家得寶 (HD) 2019 Q2 法說會逐字稿

Greetings, and welcome to The Home Depot Second Quarter 2019 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加家得寶 2019 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

現在我很高興介紹您的主持人伊莎貝爾詹西 (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 presentation 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. Sales for the second quarter were $30.8 billion, up 1.2% from last year. Comp sales were up 3% from last year with U.S. comps of positive 3.1%. Diluted earnings per share were $3.17 in the second quarter. We're pleased with these results. We overcame a tough May and continued lumber price deflation to deliver accelerating comp performance throughout the quarter.

謝謝你，伊莎貝爾，大家早安。第二季銷售額為 308 億美元，比去年同期成長 1.2%。同店銷售額較去年同期成長 3%，其中美國同店銷售額成長 3.1%。第二季每股攤薄收益為 3.17 美元。我們對這些結果很滿意。我們克服了艱難的五月和持續的木材價格下跌，在整個季度實現了加速的業績表現。

Looking at our results geographically. All of our U.S. divisions posted positive comps. 17 of 19 U.S. regions also posted positive comps, with the exceptions being our Gulf and Florida regions, which delivered high storm-related comps last year. Internationally, Mexico posted high single-digit positive comp, and Canada posted low single-digit positive comp, both in local currency.

從地理位置來看我們的結果。我們所有美國分部的業績均呈現正面態勢。在美國 19 個地區中，有 17 個地區的年銷售額也呈現正成長，只有墨西哥灣地區和佛羅裡達地區除外，這兩個地區去年的風暴相關同比銷售額較高。從國際上看，以當地貨幣計算，墨西哥的銷售額同比增長了個位數，而加拿大的銷售額同比增長了個位數。

We saw broad-based growth across the stores. Both comp ticket and transactions grew. With the exception of lumber, all of our merchandising departments posted positive comps. We saw a healthy balance of growth among both Pro and DIY categories, with Pro sales outpacing our DIY business in the U.S. As Ted will detail, we continue to invest in our portfolio of service offerings to deepen our level of engagement with the Pro. We know that the more dimensional our relationship is with this customer, the more they spend.

我們看到所有商店都出現了普遍的增長。門票和交易量均有所增長。除木材外，我們所有商品銷售部門均公佈了積極的業績。我們看到 Pro 和 DIY 類別之間實現了健康的成長平衡，其中 Pro 的銷售額在美國超過了 DIY 業務。 正如 Ted 所詳細介紹的，我們將繼續投資於我們的服務產品組合，以加深我們與 Pro 的互動水平。我們知道，我們與客戶的關係越密切，他們花的錢就越多。

From a strategic perspective, I'm encouraged by the progress we are making to deliver the One Home Depot experience: a seamless, interconnected shopping experience for our customers. Our in-store investments are focused on ease of navigation and improved speed to check out. We have implemented our way-finding sign and store refresh package in over 1,400 of our U.S. stores. And customer service scores in the category of neat and clean have increased 140 basis points. Our front-end store investments, now in over 400 stores, are designed to get customers in and out of stores faster. And they are doing just that. Customer service scores and checkout time satisfaction have increased over 450 basis points versus last year.

從策略角度來看，我們在提供「一個家得寶」體驗方面所取得的進展令我感到鼓舞：為我們的客戶提供無縫、互聯的購物體驗。我們的店內投資主要集中在導航的便利性和結帳速度的提升。我們已在美國 1,400 多家商店實施了路線指引標誌和商店更新套餐。整潔類別的客戶服務分數增加了 140 個基點。我們對前端商店的投資現已涵蓋超過 400 家商店，旨在讓顧客更快進出商店。他們也確實這麼做了。客戶服務分數和結帳時間滿意度與去年相比增加了 450 個基點。

While our stores remain the hub of our business, we know that many of our in-store sales are influenced by online visits. And approximately 50% of all online U.S. orders were picked up in our stores during the quarter. Our customers continue to blend the channels of engagement, and we are investing to remove the friction as they do so. We continue to roll out automated pickup lockers for online orders with over 1,100 stores completed and have seen a 250 basis point increase in checkout scores for stores with lockers versus those without.

雖然我們的商店仍然是我們業務的中心，但我們知道許多店內銷售都受到網路存取的影響。本季度，美國約有 50% 的線上訂單都是在我們的商店提貨的。我們的客戶繼續融合各種參與管道，而我們也在進行投資以消除此過程中產生的摩擦。我們繼續推出用於線上訂單的自動取貨櫃，目前已在 1,100 多家商店投入使用，配備儲物櫃的商店的結帳分數比沒有配備儲物櫃的商店提高了 250 個基點。

Our investment in the digital price labels for our appliance department has enabled us to incorporate ratings and reviews from the digital world into the store shopping experience, enhancing the overall customer experience in the category.

我們對家電部門的數位價格標籤的投資使我們能夠將數位世界的評級和評論融入商店購物體驗中，從而提升該類別的整體客戶體驗。

As we invest to address the unique demands of an interconnected customer experience in stores, we also continue to invest in our website and mobile applications to further enhance the digital customer experience. Our focus on improving search capabilities, site functionality, category presentation and product content has yielded higher traffic, better conversion and continued sales growth. Second quarter online sales grew 20% from the second quarter of 2018. We also continue to leverage our digital platforms to drive incremental growth from new categories as we lean into adjacencies like HD Home, pool and workwear.

在我們投資滿足商店互聯客戶體驗的獨特需求的同時，我們也繼續投資我們的網站和行動應用程序，以進一步增強數位客戶體驗。我們專注於提高搜尋能力、網站功能、類別展示和產品內容，從而帶來了更高的流量、更好的轉換率和持續的銷售成長。第二季的線上銷售額比 2018 年第二季成長了 20%。我們也將繼續利用我們的數位平台來推動新類別的增量成長，因為我們傾向於高清家居、泳池和工作服等相鄰領域。

The traction we are seeing from investments across our digital and physical assets are encouraging, not only from a customer experience standpoint, but they are also driving productivity throughout the business. Our front-end investments are optimizing labor and merchandising space productivity. Digital appliance labels enable associates to be more productive with their time. Instead of spending multiple hours manually changing price signs, our associates can reallocate their time to engage with customers in a high-touch category. The virtuous cycle of productivity at The Home Depot has been a hallmark of our operational excellence over the years and continues as we move forward.

我們從數位和實體資產投資中看到的牽引力是令人鼓舞的，這不僅從客戶體驗的角度來看，而且還推動了整個企業的生產力。我們的前端投資正在優化勞動力和商品空間生產力。數位設備標籤可幫助員工更有效地利用時間。我們的員工無需花費數小時手動更改價格標牌，而是可以重新分配時間與高接觸類別的客戶互動。家得寶生產力的良性循環多年來一直是我們卓越營運的標誌，並且隨著我們不斷前進而繼續下去。

Our focus on enhancing the customer experience and end-to-end productivity extends to the supply chain investments as well. During the quarter, we completed the retrofit of our Hagerstown facility into a partial direct fulfillment center, which expands our 1-day delivery capabilities for stock parcel goods from approximately 30% to approximately 50% of the U.S. population. We also drove productivity and cost out through our [mechanization] efforts in our upstream supply chain. We are on track with our plans to create the fastest, most efficient delivery network in home improvement and are pleased with the progress that we have made thus far.

我們專注於提升客戶體驗和端到端生產力，同時也延伸到供應鏈投資。在本季度，我們完成了對黑格斯敦工廠的改造，將其改造為部分直接履行中心，這將使我們的庫存包裹商品 1 天送達能力從美國人口的約 30％ 擴展到約 50％。我們也透過上游供應鏈的機械化努力來提高生產力並降低成本。我們正在按計劃建立最快、最高效的家居裝修配送網絡，並對迄今為止的進展感到滿意。

Turning to our outlook for the remainder of the year, the building blocks of our financial model remain in place. As Carol will detail, we are lowering our sales guidance through the year mostly to reflect the impact of lumber price deflation as well as some conservatism to account for the recently announced tariffs. We now expect fiscal 2019 comp sales growth of approximately 4% and reaffirm our expectation for diluted earnings per share of $10.03.

展望今年剩餘時間的展望，我們的財務模型的基本要素依然保持不變。正如卡羅爾所詳細說明的，我們全年都在下調銷售預期，主要是為了反映木材價格通貨緊縮的影響，以及針對最近宣布的關稅的一些保守態度。我們現在預計 2019 財年同店銷售額將成長約 4%，並重申我們對每股攤薄收益 10.03 美元的預期。

I want to close by thanking our associates for their hard work, which resulted in the highest quarterly sales in our company history. And with that, let me turn the call over to Ted.

最後，我要感謝我們的同事們的辛勤工作，這使我們公司創造了歷史上最高的季度銷售。現在，請允許我將電話轉給泰德。

Thanks, Craig, and good morning, everyone. While we had a slow start to the second quarter, we were pleased to see demand accelerate throughout the quarter as we helped our customers tackle a variety of interior and exterior projects.

謝謝，克雷格，大家早安。雖然第二季開局緩慢，但我們很高興看到整個季度需求加速，因為我們幫助客戶解決了各種室內和室外專案。

Looking at our departments. Comps in appliances, tools, decor and storage, indoor garden, building materials, paint, outdoor garden, hardware and plumbing were above the company average. All other departments with the exception of lumber were positive but below the company average. Lumber reported a high single-digit negative comp due to commodity price deflation.

看看我們的部門。家電、工具、裝飾和儲藏、室內花園、建築材料、油漆、室外花園、五金和管道等產品的同類產品均高於公司平均水平。除木材部門外，其他所有部門表現都不錯，但低於公司平均。由於大宗商品價格通貨緊縮，木材銷售出現高個位數負成長。

Second quarter comp average ticket increased 2%, and comp transactions increased 1%. Lumber prices remained depressed during the second quarter, and as a result, lumber negatively impacted our average ticket growth by approximately 110 basis points. Last quarter, we talked about a 4-by-8 sheet of OSB selling for about $8, more than 50% below the price a year ago. During the second quarter, the price for that same sheet of OSB fell further to an average of about $7.60.

