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. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

您好，歡迎參加家得寶 2021 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人伊莎貝爾詹西 (Isabel Janci)。請繼續。

Thank you, Christine, and good morning, everyone. Welcome to Home Depot's Third Quarter 2021 Earnings Call. 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. 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 Investor Relations at (770) 384-2387.

謝謝你，克里斯汀，大家早安。歡迎參加家得寶 2021 年第三季財報電話會議。今天參加電話會議的有董事長兼執行長 Craig Menear、總裁兼營運長 Ted Decker 和執行副總裁兼財務長 Richard McPhail。在我們準備好發言之後，電話會議將開放提問。問題僅限於分析師和投資者。(操作員指示)如果我們在通話期間無法解答您的問題，請撥打投資者關係電話 (770) 384-2387。

Before I turn the call over to Craig, let me remind you that today's press release and the presentations made by our executives include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in the release and in our filings with the Securities and Exchange Commission. Today's presentations will also include certain non-GAAP measures. Reconciliation of these measures is provided on our website.

在我將電話轉給克雷格之前，請允許我提醒您，今天的新聞稿和我們高層所做的陳述包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。這些風險和不確定性包括但不限於新聞稿和我們向美國證券交易委員會提交的文件中確定的因素。今天的演示還將包括某些非公認會計準則指標。這些措施的對帳已在我們的網站提供。

Now let me turn the call over to Craig.

現在讓我把電話轉給克雷格。

Thank you, Isabel, and good morning, everyone. We appreciate you joining us on our call this morning.

謝謝你，伊莎貝爾，大家早安。感謝您今天上午參加我們的電話會議。

I'm pleased to report that we had another strong performance in the third quarter. Sales for the third quarter were $36.8 billion, up 9.8% from last year. Comp sales were up 6.1% from last year with U.S. comps of positive 5.5%. Diluted earnings per share were $3.92 in the third quarter, up from $3.18 in the third quarter last year.

我很高興地報告，我們在第三季再次表現強勁。第三季銷售額為 368 億美元，比去年同期成長 9.8%。同店銷售額較去年同期成長 6.1%，其中美國同店銷售額成長 5.5%。第三季每股攤薄收益為 3.92 美元，高於去年第三季的 3.18 美元。

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

家裝需求依然強勁。我們的客戶持續參與家居相關的項目，我們持續致力於提供最佳的零售體驗。正如我們在上個季度提到的那樣，我們繼續看到客戶承擔更大的家居裝修項目，這從我們的專業客戶的持續強勁表現中可以看出，其再次超過了 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. Ultimately, this is what has allowed us to respond to the strong home improvement demand that has persisted. 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.

正如過去 18 個月的情況一樣，該團隊在應對不穩定且充滿挑戰的營運環境方面做得非常出色。最終，這使我們能夠滿足持續存在的強勁家居裝修需求。儘管去年同期的銷售額是史無前例的，但我們每週的銷售額都呈現正成長，第三季的銷售額成長了 33 億美元，使今年迄今的總銷售額成長超過 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. 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.

從地理角度來看，我們在美國的所有 19 個地區都公佈了與去年相比積極的業績，加拿大和墨西哥也都公佈了積極的業績。這些成果歸功於我們的員工，他們始終堅持不懈地關注客戶，同時應對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. We are thankful for the tenure and strength of our relationships with our supplier and transportation partners. 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. 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.

雖然這些因素對整個零售業構成了挑戰，但我們將利用我們的經驗、工具和規模來管理這種環境，旨在為我們的客戶提供強大的價值主張。我們感謝與供應商和運輸合作夥伴保持的長久而牢固的關係。我們各自的團隊不懈努力，在關鍵產品類別中建立深度，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。我要感謝他們在我們繼續應對有史以來最具挑戰性的環境之一時所做的持續努力。

Beyond the current environment, we are focused on positioning ourselves for growth. We are investing in stores to drive further productivity, which Ted will discuss. We are enhancing the interconnected shopping experience by investing to remove friction for our customers wherever possible. And the build-out of our supply chain vision continues to progress, and we remain on track with our plans. 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.

除了當前環境之外，我們還專注於實現成長。我們正在投資商店以進一步提高生產力，Ted 將會對此進行討論。我們正在投資盡可能為客戶消除摩擦，從而增強互聯購物體驗。我們的供應鏈願景的建構仍在繼續推進，我們的計劃仍在按計劃進行。隨著我們優化和分類這些設施以充分發揮其潛力，我們所看到的建築物的成果令我們感到鼓舞。

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

我們相信，我們正在建立的網路對於市場來說是獨一無二的。它不僅能從交付的角度提升客戶體驗，還能擴大從新舊客戶手中獲取錢包份額收益的機會，提高端到端效率，並利用我們的規模進一步擴大我們在家庭裝修領域的低成本地位。

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

短期內，我們將繼續致力於保持靈活性和敏捷性，以適應這個動態環境。但我們也會繼續利用策略性投資的勢頭，進一步增強互聯購物體驗，以支持我們的目標，即在任何環境下推動增長速度超過市場，進一步加強我們作為低成本供應商和家居裝修的地位，堅持不懈地關註生產力和效率，並為股東提供卓越的價值。

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

我們能夠投資未來，同時管理公司歷史上最動盪的環境，這直接歸功於我們的員工及其非凡的努力。我要感謝我們所有的同事，感謝他們透過服務我們的客戶和社區繼續實踐我們的價值觀。

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. This brings us closer to achieving our goal to invest $0.5 billion in veteran causes by 2025. We honor and support our military veterans and families, and we thank them for their service to our country.

配合上週退伍軍人節，家得寶基金會宣布，自 2011 年以來，該基金會已為支持美國退伍軍人投資超過 4 億美元。這使我們更接近實現 2025 年向退伍軍人事業投資 5 億美元的目標。我們尊敬並支持我們的退伍軍人和家屬，並感謝他們為我們的國家所做的服務。

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

現在，請允許我將電話轉給泰德。

Thanks, Craig, and good morning, everyone.

謝謝，克雷格，大家早安。

We had a great third quarter. 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.

我們的第三季表現非常出色。首先，我要感謝我們所有的同事以及供應商和運輸合作夥伴，感謝他們在仍然非常具有挑戰性的營運環境中堅定不移地致力於為我們的客戶和社區提供服務。

There is no question that pressures on global supply chains increased over the last 18 months. That being said, we could not be more pleased with how our cross-functional teams responded. 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.

毫無疑問，過去 18 個月全球供應鏈的壓力增加。話雖如此，我們對跨職能團隊的反應感到非常滿意。團隊採取了一系列果斷的行動，以確保為我們的客戶提供更多的產品，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. The teams also built depth in job lot quantities and high-demand products. 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.

