家得寶 (HD) 2023 Q3 法說會逐字稿

Greetings and welcome to The Home Depot Third 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 年第三季財報電話會議。 （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 Third Quarter 2023 Earnings Call. Joining us on our call today are Ted Decker, Chair, President and CEO; Ann-Marie Campbell, Senior Executive Vice President; Billy Bastek, Executive Vice President of Merchandising; and Richard McPhail, Executive Vice President and Chief Financial Officer.

謝謝克里斯汀，大家早安。歡迎參加家得寶 2023 年第三季財報電話會議。今天參加我們電話會議的還有董事長、總裁兼執行長 Ted Decker；安瑪莉‧坎貝爾，資深執行副總裁； Billy Bastek，行銷執行副總裁；麥克菲爾（Richard McPhail），執行副總裁兼財務長。

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。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泰德。

Thank you, Isabel, and good morning, everyone. Sales for the third quarter were $37.7 billion, down 3% from the same period last year. Comp sales declined 3.1% from the same period last year and our U.S. stores had negative comps of 3.5%. Diluted earnings per share were $3.81 in the third quarter compared to $4.24 in the third quarter last year.

謝謝你，伊莎貝爾，大家早安。第三季銷售額為377億美元，比去年同期下降3%。對比銷售額比去年同期下降了 3.1%，我們美國商店的比較銷售額為 3.5%。第三季稀釋後每股收益為 3.81 美元，而去年第三季為 4.24 美元。

The third quarter was in line with our expectations. Similar to the second quarter, we saw continued customer engagement with smaller projects and experienced pressure in certain big-ticket discretionary categories. In addition, lumber and copper and wire deflation and storm-related overlaps negatively impacted results in the quarter. Billy will discuss these and other business trends shortly.

第三季符合我們的預期。與第二季類似，我們看到客戶持續參與較小的項目，並在某些大件可自由支配類別中遇到壓力。此外，木材、銅和電線的通貨緊縮以及與風暴相關的重疊對本季的業績產生了負面影響。比利將很快討論這些和其他商業趨勢。

During the third quarter, our Pro customer outperformed our DIY customer. While internal and external surveys suggest that Pro backlogs are lower than they were a year ago, they are still healthy and elevated relative to historical norms. There is only 1 quarter left in the year, we believe the endpoints for our previous guidance range are no longer likely outcomes.

在第三季度，我們的專業客戶的表現優於我們的 DIY 客戶。雖然內部和外部調查表明，專業版積壓訂單量低於一年前，但相對於歷史正常水平，它們仍然處於健康狀態並且上升。今年只剩下一個季度了，我們認為之前指引範圍的終點不再可能出現。

As a result, and as we announced in this morning's press release, we narrowed our guidance range for fiscal 2023. Richard will take you through the details in a moment.

因此，正如我們在今天上午的新聞稿中宣布的那樣，我們縮小了 2023 財年的指導範圍。理查德稍後將向您介紹詳細資訊。

As we've discussed, this year reflects a period of moderation. However, we are confident in our ability to navigate through this unique environment. We remain very excited about our strategic initiatives and are committed to investing in the business to deliver the best interconnected shopping experience, capture wallet share with the Pro and grow our store footprint.

正如我們所討論的，今年是一段溫和時期。然而，我們對自己在這個獨特環境中航行的能力充滿信心。我們對我們的策略舉措仍然感到非常興奮，並致力於投資業務，以提供最佳的互聯購物體驗，贏得專業人士的錢包份額並擴大我們的商店足跡。

As we discussed at the investor conference in June, we continue to invest and focus on creating a frictionless interconnected shopping experience for our customers. We are pleased with the progress we are making. homedepot.com is one of the largest retail websites in the United States, and our digital app is one of the most highly rated in all of retail.

正如我們在 6 月的投資者會議上所討論的那樣，我們將繼續投資並專注於為客戶創造無摩擦的互聯購物體驗。我們對所取得的進展感到高興。 homedepot.com 是美國最大的零售網站之一，我們的數位應用程式是所有零售領域中評價最高的網站之一。

And yet, we believe there is still opportunity to reduce pain points across the shopping journey. Our teams are identifying areas of improvement like better communication throughout the shopping journey and an easier returns process and the ability to seamlessly and intuitively make changes to an order once placed.

然而，我們相信仍有機會減少購物過程中的痛點。我們的團隊正在確定需要改進的領域，例如在整個購物過程中更好的溝通、更輕鬆的退貨流程以及在下訂單後無縫直觀地更改訂單的能力。

For our Pros, we're investing in a multitude of initiatives. We remain focused on building out our unique ecosystem of products and services. As a result, we are evolving our organizational structure and recently elevated Ann-Marie Campbell to Senior Executive Vice President, better aligning our outside sales and service business in the global stores organization.

對於我們的專業人士來說，我們正在投資多項措施。我們仍然專注於建立我們獨特的產品和服務生態系統。因此，我們正在改進我們的組織結構，最近將 Ann-Marie Campbell 提升為高級執行副總裁，以更好地調整我們在全球商店組織中的外部銷售和服務業務。

Pro is one of our biggest growth opportunities, and this organizational change will allow us to better serve them by leveraging our full ecosystem of expertise, product assortment, fulfillment and operations. 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 close by thanking them for their dedication and hard work.

Pro 是我們最大的成長機會之一，這種組織變革將使我們能夠利用我們的專業知識、產品分類、履行和營運的完整生態系統來更好地為他們服務。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，最後我要感謝他們的奉獻和辛勤工作。

In addition, the Home Depot is proud to have tens of thousands of veterans, service members and military spouses and orange aprons. Last week, we announced The Home Depot Foundation surpassed the goal of $500 million invested in veterans causes and also increased the total commitment to $750 million by 2030.

此外，家得寶還自豪地擁有數以萬計的退伍軍人、現役軍人和軍人配偶以及橙色圍裙。上週，我們宣布家得寶基金會超過了為退伍軍人事業投資 5 億美元的目標，並將 2030 年的承諾總額增加到 7.5 億美元。

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

說到這裡，我想把電話轉給安妮。

Thanks, Ted, and good morning, everyone. Let me start by saying that I'm very excited about my new role and the alignment this will create between the outside sales and services business and the global store organization.

謝謝，特德，大家早安。首先我要說的是，我對我的新角色以及這將在外部銷售和服務業務與全球商店組織之間建立的協調感到非常興奮。

As you heard at our investor conference in June, capturing a greater share of the Pro's wallet is one of our largest growth opportunities. It represents roughly $475 billion in addressable market, and today, we have relatively little share.

正如您在 6 月的投資者會議上聽到的那樣，獲得專業人士錢包的更大份額是我們最大的成長機會之一。它代表著約 4,750 億美元的潛在市場，而如今，我們的份額相對較小。

The beauty of The Home Depot is that we have unique competitive advantages. Our convenience stores, our leading brands, our engaged associates, our expansive fulfillment options that are unmatched and that can be leveraged for the benefit of our customers. And that's exactly what we aim to do.

家得寶的美妙之處在於我們擁有獨特的競爭優勢。我們的便利商店、我們的領導品牌、我們敬業的員工、我們無與倫比的廣泛履行選項，可以為我們的客戶帶來利益。這正是我們的目標。

To do that, our new organizational structure will create stronger momentum with our teams to drive success with the Pro.

為此，我們的新組織結構將為我們的團隊創造更強大的動力，推動 Pro 成功。

Hector Padilla will focus on improving the experience for Pro's shopping in our stores. His 29-year tenure and knowledge of our store operations and new Pro capabilities will be instrumental in achieving our goals.

Hector Padilla 將專注於改善 Pro 在我們商店的購物體驗。他 29 年的任期以及對我們商店營運和新 Pro 功能的了解將有助於實現我們的目標。

And Chip Devine, our Head of Outside Sales, brings nearly 30 years of distribution experience. He will work on building out capabilities to better serve more complex private needs.

我們的外部銷售主管 Chip Devine 擁有近 30 年的分銷經驗。他將致力於增強能力，以更好地滿足更複雜的私人需求。

Ultimately, we must focus on removing friction within our operations, so our customers have a great experience every single time no matter how they choose to shop with us, whether in the aisles of our stores, picking a product at the store, receiving product at their job site with a sales associate or digitally. We know that most of our Pros use many of these capabilities across our ecosystem when shopping with us. For us, we are building trust and a partnership that lasts for decades and across generations.

最終，我們必須專注於消除營運中的摩擦，以便我們的客戶每次都能獲得良好的體驗，無論他們選擇如何在我們這裡購物，無論是在我們商店的過道裡、在商店挑選產品、在他們的工作現場與銷售助理或數位方式。我們知道，我們的大多數專業人士在我們購物時都會在我們的生態系統中使用其中的許多功能。對我們來說，我們正在建立持續數十年、代代相傳的信任和夥伴關係。

This means we have to work hard to deliver a great experience regardless of their point of interaction.

