家得寶 (HD) 2020 Q1 法說會逐字稿

Greetings and welcome to The Home Depot First Quarter 2020 Earnings Call.

您好，歡迎參加家得寶 2020 年第一季財報電話會議。

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

（操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我很高興向大家介紹你們的主人，伊莎貝爾詹奇。

Please go ahead.

請繼續。

Thank you, Christine, and good morning, everyone.

謝謝克里斯汀，大家早安。

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

今天參加我們電話會議的有董事長、執行長兼總裁 Craig Menear； Ted Decker，行銷執行副總裁；麥克菲爾（Richard McPhail），執行副總裁兼財務長。

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

在我們準備好的發言之後，將開始電話提問。

Questions will be limited to analysts and investors.

問題將僅限於分析師和投資者。

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

（操作員說明）如果我們在通話期間無法解答您的問題，請致電投資者關係部：(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.

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管所做的演示包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。

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

這些陳述存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。

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

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

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

今天的演示還包括某些非公認會計原則措施。

Reconciliation of these measures is provided on our website.

我們的網站上提供了這些措施的協調表。

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 thanks to all of you for joining us on our call this morning.

謝謝伊莎貝爾，也謝謝大家今天早上參加我們的電話會議。

We hope that you and your loved ones are safe and healthy, and our thoughts and prayers are with all of those who have been directly impacted by COVID-19.

我們希望您和您所愛的人安全健康，我們的思念和祈禱與所有直接受到 COVID-19 影響的人同在。

I also want to thank all of our incredible associates and supplier partners for their hard work and dedication to serving our customers and communities in this time of need.

我還要感謝我們所有出色的員工和供應商合作夥伴，感謝他們在這個需要的時刻為我們的客戶和社區服務的辛勤工作和奉獻精神。

And while the purpose of the call today is to update you on our first quarter results, I thought it would be helpful to explain how we are thinking about and making decisions at The Home Depot.

雖然今天電話會議的目的是向您通報我們第一季業績的最新情況，但我認為解釋一下我們在家得寶如何思考和做出決策會很有幫助。

When our founders started the company over 40 years ago, they did so by first defining the type of culture and value system that they wanted to promote.

當我們的創辦人在 40 多年前創辦公司時，他們首先定義了他們想要推廣的文化類型和價值體系。

These values are the foundation for our business and provide the lens through which we evaluate our decisions.

這些價值觀是我們業務的基礎，並為我們評估決策提供了一個視角。

Anchoring to these values in this time of crisis has never been more critical.

在這個危機時期，堅守這些價值從未如此重要。

Our decisions and actions are rooted in a commitment to do the right thing, to take care of our people and be there for our customers and communities.

我們的決策和行動植根於做正確的事、照顧我們的員工並為我們的客戶和社區提供幫助的承諾。

To that end, as the situation around COVID-19 has evolved, our focus has been and continues to be on 2 key priorities, the safety and well-being of our associates and customers and providing our customers and communities with essential products and services.

為此，隨著COVID-19 情況的發展，我們的重點一直並將繼續放在兩個關鍵優先事項上：我們的員工和客戶的安全和福祉，以及為我們的客戶和社區提供基本的產品和服務。

The team's alignment around these 2 objectives has enabled critical speed and flexibility when making decisions in implementing a number of changes across the business in a rapidly evolving and incredibly fluid environment.

團隊圍繞著這兩個目標的協調一致，在快速發展和極其流動的環境中做出在整個業務中實施大量變革的決策時實現了關鍵的速度和靈活性。

I'd like to briefly touch on just a few of the early and decisive actions that we took in support of these primary objectives.

我想簡要地談談我們為支持這些主要目標而採取的一些早期果斷行動。

To promote a safe environment for associates and customers, we implemented a number of operational changes starting in mid-March.

為了為員工和客戶創造一個安全的環境，我們從 3 月中旬開始實施了一系列營運變革。

We have adjusted our store hours, closing earlier than usual to give our associates more time to properly clean and sanitize and restock our shelves.

我們調整了商店的營業時間，比平常更早關門，以便我們的員工有更多時間正確清潔、消毒和補充貨架。

We took a proactive and early stance on limiting customer traffic in our stores to better maintain physical and social distancing protocols.

我們很早就採取了積極主動的立場，限製商店內的顧客流量，以便更好地維持身體和社交距離協議。

At the height of our spring selling season, we also made the decision to cancel our annual spring event, including Spring Black Friday.

在春季銷售旺季的高峰期，我們也決定取消一年一度的春季活動，包括春季黑色星期五。

This was not a decision that we took lightly, and yet we made it confidently given our belief that having this event would footsteps to our stores and directly undermine our commitment to prioritizing safety.

這不是我們輕易做出的決定，但我們充滿信心地做出了這個決定，因為我們相信舉辦這項活動將影響我們的商店，並直接破壞我們對安全優先的承諾。

To take care of our associates, we expanded our paid time off for all hourly associates that can be used at their discretion and will be paid out at year-end if unused.

為了照顧我們的員工，我們延長了所有小時工員工的帶薪休假時間，這些休假時間可以由他們自行決定使用，如果未使用，將在年底支付。

We also are offering additional paid time off for associates who are 65 or older or deemed to be at higher risk by the CDC guidelines.

我們也為 65 歲或以上或 CDC 指南認為風險較高的員工提供額外的帶薪休假。

We have instituted weekly bonuses for our hourly associates in our stores and distribution centers.

我們為商店和配送中心的小時工製定了每週獎金。

We are providing double pay for overtime work, and we have extended dependent care benefits and waived related co-pays.

我們為加班提供雙倍工資，並延長了家屬護理福利並免除了相關的自付費用。

Our more than 400,000 orange-blended associates are the heartbeat of The Home Depot, and supporting them is a core value of our company.

我們超過 40 萬名橙色混合員工是家得寶的核心，支持他們是我們公司的核心價值。

Beyond the grounding that our culture and values provides and the actions we have taken to support them, we believe that The Home Depot is uniquely positioned to weather COVID-19.

除了我們的文化和價值觀所提供的基礎以及我們為支持它們而採取的行動之外，我們相信家得寶在應對新冠肺炎 (COVID-19) 疫情方面具有獨特的優勢。

Nobody could have predicted what has unfolded since we spoke with you 3 months ago on our earnings call in February, and yet the distinct competitive advantages and overarching benefits of an interconnected One Home Depot strategy that were reinforced then are perhaps even more in focus and relevant today.

自從我們3 個月前在2 月份的財報電話會議上與您交談以來，沒有人能夠預測到所發生的事情，但當時得到強化的互聯One Home Depot 戰略的獨特競爭優勢和總體效益可能更加受到關注和相關今天。

Investments we have made over the years in our stores, market-leading digital assets, flexible supply chain and a world-class merchandising organization have allowed us to quickly adapt to shifts in customer needs, preferences and behaviors.

多年來我們對商店、市場領先的數位資產、靈活的供應鏈和世界一流的銷售組織進行的投資使我們能夠快速適應客戶需求、偏好和行為的變化。

Our interconnected retail strategy and underlying technology infrastructure have supported record-level web traffic for several weeks without disruption.

我們的互聯零售策略和底層技術基礎設施已在數週內支援創紀錄水準的網路流量而沒有中斷。

Sales leveraging our digital platforms increased approximately 80% in the quarter.

本季利用我們數位平台的銷售額成長了約 80%。

And more than 60% of the time, our customers opted to pick up their orders at a store.

在超過 60% 的情況下，我們的客戶選擇在商店取貨。

We were able to extend our in-store focus capabilities to curbside pickup in the U.S. in a matter of days, offering customers an additional choice with respect to fulfillment.

我們能夠在幾天之內將我們的店內集中功能擴展到美國的路邊取貨，為客戶提供了額外的履行選擇。

In the case of our Ontario stores in Canada, this curbside capability was turned on essentially overnight when it became the only option to remain open and operational with those stores operating under these circumstances for more than a month.

就我們位於加拿大安大略省的商店而言，這種路邊功能基本上是在一夜之間啟用的，因為它成為在這種情況下運營一個多月的商店保持開放和運營的唯一選擇。

The flexibility and agility of our business model, coupled with our focus on execution and strong partnership with our suppliers, helped deliver solid results in the quarter and gave the Board the confidence to declare a $1.50 per share quarterly dividend.

我們業務模式的靈活性和敏捷性，加上我們對執行的重視以及與供應商的牢固合作夥伴關係，幫助我們在本季度取得了堅實的業績，並使董事會有信心宣布每股1.50 美元的季度股息。

Sales for the first quarter were $28.3 billion, up 7.1% from last year.

第一季銷售額為283億美元，比去年成長7.1%。

Comp sales were up 6.4% from last year with U.S. comps of positive 7.5%.

同業銷售額較去年成長 6.4%，其中美國同業銷售額成長 7.5%。

Diluted earnings per share were $2.08 in the first quarter.

第一季稀釋後每股收益為 2.08 美元。

Richard will walk you through the details in a moment, but I want to stress that while we were pleased with the results in the quarter and we see an engaged customer, there was significant volatility.

