家得寶 (HD) 2022 Q1 法說會逐字稿

Greetings and welcome to The Home Depot First Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加家得寶 2022 年第一季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄製中。

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

現在，我很高興向大家介紹主持人伊莎貝爾詹西。請開始。

Thank you, Christine, and good morning, everyone. Welcome to Home Depot's First Quarter 2022 Earnings Call. Joining us on our call today are Ted Decker, CEO and President; Jeff Kinnaird, Executive Vice President of Merchandising; and Richard McPhail, Executive Vice President and Chief Financial Officer. Following our prepared remarks, the call will be open for questions. Questions will be limited to analysts and investors. (Operator Instructions) If we are unable to get to your question during the call, please call our Investor Relations department at (770) 384-2387.

謝謝 Christine，大家早安！歡迎參加家得寶 2022 年第一季財報電話會議。今天參加電話會議的嘉賓包括：執行長兼總裁 Ted Decker、商品銷售執行副總裁 Jeff Kinnaird 以及執行副總裁兼財務長 Richard McPhail。在我們準備好的演講結束後，電話會議將開放提問環節。提問僅限分析師和投資者。 （接線員指示）如果我們在電話會議中無法解答您的問題，請致電 (770) 384-2387 聯絡我們的投資者關係部門。

Before I turn the call over to Ted, let me remind you that today's press release and the presentations made by our executives include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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 press release and in our filings with the Securities and Exchange Commission. Today's presentations will also include certain non-GAAP measures. Reconciliation of these measures is provided on our website.

在將電話轉給泰德之前，我想提醒您，今天的新聞稿以及我們高層所做的演示包含《1995年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。這些風險和不確定性包括但不限於新聞稿和我們向美國證券交易委員會提交的文件中確認的因素。今天的演示還將包含某些非公認會計準則指標。這些指標的對帳表已發佈在我們的網站上。

Now let me turn the call over to Ted.

現在讓我把電話轉給泰德。

Thank you, Isabel, and good morning, everyone. We appreciate you joining us on the call this morning. Fiscal 2022 is off to a strong start. Sales for the first quarter were $38.9 billion, up 3.8% from the same period last year. Comp sales were up 2.2% from the same period last year, and our U.S. stores had positive comps of 1.7%. Diluted earnings per share were $4.09 in the first quarter, up 6% from $3.86 in the first quarter last year.

謝謝伊莎貝爾，大家早安！感謝您今天上午參加我們的電話會議。 2022財年開局強勁。第一季銷售額為389億美元，年增3.8%。同店銷售額較去年同期成長2.2%，其中美國門市同店銷售額成長1.7%。第一季攤薄每股收益為4.09美元，較去年同期的3.86美元成長6%。

The strong performance in the quarter is even more impressive given the robust performance we were comparing against last year. A year ago, we delivered the highest first quarter sales in company history as we benefited from outsized demand for home improvement goods, favorable weather and government stimulus. This year, we achieved a new high watermark for first quarter sales as strong demand for home improvement goods continued despite a slower start to spring in many parts of the country.

考慮到我們與去年同期相比的強勁表現，本季的強勁表現更加令人印象深刻。去年，由於家居裝修用品的旺盛需求、有利的天氣條件以及政府的刺激措施，我們實現了公司歷史上最高的第一季銷售。今年，儘管全國許多地區春季開局放緩，但家居裝修用品的強勁需求依然持續，我們第一季的銷售額再創歷史新高。

Delivering such strong results on top of last year's historical growth is a testament to our orange-blooded associates. They are maintaining their relentless focus on our customers while continuing to navigate the ongoing pandemic, global supply chain disruptions, inflation and a tight labor market. We are also thankful for the strength of our relationships with our supplier and transportation partners. Our respective teams are working tirelessly to flow product to stores and distribution centers as quickly and efficiently as possible. I would like to thank them for their ongoing support as we continue to navigate a challenging and dynamic environment.

在去年歷史性成長的基礎上取得如此強勁的業績，充分證明了我們充滿熱情的員工的實力。他們始終專注於我們的客戶，同時繼續應對持續的疫情、全球供應鏈中斷、通貨膨脹和勞動力市場緊俏等挑戰。我們也感謝與供應商和運輸合作夥伴的牢固關係。我們各自的團隊正在不懈地努力，確保產品以最快速有效率的方式送達門市和配送中心。我要感謝他們在我們繼續應對充滿挑戰和動態的環境中給予的持續支持。

The demand seen in the first quarter exceeded our expectations. The home improvement consumer remains engaged. Customers continue to tell us that their homes have never been more important, and project backlogs are very healthy. We believe that the medium- to longer-term underpinnings of demand for home improvement have never been stronger.

第一季的需求超出了我們的預期。家裝消費者依然積極參與。客戶不斷告訴我們，他們的家比以往任何時候都更重要，專案積壓情況也非常樂觀。我們相信，中長期來看，家裝需求的支撐從未如此強勁。

We are thrilled with our Pro performance in the quarter, driven by underlying strength in project demand. We continue to invest in an ecosystem of capabilities, including enhanced fulfillment options, a more personalized online experience as well as other business management tools to drive deeper engagement with our Pro customers. And we believe our efforts are resonating.

我們對本季 Pro 業務的業績感到欣喜，這得益於專案需求的潛在強勁成長。我們持續投資於功能生態系統，包括增強的訂單履行選項、更個人化的線上體驗以及其他業務管理工具，以加深與 Pro 客戶的互動。我們相信，我們的努力正在產生共鳴。

We are navigating a unique environment, but we believe we have the tools, the team and the experience to effectively manage through. While we don't know how inflation might impact consumer behavior going forward, we are closely monitoring elasticities and customer trends across our respective categories and geographies and remain encouraged by the underlying strength we see in the business. Jeff will provide a bit more color about what we've observed from a category and big-ticket standpoint in a moment.

我們正處於一個獨特的環境中，但我們相信我們擁有有效的工具、團隊和經驗來應對。雖然我們尚不清楚通貨膨脹未來會如何影響消費者行為，但我們正在密切關注我們各自品類和地區的彈性和客戶趨勢，並對我們業務中看到的潛在優勢感到鼓舞。 Jeff 稍後會從品類和高價位的角度更詳細地闡述我們的觀察結果。

And while inflation impacted our average ticket increase this quarter, it wasn't the only impact. As we've seen over the past several years, our customers continue to trade up for premium innovative products. In March, we held an in-person Store Manager Meeting for the first time in 3 years. One of the many highlights of that week is our Product Walk, where vendors showcased the latest in product innovation. And what I can share with you is that the level of innovation across the business is robust. In fact, almost 90% of the products on display this year are entirely new SKUs to The Home Depot. So the pipeline for innovative products remains very strong.

雖然通貨膨脹影響了我們本季的平均單價上漲，但這並非唯一影響。正如我們在過去幾年所看到的，我們的客戶持續追求高端創新產品。 3月份，我們三年來首次舉行了面對面的店長會議。那一週的眾多亮點之一是我們的產品展銷會，供應商們展示了最新的產品創新。我可以告訴大家的是，整個業務的創新水準都非常強勁。事實上，今年展出的產品中幾乎90%都是家得寶的全新SKU。因此，創新產品的儲備仍然非常強勁。

Beyond product and innovation, my biggest takeaway from the Store Managers Meeting is how energized the team is. The exceptional execution our associates delivered over the last few years hasn't been easy, but our teams have consistently risen to the challenge. We frequently survey our associate base and are pleased that engagement and morale remain high.

除了產品和創新之外，這次店長會議給我最大的收穫是團隊的活力。過去幾年，我們的員工取得了卓越的業績，這並非易事，但我們的團隊始終如一地迎接挑戰。我們經常對員工進行調查，很高興看到他們的敬業度和士氣仍然高漲。

Last quarter, we talked about our customer-backed approach to remove friction at every touch point of the shopping experience. To that end, we recently announced that Matt Carey has been named Executive Vice President of Customer Experience. In this newly formed role, Matt will partner across the business to help design and develop new and innovative solutions to drive a seamless experience for our customers.

上個季度，我們討論了以客戶為中心，消除購物體驗中每個接觸點的摩擦的策略。為此，我們最近宣布任命 Matt Carey 為客戶體驗執行副總裁。在這個新設立的職位上，Matt 將與公司各部門合作，協助設計和開發新的創新解決方案，為我們的客戶帶來無縫銜接的體驗。

As Matt transitions to this new role, we also announced that Fahim Siddiqui has been promoted to Executive Vice President and Chief Information Officer, where he is responsible for all aspects of our technology development and strategy. These moves will help drive further alignment around our interconnected retail strategy, which will allow us to enhance what we believe is the best experience in home improvement.

在Matt接任新職位之際，我們也宣布Fahim Siddiqui晉升為執行副總裁兼首席資訊官，負責我們各項技術開發和策略事務。這些措施將有助於進一步協調我們互聯零售策略，從而提升我們堅信的家居裝修最佳體驗。

Richard will talk to you in a few minutes about our guidance for the remainder of the year, but the first quarter certainly got us off to a great start. We're also encouraged by the continued strength we see in the business through the first 2 weeks of the second quarter as spring is breaking more broadly across the U.S.

理查德稍後會和大家討論我們對今年剩餘時間的預期，但第一季確實為我們帶來了良好的開端。隨著春季在美國各地逐漸復甦，我們對第二季前兩週業務持續強勁的表現感到鼓舞。

Our team continues to focus on what is most important: our associates and customers. Our merchants, store and MET teams, supplier partners and supply chain teams did an outstanding job delivering value and service to our customers throughout the quarter. I'd like to close by thanking them for their dedication and hard work.