這意味著我們必須努力提供出色的體驗，無論他們的互動點如何。

As you know, we have identified additional growth opportunities with the Pro, which requires us to invest in new capabilities and functionalities across the business. Think about the initiative we are undertaking with the complex Pro. This customer interacts differently. They are accustomed to interacting with their suppliers in a different way than our traditional business model. Pros working on complex projects want to reserve product, use trade credit and have products delivered to their job site in a staged manner.

如您所知，我們已經透過 Pro 發現了額外的成長機會，這要求我們在整個業務中投資於新的能力和功能。想想我們正在對複雜的 Pro 採取的舉措。這位客戶的互動方式有所不同。他們習慣以不同於我們傳統業務模式的方式與供應商互動。從事複雜專案的專業人士希望儲備產品、使用貿易信貸並將產品分階段交付到工作現場。

While these capabilities exist in the market today, we are incorporating them in our full ecosystem to serve Pro customers in a way no one else can. I could not be more excited about the opportunity that lies ahead.

雖然這些功能在當今市場上已經存在，但我們正在將它們納入我們的完整生態系統中，以其他人無法做到的方式為專業客戶提供服務。我對即將到來的機會感到無比興奮。

And for the in-store experience, over the last several years, we have talked about the importance of in-stock, and ultimately, on-shelf availability or OSA. Having the right products in stock in the right quantity and on the shelf available for purchase is critical, and we've implemented several initiatives to help us do this more effectively and efficiently. In the past, we've talked about GSR or get stores right. GSR drives productivity by using our proprietary space allocation model coupled with our tenured field merchandising teams to determine which categories to invest in on a store-by-store basis.

對於店內體驗，在過去幾年中，我們一直在討論庫存的重要性，以及最終的貨架可用性（OSA）的重要性。擁有正確數量的正確產品庫存並在貨架上可供購買至關重要，我們實施了多項措施來幫助我們更有效地做到這一點。過去，我們談論過 GSR 或讓商店正確運作。 GSR 透過使用我們專有的空間分配模型以及我們的長期現場銷售團隊來確定逐家商店投資的類別，從而提高生產力。

More recently, we have talked to you about our rollout of Sidekick and computer vision. Using machine learning technology, computer vision helps our associates quickly find de-palletized product in the overhead and Sidekick helps direct associates to key bays where OSA is low or outs exist.

最近，我們與您討論了 Sidekick 和電腦視覺的推出。使用機器學習技術，電腦視覺可以幫助我們的員工快速找到架空處已卸托盤的產品，而 Sidekick 可以幫助指導員工找到 OSA 較低或有問題的關鍵區域。

Today, these tools have been deployed across all U.S. stores. And while early days, they have driven meaningful improvement in our on-shelf availability.

如今，這些工具已部署在美國所有商店。在早期，他們已經推動了我們貨架供應量的有意義的改善。

The beauty of these initiatives is that they also drive productivity. They make it easier for associates to restock product, have a greater depth of high-velocity product and ensure we remain in stock with more products on the shelf and available for sale.

這些措施的優點在於它們還可以提高生產力。它們使員工能夠更輕鬆地補充產品庫存，擁有更大深度的高速產品，並確保我們有更多的庫存產品在貨架上並可供銷售。

As a result, we enable our associates to focus on the most important tasks and allocate more time to deliver a better shopping experience.

因此，我們使員工能夠專注於最重要的任務，並分配更多時間來提供更好的購物體驗。

These are just a few examples of the many different types of initiatives that can drive significant value for our customers, our associates and our shareholders.

這些只是許多不同類型舉措的幾個例子，這些舉措可以為我們的客戶、我們的員工和我們的股東帶來巨大的價值。

Despite a challenging year, our amazing associates have remained engaged and ready to serve our customers, and I want to thank them for all they do.

儘管這是充滿挑戰的一年，我們出色的員工仍然積極參與並準備好為我們的客戶提供服務，我要感謝他們所做的一切。

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

接下來，讓我把電話轉給比利。

Thank you, Ann, 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，安，大家早安。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。

As you heard from Ted, during the third quarter, our sales were in line with our expectations. However, we did have some unfavorable impacts from core commodity deflation and storm-related overlaps. We saw the continuation of the trend that we have been observing throughout the year with softness in certain big-ticket, discretionary-type purchases. Instead of engaging in larger projects, customers continued to take on smaller projects.

正如您從 Ted 那裡聽到的，第三季我們的銷售額符合我們的預期。然而，核心商品通貨緊縮和風暴相關的重疊確實為我們帶來了一些不利影響。我們看到全年觀察到的趨勢仍在延續，某些大宗、可自由支配的採購活動疲軟。客戶不再參與較大的項目，而是繼續承擔較小的項目。

Turning to our department comp performance for the third quarter. Our Building Materials department posted a positive comp and 7 of our remaining 13 merchandising departments posted comps above the company average, including plumbing, appliances, hardware, outdoor garden, millwork, tools and paint.

轉向我們第三季部門的業績表現。我們的建築材料部門公佈了積極的薪酬，其餘 13 個銷售部門中的 7 個部門公佈的薪酬高於公司平均水平，包括管道、電器、硬體、戶外花園、木製品、工具和油漆。

During the third quarter, our comp transactions decreased 2.7% and comp average ticket decreased 0.3%. Excluding deflation from core commodities, we experienced comp average ticket growth, primarily driven by demand for new and innovative products.

第三季度，我們的贈品交易量下降了 2.7%，贈品平均票價下降了 0.3%。排除核心商品的通貨緊縮，我們經歷了平均票價的成長，這主要是由對新產品和創新產品的需求所推動的。

Deflation from core commodity categories negatively impacted our average ticket growth by approximately 60 basis points during the third quarter, driven by deflation in lumber and copper.

在木材和銅通貨緊縮的推動下，第三季核心商品類別的通貨緊縮對我們的平均票價成長產生了約 60 個基點的負面影響。

During the third quarter, we continued to see a decline in lumber prices relative to a year ago. As an example, on average, framing lumber was approximately $420 per thousand board feet compared to approximately $545 in the third quarter of 2022, representing a decrease of over 20%.

第三季度，我們看到木材價格較去年同期持續下降。例如，平均而言，框架木材的價格約為每千板英尺 420 美元，而 2022 年第三季的價格約為每千板英尺 545 美元，下降了 20% 以上。

Big-ticket comp transactions or those over $1,000 were down 5.2% compared to the third quarter of last year. We continue to see softer engagement in big-ticket discretionary categories like flooring, countertops and cabinets.

與去年第三季相比，大件商品或 1,000 美元以上的商品交易下降了 5.2%。我們繼續看到地板、檯面和櫥櫃等大件非必需品類的參與度趨於疲軟。

However, we saw big ticket strength in Pro-heavy categories like roofing, insulation and portable power.

然而，我們在屋頂、絕緣和便攜式電源等專業重型類別中看到了巨大的優勢。

Turning to total company online sales. Sales leveraging our digital platforms increased approximately 5% compared to the third quarter of last year. We continued to invest in the digital experience across our website and app and released a variety of enhancements in the third quarter. These range from simple improvements to help customers track orders to more complex things like updating our search and recommendation algorithms. For those customers that transacted with us online during the third quarter nearly half of our online orders were fulfilled through our stores.

轉向公司總線上銷售額。與去年第三季相比，利用我們數位平台的銷售額成長了約 5%。我們繼續投資於我們的網站和應用程式的數位體驗，並在第三季發布了各種增強功能。這些範圍從幫助客戶追蹤訂單的簡單改進到更新我們的搜尋和推薦演算法等更複雜的事情。對於第三季與我們在線上交易的客戶來說，我們近一半的線上訂單是透過我們的商店完成的。

During the third quarter, we hosted our Annual Labor Day appliance in Halloween events, and we're pleased with the results. In appliances, we were encouraged with the customers' engagement during the event. And 2023 was another record sales year for our Halloween program, both in-store and online, as our customers continued to add to their collection with our unique and exclusive product assortment.

在第三季度，我們在萬聖節活動中舉辦了年度勞動節設備，我們對結果感到滿意。在電器方面，我們對活動期間客戶的參與感到鼓舞。 2023 年是我們萬聖節計劃的另一個銷售記錄年，無論是店內還是在線，我們的客戶繼續透過我們獨特且獨家的產品種類添加他們的收藏。

As we turn our attention to the fourth quarter, we intend to continue this momentum with our annual holiday, Black Friday and gift center events. In our gift center, we continued to lean into brands that matter most for our customers with our assortment of Milwaukee, RYOBI, Makita, DEWALT, RIDGID, Husky and more. We will have something for everyone, whether it's our wide assortment of cordless RYOBI tools, DEWALT Atomic Drill and impact kits or our new Milwaukee M18 FORGE batteries. These new M18 FORGE batteries will be a game changer for our Pro customer, providing the most powerful fastest-charging and longest life of any battery on the Milwaukee M18 platform.

