家得寶 (HD) 2026 Q2 法說會逐字稿

Greetings, and welcome to The Home Depot second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加家得寶（The Home Depot）2026 會計年度第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我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 second quarter 2026 earnings call. Joining us on our call today are Richard McPhail, Executive Vice President and Chief Financial Officer; Ann-Marie Campbell, Senior Executive Vice President; and Billy Bastek, Executive Vice President of Merchandising.

謝謝你，Christine，各位早安。歡迎參加家得寶 2026 會計年度第二季財報電話會議。今天與會的有 Richard McPhail，執行副總裁暨財務長；Ann-Marie Campbell，資深執行副總裁；以及 Billy Bastek，商品採購執行副總裁。

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

在我們的事先準備發言之後，將開放提問。提問將僅限分析師與投資人。(活動指示) 若我們在會議中無法回答您的問題，請致電投資人關係部門：(770) 384-2387。

Before I turn the call over to Richard, let me remind you that today's press release and 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.

在我把電話交給 Richard 之前，提醒各位，今天的新聞稿以及我們主管所做的簡報包含依據聯邦證券法之「前瞻性陳述」，其中包括 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義者。

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, Form 10-K and other filings with the Securities and Exchange Commission.

這些陳述受到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出現重大差異。這些風險與不確定性包括但不限於新聞稿、我們最近一期年報 Form 10-K，以及其他向美國證券交易委員會（SEC）提交之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 our corresponding GAAP measures, please refer to our earnings press release on our website.

今天的簡報也將包含若干非 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。如需這些及其他非 GAAP 指標與其對應 GAAP 指標之調節表，請參閱我們網站上的財報新聞稿。

Now let me turn the call over to Richard.

現在我把電話交給 Richard。

Thank you, Isabel, and good morning, everyone. Before turning to our results, we want to touch on Ted's temporary medical leave of absence, which we announced last week. We wish Ted a quick recovery and appreciate the support that has been shown by so many Home Depot partners.

謝謝你，Isabel，各位早安。在談到我們的業績之前，我們想先提及上週宣布的 Ted 暫時因醫療因素請假一事。我們祝 Ted 早日康復，也感謝眾多家得寶夥伴所展現的支持。

We look forward to Ted's return in a few months, and we will share any material developments as appropriate. Ann and I are supported by an exceptional leadership team and a dedicated Board and together, we are wholly focused on executing our strategy and winning in our market.

我們期待 Ted 在幾個月後回歸，並將在適當時機分享任何重大進展。Ann 和我有一支卓越的領導團隊與盡責的董事會支持；我們將全力專注於執行策略，並在市場中勝出。

Turning to the quarter. Sales for the second quarter were $47.9 billion, an increase of 5.7% from the same period last year. Comp sales increased 1.7% from the same period last year and comps in the US increased 1.3%. Adjusted diluted earnings per share were $4.92 in the second quarter compared to $4.68 in the second quarter last year.

回到本季表現。第二季銷售額為 479 億美元，較去年同期成長 5.7%。同店銷售較去年同期成長 1.7%，美國同店銷售成長 1.3%。第二季調整後稀釋每股盈餘為 4.92 美元，去年同期為 4.68 美元。

Our second quarter results exceeded our expectations and our teams did a great job executing throughout a dynamic environment. Our customers continue to engage in home improvement projects, and throughout the quarter, we saw broad-based demand across the business. In the US our Northern and Western divisions posted positive comps and Mexico and Canada posted positive comps.

我們第二季的結果優於預期，團隊在多變的環境中展現了出色的執行力。客戶持續投入居家改善專案，且整個季度我們看到全業務範圍的廣泛需求。在美國，我們北部與西部事業部同店銷售為正；墨西哥與加拿大也呈現正向同店銷售。

While consumer uncertainty and housing affordability continue to pressure demand for larger home improvement projects, we remain focused on what we can control, our strategy of driving our core and culture, delivering a frictionless interconnected experience and winning the Pro.

儘管消費者不確定性與住房可負擔性仍持續壓抑較大型居家改善專案的需求，我們仍專注於可控事項：推動我們的核心與文化、提供無摩擦的互聯體驗（interconnected experience），以及在專業客戶（Pro）市場取勝。

With that, I'll turn it over to Ann.

接下來我把電話交給 Ann。

Thanks, Richard, and good morning, everyone. Driving our core and culture is at the heart of what we do every day to deliver the best experience for our customers. To do this, we continue to invest in our store experience. Our teams are focused on ensuring on-shelf availability remains at record levels on introducing new and innovative products and deploying technology across the stores to enhance the customer experience.

謝謝你，Richard，各位早安。推動我們的核心與文化，是我們每天所做一切的核心，目標是為客戶提供最佳體驗。為此，我們持續投資於門市體驗。我們的團隊專注於確保貨架可得性維持在歷史高點、導入全新且創新的產品，並在門市部署科技以提升客戶體驗。

This, coupled with all of our investments in our associate experience through technology-enabled tools, makes it easier than ever for associates to serve customers. And we have seen greater associate engagement, better customer satisfaction scores and stronger sales.

再加上我們透過科技賦能工具對員工體驗的各項投資，讓員工比以往更容易服務客戶。我們也看到員工投入度提升、客戶滿意度分數更佳，以及銷售更強勁。

A great example of how we are building on the momentum that we are seeing is through evolution of Magic Apron. In addition to our website, now associates and customers can utilize this application in our aisles to navigate our stores more efficiently, find products within seconds and ask questions about products and projects to feel more confident in their ability to complete a home improvement project. Customers feedback has been incredibly positive.

我們持續累積的動能，一個很好的例子就是 Magic Apron 的演進。除了在我們的網站上，現在員工與客戶也能在走道中使用這個應用程式，更有效率地在門市內導航、在數秒內找到商品，並就商品與專案提問，讓他們更有信心完成居家改善專案。客戶回饋非常正面。

In terms of our interconnected experience, we are making progress on a multitude of initiatives including delivery. We know speed of delivery is important to our customers, and today, for in-stock parcel products, over 65% of our deliveries are same day or next day. And we're continuing to get faster. In fact, this month, we launched Express Delivery nationwide with delivery on tens of thousands of products in three hours or less.

在互聯體驗方面，我們在多項計畫上持續取得進展，包括配送。我們知道配送速度對客戶很重要；目前針對有庫存的包裹型商品（parcel products），超過 65% 的配送可在當日或次日送達。而且我們還在持續加快速度。事實上，本月我們已在全美推出快速配送（Express Delivery），數以萬計的商品可在三小時內或更短時間送達。

In addition, we've evolved our appliance delivery model to better serve direct purchases. We now stock a select assortment of appliances that can reach our customers next day in certain markets. We are seeing a sales lift in these markets and we'll continue to lean in to broaden these efforts.

此外，我們也調整了家電配送模式，以更好地服務直接購買。我們現在備有精選家電品項，在部分市場可於次日送達客戶。我們在這些市場看到銷售提升，並將持續加大投入以擴大這些作法。

And we are winning with the Pro. Pro positive comp in the quarter, and we saw strong performance across all our Pro cohorts. This is being driven by the many investments we have made across our systems, capabilities for Pros, product assortment, job lot quantities, delivery, sales teams and specialized services. There is more to do, but it is evident that we are serving our Pros better than ever, and this partnership with our customers creates a sticky and lasting relationship.

同時，我們也在專業客戶（Pro）領域持續取勝。本季 Pro 同店銷售為正，且我們在所有 Pro 客群（cohorts）都看到強勁表現。這主要來自我們在系統、Pro 能力、商品組合、工地用量（job lot quantities）、配送、銷售團隊與專業化服務等方面的多項投資。仍有更多工作要做，但很明顯我們比以往任何時候都更能服務 Pro 客戶，而與客戶的這種夥伴關係也建立了高度黏著且長久的關係。

In closing, I'd like to thank all of our associates for their hard work this quarter. I'm pleased to announce that based on our first half results, 100% of our stores qualified for Success Sharing, our profit sharing program for hourly associates. These results were a testament to our investment across the business and our associates' focus on customer service.

最後，我要感謝所有員工在本季的辛勤付出。我很高興宣布，基於上半年業績表現，我們 100% 的門市都符合 Success Sharing（我們針對計時員工的利潤分享計畫）的資格。這些成果證明了我們對全業務的投資，以及員工對客戶服務的專注。

With that, I'll turn it over to Billy.

接下來我把電話交給 Billy。

Thank you, Ann. 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。各位早安。我也想先感謝所有員工、供應商以及供應鏈夥伴，持續致力於服務我們的客戶與社區。

As you heard from Richard, our performance during the second quarter exceeded our expectations as customers continue to engage in smaller, repair and maintenance projects. In the second quarter, we saw a broader engagement with 13 of our 16 merchandising departments posting positive comps, including storage, electrical, hardware, power, plumbing, indoor garden, kitchen, paint, bath, outdoor garden, building materials, flooring and millwork.

如同各位從 Richard 那裡聽到的，我們第二季的表現優於預期，因為客戶持續投入較小型的修繕與維護專案。第二季我們看到更廣泛的參與度：16 個商品部門中有 13 個同店銷售為正，包括收納、電工、五金、電動工具、管路、室內園藝、廚房、油漆、衛浴、戶外園藝、建材、地板與木作（millwork）。

During the second quarter, our comp average ticket increased 2.8% and comp transactions decreased 1%. Big ticket comp transactions, or those over $1,000 were positive 2.4% compared to the second quarter of last year. We were pleased with the performance we saw in portable power and patio. However, larger discretionary projects remain under pressure. During the second quarter, Pro posted positive comps and outperformed DIY.

