勞氏公司 (LOW) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to Lowe's Companies first quarter 2025 earnings conference call. My name is Rob, and I'll be your operator for today's call. As a reminder, this conference is being recorded. I'll now turn the call over to Kate Pearlman, Vice President of Investor Relations and Treasurer.

大家早安，歡迎參加勞氏公司 2025 年第一季財報電話會議。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。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.

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。

During this call, we'll 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.

在這次電話會議中，我們將發表前瞻性的評論，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，包括風險因素、MD&A 以及我們 10-K 表年度報告和其他 SEC 文件中的其他部分所討論的結果。

Additionally, we'll be discussing certain non-GAAP financial measures. A reconciliation of these items to US GAAP can be found in the quarterly earnings section of our Investor Relations website. Now I'll turn the call over to Marvin.

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。現在我將把電話轉給馬文。

Thank you, Kate. Good morning, everyone, and thank you for joining us today. In the first quarter, we delivered sales of $20.9 billion with comparable sales down 1.7%, in line with our expectations.

謝謝你，凱特。大家早安，感謝大家今天加入我們。第一季度，我們的銷售額為 209 億美元，可比銷售額下降 1.7%，符合我們的預期。

Despite ongoing challenges in the housing market, I'm pleased with our team's focus and execution in the face of significant macro uncertainty, we continue to deliver operational excellence combined with value and outstanding service to our customers. This dedication drove an increase in our customer satisfaction scores, and we also earned recognition from J.D. Power, which recently named Lowe's number one in customer satisfaction among home improvement retailers.

儘管房地產市場持續面臨挑戰，但我對我們團隊在面臨重大宏觀不確定性時所表現出的專注和執行力感到滿意，我們將繼續為客戶提供卓越的營運、價值和卓越的服務。這種奉獻精神推動了我們的客戶滿意度得分的提高，我們也贏得了 J.D. Power 的認可，該公司最近將 Lowe's 評為家居裝飾零售商中客戶滿意度第一名。

This recognition demonstrates that our investments in technology and our clean and enjoyable stores, along with our friendly and knowledgeable associates all reinforce our commitment to being the most helpful brand in home improvement.

這項認可表明，我們在技術方面的投資、乾淨舒適的商店以及友好而知識淵博的員工都加強了我們致力於成為家居裝修領域最有幫助的品牌的承諾。

And although we are pleased with our continued progress in customer service, our financial results also reflect ongoing pressure in DIY bigger ticket discretionary demand and a slower start to spring versus last year with exceptionally unfavorable weather across much of the country in February.

儘管我們對客戶服務的持續進步感到滿意，但我們的財務表現也反映了 DIY 大宗可自由支配需求的持續壓力，以及與去年相比春季開始較慢的現象，2 月份全國大部分地區天氣異常惡劣。

As weather normalized, we were encouraged by our business performance. Customers appreciated our spacious garden centers, great selection of outdoor power equipment and expansive assortment of grills and patio furniture. And they also took advantage of our early spring offers which included special deals for MyLowe's Rewards members.

隨著天氣恢復正常，我們的業務表現也受到鼓舞。客戶對我們寬敞的花園中心、豐富的戶外動力設備選擇以及種類繁多的烤架和庭院家具表示讚賞。他們還利用了我們早春的優惠活動，其中包括針對 MyLowe's Rewards 會員的特別優惠。

Later in the call, Bill will provide more detail on our approach to spring and the momentum that we're seeing. Before I discuss our Q1 results in more detail, I'd like to spend time discussing our company's commitment to diversify our global sourcing efforts.

在稍後的電話會議中，比爾將詳細介紹我們對春季的態度以及我們所看到的勢頭。在我更詳細地討論我們的第一季業績之前，我想花點時間討論一下我們公司對多元化全球採購努力的承諾。

To provide a better perspective about our global sourcing, roughly 60% of our purchases originate in the US or approximately $30 billion on an annual basis. Over the past several years, we've been partnering with our private and national brand suppliers to diversify our global sourcing efforts.

為了更了解我們的全球採購情況，我們大約 60% 的採購來自美國，即每年約 300 億美元。過去幾年來，我們一直與私人和國家品牌供應商合作，以實現全球採購業務的多元化。

As a result, approximately 20% of our purchase volume is currently concentrated in China. Although we are pleased with this reduced dependency, we're not satisfied, and we're working to accelerate our diversification efforts.

因此，我們目前約有20%的採購量集中在中國。儘管我們對這種依賴性的減少感到高興，但我們並不滿足，我們正在努力加快多元化努力。

Our global sourcing team has identified exciting diversification opportunities in the US and around the globe that we're actively pursuing. We're also using our best-in-class product cost management and sophisticated pricing capabilities, while leveraging the strength of our cross-functional teams across merchandising, assortment planning, supply chain, and finance.

我們的全球採購團隊已經在美國和全球範圍內發現了令人興奮的多元化機會，我們正在積極尋求這些機會。我們也利用我們一流的產品成本管理和先進的定價能力，同時利用我們在商品銷售、分類規劃、供應鏈和財務方面的跨職能團隊的優勢。

We will combine these capabilities and continue to work with our national and private brand suppliers while using a portfolio approach to ensure we continue to bring value and innovation to our customers.

我們將結合這些能力，繼續與我們的國內和自有品牌供應商合作，同時採用組合方式，確保我們繼續為客戶帶來價值和創新。

In the meantime, let me tell you how we're planning to drive sales growth by continuing to strengthen two key pillars of our Total Home strategy, accelerating our Pro and online growth.

同時，讓我告訴您我們計劃如何透過繼續加強「全屋」策略的兩個關鍵支柱、加速我們的專業和線上成長來推動銷售成長。

I'll begin with our mid-single-digit growth in Pro sales this quarter. Since 2018, this leadership team has transformed our Pro product and service offering, with a powerful program lineup, targeted inventory investments, and a competitive loyalty program.

我首先要說的是本季 Pro 銷售額的中等個位數成長。自 2018 年以來，該領導團隊透過強大的計劃陣容、有針對性的庫存投資和具有競爭力的忠誠度計劃改變了我們的專業產品和服務。

Now that we've established an effective playbook and a strong foundation of execution to serve the small to medium Pro, we're excited to engage a larger Pro with their planned spend in a new distribution channel. To that end, we announced a deal in April to acquire Artisan Design Group, or ADG, which is a leading provider of design, distribution, and installation services for interior surface finishes, including flooring, countertops, and cabinets. ADG serves national, regional and local homebuilders as well as property managers.

現在，我們已經建立了有效的劇本和強大的執行基礎來服務中小型專業人士，我們很高興能夠與更大的專業人士在新的分銷渠道中開展他們的計劃支出。為此，我們在 4 月宣布了一項收購 Artisan Design Group（簡稱 ADG）的交易，該集團是一家領先的室內表面裝飾設計、分銷和安裝服務提供商，包括地板、檯面和櫥櫃。ADG 為國家、地區和地方的房屋建築商以及物業經理提供服務。

We expect this acquisition to increase our penetration of Pro planned spend and will position us to gain share in a highly fragmented $50 billion market. And with an estimated 18 million homes needed in the US by 2033, new home construction is expected to be a major driver of Pro planned spend over the next decade.

我們預計此次收購將提高我們在 Pro 計劃支出方面的滲透率，並將使我們在高度分散的 500 億美元市場中獲得份額。預計到 2033 年，美國將需要 1,800 萬套住房，新房屋建設將成為未來十年 Pro 計畫支出的主要驅動力。

We've been impressed with ADG's strong leadership team and their customer-centric operating model reflected in the best-in-class customer satisfaction scores that it earned from top builders in the US. The transaction is expected to close this quarter, so we'll provide an update on our progress during our next call.

ADG 強大的領導團隊及其以客戶為中心的營運模式給我們留下了深刻的印象，這體現在其從美國頂級建築商那裡獲得的最佳客戶滿意度評分中。該交易預計將於本季度完成，因此我們將在下次電話會議中提供進度更新。

Now let's talk about another key pillar of our Total Home strategy, accelerating online sales. In the first quarter, online sales were up 6% driven by increases in both traffic and conversion rates. We're pleased with the technology transformation that's making these gains possible.

現在讓我們來談談我們的「全面家居」策略的另一個關鍵支柱，即加速線上銷售。第一季度，受流量和轉換率成長的推動，線上銷售額成長了 6%。我們對實現這些進步的技術轉型感到非常高興。

For example, we're now able to offer an expanded assortment, more value, and an even wider extended aisle with our launch last year of the first online product marketplace in home improvement. While we're still in the early days of this initiative, we recently partnered with Mirakl, a global leader in marketplace technology to help us scale even faster.

例如，我們去年推出了首個家居裝修線上產品市場，現在我們能夠提供更廣泛的產品種類、更高的價值以及更寬闊的貨架。雖然我們還處於該計劃的早期階段，但我們最近與市場技術領域的全球領導者 Mirakl 合作，以幫助我們更快地擴大規模。

Through Mirakl, trusted marketplace sellers will be able to easily manage their catalogs on lowes.com. This will add new product categories across the home and offer DIY and Pro customers a full spectrum of value and premium products.

透過 Mirakl，值得信賴的市場賣家將能夠輕鬆管理他們在 lowes.com 上的目錄。這將為整個家庭增添新的產品類別，並為 DIY 和專業客戶提供全方位的價值和優質產品。

We can accomplish all of this without having to carry the inventory or invest in new fulfillment centers. As we scale our new product marketplace and unlock its potential, I look forward to keeping you updated on our continuing efforts to drive online growth. Now allow me to transition to how we're leveraging new AI capabilities to better serve our customers.

我們無需持有庫存或投資新的履行中心即可完成所有這些工作。隨著我們擴大新產品市場並釋放其潛力，我期待向您通報我們為推動線上成長而不斷做出的努力。現在請容許我談談我們如何利用新的人工智慧功能來更好地服務我們的客戶。

In collaboration with Open AI, we launched Mylow, the first AI-powered Home Improvement Virtual Advisor. Since home improvement is inherently complex, Mylow provides step-by-step instructions for any project with any level of complexity from how to fix a leaky faucet to how to build a deck and everything in between, and it helps customers find and purchase the right tools and materials for their projects directly on lowes.com or the Lowe's App.

我們與 Open AI 合作推出了首個由人工智慧驅動的家居裝修虛擬顧問 Mylow。由於家居裝修本質上很複雜，Mylow 為任何複雜程度的項目提供逐步說明，從如何修理漏水的水龍頭到如何建造甲板以及介於兩者之間的一切，並幫助客戶直接在 lowes.com 或 Lowe's App 上為他們的項目找到併購買合適的工具和材料。

We're encouraged by our progress in leveraging AI to streamline the customer experience and I commend our technology and digital team for their outstanding contributions.