當我們將注意力轉向第四季度時，我們打算透過年度假期、黑色星期五和禮品中心活動來延續這一勢頭。在我們的禮品中心，我們繼續專注於對客戶最重要的品牌，包括 Milwaukee、RYOBI、Makita、DEWALT、RIDGID、Husky 等。我們將為每個人提供適合每個人的東西，無論是我們各種各樣的無線 RYOBI 工具、DEWALT 原子鑽和衝擊套件，還是我們的新型 Milwaukee M18 FORGE 電池。這些新型 M18 FORGE 電池將成為我們 Pro 客戶的遊戲規則改變者，提供 Milwaukee M18 平台上任何電池中最強大、最快的充電和最長的使用壽命。

This quarter, I'm also excited to announce the addition of WAGO to our powerhouse assortment of Pro brands including Milwaukee, USG, Custom Building Products, Leviton and QEP to name a few. It is these strategic vendor relationships that make us the product authority in home improvement and the addition of WAGO will help extend our position. WAGO is one of the top requested most innovative Pro brands in the wire connector segment that features a releasable level log wire connector that speeds up installation and save space in tight applications.

本季度，我還很高興地宣布 WAGO 添加到我們強大的 Pro 品牌系列中，其中包括 Milwaukee、USG、Custom Building Products、Leviton 和 QEP 等。正是這些策略供應商關係使我們成為家居裝修領域的產品權威，萬可的加入將有助於擴大我們的地位。萬可 (WAGO) 是電線連接器領域最受歡迎的最具創新性的專業品牌之一，其具有可釋放的水平原木電線連接器，可在緊湊的應用中加快安裝速度並節省空間。

We recently launched a number of SKUs in our stores, which are exclusive to The Home Depot in the national big box retail channel.

我們最近在我們的商店推出了一些SKU，這些SKU是家得寶在全國大型零售通路中的獨家產品。

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，這些產品有庫存並可在客戶需要時提供給他們。我們也將持續致力於開發能夠簡化專案、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。

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

話雖如此，我想把電話轉給理查。

Thank you, Billy, and good morning, everyone. In the third quarter, total sales were $37.7 billion, a decrease of approximately $1.2 billion or 3% from last year.

謝謝你，比利，大家早安。第三季總銷售額為377億美元，比去年減少約12億美元，即3%。

During the third quarter, our total company comps were negative 3.1% with comps of negative 2.1% in August, negative 3.4% in September and negative 3.7% in October. Comps in the U.S. were negative 3.5% for the quarter with comps of negative 2.5% in August, negative 3.8% in September and negative 4.1% in October.

第三季度，我們公司的總成本為負 3.1%，其中 8 月為負 2.1%，9 月為負 3.4%，10 月為負 3.7%。美國本季的綜合指數為負 3.5%，其中 8 月為負 2.5%，9 月為負 3.8%，10 月為負 4.1%。

In local currency, Mexico and Canada posted comps above the company average. It is important to note that adjusting for storm-related overlaps and some seasonal shift, monthly comps were relatively consistent across the quarter.

以當地貨幣計算，墨西哥和加拿大的表現高於公司平均。值得注意的是，調整與風暴相關的重疊和一些季節性變化後，整個季度的月度比較相對一致。

In the third quarter, our gross margin was 33.8%, a decrease of approximately 20 basis points from the third quarter last year, which was in line with our expectations.

第三季度，我們的毛利率為33.8%，比去年第三季下降約20個基點，符合我們的預期。

During the third quarter, operating expense as a percent of sales increased approximately 120 basis points to 19.4% compared to the third quarter of 2022. Our operating expense performance during the third quarter reflects our previously executed compensation increases for hourly associates as well as deleverage from our top line results.

與2022 年第三季相比，第三季營運費用佔銷售額的百分比增加了約120 個基點，達到19.4%。我們第三季的營運費用表現反映了我們先前對小時員工執行的薪資增加以及來自我們的主要結果。

Our operating margin for the third quarter was 14.3% compared to 15.8% in the third quarter of 2022.

我們第三季的營業利潤率為 14.3%，而 2022 年第三季為 15.8%。

Interest and other expense for the third quarter increased by approximately $30 million to $438 million.

第三季的利息和其他費用增加了約 3,000 萬美元，達到 4.38 億美元。

In the third quarter, our effective tax rate was 23.3%, down from 24.4% in the third quarter of fiscal 2022.

第三季度，我們的有效稅率為 23.3%，低於 2022 財年第三季的 24.4%。

Our diluted earnings per share for the third quarter were $3.81, a decrease of 10.1% compared to the third quarter of 2022.

我們第三季的攤薄每股收益為 3.81 美元，較 2022 年第三季下降 10.1%。

During the third quarter, we opened 7 new stores, bringing our total store count to 2,333. Retail selling square footage was approximately 242 million square feet.

第三季度，我們新開了 7 家門市，使門市總數達到 2,333 家。零售銷售面積約2.42億平方英尺。

At the end of the quarter, merchandise inventories were $22.8 billion, down $2.9 billion or 11% compared to the third quarter of 2022. And inventory turns were 4.3x flat to 1 year ago.

截至本季末，商品庫存為 228 億美元，比 2022 年第三季減少 29 億美元，即 11%。庫存週轉率為 4.3 倍，與一年前持平。

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.

轉向資本配置。在投資我們的業務並支付股利後，我們打算以股票回購的形式將多餘的現金回饋給股東。

During the quarter, we invested approximately $670 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 $1.5 billion to shareholders in the form of share repurchases.

本季度，我們以資本支出的形式向我們的業務投資了約 6.7 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 15 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 38.7%, down from 43.3% in the third 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 38.7%，低於 2022 財年第三季的 43.3%。

Now I will comment on our guidance for fiscal 2023. As you heard from Ted, with one quarter remaining in fiscal 2023, we no longer expect the end points of our previous guidance range as likely outcomes, and therefore, we are narrowing our guidance for 2023.

現在我將評論我們對2023 財年的指導。正如您從Ted 那裡聽到的，2023 財年還剩四分之一，我們不再預計之前指導範圍的終點是可能的結果，因此，我們正在縮小2023 財年的指導範圍2023 年。

We expect fiscal 2023 sales and comp sales to decline between 3% and 4%. We are targeting an operating margin between 14.2% and 14.1% for the year.

我們預計 2023 財年銷售額和比較銷售額將下降 3% 至 4%。我們今年的營業利潤率目標為 14.2% 至 14.1%。

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 9% and 11% decline in diluted earnings per share compared to fiscal 2022.

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。我們預計，與 2022 財年相比，稀釋後每股盈餘將下降 9% 至 11%。

In addition, as you heard from Ann, we continue to focus on driving productivity in the business. We have taken a number of actions that will help us realize the previously announced $500 million in annualized cost savings in 2024 and are fully confident that we will deliver on this commitment.

此外，正如您從 Ann 聽到的那樣，我們將繼續專注於提高業務生產力。我們已採取多項行動，幫助我們實現先前宣布的 2024 年年度成本節約 5 億美元的目標，並完全有信心兌現這一承諾。

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.

我們也持續致力於透過我們在家居裝修領域領先的產品權威、強大的庫存水準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 Simeon Gutman with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的西蒙·古特曼（Simeon Gutman）。

In thinking about inflections and when we might see one, looking at the spread maybe between DIY and Pro is the story of this quarter that maybe DIY has stabilized, but the Pro is getting a little bit worse?

在考慮變化以及何時我們可能會看到變化時，看看 DIY 和 Pro 之間的差異可能是本季度的故事，也許 DIY 已經穩定下來，但 Pro 變得更糟了？

And then if that's right, and feel free to correct if that's wrong, would that mean that it could take a little longer than for the Pro sort of normalizing to play out? And actually, the overall comp could get a little worse before it gets better?

如果這是正確的，如果這是錯誤的，請隨時糾正，這是否意味著它可能需要比 Pro 類型的正常化更長的時間才能發揮作用？事實上，整體情況在變得更好之前可能會變得更糟？

Thanks for the question. I would say Pro and consumer, it had the narrowest performance gap in some time. So they both performed reasonably well. If you step back and look at the quarter, we feel really good about the third quarter and we narrowed our comp guidance for the year because of that. And in fact, if you look at the performance of the business overall this year, if you look at the seasonality of Q1 and Q2, we're pretty smooth in that minus 3% comp through the first 3 quarters of this year, and that's normalized for weather and storms and commodity price deflation.

