勞氏公司 (LOW) 2024 Q4 法說會逐字稿

Good morning, everyone. Welcome to Lowe's Companies fourth-quarter 2024 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.

大家早安。歡迎參加勞氏公司 2024 年第四季財報電話會議。我叫羅布，今天我將擔任您的電話接線生。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.

現在我將把電話轉給投資者關係副總裁兼財務主管凱特‧珀爾曼 (Kate Pearlman)。

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，早安。今天和我一起在場的還有董事長兼執行長 Marvin Ellison；我們的商品銷售執行副總裁 Bill Boltz； 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 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 2025. 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. Additionally, we'll be discussing certain non-GAAP financial measures. A reconciliation of these items to US GAAP can be found on the quarterly earnings section of our Investor Relations website.

我想提醒您，我們關於前瞻性聲明的通知已包含在我們今天早上的新聞稿中，您可以在 Lowe 的投資者關係網站上找到。在本次電話會議中，我們將發表前瞻性評論，包括我們對 2025 財年的預期。由於各種風險、不確定性和重要因素，實際結果可能與明示或暗示的結果有重大差異，包括我們在 10-K 表年度報告和其他 SEC 文件中的風險因素、MD&A 和其他部分中討論的結果。此外，我們也將討論某些非公認會計準則財務指標。您可以在我們投資者關係網站的季度收益部分找到這些項目與美國公認會計準則 (US GAAP) 的對帳表。

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. In the fourth quarter, we delivered sales of $18.6 billion and positive comparable sales of 0.2%. Looking at the full fiscal year 2024, we delivered sales of $83.7 billion, adjusted operating margin of 12.3%, and adjusted earnings per share of $11.99. We're very pleased with our performance in 2024 in a very difficult home improvement macro environment, and we're also pleased to deliver positive comparable sales this quarter with results that exceeded our expectations and were driven by continued momentum in Pro and online, strong seasonal DIY performance, and rebuilding efforts in the wake of recent hurricanes.

謝謝你，凱特，大家早安，謝謝你們今天加入我們。第四季度，我們的銷售額達到 186 億美元，可比銷售額成長 0.2%。展望整個 2024 財年，我們的銷售額為 837 億美元，調整後營業利潤率為 12.3%，調整後每股收益為 11.99 美元。在非常困難的家居裝修宏觀環境下，我們對 2024 年的業績感到非常滿意，我們也很高興本季度實現了積極的可比銷售額，業績超出了我們的預期，這得益於專業版和線上業務的持續增長勢頭、強勁的季節性 DIY 業績以及最近颶風過後的重建工作。

Despite these better-than-expected fourth-quarter results we're still seeing a cautious consumer leading to continued near-term pressure on DIY discretionary spending, particularly in bigger ticket projects. And with this challenging backdrop, we remain focused on delivering strong operating performance while continuing to make the right long-term investments for growth.

儘管第四季業績優於預期，但我們仍然看到消費者較為謹慎，導致 DIY 可自由支配支出（尤其是在較大項目方面）在短期內持續面臨壓力。在這種充滿挑戰的背景下，我們仍然專注於實現強勁的營運業績，同時繼續為成長進行正確的長期投資。

Turning to our Pro results in the fourth quarter, where we delivered high single-digit comps for the second consecutive quarter, we're gaining momentum with our Pro customer through a flywheel effect that we've created with a transformed Pro offering with the right brands and products, greater inventory depth, improved jobsite delivery, dedicated service levels, and a best-in-class digital experience.

談到我們第四季度的 Pro 業績，我們連續第二個季度實現了高個位數的同比增長，我們透過飛輪效應與我們的 Pro 客戶一起獲得了發展動力，這種飛輪效應是我們透過轉型後的 Pro 產品創造的，包括合適的品牌和產品、更大的庫存深度、改進的工地交付、專門的服務水準和一流的數位體驗。

Last week, we took the next steps in tailoring our offering for the small to medium Pro with the nationwide launch of our redesigned Pro loyalty program, MyLowe's Pro rewards. Later in the call, Joe will share more detail about how we updated the program to drive greater engagement with our Pros.

上週，我們採取了進一步的措施，在全國範圍內推出了重新設計的專業忠誠度計劃 MyLowe's Pro rewards，為中小型專業企業提供量身定制的服務。在稍後的通話中，喬將分享更多有關我們如何更新該計劃以促進與專業人士的更多互動的細節。

Shifting to online, we drove strong sales growth of 9.5% in Q4, reflected in broad-based improvement across all merchandising divisions, which included a record-breaking sales during the Black Friday and Cyber Monday holiday. Through our new free DIY loyalty program, MyLowe's Rewards, we're generating excitement and driving more traffic to lowes.com. These results give us confidence that our online and omnichannel investments are paying off. These investments include a more intuitive user experience in the app and online, more same-day delivery options combined with enhanced AI user experiences.

轉向線上銷售後，我們在第四季度實現了 9.5% 的強勁銷售成長，這體現在所有商品部門的普遍改善上，其中包括黑色星期五和網路星期一假期期間創下的破紀錄銷售額。透過我們新的免費 DIY 忠誠度計劃 MyLowe's Rewards，我們正在激發人們的興趣並為 lowes.com 帶來更多流量。這些結果讓我們相信，我們的線上和全通路投資正在獲得回報。這些投資包括應用程式和在線上更直觀的用戶體驗、更多的當日送達選項以及增強的人工智慧用戶體驗。

And our digital enhancements are earning outside recognition as Forrester just rated the Lowe's mobile app as the overall digital experience leader in US retail mobile apps, highlighting not just the table stake functionalities and omnichannel features, but also innovative, AI-enabled solutions like style your space that helps customers reimagine rooms that they want to refresh through the touch of a button.

我們的數位化增強功能正在獲得外界的認可，Forrester 剛剛將 Lowe's 行動應用程式評為美國零售行動應用程式中整體數位體驗的領導者，不僅強調了基本功能和全通路功能，還強調了創新的、支援人工智慧的解決方案，例如“設計您的空間”，它可以幫助客戶透過觸控的房間重新構想他們想要觸控的房間。

Next Monday, in collaboration with OpenAI, we will launch the first AI-powered home improvement virtual advisor on lowes.com, leveraging the same technology that our associates are using on their store companion app to give our customers helpful advice as they tackle their home improvement projects. This new virtual advisor will provide Lowe's customers with both project know-how and product recommendations with direct links to specific Lowe's products for a seamless checkout. This is another example of how we're leaning into emerging technology to enhance the customer experience, saving them both time and money.

下週一，我們將與 OpenAI 合作，在 lowes.com 上推出首個由人工智慧驅動的家居裝修虛擬顧問，利用我們的員工在其商店配套應用程式上使用的相同技術，為我們的客戶在處理家居裝修專案時提供有用的建議。這位新的虛擬顧問將為 Lowe 的客戶提供專案專業知識和產品推薦，並提供指向特定 Lowe 產品的直接鏈接，以實現無縫結帳。這是我們如何利用新興技術來增強客戶體驗，為他們節省時間和金錢的另一個例子。

Now allow me to transition into our view of the macro. Even though short-term interest rates have started to come down, this remains a challenging home improvement market. Mortgage rates are higher than they've been in more than two decades, creating a significant gap between today's rates for homebuyers and the lower rates many homeowners currently enjoy. This has led to a lock-in effect and the lowest pace of existing home sales in the US in nearly 30 years.

現在請允許我轉到我們的宏觀視角。儘管短期利率已開始下降，但家裝市場仍充滿挑戰。抵押貸款利率比過去二十多年都要高，導致如今購屋者的利率與許多房主目前享受的較低利率之間存在巨大差距。這導致了鎖定效應，並導緻美國現房銷售速度降至近30年來的最低水準。

Although it's difficult to predict the timing of when we'll see lower rates and increased home improvement demand, we remain confident in the medium to long-term outlook of our business. As I've stated before, the key drivers of our business are still supportive: Home price appreciation, disposable personal income growing faster than inflation, and the oldest existing housing stock in US history. These drivers will sustain long-term demand as homeowners invest in repairs and upgrades, and we anticipate that some homeowners will began to tap into record levels of equity in their homes to fund larger renovation projects.

儘管很難預測何時會出現利率下降和家居裝修需求增加的情況，但我們對中長期業務前景仍然充滿信心。正如我之前所說，我們業務的主要驅動力仍然具有支撐作用：房價升值、可支配個人收入成長速度快於通貨膨脹、以及美國歷史上最古老的現存房屋存量。隨著房主投資於維修和升級，這些驅動因素將維持長期需求，我們預計一些房主將開始利用其房屋中創紀錄的資產來資助更大的裝修項目。

Beyond these factors, structural trends, such as millennial household formation, baby boomers aging in place, and the persistence of remote work, reinforce our confidence in the medium to long-term strength of the home improvement industry. In the meantime, we've refined our Total Home Strategy and are making investments that are closely aligned the long-term drivers of home improvement demand.

除了這些因素之外，千禧世代家庭的組成、嬰兒潮世代的居家養老以及遠距工作的持續存在等結構性趨勢，增強了我們對家裝業中長期實力的信心。同時，我們完善了“整體家居策略”，並進行與家居裝修需求的長期驅動力緊密結合的投資。

We unveiled our updated strategy at the December Analyst and Investor Conference. It includes driving Pro penetration, accelerating our online sales, expanding our home services, creating a loyalty ecosystem, and increasing our space productivity.

我們在 12 月的分析師和投資者會議上公佈了我們的最新策略。其中包括推動專業滲透、加速我們的線上銷售、擴展我們的家庭服務、創建忠誠度生態系統以及提高我們的空間生產力。

In addition to the investments we're making in our Total Home Strategy, we're also continuing to take costs out of our operating model through our Perpetual Productivity Initiatives, or PPI. Together, our Total Home Strategy, coupled with our disciplined focus on productivity, ensure that we are well positioned to capitalize on the Home Improvement recovery and take share when the market inflects.

除了我們在「全面家居策略」上進行的投資之外，我們還繼續透過永久生產力計劃（PPI）降低營運模式的成本。總之，我們的「整體家居策略」加上我們對生產力的嚴格關注，確保我們能夠充分利用家居裝修復甦的機會，並在市場發生變化時佔據市場份額。

When we look ahead to 2025, we're confident that the three market scenarios that we outlined at our December conference captured a range of potential outcomes we could see in the home improvement industry this year, and we're very confident in our strategic agility and our ability to execute in any economic environment. So we are prepared to outperform the market in each macro scenario that we outlined in December.

展望 2025 年，我們相信，我們在 12 月會議上概述的三種市場情景涵蓋了今年家裝行業可能出現的一系列潛在結果，我們對我們的戰略敏捷性和在任何經濟環境下的執行能力非常有信心。因此，我們準備在 12 月概述的每個宏觀情景中超越市場。

Before I close, I'd like to take a minute to thank our teams who stepped up to support our customers across Southern California who were impacted by the devastating wildfires. Although this is not an area where we have significant store presence, we felt it was important to help these communities recover.