在第二季，我們的同店平均客單價上升2.8%，同店交易筆數下降1%。大額客單的同店交易（即超過1,000美元）較去年第二季成長2.4%。我們對可攜式電力與庭院品類的表現感到滿意。然而，較大型的非必需性專案仍持續承壓。第二季，專業客（Pro）同店銷售為正，且表現優於DIY。

We saw strength in DIY across many spring-related categories, including live goods, mulch, soils, hardscapes, storage, patio and grills. And for Pro, we saw strength across many Pro-heavy categories like portable power, decking, dimensional lumber, pipe and fittings, fastener, hand tools and concrete.

我們在DIY的多個春季相關品類看到強勁表現，包括活體商品、覆蓋物、土壤、硬景、收納、庭院與烤爐。而在專業客（Pro）方面，我們在多個Pro占比較高的品類也看到強勁表現，例如可攜式電力、露台板材、規格木材、管材與接頭、緊固件、手工具與混凝土。

Turning to total company online comp sales. Sales leveraging our digital platforms increased 11% compared to the second quarter of last year. This is the fifth 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, and our faster delivery speeds are resonating with customers and driving greater engagement.

接著談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二季成長11%。這已是連續第五個季度年對年維持雙位數成長，主要由我們持續在互聯平台上的投資所驅動。提供最佳的互聯式體驗是我們策略的關鍵組成，而更快的配送速度正引起顧客共鳴並帶動更高的互動參與。

As Ann mentioned, we have made meaningful progress with our delivery speeds. This progress extends beyond parcel products. For big and bulky products, we've also increased speed of delivery significantly. To put this in perspective, over the last 18 months, we've reduced our delivery lead times approximately 45% in the US which is leading to greater conversion with our customers.

如Ann所提到，我們在配送速度方面已取得實質進展。這項進展不僅限於包裹類商品。對於大型與笨重商品，我們也大幅提升了配送速度。具體而言，在過去18個月，我們已將美國的配送前置時間縮短約45%，進而提升顧客轉換率。

And now approximately 55% of our big and bulky deliveries on products we stock are delivered within two days. Going forward, we will continue to further optimize fulfillment across all of our assets to better serve our customers and enhance the interconnected shopping experience.

目前，我們庫存的大型與笨重商品配送中，約有55%可在兩天內送達。展望未來，我們將持續在所有資產上進一步優化履約能力，以更好地服務顧客並強化互聯式購物體驗。

During the second quarter, we leaned into products and projects that are resonating with our customers. We focused on innovation, expanded assortments and reduced friction points, all to deliver a compelling value proposition.

第二季，我們加大投入於能引起顧客共鳴的商品與專案。我們聚焦於創新、擴充品類組合並降低摩擦點，旨在提供具吸引力的價值主張。

For example, we continue to see tremendous success in power. In fact, Q2 was a record-setting sales quarter for portable power tools. As we've mentioned before, we have built a strong competitive advantage with our extensive lineup of battery-powered platforms that allows us to continue to grow share in these categories.

例如，我們在電動工具領域持續看到極為亮眼的成果。事實上，第二季創下可攜式電動工具的單季銷售新高。如先前所述，我們憑藉廣泛的電池供電平台產品線建立了強大的競爭優勢，使我們得以持續在這些品類中提升市占。

Another category where we continue to see strong performance is storage as we lean into our branded systems and expanded assortments. Milwaukee PACKOUT, our largest national loyalty brand for Pros has the industry's most versatile and durable modular storage system with solutions for toolboxes, organizers, racks and many more. These modular units provide our Pros with easy access to all their tools at their job sites and at their homes.

另一個我們持續看到強勁表現的品類是收納，我們正加大推動自有品牌系統並擴充品類組合。Milwaukee PACKOUT是我們面向專業客（Pro）最大的全國性忠誠品牌，擁有業界最具多功能且耐用的模組化收納系統，提供工具箱、收納盒、置物架等多種解決方案。這些模組化單元讓專業客能在工地與家中更方便地取用所有工具。

And in appliances, we recognize that in the current environment, there is a growing shift towards direct purchases which is why we have been making advancements in our supply chain capabilities more easily and quickly get product to the customer. As a result of our investments, we are now able to provide next-day delivery coverage on key SKUs to nearly 60% of the population. We are encouraged with the positive performance we are seeing in these markets, and we'll continue to expand population coverage and SKUs throughout the year.

在家電方面，我們注意到在目前環境下，直接購買的趨勢日益增加，因此我們持續強化供應鏈能力，以更容易且更快速地將產品送達顧客。受惠於我們的投資，我們目前已能針對關鍵SKU提供隔日到貨服務，覆蓋近60%的人口。我們對這些市場所呈現的正向表現感到鼓舞，並將在全年持續擴大人口覆蓋與SKU範圍。

In addition, we are expanding our relationship with USG across our business. The Home Depot will be the exclusive launch partner for USG's newest innovation, ultralight tough gypsum panels in the big-box retail channel, further solidifying our leadership as the go-to retailer for Pro preferred building materials. This product stands out as the lightest and most durable half-inch panel in the market.

此外，我們也在全業務範圍內擴大與USG的合作關係。在大型賣場零售通路中，The Home Depot將成為USG最新創新產品——超輕量高韌性石膏板——的獨家上市合作夥伴，進一步鞏固我們作為專業客首選建材零售商的領導地位。該產品是市場上最輕且最耐用的半英吋板材。

We're also accelerating growth with another key Pro exclusive. RUCO joint treatments. RUCO has driven strong Pro loyalty with us for decades, and we are excited to expand their product lineup across our stores.

我們也正透過另一項關鍵的Pro獨家產品加速成長。RUCO接縫處理材料。RUCO數十年來為我們帶來強勁的專業客忠誠度，我們很高興能在門市擴展其產品線。

As we look ahead to the third quarter, our merchandising organization remains focused on being our customers' advocate for value. This means continuing to provide a broad assortment of best-in-class products that are in stock and available for our customers when they need it.

展望第三季，我們的商品團隊仍將專注於成為顧客在價值上的代言人。這意味著持續提供廣泛的同級最佳產品組合，並確保在顧客需要時有貨且可取得。

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

接下來，我想把電話會議交回給Richard。

Thanks, Billy. I'll now spend a few minutes on our financial update for the quarter. In the second quarter, total sales were $47.9 billion, an increase of $2.6 billion or 5.7% from last year. During the second quarter, our total company comps were positive 1.7% with comps of positive 1.2% in May, positive 1.5% in June, and positive 2.3% in July.

謝謝你，Billy。我接下來用幾分鐘說明本季的財務更新。第二季總銷售額為479億美元，較去年增加26億美元，增幅5.7%。第二季全公司同店銷售成長1.7%；其中5月同店成長1.2%、6月成長1.5%、7月成長2.3%。

Comps in the US were positive 1.3% for the quarter, with comps of positive 0.5% in May, positive 1.2% in June and positive 2.2% in July. In the second quarter, we received IEEPA tariff refunds, which reduced our cost of goods sold by $685 million. While these refunds were received in the second quarter, they are being used to offset unplanned and rising cost pressures throughout the year.

美國市場本季同店銷售成長1.3%；其中5月成長0.5%、6月成長1.2%、7月成長2.2%。第二季我們收到IEEPA關稅退稅，使銷貨成本減少6.85億美元。雖然退稅於第二季入帳，但將用於抵銷全年未預期且上升的成本壓力。

In the second quarter, our gross margin was 33.7%, an increase of approximately 25 basis points from the second quarter of last year, which was primarily driven by the benefit from the IEEPA tariff refund, largely offset by incremental cost pressures related to fuel, energy and other product input costs as well as a change in mix as a result of the GMS acquisition. Our underlying gross margin performance was in line with our expectations.

第二季毛利率為33.7%，較去年第二季提高約25個基點，主要受惠於IEEPA關稅退稅；但此效益大多被燃料、能源及其他產品投入成本相關的新增成本壓力，以及因GMS收購導致的組合變化所抵銷。我們的基礎毛利率表現符合預期。

During the second quarter, operating expense as a percent of sales increased approximately 45 basis points to 19.4% compared to the second quarter of 2025. Our operating expense performance was in line with our expectations. Our operating margin for the second quarter was 14.3% compared to 14.5% in the second quarter of 2025.

第二季營業費用占銷售額比率較2025年第二季上升約45個基點至19.4%。我們的營業費用表現符合預期。第二季營業利益率為14.3%，相較2025年第二季的14.5%。

In the quarter, pretax intangible asset amortization was $178 million. Excluding the intangible asset amortization in the quarter, our adjusted operating margin for the second quarter was 14.7% compared to 14.8% in the second quarter of 2025.

本季稅前無形資產攤銷為1.78億美元。若排除本季無形資產攤銷，第二季調整後營業利益率為14.7%，相較2025年第二季的14.8%。

Interest and other expense for the second quarter decreased by $26 million to $524 million. In the second quarter, our effective tax rate was 24.5% compared to 24.2% in the second quarter of fiscal 2025. Our diluted earnings per share for the second quarter were $4.79 compared to $4.58 in the second quarter of 2025. Excluding intangible asset amortization, our adjusted diluted earnings per share for the second quarter were $4.92, an increase of 5.1% compared to the second quarter of 2025.

