勞氏公司 (LOW) 2026 Q1 法說會逐字稿

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Good morning, everyone. Welcome to Lowe's Companies first-quarter 2026 earnings conference call. My name is Rob, and I'll be your operator for today's call. As a reminder, this conference call is being recorded.

各位早安。歡迎參加 Lowe's Companies 2026 會計年度第一季財報電話會議。我是 Rob，將擔任今天會議的接線員。提醒各位，本次電話會議將進行錄音。

I'll now turn the call over to Shelly Hubbard, Vice President of Investor Relations.

接下來我將把電話交給投資人關係副總裁 Shelly Hubbard。

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，各位早安。今天與我一同出席的有：董事長兼執行長 Marvin Ellison；執行副總裁（商品採購）Bill Boltz；執行副總裁（門市營運）Joe McFarland；以及執行副總裁兼財務長 Brandon Sink。

I would like to remind you that our notice regarding forward-looking statements is included in our press release this morning, which can be found on Lowe's Investor Relations website. During this call, we will be making comments that are forward-looking, including our expectations for fiscal 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，我們關於前瞻性陳述的公告已包含在今天早上發布的新聞稿中，可於 Lowe's 投資人關係網站查閱。在本次電話會議中，我們將發表前瞻性評論，包括我們對 2026 會計年度的預期；由於各種風險、不確定性及重要因素（包括我們 Form 10-K 年報及其他向 SEC 申報文件中風險因素、管理階層討論與分析（MD&A）及其他章節所討論者），實際結果可能與明示或暗示的內容有重大差異。

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，我們也將討論若干非 GAAP 財務衡量指標。這些項目與美國 GAAP 的調節表可於我們投資人關係網站的「季度財報」專區查閱。

Now I'll turn the call over to Marvin.

現在我把電話交給 Marvin。

Thank you, Shelly. Good morning, everyone. Before we begin, let me take a moment and welcome Shelly Hubbard to the team. Shelly recently joined Lowe's as Vice President of Investor Relations, and we're excited to have her on board.

謝謝你，Shelly。各位早安。在開始之前，讓我先花點時間歡迎 Shelly Hubbard 加入團隊。Shelly 近期加入 Lowe's 擔任投資人關係副總裁，我們很高興她加入。

Now let's start with our results. In the first quarter, we delivered sales of $23.1 billion with comparable sales increasing 0.6%, leading to adjusted diluted earnings per share of $3.03, up 3.8% versus the prior year. Our results were driven by strong spring execution, along with continued strength in Pro, Appliances, Online and Home Services.

現在來看我們的業績。第一季我們實現銷售額 231 億美元，同店銷售成長 0.6%，帶動調整後稀釋每股盈餘達 3.03 美元，較去年同期成長 3.8%。我們的成果主要來自強勁的春季檔期執行力，以及 Pro（專業客群）、家電、線上與居家服務的持續強勢表現。

We're pleased with our performance this quarter despite February storms that slowed the start of the spring season. Our teams executed at a high level throughout the quarter, particularly during SpringFest, where we were well positioned with strong in-stocks, compelling offers, targeted member deals and traffic-driving store events. Bill will provide additional perspective on our spring performance later in the call.

儘管 2 月的風暴延緩了春季旺季的開端，我們仍對本季表現感到滿意。我們的團隊在整個季度都以高水準執行，尤其是在 SpringFest 期間；我們在庫存充足、具吸引力的優惠、精準的會員專屬方案，以及帶動人流的門市活動方面都準備充分。稍後 Bill 會在電話會議中提供更多關於春季表現的觀點。

Our continued growth in Pro, Online and Home Services in Q1 reflects how our Total Home Strategy is positioning Lowe's for short- and long-term market share gains. Starting with Pro. We maintain our momentum with our competitive assortment of national brands, consistent strong in-stock position and outstanding service levels.

第一季 Pro、線上與居家服務的持續成長，反映我們的「全方位居家（Total Home）策略」正使 Lowe's 在短期與長期都具備提升市占率的定位。先從 Pro 談起：我們憑藉具競爭力的全國性品牌組合、持續強勁的現貨供應（in-stock）狀態，以及卓越的服務水準，維持成長動能。

Additionally, we are pleased that our loyalty program, MyLowe's Pro Rewards designed specifically for the small to medium Pro continues to resonate with our customers. Combined, these investments are providing the reliability, value and convenience our Pro customers have come to expect from Lowe's.

此外，我們也很高興看到專為中小型 Pro 客戶設計的忠誠計畫 MyLowe's Pro Rewards 持續獲得客戶認同。綜合而言，這些投資正提供我們的 Pro 客戶所期待的可靠性、價值與便利性。

Now shifting to Online. We delivered sales growth of 15.5% this quarter driven by continued enhancements to our user experience, standout online deals and improved fulfillment capabilities, including same-day delivery. And to enhance the value of our loyalty programs, we began offering free same-day delivery for purchases over $25 for MyLowe's Rewards and MyLowe's Pro Rewards members.

接著談線上業務。本季我們的銷售成長 15.5%，主要受惠於持續提升的使用者體驗、突出的線上優惠，以及更佳的履約能力（包括當日送達）。為了提升忠誠計畫的價值，我們也開始為 MyLowe's Rewards 與 MyLowe's Pro Rewards 會員提供單筆消費滿 25 美元即可享有免費當日送達。

This offering further differentiates our loyalty experience, helping to drive increased member engagement for both DIY and Pro customers. We're also pleased by the impact of Mylow, our AI-powered shopping assistant is having on the online shopping experience, giving our customers the ability to ask questions on recommendations, project guidance and other home improvement needs.

此項方案進一步差異化我們的會員體驗，有助於提升 DIY 與 Pro 客戶的會員互動。我們也很高興看到 Mylow（我們的 AI 驅動購物助理）對線上購物體驗帶來的影響，讓客戶能就推薦、專案指引及其他居家改善需求提出問題。

Since launching one year ago, Mylow adoption has scaled meaningfully and now supporting over 1 million customer inquiries each month. Importantly, the conversion rate for online customers who use Mylow is triple that of customers who do not use the tool, suggesting a well-designed agentic AI experience can be a clear driver in the purchasing decision.

自一年前推出以來，Mylow 的採用率已顯著擴大，目前每月可支援超過 100 萬筆客戶詢問。更重要的是，使用 Mylow 的線上客戶轉換率是未使用者的三倍，顯示設計良好的代理式（agentic）AI 體驗能明確推動購買決策。

Turning to Home Services. We again delivered growth this quarter, underscoring our ability to capture market share in a highly fragmented category and reinforcing that our enhanced installation experience continues to resonate with homeowners undertaking complex projects. Additionally, we recently announced HomeCare+, a first-of-its-kind subscription service to support customers with routine home maintenance tasks.

再來看居家服務。本季我們再次實現成長，凸顯我們在高度分散的類別中擴大市占的能力，也強化了我們升級後的安裝體驗持續獲得進行複雜專案的屋主青睞。此外，我們近期宣布推出 HomeCare+，這是一項首創的訂閱制服務，用以協助客戶處理例行的居家維護工作。

This service taps high-performing, technically trained Red Vest Lowes store associates to help busy customers stay on top of their to-do list. HomeCare+ is available exclusively to MyLowe's Rewards members, further strengthening customer engagement and loyalty while building long-lasting relationships with our DIY customers.

這項服務運用表現優異、具技術訓練的 Lowe's「紅背心（Red Vest）」門市同仁，協助忙碌的客戶掌握待辦事項。HomeCare+ 僅提供給 MyLowe's Rewards 會員，進一步強化客戶互動與忠誠度，同時與我們的 DIY 客戶建立長期關係。

Let me now transition to our view of the macro environment. While DIY demand remains under pressure, we're continuing to grow market share in a challenging housing environment shaped by elevated interest rates, higher cost, and low housing turnover. And while we expect the broader market to remain flat in 2026, our focus remains on disciplined execution of our Total Home Strategy, driving continued growth regardless of market conditions.

接著談我們對總體環境的看法。雖然 DIY 需求仍承受壓力，但在高利率、成本上升與住宅換手率偏低所形塑的艱困房市環境下，我們仍持續提升市占率。儘管我們預期 2026 年整體市場將持平，我們仍將專注於有紀律地執行「全方位居家策略」，不論市場狀況如何都推動持續成長。

We believe Lowe's is well positioned not only to perform in this environment but to deliver meaningful upside as macro conditions normalize. Which brings me to our acquisitions of FBM and ADG. Our near-term integration efforts are on track as we focus on extracting cost synergies from overlapping areas of spend and at the same time, exploring cross-selling opportunities. We remain confident that FBM and ADG will enable Lowe's to capitalize on the future recovery of the residential homebuilding market.

我們相信 Lowe's 不僅能在此環境中維持良好表現，當總體條件回歸正常時也能帶來顯著上行空間。這也帶到我們對 FBM 與 ADG 的收購案：短期整合工作正按計畫推進，我們聚焦於從重疊的支出領域擷取成本綜效，同時探索交叉銷售機會。我們仍有信心，FBM 與 ADG 將使 Lowe's 能把握未來住宅新建市場復甦所帶來的機會。

Before I close, I'd like to highlight our expanded commitment to the skilled trades. The Lowes Foundation recently announced a $250 million investment to help train and develop the next generation of skilled trades people.

在結束前，我想強調我們對技術工種（skilled trades）更進一步的承諾。Lowe's 基金會近期宣布投入 2.5 億美元，協助培訓並發展下一代技術工人。

Through this effort, we aim to support approximately 250,000 individuals, helping address the growing need for skilled labor across our industry and beyond. This investment reflects our commitment to strengthening the communities we serve and create an economic opportunity while also supporting long-term demand for the home improvement and construction industry.

透過這項計畫，我們目標支持約 25 萬名個人，協助因應我們產業及其他領域對技術勞動力日益增加的需求。這項投資反映我們致力於強化所服務的社區並創造經濟機會，同時也支持居家改善與建築產業的長期需求。

In closing, I'd like to thank our frontline associates for their continued dedication throughout our busy spring season. Their commitment to serving customers and supporting the communities where we live and work are critical to our success.

最後，我要感謝第一線同仁在繁忙春季期間持續投入與奉獻。他們致力於服務客戶並支持我們生活與工作的社區，對我們的成功至關重要。

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

接下來我把電話交給 Bill。

Thanks, Marvin, and good morning, everyone. We're pleased that we delivered positive comp sales for the fourth consecutive quarter, driven by strong performance in our spring seasonal categories across all three geographic divisions. We accomplished this despite a slow start to the quarter after winter storms hit much of the country.