在結束之前，我想花一點時間感謝我們的團隊，他們挺身而出，為南加州受到毀滅性野火影響的客戶提供支援。雖然我們在該地區沒有大量的門市，但我們認為幫助這些社區恢復元氣非常重要。

As a reflection of this commitment, Lowe's donated $2 million for relief efforts in the impacted areas. And please join me in continuing to keep those impacted by the wildfires in our thoughts and our prayers.

為了體現這項承諾，勞氏公司向受災地區的救援工作捐贈了 200 萬美元。請和我一起，繼續在思念和祈禱中緬懷那些遭受野火影響的人們。

I continue to visit stores across the country every week, which gives me a great opportunity to personally thank our frontline associates for their dedication and to learn how we can remove friction for them and improve the customer experience. To demonstrate our appreciation for our hardworking front-line associates, we awarded year-end discretionary bonuses of $80 million, including our store managers and assistant managers across the company. This bonus reflects our appreciation for their leadership and commitment to customer service.

我每週都會繼續訪問全國各地的商店，這讓我有很好的機會親自感謝我們一線員工的奉獻精神，並了解我們如何為他們消除摩擦並改善客戶體驗。為了表達對辛勤工作的第一線員工的感謝，我們發放了 8,000 萬美元的年終酌情獎金，其中包括公司範圍內的商店經理和助理經理。這筆獎金體現了我們對他們的領導能力和對客戶服務的承諾的讚賞。

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

說完這些，我會把事情交給比爾。

Thanks, Marvin, and good morning, everyone. As Marvin mentioned, we are pleased with our sales performance in the fourth quarter. We are encouraged by the broad-based strength we delivered in Pro with positive Pro comps across all merchandising divisions for the fourth quarter and the full year, as well as the continued momentum in our online sales. In addition, it's clear that our seasonal offers for the DIY customer hit the mark in categories like appliances, tools, storage, and holiday gifts as Lowe's was the go-to destination for many holiday shoppers.

謝謝，馬文，大家早安。正如馬文所說，我們對第四季的銷售業績感到滿意。我們對 Pro 業務的全面強勁表現感到鼓舞，第四季度和全年所有商品部門的 Pro 業務均實現了正增長，而且我們的在線銷售也保持了持續增長的勢頭。此外，很明顯，我們為 DIY 客戶提供的季節性優惠在電器、工具、存儲和節日禮物等類別中達到了預期效果，因為 Lowe's 是許多節日購物者的首選目的地。

Starting with home decor, we delivered strong positive comps across all of our major appliance categories. We're pleased that we took share in a challenging market, especially when homeowners continue to exercise caution around spending on big ticket discretionary items. Our results were driven by our investments in providing a seamless omnichannel customer experience, including the widest selection of the leading brands that offer innovation and value, whether consumers choose to shop online or in-store, or a combination of the two.

從家居裝飾開始，我們在所有主要家電類別中都取得了強勁的積極業績。我們很高興能夠在充滿挑戰的市場中佔有一席之地，尤其是當房主繼續謹慎購買大件非必需品時。我們的業績源於我們致力於提供無縫全通路客戶體驗的投資，包括提供創新和價值的最廣泛的領先品牌選擇，無論消費者選擇在線購物、店內購物還是兩者結合。

We have built a best-in-class market delivery model to deliver big and bulky products like appliances, patio furniture, and grills, allowing us to double the number of next-day deliveries over the past few years. And as a reminder, instead of going through our stores, these products now flow from our supply chain directly to a customer's home or jobsite. In fact, we are the only retailer that can now deliver and install a major appliance the next day in almost every ZIP code. This is critical for customers who need to replace a broken appliance immediately as this type of purchase accounts for more than 70% of the industry's appliance sales.

我們建立了一流的市場配送模式，用於配送家電、庭院家具和烤架等大型笨重產品，這使得我們在過去幾年中次日配送的數量增加了一倍。需要提醒的是，這些產品現在不再通過我們的商店，而是從我們的供應鏈直接流向客戶的家中或工作現場。事實上，我們是唯一一家能夠在第二天為幾乎所有郵遞區號區域送貨並安裝大型家電的零售商。對於需要立即更換損壞電器的客戶來說，這一點至關重要，因為此類購買佔該行業電器銷售額的 70% 以上。

Our enhanced customer experience, along with the expanded capacity for rapid delivery, helps further strengthen our leadership position in appliances. We also continued to innovate and enhance our private brand lineup as consumers continue to look for more value across categories.

我們增強的客戶體驗以及擴大的快速交付能力有助於進一步鞏固我們在家電領域的領導地位。隨著消費者不斷尋求各個類別的更多價值，我們也持續創新並增強我們的自有品牌陣容。

For example, we're expanding our selection of large format STAINMASTER luxury vinyl flooring nationwide, giving customers the on-trend look they want and the performance that they need. We're excited to have the STAINMASTER brand within our portfolio to now bring the most trusted brand in carpet to new flooring categories like luxury vinyl and tile.

例如，我們正在全國擴大 STAINMASTER 大型豪華乙烯基地板的選擇範圍，為客戶提供他們想要的流行外觀和所需的性能。我們很高興將 STAINMASTER 品牌納入我們的產品組合，將最值得信賴的地毯品牌帶入豪華乙烯基和瓷磚等新的地板類別。

We recently launched our Lowe's Essentials brand, which promises low prices on a range of home basics for value-conscious customers. We're starting with a handful of products priced at $10 and below, and special launch items under $5, including clothes hangers, gardening tools, and water cans, positioned in the cart start area at the front of the store. And because our private brands typically have higher margins than their national brand counterparts, these products will help increase our private brand sales and support our margin goals.

我們最近推出了 Lowe's Essentials 品牌，該品牌承諾為注重價值的客戶提供一系列低價家居必需品。我們首先推出少量價格在 10 美元及以下的產品，以及價格低於 5 美元的特別推出的商品，包括衣架、園藝工具和水罐，放置在商店前面的購物車起始區。而且由於我們的自有品牌通常比國家品牌的利潤率更高，這些產品將有助於增加我們的自有品牌銷售並支持我們的利潤目標。

Turning now to building products, where we delivered positive comps in building materials in lumber, driven by the continued strength in Pro as well as storm recovery and rebuilding across the Southeast. We were pleased with the continued growth in outdoor categories like roofing, siding, and decking, driven by our investment in Pro inventory and our improved in-stocks.

現在轉向建築產品，在 Pro 持續強勁以及東南部風暴恢復和重建的推動下，我們在木材建築材料方面取得了積極的業績。我們很高興看到屋頂、牆板和甲板等戶外類別的持續成長，這得益於我們對專業庫存的投資和庫存的增加。

In hardlines, we saw a strong trim-a-tree sell-through and an improved margin performance in the fourth quarter. These results were supported by great execution from our Merchandising Services Team, or MST. Our seasonal offering, including live holiday nursery, tools, and pre-lit trees, resonated with consumers during the holidays. We also saw customers get excited about our 10-foot-tall animatronic Yeti named Bumble, which we sold through almost as fast as we could get them in stock.

在硬線產品方面，我們看到第四季修剪樹木的銷售強勁，利潤率表現也有所提高。這些結果得益於我們的商品服務團隊（MST）的出色執行。我們的季節性產品，包括節日苗圃、工具和預裝燈飾的聖誕樹，在節日期間引起了消費者的共鳴。我們也看到顧客對我們 10 英尺高的電子動畫雪人 Bumble 感到非常興奮，我們幾乎一進貨就將其銷售一空。

In addition, we delivered solid growth in apparel where our expanded workwear lineup, including the extension of our Carhartt assortment to more than 1,000 stores, was popular amongst our holiday shoppers. And once again, customers couldn't get enough of the more unique items, like our mini Lowe's buckets and mini KOBALT toolboxes, which drove engaging viral moments on social media.

此外，我們的服裝業務也實現了穩健成長，我們擴大了工作服陣容，包括將 Carhartt 系列擴展到 1,000 多家門市，深受假日購物者的歡迎。再一次，顧客們對更獨特的商品愛不釋手，例如我們的迷你 Lowe's 水桶和迷你 KOBALT 工具箱，它們在社交媒體上引發了熱議。

Looking ahead, we're excited for spring, our biggest season of the year. We are ready with a strong in-stock position and the best product and brand lineup in home improvement. Like in outdoor power equipment, where we are the only home center, with both Toro, the leading gas-powered brand, and EGO, the leading battery-powered brand, truly an unmatched offering in retail. And in our garden centers, we're inspiring our customers to take on new projects this spring with vignettes that showcase all the products they need for vertical gardens, mailbox displays, tree rings, and more. As they shop, customers can rely on interactive signage to help them select the right plans for their space and local growing zone, ensuring they get everything they need to complete their outdoor projects.

展望未來，我們對春天——一年中最重要的季節——充滿期待。我們已準備好強大的庫存能力以及家居裝修領域中最好的產品和品牌陣容。例如在戶外動力設備領域，我們是唯一同時擁有領先的燃氣動力品牌 Toro 和領先的電池動力品牌 EGO 的家居中心，在零售領域提供真正無與倫比的產品。在我們的花園中心，我們用小插圖展示顧客所需的所有垂直花園、郵箱展示、年輪等產品，鼓勵顧客在今年春天開展新項目。購物時，顧客可以依靠互動式標誌來幫助他們為自己的空間和當地種植區選擇正確的計劃，確保他們獲得完成戶外專案所需的一切。

We've also expanded our assortment of Sta-Green products, our own lawn and garden brand. The updated packaging and product make the extra performance and value easy for our customers to find. This year, we're in even stronger position to meet the customers' backyard needs and we're seeing some early momentum in patio and grills in areas where the weather has already started to turn. Our patio assortments are localized for the market, and we have a great lineup of grills across Weber, Charbroil, Blackstone, and Pit Boss, including new Lowe's exclusive products like the Weber Stealth family of grills. Overall, we're pleased that where the weather has cooperated, spring is already off to a good start.

我們也擴展了 Sta-Green 產品（我們自己的草坪和花園品牌）的種類。更新的包裝和產品使我們的客戶能夠輕鬆找到額外的性能和價值。今年，我們能夠更好地滿足客戶的後院需求，我們看到在天氣已經開始轉變的地區，露台和燒烤架市場出現了一些早期發展勢頭。我們的露台產品系列針對當地市場進行了在地化，我們擁有 Weber、Charbroil、Blackstone 和 Pit Boss 等品牌的一系列烤架，包括新的 Lowe 獨家產品，如 Weber Stealth 系列烤架。整體而言，我們很高興看到，只要天氣適宜，春天就會有一個好的開始。

Finally, we're excited to build on the great progress that we've made with our DIY loyalty program since we launched it last year. We have built a base of 30 million members who are now outspending nonmembers by nearly 50%. It's clear that these customers see the value in this free program, which now gives them even more incentive to choose Lowe's.

