家得寶 (HD) 2026 Q1 法說會逐字稿

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Greetings and welcome to the Home Depot first-quarter 2026 earnings call. (Operator Instructions)

各位好，歡迎參加家得寶（Home Depot）2026 會計年度第一季財報電話會議。(接線員指示)

A reminder, this conference is being recorded. It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

提醒各位，本次會議將被錄音。現在很榮幸為各位介紹本次會議主持人 Isabel Janci。請開始。

Thank you, Christine, and good morning, everyone. Welcome to Home Depot's first-quarter 2026 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 Merchandising; and Richard McPhail, Executive Vice President and Chief Financial Officer.

謝謝你，Christine，各位早安。歡迎參加家得寶 2026 會計年度第一季財報電話會議。今天與會的有董事長、總裁暨執行長 Ted Decker；資深執行副總裁 Ann-Marie Campbell；商品部執行副總裁 Billy Bastek；以及執行副總裁暨財務長 Richard McPhail。

Following our prepared remarks, the call will be open for questions. Questions will be limited to analysts and investors. (Event Instructions) If we were unable to get to your question during the call, please call Investor Relations at (770) 384-2387.

在我們的準備發言結束後，將開放提問。提問將限於分析師與投資人。(活動指示) 若我們在會議中未能回答您的問題，請致電投資人關係部：(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 under the federal securities laws including as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to the factors identified in the release in our most recent annual report on Form 10-K and in our other filings with the Securities and Exchange Commission.

在我把電話交給 Ted 之前，先提醒各位：今日新聞稿以及我們高階主管的簡報內容包含依據聯邦證券法（包括 1995 年《私人證券訴訟改革法》所定義）之「前瞻性陳述」。這些陳述受風險與不確定性影響，可能導致實際結果與我們的預期與推估有重大差異。這些風險與不確定性包括但不限於：新聞稿中所列因素、我們最近一期 Form 10-K 年報，以及我們向美國證券交易委員會提交的其他文件中所揭露的因素。

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 in our website.

今日簡報亦將包含若干非 GAAP 指標，包括但不限於調整後營業利益率、調整後稀釋每股盈餘，以及投入資本報酬率。如需將上述及其他非 GAAP 指標與相對應 GAAP 指標進行調節（reconciliation），請參閱我們網站上的財報新聞稿。

Now, let me turn the call over to Ted.

現在，讓我把電話交給 Ted。

Thank you, Isabel, and good morning, everyone. Sales for the first quarter were $41.8 billion, an increase of 4.8% from the same period last year. Comp sales increased 0.6% from the same period last year and comps in the US increased 0.4%. Adjusted diluted earnings per share were $3.43 in the first quarter compared to $3.56 in the first quarter of last year.

謝謝你，Isabel，各位早安。第一季銷售額為 418 億美元，較去年同期成長 4.8%。同店銷售較去年同期成長 0.6%，美國同店銷售成長 0.4%。第一季調整後稀釋每股盈餘為 3.43 美元，去年同期為 3.56 美元。

Our results were in line with our expectations. In the US, our Northern and Western divisions had positive comps as customers engage in outdoor projects when weather was favorable. In local currency, Mexico had positive comps, while Canada was negative. The underlying demand in our business was relatively similar to what we saw throughout fiscal 2025 despite greater consumer uncertainty and housing affordability pressure. Our teams are operating at a high level, and we remain focused on executing our strategy of driving our core and culture, delivering a frictionless interconnected experience and winning the Pro.

我們的業績符合預期。在美國，北部與西部事業部同店銷售為正，因天候有利時，顧客會投入戶外專案。以當地貨幣計，墨西哥同店銷售為正，而加拿大為負。儘管消費者不確定性提高且住房可負擔性承壓，我們業務的基礎需求與 2025 會計年度期間所見大致相近。我們的團隊維持高水準運作，並持續專注於執行策略：強化核心與文化、提供無摩擦的互聯體驗（interconnected experience），以及贏得專業客戶（Pro）。

Spring is our biggest season, and we feel great about our store readiness, product assortment, and value proposition. As Ann will detail in a moment, our associates are providing excellent customer service. We're also moving more store tasking to our merchandising execution team, so our Orange Apron associates can spend even more time engaged with customers. And as Billy will share, our merchants are providing exceptional value and product innovation through strategic supplier partnerships, which delivered strong event performance.

春季是我們最重要的旺季，我們對門市整備度、商品組合與價值主張感到非常有信心。如 Ann 稍後將說明，我們的同仁正提供卓越的顧客服務。我們也正把更多門市作業任務移交給商品陳列執行團隊，讓穿著橘色圍裙的門市同仁能投入更多時間與顧客互動。此外，如 Billy 將分享，我們的採購團隊透過策略性供應商合作夥伴關係，提供卓越價值與產品創新，帶動活動檔期表現強勁。

Last week, we completed the acquisition of Mingledorff's, a leading wholesale distributor of heating, ventilation, and air conditioning equipment serving residential and commercial customers through 42 locations in 5 states across the Southeastern United States. Mingledorff's brings an extensive product portfolio, a robust distribution network, and established customer relationships that are highly complementary to SRS' existing business.

上週，我們完成對 Mingledorff's 的收購；該公司是暖通空調（HVAC）設備的領先批發經銷商，透過位於美國東南部 5 州、共 42 個據點，服務住宅與商用客戶。Mingledorff's 帶來廣泛的產品組合、強健的配送網路，以及既有的客戶關係，與 SRS 現有業務高度互補。

In addition, Mingledorff's gives us an incredible opportunity to penetrate the national market for HVAC parts and supplies, leveraging the power of our enterprise to create a superior value proposition for the Pro customer. HVAC distribution represents an addressable market of approximately $100 billion, and increases our total addressable market to $1.2 trillion. SRS can now serve more Pros and win greater share of wallet in this highly fragmented market.

此外，Mingledorff's 也為我們提供絕佳機會，得以切入全國 HVAC 零件與耗材市場，並運用我們企業規模的力量，為專業客戶（Pro）打造更具優勢的價值主張。HVAC 經銷通路代表約 1,000 億美元的可服務市場，並使我們的總可服務市場提升至 1.2 兆美元。SRS如今可服務更多專業客戶，並在這個高度分散的市場中取得更高的錢包份額（share of wallet）。

As a reminder, Pro represents a $700 billion market opportunity. We know we have the right to win in this space as we continue developing differentiated capabilities to better serve residential Pro customers. In addition to our 2,360 plus store network and 325 customer-facing warehouses, SRS is a best-in-class specialty distribution platform with over 1,300 branches. Combined, we now command a fleet of approximately 16,000 delivery assets and a professional sales force of over 5,000 associates.

提醒各位，專業客戶（Pro）代表 7,000 億美元的市場機會。我們相信，隨著持續打造差異化能力以更好地服務住宅專業客戶，我們在此領域具備勝出的條件。除我們超過 2,360 家門市網路與 325 座面向客戶的倉儲外，SRS 亦是同級最佳的專業分銷平台，擁有超過 1,300 個分支據點。合併後，我們目前掌握約 16,000 項配送資產的車隊規模，以及超過 5,000 名同仁的專業銷售團隊。

What we are building is unique and not easy to replicate. We are confident our comprehensive product offering, capabilities, and services will deliver an exceptional experience for Pros leading to sustained growth and outsized market share gains. As always, I'd like to thank our associates and supplier partners for doing an incredible job serving our customers this quarter.

我們正在打造的模式獨一無二，且不易被複製。我們有信心，完整的產品供應、能力與服務將為專業客戶（Pro）帶來卓越體驗，進而帶動持續成長並取得超額的市占提升。一如既往，我要感謝我們的同仁與供應商夥伴，本季為服務顧客做出了卓越的貢獻。

With that, let me turn the call over to Ann.

接下來，讓我把電話交給 Ann。

Thanks, Ted, and good morning, everyone. We continue to focus on elevating the shopping experience across all stores and online by optimizing fulfillment options. To do this, we are simplifying processes in our stores. We're removing friction from the customer experience, increase in associate engagement, and taken actions to drive more loyalty with the Pro.

謝謝你，Ted，各位早安。我們持續透過最佳化履約（fulfillment）選項，聚焦於提升所有門市與線上通路的購物體驗。為此，我們正在簡化門市流程。我們正降低顧客體驗中的摩擦、提升同仁投入度，並採取行動以提升專業客戶（Pro）的忠誠度。

Late last year, we began to transition more store tasking into our merchandise and execution team. Today, we have transitioned over 1,000 stores. By creating distinct selling and tasking teams in our stores, we've been able to redistribute tasking in our stores to MET, while our Orange Apron associates focus on driving deeper engagement and better customer service. We expect to complete this transition in all stores by the end of fiscal 2026.

去年年底，我們開始將更多門市作業任務轉移至商品與執行團隊。目前，我們已完成超過 1,000 家門市的轉移。透過在門市建立明確區分的銷售團隊與作業任務團隊，我們得以將門市作業任務重新分配給 MET，而穿著橘色圍裙的門市同仁則專注於更深度的互動與更佳的顧客服務。我們預期在 2026 會計年度結束前完成所有門市的轉移。

As you know, we have been on a journey to remove friction from the shopping experience, and we are continuously evolving the way we operate to deliver a more seamless experience. When customers place an order online to complete their projects, they expect the right products delivered on time and complete. Over the last several quarters, we've leaned into faster delivery for customers using our proprietary model, which leverages all of our assets to drive speed, what we call ship from best location. This has resulted in tremendous growth in deliveries out of our stores.

