017 年第三季度增長了約 28%。

Customers continue to respond to ongoing investments and enhancements we are making to drive a frictionless, interconnected customer experience.

客戶繼續響應我們為推動無摩擦、相互關聯的客戶體驗而進行的持續投資和改進。

For example, Buy Online, Ship To Store and Buy Online, Pick-up In Store sales both grew faster than the overall online sales growth rate for the third quarter.

例如，在線購買、送貨到店和在線購買、店內取貨的銷售額增長都快於第三季度的整體在線銷售增長率。

Another key component of the best-in-class interconnected shopping experience centers on enhanced delivery and fulfillment options.

一流的互聯購物體驗的另一個關鍵組成部分集中在增強的交付和履行選項上。

As you know, we are in very early stages of a 5-year investment journey in the One Home Depot supply chain to enable the fastest, most efficient delivery network in home improvement.

如您所知，我們正處於 One Home Depot 供應鏈的 5 年投資之旅的早期階段，以實現最快、最高效的家居裝修交付網絡。

Today, we can reach approximately 95% of the U.S. population in 2 days or less with parcel shipping.

今天，我們可以通過包裹運輸在 2 天或更短的時間內覆蓋大約 95% 的美國人口。

The anticipated end state of the One Home Depot supply chain will enable us to reach 90% of the U.S. population with same-day or next-day delivery capability for an extended SKU offering that includes big and bulky goods.

One Home Depot 供應鏈的預期最終狀態將使我們能夠為 90% 的美國人口提供當日或次日交付能力，以提供包括大件和大件商品的擴展 SKU 產品。

In order to get there, we must invest in a number of different facilities to offer greater depth and breadth of SKU availability.

為了實現這一目標，我們必須投資於許多不同的設施，以提供更深入和更廣的 SKU 可用性。

We told you that 2018 would be the year of the pilot as we test and learn with new fulfillment centers.

我們告訴過您，2018 年將是試點年，我們將在新的履行中心進行測試和學習。

I am pleased to report that we are on track with our plan, and we are live with our first few pilot facilities, with additional pilots scheduled to open throughout the rest of this year and early next year.

我很高興地向大家報告，我們的計劃正在按計劃進行，並且我們正在使用我們最初的幾個試點設施，併計劃在今年剩餘時間和明年初開放更多的試點。

As we work on our long-term initiatives, we are also focused on meeting our customers' immediate delivery needs.

在我們致力於長期計劃的同時，我們還專注於滿足客戶的即時交付需求。

We have made great progress with our store delivery enhancements as our car and van express delivery offerings now enables same-day delivery of store goods.

由於我們的汽車和貨車快遞服務現在可以實現商店商品的當日交付，因此我們在改進商店交付方面取得了很大進展。

Since rolling out car and van delivery to over 40% of the U.S. population, we have seen increased utilization from both our Pro and DIY customers.

自從向超過 40% 的美國人口推出汽車和貨車送貨服務以來，我們的 Pro 和 DIY 客戶的使用率都有所提高。

As we continue to work towards the 2020 goals that we laid out for you in December of 2017, let me update you on some of our investments, all of which focus on delivering exceptional customer service, driving productivity and simplifying operations.

隨著我們繼續朝著我們在 2017 年 12 月為您制定的 2020 年目標努力，讓我向您介紹我們的一些投資，所有這些都專注於提供卓越的客戶服務、提高生產力和簡化運營。

We have implemented our way-finding sign and store refresh package in approximately 700 stores, ahead of our initial plan.

在我們最初的計劃之前，我們已經在大約 700 家商店實施了我們的尋路標誌和商店更新包。

We continue to make progress on the rollout of our redesigned front-end areas and pickup lockers among other investments.

我們繼續在推出重新設計的前端區域和皮卡儲物櫃以及其他投資方面取得進展。

We are also working to remove friction for our customers while helping our associates to be more productive with their time.

我們還在努力為客戶消除摩擦，同時幫助我們的員工提高工作效率。

An example of this is the deployment of our new overhead management application.

這方面的一個例子是我們新的開銷管理應用程序的部署。

As you've heard us say before, customer service starts with being in-stock.

正如您之前聽到我們所說，客戶服務始於有貨。

But beyond just having the product in-stock, it has to be on the shelf for our customers to purchase, not stored in an overhead.

但除了產品有庫存之外，它還必須放在貨架上供我們的客戶購買，而不是存放在間接費用中。

Prior to the rollout of the overhead management application, the only way an associate could locate a product in our overheads was to manually look for it.

在推出間接費用管理應用程序之前，員工可以在我們的間接費用中找到產品的唯一方法是手動查找它。

This new application on FIRST Phones helps associates locate product in overheads quickly and accurately, saving them time, improving the customer experience and enabling better inventory management.

FIRST Phones 上的這一新應用程序可幫助員工快速準確地在間接費用中定位產品，從而節省時間、改善客戶體驗並實現更好的庫存管理。

Turning to our outlook.

轉向我們的前景。

As Carol will discuss in more in detail, we are updating our sales and earnings guidance for the year.

正如卡羅爾將更詳細地討論的那樣，我們正在更新我們今年的銷售和收益指導。

We now expect fiscal 2018 sales growth of approximately 7.2% and diluted earnings per share of $9.75.

我們現在預計 2018 財年銷售額增長約 7.2%，攤薄後每股收益為 9.75 美元。

We face the headwinds from last year's storm-related sales in the fourth quarter, but we believe the drivers of home improvement spend are supportive of our business.

我們在第四季度面臨去年與風暴相關的銷售的不利因素，但我們相信家居裝修支出的驅動因素支持我們的業務。

We remain excited about the investments we are making to ensure that we deliver the best customer experience in home improvement.

我們仍然對我們正在進行的投資感到興奮，以確保我們在家居裝修方面提供最佳的客戶體驗。

I want to close by thanking our associates for their hard work and continued dedication to our customers.

最後，我要感謝我們的員工的辛勤工作和對客戶的持續奉獻。

Our associates not only work hard to serve our customers in our aisles, but their efforts extend to the communities in which we operate.

我們的員工不僅努力為我們的客戶服務，而且他們的努力延伸到我們經營所在的社區。

This quarter marked our 8th annual Celebration of Service campaign in which our associates volunteered over 100,000 hours in support of veteran housing needs.

本季度是我們的第 8 次年度服務慶典活動，我們的員工自願提供超過 100,000 小時的時間來支持退伍軍人的住房需求。

In fact, our associates and nonprofit partners have been hands-on in transforming over 40,000 veteran homes and facilities since 2011.

事實上，自 2011 年以來，我們的員工和非營利合作夥伴一直在親自改造 40,000 多所退伍軍人住宅和設施。

We are very proud of our associates, who live our values every day.

我們為我們的員工感到非常自豪，他們每天都在踐行我們的價值觀。

And given that Veterans Day was earlier this week, let me take this opportunity to thank those that have served our country.

鑑於本週早些時候是退伍軍人節，讓我藉此機會感謝那些為我們國家服務的人。

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

有了這個，讓我把電話轉給 Ted。

Thanks, Craig, and good morning, everyone.

謝謝，克雷格，大家早上好。

We were pleased with our results in the third quarter.

我們對第三季度的業績感到滿意。

The core of our store continues to perform well, and we saw growth with both our Pro and DIY customers.

我們商店的核心繼續表現良好，我們的 Pro 和 DIY 客戶都看到了增長。

Looking at our departments, comps in appliances, electrical, plumbing, tools, decor and flooring were above the company average.

縱觀我們的部門，電器、電氣、管道、工具、裝飾和地板的成本高於公司平均水平。

All of our other departments, but lighting, were positive, but below the company average.

我們所有其他部門，除了照明，都是積極的，但低於公司平均水平。

The comp in lighting was essentially flat.

照明方面的補償基本上是平坦的。

In the third quarter, comp average ticket increased 3.5% and comp transactions increased 1.2%.

第三季度，補償平均票價增長 3.5%，補償交易量增長 1.2%。

Commodity prices were volatile in the quarter.

本季度商品價格波動較大。

While inflation in lumber, building materials and copper positively impacted average ticket growth by approximately 61 basis point in the quarter, today lumber prices are below 2017 levels.

雖然木材、建築材料和銅的通脹對本季度的平均票價增長產生了約 61 個基點的積極影響，但今天的木材價格低於 2017 年的水平。

In addition, foreign exchange rates negatively impacted average ticket growth by approximately 43 basis points.

此外，外匯匯率對平均機票增長產生了約 43 個基點的負面影響。

We continue to see strength in big-ticket projects during the quarter.

我們在本季度繼續看到大型項目的實力。

Big-ticket sales, or transactions over $1000, which represent approximately 20% of U.S. sales, were up 9.1% in the third quarter.

第三季度大宗銷售額或超過 1000 美元的交易（約占美國銷售額的 20%）增長了 9.1%。

A few drivers behind the increase in big-ticket sales were vinyl plank flooring, windows, appliances and water heaters.

大宗銷售增長的一些驅動因素是乙烯基木板地板、窗戶、電器和熱水器。

Once again, we saw strong performance in many Pro-heavy categories, as Pro sales grew faster than the company's average comp.

再一次，我們看到了許多 Pro-heavy 類別的強勁表現，因為 Pro 的銷售額增長速度快於公司的平均水平。

Pro-heavy categories like power tools, concrete and several plumbing and electrical categories all had comps above the company average.

電動工具、混凝土和幾個管道和電氣類別等專業重型類別的收入均高於公司平均水平。

We also continue to see a healthy and growing DIY customer as they engaged with us across the store.