謝謝你，Marvin，各位早安。我們很高興連續第四個季度實現同店銷售正成長，主要由三大地理區域的春季季節性品類強勁表現所帶動。即便冬季風暴影響全國多地、使本季開局偏慢，我們仍達成此成果。

Before I walk through our performance, let me start with a quick update on our merchandising structure. We recently realigned select product categories, reducing our merchandise divisions from 14 to 13. Most notably, we combine power tools with outdoor power equipment to create a standalone Power Equipment division. This change will help us manage our battery platforms under one team and improve coordination and alignment between our merchants and supplier partners.

在我說明業績之前，先快速更新我們的商品採購組織架構。我們近期重新調整部分產品類別，將商品事業部由 14 個縮減為 13 個。最值得注意的是，我們把電動工具與戶外電動設備合併，成立獨立的「動力設備（Power Equipment）」事業部。此變更將有助於我們在同一團隊下管理電池平台，並提升我們的採購團隊與供應商夥伴之間的協作與一致性。

Turning now to our performance in hardlines. We delivered positive comp sales across every merchandise division, including Lawn and Garden, Seasonal and Cleaning, Tools and Hardware and Power Equipment. As spring kicked into full gear, we saw broad-based growth in many of our seasonal categories.

接著看硬線（hardlines）表現。我們在每個商品事業部都實現同店銷售正成長，包括草坪與園藝、季節性與清潔、工具與五金，以及動力設備。隨著春季全面展開，我們在多個季節性品類看到廣泛的成長。

This performance reflects strong alignment between our merchandising, marketing, supply chain and store teams, all focused on serving customers and converting demand as weather improved. Our merchants ensured we had the strongest lineup and the best values.

這樣的表現反映我們商品採購、行銷、供應鏈與門市團隊之間的高度協同，大家都聚焦於服務客戶，並在天候改善時將需求轉化為銷售。我們的採購團隊確保我們擁有最強的產品陣容與最佳的價值。

Our marketing team delivered a clear and compelling message to drive traffic to our stores and our website. Our supply chain team kept product in stock, and our stores executed at a high level with excellent customer service.

我們的行銷團隊傳遞清晰且具吸引力的訊息，帶動客流進入門市與網站。我們的供應鏈團隊確保商品不缺貨，而門市也以高水準執行並提供優質客戶服務。

A key driver of this performance was our third annual SpringFest event, where we leaned into our MyLowe's Rewards loyalty program and gave customers what they told us they want most: extended savings, rewards and convenient delivery options, including free same-day delivery on key items like mulch, one of the most popular spring projects.

推動此表現的關鍵因素之一，是我們第三屆年度 SpringFest 活動；我們加大運用 MyLowe's Rewards 忠誠計畫，並提供客戶告訴我們最想要的內容：延長折扣、回饋獎勵與便利的配送選項，包括在覆蓋物（mulch）等重點商品上提供免費當日送達，而覆蓋物正是春季最受歡迎的專案之一。

These offers resonated with customers and gave them more reasons to choose Lowe's for their spring home improvement needs. As a result, we saw a standout performance in live goods, landscape products and hardscapes from great brands like Scotts, Oldcastle and Pavestone, along with strong engagement from customers shopping for patio furniture and riding lawn mowers.

這些優惠引起客戶共鳴，讓他們有更多理由在春季居家改善需求上選擇 Lowe's。因此，我們在活體植栽（live goods）、景觀產品與硬質景觀（hardscapes）方面表現突出，品牌包括 Scotts、Oldcastle 與 Pavestone 等；同時，選購庭院家具與乘坐式割草機的客戶互動也相當強勁。

This performance was supported by our industry-leading lineup of outdoor power equipment brands, such as John Deere, Toro, EGO, Husqvarna, CRAFTSMAN and Kobalt, where we drove strong engagement, including during our Toro and Ego Days events.

這項表現得益於我們業界領先的戶外動力設備品牌陣容，例如 John Deere、Toro、EGO、Husqvarna、CRAFTSMAN 與 Kobalt；我們帶動了強勁的顧客互動，包括在我們的 Toro Days 與 Ego Days 活動期間。

And as we continue to focus on improving our space productivity, a key pillar of our Total Home Strategy, we grew sales in categories like workwear and pet, where our strong offering includes national brands like Carhartt, Dickies and Wrangler Apparel, and private brands like Heart & Herd Pet Toys and Treats. We remain on track to complete the national rollout of workwear and pet to all of our stores by the end of the year.

此外，隨著我們持續聚焦提升空間生產力（Total Home Strategy 的關鍵支柱之一），我們在工作服與寵物等品類的銷售成長；我們的強勢商品組合包含 Carhartt、Dickies 與 Wrangler Apparel 等全國性品牌，以及 Heart & Herd Pet Toys and Treats 等自有品牌。我們仍按計畫在年底前完成將工作服與寵物品類推廣至所有門市的全國性導入。

Now turning to Building Products. We continue to drive growth in Pro-driven categories, particularly in Rough Plumbing and Electrical, especially with our core small- to medium-sized Pro, who remains busy with repair and maintenance projects. The warmer-than-average weather in March across much of the country, combined with our strong in-stock position, led to standout performance in irrigation and sprinkler projects.

接著談建材（Building Products）。我們持續推動由 Pro（專業客戶）帶動的品類成長，特別是在粗配管（Rough Plumbing）與電工（Electrical）領域，尤其是我們核心的小型至中型 Pro 客戶，仍忙於維修與保養專案。全國多數地區 3 月氣溫高於平均，加上我們強勁的現貨供應狀況，使灌溉與噴灑系統專案表現突出。

And we also saw a particular strength in HVAC and water heaters, supported by our improved Lowe's Home Services offering, which provides fast, convenient repair and installation for our do-it-for-me customers, with simple scheduling, professional service and the confidence that comes with an experience backed by Lowe's.

我們也看到 HVAC 與熱水器的特別強勁表現，這得益於我們改善後的 Lowe's Home Services 服務，為「交給我們做」（do-it-for-me）的客戶提供快速、便利的維修與安裝，具備簡化的排程、專業服務，以及由 Lowe's 背書的安心體驗。

And this capability continues to also drive our millwork category, which again delivered positive comps in the quarter, driven by windows and doors. Customers are returning to Lowe's for these replacement projects supported by our leading brands such as Pella, Therma-Tru and Larson, which are exclusive in the home center channel.

這項能力也持續帶動我們的木作（millwork）品類；該品類本季再次實現同店銷售成長（positive comps），主要由窗戶與門帶動。顧客正回到 Lowe's 進行這些汰換專案，並由 Pella、Therma-Tru 與 Larson 等領先品牌支援，這些品牌在家居中心通路為獨家。

And lastly, to Home Decor, where we drove positive comp sales in Appliances and Paint. In appliances, we continue to drive sales with our broad assortment of the leading brands, fast delivery and best-in-class omnichannel experience, positioning Lowe's as the destination for urgent replacement purchases.

最後談到家居裝飾（Home Decor），我們在家電與油漆品類帶動了正向同店銷售。在家電方面，我們憑藉涵蓋領先品牌的廣泛選品、快速配送與同級最佳的全通路體驗持續推動銷售，將 Lowe's 定位為緊急汰換購買的首選目的地。

As a reminder, approximately 70% of appliance transactions are driven by a duress occasion, where a customer needs to replace a refrigerator or a washing machine quickly. Customers can research appliances online, come into the store and work with a knowledgeable Red Vest associate, and then choose to complete the transaction wherever and however they prefer.

提醒一下，約 70% 的家電交易是由「緊急情境」（duress occasion）驅動，也就是顧客需要迅速更換冰箱或洗衣機。顧客可以先在線上研究家電，接著到店與熟悉產品的 Red Vest 門市同仁合作，然後選擇以他們偏好的任何地點與方式完成交易。

This is where Lowe's continues to stand out. We're the only retailer that can deliver and install major appliances next day in virtually every ZIP Code in the US, a capability that continues to drive our performance.

這正是 Lowe's 持續脫穎而出的地方。我們是唯一一家幾乎能在美國所有郵遞區號（ZIP Code）提供隔日配送並安裝大型家電的零售商，而這項能力持續推動我們的業績表現。

Now let's shift to Paint, another area where we're driving results through an improved customer experience. This quarter, we delivered growth across multiple categories, including interior paint, sundries, tools, stain, spray paint and buckets. Behind our performance in paint is the work our teams have been doing to remove friction from the shopping experience from simplifying the in-store journey to make it easier for customers to navigate the category online.

接著談油漆（Paint），這也是我們透過改善顧客體驗來推動成果的另一個領域。本季我們在多個品類實現成長，包括室內漆、配件耗材（sundries）、工具、木器漆（stain）、噴漆與水桶。油漆業績背後，是我們團隊持續降低購物摩擦的努力，從簡化店內動線，到讓顧客更容易在線上瀏覽該品類。

We've enhanced our digital experience with a paint color visualizer, improved online product information and created a more intuitive checkout experience, all of which are driving stronger online engagement and conversion. At the same time, we're partnering closely with our vendor partners, like Sherwin Williams to elevate the in-store support for our Red Vest associates ensuring that they have the tools and expertise to guide customers with confidence and help them drive sales across the category.

我們強化了數位體驗，加入油漆色彩視覺化工具（paint color visualizer）、改善線上商品資訊，並打造更直覺的結帳體驗，這些都帶動更強的線上互動與轉換。同時，我們也與 Sherwin Williams 等供應商夥伴緊密合作，提升店內對 Red Vest 同仁的支援，確保他們具備工具與專業能力，能更有信心地引導顧客，並協助推動整個品類的銷售。

Finally, as we move through quarter two, we're excited about the value, innovation and fast and free delivery options we're offering around key holidays like Memorial Day, Father's Day and July 4, with a strong focus on key seasonal categories like lawn and garden, patio furniture and drills from Weber, Charbroil and Blackstone.

最後，隨著我們進入第二季，我們對於在國殤日（Memorial Day）、父親節與 7 月 4 日等重要節日檔期所提供的價值、創新，以及快速且免運的配送選項感到振奮；我們也將重點聚焦在草坪與園藝、戶外庭院家具，以及來自 Weber、Charbroil 與 Blackstone 的烤爐等關鍵季節性品類。

We're also looking forward to building on our partnership with Lionel Messi this summer as fans around the world tune in for the World Cup. Our campaign includes a limited edition 10-foot Messi inflatable and exclusive fan experiences that tap into the growing soccer culture across North America.

