勞氏公司 (LOW) 2025 Q3 法說會逐字稿

Good morning, everyone. Welcome to Lowe's Companies' third 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.

各位早安。歡迎參加勞氏公司2025年第三季財報電話會議。我叫羅伯，今天由我來為您接聽電話。再次提醒，本次會議正在錄影。

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

現在我將把電話交給投資者關係副總裁兼財務主管凱特‧珀爾曼。

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

謝謝，早安。今天和我在一起的有：董事長兼執行長馬文·埃里森；負責商品銷售的執行副總裁比爾·博爾茨；負責門市的執行副總裁喬·麥克法蘭；以及負責門市的執行副總裁兼首席財務官布蘭登·辛克。

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.

我想提醒各位，我們今天早上發布的新聞稿中包含了有關前瞻性聲明的通知，該新聞稿可在勞氏公司投資者關係網站上找到。在本次電話會議中，我們將發表一些前瞻性評論，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，這些風險、不確定性和重要因素包括我們在 10-K 表格年度報告和其他提交給美國證券交易委員會的文件中討論的風險因素、管理層討論與分析以及其他部分中討論的因素。

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.

此外，我們也將討論一些非GAAP財務指標。將這些項目與美國進行核對。GAAP 可在我們投資者關係網站的季度收益部分找到。

Now, I'll turn the call over to Marvin.

現在，我把電話交給馬文。

Thank you, Kate, and good morning, everyone, and thank you for joining us today. Third quarter sales were $20.8 billion with comparable sales increasing 0.4% year-over-year despite a roughly 100 basis points headwind related to Hurricanes Helene and Milton. During the quarter, adjusted operating margin expanded approximately 10 basis points, leading to adjusted diluted earnings per share of $3.06, which is an increase of 6% versus last year.

謝謝你，凱特，大家早安，謝謝各位今天收看我們的節目。第三季銷售額為 208 億美元，儘管受到颶風海倫和米爾頓的影響，銷售額同比下降了約 100 個基點，但可比銷售額仍同比增長了 0.4%。本季度，調整後的營業利潤率成長了約 10 個基點，調整後的稀釋每股收益為 3.06 美元，比去年同期成長了 6%。

These results reflect continued operational discipline and strong execution across our perpetual productivity improvement or PPI initiatives. And although sales results continue to be impacted by softer demand within an uncertain macro environment, we're encouraged to see improvement in DIY customer engagement and discretionary projects across many areas of the home.

這些成果反映了我們在持續提高生產力（PPI）計畫中始終如一的營運紀律和強大的執行。儘管在不確定的宏觀環境下，銷售業績持續受到疲軟需求的影響，但我們欣喜地看到，DIY 客戶參與度和家庭中許多領域的非必需項目都有所改善。

We're also pleased with our performance in the North and West divisions, which were not affected by storms in the prior year. And we're seeing strength across all five key initiatives within our 2025 Total Home strategy, which we launched at our Analyst and Investor Conference last year.

我們對北部和西部賽區的表現也感到滿意，這兩個賽區在前一年沒有受到風暴的影響。我們看到，在去年分析師和投資者大會上推出的「2025 全屋策略」中的五項關鍵舉措都取得了顯著成效。

Let me give you an update on the performance of our Total Home strategy, beginning with the small to medium Pro where we once again delivered growth this quarter. We're enhancing our Pro offering through our Pro Extended Aisle, which is a direct interface with our suppliers’ systems. It allows our Pro sales associates to sell directly from their product catalogs, with the suppliers often fulfilling the orders directly to the job site. This expands our product assortment, inventory quantities and delivery capabilities for larger orders.

讓我向大家報告我們的全屋策略的執行情況，首先是中小戶型專業用戶，我們本季再次實現了成長。我們正在透過 Pro Extended Aisle 來增強我們的 Pro 產品，Pro Extended Aisle 是與我們供應商的財務系統直接對接的介面。它允許我們的專業銷售人員直接從他們的產品目錄中進行銷售，供應商通常會將訂單直接送到工地。這將擴大我們的產品種類、庫存數量和交付能力，以滿足更大訂單的需求。

Second, when it comes to accelerating Online sales, we delivered online sales growth of 11.4% this quarter, driven by increased traffic and continued strong conversion. We're also continuing to enhance the online experience across Lowes.com and our mobile app to make it simpler and faster for DIY and Pro customers to find all the products they need.

其次，在加速線上銷售方面，本季我們實現了 11.4% 的線上銷售成長，這得益於流量增加和持續強勁的轉換率。我們也不斷改進 Lowes.com 網站和行動應用程式的線上體驗，讓 DIY 和專業客戶能夠更輕鬆快速地找到他們所需的所有產品。

Looking ahead, we're pleased with the ongoing build-out of our Marketplace. This allows us to expand our product assortment to offer our customers everything they need for their homes across the price spectrum from value to premium without assuming the risk of owning the inventory.

展望未來，我們對市場平台的持續建設感到滿意。這使我們能夠擴大產品種類，為客戶提供從經濟型到高端型的各種家居用品，而無需承擔擁有庫存的風險。

Third, we're leveraging our Loyalty ecosystem to increase our customers’ preferences for Lowe's, so they choose us first and shop more often. In fact, our 30 million My Lowe's Rewards members shop twice as often and spend over 50% more than non-members. Through both our DIY and Pro loyalty programs, we're gaining deeper customer insights, which help us tailor more personalized value-enhancing offers through data-driven marketing.

第三，我們正在利用我們的忠誠度生態系統來提高客戶對勞氏的偏好，以便他們優先選擇我們並更頻繁地購物。事實上，我們3000萬Lowe's Rewards會員的購物頻率是非會員的兩倍，消費額也比非會員高出50%以上。透過我們的 DIY 和 Pro 會員忠誠度計劃，我們正在獲得更深入的客戶洞察，這有助於我們透過數據驅動的行銷來客製化更個人化的增值優惠。

Fourth, we're really pleased with the strong results this quarter in Home Services, where we delivered double-digit comps. Later in the call, Joe will discuss the initiatives that are driving these gains.

第四，我們對本季家庭服務業務的強勁業績感到非常滿意，實現了兩位數的同店銷售成長。在稍後的通話中，喬將討論推動這些成果的各項舉措。

And the fifth and final initiative in our Total Home Strategy is Increasing Space Productivity. We made great progress optimizing our selling space, and Bill will provide details on a couple of key initiatives later in the call. Overall, I'm very pleased with the progress that we have delivered through our Total Home Strategy and the strategic alignment we're driving across the organization.

我們「全方位家居策略」的第五項也是最後一項措施是提高空間利用率。我們在優化銷售空間方面取得了巨大進展，比爾將在稍後的電話會議中詳細介紹幾個關鍵舉措。總的來說，我對我們透過「全方位家居策略」所取得的進展以及我們在整個組織內推動的策略協調感到非常滿意。

Let me now discuss the importance of generative AI to improve how we sell, how we shop and how we work. This is what we refer to as our AI framework. And as we continue to make strategic investments in our AI capabilities, we're already seeing tangible results. Our virtual assistants, Mylow and Mylow companion, which are built on an open AI platform, are answering nearly one million questions per month about everything from product specs to project know-how to the status of a customer order.

現在讓我來談談生成式人工智慧對於改善我們的銷售方式、購物方式和工作方式的重要性。這就是我們所說的AI框架。隨著我們持續對人工智慧能力進行策略性投資，我們已經看到了實際的成果。我們的虛擬助理 Mylow 和 Mylow Companion 基於開放的 AI 平台構建，每月可回答近一百萬個問題，內容涵蓋從產品規格到項目知識，再到客戶訂單狀態等方方面面。

In fact, when our customers engage with Mylow online, the conversion rate more than doubles, which is clear evidence that AI is simplifying decision-making and driving sales. And when our associates use Mylow companion to help customers shopping in our stores, we're seeing customer satisfaction scores increase 200 basis points. And every interaction with our virtual assistants is feeding our proprietary models, allowing us to continually improve accuracy and build a durable advantage in home improvement expertise.

事實上，當我們的客戶在線上與 Mylow 互動時，轉換率會翻倍以上，這清楚地表明人工智慧正在簡化決策並推動銷售。當我們的員工使用 Mylow 助理幫助顧客在我們的商店購物時，我們發現顧客滿意度得分提高了 200 個基點。每次與我們的虛擬助理互動都會為我們的專有模型提供數據，使我們能夠不斷提高準確性，並在家居裝修專業知識方面建立持久的優勢。

Within our technology team, engineers are using AI tools for development and code review, leading to double-digit productivity gains and accelerating our speed to market. In fact, Lowe's has just been recognized by OpenAI with their 100 billion Token Milestone Award as a reflection of the depth and breadth of AI adoption throughout the organization. Achieving this milestone places Lowe's in an elite tier of companies that are not just experimenting with AI but operating at a true enterprise scale.

在我們的技術團隊中，工程師們正在使用人工智慧工具進行開發和程式碼審查，從而實現了兩位數的生產力提升，並加快了產品上市速度。事實上，勞氏公司剛剛獲得了 OpenAI 頒發的 1000 億代幣里程碑獎，這反映了人工智慧在整個組織中的應用深度和廣度。實現這一里程碑使勞氏公司躋身精英企業行列，這些企業不僅在嘗試人工智慧，而且在真正的企業規模上進行營運。

Looking ahead, we have a detailed roadmap of several additional high-impact AI initiatives that will drive further enhancements to the Pro and DIY customer experience, both in-store and online. This will include our participation in agentic commerce so we can continue to meet our customers where and how they choose to shop. And we also anticipate incremental productivity gains as we leverage AI to drive operating efficiency across the enterprise.

展望未來，我們制定了詳細的路線圖，其中包括幾項具有重大影響的人工智慧計劃，這些計劃將進一步提升專業和 DIY 客戶在實體店和線上的體驗。這將包括我們參與代理式商務，以便我們能夠繼續在客戶選擇的地點和方式滿足他們的需求。我們也預計，隨著我們利用人工智慧提高整個企業的營運效率，生產力也將逐步提高。

Now, let me turn to our acquisition of Foundation Building Materials or FBM, which we completed in October. I would like to begin by extending a warm welcome to the entire FBM team. As a reminder, FBM is a leading distributor in interior building products, including drywall, metal framing, insulation, and ceiling systems. FBM's business mix is balanced evenly between commercial and residential. And while the housing market is currently under some pressure, we're pleased with the momentum we're seeing with FBM's commercial sales.

現在，讓我談談我們在 10 月完成的對 Foundation Building Materials（簡稱 FBM）的收購。首先，我謹代表全體FBM團隊，向大家表示熱烈的歡迎。再次提醒，FBM 是室內建築產品（包括石膏板、金屬框架、保溫材料和天花板系統）的領先經銷商。FBM 的業務組合在商業和住宅之間保持著均衡。儘管目前房地產市場面臨一些壓力，但我們對FBM商業房地產銷售的良好勢頭感到滿意。

Some recent highlights include several data center projects, a luxury 150-unit residential high-rise and medical facilities as FBM leverages a strong reputation for reliability and technical expertise to win these contracts. And when we consider the impact to Lowe's, this acquisition gives us a more comprehensive product portfolio, expands our revenue streams and further enhances our offering to our Pro customers.