第二季同店平均票價上漲 2%，同店交易量上漲 1%。第二季木材價格持續低迷，因此對我們的平均票價成長產生了約 110 個基點的負面影響。上個季度，我們談到了一張 4×8 的 OSB 板材，售價約為 8 美元，比一年前的價格低了 50％ 以上。在第二季度，同一種OSB板材的價格進一步下跌至平均約7.60美元。

During the second quarter, big-ticket comp transactions were those over $1,000, which represent approximately 20% of U.S. sales, were up 3.7% reflecting in part the impact of hurricane-related sales last year and lumber price deflation. Excluding hurricane-related markets only, big-ticket transaction comps were nearly 5%. During the quarter, we saw strong performance in big-ticket categories like appliances, vinyl plank flooring and patio.

第二季度，大額交易是指價值超過 1,000 美元的交易，約占美國銷售額的 20%，成長了 3.7%，部分反映了去年颶風相關銷售和木材價格通貨緊縮的影響。僅排除颶風相關市場，大額交易的年漲幅接近 5%。在本季度，我們看到家電、乙烯基板地板和露台等大件商品類別表現強勁。

Last quarter, we talked to you about opportunities in our flooring business. While vinyl plank has been and continues to be one of the strongest-performing product categories across the store, we identified a need to refine our assortment within our other flooring categories. For example, in special order carpet, we've recently taken several actions. We upgraded all of our showrooms and reset the category to reflect the latest styles and trends while offering a simpler shopping experience showcasing the good, better, best line structure. Given that associate engagement is extremely important for this category, we also enhanced our in-store training efforts to drive a better customer shopping experience. While early days, we're pleased with the results.

上個季度，我們與您討論了地板業務的機會。雖然乙烯基板一直是並且仍然是整個商店表現最強勁的產品類別之一，但我們發現需要優化我們其他地板類別的品種。例如，在特殊訂單地毯方面，我們最近採取了一些行動。我們升級了所有展廳，並重新設定了類別，以反映最新的款式和趨勢，同時提供更簡單的購物體驗，展示好、更好、最好的產品線結構。鑑於員工參與對此類別極為重要，我們也加強了店內培訓力度，以提供更好的顧客購物體驗。雖然還處於早期階段，但我們對結果感到滿意。

During the second quarter, we saw growth with both our Pro and DIY customers, with Pro sales outpacing DIY sales in the U.S. We continue to focus on our suite of Pro initiatives because we know that the more we engage with them, the more they spend with us. We've equipped our store associates with a number of tools aimed at better understanding their top Pro customers. Our My View system allows our Pro sales associates to access customer data and information so they can proactively work with our Pro customers and determine how we can better serve them. We continue to simplify the Pro shopping experience and expand engagement through services like tool rental, delivery and our new B2B online experience.

在第二季度，我們的 Pro 和 DIY 客戶都實現了成長，在美國，Pro 的銷量超過了 DIY 的銷量。我們為店員配備了多種工具，旨在更了解他們的頂級專業客戶。我們的 My View 系統允許我們的專業銷售人員存取客戶資料和訊息，以便他們可以主動與我們的專業客戶合作並確定我們如何更好地為他們服務。我們將繼續簡化專業購物體驗，並透過工具租賃、送貨和新的 B2B 線上體驗等服務擴大參與度。

While May was another wet month, we saw project demand and outdoor categories rebound as weather improved. Categories like concrete, exterior paint and stains, live goods and mulch had comps above the company average. In addition, we continue to see customers respond to our industry-leading brands and the innovation they are bringing to market. In our outdoor power equipment business, we were seeing strong customer demand and continued trade-up to cordless tools like blowers, trimmers and even lawnmowers. Exclusive cordless product for brands like RYOBI, Milwaukee, DEWALT and EGO, provide our customers with superior functionality and run time to keep their yards looking great.

雖然五月又是一個雨水充沛的月份，但隨著天氣好轉，我們看到專案需求和戶外類別出現反彈。混凝土、外牆塗料和著色劑、活體商品和覆蓋物等類別的銷售額均高於公司平均。此外，我們不斷看到客戶對我們行業領先的品牌以及他們推向市場的創新做出回應。在我們的戶外電動設備業務中，我們看到客戶需求強勁，客戶不斷升級到無線工具，例如鼓風機、修剪機甚至割草機。RYOBI、Milwaukee、DEWALT 和 EGO 等品牌的獨家無線產品，為我們的客戶提供卓越的功能和運行時間，讓他們的院子保持美麗。

Switching gears. As you heard from Craig, we are happy with the progress we are making with our investments to deliver best-in-class interconnected shopping experience. Looking at our likelihood to shop again metric, 87% of our customers give us a best-in-class score of 5. Our strategic investments include accelerated merchandising resets focused on upgrading showrooms, improving visual merchandising and refining assortments to provide a better in-store shopping experience. For example, we are rolling out a new Color Solutions Center in our paint department, which simplifies the color selection process for our customers while emphasizing our price, color and satisfaction guarantee. And our new Project Color app, an updated online experience, allows our customers to seamlessly explore, be inspired and shop color online whenever or wherever they want. Another example is in pipe and fittings. We are resetting all of our bays, reconfiguring them to better showcase the assortment and freeing up space to add new product categories for our customers.

換擋。正如您從克雷格那裡聽到的，我們對在提供一流的互聯購物體驗方面的投資進度感到非常高興。從我們再次購物可能性指標來看，87% 的客戶給予我們 5 分的最高分。例如，我們正在油漆部門推出一個新的色彩解決方案中心，這簡化了客戶的顏色選擇過程，同時強調我們的價格、顏色和滿意度保證。我們全新的 Project Color 應用程式可提供更新的線上體驗，讓我們的客戶可以隨時隨地無縫地在線上探索、獲得靈感並購買色彩。另一個例子是管道和配件。我們正在重置所有貨架，重新配置它們以更好地展示商品種類，並釋放空間來為我們的客戶添加新的產品類別。

Now let's turn our attention to the back half of the year. as the #1 retailer of ladders, we are pleased to announce an expansion of our partnership with Werner, the #1 brand for Pros. Multi-position ladders are the fastest-growing segment in the ladder category, and we are now the exclusive big-box retailer of Werner multi-position ladders. We are also happy to announce an exciting new partnership with Louisville Ladder as their exclusive big-box retailer starting in the fourth quarter. Combining Werner with our exclusive Louisville Ladder and Gorilla brands, we are the leading destination for top Pro brands in the ladder category.

現在我們把目光轉向下半年。作為第一大梯子零售商，我們很高興宣布擴大與專業人士第一品牌 Werner 的合作關係。多位置梯子是梯子類別中成長最快的部分，我們現在是 Werner 多位置梯子的獨家大型零售商。我們也很高興地宣布與 Louisville Ladder 建立令人興奮的新合作夥伴關係，從第四季度開始成為其獨家大型零售商。將 Werner 與我們獨有的 Louisville Ladder 和 Gorilla 品牌相結合，我們成為了梯子類別中頂級專業品牌的領先目的地。

Our merchants have worked hard to put together events and special buys for our customers in the third quarter. We are excited about our customers' continued appetite for home improvement projects. And in just weeks, we will host our annual Labor Day event followed by our Halloween harvest event.

我們的商家在第三季努力為客戶舉辦活動和特價促銷。我們對客戶對家居裝修專案的持續興趣感到非常興奮。幾週後，我們將舉辦一年一度的勞動節活動，接著是萬聖節豐收活動。

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. As you will recall, fiscal 2018 had a 53rd week, which shifted our fiscal 2019 calendar. Our comp sales are reported on a like-for-like basis, but total sales growth is reported on a fiscal year basis.

謝謝你，泰德，大家早安。您可能還記得，2018 財年有第 53 週，這使我們的 2019 財年日曆發生了變化。我們的可比銷售額是按同比基礎報告的，但總銷售額增長是按財政年度報告的。

In the second quarter, total sales were $30.8 billion, a 1.2% increase from last year, reflecting the shift in our fiscal calendar as well as the impact of deferred sales. Our total company comps were positive 3% for the quarter, with positive comps up 0.2% in May, 4.1% in June and 4.6% in July. Comps in the U.S. were positive 3.1% for the quarter, with positive comps of 0.6% in May, 4.1% in June and 4.7% in July. Versus last year, a stronger U.S. dollar negatively impacted comp sales growth by approximately $29 million or 0.1%.

第二季度，總銷售額為 308 億美元，比去年增長 1.2%，反映了我們財務日曆的變化以及遞延銷售的影響。本季度，我們公司整體同店銷售額成長 3%，其中 5 月同店銷售額成長 0.2%，6 月成長 4.1%，7 月成長 4.6%。本季美國同店銷售額成長 3.1%，其中 5 月同店銷售額成長 0.6%，6 月成長 4.1%，7 月成長 4.7%。與去年相比，美元走強對同店銷售額成長產生了約 2,900 萬美元或 0.1% 的負面影響。

As you just heard from Ted, during the second quarter, lumber prices remained depressed. Versus last year, this lumber price deflation negatively impacted our comp sales growth by approximately $340 million or over 100 basis points.

正如您剛才從泰德那裡聽到的，第二季度，木材價格持續低迷。與去年相比，木材價格下跌對我們的同店銷售成長產生了負面影響，減少了約 3.4 億美元，超過 100 個基點。

In the second quarter, our gross margin was 33.8%, a decrease of 19 basis points from last year. The year-over-year change in our gross margin reflects the following factors. First, higher shrink than last year resulted in approximately 9 basis points of gross margin contraction. Second, changes in the mix of products sold drove approximately 8 basis points of gross margin contraction. And finally, we had 2 basis points of gross margin contraction in our supply chain driven primarily by start-up costs associated with our One Home Depot supply chain initiative.

