勞氏公司 (LOW) 2024 Q3 法說會逐字稿

Good morning, everyone.

大家早安。

Welcome to Lowe's Companies third quarter 2024 earnings conference call.

歡迎參加勞氏公司 2024 年第三季財報電話會議。

My name is Rob, and I'll be your operator for today's call.

我叫羅布，我將擔任您今天通話的接線生。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I will now turn the call over to Kate Pearlman, Vice President of Investor Relations and Treasurer.

我現在將把電話轉給投資者關係副總裁兼財務主管 Kate Pearlman。

Thank you, and good morning.

謝謝你，早安。

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.

今天與我在一起的有董事長兼執行長馬文‧艾里森 (Marvin Ellison)； Bill Boltz，我們的行銷執行副總裁； Joe McFarland，我們的商店執行副總裁；以及我們的執行副總裁兼財務長布蘭登·辛克（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.

我想提醒您，我們有關前瞻性陳述的通知包含在今天早上的新聞稿中，您可以在勞氏投資者關係網站上找到該新聞稿。

During this call, we will be making comments that are forward-looking, including our expectations for fiscal 2024.

在本次電話會議中，我們將發表前瞻性評論，包括我們對 2024 財年的預期。

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.

由於各種風險、不確定性和重要因素，包括風險因素、MD&A 以及我們 10-K 表格年度報告和其他 SEC 文件中討論的因素，實際結果可能與明示或暗示的結果存在重大差異。

Additionally, we'll be discussing certain non-GAAP financial measures.

此外，我們也將討論某些非公認會計準則財務指標。

A reconciliation of these items to US GAAP can be found in the quarterly earnings section of our Investor Relations website.

這些項目與美國公認會計原則（US GAAP）的調節可以在我們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.

現在我將把電話轉給馬文。

Thank you, Kate, and good morning, everyone, and thank you for joining us today.

謝謝凱特，大家早安，謝謝你們今天加入我們。

Before discussing our third quarter results, I'd like to take a moment to offer my sympathy to the Marcus family on the passing of Bernie Marcus.

在討論我們第三季的業績之前，我想花一點時間就伯尼·馬庫斯的去世向馬庫斯家族表示哀悼。

Bernie and his partners Arthur Blank, Ken Langone, and Pat Farrah invented the modern home improvement business model.

伯尼和他的合作夥伴阿瑟·布蘭克 (Arthur Blank)、肯·蘭格尼 (Ken Langone) 和帕特·法拉 (Pat Farrah) 發明了現代家居裝修商業模式。

And many years ago, Bernie took me under his wing to teach me the home improvement business.

許多年前，伯尼將我置於他的保護之下，教我家居裝修業務。

As a young executive eager to learn about merchandising, marketing, and business strategy for one of the icons of the industry, I was surprised to do my first meeting, the only thing that Bernie talked about was the importance of people, both customers and associates.

作為一名年輕的高管，渴望了解行業標誌之一的商品推銷、行銷和商業策略，我對第一次會議感到驚訝，伯尼談論的唯一一件事就是人的重要性，包括客戶和員工。

Bernie provided me with a lot of coaching, wisdom, and advice during my early years in home improvement.

在我早年的家居裝修生涯中，伯尼為我提供了許多指導、智慧和建議。

He was a true original in every sense of the word.

從任何意義上來說，他都是真正的原創者。

And because of his generosity and philanthropy, he leaves a legacy far beyond the home improvement industry.

由於他的慷慨和慈善事業，他留下的遺產遠遠超出了家居裝修行業。

From me personally and from all of us at Lowe's, our thoughts and our prayers go out to his family and to his loved ones.

我個人以及勞氏的所有人都向他的家人和親人表達我們的思念和祈禱。

Now allow me to transition to our third quarter results.

現在請容許我過渡到我們的第三季業績。

Third quarter sales were $20.2 billion and comparable sales were down 1.1%.

第三季銷售額為 202 億美元，可比銷售額下降 1.1%。

Our results were modestly better than expected, even excluding storm-related activity driven by strong Pro and online sales and smaller ticket outdoor DIY projects.

我們的結果略好於預期，甚至不包括由強勁的專業和線上銷售以及較小門票的戶外 DIY 項目驅動的與風暴相關的活動。

While demand for DIY discretionary bigger ticket projects remain soft, we're tightly managing our operating expenses and continuing to invest in our Total Home strategy.

雖然對 DIY 可自由支配的大門票項目的需求仍然疲軟，但我們正在嚴格管理我們的營運支出，並繼續投資於我們的 Total Home 策略。

We're particularly pleased with the sustained strength we're delivering in two key areas, Pro and online sales.

我們對我們在專業銷售和線上銷售這兩個關鍵領域所提供的持續實力感到特別滿意。

Our Pro sales were up again in Q3 with high single-digit positive comps.

我們的專業版銷售在第三季再次成長，並實現了高個位數的正值比較。

This growth is being driven by the investments we've made to better serve the small to medium-sized Pro, which is our core Pro customer.

這一成長是由我們為更好地服務中小型專業人士（我們的核心專業客戶）而進行的投資所推動的。

Our efforts to transform the Pro shopping experience continue to pay dividends.

我們為改變專業購物體驗所做的努力持續帶來回報。

We have the inventory depth and the brands that are the most important to these customers, and we're making it easy for them to shop in our stores and online, and through our Pro loyalty program, we're giving them reasons to keep coming back.

我們擁有對這些客戶來說最重要的庫存深度和品牌，我們讓他們可以輕鬆地在我們的商店和網上購物，並透過我們的專業忠誠度計劃，讓他們有理由繼續光臨後退。

Later in the call, Joe will provide more detail on our efforts to continue our momentum in Pro.

稍後在電話會議中，Joe 將提供更多有關我們為繼續 Pro 勢頭而做出的努力的詳細資訊。

We also continue to grow our online sales with 6% comparable sales growth.

我們的線上銷售額也持續成長，可比銷售額成長了 6%。

We've increased both online conversion and traffic, including a double-digit increase in traffic on our Lowe's mobile app.

我們增加了線上轉換率和流量，其中 Lowe's 行動應用程式的流量實現了兩位數的成長。

And we're making it easier and more convenient for customers to order paint and paint supplies online by expanding our free same-day paint delivery program via our gig network.

我們透過零工網絡擴展免費當日油漆送貨計劃，讓客戶可以更輕鬆、更方便地在線訂購油漆和油漆用品。

And as a reminder, paint remains the number one home improvement project.

提醒一下，油漆仍然是排名第一的家居裝修項目。

So we've added more brands and products to our same-day delivery options so customers can get what they need to finish their projects faster, delivered right to their home or job site.

因此，我們在當天交付選項中添加了更多品牌和產品，以便客戶能夠更快地獲得完成項目所需的物品，並直接交付到他們的家中或工作地點。

Customers are also leveraging our new in-store mode in the Lowe's app, which gives them product information at their fingertips.

客戶還可以利用 Lowe's 應用程式中的新店內模式，讓他們觸手可及即可獲得產品資訊。

Through the app, they are able to quickly access product details, reviews, and in-stock information and they can more easily navigate the store to find what they're looking for.

透過該應用程序，他們能夠快速存取產品詳細資訊、評論和庫存信息，並且可以更輕鬆地瀏覽商店以找到他們想要的東西。

And if they don't see the exact product they need on the shelf, they can shop on the app right within the aisles of our stores, or a larger selection of products and finishes from our extended aisle on lowes.com.

如果他們在貨架上沒有看到他們需要的確切產品，他們可以在我們商店過道內的應用程式上購物，或者從 lowes.com 的擴展過道中選擇更多的產品和飾面。

Another way we're driving traffic, both online and in-store is through our MyLowe's Rewards loyalty program, which we just launched in March.

我們增加線上和店內客流量的另一種方式是透過我們於 3 月剛推出的 MyLowe's Rewards 忠誠度計劃。

This free program is designed to reward DIY customers for choosing Lowe's over other retail competitors for their home improvement needs.

此免費方案旨在獎勵 DIY 顧客選擇 Lowe's 而非其他零售競爭對手來滿足其家居裝修需求。

Customers are engaging in the program to take advantage of new member-only offers, earn MyLowe's money, and use their rewards.

客戶參與該計劃是為了利用新的會員專屬優惠、賺取 MyLowe 的資金並使用他們的獎勵。

You'll hear more about our loyalty program from Bill later in the call.

您將在稍後的電話會議中從比爾那裡聽到有關我們忠誠度計劃的更多資訊。

Now allow me to transition to the economy.

現在讓我轉向經濟。

When it comes to the macro environment, this remains a challenging home improvement market.

就宏觀環境而言，這仍然是一個充滿挑戰的家居裝修市場。

While interest rates are beginning to drop, consumers continue to face affordability challenges as both inflation and interest rates are putting pressures on their wallet.

雖然利率開始下降，但消費者繼續面臨負擔能力的挑戰，因為通貨膨脹和利率都給他們的錢包帶來壓力。

Mortgage rates also remained stubbornly high and there's still a meaningful gap between current mortgage rates to purchase a home and the homeowners existing rates with over half of current rates below 4%.

抵押貸款利率也居高不下，目前購屋抵押貸款利率與房主現有利率之間仍存在顯著差距，超過一半的當前利率低於 4%。

Combined with the lack of available homes for sale, housing turnover remains near 30-year lows.

再加上缺乏可供出售的房屋，房屋成交量仍接近 30 年來的最低水準。

Looking ahead, it's unclear when lower rates and improved consumer sentiment will translate into improved home improvement demand.

展望未來，目前尚不清楚較低的利率和改善的消費者信心何時會轉化為改善的家居裝修需求。

However, the three primary drivers of our business continue to work in our favor.

然而，我們業務的三個主要驅動力繼續對我們有利。

One, strong home price appreciation; two, disposable personal income is outpacing inflation; and three, the medium age of homes is the oldest it's been in US history currently sitting at 41 years old.

一、房價強勁升值；第二，個人可支配所得超過通膨；第三，房屋的中等年齡是美國歷史上最古老的，目前已有 41 年歷史。

These drivers will support demand over the long term, which means existing homeowners are likely to continue investing in repairs and upgrades to their homes.

這些驅動因素將長期支持需求，這意味著現有房主可能會繼續投資房屋的維修和升級。

Especially as interest rate pressures ease, we expect that homeowners will start to tap into the record $35 trillion in home equity to finance larger home improvement projects.

特別是隨著利率壓力的緩解，我們預計房主將開始利用創紀錄的 35 兆美元房屋淨值來為更大的家居裝修項目提供資金。

These factors along with long-term demand drivers like millennial household formation, Baby Boomers aging in place, and continued remote work reinforce our optimism around the medium to long-term outlook for the home improvement industry.

這些因素加上千禧世代家庭組成、嬰兒潮世代就地老化以及持續遠距工作等長期需求驅動因素，增強了我們對家居裝修行業中長期前景的樂觀態度。

In the meantime, we're investing in our Total Home Strategy to position the company for long-term growth and sustainable market share gains in preparation for the anticipated home improvement market recovery.

