家得寶 (HD) 2021 Q2 法說會逐字稿

Greetings and welcome to The Home Depot Second Quarter 2021 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎來到家得寶 2021 年第二季度財報電話會議。 （操作員說明）提醒一下，正在錄製此會議。

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

現在我很高興向您介紹主持人 Isabel Janci。請繼續。

(technical difficulty) 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.

（技術難度）2021 年季度收益電話會議。董事長兼首席執行官克雷格·梅尼爾 (Craig Menear) 今天加入我們的電話會議；總裁兼首席運營官 Ted Decker；執行副總裁兼首席財務官 Richard McPhail。在我們準備好的發言之後，電話會議將公開提問。問題將僅限於分析師和投資者。 （操作員說明）如果我們在通話期間無法回答您的問題，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. 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，讓我提醒您，今天的新聞稿和我們的高管所做的介紹包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些陳述受風險和不確定因素的影響可能導致實際結果與我們的預期和預測存在重大差異。這些風險和不確定性包括但不限於新聞稿和我們向美國證券交易委員會提交的文件中確定的因素。今天的演講還將包括某些非 GAAP 措施。我們的網站上提供了這些措施的協調。

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. We were pleased with our performance in the second quarter as we achieved over $40 billion in quarterly sales for the first time in our history. Sales for the second quarter were $41.1 billion, up 8.1% from last year. Comp sales were up 4.5% from last year with U.S. comps of a positive 3.4%. Diluted earnings per share were $4.53 in the second quarter, up from $4.02 in the second quarter last year.

謝謝伊莎貝爾，大家早上好。感謝您今天早上加入我們的電話會議。我們對第二季度的業績感到滿意，因為我們的季度銷售額在歷史上首次超過 400 億美元。第二季度銷售額為 411 億美元，比去年增長 8.1%。同店銷售額比去年增長 4.5%，美國同店銷售額增長 3.4%。第二季度稀釋後每股收益為 4.53 美元，高於去年第二季度的 4.02 美元。

The strong underlying demand across the business continues. During the second quarter, we did observe some changing consumer patterns in the U.S. as the U.S. economy opened up. This has manifested itself in several ways.

整個業務的強勁潛在需求仍在繼續。在第二季度，隨著美國經濟的開放，我們確實觀察到美國消費模式發生了一些變化。這表現在幾個方面。

We have seen a shift in pattern of sales within the week as our weekday sales performance has actually strengthened relative to the weekend. We attributed this to consumers returning to travel and other recreational activities. And while the consumers return to pre-pandemic activities, we continue to see them engage in home improvement projects. We also see customers more comfortable taking on larger projects as evidenced by the continued strength with our Pro customer, which outpaced the DIY customer for the second quarter in a row.

我們已經看到一周內銷售模式的轉變，因為我們工作日的銷售業績實際上比周末有所增強。我們將此歸因於消費者回歸旅行和其他娛樂活動。在消費者恢復大流行前活動的同時，我們繼續看到他們參與家居裝修項目。我們還看到客戶更願意承擔更大的項目，我們的專業客戶的持續實力證明了這一點，該客戶連續第二個季度超過了 DIY 客戶。

We remained agile and flexible, and we're pleased with our ability to respond to strong home improvement demand and comp to comp in the second quarter. We had positive comps every week despite unprecedented compares last year and grew sales by $3.1 billion in the second quarter and more than $12 billion year-to-date. Over the last 6 quarters, we have grown the business by more than $34 billion, a level unmatched in our market.

我們保持敏捷和靈活，我們對我們在第二季度響應強勁的家居裝修需求和競爭的能力感到滿意。儘管去年的比較前所未有，但我們每週都有積極的業績，第二季度的銷售額增長了 31 億美元，今年迄今已超過 120 億美元。在過去的 6 個季度中，我們的業務增長超過 340 億美元，這一水平在我們的市場中是無與倫比的。

From a geographic perspective, 15 of our 19 U.S. regions posted positive comps versus last year. On a 2-year stack basis, all 19 regions saw strong double-digit comp growth. However, unlike the past 4 quarters, in the second quarter, we did experience some variability in performance from a geographic perspective. The variability in our regional performance is driven by our Northern division, where we saw a more pronounced shift in sales with stronger sales in outdoor seasonal categories during the first quarter. Mexico posted double-digit positive comps. And despite significant customer restrictions during the quarter due to COVID-19, Canada posted comps that were essentially flat in local currency.

從地理角度來看，我們在美國 19 個地區中有 15 個地區的業績與去年相比呈正增長。在 2 年的基礎上，所有 19 個地區都實現了兩位數的強勁增長。然而，與過去 4 個季度不同的是，在第二季度，我們確實經歷了從地域角度來看的一些業績變化。我們區域業績的變化是由我們的北部部門推動的，我們在第一季度看到了更明顯的銷售變化，戶外季節性類別的銷售更強勁。墨西哥發布了兩位數的積極補償。儘管由於 COVID-19 在本季度對客戶造成了重大限制，但加拿大發布的以當地貨幣計算的收入基本持平。

We continue to effectively manage the strong demand for home improvement products despite significant industry disruptions in supply chains. We are leveraging the scale of our supply chain and partnership with our vendors to prioritize key SKUs in high-demand categories. And while our in-stocks are not where we want them to be, they have improved from where they were a year ago, and our network continues to flow goods remarkably well, thanks to the investments we have made in our supply chain over a number of years.

儘管供應鏈出現嚴重的行業中斷，我們仍繼續有效地管理對家裝產品的強勁需求。我們正在利用供應鏈的規模以及與供應商的合作夥伴關係來優先考慮高需求類別中的關鍵 SKU。雖然我們的庫存沒有達到我們想要的水平，但與一年前相比有所改善，而且我們的網絡繼續很好地流通貨物，這要歸功於我們在供應鏈上進行的大量投資年。

The team continues to make progress on building out our One Home Depot supply chain vision. We remain largely on track with our plans with the critical mass of buildings scheduled to come online this year and next. 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 breadth and depth of our current opportunity set, drive efficiency end-to-end and leverage our scale to further extend our low-cost position in home improvement.

該團隊在構建我們的 One Home Depot 供應鏈願景方面繼續取得進展。我們的計劃在很大程度上仍按計劃進行，關鍵數量的建築物計劃在今年和明年上線。我們相信我們正在建設的網絡在市場上是獨一無二的。它不僅會從交付的角度提升客戶體驗，還會擴大我們當前機會集的廣度和深度，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 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 in home improvement with a relentless focus on productivity and efficiency, and deliver exceptional shareholder value.

在短期內，我們將繼續專注於在這個動態環境中航行時保持靈活性和敏捷性。但我們也繼續利用我們戰略投資的勢頭，進一步增強互聯購物體驗，以支持我們的目標：在任何環境下以比市場更快的速度推動增長，進一步鞏固我們作為低成本家居裝修供應商的地位不懈地關註生產力和效率，並提供卓越的股東價值。

Throughout all the events of the past 18 months, our cultures remain our North Star. In fact, I recently spent time with a number of new associates that we have hired in the past year and was struck by how engaged and connected these associates were to The Home Depot culture. They were onboarded during a time when our stores and teams were busier than ever. But our associates took the time to get to know these new folks and share what it means to be part of the Orange-Blooded family. Our ability to invest for the future while also managing the most fluid environment in our company history is a direct result of our associates and their extraordinary efforts.

在過去 18 個月的所有事件中，我們的文化仍然是我們的北極星。事實上，我最近花了一些時間與我們在過去一年聘用的一些新員工接觸，並對這些員工與家得寶文化的互動和聯繫感到震驚。他們是在我們的商店和團隊比以往任何時候都忙碌的時候加入的。但我們的同事花時間去了解這些新人，並分享成為橙血家族一員的意義。我們有能力為未來投資，同時管理公司歷史上最不穩定的環境，這是我們員工及其非凡努力的直接結果。

I want to close by thanking them for the many ways they continue to live our values by serving our customers, communities and each other.

最後，我想感謝他們以多種方式通過為我們的客戶、社區和彼此服務來繼續踐行我們的價值觀。

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

有了這個，讓我把電話轉給泰德。

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

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

As you heard from Craig, during the second quarter, we continue to see strong performance in our business, particularly as we lap the significant growth from the same period last year. We were able to meet strong customer demand despite ongoing pressures throughout the supply chain. Raw material shortages, production constraints and pressures across modes of transportation are creating a difficult supply chain environment. That being said, our performance would not be possible without the cross-functional efforts by our supply chain, merchandising, store and MET teams as we continue to flow record volumes of goods week after week.

正如你從克雷格那裡聽到的那樣，在第二季度，我們的業務繼續表現強勁，尤其是當我們超越去年同期的顯著增長時。儘管整個供應鏈都面臨著持續的壓力，但我們仍能夠滿足強烈的客戶需求。原材料短缺、生產限制和各種運輸方式的壓力正在造成困難的供應鏈環境。話雖如此，如果我們的供應鏈、銷售、商店和 MET 團隊的跨職能努力，我們的業績是不可能的，因為我們繼續一周又一周地運送創紀錄的貨物量。

Over the course of the pandemic, you've heard us talk about a number of initiatives we've implemented, many in concert with our suppliers to improve our in-stock positions and get product to our customers. And our teams continue to use our culture and values to guide our decisions.

