家得寶 (HD) 2023 Q2 法說會逐字稿

Greetings and welcome to The Home Depot Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加家得寶 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我很高興向大家介紹你們的主人，伊莎貝爾·詹奇。請繼續。

Thank you, Christine, and good morning, everyone. Welcome to The Home Depot's Second Quarter 2023 Earnings Call. Joining us on our call today are Ted Decker, Chair, President and CEO; Billy Bastek, Executive Vice President of Merchandising; Ann-Marie Campbell, Executive Vice President of U.S. Stores and International Operations; and Richard McPhail, Executive Vice President and Chief Financial Officer.

謝謝克里斯汀，大家早上好。歡迎參加家得寶 2023 年第二季度財報電話會議。今天參加我們電話會議的還有董事長、總裁兼首席執行官 Ted Decker； Billy Bastek，營銷執行副總裁；安-瑪麗·坎貝爾 (Ann-Marie Campbell)，美國商店和國際運營執行副總裁；理查德·麥克菲爾（Richard McPhail），執行副總裁兼首席財務官。

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.

在我們準備好的發言之後，電話會議將開放提問。問題將僅限於分析師和投資者。 （操作員說明）如果我們在通話期間無法解答您的問題，請致電我們的投資者關係部門：(770) 384-2387。

Before I turn the call over to Ted, 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. Today's presentation will also include certain non-GAAP measures. Reconciliation of these measures is provided on our website.

在我將電話轉給Ted 之前，請允許我提醒您，今天的新聞稿和我們高管所做的演示包括1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些陳述受到以下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。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。今天的演示還將包括某些非公認會計原則措施。我們的網站上提供了這些措施的協調表。

Now let me turn the call over to Ted.

現在讓我把電話轉給特德。

Thank you, Isabel, and good morning, everyone. Sales for the second quarter were $42.9 billion, down 2% from the same period last year. Comp sales for the total company as well as our U.S. stores also declined 2% from the same period last year. Diluted earnings per share were $4.65 in the second quarter compared to $5.05 in the second quarter last year.

謝謝你，伊莎貝爾，大家早上好。第二季度銷售額為429億美元，比去年同期下降2%。整個公司以及我們美國商店的銷售額也比去年同期下降了 2%。第二季度稀釋後每股收益為 4.65 美元，而去年第二季度為 5.05 美元。

All 3 of our U.S. divisions posted low single-digit negative comps in the quarter. Our geographic variability narrowed significantly on a sequential basis as weather normalized, particularly in our Western division, and spring-related categories rebounded relative to the first quarter.

我們所有 3 個美國部門在本季度的業績均錄得低個位數負值。隨著天氣正常化，我們的地理變異性環比顯著縮小，特別是在我們的西部地區，並且與春季相關的類別相對於第一季度有所反彈。

While there was strength in project-related categories like building materials, hardware and plumbing, we continue to see pressure in certain big-ticket discretionary categories. Pro sales performance was slightly negative in the second quarter and outperformed the DIY customer. While surveys suggest that Pro backlogs are lower than they were a year ago, they are still healthy and elevated relative to historical norms. Additionally, projects in these backlogs are generally smaller in scale and scope.

儘管建築材料、硬件和管道等項目相關類別表現強勁，但我們仍然看到某些大宗非必需類別面臨壓力。第二季度 Pro 銷售業績略有下降，表現優於 DIY 客戶。儘管調查顯示 Pro 訂單積壓量低於一年前，但相對於歷史正常水平，它們仍然處於健康狀態並有所上升。此外，這些積壓項目的規模和範圍通常較小。

In the second quarter, we were pleased with the consumers' engagement with the home improvement, particularly across small projects, which Billy will discuss in greater detail. Going forward, as we continue to navigate a unique and uncertain environment, our focus continues to be on operating with agility as we respond to evolving customer dynamics while also driving productivity and efficiency throughout the business.

在第二季度，我們對消費者對家居裝修的參與感到滿意，特別是在小型項目中，比利將更詳細地討論這些項目。展望未來，隨著我們繼續應對獨特且不確定的環境，我們的重點仍然是敏捷運營，響應不斷變化的客戶動態，同時提高整個企業的生產力和效率。

In addition and as we mentioned at our investor conference in June, we operate in a large and fragmented $950 billion-plus addressable market. We remain committed to growing the business and believe we are well positioned to continue capturing market share.

此外，正如我們在 6 月份的投資者會議上提到的，我們在一個規模超過 9500 億美元的龐大且分散的潛在市場中運營。我們仍然致力於發展業務，並相信我們有能力繼續佔領市場份額。

To that end, I'm pleased to announce HD Supply's acquisition of Redi Carpet, a national MRO flooring provider with a proven track record. This acquisition, which closed at the beginning of the first quarter, extends our current product offering in the multifamily customer vertical with 34 locations strategically located throughout the U.S.

為此，我很高興地宣布 HD Supply 收購了 Redi Carpet，這是一家擁有良好業績記錄的全國性 MRO 地板供應商。此次收購於第一季度初完成，通過戰略性地分佈在美國各地的 34 個地點，擴展了我們在多戶型客戶垂直領域當前的產品供應。

Our team will continue to focus on what is most important, our associates and customers. Our merchants, store MET teams, supplier partners and supply chain teams did an outstanding job delivering value and service to our customers throughout the quarter, and I'd like to thank them for their dedication and hard work.

我們的團隊將繼續關注最重要的事情：我們的員工和客戶。我們的商家、商店 MET 團隊、供應商合作夥伴和供應鏈團隊在整個季度為我們的客戶提供價值和服務方面表現出色，我要感謝他們的奉獻和辛勤工作。

Before I close, I would like to send our thoughts and prayers to the people of Maui. While we are thankful that our people on the island are all accounted for, we are heartbroken by the loss of life and extreme devastation that the community must now navigate, and we stand ready to help in the days, months and years ahead.

在結束之前，我想向毛伊島人民表達我們的思念和祈禱。雖然我們很慶幸島上的人民都已獲救，但我們對社區現在必須應對的生命損失和極端破壞感到心碎，我們隨時準備在未來的日子、幾個月和幾年裡提供幫助。

And with that, I'd like to turn the call over to Billy.

說到這裡，我想把電話轉給比利。

Thank you, Ted, and good morning, everyone. I want to start by also thanking all of our associates and supplier partners for their ongoing commitment to serving our customers and communities.

謝謝你，特德，大家早上好。首先，我還要感謝我們所有的員工和供應商合作夥伴持續致力於為我們的客戶和社區提供服務。

In the second quarter, as we saw weather improved across the country, most notably in our Western division, we saw an increase in spring sales and strength in smaller-ticket projects. In addition, we saw a continuation of the trend we observed starting in the fourth quarter of fiscal 2022 with softness in certain big-ticket discretionary-type purchases.

在第二季度，隨著我們看到全國各地的天氣有所改善，尤其是在我們的西部地區，我們看到春季銷售的增長和小額項目的實力。此外，我們看到從 2022 財年第四季度開始觀察到的趨勢仍在延續，某些大宗可自由支配型採購疲軟。

Turning to our department comp performance for the second quarter, 6 of our 14 merchandising departments posted positive comps, including building materials, outdoor garden, hardware, plumbing, tools and millwork. During the second quarter, our comp average ticket was slightly positive and comp transactions decreased 2%. Excluding core commodities, comp average ticket was primarily impacted by inflation across several product categories as well as demand for new and innovative products. Deflation from core commodity categories negatively impacted our average ticket growth by approximately 160 basis points during the second quarter driven by deflation in lumber.

談到第二季度我們的部門業績表現，我們 14 個銷售部門中有 6 個部門公佈了積極的業績表現，包括建築材料、戶外花園、硬件、管道、工具和木製品。第二季度，我們的贈品平均門票略有增長，贈品交易量下降了 2%。不包括核心商品，平均票價主要受到多個產品類別的通貨膨脹以及對新產品和創新產品的需求的影響。由於木材通貨緊縮，第二季度核心商品類別的通貨緊縮對我們的平均票價增長產生了約 160 個基點的負面影響。

During the second quarter, we saw a significant decline in lumber prices relative to a year ago. As an example, on average, framing lumber was approximately $420 per 1,000 board feet compared to approximately $715 in the second quarter of 2022, representing a decrease of over 40%.

在第二季度，我們看到木材價格較去年同期大幅下降。例如，平均而言，框架木材的價格約為每 1,000 板英尺 420 美元，而 2022 年第二季度的價格約為每 1,000 板英尺 715 美元，下降了 40% 以上。

Turning to total company online sales. Sales leveraging our digital platforms increased approximately 1% compared to the second quarter of last year. We're excited about our customer engagement across our interconnected platforms as we continue to remove friction from the experience. We know the vast majority of our customers engage with us in an interconnected manner, whether it be through project inspiration and research, transacting, fulfillment or support, our customers blend the physical and digital world. For those customers that chose to transact with us online during the second quarter, nearly half of our online orders were fulfilled through our stores.

轉向公司總在線銷售額。與去年第二季度相比，利用我們數字平台的銷售額增長了約 1%。隨著我們不斷消除體驗中的摩擦，我們對跨互聯平台的客戶參與感到興奮。我們知道絕大多數客戶以相互關聯的方式與我們互動，無論是通過項目靈感和研究、交易、履行還是支持，我們的客戶將物理世界和數字世界融為一體。對於第二季度選擇與我們在線交易的客戶來說，我們近一半的在線訂單是通過我們的商店完成的。

During the second quarter, Pro sales were slightly negative and outpaced the DIY customer. While surveys suggest that Pro backlogs are lower than they were a year ago, they are still healthy and elevated relative to historical norms. And in the second quarter, we saw strength across many Pro-heavy categories like gypsum, fasteners and insulation. In addition, we continue to see strength across smaller projects with positive comp performance in a number of categories, including live goods, hardscapes and landscapes.