從去年第二季開始，我們的商家庫存和供應鏈團隊利用工具和分析技術，與我們的供應商合作夥伴合作調整我們的產品組合，並在某些情況下推出替代產品。這些團隊還在工作批量和高需求產品方面建立了深度。我們在去年下半年提高了庫存水平，即使家居裝修需求仍然很高，我們也能夠維持庫存水平，在某些情況下甚至有所提高。

In addition to the challenging supply chain environment, we are also seeing rising cost pressures across several different product categories. Our seasoned teams of merchandising, finance and data analytics associates are working with our supplier partners to manage through these pressures. 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.

除了充滿挑戰的供應鏈環境之外，我們還看到多個不同產品類別的成本壓力正在上升。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合作，以應對這些壓力。我們過去曾有效地應對通貨膨脹環境，並且我們對自己繼續應對當前環境的能力感到滿意，同時成為客戶價值的倡導者。

Turning to our comp performance during the third quarter, 12 of our 14 merchandising departments posted positive comps. Appliances, plumbing, electrical, building materials, tools, kitchen and bath, decor and storage, millwork and flooring had comps above the company average.

回顧第三季的業績表現，我們 14 個商品銷售部門中有 12 個部門的業績表現良好。家電、管道、電氣、建築材料、工具、廚房和浴室、裝飾和儲藏、木製品和地板的銷售額均高於公司平均水平。

Paint, outdoor garden and hardware were positive but below the company average. 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. On a 2-year basis, each of our departments posted healthy double digit positive comps.

油漆、戶外花園和五金表現良好，但低於公司平均。室內花園基本上持平，木材的同比漲幅高達個位數，而 2020 年第三季木材的同比漲幅超過 50%。以兩年計算，我們每個部門都取得了健康的兩位數正成長。

Our comp average ticket increased 12.7% and comp transactions decreased 5.8%. Growth in our comp average ticket was driven in part by inflation across several product categories. 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.

我們的公司平均票價上漲了 12.7%，而公司交易量減少了 5.8%。我們公司平均票價的成長部分受到多個產品類別通貨膨脹的推動。在銅和建築材料的通膨推動下，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，但木材的通貨緊縮部分抵消了這一影響。

On a 2-year basis, both comp average ticket and comp transactions were healthy and positive. Big ticket comp transactions or those over $1,000 were up approximately 18% compared to the third quarter of last year. During the third quarter, Pro sales growth continue to outpace DIY growth. On a 2-year comp basis, growth of both our Pro and DIY customers was consistent and strong.

從兩年來看，同類平均票價和同類交易均表現健康且積極。與去年第三季相比，大額交易或超過 1,000 美元的交易增長了約 18%。第三季度，Pro 銷售成長持續超過 DIY 成長。從兩年的比較來看，我們的專業客戶和 DIY 客戶的成長都保持了穩定而強勁的勢頭。

Similar to the second quarter, we saw many of our customers turn to Pros for help with larger projects. We see this in the strength of several Pro-heavy categories like drywall, pneumatics, pipe and fittings and several millwork categories. We remain encouraged by what we are hearing from our Pros as they tell us their backlogs are healthy.

與第二季類似，我們發現許多客戶向專業人士尋求更大專案的協助。我們從幾個專業重型類別（如乾牆、氣動裝置、管道和配件以及幾個木製品類別）的實力中看到了這一點。我們的專業人士告訴我們，他們的積壓訂單狀況良好，這讓我們感到鼓舞。

Sales leveraging our digital platforms grew approximately 8% for the third quarter, which brings our digital 2-year growth to approximately 95%. Our customers continue to shop with us in an interconnected manner as approximately 55% of our online orders are fulfilled through our stores.

利用我們的數位平台的銷售額在第三季度增長了約 8%，這使我們的數位兩年增長率達到約 95%。我們的客戶繼續以互聯的方式在我們這裡購物，因為我們大約 55% 的線上訂單都是透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. We believe we have a significant opportunity to further optimize space productivity in our stores by balancing the art and science of retail. This is a continuous process that we believe leads to better, more productive assortments and space allocations, which ultimately drives value for our customers.

在我們應對這些充滿挑戰的環境的同時，我們繼續投資我們的業務，以增強客戶購物體驗，同時提高生產力和效率。我們相信，透過平衡零售的藝術和科學，我們有很大機會進一步優化商店的空間生產力。這是一個持續的過程，我們相信它可以帶來更好、更有效率的產品分類和空間分配，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. More than a year ago, we started to test in some of our higher-volume stores. The idea was, how can we further drive space productivity and improve the shopping experience at the same time. 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.

請允許我花點時間來評論我們建立的一些獨特功能，以展示我的意思。一年多前，我們開始在一些業務量較大的商店進行測試。我們的想法是，如何才能進一步提高空間生產力並同時改善購物體驗。我們的跨職能團隊結合多種空間優化模型和當地現場商家的專業知識，其中許多商家已在家得寶工作超過 30 年，旨在創造針對特定商店的成果，調整商品組合併提高空間利用率。

The results exceeded our expectations. Sales per square foot improved, on-shelf availability improved, Voice of the Customer scores improved, labor utilization improved. And during the process, we were able to add net new base to the stores. 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. I want to recognize all the teams helping drive this success.

結果超出了我們的預期。每平方英尺的銷售額提高了，貨架供應量提高了，顧客之聲分數提高了，勞動力利用率提高了。在此過程中，我們能夠為商店增加淨新客戶群。因此，我們從小規模測試發展到今年瞄準 400 多家門市，並計劃明年在更多門市開設門市。我要感謝所有幫助推動這項成功的團隊。

As we turn our attention to the fourth quarter, we are excited about the upcoming holiday season. During the third quarter, we hosted our Halloween event and cannot be happier with the results. We saw record sales and sell-through as customers responded to our exclusive product offerings and innovative approach to the category.

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。在第三季度，我們舉辦了萬聖節活動，對結果非常滿意。由於客戶對我們獨家產品和創新產品類別的正面回應，我們的銷售額和銷售量均創下了紀錄。

During the fourth quarter, we intend to continue this momentum with our annual holiday, Black Friday and gift center events. Like last year, we extended these events to cover a longer period and not just focus on one day.

在第四季度，我們打算透過年度假期、黑色星期五和禮品中心活動延續這一勢頭。與去年一樣，我們將這些活動延長至更長的時間，而不只是集中在一天。

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

說完這些，我想把電話轉給理查。

Thank you, Ted, and good morning, everyone. In the third quarter, total sales were $36.8 billion, an increase of $3.3 billion or 9.8% from last year. Foreign exchange rates positively impacted total sales growth by approximately $190 million.

謝謝你，泰德，大家早安。第三季總銷售額為 368 億美元，比去年同期增加 33 億美元，增幅 9.8%。外匯匯率對總銷售額成長產生了約 1.9 億美元的正面影響。

During the third quarter, our total company comps were positive 6.1% with positive comps in all 3 months. We saw total company comps of 3.1% in August, 4.5% in September and 9.9% in October. 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.

第三季度，我們公司整體的同店銷售額成長了 6.1%，所有 3 個月的同店銷售額都呈現成長趨勢。我們發現，8 月份公司總銷售額年增 3.1%，9 月份年增 4.5%，10 月份年增 9.9%。本季美國同店銷售額年增 5.5%，其中 8 月同店銷售額年增 2.2%，9 月年增 4%，10 月年增 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. 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.