第二季利息及其他費用減少2,600萬美元至5.24億美元。第二季有效稅率為24.5%，相較於2025會計年度第二季的24.2%。第二季稀釋後每股盈餘為4.79美元，較2025年第二季的4.58美元為高。若排除無形資產攤銷，第二季調整後稀釋後每股盈餘為4.92美元，較2025年第二季成長5.1%。

During the second quarter, we opened three new stores, bringing our total store count to 2,364. At the end of the quarter, merchandise inventories were $26.8 billion, up approximately $2 billion compared to the second quarter of 2025 and inventory turns were 4.5 times, down from 4.6 times last year.

在第二季，我們新開了三家門市，使我們的門市總數達到 2,364 家。截至本季末，商品存貨為 268 億美元，較 2025 年第二季增加約 20 億美元；存貨周轉率為 4.5 次，低於去年同期的 4.6 次。

Turning to capital allocation. During the second quarter, we invested approximately $880 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 24.8%, down from 27.2% in the second quarter of fiscal 2025.

接著談資本配置。第二季我們以資本支出形式回投約 8.8 億美元於業務。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與權益的平均數計算，投入資本報酬率為 24.8%，低於 2025 會計年度第二季的 27.2%。

Now I will comment on our outlook for fiscal 2026. Our performance during the second quarter exceeded our expectations. We are encouraged with the underlying demand we see in the business, and 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, new branches and tuck-in acquisitions.

接下來我將說明我們對 2026 會計年度的展望。我們第二季的表現優於預期。我們對業務中所見的基本需求感到鼓舞，並重申 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 併購、新門市、新分支據點以及補強型併購（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 branches. Our gross margin is expected to be approximately 33.1%.

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。我們計畫新開約 15 家門市，以及 40 至 50 個新的 SRS 分支據點。我們預期毛利率約為 33.1%。

Further, we expect operating margin of approximately 12.4% to 12.6% and adjusted operating margin of approximately 12.8% to 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.

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%。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。我們預期稀釋每股盈餘與調整後稀釋每股盈餘，相較 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 will continue to grow market share as a result of our competitive advantages and ongoing investments by delivering the best 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修繕體驗，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，我們現在準備開始問答。

(Operator Instructions)

（接線員指示）

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

Billy, I was hoping you could comment on the broadening of the category strength in the quarter. I think you called out 13 areas. I guess, double-click on where you're seeing the strongest parts of the business and the outlook in the back half?

Billy，我想請你評論一下本季品類強勢擴大的情況。我記得你提到有 13 個領域。能否再深入說明一下你們在哪些業務板塊看到最強勁的表現，以及下半年展望如何？

Yes. Thanks, Chuck, for the question. Yes, as I mentioned in the prepared remarks, we saw 13 categories of our 16 positive comp. And we had -- if you think about the core of our business, electrical, plumbing, hardware, tools, both in-store and online. We had great performance online. I mentioned the double-digit positive comps.

好的。謝謝你，Chuck，謝謝提問。是的，如同我在事先準備的發言中提到的，我們 16 個品類中有 13 個同店為正成長。如果你看我們業務的核心，包括電工、管路、五金、工具，無論是門市或線上。我們線上表現非常出色。我提到同店有雙位數的正成長。

Those businesses were even greater than the online comp. But really the middle of the store and to put that in context, if you look at our top 20 businesses across the store that drove a positive performance, only 3 of those 20 were actually in the seasonal business. So we feel really good about what's happening in the middle of the store and certainly a much broader-based impact, as we mentioned in the prepared remarks.

這些業務的表現甚至優於線上同店的整體表現。但真正值得注意的是門市中段（middle of the store）；為了提供一些背景，如果你看推動門市正向表現的前 20 大業務，其中只有 20 個裡的 3 個實際上屬於季節性業務。因此，我們對門市中段正在發生的事情感到非常樂觀，且如同我們在事先準備的發言中所提到的，影響面確實更為廣泛。

Okay. That's great. And then, Richard, just on the tariff refund of $685 million. Can you speak to how much of that was for inventory that flowed through the P&L in 2Q versus how much was flowed through the P&L in prior quarters? And I guess are you expecting any more refunds to help you in the back half of the year? And then when we think about next year and the lap of that $685 million, how should we think about that in terms of the gross margin impact?

好的。很棒。接著，Richard，關於 6.85 億美元的關稅退稅。你能否說明其中有多少是針對在第二季已透過損益表（P&L）認列的存貨，與有多少是針對先前季度已透過損益表認列的部分？另外，你們是否預期下半年還會有更多退稅來帶來助益？再者，當我們思考明年要比較（lap）這 6.85 億美元時，毛利率的影響應該如何看待？

Yes. Great. Thanks for the question. So let me just -- let me give you some numbers to clarify the tariff refunds and then we'll talk about how this works through the year, and then into next year. So we received $730 million in tariff refunds during the quarter. We received all those right around the end of the month of June.

好的。很好。謝謝你的問題。我先提供一些數字來釐清關稅退稅，接著我們再談它如何在今年內反映，以及延伸到明年。本季我們收到 7.30 億美元的關稅退稅。這些款項幾乎都在 6 月底左右收到。

And those refunds represent the vast majority of what we would expect to receive for those IEEPA refunds that we filed for. There's an immaterial amount that we expect we may receive in the back half. Of that $730 million, $685 million reduced our cost of goods sold as they applied to products that had already been sold. The remaining $45 million remains in inventory and will hit the P&L as we turn inventory through the remainder of the year.

這些退稅金額代表我們就已提出申請的 IEEPA 退稅所預期可收到的絕大部分。下半年我們可能還會收到一小部分、金額不具重大性的款項。在這 7.30 億美元中，有 6.85 億美元因適用於已售出產品而降低了銷貨成本（COGS）。其餘 4,500 萬美元仍留在存貨中，將隨著今年剩餘期間存貨周轉而反映在損益表（P&L）中。

And so let's just talk about the shape of the year, how this impacts the shape of the year because your question is lapping into next year. So thinking about how they impacted the quarter. The $685 million reduction in COGS was about 145 basis point gross impact to margin.

接著談一下全年走勢，以及這如何影響全年走勢，因為你的問題也涉及到明年的比較基期。先從它們對本季的影響來看。這 6.85 億美元的銷貨成本（COGS）減少，對毛利率的影響約為 145 個基點。

As we said in our prepared remarks, those benefits offset increased costs that we've seen in our cost base of about 60 basis points. So you can think about the net benefit of refunds in our P&L being around 85 basis points.

如同我們在事先準備的發言中所說，這些效益抵銷了我們成本基礎中約 60 個基點的成本上升。因此，你可以把退稅在我們損益表（P&L）上的淨效益視為約 85 個基點。

And just to tie out the numbers on gross margin real quickly, we also had the mix impact of the GMS and Mingledorff's acquisitions have an impact of about 60. So net benefit of tariff of 85 basis points, mix impact of 60, so that gives you the year-over-year increase of about 25 basis points.

再快速把毛利率的數字對一下：我們也有組合（mix）影響，GMS 與 Mingledorff's 的併購帶來約 60 個基點的影響。因此，關稅的淨效益為 85 個基點，組合影響為 60 個基點，合計就是年對年增加約 25 個基點。

So just talking about the nature of refunds, while we received those refunds in the second quarter, we've also experienced unplanned pressure from fuel, energy and other product input costs that we expect will fully offset the benefit from tariff refunds over the year.

再談退稅的性質：雖然我們在第二季收到這些退稅，但我們也面臨燃料、能源及其他產品投入成本的非預期壓力；我們預期這些壓力在全年將完全抵銷關稅退稅帶來的效益。

And so if you think about the shape of the P&L, while those refunds are going to go to offset costs in, call it, Q3 -- sorry, Q2 and Q3 because we book all of the refunds when we receive the cash, you are going to see a little bit of a P&L shift between Q2 and Q3.

因此，如果你看損益表（P&L）的形狀，由於我們是在收到現金時一次性入帳所有退稅，這些退稅將用來抵銷成本，約落在第二季與第三季（Q2 和 Q3）；你會看到第二季與第三季之間出現一些損益表（P&L）上的移轉。

And Billy, maybe just talk about the environment we're in and how we've looked at tariffs.

那麼 Billy，也許請你談談我們所處的環境，以及我們如何看待關稅。

Yes. I mean you mentioned, Richard, some of the inputs, the incremental inputs to what we planned coming into the year. Certainly, we've seen incremental cost pressure related to fuel, energy, other product inputs, you can think of commodities with resin and metals. So we didn't have that in our plan as we came into the year, so those are incremental.

是的。我的意思是，你提到的，Richard，一些投入項目——也就是相較於我們年初規劃時，後續新增的投入。當然，我們看到與燃料、能源及其他產品投入相關的額外成本壓力；你可以把它想成像樹脂與金屬等大宗商品。所以我們在年初制定計畫時並沒有把這些納入，因此這些都是新增的。

And then the other piece I would mention that maybe gets overlooked is there's been some changes in tariffs incrementally relative to our planning process coming into the year, Section 101 expired in July, it was updated in February, expired in July and replaced with the Section 301 piece. So those were actually also incremental to what we had forecasted coming into the year.