同時，我們正在投資全面家居策略，以使公司實現長期成長和可持續的市場份額成長，為預期的家居裝修市場復甦做好準備。

We're looking forward to telling you more about our plans at our Analyst and Investor Conference next month.

我們期待在下個月的分析師和投資者會議上向您詳細介紹我們的計劃。

Before I wrap up, I'd like to extend our thoughts and prayers to everyone who was impacted by Hurricanes Helene and Milton.

在結束之前，我想向所有受到颶風海倫和米爾頓影響的人表達我們的想法和祈禱。

And I want to express my gratitude to our associates, suppliers and first responders for their efforts to support those in the storm's path.

我要向我們的員工、供應商和急救人員表示感謝，感謝他們為支持風暴中的人們所做的努力。

Working together, the teams provided round-the-clock support ahead of both hurricanes and immediately mobilize in their wake to help address urgent needs and impact the communities across the Southeast.

這些團隊共同努力，在兩次颶風發生前提供了全天候支持，並在颶風過後立即動員起來，幫助解決緊急需求並影響東南部的社區。

As part of the larger storm recovery efforts in our company's history, Lowe's has pledged $12 million to support disaster relief assistance through several nonprofit organizations with boots on the ground.

作為我們公司歷史上更大規模的風暴復原工作的一部分，Lowe's 已承諾透過多個實地非營利組織提供 1,200 萬美元的救災援助。

As part of this commitment, we recently announced plans to provide $2.5 million in grants and support to how small businesses in Western North Carolina, recover and to rebuild.

作為這項承諾的一部分，我們最近宣布計劃提供 250 萬美元的贈款和支持，幫助北卡羅來納州西部的小型企業恢復和重建。

Joe, Bill, and Brandon will each share more detail on Lowe's response efforts and provide more context on how these storms impacted our results.

喬、比爾和布蘭登將分別分享更多有關勞氏應對工作的細節，並提供更多有關這些風暴如何影響我們結果的背景資訊。

In closing, I'd like to thank all of our frontline associates for their dedication to serving our customers and supporting our communities.

最後，我要感謝我們所有的第一線員工為服務客戶和支持社區所做的奉獻。

I especially would like to salute our frontline associates in Florida and North Carolina for their commitment to their neighbors and for their resiliency.

我特別想向佛羅裡達州和北卡羅來納州的第一線員工致敬，感謝他們對鄰居的承諾和堅韌。

Now I'd like to turn the call over to Joe to talk more about our storm recovery efforts and our store operations.

現在我想把電話轉給喬，多談談我們的風暴恢復工作和商店運營。

Thank you, Marvin, and good morning, everyone.

謝謝你，馬文，大家早安。

Hundreds of stores felt the impact of Hurricanes Helene and Milton and our operations team worked tirelessly to get them up and running quickly, leveraging our improved disaster response capabilities that we have continued to enhance over the years.

數百家商店受到了颶風海倫和米爾頓的影響，我們的營運團隊不知疲倦地工作，利用我們多年來不斷增強的改進的災難響應能力，使它們快速恢復運行。

Investments in our supply chain network helped us mobilize essential supplies, staging inventory in nearby distribution center facilities more efficiently ahead of the storms and flowing products to impacted stores more quickly afterward.

對供應鏈網路的投資幫助我們動員了必要的物資，在暴風雨發生前更有效地在附近的配送中心設施中儲存庫存，並在暴風雨過後更快地將產品運送到受影響的商店。

Recent investments in Pro job site delivery, especially in hurricane prone areas, also helped with our relief efforts, so we can more quickly flow larger orders to our Pro customers to support their work helping homeowners recover.

最近對Pro 工作現場交付的投資，特別是在颶風多發地區，也有助於我們的救災工作，因此我們可以更快地將更大的訂單發送給我們的Pro 客戶，以支持他們的工作，幫助房主恢復。

In the largest activation of its history, our command center team coordinated these efforts across the company, while district and store managers responded to the needs of their communities by ensuring that critical supplies were positioned for convenient access for our customers.

在其歷史上最大規模的活動中，我們的指揮中心團隊協調了整個公司的這些工作，而地區和商店經理則透過確保關鍵供應品的位置方便我們的客戶來滿足其社區的需求。

Additionally, hundreds of associates have volunteered in Western North Carolina to clean houses, clear debris, and serve warm meals.

此外，數百名員工自願在北卡羅來納州西部清潔房屋、清除雜物並提供熱餐。

And I'm particularly grateful to the over 1,000 emergency response team members who voluntarily left their homes to support stores in the impacted areas.

我特別感謝 1,000 多名緊急應變小組成員，他們自願離開家園，為受影響地區的商店提供支援。

These teams quickly mobilized to serve customers reeling from storm impacts and to relieve local associates, so they could focus on their own recovery efforts.

這些團隊迅速動員起來，為遭受風暴影響的客戶提供服務，並為當地員工提供協助，以便他們能夠專注於自己的復原工作。

Despite the challenges posed by the storms, I'm pleased that we maintained our recent gains in customer satisfaction.

儘管風暴帶來了挑戰，但我很高興我們保持了近期客戶滿意度的成長。

This is a reflection of the investments we've made in tech-driven enhancements to the customer experience as well as the ongoing commitment of our associates to deliver outstanding customer service.

這反映了我們在技術驅動的客戶體驗增強方面所做的投資，以及我們員工對提供卓越客戶服務的持續承諾。

Shifting gears to our performance in Pro.

轉向 Pro 中的性能。

As Marvin mentioned, we delivered positive high single-digit Pro comp sales in the quarter, with broad-based growth across regions and merchandising categories.

正如馬文所提到的，我們在本季度實現了高個位數的 Pro comp 銷售額，各個地區和商品類別都有廣泛的成長。

And we continue to deliver outsized growth in Pro online sales, driven by our enhanced digital offering for the Pro.

在我們增強的 Pro 數位產品的推動下，我們繼續實現 Pro 線上銷售的大幅成長。

We recently launched Shop the Job, a digital shopping experience that helps our Pro loyalty customers purchase everything they need for specific jobs more quickly and efficiently, cutting down in the time spent sending runners from job site to buy forgotten items.

我們最近推出了“Shop the Job”，這是一種數位購物體驗，可幫助我們的專業忠誠度客戶更快、更有效率地購買特定工作所需的一切，從而減少將跑步者從工作現場送往購買遺忘物品所花費的時間。

We launched this program with a focus on kitchens, bath, and flooring projects and look forward to expanding to additional project types as we incorporate our Pro customers' feedback on this initial rollout.

我們啟動了該計劃，重點關注廚房、浴室和地板項目，並期待在納入專業客戶對此初始推出的反饋後擴展到其他項目類型。

Looking ahead, Pros in our recent survey indicated that their backlogs remain strong and consistent with prior year.

展望未來，我們最近的調查顯示，專業人士表示，他們的積壓訂單仍然強勁，並且與去年保持一致。

They also remain confident about their access to financing, labor, and materials.

他們對獲得融資、勞動力和材料也仍然充滿信心。

All key factors drive the success of their business.

所有關鍵因素都推動其業務成功。

Turning to our efforts to become the employer of choice in retail.

談談我們為成為零售業首選雇主所做的努力。

A few weeks ago, we concluded our annual engagement survey, a critical component of our proactive associate listening strategy.

幾週前，我們完成了年度敬業度調查，這是我們主動員工傾聽策略的重要組成部分。

Our 90%-plus response rate is industry-leading and we're pleased that our preliminary scores across the key measures of engagement and leadership effectiveness continued to improve as past surveys show a correlation between more engaged associates and stronger business results driven by better customer service.

我們超過90% 的回覆率處於行業領先地位，我們很高興看到我們在敬業度和領導力有效性關鍵指標上的初步得分持續提高，因為過去的調查顯示，更敬業的員工與更好的客戶推動的更強勁的業務成果之間存在相關性服務。

As Marvin mentioned, we continue to see increased engagement in our MyLowe's Rewards programs, and we're pleased this quarter to recognize first responders by upgrading them automatically to silver key status.

正如 Marvin 所提到的，我們繼續看到 MyLowe 獎勵計劃的參與度不斷增加，我們很高興本季透過將急救人員自動升級為銀鑰匙狀態來表彰他們。

This is part of our Fourth Annual First Responders appreciation event held last month.

這是我們上個月舉行的第四屆年度急救人員答謝活動的一部分。

This is just another way we're working to show our gratitude for the mission-critical work they do for our communities.

這只是我們向他們為我們社區所做的關鍵任務工作表示感謝的另一種方式。

Finally, I'm looking forward to discussing what's next on our perpetual productivity improvement, or PPI road map, next month at the Analyst and Investor Conference.

最後，我期待在下個月的分析師和投資者會議上討論我們的永久性生產力改善或 PPI 路線圖的下一步。

We'll discuss our continuing efforts to elevate the customer experience, while at the same time, enhancing labor productivity through tech-driven solutions.

我們將討論我們為提升客戶體驗所做的持續努力，同時透過技術驅動的解決方案提高勞動生產力。

I would like to close by thanking all of our associates for their hard work and commitment to our customers.

最後，我要感謝我們所有員工的辛勤工作和對客戶的承諾。

And now let me turn it over to Bill.

現在讓我把它交給比爾。

Thank you, Joe, and good morning, everyone.

謝謝你，喬，大家早安。

We're pleased with the strong performance we delivered in Pro and online again this quarter.

我們對本季在專業版和線上版中再次提供的強勁表現感到滿意。

And while DIY bigger ticket discretionary demand remains pressured, we saw improved results in outdoor categories.

儘管 DIY 大票可自由支配需求仍面臨壓力，但我們看到戶外類別的表現有所改善。

Now turning to our results in hardlines, where we delivered positive comps driven in part by hurricane-related sales of products like generators, chainsaws, cleaning supplies, water, gas cans, tarps, and flashlights.

現在轉向我們在強硬領域的業績，我們取得了積極的業績，部分原因是發電機、鏈鋸、清潔用品、水、煤氣罐、防水布和手電筒等與颶風相關的產品銷售。

We also saw customers engage in projects to help their lawns recover from a summer of intense heat, which drove strength in outdoor categories like lawn care, landscape products, and fall cleanup supplies.

我們還看到客戶參與了幫助他們的草坪從夏季酷熱中恢復過來的項目，這推動了草坪護理、景觀產品和秋季清潔用品等戶外類別的發展。

Taking all of this into account, we delivered positive comps for the quarter in both seasonal and outdoor living and hardware.

考慮到所有這些，我們在本季在季節性和戶外生活以及硬體方面提供了積極的回報。

Next, we're getting ready for the upcoming holiday season.

接下來，我們正在為即將到來的假期做好準備。

We're offering customers innovative products at great values all season long, starting with our new Black Friday buildup event.