我們的團隊持續關注最重要的事：我們的員工和客戶。我們的商家、門市和 MET 團隊、供應商合作夥伴以及供應鏈團隊在本季都表現出色，為我們的客戶提供了價值和服務。最後，我要感謝他們的奉獻和辛勤工作。

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

說完這些，讓我把電話轉給傑夫。

Thank you, Ted, and good morning, everyone. I want to start by also thanking all of our associates and supplier partners for their ongoing commitment to serving our customers and communities. As you heard from Ted, during the first quarter, we continued to see outsized demand for home improvement projects and strong execution from our teams and supplier partners.

謝謝泰德，大家早安。首先，我還要感謝我們所有的員工和供應商合作夥伴，感謝他們一直致力於服務我們的客戶和社區。正如泰德所說，在第一季度，我們繼續看到市場對家居裝修項目的巨大需求，我們的團隊和供應商合作夥伴也表現出色。

Turning to our comp performance during the first quarter. 11 of our 14 merchandising departments posted positive comps, led by plumbing, building materials, millwork and paint. During the first quarter of this year, we saw double-digit negative comps in our seasonal departments due to the late arrival of spring. Appliances posted slightly negative comps. Adjusting for a shift in event timing, appliance comps would have been positive for the quarter. Excluding seasonal categories, we are thrilled with the broad-based strength across the business and healthy project demand.

回顧我們第一季的同店銷售表現。我們14個商品銷售部門中有11個部門的同店銷售額呈正成長，其中管道、建材、木工和油漆部門表現最佳。今年第一季度，由於春季來得晚，季節性部門的同店銷售額出現了兩位數的負成長。家電部門的同店銷售額略有下降。如果考慮到活動時間的變化，本季家電部門的同店銷售額應該為正成長。除季節性類別外，我們對整個業務的全面強勁增長和健康的項目需求感到欣喜。

During the first quarter, our comp average ticket increased 11.2% and comp transactions decreased 8.4%. The growth in our comp average ticket was driven primarily by inflation across several product categories as well as demand for new and innovative products. Comp transactions reflect the late start to spring and anniversarying of stimulus. And on a 2- and 3-year basis, both comp average ticket and comp transactions were healthy and positive.

第一季度，我們的同店平均單價上漲11.2%，同店交易量下降8.4%。同店平均單價的成長主要受多個產品類別的通膨以及對新產品和創新產品的需求所推動。同店交易量反映了春季來得晚以及刺激計劃實施週年紀念的影響。從兩年期和三年期來看，同店平均單價和同店交易量均維持健康成長。

Inflation from core commodity categories positively impacted our average ticket growth by approximately 240 basis points during the first quarter, driven by inflation in lumber, copper and building materials. Lumber prices remained volatile during the quarter. As an example, framing lumber peaked at approximately $1,300 per thousand board feet during the first quarter before falling over $400 to approximately $900. Big-ticket comp transactions or those over $1,000 were up 12.4% compared to the first quarter of last year. We saw big-ticket strength across many Pro-heavy categories, like pipe and fittings, gypsum and fasteners.

受木材、銅和建築材料價格上漲的推動，核心商品類別的通膨在第一季對我們平均單價成長產生了約240個基點的正面影響。本季木材價格持續波動。例如，框架木材價格在第一季達到每千板英尺約1,300美元的峰值，隨後下跌逾400美元，至約900美元。大宗商品交易金額（即超過1,000美元的交易額）較去年第一季成長了12.4%。我們看到許多專業性較強的類別，例如管道及配件、石膏和緊固件，大宗商品價格表現強勁。

During the first quarter, Pro sales growth outpaced DIY. On a 3-year comp basis, both growth with our -- growth at both our Pro and DIY customers was consistent and strong. We're encouraged by the momentum we are seeing with our Pros, and they tell us that their backlogs are strong. And during the quarter, we saw many of our customers turn to Pros to help them with larger renovation projects. This can be seen in the double-digit comp performance of our building materials and plumbing departments as well as in certain kitchen and bath categories, like in-stock kitchens, tubs and showers and countertops. We also saw double-digit growth in our kitchen and bath installation business. This underscores the strength of project demand we are seeing across the business.

第一季度，Pro 的銷售額成長超過了 DIY。以三年同期計算，我們 Pro 和 DIY 客戶的成長都保持了穩定且強勁的成長動能。 Pro 客戶的良好勢頭令我們感到鼓舞，他們告訴我們，他們的訂單積壓情況良好。在本季度，我們看到許多客戶尋求 Pro 的幫助，幫助他們完成更大規模的翻新專案。這體現在我們建材和管道部門以及某些廚衛類別（例如現貨廚房、浴缸、淋浴和檯面）的兩位數同比增長中。我們的廚衛安裝業務也實現了兩位數成長。這凸顯了我們在整個業務中看到的專案需求強勁。

Sales leveraging our digital platforms increased 3.7% during the first quarter. We are very pleased with the performance of our digital assets as we delivered the highest sales dollar volume in our company history. For those customers that chose to transact with us online during the first quarter, more than 50% of our online orders were fulfilled through our stores, a testament to the power of our interconnected retail strategy.

第一季度，我們利用數位平台的銷售額成長了3.7%。我們對數位資產的表現非常滿意，銷售額創下了公司歷史上的最高紀錄。對於第一季選擇線上交易的客戶，超過50%的線上訂單是透過門市完成的，這充分證明了我們互聯零售策略的強大力量。

As you heard from Ted, we are very excited about the innovation we are introducing across the business. We continue to lean into products that simplify the project, saving our customers time and helping them take on more jobs. One example is our Viega ProPress line of plumbing. Your plumbers can create a water-tight copper connection in 60% less time than a traditional copper solder job. Viega ProPress fittings require no flame and work in wet applications. Viega is the market leader in this space and is exclusive to The Home Depot in the big-box channel.

正如Ted所說，我們對正在全公司範圍內推廣的創新技術感到非常興奮。我們將繼續致力於開發能夠簡化專案、節省客戶時間並幫助他們完成更多工作的產品。 Viega ProPress系列管道產品就是一個例子。相較於傳統的銅焊作業，您的水管工只需節省60%的時間即可完成防水銅管連接。 Viega ProPress配件無需明火，適用於潮濕環境。 Viega是該領域的市場領導者，並且是家得寶（Home Depot）大型零售通路的獨家經銷商。

In paint, working with Masco and PPG, we have put together a formidable Pro paint lineup that is resonating with our Pro painters. Masco's BEHR-formulated, Pro-specific offering continues to perform well in our stores. And in the first quarter, we added PPG SPEEDHIDE series. This Pro-specific paint that is specced in the vast majority of multihousing and large commercial jobs, giving us an entry point with our Pro painter for larger-scale projects. And this is now exclusive to The Home Depot in the big-box channel.

在塗料方面，我們與 Masco 和 PPG 合作，打造了強大的專業塗料系列，深受專業油漆工的喜愛。 Masco 的 BEHR 配方專業專用塗料在我們門市持續表現良好。第一季度，我們新增了 PPG SPEEDHIDE 系列。這款專業專用塗料適用於絕大多數多戶住宅和大型商業項目，為我們的專業油漆工提供了更大規模項目的切入點。目前，該系列已在大型零售通路的 The Home Depot 獨家銷售。

In spray paint, we launched PPG's Glidden Max-Flex spray paint. PPG's proprietary, industrial-based technology is uniquely flexible, covering an preserving the original look and feel of a wide range of surfaces, including leather and fabric. And with Masco, we've expanded their exclusive offerings to spray paint, caulks and sealants as well as interior stains.

在噴漆領域，我們推出了 PPG 的 Glidden Max-Flex 噴漆。 PPG 的專有工業技術具有獨特的靈活性，能夠覆蓋並保留各種表面（包括皮革和織物）的原始外觀和質感。此外，我們與 Masco 合作，將其獨家產品擴展到噴漆、填縫劑、密封劑以及室內著色劑。

Now let's turn our attention to spring and the exciting lineup of products we have for our customers. We are thrilled to showcase our new product offerings across our seasonal categories. We are seeing an industry-wide shift from gas-powered to battery-powered mowers. Demand for cordless mowers have never been stronger. And our lineup of battery-powered mowers, including RYOBI's 80-volt Zero Turn Riding Mower, Milwaukee's new M18 Fuel walk mower, DEWALT's FLEXVOLT walk mower and Makita's LXT walk mower is unmatched. This lineup offers something for everyone, building on an ecosystem of innovative tools powered by the same battery platforms.

現在，讓我們將目光轉向春季，以及我們為客戶帶來的令人興奮的產品陣容。我們非常高興地向大家展示我們季節性類別的新產品。我們看到整個產業正在從汽油動力割草機轉向電池動力割草機。對無線割草機的需求從未如此強勁。我們的電池動力割草機系列，包括利優比 (RYOBI) 的 80 伏特零轉彎騎乘式割草機、密爾瓦基 (Milwaukee) 的新款 M18 燃油手扶式割草機、得偉 (DEWALT) 的 FLEXVOLT 手扶式割草機和牧田式割草機 (Makita) 的 LXT 手扶式割草機，都是無扶養式割草機 (Makita) 的 LXT 手扶式割草機。這一系列產品基於由相同電池平台驅動的創新工俱生態系統，為每個人提供所需的產品。

In patio, we have continued to add optionality. And today, customers can create their perfect patio set to transform their outdoor living space through an enhanced online experience. And we expanded our assortment of grills. We're particularly excited about our new Traeger Timberline XL, which provides a larger cooking surface, easier maintenance and a side burner to enhance your cooking needs. Our new Neevo Next by Grill (sic) [Nexgrill] is the first propane-powered grill controlled via an app or your mobile device. The app displays timers, the grill temperatures and internal food temperatures, providing a consistent cooking experience for hours.