另外我想提到、可能容易被忽略的一點是：相較於我們年初的規劃流程，關稅也出現了一些增量變化。第101條款在7月到期，2月更新、7月到期，並由第301條款取代。所以這些其實也都是相較於我們年初預測時的新增變數。

So we're doing a great job of offsetting that. The merchant is doing a great job with our supply chain teams, but those are incremental pressures that we did not have as part of our outlook for 2026.

因此我們在抵銷這些影響方面做得非常好。採購端與我們的供應鏈團隊配合得非常好，但這些都是我們在2026年展望中原本沒有納入的新增壓力。

And so Chuck, just to get back to your question, because we expect the tariff refunds to be fully offset by the incremental cost pressure that Billy called out. We've reaffirmed our guidance for the year. And so while you might see some timing -- some lapping next year on a quarterly basis that we'll need to take you through, there shouldn't be a lap from an annual perspective when we head into 2027.

所以 Chuck，回到你的問題，因為我們預期關稅退稅將會被 Billy 提到的新增成本壓力完全抵銷。我們已重申今年的財測指引。因此，雖然你可能會在明年按季度看到一些時間差——一些同比基期效應（lapping），我們也會再帶你們走一遍，但從年度角度來看，當我們邁入2027年時，不應該會有基期效應的影響。

Scott Ciccarelli, Truist.

Truist 的 Scott Ciccarelli。

Two questions. First, just one more clarification on the comments on the cost pressures. Are we to assume an incremental 60 basis points of pressure in 3Q and 4Q at least relative to initial plan? And then second, while higher rates, which obviously we're seeing in the markets right now, certainly don't help. Based on your internal models, do higher rates actually hurt here? Or do you think most of the damage has already been done?

兩個問題。第一，關於成本壓力的評論再確認一下。我們是否應該假設，相較於最初計畫，第三季與第四季至少會有額外60個基點的壓力？第二，較高的利率——顯然我們現在在市場上看到——當然不會有幫助。根據你們內部模型，較高利率在這裡是否真的會造成傷害？還是你們認為大部分的衝擊其實已經發生了？

McPhail Executive VP & CFOSure. Thank you, Scott. I think you should think about this, and the way we're thinking about it is, tariff refunds are going to offset costs in really a period sort of over Q2 and Q3. And I think what we would expect to see is that our gross margin rate in the fourth quarter will likely be right around flat compared to last year.

McPhail，執行副總裁兼財務長：當然。謝謝你，Scott。我認為你可以這樣理解——也是我們的看法：關稅退稅將在第二季與第三季這段期間，實質上用來抵銷成本。而我們預期第四季的毛利率大概率會與去年大致持平。

So this is sort of a Q2 and Q3 dynamic, which obviously just has a little complication of the timing of the receipt of the refunds.

所以這主要是第二季與第三季的動態，當然也會因為退稅入帳時間點而讓情況稍微複雜一些。

With respect to rates, I think we -- as we've said over the past few years, housing turnover, just as one -- kind of one point in the economy that we watch has been at historical lows. It has never been lower as a percentage of the housing stock and every time we've seen it hit the sort of 3% of the housing stock changing hands over history, it's always bounced up relatively quickly. We've seen housing turnover at these low levels for four years now.

至於利率，我想我們——正如過去幾年所說——住房換手率（housing turnover）是我們觀察的經濟指標之一。它目前處於歷史低位；以住房存量的百分比來看，從未更低。而在歷史上，每次它降到大約住房存量的3%在換手時，通常都會相對快速反彈。但我們已經看到住房換手率在這麼低的水準維持了四年。

So I don't think that we've seen much volatility from the recent increase in rates. We do know that when we see step downs, we begin to see a little bit of life come into housing, but there's just no sign of an inflection point at this moment.

因此我不認為近期利率上升帶來了太多波動。我們確實知道，當利率出現階梯式下行時，住房市場會開始出現一些活力，但此刻仍看不到拐點的跡象。

Seth Sigman, Barclays.

Barclays 的 Seth Sigman。

Wishing Ted a quick recovery from our side, too. I wanted to ask about the gap between total comps and Home Depot US comps. It looks like it was the widest gap in a couple of years. Can you talk a little bit more about that? And perhaps separating SRS, what's happening there? Is that business back to positive in terms of comps and then also just the international performance?

我們這邊也祝 Ted 早日康復。我想問一下總體同店（total comps）與 Home Depot 美國同店（US comps）之間的差距。看起來這是過去幾年中差距最大的一次。你們能否多談談原因？另外，如果把 SRS 拆開來看，那邊發生了什麼？SRS 的同店是否已回到正成長？以及國際業務的表現如何？

Great. Yes. Look, we were really pleased to see -- so that gap between total company comp and the US. First, it reflects FX benefit of about 25 basis points. But we also had fantastic performance internationally and at SRS. Ann, maybe let's talk about what we're seeing internationally.

好的。是的。你看，我們很高興看到——也就是公司整體同店與美國同店之間的差距。首先，這反映了約25個基點的匯率（FX）利多。但我們在國際業務與 SRS 也有非常出色的表現。Ann，也許你來談談我們在國際市場看到的情況。

Yes. No, both Canada and Mexico outcomped the company, which was fantastic. And I know we called out Canada last quarter, but it was great to see the acceleration in Canada. And for the half, they just had a fabulous quarter and half, with a positive comp in transactions and positive comp in units, which is fantastic.

好的。不，無論是加拿大還是墨西哥，同店表現都優於公司整體，這非常棒。我知道我們上季提到加拿大，但很高興看到加拿大的加速成長。就上半年而言，他們這一季以及上半年都表現非常出色，交易筆數同店為正、銷售件數同店也為正，這非常好。

And Mexico has just been on this great run, and they continue to be on a great run, and we are just continuing to see great results from that team as well. So this was just not a US performance this was across the company. So really proud of the entire team, not only in the US but Canada as well and Mexico.

而墨西哥一直維持很強的成長動能，現在仍然如此；我們也持續看到那個團隊交出很好的成果。所以這不只是美國的表現，而是全公司範圍的表現。因此我們對整個團隊都非常自豪，不僅是美國，也包括加拿大與墨西哥。

Absolutely. And SRS comped above the company average this quarter. They were positive comp in all verticals, and it looks like they're taking significant share. So we couldn't be more pleased with that acquisition and how we're all working together.

完全同意。而且本季 SRS 的同店表現高於公司平均。他們在所有垂直領域（verticals）的同店都為正，看起來也正在取得顯著的市占。所以我們對這項收購以及彼此合作的方式感到非常滿意。

Okay. Great. And then as we think about the comp guidance for the full year, I think it implies a pretty wide range of scenarios for the back half. The midpoint looks like it would be similar to the first half but below the Q2 trend despite easier comparisons. So I guess, how are you thinking about the scenarios and anything else, any other building blocks to think about the comps for the second half of the year?

好的。很棒。接著談到全年同店指引，我認為它暗示下半年可能有相當寬的情境範圍。中位數看起來會與上半年相近，但儘管比較基期更容易，仍低於第二季的趨勢。所以我想問：你們如何看待各種情境？以及還有沒有其他要素或組成項，可以用來思考今年下半年的同店表現？

Sure. Well, look, we are really encouraged by the performance by our teams this quarter and exceeded our expectations for the quarter. We have had a start to Q3 that's really consistent with the demand we saw in the second quarter. But we know what the environment is out there. We have a lot of volatility. As Billy said, we've got unplanned cost pressure that's significant in the market, and we have frozen housing conditions.

當然。你看，我們對團隊本季的表現感到非常振奮，也超出我們對本季的預期。第三季開局的需求表現，與我們在第二季看到的情況非常一致。但我們也清楚外部環境是什麼樣子。波動性很大。如 Billy 所說，市場上存在相當顯著、未事先規劃的成本壓力，而且住房市場處於凍結狀態。

And so with all of that, we're focused on controlling what we can control. We do think that the range remains appropriate. We think that, obviously, the further we go into the year, the extremes of the range become less likely, but we're focused on controlling what we can control.

因此在這些因素之下，我們專注於掌控我們能掌控的部分。我們確實認為目前的區間仍然合適。我們也認為，隨著年度進程推進，區間兩端的極端情境發生的可能性會降低，但我們仍專注於掌控我們能掌控的部分。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

We're all trying to figure out how much of the Home Depot's performance in the second quarter was a reflection of the actions that the company is taking and idiosyncratic to The Home Depot versus reengagement from the consumer in home improvement. And so with that being said, if you could slice and dice it maybe two simplistic ways.

我們都在試著釐清，家得寶（The Home Depot）第二季的表現，有多少反映了公司正在採取的行動、以及家得寶自身的特定因素；相較之下，又有多少是來自消費者重新投入居家修繕。在此前提下，如果可以的話，想請你用兩個比較簡化的方式來拆解。

One is your comp accelerated from the first to the second quarter by 110 basis points, again, simplistically. How much of that do you think was accelerated market share gains versus the home improvement market accelerating a touch from the first to the second quarter?