近期的一些亮點包括多個資料中心項目、一座擁有 150 個單元的豪華住宅高層建築和醫療設施，FBM 利用其在可靠性和技術專長方面的良好聲譽贏得了這些合約。當我們考慮此次收購對勞氏公司的影響時，它將使我們擁有更全面的產品組合，擴大我們的收入來源，並進一步增強我們為專業客戶提供的服務。

In fact, efforts are already underway to quickly connect FBM's product catalog to our Pro Extended Aisle. And FBM customers will gain access to Lowe's as complementary products like tools, safety gear, and fasteners, so they can more quickly and conveniently source everything they need for their jobs. FBM's 370 locations nationwide also strengthens our fulfillment capabilities, especially in high-density urban markets in California, the Northeast, and the Midwest where Lowe's has less of a physical store presence.

事實上，我們已經在努力將 FBM 的產品目錄快速連接到我們的 Pro Extended Aisle。FBM 的客戶將能夠從 Lowe's 購買工具、安全裝備和緊固件等配套產品，從而更快速、更方便地獲得他們工作所需的一切。FBM 在全國擁有 370 個分店，這也增強了我們的履約能力，尤其是在加州、東北部和中西部等高密度城市市場，而 Lowe's 在這些地區的實體店數量較少。

Our acquisition of FBM and Artisan Design Group our ADG creates a comprehensive interior solutions for our homebuilders with everything from drywall and insulation to doors, flooring, cabinets and appliances. And I look forward to updating you on the progress we're making with both acquisitions in the future.

我們收購了 FBM 和 Artisan Design Group (ADG)，為我們的房屋建築商打造了全面的室內解決方案，涵蓋從石膏板和隔熱材料到門、地板、櫥櫃和電器等各種產品。我期待在未來向您報告這兩項收購的進展。

Now, allow me to transition to our view of the macro environment. Overall, the US homeowner remains healthy. Balance sheets are strong and consumers continue to spend. However, affordability and uncertainty in the broader economy continue to weigh on consumer confidence particularly when it comes to larger discretionary purchases as borrowing costs have been elevated for longer than originally anticipated.

現在，請容許我轉而談談我們對宏觀環境的看法。總體而言，美國房主的健康狀況依然良好。資產負債表穩健，消費者支出持續成長。然而，整體經濟的可負擔性和不確定性繼續打壓消費者信心，尤其是在大額非必需品消費方面，因為借貸成本居高不下的時間比最初預期的要長。

Looking ahead, lower interest rates, including for home equity loans could begin to spur demand even as many homeowners remain reluctant to move and give up their historically low mortgage rates. This cycle is different from past housing slowdowns in a few important ways. First, homeowners today have record levels of equity, roughly $400,000 on average. And at the same time, they are more likely to invest in the home they already own instead of giving up their low mortgage rate. This is referred to as the “lock-in effect” and could make home equity financing a more attractive solution.

展望未來，較低的利率，包括房屋淨值貸款的利率，可能會開始刺激需求，儘管許多房主仍然不願意搬家並放棄他們歷史性的低抵押貸款利率。本次房地產市場週期與以往的低迷時期在幾個重要方面有所不同。首先，如今房主的房屋淨值達到了創紀錄的水平，平均約為 40 萬美元。同時，他們更傾向於投資自己已經擁有的房屋，而不是放棄低抵押貸款利率。這被稱為“鎖定效應”，可能會使房屋淨值融資成為更具吸引力的解決方案。

So while the near-term macro backdrop reflects an anxious consumer, the combination of strong fundamentals, substantial home equity and the potential for low rates ahead gives us confidence in the long-term health of the home improvement sector. And we remain confident that the continued execution of our Total Home Strategy will position Lowe's to win in the short and in the long term.

因此，儘管短期宏觀經濟背景反映出消費者的焦慮情緒，但強勁的基本面、大量的房屋淨值以及未來利率可能走低的局面，讓我們對家居裝修行業的長期健康發展充滿信心。我們仍然相信，持續執行我們的「全方位家居策略」將使勞氏在短期和長期內都取得成功。

Before I close, I'd like to wish all of our associates a blessed and safe holiday season. Our associates are our competitive advantage, and I appreciate all they do to make Lowe's a great company.

在結束發言之前，我謹祝福我們所有的同事們節日快樂、平安健康。我們的員工是我們的競爭優勢，我感謝他們為使勞氏成為一家偉大的公司所做的一切。

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

接下來，我將把電話交給比爾。

Thanks, Marvin, and good morning. This quarter, we delivered positive comps in 10 of our 14 Merchandise Divisions, and solid performance across both DIY and Pro despite lapping hurricane activity last year.

謝謝你，馬文，早安。本季度，我們在 14 個商品部門中的 10 個部門實現了正成長，儘管去年颶風活動有所緩解，但 DIY 和 Pro 部門均取得了穩健的業績。

Starting with Home Decor, we delivered positive comps in Appliances, Flooring, Paint and Kitchens & Bath. We continue to strengthen our leadership position in Appliances by providing customers with a value proposition that no other retailer in the industry can match. This includes the widest assortment of top brands and innovative products, all at a must-win price point.

從家居裝飾開始，我們在家電、地板、油漆以及廚房和浴室方面都取得了積極的對比結果。我們透過為客戶提供業內其他零售商無法比擬的價值主張，不斷鞏固我們在家電領域的領先地位。這其中包括種類最齊全的頂級品牌和創新產品，而且價格極具競爭力。

And by leveraging our market delivery network, we're the only retailer who can deliver and install major appliances in virtually every ZIP code in the US next day. This capability is crucial for items like refrigerators or washing machines that often need to be replaced immediately.

憑藉我們的市場配送網絡，我們是唯一一家能夠在美國幾乎每個郵遞區號地區隔日送達並安裝大型家電的零售商。對於冰箱或洗衣機這類經常需要立即更換的物品來說，這種功能至關重要。

One example of our innovative product offering is an exclusive new Bosch Hybrid Tub dishwasher line available only at Lowe's. These models combine the quiet operation Bosch is known for, along with the durability of stainless steel and the affordability of polymer. The result is a better clean and a better value with the most accessible price points in the industry.

我們創新產品的一個例子是僅在勞氏公司獨家銷售的博世全新混合式洗碗機系列。這些型號結合了博世聞名的靜音運行、不銹鋼的耐用性和聚合物的經濟性。結果是清潔效果更佳，性價比更高，且價格在業界最具競爭力。

Turning to Flooring. We saw a broad-based strength across soft services, vinyl and tile flooring. In carpet, customers are enthusiastic about the benefits of STAINMASTER PetProtect. Its LeakDefense backing helps prevent spills and pet accidents from seeping into the carpet pad or subfloor. STAINMASTER is the most trusted brand in carpet, and it is exclusive to Lowe's.

轉向地板。我們看到軟性服務、乙烯基和瓷磚地板等各方面都表現出了強勁勢頭。在地毯領域，顧客對 STAINMASTER PetProtect 的優點讚不絕口。其 LeakDefense 背襯有助於防止溢出物和寵物意外滲入地毯墊或底層地板。STAINMASTER 是地毯行業最值得信賴的品牌，也是 Lowe's 的獨家產品。

Touching on Paint. We drove broad-based growth across stains, primers and paint, along with accessories and applicators. And we're excited to announce the launch of Sherwin Williams ProBlock Quick Dry primers, an innovative product that blocks stains and provides outstanding coverage and drives in less than an hour. This new primer is available only at Lowe's and Sherwin Williams locations, marking the first time that we have co-launched a product. This product provides Lowe's with true differentiation within the home center channel as we continue to build on our strong relationship with this key supplier.

觸及油漆。我們在染色劑、底漆和塗料以及配件和塗刷工具方面實現了全面增長。我們很高興地宣布推出 Sherwin Williams ProBlock 速乾底漆，這是一款創新產品，可有效阻擋污漬，提供出色的覆蓋效果，不到一小時即可完成塗裝。這款新底漆僅在 Lowe's 和 Sherwin Williams 商店有售，這是我們首次聯合推出產品。這款產品為勞氏家居建材超市通路帶來了真正的差異化優勢，我們將繼續鞏固與這家重要供應商的牢固關係。

Lastly, in Kitchens & Bath, we recently completed a reset of our bathroom vanity showrooms and these new sets are delivering results ahead of our expectations. The updated showroom provides a much better shopping experience for both Pro and DIY customers because they can now see and interact with a larger number of products. And the stock products are now much more accessible and readily available for quick take with. This is an important way we're driving space productivity and leveraging our larger stores as a competitive advantage.

最後，在廚房衛浴方面，我們最近完成了浴室盥洗台展廳的重新佈置，這些新展廳的銷售效果超出了我們的預期。更新後的展廳為專業客戶和 DIY 客戶提供了更好的購物體驗，因為他們現在可以看到和體驗更多的產品。而且，現在庫存產品更容易取得，可以快速購買。這是我們提高空間利用率、利用大型門市作為競爭優勢的重要途徑。

Turning now to Building Products. We drove positive comps across Millwork, Rough Plumbing, Lumber and Electrical. We're supplementing our already robust in-store Pro offering in Building Products with our Pro Extended Aisle. As Marvin mentioned, this initiative expands our product offering, increases our inventory depth and enhances our delivery capabilities. And in Millwork and Rough Plumbing, we've seen strong performance driven by higher installation sales in Home Services, which Joe will discuss shortly.

接下來我們來看建築產品。我們在木工、粗管道、木材和電氣方面都實現了積極的業績成長。我們正在透過推出 Pro Extended Aisle 來補充我們店內已有的強大的建材產品專業產品系列。正如馬文所提到的，這項措施擴大了我們的產品供應範圍，增加了我們的庫存深度，並提高了我們的交付能力。在木工和粗管道工程方面，我們看到了強勁的業績成長，這主要得益於家庭服務部門更高的安裝銷售額，喬稍後會對此進行討論。

Millwork is another area where we're seeing innovation like the Larson 60 MT Storm Door with magnetic technology that keeps the door closed. It offers both performance and curb appeal and it gives customers a reason to upgrade.

木製品是另一個我們看到創新的領域，例如 Larson 60 MT 防風雨門，它採用磁性技術，使門保持關閉。它兼具性能和外觀吸引力，讓顧客有理由升級換代。

Turning to Hardlines. We delivered positive comps in Lawn & Garden, with particular strength in live goods and hardscapes. Customers were inspired by the outdoor vignettes that showcased everything they needed to build their vertical gardens, along with upgrading a mailbox display and more. And the mild weather gave customers more opportunities to tackle more outdoor projects which helped drive extended demand. We're also pleased with a strong start to the holiday season in our tools, trim-a-tree and decor categories.