在大流行期間，您已經聽到我們談論了我們已經實施的一些舉措，其中許多舉措與我們的供應商合作，以改善我們的庫存狀況並將產品交付給我們的客戶。我們的團隊繼續使用我們的文化和價值觀來指導我們的決策。

One of our values is entrepreneurial spirit, which is alive and well at The Home Depot. Our supply chain teams recently leveraged our scale and flexibility to arrange for several container vessels for exclusive use, yet another way our teams found a creative solution to better serve our customers in this dynamic environment.

我們的價值觀之一是企業家精神，這種精神在家得寶 (The Home Depot) 依然存在。我們的供應鏈團隊最近利用我們的規模和靈活性安排了多艘集裝箱船供獨家使用，這是我們團隊找到創造性解決方案的另一種方式，可以在這種動態環境中更好地為我們的客戶服務。

While our in-stock levels are still not where we want them to be, we are maintaining the improvements we made over the last few quarters in building depth in key categories as evidenced by inventory growing faster than sales compared to the same period last year.

雖然我們的庫存水平仍未達到我們想要的水平，但我們將保持過去幾個季度在關鍵類別的建設深度方面取得的進步，這一點可以從與去年同期相比的庫存增長速度快於銷售增長速度中看出。

Turning to our comp performance. During the second quarter, 10 of our 14 merchandising departments posted positive comps, led by kitchen and bath and lumber. During the second quarter of this year, we saw single-digit negative comps in paint, hardware and indoor and outdoor garden. It is important to note that these were some of our strongest-performing departments during the second quarter of last year. On a 2-year stack basis, each of our departments posted healthy double-digit comps. Our comp average ticket increased 11.3% and comp transactions decreased 6%. The growth in our comp average ticket was driven in part by inflation in certain categories, notably lumber. On a 2-year stack basis, both comp average ticket and comp transactions were healthy and positive.

轉向我們的表現。在第二季度，我們的 14 個銷售部門中有 10 個部門取得了積極的業績，其中廚房、浴室和木材部處於領先地位。今年第二季度，我們在油漆、硬件和室內外花園方面看到了個位數的負增長。值得注意的是，這些是我們去年第二季度表現最強勁的部門。在 2 年的堆棧基礎上，我們每個部門都發布了健康的兩位數補償。我們的補償平均票價增加了 11.3%，補償交易減少了 6%。我們平均票價的增長部分是由某些類別的通貨膨脹推動的，尤其是木材。在 2 年堆棧的基礎上，補償平均票價和補償交易都是健康和積極的。

This was another historic quarter for lumber price volatility. During the first few weeks of the second quarter, prices for both framing and panel lumber reached all-time highs before quickly falling from their peaks. As an example, during the second quarter, framing lumber peaked at approximately $1,500 per 1,000 board feet before falling over $1,000 to approximately $500. While pricing for both framing and panel has come down from the peaks, the average price during the second quarter was still significantly higher than the same period last year.

這是木材價格波動的又一個歷史性季度。在第二季度的前幾週，框架和麵板木材的價格均創下歷史新高，然後迅速從高位回落。例如，在第二季度，框架木材的峰值約為每 1,000 板英尺 1,500 美元，然後下降超過 1,000 美元至約 500 美元。雖然框架和麵板的價格均已從高峰期回落，但第二季度的平均價格仍明顯高於去年同期。

Inflation from core commodity categories positively impacted our average ticket growth by approximately 420 basis points during the second quarter. Big ticket comp transactions or those over $1,000 were up approximately 24% compared to the second quarter of last year. We saw big ticket strength across many Pro-heavy categories like lumber, vinyl plank flooring, gypsum and pipe and fittings.

核心商品類別的通脹在第二季度對我們的平均票價增長產生了約 420 個基點的積極影響。與去年第二季度相比，大額補償交易或超過 1,000 美元的交易增長了約 24%。我們在木材、乙烯基木板地板、石膏、管道和配件等許多專業重型類別中看到了巨大的實力。

During the second quarter, Pro sales growth outpaced DIY growth for the second quarter in a row. On a 2-year stack basis, growth with our Pro and DIY customers was consistent and strong. We're encouraged by the momentum we are seeing with our Pros. Growth with our larger Pros continues to outpace that of our smaller Pros, and they tell us that their backlogs are long and growing. In fact, the National Association of Home Builders' Remodeling Index hit all-time highs during the second quarter. And during the quarter, we saw many of our customers turn to Pros to help them with larger renovation projects. This can be seen in the strength of several of our kitchen and bath categories, like in-stock kitchens, tubs and showers and vanities, all of which posted 1-year and 2-year comps above the company average.

第二季度，專業銷售增長連續第二個季度超過 DIY 增長。在 2 年的堆棧基礎上，我們的 Pro 和 DIY 客戶的增長是一致且強勁的。我們對我們的專業人士所看到的勢頭感到鼓舞。我們較大的專業人士的增長繼續超過我們較小的專業人士，他們告訴我們他們的積壓訂單很長而且還在增加。事實上，全國房屋建築商協會的改建指數在第二季度創下了歷史新高。在本季度，我們看到許多客戶求助於 Pros 來幫助他們進行更大的翻新項目。這可以從我們的幾個廚房和浴室類別的實力中看出，例如庫存廚房、浴缸和淋浴間以及梳妝台，所有這些類別的 1 年和 2 年收入均高於公司平均水平。

Sales leveraging our digital platforms were essentially flat during the second quarter as we lap digital sales growth of approximately 100% in the second quarter of last year. On a 2-year stack basis, sales from our digital platforms increased approximately 100%.

由於我們在去年第二季度實現了約 100% 的數字銷售增長，因此第二季度利用我們數字平台的銷售額基本持平。在 2 年的基礎上，我們數字平台的銷售額增長了約 100%。

We're thrilled with the customer engagement across our interconnected platforms. We know the vast majority of our customers engage with us in an interconnected manner, whether it be through project inspiration and research, transacting, fulfillment or support, our customers blend the physical and digital worlds. And while customers have gotten more comfortable buying online, we've never been more confident in the importance of our physical stores as they remain the center of our customer experience due to the project nature of our business. For those customers that chose to transact with us online during the second quarter, more than 55% of our online orders were fulfilled through our stores, a testament to the power of our interconnected retail strategy.

我們對跨互聯平台的客戶參與感到興奮。我們知道絕大多數客戶都以相互關聯的方式與我們互動，無論是通過項目靈感和研究、交易、履行還是支持，我們的客戶都將物理世界和數字世界融為一體。雖然客戶對網上購物變得更加自在，但我們對實體店的重要性從未像現在這樣更有信心，因為由於我們業務的項目性質，它們仍然是我們客戶體驗的中心。對於那些在第二季度選擇與我們在線交易的客戶，我們超過 55% 的在線訂單是通過我們的商店完成的，這證明了我們相互關聯的零售戰略的力量。

As we look forward to the back half of the year, we know our Pros are busy and we are working hard to secure the best products to help our Pros get their jobs done. Last quarter, we highlighted several exclusive products for our Pro customers. This quarter, we're excited to announce a new big-box home improvement exclusive relationship with LP Building Solutions, a top provider of OSB panel boards.

當我們期待下半年時，我們知道我們的專業人員很忙，我們正在努力確保獲得最好的產品以幫助我們的專業人員完成工作。上個季度，我們為專業客戶重點介紹了幾款獨家產品。本季度，我們很高興地宣布與頂級 OSB 面板供應商 LP Building Solutions 建立新的大型家裝獨家合作關係。

In addition, we are pleased with the momentum we are seeing with our Pro Extra loyalty program. Several quarters ago, we relaunched Pro Extra, and we've been thrilled with the membership take-up and engagement we are seeing. Pro Extra offers more frequent touch points with our Pros and convenient services like purchase tracking and volume pricing along with other benefits. In addition, all Pro Extra members are now able to access our B2B Pro online experience, offering Pros more personalization on homedepot.com.

此外，我們對 Pro Extra 忠誠度計劃的勢頭感到滿意。幾個季度前，我們重新推出了 Pro Extra，我們對所看到的會員人數和參與度感到非常興奮。 Pro Extra 提供與我們的專業人士更頻繁的接觸點和便利的服務，如購買跟踪和批量定價以及其他好處。此外，所有 Pro Extra 會員現在都可以訪問我們的 B2B Pro 在線體驗，在 homedepot.com 上為 Pros 提供更多個性化服務。

During the third quarter, we are also thrilled to announce the rollout of what we believe is the most innovative paint offering in years through our exclusive relationship with Behr. BEHR DYNASTY is a brand-new 4-in-1 interior paint that offers DIY-ers, Pro painters and design professionals a unique product exclusively from The Home Depot. It is our most stain-repellent, scuff-resistant, fast-growing 1-coat coverage paint, all in one can.

在第三季度，我們也很高興地宣布推出我們認為是多年來通過與 Behr 的獨家合作關係推出的最具創新性的塗料產品。 BEHR DYNASTY 是一種全新的 4 合 1 室內塗料，為 DIY 愛好者、專業畫家和設計專業人士提供家得寶獨有的獨特產品。它是我們最防污、防磨損、快速增長的單層覆蓋塗料，一罐裝。

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. In the second quarter, total sales were $41.1 billion, an increase of $3.1 billion or 8.1% from last year. Foreign exchange rates positively impacted total sales growth by approximately $385 million.