我們對利用人工智慧簡化客戶體驗方面取得的進展感到鼓舞，我讚揚我們的技術和數位團隊的傑出貢獻。

Notably, in Q1, Lowe's mobile app earned a prestigious Webby Award and was recognized as the best mobile app for 2025. This is another reflection that our investments in technology and innovation are paying off. Before I wrap, let me update you on our commitment to be a good neighbor in the communities where we do business.

值得注意的是，在第一季度，Lowe 的行動應用程式獲得了享有盛譽的威比獎，並被評為 2025 年最佳行動應用程式。這再次證明我們在技術和創新方面的投資正在獲得回報。在結束之前，請允許我向您介紹我們致力於成為我們開展業務所在社區的好鄰居的承諾。

Earlier this month, we celebrated our commitments to supporting our communities by announcing our efforts to measure our impact in a new way, through our Here to Help initiative with a goal to deliver 10 million square feet of impact nationwide this year. This includes our ongoing efforts to create safe, affordable housing respond to disasters and revitalize communities like our five-year $100 million commitment to improve hometowns across the country.

本月初，我們慶祝了我們支持社區的承諾，宣布我們將透過「Here to Help」計劃以新的方式衡量我們的影響力，目標是今年在全國範圍內產生 1000 萬平方英尺的影響力。這包括我們為應對災難而不斷努力建造安全、經濟適用住房和振興社區，例如我們承諾在五年內投入 1 億美元改善全國各地的家鄉。

This new initiative reflects our commitment to improve the communities where our associates live and work, and we look forward to providing you with updates later in the year. In closing, I want to thank our frontline associates for their continued hard work especially during this key spring selling season. And with that, I'll turn it over to Bill.

這項新措施體現了我們致力於改善員工生活和工作的社區的承諾，我們期待在今年稍後為您提供最新消息。最後，我要感謝我們的第一線同事在這個關鍵的春季銷售季節的持續努力。說完這些，我就把麥克風交給比爾。

Thanks, Marvin, and good morning, everyone. We're pleased that our first quarter sales were in line with our expectations, driven by broad-based strength in Pro and Online across multiple merchandising categories.

謝謝，馬文，大家早安。我們很高興看到第一季的銷售額符合預期，這得益於多個商品類別的專業和線上業務的廣泛強勁增長。

Beginning in hardlines, after a slow start to February, our spring season is off and running. As the weather improved, we delivered solid growth in key categories, including patio furniture, fertilizer, grass seed, generators, and irrigation.

從硬線開始，經過二月的緩慢起步，我們的春季賽季已經拉開序幕。隨著天氣好轉，我們在庭院家具、肥料、草籽、發電機和灌溉等主要類別中實現了穩健成長。

Customers responded to our innovative products and new affordable designs even when it came to some discretionary purchases. For example, our private branded Ashton 5-piece patio dining set by Style Selections was a big hit at less than $400.

即使在非必需的消費下，顧客也對我們的創新產品和新的實惠設計做出了積極的反應。例如，我們自有品牌的 Style Selections 5 件套 Ashton 露台餐具以不到 400 美元的價格大受歡迎。

We're also continuing to earn DIY customers' loyalty through MyLowe's Rewards. We just marked the first anniversary of this program, which has more than 30 million members who spend nearly 50% more than non-members. We're cultivating their loyalty and using data-driven marketing to engage them with the right message at the right time to convert sales.

我們也將繼續透過 MyLowe's Rewards 贏得 DIY 客戶的忠誠度。我們剛慶祝該計劃啟動一周年，該計劃擁有超過 3000 萬會員，會員消費比非會員高出近 50%。我們正在培養他們的忠誠度，並利用數據驅動的行銷在正確的時間向他們傳達正確的訊息，以轉換銷售。

For example, during our Spring Fest event, we offered members special deals every two weeks on lawn and garden products, patio furniture, outdoor power equipment and more, plus member-only doorbusters in-store and online.

例如，在我們的春季嘉年華活動期間，我們每兩週為會員提供草坪和花園產品、庭院家具、戶外電力設備等的特別優惠，此外還有僅限會員在店內和網上進行的搶購活動。

And new this year, in early April, we launched Mulch Madness. During this event, customers saved on five bags of Mulch for $10, and for the first time, members also received 5x bonus points and a free gift. We also brought customers industry-leading innovation this spring with products like the new EGO Line IQ Attachment-Capable String Trimmer. This product makes it easy to load the trimmer line with the push of a button, and its attachment capabilities mean it can convert into eight different tools, including an edger, hedge trimmer, and pole saw.

今年 4 月初，我們推出了 Mulch Madness。活動期間，顧客購買五袋 Mulch 可節省 10 美元，會員還首次獲得 5 倍獎勵積分和免費禮物。今年春天，我們也為客戶帶來了業界領先的創新產品，例如新型 EGO Line IQ 配件割草機。該產品只需按一下按鈕即可輕鬆裝載修剪線，其連接功能意味著它可以轉換成八種不同的工具，包括修剪機、樹籬修剪機和高枝鋸。

This is one of more than 20 new EGO items that we’re launching this year. We're also in stock with the industry's best brands to help customers complete all their projects like Scotts Fertilizer, Miracle-Grow Soils, Toro Lawn Mowers, along with products from Craftsman and Kobalt.

這是我們今年推出的 20 多種新 EGO 產品之一。我們還儲備了業內最佳品牌，以幫助客戶完成所有項目，例如 Scotts Fertilizer、Miracle-Grow Soils、Toro Lawn Mowers 以及 Craftsman 和 Kobalt 的產品。

Now turning to Building Products. We delivered positive comp sales in Building Materials and Rough Plumbing with strength in roofing, drywall, plumbing repair, water heaters, and air circulation categories. And in Lumber, we delivered growth in siding, treated lumber, and composite decking. In fact, Lowe's has the largest selection of composite decking brands, including the top two with Trex and TimberTech along with an improved offering from Deckorators.

現在轉向建築產品。我們在建築材料和毛坯管道方面取得了積極的銷售業績，尤其是在屋頂、石膏板、管道維修、熱水器和空氣循環類別方面表現強勁。在木材方面，我們在壁板、防腐木材和複合地板方面實現了成長。事實上，Lowe's 擁有最多的複合地板品牌，包括前兩位的 Trex 和 TimberTech，以及 Deckorators 的改良產品。

Let's talk about Home Decor. Our continued strength in appliances helped us deliver growth in both transactions and average ticket and we saw growth across all major categories, including refrigeration, laundry, cooking, and dishwashers.

讓我們來談談家居裝飾。我們在家電領域的持續強勁表現幫助我們實現了交易量和平均票價的成長，並且我們看到了所有主要類別的成長，包括冷凍、洗衣、烹飪和洗碗機。

As the industry leader in appliances, we have the widest assortment of top brands using our market delivery model, we can deliver these big and bulky products next day to virtually every ZIP code in the US. And of course, our knowledgeable Red Vest associates are always there to help customers choose the right products and highlight new and innovative items that can meet their needs.

作為家電行業的領導者，我們擁有最廣泛的頂級品牌，採用我們的市場配送模式，我們可以在第二天將這些大而笨重的產品配送到美國幾乎每個郵遞區號地區。當然，我們知識淵博的 Red Vest 員工隨時準備好協助客戶選擇合適的產品，並專注於能夠滿足他們需求的新穎創新產品。

For example, we're introducing the next step in all-in-one laundry with the new Samsung bespoke AI vented all-in-one combo washer and dryer. This one machine washes and dries clothes in just over an hour without having to transfer loads and it uses the existing 110-volt outlet and dryer vending found in most homes.

例如，我們推出了三星客製化的 AI 通風一體式洗衣機和烘乾機，標誌著一體式洗衣的另一個進步。這台機器只需一個多小時就能完成衣物的洗滌和烘乾，無需轉移衣物，而且它使用大多數家庭現有的 110 伏特插座和烘乾機自動販賣機。

Our Paint department has become the home center color authority where we instill color confidence in consumers with trusted Sherwin-Williams colors. We're excited to see the new marketing campaign from Sherwin-Williams, which uses their iconic color palette to entice customers to shop Lowe's, including the Pro who paints, where we continue to gain traction with our compelling value and expanded assortment. And while we're energized by new and innovative products, we're also mindful of the current market dynamics.

我們的油漆部門已成為家居中心色彩權威，我們透過值得信賴的宣偉 (Sherwin-Williams) 色彩向消費者灌輸色彩信心。我們很高興看到宣偉公司的新行銷活動，該活動使用其標誌性的調色板來吸引顧客到勞氏購物，包括油漆專業人士，我們繼續憑藉其引人注目的價值和擴大的品種來獲得關注。在我們為新的創新產品注入活力的同時，我們也關注當前的市場動態。

Bigger ticket project spend remains under pressure in interior categories like flooring and kitchens and bath, with many customers still choosing to delay those larger purchases. I'd like to spend a few minutes discussing our approach to spring.

在室內裝潢領域，地板、廚房和浴室等大宗專案支出仍面臨壓力，許多客戶仍選擇推遲這些大宗採購。我想花幾分鐘討論我們對春天的態度。

Our teams have never been more in sync as we prepared for this important season. Our stores, supply chain, inventory, vendor, and merchant teams have worked hard to make sure that we provide the best service, product, value, and innovation to our customers.

在為這個重要的賽季做準備時，我們的團隊從未如此同步。我們的商店、供應鏈、庫存、供應商和商家團隊一直努力確保為客戶提供最好的服務、產品、價值和創新。

For this spring season, we are ready with strong in-stocks across our core categories, including our seasonal items so that we can serve both our DIY and Pro customers with great values on items that they are looking for as we head into the upcoming Memorial Day, Father's Day, and 4th of July holidays.

在這個春季，我們已準備好所有核心類別的充足庫存，包括季節性商品，以便在即將到來的陣亡將士紀念日、父親節和 7 月 4 日假期期間，為我們的 DIY 和專業客戶提供他們所需的超值商品。

Looking ahead, I'm not only pleased with the great deals and innovation that we have for our DIY and Pro customers. I'm also excited to see some of the best in-stock positions during my tenure at Lowe's.

展望未來，我不僅對我們為 DIY 和專業客戶提供的優惠和創新感到滿意。我也很高興看到我在勞氏任職期間擁有一些最好的庫存狀況。

And when you combine that with the outstanding staffing and customer service in our stores, the result was our recognition as number one in customer satisfaction among home improvement retailers from J.D. Power. As I wrap up, I want to thank all of these teams as well as our MST associates for their support, partnership, and great execution this spring. And now with that, I'll turn the call over to Joe.

再加上我們門市優秀的員工和客戶服務，我們在 J.D. Power 評選中被評為家居裝飾零售商客戶滿意度第一名。最後，我要感謝所有這些團隊以及我們的 MST 同事今年春天的支持、合作和出色的執行。現在，我將把電話轉給喬。

Thank you, Bill. Good morning, everyone. Let me start by thanking our frontline associates for their hard work and dedication during the spring season. Their efforts are paying off with customer satisfaction scores up 100 basis points over last year, as we leverage better technology and ongoing process improvements to enhance the shopping experience.