我們也期待在今年夏天延續與 Lionel Messi 的合作，因為全球球迷將收看世界盃。我們的行銷活動包含限量版 10 英尺 Messi 充氣人偶，以及獨家球迷體驗，呼應北美日益成長的足球文化。

As I close, I want to thank our merchants, our MST associates and our supplier partners for their continued collaboration and strong execution as we kicked off spring. And with that, I'll turn the call over to Joe.

在結語之前，我要感謝我們的採購團隊（merchants）、MST 同仁以及供應商夥伴，在春季啟動之際持續協作並展現強勁的執行力。接下來我把電話會議交給 Joe。

Thank you, Bill, and good morning, everyone. Let me start by thanking our frontline associates for their hard work throughout the spring season. Their commitment to delivering outstanding service to our customers during one of our busiest times of the year continues to make a meaningful difference across our stores.

謝謝你，Bill，各位早安。我先感謝我們第一線同仁在整個春季旺季期間的辛勤付出。他們在一年中最繁忙的時段之一，仍致力於為顧客提供卓越服務，持續在各門市帶來實質的正面影響。

Their focus showed up this quarter and strong customer satisfaction scores during SpringFest as our team prioritized execution and delivered a consistent experience across all departments. Customers also appreciated our flexible fulfillment options as they work to complete their spring projects, including same-day delivery for their time-sensitive needs, which you heard about from Marvin and Bill.

他們的專注在本季充分展現：在 SpringFest 期間，當團隊優先落實執行並在各部門提供一致體驗時，我們取得了強勁的顧客滿意度分數。顧客也肯定我們彈性的履約選項，協助他們完成春季專案，包括針對時間敏感需求的當日配送；你們也已從 Marvin 與 Bill 那裡聽到相關內容。

Fulfillment is just one of the improvements enabled by our transformed front-end layout, which provides a smoother pickup experience for customers using buy online, pick up in store for drivers executing same-day deliveries and for our associates serving them both.

履約只是我們前端動線改造後所帶來的改善之一；新的前端配置為使用「線上購買、到店取貨」（buy online, pick up in store）的顧客、執行當日配送的司機，以及同時服務兩者的門市同仁，提供更順暢的取貨體驗。

Turning now to our first-quarter performance and starting with Pro, where we delivered another quarter of growth. We continue to build on our momentum with our core small- to medium-sized Pro customer, who has remained resilient in this macro environment.

接著談第一季表現，先從 Pro 業務開始，我們再度實現一季成長。我們持續在核心小型至中型 Pro 客戶上累積動能；在此宏觀環境下，他們仍展現韌性。

Pros are responding positively to the enhanced tools we've deployed digitally and at the Pro desk, which are designed to save time and simplify the shopping experience. And we're continuing to leverage AI to create new capabilities.

Pro 客戶對我們在數位端與 Pro 服務台所部署的強化工具反應正面，這些工具旨在節省時間並簡化購物體驗。我們也持續運用 AI 來打造新能力。

A recent example is our launch of materials list. Pros can bring in the list in just about any format, whether a photo, handwritten note, PDF or spreadsheet, and our associates can use this tool to convert it into an actionable quote. In the past, this was a manual task, which meant generating these quotes could take days, taking associates away from serving Pro customers.

近期的一個例子是我們推出的材料清單（materials list）。Pro 客戶幾乎可以用任何格式帶來清單，不論是照片、手寫便條、PDF 或試算表，而我們的同仁可使用此工具將其轉換為可執行的報價。過去這是人工流程，代表產出這些報價可能需要好幾天，並使同仁無法專注服務 Pro 客戶。

Now with this AI-enabled tool, we've reduced that time from days to minutes. In a recent survey, our core Pro customers indicated their backlogs are generally stable, but they have concerns about the growing costs associated with labor as they continue to navigate a constrained labor market.

現在透過這項 AI 賦能工具，我們已將時間從「天」縮短到「分鐘」。在近期一項調查中，我們的核心 Pro 客戶表示其在手訂單（backlogs）整體上大致穩定，但在持續面對緊縮的勞動市場之際，他們對與人力相關的成本上升感到憂心。

On this note, I'd like to take a moment to reiterate what you heard from Marvin about our expanded commitment to address the nation's skilled trades workforce gap. Our Pro customers are at the forefront of this growing demand, and we hear from them directly about the difficulty in hiring trained workers to fill out their crews.

就此我想花點時間重申 Marvin 提到的內容：我們擴大承諾以因應全國技術工種（skilled trades）人力缺口。我們的 Pro 客戶正站在這股需求成長的最前線，我們也直接從他們那裡聽到，招募受訓勞工以補足施工團隊人力有多麼困難。

This is one of the most critical challenges facing the home improvement industry and this $250 million investment by the Lowe's Foundation is integral to supporting our Pro customers and helping them grow their business.

這是家居修繕產業面臨的最關鍵挑戰之一，而 Lowe's Foundation 的 2.5 億美元投資，對於支持我們的 Pro 客戶並協助他們拓展業務至關重要。

Switching gears now to our perpetual productivity improvement, or PPI initiatives with in-store operations. Over the past year, we continued to scale Mylow Companion, our AI-powered tool designed to support associates on the sales floor. We've enhanced this capability with new features, including voice detect, to help associates access information more quickly and confidently. And we've expanded its language capabilities, so associates can now ask for and receive information in Spanish.

接著談我們持續性的生產力改善（perpetual productivity improvement，PPI）計畫與門市營運。過去一年，我們持續擴大導入 Mylow Companion，這是我們的 AI 驅動工具，旨在支援賣場第一線同仁。我們也新增功能以強化此能力，包括語音偵測（voice detect），協助同仁更快速且更有信心地取得資訊。同時我們擴充了語言能力，因此同仁現在也能以西班牙語提出問題並取得資訊。

Our associates are embracing this technology. In fact, they have asked more than 5 million questions through Mylow companion since its launch, reflecting strong adoption across our stores. As we continue to integrate AI-enabled tools into our operations, we're making it easier for associates to deliver a better customer experience while driving productivity at the same time.

我們的同仁正積極採用這項技術。事實上，自 Mylow Companion 上線以來，他們已透過該工具提出超過 500 萬個問題，反映出在各門市的高度採用。隨著我們持續將 AI 賦能工具整合進營運流程，我們讓同仁更容易提供更佳的顧客體驗，同時也提升生產力。

We're also making progress on our Freight Flow 3.0 and full shelf replenishment initiatives. These efforts accelerate the speed of product from the distribution center to the sales floor while better leveraging our associates' time. As a result, we are improving in-stocks, making it easier for customers to find the product they need to complete their projects.

我們在 Freight Flow 3.0 與全貨架補貨（full shelf replenishment）計畫上也取得進展。這些努力加速商品從配送中心到賣場的流轉速度，同時更有效運用同仁的時間。因此，我們正在改善現貨率（in-stocks），讓顧客更容易找到完成專案所需的商品。

Before I close, let me thank our associates once again for their continued dedication to our customers and our communities. As a demonstration of our appreciation, we closed our stores on Easter, giving our teams time to rest, recharge and spend the day with their families.

在結語之前，我要再次感謝同仁們持續為顧客與社區付出的奉獻。為表達我們的感謝，我們在復活節當天關閉門市，讓團隊有時間休息、充電，並與家人共度一天。

And as we approach the Memorial Day and the end of Military Appreciation Month, I also want to recognize the more than 26,000 military members and spouses who are Lowe's associates and thank them for their service. Their leadership and commitment continue to make a positive impact across our company, and I'm proud that for the third consecutive year, Lowe's has been recognized as a 5 Star Employer by the VETS Indexes Employer Awards.

此外，隨著我們接近國殤日（Memorial Day）以及軍人感謝月（Military Appreciation Month）的尾聲，我也要表揚超過 26,000 名身為 Lowe's 同仁的現役或退役軍人及其配偶，並感謝他們的服務。他們的領導力與承諾持續為公司帶來正向影響；我也很自豪 Lowe's 連續第三年獲 VETS Indexes Employer Awards 評選為 5 Star Employer。

With that, let me turn it over to Brandon.

那麼，接下來我把時間交給 Brandon。

Thank you, Joe, and good morning. Beginning with our Q1 results, we generated GAAP diluted earnings per share of $2.90. In the quarter, we recognized $96 million in pretax non-GAAP charges from acquisition-related intangible asset amortization. Excluding these impacts, we delivered adjusted diluted earnings per share of $3.03, up from $2.92 last year. My comments from this point forward will include certain non-GAAP comparisons that exclude these impacts where applicable.

謝謝你，Joe，大家早安。先從我們第一季的業績開始，我們的 GAAP 稀釋每股盈餘為 2.90 美元。本季我們認列了 9,600 萬美元的稅前非 GAAP 費用，主要來自併購相關無形資產攤銷。排除這些影響後，我們的調整後稀釋每股盈餘為 3.03 美元，高於去年同期的 2.92 美元。從現在起，我的評論將在適用情況下納入某些排除上述影響的非 GAAP 比較。

Sales for the first quarter were $23.1 billion, up 10.3% from Q1 last year, in line with expectations. Comparable sales were up 0.6% driven by well-coordinated spring execution, including our SpringFest event, along with continued strength in Pro, Appliances, Online and Home Services.

第一季銷售額為 231 億美元，較去年第一季成長 10.3%，符合預期。同店銷售成長 0.6%，主要受益於協同良好的春季執行（包括我們的 SpringFest 活動），以及 Pro、家電、線上與居家服務的持續強勁表現。

Comps for February were down 1.4% as winter storms impacted much of the country. Comps accelerated to 2.1% in March and 0.5% in April as spring arrived across the country and customers responded to our seasonal offerings. Comparable average ticket increased 1.5%, driven by modest price inflation and strength in Pro and Appliances, while comparable transactions declined 0.9% as growth in seasonal categories was offset by continued DIY discretionary pressures.

2 月同店銷售下滑 1.4%，因冬季風暴影響全國多地。隨著春季到來、顧客對季節性商品反應熱烈，3 月同店銷售加速至 2.1%，4 月為 0.5%。同店平均客單價上升 1.5%，主要由溫和的價格通膨以及 Pro 與家電的強勁表現帶動；同店交易筆數則下滑 0.9%，因季節性品類的成長被 DIY（自己動手）可選性支出壓力所抵銷。

For the first quarter, gross margin was 32.7%, down 70 basis points and in line with our expectations, primarily driven by the dilutive impact of FBM and ADG, offset by favorability in credit revenue. SG&A was 19.2% of sales, leveraging 17 basis points from continued disciplined cost management and the accretive impact of FBM and ADG.

