勞氏公司 (LOW) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to Lowe's Companies First Quarter 2023 Earnings Conference Call. My name is Rob, and I'll be your operator for today's call. As a reminder, this conference is being recorded. I'll now turn the call over to Kate Pearlman, Vice President of Investor Relations and Treasurer.

大家早上好，歡迎來到勞氏公司 2023 年第一季度收益電話會議。我叫 Rob，今天的電話我是你的接線員。提醒一下，這次會議正在錄製中。我現在將電話轉給投資者關係副總裁兼財務主管凱特珀爾曼。

Thank you, and good morning. Here with me today are Marvin Ellison, Chairman and Chief Executive Officer; Bill Boltz, our Executive Vice President, Merchandising; Joe McFarland, our Executive Vice President, Stores; and Brandon Sink, our Executive Vice President and Chief Financial Officer.

謝謝，早上好。今天和我在一起的是董事長兼首席執行官馬文·埃里森 (Marvin Ellison)； Bill Boltz，我們的營銷執行副總裁； Joe McFarland，我們的門店執行副總裁；和我們的執行副總裁兼首席財務官 Brandon Sink。

I would like to remind you that our notice regarding forward-looking statements is included in our press release this morning, which can be found on Lowe's Investor Relations website. During this call, we will be making comments that are forward-looking, including our expectations for fiscal 2023. Actual results may differ materially from those expressed or implied as a result of various risks, uncertainties and important factors, including those discussed in the risk factors, MD&A and other sections of our annual report on Form 10-K and our other SEC filings.

我想提醒您，我們關於前瞻性陳述的通知已包含在今天上午的新聞稿中，您可以在 Lowe 的投資者關係網站上找到該新聞稿。在本次電話會議中，我們將發表前瞻性評論，包括我們對 2023 財年的預期。由於各種風險、不確定性和重要因素（包括風險中討論的內容），實際結果可能與明示或暗示的結果存在重大差異因素、MD&A 和我們關於 10-K 表格的年度報告的其他部分以及我們向美國證券交易委員會提交的其他文件。

Additionally, we'll be discussing certain non-GAAP financial measures. A reconciliation of these items to U.S. GAAP can be found in the quarterly earnings section of our Investor Relations website.

此外，我們將討論某些非 GAAP 財務措施。這些項目與美國公認會計原則的對賬可以在我們的投資者關係網站的季度收益部分找到。

Now I'll turn the call over to Marvin.

現在我將電話轉給馬文。

Thank you, Kate, and good morning, everyone. In the first quarter, our comparable sales declined 4.3%, driven by approximately 350 basis points of lumber deflation, unfavorable weather and lower DIY discretionary sales. We continue to build momentum with the Pro through our MVPs Pro Rewards program and our expanded assortment of Pro national brands. Lumber deflation disproportionately impacted Pro sales by approximately 800 basis points of comp pressure and despite this pressure, comparable Pro sales were slightly positive in Q1 with broad-based strength across multiple categories. This positive comp in Pro builds on top of a 22% U.S. Pro comp in the first quarter of last year.

謝謝你，凱特，大家早上好。第一季度，我們的可比銷售額下降了 4.3%，原因是木材通貨緊縮約 350 個基點、不利天氣和 DIY 可自由支配銷售額下降。我們繼續通過我們的 MVPs Pro 獎勵計劃和我們擴大的 Pro 國家品牌種類與 Pro 建立勢頭。木材通貨緊縮對專業銷售產生了大約 800 個基點的競爭壓力，儘管存在這種壓力，但第一季度可比專業銷售略有上升，多個類別的基礎廣泛。 Pro 中的這種積極補償建立在去年第一季度 22% 的美國 Pro 補償之上。

DIY sales were pressured by delayed spring and lower-than-expected discretionary demand, although we are encouraged to see better trends in periods of favorable weather. A late start to spring disproportionately impacts do-it-yourself customers who represent 75% of our business, given many seasonal categories are heavily concentrated in DIY. As weather improves, we're optimistic that customers will reengage with spring projects, and we are ready to support the increased demand with our best in-stock position and staffing levels in 3 years, coupled with improved omnichannel and fulfillment capabilities. However, we are expecting a pullback in discretionary consumer spending over the near term. Given these trends, we're updating our full year outlook this morning.

DIY 銷售受到春季推遲和可自由支配需求低於預期的壓力，儘管我們鼓勵在有利天氣期間看到更好的趨勢。考慮到許多季節性品類主要集中在 DIY 上，春季開始較晚會對占我們業務 75% 的自助客戶造成不成比例的影響。隨著天氣好轉，我們樂觀地認為客戶將重新參與春季項目，我們已準備好以 3 年內最佳的庫存狀況和人員配備水平，以及改進的全渠道和履行能力來支持不斷增長的需求。然而，我們預計短期內可自由支配的消費者支出將回落。鑑於這些趨勢，我們今天上午更新了全年展望。

Despite market pressures, we are pleased to see market share gains this quarter, and we expect to continue to outpace the market as we execute against the growth initiatives of our Total Home strategy. We're also confident in our ability to drive continued productivity through our perpetual productivity improvement initiatives or PPI. This operational discipline and agility helped us to offset the impact of lower sales and higher wage costs in Q1.

儘管存在市場壓力，但我們很高興看到本季度市場份額有所增加，並且我們預計在執行 Total Home 戰略的增長計劃時將繼續跑贏市場。我們也相信我們有能力通過我們的永久生產力改進計劃或 PPI 來推動持續的生產力。這種運營紀律和敏捷性幫助我們抵消了第一季度銷售額下降和工資成本上升的影響。

Adjusted operating margin expanded 47 basis points in the first quarter, leading to adjusted diluted earnings per share of $3.67, a 5% increase compared to last year. While we can't control commodity deflation, weather or macroeconomic uncertainty, we can control how effectively we operate our business and adapt to a changing environment.

第一季度調整後的營業利潤率擴大了 47 個基點，導致調整後的攤薄每股收益為 3.67 美元，比去年增長 5%。雖然我們無法控製商品通貨緊縮、天氣或宏觀經濟的不確定性，但我們可以控制我們經營業務和適應不斷變化的環境的效率。

A key component of our transformation that is often overload is the culture of continuous improvement we've introduced at Lowe's, which is the foundation of our perpetual productivity improvement initiatives. And although our PPI initiatives originated operations, we're now focused on driving productivity across all areas of the company. And we see tremendous runway ahead for continued productivity across the business including dozens of PPI work streams in merchandising, store operations, supply chain and corporate support functions.

我們在 Lowe's 引入的持續改進文化是我們轉型的一個經常超載的關鍵組成部分，它是我們永久生產力改進計劃的基礎。儘管我們的 PPI 計劃起源於運營，但我們現在專注於提高公司所有領域的生產力。我們看到整個企業持續生產力的巨大發展前景，包括商品銷售、商店運營、供應鍊和企業支持功能中的數十個 PPI 工作流。

As an example, we're replacing our 30-year-old operating system with a modern omnichannel architecture that will enable a seamless, intuitive customer experience while removing complexity for associates. This project has been underway for 4 years, and we are pleased that we are on track to retire all legacy green screens by the end of this year. This new modern operating system will allow us to unlock a significant amount of labor productivity and deploy new capabilities including enabling more seamless omnichannel selling for within our stores.

例如，我們正在用現代全渠道架構取代已有 30 年曆史的操作系統，該架構將實現無縫、直觀的客戶體驗，同時為員工消除複雜性。這個項目已經進行了 4 年，我們很高興我們有望在今年年底之前淘汰所有遺留的綠幕。這個新的現代操作系統將使我們能夠釋放大量的勞動生產力並部署新功能，包括在我們的商店內實現更無縫的全渠道銷售。

In addition to our new operating system, our penetration of rural stores gives us an opportunity to drive sustainable profit growth due to the much lower expense base that's required to operate these stores. As an example, what we spend to operate our store in Philadelphia, Mississippi is significantly less than the cost to operate one of our stores in Philadelphia, Pennsylvania. While in years past, our penetration of rural and remote stores was viewed as a competitive disadvantage, we now expect that these stores will be a key component of our operating profit growth over the next 3 to 5 years. Given our confidence in this trajectory, we set long-term targets of $1.5 billion to $2 billion in incremental productivity gains at our December Analyst and Investor Conference and we are tracking our progress against those initiatives on a monthly, if not, a weekly basis.

除了我們的新操作系統之外，我們對農村商店的滲透使我們有機會推動可持續的利潤增長，因為經營這些商店所需的費用基數要低得多。例如，我們在密西西比州費城經營我們的商店的費用遠遠低於在賓夕法尼亞州費城經營我們一家商店的成本。雖然在過去幾年，我們對農村和偏遠商店的滲透被視為競爭劣勢，但我們現在預計這些商店將成為我們未來 3 至 5 年營業利潤增長的關鍵組成部分。鑑於我們對這一軌蹟的信心，我們在 12 月的分析師和投資者會議上設定了 15 億至 20 億美元的增量生產力收益的長期目標，並且我們每月（如果不是每週）跟踪這些舉措的進展情況。

In addition to our disciplined focus on productivity, this quarter, we also continued to make strides with our Total Home strategy. And in Pro, our growth was fueled by continued acceleration of our MVPs Pro Rewards Program and CRM tool, coupled with our improved Pro assortment, inventory depth and omnichannel capabilities. These initiatives have enabled us to continue to gain traction with our core Pro customer, which is a small to medium-sized Pro. Joe will discuss some of the exciting new Pro initiatives later in the call.

除了我們對生產力的嚴格關注外，本季度，我們還繼續在我們的 Total Home 戰略上取得長足進步。在 Pro 方面，我們的增長得益於我們 MVP Pro 獎勵計劃和 CRM 工具的持續加速，以及我們改進的 Pro 分類、庫存深度和全渠道能力。這些舉措使我們能夠繼續吸引我們的核心 Pro 客戶，即中小型 Pro。 Joe 將在稍後的電話會議中討論一些激動人心的新 Pro 計劃。

Our online sales also accelerated this quarter with 6% comparable sales growth, representing more than a 10% sales penetration. Online growth was supported by an increase in Pro sales as we continue to upgrade our Pro digital experience with new tools and personalization. We also continue to enhance our DIY online experience by making home improvement projects easier for consumers to visualize, estimate and shop. And these investments are paying off with higher online conversions and attachment rates.

本季度我們的在線銷售也加速增長，可比銷售額增長 6%，銷售滲透率超過 10%。隨著我們繼續使用新工具和個性化升級我們的 Pro 數字體驗，Pro 銷售額的增長支持了在線增長。我們還通過讓消費者更輕鬆地查看、估算和購買家居裝修項目，繼續增強我們的 DIY 在線體驗。這些投資帶來了更高的在線轉化率和依戀率。

In supply chain, we continue to roll out our market delivery model, bringing us to 12 geographic regions across the country, supporting more than 1,100 stores. And we're pleased that this more efficient model of delivering big and bulky products is already enabling us to accelerate our market share gains and appliances and will enable future growth in other big and bulky product categories. And we remain on schedule to have market delivery rolled out by the end of 2023.

