家得寶 (HD) 2025 Q1 法說會逐字稿

Greetings and welcome to the Home Depot first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

問候並歡迎參加家得寶 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人伊莎貝爾詹西 (Isabel Janci)。請繼續。

Thank you Christine, and good morning everyone. Welcome to Home Depot's first quarter 2025 earnings call. Joining us on our call today are Ted Decker, Chair, President, and CEO; Ann-Marie Campbell, Senior Executive Vice President; Billy Bastek, Executive Vice President of Merchandizing; and Richard McPhail, Executive Vice President and Chief Financial Officer.

謝謝克里斯汀，大家早安。歡迎參加家得寶 2025 年第一季財報電話會議。今天參加我們電話會議的有董事長、總裁兼執行長 Ted Decker；安瑪莉‧坎貝爾 (Ann-Marie Campbell)，資深執行副總裁；商品銷售執行副總裁 Billy Bastek；以及執行副總裁兼財務長理查德‧麥克菲爾 (Richard McPhail)。

Following our prepared remarks, the call will be open for questions. Questions will be limited to analysts and investors. And as a reminder, please limit yourself to one question with one follow-up. If we are unable to get to your question during the call, please call investor relations at 770-384-2387.

在我們準備好發言之後，電話會議將開放提問。問題僅限於分析師和投資者。提醒一下，請限制自己只問一個問題並進行一次跟進。如果我們無法在通話中回答您的問題，請撥打投資者關係電話 770-384-2387。

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

在我將電話轉給泰德之前，請允許我提醒您，今天的新聞稿和我們高層所做的陳述包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。

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 most recent annual report on Form 10-K and other filings with the SEC.

這些聲明受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。這些風險和不確定性包括但不限於本新聞稿以及我們最近的 10-K 表年度報告和向美國證券交易委員會提交的其他文件中確定的因素。

Today's presentation will also include certain non-GAAP measures, including but not limited to adjusted operating margin, adjusted diluted earnings per share, and return on invested capital. For a reconciliation of these and other non-GAAP measures to the corresponding GAAP measures, please refer to our earnings press release on our website. Now let me turn the call over to Ted.

今天的報告還將包括某些非公認會計準則指標，包括但不限於調整後的營業利益率、調整後的每股稀釋收益和投資資本回報率。有關這些和其他非 GAAP 指標與相應的 GAAP 指標的對賬，請參閱我們網站上的收益新聞稿。現在讓我把電話轉給泰德。

Thank you, Isabel, and good morning everyone. Sales for the first quarter were $39.9 billion, up 9.4% from the same period last year. Comp sales declined 0.3% from the same period last year, and comps in the US increased 0.2%. Adjusted diluted earnings per share were $3.56 in the first quarter compared to $3.67 in the first quarter last year.

謝謝你，伊莎貝爾，大家早安。第一季銷售額為399億美元，比去年同期成長9.4%。與去年同期相比，同店銷售額下降了 0.3%，而美國同店銷售額則成長了 0.2%。第一季調整後每股攤薄收益為 3.56 美元，去年同期為 3.67 美元。

Our first quarter results were in line with our expectations, despite unfavorable weather in February and unplanned pressure from foreign exchange rates. In local currency, Canada posted comps below the company average, while Mexico posted positive comps.

儘管二月天氣惡劣且外匯匯率帶來意外壓力，但我們第一季的業績符合預期。以當地貨幣計算，加拿大的年比銷售額低於公司平均水平，而墨西哥的年銷售額則為正值。

The momentum in the business during the back half of fiscal 2024 continued into the first quarter. Our customers engaged across smaller projects and in our spring events. Our associates remain focused in the quarter, and we feel great about our store readiness and product assortment as spring continues to break across the country.

2024 財年下半年的業務動能延續到了第一季。我們的客戶參與了小型專案和春季活動。我們的員工在本季度仍然保持專注，隨著春季在全國範圍內持續到來，我們對商店的準備情況和產品分類感到非常滿意。

Let me take a moment to comment on our global sourcing strategy. Today, more than 50% of our purchases are sourced in the United States. Over the last several years, we have worked diligently with our vendors to further diversify our global supply chain.

請容許我花一點時間來評論一下我們的全球採購策略。如今，我們 50% 以上的採購均來自美國。過去幾年來，我們一直與供應商密切合作，進一步實現全球供應鏈的多樣化。

During that period, the vast majority of our supplier partners developed diversified sourcing strategies across several countries, including the United States.

在此期間，我們的絕大多數供應商合作夥伴在包括美國在內的多個國家製定了多元化的採購策略。

As a result, we now have tremendous sourcing flexibility. We are already taking action and anticipate that 12 months from now no single country outside of the United States will represent more than 10% of our purchases.

因此，我們現在擁有極大的採購彈性。我們已經採取行動，並預計從現在起 12 個月內，除美國之外，沒有任何一個國家占我們購買量的 10% 以上。

Our team has effectively navigated many economic cycles. We believe we have the best merchants, supply chain, and finance teams with exceptional tools to help us understand cost impacts by country at the SKU level.

我們的團隊已經有效地度過了許多經濟週期。我們相信，我們擁有最好的商家、供應鏈和財務團隊，以及卓越的工具來幫助我們了解各國在 SKU 層級的成本影響。

We also have robust product and project elasticity models at the market level. We have strategic vendor partners who understand the need to deliver the right value proposition to our customers. We remain bullish on the fundamentals of home improvement and are confident that we are best positioned to win.

我們在市場層面也擁有強大的產品和專案彈性模型。我們擁有策略供應商合作夥伴，他們了解向客戶提供正確價值主張的必要性。我們仍然看好家居裝修的基本面，並相信我們處於最有利的位置以贏得勝利。

We operate in a highly fragmented addressable market of approximately $1 trillion and our consumer, the homeowner, remains healthy.

我們在一個高度分散的潛在市場中運營，其規模約為 1 兆美元，我們的消費者（房主）仍然保持健康。

For most people, their home is their biggest asset, and home prices continue to rise. This has led to record levels of home equity, giving our customers confidence to invest in their homes.

對大多數人來說，房子是他們最大的資產，房價持續上漲。這使得房屋淨值達到了創紀錄的水平，讓我們的客戶有信心投資自己的房屋。

The housing stock is aging and 55% of homes are 40 years or older. And we know that as homes get older, they require more maintenance and updates. We will continue investing in our business to ensure we are best-positioned to gain market share, particularly in periods of disruption.

房屋存量正在老化，55% 的房屋已有 40 年或更長。我們知道，隨著房屋老化，它們需要更多的維護和更新。我們將繼續投資我們的業務，以確保我們處於最佳位置來獲得市場份額，特別是在混亂時期。

Our associates have never been more engaged and ready to serve our customers. You'll hear more from Ann in a moment, but we remain focused on our associates because we know that if we take care of our associates, they will take care of the customer, and everything else will take care of itself.

我們的員工從未像現在這樣投入並隨時準備為客戶服務。稍後您將聽到安的更多發言，但我們仍然關注我們的員工，因為我們知道，如果我們照顧好我們的員工，他們就會照顧好客戶，其他一切都會水到渠成。

We're also focused on maturing our Pro ecosystem to better serve Pros working on large, complex projects. SRS is now managing our trade credit program, and we are seeing tremendous results as we onboard Pros to the program. And SRS continues to perform above our expectations as our teams work together to gain share.

我們也致力於完善我們的專業生態系統，以便更好地服務從事大型複雜專案的專業人士。SRS 目前正在管理我們的貿易信用計劃，隨著我們將專業人士納入該計劃，我們看到了巨大的成果。由於我們的團隊齊心協力擴大市場份額，SRS 的表現持續超出我們的預期。

Despite the continued pressure and volatility across the market, our merchants, store and met teams, and supplier partners and supply chain teams did an outstanding job serving our customers. I'd like to close by thanking them for their dedication and hard work and also our thoughts are with those impacted by the severe storms and tornadoes yesterday. With that, let me turn the call over to Ann.

儘管市場持續面臨壓力和波動，我們的商家、商店和會場團隊、供應商合作夥伴和供應鏈團隊仍出色地為客戶服務。最後，我要感謝他們的奉獻和辛勤工作，我們也向昨天遭受嚴重風暴和龍捲風襲擊的人們表示慰問。說完這些，讓我把電話轉給安。

Thanks, Ted, and good morning everyone. As you heard from Ted, we continue to invest in our business with a focus on taking care of our associates and customers. We know that having the best customer shopping experience in home improvement makes a significant difference and drive sales.

謝謝，泰德，大家早安。正如泰德所說，我們將繼續投資我們的業務，重點是照顧我們的員工和客戶。我們知道，在家庭裝修方面擁有最佳的客戶購物體驗會產生重大的影響並推動銷售。

Our stores are at the heart of the Home Depot experience and our associates' deep product and project knowledge differentiates us from our competitors. Customers come to the Home Depot to solve their home improvement problems and build their dreams, and it is our job to consistently deliver the best interconnected shopping experience.

我們的商店是家得寶體驗的核心，我們的員工對產品和項目的深刻了解使我們有別於競爭對手。顧客來到家得寶是為了解決他們的家居裝修問題並實現他們的夢想，而我們的工作就是始終如一地提供最佳的互聯購物體驗。

To do that, we must be laser focused on our associates and showing that we are providing the tools they need to continue to be engaged, knowledgeable, and ready to serve our customers.