謝謝你，泰德，大家早上好。第二季度，總銷售額為 411 億美元，比去年增加 31 億美元或 8.1%。外匯匯率對總銷售額增長產生了大約 3.85 億美元的積極影響。

During the second quarter, our total company comps were positive 4.5%, with positive comps in all 3 months. During the quarter, we saw total company comps of 4.7% in May, 3.9% in June and 4.9% in July. Comps in the U.S. were positive 3.4% for the quarter with comps of 3.1% in May, 2.7% in June and 4.3% in July.

在第二季度，我們的公司總收入為正 4.5%，所有 3 個月的收入都為正。在本季度，我們看到 5 月份公司總收入為 4.7%，6 月份為 3.9%，7 月份為 4.9%。美國本季度的收入增長 3.4%，5 月份收入增長 3.1%，6 月份收入增長 2.7%，7 月份收入增長 4.3%。

In the second quarter, our gross margin was 33.2%, a decrease of approximately 80 basis points from the same period last year. While there are many factors that impact gross margin, the year-over-year change during the second quarter was primarily driven by lumber, which accounted for approximately 60 basis points of pressure. In addition, several other factors negatively impacted our gross margin, including rising transportation costs, One Supply Chain investments and lapping a benefit from canceled events in the second quarter of last year.

第二季度，我們的毛利率為33.2%，同比下降約80個基點。雖然影響毛利率的因素很多，但第二季度的同比變化主要是由木材推動的，木材帶來了大約 60 個基點的壓力。此外，其他幾個因素也對我們的毛利率產生了負面影響，包括運輸成本上升、One Supply Chain 投資以及從去年第二季度取消的活動中獲益。

During the second quarter, operating expense as a percent of sales decreased approximately 100 basis points to 17.1%. Our operating leverage during the second quarter reflects significant COVID-related expenses that we incurred in the second quarter of 2020 to support our associates. These expenses were partially offset by underspend in other expense items in the second quarter of last year, most notably payroll, as we staffed up to meet strong demand. Our operating expenses during the second quarter of this year also include wage investments that we made at the end of 2020.

第二季度，營業費用佔銷售額的百分比下降了約 100 個基點，降至 17.1%。我們在第二季度的經營槓桿反映了我們在 2020 年第二季度為支持我們的員工而產生的與 COVID 相關的大量費用。這些費用被去年第二季度其他費用項目的支出不足部分抵消，最顯著的是工資，因為我們為滿足強勁的需求而配備了人員。我們今年第二季度的運營費用還包括我們在 2020 年底進行的工資投資。

Our operating margin for the second quarter was 16.1%, an increase of approximately 20 basis points from the second quarter of 2020. Interest and other expense for the second quarter decreased by $16 million to $321 million. In the second quarter, our effective tax rate was 23.9%, down from 24.4% in the second quarter of fiscal 2020. Our diluted earnings per share for the second quarter were $4.53, an increase of 12.7% compared to the second quarter of 2020.

我們第二季度的營業利潤率為 16.1%，比 2020 年第二季度增加約 20 個基點。第二季度的利息和其他費用減少 1600 萬美元至 3.21 億美元。第二季度，我們的有效稅率為 23.9%，低於 2020 財年第二季度的 24.4%。我們第二季度的攤薄後每股收益為 4.53 美元，比 2020 年第二季度增長 12.7%。

At the end of the quarter, inventories were $18.9 billion, up $5.4 billion from last year, and inventory turns were 5.7x compared with 6.1x this time last year.

本季度末，庫存為 189 億美元，比去年增加 54 億美元，庫存周轉率為 5.7 倍，而去年同期為 6.1 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. During the second quarter, we invested approximately $520 million back into our business in the form of capital expenditures. And during the quarter, we paid approximately $1.75 billion in dividends to our shareholders, and we returned approximately $3 billion to shareholders in the form of share repurchases. Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 44.7%, up from 41.1% in the second quarter of fiscal 2020.

轉向資本配置。在投資我們的業務後，我們打算以股息和股票回購的形式將多餘的現金返還給股東。在第二季度，我們以資本支出的形式向我們的業務投資了大約 5.2 億美元。在本季度，我們向股東支付了約 17.5 億美元的股息，並以股票回購的形式向股東返還了約 30 億美元。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 44.7%，高於 2020 財年第二季度的 41.1%。

As you heard from Craig, we are very pleased with the strong performance we saw during the second quarter, particularly as we lap the unprecedented growth we saw this time last year. And while these challenging compares continue through the back half of the year, we are encouraged by what we are seeing. During the first 2 weeks of August, we've seen comps in the U.S. consistent with the second quarter. Customer engagement and demand for home improvement is healthy. Housing remains strong, and we see a supportive environment for home improvement spending as we look out over the next several years.

正如你從克雷格那裡聽到的那樣，我們對第二季度的強勁表現感到非常滿意，尤其是當我們超越去年這個時候看到的前所未有的增長時。雖然這些具有挑戰性的比較會持續到今年下半年，但我們對所看到的情況感到鼓舞。在 8 月的前兩週，我們看到美國的業績與第二季度一致。客戶參與度和對家居改善的需求是健康的。住房市場依然強勁，展望未來幾年，我們看到了支持家居裝修支出的環境。

That said, there is still a significant amount of uncertainty in the broader environment as it relates to the evolution of the COVID-19 pandemic and the new and spreading variants. As we've previously shared, we do not believe we can accurately predict how the external environment will evolve and how it will ultimately impact consumer spending. We will continue to execute with flexibility and focus on what has driven our successful performance. Longer term, we remain committed to what we believe is the winning formula for our customers, our associates and our shareholders.

也就是說，在更廣泛的環境中仍然存在大量不確定性，因為它與 COVID-19 大流行的演變以及新的和正在傳播的變種有關。正如我們之前分享的那樣，我們認為我們無法準確預測外部環境將如何演變以及最終將如何影響消費者支出。我們將繼續靈活執行，並專注於推動我們取得成功的因素。從長遠來看，我們仍然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成功的公式。

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.

我們打算在家居裝修方面提供最佳的客戶體驗。我們打算擴大我們作為低成本供應商的地位，我們打算成為家居裝修領域最有效的資本投資者。如果我們做到這些，我們相信我們的增長速度將繼續快於我們的市場，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. And Christine, we will now open the call for questions.

感謝您參與今天的電話會議。 Christine，我們現在開始提問。

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

（操作員說明）我們的第一個問題來自 Simeon Gutman 與摩根士丹利的合作。

Craig and Richard, I wanted to ask -- maybe I'll ask this every quarter for now. I wanted to ask about home improvement demand, whether it has to digest the next couple of years or we can keep compounding. And I think Richard just mentioned in his comments, like expecting several years of healthy demand ahead. So curious if your thoughts have evolved on the next couple of years given the massive growth we've had over the past 2.

克雷格和理查德，我想問——也許我現在每個季度都會問這個問題。我想問一下家居裝修需求，它是否必須在未來幾年內消化，或者我們可以繼續複利。我認為理查德剛剛在他的評論中提到過，比如期待未來幾年的健康需求。鑑於我們在過去 2 年取得的巨大增長，非常好奇您的想法是否在未來幾年發生了變化。

Simeon, when we look at the overall backdrop for support in home improvement from a housing perspective, from the Remodeling Index, we feel pretty good about the long-term outlook for home improvement. Hard to predict the short term, but the longer-term outlook looks solid.

Simeon，當我們從住房的角度來看支持家居改善的整體背景時，從重塑指數來看，我們對家居改善的長期前景感到非常滿意。短期內很難預測，但長期前景看起來很穩固。

Richard, I don't know if you want to add to that.

理查德，我不知道你是否想補充一點。

If you just -- if you look at the -- we believe that home price appreciation is a fundamental support of home improvement activity and demand. As your home becomes more valuable, you are more likely to spend more on it. We are at a point now where the housing stock of the United States is over 20% more valuable than it was 2 years ago.

如果你只是 - 如果你看 - 我們認為房價上漲是家居裝修活動和需求的基本支持。隨著您的房屋變得更有價值，您更有可能在上面花費更多。現在，美國的住房存量比 2 年前的價值高出 20% 以上。

And so as we look forward, not only have we seen that home price appreciation, but the homeowner balance sheet is incredibly healthy. The state of mortgage finance is incredibly healthy. And so that's why -- some of the reasons why we're optimistic.

因此，展望未來，我們不僅看到房價上漲，而且房主的資產負債表也非常健康。抵押貸款融資的狀況非常健康。這就是為什麼 - 我們樂觀的一些原因。

That's helpful. And then one near-term question. The second half outlook for gross margin, does the dynamic that occurred in the second quarter, does it ease allowing the gross margin to improve in the back half -- or not improve, but at least the rate of change improved from what happened in the second quarter?

這很有幫助。然後是一個近期問題。下半年的毛利率前景，第二季度發生的動態，允許毛利率在後半年有所改善 - 還是沒有改善，但至少變化率比上半年有所改善第二季度？

I'd say we're focused on executing week-to-week here. There are certainly cost pressures in the environment, and I think we're all dealing with that. But we've dealt with that throughout our history, and we're comfortable with our ability to manage through the cost environment effectively.

