勞氏公司 (LOW) 2025 Q4 法說會逐字稿

Good morning, everyone, and welcome to Lowe's Companies fourth 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年第四季財報電話會議。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 2026. 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 2026 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 in the quarterly earnings section of our Investor Relations website. Before turning the call over to Marvin, I'd like to ask that you please hold December 9 for our 2026 Analyst and Investor Conference, which will take place in New York City.

此外，我們也將討論一些非GAAP財務指標。這些項目與美國通用會計準則的核對錶可在我們投資者關係網站的季度收益部分找到。在將電話交給馬文之前，我想請大家預留 12 月 9 日參加我們在紐約市舉行的 2026 年分析師和投資者大會。

Now I'll turn the call over to Marvin.

現在我把電話交給馬文。

Thank you, Kate. Good morning, everyone, and thank you for joining us today. In the fourth quarter, sales were $20.6 billion and comparable sales increased 1.3%. For fiscal year 2025, we delivered sales of $86.3 billion, positive comparable sales of 0.2% and adjusted operating margin of 12.1%. This led to adjusted earnings per share of $12.28, a 2% increase over last year.

謝謝你，凱特。各位早安，感謝大家今天收看我們的節目。第四季銷售額為 206 億美元，同店銷售額成長 1.3%。2025 財年，我們實現了 863 億美元的銷售額，同店銷售額成長 0.2%，調整後營業利潤率為 12.1%。這使得調整後的每股收益達到 12.28 美元，比去年增長了 2%。

Despite a challenging industry backdrop, our relentless focus on expense management allowed us to hold adjusted operating margins flat to the prior year when excluding the impact of our recent acquisitions.

儘管產業環境充滿挑戰，但我們堅持不懈地專注於費用管理，使得在不計入近期收購的影響的情況下，調整後的營業利潤率與上年持平。

While our outperformance in the fourth quarter demonstrates our team's disciplined execution, our outlook for 2026 remains cautious given the persistent volatility in housing macro. This uncertainty continues to pressure big-ticket discretionary DIY projects as many consumers are reluctant to make significant investments in their homes.

儘管我們在第四季度的優異表現證明了我們團隊的嚴謹執行，但鑑於房地產宏觀經濟持續波動，我們對 2026 年的展望仍然保持謹慎。這種不確定性持續對高價的非必要DIY專案帶來壓力，因為許多消費者不願意對自己的房屋進行重大投資。

Within this challenging macro environment, it is imperative we remain focused on our perpetual productivity improvement or PPI initiatives. This commitment to PPI is at the center of the announcement we made recently to eliminate approximately 600 corporate and support roles.

在當前充滿挑戰的宏觀環境下，我們必須繼續專注於持續提高生產力或PPI計劃。對 PPI 的承諾是我們最近宣布裁減約 600 個公司和支持職位的核心。

Although these are difficult decisions to make, this workforce reduction will help us create greater financial agility within our dynamic industry while continuing to invest in customer-facing areas of the company. We will continue to manage what is within our control, which is reflected in the strength we delivered across Pro, online and home services as our Total Home Strategic initiatives are resonating with our small to medium Pro and DIY customers alike.

儘管這些決定很難做出，但此次裁員將有助於我們在充滿活力的行業中創造更大的財務靈活性，同時繼續投資於公司面向客戶的領域。我們將繼續管理我們可控的事項，這體現在我們為專業服務、線上服務和家庭服務提供的強大實力上，因為我們的「全方位家居策略」舉措引起了中小規模專業客戶和DIY客戶的共鳴。

Starting with our Pro results, we delivered another quarter of growth as we continue to gain traction with our transformed offering. Our Pro customers are responding to our compelling brand and product assortment, investments in inventory, job site delivery, enhanced service levels and a tailored digital experience. And we're further enhancing our Pro brand offering by extending our assortment of the number one power tool brand, DEWALT, the tool of choice for Pros for over 100 years. We are excited that we now carry the largest selection of the DEWALT power tools and accessories in our stores and online.

從我們的專業版業績來看，隨著我們轉型後的產品不斷獲得市場認可，我們又實現了一個季度的成長。我們的專業客戶對我們極具吸引力的品牌和產品系列、庫存投資、工地交付、提升的服務水準以及量身定制的數位體驗給予了積極回饋。我們將進一步增強我們的專業品牌產品，擴大我們排名第一的電動工具品牌 DEWALT 的產品系列，DEWALT 是 100 多年來專業人士的首選工具。我們很高興現在我們的實體店和網店都擁有最齊全的 DEWALT 電動工具和配件。

Moving to online. We delivered a 10.5% growth this quarter and set new sales records this holiday season on both Black Friday and Cyber Monday. Both DIY and Pro customers continue to shift they're shopping online as our enhanced user experience and fulfillment options offer the ease and convenience they are seeking.

轉向線上。本季我們實現了 10.5% 的成長，並在黑色星期五和網路星期一這兩個假期季節都創下了新的銷售記錄。無論是 DIY 用戶還是專業用戶，都持續轉向線上購物，因為我們不斷改進的用戶體驗和配送方式能夠提供他們所追求的便利性。

In fact, on Black Friday, our Lowe's app was so popular that it was the number one free app in the shopping category on Apple's App Store in the US. This level of engagement reflects the investments we've made to create a seamless omnichannel shopping experience. And as customers continue to integrate AI into their shopping habits, we are collaborating with leading digital platforms so that we are well positioned to participate in Agentic commerce.

事實上，在黑色星期五當天，我們的 Lowe's 應用程式非常受歡迎，成為美國蘋果應用商店購物類免費應用程式排名第一的應用程式。這種程度的參與度反映了我們為打造無縫全通路購物體驗所投入的資源。隨著消費者不斷將人工智慧融入他們的購物習慣，我們正在與領先的數位平台合作，以便我們能夠更好地參與智慧商務。

Now turning to home services, where we delivered high single-digit growth. This is another example of a customer experience that we have overhauled at Lowe's by removing the friction for what was a time-consuming process through digital tools and enhanced service to create an intuitive installation solution for our Do-it-For-Me customers.

現在轉向家庭服務，我們在該領域實現了接近兩位數的成長。這是我們在勞氏公司徹底改造客戶體驗的另一個例子，我們透過數位化工具和增強服務消除了原本耗時的流程中的摩擦，為我們的自助安裝客戶創造了一個直觀的安裝解決方案。

Let me now shift to our view of the broader macro environment. Consumer confidence remains subdued given inflationary pressures and overall economic uncertainty. And despite modest relief in short-term interest rates and market expectation for additional Fed cuts, mortgage rates remain elevated.

現在讓我來談談我們對更廣泛的宏觀環境的看法。鑑於通膨壓力和整體經濟的不確定性，消費者信心仍然低迷。儘管短期利率略有下降，且市場預期聯準會將進一步降息，但抵押貸款利率仍居高不下。

As a result, a persistent lock-in effect remains in place keeping housing turnover and new home starts under pressure, leading us to expect improvement in both the housing and home improvement markets to be gradual.

因此，持續的鎖定效應仍然存在，導致房屋週轉和新房開工持續承壓，我們預計住房和房屋裝修市場的改善都將是漸進的。

That said, the structural demand drivers of the home improvement industry remain strong with home equity setting new record levels and homes continuing to age averaging 44-years old. And with the chronic supply demand imbalance in housing analysts continue to expect that approximately 16 million new homes will be needed in the United States over the next decade.

儘管如此，隨著房屋淨值創下新紀錄，房屋平均房齡持續成長至 44 年，房屋裝修產業的結構性需求驅動因素依然強勁。由於住房供需長期失衡，分析師們繼續預計，未來十年美國將需要約 1,600 萬套新住房。

Despite near-term industry headwinds, we're pleased that our investments in our Total Home strategy and operational excellence are paying dividends. Our compelling product assortments, flexible fulfillment options, innovative installation solutions and best-in-class digital experiences are appealing to both the value-conscious homeowner and the busy Pro. And we're confident that these investments position the company to outperform the market regardless of macro conditions.

儘管短期內產業面臨不利因素，但我們很高興看到我們在全方位家居策略和卓越營運方面的投資正在獲得回報。我們極具吸引力的產品系列、靈活的交付方式、創新的安裝解決方案和一流的數位化體驗，既能滿足注重性價比的房主的需求，也能滿足忙碌的專業人士的需求。我們相信，無論宏觀經濟情勢如何，這些投資都能讓公司跑贏大盤。

And with the recent acquisitions of Foundation Building Materials or FBM, and Artisan Design Group, or ADG, we are well positioned to participate in the expected recovery in housing. As we start the year with these two companies, our integration efforts are on track and we're focused on capturing cost synergies by leveraging our combined scale.

隨著近期對 Foundation Building Materials（FBM）和 Artisan Design Group（ADG）的收購，我們已做好充分準備，參與預期中的房屋市場復甦。今年伊始，我們與這兩家公司合併，目前整合工作進展順利，我們將專注於利用合併後的規模優勢來實現成本綜效。

We're also developing solutions to support cross-selling opportunities that will enhance our offering to our respective Pro customers by capitalizing on complementary product offerings. And while FBM and ADG are navigating a challenging residential construction market, we expect them to build on their leadership positions this year, leveraging a reputation for exceptional customer service while maintaining operational discipline.

我們也正在開發解決方案，以支援交叉銷售機會，透過利用互補產品來增強我們為各自的專業客戶提供的服務。儘管 FBM 和 ADG 正在應對充滿挑戰的住宅建築市場，但我們預計它們今年將鞏固其領先地位，憑藉卓越的客戶服務聲譽，同時保持營運紀律。

In addition, we're pleased with FBM's commercial business, which represents roughly half of its revenue, as they continue to win new data center contracts, which reflects the benefits of a diverse customer base.

此外，我們對 FBM 的商業業務感到滿意，該業務約佔其收入的一半，因為他們不斷贏得新的數據中心合同，這反映了多元化客戶群帶來的好處。

Before I close, I want to take a moment to recognize our frontline associates who continue to show up every day with a strong sense of ownership and commitment to serving our customers and communities. As a demonstration of our appreciation for their efforts, we awarded a discretionary bonus of $125 million to our dedicated frontline associates for their outstanding performance in the fourth quarter. This includes our assistant store managers, department supervisors and hourly associates in our stores and distribution centers. It's an honor for me to continue to support these hard-working men and women.

在結束演講之前，我想花一點時間感謝我們的第一線員工，他們每天都以強烈的責任感和奉獻精神為我們的客戶和社區服務。為了表達我們對員工努力的感謝，我們向敬業的第一線員工發放了 1.25 億美元的酌情獎金，以表彰他們在第四季度的出色表現。這包括我們門市和配送中心的助理店長、部門主管和小時工。能夠繼續支持這些辛勤工作的男女，我感到非常榮幸。

Our dedicated frontline associates are the primary reason Lowe's was recently recognized as Fortune's number one Most Admired Specialty Retailer. This honor truly belongs to them. and I'd like to congratulate our team for delivering another year of outstanding customer service.