第三季度，我們的毛利率為34.1%，較去年同期下降約5個基點。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下降的負面影響，但零售價格上漲部分抵消了這一影響。

During the third quarter, operating expense as a percent of sales decreased approximately 130 basis points to 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. Our operating margin for the third quarter was 15.7%, an increase of approximately 125 basis points from the third quarter of 2020.

第三季度，營業費用佔銷售額的百分比下降了約 130 個基點，至 18.4%。我們第三季的經營槓桿反映了我們在 2020 年第三季為支持員工而產生的與 COVID 相關的大量費用以及薪資槓桿。我們第三季的營業利潤率為 15.7%，較 2020 年第三季增加約 125 個基點。

Interest and other expense for the third quarter was essentially flat with the same period last year. In the third quarter, our effective tax rate was 24.5%, up from 24.1% in the third quarter of fiscal 2020. Our diluted earnings per share for the third quarter were $3.92, an increase of 23.3% compared to the third quarter of 2020. 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.

第三季利息等支出與去年同期基本持平。第三季度，我們的有效稅率為 24.5%，高於 2020 財年第三季的 24.1%。我們第三季的每股攤薄收益為 3.92 美元，較 2020 年第三季成長 23.3%。本季末，庫存為 206 億美元，比去年同期增加了 44 億美元，庫存週轉率為 5.4 倍，而去年同期為 5.9 倍。

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

轉向資本配置。在投資我們的業務後，我們打算以股利和股票回購的形式將多餘的現金回饋給股東。正如我們在先前的電話會議上提到的，我們計劃繼續投資我們的業務，每年的資本支出約為銷售額的 2%。

We also plan to maintain flexibility to move faster or slower depending on the environment. A good illustration of this is what you heard from Ted. 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.

我們還計劃保持靈活性，根據環境加快或減慢移動速度。您從泰德 (Ted) 那裡聽到的就是一個很好的例子。我們建立了一些能力來提高一些業務量較大的商店的生產力，我們對這些能力進行了測試，在關鍵績效指標方面看到了強勁的結果，並且我們迅速採取行動擴大了投資。

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. 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.

第三季度，我們以資本支出的形式向我們的業務重新投資了約 7 億美元，使年初至今的資本支出達到約 17 億美元。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. Customer engagement remains strong and demand for home improvement is healthy. We've been pleased with our team's ability to navigate the challenging environment. 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.

正如您從克雷格那裡聽到的，我們對第三季的強勁表現感到非常滿意，特別是因為我們實現了去年同期前所未有的成長。客戶參與度依然強勁，居家裝潢需求旺盛。我們對我們的團隊應對充滿挑戰的環境的能力感到非常滿意。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. Longer term, we remain committed to what we believe is the winning formula for our customers, our associates and our shareholders.

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成功的因素。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都是成功的秘訣。

We intend to provide the best customer experience in home improvement. We intend to extend our position as the low-cost provider. And we intend to be the most efficient investor of capital in home improvement. 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.

我們致力於為客戶提供最佳的家居裝修體驗。我們打算擴大我們作為低成本供應商的地位。並立志成為家裝領域最有效率的資本投資者。如果我們做到這些，我們相信我們將繼續以比市場更快的速度成長，並為股東帶來非凡的價值。

Thank you for your participation in today's call. And Christine, we will now open the call for questions.

感謝您參加今天的電話會議。克里斯汀，我們現在開始提問。

(Operator Instructions) questions. Our first question comes from the line of Simeon Gutman with Morgan Stanley.

（操作員指示）問題。我們的第一個問題來自摩根士丹利的西緬古特曼 (Simeon Gutman)。

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

不錯的季度。我的第一個問題實際上是我上個季度問過的問題，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。另外，本季看起來回歸的跡像很小，儘管我們可能正在擺脫刺激措施，但需求似乎仍保持穩定。我很好奇您對需求進展是否有不同的想法。

Simeon, I wish we actually knew the exact answer to that. Clearly, we don't. 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. That has worked well for us so far. I think we've delivered strong performance. We're going to continue to be as nimble as we possibly can. Candidly, we had expected that as the year progressed, you might see customers reverting back and spending in other areas. And that may have affected us, but we really haven't seen that.

西緬，我希望我們確實知道這個問題的確切答案。顯然，我們不知道。因此，我們一直關注的事情之一就是如何確保我們盡可能靈活和敏捷，並處理我們遇到的任何問題。到目前為止，這對我們來說效果很好。我認為我們的表現非常出色。我們將繼續盡可能保持靈活。坦白說，我們預計隨著時間的推移，您可能會看到顧客回頭並在其他領域消費。這可能對我們產生了影響，但我們確實沒有看到這種情況。

Demand continues to remain strong. Customers continue to tell us that they have projects on their list. Pros tell us that their backlogs are significant. So we're going to stay focused on filling that demand.

需求持續強勁。客戶不斷告訴我們他們的清單上有項目。專業人士告訴我們，他們的積壓工作量很大。因此，我們將繼續專注於滿足這項需求。

And then Simeon, to add -- just to add something, obviously, we saw acceleration in October. What's interesting to note is that we saw improvement in both ticket and transactions sequentially from September to October. So we think that's a sign that the customer is engaged and demand is healthy.

然後西緬補充一點，顯然我們在十月看到了加速。值得注意的是，我們看到從九月到十月，票務和交易量都有改善。因此我們認為這顯示客戶參與度高且需求健康。

Yes. That's right. And then maybe the follow-up is on the profit outlook or operating income. And I know we're not -- we don't really cling to margin goals anymore. It's more of operating profit dollar growth or EBIT growth. 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. And therefore, over time, that shouldn't have an impact, meaning the operating profit dollar growth doesn't get touched.

是的。這是正確的。然後可能接下來會討論利潤前景或營業收入。我知道我們不再執著於利潤目標了。這更多的是營業利潤美元成長或息稅前利潤成長。我很好奇，這種環境是否會抑制您以您希望的營業利潤成長率成長的能力，或者消費者傾向於接受這一領域的價格，而您可以將價格轉嫁出去。因此，隨著時間的推移，這應該不會產生影響，這意味著營業利潤的成長不會受到影響。

What I'd say is for the quarter and for the year-to-date, Simeon, we're very pleased with our performance. 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. And so we're happy with the P&L we delivered in Q3.

我想說的是，對於本季以及今年迄今為止的表現，西蒙，我們對我們的表現非常滿意。我認為我們的團隊，以及泰德都提到了這一點，我們在理解和減輕成本壓力，然後在適當的時候使用投資組合方法來支付這些成本方面所做的工作令人印象深刻。因此，我們對第三季的損益感到滿意。

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麥可‧拉瑟 (Michael Lasser)。

Home Depot's gross margins declined 10 out of the last 11 quarters. There was a moderation in the decline this quarter. Is the period of gross margin degradation coming to an end? And has this line item stabilized given the retail price increases that you're passing along? And what was the impact from non-commodity-related inflation to your comp and gross margin this quarter?