從我們新的黑色星期五累積活動開始，我們整個季節都為客戶提供超值的創新產品。

We're encouraging customers who are gearing up for the holidays to shop early with deals on top-rated CRAFTSMAN, DeWalt, and Kobalt tools.

我們鼓勵準備迎接假期的顧客儘早購買頂級 CRAFTSMAN、DeWalt 和 Kobalt 工具的折扣。

And next week, we're excited to welcome customers to our Black Friday event where they can continue to save with online exclusive deals and special in-store offers that will be too good to pass up.

下週，我們很高興歡迎客戶參加我們的黑色星期五活動，他們可以繼續透過網路獨家優惠和店內特別優惠來節省開支，這些優惠將是不容錯過的。

During the event, MyLowe's Rewards loyalty members will also have early access to more exclusive doorbusters on Thanksgiving Day on lowes.com.

活動期間，MyLowe's Rewards 忠誠會員還可在感恩節當天在 lowes.com 上搶先體驗更多獨家精彩內容。

In fact, since tools are perfect holiday gifts for both the do-it-yourselfer and the Pro and your family, we'll have compelling offers from brands like Klein and DeWalt and DeWalt will take over the Pro drop zone in a big way throughout the holiday season.

事實上，由於工具對於DIY 愛好者、Pro 和您的家人來說都是完美的節日禮物，因此我們將提供來自Klein 和DeWalt 等品牌的極具吸引力的優惠，DeWalt 將在整個過程中大幅佔領Pro 投放區假期期間。

We're featuring a great selection of DeWalt's best-performing 20-Volt Max XR batteries and power tools, which have more power, longer run times, and increased durability compared to a typical 20-volt battery.

我們精選了一系列 DeWalt 性能最佳的 20 伏特 Max XR 電池和電動工具，與典型的 20 伏特電池相比，它們具有更大的功率、更長的運行時間和更高的耐用性。

Turning to building products, where we delivered comps above the company average, driven by positive comps in building materials with the continued strength in Pro as well as hurricane-related sales.

談到建築產品，我們的業績高於公司平均水平，這得益於建築材料的積極業績以及 Pro 和颶風相關銷售的持續強勁。

And we're continuing to add to our powerful Pro brand arsenal by welcoming to Lowe's, the world leader in drywall tools, wal-board tools.

我們將繼續增加我們強大的 Pro 品牌庫，歡迎世界領先的乾牆工具、牆板工具 Lowe's 的加入。

This new assortment will include a comprehensive range of the best and most innovative products in the industry that caters to both seasoned drywall professionals and DIYers.

這個新產品系列將包括一系列業內最好、最具創新性的產品，可滿足經驗豐富的乾牆專業人士和 DIY 愛好者的需求。

With tools for every step of the drywall process, from taping knives and trowels to texturing and repair patches.

提供適合乾牆工藝每一步的工具，從膠帶刀和抹子到紋理和修補補丁。

We're also pleased to introduce the Pella Steady Set interior installation system, an innovative way for Pros to install windows from the inside.

我們也很高興推出 Pella Steady Set 室內安裝系統，這是專業人士從內部安裝窗戶的創新方式。

It's faster and safer than exterior installation because installers now won't have to carry a window up a ladder.

它比外部安裝更快、更安全，因為安裝人員現在不必將窗戶搬上梯子。

This innovative solution turns a three-day installation into a one-day job and reduces latter time by 70%.

這項創新解決方案將三天的安裝變成了一天的工作，並將後期時間縮短了 70%。

This will be a game changer for Pros, making it easier than ever for them to provide high-quality window installation while cutting down on labor expense.

這將改變專業人士的遊戲規則，使他們比以往任何時候都更容易提供高品質的窗戶安裝，同時減少人工費用。

Shifting now to home decor.

現在轉向家居裝飾。

We continue to see ongoing pressure in DIY bigger ticket discretionary projects in categories like flooring, kitchen and bath, and decor.

我們繼續看到地板、廚房和浴室以及裝飾等類別的 DIY 大件可自由支配項目持續面臨壓力。

In appliances, third quarter comps improved slightly from our Q2 trends driven by growth in average ticket size.

在家電領域，由於平均門票規模的成長，第三季的業績較第二季的趨勢略有改善。

We delivered positive comps in laundry, partly driven by the expansion of the new all-in-one washer and dryer units and integrated wash towers.

我們在洗衣業取得了積極的業績，部分原因是新型一體式洗衣機和烘乾機以及整合式洗滌塔的擴張。

These new and exciting products are driving growth in laundry and reflect the customers' willingness to trade up for innovation and new products.

這些令人興奮的新產品正在推動洗衣業的成長，並反映了客戶購買創新和新產品的意願。

Another example of consumers responding to innovation is in refrigeration with LG's new Zero Clearance line, which has a hinge system that allows homeowners to install the refrigerator in tight spaces and still fully open both doors with virtually no extra clearance needed.

消費者回應創新的另一個例子是 LG 全新零間隙系列冰箱，該系列具有鉸鏈系統，允許房主將冰箱安裝在狹窄的空間中，並且仍然完全打開兩扇門，幾乎不需要額外的間隙。

Finally, we're pleased to see continued momentum in our MyLowe's Rewards loyalty program with promising results in key performance metrics like repeat purchases, average order value, and penetration of loyalty member purchases.

最後，我們很高興看到 MyLowe's Rewards 忠誠度計劃的持續發展勢頭，在重複購買、平均訂單價值和忠誠度會員購買滲透率等關鍵績效指標方面取得了可喜的成果。

And we're now leveraging the insights we gain from our loyalty program to transform our marketing with tailored offers by anticipating what customers need next.

現在，我們正在利用從忠誠度計劃中獲得的見解，透過預測客戶下一步的需求，透過量身定制的產品來改變我們的行銷方式。

And we're reminding them to take advantage of their MyLowe's money sending them tailored offers to entice them to return and shop categories we know they've shopped before.

我們提醒他們利用 MyLowe's 資金向他們發送量身定制的優惠，以吸引他們返回併購買我們知道他們以前購買過的類別。

We're also giving members exclusive access to new product launches like best customer events and doorbusters.

我們也為會員提供獨家參與新產品發布的機會，例如最佳客戶活動和上門活動。

In October, we launched our first ever member week with offers across categories like appliances, kitchens and bath, paint and more.

十月，我們推出了首個會員週，提供電器、廚房和浴室、油漆等類別的優惠。

For the first time, we now have the ability to drive our own event schedule for our DIY customers.

現在，我們第一次能夠為 DIY 客戶制定自己的活動行程。

Instead of being tied to the calendar, we can now create events when we see an opportunity to drive excitement, traffic, and sales.

現在，當我們看到有機會推動興奮、流量和銷售時，我們可以創建活動，而不是受日曆的束縛。

In closing, I'd like to thank our supplier partners and merchants for their hard work and shared commitment to ensuring we have the right brands and the right assortment for our DIY and Pro customers.

最後，我要感謝我們的供應商合作夥伴和商家的辛勤工作和共同承諾，以確保我們為 DIY 和 Pro 客戶提供正確的品牌和正確的產品組合。

And I'd like to recognize two of our suppliers for their support of our storm recovery efforts.

我還要感謝我們的兩家供應商對我們的風暴復原工作的支持。

Starting with Niagara Water.

從尼亞加拉水開始。

This team sent more than 700 truckloads of additional bottled water from their plants outside of our typical network, in many cases, turning around our orders in less than 24 hours to help us serve our customers in need.

該團隊從我們典型網路之外的工廠額外發送了 700 多卡車瓶裝水，在許多情況下，在不到 24 小時內完成了我們的訂單，以幫助我們為有需要的客戶提供服務。

And also FIRMAN Power Equipment.

還有 FIRMAN 電力設備。

They source generators from all around North America to get them to our stores and our customers in the hardest hit areas where their warehouse crews work literally overnight and through the weekends to ensure our emergency orders arrived in less than 24 hours.

他們從北美各地採購發電機，將其運送到受災最嚴重地區的我們的商店和客戶那裡，他們的倉庫工作人員幾乎整夜和整個週末都在工作，以確保我們的緊急訂單在24 小時內送達。

They also deployed two storm trailers with dedicated staff to Lowe's stores across Georgia, North Carolina, and South Carolina, to help our customers start their generators, find the right product for their needs and even repair old units regardless of the brand.

他們還向喬治亞州、北卡羅來納州和南卡羅來納州的Lowe's 商店部署了兩輛配有專職人員的風暴拖車，幫助我們的客戶啟動發電機、找到適合他們需求的產品，甚至維修舊設備（無論品牌如何）。

I want to thank them and all of our suppliers who stepped up to help during this difficult time.

我要感謝他們以及我們所有在這個困難時期挺身而出提供幫助的供應商。

And now I'd like to turn the call over to Brandon.

現在我想把電話轉給布蘭登。

Thank you, Bill, and good morning.

謝謝你，比爾，早安。

Beginning with our Q3 results, we generated GAAP diluted earnings per share of $2.99. In the quarter, we recognized a pretax gain of $54 million on deferred consideration associated with the 2022 sale of our Canadian retail business.

從第三季業績開始，我們的 GAAP 攤薄每股收益為 2.99 美元。在本季度，我們因與 2022 年出售加拿大零售業務相關的遞延對價而確認了 5,400 萬美元的稅前收益。

Excluding this benefit, we delivered adjusted diluted earnings per share of $2.89. My comments from this point forward will include certain non-GAAP comparisons that exclude this benefit were applicable.

不計此收益，我們的調整後攤薄每股收益為 2.89 美元。從現在開始，我的評論將包括某些不包括此好處的非公認會計準則比較。

Third quarter sales were $20.2 billion with comparable sales down 1.1%.

第三季銷售額為 202 億美元，可比銷售額下降 1.1%。

We estimate the demand generated by hurricanes, Helene and Milton positively impacted comp sales by roughly 100 basis points.

我們估計颶風、海倫和米爾頓產生的需求對公司銷售產生了約 100 個基點的正面影響。

Excluding the storm-related lift, sales came in modestly better than expected, driven by continued strength in Pro and online, as well as smaller outdoor projects as customers work to address the impact of intense summer heat on their outdoor living spaces.

排除與風暴相關的影響，銷售額略好於預期，這得益於專業版和線上版以及小型戶外專案的持續強勁，因為客戶正在努力解決夏季酷熱對其戶外生活空間的影響。

Comparable average ticket was up 0.2%, driven by strength in Pro, an increase in average ticket for appliances and sales of storm-related products.

受 Pro 市場強勢、家電平均門票增加以及風暴相關產品銷售的推動，可比平均門票上漲 0.2%。

Comparable transactions declined 1.3% as continued softness in DIY discretionary projects was partly offset by growth in Pro transactions.

可比交易量下降 1.3%，因為 DIY 可自由支配項目的持續疲軟被專業交易量的成長部分抵消。

Our monthly comps were down 3.3% in August, down 1.2% in September, and up 1.3% in October as hurricane-related sales positively impacted the second half of the quarter.