第二季度，Pro 銷售略有負增長，並且超過了 DIY 客戶。儘管調查顯示 Pro 訂單積壓量低於一年前，但相對於歷史正常水平，它們仍然處於健康狀態並有所上升。在第二季度，我們看到了石膏、緊固件和絕緣材料等許多專業重型產品的強勁表現。此外，我們繼續看到小型項目的優勢，在許多類別（包括生活用品、硬景觀和景觀）中具有積極的比較表現。

Big-ticket comp transactions or those over $1,000 were down 5.5% compared to the second quarter of last year. After 3 years of unprecedented demand in home improvement market, we continue to see softer engagement in big-ticket discretionary categories like patio and appliances that likely reflects both pull-forward of these single-item purchases and deferrals.

與去年第二季度相比，大件商品或 1,000 美元以上的商品交易量下降了 5.5%。經過三年前所未有的家居裝修市場需求，我們繼續看到露台和電器等大件可自由支配類別的參與度下降，這可能反映出這些單品購買的提前和推遲。

Our merchandising organization remains focused on being our customers' advocate for value. This means continuing to provide a broad assortment of best-in-class products that are in-stock and available for our customers when they need it. We will also continue to lean into products that simplify the project, saving our customers time and money. That's why I'm so excited about the innovation we continue to bring to the market.

我們的銷售組織仍然專注於成為客戶價值的倡導者。這意味著繼續提供種類繁多的一流產品，這些產品有庫存，可以在客戶需要時提供給他們。我們還將繼續致力於開發能夠簡化項目、節省客戶時間和金錢的產品。這就是為什麼我對我們繼續為市場帶來的創新感到如此興奮。

This quarter, we are excited to announce the addition of the Milwaukee brand to our assortment of electrical hand tools. Within this assortment, we will be introducing a brand-new line of innovative Milwaukee hand tools that provide a high degree of precision with lasting results for our Pro customers. We've already seen positive results with our Pro customers and feel confident that the addition of these Milwaukee tools will strengthen our position as the #1 destination for the electrical trade in the big-box retail channel.

本季度，我們很高興地宣布將 Milwaukee 品牌添加到我們的電動手動工具產品中。在這個品種中，我們將推出全新的創新 Milwaukee 手動工具系列，為我們的專業客戶提供高精度和持久的效果。我們已經在專業客戶中看到了積極的成果，並且相信這些密爾沃基工具的添加將鞏固我們作為大型零售渠道中電氣貿易第一目的地的地位。

Additionally, in kitchen and bath, we continue to bring innovation to the market with Glacier Bay. Glacier Bay is one of The Home Depot's top proprietary brands known for performance and style. This fall, we are excited to grow our faucet lineup to include innovative functionalities, such as touchless and spring neck designs; add to our assortment of sinks and shower heads, while also expanding into new categories like disposals.

此外，在廚房和浴室領域，我們繼續通過 Glacier Bay 為市場帶來創新。 Glacier Bay 是家得寶 (The Home Depot) 的頂級專有品牌之一，以性能和風格而聞名。今年秋天，我們很高興能夠擴大我們的水龍頭系列，以包括創新功能，例如非接觸式和彈簧頸設計；添加到我們的水槽和淋浴頭品種中，同時還擴展到新的類別，例如處理器。

We are also extremely excited about our lineup for Halloween. Our merchants have worked with our supplier partners to put together an expanded assortment of product offerings for this Halloween season, including the return of many fan favorites as well as new collections for the Halloween enthusiasts. These products bring excitement to our stores and help drive traffic. And our sneak preview of our Halloween lineup was a tremendous success. We are thrilled for the full rollout in the coming weeks.

我們也對萬聖節的陣容感到非常興奮。我們的商家與我們的供應商合作夥伴合作，為這個萬聖節季節提供了更多種類的產品，包括許多粉絲最愛的回歸以及為萬聖節愛好者推出的新系列。這些產品給我們的商店帶來興奮並有助於增加客流量。我們對萬聖節陣容的預演取得了巨大的成功。我們對未來幾週內的全面推出感到非常興奮。

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

說到這裡，我想把電話轉給安。

Thanks, Billy, and good morning, everyone. Our store teams have a relentless focus on cultivating the best customer experience in home improvement. We know that our associates are a key differentiator and they are essential in helping us sustain the customer experience we strive for.

謝謝，比利，大家早上好。我們的商店團隊不懈地致力於培養家居裝修方面的最佳客戶體驗。我們知道，我們的員工是關鍵的差異化因素，他們對於幫助我們維持我們所追求的客戶體驗至關重要。

In order to provide the best customer experience in home improvement, we must focus on cultivating the best associate experience in retail. This means not only investing in competitive wages and benefits but also providing tools, training and development opportunities that make working at The Home Depot an endurable and rewarding experience.

為了提供最佳的家居裝修客戶體驗，我們必須重點培養最佳的零售店員工體驗。這意味著不僅要投資於有競爭力的工資和福利，還要提供工具、培訓和發展機會，使在家得寶的工作成為一種持久且有益的經歷。

I am happy to share that our approximately $1 billion of annualized compensation investment that we announced earlier this year is having the intended effects. This quarter, we continued to see meaningful improvement in our attrition rates, particularly among our most tenured associates. More consistent staffing levels are resulting in improved customer service, productivity and safety. These improvements are exactly what we set out to achieve with this wage investment.

我很高興地告訴大家，我們今年早些時候宣布的約 10 億美元的年化薪酬投資正在產生預期效果。本季度，我們繼續看到員工流失率顯著改善，特別是在我們最資深的員工中。更加一致的人員配置水平可以改善客戶服務、生產力和安全性。這些改進正是我們通過工資投資所要實現的目標。

In addition to investing in our associates, we must also leverage technology to further simplify both the associate and customer experience. As you heard at our investor and analyst conference in June, our customers' journeys differ. Depending on the project they are working on, they shop with us in different ways. There is the unassisted cash-and-carry purchase, which represents a significant majority of our in-store sales. And the remaining sales are assisted purchases, where customers need help in purchasing a product, a service or installation.

除了投資於我們的員工之外，我們還必須利用技術來進一步簡化員工和客戶的體驗。正如您在 6 月份的投資者和分析師會議上聽到的那樣，我們的客戶的旅程有所不同。根據他們正在進行的項目，他們以不同的方式向我們購物。無人協助的現購自運購買占我們店內銷售的很大一部分。其餘的銷售是協助購買，即客戶在購買產品、服務或安裝時需要幫助。

It is critical that we have the right products in-stock in the right quantity and on the shelf available for purchase, particularly for unassisted sales. That's why you hear us talk about our focus on improving our on-shelf availability, or OSA, positions. We are working to narrow the gap between what is considered in-stock, meaning our systems indicate it is in-store versus on the shelf and available for sale for the customer. We are doing this by starting to leverage new technology such as computer vision. Computer vision enables technology to do what we previously relied on associate eyes to do and provide specific locations of depalletized product that is stored in our overhead.

至關重要的是，我們必須擁有正確數量的正確庫存產品，並在貨架上可供購買，特別是對於無人協助的銷售。這就是為什麼您會聽到我們談論我們專注於提高貨架可用性（OSA）位置。我們正在努力縮小庫存之間的差距，這意味著我們的系統表明它是在店內與在貨架上並可供客戶銷售。我們通過開始利用計算機視覺等新技術來做到這一點。計算機視覺使技術能夠完成我們以前依靠副眼完成的工作，並提供存儲在我們頭頂上的卸垛產品的特定位置。

To start, associates will take a picture of bays using their HD phones. These images then feeds into our systems and provide a single real-time view of inventory that can then seamlessly integrate into applications like Sidekick. Powered by machine learning, Sidekick directs associates to key bays where OSA is low or out exists. This helps our teams prioritize the highest-value task inside their respective stores.

首先，員工將使用高清手機拍攝海灣的照片。然後，這些圖像會輸入到我們的系統中，並提供單一的實時庫存視圖，然後可以無縫集成到 Sidekick 等應用程序中。在機器學習的支持下，Sidekick 可以引導員工前往 OSA 較低或不存在的關鍵區域。這有助於我們的團隊優先考慮各自商店內價值最高的任務。

The beauty of the machine learning model is that the algorithm is continuously learning as computer vision images are captured and Sidekick tasks are completed. So it will get better and better at directing our associates to the right bay at the right time.

機器學習模型的美妙之處在於，隨著計算機視覺圖像的捕獲和 Sidekick 任務的完成，算法會不斷學習。因此，它會越來越好地引導我們的員工在正確的時間到達正確的海灣。

While it's early days, as we have begun implementing this technology, we have seen meaningful improvements in OSA, increased associate engagement and productivity and higher customer service scores.

雖然現在還處於早期階段，但隨著我們開始實施這項技術，我們已經看到 OSA 取得了有意義的改進，員工敬業度和生產力提高了，客戶服務得分也提高了。

In terms of our assisted sales experience, we have worked to improve this experience by enhancing our systems and processes and have made significant strides. Historically, our associates had to navigate dozens of different systems. Over the last several years, we have invested to simplify the order management system in our stores with the introduction of Order Up. We have created a more robust, intuitive system that is easy for the first-day associate to use. This system enables any associate to more easily serve customers across a number of different applications, whether that's picking up an order, placing an order, changing an order or scheduling a service or installation.