當他們在整個商店與我們互動時，我們還繼續看到健康且不斷增長的 DIY 客戶。

Categories like safety and security, vanities, lawnmowers, ceiling fans and interior and exterior paint showed strong growth in the quarter.

安全和安保、梳妝台、割草機、吊扇以及內外牆塗料等類別在本季度表現出強勁增長。

In the third quarter, we hosted several events that helped drive traffic and create excitement in our stores.

在第三季度，我們舉辦了幾項活動，幫助我們的商店增加了客流量並創造了興奮感。

We were pleased with our annual Halloween Harvest and Labor Day events, which recorded solid growth year-over-year.

我們對我們的年度萬聖節豐收和勞動節活動感到滿意，這些活動同比增長穩健。

As we continue to focus on enhancing the in-store experience for our customers, I'd like to highlight some recent initiatives we have been working on with MET, our merchandising execution team.

隨著我們繼續專注於為客戶提升店內體驗，我想強調一下我們最近與我們的營銷執行團隊 MET 合作的一些舉措。

This seasoned team manages set integrity and executes resets throughout the store, bringing best-in-class speed to market.

這個經驗豐富的團隊負責管理整個商店的設置完整性並執行重置，從而將一流的速度推向市場。

MET leverages advanced analytics and proprietary technology to drive productivity and efficiency in our stores.

MET 利用先進的分析和專有技術來提高我們商店的生產力和效率。

We use real-time data to understand what categories require attention and leverage our FIRST Phones to direct the work activity of our MET associates.

我們使用實時數據來了解哪些類別需要關注，並利用我們的 FIRST 電話來指導 MET 員工的工作活動。

We want to thank our supplier partners, who continue to see the power of partnering with The Home Depot.

我們要感謝我們的供應商合作夥伴，他們繼續看到與家得寶合作的力量。

Our suppliers entrust us with many exclusives and innovative product launches, in large part because of our 400,000 plus Orange-Blooded associates and the enthusiasm they bring to our aisles every day.

我們的供應商委託我們推出許多獨家和創新產品，這在很大程度上是因為我們的 400,000 多名 Orange-Blooded 員工以及他們每天為我們帶來的熱情。

Two recent additions to our portfolio of exclusive brands are Stanley hand tools and Troy-Bilt outdoor power equipment.

我們的獨家品牌組合中最近新增的兩個產品是 Stanley 手動工具和 Troy-Bilt 戶外動力設備。

Adding Stanley to our lineup of Milwaukee, DEWALT, Husky, Crescent, Empire, Wiss, BESSEY and Klein exclusive brands makes us the #1 destination for hand tools.

將 Stanley 添加到我們的 Milwaukee、DEWALT、Husky、Crescent、Empire、Wiss、BESSEY 和 Klein 獨家品牌陣容中，使我們成為手動工具的第一目的地。

And Troy-Bilt complements our leading lineup of exclusive outdoor power equipment brands, including RYOBI, Toro, Honda, Cub Cadet, ECHO, EGO, DEWALT and Milwaukee.

Troy-Bilt 補充了我們領先的獨家戶外動力設備品牌陣容，包括 RYOBI、Toro、Honda、Cub Cadet、ECHO、EGO、DEWALT 和 Milwaukee。

In fact, 14 of the 15 top-rated gas self-propelled lawnmowers in the market are big box exclusive to The Home Depot.

事實上，市場上 15 台頂級燃氣自走式割草機中有 14 台是家得寶獨有的大盒子。

Looking to the fourth quarter, we are excited about the upcoming holiday season.

展望第四季度，我們對即將到來的假期感到興奮。

In addition to our comprehensive holiday decor offerings, we are thrilled with our 2018 gift center.

除了我們全面的節日裝飾產品外，我們還為 2018 年的禮品中心感到興奮。

This gift center is our best yet and features a number of special buys from our leading tool and power tool accessory brands that are also exclusive to The Home Depot, including RYOBI, RIDGID, Milwaukee, Makita, Diablo and Husky.

這個禮品中心是我們迄今為止最好的禮品中心，提供許多來自我們領先的工具和電動工具配件品牌的特別商品，這些品牌也是 The Home Depot 獨有的，包括 RYOBI、RIDGID、Milwaukee、Makita、Diablo 和 Husky。

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

有了這個，我想把電話轉給卡羅爾。

Thank you, Ted, and good morning, everyone.

謝謝你，泰德，大家早上好。

In the third quarter, total sales were $26.3 billion, an increase of 5.1% from last year.

第三季度總銷售額為263億美元，比去年增長5.1%。

Recall that at the beginning of fiscal 2018, we adopted a new accounting standard pertaining to revenue recognition.

回想一下，在 2018 財年初，我們採用了與收入確認相關的新會計準則。

The new standard changes the geography of certain items on our income statement but has no impact on operating profits.

新準則改變了我們損益表中某些項目的地理分佈，但對營業利潤沒有影響。

In the third quarter, the change in accounting positively impacted sales growth by $64 million.

第三季度，會計變更對銷售額增長產生了 6400 萬美元的積極影響。

Further, during the third quarter, a stronger U.S. dollar negatively impacted total sales growth by approximately $110 million or 0.4%.

此外，在第三季度，美元走強對總銷售額增長產生了約 1.1 億美元或 0.4% 的負面影響。

Our total company comps were positive 4.8% for the quarter, with positive comps of 6.7% in August, 4.1% in September and 3.8% in October.

我們本季度的公司總收入為 4.8%，8 月份為 6.7%，9 月份為 4.1%，10 月份為 3.8%。

Comps in the U.S. were positive 5.4% for the quarter, with positive comps of 7.5% in August, 4.7% in September and 4.2% in October.

本季度美國的收入為 5.4%，8 月份為 7.5%，9 月份為 4.7%，10 月份為 4.2%。

The cadence of our monthly comps is due in large part to hurricane-related sales.

我們每月的比賽節奏很大程度上是由於颶風相關的銷售。

In the third quarter of fiscal 2017, we experienced approximately $282 million of hurricane-related sales and the majority of those sales occurred in September and October.

在 2017 財年第三季度，我們經歷了大約 2.82 億美元的颶風相關銷售額，其中大部分銷售額發生在 9 月和 10 月。

In the third quarter of this year, we had approximately $150 million of sales related to both the 2017 and 2018 hurricanes.

今年第三季度，我們與 2017 年和 2018 年的颶風相關的銷售額約為 1.5 億美元。

These sales were more equally spread across the quarter.

這些銷售額在本季度的分佈更為均勻。

We estimate that hurricane-related sales positively impacted U.S. comps by 60 basis points in August, but negatively impacted U.S. comps by 80 basis points in September and 120 basis points in October.

我們估計，颶風相關的銷售在 8 月對美國公司產生了 60 個基點的正面影響，但在 9 月對美國公司產生了 80 個基點的負面影響，在 10 月對美國公司產生了 120 個基點的負面影響。

In the third quarter, our gross margin was 34.8%, an increase of 23 basis points from last year.

第三季度，我們的毛利率為34.8%，比去年增加了23個基點。

The year-over-year change in our gross margin reflects the following factors: first, the new accounting standard drove $147 million of gross profit or 47 basis points of gross margin expansion; second, higher supply chain and transportation costs caused approximately 23 basis points of gross margin contraction; and finally, the net impact of all other drivers of gross margin resulted in 1 basis point of contraction.

我們毛利率的同比變化反映了以下因素：第一，新會計準則推動了 1.47 億美元的毛利潤或 47 個基點的毛利率擴張；其次，較高的供應鍊和運輸成本導致毛利率收縮約 23 個基點；最後，所有其他毛利率驅動因素的淨影響導致收縮 1 個基點。

For the year, we now expect our gross margin rate to expand by approximately 37 basis points.

今年，我們現在預計我們的毛利率將擴大約 37 個基點。

In the third quarter, operating expense as a percent of sales increased by 23 basis points to 20.1% due to the following factors: first, we experienced 90 basis points of expense leverage in BAU, or business as usual, expense.

由於以下因素，第三季度營業費用佔銷售額的百分比增加了 23 個基點至 20.1%：首先，我們在 BAU 或照常營業費用中經歷了 90 個基點的費用槓桿。

Our strong leverage in the core of our business was driven by good expense control, but also reflects some year-over-year benefit due to certain hurricane-related expenses that did not repeat this year; second, the new accounting standard resulted in a $147 million increase to our operating expenses and caused 51 basis point of operating expense deleverage; and finally, expenses related to our strategic investment plan of roughly $164 million resulted in approximately 62 basis points of operating expense deleverage.

我們在核心業務中的強大槓桿是由良好的費用控制推動的，但也反映了由於今年沒有重複的某些與颶風相關的費用而產生的同比收益；其次，新會計準則導致我們的運營費用增加了 1.47 億美元，導致運營費用去槓桿化 51 個基點；最後，與我們的戰略投資計劃相關的費用約為 1.64 億美元，導致運營費用去槓桿化約 62 個基點。

For the year, we now expect our fiscal 2018 operating expenses to grow at approximately 131% of our sales growth rate.

對於這一年，我們現在預計我們 2018 財年的運營費用將以我們銷售增長率的 131% 左右增長。

Our operating margin for the third quarter was 14.7%, essentially flat with last year.

我們第三季度的營業利潤率為 14.7%，與去年基本持平。

Interest and other expense for the third quarter decreased by $23 million to $224 million, largely due to tax settlements that occurred in the quarter.