如各位所知，我們一直致力於降低購物體驗中的摩擦，並持續演進我們的營運方式，以提供更無縫的體驗。當顧客在線上下單以完成其專案時，他們期待正確的商品能準時且完整送達。過去幾個季度，我們透過自有模型加速顧客配送；該模型運用我們所有資產以提升速度，我們稱之為「從最佳地點出貨」（ship from best location）。這使得由門市出貨的配送量大幅成長。

In order to enhance our ability to serve this interconnected purchase more effectively, we have focused specifically on ensuring we have the right leadership and technology capabilities in place to simplify the operational demand on our stores and improve the speed and experience for our customers. Last quarter, we told you about our operations experience manager, whose responsibilities include driving uniform operational processes and enhancing the interconnected fulfillment experience. We are evolving our sourcing logic and have begun to route orders to the optimal store for fulfillment based on distance, inventory availability and speed of delivery, which improves the likelihood of a successful delivery.

為了提升我們更有效服務此互聯式購買（interconnected purchase）的能力，我們特別聚焦於確保具備適當的領導力與技術能力，以簡化門市的營運需求，並提升顧客的速度與體驗。上季我們向各位介紹了營運體驗經理（operations experience manager），其職責包括推動一致的營運流程，並強化互聯式履約體驗。我們正在演進採購來源邏輯，並已開始依據距離、庫存可用性與配送速度，將訂單導向最適合履約的門市，以提高成功送達的機率。

While early, these efforts are enabling us to drive better outcomes for our customers, and we've seen a reduction in cancellations and improvement in fulfillment time, greater customer satisfaction scores and improvements in likelihood to shop again scores. And to drive loyalty with the Pro, we continue to lean into tools to simplify their day-to-day geared at speed and ease when they shop with us online, in-store and through jobsite delivery.

雖然仍在早期階段，這些努力正使我們能為客戶帶來更好的成果；我們已看到取消訂單減少、履約時間改善、客戶滿意度分數提升，以及再次購買可能性分數的改善。為了透過 Pro 推動忠誠度，我們持續加碼各項工具，以簡化他們的日常作業，讓他們無論在線上、門市或工地配送購物時，都能更快速、更便利。

In previous quarters, we have talked about the product planning tool and other AI-enabled tools for Pros. We now have all of these tools under a single easy-to-use workspace that functions as a product management tool for Pro's day-to-day workflow. Within the workspace, Pros can access the product planning tool to organize and stage delivery for large jobs, build material list more effectively through an AI-powered material list builder, track deliveries real time and view purchase history. They can also share access with their teams, which results in better visibility and collaboration.

在前幾個季度，我們談到過產品規劃工具以及其他為 Pro 打造的 AI 賦能工具。現在，我們已將所有這些工具整合到單一、易於使用的工作空間中，作為 Pro 日常工作流程的產品管理工具。在此工作空間內，Pro 可使用產品規劃工具來整理並安排大型工程的配送，透過 AI 驅動的材料清單建立器更有效地建立材料清單，即時追蹤配送並查看購買歷史。他們也可以與團隊共享存取權限，進而提升可視性與協作效率。

Additionally, we have made it easier for Pros to schedule and manage complex deliveries within the Pro Digital Workspace. Through complex order scheduling, Pros can provide us with job site preferences and business hours, enabling us to complete their delivery on time inside the exact window the Pro is looking for. Our on-time and complete performance has never been better, and our customer satisfaction scores for deliveries, both on store and/or supply chain assets are at record highs.

此外，我們也讓 Pro 能在 Pro 數位工作空間中更容易排程並管理複雜配送。透過複雜訂單排程，Pro 可提供工地偏好與營業時間，使我們能在 Pro 所要求的精確時間窗內準時完成配送。我們的準時且完整（on-time and complete）表現從未如此出色，而我們在配送方面的客戶滿意度分數（無論由門市及／或供應鏈資產執行）也創下歷史新高。

In closing, I'm excited about all that we are doing to drive exceptional shopping experience. Our service continue to go above and beyond serving our customers our customers, and I want to thank them for all that they do.

最後，我對我們為打造卓越購物體驗所做的一切感到振奮。我們的服務持續超越期待、服務我們的客戶，我也要感謝他們所做的一切。

With that, let me turn the call over to Billy.

接下來，讓我把電話會議交給 Billy。

Thank you, Ann, and good morning, everyone. I want to start by also thanking all of our associates, suppliers and supply chain partners for their ongoing commitment to serving our customers and communities.

謝謝你，Ann，大家早安。我也想先感謝我們所有的同仁、供應商與供應鏈合作夥伴，持續致力於服務我們的客戶與社區。

As you heard from Ted, our performance during the first quarter was in line with our expectations and where we experienced favorable weather, we had great engagement in spring-related projects. In the first quarter, 9 of our 16 merchandising departments posted positive comps, including storage, power, hardware, plumbing, electrical, bath, indoor garden, paint and kitchens.

如同你從 Ted 那裡聽到的，我們第一季的表現符合我們的預期；在天候較為有利的地區，我們在春季相關專案上看到很高的參與度。第一季，我們 16 個商品部門中有 9 個繳出正向同店成長（comps），包括收納、電動工具、五金、管路、電氣、衛浴、室內園藝、油漆與廚房。

During the first quarter, our comp average ticket increased 2.2%, and comp transactions decreased 1.3%. Big ticket comp transactions or those over $1,000 were positive 0.8% compared to the first quarter of last year. We were pleased with the performance we saw in portable power and patio. However, larger discretionary projects remain under pressure.

第一季，我們同店平均客單價上升 2.2%，同店交易筆數下降 1.3%。大額交易（big ticket）同店交易筆數（即單筆超過 1,000 美元）較去年第一季成長 0.8%。我們對可攜式電源與庭院（patio）的表現感到滿意。然而，較大型的非必需性（discretionary）專案仍承受壓力。

During the first quarter, Pro posted positive comps and outperformed DIY. We saw strength in DIY across many spring-related categories, including live goods, outdoor power equipment, patio, grills and storage. And for Pro, we saw strength across many Pro-heavy categories like power, pipe and fittings, water heaters, fasteners and paint. The investments we are making are resonating with our Pros as we see increased engagement.

第一季，Pro 繳出正向同店成長，且表現優於 DIY。我們在多個春季相關品類看到 DIY 的強勁表現，包括活體植栽（live goods）、戶外動力設備、庭院、烤爐與收納。而在 Pro 方面，我們在多個 Pro 佔比較高的品類看到強勁表現，例如電動工具、管材與接頭、熱水器、緊固件與油漆。我們正在進行的投資正與 Pro 客群產生共鳴，因為我們看到參與度提升。

For example, we have made significant progress with the Pro who paints and continue to see share gains with this customer. Our expanded assortment of products and partnerships with Behr and PPG, as well as enhanced digital capabilities through One Paint combined with improved job site delivery capabilities are helping to remove friction from their experience.

例如，我們在以油漆為主的 Pro 客群上取得顯著進展，並持續在這類客戶中看到市占提升。我們擴充的產品組合與與 Behr、PPG 的合作夥伴關係，加上透過 One Paint 強化的數位能力，以及改善的工地配送能力，正協助降低他們體驗中的摩擦。

Turning to total company online comp sales, sales leveraging our digital platforms increased over 10% compared to the first quarter of last year. This is the fourth quarter in a row with double-digit year-over-year growth, driven by our ongoing investments across our interconnected platforms. Delivering the best interconnected experience is a key component of our strategy. We are continuously improving our site and leveraging technology to do that, whether it is better search functionality, more relevant recommendations and easier and faster fulfillment options to name a few.

談到全公司線上同店銷售，透過我們數位平台帶動的銷售額較去年第一季成長超過 10%。這已是連續第四個季度年增達雙位數，主要由我們在互聯平台上的持續投資所驅動。提供最佳的互聯式體驗是我們策略的關鍵組成。我們持續改善網站並運用科技來達成，包括更好的搜尋功能、更相關的推薦，以及更簡單、更快速的履約選項等。

As Ann mentioned, our faster delivery speeds are resonating with customers and driving greater engagement. And while we are pleased with the progress we are making, we remain relentlessly focused on getting better each and every day because we know that as we remove friction from the experience, we see incremental customer engagement leading to greater sales across all points of interaction.

如 Ann 所提到，我們更快的配送速度正與客戶產生共鳴並帶動更高的參與度。雖然我們對目前的進展感到滿意，但我們仍以不懈的態度每天持續精進，因為我們知道，當我們移除體驗中的摩擦時，會看到額外的客戶參與，進而在所有互動接觸點帶來更高的銷售。

During the first quarter, we 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. We are pleased with the results we saw, particularly in categories like power tools, outdoor power equipment, live goods and patio. In fact, our power categories posted a first quarter record for sales led by portable power and outdoor power equipment.

第一季，我們舉辦年度春季黑色星期五（Spring Black Friday）與春季禮品中心（Spring Gift Center）活動，兩個活動皆表現強勁。我們的採購團隊在精選最佳商品方面做得非常出色，活動期間也看到客戶高度參與。我們對成果感到滿意，尤其是在電動工具、戶外動力設備、活體植栽與庭院等品類。事實上，我們的動力（power）相關品類在第一季創下銷售紀錄，主要由可攜式電源與戶外動力設備帶動。

We know that demand for cordless outdoor power equipment has never been stronger in our lineup of battery-powered tools across RYOBI, Milwaukee, DEWALT and Makita is unmatched. This quarter, I'm excited to announce that Ram Board will be exclusive to the Home Depot and the big box retail channel. This product is engineered to withstand the toughest conditions at the job site. And that's why Ram Board has been the go-to for Pros for heavy-duty floor protection for over 25 years.