第二季度，我們的毛利率為33.8%，較去年同期下降19個基點。我們的毛利率同比變化反映了以下因素。首先，年比去年更高的縮減導致毛利率下降了約9個基點。其次，銷售產品組合的變化導致毛利率下降約8個基點。最後，我們供應鏈的毛利率收縮了2個基點，這主要是由於與「一個家得寶」供應鏈計畫相關的啟動成本。

In the second quarter, operating expense as a percent of sales at 18% was essentially flat compared to last year. Our operating expense performance reflects the impact of our strategic investment plan and good expense control during the quarter. Specifically, expenses related to our strategic investment plan of $242 million increased by approximately $28 million from last year and resulted in approximately 8 basis points of operating expense deleverage. This deleverage was offset by productivity in BAU or business as usual expenses, which drove 7 basis points of operating expense leverage.

第二季度，營業費用佔銷售額的百分比為 18%，與去年同期基本持平。我們的營業費用表現反映了本季我們的策略投資計畫和良好的費用控制的影響。具體而言，與我們 2.42 億美元策略投資計畫相關的費用比去年增加了約 2,800 萬美元，導致營業費用去槓桿率下降了約 8 個基點。這一去槓桿作用被 BAU 或正常業務支出的生產力所抵消，這導致營業費用槓桿率上升了 7 個基點。

Our operating margin for the second quarter was 15.9%, a decrease of 21 basis points from last year. Interest and other expense for the second quarter grew by $37 million to $283 million due primarily to higher long-term debt levels than 1 year ago.

我們第二季的營業利益率為15.9%，比去年同期下降了21個基點。第二季的利息和其他支出增加了 3,700 萬美元，達到 2.83 億美元，這主要是由於長期債務水準高於一年前。

In the second quarter, our effective tax rate was 24.6% compared to 24.7% in the second quarter of fiscal 2018. For the year, we now expect our effective tax rate to be approximately 25%.

第二季度，我們的有效稅率為 24.6%，而 2018 財年第二季為 24.7%。我們預計今年的有效稅率約為 25%。

Our diluted earnings per share for the second quarter were $3.17, an increase of 3.9% from last year.

我們第二季的每股攤薄收益為 3.17 美元，比去年同期成長 3.9%。

Now moving on to some additional highlights. During the quarter, we opened 2 new stores, 1 in the U.S. and 1 in Mexico for an ending store count of 2,291. Selling square footage at the end of the quarter was 238 million square feet. Total sales per square foot for the second quarter were $510, up 1.1% from last year. At the end of the quarter, inventory turns were 5.1x, down from 5.4x last year, reflecting in part a loading of inventory in support of our strategic initiatives. For the year, we now expect our inventory turn to slow slightly from what we reported in fiscal 2018.

現在來談談一些額外的亮點。本季，我們開了 2 家新店，1 家在美國，1 家在墨西哥，期末店數為 2,291 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 510 美元，比去年成長 1.1%。截至本季末，庫存週轉率為 5.1 倍，低於去年的 5.4 倍，部分反映了為支持我們的策略性舉措而增加的庫存。我們預計今年的庫存週轉率將較 2018 財年略有放緩。

Moving on to capital allocation. In the second quarter, we repurchased $1.25 billion or approximately 6.2 million shares of outstanding stock. We plan to repurchase approximately $2.5 billion of outstanding shares in the second half of the year, bringing fiscal 2019 share repurchases to $5 billion, in line with our guidance. Further, during the quarter, we took advantage of an attractive interest rate environment and raised $1.4 billion of long-term debt, of which $1 billion was used to repay senior notes that came due in June. Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 43.7%, 580 basis points higher than the second quarter of fiscal 2018.

繼續進行資本配置。第二季度，我們回購了價值 12.5 億美元或約 620 萬股流通股。我們計劃在今年下半年回購約 25 億美元的流通股，使 2019 財年的股票回購金額達到 50 億美元，符合我們的預期。此外，在本季度，我們利用有吸引力的利率環境，籌集了 14 億美元的長期債務，其中 10 億美元用於償還 6 月份到期的優先票據。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 43.7%，比 2018 財年第二季高出 580 個基點。

Now turning to our outlook for the remainder of the year. While global economic pessimism has increased due to geopolitics, currently, the U.S. consumer remains healthy. Consumer confidence is near record-high levels, and wages are up over 3% from last year. Housing metrics are in line with the assumptions we used to build our 2019 financial plan. Nonetheless, what we didn't expect when we built our plan was the significant lumber price deflation we've experienced. We are now more than halfway through the year, and lumber prices are below the levels we saw in the first quarter of fiscal 2019. Additionally, the U.S. consumer is facing the impact of tariff. While trade discussions are fluid, consumer demand could be impacted. Today, we are updating our fiscal 2019 sales and earnings per share growth guidance to reflect these changes.

現在來談談今年剩餘時間的展望。儘管受地緣政治影響，全球經濟悲觀情緒加劇，但目前美國消費者依然健康。消費者信心接近歷史最高水平，薪資較去年上漲了 3% 以上。住房指標與我們制定 2019 年財務計畫時的假設一致。然而，我們在製定計劃時沒有預料到的是，我們經歷了木材價格的大幅下跌。目前，今年已過去一半以上，但木材價格低於 2019 財年第一季的水平。此外，美國消費者也面臨關稅的影響。儘管貿易談判不斷變化，但消費者需求可能會受到影響。今天，我們更新了 2019 財年銷售額和每股盈餘成長指引，以反映這些變化。

Remember that we guide off GAAP, so fiscal 2019 guidance will launch from our reported results for fiscal 2018, which include sales and earnings associated with the 53rd week. For fiscal 2019, we now expect comp sales as calculated on a 52-week basis to increase by approximately 4%. That's down 100 basis points from the 5% growth rate we planned at the beginning of the year, reflecting for the most part lower lumber prices as well as some potential impact to the U.S. consumer from recently announced tariff. With this, we now expect sales to increase by approximately 2.3%, reflecting the compare to 53 weeks last year. We are also reaffirming our earnings per share growth guidance for fiscal 2019. For earnings per share, we expect fiscal 2019 diluted earnings per share to grow approximately 3.1% to $10.03. We are able to hold our earnings per share guidance to what we initially planned as lumber is a lower-margin category and because we are projecting a lower tax rate than our original plan.

請記住，我們是根據 GAAP 制定的，因此 2019 財年指引將從我們報告的 2018 財年業績開始，其中包括第 53 週相關的銷售額和收益。對於 2019 財年，我們目前預計以 52 週計算的可比較銷售額將成長約 4%。這比我們年初計劃的 5% 的增長率下降了 100 個基點，主要反映了木材價格的下降以及最近宣布的關稅對美國消費者可能造成的影響。因此，我們預計銷售額將成長約 2.3%，與去年的 53 週相比。我們也重申2019財年每股收益成長預期。對於每股收益，我們預計 2019 財年每股攤薄收益將成長約 3.1% 至 10.03 美元。由於木材是利潤率較低的類別，並且我們預計的稅率低於原計劃，因此我們能夠將每股收益預期維持在最初的計劃水平。

We thank you for your participation in today's call. And Christine, we are now ready for questions.

感謝您參加今天的電話會議。克里斯汀，現在我們可以回答問題了。

Christine, before we open the call up for questions, I'd like to turn the call back over to Craig.

克里斯汀，在我們開始提問之前，我想把電話轉回給克雷格。

Thank you, Isabel. As I mentioned on our last earnings call, Carol Tomé will be retiring as our CFO at the end of this month after 24 years with the company. She has served as our Chief Financial Officer for the past 18 years. And in fact, today's call is the 73rd consecutive quarter that she has reported our financial results to the market. I'd like to thank Carol for her deep commitment to our associates, the investment community and our shareholders. Carol has set the standard for excellence and transparency during these calls, reflecting not only her in-depth knowledge of our business, our operating environment, the economic environment but also her dedication to our values. So Carol, let me say thank you for your leadership and for your partnership in your 24-year career at Home Depot. You will definitely be missed.

謝謝你，伊莎貝爾。正如我在上次財報電話會議上提到的，卡羅爾·托梅 (Carol Tomé) 將在本月底退休，不再擔任我們的首席財務官，在公司工作了 24 年。過去 18 年來，她一直擔任我們的財務長。事實上，今天的電話會議是她連續第73個季度向市場報告我們的財務表現。我要感謝卡羅爾對我們的同事、投資界和股東的深切承諾。卡羅爾在這些電話會議中樹立了卓越和透明的標準，這不僅反映了她對我們的業務、營運環境和經濟環境的深入了解，也反映了她對我們價值觀的奉獻。所以卡羅爾，請允許我對你在家得寶 24 年職業生涯中所展現的領導能力和合作精神表示感謝。我們一定會想念你的。

And Christine, we are now ready for questions.

克里斯汀，現在我們可以回答問題了。

Thank you, Craig. And we'll try to get through the questions without me crying.

謝謝你，克雷格。我們會盡力解答問題，但我不會哭。

(Operator Instructions) Our first question comes from the line of Michael Lasser with UBS.

（操作員指示）我們的第一個問題來自瑞銀的邁克爾·拉塞爾 (Michael Lasser)。

That's a hard lead-in to ask a question off of Carol.

向卡羅爾提出這個問題真是個艱難的開場白。

Sorry about that one.

很抱歉。

No, all good. Carol, congratulations and best of luck. And you too, Richard. Good luck in following in those very large footsteps.

不，一切都很好。卡羅爾，祝賀你並祝你好運。還有你，理查。祝您好運，追隨這些偉大的腳步。

They certainly are.

他們確實是。

So my first question is, we have assumed that about 3/4 of the reduction in your full year comp guidance is due to the lumber price changes, and the remainder, so about 0.25 of a comp point, is due to the macro. There's obviously been a lot of concern on the macro recently given the yield curve inverting; a large education institution that's calling for a significant slowdown in remodeling activity; and then as you pointed out, the tariff uncertainty. So do you think 0.25-point reduction in your comp guidance sufficiently considers all of those uncertainties?