第三季度的利息和其他費用減少了 2300 萬美元至 2.24 億美元，主要是由於本季度發生的稅收結算。

In the third quarter, our effective tax rate was 21.4% and for the year-to-date was 23.3%, lower than last year and our guidance.

第三季度，我們的有效稅率為 21.4%，年初至今為 23.3%，低於去年和我們的指導。

The lower rate reflects tax reform and a few other discrete items that were recorded in the quarter, including a reconcilement of the provisional tax charge we recorded in the fourth quarter of last year.

較低的稅率反映了稅收改革和本季度記錄的其他一些離散項目，包括我們在去年第四季度記錄的臨時稅收費用的調節。

For fiscal 2018, we now expect our effective tax rate will be approximately 24%.

對於 2018 財年，我們現在預計我們的有效稅率約為 24%。

Our diluted earnings per share for the third quarter were $2.51, an increase of 36.4% from last year.

我們第三季度的攤薄後每股收益為 2.51 美元，比去年增長 36.4%。

Total sales per square foot for the third quarter were approximately $434, up 5.2% from last year.

第三季度每平方英尺的總銷售額約為 434 美元，比去年增長 5.2%。

Compared to last year, inventory dollars grew by $1.3 billion to $14.8 billion and inventory turns remained at 5.2x.

與去年相比，庫存美元增長了 13 億美元，達到 148 億美元，庫存周轉率保持在 5.2 倍。

The growth in our inventory versus last year reflects the investments we are making to accelerate merchandising resets, higher in-stock levels than we had 1 year ago, and some pull forward of planned inventory purchases.

與去年相比，我們的庫存增長反映了我們為加速商品重置所做的投資、比一年前更高的庫存水平，以及一些計劃的庫存採購提前。

In the third quarter, we repurchased $2.5 billion or approximately 12.6 million shares of outstanding stock.

第三季度，我們回購了 25 億美元或約 1260 萬股流通股。

We also received approximately 1 million shares related to an ASR program we initiated in the second quarter.

我們還收到了大約 100 萬股與我們在第二季度啟動的 ASR 計劃相關的股票。

Year-to-date, we have repurchased approximately $5.5 billion of our outstanding shares, and we now expect to repurchase approximately $8 billion of our outstanding shares for the year.

年初至今，我們已經回購了大約 55 億美元的流通股，我們現在預計今年將回購大約 80 億美元的流通股。

We plan to fund our fourth quarter share repurchases with cash on hand and with proceeds from incremental debt.

我們計劃用手頭現金和增量債務的收益為第四季度的股票回購提供資金。

In the fourth quarter, we intend to replace $1.15 billion of senior notes that came due in September, and we may raise additional long-term indebtedness, which will take us closer to our targeted adjusted debt to EBITDA ratio of 2x.

在第四季度，我們打算替換 9 月到期的 11.5 億美元優先票據，我們可能會增加額外的長期債務，這將使我們更接近我們的目標調整後債務與 EBITDA 比率的 2 倍。

Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 42.2%, 970 basis points higher than the third quarter of fiscal 2017.

根據過去 12 個月的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 42.2%，比 2017 財年第三季度高 970 個基點。

Turning to our outlook for the remainder of the year.

轉向我們對今年剩餘時間的展望。

Remember that we have a directionally correct, but imperfect model that we use to forecast sales growth.

請記住，我們有一個方向正確但不完美的模型來預測銷售增長。

It starts with GDP growth, which is strong.

首先是強勁的 GDP 增長。

Consumer sentiment remains near all-time highs, and unemployment is the lowest it has been in nearly 50 years.

消費者信心仍接近歷史最高水平，失業率處於近 50 年來的最低水平。

Housing-related metrics are moderating, but the drivers of home improvement spend are supportive of our outlook.

與住房相關的指標正在放緩，但家庭裝修支出的驅動因素支持我們的前景。

Home prices continue to appreciate, the housing stock is aging, households are being formed and housing continues to turn over.

房價繼續升值，房源老化，成戶，房屋不斷翻身。

And while we see healthy home improvement demand, it is important to note that in the fourth quarter, we are up against approximately $380 million of hurricane-related sales.

雖然我們看到了健康的家居裝修需求，但值得注意的是，在第四季度，我們與颶風相關的銷售額約為 3.8 億美元。

Today, we are updating our fiscal 2018 sales guidance to reflect our year-to-date outperformance.

今天，我們正在更新我們的 2018 財年銷售指導，以反映我們年初至今的出色表現。

We are also lifting our earnings per share guidance to reflect our expectations for fiscal 2018 gross margin, operating expense, share repurchases and tax rate.

我們還提高了每股收益指引，以反映我們對 2018 財年毛利率、運營費用、股票回購和稅率的預期。

Remember that we guide off GAAP, and recall that fiscal 2018 will include a 53rd week.

請記住，我們指導 GAAP，並記得 2018 財年將包括第 53 週。

So the fourth quarter of fiscal 2018 will consist of 14 weeks.

因此，2018 財年第四季度將包括 14 週。

For fiscal 2018, we expect sales to increase by approximately 7.2% with positive comps as calculated on a 52-week basis of approximately 5.5%.

對於 2018 財年，我們預計銷售額將增長約 7.2%，按 52 週計算的正收益約為 5.5%。

For earnings per share, we expect fiscal 2018 diluted earnings per share to grow approximately 33.8% to $9.75.

對於每股收益，我們預計 2018 財年每股攤薄收益將增長約 33.8% 至 9.75 美元。

With that, I would like to thank you for your participation in today's call.

在此，我要感謝您參加今天的電話會議。

And Rochelle, we are now ready for questions.

Rochelle，我們現在可以提問了。

(Operator Instructions) And our first question today will come from Christopher Horvers with JPMorgan.

（操作員說明）我們今天的第一個問題將來自摩根大通的 Christopher Horvers。

So if you -- there are a lot of questions on the consumer in the home environment and housing.

因此，如果您 - 在家庭環境和住房方面有很多關於消費者的問題。

If you look at your fourth quarter guidance, it seems like inflation after some remnant benefit in the third quarter may be flat, may be a headwind.

如果你看一下你的第四季度指引，在第三季度的一些剩餘收益之後，通脹似乎可能持平，可能是逆風。

You also had -- have a harder compare in the hurricane front.

你也有 - 在颶風前線有一個更難的比較。

So you're still guiding to about 4.5 for the fourth quarter assuming that the U.S. is going to be better than that because of FX.

因此，假設美國會因為外匯而變得更好，那麼第四季度的指導值仍然在 4.5 左右。

So what are you seeing in the business?

那麼，您在業務中看到了什麼？

What gives you the confidence to give that level of a guide?

是什麼讓你有信心提供這種水平的指導？

Chris, I'll give you a high-level and let Carol walk you through the details.

克里斯，我會給你一個高層次的，讓卡羅爾帶你了解細節。

Again, we see overall the environment for home improvement is solid.

再次，我們看到整體家居裝修的環境是穩固的。

We're clearly up against significant hurricane numbers.

我們顯然正面臨著重要的颶風數字。

But as we see it, basically, 2-year stacked comps would be comparable in the first half and the second half of the year as we look forward.

但正如我們所看到的，基本上，2 年的堆疊組合在我們期待的上半年和下半年將具有可比性。

And that's really based on the strength that we see for not only the home improvement factors, but what we have lined up for the back half of the year in terms of events and merchandise and great gift center that Ted talked about, we're excited about what we have going in the back half.

這真的是基於我們看到的不僅是家居裝修因素的實力，還有我們在今年下半年在 Ted 談到的活動和商品以及很棒的禮品中心方面排隊的東西，我們很興奮關於我們在後半部分的內容。

That's right, Chris.

沒錯，克里斯。

And we get comfort from our guidance, not only from what we're seeing in the macro environment but from what we're seeing in our same sales.

我們從我們的指導中得到安慰，不僅來自我們在宏觀環境中所看到的，而且來自我們在相同銷售中所看到的。

And we are pleased with how the quarter has begun.

我們對本季度的開始方式感到滿意。

Excellent.

出色的。

So I want to fast-forward a little bit on tariff risk.

所以我想快進一點關稅風險。

You had the experience with appliances that look like you largely passed through those price increases, but as you think about a more broad potential tariff risk to next year, how would you just size up your potential risk?

你有過使用電器的經驗，看起來你在很大程度上經歷了這些價格上漲，但是當你考慮到明年更廣泛的潛在關稅風險時，你會如何評估你的潛在風險？

And can you also talk about how you think about investment in sort of, in share?

你能不能談談你對股票投資的看法？

Some companies have commented that they would try to maintain the gross margin rate.

一些公司評論說，他們將努力維持毛利率。

How would you think about balancing gross margin rate versus, let's say, in certain categories, maybe flooring, trying to go after share and drive gross profit dollars?

您如何看待平衡毛利率與某些類別（可能是地板）試圖追求份額並推動毛利潤美元？

So, Chris, I'll start and let Ted jump in here.

所以，克里斯，我會開始讓泰德跳進來。

We have seen, as you mentioned, tariffs impact in laundry, for example.

正如您所提到的，我們已經看到例如關稅對洗衣店的影響。

The tariffs that have come through to date represent about 1% of U.S. purchases.

迄今為止實施的關稅約占美國採購量的 1%。

And if we see more happen in January, and who knows what's going to happen, but if the 25% were to go in place, that's going to represent about 3.5% of U.S. purchases.

如果我們在一月份看到更多情況發生，誰知道會發生什麼，但如果 25% 到位，那將占美國採購量的 3.5% 左右。

And clearly, we'll work to mitigate as much of that as possible, but as you saw in laundry, you will see some impact in prices.