第一季毛利率為 32.7%，下降 70 個基點，符合我們的預期，主要原因是 FBM 與 ADG 的稀釋影響，部分由信用收入的有利因素抵銷。SG&A（銷售、一般及行政費用）占銷售額比重為 19.2%，在持續嚴謹的成本管理以及 FBM 與 ADG 的增益影響下，費用率改善 17 個基點。

Adjusted operating margin rate of 11.5% was down 43 basis points versus prior year, also in line with our expectations. Our perpetual productivity improvement, or PPI initiatives, continued to deliver meaningful results, helping offset underlying cost pressures, mitigate inflation and support reinvestment and value for our customers. The effective tax rate was 24.5%.

調整後營業利益率為 11.5%，較去年下降 43 個基點，也符合我們的預期。我們的持續性生產力改善（PPI）計畫持續帶來顯著成果，有助於抵銷基礎成本壓力、緩解通膨並支持再投資與為顧客創造價值。有效稅率為 24.5%。

Inventory ended the first quarter at $18.4 billion, up $112 million versus prior year including inflationary pressures from tariffs as well as approximately $500 million related to recent acquisitions. Excluding these pressures, the year-over-year inventory reduction reflected continued progress on SKU rationalization and productivity initiatives while maintaining strong in-stock levels to support customer demand.

第一季期末庫存為 184 億美元，較去年增加 1.12 億美元，其中包含關稅帶來的通膨壓力，以及約 5 億美元與近期併購相關的庫存。排除這些壓力後，庫存年減反映我們在 SKU 精簡與生產力計畫上的持續進展，同時維持良好的現貨供應水準以支撐顧客需求。

Moving to capital allocation. In the first quarter, we generated $2.8 billion in free cash flow. Capital expenditures totaled $521 million, reflecting continued investment in our Total Home Strategy, including tech-driven productivity efforts and key AI initiatives.

接著談資本配置。第一季我們產生 28 億美元的自由現金流。資本支出合計 5.21 億美元，反映我們持續投資於 Total Home 策略，包括以科技驅動的生產力提升，以及關鍵的 AI 計畫。

In the quarter, we paid $674 million in dividends at $1.20 per share. We also repaid $2.4 billion in bond maturities as we continue progressing towards our commitment to deleverage and return to a 2.75 times leverage ratio by mid-2027. Adjusted debt to EBITDAR was 3.1 times at the end of the quarter. And we ended the quarter with $786 million of cash and cash equivalents and delivered return on invested capital of 26.8%.

本季我們支付股利 6.74 億美元，每股 1.20 美元。我們也償還了 24 億美元到期債券，持續朝去槓桿化承諾邁進，並目標在 2027 年年中前將槓桿比率回到 2.75 倍。季末調整後債務對 EBITDAR 為 3.1 倍。季末現金及約當現金為 7.86 億美元，投入資本報酬率（ROIC）為 26.8%。

Looking forward to the remainder of the year, today, we are affirming our fiscal 2026 outlook. We continue to expect sales in the range of $92 billion to $94 billion, with comparable sales in a range of flat to up 2%. We expect adjusted operating margin in a range of 11.6% to 11.8% and full-year adjusted diluted earnings per share of approximately $12.25 to $12.75. We also expect capital expenditures of up to $2.5 billion.

展望今年剩餘期間，我們今天重申 2026 會計年度展望。我們仍預期銷售額介於 920 億至 940 億美元，同店銷售介於持平至成長 2%。我們預期調整後營業利益率介於 11.6% 至 11.8%，全年調整後稀釋每股盈餘約為 12.25 至 12.75 美元。我們也預期資本支出最高可達 25 億美元。

In terms of the second quarter, here are a few items to keep in mind. We saw solid growth in our spring categories in the first quarter, along with continued strength in Pro, Appliances, Online and Home Services. And as Bill mentioned, we have a great lineup of top brands and compelling values as well as tailwinds from the rollout of our workwear and pet assortments to additional locations.

就第二季而言，有幾點需要留意。第一季我們在春季品類看到穩健成長，同時 Pro、家電、線上與居家服務持續強勁。正如 Bill 提到的，我們擁有一系列頂級品牌與具吸引力的價值主張，此外，工作服與寵物商品組合擴展至更多據點的推進也將帶來順風。

All of this positions us well for the second quarter, where we expect our Total Home strategic initiatives, including Pro, Loyalty, Online and Home Services to continue to drive performance. Based on this, we expect second-quarter comp sales to be roughly in line with the midpoint of our full-year guide, and we expect second-quarter adjusted operating margins to be pressured from: the impact of acquisitions, which we will begin to anniversary in the second half of the year; investments in our sales driving actions, which are more focused in the second quarter due to our mix into the spring season and key holidays; and near-term pressure from higher transportation costs that we are actively working to offset through productivity initiatives in the back half of the year.

這些因素讓我們在第二季處於有利位置；我們預期 Total Home 的策略性計畫（包括 Pro、Loyalty、線上與居家服務）將持續帶動表現。基於此，我們預期第二季同店銷售大致與全年指引中點相當；同時我們預期第二季調整後營業利益率將受到以下因素壓力：併購影響（我們將在下半年開始進入比較基期）；我們在帶動銷售的行動上的投資（由於春季季節性與重要假期的組合，這些投資在第二季更為集中）；以及短期較高的運輸成本壓力，我們正積極透過下半年生產力計畫來抵銷。

Additionally, we expect adjusted diluted earnings per share in the second quarter to be approximately 2% below prior year adjusted diluted earnings per share. This results in first-half sales and adjusted diluted earnings per share essentially in line with our expectations from the start of the year.

此外，我們預期第二季調整後稀釋每股盈餘將較去年同期調整後稀釋每股盈餘低約 2%。因此，上半年銷售與調整後稀釋每股盈餘基本符合我們年初的預期。

We have been clear in our intent to remain competitive and drive sales in this environment, particularly around key seasonal moments and through enhanced fulfillment options, and we are seeing customers respond to those actions consistent with our expectations. As we look ahead, we are confident in our team's ability to continue executing with discipline while navigating within the current uncertain environment. We remain committed to advancing our Total Home Strategy and driving value for both our customers and shareholders.

我們已清楚表明，在此環境下我們的目標是維持競爭力並推動銷售，特別是在關鍵季節性時點，以及透過強化履約（配送/取貨）選項；我們也看到顧客對這些行動的反應符合我們的預期。展望未來，我們對團隊在當前不確定環境中仍能以紀律持續執行充滿信心。我們仍致力於推進 Total Home 策略，並為顧客與股東創造價值。

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

那麼，接下來我們開放提問。

(Operator Instructions) Christopher Horvers, JPMorgan.

（接線員指示）JPMorgan 的 Christopher Horvers。

Guys, I wanted to put the comp outlook into perspective and think about the first quarter a little bit. Do you look at the -- some of the strength in March as deferred February demand and a comparison? And then as you think about just the -- because there was weather, bad weather and good weather, I think, year-over-year.

各位，我想把同店展望放在更大的脈絡下，並稍微談談第一季。你們是否認為 3 月的一些強勁表現，部分是 2 月需求遞延所致，以及比較基期的因素？另外，因為我認為年對年來看，既有惡劣天氣也有好天氣的影響。

And then as you think about the overall spring seasonal business, you tend to have a bit more southern exposure, and it seems like the deferral on the weather front is maybe in the northern tier. So do you think there was any shift of spring out of the first quarter and into the second quarter?

再者，談到整體春季季節性業務，你們通常在南部地區的曝險較高，而天氣造成的遞延似乎更多發生在北部地帶。所以你們是否認為春季需求有任何從第一季移轉到第二季的情況？

Chris, this is Brandon. I would say overall for weather, the theme for Q1 was roughly mix for the quarter. I think February results definitely impacted by the winter storms early in the year. If you look at just the first weekend of February, it had a 30-basis-point drag on the entire quarter just from the storms rolling through.

Chris，我是 Brandon。我會說整體而言，第一季天氣的主題大致是「對季度組合影響不一」。我認為 2 月的結果確實受到年初冬季風暴的影響。如果只看 2 月的第一個週末，僅僅因為風暴一路掃過，就對整個季度造成 30 個基點的拖累。

March and April saw I think a much more normal spring temperature. We did see some dry weather start spread out over most of the country. But I think as we looked at the exit rate into April, some of that had to do with just the timing of our events and our SpringFest April, relatively in line with expectations.

我認為 3 月與 4 月的春季氣溫更接近正常。我們確實看到乾燥天氣開始擴散到全國大部分地區。但就我們進入 4 月的趨勢來看，其中一部分也與活動時點有關，以及我們 4 月的 SpringFest，整體相對符合預期。

And then as we mentioned in the comments, I think really excited about Q2. Great products value in spring categories, our biggest weeks with Memorial Day, Father's Day, J4, great offers, go-to-market plans. We do also expect some benefits from our tax refunds here in Q2. And then as we look at the second half, really excited as we continue to drive the Total Home Strategy across a number of different areas.

另外，如同我們在評論中提到的，我們對第二季感到非常興奮。春季品類有很棒的產品價值主張；我們在陣亡將士紀念日、父親節、7/4（美國獨立日）等期間將迎來全年最重要的幾週，並有很好的優惠與上市推廣計畫。我們也預期第二季可從退稅中獲得一些助益。再看下半年，隨著我們持續在多個領域推進 Total Home 策略，我們也非常期待。

And then just stepping back because, obviously, tax stimulus has helped the consumer broadly, and you could see that as all retail is reporting earnings right now. As you think about how much maybe that helps your business, do you think it's helped so far this year?

再退一步看，顯然稅務刺激在整體上對消費者有所幫助，而你也可以從目前各家零售商正在公布財報中看出來。當你們思考這對你們業務的幫助程度時，你們認為今年到目前為止有幫上忙嗎？

Do you have concerns that as you get into the back half of the year, if energy prices here, you could see the actual consumer pullback? Or do you sit here today on May 20 and say, overall, net-net, it's coming in line with your overall expectations from the tenor of the consumer, how they're purchasing and where they're engaging in the assortment?

你們是否擔心進入下半年後，如果能源價格在這裡（上升），可能會看到消費者實際縮手？或者你們在今天 5 月 20 日的時點看，整體而言（net-net），消費者的氛圍、購買方式以及他們在商品組合中的互動，仍大致符合你們的整體預期？

Chris, we've done a lot of work on the tax stimulus, trying to understand the nature and timing. Obviously, the macro events place a little bit more of a question mark around that. But we looked at Q1, the tax refund impact was more limited on our business. More significant drivers were the weather that I mentioned earlier.