為了做到這一點，我們必須全心全意關注我們的員工，並向他們表明我們正在提供他們所需的工具，使他們能夠繼續參與、掌握知識並隨時準備為我們的客戶提供服務。

Our business isn't unique in that it provides our customers with what we refer to as a three-legged stool, having the best assortment, value, and exceptional customer service, and we are continuously reinforcing that with our teams. One way we do this is at a store managers meeting which we held in March.

我們的業務並不獨特，因為它為客戶提供了我們所說的三條腿的凳子，擁有最好的品種、價值和卓越的客戶服務，我們正在透過團隊不斷強化這一點。我們這樣做的一個方法是在三月召開商店經理會議。

That's where we celebrate the hard work and dedication of our 2,300-plus store leaders and 200 distribution center general managers, among others. It is a fantastic event that reminds all leaders of what really matters, delivering a high level of service.

在這裡，我們慶祝 2,300 多名商店領導和 200 名配送中心總經理等人的辛勤工作和奉獻精神。這是一個精彩的活動，它提醒所有領導者什麼才是真正重要的，即提供高水準的服務。

And we do this by creating a learning environment that empowers our associates with the knowledge and tools to have the confidence to sell. To do this, we are continuing to leverage existing tools like PocketGuide, an application on the HD phone that provides extensive product knowledge, including tutorials and how to guide.

我們透過創建學習環境來實現這一目標，該環境使我們的員工掌握知識和工具，從而有信心進行銷售。為此，我們將繼續利用現有工具，例如 PocketGuide，這是高清手機上的應用程序，提供廣泛的產品知識，包括教程和操作指南。

We are also investing in additional training opportunities. This quarter, we launched a certification for live good associates, providing them a deeper level of localized product knowledge to drive incremental sales in our biggest selling season.

我們也投資了額外的培訓機會。本季度，我們推出了針對現場優質員工的認證，為他們提供更深層的在地化產品知識，以在我們最大的銷售季節推動銷售增量。

And we are introducing new tools using generative AI that leverages our internal data and deep knowledge base to provide store associates quick access to operational and product knowledge via their HD phone. These tools, coupled with a multitude of other investments to drive better service, on-shelf availability and better insights into our customers' projects, help us win with all of our customers, DIYs, and Pros.

我們正在推出使用生成式人工智慧的新工具，利用我們的內部數據和深度知識庫，讓店員能夠透過高清手機快速獲取營運和產品知識。這些工具，加上大量其他投資，可以帶來更好的服務、更高的現貨供應率以及對客戶專案的更深入洞察，幫助我們贏得所有客戶、DIY 愛好者和專業人士的青睞。

Recently, we conducted our annual Voice of the Associate survey, which show improvement score, particularly in development. It is clear that as we invest more broadly in our associates, including through tools and education, we continue to see record retention rates, better engagement, and improved customer service.

最近，我們進行了年度「員工之聲」調查，結果顯示得分有所提高，特別是在發展方面。顯然，隨著我們對員工進行更廣泛的投資，包括透過工具和教育，我們繼續看到創紀錄的保留率、更好的參與度和改進的客戶服務。

I am so excited about all we are doing for our associates to help them better serve customers and ultimately drive increased customer satisfaction and sales. Our main associates continue to go above and beyond to serve our customers regardless of the external environment, and I want to thank them for all that they do. With that, let me turn the call over to Billy.

我對我們為員工所做的一切感到非常興奮，幫助他們更好地服務客戶，並最終提高客戶滿意度和銷售。無論外部環境如何，我們的主要員工都繼續竭盡全力為客戶服務，我要感謝他們所做的一切。說完這些，讓我把電話轉給比利。

Thank you, Ann, and good morning, everyone. I want to start by also thanking all of our associates and supplier partners for their ongoing commitment to serving our customers and communities. In particular and as you heard from Ted, we are well-positioned to navigate the current macroeconomic environment.

謝謝你，安，大家早安。首先，我還要感謝我們所有的同事和供應商合作夥伴，感謝他們持續致力於服務我們的客戶和社區。特別是，正如您從泰德那裡聽到的，我們已準備好應對當前的宏觀經濟環境。

Our best-in-class merchants, supply chain, and finance teams provide us with a competitive advantage and continue to position us for success. Their knowledge base and the tools that they have developed over the years provide us with visibility at the SKU level to help inform our global sourcing strategy. And this deep business understanding, coupled with the strong collaboration with our vendor partners, is what enables us to move quickly to accelerate sourcing diversification.

我們一流的商家、供應鏈和財務團隊為我們提供了競爭優勢，並繼續為我們取得成功奠定基礎。他們的知識庫和多年來開發的工具為我們提供了 SKU 層級的可視性，有助於我們制定全球採購策略。這種深刻的業務理解，加上與供應商合作夥伴的密切合作，使我們能夠快速採取行動，加速採購多樣化。

Turning to our first quarter results. As you heard from Ted, our performance during the first quarter was in line with our expectations despite unfavorable weather that impacted February. As the weather improved throughout the quarter, we experienced similar engagement compared to what we saw in the back half of fiscal 2024, with customers taking on smaller home improvement-related projects. However, the higher interest rate environment continues to pressure larger remodeling projects.

談到我們的第一季業績。正如泰德所說，儘管二月天氣不佳，但我們第一季的業績符合預期。隨著整個季度天氣好轉，我們經歷了與 2024 財年下半年類似的參與度，客戶承接了規模較小的家居裝修相關項目。然而，較高的利率環境繼續給大型改造項目帶來壓力。

In the first quarter, 6 of our 16 merchandising departments posted positive comps, including appliances, plumbing, indoor garden, electrical, outdoor garden, and building materials. During the first quarter, our comp average ticket was essentially flat, and comp transactions decreased 0.5%.

在第一季度，我們 16 個商品部門中有 6 個部門的業績表現良好，包括家電、管道、室內花園、電氣、室外花園和建築材料。第一季度，我們的同店平均票價基本上持平，同店交易量下降了 0.5%。

Inflation from core commodity categories positively impacted our average ticket by approximately 30 basis points, driven by inflation in lumber and copper. Additionally, during the quarter, we continued to see our customers trading up for new and innovative products. Big ticket comp transactions for those over $1,000, were positive 0.3% compared to the first quarter of last year.

受木材和銅價格通膨的推動，核心商品類別的通膨對我們的平均票價產生了約 30 個基點的正面影響。此外，在本季度，我們繼續看到客戶購買新的創新產品。超過 1,000 美元的大額交易與去年第一季相比增長了 0.3%。

We were pleased with the performance we saw in categories such as building materials, lumber and hardware. However, we continue to see softer engagement in larger discretionary projects where customers typically use financing to fund the project, such as kitchen and bath remodels. During the first quarter, ProCom sales were positive and outpaced the DIY customer. In the first quarter, we saw strength across many pro-heavy categories like gypsum, decking, concrete, and siding.

我們對建築材料、木材和五金等類別的表現感到滿意。然而，我們仍然看到，客戶在大型可自由支配項目中的參與度有所下降，這些項目通常使用融資來資助項目，例如廚房和浴室改造。第一季度，ProCom 的銷售額呈正成長，超過了 DIY 客戶。在第一季度，我們看到石膏、地板、混凝土和壁板等許多重金屬類別表現強勁。

Turning to total company online comp sales. Sales leveraging our digital platforms increased approximately 8% compared to the first quarter of last year. We continue to invest in enhancing our interconnected experience, and this quarter we continued to lean into marketing our speed of delivery, and that is resonating with our customers.

轉向公司線上銷售總額。利用我們的數位平台的銷售額與去年第一季相比成長了約 8%。我們將繼續投資以增強我們的互聯體驗，本季我們繼續傾向於行銷我們的交付速度，這引起了客戶的共鳴。

Those customers benefiting from faster delivery are engaging more and spending more with us across our categories. Additionally, during the back half of last year, we began rolling out a new feature on our website called Magic Apron, a generative AI tool that helps customers find the answers they need related to their home improvement projects.

那些受益於更快送貨服務的客戶在我們各個產品類別中參與度更高，消費也更多。此外，去年下半年，我們開始在我們的網站上推出一項名為 Magic Apron 的新功能，這是一種生成式 AI 工具，可以幫助客戶找到與他們的家居裝修項目相關的所需答案。

Whether summarizing product reviews or answering live questions with our proprietary expertise, Magic Apron has seen strong customer engagement contributing to growth in online conversion.

無論是總結產品評論還是利用我們的專有專業知識回答現場問題，Magic Apron 都看到了強大的客戶參與度促進了線上轉換率的成長。

Our customers have always relied on the expertise of our associates and our stores to answer questions and help them solve problems. Magic Apron is designed to bring that same expertise to the digital world, leveraging our proprietary knowledge base to support our customers and give them the confidence to tackle their home improvement projects anytime, anywhere.

我們的客戶始終依賴我們的員工和商店的專業知識來解答疑問並幫助他們解決問題。Magic Apron 旨在將同樣的專業知識帶入數位世界，利用我們專有的知識庫來支持我們的客戶，讓他們有信心隨時隨地處理他們的家居裝修專案。

In the first quarter, we were extremely pleased to announce an expanded relationship with BEHR to exclusively offer KILZ branded prime products in the United States.