由於颶風相關的銷售對本季下半年產生了積極影響，我們的月度比較 8 月份下降了 3.3%，9 月份下降了 1.2%，10 月份增長了 1.3%。

Gross margin was 33.7% of sales in the third quarter, up slightly from prior year.

第三季毛利率佔銷售額的33.7%，比去年同期略有上升。

Gross margin benefited from ongoing PPI initiatives, which were largely offset by continuing supply chain investments and storm-related pressures, which included mix pressure from lower-margin products, like generators, chainsaws and lumber, incremental transportation costs to expedite product into affected areas and inventory losses from damages in multiple locations.

毛利率受益於持續的生產者物價指數(PPI) 舉措，該舉措在很大程度上被持續的供應鏈投資和風暴相關壓力所抵消，其中包括發電機、鏈鋸和木材等利潤率較低的產品帶來的混合壓力、加快產品進入受影響地區的增量運輸成本以及多個地點因損壞而造成的庫存損失。

Adjusted SG&A of 19.2% of sales delevered 86 basis points versus prior year.

調整後的 SG&A 佔銷售額的 19.2%，與前一年相比減少了 86 個基點。

Adjusted SG&A was largely in line with our expectations except for direct storm-related expenses, which included philanthropic support for our communities and associates, repair and impairment costs for damaged stores and facilities, and incremental labor and other operating expenses like using diesel generators to power buildings during extended electrical outages.

調整後的銷售及管理費用基本上符合我們的預期，但與風暴直接相關的費用除外，其中包括對我們社區和員工的慈善支持、受損商店和設施的維修和減值成本，以及增量勞動力和其他營運費用（例如使用柴油發電機發電）長時間停電期間的建築物。

Adjusted operating margin rate of 12.3% declined 86 basis points and the adjusted effective tax rate of 24.2% was in line with prior year.

調整後營業利益率為 12.3%，下降 86 個基點，調整後有效稅率為 24.2%，與去年持平。

Inventory ended Q3 at $17.6 billion, which was roughly flat to prior year as we continue to manage our purchases in line with sales trends and invest in key Pro items.

第三季末庫存為 176 億美元，與去年同期基本持平，因為我們繼續根據銷售趨勢管理採購並投資關鍵專業產品。

Now turning to capital allocation.

現在轉向資本配置。

In the third quarter, we generated $728 million of free cash flow.

第三季度，我們產生了 7.28 億美元的自由現金流。

Capital expenditures totaled $571 million as we continue to invest in our key growth initiatives.

我們繼續投資於我們的關鍵成長計劃，資本支出總計 5.71 億美元。

We repurchased 2.9 million shares for $758 million and paid $654 million in dividends, returning over $1.4 billion to our shareholders.

我們以 7.58 億美元的價格回購了 290 萬股股票，並支付了 6.54 億美元的股息，向股東返還了超過 14 億美元。

In September, we repaid a $450 million bond maturity and ended Q3 at adjusted debt-to-EBITDAR of 3.04 times.

9 月份，我們償還了 4.5 億美元的到期債券，第三季末，調整後債務與 EBITDAR 比率為 3.04 倍。

And we delivered a return on invested capital of over 31%.

我們的投資資本報酬率超過 31%。

Now turning to our outlook.

現在轉向我們的展望。

We are updating our full year 2024 financial outlook to reflect better-than-expected third quarter results and anticipated modest storm-related demand in the fourth quarter.

我們正在更新 2024 年全年財務展望，以反映好於預期的第三季業績以及預期第四季度與風暴相關的適度需求。

While our third quarter results came in ahead of expectations, much of it was driven by hurricane-related sales, while underlying DIY demand remains pressured, especially for discretionary projects.

雖然我們第三季的業績超出了預期，但很大程度上是由颶風相關的銷售推動的，而潛在的 DIY 需求仍然面臨壓力，尤其是對於可自由支配的項目。

Taking these factors into account, we are now expecting 2024 sales in the range of $83 billion to $83.5 billion, with comparable sales in a range of down 3% to down 3.5%.

考慮到這些因素，我們目前預計 2024 年銷售額將在 830 億美元至 835 億美元之間，可比銷售額將下降 3% 至 3.5%。

We also now expect adjusted operating margin of between 12.3% and 12.4%, reflecting the benefits of our ongoing PPI initiatives as well as the incremental direct costs and a lower gross margin rate profile for storm-related activities.

我們現在也預計調整後的營業利潤率將在 12.3% 至 12.4% 之間，反映了我們正在進行的 PPI 計劃的好處以及風暴相關活動的增量直接成本和較低的毛利率狀況。

Additionally, we expect full year net interest expense of approximately $1.3 billion, capital expenditures of approximately $2 billion, and adjusted effective income tax rate of approximately 24.5%.

此外，我們預計全年淨利息支出約為 13 億美元，資本支出約為 20 億美元，調整後有效所得稅率約為 24.5%。

This results in an updated outlook for adjusted diluted earnings per share of approximately $11.80 to $11.90.

這導致調整後稀釋每股收益的最新前景約為 11.80 美元至 11.90 美元。

I'm confident that our continued investments in our Total Home Strategy and our ability to effectively manage our business in any environment will allow us to navigate any near-term market uncertainty while continuing to deliver long-term shareholder value.

我相信，我們對整體家居策略的持續投資以及我們在任何環境下有效管理業務的能力將使我們能夠應對任何短期市場不確定性，同時繼續提供長期股東價值。

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

至此，我們將開放回答您的問題。

(Operator Instructions) Peter Benedict, Baird.

（操作員說明）Peter Benedict，Baird。

First, just on the DIY loyalty program, you mentioned better penetration levels and renewal rates or repeat rates, I should say, and AOV, any more color you can add on that?

首先，就 DIY 忠誠度計劃而言，您提到了更好的滲透率和續訂率或重複率，我應該說，AOV，您還可以在此基礎上添加更多內容嗎？

I'm curious where those maybe sit.

我很好奇那些可能坐在哪裡。

And curious on the year two playbook for DIY loyalty, I imagine a lot has been focused on kind of gathering the membership at this point.

我對第二年的 DIY 忠誠度手冊感到好奇，我想此時很多人都專注於聚集會員。

But just curious kind of what the year two playbook looks like for the DIY loyalty program.

但只是好奇 DIY 忠誠度計劃的第二年劇本是什麼樣的。

That's my first question.

這是我的第一個問題。

Peter, this is Marvin.

彼得，這是馬文。

I'll take your question.

我來回答你的問題。

I would say we're really pleased with the entire program.

我想說我們對整個計劃非常滿意。

As a reminder, we launched it in March, and we're continuing to see the membership build.

提醒一下，我們在三月推出了它，我們正在繼續看到會員人數的增加。

This past October, we launched our first ever member week, which really allowed us to hit a record enrollment week based on that event.

去年十月，我們推出了有史以來的第一個會員週，這確實讓我們在活動的基礎上創下了註冊週的記錄。

So all in all, we're extremely pleased.

總而言之，我們非常高興。

We're seeing the key metrics that really matter for loyalty program, things like repeat purchases, average order value for loyalty members.

我們看到了忠誠度計畫真正重要的關鍵指標，例如重複購買、忠誠度會員的平均訂單價值。

And we're also seeing a higher penetration of our loyalty members making larger purchases.

我們也發現，忠誠會員的購買量越來越大。

Now the caveat is that we're going to provide a lot more detail on this program, not only kind of where we are, but where we're headed at the Analyst and Investor Conference next month.

現在需要注意的是，我們將提供有關該計劃的更多細節，不僅是我們目前的情況，而且是我們在下個月的分析師和投資者會議上的發展方向。

As a matter of fact, it's going to be one of our key discussion topics.

事實上，這將成為我們的主要討論主題之一。

So we'll kind of hold off on talking about the future of the program until that time.

因此，我們將推遲討論該計劃的未來，直到那時。

Obviously if Bill has any other specifics on the program just to share our degree of confidence and excitement around kind of what we're seeing thus far.

顯然，比爾是否對該計劃有任何其他細節，只是為了分享我們對迄今為止所看到的事情的信心和興奮程度。

Peter, the only thing I would add is that in my prepared remarks, I talked about being able to offer some tailored events.

彼得，我唯一要補充的是，在我準備好的發言中，我談到能夠提供一些量身定制的活動。

And so next week, as we head into Black Friday on Thanksgiving Day, we'll give our members early access to some MyLowe's Rewards offers, and so we're excited about that.

因此，下週，當我們進入感恩節黑色星期五時，我們將讓我們的會員儘早獲得一些 MyLowe's Rewards 優惠，因此我們對此感到興奮。

And as Marvin mentioned, we did our first ever October member-only week.

正如馬文所提到的，我們舉辦了有史以來第一個 10 月會員專屬週。

And so I think that allows us to learn a lot and we can work within our own calendar to create these exclusive events for our members and do some special things as we go forward.

因此，我認為這讓我們能夠學到很多東西，我們可以在自己的日曆內為我們的會員創建這些獨家活動，並在我們前進的過程中做一些特別的事情。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

My follow-up would just be around tariffs.

我的後續行動只是圍繞關稅。

Any way you want to frame kind of the exposure?

你想用什麼方式來構圖曝光？

And actually, even more interested in just what the playbook looks this time in the event some of the increases being tossed around come to fruition, everybody went through this a handful of years ago.

事實上，更感興趣的是，如果一些被拋來拋去的增加最終實現的話，這一次的劇本會是什麼樣子，每個人幾年前都經歷過這個。

Just curious, your kind of approach, your level of exposure and your thoughts on tariffs if they are to increase here.

只是好奇，你的做法、你的接觸程度以及你對關稅是否會增加的想法。

Yeah.

是的。

So Peter, this is Marvin.

彼得，這是馬文。

I'll start it off by saying a statement of the obvious, and that is it's very early.

首先我要說一個顯而易見的事實，就是現在還太早。

And like everyone, we're waiting to see what happens when the Trump administration actually takes office in January.

和所有人一樣，我們正在等待川普政府在一月真正就職時會發生什麼事。

Having said that, we feel good about the processes and the systems we put in place since the first Trump administration to manage tariffs or other challenges.

話雖如此，我們對自川普第一屆政府以來所製定的管理關稅或其他挑戰的流程和系統感到滿意。

I'll hand it over to Bill to talk about some of the work we've done to diversify our sourcing over the past few years and then I'll see if Brandon after that has any additional comments.

我將把它交給比爾，談談過去幾年我們為實現採購多元化所做的一些工作，然後我將看看布蘭登是否有任何其他評論。

Yeah.

是的。

Thanks, Marvin.

謝謝，馬文。

We've built out what I think is probably one of the strongest teams in retail.

我們已經建立了我認為可能是零售業最強大的團隊之一。

And so as far as from a playbook perspective, we've got enhanced tools, a really strong process in order to deliver whatever gets thrown at us.