第一，簡單來說，你們的同店銷售（comp）從第一季到第二季加速了110個基點。你認為其中有多少是市占率提升加速所帶動， versus 居家修繕市場本身從第一季到第二季略為加速？

And second, are you seeing evidence of the consumer reengaging through things like app downloads, increased quotes through the bid room and/or more usage of the Magic Apron that gives you some degree of confidence that the bottom has been reached in home improvement demand and it's going to get better from here?

第二，你們是否看到消費者重新投入的跡象，例如 App 下載量、透過投標室（bid room）的報價增加，和／或 Magic Apron 的使用增加，讓你們對「居家修繕需求已觸底、接下來會改善」更有信心？

Thanks, Michael. So look, Ann and Billy are going to bring this to life. But the headline here for us this quarter is that our teams took share in a difficult environment. We're confident the investments that we've made are positioning us like no one else in the market and when we look out at the broader market, all the data that we see, what we hear from other constituents in the market is that there is -- there remains tremendous pressure on our sector and on anyone connected with housing.

謝謝你，Michael。所以你看，Ann 和 Billy 會把這部分講得更具體。但就我們而言，本季的重點是：在艱困的環境下，我們的團隊拿到了市占。我們有信心，已投入的各項投資讓我們在市場上的定位無可比擬；而當我們放眼更廣泛的市場，從我們看到的所有數據、以及從市場上其他參與者聽到的回饋來看，我們的產業以及任何與住宅相關的領域，仍然承受著巨大的壓力。

So when we look at our results with that overlay, we're confident we're taking share. And it really -- it all starts in the stores. And so Ann, maybe let's just talk about what we're doing.

因此，在這樣的背景之下來看我們的結果，我們有信心我們正在提升市占。而這一切真的都是從門市開始。Ann，也許我們先談談我們正在做些什麼。

Yes. No, thanks. Michael, we're seeing customers respond just so positively to the initiatives we're driving to further empower our associates and deliver great customer service. And to be honest, it's simple, but it's important. It starts with the right product on the shelves in the quantities and specification the customer wants. And we have been on this journey to improve our on-shelf availability and it remains at record levels.

好的。不，謝謝。Michael，我們看到顧客對我們推動的各項措施反應非常正面，這些措施旨在進一步賦能我們的門市同仁並提供優質的顧客服務。坦白說，做法很簡單，但很重要。首先是貨架上要有正確的商品，數量與規格都要符合顧客需求。我們一直在推進提升貨架可得性（on-shelf availability）的旅程，而目前仍維持在歷史新高水準。

And why is that so important for us? Because it's is kind of foundational to driving great customer service. And for me and for the team, a high level of operational reliability, especially as stores play a more important role in delivery and fulfillment of our interconnected experience.

那為什麼這對我們如此重要？因為這算是提供卓越顧客服務的基礎。對我和團隊而言，高度的營運可靠性尤其關鍵，特別是在門市於我們互聯體驗（interconnected experience）的配送與履約中扮演更重要角色的情況下。

But when you think about connectivity with our digital assets, it's better and faster fulfillment option. It's about having the best products and brands that customers want. And Billy and team have just been laser-focused on driving innovation across the board and their continuous effort, it's just been fantastic. So Billy, innovation wins every day and your merchants are just fabulous.

但當你想到與我們數位資產的連結性時，這代表更好、更快的履約選項。也關乎提供顧客想要的最佳商品與品牌。Billy 和他的團隊一直非常專注於全方位推動創新，他們持續的努力真的非常出色。所以 Billy，創新每天都在贏，你們的採購團隊真的很棒。

Well, we appreciate that. No, Michael, it's a good question. We ask ourselves that a lot. We're probably tougher critics on ourselves than anybody actually. But there's a number of different factors. I would go back to my prepared remarks. I mean, we are really pleased with our results, and we saw great strength across our entire business. And there's certainly -- there's still a lot of pressure, obviously, on larger projects, discretionary finance projects.

我們很感謝。不，Michael，這是個好問題。我們自己也常常問自己。老實說，我們可能比任何人都更嚴格地檢視自己。但這裡面有許多不同因素。我會回到我事先準備的發言。我們對結果非常滿意，而且我們看到整體業務各面向都有很強的表現。當然，較大型的專案、可自由支配的融資型專案仍然承受很大壓力。

I mean that's a continued narrative that we're still seeing in the business. But we just announced Express Delivery today nationwide across all stores that Ann talked about. And a number of different things I mentioned big and bulky, and a lot of those come from out of our stores. So our store associates, our supply chain associates are doing an incredible job, and we're just trying to meet customers where they are and it all starts in the middle of that store.

這仍是我們在業務中持續看到的敘事。但我們今天剛宣布在全美所有門市推出快速配送（Express Delivery），正如 Ann 提到的。另外我也提到許多不同的事情，例如大件與笨重商品（big and bulky），其中很多都是從門市出貨。因此，我們的門市同仁、供應鏈同仁都做得非常出色；我們只是努力在顧客所在之處與他們相遇，而一切都從門市的核心區域開始。

And so we're really thrilled with the performance and the work that the teams are doing and hats off to the merchant group and all the work they're doing with our vendor partners.

所以我們對團隊的表現與他們所做的工作感到非常振奮，也要向採購團隊以及他們與供應商夥伴共同完成的所有工作致敬。

And you called out, Michael, Magic Apron and Jordan is in the room. And I think that is a really important enabler when we think about taking friction out of the experience, both for the associate and customer. So Jordan, the team have just had just fantastic feedback across the board. So you want to kind of lean into just the Magic Apron component?

Michael，你也特別提到 Magic Apron，而 Jordan 也在現場。我認為當我們思考如何降低體驗摩擦時，這是一個非常重要的賦能工具，無論對門市同仁或顧客都是如此。Jordan 和團隊在各方面都收到了非常棒的回饋。Jordan，你要不要更深入談談 Magic Apron 這一塊？

Yes, absolutely. I mean, Michael, you referenced online and to Billy's comments, online grew 11% in the quarter, and we had an increase in traffic and an increase in conversion. You referenced the app. The app was our highest growth surface on all of our digital surfaces, and that was exciting. And that's ahead of the planned refresh that we told you we've got coming in the back half, which is great.

好的，當然。Michael，你提到線上；呼應 Billy 的評論，本季線上成長了11%，而且流量增加、轉換率也提升。你也提到 App。在我們所有數位觸點中，App 是成長最快的介面，這很令人振奮。而且這還發生在我們先前告訴各位、預計在下半年推出的改版（refresh）之前，這點很棒。

And then on Magic Apron, we're getting millions of questions per month now on Magic Apron that has continued to grow. It's been a great tool for our customers. We've had great feedback. And Ann's references this morning were really to a more localized version of Magic Apron that understands the store context and where you are in the store because the nature of your questions and the nature of the help that we can give you is better if we understand, hey, you're in this store, let's talk about the inventory that's in the store first, and so on. So really excited about the engagement digitally, for sure.

接著談 Magic Apron：我們現在每個月在 Magic Apron 上收到數百萬個問題，而且持續成長。它一直是顧客很好的工具。我們也收到很好的回饋。而 Ann 今天早上提到的，其實是 Magic Apron 更在地化的版本：它能理解門市情境，以及你在店內的位置；因為如果我們知道你在這家門市，你提出的問題性質、以及我們能提供的協助性質都會更好——例如先從這家店的庫存開始談起，等等。所以我們對數位端的互動提升確實感到非常興奮。

Jordan, while we're on it. We've made a lot of investments and Billy called out Express. Maybe just -- we had an exciting release this morning--

Jordan，既然談到這裡。我們做了很多投資，而 Billy 也提到 Express。也許你可以——我們今天早上有一個令人振奮的發布——

Yes. So we did put out a press release this morning on Express Delivery. And I'd say there, we've been working for the past couple of years on building the fastest fulfillment in home improvement. And that's been a joint effort across merchandising stores, supply chain, technology. We've talked to you about ship from best location as being a technology that we've leveraged to really bring all of the assets together for fast delivery.

是的。所以我們今天早上確實針對快速配送（Express Delivery）發布了新聞稿。我想說的是，我們過去幾年一直在打造居家修繕領域最快的履約能力。這是採購、門市、供應鏈與科技等部門共同努力的成果。我們也曾向各位談到「從最佳地點出貨（ship from best location）」這項技術，我們運用它把所有資產真正整合起來，以實現快速配送。

As Billy referenced, we're 65% now, same day, next day on parcel that we stock, and 55% two-day on both big and bulky. And then this morning, what we announced is Express, we've had this in some markets for several months, but we just announced a nationwide rollout. This is on homedepot.com, a customer can pay a small flat fee and get delivery within three hours.

如 Billy 所提到的，對於我們備貨的包裹（parcel）商品，目前有65%可做到當日或隔日送達；而在大件與笨重商品方面，則有55%可做到兩日送達。而今天早上我們宣布的是 Express：我們在部分市場已推行數月，但現在宣布在全美推廣。這項服務在 homedepot.com 上提供，顧客只要支付一筆小額固定費用，就能在三小時內收到配送。

Now the majority of those deliveries are actually happening in less than one hour. And so we'll continue to work that promise time down to customers in the months ahead, but super excited about that. You could be a homeowner working in the yard, you need one more bag of seed or one more bag of fertilizer to finish, get a quick delivery. You could be a Pro on the job site, needs some plumbing or other products. And we're really excited about what that does for customers to add on to our broader delivery speed efforts.