顯然，我們將努力盡可能地減輕這種影響，但正如您在洗衣店中看到的那樣，您會看到價格受到一些影響。

The comment that I would make, as it relates to the second part of your question is, we run this business on a portfolio basis.

我要發表的評論與您問題的第二部分有關，我們在投資組合的基礎上經營這項業務。

And we will do everything we can to mitigate pressure on the customer to the best of our ability, but don't think of us taking cost in one area and that's where necessarily the retail gets applied.

我們將盡我們所能減輕對客戶的壓力，但不要認為我們會在一個領域承擔成本，而這正是零售業所必須應用的地方。

It's a portfolio approach, we're in the project business.

這是一種投資組合方法，我們從事項目業務。

Yes.

是的。

I would add to that, Craig, it's -- manageable is the term I am using, Chris.

克雷格，我要補充一點，這是我使用的術語，可管理，克里斯。

Certainly, what we've seen today is more than manageable, particularly in the light of that portfolio approach that Craig described.

當然，我們今天所看到的不僅僅是可控的，特別是考慮到克雷格描述的投資組合方法。

But a couple comments of good news, you look at what happened with laundry and that's generally a MAP price industry.

但是一些好消息的評論，你看看洗衣發生了什麼，這通常是一個 MAP 價格行業。

So the industry did take that price, largely attributable to tariffs.

因此，該行業確實接受了這個價格，主要歸因於關稅。

We also had steel cost in that as well as just the straight laundry tariff.

我們也有鋼鐵成本以及直接的洗衣關稅。

And while there was an initial reaction to unit productivity, as we've now cycled through that several months, our laundry sales and unit productivity is on par, if not slightly better than the average of our overall appliance business.

雖然對單位生產力有初步反應，但我們現在已經循環了幾個月，但我們的洗衣銷售額和單位生產力與我們整體家電業務的平均水平相當，如果不是略好的話。

So we were able to cycle through that and would expect to see the same, given the strength of demand in other categories as well.

因此，鑑於其他類別的需求也很強勁，我們能夠循環並期望看到相同的結果。

And next, we move on to Michael Lasser with UBS.

接下來，我們繼續討論瑞銀的邁克爾·拉塞爾。

So it sounds like your view is that home improvement demand has been and will be decoupled from housing.

所以聽起來你的觀點是，家裝需求已經並將與住房脫鉤。

How long do you think that can persist?

你認為這種情況能持續多久？

And what level of home prices and housing turnover would make you rethink that view?

什麼水平的房價和房屋周轉率會讓你重新思考這個觀點？

So, Michael, I think, I and we would phrase that a bit differently.

所以，邁克爾，我想，我和我們的措辭會有所不同。

We have this directionally correct, but imperfect model that we use to forecast our sales outlook.

我們有這個方向正確但不完美的模型來預測我們的銷售前景。

As I mentioned, it starts with GDP and to that we add the benefit from a number of different housing metrics, including household formation, home price appreciation, the age of the housing stock and housing turnover.

正如我所提到的，它從 GDP 開始，除此之外，我們還增加了許多不同住房指標的收益，包括家庭形成、房價升值、住房存量的年齡和住房周轉率。

And if we look at those drivers, we think they all bode well for our outlook.

如果我們看看這些驅動因素，我們認為它們對我們的前景都是好兆頭。

Now our outlook would suggest that our fourth quarter comp will be lower than what we reported in the third quarter, but that's because we are up against almost $400 million of hurricane-related sales.

現在我們的展望表明，我們第四季度的業績將低於我們在第三季度報告的水平，但那是因為我們面臨著近 4 億美元的颶風相關銷售額。

And while we do expect to get hurricane-related sales in the fourth quarter, we don't expect to get $400 million worth of hurricane-related sales.

雖然我們確實希望在第四季度獲得與颶風相關的銷售額，但我們預計不會獲得價值 4 億美元的颶風相關銷售額。

So we factored that into our outlook.

因此，我們將這一點納入了我們的展望。

In terms of decoupling, there's one metric that's gotten a lot of attention recently and that's housing turnover.

在脫鉤方面，最近有一個指標引起了很多關注，那就是房屋周轉率。

And if you look at housing turnover, housing turnover is lower than we thought it would be at the beginning of the year when we put together our directionally correct, but imperfect model.

如果你看一下房屋周轉率，房屋周轉率低於我們在年初制定方向正確但不完美的模型時的預期。

So we went back and calculated what we believe the impact of a lower housing turnover than what we had projected at the beginning of the year, what the impact has been to our outlook.

因此，我們回過頭來計算我們認為房屋周轉率低於我們在年初預測的影響，以及對我們前景的影響。

And based on our model, which is not perfect, but based on our model, the impact has been 13 basis points.

根據我們的模型，這並不完美，但根據我們的模型，影響已經達到 13 個基點。

And then, one other correlation number to share with you, at least the way that we look at the world, we correlated housing turnover with transactions, and we don't do a smoothing approach.

然後，與您分享另一個相關數字，至少我們看待世界的方式，我們將房屋周轉率與交易相關聯，我們不做平滑方法。

We do look at the actual data on a 1-month lag basis.

我們確實會滯後 1 個月查看實際數據。

If you look at historical correlation from 2000 to now, the correlation coefficient was 0.53, okay.

如果你看一下從 2000 年到現在的歷史相關性，相關係數是 0.53，好吧。

But if you go and run it again from 2010 to now, it's 0.4.

但是如果你從 2010 年到現在再次運行它，它是 0.4。

And if you run it from 2015 to now, it's 0.33.

如果你從 2015 年到現在運行它，它是 0.33。

So it's decoupled a bit, we think, in large part because of the housing shortage in the U.S. But the way that we're talking about housing metrics is a bit like a Rubik's cube, and you just got to turn it and turn it and turn it until you form a point of view on what it means for home improvement spend.

所以它有點脫鉤，我們認為，很大程度上是因為美國的住房短缺。但我們談論住房指標的方式有點像魔方，你只需要轉動它，轉動它，轉動它，直到您對家庭裝修支出的意義形成一個觀點。

Carol, that's helpful.

卡羅爾，這很有幫助。

And because you've guided for the next few years that comps will grow in the 5-ish percent range, so should we think about if housing turnover continues to decline at a similar rate and home prices start to moderate that the risk to that forecast would be in the 13 basis point-type range so would not be as significant as what would be implied by the headlines from those -- from that outlook?

而且因為你已經在未來幾年指導了comps將在5%左右的範圍內增長，所以我們是否應該考慮住房周轉率繼續以類似的速度下降並且房價開始緩和該預測的風險將在 13 個基點類型的範圍內，因此不會像那些頭條新聞所暗示的那樣重要 - 從那種前景？

Again, it's a Rubik's cube.

同樣，它是一個魔方。

You can't just look at turnover when you're turning the cube around.

當你轉動立方體時，你不能只看營業額。

We would need to refresh our point of view on home price appreciation as well because that's been a big driver of our sales growth for sure.

我們也需要更新我們對房價升值的看法，因為這無疑是我們銷售增長的一大推動力。

We've seen, since 2011, homeowners have had a 140% increase in their equity, now up to $124,000 per unit, so real wealth has been created.

我們已經看到，自 2011 年以來，房主的資產增加了 140%，現在達到每單位 124,000 美元，因此創造了真正的財富。

Home prices are projected to increase in 2019, albeit not at the rate that we've seen this year.

房價預計將在 2019 年上漲，儘管不會以我們今年看到的速度上漲。

So we are refreshing our point of view.

所以我們正在刷新我們的觀點。

We're not taking our sales growth targets down because we feel very comfortable with the targets that we laid out a year ago.

我們沒有降低我們的銷售增長目標，因為我們對一年前製定的目標感到非常滿意。

But in February, we will give you the specific numbers for 2019.

但在 2 月，我們將為您提供 2019 年的具體數字。

And my follow-up question is, there's been a lot of well-documented pressure on your -- many of the home improvement vendors.

我的後續問題是，您的許多家庭裝修供應商都承受了很多有據可查的壓力。

And you've been vocal about seeing an increase in the requests for price increases for those that sell products into you.

而且您一直直言不諱地看到那些向您出售產品的人要求提價的請求有所增加。

So putting aside the commodity inflation, are you starting to see an increase in product price inflation associated with the 90% of your sales that are related to products?

所以撇開商品通脹不談，您是否開始看到與產品相關的 90% 銷售額相關的產品價格通脹增加？

And do you expect that, that's going to continue to increase from here?

您是否期望從這裡繼續增加？

We're certainly seeing -- we are still seeing cost out, but we are seeing a net cost in that we haven't experienced in the last several years, and we are seeing an increase in supplier requests for cost in.

我們當然看到了——我們仍然看到成本下降，但我們看到了過去幾年沒有經歷過的淨成本，而且我們看到供應商對成本的要求有所增加。

But again, I'd say, they're facing some of the same costs that Carol called out.

但是，我要再說一遍，他們正面臨著卡羅爾所說的一些相同的成本。

I mean, people are facing transportation costs, that's what we hear universally, again, outside, as you said, commodity or tariff.

我的意思是，人們面臨著運輸成本，這就是我們普遍聽到的，再次，正如你所說的，在商品或關稅之外。

Things like transportation is universal and who knows what happens going into '19, but that seems to be the theme for the cost requests for '18.

像交通這樣的事情是普遍的，誰知道進入 19 年會發生什麼，但這似乎是 18 年成本請求的主題。

And Ted, just to follow-up on that.