在露台領域，我們持續增加可選性。如今，顧客可以透過增強的線上體驗，打造完美的露台套裝，改造戶外生活空間。我們也擴展了烤架的種類。我們對新款 Traeger Timberline XL 尤其感到興奮，它擁有更大的烹飪表面、更易於維護，並配有側爐，可滿足您的烹飪需求。我們新款 Neevo Next by Grill（原文如此）[Nexgrill] 是首款透過應用程式或行動裝置控制的丙烷驅動烤架。該應用程式顯示計時器、烤架溫度和內部食物溫度，提供數小時持續一致的烹飪體驗。

We're also excited about our live goods program. Each year, our merchants provide our customers with new and improved varieties to enhance the overall garden experience. We've expanded our disease- and drought-resistant products offering superior performance. For example, Beacon impatiens are disease-resistant, and our Easy Wave petunias now require less sunlight and lasts up to 6 weeks longer. Adding these new, hardier plants allows our customers to have a vibrant and healthier garden for longer. Our live good category looks incredible. We are ready for spring from everything from shrubs to a variety of flower and edibles for every type of gardener.

我們也對我們的活體植物計畫充滿期待。每年，我們的商家都會為顧客提供全新改良品種，以提升整體園藝體驗。我們擴展了抗病抗旱產品，提供更卓越的性能。例如，Beacon鳳仙花具有抗病性，而我們的Easy Wave矮牽牛現在需要更少的光照，並且壽命延長了6週。這些新的、更耐寒的植物能讓我們的客戶更長時間地擁有一個生氣勃勃、更健康的花園。我們的活體植物類別令人讚嘆不已。我們已為迎接春天做好了準備，從灌木到各種花卉和可食用植物，應有盡有，適合各種園丁。

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

說完這些，我會把電話轉給理查。

Thank you, Jeff, and good morning, everyone. In the first quarter, total sales were $38.9 billion, an increase of $1.4 billion or 3.8% from last year. During the first quarter, our total company comps were positive 2.2% with positive comps of 12.9% in February, essentially flat in March and negative 2% in April. Comps in the U.S. were positive 1.7% for the quarter with positive comps of 12.5% in February, negative 0.3% in March and negative 2.9% in April. Recall that March reflects the anniversarying of stimulus and April was impacted by a delayed spring this year.

謝謝傑夫，大家早安。第一季度，公司總銷售額為389億美元，比去年同期成長14億美元，成長3.8%。第一季度，公司整體可比銷售額成長2.2%，其中2月份可比銷售額成長12.9%，3月份基本持平，4月份為負2%。美國市場本季可比銷售額成長1.7%，其中2月可比銷售額成長12.5%，3月為負0.3%，4月為負2.9%。需要注意的是，3月份是刺激計畫實施一週年，而4月份則受到今年春季延後的影響。

Our results this quarter were once again driven by continued strength across the business. Spring temperatures broke late in all our geographies, but in particular impacted some of our northern regions. In local currency, both Mexico and Canada posted comps above the company average.

本季業績再次得益於整體業務的持續強勁成長。所有地區的春季氣溫都來得晚，尤其對一些北部地區的影響尤其顯著。以當地貨幣計算，墨西哥和加拿大的同店銷售額均高於公司平均。

In the first quarter, our gross margin was 33.8%, a decrease of approximately 20 basis points from last year, primarily driven by supply chain investments and pressure from lumber. We continue to successfully offset significant transportation and product cost pressures while maintaining our position as the customers' advocate for value.

第一季度，我們的毛利率為33.8%，較去年同期下降約20個基點，主要受供應鏈投資和木材供應壓力的影響。我們繼續成功抵消了巨大的運輸和產品成本壓力，同時保持了我們作為客戶價值倡導者的地位。

During the first quarter, operating expense as a percent of sales remained essentially flat to last year at approximately 18.6%. We were pleased with our operating expense performance during the first quarter, which reflected planned increases in wage and planned rollout of investments designed to drive efficiency in our store environment. Our operating margin for the first quarter was 15.2% compared to 15.4% in the first quarter of 2021.

第一季度，營業費用佔銷售額的百分比與去年基本持平，約為18.6%。我們對第一季的營業費用表現感到滿意，這反映了我們計畫中的薪資成長以及旨在提升門市環境效率的投資計畫。第一季的營業利潤率為15.2%，而2021年第一季為15.4%。

Interest and other expense for the first quarter increased by $36 million to $369 million due primarily to higher long-term debt levels than 1 year ago. Our effective tax rate was 23.9% in the first quarter of both fiscal 2022 and 2021. Our diluted earnings per share for the first quarter were $4.09, an increase of 6% compared to the first quarter of 2021.

第一季利息及其他支出增加3,600萬美元，達到3.69億美元，主要原因是長期債務水準高於一年前。 2022財年及2021財年第一季，我們的有效稅率均為23.9%。第一季度，我們的稀釋每股收益為4.09美元，較2021年第一季成長6%。

Our total store count at the end of the quarter was 2,316, and selling square footage was 240 million square feet. Unfortunately, during the quarter, we lost a store in San Jose, California due to a fire. Thankfully, no one was injured, and all of our associates have been reassigned to other nearby stores. And the team has done a fantastic job continuing to serve our customers in the area.

截至本季末，我們的門市總數為2,316家，銷售面積達2.4億平方英尺。不幸的是，本季度，我們位於加州聖荷西的一家門市因火災受損。值得慶幸的是，這場火災無人受傷，所有員工都已被調往附近的其他門市。我們的團隊表現出色，並繼續為該地區的客戶提供優質服務。

At the end of the quarter, inventories were $25.3 billion, up $6.1 billion compared to the first quarter of 2021. And inventory turns were 4.4x, down from 5.5x last year. This level of inventory reflects outsized demand for home improvement projects, actions taken to improve in-stocks and the impact of the delayed start to spring. While our in-stock position is not back to pre-pandemic levels, it is the healthiest it has been since the pandemic began.

截至本季末，庫存為253億美元，較2021年第一季增加61億美元。庫存週轉率為4.4倍，低於去年的5.5倍。這項庫存水準反映了房屋裝修工程需求的旺盛、為改善庫存而採取的措施以及春季延遲開工的影響。雖然我們的庫存狀況尚未恢復到疫情前的水平，但已達到疫情爆發以來的最健康水平。

Turning to capital allocation. After investing in our business and paying our dividend, it is our intent to return excess cash to shareholders in the form of share repurchases. As we have mentioned on previous calls, we plan to continue investing in our business with CapEx of approximately 2% of sales on an annual basis. We also plan to maintain flexibility, to move faster or slower depending on the environment.

談到資本配置。在投資業務並支付股利後，我們計劃以股票回購的形式將剩餘現金返還給股東。正如我們在先前的電話會議上提到的，我們計劃繼續投資業務，每年資本支出約佔銷售額的2%。我們還計劃保持靈活性，根據環境調整速度。

During the first quarter, we invested approximately $700 million back into our business in the form of capital expenditures. And during the quarter, we paid approximately $2 billion in dividends to our shareholders, and we returned approximately $2.25 billion to shareholders in the form of share repurchases. Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 45.3%, up from 45.1% in the first quarter of fiscal 2021.

在第一季度，我們以資本支出的形式向業務回購了約7億美元。本季度，我們向股東派發了約20億美元的股息，並以股票回購的形式向股東返還了約22.5億美元。以過去12個月期初及期末長期債務和股權的平均值計算，投資資本回報率約為45.3%，高於2021財年第一季的45.1%。

Now I will comment on our updated guidance for fiscal 2022. As you heard from Ted, we are very pleased with the strong performance we saw during the first quarter, which surpassed our expectations. Today, we are raising guidance for 2022. We now expect sales growth and comp sales growth of approximately 3% for fiscal 2022. We expect comps to be stronger in the first half of the year than the second half of the year. We expect our fiscal 2022 operating margin to be approximately 15.4% for the year, and we expect mid-single-digit percentage growth in diluted earnings per share compared to fiscal 2021. While a number of uncertainties remain, we feel confident that we will be able to continue to manage through a dynamic environment while growing faster than our market and delivering exceptional shareholder value.

現在，我將就我們更新後的2022財年業績指引發表一些看法。正如泰德所說，我們對第一季的強勁業績感到非常滿意，這超出了我們的預期。今天，我們上調了2022財年的業績指引。我們目前預計2022財年的銷售額和可比銷售額將分別成長約3%。我們預計上半年的可比銷售額將強於下半年。我們預計2022財年的全年營業利潤率約為15.4%，並且我們預計攤薄後每股收益將較2021財年實現中等個位數的百分比增長。儘管仍存在一些不確定因素，但我們相信，我們能夠在充滿活力的環境中繼續保持穩健運營，同時保持高於市場的成長速度，並為股東創造卓越的價值。

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

感謝您參加今天的電話會議。克里斯汀，我們現在可以回答您的提問了。

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

（操作員指示）我們的第一個問題來自瑞銀的麥可‧拉瑟 (Michael Lasser)。

Understanding that your overall results were very strong, are you seeing any signs that either inflationary pressure, rising interest rates or simply home improvement fatigue are starting to have a negative impact on the business? And does it give you pause that comp transactions were down high single digits in the quarter as maybe a leading indicator that the business could soften from here?