謝謝你的提問。我想說的是，專業版和消費者版在一段時間內的效能差距是最小的。所以他們兩個的表現都相當不錯。如果你退後一步看看這個季度，我們對第三季度的感覺非常好，因此我們縮小了今年的業績指引。事實上，如果你看看今年整體業務的表現，如果你看看第一季和第二季的季節性，我們在今年前三個季度的負 3% 的補償中表現相當平穩，這就是天氣和風暴以及大宗商品價格通貨緊縮的正常化。

And then our regional businesses are also pretty consistent. We've seen the least variability in regions. And as I said, the narrowest gap between Pro and consumer. We had really good seasonal sell-through. And as prices have settled with abating deflation, we feel pretty good about that. And our operations are increasingly getting back to normal. The supply chain is operating very well. Our inventory positions are better. Our in-stock rates are much better, as Ann took you through all the things we're doing in the store to improve on-shelf availability. Our value propositions, as Billy mentioned, are in great shape and product innovation is better than it's ever been. And the wage investments are paying off. Our attrition is way down. And with that attrition being down, our associates have had more time in the store, their ability to serve customers has improved.

而且我們的區域業務也非常一致。我們發現各地區的差異最小。正如我所說，專業人士和消費者之間的差距最窄。我們的季節性銷售非常好。隨著通貨緊縮的緩解，價格已經穩定下來，我們對此感覺非常好。我們的營運正逐漸恢復正常。供應鏈運作良好。我們的庫存狀況較好。我們的庫存率要好得多，因為 Ann 向您介紹了我們在商店中為提高貨架可用性所做的一切。正如比利所提到的，我們的價值主張處於良好狀態，產品創新比以往任何時候都更好。薪資投資正在得到回報。我們的人員流失率大幅下降。隨著人員流動率的下降，我們的員工在店裡待的時間更長了，他們為顧客服務的能力也提高了。

So all of that really is what delivered that consistent comp throughout the year. But to answer your specific question, as we sit here feeling really good about the operations, the share shift of PCE from pre-COVID to today has not completely reverted and we're still not exactly sure where that reverts to. The asset class for home improvement is worth $15-odd trillion more than it was pre-pandemic. And we know now that the Fed definitely has a higher-for-longer monetary posture and that's going to continue to pressure durable goods, in financing or motivation for larger home improvement projects.

因此，所有這些確實是全年實現一致的補償的原因。但要回答你的具體問題，當我們坐在這裡對營運情況感覺非常良好時，PCE 的份額從新冠疫情前到現在的變化尚未完全恢復，我們仍然不確定會恢復到什麼程度。家居裝修資產類別的價值比大流行前增加了 15 兆美元。我們現在知道，聯準會肯定會採取長期較高的貨幣政策，這將繼續對耐用品、大型家居裝修專案的融資或動力造成壓力。

So as we said, we see great engagement, engagement in seasonal goods, engagement with smaller projects. It's the larger projects are a bit down at the moment. So that's what we're watching. I mean we're not obviously talking about 2024 today, but lots of good news in the operations of the business. Great news with still a very resilient customer. I mean we just came off of 4.9% GDP in Q3, driven by the consumer. But as you know, we're looking at it this year, this period of moderation for home improvement spend. But I couldn't feel better about the business and our operations overall.

正如我們所說，我們看到了很大的參與度，參與季節性商品，參與較小的項目。目前較大的項目有點下降。這就是我們正在關注的。我的意思是，我們今天顯然不是在談論 2024 年，而是在業務運營方面有很多好消息。好消息，客戶仍然非常有彈性。我的意思是，在消費者的推動下，第三季 GDP 成長了 4.9%。但如你所知，我們今年正在考慮這個問題，即家居裝修支出的適度時期。但我對我們的業務和整體營運感覺非常好。

And then maybe the follow-up, you mentioned GDP. Given that home prices seem to be pretty sticky even with pretty weak turnover and may not get any better, how should we think about GDP -- should we revert to GDP as maybe a better proxy for how the business could do?

也許接下來，你提到了GDP。鑑於即使營業額相當疲軟，房價似乎也相當黏性，而且可能不會好轉，我們應該如何看待 GDP——我們是否應該回歸 GDP 作為衡量企業表現的更好指標？

Simeon, this is Richard. We have tried to take the most thoughtful approach possible in -- over the last few years of what the drivers of the business are and those things that indicate to us how we have settled back out of the pandemic period, and that's why we focused on share of PCE.

西蒙，這是理查德。在過去的幾年裡，我們試圖採取最深思熟慮的方法來了解業務的驅動因素以及那些向我們表明我們如何擺脫大流行時期的事情，這就是為什麼我們專注於PCE 的份額。

Like Ted said, we're not going to talk about 2024 today. There is an underlying kind of layer of economic activity that supports the business. But as Ted pointed out, number one, we still haven't reverted all the way back to 2019 levels of PCE share. And the Fed stance of higher-for-longer has had and could have increasing pressure on the outlook for durables and housing-related spend.

正如 Ted 所說，我們今天不討論 2024 年。有一個支持業務的經濟活動的底層。但正如 Ted 指出的，第一，我們的 PCE 份額仍然沒有完全恢復到 2019 年的水平。聯準會長期走高的立場已經並且可能對耐用品和住房相關支出的前景造成越來越大的壓力。

So like Ted said, that's what we're watching at the moment. And we will talk about 2024 when we get to our call next quarter.

正如特德所說，這就是我們目前正在關注的。我們將在下個季度召開電話會議時討論 2024 年。

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。

Richard, considering all the ins and outs of your cost base this year with wage investments, you've got the legal settlement in Q1 plus the cost saves next year, is it fair for us to assume your operating margins can expand in 2024? Or is there a certain level of comp that you will need to see to hold this 14%-plus margin?

理查德，考慮到今年薪資投資成本基礎的所有來龍去脈，你在第一季度獲得了法律和解，再加上明年節省的成本，我們假設你的營業利潤率可以在 2024 年擴大，這公平嗎？或者您需要達到一定水準的補償才能保持 14% 以上的利潤？

Thanks for that question. Margin expansion is largely a function of top line growth. There is a point there in the low positive comp digits where you see expense turn from deleverage to leverage.

謝謝你提出這個問題。利潤率擴張很大程度取決於收入成長。在低正補償數字中有一個點，您會看到費用從去槓桿化轉變為槓桿化。

We're not going to take on 2024 guidance today. What we have done is we have put in place measures, and in fact, now have essentially completed actions that will provide us with a $500 million cost buffer heading into 2024. And so regardless of the outlook, that provides some buffer in margin.

我們今天不打算採用 2024 年指引。我們所做的是，我們已經採取了措施，事實上，現在已經基本完成了行動，這些行動將為我們在2024 年之前提供5 億美元的成本緩衝。因此，無論前景如何，這都為我們提供了一定的利潤緩衝。

Got it. And then you mentioned that you would reinvest the legal settlement gain from Q1. So first of all, any color on what this reinvestment actually is or what it would look like? And then is it fair to say the investment will be largely in Q4? Or was there a part of that in Q3?

知道了。然後您提到您將重新投資第一季的法律和解收益。那麼首先，對於這次再投資到底是什麼或它會是什麼樣子有什麼看法嗎？那麼可以說投資主要集中在第四季嗎？或者第三季有一部分嗎？

We've had part of that spent throughout the year. I think it is still a correct assumption that, that favorability will be fully offset by the end of the year. And so I really point you to our guidance as the best jumping off point for your modeling.

我們全年都花掉了其中的一部分。我認為，到今年年底，這種好感度將被完全抵消，這仍然是一個正確的假設。因此，我真誠地向您指出我們的指導是您建模的最佳起點。

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。

So in some other retail verticals or a lot of other retail verticals, we're seeing a return to pre-COVID purchasing patterns where you probably see more activity, purchasing activity on weekends and around holidays and events with, frankly, bigger lulls in between.

因此，在其他一些零售垂直行業或許多其他零售垂直行業中，我們看到了新冠疫情之前的購買模式的回歸，您可能會看到更多的活動，週末、節假日和活動前後的購買活動，坦率地說，其間有較大的間歇期。

So the questions are: one, are you seeing a similar general pattern? And two, assuming that is the case, are there ways for you guys to take advantage of that pattern from an operational standpoint to improve productivity?

所以問題是：第一，您是否看到類似的一般模式？第二，假設情況確實如此，你們有沒有辦法從營運的角度利用這種模式來提高生產力？

Yes. Thanks for the question, Scot. It's Billy. Listen, if it relates to different fluctuations in customer patterns and so forth, we haven't seen that. It's been very consistent throughout the quarter. And as Ted mentioned in his prepared remarks, really throughout the year when you account for some of the weather and some of the best effect we saw in the first half. So we haven't seen that.

