家得寶 (HD) 2021 Q3 法說會逐字稿

Greetings, and welcome to The Home Depot's Third Quarter 2021 Earnings Conference Call.

您好，歡迎參加家得寶 2021 年第三季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

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

現在很高興向您介紹主持人 Isabel Janci。

Please go ahead.

請繼續。

Thank you, Christine, and good morning, everyone.

謝謝你，克里斯汀，大家早上好。

Welcome to Home Depot's Third Quarter 2021 Earnings Call.

歡迎來到家得寶 2021 年第三季度財報電話會議。

Joining us on our call today are Craig Menear, Chairman and CEO; Ted Decker, President and Chief Operating Officer; and Richard McPhail, Executive Vice President and Chief Financial Officer.

今天加入我們電話會議的還有董事長兼首席執行官 Craig Menear； Ted Decker，總裁兼首席運營官；和執行副總裁兼首席財務官 Richard McPhail。

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

在我們準備好的講話之後，電話將開放接受提問。

Questions will be limited to analysts and investors.

問題僅限於分析師和投資者。

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

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

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

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

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

這些陳述受到風險和不確定性的影響，可能導致實際結果與我們的預期和預測存在重大差異。

These risks and uncertainties include, but are not limited to, the factors identified in the release and in our filings with the Securities and Exchange Commission.

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

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

今天的演講還將包括某些非公認會計原則的措施。

Reconciliation of these measures is provided on our website.

我們的網站上提供了這些措施的對賬。

Now let me turn the call over to Craig.

現在讓我把電話轉給克雷格。

Thank you, Isabel, and good morning, everyone.

謝謝你，伊莎貝爾，大家早上好。

We appreciate you joining us on our call this morning.

感謝您今天早上加入我們的電話會議。

I'm pleased to report that we had another strong performance in the third quarter.

我很高興地報告，我們在第三季度又取得了強勁的表現。

Sales for the third quarter were $36.8 billion, up 9.8% from last year.

第三季度銷售額為 368 億美元，比去年同期增長 9.8%。

Comp sales were up 6.1% from last year with U.S. comps of positive 5.5%.

可比銷售額比去年增長 6.1%，美國的可比銷售額為 5.5%。

Diluted earnings per share were $3.92 in the third quarter, up from $3.18 in the third quarter last year.

第三季度每股攤薄收益為 3.92 美元，高於去年第三季度的 3.18 美元。

Home improvement demand remains strong.

家裝需求依然強勁。

Our customers remained engaged with projects around the home, and we continue to focus on delivering the best experience in retail.

我們的客戶繼續參與家庭周圍的項目，我們繼續專注於提供最佳的零售體驗。

As we mentioned last quarter, we continue to see customers taking on larger home improvement projects as evidenced by the continued strength with our Pro customer, which once again outpaced the DIY customer.

正如我們上個季度提到的那樣，我們繼續看到客戶進行更大的家居裝修項目，我們的 Pro 客戶的持續實力證明了這一點，這再次超過了 DIY 客戶。

As been the case for the last 18 months, the team is doing an outstanding job of navigating a fluid and challenging operating environment.

與過去 18 個月的情況一樣，該團隊在應對流動性和挑戰性的運營環境方面做得非常出色。

Ultimately, this is what has allowed us to respond to the strong home improvement demand that has persisted.

最終，這使我們能夠應對持續存在的強勁家居裝修需求。

We had positive comps every week despite unprecedented [compares] last year and grew sales by $3.3 billion in the third quarter, bringing total sales growth year-to-date to more than $15.5 billion through the third quarter.

儘管去年的[比較]前所未有，但我們每週都有積極的業績，第三季度的銷售額增長了 33 億美元，使今年迄今為止的總銷售額增長到第三季度超過 155 億美元。

From a geographic perspective, all of our 19 U.S. regions posted positive comps versus last year, and both Canada and Mexico posted positive comps.

從地理角度來看，與去年相比，我們在美國的所有 19 個地區都發布了積極的業績，加拿大和墨西哥都發布了積極的業績。

These results were driven by our associates who have maintained a relentless focus on our customers, while simultaneously managing industry-wide supply chain disruptions, inflation and a tight labor market.

這些結果是由我們的員工推動的，他們始終堅持以客戶為中心，同時管理全行業的供應鏈中斷、通貨膨脹和緊張的勞動力市場。

While these factors present challenges for retail as a whole, we will use our experience, tools and our scale to manage through this environment with the intent to deliver a strong value proposition to our customers.

雖然這些因素給整個零售業帶來了挑戰，但我們將利用我們的經驗、工具和規模來管理這個環境，旨在為我們的客戶提供強大的價值主張。

We are thankful for the tenure and strength of our relationships with our supplier and transportation partners.

我們感謝我們與供應商和運輸合作夥伴關係的長期和牢固。

Our respective teams have worked tirelessly to build depth in key product categories and to flow products to our stores and distribution centers as quickly and efficiently as possible.

我們各自的團隊不知疲倦地努力在關鍵產品類別上建立深度，並儘可能快速有效地將產品運送到我們的商店和配送中心。

I would like to thank them for their ongoing efforts as we continue to navigate one of the most challenging environments we have ever faced.

我要感謝他們的持續努力，因為我們將繼續在我們所面臨的最具挑戰性的環境之一中航行。

Beyond the current environment, we are focused on positioning ourselves for growth.

在當前環境之外，我們專注於為增長定位自己。

We are investing in stores to drive further productivity, which Ted will discuss.

我們正在投資商店以提高生產力，Ted 將對此進行討論。

We are enhancing the interconnected shopping experience by investing to remove friction for our customers wherever possible.

我們正在通過投資盡可能為我們的客戶消除摩擦，從而增強相互關聯的購物體驗。

And the build-out of our supply chain vision continues to progress, and we remain on track with our plans.

我們的供應鏈願景的構建繼續取得進展，我們將繼續按照我們的計劃進行。

We are encouraged by the results that we're seeing from buildings that we have stood up as we optimize and assort these facilities to unlock their full potential.

在我們優化和分類這些設施以釋放其全部潛力時，我們從建築物中看到的結果令我們感到鼓舞。

We believe that the network we are building is unique to the market.

我們相信，我們正在建立的網絡是市場獨有的。

It will not only enhance the customer experience from a delivery standpoint, but also expand the opportunity to capture wallet share gains with both new and existing customers, drive efficiency end-to-end and leverage our scale to further extend our low-cost position in home improvement.

它不僅會從交付的角度提升客戶體驗，還會擴大與新老客戶一起獲得錢包份額收益的機會，提高端到端的效率，並利用我們的規模進一步擴大我們在家裝。

In the near term, we remain focused on being flexible and agile as we navigate this dynamic environment.

在短期內，我們將繼續專注於在這個動態環境中保持靈活性和敏捷性。

But we also continue to leverage the momentum of our strategic investments to further enhance the interconnected shopping experience in support of our goals to drive growth faster than the market in any environment, further strengthen our position as a low-cost provider and home improvement with a relentless focus on productivity and efficiency and deliver exceptional shareholder value.

但我們也繼續利用我們戰略投資的勢頭，進一步提升互聯購物體驗，以支持我們在任何環境下都以比市場更快的速度推動增長的目標，進一步鞏固我們作為低成本供應商和家居裝修的地位。不懈地關註生產力和效率，並提供卓越的股東價值。

Our ability to invest for the future while also managing the most fluid environment in our company's history is a direct result of our associates and their extraordinary efforts.

我們投資未來的能力，同時管理公司歷史上最流動的環境，是我們員工及其非凡努力的直接結果。

I want to thank all of our associates for the many ways they continue to live our values by serving our customers and communities.

我要感謝我們所有的員工，他們通過為我們的客戶和社區服務來繼續踐行我們的價值觀。

In conjunction with Veterans Day last week, the Home Depot Foundation announced that it has now surpassed $400 million invested in support of U.S. military veterans since 2011.

上週與退伍軍人節相結合，家得寶基金會宣布，自 2011 年以來，它已投資超過 4 億美元用於支持美國退伍軍人。

This brings us closer to achieving our goal to invest $0.5 billion in veteran causes by 2025.

這使我們更接近實現到 2025 年為退伍軍人事業投資 5 億美元的目標。

We honor and support our military veterans and families, and we thank them for their service to our country.

我們尊重和支持我們的退伍軍人和家屬，我們感謝他們為我們的國家服務。

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

有了這個，讓我把電話轉給 Ted。

Thanks, Craig, and good morning, everyone.

謝謝，克雷格，大家早上好。

We had a great third quarter.

我們有一個很棒的第三季度。

I want to start by thanking all our associates as well as our supplier and transportation partners for their unwavering commitment to serving our customers and communities in what remains a very challenging operating environment.

首先，我要感謝我們所有的員工以及我們的供應商和運輸合作夥伴，他們堅定不移地致力於在仍然充滿挑戰的運營環境中為我們的客戶和社區服務。

There is no question that pressures on global supply chains increased over the last 18 months.

毫無疑問，全球供應鏈的壓力在過去 18 個月中有所增加。

That being said, we could not be more pleased with how our cross-functional teams responded.

話雖如此，我們對跨職能團隊的反應感到非常滿意。

The teams took a number of decisive actions to secure more product for our customers while continuing to find new and different ways to flow that product.

團隊採取了許多決定性的行動來為我們的客戶確保更多的產品，同時繼續尋找新的和不同的方式來流通該產品。

Beginning in the second quarter of last year, our merchant inventory and supply chain teams leveraged tools and analytics and work with our vendor partners to adjust our assortments, and in some cases, introduced alternative products.