鑑於你們的整體業績非常強勁，您是否看到任何跡象表明，無論是通膨壓力、利率上升，還是僅僅是房屋裝修疲勞，都開始對業務產生負面影響？本季同店銷售額下降了個位數，這是否讓您有所警醒，認為這可能是業務可能從現在開始疲軟的先行指標？

Thanks, Michael. So it's a lot in that question. As we've said, we had a great Q1 in comp to comp from last year. As you recall, Q1 last year was our highest first quarter sales and our highest comp at 31% in the very, very long time. So as we went into this year, we were understandably conservative as to how we thought Q1 would pan out. But in fact, we saw that the consumer is very engaged. The Pro is very strong, and we posted those results with very much delayed spring.

謝謝，麥可。所以這個問題牽涉到很多方面。正如我們所說，我們第一季的業績與去年同期相比表現優異。您還記得，去年第一季是我們第一季銷售額最高的季度，也是我們很長一段時間以來最高的年增幅，達到了31%。因此，進入今年以來，我們對第一季業績的預期較為保守，這是可以理解的。但事實上，我們看到消費者的參與度很高。 Pro 的表現非常強勁，而且我們在春季公佈這些業績時，已經推遲了很多。

In Q2, it's early, but we're off to a strong start. We also think that the fundamentals -- I mean these are all very "short term in nature" comments, but the fundamentals for home improvement remain incredibly supportive. So when you look at inflation and interest rates in any fatigue, if I take those in order, inflation is definitely higher than we thought. If you recall, last year, we thought we'd have about 5% growth in ticket. We're seeing obviously much higher than that with 11% in ticket. A lot of that is inflation-driven. But our customers are resilient. We are not seeing the sensitivity to that level of inflation that we would have initially expected.

第二季雖然還為時過早，但我們開局強勁。我們也認為，基本面——我的意思是，這些都是非常「短期」的評論，但家居裝修行業的基本面仍然非常具有支撐性。所以，當你以任何疲軟的心態看待通貨膨脹和利率時，如果我把它們按順序排列，通貨膨脹肯定比我們預想的要高。如果你還記得的話，去年我們預期客單價會成長5%左右。而現在，客單價顯然增加了11%，遠高於這個數字。這很大程度是由通貨膨脹驅動的。但我們的客戶具有韌性。我們並沒有看到通貨膨脹對最初預期的那種程度的敏感度。

On interest rates -- and Richard can talk a little bit more about interest rates and housing, but we have not seen that impacting our business and the nature of housing -- again, Richard will cover in greater detail. And then the fatigue, we're not seeing at all. We'd look at PCE and shifts in PCE, and while we are seeing some shift to services in general, we're not seeing a big shift out of home improvement. And we're not seeing fatigue with our customers given repair/remodeler, intent and activity still tracking at the highest levels that we've recorded.

關於利率——理查德可以多談利率和住房問題，但我們尚未發現這會影響我們的業務和住房的性質——理查德會再次詳細闡述。然後是疲軟，我們根本沒看到。我們關注個人消費支出（PCE）及其變化，雖然我們看到一些消費轉向服務業，但我們並沒有看到消費者從家裝業轉移。鑑於維修/裝修、意圖和活動仍然處於歷史最高水平，我們也沒有看到消費者疲軟。

And then lastly, on transactions, we do always look for a balance of ticket and transactions. But again, with these inflation rates, it's a very unique year in inflation, and ticket is higher than norm for sure. But again, the consumer is hanging in there. And Richard, why don't you touch on the interest rates?

最後，關於交易，我們始終致力於票務和交易之間的平衡。但考慮到目前的通膨率，今年的通膨情況非常特殊，票務價格肯定高於正常水準。不過，消費者仍然在堅持消費。理查德，您能否談談利率？

Sure. So just first to start with who our customer is, you need to keep in mind our customers are homeowners. Virtually all sales to our Pro customers are on behalf of a homeowner, and over 90% of our DIY customers are homeowners as well. So let's talk about home improvement demand and what drives it.

當然。首先，我們先來了解我們的客戶是誰。您需要記住，我們的客戶是房主。幾乎所有面向專業客戶的銷售都是代表房主進行的，而且超過 90% 的 DIY 客戶也是房主。那麼，我們來談談家裝需求及其驅動因素。

Over our history, we've seen that home price appreciation is the primary driver of home improvement demand. When your home appreciates in value, you view it as a smart investment and you spend more on it. So let's look at what's happened at home prices. We've seen appreciation of over 30% over the last 2 years. In fact, home equity values over the last 2 years have increased by 40% or over $7 billion just in the last 2 years.

縱觀歷史，我們發現房價上漲是推動居家裝潢需求的主要因素。當你的房子升值時，你會將其視為一項明智的投資，並會為此投入更多資金。那麼，讓我們來看看房價的走勢。過去兩年，房價上漲了30%以上。事實上，光是過去兩年，房屋淨值就上漲了40%，增幅超過70億美元。

So the homeowner has never had a balance sheet that looks like this. They've seen the price appreciation, and they have the means to spend. And in surveys, our customers tell us that their homes have never been more important, and their intent to do projects of all sizes has never been higher. And our Pros say the same thing about their backlogs.

所以，房主從來沒有像這樣的資產負債表。他們見證了房價的上漲，並且擁有了消費能力。在調查中，我們的客戶告訴我們，他們的房子從未如此重要，他們承接各種規模項目的意願也從未如此強烈。我們的專業人士對他們的積壓訂單也表達了同樣的看法。

So let's talk about interest rates. I think it's important to remember that our addressable market is the 130 million housing units occupied in the U.S. plus probably, call it, 40 million to 50 million more in Canada and Mexico. Of those 130 million housing units, on any given year, only about 4% or 5% are sold. That means that over 95% of our customers are staying in place. They're not shopping for a mortgage. Nearly 40% of those homes are owned outright. Of those who have mortgages, about 93% of those mortgages are fixed rate. So when you think about our addressable market, the vast majority aren't really paying attention to mortgage rates.

那麼，我們來談談利率。我認為重要的是要記住，我們的潛在市場是美國1.3億套住房，加上加拿大和墨西哥可能還有4000萬到5000萬套。在這1.3億套房中，每年只有約4%或5%售出。這意味著我們超過95%的客戶都選擇繼續居住。他們不會去找抵押貸款。這些房屋中近40%是完全自有的。在擁有抵押貸款的人中，大約93%是固定利率的。所以，當我們考慮我們的潛在市場時，絕大多數人並沒有真正關注抵押貸款利率。

And what we've -- what's interesting about that is what we've heard, when they do look at moving, they're actually more and more tempted to stay in their low fixed rate mortgage and remodel their home instead. So these low locked-in mortgages are probably a benefit to home improvement.

有趣的是，我們聽說，當他們真的考慮搬家時，實際上越來越傾向於保留低固定利率抵押貸款，並重新裝修房屋。所以，這些低鎖定利率的抵押貸款可能對房屋裝修有利。

That's all very helpful information. And in light of that, I hate to follow up with such a negative question, but out of an abundance of conservatism, I'll ask that. Historically, Home Depot has talked about a 20 basis point margin change for every 1% increase or potentially decrease in its same-store sales. Recognizing that the environment hasn't necessarily been business as usual for quite some time, if we do want to take a conservative expectation on the overall macro, would it be reasonable to think that if comps were to decline 1% that, that would translate to a 20 basis point decline in operating margin? Or has the business just advanced so much over the last few years through the deployment of technology, a greater sophistication of supply chain and other factors that perhaps the deleverage wouldn't be as significant moving forward as it might have been in past?

這些資訊都很有幫助。有鑑於此，我並不想繼續問這種負面問題，但出於保守的考量，我還是會問。家得寶過去曾表示，其同店銷售額每增加或減少1%，利潤率就會隨之下降20個基點。考慮到目前的情況並非一如既往，如果我們對整體宏觀經濟持保守預期，那麼，如果同店銷售額下降1%，營業利潤率是否會下降20個基點？又或者，過去幾年，家得寶的業務是否透過技術部署、供應鏈的完善以及其他因素取得了長足進步，以至於未來去槓桿的幅度可能不會像過去那麼大？

So Michael, first, we operate an activity-based model with respect to payroll, which is our largest operating cost. And so that naturally decreases as volume decreases. More importantly, we operate with a degree of financial flexibility in our P&L, and that financial flexibility allows us to manage as we think is appropriate in any given environment. So we have room to manage, and we're confident that we can take share in any environment and manage this P&L wisely per the environment.

Michael，首先，我們在薪資方面採用以活動為基礎的模式，而薪資是我們最大的營運成本。因此，隨著業務量的減少，這部分成本自然也會下降。更重要的是，我們的損益表具有一定的財務靈活性，這種財務靈活性使我們能夠在任何特定環境下以我們認為合適的方式進行管理。因此，我們有管理空間，並且有信心在任何環境下都能分擔成本，並根據具體環境明智地管理損益表。

With respect to any old benchmarks we may have given, we're beyond that. We have financial flexibility in our model. And again, we would flex to sort of meet the circumstances as we would see them.

就我們之前給出的任何基準而言，我們已經超越了這一點。我們的模式具有財務靈活性。而且，我們會根據實際情況靈活調整。

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

我們的下一個問題來自摩根士丹利的西緬·古特曼。

My first question is if we could talk a little more detail around the intent and the backlog that was just mentioned. Curious if you're seeing demand come through because supply was constrained, there's some pent-up projects versus what the backlog or pipeline continues to build.