我們敬業的第一線員工是勞氏公司最近被《財星》雜誌評為最受尊敬的專業零售商第一名的主要原因。這份榮譽真正屬於他們。我也要祝賀我們的團隊另一年來提供了卓越的客戶服務。

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

那麼，接下來就交給比爾了。

Thanks, Marvin, and good morning. We are pleased with our sales performance this quarter as we delivered positive comps in 9 of our 14 merchandising divisions. Our teams remain focused on offering value and innovation to consumers who continue to be mindful about their home improvement spending.

謝謝你，馬文，早安。本季我們的銷售業績令人滿意，14 個商品銷售部門中有 9 個部門實現了正成長。我們的團隊始終致力於為注重家居裝修支出的消費者提供價值和創新。

This holiday season, we helped our customers celebrate with exciting offers and deals on appliances, tools, trim-a-tree and more, making Lowe's a popular destination for holiday shoppers both in-store and online.

在這個假期季節，我們透過令人興奮的優惠和促銷活動，幫助顧客慶祝家電、工具、聖誕樹裝飾品等，使勞氏成為假日購物者在實體店和網上購物的熱門目的地。

Starting with building products. We delivered broad-based growth driven by solid performance in both Pro and Home Services. Rough plumbing was a standout with continued strength in water heaters, water treatment and HVAC along with strength in other Pro-focused areas within our plumbing assortments. This includes a new merchandising display for SharkBite PEX pipe and fittings. It showcases straight pipe stacked upright, which Pros prefer over coiled product as it makes it easier for them to use on the job site.

從建築產品開始。我們在專業服務和家庭服務領域均取得了穩健的業績，實現了全面成長。粗管道業務表現突出，熱水器、水處理和暖通空調產品持續保持強勁勢頭，同時我們管道產品系列中其他面向專業人士的領域也表現出色。其中包括 SharkBite PEX 管道和配件的新型商品展示架。它展示了直立堆疊的管道，專業人士更喜歡這種管道而不是盤繞式管道，因為它便於他們在施工現場使用。

We delivered positive comps in millwork with strong performance, especially in windows and doors supported by leading brands such as Pella, ThermaTru and Larson, which are exclusive to Lowe's in the home center channel. Our convenient installation solutions combined with our affordable credit offers are helping customers manage these larger replacement projects.

我們在木工製品方面取得了積極的業績，表現強勁，尤其是在門窗方面，我們得到了 Pella、ThermaTru 和 Larson 等領先品牌的支持，這些品牌是 Lowe's 家居中心渠道的獨家產品。我們便捷的安裝方案和實惠的信貸優惠正在幫助客戶管理這些大型更換項目。

Turning to home decor, where we delivered positive comps across kitchens and bath, paint and in appliances, where we continue to build on our market leadership position. With the widest assortment of leading brands, competitive pricing and rapid delivery, consumers are turning to Lowe's more often for their appliance needs, whether urgent or planned.

轉向家居裝飾領域，我們在廚房和浴室、油漆和家電方面都取得了積極的銷售業績，我們繼續鞏固了我們在這些領域的市場領導地位。憑藉最廣泛的領先品牌選擇、有競爭力的價格和快速的送貨服務，消費者越來越頻繁地選擇 Lowe's 來滿足他們的家電需求，無論是緊急需求還是計劃內需求。

As a reminder, Lowe's remains the only retailer that can deliver and install major appliances next day in virtually every ZIP code in the US. In Kitchen & Bath, our recent reset in bathroom vanities continues to drive results as customers appreciate the improved shopping experience and the easier access to big and bulky products.

再次提醒大家，勞氏公司仍然是美國唯一一家能夠為幾乎所有郵遞區號地區提供隔日送達和安裝大型家電服務的零售商。在廚房衛浴領域，我們最近對浴室櫃的重新設計繼續取得成效，因為顧客們很欣賞改進的購物體驗以及更容易獲取大型笨重產品的方式。

Within our Bath program, we're pleased that we've been selected by Toto to be the first big box retailer to offer their innovative toilets as we leverage our larger showrooms to feature their premium product, which will be exclusive to Lowe's in the home center channel.

在我們的衛浴產品系列中，我們很高興被 Toto 選中，成為首家提供其創新馬桶的大型零售商，我們將利用我們更大的展廳來展示其高端產品，該產品將在家居中心渠道由 Lowe's 獨家銷售。

This quarter, we were also encouraged by our results in paint where we delivered positive comps with broad-based growth across interior and exterior paint, primers, stain and attachments as customers took advantage of milder weather earlier in the quarter to work on outdoor projects.

本季度，我們在油漆業務方面也取得了令人鼓舞的業績，實現了正增長，室內外油漆、底漆、著色劑和配件等產品均實現了全面增長，因為客戶利用本季度初較為溫和的天氣進行戶外項目。

And we're off to a great start with the new Sherwin Williams ProBlock Quick Dry Primers, which we introduced in Q3. Pros are responding to the superior quality and performance versus the competition, helping to drive double-digit Pro comps in primers in Q4.

我們在第三季推出的全新 Sherwin Williams ProBlock 速乾底漆取得了良好的開端。專業人士對該產品優於競爭對手的品質和性能給予了積極反饋，這推動了第四季度底漆專業比賽的兩位數增長。

Looking now at hardlines. We delivered growth in hardware, seasonal and outdoor living and lawn and garden, driven by strong holiday and gift-giving assortments along with storm-related demand. It was exciting to see customers line up at our stores early on Black Friday, inspired by our Creator Network to take advantage of our MyLowe's Rewards Blue Bucket giveaway, including a chance to win a golden ticket for a free appliance priced at $2,000 or less.

現在來看強硬派。五金、季節性及戶外生活用品以及草坪和花園用品均實現了成長，這主要得益於強勁的節日和禮品系列以及與風暴相關的需求。令人興奮的是，在「黑色星期五」當天，顧客們早早就來到我們的門市排隊，這都得益於我們創作者網絡的鼓舞，他們希望利用我們的 MyLowe's Rewards 藍色水桶贈品活動，其中包括贏取一張金券，可以免費獲得一件價值 2000 美元或以下的家電。

Our holiday trim-a-tree assortment was also a hit driven by our strength in animatronics and customers also responded to great deals in the Tools Gift Center with values from Klein, DEWALT, Bosch and Kobalt. We also had compelling member-only deals online as well, where we delivered yet another record for the Black Friday / Cyber Monday weekend. Along with several viral moments that centered around our bucket giveaway and “trending” products like mini buckets, Teeny Totes and mini toolboxes.

我們的節日裝飾聖誕樹系列產品也大受歡迎，這得益於我們在電子動畫方面的優勢；此外，顧客對工具禮品中心的超值優惠也反響熱烈，這些優惠來自 Klein、DEWALT、Bosch 和 Kobalt 等品牌。我們還在線上推出了極具吸引力的會員專屬優惠，在黑色星期五/網路星期一週末再次創下銷售紀錄。除了圍繞我們的水桶贈送活動和“熱門”產品（如迷你水桶、迷你手提袋和迷你工具箱）的幾個病毒式傳播時刻之外。

And in January, we help customers prepare for winter storms Fern and Gianna with generators, snowblowers, ice melt, flashlights and gas cans, which contributed to positive comps in seasonal and outdoor living and lawn and garden.

一月份，我們幫助客戶為冬季風暴 Fern 和 Gianna 做好準備，提供發電機、吹雪機、融冰劑、手電筒和汽油桶，這有助於季節性和戶外生活以及草坪和花園的積極銷售。

In the quarter, we also completed the rollout of Pet and Workwear to more than 1,000 stores as we continue to expand our offering of convenience items that help our busy customers make the most of their shopping trips. Given the solid results from these new assortments, we'll be expanding them to the remainder of our stores in 2026.

本季度，我們也完成了寵物和工作服在 1000 多家門市的推廣，我們將繼續擴大便利商品的供應範圍，幫助忙碌的顧客充分利用他們的購物時間。鑑於這些新系列產品取得了良好的銷售業績，我們將在 2026 年將其推廣到我們其餘的門市。

Shifting gears. Our teams are delivering against our ongoing perpetual productivity improvement or PPI initiatives which I outlined at our last analyst and investor conference. These include disciplined product cost management, improving inventory productivity, maintaining a disciplined approach to pricing and promotions and expanding Lowe's media network.

換擋。我們的團隊正在落實我們持續推進的生產力提升計劃（PPI），這些計劃我在上次分析師和投資者會議上進行了概述。這些措施包括嚴格的產品成本管理、提高庫存效率、保持嚴格的定價和促銷方式以及擴大勞氏的媒體網絡。

This year, our supply chain, merchandising and finance teams drove inventory productivity and completed our multiyear SKU rationalization initiative while also effectively navigating an unprecedented volume of tariffs and ensuring strong in-stocks to drive sales. We are growing our Lowe's media network, as we help our suppliers better connect with our shared customers leveraging insights gained through our loyalty programs.

今年，我們的供應鏈、商品銷售和財務團隊提高了庫存效率，完成了多年的 SKU 合理化計劃，同時有效應對了前所未有的關稅規模，並確保了充足的庫存以推動銷售。我們正在發展 Lowe's 媒體網絡，透過利用會員計畫獲得的洞察，幫助我們的供應商更好地與我們的共同客戶建立聯繫。

As we look ahead into 2026, we'll empower our merchants with new AI tools that make their workday more efficient, freeing up time for them to focus on driving sales and optimizing our product assortments. We will also introduce new tools to our merchandising services team or MST associates that will direct them to service the right bays at the right time based on the sales trends of their store.

展望 2026 年，我們將為我們的商家提供新的 AI 工具，使他們的工作效率更高，從而騰出時間專注於推動銷售和優化我們的產品組合。我們還將向我們的商品服務團隊或 MST 員工引入新的工具，這些工具將根據商店的銷售趨勢，指導他們在正確的時間服務正確的貨架。

Looking ahead to spring, we're ready to capitalize on the demand driven by our biggest season of the year with great values, the best products and brands and strong in-stocks to help our customers tackle all their spring projects.

展望春季，我們已做好準備，充分利用一年中最重要的銷售旺季帶來的需求，提供超值商品、優質產品和品牌以及充足的庫存，幫助我們的客戶完成所有春季項目。

We have an unmatched outdoor power equipment lineup in the home center channel, the only one to offer Toro, the leading gas-powered brand; and EGO, the leading battery-powered brand. And we have a wide array of grills to choose from across Weber, Char-broil, Blackstone, Pit Boss, along with our own private brand, Master Forge.