現在這些配送中的大多數其實都在不到一小時內完成。因此，未來幾個月我們會持續把對客戶承諾的送達時間再縮短，但我們對此非常興奮。你可能是屋主在院子裡忙，需要再一袋種子或再一袋肥料才能收尾，就能快速送達。你也可能是工地上的專業承包商（Pro），需要一些管材或其他產品。我們也非常期待，這能為客戶帶來什麼，並且補強我們更廣泛的配送提速努力。

Thanks for all that helpful information. My follow-up question is on the gross margin. There's some discussion in the market this morning around did Home Depot miss the consensus profitability forecast for the second quarter if one were to exclude the tariff refund.

謝謝你提供這些很有幫助的資訊。我接下來的追問是關於毛利率。今天早上市場上有一些討論，若排除關稅退稅（tariff refund），Home Depot 在第二季是否未達市場一致預期的獲利能力預測。

So with that being said, Richard, if you could walk us through the factors that led to 117 basis points of gross margin pressure, excluding the tariff refund in the second quarter, that would be super helpful to mention what is going to be ongoing versus what is one-time in nature?

在這樣的前提下，Richard，如果你能帶我們梳理一下，若排除第二季的關稅退稅，導致毛利率承壓 117 個基點的因素，並說明哪些會持續、哪些屬於一次性影響，將會非常有幫助。

Sure. Look, Michael, so I first want to talk about our consistent ability to deliver results and maintain stable gross margin. And we'll come back to that. But if you look at 2025 -- let's take 2025 as an example, we had a significantly different cost environment during the year than we expected when we entered 2025.

當然。Michael，你看，我首先想談談我們一貫交付成果、並維持穩定毛利率的能力。我們等一下會再回到這點。但如果你看 2025 年——我們以 2025 年為例——那一年我們所面臨的成本環境，和我們在進入 2025 年時的預期有顯著不同。

And if you look at our results, we hit our gross margin plan on the button if you put acquisition mix impact aside. And I'd say, in fact, the history of Billy and his team over the last five-or-so years is that we've had unprecedented volatility in our cost environment and yet we have delivered year after year after year.

如果你看我們的結果，把併購組合（acquisition mix）的影響先放一邊，我們的毛利率其實精準達成了原先的規劃。而且我會說，Billy 和他的團隊在過去大約五年裡的歷史表現是：即便成本環境出現前所未有的波動，我們仍然一年又一年地交出成果。

What tariff refunds allowed us to do was offset increased costs in our environment, and it allowed us to maintain value in the market. If you think about it, tariff refunds are a market-borne benefit, they're not unique to The Home Depot.

關稅退稅讓我們能做的是，抵銷我們所處環境中的成本上升，並讓我們得以在市場上維持價值。你想想看，關稅退稅是市場普遍存在的利益，不是 Home Depot 獨有的。

And so you would expect when you see market-borne benefits or market-borne pressures, we are using those benefits to offset costs and the market is seeing that in the form of values that have been maintained through the quarter in the face of a pressured cost environment.

因此，當你看到這類市場性利益或市場性壓力時，你會預期我們會運用這些利益來抵銷成本，而市場也會以「價值被維持」的形式感受到——也就是在成本環境承壓的情況下，我們在整個季度仍維持了價值。

So just going through the -- you called out the math, I'll just call it around 120 basis point pressure. 60 basis points of that is in the form of increased cost that we were able to offset with tariff refunds. And then the other 60 basis points was simply the mix impact of GMS and Mingledorff's.

所以簡單拆解一下——你提到了這個數學，我就把它稱作大約 120 個基點的壓力。其中 60 個基點是成本上升，我們能用關稅退稅來抵銷。另外 60 個基點則純粹是 GMS 與 Mingledorff's 的組合（mix）影響。

Recall that we acquired GMS in September of '25. And so that's just a lap of GMS not being on our books in Q2 of last year. So I'm confident and Billy is confident, had we not had tariff refunds, we would have exceeded our expectations for the quarter regardless. It just came in a different form.

請回想一下，我們是在 25 年 9 月收購了 GMS。因此，這只是因為去年第二季的帳上還沒有 GMS，形成的比較基期差異。所以我有信心，Billy 也有信心，即便沒有關稅退稅，我們本季仍會超出我們的預期。只是呈現的形式不同而已。

Billy, anything to add on that?

Billy，這部分你還有要補充的嗎？

No.

沒有。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

We wanted to focus our question on ticket. We know this is one of your stronger comps, but it did appear all ticket-led. Can you just speak to the dynamics within ticket? And just how much was from the same SKU inflation that you may have seen during the quarter and anything else that may have contributed during Q2?

我們想把問題聚焦在客單價（ticket）。我們知道這是你們相對較強的同店比較項目之一，但看起來似乎完全是由客單價帶動。你能談談客單價內部的動態嗎？以及本季你們可能看到的同一 SKU 通膨（same SKU inflation）貢獻了多少，還有第二季是否有其他因素也有所貢獻？

Yes. Thanks, Kate, for the question. There was some same SKU, AUR, as we've talked about previously on calls based on some of the cost inputs and so forth. We also saw categories, as I mentioned, refrigeration, portable power, patio, larger ticket items, you think single purchase items, not financed, but think more single purchase items that really help drive that as well. We had some intra-category mix with people trading up inside of categories.

好的。謝謝你，Kate，謝謝這個問題。確實有一些同一 SKU 的因素、AUR（平均單價），就像我們先前在電話會議中談到的，主要來自一些成本投入等因素。我們也看到一些品類——如我提到的，冷藏設備、可攜式電力、庭院（patio）、較高單價商品——你可以把它想成單次購買的商品，不是融資購買，但更偏向單次購買的商品，這些也確實有助於推動客單價。我們也看到在品類內部的組合變化，有些消費者在同一品類中選擇升級（trading up）。

And then you've got, kind of, mix as part of that, just Q2 being the season that it is and selling more riders as one example. But really think of single purchases being the outsized impact, as I mentioned, our comps of over $2,500.

另外也有一些組合因素，第二季本來就是這樣的季節性，例如多賣了更多騎乘式割草機（riders）就是一個例子。但整體來看，請把重點放在單次購買的商品帶來的超額影響，正如我提到的，我們 2,500 美元以上的同店比較（comps）。

Okay. And just a follow-up question to that. I know in an answer to another question, you talked about the extremes of the comp, but if that ticket were to hold for the rest of the year, and traffic were to get slightly better, wouldn't we be, kind of, at the higher end to maybe above the highest end? And what would that mean? And what would the scenario be in which you could see that?

了解。那我再追問一下。我知道你在回答另一個問題時談到同店比較的極端情境，但如果客單價在今年剩餘時間都能維持，而來客數（traffic）又稍微好轉，那我們不就會落在指引區間的高端，甚至可能高於最高端嗎？那會代表什麼？以及在什麼情境下你們會看到這種狀況？

Well, that's certainly -- yes, Kate, that's certainly the math of it, as you mentioned, for sure. There's still so much volatility, as Richard mentioned, that we think we gave the prudent guidance and we'll be back at the end of Q3 and give a broader view for the end of the year.

嗯，確實——是的，Kate，正如你提到的，那確實就是數學上推導出的結果。但如 Richard 所說，仍然存在很大的波動性，因此我們認為我們給出的指引是審慎的；我們會在第三季結束時再回來，對全年給出更完整的看法。

Christopher Horvers, JPMorgan.

Christopher Horvers，摩根大通。

So following up on the sort of underlying demand of the business, there are always a lot of weather impacts in the first half of the year. How do you look at the monthly performance during 2Q given the softer start where weather probably hurt, but you also accelerated stacks in July. So as we try to tease out the right underlying trend, how do you think about that?

我想延續剛才關於業務基本需求的問題。上半年通常都會有很多天氣影響。在第二季月度表現上，你們怎麼看？考量到一開始較疲弱、天氣可能造成衝擊，但你們在 7 月又加速了（accelerated stacks）。因此，當我們試著拆解出真正的基本趨勢時，你們會如何思考這件事？

And related to that, on the SRS side. I think SRS comped below the company average in the first half, I think they were up in 2Q, down in 1Q. So given that mid-single-digit comp expectation, does the gap between the US and the total comp actually widened in the back half of the year given it looks like SRS becomes more accretive to the total?

另外也相關的是 SRS 這邊。我認為 SRS 在上半年同店比較低於公司平均，第二季是成長、第一季是下滑。所以在你們預期中個位數（mid-single-digit）的同店比較之下，美國業務與整體同店比較之間的差距，是否會在下半年擴大？因為看起來 SRS 對整體的增益（accretive）會變得更明顯。

Yes, Chris, it's Billy. Let me take the first part, and then we'll circle back on the SRS piece. As it relates to the monthly cadence and you've mentioned some of the weather pieces, there's actually just two really small pieces that drove that. In 2025, we typically get one week a year in the country that has significant heat. It's as simple as this.

是的，Chris，我是 Billy。我先回答第一部分，然後我們再回到 SRS 的部分。關於你提到的月度節奏以及一些天氣因素，其實只有兩個很小的因素驅動了這件事。在 2025 年，我們通常一年在全國只會有一週出現顯著高溫。事情就這麼簡單。

In 2025, that happened at the end of June. So that would have been in our period five number. And then in 2026, this past quarter, that happened in the July comp. So that shift in and of itself would have normalized both the June and July comps.