理查德稍後將向您介紹詳細信息，但我想強調，雖然我們對本季度的業績感到滿意，並且我們看到了積極參與的客戶，但仍存在很大的波動。

Month-to-month and even week-to-week, we saw extreme ups and downs across different categories and geographies.

每個月甚至每週，我們都看到不同類別和地區的極端起伏。

As a result, we are cautious to extrapolate trends from the first quarter into a forecast for the remaining of the year, particularly given the tremendous amount of uncertainty we face with regards to the duration and continued impacts of the virus.

因此，我們對將第一季的趨勢推斷為今年剩餘時間的預測持謹慎態度，特別是考慮到我們在病毒的持續時間和持續影響方面面臨著巨大的不確定性。

Despite the many unknowns of the current environment, we are confident that we have taken the steps to ensure that we will emerge from this crisis stronger and even better positioned for the future.

儘管當前環境存在許多未知因素，但我們相信，我們已採取措施，確保我們在擺脫這場危機後變得更強大，為未來做好更好的準備。

Though this crisis is unparalleled in size and scope, we have built a reputation through our history of doing whatever it takes to be there for our associates, customers and communities in the most critical times, and this situation is no different.

儘管這場危機的規模和範圍是空前的，但我們在最關鍵的時刻竭盡全力為我們的員工、客戶和社區提供幫助，從而贏得了聲譽，這次情況也不例外。

Once again, I want to thank our incredible associates and express how grateful and proud I am of the resiliency and strength that our teams have demonstrated as we navigate these extraordinary circumstances together.

我要再次感謝我們出色的同事，並對我們的團隊在共同應對這些特殊情況時所表現出的韌性和力量表示感激和自豪。

This reminds me of the words of our founder, Bernie Marcus, that have never resonated more deeply than they do today, "If you take care of our associates, they take care of the customers and everything else takes care of itself."

這讓我想起了我們的創辦人伯尼·馬庫斯（Bernie Marcus）的話，這句話在今天引起了前所未有的共鳴：「如果你照顧我們的員工，他們就會照顧客戶，其他一切都會水到渠成。

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

說到這裡，我想把電話轉給泰德。

Thanks, Craig, and good morning, everyone.

謝謝克雷格，大家早安。

I also want to start by thanking all of our associates and supplier partners for the incredible collaboration over the last several months.

首先，我還要感謝我們所有的同事和供應商合作夥伴在過去幾個月中進行的令人難以置信的合作。

Supplier relationships and partnerships matter, and during times of crisis is when they matter the most.

供應商關係和合作關係很重要，而在危機時期是它們最重要的時候。

One of the actions we took early on when COVID-19 was impacting the supply chain in China was to establish regular and frequent contact with our suppliers, both internationally and domestically.

當 COVID-19 影響中國供應鏈時，我們早期採取的行動之一是與我們的國際和國內供應商建立定期和頻繁的聯繫。

As cases increased in the U.S., our suppliers helped source the essential products our customers and communities needed.

隨著美國病例的增加，我們的供應商幫助採購我們的客戶和社區所需的基本產品。

We established an effective plan, shifted resources as needed and worked on getting the right products to the right stores across the country.

我們制定了有效的計劃，根據需要轉移資源，並努力將正確的產品運送到全國各地正確的商店。

While in-stock levels vary from store-to-store and region-to-region, our focus remains on replenishing and restocking high-demand products as quickly as possible.

雖然庫存水準因商店和地區而異，但我們的重點仍然是盡快補充和補充高需求產品。

We are grateful for our strong strategic partnerships.

我們感謝我們強大的策略合作夥伴關係。

Our supplier partners are helping us in many ways, including supplying essential products for our own use.

我們的供應商合作夥伴以多種方式幫助我們，包括提供我們自己使用的必需產品。

Let me give you an example.

讓我舉個例子。

Very early on in the pandemic, we reached out to PPG, one of our key paint suppliers, for help.

在疫情爆發之初，我們就向我們主要的塗料供應商之一 PPG 尋求協助。

We asked PPG if they could help supply hand sanitizer for our store associates.

我們詢問 PPG 是否可以幫助為我們的店員提供洗手液。

They quickly converted several of their manufacturing lines and within a few short weeks, they produced an initial order of approximately 100,000 gallons of hand sanitizer.

他們迅速改造了幾條生產線，並在短短幾週內生產了約 100,000 加侖洗手液的初始訂單。

They are planning to produce 3x that amount for future in-store use that will help our associates for the remainder of the year.

他們計劃生產 3 倍的產量以供未來店內使用，這將在今年剩餘時間內為我們的員工提供幫助。

This is just one of many examples, and I want to thank PPG and all of the other supplier partners that have stepped up to help us prioritize the safety and well-being of our associates and customers.

這只是眾多例子之一，我要感謝 PPG 和所有其他供應商合作夥伴，他們挺身而出，幫助我們優先考慮員工和客戶的安全和福祉。

The challenges we face as a result of COVID-19, including the most fluid operating environment we've ever experienced, have further reinforced our strategy of the One Home Depot interconnected shopping experience.

我們因 COVID-19 而面臨的挑戰，包括我們經歷過的最流暢的營運環境，進一步強化了我們的 One Home Depot 互聯購物體驗策略。

As a direct result of our investments across the business over the last decade, our teams were able to make decisions quickly and adapt to changing local government mandates and customer behavior.

作為過去十年我們對整個業務進行投資的直接結果，我們的團隊能夠快速做出決策並適應不斷變化的地方政府指令和客戶行為。

And as you heard from Craig, we did this while focusing on 2 priorities: keeping our associates and customers safe and continuing to serve our communities with the essential products and services they need for their homes and places of work.

正如您從克雷格那裡聽到的那樣，我們在這樣做的同時專注於兩個優先事項：確保我們的員工和客戶的安全，並繼續為我們的社區提供他們的家庭和工作場所所需的基本產品和服務。

Our continued investment in our interconnected capabilities has positioned us well as customers turned online for their shopping needs.

我們對互聯能力的持續投資使我們能夠更好地滿足客戶在線購物的需求。

The shelter-in-place orders were rolled out across the country in mid-to-late March.

3月中下旬，全國開始實施「就地避難」命令。

We saw our digital businesses accelerate from approximately 30% growth in early March to triple-digit growth by the end of April.

我們看到我們的數位業務從 3 月初的約 30% 成長加速到 4 月底的三位數成長。

In fact, daily traffic to homedepot.com reached new records toward the end of the quarter.

事實上，到本季末，homedepot.com 的每日流量創下了新紀錄。

During the last 3 weeks of the quarter, traffic to homedepot.com was consistently above Black Friday levels.

在本季的最後 3 週，homedepot.com 的流量始終高於黑色星期五的水平。

And as a result of our continued investment in our digital infrastructure and with the great work of our technology teams, we provided continuous service to our customers and our conversion rate continued to increase.

由於我們對數位基礎設施的持續投資以及技術團隊的出色工作，我們為客戶提供了持續的服務，並且我們的轉換率不斷提高。

During the quarter, we continued to leverage our different fulfillment capabilities like Buy Online, Pick-Up In Store and our enhanced delivery capabilities, whether it be on a flatbed truck, a box truck or our car and van service.

在本季度，我們繼續利用我們不同的履行能力，例如線上購買、店內取貨以及我們增強的交付能力，無論是平闆卡車、箱式卡車還是我們的汽車和貨車服務。

Our BOPUS and Deliver From Store fulfillment options saw triple-digit growth in the first quarter.

我們的 BOPUS 和商店配送選項在第一季實現了三位數的成長。

In fact, the flexibility that we have built into our systems allowed us to quickly roll out the fulfillment option for our customers to buy online and pick up at our stores through a contactless curbside pickup option.

事實上，我們系統內建的靈活性使我們能夠快速推出履行選項，讓客戶在線上購買並透過非接觸式路邊提貨選項在我們的商店取貨。

Looking at the first quarter in total, we saw positive comps in 11 of our 14 merchandising departments.

從第一季的整體情況來看，我們的 14 個銷售部門中有 11 個部門實現了積極的業績成長。

Comps in kitchen and bath, flooring and millwork, departments with a heavy reliance on in-home installation, were negative during the quarter.

廚房和浴室、地板和木製品等嚴重依賴家庭安裝的部門在本季的表現呈負數。

During the first quarter, we saw 3 distinct phases of sales performance.

在第一季度，我們看到了銷售業績的三個不同階段。

The first phase covered the first 7 weeks of the quarter.

第一階段涵蓋本季的前 7 週。

During this phase, we saw strong sales across the store with all departments showing mid-single to double-digit comps.

在此階段，我們看到整個商店的銷售強勁，所有部門的銷售額均達到中個位數到兩位數。

As customers prepared to shelter in place, we saw particularly strong growth with certain categories like cleaning and safety and security, but we also saw growth above our expectations in other core categories.

隨著客戶準備就地避難，我們看到清潔和安全等某些類別的成長特別強勁，但我們也看到其他核心類別的成長超出了我們的預期。

The second phase of our sales performance relates to the last week of March and the first 2 weeks of April.