家得寶的毛利率在過去 11 個季度中有 10 個季度下降。本季下滑勢頭有所緩和。毛利率下滑的時期是否即將結束？鑑於您所傳遞的零售價格上漲，這個項目是否已經穩定下來了？本季非大宗商品相關的通膨對您的利潤和毛利率有何影響？

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. And there's multiple ways to get there. And so that is our #1 focus. 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. So we are really laser-focused on the incremental operating profit dollar growth. And we're very pleased. 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. 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. And so if Ted, if you think about just how that relationship worked...

邁克爾，我想說，我們與大家分享的一件事是，我們非常非常關注如何推動增量營運利潤。並且有多種方法可以到達那裡。所以這是我們的首要關注。這並不是說我們完全忽略利率，我們顯然不會完全忽略利率，但你不會把利率帶到銀行。因此，我們真正關注的是增量營業利潤的成長。我們非常高興。我們曾表示，2021 年將是營運費用槓桿更加透明的一年，而這正是我們一直致力於實現的目標。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，零售和成本是獨立變動的。所以如果泰德，如果你想想這種關係是如何運作的...

Yes. Michael, I would say from a gross margin perspective, there was very little net impact from product cost pressures. 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. And while we have certainly seen non-commodity cost impacts, those have largely been offset by increases overall in the retail portfolio.

是的。邁克爾，我想說，從毛利率的角度來看，產品成本壓力的淨影響很小。正如理查德所說，我們不一定以單位為單位來看待事物，但我們的商家非常了解如何管理他們的投資組合。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成長所抵消。

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進行討論，這是一個生產力極高、增長迅速的業務，由於我們的庫存狀況，其總投資回報率 (GMROI) 極高，但不一定是毛利率最高的類別。

If you look at our ticket growth, certainly, there's an AUR -- significant AUR double digit growth. Certainly a -- essentially half of that is from product costs that we have passed on. 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. And the equal amount of our AUR was driven by mix and new product innovation. 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.

如果你看一下我們的票務成長情況，你會發現 AUR 確實實現了顯著的兩位數成長。當然——其中基本上有一半是我們轉嫁的產品成本。但值得注意的是，我們的專業和消費者客戶仍然非常熱衷於這個類別，而創新和新穎性仍然在這個市場上暢銷。我們的 AUR 的相同數量是由產品組合和新產品創新所推動的。因此，想想諸如家用電器之類的東西，它們所引入的技術特點和優勢、烤架和顆粒烤架煙熏機、我們的戶外電動設備和帶有電池平台的電動工具。

We just launched a new exclusive paint from Behr and DYNASTY. This is the best paint that Home Depot has ever introduced. It's over $50 a gallon on shelf. It's performing incredibly well as customers trade up to the innovation, et cetera, et cetera. 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.

我們剛推出了 Behr 和 DYNASTY 的全新獨家塗料。這是家得寶 (Home Depot) 推出的最好的油漆。貨架上的售價為每加侖 50 多美元。隨著客戶升級到創新產品等等，它的表現非常好。所以，是的，商家確實抵消了成本壓力，但同樣在尋找客戶喜歡的創新產品方面也做得非常出色。

That's very helpful. My quick follow-up is the planning period associated with the One Home Depot is coming to a conclusion. 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?

這非常有幫助。我的快速跟進是與 One Home Depot 相關的規劃期即將結束。隨著您進入 2022 年及以後，我們是否應該預期營運費用投資會增加，因為您必須繼續建立您一直在部署的功能，而且薪資通膨將持續處於高位？

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. But you can think of that in your mind as where we expect to be. Beyond that, the associated operating expense is embedded in our cost structure now. And so it's just a -- it's a normal part of our cost structure moving forward.

正如我們所說，我們主要透過資本支出的代理來看待投資，我們認為適當的水平是銷售額的 2% 左右，而且這個數字可能會有所不同。但你可以在心裡想像這是我們期望到達的地方。除此之外，相關的營運費用現在已嵌入我們的成本結構中。所以這只是——這是我們未來成本結構的正常組成部分。

There will always be fluctuations quarter-to-quarter. We have productivity initiatives, we have investment initiatives. There's a nice flywheel there of self funding. And again, quarter-to-quarter, you may see fluctuation. But operating expense investment, that's just part of us now.

每個季度之間總是會存在波動。我們有生產力舉措，我們有投資舉措。那裡有一個很好的自籌資金的飛輪。再次，您可能會看到季度與季度之間的波動。但營運費用投資現在只是我們業務的一部分。

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

我們的下一個問題來自古根漢美術館的史蒂文·福布斯。

I wanted to start with Pro customer trends. 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. And then also the pricing environment, which I believe, really weighs on the value proposition of the independents. So just any comment on growth in new Pros and if there's any difference among the size of the Pros themselves?

我想從專業客戶趨勢開始。我很好奇，您是否可以討論一下，考慮到整個行業的供應鏈挑戰，您是否看到各種規模的新專業人士加速轉向家得寶的產品。然後，我認為定價環境確實對獨立公司的價值主張產生了影響。那麼，對於新職業球員的成長有什麼評論嗎？以及職業球員本身的體型是否有差異？

Yes. We're actually very pleased, Steven, with our overall continued growth with the Pro customer. Obviously, our larger Pros were more challenged during the pandemic, and we've seen that recover. 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. And that's -- that is what we always strive to do. We are attracting new Pros into the business. And Ted, I don't know if you want to comment on that?

是的。史蒂文，我們實際上對 Pro 客戶的整體持續成長感到非常高興。顯然，我們的大型專業賽事在疫情期間面臨更大的挑戰，但我們已經看到這種情況有所恢復。真正令人高興的是，在兩年的時間裡，我們的 Pro 和消費者的轉換率確實以相當可比的速度成長。這就是——這就是我們一直努力去做的事情。我們正在吸引新的專業人士加入我們的業務。泰德，我不知道您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. We've talked about their pipelines being healthy, record levels of remodel indexes in the marketplace. And what we like about the Pros are they're responding to capabilities that we've been building. So we've relaunched our Pro loyalty program. We're seeing record enrollment and engagement with the new loyalty program. The Pros are responding to our capabilities in terms of delivered sales in our new supply chain.

是的，史蒂文，我們很高興看到我們的大型職業選手和小型職業選手都取得了進步。我們討論過他們的管道狀況是否健康，以及市場上改造指數的創紀錄水平。我們喜歡 Pros 的原因是它們能夠響應我們一直在建立的功能。因此我們重新推出了我們的 Pro 忠誠度計劃。我們看到新忠誠度計劃的註冊人數和參與度創下了紀錄。專業人士對我們新供應鏈中交付銷售的能力做出了回應。

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

以油漆這樣的類別為例，我們已經推出專業油漆計劃一段時間了，我們與兩家主要油漆供應商 PPG 和 Behr 的關係非常融洽，而且隨著專業人士對專業油漆本身、配方、定價和服務水平的持續響應，我們的專業油漆銷量出現了驚人的增長。因此，我們的專業人員積極參與整個業務的各個類別。

That's helpful. Maybe leads to the follow-up on the B2B website. I don't know if you can comment on what you're seeing in regards to repeat behavior retention rates. 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. 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. Any comment there would be helpful.