和泰德，只是為了跟進。

Since you quantify the impact that commodity inflation provides to your ticket, could you quantify the impact that non-commodity inflation provides to your ticket?

既然你量化了商品通脹對你的機票的影響，你能量化非商品通脹對你的機票的影響嗎？

Yes.

是的。

What we've seen to date it's less than ticket, than the 60 -- the commodity that we called out, the 61 basis points.

迄今為止，我們所看到的它低於票證，低於 60——我們所說的商品，即 61 個基點。

It's less than that.

比這還少。

And next, we will move to Brian Nagel with Oppenheimer.

接下來，我們將與奧本海默一起轉向布賴恩·內格爾。

So I think I want to follow up a bit, at the risk of beating a horse here, on the macro environment, follow up to Michael's question.

所以我想我想跟進一下，冒著在這裡打馬的風險，在宏觀環境上，跟進邁克爾的問題。

So Carol, when you talk about your algorithm, which the detail you gave so far is very helpful, thank you, it's particularly with regard to the housing turnover metrics.

所以卡羅爾，當你談到你的算法時，你到目前為止提供的細節非常有幫助，謝謝你，特別是關於住房周轉率指標。

It sounds to me like you're talking more kind of from a coincidence standpoint and how your -- how shifts in these metrics impact sales at Home Depot and was it realtime?

在我看來，您在談論更多的是從巧合的角度來看，以及您的 - 這些指標的變化如何影響 Home Depot 的銷售，並且是實時的嗎？

Have you done any workaround or any insights into how the kind of a lead-lag relationship?

您是否對領先-滯後關係的類型進行了任何解決方法或任何見解？

So if we are seeing this somewhat slower housing turn data now, who knows if that's going to persist or not, but could that lead -- could that have a larger impact upon sales at Home Depot at some point in the future?

因此，如果我們現在看到這個稍微放緩的住房周轉數據，誰知道這是否會持續下去，但這種情況是否會導致——這是否會在未來某個時候對 Home Depot 的銷售產生更大的影響？

Well, the correlation coefficients that I shared with you on turnover were based on a 1-month lag, and we haven't done a lot of leading lagging work yet, because the environment is so very different than it's been in prior cycles.

嗯，我與你分享的關於營業額的相關係數是基於 1 個月的滯後，我們還沒有做很多領先的滯後工作，因為環境與之前的周期有很大不同。

So there's a lot of conversation, for example, on affordability, and we look at affordability too.

因此，有很多討論，例如，關於可負擔性，我們也關注可負擔性。

But what happened last time around when affordability started to, if you will, slow down, is the underwriting standards loosened up dramatically and that's what led to the housing prices, as we all know.

但上一次發生的情況是，當負擔能力開始放緩時，承保標準大幅放鬆，這就是導致房價上漲的原因，我們都知道。

Well, that's not going to happen again because of the Dodd-Frank.

好吧，由於多德弗蘭克，這不會再次發生。

And so you can't look at history necessarily to understand what's going to happen in the future, you got to kind of look at future and what's happening.

所以你不一定要看歷史來理解未來會發生什麼，你必須看看未來和正在發生的事情。

And as we look at the future and what's happening, fundamentally, you got to look at the economy and the economy is good.

當我們展望未來和正在發生的事情時，從根本上說，你必須看看經濟，經濟是好的。

People are employed, they have more income, they've got more to come with tax reform.

人們有工作，他們有更多的收入，他們有更多的稅收改革。

So fundamentally, we feel very good about just the drivers of the spend in our business.

所以從根本上說，我們對我們業務支出的驅動因素感到非常滿意。

Got it.

知道了。

And then a follow-up question.

然後是一個後續問題。

There's been a lot written about and talked about with the certain markets within the United States where you've seen pronounced weakness in home sales as a result of either supply issues or housing prices, whatever.

有很多關於美國某些市場的報導和討論，您已經看到由於供應問題或房價等原因導致房屋銷售明顯疲軟。

Are you -- and I think you've discussed this on prior calls, but as you look at your business, whether those areas are the Northeast, West Coast, wherever, are you seeing any -- in those type of markets, are you seeing any impact upon Home Depot sales?

你是 - 我認為你已經在之前的電話會議上討論過這個問題，但是當你審視你的業務時，無論這些地區是東北部、西海岸，無論你在哪裡看到任何 - 在這些類型的市場中，你是看到對家得寶銷售有什麼影響嗎？

So we believe, like you, that housing is very local.

所以我們相信，和你一樣，住房是非常本地化的。

And when you get into the areas of home price appreciation and affordability, it's really local.

當你進入房價升值和負擔能力的領域時，它真的是本地的。

So we went market-by-market to see, are we seeing any measurable impact on our sales?

因此，我們逐個市場地查看，我們是否看到對我們的銷售有任何可衡量的影響？

And we just can't see it.

而我們只是看不到它。

Now we're hopefully smart enough to understand that you got to stay really on top of the data because the one watch-out, of course, is, will affordability with rising home prices and rising interest rates at some point set a market clearing price for all home price appreciation and home price appreciation stalls?

現在，希望我們足夠聰明，能夠理解您必須真正掌握數據，因為當然要注意的是，房價上漲和利率上升的負擔能力會在某個時候設定市場清算價格對於所有的房價升值和房價升值檔？

We're not there.

我們不在那裡。

And in fact, home prices are projected to increase next year, but we're watching this.

事實上，預計明年房價會上漲，但我們正在關注這一點。

I'll just give you one example without giving you the numbers because we don't want to get into a habit of calling out performance by market.

我只給你一個例子而不給你數字，因為我們不想養成按市場來衡量業績的習慣。

But if you look at LA, the affordability index in LA is terrible, it's 59.

但是如果你看看洛杉磯，洛杉磯的負擔能力指數很糟糕，它是 59。

It's the worst it's been since 2008, and our sales in LA are very good.

這是自 2008 年以來最糟糕的一次，我們在洛杉磯的銷售情況非常好。

And next, we move on to Chuck Grom with Gordon Haskett.

接下來，我們將繼續與 Gordon Haskett 一起討論 Chuck Grom。

Just again on the housing front, Realogy spoke last week about a pretty significant slowdown in October; transactions down 6%.

再一次在住房方面，Realogy 上週談到了 10 月份的顯著放緩。交易量下降 6%。

And looks like your October comps were 11.2% on the stack; adjusted for the hurricanes, say, up 12.4%.

看起來你 10 月份的組合在堆棧上只有 11.2%；經颶風調整後，漲幅為 12.4%。

Still a little bit of a slowdown year-to-date.

年初至今仍有一點放緩。

Just when wondering when you look at the month of October, was there anything significant from a volatility or where the customer was buying or how they were buying?

就在您想知道 10 月份時，波動性或客戶在哪裡購買或他們如何購買是否有任何重大意義？

Overall, I mean, again, when you think about what happened in last year's hurricanes, as Carol called out, there was more hurricane pressure that we faced in October than in September.

總的來說，我的意思是，當你想想去年颶風中發生的事情時，正如卡羅爾所說，我們在 10 月面臨的颶風壓力比 9 月更大。

And clearly, September and October combined were much more significant from a pressure standpoint than the beginning of the quarter.

顯然，從壓力的角度來看，9 月和 10 月的總和比本季度初要重要得多。

And even if you ignore hurricanes, there wasn't anything dramatically different in the business other than the volatility in commodity prices.

即使你忽略了颶風，除了商品價格的波動之外，這個行業並沒有什麼顯著的不同。

At the end of the quarter, we saw lumber prices fall precipitously, but, I think, Ted, that actually was, in some ways, a good news.

在本季度末，我們看到木材價格急劇下跌，但我認為，泰德，在某些方面，這實際上是一個好消息。

No.

不。

That's very good news.

這是非常好的消息。

If you look at some of the cost pressures we're seeing, on the one hand, with certain commodities and tariff, we've seen a dramatic decrease in wood fiber costs.

如果你看看我們看到的一些成本壓力，一方面，某些商品和關稅，我們看到木纖維成本急劇下降。

So we went down -- at one point of the year, we were 40% above the prior year.

所以我們下降了——一年中的某個時候，我們比上一年高出 40%。

We're now 24-ish percent below prior year.

我們現在比去年低 24%。

And as those lumber prices have come down, unit productivity has moved dramatically, and we believe kickstarting more project business, which is, obviously, great for us.

隨著這些木材價格的下降，單位生產力發生了巨大的變化，我們相信啟動更多的項目業務，這顯然對我們非常有利。

And one reason why we really aren't concerned about the fourth quarter from a commodity perspective is because we see this unit productivity.

從商品的角度來看，我們真的不關心第四季度的一個原因是因為我們看到了這個單位生產力。

Okay.

好的。

That's very helpful.

這很有幫助。

And then just to switch gears, inventory levels relative to sales, they widened a bit more than the past couple of quarters.

然後只是換檔，相對於銷售的庫存水平，它們比過去幾個季度擴大了一點。

Curious, if that was intentional, as maybe you looked to bring in some items ahead of the tariffs or was it spillover from October?

好奇，如果這是故意的，也許你希望在關稅之前引入一些物品，或者它是從 10 月開始溢出的？

Maybe just frame out how you feel about currency?

也許只是勾勒出你對貨幣的看法？

And where you think you'll end the year on the inventory front?

你認為你將在庫存方面結束這一年？

From an inventory standpoint, Mark's here and I'll let him talk -- speak as well.

從庫存的角度來看，馬克在這裡，我會讓他說話——也說話。

But we feel good about the overall quality of the inventory that we had, and the growth in inventory is really by design given a few factors.