我的第一個問題是，我們能否更詳細地談談剛才提到的專案意圖和積壓情況。我很好奇，您是否看到需求回升是因為供應受限，有一些項目被擱置，而積壓項目或項目正在持續建設中。

Well, I think you can just start with some survey results. These are public and these are published by the National Association of Home Builders. This is a survey that goes back to 2001. And the survey, if you bear with me, just sort of says, are conditions -- are you optimistic or pessimistic, 50 being kind of the median mark here. So for the 20 years up to 2020, that optimism index never got above a 58. Today, it stands at an 86. So that is the sentiment of the remodeler.

嗯，我想你可以先從一些調查結果開始。這些都是公開的，由全國住宅建築商協會（NAHBA）發布。這項調查可以追溯到2001年。請耐心聽我說完，這項調查只是表明，情況是──你是樂觀還是悲觀，50是中位數。所以，截至2020年的20年間，樂觀指數從未超過58個。如今，它保持在86。這就是房屋改造者的情緒。

With respect to backlog that is also surveyed, that number over the past 20 years never got above a 64. Today, it stands at an 84. Both of those sentiment numbers are all-time highs.

至於同樣被調查的積壓情況，過去 20 年裡，這數字從未超過 64。如今，這一數字為 84。這兩個情緒指數都是歷史最高水準。

Fair enough. And maybe a follow-up. You mentioned home price appreciation being the most important lever. It looks like the home prices in Canada are starting to turn a bit, and the business seems to be holding up well. Can you talk about if that relationship holds or if the same dynamic, the macro conditions for the customer exists and that's why the business is sort of breaking away from that trend?

不錯。或許可以再問一下。您提到房價上漲是最重要的槓桿。看起來加拿大的房價開始回升，業務似乎保持良好。您能否談談這種關係是否持續存在，或者說，客戶的宏觀環境是否也存在，以及為什麼我們的業務正在擺脫這種趨勢？

Well, yes, our Canadian business. I'm not as up to speed, Simeon, on the Canadian stats that Richard just went through for the U.S. But our Canadian business is in terrific shape. I mean remember, they had much more significant lockdowns last year. Ontario, in particular, our stores were closed in the first quarter, and we had curbside pickup only. So the business is very, very strong. I don't have as much detail on the relationship with home prices.

是的，我們的加拿大業務。西緬，我不太了解理查剛介紹的美國加拿大數據。但我們加拿大的業務狀況非常好。我記得去年他們實施了更嚴格的封鎖措施。尤其是在安大略省，我們的門市在第一季關閉，我們只提供路邊取貨服務。所以業務非常非常強勁。至於與房價的關係，我不太了解。

Well -- but let's just sort of reflect on something. So last Q1, as a company, we reported a 31% comp. Canada was higher than that. So we had a tougher comp in Canada. And this quarter, our comp in Canada was higher than company average.

嗯——不過我們來反思一下。去年第一季度，我們公司報告的年銷售額成長了31%。加拿大的銷售額更高。所以我們在加拿大的年比銷售額成長更強勁。而本季度，我們在加拿大的年銷售額成長高於公司平均。

Our next question comes from the line of Michael Baker with D.A. Davidson.

我們的下一個問題來自 D.A. Davidson 的 Michael Baker。

Okay. Two. One, simply, can you just quantify, if there's any way to quantify, the weather impact, the late spring? How much of that hurt April? And what should we expect that to contribute into May? And then I'll have a follow-up question.

好的。二。第一，簡單來說，如果有辦法量化的話，您能否量化一下天氣因素，例如春末的到來？這對4月的影響有多大？我們預期這會對5月造成什麼影響？然後我還有一個後續問題。

So for the quarter, Michael, we think it was about 1%, the negative impact to comp sales in Q1.

因此，邁克爾，就本季而言，我們認為這對第一季的銷售額產生了約 1% 的負面影響。

And presumably, most of that occurs in April. Is that fair to say?

大概大部分發生在四月。這樣說對嗎？

Yes. Because February, it's not spring anywhere and it's our lowest-volume month. So yes, that's April-driven. As Richard said in his notes, March was more of a stimulus impact as well as a weaker spring in the south. And then as you started to move toward northern markets, particularly cold weather in April and for the quarter, 1%.

是的。因為二月，任何地方都還沒到春天，而且是我們銷售最低的月份。所以，是的，這是受四月的影響。正如理查德在他的筆記中所說，三月更多的是受刺激措施的影響，以及南方春季的疲軟。然後，隨著你開始轉向北方市場，尤其是四月的寒冷天氣，本季銷量下降了1%。

Yes. We've all felt that cold weather up here in the Northeast, although it's getting better now. I also wanted to follow up with a home price appreciation question. We've all looked at this for many years, and I think most people get that home price appreciation is that important.

是的。我們都感受到了東北這邊的寒冷天氣，但現在正在好轉。我還想問一個房價上漲的問題。我們已經關注這個問題很多年了，我想大多數人都明白房價上漲非常重要。

How concerned are you that higher interest rates eventually slow down existing home sales? And we've seen that decline 3 or 4 months in a row, such that the record home price appreciation that we're seeing eventually has to slow down, particularly as the Fed keeps raising rates. And so how big of a concern is that as you think about the rest of the year?

您有多擔心升息最終會拖累現房銷售？我們已經看到現房銷售連續三、四個月下滑，以至於我們所看到的創紀錄的房價上漲最終不得不放緩，尤其是在聯準會持續升息的情況下。那麼，考慮到今年剩餘時間的走勢，您對此的擔憂有多大？

Well, I think we're in a unique position now in recent housing history where we have built a chronic shortage of housing units in the U.S. consistently and steadily for the last 10 years. Some economists assume that, that shortage is a little less than 2 million. You hear numbers as high as 4 million. If you take other estimates of what will likely be built, we're looking at, at least 5 years, if not 7 or 8 years, before we could actually get back to a point of equilibrium. So we believe that supply and demand are going to be the main drivers of support for home price appreciation, and we know that, that chronic undersupply is going to be a condition for quite some time.

嗯，我認為我們目前處於近代住房史上的一個特殊位置，過去十年來，美國住房單元長期持續短缺。一些經濟學家估計短缺數量略低於200萬套。但你聽到的數字高達400萬套。如果參考其他對未來可能建造房屋數量的估計，我們預計至少需要5年，甚至7、8年，才能真正恢復到均衡狀態。因此，我們認為供需關係將成為支撐房價上漲的主要驅動力，而且我們知道，長期供應不足的狀況將在相當長的一段時間內持續下去。

Our next question comes from the line of Chris Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Chris Horvers。

So on the seasonality sort of lens as you think about the year, you mentioned shifting of the bathtub effect in the second quarter. It looks like the guide doesn't assume that this above-average seasonality that you saw in the first quarter despite a late spring holds. You're actually sort of degrading the seasonality going forward.

所以，從季節性角度來看，您提到了第二季浴缸效應的轉變。看起來，指南並沒有假設第一季儘管春季來得晚，但仍然呈現出高於平均水平的季節性。實際上，您在某種程度上降低了未來的季節性。

So I guess my first -- the 2 questions: are you expecting a full bathtub effect into the second quarter? And then why -- is there any reason why you wouldn't think normal seasonality could hold through the back half?

所以我想我首先要問的是兩個問題：您是否預計第二季會出現全面的「浴缸效應」？然後，為什麼——有什麼理由讓您認為正常的季節性因素無法持續到下半年？

Yes, I would -- we certainly don't think it's going to degrade. I would say posting the results that we posted with a very cold and wet spring certainly exceeded our expectations. And as commented earlier, we haven't generally raised guidance after the spring because we say bathtub effect. And too early into Q2 at the time of this call to make a determination.

是的，我認為——我們當然不認為它會惡化。我想說，在春季非常寒冷潮濕的環境下發布的業績確實超出了我們的預期。正如之前所說，春季過後我們通常不會上調業績預期，因為我們說的是「浴缸效應」。目前距離本次電話會議召開還為時過早，無法做出最終決定。

But the first quarter beat our expectation by such an extent, even with the poor weather, we felt necessary to raise to the 3% for the year. We haven't taken as specific of a view of Q2. I mean we know at least the 1% is going to flow into Q2. We generally get back all of our spring sales in Q2, even tracking back to the 2 or 3 worst early spring since I've been at Home Depot. But it is still just so early, and our largest weeks are ahead of us. So we don't want to get too far over our skis, but we're certainly not anticipating the degradation of that normal bathtub effect.

但第一季業績遠超預期，即使天氣惡劣，我們也覺得有必要將全年銷售成長目標提高到3%。我們目前還沒有對第二季做出具體的預測。我的意思是，我們知道至少1%的銷售額會流入第二季。我們通常在第二季就能恢復所有春季銷售額，甚至可以追溯到我在家得寶工作以來業績最差的兩三個早春時期。但現在還為時過早，我們最重要的幾週還在後面。所以我們不想過度擔心，但我們肯定不會預期「浴缸效應」會減弱。

Got it. And then my follow-up question is a number of vendors have indicated more price increases are coming. Can you talk about how much of the ticket increase was inflation? How are you expecting inflation to play out over the year? Like will we just sort of flatten out as we lap through more price as -- over the next year? And do you expect units to turn positive as the year progresses?

明白了。接下來我的問題是，許多供應商表示價格會進一步上漲。能談談票價上漲有多少是通貨膨脹造成的嗎？您預計通貨膨脹在未來一年會如何發展？例如，隨著明年價格進一步上漲，通貨膨脹會趨於穩定嗎？您預計銷售量會隨著時間的推移而轉正嗎？

Right. So I'll start and then Jeff will give a little bit more detail. Yes, as I mentioned earlier, inflation is higher than we had expected to the extent about 2x. The 11-odd percent ticket was -- the vast majority of that was inflation-driven. It is impacting transactions, but as we said, not to the extent that we would have thought. So that's all good.