這很有幫助。或許會引發B2B網站的後續行動。我不知道您是否可以評論一下您所看到的重複行為保留率。我想表達的觀點是，這幾乎看起來是一個對您來說獲取市場份額和增加新客戶的絕佳環境。我不知道您是否看到 B2B 網站的份額或重複率和保留率有所提高，從而讓您感受到新客戶成長的黏性。任何評論都會有幫助。

Yes, absolutely. 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. We're seeing record traffic on the app. The app traffic is growing. The Pro traffic on the app is growing. Basket sizes and tickets and engagement is growing. And our teams are doing an excellent job in stitching what we call households together.

是的，絕對是。當您想到 B2B 網站、想到新的忠誠度計劃或改進的忠誠度計劃時，我們所建立的生態系統也會轉化為 Pro 應用程式。我們看到該應用程式的流量創下了紀錄。應用程式流量正在成長。該應用程式上的專業流量正在增長。購物籃規模、門票數量和參與度都在不斷增長。我們的團隊在將我們所謂的家庭凝聚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. 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，我們對所有客戶，特別是專業客戶的了解和認識，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整合在一起，對客戶有更深入的了解，並能夠透過我們的數位行銷管道和與我們的現場銷售團隊以及店內的專業員工的聯繫與他們直接聯繫。因此，整個 Pro 生態系統非常重視數位化能力，在推動黏性和錢包份額方面發揮著極其良好的作用。

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. Davidson 的 Mike Baker。

And so I know you're probably not talking about fourth quarter guidance. 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. I think that's because of you guys continuing to lean more and more into holiday product. But I'm wondering what you think of that? Why is your fourth quarter typically such a strong quarter? And maybe while we're talking about that, I know you said you're pleased with the beginning of the quarter. Oftentimes, you give a little bit more color on the first couple of weeks. I'm wondering if you're willing to share any of that.

所以我知道您可能不是在談論第四季度的指導。但我注意到的一件事是，你們的第四季表現經常好於第三季度，事實上，我認為在過去 12 年裡有 9 年第四季的表現都比第三季度好。我認為這是因為你們越來越傾向假日產品。但我想知道您對此有何看法？為什麼你們的第四季通常表現如此強勁？也許當我們談論這個的時候，我知道您說您對本季的開始感到滿意。通常，你會在最初幾週添加更多顏色。我想知道您是否願意分享這些內容。

The fourth quarter -- why has fourth quarter been stronger. 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. Our merchants continue to focus on innovative products. 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. So I think -- in general, I think our team has done an outstanding job of delivering value to the customer in the fourth quarter.

第四季－為什麼第四季表現更強勁。我認為，透過泰德談到的我們已經開展多年的活動，我們在第四季度為客戶帶來了巨大的價值。我們的商家繼續專注於創新產品。正如泰德在萬聖節活動的準備好的演講中提到的那樣，這主要是因為他們向市場推出了令人驚嘆的創新產品。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提供了出色的價值。

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. We're still working some replenishment goods on our events out of the ports. And so we've got work to do there as well. And of course, in Q4, winter hits, so you never know how that's going to play out. And over the past few years, that hasn't been a big impact. So we've been very, very pleased to your point on how our fourth quarter has progressed over the years.

展望第四季度，我們知道我們將繼續面臨成本壓力，我們的團隊將努力應對。我們仍在為港口外的活動運送一些補給物資。因此我們在那裡也有很多工作要做。當然，第四季將迎來冬季，所以你永遠不知道情況會如何發展。在過去的幾年裡，這並沒有產生很大的影響。因此，我們非常高興您指出我們第四季的業績多年來取得了怎樣的進展。

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. 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.

為了讓您了解第四季度的開局情況，第四季度前兩週的可比銷售額略高於我們報告的整個第三季的銷售額。但正如克雷格所說，我們在當前環境下以短週期管理這個問題，並且對迄今為止的表現感到滿意，但我們每天都在處理這個問題。

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

麥克，我想說，對於商家和他們多年來在第四季度製定的計劃，我給予了充分的讚揚，他們充分利用了我們商店前面的擺放空間，開發了一個每年都在不斷完善的禮品中心。如果您走進我們的商店，您會看到商家為市場帶來的產品和價值，只要看看品牌聲明，就會看到 RYOBI、Milwaukee、Makita、DeWalt、Klein 和 Diablo，我的意思是，這些都是業內首屈一指的品牌，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。我向商家團隊和他們所做的出色工作表示敬意。

That's great color. One more completely unrelated question. 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. Are you seeing anything along those lines?

顏色真棒。還有一個完全不相關的問題。但是沃爾瑪——我們很多人在沃爾瑪電話會議上說，自從一些就業刺激措施用完以來，他們實際上發現在過去幾週或幾個月裡招募人員變得容易了一些。您看到類似的東西了嗎？

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

我的意思是，我們很幸運，因為我們能夠在 2021 年僱用很多人。我們利用一切可利用的資源，為我們的品牌、我們的文化、我們提供的全部產品以及我們的員工提供成長機會。這並不是說我們沒有面臨壓力的市場，總是有一些市場比其他市場壓力更大，但我們對我們招募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 Gordon Haskett 的 Chuck Grom。

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了解「一個供應鏈」推出的最新情況，我想，您目前處於開發階段，我們什麼時候可以看到更好的庫存可用性以及分銷方面的一些效率？

Sure, Chuck. We're very pleased. We're right on schedule with the rollout. And as you know, this is a number of platforms. 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. Our flatbed distribution centers that are often tied to those bulk distribution centers, we have 7 or 8 of those up and running now. 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.

當然，查克。我們非常高興。我們的推出正按計劃進行。如您所知，這是多個平台。因此，我將嘗試快速介紹一下，我們向新的散裝配送中心的過渡進展非常順利，我們正在用木材和建築材料補充我們的商店。我們的平板配送中心通常與散裝配送中心相連，目前我們已經有 7 到 8 個這樣的配送中心投入營運。這些措施不僅減輕了商店的送貨量，而且還能夠獲得更多專業錢包的份額。

Our direct fulfillment centers, again, we've opened up about 7 of those. Those are going to be an expansion of -- we had 3 or 4 purpose-built pick, pack and ship facilities. 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.