我們銷售業績的第二階段涉及三月的最後一週和四月的前兩週。

During this phase, as the number of shelter-in-place orders were issued across the country, we were among the first essential retailers to take immediate and decisive action geared at limiting customer traffic in our stores.

在此階段，隨著全國範圍內發出大量就地避難令，我們是第一批立即採取果斷行動限製商店客流量的重要零售商之一。

These actions included reducing store hours, limiting the number of customers in our stores and canceling our annual spring events, including Spring Black Friday.

這些行動包括減少商店營業時間、限製商店內的顧客數量以及取消我們的年度春季活動，包括春季黑色星期五。

In addition, we made the decision to suspend certain nonessential installation services, such as kitchen remodels.

此外，我們也決定暫停某些非必要的安裝服務，例如廚房改造。

During these 3 weeks, we saw negative comps in most departments.

在這三週內，我們在大多數部門都看到了負面補償。

Finally, during the last 3 weeks of the quarter, while maintaining safety protocols around distancing and proactively restricting customer traffic in stores, we saw strong comps across most of our departments as customers focused on a number of home improvement projects.

最後，在本季度的最後 3 週，在維持有關保持距離的安全協議並主動限製商店內的顧客流量的同時，我們看到我們大多數部門的業績表現強勁，因為顧客專注於一些家居裝修項目。

We continue to see significant pressure in products requiring installation services like kitchen and bath and flooring.

我們繼續看到需要安裝服務的產品（例如廚房、浴室和地板）面臨巨大壓力。

During the first quarter, comp average ticket increased 11.1%, and comp transactions decreased 4%, reflecting the lower traffic that we just discussed.

第一季度，免費平均票價成長了 11.1%，免費交易量下降了 4%，反映出我們剛才討論的流量下降。

The strength in our comp average ticket was driven by a notable increase in basket size.

我們的平均票價的強勁是由購物籃規模的顯著增加所推動的。

Core commodity categories like lumber and copper did not have a material inflationary impact on our comp average ticket during the first quarter.

第一季度，木材和銅等核心商品類別並未對我們的平均價格產生重大通膨影響。

During the first quarter, big ticket comp transactions or those over $1,000 were up 2.5%.

第一季度，大額贈券交易或超過 1,000 美元的交易增加了 2.5%。

We saw strong performance in big ticket categories like appliances and riding lawnmowers.

我們看到電器和騎乘式割草機等大件品類表現強勁。

However, this strength was offset by pressure in categories like special-order kitchens, countertops and flooring where we intentionally limited these installation services in customers' homes.

然而，這種優勢被特殊訂單廚房、檯面和地板等類別的壓力所抵消，我們故意限制在客戶家中的這些安裝服務。

Sales of both our DIY and Pro customers grew during the quarter with DIY sales growing faster than Pro sales.

本季我們的 DIY 和 Pro 客戶的銷售額均有所成長，其中 DIY 銷售額的成長速度快於 Pro 銷售額。

We continue to have a high-level engagement with the Pro.

我們繼續與 Pro 進行高層接觸。

However, certain states and municipalities restricted in-home activity, which had a direct impact on some of our Pro customers.

然而，某些州和市限製家庭活動，這對我們的一些 Pro 客戶產生了直接影響。

In addition, certain social distancing actions we took during the first quarter also served as a headwind to Pro activity.

此外，我們在第一季採取的某些社交疏離措施也對 Pro 活動構成了阻力。

As we look ahead, we are focused on continuing to provide essential products and services to our customers and communities in a safe and responsible way.

展望未來，我們致力於繼續以安全和負責任的方式為我們的客戶和社區提供基本的產品和服務。

The investments we have made across our business have helped us be flexible and agile in this fluid and dynamic situation.

我們在整個業務中進行的投資幫助我們在這種瞬息萬變的情況下保持靈活和敏捷。

We will continue to adapt and improve the ways in which we serve customers in this new environment.

我們將繼續調整和改進在這個新環境中為客戶服務的方式。

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

說到這裡，我想把電話轉給理查。

Thank you, Ted, and good morning, everyone.

謝謝你，特德，大家早安。

We appreciate everyone joining the call today, and we hope you and your loved ones are safe and healthy.

我們感謝今天加入電話會議的每個人，我們希望您和您的親人安全健康。

This was certainly a unique quarter with COVID-19 dramatically changing our operating environment, but it has also reinforced that the investments we have made in the business over the last decade have been the right ones.

這無疑是一個獨特的季度，新冠肺炎 (COVID-19) 極大地改變了我們的營運環境，但這也證明了我們過去十年在業務上所做的投資是正確的。

They have allowed us to be more flexible and agile than ever before.

它們使我們比以往任何時候都更加靈活和敏捷。

And we've taken unprecedented actions to respond to the virus primarily focused on supporting our associates, keeping them and our customers safe while providing essential products to our communities.

我們採取了前所未有的行動來應對病毒，主要重點是支持我們的員工，確保他們和客戶的安全，同時為我們的社區提供基本產品。

Today, I'll review our consolidated results for the first quarter and will provide some color in the context of the 3 distinct periods that Ted mentioned we observed.

今天，我將回顧我們第一季的綜合業績，並將在特德提到的我們觀察到的 3 個不同時期的背景下提供一些顏色。

I'll also review some of the direct actions we took as a company to support our associates and further strengthen our capital structure.

我還將回顧我們作為一家公司為支持我們的員工並進一步加強我們的資本結構而採取的一些直接行動。

In the first quarter, total sales were $28.3 billion, a 7.1% increase from last year.

第一季總銷售額為283億美元，比去年成長7.1%。

Our total company comps were positive 6.4% for the quarter with positive comps of 9.3% in February, 7.1% in March and 4.2% in April.

本季我們公司的總獲利為 6.4%，其中 2 月為 9.3%，3 月為 7.1%，4 月為 4.2%。

Comps in the U.S. were positive 7.5% for the quarter with positive comps of 9.7% in February, 7.5% in March and 6.4% in April.

美國本季的綜合成長率為 7.5%，其中 2 月為 9.7%，3 月為 7.5%，4 月為 6.4%。

From a geographic perspective, all 3 of our U.S. divisions posted positive comps and 17 of our 19 U.S. regions had positive comps in the first quarter.

從地理角度來看，我們的所有 3 個美國部門在第一季都實現了積極的業績成長，而且我們 19 個美國地區中的 17 個地區也實現了積極的業績成長。

The 2 exceptions were our New York Metro and South Florida regions.

兩個例外是紐約都會區和南佛羅裡達地區。

New York and its surrounding areas were negatively impacted given the outsized impact that the virus had on the region.

鑑於該病毒對該地區的巨大影響，紐約及其周邊地區受到了負面影響。

And our South Florida region was negatively impacted by our stores in Puerto Rico being closed for a period of time in accordance with local mandates.

我們的南佛羅裡達地區受到了負面影響，因為我們在波多黎各的商店根據當地規定關閉了一段時間。

During the pre-COVID period in February and stretching into mid-March, comps were double-digit positive in the U.S. with relatively uniform strength across all regions.

在 2 月新冠疫情爆發之前的時期，一直持續到 3 月中旬，美國的經濟成長率為兩位數，各地區的經濟成長率相對一致。

As we moved into late March and early April, we experienced peak shelter-in-place mandates across the country.

當我們進入三月底和四月初時，我們經歷了全國各地就地避難的高峰期。

During this time, we implemented early and decisive measures to restrict customer traffic in our stores, which had a direct negative impact to our sales, most acutely felt in higher-volume stores in densely populated urban areas.

在此期間，我們儘早採取果斷措施限制門店客流，這對我們的銷售產生了直接的負面影響，在人口稠密的城市地區的客流量較大的門店中感受最為明顯。

Over the course of these 3 weeks, shelter-in-place mandates and self-imposed limitations on traffic pressured our weekly performance to double-digit negative comp sales with higher-volume stores underperforming lower-volume stores by over 30 percentage points in certain areas.

在這三週內，就地避難令和自我施加的交通限制迫使我們的每週業績出現兩位數的負銷售，在某些地區，銷量較高的商店比銷量較低的商店表現差了30個百分點以上。

And finally, during the last 3 weeks of April and continuing into the first 2 weeks of the second quarter, we have seen a significant acceleration to double-digit comp sales growth with strong performance across most of the store as customers turn to repairs and home improvement projects.

最後，從 4 月的最後 3 週到第二季的前 2 週，隨著客戶轉向維修和上門服務，我們看到銷售額顯著加速兩位數增長，大部分商店表現強勁。

As a result of ongoing measures to promote social distancing practices in our stores, customer limits continue to constrain sales in our higher-volume stores.

由於我們商店持續採取措施促進社交距離做法，客戶限制繼續限制我們銷售量較高的商店的銷售。

But we have flexed our operating model to improve our ability to serve these strong levels of demand.

但我們已經調整了我們的營運模式，以提高我們滿足這些強勁需求的能力。

In the first quarter, our gross margin was 34.1%, a decrease of 12 basis points from last year.

第一季度，我們的毛利率為34.1%，比去年下降12個基點。

This decrease was primarily driven by changes in the mix of products sold and continued pressure from shrink.