是的。謝謝你的提問，斯科特。是比利。聽著，如果它與客戶模式的不同波動等相關，我們還沒有看到。整個季度的情況非常穩定。正如特德在他準備好的演講中提到的，實際上是全年，當你考慮到一些天氣和我們在上半年看到的一些最佳效果時。所以我們還沒有看到這一點。

Listen, if it relates to promotional activity whatsoever. We have events in our stores that we love to execute and drive excitement for our customers. But from a promotional activity standpoint, it's really reverted back to pre-COVID times. Our pricing is certainly, as Ted mentioned, settled over the last several months. The environment certainly stabilized. So we operate in a very -- we operate in a very rational market and promotional environment. As I said, this has returned to kind of pre-pandemic times.

聽著，如果它與促銷活動有關。我們喜歡在商店裡舉辦一些活動，讓顧客興奮不已。但從促銷活動的角度來看，它確實回到了新冠疫情之前的時代。正如特德所提到的，我們的定價肯定是在過去幾個月中確定的。環境確實穩定了。因此，我們在一個非常理性的市場和促銷環境中運作。正如我所說，這已經回到了大流行前的時代。

And we will always -- Scot, we will always focus on EDLP. I mean we have events during certain seasons that they're a lot of fun. They're engaging with the associates. They're engaging for our customers. But day in and day out, 12 months a year, we strive to be an EDLP retailer with great values every day.

我們將永遠 - Scot，我們將永遠專注於 EDLP。我的意思是，我們在某些​​季節會舉辦一些非常有趣的活動。他們正在與同事交往。他們正在吸引我們的客戶。但日復一日，一年 12 個月，我們每天都努力成為一家具有巨大價值的 EDLP 零售商。

Got it. And then just a quick follow-up. On the big-ticket discretionary, is there any specific areas where you're actually seeing a positive inflection? Or are they all still trending, call it, mid-single-digit negative?

知道了。然後進行快速跟進。在大額全權委託方面，您是否確實在任何特定領域看到了積極的變化？或者它們仍然呈現中個位數負成長趨勢嗎？

No. We called out in my prepared remarks, categories like portable power and so forth, where we have seen great engagement. And candidly, we're thrilled with the innovation that we continue to partner with our supplier base on that we bring to the market. And where we continue to see innovation, we continue to see great engagement with both the Pro and the consumer.

不。我們在我準備好的演講中提到了便攜式電源等類別，我們在這些類別中看到了很大的參與度。坦白說，我們對我們繼續與供應商合作向市場推出的創新感到興奮。在我們不斷看到創新的地方，我們繼續看到專業人士和消費者的良好參與。

Our next question comes from the line of Chris Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Chris Horvers。

So a couple of follow-ups to prior questions. My first one is, with the gross margin decline in the third quarter, can you talk a little bit about what drove that? You were lapping storm-related demand and you had some commodity deflation. So I would have thought that those would be positive. So is that fair?

因此，對先前的問題進行一些後續解答。我的第一個問題是，隨著第三季毛利率的下降，您能談談是什麼推動了這一下降嗎？與風暴相關的需求受到衝擊，並且出現了一些商品通貨緊縮。所以我認為這些都是正面的。那麼這公平嗎？

And what were the offsets to that drove it lower?

是什麼抵消了它的下降？

Thanks for the question, Chris. I'll go back to Billy's comments and Ted mentioned this as well, I think the most important observation we've made is that the worst of the inflationary environment is behind us. And as a result, as Billy said, retail prices are settling in the market. Some prices are settling at levels higher than 2022, others are settling lower. But we're seeing some stabilization there that Billy can talk about. Specific to the quarter and gross margin, there are some timing differences as some prices settled ahead of anticipated product and transportation cost benefits that will come through as we turn through our inventory. But those are -- I'd really sort of consider those timing.

謝謝你的提問，克里斯。我將回到比利的評論，特德也提到了這一點，我認為我們所做的最重要的觀察是，最糟糕的通膨環境已經過去。因此，正如比利所說，零售價格正在市場上穩定下來。有些價格穩定在高於 2022 年的水平，有些則穩定在較低水平。但我們看到比利可以談論一些穩定的情況。具體到季度和毛利率，存在一些時間差異，因為一些價格的結算早於我們週轉庫存時預期的產品和運輸成本效益。但這些是——我真的會考慮這些時機。

For the full year, our view on gross margin hasn't changed and we expect to see slight pressure year-over-year. But Billy, maybe just talk about kind of the settling of prices.

就全年而言，我們對毛利率的看法沒有改變，預計將比去年同期出現輕微壓力。但是比利，也許只是談論價格的結算。

Yes. I mean, as you mentioned, the inflation environment seems to be behind us. Prices absolutely settled in. And again, I reiterate what I said, work in a very rational market.

是的。我的意思是，正如您所提到的，通膨環境似乎已經過去。價格絕對穩定。我再次重申我所說的，在一個非常理性的市場中運作。

And the other thing I'd add is this is no different than any other time frame, frankly. We have a portfolio approach to how we take on, whether it's lumber deflation that we've talked a lot about throughout the year or other ins and outs as it relates to the P&L. So a very normalized environment, rational and really a stabilization that we've seen across the board as it relates to pricing.

我要補充的另一件事是，坦白說，這與其他時間框架沒有什麼不同。我們有一個投資組合的方法來應對，無論是我們全年多次討論的木材通貨緊縮，還是與損益表相關的其他細節。因此，這是一個非常正常化、理性且真正穩定的環境，我們在定價方面看到了全面的穩定性。

Got it. Got it, got it, got it. So that makes sense. And then on the variable cost side, you talked about a low single-digit leverage point historically and the $500 million of cost savings next year. You've had -- at the same time, you've had negative transactions for quite some time now.

知道了。明白了，明白了，明白了。所以這是有道理的。然後在可變成本方面，您談到了歷史上較低的個位數槓桿點以及明年 5 億美元的成本節省。同時，負交易已經持續相當長一段時間了。

So can you talk about where we are in terms of the -- how labor can maybe become -- how it becomes less variable over time, maybe in the context of the percentage of stores on minimum staffing levels. And if there is negative comps in '24 or over the next 6 months, is the flexibility that you get from the $500 million offset by the fact that you'll be -- you could be having still negative transactions and less flexibility.

那麼，您能否談談我們在勞動力方面的情況——勞動力可能會如何變化——隨著時間的推移，勞動力如何變得越來越不可變，也許是在最低人員配備水平的商店百分比的背景下。如果在 24 年或接下來的 6 個月內出現負補償，那麼您從 5 億美元中獲得的靈活性會被以下事實所抵消 - 您可能仍然會遇到負交易並且靈活性較低。

Chris, thanks for the question. There's a lot of kind of 2024 conjecture built into that answer. I'll tell you that -- you're right. So I think when you're talking about changes in the nature of our labor model, the degree of change in transactions really isn't material enough to say that changes the nature of our labor model.

克里斯，謝謝你的提問。這個答案包含了許多 2024 年的猜想。我會告訴你——你是對的。所以我認為，當你談論我們勞動模式性質的改變時，交易的變化程度確實不足以說改變了我們勞動模式的本質。

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 Michael Lasser。

You talked about the promotional environment discounting being very rational. If the cycle or the downturn for home improvement remains protracted and extended, under what conditions would you expect that discounting will be more intense than it was in 2019 across the industry?

您談到促銷環境打折是非常理性的。如果家裝週期或低迷持續延長，您預計在什麼情況下全行業的折扣會比2019年更加激烈？

And if that were to be the case, would Home Depot choose to remain true to the everyday low price and the portfolio approach that it has or would it look to protect market share and participate in some of that activity?

如果是這樣的話，家得寶會選擇保持每日低價和現有的投資組合方法，還是會尋求保護市場份額並參與其中的一些活動？

We will stay committed to EDLP. And our promotional cadences, as we said earlier, the Black Friday, appliances and gift center and some spring events for seasonal garden items to get traffic in stores, those have been the playbook for years and years, right, Billy, and we don't see us going away from that. In fact, we've stayed truer to reductions of promotions when you think of categories like ceiling fans that I remember was constantly on and off 10% and 20% off. Paint, which was a promotional category, were 5% and 10% and then it went to 10% and 20s, we've backed off all of that. And on the margin, we prefer to be even less promotional than we are today.

我們將繼續致力於 EDLP。正如我們之前所說，我們的促銷節奏，黑色星期五、電器和禮品中心以及一些針對季節性花園用品的春季活動，以吸引商店的客流量，這些都是多年來的策略，對吧，比利，我們不這樣做我們不會改變這一點。事實上，當你想到像吊扇這樣的品類時，我們一直在減少促銷活動，我記得吊扇一直時斷時續地有 10% 和 20% 的折扣。油漆，這是一個促銷類別，是 5% 和 10%，然後又達到 10% 和 20%，我們已經放棄了所有這些。從某種程度上來說，我們更願意比現在更少地進行促銷。

If you had a protracted downturn in the market, I mean, for sure, we're going to be competitive. And for sure, we are going to protect our share. But when you think of the nature of large home improvement projects, certainly one done by a pro, the labor component is such a big piece of that job. I mean just take paint, for example. If you're painting your living room for $500, the paint in that job is going to be less than $100 and it's your labor bill, either your opportunity cost as a consumer or the pro doing your job for you.