從去年第二季度開始，我們的商家庫存和供應鏈團隊利用工具和分析，並與我們的供應商合作夥伴一起調整我們的分類，並在某些情況下推出了替代產品。

The teams also built depth in job lot quantities and high-demand products.

這些團隊還在工作批量和高需求產品方面建立了深度。

We improved our in-stock levels in the back half of last year, and we've been able to sustain, and in some cases, improve our levels, even as home improvement demand remains elevated.

我們在去年下半年提高了我們的庫存水平，我們已經能夠維持，並且在某些情況下，提高了我們的水平，即使家居裝修需求仍然很高。

In addition to the challenging supply chain environment, we are also seeing rising cost pressures across several different product categories.

除了充滿挑戰的供應鏈環境外，我們還看到幾個不同產品類別的成本壓力不斷上升。

Our seasoned teams of merchandising, finance and data analytics associates are working with our supplier partners to manage through these pressures.

我們經驗豐富的銷售、財務和數據分析團隊正在與我們的供應商合作夥伴一起應對這些壓力。

We have effectively managed inflationary environments in the past, and we feel good about our ability to continue managing through the current environment while being our customers' advocate for value.

我們過去有效地管理了通貨膨脹環境，我們對自己在當前環境中繼續管理同時成為客戶價值倡導者的能力感到滿意。

Turning to our comp performance during the third quarter, 12 of our 14 merchandising departments posted positive comps.

談到我們在第三季度的業績表現，我們 14 個採購部門中有 12 個發布了積極的業績。

Appliances, plumbing, electrical, building materials, tools, kitchen and bath, decor and storage, millwork and flooring had comps above the company average.

電器、管道、電氣、建築材料、工具、廚房和浴室、裝飾和存儲、木製品和地板的價格高於公司平均水平。

Paint, outdoor garden and hardware were positive but below the company average.

油漆、戶外花園和五金件表現積極，但低於公司平均水平。

Indoor garden was essentially flat and lumber posted a high single-digit negative comp compared with lumber comps of more than 50% in the third quarter of 2020.

室內花園基本持平，與 2020 年第三季度超過 50% 的木材補償相比，木材的負補償高達個位數。

On a 2-year basis, each of our departments posted healthy double digit positive comps.

在 2 年的基礎上，我們每個部門都發布了健康的兩位數正數。

Our comp average ticket increased 12.7% and comp transactions decreased 5.8%.

我們的補償平均票價增加了 12.7%，補償交易減少了 5.8%。

Growth in our comp average ticket was driven in part by inflation across several product categories.

我們的平均票價增長部分是由多個產品類別的通貨膨脹推動的。

Our commodity categories positively impacted our average ticket growth by approximately 70 basis points in the third quarter driven by inflation in copper and building materials, which was partially offset by deflation in lumber.

在銅和建築材料通脹的推動下，我們的商品類別在第三季度對我們的平均票價增長產生了約 70 個基點的積極影響，這部分被木材通貨緊縮所抵消。

On a 2-year basis, both comp average ticket and comp transactions were healthy and positive.

在 2 年的基礎上，補償平均門票和補償交易都是健康和積極的。

Big ticket comp transactions or those over $1,000 were up approximately 18% compared to the third quarter of last year.

與去年第三季度相比，大票補償交易或超過 1,000 美元的交易增長了約 18%。

During the third quarter, Pro sales growth continue to outpace DIY growth.

在第三季度，Pro 銷售增長繼續超過 DIY 增長。

On a 2-year comp basis, growth of both our Pro and DIY customers was consistent and strong.

在 2 年的比較基礎上，我們的 Pro 和 DIY 客戶的增長是一致且強勁的。

Similar to the second quarter, we saw many of our customers turn to Pros for help with larger projects.

與第二季度類似，我們看到許多客戶向專業人士尋求更大項目的幫助。

We see this in the strength of several Pro-heavy categories like drywall, pneumatics, pipe and fittings and several millwork categories.

我們從幾個專業重型類別的實力中看到了這一點，例如乾牆、氣動、管道和配件以及幾個木製品類別。

We remain encouraged by what we are hearing from our Pros as they tell us their backlogs are healthy.

我們仍然對我們從專業人士那裡聽到的消息感到鼓舞，因為他們告訴我們他們的積壓是健康的。

Sales leveraging our digital platforms grew approximately 8% for the third quarter, which brings our digital 2-year growth to approximately 95%.

第三季度利用我們的數字平台的銷售額增長了約 8%，這使我們的數字 2 年增長率達到了約 95%。

Our customers continue to shop with us in an interconnected manner as approximately 55% of our online orders are fulfilled through our stores.

我們的客戶繼續以相互關聯的方式與我們一起購物，因為我們大約 55% 的在線訂單是通過我們的商店完成的。

While we navigate these challenging environment, we continue to invest in our business to enhance the customer shopping experience while also driving productivity and efficiency.

在應對這些充滿挑戰的環境的同時，我們將繼續投資於我們的業務，以提升客戶購物體驗，同時提高生產力和效率。

We believe we have a significant opportunity to further optimize space productivity in our stores by balancing the art and science of retail.

我們相信，通過平衡零售的藝術和科學，我們有一個重要的機會來進一步優化我們商店的空間生產力。

This is a continuous process that we believe leads to better, more productive assortments and space allocations, which ultimately drives value for our customers.

這是一個持續的過程，我們相信它會帶來更好、更高效的分類和空間分配，最終為我們的客戶創造價值。

Let me take a moment to comment on some unique capabilities we've built that showcase what I mean.

讓我花點時間評論一下我們構建的一些獨特功能，這些功能展示了我的意思。

More than a year ago, we started to test in some of our higher-volume stores.

一年多前，我們開始在一些銷量較大的商店進行測試。

The idea was, how can we further drive space productivity and improve the shopping experience at the same time.

我們的想法是，我們如何才能進一步提高空間生產力並同時改善購物體驗。

Our cross-functional teams applied a combination of space optimization models in conjunction with the expertise of our local field merchants, many of whom have more than 30 years of tenure with The Home Depot to create store-specific outcomes that adjust assortments and improved space utilization.

我們的跨職能團隊將空間優化模型與我們當地現場商家的專業知識相結合，其中許多人在 The Home Depot 任職超過 30 年，以創造特定於商店的成果，從而調整分類並提高空間利用率.

The results exceeded our expectations.

結果超出了我們的預期。

Sales per square foot improved, on-shelf availability improved, Voice of the Customer scores improved, labor utilization improved.

每平方英尺銷售額提高，貨架可用性提高，客戶之聲得分提高，勞動力利用率提高。

And during the process, we were able to add net new base to the stores.

在此過程中，我們能夠為商店增加淨新基地。

As a result, we went from a small test to now targeting more than 400 stores this year with more in the pipeline for next year.

因此，我們從一個小型測試發展到現在針對今年 400 多家門店，明年還會有更多門店。

I want to recognize all the teams helping drive this success.

我想表彰所有幫助推動這一成功的團隊。

As we turn our attention to the fourth quarter, we are excited about the upcoming holiday season.

當我們將注意力轉向第四季度時，我們對即將到來的假期感到興奮。

During the third quarter, we hosted our Halloween event and cannot be happier with the results.

在第三季度，我們舉辦了萬聖節活動，對結果感到非常滿意。

We saw record sales and sell-through as customers responded to our exclusive product offerings and innovative approach to the category.

隨著客戶對我們的獨家產品和對該類別的創新方法做出回應，我們看到了創紀錄的銷售額和銷售額。

During the fourth quarter, we intend to continue this momentum with our annual holiday, Black Friday and gift center events.

在第四季度，我們打算通過我們的年度假期、黑色星期五和禮品中心活動來延續這一勢頭。

Like last year, we extended these events to cover a longer period and not just focus on one day.

與去年一樣，我們將這些活動擴展到更長的時期，而不僅僅是專注於某一天。

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

有了這個，我想把電話轉給理查德。

Thank you, Ted, and good morning, everyone.

謝謝你，泰德，大家早上好。

In the third quarter, total sales were $36.8 billion, an increase of $3.3 billion or 9.8% from last year.

第三季度總銷售額為368億美元，比去年增加33億美元或9.8%。

Foreign exchange rates positively impacted total sales growth by approximately $190 million.

外匯匯率對總銷售額增長產生了約 1.9 億美元的積極影響。

During the third quarter, our total company comps were positive 6.1% with positive comps in all 3 months.

在第三季度，我們公司的總薪酬為正 6.1%，所有 3 個月的薪酬均為正。

We saw total company comps of 3.1% in August, 4.5% in September and 9.9% in October.

我們看到 8 月份的公司總收入為 3.1%，9 月份為 4.5%，10 月份為 9.9%。

Comps in the U.S. were positive 5.5% for the quarter with comps of 2.2% in August, 4% in September and 9.6% in October.

本季度美國的收入為 5.5%，8 月份為 2.2%，9 月份為 4%，10 月份為 9.6%。

In the third quarter, our gross margin was 34.1%, a decrease of approximately 5 basis points from the same period last year.

第三季度，我們的毛利率為34.1%，比去年同期下降了約5個基點。

While there are many factors that impact gross margin, during the third quarter, our gross margin was negatively impacted by higher transportation costs and mix of products sold, which was partially offset by higher retail prices.

雖然影響毛利率的因素有很多，但在第三季度，我們的毛利率受到運輸成本上升和銷售產品組合的負面影響，這部分被零售價格上漲所抵消。

During the third quarter, operating expense as a percent of sales decreased approximately 130 basis points to 18.4%.