謝謝你，比爾。大家早安。首先，我要感謝我們的一線同事在春季的辛勤工作和奉獻精神。他們的努力得到了回報，隨著我們利用更好的技術和持續的流程改進來提升購物體驗，客戶滿意度得分比去年提高了 100 個基點。

Turning to Pro. In our most recent survey, Pros indicated that project backlogs remain healthy, but they are feeling a little less confident as might be expected, given the uncertain macro environment. Although Pros may be a bit cautious right now, our ability to deliver mid-single-digit growth in Pro sales comp in Q1 is a reflection that our strategy is working.

轉向 Pro。在我們最近的調查中，專業人士表示專案積壓情況依然良好，但考慮到不確定的宏觀環境，他們的信心不如預期。儘管專業人士現在可能有點謹慎，但我們能夠在第一季實現 Pro 銷售額的中等個位數成長，這反映出我們的策略正在發揮作用。

One highlight this quarter, we're really pleased with the successful nationwide relaunch of our Pro Loyalty Program. The updated program now called MyLowe's Pro Rewards, allows Pros to earn points from day one and is much more intuitive to use.

本季度的一個亮點是，我們對在全國範圍內成功重新啟動我們的 Pro Loyalty 計劃感到非常高興。更新後的計劃現在稱為 MyLowe's Pro Rewards，允許專業人士從第一天開始賺取積分，並且使用起來更加直觀。

Just one example. Pros only need to provide their phone number and check out, getting them back to the job site faster, and joining has never been easier with the addition of our new Spanish language enrollment option.

僅舉一例。專業人士只需提供他們的電話號碼並結帳，即可更快地返回工作現場，而且由於增加了新的西班牙語註冊選項，加入變得前所未有的簡單。

With the program that's easier to use and understand, we're expecting greater utilization, driving repeat purchases and higher spend. Another way we're driving momentum is through our new technology Workbench for our Pro sales associates.

透過更易於使用和理解的程序，我們期望獲得更高的利用率，從而推動重複購買和更高的支出。我們推動發展勢頭的另一種方式是透過我們的專業銷售助理的新技術工作台。

They can use this digital tracking tool to quickly identify their leads and prioritize the quotes to close. This drives both the better customer experience and greater associate productivity. As discussed earlier, our planned acquisition of ADG represents a natural step in driving pro penetration by extending our reach with the new cohort of Pro customers, single and multi-family home builders.

他們可以使用這種數位追蹤工具來快速識別潛在客戶並確定報價的優先順序。這既能帶來更好的客戶體驗，也能提高員工的工作效率。正如之前所討論的，我們計劃收購 ADG，這代表著我們透過擴大與新一批專業客戶、單戶和多戶住宅建築商的聯繫，來推動專業滲透的自然步驟。

Turning now to our perpetual productivity improvement or PPI initiatives. In conjunction with the rollout of Mylow on lowes.com for customers, we've also released Mylow Companion for our store associates built on the same technology.

現在來談談我們的永久生產力改善或 PPI 計劃。在 lowes.com 上向客戶推出 Mylow 的同時，我們也為店員發布了基於相同技術的 Mylow Companion。

With immediate access to product details and project advice and inventory information, this AI-powered app gives associates the product and project knowledge to sell with confidence regardless of tenure or experience. Associates across all 1,700-plus stores can access Mylow Companion on their mobile devices, marking the first time a retailer has successfully implemented this kind of technology at scale.

透過立即存取產品詳細資訊、專案建議和庫存信息，這款人工智慧應用程式為員工提供產品和專案知識，無論其任職時間或經驗如何，都可以自信地進行銷售。所有 1,700 多家商店的員工都可以透過行動裝置存取 Mylow Companion，這標誌著零售商首次成功大規模實施此類技術。

With this knowledge at their fingertips, our associates can quickly feel confident in answering customers' questions, even if they've just started in the store or been asked to cover a new department. We're also driving productivity with our gig delivery network, which has been an important component of our enhanced omnichannel customer experience.

憑藉這些知識，我們的員工可以快速自信地回答顧客的問題，即使他們剛剛在商店工作或被要求負責一個新的部門。我們也透過零工交付網路提高生產力，這是我們增強全通路客戶體驗的重要組成部分。

We're now using this capability to help us meet spring demand, specifically during the Mulch Madness event that Bill just mentioned. In the past, this high-traffic event will take a valuable flatbed distribution capacity.

我們現在正在利用這種能力來幫助我們滿足春季的需求，特別是在比爾剛才提到的 Mulch Madness 活動期間。過去，這種高流量的活動將佔用寶貴的平板配送能力。

But this spring, we shifted a portion of the volume to gig delivery. This provides an efficient delivery experience for customers buying Mulch, while freeing up capacity to meet the delivery needs of other Pro and DIY customers.

但今年春天，我們將部分業務轉移到了零工交付。這為購買 Mulch 的客戶提供了高效的送貨體驗，同時釋放了容量以滿足其他 Pro 和 DIY 客戶的送貨需求。

We're also pleased to announce that our East Ashville store reopened earlier this month after damage from Hurricane Helene. During the hurricane, the store has submerged in over 18 feet of water. So we are thrilled that we are now able to reopen it to serve our customers and community. And we're on track to open 5 to 10 new stores later this year, in line with what we shared at our analyst and investor conference. Of course, all of this is only possible because of our hard-working associates.

我們也很高興地宣布，我們的東阿什維爾商店在遭受颶風海倫的破壞後於本月初重新開業。颶風期間，該商店被淹沒在超過 18 英尺深的水中。因此，我們很高興現在能夠重新開放它來為我們的客戶和社區提供服務。根據我們在分析師和投資者會議上分享的信息，我們計劃在今年稍後開設 5 到 10 家新店。當然，這一切都歸功於我們辛勤工作的同事。

As a demonstration of our appreciation, we closed our stores on Easter for the sixth consecutive year, giving associates time on this very special day to rest and recharge with family and friends.

為了表達我們的感激之情，我們連續第六年在復活節關閉門店，讓員工在這個特殊的日子裡有時間與家人和朋友一起休息和充電。

As I wrap up, I want to take a moment to thank our veterans, including our veteran associates who can be identified with our camouflage vests. Lowe's is ranked among the top military-friendly brands in the US, which speaks to our company's commitment to the military community. As a marine, I couldn't be more proud of Lowe's efforts to honor those who served, especially as we approach Memorial Day.

最後，我想花點時間感謝我們的退伍軍人，包括那些穿著迷彩背心的老兵同事。勞氏 (Lowe's) 被評為美國最受軍事友善品牌之一，這反映了我們公司對軍事社群的承諾。身為一名海軍陸戰隊員，我為洛威為紀念服役人員所做的努力感到無比自豪，尤其是在陣亡將士紀念日即將來臨之際。

Looking ahead, with excellent spring staffing levels and ongoing innovation across technology and service, I'm confident that we're offering a best-in-class omnichannel shopping experience for our customers this season.

展望未來，憑藉春季優秀的員工配備水準以及技術和服務的持續創新，我相信我們將在本季為客戶提供一流的全通路購物體驗。

To close, I want to congratulate our store associates for being recognized by J.D. Power as the number one customer satisfaction among home improvement retailers. This is a testament to their ongoing commitment to serving our customers. With that, I'll turn it over to Brandon.

最後，我要祝賀我們的店員被 J.D. Power 評為家居裝飾零售商中顧客滿意度第一名。這證明了他們持續致力於服務我們的客戶。說完這些，我就把麥克風交給布蘭登。

Thank you, Joe, and good morning. Starting with our first quarter results. Diluted earnings per share of $2.92 were in line with our expectations. Q1 sales totaled $20.9 billion, and comparable sales were down 1.7%, in line with our expectations as we cycled over an earlier start to spring last year. Comparable average ticket was up 2.1%, with continued growth in Pro and Appliances, somewhat offset by ongoing pressure in DIY discretionary project demand.

謝謝你，喬，早安。從我們的第一季業績開始。每股攤薄收益 2.92 美元符合我們的預期。第一季的銷售額總計 209 億美元，可比銷售額下降 1.7%，這與我們的預期相符，因為去年春季的銷售開始得比較早。可比平均票價上漲 2.1%，專業級和家電級持續增長，但 DIY 非必需項目需求的持續壓力在一定程度上抵消了這一增長。

Comparable transactions declined 3.8%, partly driven by unfavorable weather earlier in the quarter that pressured spring traffic, which make up a larger portion of our transactions this time of year. And given the poor weather early in Q1, comps were down 5.4% in February, up 1.7% in March, and down 2.6% in April.

可比交易量下降了 3.8%，部分原因是本季早些時候惡劣的天氣給春季交通帶來了壓力，而春季交通在我們每年這個時候的交易中佔了很大一部分。由於第一季初天氣惡劣，2 月可比銷售額下降 5.4%，3 月增長 1.7%，4 月下降 2.6%。

As our stores are closed on Easter Sunday, we estimate that the later timing of Easter benefited March comps and pressured April comps by a similar amount. Adjusting for the Easter shift, comp sales were down approximately 0.9% in March and up approximately 0.2% in April.

由於我們的商店在復活節星期天關閉，我們估計復活節的較晚時間對三月份的銷售額有利，並對四月份的銷售額造成類似的壓力。考慮到復活節的影響，3 月同店銷售額下降約 0.9%，4 月則上漲約 0.2%。

Gross margin was 33.4% of sales in the first quarter, up 19 basis points from last year, driven by multiple PPI initiatives as well as some modest improvement in Shrink and Credit revenue. SG&A of 19.3% of sales de-levered 56 basis points driven by lower sales volumes, the wrap of incremental wage actions for frontline associates, and higher health care-related costs. Operating margin rate of 11.9% declined 50 basis points versus prior year and the effective tax rate was 23.9% in line with prior year.

第一季毛利率為銷售額的 33.4%，比去年同期成長 19 個基點，這得益於多項 PPI 措施以及收縮和信貸收入的適度改善。銷售、一般及行政費用佔銷售額的 19.3%，由於銷售量下降、第一線員工加薪以及醫療保健相關成本上升，降低了 56 個基點。營業利益率為 11.9%，較上年下降 50 個基點，有效稅率為 23.9%，與前一年持平。

Inventory ended Q1 at $18.3 billion, in line with prior year, with strong in-stocks across the store, including key spring seasonal items.

第一季末庫存為 183 億美元，與去年持平，整個商店的庫存充足，包括主要的春季季節性商品。

Turning now to capital allocation. In the first quarter, we generated $2.9 billion in free cash flow. Capital expenditures totaled $518 million as we continue to invest in our strategic growth priorities, including the construction of new stores expected to open later this year.