我們在家庭中心通路擁有無與倫比的戶外動力設備產品線，是唯一一家提供領先的汽油動力品牌 Toro 和領先的電池動力品牌 EGO 的公司。我們有各種各樣的燒烤爐可供選擇，包括 Weber、Char-broil、Blackstone、Pit Boss 以及我們自己的自有品牌 Master Forge。

Our new patio line up is stronger than ever designed to help our customers enjoy their outdoor living spaces in style. We will also continue to earn customer loyalty through our DIY loyalty program, MyLowe's Rewards. We recently introduced a new perk for members, MyLowe's Rewards Kids Club, featuring in-store workshops, family engagement events and giveaways for young DIY-ers, helping us connect with the next generation of homeowners.

我們全新的庭院系列產品比以往任何時候都更加強大，旨在幫助我們的客戶以時尚的方式享受戶外生活空間。我們將繼續透過我們的 DIY 會員忠誠計畫 MyLowe's Rewards 來贏得顧客的忠誠。我們最近為會員推出了一項新福利——MyLowe's Rewards 兒童俱樂部，其中包括店內工作坊、家庭互動活動和針對年輕 DIY 愛好者的贈品，幫助我們與下一代房主建立聯繫。

As part of these efforts, we are also excited to expand our relationship with the number one influencer in the world, Mr. Beast. Later this spring, you'll see us activate this partnership across family experiences, merchandise and more.

作為這些努力的一部分，我們也很高興能夠擴大與全球排名第一的網紅 Mr. Beast 的合作關係。今年春季晚些時候，您將看到我們在家庭體驗、商品等領域啟動這項合作。

As I close, I want to thank our merchants, MST associates and vendor partners for their hard work and partnership this year. Their focus on delivering the best for our customers really sets the bar and we value the important role that all of them play in helping to drive our success.

最後，我要感謝我們的商家、MST員工和供應商合作夥伴今年的辛勤工作和合作。他們專注於為客戶提供最好的服務，這真正樹立了行業標桿，我們非常重視他們在幫助我們取得成功方面所發揮的重要作用。

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

那麼，我現在就把電話交給喬。

Thank you, Bill, and good morning, everyone. I'd like to begin by thanking our frontline associates and store leaders for their outstanding work supporting our customers impacted by winter storms, Fern and Gianna, reflecting the critical role our stores play during hard-hitting weather events.

謝謝你，比爾，大家早安。首先，我要感謝我們的第一線員工和門市領導，感謝他們為受冬季風暴「費恩」和「吉安娜」影響的顧客提供的支持，這體現了我們的門市在惡劣天氣事件中發揮的關鍵作用。

Their commitment matters and it is just one example of the ongoing focus on customer service that our associates deliver day in and day out. Once again this quarter, we drove improved customer satisfaction for both DIY and Pro customers, including during another busy Black Friday and Cyber Monday weekend. Customers appreciate our flexible fulfillment options during the busy holiday season as they relied especially on the same-day gig delivery to meet last-minute shopping needs.

他們的付出至關重要，這只是我們員工日復一日持續關注客戶服務的一個例子。本季度，我們再次提高了 DIY 和專業客戶的滿意度，包括在另一個繁忙的黑色星期五和網路星期一週末。在繁忙的假期季節，顧客們非常欣賞我們靈活的配送方式，因為他們尤其依賴當日送達服務來滿足最後一刻的購物需求。

Turning to our fourth quarter performance. I'm pleased that we delivered another quarter of growth in Pro. We are building on our momentum by expanding our Pro salesforce, which allows us to reach new customers while also bringing share of wallet with existing Pros including in their planned spend.

接下來來看看我們第四季的業績。我很高興Pro業務又實現了一個季度的成長。我們正在透過擴大專業銷售團隊來鞏固發展勢頭，這使我們能夠接觸到新客戶，同時也能提高現有專業銷售人員的錢包份額，將其納入他們的計劃支出中。

And with the recent rollout of our new AI-enabled Pro Companion, we're giving our Pro sales teams even more opportunities for success. This new capability helps sales associates quickly prepare for conversations with Pros by enabling rapid access to relevant information so they can walk in with recommendations already in hand, leading to more effective customer interactions.

隨著我們最近推出全新的人工智慧專業助手，我們正在為專業銷售團隊提供更多成功的機會。這項新功能能夠幫助銷售人員快速準備與專業人士的對話，使他們能夠快速存取相關訊息，從而帶著現成的建議走進客戶房間，實現更有效的客戶互動。

And we're helping the sales associates at the Pro desk serve complex orders through the Pro Extended Aisle, which is a direct interface to our suppliers' catalogs. We've just introduced a new feature that allows us to stage job site delivery, so Pros can get what they need immediately and then deliver the rest of the order at a later date based on their schedule. This new capability not only improves the customer experience, it replaces what was a time-consuming process for our associates with a single click.

我們正在幫助專業服務台的銷售人員透過專業擴展通道處理複雜的訂單，該通道是與我們供應商產品目錄的直接介面。我們剛剛推出了一項新功能，允許我們分階段交付工地貨物，這樣專業人士就可以立即獲得他們需要的貨物，然後根據他們的日程安排在稍後的日期交付訂單的其餘部分。這項新功能不僅改善了客戶體驗，而且只需點擊一下即可取代我們員工之前耗時的流程。

And I'm also excited to share that Lowe's is now the exclusive national home improvement partner to the National Association of Homebuilders, or NAHB. This allows us to connect with their 140,000+ Pros and offer member-only savings. Looking ahead, in our recent survey, our core Pro customer indicate they continue to work on smaller ticket repair projects and that their backlogs remain stable.

同時，我也很高興地宣布，勞氏公司現在是全美住宅建築商協會（NAHB）的獨家全國性家居裝修合作夥伴。這使我們能夠與他們的 14 萬多名專業人士建立聯繫，並提供會員專屬優惠。展望未來，在我們最近的調查中，我們的核心專業客戶表示，他們將繼續處理較小的維修項目，並且他們的積壓工作保持穩定。

Now let me discuss the progress we've made this year against our perpetual productivity improvement initiatives or PPI. As a reminder, each year, our store operations teams tackled a number of productivity initiatives. Let me give you a couple of highlights from 2025.

現在讓我來談談我們今年在持續生產力提升計畫（PPI）方面取得的進展。再次提醒大家，我們門市營運團隊每年都會進行多項提高生產力的措施。讓我來介紹一下2025年的幾個亮點。

In the fourth quarter, we completed the rollout of our front-end transformation across our store portfolio. This multi-year effort meaningfully improves the checkout experience for customers while freeing up labor hours so associates can spend more time serving customers in the aisle.

第四季度，我們完成了所有門市前端改造的全面推廣。這項歷時多年的努力顯著改善了顧客的結帳體驗，同時節省了工時，使員工能夠花更多的時間在過道中為顧客服務。

The transformed front end includes an expanded buy online, pick up in store area that makes it faster and easier for our customers to grab their online orders, helping us better serve the continued shift to omnichannel shopping.

改造後的前端包括擴大的線上購買、線下取貨區域，使我們的客戶能夠更快、更輕鬆地領取他們的線上訂單，幫助我們更好地滿足不斷向全通路購物轉變的需求。

We've also enhanced our freight flow as part of our PPI work. By redesigning the process and leveraging tech-driven solutions, we've made meaningful gains in labor productivity as we more efficiently move product from the truck to the sales floor.

作為生產者預防干預 (PPI) 工作的一部分，我們也加強了貨運流程。透過重新設計流程並利用技術驅動的解決方案，我們提高了勞動生產率，從而更有效地將產品從卡車運送到銷售區。

Looking ahead to fiscal 2026, we're already working on our next set of PPI initiatives. One priority is to even further enhance our stocking through an initiative we're calling Freight Flow 3.0 which allows us to better sequence inbound inventory from our distribution centers.

展望 2026 財年，我們已經在著手製定下一批 PPI 計畫。首要任務之一是透過一項名為「貨運流程 3.0」的計畫進一步加強我們的庫存管理，該計畫使我們能夠更好地對來自配送中心的入庫庫存進行排序。

Overnight teams will focus on stocking the highest priority product immediately, while early morning teams arrive earlier to manage the remaining product flow. This approach means more associates will be able to help our Pro customers when they arrive early to shop before heading to their jobsites. These changes are already yielding better inventory accuracy and in-stocks while also supporting customer service.

夜班團隊將專注於立即補充優先順序最高的商品，而清晨團隊則會提前到達，管理剩餘商品的流通。這種方式意味著更多的員工能夠在專業客戶提前到達購物後，在前往工地之前為他們提供幫助。這些變更已經提高了庫存準確性和庫存充足率，同時也為客戶服務提供了支援。

Another PPI goal this year is our new full shelf replenishment initiative, which launched across all stores last month. Using real-time data to identify out of stocks this AI-enabled technology sends stores a prioritized list of the most critical items to restock, which helps ensure that products are available where and when customers need them.

PPI 今年的另一個目標是我們新的全貨架補貨計劃，該計劃已於上個月在所有門市啟動。這項人工智慧技術利用即時數據識別缺貨商品，並向商店發送一份優先補貨清單，以確保顧客在需要時能夠在需要的地方獲得所需商品。

These enhancements are improving both the associate and customer experience. And with better visibility, smarter prioritization and more product on the shelf when it's needed, our stores are becoming easier to shop every day.

這些改善措施正在提升員工和顧客的體驗。憑藉更清晰的商品陳列、更聰明的優先順序以及在需要時貨架上更多的商品，我們的商店每天都變得越來越容易購物。

Finally, as Marvin mentioned, we are recognizing our frontline teams in our stores and supply chain for their critical contributions to our results in the fourth quarter and this year with a discretionary bonus. Assistant store managers will receive $5,000 and hourly associates will receive bonuses ranging from $150 to $700. These bonuses are on top of their normal incentive plans.

最後，正如馬文所提到的，我們將透過酌情發放獎金的方式，表彰我們門市和供應鏈的一線團隊，感謝他們為我們第四季和今年的業績做出的關鍵貢獻。助理店長將獲得 5000 美元獎金，小時工將獲得 150 美元至 700 美元不等的獎金。這些獎金是在他們正常激勵計劃之外的額外獎勵。

These associates show up every day with a relentless focus on customers, an eagerness to embrace new technology and a commitment to helping one another succeed. This bonus is a reflection of a culture of winning together that we have created. That's what sets Lowe's apart.

這些同事每天都以客戶為中心，積極擁抱新技術，並致力於互相幫助取得成功。這項獎金體現了我們所創造的團結協作、共同獲勝的企業文化。這就是勞氏公司與眾不同的地方。

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

接下來，我將把電話交給布蘭登。

Thank you, Joe, and good morning. Starting with our fourth quarter results, we generated GAAP diluted earnings per share of $1.78. In the quarter, we recognized $149 million in non-GAAP charges associated with the acquisitions of Foundation Building Materials or FBM and Artisan Design Group, or ADG.