我們知道，對無線戶外動力設備的需求在歷來從未如此強勁；而我們在 RYOBI、Milwaukee、DEWALT 與 Makita 等電池驅動工具的產品陣容無可匹敵。本季，我很高興宣布 Ram Board 將成為 Home Depot 以及大型賣場（big box）零售通路的獨家產品。此產品經過工程設計，可承受工地最嚴苛的環境。這也是為什麼 25 年來 Ram Board 一直是 Pro 用於重型地面保護的首選。

As we look forward to the second quarter, we are ready to continue delivering the best spring assortment across all of 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, and we have all the outdoor essentials for your patio, whether it's a new patio set or grilled to enhance your outdoor living space. 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.

展望第二季，我們已準備好在所有產品品類持續提供最佳的春季商品組合。我們的活體植栽表現非常亮眼，從灌木到各式花卉、香草與蔬菜一應俱全，適合各類型園藝愛好者；同時，我們也備齊庭院所需的各項戶外必需品，無論是新的庭院家具組，或是烤爐，以提升你的戶外生活空間。我們對全國各地春意盎然感到興奮，並隨時準備協助客戶完成所有戶外專案與戶外生活需求。

With that, let me turn the call over to Richard.

接下來，讓我把電話會議交給 Richard。

Thank you, Billy, and good morning, everyone. In the first quarter, total sales were $41.8 billion, an increase of $1.9 billion or 4.8% from last year. During the first quarter, our total company comps were positive 0.6% with comps of positive 0.7% in February, positive 2% in March, and negative 0.5% in April. Comps in the US were positive 0.4% for the quarter with comps of positive 0.4% in February, positive 2% in March, and negative 0.8% in April.

謝謝你，Billy，大家早安。第一季總銷售額為 418 億美元，較去年增加 19 億美元，增幅 4.8%。第一季全公司同店銷售（comps）為正 0.6%；其中 2 月為正 0.7%、3 月為正 2%、4 月為負 0.5%。美國市場本季同店銷售為正 0.4%；其中 2 月為正 0.4%、3 月為正 2%、4 月為負 0.8%。

Additionally, foreign exchange rates positively impacted total company comps by approximately 55 basis points for the quarter. In the first quarter, our gross margin was 33%, a decrease of approximately 75 basis points from the first quarter of last year, which was in line with our expectations and reflects a change in mix as a result of the GMS acquisition.

此外，外匯匯率在本季對全公司同店銷售帶來約 55 個基點的正面影響。第一季毛利率為 33%，較去年第一季下降約 75 個基點；這符合我們的預期，並反映因 GMS 併購案所導致的組合（mix）變化。

During the first quarter, operating expense as a percent of sales increased approximately 20 basis points to 21.1% compared to the first quarter of 2025. Our operating expense performance was in line with our expectations. Our operating margin for the first quarter was 11.9% compared to 12.9% in the first quarter of 2025.

在第一季，營業費用占銷售額的比率較2025年第一季上升約20個基點至21.1%。我們的營業費用表現符合我們的預期。我們第一季的營業利益率為11.9%，相較於2025年第一季的12.9%。

In the quarter, pretax intangible asset amortization was $171 million. Excluding the intangible asset amortization in the quarter, our adjusted operating margin for the first quarter was 12.3% compared to 13.2% in the first quarter of 2025.

本季稅前無形資產攤銷為1.71億美元。扣除本季無形資產攤銷後，我們第一季的調整後營業利益率為12.3%，相較於2025年第一季的13.2%。

Interest and other expense for the first quarter increased by $13 million to $604 million. In the first quarter, our effective tax rate was 24.9%, compared to 24.4% in the first quarter of fiscal 2025. Our diluted earnings per share for the first quarter were $3.30 compared to $3.45 in the first quarter of 2025. Excluding intangible asset amortization, our adjusted diluted earnings per share for the first quarter were $3.43, a decrease of approximately 3.7% compared to the first quarter of 2025.

第一季利息及其他費用增加1,300萬美元至6.04億美元。第一季我們的有效稅率為24.9%，相較於2025會計年度第一季的24.4%。第一季稀釋後每股盈餘為3.30美元，相較於2025年第一季的3.45美元。扣除無形資產攤銷後，第一季調整後稀釋每股盈餘為3.43美元，較2025年第一季約下降3.7%。

During the first quarter, we opened 12 new stores, bringing our total store count to 2,361. At the end of the quarter, merchandise inventories were $27.3 billion, up approximately $1.5 billion compared to the first quarter of 2025, and inventory turns were 4.2 times, down from 4.3 times last year.

第一季期間，我們新開設12家門市，使門市總數達到2,361家。季末商品存貨為273億美元，較2025年第一季增加約15億美元；存貨週轉率為4.2次，低於去年的4.3次。

Turning to capital allocation, during the first quarter, we invested approximately $845 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 25.4%, down from 31.3% in the first quarter of fiscal 2025.

談到資本配置，第一季我們以資本支出形式回投約8.45億美元至業務中。此外，本季我們向股東支付約23億美元股利。以過去12個月期初與期末長期負債及權益的平均數計算，投入資本報酬率為25.4%，低於2025會計年度第一季的31.3%。

Now, I will comment on our outlook for fiscal 2026. As you heard from Ted, our performance during the first quarter was in line with our expectations. The underlying demand during the quarter was relatively similar to what we experienced throughout fiscal 2025. As a result, we are reaffirming our fiscal 2026 guidance. We expect to continue to grow our market share and for our comp sales to range between flat to 2% growth, with total sales growth of between approximately 2.5% and 4.5%, reflecting the contribution of the GMS acquisition, new stores, branches, and tuck-in acquisitions.

接下來，我將評論我們對2026會計年度的展望。如同各位從Ted那裡聽到的，我們第一季的表現符合預期。本季的基本需求與我們在2025會計年度期間所經歷的情況相對類似。因此，我們重申2026會計年度的指引。我們預期將持續提升市占率，同店銷售（comp sales）介於持平至成長2%，總銷售成長約介於2.5%至4.5%，反映GMS收購、新門市、分支據點以及小型併購（tuck-in acquisitions）的貢獻。

For the year, we expect SRS to deliver mid-single-digit percent organic sales growth. We plan to open approximately 15 new stores and 40 to 50 new SRS locations. Our gross margin is expected to be approximately 33.1%. Further, we expect operating margin of approximately 12.4% to 12.6% and adjusted operating margin of approximately 12.8% to 13%.

就全年而言，我們預期SRS將帶來中個位數百分比的有機銷售成長。我們計畫新開設約15家門市以及40至50個新的SRS據點。我們預期毛利率約為33.1%。此外，我們預期營業利益率約為12.4%至12.6%，調整後營業利益率約為12.8%至13%。

Our effective tax rate is targeted at approximately 24.3%. We expect net interest expense of approximately $2.3 billion. We expect our diluted earnings per share and adjusted diluted earnings per share to both increase approximately flat to 4% compared to fiscal 2025.

我們的有效稅率目標約為24.3%。我們預期淨利息費用約為23億美元。我們預期稀釋後每股盈餘與調整後稀釋每股盈餘相較於2025會計年度皆約持平至成長4%。

We plan to continue investing in our business with capital expenditures of approximately 2.5% of sales for fiscal 2026. We believe that we'll continue to grow market share as a result of our competitive advantages and ongoing investments by delivering the best customer experience in home improvement.

我們計畫在2026會計年度持續投資於業務，資本支出約為銷售額的2.5%。我們相信，憑藉競爭優勢與持續投資，透過提供最佳的居家改善客戶體驗，我們將持續提升市占率。

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

感謝各位參與今天的電話會議。Christine，我們現在準備開始提問。

(Operator Instructions) Scot Ciccarelli, Truist.

（接線員指示）Scot Ciccarelli，Truist。

Well, this may not be an exact science. Is there a way to size up how much of your business is typically exposed to these bigger ticket projects? Because it sounds to me like many of your individual categories are posting positive comps with the big ticket project bucket that's a primary drag. But in theory, that bucket continues to shrink over time. So you did start to get a mix benefit. But is there a way to size up the exposure there?

嗯，這可能不是一門精確的科學。是否有方法可以估算你們的業務通常有多少會暴露於這些大額專案？因為聽起來你們許多個別品類的同店表現為正，但大額專案這一桶是主要的拖累。但理論上，這一桶會隨時間持續縮小。所以你們確實開始獲得一些組合（mix）上的助益。但是否有方法可以估算那部分的曝險程度？

Scot, we don't disclose that. But as you can imagine, we look at all our transactions in sales by ticket size, $0 to $20, $20 to $50, et cetera, up, including over $1,000. And then we also look at items per basket in each of those sales cohorts and then also breadth of departments that are represented in those baskets. And as you can imagine, the larger baskets with more items in that basket also tend to have a broader number of departments represented in that basket, if it's a larger project. So that's where we can see clearly that the large cross-category project is muted. It's a great question on what specifically that represents as a sales dollar. I don't have that.

Scot，我們不揭露那個數字。但如你所想像，我們會按客單價區間檢視所有交易的銷售額，從0到20美元、20到50美元等等，一直到包含超過1,000美元。然後我們也會看各銷售群組（cohorts）中每個購物籃的件數，以及這些購物籃所涵蓋的部門廣度。而如你所想像，若是較大型的專案，購物籃更大、品項更多，通常也會涵蓋更多部門。因此我們可以清楚看到，大型跨品類專案的需求偏弱。你問到它具體代表多少銷售金額，這是個很好的問題。我手上沒有那個數字。

Seth Sigman, Barclays.

Seth Sigman，Barclays。

So if you step back, your business has stabilized in the last couple of quarters, you moved to slightly positive comps, but it does feel like there are a lot of aspects of demand that are still stuck. So when you look at existing home sales, [below $4 million], HELOCs seem to have plateaued again. Guidance does imply a slight improvement in comps as we move through the year. And I don't think the shape of the year has changed relative to your initial expectations. But how do you think about that, and what those drivers could be to get you back to a slightly better comp as you move through the year?