第一季度，我們非常高興地宣布擴大與 BEHR 的合作關係，在美國獨家供應 KILZ 品牌的優質產品。

With our new exclusive agreement, The Home Depot will become the only home improvement big-box retailer to offer KILZ branded primer products, including KILZ Original, All Purpose, Premium, Restoration and more problem-solving primer products and aerosols. This new exclusive agreement will deepen our relationship with our Pro customers, allowing us to continue to gain share in this important space.

透過我們的新獨家協議，家得寶將成為唯一提供 KILZ 品牌底漆產品的家居裝飾大型零售商，包括 KILZ Original、All Purpose、Premium、Restoration 和更多解決問題的底漆產品和氣霧劑。這項新的獨家協議將加深我們與專業客戶的關係，使我們能夠繼續在這一重要領域獲得份額。

During the first quarter, we also hosted our annual Spring Black Friday and Spring Gift Center events and saw strong performance across both events. Our merchants did a fantastic job curating the best products, and we saw strong engagement with our customers throughout the event.

在第一季度，我們還舉辦了一年一度的春季黑色星期五和春季禮品中心活動，並在兩場活動中都取得了強勁的表現。我們的商家在挑選最佳產品方面做得非常出色，並且我們在整個活動期間都看到了與客戶的密切互動。

We're pleased with the results we saw, particularly in categories like appliances, power tools, grills, and paint. As we look forward to the second quarter, we are ready for spring across all our product categories. Our live goods look incredible with everything from shrubs to a variety of flowers, herbs and vegetables for every type of gardener.

我們對看到的結果感到滿意，特別是在家用電器、電動工具、烤架和油漆等類別中。展望第二季度，我們已為所有產品類別的春季做好準備。我們的活體植物種類繁多，從灌木到各種花卉、草本植物和蔬菜，應有盡有，適合各種園丁。

Our merchants partner each year with global, regional, and local readers to make sure we have the right plans with the right attributes to ensure that our customers will have success in their gardens. The innovation we continue to bring in this space helps bring gardening confidence, creating brand loyalty, while also putting our customers in a position to succeed in their gardens.

我們的商家每年都會與全球、地區和本地讀者合作，以確保我們擁有具有正確屬性的正確計劃，從而確保我們的客戶在他們的花園中取得成功。我們在這個領域不斷引入的創新有助於增強園藝信心，創造品牌忠誠度，同時也使我們的客戶能夠在他們的花園中取得成功。

We're excited about spring breaking across the country, and we remain ready to help our customers with all of their outdoor projects and outdoor living needs. With that, I'd like to turn the call over to Richard.

我們對全國各地的春假感到興奮，我們隨時準備好幫助我們的客戶完成他們所有的戶外項目和戶外生活需求。說完這些，我想把電話轉給理查。

Thank you, Billy, and good morning, everyone. In the first quarter, total sales were $39.9 billion, an increase of $3.4 billion, or approximately 9.4% from last year. During the first quarter, our total company comps were negative 0.3% with comps of negative 3.6% in February, positive 0.6% in March, and positive 1.1% in April. Comps in the US were positive 0.2% for the quarter, with comps of negative 3.3% in February, positive 1.3% in March, and positive 1.8% in April.

謝謝你，比利，大家早安。第一季總銷售額為399億美元，比去年同期增加34億美元，增幅約9.4%。第一季度，我們公司整體營業利潤為負 0.3%，其中 2 月份營業利潤為負 3.6%，3 月份營業利潤為正 0.6%，4 月份營業利潤為正 1.1%。本季美國同店銷售額為正 0.2%，其中 2 月同店銷售額為負 3.3%，3 月同店銷售額為正 1.3%，4 月同店銷售額為正 1.8%。

For the quarter and in local currency, Mexico posted positive comps, whereas Canada was below the company average. Additionally, foreign exchange rates negatively impacted total company comps by approximately 70 basis points for the quarter.

就本季而言，以當地貨幣計算，墨西哥的銷售額為正，而加拿大的銷售額則低於公司平均值。此外，外匯匯率對本季公司整體業績產生了約 70 個基點的負面影響。

In the first quarter, our gross margin was 33.8%, a decrease of approximately 35 basis points from the first quarter of last year, reflecting a change in mix as a result of the SRS acquisition, partially offset by benefits from lower shrink and supply chain productivity.

第一季度，我們的毛利率為 33.8%，較去年第一季下降約 35 個基點，反映了收購 SRS 導致的產品組合變化，但損耗減少和供應鏈生產力下降的好處部分抵消了這一影響。

During the first quarter, operating expense as a percent of sales increased approximately 70 basis points to 20.9% compared to the first quarter of 2024. Our operating expense performance was in line with our expectations.

第一季度，營業費用佔銷售額的百分比與 2024 年第一季相比增加了約 70 個基點，達到 20.9%。我們的營運費用表現符合我們的預期。

Our operating margin for the first quarter was 12.9% compared to 13.9% in the first quarter of 2024. In the quarter, pretax intangible asset amortization was $139 million. Excluding the intangible asset amortization in the quarter, our adjusted operating margin for the first quarter was 13.2% compared to 14.1% in the first quarter of 2024.

我們第一季的營業利潤率為 12.9%，而 2024 年第一季為 13.9%。本季度，稅前無形資產攤銷為 1.39 億美元。不包括本季的無形資產攤銷，我們第一季的調整後營業利潤率為 13.2%，而 2024 年第一季為 14.1%。

Interest and other expense for the first quarter increased by $163 million to $591 million due primarily to higher debt balances than a year ago. In the first quarter, our effective tax rate was 24.4% compared to 22.6% in the first quarter of fiscal 2024.

第一季的利息和其他支出增加了 1.63 億美元，達到 5.91 億美元，主要原因是債務餘額高於去年同期。第一季度，我們的有效稅率為 24.4%，而 2024 財年第一季為 22.6%。

Our diluted earnings per share for the first quarter were $3.45 compared to $3.63 in the first quarter of 2024. Excluding intangible asset amortization, our adjusted diluted earnings per share for the first quarter were $3.56, a decrease of approximately 3% compared to the first quarter of 2024.

我們第一季的每股攤薄收益為 3.45 美元，而 2024 年第一季為 3.63 美元。不包括無形資產攤銷，我們第一季的調整後每股攤薄收益為 3.56 美元，與 2024 年第一季相比下降約 3%。

During the first quarter, we opened three new stores, bringing our total store count to 2,350. At the end of the quarter, merchandise inventories were $25.8 billion, up approximately $3.3 billion compared to the first quarter of 2024, and inventory turns were 4.3 times, down from 4.5 times last year.

第一季度，我們開設了 3 家新店，使我們的門市總數達到 2,350 家。本季末，商品庫存為258億美元，較2024年第一季增加約33億美元，庫存週轉率為4.3次，低於去年的4.5次。

Turning to capital allocation. During the first quarter, we invested approximately $800 million back into our business in the form of capital expenditures. And during the quarter, we paid approximately $2.3 billion in dividends to our shareholders. Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was 31.3%, down from 37.1% in the first quarter of fiscal 2024.

轉向資本配置。第一季度，我們以資本支出的形式向我們的業務重新投資了約 8 億美元。本季度，我們向股東支付了約 23 億美元的股息。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，投資資本回報率為 31.3%，低於 2024 財年第一季的 37.1%。

Now I will comment on our outlook for fiscal 2025. Excluding the unplanned FX rate pressure, our performance during the first quarter was in line with our expectations. The customer engagement we saw in the back half of 2024 continued into the first quarter and through the first two weeks of the second quarter. In addition, we are confident that we will be able to effectively navigate the environment as it stands today.

現在我將評論一下我們對 2025 財年的展望。除去計劃外的匯率壓力，我們第一季的業績符合預期。我們在 2024 年下半年看到的客戶參與度持續到了第一季以及第二季的前兩週。此外，我們有信心能夠有效地應對當前的環境。

As a result, we are reaffirming our fiscal 2025 guidance. We expect total sales growth to outpace sales comp with sales growth of approximately 2.8% and comp sales growth of approximately positive 1% compared to fiscal 2024.

因此，我們重申 2025 財年指引。我們預計，與 2024 財年相比，總銷售額成長將超過銷售額成長，銷售額成長約 2.8%，銷售額成長約為正 1%。

Our gross margin is expected to be approximately 33.4%, essentially flat compared to fiscal 2024. Further, we expect operating margin of approximately 13% and adjusted operating margin of approximately 13.4%. This primarily reflects natural deleverage from sales and continued investments across the business, as well as reflecting the mix impact from the SRS acquisition. Our effective tax rate is targeted at approximately 24.5%. We expect net interest expense of approximately $2.2 billion.

我們的毛利率預計約為 33.4%，與 2024 財年相比基本持平。此外，我們預期營業利潤率約為 13%，調整後營業利潤率約為 13.4%。這主要反映了銷售和整個業務的持續投資帶來的自然去槓桿，以及 SRS 收購帶來的組合影響。我們的有效稅率目標約為24.5%。我們預計淨利息支出約為 22 億美元。

We expect our diluted earnings per share to decline approximately 3% compared to fiscal 2024 when comparing the 52 weeks in fiscal 2025 to the 53 weeks in fiscal 2024. And we expect our adjusted diluted earnings per share to decline approximately 2% compared to fiscal 2024.