這一下降主要是由於銷售產品結構的變化以及持續的收縮壓力所造成的。

This pressure was offset in part by favorability in supply chain expenses and by the cancellation of our annual Spring Black Friday event this year.

這種壓力部分被供應鏈費用的優惠以及今年春季黑色星期五活動的取消所抵消。

During the first quarter, operating expense as a percent of sales increased approximately 190 basis points to 22.5%.

第一季度，營運費用佔銷售額的百分比增加了約 190 個基點，達到 22.5%。

This increase primarily reflects our decision to extend enhanced benefits for our associates, totaling $850 million in incurred and accrued expense, reflecting the provision of additional paid time off for all our hourly associates, which can be used anytime during the year and will be paid out at year-end if our associates choose not to use it; the provision of incremental additional paid time off for associates considered to be at higher risk based on CDC guidelines; weekly bonuses for our hourly associates; double pay for overtime hours worked and other benefits.

這一增長主要反映了我們決定為我們的員工提供更多福利，已發生和應計費用總計8.5 億美元，反映了我們為所有小時工員工提供的額外帶薪休假，這些休假可以在一年中的任何時候使用，並將支付在年底，如果我們的員工選擇不使用它；根據 CDC 指南，為被認為處於較高風險的員工提供增加額外帶薪休假；每小時員工的每週獎金；加班費和其他福利雙倍支付。

These enhanced benefits created approximately 300 basis points of expense deleverage during the quarter.

這些增強的效益在本季創造了約 300 個基點的費用去槓桿化。

In addition, we recorded expenses related to our strategic investment plan of approximately $270 million, a slight increase versus last year, creating 10 basis points of expense deleverage.

此外，我們記錄的與策略投資計畫相關的費用約為2.7億美元，較去年略有增加，創造了10個基點的費用去槓桿化。

Finally, we showed strong expense control in all other areas of the business as we navigated the quarter and drove approximately 120 basis points of expense leverage on that basis.

最後，我們在本季度的業務所有其他領域都表現出了強有力的費用控制，並在此基礎上推動了約 120 個基點的費用槓桿。

Our operating margin for the first quarter was 11.6% compared to 13.6% in the first quarter of 2019.

我們第一季的營業利潤率為 11.6%，而 2019 年第一季為 13.6%。

If we were to exclude the 300 basis points of deleverage related to the COVID-19 expenses to support our associates, our operating margin would have been approximately 14.6%.

如果我們排除與支持我們的員工的 COVID-19 費用相關的 300 個基點的去槓桿化，我們的營業利潤率約為 14.6%。

Interest and other expense for the first quarter grew by $34 million to $307 million due primarily to higher long-term debt levels than 1 year ago.

第一季的利息和其他支出增加了 3,400 萬美元，達到 3.07 億美元，主要是由於長期債務水準高於一年前。

In the first quarter, our effective tax rate was 24.4%, flat with the first quarter of fiscal 2019.

第一季度，我們的有效稅率為24.4%，與2019財年第一季持平。

Our diluted earnings per share for the first quarter were $2.08 compared to $2.27 in the first quarter of 2019.

我們第一季的攤薄每股收益為 2.08 美元，而 2019 年第一季為 2.27 美元。

The $850 million of expense related to enhancements we made in support of our associates negatively impacted our first quarter diluted earnings per share by approximately $0.60.

與我們為支持員工而進行的增強措施相關的 8.5 億美元費用對我們第一季攤薄每股收益產生了約 0.60 美元的負面影響。

During the quarter, we opened 1 new store in Mexico and 1 in Puerto Rico, bringing our store count -- our total store count to 2,293.

本季度，我們在墨西哥開設了 1 家新店，在波多黎各開設了 1 家新店，使我們的商店總數達到 2,293 家。

Selling square footage at the end of the quarter was 238 million square feet.

本季末的銷售面積為 2.38 億平方英尺。

At the end of the quarter, inventory turns were 5x, up from 4.7x last year.

截至本季末，庫存週轉率為 5 倍，高於去年的 4.7 倍。

Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 40.8%, down from 45.4% in the first quarter of fiscal 2019.

根據過去 12 個月期初和期末長期債務和股本的平均值計算，投資資本回報率約為 40.8%，低於 2019 財年第一季的 45.4%。

This decrease primarily reflects higher long-term debt balances than 1 year ago as we took steps to enhance our liquidity position during the onset of the COVID-19 pandemic, and I'll take a moment to comment on those actions in a little more detail.

這一下降主要反映了長期債務餘額比一年前更高，因為我們在 COVID-19 大流行爆發期間採取了措施增強我們的流動性頭寸，我將花點時間更詳細地評論這些行動。

We began the first quarter with a very strong liquidity position, and we moved early in the quarter to strengthen that position.

我們在第一季開始時就擁有非常強勁的流動性頭寸，並且我們在本季度初就採取了行動來加強這一頭寸。

In mid-March, we suspended our share repurchase program indefinitely.

三月中旬，我們無限期暫停了股票回購計畫。

Prior to that suspension, we had repurchased approximately $600 million or 2.5 million shares of outstanding stock.

在停牌前，我們回購了約 6 億美元或 250 萬股已發行股票。

In late March, we upsized our A1/P1 commercial paper program from $3 billion to $6 billion.

3 月底，我們將 A1/P1 商業票據計畫從 30 億美元擴大到 60 億美元。

In conjunction with upsizing our commercial paper program, we expanded our revolving credit facility capacity from $3 billion to $6.5 billion.

在擴大商業票據計畫的同時，我們將循環信用額度從 30 億美元擴大到 65 億美元。

As of today, we have no commercial paper outstanding and our credit facilities are undrawn.

截至今天，我們沒有未償還的商業票據，我們的信貸額度也尚未提取。

And finally, on March 30, we raised $5 billion of staggered maturity long-term debt with an average coupon of approximately 3%.

最後，在 3 月 30 日，我們籌集了 50 億美元的交錯到期長期債務，平均票面利率約為 3%。

This average coupon is below the average coupon of our overall debt portfolio.

該平均票面利率低於我們整體債務投資組合的平均票面利率。

These actions were important to ensure we had more than adequate liquidity during this period of uncertainty.

這些行動對於確保我們在這段不確定時期擁有充足的流動性非常重要。

In addition, we took actions to reduce nonessential activity in our stores.

此外，我們也採取行動減少商店內的非必要活動。

And as a result, postponed some of our strategic investments that touch our stores directly, including changes to our front-end and resets of our merchandising base.

因此，我們推遲了一些直接影響商店的策略性投資，包括對前端的更改和對銷售基礎的重置。

While these actions reflect our focus on social distancing, we remain committed to our One Home Depot strategy.

雖然這些行動反映了我們對社交距離的關注，但我們仍然致力於「同一個家得寶」策略。

Fiscal 2020 marks the third year of our strategic investment plan to create a seamless and frictionless interconnected experience.

2020 財年是我們策略投資計畫的第三年，該計畫旨在打造無縫、無摩擦的互聯體驗。

These investments are designed to leverage and extend our competitive advantage and have already begun to prove their value as we pivot to serve our customers in new ways.

這些投資旨在利用和擴大我們的競爭優勢，隨著我們以新的方式為客戶提供服務，這些投資已經開始證明其價值。

Now I'll comment on how we're thinking about guidance.

現在我將評論我們如何考慮指導。

Recall that the fiscal 2020 guidance that we provided on our fourth quarter call in February excluded any impacts from COVID-19.

回想一下，我們在 2 月第四季電話會議上提供的 2020 財年指引排除了 COVID-19 的任何影響。

Our performance to date has surpassed our initial expectations and it is also disconnected from traditional metrics like GDP, which we have historically used as a foundational element of our sales guidance.

到目前為止，我們的業績已經超出了我們最初的預期，也與 GDP 等傳統指標脫節，我們歷來將 GDP 用作銷售指導的基本要素。

As a result of this and the level of uncertainty that exists with respect to the impact of COVID-19 on future economic activity and customer demand, we are suspending our fiscal 2020 guidance until further notice.

由於這一點以及 COVID-19 對未來經濟活動和客戶需求的影響存在一定程度的不確定性，我們將暫停 2020 財年指引，直至另行通知。

Our stance is not a reflection of current demand for home improvement, but rather a reflection of the broad range of potential outcomes for the economy and our business.

我們的立場並不反映當前的家居裝修需求，而是反映了經濟和我們業務的廣泛潛在結果。

Our strategic investments have positioned us well to continue to serve our customers with the essential products they need for their homes and places of work.

我們的策略性投資使我們能夠繼續為客戶提供家庭和工作場所所需的基本產品。

Our company is in a strong financial position, and we have taken steps to further strengthen that position.

我們公司的財務狀況良好，我們已採取措施進一步鞏固這一地位。

We will continue to invest to strengthen our competitive advantages, and we believe we will emerge from this COVID-19 environment a stronger team and a stronger company.

我們將繼續投資以增強我們的競爭優勢，我們相信，我們將在這場 COVID-19 環境中脫穎而出，成為一支更強大的團隊和更強大的公司。

Thank you for your participation in today's call, and we are now ready for questions.