在我們的輔助銷售體驗方面，我們努力通過增強我們的系統和流程來改善這種體驗，並取得了重大進展。從歷史上看，我們的員工必須瀏覽數十個不同的系統。在過去的幾年裡，我們投資簡化了商店的訂單管理系統，引入了 Order Up。我們創建了一個更強大、更直觀的系統，可供第一天員工輕鬆使用。該系統使任何員工能夠更輕鬆地通過多種不同的應用程序為客戶提供服務，無論是提貨、下訂單、更改訂單還是安排服務或安裝。

Not only does Order Up make it easier to fulfill a customer's needs, but it also frees up more time for associates to spend serving customers that needs assistance while in our stores. These enhancements have made the average Order Up experience over 40% faster for the customer, which has led to improved customer service scores.

Order Up 不僅可以更輕鬆地滿足客戶的需求，還可以讓員工騰出更多時間為在我們商店中需要幫助的客戶提供服務。這些增強功能使客戶的平均訂購體驗速度提高了 40% 以上，從而提高了客戶服務分數。

These initiatives are just a few examples of the many different types of projects that can drive significant impact for customers, our associates and shareholders. I am so excited about all that our store teams are doing to focus on both the customer and associate experience. None of this would be possible without our amazing associates, and I want to thank them for all they do to take care of our customers.

這些舉措只是許多不同類型項目的幾個例子，這些項目可以為客戶、我們的員工和股東帶來重大影響。我對我們的商店團隊為關注客戶和員工體驗所做的一切感到非常興奮。如果沒有我們出色的員工，這一切都是不可能的，我要感謝他們為照顧我們的客戶所做的一切。

With that, let me turn the call over to Richard.

現在，讓我把電話轉給理查德。

Thank you, Ann, and good morning, everyone. In the second quarter, total sales were $42.9 billion, a decrease of approximately $900 million or 2% from last year. During the second quarter, our total company comps were negative 2% with comps of negative 2.6% in May, negative 3.3% in June and negative 0.2% in July. Comps in the U.S. were negative 2% for the quarter with comps of negative 2.6% in May, negative 3.3% in June and negative 0.4% in July.

謝謝你，安，大家早上好。第二季度總銷售額為429億美元，比去年減少約9億美元，即2%。第二季度，我們公司的總成本為負 2%，其中 5 月份為負 2.6%，6 月份為負 3.3%，7 月份為負 0.2%。美國本季度的綜合指數為負 2%，其中 5 月份為負 2.6%，6 月份為負 3.3%，7 月份為負 0.4%。

As you heard from Billy, during the second quarter, we continued to experience lumber deflation compared to the prior year. While lumber prices were down, we saw an improvement in unit productivity, resulting in a net negative comp impact of approximately 85 basis points versus the second quarter of 2022.

正如您從比利那裡聽到的，在第二季度，與上一年相比，我們繼續經歷木材通貨緊縮。雖然木材價格下跌，但我們看到單位生產率有所提高，導致與 2022 年第二季度相比淨負面競爭影響約 85 個基點。

In the second quarter, our gross margin was 33%, a decrease of 8 basis points from the second quarter last year, primarily driven by pressure from shrink. During the second quarter, operating expense as a percent of sales increased approximately 100 basis points to 17.6% compared to the second quarter of 2022.

第二季度，我們的毛利率為33%，比去年第二季度下降8個基點，主要是受收縮壓力推動。與 2022 年第二季度相比，第二季度運營費用佔銷售額的百分比增加了約 100 個基點，達到 17.6%。

Our operating expense performance during the second quarter reflects our previously executed compensation increases for hourly associates as well as deleverage from our top line results. Our operating margin for the second quarter was 15.4% compared to 16.5% in the second quarter of 2022.

我們第二季度的運營費用表現反映了我們之前對小時工的薪酬增加以及我們頂線業績的去槓桿化。我們第二季度的營業利潤率為 15.4%，而 2022 年第二季度為 16.5%。

Interest and other expense for the second quarter increased by $49 million to $428 million due primarily to interest on our floating rate debt as well as higher debt balances than a year ago. In the second quarter, our effective tax rate was 24.4%, up from 24.3% in the second quarter of fiscal 2022.

第二季度的利息和其他費用增加了 4900 萬美元，達到 4.28 億美元，這主要是由於我們的浮動利率債務利息以及債務餘額高於一年前。第二季度，我們的有效稅率為 24.4%，高於 2022 財年第二季度的 24.3%。

Our diluted earnings per share for the second quarter were $4.65, a decrease of 7.9% compared to the second quarter of 2022.

我們第二季度的攤薄每股收益為 4.65 美元，較 2022 年第二季度下降 7.9%。

During the second quarter, we opened 2 new stores, bringing our total store count to 2,326. Retail selling square footage was approximately 241 million square feet. At the end of the quarter, merchandise inventories were $23.3 billion, down $2.8 billion compared to the second quarter of 2022. And inventory turns were 4.4x, down from 4.5x last year.

第二季度，我們新開了 2 家門店，使門店總數達到 2,326 家。零售銷售面積約為2.41億平方英尺。截至本季度末，商品庫存為 233 億美元，比 2022 年第二季度減少 28 億美元。庫存周轉率為 4.4 倍，低於去年的 4.5 倍。

Turning to capital allocation. After investing in our business and paying our dividend, it is our intent to return excess cash to shareholders in the form of share repurchases. During the second quarter, we invested approximately $800 million back into our business in the form of capital expenditures. And during the quarter, we paid approximately $2.1 billion in dividends to our shareholders, and we returned approximately $2 billion to shareholders in the form of share repurchases.

轉向資本配置。在投資我們的業務並支付股息後，我們打算以股票回購的形式將多餘的現金返還給股東。第二季度，我們以資本支出的形式向業務投資了約 8 億美元。在本季度，我們向股東支付了約 21 億美元的股息，並以股票回購的形式向股東返還了約 20 億美元。

Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 41.5%, down from 45.6% in the second quarter of fiscal 2022.

根據過去 12 個月期初和期末長期債務和股本的平均值計算，投資資本回報率約為 41.5%，低於 2022 財年第二季度的 45.6%。

Now I'll comment on our guidance for fiscal 2023. Today, we are reaffirming our guidance for 2023. We expect fiscal 2023 sales and comp sales to decline between 2% and 5%. We are targeting an operating margin between 14.3% and 14% for the year. Our effective tax rate is targeted at approximately 24.5%. We expect interest expense of approximately $1.8 billion, and we are anticipating between a 7% and 13% decline in diluted earnings per share compared to fiscal 2022. In addition, we continue to focus on driving productivity in the business and feel confident that we will realize the previously announced $500 million in annualized cost savings in 2024.

現在我將評論我們對 2023 財年的指導。今天，我們重申對 2023 年的指導。我們預計 2023 財年銷售額和比較銷售額將下降 2% 至 5%。我們今年的目標營業利潤率在 14.3% 至 14% 之間。我們的有效稅率目標約為 24.5%。我們預計利息支出約為 18 億美元，與 2022 財年相比，我們預計攤薄後每股收益將下降 7% 至 13%。此外，我們將繼續專注於提高業務生產力，並有信心我們將到2024年實現之前宣布的年度成本節省5 億美元。

We also remain focused on meeting the needs of our customers with our leading product authority in home improvement, strong in-stock levels and knowledgeable associates. We will continue to prudently invest to strengthen our competitive position and leverage our scale and low-cost position to outperform our market and deliver shareholder value.

我們還繼續致力於通過我們在家居裝修領域領先的產品權威、強大的庫存水平和知識淵博的員工來滿足客戶的需求。我們將繼續審慎投資，以增強我們的競爭地位，並利用我們的規模和低成本地位超越市場並創造股東價值。

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，我們現在準備好提問了。

(Operator Instructions) Our first question comes from the line of Christopher Horvers with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Christopher Horvers。

So I think the big question is on an -- for the industry, have we seen the bottom? You did a down 4.5% in the first quarter, then you did a down 2% in the second quarter, July was flat. So how are you thinking about the trends going forward? Was there anything in the second quarter that we shouldn't extrapolate on a go-forward basis, whether that was weather shift? Or was there something about July that benefited that month in particular?

所以我認為最大的問題是——對於這個行業來說，我們已經看到底部了嗎？第一季度下降了 4.5%，第二季度下降了 2%，7 月持平。那麼您如何看待未來的趨勢？第二季度是否有任何事情我們不應該在未來的基礎上進行推斷，是否是天氣變化？或者 7 月有什麼事情讓這個月特別受益嗎？

Chris, it's Ted. The quick answer is, yes, July really was a weather shift. We had a particularly wet and cold June. And with that weather shift, the months of the second quarter were all sequentially about that same minus 2%.

克里斯，是特德。簡單的回答是，是的，七月確實是一個天氣變化。我們度過了一個特別潮濕和寒冷的六月。由於天氣變化，第二季度的月份均連續下降約 2%。

But to answer your question from a more macro perspective on where we see the industry and the demand, just start by saying, as you all know, we looked at 2023 as a year of moderation after the explosive growth we had the prior few years. And as we called out, consumers would be shifting their spending from goods to services. And while that shift is happening, the overall economy and the consumer in particular have remained incredibly resilient.