最後，我們很高興看到我們的 DIY 忠誠度計劃自去年推出以來取得了巨大進展。我們已經建立了一個由 3000 萬名會員組成的基礎，現在他們的消費比非會員高出近 50%。顯然，這些客戶看到了這個免費計劃的價值，這讓他們更有動力選擇 Lowe's。

This spring, we'll lean into loyalty by offering exclusive member deals and doorbusters, featuring some of our best-selling products, and we'll support these offers with tech-enabled marketing designed to drive traffic and sales during this important season. We took the learnings from the successful launch of MyLowe's Rewards, and we've applied them as we redesigned our Pro loyalty program, which Joe will discuss in detail in just a few minutes.

今年春天，我們將透過提供獨家會員優惠和搶購活動來贏得會員的忠誠度，重點推出一些暢銷產品，並且我們將透過技術支援的營銷來支持這些優惠，旨在在這個重要的季節推動流量和銷售。我們吸收了 MyLowe's Rewards 成功推出的經驗，並在重新設計我們的 Pro 忠誠度計劃時運用了這些經驗，Joe 將在幾分鐘內詳細討論這一點。

In closing, I'd like to thank our vendor partners, our merchants, and our inventory and supply chain teams for all their effort and hard work to continue to serve our customers, provide innovation and value, and drive results.

最後，我要感謝我們的供應商合作夥伴、商家以及庫存和供應鏈團隊，感謝他們為繼續服務我們的客戶、提供創新和價值並推動成果所做的一切努力和辛勤工作。

With that, Joe, I'll now turn the call over to you.

喬，現在我將把電話交給你。

Thanks, Bill, and good morning, everyone. As Marvin mentioned, we're continuing to support communities impacted by the wildfires in California as they begin the rebuilding process. Our team has delivered truckloads of water and provided supplies like N95 masks, air purifiers, and ash sifters to firefighters, evacuation centers, and local communities in need. I'd like to recognize our store and supply chain associates in these areas who helped customers and routed supplies while tending to their own families, homes, and communities. We're grateful for their dedication and commitment to assist with the recovery over the long haul.

謝謝，比爾，大家早安。正如馬文所說，我們將繼續支持加州受野火影響的社區開始重建進程。我們的團隊已經運送了卡車的水，並向消防員、疏散中心和有需要的當地社區提供了 N95 口罩、空氣清淨機和灰篩等物資。我要表彰這些地區的商店和供應鏈員工，他們在照顧自己的家人、房屋和社區的同時，也幫助客戶並運送物資。我們感謝他們長期協助恢復工作的奉獻與承諾。

Turning to our Q4 performance, I'm pleased that we continue to deliver strong customer satisfaction scores, including improved satisfaction with our BOPIS, or buy online, pick up in-store process, which we enhanced through our front-end transformation. Now it's easier than ever for customers to get in and out quickly while they're picking up their online orders.

談到我們第四季度的業績，我很高興我們繼續提供強勁的客戶滿意度評分，包括對我們的 BOPIS（即網上購買、店內取貨流程）的滿意度提高，我們透過前端轉型增強了這一滿意度。現在，顧客在領取線上訂單時可以比以前更輕鬆地進出。

We've earned these strong customer satisfaction scores while we set Black Friday and Cyber Monday sales records, which you heard about from Marvin. And since roughly half of our online orders are picked up in the store, the strong customer endorsement is particularly meaningful. It tells us that the investments we've been making in our front-end transformation are paying off.

我們贏得了極高的客戶滿意度分數，同時創下了“黑色星期五”和“網絡星期一”的銷售記錄，這些您從馬文那裡聽說了。由於我們大約一半的線上訂單都是在商店提貨的，因此客戶的大力支持尤其重要。它告訴我們，我們在前端轉型所做的投資正在獲得回報。

At our analyst and investor conference in December, we discussed a number of ways we're driving productivity through our Perpetual Productivity Improvement, or PPI initiatives. Let me give you some more insight into our efforts in this area as we continue to improve the freight flow process. Driven by new technology as well as redesigned labels and carts, we dramatically streamlined the process, removed friction for our associates, and improved our speed to shelf.

在 12 月的分析師和投資者會議上，我們討論了透過持續生產力改進（PPI）計劃來提高生產力的多種方法。在我們繼續改進貨運流程的過程中，讓我向您更深入地介紹我們在這方面所做的努力。在新技術以及重新設計的標籤和推車的推動下，我們大大簡化了流程，消除了員工的摩擦，並提高了上架速度。

The trucks that bring products to our stores are now organized in a way that makes unloading easier. The labels include the aisle and bay location and there are specific directions for how to load carts efficiently. This reduces the number of touches by associates so products can go straight from the truck to a cart to the specific bay without any unnecessary reloading. And to make the process even more efficient, these improvements give associates more detailed visibility to what's coming before it arrives. We are very pleased with the overall enhancements we continue to make in the operational performance of our stores.

現在，將產品運送到我們商店的卡車已經進行了組織，以便於卸貨。標籤上包括走道和貨位的位置，以及如何有效裝載推車的具體說明。這減少了員工的接觸次數，因此產品可以直接從卡車運送到推車，然後再運送到特定的貨架，而無需任何不必要的重新裝載。為了使流程更加高效，這些改進使員工能夠更詳細地了解貨物到達之前的情況。我們對商店營運績效的持續全面提升感到非常高興。

Transitioning now to our Pro performance, we continue to see broad-based growth across our geographies, driven by our Pro-focused investments, resulting in high single-digit comps again this quarter. In our recent survey, Pro’s indicated they are confident in their near-term prospects with stable backlogs.

現在轉向我們的專業表現，我們繼續看到各個地區的廣泛成長，這得益於我們以專業為中心的投資，導致本季的業績再次出現高個位數成長。在我們最近的調查中，專業人士表示，由於積壓訂單穩定，他們對近期前景充滿信心。

Now let me give you an update on our revamped Pro loyalty program, MyLowe's Pro Rewards, which we launched nationwide just last week. With our new program, we've tailored our offerings specifically for our target customer, small to medium Pros, who can start earning rewards immediately and can achieve higher rewards with lower levels of spending compared to the program offered by our largest competitor.

現在，讓我向您介紹一下我們改進的 Pro 忠誠度計劃 MyLowe's Pro Rewards 的最新情況，該計劃於上週在全國範圍內推出。透過我們的新計劃，我們專門為我們的目標客戶（中小型專業人士）量身定制了產品，他們可以立即開始賺取獎勵，並且與我們最大的競爭對手提供的計劃相比，他們可以以較低的支出獲得更高的獎勵。

This program is easier than ever to use, offering an intuitive customer experience and prioritizing features and functions Pros use most. As members, Pros have access to exclusive perks in store and in the Lowe's app and online, including member-only deals, volume discounts, and a suite of business solutions. All of this is designed to help Pros save time and money.

該程式比以往更易於使用，提供直覺的客戶體驗並優先考慮專業人士最常用的特性和功能。作為會員，專業人士可以在商店、Lowe's 應用程式和線上享受專屬特權，包括會員專屬優惠、批量折扣和一套商業解決方案。所有這些都是為了幫助專業人士節省時間和金錢。

Now both our DIY and Pro loyalty programs run on the same tech platform and use the same currency, MyLowe's Money. This not only simplifies the customer experience, it's already making it easier for associates to explain and support the program. This should drive greater engagement with our Pro customers and incentivize repeat purchases and more trips to Lowe's.

現在，我們的 DIY 和 Pro 忠誠度計劃都在同一個技術平台上運行，並使用相同的貨幣，即 MyLowe's Money。這不僅簡化了客戶體驗，也使員工更容易解釋和支持該計劃。這應該會促進我們與專業客戶的更大互動，並激勵他們重複購買並更多地前往 Lowe's。

With both loyalty programs now in one tech platform, our marketing team was able to better leverage the unique data the programs generate to tailor offers for our Pro and DIY customers. This is an exciting time for Lowe's as we continue to evolve our loyalty ecosystem and enhance the technology that powers it. We're making our program stronger every day and more valuable to our customers. And we're now the only home improvement retailer to offer distinct programs for both DIY and Pro customers.

現在，兩個忠誠度計畫都集中在一個技術平台上，我們的行銷團隊能夠更好地利用這些計畫產生的獨特數據，為我們的專業和 DIY 客戶量身定制服務。對於勞氏來說，這是一個激動人心的時刻，因為我們將繼續發展我們的忠誠度生態系統並增強其支援技術。我們每天都在使我們的計劃更加強大，並為我們的客戶帶來更多價值。現在，我們是唯一一家為 DIY 和專業客戶提供獨特計劃的家居裝飾零售商。

These programs are an important way we're bringing our value commitment to life for our customers by helping them save time and money. And as we look ahead to spring, we're ready to serve customers with improved staffing levels and strong cross-functional coordination across the organization.

這些計劃是我們向客戶兌現價值承諾的重要方式，可以幫助客戶節省時間和金錢。展望春天的到來，我們已準備好透過提高人員配備水準和加強整個組織的跨職能協調來為客戶提供服務。

From store operations to merchandising to marketing, we're working together to provide our customers with an unparalleled shopping experience, right on time to capture demand during our biggest selling season of the year.

從商店營運到商品銷售再到行銷，我們共同努力為客戶提供無與倫比的購物體驗，及時滿足一年中銷售旺季的需求。

Before I close, I'd like to thank our hard-working frontline teams for their contribution to our results this year. Their expertise and commitment to excellent service are what differentiates Lowe's. In particular, I want to recognize our store managers and assistant managers who hold some of the most critical frontline leadership roles in the company. In appreciation for their efforts, we're awarding them with a discretionary year-end bonus, $10,000 for our store managers and $5,000 for our assistant managers. We're grateful for their incredible support and guidance they provide to their teams.

最後，我要感謝我們辛勤工作的一線團隊為我們今年的業績所做的貢獻。他們的專業知識和對優質服務的承諾是 Lowe's 的與眾不同之處。我特別要表彰我們的店長和助理經理，他們在公司中擔任一些最關鍵的第一線領導職務。為了感謝他們的努力，我們將酌情頒發年終獎金，店長獎金為 10,000 美元，助理經理獎金為 5,000 美元。我們感謝他們為團隊提供的巨大支持和指導。

And now let me turn the call over to Brandon.

現在讓我把電話轉給布蘭登。

Thank you, Joe, and good morning, everyone. Starting with our fourth-quarter results, we generated GAAP diluted earnings per share of $1.99. In the quarter, we recognized a pretax gain of $80 million on contingent consideration associated with the 2022 sale of our Canadian retail business. Excluding this benefit, we delivered adjusted diluted earnings per share of $1.93.

謝謝你，喬，大家早安。從第四季度業績開始，我們的 GAAP 稀釋每股收益為 1.99 美元。本季度，我們確認了與 2022 年出售加拿大零售業務相關的或有對價的 8,000 萬美元稅前收益。不計此項收益，我們的調整後每股攤薄收益為 1.93 美元。

My comments from this point forward will include certain non-GAAP comparisons that exclude this benefit, where applicable. Fourth-quarter sales were $18.6 billion, with comparable sales up 0.2%. Strong growth in Pro and online, as well as storm-related demand from hurricanes, Helene and Milton, drove better-than-expected results. We estimate the hurricane-related demand positively impacted Q4 comp sales by roughly 100 basis points as homeowners began the shift from securing their properties and cleanup towards recovery and rebuilding.