但是我們對我們擁有的庫存的整體質量感覺良好，並且考慮到一些因素，庫存的增長實際上是設計使然。

Yes, we continue to expect to see inventory productivity here at The Home Depot, but customer service begins with in-stock.

是的，我們繼續期望在 The Home Depot 看到庫存生產力，但客戶服務始於庫存。

So we're really focus mostly on our in-stock.

所以我們真的主要關注我們的庫存。

We have implemented tiered replenishment strategies that really provide focused investments to drive sales and in-stock where it matters the most, and the results we're seeing from that are really very good.

我們實施了分層補貨策略，真正提供集中投資以推動最重要的銷售和庫存，我們從中看到的結果非常好。

We've actually reduced the number of out of stocks per store by 24% in our top-selling SKUs and [Ann Swoth's] bringing that to life with the new in-store processes.

實際上，我們在最暢銷的 SKU 中將每家商店的缺貨數量減少了 24%，並且 [Ann Swoth's] 通過新的店內流程實現了這一點。

We feel great about our shelf availability there.

我們對那裡的貨架可用性感到非常滿意。

On top of that, we've improved our direct fulfillment center in-stocks and service levels to the customers and setting new records in terms of in-stock there.

最重要的是，我們提高了直接履行中心的庫存和為客戶提供的服務水平，並在庫存方面創造了新的記錄。

So pleased with our in-stock levels and the investments we've made there.

對我們的庫存水平和我們在那裡所做的投資感到非常滿意。

The other part of that is we've pulled forward some merchandising resets and, obviously, we've invested in that as well.

另一部分是我們已經推進了一些商品重置，顯然，我們也在這方面進行了投資。

And then to your point, we did pull some planned purchases forward to get ahead of any potential tariffs.

然後就您的觀點而言，我們確實提前了一些計劃購買，以提前任何潛在的關稅。

And next, we move to Simeon Gutman with Morgan Stanley.

接下來，我們轉向摩根士丹利的西蒙·古特曼。

If we add back some of the hurricane impacts that you called out, you get to somewhere in the 5% to 6% range, and I'm keeping inflation in there for now.

如果我們加回你所說的一些颶風影響，你會達到 5% 到 6% 的範圍內，我暫時將通脹保持在其中。

I just want to know is that number consistent with markets that have not been affected by any weather that year-over-year there is no benefit or tailwind -- or I'm sorry, headwind?

我只想知道這個數字是否與沒有受到任何天氣影響的市場一致，年復一年沒有任何好處或順風——或者對不起，逆風？

And then anything changing with consumers' opening price points, opting for something lower ticket, anything on the consumer side that shows any cracks?

然後隨著消費者的開盤價點發生任何變化，選擇更低的票價，消費者方面的任何東西都顯示出任何裂縫？

Well, we always look at the spread of performance by our 19 U.S. regions.

好吧，我們總是關注美國 19 個地區的業績分佈情況。

And if you throw out the high and the low because those are hurricane related, one was negative and one was double-digit positive, if you threw out the high and the low, the spread was the narrowest it's been in a long time, it was 6.8%.

如果你拋出高點和低點，因為它們與颶風有關，一個是負數，一個是兩位數的正數，如果你拋出高點和低點，那麼價差是很長一段時間以來最窄的，它為 6.8%。

And on the product purchase, we continue to see both Pro and consumers trading up with all the innovation, the great product and brands we're offering in the stores.

在產品購買方面，我們繼續看到 Pro 和消費者都對我們在商店提供的所有創新、優質產品和品牌進行交易。

So that was extremely healthy in that progression of comp as you go up price points.

因此，隨著價格的上漲，這在comp的發展過程中是非常健康的。

In fact, if you look at our increase in ticket of the 3.5%, the vast majority of that is driven by mix and innovation.

事實上，如果你看一下我們 3.5% 的票價增長，其中絕大多數是由混合和創新驅動的。

Right, okay.

對，好吧。

My follow-up, just 2 quick parts.

我的後續行動，只有 2 個快速部分。

The inventory, I guess, you had extra inventory, can you tell us what categories you're investing deeper in?

庫存，我猜，你有額外的庫存，你能告訴我們你正在深入投資哪些類別嗎？

And then, just a point of clarification, this may have been mentioned in the prepared remarks, the Q4 EBIT looks a little bit below the Street.

然後，只是澄清一點，這可能已經在準備好的評論中提到，Q4 EBIT 看起來有點低於華爾街。

Is that freight costs continuing?

運費還在繼續嗎？

Or is there some shift of expenses that go from third quarter into fourth?

還是從第三季度到第四季度的費用發生了一些變化？

Well, should I answer that first?

好吧，我應該先回答這個問題嗎？

Based on the guidance that we've given you, the expense growth factor in Q4 should be lower than what we reported in Q3, and the gross margin expansion should be higher.

根據我們為您提供的指導，第四季度的費用增長係數應該低於我們在第三季度報告的水平，而毛利率擴張應該更高。

That's a bit because of the 53rd week.

這有點因為第 53 週。

So maybe there is some issue with the 53-week modeling, I don't know, but we can certainly offline help you with your models.

所以也許53週的建模有問題，我不知道，但我們當然可以離線幫助你的模型。

Okay.

好的。

And the inventory?

庫存呢？

As far as inventory categories, we're not going to get specific about where we invested for competitive reasons.

至於庫存類別，出於競爭原因，我們不會具體說明我們在哪裡投資。

And Matt McClintock with Barclays will have our next question.

巴克萊銀行的馬特麥克林托克將有我們的下一個問題。

I'd actually like to ask two quick questions.

我實際上想問兩個簡單的問題。

The first one is on car and van delivery, increased utilization for both Pro and DIY.

第一個是汽車和貨車交付，提高了 Pro 和 DIY 的利用率。

Are you seeing outsized gains in either Pro or DIY relative to the other as you roll this out and build awareness?

當您推出此產品並建立知名度時，您是否看到 Pro 或 DIY 相對於另一個的巨大收益？

Car and van, we're pleased with the rollout there.

汽車和麵包車，我們很高興在那裡推出。

As Craig mentioned, we're up to 41% of the population with car and van available, so very pleased with that rollout.

正如克雷格所說，我們有多達 41% 的人口可以使用汽車和麵包車，因此對此次推出非常滿意。

The car -- as the trucks get bigger, the Pros get more engaged.

汽車——隨著卡車變得越來越大，專業人士越來越投入。

So if you think about it, our big flatbed deliveries, that's very Pro-focused.

因此，如果您考慮一下，我們的大型平板交付產品非常注重專業人士。

As you work your way down to car, that's more and more consumer-focused.

隨著您逐步轉向汽車，這越來越以消費者為中心。

We're pleased to have that option out there for all of our customers, though.

不過，我們很高興為所有客戶提供該選項。

It's an important part of the portfolio of delivery options, and we think those options are important across the range to meet our customers' needs in any given occasion.

這是交付選項組合的重要組成部分，我們認為這些選項在整個範圍內都很重要，可以滿足客戶在任何特定場合的需求。

That's helpful.

這很有幫助。

And then as a follow-up, just on home decor, I've seen the catalog this year.

然後作為後續，就家居裝飾而言，我已經看過今年的目錄。

Is there any -- are you leaning into that category in any way different than what you did last year?

有沒有 - 你是否以與去年不同的方式傾向於該類別？

Is there any build there?

那裡有建嗎？

Or is it more of the same?

還是更相似？

It -- as we outlined in our investor conference at the end of last year, we said we were going to lean in to home decor, and we've been doing that with the catalog and online.

它 - 正如我們在去年年底的投資者會議上概述的那樣，我們說我們將傾向於家居裝飾，並且我們一直在通過目錄和在線做到這一點。

This is an online and direct play for us, and we're seeing nice results, the customers engaging with The Home Depot in home-related decor categories, and we'll continue that through the next year, certainly.

這對我們來說是一個在線直接的遊戲，我們看到了很好的結果，客戶在與家居相關的裝飾類別中與家得寶互動，我們肯定會在明年繼續這樣做。

Can I just, on the back end of that, is there anything specific to the holiday that you think about with that category relative to the rest of the year?

最後，我可以問一下，相對於今年剩餘時間，您認為該類別的假期有什麼特別的嗎？

No.

不。

I mean, we do our holiday decor set in the stores.

我的意思是，我們在商店裡做我們的節日裝飾。

Obviously, that continues to be an incredibly strong business.

顯然，這仍然是一項非常強大的業務。

In fact, it's the success in that business that gave us confidence that we could move a little more decor-oriented, not product we'd want to bring into the store, but perfectly appropriate to engage the customer online.

事實上，正是該業務的成功讓我們相信我們可以將更多的裝飾導向，而不是我們想要帶入商店的產品，但非常適合在線吸引客戶。

And we will move on to Steve Forbes with Guggenheim Securities.

我們將轉向古根海姆證券公司的史蒂夫福布斯。

I wanted to start with the expense growth factor, if you can.

如果可以的話，我想從費用增長因素開始。

Can you help us break down the components in the third quarter?

你能幫我們分解第三季度的組成部分嗎？

I think accounting, strategic investments, business as usual.

我認為會計，戰略投資，一切照舊。

And then, as part of that, maybe just update us with your thoughts on the appropriate business as usual run rate, given the year-to-date performance.

然後，作為其中的一部分，考慮到年初至今的表現，也許只是向我們更新您對適當業務照常運行率的看法。

Is it still that 90%, that 4.5% comp and 75 at 6, looks like you're doing a little better than that year-to-date.