所以我的第一個問題是，我們假設全年薪酬預期下降約 3/4 是由於木材價格變化造成的，其餘部分（約 0.25 個薪酬點）是由於宏觀因素造成的。鑑於殖利率曲線倒掛，最近人們顯然對宏觀經濟有很多擔憂；一家大型教育機構呼籲大幅減緩改造活動；正如你所指出的，關稅存在不確定性。那麼，您是否認為將薪資預期下調 0.25 個百分點足以考慮所有這些不確定因素？

So Michael, let me make a couple of comments, and I'll turn it over to Carol. So first of all, when you look at the overall macro factors that we think are critical to how we line up our business, those have largely remained unchanged. And so we feel good about the fact that the consumer has wages up about 3% year-over-year. Consumer confidence is still high. So the general trend that we see in the macro based on how we did our plans really hasn't changed much, and we feel pretty good about that.

所以邁克爾，請允許我發表幾點評論，然後我將把它交給卡羅爾。首先，當你看我們認為對我們的業務安排至關重要的整體宏觀因素時，這些因素基本上保持不變。因此，我們對消費者薪資較去年同期上漲約 3% 感到高興。消費者信心依然高漲。因此，根據我們的計劃執行情況，我們看到的宏觀整體趨勢實際上並沒有太大變化，我們對此感覺非常滿意。

And then when you think about going forward in the business, when we look at commodity, hurricane, May and then compare that to where we were at the end of the quarter, we feel good about the guidance that we have.

然後，當您考慮業務的未來發展時，當我們查看商品、颶風、五月，然後將其與本季末的情況進行比較時，我們對所擁有的指導感到滿意。

Yes. Let me just -- I'm sure I'll give you a little bit more color there, Michael. So the implied back half comp in the guidance that we just gave you was around 5%. If you look at our reported comp in the second quarter in the U.S., it was a 3.1% comp. If you add back the impact of hurricane-related sales, that was 50 basis points [of hurt]. If you add back the weather-driven demand softness that we saw in May, that was 40 basis of hurt -- 40 basis points of hurt . And then you've heard us talk about commodity being 100 basis points. So when you add that back, actually, the normalized comp in the second quarter was 5%. Then you heard [Curtis] talk about the comp cadence, and we exited July quite strong on an unadjusted basis. The comp in the U.S. was 4.7%. And then I look at our -- how we're performing relative to plan. And we're on our plan. So you add up all of the data points, and it suggests that this -- the comp guidance is very achievable.

是的。讓我——我確信我會給你更多細節，邁克爾。因此，我們剛剛給您的指導中隱含的後半部薪資約為 5%。如果你看一下我們報告的美國第二季的同店銷售額年增 3.1%。如果加上颶風相關銷售的影響，損失將達到 50 個基點。如果加上我們在五月看到的天氣驅動的需求疲軟，那就是 40 個基點的損失——40 個基點的損失。然後您聽到我們談論商品是 100 個基點。因此，當你將其加回去時，實際上，第二季的標準化收益是 5%。然後你聽到 [Curtis] 談論公司節奏，我們在 7 月以未經調整的基礎表現相當強勁。美國同店銷售額較去年同期成長 4.7%。然後我看看我們的表現相對於計劃如何。我們正在按照計劃進行。因此，如果你把所有的數據點加起來，就會發現這一點——comp 指導是非常可以實現的。

And the other way to look at it is you just stack the comps. You stack the comps for the first half of this year against last year or back to second half, what we reported and what we're guiding to, the stack comp is about the same in both of the halves. So every way we look at it, we feel very good about the guidance that we've given.

另一種看待它的方式是你只需堆疊 comps。將今年上半年的業績與去年或下半年的業績進行比較，看看我們的報告和預期，兩個半年的業績對比大致相同。因此，無論從哪個角度來看，我們都對我們給予的指導感到非常滿意。

Michael, I guess the last comment that I'd have on it is if the consumer softened in any way, I'll bet on this team all day long to go after the business.

邁克爾，我想我對此的最後一條評論是，如果消費者態度有任何軟化，我敢打賭這個團隊會整天都在追求這項業務。

No doubt. And Carol, you mentioned you're on your plan. Do you mean you're on your plan where you stand quarter-to-date such that you really haven't seen any impact from the tariff flowing through to the consumer as of yet?

無疑。卡羅爾，你剛才提到你正在執行你的計劃。您的意思是，根據您目前的計劃，您還沒有看到關稅對消費者產生任何影響？

Yes, that's exactly what I mean. The beauty of our business is that we see sales on our phone. We can know exactly how we're doing by the minute. So that's very different than that leading indicator of remodeling activity report that you just mentioned, which is based on a biennial survey of housing data coming out of [AHS]. We have real data at our fingertips. So we feel good about the performance.

是的，我就是這個意思。我們業務的美妙之處在於我們可以透過手機查看銷售情況。我們可以準確地了解自己每分鐘的進展。所以這與您剛才提到的改造活動領先指標報告非常不同，該報告是基於 [AHS] 每兩年進行一次的住房數據調查。我們手頭上就有真實的數據。因此，我們對於其表現感到很滿意。

You might want to remove that app by the end of the month. And then my last question is on -- as you look at your guidance for the back half of the year, how should we model gross margin and SG&A particularly between the third and the fourth quarter, recognizing that it's not so straightforward given that you'll be lapping the extra week in the fourth quarter of last year?

您可能希望在月底之前刪除該應用程式。然後我的最後一個問題是——當您回顧今年下半年的指引時，我們應該如何模擬毛利率和銷售、一般及行政開支，特別是在第三季度和第四季度之間，同時認識到這並不是那麼簡單，因為您將重疊去年第四季度的額外一周？

Yes. So it is a little loopy, isn't it? So I was -- talked to expenses. And as we told you, we expect our expenses on a 52 week-to-52 week basis, excluding the write-down that we took for some trade names that we're no longer using, we told you that our expense growth factor would be 90% for the year. For the first half, it was around 73%. So it'll be a little bit higher in the back half. And quarter-over-quarter, expect Q4 to be higher than Q3.

是的。所以這有點混亂，不是嗎？所以我—談了費用。正如我們告訴您的那樣，我們預計我們的費用以 52 週為基礎，不包括我們對不再使用的某些商標進行的減記，我們告訴過您，我們今年的費用增長因素將為 90％。上半年這一比例約為73%。因此後半部會稍微高一些。與上一季相比，預計第四季的業績將高於第三季。

On the gross margin side, as we've indicated, our gross margin won't be as low as we had anticipated at the beginning of the year because of the penetration shift in lumber. So we will be slightly higher than our original guide. Our original guide was to be flat or that was at 34% for the year, as you recall. So it won't be down as much. So the second half margin won't be down as much as the first half. How about that?

在毛利率方面，正如我們所指出的，由於木材滲透率的轉變，我們的毛利率不會像年初預期的那麼低。因此我們的指導價格會比原來的指導價格略高一些。正如您記得的那樣，我們最初的預期是持平，或者說全年成長率為 34%。因此下降幅度不會那麼大。因此下半年的利潤率不會像上半年那樣下降。那怎麼樣？

Our next question comes from the line of Simeon Gutman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的西緬古特曼 (Simeon Gutman)。

Well done, Carol. Congratulations. My first question is on the second half. I know you don't provide quarterly guidance, but can you share some cadence around the second half comp guidance and its dependencies? And I'm thinking about macro dependencies and strategic initiatives. And if you can share with us part of it, on the strategic initiatives, which ones are expected to contribute to the most to the second half comps?

幹得好，卡羅爾。恭喜。我的第一個問題是關於下半部的。我知道您不提供季度指導，但您能否分享一些有關下半年業績指導及其依賴關係的節奏？我正在考慮宏觀依賴關係和策略舉措。您能否與我們分享部分策略性舉措？

Well, a couple of things to think about when you think about the second half comps. First, as you know, we're lapping $800 million of hurricane-related sales, of which $500 million occurred in the first half, $300 million in the back half. So the hurricane sales overlap is easier.

好吧，當你考慮下半場的比賽時，有幾件事需要考慮。首先，如您所知，我們正實現 8 億美元的颶風相關銷售額，其中 5 億美元發生在上半年，3 億美元發生在下半年。因此颶風銷售重疊比較容易。

Secondly, on lumber price deflation, let's just use a number of $800 million to make it simple. About $500 million of that occurred in the first half, so $300 million will occur in the back half. So it gets easier, too. Then we have the impact of our supply chain initiatives. So Craig?

其次，關於木材價格通貨緊縮，我們就用 8 億美元這個數字來簡單說明。其中約 5 億美元發生在上半年，因此 3 億美元將發生在下半年。所以它也變得更容易了。然後我們就會看到供應鏈舉措的影響。那麼克雷格？

Yes. And so on the initiatives, when you think about the Pro, first is the B2B website that we have launched. And we are seeing Pros that have been migrated onto the website react very positively from a sales standpoint. We are on track for the million Pros in 2019. As a matter of fact, within the tail end of this quarter, we added a significant number of Pros to the website. As Ted detailed, the My View capability that we've given to our associates in-store to better understand how we can engage with the Pro customer is delivering results as well. And then we've made significant investments in our rental business, which we know is an important aspect of the Pro. 25% of the Pros rent from us today. We know that 90% of Pros rent tools. So we have an opportunity as we invest in this business to continue to grow.

是的。因此，當您想到 Pro 時，首先想到的是我們推出的 B2B 網站。我們看到，從銷售角度來看，遷移到該網站的專業人士反應非常正面。我們預計在 2019 年實現百萬專業人士的目標。事實上，在本季末，我們為網站增加了大量專業人士。正如 Ted 所詳述的，我們為店內員工提供的「My View」功能可以幫助他們更了解如何與專業客戶互動，並且也正在產生效果。然後我們對租賃業務進行了大量投資，我們知道這是 Pro 的一個重要方面。目前有 25% 的專業人士向我們租房子。我們知道 90% 的專業人士都會租用工具。因此，我們投資這項業務就有機會繼續成長。

And then in the digital investments, our HD Home program, as we expand categories to fulfill rooms in the home, as well as the investments we're making in search capabilities, category, updates, are all leading to improved sales and conversion in the business. And then the number of investments that we've made in the store as well, whether that's our overhead management, which is driving productivity in the store; our interconnected lockers, which is enhancing the pickup experience for our customers; or our merchandising resets, are paying off in a nice way.