謝謝你，喬，早安。從我們第四季度的業績來看，我們實現了每股 1.78 美元的 GAAP 稀釋收益。該季度，我們確認了與收購 Foundation Building Materials（FBM）和 Artisan Design Group（ADG）相關的 1.49 億美元的非 GAAP 費用。

And keep in mind, in the fourth quarter of last year, we also recorded a pre-tax gain of $80 million associated with the 2022 sale of our Canadian Retail business. Excluding these impacts, we delivered strong results for the quarter, with adjusted diluted earnings per share of $1.98.

另外，請記住，去年第四季度，我們也錄得與 2022 年出售加拿大零售業務相關的 8,000 萬美元稅前收益。剔除這些影響，我們本季業績表現強勁，調整後稀釋每股收益為 1.98 美元。

My comments from this point forward will include certain non-GAAP comparisons that exclude these impacts where applicable.

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。

Fourth quarter sales were $20.6 billion with comparable sales up 1.3%, driven by growth in Pro, online and home services as well as winter storm activity. We estimate that the demand related to winter storms, Fern and Gianna, positively impacted Q4 comp sales by approximately 50 basis points.

第四季銷售額為 206 億美元，同店銷售額成長 1.3%，主要得益於專業服務、線上服務和家庭服務的成長以及冬季風暴的影響。我們估計，與冬季風暴 Fern 和 Gianna 相關的需求對第四季度同店銷售額產生了約 50 個基點的正面影響。

With a strong start to the holiday season, we delivered positive comps of 0.4% in November. Comps were down 1% in December and then accelerated to 5.8% in January, lifted by storm-related demand. Comparable average ticket increased 3.6%, driven by price increases and a mix into Pro and appliances, while comparable transactions declined 2.3%.

假期季開局強勁，11 月同店銷售額成長 0.4%。12 月同店銷售額下降了 1%，然後在 1 月加速下降至 5.8%，這得益於與風暴相關的需求成長。受價格上漲和專業產品及家電產品組合增加的推動，可比平均客單價上漲了 3.6%，而可比交易量下降了 2.3%。

For the fourth quarter, adjusted gross margin was 32.7%, down 18 basis points as the dilutive impact of FBM and ADG was nearly offset by higher credit revenue, multiple PPI initiatives and favorable product mix.

第四季調整後毛利率為 32.7%，下降 18 個基點，原因是 FBM 和 ADG 的稀釋影響幾乎被更高的信貸收入、多項 PPI 計劃和有利的產品組合所抵消。

Adjusted SG&A was 21.4% of sales, de-leveraging 37 basis points as higher front-line discretionary bonuses and annual incentive payouts as well as sales driving actions were partly offset by the accretive impact from the acquisitions.

經調整後的銷售、一般及行政費用佔銷售額的 21.4%，槓桿率下降了 37 個基點，因為更高的前線員工酌情獎金和年度激勵支出以及銷售推動措施部分被收購帶來的增值影響所抵消。

Adjusted operating margin rate of 9% was down 41 basis points versus prior year, and the adjusted effective tax rate of 23.6% was consistent with the prior year rate. Consistent with our expectations, FBM and ADG operating results were accretive to adjusted EPS for the fourth quarter while diluting operating margin by approximately 30 basis points.

經調整後的營業利益率為 9%，較上年下降 41 個基點；經調整後的實際稅率為 23.6%，與前一年持平。與我們的預期一致，FBM 和 ADG 的經營業績在第四季度提高了調整後的每股收益，同時將營業利潤率稀釋了約 30 個基點。

Inventory ended Q4 at $17.3 billion, in line with prior year despite the inclusion of approximately $500 million in inventory from acquisitions as well as higher tariffs. We continue to execute on multiple inventory productivity initiatives through AI-enabled solutions while also benefiting from SKU rationalization. These outstanding results demonstrate the strategic alignment and collaboration we're driving across the organization.

儘管計入了約 5 億美元的收購庫存以及更高的關稅，但第四季末庫存仍為 173 億美元，與去年同期持平。我們繼續透過人工智慧解決方案執行多項庫存生產力提升計劃，同時受益於 SKU 合理化。這些卓越的成果體現了我們在整個組織內所推動的策略協調與合作。

Shifting gears to capital allocation. In 2025, we generated $7.7 billion in free cash flow and returned $2.6 billion to shareholders through dividends, which includes a dividend of $1.20 per share in the fourth quarter totaling $673 million. We invested approximately $3 billion in cash for the acquisitions of ADG and FBM and borrowed $7 billion to finance the remainder of the purchase price of FBM.

轉而討論資本配置。2025 年，我們產生了 77 億美元的自由現金流，並透過股息向股東返還了 26 億美元，其中包括第四季每股 1.20 美元的股息，總計 6.73 億美元。我們投入約 30 億美元現金收購 ADG 和 FBM，並借款 70 億美元用於支付 FBM 的剩餘收購價款。

During the year, we also repaid $2.5 billion in bond maturities. Capital expenditures totaled $2.2 billion for the year, driven by investments in our Total Home strategic initiatives. Adjusted debt to EBITDAR was 3.31 times at the end of the quarter. We ended the quarter with $982 million of cash and cash equivalents and delivered return on invested capital of 26.1% for the year.

年內，我們也償還了 25 億美元的到期債券。本年度資本支出總額為 22 億美元，主要得益於「全屋戰略計畫」的投資。季末調整後債務與EBITDAR比率為3.31倍。本季末，我們持有現金及現金等價物9.82億美元，全年投資資本報酬率為26.1%。

Now I would like to discuss our 2026 financial outlook. While short-term interest rates have been coming down, affordability and the lock-in effect continue to pressure demand. Consumer spending remains resilient, but consumers are still cautious about discretionary big-ticket purchases.

現在我想談談我們對2026年的財務展望。雖然短期利率一直在下降，但購屋能力和鎖定效應繼續對需求構成壓力。消費者支出依然保持韌性，但消費者對非必需的商品購買仍持謹慎態度。

And while many homeowners will receive larger refunds this year, it is unclear how much of that will be spent on home improvement. It is also unclear when mortgage rates will ease, which will continue to exert pressure on existing home sales and new home construction.

雖然今年許多房主將獲得更高的退款，但目前還不清楚其中有多少會用於房屋修繕。目前尚不清楚抵押貸款利率何時會下降，這將繼續對現有房屋銷售和新房屋建設構成壓力。

Taking all of this into account, we forecast the home improvement market to be roughly flat this year in a range of down 1% to up 1%. We remain confident in the continued execution of our Total Home strategy, which will enable us to grow faster than the market and take share.

綜合考慮所有這些因素，我們預測今年家裝市場將大致持平，波動範圍在下降 1% 到上升 1% 之間。我們對繼續執行「全屋策略」充滿信心，這將使我們能夠比市場成長得更快，並搶佔市場份額。

With that, we are expecting 2026 sales ranging from $92 billion to $94 billion with comparable sales in a range of flat to up 2%. We anticipate that ADG and FBM will contribute approximately $8 billion to sales. We expect operating margin in a range of 11.2% to 11.4% and adjusted operating margin in a range of 11.6% to 11.8%. This includes 30 basis points of dilution related to the wrap of FBM and ADG in 2026. And as a reminder, the acquisitions drive approximately 50 basis points of dilution on an annualized basis.

據此，我們預計 2026 年銷售額將在 920 億美元至 940 億美元之間，可比銷售額將持平或成長 2%。我們預計 ADG 和 FBM 將貢獻約 80 億美元的銷售額。我們預期營業利潤率在 11.2% 至 11.4% 之間，調整後營業利潤率在 11.6% 至 11.8% 之間。這包括與 2026 年 FBM 和 ADG 的合併相關的 30 個基點的稀釋。另外提醒一下，這些收購每年會導致約 50 個基點的股權稀釋。

We expect gross margin to decline approximately 75 basis points compared to the prior year when we factor in the dilution related to the acquisitions. However, the acquisitions are accretive to consolidated SG&A as a percentage of sales.

考慮到收購帶來的稀釋效應，我們預計毛利率將比上年下降約 75 個基點。然而，這些收購會增加合併後的銷售、一般及行政費用佔銷售額的百分比。

We will continue to drive our perpetual productivity improvement or PPI initiatives across the enterprise with a target of roughly $1 billion of productivity again this year. This includes the impact from the workforce reduction that Marvin mentioned earlier.

我們將繼續在全公司範圍內推進持續生產力提升（PPI）計劃，今年的目標是再次實現約 10 億美元的生產力提升。這包括馬文之前提到的裁員帶來的影響。

This productivity will offset pressure from merit increases and general operating cost inflation and continued investments in our Total Home strategic initiatives. Additionally, we expect net interest expense of approximately $1.6 billion as we absorb incremental expense related to the FBM acquisition partly offset by planned repayment of $2.3 billion of bond maturities in the first quarter.

生產力的提高將抵消績效工資成長和一般營運成本上漲帶來的壓力，以及我們對「全屋」策略計畫的持續投資。此外，我們預計淨利息支出約為 16 億美元，因為我們將吸收與 FBM 收購相關的新增支出，部分將被計劃在第一季償還的 23 億美元到期債券所抵銷。

These assumptions result in expected full year diluted earnings per share of $11.75 to $12.25. We expect adjusted diluted earnings per share of approximately $12.25 to $12.75. This includes the impact from FBM and ADG, which is expected to be accretive to adjusted EPS for the year.

根據這些假設，預計全年稀釋後每股收益為 11.75 美元至 12.25 美元。我們預計調整後稀釋後每股收益約為 12.25 美元至 12.75 美元。這其中包含了 FBM 和 ADG 的影響，預計這兩家公司將提升全年調整後每股盈餘。

We also expect capital expenditures of approximately $2.5 billion for the year as we invest in our strategic imperatives to drive growth. This will be heavily concentrated in our retail business.

我們也預計，今年資本支出約為 25 億美元，用於投資推動成長的策略要務。這將主要集中在我們的零售業務中。

Finally, to assist you with your modeling for the first quarter, here are a few points to keep in mind.

最後，為了幫助您進行第一季的建模，以下幾點需要牢記。

Given severe winter storm activity in February, we are now expecting Q1 comp sales to be below the midpoint of our full year guide. Adjusted operating margin rate is expected to be approximately 20 basis points below the bottom end of our full year guide due to the dilutive impact of the acquisitions.

鑑於二月份嚴重的冬季風暴活動，我們現在預計第一季同店銷售額將低於我們全年預期的中點。由於收購帶來的稀釋影響，調整後的營業利潤率預計將比我們全年預期下限低約 20 個基點。

In closing, we're pleased with our track record of disciplined execution and that our DIY and Pro initiatives are gaining momentum. Looking ahead, we are confident that we're making the right investments to deliver long-term sales growth and sustainable shareholder value.

最後，我們對公司在執行方面的良好記錄感到滿意，我們的 DIY 和 Pro 計劃正在取得進展。展望未來，我們有信心進行正確的投資，以實現長期銷售成長和可持續的股東價值。

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) Peter Benedict, Baird.