如果市場長期低迷，我的意思是，我們肯定會具有競爭力。當然，我們將保護我們的份額。但當你想到大型家居裝修專案的性質時，尤其是由專業人士完成的專案時，勞動力部分是這項工作的重要組成部分。我的意思是，以油漆為例。如果你花500 美元粉刷你的客廳，那麼這項工作的油漆費用將低於100 美元，這是你的勞動力成本，要么是你作為消費者的機會成本，要么是為你做工作的專業人士的機會成本。

So being super aggressive to take $10 off the $100 component of a $500 job I don't think really moves the needle, and that's why our bias, our starting position would be no, we wouldn't chase a lot of price in that dynamic.

因此，超級積極地從500 美元工作的100 美元中扣除10 美元，我認為並沒有真正起到推動作用，這就是為什麼我們的偏見，我們的起始位置是“否”，我們不會在這種動態中追逐很多價格。

Got you. Very helpful. My follow-up question is, historically, Home Depot has underpromised and overdelivered in just about all facets. Is it realistic to think that you took the same approach when building this $500 million of net cost savings for next year such that there could be upside to that number?

明白你了。很有幫助。我的後續問題是，從歷史上看，家得寶幾乎在所有方面都承諾不足，但交付過多。認為您在為明年節省 5 億美元的淨成本時採取了相同的方法，從而使該數字還有上升空間，這是否現實？

Well, that cost number was really more a function of having built capacity to handle the explosion in our volume during COVID.

嗯，這個成本數字實際上更多的是建立能力來應對新冠肺炎期間我們的數量爆炸式增長的函數。

And then the sort of other side of that pill, where we pulled capacity in many forms back. And so it was the right thing to do regardless of the environment. It does happen to provide a buffer for our operating margin as we move into 2024.

然後是該藥丸的另一面，我們以多種形式恢復了容量。因此，無論環境如何，這都是正確的做法。當我們進入 2024 年時，它確實為我們的營業利潤率提供了緩衝。

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。

Congrats on the new role. I wanted to focus on the Pro side of the business. So the commentary about growing with the complex Pro. In the past, there's been a focus on the flatbed distribution centers and the rollout on a regional basis. Is that still very much the strategy for the next couple of years?

祝賀新角色。我想專注於業務的專業方面。所以關於與複雜的 Pro 一起成長的評論。過去，人們的重點是平板配送中心和區域推廣。這仍然是未來幾年的戰略嗎？

And as you zoom out and think about the opportunity with the complex Pro, what are the top priorities within those next 1 to 2 years?

當您縮小範圍並思考複雜 Pro 的機會時，未來 1 到 2 年內的首要任務是什麼？

Steven, thank you so much for the kind words there. Chip is in the room, and he has been intimately knowledgeable about that. And so I'm going to throw it over to Chip, and he'll talk a little bit about some of the capabilities that we continue to leverage and some of the functionalities and capabilities that we will continue to build.

史蒂文，非常感謝你的客氣話。奇普就在房間裡，他對此非常了解。因此，我將把它交給 Chip，他將談論我們繼續利用的一些功能以及我們將繼續建立的一些功能和能力。

Yes. Thank you, Steven. We are going to continue certainly our march down to the expansion of our outside sales teams and continue to grow the complex Pro as it was mentioned in the earlier remarks, the connectivity into the store is an important part of this asset build as well. Our Pros shop in our stores every single day and connecting that ecosystem to our flatbed delivery systems is part of that.

是的。謝謝你，史蒂文。我們肯定會繼續擴大我們的外部銷售團隊，並繼續發展複雜的 Pro，正如先前的評論中提到的，與商店的連接也是該資產建設的重要組成部分。我們的專業人士每天都會在我們的商店裡購物，並將該生態系統與我們的平板配送系統連接起來就是其中的一部分。

So as we look and expand into different markets as we move forward from where we currently are, we will continue to evaluate the best opportunity to expand those distribution assets as well to support our growth in Pro.

因此，當我們從目前的位置向前邁進時，當我們著眼並擴展到不同的市場時，我們將繼續評估擴大這些分銷資產以及支持我們在 Pro 方面的成長的最佳機會。

Okay. I wanted to revisit Simeon's question about inflection because I know it's a challenging backdrop to predict. But I guess as you think about the business, what are the key building blocks to take the business from this period of moderation to a more stable market backdrop when you talked about low single-digit market growth? I'm curious if you could opine on, is it really the PCE shift? Is it rates? Just any help you provide would be helpful.

好的。我想重新審視西蒙關於變形的問題，因為我知道這是一個很難預測的背景。但我想，當您考慮業務時，當您談到較低的個位數市場成長時，將業務從這段溫和時期帶入更穩定的市場背景的關鍵組成部分是什麼？我很好奇您是否可以發表意見，這真的是 PCE 的轉變嗎？是費率嗎？您提供的任何幫助都會有所幫助。

Yes, Steven, for that, we're always looking at a balance between ticket and transactions. And what was interesting during the COVID period, we had inflation. So we had AUR up and we had ticket up, also driven by basket size.

是的，史蒂文，為此，我們一直在關注門票和交易之間的平衡。在新冠疫情期間，有趣的是通貨膨脹。因此，我們提高了 AUR，也提高了門票價格，這也是由籃子大小推動的。

But the engagement was so high, you really didn't have elasticities. You had driving ticket in transactions, and that's what led to the 25% comp.

但參與度太高了，你真的沒有彈性。您在交易中持有駕駛罰單，這就是 25% 補償的原因。

As inflation has abated in primarily commodities and those prices have come down, you've seen a falloff in ticket. And you didn't get the elasticity initially that you'd expect, and that was because people were still powering through projects.

由於主要商品的通貨膨脹已經減弱並且這些價格已經下降，因此您會看到機票價格的下降。最初你沒有獲得預期的彈性，那是因為人們仍在透過專案提供動力。

And now it's a mix of what's the level of response from pricing versus pull forward versus the Fed stance and higher interest rates. So that's all the dynamic that it's muddying the traditional ticket and transaction dynamic.

現在，它是定價、提前、聯準會立場和更高利率的反應水準的混合體。這就是它混淆了傳統門票和交易動態的所有動態。

But what's healthy for us is a solid comp equally balanced between ticket and transactions. And that's what we'd be looking for. And now as we've said, prices have essentially leveled. Our ticket was down modestly. And if you take out commodity, our ticket would have been up for the quarter. And then transactions, we're still working through a bit of that PCE shift pull forward, whatever that dynamic might be. But we'd be looking for growth in each in a nice balance going forward.

但對我們來說健康的是門票和交易之間平衡的堅實的補償。這就是我們要尋找的。現在正如我們所說，價格已基本趨於平穩。我們的機票小幅下跌。如果你拿出商品，我們這個季度的門票就會上漲。然後是交易，無論動態如何，我們仍在努力推動 PCE 轉變。但我們希望在未來的發展中能夠保持良好的平衡。

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。

The question I have, I think Michael may have asked previously just about price actions, but I guess maybe to expand that a bit further. So we've been discussing now this trend and weakness in bigger tickets for a while. I mean, obviously, a very unique demand backdrop.

我的問題是，我認為邁克爾之前可能只是問過有關價格行為的問題，但我想也許可以進一步擴大這個範圍。因此，我們現在已經討論這種趨勢和大票的弱點一段時間了。顯然，我的意思是，一個非常獨特的需求背景。

But again, from your perspective, particularly as you look towards '24, are there other levers that Home Depot could pull to potentially spur better demand within big-ticket other than price?

但同樣，從您的角度來看，特別是當您展望 24 世紀時，除了價格之外，家得寶是否還可以利用其他槓桿來刺激大件商品的更好需求？

Well, the #1 way that we're focused to drive demand is with the complex Pro. So it's -- that is our key strategy and that's what we're focused on. It's a $200 billion space as we've defined the $950 billion split evenly pro and consumer. And if the $475 billion that's Pro, there's $200 billion that is larger pros, more complex spend that we're building out the capabilities to serve that demand.

嗯，我們專注於推動需求的第一個方法是使用複雜的 Pro。所以這是我們的關鍵策略，也是我們關注的重點。這是一個 2000 億美元的空間，正如我們所定義的 9500 億美元，專業人士和消費者平分。如果說 4750 億美元是專業人士的話，那麼還有 2000 億美元是更大的專業人士、更複雜的支出，我們正在建立滿足這一需求的能力。

And that, Brian, is what we're very, very focused on and I think for years and years, that is going to be a driver of our business as we take share in that sort of $200 billion white space.