感謝您參加今天的電話會議，我們現在準備好回答問題。

(Operator Instructions) Our first question comes from the line of Mike Lasser with UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Mike Lasser。

I know it's uniquely difficult to quantify, but if you use the spread in the difference in performance between your high-volume stores and the rest of your chain as a guide, what do you think the overall impact from metering -- limiting promotions and not having installation in the first quarter was?

我知道量化是非常困難的，但如果您以大批量商店與連鎖店其他商店之間的績效差異作為指導，您認為計量的總體影響是什麼——限制促銷而不是限制促銷第一季度安裝情況是？

Michael, we -- it's hard to determine, but we'll take a crack.

邁克爾，我們——這很難確定，但我們會嘗試一下。

Richard, do you want to walk through?

理查德，你想走過去嗎？

Yes.

是的。

It is hard to determine.

很難確定。

If you just look at sort of traffic limitations that we imposed, you look at the restricted operating hours and caps on customer counts in our stores, I can't give an exact number, but it would be several points of comp impact to the quarter.

如果你只看我們施加的流量限制，你看看我們商店的營業時間限制和顧客數量上限，我無法給出確切的數字，但這將是對本季業績影響的幾個方面。

Several points of comp, meaning more than a couple hundred basis points.

幾個點的比較，意味著超過幾百個基點。

Just to clarify, you're not referring to several hundred basis points?

只是為了澄清一下，你指的不是幾百個基點？

You're in the right neighborhood, several hundred basis points of comp.

您處於正確的鄰域，有數百個基點的比較。

Yes.

是的。

Okay.

好的。

And to what degree has the strong sales that Home Depot have experienced as of late simply pull forward sales from future periods?

家得寶最近經歷的強勁銷售在多大程度上拉動了未來時期的銷售？

And as part of that, are you planning for negative comps in any given quarter of this year?

作為其中的一部分，您是否計劃在今年的任何特定季度進行負面補償？

Michael, I mean spring is always one of those scenarios where you have first quarter, second quarter -- kind of how much happens in the first quarter?

邁克爾，我的意思是，春天總是有第一季、第二季的場景之一——第一季發生了多少事情？

Is there a pull forward if you have an early, great spring?

如果你有一個早春、美好的春天，是否會有動力向前邁進？

Those are dynamics that we deal with every single year.

這些都是我們每年都要處理的動態。

And we've seen strength as we've begun the second quarter, and we're not planning for any negative comp in the business.

從第二季開始，我們就看到了強勁的勢頭，而且我們不打算在業務中進行任何負面補償。

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

我們的下一個問題來自 Scot Ciccarelli 與 RBC 的對話。

Obviously, current demand is strong, you just talked about that.

顯然，當前的需求是強勁的，你剛才也談到了這一點。

And I would also think that there's going to be a greater focus on wallet share from consumers towards home-related investment because we've all been under lockdown for the last 2 months.

我還認為，消費者將更加關注與住房相關的投資的錢包份額，因為過去兩個月我們都處於封鎖狀態。

Now on the flip side, we've had a pretty sizable contraction in mortgage credits since really mid-February.

另一方面，自二月中旬以來，我們的抵押貸款信貸出現了相當大的收縮。

So I understand I'm asking an opinion or a view here, but when you kind of look out over the next 6 to 9 months, how do you kind of net out those 2 forces because one is obviously very positive and one is potentially meaningfully negative?

所以我知道我在這裡詢問意見或觀點，但是當你展望未來 6 到 9 個月時，你如何消除這兩種力量，因為一種顯然是非常積極的，另一種可能是有意義的消極的？

Again, we started the year with an overarching strong housing environment.

我們再次以整體良好的住房環境開始了這一年。

It's hard to determine what impacts are going to play out as a result of this at this stage of the game.

在遊戲的這個階段，很難確定會產生什麼影響。

I just don't know how we predict that.

我只是不知道我們如何預測這一點。

Clearly, the current demand is strong.

顯然，當前的需求是強勁的。

The capabilities that we've built really fall around flexibility, and we're going to use that flexibility to drive engagement with the customer on an ongoing basis.

我們建立的功能實際上取決於靈活性，我們將利用這種靈活性來持續推動與客戶的互動。

Okay.

好的。

And then if I could sneak in another one then, Craig.

如果我可以再偷偷溜進去一次，克雷格。

I'm just curious, your average ticket was so strong, but big ticket sales were up only about 2.5%.

我只是好奇，你們的平均門票如此強勁，但大門票銷售只增長了 2.5% 左右。

I think that's kind of an unusual disparity between those 2 figures.

我認為這兩個數字之間存在著不尋常的差異。

So I was just wondering if you could provide a little bit more color in terms of the average ticket performance.

所以我只是想知道你是否可以在平均門票表現方面提供更多的色彩。

Yes.

是的。

Let me -- I'll make a comment and then, Ted, you can add anything.

讓我——我會發表評論，然後，特德，你可以添加任何內容。

Look, I think in this situation, customers were very focused on making sure that they reduced their exposure in terms of going into retail environments.

看，我認為在這種情況下，客戶非常注重確保他們減少進入零售環境的風險。

And they were really focused on getting everything they needed in 1 trip.

他們真正專注於在一次旅行中獲得所需的一切。

Yes.

是的。

Scot, if you can imagine, we look at the breakdown in comp and items per basket, et cetera, and every permutation of ticket.

斯科特，如果你能想像的話，我們會查看每個籃子的補償和物品等的細目，以及門票的每種排列。

And what we experienced, as Craig said, people were limiting trips to the store.

正如克雷格所說，我們的經歷是，人們限制了去商店的次數。

So our smaller tickets or smallest tickets had a negative comp, transactions had a negative comp.

因此，我們較小的門票或最小的門票有負補償，交易也有負補償。

And while we had a positive comp in the over $1,000 of 2.5%, as I said, remember that was limited by all the special order and installation businesses that we purposefully curtailed.

正如我所說，雖然我們的利潤超過 1,000 美元，為 2.5%，但請記住，這是受到我們有意削減的所有特殊訂單和安裝業務的限制。

What we're particularly excited about was the performance from the $200s, the $300s, the $500 ticket.

我們特別興奮的是 200 美元、300 美元、500 美元門票的表演。

Those are your core basket-building project-oriented tickets that were extremely strong across the whole store.

這些是以項目為導向的核心籃子建設門票，在整個商店中都非常強大。

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

我們的下一個問題來自西蒙·古特曼與摩根士丹利的對話。

A little bit of a twist on the prior questions.

對之前的問題有點扭曲。

The virus obviously makes the backdrop very uncertain.

病毒顯然使背景變得非常不確定。

In the past, Home Depot has offered a framework for a potential next recession.

過去，家得寶為下一次潛在的經濟衰退提供了一個框架。

It was hypothetical.

這是假設的。

I think it was comps flattish in a downturn, assuming the downturn wasn't driven by housing and then given how big maintenance and repair is.

我認為，在經濟低迷時期，假設經濟低迷不是由房屋市場驅動的，然後考慮到維護和修理的規模有多大，那麼它的表現是持平的。

I realize the virus is unpredictable, and that's a variable no one can predict.

我意識到病毒是不可預測的，這是一個無人能預測的變數。

But does the economic backdrop argue for that type of scenario?

但經濟背景是否支持這種情況？

Any perspective?

有什麼看法嗎？

I realize with this variable, it's hard.

我意識到這個變數很難。

And Craig, did you say for Q2, obviously, you're not expecting negative, but that wasn't for the whole year, that comment, just for Q2.

克雷格，您是否說過第二季的情況顯然是負面的，但這不是全年的情況，該評論只是針對第二季的情況。

Yes.

是的。

We're not planning for negative.

我們不打算消極。

It's obviously very uncertain as to how the year plays out in total.

顯然，這一年的整體情況非常不確定。

We're not planning for negative comps in Q2 or, for that matter, for the year at this point.

我們目前不打算在第二季或今年進行負面補償。

We'll watch carefully and see how this all plays out and react accordingly.

我們將仔細觀察這一切如何發展並做出相應的反應。

And again, the flexibility that we've built in our business should give us the ability to react.

再說一次，我們在業務中建立的靈活性應該使我們有能力做出反應。

And if you just -- if you go back to your recession question, we entered the year with a healthy housing environment.

如果你回到經濟衰退問題，我們會以健康的住房環境進入這一年。

We haven't seen anything in that housing environment that's changed materially.

我們還沒有看到住房環境發生任何實質變化。

And typically, when you look at recessions that are non-housing-led, for us, the performance decline is much more shallow, more of a flat-type environment.

通常情況下，當你觀察非房地產主導的衰退時，對我們來說，業績下降幅度要小得多，更像是持平的環境。

But again, this is a unique situation.

但同樣，這是一個獨特的情況。

And the duration of the situation is one of the more important dynamics that just can't be predicted.

這種情況的持續時間是無法預測的更重要的動態之一。

Yes.

是的。

Fair enough.

很公平。

And then my follow-up is -- so you've been open throughout this crisis.