我們預計，將 2025 財年的 52 週與 2024 財年的 53 週進行比較，我們的每股稀釋收益將比 2024 財年下降約 3%。我們預計調整後每股攤薄收益將與 2024 財年相比下降約 2%。

On a 52-week basis, adjusted diluted earnings per share would be essentially flat compared to fiscal 2024. We plan to continue investing in our business with capital expenditures of approximately 2.5% of sales for fiscal 2025.

以 52 週計算，調整後的每股稀釋收益與 2024 財年相比基本持平。我們計劃繼續投資我們的業務，2025財年的資本支出約為銷售額的2.5%。

We believe that we will grow market share in any environment by strengthening our competitive position with our customers and delivering the best customer experience and home improvement. Thank you for your participation in today's call. Christine, we are now ready for questions.

我們相信，透過加強我們與客戶的競爭地位並提供最佳的客戶體驗和家居裝修，我們將在任何環境下擴大市場份額。感謝您參加今天的電話會議。克里斯汀，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Christopher Horvers, J.P. Morgan.

克里斯多福‧霍弗斯 (J.P. Morgan)。

Thanks. So there's a lot of noise out there with the weather, which you called out, perhaps some CNN effect given the new cycle. So I want to get more insights on how you would characterize the overall demand environment. Do you think there was any uncertainty impact of sales trends in 1Q that could actually be understating the actual momentum in the business?

謝謝。所以，正如您所說，天氣方面存在著許多噪音，考慮到新的周期，這可能是 CNN 的一些影響。因此，我想進一步了解您如何描述整體需求環境。您是否認為第一季銷售趨勢的不確定性影響實際上可能低估了業務的實際發展勢頭？

And then more broadly, with respect to the momentum that emerged in the back half of last year, as we think about an environment where existing home sales is flat, wouldn't replacement cycles portend acceleration from the trends that you exited 2024 with, especially if there's a pickup in inflation?

然後更廣泛地講，就去年下半年出現的勢頭而言，當我們考慮現有房屋銷售持平的環境時，更換週期是否預示著 2024 年後趨勢的加速，特別是在通貨膨脹上升的情況下？

Chris, thanks for that question. Let me just raise up a bit as how we see overall consumer and then drill down a little bit into that specific question. I think from the macro, the worst concerns, I think, have passed. We've gone from a dynamic of where we were -- kind of have a near certain recession and stock market correction in early April to where today, stock markets fully recovered. Recession expectations are way down in the past month.

克里斯，謝謝你的提問。讓我先簡單談談我們如何看待整體消費者，然後再深入探討這個具體問題。我認為從宏觀角度來看，最糟糕的擔憂已經過去了。我們已經從 4 月初幾乎肯定會出現經濟衰退和股市調整的狀態轉變為如今股市完全復甦的狀態。過去一個月，經濟衰退預期大幅下降。

Morning Consult just came out with their daily consumer sentiment tracking that showed significant improvement just in the last two weeks. We know unemployment remains low. TCE grew nicely in April after a very strong March print, and inflation is trending down towards 2% in April. Home prices also continue to increase nationally.

Morning Consult 剛發布了每日消費者情緒追蹤報告，顯示過去兩週消費者情緒出現顯著改善。我們知道失業率仍然很低。繼 3 月強勁成長之後，4 月 TCE 成長良好，4 月通膨率呈下降趨勢，接近 2%。全國房價也持續上漲。

But as you said, with interest rates and mortgage rates remaining stubbornly high, housing turnover has remained at decades long lows. And starts are flat. So you would think you've heard us talk before with so much home equity built up, our consumer has a job increasing wages, increases of home equity are up as much as 50% since the end of '19, why haven't we seen the larger remodeling cycle, particularly as people stay in their homes. And again, we've cited the increased engagement in Q4 of 2024 and how that continued into the first quarter of 2025.

但正如您所說，由於利率和抵押貸款利率持續居高不下，房屋週轉率一直處於幾十年來的低點。並且開局平淡。因此，您可能會認為您之前聽過我們談論過，隨著房屋淨值不斷積累，我們的消費者有工作，工資不斷增加，自 19 年底以來，房屋淨值增長了 50％，為什麼我們沒有看到更大規模的改造週期，特別是當人們呆在自己的家中時。我們再次提到了 2024 年第四季參與度的提高以及這種趨勢如何持續到 2025 年第一季。

But we've yet to see that large project. The large project generally requires some sort of financing. And while there are literally trillions of dollars of equity available to be tapped in the homes, I think there's still enough macro uncertainty. And again, those stubbornly high interest rates that people are painting again and working in their yards and doing smaller projects but just have not engaged in the larger projects.

但我們還沒有看到這個大型專案。大型專案通常需要某種形式的融資。儘管實際上有數萬億美元的房地產資產可供利用，但我認為仍然存在足夠的宏觀不確定性。而且，由於利率居高不下，人們又開始粉刷房屋、在自家院子裡工作、做一些小項目，但卻沒有參與大型項目。

Now obviously, we think that will increase. We cited last quarter that we're now a net cumulative shortfall of about $50 billion of home improvement spend on housing. So we're very much looking forward to it as much as you are when people tap their equity, gain the stronger macro confidence and engage in those bigger projects.

顯然，我們認為這個數字還會增加。我們上個季度曾提到，目前我們在住房改善支出方面的淨累計缺口約為 500 億美元。因此，我們和你們一樣，非常期待人們能夠利用自己的股權，獲得更強大的宏觀信心並參與那些更大的專案。

And then my follow-up on the SG&A line. SG&A, I think, grew 12% year over year this quarter. There's a pretty sizable step-up from the underlying growth rate of the past few quarters. Can you talk about -- was there anything one-time in that, that maybe the Street missed? And how are you thinking about SG&A growth as the year progresses?

然後我跟進銷售、一般及行政費用 (SG&A) 線。我認為本季銷售、一般及行政費用年增了 12%。與過去幾季的基本成長率相比，這是一個相當大的進步。您能談談——其中是否有華爾街可能忽略的一次性事件嗎？那麼您如何看待今年銷售、一般及行政費用的成長？

Yeah. Thanks, Chris. So we did -- as we've said, operating expenses can show a little bit of variability from quarter to quarter. In this case, we're overlapping a legal settlement of some size in Q1 of last year. So that did have an impact. You also have to remember, we're adding the SRS expenses to our expense base. That didn't exist in Q1 of last year.

是的。謝謝，克里斯。所以我們確實這樣做了——正如我們所說，營運費用每季都會出現一些變化。在這種情況下，我們在去年第一季達成了一定規模的法律和解。所以這確實產生了影響。您還必須記住，我們正在將 SRS 費用添加到我們的費用基礎中。去年第一季還不存在這種情況。

And so when you take that noise out, we levered expenses exactly how we would have expected to in a comp environment like this. Our operators are managing their portfolios exactly how we would hope. And frankly, kicking up to the cost of goods sold, if I may, just for a moment, call out our incredible merchants and supply chain and operations teams who again show us great results in supply chain productivity and in shrink results.

因此，當你消除這些噪音時，我們就能按照我們在這樣的競爭環境中所預期的方式利用費用。我們的營運商正在按照我們所希望的方式管理他們的投資組合。坦白說，談到銷售成本，如果可以的話，我暫時要讚揚我們出色的商家、供應鏈和營運團隊，他們再次向我們展示了供應鏈生產力和收縮結果方面的出色成果。

So for the remainder of the year, just kind of zooming back out, we've reaffirmed guidance. And let me just kind of reorient you to the year-over-year expectation. So year over year, '24 to '25, operating margin will decline from 13.8% to 13.4%. About 20 basis points of that is from what you would expect, natural deleverage, right? We typically lever at around 3 points of comp.

因此，對於今年剩餘的時間，我們只是稍微縮小規模，重申了指導方針。讓我重新向您介紹一下同比預期。因此，與去年同期相比，24 年至 25 年的營業利潤率將從 13.8% 下降至 13.4%。其中約 20 個基點符合您的預期，即自然去槓桿，對嗎？我們通常會將槓桿率設定在 3 個點左右。

So if you say -- at 1 point of comp, we've got kind of 2 points of deleverage headwind. 2x, about 10 basis points each gives you about 20 basis points of deleverage. So that's 20 of the 40. Then 15 of the 40 is the partial year-over-year impact of SRS. We will own SRS 12 months this year, we owned them for about 7 months last year.

所以如果你說——在 1 個點的比較下，我們就會面臨 2 個點的去槓桿逆風。 2 倍，每次約 10 個基點可為您帶來約 20 個基點的去槓桿。這就是 40 個中的 20 個。那麼 40 中的 15 是 SRS 的部分較去年同期影響。今年我們將擁有 SRS 12 個月，去年我們擁有它們約 7 個月。

So that 15 is the year-over-year impact. Think of the fully annualized impact of SRS, just mix impact being around 40 basis points to adjusted operating margin, but the year over year is 15. So that's 20 from deleverage, 15 from SRS and the remaining 5 is caused by going from a 53rd week year to a 52-week year.