然後在數位投資方面，我們的高清家居計劃，隨著我們擴大類別以滿足家庭房間的需求，以及我們在搜尋功能、類別、更新方面所做的投資，都在提高業務的銷售和轉換率。然後我們在商店中也進行了一些投資，無論是我們的間接管理，這都推動了商店的生產力；我們的連網儲物櫃，增強了顧客的取貨體驗；或者我們的商品重置都得到了良好的回報。

I don't know, do you want to give a little more color on the resets?

我不知道，你想對重置給予更多的說明嗎？

Yes. On the resets, we've been working on our appliance resets and our tool corrals for some time. Those 2 businesses continue to post incredibly strong results, and we don't see that changing in the back half. More recently, we've been working through our pipe aisle reset, which is going extremely well, do about half the chain this year. And that adds holding power in the room for some new assortment programs. And then soft flooring, I mentioned in our prepared remarks, for a while there you thought, "Hey, is soft flooring losing all ground to hard-surface flooring, what we've seen in solid floor vinyl and tile?" But resetting all of our soft carpet showrooms, those are done. We simplified our brand structure. We simplified our line structure and pricing structures. That has continued to accelerate through the quarter and exited the quarter at much higher than the company comps. So we're happy with what we're seeing in soft flooring.

是的。關於重置，我們已經對設備和工具圍欄進行了一段時間的重置工作。這兩家公司繼續取得令人難以置信的強勁業績，而且我們認為下半年這種狀況不會改變。最近，我們一直致力於管道通道重置，進展非常順利，今年已完成約一半的連鎖店。這為一些新的分類計劃增加了空間的控制力。然後是軟地板，我在準備好的評論中提到過，有一段時間你想，“嘿，軟地板是否正在逐漸被硬地板所取代，就像我們在實心地板乙烯基和瓷磚中看到的那樣？”但重新設定我們所有的軟地毯陳列室已經完成了。我們簡化了品牌結構。我們簡化了生產線結構和定價結構。這一成長動能在整個季度持續加速，且季度末的業績遠高於公司同期業績。因此，我們對軟地板的呈現效果感到很滿意。

And then lastly, our largest reset to come, which we've just launched in the last several weeks and we'll finish the entire chain by the end of this year, is our new Color Solution Center in our paint department, where we'll be highlighting our Behr and PPG products. And really pleased with that. The timing couldn't be better. A number of recent consumer surveys and consumer testing agencies released the new winners for this year. And Behr captured the top 3 paint products in the entire industry at the best value, and PPG posted the 2 top stain products at the best value. So we're very excited about all those resets. Craig?

最後，我們即將進行的最大一次重置是我們油漆部門的新色彩解決方案中心，我們在過去幾週剛剛啟動這項重置，並將在今年年底前完成整個鏈條，我們將在那裡重點展示我們的 Behr 和 PPG 產品。我對此非常滿意。時機再好不過了。最近，多家消費者調查和消費者測試機構公佈了今年的新獲獎者。其中，Behr 以最優價值佔據了整個行業前 3 名的油漆產品，而 PPG 則以最優價值佔據了前 2 名的染色產品。因此，我們對所有這些重置感到非常興奮。克雷格？

And Craig, just to add a couple of points from just driving the customer experience as well. Number one, you mentioned rental. We are continuing to see growth accelerate from half to half. So the investments we are making there are really driving exponential value. And so we are going to continue to lead in there.

克雷格，我只想補充幾點關於推動客戶體驗的觀點。第一，您提到了租金。我們繼續看到成長率從一半加速到一半。因此，我們在那裡進行的投資確實帶來了指數級的價值。因此我們將繼續在那裡保持領先。

To the points about driving events in the second half when we think about our comp cadence, Craig talked about overhead management. And our ability to find the product and get our on-shelf availability to a very, very high level is driving incremental performance. And for us, as we think about the investments, not only is it getting the product on the shelf, it's how do we get the customers to the store. So we have done 450 front-end transformation. We have heard the numbers that we have seen just the customer experience grow across the board. We're going to have over 800 by the end of the year.

當我們考慮我們的節奏時，關於下半場推動事件的要點，Craig 談到了間接費用管理。我們尋找產品和將貨架上產品供應率提高到極高水準的能力正在推動著業績的提升。對我們來說，當我們考慮投資時，不僅要考慮如何將產品擺上貨架，還要考慮如何將顧客吸引到商店。所以我們做了450前端改造。我們聽到的數據表明，客戶體驗全面提升。到今年年底，我們的人數將超過 800。

And so we are able to deliver this performance by not only transforming our business but making sure that our focus is simple and direct and drive into where the customer expects us to be. So we'll continue to drive through that in the second half of the year and leverage the events to drive exponential differentiated performance.

因此，我們不僅能夠轉變業務，而且能夠確保我們的重點簡單而直接，並朝著客戶期望的方向努力，從而實現這一目標。因此，我們將在今年下半年繼續努力，並利用這些事件來推動指數級的差異化表現。

That was very comprehensive. Can I -- I'm going to ask my follow-up. A year ago, when rates were rising, we went through this hypothetical scenario, if we saw a recession, I think we talked about a scenario in which Home Depot would comp flat and margins could go to 12% if you made all the investments as part of your plan. I think we're now -- 1 year forward, you're making progress on margins. Can you provide us another update, would your margin end up better than that 12% given that you're closer now to some of your goals?

那非常全面。我可以——我要問一下我的後續問題。一年前，當利率上升時，我們經歷過這種假設情景，如果我們看到經濟衰退，我想我們討論過這樣一種情景：如果你把所有的投資都作為計劃的一部分，家得寶的利潤率將持平，而利潤率可能會上升到 12%。我認為我們現在——一年後，你們在利潤率上取得了進步。您能否向我們提供其他最新消息？

Well, Simeon, we haven't updated that recession model. Productivity is a virtuous cycle at The Home Depot. But for modeling purposes, I would use the same numbers that we shared with you before. And just on the sort of the state of the economy and when a recession might happen, we certainly can't predict that. But we know a few things. We are in the longest economic recovery in our nation's history, and yet the amount of growth during this recovery is still under the average of every other recovery in history. So this is one reason why it's been an elongated cycle. Further, the share of housing as a percent of GDP has dropped. It's about 19% of GDP. Back in 2006, it was about 22% of GDP. So whenever that downturn comes -- and it will. It is a cyclical economy. But whenever that downturn comes, it's not going to be like it was before. So we're very well positioned to manage through all that.

嗯，西緬，我們還沒有更新衰退模型。生產力是家得寶的良性循環。但出於建模目的，我會使用我們之前與您分享的相同數字。就經濟狀況以及經濟衰退何時發生而言，我們當然無法預測。但我們知道一些事情。我們正處於國家歷史上最長的經濟復甦期，但這次復甦的成長幅度仍低於歷史上每一次復甦的平均值。這就是為什麼這個週期會延長的一個原因。此外，住房佔GDP的比重已經下降。約佔GDP的19%。2006年，這一比例約佔GDP的22%。所以無論何時經濟衰退來臨，它都會來臨。這是一個循環經濟。但無論何時衰退來臨，情況都不會像以前那樣。因此，我們完全有能力解決所有這些問題。

Our next question comes from the line of Scot Ciccarelli with RBC.

我們的下一個問題來自 RBC 的 Scot Ciccarelli。

I had another follow-up on the investments that you're making despite the pretty comprehensive answer you already provided. Can you help us better understand the cadence of the comp growth improvement that you're expecting both in the back half of this year and as it flows into next year specifically targeted to these investments?

儘管您已經給出了相當全面的答案，但我仍對您所做的投資進行了另一次跟進。您能否幫助我們更了解您預計今年下半年以及明年針對這些投資的同店銷售成長改善的節奏？

Well, we said in earlier statements that we believe that we'll achieve about a 1% impact in the back half of the year from the investments that we're making. When you took GDP, the housing benefit and then added in the investments, that's how we got to our growth overall. And the only thing that's changed from that for all practical purposes is the deflation of lumber.

我們在先前的聲明中說過，我們相信我們所做的投資將在今年下半年實現約 1% 的影響。當你把 GDP、房屋補貼加上投資，我們就實現了整體成長。從實際來看，唯一改變的就是木材價格的下跌。

But just to clarify, I think it was 1 point for the year, all of which is kind of loaded into the back half. Or did I misunderstand that?

但需要澄清的是，我認為這是今年的 1 分，而所有的分數都被加載到了後半部分。還是我誤解了？

You're right. It's loaded into the back half. And the way that we've modeled it based on events as well as the completion of resets that you've heard from Ted is that the fourth quarter comp will be higher than the third quarter definitely.

你說得對。它被裝入後半部。根據您從 Ted 那裡聽到的事件和重置完成情況，我們建模的方式是，第四季度的收益肯定會高於第三季。

Got it. And we should presume that because of the changes in the customer interaction, a lot of these improvements should flow into next year. Or is there a point where you start to anniversary it, and it levels off?

知道了。我們應該推測，由於客戶互動的變化，許多改進將會延續到明年。或者是否存在一個點，當你開始紀念它之後，它就趨於平穩了？

So they'll definitely flow into next year, and we'll get to that guidance later in the year.

因此，這些資金肯定會流入到明年，我們將在今年稍後得到指導。

Our next question comes from the line of Christopher Horvers with JP Morgan.

我們的下一個問題來自摩根大通的克里斯多福‧霍佛斯 (Christopher Horvers)。

I certainly echo Craig's comments and wish you, Carol, the very best of fortune in the next stage of your life.

我完全同意克雷格的評論，並且祝福你，卡羅爾，在人生的下一個階段一切順利。

In terms of my questions and just to follow up on the macro, on the housing front, rates have moved around a lot, moved down quite a bit. I'm about to reset perhaps personally. And -- but pricing has moderated, and existing home sales are now picking up. So is that what you were expecting? And then what are you seeing out there in terms of the -- in the market, say, some of the coastal markets where we're -- that's really driving the deceleration in pricing and pricing coming down versus other parts of the country?