然後我的後續行動是──所以在這場危機中你們一直保持開放態度。

You've seen a surge.

你已經看到了激增。

You've adjusted how you've operated, and there's probably more adjustments to come.

您已經調整了操作方式，可能還會有更多調整。

Any thoughts on the margin profile?

對保證金狀況有什麼想法嗎？

I know it's going to be hard to talk about structural change and how it relates.

我知道談論結構性變革及其相互關係將會很困難。

But any of the puts and takes and how you think about the long-term margin of the business?

但是您如何看待企業的長期利潤率？

Yes.

是的。

I'd say margin was sort of relatively where we would have anticipated it prior to COVID.

我想說的是，利潤率與我們在新冠疫情爆發之前的預期相當。

We run a portfolio approach at the Home Depot.

我們在家得寶採用投資組合方法。

And you have puts and takes every quarter.

每個季度都有看跌期權和跌期權。

I wouldn't say that our long-term view of margin has changed from what we've seen in the situation.

我不會說我們對利潤的長期看法與我們所看到的情況相比發生了變化。

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)。

I wanted to just talk about e-commerce a little bit.

我想簡單談談電子商務。

Obviously, you called out an extremely strong growth rate.

顯然，您提出了極其強勁的成長率。

And it looks like e-com is now around 17% of sales, which is almost double what it ended '19 at.

現在看來，電子商務約佔銷售額的 17%，幾乎是 19 年底銷售額的兩倍。

So wondering if you could talk a little bit about what the composition was on whether or not you think you gained share with a particular demographic.

所以想知道您是否可以談談您是否認為自己在特定人群中獲得了份額，其構成是什麼。

And then wondering what your thoughts are just in terms of the stickiness with respect to e-com and home improvement just going forward.

然後想知道您對電子商務和家居裝修的黏性有何看法。

Yes.

是的。

Our penetration did jump to just under 15% for the quarter.

本季我們的滲透率確實躍升至略低於 15%。

So we had strong penetration.

所以我們的滲透力很強。

And we gained a lot of new customers exposed to homedepot.com.

我們透過 homedepot.com 獲得了許多新客戶。

Now we -- as Richard said, we run this on a portfolio.

現在，正如理查德所說，我們在投資組合上運行它。

And so there are heavy engagement in both channels customer using dot-com to order goods to be then 60-some percent of those picked up at a store.

因此，這兩個管道都有大量客戶使用網路訂購商品，其中 60% 左右是在商店提貨的。

I don't know if you have any further...

不知道你還有沒有更...

Yes.

是的。

Karen, the performance of online, as Craig said, the penetration increased to 15%.

凱倫在線的表現，正如克雷格所說，滲透率提高到了15%。

We had a 79% growth accelerating throughout the quarter.

我們整個季度的成長率為 79%。

So we started strong in the beginning of the year, similar to the growth in the prior years, accelerated into triple digits in the last weeks and meaningful triple digits.

因此，我們在今年年初開始強勁，與前幾年的成長類似，在過去幾週加速到三位數，並且是有意義的三位數。

And the growth is really across all categories.

成長確實遍及所有類別。

What's particularly encouraging is the number of new customers and opportunity in the future.

特別令人鼓舞的是新客戶的數量和未來的機會。

We more than doubled our number of customers.

我們的客戶數量增加了一倍以上。

When we look at our customers from repeat customers, 6 to 12 months, less than 12 months, 12 to 24, reactivated over 24 months, brand-new customers, every one of those segments was healthy and effectively doubled.

當我們從回頭客、6 至12 個月、不到12 個月、12 至24 個月、24 個月以上重新激活的客戶、全新客戶來看，每個細分市場都健康且有效地翻了一番。

Again, purchasing categories across the entire store, the engagement with e-mail and My Account sign-ups tripled the normal run rate as we went through the quarter.

同樣，在整個季度中，整個商店的購買類別、電子郵件參與度和「我的帳戶」註冊量是正常運作率的三倍。

Our app downloads nearly doubled from their normal quarterly and weekly run rate.

我們的應用程式下載量比正常的季度和每週運行率幾乎翻了一番。

So just terrific engagement across the business and our devices, and we're very encouraged with this new and reenergized online customer base to work with these folks and contact them, engage with them in the future.

因此，整個業務和我們的設備都進行了出色的參與，我們非常鼓勵這個新的、重新煥發活力的線上客戶群與這些人合作，聯繫他們，在未來與他們互動。

Karen, the one other comment I'll make on it is the great news is the majority of this growth came through earned channels.

凱倫，我要對此發表的另一條評論是好消息，即大部分增長來自免費管道。

We didn't have to go pay for it.

我們不必去付錢。

Yes.

是的。

No, that's very helpful.

不，這非常有幫助。

I appreciate that.

我很欣賞這一點。

I just wanted to ask a slightly separate follow-up.

我只是想問一個稍微獨立的後續問題。

Obviously, we have -- you talked about the TAM, $650 billion TAM in the past.

顯然，我們——你談到了 TAM，過去 6500 億美元的 TAM。

I'm wondering if you have a sense of what -- how big I guess the smaller and more fragmented competitor base is in terms of the total dollars, meaning will they actually make it kind of to the other side of it?

我想知道你是否知道——我猜，就總美元而言，規模更小、更分散的競爭對手基礎有多大，這意味著他們實際上會走到另一邊嗎？

And how much of an advantage you might have in terms of taking share from weaker, more fragmented players?

在從較弱、較分散的參與者手中奪取份額方面，您可能擁有多少優勢？

So I believe -- you broke up a little bit there, but I believe you were asking about the $650 billion TAM.

所以我相信——你在那裡有點分裂，但我相信你問的是 6500 億美元的 TAM。

And so what we've always said is, at our size, there's plenty of share out there.

所以我們總是說，以我們的規模，有很多份額。

Plenty of fragmentation.

大量碎片化。

You think about categories like flooring, which are truly penetrated more greatly by the small mom and pops, there's plenty of share out there to grab.

你想想像地板這樣的品類，這些品類確實被小型夫妻店滲透得更大，有大量的份額可供爭奪。

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

我們的下一個問題來自查克·格羅姆和戈登·哈斯克特的對話。

Just wondering if you guys could talk about the cadence of the Pro and the DIY business separately throughout the quarter and if the reacceleration that you spoke about in May, the double-digit increase was seen in both camps.

只是想知道你們是否可以分別談論整個季度 Pro 和 DIY 業務的節奏，以及你們在 5 月份談到的重新加速，兩個陣營是否都出現了兩位數的增長。

So clearly, the DIY customer is reengaged with DIY.

很明顯，DIY 客戶重新開始參與 DIY。

There's no doubt about that.

毫無疑問。

Very strong DIY business.

非常強大的DIY業務。

What was interesting is we actually saw the Pro grow in the quarter.

有趣的是，我們實際上看到 Pro 在本季度有所成長。

But we did see bifurcation in the quarter with the Pro as we moved into the different phases that Ted and Richard described.

但當我們進入 Ted 和 Richard 所描述的不同階段時，我們確實看到了 Pro 在本季出現的分歧。

And the smaller Pro actually performed well throughout the quarter with more pressure on the larger Pro.

事實上，較小的 Pro 在整個季度都表現良好，較大的 Pro 面臨更大的壓力。

And Bill, if you want to jump in and provide some additional color there?

比爾，如果你想加入進來並提供一些額外的顏色嗎？

Yes.

是的。

Thanks, Craig.

謝謝，克雷格。

So Chuck, we saw more sale impact in the highly shelter-in-place regions or zones versus the states that had moderated or no actions in place.

因此，查克，我們看到，與那些採取適度行動或沒有採取行動的州相比，高度居家避難的地區或地區的銷售影響更大。

So the Pros definitely faced some headwinds from the state mandates.

因此，專業人士肯定面臨著來自州政府指令的一些阻力。

We also had some restrictions in the form of inability to get permits issued or job site inspections completed so they can move on with their projects.

我們也受到一些限制，例如無法獲得許可證或完成工作現場檢查，以便他們可以繼續他們的專案。

And finally, there were some headwinds there with homeowners just having the reluctance to have crews working in their home when they were sheltered in place.

最後，還有一些不利因素，房主在就地避難時不願意讓工作人員在家中工作。

As Craig said, high-spend Pros were more impacted.

正如克雷格所說，高消費的專業人士受到的影響更大。

That makes sense if you think about them being more concentrated in metro areas likely or they have some of those mandates impact their business, but also larger jobs and more crews, more likely to be impacted from the inability to get permits or job inspections.

如果你認為他們更集中在大都市地區，或者他們的一些任務會影響他們的業務，但也會影響更大的工作和更多的工作人員，更有可能因無法獲得許可或工作檢查而受到影響，那麼這是有道理的。

I would give you one additional point of reference though, and I would draw that parallel to our services business.

不過，我會給你一個額外的參考點，我會將其與我們的服務業務進行比較。

If you look at job cancellations, they're running at historic trends, which really means that more customers have just pushed their jobs and haven't canceled the work.