（操作說明）彼得·本尼迪克特，貝爾德。

I guess my first one is just on the Pro Extended Aisle efforts that you guys started to kind of roll out last year. Just maybe give us a sense of where you are with that. It got a brief mention in the prepared remarks. I'm just curious kind of where you sit with that, what the opportunity is going forward? That's my first question.

我的第一個問題是關於你們去年開始推出的 Pro Extended Aisle 計畫。或許您可以簡單介紹一下您在這方面的進展。在事先準備好的發言稿中，它被簡要提及。我只是好奇你對此持什麼態度，以及未來的機會是什麼？這是我的第一個問題。

Peter, this is Marvin. Look, we continue a multiyear build-out for 2026. We're very pleased. It's actually exceeding all expectations. And we're adding new suppliers, new markets every single week, and we'll do that throughout 2026. This is helping us create more traction with planned Pro spend, and that's something that has been on our playbook for quite a while.

彼得，這是馬文。你看，我們將繼續推進到 2026 年的多年建設。我們非常滿意。實際上，它超出了所有人的預期。我們每週都在增加新的供應商和新的市場，我們將在 2026 年全年繼續這樣做。這有助於我們提高計劃中的專業版支出，而這正是我們長期以來一直在努力的方向。

We're excited to get new products like vinyl siding, building materials, doors, flooring, electrical wiring. And so overall, we feel really good about this. We're not yet providing specific financial results other than to say, this is exceeding expectations, assisting with the planned Pro spend and something we're excited about, and we think it will help to drive our Pro business for the balance of this year.

我們很高興能獲得乙烯基壁板、建築材料、門、地板、電線等新產品。總的來說，我們對此感到非常滿意。我們目前還不提供具體的財務業績，只能說這超出了預期，有助於實現計劃中的專業版支出，我們對此感到非常興奮，我們認為這將有助於推動我們今年剩餘時間的專業版業務發展。

I guess my follow-up would be, maybe for Brandon. Just how should we think about the incremental margins here once we get past integrating the acquisitions and the noise is kind of related with that, I think there's a question out there in terms of as sales eventually start to recover, what the flow-through is going to look like? Any updates to your thoughts there? Just to level set us on what your view is there.

我想我接下來會說的是，也許是為了布蘭登。一旦我們完成了收購整合，我們該如何看待這裡的增量利潤率？而噪音也與此有關。我認為，隨著銷售額最終開始復甦，其傳導效應將會如何，這是一個值得探討的問題。你對此有什麼新的見解嗎？只是想讓我們了解一下你的看法。

Yeah. Sure, Peter. I'll start with the fact that we're very pleased here with our Q4 performance progression in the year. We had positive comps here for the last three quarters. Marvin announced a payout to our frontline associates of $125 million in discretionary bonuses, delivered another $1 billion in productivity, delivered flat operating margin on the core business for the year.

是的。當然可以，彼得。首先，我想說的是，我們對今年第四季的業績進展非常滿意。過去三個季度，我們的業績都實現了正成長。Marvin宣布向第一線員工發放1.25億美元的酌情獎金，實現了10億美元的生產力增長，並實現了核心業務全年的營業利潤率持平。

That all being said, as we look ahead to operating margin for 2026, as we've referenced and as I said in my earlier comments, FBM and ADG is creating an additional 30 basis points of dilution related to the wrap, 50 basis points on an annualized basis. We are generating $1 billion incrementally in productivity for 2026 as we outlined at our AIC last year.

綜上所述，展望 2026 年的營業利潤率，正如我們之前提到的，也正如我在先前的評論中所說，FBM 和 ADG 將因此次收購而造成額外的 30 個基點的稀釋，按年計算則為 50 個基點。正如我們去年在AIC會議上概述的那樣，我們將在2026年實現10億美元的生產力成長。

We are seeing some modest incremental cost pressures that we haven't previously anticipated that are also embedded within that. And then I also mentioned that we're continuing to invest in a number of sales-driving initiatives that are tailored to value-conscious consumer investing in fulfillment options, member benefits. So all that's reflected in our updated expectations for 2026.

我們看到一些之前未曾預料到的、略微增加的成本壓力，這些壓力也包含在其中。然後我還提到，我們正在繼續投資一系列旨在促進銷售的舉措，這些舉措是為注重價值的消費者量身定制的，包括增加履行選項和會員福利。因此，所有這些都反映在我們對 2026 年的最新預期中。

And the last thing I'll say, Peter, I think this team has demonstrated a history of disciplined execution. We believe it's a hallmark differentiator for us and expect that to continue here in 2026 as we focus on landing that number.

最後我想說的是，彼得，我認為這支球隊已經展現了嚴謹的執行力。我們認為這是我們的標誌性差異化優勢，並預計在 2026 年，隨著我們專注於實現這一目標，這一優勢將繼續保持。

Chris Horvers, JPMorgan.

克里斯霍弗斯，摩根大通。

So my first question is just thinking about demand. I know you said Fern and Gianna were 50 basis points benefit to the quarter. That would still suggest like a 2 or 3 in January. If you look at the 2-year run rate, that also improved in both December and January and for the quarter, and you were lapping, I think, a 70 basis point headwind relative to the hurricane recovery last year.

所以我的第一個問題只是想了解需求狀況。我知道你說過 Fern 和 Gianna 的加入為本季帶來了 50 個基點的收益。那也意味著一月份的預測數字可能是2或3。如果看一下兩年的運行率，12 月和 1 月以及本季度也都有所改善，而且我認為，相對於去年颶風後的恢復情況，你們克服了 70 個基點的逆風。

So at a big picture level, do you think the demand in the category is just starting to elevate at the margin? Could you maybe try to put together the narratives around the winter storms versus lapping polar vortexes versus lapping also hurricanes last year? So some detail there on sort of the net weather and elevate to a high level, how you think about whether or not maybe the demand is just getting better at the margin?

從宏觀層面來看，你認為該品類的需求是否剛開始略有成長？您能否試著整理去年冬季風暴、極地渦旋和颶風的相關敘述？所以，關於整體天氣狀況的一些細節，以及從宏觀層面來看，您認為需求是否只是在邊際上有所改善？

Yeah, sure, Chris. This is Brandon. A lot to unpack as you mentioned here for Q4. So I'll start with, you referenced, we had 100 basis points of headwind from Hurricanes Helene and Milton last year. That has been, in part, offset by the benefits I called out 50 basis points for Fern and Gianna here in Q4.

好的，克里斯。這是布蘭登。正如你在這裡提到的，第四季度有很多事情需要分析。所以我先從你提到的說起，去年颶風海倫和米爾頓為我們帶來了 100 個基點的逆風。部分抵消了上述影響，正如我在第四季度提到的，Fern 和 Gianna 的收益提高了 50 個基點。

And then we also referenced on the call last year in the easier lap from the ice storms that played out over the course of January. And then as it's specific to the month of January, the 50 basis points on the quarter for Fern and Gianna was about 200 basis points on the month.

然後，我們在去年的電話會議上也提到了1月冰暴帶來的相對輕鬆的局面。此外，由於這是針對一月份的具體情況，Fern 和 Gianna 的季度漲幅為 50 個基點，而當月漲幅約為 200 個基點。

So sort of cutting through all of that noise we're still very pleased with the underlying demand trends and traction that we're seeing across all areas of the business, Pro, DIY, DIFM. And as that translates then looking at Q1, we do expect the demand drivers that we've seen, the underlying consistency to be, again, consistent with what we've seen in Q4.

所以，拋開所有這些雜音，我們仍然對業務各個領域（專業、DIY、DIFM）的潛在需求趨勢和發展勢頭感到非常滿意。因此，從第一季來看，我們預計我們所看到的需求驅動因素，以及其潛在的穩定性，將與我們在第四季度看到的情況保持一致。

We are seeing some level of disruption here out of the gates with the after effects of Fern and Gianna to start the month of February and now Hernando up in the Northeast here to end the month. But we're managing spring over the course of the first half, looking at it as a first half event, excited about everything we have locked and loaded. We have the biggest weeks ahead of us. And for the first half of the year focused on delivering at the midpoint of the guide.

2 月初，颶風 Fern 和 Gianna 的餘波帶來了一定程度的混亂，而本月末，東北部的颶風 Hernando 又帶來了混亂。但我們將春季活動安排在上半年，把它看作是上半年的活動，我們對所有已經準備就緒的事項感到興奮。接下來幾週將是至關重要的。上半年，我們專注於完成指南中期部分的交付工作。

And Bill, you may want to reference just some underlying strength across categories that are separate from sort of the weather demand that we've seen.

比爾，你可能需要參考一些與我們所看到的天氣需求無關的、各個類別中的潛在強勁需求。

Yeah. Thanks, Brandon. I think when you look at January and you set the weather aside, we saw strength across as was called out in our prepared remarks, these Pro-related categories, millwork, lumber, building materials, electrical. And then we continue to see strength in paint, garden businesses outside of ice melt, hardware, soft surface flooring, which is carpet, kitchens and bath, rough plumbing. So those are all built around the foundation and we're going to leverage those as we go into the first half of the year and continue to drive those.

是的。謝謝你，布蘭登。我認為，如果你把一月份的情況拋開天氣因素，正如我們在準備好的演講稿中提到的那樣，我們看到了與專業相關的各個類別（木工、木材、建築材料、電氣）的強勁表現。然後，我們繼續看到油漆、除融雪劑以外的園藝業務、五金、地毯等軟性地面材料、廚房和浴室用品、粗管道等行業保持強勁勢頭。所以這些都是圍繞著這個基礎建立起來的，我們將在今年上半年充分利用這些基礎，並繼續推動這些基礎的發展。

And then my follow-up question is, as you think about sort of the post-storm and post tough winter recovery and lawn and landscape and even exterior homes, we haven't had a winter like this in perhaps a decade. You do -- you also have a larger relative outdoor business relative to your peers. So is there an analog? How are you thinking about the potential pickup in sales in the first half of the year as it relates to the tough winter that we've had?

那麼我的後續問題是，考慮到風暴過後和嚴冬過後的恢復工作，包括草坪、景觀甚至房屋外觀，我們可能已經十年沒有經歷過這樣的冬天了。確實如此——與同行相比，你的戶外業務規模也更大。那麼，是否有類似的例子呢？您如何看待今年上半年銷售額可能回升的情況，尤其是在經歷了嚴寒的冬季之後？

Chris, this is Marvin. Look, we're optimistic, and we've tried to build all of that into our guidance. But candidly, we've also tried to take a conservative approach. I think it's pretty obvious, and I'll state the obvious that this is a pretty unique environment with unpredictable tariffs, high interest rates and a consumer demand that is not as sustained as we would like it on the DIY side.

克里斯，這是馬文。你看，我們很樂觀，我們也努力將所有這些理念融入我們的指導方針中。但坦白說，我們也嘗試採取保守的做法。我認為這一點顯而易見，我還要指出一個顯而易見的事實：這是一個非常獨特的環境，關稅難以預測，利率很高，而且DIY方面的消費者需求也不像我們希望的那樣持續。

But we feel really good about our plan for spring. We feel great about our plan for 2026. And part of that is the fact that we have the best in-stock that we've had in my tenure here going into spring. We have the best garden strategy that we've had in my tenure here going into spring.