因此，從劇本的角度來看，我們擁有增強的工具，一個非常強大的流程，可以交付我們遇到的任何問題。

In addition to Marvin's comment, we've been working over the last few years with our supplier partners and our private brand partners to diversify our products, and we'll continue to do that.

除了馬文的評論之外，過去幾年我們一直在與我們的供應商合作夥伴和自有品牌合作夥伴合作，以使我們的產品多樣化，我們將繼續這樣做。

And a big part of our playbook is to work closely with our suppliers to manage whatever comes our way.

我們的策略的一個重要部分是與我們的供應商密切合作來管理我們遇到的任何問題。

And so we feel really comfortable and confident that we can address whatever is that gets thrown at us.

因此，我們感到非常放心和自信，我們可以解決任何向我們拋出的問題。

Yeah.

是的。

And Peter, this is Brandon.

彼得，這是布蘭登。

Just as Marvin said, definitely staying very close to this.

正如馬文所說，肯定會非常接近這一點。

We're preparing internally for what may be coming from the new administration.

我們正在為新政府可能採取的措施進行內部準備。

I'll just mention roughly 40% of our cost of goods sold are sourced outside of the US and that includes both direct imports and national brands through our vendor partners.

我只想提一下，我們大約 40% 的銷售商品成本是在美國境外採購的，其中包括直接進口商品和透過我們的供應商合作夥伴購買的國內品牌商品。

And as we look at potential impact, certainly would add product costs, but timing and details remain uncertain at this point.

當我們考慮潛在影響時，肯定會增加產品成本，但時間和細節目前仍不確定。

But just as Bill said, we believe we're well prepared to respond when and if it does happen.

但正如比爾所說，我們相信，當這種情況確實發生時，我們已經準備好了應對。

Steven Forbes, Guggenheim Securities.

史蒂文福布斯，古根漢證券。

Marvin, maybe a follow-up to Peter's question on DIY.

馬文，也許是彼得關於 DIY 問題的後續。

And really just wanted to get your higher-level thoughts on how you guys are thinking about planning the business for next year as we look at DIY trends, sort of this quarter, may be showing signs of stability on a multiyear basis?

當我們觀察 DIY 趨勢時，我真的只是想了解你們如何考慮明年的業務規劃，在本季度，可能會在多年的基礎上顯示出穩定的跡象？

Or really just wanted to dig into how you guys are thinking about predicting or forecasting the DIY performance of the business, just given some of the challenging comps you've had over the past couple of years here?

或者真的只是想深入了解你們如何考慮預測或預測業務的 DIY 績效，只是考慮到過去幾年你們在這裡遇到的一些具有挑戰性的比較？

And if there's any sort of path or a visible path to a return to sort of stability in comp as it pertains to DIY.

如果有任何形式的路徑或可見的路徑可以恢復與 DIY 相關的比賽穩定性。

No, Steve, thanks for the question.

不，史蒂夫，謝謝你的提問。

And look, I state all the time with the team that we have to accept our reality as a company.

看，我一直對團隊說，我們必須接受我們作為一家公司的現實。

And the reality is we are a DIY dominant business, which means that this is very important to us.

事實上，我們是一家以 DIY 為主的企業，這意味著這對我們來說非常重要。

Our loyalty program that we launched this year was specifically designed around putting more control of the DIY business under our stewardship versus being victims to the macro or really victims to weather patterns.

我們今年推出的忠誠度計畫是專門圍繞在我們的管理下對 DIY 業務進行更多控製而設計的，而不是成為宏觀經濟的受害者或真正的天氣模式的受害者。

And so we're excited next month to give some level of detail around the loyalty program and how we believe that, that's going to give us the ability to be more on offense, so to speak, when you think about the DIY customer.

因此，我們很高興下個月就忠誠度計劃提供一定程度的細節，以及我們如何相信，這將使我們有能力更加主動，可以這麼說，當你想到 DIY 客戶時。

Now the reality is that the macro environment puts a lot of pressure on our DIY business because we kind of skew more to that big-ticket DIY discretionary.

現在的現實是，宏觀環境給我們的 DIY 業務帶來了很大的壓力，因為我們更傾向於大件 DIY 業務。

Think of appliances, think of flooring, kitchen and bath, et cetera.

想想電器、地板、廚房和浴室等等。

And so we are requiring some positive response in the macro environment before we can change these trends the way that we would like.

因此，我們需要在宏觀環境中做出一些積極的反應，然後才能以我們希望的方式改變這些趨勢。

But our business thesis is really simple.

但我們的商業論文非常簡單。

We're going to continue to invest in Pro and online, and we're incredibly pleased with what we've seen thus far.

我們將繼續投資專業版和線上版，我們對迄今為止所看到的感到非常滿意。

Anytime you can deliver high single-digit positive comps in any category in this environment, you have to feel good about it.

任何時候，只要你能在這種環境下的任何類別中提供高個位數的正值回報，你就必須對此感覺良好。

And as we've mentioned, we grew our online sales by 6%.

正如我們所提到的，我們的線上銷售額成長了 6%。

So our business thesis is if we can continue to grow Pro at 2x the market, we can continue to grow online, and we can get this DIY business just growing at market based on some macro support, we're going to have a really good financial outcome.

所以我們的商業論點是，如果我們能夠繼續以市場兩倍的速度增長專業版，我們可以繼續在線增長，並且我們可以讓這個DIY 業務在一些宏觀支持的基礎上在市場上增長，我們將擁有一個非常好的財務成果。

And so we're going to provide a lot of detail at the upcoming Analyst and Investor Conference, specifically around our thoughts on the DIY and more importantly, the initiatives that we're going to be either executing at a higher level or implementing that we believe is going to give us a lot more ability to drive this customer segment in the future.

因此，我們將在即將舉行的分析師和投資者會議上提供大量細節，特別是圍繞我們對 DIY 的想法，更重要的是，我們將在更高級別執行或實施我們的舉措相信這將使我們更有能力在未來推動這一客戶群的發展。

Appreciate the color there, Marvin.

欣賞那裡的顏色，馬文。

And just a quick follow-up for Brandon.

布蘭登的快速跟進。

Two parts on the storm-related impacts.

關於風暴相關影響的兩部分。

I guess first, can you quantify the comp contribution in the latter two months of the period?

我想首先，你能量化一下這段時間後兩個月的補償貢獻嗎？

And then as it specifically pertains to gross margin, what were the storm-related pressures on gross margin during the quarter?

那麼，由於它具體與毛利率有關，本季與風暴相關的毛利率壓力是什麼？

Yeah, Steven, this is Brandon.

是的，史蒂文，這是布蘭登。

Just as I said in the prepared remarks, 100 basis points impact to comps in Q3, That was weighted to the back half of the quarter.

正如我在準備好的發言中所說，100 個基點對第三季的比較影響，這是本季後半段的加權。

And again, that's largely related to prep cleanup activities.

再說一遍，這很大程度上與準備清理活動有關。

We saw strength in categories like generators, chainsaws, cleaning supplies, and lumber.

我們看到了發電機、鏈鋸、清潔用品和木材等類別的優勢。

But again, the majority of that back half weighted.

但同樣，大部分後半配重。

As it relates to our margins and pressure from the storms, really what we saw in terms of impacting gross margins, it's reflective of product mix.

因為它與我們的利潤率和風暴的壓力有關，實際上我們在影響毛利率方面看到了這一點，它反映了產品組合。

Again, categories like generators, OPE, we had incremental transportation, damaged inventory in multiple locations.

同樣，對於發電機、OPE 等類別，我們在多個地點增加了運輸和損壞的庫存。

And then from an SG&A standpoint, just a number of one-timers there as it relates to community support, facility repairs, store impairments, and then just some incremental OpEx to support our stores, so definitely a bit of a drag on the incremental sales, mostly isolated to Q3.

然後從 SG&A 的角度來看，只有一些一次性的，因為它與社區支持、設施維修、商店損壞有關，然後只是一些增量運營支出來支持我們的商店，所以肯定會拖累增量銷售，大部分與Q3 隔離。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Can I just ask follow-up on maybe the hurricane and related to Q4.

我可以詢問有關颶風以及與第四季相關的後續情況嗎？

It looks like comps will be a little bit better because of hurricane but EBIT dollars doesn't look like it will be.

由於颶風的影響，公司的表現似乎會好一些，但息稅前利潤似乎不會好一些。

So is there anything unique on margin that's holding back Q4?

那麼，利潤率方面有什麼獨特之處阻礙了第四季的發展嗎？

And I apologize if you said it earlier and I missed it.

如果你之前說過而我錯過了，我深感抱歉。

Simeon, this is Brandon.

西蒙，這是布蘭登。

We are adding some modest storm-related benefit to Q4 in the top line.

我們在第四季的營收中加入了一些與風暴相關的適度收益。

But from an operating margin standpoint, in Q4, excluding storm-related impacts as it relates to the full year roughly in line with the prior year outlook.

但從營業利潤率的角度來看，第四季度排除了風暴相關的影響，因為它與全年的影響大致與前一年的前景一致。

So as I mentioned, most of that is isolated to Q3, slight impact on top line for Q4, but we're not expecting any sort of significant drags from a gross margin or operating margin standpoint in Q4.

正如我所提到的，其中大部分與第三季無關，對第四季度的營收產生輕微影響，但我們預計第四季度的毛利率或營業利潤率不會出現任何重大拖累。

Okay.

好的。

And a follow-up on the Pro.

還有 Pro 的後續產品。

It picked up on at least a single year basis.

它至少在一年內有所回升。

I think it's high single digits.

我認為這是很高的個位數。

So can we talk about what's driving it?

那麼我們可以談談是什麼推動了它嗎？

And I guess this may be difficult to answer, but when the cycle turns, curious, does traditionally DIY or DIFM accelerate more?

我想這可能很難回答，但當週期轉變時，好奇的是，傳統 DIY 或 DIFM 加速更快嗎？

And I get DIY is a bit depressed relative to where you'd like it to be.

我覺得 DIY 相對於你想要的地方來說有點沮喪。

But does that mean it necessarily comes up first?

但這是否意味著它一定會先出現？

Or does the Pro strength continue given where it is?

或者說 Pro 的實力是否會繼續維持在原來的水準？

So Simeon, I'll take the first part of that, and I'll let Joe just give some specifics on some of the initiatives that we're seeing that's really driving the business.

所以西蒙，我將討論第一部分，我將讓喬就我們所看到的真正推動業務發展的一些舉措提供一些具體信息。

So if I could take you back, I mean, when we started this journey back in 2018.

所以，如果我能帶你回到 2018 年我們開始這段旅程的時候。

I mean our Pro penetration was less than 20%, and we didn't really have a true strategy to speak of.

我的意思是我們的 Pro 滲透率還不到 20%，而且我們並沒有真正的策略可言。

And our Total Home Strategy is really starting to pay some benefits, and that's really driving the outperformance.