如果退一步看，你們的業務在過去幾個季度已趨於穩定，同店也轉為小幅正成長，但感覺需求仍有許多面向卡住。例如現有成屋銷售、[低於400萬美元]，房屋淨值信用額度（HELOC）似乎又再次趨於持平。指引確實暗示隨著年度推進，同店會略有改善。而且我不認為今年的走勢形狀相較你們最初的預期有改變。但你們如何看待這點？以及隨著年度推進，可能有哪些驅動因素能讓同店回到稍微更好的表現？

Yes, we're not looking at a marked improvement in underlying demand. We are looking at a higher comp in the second half of the year, and that is solely driven by a return to normal store activity.

是的，我們並未預期基本需求會出現顯著改善。我們預期下半年同店會更高，而這完全是由門市活動回歸正常所驅動。

Okay. Understood. And then if we think about some of the Pro initiatives with the business up just slightly, it can be difficult to see some of the stories underneath that. So specifically on the Pro, can you talk about how are you benchmarking your progress? How are you benchmarking your performance, perhaps across some of the key verticals to give you confidence that the strategy is working? I know it can be difficult just given the backdrop is challenging. So how do you guys think about that?

好的。了解。另外，如果我們思考一些Pro端的計畫，在業務僅小幅成長的情況下，可能很難看出背後的一些故事。具體就Pro而言，你能談談你們如何衡量進展嗎？你們如何在一些關鍵垂直領域（verticals）對照你們的表現，以便對策略正在奏效更有信心？我知道在目前具挑戰的背景下，這可能很難。所以你們是如何思考這件事的？

Well, so maybe it's helpful if I just back up a minute in and articulate what we're doing in Pro and then how we see progress. So we think Pro is an enormous opportunity for us. As we've said, it's an addressable market of about $700 billion. And truly, nobody has the scale or the customer reach like the Home Depot to penetrate that market. We already have, as you know, a large Pro business, and we service most Pro customers in some way or fashion, so our whole objective here is to simply win more Pro business, more products and more purchase occasions.

嗯，所以也許我先稍微往前回顧一下，說明我們在 Pro 這塊在做什麼，以及我們如何看待進展，會比較有幫助。我們認為 Pro 對我們而言是一個巨大的機會。如同我們所說，這是一個約 7,000 億美元的可服務市場。而且坦白說，沒有人能像 Home Depot 一樣，具備這樣的規模或客戶觸及能力去滲透這個市場。我們已經擁有一個很大的 Pro 業務，如你所知，我們也以某種方式服務大多數 Pro 客戶，因此我們在這裡的整體目標就是單純贏得更多 Pro 業務、更多產品，以及更多購買情境。

Our stores for 45-plus years have always serviced that smaller cash and carry Pro, and larger Pros use us for infill and emergency purchases. And we believe we have the right to win more share of wallet with those larger Pros as we build out the capabilities to better service their complex purchase needs. So we're focused more on the residential Pro in our organic efforts to buy across product categories. So think of a large remodeler or small homebuilder. And we are gaining traction with these complex purchase occasions as we build out the necessary capabilities like a field sales force, enhanced delivery options and trade credit.

我們的門市在 45 年以上的時間裡，一直都服務較小型、現金自取（cash and carry）的 Pro 客戶，而較大型的 Pro 也會在補貨與緊急採購時使用我們。我們相信，隨著我們建置能力以更好地服務他們複雜的採購需求，我們有資格從這些較大型的 Pro 客戶那裡贏得更多錢包份額。因此，在我們的有機成長努力中，我們更聚焦於住宅類 Pro，推動其跨品類採購。例如大型翻修承包商或小型建商。隨著我們建置必要能力，例如外勤銷售團隊、強化的配送選項與行業信用（trade credit），我們在這些複雜的採購情境上正逐步取得進展。

And I'd say one thing we obviously look at is Pro performance versus consumer in our Pro business outperformed consumer yet again this quarter, and the highest comping part of our Pro business was that complex purchase occasion. So that would be one way that we look at the success we're having as we build out these capabilities and gain more share.

我想我們當然會看的其中一點，是在 Pro 業務中 Pro 的表現相對於消費者；本季 Pro 再次優於消費者，而我們 Pro 業務中同店成長最高的部分，就是那種複雜的採購情境。因此，這會是我們衡量成功的一種方式：在我們建置這些能力並取得更多市占的同時，所看到的成果。

Christopher Horvers, JPMorgan.

Christopher Horvers，摩根大通（JPMorgan）。

I wanted to follow up on the cadence as well. How do you think about weather as an impact in the first quarter, particularly in April, there was a lot of precipitation in the North on the weekends, which I know that tends to hurt the seasonal business and you typically talk about the bathtub effect. So could you maybe frame that out? And then also, as you think about the storm headwinds from the back half of last year, to what extent did that have any impact in the first quarter? And would you expect that to go away in the second quarter?

我也想追問一下節奏（cadence）。你們如何看待天氣對第一季的影響，特別是 4 月，北部週末降水很多；我知道這通常會傷害季節性業務，而你們也常提到「浴缸效應」。所以你們能否幫我們框架說明一下？另外，回想去年下半年風暴帶來的逆風，在多大程度上對第一季造成任何影響？你們預期第二季這個影響會消失嗎？

Yes. Thanks, Chris. It's Billy. I'll talk a little bit about what we've seen so far in spring. And as Richard covered in the comp cadence, it's always -- weather is always a variable throughout the first quarter.

是的。謝謝，Chris。我是 Billy。我先談談我們到目前為止在春季看到的情況。如同 Richard 在同店銷售節奏中提到的，第一季期間天氣一直都是一個變數。

We saw great engagement, as I mentioned in my prepared remarks, in the West in February and March and certainly in the South in March as well.

正如我在事先準備的發言中提到的，我們在 2 月與 3 月於西部看到很高的參與度（engagement），而南部在 3 月也同樣如此。

As we get into April, we really saw the same type of engagement into April. And then the last two weeks, we saw a different weather pattern year-over-year. But we saw great engagement across all of our spring categories. As I mentioned, we had positive comps in 9 categories overall. And then as we turn the corner into May and saw much more favorable weather, if you will, or consistent weather, particularly in the North, we saw that same engagement through the first couple of weeks of May, so really pleased with some of the performance there.

進入 4 月後，我們確實看到延續到 4 月的同類型參與度。而在最後兩週，我們看到與去年同期不同的天氣型態。但我們在所有春季品類上都看到很高的參與度。如我所提到的，我們整體有 9 個品類同店為正成長。接著進入 5 月、天氣變得更有利（或更一致），特別是在北部，我們在 5 月前幾週也看到同樣的參與度，因此對那部分的表現相當滿意。

And as for storms, as you mentioned, we did have 56 basis points of impact in Q1, but that will dissipate throughout the balance of the year. And we'll see what that brings for us for the balance of the year, but that will continue to be less of an impact, obviously, as we get through the balance of the year.

至於風暴，如你所提到的，我們在第一季受到 56 個基點的影響，但這個影響會在今年剩餘期間逐步消退。至於今年剩餘期間會帶來什麼影響，我們會再觀察，但顯然隨著時間推進，這個影響會持續變小。

Understood. And you're asked to be -- you guys are all asked to be constant economists here. The consumer had stimulus. I was curious if you thought that -- how that impacted your business? And anything in the business that you're looking at today to saying that, well, the consumer looks a bit shakier because of higher oil prices or whatever, some sort of change in project demand.

了解。另外，你們也都被要求在這裡當「常駐經濟學家」。消費者曾有刺激措施。我想知道你們認為那對你們業務有什麼影響？以及你們目前在業務中是否看到任何跡象，讓你們覺得消費者因為油價上升或其他因素而變得更不穩，或是專案需求出現某種變化。

And then on a related question, how do you think about the symmetry of higher rates, i.e., if we stay at these level of mortgage rates. Do you think it's -- do you think it's actually punitive to demand in your category? Or do you think maybe given that we're at 40-year lows on existing home sales, it's not -- maybe it defers the release in the category, but it doesn't necessarily deteriorate demand going forward?

然後一個相關問題：你們如何看待高利率的「對稱性」，也就是如果房貸利率維持在目前水準。你們認為這會對你們品類的需求造成懲罰性影響嗎？或者你們認為，鑑於成屋銷售處於 40 年低點，這可能只是延後了品類需求的釋放，但不一定會讓未來需求惡化？

Yes, Chris, we are probably spending too much time in economics in the home improvement industry these days. But I'd start again by just reiterating, our results were in line with our expectations and the underlying demand was relatively similar to what we saw throughout 2025. So that suggests that our consumer has been remarkably resilient. There's been a lot thrown at them. But if you look at PCE growth year over year, that was similar in the first quarter, that was similar to all of last year.

是的，Chris，我們最近在居家修繕產業裡，可能花太多時間在經濟議題上了。但我會先再次重申，我們的結果符合我們的預期，而底層需求與我們在 2025 年全年看到的情況相對類似。這表示我們的消費者展現出相當驚人的韌性。他們面臨了很多衝擊。但如果你看個人消費支出（PCE）年增率，第一季與去年全年都差不多。

Employment is hanging in there. Wage growth has been reasonably strong. And you look at our core customer, they're probably amongst the healthiest of all consumers. So they tend to own their homes. They did have that 50% value pop in the value of their homes over the past several years. And their portfolios of equities have also improved.

就業仍然撐得住。薪資成長也算相當強勁。而你看我們的核心客戶，他們大概是所有消費者中最健康的一群。他們往往擁有自住房。過去幾年他們房屋價值大約上漲了 50%。他們的股票投資組合也有所改善。

So our customer seems to be in a reasonably good shape. They're engaged, as Billy just spoke to, while maybe not the large project, they are engaged across more departments in Q1, strengthening than we had seen previously. And again, the main thing is just this uncertainty that's holding them back for taking on large projects.