現在來談談資本配置。第一季度，我們產生了29億美元的自由現金流。資本支出總計 5.18 億美元，我們將繼續投資於我們的策略性成長重點，包括預計今年稍後開業的新店建設。

In the quarter, we paid $645 million in dividends at $1.15 per share. And in April, we repaid $750 million in debt maturities helping us deliver adjusted debt-to-EBITDAR of 2.99 times and our return on invested capital of 31% at the end of Q1.

本季度，我們以每股 1.15 美元的價格支付了 6.45 億美元的股息。今年 4 月，我們償還了 7.5 億美元的到期債務，幫助我們在第一季末實現了 2.99 倍的調整後債務與 EBITDAR 比率以及 31% 的投資資本回報率。

Last month, we announced a definitive agreement to acquire Artisan Design Group for $1.325 billion. We plan to use cash on hand to finance the transaction, suspend share repurchases this year, and repay the remaining $1.75 billion in bonds maturing in September. The transaction is expected to close in Q2, and it's expected to be accretive to diluted earnings per share in the first full fiscal year after closing.

上個月，我們宣布了一項最終協議，以 13.25 億美元收購 Artisan Design Group。我們計劃使用庫存現金為交易提供資金，暫停今年的股票回購，並償還 9 月到期的剩餘 17.5 億美元債券。該交易預計將於第二季完成，並預計在完成後的第一個完整財年增加每股攤薄收益。

Looking forward to the remainder of the year, today we are affirming our fiscal 2025 outlook. We continue to expect 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% and full year diluted earnings per share of approximately $12.15 to $12.40.

展望今年剩餘時間，今天我們確認了 2025 財年的展望。我們繼續預期銷售額將在 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在 12.3% 至 12.4% 之間，全年每股攤薄收益約為 12.15 美元至 12.40 美元。

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. Please note that this outlook does not include any potential impacts related to the acquisition of Artisan Design Group.

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。請注意，該展望不包括與收購 Artisan Design Group 相關的任何潛在影響。

To assist with your modeling, here are a few items to keep in mind for the second quarter. We continue to expect comp sales in the first half to be roughly flat with approximately $400 million in spring demand shifting into Q2 where we are cycling particularly poor weather.

為了幫助您建模，以下是第二季需要記住的幾點。我們繼續預計上半年的銷售額將基本持平，春季約 4 億美元的需求將轉移到第二季度，因為第二季度的天氣狀況尤其惡劣。

As Bill mentioned, we also have strong in-stocks, including in critical seasonal categories as well as visibility up into our supply chain, so we're confident that we can meet customer demand this spring. Taking this into account, we expect second quarter comp sales to be approximately 150 basis points above the bottom end of our full year guide. We also expect second quarter operating margin rate to be approximately 10 basis points above the prior year adjusted operating margin rate.

正如比爾所提到的，我們的庫存充足，包括關鍵的季節性類別，並且我們的供應鏈具有可視性，因此我們有信心能夠滿足今年春季的客戶需求。考慮到這一點，我們預計第二季的可比銷售額將比全年指引的底端高出約 150 個基點。我們也預期第二季的營業利潤率將比去年同期調整後的營業利潤率高出約 10 個基點。

And in closing, we remain confident in our team's ability to execute at a high level and manage through this challenging environment as well as any team in retail. We continue to invest in our Total Home strategy and remain focused on delivering value to our customers and our shareholders. And with that, we'll open it up for your questions.

最後，我們仍然對我們團隊以及零售業的任何團隊在高水準上執行和管理這一充滿挑戰的環境的能力充滿信心。我們將繼續投資於我們的「全屋」策略，並繼續致力於為我們的客戶和股東創造價值。現在，我們將開始回答您的問題。

(Operator Instructions)

（操作員指示）

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

My first question is on the relationship of comp to expense leverage or operating leverage for the rest of the year. I guess we don't know each quarter, you gave us a little bit of help with the second quarter but it looks like that ratio is a little bit higher for the balance of the year, something like 25 basis points of expansion for whatever is left in comp. Is that right? Are you getting more out of the business? Or is it just the timing because we don't know the comp cadence through the year, and it's the same. I think it was 10 basis points of leverage relationship.

我的第一個問題是關於今年剩餘時間內公司業績與費用槓桿或營運槓桿之間的關係。我想我們不知道每個季度的情況，您在第二季度給了我們一點幫助，但看起來，對於今年的餘額來說，這個比率要高一點，對於剩下的部分來說，擴張幅度大約是 25 個基點。是嗎？您是否從業務中獲得更多收益？或者這只是時間問題，因為我們不知道全年的競爭節奏，而且都是一樣的。我認為這是10個基點的槓桿關係。

Simeon, it's Brandon. So as it relates to the specifics on the comp guide, let me kind of break it down in terms of first half and second half. The first half, mainly a weather story. We're expecting roughly flat comps over the course of the first half, and we talked about the shift of the $400 million from spring to play out Q1 into Q2. Q1 played out as expected.

西緬，我是布蘭登。因此，由於它與補償指南的具體內容相關，讓我可以按前半部分和後半部分進行分解。前半部分，主要是天氣故事。我們預計上半年的銷售額將大致持平，並且我們討論了從春季到第一季到第二季的 4 億美元轉移。Q1 進展符合預期。

So as I referenced expecting roughly 1.5% Q2, we feel like we have strong inventory levels, and we're ready. We have a lot of confidence in Q2 expectations.

因此，正如我提到的預計第二季度成長率約為 1.5% 一樣，我們認為我們的庫存水準很高，而且我們已經準備好了。我們對第二季的預期非常有信心。

And then implied in the second half is roughly a plus one. We expect to continue to see momentum with our Total Home sales initiatives offsetting hurricane pressure. So that's kind of the shape of the top line.

而下半部暗示大約是加一。我們預計，我們的「整體房屋銷售」計劃將繼續保持強勁勢頭，抵消颶風壓力。這就是頂線的形狀。

As it relates to margin, we're expecting gross margins to hold roughly flat for the full year. The PPI portfolio initiatives continue to offset cost and inflationary pressures. On the SG&A side, the team continues to outperform there managing a number of lines really well.

就利潤率而言，我們預計全年毛利率將基本保持穩定。PPI組合舉措持續抵銷成本和通膨壓力。在銷售、一般及行政開支方面，該團隊繼續表現出色，並出色地管理了多條線路。

We got $500 million roughly in OpEx offsetting there across a number of pressures that we're seeing. So that kind of gets you to the guide of 12.3% to 12.4%. Again, Q1 roughly in line with expectations, and that's how we're thinking about Q2 to Q4.

我們在營運支出方面獲得了大約 5 億美元的資金，以抵消我們所看到的一系列壓力。因此，這可以讓你達到 12.3% 到 12.4% 的指導水準。再次，第一季大致符合預期，這就是我們對第二季至第四季的考慮。

Okay. And then shifting gears, maybe for Marvin, I wanted to ask about the larger Pro and Artisan Design Group. I guess, is the deal signaling that you're planning to move quicker here if opportunities present themselves? How do we think about that in relation for Lowe's? And then can you talk about how quickly the business is growing organically? Or whatever that growth rate of the business looks like?

好的。然後換個話題，也許對馬文來說，我想問一下更大的專業和工匠設計集團的情況。我想，這筆交易是否表明，如果機會出現，你們計劃加快行動？我們如何看待這與勞氏的關係？那麼你能談談業務有機成長的速度有多快嗎？或無論業務增長率是多少？

Yeah. We feel really good about the acquisition. We've been really disciplined with how we've managed our capital. And so any time we decide to make any acquisition is well thought-out and then we have a lot of confidence in it. I think the best way to answer your question is as we think about capital allocation, it really remains the same philosophy, and that's we're always going to invest in the business.

是的。我們對這次收購感到非常高興。我們對資本管理一直都非常嚴格。因此，我們每次決定進行任何收購都是經過深思熟慮的，並且我們對此充滿信心。我認為回答你的問題的最佳方式是，當我們考慮資本配置時，它實際上仍然是相同的理念，那就是我們將始終投資於業務。

We're going to always think first about how we can get the healthy return that's going to be long-standing and sustainable. Having said that, we also believe that it's important to find ways to grow. And as we look at ADG, as an example, we think that they are perfectly positioned for the recovery that has to happen over the next decade in housing.

我們始終先考慮如何獲得長期、可持續的健康回報。話雖如此，我們也認為找到成長的方法很重要。以 ADG 為例，我們認為他們已經為未來十年住房市場的復甦做好了充分的準備。

To us, we know we're in a repressed period. But as I mentioned, in my prepared comments, you got 18 million new homes needed by 2033 and Artisan Design Group is number one in their marketplace from a perspective of service and overall business, and we think that we have some really attractive adjacencies that we can add to that portfolio.

對我們來說，我們知道我們正處於壓抑時期。但正如我在準備好的評論中提到的那樣，到 2033 年需要 1800 萬套新房，而從服務和整體業務的角度來看，Artisan Design Group 在其市場上排名第一，我們認為我們有一些非常有吸引力的鄰接關係可以添加到該投資組合中。

And also during a very fragmented environment, which means that they have a healthy pipeline themselves of potential targets to continue to grow through acquisition. And we're going to allow them to continue to follow a really best-in-class process to pursue those potential targets within their pipeline. We're not changing our strategy.

而且在非常分散的環境中，這意味著他們自己擁有健康的潛在目標管道，可以透過收購繼續成長。我們將允許他們繼續遵循一流的流程來追求他們管道內的潛在目標。我們不會改變我們的戰略。

We've just been opportunistic. We feel like that we've created a really nice playbook and execution model for the small to medium Pro.

我們只是抓住機會而已。我們覺得我們已經為中小型專業人士創建了一個非常好的劇本和執行模型。

The data reflects that with mid-single-digit positive comps this quarter, but this gives us an opportunity to kind of broaden our Pro portfolio and to now have the ability to be in a separate channel with a $50 billion TAM that just gives us additional opportunity to grow when the market continues to recover.

數據顯示，本季的年銷售額為中等個位數，但這讓我們有機會擴大我們的專業產品組合，現在有能力進入一個擁有 500 億美元 TAM 的獨立管道，當市場繼續復甦時，這將為我們帶來額外的成長機會。

And Simeon, this is Brandon. Just specifics on financials. ADG delivered $1.8 billion in sales in '24. As I mentioned, we expect EPS to be accretive in the first full fiscal year. So that would be fiscal '26 and we're going to hold on giving anything more specific. We expect to close in Q2, and we'll hold off and be prepared to talk more in August.

西緬，這是布蘭登。僅涉及財務的具體情況。ADG 24 年的銷售額達到 18 億美元。正如我所提到的，我們預計每股收益將在第一個完整財政年度實現成長。所以那將是 26 財年，我們將繼續提供更具體的資訊。我們預計將在第二季完成，我們將推遲並準備在八月進行更多討論。

Steve Forbes, Guggenheim Securities.