但要從更宏觀的角度回答您的問題，即我們對行業和需求的看法，首先要說的是，眾所周知，我們將 2023 年視為繼前幾年爆炸性增長之後的溫和一年。正如我們所呼籲的，消費者將把支出從商品轉向服務。儘管這種轉變正在發生，但整體經濟，尤其是消費者仍然保持著令人難以置信的彈性。

As we all know, the economy continues to grow with a number -- another great GDP print for the second quarter. And fears of a recession or at least a severe recession have largely subsided, and the consumer is generally healthy. There's PCE spending, continues to grow, albeit at a slower rate.

眾所周知，經濟繼續增長，第二季度的 GDP 數據又取得了巨大的進步。對經濟衰退或至少嚴重衰退的擔憂已基本消退，消費者總體健康。 PCE支出繼續增長，儘管速度較慢。

And if you look at the home improvement customer, our core customer, the homeowner, they've seen continued growth in home equity over the last several years, strong job growth and increases in wages. So the core customer remains strong. And if you look at Home Depot, you look at our operations, what we can specifically control, we feel great about where we are halfway through this year. As you saw, the meaningful reduction in inventory. We think our inventory positions are better placed than they've been in the past few years. Our in-stock rates have continued to improve. Our value proposition remains strong. And as Ann called out, the wage investments are really paying off.

如果你看看家居裝修客戶，我們的核心客戶，房主，他們會看到過去幾年房屋淨值的持續增長，就業的強勁增長和工資的增長。因此，核心客戶依然強勁。如果你看看家得寶，你看看我們的運營，我們可以具體控制什麼，我們對今年過半的情況感到非常滿意。正如您所看到的，庫存顯著減少。我們認為我們的庫存狀況比過去幾年更好。我們的庫存率持續提高。我們的價值主張依然強勁。正如安所說，工資投資確實得到了回報。

But given all those positives and -- that we were pleased in the second quarter, uncertainties remain, Chris. We don't know how quickly or further the share shift in PCE will occur and where spending in home improvement in particular will ultimately settle. And we don't know how the monetary policy actions which are specifically intended to dampen consumer demand, what that impact will ultimately have on consumer sentiment in the overall economy.

但考慮到所有這些積極因素，以及我們對第二季度感到滿意的情況，克里斯，不確定性仍然存在。我們不知道個人消費支出的份額轉移將發生多快或多遠，以及家庭裝修支出最終將在哪裡解決。我們不知道專門旨在抑制消費者需求的貨幣政策行動將如何影響整體經濟中的消費者信心。

And as I said, while we did see the sequential improvement in our comp sales, a lot of that was a seasonal recovery in the second quarter. And as I said, specifically in July, as well as the impact of lumber is beginning to abate. And as Billy called out, we do continue to see pressure in certain big-ticket, discretionary categories.

正如我所說，雖然我們確實看到了公司銷售的連續改善，但其中很大一部分是第二季度的季節性複蘇。正如我所說，特別是在七月份，木材的影響開始減弱。正如比利所指出的那樣，我們確實繼續看到某些高價、可自由支配類別的壓力。

So while there's a lot of positives in the macro and with the consumer, we still see enough uncertainty really largely driven by this PCE shift and where that ultimately lands, that we -- well, again, we feel good. We just thought there was too much uncertainty to take, for example, revise our guidance from earlier in the year.

因此，儘管宏觀經濟和消費者方面存在很多積極因素，但我們仍然看到足夠的不確定性，這在很大程度上是由個人消費支出的轉變以及最終的結果所驅動的，我們——好吧，我們再次感覺良好。我們只是認為存在太多不確定性，無法應對，例如，修改我們今年早些時候的指導。

But having said all of that, long answer, when we do get through this period of moderation, we remain incredibly bullish on the sector. We couldn't feel better about the macro for housing and home improvement and our prospects and ability to keep taking share in this huge and still largely fragmented market.

但話雖如此，答案很長，當我們確實度過這段溫和時期時，我們仍然對該行業非常樂觀。我們對住房和家居裝修的宏觀形勢以及我們在這個巨大但仍然分散的市場中繼續佔據份額的前景和能力感到非常滿意。

My follow-up question is on the ticket side. I mean you are -- if you run stacks or CAGRs on your average ticket, it did deteriorate in the second quarter relative to the first. So can you talk about the drivers of that? And how much of that is this shift to smaller-ticket projects accelerating? Because you're going to start to lap through that ticket pressure in the fourth quarter. So is what you're seeing now indicative of that shift from large to small is accelerating, so we can't just assume that we sort of annualize that out in the fourth quarter?

我的後續問題是關於門票方面的。我的意思是，如果你對平均門票進行堆棧或複合年增長率，那麼相對於第一季度，第二季度的情況確實惡化了。那麼您能談談其驅動因素嗎？向小成本項目的轉變在多大程度上加速了？因為你將在第四季度開始承受門票壓力。那麼，您現在看到的情況是否表明從大到小的轉變正在加速，因此我們不能簡單地假設我們在第四季度將其年化？

Well, Chris, this is Richard. First, just with respect to stacks and progression, what we're encouraged by is we're seeing -- as cost pressures in our industry sort of abate, we're seeing ticket and transactions actually begin to converge. And we think that that's actually a healthy signal in the business. So I think that's the most macro comment that we could make about ticket progression.

嗯，克里斯，這是理查德。首先，就堆棧和進度而言，令我們感到鼓舞的是，隨著我們行業的成本壓力有所減輕，我們看到門票和交易實際上開始融合。我們認為這實際上是行業的一個健康信號。所以我認為這是我們可以對門票進度做出的最宏觀的評論。

With respect to large versus small projects, certainly, our customers and our contractors tell us that there is some stance of deferral when it comes to large projects. Customers are opting for -- they're more likely to opt for smaller versus larger, and that may have some impact on ticket.

當然，就大型項目與小型項目而言，我們的客戶和承包商告訴我們，對於大型項目存在某種推遲的立場。客戶正在選擇——他們更有可能選擇較小的而不是較大的，這可能會對門票產生一些影響。

But we're also seeing the impacts of what we call softness in certain large-ticket discretionary item purchases like patio and appliances. So there's a lot going on there, but I think that the -- maybe the most important dynamic is just kind of that nice recovery in transactions as both ticket and transactions begin to converge and normalize.

但我們也看到了所謂的疲軟對某些大件非必需品（如庭院和電器）購買的影響。因此，那裡發生了很多事情，但我認為，也許最重要的動態就是隨著票證和交易開始收斂和正常化，交易中的良好恢復。

Our next question comes from the line of Michael Lasser with UBS.

我們的下一個問題來自瑞銀集團的邁克爾·拉瑟 (Michael Lasser)。

Given this trend of small transactions coming in and maybe even replacing large transactions, is it more likely that you can take the low end of your guidance off the table of a down 5% comp for the year outside of some macroeconomic shock at this point?

鑑於小額交易進入甚至可能取代大額交易的趨勢，除了宏觀經濟衝擊之外，您是否更有可能將今年的指導低端從下降 5% 的補償中剔除？

Well, Michael, I don't want to go through the answer I just went through with Chris but...

好吧，邁克爾，我不想再講一遍我剛剛和克里斯講過的答案，但是……

I heard you...

我聽到你...

That's pretty -- I've pretty much laid out the view. I mean, again, we feel really good about the second quarter. Clearly, we like the sequential improvement. And as Richard said, the normalization in settling, if you will, of a much healthier balance of ticket and transactions.

太漂亮了——我已經大致闡述了這個觀點。我的意思是，我們對第二季度的感覺非常好。顯然，我們喜歡連續的改進。正如理查德所說，如果你願意的話，票據和交易之間的平衡將更加健康。

But there's still just a lot of uncertainty. Is the Fed going to raise? Are we going to get a budget deal passed? I mean there's so many things out there swirling that we just updated or reaffirmed in June that we're just more comfortable standing pat right now.

但仍然存在很多不確定性。美聯儲會加息嗎？我們會通過預算協議嗎？我的意思是，有太多事情正在發生，我們剛剛在 6 月份更新或重申，我們現在更願意按兵不動。

And the other thing just to at least know that we're watching is our share of PCE. We've watched this since our sales spiked in 2020 as -- not a perfect measurement, but certainly a way to think contextually about what we saw during the 3 years of unprecedented growth. As predicted, we've seen our share of PCE. As Ted mentioned, as we've seen share shift from goods into services, we have also seen our share of PCE steadily revert back towards 2019 levels.

至少要知道我們正在關注的另一件事是我們在 PCE 中所佔的份額。自2020 年銷售額飆升以來，我們一直在觀察這一情況——這不是一個完美的衡量標準，但肯定是一種結合背景來思考我們在這3 年前所未有的增長期間所看到的情況的方法。正如預測的那樣，我們已經看到了 PCE 的份額。正如 Ted 提到的，隨著我們看到份額從商品轉向服務，我們也看到 PCE 份額穩步恢復到 2019 年的水平。

When you think about the bottom end of our sales guidance, that actually corresponds with the math that would say if our share of PCE reverted all the way back to 2019 levels, that would imply the low end of the guidance. We don't see anything in our business today that tells us that that's the trajectory, but that is the math of our PCE share shift.

當你考慮我們銷售指導的下限時，這實際上與數學相符，如果我們的 PCE 份額一路恢復到 2019 年的水平，這將意味著指導的下限。我們今天的業務中沒有看到任何東西告訴我們這就是軌跡，但這就是我們的 PCE 份額變化的數學原理。

And I'd also just repeat, Ted, we're not sure where that share ultimately settles. The home is so much more important from a financial perspective for, you'd say, all homeowners than it was 3 years ago that perhaps there's an elevated level of home improvement spend in PCE versus prior years. We just don't know. But that low end of the range does correspond to the PCE share shift math.