因此 15 是同比影響。想想 SRS 的完全年度化影響，僅混合影響就對調整後的營業利潤率產生了約 40 個基點的影響，但同比則為 15。因此，其中 20 來自去槓桿，15 來自 SRS，剩餘 5 是由於從第 53 週年份變為 52 週年份造成的。

Underlying all that, we are generating fantastic productivity which we are reinvesting in the business to put ourselves in a position to take share in any environment.

在這一切的背後，我們正在創造驚人的生產力，並將其重新投資於業務，使我們在任何環境中佔有一席之地。

Thank you. Have a great rest of the spring.

謝謝。祝您有個愉快的春天。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

I want to follow up on the comp guidance for the year, the April exit and then May commentary sounds good, close to 2. SRS will kick up, I think, at some point in the second quarter. And I also think the back half was always expected to be a little bit better than the first half. So curious what -- if there's any added caution or just prudence in how you're setting it up. You could get to 1.5 to 2.

我想跟進今年的業績指引，四月份的退出和五月份的評論聽起來不錯，接近 2。我認為，SRS 將在第二季的某個時候啟動。而且我還認為，人們一直期望後半段比前半段好一點。所以很好奇——您在設置時是否有任何額外的注意事項或謹慎。你可以達到 1.5 到 2。

I'm not trying to get you on that. But if trends that you're seeing today hold, you should do a little bit better maybe than the guidance? Or is there some extra caution you're putting in with housing?

我並不是想讓你參與這件事。但是，如果您今天看到的趨勢保持不變，那麼您的表現可能會比指導值更好一些？或者您在住房方面是否採取了額外的謹慎措施？

Simeon, thank you for the question. We're one quarter in. The team did an awesome job of hitting our expectations. But for the FX pressure, which was $270 million -- sorry, $275 million on the top line, without that FX pressure, we would have exceeded our own expectations. But we're at quarter end. We feel good about the business heading into Q2. But right now, we feel good about reaffirming our guidance where it is.

西緬，謝謝你的提問。我們已經進行了四分之一。團隊出色地完成了工作，滿足了我們的期望。但對於外匯壓力而言，也就是 2.7 億美元——抱歉，是 2.75 億美元的營收壓力，如果沒有外匯壓力，我們就會超出自己的預期。但我們已經到了季度末。我們對第二季的業務前景感到樂觀。但現在，我們很高興能夠重申我們的指導方針。

Okay. A follow-up on sales related to SRS. Can you talk about how much of a catalyst either order management or trade credits have been or starting to be? And then within that if you're willing to share the relative strength of SRS businesses between roofing, pool and landscape.

好的。對 SRS 相關銷售的後續。您能否談談訂單管理或貿易信用已經或開始發揮多大的催化作用？然後，如果您願意分享 SRS 業務在屋頂、游泳池和景觀之間的相對優勢。

Hey, Simeon. We're super pleased with SRS performance. If you just look at their growth by the three verticals they operate in, we exceeded our expectation. We believe they're taking share in each of those three verticals. So could be happier with SRS.

嘿，西緬。我們對 SRS 的效能非常滿意。如果僅從他們所經營的三個垂直領域來看他們的成長情況，我們超出了我們的預期。我們相信他們在這三個垂直領域都佔有份額。因此，有了 SRS，我會更開心。

They are operating per their playbook of organic growth made up of comp branch growth and opening new branches as well as tuck-in acquisitions, and that is active in all three verticals.

他們按照有機成長策略運營，包括同業分支機構成長、開設新分支機構以及內部收購，並且活躍於所有三個垂直領域。

Then in terms of how they're helping us on our Pro ecosystem, the main thing they're working on right now is the trade credit program. So as we talked about the six broad capabilities of delivery and sales force and pricing and order management, et cetera, credit is a key component of that ecosystem.

那麼就他們如何幫助我們建立 Pro 生態系統而言，他們目前主要進行的是貿易信用計畫。因此，當我們談到交付和銷售團隊以及定價和訂單管理等六大功能時，信貸是這個生態系統的關鍵組成部分。

And as we started to build out that capability in-house, we said, well, geez, SRS, that's their business model. They have 90,000-plus accounts on trade credit. They have an extraordinarily capable set of managers and team members running that program for them.

當我們開始在內部建立這種能力時，我們說，好吧，天哪，SRS，這就是他們的商業模式。他們有超過 90,000 個貿易信用帳戶。他們擁有一群非常有能力的經理和團隊成員為他們運行這個專案。

So we just said rather than build it ourselves here in Atlanta, let's let SRS build that for us and run our credit out of Dallas, which they're doing.

所以我們只是說，我們不要自己在亞特蘭大建造它，而是讓 SRS 為我們建造它，並在達拉斯運行我們的信貸，他們正在這樣做。

So we're still very early days. We're in the thousands of accounts onboarded to a credit program with our Home Depot Core Pro. And like every bit of our capabilities, as our Pros engage in the new capabilities, whether it's be assigned a sales representative, engage in delivery, and now in this case, attaining a line of credit, we see accelerating comps.

因此我們還處於早期階段。我們已為數以千計的帳戶加入了 Home Depot Core Pro 的信用計劃。就像我們的每一項能力一樣，當我們的專業人員運用新的能力時，無論是指派銷售代表、參與交付，還是現在在這種情況下獲得信用額度，我們都會看到加速的競爭。

So really happy with how this is going and look forward to increase growth as we onboard more customers. Remember, we have millions of Pro customers. Not saying we're going to have millions of accounts anytime soon, but we're in the low single-digit thousands of onboarded accounts on our way to millions.

我對目前的進展感到非常高興，並期待隨著我們擁有更多的客戶，業務將進一步成長。請記住，我們有數百萬專業客戶。並不是說我們很快就會擁有數百萬個帳戶，但是我們目前擁有的帳戶數量只有幾千個，而且我們正在朝著數百萬的目標邁進。

And just one thing on the specific verticals, we feel great about performance across all three.

就具體垂直領域而言，我們對這三個領域的表現感到非常滿意。

Okay. Thanks. Have a great spring.

好的。謝謝。祝你春天愉快。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

My first question is on tariffs. So a little less than 50% of your sales are coming from outside of the US. They're currently anywhere from a 10% to 30% tariff on those goods. So we assume a blended rate of 20%, and The Home Depot is absorbing half of that, it would mean, on average, that's going to be about a 5% tariff on your cost of goods. How is The Home Depot approaching that from a pricing standpoint?

我的第一個問題是關於關稅的。因此，你們的銷售額中略低於 50% 來自美國以外。他們目前對這些商品徵收 10% 至 30% 的關稅。因此，我們假設混合稅率為 20%，而家得寶吸收了其中的一半，這意味著平均而言，您的商品成本將產生約 5% 的關稅。從定價角度來看，家得寶如何處理這個問題？

And if we assume you generally see pricing steady, does that offset or absorb some of the productivity, supply chain and shrink benefits that would potentially accrue to shareholders over the next few years that it potentially would not materialize? Now given they'll need to be used to offset the pricing -- the cost increases.

如果我們假設您普遍認為價格保持穩定，那麼這是否會抵消或吸收未來幾年股東可能獲得但可能不會實現的部分生產力、供應鏈和收縮收益？現在考慮到需要使用它們來抵消定價——成本就會增加。

Well, Michael, thanks for the question. So listen, you hit on a couple of the things that Ted mentioned in his prepared remarks, over 50 -- it's important, but over 50% of our purchases are sourced in the US, as you've mentioned, and we've been working with our suppliers for years. I mean, one of the hallmarks of Home Depot has always been diversification and diversifying with their supply chain.

好吧，邁克爾，謝謝你的提問。所以聽著，您提到了泰德在準備好的發言中提到的幾件事，超過 50%——這很重要，但正如您所提到的，我們超過 50% 的採購來自美國，而且我們已經與供應商合作多年。我的意思是，家得寶的標誌之一一直是多元化以及供應鏈的多元化。

So during that time, a majority of our suppliers have diversified their sourcing strategies across several countries. We've got tremendous flexibility here. I can't emphasize that enough. We're already taking action, moving quickly, and we anticipate 12 months from now that no single country outside of the US will actually represent more than 10% of our purchases.

因此，在此期間，我們的大多數供應商都已在多個國家實施了多元化採購策略。我們在這裡擁有極大的靈活性。我再怎麼強調這一點也不為過。我們已開始迅速採取行動，預計 12 個月後，除美國之外，沒有任何一個國家的採購量會超過我們採購量的 10%。

And so if you think about our scale, the great tremendous partnerships, I can't reiterate those enough that we have with our suppliers. And we mentioned productivity, a hallmark at The Home Depot we see in our business.

因此，如果您考慮我們的規模和巨大的合作夥伴關係，我就無法再充分地重申我們與供應商之間的合作關係。我們提到了生產力，這是我們在業務中看到的家得寶的一個標誌。

We intend to generally maintain pricing across our portfolio. We'll continue to use the portfolio approach that we've talked a lot about in the past. But we don't see broad-based price increases for our customers at all going forward. It's a great opportunity for us to take share, and it's a great opportunity for our suppliers to take share as well.