我會說我們專注於在這裡每週執行一次。環境中肯定存在成本壓力，我認為我們都在處理這個問題。但我們在整個歷史中都在處理這個問題，我們對我們有效管理成本環境的能力感到滿意。

Simeon, I think there are some very unique scenarios, obviously, in the quarter. Lumber being the one, as Richard called out, unprecedented level of drop and unprecedented speed with which it drops. Normally, the only impact you have is from mix. But with the rapid decline and the extent of the decline, we always have a philosophy that we want to lead the market down and lag going up to remain as competitive as possible for our customers. And that actually created an impact which in this quarter was unique that we normally don't see.

Simeon，我認為本季度顯然有一些非常獨特的場景。正如理查德所說，木材是一種前所未有的下降水平和前所未有的下降速度。通常，您唯一的影響來自混合。但隨著快速下降和下降的程度，我們始終有一個理念，即我們希望引領市場下跌並落後於市場上漲，以盡可能為我們的客戶保持競爭力。這實際上產生了一種影響，這種影響在本季度是獨一無二的，我們通常看不到。

And I'd make another comment, which is the shape of the business given the volume that is coming through our system is not predictable. But we know, we're confident that we are taking share, and we're there to meet the demand that we see from our customer. That mix may have an impact, but when we look at the operating profit dollar growth we're generating as a company, we feel great about it. So we're looking more at driving market share capture and driving that operating profit dollar growth.

而且我會發表另一條評論，這是業務的形狀，因為通過我們系統的流量是不可預測的。但我們知道，我們有信心我們正在分享，我們在那裡滿足我們從客戶那裡看到的需求。這種組合可能會產生影響，但當我們看到我們作為一家公司產生的營業利潤美元增長時，我們感覺很好。因此，我們更多地關注推動市場份額的獲取和推動營業利潤美元的增長。

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

我們的下一個問題來自瑞銀集團的 Michael Lasser。

How should the trends that you outlined with diverging performance on the weekdays versus the weekends inform how we think about the DIY business moving forward? Do you attribute that to more of a temporary condition, where consumers had pent-up demand to go on vacation this summer and they return to the projects in the fall? Or alternatively, as families return to traditional activities like your sports, watching college and pro sports, and gradually returning to the office, it's going to put accelerating pressure on the DIY business. And do you think there's enough strength in pent-up demand for the Pro segment that it can offset that?

您概述的工作日與週末表現不同的趨勢應該如何告知我們如何看待 DIY 業務的發展？您是否將這更多地歸因於一種臨時情況，即消費者在今年夏天有被壓抑的休假需求，而他們在秋季又回到了這些項目？或者，隨著家庭恢復體育運動、觀看大學和職業體育等傳統活動，並逐漸回到辦公室，這將給 DIY 業務帶來越來越大的壓力。您是否認為 Pro 細分市場被壓抑的需求足以抵消這種需求？

Michael, it's a great question. It's something we're watching carefully as the consumer gets back to more normal environment. What we did see is -- the consumers in our research would suggest this as well -- consumers are taking on more projects. They are larger projects and have a tendency to hire a pro to do them. And as a result, we've seen our Pro business strengthen for several quarters in a row, with the last 2 quarters where the Pro outperformed the DIY customers for the first time since the pandemic started.

邁克爾，這是一個很好的問題。隨著消費者恢復到更正常的環境，這是我們正在仔細觀察的事情。我們確實看到——我們研究中的消費者也會提出這一點——消費者正在接受更多項目。它們是更大的項目，並且傾向於聘請專業人士來完成它們。因此，我們已經看到我們的 Pro 業務連續幾個季度得到加強，在過去的兩個季度中，Pro 的表現自大流行開始以來首次超過 DIY 客戶。

And so we're very optimistic about where the Pro business goes and the strength of that Pro business, and we're focused on making sure that we can take care of those Pros along with our DIY customers but feel like there's solid opportunity to continue to grow. Pros tell us their backlogs are bigger than ever. Consumers continue to tell us the home is more important than ever and that they have a longer list of projects.

因此，我們對專業業務的發展方向和專業業務的實力非常樂觀，我們專注於確保我們能夠與我們的 DIY 客戶一起照顧這些專業人士，但我們覺得有繼續發展的可靠機會成長。專業人士告訴我們，他們的積壓工作比以往任何時候都多。消費者繼續告訴我們，家比以往任何時候都更重要，他們有更多的項目清單。

That's all helpful, Craig. And you're going to have this funky dynamic where maybe the Pro business is good, maybe the DIY business decelerates from here. And how is that going to impact your labor model, which is activity-based? So if comps do turn negative in the back half, how quickly can you flex that? And how well is it fine-tuned for this dynamic, where you might have a decline in DIY transactions, you may actually not need as much labor, so you can save some SG&A dollars on that.

這很有幫助，克雷格。你將擁有這種時髦的動態，也許 Pro 業務很好，也許 DIY 業務從這裡開始減速。這將如何影響您基於活動的勞動模式？因此，如果 comps 確實在後半部分變為負數，你能多快調整它？它針對這種動態進行了微調，您可能會減少 DIY 交易，您實際上可能不需要那麼多的勞動力，因此您可以節省一些 SG&A 美元。

Yes. Michael, you hit it on the head in terms of our labor model is an activity-based model, which has a component in there of transaction. So we can adjust relatively quickly. It's a short-cycle model, and we'll make the appropriate adjustments as we go. It's -- we plan out a few weeks in advance.

是的。邁克爾，就我們的勞動模型而言，您一語中的是基於活動的模型，其中包含交易的組成部分。所以我們可以比較快地調整。這是一個短週期模型，我們會在進行過程中進行適當的調整。這是 - 我們提前幾週計劃。

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 的對話。

I was just wondering if you guys could elaborate a little bit more on some of the benefits you expect to see once the one HD Supply chain gets built out sometime in 2022.

我只是想知道你們是否可以詳細說明在 2022 年某個時候建成單一高清供應鏈後你們期望看到的一些好處。

Sure. The whole purpose of the supply chain is really our ability to deliver all of our products, parcel and big and bulky, to 90% of the U.S. population, same and next day. And we're 3-plus years into this build-out. We have multiple facilities up of each type that we're building. They're all performing well and fulfilling that expectation of being able to deliver and satisfy the customer. Speed and reliability is what's required, particularly with our Pro customers.

當然。供應鏈的全部目的實際上是我們能夠在同一天和第二天將我們所有的產品，無論是包裹還是大件和笨重的產品，交付給 90% 的美國人口。我們已經進行了 3 年多的擴建。我們正在建造的每種類型都有多個設施。他們都表現良好，滿足了能夠交付和滿足客戶的期望。速度和可靠性是我們所需要的，尤其是對於我們的 Pro 客戶。

In addition, it's allowing us to expand our assortments from what we carry in our stores. So not only can we get the product in a quicker, more reliable fashion to our customers, we can get a broader assortment to our customers.

此外，它還使我們能夠擴展我們商店中的商品種類。因此，我們不僅可以更快、更可靠地為客戶提供產品，還可以為客戶提供更廣泛的產品種類。

And lastly, we're up to $660 a square foot of sales this past quarter in our stores. And it's just a tremendous amount of activity in cube in that building. So to be able to get deliveries, particularly the big and bulky deliveries out of the store, that helps our customer flow and our associate activities in the store. And we're just thrilled with that in particular as our FDCs have opened up, we're relieving tremendous amount of delivery activity in cube flow out of our stores and delivering directly out of the new facilities, exactly the way the supply chain team had planned it.

最後，上個季度我們門店的銷售額高達每平方英尺 660 美元。這只是該建築物中立方體中的大量活動。因此，為了能夠送貨，尤其是從商店送貨的大件和笨重的貨物，這有助於我們的客戶流動和我們在商店中的關聯活動。我們對此感到非常興奮，特別是隨著我們的 FDC 的開放，我們正在減輕大量的立方體物流從我們的商店流出並直接從新設施交付的活動，這正是供應鏈團隊的方式計劃它。

That's great. And then just on lumber. I'm curious what you're seeing from a unit volume perspective as prices dropped throughout the quarter.

那太棒了。然後就在木材上。我很好奇你從單位數量的角度看到了什麼，因為整個季度價格都在下降。

Well, clearly, when we hit $1,500 plus, 1,000 board feet, people backed out of the market, for sure, and waited. And it wasn't that we got a tremendous amount of new supply in the marketplace. I think once you hit that tipping point where people backed off on the margin and prices started to fall -- and as Craig said, it was falling so quickly, $100, $150 even $200 1,000 board feet per week -- people just stepped back even further. That's now settled at about $430 for framing lumber.

好吧，很明顯，當我們達到 1,500 美元以上，即 1,000 板英尺時，人們肯定會退出市場並等待。並不是說我們在市場上獲得了大量的新供應。我認為，一旦你達到了人們在利潤率上退縮並且價格開始下跌的轉折點——正如克雷格所說，它下降得如此之快，每週 100 美元、150 美元甚至 200 美元 1,000 板英尺——人們甚至退縮了更遠。現在，框架木材的價格約為 430 美元。

And for sure, at those high levels, we saw an impact to units. Our units had turned negative. And as prices have come down, units are still negative, but on a sequential basis, improving in responding to that lower price. So we're very pleased. Supply and demand dynamics worked as expected.