我還要重複一遍，特德，我們不確定該份額最終會在哪裡解決。您可能會說，從財務角度來看，對於所有房主來說，房屋比三年前更加重要，以至於 PCE 的房屋裝修支出水平可能比前幾年有所提高。我們只是不知道。但該範圍的低端確實與 PCE 份額變化數學相對應。

Understood. My follow-up question is Home Depot's operating expenses this year are being impacted by the $1 billion wage investment. But SG&A growth over the last few years has been anything but normal. So the key debate here is, has the company entered a period where the cost of doing business has just gone up such that even if the cycle recovers in 2024, the company won't see a significant improvement in its profitability because so much will need to be reinvested back in operating expenses based on what's happening right now?

明白了。我的後續問題是家得寶今年的運營支出受到了 10 億美元工資投資的影響。但過去幾年的銷售、管理及行政費用 (SG&A) 增長絕非正常。因此，這裡的關鍵爭論是，公司是否進入了經營成本剛剛上升的時期，即使周期在 2024 年恢復，公司的盈利能力也不會出現顯著改善，因為需要太多的資金投入。根據現在發生的情況再投資回運營費用？

Well, I wouldn't paint that picture, Michael. Clearly, too early to talk about 2024. But we made a significant investment in wage, as Ann said, and we're in a much more comfortable position on a national minimum level and where we are in competitive markets. So again, as Ann mentioned, we couldn't feel better about the returns on that investment.

好吧，我不會畫那幅畫，邁克爾。顯然，談論 2024 年還為時過早。但正如安所說，我們在工資方面進行了大量投資，而且我們在全國最低水平以及競爭市場中處於更加舒適的位置。因此，正如安提到的那樣，我們對這項投資的回報感到非常滿意。

We don't expect that we're going to need to make that outsize of an investment in the near-term planning horizon. Wage rates are still up, but we're seeing those come down. Annual increases that we track month-to-month, as I'm sure you do, are moderating. So we don't see another big wage investment. And then this business, as it always does, will leverage with volume in those dynamics of this P&L leveraging with modest comps. That investment thesis remains intact.

我們預計在近期規劃範圍內不需要進行如此大規模的投資。工資率仍然上漲，但我們看到工資率正在下降。正如我確信您所做的那樣，我們逐月跟踪的年度增長正在放緩。因此，我們不會看到另一項大規模的工資投資。然後，該業務將像往常一樣，在損益槓桿的動態中以適度的補償來利用交易量。這一投資論點仍然完好無損。

It might just do to remind, as we laid out in the investor conference, in a market-normalized case -- with 3% to 4% top line growth in a normalized case, we expect margin expansion based on operating expense leverage that would lead to mid- to high single-digit EPS growth. So nothing's really structurally changed that much, but it is worth just pointing back to our comments in June.

正如我們在投資者會議上所闡述的那樣，這可能只是提醒一下，在市場正常化的情況下——在正常化的情況下，收入增長3% 至4%，我們預計基於運營費用槓桿的利潤率擴張將導致每股收益實現中高個位數增長。因此，結構上並沒有發生太大變化，但值得回顧一下我們在 6 月份的評論。

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

我們的下一個問題來自富國銀行的 Zach Fadem。

Can you help us unpack the cadence of DIY versus Pro from Q1 to Q2 as last quarter saw DIY outperformed Pro for, I think, the first time in 2 years? And with that reversing out in Q2, curious how you think about the moving parts between the 2, and if we should expect the spread to widen or [a contract] going forward.

您能幫我們分析一下從第一季度到第二季度 DIY 與 Pro 的節奏嗎？我認為，上季度 DIY 的表現兩年來首次超過了 Pro？隨著第二季度的逆轉，好奇你如何看待兩者之間的變化部分，以及我們是否應該預期利差會擴大或[合同]繼續下去。

Zach, I wouldn't read too much into that. There was so much noise in Q1 that I'd just say that was an outlier. And the theme of the Pro responding to the investments we're making in outperforming the consumer that we just saw in Q2 is consistent with what we've seen. But for an outlier, very noisy Q1.

扎克，我不會對此進行太多解讀。第一季度有太多噪音，我只能說這是一個異常值。 Pro 的主題是對我們在第二季度看到的超越消費者的投資的回應，這與我們所看到的一致。但對於異常值來說，Q1 非常嘈雜。

Got you. And Richard, you had talked about the $500 million in cost savings next year coming out of the base. But I believe there's also about 10 to 20 bps of productivity benefit this year. And I'm hoping you could speak to, first of all, the differences between the 2 and the buckets of savings and then whether that 10 to 20 bps for this year is in the base today or if it builds through the year.

明白你了。理查德，您曾談到明年該基地將節省 5 億美元的成本。但我相信今年生產率也將提高約 10 至 20 個基點。我希望您能首先談談這 2 個基點和儲蓄桶之間的差異，然後討論今年的 10 到 20 個基點是否處於今天的基礎上，或者是否會在全年中建立。

Sure. Zack, thanks. Yes, that 10 to 20 bps is something we called out at the very beginning of the year when we -- or -- and actually Q -- when we talked about the progression of margin. And so -- or rather the range of operating margin outcomes. That -- you can think of that as really productivity that we anticipate in ordinary course. It certainly offset expenses such as the wage investment, but it was part of our original guidance and consistent with revised guidance in Q1 and consistent with guidance today.

當然。扎克，謝謝。是的，這 10 到 20 個基點是我們在今年年初談論保證金進展時提出的，或者說實際上是 Q。所以——或者更確切地說是營業利潤率結果的範圍。您可以將其視為我們在平常過程中預期的真正生產力。它當然抵消了工資投資等費用，但它是我們最初指導的一部分，與第一季度修訂後的指導一致，也與今天的指導一致。

The $500 million cost-out that we anticipate for 2024 is separate. And it really reflects our -- the rationalization in most part of a cost structure that we had to build up as we saw product volume skyrocket in 2020 and 2021. So we built a cost structure that isn't necessary today in today's volumes. And so we will rationalize some of that cost structure.

我們預計 2024 年 5 億美元的成本支出是單獨的。它確實反映了我們在 2020 年和 2021 年看到產品銷量猛增時必須建立的成本結構的大部分合理化。因此，我們建立了一個在今天的產量中不必要的成本結構。因此，我們將合理化部分成本結構。

A good example would be a warehouse that we took a lease on to hold product during 2020 and 2021. We are looking at our real estate footprint, and some of that may well be rationalized. Those are the -- and with that comes cost savings. That's the nature of the $500 million. Think about it as a permanent reduction in our fixed cost base.

一個很好的例子是我們在 2020 年和 2021 年租用了一個倉庫來存放產品。我們正在審視我們的房地產足跡，其中一些很可能會得到合理化。這些就是——隨之而來的是成本節約。這就是5億美元的本質。將其視為我們固定成本基礎的永久減少。

And all these are SG&A, right? Just to confirm.

所有這些都是SG&A，對吧？只是為了確認。

There's probably some -- there could be some geography in COGS and in operating expense, but we haven't settled in that yet. To your question, let me just make sure that we're clear, that initial 10 to 20 basis points of productivity is included in our operating margin guidance for 2023. No part of the $500 million is included in 2023. That is assumed full-year benefit annualized in 2024.

可能有一些——銷貨成本和運營費用可能有一些地理因素，但我們還沒有解決這個問題。對於你的問題，讓我先確保我們清楚，最初的10 到20 個基點的生產率已包含在我們2023 年的營業利潤指導中。2023 年的5 億美元中沒有任何一部分包含在內。這是假設全部 - 2024 年年化收益。

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

我們的下一個問題來自 Scot Ciccarelli 和 Truist 的對話。

You talked about relative strength in the smaller project spending, but in an environment with negative Pro sales and smaller Pro backlogs, how are you guys benchmarking your efforts to gain traction in the large and complex Pro business you've spent a lot of time talking about?

您談到了較小項目支出的相對優勢，但在專業銷售負數和專業積壓較小的環境中，你們如何對您的努力進行基準測試，以在您花了很多時間談論的大型而復雜的專業業務中獲得牽引力關於？

Scot, this is Hector. As we mentioned in the investors' conference, what we are building as far as the ecosystem for the Pro, it is hard and it will take some time. Now the good news is that it will also be very hard to replicate, as you know. And today, we're very encouraged by the signals that we are getting from our Pro customers as they engage with different pieces of the ecosystem.

斯科特，這是赫克托。正如我們在投資者大會上提到的，我們正在為 Pro 構建生態系統，這很困難，需要一些時間。現在好消息是，正如你所知，它也很難復制。今天，當我們的專業客戶參與生態系統的不同部分時，我們從他們那裡得到的信號讓我們深受鼓舞。

We are in many markets today with the expanded ecosystem. There are pieces of the ecosystem that we don't have fully deployed. Think of our order management system or a trade credit. But we continue to gauge our performance with our Pros. Those Pros continue to engage not only in the supply chain assets that we have built and with our outside sales resources as we expanded that team, but they are visiting our stores in a more frequent basis. So we continue to be very encouraged by what that cohort is always performing, and we'll continue to invest in the efforts.