從現在開始，我的評論將包括某些排除此福利的非 GAAP 比較（如適用）。第四季銷售額為 186 億美元，可比銷售額成長 0.2%。Pro 和線上業務的強勁成長，以及海倫颶風和米爾頓颶風帶來的需求，推動了好於預期的業績。我們估計，隨著房主開始從保護房產和清理工作轉向恢復和重建，颶風相關需求對第四季度的銷售額產生了約 100 個基點的正面影響。

Comparable average ticket was up 1.5%, driven by strong positive comps in appliances, continued momentum in Pro, and storm recovery project spend. Comparable transactions declined 1.3%, with DIY discretionary pressure persisting especially in larger ticket interior projects.

受家電強勁增長、Pro 業務持續增長勢頭以及風暴恢復項目支出的推動，可比平均票價上漲了 1.5%。可比交易量下降了 1.3%，DIY 自由支配壓力持續存在，尤其是在較大的室內項目中。

Our monthly comp sales were down 2.5% in November, up 4.8% in December and down 2.2% in January. The calendar shift of Black Friday weekend and Cyber Monday from November in 2023 into December in 2024 shifted some demand between periods. Additionally, January was negatively impacted by unfavorable winter weather in the final two weeks of the month, especially in southern markets.

我們的月同店銷售額 11 月下降 2.5%，12 月成長 4.8%，1 月下降 2.2%。黑色星期五週末和網路星期一從 2023 年 11 月推遲到 2024 年 12 月，導致一些需求在不同時期之間發生轉移。此外，一月份最後兩週的不利冬季天氣也對其產生了負面影響，尤其是在南方市場。

Gross margin was 32.9% of sales in the fourth quarter, up 46 basis points from last year, driven by the benefits of our ongoing Perpetual Productivity Improvement, or PPI initiatives, partly offset by supply chain investment costs. Adjusted SG&A of 21% of sales delevered 8 basis points versus prior year, driven by increased compensation and health care expenses, largely offset by benefits of multiple PPI initiatives. Adjusted operating margin rate of 9.4% of sales improved 36 basis points versus prior year. And the adjusted effective tax rate was 23.5%, slightly below prior year. Inventory finished the year up $515 million versus prior year, as we accelerated targeted spring seasonal builds ahead of this critical period.

第四季毛利率為銷售額的 32.9%，比去年同期成長 46 個基點，這得益於我們正在進行的持續生產力改善 (PPI) 計劃帶來的好處，但被供應鏈投資成本部分抵消。調整後的銷售、一般及行政費用佔銷售額的 21%，較上年下降 8 個基點，這主要是由於薪酬和醫療保健費用的增加，但很大程度上被多項 PPI 計劃帶來的好處所抵消。調整後的營業利益率為 9.4%，較上年同期提高了 36 個基點。調整後有效稅率為23.5%，略低於去年。由於我們在這段關鍵時期之前加快了春季季節性建設的目標，今年的庫存比前一年增加了 5.15 億美元。

Turning now to capital allocation. In 2024, we generated $7.7 billion in free cash flow and returned $6.5 billion to shareholders through share repurchases and dividends. In the fourth quarter, we paid $650 million in dividends at $1.15 per share, and repurchased 5.5 million shares for $1.4 billion, returning $2.1 billion to our shareholders.

現在來談談資本配置。2024年，我們產生了77億美元的自由現金流，並透過股票回購和股利向股東返還了65億美元。第四季度，我們以每股 1.15 美元的價格支付了 6.5 億美元的股息，並以 14 億美元的價格回購了 550 萬股，向股東返還了 21 億美元。

Capital expenditures totaled $548 million in the quarter as we continue to invest in tech-driven productivity projects and key growth initiatives. Adjusted debt to EBITDAR ended the year at 3.01 times, and we delivered a return on invested capital of 32% for the year.

由於我們繼續投資於技術驅動的生產力項目和關鍵成長計劃，本季資本支出總計 5.48 億美元。調整後的債務與 EBITDAR 的比率在年底達到 3.01 倍，而我們當年的投資資本回報率為 32%。

Now I would like to take a few minutes to discuss our 2025 outlook. In December, we laid out three scenarios detailing a range of potential outcomes based on the performance of the home improvement market. Core demand drivers remain supportive, real incomes are forecast to grow again in 2025, home prices are near record highs, and we have the oldest housing stock in US history. But there is still a good deal of near-term market uncertainty around the timing of an inflection in the home improvement market, especially for larger ticket discretionary spend. We also expect mortgage rates to remain elevated, continuing to put pressure on existing home sales and some of the larger projects that are linked to those occasions.

現在我想花幾分鐘討論一下我們對 2025 年的展望。12 月份，我們根據家居裝飾市場的表現列出了三種情景，詳細說明了一系列可能的結果。核心需求驅動因素仍具有支撐作用，預計 2025 年實際收入將再次增長，房價接近歷史最高水平，而且我們擁有美國歷史上最古老的房屋存量。但近期市場對於家居裝飾市場轉折點的時機仍存在很大的不確定性，尤其是對於大宗可自由支配支出而言。我們也預期抵押貸款利率將保持在高位，繼續對現有房屋銷售和與這些場合相關的一些大型項目造成壓力。

Based on these factors, we are forecasting the home improvement market to be roughly flat this year, with Pro outpacing DIY, driven by the repair and maintenance occasion. However, the investments we have made to drive growth are resonating, which is reflected in our strong Pro and online results this quarter. And we are confident that the new initiatives we laid out as part of our updated Total Home Strategy will enable us to grow faster than the market and take share.

基於這些因素，我們預測今年家裝市場將基本持平，在維修和保養的推動下，Pro 市場將超過 DIY 市場。然而，我們為推動成長所做的投資得到了共鳴，這反映在我們本季強勁的 Pro 和線上業績中。我們相信，作為我們更新的「全面家居策略」的一部分，我們提出的新舉措將使我們的成長速度超過市場並佔據更大的份額。

Taking all of this into account, for 2025, we are expecting sales ranging from $83.5 billion to $84.5 billion, with comparable sales in a range of flat to up 1%. We expect operating margin in a range of 12.3% to 12.4%, with PPI initiatives across store operations, merchandising, and supply chain, driving approximately $1 billion in productivity this year.

考慮到所有這些因素，我們預計 2025 年的銷售額將在 835 億美元至 845 億美元之間，可比銷售額將在持平至成長 1% 之間。我們預計營業利潤率將在 12.3% 至 12.4% 之間，而涵蓋門市營運、商品銷售和供應鏈的 PPI 計畫將在今年推動約 10 億美元的生產力。

This productivity will offset pressure from merit increases and general operating cost inflation, elevated health care expenses, investments in our Total Home strategic priorities, and higher depreciation expense, which is forecasted to increase approximately $100 million over prior year as we lean into our tech-driven strategic investments.

這種生產力將抵消績效加薪和一般營運成本通膨、醫療保健費用增加、對我們的「全屋」戰略重點的投資以及更高的折舊費用帶來的壓力，隨著我們傾向於技術驅動的戰略投資，預計折舊費用將比上年增加約 1 億美元。

Additionally, we expect net interest expense of approximately $1.3 billion as we plan to repay $2.5 billion in debt maturities this year, but will also have less interest income due to lower short-term investment rates. These assumptions result in expected full-year diluted earnings per share of approximately $12.15 to $12.40. We also expect capital expenditures of approximately $2.5 billion as we invest in our Total Home strategic priorities and begin to ramp up new store builds. In 2025, we plan to open 5 to 10 new stores.

此外，由於我們計劃今年償還 25 億美元的到期債務，我們預計淨利息支出約為 13 億美元，但由於短期投資利率較低，利息收入也會減少。這些假設導致預計全年每股攤薄收益約為 12.15 美元至 12.40 美元。隨著我們投資「Total Home」策略重點並開始加大新店建設力度，我們也預計資本支出約為 25 億美元。2025年，我們計劃開設5至10家新店。

To assist with your modeling, here are a few items to keep in mind for the cadence of the year. We expect comp sales in the first half to be roughly flat, with some spring demand moving from the first quarter into the second quarter, where we are cycling particularly poor weather.

為了幫助您進行建模，這裡有一些需要記住的有關年度節奏的事項。我們預計上半年的銷售額將大致持平，部分春季需求將從第一季轉移到第二季度，而第二季度的天氣狀況尤其惡劣。

Taking this into account, we expect first-quarter comp sales approximately 200 basis points below the bottom end of our full-year guide. We also expect first-quarter operating margin rate to be approximately 50 basis points below the bottom end of our full-year guide, driven by deleverage on the lower sales volume, the wrap of incremental wage actions for our frontline associates, and the prioritization of investments in our Total Home strategic initiatives, including category accelerators to capture the spring selling season.

考慮到這一點，我們預計第一季可比銷售額將比全年指導底端低約 200 個基點。我們也預期第一季的營業利潤率將比全年指引的底端低約 50 個基點，這受到銷售量下降導致的去槓桿、對一線員工採取的增量工資行動以及對「整體家居」戰略計劃的投資優先考慮的影響，包括為抓住春季銷售旺季而推出的品類加速器。

In closing, we remain focused on executing at a high level through the near-term market pressures by driving productivity, diligently managing costs, and investing in our Total Home Strategy, all while continuing to drive sustainable long-term shareholder value.

最後，我們將繼續致力於透過提高生產力、認真管理成本和投資我們的「全面家居策略」來應對短期市場壓力，同時繼續推動可持續的長期股東價值。

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

接下來，我們將開始回答您的問題。

(Operator Instructions) Christopher Horvers, JPMorgan.

（操作員指示）摩根大通的克里斯多福‧霍弗斯 (Christopher Horvers)。

I wanted to talk a little bit about the strength that you saw in the fourth quarter and how you're putting that into context. Maybe did you see election deferral? Was there any weather benefit that maybe helped November and December? Obviously, you had the hurricane and the storm. Do you think there was tariff pull forward? Putting that in the context of that comp, in the context of how you guided the year, you're really not expecting much improvement even though we're another year out from the COVID pull-forward dynamics.

我想稍微談談您在第四季度看到的優勢以及您如何將其置於背景中。也許您看到了選舉延期？是否有任何天氣優勢可能對 11 月和 12 月有所幫助？顯然，你們遭遇了颶風和暴風雨。您認為關稅會提早嗎？考慮到該比較的背景以及您對今年的指導，您實際上並不期望會有太大的改善，儘管我們距離 COVID 提前動態還有一年的時間。

Chris, this is Marvin. I'll take the first part, and I'll let Brandon give some specifics. Look, my main point is, overall, we're really pleased with how we performed in the quarter. This, as we said in the prepared comments, remains a very difficult home improvement macro backdrop, and we're pleased across the board with the execution of the merchants store, supply chain, and in our stores. As a result of that, we delivered a positive comp, and we still have confidence in 2025 in spite of the fact that we don't expect the market to have any growth.