如果你看看取消的工作，你會發現它們正遵循歷史趨勢，這實際上意味著更多的客戶只是推遲了他們的工作，並沒有取消工作。

So as these mandates are lifted, we're seeing the Pros come back to work.

因此，隨著這些任務的取消，我們看到專業人士重新開始工作。

It's just a slower recovery than what we've seen from consumers.

只是恢復速度比我們從消費者那裡看到的要慢。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then just on the $850 million of cost that you incurred in the first quarter, is there a way to handicap what you think that could look like in 2Q and maybe in the back half if you decide to continue to pay your employees a little bit more?

然後，就第一季產生的 8.5 億美元成本而言，是否有辦法阻礙您認為第二季可能出現的情況，如果您決定繼續向員工支付一點工資，也許下半年會出現這種情況更多的？

Well, I wouldn't want to comment on what the second quarter or the rest of the year will look like.

好吧，我不想評論第二季或今年剩餘時間的情況。

But maybe if I gave you some color around the $850 million, that would give you clarity on how to think about it.

但如果我給你一些關於 8.5 億美元的解釋，也許會讓你清楚如何思考它。

So there are really, really kind of 2 categories of that spend.

因此，這筆支出其實分為兩類。

The vast majority of the $850 million reflects expense related to the extension of paid leave.

8.5 億美元中的絕大多數反映了與延長帶薪休假相關的費用。

So in mid-March, we extended additional paid leave to all of our hourly associates and subsequently extended paid leave for associates who would have been deemed at risk.

因此，在 3 月中旬，我們向所有小時工員工延長了額外帶薪休假，隨後為那些被視為面臨風險的員工延長了帶薪休假。

For both those groups, if leave is not taken, we fully committed to pay it out during the year.

對於這兩個群體，如果沒有請假，我們完全承諾在年內支付休假費用。

A portion of the paid leave has already been taken, but we have fully accrued for all of the remaining leave eligible to be taken.

部分帶薪休假已經休完，但我們已全額累積所有剩餘的符合資格的帶薪休假。

So the vast majority of that $850 million has already been accrued.

因此，這 8.5 億美元中的絕大多數已經到位。

Then we have expenses that are paid as earned by our associates.

然後，我們的費用是由我們的員工按收入支付的。

This bucket of expenses was about $150 million of the $850 million.

這部分支出大約是8.5億美元中的1.5億美元。

And so these are really in the form of the weekly bonuses we're paying to our associates as well as the enhanced overtime rates that we're paying.

因此，這些實際上是我們向員工支付的每週獎金以及我們支付的加班費的提高。

We began payment of those benefits roughly halfway into the quarter.

我們大約在本季中期開始支付這些福利。

So that $150 million was paid over roughly half a quarter.

因此，這 1.5 億美元的支付時間大約是半個季度。

We are continuing the payment of those benefits into June and we will continue to review the continuation of those payments as the situation develops.

我們將繼續支付這些福利到 6 月，並將根據情況的發展繼續審查是否繼續支付這些福利。

Does that help?

這樣有幫助嗎？

Yes.

是的。

I guess is there any way to heading up what the accrual portion of the extended time would be?

我想有什麼辦法可以提高延長時間的應計部分嗎？

Because I think that's the point I'm getting at.

因為我認為這就是我要表達的重點。

You've essentially captured forward costs here in the first quarter.

您基本上已經在第一季捕捉了遠期成本。

If you wanted to think very roughly, you've got the $150 million that is sort of expensed as incurred.

如果你想得非常粗略，你會發現這 1.5 億美元在發生時就被支出了。

So that leaves about $700 million.

這樣就剩下約 7 億美元。

Of that $700 million that is loosely associated with paid leave, about $150 million has already been utilized.

在與帶薪休假鬆散相關的 7 億美元中，約 1.5 億美元已經使用。

But again, we fully accrued for the remainder of the paid leave that our associates are eligible for under this enhanced program.

但我們再次全額累積了我們的員工根據此增強計劃有資格享受的剩餘帶薪休假。

So it is already reflected in our Q1 financials.

因此，這已經反映在我們第一季的財務數據中。

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。

A few follow-up questions.

一些後續問題。

So first, on the last question, just in terms of like the ongoing expense, obviously, in a socially distanced world, retail is changing.

首先，關於最後一個問題，就持續支出而言，顯然，在一個保持社交距離的世界中，零售業正在改變。

There's an article last week around what McDonald's is changing and these expenses are going to stick.

上週有一篇文章討論了麥當勞正在發生的變化以及這些費用將繼續存在。

So how does the higher sanitation cost and different things that are going to stick around for the next year -- is there a number that you could associate it with that?

那麼，更高的衛生成本和明年將持續存在的不同事情是如何影響的——有一個數字可以與之聯繫起來嗎？

And then on the Pro business, can you talk about what you're seeing in areas that are opening up?

然後在專業業務方面，您能談談您在正在開放的領域中看到的情況嗎？

Do you have a sense of what the Pro's order book looks like?

您知道 Pro 的訂單簿是什麼樣子嗎？

It sounds like people are completing jobs, but do you have any sense or any view on what the new business coming into that Pro looks like?

聽起來人們正在完成工作，但你對 Pro 中的新業務是什麼樣子有任何感覺或看法嗎？

Let me just comment on the Pro, and I'll turn it over to Richard for the cost element.

讓我只評論一下 Pro，然後我會將其交給 Richard 來了解成本因素。

On the Pro, as Bill mentioned, in our own services business, which is some of our best Pros, we're not seeing a high cancellation rate of the jobs.

在專業人士方面，正如比爾所提到的，在我們自己的服務業務中，這是我們最好的專業人士之一，我們沒有看到工作取消率很高。

It's just a postponement.

這只是一個推遲而已。

The customer still wants those to go on.

客戶仍然希望這些繼續下去。

The assumption that we have because we don't have visibility necessarily into it other than talking to Pros.

我們之所以有這樣的假設，是因為除了與專業人士交談之外，我們不一定能了解它。

And anecdotally, the assumption that we have is that, that is holding true throughout the Pro business.

有趣的是，我們的假設是，這在整個 Pro 業務中都是成立的。

And we think that as we see the volume with the Pro pick up, it's an indication that the same thing is happening in their business that's happening in our services business.

我們認為，當我們看到 Pro 的銷售量上升時，這表示他們的業務正在發生與我們的服務業務相同的事情。

And to tackle the first part of it, so if you think about our expense performance and you remove the $850 million of benefit enhancement, Chris, we actually underspent our expense plan by over $120 million in the quarter.

為了解決第一部分，克里斯，如果你考慮我們的支出績效，並除去 8.5 億美元的福利增強，我們實際上在本季度的支出計劃少支出了超過 1.2 億美元。

And that is net of the increased operating costs required, whether it's in the form of cleaning or other operating costs.

這還不包括所需增加的營運成本，無論是清潔成本還是其他營運成本。

And so there are gives and takes in that.

所以這裡面有給予和索取。

We're actually quite pleased with our expense performance and credit to our amazing team, our amazing store operations team and all our associates out in the field for running the business in this way.

事實上，我們對我們的費用表現非常滿意，並感謝我們出色的團隊、我們出色的商店營運團隊以及我們在該領域以這種方式經營業務的所有員工。

And so as -- so it doesn't sound like any of that is like a shift in timing.

所以聽起來這不像是時間上的轉變。

The cost control is something that's in the business.

成本控制是企業的事情。

It's really one of those -- one of those incidents.

這確實是其中之一——這些事件之一。

Right.

正確的。

And then my follow-up question is, I think this is the latest into a Home Depot call, the word weather hasn't coming up -- come up at all, which is always interesting.

然後我的後續問題是，我認為這是家得寶電話中的最新一次，天氣這個詞還沒有出現——根本沒有出現，這總是很有趣。

Can you just talk about the weather that you saw in the first quarter and perhaps even quarter-to-date?

您能談談第一季甚至本季至今的天氣狀況嗎？

Obviously, you have the bathtub effect, like so things can push around.

顯然，你有浴缸效應，就像事情可以四處推動一樣。

Did shelter in place and work from home do you think pull forward some of the seasonal business?

您認為就地避難和在家工作是否會推動一些季節性業務的發展？

And any comments on sort of regionality in terms of where the weather as [Philly broker] is still on the come?

就[費城經紀人]的天氣狀況而言，對地區性有何評論？

Chris, as Ted and Richard described, in the beginning, the first 7 weeks of the quarter, clearly, there was a good early strong beginning of spring.

克里斯，正如泰德和理查德所描述的那樣，在本季度的前 7 週，顯然，春天有一個良好的早期強勁的開始。

And so that was a great beginning to the quarter.

因此，這是本季的一個好開始。

From there, everything changed.

從那時起，一切都改變了。

And so we have no way of extrapolating.

所以我們無法推斷。

At this point, there's probably more demand than you would typically see in a given quarter because people aren't spending on other things.

此時，需求可能比特定季度通常看到的要多，因為人們沒有在其他事情上花錢。

So even if there was early purchasing, I'm not sure that has -- based on what we're seeing right now, has any impact whatsoever.