因此，我們的客戶看起來狀況相當不錯。如 Billy 剛才所說，他們仍有參與度；雖然可能不是大型專案，但在第一季他們在更多部門的參與度更強，較我們先前看到的有所改善。而且重點仍是：這種不確定性讓他們對承接大型專案有所保留。

And then you add to that, as you said, with the higher rates, housing turnovers remain low, industry is not expecting a lot of growth in housing turnover this year, and new construction starts in sales are also trending down. But we look at a pretty remarkably resilient core customer who's engaging with the values and the great innovation that Billy and his team are delivering. And we're on line with our expectations and took market share.

再加上你提到的高利率，房屋換手率仍然偏低，產業也不預期今年房屋換手率會有太多成長，而新屋開工與銷售也呈下降趨勢。但我們看到的是一位相當有韌性的核心客戶，他們對 Billy 和團隊所帶來的價值與優秀創新有所回應。我們的表現符合預期，並且取得了市占。

If you look at where others have reported to date from manufacturing sector, other distributors, even other retailers, if you look at the government retail sales data or the PFRI data, each of which were negative. Our being up modestly would point to customers responding to the Home Depot brand and service levels and offering.

如果你看其他公司目前為止的揭露，包括製造業、其他經銷商，甚至其他零售商；再看政府零售銷售數據或 PFRI 數據，這些都是負成長。而我們能小幅成長，顯示客戶正在回應 Home Depot 的品牌、服務水準與產品供給。

But everything you just said is true. If it's higher for longer on rates in a slow housing market, we're just going to have to keep working our way through this period of moderation, keep focusing on controlling what we can control and take share in the marketplace.

但你剛才說的都是真的。如果利率長期維持高檔、而房市又疲弱，我們就必須持續在這段溫和期中努力前行，持續專注於控制我們能控制的事情，並在市場上取得市占。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

Have you given any consideration to lowering your guidance in light of the rise in interest rates as well as the rise in energy prices? Should we be thinking about the low end of your outlook for the year? And can you clarify your comments around the performance of the business in May. We're all holding our collective breath to try and to understand real time what's going on with the consumer in light of all these well-documented challenges and whether that's starting to weigh on the overall spending environment?

鑑於利率上升以及能源價格上漲，您是否考慮過下調你們的財測指引？我們是否應該把今年的展望看作偏向你們區間的低端？另外，能否釐清你們對 5 月業務表現的評論。面對這些眾所周知的挑戰，我們都屏息以待，想即時了解消費者到底發生了什麼事，以及這是否開始對整體支出環境造成壓力？

Billy, why don't you talk about May?

Billy，你來談談 5 月的情況好嗎？

Yes, Michael, thanks. And then Richard will follow back up. Yes, as I mentioned, May through the first 2 weeks is very similar to the beginning of both February and March in terms of engagement. We saw great engagement. Again, so much variability in the weather this time of year that weeks 12 and 13 were a little softer, and we've seen great customer engagement back to the -- what we saw in the first 2 periods of the quarter.

好的，Michael，謝謝。接著 Richard 會再補充。是的，如我提到的，5 月到前兩週，在互動參與度方面非常類似於 2 月與 3 月初的情況。我們看到很高的參與度。再說一次，每年這個時節天氣變化很大，第 12、13 週稍微疲弱一些，而我們看到客戶參與度又回到——回到本季前兩段期間所看到的水準。

And, Michael, we reaffirmed our comp guidance with a range of flat to 2%. And I'd say two comments about that. Number one, yes, the environment is different than it was three months ago, probably a more volatile external environment to a degree. But really kind of unclear on how that will all shape out for the year.

另外，Michael，我們重申了同店銷售（comp）指引，區間為持平到 2%。我對此有兩點評論。第一，是的，環境與三個月前不同，在某種程度上外部環境更為波動。但實際上這些因素今年會如何發展仍不太明朗。

And so as we saw last year, we've proven the ability to manage and take share through any environment. I mean I'm looking at Billy thinking about how he hit his gross margin rate plan last year on the button despite the fact that we had all tariff headwinds coming at us.

因此，如同我們去年所見，我們已證明無論在任何環境下都有能力管理並取得市占。我的意思是，我看著 Billy，就想到去年即使面臨關稅逆風迎面而來，他仍精準達成毛利率計畫。

So yes, there's probably a little bit more uncertainty out there. Not sure how that will shake out. We feel great about how we're positioned to manage through the rest of the year. And then the second comment is, it's still very early. We're one quarter in.

所以，是的，外部不確定性可能稍微更高一些。不確定會如何發展。我們對自身的定位很有信心，能夠管理並度過今年剩餘時間。第二點是，現在仍非常早。我們才剛進入第一季。

We have our largest selling weeks still ahead of us in the second quarter. Now we think we're positioned so well with the values the merchants have put in front of the customers and the customer service that our associates are giving. So look, we're heading into the second quarter with the intent to execute and take share.

我們最大的銷售週期仍在第二季、還在前方。我們認為，憑藉商採團隊為顧客提供的價值，以及門市同仁提供的客戶服務，我們的定位非常好。所以你看，我們以執行到位並取得市占為目標進入第二季。

Super helpful. My follow-up is, Ted, there's this debate in the marketplace given the challenges with housing affordability, the rise in interest rates, maybe we are just in a longer-lasting era where home improvement demand is going to be slower and softer for longer. Obviously, this has already persisted for a longer period than most had anticipated.

非常有幫助。我的追問是，Ted，市場上有一個討論：考量到住房可負擔性挑戰、利率上升，也許我們正處於一個更長期的時代，居家修繕需求將更慢、更疲弱，且會持續更久。顯然，這種情況已經持續了比多數人預期更長的時間。

So if this continues, is there a point at which you start to change either resource or capital allocation decisions? One of the debates out there is could -- will Home Depot get back to the point at which you can buy back stock in 2027 just to provide some support to shareholders in this period of prolonged softness?

如果這種情況持續下去，是否會有一個時間點，你們開始改變資源或資本配置決策？外界其中一個討論是：Home Depot 是否會回到 2027 年能夠回購股票的狀態，以在這段長期疲弱期間為股東提供一些支撐？

Well, we've always had cycles in this business, Michael, and we're very much looking at this as a cycle. We all know there was a tremendous spike in demand for a few years followed by what we've been calling a period of moderation. And the period of moderation has been extended. I think there have been some shocks in the past couple of years, but quite remarkable, as I said, how the consumer has been pretty darn resilient to all of that.

Michael，我們這個業務一直都有景氣循環，而我們也確實把這視為一個循環。大家都知道，前幾年需求曾大幅飆升，之後進入我們所稱的「趨於溫和」階段。而這段趨於溫和的期間已被拉長。我認為過去幾年出現了一些衝擊，但正如我所說，消費者對這一切仍相當有韌性，這點非常令人驚訝。

We're still focused on our long-term strategy. We laid out at the investor conference that we're going to focus on the core business, the interconnected offering to our customers and winning with the Pro. We still very much are bullish on the long term, medium, long-term prospects in US housing, in home ownership, the value of the home and the aging of the home, all the drivers of the long-term benefits, and we're not contemplating changing how we're allocating capital certainly to the core business and our allocation of resources to that three-pronged strategy.

我們仍專注於長期策略。我們在投資人會議上已說明，我們將聚焦核心業務、為顧客打造互聯式（interconnected）的服務方案，以及在專業客戶（Pro）領域勝出。我們依然非常看好美國住房、房屋持有、房屋價值以及房屋老化等中長期、長期前景——這些都是長期利多的驅動因素；我們並未考慮改變資本配置方式，至少在核心業務上不會，也不會改變對這三大策略的資源配置。

As I said, we're focused on controlling what we can control. All indications are that customers, Pro and consumers are responding and we're taking share. So we feel we're creating shareholder value by investing in the core business and the interconnected business and the Pro strategies. And we certainly pay a healthy dividend at the moment. So there's a nice return to shareholders in that regard.

如我所說，我們專注於控制我們能控制的事情。各項跡象顯示，專業客戶（Pro）與一般消費者都在回應，而我們正在取得市占。因此，我們認為透過投資核心業務、互聯式業務以及 Pro 策略，我們正在創造股東價值。而且目前我們也支付相當健康的股利。因此在回饋股東方面也有不錯的報酬。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利（Morgan Stanley）。

Ted, I wanted to ask you what success looks like in the wholesale distribution business. And if I can paraphrase what you said earlier, it's faster Pro growth. So does that mean that if roofing and drywall businesses grow independently, is that success? Or do you need to cross-sell between them? And it sounds like complex purchase occasion, do you care if you're cross-selling across all your platforms?

Ted，我想問你在批發配送業務中，成功的樣貌是什麼。如果我把你先前說的話換句話說，就是更快的 Pro 成長。那是否表示，如果屋頂與乾牆業務各自獨立成長，這就算成功？還是你需要在它們之間做交叉銷售？另外聽起來你們在意的是複雜的採購情境，那你是否在意跨你們所有平台進行交叉銷售？

Yes, Simeon. We certainly do care. So I previously talked more about our organic efforts. But if you look at the Pro distribution side, there's always a customer within that $700 billion TAM that is a more specialized trade participant, and to capture that specialty trade Pro, that's why we acquired SRS. They're a best-in-class distributor, leading positions in roofing pool and landscape and then they made the acquisition of GMS, which has leading position in interior building materials.