我們的直接履行中心，我們已經開設了大約 7 個。這些將會是擴建——我們有 3 或 4 個專門建造的揀貨、包裝和運輸設施。我們的目標是涵蓋全國 90% 的當日或隔日送達服務，最終將有 20 多個直接配送中心，使我們能夠覆蓋全國 90% 的當日和次日包裹送達服務。

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

最後，我們的 MDO 是針對大型和笨重產品（尤其是家用電器）的流程，我們已經完成了一半的部署，並且目前已接管了大約一半的家用電器交付量。因此，一切都按目標進行，進展順利，表現符合預期。

I think it's also important to note, Chuck, that, as Ted said, we're progressing nicely. Our teams are doing an incredible job. We also reserve the right to move appropriately. We've pivoted a few times during this development as we learned kind of the -- how to optimize the commercial offering. And I don't think we're done learning yet. 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.

查克，我認為還需要注意的是，正如泰德所說，我們的進展順利。我們的團隊正在做著令人難以置信的工作。我們也保留適當移動的權利。在開發過程中，我們進行了幾次調整，以了解如何優化商業產品。我認為我們還沒學完。因此，我們將以正確的速度推出這項服務，正確的速度意味著正確地做這件事，學習、調整和優化網路的商業承諾。

That's very helpful. And then just one near-term question. You talked about the Pro backlog being healthy. Just wondering if you could put that into some context for us. 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? Just wondering if you could put some context on that.

這非常有幫助。然後只有一個近期的問題。您談到 Pro 積壓工作進展順利。我只是想知道您是否可以為我們解釋一下這一點。它是否實際上有所增加，考慮到也許有些人因為[木材]價格上漲而推遲了項目，而現在數量下降了，我們是否開始看到增長？我只是想知道您是否可以對此提供一些背景資訊。

No. I mean the conversations that we have with our Pros, they have basically been multiple weeks and months in backlog and that continues. So I have not seen any major shift.

不。我的意思是，我們與專業人士的對話基本上已經積壓了數週和數月，而且這種情況還在繼續。所以我沒有看到任何重大的轉變。

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克里斯多福‧霍佛斯 (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. So can you talk about what you think drove that to your acceleration? 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?

因此看起來，除勞動節外，8 月和 9 月的表現相當穩定，而 10 月和 2 年後則出現了強勁的成長勢頭。那你能談談你認為是什麼促使你加速發展的嗎？您認為當時的定價大概是多少？您是否擔心，考慮到周圍的所有當地新聞，我們可能會提前進行一些假期和季節性支出，最好去商店買一棵假聖誕樹？

Sure. Chris, I'll start and then let some other comments come in. I'd say the first thing to recognize is that, that acceleration was broad based. We saw Pros, consumers, online, it all accelerated as we moved through the quarter. So we're very pleased to see that. 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.

當然。克里斯，我先開始，然後讓其他一些人發表意見。我想說，首先要認識到的是，這種加速是廣泛的。我們看到了專業人士、消費者、在線，隨著本季的推進，這一切都在加速發展。所以我們很高興看到這一點。我認為部分原因是，與標準相比，我們的價格仍然很高，但隨著木材價格與過去幾年相比下降到更合理的水平，我們確實看到了加速增長，而且這種趨勢始終貫穿整個商店。

Lumber is a driver of projects throughout the business, and that certainly carries on. So we're really pleased with the broad base, it was geographic as well. We actually saw a narrowing of geographic variance during the quarter. So we're very, very pleased with how that played out.

木材是整個業務項目的驅動力，而且這一趨勢肯定會持續下去。因此，我們對廣泛的基礎感到非常滿意，它也是地理上的。我們實際上看到本季地理差異有所縮小。所以我們對結果非常非常滿意。

And as we said, ticket and transaction both improved sequentially. The open question obviously will be how the consumer reacts in the future. But at least for October, both of those moves in positive direction.

正如我們所說，票務和交易量均連續改善。顯然，懸而未決的問題是消費者未來會如何反應。但至少對十月來說，這兩項措施都朝著正面的方向發展。

There's a lot of the season to come. So we're certainly pleased with the response to the gift center, as I mentioned, in our decorative holiday program. The Christmas sets are following the strength of the Halloween. But we're earlier in the ramp-up towards where the volumes come in starting next week, Thanksgiving week. So a lot to go in the fourth quarter, but the ramp looks good.

即將到來的賽季還有很多事情。正如我所提到的，我們對節日裝飾計畫中禮品中心的反應感到非常滿意。聖誕節系列正跟隨萬聖節的腳步。但我們在下週感恩節那週開始銷售就開始增加。第四季還有很多事情要做，但進展看起來不錯。

Got it. And then as a follow-up, you alluded a little bit to price elasticity. Are you seeing any of it? You have some pretty rapid inflation in areas, like major appliances. I would assume anything coming in from Asia has a lot of freight-driven inflation. 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?

知道了。然後作為後續問題，您稍微提到了價格彈性。你看到了什麼嗎？有些領域，例如大型家電，通貨膨脹速度相當快。我認為來自亞洲的所有貨物都會受到大量由貨運引發的通貨膨脹的影響。那麼，在一些票價較高的地區或任何地方，您是否看到任何價格彈性，這可能會壓縮銷量，我認為 [Whirlpool] 已經談到了這一點，但僅僅通過價格就可以抵消呢？

Yes. I would say, certainly, we watch it very carefully. We have not seen it broadly. 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. And as we sit today, for example, framing is up only about 5% on last year and panel is slightly below last year. And if you look back at the end of the second quarter, those prices were up significantly over prior years. 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. We haven't seen specific falloffs in categories because of overly robust, if you will, cost moves. Watching it carefully, but so far, have not seen it.

是的。我想說，當然，我們會非常仔細地觀察它。我們還沒有廣泛地看到它。我認為木材就是最好的例子，正如 Craig 剛才提到的，當木材價格達到近期水平的 3 倍和 4 倍時，我們明顯看到單位數量下降，然後隨著木材價格下降，導致整個商店的項目數量下降。例如，就我們今天的情況來看，框架僅比去年上漲了約 5%，而面板則略低於去年。如果你回顧第二季末，你會發現這些價格比前幾年大幅上漲。框架價格曾達到高峰約 1,500 美元，而目前已降至約 [575 美元]。因此，木材顯然是一種商品，非常能代表其他產業的彈性。如果你願意這麼說，那麼由於成本變動過於強勁，我們還沒有看到類別出現具體的下降。仔細觀察，但到目前為止還沒看到。

And I think it's important to note, look, the cost environment still dynamic, pressures are building. And so as Ted says, we haven't seen specific instances to date, but we're in a unique cost environment.

我認為值得注意的是，成本環境仍然動態，壓力正在增加。正如泰德所說，到目前為止我們還沒有看到具體的例子，但我們處於一個獨特的成本環境。

Got it. 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?

知道了。最後再偷偷問一句，當您考慮第四季度的產品組合時，是否通常有更多的產品來自亞洲以外，這樣一來，庫存積壓的供應鏈壓力在第四季度會更大嗎？

The mix -- yes, Chris. 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. So your mix of of tools and the like that are largely sourced from overseas does impact Q4. And as Craig said, we've received most of the goods for the fourth quarter. 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. So we're not too terribly concerned. There is a huge amounts of Q4, but there is Q4 products still working through the supply chain.