還是那個 90%，那個 4.5% 的補償和 6 歲時的 75，看起來你比年初至今做得好一點。

Well, I think, what I'll do for you is break down the components for the full year because I've given you the dollars for the quarter and you can do the math.

好吧，我想，我將為你做的是分解全年的組成部分，因為我已經給了你本季度的美元，你可以做數學。

We're guiding an expense growth forecast of 131% for the full year.

我們指導的全年費用增長預測為 131%。

The breakdown of that is BAU is 42%, invest is 51% and the change in accounting is 38%.

細分為 BAU 為 42%，投資為 51%，會計變更為 38%。

And then in terms of the longer term view of our guidance, nothing has materially changed.

然後就我們指導的長期觀點而言，沒有任何實質性變化。

And then just a quick follow-up.

然後只是快速跟進。

Given the build-out plans within the supply chain, maybe just update us what your views around hiring and retaining employees, given the competitive workforce dynamic and, obviously, your initiatives on that front?

考慮到供應鏈內的擴建計劃，考慮到競爭激烈的勞動力動態以及顯然您在這方面的舉措，也許只是更新我們您對僱用和留住員工的看法？

Are you having trouble, or are you still finding the availability of employees to meet that upcoming need, the future need?

您是否遇到了麻煩，或者您仍在尋找員工來滿足即將到來的需求，未來的需求？

Yes, we were able to hire over 80,000 associates for our spring selling season this year.

是的，我們在今年的春季銷售旺季僱傭了超過 80,000 名員工。

Candidly, we had a little concern as to whether or not it would be more challenging, but we really didn't find that to be the case.

坦率地說，我們有點擔心它是否會更具挑戰性，但我們真的不認為是這樣。

And Mark, I don't think you've seen anything different right now on supply chain.

馬克，我認為你現在在供應鏈上沒有看到任何不同。

No.

不。

It's been pretty much the same there.

那裡幾乎是一樣的。

We've had no real issues there.

我們在那裡沒有真正的問題。

And we will move on to Seth Sigman with Crédit Suisse.

我們將繼續與 Crédit Suisse 聯繫 Seth Sigman。

A couple of follow up questions.

幾個後續問題。

Just to go back to housing, as you mentioned, the consumer is, obviously, very healthy right now.

回到住房，正如你提到的，消費者現在顯然非常健康。

On the housing front, there's a lot of talk about just the lack of urgency as it relates to turnover, not actual demand, but there is a lack of urgency.

在住房方面，有很多談論只是缺乏緊迫性，因為它與營業額有關，而不是實際需求，但缺乏緊迫感。

And I realize turnover on its own is a small part of the business.

我意識到營業額本身只是業務的一小部分。

But I'm curious from a behavioral perspective like are you seeing any signs that the consumer is maybe taking more of a wait-and-see approach as it relates to bigger projects, similar to how they're approaching purchasing a home?

但我很好奇從行為的角度來看，你是否看到任何跡象表明消費者可能會採取更多的觀望態度，因為它與更大的項目相關，類似於他們正在接近購買房屋的方式？

We're not seeing that.

我們沒有看到這一點。

And Ted called out the strength in our big-ticket categories, which grew more than 9% in the quarter.

Ted 強調了我們的大件類別的實力，該類別在本季度增長了 9% 以上。

One hypothesis is that with rising interest rates, consumers are incented to stay in their home and they have wealth in their home and their home is aging, and so they're spending money on their home.

一種假設是，隨著利率上升，消費者被激勵留在家中，他們在家裡擁有財富，而他們的家正在老化，所以他們在家里花錢。

The other thing I would like to say about the consumer because we've done a lot of work in this regard and just thought we'd share it because there was some interest about what does the impact of tax reform really mean on consumers' wallets?

關於消費者，我想說的另一件事是因為我們在這方面做了很多工作，只是認為我們會分享它，因為人們對稅收改革對消費者錢包的影響真正意味著什麼感興趣?

And I think we all know that tax reform is really good for consumers.

而且我想我們都知道稅改對消費者來說確實是件好事。

It's projected that $1.1 trillion will flow to consumer tax filers over the next 10 years.

預計未來 10 年將有 1.1 萬億美元流向消費者納稅申報人。

The way that's playing out in 2018 is about 43% of that benefit is flowing into paychecks today.

2018 年的結果是，今天大約 43% 的福利流入了薪水。

The remaining 57% of the benefit will be realized when filers actually file their tax return next year.

其餘 57% 的福利將在申報人明年實際提交納稅申報表時實現。

The -- they'll claim credits and that's how they get their benefit.

- 他們會要求積分，這就是他們獲得收益的方式。

The only way they could receive that benefit today is if they have adjusted their withholding.

他們今天獲得該福利的唯一方法是調整他們的預扣稅。

So we looked at 300,000 Home Depot associates to see whether or not they had adjusted their withholding, and only 3,000 of those associates had adjusted their withholding.

因此，我們查看了 300,000 名家得寶員工，看看他們是否調整了預扣稅，其中只有 3,000 名員工調整了預扣稅。

So we believe that many consumers are going to have a nice tax surprise next year.

所以我們相信很多消費者明年會有一個不錯的稅收驚喜。

Now, if you are a higher earner in a high state and local tax state like California or New York or Connecticut, well, that won't be the case.

現在，如果您在加利福尼亞、紐約或康涅狄格等高州和地方稅收較高的州收入較高，那麼情況就不會如此了。

But high earners are actually those with $500,000 or more.

但高收入者實際上是那些擁有 500,000 美元或更多的人。

Those folks, well, they're going to have a bit of a tax bill.

那些人，嗯，他們會有一點稅單。

And if they haven't prepared for it, it's going to be a negative surprise.

如果他們沒有為此做好準備，那將是一個負面的驚喜。

But we went to our consumer insights team and said, "Hey, what's the average income of our customers?" 97% of our customers' average income is less than $250,000.

但是我們去找我們的消費者洞察團隊說，“嘿，我們客戶的平均收入是多少？” 97% 的客戶平均收入低於 250,000 美元。

So we think the health of the consumer continues into 2019.

因此，我們認為消費者的健康狀況會持續到 2019 年。

And we will move on to Scot Ciccarelli with RBC.

我們將繼續與 RBC 一起討論 Scot Ciccarelli。

So are there any markets or even product categories where you're starting to see some trade down activity?

那麼，是否有任何市場甚至產品類別開始出現一些降價活動？

And related to that, how do you think that would play out in a rising price environment because of tariffs and maybe you grant some of the price increase requests that you're getting from your vendors?

與此相關的是，您認為在關稅上漲的價格環境中這將如何發揮作用，也許您會批准您從供應商那裡獲得的一些提價請求？

So I'll start with a comment and turn it to Ted.

因此，我將從評論開始，然後將其轉給 Ted。

Even in the downturn of 2008 which was obviously the most difficult since the Depression, customers were willing to spend for new innovative product.

即使在顯然是自大蕭條以來最困難的 2008 年低迷時期，客戶也願意為新的創新產品花錢。

Yes.

是的。

And as I said, Scot, we haven't seen it yet.

正如我所說，Scot，我們還沒有看到它。

It's something I'm looking at very closely.

這是我正在密切關注的事情。

We're looking at unit productivity by opening price point, good, better, best, premium, making sure we're priced right at the opening price point level and making sure inventory levels are ready to go to see if we're going to -- to see that dynamic that you just referenced, and we have not seen it.

我們通過開盤價、好、更好、最好、優質來查看單位生產力，確保我們的定價正確在開盤價水平，並確保庫存水平準備好，看看我們是否會——看看你剛才提到的那個動態，我們還沒有看到它。

Now whether that comes, we'll be ready for it.

現在，無論它是否到來，我們都會做好準備。

But to date, as Craig said, people are trading up for the new innovative product.

但到目前為止，正如克雷格所說，人們正在為新的創新產品進行交易。

I mean, a classic example of that is you take a category like vinyl flooring.

我的意思是，一個典型的例子是你採用乙烯基地板這樣的類別。

Vinyl flooring was almost on its death bed, and then innovation came along and you now have vinyl plank flooring that is flying out the stores at a premium price.

乙烯基地板幾乎瀕臨死亡，然後創新出現了，您現在擁有的乙烯基木板地板以高價飛出商店。

It's a great value to the customer, it's easy to use, it's simple for the Pro to install and that's a classic example of why innovation drives sales.

它對客戶來說很有價值，易於使用，Pro 安裝簡單，這是創新推動銷售的典型例子。

And to be clear on the market front, like Carol, you already mentioned, the LA market, for example, any markets where you're starting to see trade down activity, maybe particularly if you could focus on any kind of overheated housing markets or what would you view as where affordability isn't great?

並且要明確市場方面，就像你已經提到的卡羅爾一樣，洛杉磯市場，例如，任何你開始看到交易活動減少的市場，也許特別是如果你可以專注於任何過熱的房地產市場或您認為可負擔性不高的地方是什麼？

We haven't seen anything like that at all.

我們根本沒有見過這樣的事情。

Haven't seen it.

沒見過。

And we move on to Elizabeth Suzuki with Bank of America Merrill Lynch.

我們繼續與美國銀行美林證券聯繫伊麗莎白鈴木。

Can you give any additional detail on the performance in Canada on a constant currency basis?

您能否提供有關加拿大在固定貨幣基礎上的表現的更多詳細信息？

I think you guys mentioned that the comps were positive.

我想你們提到了比賽是積極的。

Just sue curious how strong it was there?

只是好奇它在那裡有多強大？

Canada posted positive comps in local currency.