在供應鏈方面，我們繼續推出我們的市場交付模式，將我們帶到全國 12 個地理區域，支持 1,100 多家商店。我們很高興這種更有效的交付大型產品的模式已經使我們能夠加速我們的市場份額和設備的增長，並將促進其他大型產品類別的未來增長。我們仍按計劃在 2023 年底前推出市場交付。

And despite a macroeconomic environment with mixed signals creating near-term pressures, we remain optimistic about the future of home improvement. And once we navigate through this uncertainty, we remain bullish on the long-term outlook for our industry due to the unique convergence of structural drivers and demographic trends that are supportive of home improvement demand. And we feel fortunate to operate in such a favorable sector of retail, where 2/3 of our sales remain nondiscretionary. And as we navigate this near-term pressure, we will continue to monitor trends closely and we are confident that we have the agility needed to quickly adapt to any scenario.

儘管宏觀經濟環境信號不一，造成近期壓力，但我們對家居裝修的未來仍持樂觀態度。一旦我們度過了這種不確定性，我們仍然看好我們行業的長期前景，因為結構性驅動因素和人口趨勢的獨特融合支持家居裝修需求。我們很幸運能夠在這樣一個有利的零售部門開展業務，我們 2/3 的銷售額仍然是非自由支配的。在應對這種近期壓力時，我們將繼續密切關注趨勢，我們相信我們擁有快速適應任何情況所需的敏捷性。

In closing, I'd like to thank our frontline associates for their continued hard work and dedication to supporting our customers and our communities.

最後，我要感謝我們的一線員工一直以來的辛勤工作和對支持我們的客戶和社區的奉獻。

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

有了這個，我會把電話轉給比爾。

Thanks, Marvin, and good morning, everyone. During the first quarter, 5 of our 14 merchandising categories were positive, building materials, rough plumbing, paint, hardware and appliances. We continue to see broad-based Pro strength across all 3 merchandising divisions. In home decor, paint and appliances delivered the strongest comps this quarter. Our momentum in appliances continues to build as we drove higher unit sales and work to continue to take market share by leveraging our improved omnichannel shopping experience, enhanced market delivery capabilities and expanded assortment.

謝謝，馬文，大家早上好。第一季度，我們的 14 個商品類別中有 5 個是積極的，建築材料、粗糙的管道、油漆、硬件和電器。我們繼續看到所有 3 個銷售部門的基礎廣泛的 Pro 實力。在家居裝飾、油漆和電器方面，本季度表現最強勁。隨著我們推動更高的單位銷售額並努力通過利用我們改進的全渠道購物體驗、增強的市場交付能力和擴大的品種來繼續佔據市場份額，我們在電器方面的勢頭繼續增強。

Appliances are a great example of an omnichannel category, where customers often compare options online, then visit our showroom to see products in-person and then get their questions answered by one of our appliance specialists. And with our improved online capabilities like easy scheduling and order tracking, we continue to see more and more of our customers getting comfortable completing their purchases online. In the U.S., we estimate that roughly 100,000 appliances break every day. So our investments in fast appliance delivery and a seamless omnichannel shopping experience, positions us well as the go-to destination for these urgent and often nondiscretionary needs.

家電是全渠道類別的一個很好的例子，客戶經常在線比較選項，然後訪問我們的陳列室親自查看產品，然後讓我們的一位家電專家回答他們的問題。憑藉我們改進的在線功能，如輕鬆安排和訂單跟踪，我們繼續看到越來越多的客戶輕鬆地在線完成他們的購買。在美國，我們估計每天大約有 100,000 件電器壞掉。因此，我們在快速家電交付和無縫全渠道購物體驗方面的投資使我們成為滿足這些緊急且通常是非自由支配需求的首選目的地。

We are also seeing increased demand in paint, especially from our Pros who paint as they take advantage of our paint job site delivery, our MVPs Paint Rewards Program and our improved product assortment. This quarter, we took the next step in catering to these important customers by launching Spec Right interior paint in partnership with Sherwin-Williams. This is our first exclusive line of tintable paint formulated specifically for Pros.

我們還看到對油漆的需求增加，特別是來自我們的專業人士，他們利用我們的油漆工作現場交付、我們的 MVP 油漆獎勵計劃和我們改進的產品種類進行油漆。本季度，我們與 Sherwin-Williams 合作推出 Spec Right 內牆塗料，以迎合這些重要客戶的需求。這是我們第一個專為專業人士配製的獨家可著色塗料系列。

Within decor, we recently launched new closet organization solutions across 4 private brands to meet a range of storage needs and budgets. This includes modular, easy-to-install wood or wire closet systems that are modern, customizable and a far better value than the competition. Our private brand strategy allows us to deliver value to DIY customers who are looking for high-quality, on-trend products at more affordable price points which enables us to provide differentiation, loyalty and profitability.

在裝飾方面，我們最近針對 4 個自有品牌推出了新的壁櫥整理解決方案，以滿足各種存儲需求和預算。這包括模塊化、易於安裝的木製或電線櫃系統，這些系統是現代的、可定制的，並且比競爭對手具有更高的價值。我們的自有品牌戰略使我們能夠以更實惠的價格為尋求高質量、流行產品的 DIY 客戶提供價值，從而使我們能夠提供差異化、忠誠度和盈利能力。

Turning to building products. Building materials and rough plumbing led the way. In building materials, we saw broad-based strength, reflecting the investments we made to improve our Pro offering through an enhanced assortment. You may remember, last year, when we announced a new 10-foot fiberglass rebar known as PINKBAR by Owens Corning. This product exceeded our sales expectation given its strength, lightweight materials and corrosion resistance. This year, we're building on that success with the new 20-foot PINKBAR product, designed to help Pros reinforce bigger structures using fewer connections, ultimately saving them time and money on material costs.

轉向建築產品。建築材料和粗糙的管道引領潮流。在建築材料方面，我們看到了基礎廣泛的優勢，反映了我們為通過增強分類來改善我們的 Pro 產品所做的投資。您可能還記得，去年我們宣布推出一款由 Owens Corning 推出的名為 PINKBAR 的新型 10 英尺玻璃纖維鋼筋。鑑於其強度、輕質材料和耐腐蝕性，該產品超出了我們的銷售預期。今年，我們在成功的基礎上推出了新的 20 英尺 PINKBAR 產品，旨在幫助專業人士使用更少的連接加固更大的結構，最終節省他們在材料成本上的時間和金錢。

Rough plumbing was driven by strength in water heaters, HVAC, plumbing repair and pipe and fittings. As we continue to strengthen our offering for the Pro and the DIY consumer in these categories. And while lumber comps were pressured by steep year-over-year lumber deflation, the category had the highest unit comp in the company this quarter, reflecting strong Pro demand. We are pleased with our continued enhancements to our strong assortment of Pro products from trusted brands like Bosch, DEWALT, Eaton, Estwing, FastenMaster, FLEX, GRK, Hubbell, ITW, Klein Tools, LESCO, Little Giant, Lufkin, Mansfield, Marshalltown, Matabo, SharkBite, Simpson Strong-Tie, SPAX, Spyder and Werner.

粗糙的管道是由熱水器、暖通空調、管道維修以及管道和配件的強度驅動的。隨著我們繼續加強我們在這些類別中為專業人士和 DIY 消費者提供的服務。雖然木材價格受到同比急劇的木材通貨緊縮的壓力，但本季度該類別的單位價格在公司中最高，反映出強勁的專業需求。我們很高興我們不斷改進來自博世、DEWALT、伊頓、Estwing、FastenMaster、FLEX、GRK、Hubbell、ITW、Klein Tools、LESCO、Little Giant、Lufkin、Mansfield、Marshalltown 等值得信賴品牌的專業產品系列， Matabo、SharkBite、Simpson Strong-Tie、SPAX、Spyder 和 Werner。

In hardlines, our performance was pressured by the delayed spring, some volatile weather in the West and softer discretionary spending. However, we did see higher demand during periods where weather improved. In lawn and garden, we proactively partnered with our live goods vendors to increase our agility in responding to changing weather patterns, which was critical in a season marked by erratic weather. Our live good vendors play a key role each spring as we continue to refine our local offerings in addition to the timing of when product arrives to our stores.

在強硬派方面，我們的表現受到春季推遲、西部天氣多變以及可自由支配支出疲軟的壓力。然而，在天氣好轉的時期，我們確實看到了更高的需求。在草坪和花園，我們積極與現場商品供應商合作，以提高我們應對不斷變化的天氣模式的敏捷性，這在天氣不穩定的季節至關重要。我們的現場供應商每年春天都扮演著關鍵角色，因為除了產品到達我們商店的時間之外，我們還會繼續完善我們的本地產品。

This year, they help support our new Green Vest program, where our merchandising service team or MST associates, along with support from our vendors, now provides service to our garden centers, taking the tasks off the shoulders of our Red Vest associates to allow them to focus on serving the customer. We also continue to expand our private brand offering including a full lineup of new and innovative lawn fertilizers and grass seed products through our Sta-Green brand, which is already exceeding our expectations.

今年，他們幫助支持我們新的綠色背心計劃，我們的銷售服務團隊或 MST 員工在我們供應商的支持下，現在為我們的花園中心提供服務，讓我們的紅色背心員工肩負重任，讓他們專注於為客戶服務。我們還通過我們的 Sta-Green 品牌繼續擴大我們的自有品牌產品，包括全系列的新型創新草坪肥料和草籽產品，這已經超出了我們的預期。

And in hardware, in addition to delivering a positive comp, we also saw strong attachment rates alongside the higher lumber unit sales and strength in building materials, powered by the improved assortments of the key fastening brands like SPAX, GRK, FastenMaster, ITW and Power Pro One. As we continue to enhance our assortments at a national level, we also continue to advance our localization work. This is a key pillar of our Total Home strategy with the goal of expanding market share, increasing inventory productivity and protecting our margins. We have been piloting a localized framework for a few common market categories like rural and urban stores. Today, I'm excited to announce we are now scaling our rural framework to as many as 300 additional stores by year-end, with a wider offering of farm, ranch and outdoor products that positions Lowe's as a one-stop shop to make it convenient for rural customers to get what they need in one shopping trip.

在硬件方面，除了提供積極的業績外，我們還看到了強勁的附件率以及更高的木材單位銷售額和建築材料的實力，這得益於 SPAX、GRK、FastenMaster、ITW 和 Power 等主要緊固件品牌的改進分類專業一號。隨著我們繼續在全國范圍內加強我們的產品種類，我們也繼續推進我們的本地化工作。這是我們 Total Home 戰略的一個關鍵支柱，其目標是擴大市場份額、提高庫存生產率並保護我們的利潤率。我們一直在為農村和城市商店等一些常見市場類別試行本地化框架。今天，我很高興地宣布，我們現在正在將我們的農村框架擴展到年底前多達 300 家額外的商店，提供更廣泛的農場、牧場和戶外產品，將 Lowe's 定位為一站式商店，使其成為方便農村顧客一次購物就可以買到所需的東西。

Our rural format includes broader product offerings in categories such as pet, livestock, trailers, fencing, utility vehicles, specialized hardware and our new Carhartt Apparel, all designed to meet the unique needs and preferences of rural homeowners who work and play outdoors. Given our rural store footprint, and long-standing relationships in these communities, we see this as a natural opportunity for our business and one that will simplify the shopping experience for these very valuable customers. And as Marvin mentioned, we see the productivity improvements in these stores as a key component to delivering sustainable growth in our operating profit.