克里斯，這是馬文。我將負責第一部分，然後讓布蘭登提供一些具體細節。我的主要觀點是，總的來說，我們對本季的表現非常滿意。正如我們在準備好的評論中所說的那樣，這仍然是一個非常困難的家居裝修宏觀背景，我們對商家商店、供應鏈和商店的執行情況感到滿意。因此，我們實現了積極的業績，儘管我們預計市場不會有任何成長，但我們仍然對 2025 年充滿信心。

I'll let Brandon give you more specifics relative to Q4 and how we feel that relates to 2025.

我會讓布蘭登向您提供有關第四季度的更多細節以及我們認為這與 2025 年的關係。

Thanks, Marvin. Chris, I'd just echo, really pleased with execution in Q4. Beats top and bottom-line positive comps and EPS growth here for the first time in a couple of years. High single-digit growth in Pro and online gave us the ability to share in that success with our associates, paying $80 million in discretionary bonuses back. You mentioned the weather was a drag, in particular for January, impacted the month just north of about 150 basis points. That is pressing into here, the month of February, which is -- we've seen particularly poor weather here over the course of the first three weeks.

謝謝，馬文。克里斯，我只是想重複一下，對第四季的執行非常滿意。這是幾年來首次超過頂線和底線正值及每股收益成長。Pro 和線上業務的高個位數成長使我們能夠與員工分享成功，並支付了 8000 萬美元的酌情獎金。您提到天氣是拖累因素，特別是 1 月份，對當月的影響約為 150 個基點。這種情況一直持續到二月份，也就是說，我們在前三週看到了特別惡劣的天氣。

That is factoring in to how we're thinking about Q1 and the full year just from a company-specific standpoint. But from an overall macro standpoint, we expect the conditions to remain challenging in '25. As we talked about in the prepared remarks and all that's been taken into consideration as we looked at a flat home improvement market. And then where we fall relative to that, we expect to drive about 100 basis points from our Total Home initiatives, and that's how we get to our guide as we start thinking about '25.

這僅從公司特定角度考慮我們如何看待第一季和全年。但從整體宏觀角度來看，我們預計2025年的情況仍將充滿挑戰。正如我們在準備好的演講中所討論的，當我們觀察平淡的家居裝修市場時，我們已經考慮到了所有因素。然後，相對於這一點，我們預計我們的「全屋計畫」將帶來約 100 個基點的成長，這就是我們在開始思考 25 年時得出的指導方針。

Got it. And then as a follow-up, you talked about the investment pressures here in the first quarter, along with obviously the deleverage. But on the other side of it, can you talk about the shape of gross margin over there? You are still expecting, I think, the vendor clawbacks to cycle into the first half of the year, and I think they should be decent in terms of tailwinds. So do you expect gross margin up and then roughly flattish over the year?

知道了。然後作為後續問題，您談到了第一季的投資壓力，以及明顯的去槓桿現象。但另一方面，您能談談那裡的毛利率狀況嗎？我認為，您仍然期待供應商追回款循環進入今年上半年，而且我認為從順風角度來看，它們應該會很不錯。那麼您是否預計今年毛利率會上升然後大致持平？

Yes. Chris, you cited the Q1 50 basis points that we highlighted on the operating margin, majority of that is from the sales deleverage. We have about $400 million that we expect to shift from Q1 to Q2. So that's going to put a little bit of pressure on Q1. There's also a few other unique items with the wage investment that we made in the second half of the year that we're cycling in some upfront investments, in particular, in the category accelerators that we're rolling out. We're expecting the PPI to continue to ramp as we move through the year.

是的。克里斯，您提到了我們強調的第一季營業利潤率的 50 個基點，其中大部分來自銷售去槓桿。我們預計將有大約 4 億美元從第一季轉移到第二季。所以這會給第一季帶來一點壓力。我們在下半年進行的薪資投資中還有一些其他獨特的項目，我們正在循環進行一些前期投資，特別是在我們正在推出的類別加速器中。我們預計，隨著年內推移，PPI 將繼續上升。

Your question on gross margin, we are expecting that to be overall flat for the year. As we look at that, again, the PPI initiatives are offsetting pressure that we're seeing as we invest in the Pro business and then our supply chain. I will also say, we're very focused on continuing to invest in value for our customers. We're investing in sales and traffic-driving actions, especially as we look at first half seasonal promotions, marketing, and price action to ensure that we maintain leadership. And we really like the model. We've created a model that allows us to make investments in the associates, improve our value proposition with our customers and still hit our rule of thumb as we start to see sales increase over the course of the year.

關於毛利率的問題，我們預計全年毛利率整體持平。當我們再次審視這一點時，PPI 措施正在抵消我們在投資 Pro 業務和供應鏈時所面臨的壓力。我還要說的是，我們非常注重持續為客戶創造價值。我們正在投資銷售和流量驅動活動，特別是在關注上半年的季節性促銷、行銷和價格行動時，以確保我們保持領先地位。我們真的很喜歡這個模型。我們創建了一個模型，使我們能夠對員工進行投資，改善我們向客戶的價值主張，並且當我們開始看到全年銷售成長時仍然符合我們的經驗法則。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Just to clarify, the sales guidance for the year, is this roughly the same framework from two months ago? Or did it move slightly because of either backdrop or even the lower -- some of the volatility that you saw? Because it sounds roughly the same. And if you are going to take market share, I think it would still lean closer to the one. So I'm just trying to put that out to understand if anything changed at all in the last couple of months.

需要澄清的是，今年的銷售指導與兩個月前的框架大致相同嗎？或者它是否因為背景或甚至較低的——您所看到的一些波動而略有變動？因為聽起來大致相同。如果你要佔領市場份額，我認為它仍然會更接近於一。所以我只是想把這一點說出來，以了解過去幾個月是否發生了任何變化。

Sure, Simeon. This is Brandon. Roughly the same, I would say, from an overall macro. As I mentioned, the weather pressure in January we're factoring that in as we've seen a slower start here to February. I also mentioned we're lapping the expected hurricane benefit that actually outpaced our expectation in terms of what we saw in 2024. We saw about 100 basis points of benefit each in both Q3 and Q4, and that's going to create a slight drag for us as we look at '25.

當然，西緬。這是布蘭登。從整體宏觀角度來看，我想說大致相同。正如我所提到的，我們將 1 月的天氣壓力考慮在內，因為我們看到 2 月的開局比較慢。我還提到，我們正在實現預期的颶風效益，就 2024 年的情況而言，這實際上超出了我們的預期。我們在第三季和第四季分別看到了約 100 個基點的收益，而這對我們展望 25 年來說將帶來輕微的拖累。

But the conditions still remain challenging, elevated rates, cautious consumer, particularly around the big-ticket discretionary. Those are all things that we cited back in December. And again, relative market, still roughly flat. So overall, the framework, we're trying to take into account some near-term company-specific items. But I would say overall, it's still the same framework.

但情況依然嚴峻，利率上升，消費者謹慎消費，特別是在大宗非必需消費品方面。這些都是我們在 12 月提到的內容。相對市場而言，仍大致持平。因此，總體而言，我們正試圖在框架中考慮一些近期公司特定的項目。但我想說，總的來說，它仍然是相同的框架。

Simeon, this is Marvin. Just two additional points. So specific to February, where the weather has cooperated, spring is off to a good start in February. But overall, February is pressured because of the weather, specifically in parts of the south. And that's, again, not a surprise to anyone.

西緬，這是馬文。僅需補充兩點。具體到二月，天氣很好，二月春天有一個好的開始。但整體而言，二月由於天氣原因面臨壓力，尤其是南部部分地區。這對任何人來說都不足為奇。

Relative to the scenarios we laid out in December, in all three of those scenarios, as a reminder, it included outperformance. And so even though we look at the home improvement market -- or our relevant home improvement market in 2025 being roughly flat, we plan to outperform that. And so if the market is better than what we anticipate, we anticipate our performance is going to be better than the market. So irrespective of what the market gives us, we believe we have the initiatives, the agility, and the strategic plan to outperform it.

相對於我們在 12 月列出的情景，在這三種情景中，需要提醒的是，它都包括優異的表現。因此，即使我們認為 2025 年的家裝市場或相關家裝市場基本上持平，我們仍計劃超越這一水平。因此，如果市場表現優於我們的預期，我們預期我們的業績也會比市場好。因此，無論市場給我們什麼，我們相信我們都有主動性、敏捷性和策略計畫來超越它。

Fair enough. My follow-up, it's about the relationship with PPI and then how the business performs. So let's just say the market ends up being a little lighter, you have a specific plan on what you're going to spend and invest in for this year. Does that change at all? And then if it doesn't change, do you have toggles in PPI to help offset it to basically land the margin in a certain place? So can you just give us a sense of the flex that you have in both of those areas and how you approach them?

很公平。我的後續問題是與 PPI 的關係以及業務表現如何。所以，假設市場最終變得稍微清淡一些，你就會對今年的支出和投資有一個具體的計畫。這有改變嗎？如果它沒有改變，您是否有 PPI 中的切換功能來幫助抵消它，從而將利潤率基本上放在某個位置？那麼，您能否向我們介紹一下您在這兩個領域所擁有的靈活性以及您如何處理它們？

Simeon, I would say definitely some flex in that. But right now, we've built the plan we highlighted in December. We have $1 billion of productivity that we're expecting to deliver here in '25. That's split roughly evenly across the portfolio, about $500 million in margin consisting of the merchant supply chain efforts, another $500 million on the expense side, mainly through the stores teams. We expect that to continue to sort of ramp as we move through the year.

西緬，我想說這其中肯定有一些彈性。但現在，我們已經制定了 12 月強調的計畫。我們預計在 25 年將實現 10 億美元的生產力。這些利潤大致平均分配在投資組合中，約 5 億美元的利潤來自商家供應鏈工作，另外 5 億美元來自費用方面，主要透過商店團隊支付。我們預計，隨著時間的推移，這一數字將繼續上升。

And as we've referenced, we're confident in the flywheel that we've created with PPI and believe we have the right opportunity here for '25 as well as the multi-year opportunities. So look, as things soften, as they get better, certainly can ramp up, ramp down in terms of near-term factors as well as some of the larger initiatives, but really confident with the plan that we have and the operating margin that's been included in our outlook.

正如我們所提到的，我們對與 PPI 共同創造的飛輪充滿信心，並相信我們在 25 年以及多年期機會方面擁有正確的機會。因此，隨著情況的緩和和好轉，短期因素以及一些較大的舉措肯定會增加或減少，但我們對我們的計劃以及展望中包含的營業利潤率非常有信心。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

First just the outlook for the hurricane rebuild. I understand you start to cycle in the back half of the year. Any reason you would expect kind of a similar dollar lift, I guess, over the first half of the year versus what you've seen? Is there anything unique or different about the rebuild or the cadence of the rebuild you're seeing versus maybe what your expectations were? That's my first question.