混合——是的，克里斯。因此，您可以考慮禮品中心產品的組合，較少的戶外產品，也就是花園部門和壓力處理木材以及更多的戶外木材導向項目，這些在第四季度受到一定抑制。因此，你們的工具組合等主要來自海外，確實會對第四季產生影響。正如克雷格所說，我們已經收到了第四季的大部分貨物。但仍然有產品，我們總共有 95 多艘船停泊在洛杉磯長灘外，我們在這些船上跟踪我們的集裝箱，並跟踪它們進出港口的情況。所以我們並不太擔心。Q4 的數量龐大，但 Q4 產品仍在透過供應鏈運作。

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凱倫‧肖特 (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. And I'm wondering what your perspective is on that because that doesn't seem likely. It just seems to me that the actual TAM is significantly higher on a much more permanently embedded basis. And then I had another quick question.

因此，一個更大的問題是，我認為我確實聽到了投資者的反對意見，即一旦進入 2022 年，我們所看到的這種高需求基本上就會回落到正常的 TAM。我想知道您對此有何看法，因為這似乎不太可能。在我看來，實際的 TAM 在更永久嵌入的基礎上明顯更高。然後我又問了另一個簡單的問題。

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. Clearly, we have not seen that. 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.

凱倫，我認為大多數人，如果你看看（聽不清楚）今年年初所說的話，每個人都相信，在 2021 年，隨著我們控制住疫情、經濟環境開放，我們將看到從商品轉向服務的重大轉變。顯然，我們還沒有看到這一點。我這麼說是從一個角度來說的，是的，你已經看到旅遊和餐館等行業開放了，但顧客仍然繼續在家庭裝修領域消費。

And to date, we have not seen that dramatic shift back that everybody predicted. So we're going to stay focused. We think that the underlying factors for the home improvement industry are strong. And we're going to do everything we can to serve that demand going forward.

到目前為止，我們還沒有看到大家所預測的那種戲劇性的轉變。所以我們會保持專注。我們認為家裝業的潛在因素強勁。我們將竭盡全力滿足這項需求。

Yes. 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. Short term, harder to know where that demand moves. But long term, there's a lot of support.

是的。我認為從長遠來看，當你看到我們認為推動家居裝修需求的所有因素時，我們處於一個非常有利的環境。短期內，很難知道需求走向何方。但從長遠來看，還是有很多支持的。

And Karen, to your point on total market, we're actually doing some refresh work on that right now. We'll probably talk more about that to you later on in the year, but we're resizing the market right now.

凱倫，關於你提到的整個市場，我們實際上現在正在對此進行一些更新工作。我們可能會在今年稍後與您進一步討論這個問題，但我們目前正在調整市場規模。

Okay. Great. And then just on this quarter, in particular. So sales growth versus EBIT growth, that relationship is obviously very volatile given all the moving parts. But EBIT growth relative to sales growth certainly widened in 3Q relative to 2Q. Wondering just how to think about that relationship in 4Q.

好的。偉大的。尤其是本季的情況。因此，銷售額成長與息稅前利潤成長之間的關係顯然非常不穩定，因為有各種變動因素。但第三季息稅前利潤增幅相對於銷售額增幅肯定比第二季有所擴大。想知道在第四季該如何看待這種關係。

Well, so there really -- there is no typical quarter, I think. We're pleased with the quarter. We're pleased with year-to-date. There's always going to be fluctuation quarter-to-quarter. If you think about Q3 flow-through, there are really 3 significant dynamics. The first is that we're [anniversary-ing] significant COVID-related compensation and benefits from last year. But recall that we reinvested a good bit of that in the form of permanent wage increases at the end of last year.

嗯，所以實際上——我認為沒有典型的季度。我們對本季的表現感到滿意。我們對今年迄今的業績感到滿意。每個季度之間總是會存在波動。如果您考慮 Q3 流通，您會發現實際上有 3 個重要的動態。首先，我們正在紀念去年與新冠疫情相關的重大補償和福利。但請記住，我們在去年年底以永久性工資成長的形式重新投資了其中的很大一部分。

The second dynamic is just the comparison between ticket and transaction comp. 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. So we saw a leverage benefit there. 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. We at the same time, probably could have seen staffing a little higher if we had, had our preference. And we'll continue to work on that.

第二個動態只是票務和交易補償的比較。由於我們的薪資模型是基於活動的，因此當票務收入高於交易收入時，您將看到比交易收入超過票務收入時更多的槓桿作用。因此我們看到了槓桿效益。最後，正如克雷格所說，在較小程度上，我們今年僱用了很多人，並且對我們商店的運作感到很滿意。同時，如果我們有自己的偏好，我們可能會看到人員配備稍微高一些。我們將繼續為此努力。

Yes. We didn't -- candidly, we did not expect October acceleration at the rate that it was. And so we probably had some opportunities from a staffing standpoint in October.

是的。坦白說，我們並沒有預料到 10 月的成長速度會如此之快。因此，從人員配備的角度來看，我們十月可能有一些機會。

But as far as flow-through goes, again, we do have cost pressure in the environment. We see product cost, we see transportation cost, we see wage pressure. And all those things are real elements of today's economy. So we'll continue to manage our best through it. But yes, we're very pleased with the quarter.

但就流通而言，我們在環境中確實面臨成本壓力。我們看到產品成本，我們看到運輸成本，我們看到薪資壓力。所有這些都是當今經濟的真實要素。因此，我們將繼續盡最大努力解決這個問題。但是是的，我們對本季的表現非常滿意。

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紮克法德姆。

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? 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?

當您考慮與住房有關的所有有利的長期指標時，無論是營業額、房價升值、承包商積壓量等等，就推動當今需求而言，這些指標中是否有哪個更為重要？當您思考本季業績表現的強勁時，您會將什麼歸因於強勁的外部環境，又會將什麼歸因於份額成長？

I mean I'd say a couple of things here. First of all, when you look at the constrained availability of new housing, that clearly is having a positive impact on the home values. And when customer's home values are in a positive side of the ledger, they feel good about investing in their homes. So I think that is for sure an element that is helping the overall home improvement dynamic. 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.

我的意思是我想在這裡說幾件事。首先，當你看到新房屋供應受限時，這顯然對房屋價值產生了正面影響。當客戶的房屋價值處於正值時，他們會對投資自己的房屋感到滿意。所以我認為這肯定是有助於整體家居裝修的一個因素。按照我們建造房屋的速度，新房屋短缺的問題可能不會很快得到解決，儘管現在的速度比以前有所加快，但積壓問題仍將持續相當長一段時間。

Got it. And then as you look to 2022 and beyond, I realize you aren't providing any guidance. 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? Any thoughts there?

知道了。然後，當你展望 2022 年及以後時，我意識到你沒有提供任何指導。但是，當您考慮當今業務的所有驅動因素時，您認為主要的優勢領域是什麼，無論是來自專業、DIY、創新還是您的策略舉措？有什麼想法嗎？

Yes. I mean we think it's kind of all of the above. 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. 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. And people have spent a lot of time around their homes. They tell us that they've got project list that are things that they want to get done. And so we feel good about the opportunity that exists with both the Pro and the consumer looking forward.