是的，Simeon。我們當然在意。我先前更多談的是我們的有機成長努力。但如果你看 Pro 配送這一端，在那個 7,000 億美元的可服務總市場（TAM）中，總會有更專業的工種參與者；為了抓住這些專業工種的 Pro 客戶，這就是我們收購 SRS 的原因。他們是同級最佳的經銷商，在屋頂、泳池與景觀領域具領先地位，並且他們也收購了 GMS，而 GMS 在室內建材方面具領先地位。

And then we're super excited about Mingledorff's. We've always liked the HVAC business, and they're a leader in the five Southeastern states. I mentioned again why do we like things like roofing and pool and landscape and HVAC, it is more repair, replace remodel as opposed to heightened exposure to new construction, and that's certainly the case with HVAC. And then don't forget, we're developing construction resources into a leading finished interior platform.

另外，我們對 Mingledorff's 也非常興奮。我們一直很喜歡 HVAC（暖通空調）業務，而他們在美國東南部五個州是領導者。我再提一次，我們為什麼喜歡像屋頂、泳池、景觀與 HVAC 這類業務：它們更多是維修、汰換、翻新（repair, replace, remodel），而不是高度暴露於新建案，HVAC 當然也是如此。此外別忘了，我們正在把 Construction Resources 打造成領先的成品室內平台。

So we put together the organic efforts from what we're doing with Home Depot for the cross-trade Pro and then these specialty platforms, again, no one has more reach into that $700 billion TAM with broader catalogs of product, tremendous engagement with multiple sets of customers. And then I had mentioned the delivery assets and delivery capabilities we have.

因此，我們把 Home Depot 針對跨工種 Pro 客戶所做的有機努力，與這些專業平台結合起來；同樣地，沒有人能在那個 7,000 億美元 TAM 中擁有更廣的觸及範圍，並提供更廣泛的產品目錄，與多類客群有高度互動。另外我也提到過我們所擁有的配送資產與配送能力。

So first and foremost, we want these businesses, The Home Depot Pro business, all the SRS Pro businesses, construction resources to perform at an exceptional level in and of their own right within their sectors, within their verticals. And we believe they are. I mean, we look at the publicly traded comparatives to SRS. It's remarkable SRS' performance in Q1. I mean they beat their competition in each sector by hundreds and hundreds of basis points.

因此，首要之務是，我們希望這些業務——Home Depot 的 Pro 業務、所有 SRS 的 Pro 業務，以及 Construction Resources——在各自的產業領域、各自的垂直市場中，都能以卓越水準運作。而我們相信它們確實如此。我的意思是，我們會拿 SRS 與公開上市的同業做比較。SRS 在第一季的表現非常驚人。他們在各個領域都以數百個基點的幅度擊敗競爭對手。

So we have an incredibly strong, well-performing business platform.

因此，我們擁有一個極其強勁、表現優異的業務平台。

But then over time, we want to absolutely cross-sell and marry our customers through CRM systems. We want to marry and provide exposure of the catalogs and then also leverage our delivery assets and our strategic vendor partners because don't forget, we have to partner with our supplier partners here, we are truly the leading distributor of almost every product that we sell.

但隨著時間推移，我們希望透過 CRM 系統，確實地進行交叉銷售並把客戶更緊密地連結在一起。我們希望把型錄的曝光與提供結合起來，同時也運用我們的配送資產與策略性供應商夥伴，因為別忘了，我們必須在這裡與供應商夥伴合作；我們確實是我們所銷售幾乎每一項產品的領先經銷商。

So we're early days on the cross-selling. It's largely manual today. It's introductions to customers to our sales forces. It's SRS to Home Depot, it's Home Depot to SRS, it's SRS and GMS. GMS had more exposure to the larger new builder and they're introducing each of SRS and Home Depot to that builder.

因此，我們在交叉銷售方面仍處於早期階段。目前多半仍是手動進行。主要是把客戶介紹給我們的銷售團隊。例如 SRS 對 Home Depot、Home Depot 對 SRS，以及 SRS 與 GMS 之間。GMS 對較大型的新建商有更多接觸，他們正把 SRS 與 Home Depot 分別介紹給該建商。

And we would say this year, we're looking at something like $400 million of cross-sell run rate. So that will come over the course of the year. Most of those are guaranteed contracts, including commercial sales from Home Depot relationships that SRS will now do roofing on a number of our warehouses, and we would look to double that next year. So we want best-in-class platforms that increasingly cross-sell together as we leverage the power of The Home Depot enterprise in what is still a highly fragmented space.

我們會說今年我們看到的交叉銷售年化運行率大約是 4 億美元。因此，這會在一年當中逐步實現。其中多數是保證合約，包括來自 Home Depot 關係的商業銷售；SRS 現在將在我們多個倉庫承作屋頂工程，而我們希望明年把這個規模翻倍。因此，在一個仍高度分散的市場中，我們希望打造同級最佳的平台，並在運用 The Home Depot 企業力量的同時，讓這些平台之間的交叉銷售愈來愈緊密。

And then Mike, maybe you can provide some detail to what we're doing.

接著，Mike，也許你可以補充一些我們正在做的事情的細節。

Yes. To your point, Ted, we're really pleased with our sales teams, rhythms working across the enterprise together, together as the Home Depot, SRS, GMS, HD Supply, you mentioned construction resources as well. And that's evident by the success we're seeing with that cross-selling between SRS, GMS and HD Supply, and our teams on the call center tool. We've talked about this a little bit at the investor conference. We talked about it after Q4 earnings as well.

是的。正如你所說，Ted，我們對銷售團隊在整個企業內協同運作的節奏感到非常滿意——以 Home Depot、SRS、GMS、HD Supply 為一體，你也提到建築資源（construction resources）等。這從我們在 SRS、GMS 與 HD Supply 之間的交叉銷售，以及我們團隊在客服中心工具上的成功表現就能看得出來。我們在投資人會議上也稍微談過這點。在第四季財報後我們也提到過。

And that's led to a national account structure between our companies. And a great example like that, that you mentioned, Ted, is around just GMS and SRS themselves, and that focus on the builder.

而這也促成了我們公司之間的全國性客戶（national account）架構。你提到的一個很好的例子，Ted，就是圍繞 GMS 與 SRS 本身，以及他們對建商客群的聚焦。

The state of the Pro business remains strong overall, focused on deepening that relationship with the large Pro working on complex projects, and we're seeing some pretty sustained momentum across those key strategic initiatives that you brought up initially, Ted, around order management, around trade credit, around some of the digital advances we're seeing. And so with that sales to those large Pros working on complex projects are showing stronger growth versus our overall Pro growth.

整體而言，Pro（專業客戶）業務仍然強勁，重點在於深化與承接複雜專案的大型 Pro 客戶之關係；我們也看到你一開始提到的那些關鍵策略計畫——例如訂單管理、商業信用（trade credit），以及我們看到的一些數位化進展——都展現出相當持續的動能。因此，對於承接複雜專案的大型 Pro 客戶的銷售成長，正高於我們整體 Pro 的成長。

On the digital side of things, that's paying dividends as well. This is another complex Pro, where that gross demand continues to be a powerful engine for us. It's an impressive double-digit year-over-year increase, growing faster than the B2C experience. And then our managed sales force, right, both with our outside sales and our PASAs in the store are successfully capturing share with those highest value customers as well. Year-to-date, those managed accounts, both from the store and from outside sales have generated, like I said, over and above growth on these planned or complex purchases.

在數位端，這也正在帶來回報。這是另一個複雜的 Pro 領域，其中總需求（gross demand）持續成為我們強而有力的引擎。年增呈現亮眼的雙位數成長，增速也快於 B2C 體驗。此外，我們的管理式銷售團隊——包括外勤業務與門市內的 PASA——也成功在最高價值客戶中取得市占。年初至今，這些由門市與外勤共同管理的帳戶，在這些計畫性或複雜採購上所帶來的成長，如我所說，是超出平均的。

And now, to your point, Ted, around getting on with our enterprise CRM efforts, our catalog efforts and using our delivery assets that come up with the most optimal fulfillment.

而現在，回到你提到的重點，Ted，也就是推進我們企業級 CRM 的工作、型錄相關工作，並運用我們的配送資產，以達成最優化的履約（fulfillment）。

And if I may ask a follow-up for Richard. If you can comment on the comp spread between your best-performing markets and the weakest, whatever that spread is, has it changed much? And let's say, for example, your best is somewhere in the low single digits positive. Is the narrative weather, or is it housing or anything else to it?

如果我可以對 Richard 追問一個問題。你能否評論一下你們表現最好的市場與最弱市場之間的同店差距（comp spread）？不論那個差距是多少，它有沒有明顯變化？例如，假設你們最好的市場是低個位數的正成長。這背後的敘事是天氣因素，還是房市，或還有其他原因？

It is pretty narrow still, Simeon, and it's much -- it's almost completely driven by weather or weather comparison.

Simeon，差距仍然相當小，而且幾乎完全是由天氣或天氣比較基期所驅動。

Zach Fadem, Wells Fargo.

Zach Fadem，Wells Fargo。

So following up on SRS, it looks like the business is still weighing on the comp in the ballpark of about 30 basis points. So as you think through the year for SRS categories, the market share opportunities, pricing levers and the GMS entering the base later this year. Could you talk to your expectation for second half comp impact from SRS as we move through the new year.

接續關於 SRS 的問題，看起來該業務仍在拖累同店表現，大約在 30 個基點左右。因此，當你們思考今年 SRS 各品類、取得市占的機會、定價槓桿，以及 GMS 在今年稍晚納入比較基期時。你能談談隨著我們進入新年度，你們對下半年 SRS 對同店影響的預期嗎？

Yes, sure. So look, as Ted said, SRS performed in line with our expectations. Just to talk about current performance. They delivered $4 billion in sales in the quarter. They delivered positive total sales growth and positive total organic sales growth. Comps were slightly negative for SRS in total, driven by low single-digit negative comps in roofing.