但我們對春季計劃感到非常滿意。我們對2026年的計畫感到非常滿意。部分原因是，進入春季之際，我們擁有我任職期間最好的庫存。進入春季，我們擁有我任職期間最好的花園規劃。

And so we have a lot of things working in our favor, not to mention that we have 30 million and growing members of our MyLowe's Rewards loyalty program that gives us a unique opportunity to message to those members.

因此，我們有很多有利因素，更不用說我們擁有 3000 萬且還在不斷增長的 MyLowe's Rewards 會員忠誠計劃，這為我們提供了一個獨特的機會來向這些會員傳遞信息。

And so we are optimistic, but we're also cautiously optimistic just because there's lots of uncertainty out there. But we are very, very confident that whatever the macro environment provides, we will outperform the macro, we will take share. We took share in the fourth quarter. We took share in the third quarter. We'll take share in 2026.

因此，我們持樂觀態度，但同時也保持謹慎樂觀，因為目前存在著許多不確定因素。但我們非常有信心，無論宏觀環境如何變化，我們都能跑贏宏觀經濟，搶佔市場份額。我們在第四季度獲得了市場份額。我們在第三季度取得了市場份額。我們將在2026年獲得股份。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

I wanted to drill down on the comments that you'll be investing in sales driving initiatives for the cautious customer in 2026. What could that look like? Are we -- are you looking at price investment, promotions, some combination of both? And how does that compare to how you managed through that in 2025?

我想深入探討您所提到的，您將在 2026 年投資於針對謹慎型客戶的銷售驅動措施。那會是什麼樣子呢？我們──你們是在考慮價格投資、促銷活動，還是兩者的某種組合？那麼，這與你在 2025 年應對這種情況的方式相比如何？

Kate, this is Marvin. Thank you for the question. Kate, there's really no major change coming to our strategy relative to price or promotion. We manage price on a portfolio basis in this really volatile tariff environment, we'll continue to do that. We will be very, very specific on what we call Tier 1 promotional events.

凱特，這是馬文。謝謝你的提問。凱特，我們在價格或促銷方面的策略並不會有任何重大變化。在當前動盪的關稅環境下，我們透過投資組合的方式來管理價格，我們將繼續這樣做。我們將非常非常具體地說明我們所謂的「一級推廣活動」是什麼。

You know, think the launch of spring, think Labor Day, Memorial Day, 4th of July. So you'll see us lean in hard on some of those time frames. But other than that, we don't plan to be more promotional than any years past.

你知道，想想春天的到來，想想勞動節、陣亡將士紀念日、七月四日。所以你會看到我們在某些​​時間內加大力度。但除此之外，我們不打算比往年加強宣傳。

What I will tell you, and I'll hand it over to Bill, is that we're really excited about offering the customer value and making sure that the cost-conscious home owner can look to Lowe's, both in-store and online, to find anything they want at a value and also find anything they want that could be more of a premium item.

我要告訴你們的是，接下來就交給比爾來說，我們非常高興能夠為顧客提供價值，並確保注重成本的房主可以在勞氏（Lowe's）的實體店和網上商店找到他們想要的任何物美價廉的商品，以及任何他們想要的更高端的商品。

And so I'll let Bill talk about some of the things we have in store for spring in 2026.

那麼，就讓比爾來談談我們為 2026 年春季準備的一些事情。

Yeah. Thanks, Marvin. And it's -- Kate, I think as we look at 2026, it's largely reflective of what we try to do in Q4, and that was meet the customer where they want to be met. And so both online and in-store, offering these values for both the DIY and Pro customer, be out there, be relevant with seasonally relevant products, which is very similar to what we've been doing and working on over the last few years.

是的。謝謝你，馬文。凱特，我認為，當我們展望 2026 年時，它在很大程度上反映了我們在第四季度努力做的事情，那就是在客戶希望被滿足的地方滿足他們的需求。因此，無論在線上或線下，我們都要為 DIY 和專業客戶提供這些價值，推出與季節相關的產品，這與我們過去幾年一直在做的事情非常相似。

But we're excited about what we've got planned in our lawn and garden business. We're excited about the new that we have, the innovation that we have across the store. The merchant teams have done just a really nice job of bringing new exclusive and innovative values that we can put in front of the consumer.

但我們對草坪和花園業務的規劃感到非常興奮。我們對我們擁有的新產品和全店的創新感到興奮。商家團隊做得非常出色，他們帶來了全新的、獨家的、創新的產品，我們可以將這些產品呈現給消費者。

We've got great brands. We've got great partners with our vendors. We're starting from deep south to north, and we'll take it as the season comes and as spring starts to come alive. We want to be there and meet the customer where they're at. And so we'll just have great offers out there throughout the spring season.

我們擁有許多優秀品牌。我們與供應商建立了良好的合作關係。我們將從南向北一路前行，隨著季節更迭，隨著春天的到來，我們將逐步推進行程。我們希望能夠親自到現場，在客戶需要的地方與他們互動。因此，整個春季我們都會推出許多優惠活動。

I'll just add. In addition to that, we mentioned the Pro Extended Aisle, and we continue to make the investments. This is a multiyear build-out. And so as we think about it, that meaningful growth opportunity is still ahead of us. The investments that we have made with our Transform offerings in our home services business and to continuing to make the investments in the Total Home strategy.

我再補充一點。除此之外，我們也提到了專業加長通道，我們將繼續進行投資。這是一個需要多年才能完成的建設項目。所以仔細想想，真正有意義的成長機會仍然在我們前方。我們在家庭服務業務中透過 Transform 產品進行的投資，以及我們將繼續在全方位家居策略中進行投資。

And then I just wondered if we could follow up with Brandon, how we should be thinking about the cadence of transaction versus ticket throughout 2026?

然後我就想知道我們是否可以和 Brandon 探討一下，在 2026 年，我們該如何考慮交易與票據的節奏？

Yeah. Sure, Kate. I think similar, when we look at '26 and what's embedded with the guide, similar to the second half of 2025 that we saw, we do expect the growth to be more weighted towards ticket in the first half of '26, and that's primarily as we wrap the tariff price increases that we've been implementing.

是的。當然可以，凱特。我認為情況類似，當我們展望 2026 年以及指南中嵌入的內容時，與我們看到的 2025 年下半年類似，我們預計 2026 年上半年的增長將更多地集中在機票方面，這主要是因為我們正在逐步完成我們一直在實施的票價上漲。

And then as we move into the second half, we do expect to see transaction trends to improve. So we're going to start cycling that over the second half of the year and expect that to move more in line with neutral again as we start looking at the second half of the year.

然後，隨著我們進入下半年，我們預計交易趨勢將會改善。因此，我們將在今年下半年開始循環使用此策略，並預計隨著我們開始展望下半年，它將再次趨於中性。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

This is [Zack] on for Simeon. What are the strategic priorities for the wholesale distribution business? And can you give us an update on the integration of FBM and ADG with the core Lowe's business?

這是[Zack]代表Simeon上場。批發分銷業務的策略重點是什麼？您能否向我們介紹一下FBM和ADG與Lowe's核心業務整合的最新進展？

This is Marvin. I'll take the first part, and then I'll let Brandon jump in. First, what I would say is that we're really excited about the integration activities and the progress that we're making with both FBM and ADG. When you think about the future of acquisitions, we've already made a few tuck-in acquisitions for both FBM and ADG.

這是馬文。我先來，然後讓布蘭登接手。首先，我想說的是，我們對與 FBM 和 ADG 的整合活動和取得的進展感到非常興奮。當你考慮未來的收購計劃時，我們已經為 FBM 和 ADG 進行了一些補充收購。

And we feel as though we'll continue to do that to ensure that we're building out this interior solutions platform that we talk about. And our objective is to have the ability, when you combine Lowe's, ADG and FBM, to provide the homebuilder virtually everything they need for the interior space of the home. You think doors, windows, ceiling systems, insulation, appliances, cabinets, countertops.

我們覺得我們將繼續這樣做，以確保我們正在建立我們所談論的這個室內解決方案平台。我們的目標是，透過整合 Lowe's、ADG 和 FBM，為房屋建造商提供房屋內部空間所需的幾乎所有東西。你會想到門、窗、天花板系統、隔熱材料、電器、櫥櫃、檯面。

And so that is the strategic vision that we're building out for both. So as we think about future tuck-ins, they will be more than likely in that direction to ensure we're building out that portfolio of companies and products and services so we can serve that larger homebuilder.

因此，這就是我們正在為雙方建構的策略願景。因此，當我們考慮未來的收購計劃時，很可能會朝著這個方向發展，以確保我們能夠拓展公司、產品和服務組合，從而更好地服務大型住宅建築商。

I'll let Brandon provide some additional context.

我請布蘭登來補充一些背景資訊。

Yeah, sure, Zack. As we put some financials to this, as we look ahead to '26, I mentioned we're going to have revenue, we're guiding revenue of about $8 billion combined for ADG and FBM, that does represent organically low single-digit positive growth, solidly accretive to adjusted EPS as we look at 2026.

好的，扎克。當我們把一些財務數據放在這裡時，展望 2026 年，我提到我們將有收入，我們預計 ADG 和 FBM 的總收入約為 80 億美元，這代表著有機低個位數正增長，展望 2026 年，這將穩步提升調整後的每股收益。

We like what we're seeing on the commercial side with FBM as we manage through sort of the cyclicality of what we're seeing -- some of the near-term pressure we're seeing on the homebuilding side. As Marvin mentioned, we've activated our integration teams.

我們對FBM在商業方面的表現感到滿意，因為我們正在應對我們所看到的周期性波動——以及我們在住宅建設方面看到的一些短期壓力。正如馬文所提到的，我們已經啟動了整合團隊。

We continue to work together with both FBM and ADG on our strategies and plans to realize synergies, and we're making really nice early progress, specifically work that we've done with vendors on product costs, looking at SG&A, logistics, back office and then at the same time, really looking go forward the cross-selling opportunities that exist across all three of these businesses. So really nice progress, excited about what's ahead for 2026, and we'll continue to manage this and continue to get after it.

我們繼續與 FBM 和 ADG 共同製定策略和計劃，以實現協同效應，並且我們取得了非常好的初步進展，特別是我們與供應商在產品成本方面所做的工作，研究銷售、管理及行政費用、物流、後台運營，同時，我們也在真正著眼於這三家公司之間存在的交叉銷售機會。所以進展非常順利，對 2026 年充滿期待，我們將繼續努力，繼續前進。

That's helpful. And then just as a quick follow-up. If we adjust for the mix impact of these acquisitions, can you speak to what you're expecting for the core-on-core EBIT margin in '26, both at the low end and the high end of the range and how that relates to the rule of thumb, if you will?