轉向強硬派。我們在草坪和花園領域取得了積極的業績，尤其是在活體植物和硬質景觀方面表現強勁。顧客們受到戶外場景的啟發，這些場景展示了他們建造垂直花園所需的一切，以及升級郵箱展示架等等。溫和的天氣讓顧客有更多機會進行戶外項目，從而推動了戶外需求的成長。我們也很高興看到，在工具、聖誕樹裝飾和裝飾品類別中，假期季節的開局非常強勁。

Shifting gears to Tools where we also delivered positive comps, we saw strong performance in Hand Tools and Tool Storage. Customers responded to our value offerings and improved assortments like the Kobalt 46-inch workstation available in a wide range of colors. During the quarter, we leaned into value and drove strong online engagement during our DeWalt Days event supported by a homepage takeover and a compelling free tools battery offer.

轉而關注工具領域，我們也取得了積極的業績，其中手動工具和工具收納領域表現強勁。顧客對我們提供的超值產品和改進的產品系列（例如有多種顏色可供選擇的 Kobalt 46 吋工作站）給予了正面回饋。本季度，我們注重價值，並在 DeWalt Days 活動期間，透過首頁​​全覆蓋和極具吸引力的免費工具電池優惠，推動了強大的線上參與度。

Now, let me give you an update on one of our key Total Home Strategy initiatives, increasing Space Productivity, which is all about driving incremental sales opportunities by optimizing our sales footprint. This quarter, we completed the rollout of our Rural format in 150 additional stores, bringing the total to nearly 500. We're also on track to complete rollout of Workwear and Pet to more than 1,000 stores giving us an opportunity to drive these assortments beyond our rural stores.

現在，讓我向大家介紹我們「全屋策略」的一項關鍵舉措——提高空間生產力，其核心是透過優化我們的銷售佈局來推動銷售機會的成長。本季度，我們在另外 150 家門市完成了鄉村模式的推廣，使總數接近 500 家。我們正按計劃推進工作服和寵物用品在 1000 多家門市的推廣，這將使我們有機會把這些商品推廣到農村門市以外的地區。

In line with our Pet expansion, which is focused on grab-and-go items like toys and treats, we're pleased to announce our new private brand, Heart & Herd. It offers pet owners high-quality, value-priced products for dogs and cats, just in time for holiday gifting.

為了配合我們專注於玩具和零食等便捷商品的寵物業務擴張計劃，我們很高興地宣布推出我們的新自有品牌 Heart & Herd。它為寵物主人提供高品質、價格實惠的犬貓用品，正好趕上節日送禮的好時機。

And as part of our space productivity efforts, we've made significant progress on our SKU rationalization initiative designed to improve our inventory productivity. By the end of 2025, we're set to achieve our multi-year goal of reducing our in-store SKU count by 15%. As we head into the holiday season, we're delivering new exciting products, both in-store and online through our Black Friday Buildup event. We're giving customers an early start on their holiday shopping with great deals, including several that are already available now.

作為提高空間利用率工作的一部分，我們在 SKU 合理化計劃方面取得了重大進展，該計劃旨在提高庫存效率。到 2025 年底，我們將實現多年目標，即將店內 SKU 數量減少 15%。隨著假日季節的臨近，我們將透過「黑色星期五預熱」活動，在實體店和線上推出令人興奮的新產品。我們為顧客提供提前開始假日購物的機會，推出多項優惠活動，其中一些優惠活動現已開始。

In closing, I'd like to thank our Merchants, inventory and supply chain teams, along with our MST associates and our supplier partners for their continued efforts to deliver results for our customers ahead of the busy holiday season.

最後，我要感謝我們的採購團隊、庫存團隊和供應鏈團隊，以及我們的MST員工和供應商合作夥伴，感謝他們在繁忙的假期季節到來之前為我們的客戶持續努力，交付成果。

And now, I'll turn the call over to Joe.

現在，我把電話交給喬。

Thank you, Bill, and good morning, everyone. Let me begin by recognizing our store and supply chain associates who show up every day with energy and commitment to serve our customers. Quarter after quarter, through changes and challenges, they've proven themselves to be our company's greatest asset. And that's why I'm particularly pleased to share that the investments we're making to support our frontline associates are truly paying off. New training programs are better equipping our store teams to sell complete customer projects, including featured seasonal products and services.

謝謝你，比爾，大家早安。首先，我要感謝我們門市和供應鏈的員工，他們每天都充滿活力和熱情地為顧客服務。一個又一個季度過去了，經歷了各種變化和挑戰，他們已經證明自己是我們公司最大的資產。因此，我特別高興地告訴大家，我們為支持第一線員工所做的投資正在取得實際效果。新的培訓計劃使我們的門市團隊能夠更好地銷售完整的客戶項目，包括特色季節性產品和服務。

By enabling our associates to deliver more comprehensive solutions, these programs are boosting their knowledge, confidence and effectiveness at driving sales. And as Marvin mentioned, they can also rely on our AI-powered Mylow Companion for product details and for help answering customers' questions. Add it all up and we're empowering our associates with the tools they need to sell more effectively across all departments in the store.

這些計劃使我們的員工能夠提供更全面的解決方案，從而提高他們的知識、信心和銷售效率。正如馬文所提到的那樣，他們還可以依靠我們人工智慧驅動的 Mylow Companion 來獲取產品細節並幫助回答客戶的問題。總而言之，我們正在為我們的員工提供所需的工具，以便他們在店內所有部門更有效地進行銷售。

Additionally, a few weeks ago, we concluded our associate annual engagement survey, a critical component of our proactive listening strategy, which supports our efforts to become the employer of choice in retail. Scores across the key measures of Engagement and Associate Well-Being as well as Leadership Effectiveness have all continued to improve. And our 95% participation rate continues to be industry leading. All told, our better-trained and highly engaged associates are elevating the Lowe's shopping experience, which is reflected in improved customer satisfaction scores for both the DIY and Pro.

此外，幾週前，我們完成了員工年度敬業度調查，這是我們積極傾聽策略的關鍵組成部分，旨在支持我們成為零售業首選雇主的努力。員工敬業度、員工幸福感以及領導效能等關鍵指標的得分都持續提升。我們的參與率高達95%，並持續維持業界領先地位。總而言之，我們訓練有素、積極敬業的員工正在提升 Lowe's 的購物體驗，這體現在 DIY 和專業人士的客戶滿意度評分的提高上。

To focus now on the Pro, enrollments in our My Lowe's Pro Rewards program continue to grow, as our core small to medium Pro customers experience first-hand the benefits of our easier-to-use loyalty platform which allows them to start earning rewards immediately and achieve higher rewards with lower levels of spending. We're also pleased to see Pros taking advantage of our enhanced digital capabilities, as they shift to more shopping online. And looking ahead, we're encouraged that in our recent Pro survey overall sentiment improved for small-to-medium Pros as they remain confident in their job prospects and report stable backlogs.

現在，讓我們把重點放在專業客戶身上。隨著我們核心的中小型專業客戶親身體驗到我們更易於使用的忠誠度平台帶來的好處，我們的 My Lowe's Pro Rewards 計劃的註冊人數持續增長，該平台使他們能夠立即開始賺取獎勵，並以較低的消費水平獲得更高的獎勵。我們也很高興地看到，隨著專業人士越來越多地轉向線上購物，他們也開始利用我們增強的數位化功能。展望未來，我們感到鼓舞的是，在我們最近的專業人士調查中，中小專業人士的整體情緒有所改善，他們對自己的就業前景仍然充滿信心，並且表示工作積壓情況穩定。

Shifting now to performance in Home Services this quarter. We're pleased with our double-digit growth in this key initiative within our Total Home Strategy. The team delivered broad-based strength across a number of product categories, including windows and doors, HVAC, water heaters, kitchens and bath and window treatments.

接下來我們將分析本季家庭服務業務的業績。我們對「全方位家居策略」中這項關鍵舉措取得兩位數成長感到滿意。團隊在多個產品類別中展現了廣泛的實力，包括門窗、暖通空調、熱水器、廚房和浴室以及窗簾。

These strong results were driven in part by tech-enabled solutions, which have enhanced the experience of customers, installers and associates alike. For our customers, we've accelerated the process from inquiry to completed installation by providing intuitive solutions for scheduling, quoting and payment. These enhancements have transformed what was a time-consuming process by removing friction and pain points along the customer journey.

這些強勁的成果部分得益於技術解決方案，這些解決方案提升了客戶、安裝人員和合作夥伴的體驗。我們為客戶加快了從諮詢到安裝完成的整個過程，提供了直覺的日程安排、報價和付款解決方案。這些改善措施消除了客戶旅程中的摩擦和痛點，徹底改變了原本耗時的過程。

Turning now to our focus on operating efficiency. I'd like to thank our asset protection teams for continuing to deliver one of the best inventory shrink results in big box retail. Despite the challenging environment, these results are driven by a combination of outstanding leadership and industry-leading technology. We also focus this year on a number of Perpetual Productivity Improvements or PPI initiatives in our stores, including our front-end transformation, streamlining our BOPIS fulfillment and the freight flow optimization. And we're already working on our PPI roadmap for 2026 for store operations, as we leverage AI-enabled solutions to further enhance the customer experience while also driving labor productivity.

現在我們來談談營運效率。我要感謝我們的資產保護團隊，他們持續為大型零售企業帶來最佳的庫存損耗控製成果之一。儘管面臨充滿挑戰的環境，但這些成果的成就得益於卓越的領導力和業界領先的技術。今年，我們還重點關注門市的多項持續生產力改善 (PPI) 計劃，包括前端轉型、簡化 BOPIS 履行流程以及優化貨運流程。我們已經在製定 2026 年門市營運的 PPI 路線圖，利用人工智慧解決方案進一步提升客戶體驗，同時提高勞動生產力。

Before I close, let me take a moment to discuss one of our new initiatives to support veterans as part of our long-standing commitment to the military community and in support of our objective to deliver 10 million square feet of impact in 2025. As a Marine who served in combat, I'm particularly proud to share that in partnership with Building Homes for Heroes, and our hometown of Mooresville, North Carolina, we've just broken ground on “Freedom Hill.” This first-of-its-kind community will provide mortgage-free housing and support services for up to 15 households of injured veterans and first responders. As the executive sponsor of Lowe's philanthropic support of our military communities, it will be an honor for me to see lives changed through this initiative.

在結束發言之前，請允許我花一點時間來討論我們為支持退伍軍人而推出的一項新舉措，這是我們對軍人社區長期承諾的一部分，也是為了支持我們到 2025 年實現 1000 萬平方英尺影響的目標。作為一名曾在戰鬥中服役的海軍陸戰隊員，我特別自豪地宣布，我們與「為英雄建造家園」組織以及我們的家鄉北卡羅來納州穆爾斯維爾市合作，剛剛為「自由山」計畫破土動工。這個史無前例的社區將為多達 15 個受傷退伍軍人和急救人員家庭提供無抵押貸款住房和支援服務。身為勞氏公司慈善活動對軍人社群的執行發起人，我非常榮幸能夠看到人們的生活透過這項舉措而改變。

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

那麼，我把電話交給布蘭登吧。

Thank you, Joe, and good morning. Starting with our third quarter results. We generated GAAP diluted earnings per share of $2.88. In the quarter, we closed on our acquisition of Foundation Building Materials or FBM. We recognized $105 million in pre-tax transaction costs, including the fees associated with $9 billion in bridge financing.