可以肯定的是，在那些高水平上，我們看到了對單位的影響。我們的單位已經轉負。隨著價格的下降，單位數量仍然是負數，但在連續的基礎上，對較低價格的反應有所改善。所以我們很高興。供需動態如預期般發揮作用。

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

我們的下一個問題來自 Karen Short 與 Barclays 的對話。

Just wondering with respect to inventory, obviously, you're up against your comparisons from last year. But looking at overall areas of inventory, is there any area where you think you're still lacking product? And then how to think about inventory growth in the second half of the year?

只是想知道關於庫存，很明顯，你與去年的比較相提並論。但是看看整個庫存領域，您認為您是否仍然缺乏產品？那麼如何看待下半年的庫存增長呢？

Yes. First of all, Karen, I'd say we're super pleased that we've been able to continue to build depth but yet, at the same time, have incredible inventory productivity at 5.7 turns. So we're very, very pleased with that.

是的。首先，凱倫，我想說我們非常高興我們能夠繼續建立深度，但與此同時，我們在 5.7 轉彎時擁有令人難以置信的庫存生產率。所以我們對此非常非常滿意。

There's still -- we're in a situation still where we're not exactly where we want to be from an in-stock perspective. Our suppliers are working hard, but our merchants have worked with our suppliers to kind of narrow the focus on key SKUs. And so there's opportunities still to continue to bring more product in across the breadth of the assortment. But right now, we're trying to stay focused on the things that really, really matter.

仍然 - 我們仍然處於這樣一種情況，即從庫存的角度來看，我們並不完全是我們想要的位置。我們的供應商正在努力工作，但我們的商家已與我們的供應商合作，以縮小對關鍵 SKU 的關注範圍。因此，仍有機會繼續在整個品種中引入更多產品。但現在，我們正努力專注於真正重要的事情。

And I'd say it's been a category by category story. And as Craig said, we're trying to build depth in our highest-velocity SKUs. We're trying to build depth in job lot quantities for our Pro customers, and that tends to be heavy on the building materials side of the business, so lumber and building materials and electrical and plumbing fixtures. And we've recovered nicely in all of those departments. But again, it can be category by category.

我會說這是一個類別一個類別的故事。正如克雷格所說，我們正試圖在我們速度最快的 SKU 中建立深度。我們正在努力為我們的專業客戶增加工作量，這在業務的建築材料方面往往很重，所以木材和建築材料以及電氣和管道固定裝置。我們在所有這些部門都恢復得很好。但同樣，它可以按類別分類。

There's a COVID outbreak in a factory. There's a shipping constraint. There's a domestic transportation capacity constraint. So it's been a story of 2 steps forward, 1 step back. But we are making progress, and that's why we're happy to lean into inventory. We're blessed with the financial strength and liquidity. Our goods tend to be nonperishable, not a lot of obsolescence, particularly in our core product. So if -- a lot of this is who has the product, who's going to sell the product. And I think our supply chain and merchants responding as well as they have is one of the reasons we've taken so much market share in this environment.

一家工廠爆發了 COVID 疫情。有運輸限制。國內運輸能力受到限制。所以這是一個前進兩步，後退一步的故事。但我們正在取得進展，這就是為什麼我們樂於減少庫存。我們有幸擁有財務實力和流動性。我們的商品往往不易腐爛，不會過時，尤其是我們的核心產品。因此，如果 - 其中很多是誰擁有產品，誰將銷售該產品。而且我認為我們的供應鍊和商家的響應以及他們的響應是我們在這種環境下佔據如此多市場份額的原因之一。

Okay. That's helpful. And I just was wondering, on the Pro Extra loyalty, I was wondering if you'd be willing to give a little update on the number of members in the program. And then any color, if you can provide, on average spend of members versus the nonmember Pro or just any metrics that you could provide?

好的。這很有幫助。我只是想知道，關於 Pro Extra 忠誠度，我想知道您是否願意提供有關該計劃成員數量的最新信息。然後是任何顏色，如果你能提供，會員與非會員 Pro 的平均支出或你可以提供的任何指標？

Yes. I won't get into details, but you know our rough dynamic, about 4%, 5% of our customer base being the Pro makes up 45% of our sales. So this is a number in the mid-millions of our core Pros. Very strong number of those, percentage of those, are in the Pro Extra program.

是的。我不會詳細說明，但你知道我們的粗略動態，大約 4%、5% 的客戶群是 Pro，占我們銷售額的 45%。所以這是我們核心專業人士中數以百萬計的數字。 Pro Extra 計劃中有非常多的人，其中的百分比。

And now, as I mentioned in my prepared remarks, we are building a B2B website, and all of our Pro Extra members now have been transferred over to that B2B experience. So with the combination of the benefits that you're getting with Pro Extra -- we've stood up a separate Pro Extra app that those Pros are using -- and the ability to engage on the B2B website, which has all sorts of functionality built out specifically for the Pro, so think of bills of material for jobs, tracking jobs, quotes, building quotes, reorder capability, tracking all receipts, preferred pricing in certain instances, all of that is coming together as well as personalization and building relevance on that Pro B2B website.

現在，正如我在準備好的發言中提到的那樣，我們正在建立一個 B2B 網站，我們所有的 Pro Extra 會員現在都已轉移到該 B2B 體驗中。因此，結合您從 Pro Extra 中獲得的好處——我們已經建立了一個單獨的 Pro Extra 應用程序供這些專業人士使用——以及參與 B2B 網站的能力，該網站具有各種功能專為 Pro 構建，因此請考慮工作的物料清單、跟踪工作、報價、構建報價、重新訂購能力、跟踪所有收據、某些情況下的優惠定價，所有這些都結合在一起，以及個性化和構建相關性在那個 Pro B2B 網站上。

So think of something like search results, if you or I would put in pliers, we have thousand suppliers that could be returned in that search result. We're getting to the point now that we know an electrician is performing that search. So we're going to provide relevance and we're going to provide our electrical pliers as the first results in that search query. So this is just another great add to our Pro ecosystem and just been tremendous engagement with the Pro loyalty app, the Pro Extra program and now the B2B website.

所以想想搜索結果之類的東西，如果你或我把鉗子放進去，我們有數千個供應商可以在搜索結果中返回。既然我們知道電工正在執行該搜索，那麼我們就要說到這一點了。所以我們將提供相關性，我們將提供我們的電鉗作為該搜索查詢的第一個結果。因此，這只是對我們的 Pro 生態系統的又一次重要補充，並且與 Pro 忠誠度應用程序、Pro Extra 計劃以及現在的 B2B 網站的巨大互動。

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

我們的下一個問題來自 Brian Nagel 與 Oppenheimer 的對話。

A couple of questions with regard to sales and pretty quick ones. But first off, just with respect to lumber, I know you talked about it in your prepared comments and in response to the questions. But did you say just to what extent lumber was a benefit to comps this quarter?

關於銷售的幾個問題和非常快速的問題。但首先，就木材而言，我知道你在準備好的評論和回答問題時談到了它。但是您是否只是說木材在本季度對 comps 有多大好處？

About $1.3 billion.

約 13 億美元。

Okay. And that was weighted more towards the first -- the way you've laid it out, I'd assume that was weighted much more towards the first half of the quarter -- or early in the quarter, I guess you'd better say that better?

好的。而且這更傾向於第一個——按照你的佈局方式，我認為它更傾向於本季度的前半部分——或者本季度初，我想你最好說那更好？

Yes, Brian, for sure. It was an unbelievable fast fall. But yes, it was -- that was heavily geared towards the first part of the quarter.

是的，布賴恩，當然。這是一個令人難以置信的快速下降。但是，是的，這主要是針對本季度的第一部分。

Okay. And then the second question I have, and I know this is awful nuance. But as you talk about the strength in the Pro business, in your conversations, your connections with your Pro customers, do you think that the jobs are being taken on now? Were those jobs that were started during the pandemic and are only now being able to be fulfilled because the Pros have -- Pros are available to work? Or these projects are actually seriously starting right now?

好的。然後是我的第二個問題，我知道這是非常細微的差別。但是當你談到 Pro 業務的優勢時，在你的談話中，你與 Pro 客戶的聯繫中，你認為現在正在接受這些工作嗎？那些在大流行期間開始並且直到現在才能夠完成的工作是因為專業人士 - 專業人士可以工作嗎？或者這些項目實際上正在認真開始？

I think you probably have a combination would be my best guess. Don't know that for sure. But we know, for example, when we talk to Pros that they've had a backlog for some time. And so I think, clearly, there's probably some that have been in the works where they've been waiting to -- customers have been waiting for Pro to start a job. And then I think there's probably scenarios where it's a quicker cycle. But we don't really have a way of knowing that.

我想你可能有一個組合是我最好的猜測。不確定。但是我們知道，例如，當我們與專業人士交談時，他們已經積壓了一段時間。所以我認為，很明顯，可能有一些已經在他們一直在等待的工作中——客戶一直在等待 Pro 開始工作。然後我認為可能存在循環更快的情況。但我們真的沒有辦法知道這一點。

The National Association of Home Builders index has a lot of interesting survey data within it. One of the survey components is consumer optimism and intent around projects. And we have actually seen intent tick up for small projects, medium-sized projects and large projects really surge sequentially through the year.