古根漢證券公司的史蒂夫福布斯。

Brandon, I think in your commentary, you mentioned a percentage of transactions being sort of spring transactions more elevated in the first half of the year and maybe potentially more elevated in the second quarter this year. So any sort of context to help us better understand sort of how reliant right or how relevant spring is in terms of percentage of transactions first quarter versus second quarter?

布蘭登，我想在您的評論中，您提到了一定比例的交易是春季交易，今年上半年的交易比例更高，而今年第二季度的交易比例可能會更高。那麼，有什麼背景資訊可以幫助我們更好地理解第一季與第二季的交易百分比方面春季的依賴程度或相關性嗎？

I don't know that I'll get into the details, Steve, on Q1, Q2. I'll just say Q1 average ticket up just over 2%, continues to be driven by strength in Pro, also momentum in Appliances. We also saw some benefit from storm recovery projects. As you referenced, comp transactions down 3.9%. It is driven by fewer smaller ticket seasonal transactions and ongoing DIY pressures that we're seeing in the business.

史蒂夫，我不知道我是否會詳細介紹第一季和第二季。我只想說，第一季的平均票價上漲了 2% 多一點，這繼續受到 Pro 的強勁推動，同時也受到 Appliances 的強勁發展勢頭的推動。我們也看到了風暴恢復項目的一些好處。正如您所提到的，同類交易下降了 3.9%。這是由於我們在業務中看到的小額季節性交易減少和持續的 DIY 壓力所致。

Large ticket for us, was slightly positive. Again, that's Appliances and Pro strength and that's a continuation that we saw from Q4. But I would say, as you look out at Q2, and for sure, over the balance of the year, we continue to expect average ticket to be the primary driver of comps, and we would expect to see transactions recover specifically in Q2 as the business starts to get momentum.

對我們來說，大額門票還是有點好處的。再次強調，這是家電和專業產品的優勢，也是我們從第四季看到的延續。但我想說，當你展望第二季時，當然，在今年餘下的時間裡，我們仍然預計平均票價將成為同店銷售額的主要驅動力，並且我們預計隨著業務開始獲得動力，交易量將在第二季度復甦。

And then, Marvin, just a quick follow-up. I think one of the initiatives that wasn't mentioned in the prepared remarks is localization discussed during the Analyst Day and so forth. Any updates on sort of the localization strategy. How that's progressing? How many stores you're touching? How much of the opportunity is still ahead for Lowe's?

然後，馬文，我再快速跟進。我認為準備好的發言中沒有提到的舉措之一是分析師日等期間討論的本地化。關於本地化策略有任何更新嗎？進展如何？您接觸了多少家商店？勞氏還有多少未來機會？

Yeah, Steve. So I'll speak about it more from the standpoint of space productivity because we've taken localization and just really part of a broader initiative on just improving productivity, both in our physical space in our stores and virtually online.

是的，史蒂夫。因此，我將更多地從空間生產力的角度來談論這個問題，因為我們已經採取了本地化措施，這實際上只是提高生產力的更廣泛舉措的一部分，無論是在我們商店的物理空間還是虛擬的線上空間。

So I'll let Bill talk a bit about some of the key initiatives like workwear, pet, that we're really excited about and what our plans are to continue to expand that and how we think that's going to give us an opportunity to just continue to have more productive space in our stores.

因此，我將讓比爾談談一些我們真正興奮的關鍵舉措，例如工作服、寵物，以及我們繼續擴大這些舉措的計劃，以及我們認為這將如何給我們一個機會，讓我們繼續在我們的商店中擁有更多的生產空間。

Thanks, Marvin. Steve, we're well underway with all three of those initiatives. We'll have Rural completed here kind of end of second quarter, early Q3. Workwear, we're well down the path of having roughly more than 1,000 stores complete by the end of this year and wrapping up early next year for the remainder of those.

謝謝，馬文。史蒂夫，這三項計畫我們都進展順利。我們將在第二季末或第三季初完成這裡的農村專案。工作服方面，我們計劃在今年年底前完成約 1,000 多家門市的建設，並於明年年初完成剩餘門市的建設。

And then, we continue on the same track with our Pet initiative, and we're excited about that continuing to learn as we go, and continuing to adjust as we go as well as we roll out these stores and as we put these products in, but we're really pleased with the results of all three.

然後，我們繼續按照同樣的軌道推進我們的寵物計劃，我們很高興能夠在前進的過程中不斷學習，並在我們推出這些商店和投放這些產品的過程中不斷進行調整，但我們對這三個計劃的結果都非常滿意。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯 (Robbie Ohmes)，美國銀行。

The first question is just I was wondering if we could get a little more on tariffs in terms of pricing impacts that you guys might be expecting? And the impact on the private brand part of your business versus vendor announced price increases? And just color on how you're managing that there? And then I have a follow-up.

第一個問題是，我想知道我們是否可以在價格影響方面獲得更多關於關稅的信息，你們可能對此有所期待？與供應商宣布的價格上漲相比，這對您業務的自有品牌部分有何影響？並且說明一下您在那裡是如何管理的？然後我有一個後續問題。

So Robert, I'll take the pricing part, and I'll let Bill just provide a broader perspective on tariffs in general. I think for us, as always, we're going to take a portfolio approach to pricing.

因此，羅伯特，我將負責定價部分，而比爾則將從更廣泛的角度提供有關關稅的總體情況。我認為對我們來說，一如既往，我們將採用組合方式來定價。

We're pleased we've built best-in-class tools for price management that's going to help us navigate any environment, and we have great elasticity data across products and geographies. I think the key for us is the merchants have been cultivating and developing just wonderful relationships with suppliers for the last six years. And this is when those relationships start to pay off.

我們很高興我們已經建立了一流的價格管理工具，這將有助於我們應對任何環境，並且我們擁有跨產品和跨地區的強大彈性數據。我認為對我們來說關鍵的是商家在過去六年中一直在與供應商培養和發展良好的關係。而這正是這些關係開始產生回報的時候。

Before I hand it to Bill, I think the key point for us is, that we're going to be really price competitive in the home improvement channel, like we always are. We're not in the habit of donating market share to the competition, and so in this environment, we're going to be as keenly focused on competing on price as we are every single day, and we think we can do that and still deliver on the financial commitments that Brandon outlined in his prepared comments. So I'll let Bill talk a little bit more about the overall global sourcing philosophy that we have here.

在我將其交給比爾之前，我認為對我們來說關鍵的一點是，我們將像往常一樣在家庭裝修管道中真正具有價格競爭力。我們沒有將市場份額拱手讓給競爭對手的習慣，因此在這種環境下，我們將像每天一樣，熱衷於價格競爭，我們認為我們可以做到這一點，同時仍然履行布蘭登在其準備好的評論中概述的財務承諾。因此，我將讓比爾再多談談我們這裡的整體全球採購理念。

Thanks, Marvin. And Robbie, I think it's important that everyone understands how we look at global sourcing, and we look at it really from two lenses, a direct and indirect perspective. Direct being where we direct import where Lowe's is the importer of record and then indirect, where we purchase from suppliers, and then they are the importer of record. And currently, as Brandon said in his remarks and Marvin said in his, roughly 60% of our purchases are out of the US. The next largest is China sitting at roughly 20%.

謝謝，馬文。羅比，我認為讓每個人都了解我們如何看待全球採購非常重要，我們實際上是從直接和間接兩個角度來看待它。直接進口是指我們直接進口，其中 Lowe's 是記錄的進口商；間接進口是指我們從供應商購買，然後他們就是記錄的進口商。目前，正如布蘭登和馬文在演講中所說，我們大約 60% 的採購來自美國以外。其次是中國，佔比約 20%。

And you can understand where some of those categories fall, a lot of holiday, Trim-a-tree, ceiling fans, small appliances, tools, et cetera, make up that 20%. But we've been working really hard over the last four or five years to diversify just as everybody has and partnering closely with both private and national brand suppliers to find different sourcing locations and working to do that.

你可以了解其中一些類別屬於哪一類，很多節日用品、樹修剪用品、吊扇、小家電、工具等等，佔了那 20%。但在過去四、五年裡，我們一直在努力實現多元化，就像其他人一樣，並與私人和國家品牌供應商密切合作，尋找不同的採購地點並努力做到這一點。

We're also trying to accelerate that as it relates to our private brand portfolio and doing the same with our national brands. And as Marvin said, it all comes down to relationships and we're really pleased with the relationships that we've built over the six-plus years, and we feel like we have a strong track record of managing our assortments, managing the cost as it comes to us, and we'll continue to run our playbook as it relates to that.

我們也試圖加速這一進程，因為它與我們的自有品牌組合有關，並且對我們的國家品牌也採取了同樣的做法。正如馬文所說，一切都歸結於關係，我們對六年多來建立的關係感到非常滿意，我們覺得我們在管理產品組合、管理成本方面有著良好的記錄，我們將繼續按照與此相關的方式運行我們的劇本。

That's really helpful. And just a quick follow-up for Marvin. Marvin, marketplace, what's the dream for us here? Where do you -- how big could this be? And how important could this be?

這真的很有幫助。這只是對 Marvin 的一個簡短跟進。馬文，市場，我們的夢想是什麼？您在哪裡——這有多大？這有多重要？

Well, I can tell you that we're excited about it. And the partnership with Mirakl is important because it's the number one technology platform for large marketplace sellers. And so it's an easier pivot for them to transition to lowes.com in an easier pivot for our digital team to load their catalogs in a very, very efficient way in a very time-sensitive way.

好吧，我可以告訴你，我們對此感到非常興奮。與 Mirakl 的合作非常重要，因為它是大型市場賣家的頭號技術平台。因此，他們可以更輕鬆地過渡到 lowes.com，我們的數位團隊也可以更輕鬆地以非常高效且及時的方式加載他們的目錄。

We have high expectations. As we've looked at the entire retail landscape across the globe, and we look at brick-and-mortar retailers that have demonstrated the most effective omnichannel strategies and sustainable growth.

我們對此抱有很高的期望。綜觀全球零售業的整體格局，我們發現實體零售商已經展現出最有效的全通路策略和永續成長。

One correlating factor is of marketplace existence. And we're pleased to be the first product marketplace in home improvement. We have, again, high expectations that not only can we manage core home improvement, which our team does really well now, but we also now with a marketplace environment can manage premium and value products and we can do it without adding capital-intensive fulfillment centers and without adding additional inventory to our balance sheet.