我們打算整體維持整個投資組合的定價。我們將繼續使用過去多次討論過的投資組合方法。但我們預計未來我們的客戶價格不會出現全面上漲。這對我們來說是一個擴大市場份額的好機會，對我們的供應商來說也是一個擴大市場份額的好機會。

And just to clarify, Billy, does that mean you will have to subsidize what would have been price increases with some of the other benefits that would have accrued to the gross margin otherwise?

比利，我只是想澄清一下，這是否意味著你必須用本來可以增加毛利率的一些其他收益來補貼本來會上漲的價格？

Listen, we have a number of different levers that we have in the portfolio. Michael, you mentioned a few of those. We have a number of different levers, including productivity. And the other thing I would keep in mind is that if you think about our line structure today, there's items that we have that could potentially be impacted from a tariff that candidly, we won't have going forward if it doesn't make sense inside the line structure.

聽著，我們的投資組合中有許多不同的槓桿。邁克爾，你提到了其中的幾個。我們有許多不同的槓桿，包括生產力。我要記住的另一件事是，如果你考慮我們今天的產品線結構，我們擁有的某些產品可能會受到關稅的影響，坦白說，如果它在產品線結構內沒有意義，我們將不會繼續前進。

So it's a little bit less about the item in the percentages that you mentioned and more about the line structure and how we'll manage that going forward. And there'll be some things that don't make sense that just end up going away.

因此，這與您所提到的百分比中的項目關係不大，而與線路結構以及我們今後如何管理該項目關係更大。有些事情是沒有意義的，最後都會消失。

So if you think about it that way, really a limited impact from that standpoint. And our suppliers, along with our teams, have done a terrific job diversifying their global supply chains, and this is not new to The Home Depot. It's always been something that we've worked closely with our suppliers on.

所以如果你這樣想的話，從這個角度來看，影響確實有限。我們的供應商和我們的團隊在實現全球供應鏈多元化方面做得非常出色，這對家得寶來說並不新鮮。我們一直與供應商就此保持密切合作。

So we feel good about all the productivity and the other things that we have in our arsenal to manage that accordingly for our customers.

因此，我們對我們所有的生產力以及我們為客戶進行相應管理的其他資源感到滿意。

Got you. My follow-up question is on Ted's comment that there could be $50 billion of deferred demand in home improvement. If we just simply apply Home Depot's market share of around 25% to that number, that would be $10 billion to $15 billion of deferred demand that Home Depot could experience over the next few years, either as rates come down or as the consumer just comes in off the sidelines because of a matter of time passes.

明白了。我的後續問題是關於泰德的評論，即家居裝修方面可能存在 500 億美元的延遲需求。如果我們只是簡單地將家得寶約 25% 的市場份額應用到這個數字中，那麼未來幾年家得寶可能會經歷 100 億至 150 億美元的遞延需求，無論是隨著利率下降，還是隨著時間的流逝，消費者只是從旁觀者的角度看待問題。

Why shouldn't we think about that as providing an outsized benefit to the Home Depot sales growth over the next few years above and beyond the 3% to 4% top line growth that is inherent in your algorithm?

為什麼我們不應該認為這會為家得寶未來幾年的銷售成長帶來巨大的利益，超越演算法固有的 3% 到 4% 的營收成長？

Well, that's certainly our expectation, that that's exactly the type of share opportunity as we continue to dial in the core orange box business servicing the DIY and the Pro. And then all the capabilities that we're building to capture more share of wallet with the larger Pro, that would absolutely be the outside case where we're taking more share, Michael, and that's exactly what we hope to do. And we'll talk more about that in December at our investor conference.

嗯，這當然是我們的期望，這正是我們繼續致力於為 DIY 和 Pro 提供服務的核心橙色盒子業務時所獲得的分享機會。然後，我們正在建立的所有功能都是為了透過更大的 Pro 來獲取更多的錢包份額，這絕對是我們獲得更多份額的外部情況，邁克爾，這正是我們希望做的。我們將在 12 月的投資者會議上進一步討論這個問題。

Understood. Thank you so much, and good luck.

明白了。非常感謝，祝你好運。

Scot Ciccarelli, Truist.

斯科特·西卡雷利（Scot Ciccarelli），Truist。

Last quarter, you provided some extra comments on the 17 markets where you have extra capabilities rolled out for the complex Pro. Can we get an update on what capabilities are kind of rolled out where? And then any more color on the relative performance of those markets?

上個季度，您對為複雜 Pro 推出額外功能的 17 個市場提供了一些額外評論。我們能否了解哪些功能在哪些地方推出？那麼，這些市場的相對錶現還有什麼好說的嗎？

So there's -- Scot, there are no additional markets. So we're in 17 markets with our -- in the distinction of the 17 markets, again, is where we have a flatbed distribution center. Now we're delivering in all markets as we've done for years, but again, to distinguish there is that we have a separate facility.

所以——斯科特，沒有額外的市場。因此，我們在 17 個市場都有業務——在這 17 個市場中，我們再次強調，我們在這些市場都設有平板配送中心。現在，我們像多年來一樣在所有市場上提供服務，但需要再次強調的是，我們有一個單獨的設施。

We've just continued to make progress. So the sales team continues to mature. Our pricing schemes continue to mature. Delivery, our on-time and complete scale delivery has never been better. And by the way, that is with the consumer DIY parcel business to the big and bulky deliveries out of our stores, as well as out of our multiple distribution facilities, our MDOs, market delivery operations, our DFCs, and our FDCs.

我們只是不斷取得進步。因此銷售團隊不斷成熟。我們的定價方案不斷成熟。交付，我們的準時和完整規模交付從未如此出色。順便說一下，這包括從消費者 DIY 包裹業務到從我們的商店以及從我們的多個配送設施、我們的 MDO、市場配送業務、我們的 DFC 和我們的 FDC 發出的大件和笨重包裹的配送。

We've never been in a better in-stock and on-time and complete delivery with the fastest speed of all time in our delivery rates.

我們的庫存從未如此充足，交貨準時，交貨速度也史上最快。

The last and maybe the longest pole in the tent is finishing up the IT work on order management and account management. As I said, the credit program is built, and we're onboarding. Just early days there, and we'll be finishing up throughout 2025, the last initial build of the technology work to build more agile order management. And then that should only improve our on-time and complete in speed metrics.

帳篷裡的最後一根柱子，也許是最長的一根，是完成訂單管理和帳戶管理的 IT 工作。正如我所說，信貸計劃已經建立，我們正在加入。這只是早期階段，我們將在 2025 年完成這項技術的最後一次初步建造工作，以建立更靈活的訂單管理。這樣一來，我們就能提高準時性和完成速度指標。

Got it. And then, Richard, can you just comment on the expectations regarding SRS getting layered into the comp kind of mid-2Q, kind of how you guys are thinking about that for the balance of the year?

知道了。然後，理查德，您能否評論一下關於 SRS 在第二季度中期融入公司業績的預期，以及您對今年剩餘時間的預期？

Yes. So we acquired -- we closed on the acquisition of SRS mid-June last year. So they will enter our comp base shortly, and we'll own them for a little more than seven months this year. Once they enter the comp base, we will report them as part of total company comp.

是的。因此我們收購了——我們在去年 6 月中旬完成了對 SRS 的收購。因此，他們很快就會進入我們的公司基礎，今年我們將擁有他們七個多月的時間。一旦他們進入薪酬基數，我們就會將他們作為公司總薪酬的一部分進行報告。

So our US comp that we report is principally our retail operations and reflects those. We have historically reported HD Supply, for instance, not in US comp, but in total company comp to give you that clean look of the US retail business. So SRS will be treated similarly.

因此，我們報告的美國公司業績主要是我們的零售業務，並反映了這些業務。例如，我們過去報告 HD Supply 時，不是按照美國公司業績，而是按照公司整體業績，以便讓您清楚地了解美國零售業務。因此 SRS 將受到類似的對待。

They will not be reported as part of the US comp. They will be reported as part of total company comp. We expect them -- so look, for the quarter, SRS actually exceeded our expectations. They delivered $2.6 billion in sales, and we expect them to meet our expectations of mid-single-digit growth for the year, and we're looking forward to continued growth with them. That acquisition is one to be proud of, and we're making, as Ted said, a lot of progress with SRS.

它們不會被報告為美國公司的一部分。它們將作為公司總薪酬的一部分進行報告。我們預計——因此，就本季而言，SRS 實際上超出了我們的預期。他們的銷售額達到了 26 億美元，我們預計他們今年將達到中等個位數成長的預期，我們期待與他們繼續成長。這次收購是值得驕傲的，正如泰德所說，我們在 SRS 方面取得了巨大進展。

Great. Thanks a lot guys. Good luck.

偉大的。非常感謝大家。祝你好運。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

So first one on the inventory, which looks to be up about 15% this quarter, can you just help us understand how much of that was driven by SRS in the base? And has there been any pull forward of inventory? And more broadly speaking, how do you feel about your inventory positioning ahead of the summer and more forward looking into the holidays?