謝謝你，喬，早安。首先來看我們第三季的業績。本季度，我們實現了 GAAP 稀釋後每股收益 2.88 美元。本季度，我們完成了對 Foundation Building Materials（簡稱 FBM）的收購。我們確認了 1.05 億美元的稅前交易成本，其中包括與 90 億美元過橋融資相關的費用。

To finance the $8.8 billion purchase price, we issued $5 billion of bonds with a competitive weighted average coupon of 4.38% and borrowed $2 billion under a three-year term loan. Given our better-than-expected cash flow generation, we financed the remaining $1.8 billion with cash on hand. We also recognized $24 million in non-GAAP adjustments associated with Artisan Design Group or ADG.

為了籌集 88 億美元的收購款，我們發行了 50 億美元的債券，加權平均票面利率為 4.38%，並藉入了 20 億美元的三年期貸款。鑑於我們現金流生成情況優於預期，我們用手頭現金為剩餘的 18 億美元融資。我們也確認了與 Artisan Design Group 或 ADG 相關的 2,400 萬美元非 GAAP 調整。

And keep in mind that, in the third quarter of last year, we recorded a pre-tax gain of $54 million associated with the 2022 sale of our Canadian retail business. Excluding these impacts, we delivered adjusted diluted earnings per share of $3.06, exceeding our expectations. This is a 6% increase compared to adjusted diluted earnings per share in the prior-year quarter. My comments from this point forward will include certain non-GAAP comparisons that exclude these impacts where applicable.

請記住，去年第三季度，我們因 2022 年出售加拿大零售業務而獲得了 5,400 萬美元的稅前收益。剔除這些影響，我們實現了調整後的稀釋每股收益 3.06 美元，超出預期。與上年同期調整後的稀釋每股收益相比，成長了 6%。從現在開始，我的評論將包含一些非GAAP比較，這些比較在適用情況下會排除這些影響。

Third quarter sales were $20.8 billion with comparable sales up +0.4% driven by DIY engagement across project-related categories, as well as another quarter of growth in Pro, Online and Appliances. As Marvin mentioned, we also lapped storm-related demand which was a roughly 100 basis point headwind to sales this quarter.

第三季銷售額為 208 億美元，同店銷售額成長 0.4%，這主要得益於 DIY 在專案相關類別中的參與度提高，以及 Pro、線上和家電業務連續第二季實現成長。正如馬文所提到的那樣，我們也受到了風暴相關需求的影響，這給本季的銷售額帶來了約 100 個基點的不利影響。

While we continue to manage through an uncertain macro environment, we are pleased that we delivered positive comps in 10 of 14 product categories. Monthly comps were up 2.5% in August, up 0.9% in September and down 2.6% in October when storm-related demand was most concentrated last year.

儘管我們仍在努力應對不確定的宏觀環境，但我們很高興在 14 個產品類別中的 10 個類別中實現了正成長。8 月月同店銷售額成長 2.5%，9 月成長 0.9%，10 月下降 2.6%，而去年受風暴影響的需求在 10 月最為集中。

For the quarter, comparable average ticket increased 3.4%, driven by ongoing strength in Pro and Appliances, mix shift into larger-ticket purchases and modest price increases while comparable transactions declined 3.0%. Gross margin was 34.2% in the quarter, up 50 basis points as we cycle a number of storm-related pressures in the prior year. We also saw improvements in credit revenue and better sell-through of inventory as we drive our SKU rationalization efforts.

本季度，受專業產品和家電業務持續強勁增長、商品組合向大宗商品轉移以及價格小幅上漲的推動，可比平均客單價增長了 3.4%，而可比交易量下降了 3.0%。本季毛利率為 34.2%，較上年同期的 50 個基點有所上升，因為我們克服了去年與風暴相關的諸多壓力。隨著我們推進 SKU 合理化工作，我們也看到了信貸收入的改善和庫存銷售的提高。

Adjusted SG&A was 19.6% of sales, de-leveraging 36 basis points as we cycled lower bonus attainment in the prior year and also invested in sales driving actions. Adjusted operating margin rate of 12.4% was up 10 basis points versus prior year and the adjusted effective tax rate of 24% was in-line with prior year results. Inventory ended Q3 at $17.2 billion, down approximately $400 million versus prior year. The net decrease also reflects the inclusion of inventory from recent acquisitions of approximately $600 million and higher tariffs.

經調整後的銷售、一般及行政費用佔銷售額的 19.6%，由於上一年獎金實現率較低，加上投資於銷售推動措施，槓桿率下降了 36 個基點。調整後的營業利益率為 12.4%，較上年同期成長 10 個基點；經調整後的實際稅率為 24%，與上年同期結果一致。第三季末庫存為172億美元，較上年同期減少約4億美元。淨減少額也反映了近期收購的約 6 億美元庫存以及更高的關稅。

These results were driven by several inventory productivity initiatives across the company as we leverage advanced AI inventory solutions to enhance our demand planning, allocation and replenishment while also driving our SKU rationalization efforts. ADG operating results were accretive to EPS on a non-GAAP basis for the third quarter and pressured operating margin by approximately 15 basis points, in line with expectations.

這些成果得益於公司內部多項庫存生產力提升舉措，我們利用先進的人工智慧庫存解決方案來增強需求規劃、分配和補貨能力，同時推動 SKU 合理化工作。ADG 第三季的經營業績以非GAAP準則計算對每股盈餘有所貢獻，但營業利益率下降了約15個基點，符合預期。

Turning now to capital allocation. In Q3, we generated $687 million in operating cash flow, inclusive of the payment of federal and state taxes of roughly $900 million that have been deferred under a provision related to Hurricane Helene. Capital expenditures totaled $597 million as we continue to invest in our strategic growth imperatives.

接下來討論資本配置。第三季度，我們產生了 6.87 億美元的營運現金流，其中包括根據與颶風海倫相關的準備金遞延的約 9 億美元的聯邦和州稅款。資本支出總額為 5.97 億美元，我們將繼續投資於我們的策略性成長要務。

In the quarter, we paid $673 million in dividends at $1.20 per share. Adjusted debt to EBITDAR was 3.36xat the end of the quarter, after we repaid $1.75 billion in debt maturities and borrowed $7 billion to finance the acquisition of FBM. The structure of this financing, in conjunction with the timing of our existing bond maturities, will allow for steady de-leverage to our 2.75x target, which is expected by mid-2027. We ended the quarter with $621 million of cash and cash equivalents and delivered a return on invested capital of 26.1%.

本季度，我們以每股 1.20 美元的價格支付了 6.73 億美元的股息。截至本季末，經調整後的債務與 EBITDAR 比率為 3.36 倍，此前我們償還了 17.5 億美元的到期債務，並藉入了 70 億美元用於收購 FBM。此次融資的結構，結合我們現有債券的到期時間，將使我們能夠穩定降低槓桿率，達到 2.75 倍的目標，預計到 2027 年年中即可實現。本季末，我們持有現金及現金等價物 6.21 億美元，投資資本報酬率為 26.1%。

Turning to our financial outlook which we are updating to include our year-to-date results and our expectations for FBM. We are seeing a cautious consumer amid ongoing uncertainty in the macro environment, and the timing of an inflection in the home improvement in housing markets remains unclear. We're now expecting comp sales to be roughly flat for the year, which is at the bottom end of our previous guidance. When we include FBM sales of approximately $1.3 billion in the fourth quarter, we are expecting sales of approximately $86 billion for the year.

接下來談談我們的財務展望，我們將更新展望內容，包括年初至今的表現以及我們對 FBM 的預期。鑑於宏觀環境持續存在不確定性，我們看到消費者持謹慎態度，而房屋裝修和房屋市場何時出現轉折點仍不明朗。我們現在預計全年同店銷售額將大致持平，這處於我們先前預期範圍的下限。如果將第四季約 13 億美元的 FBM 銷售額計入在內，我們預計全年銷售額約為 860 億美元。

We also now expect full-year adjusted Operating Margin of approximately 12.1%, which includes 20 basis points of dilution from FBM and ADG. We're expecting adjusted diluted earnings per share of approximately $12.25, which represents a 2% growth over the prior year. Please note that this includes the impact of FBM, which is roughly neutral to adjusted EPS. And we expect capital expenditures of up to $2.5 billion for the year.

我們現在預計全年調整後營業利潤率約為 12.1%，其中包括 FBM 和 ADG 帶來的 20 個基點的稀釋。我們預計調整後稀釋每股收益約為 12.25 美元，比上年增長 2%。請注意，這包括 FBM 的影響，該影響對調整後的每股收益大致為中性。我們預計今年的資本支出將高達 25 億美元。

On an annualized basis, we expect FBM and ADG to negatively impact consolidated adjusted Operating Margin by approximately 50 basis points. We are already working collaboratively with the FBM and ADG teams on cross-selling opportunities as we expand the offering for our Pro customers. We've also begun the efforts to extract cost synergies and from our overlapping areas of spend.

按年計算，我們預計 FBM 和 ADG 將對合併調整後的營業利潤率產生約 50 個基點的負面影響。隨著我們為專業客戶提供更多產品和服務，我們已經在與 FBM 和 ADG 團隊合作，探索交叉銷售機會。我們也已開始努力從重疊的支出領域中挖掘成本綜效。

Taken together, we remain confident that there are compelling, long-term EBITDA synergies from both revenue growth and lower operating expense. These investments in our Pro growth initiative, along with the other investments in our Total Home Strategy, will position us to capitalize on the expected recovery in housing and home improvement and continue to deliver long-term sales growth and shareholder value.

綜上所述，我們仍然相信，收入成長和營運費用降低都能帶來令人信服的長期 EBITDA 綜效。這些對我們專業成長計畫的投資，以及對我們整體家居策略的其他投資，將使我們能夠利用住房和家居裝修的預期復甦，並繼續實現長期銷售成長和股東價值。

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

接下來，我們將開放提問環節。

(Operator Instructions) Chris Horvers, JPMorgan.

（操作說明）克里斯‧霍弗斯，摩根大通。

So my first question is about just how you're thinking about the trend in the business in light of the performance that you've seen over the past six months and a harder compare and then into '26. So, you noted that quarter-to-date is positive, is there anything you could elaborate on that? And is the flat guide for the fourth quarter simply just like, hey, there's uncertainty and there's a harder compare.

所以我的第一個問題是，鑑於過去六個月的業績表現，以及更嚴格的比較，您如何看待 2026 年的業務趨勢。所以，您提到本季迄今的業績為正，能否詳細說明一下？而第四季業績持平的預期，僅僅是因為存在不確定性，而且今年的同比基數更大。

And then as you think to '26, if the home improvement market is flat to slightly down this year and you're putting up a flat comp. If you take a look at the sum total of everything a little bit of lower rates, a little bit of replacement cycle, a little bit of innovation and what you're doing on the self-help side, should your sort of -- should the market and should Lowe's comp accelerate in '26 relative to '25?

然後，當你展望 2026 年時，如果今年的房屋裝修市場持平或略有下滑，而你又在進行一項持平的比較研究。如果你把所有因素加起來看，例如利率略微降低、更換週期略微延長、創新以及你在自助方面所做的一切，那麼你的市場和勞氏公司在 2026 年的競爭是否應該相對於 2025 年加速增長呢？

Chris, this is Marvin. Bill and I will talk about November then we'll let Brandon share a tiny bit about how we think about '26 because as you can respect, we're not going to get into a ton of detail about that until our February call, we'll provide guidance for the year.