Brian，這就是我們非常非常關注的事情，我認為多年來，隨著我們在 2000 億美元的空白市場中佔據份額，這將成為我們業務的驅動力。

Thanks, Ted. Got it. And then my second -- my follow-up, much quicker. Obviously, you narrowed your guidance for the balance of the year. You talked about trends in the fiscal third quarter. But any commentary on sales trends early here in fiscal Q4?

謝謝，泰德。知道了。然後是我的第二個——我的後續行動，速度快得多。顯然，您縮小了今年剩餘時間的指導範圍。您談到了第三財季的趨勢。但對第四財季初期的銷售趨勢有什麼評論嗎？

Our performance in the first 2 weeks is on track to achieve our full year 2023 guidance.

我們前兩週的表現有望實現 2023 年全年指引。

Our next question comes from the line of Peter Benedict with Baird.

我們的下一個問題來自彼得·本尼迪克特和​​貝爾德的對話。

Another one on average ticket here. So pre-COVID average ticket around $67. I think now it's kind of trending closer to $90, so up 35%.

這裡還有一張平均票。因此，在新冠疫情爆發之前，平均票價約為 67 美元。我認為現在它的趨勢接近 90 美元，因此上漲了 35%。

Richard, I just wonder if you have any perspective on kind of the like-for-like SKU inflation component there versus the big-ticket mix? It sounds like your like-for-like inflation is -- seems to be stabilizing. I know there's innovation that can make things not like-for-like. But just curious, as you think about the big-ticket exposure there and what could potentially play out there? How big of a deal is that?

理查德，我只是想知道您對同類 SKU 通膨成分與大件產品組合有何看法？聽起來您的通貨膨脹率似乎正在趨於穩定。我知道創新可以讓事情變得與眾不同。但只是好奇，當你想到那裡的大額曝光以及那裡可能發生什麼？這有多大？

Thanks for the question. I think there are a few answers to that.

謝謝你的提問。我認為對此有幾個答案。

First of all, we have seen inflation abate and really kind of settle on a like-for-like basis across the portfolio. I think it's interesting you see some -- we've seen different dynamics in big-ticket over the years as we've had lumber inflation and deflation, in particular, skewing those results in big ticket.

首先，我們看到通貨膨脹減弱，整個投資組合確實在類似的基礎上穩定下來。我認為你看到的一些內容很有趣——多年來我們看到了大宗商品的不同動態，因為我們經歷了木材通膨和通貨緊縮，特別是扭曲了大宗商品的結果。

But Billy, maybe you talk a little bit about trends there.

但是比利，也許你能談談那裡的趨勢。

Yes. I mean -- and I'll just -- Ted's response back to Brian on you see categories like drywall where we have capabilities, roofing, insulation, portable power where we've added innovation, we continue to see great both Pro and consumer reaction to just the innovation and things we're seeing.

是的。我的意思是- 我只是- 泰德對布萊恩的回應，你看到像乾牆這樣的類別，我們有能力，屋頂，絕緣，便攜式電源，我們增加了創新，我們繼續看到專業人士和消費者的巨大反應只是我們所看到的創新和事物。

As it relates to big-ticket, obviously, you've seen some deferral and so forth, as we talked about. Certainly, the pull forward is probably still playing a part in that as we continue to get further away from the pandemic.

由於它與大額機票相關，顯然，正如我們所討論的，您已經看到了一些延期等情況。當然，隨著我們繼續遠離大流行，這種推動可能仍在其中發揮作用。

So we'll watch that closely. We don't see anything. As I mentioned, stabilized pricing, rational environment and we don't see anything different from what we've seen over the last multiple months now.

所以我們會密切注意。我們什麼也沒看到。正如我所提到的，穩定的價格、合理的環境，我們沒有看到任何與過去幾個月不同的情況。

Okay. Thanks for that guide. And then I just -- I guess, turning to maybe the leverage and the pace of buyback. And if we stay in this environment of, let's call it, moderation in demand, how do you think about just maybe balancing your buyback approach leverage? I mean, you're still operating below the 2x. Is there anything that prevents you from kind of moving up to that 2x?

好的。謝謝你的指導。然後我想，也許會轉向槓桿和回購的步伐。如果我們繼續處於需求適度的環境中，您如何考慮平衡您的回購方法槓桿？我的意思是，你的運行速度仍然低於 2 倍。有什麼因素會阻止您提升到 2 倍嗎？

Are you -- just kind of curious on your latest thoughts around those topics.

您只是對您圍繞這些主題的最新想法感到好奇嗎？

Thank you. We've maintained a position very close to that 2x debt-to-EBITDA leverage ratio and we intend to do so in the foreseeable future. We will also really maintain consistency with respect to capital allocation. We invest in the business first. We pay our dividends. And then as we determine excess cash, we flow that to our shareholders in the form of repurchases.

謝謝。我們一直保持著非常接近 2 倍債務與 EBITDA 槓桿率的水平，並且我們打算在可預見的未來這樣做。我們也將真正保持資本配置的一致性。我們先投資業務。我們支付股息。然後，當我們確定多餘的現金時，我們會以回購的形式將其流向股東。

To your point, to date, we've repurchased $6.5 billion. There's really no change in our stance. And so I think that's the important takeaway there.

就你而言，迄今為止，我們已經回購了 65 億美元。我們的立場確實沒有改變。所以我認為這是最重要的一點。

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。

Okay. Just thinking about the fourth quarter, if we take the midpoint of the implied guidance, it does suggest a little bit of a deceleration yet. It does seem like your business has been consistent. Is that just a function of -- am I reading too much into that? Or do we expect a deceleration?

好的。想想第四季度，如果我們採用隱含指導的中點，它確實表明還有一點減速。看來你的生意一直很穩定。這是否只是一個函數──我對此解讀得太多了嗎？或者我們預計會減速？

And maybe a second part of that, as you said, Halloween was really strong. Historically, all into your trim a tree or your holiday decorating business. I think it's like in 10 of the last 14 years, your fourth quarter comp has been better than the third quarter. Why should this year be different than that?

也許第二部分，正如你所說，萬聖節真的很強大。從歷史上看，一切都集中在修剪樹木或節日裝飾業務。我認為在過去 14 年中的 10 年中，第四季的業績比第三季更好。為什麼今年會有所不同？

Thanks for the question. The narrowing of the range is truly what it is. We saw the extreme points of that range become less likely and so we felt it would be helpful for our investors for us to narrow that range.

謝謝你的提問。範圍的縮小確實如此。我們看到該範圍的極值點變得不太可能，因此我們認為縮小該範圍對我們的投資者會有幫助。

There has been an assumption all year from the beginning of the year that our guidance reflected a reversion of our share of PCE from the pandemic time period back to 2019 levels. Our prior guidance range assumes that, that share will continue to revert throughout the year. We've seen that reversion gradually and steadily. And our current range still has an assumption built in for Q4. We're largely reverted, but not all the way back. So there is some notion of that in our guide.

從今年年初開始，我們一直有一種假設，即我們的指導反映了我們在 PCE 中所佔份額從大流行時期恢復到 2019 年水準。我們先前的指導範圍假設該份額將在全年繼續恢復。我們已經看到這種回歸正在逐漸而穩定地發生。我們目前的範圍仍然有第四季度的假設。我們基本上已經恢復了，但並沒有完全恢復。所以我們的指南中有一些關於這一點的概念。

Okay. So sounds like it's -- like I said, it's just a function of getting to the middle of the range.

好的。所以聽起來就像我說的，這只是達到範圍中間的函數。

If I could ask one other question. You talked a little bit about storms and seasonality. I think a lot of retailers have said it's been a warm fall. How does that impact you? Do you need it to get cold in -- as we go through the fourth quarter to drive your business? How should we think about that?

如果我可以再問一個問題的話。您談到了風暴和季節性。我想很多零售商都說這是一個溫暖的秋天。這對你有何影響？當我們進入第四季度時，您是否需要它來冷靜下來以推動您的業務？我們該如何思考這個問題？

It's been a little warmer, obviously, but not a big impact. We started to see where the weather has normalized. We started to see some of that fall cleanup and fall business really take off. Haven't seen obviously snow and so forth.

顯然，天氣暖和了一些，但影響不大。我們開始觀察哪裡的天氣已經恢復正常。我們開始看到一些秋季清理工作和秋季業務真正起飛。沒有看到明顯的雪等等。

So it's kind of right in line with what we'd say is a little more normalized year and where you see the weather act a little more fallish. You've seen the categories and businesses that you'd expect to trend up -- trend in that positive direction.