全國房屋建築商協會指數中有很多有趣的調查數據。調查的組成部分之一是消費者對項目的樂觀態度和意願。事實上，我們已經看到小型項目、中型項目和大型項目的意向在這一年中確實連續激增。

So I think if you kind of take the question off of the backlog and you say, what's the intent, it does seem like that homeowners are leaning into projects. And whether it's a Pro or consumer customer, it all eventually is the same customer demand. So it looks like the trend is strengthening in project demand.

所以我認為，如果你從積壓的清單中提出問題，然後說，意圖是什麼，那麼房主似乎確實傾向於項目。而且無論是專業客戶還是消費者客戶，最終都是同一個客戶需求。因此，項目需求的趨勢似乎正在加強。

And I think if you look at our services business as a proxy, we're certainly seeing that as well. As our service business, think of -- these are large projects, carpet installation, cabinet installation, refacing, bath, HVAC, those all are strong and accelerating.

而且我認為，如果您將我們的服務業務視為代理，我們當然也會看到這一點。作為我們的服務業務，想想——這些都是大型項目，地毯安裝、櫥櫃安裝、裝修、浴室、暖通空調，這些都很強大，而且還在加速發展。

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

我們的下一個問題來自 Zach Fadem 與 Wells Fargo 的對話。

So you're lapping a period of very low promotional activity, as you know. And given the 3 major holiday events in Q2 with Memorial Day, Father's Day, July 4th, could you talk about to what extent these events were a material top line driver in the quarter? And then with respect to gross margin, to what extent did this have an impact in Q2? And how should we think about the promotional impact as that mixes into the gross margin line in the second half?

因此，如您所知，您正在度過一段非常低的促銷活動。考慮到第二季度的 3 大節日活動，包括 7 月 4 日陣亡將士紀念日、父親節，您能否談談這些活動在多大程度上是本季度重要的頂線驅動因素？然後關於毛利率，這對第二季度有多大影響？我們應該如何考慮下半年混入毛利率線的促銷影響？

I would say our promotions were up from last year, but only because we canceled so many last year. We were on the margin less promotional, say, than going back to '19. So while we're very happy with our events and our sell-through, we had record sell-through in virtually all of our programs, the events were not a huge driver of our comp, and it wasn't -- the things Richard called out on our margin impact, it wasn't particularly meaningful.

我會說我們的促銷活動比去年有所增加，但這只是因為我們去年取消了很多活動。比方說，與回到 19 年相比，我們的促銷活動較少。因此，雖然我們對我們的活動和銷售量非常滿意，但我們幾乎所有項目的銷售量都創下了紀錄，這些活動並不是我們比賽的巨大推動力，而且它不是 - 理查德的事情呼籲我們的利潤率影響，這並不是特別有意義。

It wasn't meaningful.

這沒有意義。

Got it. That's helpful. And then, Richard, could you talk about how your Pro versus DIY trends performed through the quarter and if there was any variability in trend from one versus the other? And then for Q3, does the commentary that trends are in line during the first 2 weeks of August, does that also hold for both Pro versus DIY?

知道了。這很有幫助。然後，理查德，你能談談你的 Pro 與 DIY 趨勢在本季度的表現如何，以及兩者之間的趨勢是否存在差異？然後對於第 3 季度，關於 8 月前兩週趨勢一致的評論是否也適用於 Pro 和 DIY？

Well, so we're not going to break out intra-quarter. It was the second quarter where we saw our Pro customer grow faster than our DIY customer. I'd say, in the first 2 weeks of the quarter, not much has changed with respect to the direction of our business.

好吧，所以我們不會在季度內爆發。在第二季度，我們看到 Pro 客戶的增長速度超過了 DIY 客戶。我想說，在本季度的前兩週，我們的業務方向沒有太大變化。

Our next question comes from the line of Liz Suzuki with Bank of America.

我們的下一個問題來自美國銀行的 Liz Suzuki。

Could you just give an update on the MRO market and the trends you're seeing there? I mean you mentioned that your big Pros were outpacing small Pros. So was MRO growth even above that of those big Pros given relatively easier comparisons against last year?

您能否介紹一下 MRO 市場的最新情況以及您在那裡看到的趨勢？我的意思是你提到你的大職業選手超過了小職業選手。那麼，考慮到與去年相比相對容易的比較，MRO 的增長是否甚至超過了那些大型專業公司的增長？

Liz, we're very pleased actually with our MRO business and the acquisition of HD Supply. The business there is very, very solid.

Liz，我們對我們的 MRO 業務和對 HD Supply 的收購感到非常高興。那裡的生意非常非常穩固。

What we're excited about, candidly, with that business is the opportunity to much better serve 50 million households in the multifamily space. Not only can we serve them with MRO products, but obviously, as we have relationships and build that through our MRO business, the opportunity to then participate in capital refreshes for those property owners, on those 50 million households that are in the multifamily is a huge opportunity for Home Depot going forward. So we're super pleased with the business and the progress that we're making there.

坦率地說，我們對這項業務感到興奮的是有機會更好地為多戶家庭空間中的 5000 萬家庭提供服務。我們不僅可以為他們提供 MRO 產品服務，而且很明顯，由於我們建立了關係並通過我們的 MRO 業務建立了這種關係，因此有機會為那些擁有多戶住宅的 5000 萬戶業主參與資本更新是一個Home Depot 未來的巨大機遇。因此，我們對業務和我們在那裡取得的進展感到非常滿意。

Great. And I'm just tacking on to Zach's question a little bit. I mean it may be early to be thinking about this, but how are you approaching the holiday season this year from a procurement standpoint and a promotional standpoint? Should we expect it to look more like last year, where marketing started early and extended longer, but the promotions were a bit shallower than a normal year? Or do you think it will go back to kind of the shorter and deeper promotional cadence like pre-pandemic season?

偉大的。我只是稍微回答一下 Zach 的問題。我的意思是，現在考慮這個問題可能還為時過早，但從採購和促銷的角度來看，您如何迎接今年的假期？我們是否應該期待它看起來更像去年，營銷開始得早，持續時間長，但促銷活動比往年少一些？或者你認為它會回到像大流行前季節那樣更短、更深入的促銷節奏嗎？

Well, Liz, as you can imagine, the -- with the international supply chain involved in those type of events, the merchants and supply chain teams made the bulk of those buy decisions some time ago. So it's a fixed buy. We're not expecting huge growth in those programs. But to your point, it's deeper buys, stronger values, fewer items, and we think we have great programs.

好吧，Liz，正如你想像的那樣，隨著國際供應鏈參與此類活動，商家和供應鏈團隊在一段時間前做出了大部分購買決定。所以這是一個固定的購買。我們預計這些項目不會有巨大的增長。但就你的觀點而言，這是更深入的購買、更強的價值、更少的項目，而且我們認為我們有很棒的計劃。

In terms of marketing early, I think we're going to follow all our normal trends. We had a sneak peek with opening up Halloween online and just sold out our sort of pre-released Halloween product almost immediately. So that's a very strong indication that people are still going to engage in decorating, and we look forward to setting our decorative holiday later in October.

在早期營銷方面，我認為我們將遵循我們所有的正常趨勢。我們先睹為快，在網上開放了萬聖節，幾乎立即售罄了我們這種預先發布的萬聖節產品。因此，這是一個非常強烈的跡象，表明人們仍將從事裝飾，我們期待著在 10 月晚些時候設置我們的裝飾假期。

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。

It's been a long time since the weather was a potential question. But during the second quarter, do you think it was in that headwind? The major DIY holidays had record rain in some of the northern geographies, and so was it beyond just the bathtub effect of 1Q versus 2Q?

天氣成為一個潛在的問題已經有很長一段時間了。但是在第二季度，你認為它處於逆風中嗎？主要的 DIY 假期在一些北部地區出現了創紀錄的降雨，這是否不僅僅是第一季度與第二季度的浴缸效應？

I wouldn't say it was beyond it, but we certainly saw it. So we think that it may have accounted for low single-digit comp impact, call it 100 to 200 basis points of comp pull-forward from Q1 -- sorry, from Q2 into Q1, particularly in the Northern division. So as Craig called out, while we did see a difference in divisional performance, that really was the primary driver in our view.

我不會說它超出了它，但我們確實看到了它。因此，我們認為它可能已經解釋了較低的個位數補償影響，稱其為從第一季度開始的 100 到 200 個基點的補償 - 抱歉，從第二季度到第一季度，特別是在北部地區。因此，正如克雷格所說，雖然我們確實看到了部門績效的差異，但我們認為這確實是主要驅動因素。

Got it. And then on the lumber side, as prices stand now, would lumber be a modest headwind comp for the balance of the year? And is that reflected in the quarter-to-date commentary?

知道了。然後在木材方面，按照目前的價格，木材會成為今年餘下時間的適度逆風嗎？這是否反映在季度至今的評論中？

So yes, lumber, just the market pricing of lumber, Chris, right now, framing is approaching 40% under LY, and panel is 10% under LY. So with neutral units, there would be a negative comp impact. As I said, unit progression is going in the right direction with these lower prices, and that all speaks to the project nature. But from a price perspective, not expecting any tailwind in lumber.

所以，是的，木材，只是木材的市場定價，克里斯，現在，框架在 LY 下接近 40%，面板在 LY 下接近 10%。所以對於中立單位，會有負面的補償影響。正如我所說，隨著這些較低的價格，單位進展正朝著正確的方向發展，而這一切都說明了項目的性質。但從價格的角度來看，預計木材不會有任何順風。

Got it. And then the last question, Richard, as you think about how transportation costs, I assume some of that gets hung up in inventory. So do you think the transportation cost pressure actually gets worse as you look in the back half? So as much as the rate pressure from lumber doesn't repeat itself, you could have higher transportation cost pressures on gross margin.