好的。我先開始，然後傑夫會更詳細地講一下。是的，正如我之前提到的，通貨膨脹率比我們預期的要高，大約是2倍。 11%左右的選票——其中絕大多數是由通貨膨脹驅動的。這確實影響了交易，但正如我們所說，影響程度沒有我們想像的那麼大。所以一切都很好。

We have taken costs this year, and there is more on the table. Transportation, we've just finished up our ocean contracts. That's a global contract cycle that goes into effect in May. So those are in place for the next 12 months. Those are certainly higher on a contract basis from 2021. So we think inflation doesn't go up necessarily from where we are but that it would hold steady at this, call it, double-digit, low 10-ish percent in our product categories through the balance of the year.

我們今年已經計算了成本，還有更多成本需要處理。運輸方面，我們剛完成了海運合約。這是一個全球合約週期，將於5月生效。所以這些合約將在未來12個月內生效。從2021年開始，這些合約成本肯定會更高。因此，我們認為通膨率不一定會比現在高，但在今年餘下的時間裡，我們產品類別的通膨率將穩定在10%左右，也就是兩位數的低點。

In terms of the impact on transactions, we're going to have better transaction results in Q2 just given spring. When you think of the number of transactions in our garden business in the spring time, that's just a tremendous amount of transactions, and we feel very good that we'll get those in Q2.

就交易量的影響而言，考慮到春季的到來，我們第二季的交易量會更好。想想春季我們園藝業務的交易量，那真是一個驚人的數字，我們非常有信心在第二季度實現這些目標。

And then lumber was -- it's been on a bit of a seesaw and was high on average to last year in Q1, and we saw that in negative transactions in lumber. But now we're down quite a bit, and we're down about 35% in lumber prices year-over-year. So we expect to pick up in Q2, in particular, in lumber activity.

木材市場－它一直處於震盪走勢，第一季的平均價格高於去年同期，我們看到木材交易量出現負成長。但現在價格下降了不少，木材價格比去年同期下降了約35%。因此，我們預計第二季木材交易量將回升。

In terms of the balance of the year and how we think about managing through this, I'll let Jeff provide some more color.

關於今年的平衡以及我們如何考慮解決這個問題，我會讓傑夫提供更多細節。

Yes. Thank you, Ted. Look, we are -- to Ted's comments, we are managing through an inflationary environment, about 2x what we expected in the first quarter. And we see some continuation of that. We are working with our supplier partners on managing through this inflationary environment. We've had long-standing relationships with many of our suppliers, and it's a partnership to understand the ongoing complexities of the inflation we're seeing.

是的，謝謝你，泰德。正如泰德所說，我們正在應對通膨環境，通膨率大約是第一季預期的兩倍。而且我們認為這種情況還會持續下去。我們正在與供應商合作夥伴合作，共同應對通膨環境。我們與許多供應商都保持著長期的合作關係，這種合作關係有助於我們理解當前通膨的持續複雜性。

What we are doing is we are still the customers' advocate for value in our business. And if you look at the value that we're offering across the spring categories, across the entire business, it is exceptional. If you look at the project business, we are pleased with what we're seeing in project-related demand, inclusive of some of the inflation that we have experienced across the organization.

我們所做的是，我們仍然是客戶對我們業務價值的倡導者。如果你看看我們在春季產品類別甚至整個業務中提供的價值，你會發現它非常出色。如果你看看專案業務，我們對專案相關需求的提升感到滿意，這包括我們整個組織經歷的一些通貨膨脹。

And again, as the customers' advocate for value, we have the tools and the capabilities to manage our broader portfolio strategy and manage the inflationary environment. So very pleased with the partnership across the business to manage this inflationary environment.

再次強調，作為客戶價值的倡導者，我們擁有管理更廣泛投資組合策略和應對通膨環境的工具和能力。因此，我們非常高興能夠與整個業務部門攜手應對通膨環境。

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

我們的下一個問題來自 Truist 的 Scot Ciccarelli。

So with the One Home Depot supply chain strategy, you guys are effectively moving into some new markets or certainly expanding your presence in certain verticals and expanding your TAM. Is there any way to potentially size the impact that some of these new markets are having on your results, be it -- whether it's MRO, large Pros, et cetera, maybe places where you weren't as competitive just a couple of years ago?

所以，透過「一個家得寶」供應鏈策略，你們實際上正在進軍一些新市場，或者說正在擴大在某些垂直領域的業務，並擴大你們的TAM（總市場規模）。有什麼方法可以衡量這些新市場對你們績效的潛在影響嗎？無論是維修、維修、大修（MRO）、大型專業服務等等，還是幾年前你們還沒有那麼強的競爭力？

Yes, generally speaking, we are excited about what we're building out in terms of capability and our ability to go after the repair and remodeler planned purchase occasions that we haven't necessarily been able to in the past. But when you start thinking about contribution to results, we're building an ecosystem here for the Pro. It's not just about fulfillment and delivery. It's about an online experience that we think is second to none that's seen incredible traction over the very short term. We have a relationship with our Pros in the store that we think is second to none. And Hector, I'll turn it to you for a second with some detail.

是的，總的來說，我們對我們正在建立的能力感到興奮，也對未來我們能夠應對維修和改造計劃購買的需求感到興奮，而這些需求在過去我們並不一定能夠做到。但說到對績效的貢獻，我們正在為Pro建立一個生態系統。這不僅關乎訂單履行和配送，更關乎我們認為首屈一指的線上體驗，這種體驗在短期內就獲得了驚人的成長。我們與店內Pro的關係也是首屈一指的。 Hector，我稍後會詳細介紹一下。

But again, with respect to results, we're quite pleased that we grew by $40 billion over the last 2 years. We were really pleased that we were able to comp the comp and enter into a second quarter so far with 2 strong weeks. And I think over the coming years, you're going to see every element of our model add up to our ability to take market share in any environment.

但再次強調，就業成績而言，我們很高興看到過去兩年我們實現了400億美元的成長。我們非常高興能夠與競爭對手競爭，並且在第二季度迄今的兩週內取得了強勁的業績。我相信在未來幾年，您會看到我們模式的每個要素都將增強我們在任何環境下搶佔市場份額的能力。

But Hector, maybe you'll talk a little bit about the Pro.

但赫克托，也許你會談論 Pro。

Yes. Richard and Scot, we are building capabilities to attract more of the Pro planned purchase. Every one of those Pro planned purchase help us pull a lot of the other occasions out of our stores. So when Richard talks about the ecosystem, it is about enabling capabilities across all channels to remove friction from the transactions and experiences from our Pros in every instance. We are super encouraged from the early signs that we're seeing on the commercialization of the supply chain investments that we're making. And the team is super encouraged and involved and engaged.

是的。 Richard 和 Scot，我們正在建立吸引更多 Pro 計劃購買的功能。每一次 Pro 計畫購買都幫助我們吸引許多其他類型的顧客。所以，Richard 所說的生態系統，指的是在所有管道上啟用各種功能，以消除交易中的摩擦，並提升 Pro 的體驗。我們正在進行的供應鏈投資正在商業化，這讓我們非常鼓舞。整個團隊都深受鼓舞，並積極參與其中。

And Scot, I would add on the MRO piece in the TAM, we couldn't be happier with the combination of our legacy Interline HD Pro business with Home Depot Supply. So not only did we combine the #1 and 2 players in that industry, but the Home Depot Supply had additional verticals that our business didn't participate in.

史考特，我想補充TAM中的MRO部分，我們對我們原有的Interline HD Pro業務與家得寶供應的合併感到非常高興。這樣一來，我們不僅整合了該行業第一和第二大公司，而且家得寶供應還擁有我們業務未涉足的其他垂直領域。

So we think the TAM in that MRO market essentially doubled to about $100 billion, and we still sit with less than 10% share. The capabilities that we're building, combining those 2 businesses, we're well on our way of combining sales forces, getting customers oriented to one legacy customer sales force or the other. We're beginning to integrate the supply chains.

因此，我們認為MRO市場的總市場規模（TAM）實際上翻了一番，達到約1000億美元，而我們的市場份額仍然不到10%。我們正在建立的能力，將兩大業務結合起來，我們正在順利整合銷售團隊，讓客戶以傳統客戶銷售團隊為導向。我們正在開始整合供應鏈。

What we're able to do now in MRO for multifamily housing is incredibly robust. And then new verticals, hospitality in particular, as travel has come back, in the hospitality, occupancy rates are going up. That business is just booming. So we love our position in MRO in the verticals we're in. And Shane O'Kelly and his team are just doing a great job with that business.

我們目前在多戶住宅的維護、維修和大修 (MRO) 領域表現非常強勁。此外，隨著旅遊業的復甦，旅館業也迎來了新的垂直領域，入住率也在上升。這項業務正在蓬勃發展。因此，我們非常看好我們在 MRO 領域所處垂直領域的地位。 Shane O'Kelly 和他的團隊在這項業務上做得非常出色。

I think just to the TAM point, we talk about the 130 million households in the U.S., about 30 million of those households actually occupy multifamily dwellings. And so that HD Supply acquisition opened up that TAM for us and is a unique attribute of The Home Depot.