一個相關因素是市場存在。我們很高興成為家居裝修領域第一個產品交易市場。我們再次抱持著很高的期望，我們不僅可以管理核心家居裝修（我們的團隊現在做得非常好），而且我們現在還可以透過市場環境來管理優質和有價值的產品，而且我們可以做到這一點，而無需增加資本密集型的​​履行中心，也不會在我們的資產負債表上增加額外的庫存。

So early days, but we're excited about the progress, and we're excited about the number of world-class sellers that are eager to join our marketplace, and we look forward to updating you all as this become a more mature initiative.

雖然還處於早期階段，但我們對進展感到興奮，我們對渴望加入我們市場的世界級賣家的數量感到興奮，我們期待著在這一計劃變得更加成熟時向大家更新最新情況。

Scot Ciccarelli, Truist Securities.

斯科特·西卡雷利 (Scot Ciccarelli)，Truist 證券公司。

So given the softer trends you continue to see in bigger ticket projects. First, how much of that mix do you think that generally represents? I know just changes quarter to quarter, but kind of on an annualized basis?

因此，考慮到較弱的趨勢，您會繼續在大型專案中看到這種趨勢。首先，您認為這通常代表多少這種混合？我知道這只是季度變化，但按年度計算的話呢？

And then second, what do you think you need to see to unlock greater activity in that segment? Is it improved consumer confidence? Or is it lower interest rates? Because presumably, those are post scenarios? Or is it something else entirely?

其次，您認為需要看到什麼才能激發該領域的更大活力？這是否提高了消費者信心？還是利率較低？因為據推測，那些是後期場景？或者完全是別的東西？

So Scot, I'll take the first part, then I'll let Brandon and Bill join in and add any additional commentary. I think from an overall consumer perspective, we feel like our overall consumer remains healthy from a balance sheet perspective.

所以斯科特，我將負責第一部分，然後讓布蘭登和比爾加入並添加任何額外的評論。我認為從整體消費者的角度來看，從資產負債表的角度來看，我們覺得整體消費者仍然健康。

And as we look at the historic demand drivers of our business, they still remain positive, and I've repeated them in the past, home price appreciation, aging housing stock, personal disposable income is now growing faster than inflation. And overall, we see rising real income and lower debt. So overall, our consumer is in great shape.

當我們回顧我們業務的歷史需求驅動因素時，它們仍然是正面的，我過去也曾重複過這些因素，房價上漲、房屋存量老化、個人可支配收入的成長速度現在都快於通貨膨脹。整體而言，我們看到實際收入上升，債務下降。總體而言，我們的消費者狀況良好。

But we still, as we said in the prepared comments, have the DIY customer pulling back on large, big ticket discretionary. And that is, in essence, the issue that we're dealing with. And we believe that part of that is elevated mortgage rates and mortgage rates not falling as perceived by many in the marketplace. And so we're just managing that as best we can. So I'll let Brandon and Bill provide any additional perspective after just giving you a view of what we see the consumer.

但正如我們在準備好的評論中所說的那樣，DIY 客戶仍然會減少大宗高價可自由支配的開支。從本質上來說，這就是我們正在處理的問題。我們認為，部分原因是抵押貸款利率上升，而市場上許多人認為抵押貸款利率並沒有下降。因此，我們只能盡力做到這一點。因此，在向您介紹我們對消費者的看法之後，我會讓布蘭登和比爾提供任何其他觀點。

Scot, I would just add, as Marvin mentioned, consumer overall, very healthy. But for us in home improvement, especially big ticket, the affordability challenge remains the primary concern, inflation rates, as Marvin mentioned, rates still hovering 30-year mortgage around 7%.

史考特，我只想補充一點，正如馬文所提到的，消費者整體上非常健康。但對於我們這些家居裝修，尤其是大件商品來說，負擔能力挑戰仍然是主要關注點，通貨膨脹率，正如馬文提到的，30 年期抵押貸款利率仍然徘徊在 7% 左右。

We've yet to really see at scale the consumer reengage in larger discretionary categories still mainly sitting on the sidelines. I think the good news is the trends aren't getting any worse. You referenced the greater than 500 ticket sentiment has softened a little bit more recently, but we haven't seen that necessarily translated into consumer behavior yet.

我們尚未真正看到消費者大規模地重新參與到更大的非必需品類別中，他們仍然主要處於觀望狀態。我認為好消息是趨勢不會變得更糟。您提到，最近 500 多張票的情緒有所緩和，但我們還沒有看到這必然轉化為消費者行為。

So for us, as we look out, we're looking for sustained increase in discretionary projects and DIY traffic for the inflection point. We don't have that necessarily expected or baked into '25. It's sort of expected it's going to be more of the same at this point.

因此，對於我們來說，我們期待可自由支配的專案和 DIY 流量的持續成長作為轉折點。我們不一定會期待或將這一點融入 25 年。可以預料的是，目前的情況將大致相同。

And Brandon, I think the only thing I would add is from a positive or a bright spot perspective, our Appliance business continues to be from a big ticket perspective, a good news story for us. And it's really a trend that's been ongoing since really the back half of last year and has trended into Q1. We saw strength across every single major category, which includes refrigeration, laundry, cooking, dishwashers.

布蘭登，我想我唯一要補充的是，從積極或光明的角度來看，我們的家電業務從大宗商品的角度來看仍然對我們來說是一個好消息。事實上，這一趨勢從去年下半年以來就一直持續，並延續到了第一季。我們看到每個主要類別都表現強勁，包括冷凍、洗衣、烹飪、洗碗機。

The team has done a really nice job of introducing new and innovative products. I spoke to some of those in our -- in my prepared remarks, whether that's all in one laundry, whether that's in cooking, whether that's in refrigeration and then you add in what we've done from a delivery perspective and the market leadership position that we have to be able to deliver to really any ZIP code within two days and same day is something that we're really excited about.

該團隊在推出新穎創新產品方面做得非常出色。我在準備好的發言中談到了其中一些，無論是在洗衣房還是在烹飪中，還是在冷藏中，然後再加上我們在配送方面所做的工作以及市場領導地位，我們必須能夠在兩天內甚至同一天將貨物配送到任何郵政編碼區域，這是我們真正感到興奮的事情。

And again, roughly 100,000 appliances break every day. So you've got to be ready for that and our in-stock position, appliances have never been better. So those are all positives when we look at that part of the big ticket business.

每天大約有 10 萬台電器故障。所以你必須為此做好準備，我們的庫存狀況和電器從未如此好過。因此，當我們審視大宗業務的這一部分時，這些都是正面的。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Sounded like Q1 was limited by weather. Can you give a little bit more perspective on what you're seeing in the markets where you've had steadier spring weather conditions? How much of those markets outperformed?

聽起來 Q1 受到天氣的限制。您能否進一步介紹一下在春季天氣條件更加穩定的情況下市場所看到的情況？這些市場中有多少表現優異？

And just related to that, if you look at the April adjusted comp, the positive 0.2, do you view that as the run rate of the business? And I guess you're kind of guiding to the first half being flat. So is that how you're thinking about it?

與此相關的是，如果您查看 4 月調整後的同店銷售額，即正 0.2，您是否認為這是業務的運作率？我想您大概是想指出上半年的情況會比較平穩。那麼，您是這麼想的嗎？

Well, the simplest way for me to answer the question is when the sun is shining, our business performs a lot better. And so when you look at Q1, the variation by geography was driven exclusively by weather. And as weather continues to moderate, our business continues to get better, and that's reflective in the adjusted comp number you reflected for April. I mean we feel good about the trends in May, is consistent with the guidance that Brandon provided and consistent with our expectations. And Brandon, I don't know if you have anything else to add?

嗯，對我來說，回答這個問題最簡單的方式是，當陽光明媚時，我們的業務表現會好得多。因此，當您查看 Q1 時，地理差異完全是由天氣引起的。隨著天氣持續變暖，我們的業務也持續好轉，這反映在 4 月調整後的營收數字中。我的意思是我們對五月的趨勢感覺良好，這與布蘭登提供的指導一致，也與我們的預期一致。布蘭登，我不知道您還有什麼要補充的嗎？

No, I would just add, Seth, just in terms of weather benefit, we did see 50 basis points of impact from hurricanes, Helene and Milton from back half of last year that turned into Q1 and those were mostly benefited in our Southeast region. So just in addition to the normal weather, I'll reference that.

不，我只想補充一下，塞斯，就天氣效益而言，從去年下半年到第一季度，我們確實看到颶風海倫和米爾頓造成了 50 個基點的影響，而這些影響主要惠及我們的東南地區。因此，除了正常的天氣之外，我還會參考這一點。

Okay. Great. Very helpful. And then as I think about the full year guidance, you talked about first half being flat, it implies the second half could potentially accelerate in that range. If I recall, the initial guidance suggested that it would be more driven by your own initiatives?

好的。偉大的。非常有幫助。然後，當我考慮全年指引時，您說上半年持平，這意味著下半年可能會在該範圍內加速。如果我沒記錯的話，最初的指導意見是說它將更多地由您自己的舉措推動？

I'm just curious, is that still the case? Has your view on the macro for the back half changed at all? Just help us bridge that a little bit more.

我只是好奇，情況還是如此嗎？您對後半段宏觀的看法有什麼改變嗎？只需幫助我們進一步彌合這一差距即可。

Yeah. I think, Seth, no change from the macro assumptions from what we laid out in our guide in February. As I mentioned earlier, working through still a number of short-term challenges around rates, cautious consumer, affordability, to lock in effect. Those are all things that we assumed at the beginning of the year.

是的。塞斯，我認為，與我們二月的指南中列出的宏觀假設相比，沒有任何變化。正如我之前提到的，我們仍在努力解決圍繞利率、謹慎消費者、負擔能力和鎖定效應等一系列短期挑戰。這些都是我們在年初就假設的事情。

That's still the expectation as we move through Q2 and second half. And you're exactly right. The momentum is really around our Total Home strategy. There is some offset with hurricane pressure in the second half. That was about 100 basis points each in Q3 and Q4.

隨著我們進入第二季和下半年，這仍然是我們的預期。你說得完全正確。這一勢頭實際上與我們的「全屋」策略有關。下半年颶風壓力有所抵消。第三季和第四季分別約為 100 個基點。

But the benefit from our strategy as we look at both the Pro with loyalty, job site delivery, momentum with extended aisle. Marvin talked about marketplace momentum and with DIY in the second half, some of our category accelerators all that, and the ramp in the momentum is what's included in that second half comp expectation.

但是，當我們同時關注忠誠度、工作現場交付和延伸通道的動力時，我們的策略就會帶來好處。馬文談到了市場勢頭，以及下半年的 DIY、我們的一些類別加速器以及勢頭的提升都包含在下半年的競爭預期中。

Steven Zaccone, Citigroup.

花旗集團的史蒂文·扎科內。

I want to focus on DIY. Marvin curious, do you think the environment has gotten more competitive from retailers outside of the traditional home improvement channel? For example, the e-comm pure place has got bigger in your categories, and one is now growing their focus on rural. Do you see this as a threat to your business as you grow your rural framework?