知道了。然後是最後一個問題，理查德，當你考慮運輸成本時，我假設其中一些會掛在庫存中。那麼，從後半部分來看，您認為運輸成本壓力實際上會變得更大嗎？因此，儘管木材的利率壓力不會重演，但您可能會對毛利率產生更高的運輸成本壓力。

The back half is a long period of time. I'm not going to speculate on what transportation costs might look like. I'll just tell you that I would bet on our team every single day to be able to manage through that dynamic. Our supply chain team is exceptional and creative and I think that they have reinforced our position as a low-cost provider in the market. So regardless of where the market goes, I think we'll be in an advantaged position.

後半段時間很長。我不打算推測運輸成本可能是什麼樣子。我只想告訴你，我每天都會打賭我們的團隊能夠通過這種動態進行管理。我們的供應鏈團隊非常出色且富有創造力，我認為他們鞏固了我們在市場上作為低成本供應商的地位。因此，無論市場走向何方，我認為我們都將處於有利地位。

I'm sorry, one last quick one. In July, how would you characterize sort of the competitive promotional environment? There are some questions out there that maybe some of your competitors got more promotional, although it was for you just more of a comparison to a low level last year.

對不起，最後一個快速。在 7 月，您如何描述競爭激烈的促銷環境？有一些問題可能是你的一些競爭對手得到了更多的促銷，儘管這對你來說只是與去年的低水平相比。

Didn't see anything majorly different.

沒看出有什麼大的不同。

Didn't notice that much, Chris.

沒注意到那麼多，克里斯。

Our next question comes from the line of Kate McShane with Goldman Sachs.

我們的下一個問題來自 Kate McShane 與 Goldman Sachs 的對話。

Just a couple of housekeeping type questions. I wondered if you could address at all the trend of trading up by the customer, if that was something you continue to see during the quarter. And any commentary you can give specifically around appliances and what you saw in Q2?

只是幾個內務管理類型的問題。我想知道你是否可以解決客戶交易的所有趨勢，如果這是你在本季度繼續看到的事情。您可以針對家電以及您在第二季度看到的內容髮表任何評論嗎？

I would say, yes, we continue to see the trading up. It's not as clear as I used to report on it just because of the inventory situation, and we're seeing lots of substitution of goods, depending on what's in stock on the shelf that particular day.

我會說，是的，我們繼續看到交易上漲。由於庫存情況，它並不像我以前報告的那樣清楚，而且我們看到很多商品的替代，具體取決於特定日期貨架上的庫存。

But if you look at power tools, for example, outdoor power equipment, the appliance category, grill category, riding lawnmower and zero-turn category, just as a few examples, Kate, people are trading up to innovation in all those categories. So just more powerful, longer run time on batteries, that's moving over to outdoor power equipment. The design aesthetic and the features of modern appliances, people are happily trading up to quite strong price points in appliances. LED lighting that's going through, not just light bulbs but integrated in ceiling fans and fixtures, that trade-up is innovation- and newness-driven, and we are seeing that as strong as ever.

但是，如果你看看電動工具，例如戶外電動設備、家電類別、燒烤類別、騎乘式割草機和零轉向類別，就像幾個例子一樣，凱特，人們正在為所有這些類別的創新進行交易。因此，更強大、更長的電池運行時間正在轉向戶外動力設備。現代家電的設計美學和功能，人們樂於以相當高的價格購買家電。正在經歷的 LED 照明，不僅是燈泡，而且還集成在吊扇和固定裝置中，這種折衷是創新驅動的，我們看到它一如既往地強大。

Our next question comes from the line of Greg Melich with Evercore.

我們的下一個問題來自 Evercore 的 Greg Melich。

I have a follow-up on comps and then SG&A. I guess I'd start with SG&A. So you had 100 bps of leverage in the first half, and you guys have talked about getting back to leveraging the way that Home Depot did in the past. Should we expect the second half to have similar-type leverage? Or is there something unique about what happened last year that means it would be less?

我有一個關於補償的後續行動，然後是 SG&A。我想我會從 SG&A 開始。所以你在上半年有 100 個基點的槓桿，你們已經討論過要回到 Home Depot 過去的槓桿方式。我們是否應該期待下半年有類似的影響力？或者去年發生的事情有什麼獨特之處意味著它會更少嗎？

Well, Greg, 2020 was such a unique year, and comparisons from 2021 to 2020 are difficult for a number of factors. You think about the amount of COVID expense that we put in place in support of our associates last year, you think about expense underspend as we worked to bring staffing up to levels to meet demand, and then you think about the wage investment that we made towards the end of 2020, all these make comparisons difficult.

好吧，格雷格，2020 年是如此獨特的一年，由於許多因素，很難將 2021 年與 2020 年進行比較。你想一想我們去年為支持我們的員工而投入的 COVID 費用，你想一想我們努力將員工配置提高到滿足需求水平時的費用支出不足，然後你想一想我們進行的工資投資臨近 2020 年底，所有這些都使比較變得困難。

We are committed to generating operating expense leverage over the long term. We feel great about the operating expense leverage that we've delivered in Q2 and in the first half. You're always going to see fluctuations quarter-to-quarter. Leverage is a function of top line sales, it can be a function of seasonality and other factors. So in any given quarter, you may see volatility. But over a period of quarters, you're going to see from us operating expense leverage. And again, we're very happy with how the quarter and the half played out.

我們致力於在長期內產生運營費用槓桿。我們對我們在第二季度和上半年提供的運營費用槓桿感到滿意。你總是會看到季度與季度之間的波動。槓桿是營收的函數，它可以是季節性和其他因素的函數。因此，在任何給定的季度，您都可能會看到波動。但在幾個季度內，您將從我們的運營費用槓桿中看到。再一次，我們對本季度和下半場的表現非常滿意。

Got it. And my follow-up, maybe linked to that, is on comps. So if the trend -- I just want to make sure I got it right. If the trend is similar to the second quarter, but there's no inflation in lumber, is it fair to say that, that 2-year comp is stable in the mid-20s without inflation? Am I interpreting that correct?

知道了。我的後續行動（可能與此相關）是關於 comps 的。所以如果趨勢——我只是想確保我做對了。如果趨勢與第二季度相似，但木材沒有通貨膨脹，那麼可以公平地說，2 年期比較穩定在 20 年代中期沒有通貨膨脹嗎？我的解釋正確嗎？

Well, 2-year comp is sort of similar in its consistency to 1-year comp in the first couple of weeks of the month.

好吧，在本月的前幾週，2 年期補償的一致性與 1 年期補償有點相似。

Our next question comes from the line of David Bellinger with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 David Bellinger。

I wanted to ask in regard to supply chain. So you alluded in the prepared comments working through a difficult environment. So are you seeing incremental pressures now versus just a few months ago? Is there some level of sales that you missed out on in the Q2 period?

我想問關於供應鏈的問題。所以你在準備好的評論中提到了在困難的環境中工作。那麼，與幾個月前相比，您現在看到的壓力增加了嗎？您在第二季度錯過了某種程度的銷售嗎？

And maybe a bigger-picture question. Through all the recent supply chain issues across the industry, is there anything now that you're reevaluating or making some type of change within the One Home Depot build-out?

也許是一個更大的問題。通過整個行業最近的所有供應鏈問題，您現在是否正在重新評估或在 One Home Depot 擴建中進行某種類型的更改？

Yes. I'd say the first comment that I'd have is as it relates to the potential sales impact really, really hard to tell. And the reason it's so hard to get a gauge on that is the fact that there is a high level of willingness of substitution on the customer's part since this pandemic began, much more so than prepandemic.

是的。我會說我的第一個評論是因為它與潛在的銷售影響有關，真的很難說。之所以很難衡量這一點，是因為自從這場大流行開始以來，客戶的替代意願就很高，比大流行前要高得多。

Is there some level of impact? The logic tells you there probably was, but it's really hard to gauge. And we think we captured most as a result of substitution.

有一定程度的影響嗎？邏輯告訴你可能有，但真的很難衡量。我們認為我們捕獲的最多是替換的結果。

And any change in regard to your larger build-out plans at One Home Depot?

One Home Depot 的大型擴建計劃有何變化？

No. Not at all. No. We're -- that build-out -- I'm sorry, that build-out is focused on where the customer has taken us and how they want to engage with The Home Depot. So it has no impact at all.

一點都不。不，我們 - 那個擴建 - 對不起，擴建的重點是客戶帶我們去的地方以及他們希望如何與家得寶互動。所以完全沒有影響。

Got it. And just my follow-up here. You mentioned a new exclusive relationship with LP Building Solutions. Can you expand upon that any further? Does that reflect some type of shift in the business, where maybe you lean more into Pros tied to more new home construction as the next level of Pro sales growth and just give the company more exposure on the new home construction side. Can you just expand upon that any further?