Chris，我們針對稅務刺激做了很多研究，試圖理解其性質與時點。當然，宏觀事件讓這件事多了一些不確定性。但我們回頭看第一季，退稅對我們業務的影響相對有限；更重要的驅動因素是我先前提到的天氣。

At this point, we estimate about 20% of the refunds have been spent. About 50% of that sitting in savings with consumers just given the uncertainty and the remainder of that has offset some of the higher fuel prices of recent.

在這個時間點，我們估計大約有 20% 的退稅已經被花掉。由於不確定性，約有其中 50% 仍放在消費者的儲蓄中，而其餘部分則用來抵銷近期較高的燃油價格。

And then we're also estimating as we look forward, and this is based on IRS data, there still is just under about $50 billion of refunds that are yet to be distributed over the next three to four months, likely tied to extension. So in terms of spending, we do believe we could still see some benefits in Q2, in particular from higher-income consumers, and we've contemplated that in our outlook here for Q2 and the balance of the year.

此外，展望未來，我們也估計（此係根據 IRS 資料），在接下來三到四個月內，仍有略低於約 500 億美元的退稅尚未發放，可能與延期申報有關。因此就支出而言，我們確實認為第二季仍可能看到一些助益，特別是來自高收入消費者；我們也已在對第二季及今年其餘期間的展望中納入這點。

Steve Forbes, Guggenheim Securities.

Steve Forbes，Guggenheim Securities。

Marvin, I wanted to explore the recent launch of HomeCare+. Really just curious if you could talk about what the hypothesis is as it pertains to member spend trends over time. And realizing it's early, but any comment on how those initial member cohorts are engaging with not just the services themselves, but also the broader ecosystem that you guys have into market?

Marvin，我想探討一下近期推出的 HomeCare+。我主要好奇的是，你能否談談就會員支出趨勢隨時間變化而言，你們的假設是什麼。也理解現在還很早，但能否評論一下這些初期會員族群的參與情況，不僅是對服務本身，還包括你們推向市場的更廣泛生態系？

Steve, thanks for the question. I think the key word is early, and it is early, but we're pleased with the launch. And our goal is to build a long-term relationship with the DIY customer. We're just embracing the fact that the majority of our customers are do-it-yourself customers, and we think that this is something that's unique and differentiated that doesn't exist in the marketplace.

Steve，謝謝你的問題。我認為關鍵字是「早」，而且確實還很早，但我們對這次推出感到滿意。我們的目標是與 DIY 客戶建立長期關係。我們正面擁抱這個事實：我們的大多數客戶都是自己動手（do-it-yourself）的客戶，而我們認為這是一項在市場上不存在、且獨特並具差異化的方案。

But it's early. It's a long-term play. We think it gives us a unique opportunity to leverage our loyalty platform, MyLowe's Rewards, offering a unique subscription service at a great value, leveraging trained local associates that customers will know, trust, and have confidence in.

但現在還早。這是一個長期布局。我們認為這讓我們有一個獨特機會，去運用我們的忠誠度平台 MyLowe's Rewards，以很高的價值提供獨特的訂閱服務，並運用受過訓練的在地門市同仁，讓顧客認識、信任並對其有信心。

We see this as a long-term play. It's part of our mission statement of solving problems and fulfilling dreams for our customers. And we're really excited about what we've seen early, but it is early.

我們把這視為長期布局。這也是我們使命宣言的一部分：為顧客解決問題並實現夢想。我們對目前早期看到的成果感到非常興奮，但確實還在早期階段。

And then just a quick follow-up on Pro Extended Aisle. You guys have been talking about it for quite some time now. I don't know if it's at a point where you can maybe comment on how fast that segment is growing versus the total Pro segment? And whether you're already capturing revenue synergies? You hinted at it, right, cross-selling synergies with FBM, but love to hear you maybe just expand more about the Pro Extended Aisle initiative.

另外快速追問一下 Pro Extended Aisle。你們談這個計畫已經有一段時間了。我不確定是否已到可以評論的程度：這個區塊相較於整體 Pro 區塊的成長速度如何？以及你們是否已經在捕捉營收綜效？你們有提到，例如與 FBM 的交叉銷售綜效，但也希望你能再多延伸談談 Pro Extended Aisle 這項倡議。

Well, look, we're excited about it. It's part of our initiative to do a better job of getting more Pro plan sales, and it gives us the opportunity to literally extend our product offering, our delivery capabilities without having to add inventory to our stores.

嗯，聽著，我們對此感到興奮。這是我們提升 Pro 計畫銷售表現的一部分，也讓我們有機會在不必為門市增加庫存的情況下，實質擴展我們的產品供應與配送能力。

We are in the process of continuing to add suppliers and capabilities but we believe the Pro Extended Aisle success is a direct correlation to the fact that we had another strong quarter in Pro sales. And we're forecasting that Pro will continue to outperform DIY not only in the second half but for the balance of the year, and we think the Pro Extended Aisle initiative is tied directly to that outcome.

我們正在持續增加供應商與能力，但我們相信 Pro Extended Aisle 的成功，與我們 Pro 銷售再度交出強勁季度表現有直接關聯。我們預測 Pro 不僅在下半年、也在今年其餘期間都將持續優於 DIY，而我們認為 Pro Extended Aisle 這項倡議與該結果直接相關。

Kate McShane, Goldman Sachs.

Kate McShane，Goldman Sachs。

We know in the original guidance discussion you have left some room for possible promotions. How does that look in Q1? And what are your thoughts around promotions heading into the rest of the year?

我們知道在最初的財測指引討論中，你們為可能的促銷留了一些空間。第一季的情況如何？以及你們對今年其餘時間的促銷有何看法？

So the first thing is when we think about promotional cadence, we're really consistent with how we perform year-over-year. We're excited about some of the things that we were able to do with SpringFest, and we're really excited about what's coming up with some of these big holiday events in the second quarter.

首先，當我們思考促銷節奏時，我們在年對年表現上其實非常一致。我們對 SpringFest 期間能做到的一些事情感到很振奮，也非常期待第二季一些大型假期活動即將帶來的機會。

But as an overall comparison, we're very consistent with how we have historically executed promotions. I'll let Bill talk about some of the key promotional activity from Q1 that led to some sales success in what we're expecting leading into some of these huge sales events for Q2.

但就整體比較而言，我們在促銷執行上與過去一貫的做法非常一致。我會讓 Bill 談談第一季一些關鍵促銷活動，這些活動帶來了部分銷售成功，也說明我們對第二季這些大型銷售活動的期待。

Yeah. Thanks, Marvin. And so Kate, in my prepared remarks, I talked about our third annual SpringFest event in the quarter. We're really pleased with how we executed against that. We had member offers that were strong. We had a really strong in-store event.

好的，謝謝你，Marvin。Kate，在我事先準備的發言中，我提到本季我們舉辦了第三屆 SpringFest 活動。我們對執行成果非常滿意。我們的會員優惠很有力，門市活動也非常強。

And our merchants brought really great offers to drive traffic and conversion both in our store and online. And then we're -- as we've said before, we're continuing to demonstrate to our customers that we've got to bring value. We've got to bring innovation. We got to continue to bring new stuff. And I think our team did a really nice job of doing that as well.

而我們的採購團隊也提出了很棒的優惠，帶動門市與線上流量及轉換。接著我們——如同先前所說——持續向顧客展現：我們必須提供價值、帶來創新、並持續推出新東西。我認為我們團隊在這方面也做得非常好。

And then we continue to listen to the customer and they're looking at all these values that we bring to market. And so when we think about Q2, what's up in front of us coming into this weekend with Memorial weekend, obviously, is continue to keep these values front and center for the customer.

同時我們也持續傾聽顧客，他們正在評估我們推向市場的各種價值。因此當我們思考第二季、以及眼前這個週末的陣亡將士紀念日（Memorial Day）週末時，顯然就是要持續把這些價值放在顧客最關注的位置。

So we're excited about what we've got to offer in lawn and garden. We've got in our seasonal business, grills, appliances; and outdoor project areas like decking, paint, stains that product.

所以我們對草坪與園藝的商品很有信心；在季節性業務方面，有烤爐、家電；以及戶外專案領域，例如露台地板（decking）、油漆、木材護木漆（stains）等產品。

So team has done a really nice job. We've got great brands that are helping to drive it. And then as we shift gears go into June and July, it's all about Dad -- taking care of Dad in June and then coming back in July 4 and executing against a strong July 4 event.

所以團隊做得非常好。我們也有很棒的品牌在推動這些表現。接著當我們轉換節奏進入 6 月與 7 月時，重點就是父親節——6 月照顧爸爸，然後 7 月回到 7 月 4 日，執行一場強勁的 7 月 4 日活動。

And Kate, this is Brandon. I'll just add, we've been consistent here in our intention to remain competitive and drive sales in this environment and particularly in the key seasonal categories, events, fulfillment options that we've been able to offer, seeing great responses from customers as it relates to these actions, as Bill mentioned. And at the beginning of the year, again, we said we were going to be investing in the sales driving initiatives tailored around this and our guidance of 11.6% to 11.8% fully contemplates that.

Kate，我是 Brandon。我再補充一下：我們在這裡一直很一致地表明，我們的意圖是在這個環境中保持競爭力並帶動銷售，特別是在關鍵的季節性品類、活動，以及我們能提供的履約選項上。正如 Bill 提到的，我們看到顧客對這些行動有很好的回應。而在年初，我們也再次表示將投資於圍繞這些主題、用以驅動銷售的倡議；我們 11.6% 到 11.8% 的指引已完全將此納入考量。

Scot Ciccarelli, Truist Securities.

Scot Ciccarelli，Truist Securities。

You had positive comps in 70% of your product categories, but the total comp for the quarter was 60 basis points. I guess my question is like, how should we read that? Is it that most or all of your categories are slightly positive -- I guess, still slightly positive and a few slightly negative? Or are there some outsized upside performers offset by some sizable drags?

你們有 70% 的產品品類同店銷售為正，但本季整體同店僅 60 個基點。我想問的是，我們應該怎麼解讀？是大多數或全部品類都略為正成長、少數略為負成長？還是有一些表現特別突出的品類，被一些明顯拖累的品類所抵銷？

Scot, this is Brandon. I'll take that. I think the pressure that you're continuing to see is really around the DIY. Marvin mentioned ongoing strength we've seen with the Pro consumer, our services business, online. DIY, still very much engaging, but it continues to be in the repair maintenance replacement-related categories.