我想專注於 DIY。馬文很好奇，您是否認為來自傳統家裝通路以外的零售商的競爭環境變得更加激烈了？例如，電子商務純粹場所在您的類別中變得越來越大，現在人們正在加強對農村地區的關注。隨著您農村框架的擴大，您是否認為這會對您的業務構成威脅？

No, I appreciate the question. I think that retail has always been competitive. And with the ease of e-commerce coming into any type of space with easily parcel shipped product, it's going to just continue to get more and more competitive. Having said that, we do believe there's a lot to be said about product knowledge, about store environment, about ease of shopability both in-stores and online. And that's one of the reasons why we've invested so much in technology.

不，我很感謝你提出這個問題。我認為零售業一直都充滿競爭。隨著電子商務透過包裹輕鬆運送產品而進入任何領域的便利，競爭只會越來越激烈。話雖如此，我們確實相信，關於產品知識、商店環境、店內和網上購物的便利性還有很多值得討論的地方。這就是我們在技術上投入如此多資金的原因之一。

And one of the reasons why we mentioned in our prepared comments, is reflected in J.D. Power's representation of Lowe's being number one in customer service in the home improvement sector.

我們在準備好的評論中提到的原因之一，反映在 J.D. Power 對勞氏在家庭裝修領域的客戶服務排名第一的評價中。

Yeah, I'll let Joe talk a little bit about some of the things that we're doing to compete with nontraditional competitors based on product knowledge based on giving our associates tools so that they can help customers solve problems in their homes.

是的，我讓喬稍微談談我們正在做的一些事情，以便與非傳統競爭對手競爭，這些事情基於產品知識，基於為我們的員工提供工具，以便他們可以幫助客戶解決家中的問題。

And we think that's going to be the difference between us growing and maintaining share and also taking share from other competitors that don't have the capital focus or the technology platform to continue to invest in innovation, which we think is going to play a huge role in being competitive.

我們認為，這將是我們成長和維持份額與從沒有資本重點或技術平台繼續投資於創新的其他競爭對手那裡奪取份額之間的區別，我們認為這將在競爭力中發揮巨大作用。

And Steve, just to follow-up on Marvin's comments, when I think about the Mylow app that we rolled out to our associates, and that product, project knowledge right at their fingertips, even for brand new associates, the adoption rate is far ahead of schedule the amount of input that the associates are giving back to the app. And we're really pleased with these tools.

史蒂夫，我只是想跟進一下馬文的評論，當我想到我們向員工推出的 Mylow 應用程序時，這款產品讓項目知識觸手可及，即使對於新員工來說，採用率也遠遠超出了計劃，員工們對應用程序的反饋量也遠遠超過了計劃。我們對這些工具非常滿意。

In addition, I mentioned our gig delivery network and how we're coming to market for things like Mulch Madness for the DIY customer, without impacting our Pro customer. We have the Extended Aisle in-store, and so really excited about all the different touch points that we have across the DIY network. As we continue our mode shifting to compete online, whether the product is in the store, whether it is in a warehouse or a special order, our associates are confident and they have access to it at their fingertips today.

此外，我還提到了我們的零工交付網絡，以及我們如何為 DIY 客戶推出 Mulch Madness 等產品，而不會影響我們的專業客戶。我們店內設有延伸貨架區，因此我們對整個 DIY 網路中所有不同的接觸點感到非常興奮。隨著我們繼續轉變模式以參與線上競爭，無論產品是在商店中、在倉庫中還是特殊訂單中，我們的員工都充滿信心，並且他們今天可以輕鬆獲得它。

The second question I had also kind of strategic. The acquisition of Artisan Design Group. do you view this as the first of many, like basically do this acquisition grow some of the capabilities of the business and maybe we could see some more M&A in the future?

我的第二個問題也有點策略性。收購 Artisan Design Group。您是否認為這是眾多併購案中的第一次，例如這次收購是否會增強業務的一些能力，也許我們將來還會看到更多的併​​購案？

No, I appreciate the question. I think the short answer is we're just going to be opportunistic. We believe that we've done a really nice job of being disciplined around looking at potential acquisition targets. Whatever we decide to potentially acquire, we wanted to tie directly to complementing our Total Home strategy, and we think ADG does exactly that. We still want to get this transaction closed as Brandon mentioned, we think that will get done by the end of this quarter.

不，我很感謝你提出這個問題。我認為簡短的回答是我們只是抓住機會。我們相信，我們在尋找潛在收購目標方面做得非常好。無論我們決定收購什麼，我們都希望直接與我們的「全屋」策略結合，我們認為 ADG 正是這樣做的。正如布蘭登所提到的，我們仍然希望完成這筆交易，我們認為這將在本季末完成。

And we're going to just continue to look at all opportunities that we think will allow us to grow, allow us to bring returns to our shareholders and to continue to just use our capital in a very efficient way. So more to come on that.

我們將繼續尋找所有我們認為能夠讓我們成長、讓我們為股東帶來回報並繼續以非常有效的方式使用我們的資本的機會。對此我們還有更多內容。

We look forward to just keeping you updated on ADG and how we believe that they can benefit us, and we can benefit them from a category adjacency standpoint that's going to be incredibly complementary in a marketplace we currently are generating $0 of revenue and that's new home construction, and we think that the potential growth opportunities over the decade is going to be incredibly attractive.

我們期待向您通報 ADG 的最新情況，以及我們認為他們如何使我們受益，並且我們可以從類別相鄰的角度使他們受益，這在我們目前創造 0 美元收入的市場中將是極其互補的，那就是新房建設，我們認為未來十年的潛在增長機會將非常有吸引力。

Christopher Horvers, J.P. Morgan.

克里斯多福‧霍弗斯 (J.P. Morgan)。

So my first question is on the Pro business, do you think there was any impact to the business related to weather in the first quarter? Mid-single digits, very strong. It did moderate from the pace last year. So was there any impact? And are you seeing improvement in that as the weather has broken?

所以我的第一個問題是關於 Pro 業務，您認為第一季天氣對業務有影響嗎？中等個位數，非常強勁。與去年相比，其步伐確實有所放緩。那麼有影響嗎？隨著天氣轉好，您是否看到情況有所改善？

This is Marvin. The short answer is, was absolutely impacted the business in Q1. And as the season and weather start to moderate on a more seasonally consistent basis, the business improved along those same exact lines.

這是馬文。簡而言之，這絕對影響了第一季的業務。隨著季節和天氣開始更加符合季節規律地趨於溫和，業務也得到了同樣的改善。

Again if you do the adjustment for closing in Easter, we had comp improvement each month of the quarter with a comp adjustment of April being positive -- and we feel great about our Pro business. We feel great about the momentum in that business.

再說一次，如果你對復活節結束的時間進行調整，我們本季每個月的業績都有所改善，四月份的業績調整為正值——我們對我們的專業業務感到非常滿意。我們對該業務的發展動能感到非常滿意。

And we also are really pleased with the adoption of our updated Pro Loyalty Program, MyLowe's Pro Rewards the ease of use and also the number of new customers that are joining the platform. So we feel like our playbook for the small and medium Pro continues to work, and we have really no concerns about the trajectory of our Pro business.

我們也對更新後的 Pro Loyalty 計劃和 MyLowe's Pro Rewards 的易用性以及加入平台的新客戶數量感到非常高興。因此，我們覺得我們針對中小型 Pro 的策略仍然有效，而且我們真的不擔心我們的 Pro 業務的發展軌跡。

And then a follow-up question on the tariff side. Historically, the industry has managed to gross margin rate, especially considering the technology that you referenced, Marvin and the leverage that you have over vendors. Does that remain your expectation, given where tariff rates sit? And then there's never been so much focus on inventory accounting methods. I think your FIFO, and does that portend some benefits, maybe earlier that you would ultimately just get back later, but a little bit of a sign curve around the merchandise margin?

然後是關於關稅方面的後續問題。從歷史上看，該行業已經實現了毛利率，特別是考慮到您提到的技術、Marvin 以及您對供應商的影響力。考慮到關稅稅率，這仍然是您的預期嗎？人們從未像現在這樣關注庫存會計方法。我認為您的先進先出 (FIFO) 是否預示著一些好處，也許早些時候您最終會收回，但商品利潤率周圍會有一點符號曲線？

So Chris, I'll take the first part, and I'll let Brandon join in. From our perspective, I guess the best way for us to think about this is that -- we have tools that will allow us to manage this and manage this in a way that we're going to minimize any impacts to our customers. And as I said earlier, we're going to be price competitive. It's something that we feel is incredibly important to our business, and it's also important for us to maintain market share.

所以克里斯，我將負責第一部分，然後讓布蘭登加入。從我們的角度來看，我想我們思考這個問題的最佳方式是——我們擁有可以讓我們管理這個問題的工具，並且能夠以盡量減少對客戶影響的方式來管理這個問題。正如我之前所說，我們將具有價格競爭力。我們認為這對我們的業務極為重要，而且對我們保持市場份額也很重要。

And so we're not donating share to any competitor by sitting back and not being price competitive across any of the categories that we're selling, whether they're domestic or imported. We believe that through our portfolio approach and some of the work to build seeing, we do with line structures, we're going to be in great shape.

因此，我們不會袖手旁觀，不在我們銷售的任何產品類別上進行價格競爭，無論是國產產品還是進口產品，從而將市場份額拱手讓給任何競爭對手。我們相信，透過我們的投資組合方法和一些建立視野的工作，我們利用線路結構，將會處於良好的狀態。

We've done all the math and based on the current tariff environment, we feel very comfortable that we'll be able to deliver the financial guidance that Brandon updated. So I'll let Brandon talk to you a little bit about the accounting in our world and how we see that primarily impacting us in the back half of the year.

我們已經完成了所有的計算，並且根據當前的關稅環境，我們非常有信心能夠提供布蘭登更新的財務指導。因此，我將讓布蘭登向你們簡單介紹我們世界中的會計，以及我們認為會計在下半年對我們主要產生的影響。

So Chris, this is Brandon. On the margin and the inventory piece of this, yes, I referenced earlier, our expectations for gross margin roughly flat for the full year. That's inclusive of any impacts from trade policy. And you referenced our accounting methodology for inventory is first in, first out. So FIFO accounting, which essentially means any incremental cost that we see will flow through our margin as we turn through our inventory layers. I referenced earlier, just the strength that we have in our current inventory.

克里斯，這是布蘭登。關於利潤和庫存部分，是的，我之前提到過，我們對全年毛利率的預期大致持平。其中包括貿易政策的任何影響。您提到我們的庫存會計方法是先進先出。因此，先進先出會計本質上意味著，當我們週轉庫存層時，我們看到的任何增量成本都將流經我們的利潤。我之前提到過，這只是我們目前庫存的優勢。

So our current inventory layers and visibility up in the supply chain, we do expect any incremental impact that we see to be more concentrated in the second half of our year, and that's baked into the expectation. So as you think about first half and margin, really minimal impact for any of this activity.