我們的鄉村模式包括寵物、牲畜、拖車、圍欄、多功能車、專用硬件和我們新的 Carhartt Apparel 等類別的更廣泛的產品供應，所有這些都旨在滿足在戶外工作和娛樂的鄉村房主的獨特需求和偏好。鑑於我們在農村的商店足跡以及與這些社區的長期關係，我們認為這對我們的業務來說是一個自然的機會，並將簡化這些非常有價值的客戶的購物體驗。正如馬文提到的，我們將這些商店的生產力提高視為實現營業利潤可持續增長的關鍵組成部分。

We also remain focused on our many merchandising PPI initiatives, including leveraging our modernized cost optimization tools to negotiate costs with vendors and we're getting more strategic and surgical in our inventory planning to focus on more high-velocity core inventory items with low markdown risk like Pro replenishment and fewer slow velocity SKUs.

我們還繼續專注於我們的許多商品銷售 PPI 計劃，包括利用我們現代化的成本優化工具與供應商協商成本，並且我們在庫存計劃中變得更具戰略性和手術性，以專注於更多具有低降價風險的高速核心庫存項目比如 Pro 補貨和更少的慢速 SKU。

From a technology standpoint, in the first quarter, we completed the rollout of new dedicated Zebra smartphones for all MST associates ahead of schedule. These devices are equipped with the new MST app designed to optimize their time with technology that leapfrogs the competition. The system automatically prioritize planogram changes, pricing updates, base service and other projects to optimize associates' time on the most efficient, highest value next task. And it also gives associates step-by-step instructions to maximize productivity and minimize the learning curve for new associates. This app was built internally to seamlessly integrate with our other mobile apps.

從技術的角度來看，在第一季度，我們提前為所有 MST 員工推出了新的專用 Zebra 智能手機。這些設備配備了新的 MST 應用程序，旨在利用超越競爭對手的技術優化他們的時間。該系統會自動對貨架圖變更、定價更新、基礎服務和其他項目進行優先排序，以優化員工在最高效、價值最高的下一項任務上的時間。它還為員工提供分步說明，以最大限度地提高工作效率並最大限度地減少新員工的學習曲線。這個應用程序是內部構建的，可以與我們的其他移動應用程序無縫集成。

For example, each time an MST associate resets a bay, the product location automatically updates in our associate product app and our customer mobile app. So both associates and customers can quickly find what they're looking for. As I close, I'd like to again extend my appreciation to our vendors and our merchants for their partnership, hard work, innovation and continued support.

例如，每次 MST 員工重置托架時，我們的員工產品應用程序和客戶移動應用程序中的產品位置都會自動更新。因此，員工和客戶都可以快速找到他們想要的東西。在結束之際，我想再次感謝我們的供應商和商家的合作、辛勤工作、創新和持續支持。

Thank you, and I'll now turn the call over to Joe.

謝謝，我現在將電話轉給喬。

Thank you, Bill, and good morning, everyone. At Lowe's, we are committed to being the employer of choice in retail for associates to choose to build their careers. As a reflection of this commitment over the last 3 years, we have increased the hourly rate for our store associates by 20%. And since 2018, we have invested over $3 billion in incremental wage and share-based compensation for our frontline associates. As a result of our consistent and ongoing commitment to our hourly associates, we are seeing our best staffing levels in 3 years, improved retention and the highest customer satisfaction scores in our company's history.

謝謝你，比爾，大家早上好。在 Lowe's，我們致力於成為零售業的首選雇主，供員工選擇建立自己的職業生涯。作為過去 3 年這一承諾的體現，我們將店員的時薪提高了 20%。自 2018 年以來，我們已為一線員工投入超過 30 億美元的增量工資和基於股份的薪酬。由於我們對小時工一貫和持續的承諾，我們看到了 3 年來最好的人員配置水平，更高的保留率和我們公司歷史上最高的客戶滿意度得分。

In addition to compensation, we are also taking other steps to show appreciation to our associates, including simple initiatives like lowering the prices of the food in our store break rooms and closing our stores on Easter for the fourth consecutive year. These expressions of appreciation may not sound overly complex, but to our hourly associates, they matter. As a former hourly associate, one way I measure improved associate engagement is by tracking the number of people who transition their jobs into careers. More than 85% of leadership roles are now filled from within up nearly 700 basis points over the last 2 years.

除了補償之外，我們還採取其他措施向我們的員工表示感謝，包括一些簡單的舉措，例如降低我們商店休息室的食品價格以及連續第四年在復活節關閉我們的商店。這些感謝的表達可能聽起來並不復雜，但對於我們的小時工來說，它們很重要。作為一名前小時工，我衡量員工敬業度提高的一種方法是跟踪將工作轉變為職業的人數。超過 85% 的領導職位現在由過去 2 年內近 700 個基點的人擔任。

Our frontline associates deserve all the credit for the transformation of our company, and I would like to personally thank all of our associates for everything they do to support each other, our customers and our communities.

我們的一線員工應為我們公司的轉型付出所有的功勞，我要親自感謝我們所有的員工為相互支持、我們的客戶和我們的社區所做的一切。

Now let me transition to Pro, one of the highlights in the first quarter. I'm excited to announce that we've just launched new Pro online business tools, the latest enhancement to our MVPs Pro Rewards program, which is designed to make Pros of all sizes feel like MVPs at Lowe's. Through our surveys, we learned Pros would welcome time-saving tools that help them shop quickly and minimize time away from the job site. At the same time, we learned our Pro associates spend a lot of time building quotes and checking order status, tasked to take them away from serving customers in their stores.

現在讓我過渡到 Pro，這是第一季度的亮點之一。我很高興地宣布，我們剛剛推出了新的 Pro 在線業務工具，這是我們 MVPs Pro Rewards 計劃的最新增強，旨在讓各種規模的 Pros 感覺像 Lowe's 的 MVP。通過我們的調查，我們了解到專業人士會歡迎節省時間的工具，這些工具可以幫助他們快速購物並最大程度地減少離開工作現場的時間。與此同時，我們了解到我們的專業助理花費大量時間來構建報價和檢查訂單狀態，任務是讓他們遠離在店內為客戶提供服務的時間。

To solve for both needs, we launched a suite of tools on lowes.com and our mobile app that make it easy for Pros to manage their orders from anywhere, whether that's on-the-job site, at home or out of town. Rather than having to drive to our stores to get a quote, Pros can now build and update online quotes in minutes. It automatically applies to their volume savings pricing and discounts and lets them quickly download a PDF quote for their customers. They can also use order tracking to track the status of the order throughout the fulfillment process.

為了滿足這兩個需求，我們在 lowes.com 和我們的移動應用程序上推出了一套工具，使專業人士可以輕鬆地從任何地方管理他們的訂單，無論是在工作現場、在家還是在城外。 Pros 現在無需開車到我們的商店獲取報價，現在可以在幾分鐘內構建和更新在線報價。它會自動應用於他們的批量節省定價和折扣，並讓他們快速為他們的客戶下載 PDF 報價單。他們還可以使用訂單跟踪來跟踪整個履行過程中的訂單狀態。

Pros tell us they love how easy and simple these tools are. In one Pro's words, he appreciates the convenience of being able to get a price, get it ordered and get it done. While these tools just launched in April, we are already seeing better-than-expected adoption rate and sales growth and expect results to accelerate as more Pros discover the new features. Our traction with Pros online is just one example of the momentum we are seeing in our MVPs Pro Rewards Program and one of the reasons we delivered a positive sales comp in Pro for Q1.

專業人士告訴我們，他們喜歡這些工具的簡單易用。用一位專業人士的話說，他很欣賞能夠獲得價格、訂購併完成的便利。雖然這些工具在 4 月份剛剛推出，但我們已經看到好於預期的採用率和銷售增長，並且隨著更多專業人士發現新功能，預計結果會加快。我們對 Pros 在線的吸引力只是我們在 MVPs Pro 獎勵計劃中看到的勢頭的一個例子，也是我們在第一季度在 Pro 中提供積極銷售補償的原因之一。

Pros enrolled in our loyalty program continue to shop more frequently and buy more per trip and spend more overall. As our CRM tool matures, we are using data insights to identify trends that can improve our marketing and sales strategy, including tailoring our offerings by trade and by tier. These improved Pro capabilities and offerings are reflected in our Pro customer satisfaction scores, which are up 200 basis points over last year. In our April survey, over 75% of Pros continue to say their backlogs are healthy. While the Pro backlogs remain consistent with recent quarters, Pros did report a shift to smaller project sizes.

參加我們的忠誠度計劃的專業人士繼續更頻繁地購物，每次旅行購買更多，整體消費更多。隨著我們的 CRM 工具的成熟，我們正在使用數據洞察力來確定可以改進我們的營銷和銷售策略的趨勢，包括按貿易和等級定制我們的產品。這些改進的 Pro 功能和產品反映在我們的 Pro 客戶滿意度評分中，該評分比去年提高了 200 個基點。在我們 4 月份的調查中，超過 75% 的專業人士繼續表示他們的積壓工作是健康的。雖然 Pro 積壓訂單與最近幾個季度保持一致，但 Pros 確實報告了向較小項目規模的轉變。

Moving on to productivity. We continue to scale a series of perpetual productivity improvement initiatives or PPI. First, we remain laser-focused on technology modernization across all areas of our stores including rapidly replacing legacy self-checkout systems with our proprietary self-checkout registers. We are encouraged to see higher customer adoption, throughput, labor productivity and customer satisfaction on these registers and will complete all remaining stores later this year.

繼續提高生產力。我們繼續擴大一系列永久生產力改進計劃或 PPI。首先，我們始終專注於商店所有領域的技術現代化，包括用我們專有的自助結賬機快速更換舊式自助結賬系統。我們很高興在這些收銀機上看到更高的客戶採用率、吞吐量、勞動生產率和客戶滿意度，並將在今年晚些時候完成所有剩餘的商店。

We've also matured our new store inventory management system, or SIMS, which continues to improve our inventory visibility and operational efficiency. It also fully integrates with the mobile apps Bill just mentioned, reducing the time both associates and customers spend searching for product. We also continue to enhance our pick up in store experience to streamline processes and enhanced technology. These improvements drove faster fulfillment and a 400-basis point increase in pickup in store customer satisfaction scores in the first quarter.