那很有幫助。然後，我再快速補充一點。如果我們調整這些收購對業務組合的影響，您能否談談您對 2026 年核心業務 EBIT 利潤率的預期，包括預期範圍的低端和高端，以及這與經驗法則有何關係？

Yeah, sure, Zack. I think I mentioned earlier, stripping this out. Really, it's just a function of top line. So excluding the 30 basis points of step back, again, you're going to see at the high end, a reflection on our 2% comp, and that's if we see upside traction that we have with some of our sales driving initiatives, potential for tax refunds and then the low end is essentially on a flat comp for the core business is going to be at the low end.

好的，扎克。我想我之前有提到過，要把這個去掉。實際上，這只是總收入的一個因素。因此，撇開 30 個基點的調整不談，你會看到，在高位，我們將反映出 2% 的同業比較，前提是我們的某些銷售推動舉措能夠取得積極進展，以及潛在的退稅；而低位則基本上是基於核心業務的同業比較持平。

So really just a reflection, we mentioned the investment in the sales driving initiatives and then where we fall within that range is just going to be a function of how the top line plays out.

所以，實際上只是在反思，我們提到了對銷售驅動措施的投資，而我們在這個範圍內處於什麼位置，將取決於營收如何成長。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

The guidance you provided spans a bit broader of a range than Lowe's has historically provided. So if 2026 turns out to be meaningfully better or worse then that range, what internal and external key performance indicators would have told you that first? And what is that KPI seeing to date?

您提供的指導範圍比勞氏以往提供的要廣一些。因此，如果 2026 年的情況比上述範圍好得多或差得多，哪些內部和外部關鍵績效指標會先告訴你這一點？該KPI目前的表現如何？

Michael, this is Marvin. I'll take the first part of that. I think the best way to think about your question is whatever we get from a macro perspective in housing, we intend to outperform it. That is our internal expectation every year. And I think consistently, we've been able to do that.

邁克爾，我是馬文。我來回答第一部分。我認為思考你這個問題的最佳方式是，無論從宏觀角度來看，房屋市場會呈現什麼趨勢，我們都力求超越它。這是我們每年的內部預期。我認為我們一直以來都能做到這一點。

So we're basically forecasting home improvement macro to be relatively flat looking at 2026. And therefore, we set a guidance from 0% to 2% with the expectation that we'll outperform the macro and will take share against any competitors small or large and we think that we demonstrated that in the back of this year.

因此，我們基本上預測到 2026 年，家居裝修宏觀經濟將相對穩定。因此，我們設定了 0% 到 2% 的業績指引，期望能夠跑贏宏觀經濟，並從任何規模的競爭對手手中奪取市場份額，我們認為我們在今年晚些時候已經證明了這一點。

Having said that, there are always indicators in merchandising categories, certain financial metrics we're looking at. Obviously, the one thing that we look at closely relative to the DIY are big-ticket discretionary purchases. When we start to see a sustained number of discretionary big-ticket purchases from the DIY, that's going to give us an indication that the consumer is getting healthier, and they're more confident in making those purchases. So I'll let Brandon add any additional context.

話雖如此，商品類別中總是會有一些指標，我們會關注某些財務指標。顯然，與 DIY 相比，我們重點關注的是大額的非必需消費品。當我們開始看到消費者持續進行大量非必需的商品購買時，這表示消費者的健康狀況正在改善，他們也更有信心進行這些購買。那麼，就讓布蘭登來補充其他背景資訊。

Yeah, Michael, I would just add, a 2% spread has been pretty consistent the last couple of years as we've come out with the guide at the beginning of the year in an uncertain environment like this. And I'll just add a little bit more color to what Marvin said. This is really for us, I think where we fall is purely sort of indicative of overall home improvement in the macro and what plays out versus what doesn’t.

是的，邁克爾，我還要補充一點，過去幾年，我們在年初發布業績指引時，在像現在這樣不確定的環境下，2% 的價差一直相當穩定。我再補充一點馬文的話。我認為這對我們來說確實很重要，我認為我們所處的境地純粹反映了宏觀層面的整體家居改善情況，以及哪些因素會發揮作用，哪些因素不會發揮作用。

And I think on the low end, probably an environment where we're seeing elasticities a bit more pressured, deteriorating consumer sentiment, the continued deferral of big ticket spend which we've been experiencing now for a number of years.

我認為，在經濟低迷時期，可能會出現彈性受到一定壓力、消費者信心惡化、大額支出持續延遲（這種情況我們已經經歷了好幾年了）等情況。

And then on the high end, I think potentially some uptick in big-ticket discretionary projects, potential benefit from the tax refunds, HELOC activity, which we think is an opportunity for us and then obviously continued momentum in some of the core areas of the business, primarily Pro with some of the planned spend initiatives. So that's just to give you an indication sort of on the high end and the low end as to how the macro could play out and how that translates to where we fall within the guide.

在高端市場，我認為可能會出現一些大額可自由支配項目的增長，稅收退款帶來的潛在好處，房屋淨值信用額度活動（我們認為這對我們來說是一個機會），以及業務一些核心領域的持續增長勢頭，主要是專業領域，以及一些計劃支出舉措。所以，這只是為了讓您大致了解宏觀策略的上限和下限，以及這如何轉化為我們在指南中的位置。

That's very helpful. And my follow-up question is a bit broader of a question. But Marvin, there's a lot of focus in the market and in the economy as of late, about what all of the technological innovation is going to mean both for companies as well as industries. The home improvement sector seems to be perceived to be a bit more insulated at least as of today. So how are you thinking about the broader impact of artificial intelligence on home improvement? And how is Lowe's looking at the potential positive versus the drawbacks from deploying all this technology, both from a demand perspective as well as how it's evolving the cost structure over the next couple of years?

那很有幫助。我的後續問題範圍更廣一些。但是馬文，最近市場和經濟都在關注所有這些技術創新對公司和產業意味著什麼。至少就目前而言，人們普遍認為家裝業受到的影響較小。那麼，您如何看待人工智慧對家居裝修的更廣泛影響？那麼，勞氏公司是如何看待部署所有這些技術的潛在正面影響和不利影響的呢？包括從需求角度以及未來幾年成本結構的演進角度來看？

No. Michael, I appreciate your question. I think for us, we set an internal framework that AI will help us improve how we sell, shop, and work. And basically, as we think about AI internally, we frame it around those three strategic areas of our business.

不。邁克爾，感謝你的提問。我認為對我們來說，我們已經建立了一個內部框架，即人工智慧將幫助我們改善銷售、購物和工作方式。基本上，當我們內部思考人工智慧時，我們將其圍繞著我們業務的這三個策略領域。

And as a result of that, we're very focused on employing AI to help our associates sell to improve the shopping environment for our customers, both in-store and online and creating productivity in the workspace, both in-store and at our store support center.

因此，我們非常注重運用人工智慧來幫助我們的員工進行銷售，從而改善顧客在店內和線上的購物環境，並提高店內和門市支援中心的生產力。

And so some examples of that are things like our Mylow Companion which we are leveraging as a virtual assistant, not only for customers, but also as a companion tool for our associates. And we've seen roughly 1 million questions a month come through this virtual assistant in this companion tool.

例如，我們正在利用 Mylow Companion 作為虛擬助手，不僅為客戶提供服務，還作為我們員工的輔助工具。我們看到，在這個配套工具中，每個月大約有 100 萬個問題透過這個虛擬助理提出。

We've built this on an OpenAI platform. It learns and it gets better with every interaction. It helps our associates do the most difficult part of transition to a home improvement world, and that is product knowledge. One of the biggest challenges that Joe faces and our HR team faces whenever we bring on a new associate is giving them the confidence they can be on the sales floor, engage a customer and provide specific product knowledge.

我們基於 OpenAI 平台建立了它。它會不斷學習，每次互動都會變得更好。它幫助我們的員工克服向家裝業過渡時最困難的部分，那就是產品知識。每當我們招募新員工時，喬和我們的人力資源團隊面臨的最大挑戰之一就是讓他們有信心在銷售現場與顧客互動並提供具體的產品知識。

Not only does this platform and this assistant allowed that to happen, it also now can do it in Spanish that helps to break the language gap that we may have in certain geographic areas. And we've seen dramatic improvements in customer service in a 200 basis point range in our stores where sources are adopting this, and we're seeing our conversion rates online roughly double when customers engage with Mylow. So that is just one tangible example of how we're taking AI, and we're making it work, not in a philosophical, not in a theoretical perspective, but in a very tangible perspective.

這個平台和這個助手不僅實現了這一點，現在還能用西班牙語實現，這有助於打破某些地區可能的語言障礙。我們看到，在門市採用這種模式後，客戶服務水準顯著提高了 200 個基點；而且，當顧客與 Mylow 互動時，我們的線上轉換率也大約翻了一番。所以這只是我們如何運用人工智慧並使其發揮作用的具體例子，不是從哲學或理論的角度，而是從非常實際的角度。

And then as Joe mentioned in his prepared comments, we're leveraging this in Pro. We've now built a Pro Companion tool, which gives our Pro team the ability to understand exactly how to prepare for customer conversations. So when they engage with a large preplanned Pro, they can be informed, they can be -- have great advice and counsel, and they can provide good direction.

正如喬在事先準備好的評論中提到的那樣，我們將在 Pro 中利用這一點。我們現在開發了一款專業助理工具，使我們的專業團隊能夠準確地了解如何為與客戶的對話做好準備。因此，當他們與大型預先規劃的專業人士合作時，他們可以了解情況，可以獲得很好的建議和指導，並獲得良好的方向。

I can give you 50 examples of how Bill is leveraging this from the merchant team, how we're freeing up its merchants from being task-driven and now being more strategically driven working with suppliers on how we can drive revenue, how the tech team is using AI tools for development and code review, and they're seeing double-digit productivity gains and increasing speed to market.

我可以舉出 50 個例子來說明比爾是如何利用這一點的，從商家團隊開始，我們如何讓商家擺脫任務驅動，轉而更加註重戰略驅動，與供應商合作，探討如何提高收入；技術團隊如何使用人工智能工具進行開發和代碼審查，並且他們獲得了兩位數的生產力提升，產品上市速度也加快了。

And so we are embracing this as a net positive, and we're understanding that it's coming and we're on the cutting edge of working with it, and we're excited about some of the work we're doing in Agentic commerce with some of the leading tech platforms out there as well. So it's something as a large company that we understand is critically important to our current state in our future, and we're embracing it.

因此，我們欣然接受這一趨勢，並將其視為一件好事。我們明白它即將到來，我們正處於與它合作的最前線。同時，我們也對與一些領先的技術平台在智慧商務領域所進行的工作感到興奮。因此，作為一家大公司，我們明白這對我們目前的狀況和未來都至關重要，我們正在積極擁抱它。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Marvin, if you adjust for the weather and put the storms aside, are there commonalities in markets where you're seeing comp sales underperforming and where they're outperforming and basically, can you draw any conclusions from home prices or white-collar employment or other factors on a market-by-market basis?