因此，我們目前的庫存層和供應鏈的可見性，我們確實預計我們看到的任何增量影響都會更加集中在今年下半年，而這已經包含在預期中。因此，當您考慮上半年和利潤時，這些活動的影響實際上微乎其微。

And then as Marvin's referenced, as we look out at the second half, we're going to continue to take a portfolio approach with what we're doing and continuing to work through and minimize any impact to our customers. But that's what's baked in our expectation.

然後，正如馬文所提到的，展望下半年，我們將繼續採取組合方式來開展工作，並繼續努力將對客戶的影響降至最低。但這正是我們所期望的。

Just to clarify that, meaning like really no FIFO impact early but some headwinds later? Or is it the tailwinds later than the headwinds as you get into '26?

只是為了澄清這一點，這是否意味著早期確實沒有 FIFO 影響，但後期會有一些不利因素？或是進入 26 年後順風會比逆風來得晚嗎？

Yeah. So Chris, the actual cost will be flowing through in the second half, but all of our mitigation actions and everything that Marvin and Bill have outlined, we expect to manage and we expect to offset the majority of that.

是的。所以克里斯，實際成本將在下半年產生，但我們所有的緩解措施以及馬文和比爾所概述的一切，我們都希望能夠管理，並希望能夠抵消其中的大部分。

David Bellinger, Mizuho Securities.

瑞穗證券的戴維·貝林格。

The first one on Appliances, one of the few categories that outperformed the company. Can you talk about the sales pull-forward if any, that you saw in that category? And also, have you seen any pull-forward in other large ticket categories, furniture, outdoor patio, grills? Anything like that, that helped to lift the Q1 comp later in the period or even early into Q2?

第一條是關於家電的，這是少數表現優於該公司的類別之一。您能談談該類別的銷售成長嗎（如果有）？此外，您是否看過其他大類商品，如家具、戶外露臺、烤架等出現上漲？有什麼類似的事情有助於提升本季後期甚至第二季初期的第一季業績嗎？

Yeah, David, it's Bill. We really didn't see anything that we could hang our hat on as being pulled-forward. And so we're specifically to Appliances, as I said in earlier response, really pleased with just the trajectory of that business and how it's performed really since the back half of last year into the first quarter of this year and how it's performing early in Q2.

是的，大衛，我是比爾。我們確實沒有看到任何值得我們依賴的東西。因此，正如我在先前的回覆中所說，我們特別關注家電業務，對該業務的發展軌跡以及自去年下半年到今年第一季的實際表現以及第二季初的表現感到非常滿意。

So 100,000 appliances break every day. The efforts that we've put around making that experience easier for our customer and for our associates to sell the product and for our customers to navigate both online and in-store are all things that we're really proud of.

因此每天有10萬台電器發生故障。我們為使客戶和員工能夠更輕鬆地銷售產品以及使客戶能夠更輕鬆地在線和在店內瀏覽而付出的努力都是我們引以為豪的事情。

And then the work that our supply chain team has done to be able to deliver to virtually anywhere in the United States in two days or less, I think is one of our big competitive advantages. In addition to all the work that the merchants have done to bring just great product and innovation across every single category. And that's what drives this business and that's what we're excited about.

我們的供應鏈團隊所做的工作使得我們能夠在兩天或更短的時間內將產品運送到美國幾乎任何地方，我認為這是我們最大的競爭優勢之一。除了商家為各個類別帶來優質產品和創新所做的所有工作之外。這就是推動這項業務發展的動力，也是我們感到興奮的地方。

Yeah, David, I would just add, as Bill referenced, with appliances specifically, as we look at unit growth and acceleration. We started to see that early in Q3 last year and saw that accelerate to the better part of the back half of last year, obviously, strength as we got in here to Q1. So the activity sort of pre-post any change in trade policy is there.

是的，大衛，我只想補充一點，正如比爾所提到的，具體來說，針對家用電器，我們關注的是單位成長和加速度。我們在去年第三季初就開始看到這種情況，並且看到這種情況在去年下半年的大部分時間裡加速發展，顯然，隨著我們進入第一季度，這種勢頭越來越強勁。因此，貿易政策發生任何變化之前的活動都會存在。

So at this point, we don't believe we're seeing any indication of any sort of widespread pull forward, but we're going to continue to monitor as we get into the balance of the year. And Rob, with that, we have time for one more question.

因此，目前我們認為還沒有看到任何廣泛拉動的跡象，但隨著進入今年年底，我們將繼續監測。羅布，好了，我們還有時間再問一個問題。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

The first one is around kind of your extended aisle effort and more specifically as it relates to the Pro and some of the things that you're doing there I know you're expecting some scaling of these micro initiatives, I guess, into the business over the back half of the year. Can you maybe give us a little more perspective on what exactly is happening with the extended aisle and how many vendors are starting to kind of take advantage of some of those capabilities? That's my first question.

第一個是關於你們的延伸過道努力，更具體地說是與 Pro 相關，以及你們在那裡做的一些事情，我知道你們期望這些微型計劃能夠在今年下半年擴展到業務中。您能否向我們詳細介紹一下延長通道的具體情況以及有多少供應商開始利用其中的一些功能？這是我的第一個問題。

Well, Peter, I don't want to get into that level of specifics. But what I will tell you is as we did a soft launch of this initiative, all the vendors that we were able to get in our system their business performance accelerated dramatically. And so we're excited about this.

好吧，彼得，我不想談論那麼具體的事情。但我要告訴你的是，當我們軟啟動這項計畫時，我們系統中所有供應商的業務績效都得到了顯著提升。因此我們對此感到很興奮。

And also, this also helps us with fulfillment because in many cases, a lot of these Pro vendors have their own delivery capabilities, and they're doing job site delivery in addition to providing us with great cost that we could provide great retailers on to our customers. I'll let Joe add a little bit of color to this because his team, along with Que Vance's team are managing this really closely in the stores.

而且，這也有助於我們實現目標，因為在許多情況下，許多專業供應商都有自己的交付能力，除了為我們提供巨大的成本之外，他們還進行工作現場交付，以便我們能夠為我們的客戶提供優秀的零售商。我讓喬對此進行一些說明，因為他的團隊和 Que Vance 的團隊正在商店中密切管理此事。

Yeah. Thanks, Marvin. And Peter, just important to remember, early innings and says we onboard incremental suppliers throughout 2025 in scale. We're going to continue to see this business grow. Here's what it really does for us.

是的。謝謝，馬文。彼得，重要的是要記住，早期階段我們將在 2025 年大規模地吸收增量供應商。我們將繼續見證這項業務的成長。以下是它真正為我們做的事情。

It allows immediate visibility to our suppliers' inventory. And as well, we have our volume pricing and delivery speed all incorporated. We can now generate quotes within minutes, seven days a week, on things that used to take days and four to five days a week. And then as Marvin said, there's an option for direct deliveries right from the supplier to the customer. And so those are just a few of the unlocks that extended aisle gives, and we're really excited about it.

它讓我們可以立即查看供應商的庫存。此外，我們還將批量定價和交付速度納入其中。現在，我們可以每週七天、每天幾分鐘產生報價，而以前則需要每週四到五天、每天幾天的時間。正如馬文所說，可以選擇直接從供應商向客戶交貨。這些只是延長走道帶來的一些解鎖功能，我們對此感到非常興奮。

My follow-up would just be beyond the China exposure around 20%. Is there a way to think about where you could potentially take that over time? Or are we kind of at levels where the product coming from there is basically going to come from there?

我的後續行動將超出中國市場約 20%。有沒有辦法思考一下隨著時間的推移，你可以將其帶到哪裡？或者我們處於這樣的水平：來自那裡的產品基本上都將來自那裡？

So Peter, I'll answer the first part, and I'll let Bill provide some perspective. My request would be for any retailer providing global sourcing percent by country of origin it'd be really good to get a definition of how they calculate that because as Bill articulated, we look at it from a direct and indirect, and we combine that together. In a lot of cases, companies look at it only as direct where they are the import of record, and we try to have a really more holistic view of how we view it.

所以彼得，我來回答第一部分，然後請比爾提供一些觀點。我的要求是，對於任何提供按原產國劃分的全球採購百分比的零售商來說，最好能了解他們如何計算這個數字，因為正如比爾所闡述的，我們從直接和間接的角度來看待這個問題，然後將它們結合起來。在許多情況下，公司只將其視為直接的記錄進口，而我們則試圖以更全面的角度來看待它。

So based on indirect and direct, we estimate is roughly 20%. And as we noted, we're working aggressively with our global sourcing team and the combination of Bill's team and Margi Vagell's supply chain team to reduce that exposure and we feel like we're in a great position to do that. And I'll let Bill provide a little bit more perspective on that.

因此，基於間接和直接，我們估計大約是 20%。正如我們所指出的，我們正在與我們的全球採購團隊以及 Bill 的團隊和 Margi Vagell 的供應鏈團隊積極合作，以減少這種風險，我們覺得我們處於非常有利的位置來做到這一點。我會讓比爾對此提供更多的看法。

Yeah. Peter, I covered some of this earlier, but it's -- again, we're looking at in partnership with both private brand and national brand suppliers to find different countries in order to produce this in producing this product. And in addition, as Brandon touched on, looking at SKU by SKU, product category by product category, looking at line structures, looking at assortments, looking at what makes sense going forward.

是的。彼得，我之前已經介紹過一些這方面的內容，但是——我們正在考慮與自有品牌和國家品牌供應商合作，尋找不同的國家來生產這種產品。此外，正如布蘭登所提到的，要逐一查看 SKU、逐一查看產品類別、查看產品線結構、查看產品組合，看看未來什麼是有意義的。

And in some cases, some of those items may not make sense going forward. And so we want to make sure that we do the right thing, sourcing it from the right location and just because we found another country to produce it, it may not end up short term being the right country to do right out of the gate.

在某些情況下，其中一些項目在未來可能沒有意義。因此，我們要確保我們做正確的事情，從正確的地點採購，而僅僅因為我們找到了另一個國家來生產它，它可能不會在短期內成為正確的生產國家。

So we're taking a very disciplined approach and the team is working really hard at it, looking at it across all the categories. And you can just imagine the level and magnitude of work that's required when you have to go do this SKU by SKU, vendor by vendor.

因此，我們採取了非常嚴謹的方法，團隊也為此付出了極大的努力，從各個類別的角度進行研究。你可以想像，當你必須逐一 SKU、逐一供應商進行這項工作時，所需的工作量和規模。

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

感謝大家今天的參與。我們期待在八月的第二季財報電話會議上與您交談。

This concludes the Lowe's first quarter 2025 earnings call. You may now disconnect.

勞氏 2025 年第一季財報電話會議到此結束。您現在可以斷開連線。