第三季度，營業費用佔銷售額的百分比下降約 130 個基點至 18.4%。

Our operating leverage during the third quarter reflects the lapping of significant COVID-related expenses that we incurred in the third quarter of 2020 to support our associates, as well as payroll leverage.

我們在第三季度的運營槓桿反映了我們在 2020 年第三季度為支持我們的員工而發生的與 COVID 相關的大量費用以及工資槓桿。

Our operating margin for the third quarter was 15.7%, an increase of approximately 125 basis points from the third quarter of 2020.

我們第三季度的營業利潤率為 15.7%，比 2020 年第三季度增加了約 125 個基點。

Interest and other expense for the third quarter was essentially flat with the same period last year.

第三季度的利息和其他費用與去年同期基本持平。

In the third quarter, our effective tax rate was 24.5%, up from 24.1% in the third quarter of fiscal 2020.

第三季度，我們的有效稅率為 24.5%，高於 2020 財年第三季度的 24.1%。

Our diluted earnings per share for the third quarter were $3.92, an increase of 23.3% compared to the third quarter of 2020.

我們第三季度的稀釋後每股收益為 3.92 美元，與 2020 年第三季度相比增長了 23.3%。

At the end of the quarter, inventories were $20.6 billion, up $4.4 billion from last year, and inventory turns were 5.4x compared with 5.9x this time last year.

本季度末，庫存為 206 億美元，比去年增加 44 億美元，庫存周轉率為 5.4 倍，而去年同期為 5.9 倍。

Turning to capital allocation.

轉向資本配置。

After investing in our business, it is our intent to return excess cash to shareholders in the form of dividends and share repurchases.

在投資我們的業務後，我們打算以股息和股票回購的形式向股東返還多餘的現金。

As we have mentioned on previous calls, we plan to continue investing in our business with CapEx of approximately 2% of sales on an annual basis.

正如我們在之前的電話會議中提到的那樣，我們計劃繼續投資我們的業務，每年資本支出約佔銷售額的 2%。

We also plan to maintain flexibility to move faster or slower depending on the environment.

我們還計劃保持靈活性，根據環境加快或減慢移動速度。

A good illustration of this is what you heard from Ted.

你從 Ted 那裡聽到的就是一個很好的例子。

We built capabilities to drive productivity across some of our higher-volume stores, we tested them, we saw strong results across key performance metrics, and we moved quickly to expand the investment.

我們建立了一些能力來提高我們一些大批量商店的生產力，我們對其進行了測試，我們在關鍵績效指標上看到了強勁的結果，我們迅速採取行動擴大投資。

During the third quarter, we invested approximately $700 million back into our business in the form of capital expenditures bringing year-to-date capital expenditures to approximately $1.7 billion.

在第三季度，我們以資本支出的形式向我們的業務投資了約 7 億美元，使年初至今的資本支出達到約 17 億美元。

And during the quarter, we paid approximately $1.7 billion in dividends to our shareholders, and we returned approximately $3.5 billion to shareholders in the form of share repurchases.

在本季度，我們向股東支付了約 17 億美元的股息，並以股票回購的形式向股東返還了約 35 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 43.9%, up from 41.6% in the third quarter of fiscal 2020.

根據過去 12 個月的期初和期末長期債務和股權的平均值計算，投資資本回報率約為 43.9%，高於 2020 財年第三季度的 41.6%。

As you have heard from Craig, we're very pleased with the strong performance we saw during the third quarter, particularly as we lap the unprecedented growth we saw this time last year.

正如您從克雷格那裡聽到的那樣，我們對第三季度的強勁表現感到非常滿意，特別是當我們經歷了去年這個時候看到的前所未有的增長時。

Customer engagement remains strong and demand for home improvement is healthy.

客戶參與度仍然很高，對家居裝修的需求也很健康。

We've been pleased with our team's ability to navigate the challenging environment.

我們很高興我們的團隊能夠駕馭充滿挑戰的環境。

However, we do not believe we can accurately predict how the external environment and cost pressures will evolve and how they will ultimately impact consumer spending.

然而，我們認為我們無法準確預測外部環境和成本壓力將如何演變，以及它們最終將如何影響消費者支出。

As we've mentioned on previous calls, our teams are managing our business on a relatively short cycle, and we will continue to execute with flexibility and focus on what has driven our successful performance to date.

正如我們在之前的電話會議中提到的那樣，我們的團隊正在以相對較短的周期管理我們的業務，我們將繼續靈活地執行並專注於推動我們迄今為止取得成功業績的因素。

Longer term, we remain committed to what we believe is the winning formula for our customers, our associates and our shareholders.

從長遠來看，我們將繼續致力於我們認為對我們的客戶、我們的員工和我們的股東來說是製勝法寶。

We intend to provide the best customer experience in home improvement.

我們打算在家居裝修方面提供最佳的客戶體驗。

We intend to extend our position as the low-cost provider.

我們打算擴大我們作為低成本供應商的地位。

And we intend to be the most efficient investor of capital in home improvement.

我們打算成為家庭裝修中最有效的資本投資者。

If we do these things, we believe we will continue to grow faster than our market, and we will deliver exceptional value to our shareholders.

如果我們做這些事情，我們相信我們將繼續以比我們的市場更快的速度增長，我們將為我們的股東創造非凡的價值。

Thank you for your participation in today's call.

感謝您參加今天的電話會議。

And Christine, we will now open the call for questions.

克里斯汀，我們現在開始提問。

(Operator Instructions) questions.

（操作員說明）問題。

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

我們的第一個問題來自摩根士丹利的 Simeon Gutman。

Nice quarter.

漂亮的季度。

My first question is actually something I've asked last quarter and it's around demand reversion and whether the industry goes through some digestion phase or it continues to compound.

我的第一個問題實際上是我在上個季度問過的問題，它是關於需求回歸以及該行業是否經歷了一些消化階段或繼續複合。

And just to add, this quarter, it looks like there was very little reversion and demand seems to be holding even though we're probably getting out of stimulus.

補充一點，本季度似乎幾乎沒有逆轉，即使我們可能會退出刺激措施，需求似乎仍在保持。

So curious if you have any different thoughts about the demand progression.

很好奇您是否對需求進展有任何不同的想法。

Simeon, I wish we actually knew the exact answer to that.

西蒙，我希望我們真的知道這個問題的確切答案。

Clearly, we don't.

顯然，我們沒有。

And so one of the things that we've stayed focused on as a result then is how do we make sure that we're as flexible and agile as possible and deal with whatever comes our way.

因此，我們一直關注的一件事是，我們如何確保我們盡可能靈活和敏捷，並處理我們遇到的任何事情。

That has worked well for us so far.

到目前為止，這對我們來說效果很好。

I think we've delivered strong performance.

我認為我們已經提供了強勁的表現。

We're going to continue to be as nimble as we possibly can.

我們將繼續盡可能靈活。

Candidly, we had expected that as the year progressed, you might see customers reverting back and spending in other areas.

坦率地說，我們曾預計隨著時間的推移，您可能會看到客戶回歸併在其他領域消費。

And that may have affected us, but we really haven't seen that.

這可能影響了我們，但我們真的沒有看到。

Demand continues to remain strong.

需求繼續保持強勁。

Customers continue to tell us that they have projects on their list.

客戶繼續告訴我們他們的清單上有項目。

Pros tell us that their backlogs are significant.

專業人士告訴我們，他們的積壓工作很重要。

So we're going to stay focused on filling that demand.

因此，我們將繼續專注於滿足這一需求。

And then Simeon, to add -- just to add something, obviously, we saw acceleration in October.

然後是 Simeon，要添加 - 只是添加一些東西，顯然，我們在 10 月份看到了加速。

What's interesting to note is that we saw improvement in both ticket and transactions sequentially from September to October.

值得注意的是，從 9 月到 10 月，我們看到票務和交易量都有所改善。

So we think that's a sign that the customer is engaged and demand is healthy.

因此，我們認為這是客戶參與且需求健康的標誌。

Yes.

是的。

That's right.

那就對了。

And then maybe the follow-up is on the profit outlook or operating income.

然後可能跟進的是利潤前景或營業收入。

And I know we're not -- we don't really cling to margin goals anymore.

而且我知道我們不是 - 我們不再真正堅持利潤目標。

It's more of operating profit dollar growth or EBIT growth.

它更多的是營業利潤美元增長或息稅前利潤增長。

I was curious if this environment inhibits your ability to grow at the rates you want to grow in terms of operating profit, or the consumer tends to take price in this segment and you can pass along price okay.

我很好奇這種環境是否會抑制您以您希望在營業利潤方面增長的速度增長的能力，或者消費者傾向於在這個細分市場中接受價格，而您可以將價格傳遞下去。

And therefore, over time, that shouldn't have an impact, meaning the operating profit dollar growth doesn't get touched.

因此，隨著時間的推移，這應該不會產生影響，這意味著營業利潤美元的增長不會受到影響。

What I'd say is for the quarter and for the year-to-date, Simeon, we're very pleased with our performance.

我要說的是本季度和年初至今，西蒙，我們對我們的表現感到非常滿意。

And I think that our teams, and Ted alluded to this, but the job we do in understanding and mitigating cost pressures and then as appropriate, using a portfolio approach to cover those costs has been impressive.

我認為我們的團隊和 Ted 都提到了這一點，但我們在理解和減輕成本壓力方面所做的工作，然後酌情使用組合方法來支付這些成本，這令人印象深刻。

And so we're happy with the P&L we delivered in Q3.