馬文，如果將天氣因素排除在外，不考慮暴風雨的影響，那麼在同店銷售表現不佳和表現優異的市場中，是否存在一些共同點？基本上，你能否根據房價、白領就業或其他因素，逐一市場地得出一些結論？

Jonathan, thank you for the question. I can say that there are really no material differences that we're seeing in geographies if you strip out weather. Now we understand that there are different housing dynamics across the country, but we've seen no material difference in our overall financial performance in these geographies thus far.

喬納森，謝謝你的提問。可以說，如果排除天氣因素，我們在地理上實際上並沒有看到任何實質的差異。現在我們了解到全國各地的住房動態有所不同，但到目前為止，我們尚未發現這些地區的整體財務表現有實質差異。

And then a follow-up question. You referenced Lowe's Media Network. I was hoping you could share an update there in terms of how that's contributing from a P&L standpoint and how you see any tailwinds to the gross margin guide in 2026, Brandon, as that continues to grow.

然後又問了一個後續問題。你提到了勞氏媒體網。布蘭登，我希望你能分享這方面的最新進展，從損益表的角度來看，它是如何做出貢獻的，以及你認為隨著毛利率的持續增長，2026 年毛利率預期會有哪些利好因素。

Well, I can tell you, we're really excited about the Media Network. It's something that we've been investing in for a while. We've now hired a new leader. We've improved our technology platform. And what I'll do is I'll let both Bill and Brandon talk about how we're leveraging it from our supplier partnerships on Bill side and I'll let Brandon provide any financial perspective.

我可以告訴你，我們對媒體網絡感到非常興奮。這是我們一直以來都在投資的領域。我們現在已經聘請了一位新領導者。我們改進了技術平台。接下來，我會讓比爾和布蘭登分別談談我們如何利用與供應商的合作關係，比爾會從供應商的角度談談，布蘭登則會從財務角度談談。

Yeah. Marvin, I'll jump in here. Just a couple of things. We're leveraging insights from our customers from both our loyalty platforms, both the Pro and DIY, which is giving us a key differentiator for our media network. We're expanding channels, looking at creator networks, as I mentioned in my prepared remarks, across our sports marketing, connected TV and online video.

是的。馬文，我來插一句。就兩件事。我們正在利用我們兩個忠誠度平台（Pro 和 DIY）的客戶洞察，這為我們的媒體網路帶來了關鍵的差異化優勢。正如我在準備好的演講稿中提到的，我們正在拓展管道，專注於創作者網絡，涵蓋我們的體育行銷、連網電視和線上影片領域。

We're also looking at how we provide visibility and measurable results to our suppliers leveraging the value creation that we can drive here because we think with our media network, we open up a number of different avenues for these guys to be able to tap into. So we're excited about kind of where we're going and the early results of it, and we're in the early innings, but we're off and running.

我們也在研究如何利用我們在這裡創造的價值，為供應商提供可見度和可衡量的結果，因為我們認為，憑藉我們的媒體網絡，我們可以為這些供應商開闢許多不同的途徑。所以我們對未來的發展方向和初步成果感到興奮，雖然現在還處於起步階段，但我們已經開局順利。

And Jonathan, this is Brandon. The last thing I'll say, just the benefits of Media Network, the advertising revenue, the growth is reflected in our expectation of $1 billion of productivity into 2026. That's roughly split evenly into gross margin, which would include the benefits from the media network and then the other half in expense. And again, factored in the growth, it's scaling in line with our expectations and going to be a big part of what we expect to deliver for 2026.

喬納森，這位是布蘭登。最後我想說的是，媒體網路帶來的好處、廣告收入和成長，都體現在我們預計到 2026 年將實現 10 億美元的生產力成長。這大致平均分為毛利和支出兩部分。毛利包括媒體網絡帶來的收益，而支出則佔一半。再次考慮到成長因素，它的規模正按我們的預期擴大，並將成為我們預計在 2026 年實現的目標的重要組成部分。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

So first question I have, I guess, is more macro standpoint, a lot of thoughts [lately] (corrected by company after the call) call about the ongoing stagnation in the US housing market and the headwind of higher rates. The question I want to ask, we started to maybe see rates move lower in the data as you're watching your data, are you seeing -- again, recognizing it's early -- are you seeing some type of benefit as rates have started to move lower? And then if not, is there -- are you starting to see -- I guess the other question, would you be seeing some type of break what would that normally be that relationship between rate and your business?

所以我的第一個問題，我想，更多的是從宏觀角度來看，最近有很多想法（在電話會議後公司進行了更正）是關於美國房地產市場持續停滯和利率上升帶來的不利影響。我想問的問題是，隨著您觀察數據，我們可能開始看到利率下降，您是否看到——再次強調，現在還為時過早——隨著利率開始下降，您是否看到了某種好處？如果沒有，那麼——你是否開始看到——我想另一個問題是，你是否看到某種斷裂，通常情況下，利率和你的業務之間的關係是什麼？

Brian, this is Marvin. I'll take the first part of that. Look, I would say that we are obviously watching this really close, but you said it, it's just a little too early to have any definitive point of view that there's a correlation between rates going down of late and any type of demand changes in the marketplace.

布萊恩，這是馬文。我來回答第一部分。你看，我想說我們顯然在密切關注此事，但正如你所說，現在就斷言近期利率下降與市場需求變化之間存在任何關聯還為時過早。

Look, we think intuitively that when you get rates down on a sustainable basis below 6%. We think that that's going to be as much of a psychological unlock as anything else, but it's just too early for me to sit here today and give you a definitive financial point of view on it, and I'll let Brandon provide some --

你看，我們憑直覺認為，當利率能持續低於 6% 時。我們認為這在很大程度上會起到心理上的解脫作用，但現在對我來說，坐在這裡給出明確的財務分析還為時過早，我會讓布蘭登來談談這個問題。--

Yeah. Brian, I'll just add. We've looked at the Fed cut 175 basis points in the last 18 months, there's a consensus of a couple of more cuts, 50 basis points this coming year in 2026. The near-term impact that is easing the burden for consumers in areas like credit cards, auto loans, HELOCs. Watching the long end of the curve, more particularly, which is as you know, pegged to the 10-year, which has been hovering somewhere around 4% to 4.5%. We do look at sub-6% rates as potentially stimulating demand. We saw that this week for the first time, dip just below 6%.

是的。布萊恩，我再補充一點。我們已經看到聯準會在過去 18 個月裡降息 175 個基點，市場普遍認為還會再降息幾次，明年（2026 年）將降息 50 個基點。短期影響在於減輕消費者在信用卡、汽車貸款、房屋淨值信用額度等領域的負擔。尤其要專注於曲線的長期部分，如你所知，它與 10 年期公債掛鉤，而 10 年期公債殖利率一直在 4% 到 4.5% 左右徘徊。我們認為低於 6% 的利率有可能刺激需求。本週我們看到，這一數字首次跌破 6%。

Translating all of that into the guide, there is a delay. As Marvin referenced, we don't know exactly when that's going to start to take shape and how that's going to impact consumer spending. And again, for us, that's what's resulted in us having a little bit wider range, just given the opportunity and some of the uncertainty that continues to be out there.

將所有這些內容翻譯成指南需要一些時間。正如馬文所提到的，我們並不確切知道這種情況何時會開始形成，以及這將如何影響消費者的支出。再次強調，對我們來說，正是因為有這樣的機會和不確定性，我們才得以擁有更廣闊的發展空間。

That's helpful. I appreciate it. And then my follow-up question, I guess, also a bigger picture. But just with respect to tariffs, you and your sector have done a very good job of managing the tariffs we've seen. So we've gotten, I guess, new news, maybe some further shifts in tariff rates, again, recognizing this is also early. But any thoughts on what we're seeing now and the adjustments that could spur within your business?

那很有幫助。謝謝。那麼，我的後續問題，我想，也是從更宏觀的角度來看。但就關稅而言，您和您的行業在管理我們所看到的關稅方面做得非常好。所以，我想我們得到了一些新的消息，可能是關稅稅率的進一步調整，當然，我們也意識到現在下結論還為時過早。但對於我們目前看到的情況以及可能促使貴公司做出的調整，您有什麼看法？

So Brian, I'll state the obvious. The tariff policy is fluid. We're currently reviewing all the new rules like everyone else. What I will tell you is that we remain confident in our full year guide regarding the top and bottom line. And in the meantime, we're just going to continue to execute our global sourcing playbook, and we're going to just be in tune to everything that is changing and adjusting and again, it's just such a fluid situation.

布萊恩，我就說句顯而易見的事吧。關稅政策是動態變動的。我們目前正像其他人一樣，仔細研究所有的新規。我可以告訴大家的是，我們對全年營收和利潤預期仍然充滿信心。同時，我們將繼續執行我們的全球採購策略，並密切關注所有變化和調整，因為情況瞬息萬變。

It's just too early, again, to have a really specific point of view other than we have a very, very effective playbook. We're going to manage their playbook, and we're going to be very, very alert to any other changes that happen.

現在就提出具體的觀點還為時過早，除了我們擁有一套非常非常有效的策略之外，我們無法得出其他確切的結論。我們將密切注意他們的行動方案，並對可能發生的任何其他變化保持高度警惕。

Appreciate it. Thanks, Marvin.

謝謝。謝謝你，馬文。

Great. So everyone that's our final question, and I'd like to close with a couple of comments. First, I'd like to take a moment to recognize Kate Pearlman, our VP of Investor Relations and Treasurer, after a distinguished tenure with Lowe's, Kate has decided it's the right time to embark on a new chapter of her professional journey.

偉大的。好了，各位，這是我們的最後一個問題，最後我想補充幾點。首先，我想藉此機會表彰我們的投資者關係副總裁兼財務主管凱特·珀爾曼。在勞氏公司擔任要職多年後，凱特決定開啟她職業生涯的新篇章。

While we are sad to see her go, she leaves us on the highest note having built a world-class IR and Treasury function. So we want you to join us in thanking Kate for her years of dedication to Lowe's, wishing her nothing but grace, favor and blessings in her future endeavors. And we now look forward to speaking with you again on our May 20 earnings call.

雖然我們很遺憾她要離開，但她為我們留下了最輝煌的成就，她建立了一個世界一流的投資者關係和財務部門。所以，我們希望大家和我們一起感謝凱特多年來對勞氏公司的奉獻，祝福她在未來的事業中一切順利，平安喜樂，福星高照。我們期待在5月20日的財報電話會議上再次與您交流。

So Rob, that's all we have.

羅布，這就是我們掌握的全部資訊了。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for joining us for the Lowe's fourth quarter 2025 earnings call. Thank you.

謝謝。今天的會議到此結束。您可以暫時斷開線路了，感謝您參加勞氏公司 2025 年第四季財報電話會議。謝謝。