知道了。這只是我的後續行動。您提到了與 LP Building Solutions 的新獨家關係。你能進一步擴展嗎？這是否反映了業務的某種類型的轉變，在這種情況下，您可能會更傾向於與更多新房建設相關的專業人士作為專業銷售增長的下一個水平，並讓公司在新房建設方面有更多的曝光率。你能進一步擴展嗎？

No. I mean the intent was not to be any different position in regards to new home construction. It's not a market we play in or consciously go after. LP is similar to what we did last quarter with Carlon electrical boxes. There's -- as Carlon is the largest provider, particularly for the Pro in PVC electrical boxes, LP is one of the top couple OSB providers, very strong brand. And this is a matter of The Home Depot making arrangements with top suppliers so that they can focus their supply chain into serving us, and we can focus on having that depth of inventory in these critical Pro categories on our shelves. So the likes of exclusives with Carlon and LP is all about taking care of our Pro customer.

不，我的意思是在新房建設方面沒有任何不同的立場。這不是我們參與或有意識追求的市場。 LP 與我們上個季度對 Carlon 電箱所做的類似。有——因為 Carlon 是最大的供應商，特別是 PVC 電箱中的 Pro，LP 是頂級的 OSB 供應商之一，非常強大的品牌。這是 Home Depot 與頂級供應商進行安排的問題，以便他們可以將供應鏈集中在為我們服務上，而我們可以專注於在我們的貨架上這些關鍵的 Pro 類別中擁有如此深度的庫存。因此，與 Carlon 和 LP 的獨家合作都是為了照顧我們的 Pro 客戶。

Our next question comes from the line of Laura Champine with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Laura Champine。

I just wanted to get some context around the commentary that you should be able to lap the difficult comparisons given the strong macro drivers and home prices and comparing that to the outcome in Q2 of transactions that were down. Is the thought there that the transactions were down largely because of lumber inflation and other sort of onetime issues and that transaction should tick back up as we move through the rest of this year and next?

我只是想了解一些評論的背景，你應該能夠在強大的宏觀驅動因素和房價的情況下進行困難的比較，並將其與第二季度交易下降的結果進行比較。是否有人認為交易量下降主要是因為木材價格上漲和其他一次性問題，而隨著今年和明年剩餘時間的推移，交易量應該會回升？

Laura, first comment would be we didn't really provide any outlook going forward. We don't believe we can take past performance and project that forward due to the uncertainty in the environment that exists today.

勞拉，第一個評論是我們沒有真正提供任何未來展望。由於當今環境存在不確定性，我們認為我們無法將過去的表現和項目向前推進。

As it relates to the transactions, I mean, huge transactions last year as a result of PPE. Ted, I don't know if you want to comment.

由於它與交易有關，我的意思是去年由於 PPE 導致的巨額交易。泰德，我不知道你是否想發表評論。

Yes. I mean that was one of our single biggest drivers of the falloff is people coming in for masks and hand sanitizers. The 4 departments that we did see negative sales, hardware, outdoor and indoor garden and paint, those are -- can tend to be more consumer-oriented, lots of units in mulch, in soil and things and paint is -- that DIY-er was home, not doing other activities on the weekend. So we're not alarmed by that falloff at all. We'll get through that.

是的。我的意思是，這是我們下降的最大驅動因素之一，是人們前來購買口罩和洗手液。我們確實看到銷售額下降的 4 個部門，硬件，室外和室內花園和油漆，這些 - 可能更傾向於以消費者為導向，覆蓋物，土壤和東西以及油漆中的許多單位 - DIY- er 在家，週末沒有做其他活動。因此，我們根本不會對這種下降感到震驚。我們會挺過去的。

I'd say that -- take a category like paint. I mean paint had been a 1- or 2-unit grower for several years up until the pandemic. And painting is one of the initial home improvement projects that a customer engages in and starts to build confidence in home improvement. And while we saw a dip in Q2, the levels in unit volume that we're seeing in paint is well above 2019. And I've talked about the millennials before, and the millennials are engaged in housing. They're engaging in home improvement. They've done that first project, which is painting and some gardening work generally. So we're just thrilled that they're engaged in the category and moving on to bigger projects.

我會這麼說——拿一個像油漆這樣的類別。我的意思是，在大流行之前的幾年裡，油漆一直是 1 或 2 個單位的種植者。而粉刷是客戶最初參與的家裝項目之一，開始建立對家裝的信心。雖然我們看到第二季度有所下降，但我們在油漆中看到的單位數量水平遠高於 2019 年。我之前談過千禧一代，千禧一代從事住房。他們正在從事家庭裝修。他們完成了第一個項目，一般是繪畫和一些園藝工作。所以我們很高興他們參與了這個類別並轉向更大的項目。

Got it. And then as a follow-on, do we have a better sense now on where digital should be in terms of a longer-term sustainable growth rate and/or as a percentage of sales, hopefully, things are settling out there?

知道了。然後作為後續行動，我們現在是否對數字應該在長期可持續增長率和/或銷售額百分比方面有更好的認識，希望事情在那裡解決？

I mean we really look at this as an interconnected experience. Our customers are clearly blending the physical and digital worlds together. Because of the project nature of our business, certainly, from pre-pandemic levels, we've seen an accelerated rate of engagement in terms of sales through our digital channels. But that's not how we focus on it or look at it. We view it as a capability for our customer to engage with The Home Depot.

我的意思是我們真的把它看作是一種相互關聯的體驗。我們的客戶顯然正在將物理世界和數字世界融合在一起。由於我們業務的項目性質，當然，從大流行前的水平來看，我們已經看到通過我們的數字渠道在銷售方面的參與度加快了。但這不是我們關注它或看待它的方式。我們將其視為客戶與家得寶互動的一種能力。

Our final question comes from the line of Eric Bosshard with Cleveland Research.

我們的最後一個問題來自 Cleveland Research 的 Eric Bosshard。

Two things. First of all, perhaps for Richard, some clarity on lumber. You talked about leading on the way down with price to do what's best for the customer. Does that necessitate more gross margin pressure from lumber in 3Q? Or am I thinking about that wrong?

兩件事情。首先，也許對理查德來說，木材的一些清晰度。你談到了以價格走低，為客戶做最好的事情。這是否需要在第三季度從木材中獲得更多的毛利率壓力？還是我想錯了？

By and large, the pressure from lumber, at least what the prices we've seen in the market, have been recognized to date, so no. And now it depends on future lumber price, right? But at the moment, the precipitous decline had its impact in Q2 for the most part.

總的來說，木材的壓力，至少我們在市場上看到的價格，迄今為止已經得到認可，所以沒有。現在這取決於未來的木材價格，對吧？但目前，急劇下降的影響主要集中在第二季度。

Yes. Eric, the key for that -- normally, you don't see any pressure from gross margin as a result of lumber. It's all because of mix. The reason that we saw it this time was the steep decline that happened in price in a very compressed time frame.

是的。埃里克，關鍵是——通常情況下，你不會因為木材而看到毛利率的任何壓力。這都是因為混合。這次我們看到它的原因是價格在非常壓縮的時間範圍內急劇下跌。

And again, we weren't going to change our approach to the market. We want to be incredibly focused on driving the best value for our customers. So we always try to lag the market when it's going up and lead it when it's coming down.

再一次，我們不會改變我們對市場的態度。我們希望非常專注於為我們的客戶創造最大價值。因此，我們總是試圖在市場上漲時落後於市場，在市場下跌時引領市場。

Perfect. That makes sense. And then secondly, the sales growth over the last couple of years now is exceptional, as you pointed out. You've obviously invested to take care of your associates and take care of your customers. The margin leverage has been less than what we would have expected with nearly a $50 billion, 50% increase in sales in the last 3 years. Is there some embedded operating margin improvement that can get released over the next couple of years if things return to normal? Or is the cost of doing business and other investments you've made taken some of that away? Trying to figure out if the operating margin of the enterprise can lift incrementally in the next couple of years or if more of the focus is on sales growth and a little bit less on releasing operating margin.

完美的。這就說得通了。其次，正如您所指出的，過去幾年的銷售增長非常出色。您顯然已經投資照顧您的員工和客戶。利潤率低於我們的預期，過去 3 年銷售額增長了近 500 億美元，增長了 50%。如果事情恢復正常，未來幾年是否可以釋放一些嵌入式運營利潤率改善？或者你做生意的成本和你所做的其他投資是否帶走了一部分？試圖弄清楚企業的營業利潤率是否可以在未來幾年內逐步提高，或者是否更多地關註銷售增長而較少關註釋放營業利潤率。

I think so -- I think that we have to go back to the central focus that we have from a financial performance perspective, which is growing operating profit dollars as fast as possible and generating an exceptional return on investment on those dollars. And so we feel very pleased with the market share that we've captured over the last 3 to 4 years. And we feel exceptionally pleased with the shareholder value that we've created as well. We think that the formula of having the best experience in home improvement retail, being the lowest-cost provider and being the best investor of capital in the market is a formula that can't be beat, and that's what we're going to continue to do.

我認為是這樣——我認為我們必須回到我們從財務績效角度來看的中心焦點，即盡快增加營業利潤美元，並在這些美元上產生非凡的投資回報。因此，我們對過去 3 到 4 年所獲得的市場份額感到非常滿意。我們也對我們創造的股東價值感到非常滿意。我們認為，在家裝零售領域擁有最佳體驗、成為成本最低的供應商並成為市場上最佳資本投資者的公式是一個無法被擊敗的公式，這就是我們將繼續做的事情去做。

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

Janci 女士，我現在想把發言權交還給您，請您發表結束評論。

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

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

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

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