如今，我們在許多市場都擁有不斷擴大的生態系統。我們還沒有完全部署生態系統的某些部分。想想我們的訂單管理系統或貿易信用。但我們會繼續與專業人士一起衡量我們的表現。這些專業人士不僅繼續參與我們建立的供應鏈資產以及我們擴大團隊時的外部銷售資源，而且他們更頻繁地訪問我們的商店。因此，我們對這群人一直以來的表現感到非常鼓舞，我們將繼續投入努力。

Okay. Got it. And then just a second question. Inventory was down quite a bit even with the negative comp. Would you guys expect that to mark the bottom of your destocking process? Or should we expect inventory levels to continue to drop?

好的。知道了。然後是第二個問題。即使在負補償的情況下，庫存也下降了很多。你們是否希望這標誌著你們去庫存過程的底部？或者我們應該預期庫存水平會繼續下降？

Well, we're pleased with the progress we've made relative to our inventory position. And you think about everything that's happened in the supply chain and lead times associated with that has helped. Listen, we still have work to do to improve productivity. But we feel good about our inventory, and we have low obsolescence risk and super experienced merchant teams. So a lot of the dynamics in the supply chain helped us really.

嗯，我們對庫存狀況所取得的進展感到滿意。你會想到供應鏈中發生的一切以及與之相關的交貨時間都會有所幫助。聽著，為了提高生產力，我們還有很多工作要做。但我們對庫存感覺良好，而且我們擁有較低的過時風險和經驗豐富的商家團隊。因此，供應鏈中的許多動態確實對我們有幫助。

And at the same time, I might add, our in-stocks are better than they've been since before the pandemic. So we're really pleased about the inventory productivity, but at the same time, our in-stocks, our ability to be in-stock (inaudible), as Ann called out, our OSA. So really pleased with both of those pieces.

與此同時，我想補充一點，我們的庫存比大流行之前更好。因此，我們對庫存生產力非常滿意，但與此同時，我們的庫存、我們的庫存能力（聽不清），正如 Ann 所說，我們的 OSA。對這兩件作品非常滿意。

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

我們的下一個問題來自西蒙·古特曼與摩根士丹利的對話。

This is Jackie Sussman on for Simeon. You were speaking earlier on small projects replacing large projects. Can you drill into the backlogs a bit more? How much have they come off of peak? How far above normal levels are they? And is there any evidence you're seeing that consumers are fully pushing off or canceling projects rather than just trading down?

我是西蒙的傑基·蘇斯曼。您之前談到過小項目取代大項目。你能更深入地研究一下積壓的工作嗎？他們已經脫離高峰了多少？它們比正常水平高出多少？您是否看到任何證據表明消費者正在完全推遲或取消項目，而不僅僅是降價購買？

Well, I'll start on that one and if -- we rely on publicly-published surveys. The one that we watch is the National Association of Homebuilders Index. We have seen backlogs declined sequentially. But yes, they are well above the historical average. And so you'd really say the professional customers have been oversubscribed for so many years that they still may have a full book of business, just not maybe oversubscribed. They may be taking phone calls again, but they are very healthy.

好吧，我將從這一點開始，如果——我們依賴公開發布的調查。我們關注的是全國住宅建築商協會指數。我們看到積壓訂單數量連續下降。但是，是的，它們遠高於歷史平均水平。所以你真的會說專業客戶多年來一直被超額認購，他們仍然可能擁有完整的業務記錄，只是可能沒有超額認購。他們可能會再次接聽電話，但他們非常健康。

Again, if you think about the historical average, and you can look this up, but historical average being a score for 50, the index is still at 61. So down from peak but higher than average.

同樣，如果你考慮歷史平均水平，你可以查一下，但歷史平均分數為 50，該指數仍為 61。因此低於峰值，但高於平均水平。

In addition to the publicly-available indexes, obviously, we have millions of Pros and the field sales force that Hector mentioned. So anecdotally, we're getting loads of feedback from our customer base. They're still busy and engaged with those backlogs, but it's their commentary to our sales force that they're smaller. So that's where we get the color on that dynamic.

除了公開可用的索引之外，顯然，我們還有數百萬專業人士和赫克托提到的現場銷售隊伍。有趣的是，我們從客戶群那裡得到了大量的反饋。他們仍然很忙，忙著處理這些積壓的訂單，但他們對我們的銷售人員的評論是，他們的規模較小。這就是我們獲得動態色彩的地方。

Got it. That's helpful color. And just one quick follow-up. Shrink was the only real call-out on the gross margin line. Can you talk about how that trended in the quarter? Did it get worse or any better? And are there any actions that you're taking to kind of mitigate that impact going forward?

知道了。這是有用的顏色。只需一個快速跟進。收縮是毛利率線上唯一真正值得關注的問題。您能談談本季度的趨勢嗎？情況變得更糟還是有所好轉？您是否正在採取任何行動來減輕未來的影響？

From a financial perspective, shrink has been a consistent pressure over the last several quarters and even the last few years, and it's something we're tackling every day. And Ann, maybe talk a little bit...

從財務角度來看，收縮一直是過去幾個季度甚至過去幾年的持續壓力，也是我們每天都在應對的問題。安，也許可以談談……

No, we are certainly in the battle in retail as we kind of think about shrink. But we've always continued to lean into initiatives that we've seen that can have impact to mitigate overall. And I know it's early as we think about the INFORM Act, but the INFORM Act is one of the key components as we think about organized retail crime that I think will help give us a little bit more visibility in some of the things that are happening out there.

不，我們肯定處於零售業的戰鬥中，因為我們有點考慮收縮。但我們始終繼續採取我們所看到的能夠對總體緩解產生影響的舉措。我知道我們現在考慮《通知法案》還為時過早，但《通知法案》是我們考慮有組織零售犯罪的關鍵組成部分之一，我認為這將有助於讓我們對正在發生的一些事情有更多的了解在那裡。

But certainly, it's been largely in line with what we've seen in the last several quarters. We certainly have key initiatives to help mitigate that. And we need our kind of government partners to help on their end as well to help us in retail to really mitigate what we've seen out there.

但可以肯定的是，這與我們過去幾個季度所看到的情況基本一致。我們當然有一些關鍵舉措來幫助緩解這種情況。我們還需要政府合作夥伴提供幫助，幫助我們零售業真正減輕我們所看到的情況。

Our next question comes from the line of Steven Zaccone with Citi.

我們的下一個問題來自花旗銀行的 Steven Zaccone。

I was hoping you could comment a bit more about the homeowner engagement that you talked about. It sounds like it was a bit of a sequential improvement. Was that largely weather-driven? Or are you actually seeing some elasticity of demand as inflation eases in some categories?

我希望您能對您談到的房主參與發表更多評論。聽起來這是一個連續的改進。這主要是天氣造成的嗎？或者，隨著某些類別的通脹緩解，您實際上是否看到了一些需求彈性？

Yes. Thanks, Steven. No, I think we articulated earlier about the weather patterns. We actually talked in Q1 about the impact that the West had. The West was our best-performing region -- best-performing division for Q2. So we saw a lot of that engagement back into those spring categories. We pushed a little bit around from June to July with some of the weather and the heat, as you saw more in ACs and fans. So a much more normalized balance to the quarter outside of just some shifting of some of those smaller seasonal pieces.

是的。謝謝，史蒂文。不，我想我們之前已經闡明了天氣模式。實際上，我們在第一季度討論了西方的影響。西部地區是我們表現最好的地區——第二季度表現最好的地區。因此，我們看到很多春季類別的參與度又回來了。從六月到七月，我們因天氣和炎熱的原因而推遲了一些時間，正如您在空調和風扇中看到的那樣。因此，除了一些較小的季節性產品的一些轉移之外，本季度的平衡更加正常化。

Okay. Great. And then just a clarification on second half expectations. Is there any difference in how you're thinking about the business in the third quarter versus the fourth quarter comps? And then maybe a more near-term question, if July benefited a bit from weather, how has August to date trended? Is it fair to say you're kind of back within that full year guidance range?

好的。偉大的。然後只是對下半年的預期進行澄清。您對第三季度業務的看法與第四季度的比較有何不同？然後也許是一個更近期的問題，如果 7 月天氣有所改善，那麼迄今為止 8 月的趨勢如何？可以公平地說，您已經回到了全年指導範圍內嗎？

Right. So the first 2 weeks of the third quarter have been a little better than our first half comp. But we have 24 weeks left in the year. So we think the guidance range is appropriate.

正確的。因此，第三季度的前兩週比我們上半年的表現要好一些。但今年還剩 24 週。所以我們認為指導範圍是合適的。

Okay. And then just third quarter versus fourth quarter, should we just kind of look at the 1-year comparisons?

好的。然後只是第三季度與第四季度的比較，我們是否應該看一下一年的比較？

Yes, we're not going to provide quarterly guidance. And again, we've got 24 weeks left in the year. So we think the range is appropriate.

是的，我們不會提供季度指導。再說一次，今年還剩 24 週。所以我們認為這個範圍是合適的。

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

我們的下一個問題來自查克·格羅姆和戈登·哈斯克特的對話。

You committed to investing $1 billion in wages this year. But as comps and transactions have remained negative and the flexibility that you have with the transaction-based labor model, is there the potential for that full amount not to be realized or will you reinvest it in other parts of the business?

您承諾今年將投資 10 億美元用於工資。但由於補償和交易仍然為負，以及基於交易的勞動力模式所具有的靈活性，是否有可能無法實現全部金額，或者您是否會將其重新投資於業務的其他部分？

Well, from a financial perspective, of course, there's an assumption around how many hours would be utilized during the year. There's something that has to be multiplied against the wage. But I wouldn't say this is a material -- you're not going to see a material change in our financial profile. And again, our guidance is the best guideline for you to look out with respect to our annual -- likely annual performance.