在 2025 年，那發生在 6 月底。所以那會落在我們的第 5 期（period five）。而在 2026 年，也就是剛過去的這一季，那發生在 7 月的同店比較期間。因此，單就這個時間點的移動，本身就會讓 6 月與 7 月的同店比較都更趨於正常化。

And then I'll just go one step further as it relates to May. And obviously, you have the spring portion there that's heavily driven by the North. But week 14, which obviously would have been our first week of the quarter, we saw significantly bad weather everywhere across the country.

接著我再就 5 月多補充一步。很明顯，春季那一段主要是由北方市場強力帶動。但在第 14 週（顯然是我們本季的第一週），我們看到全國各地都出現相當嚴重的惡劣天氣。

And when you extract just that week out from May, May was literally the exact same comp performance as we had in June and July when you just do the offset for ACs. So very consistent across the board. And as I mentioned earlier, only 3 of our 20 top classes of business were seasonally related for the balance of the quarter as well.

而當你把 5 月中那一週單獨抽出來看，若僅就空調（ACs）做調整後的位移，5 月的同店表現其實就跟 6 月、7 月完全一樣。所以整體而言非常一致。另外如我先前提到的，在本季剩餘期間，我們 20 個最大業務類別中也只有 3 個與季節性相關。

And as far as SRS goes, it's true that they have accelerated through the year. They -- in the back half of 2025, we saw the least amount of storm activity in many years, and SRS was pressured by the lack of that activity. And you could actually see that in statistics that are published out in the market. I think shingle shipments, Billy, were down 27%, 29% or something like that in the fourth quarter?

至於 SRS，確實，他們在今年的進度有所加速。在 2025 年下半年，我們看到多年來最少的風暴活動，而 SRS 也因為缺乏這些活動而承壓。你其實可以從市場上公布的統計數據中看到這點。我記得屋頂瓦（shingle）出貨量，Billy，在第四季下滑了 27%、29% 之類的幅度？

Yes. That's right.

是的。沒錯。

But look, we're early in the second half, and we'll see how that all pans out. We do expect that SRS will deliver mid-single-digit organic growth for the year. But I think it's also important to point out things that we're excited about. It's not just SRS by itself, but how all of this is coming together.

不過你看，我們才剛進入下半年初期，後續會如何發展我們再觀察。我們確實預期 SRS 全年將實現中個位數的有機成長。但我也認為，指出我們感到振奮的事情同樣重要。不只是 SRS 單獨本身，而是這一切如何整合在一起。

And look, when you talk about the Pro, it really starts in the stores. And when we think about SRS, Ann, maybe let's talk about what we're seeing within the center of QuoteCenter -- sorry, within the stores, QuoteCenter.

而且你看，談到 Pro（專業客群），其實是從門市開始的。當我們思考 SRS 時，Ann，也許我們來談談我們在 QuoteCenter 的核心——抱歉，是在門市端的 QuoteCenter——看到的情況。

No. Super excited about what SRS brings to the table and what we are enabling in the store. So for many of you, you know QuoteCenter is our marketplace that has historically allowed our stores to enable larger product sales through this third-party network of distributors.

好的。我們對 SRS 能帶來的價值，以及我們在門市端正在啟用的能力感到非常興奮。所以對很多人來說，你們知道 QuoteCenter 是我們的市集平台，過去一直讓門市能透過這個第三方經銷商網路，促成更大額的產品銷售。

Now that we own SRS and GMS, to your point, Richard, our Pro and sales team have access to the SRS full catalog and now we're able to close sales within The Home Depot family, which is just fantastic, giving our customers this higher level of service capability than before.

現在我們擁有了 SRS 和 GMS，如你所說，Richard，我們的 Pro 與銷售團隊可以存取 SRS 的完整產品目錄，並且現在能在 The Home Depot 體系內完成成交，這真的非常棒，讓我們能為客戶提供比以往更高層級的服務能力。

And just a couple of stats, I think, which is pretty, kind of, exciting, is that sales through the QuoteCenter facilitated by SRS is growing rapidly and the adoption is fantastic. And within the last 12 months, 90% of our stores have closed a sale through SRS.

再分享幾個我覺得相當令人振奮的數據：由 SRS 促成的 QuoteCenter 銷售正在快速成長，採用率也非常好。而在過去 12 個月內，我們有 90% 的門市都透過 SRS 完成過一筆成交。

And so when you start there, and our associates in store understand the full catalog and the capability that SRS brings, it just brings confidence to that entire team, and we're able to leverage the entire ecosystem.

所以當你從這裡開始，門市同仁理解完整目錄以及 SRS 帶來的能力後，會讓整個團隊更有信心，我們也能運用整個生態系。

And so it really -- it starts with the stores and then expands to really the -- all the components we've built in Pro and just specifically at SRS, again, we're capturing significant incremental sales to homebuilders, commercial customers and remodelers across the verticals because you think about the combination of product catalog across Home Depot and SRS like Ann pointed out, and now GMS and HVAC, this expanded catalog is resonating, and our Pro customers tell us that what we're building is unique and it's truly compelling for them.

因此它確實——從門市開始，接著擴展到我們在 Pro 端建立的所有組成要素；而就 SRS 而言，我們再次在各垂直領域中，對住宅建商、商業客戶與翻修業者捕捉到顯著的增量銷售，因為你想想 Home Depot 與 SRS 的產品目錄組合（如 Ann 所指出），再加上現在的 GMS 與 HVAC，這個擴大的目錄正在引起共鳴；我們的 Pro 客戶也告訴我們，我們正在打造的東西是獨特的，對他們而言確實很有吸引力。

And my follow-up is, as you think about the tariff dynamics in the second quarter and how it plays out into the back half and into 2027, was there any SG&A shift into 2Q that is some of the offset to the gross margin -- negative gross margin headwind in the third quarter?

我的追問是，當你思考第二季的關稅動態，以及它如何影響下半年並延伸到 2027 年，第二季是否有任何 SG&A（銷售、一般及行政費用）前移，作為第三季毛利率——毛利率負面逆風——的一部分抵銷？

And then as you get to '27, the message is we're starting clean into '27, so we're going to build off where our guide is currently. So is the message that ultimately should oil prices and energy prices stay here, we'll do something, whether it's pricing or efficiencies that will ultimately mitigate that, so it's not a divot in the out year?

另外到了 2027 年，你們的訊息是我們將以「乾淨」的狀態進入 2027 年，也就是會以目前的財測指引作為基礎往上建立。所以訊息是否是：若油價與能源價格維持在目前水準，我們會採取一些措施——不論是定價或效率提升——最終把影響緩解掉，讓未來年度不會出現一個凹洞？

Thank you, Chris. So that's right. I think the most important point you made there is that we've reaffirmed guidance and our jumping off point from the end of the year is a clean jumping off point. With respect to Q2 expenses, I think we gave the indication earlier this year, expenses are going to be a little bit lumpy through the year.

謝謝你，Chris。是的，沒錯。我認為你剛才提到最重要的一點是：我們已重申財測指引，而我們在年底的起跳點會是一個乾淨的起跳點。至於第二季費用，我想我們今年稍早已經提示過，費用在全年會有些起伏。

We had FIFA marketing expense, which wound up being an incredible campaign for us, by the way. And so I wouldn't really put much into the expense over the year, that will likely land exactly where we anticipate it would have. But look, we're accustomed to managing any cost environment, right, Billy?

我們有 FIFA 的行銷費用，順帶一提，那對我們來說是一個非常成功的活動。因此我不會對全年費用的變化做太多解讀；它很可能會正好落在我們原先預期的水準。但你看，我們已經習慣於管理任何成本環境，對吧，Billy？

Yes. I mean this almost seems normalized a little bit from where we've been historically and certainly in 2025. I'm not sure all of the teams feel that way. But listen, we've got a great track record of being able to manage that inflationary environments, deflationary environments and feel great about our ability to be able to create value for our customers every day, the most important thing, and continuing to enhance the capabilities that we've talked about today and work towards that frictionless customer experience.

是的。我的意思是，跟我們過去的歷史、尤其是 2025 年相比，這看起來幾乎有點正常化了。我不確定所有團隊是否都有同樣感受。但聽著，我們在管理通膨環境、通縮環境方面有很好的紀錄，也對我們每天為客戶創造價值的能力——這是最重要的事——充滿信心；同時持續強化我們今天談到的能力，並朝向那種無摩擦的客戶體驗努力。

Zhihan Ma, Bernstein.

馬志涵（Zhihan Ma），Bernstein。

Just a follow-up on the ticket side of things. As you start lapping some of the tariff-driven price increases from last year, but obviously, you're also facing continued cost headwinds. How do you think about AUR for the back half of the year? And is there going to be any need for price reinvestment?

就客單價（ticket）方面再追問一下。當你開始與去年由關稅帶動的漲價形成比較基期（lap），但顯然你也仍面臨持續的成本逆風。你如何看待下半年 AUR（平均單價）？是否會需要進行任何價格再投資？

Yes. Thanks, Zhihan. I think that, that's factored into our guide for the back half of the year that Richard talked about a little bit earlier. So we don't see any changes from what we've already communicated.