因此，我們對第三季度交付的損益表感到滿意。

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

我們的下一個問題來自瑞銀的 Michael Lasser。

Home Depot's gross margins declined 10 out of the last 11 quarters.

家得寶的毛利率在過去 11 個季度中有 10 個下降。

There was a moderation in the decline this quarter.

本季度下降幅度有所緩和。

Is the period of gross margin degradation coming to an end?

毛利率下降的時期是否即將結束？

And has this line item stabilized given the retail price increases that you're passing along?

鑑於您正在傳遞的零售價格上漲，該訂單項是否穩定？

And what was the impact from non-commodity-related inflation to your comp and gross margin this quarter?

本季度非商品相關通脹對您的薪酬和毛利率有何影響？

Michael, I'd say one of the things we've shared with you all is we're very, very focused on how do we drive incremental op profit dollars.

邁克爾，我想說我們與大家分享的一件事是我們非常非常專注於我們如何推動增加的運營利潤。

And there's multiple ways to get there.

有多種方法可以到達那裡。

And so that is our #1 focus.

這就是我們的第一重點。

It's not that we completely ignore rate, we obviously don't ignore rate in total, but you don't take rate to the bank.

並不是說我們完全忽略了利率，我們顯然沒有完全忽略利率，但是你不會向銀行收取利率。

So we are really laser-focused on the incremental operating profit dollar growth.

因此，我們真的非常關注增量營業利潤美元的增長。

And we're very pleased.

我們非常高興。

We said that in 2021, it would be a year of much more transparency on operating expense leverage, and that's where we've been focused on delivering.

我們說過，在 2021 年，這將是運營費用槓桿更加透明的一年，這也是我們一直專注於交付的地方。

On the last part of your question, we don't take the approach that we pass costs on, on a unit basis and retails and costs move independently.

關於你問題的最後一部分，我們不採取按單位轉嫁成本的方法，零售和成本獨立移動。

And so if Ted, if you think about just how that relationship worked...

所以如果泰德，如果你想想這種關係是如何運作的......

Yes.

是的。

Michael, I would say from a gross margin perspective, there was very little net impact from product cost pressures.

邁克爾，我想說的是，從毛利率的角度來看，產品成本壓力的淨影響很小。

So as Richard said, we don't look at things necessarily on a unit-to-unit basis, but our merchants are well versed with running their portfolios.

因此，正如理查德所說，我們不一定會逐個單位地看待事物，但我們的商家精通管理他們的投資組合。

And while we have certainly seen non-commodity cost impacts, those have largely been offset by increases overall in the retail portfolio.

雖然我們確實看到了非商品成本的影響，但這些影響在很大程度上被零售組合的整體增長所抵消。

Our cost pressures -- margin pressures that we've seen in the past have been more related to our supply chain build-out, delivered sales, mix of product sales, we've talked about the appliance business in the past as an example, which is an incredibly productive high-growth business with extremely high GMROI because of our inventory position, but not necessarily the highest gross margin category.

我們的成本壓力——我們過去看到的利潤壓力更多地與我們的供應鏈建設、交付銷售、產品銷售組合有關，我們過去曾以家電業務為例，由於我們的庫存狀況，這是一項令人難以置信的高增長業務，具有極高的 GMROI，但不一定是最高的毛利率類別。

If you look at our ticket growth, certainly, there's an AUR -- significant AUR double digit growth.

如果你看看我們的門票增長，肯定會有 AUR——顯著的 AUR 兩位數增長。

Certainly a -- essentially half of that is from product costs that we have passed on.

當然，其中有一半來自我們已經轉嫁的產品成本。

But it's important to note that our Pro and consumer customers remain incredibly engaged in this category and innovation and newness still sells in this marketplace.

但重要的是要注意，我們的專業客戶和消費者客戶仍然非常熱衷於這一類別，創新和新穎性仍然在這個市場上銷售。

And the equal amount of our AUR was driven by mix and new product innovation.

我們同樣數量的 AUR 是由組合和新產品創新驅動的。

So think of things like appliances, the technological features and benefits that have been introduced into appliances, grills and pellet grill smokers, our outdoor power equipment and power tools with our battery platforms.

因此，想一想電器、電器、烤架和顆粒烤架吸煙器、我們的戶外動力設備和帶有電池平台的電動工具的技術特性和優勢。

We just launched a new exclusive paint from Behr and DYNASTY.

我們剛剛推出了來自 Behr 和 DYNASTY 的全新獨家塗料。

This is the best paint that Home Depot has ever introduced.

這是家得寶推出的最好的油漆。

It's over $50 a gallon on shelf.

貨架上每加侖超過 50 美元。

It's performing incredibly well as customers trade up to the innovation, et cetera, et cetera.

隨著客戶對創新等進行交易，它的表現令人難以置信。

So yes, there's cost pressures that the merchants have offset, but equally doing a terrific job finding new and innovative product that our customers are engaging in.

所以，是的，商家已經抵消了成本壓力，但同樣出色地找到了我們的客戶正在參與的新產品和創新產品。

That's very helpful.

這很有幫助。

My quick follow-up is the planning period associated with the One Home Depot is coming to a conclusion.

我的快速跟進是與 One Home Depot 相關的規劃期即將結束。

Should we expect a step up in operating expense investments as you move to 2022 and beyond as you have to continue to build out the capabilities that you've been deploying plus wage inflation is going to continue to be quite high?

隨著您進入 2022 年及以後，我們是否應該預期運營費用投資會有所增加，因為您必須繼續建立您一直在部署的能力，而且工資通脹將繼續保持相當高的水平？

So as we've said, we look at investment principally through the proxy of capital expenditures and what we believe an appropriate level will be is around 2% of sales, and that can vary.

因此，正如我們所說，我們主要通過資本支出的代理來看待投資，我們認為合適的水平是銷售額的 2% 左右，並且可能會有所不同。

But you can think of that in your mind as where we expect to be.

但是您可以在腦海中將其視為我們期望的位置。

Beyond that, the associated operating expense is embedded in our cost structure now.

除此之外，相關的運營費用現在已包含在我們的成本結構中。

And so it's just a -- it's a normal part of our cost structure moving forward.

所以這只是 - 這是我們成本結構向前發展的正常部分。

There will always be fluctuations quarter-to-quarter.

每個季度都會有波動。

We have productivity initiatives, we have investment initiatives.

我們有生產力計劃，我們有投資計劃。

There's a nice flywheel there of self funding.

那裡有一個很好的自籌資金飛輪。

And again, quarter-to-quarter, you may see fluctuation.

再一次，每個季度，你可能會看到波動。

But operating expense investment, that's just part of us now.

但是運營費用投資，現在只是我們的一部分。

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

我們的下一個問題來自古根海姆的史蒂文福布斯。

I wanted to start with Pro customer trends.

我想從 Pro 客戶趨勢開始。

So curious if you could discuss whether you're seeing an acceleration in new Pros maybe of all sizes migrate to Home Depot's offering given the industry-wide supply chain challenges.

很好奇，如果你能討論一下你是否看到新的專業人士加速增長，考慮到全行業的供應鏈挑戰，各種規模的專業人士可能會遷移到家得寶的產品。

And then also the pricing environment, which I believe, really weighs on the value proposition of the independents.

然後還有定價環境，我相信，這確實對獨立人士的價值主張產生了影響。

So just any comment on growth in new Pros and if there's any difference among the size of the Pros themselves?

那麼，對於新職業選手的成長有何評論，職業選手本身的規模是否有任何差異？

Yes.

是的。

We're actually very pleased, Steven, with our overall continued growth with the Pro customer.

史蒂文，我們實際上對 Pro 客戶的整體持續增長感到非常高興。

Obviously, our larger Pros were more challenged during the pandemic, and we've seen that recover.

顯然，我們較大的職業選手在大流行期間受到了更大的挑戰，我們已經看到了這種情況的恢復。

What's really nice to see is on a 2-year basis, really the conversion of both our Pro and our consumers growing at pretty comparable rates.

真正令人高興的是，在 2 年的基礎上，我們的 Pro 和我們的消費者的轉化率都以相當可比的速度增長。

And that's -- that is what we always strive to do.

這就是 - 這就是我們一直努力做的事情。

We are attracting new Pros into the business.

我們正在吸引新的專業人士進入這個行業。

And Ted, I don't know if you want to comment on that?

泰德，我不知道你是否想對此發表評論？

Yes, we're happy, Steven, across our progression with our larger Pros and our smaller Pros.

是的，史蒂文，我們很高興與我們的大型專業人士和小型專業人士一起進步。

We've talked about their pipelines being healthy, record levels of remodel indexes in the marketplace.

我們已經討論過他們的管道是健康的，市場上的改造指數達到了創紀錄的水平。

And what we like about the Pros are they're responding to capabilities that we've been building.

我們喜歡 Pros 的地方在於他們正在響應我們一直在構建的能力。

So we've relaunched our Pro loyalty program.

因此，我們重新啟動了 Pro 忠誠度計劃。

We're seeing record enrollment and engagement with the new loyalty program.

我們看到新的忠誠度計劃的註冊人數和參與度都創下了記錄。

The Pros are responding to our capabilities in terms of delivered sales in our new supply chain.

專業人士正在響應我們在新供應鏈中交付銷售的能力。

And if you take a category like paint, for example, where we've had a Pro paint program for some time, we're in a terrific position with our 2 key paint suppliers, PPG and Behr, and we've seen a terrific uptake with our Pro paint volume as Pros continue to respond to the Pro paint itself, the formulations, the pricing and the service levels.