嗯，從財務角度來看，當然，有一個關於一年中將使用多少小時的假設。有一些東西必須與工資相乘。但我不會說這是一種材料——你不會看到我們的財務狀況發生重大變化。再說一遍，我們的指導是您關注我們的年度（可能的年度）業績的最佳指南。

Okay. Great. And then for Ann, just can you elaborate a little bit more on the computer vision technology? How quickly is that going to be rolled out across the chain? And maybe elaborate on some of the benefits you think you could see in the near term.

好的。偉大的。那麼 Ann，您能詳細介紹一下計算機視覺技術嗎？它將以多快的速度在整個鏈條上推廣？也許可以詳細說明您認為短期內可以看到的一些好處。

Sure. So first of all, we started with Sidekick application, which direct associates to pass down product from the overhead. And so Sidekick is a task tool computer vision helps that associate to see where the product is in the overhead, so which is a complementary component to drive overall productivity.

當然。首先，我們從 Sidekick 應用程序開始，它指導員工從開銷中傳遞產品。因此，Sidekick 是一種任務工具，計算機視覺可幫助員工查看產品在管理費用中的位置，因此這是提高整體生產力的補充組件。

So we are certainly bullish. We have that in our -- a region that's fully rolled out already. We have that in what we consider pilot stores across every single region. And we expect that to be rolled out later this year. We are seeing some really, really good output finding product that takes a ton of time in our stores.

所以我們當然看好。我們在我們的地區已經全面推出了這一點。我們在每個地區的試點商店中都設有這樣的設施。我們預計該功能將於今年晚些時候推出。我們看到一些非常非常好的產出產品在我們的商店裡需要花費大量的時間。

So I've been around for a long time, my neck looking up in the overheads, trying to find product for customers, and we have thousands of associates that's doing that every day. So complementing, directing the task and then finding exactly where the product is in the overhead drives a ton of productivity for us, and we expect to roll that out later this year.

所以我已經工作了很長一段時間，我的脖子在頭頂上尋找，試圖為客戶找到產品，我們有數千名員工每天都在這樣做。因此，補充、指導任務，然後準確找到產品在管理費用中的位置，可以為我們帶來大量生產力，我們預計將在今年晚些時候推出。

Our next question comes from the line of Brian Nagel with Oppenheimer.

我們的下一個問題來自布萊恩·內格爾和奧本海默的對話。

So the risk of being maybe a bit repetitive, I just -- with regard to inflation, I guess, maybe now disinflation in your stores, we're starting to see -- and I know you mentioned in your prepared comments the lumber price dynamic there where you've seen improved unit demand. But the question I have is as we're seeing -- or we're moving past maybe peakish inflation and getting more to stay at disinflation, how are you seeing the overall business flex here, both from a -- I guess, from what you're doing as well as how your consumers are reacting generally?

因此，可能有點重複的風險，我只是 - 關於通貨膨脹，我猜，也許現在你們商店的通貨緊縮，我們開始看到 - 我知道你在準備好的評論中提到了木材價格動態您會看到單位需求有所改善。但我的問題是，正如我們所看到的，或者我們正在擺脫通脹峰值，並進一步保持通貨緊縮，你如何看待這裡的整體業務彈性，我猜，從什麼角度來看？您的做法以及您的消費者的總體反應如何？

I mean broadly on the inflation piece, well, we still expect that the overall year will have a net inflationary impact on our costs in retails. But as we go into the second half, it is moderating. When you look at just the activity of cost increase requests, I mean they're negligible. I mean there are a couple. And we were in the billions of dollars at one point of cost in. And so net new requests for cost and certainly cost increases in the supply chain, that's all completely abated.

我的意思是，就通脹而言，我們仍然預計全年將對我們的零售成本產生淨通脹影響。但當我們進入下半場時，情況正在放緩。當您僅查看成本增加請求的活動時，我的意思是它們可以忽略不計。我的意思是有幾個。我們的成本在某一時刻達到了數十億美元。因此，對成本的淨新要求，當然還有供應鏈中的成本增加，這一切都完全減弱了。

As we go into the second half, when you think of product cost, transportation, overall transportation costs and then what would ultimately do in retails, inflation has certainly abated. Commodity is certainly down meaningfully from the peak as well as year-over-year as well as even shorter term. But beyond commodity and the fact that we don't have increased inflation, we're not expecting a deflationary environment. I think Richard used the term settling.

當我們進入下半年時，當你想到產品成本、運輸、總體運輸成本以及最終對零售業的影響時，通貨膨脹肯定已經減弱。大宗商品肯定會從峰值、同比甚至短期內大幅下跌。但除了大宗商品和通貨膨脹沒有加劇這一事實之外，我們預計不會出現通縮環境。我認為理查德使用了“解決”這個詞。

We're kind of settling into these non-commodity price levels. And as the Pro and consumer customer has gotten used to those over the last few years, you're seeing the normalization in transactions, as Richard called out. So we're encouraged that the cycle of inflation is essentially behind us.

我們正在適應這些非商品價格水平。正如理查德所說，隨著專業客戶和消費者客戶在過去幾年中已經習慣了這些，您會看到交易的正常化。因此，我們感到鼓舞的是，通貨膨脹週期基本上已經過去了。

And Richard, I don't know if you -- or Billy, if you have anything else to add to that.

理查德，我不知道你或者比利是否還有什麼要補充的。

No. I'd say we are encouraged by the improvement in transactions and as we see the normalized pieces that Richard spoke about earlier, but we don't see a deflationary environment as we go forward.

不。我想說，我們對交易的改善感到鼓舞，而且我們看到理查德之前談到的正常化部分，但我們在前進的過程中並沒有看到通貨緊縮的環境。

That's very helpful. And then the second question I have, I know it's going to be a bit nuanced, but just to understand how your consumers really reacted here. So as you look at the West Coast, you called out, I think as a point of strength in the quarter as weather maybe normalized a bit. But the question I have is as you're watching that consumer reengage with Home Depot amid more normal weather conditions, is there anything there surprising? Or is the consumer coming back like you would normally expect with the weather shift like we've seen?

這非常有幫助。然後是我的第二個問題，我知道這會有點微妙，但只是為了了解消費者在這裡的真正反應。因此，當您看到西海岸時，您會喊道，我認為這是本季度的一個優勢點，因為天氣可能會稍微正常化。但我的問題是，當你看到消費者在更加正常的天氣條件下重新與家得寶互動時，有什麼令人驚訝的嗎？或者，隨著我們所看到的天氣變化，消費者是否會像您通常預期的那樣回歸？

Yes. I'd say, Brian, that we called it out in Q1 because of the impact that we saw, and it played out precisely kind of how we thought in the West. As I mentioned, that was our best-performing division. Customers engaged heavily in our seasonal businesses that were so pressured into Q1. And so it really did play out precisely how we had thought.

是的。布萊恩，我想說，我們在第一季度就指出了這一點，因為我們看到了它的影響，而它的表現正是我們在西方的想法。正如我提到的，這是我們表現最好的部門。客戶大量參與我們的季節性業務，這些業務在第一季度就面臨巨大壓力。所以它確實按照我們的想法發揮了作用。

Our next question comes from the line of Michael Baker with D.A. Davidson.

我們的下一個問題來自 Michael Baker 和 D.A.戴維森。

Two, please, if I could. One, bigger picture. I think last quarter, maybe it was in the June Analyst Day, you said that you thought the housing market would be down mid- to high single digits in 2023. That was sort of the industry baseline. There's been some indicators of housing being a little bit better. Is that still the way you're thinking about the industry right now, down in that mid- to high single-digit range?

如果可以的話，請給我兩個。一、更大的圖景。我想上個季度，也許是在 6 月的分析師日，您說您認為 2023 年房地產市場將出現中高個位數下跌。這就是行業基線。有一些跡象表明住房狀況有所好轉。您現在對這個行業的看法仍然是這樣嗎？在中高個位數範圍內？

Well, we've said there are some economists who might call for that. We were uncertain, and that's really because when you look at supply and demand imbalances in the market, we've worked our way into a structural deficit of housing in North America.

嗯，我們已經說過，有些經濟學家可能會呼籲這樣做。我們感到不確定，這實際上是因為當你觀察市場的供需失衡時，我們已經陷入了北美住房的結構性赤字。

And what's interesting to us is you've actually seen sequential improvement month-over-month in home prices for the last 4 months. So I think if you just look at observed data, home prices have, for the most part, remained steady versus last year, and so better than many economists' predictions at the beginning of the year.

我們感興趣的是，實際上過去 4 個月房價逐月連續改善。因此，我認為，如果你只看觀察到的數據，房價在很大程度上與去年相比保持穩定，因此比許多經濟學家年初的預測要好。

Okay. So -- but has your view changed at all or too much uncertainty?

好的。那麼，您的觀點是否發生了根本改變，或者有太多的不確定性？

We didn't ascribe any housing benefit to our guidance for 2023. And we think long term, those supports for home improvement demand are there. And we do think that, that supply-demand imbalance is an important part of that, along with the aging of the housing stock. So again, we're bullish on the future of this market.

我們沒有將任何住房福利納入 2023 年的指導中。我們認為，從長遠來看，這些對家居改善需求的支持是存在的。我們確實認為，供需失衡以及住房存量老化是其中的重要組成部分。因此，我們再次看好這個市場的未來。

Yes. I think the big story with housing now as it's playing out is values have held up. In -- Case-Shiller just came out with some data and Redfern just came out with some data that, that dropoff in values has been erased and that we're now back to record highs of home values in the United States in sequential improvement, as Richard just said.