就TAM而言，我們談到美國1.3億戶家庭，其中約3000萬戶實際上居住在多戶住宅中。因此，收購HD Supply為我們打開了TAM，這也是家得寶的獨特之處。

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

我們的下一個問題來自巴克萊銀行的凱倫‧肖特 (Karen Short)。

Wondering if you could just give a little bit more color on puts and takes for 2Q to 4Q with respect to gross margin and SG&A., I guess, in the context of assuming inflation remains at the current level. And then also a bit more context on how you think traffic and ticket will shake out for the full year. And then I have one other question.

能否在假設通膨率維持在目前水準的前提下，再稍微解釋一下第二季到第四季毛利率和銷售、一般及行政費用（SG&A）方面的利弊？此外，您也想再談談您認為全年客流量和票房將如何變化。然後我還有一個問題。

Sure. So for the year, we believe that gross margin, if you just sort of stay mix neutral, gross margin will see slight pressure from the investments we're making in One Supply Chain. Those have been planned all year, and we've expected that for a while.

當然。所以，就今年而言，我們認為，如果保持產品組合中性，毛利率會因我們對「一個供應鏈」的投資而略微承壓。這些投資是全年都在規劃的，我們也預料到了一段時間。

With respect to operating expense leverage, as we have taken our sales guidance up, we've also raised our operating margin guidance. That reflects the operating expense leverage we expect to generate on those incremental sales.

關於營業費用槓桿，隨著我們上調銷售預期，我們也上調了營業利潤率預期。這反映了我們預期在增量銷售額的基礎上產生的營業費用槓桿。

With respect to ticket and transaction, we assume that comps in the back half are positive. If inflation persists for the year, persist at current levels, we expect ticket could be in the range of 10% to 12% for the year, offset by transactions to net out to a 3% comp for the year.

關於機票和交易，我們假設下半年的可比價格為正。如果通膨持續到今年，並保持在當前水平，我們預計全年機票價格可能在10%至12%之間，扣除交易費用後，全年可比價格將達到3%。

So I guess the question on that, my follow-up would be -- I mean investors are focused on your 2 -- 1-year, 2-year, 3-year traffic trends. And I appreciate there's a labor efficiency component with negative traffic to some extent. But at what point does the traffic on a multiyear basis maybe start to concern you?

所以我想接下來的問題是──我的意思是，投資人關注的是你們未來兩年、一年、兩年、三年的流量趨勢。我知道勞動力效率因素在某種程度上會對流量造成負面影響。但是，從多角度來看，流量在什麼時候會開始引起你的擔憂呢？

Well, this is definitely a unique year for sure in our ticket and transaction dynamic. As I stated earlier, we do look for a balance between ticket and transaction. And we usually plan that growth will come from more or less an equal mix of ticket and transaction.

嗯，從我們的票務和交易動態來看，今年絕對是個獨特的一年。正如我之前所說，我們確實在尋求票務和交易之間的平衡。我們通常的計劃是，成長將來自票務和交易的大致均衡組合。

With the -- 2 fundamental things going on, Karen. One we're -- to your point on 2- and 3-year stacks, we're comping off the $40 billion of sales growth that Richard commented on and in Q1, at a 31% comp, the highest comp in the longest time at Home Depot. And to comp that, we didn't plan on, to comp that is a huge positive.

有兩個基本因素在起作用，Karen。首先，正如你所提到的，關於兩年期和三年期的業績預測，我們正在實現 Richard 提到的 400 億美元的銷售額增長，第一季的銷售額同比增長 31%，這是家得寶歷史上最高的同比增長。相比之下，我們之前沒有計劃實現這一增長，這是一個巨大的利好。

Now the balance isn't the norm for sure, again, a unique year with this level of inflation, 10%, 10-odd percent. But the customer's engagement is much more resilient than we would have thought. That's why we hit -- we knew the inflation going into the year, and we knew the potential impact to transactions.

現在的平衡肯定不正常，而且今年的通貨膨脹率非常高，高達10%甚至更高。但客戶的參與度比我們想像的要強得多。這就是為什麼我們能做到這一點——我們知道今年的通貨膨脹，也知道這對交易的潛在影響。

The level of activity in our space, and we've talked about the backlog and the intents, is really helping offset that and the consumer's staying more engaged. Now as we lap through these extraordinary comps from the $40 billion of growth and certainly hopefully lap through the inflation, we would get back to the balance that we would certainly prefer.

我們這個領域的活躍程度，以及我們之前討論過的積壓訂單和意向訂單，確實有助於抵消這一影響，消費者的參與度也更高。現在，隨著我們克服了400億美元成長帶來的非凡業績，當然也希望克服通貨膨脹的影響，我們最終會回到我們期望的平衡狀態。

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

我們的下一個問題來自富國銀行的紮克法德姆。

Ted, following up on your comment that Q1 beat your expectations, could you talk about the extent that was Pro-driven versus DIY or other pockets of your business? And then as you think about the second half of this year, to what extent do you incorporate stable Pro trends? And could they offset a more variable DIY if the macro or inflationary environment softens from here?

泰德，您剛才說第一季業績超出預期，能否談談這其中專業業務的驅動力，以及DIY或其他業務的驅動力？展望下半年，您在多大程度上融入了穩定的專業業務趨勢？如果宏觀經濟或通膨環境從現在開始回暖，這些趨勢能否抵銷DIY業務更具波動性的影響？

Sure. I would start by saying in -- even our Pro traffic is consumer-driven, right. I mean all projects fundamentally on the home -- we certainly have trades in our business, buying product for servicing other spaces than the home, but the vast majority of our activity is supportive of the home. And whether it's a consumer buying themselves or a Pro, the Pro is buying ultimately for a consumer's home.

當然。首先我想說的是——即使是我們的專業流量也是由消費者驅動的，對吧。我的意思是，所有項目從根本上來說都與家居相關——我們的業務中當然也包含交易，購買產品用於服務家居以外的其他空間，但我們的絕大多數活動都是為了家居。無論是消費者自己購買還是專業購買，專業購買最終都是為了消費者的家。

So with that being said, though, yes, Pro is stronger than we would have thought. I mean that's where the beat came from. Our Pro is incredibly strong. And we're so optimistic of, as Hector outlined, the ecosystem we're building. We just continue to gain momentum with that Pro customer and certainly offset more of an as-expected consumer. When you think of spring as a consumer business in terms of garden, we don't have large penetrations in Pro in our garden business, so that is consumer-driven.

話雖如此，Pro 確實比我們想像的還要強。我的意思是，這就是業績成長的來源。我們的 Pro 非常強勁。正如 Hector 所概述的，我們對我們正在建立的生態系統非常樂觀。我們將繼續憑藉 Pro 客戶獲得成長動力，並且肯定會抵消更多預期消費者的影響。如果你把春季園藝視為消費業務，那麼我們的園藝業務在 Pro 中的滲透率並不高，所以這是由消費者驅動的。

And then the stimulus is really impacting the consumer. I mean we all have heard plenty of anecdotes about consumers getting their check last March and truly going to buy a new power tool or a new lawnmower. So that was what was unique about the consumer.

刺激計劃確實對消費者產生了影響。我們都聽過很多這樣的故事，消費者在去年3月拿到支票後，真的打算買一台新的電動工具或割草機。這就是消費者的獨特之處。

In terms of the trend over time, not just the intent that Richard talked about and the ecosystem that Hector talked about, but what we love with our Pro customer and the confidence we continue to build in what's happening is when we look at our comps with our Pro customers, we get a stronger progression of comps with the Pro from what we call an unplanned purchase in store, which is still a strong comp, but sequentially going up to higher and higher comps as we get to a planned delivered purchase. So think of that Pro who's just coming to the store to do cash-and-carry in an unplanned purchase versus one who we know is staging out a project and getting that project delivered. The sequence of comps of that engagement gets higher and higher and higher with the highest being planned delivered.

就長期趨勢而言，不僅僅是理查德談到的意圖和赫克托談到的生態系統，還有我們對專業客戶的喜愛以及我們對正在發生的事情不斷建立的信心，當我們查看與專業客戶的對比時，我們會發現，從我們所說的店內計劃外購買開始，專業客戶的對比就越來越強勁，這仍然是一個強勁的對比，但隨著我們進入計劃外購買開始，專業客戶的對比就越來越強勁，這仍然是一個強勁的對比，但隨著我們進入計劃交付的水平。所以，想像一下，一個只是來商店進行現購自運的計劃外購買的專業人士，和一個我們知道正在籌劃一個項目並交付該項目的專業人士。這種互動的對比順序會越來越高，最高的是計畫交付。

Also, when you think about the engagement with our loyalty models in our engagement with our sales forces, again, while still positive, our Pros who are not in our loyalty program, buying a cash-and-carry unplanned purchase, while positive, that is the lowest comp. Going all the way through to a Pro who's in the loyalty program, who's purchasing with us on an interconnected basis and is managed by an outside sales contact, those, by far, have the highest comp within the Pro.

此外，考慮到我們與銷售團隊的忠誠度模型互動，雖然仍然保持積極態勢，但那些未加入我們忠誠度計劃的專業人士，在計劃外購買現購自運商品，雖然也有一定的積極性，但這也是最低的。至於那些加入了我們忠誠度計劃、與我們進行互聯互通購物並由外部銷售聯絡人管理的專業人士，他們目前為止在專業人士群體中的薪酬最高。

So we just love this ecosystem that we're building the engagement that we're starting to see, the sequential strength of comps as these Pros get more engaged with us. And yes, we think those Pro trends are going to keep powering the business.