我們還完善了新的商店庫存管理系統或 SIMS，該系統繼續提高我們的庫存可見性和運營效率。它還與比爾剛才提到的移動應用程序完全集成，減少了員工和客戶花在搜索產品上的時間。我們還繼續提升我們的店內提貨體驗，以簡化流程和增強技術。這些改進推動了更快的履行速度，並在第一季度將門店客戶滿意度得分提高了 400 個基點。

As we approach Memorial Day, I'd like to thank any veterans listening in for their service. As a marine who served combat tours in the Gulf War and Desert Storm, I'm proud of Lowe's long-standing history of giving back to our military community including a 10% military discount. And we are proud to support these customers who have given so much to our country.

在我們臨近陣亡將士紀念日之際，我要感謝所有聆聽他們服務的退伍軍人。作為一名在海灣戰爭和沙漠風暴中服役的海軍陸戰隊員，我為 Lowe 長期以來回饋我們的軍事社區（包括 10% 的軍事折扣）而感到自豪。我們很自豪能夠支持這些為我們國家做出巨大貢獻的客戶。

As I close, I would like to thank all our store leaders and associates once again for their hard work to serve customers, drive results and improve this business each and every day.

在我結束時，我要再次感謝我們所有的商店領導和員工，感謝他們每天為服務客戶、推動成果和改進這項業務所做的辛勤工作。

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

有了這個，我會把電話轉給布蘭登。

Thank you, Joe. Beginning with our Q1 results. We generated GAAP diluted earnings per share of $3.77 compared to $3.51 last year. Now my comments from this point forward will include certain non-GAAP comparisons where applicable. Non-GAAP measures have been adjusted to exclude the gain associated with the sale of our Canadian retail business.

謝謝你，喬。從我們第一季度的結果開始。我們產生的 GAAP 攤薄後每股收益為 3.77 美元，而去年為 3.51 美元。現在我從這一點開始的評論將在適用的情況下包括某些非 GAAP 比較。非 GAAP 指標已經過調整，以排除與出售我們的加拿大零售業務相關的收益。

In the quarter, we recognized a net pretax gain of $63 million on deferred consideration associated with the sale of our Canadian retail business. Excluding this benefit, we delivered adjusted diluted earnings per share of $3.67, an increase of 5% compared to prior year. Q1 sales were $22.3 billion, which includes approximately $735 million related to a shift in our fiscal calendar as we cycle over a 53-week year. Also, as a reminder, prior year sales included $1.2 billion generated in our Canadian retail business.

本季度，我們確認了與出售加拿大零售業務相關的遞延對價 6300 萬美元的淨稅前收益。剔除此項收益後，我們交付的調整後攤薄每股收益為 3.67 美元，比上年增長 5%。第一季度的銷售額為 223 億美元，其中約有 7.35 億美元與我們在 53 週的一年中循環的財政日曆有關。另外，提醒一下，上一年的銷售額包括我們加拿大零售業務產生的 12 億美元。

As Marvin mentioned, comparable sales were down 4.3%, partly driven by a later start to spring and a more cautious consumer. This also includes approximately 350 basis points of lumber deflation. Please note that comparable sales are calculated based on weeks 2 through 14 in fiscal 2022. Comparable average ticket was down 0.3%, largely driven by lumber deflation as ticket increased in the majority of our other merchandise divisions. Comp transactions declined 4% due to the delayed start of spring and lower-than-expected DIY discretionary sales. Our monthly comps were down 3% in February. With unfavorable weather patterns across the country in March and April, comps declined 5.4% and 3.9%, respectively.

正如馬文提到的，可比銷售額下降了 4.3%，部分原因是春季開始較晚以及消費者更加謹慎。這還包括大約 350 個基點的木材通貨緊縮。請注意，可比銷售額是根據 2022 財年第 2 周至第 14 週計算的。可比平均票價下降 0.3%，這主要是由於我們大多數其他商品部門的票價上漲，導致木材通貨緊縮。由於春季的延遲開始和低於預期的 DIY 可自由支配銷售，比較交易下降了 4%。我們的月度收入在 2 月份下降了 3%。由於 3 月和 4 月全國天氣模式不利，收入分別下降 5.4% 和 3.9%。

Lower sales in seasonal categories pressured sales by approximately $400 million in the quarter, or approximately 175 basis points. Gross margin was 33.7% of sales in the first quarter, down 35 basis points from last year. Gross margin benefited from a favorable product mix, offset by costs associated with the expansion of our supply chain network. There was no meaningful impact from shrink or credit revenue in the quarter. Also keep in mind that product margin in the prior year quarter reflected a timing benefit driven by product cost inflation. Adjusted SG&A of 17.4% of sales levered 79 basis points. As Marvin mentioned, this performance reflects an enterprise-wide disciplined focus on PPI that helped offset pressure from lower sales and wage investments. It also includes the benefit of a onetime legal settlement.

季節性類別的銷售額下降導致本季度銷售額下降約 4 億美元，即約 175 個基點。第一季度毛利率為銷售額的 33.7%，比去年下降 35 個基點。毛利率受益於有利的產品組合，被與我們的供應鍊網絡擴展相關的成本所抵消。本季度收縮或信貸收入沒有產生重大影響。還要記住，上一季度的產品利潤率反映了產品成本通脹驅動的時間優勢。調整後的 SG&A 佔銷售額的 17.4%，槓桿為 79 個基點。正如 Marvin 所提到的，這一業績反映了整個企業對 PPI 的嚴格關注，這有助於抵消銷售和工資投資下降帶來的壓力。它還包括一次性合法解決的好處。

Adjusted operating margin rate of 14.4% of sales levered 47 basis points. The adjusted effective tax rate was 23.6% in line with prior year. Inventory ended the quarter at $19.5 billion, down $0.7 billion compared to Q1 of last year. As a reminder, prior year inventory levels includes our Canadian retail business. U.S. inventory units finished the quarter slightly down to last year.

調整後營業利潤率為銷售額的 14.4%，槓桿作用為 47 個基點。調整後的有效稅率為 23.6%，與上年持平。本季度末庫存為 195 億美元，比去年第一季度減少 7 億美元。提醒一下，上一年的庫存水平包括我們的加拿大零售業務。美國庫存單位在本季度結束時略低於去年。

Now turning to our 2023 financial outlook. Given the higher-than-expected pullback we've seen in home improvement spending, we are now expecting our relevant market, which reflects our 75% DIY, 25% Pro mix to be down mid-single digits this year. But while we are seeing lower-than-expected DIY discretionary demand, we are also driving better-than-expected results in Pro and continued strength in our online sales and core categories like appliances and paint. This reinforces our confidence that we will continue to take market share and outperform the broader market.

現在轉向我們的 2023 年財務展望。鑑於我們在家居裝修支出中看到高於預期的回落，我們現在預計我們的相關市場，這反映了我們 75% 的 DIY，25% 的 Pro 組合今年將下降中等個位數。但是，儘管我們看到 DIY 可自由支配的需求低於預期，但我們也推動 Pro 的業績好於預期，並在我們的在線銷售和家電和油漆等核心類別中持續走強。這增強了我們的信心，即我們將繼續佔據市場份額並跑贏大盤。

We are now expecting 2023 sales of $87 million to $89 billion with comparable sales expected to range from down 2% to down 4%. Please note that the updated outlook also reflects the impact of lower-than-expected lumber prices. This creates an incremental 50 basis points of pressure on full year sales as compared to our original expectations. We continue to expect Pro to outpace DIY for the year as Pro backlogs are healthy, and demand for Pro services remain strong. We now expect adjusted operating margin in the range of 13.4% to 13.6% for the full year driven by PPI initiatives across the company, partly offset by planned wage investments and lower sales volumes. We expect capital expenditures of up to $2 billion this year and with our planned share repurchases, we expect to reach our 2.75x leverage target by the end of the year while maintaining our BBB+ credit rating.

我們現在預計 2023 年銷售額為 8700 萬至 890 億美元，可比銷售額預計下降 2% 至 4%。請注意，更新後的展望還反映了木材價格低於預期的影響。與我們最初的預期相比，這對全年銷售額造成了 50 個基點的增量壓力。我們繼續預計 Pro 在今年將超過 DIY，因為 Pro 積壓情況良好，對 Pro 服務的需求依然強勁。我們現在預計全年調整後的營業利潤率在 13.4% 至 13.6% 的範圍內，這得益於全公司的 PPI 舉措，部分被計劃的工資投資和較低的銷量所抵消。我們預計今年的資本支出將高達 20 億美元，並且通過我們計劃的股票回購，我們預計到年底將達到 2.75 倍的槓桿率目標，同時維持我們的 BBB+ 信用評級。

Finally, we are also updating our outlook for adjusted earnings per share in a range of $13.20 to $13.60. Keep in mind that our outlook for operating margin and diluted earnings per share are now adjusted to exclude the gain associated with the sale of our Canadian retail business that we recorded in the first quarter.

最後，我們還將調整後每股收益的預期更新為 13.20 美元至 13.60 美元。請記住，我們對營業利潤率和攤薄後每股收益的展望現已調整，以排除與我們在第一季度記錄的出售加拿大零售業務相關的收益。

To assist you with your modeling, I would like to spend a moment discussing our expectations for the second quarter. We are expecting an approximately $400 million headwind to sales due to the timing shift in our fiscal calendar. We also expect lumber deflation to pressure Q2 sales by approximately 150 basis points. Finally, we expect $250 million benefit to sales from the delayed spring. Taking all of this into account, we are expecting Q2 sales towards the higher end of our full year guide. We are also expecting adjusted operating margins slightly above prior year results, partly due to the impact of the shift in our fiscal calendar as well as the timing of several productivity initiatives that are already in flight.

為了幫助您進行建模，我想花點時間討論一下我們對第二季度的預期。由於我們財政日曆的時間變化，我們預計銷售額將出現約 4 億美元的逆風。我們還預計木材通縮將給第二季度的銷售額帶來大約 150 個基點的壓力。最後，我們預計春季延遲將帶來 2.5 億美元的銷售額收益。考慮到所有這些因素，我們預計第二季度的銷售額將達到我們全年指南的較高端。我們還預計調整後的營業利潤率將略高於上一年的結果，部分原因是我們財政日曆轉變的影響，以及一些已經在進行中的生產力舉措的時間安排。

Turning to our capital allocation strategy. During the quarter, the company generated $1.7 billion in free cash flow. We repurchased 10.6 million shares for $2.1 billion and paid $633 million in dividends at $1.05 per share, returning $2.8 billion to our shareholders. Capital expenditures totaled $380 million in the quarter as we continue to invest in our strategic growth initiatives. We ended Q1 with $3 billion of cash and cash equivalents which includes proceeds from our $3 billion notes offering in March. We ended Q1 at 2.62x adjusted debt to EBITDA. Finally, we delivered return on invested capital of 28%, inclusive of a 725-basis point impact related to transaction costs associated with the sale of our Canadian retail business and the discrete gain in Q1.