是的。我認為現在住房市場的大事是價值觀已經堅守。凱斯-席勒剛剛公佈了一些數據，雷德芬剛剛公佈了一些數據，這些數據表明，房價的下跌已經被消除，我們現在又回到了美國房屋價值的歷史新高，連續改善，正如理查德剛才所說。

The near-term story in housing is that with so many people locked in to the incredibly low mortgage rates that there just isn't a lot of inventory available for sale. So transactions are at certainly near-term lows in terms of nominal number of houses that are turning over in a percentage of the housing stock. There's so many people who are below 5%, even at 3% mortgage rates.

住房市場的近期情況是，由於許多人被鎖定在極低的抵押貸款利率下，因此沒有大量庫存可供出售。因此，就名義房屋數量（即房屋存量的百分比）而言，交易肯定處於近期低點。即使抵押貸款利率為 3%，仍有很多人的貸款利率低於 5%。

So values are holding if not now back increasing fundamental imbalance again of 2 million to 3 million to 4 million homes. And the issue is inventory. And people are getting used to it. We understand new buyers have sort of digested the increase in mortgage rates to the 7-ish percent. But there's just not that much available to purchase.

因此，如果不是現在的話，價值正在維持，再次增加 200 萬至 300 萬至 400 萬戶家庭的基本失衡。問題是庫存。人們正在習慣它。我們了解到，新買家已經消化了抵押貸款利率上漲 7% 左右的情況。但可供購買的東西並不多。

Yes. Okay. Makes sense. Sorry, that was one question. The follow-up is this, if I could. You had said -- I hate to be so short-term-focused, but August was better than the first half comps. But any comment on August versus the second quarter comps?

是的。好的。說得通。抱歉，這是一個問題。如果可以的話，後續是這樣的。你曾說過——我討厭如此關注短期，但八月的表現比上半年的表現要好。但對八月份與第二季度的比較有什麼評論嗎？

Again, the first 2 weeks of the quarter were a little better than our first half comp. We have 24 weeks left. And so we just -- we'd point you back to our guidance.

同樣，本季度的前兩週比我們上半年的情況要好一些。我們還剩 24 週。所以我們只是 - 我們會引導您回到我們的指導。

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

我們的下一個問題來自瑞士信貸銀行的凱倫·肖特 (Karen Short)。

So 2 questions. The first is when you think about the dynamics on DIY versus the Pro in terms of the impact to your second half comp and then into '24, how are you thinking about DIY in terms of recovery? I think it's pretty clear where you stand on the backlog with the Pro. But I think DIY is a big question in terms of how that customer will feel and is going to feel in the second half.

所以有2個問題。第一個是當你考慮 DIY 與 Pro 的動態對你的下半場比賽的影響時，然後進入 24 年，你如何看待 DIY 的恢復？我認為 Pro 的積壓情況非常清楚。但我認為 DIY 是一個大問題，關係到客戶在下半年的感受和感受。

Well, it's -- we don't -- I think at the end of the day, it's all the same demand. And whether the Pro is fulfilling that demand or not, it's sort of all the same. So I wouldn't -- I actually would view it as saying we feel good about where our Pro business is. We feel good about the entirety of it, really. We don't know where those trends will go. But again, we know our Pro say their backlogs are healthy.

嗯，我們不知道，我認為歸根結底，需求都是一樣的。無論 Pro 是否滿足這一需求，情況都是一樣的。所以我不會——實際上我會認為這是在說我們對我們的專業業務狀況感到滿意。我們真的對這一切感覺很好。我們不知道這些趨勢會走向何方。但我們知道我們的專業人士表示他們的積壓情況良好。

I would say...

我會說...

And then the second question is...

然後第二個問題是...

No, I was just going to say that the consumer -- the nearest-term view of consumer is the engagement in seasonal is led by the consumer, certainly, the garden business, but also things like exterior painting and stain. And when the weather improved, consumer responded. And it was really steady constructive demand.

不，我只是想說，消費者——對消費者最近的看法是，季節性的參與是由消費者主導的，當然，花園業務，還有外牆油漆和污漬之類的東西。當天氣好轉時，消費者做出了反應。這確實是穩定的建設性需求。

So what we expect going forward, I think you look at all those macro comments we mentioned earlier that our consumer is a homeowner, 80-odd percent of them on their homes, up tremendous equity value in that home, great jobs, great income, and it's a very healthy consumer segment in the overall economy. So seeing their engagement in Q2 as weather improved, seeing their engagement in something like Halloween, I mean, it's not an enormous business for us. But to say unbelievable engagement, Billy, in that product category, which is 100% discretionary, is a pretty decent telltale of engagement in the sector.

所以我們對未來的期望是，我想你看看我們之前提到的所有宏觀評論，我們的消費者是房主，其中80% 以上的人擁有自己的房屋，房屋的淨資產價值巨大，就業機會豐厚，收入豐厚，這是整個經濟中非常健康的消費群體。因此，隨著天氣好轉，看到他們在第二季度的參與度，看到他們在萬聖節之類的活動中的參與度，我的意思是，這對我們來說並不是一項巨大的業務。但要說令人難以置信的參與度，Billy 在這個 100% 自由裁量的產品類別中，是該行業參與度的一個相當不錯的代表。

Okay. That's really helpful. And then my second question is, Richard, you always discussed your ability to flex SG&A with respect to labor but then also inventory rapidly based on the comp in order to maintain stability with operating margins. So I guess my question is, with the recent wage investments, do you still have the same flexibility within the same time line in general with that rule of thumb in mind?

好的。這真的很有幫助。然後我的第二個問題是，理查德，你總是討論你在勞動力方面靈活調整銷售及管理費用（SG&A）的能力，然後根據比較快速調整庫存，以保持營業利潤率的穩定性。所以我想我的問題是，通過最近的工資投資，考慮到這一經驗法則，您在同一時間範圍內是否仍然具有相同的靈活性？

Absolutely. I mean you'd say that the jumping-off point would be post-wage investment. But post-wage investment, we have the same degree of flexibility we have always had.

絕對地。我的意思是你會說起點是工資後投資。但工資後投資，我們擁有一如既往的靈活性。

Christine, we have time for one more question.

克里斯汀，我們還有時間再問一個問題。

Our final question comes from the line of Steven Forbes with Guggenheim.

我們的最後一個問題來自史蒂文·福布斯與古根海姆的對話。

So just 2 quick follow-ups. The first on ticket. Curious if you could expand on DIY ticket versus Pro ticket trends as we think about sort of second half complexion. And then maybe if you could just speak to what the full year comp implies in terms of ticket, if it's still positive as you see it today.

所以只需 2 次快速跟進。票上第一個。很好奇您是否可以擴展 DIY 門票與專業門票趨勢，因為我們正在考慮下半年的膚色。然後，也許您可​​以談談全年補償在門票方面意味著什麼，如果您今天看到它仍然是積極的。

We've -- I'll just -- I'll answer the second part first, and then I'll turn it to Billy. Again, we've got 24 weeks to go. We're not going to break out ticket and transaction within our guidance, other than just to repeat, we're encouraged by what we've seen with respect to settling of ticket and recovery in transactions. Billy?

我們——我只是——我會先回答第二部分，然後我會把它交給比利。再說一次，我們還有 24 週的時間。我們不會在我們的指導範圍內分解票證和交易，除了重複之外，我們對票證結算和交易恢復方面所看到的情況感到鼓舞。比利？

Yes. And as we called out just on the lumber piece alone, we'll see that abate as we get to the back half of the year, and there will be much less of an impact than we saw in the first half overall.

是的。正如我們僅在木材方面所指出的那樣，隨著下半年的到來，我們會看到這種影響會減弱，而且總體影響將比我們在上半年看到的要小得多。

And then just lastly, as we think about the Dallas market, the 350 basis points you guys noted as of 2022 at the Analyst Day presentation, any update on how that market is trending year-to-date 2023 versus the company average?

最後，當我們考慮達拉斯市場時，你們在分析師日演講中提到的截至 2022 年的 350 個基點，該市場 2023 年迄今為止的趨勢與公司平均水平相比有何更新？

Yes. No -- Steven, this is Hector, again. We continue to be very encouraged by the results in Dallas, and we have scaled a lot of the capabilities that we first implemented in Dallas to all the markets. And we're seeing very similar and encouraging results as we see the customers engage, not just with the delivery sales but also, again, back in our stores and through our online digital platform.

是的。不——史蒂文，這又是赫克托。我們仍然對達拉斯的結果感到非常鼓舞，並且我們已將首先在達拉斯實施的許多功能擴展到所有市場。我們看到了非常相似且令人鼓舞的結果，因為我們看到客戶不僅參與送貨銷售，還再次回到我們的商店並通過我們的在線數字平台參與。

So continue to be very encouraged about the performance. For us, Dallas has been a success so far. And we'll continue to deploy capabilities to round out the ecosystem in Dallas and again in other markets as we test and learn and deploy capabilities at scale.

因此，繼續對錶現感到非常鼓舞。對我們來說，達拉斯到目前為止已經取得了成功。當我們大規模測試、學習和部署能力時，我們將繼續部署能力，以完善達拉斯的生態系統，並在其他市場再次部署。

There are no further questions at this time. I would like to turn the floor back over to Ms. Janci for closing comments.

目前沒有其他問題。我想請 Janci 女士發表結束意見。

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

謝謝克里斯汀，也謝謝大家今天加入我們。我們期待在 11 月份的第三季度財報電話會議上與您交談。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您度過美好的一天。