就我的問題而言，只是為了跟進宏觀因素，在住房方面，利率已經發生了很大變化，下降了不少。我可能即將進行個人重置。但價格已經緩和，現有房屋銷售正在回升。那麼這就是您所期待的嗎？那麼就市場而言，您看到了什麼——比如說，在我們所在的一些沿海市場——與全國其他地區相比，哪些因素真正導致了價格放緩和價格下降？

And then related to that, on the consumer front, are you seeing anything different in the consumer around the type of projects that they're taking on or perhaps the trade-up versus the value orientation?

與此相關的是，在消費者方面，您是否看到消費者在他們所承擔的項目類型或以舊換新與價值取向方面有什麼不同？

On the macro model, yes, things are moving around a little bit. But it's just on the margin. So there's no material change to the inputs that create the output and drive our sales plan.

從宏觀模型來看，是的，事情正在發生一些變化。但這只是邊緣現象。因此，產生產出並推動我們銷售計劃的投入沒有重大變化。

To your question about the coastal markets, I'll just give you some data. Let's take San Francisco down the coast. The comp was higher than the company average. Let's take San Diego, a little bit further south. Comp was at the company average. Let's take New Jersey, which is a high SALT state but comps were higher than the company average. And then let's just land in Dallas. Dallas has seen a 54% increase in home prices since 2006, and the comp was at the company average. So you can see things are performing the way that we thought they would.

對於你關於沿海市場的問題，我只能給你一些數據。讓我們沿著海岸線遊覽舊金山。薪資高於公司平均。讓我們以稍南一點的聖地牙哥為例。薪酬處於公司平均水準。以新澤西州為例，這是一個 SALT 含量較高的州，但同公司的平均值較高。然後我們就到達達拉斯。自 2006 年以來，達拉斯的房價已上漲 54%，而同行業的房價處於公司平均水平。所以你可以看到事情的發展正如我們想像的那樣。

Understood. And then a couple of detailed model questions. First, any comment on your expectation for the U.S. comp for the year versus the 4% total guide? And can you help us a little bit more about -- on the SG&A in 4Q, right, he gave the 52-to-52 week comparison. Perhaps how much incremental SG&A dollars there were in 4Q in '18 related to that 53rd week?

明白了。然後是幾個詳細的模型問題。首先，您對今年美國公司的預期與 4% 的整體指導值相比有何評論？您能否幫助我們進一步了解——關於第四季度的銷售、一般及行政費用，他給出了 52 週與 52 週的比較。也許 2018 年第四季與第 53 週相關的銷售、一般及行政費用增量是多少？

So, how to go about answering those questions because we don't like to give you too much quarterly information. So...

那麼，我們該如何回答這些問題呢？所以...

So the one comment I'd make as it relates to kind of -- we're expecting positive comps in Canada for the year.

因此，我要發表的一個評論是——我們預計今年加拿大的銷售額將呈現積極勢頭。

Yes.

是的。

If that helps.

如果有幫助的話。

The question is what happens to the U.S. dollar, and we plan at currency neutral. So you can model what you think is going to happen to the dollar and do that calculation.

問題是美元會發生什麼，我們計劃保持貨幣中性。因此，您可以模擬美元未來走勢並進行計算。

Got it.

知道了。

On the expense side, on a reported basis, because of the extra week, that expense growth guidance on a GAAP basis looked really ballooned. And that's the only way to explain it. It's going to look really ballooned because we're going to ignore that extra week. I think the best thing to do is just work within the annual guidance that we've given you and look at it on a 52-to-52 basis, and you can back into what the fourth quarter looks like.

在費用方面，根據報告，由於額外一周的時間，基於 GAAP 的費用增長預期看起來確實膨脹了。這是唯一的解釋方法。它看起來確實膨脹了，因為我們將忽略那額外的一周。我認為最好的做法就是按照我們給您的年度指導方針，以 52 比 52 的基礎來看待，這樣您就可以回到第四季度的情況。

Our next question comes from the line of Charles Grom with Gordon Haskett.

我們的下一個問題來自 Gordon Haskett 的 Charles Grom。

Carol, congrats again. So the front half of the year has not been kind on the weather front. We all know that at this point. I'm just curious, in the past, when you've seen this type of pattern, do you typically see the release of that demand? Or do some of the projects just get postponed or canceled altogether?

卡羅爾，再次恭喜你。因此，今年上半年的天氣狀況並不太好。我們現在已經知道這一點了。我只是好奇，在過去，當您看到這種類型的模式時，您通常會看到這種需求的釋放嗎？或是有些項目直接被延後或取消了？

It's by category. So there's some categories that have the ability to extend, and we're seeing that in the business right now. And so you capture that. There are some where you don't recover all of that business. You might get part of it but not all of it. So it really varies by category. So if you think about -- depending on when the weather takes place, you may or may not get a preemergent business back, for example. And in this year, we didn't get that back.

按類別。所以有些類別具有擴展的能力，我們現在在業務中看到了這一點。這樣你就捕捉到它了。有些時候你無法恢復所有的業務。您可能會得到一部分，但不會得到全部。因此它確實因類別而異。因此，如果你想想——取決於天氣何時發生，你可能會或可能不會恢復出苗前的業務。而今年我們還沒有拿回這些錢。

Okay. Great. And then just on the change in the comp guide, when you look ahead to your -- the long-term sales targets of $114.7 billion to, I believe, around $120 billion, I'm just wondering if that changes that outlook at all or maybe perhaps bring it to the lower end of the algo equation.

好的。偉大的。然後，僅就同店銷售指南的變化而言，當您展望您的長期銷售目標時——我認為是 1147 億美元到 1200 億美元左右，我只是想知道這是否會改變這種前景，或者可能將其帶到演算法方程的低端。

Yes, it definitely goes to the lower end, but it doesn't change the range of guidance.

是的，它肯定會走向較低端，但它不會改變指導範圍。

Okay. And then just one follow-up on the gross margins, Carol. All of last year, transportation was a pretty big headwind. You didn't call it out this quarter. I don't believe you called it out last quarter. Just curious if it's actually helping you guys at this point.

好的。然後再問一下毛利率，卡羅爾。去年全年，交通運輸業面臨相當大的阻力。本季你還沒提到這一點。我不相信你在上個季度就提到這一點。只是好奇它是否真的能幫助你們。

Well, it certainly has moderated from what we saw last year. What we are very excited about is the productivity that we're seeing in our upstream supply chain. Our supply chain team has done a great job of mechanizing our upstream facilities. We actually -- well, I called out 2 basis points of pressure in the gross margin comp in the supply chain. Upstream, we leveraged, we leveraged 6 basis points. So tremendous, tremendous productivity in supply chain.

嗯，與去年的情況相比，確實已經有所緩和。令我們感到非常興奮的是，我們看到上游供應鏈的生產力有所提升。我們的供應鏈團隊在上游設施機械化方面做得非常好。我們實際上——好吧，我指出了供應鏈毛利率同比下降 2 個基點的壓力。上游，我們利用了 6 個基點的槓桿。供應鏈的生產力如此龐大。

Our next question comes from the line of Zack Fadem with Wells Fargo.

我們的下一個問題來自富國銀行的 Zack Fadem。

Craig, you specifically called out some conservatism in your guide from the potential impact of tariffs. Curious if you could quantify the assumptions here in a little more detail. Maybe talk us through how you think about the balance in the back half of raising prices and the potential downtick in volumes as a result.

克雷格，你在指南中特別提到了關稅可能產生的影響的一些保守主義。好奇您是否可以更詳細地量化這裡的假設。也許您可以和我們講講您如何看待漲價後半段的平衡以及由此導致的銷量可能下降的問題。

Yes. I mean the uncertainty is what the total impact on the customer is economically overall. When we look at specifically as it relates to Home Depot, if you think about China tariffs, list 1 through 4, 4 being at 10%, that's about a $2 billion or 2% of sales comp cost impact. And so the way you have to think about tariffs is there's really 2 sides that you work on this. There is the actual cost side, and there's a number of initiatives underway there, and then there is the potential of the impact to the customer as it relates to the project. And I can -- I'll let Ted talk about the cost side.

是的。我的意思是不確定性在於從整體來看，這會為客戶帶來什麼樣的經濟影響。當我們具體研究與家得寶的關係時，如果你考慮中國的關稅，列出 1 至 4，其中 4 為 10%，那就大約是 20 億美元或 2% 的銷售額成本影響。因此，你必須考慮關稅問題，因為這實際上需要從兩個方面來處理。這有實際成本方面的問題，而且目前已開展多項舉措，此外，該項目還可能對客戶產生影響。我可以——我會讓泰德談論成本方面的問題。

And we have a number of initiatives underway. As it relates to how we flow things through to the customer, we use our portfolio approach. We think about this business as a project business, which it is. And there's clearly ups and downs in elasticity, but we have pretty good tools for the merchants to use on that. And we've actually been able to cover the top line. But Ted, if you want to talk about the cost side.

我們正在實施多項措施。由於它與我們如何將產品傳遞給客戶有關，所以我們採用了投資組合方法。我們認為這項業務是一個專案業務，事實也確實如此。彈性顯然有起有落，但我們為商家提供了相當不錯的工具。而且我們實際上已經能夠覆蓋營收。但是泰德，如果你想談成本方面。

Yes. I'd say on the cost side, I couldn't be happier with our partnership with the finance team, the accounting team, our assortment planning team. We have data of country of origin and potential tariff impact literally down to the SKU. So we know exactly what are on the various lists, when the tariff impacts will hit. We even know that through our retail accounting into when the impacts hit in our P&L. So thank you very much to the great partnership with the finance team.