首先是颶風重建的前景。我知道你是在今年下半年開始騎自行車的。我想，與您所見的情況相比，您認為今年上半年美元匯率會出現類似的上漲，有什麼原因嗎？與您的預期相比，您所看到的重建或重建節奏有什麼獨特或不同之處嗎？這是我的第一個問題。

Yes. So Peter, I think definitely have some benefit that we've baked in here in the first half. But as you know, especially in some of these hurricane markets, the timing of the insurance proceeds, when that's going to get awarded, how that's going to be respent. So we've tried to take a little bit more of a conservative approach.

是的。所以彼得，我認為我們在上半年肯定已經獲得了一些好處。但正如你所知，特別是在一些颶風市場中，保險收益的時機、何時獲得賠償以及如何重新使用都是不確定的。因此，我們嘗試採取更保守的方法。

And as we think about the benefit that we do have baked in, as I mentioned, slightly lower than what we saw in the back half of the year, and that's how we cadenced it in. But we're ready to support these markets. We've loaded it in inventory from a Pro standpoint, ready to support across the Carolinas and Florida. But just in terms of financially what we've baked in, that's the assumption.

當我們考慮我們所獲得的好處時，正如我所提到的，它比我們在下半年看到的略低，這就是我們的節奏。但我們已準備好支持這些市場。我們從專業角度將其裝入庫存，準備為卡羅來納州和佛羅裡達州提供支援。但就我們所考慮的財務狀況而言，這只是一個假設。

Okay. That seems prudent. That leads me to my next question around the Pro. Really good to see the performance there. Can you maybe talk about the broadening of the engagement or the demand that you're seeing within the Pro segment? Give us a sense for -- or remind us how you define kind of small versus medium versus larger Pro. And then any categories in particular that are kind of resonating as you continue to put these good growth rates with your Pro business.

好的。這似乎是謹慎的做法。這就引出了我關於 Pro 的下一個問題。真的很高興看到那裡的表演。您能否談談您在 Pro 領域看到的參與度或需求的擴大？讓我們了解一下—或提醒我們您如何定義小型、中型和大型 Pro。然後，當您繼續將這些良好的成長率應用於您的專業業務時，任何特定的類別都會引起共鳴。

Yes. So Peter, I'll take the first part of that, and I'll let Bill talk about the category performance. We define the Pro based on the Pro shopping pattern and their annual spend. And again, we do quarterly surveys, so we're really engaged with these customers. We understand the business that they're in, we understand what their annual spend, and we basically understand what their overall financial position is. And so we define it in that regard.

是的。彼得，我將負責第一部分，然後讓比爾談談類別表現。我們根據專業人士的購物模式及其年度支出來定義專業人士。而且，我們每季都會進行調查，因此我們確實與這些客戶進行了互動。我們了解他們所從事的業務，了解他們的年度支出，並且我們基本上了解他們的整體財務狀況。因此我們從這個角度對其進行定義。

Now the thing that we've been able to do is to really see the benefits of our Total Home investments really taking hold on things, like responding to product load-in, improved service levels, or more flexible and agile delivery. And we saw double-digit Pro growth online. And again, we just think we have a best-in-class online offering.

現在，我們能夠真正看到的是，我們的「全屋」投資確實帶來了好處，例如響應產品裝載、提高服務水準或更靈活、更敏捷的交付。我們看到 Pro 線上業務實現了兩位數的成長。再說一次，我們只是認為我們擁有一流的線上服務。

And as you think about the overall engagement of the Pro, we think it has a lot to do with some of the brands that Bill and the merchant teams have brought to bear, in addition to the fact that we have made a commitment to have inventory where it needs to be and to have the delivery flexibility that we've really never had before.

當您考慮 Pro 的整體參與度時，我們認為它與 Bill 和商家團隊帶來的一些品牌有很大關係，此外，我們還承諾在需要的地方提供庫存，並提供我們從未有過的交付靈活性。

And we're excited about the relaunch of our loyalty program, MyLowe's Pro Rewards, based on the fact that the data that we received from those customers is that they wanted something that was more simplistic, but also something that they could earn and achieve higher rewards at lower spend levels, because, again, they are more of a smaller to medium-sized small business. Overall, we feel great. We think that momentum is going to continue.

我們很高興能夠重新推出我們的忠誠度計劃 MyLowe's Pro Rewards，因為我們從這些客戶那裡得到的數據表明，他們想要一些更簡單的東西，但也想要一些他們可以以較低的消費水平賺取和獲得更高回報的東西，因為他們更像是一家中小型企業。總體而言，我們感覺很棒。我們認為這種勢頭將會持續下去。

And I'll let Bill be specific about some of the categories that we've seen take off as a result of these efforts.

我將讓比爾具體介紹一下由於這些努力而取得進展的一些類別。

Yes. Thanks, Marvin. And Peter, as I said in my prepared remarks, really pleased with the Pro business, both for the quarter and for the year, as we saw positive growth across every merchandising category for the quarter and for the year. And so largely led by what you would think is those Pro-centric areas, but building materials, lumber, millwork, some of those key categories. But also strength across appliances, paint, and some other businesses across store tools, hardware. So it's really encouraging for us to see the strength both in the quarter and for the year across those merchandising categories in Pro.

是的。謝謝，馬文。正如我在準備好的演講中所說，彼得對本季和全年的 Pro 業務感到非常滿意，因為我們看到本季和全年每個商品類別都實現了正成長。因此，很大程度上是由您認為的那些以專業為中心的領域主導的，但建築材料、木材、木製品，其中一些是關鍵類別。而且在電器、油漆以及商店工具、五金等一些其他業務方面也實力雄厚。因此，我們很高興看到 Pro 各商品類別在本季和全年都表現強勁。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

We wondered if you could talk to us about how you're thinking about transaction versus ticket throughout '25. How much inflation do you think can be in the space during the year? And specific to Q1, when you're going through why the margin would be slightly below the range for the year, you mentioned category accelerators as one of the drags. Is that just something that's happening more in Q1 than the other quarters? And can you remind us what that looks like?

我們想知道您是否可以與我們談談您在 25 年期間對交易與票務的看法。您認為今年的通膨率可能達到多少？具體到第一季度，當您解釋為什麼利潤率會略低於全年範圍時，您提到類別加速器是其中一個拖累因素。這種現像在第一季比其他季度更常見嗎？您能提醒我們一下它是什麼樣子的嗎？

Sure, Kate. This is Brandon. I'll hit the ticket transaction assumption for '25. We are expecting slight ticket growth, and that's mainly driven by the continued strength that we're expecting to see in Pro. The offset is that we also expect DIY traffic pressures to persist as we look at the balance of '25. Commodity inflation, not really a part of that formula. We expect that to be muted just as we've seen for the majority of '24, and that's as it relates to lumber and copper.

當然，凱特。這是布蘭登。我將達到 25 年的票務交易假設。我們預計門票數量將略有增長，這主要得益於我們預計 Pro 將繼續保持強勁勢頭。抵銷的是，當我們展望 25 年的平衡時，我們也預期 DIY 交通壓力將持續存在。商品通膨實際上並不是該公式的一部分。我們預計，正如我們在 24 年的大部分時間裡看到的那樣，這種情況將會有所緩和，這與木材和銅有關。

As it relates to the Q1 pressure, I mentioned the main item just being the shift in sales due to the season that we're cycling last year. So you have the sales deleverage, the wage investment. And I would say from a Total Home Strategy standpoint and the initiatives, a little bit of unique pressure in Q1, just given the timing of the rollout, in particular, the category accelerators, where we're going out and resetting and touching our stores as we look at the rural initiative rollout and some of the other things that we're doing there. So I would say that's the uniqueness there as it relates to Q1, in particular, with that initiative.

就第一季的壓力而言，我提到的主要因素是由於去年騎行季節導致的銷售變化。因此，你就有了銷售去槓桿和薪資投資。我想說，從整體家居戰略和計劃的角度來看，第一季會面臨一些獨特的壓力，因為推出的時間，特別是類別加速器，我們會出去重置和触摸我們的商店，同時考慮農村計劃的推出以及我們在那裡做的其他一些事情。所以我想說，這是與 Q1 相關的獨特之處，特別是與該計劃相關。

Greg Melich, Evercore ISI.

格雷格·梅利奇（Greg Melich），Evercore ISI。

I wanted to just follow up a little bit there on inflation. What was it in the quarter? Was there anything that's part of that ticket growth? And are tariffs contemplated in your guide?

我只是想稍微探討一下通貨膨脹的問題。本季的情況如何？有什麼因素導致了票務量的成長嗎？您的指南中是否考慮了關稅？

Greg, I would say like-for-like inflation, pretty muted when we look at Q4. And then your question on tariffs, it's not explicitly included or incorporated in our guide in terms of what's recently been enacted. But I would say, there, the situation very fluid. Our teams are already activating against the tariffs that have been enacted.

格雷格，我想說，當我們看第四季時，同類通膨相當溫和。然後，您關於關稅的問題，就最近頒布的法案而言，它並沒有明確包含或納入我們的指南中。但我想說，那裡的情況非常不穩定。我們的團隊已開始採取行動反對已實施的關稅。

We're running the play. We're keeping a close watch on other potential policy changes or announcements that may be coming and prepared to respond. We're confident in our merchant and finance teams, across my team and Bill's team, have the right tools and processes in place, and we continue to run that and respond in an effective manner.

我們正在演戲。我們正在密切關注其他可能出現的政策變更或公告，並準備回應。我們相信，我們的商家和財務團隊（包括我的團隊和比爾的團隊）都擁有正確的工具和流程，並且我們將繼續以有效的方式運作和回應。

Got it. And on the leverage, you've talked about at the Analyst Day a sort of 10 bps of leverage on the upside and potentially 15 on the downside. Is that still a good framework to think about given the demand levels here?

知道了。關於槓桿，您在分析師日上談到了上行槓桿為 10 個基點，下行槓桿可能為 15 個基點。考慮到這裡的需求水平，這仍然是一個值得思考的好框架嗎？

Yes. I think it's spot on, Greg. We still have that framework in place, 10 on the upside, 15 on the down. It doesn't necessarily apply on a quarterly level. The framework works better when you're thinking about sort of the full year. But yes, very much still operating against that expectation.

是的。我認為這是完全正確的，格雷格。我們仍然保留著這個框架，上行 10 分，下行 15 分。它不一定適用於季度級別。當你考慮全年情況時，該框架會更好地發揮作用。但確實，實際情況仍與預期相反。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Where do some of the large ticket remodeling categories for Lowe's stand today versus where they were in 2019, specifically areas like kitchen remodels and bath remodels, because it does seem like Lowe's is being disproportionately adversely impacted by the softness. So presumably, it would be a benefit as those categories improve?