如果您以油漆等類別為例，我們已經有一段時間的專業油漆計劃，我們與我們的兩個主要油漆供應商 PPG 和 Behr 處於非常好的位置，我們已經看到了一個了不起的隨著專業人士繼續對 Pro 油漆本身、配方、定價和服務水平做出反應，我們的 Pro 油漆量被吸收。

So our Pros are active across the business in engaging in all categories.

因此，我們的專業人士在整個業務領域都積極參與所有類別。

That's helpful.

這很有幫助。

Maybe leads to the follow-up on the B2B website.

也許會導致 B2B 網站上的跟進。

I don't know if you can comment on what you're seeing in regards to repeat behavior retention rates.

我不知道您是否可以就重複行為保留率發表評論。

The point that I'm trying to get to, it almost appears that this is a great environment for share capture and new customer growth for you.

我試圖達到的一點，似乎這是一個很好的環境，可以為您捕獲份額和新客戶增長。

And I don't know if you're sort of seeing elevated share or elevated repeat rate and retention rate within the B2B website that makes the stickiness of new customer growth apparent for you.

而且我不知道您是否看到 B2B 網站中的份額或重複率和保留率提高，這使新客戶增長的粘性對您來說顯而易見。

Any comment there would be helpful.

那裡的任何評論都會有所幫助。

Yes, absolutely.

是的，一點沒錯。

The ecosystem we're putting in place when you think of the B2B website, when you think of the new loyalty program or the revamped loyalty program, also translating into the Pro app.

當您想到 B2B 網站時，當您想到新的忠誠度計劃或改進後的忠誠度計劃時，我們正在建立的生態系統也轉化為 Pro 應用程序。

We're seeing record traffic on the app.

我們在應用程序上看到了創紀錄的流量。

The app traffic is growing.

應用程序流量正在增長。

The Pro traffic on the app is growing.

該應用程序的 Pro 流量正在增長。

Basket sizes and tickets and engagement is growing.

籃子大小和門票和參與度正在增長。

And our teams are doing an excellent job in stitching what we call households together.

我們的團隊在將我們稱之為家庭的東西縫合在一起方面做得非常出色。

So our understanding and knowledge of all our customers, but particularly our Pro customers because they're engaging with us at a much higher frequency than the average consumer, we're able to stitch all that behavior together in a much more robust understanding of that customer and able to make direct contact with them through our digital marketing channels and our outreach with our field sales teams, as well as our Pro associates in the store.

因此，我們對所有客戶的理解和了解，尤其是我們的 Pro 客戶，因為他們與我們互動的頻率比普通消費者高得多，我們能夠將所有這些行為結合在一起，從而更加深入地了解這一點客戶，並能夠通過我們的數字營銷渠道以及與我們的現場銷售團隊以及我們在商店的 Pro 員工的聯繫與他們直接聯繫。

So that the entire Pro ecosystem, with heavy emphasis on the digital capabilities, is coming together extremely nicely in driving that stickiness and share of wallet.

因此，整個 Pro 生態系統，非常重視數字功能，在推動錢包的粘性和份額方面非常好地結合在一起。

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

我們的下一個問題來自 D.A. 的 Mike Baker。戴維森。

And so I know you're probably not talking about fourth quarter guidance.

所以我知道你可能不是在談論第四季度的指導。

But one thing I've noticed is that your fourth quarter very often, in fact, I think 9 in the last 12 years, has been better than your third quarter.

但我注意到的一件事是，你的第四季度經常，事實上，我認為過去 12 年有 9 個季度比你的第三季度要好。

I think that's because of you guys continuing to lean more and more into holiday product.

我認為這是因為你們繼續越來越傾向於假日產品。

But I'm wondering what you think of that?

但我想知道你對此有何看法？

Why is your fourth quarter typically such a strong quarter?

為什麼您的第四季度通常如此強勁？

And maybe while we're talking about that, I know you said you're pleased with the beginning of the quarter.

也許在我們談論這個的時候，我知道你說過你對本季度的開始感到滿意。

Oftentimes, you give a little bit more color on the first couple of weeks.

通常，您會在前幾週提供更多顏色。

I'm wondering if you're willing to share any of that.

我想知道你是否願意分享這些。

The fourth quarter -- why has fourth quarter been stronger.

第四季度——為什麼第四季度更強勁。

I think we've brought tremendous value to the customer in the fourth quarter through the events that Ted talked about that we've done for multiple years now.

我認為我們在第四季度通過 Ted 談到的我們多年來所做的活動為客戶帶來了巨大的價值。

Our merchants continue to focus on innovative products.

我們的商家繼續專注於創新產品。

As Ted mentioned in his prepared remarks around the Halloween event, that was largely driven by just amazing innovative product that they brought into the marketplace.

正如泰德在他準備好的關於萬聖節活動的評論中提到的那樣，這主要是由他們帶入市場的令人驚嘆的創新產品推動的。

So I think -- in general, I think our team has done an outstanding job of delivering value to the customer in the fourth quarter.

所以我認為——總的來說，我認為我們的團隊在第四季度為客戶創造價值方面做得非常出色。

As we look forward into the fourth quarter, we know that there's continued pressure that we're facing around costs, which our teams will work to manage.

當我們展望第四季度時，我們知道我們面臨著圍繞成本的持續壓力，我們的團隊將努力管理這些壓力。

We're still working some replenishment goods on our events out of the ports.

我們仍在為港口外的活動補貨。

And so we've got work to do there as well.

所以我們也有工作要做。

And of course, in Q4, winter hits, so you never know how that's going to play out.

當然，在第四季度，冬季來襲，所以你永遠不知道這將如何發揮作用。

And over the past few years, that hasn't been a big impact.

在過去的幾年裡，這並沒有產生很大的影響。

So we've been very, very pleased to your point on how our fourth quarter has progressed over the years.

因此，我們對您關於我們第四季度多年來的進展情況感到非常非常高興。

And just to give you some color on how the fourth quarter has begun, the comp sales for the first 2 weeks of the fourth quarter are running a little higher than what we reported for the entirety of the third quarter.

只是為了讓您了解第四季度的開始情況，第四季度前兩週的comp銷售額比我們整個第三季度報告的要高一些。

But as Craig said, we're managing this on a short cycle basis in the current environment and are happy with how we've done it to date, but we attack this thing every day.

但正如克雷格所說，我們在當前環境中在短週期的基礎上進行管理，並且對我們迄今為止所做的事情感到滿意，但我們每天都在攻擊這件事。

And Mike, I would say just can't give enough credit for the merchants and the programs they put together over several years for the fourth quarter in leveraging our lay down space in the front of the store, in developing a gift center that truly just gets better and better each year.

邁克，我想說的是，對於商家和他們多年來在第四季度製定的計劃，他們利用我們在商店前面的閒置空間，開發了一個真正公正的禮品中心，我不能給予足夠的信任一年比一年好。

And if you walk our stores and you see the product and the values that the merchants are bringing to the merchant -- are bringing to the marketplace and you just look at the brand statement to see the RYOBI and the Milwaukee and the Makita and the DeWalt and the Klein and the Diablo, I mean these are just the premier brands in the industry that the merchants bring unbelievable value in the most powerful gift center in our industry.

如果您走進我們的商店，您會看到商家為商家帶來的產品和價值 - 正在為市場帶來，您只需查看品牌聲明即可看到 RYOBI、Milwaukee、Makita 和 DeWalt還有克萊因和暗黑破壞神，我的意思是這些只是行業中的頂級品牌，商家在我們行業最強大的禮品中心帶來了令人難以置信的價值。

And just hats off to the merchant team and the great work they're doing.

向商人團隊和他們所做的偉大工作致敬。

That's great color.

這顏色真好。

One more completely unrelated question.

還有一個完全不相關的問題。

But Walmart -- a lot of us just on the Walmart call, they just said that they've actually seen it a little bit easier to hire people over the last couple of weeks or months since some of the employment stimulus has run out.

但是沃爾瑪——我們中的很多人剛剛接到沃爾瑪電話，他們只是說，自從一些就業刺激措施用完後，在過去的幾週或幾個月裡，他們實際上已經看到招聘人員變得更容易了。

Are you seeing anything along those lines?

你有沒有看到這些方面的東西？

I mean, we've been fortunate in the sense that we've been able to hire a lot of people throughout 2021.

我的意思是，我們很幸運，因為我們能夠在 2021 年全年僱用很多人。

And we use everything at our disposal as it relates to our brand, to our culture, to the total offering that we have, the growth opportunities for our associates.

我們使用與我們的品牌、文化、我們所擁有的全部產品以及我們員工的成長機會相關的一切東西。

That's not to say that we don't have markets where there's pressure, there's always been markets that are more pressured than others, but we've been very pleased with our ability to hire folks.

這並不是說我們的市場沒有壓力，總是有市場比其他市場壓力更大，但我們對我們僱傭員工的能力感到非常滿意。

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

我們的下一個問題來自 Chuck Grom 和 Gordon Haskett。

I was wondering if we can get an update on the One Supply Chain rollout, I guess, where you are in the development of that, when we should expect to see better inventory availability and also some efficiencies on the distribution side?

我想知道我們是否可以獲取有關 One Supply Chain 推出的最新信息，我猜，你在哪裡開發，什麼時候我們應該期望看到更好的庫存可用性以及分銷方面的一些效率？

Sure, Chuck.

當然，查克。

We're very pleased.

我們非常高興。

We're right on schedule with the rollout.

我們正按計劃推出。

And as you know, this is a number of platforms.

如您所知，這是多個平台。

So I'll try and give a quick rundown, our transition to our new bulk distribution centers where we're replenishing our stores with lumber and building materials is going incredibly well.