那麼首先關於庫存的問題，本季庫存似乎上漲了約 15％，您能否幫助我們了解其中有多少是由基地的 SRS 推動的？庫存有沒有提前？更廣泛地說，您對夏季來臨前的庫存狀況以及假期前的庫存狀況有何看法？

Thank you. We feel great about our inventory position. We are, at in-stock levels, as good as they've ever been. But a little bit behind the numbers. First, recall, SRS was not reflected in our Q1 balance sheet last year. So the majority of the increase year-over-year in inventory is simply from adding the SRS inventory into our base.

謝謝。我們對我們的庫存狀況感到非常滿意。我們的庫存水準達到了前所未有的水準。但數字上還是落後了一點。首先，回想一下，SRS 沒有反映在我們去年第一季的資產負債表中。因此，庫存同比增長的大部分僅僅是因為將 SRS 庫存添加到我們的基礎中。

We also made investments, though, as we saw gains from our speed initiative online and in our supply chain, we saw momentum in that part of our business and that customer experience. We began heavier load ends in our DCs to take advantage of that customer momentum. And so that -- the inventory position is right where we want to be, really no pull forward here. And if you think about -- Billy, maybe you want to talk a little bit about spring and how that works?

不過，我們也進行了投資，因為我們看到了線上和供應鏈速度計畫帶來的收益，我們看到了業務這一部分和客戶體驗的發展勢頭。我們開始在配送中心增加負載，以利用客戶的這種勢頭。因此，庫存狀況正好處於我們想要的狀態，實際上不需要提前。如果你考慮一下——比利，也許你想談談春天以及它是如何運作的？

Yeah. I mean this is our Super Bowl season, Q2 specifically. And so as Richard mentioned, we did not pull forward any inventory. Having said that, all of our goods for really, the seasonal think of the first half of our business depending on where it breaks across the country has been in our DCs, in our network. So a little bit slower as we mentioned in February, that's caught back up.

是的。我的意思是這是我們的超級盃賽季，具體來說是第二季。正如理查德所提到的，我們沒有提前任何庫存。話雖如此，我們所有的商品實際上，季節性的認為我們業務的前半部分取決於它在全國各地的哪個地方，一直在我們的 DCs 和我們的網絡中。正如我們在二月份提到的那樣，速度稍微慢了一點，但現在已經趕上來了。

But all of that inventory has landed well before the fiscal year started. And so we feel great about our position. We mentioned our in-stock rates have never been better, really thrilled with that. Thanks to our suppliers again for great work there.

但所有庫存在財政年度開始前就已經到貨了。因此，我們對自己的地位感到非常滿意。我們提到我們的庫存率從未如此好過，對此我們感到非常興奮。再次感謝我們的供應商所做的出色工作。

But we feel we're in a great position as it relates to the biggest part of our year coming up. And then we talked about speed and how that's working for us with our customers. Really pleased with the performance there. We've continued to invest in our DFC network. As we know speed is the key metric to conversion, and we're really pleased with the productivity we're getting out of that inventory as well.

但我們覺得我們處於一個很好的位置，因為這與我們即將到來的一年中最重要的部分有關。然後我們討論了速度以及速度如何為我們的客戶服務。對那裡的表演真的很滿意。我們一直在持續投資我們的 DFC 網路。我們知道速度是轉換的關鍵指標，我們對從庫存中獲得的生產力感到非常滿意。

Great. A quick follow-up in terms of the accelerating comps in -- over the course of Q1. Was there any Easter timing shift impacted there? And are you seeing the exit rate continuing in May?

偉大的。對第一季加速成長的同店銷售額進行快速跟進。復活節時間的變化是否受到影響？您認為五月的退出率還會持續嗎？

There absolutely was an Easter timing shift that if you add to April, it benefited March to the detriment of April. And so if you adjust for that Easter week shift, April would have been closer to 2.5% comp in the US than our reported comp.

復活節的時間確實發生了變化，如果將其加到四月，那麼三月將受益，而四月則會受損。因此，如果根據復活節週的變化進行調整，美國 4 月的年銷售額將更接近 2.5%，而不是我們報告的同比銷售額。

Zach Fadem, Wells Fargo.

富國銀行的紮克法德姆。

Following up on pricing, as it sounds like you've got the levers at your disposal to hold pricing and margins relatively consistent. But when you think about the industry and your competitors, is it fair to say in that scenario that your price spreads versus your peers would widen? And then when you look at your elasticity models, is there a specific level of tariff that would preclude you or the industry from being able to hold price constant?

跟進定價，因為這聽起來好像您已經掌握了可用的手段來保持定價和利潤率相對一致。但是，當您考慮行業和競爭對手時，在這種情況下，是否可以說您與同行之間的價差會擴大？然後，當您查看彈性模型時，是否存在特定的關稅水平會阻止您或行業保持價格不變？

Yeah. Thanks, Zach. I'm not going to speak to our competitive set and what they're going to do with retail. As I mentioned a few minutes ago, we feel very good about our position in terms of where we are, diversification, and all the things that I mentioned there.

是的。謝謝，扎克。我不想談論我們的競爭對手以及他們將如何對待零售業。正如我幾分鐘前提到的，我們對我們的現狀、多樣化以及我提到的所有事情感到非常滿意。

We are always testing elasticity models in this environment, in every environment. We have a great team with our merchants and obviously, with our finance partners, and we're always testing those elasticity models in any environment. We'll do the same here as we've done every other time.

我們總是在這種環境中、在每種環境中測試彈性模型。我們與商家以及金融合作夥伴組成了一支優秀的團隊，我們始終在任何環境下測試這些彈性模型。我們這次會做和以往一樣的事。

But as it relates to our price positioning versus the market, I wouldn't speculate on that. We just feel great about our position. We've got the best merchants, supply chain and finance teams. We've got tremendous models down to the SKU level and where all of our assortments are and where they're going from a diversification standpoint. So I'd say that we feel very confident about our price position, as I mentioned.

但由於這與我們相對於市場的價格定位有關，我不會對此進行推測。我們對我們的地位感到非常滿意。我們擁有最好的商家、供應鏈和財務團隊。我們擁有大量精確到 SKU 等級的模型，從多樣化的角度了解我們所有的產品分類及其去向。因此我想說，正如我所提到的，我們對我們的價格地位非常有信心。

Got it. And then, Richard, from an accounting perspective, you're under the retail inventory method. So just want to make sure that there's no change in the way we should think about your gross margin? And if there's any puts and takes we should keep in mind as the tariff-driven cost flow through your P&L and how that will get recognized as you match that with sales?

知道了。然後，理查德，從會計角度來看，你採用的是零售庫存法。所以只是想確保我們對您的毛利率的看法沒有改變？如果有任何利弊，我們應該記住，因為關稅驅動的成本會流經您的損益表，而當您將其與銷售額相匹配時，這些成本將如何確認？

We are on the retail inventory method. Look, you will see a little bit of variability reflecting changes in retail. Where that happens, mark us, where that happens. But there's really not anything significant to call out quarter to quarter for us.

我們採用的是零售庫存法。你看，你會看到一些反映零售業變化的變化。發生這種情況的地方，請注意，發生這種情況的地方。但實際上，對我們來說，每個季度都沒有什麼重大的事情需要關注。

Got it. Thanks.

知道了。謝謝。

Remember, our retail has moved in ordinary course. So in any quarter, you're going to see the effect of price changes right in that retail map method.

請記住，我們的零售業務已正常進行。因此，在任何季度，您都可以在零售地圖方法中看到價格變化的影響。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

I wanted to ask about the housing backdrop and if you could elaborate on regional performance in the period. I'm curious what you're seeing in markets where maybe housing activity has softened a bit, where home prices have softened? I guess if we do see home prices weaken, does that matter as much as maybe in the past just given where home equity is versus history?

我想問一下住房背景，以及您是否可以詳細說明這段期間的區域表現。我很好奇，在住房活動可能減弱、房價下降的市場中，您看到了什麼？我想，如果我們確實看到房價走弱，那麼考慮到房屋淨值與歷史相比的情況，這是否和過去一樣重要？

Yeah. Tough to prescribe, Seth, the exact dynamic there. But there are a couple of markets that we saw a slight softening, but we've not seen any change in sales associated with that. This time of year, as you can imagine, weather is the dominant determinant of a particular region's performance. So nothing yet on any price changes in housing impacting the business.

是的。塞斯，很難明確指出那裡的具體動態。但我們發現有幾個市場略有疲軟，但我們沒有看到與此相關的銷售額有任何變化。你可以想像，每年的這個時候，天氣是決定某個地區表現的主要因素。因此，目前房屋價格變動尚未對業務產生影響。

Okay. Got it. And then as you think about the demand outlook, your business has been improving modestly in Q4 and then again in the last several months. If you look out, even as you're not raising prices, it seems like a lot of other companies are going to be raising prices even outside of the home improvement category. There's a growing concern that that's going to weigh on the consumer, it's going to weigh on spending power. How do you think about that? Do you see that as a risk to the outlook that you've laid out here?

好的。知道了。然後，當您考慮需求前景時，您的業務在第四季度一直在小幅改善，並且在過去幾個月中再次有所改善。如果你留意一下，你會發現即使你不漲價，似乎很多其他公司也會漲價，甚至不僅限於家居裝修類別。人們越來越擔心這會對消費者造成壓力，影響消費能力。您對此有何看法？您是否認為這會對您在此闡述的前景構成風險？

Well, I think there's a lot of talk of demand destruction, what I mentioned earlier in an earlier question that if there was a significant shock to the economy, an expectation of recession and overall demand destruction, I think we're well past that.