是的。我想說，就成本方面而言，我對我們與財務團隊、會計團隊和產品組合規劃團隊的合作感到非常滿意。我們擁有原產國和潛在關稅影響的數據，精確到SKU。因此，我們確切地知道各個清單上的內容以及關稅影響何時會出現。我們甚至可以透過零售會計來了解影響何時會對我們的損益表產生影響。非常感謝與財務團隊的良好合作。

As Craig said, on a macro perspective, through Phase 4 and Phase 4 only being at 10%, it's a potential impact of about 2% of our U.S. sales. Now with a number of activities that we're working with the merchants between negotiations with our supplier base, taking into account things like currency, transfer pricing into the United States, value engineering we're embarking upon with our suppliers with customer-backed research if you have a marginal dollar to put into the product, where you put it, the best customer value. And then we're starting to see significant supply chain moves. I would say, on the margin, I'm not aware of a single supplier who is not moving some form of manufacturing outside of China. So we have suppliers moving production to Taiwan, to Vietnam, to Thailand, Indonesia and even back into the United States.

正如 Craig 所說，從宏觀角度來看，透過第 4 階段，而第 4 階段僅達到 10%，這可能會對我們美國銷售額的 2% 左右產生潛在影響。現在我們正在與商家合作進行一系列活動，與我們的供應商進行談判，考慮到貨幣、向美國的轉移定價、價值工程等因素，我們正在與供應商一起開展由客戶支持的研究，如果你願意把一分錢投入到產品中，那麼把它投入到哪裡，就能獲得最佳的客戶價值。然後我們開始看到重大的供應鏈舉措。我想說，就邊緣而言，我不知道有哪家供應商不將某種形式的製造業轉移到中國以外。因此，我們的供應商將生產轉移到台灣、越南、泰國、印度尼西亞，甚至回到美國。

So when you net all of that out, we see this 2-ish percent impact being much, much less, call it something like 1%. And then as Craig said, it's up to the merchant team to work with our overall portfolio approach to the business and project approach to the business to see how best, if at all, where we pass on any of those net impacts to our customers.

因此，當你將所有這些都扣除後，我們會發現這個 2% 左右的影響要小得多，可以說成是 1% 左右。然後，正如克雷格所說，商家團隊需要與我們的整體業務組合方法和專案業務方法合作，以找到最佳方式（如果有的話）將這些淨影響轉嫁給我們的客戶。

Got it. And then on the paint category, seems to have gotten a little more promotional so far this year. Could we talk through some of the dynamics here? What do you think has driven the elevated activity, more so overall demand or weather environment? And maybe also talk through your process when deciding how you respond when you typically see changes out there in the pricing environment.

知道了。就油漆類別而言，今年到目前為止似乎已經獲得了更多的促銷。我們可以討論一下這裡的一些動態嗎？您認為是什麼導致了活動的增加，是整體需求還是天氣環境？當您通常看到定價環境發生變化時，也許還可以談談您決定如何應對的過程。

So I'd -- first, I'd answer with exterior stains. So Behr's -- the weather improved, and we did the reset quickly last year and much more comprehensively this year, again, with the #1 and #2 rated exterior stain with PPG product. We saw great performance in our exterior stain business.

因此 — — 首先，我會回答外部污漬。因此，Behr's——天氣好轉了，我們去年迅速進行了重置，今年進行了更全面的重置，再次使用了 PPG 產品，獲得了排名第一和排名第二的外牆著色劑。我們的外牆染色業務表現出色。

On interior paint, interior paint has gotten more promotional in the marketplace. We have folks out there advertising in print and on media as much as 40% off. At Home Depot, we have -- as was just released with the third-party agencies, we have the absolute best paint in the marketplace. Behr paint holds the top 3 slot in its ratings in 2 different surveys. And we are not going to fall into a high-low promotional trap when we have the best product at the best everyday value.

就內牆塗料而言，內牆塗料在市場上得到了更多的推廣。我們在印刷品和媒體上刊登廣告，折扣高達 40%。在家得寶，我們擁有——正如剛剛與第三方機構發布的那樣，我們擁有市場上絕對最好的油漆。Behr 油漆在兩項不同的調查中均位居評級前三名。當我們以最佳的日常價值提供最好的產品時，我們就不會陷入高低促銷陷阱。

And as you know, in the finance community, just speaking of promotional cadence, I can remember there was a lot of talk about breaking the buck in the money market world. And we have had a 3-times-a-year promotional cadence in paint of $10 off a gallon and $40 off 5 gallons in the major holidays of the year. Some of our competitors chose to break the buck, and we're not going to do that.

如你所知，在金融界，僅就促銷節奏而言，我記得有很多關於貨幣市場領域突破美元的討論。我們每年有三次油漆促銷活動，在主要假日每加侖優惠 10 美元，5 加侖優惠 40 美元。我們的一些競爭對手選擇不計成本，而我們不會這麼做。

Got it. Appreciate the color, and best of luck to you, Carol.

知道了。欣賞你的色彩，祝你好運，卡羅爾。

Thank you.

謝謝。

Our next question comes from the line of Karen Short with Barclays.

我們的下一個問題來自巴克萊銀行的凱倫‧肖特 (Karen Short)。

Just a question on tariffs in general. So I think last quarter, you commented that on price -- raising prices as it relates to tariffs impacted pricing. You initially had negative units on appliances, and then demand picked up a bit. Maybe a little color on what you're seeing in terms of the consumer reaction to higher price points. And then I just had a clarification question on the gross margin.

我只想問一下關於關稅的一般問題。所以我認為上個季度您就價格發表了評論——與關稅相關的價格上漲影響了定價。最初，家用電器的需求為負數，後來需求回升。從消費者對更高價格的反應來看，這可能有點道理。然後我只是想澄清一下毛利率的問題。

Yes. It's -- as we -- as I mentioned that we have a number of models that we're working right now. And it varies by category. There is elasticity variance by category, and that changes over time as well. But in the work that we've done, we've been able to actually cover the total top line sales in the models that we have out there. And when you think about laundry, because we have referenced that from the past, as time has gone by, laundry was actually our highest unit comping category in appliances last quarter.

是的。正如我所提到的，我們目前正在研究多個模型。並且因類別不同而有所差異。每個類別都有彈性差異，也會隨著時間而改變。但在我們所做的工作中，我們實際上已經能夠涵蓋我們現有的車型的總銷售額。當您想到洗衣時，因為我們已經參考過過去的情況，隨著時間的推移，洗衣實際上是上個季度我們家電中單位銷售額最高的類別。

Interesting. Okay. That's helpful. And then on the gross margin front, I mean obviously, lumber would have been a benefit to the gross margin this quarter. Could you quantify that and then help -- walk us through how lumber may impact gross margin in the second half?

有趣的。好的。這很有幫助。然後在毛利率方面，我的意思是，顯然，木材會對本季的毛利率有利。您能否量化這一點，然後幫助我們了解木材將如何影響下半年的毛利率？

I'm happy to. With a lower penetration of lumber in the second quarter, it gave us 15 basis points of margin expansion. But that was absorbed by growth in lower-margin categories, like appliances as well as portable power. We love our portable power sales, but we don't make a lot of money on it, so. As we...

我很樂意。由於第二季木材滲透率較低，我們的利潤率擴大了 15 個基點。但這部分利潤被家用電器和便攜式電源等利潤較低的類別的成長所吸收。我們熱愛便攜式電源銷售，但我們並沒有從中賺到很多錢，所以。正如我們…

I think it's started a recovery in general.

我認為總體而言已經開始復甦。

Thank you. Absolutely, Ted. Thank you for that. So as we look to the back half of the year, we would expect lumber to stay down, as we've talked about, not as much as we saw in the first half but down, which will give us some benefit for the back half as well as for the year.

謝謝。當然，泰德。謝謝你。因此，展望下半年，我們預計木材價格將保持下降趨勢，正如我們已經討論過的，降幅不會像上半年那樣大，但會有所下降，這將為我們下半年和全年帶來一些好處。

Our next question comes from Steve Forbes with Guggenheim.

我們的下一個問題來自古根漢的史蒂夫福布斯。

I wanted to revisit the tool rental business and really whether you expect the B2B website experience to augment this initiative. And as I sort of think about it, maybe you could just expand on how you view the interplay between those 2 initiatives and the potential impact to Pro engagement trends. You mentioned sort of positive, but can you provide some additional color?

我想重新審視工具租賃業務，並看看您是否真的希望 B2B 網站體驗能增強這項舉措。當我思考這個問題時，也許您可以詳細說明您如何看待這兩項舉措之間的相互作用以及對專業參與趨勢的潛在影響。您提到了某種積極因素，但是您能提供一些其他資訊嗎？

So I'd say, first comment I'd make, and I'll turn it over to Ann, is right now, our initiatives aren't around necessarily connecting the B2B website to that from a digital experience. That'll come at a later date. This was all about the investments that we're making right now in the physical locations.

因此我想說，我首先要說的是，現在，我們的舉措不一定是圍繞著將 B2B 網站與數位體驗連結起來。那將會是稍後的事。這一切都與我們目前在實體位置上進行的投資有關。

Yes. And just to support Craig on that, number one, the first thing we're doing is investing capital in the business. To your point, there's -- when we invest in fleet, we are able to drive more engagement with the Pro because we have product available. So that's the first thing we're doing, is making sure that we have the right assortment for Pro.

是的。為了支持 Craig 的觀點，首先，我們要做的第一件事就是對業務進行資本投資。正如您所說，當我們投資車隊時，我們能夠推動與 Pro 的更多互動，因為我們有可用的產品。因此，我們要做的第一件事就是確保我們為 Pro 提供正確的產品組合。

The number two thing we are doing there as well to drive the experience, we have had just tremendous success with the labor model we introduced in the stores last year. And was able to drive higher level of engagement by having our associates there at the right time to engage our customer. And so we're going to continue to lean into that. And within the tool rental area, we're also making sure that we're addressing our labor model to ensure as well that we are having a high level of engagement as well there.

為了提升體驗，我們在那裡做的第二件事是，我們去年在商店引入的勞動模式取得了巨大的成功。並且透過讓我們的同事在適當的時間到達現場與客戶接觸，我們能夠推動更高水準的參與。因此我們將繼續傾向於此。在工具租賃領域，我們也確保解決我們的勞動力模式，以確保我們在那裡也能擁有高水準的參與度。

And then last but not least, as we think about how do we ensure that we expand our offering and we are able to push into areas at this point through delivery service and so forth, we're exploring hub locations for tool rental as well.