克里斯，這是馬文。比爾和我將討論 11 月的情況，然後我們會讓布蘭登簡單分享我們對 2026 年的看法，因為正如您所理解的，在 2 月份的電話會議上，我們不會詳細討論這個問題，屆時我們將提供今年的指導意見。

Relative to November, look, we're very pleased with the positive comp performance to start the quarter in spite of storm overlaps from last year. We've seen improvements in the top line since exiting October. And we just believe that some of the key elements of our Total Home Strategy are working and we're excited about November because there are some great things untapped.

與 11 月相比，儘管受到去年風暴的影響，但我們對本季初的積極業績表現非常滿意。自 10 月以來，我們的營收有所改善。我們相信，我們「全方位家居策略」的一些關鍵要素正在發揮作用，我們對 11 月充滿期待，因為還有一些很棒的機會尚未開發。

So I'm going to let Bill talk a bit about November, but also talk about appliances, which we think is really key to our performance, not only for the quarter, but what we're seeing in November.

所以，我打算讓比爾談談 11 月份的情況，同時也談談家電，我們認為家電對我們的業績至關重要，不僅對本季的業績如此，對我們 11 月份的業績也是如此。

Yeah. Thanks, Marvin. And Chris, we're excited about kind of the early start to the quarter, obviously, coming off of October. Strength for us really broad-based across the store, but particular strength within our seasonal categories, holiday, trim-a-tree, tools, appliances and other gift-related businesses that are getting off to an early start. Our stores look great.

是的。謝謝你，馬文。克里斯，很顯然，我們對本季提前開始感到興奮，畢竟十月份的情況比較特殊。我們整個商店的業績都非常強勁，尤其是在季節性商品、節日用品、聖誕樹裝飾品、工具、電器和其他禮品相關業務方面，這些業務都已提前啟動。我們的門市看起來很棒。

We're starting to see live trees show up now. Poinsettia is showing up now as we get ready for next week. And we're seeing some early excitement around some key areas of the store. So whether it's by now and installed by the holidays within our flooring and cooking areas or you look at Kobalt and some of the strength that we're seeing there with some new products in workstations, the buy and get offers within our tool business, driven by DeWalt, Craftsman Kobalt.

現在我們開始看到有活樹冒出來了。現在聖誕紅已經盛開了，我們也在為下週做準備。我們看到，商店的一些關鍵區域已經引起了一些早期的興奮情緒。所以，無論是現在到假期前在我們的地板和烹飪區安裝，還是看看 Kobalt，以及我們在工作站新產品方面看到的一些實力，還有我們工具業務中的“買一送一”優惠，都是由 DeWalt、Craftsman 和 Kobalt 推動的。

We've got just a lot of strength going on right now that we'll carry into next week with Black Friday. So we're excited about how things are progressing. And in our appliance business, we've had really since last year, four straight quarters now of comp growth and unit growth, which is telling us the health of that business and that consumer responding to the offers and the innovation and the new products that the team has put up.

我們現在勢頭強勁，並將把這種勢頭延續到下週的黑色星期五。所以我們對事情目前的進展感到興奮。在我們的家電業務方面，從去年開始，我們已經連續四個季度實現了同店銷售額和銷量的增長，這表明該業務的健康狀況良好，消費者對團隊推出的優惠、創新和新產品做出了積極回應。

And Chris, this is Brandon. I think when I step back and look at the totality of the year, we're now three quarters of the way through, obviously, navigating a lot of factors, a very choppy macro. But when I look at just the trends of the business, I think a lot for us to be cautiously optimistic about as we look ahead to '26. We're seeing acceleration on one-year comps when you exclude storm-related activity for Q3 and what's implied in our Q4, also two-year comps accelerating nicely as we've moved through the year. Ongoing strength in Pro, Online.

克里斯，這位是布蘭登。我認為，當我回顧今年的整體情況時，現在已經過去了四分之三，顯然，我們面臨許多因素，宏觀經濟狀況非常動盪。但當我只看業務趨勢時，我認為展望 2026 年，我們有很多理由保持謹慎樂觀。如果排除第三季度與風暴相關的活動以及第四季度所暗示的情況，我們看到一年期比較數據正在加速增長；此外，隨著時間的推移，兩年期比較數據也在穩步加速增長。在職業賽和線上賽中持續保持強勁勢頭。

Bill just spoke to appliances, some early signs of life in our Home Services business, which is really positive. We cited broad-based performance across categories with 10 or 14 categories, geographies broad-based, really excited about FBM and ADG as we start the integration efforts. And obviously, just really pleased with the bottom-line performance and the ongoing operational discipline that the company has been able to show. So pleased through three quarters. And as we look ahead into 2026, as Marvin mentioned, we'll have more to come in February, but those are early thoughts.

比爾剛才談到了家電，這是我們家庭服務業務出現一些早期復甦跡象，這真是個好兆頭。我們列舉了涵蓋 10 或 14 個類別、地理範圍廣泛的廣泛表現，我們對 FBM 和 ADG 的整合工作感到非常興奮。顯然，我對公司的獲利表現和持續的營運紀律感到非常滿意。前三堂課都很滿意。展望 2026 年，正如 Marvin 所提到的，我們將在 2 月公佈更多消息，但這些只是初步想法。

And then on a related question, I mean, Kitchen & Bath, I think you said it was positive. Looking back, it seems like you'd have to go all the way back to 1Q '23. What's changed there? And as you think about it, Marvin, you've talked about like we have a lot of big ticket, we have a lot of remodel, the kitchen & bath, the appliances. And when we sort of need lower rates to improve that sort of big-ticket remodel category, but you are seeing signs of life. So is there sort of a misperception around sort of how remodel-oriented you are amongst investors or how do you think about maybe that category showing signs that it will inflect to the positive?

然後，關於一個相關的問題，我是說廚房和浴室方面，我想您說過評價是正面的。回過頭來看，似乎要追溯到 2023 年第一季。那裡發生了什麼變化？仔細想想，馬文，你之前說過我們有很多大筆開銷，很多地方要改造，像是廚房和浴室，還有家電。當我們需要降低利率來改善這類高價改造專案時，我們已經看到了復甦的跡象。那麼，投資人對您在房屋改造方面的投入程度是否有誤解？或者您如何看待這一領域是否已出現將產生積極影響的跡象？

So Chris, I think it's two things. I'll take the first part, and I'll let Bill just talk about some of the work in resets and new products. I really believe that this is more about Lowe’s taking share in this space. If you can go back to 2018 at our first Analyst Investor Conference, I presented how we were managing this installed business with binders and whiteboards. And it's taken us a while, candidly, to get this business digitized with a technology platform that makes this entire process easy for the associate, the installer and most importantly, the customer. We think now we have a best-in-class tech stack for this space. We have central selling.

所以克里斯，我認為這是兩件事。我來講第一部分，然後讓比爾談談重置和新產品的一些工作。我真的認為這更多的是關於勞氏公司想要在這個領域佔有一席之地。如果你能回到 2018 年，在我們第一次分析師投資者大會上，我介紹了我們是如何用活頁夾和白板來管理這項固定業務的。坦白說，我們花了一段時間才透過技術平台實現業務數位化，使整個流程對員工、安裝人員以及最重要的客戶來說變得輕鬆便捷。我們認為，我們現在擁有該領域一流的技術堆疊。我們實行集中銷售。

And so what you're looking at outside of Kitchen & Bath, which Bill will speak to, you see in categories like windows and doors and HVAC and water heaters. These are more replacement categories for customers who are living in the oldest housing stock in the history of the US, but because we have a better go-to-market strategy. Bill's teams given this great pricing. Brandon teams given us a great credit portfolio. We're taking share in this area but we're also seeing, to your point, signs of life in areas that make us cautiously optimistic that maybe there are brighter days ahead.

因此，除了廚房和浴室（比爾將要談到的）之外，您還可以看到門窗、暖通空調和熱水器等類別。這些是為居住在美國歷史上最老舊房屋中的客戶提供的更多替換類別，但我們擁有更好的市場進入策略。比爾的團隊給了這個優惠的價格。Brandon團隊為我們提供了非常優秀的信貸組合。我們正在這個領域佔有一席之地，但正如您所說，我們也看到一些領域出現了復甦的跡象，這讓我們謹慎樂觀地認為，也許未來會有更美好的日子。

And I let Bill talk about some of those categories.

我讓比爾談談其中的一些類別。

So Chris, I mentioned in my prepared remarks that during the quarter we had completed our vanity reset across the stores. And that’s one of the nice bright spots driving our Kitchen & Bath business. But we’re also seeing broad based strength, toilets, bathing, faucets, disposal, kitchen sinks, bath repair. So, it’s really, kind of, broad based across the categories.

克里斯，我在事先準備好的發言稿中提到，本季我們已經完成了所有門市的櫥窗重新佈置。而這正是推動我們廚房衛浴事業發展的一大亮點。但我們也看到廣泛的成長勢頭，包括廁所、沐浴、水龍頭、垃圾處理器、廚房水槽、浴室維修。所以，它實際上涵蓋了各個類別，範圍很廣。

We’re excited about that. But it really boils down to the strength I think we’re also seeing within our central selling organization where the store associates take the lead. We turn it over to our central selling team and they’re helping to close the deal on a kitchen cabinet. The strength of what Joe’s team’s doing in the store to take good care of the customer. There’s just a lot of things that are adding up to the strength of the Kitchen & Bath business. But those are just a few highlights.

我們對此感到興奮。但我認為這真正歸功於我們在中央銷售組織內部看到的優勢，在這種優勢下，門市員工發揮了主導作用。我們把它轉交給中央銷售團隊，他們正在協助完成櫥櫃的交易。Joe 的團隊在店裡盡力照顧顧客，這才是真正的實力所在。廚房衛浴產業的強勁發展得益於許多因素。但以上只是幾個亮點。

Zack Fadem, Wells Fargo.

札克法德姆，富國銀行。

I wanted to follow up on your comments around improving Pro survey sentiment. And I'm curious if there's any extra color you can talk through in terms of how that's trended through the year? To what extent do you think this is a good leading indicator for your business? And then what do you think is driving the recent improvement?

我想就您提出的改進 Pro 調查情緒的建議做個後續跟進。我很想知道，您能否再詳細談談這一年來色彩的趨勢？您認為這在多大程度上可以作為貴公司的一個良好先行指標？那麼，你認為是什麼因素促成了近期的改善？

So Zack, thanks for the question. Just to hit it at a high level, our small-to-medium Pro business remains very stable. And roughly 75% of our Pros are very confident in their job prospects. And also, this segment of the Pro consumer continues to work on smaller ticket repair and maintenance projects. And that's been very consistent with what we've been saying all year long.