加拿大以當地貨幣發布了積極的補償。

Clearly, there are pressures in Canada from a housing standpoint.

顯然，從住房的角度來看，加拿大存在壓力。

The government has made a conscious decision to slow down housing in Canada, and you see that in the numbers.

政府有意識地決定放慢加拿大的住房建設速度，你可以從數字中看到這一點。

But they delivered a great performance.

但他們表現出色。

We're seeing terrific online growth in Canada as the Canadian customer embraces e-commerce as well.

隨著加拿大客戶也接受電子商務，我們在加拿大看到了驚人的在線增長。

Great.

偉大的。

And was there any impact in the quarter from competitive pricing from other large players as they rationalize some inventory this quarter?

其他大型企業在本季度合理化一些庫存時，他們的競爭性定價對本季度是否有任何影響？

We've certainly seen much more promotional activity as folks have made decisions to close stores and liquidate inventory.

隨著人們決定關閉商店和清理庫存，我們當然看到了更多的促銷活動。

Okay.

好的。

You wouldn't -- would you say that had a material impact on your sales this quarter or was it not enough to call out?

你不會——你會說這對你本季度的銷售產生了重大影響，還是說這還不夠？

We don't have a clue how to measure that.

我們不知道如何衡量這一點。

We don't know how to measure that.

我們不知道如何衡量。

Next, we move to Jonathan Matuszewski with Jefferies.

接下來，我們將轉到 Jefferies 的 Jonathan Matuszewski。

Just to start off, last quarter, you mentioned some cross-functional teams focused on improving the experience online for customers.

剛開始，上個季度，您提到了一些專注於改善客戶在線體驗的跨職能團隊。

So maybe just expand on that.

所以也許只是擴展一下。

What do you see as your competitive advantage today online relative to peers?

與同行相比，您認為您今天的在線競爭優勢是什麼？

And with personalization a big push, have you seen a benefit in terms of average order values or transactions when the site's customized based on prior purchases?

隨著個性化的大力推動，當網站根據之前的購買進行定制時，您是否看到了平均訂單價值或交易量方面的好處？

Yes.

是的。

Overall, absolutely, we're very pleased with the results from our initiatives as part of our investment strategy that we laid out.

總的來說，作為我們制定的投資戰略的一部分，我們絕對對我們的舉措所取得的成果感到非常滿意。

Supply chain's, obviously, a very big component of that, but leaning into our online investments, also a large piece of that.

供應鏈顯然是其中的一個重要組成部分，但在我們的在線投資中，也是其中很大一部分。

And we've started to do a lot of work with our category refreshes.

我們已經開始在類別更新方面做很多工作。

So think of this as a virtual reset, online, a lot of work on our search efficacy.

所以把這想像成一個虛擬的重置，在網上，我們的搜索效果做了大量工作。

A lot of work with the supply chain team as they've gotten sharper on delivery and our delivery windows.

與供應鏈團隊進行了大量工作，因為他們在交付和我們的交付窗口方面變得更加清晰。

We call it dynamic ETA.

我們稱之為動態 ETA。

So when you're checking out, we would put before a broad brush, 7 to 10 days for delivery.

因此，當您結帳時，我們會先大刷一遍，7 到 10 天交貨。

Now by ZIP Code, we can put the day that you'll be getting that product.

現在通過郵政編碼，我們可以確定您將獲得該產品的日期。

All of these things have led to much better traffic.

所有這些都帶來了更好的交通。

We had one of our strongest traffic quarters that we've seen in a number of years.

我們擁有多年來最強勁的交通季度之一。

Our visits were -- our absolute increase in visits was our single largest growth in a quarter in visits, and then it all resulted in the comp sales of 28%, and that's also due to increased conversion.

我們的訪問量是——我們的絕對訪問量增長是我們一個季度以來最大的一次訪問量增長，然後這一切都導致了 28% 的複合銷售額，這也是由於轉化率的增加。

So we're getting people to engage into the site, the experience is getting to the right product.

所以我們讓人們參與到網站中，體驗是獲得正確的產品。

We're getting to the right close.

我們正在接近正確的位置。

All of this, while more and more of the traffic moves to our mobile app in mobile devices and where we're seeing double-digit increases in conversion rates and modest increase in average ticket.

所有這一切，而越來越多的流量轉移到我們在移動設備中的移動應用程序，並且我們看到轉化率出現兩位數的增長，平均門票也有適度的增長。

So very pleased with all the initiatives.

對所有舉措非常滿意。

And clearly, the customer is engaging, obviously, in the digital world.

顯然，客戶顯然正在參與數字世界。

But 48% of the orders in the quarter were picked up in store at the customer's choice.

但本季度 48% 的訂單是根據客戶的選擇在店內取貨的。

So this is truly an interconnected experience going forward, leveraging all the capabilities and assets of The Home Depot in both the digital and physical world.

因此，這確實是一種相互關聯的體驗，充分利用了 The Home Depot 在數字和物理世界中的所有功能和資產。

Great.

偉大的。

That's helpful.

這很有幫助。

And then just a quick follow-up.

然後只是快速跟進。

Can you give an update on the store labor pilot?

您能提供有關商店勞動力試點的最新信息嗎？

I believe you pointed to a sales list in 2Q from the pilot, maybe better conversion and whatnot.

我相信您從試點中指出了第二季度的銷售清單，也許是更好的轉換等等。

So maybe just discuss any potential uplift in sales from 3Q from the labor pilot.

因此，也許只是討論勞動力試點從第三季度起任何潛在的銷售增長。

And what's the trajectory for rolling that out ahead?

向前推出的軌跡是什麼？

It's easier for us to quantify the productivity that we enjoyed off of the new labor model, which Ann-Marie has put into our stores.

我們更容易量化我們從新的勞動模式中享受到的生產力，Ann-Marie 已經在我們的商店中引入了這種模式。

We saw 46 basis points of payroll leverage in the third quarter and a large part because of that new labor model.

我們在第三季度看到了 46 個基點的工資槓桿率，這在很大程度上是因為這種新的勞動力模式。

And we've fully rolled out -- yes, we have fully rolled out across the company.

我們已經全面推出——是的，我們已經在整個公司全面推出。

So we will get the full benefit in 2019.

因此，我們將在 2019 年獲得全部收益。

Rochelle, we have time for one more question.

羅謝爾，我們有時間再問一個問題。

Our final question today will come from Scott Mushkin with Wolfe research.

我們今天的最後一個問題將來自 Scott Mushkin 和 Wolfe 的研究。

So I just wanted to ask you, Carol, if you look at the business, obviously, we had a very sharp housing turndown in 2008.

所以我只是想問你，卡羅爾，如果你看一下這個行業，很明顯，我們在 2008 年經歷了一次非常嚴重的住房衰退。

But if we look at the business, let's just assume we get a downturn because that's what almost every investor seems to think.

但是，如果我們看一下業務，讓我們假設我們遇到了低迷，因為幾乎每個投資者似乎都是這麼想的。

How do you think the business performs through an average downturn.

您如何看待企業在平均低迷時期的表現。

Have you guys looked at that?

你們看過嗎？

And then also, would you guys ever consider using your balance sheet more aggressively as we got into a situation like that?

然後，當我們遇到這樣的情況時，你們會考慮更積極地使用資產負債表嗎？

So that's my first question.

所以這是我的第一個問題。

So what we've done is looked through the last recession, which was just a crazy recession, and went back to 2000 time frame, where the country was in a fairly mild recession and our comps at that point were flat.

所以我們所做的是回顧上一次經濟衰退，那隻是一場瘋狂的衰退，然後回到 2000 年的時間框架，當時該國處於相當溫和的衰退中，我們當時的經濟狀況持平。

So we modeled flat comps to say that's the reasonable downturn.

所以我們模擬了扁平化組合，說這是合理的低迷。

I don't know if it's reasonable, but I think it's reasonable, and staying true to our investment plan.

我不知道這是否合理，但我認為這是合理的，並且忠實於我們的投資計劃。

Because of the financial strength of the company, we can stay true to our investment plan if we take our operating margin down to a little over 12%.

由於公司的財務實力，如果我們將營業利潤率降低到略高於 12%，我們可以堅持我們的投資計劃。

I am sorry, could you say that.

對不起，你能這麼說嗎？

You just kind of cut out a little bit.

你只是有點剪掉了。

I'm sorry.

對不起。

We take our operating margin down to a little over 12%, in a flat comp environment, staying true to the investments.

在平坦的競爭環境中，我們將營業利潤率降至略高於 12%，並忠於投資。

And we believe scale is a competitive advantage.

我們相信規模是一種競爭優勢。

We use it every day.

我們每天都在使用它。

As Ted mentioned, we got lots of people, coming knocking on our doors asking for things and we're working through that with the power of The Home Depot.

正如 Ted 提到的，我們有很多人來敲我們的門要東西，我們正在藉助 The Home Depot 的力量來解決這個問題。

And then as far as using the balance sheet a little bit more aggressively, if we got into that downturn situation?

然後就更積極地使用資產負債表而言，如果我們陷入這種低迷狀態？

That's our scale.

這就是我們的規模。

Yes, that's our scale.

是的，這就是我們的規模。

We have the opportunity to do that, yes.

我們有機會這樣做，是的。

Well, thank you for joining us today.

嗯，謝謝你今天加入我們。

We look forward to speaking with you on our fourth quarter earnings call in February.

我們期待在 2 月份的第四季度財報電話會議上與您交談。

That will conclude today's call.

這將結束今天的電話會議。

We thank you for your participation.

我們感謝您的參與。