好的，當然。所以你看，正如 Ted 所說，SRS 的表現符合我們的預期。先談目前的表現。他們本季實現了 40 億美元的銷售額。他們實現了總銷售正成長，以及總有機銷售正成長。SRS 整體同店略為負成長，主要是由屋頂（roofing）業務低個位數的負同店所帶動。

As Ted said, despite significant pressures in the roofing market by all external measures, SRS took considerable share from other distributors. We do expect, as their compares improved through the year, remember that Q3 -- well, Q2 and Q3 of last year had some of the lowest recorded hail and hurricane storms in history. And so their back half was significantly pressured. For that reason, if we see a normal seasonal curve from SRS, we expect them to deliver mid-single-digit positive organic growth for the year.

如 Ted 所說，儘管從各項外部指標來看屋頂市場承受顯著壓力，SRS 仍從其他經銷商手中取得了可觀的市占。我們確實預期，隨著他們的比較基期在今年逐步改善——請記得，第三季——嗯，去年第二季與第三季出現了史上最低紀錄之一的冰雹與颶風風暴。因此，他們去年下半年承受了顯著壓力。基於這個原因，如果 SRS 呈現正常的季節性曲線，我們預期他們全年可交出中個位數的有機成長。

That's helpful, Richard. And then I wanted to follow up on the gross margin line. The guidance would imply some improvement in the year-over-year change from here. So the first question is for Q1, could you isolate the GMS impact versus core? And then as you think through the moving parts around the changing operating environment around freight, fuel, you had a 232 tariff change. How would these fold into the gross margin line as you move forward?

這很有幫助，Richard。接著我想追問毛利率這一項。你們的指引意味著，從現在起年對年變動會有所改善。所以第一個問題是，就第一季而言，你能否拆分 GMS 的影響相對於核心業務的影響？另外，當你思考營運環境變化中的各項因素——運費、燃料，以及你們有一項 232 關稅變動——隨著你們往前走，這些因素會如何反映在毛利率上？

Well, so let's just take SRS and GMS for a second. So we expect gross margin for the year to be at 33.1%, which is consistent with our original guide. With the change from last year, largely reflecting the acquisition of GMS. And so if you look at our first quarter performance, 75 basis points below last year, the vast majority of that reflects the acquisition of GMS. There was some pressure, and we called this out in our Q4 call and also called out that we expected some pressure from our footing in the roofing market and price investments at SRS.

好，那我們先談一下 SRS 和 GMS。我們預期全年毛利率為 33.1%，與我們原先的指引一致。相較去年之變動，主要反映了收購 GMS。因此，如果你看我們第一季的表現，較去年低 75 個基點，其中絕大多數反映的是收購 GMS 的影響。也有一些壓力；我們在第四季電話會議中提到過，也指出我們預期會因屋頂市場的立足點（footing）以及在 SRS 的價格投資而承受一些壓力。

So recall, the roofing market saw a 28% drop in shipments in Q4 of last year. That's the worst quarter since 2019. And as we anticipated in our earnings guide last quarter, we've maintained our stance on value to keep momentum with our customers.

所以回顧一下，屋頂市場在去年第四季的出貨量下滑了 28%。那是自 2019 年以來最差的一季。而且正如我們在上一季的財測指引中所預期的，我們維持以價值為導向的立場，以保持與客戶之間的動能。

And so that made up the remainder of the gap. Beyond that, the margin profile of the core was actually very stable. So as we move through the year, you're still going to see pressure on a year-over-year basis in Q2, not quite the degree that you saw in Q1 and then improving significantly more really sort of flattish year-over-year when you get into Q3 and Q4.

因此，這就補上了其餘的缺口。除此之外，核心業務的毛利率輪廓其實非常穩定。所以隨著我們走過今年，你在第二季仍會看到年對年壓力，但程度不如第一季那麼大；到了第三季與第四季，情況會明顯改善，年對年大致趨於持平。

Now as to your broader question on cost. Look, obviously, as we stand today, we could say we could see potential cost pressures building in the form of fuel prices and other commodity input costs, new tariffs have been introduced. But the environment is changing almost every day. And so it's hard to see where all of that winds up and where it settles. We will continue, just like we did last year to manage cost and price, to maintain our position as the customer's advocate for value as we move through the year.

至於你更廣泛的成本問題。你看，很明顯，以我們今天所處的情況來說，我們確實可能看到潛在的成本壓力正在形成，例如燃料價格與其他大宗商品投入成本，新關稅也已被引入。但環境幾乎每天都在變。因此很難判斷這一切最終會走向何處、會在什麼水準落定。我們會持續、就像去年一樣，管理成本與價格，在今年推進的過程中維持我們作為客戶價值倡議者的定位。

But yes, the cost on the horizon since we spoke last quarter have at least moved towards a bias towards an increase. By the way, if I could just clarify one statement. I think I got tongue tied during my remarks. We opened 2 new stores during the quarter, not 12, apologies for that.

不過是的，自從我們上季通話以來，前方的成本至少已經朝向偏向上升的方向移動。順帶一提，如果我可以澄清一句話。我想我在發言時有點打結。我們本季開了2家新店，不是12家，對此致歉。

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

Can you discuss the progress you guys are making with Trade Credit and the adoption of Trade Credit by Pro, understanding it can take time to convert them? And then my follow-up with Ann on the merchandise execution teams. I think you said it's rolled out to 1,000 stores with plans for full adoption by the end of the year. Any change in basket or customer frequency as you roll out the MET teams?

你們能談談在商業信用（Trade Credit）方面的進展，以及Pro客群對商業信用的採用情況嗎？我理解要把他們轉換過來可能需要時間。然後我對Ann有個追問，關於商品執行團隊（MET）。我想你說已經在1,000家門市推行，計畫在年底前全面採用。在推行MET團隊的過程中，購物籃（basket）或顧客來店頻率有任何變化嗎？

So I'll start on Trade Credit. Look, what we're building is a value prop that has never been built before for a broader customer set than has ever been reached by any kind of conventional distribution company. And so we're taking our time, making sure we understand how to onboard as efficiently as possible, how to underwrite correctly and how to really drive sales.

我先從商業信用談起。你看，我們正在打造的是一個前所未有的價值主張，面向的客群比任何傳統通路公司曾觸及的都更廣。因此我們會循序漸進，確保我們了解如何以最高效率完成導入（onboard）、如何正確進行授信審核（underwrite），以及如何真正帶動銷售。

And the important part of driving adoption is making sure that we set our outside sales reps up for success because they're the ones really driving this adoption. So I think from my perspective, and I'll ask Mike to weigh in on what we actually see. Look, we're rolling this out steadily. We're taking our time. As with most of the capabilities that we're enabling, we're more focused on taking continual steps forward, and that's what we're doing with Trade Credit.

而推動採用的關鍵，是確保我們的外勤業務代表能夠成功，因為真正推動採用的是他們。所以就我個人觀點，我會請Mike也補充一下我們實際看到的情況。你看，我們正穩健地推進這項計畫。我們不急。就像我們啟用的大多數能力一樣，我們更專注於持續向前邁進，而這正是我們在商業信用上所做的。

Mike, maybe talk about what the customer tells us.

Mike，也許你可以談談客戶告訴我們什麼。

Yes. I mean, we're very pleased with the trajectory of Pro Trade Credit so far after gaining some pretty strong traction in 2025. We saw continued momentum this past quarter. What's most encouraging is that we're winning exactly where we would expect to with single and multifamily builders and with large remodelers, and we're seeing strong adoption in longer lead time categories like on windows, doors and appliances.

是的。我的意思是，在2025年取得相當強的動能之後，我們對Pro商業信用（Pro Trade Credit）目前的發展軌跡非常滿意。我們在上一季也看到動能延續。最令人鼓舞的是，我們正如預期地在單戶與多戶住宅建商，以及大型翻修承包商那裡取得勝利；而且在交期較長的品類，例如窗戶、門與家電，我們也看到強勁的採用。

So a major driver for this is that Pros absolutely love the fact that it's 30-day payment terms now (inaudible) shipment rather than on point of sale, which gives them a distinct competitive advantage around working capital. And looking forward, we've piloted recently the program online with a number of customers, and we're pleased with what we're seeing there and look forward to expanding that further within the second quarter. And as we expand our e-procurement capabilities also with construction management software and integration platforms, we'll be rolling Pro Trade Credit out to those channels also within the second quarter.

這項計畫的一個主要驅動因素是，Pro客戶非常喜歡現在是30天付款條件，(聽不清) 以出貨為起算點，而不是以銷售點（POS）為起算點，這在營運資金上給了他們明顯的競爭優勢。展望未來，我們最近已在網路端與多位客戶試點這個方案，我們對目前看到的結果感到滿意，並期待在第二季進一步擴大。此外，隨著我們也擴展電子採購（e-procurement）能力，並與施工管理軟體與整合平台對接，我們也會在第二季把Pro商業信用推廣到那些渠道。

Yes. And Chuck, just to follow up on the merchandise and execution team. Let me start with we are maniacally focused on driving or (inaudible), which is our stores and associates. And a key part of what the Home Depot has always done is driving service and driving sales. And so creating these distinct teams give us the ability for Apron associate to really, really focus on driving engagement and ensuring that we're servicing the customer to the full extent.

是的。Chuck，另外補充你關於商品與執行團隊的問題。我先說，我們極度專注於推動或（聽不清），也就是我們的門市與同仁。而Home Depot一向做得很好的關鍵之一，就是推動服務、推動銷售。因此，建立這些明確分工的團隊，讓穿著Apron的門市同仁能夠真正、真正專注於提升互動，並確保我們以最大程度服務客戶。

And absolutely, when we separate tasking from selling, we're seeing productivity on the tasking side, which is excellent for us, but we're also seeing higher levels of engagement.