轉向我們的資本配置策略。本季度，該公司產生了 17 億美元的自由現金流。我們以 21 億美元的價格回購了 1060 萬股股票，並以每股 1.05 美元的價格支付了 6.33 億美元的股息，向股東返還了 28 億美元。由於我們繼續投資於我們的戰略增長計劃，本季度的資本支出總計 3.8 億美元。我們以 30 億美元的現金和現金等價物結束了第一季度，其中包括我們 3 月份發行的 30 億美元票據的收益。我們以 2.62 倍的調整後債務與 EBITDA 結束了第一季度。最後，我們實現了 28% 的投資資本回報率，其中包括與出售加拿大零售業務相關的交易成本和第一季度的離散收益相關的 725 個基點的影響。

In closing, we are confident in our ability to execute our Total Home strategy while navigating near-term market uncertainty. And we remain committed to our best-in-class capital allocation strategy centered around delivering sustainable shareholder value.

最後，我們對在應對近期市場不確定性的同時執行我們的 Total Home 戰略的能力充滿信心。我們仍然致力於以提供可持續的股東價值為中心的一流資本配置戰略。

And with that, we will open it up for questions.

有了這個，我們將開放它以供提問。

(Operator Instructions) Our first question is from the line of Liz Suzuki with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Liz Suzuki。

So I think previously, we had heard a lot of focus on higher sales per square foot as the main driver of operating margin improvement. Now I think you guys are talking more about the benefits of operating in lower-cost markets like the more rural stores. So presumably, those stores have lower sales per square foot in your stores in more densely populated markets. So how are you thinking about geographic mix and potential for stores benching going forward if those more rural areas are now looking more attractive?

所以我認為以前，我們聽到很多人關注更高的每平方英尺銷售額作為營業利潤率提高的主要驅動力。現在我認為你們更多地談論在低成本市場運營的好處，比如更多的農村商店。因此，據推測，在人口更密集的市場中，這些商店的每平方英尺銷售額較低。那麼，如果那些更多的農村地區現在看起來更具吸引力，您如何考慮地理組合和商店長凳的潛力？

Liz, this is Marvin. I think it's more in tune with what Bill talked about with some of the investments we're making in those rural stores. As we survey those customers, they give us a list of things they wish they could purchase in one shopping occasion and some of those types of things like Carhartt Apparel, farm and ranch types of items and categories as part of our expansion opportunity. And we think by doing those types of initiatives, we're going to see sales per square foot actually improve.

麗茲，這是馬文。我認為這更符合比爾所說的我們在那些鄉村商店進行的一些投資。當我們對這些顧客進行調查時，他們給了我們一份他們希望在一次購物場合購買的東西的清單，其中一些類型的東西，如 Carhartt 服裝、農場和牧場類型的物品和類別，作為我們擴張機會的一部分。我們認為通過採取這些類型的舉措，我們將看到每平方英尺的銷售額實際上有所提高。

As a matter of fact, when we look at the pilot stores where we've been very diligent on going after those specific categories, we actually saw that within the pilot locations. And so that is leading us into this roughly 300 store expansion of these extended categories. And we just see this as a unique opportunity. I mentioned that the expense base is lower. But as you said, if you can have a lower expense base, then you can improve sales per square footage, that in a combination of all the other initiatives we're doing around the company, we think will continue to drive our profit growth. And I'll let Brandon add any additional comments.

事實上，當我們查看我們一直非常努力追求這些特定類別的試點商店時，我們實際上在試點地點看到了這一點。因此，這導致我們對這些擴展類別進行了大約 300 家商店的擴展。我們只是將其視為一個獨特的機會。我提到費用基數較低。但正如您所說，如果您可以降低費用基數，那麼您就可以提高每平方英尺的銷售額，結合我們在公司周圍開展的所有其他舉措，我們認為這將繼續推動我們的利潤增長。我會讓 Brandon 添加任何其他評論。

Liz, this is Brandon. Just as we think about the CapEx, as Marvin mentioned, we're not necessarily looking at opening stores over the long term is really part of our core strategy, but we love what we're seeing with these rural stores. We initially piloted on a smaller subset of locations. We love the profit profile of these stores within these rural markets, and we've been very thoughtful around the assortments and where we're rolling out and really excited to see this scale as we move through 2023 and what this can deliver from a top line perspective beyond that.

麗茲，這是布蘭登。就像我們考慮資本支出一樣，正如馬文提到的那樣，我們不一定要考慮長期開設商店真的是我們核心戰略的一部分，但我們喜歡我們在這些鄉村商店看到的東西。我們最初在一小部分地點進行了試點。我們喜歡這些農村市場中這些商店的利潤狀況，並且我們對產品種類和我們正在推出的產品進行了深思熟慮，並且非常高興看到我們在 2023 年實現這一規模以及它可以從頂級產品中帶來什麼線透視超越。

Great. And in those stores, just as a follow-up, are you seeing online penetration that's similar to your overall company average? Or is it a little bit lower? Is it higher? Just curious if there's any difference in the online mix?

偉大的。在這些商店中，作為後續行動，您是否看到與整個公司平均水平相似的在線滲透率？還是稍微低一點？它更高嗎？只是好奇在線組合是否有任何差異？

Liz, it's about the same, but I mentioned in my prepared comments that we're retiring this old legacy operating system and by retiring this system, it opens up the ability to have really true omnichannel selling in the store. So we see omnichannel and e-commerce growth only accelerating with the ability of our 300-plus thousand associates having the ability to more easily transact in the store, thus connecting physical and digital in a more seamless way.

Liz，大致相同，但我在準備好的評論中提到，我們正在淘汰這個舊的遺留操作系統，通過淘汰這個系統，它開啟了在商店中進行真正真正的全渠道銷售的能力。因此，我們看到全渠道和電子商務的增長只會隨著我們 300 多名員工能夠更輕鬆地在商店中進行交易而加速增長，從而以更無縫的方式連接物理和數字。

Our next question is from the line of Christopher Horvers with JPMorgan.

我們的下一個問題來自摩根大通的克里斯托弗霍弗斯。

Mr. Hovers, perhaps you're muted.

Hovers 先生，也許你被靜音了。

Okay. I'm going to move on to our next question, which is coming from the line of Simeon Gutman with Morgan Stanley.

好的。我將繼續討論下一個問題，該問題來自 Simeon Gutman 與摩根士丹利的合作。

Can you hear me?

你能聽到我嗎？

Yes, we can, Simeon.

是的，我們可以，西蒙。

My question is, first, I'm trying to sort out the guidance. If you take the Q2 through Q4, what's embedded, both for sales and margin, is that roughly the same as what it was, call it, when you guided a year? Or has anything changed.

我的問題是，首先，我正在嘗試整理指南。如果你從第二季度到第四季度，銷售額和利潤率的嵌入情況與你指導一年時的情況大致相同嗎？或者有什麼變化。

Simeon, thanks for the question. This is Brandon. Let me just kind of speak a little bit to the curve specifically. When we look at Q2 as I mentioned in the prepared remarks, expecting Q2 sales towards the higher end of the full year guide. That's inclusive of the $250 million delayed spring benefit, offset by the 150 basis points lumber deflation and then the $400 million, week shift drag. As we start to transition and look at the second half, we do expect the Pro business is going to continue to outperform and drive our growth. We mentioned that backlogs remained healthy and we expect that business to continue to outpace DIY.

西蒙，謝謝你的提問。這是布蘭登。讓我具體談談曲線。正如我在準備好的評論中提到的那樣，當我們查看第二季度時，預計第二季度的銷售額將達到全年指南的較高端。這包括 2.5 億美元的延遲春季福利，被 150 個基點的木材通貨緊縮和 4 億美元的周班拖累所抵消。當我們開始轉型並展望下半年時，我們確實預計 Pro 業務將繼續跑贏大市並推動我們的增長。我們提到積壓訂單保持健康，我們預計該業務將繼續超過 DIY。

The lumber inflation is -- or deflation is going to moderate as we start to look at second half and we cycle over more normal pricing over the balance of the year and then continued strength in what we're seeing with the online business and in core DIY businesses like appliances and paint. So taking all that into account when we look at the second half, we're looking at that in line with the full year guide.

木材通脹是 - 或者通貨緊縮將放緩，因為我們開始關注下半年，我們在今年餘下時間循環更正常的定價，然後我們在在線業務和核心業務中看到的持續強勁電器和油漆等 DIY 業務。因此，在我們看下半年時考慮到所有這些因素，我們正在根據全年指南來看待它。

That's helpful. And then maybe a follow-up, sticking with the guidance. If you looked at whether it was the weak or even the moderate cases beforehand, margins were going to hold up reasonably well for a couple of reasons, a lot of your internal initiatives. Those drivers that were holding up margin, are those the same? Are you on a faster trajectory? Are you pivoting? Are you prioritizing some over the other? If you could share some of that, please?

這很有幫助。然後可能是跟進，堅持指導。如果您事先查看它是弱案例還是中等案例，由於幾個原因，很多內部舉措，利潤率將保持相當不錯。那些拖延保證金的司機，是一樣的嗎？你在更快的軌道上嗎？你在旋轉嗎？你是否優先考慮一些？如果你能分享其中的一些，好嗎？

Yes. Simeon, largely the same, roughly flat is what we've spoken to as it relates to gross margin over the course of the year. The puts and takes that we've talked through still relatively consistent. The headwinds from the supply chain expansion and investments in the Pro growth initiatives. The benefits and Bill covered this when he talked through merch productivity, higher private brands penetration, lower commodity transportation costs and then the pricing initiatives that we're working through. So those largely are going to drive the outputs. And then just from an SG&A standpoint, that's where we're going to see the bulk of the leverage, 40 to 60 basis points reflected in the new guide. That's going to offset the planned wage increases and the strategic investments. And then on the lower sales, just the change from the previous guide, it's mainly volume related.

是的。 Simeon，大致相同，大致持平是我們所說的，因為它與全年的毛利率有關。我們討論過的 puts 和 takes 仍然相對一致。來自供應鏈擴張和 Pro 增長計劃投資的逆風。好處和比爾在談到商品生產率、更高的自有品牌滲透率、更低的商品運輸成本以及我們正在製定的定價計劃時談到了這一點。因此，這些在很大程度上將推動產出。然後從 SG&A 的角度來看，這就是我們將看到大部分槓桿作用的地方，新指南中反映了 40 到 60 個基點。這將抵消計劃的工資增長和戰略投資。然後在較低的銷售額上，與之前的指南相比發生了變化，主要與銷量有關。

Our next question is from the line of Steven Zaccone with Citigroup.

我們的下一個問題來自花旗集團的 Steven Zaccone。

I wanted to focus specifically on the second quarter guidance just since weather has been so volatile. Is there any more detail you can provide about how the business is trending thus far in May would be helpful.

由於天氣如此不穩定，我想特別關注第二季度的指導。您是否可以提供更多有關 5 月份迄今為止的業務趨勢的詳細信息，這將有所幫助。

Steve, this is Marvin. I'll take that. So Steve, we would basically describe it as in line with our current guidance. The good news is, is as we've seen periods of more sustained seasonal weather, we've seen those seasonal categories respond in line to that. And that's geographically specific around West, South, North and East. But May is performing basically at our current guidance.