Scot，我是 Brandon。我來回答。我認為你持續看到的壓力主要在 DIY。Marvin 提到我們在 Pro 消費者、服務業務、線上方面持續看到的強勁表現。DIY 仍然非常投入，但主要仍集中在維修、保養與更換相關的品類。

And then obviously, here in Q1 with the seasonal nature of the business, smaller transactions, outdoor, lawn and garden, but I would say continued. And this has been a trend now for multiple years. The categories that are related to big ticket discretionary are those categories in merch divisions that continue to lag.

另外，第一季因為業務的季節性特徵，交易規模較小，偏向戶外、草坪與園藝；但我會說這種情況仍在延續。而且這已經是多年的趨勢：與大額、可選擇性支出（big ticket discretionary）相關的品類，仍是那些在商品部門中持續落後的品類。

And that's what we're dealing with. That's what we're managing through, and that's where we're trying to lean in and provide additional value where we can.

這就是我們正在面對的狀況，也是我們正在管理與因應的部分；我們也正是在這些地方盡可能加大投入、提供更多價值。

And Brandon, is there any way to size the amount of your exposure to those bigger projects that are obviously the weakest point?

Brandon，有沒有辦法量化你們在那些顯然最疲弱的大型專案上的曝險程度？

Yes, Scot. We've said pretty consistently as we look at the overall portfolio, about two-thirds of our business is repair maintenance and about a third of it in the discretionary category. So that's roughly how it breaks out, and there really hasn't been a change in that.

有的，Scot。我們一直相當一致地表示，從整體組合來看，我們約三分之二的業務屬於維修與保養，約三分之一屬於可選擇性品類。大致就是這樣的拆分，而且並沒有真正改變。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，Morgan Stanley。

Can I ask, it looks like transactions are below 2019 levels. That's not new, that's -- I think, for the last couple of years. So it supports this lock-in effect. But if you think about the age of the housing stock, which we talk about; the maintenance repair, which you just mentioned, how big of a piece of the business that is, you would think that the sector could show some more life. So I want to question how you think about that and if you think the sector can really grow without faster turning homes?

我想問一下，看起來交易筆數低於 2019 年水準。這不是新情況，我想過去幾年都是如此。所以這支持了所謂的「鎖定效應」。但如果你考慮到我們談到的房屋存量屋齡，以及你剛提到的維修保養——這在業務中占比很大——你會以為這個產業應該能展現更多活力。所以我想問你如何看待這點，以及你是否認為在房屋周轉速度沒有更快的情況下，這個產業真的能成長？

Simeon, this is Marvin. I think overall, this has been the most difficult housing market that I have faced in this business since the financial crisis. And as Brandon mentioned, it's almost exclusively or disproportionately on the DIY customer. That's the majority of where our revenue comes from.

Simeon，我是 Marvin。我認為整體而言，這是自金融危機以來，我在這個行業所面臨過最艱難的房市。而且如 Brandon 提到的，這幾乎完全、或是不成比例地落在 DIY 客戶身上。這也是我們營收主要來源所在。

And so I look at it from this perspective, we've delivered four quarters of positive comp in an environment where the DIY faces more economic pressure than I've ever seen before. And so we're really confident that as we start to see some type of moderation or normalcy in the home improvement and the housing market, we think that we're positioned really well for long-term gains just because we structured this business to win in any economic environment.

所以我從這個角度來看：在 DIY 客戶面臨我前所未見的經濟壓力的環境下，我們仍然交出了連續四個季度的同店銷售（comp）正成長。因此我們非常有信心，當居家修繕與房市開始出現某種程度的降溫或回歸常態時，我們將具備很好的長期成長位置，因為我們把這門生意的結構打造到能在任何經濟環境下取勝。

And again, with roughly 60% to 65% of our revenue coming from the DIY facing this type of headwind, still able to deliver positive comps is something that we take as a win. But also we're focusing on areas like Home Services, Pro, Online, et cetera, that's allowing us to continue to perform well.

再者，在約 60% 到 65% 的營收來自 DIY、且面臨這樣逆風的情況下，我們仍能交出正向同店表現，這是我們視為一項勝利的成果。同時，我們也聚焦在像是居家服務（Home Services）、專業客戶（Pro）、線上（Online）等領域，讓我們能持續維持良好表現。

And I'll just make one more point, and I'll give it to Brandon. I mean, we're pleased that our appliance business was positive in the quarter, and that goes directly to what Bill talked about. I mean we have spent capital to have the best store environment in this space.

我再補充一點，然後交給 Brandon。我的意思是，我們很高興本季家電業務呈現正成長，這也直接呼應 Bill 談到的內容。我們確實投入資本，打造在這個領域最好的門市環境。

We not only have spent money on the environment, we've also expanded brands, and we've done an incredible job of creating the best fulfillment capabilities in the home improvement industry. And we think all those investments are paying dividends in an incredibly difficult market. And we think that that just bodes well for Lowe's in the future as things start to recover.

我們不僅在環境上投入資金，也擴充了品牌組合，並且在打造居家修繕產業中最強的履約（fulfillment）能力方面做得非常出色。我們認為，所有這些投資在極其艱難的市場中正持續帶來回報。我們也認為，當市場開始復甦時，這將為 Lowe's 的未來帶來很好的助益。

I'll hand it over to Brandon.

我把時間交給 Brandon。

Yes, and I'll just add, we've been extremely focused on driving transactions, driving traffic in store onto our site. And I think that shows with our performance with transactions, some of the best performance we've seen here in several years. So focus is there. We've called out the sales driving actions that we're going to continue to invest in.

是的，我再補充一下：我們一直非常專注於帶動交易筆數、帶動門市與網站的流量。我認為這也反映在我們的交易表現上，這是我們近幾年來看到的一些最佳表現之一。所以重點就在這裡。我們也已經點出那些能帶動銷售的行動，我們會持續投入。

I think we look at the first half, it still is largely going to be skewed towards ticket. But as we look at the second half and expectations, we do expect transactions to continue to improve. It is going to be centered in those repair maintenance categories, but anything we can get with the macro or any consumer engagement on these big-ticket discretionary categories is going to be upside to that.

我認為我們看上半年，仍然很大程度會偏向客單價（ticket）。但當我們看下半年與相關預期時，我們確實預期交易筆數會持續改善。這會以維修保養（repair maintenance）類別為核心，但如果宏觀環境有任何助力，或消費者在這些大件、可選擇性（discretionary）的品類上有任何參與度提升，這都會成為額外上行空間。

And a follow-up, the cost environment, Brandon, looks like it's gotten a little bit more challenging since when you guided. Can you talk about the amount of cushion or, I guess, flexibility you have versus having to pivot either more PPI to be able to get to your margin goals, given the cost?

再追問一下，Brandon，成本環境看起來比你們給指引時更具挑戰。你能談談你們有多少緩衝空間，或我想說是彈性？相較於因成本因素而必須轉向、例如提高更多 PPI，才能達成你們的毛利目標？

Yeah, sure, Simeon. The macro, as you mentioned, certainly introduced some new risks and uncertainties here in the last three-or-so months; monitoring the situation here pretty closely, impact to both the consumer and our supply chain. We are seeing a pretty immediate impact from the oil prices. It's pressuring fuel, commodity-based products like resin and plastics.

好的，當然可以，Simeon。如你所提到，宏觀環境在過去大約三個月確實帶來了一些新的風險與不確定性；我們正非常密切地監控情勢，對消費者與我們供應鏈的影響。我們確實看到油價帶來相當即時的影響，對燃料形成壓力，也影響以大宗商品為基礎的產品，例如樹脂與塑膠。

Q1 net impact, Simeon, has been pretty manageable. Q2, we are starting to see some of that pressure. We're beginning to work with our vendor partners, supply chain partners to work to mitigate through that, adjusting contracts where we can, sharing that burden.

第一季的淨影響（net impact），Simeon，整體而言仍算可控。第二季我們開始看到部分壓力。我們已開始與供應商夥伴、供應鏈夥伴合作來降低影響，在可行之處調整合約、共同分擔這個負擔。

And then you mentioned we're looking hard at the PPI portfolio, where we can invest where we can pull some things forward, where we can get outsized benefit to try to offset that. So all that work is very much in motion.

另外你提到我們也在仔細檢視 PPI 組合，看看哪些地方可以投資、哪些可以提前推進、哪些能帶來超額效益，以嘗試抵銷這些壓力。所以這些工作都正在進行中。

And last thing I'll say is just while challenging, I think this team has proven the ability to effectively manage through that here in the past; multiple inflationary cycles to be specific, three, that this team has lived through in the last six-plus years, and we have a proven playbook here to remain competitive and manage profitability. So challenging, but confident that we can work our way through it here.

最後我想說的是，雖然具挑戰性，但我認為這個團隊已經證明過，過去能有效地管理並度過這些情況；具體來說，在過去六年多裡，這個團隊經歷了三次通膨循環，我們有一套經驗證實可行的作戰手冊，能在保持競爭力的同時管理獲利能力。所以雖然挑戰，但我們有信心能一路把它處理好。

Seth Sigman, Barclays.

Barclays 的 Seth Sigman。

I wanted to follow up on one of the last points. If you look back over the last few quarters, your growth has really been driven by ticket, and that got you to positive growth. It was still positive in Q1, but it has moderated. So I am curious if you're seeing a shift in mix? Or is that just less inflation in Q1, something specific in Q1 that would have led to that moderation in ticket?

我想延續剛才其中一點。如果回顧過去幾個季度，你們的成長主要是由客單價（ticket）帶動，並讓你們達到正成長。第一季仍為正，但已趨於溫和。所以我很好奇，你們是否看到組合（mix）出現轉變？還是只是第一季通膨較少，或第一季有什麼特定因素導致客單價增幅放緩？

And then if you could also elaborate a little bit more on pricing and where we are in some of the price increases that started last year related to tariffs, maybe now on the back of fuel? Just where are we, what inning perhaps that would be helpful.

另外，如果你也能再多談一點定價，以及我們在一些去年開始、與關稅相關的漲價進程上目前處於什麼位置，或現在又受到燃料影響。也就是說，我們現在在哪裡、可能在第幾局（what inning）？這樣會很有幫助。

Yeah, sure, Seth. On the first question, really around Q1 contraction and ticket growth, that really is a function of mix here with Q1 as we lean into smaller ticket spring seasonal projects like lawn and garden, versus a slowdown in what I'll call larger projects. Our big ticket performance, still positive over 2% in Q1, and that continues to be driven by Appliances, Pro and then the services repair maintenance projects. So I think to highlight that.