因此，我將嘗試簡要介紹一下，我們向新的散裝配送中心的過渡進展順利，我們正在為我們的商店補充木材和建築材料。

Our flatbed distribution centers that are often tied to those bulk distribution centers, we have 7 or 8 of those up and running now.

我們的平板配送中心通常與那些散裝配送中心相關聯，我們現在有 7 或 8 個這樣的配送中心正在運行。

Those are relieving the stores of the delivery volume out of the stores, as well as being a capability to capture more share of the Pro wallet.

這些正在減輕商店的交付量，以及獲得更多 Pro 錢包份額的能力。

Our direct fulfillment centers, again, we've opened up about 7 of those.

我們的直接履行中心再次開放，其中大約有 7 個。

Those are going to be an expansion of -- we had 3 or 4 purpose-built pick, pack and ship facilities.

這些將是我們擁有 3 或 4 個專門建造的揀貨、包裝和運輸設施的擴展。

And as we look to cover 90% of the country's same- or next-day delivery what will ultimately be 20-odd-plus direct fulfillment centers will allow us to cover 90% of the country in parcel same- and next-day.

當我們希望覆蓋全國 90% 的當日或次日送達時，最終將有 20 多個直接履行中心，這將使我們能夠在當日和次日送達全國 90% 的包裹。

And then finally, our MDOs, which is our flow-through for big and bulky product, particularly appliances, we're about halfway through the rollout there and we've taken over the delivery of about half of our appliance volume at this point.

最後，我們的 MDO，這是我們為大型和笨重的產品，特別是電器的流通渠道，我們在那裡的推出已經完成了大約一半，此時我們已經接管了大約一半的電器數量的交付。

So all are on target, progressing nicely and performing at expectation.

所以一切都在目標上，進展順利，表現也符合預期。

I think it's also important to note, Chuck, that, as Ted said, we're progressing nicely.

我認為同樣重要的是要注意，查克，正如 Ted 所說，我們進展順利。

Our teams are doing an incredible job.

我們的團隊正在做著令人難以置信的工作。

We also reserve the right to move appropriately.

我們也保留適當移動的權利。

We've pivoted a few times during this development as we learned kind of the -- how to optimize the commercial offering.

在此開發過程中，我們已經進行了幾次調整，因為我們了解瞭如何優化商業產品。

And I don't think we're done learning yet.

而且我認為我們還沒有完成學習。

So we're going to roll out at the right pace and the right pace means doing this right, learning, pivoting and optimizing the commercial promise of the network.

所以我們將以正確的速度推出，正確的速度意味著正確地做這件事，學習、調整和優化網絡的商業承諾。

That's very helpful.

這很有幫助。

And then just one near-term question.

然後只是一個近期問題。

You talked about the Pro backlog being healthy.

你談到了 Pro backlog 是健康的。

Just wondering if you could put that into some context for us.

只是想知道您是否可以為我們提供一些背景信息。

Has it actually increased to a degree, given that maybe some people put off projects due to the rise in [lumber] and now the numbers come down, have we started to see an increase?

考慮到也許有些人因為 [木材] 的增加而推遲了項目，現在數量下降了，它實際上是否增加了一定程度，我們是否開始看到增加？

Just wondering if you could put some context on that.

只是想知道您是否可以為此提供一些背景信息。

No.

不。

I mean the conversations that we have with our Pros, they have basically been multiple weeks and months in backlog and that continues.

我的意思是我們與專業人士的對話，他們基本上已經積壓了數周和數月，而且還在繼續。

So I have not seen any major shift.

所以我沒有看到任何重大轉變。

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

我們的下一個問題來自摩根大通的 Christopher Horvers。

So it looks like ex the Labor Day ship, August and September were pretty consistent and then you had that really strong acceleration in October and on a 2-year basis.

因此，在勞動節之前，8 月和 9 月看起來非常一致，然後在 10 月和 2 年的基礎上出現了非常強勁的加速。

So can you talk about what you think drove that to your acceleration?

那麼你能談談你認為是什麼推動了你的加速嗎？

How much do you think maybe was priced and do you have any concern that maybe we pull forward some of the holiday and seasonal spending given all the local news around you better get to the store and pick up your fake Christmas tree?

你認為可能定價多少，考慮到你周圍的所有當地新聞，你是否擔心我們可能會提前一些假期和季節性支出，最好去商店拿你的假聖誕樹？

Sure.

當然。

Chris, I'll start and then let some other comments come in.

克里斯，我將開始，然後讓其他一些評論進來。

I'd say the first thing to recognize is that, that acceleration was broad based.

我想說首先要認識到的是，加速是廣泛的。

We saw Pros, consumers, online, it all accelerated as we moved through the quarter.

我們看到專業人士、消費者、在線，隨著我們整個季度的發展，這一切都在加速。

So we're very pleased to see that.

所以我們很高興看到這一點。

I think in part, as we're still high compared to norms, but as lumber came down to more reasonable levels compared to the last couple of years, we certainly saw an acceleration there, and that always carries across the store.

我認為在一定程度上，由於與標準相比，我們仍然處於較高水平，但隨著木材與過去幾年相比下降到更合理的水平，我們當然看到了加速，而且這種情況總是貫穿整個商店。

Lumber is a driver of projects throughout the business, and that certainly carries on.

木材是整個企業項目的驅動力，而且肯定會繼續下去。

So we're really pleased with the broad base, it was geographic as well.

因此，我們對廣泛的基礎感到非常滿意，這也是地理上的。

We actually saw a narrowing of geographic variance during the quarter.

我們實際上在本季度看到了地域差異的縮小。

So we're very, very pleased with how that played out.

所以我們對結果非常非常滿意。

And as we said, ticket and transaction both improved sequentially.

正如我們所說，票證和交易均按順序改善。

The open question obviously will be how the consumer reacts in the future.

懸而未決的問題顯然將是消費者未來的反應。

But at least for October, both of those moves in positive direction.

但至少在 10 月份，這兩個方向都朝著積極的方向發展。

There's a lot of the season to come.

有很多賽季即將到來。

So we're certainly pleased with the response to the gift center, as I mentioned, in our decorative holiday program.

因此，正如我所提到的，在我們的裝飾性假期計劃中，我們對禮品中心的回應當然感到滿意。

The Christmas sets are following the strength of the Halloween.

聖誕套裝緊跟萬聖節的強度。

But we're earlier in the ramp-up towards where the volumes come in starting next week, Thanksgiving week.

但我們正處於從下週開始，即感恩節週開始增加銷量的階段。

So a lot to go in the fourth quarter, but the ramp looks good.

第四季度有很多事情要做，但坡道看起來不錯。

Got it.

知道了。

And then as a follow-up, you alluded a little bit to price elasticity.

然後作為後續行動，您提到了價格彈性。

Are you seeing any of it?

你有看到嗎？

You have some pretty rapid inflation in areas, like major appliances.

你在一些領域有一些相當快速的通貨膨脹，比如主要的電器。

I would assume anything coming in from Asia has a lot of freight-driven inflation.

我會假設來自亞洲的任何東西都有很多由貨運驅動的通貨膨脹。

So in some of those bigger ticket areas or anywhere in the mix, are you seeing any price elasticity, which sort of is compressing volume perhaps down, which I think [Whirlpool] talked about, but more than offset just by price?

因此，在一些較大的票務區域或組合中的任何地方，您是否看到任何價格彈性，哪種壓縮量可能會下降，我認為 [Whirlpool] 談到了這一點，但不僅僅是被價格抵消？

Yes.

是的。

I would say, certainly, we watch it very carefully.

我會說，當然，我們非常仔細地觀察它。

We have not seen it broadly.

我們還沒有廣泛地看到它。

I think lumber was the best example, as Craig just alluded to, when lumber prices were 3 and 4x the near-term levels, we clearly saw units drop off, which then leads to project dropping off across the store as lumber prices came down.

我認為木材是最好的例子，正如 Craig 剛剛提到的那樣，當木材價格是近期水平的 3 倍和 4 倍時，我們清楚地看到單位下降，然後隨著木材價格的下降，導致整個商店的項目下降。

And as we sit today, for example, framing is up only about 5% on last year and panel is slightly below last year.

例如，就我們今天的情況而言，框架僅比去年增長了約 5%，而面板略低於去年。

And if you look back at the end of the second quarter, those prices were up significantly over prior years.

如果你回顧第二季度末，這些價格比往年顯著上漲。

Framing it had peaked out at roughly $1,500, and we're down at about [$575.] So lumber, clearly, a commodity, very representative of elasticities across the rest of the business.

構築它的最高價格約為 1,500 美元，而我們的價格則跌至約 [575 美元]。因此，木材顯然是一種商品，非常代表其他業務的彈性。

We haven't seen specific falloffs in categories because of overly robust, if you will, cost moves.

由於成本變動過於強勁（如果您願意的話），我們還沒有看到類別的具體下降。

Watching it carefully, but so far, have not seen it.

仔細看了一下，但到目前為止，還沒有看到它。

And I think it's important to note, look, the cost environment still dynamic, pressures are building.

我認為重要的是要注意，看，成本環境仍然動態，壓力正在增加。

And so as Ted says, we haven't seen specific instances to date, but we're in a unique cost environment.

正如 Ted 所說，迄今為止我們還沒有看到具體的實例，但我們處於一個獨特的成本環境中。

Got it.

知道了。

And just sneak in one last one is, as you think about mix in the fourth quarter, does that generally have more of products that's sourced as out of Asia, such that sort of that supply chain pressure that's hung up in inventory is a bigger pressure as we look at the fourth quarter?