史蒂夫，這是馬文。我會接受的。所以史蒂夫，我們基本上會將其描述為符合我們當前的指導方針。好消息是，正如我們看到的季節性天氣持續時間更長，我們已經看到這些季節性類別對此做出了回應。這在西部、南部、北部和東部周圍具有特定的地理特徵。但 May 的表現基本上符合我們目前的指引。

Okay. Appreciate that color. Then Marvin, I'm curious for your perspective on the potential duration of this weakness we're seeing in discretionary spending. What's your take on how long this potentially could last? There's a lot of macro cost currents at play. So just curious for your opinion.

好的。欣賞那種顏色。那麼馬文，我很好奇你對我們在可自由支配支出中看到的這種疲軟的潛在持續時間的看法。您如何看待這種情況可能會持續多久？有很多宏觀成本流在起作用。所以只是好奇你的意見。

Yes. It's a really good question and really to be quite honest with you, as you can imagine, we spent a lot of time looking at it, but it's just hard to predict. What we can say is that the overall structural drivers for home improvement remain really strong. And so we are bullish to the medium and long-term health of this business, things like the savings rate of consumers and you're looking at pent-up demand in the housing shortage, the age of homes. I mean, all of these things are still incredibly relevant. And when you think about the highest correlating factors to our sales, historically, they remain disposable personal income, home price appreciation and the age of housing side. So although we can't predict the duration of what we think will be a more short-term turbulence, but we think the medium and long-term health of this segment is incredibly strong.

是的。這是一個非常好的問題，老實說，正如您可以想像的那樣，我們花了很多時間研究它，但它很難預測。我們可以說的是，家居裝修的整體結構性驅動力仍然非常強勁。因此，我們看好這項業務的中長期健康狀況，比如消費者的儲蓄率，以及住房短缺和房屋老化帶來的被壓抑的需求。我的意思是，所有這些事情仍然非常相關。當你考慮與我們的銷售最相關的因素時，從歷史上看，它們仍然是可支配個人收入、房價升值和住房年齡。因此，雖然我們無法預測我們認為更短期動蕩的持續時間，但我們認為該細分市場的中長期健康狀況非常強勁。

Our next question is from the line of Brian Nagel with Oppenheimer.

我們的下一個問題來自 Brian Nagel 與 Oppenheimer 的合作。

So my first question, Marvin, just maybe a bit of a follow-up on the prior question. But just with respect to the commentary around discretionary, maybe can you give a little more color on what you're seeing? And how do you think about this weakness in discretionary relative to some of the weather disruptions. And then if you look here at Q1, is there anything really noticeably different than what we saw maybe in Q4 on the discretionary side?

所以我的第一個問題，馬文，可能只是對先前問題的一些跟進。但就關於自由裁量權的評論而言，也許你能給你所看到的內容多一點色彩嗎？您如何看待與某些天氣中斷相關的自由裁量權弱點。然後，如果您在這裡查看 Q1，在全權委託方面，是否與我們在 Q4 中看到的有什麼明顯不同？

So Brian, I'd give you some thoughts. I'll let Brandon jump in and provide any additional thoughts. But candidly, what we're seeing is pressure across big-ticket discretionary purchases primarily. We're seeing some pressure in small ticket, but it's more pronounced in big ticket and is almost exclusively discretionary in DIY. As you know, 75% of our business is penetrated in the DIY customer, and Q1 is our most discretionary quarter of the year because of all the seasonal purchases.

所以布賴恩，我想給你一些想法。我會讓 Brandon 插話並提供任何其他想法。但坦率地說，我們所看到的主要是大額可自由支配的購買壓力。我們在小票上看到了一些壓力，但在大票上壓力更大，而且幾乎完全由 DIY 決定。如您所知，我們 75% 的業務滲透到 DIY 客戶中，由於所有季節性採購，Q1 是我們一年中最隨意的季度。

So when we run into timing of unseasonal weather, it has a disproportionate impact on our business. So we've been trying to pull apart the difference between discretionary pullback in weather-related non-spending. And so as we look at the month of May, as an example, we can start to see more clarity that when the sun comes out and the weather gets a more normalized kind of performance, as you would expect, the business in those discretionary categories have picked up. So that's why Brandon noted that we have an expectation we're going to get roughly $250 million back from delayed spring.

因此，當我們遇到非季節性天氣時，它會對我們的業務產生不成比例的影響。因此，我們一直在努力區分與天氣相關的非支出的酌情回調之間的差異。因此，當我們以 5 月份為例，我們可以開始更加清晰地看到，當太陽出來並且天氣變得更加正常時，正如您所期望的那樣，這些可自由支配類別的業務已經拿起。所以這就是為什麼布蘭登指出我們預計我們將從推遲的春季中收回大約 2.5 億美元。

So for us, we're seeing discretionary big-ticket pullback primarily in DIY. The other good news for us is because our Pro-consumer and our target consumer is that small to medium-sized customer, that customer's backlog remains healthy and that customer spend has been relatively consistent. That's why we're able -- the positive comp in Pro for the quarter with over 800 basis points of lumber deflation specifically for that consumer.

因此，對我們來說，我們主要在 DIY 中看到可自由支配的大筆回調。對我們來說，另一個好消息是因為我們的親消費者和我們的目標消費者是中小型客戶，客戶的積壓訂單保持健康，客戶支出相對穩定。這就是為什麼我們能夠 - 本季度 Pro 的積極表現，專門為該消費者提供超過 800 個基點的木材通貨緊縮。

Brandon, I don't know if you have anything else.

布蘭登，我不知道你還有沒有別的事。

Brian, this is Brandon. I think just looking out a little bit beyond the weather that Marvin just spoke to, when we look at this topic of normalization, home improvement share of wallet, definitely seeing normalization back to services in terms of where discretionary purchases are going from consumers, travel, restaurants and a shift back to some necessity-based spend, groceries, gas, taking up a larger share of wallet given the inflation that we're seeing. But just as we look at the business at a broad level, units transactions well documented back in below, in some cases, to 2019 levels. But as Marvin mentioned, really nuances within that.

布賴恩，這是布蘭登。我認為，除了 Marvin 剛剛談到的天氣之外，當我們審視這個話題時，我們會看到正常化、家居裝修佔錢包的份額，肯定會看到消費者在非必需購買、旅行等方面回到服務方面的正常化、餐館和轉向一些基於必需品的支出、雜貨、汽油，鑑於我們看到的通貨膨脹，它們佔據了更大的錢包份額。但正如我們從更廣泛的層面看待業務一樣，單位交易記錄在下面，在某些情況下，回到 2019 年的水平。但正如 Marvin 所提到的，其中確實存在細微差別。

We're seeing Pro categories, in particular, building materials, rough plumbing, lumber has been a great story with what we've been able to drive with units and then categories like appliances where we've continued to grow units and shares. So all that combined, we are very optimistic in the medium to longer term that the categories where we've seen reversion or normalization, we got a new baseline there to which -- to manage the business. And then in these other categories that are out running, we can continue -- confidence that we can continue to take share there.

我們看到了專業類別，特別是建築材料、粗糙的管道、木材，這是一個很好的故事，我們已經能夠用單位驅動，然後是我們繼續增長單位和份額的電器等類別。因此，所有這些結合起來，我們對中長期非常樂觀，我們已經看到回歸或正常化的類別，我們在那裡有一個新的基線——管理業務。然後在這些已經過時的其他類別中，我們可以繼續 - 相信我們可以繼續在那里分享。

That's very helpful. I appreciate it. And maybe a follow-up separately, interesting comments about your rural stores, your strategy there. Anything you could say to help us better size this opportunity? Where are those -- the volumes are those units now versus maybe the chain average of some of your larger volumes? And then as you think about this re-merchandising effort, I mean, how much could that add and over what time frame to store volumes there?

這很有幫助。我很感激。也許還有單獨的後續行動，關於你的農村商店的有趣評論，你在那裡的策略。您能說些什麼來幫助我們更好地利用這個機會嗎？這些在哪裡 - 這些單位現在的數量與您的一些較大數量的連鎖平均值相比？然後，當您考慮這種重新銷售的努力時，我的意思是，這可以增加多少以及在什麼時間範圍內在那裡存儲數量？

Brian, what I'll do and I'll let Bill give you just some specifics on some of the categories that we're adding. And again, we piloted this for over a year to get the mix right, to get the assortment right. And we came away extremely pleased with the pilot results and thus, we identified roughly 300 stores that we're expanding this too, but I'll let Bill give you some specifics on those categories and what we believe that we can get from them.

Brian，我會做什麼，我會讓 Bill 給你一些關於我們正在添加的類別的細節。再一次，我們試行了一年多，以實現正確的組合和正確的分類。我們對試點結果非常滿意，因此，我們確定了大約 300 家商店，我們也在擴大這一範圍，但我會讓比爾給你一些關於這些類別的細節，以及我們相信我們可以從中得到什麼。

Yes. And Brian, this is Bill. And so in my opening remarks, I mentioned some of these key categories in areas like pet. And we think there's an opportunity in these rural markets to do more in that category. There's opportunities with apparel. And so the launch of our -- the Carhartt brand, Wrangler brands gives us an opportunity to do something there in those markets. And then you think around livestock and really livestock feed as the consumer is looking for options from us to be able to serve that consumer. And then you can get into areas like fencing and some of these small pents that folks will use. And we're finding some interesting things with water troughs that are being used, certainly to water livestock, but they're also being used as a decorative piece for consumer's home where they're planting flowers in it.

是的。布萊恩，這是比爾。因此，在我的開場白中，我提到了寵物等領域的一些關鍵類別。我們認為這些農村市場有機會在該類別中做更多事情。服裝有機會。因此，我們的 Carhartt 品牌、Wrangler 品牌的推出讓我們有機會在這些市場做一些事情。然後你會想到牲畜和真正的牲畜飼料，因為消費者正在尋找我們能夠為該消費者提供服務的選擇。然後你可以進入圍欄和人們會使用的一些小圍欄等區域。我們正在使用水槽發現一些有趣的東西，當然是用來給牲畜澆水，但它們也被用作消費者家裡的裝飾品，他們在家裡種花。

So just a lot of interesting stuff that we're starting to learn here that the customer has given us a lot of credit for and wants to see Lowe's carry in their community. And that was part of the early pilot in those few stores that has allowed us to accelerate to get it to 300.

因此，我們開始在這裡學習很多有趣的東西，客戶給了我們很多信任，並希望看到勞氏在他們的社區中發揮作用。這是少數商店早期試點的一部分，使我們能夠加速到 300 家。

And Brian, this is Marvin again. Just last point on that. Both Bill and I grew up in rural parts of the country. Bill in rural Montana, I grew up in rural Tennessee and I think rural Tennessee is actually more rural than rural Montana, but that's for another discussion. We're seeing things like ATVs, we pilot it, having no idea if customers will respond. And it's been an incredible growth category for us. And in these rural markets, they are responding really well.