好的，當然可以，Seth。第一個問題，關於第一季收縮與客單價成長，主要是第一季的組合因素：我們更偏向較小客單的春季季節性專案，例如草坪與園藝，而相對於我所稱的較大型專案的放緩。我們的大件（big ticket）表現第一季仍為正、超過 2%，而且持續由家電、Pro，以及服務類的維修保養專案所帶動。我想特別強調這點。

And I think your second question, just about what inning, we are continuing to work through, I think, the tariff environment. I mentioned the fuel, the renewed round of inflation, all very fluid. We're managing the tariff situation with the IEEPA ruling, new section 122, 232 tariff actions that we're working through and how that impacts the business, in particular, in the second half of the year, expecting new news as it relates to 301.

至於第二個問題，關於現在在第幾局，我們仍在持續應對關稅環境。我提到燃料、以及新一輪通膨回升，這些都非常動態。我們正在管理關稅情勢，包括 IEEPA 裁定、新的第 122 條與 232 條關稅措施，我們正在處理其對業務的影響，特別是在下半年；並預期與 301 相關會有新的消息。

So we're continuing to partner. Bill and his team, doing great with our supplier partners as we manage through that, executing our country of origin diversification strategies. All that's in our outlook in terms of those expectations and the rules and the framework that we're managing under today. I think, again, we showed that we could manage through this tariff environment last year in 2025 and comfortable that we have our arms around it here over the back half of the year.

因此我們持續與夥伴合作。Bill 和他的團隊在與供應商夥伴合作方面做得非常好，協助我們管理這些變化，並執行原產地多元化策略。這些都已反映在我們的展望中，包括我們對預期、以及我們目前所依循的規則與框架的判斷。我想再次強調，我們已在去年 2025 年證明能在這樣的關稅環境下有效管理，也有信心在今年下半年能把它掌握住。

Okay. That's helpful. And then on FBM and ADG, I believe those will come into the comp base at some point later this year, Q3, Q4. Maybe just talk about underlying performance in Q1 and then how are you planning those businesses for the rest of the year?

好的，這很有幫助。那再問一下 FBM 和 ADG，我相信它們會在今年稍晚某個時間點納入同店（comp）基期，可能是第三季、第四季。也許你可以談談第一季的基本面表現，以及你們如何規劃這些業務在今年剩餘時間的表現？

So Seth, this is Marvin. Let me just start out with a remind of the strategic rationale around these acquisitions. We estimate that there's going to be roughly 12 million new homes needed by the year 2033. And historically, Lowe's has generated 0 revenue in the new home and multifamily construction projects, and we estimate that's roughly a $250 billion total addressable market.

Seth，我是 Marvin。我先提醒一下這些收購案背後的策略理由。我們估計到 2033 年大約需要新增 1,200 萬戶新住宅。而歷史上，Lowe's 在新屋與多戶住宅（multifamily）建築專案上創造的營收是 0；我們估計那大約是一個 2,500 億美元的總可服務市場（TAM）。

So these two acquisitions we believe, puts us in a really good position as this building phase starts to have what we have described as an interior solutions platform for residential and commercial builders. And so that's the strategic rationale around why we made these acquisitions, and we're very pleased with what we've seen so far from all of the synergies and all the activities around costs.

因此我們相信，這兩項收購讓我們在這個建築階段開始展開時，處於非常有利的位置，因為我們擁有我們所描述的、面向住宅與商用建築商的室內解決方案平台（interior solutions platform）。這就是我們進行這些收購的策略理由；而且我們對目前看到的所有協同效益（synergies）以及各項成本相關活動的進展感到非常滿意。

So I’ll hand over to Brandon, and he can give you an update on those activities and then get more specific to your question.

所以我把時間交給 Brandon，他可以向你更新這些活動的進展，並更具體回應你的問題。

Yes, Seth, I'll just speak to what we're seeing with these businesses here in the short term. And we did expect as we came into the year that we'd be navigating a challenging residential construction market, and I think it's playing out exactly in line with that. I think just as a reminder, to step back, ADG, their business is fully exposed to new home construction, and that's single-family, multifamily FBM, more of a 50-50 mix, both feeling the pressure on the residential side.

是的，Seth，我先談談短期內我們在這些業務上看到的情況。我們在進入今年時就預期會面對具挑戰性的住宅建築市場，而目前的發展我認為完全符合這個預期。再提醒一下、拉遠來看：ADG 的業務完全曝險於新屋建築，包括獨棟與多戶住宅；FBM 則更接近 50/50 的組合，兩者在住宅端都感受到壓力。

I think for FBM, we have been really pleased with what we're seeing on the commercial side. They continue to win data center, stadium, municipality contracts, which does reflect some of the benefits of their diverse customer base. And then I think you also mentioned progress. We're really pleased with what we're seeing on the synergy side and the integration work primarily in the procurement cost space, and that's categories like drywall, steel and insulation.

就 FBM 而言，我們對其在商用端的表現感到非常滿意。他們持續拿下資料中心、體育場館、市政機關等合約，這也反映了其多元客戶基礎所帶來的一些好處。另外你也提到進展，我們對協同效益與整合工作的表現非常滿意，主要是在採購成本領域，涵蓋像是石膏板、鋼材與隔熱材料等品類。

So while tough conditions overall right now from a macro standpoint, this is giving us the opportunity to win new business and take share in a down market, and we fully expect ADG and FBM both to build on the leadership position and emerge even stronger on the back side of this, especially when the macro factors that Marvin outlined start to turn.

因此，儘管從總體經濟角度來看目前整體環境艱困，但這反而給了我們在下行市場中贏得新業務、提升市占的機會；我們也完全預期 ADG 與 FBM 都將在既有領導地位上持續深化，並在這段期間過後變得更強，尤其是當 Marvin 所提到的那些總體因素開始轉向時。

Steven Zaccone, Citi.

Steven Zaccone，花旗。

I wanted to ask about same-store sales for the full year. With your commentary about 2Q in the [plus 1] level, how do we think about the second half? What are some of the drivers to see some improvement in the second half of the year to get to that high end of the range since it's still there?

我想詢問全年同店銷售。依照你們對第二季在「正 1」左右的評論，我們該如何看待下半年？有哪些驅動因素能讓下半年出現一些改善，從而達到區間上緣，因為上緣目標仍然存在？

Yeah. Thanks, Steve, if you're looking at the high end of the range, I do think it's continued traction with a number of our sales driving initiatives, our Total Home Strategy. And Marvin mentioned progress that we're seeing with our Extended Aisle momentum that we have with our online loyalty platforms, expanded fulfillment.

是的。謝謝你，Steve。若你看的是區間上緣，我確實認為這將來自我們多項帶動銷售的計畫持續取得進展，也就是我們的「全方位居家策略」（Total Home Strategy）。Marvin 也提到我們在「延伸貨架」（Extended Aisle）動能方面的進展，包括線上忠誠度平台與擴大履約能力。

Bill talked about the rollout with pet and workwear where we expect to be in all stores by the end of the year. I mentioned also earlier some stimulus potentially from the tax refunds and then any potential HELOC activity that's unlocked.

Bill 談到寵物與工作服品類的推廣，我們預期在年底前會覆蓋到所有門市。我先前也提到，退稅可能帶來一些刺激，另外還有任何可能被釋放的 HELOC（房屋淨值信用額度）活動。

I think there continues to be $35 trillion that's out there, an average of $400,000 per household, about a third of that, tappable. So continue to look at that as a potential opportunity to be unlocked. And then any progress that we're making around Pro plan spend, both in our store and with the FBM and ADG acquisition. So those would be all things if they came together that I think could push us potentially to the upper end of the range.

我認為市場上仍有 35 兆美元的規模，平均每戶約 40 萬美元，其中約三分之一可動用。因此我們仍將其視為可能被釋放的機會。再者，還有我們在 Pro 計畫支出方面的進展，包含門市端以及透過收購 FBM 與 ADG 帶來的效益。若這些因素能夠同時到位，我認為就有可能把我們推向區間上緣。

Understood. Then Marvin, a question, a follow-up on Simeon's question. How do you view the risk of higher rates as an impact to your business? You mentioned some of the Pro survey backlogs are still stable. Do you think higher rates or rest of the industry see some downside? Or is it more we see this too long period of softer industry growth?

了解。接著 Marvin，我想延續 Simeon 的問題追問：你如何看待利率走高對你們業務的風險？你提到一些 Pro 調查顯示的積壓訂單仍然穩定。你認為更高利率或整體產業會出現一些下行風險嗎？還是說更像是產業長時間處於較疲弱的成長？

Steve, for us, we basically have factored that into our guidance for 2026. We started this year with a pretty muted view that we would have basically flat growth overall in the home improvement sector. And we basically set our guidance to take share and outperform the market.

Steve，對我們而言，我們基本上已把這點納入 2026 年的指引。我們在今年一開始就對家居修繕產業的整體成長抱持相當保守的看法，預期大致持平；因此我們設定的指引是要提升市占、表現優於市場。

We've been able to do that for successive years, and we see it the same exact way. We try to get out of the prediction business relative to what will happen in the macro specifically around things like rates. Obviously, that has a direct correlation on our consumer. We hear a lot and talk a lot about this lock-in effect that we're all experiencing with historically low housing turnover as a result of that.

我們已連續多年做到這點，而我們現在仍以同樣方式看待。我們盡量不去做總體情勢的預測，特別是像利率這類因素。顯然，利率與我們的消費者有直接關聯。我們也常聽到、也常談到大家正在經歷的「鎖定效應」（lock-in effect），也就是因為歷史低位的房屋換手率所造成的影響。

But we don't see anything in the current environment that we didn't anticipate relative to rates in the broader macro. Again, we came into this year with a pretty muted point of view. As we did in the first quarter, as we've done for four consecutive quarters, we've had the ability to take market share. We've taken market share in the small- to medium-Pro segment.

但就更廣泛的總體環境而言，我們在利率方面並未看到任何超出我們原先預期的情況。再次強調，我們今年一開始的觀點就相當保守。正如第一季、以及連續四個季度以來，我們都有能力提升市占；我們在小到中型 Pro 客群也取得市占。

We've taken market share in the home services area. We grew our dot-com business by 15.5%. And in a really, really difficult DIY environment, as I mentioned, we continue to perform well in spite of the headwinds. So we see the market pretty much as we anticipated and that's factored into our guidance.

我們在居家服務領域也提升了市占。我們的 dot-com（電商）業務成長了 15.5%。而在我提到的、非常非常艱難的 DIY 環境下，我們仍能在逆風中維持良好表現。因此我們對市場的看法大致符合預期，並已反映在我們的指引之中。

David Bellinger, Mizuho.

David Bellinger，瑞穗。

Can you clarify some of the commentary around recent trends? You've guided to about 1% same-store sales growth in the second quarter, should we assume you're running at that level today?