最後一個問題是，當您考慮第四季度的混合時，通常會有更多來自亞洲的產品嗎，因此這種掛在庫存中的供應鏈壓力是一個更大的壓力當我們看第四季度的時候？

The mix -- yes, Chris.

混合 - 是的，克里斯。

So you think of the mix of gift center product, less outdoor product, which is -- you think of the garden department and pressure-treated lumber and more outdoor lumber-oriented projects, those are suppressed somewhat in the fourth quarter.

因此，您想到禮品中心產品的組合，戶外產品較少，即花園部門和壓力處理的木材以及更多以戶外木材為主的項目，這些在第四季度有所抑制。

So your mix of of tools and the like that are largely sourced from overseas does impact Q4.

因此，您主要從海外採購的工具等的組合確實會影響第四季度。

And as Craig said, we've received most of the goods for the fourth quarter.

正如克雷格所說，我們已經收到了第四季度的大部分貨物。

But there is still product, and we have 95-odd ships in total parked outside L.A. Long Beach, and we track our containers on those ships and also getting onto the ports and off the port.

但是仍然有產品，我們總共有 95 多艘船停在洛杉磯長灘外，我們跟踪這些船上的集裝箱以及進出港口的集裝箱。

So we're not too terribly concerned.

所以我們並不太擔心。

There is a huge amounts of Q4, but there is Q4 products still working through the supply chain.

有大量的 Q4，但仍有 Q4 產品通過供應鏈運作。

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

我們的下一個問題來自巴克萊銀行的 Karen Short。

So one bigger picture question is just, I think I've definitely heard from investor pushback that this elevated demand that we've seen is basically just going to be reduced back to the normal TAM once we get into 2022.

所以一個更大的問題是，我想我肯定從投資者的反對中聽說過，一旦我們進入 2022 年，我們所看到的這種高漲的需求基本上只會減少到正常的 TAM。

And I'm wondering what your perspective is on that because that doesn't seem likely.

我想知道您對此有何看法，因為這似乎不太可能。

It just seems to me that the actual TAM is significantly higher on a much more permanently embedded basis.

在我看來，實際的 TAM 在更永久的嵌入基礎上要高得多。

And then I had another quick question.

然後我有另一個簡短的問題。

Karen, I think most people and if you looked at what (inaudible) were saying as the year started, everybody believed during 2021 that we'd see a significant shift away from goods back to services as the economic environment opened up as we got our arms around the pandemic.

凱倫，我想大多數人，如果你看看年初時（聽不清）所說的話，每個人都相信，在 2021 年，隨著經濟環境的開放，我們會看到從商品轉向服務的重大轉變。圍繞大流行的武器。

Clearly, we have not seen that.

顯然，我們還沒有看到這一點。

I say that from the standpoint that yes, you've seen things like travel and restaurants open up, but the customers continue to spend in the home improvement space.

我說，是的，你已經看到旅行和餐館等東西開放了，但客戶繼續在家居裝修空間消費。

And to date, we have not seen that dramatic shift back that everybody predicted.

迄今為止，我們還沒有看到每個人都預測的那種戲劇性的轉變。

So we're going to stay focused.

所以我們要保持專注。

We think that the underlying factors for the home improvement industry are strong.

我們認為家裝行業的潛在因素很強。

And we're going to do everything we can to serve that demand going forward.

我們將竭盡所能滿足未來的需求。

Yes.

是的。

I think long term, when you look at all the factors we believe have driven home improvement demand, we're in a very supportive environment.

我認為從長遠來看，當您查看我們認為推動家居裝修需求的所有因素時，我們處於一個非常支持的環境中。

Short term, harder to know where that demand moves.

短期而言，更難知道需求的動向。

But long term, there's a lot of support.

但從長遠來看，有很多支持。

And Karen, to your point on total market, we're actually doing some refresh work on that right now.

凱倫，就整體市場而言，我們實際上正在對此進行一些更新工作。

We'll probably talk more about that to you later on in the year, but we're resizing the market right now.

我們可能會在今年晚些時候與您討論更多有關此問題的信息，但我們現在正在調整市場規模。

Okay.

好的。

Great.

偉大的。

And then just on this quarter, in particular.

然後特別是在本季度。

So sales growth versus EBIT growth, that relationship is obviously very volatile given all the moving parts.

因此，銷售增長與 EBIT 增長之間的關係顯然非常不穩定，考慮到所有的變動因素。

But EBIT growth relative to sales growth certainly widened in 3Q relative to 2Q.

但相對於銷售增長而言，第三季度的息稅前利潤增長相對於第二季度肯定有所擴大。

Wondering just how to think about that relationship in 4Q.

想知道如何在第四季度思考這種關係。

Well, so there really -- there is no typical quarter, I think.

嗯，所以真的 - 我認為沒有典型的季度。

We're pleased with the quarter.

我們對本季度感到滿意。

We're pleased with year-to-date.

我們對年初至今感到滿意。

There's always going to be fluctuation quarter-to-quarter.

每個季度都會有波動。

If you think about Q3 flow-through, there are really 3 significant dynamics.

如果您考慮第三季度的流通，確實有 3 個重要的動態。

The first is that we're [anniversary-ing] significant COVID-related compensation and benefits from last year.

首先是我們 [週年紀念] 去年以來與 COVID 相關的重大補償和福利。

But recall that we reinvested a good bit of that in the form of permanent wage increases at the end of last year.

但請記住，我們在去年底以永久性工資增長的形式將其中的很大一部分進行了再投資。

The second dynamic is just the comparison between ticket and transaction comp.

第二個動態只是票證和交易補償之間的比較。

When ticket comp is higher than transaction because our payroll model is activity-based, you're going to see more leverage than when you see in the converse when transaction outpaces ticket.

當票補償高於交易時，因為我們的工資模型是基於活動的，當交易超過票時，您將看到比在相反情況下看到的更大的槓桿作用。

So we saw a leverage benefit there.

因此，我們在那裡看到了槓桿收益。

And then finally, to a much lesser degree, as Craig said, we've hired a lot of people this year and feel great about how our stores are operating.

最後，正如克雷格所說，在某種程度上，我們今年僱傭了很多人，並且對我們商店的運營方式感覺很好。

We at the same time, probably could have seen staffing a little higher if we had, had our preference.

同時，如果我們有我們的偏好，我們可能會看到人員配備更高一些。

And we'll continue to work on that.

我們將繼續努力。

Yes.

是的。

We didn't -- candidly, we did not expect October acceleration at the rate that it was.

我們沒有 - 坦率地說，我們沒想到 10 月份會以這樣的速度加速。

And so we probably had some opportunities from a staffing standpoint in October.

因此，從人員配置的角度來看，我們可能在 10 月份獲得了一些機會。

But as far as flow-through goes, again, we do have cost pressure in the environment.

但就流通而言，我們在環境中確實存在成本壓力。

We see product cost, we see transportation cost, we see wage pressure.

我們看到產品成本，我們看到運輸成本，我們看到工資壓力。

And all those things are real elements of today's economy.

所有這些都是當今經濟的真正要素。

So we'll continue to manage our best through it.

因此，我們將繼續通過它來管理我們的最佳狀態。

But yes, we're very pleased with the quarter.

但是，是的，我們對這個季度非常滿意。

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。

As you think about all the favorable long-term indicators around housing, be it turnover, home price appreciation, contractor backlogs, et cetera, are there any of these items more front and center in terms of driving demand today?

當您考慮有關住房的所有有利的長期指標時，無論是營業額、房價升值、承包商積壓等，在推動需求方面，這些項目中是否有更前沿和中心？

And as you think about the strength of your performance in the quarter, what would you attribute to the robust external environment versus what would you categorize as share gain?

當您考慮本季度業績的優勢時，您會將什麼歸因於強勁的外部環境，而不是您將什麼歸類為份額收益？

I mean I'd say a couple of things here.

我的意思是我要在這裡說幾件事。

First of all, when you look at the constrained availability of new housing, that clearly is having a positive impact on the home values.

首先，當您看到新房供應受限時，這顯然對房屋價值產生了積極影響。

And when customer's home values are in a positive side of the ledger, they feel good about investing in their homes.

當客戶的房屋價值在賬本中處於積極的一面時，他們對投資房屋感到滿意。

So I think that is for sure an element that is helping the overall home improvement dynamic.

所以我認為這肯定是一個有助於整體家居改善動態的因素。

That new housing availability shortage probably isn't going to get solved anytime soon at the rate that we're building homes, even though it's an accelerated rate from where it's been, that backlog is going to be there for quite some time.

以我們正在建造房屋的速度，新的住房供應短缺可能不會很快得到解決，儘管它從以前的速度加快，但積壓將存在相當長的一段時間。

Got it.

知道了。

And then as you look to 2022 and beyond, I realize you aren't providing any guidance.

然後當你展望 2022 年及以後，我意識到你沒有提供任何指導。

But as you think about all the drivers of your business today, what do you think will be the primary areas of upside, be it from the Pro, DIY, innovation, your strategic initiatives?

但是，當您考慮當今業務的所有驅動因素時，您認為主要的上漲領域是什麼，無論是來自 Pro、DIY、創新還是您的戰略舉措？

Any thoughts there?

有什麼想法嗎？

Yes.

是的。

I mean we think it's kind of all of the above.

我的意思是我們認為它是以上所有的。

We know we have an enormous opportunity with our Pro customers, particularly as we enhance our capabilities to grab a larger share of spend with the planned purchase with larger Pros.

我們知道我們與 Pro 客戶有巨大的機會，特別是當我們通過計劃購買更大的 Pro 來提高我們的能力以獲取更大的支出份額時。

And we believe that innovation, which is a huge element of both Pro and consumer, but is certainly a driver for the consumer as well.