所以這有點符合我們所說的更正常化的一年，而且你會看到天氣表現得更不穩定。您已經看到了您期望呈上升趨勢的類別和業務—朝著積極的方向發展。

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

我們的下一個問題來自史蒂文·福布斯與古根漢的對話。

Tad, or maybe for Ann, just a follow-up on Pro sales, really focusing on the Dallas market, what's the chain average. Can you update us on how that market is performing?

Tad，或者也許對 Ann 來說，只是 Pro 銷售的後續行動，真正關注達拉斯市場，連鎖平均值是多少。您能否向我們介紹該市場的最新表現？

And then maybe just comment on any behavioral differences that you're noting between Pro markets based on the maturity of your strategic initiatives focused on the complex Pro. I mean, can you -- are you seeing and being able to analyze very like predictable behavioral changes?

然後，也許只是根據您針對複雜專業人士的策略計劃的成熟度來評論您在專業市場之間注意到的任何行為差異。我的意思是，你能看到並且能夠分析非常類似可預測的行為變化嗎？

Yes. I'll start off by just saying that the capabilities and functionalities that Hector and Chip have been working on over the last several years are certainly going to help us engineer a deal of momentum and success with the Pro. And Chip, I'll throw it over to you again because of how intimately you are knowledgeable about that.

是的。首先我要說的是，Hector 和 Chip 在過去幾年中致力於開發的功能和功能肯定會幫助我們為 Pro 帶來巨大的動力和成功。 Chip，我會再次把它交給你，因為你對此非常了解。

But there is -- this is -- the Pro ecosystem is what we are focused on. Now -- and not the in-store side -- or not only the in-store side, but the complex Pro. And as we build out these capabilities and we see the effectiveness of these capabilities, we're going to continue to leverage those. And Chip, I'll throw it over to you to kind of give a little bit more details on Dallas.

但 Pro 生態系統是我們關注的重點。現在——不是店內方面——或者不僅僅是店內方面，而是複雜的Pro。當我們建立這些功能並看到這些功能的有效性時，我們將繼續利用這些功能。奇普，我將把它交給您，讓您提供有關達拉斯的更多詳細資訊。

Yes. Thanks, Ann. And Steven, yes, absolutely, where we built capabilities inclusive of assets, distribution assets and where we've expanded our sales force, we've seen meaningful impact in growth. Our outside sales team is the best-performing cohort of all Pro. So we're going to continue, as I mentioned before, to invest in that and then add assets where necessary in the appropriate markets.

是的。謝謝，安。史蒂文，是的，絕對的，在我們建立包括資產、分銷資產在內的能力以及擴大銷售隊伍的地方，我們看到了對成長的有意義的影響。我們的外部銷售團隊是所有專業人士中表現最好的團隊。因此，正如我之前提到的，我們將繼續對此進行投資，然後在適當的市場中根據需要添加資產。

Maybe just a quick follow-up for Richard or Billy, all the ticket conversations here, any way to just sum up how the quarter for big-ticket progressed relative to expectations? It sounds like it performed better than expected. You have sort of stabilization in multiyear big-ticket comp trends. I would imagine that wasn't the expectation. But any way to help us frame on how the quarter progressed for big-ticket versus internal plan?

也許只是理查德或比利的快速跟進，這裡所有的門票對話，有什麼方法可以總結大門票季度相對於預期的進展情況嗎？聽起來它的表現比預期的要好。多年來的高價競爭趨勢已經趨於穩定。我想這不是期望。但是有什麼方法可以幫助我們了解本季大額計畫與內部計畫的進展嗎？

Yes. I think listen, it was largely how we planned it. We -- I called out some great interaction from our consumers is it related to appliances. Having said that, we were in a better inventory position there. So we saw some tailwind from just our better inventory position as it relates to that. But it largely played out exactly how we had thought it would.

是的。我想聽著，這很大程度上是我們計劃的。我們——我呼籲消費者進行一些與電器相關的精彩互動。話雖如此，我們在那裡的庫存狀況更好。因此，我們看到了與此相關的更好的庫存狀況帶來的一些推動力。但它基本上完全按照我們的設想進行。

And really, again, back to the prior comments, a very balanced year across the board when you account for some of the weather shifts early on and then what we were lapping with the hurricane, very balanced across the board and across the regions.

真的，再次回到之前的評論，這是一個非常平衡的一年，當你考慮到早期的一些天氣變化以及我們與颶風的關係時，整體上和各個地區都非常平衡。

I think it's important to thematically just to sort of repeat the point, this stance by the Fed of higher for longer is sort of coming across in surveys. There is a deferral of larger projects. And so if you just want to zoom all the way back to the true macro here and the forces on ticket that we're watching, that's probably the largest macro for us.

我認為從主題上重複這一點很重要，而聯準會這種長期走高的立場在調查中有所體現。較大的項目被推遲。因此，如果您只想一路放大到這裡真正的宏觀以及我們正在觀察的門票上的力量，這可能是我們最大的宏觀。

That's right.

這是正確的。

Our final question comes from the line of Dean Rosenblum with Bernstein.

我們的最後一個問題來自迪恩·羅森布魯姆和伯恩斯坦的對話。

My question is about the Pro and really just understanding the performance of the Pro relative to the comp overall and then splitting that out between store sales to Pro versus complex project sales to Pro.

我的問題是關於 Pro 的，實際上只是了解 Pro 相對於整個產品的性能，然後將其分為 Pro 的商店銷售和 Pro 的複雜項目銷售。

So just to make sure I'm understanding, you put up, call it, a negative 3% comp. DIY and Pro, very close to one another, U.S. slightly worse than Canada and Mexico. So I'm assuming U.S. Pro, call it, down 2%, 2.5%? And then can you just either verify or correct that. And then can you characterize Pro sales in the store relative to Pro sales outside of the store through the outside sales force and the CFCs?

因此，為了確保我能夠理解，您提出了 3% 的負補償。 DIY和Pro非常接近，美國比加拿大和墨西哥稍差。所以我假設 U.S. Pro 下跌 2%、2.5%？然後你可以驗證或修正它嗎？然後，您能否透過外部銷售人員和 CFC 來描述店內 Pro 銷售相對於店外 Pro 銷售的特徵？

Well, taking your last part first, it's an ecosystem like Ann said. We're actually not we don't have goals or targets with respect to the separation of store and delivered sales. The point is actually lifting all sales. And that's what we've seen consistently in every market where we've rolled out capabilities.

好吧，首先來說最後一部分，這是一個像安所說的生態系統。事實上，我們並不是沒有關於商店和交付銷售分離的目標或目標。重點實際上是提高所有銷售額。這就是我們在推出功能的每個市場中始終看到的情況。

Originally, we worried, okay, our delivered sales is going to begin to cannibalize the store. The opposite has proven true. And so we are progressing in a way that we're pleased.

最初，我們擔心，好吧，我們的交貨銷售將開始蠶食商店。事實證明事實恰恰相反。所以我們正在以一種令我們高興的方式取得進展。

With respect to your first question, factually, the Pro did outperform the consumer in Q3, albeit at the narrowest margin we've seen in quite some time. If you actually normalize for commodity impact, the Pro was essentially flat for the quarter.

關於你的第一個問題，事實上，Pro 在第三季的表現確實優於消費者，儘管是我們在相當長一段時間以來看到的最窄的差距。如果你真的將商品影響標準化，那麼 Pro 在本季基本上持平。

Okay. Great. And I guess my follow-up would be when you guys measure big project versus small projects, can you just clarify for us how you're determining what constitutes a big project versus a small? Is it like transaction size over $1,000? And if you could clarify that for us, that would be great.

好的。偉大的。我想我的後續行動是，當您們衡量大項目和小項目時，你能否向我們澄清一下你如何確定大項目和小項目的組成？交易規模是否超過 1,000 美元？如果您能為我們澄清這一點，那就太好了。

We infer from category sales and from class sales. When you look at categories that are more likely to sell at higher volumes in larger projects, kitchens, flooring, millwork to an extent, we are doing some inference. We also ask our customers what they're seeing and what kind of projects they're working on. We use external survey data that tells us that the nature of projects is kind of shifting from larger to smaller. And so it's a triangulation.

我們從品類銷售和班級銷售推斷。當您查看在較大項目（廚房、地板、木製品）中更有可能以更高銷售的類別時，我們正在做一些推斷。我們也詢問客戶所看到的內容以及他們正在進行的專案類型。我們使用的外部調查數據告訴我們，專案的性質正在從大型轉向小型。所以這是一個三角測量。

Ms. Janci, I'd like to turn the floor back over to you for closing comments.

Janci 女士，我想將發言權交還給您以供結束發言。

Thanks, Christine, and thank you, everyone, for joining us today. We look forward to speaking with you on our fourth quarter earnings call in February.

謝謝克里斯汀，也謝謝大家今天加入我們。我們期待在二月的第四季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，祝您有美好的一天。