嗯，我認為有很多關於需求破壞的討論，我之前在問題中提到過，如果經濟受到重大衝擊，預期會出現衰退和整體需求破壞，我認為我們已經遠遠超過了那個階段。

Now if there is some share of wallet dynamic due to raising prices in other sectors of the economy, we'll be watching that very closely. But again, the thing to keep in mind is we have a very different customer and a very different sort of use case for expenditure in home improvement. So our customer, from a broad basis, is one of the strongest in the economy. The average income is $110,000.

現在，如果由於經濟其他部門價格上漲而導致錢包出現一定波動，我們將密切關注。但再次強調，要記住的是，我們的客戶非常不同，而且家庭裝修支出的使用案例也非常不同。因此，從廣泛的角度來看，我們的客戶是經濟體中最強大的客戶之一。平均收入為110,000美元。

80% of our customers own their homes. We've talked about how much home price appreciation they've seen over the past year. Stock markets have recovered, job and wage growth are strong.

我們80%的客戶擁有自己的房子。我們討論了過去一年房價上漲了多少。股市已經復甦，就業和薪資成長強勁。

So our customer is in a good spot right now. I mentioned Morning Consult. If you look at their views of different income levels and expectations of the economy and most recent impact on wage growth, that $100,000-plus customer is, by far, in the best shape in the economy. So it's something we're watching, something like -- energy pricing is broad-based and obviously impacts everyone. Gas prices are going down.

所以我們的客戶現在處於良好的狀態。我提到了 Morning Consult。如果你看看他們對不同收入水平的看法、對經濟的期望以及最近對工資成長的影響，你會發現，到目前為止，收入 10 萬美元以上的客戶在經濟中處於最佳狀態。所以這是我們正在關注的事情，能源定價是廣泛的，顯然會影響每個人。汽油價格正在下降。

So that's a help, but food prices have remained high. So something we obviously watch. But I think we're well past the dialogue of overall demand destruction.

這有一定的幫助，但食品價格仍然很高。所以我們顯然會注意一些事情。但我認為，我們已經遠遠超過了關於整體需求破壞的對話。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

On the consumer, just curious if you saw any pull forward in demand in the quarter or a change in project sizes, if there's any sense of urgency to get projects done sooner before prices rise? And I might have missed it, but did you guys comment on how May has trended so far relative to the first quarter?

關於消費者，我只是好奇您是否看到本季度需求有任何拉動或專案規模有任何變化，是否有緊迫感要在價格上漲之前盡快完成專案？我可能錯過了，但你們有沒有評論過 5 月相對於第一季的趨勢如何？

Yeah, Chuck, thanks for the question. In terms of pull forward, we didn't see a lot of that. We may have seen a little bit of that in appliances, but across our broader business, we really didn't see any pull forward at all. We'll wait and see on some of the appliance pieces. But across our business, we haven't seen anything.

是的，查克，謝謝你的提問。就向前拉而言，我們並沒有看到太多這樣的情況。我們可能在家用電器領域看到了一些這樣的情況，但在我們的整個業務範圍內，我們確實沒有看到任何成長。我們將拭目以待一些家電產品。但在我們的業務中，我們還沒有看到任何事情。

In terms of engagement with projects, as I mentioned in my prepared remarks, we're seeing customers engage as they did in the back half of 2024, smaller projects. We know that finance projects are still feeling pressured, but we're really thrilled with the engagement that we saw in our customers where the weather was. And as Richard mentioned in his remarks, the first two weeks of May, we're very pleased with the performance so far.

在專案參與方面，正如我在準備好的演講中提到的那樣，我們看到客戶像 2024 年下半年一樣參與較小的專案。我們知道金融項目仍然面臨壓力，但我們對客戶在天氣方面的參與感到非常高興。正如理查德在演講中提到的那樣，五月的前兩週，我們對迄今為止的表現非常滿意。

Okay. Great. And then one, Richard, just four consecutive quarters now of shrink, roughly -- probably, call it 30 basis points to 40 basis points of the tailwind. Can you just remind us where the accrual sits today, maybe relative to 2019? I'm just trying to assess how much longer that benefit can continue to help you?

好的。偉大的。然後，理查德，現在已經連續四個季度縮水，大概，可以稱之為 30 個基點到 40 個基點的順風。您能否提醒我們今天的應計情況，也許相對於 2019 年而言？我只是想評估一下這種福利還能繼續幫助你多久？

And then zooming out on SRS, we talked a lot about the sales benefit, but as you said, 40 basis points of a headwind to the margin profile this year on an annualized basis. How do we think about SRS in 2026 from a margin perspective?

然後縮小到 SRS，我們談了很多關於銷售效益的問題，但正如你所說，按年率計算，今年的利潤率將面臨 40 個基點的阻力。從利潤率角度來看，我們如何看待 2026 年的 SRS？

Well, I'll take those maybe in reverse order. First of all, we're not in a position right now where we're going to talk about 2026, but we know SRS has a track record of growing faster than their competition and taking share in any environment. So we expect they will be an engine for growth for the company.

好吧，我可能會按相反的順序來做。首先，我們現在還不能談論 2026 年，但我們知道 SRS 有著比競爭對手成長更快、在任何環境中都能佔據市場份額的記錄。因此我們預計他們將成為公司成長的引擎。

For your shrink question, I think the most important point -- because the world is a lot different now than it was in 2019 -- is that we're not where we want to be, but we're making great headway. And we know that the external environment is not getting any easier, but our operators are getting better. And they are delivering results. We -- we're not where we want to be yet, but we've bent that curve down actually six quarters in a row on a VOY basis.

對於您關於心理醫生的問題，我認為最重要的一點是——因為現在的世界與 2019 年相比有很大不同——我們還沒有達到我們想要的水平，但我們正在取得巨大進展。我們知道外部環境並沒有變得更輕鬆，但我們的營運人員卻在變得更好。他們正在取得成果。我們 — — 我們還沒有達到我們想要的目標，但實際上我們已經在 VOY 基礎上連續六個季度將曲線向下彎曲。

And then we'll see you -- just to clarify something, you asked -- you said 40 basis points of SRS, I think you got it right. That's the annualized impact. For 2025 versus '24, it's 15 basis points.

然後我們會看到你 - 只是為了澄清一些事情，你問 - 你說的是 40 個基點的 SRS，我想你是對的。這就是年化影響。2025 年與 2024 年相比，差距為 15 個基點。

Christine, we have time for one more question.

克里斯汀，我們還有時間再問一個問題。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

Great. First one was just on the first quarter. When you look at performance by region, can you just help us understand how that played out? Because obviously, there was a good amount of weather volatility. And then did the hurricane recovery efforts provide a benefit at all in the first quarter?

偉大的。第一個是第一季。當您查看各地區的表現時，您能否幫助我們了解其表現如何？因為顯然，天氣波動很大。那麼颶風災後復原工作在第一季是否帶來了任何效益？

Well, we saw the majority of the tough weather kind of play out in the north and in Canada. And with respect to hurricanes, there was some benefit in Q1 right around where we would have expected. And that benefit is baked into our annual guidance because on a year-over-year basis, the benefit seen in '24 is largely matched by the benefit in 2025.

嗯，我們看到大部分惡劣天氣發生在北部和加拿大。就颶風而言，第一季出現了一些符合我們預期的好處。這項收益已納入我們的年度指引中，因為與去年同期相比，2024 年的收益與 2025 年的收益基本相同。

Great. And then the follow-up I had is on pricing. I know it's been asked a good amount, but what are you seeing right now in terms of the competitive environment when it comes to pricing? Because presumably, some of the smaller players have probably needed to take up price sooner than others, just they have less negotiating power. So what have you seen in the competitive environment?

偉大的。接下來我要討論的是定價問題。我知道這個問題已經問了很多次了，但是就定價而言，您現在看到的競爭環境是怎麼樣的？因為據推測，一些較小的參與者可能需要比其他參與者更早接受價格，只是他們的談判能力較弱。那麼你在競爭環境中看到了什麼？

Yeah. I mean, so far, Steven, we've seen pretty consistent pricing. I mean, we obviously we're very focused on our price position and what we look at in the CPI that we look at. But we haven't seen a lot so far in terms of price modifications in the marketplace. Again, it's somewhat early days still, and I would just reiterate our position, as I mentioned, about not seeing broad-based price increases at The Home Depot.

是的。我的意思是，到目前為止，史蒂文，我們看到的定價相當一致。我的意思是，我們顯然非常關注我們的價格狀況以及我們所關注的 CPI。但到目前為止，我們還沒有看到市場價格有太大的變化。再次強調，現在還為時過早，我只是想重申我們的立場，正如我所提到的，家得寶不會出現普遍的價格上漲。

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

詹西女士，我想把發言權交還給您，請您發表最後評論。

Thanks, Christine, and thanks, everybody, for joining us today. We look forward to speaking with you on our second quarter earnings call in August.

謝謝克里斯汀，也謝謝大家今天加入我們。我們期待在八月的第二季財報電話會議上與您交談。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。