因此，即使有早期購買，根據我們現在所看到的情況，我也不確定是否會產生任何影響。

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

我們的下一個問題來自富國銀行的 Zach Fadem。

I wanted to clarify the 200 basis point comp impact you called out.

我想澄清一下您所說的 200 個基點的補償影響。

Is that the total comp left on the table from lower promo and enhanced social distancing?

這是由於較低的促銷和增強的社交距離而留下的總補償嗎？

And do you think there were any offsets here in terms of categories that were pulled forward like lawn and garden or maybe a DIY demand that wouldn't have otherwise occurred?

您認為在草坪和花園等類別方面是否存在任何抵消，或者可能是本來不會發生的 DIY 需求？

Well, first of all, just to clarify, I didn't say 200 basis points of comp.

好吧，首先，澄清一下，我並沒有說 200 個基點的比較。

I would say it's several hundred basis points of comp.

我想說這是補償的數百個基點。

You sort of have to think about it as a gross impact.

你必須將其視為一種嚴重影響。

There's no doubt that when we took steps to move our operating hours to close at 6:00 p.m.

毫無疑問，當我們採取措施將營業時間推遲到下午 6:00 時，

really in advance of a lot of the shelter-in-place orders out there, we knew it would have a significant impact on sales.

實際上，在許多就地避難訂單發布之前，我們就知道這將對銷售產生重大影響。

It did.

確實如此。

But if you -- and then if you think about customer account limits, you had a similar impact.

但是，如果您考慮客戶帳戶限制，就會產生類似的影響。

It's very hard, though, to dissect what offsets were to that.

然而，要剖析其中的抵銷是非常困難的。

I would just tell you that we know the gross impact would have been in the several hundred basis points of comp.

我只想告訴你，我們知道整體影響將是比較的數百個基點。

Got it.

知道了。

And then at the gross margin line, could you walk through the moving parts in a little more detail around the lower impact of fewer promotional events as well as the mix shift to online sales?

然後，在毛利率方面，您能否更詳細地介紹一下由於促銷活動減少而帶來的較低影響以及向線上銷售的混合轉變所帶來的影響？

And to what extent that had a negative impact that you think could fade as consumers go back into your stores?

您認為隨著消費者回到您的商店，這種影響會在多大程度上消失？

With respect to mix, it was really more about product mix.

就組合而言，更多的是產品組合。

You think about growth in certain categories like appliances and lumber that had a mix impact.

您會想到某些類別的成長，例如電器和木材，它們會產生混合影響。

Beyond that, we run this business as a portfolio.

除此之外，我們將這項業務作為一個投資組合來運作。

And if you think about interconnected sales, over 60% of the sales ordered on homedepot.com were picked up in our stores.

如果您考慮一下互聯銷售，您會發現超過 60% 在 homedepot.com 上訂購的銷售額都是在我們的商店中提貨的。

And so that margin profile is, in essence, we have 1 company margin profile.

因此，保證金概況本質上是我們有 1 家公司的保證金概況。

We -- our goal is to ensure that our customers can order product the way they like and to fulfill it in the way they're choosing.

我們的目標是確保我們的客戶可以按照他們喜歡的方式訂購產品，並按照他們選擇的方式履行產品。

So we -- aside from those few categories, I'd say that was the most significant impact in the quarter.

因此，除了這幾個類別之外，我想說這是本季最重大的影響。

Our next question comes from the line of Mike Baker with Nomura.

我們的下一個問題來自野村證券的麥克貝克（Mike Baker）。

First question, and then I'll have a follow-up.

第一個問題，然後我會跟進。

What are you seeing in some of the states that are starting to loosen some of their restrictions now?

您在一些現在開始放鬆限制的州中看到了什麼？

I understand that you've been open in all states, but in some of the areas like your hometown, are you seeing anything significant over the last couple of weeks as they start to open up?

據我所知，你們已經在所有州都開放了，但在某些地區，例如你的家鄉，過去幾週開始開放時，你是否看到了任何重要的事情？

Yes.

是的。

I mean we see -- again, as we've shared, our early second quarter sales are strong, and we see that across geographies.

我的意思是，正如我們所分享的，我們再次看到，我們第二季度初的銷售強勁，而且我們在各個地區都看到了這一點。

So can I interpret from that, that you're not seeing anything different in states that are starting to open?

那麼我可以據此解釋說，在開始開放的州中你沒有看到任何不同的情況嗎？

I mean everything is lifting.

我的意思是一切都在提升。

As you can imagine, where you still have hotspots, there's still pressure.

正如你可以想像的那樣，哪裡仍然存在熱點，哪裡仍然存在壓力。

But everywhere else, it's lifting.

但在其他地方，它正在提升。

Okay.

好的。

Understood.

明白了。

And if I could ask one more follow-up, just a bit more color on some categories.

如果我可以再問一個後續問題，請在某些類別上多一點顏色。

I don't -- unless I missed it, I don't think I did, but you usually give a little bit more detail on some categories, lawn and garden and paint, DIY paint are 2 that I was particularly interested in.

我不知道——除非我錯過了，我想我沒有這樣做，但你通常會在某些類別上提供更多細節，草坪、花園和油漆、DIY 油漆是我特別感興趣的兩個。

And if you think -- presumably they were strong.

如果你認為──想必他們很強。

I guess I'll let you tell me that.

我想我會讓你告訴我的。

But if so, do you think there was a pull forward?

但如果是這樣，你認為有推動力嗎？

Or does that sort of fade over time?

或者這種感覺會隨著時間的流逝而消失嗎？

No.

不。

We actually didn't call that out because it's kind of not relevant.

實際上我們沒有指出這一點，因為它有點不相關。

When you look at the changes in the 3 segments of business, there was wild swings, like I shared, both month-to-month, week-to-week, category-to-category.

當你觀察這三個業務領域的變化時，就像我分享的那樣，每個月、每週、每個類別都存在劇烈波動。

So we just -- we didn't call it out.

所以我們只是──我們沒有大聲疾呼。

Our final question will come from the line of Greg Melich with Evercore ISI.

我們的最後一個問題將來自 Evercore ISI 的 Greg Melich。

Richard, I had a follow-up.

理查德，我有後續行動。

Thanks for the breakdown of the $850 million.

感謝您對 8.5 億美元的詳細分析。

And you mentioned digital margins are part of the company.

你提到數字利潤是公司的一部分。

Is it fair to say that even on the dot-com, that is the part that isn't BOPUS that you make money on digital?

可以公平地說，即使在互聯網上，這也是 BOPUS 以外的透過數位賺錢的部分嗎？

And then the second question is really for Craig.

第二個問題確實是針對克雷格的。

Given on this sort of period of volatility in your balance sheet, et cetera, how are you thinking about incremental investments, whether they be at the company or M&A or strategic, given what's going on out there and the opportunities that might arise?

考慮到資產負債表等的這種波動時期，考慮到目前正在發生的情況以及可能出現的機會，您如何考慮增量投資，無論是在公司、併購還是策略方面？

On the margin question, we don't split that out, but I can tell you, we're very happy with our business across the portfolio.

關於利潤問題，我們不會將其分開，但我可以告訴你，我們對整個投資組合的業務非常滿意。

And as it relates to investment, starting with our strategic investment, we feel like we're investing in the right places, for sure.

就投資而言，從我們的策略投資開始，我們覺得我們肯定是在正確的地方投資。

We're going to continue to evaluate as we learn to this and see if there's any modifications or tweaks that need to happen in terms of our approach, but we feel like we're in the right places.

當我們了解這一點時，我們將繼續進行評估，看看我們的方法是否需要進行任何修改或調整，但我們覺得我們處於正確的位置。

Clearly, we postponed some of the things that impact the stores because we don't want to create more disruption in the stores right now.

顯然，我們推遲了一些影響商店的事情，因為我們現在不想對商店造成更多幹擾。

And we'll bring them back when it's appropriate to be able to do that in our stores.

當合適的時候，我們會將它們帶回我們的商店。

I mean as far as our approach to anything else beyond that, we've shared all along that our M&A approach is around capabilities, that would be our continued thought process and approach.

我的意思是，就我們除此之外的其他方法而言，我們一直認為我們的併購方法是圍繞著能力的，這將是我們持續的思考過程和方法。

I candidly can't imagine anybody doing M&A in this environment right now because I'm not sure how a Board, whatever value what you're paying for something.

坦白說，我無法想像現在有人在這種環境下進行併購，因為我不確定董事會如何看待，無論你為某件事付出了什麼價值。

But that's our approach.

但這就是我們的方法。

I mean our thought process has stayed the same, that we would always look for capabilities.

我的意思是我們的思考過程保持不變，我們總是尋找能力。

So thank you for joining -- sorry, Christine, go ahead.

感謝您的加入——抱歉，克里斯汀，請繼續。

I was going to just turn the floor back over to you, Ms. Janci, for closing comments.

Janci 女士，我本來打算把發言權交還給您，請您發表結束意見。

So thank you for joining us today.

感謝您今天加入我們。

We look forward to speaking with you on our second quarter earnings call in August.

我們期待在八月的第二季財報電話會議上與您交談。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您有美好的一天。