我們相信創新是專業人士和消費者的重要元素，但也肯定是消費者的驅動力。

And people have spent a lot of time around their homes.

人們在家裡度過了很多時間。

They tell us that they've got project list that are things that they want to get done.

他們告訴我們，他們有項目清單，是他們想要完成的事情。

And so we feel good about the opportunity that exists with both the Pro and the consumer looking forward.

因此，我們對 Pro 和消費者期待的機會感到滿意。

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

我們的下一個問題來自布賴恩·內格爾和奧本海默的觀點。

Congratulations, nice quarter.

恭喜，美好的季度。

So a quick first question I have, you have talked maybe a quarter maybe 2 ago but -- just about how consumers were shopping in your stores.

所以我有一個快速的第一個問題，你可能在 2 年前就談到過，但是 - 關於消費者如何在你的商店購物。

And as the pandemic was sort of say beginning to ease and what you saw as a shift in kind of weekend spending to weekday spending.

隨著大流行開始緩和，你所看到的周末支出向工作日支出的轉變。

I guess just from -- just to help us understand better, I mean, how this is -- how your traffic is progressing, obviously, continue very strong.

我想只是為了幫助我們更好地理解，我的意思是，這是怎麼回事——你的流量是如何發展的，顯然，繼續非常強勁。

But are you seeing any further shift in just the way people are shopping the stores?

但是，您是否看到人們在商店購物的方式有任何進一步的轉變？

Yes.

是的。

Actually, throughout the third quarter, we saw a reacceleration of weekend traffic flow, with no real deceleration during the week.

實際上，在整個第三季度，我們看到週末交通流量重新加速，一周內沒有真正減速。

And as I mentioned earlier, that we saw consumer growth go up, Pro growth go up, online growth go up, geographically narrowed, so we were very, very pleased with the broad-based improvement that we saw in all of those segments of our business and the increase on the weekends.

正如我之前提到的，我們看到消費者增長上升，專業增長上升，在線增長上升，地理範圍縮小，所以我們對我們在所有這些細分市場中看到的廣泛改善感到非常、非常滿意業務和周末的增加。

Got it.

知道了。

That's helpful.

這很有幫助。

But the second question I have, look, recognizing it's difficult to gauge market share in short periods of time, particularly against such a fluid backdrop.

但我的第二個問題是，我意識到很難在短時間內衡量市場份額，尤其是在如此多變的背景下。

But just given the extraordinary lengths that Home Depot is going to manage the supply chain pressures, you've done so well, do you think or do you see in your data that you're actually capturing increased share now from competitors out there, maybe some of the ancillary competitors that are just not managing the supply chain as well as you are?

但是，考慮到家得寶在管理供應鏈壓力方面付出的巨大努力，你做得很好，你認為或者你是否在數據中看到你現在實際上從競爭對手那裡獲得了更多的份額，也許一些在供應鏈管理方面不如您的輔助競爭對手？

I mean when we look at share, it's obviously a triangulation.

我的意思是當我們看份額時，這顯然是一個三角測量。

There's no perfect data, but when you look at multiple different data points, whether that's from government data, from independent third parties that track share and then, of course, as our conversations with our suppliers and what they're putting into the marketplace, we believe that we're continuing to gain share.

沒有完美的數據，但是當您查看多個不同的數據點時，無論是來自政府數據，來自跟踪份額的獨立第三方，當然還有我們與供應商的對話以及他們將什麼投入市場，我們相信我們將繼續獲得份額。

We think that our investments that we've made have helped us be in a position to continue to grow share.

我們認為我們所做的投資幫助我們能夠繼續增加份額。

That was the objective behind why we made the investments.

這就是我們進行投資的目的。

We want to be able to grow faster than the market in any environment whatsoever.

我們希望能夠在任何環境下都比市場增長得更快。

And we feel like we're doing that right now.

我們覺得我們現在正在這樣做。

Exactly who we're taking that share from, is a little bit hard to know.

我們究竟從誰那裡獲得了份額，有點難以知道。

We play in a really big market, and it's highly fragmented.

我們在一個非常大的市場中運作，而且它高度分散。

And so we think that we're capturing share, but based on category that can be very, very different.

所以我們認為我們正在捕獲份額，但基於可能非常非常不同的類別。

Yes.

是的。

Brian, I would say if you look at the NAICS data, that's -- the cleanest look would indicate yet another quarter of taking share.

布賴恩，我會說，如果您查看 NAICS 數據，那是 - 最清晰的外觀表明還有四分之一的份額。

But as we think about our scale and our position in the marketplace, with the shortage of goods and particularly in certain categories, we've been very pleased with responses from long-term supplier partners and in some cases, supplier partners saying, we can't service the industry.

但是當我們考慮我們的規模和我們在市場中的地位時，由於商品短缺，特別是在某些類別中，我們對長期供應商合作夥伴的回應非常滿意，在某些情況下，供應商合作夥伴說，我們可以不要為這個行業服務。

So we'd rather focus on the best partner.

所以我們寧願專注於最好的合作夥伴。

And we've called out in prior quarters with LP, Louisiana Pacific, moving with us on OSB an exclusive' manner, Carlon, which is the box in electrical PVC boxes, moving to us exclusive, Henry roof coatings, just thrilled to mention this today, just announced that they will be moving to us exclusive as well.

我們在前幾個季度與 LP、Louisiana Pacific 合作，在 OSB 上以一種獨特的方式與我們一起移動，Carlon，這是電氣 PVC 盒中的盒子，向我們移動獨家，Henry 屋頂塗料，很高興提到這一點今天，剛剛宣布他們也將獨家搬到我們這裡。

Leverton which is the share leader in wiring devices, another robust category exclusive to The Home Depot.

Leverton 是接線設備的份額領導者，這是家得寶獨有的另一個強大類別。

And I mentioned earlier the position we're in with having joint supply from from Behr and [Masco] as well as PPG and paint has given us great flow of liquid paint product as well.

我之前提到過，我們所處的位置是來自 Behr 和 [Masco] 以及 PPG 和油漆的聯合供應，這也為我們提供了大量的液體油漆產品。

So I think our suppliers are leaning into the Home Depot, and we couldn't be happier and more thankful for those relationships.

所以我認為我們的供應商傾向於家得寶，我們對這些關係感到非常高興和感激。

Christine, we have time for one more question.

克里斯汀，我們有時間再問一個問題。

Our final question will come from the line of Dennis McGill with Zelman.

我們的最後一個問題將來自 Dennis McGill 和 Zelman。

Just a couple of quick ones and then a bigger picture.

只是幾個快速的，然後是更大的畫面。

On the acceleration from September into October, Richard, can you have any specifics behind how comp transactions trended?

關於從 9 月到 10 月的加速，Richard，您能否詳細說明一下 comp 交易的趨勢？

How much of an improvement you saw?

你看到了多大的進步？

Do want to break that out with the degree of improvement in transactions and ticket were roughly equivalent.

確實想打破這一點，交易和票證的改進程度大致相當。

Okay.

好的。

Perfect.

完美的。

And then any impact from the Northeast Ida storms that you see in the data?

然後你在數據中看到東北艾達風暴的影響？

Maybe $100 million, not necessarily that material, but obviously, proud that we can be there for our community...

也許是 1 億美元，不一定是那種材料，但很明顯，我們很自豪能夠為我們的社區服務……

Okay, perfect.

好的，完美。

And then, Ted, maybe a bigger picture on the supply chain.

然後，泰德，也許是供應鏈的更大圖景。

Just curious, a lot of people obviously speculating how long some of these challenges can persist.

只是好奇，很多人顯然在猜測其中一些挑戰可以持續多久。

How do you think about maybe the bigger bottlenecks and how long those are maybe going to persist and how you guys would be able to maintain some of these advantages it seems you have in the marketplace with our superior supply chain infrastructure?

您如何看待更大的瓶頸以及這些瓶頸可能會持續多長時間，以及你們如何能夠通過我們卓越的供應鏈基礎設施在市場上保持這些優勢？

Well, I think from the market, I mean, hard to judge.

嗯，我認為從市場來看，我的意思是，很難判斷。

But I would say this goes well into, if not through 2022.

但我會說，如果不是到 2022 年，這將持續到 2022 年。

And we'll keep doing what we're doing.

我們將繼續做我們正在做的事情。

The innovation we've talked about in leveraging our scale as well as our new assets.

我們在利用我們的規模和新資產方面談到的創新。

I mean, when you think of our inventory growth, part of that is stocking these new facilities.

我的意思是，當您想到我們的庫存增長時，其中一部分是庫存這些新設施。

So not only have we improved our in-store stocking levels and been able to meet the accelerating demand through the quarter, but we're also starting -- not starting, we are stocking all those new facilities that I talked about.

因此，我們不僅提高了店內庫存水平並能夠滿足整個季度不斷增長的需求，而且我們也在開始——不是開始，我們正在儲備我談到的所有新設施。

So we're clearly getting disproportionate flow, and that's where our merchants and supply chain teams will continue to push.

所以我們顯然得到了不成比例的流量，這就是我們的商家和供應鏈團隊將繼續推動的地方。

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

Janci 女士，我現在想把發言權轉回給你，以完成最後的評論。

Thanks, Christine, and thank you all for joining us today.

謝謝，克里斯汀，感謝大家今天加入我們。

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

我們期待在 2 月份的第四季度財報電話會議上與您交談。

Ladies and gentlemen, this does conclude today's teleconference.

女士們，先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。