布萊恩，這又是馬文。最後一點。比爾和我都在該國的農村地區長大。比爾在蒙大拿州的農村，我在田納西州的農村長大，我認為田納西州的農村實際上比蒙大拿州的農村更農村，但這是另一個討論。我們正在看到像全地形車這樣的東西，我們試行它，不知道客戶是否會回應。這對我們來說是一個令人難以置信的增長類別。在這些農村市場，他們的反應非常好。

So a lot of learning, but what's also interesting is we are finding categories in these rural stores that we think will be relevant in nonrural locations, and that's been the beauty of this entire pilot and the strategy, and we'll continue to learn. But I'll just repeat what I said in my prepared comments, many of us, including me, and many in the marketplace perceive these rural and remote stores as a true competitive disadvantage to Lowe's, but we've now determined that, that is the opposite. We think that these stores give us incredible opportunities to not only grow top line with more improved sales per square foot but also just the operational profit opportunity with improved technology, improved omnichannel capabilities, improved efficiency. I mean, this is something that we're very excited about over the next, call it, 3 to 5 years.

所以很多學習，但同樣有趣的是，我們正在這些農村商店中尋找我們認為與非農村地區相關的類別，這就是整個試點和戰略的美妙之處，我們將繼續學習。但我只想重複我在準備好的評論中所說的話，我們中的許多人，包括我，以及市場上的許多人都認為這些農村和偏遠的商店是 Lowe's 真正的競爭劣勢，但我們現在已經確定，那就是相反。我們認為這些商店為我們提供了難以置信的機會，不僅可以通過提高每平方英尺的銷售額來增加收入，還可以通過改進技術、改進全渠道能力和提高效率來增加運營利潤機會。我的意思是，這是我們在接下來的 3 到 5 年裡非常興奮的事情。

Our next question is from the line of Seth Sigman with Barclays.

我們的下一個問題來自巴克萊銀行的 Seth Sigman。

I wanted to just follow up on the May comment. I think you said it was consistent with guidance. I just want to clarify, does that mean consistent with the comment that Q2 would be at the upper end of the range. And then I think if you step back for a second, your original guidance had assumed some sequential improvement in the second quarter. Can you just remind us what some of the drivers of that were going to be.

我只想跟進 5 月份的評論。我想你說這與指南一致。我只是想澄清一下，這是否意味著與 Q2 將處於範圍上限的評論一致。然後我想如果你退後一步，你原來的指導假設第二季度會有一些連續的改善。您能否提醒我們其中的一些驅動因素。

So I'll take the first part on May. We tend not to give specific detail on current trends for all the obvious reasons. And so I'll leave my comments at May is performing at guidance, and we feel good about what we've seen, areas of sustained weather and how our seasonal categories are responding in those geographic locations, and that's reflective of May's performance.

所以我將在五月份參加第一部分。出於所有顯而易見的原因，我們傾向於不提供有關當前趨勢的具體細節。因此，我將在 5 月的指導下發表評論，我們對我們所看到的、持續天氣的區域以及我們的季節性類別在這些地理位置的反應方式感到滿意，這反映了 5 月的表現。

And with that, I'll let Brandon answer the second part of your question.

有了這個，我會讓布蘭登回答你問題的第二部分。

Yes, sure, Seth. Just consistent with the upper end of guidance is what we referred to. And just the components again, the $250 million delayed spring benefit, the lumber deflation is going to step up. So a 350-basis point pressure in Q1, now expecting that to be 150 basis points in Q2. And just a reminder of the week shift benefit from Q1 is now flipping into Q2, and we expect that to be a $400 million drag. So those are just the components again, as it relates to Q2.

是的，當然，賽斯。恰好與指導的上限一致就是我們所指的。再次只是組件，2.5 億美元的延遲春季福利，木材通貨緊縮將加劇。因此，第一季度有 350 個基點的壓力，現在預計第二季度將達到 150 個基點。只是提醒一下，第一季度的每週輪班收益現在正轉向第二季度，我們預計這將造成 4 億美元的拖累。所以這些只是組件，因為它與第二季度有關。

Got you. Okay. And then just a follow-up question on average ticket and inflation. It sounds like you still have some of the wrapping of the price increases from last year. But I guess, in general, how are you thinking about pricing going forward? Is there an opportunity to maybe roll some prices back? And maybe if you could tie in commentary around the elasticity that you're seeing in lumber. And I realize that category is a little bit different, but your commentary around the unit volume increase that you saw seem to be quite strong. So maybe just tie those 2 together.

明白了好的。然後只是關於平均票價和通貨膨脹的後續問題。聽起來你仍然對去年的價格上漲有所了解。但我想，總的來說，你如何看待未來的定價？是否有機會回滾一些價格？也許如果你能結合你在木材中看到的彈性的評論。我意識到類別有點不同，但你對你所看到的單位數量增加的評論似乎非常強烈。所以也許只是把這兩個聯繫在一起。

Seth, I can take that as well. So when we look at the makeup in terms of ticket and transaction, as you mentioned, we're seeing the pace and cost increases. Those have slowed pretty dramatically here over the course of the last couple of quarters. We are still expecting a modest level of product inflation as we look out at '23. Most of that is wrapped from pricing actions that we've taken in the second half of last year. We are -- ex lumber average ticket is actually up in most categories when we look at Q1. The lumber deflationary pressure is expected to continue to impact average ticket in Q2, but not as significant as Q1. And then when we look outside of commodities, we're not anticipating any meaningful deflationary pressure as we move through the year.

賽斯，我也能接受。因此，正如您所提到的，當我們從機票和交易的角度來看構成時，我們看到了速度和成本的增加。在過去的幾個季度裡，這些增長速度已經大幅放緩。當我們展望 23 年時，我們仍然預計產品通脹會適度。其中大部分來自我們去年下半年採取的定價行動。我們是 - 當我們查看第一季度時，大多數類別的前木材平均票價實際上都在上升。木材通縮壓力預計將繼續影響第二季度的平均票價，但不會像第一季度那樣顯著。然後，當我們將目光投向大宗商品之外時，我們預計今年不會出現任何有意義的通貨緊縮壓力。

Mainly the pressure is going to be coming from what Marvin mentioned, the pullback in DIY discretionary which is going to put pressure on ticket and that's especially true in the larger ticket bucket. So all in, the makeup of the comp and the outlook assumes more pressure overall on transactions, and we expect the average ticket number to hold up.

主要壓力將來自 Marvin 提到的，DIY 自由裁量權的回調將對門票施加壓力，在較大的門票桶中尤其如此。因此，總而言之，補償的構成和前景對交易的整體壓力更大，我們預計平均票數將保持不變。

Our next question is coming from the line of Kate McShane with Goldman Sachs.

我們的下一個問題來自 Kate McShane 與 Goldman Sachs 的對話。

Is there a view, just given that you do cater to the smaller and midsized Pro, just that you can hold up maybe a little bit better given the industry backdrop. And with regards to market share, it sounds like there were some wins there during the first quarter. Have your share assumptions changed at all based on that for the year?

有沒有一種觀點，只是考慮到你確實迎合了中小型 Pro，在行業背景下你可以堅持得更好一點。關於市場份額，聽起來第一季度在那裡取得了一些勝利。根據這一年的情況，您的股票假設是否發生了變化？

Kate, this is Marvin. I'll take the first part of Pro with Joe, and then we'll let Bill and Brandon provide some market share input. I would first say we're really pleased with our Pro strategy. We spent a lot of time in the last 4-plus years trying to refine this strategy but also being very disciplined on not trying to overreach beyond our capabilities. And that's why the small to medium Pro has been our target Pro customer, and we feel like we're gaining traction. Anytime you can face over 800-basis points of lumber deflation and comping up against a 22% growth last year and still deliver a positive comp, I think it sends a signal that we're making progress.

凱特，這是馬文。我將與 Joe 一起完成 Pro 的第一部分，然後我們將讓 Bill 和 Brandon 提供一些市場份額輸入。我首先要說的是，我們對我們的專業策略非常滿意。在過去 4 年多的時間裡，我們花了很多時間來完善這一戰略，但也非常自律，不要試圖超越我們的能力。這就是為什麼中小型 Pro 一直是我們的目標 Pro 客戶，我們覺得我們正在獲得牽引力。任何時候你都可以面對超過 800 個基點的木材通貨緊縮，並與去年 22% 的增長率相提並論，並且仍然提供積極的補償，我認為這發出了一個信號，表明我們正在取得進展。

I'll let Joe talk specifically about a couple of the key initiatives that we rolled out that's gaining the most traction and while we feel confident that we can continue to take market share in that segment.

我將讓喬具體談談我們推出的一些最受關注的關鍵舉措，同時我們有信心我們可以繼續在該領域佔據市場份額。

Thanks, Kate, for the question. And as you look at the makeup of our Pro, it is on that smaller side. And as we rolled out our MVP Pro Rewards program, we're really seeing the Pros engage with us in our loyalty, our credit programs, of course, when they are engaged there, they spend 3x more than those not engaged. We've rolled out new CRM insights so we can better anticipate the Pro's needs. We can build those relationships. And with the loyalty program and the CRM system, they continue to improve as they mature. And so really excited about the unlock that is still ahead. Very pleased with the Pro LTR that we're seeing as a result. So we feel we're in a good place.

謝謝，凱特，這個問題。當您查看我們 Pro 的外觀時，它位於較小的一側。當我們推出我們的 MVP Pro 獎勵計劃時，我們確實看到專業人士在我們的忠誠度和信用計劃中與我們互動，當然，當他們參與其中時，他們的支出是未參與的人的 3 倍。我們推出了新的 CRM 見解，因此我們可以更好地預測專業人士的需求。我們可以建立這些關係。通過忠誠度計劃和 CRM 系統，他們在成熟的過程中不斷改進。對即將到來的解鎖感到非常興奮。對我們看到的 Pro LTR 非常滿意。所以我們覺得我們處在一個好地方。

And Kate, before I hand it to Bill, I'll just add one additional thing. We did a recent survey in April of our Pro customers and then 75% of those customers came back and their backlogs were still healthy compared to Q4 and that gave us confidence that we still believe that we can grow market share and grow to extra market with this specific customer segment.

凱特，在我把它交給比爾之前，我再補充一點。我們最近在 4 月份對我們的 Pro 客戶進行了一項調查，然後這些客戶中有 75% 回來了，他們的積壓與第四季度相比仍然健康，這給了我們信心，我們仍然相信我們可以增加市場份額並發展到額外的市場這個特定的客戶群。

So Bill, you can talk about market share.

所以比爾，你可以談談市場份額。

Yes. So when you look at market share, obviously, it's hard to measure home improvement share specifically, but we try to triangulate using data from mix, track line, other data, relevant market and broader market data. And then we look at our performance, obviously, in key categories like we've mentioned in our prepared remarks in areas like appliances where we've had unit growth feel like we're picking up share there in addition to the Pro growth that we've had and the continued acceleration with our online business, gaining traction with private brands, all of that and those elements kind of give us confidence that we're gaining some share here in these key categories. And when you see a positive growth in areas like paint, we also feel like we're gaining share in those areas as well.