與 2019 年相比，勞氏公司目前一些大型改造類別的狀況如何，特別是廚房改造和浴室改造等領域，因為勞氏公司似乎確實受到了疲軟的嚴重不利影響。那麼，可以推測，隨著這些類別的改善，這將是一個好處嗎？

Well, Michael, this is Marvin. I think one thing we said consistently is that DIY discretionary big-ticket is under pressure, and everything you listed is DIY discretionary big ticket. And so the obvious answer is those categories are under pressure since 2019. And with 70% of our revenue coming from the DIY customer, when those big-ticket discretionary categories feel pressure, it disproportionately impacts our business and our revenue.

嗯，邁克爾，這是馬文。我認為我們一直在說的一件事是，DIY 可自由支配的大件商品正面臨壓力，而您列出的所有內容都是 DIY 可自由支配的大件商品。因此，顯而易見的答案是，這些類別自 2019 年以來一直面臨壓力。由於我們 70% 的收入來自 DIY 客戶，當這些高價非必需品類別感受到壓力時，它會對我們的業務和收入產生不成比例的影響。

And so I'll let Brandon give you any more context.

因此，我會讓布蘭登為您提供更多背景資訊。

Yes, Michael, we've been pretty consistent around sort of the over-reversion in these categories, as we look at flooring, decor, K&B relative to five years ago just in terms of what we've seen. So I certainly believe there's pent-up demand when the market inflects, and when it turns, and we're ready for that.

是的，邁克爾，就我們所見而言，我們對這些類別的過度回歸一直非常一致，例如地板、裝飾、K&B 與五年前相比的情況。因此，我確信，當市場發生變化和轉變時，就會存在被壓抑的需求，我們已經為此做好了準備。

But another data point I'll call out just when we look specifically at larger tickets and the sequential improvement here in 2024, the term I would use is it looks like it's getting less worse. On our bigger ticket, we were high single-digit negatives over the course of Q1, Q2. We're coming out of Q4 here roughly flat on tickets over $500. So a good sign that we're seeing in those categories. Not projecting an inflection or a recovery certainly as we look at 2025, but we hope we're kind of bumping along the trough in the bottom here.

但是，當我們專門研究 2024 年的大額票據和連續改善情況時，我要指出的另一個數據點是，情況看起來沒有那麼糟了。就我們較大的票面而言，在第一季和第二季期間，我們的虧損均為高個位數。第四季度，500 美元以上的門票數量基本上持平。所以我們在這些類別中看到的是一個好兆頭。展望 2025 年，我們當然不會預測會出現拐點或復甦，但我們希望我們能在這裡沿著低谷前進。

My follow-up is there was a description around some incremental activity to drive the DIY business between promotions, advertising, and other initiatives. So A, can you quantify that? And B, how are you thinking about the cost to drive the DIY business today versus where it has been in the past? Meaning, is it just becoming more expensive to maintain market share given all the changes that have taken place?

我的後續問題是，有一些關於在促銷、廣告和其他舉措之間推動 DIY 業務的增量活動的描述。那麼 A，你能量化這一點嗎？B，您認為目前推動 DIY 業務的成本與過去相比如何？意思是，考慮到發生的所有變化，維持市場份額的成本是否變得更加昂貴？

Michael, I don't know exactly the context of the question, but what I will tell you is that we are not planning, nor have we seen any inflection point change in promotional cadence for DIY, nor are we anticipating doing anything to create any change in our cadence. The one thing that we will do is to leverage our DIY loyalty program, which we will be cycling over the launch in March, and we're very excited about that program. That is specific to the DIY. And as Joe mentioned, I mean, we're the only home improvement retailer with a distinct Pro and DIY loyalty program.

邁克爾，我不太清楚這個問題的具體背景，但我要告訴你的是，我們沒有計劃，也沒有看到 DIY 促銷節奏出現任何拐點變化，我們也不打算做任何事情來改變我們的節奏。我們要做的一件事就是利用我們的 DIY 忠誠度計劃，該計劃將在三月推出，我們對該計劃感到非常興奮。這是 DIY 特有的。正如喬所提到的，我的意思是，我們是唯一一家擁有獨特的專業和 DIY 忠誠度計劃的家居裝飾零售商。

Other than that, we're going to continue to be competitive in the marketplace, but we have no expectation that we're going to be investing more aggressively in the DIY marketing space. We're going to continue to run a very specific play. And one of the key benefits of a loyalty program is that it gives you more database, modernize one-to-one marketing capabilities than what we've had in the past.

除此之外，我們將繼續在市場上保持競爭力，但我們並不期望在 DIY 行銷領域進行更積極的投資。我們將繼續演繹一部非常特別的戲劇。忠誠度計劃的主要優勢之一是，它為您提供比過去更多的資料庫，以實現一對一行銷能力的現代化。

Michael, I would just add just in terms of the cost or the investment, whether it's in the promotional space, pricing actions, all that factored in as we look at 2025 in that flat gross margin expectation that our reference, marketing within SG&A flow-through all of that factored in, in terms of what it's going to take for us to continue to resonate, continue to take leadership in the right categories, and, at the same time, deliver on our financial guide.

邁克爾，我只想補充一下成本或投資方面，無論是在促銷領域還是定價行動，當我們展望 2025 年時，所有這些都考慮在內，我們的參考毛利率預期持平，SG&A 內的營銷流通將所有這些都考慮在內，就我們需要做什麼才能繼續產生共鳴，繼續在正確的類別中佔據領導地位，同時實現我們的財務指南。

Zach Fadem, Wells Fargo.

富國銀行的紮克法德姆。

Do you think it's fair to say there was some post-election exuberance on behalf of the consumer as a whole in Q4 that's maybe died down a little bit in 2025? As it sounds like you attribute this January, February air pocket to be more about weather. So just trying to think through the factors that give you confidence that trends can snap back as we move through Q1 and into Q2 and through the year.

您是否認為可以這樣說，第四季消費者整體上表現出一些選舉後的興奮情緒，而這種情緒在 2025 年可能會有所減弱？聽起來你認為今年一月、二月的氣穴比較多是天氣原因造成的。因此，試著思考一下那些讓你有信心的因素，隨著我們進入第一季、第二季以及全年，趨勢可能會反彈。

So Zack, this is Marvin. I appreciate the question. I will tell you that we have no real tangible data to support any election exuberance during the holiday season. But what we can point to specifically is the impact of weather on our business.

札克，​​這是馬文。我很感謝你提出這個問題。我會告訴你，我們沒有任何真正的有形數據來支持假期期間的任何選舉熱情。但我們可以具體指出的是天氣對我們業務的影響。

As we look at -- for the points of January and February, as Brandon mentioned, as we look at the geographic spread of our business, it is crystal clear that where the sun is shining and we have seasonal normal weather, spring is resonating really well. And where we have unseasonably cool, wet, and any frozen precipitation, the business is not performing well. So we see this more today as a weather story than any election impact or any other broader macro shock that could be happening. Again, we have no data to support that.

正如布蘭登所提到的，當我們觀察一月和二月的情況時，當我們觀察我們業務的地理分佈時，很明顯，在陽光明媚、天氣正常的地區，春天的氣氛很好。而當氣候異常寒冷、潮濕或冰凍降水時，業務表現就會不佳。因此，我們今天更多地將其視為天氣因素，而不是選舉影響或可能發生的任何其他更廣泛的宏觀衝擊。再次，我們沒有數據支持這一點。

Got it. Appreciate that. And then on the policy environment, lots of moving parts here. You talked about the incremental potential for tariffs. Curious how you think through other policy dynamics like immigration and how that could impact your business?

知道了。非常感謝。然後在政策環境方面，這裡有很多活動部件。您談到了關稅的增量潛力。好奇您如何看待移民等其他政策動態以及這將如何影響您的業務？

It's another really, really fair and timely question. What I will tell you is that, like most large US companies, we are paying very close attention to it. We are highly engaged with all of our customer segments. We have one of the best government relations teams of any public company in the US, and we are going to just be as agile as we can.

這又是一個非常公平且及時的問題。我要告訴大家的是，和大多數美國大公司一樣，我們對此非常關心。我們與所有客戶群都保持著高度的互動。我們擁有美國上市公司中最好的政府關係團隊之一，我們將盡可能保持敏捷。

The one thing that we do know is if there are any policies that impact our business, we will not be alone. And so our objective is to just focus on controlling what we control and being very keenly aware of the marketplace. Again, your question is a timely and very fair question. But what I can tell you is we are prepared for everything and we're prepared for anything. And we believe that our team has the agility and the high level of execution ability to manage through any political environment or any policy changes that could be coming our way.

我們確實知道的一件事是，如果有任何政策影響我們的業務，我們不會孤軍奮戰。因此，我們的目標是專注於控制我們能控制的事情，並敏銳地意識到市場。再次強調，您的問題非常及時，而且非常公平。但我可以告訴你們的是，我們已經做好了一切準備，我們已經做好了應對任何情況的準備。我們相信，我們的團隊具有敏捷性和高水準的執行能力，能夠應對任何可能出現的政治環境或政策變化。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

So this may be a bit repetitive, so I apologize. But I think a lot of us are looking at your results today, congratulations on a nice quarter, together with the results of your competitor report yesterday and just really trying to make sense of that, the sales pickup we saw late in 2024. So I guess -- and this is the repetitive part, so I apologize. But Marvin, as you're looking at the business -- and again, recognizing there's a lot of moving pieces out there with weather, the election, like someone else has mentioned, but is there anything you can see that may give us some indication that we have hit some type of positive inflection in the business despite these ongoing macro challenges?

所以這可能有點重複，所以我很抱歉。但我想我們很多人都在關注您今天的業績，祝賀您取得了一個不錯的季度，同時結合您昨天競爭對手報告的結果，我們真的想弄清楚為什麼我們在 2024 年末看到了銷售額的回升。所以我猜——這是重複的部分，所以我很抱歉。但是馬文，當你審視業務時——再次承認有很多因素在影響著我們，例如天氣、選舉等等，就像其他人提到的那樣，但是您是否看到一些跡象表明，儘管面臨這些持續的宏觀挑戰，我們的業務已經出現了某種積極的轉折？

Brian, thanks for the question. What I would tell you, for us, it comes down -- and Brandon mentioned it, it comes down to discretionary big ticket for DIY. I mean that, to us, is one of the key indicators that the homeowner is going to be returning to what we consider to be a normal cadence of home improvement spend. And so we're going to be tracking that really, really close, and we're going to be paying attention to it.

布萊恩，謝謝你的提問。我想告訴你的是，對我們來說，這歸結為——正如布蘭登所提到的，這歸結為 DIY 的可自由支配的大門票。我的意思是，對我們來說，這是房主將恢復到我們認為的正常的家居裝修支出節奏的關鍵指標之一。因此，我們將密切跟踪並關注此事。

Another key for us is our home services business, i.e., home installations. That's another indicator for us that consumers are either tapping into the equity. And as you know, we have record amounts of equity. I think we, on average, roughly $400,000 per home. And so we believe that, at some point, customers are going to get normalized in this high mortgage rate environment and they're going to start to tap into that equity, making the decision that they're going to stay in their existing home but modernize that home.