我們的整體家居策略確實開始帶來一些好處，這確實推動了業績的出色表現。

The things that I can be very specific on that we're seeing this really resonating with our Pro customers, and let me remind you, this is the small to medium Pro customer, which has a total addressable market of about [$250 billion], just that small to medium Pro.

我可以非常具體地說，我們看到這確實與我們的專業客戶產生了共鳴，讓我提醒您，這是中小型專業客戶，其潛在市場總額約為[2500億美元]，只是中小型 Pro。

And so our focus has been on expanding Pro brands, which Bill and his team have done just an incredible job of getting those brands that literally had walked away, or brands that we had to reintroduce to our company.

因此，我們的重點是擴大專業品牌，比爾和他的團隊做了一項令人難以置信的工作，讓那些實際上已經消失的品牌，或者我們必須重新引入我們公司的品牌。

We've improved service levels in the stores, and I'll let Joe speak specifically on that, and we've made just aggressive investments in what we call never out key SKUs to make sure that the Pro is always service when they come in to buy those items.

我們提高了商店的服務水平，我會讓喬具體談談這一點，我們對我們所說的永不淘汰的關鍵 SKU 進行了積極的投資，以確保 Pro 在進入時始終提供服務購買這些物品。

And our loyalty program is providing some level of stickiness even though we're going to talk next month at the Investor Conference, some unique tweaks we're going to make to that.

我們的忠誠度計劃提供了一定程度的黏性，儘管我們將在下個月的投資者大會上討論，我們將對此做出一些獨特的調整。

And digital online for Pro, grew double digits as well, and we're just really pleased with the fulfillment capabilities.

Pro 的數位線上業務也實現了兩位數成長，我們對履行能力感到非常滿意。

So that's the snapshot of kind of how we performed as well as we did in Q3.

這就是我們在第三季的表現的快照。

Now as we think about the recovery, obviously, we don't have a crystal ball, but the way we look at it is what I said earlier.

現在，當我們考慮復甦時，顯然我們沒有水晶球，但我們看待它的方式就是我之前所說的。

We're committed to growing Pro at 2x the market because we think that there's market share we can continue to gain.

我們致力於以市場兩倍的速度發展 Pro，因為我們認為我們可以繼續獲得市場份額。

In the small to medium-sized Pro, we believe is up for grabs and also it's a very fragmented marketplace.

我們認為，在中小型 Pro 中，市場是有待爭奪的，而且這是一個非常分散的市場。

So we believe that what we designed can allow us to continue to grow that at 2x the market.

因此，我們相信我們的設計可以讓我們繼續以市場兩倍的速度成長。

But when the market recovers, we believe that recovery is going to come in earnest in that DIY big ticket and also for the do-it-for-me customer.

但當市場復甦時，我們相信 DIY 大宗商品以及為我做的客戶也將真正復甦。

And those are going to be two specific topics that we're going to be very purposeful in discussing at the upcoming conference around initiatives to drive that.

這些將是兩個具體主題，我們將在即將召開的會議上圍繞推動這一目標的舉措進行有針對性的討論。

So when the inflection happens, we're going to be in a really good position as a company to take advantage of that inflation and have exactly what the customers need from technology and capabilities to serve them.

因此，當拐點發生時，作為一家公司，我們將處於一個非常有利的位置，可以利用通貨膨脹的優勢，並從技術和能力中獲得客戶所需的服務來滿足他們的需求。

Now let me just transition to Joe and he can talk specifically about some of the service initiatives in the store that's really helping us drive this Pro customer.

現在讓我轉向喬，他可以具體談談商店中的一些服務舉措，這些舉措確實幫助我們吸引了這位專業客戶。

Yeah.

是的。

Thanks, Marvin.

謝謝，馬文。

Simeon, as you know, we've been focused on the Pro for the last six years.

Simeon，如你所知，過去六年我們一直專注於 Pro。

And it's all part of the Total Home Strategy.

這都是整體家居戰略的一部分。

And when I think about what is driving the Pros to choose Lowe's today, we talked a lot about the tools we continue to provide to the Pro.

當我思考今天是什麼促使專業人士選擇 Lowe's 時，我們談論了很多關於我們繼續向專業人士提供的工具。

The easy in and out, the investments we're making in our outside sales teams, and more specifically, as you think about our Pro fulfillment centers that we've been focused on across the country.

輕鬆進出，我們對外部銷售團隊進行的投資，更具體地說，當你想到我們一直在全國範圍內關注的專業履行中心時。

And so these allow us to use these facilities in a dual purpose.

因此，我們可以將這些設施用於雙重目的。

And we're very pleased about the survey from Q3.

我們對第三季的調查感到非常高興。

The Pros backlogs continue to have a lot of strength.

專業人士的積壓訂單持續保持強勁勢頭。

They continue to remain healthy, really focused on smaller projects, and we feel that our ability to service this Pro is taking share.

他們繼續保持健康，真正專注於較小的項目，我們認為我們為該 Pro 提供服務的能力正在佔據份額。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

So I'm going to try to go after the DIY question a little bit of a different way.

因此，我將嘗試以不同的方式來解決 DIY 問題。

It looks like DIY was maybe down 4%, the first half was down about 7%.

看起來DIY可能下降了4%，上半年下降了7%左右。

Was this in line with your expectation?

這符合您的預期嗎？

And then thinking forward, if you went back to post the financial crisis, there's a lot of small update projects like paint, some appliance replacement maybe some decor items and needs.

然後展望未來，如果你回到金融危機後，會有很多小的更新項目，例如油漆、一些電器更換，也許還有一些裝飾物品和需求。

So as you look ahead, how does the progression of DIY over the year influence your view on not only like when DIY flips, but how it flips?

那麼，當您展望未來時，一年來 DIY 的進展如何影響您對 DIY 何時翻轉以及如何翻轉的看法？

And do you think that this next cycle, especially considering where rates are, looks like that past period of like 2010 to 2013?

您認為下一個週期（特別是考慮到利率水準）是否與過去的 2010 年至 2013 年類似？

Yeah.

是的。

Chris, this is Brandon.

克里斯，這是布蘭登。

I'll just speak to high-level DIY performance and this kind of ex hurricane for the quarter.

我只想談談高水準的 DIY 性能和本季的這種前颶風。

I would say our trends that we saw largely were in line with our expectations.

我想說，我們看到的趨勢很大程度上符合我們的預期。

As you mentioned, we continue to see strength in some of the smaller project activity.

正如您所提到的，我們繼續看到一些較小項目活動的實力。

We called out outdoor projects.

我們召集了戶外項目。

When we look at the DIY customer, they remain engaged across key events and continue to look for value.

當我們觀察 DIY 客戶時，他們仍然參與關鍵活動並繼續尋找價值。

We saw that over Labor Day and the MyLowe's Rewards week.

我們在勞動節和 MyLowe's 獎勵週期間看到了這一點。

But certainly continued underlying pressure in big-ticket discretionary, so categories like kitchen and bath, flooring and decor, and really continue to just see that tied to the macro.

但可以肯定的是，大件可自由支配品的潛在壓力仍然存在，因此廚房和浴室、地板和裝飾等類別確實繼續只看到與宏觀掛鉤。

We look at mortgage rates that continue to remain elevated, consumer sentiment, housing turnover, affordability continue to create pressure here in the near term.

我們認為，抵押貸款利率持續保持高位，消費者信心、房屋週轉率、負擔能力在短期內持續構成壓力。

So we do see that pressure sort of continuing as we transition from '24 and into '25.

因此，當我們從 24 世紀過渡到 25 世紀時，我們確實看到這種壓力仍在持續。

We are expecting some level of additional engagement and some acceleration as we move from smaller repairs into some of the larger projects, but really the timing of that and into '25 and when that happens is still continues to be uncertain.

當我們從較小的維修轉向一些較大的項目時，我們預計會有一定程度的額外參與和加速，但實際上，進入 25 年以及何時發生仍然不確定。

So that's what we're looking for as we look for an inflection point, but as it relates to the near term, more in line with expectations at this point.

這就是我們在尋找拐點時所尋找的，但由於它與近期有關，因此更符合目前的預期。

And Chris, this is Marvin.

克里斯，這是馬文。

So we've been very specific over the last few years on where we placed our capital investments, and we spent a lot on IT infrastructure on digital, and we spend a lot on store improvement.

因此，過去幾年我們在資本投資方面非常明確，我們在數位化 IT 基礎設施上投入了大量資金，並且在商店改進上投入了大量資金。

So if you think about kitchen and bath showrooms, we have a best-in-class presentation in our stores and we have a best-in-class experience online.

因此，如果您考慮廚房和浴室陳列室，我們在商店中提供一流的展示，並在網路上提供一流的體驗。

When you think about appliances, we have a best-in-class appearance in our stores and presentation.

當您想到電器時，我們在商店和展示中擁有一流的外觀。

We have the best assortment in retail, and we have the best experience online, where we're the only retailer that can ship almost virtually any ZIP code in the country next day and today.

我們擁有最好的零售品種，並且擁有最好的線上體驗，我們是唯一一家可以在第二天和今天在該國運送幾乎所有郵遞區號的零售商。

And so my point is, is we don't know when the inflection is going to occur, but we think it will occur in a DIY, do-it-for-me category.

所以我的觀點是，我們不知道這種變化何時會發生，但我們認為它將發生在 DIY、為我做的類別中。

And we made investments to position ourselves to be able to take market share and take our unfair share of the demand that will show up based on this $35 trillion in equity that's out there in these homes that are aging on average of 41 years old in US history.

我們進行投資是為了讓自己能夠佔據市場份額，並在需求中佔據我們不公平的份額，這些需求將基於這些美國平均年齡為 41 年的房屋中的 35 萬億美元股本而顯示出來。

So we don't know when the inflection happens, but when it happens, we've been building our playbook to be prepared and positioned to get our fair share and get our unfair share of that market demand, and that's what the intent is for us and we'll again provide more specifics on that when we update on our long-term strategy next month.

因此，我們不知道拐點何時發生，但當它發生時，我們一直在製定我們的劇本，做好準備並做好準備，以獲得我們公平的份額，並獲得我們不公平的市場需求份額，這是我們的目的當我們下個月更新我們的長期策略時，我們將再次提供更多細節。

And more specifically to your smaller projects, things that we've been focused on, our same-day delivery options for paint samples, expanding our gig delivery network, and then the infrastructure we've been building around our do-it-for-me business.

更具體地說，對於您的小型項目，我們一直關注的事情，我們的油漆樣品當天交付選項，擴大我們的零工交付網絡，然後是我們圍繞我們的“do-it-for-”構建的基礎設施我的事。

We've been laser-focused on things like central selling to complement.

我們一直專注於集中銷售等方面的補充。

And so again, is we don't know when the inflection point will happen.

同樣，我們不知道拐點何時會發生。

We're certainly confident in the investments we're making.

我們對我們正在進行的投資當然充滿信心。

Got it.

知道了。

And then my follow-up is a margin question.