是的。因此，當您查看市場份額時，顯然很難具體衡量家裝份額，但我們嘗試使用來自組合、跟踪線、其他數據、相關市場和更廣泛市場數據的數據進行三角測量。然後我們看看我們在關鍵類別中的表現，很明顯，就像我們在準備好的評論中提到的那樣，在我們有單位增長的領域，我們感覺除了我們的 Pro 增長之外，我們正在那裡獲得份額我們的在線業務已經並且持續加速，獲得了自有品牌的吸引力，所有這些以及這些因素讓我們有信心我們在這些關鍵類別中獲得了一些份額。當您看到油漆等領域的積極增長時，我們也覺得我們在這些領域的份額也在增加。

Bill, the only thing I would add is just really pleased with the execution of Total Home strategy. You talked about Pro, positive comp with an 800-basis point drag on top of 11 consecutive quarters double-digit growth, really pleased with the online performance at plus 6%. So clearly, as we look at share gains, both for relevant market and broader home improvement, confident in what we're seeing. And it gives us confidence when we look at the broader market and our ability to grow 100 to 200 basis points above the market and growing Pro 2x when we look at 2023 and beyond.

比爾，我唯一要補充的是對 Total Home 策略的執行非常滿意。你談到了 Pro，在連續 11 個季度實現兩位數增長的基礎上，積極的 comp 受到 800 個基點的拖累，對在線業績增長 6% 感到非常滿意。很明顯，當我們查看相關市場和更廣泛的家居裝修的份額收益時，我們對我們所看到的充滿信心。當我們著眼於更廣闊的市場時，它給了我們信心，讓我們有能力在 2023 年及以後實現比市場高出 100 到 200 個基點的增長，並使 Pro 2x 增長。

Our next question is from the line of Jonathan Matuszewski with Jefferies.

我們的下一個問題來自 Jonathan Matuszewski 與 Jefferies 的合作。

First one was on the rural pilot, Marvin. You've talked about localization for a couple of years now. A lot of the commentary in the past has been removing lawn mowers in Brooklyn, patio sets in West Philadelphia, Dex Damon, Scottsdale, when we think about this initiative here, it feels like it's a bit more strategic, more poised to benefit the top line versus limiting markdowns from the prior localization efforts. So if we go a bit deeper, is the benefit going to manifest itself more in terms of new customer acquisition or greater wallet share from existing customers. Presumably, both but just trying to understand kind of maybe where it may be more weighted in those pilot stores? That's my first question.

第一個是關於農村試點，馬文。您已經談論本地化好幾年了。過去的許多評論一直在拆除布魯克林的割草機、西費城、Dex Damon、斯科茨代爾的露台設備，當我們在這裡考慮這一舉措時，感覺它更具戰略意義，更有利於高層線與先前本地化工作的限制降價。因此，如果我們再深入一點，好處會更多地體現在新客戶獲取方面，還是現有客戶的錢包份額更大。據推測，兩者都有，但只是想了解在那些試點商店中它可能在哪裡更受重視？這是我的第一個問題。

Jonathan, it's a very good question. And I think it is a combination of both because in order to add these new categories, we're taking categories out. And the categories we're taking out are the ones that were most at risk of being marked down because of the lack of localization. We had a, what I describe as a peanut butter spread on our assortment planning because our tools was so inferior is almost impossible for the merchants to do any really specific localization.

喬納森，這是一個很好的問題。我認為這是兩者的結合，因為為了添加這些新類別，我們正在刪除類別。我們要刪除的類別是由於缺乏本地化而最有可能被降價的類別。我們有一個，我稱之為花生醬塗抹在我們的分類計劃上，因為我們的工具太差了，商家幾乎不可能做任何真正具體的本地化。

So now we've improved our assortment planning tools, we now have the ability to execute the localization strategy as part of our Total Home strategy. And because of that, we now know what categories to pull out of these rural stores that were not productive and now we're adding in new categories, which will give us the ability to take the customer who's shopping us and shopping of the retailers because of the lack of broadness of our assortment, and we're getting a larger share of wallet of that customer, and we're also attracting a new customer that's now coming in because we're selling items, i.e., pet that we didn't sell before that they are now coming to us as a destination.

所以現在我們已經改進了我們的分類規劃工具，我們現在有能力將本地化策略作為我們的 Total Home 策略的一部分來執行。正因為如此，我們現在知道應該從這些生產力低下的農村商店中撤出哪些類別，現在我們正在添加新的類別，這將使我們能夠吸引在我們這裡購物的顧客和零售商的購物，因為由於我們的產品種類不夠廣泛，我們在該客戶的錢包中佔據了更大的份額，而且我們還吸引了一個新客戶，他們現在進來是因為我們正在銷售商品，即我們沒有銷售過的寵物。之前不賣，他們現在作為目的地來到我們這裡。

And so we think this is something that has lots of potential, not to mention as we also implement the technology with the retiring of this old legacy system and we can then put in self-checkout and we can put it in mobile devices and all the other technology advancements that Joe and Seemantini and team have developed is going to also drive increased productivity and profitability in these stores. So we think it's a really clear example of our strategy working and it all hinges on getting the localization right.

所以我們認為這是一個有很大潛力的東西，更不用說我們還通過淘汰這個舊的遺留系統來實施這項技術，然後我們可以進行自助結賬，我們可以將其放入移動設備和所有Joe 和 Seemantini 及其團隊開發的其他技術進步也將提高這些商店的生產力和盈利能力。所以我們認為這是我們戰略運作的一個非常明顯的例子，而這一切都取決於正確的本地化。

And Bill, I don't know if you have anything to add.

比爾，我不知道你是否有什麼要補充的。

Just going to add, Marvin, that the early read in the test stores would tell us that we're getting a new customer coming in categories like pet, like apparel. Those are 2 of the -- 2 categories that we had early read on that said we were drawing a new customer to the door. And so that's exciting to see.

馬文，我想補充一點，在測試商店的早期閱讀會告訴我們，我們正在吸引新客戶進入寵物、服裝等類別。這些是我們早期閱讀的 2 個類別中的 2 個類別，表示我們正在吸引新客戶上門。所以這很令人興奮。

That's really helpful. And then just a quick follow-up on regional trends. Any trends you're seeing in markets where housing prices have cooled a little bit. I think they were down a bit in April. Any discernible trends in terms of where you're seeing pressure, specifically in markets with cooling home prices?

這真的很有幫助。然後只是快速跟進區域趨勢。您在房價有所降溫的市場中看到的任何趨勢。我認為他們在四月份有所下降。在您看到壓力的地方，特別是在房價降溫的市場上，有什麼明顯的趨勢嗎？

Jonathan, you can imagine, we're paying close attention to that and the short answer is no. I mean, we're not seeing any disproportionate sales impact in some of these markets, and we are tracking these markets very aggressively and paying very close attention to all.

喬納森，你可以想像，我們正在密切關注這一點，簡短的回答是否定的。我的意思是，我們在其中一些市場中沒有看到任何不成比例的銷售影響，我們正在非常積極地跟踪這些市場並密切關注所有市場。

Just going to announce our final question, Kate, that's coming from the line of Steven Forbes with Guggenheim Partners.

剛剛要宣布我們的最後一個問題，凱特，這是來自史蒂文福布斯與古根海姆合作夥伴的關係。

I'll ask my 2 together just in the interest of time. The first one, guys, can you just expand on how the first quarter Pro comp compared to your internal expectations? Ex lumber deflation seems like a big highlight during the quarter. And I wanted to know if you sort of identified what drove the outperformance, whether it's simply wallet share or accelerated new Pro growth and then a quick follow-up is just around the progress against the OpEx productivity initiatives. Any quantification of where you are versus those OpEx productivity goals as of the first quarter and/or what the guidance implies for a year-end goal?

為了節省時間，我會一起問我的 2。第一個，伙計們，你能談談第一季度的 Pro comp 與你的內部預期相比如何嗎？前木材通縮似乎是本季度的一大亮點。我想知道你是否確定了是什麼推動了業績的提高，無論是錢包份額還是加速了新的 Pro 增長，然後快速跟進就是圍繞 OpEx 生產力計劃的進展。與第一季度的運營支出生產力目標和/或指導對年終目標的暗示相比，您是否有任何量化？

So Steven, I'll take the Pro question. I'll give Brandon the productivity question. The short answer is Pro did outperform our expectations. We -- candidly, we didn't anticipate 800 basis points of impact to lumber deflation for that specific customer. So the fact that we were able to deliver a positive comp, it actually exceeded our expectations. And I think it comes down to what you heard Joe mentioned earlier, and that is the maturity of our MVP Pro rewards program and our CRM tool, the increased Pro related national brands that Bill and his team have worked to get added to the assortment and our improved fulfillment capabilities that Don Frieson, the supply chain team in partnership with operations that really work to create a more seamless ability for Pros to get product and not to mention the improved digital capabilities that help to deliver a 6% online comp during the quarter as well. We take all of those things combined. And we believe that we'll continue to lean into those initiatives to drive continued market share gain. Brandon?

史蒂文，我來回答專業問題。我將向布蘭登提出生產力問題。簡短的回答是 Pro 確實超出了我們的預期。我們 - 坦率地說，我們沒有預料到 800 個基點會影響該特定客戶的木材通貨緊縮。因此，事實上我們能夠提供積極的補償，這實際上超出了我們的預期。我認為這歸結為你之前聽到 Joe 提到的，那就是我們的 MVP Pro 獎勵計劃和我們的 CRM 工具的成熟度，Bill 和他的團隊努力將越來越多的 Pro 相關國家品牌添加到分類中，以及我們改進的履行能力，供應鏈團隊 Don Frieson 與運營部門合作，真正致力於為專業人士創造更無縫的產品獲取能力，更不用說改進的數字能力，有助於在本季度提供 6% 的在線補償以及。我們將所有這些結合起來。我們相信，我們將繼續依靠這些舉措來推動市場份額的持續增長。布蘭登？

Yes, Steven, I'll speak to PPI. So very much in line with our expectations there. I mentioned earlier, 40 to 60 basis points of EBIT expansion plan this year. We have a really aggressive portfolio, a road map of initiatives across the business, across every function set to drive operational efficiencies. We've mentioned a few of those today. Store tech modernization, front-end transformation to name a few. So really aggressive plans, and we're very much seeing those come to fruition in line with how we've guided.

是的，史蒂文，我會和 PPI 談談。非常符合我們在那裡的期望。我之前提到過，今年 EBIT 擴張計劃有 40 到 60 個基點。我們有一個非常積極的產品組合，一個跨業務計劃的路線圖，涵蓋每個功能集以提高運營效率。我們今天提到了其中的一些。商店技術現代化、前端轉型等等。非常積極的計劃，我們非常希望看到這些計劃按照我們的指導方式實現。

Thank you all for joining us today. We look forward to speaking with you at our Annual Shareholders Meeting this Friday and on our second quarter earnings call in August.

感謝大家今天加入我們。我們期待在本週五的年度股東大會和 8 月份的第二季度財報電話會議上與您交談。

Thank you. This concludes the Lowe's First Quarter 2023 Earnings Call. You may now disconnect.

謝謝。勞氏 2023 年第一季度財報電話會議到此結束。您現在可以斷開連接。