是的。謝謝你，志涵。我認為這些已經納入我們對下半年的財測指引中，Richard 先前也稍微提到。所以我們不認為會有任何偏離我們已經溝通過的內容的變化。

And a longer-term question, you recently announced an organizational realignment. I think a couple of weeks ago, could you just share a bit of color on why the changes and then why now?

再一個較長期的問題：你們最近宣布了組織重整。我想是幾週前，能否分享一下為什麼要做這些變動，以及為什麼是現在？

Yes. Look, we're always evolving to better align our organization around our strategy. And these changes are part of what we do to evolve, they'll allow us to work smarter, move faster and innovate more quickly.

是的。你看，我們一直在演進，以便讓組織能更好地圍繞我們的策略進行對齊。這些變動是我們演進的一部分，將使我們能更聰明地工作、更快地行動，並更迅速地創新。

Zach Fadem, Wells Fargo.

Zach Fadem，Wells Fargo。

So my first question is on cross-sell between SRS and GMS. You've talked about $400 million for the year. My first question is how you would expect that to build through the year? What did you see in Q2? What are the expectations in the second half of the year?

我的第一個問題是關於 SRS 與 GMS 之間的交叉銷售。你們談到全年 4 億美元。我第一個問題是，你們預期這個數字在全年會如何逐步建立？第二季你們看到了什麼？對下半年有什麼預期？

Well, that's the amount we expect through the year. But I think it's important, it's not just among SRS and GMS. As Ann referenced, that's cross-sell, we expect across the entire system. And it actually -- I think you need to think about Pro starting in the store and us penetrating more deeply into the wallet of that in-store Pro. And Ann, maybe just a comment on that--

嗯，這就是我們預期全年會達到的金額。但我認為重要的是，這不僅僅是在 SRS 和 GMS 之間。如 Ann 所提到的，那是交叉銷售，我們預期會在整個系統中發生。而且實際上——我認為你需要把 Pro 視為從門市開始，然後我們更深入地滲透到該門市 Pro 客戶的錢包份額。Ann，也許你可以就這點補充一下——

No. I do think that's where we start because the vast majority of our sales come from our in-store Pro and we have to win with them every day. And so we've talked about this over the past few years that we have evolved some of the things we do in-store, not only our staffing model, but we've provided tools and technology for Pro Desk to really enable a more effective experience for our associates and the Pro they serve. And we know our ability to grow the share with the Pros is by adding capabilities to win more of their complex purchases. And we're seeing traction with those Pros who interact with these capabilities.

是的。我確實認為我們是從這裡開始，因為我們絕大多數的銷售來自門市 Pro 客戶，而我們必須每天都在他們身上取勝。因此，我們在過去幾年談到，我們已經演進了我們在門市所做的一些事情，不僅是人力配置模式，我們也為 Pro Desk 提供了工具與科技，真正讓我們的同仁以及他們服務的 Pro 客戶能有更有效的體驗。而我們知道，我們提升在 Pro 客戶中的份額能力，來自於增加能力，以贏得更多他們較複雜的採購。我們也看到，那些與這些能力互動的 Pro 客戶正出現進展。

So it's not just about SRS or one component. It's about the entire ecosystem that really enables us to make a difference and helping drive momentum. And I think this is super important because Mike and team just continue to work on these capabilities. And Mike, do you want to just add some of the things that you guys are doing?

所以這不只是 SRS 或某一個組成部分。而是整個生態系，真正讓我們能夠帶來改變並協助推動動能。我認為這非常重要，因為 Mike 和團隊持續在這些能力上努力。Mike，你要不要補充一下你們正在做的一些事情？

Yes, sure. I mean, as Richard and Ann both pointed out, we continue to see very steady progress and success in our Pro business from the investments made in the Pro ecosystem. Notably, we see advances made in our investments in order management and delivery capabilities.

好的，當然。我的意思是，正如 Richard 和 Ann 都指出的，我們持續看到 Pro 業務在 Pro 生態系投資的帶動下，取得非常穩健的進展與成功。特別是，我們看到在訂單管理與配送能力方面的投資有所提升。

This is pretty evident by us achieving the highest levels of on-time and complete for flatbed and box truck deliveries along with the customer satisfaction scoring that we're seeing -- that we saw this past quarter. And these come as a result of the investments that Ann talked about in things like self-service site instructions along with investments in capturing our Pros business hours of operations and continued advances in delivery tracking capabilities, which help around visibility and transparency.

這點相當明顯，因為我們在平板車與箱型卡車配送的準時且完整（on-time and complete）表現達到最高水準，同時也看到——我們在上一季看到的——客戶滿意度評分。這些成果來自 Ann 提到的投資，例如自助式現場指示（site instructions），以及投資於蒐集我們 Pro 客戶的營業時段資訊，並持續推進配送追蹤能力的提升，以強化可視性與透明度。

And on top of this, the investments in our B2B experience are resulting in outsized online growth with our Pros. And that includes the increasing use of our Project Planning tool, which helps us organize and stage deliveries for larger, more complex Pros.

此外，我們在 B2B 體驗上的投資，正帶動 Pro 客戶線上成長超出整體水準。其中包括我們的 Project Planning 工具使用率提升，該工具協助我們為規模更大、複雜度更高的 Pro 客戶整理並安排分批配送。

We're also seeing Pros build material lists and purchase more with the use of our AI-powered Material List Builder, and we continue to invest in search and our B2B experience along with improvements to the app, making it much more responsive and faster. So these capabilities allow us to earn a greater wallet share with the Pro.

我們也看到 Pro 客戶透過我們的 AI 驅動「材料清單建立器」（Material List Builder）建立材料清單並購買更多；同時我們持續投資於搜尋與 B2B 體驗，以及改善 App，使其反應更快、速度更快。因此，這些能力讓我們能在 Pro 客戶身上取得更高的錢包份額。

And coming all the way back to some of the specifics of your question, Zach, and Ann talked about QuoteCenter and the success that we've seen there. We've had success in the past, working with HD Supply and the purchase card that their customers use inside of our stores, and we've started to roll out the SRS purchase card as well to be able to use in our stores. And as you pointed out, with things like national production homebuilders, SRS itself leveraging GMS in terms of those relationships in the past. We've seen a lot of success with this year.

回到你問題中的一些具體點，Zach，Ann 也談到了 QuoteCenter 以及我們在那裡看到的成功。過去我們與 HD Supply 合作，讓其客戶在我們門市使用採購卡（purchase card），我們也取得了成效；而我們也開始推行 SRS 採購卡，讓它同樣能在我們門市使用。另外如你所指出的，像是全國性的量產住宅建商（national production homebuilders），SRS 本身過去也在這些關係上運用 GMS。今年我們在這方面看到很多成功。

So just to -- thank you, Mike, and to wrap it up. Look, the teams across Pro have never worked more tightly together. We're seeing great momentum, and we think we're building something unique in the marketplace that's never existed before, and our customers tell us it's resonating with them. And that's why we think we've seen the success we have so far this year.

所以——先謝謝你，Mike，並做個總結。你看，Pro 各團隊從未像現在這樣緊密合作。我們看到很好的動能，我們認為我們正在打造一個市場上前所未有、獨一無二的東西，而客戶也告訴我們這確實引起共鳴。這也是為什麼我們認為今年迄今能取得這樣的成功。

Really appreciate all the color. And just a quick follow-up because I don't want to belabor the gross margin question too much, but just to iron out the confusion bridging the gap from Q2 to the second half of the year.

非常感謝你們提供這麼多細節。我再快速追問一下，因為我不想在毛利率問題上糾纏太久，但想釐清從第二季到下半年之間銜接的困惑。

We know tariff refund, that benefit rolls off from Q1 to -- Q2 to Q3, that roughly 60 basis points of GMS mix pressure, that also rolls off. I just -- could we help understand whether the 60 basis points of fuel and freight is transitory versus something like a freight contract that would enter the base for a year or longer?

我們知道關稅退稅（tariff refund）的利益會從——從第二季到第三季消退；大約 60 個基點的 GMS 組合壓力也會消退。我只是——能否協助我們理解，燃料與運費的 60 個基點是短期性的，還是像運輸合約那樣會進入基期並持續一年或更久？

You're mostly talking about market-borne pressure incrementally, kind of across product input costs and across fuel and energy. But just maybe to answer your question specifically, since we've had a couple of questions on it, the timing of the refunds again, created a timing benefit in gross margin that you're likely going to see offset to a degree in Q3, right?

你主要是在談市場帶來的增量壓力，大致涵蓋產品投入成本以及燃料與能源。不過也許針對你的問題做更具體的回答，因為我們也被問了幾次：退稅的時點再次造成毛利率上的時點性利益，而你很可能會在第三季看到其中一部分被抵銷，對吧？

So the benefit was seen in Q2, we are able to use that economic benefit to offset costs and that offset is largely a Q2 and Q3 kind of dynamic. And then, again, just to repeat it, by Q4, we expect that we will see our gross margin to be relatively flat versus last year.

所以這項利益在第二季已經反映出來，我們能運用這個經濟利益來抵銷成本，而這種抵銷主要是第二季與第三季之間的動態。然後，再重申一次，到第四季，我們預期毛利率相較去年將大致持平。

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

Janci 女士，我想把時間交還給您做結語。

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

謝謝各位今天加入我們。我們期待在 11 月的第三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。