札克，​​謝謝你的提問。簡單來說，我們的中小型專業業務仍然非常穩定。約75%的專業人士對自己的就業前景非常有信心。此外，這部分專業消費者也會繼續進行一些小額維修和保養項目。這與我們全年所說的內容非常一致。

So when we look at our Pros, when we talk to our Pros, they feel very confident in their business. They feel confident in their access to credit and even feel a little more confident about their ability to hire and attract labor. So we feel great about what our Pros are telling us.

所以，當我們審視我們的專業人士，當我們與我們的專業人士交談時，他們對自己的業務感到非常有信心。他們對獲得信貸充滿信心，甚至對僱用和吸引勞動力也更有信心。所以我們對專業人士告訴我們的訊息感到非常滿意。

And let me hand over to Joe to just talk about some of the things we're doing in the store to drive this continued growth and, in my opinion, market share gain with the specific customer segment.

接下來，我將把麥克風交給喬，讓他談談我們在店裡正在做的一些事情，以推動這種持續增長，並且在我看來，還能在特定的客戶群中獲得市場份額。

Well, thanks for the question. And we're really pleased with the flywheel effect that we're seeing from the Transform Pro offering. And when you think about where we've been headed with the loyalty through My Lowe's Pro Rewards, our relaunch there, we have just a wonderful enhanced digital experience that Pro Extended Aisle. We have made investments in fulfillment. The last three years, our Pro inventory investments are really beginning to pay off. The order modifications of fulfillment flexibility in the in-store experience.

謝謝你的提問。我們對 Transform Pro 產品帶來的飛輪效應感到非常滿意。想想我們透過 My Lowe's Pro Rewards 提升忠誠度所取得的成就，以及我們重新推出的 Pro Extended Aisle，它帶來了非常棒的增強型數位體驗。我們已在物流配送方面進行了投資。過去三年，我們在專業庫存方面的投資真的開始獲得回報了。店內體驗中訂單履行彈性的調整。

So we're excited to see this flywheel effect all come together with the great product offerings that we have. And we have good confidence that when this does bounce back, we're well positioned to capture the share.

所以我們很高興看到這種飛輪效應與我們優秀的產品組合結合在一起。我們很有信心，當市場反彈時，我們已經做好充分準備，搶佔市場份額。

And Zack, the only thing I'll add to that, I mentioned in my prepared comments that we're in the process of adding FBM to our Pro Extended Aisle platform. That's going to be a huge deal for us because it is very challenging for us today to fulfill a large order of something, let's say, dry wall to a customer job site and do it efficiently. We now are working to just transition that entire fulfillment process to a company that's best-in-class at it and that's FBM.

扎克，我唯一要補充的是，我在準備好的評論中提到過，我們正在將 FBM 添加到我們的 Pro Extended Aisle 平台中。這對我們來說意義重大，因為如今要有效率地完成大宗訂單，例如將石膏板運送到客戶的施工現場，對我們來說是非常具有挑戰性的。我們現在正努力將整個履行流程過渡到業界最好的公司—FBM。

And so we think this is going to be great for FBM. It's going to be great for Lowe's, but more important, it's going to be great for the customer. So again, we see this as a sustainable growth strategy, and we feel great about the work we've done thus far.

所以我們認為這對FBM來說將是件好事。這對勞氏公司來說是件好事，但更重要的是，這對顧客來說是件好事。所以，我們再次將此視為一種可持續的成長策略，我們對迄今為止所做的工作感到非常滿意。

Appreciate that. And I know we aren't guiding for '26 yet, but since the model is different with FBM and ADG, could we talk through early margin scenarios in both a status quo environment as well as the scenario where perhaps we see some benefits from tax stimulus and low rates?

謝謝。我知道我們目前還沒有對 2026 年做出預測，但由於 FBM 和 ADG 的模型不同，我們能否討論一下在現狀環境下以及在稅收刺激和低利率環境下，早期利潤率的預測情況？

Yeah, I'll just hit briefly what we're looking at in terms of margins on the FBM and ADG transactions. When you look at 2025 taken in isolation, I mentioned in my remarks, we’re roughly 20 basis points on 2025. So that’s coming roughly split even 10 from FBM and 10 ADG. And then when you look at as we wrap the year for 2026, that’s going to be 50 basis points on the year. So, think 30 basis points of wrap into 2026. And the majority of that 50 basis points when you think of 2026 is going to be weighted towards gross margin on that. So I’m not going to get into any more details as it relates to base business or run rate, but that’s just some early views of geography and impact from the transactions in '26.

是的，我將簡要介紹我們在FBM和ADG交易中關注的利潤率。如果單獨來看 2025 年，正如我在演講中提到的，我們距離 2025 年還有大約 20 個基點。所以，這大致平分秋色，FBM 佔 10%，ADG 佔 10%。然後，當我們展望 2026 年結束時，那將是 50 個基點。所以，預計到 2026 年利率將下降 30 個基點。展望 2026 年，這 50 個基點中的大部分將體現在毛利率上。因此，我不會再深入探討與基礎業務或運作率相關的任何細節，但這只是 2026 年交易對地理位置和影響的一些初步看法。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

I wanted to ask to put the macro hat on again, there's a -- I don't know if it's a bear case, but there's a housing scenario that it just stays in this treading water position for longer. You have new prices that are lower than existing homes and the age of homeowners is pushing close to 40 years old. So, I think affordability is the issue. It sounds like you may reject that premise, Marvin, given some of the bright spots, but I wanted to hear how you react to it.

我想再次從宏觀角度來看待這個問題，有一種——我不知道這算不算熊市，但房屋市場可能會長期處於這種停滯不前的狀態。新房價格低於現有房屋價格，房主的平均年齡接近 40 歲。所以，我認為問題在於價格負擔能力。馬文，聽起來你似乎會不認同這個前提，畢竟其中也有一些亮點，但我還是想聽聽你的看法。

No, Simeon, it's a good question. So, I'll give you my thoughts, and I'll let Brandon provide any additional comments. The way we see it is this. I think that mortgage rates obviously are elevated longer than any of us anticipated. But the one thing that's different, as I said in my prepared comments, is the fact that you have a healthy homeowner financially, and you have $33 trillion in equity that is in the system. And we think anywhere between $11 tillion to $13 tillion, $1 trillion of that is capable.

不，西蒙，這是一個很好的問題。那麼，我會先說說我的想法，至於其他補充意見，就交給布蘭登來補充吧。我們是這樣看待這個問題的。我認為，抵押貸款利率居高不下的時間顯然比我們任何人預期的都要長。但正如我在準備好的評論中所說，有一點不同，那就是房主的財務狀況良好，而且係統中有 33 兆美元的資產淨值。我們認為，11兆到13兆美元之間，其中1兆美元是可以實現的。

So we think the lock-in effect is real because at some point, customers are going to be looking at these sub-3% 30-year fixed mortgage rates. They like the neighborhood that they live in. They have excess equity in their home, and we think HELOCs are going to become the next opportunity for us to drive discretionary remodel big-ticket projects. So we think that is a strong possibility in the future. Now, we're not going to try to time it. We're not going to try to build it in our forecast. I think that would be reckless. But we do think that, that is a very plausible hypothesis that takes you away from the bear case.

所以我們認為鎖定效應是真實存在的，因為在某種程度上，客戶將會關注低於 3% 的 30 年期固定抵押貸款利率。他們喜歡自己居住的社區。他們擁有房屋淨值，我們認為房屋淨值信用額度將成為我們推動非強制性大額改造計畫的下一個機會。所以我們認為這在未來很有可能會發生。現在，我們不打算去計時。我們不會在預測中考慮它。我認為那樣做太魯莽了。但我們認為，這是一個非常合理的假設，它能讓你擺脫看跌的觀點。

So I'll pass it over to Brandon to see if he has any comments --

所以我把這個問題轉給布蘭登，看看他有沒有意見。--

Yeah, Simeon, I'll add, as Marvin mentioned, the mortgage rates, we're looking at those remaining elevated at least as of now 6% to 6.5% tied more to the longer-term yields, and that's continuing to pressure both existing home sales and new home starts. And I think as we start to look ahead into 2026, we're not anticipating meaningful near-term improvement there. But we are potentially excited about what could happen with the funding coming from home equity. We’ve seen 150 basis points of rate cuts from the Fed here over the last 18 months. The consensus would suggest we're going to see more. We've seen these HELOC rates go from neighborhood of 10% to 12% down to 8% to 10%.

是的，西蒙，我還要補充一點，正如馬文提到的，抵押貸款利率目前至少仍維持在 6% 到 6.5% 的高位，這更多地與長期收益率相關，並且繼續對現有房屋銷售和新房開工構成壓力。我認為，展望 2026 年，我們預期短期內不會出現實質改善。但我們對利用房屋淨值獲得的資金可能帶來的結果感到興奮。過去 18 個月裡，聯準會已經降息 150 個基點。普遍的看法是，我們將會看到更多這樣的情況。我們看到這些房屋淨值信用額度利率從 10% 到 12% 左右下降到 8% 到 10%。

And that's creating, I think, some opportunity as we look at project backlog, when we look at the data, about $50 billion of projects that have been delayed or deferred with the equity now with the potential to be a significant funding mechanism and if we do see further near-term rate reductions that could act ongoing as an additional stimulus. So we're investing in the business through our Total Home Strategy to be prepared for that type of environment and excited about the potential upside related to that into 2026.

我認為，這創造了一些機會。當我們審視專案積壓情況時，當我們查看數據時，會發現大約有 500 億美元的專案被推遲或延期，而股權現在有可能成為重要的融資機制。如果我們看到近期利率進一步下降，這可能會持續起到額外的刺激作用。因此，我們正在透過我們的「全屋策略」對業務進行投資，以應對這種環境，並對到 2026 年相關的潛在成長感到興奮。

Okay. And my follow-up, it's on the medium to larger Pro. Can you, Marvin, set up what Lowe's strategy is there. We've talked about the pieces of it. Will you keep supply chain separate? Are there categories that you think are essential to addressing that customer, whether it's an existing home remodel or even a new homebuilder and will you cross-sell that customer using the rest of the Lowe's asset base?

好的。我的後續問題是，它適用於中型到大型的Pro機型。馬文，你能解釋一下勞氏的策略是什麼嗎？我們已經討論過它的各個組成部分了。你們會保持供應鏈獨立嗎？您認為有哪些類別對於服務該客戶至關重要，無論是現有房屋改造還是新建房屋，您是否會利用 Lowe's 的其他資產向該客戶進行交叉銷售？

Yes. So Simeon, I would say we feel great about the current strategy with the small-to-medium Pro it’s working. We've had quarter-over-quarter growth. We think it hinges on our My Lowe's Pro Rewards loyalty platform. It’s resonating well with our customers. We think it hinges well on the products that Bill’s team brings to the table every day. And that was a huge gap in deficit for us seven years ago and that is no longer the case.

是的。所以西蒙，我想說我們對目前針對中小規模專業人士的策略感到非常滿意，它行之有效。我們實現了季度環比增長。我們認為這取決於我們的 My Lowe's Pro Rewards 會員獎勵平台。它引起了我們客戶的良好共鳴。我們認為這很大程度取決於比爾的團隊每天帶來的產品。七年前，這對我們來說是一個巨大的赤字，但現在情況已經不同了。

We also think it’s important that we maintain a very competitive credit portfolio. We have a best-in-class 5% off everyday for our Lowe’s credit card holders. And that also extends to the Pro customer. That resonates exceptionally well. And we have every intention on leveraging FBM for fulfillment and every intention on taking the roughly 40 million FBM Pro customers and getting them connected to complementary product and projects at Lowe’s. But we see a very specific void in the marketplace for serving the small-to-medium Pro. That’s why we’ve been so intentional about focusing on that customer.