我們的另一個關鍵業務是家庭服務業務，即家庭安裝。這對我們來說是另一個指標，表示消費者正在利用資產淨值。如您所知，我們擁有創紀錄的股權金額。我認為平均每套住房大約需要 40 萬美元。因此，我們相信，在某個時候，客戶會在這種高抵押貸款利率的環境中變得正常化，他們會開始利用這些資產，決定繼續住在現有房屋中，但對房屋進行現代化改造。

So the moment we start to see that home services business start to tick up positive on a more continuous basis, that's going to be another positive sign for us. So those are two key data points that we look at that will really give us a sign that the inflection is hopefully around the corner.

因此，當我們開始看到家庭服務業務開始更持續地向好發展時，這對我們來說將是另一個正面的訊號。因此，我們所關注的兩個關鍵數據點將真正給我們一個訊號，表明拐點即將到來。

That's very helpful. And then my second question, somewhat related, but on the Pro business. So another great quarter, where you're clearly performing well and outpacing the market. A lot of internal initiatives are, sort of to say, taken hold at Lowe's. So I guess the question I have is, how should we think about the sustainability here? You're looking at these initiatives and the Pro business start to take hold, materialize. From your standpoint, I mean, given nothing else changing maybe in the macro environment, how much longer can Lowe's continue to put up these substantial market share gains in Pro?

這非常有幫助。然後是我的第二個問題，有點相關，但與專業業務有關。這又是一個偉大的季度，你們的表現明顯良好，並且超越了市場。可以說，許多內部措施在勞氏公司已經落地生根。所以我想我的問題是，我們該如何看待這裡的永續性？您正在關注這些舉措，並且 Pro 業務開始紮根並實現。從您的角度來看，假設宏觀環境沒有其他變化，那麼勞氏還能在多長時間內繼續在 Pro 領域保持如此可觀的市佔率成長？

So again, another fair question. I'll just give you kind of a broad perspective, and I'll let Joe talk about some of the key initiatives that we're executing that gives us confidence. So the way we look at the total addressable market for Pro is that it's roughly a $500 billion market, and 50% of that is the small to medium Pro where we are focused as our key Pro customer segment. And that is an extremely fragmented marketplace.

這又是一個公平的問題。我只是給你一個廣闊的視角，然後讓喬談談我們正在執行的一些讓我們充滿信心的關鍵舉措。因此，我們認為 Pro 的整體可尋址市場約為 5000 億美元，其中 50% 是中小型 Pro，我們將其作為主要 Pro 客戶群。這是一個極度分散的市場。

And as Joe cited in his prepared comments, when we surveyed our customers, they still feel confident in their backlog and they still feel confident in their ability to have really good sales, although they're paying really close attention, like we all are, to changing dynamics in the political process that we're in and policies and macro, et cetera. But overall, the degree of confidence remains high. So we have a $250 billion fragmented marketplace where the customer feels confident in their ability to drive business. And so that gives us an indication that there's still lots of opportunity for us to grow.

正如喬在他準備好的評論中提到的那樣，當我們對客戶進行調查時，他們仍然對自己的積壓訂單充滿信心，仍然對自己實現良好銷售的能力充滿信心，儘管他們像我們所有人一樣，密切關注著我們所處的政治進程、政策和宏觀等方面的變化動態。但整體而言，信心程度仍然較高。因此，我們擁有一個價值 2500 億美元的分散市場，客戶對他們推動業務的能力充滿信心。這顯示我們仍有很大的發展機會。

And I'll let Joe give you some examples on some of the initiatives that gives us additional confidence.

我會讓喬給你舉一些例子，說明一些能給我們更多信心的舉措。

Thanks, Marvin. And Brian, as we look at the Pro business, thinking about the relaunch of our MVP Pro Rewards, resonating with that Pro. But we talked about some of our asset-light investments we're making, things like our Pro fulfillment centers, our flatbed fulfillment centers, what we're doing in outside sales, how we're leveraging Lowe's Pro Supply. And so we have a lot of continued initiatives. Just scratching the surface on what we're doing with Pro, and we have great confidence that it will continue into the future.

謝謝，馬文。布萊恩，當我們審視專業業務時，考慮重新推出我們的 MVP Pro 獎勵，與專業業務產生共鳴。但我們談到了我們正在進行的一些輕資產投資，例如我們的專業履行中心、平板履行中心、我們在外部銷售方面所做的工作、我們如何利用 Lowe's Pro Supply。因此我們有許多持續的舉措。這只是我們對 Pro 所做工作的冰山一角，我們非常有信心它會繼續發展下去。

And the last point I'll make on this, Brian, just to close it out, is we have a hypothesis that when the DIY customer comes back, and this customer will come back, we're perfectly positioned for that with our new Total Home Strategy. So we see that DIY customer coming back. And then at the same time, we're going to be able to execute on our small to medium Pro initiative. We're going to continue to drive our omnichannel strategy. And when we do all of these things in concert, we think that it bodes really well for us in our future.

最後，布萊恩，我要說的最後一點是，我們有一個假設，當 DIY 客戶回來時，這個客戶會回來，而我們新的「全面家居策略」已經為他們做好了完美的定位。所以我們看到 DIY 客戶又回來了。同時，我們將能夠執行我們的中小型專業計劃。我們將繼續推動全通路策略。當我們齊心協力做所有這些事情時，我們認為這對我們的未來來說是一個非常好的預兆。

Okay. Rob, we have time for one more question.

好的。羅布，我們還有時間再問一個問題。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

I wanted to ask on the appliances side of the business. So it seems like we're seeing some stabilization from yourself and from your larger competitor. What are you seeing there? Do you think we're just kind of seeing natural replacement cycles, maybe some duress, some innovation? Just be curious to hear.

我想詢問有關家電方面的業務。因此，我們似乎看到您和您的較大競爭對手都出現了一些穩定性。你在那裡看到了什麼？您是否認為我們看到的只是自然的替代週期，也許是某種壓力，某種創新？只是好奇地聽。

Yes, Steven, thanks. This is Bill. So really pleased with our appliances business. We saw really strong results in the quarter across all of the key categories. So we saw unit growth as well as, you cited, innovation obviously driving it. It is largely driven by duress customers. I think our model sets up well to be able to take care of that customer. As I cited in my prepared remarks, the delivery model that we have set up is best-in-class. And being able to install and deliver an appliance in almost every ZIP code across the country is remarkable for us.

是的，史蒂文，謝謝。這是比爾。對我們的家電業務非常滿意。本季度，我們所有關鍵類別都取得了非常強勁的業績。因此，我們看到了單位成長，以及您提到的創新明顯推動了這一成長。這很大程度是由脅迫顧客所致。我認為我們的模型能夠很好地照顧到該客戶。正如我在準備好的發言中提到的，我們建立的交付模式是一流的。能夠在全國幾乎每個郵遞區號區域安裝和運送電器對我們來說是件了不起的事。

And our online business for appliances is equally as strong. And so the consumer is finding ways to engage with us, and the level of service that we're providing in our stores to take care of the customer are kind of all the pieces of the puzzle, I guess, for us that we're excited about. And the merchants have done a nice job of bringing innovation. We've got a lot of innovation coming as we go into '25 across every category, new launches, new products, and that just keeps us at the forefront.

我們的家電線上業務也同樣強勁。因此，消費者正在尋找與我們互動的方式，而我們在商店中提供的、為顧客提供的服務水平，對於我們來說，都是讓我們感到興奮的難題的一部分。商家在創新方面做得很好。進入 2025 年，我們在各個類別、新產品發布和新產品方面都進行了大量創新，這使我們始終處於領先地位。

Yes. And then my other category question for just -- as we think about '25, would you expect any material change in kind of category performance across the business? I ask you, too, in the sense of first quarter seems to have a little bit of noise of weather. But when you think about spring overall here in the first half of the year, are you expecting your typical spring categories to see growth relative to what you saw last year?

是的。然後我的另一個類別問題是 - 當我們考慮'25時，您是否預計整個業務的類別表現會發生任何重大變化？我問你一下，第一季的感覺好像有一點點天氣的噪音。但是，當您考慮今年上半年的春季整體情況時，您是否預計典型的春季類別會比去年有所增長？

Yes. We're actually -- where we've seen some weather early in the quarter, we've actually were really encouraged about how our spring business is starting. And the collaboration work that we've had with our store teams, our inventory team, the merchants, supply chain of getting product ready, the resets are underway, we'll wrap those up in a couple of weeks in our northern markets.

是的。我們實際上 - 我們在本季度初看到了一些天氣，我們實際上對春季業務的開始感到非常鼓舞。我們與商店團隊、庫存團隊、商家、產品準備供應鏈的合作工作正在進行中，我們將在幾週內在北方市場完成這些工作。

But we have a lot of ammunition in the gun for spring that we're excited about. A lot of new product, in addition to being just ready across both the do-it-yourself customer and the Pro customer. And just to give you a few examples, we've got new innovation really across every merchandising category, whether that's easy-to-install windows from Pella, the new drywall tools that we talked about from WAL-BOARD, which is the number one tool for a drywall professional.

但我們為春季的到來做好了充足的準備，對此我們感到非常興奮。除了針對 DIY 客戶和專業客戶準備的產品外，還有許多新產品。僅舉幾個例子，我們確實在每個商品類別中都有新的創新，無論是來自 Pella 的易於安裝的窗戶，還是我們談到的來自 WAL-BOARD 的新型乾牆工具，後者是乾牆專業人士的首選工具。

We are the go-to destination for composite decking, when you think about Trex, TimberTech, and Deckorators. We've got Whirlpool being launched in water softeners and rough plumbing. Then you go to the spring categories, you've got exclusive product from Webber that will only be found at Lowe's. We've got 14 new products at EGO that continues to heighten that innovation in the outdoor power category.

當您想到 Trex、TimberTech 和 Deckorators 時，我們就是複合地板的首選目的地。我們已經讓惠而浦 (Whirlpool) 推出軟水器和粗糙管道產品。然後你進入春季類別，你會發現只有在 Lowe's 才能找到的 Webber 獨家產品。EGO 推出了 14 款新產品，持續提升戶外電源類別的創新。

New camp, new collections in patio. We've got new products from Valspar for metal application and garage floor paint. I mean, I can go on and on and on in regards to what we have going. So if mother nature gives us a little bit of a nudge, we're ready to rock and roll.

新的營地，露臺上的新收藏品。我們推出了 Valspar 用於金屬應用和車庫地板漆的新產品。我的意思是，我可以繼續講述我們正在做的事情。所以，如果大自然給我們一點推動，我們就準備好搖滾起來了。

Thank you all for joining us today. We look forward to speaking with you on our first-quarter earnings call in May.

感謝大家今天的參與。我們期待在五月的第一季財報電話會議上與您交談。

This concludes the Lowe's fourth-quarter 2024 earnings call. You may now disconnect.

勞氏 2024 年第四季財報電話會議到此結束。您現在可以斷開連線。