所以，我們非常熱愛這個生態系統，我們正在建立這種互動，隨著這些專業人士與我們互動的增多，我們開始看到業績的持續成長。是的，我們相信這些專業人士的趨勢將繼續推動我們的業務發展。

That's helpful. And then for Richard, with your inventory growth outpacing sales growth for the past 4 quarters by a pretty wide margin, how do you think about your position here in terms of having enough inventory or too much inventory? And with the slower start to spring that you called out, how should we think about the potential impact of higher promo on the gross margin line?

這很有幫助。然後，理查德，過去四個季度，你們的庫存成長速度遠遠超過銷售成長速度，你們如何看待你們目前庫存充足還是庫存過多的情況？另外，正如您所提到的，春季開局較慢，我們應該如何看待促銷力道加大對毛利率的潛在影響？

So first of all, we're -- we took steps, as Ted had said earlier in the call, to invest in improving our in-stock position. And while we're not -- we're quite where we were pre-pandemic, we are the healthiest we've been in the last few years.

首先，正如泰德早些時候在電話會議上所說，我們已經採取措施，投資改善我們的庫存狀況。雖然我們還沒有完全恢復到疫情前的水平，但我們的狀況是過去幾年中最健康的。

So if you think about sort of that pull-forward of inventory, making sure that we landed inventory early. Because in this business, customer service starts with being in-stock. And you also consider the impact of a late spring. That really makes up about half of the increase in inventory, and the other half is simply the impact of inflation.

所以，如果你考慮一下庫存提前的問題，確保我們能儘早到貨。因為在這個行業，客戶服務始於庫存充足。你還要考慮春末的影響。這實際上佔了庫存成長的一半左右，另一半則純粹是通貨膨脹的影響。

So as we think about this through the year, obviously, we're -- as spring kicks in, we'll see that inventory begin to reflect the seasonality. And we work hard. Our merchants and our supply chain team and our vendor partners work hard to make sure that we have an advantaged position.

因此，當我們思考全年的情況時，顯然，隨著春季的到來，我們會看到庫存開始反映季節性。我們為此付出了巨大的努力。我們的商家、供應鏈團隊以及供應商夥伴都在努力確保我們擁有優勢地位。

Just a comment on the promotional activity. We did shift an appliance event into May, driven by the Easter following mid-April. As I commented, thrilled with the performance of our appliance business as we finish the event in May. We -- at this point, we don't focus on promotions at all. Our focus is providing everyday value for our customers. That has been multiple years of progression, and we're thrilled with the value we're providing every single day in terms of being priced right every day, driving great innovation and driving a great experience for our customers.

關於促銷活動，我只想說幾句。由於四月中旬之後的復活節，我們確實把一個家電促銷活動推遲到了五月。正如我之前所說，隨著五月促銷活動的結束，我們對家電業務的表現感到非常興奮。目前，我們根本不關注促銷。我們的重點是為客戶提供日常價值。這已經是多年的進步，我們每天都在提供價值，包括合理的價格、推動偉大的創新以及為客戶提供卓越的體驗，這讓我們感到非常興奮。

Our next question comes from the line of Steven Zaccone with Citi.

我們的下一個問題來自花旗銀行的 Steven Zaccone。

Maybe a follow-up about consumer spending towards the home since it's been discussed in detail here. Clearly, you're seeing strong demand from ongoing projects. I think investors are trying to grapple with the fact that home spending may slow at some point because of the macro, but the home also has increased importance post pandemic. What's your take on that debate? Do you think that makes home improvement spending more recession-resistant than it's been in the past?

也許可以跟進一下消費者對住房的支出，因為這裡已經詳細討論過了。顯然，您看到正在進行的專案需求強勁。我認為投資者正在努力應對宏觀經濟因素導致住房支出可能在某個時候放緩的事實，但疫情過後，住房的重要性也日益凸顯。您對這場辯論有何看法？您認為這是否會使家居裝修支出比過去更能抵禦經濟衰退？

Well, we really just have to look at the health of our customer today, which is strong. And we also have to listen to our customers, those same surveys or the Pro survey. There's also one with respect to consumer intent to do projects. Homeowner intent to do projects of small, medium and large sizes has never been higher than right now.

嗯，我們真的只需要關注我們目前客戶的健康狀況，他們的健康狀況非常好。我們也必須傾聽客戶的意見，就像那些調查或專業調查一樣。還有一項關於消費者項目意向的調查。房主對小型、中型和大型專案的意圖從未像現在這樣高漲。

Got it. Very helpful. Then just shifting, could you talk about capital allocation priorities if the macro environment were to get a bit choppier? How do you balance capital investment, share buyback and the potential for M&A? And I guess, specific to M&A, it's been 18 months since you did the HD Supply acquisition. Would you be open to additional M&A in the next few years to reach your higher TAM? How best to think about the criteria?

明白了。非常有幫助。那麼，轉換一下主題，如果宏觀環境變得更加動盪，您能談談資本配置的優先事項嗎？您如何平衡資本投資、股票回購和併購潛力？具體到併購，距離您收購 HD Supply 已經過了 18 個月。為了達到更高的 TAM（潛在市場），您是否願意在未來幾年進行更多併購？如何最好地考慮這些標準？

Well, with respect to capital allocation, we generate strong free cash flow and so have returned significant capital to shareholders over the last decade-plus. With respect to CapEx and investment in the business, we take a long-term view. We are always going to invest ahead of the customer. We are always looking years ahead to make sure that we build the best customer experience in home improvement. And so that would likely be our stance. But we always have to take circumstances into consideration, and we do that in any event.

嗯，就資本配置而言，我們創造了強勁的自由現金流，因此在過去十多年為股東帶來了豐厚的資本回報。就資本支出和業務投資而言，我們著眼長遠。我們總是會先於客戶進行投資。我們始終著眼於未來，確保在家居裝修領域中打造最佳的客戶體驗。這很可能是我們的立場。但我們始終需要考慮具體情況，而且無論如何我們都會這麼做。

And on M&A, we've always maintained an active, strategic business development group, and they're always looking in the marketplace for companies really regardless of size, generally on the smaller size, that can add capabilities. So you've heard us talk about some various data shops we've acquired. Certainly, the larger acquisition of supply helped us into a market space. And that is an ongoing review that we're active looking at capabilities in market spaces that an acquisition can help accelerate our development in that space.

在併購方面，我們一直保持著一個活躍的策略業務發展團隊，他們一直在市場上尋找能夠提升自身能力的公司，無論規模大小，通常是規模較小的公司。所以，您已經聽到我們談到我們收購的一些數據商店。當然，更大規模的供應收購幫助我們進入了市場空間。我們正在持續審查市場空間中的能力，併購可以幫助我們加速在該領域的發展。

Our final question will come from Chuck Grom with Gordon Haskett.

我們的最後一個問題來自 Gordon Haskett 的 Chuck Grom。

Great results and congrats. On the inflation front, curious if you're seeing any unit demand destruction as you've been taking retails higher. Or is there any signs of trade-down in the basket? Walmart called that out this morning, and I know your basket is obviously very different than theirs. Just wondering if you're seeing anything on that front.

很棒的結果，恭喜。關於通膨方面，我很好奇，隨著你們不斷提高零售價格，單位需求是否出現了下降。或者說，你們的購物籃裡有沒有出現降價交易的跡象？沃爾瑪今天早上就提到了這一點，我知道你們的購物籃顯然和他們的很不一樣。我只是想知道你們在這方面是否看到了一些變化。

Chuck, we're seeing no trade-down in the environment, and we're thrilled with the innovation that we're offering to our customers. Ted commented and as I commented earlier, we're seeing trade up for innovation. We're seeing a lot of activity around our consumers looking to improve their homes, to adopt new innovations. I talked about the electrified lawnmower business and the opportunity there. That's just one example of many examples of trade-up. And then on the project business, we're seeing great demand, as we commented earlier on the project business, both for the Pro and for the consumer.

查克，我們沒有看到環境因素導致的「換新」現象，我們對我們為客戶提供的創新產品感到非常興奮。泰德和我之前也提到過，我們看到消費者為了追求創新而「換新」。我們看到消費者在改善家居環境、採用創新產品方面有許多活動。我之前談到了電動割草機業務及其帶來的機會。這只是眾多「換新」案例中的一個例子。然後，在專案業務方面，正如我們之前提到的，我們看到了巨大的需求，無論是專業版還是普通版。

Okay. That's great to hear. And then one for Richard. Can you flesh out the expectation for comps in the front half to be better than the second half? If I look at your compares on a 3-year geo stack, they're pretty consistent. Just wondering if you're being conservative there or I guess the expectation for the trend to slow a little bit in the last 6 months of the year.

好的。很高興聽到這個消息。接下來我想問Richard一個問題。您能否具體解釋一下，您預期上半年的可比業績會好於下半年？我查看了您三年地理分佈的比較數據，發現它們相當一致。我只是想知道您是比較保守，還是我預計下半年的趨勢會有所放緩。

It's early. What I would say is we do expect Q2 to be the highest-comp quarter of the year. And expect the first half to be higher than the second half, but we do expect positive comps through the year.

現在還為時過早。我想說的是，我們確實預計第二季將是今年同比銷售額最高的季度。我們預計上半年的銷售額會高於下半年，但我們確實預期全年的年比銷售額都會呈現正成長。

In the back half. Okay. Great.

在後半部分。好的。太好了。

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

詹西女士，現在我想把發言權交還給您，請您發表最後評論。

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

謝謝克里斯汀，也謝謝大家今天的到來。我們期待在8月的第二季財報電話會議上與大家交流。

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.

女士們，先生們，今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與，祝您有美好的一天。