是的。我的意思是，我們認為以上所有情況都是如此。我們知道，我們的 Pro 客戶擁有巨大的機會，特別是當我們增強能力，透過與更大規模的 Pro 客戶的計劃購買來獲取更大的支出份額時。我們相信，創新對於專業人士和消費者來說都是一個巨大的因素，但對消費者來說也無疑是個驅動力。人們在家裡度過了很多時間。他們告訴我們，他們有一個項目清單，上面列出他們想要完成的事情。因此，我們對 Pro 和消費者所期待的機會感到樂觀。

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

我們的下一個問題來自奧本海默公司的布萊恩·納格爾。

Congratulations, nice quarter. 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. 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. I guess just from -- just to help us understand better, I mean, how this is -- how your traffic is progressing, obviously, continue very strong. But are you seeing any further shift in just the way people are shopping the stores?

恭喜，這是一個美好的季度。所以我的第一個問題是，您可能在一個季度前或兩個季度前談過——只是關於消費者在您的商店購物的情況。隨著疫情開始緩解，您會看到週末消費轉向工作日消費。我想只是為了幫助我們更好地理解，我的意思是，這是如何的——你的流量是如何進展的，顯然，繼續保持強勁。但是，您是否看到人們購物方式的進一步轉變？

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

是的。實際上，在整個第三季度，我們看到週末交通流量重新加速，而周中並沒有出現真正的減速。正如我之前提到的，我們看到消費者成長、專業成長、線上成長、地理縮小，因此我們對業務所有領域和週末的成長感到非常非常高興。

Got it. That's helpful. 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. 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?

知道了。這很有幫助。但我的第二個問題是，我意識到在短時間內很難衡量市場份額，特別是在如此多變的背景下。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，你們做得非常好，您是否認為或者您是否從數據中看到，你們實際上正在從競爭對手那裡奪取更大的市場份額，也許是一些輔助競爭對手，他們在管理供應鏈方面不如你們好？

I mean when we look at share, it's obviously a triangulation. 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. We think that our investments that we've made have helped us be in a position to continue to grow share.

我的意思是，當我們看份額時，它顯然是一個三角測量。沒有完美的數據，但是當你查看多個不同的數據點時，無論是來自政府的數據，還是來自跟踪份額的獨立第三方的數據，當然還有我們與供應商的對話以及他們投放到市場的產品，我們相信我們將繼續獲得份額。我們認為，我們所做的投資幫助我們繼續擴大市場份額。

That was the objective behind why we made the investments. We want to be able to grow faster than the market in any environment whatsoever. And we feel like we're doing that right now. Exactly who we're taking that share from, is a little bit hard to know. We play in a really big market, and it's highly fragmented. And so we think that we're capturing share, but based on category that can be very, very different.

這就是我們進行投資的目的。我們希望無論在任何環境下都能比市場成長得更快。我們感覺我們現在正在這樣做。我們究竟從誰那裡獲取了這部分份額，這有點難知道。我們處於一個非常大的市場，而且這個市場高度分散。因此，我們認為我們正在佔領市場份額，但根據類別的不同，情況可能會有很大差異。

Yes. Brian, I would say if you look at the NAICS data, that's -- the cleanest look would indicate yet another quarter of taking share. 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. So we'd rather focus on the best partner.

是的。布萊恩，我想說，如果你看一下 NAICS 數據，那就是——最清晰的觀察將表明另一個季度的市場份額有所上升。但是，當我們考慮到我們的規模和在市場上的地位時，由於商品短缺，特別是某些類別的商品短缺，我們對長期供應商合作夥伴的回應感到非常高興，在某些情況下，供應商合作夥伴表示，我們無法為該行業提供服務。所以我們寧願專注於尋找最好的合作夥伴。

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. Leverton which is the share leader in wiring devices, another robust category exclusive to The Home Depot. 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. So I think our suppliers are leaning into the Home Depot, and we couldn't be happier and more thankful for those relationships.

我們在前幾個季度曾與 LP、路易斯安那太平洋公司合作，以獨家方式與我們合作 OSB，卡隆公司（電氣 PVC 盒中的盒子）也轉而成為我們的獨家產品，亨利屋頂塗料公司今天很高興提到這一點，他們剛剛宣布他們也將轉而成為我們的獨家產品。Leverton 是配線設備領域的市場領導者，這是家得寶 (The Home Depot) 獨有的另一個強勁產品類別。我之前提到過，我們擁有 Behr 和 [Masco] 以及 PPG 的聯合供應，油漆也為我們提供了大量液體塗料產品。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，我們還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來自澤爾曼的丹尼斯·麥吉爾。

Just a couple of quick ones and then a bigger picture. On the acceleration from September into October, Richard, can you have any specifics behind how comp transactions trended? How much of an improvement you saw?

先簡單介紹幾個，然後再介紹更大的圖景。關於從 9 月到 10 月的加速，Richard，您能否具體說明同類交易的趨勢？您看到了多大的改善？

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，交易和票務的改善程度大致相當。

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

好的。完美的。那麼，您在數據中看到了東北艾達風暴的任何影響嗎？

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，不一定是物質上的，但顯然，我們為能夠為社區做出貢獻而感到自豪…

Okay, perfect. And then, Ted, maybe a bigger picture on the supply chain. Just curious, a lot of people obviously speculating how long some of these challenges can persist. 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?

好的，完美。然後，泰德，也許可以更全面地了解供應鏈。只是好奇，很多人顯然在猜測這些挑戰還能持續多久。您如何看待可能存在的更大瓶頸以及這些瓶頸可能會持續多久，以及您如何能夠憑藉我們卓越的供應鏈基礎設施保持在市場上的優勢？

Well, I think from the market, I mean, hard to judge. But I would say this goes well into, if not through 2022. And we'll keep doing what we're doing. The innovation we've talked about in leveraging our scale as well as our new assets. I mean, when you think of our inventory growth, part of that is stocking these new facilities. 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. So we're clearly getting disproportionate flow, and that's where our merchants and supply chain teams will continue to push.

嗯，我認為從市場角度來看，很難判斷。但我想說，這將持續到 2022 年，甚至可能持續到 2022 年。我們將繼續做我們正在做的事情。我們討論的創新在於利用我們的規模和新資產。我的意思是，當你想到我們的庫存成長時，其中一部分就是為這些新設施儲備庫存。因此，我們不僅提高了店內庫存水平，能夠滿足本季不斷增長的需求，而且我們還開始——不是開始，而是為我提到的所有新設施備貨。因此，我們顯然獲得了不成比例的流量，而這正是我們的商家和供應鏈團隊將繼續努力的方向。

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

詹西女士，現在我想把發言權交還給您，請您發表最後評論。

Thanks, Christine, and thank you all 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。我們期待在二月份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。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。