然後我的後續行動就是保證金問題。

So, one, was the hurricane actually a net drag to earnings?

那麼，第一，颶風實際上對利潤產生了淨拖累嗎？

It seems like that's what your point is too.

看來你的觀點也是如此。

Can you share any detail there?

你能在那裡分享一些細節嗎？

And then I know you changed your operating margin for the storm impact.

然後我知道您因風暴影響而改變了營業利潤率。

As you think about the gross margin, you had previously guided gross margin up in the third and fourth quarter.

當您考慮毛利率時，您之前曾指導第三季和第四季的毛利率上升。

I think it would have been ex the storm impact.

我認為這應該是風暴影響前的情況。

Do you still expect gross margin up in the fourth quarter?

您仍然預期第四季毛利率會上升嗎？

Yeah, Chris, to the first part of your question, from an earnings standpoint, it was slightly accretive.

是的，克里斯，對於你問題的第一部分，從收益的角度來看，它略有增加。

So carried a lower margin profile, but still accretive to earnings when we look at the incrementality on the sales.

因此，利潤率較低，但當我們考慮銷售的增量時，收益仍然會增加。

And then your second part of your question on the gross margin profile, and I'm speaking for the year.

然後是關於毛利率狀況的問題的第二部分，我說的是今年的情況。

Now we still are roughly expecting flat for the full year.

現在我們仍然粗略地預計全年將持平。

So that's inclusive of the hurricane-related pressure that we called out from Q3, ongoing headwinds as it relates to margin, our supply chain investments with market delivery and the early innings of Pro fulfillment network.

因此，這包括我們從第三季度呼籲的與颶風相關的壓力、與利潤相關的持續阻力、我們對市場交付的供應鏈投資以及 Pro 履行網絡的早期階段。

And then in terms of offsets, their merchant supply chain PPIs, so initiatives, including expanding private brands, pricing initiatives.

然後就抵銷而言，他們的商業供應鏈生產者物價指數（PPI）以及舉措，包括擴大自有品牌、定價舉措。

And then we're seeing really nice progress on the cost clawback with our suppliers, and we've seen that benefit accelerate as we move through the year and turn through inventory.

然後，我們看到供應商在成本回撥方面取得了非常好的進展，隨著我們全年的發展和庫存週轉，我們看到這種效益正在加速。

And then other items in gross margin, items like credit and shrink continue to be roughly flat for the full year, so really great job by the teams managing those pressures.

然後，毛利率的其他項目，如信貸和損耗等項目，全年繼續大致持平，因此團隊在管理這些壓力方面做得非常出色。

Eric Bosshard, Cleveland Research.

艾瑞克‧博斯哈德，克里夫蘭研究中心。

Two things.

有兩件事。

First of all, Bill, you talked about and Marvin, you talked about as well, affordability challenges is something that's pressuring the consumer.

首先，比爾，你談到了，馬文，你也談到了，負擔能力的挑戰給消費者帶來了壓力。

I'm curious how you're thinking now and even in '25, what you're doing in response to that.

我很好奇你現在怎麼想，甚至在 25 年，你正在做什麼來回應這一點。

I guess you talked about a couple of categories, appliances where maybe there was some trade up.

我想你談到了幾個類別，可能有一些升級的電器。

But curious if as you think about promotions and price points, if you're doing anything in response to that, to better position the business for traffic with consumers or where you are now is where you want to stay?

但好奇的是，當您考慮促銷和價格點時，您是否正在採取任何措施來應對這一點，以便更好地定位業務以吸引消費者，或者您現在所處的位置就是您想要停留的地方？

Yeah, Eric, great question.

是的，埃里克，好問題。

We've continued to stay focused, really laser focused on value.

我們持續保持專注，真正專注於價值。

And as we've said in past meetings, value can come in a number of different ways.

正如我們在過去的會議中所說，價值可以透過多種不同的方式實現。

Value can certainly come through price, can come through new and innovative products, and we've seen it really come all three ways.

價值當然可以透過價格來實現，可以透過新的和創新的產品來實現，我們已經看到它確實透過這三種方式實現。

And so some of the stuff that I referenced in my prepared remarks, being able to drive some of these smaller projects is really value-driven based on getting the consumer focused on different projects and products across the store.

因此，我在準備好的發言中提到的一些內容，能夠推動其中一些較小的項目實際上是價值驅動的，其基礎是讓消費者專注於商店中的不同項目和產品。

And as we head into the holiday season, we're obviously excited about some of the new stuff that we're bringing.

當我們進入假期時，我們顯然對我們帶來的一些新東西感到興奮。

We've got great values across the board from Klein, DeWalt, CRAFTSMAN, Kobalt.

我們從 Klein、DeWalt、CRAFTSMAN、Kobalt 那裡獲得了巨大的價值。

We've got great innovation coming from appliances as well as new products that we're introducing, as I called out in my prepared remarks from LG in this -- laundry, this new innovation in laundry with the all-in-one is really a whole new segment.

我們在電器和我們推出的新產品方面取得了巨大的創新，正如我在 LG 在洗衣方面準備好的發言中所指出的那樣，這項洗衣一體機的新創新確實是一個全新的部分。

And that's not a low price point, but it's a great value product when a consumer looks to combine both the washer and the dryer in one, and now it's a category of products where it had only been one item in the past.

這並不是一個低價格點，但當消費者希望將洗衣機和烘乾機結合在一起時，它是一種非常有價值的產品，而現在它是一類產品，而過去它只是一種產品。

And then as we said about MyLowe's Rewards, that gives us the opportunity to differentiate to our members and offer them best customer offers as well as exposure to new stuff ahead of time.

正如我們所說的 MyLowe 獎勵，這使我們有機會區分我們的會員，為他們提供最佳的客戶優惠以及提前接觸新事物的機會。

So yes, to your question, we want to continue to do it through a number of different avenues, and we're going to be laser focused on it as we go forward just as we have been.

所以，是的，對於你的問題，我們希望繼續透過多種不同的途徑來做到這一點，並且我們將像以前一樣，在前進的過程中高度關注這一點。

Okay.

好的。

And then secondly, as you think about, again, related or considering the affordability challenges, when you think of -- as you commented, sustained pressure on DIY and especially DIY discretionary, as you think [about -- we don't know what's going to happen with tariffs, but we do know what's going to happen with tariffs] that there's going to be some incremental cost and certainly on your direct sourced business.

其次，當您再次思考相關或考慮負擔能力挑戰時，正如您所評論的，當您想到 DIY，特別是 DIY 可自由支配的持續壓力時，正如您所想到的那樣，我們不知道什麼是關稅會發生，但我們確實知道關稅會發生什麼]將會產生一些增量成本，當然也會影響您的直接採購業務。

And then you think about managing expenses, I'm just curious how you think about managing expenses as it relates to margin in an environment with the sluggish demand with probably some incremental costs coming through.

然後你考慮管理費用，我只是好奇你如何看待管理費用，因為它與需求疲軟的環境中的利潤有關，可能會產生一些增量成本。

You've done a good job in the past and taking cost out to manage margins through this environment.

您過去做得很好，並透過這種環境降低成本來管理利潤。

I don't know, in terms of what's going on now, is there anything incremental or any incremental opportunity on the horizon in the area of managing expenses to manage margin?

我不知道，就目前的情況而言，在管理費用以管理利潤方面是否有任何增量或任何增量機會？

So Eric, this is Marvin.

艾瑞克，這是馬文。

I'll take the first part, and then I'll hand it over to Brandon.

我將承擔第一部分，然後將其交給布蘭登。

I think relative to managing expenses, I would look at the reputation of this team and how well we have focus on, not only, just the fundamental management of the business and being really, really prudent on taking out costs and expenses, but also on our PPI initiatives and how that's permeated to every functional area of the company.

我認為相對於管理費用，我會關注這個團隊的聲譽以及我們對業務的基本管理的關注程度以及對成本和費用的非常非常謹慎的關注程度，而且還關注我們的PPI 計劃以及它如何滲透到公司的每個職能領域。

And so that's going to maintain irrespective of the macro environment, irrespective of our top line revenue, we're going to be laser-focused on taking our costs in managing expenses so we can get more of that flow through to the bottom line.

因此，無論宏觀環境如何，無論我們的頂線收入如何，我們都將專注於管理支出的成本，以便我們能夠將更多的資金流向底線。

I'll let Brandon add any additional

我會讓布蘭登添加任何額外的內容

--

--

Yeah, Marvin.

是的，馬文。

Yeah, Eric, just to add on what Marvin said.

是的，艾瑞克，只是補充一下馬文所說的。

SG&A, excluding the hurricane benefits for this year, largely in line with our expectations.

SG&A，不包括今年的颶風福利，基本上符合我們的預期。

We're super pleased as to how we've been managing the business over the last three years amidst significant top line pressures.

我們對過去三年在巨大的頂線壓力下管理業務的方式感到非常滿意。

We've continued to make investments in our strategic initiatives, continue to manage our margins.

我們持續對策略性舉措進行投資，並持續管理我們的利潤。

We have great alignment across the organization to maintain disciplined expense management, effective cost controls.

我們在整個組織內保持高度一致，以維持嚴格的費用管理和有效的成本控制。

And then as Marvin mentioned, our PP&I initiatives where those have come into play, continue to flex the muscles to manage the P&L, really outrun our expectations for this year.

然後，正如馬文所提到的，我們的 PP&I 計劃已經發揮了作用，繼續發揮力量來管理損益表，確實超出了我們今年的預期。

So we're going to continue with that.

所以我們將繼續這樣做。

We have next inning of PPI initiatives we're going to talk through in December as we look ahead and continue to be pleased with the progress that we're making there on SG&A.

我們將在 12 月討論 PPI 計畫的下一階段，展望未來，我們將繼續對 SG&A 的進展感到滿意。

Karen Short, Melius Research.

凱倫·肖特，Melius 研究公司。

Just a few questions.

只是幾個問題。

The range in 4Q is very wide when I look at operating profit growth and margin expansion specifically.

當我特別關注營業利潤成長和利潤率擴張時，第四季的範圍非常廣泛。

So maybe can you talk to that a little bit?

那麼也許你能談談這一點嗎？

And then I don't know where your philosophy is on breaking out storms just going forward, but can you give an impact of the storm specifically on October?

然後我不知道你關於未來爆發風暴的理念是什麼，但你能具體說明一下十月風暴的影響嗎？

So Karen, I'll talk about your first question on the range.

凱倫，我來談談你關於範圍的第一個問題。

And really as it relates to operating margin and EPS, just a function of the 50 basis point range that we have for top line.

事實上，它與營業利潤率和每股盈餘有關，只是我們為營收設定的 50 個基點範圍的函數。

Again, that assumes no improvement in underlying macro pressures.

同樣，這假設潛在的宏觀壓力沒有改善。

We still expect big ticket DIY pressure kind of across both ends of the range.