最後但同樣重要的一點是，當我們思考如何確保擴大我們的產品範圍，並能夠透過送貨服務等方式進入現有區域時，我們也在探索工具租賃的樞紐位置。

So we're going to continue to push there. We are seeing tremendous growth. We are seeing higher levels of engagement. And we believe, as we continue to expand, it will certainly be a complement for Pros and drive loyalty within The Home Depot.

因此我們將繼續努力。我們看到了巨大的成長。我們看到了更高的參與度。我們相信，隨著我們不斷擴張，它必將成為專業人士的補充，並推動家得寶的忠誠度。

And then just a quick follow-up, maybe just a modeling question here, right? You called out the strategic investment dollar impact for the quarter and year-to-date. But are you still on track to expense -- I think it was $550 million pre-D&A for the year. Maybe just give us an update on where you are and what the full year outlook incorporates.

然後只是一個快速的後續問題，也許只是一個建模問題，對嗎？您指出了本季和年初至今策略投資的資金影響。但是您的支出是否仍在軌道上——我認為今年的損失與處置前支出為 5.5 億美元。也許只是向我們介紹一下您的現狀以及全年展望。

Yes, we are on our plan with regard to both the expense and capital in support of our strategic investments.

是的，我們正在製定有關支持策略投資的費用和資本計劃。

Our next question comes from the line of Seth Sigman with Crédit Suisse.

我們的下一個問題來自瑞士信貸的塞思·西格曼 (Seth Sigman)。

Carol, all the best to you. I wanted to follow up on deflation. You discussed the lumber impact. I'm just curious about net deflation, if there were any positive commodity price movements. And I guess just how are you thinking about that as part of the new full year comp guidance?

卡羅爾，祝你一切順利。我想追蹤通貨緊縮的情況。您討論了木材的影響。我只是對淨通貨緊縮感到好奇，想知道大宗商品價格是否有任何積極的變動。我想問一下，您是如何將其作為新的全年薪酬指導的一部分來考慮的？

So lumber deflation, I said, was 110 basis points. And then we had another 10 basis points of inflation, if you will, from the other commodity categories that we call out from time to time.

所以我說，木材通貨緊縮是 110 個基點。然後，如果您願意的話，我們還會看到，來自我們不時提及的其他商品類別的通膨率又上升了 10 個基點。

Got it, okay. And then ex the deflation, your average ticket actually accelerated in the quarter versus last quarter. So I guess outside of commodities, how do we think about the average price increase that you're seeing across the store, I guess, on a same SKU basis? And then tying it in with the gross margin, to the extent that you are seeing higher retail prices, is that a benefit to the gross margin initially until the higher costs actually start to flow through COGS? Like how do we think about that?

知道了，好的。然後，除去通貨緊縮因素，本季的平均票價實際上比上一季加速。所以我想，除了商品之外，我們如何看待您在相同 SKU 基礎上看到的整個商店的平均價格上漲？然後將其與毛利率聯繫起來，就您看到的零售價格上漲而言，這是否會在更高的成本真正開始通過 COGS 流動之前對毛利率有益？我們該如何看待這個問題？

So on the price side, and I'll let Ted give details. The innovation that comes into the assortments certainly has a positive impact overall on our business as it relates to the ticket.

那麼在價格方面，我會讓泰德提供詳細資訊。由於產品種類繁多，創新無疑會對我們的票務業務產生正面影響。

Yes. And I would say from a -- taking aside lumber and tariffs, from a pure commodity standpoint, we had quite a bit of pressure on back half of last year, first part of this year. That subsided, so commodity prices generally versus a year ago, when you think of steel and resin, base metals, et cetera, are actually down. So that pressure on the outfit has subsided.

是的。我想說，除了木材和關稅之外，從純粹的商品角度來看，去年下半年和今年上半年我們面臨相當大的壓力。這種勢頭已經消退，因此與一年前相比，鋼鐵、樹脂、賤金屬等大宗商品的價格總體上有所下降。這樣，該機構面臨的壓力就減輕了。

To Craig's point, most of our pricing increases are mix-driven in the sense that customers are trading up to more innovative, higher-priced goods. We break out the components of our average unit retail increase, which has increased. By far, the largest driver of that in Q2 as well as the past several quarters is from new product introductions, which are at higher price points because of innovation. Think of cordless lawnmowers versus push gas mowers.

正如克雷格所說，我們的大部分價格上漲都是由混合驅動的，因為客戶正在購買更具創新性、價格更高的商品。我們將平均單位零售額成長的組成部分分拆出來，結果顯示，平均單位零售額成長了。到目前為止，第二季以及過去幾季的最大推動力是新產品的推出，由於創新，新產品的價格更高。試想想無線割草機與推式汽油割草機的比較。

On tariffs, we haven't -- we have a number of tests going on in -- across the country. Nothing of any sort of magnitude to say that we're taking price broadly at this point because of tariffs. But we are testing a number of things in our (inaudible) and portfolio approach across the country.

關於關稅，我們還沒有——我們在全國範圍內進行了一系列測試。目前還沒有任何跡象顯示我們因為關稅而大幅提高價格。但我們在全國範圍內測試了我們的（聽不清楚）和投資組合方法中的許多內容。

And to your question on its impact to margin, as we sell more innovative product and the customer steps themselves up in the line structure, it drives a higher gross margin dollar. It may not change rate, but it drives a higher gross margin dollar, which is what the most important thing is.

至於您關於其對利潤率的影響的問題，隨著我們銷售更多創新產品並且客戶在產品線結構中不斷提升自己，這將帶來更高的毛利率。它可能不會改變利率，但它會帶來更高的毛利率，這才是最重要的。

And we're probably not giving you the information that maybe you wanted. But I think it's an interesting statistic to look at the acceleration in our big ticket. This has been an underlying sign of health in the business. This is unadjusted, big ticket grew 1.5% in May, 4.1% in June and 5.3% in July.

我們可能無法向您提供您想要的資訊。但我認為，看看我們的大票的加速成長，這是一個有趣的統計數據。這是業務健康的潛在標誌。這是未經調整的，5月份大額票房增長了1.5％，6月份增長了4.1％，7月份增長了5.3％。

Our final question will come from the line of Greg Melich with Evercore.

我們的最後一個問題來自 Evercore 的 Greg Melich。

So Carol, thank you. Really, really helpful all the years, and you deserve all the break you get. We'll continue to annoy you as best we can. The -- I had a follow-up on tariffs and inflation and then also digital. If -- that description you gave before of list 1 to 4, does that assume a 10% tariff on everything, a 25%? Or is it 25% on list 1 to 3 and then the potential of 10% on list 4?

所以，卡羅爾，謝謝你。這些年來真的真的很有幫助，你值得得到所有的休息。我們會繼續盡我們所能來騷擾您。我對關稅和通貨膨脹以及數位問題進行了追蹤調查。如果—您先前給出的清單 1 至 4 的描述，是否假設對所有商品徵收 10% 的關稅，還是 25%？還是清單 1 至 3 佔 25%，然後清單 4 佔 10% 的可能性？

Yes, that's exactly right. It's the 25% on 1 through 3 and then 10% on 4.

是的，完全正確。1 到 3 為 25%，4 為 10%。

Perfect. And so to tie into that is, is that a reason why inventories might have been up 5% year-over-year, a contributing factor?

完美的。那麼與此相關的是，這是導致庫存年增 5% 的原因之一嗎？

No. Our inventory is all about the investments that we're making and the accelerated resets for the large part. So it has nothing to do with that.

不。我們的庫存很大程度上取決於我們正在進行的投資和加速重置。所以與此無關。

Got it. And then last on digital, I know up 20%, continues to grow nicely. Is that around 9% of sales? And it did decelerate, so I'm wondering, did Amazon's move to next day -- did you see any impact on that? And do you think that was a factor in the deceleration? Or is there something else going on?

知道了。最後關於數字，我知道成長了 20%，並且繼續保持良好的成長勢頭。這大約佔銷售額的 9% 嗎？而且它確實減速了，所以我想知道，亞馬遜的舉動是否轉向隔天——你是否看到對此有任何影響？您認為這是導致減速的因素嗎？還是有其他事情發生？

So -- yes. No, we actually were very pleased with our growth. It's 8.9% penetration in the quarter, up from 7.5% a year ago. And we've actually accelerated our capabilities in same-day delivery. Mark, I don't know if you want to share the details on that. But...

所以——是的。不，我們實際上對我們的成長感到非常滿意。本季滲透率為 8.9%，高於去年同期的 7.5%。我們其實已經加快了當日送達的能力。馬克，我不知道您是否願意分享有關該問題的詳細資訊。但...

Yes. As was noted earlier, we have expanded our next-day parcel coverage. We're over 50% of the population now in next-day parcel coverage. We've expanded our car delivery also to greater than 50% out of our stores. So we're pleased with the time we're taking out of our lead time to customer. We continue to take lead time out with every move we make in the supply chain, and each time we do, it improves conversion.

是的。如同先前所提到的，我們擴大了隔天包裹的覆蓋範圍。目前，超過 50% 的人口都享受了隔日包裹的覆蓋範圍。我們也將汽車配送服務擴展到門市的 50% 以上。因此，我們對為客戶節省的準備時間感到非常滿意。我們在供應鏈中的每一個舉措都持續地節省時間，而我們每次都這樣做，都會提高轉換率。

Just on the point on deceleration, it's a fiscal calendar shift thing. So that's not a comp number. That's a growth number.

就減速而言，這是一個財政日曆轉變的問題。所以這不是一個公司號碼。這是一個成長數字。

Ms. Janci, we have reached the end of the question-and-answer session. I would now like to turn the floor back over to you for closing comments.

詹西女士，我們的問答環節已經結束。現在我想把發言權交還給你們，請你們發表最後評論。

Thank you, Christine. And thank you, everyone, for joining us today. We look forward to speaking with you on our third quarter earnings call in November.

謝謝你，克里斯汀。感謝大家今天的參與。我們期待在 11 月的第三季財報電話會議上與您進行交談。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與，祝您有美好的一天。