我們也認為保持極具競爭力的信貸組合非常重要。我們為 Lowe's 信用卡持卡人提供每日 5% 的超值折扣。這也適用於專業版客戶。這引起了極大的共鳴。我們完全打算利用 FBM 進行訂單履行，並且完全打算將大約 4000 萬 FBM Pro 客戶與 Lowe's 的配套產品和項目聯繫起來。但我們發現，在服務中小規模專業人士方面，市場有一個非常具體的空白。這就是為什麼我們一直如此重視這位客戶的原因。

And we think we can focus on that customer in the brick-and-mortar stores and lowes.com and we can have a very robust strategy and platform with FBM and ADG and we can do both concurrently. One of the reasons we talk about the importance of FBM’s commercial business is because it’s countercyclical. When housing is down, that commercial business tends to outperform. And that’s what we’re seeing right now. So overall, we think we can do both. And the data has proven that we have a very effective strategy with the small and medium Pro.

我們認為我們可以專注於實體店和 lowes.com 的客戶，我們可以擁有一個非常強大的策略和平台，結合 FBM 和 ADG，我們可以同時開展這兩項業務。我們談論FBM商業業務重要性的原因之一是，它是反週期的。當房地產市場低迷時，商業房地產往往會表現得更好。這就是我們現在所看到的。所以總的來說，我們認為我們兩者兼顧。數據證明，我們針對中小規模專業人士所製定的策略非常有效。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

We wanted to ask a little bit more about the marketplace, just in terms of like what the initial performance has been, what you've seen with regards to seller onboarding product expansion and customer adoption? And just when you expect to scale this platform to a point where it could start to contribute more meaningfully to margin?

我們想再多了解市場的情況，例如目前的市場表現如何，您在賣家入駐、產品擴展和客戶採納方面看到了什麼？就在你預期平台規模擴大到足以開始對利潤做出更有意義貢獻的時候？

Kate, thank you for the question. We are really excited about the launch of our marketplace. The caveat is it’s really early so we're not going to get into a lot of conversation relative to performance other than to say if exceeding expectations relative to financial performance, exceeding expectations relative to the number of sellers and the quality of sellers. So, every seller that we've approached and we are literally looking at 4-star plus rated sellers are required to get on this platform. And we again had great adoption with Mirkal's technology, and they actually awarded Lowe's as the fastest launch partner they've ever had. So we were able to get that done quickly and we feel incredibly excited.

凱特，謝謝你的提問。我們對即將推出的市場平台感到非常興奮。但要注意的是，現在還為時過早，所以我們不會過多討論業績方面的問題，只會說，就財務業績而言，是否超出預期；就賣家數量和賣家質量而言，是否超出預期。所以，我們接觸過的每一位賣家，我們嚴格篩選4顆星以上的賣家，都必須加入這個平台。我們再次發現 Mirkal 的技術得到了廣泛應用，他們甚至授予 Lowe's “史上最快推出合作夥伴”的稱號。所以我們很快就完成了這項工作，我們感到無比興奮。

And one of the unique characteristics that we have is that virtually every everything purchased as a marketplace item can be returned in a physical Lowe’s store. Because Joe, his team partnered with technology some years back to create the technology rails to make that happen. So it creates incredible convenience for the customer when they need to return something.

我們的一大特色是，幾乎所有在市場購買的商品都可以在 Lowe's 實體店退貨。因為喬和他的團隊幾年前就與科技公司合作，創造了一個實現這一目標的技術框架。因此，當顧客需要退貨時，這會為他們帶來極大的便利。

And again, I’ll let Bill talk about how the merchants are playing a role to make sure that we have a really balanced approach to how we’re thinking about this.

我再次讓比爾談談商人們如何發揮作用，以確保我們在思考這個問題時採取真正平衡的方法。

Thanks, Marvin. And Kate, the only thing I would add is, obviously, early, but we're learning a lot as we progress with marketplace. We're finding that it's an opportunity to expand programs that our current vendors are providing in our stores to provide stuff that would be found on lowes.com. And we're also entering and finding new products, products that quite honestly, we didn't think that could be available on lowes.com that now is available, and the consumers are engaging and buying them. So we're excited about that learning and what that can do.

謝謝你，馬文。凱特，我唯一要補充的是，雖然現在還處於早期階段，但隨著我們在市場拓展方面取得進展，我們正在學習很多東西。我們發現這是一個拓展現有供應商在門市提供的服務項目的機會，這樣就能在 lowes.com 上找到更多商品。同時，我們也不斷引進和發現新產品，坦白說，有些產品我們以前認為不可能在 lowes.com 上銷售，但現在它們不僅在 lowes.com 上銷售，而且消費者也樂於購買。所以我們對這種學習方式及其帶來的影響感到興奮。

But at the forefront of when we put this together based on being a closed system, is that we wanted it to complement what we were doing with what's happening inside of our stores, and that's exactly what we're seeing early on here.

但是，當我們在建造這個封閉系統時，最優先考慮的是，我們希望它能與我們門市內部正在發生的事情相輔相成，而這正是我們目前所看到的。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

I wanted to ask about operating leverage going forward. You've been delivering really strong operating margin improvement this year on pretty low comps. I guess it's been mostly driven by gross margin this year. So how do you think about the sustainability of gross margin as the primary driver of that? Or does the composition of margin expansion change over time? And then, I guess, in general, if you could speak to how you are thinking about the leverage point in the business? That would be helpful.

我想問一下關於未來經營槓桿的問題。今年以來，在同比數據較低的情況下，你們的營業利潤率實現了非常強勁的成長。我想今年的主要驅動力是毛利率。那麼，您如何看待毛利率作為主要驅動因素的可持續性？或者說，利潤擴張的組成會隨著時間而改變嗎？那麼，總的來說，您能否談談您是如何看待企業中的槓桿點的？那會很有幫助。

Sure, Seth. This is Brandon. Thanks for the question. I think as it relates to margin, very focused at this point on delivering the 12.1% operating margin that we communicated as part of our guide. And just as a reminder, ex the dilution from the acquisitions, that's at 12.3% consistent with the flat bottom end of our range that we communicated at the beginning of the year.

當然可以，塞思。這是布蘭登。謝謝你的提問。我認為，就利潤率而言，目前我們非常專注於實現我們在業績指引中提出的 12.1% 的營業利潤率目標。另外提醒一下，除去收購帶來的稀釋，稀釋率為 12.3%，這與我們年初公佈的預期範圍的下限一致。

So the team has done a really great job balancing flow through the balance between gross margin, SG&A, managing the tariff pressure that we've been dealing with. And honestly, the PPI initiatives continuing to deliver $1 billion split roughly between SG&A and gross margin, that has been the primary driver in our ability to deliver softer sales.

因此，團隊在平衡毛利率、銷售、一般及行政費用以及應對我們一直面臨的關稅壓力方面做得非常出色。坦白說，PPI計畫持續帶來10億美元的收入，大致分為銷售、一般及行政費用和毛利兩部分，這才是我們能夠實現較為疲軟的銷售額的主要驅動力。

I think as we look ahead into 2026, a few things I would highlight. We’re continuing to look at FBM and ADG, what we think housing and commercial markets are going to be looking like and the business performance there in '26. I mentioned earlier, new home starts, both single family and multifamily remain under pressure but confident with these businesses that we can gain share in a down market. Marvin also mentioned the nice balance that we have on the commercial side.

展望 2026 年，我認為有幾點需要重點強調。我們將繼續關注 FBM 和 ADG，看看我們認為住房和商業市場在 2026 年的發展趨勢和業務表現。我之前提到過，無論是獨棟住宅還是多戶住宅，新房開工量仍然面臨壓力，但我對這些業務充滿信心，相信我們能夠在低迷的市場中獲得份額。馬文也提到了我們在商業方面取得的良好平衡。

So looking at that and how that impacts the margin profile in the '26 and then the last thing I’ll mention, just as we continue to look at tariffs, those ramp here in Q3, we’re expecting that also to continue ramping in Q4 and the wrap to affect the first half of the year. So managing through that and trying to understand how that impacts both sales, margin and operating margin going forward. So all that will be weighed. We’ll look at that in terms of our previous rule of thumb and we’ll have more on that as we get into our call in February for 2026.

因此，讓我們來看看這對 2026 年的利潤率狀況有何影響，最後我想提一下，正如我們繼續關注關稅一樣，這些關稅在第三季度開始上漲，我們預計第四季度也會繼續上漲，並且最終會影響上半年。因此，我們需要應對這種情況，並努力了解這會對未來的銷售額、利潤率和營業利潤率產生怎樣的影響。所以所有這些都會被權衡考慮。我們將根據我們先前的經驗法則來看待這個問題，並在2月份的2026年預測電話會議上對此進行更詳細的討論。

Okay. Got it. That's helpful. And then just I guess a related follow-up would be on the gross margin specifically. The gains this quarter really stepped up. Can you just unpack that a little bit more? Are there any timing consideration? I mean, you mentioned tariffs starting to flow through, was there a benefit from raising prices relative to the cost coming through? Or anything else you can tell us about the mix dynamics that seem to be supportive this quarter?

好的。知道了。那很有幫助。然後，我想一個相關的後續問題是，具體來說，就是毛利率。本季的收益確實大幅提升。能再詳細解釋一下嗎？時間安排有什麼需要考慮嗎？我的意思是，你提到關稅開始生效，那麼相對於由此產生的成本，提價是否有好處？或者，您還能告訴我們一些關於本季似乎有利的投資組合動態方面的資訊嗎？

I would say, Seth, on Q3 margin, really nothing related to pricing or tariffs. I would say that's playing out very much in line with our expectations just in terms of estimating when the cost is going to be flowing through margin. The great work that Bill and team have done on the merchandising side with our suppliers.

塞思，我想說，第三季利潤率與定價或關稅真的沒有任何關係。我認為，就成本何時反映在利潤率而言，這種情況與我們的預期非常吻合。Bill 和他的團隊在商品銷售方面與我們的供應商合作做得非常出色。

It really is the themes that I outlined in my remarks. We're lapping storm pressure from last year so that is serving as a benefit this year. The credit portfolio has outperformed our expectations on better-than-expected losses. And then Bill referenced the SKU rationalization initiative. We've seen really good sell-through results thus far on the inventory that we're exiting there. That really was the core of the composition of the 50 basis points that we saw in Q3.

這確實就是我在發言中概述的主題。今年我們正處於去年風暴壓力的疊加階段，這對我們有利。信貸組合的表現超出了我們的預期，損失也比預期好。然後比爾提到了 SKU 合理化計劃。到目前為止，我們在該地售出的庫存銷售情況非常好。這就是我們在第三季看到的 50 個基點的核心組成。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

I'd love to follow up on the traffic and ticket breakdown. If you look at the ticket expansion, it's accelerated like each quarter this year, how much of that 150 bps of acceleration is related to some of the early tariffs going through? How much of it is mix? And how sort of the basket evolving in terms of items in it and the size?