我們仍然預計 DIY 壓力會在範圍的兩端產生。

And then really, when we look at Q4, weather can be volatile, the timing kind of intensity of storms can impact demand, and we also have one less shopping week between Thanksgiving and Christmas, which this year could create some volatility and that could impact how kind of holiday demand plays out.

事實上，當我們看第四季度時，天氣可能會不穩定，風暴強度的時間類型可能會影響需求，而且感恩節和聖誕節之間的購物周也會減少，今年可能會造成一些波動，這可能影響需求假期需求如何發揮。

So we try to be prudent in setting those expectations and allowed for a bit of that uncertainty as it relates to top line range, and that's reflected in the operating margin in EPS.

因此，我們在設定這些預期時盡量謹慎，並考慮到與營收範圍相關的一些不確定性，這反映在每股收益的營業利潤率中。

And then I think to the second part of your question, we're comfortable given the guidance on the storm-related impact for the full quarter, the 100 basis points, and we're not going to get into the details of breaking that out by month.

然後我認為，對於你問題的第二部分，考慮到整個季度與風暴相關的影響的指導，即 100 個基點，我們很放心，我們不會詳細討論這一點按月。

Okay.

好的。

And then just my follow-up as it relates to your Analyst Day.

然後是我的後續行動，因為它與你們的分析師日有關。

Are you still thinking about a format that gives three scenarios?

您還在考慮提供三種場景的格式嗎？

Or is that maybe too complicated?

或者這可能太複雜了？

Yeah, Karen.

是的，凱倫。

We're excited for Analyst Day.

我們對分析師日感到興奮。

We will provide an update on financial expectations, one, for the home improvement market.

我們將提供有關財務預期的最新信息，其中之一是針對家居裝修市場的財務預期。

And then as you mentioned, we're also looking forward to sharing some initial scenario planning views for 2025 and beyond.

正如您所提到的，我們也期待分享 2025 年及以後的一些初步情境規劃觀點。

So we are preparing to have that discussion here in a few weeks.

因此，我們準備好幾週後在這裡進行討論。

Seth Sigman, Barclays.

塞思‧西格曼，巴克萊銀行。

Just a couple of margin follow-up questions.

只是幾個保證金後續問題。

So if you could just update us on the vendor clawbacks, just the progress with that.

因此，如果您能向我們介紹供應商收回的最新情況，請告訴我們進展如何。

It'd be great if you could quantify the benefit this quarter?

如果您能量化本季的收益就太好了？

And if you could just remind us, is this a onetime step up by kind of building up through this year and then we should expect more gradual gains from here as part of some of the processes you've put in place or any other way to think about that?

如果您能提醒我們，這是否是透過今年的累積而一次性取得的進步，然後我們應該期望從這裡獲得更多漸進的收益，作為您已經實施的一些流程或任何其他方式的一部分想想看？

So Seth, this is Bill.

賽斯，這是比爾。

I'll take the first part, and I'll let Brandon have the second part of this.

我將負責第一部分，我將讓布蘭登負責第二部分。

But I think it's important to remind everybody that cost management is an ongoing process that the teams are always involved in and we're obviously pleased with the progress that we've made this year to help reduce costs and claw some of those back.

但我認為重要的是要提醒大家，成本管理是一個持續的過程，團隊始終參與其中，我們顯然對今年在幫助降低成本和收回部分成本方面取得的進展感到滿意。

And as we've talked about before, really appreciate the support of our supplier partners in order to do that.

正如我們之前談到的，非常感謝我們的供應商合作夥伴為此提供的支持。

And then we're looking to invest some of those dollars to remain competitive in the market as it relates to price, using it to drive traffic and sales on seasonally relevant offers that make sense, as well as investing in marketing and in-store merchandising efforts, so that we can put that money to work, but ongoing efforts and will remain an ongoing effort as we go forward.

然後，我們希望投資其中一些資金來保持市場競爭力，因為它與價格相關，利用它來推動有意義的季節性相關優惠的流量和銷售，以及投資於營銷和店內銷售努力，以便我們能夠將這筆錢投入到工作中，但我們將繼續努力，並且在我們前進的過程中仍將繼續努力。

Yeah.

是的。

And Seth, just as it relates to quantification of that, I would just say, meeting our expectations as we outlined at the beginning of the year.

賽斯，正如它涉及量化一樣，我只想說，滿足我們在年初概述的期望。

And we did know it was back half loaded.

我們確實知道它回來了一半。

So as we've made progress with our suppliers, taking cost out, we expected that to flow through inventory and positively impact gross margin more significantly as we move through the back half of the year.

因此，隨著我們與供應商的合作取得進展，降低成本，我們預計今年下半年，這將流轉庫存並對毛利率產生更顯著的正面影響。

But also, as Bill mentioned, we're continuing to invest in traffic driving initiatives that could be through better offers, reduce price, investments in advertising.

而且，正如比爾所提到的，我們將繼續投資於流量驅動計劃，這些計劃可以透過更好的報價、降低價格、廣告投資來實現。

So it's going to kind of be sprinkled across different areas of the P&L at different times of the year.

因此，它會在一年中的不同時間分佈在損益表的不同領域。

But just in terms of our overall goals that we set out at the beginning of the year, really nice progress against that.

但就我們年初制定的整體目標而言，我們確實取得了不錯的進展。

And Seth, this is Marvin.

塞斯，這是馬文。

I'll just add just one additional comment.

我僅添加一條附加評論。

When I arrived here, cost discussions with suppliers were emotional conversations with no internal data.

當我到達這裡時，與供應商的成本討論是情緒化的對話，沒有內部數據。

And we've now built out a team, we built out systems, processes that are data-driven with component costs, with raw material costs, and with a very detailed analysis that gives Bill's team and Brandon's team the ability to sit down and have very data-driven conversations with suppliers relative to any cost increase or cost clawbacks.

我們現在已經建立了一個團隊，我們建立了由數據驅動的系統和流程，包括組件成本、原材料成本以及非常詳細的分析，使比爾的團隊和布蘭登的團隊能夠坐下來討論與供應商就任何成本增加或成本回扣進行非常數據驅動的對話。

And to Bill's point, this will be ongoing.

就比爾而言，這將持續下去。

It will be ongoing based on a much more robust process that we have in place. that we didn't have before.

它將基於我們現有的更強大的流程持續進行。我們以前沒有的。

And that's one of the main reasons why as we get into this unpredictability of a tariff environment, We're going to be very positioned to manage that as well as any other retailer in the world.

這就是為什麼當我們進入這種不可預測的關稅環境時，我們將非常有能力像世界上任何其他零售商一樣管理這個問題。

I guess even with the idea that you can continue to reinvest back in the business, you have put out an algorithm that points to operating margin expansion based on certain revenue targets.

我想即使您可以繼續對業務進行再投資，您也已經推出了一種演算法，該演算法指出基於某些收入目標的營業利潤率擴張。

As you think about next year, you're going to be lapping a lower gross margin in the first quarter, you'll be lapping some of these incremental hurricane costs, although I guess net, you've had a positive impact to EBIT.

當你考慮明年時，你將在第一季獲得較低的毛利率，你將獲得一些增量颶風成本，儘管我認為淨值，你對息稅前利潤產生了積極的影響。

But I'm just curious, has your view changed at all about the operating leverage in the model, the type of comp you need to get that breakeven or operating leverage?

但我只是很好奇，您對模型中的營運槓桿、獲得損益平衡或營運槓桿所需的補償類型的看法是否發生了變化？

Yeah.

是的。

This is Brandon.

這是布蘭登。

I would say you highlighted kind of our flow-through rule of thumb.

我想說你強調了我們的流程經驗法則。

And I would just say it's just that, right.

我只想說就是這樣，對吧。

Directional framework on how we expect to manage through different sales environments.

關於我們期望如何管理不同銷售環境的方向框架。

This team, as we've mentioned, has proven our ability to manage profitability well through the downturn that we've been experiencing, continue to deliver on PPI commitments.

正如我們所提到的，這個團隊已經證明了我們有能力在我們經歷的經濟低迷時期很好地管理盈利能力，並繼續履行 PPI 承諾。

And as it relates to kind of reframing that and how we're thinking about specifically 2025 scenarios and even beyond, we're going to hold off really on that discussion.

由於它涉及重新建構這個框架以及我們如何具體考慮 2025 年甚至更遠的情況，因此我們將真正推遲討論。

I look forward to sharing details plans next month at our AIC on that.

我期待下個月在我們的 AIC 上分享這方面的詳細計劃。

And Rob, with that, we have time for one more question.

羅布，說到這裡，我們還有時間再問一個問題。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Just a follow-up on Eric's question earlier.

只是埃里克之前問題的後續。

Your PPI efforts continue to be the gift that keeps on giving.

您對 PPI 的努力將繼續成為我們不斷給予的禮物。

Can you guys size up the opportunity set as we look ahead?

你們能在我們展望未來時評估一下機會嗎？

Are there significant buckets to source from?

有重要的來源嗎？

Then my follow-up is you called out 5 of your 15 regions outperforming, are there any commonalities across those areas.

然後我的後續行動是，您在 15 個區域中指出了 5 個區域表現出色，這些區域之間有什麼共同點嗎？

One of your competitors called out the West as being a pretty strong region for them over the past few quarters.

你們的一位競爭對手稱西方在過去幾季中對他們來說是一個相當強大的地區。

Just curious if you're seeing that, too.

只是好奇你是否也看到了這一點。

So relative to PPI, we're going to give a really robust update at the December Analyst and Investor Meeting.

因此，相對於 PPI，我們將在 12 月分析師和投資者會議上提供非常強勁的更新。

But at a high level, we think we're in the early innings, this is a gift that keeps on giving because we keep on working to gift, so we can continue to keep on giving.

但從高水準來看，我們認為我們正處於早期階段，這是一份持續給予的禮物，因為我們繼續努力給予禮物，所以我們可以繼續繼續給予。

And a lot of it is technology driven and a lot of it is process driven, and we're really excited about the possibilities.

其中很多是技術驅動的，很多是由流程驅動的，我們對這些可能性感到非常興奮。

And you will hear from almost every presenter at our upcoming conference in December on ways they are identifying PPI value within their functional areas.

在我們即將於 12 月舉行的會議上，您將聽到幾乎每位演講者講述他們在其職能領域內識別 PPI 價值的方法。

And relative to regional breakouts I would say, relatively consistent with the exception of hurricane-impacted areas if you remove that, our overall performance was consistent relatively from coast to coast.

相對於區域突破，我想說，除了受颶風影響的地區之外，如果剔除這一點，我們的整體表現相對一致，從一個海岸到另一個海岸。

Thank you all for joining us today.

感謝大家今天加入我們。

We look forward to speaking with you at our Analyst and Investor Conference on December 11.

我們期待在 12 月 11 日的分析師和投資者會議上與您交談。

Thank you.

謝謝。

This concludes Lowe's third quarter 2024 earnings call.

Lowe 的 2024 年第三季財報電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。