而且確實，當我們把作業任務（tasking）與銷售分開時，我們看到作業端的生產力提升，這對我們非常好；同時我們也看到更高程度的互動參與。

And you talked about units per basket, that would be the outcome that we're looking for, engaging with the customer, making sure we're servicing the customer to the full extent, making sure that our associates fully understand the capabilities that we have and the brand of The Home Depot and absolutely driving outcomes with sales.

你提到每個購物籃的件數（units per basket），那正是我們想要的結果：與客戶互動，確保我們以最大程度服務客戶，確保我們的同仁充分了解我們具備的能力以及Home Depot的品牌，並且確實透過銷售來推動成果。

And I will tell you in the first 1,000 stores that we've rolled this out in, and we are continually learning, of course, we're seeing higher likelihood to shop again scores and greater engagement. So we are on an absolutely fabulous path to really, really continue to reenergize our core and culture of this business, and we will never lose focus on that.

我可以告訴你，在我們已推行到的前1,000家門市中，而且我們當然也在持續學習，我們看到「更可能再次購買」的評分更高，以及更高的互動參與。所以我們正走在一條非常、非常出色的道路上，持續為我們的核心與企業文化注入新活力，而我們永遠不會失焦。

Zhihan Ma, Bernstein.

Zhihan Ma，Bernstein。

I want to talk about ticket versus traffic. Given that I think you're going to start to lap the tariff-driven price increases. How do you think the balance of the two are going to trend over the course of the year? And what does it take for traffic to turn positive again?

我想談談客單價（ticket）與來客量（traffic）。考量到我認為你們將開始跨過（lap）由關稅帶動的漲價基期。你們認為這兩者的平衡在今年會如何走勢？以及要讓來客量再次轉為正成長，需要什麼條件？

Yes. You're right. We are lapsing some of the early tariff pieces. As Richard said, they're still very volatile to say the least, but there's no question that as those were introduced in late Q1 of last year and into Q2. We made some pivots in our strategy as we go forward.

是的。你說得對。我們正在跨過一些早期關稅因素的基期。如Richard所說，這些因素至少可以說仍非常波動，但毫無疑問，當它們在去年第一季末到第二季被引入時，我們也在往前推進時對策略做了一些調整。

We talked at our investor conference around some of the pricing into the marketplace, and that's settled into the market. And so we see that as kind of 3% as we've talked about in the past. And then we've had great engagement so far in spring-related projects. We've got our biggest weeks ahead. So we'll see how that plays out for the balance of the year. But certainly, from a year-over-year standpoint, there's obviously, less pressure than we saw certainly a year ago.

我們在投資人會議上談到一些對市場的定價，而那已經在市場中趨於穩定。因此我們把它視為大約3%，如同我們過去所談的。另外，我們在春季相關專案上目前也看到很好的互動與參與。我們最大的幾週還在前面。所以我們會看看這對今年剩餘時間會如何發展。但當然，從年對年的角度來看，壓力顯然比一年前小得多。

Got it. And then a follow-up on the Mingledorff's side of things. You talked about that gives you a great point to start playing in the parts market as well. But on the original HVAC side of things, it is a very distribution rights centric market. Does that mean that there's more acquisitions that you need to make to continue to grow there?

了解。接著追問一下Mingledorff's那邊的情況。你提到那也讓你們在零件市場有一個很好的切入點。但在原廠HVAC那一端，它是一個非常以經銷權（distribution rights）為核心的市場。這是否意味著你們需要進行更多併購，才能在那裡持續成長？

So Mingledorff's is a leading distributor in the Southeast, as I mentioned. They're a carrier-focused distributor. What we like about the parts business is while you have regional exclusives on distribution in certain geographies of a branded HVAC equipment, you're actually able to sell parts nationwide. So we look to leverage all the infrastructure, The Home Depot, the stores and our online capabilities and direct fulfillment centers to start building a more robust parts distribution nationally.

如我先前提到的，Mingledorff's 是東南部地區的領先經銷商。他們是一家以承運商為核心的經銷商。我們喜歡零件業務的一點是，雖然在某些地理區域內，品牌 HVAC 設備的經銷會有區域獨家，但零件其實可以在全國範圍銷售。因此，我們希望運用所有基礎設施——The Home Depot、門市、我們的線上能力以及直送履約中心——開始在全國建立更強健的零件分銷體系。

As it relates to incremental acquisitions, we would expect to build HVAC into, call it, SRS' fifth vertical, and we would look to add geographies of the key manufacturers with modest -- these would be modest full-time acquisitions to that HVAC vertical platform.

就增量併購而言，我們預期會把 HVAC 打造成（可稱之為）SRS 的第五個垂直領域，並且會在該 HVAC 垂直平台上，針對主要製造商的重點區域版圖進行補強；這些將是規模適中的全職併購。

Christine, we have time for one more question.

Christine，我們還有時間再問一個問題。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

So I guess I want to -- I apologize, I want to just be an economist for a bit for a second, too. With regard to -- obviously, there's a lot of moving pieces out there, a lot of factors that are impacting Home Depot's business at this point. But if you look at gas prices, I guess the question I want to ask is, historically, how have higher gas prices impacted your consumer? And then also, maybe looking at it in a different way, as you think about just from an input cost into Home Depot and the various ways that gas prices affect your business. I mean how should we be thinking about that dynamic here?

我想——抱歉，我也想先暫時當一下經濟學家。關於——顯然，外部有很多變動因素、很多因素正在影響 Home Depot 目前的業務。但如果看油價，我想問的是，從歷史上看，較高的油價如何影響你們的消費者？另外，也許換個角度，從 Home Depot 的投入成本來看，以及油價透過各種方式影響你們業務的情況。我的意思是，我們應該如何看待這裡的這種動態？

Well, first of all, Brian, I'd say if you look across history and you look at significant fuel price increases and their impact on demand, it's hard to parse out fuel increases from a general degree of pressure on consumer spending. And on -- it also has to be taken in the context of the interest rate environment, which we are more highly sensitive to.

首先，Brian，我會說，如果你回顧歷史，觀察燃料價格大幅上升及其對需求的影響，很難把燃料上漲與消費支出普遍承壓的程度切割開來。而且——也必須放在利率環境的脈絡下來看，我們對利率的敏感度更高。

Look, there are a number of potential factors at play here. Yes, we see increased fuel costs, not only hitting us directly. Obviously, we obviously have a considerable amount of transportation expense in our P&L but also in the form of input costs. At the same time, number one, it's still very early in the year. And number two, there are some potential tailwinds here.

你看，這裡可能有多種因素同時在發揮作用。是的，我們看到燃料成本上升，不僅直接衝擊我們。顯然，我們的損益表（P&L）中有相當可觀的運輸費用，同時也會以投入成本的形式反映出來。同時，第一，現在仍是年初，還很早。第二，這裡也存在一些可能的利多因素。

We've talked in our sector about tariff refunds. We have filed for those tariff refunds. And while we don't disclose the amount and while we have received an immaterial amount to date, we have assumed that, that could provide a significant offset to those costs. So it's very hard to understand exactly how all of this will balance out through the year, and we'll continue to watch it and manage it -- manage through it.

我們在本產業談到過關稅退稅。我們已經申請了這些關稅退稅。雖然我們不揭露金額，而且截至目前我們收到的金額並不重大，但我們假設這可能會對上述成本提供顯著的抵銷。因此，很難精確判斷這些因素在全年將如何相互平衡；我們會持續觀察並加以管理——在這些變化中進行管理。

That's very helpful. I appreciate that. And my second question, again, apologies for being nitpicky here. But just the commentary around May, so the early part of fiscal Q2 here. Should we -- I think you used the word, engaged consumer, engagements back to what you saw maybe in February and March. I mean, should we basically think about the business right now is running domestically at those comp store sales levels you saw in February, March?

這非常有幫助。我很感謝。我的第二個問題，再次抱歉我有點吹毛求疵。但關於 5 月的評論，也就是本財年第二季初期。我們是否——我想你用了「投入的消費者」這個詞，投入度回到你們在 2 月和 3 月看到的水準。我的意思是，我們是否可以基本上認為，目前美國本土業務的運行狀況，大致就是你們在 2 月、3 月看到的同店銷售（comp store sales）水準？

Yes, it's been pretty steady. I mean, we landed right at our expectations. I think, Bill, maybe just repeat again what we saw April through the first few weeks of May.

是的，表現相當穩定。我的意思是，我們的結果正好符合我們的預期。我想，Bill，你或許再重述一下我們從 4 月到 5 月前幾週看到的情況。

Yes. Again, Brian, we had a very consistent performance, February, March and even into the first part of April, and then the weather just year over year in the last couple of weeks of April was a little bit different. And then as we saw -- as we've seen in May, very similar, great engagement in all of our spring-related projects. This is what we saw through February, March and really the first half of April. It was literally just the last two weeks where we saw significant weather differential. And again, back to the same engagement that we saw through the first 10 weeks and 11 weeks of the year.

好的。再說一次，Brian，我們在 2 月、3 月，甚至到 4 月初的表現都非常一致；然後 4 月最後兩週的天氣與去年同期相比有些不同。而在 5 月我們看到——正如我們在 5 月所看到的，非常類似，在所有春季相關專案上都有很高的參與度。這就是我們在 2 月、3 月以及確實在 4 月上半月所看到的情況。真的就是最後兩週，我們看到顯著的天氣差異。而且再次回到與今年前 10 週、11 週所看到的相同投入度。

I think that feeds finally back into the guidance question. The best thing we have is our observation, and we've observed kind of the demand that we expected to see through the first few weeks of the quarter.

我認為這最終也回到指引（guidance）問題。我們最好的依據就是我們的觀察，而我們觀察到的需求大致符合我們預期在本季前幾週會看到的情況。

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

Janci 女士，我想把會議交回給您做結語。

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

謝謝你，Christine，也謝謝各位今天加入我們。我們期待在 8 月的第二季財報電話會議上再與各位交流。

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.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。