我很想進一步了解交通和罰單的詳細情況。如果觀察機票價格的上漲趨勢，會發現今年每季都在加速上漲，那麼這 150 個基點的漲幅有多少與早期關稅的實施有關呢？其中有多少是混合物？籃子裡的物品和大小是如何演變的？

Yeah, Greg, I can speak to ticket and transaction. So when we look at ticket growth, it's really similar when we look at Q3 performance as to what we've seen in previous quarters in terms of the drivers. So the strength in our Pro business, also Appliances. I will reference that in Q3, we did have some modest price increases. When we look at like-for-like inflation, again, modest it's very consistent with our expectations and also the year-to-date trends that we've seen as we continue to watch tariffs move through the system.

是的，格雷格，我可以談談票務和交易方面的問題。因此，當我們觀察票務成長時，會發現第三季的表現與前幾季在驅動因素方面的情況非常相似。因此，我們在專業業務和家電業務方面都表現出色。我還要說明一下，第三季我們確實做了一些小幅漲價。當我們從同類通膨的角度來看，通膨率依然溫和，這與我們的預期非常一致，也與我們持續關注關稅在體系中運作過程中所看到的年初至今的趨勢一致。

The offset is transactions and that has been pressured by the lower DIY demand. But I'll also call out the bulk of the 100 basis points of storm-related pressure with the DIY is affecting the transaction. So that's really the driver of the offset when we look at Q3. And then I think when we look ahead to Q4, a lot of those same drivers are expected from Pro appliances. There will be some modest like-for-like inflation. Just as a reminder, we also have 100 basis points of hurricane pressure that we're cycling in Q4 that will also pressure comps and pressure DIY transactions in Q4.

抵消因素是交易量，而交易量受到DIY需求下降的壓力。但我也要指出，與 DIY 相關的 100 個基點的壓力主要影響了交易。所以，這就是我們在分析第三季數據時發現的偏差的真正驅動因素。然後我認為，當我們展望第四季時，預計專業家電也會受到許多相同因素的影響。會出現一些小幅的同類產品通膨。再次提醒大家，我們在第四季還將面臨 100 個基點的颶風壓力，這將對第四季的同業比較和 DIY 交易造成壓力。

Got it. And then maybe just a clarification on before. The 50 bps is the full annualized effect on the margins of the two acquisitions, right? So we have like basically 15 bps that show up this year and then 35 bps next year.

知道了。然後或許還需要對之前的內容做些澄清。50 個基點是這兩項收購對利潤率的年化影響，對嗎？所以今年基本上會有 15 個基點的變動，明年會有 35 個基點的變動。

So yeah, I would say, Greg, it's 20 on the year for 2025 and then 30 of wrap for a total annualized run rate into 2026 of 50 basis points.

所以，格雷格，我會說，2025 年的年利率是 20，然後到 2026 年的年化利率是 30，總年化運作利率是 50 個基點。

Got it. And if I take the guide for 4Q, it seems like margins should be down around 60 bps, and it's fair to say that's the two of those sort of rolling in.

知道了。如果我按照第四季的指導方針來看，利潤率應該會下降 60 個基點左右，可以說這兩點因素正在逐步顯現。

Yeah, I would say when you isolate Q4, the bulk of the operating margin decrease is going to be driven by layering in the transactions. We have $1.3 billion of sales for FBM that will pressure operating margin or dilute it down as well as ADG. So that's driving the bulk of the change in Q4.

是的，我認為如果單獨分析第四季度，營業利潤率下降的主要原因是交易疊加效應。FBM 的銷售額為 13 億美元，這將對營業利潤率造成壓力或使其降低，ADG 也是如此。所以這就是第四季變化的主要驅動因素。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

I wanted to ask about the FBM ADG integration that you're doing. Can you just help us understand to what extent you're maybe onboarding ADG on to FBM ERP system, how does that integration work in the near term?

我想問一下你們正在進行的 FBM ADG 整合。您能否幫助我們了解一下您在多大程度上將 ADG 整合到 FBM ERP 系統中，以及這種整合在短期內是如何運作的？

Thank you for the question. It's early days. So the first rule that we have is to do no harm to the performance of either business platform, including Lowe’s. But we are in the early stages of the integration. The big advantage we have is FBM's current IT platform is the same platform that we are transitioning ADG to.

謝謝你的提問。現在下結論還為時過早。因此，我們的第一條規則是不得損害任何商業平台（包括 Lowe’s）的效能。但我們仍處於整合的早期階段。我們最大的優勢在於 FBM 目前的 IT 平台正是我們正在將 ADG 過渡到的平台。

That is not by accident. And also, it's an existing platform that we have in our Lowe's Pro Supply businesses. So we feel like we're going to have the ability to accelerate the IT integration between the companies. But as you can respect, we're in the early stages of that but we feel really good about the plan. We feel really good about the timetable, and we have the best IT team in retail working on it. So I'm very confident we'll be able to make it happen.

這並非偶然。而且，這也是我們在 Lowe's Pro Supply 業務中已有的平台。因此，我們感覺我們將有能力加快各公司之間的 IT 整合。但正如您所理解的，我們目前還處於早期階段，但我們對這個計劃感到非常滿意。我們對時間表非常滿意，我們擁有零售業最優秀的IT團隊負責這項工作。所以我非常有信心我們能夠實現這個目標。

Great. And then just a longer-term follow-up. You mentioned the plan to de-lever to the 2.75xby '27, is the longer-term plan to resume share buybacks by then? Or should we expect additional acquisitions from here?

偉大的。然後進行更長期的追蹤。您提到計劃在 2027 年將槓桿率降至 2.75 倍，那麼更長遠的計劃是屆時將恢復股票回購嗎？或者我們應該預期會有更多收購案發生？

Yeah. I would say, Zhihan, still very focused on the integration activities. As Marvin mentioned, that's going to be our focus here over the next two years. We're pausing share repo and very much expect to get back down to that 2.75x leverage target by 2027. So that's our focus.

是的。我想說，志涵仍然非常專注於整合活動。正如馬文所提到的，這將是我們未來兩年的工作重點。我們將暫停股票回購，並非常希望在 2027 年將槓桿率降至 2.75 倍的目標水準。這就是我們的重點。

FBM is going to continue to run their existing play in the meantime, expanding through greenfield expansion, organic growth. And there could be potentially some small tuck-in M&A but that would only be what we could self-fund with additional cash flow. So I think that's the best way to think about how we're going to be operating here over the next two years.

同時，FBM將繼續經營其現有業務，並透過新項目和內生成長實現擴張。可能會有一些小規模的併購，但這僅限於我們能夠用額外現金流自籌資金的部分。所以我認為這是思考我們未來兩年如何運作的最佳方式。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯，美國銀行。

Just two follow-ups. Just on the fourth quarter when you -- the way you're planning it for seasonal and given a little bit more probably tariff prices coming through. Any changes in the timing of promos? Are you doing any promos earlier related to holiday and things like that?

僅需兩次後續跟進。就在第四季度，當你——你計劃季節性調整的方式，以及考慮到關稅價格可能上漲的情況。促銷活動時間安排有任何變動嗎？你們之前有沒有針對假日之類的活動推出促銷活動？

No, Robbie. I mean, the promotional cadence remains relatively consistent to prior years. We started the quarter off with kind of the early pre-Black Friday type stuff that we've been doing. Obviously, Black Friday next week. And then post Black Friday, when you get into Cyber Monday events for dot-com and then you get into that leading up to the holiday timeframe. We've got offers out there for both the My Lowe’s Rewards members as well as all of our consumers, both online and in-store, so relatively consistent.

不，羅比。我的意思是，促銷節奏與往年相比保持相對一致。本季開始，我們就開展了一些類似「黑色星期五」預熱促銷活動的活動，這也是我們一直在做的。很明顯，下週就是黑色星期五了。然後是黑色星期五之後，接著是網路星期一的促銷活動，然後就是假日前的這段時間。我們為 My Lowe’ 獎勵會員以及所有消費者（包括線上和線下）都提供了優惠，所以優惠內容相對一致。

That's helpful. And then just a follow-up. On flooring and the strength you guys are seeing there, you guys called out soft surfaces. Is there any trade down going on? How do you think you're doing relative to industry? Is there something changing in flooring? Or is it all -- is it something about your positioning in good, better, best? Or maybe a little more color there.

那很有幫助。然後還有一個後續問題。關於地板以及你們看到的強度，你們提到了柔軟的表面。目前是否有交易下跌的情況？你覺得自己在業界處於什麼位置？地板產業有什麼變化嗎？或者這一切都與你對「好」、「更好」、「最好」的定位有關？或許可以再加點色彩。

Yeah. It's nice to be able to give a shout out to the flooring team and all the work that they've been doing. Last quarter, we announced the acquisition and being able to get Daltile into our assortment. So that's starting to roll in now. But specifically, the soft surface, it's really the strength of STAINMASTER and we've called that out as one of our strongest brands, and now we've got LeakDefense being able to be offered.

是的。很高興能有機會稱讚地板施工團隊以及他們所做的所有工作。上個季度，我們宣布了收購消息，並將Daltile納入了我們的產品系列。現在開始陸續到貨了。但具體來說，柔軟的表面正是 STAINMASTER 的優勢所在，我們一直將其視為我們最強大的品牌之一，現在我們又推出了 LeakDefense 產品。

So that is not a trade down, that's a trade-up offering in the assortment. But I think the team has done a really nice job of offering value out there every single day. And I'd stack our soft surface offer out there every single day against what's going on in the marketplace. And then you could go into luxury vinyl, you can go into resilient hybrid and you can go into hard surface tile and the teams have offers out there every single day to close that consumer that's now making the decision to do a flooring project.

所以這不是降級，而是產品系列中的升級選項。但我認為團隊每天都在努力提供有價值的內容，做得非常好。我每天都會將我們軟地面材料的產品與市場上的其他產品進行比較。然後，您可以選擇豪華乙烯基、彈性混合地板和硬質地磚，我們的團隊每天都會推出各種優惠活動，以促成那些決定進行地板鋪設項目的消費者的訂單。

Robby, I would just add that the investments we've continued to make in our services business flooring was one of our first to go central selling, where we remove that complexity of the design from the store. We shortened the time to close to the customer and take them off the market. And so I think all in all, the products, the service level, we're really seeing some green shoots.

Robby，我還要補充一點，我們一直在加大對服務業務的投資，地板是我們最早實行集中銷售的產品之一，這樣我們就把設計的複雜性從商店中移除了。我們縮短了與客戶達成交易並將其從市場上撤下所需的時間。所以總的來說，我認為產品和服務水準都出現了一些好轉的跡象。

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

感謝各位今天蒞臨。我們期待在二月的第四季財報電話會議上與您交流。

Thank you. This concludes the Lowe's third quarter 2025 earnings call. You may now disconnect.

謝謝。勞氏公司2025年第三季財報電話會議到此結束。您現在可以斷開連線了。