你能否釐清一下關於近期趨勢的評論？你們指引第二季同店銷售約成長 1%，我們是否可以假設你們目前的運行水準就在這個程度？

And as April progressed and we moved into the early Q2 period, have you noticed anything within consumer spending patterns, whether that's DIY, Pro, anything across income cohorts that's breaking the consistency of the consumer and the resiliency of the consumer narrative in any way?

另外，隨著四月推進、進入第二季初期，你是否注意到消費者支出型態有任何變化——不論是 DIY、Pro，或不同收入族群——有沒有任何跡象打破了「消費者一致性」與「消費者韌性」的敘事？

So David, this is Marvin. Relative to what we're currently seeing, the best way to answer that is where the weather is seasonal the business is performing well. This time of year, this is an incredibly weather-dependent business.

David，我是 Marvin。就我們目前看到的情況而言，最好的回答方式是：在天氣符合季節性的地方，業務表現良好。每年這個時節，這是一個高度依賴天氣的生意。

But having said that, the biggest sales weeks are ahead of us with Memorial Day selling period, Father's Day and the Fourth of July that Bill mentioned, and we believe, although, I'm a bit biased, that we're the best executing retailer in the world, and our merchants have given us great value, but it's way too early to start to talk about what we're seeing different in the consumer.

不過話說回來，最大的銷售週期還在後面，包括陣亡將士紀念日（Memorial Day）檔期、父親節，以及 Bill 提到的美國獨立日（7 月 4 日）。我們相信——雖然我有點偏頗——我們是全球執行力最強的零售商，我們的採購團隊也提供了很好的價值，但現在談我們在消費者端看到什麼不同，仍然為時過早。

What we've seen so far is what we've seen all year long, and that is we're operating and what we would describe as a K-shape economy where the higher income consumer spends and they're spending on innovation and they're spending on things to modernize their home and the lower income consumer is a little bit more cautious and a little bit more uncertain based on all of the macro factors that we all know so well.

到目前為止，我們看到的情況與全年一致：我們所處的是一個我們稱為「K 型」的經濟環境，高收入消費者仍在消費，且把錢花在創新產品、以及讓家更現代化的項目上；而低收入消費者則更為謹慎、也更不確定，原因是大家都很熟悉的各種總體因素。

And we haven't seen anything different in the start of this quarter that we saw in the first quarter. As a matter of fact, as I said earlier, what we're seeing play out with the consumer is pretty consistent with what we forecasted when we gave our guidance earlier in the year.

而且在本季開局，我們沒有看到任何與第一季不同的情況。事實上，正如我先前所說，我們看到的消費者行為發展，與我們在年初給出指引時的預測相當一致。

Having said that, we built a business to perform in any environment. As Brandon mentioned, we have a track record of performing well, managing expenses and finding ways to grow sales irrespective of the macro and we plan to take share this quarter. We plan to take share for the back half of the year. And we're just hoping with our fingers crossed that we start to see the macro start to moderate at some point.

話雖如此，我們打造的業務能在任何環境下運作。正如 Brandon 提到的，我們有良好紀錄：能夠表現出色、管理費用，並找到不受總體環境影響仍能成長銷售的方法。我們計畫在本季提升市占，也計畫在下半年提升市占。我們只希望——抱著交叉手指的期待——總體環境能在某個時間點開始趨於緩和。

Got it. And then a quick follow-up. Can you update us on where like-for-like inflation is running? And as we think about all these upwards pricing pressures that are formulating across the industry with the Iran conflict and everything else out there today, is there a scenario where pricing for the broader category does not accelerate? Can Lowe's use any of the potential tariff refunds as an offset and a source of price investment to keep everything as low as possible as long as possible?

了解。再快速追問一下：你能更新一下目前同品可比（like-for-like）通膨大約是多少嗎？另外，考量到伊朗衝突以及目前其他因素，產業內正在形成各種向上的定價壓力，是否存在一種情境是整體品類的價格不會加速上漲？Lowe's 能否把任何可能的關稅退還（tariff refunds）作為抵銷，並作為價格投資的來源，盡可能、盡可能久地把價格維持在最低？

Yeah. I think, David, as we look at like-for-like inflation running about 3%, which was fairly consistent with what we saw in Q4, and those trends as we work through tariff increases; obviously, as we look ahead and cycle some of the noise from tariffs from last year, we're expecting some of that to moderate. That's in our outlook around more moderating average ticket and an acceleration in transactions.

是的。David，我們目前看到同品可比通膨約在 3%，這與我們在第四季看到的情況相當一致。隨著我們消化關稅上調，這些趨勢也在延續；當然，往前看，當我們跨過去年關稅帶來的一些雜訊基期後，我們預期其中一部分會趨於緩和。這也反映在我們的展望中：平均客單將更趨溫和，而交易筆數將加速。

So as you mentioned, we're doing everything that we can in this environment to mitigate any inflation risk and protect value for our consumer and drive repeat traffic and transactions into our store. I think that's been pretty clear on where we're leaning in, how we're investing in the business. We continue to expect to do that over the remainder of the year.

因此，如你所提，我們在這樣的環境下正盡一切努力去降低通膨風險、為消費者守住價值，並帶動回訪人流與進店交易。我想這在我們的著力方向與對業務的投資方式上已相當清楚。我們也預期在今年剩餘時間會持續這麼做。

Zach Fadem, Wells Fargo.

Zach Fadem，富國銀行。

I think what a lot of people are getting at in terms of the outlook is there is an implied acceleration in Q2 and the second half on both a one- and a two-year basis. So I guess the first question is, how has your view of the category changed at all in light of all of the changes in the world around us? And could we then walk through the factors that give you confidence in your ability to take share and widen your spread versus the category as we move further through the year?

我想很多人對展望的關注點在於：無論以一年或兩年的基礎來看，第二季與下半年都隱含著加速。因此我第一個問題是：在周遭世界發生這麼多變化的情況下，你們對這個品類的看法有任何改變嗎？接著，能否帶我們梳理一下，哪些因素讓你們有信心能夠提升市占，並在今年進一步拉大相對於品類的領先幅度？

Zach, this is Marvin. I'll take the first part of that. As I said earlier, the year is playing out basically consistent with how we thought it would. And it's very early. We're just through one quarter of the year and a couple of weeks of the second quarter.

Zach，我是 Marvin。我先回答前半段。正如我先前所說，今年的發展基本上與我們原先的預期一致。而且現在還很早，我們才剛走過第一季，以及第二季的幾週。

Having said that, we still are very confident in the initiatives that correlate directly to our Total Home Strategy. And we believe, at the beginning of the year, that we would see sales growth more so in the back half of the year than in the front part of the year, and that's just based on the cadence of our year-over-year comparisons and based on some of the initiatives and when they're going to be kicking in.

話雖如此，我們仍對那些與「全方位居家策略」（Total Home Strategy）直接相關的計畫非常有信心。我們在年初就認為，今年的銷售成長會更多出現在下半年而非上半年，這主要是基於我們年對年比較的節奏，以及部分計畫的推進時點與何時開始發揮效益。

So I'm going to hand it over to Bill, and he can just outline some of those key initiatives that we are excited about that we think will continue to drive our sales. And I'll let Joe talk about some of the things we're also seeing on the Pro side that we're excited about as well.

所以我把時間交給 Bill，請他概述一些我們感到振奮、並且我們認為將持續推動銷售的關鍵舉措。我也會讓 Joe 談談我們在 Pro 端同樣看到、也讓我們感到興奮的一些進展。

And this has nothing to do with us predicting that the macro environment is going to change. We're not looking for an inflection point in the consumer. This is simply a view that we have that the initiatives that we have in place and when they're going to be paying dividends for us, and that's how we shape the year.

而這與我們預測總體環境將會改變毫無關係。我們並不是在尋找消費者端的拐點。這只是我們對既有舉措的看法：它們何時會開始為我們帶來回報，而我們也正是據此來規劃這一年的。

Yeah. Thanks, Marvin. So Zach, I think for us, it's the initiatives we've been focused on, we touched a little bit on it last quarter, but we've got -- we're excited about rolling out Daltile into our flooring department, that obviously is the number one brand for the Pro. It gives us great confidence with the DIY consumer, allows us to access their showrooms across the United States, get to the job site or home within two or three days.

是的，謝謝你，Marvin。Zach，我想對我們而言，重點在於我們一直聚焦的那些舉措；我們上季也稍微提到過。我們很期待把 Daltile 導入我們的地板部門；很明顯它是 Pro 端的第一品牌。這也讓我們對 DIY 消費者更有信心，並且讓我們能夠使用其遍布全美的展示間，能在兩到三天內送達工地或住家。

We're really excited about what we've done in appliances and the continued expansion that that team has done to bring innovation. I could literally go through all 13 merchandise divisions to talk about new and innovative products that are all set to come in, in the back half of the year. Some of that you're going to see as we get into Father's Day, July 4.

我們對家電業務所做的事情，以及該團隊持續擴張、帶來創新，感到非常振奮。我其實可以把 13 個商品部門都逐一講一遍，談談下半年即將導入的全新且具創新性的產品。其中一些你們會在父親節、7 月 4 日前後開始看到。

But as we roll into the back half of the year, we talked about in my prepared remarks, the continued expansion of workwear and pet. Those areas, those brands the private brand expansion to those categories are working well. Our soft flooring business in carpet driven by STAINMASTER and the innovation in STAINMASTER is helping to drive the soft flooring business.

但當我們進入下半年時，正如我在事先準備的發言中提到的，工作服與寵物品類將持續擴張。這些領域、這些品牌，以及自有品牌向這些品類的延伸，運作得很不錯。我們的軟質地板（地毯）業務由 STAINMASTER 帶動，而 STAINMASTER 的創新也正在推動軟質地板業務成長。

The work the team has done across the Pro business between the electrical rough plumbing areas I called out in my prepared remarks, just consistent day-over-day continued growth in innovation and simplification for the Pro. And then the work that our supply chain teams have done to make sure that we've got the job lock quantities, and we continue to evolve with our localized assorting in our stores to make sure that we stay relevant for the Pro, how codes are changing across the country.

團隊在 Pro 業務上的工作——涵蓋我在事先準備發言中點到的電氣粗配與粗管路等領域——就是日復一日、持續一致地在創新與簡化上成長，以服務 Pro。此外，我們的供應鏈團隊也確保我們具備 job lock 的數量（quantity），並且持續透過門店在地化選品來演進，確保我們對 Pro 仍具相關性，並能跟上全國各地法規（codes）的變化。

So we have a lot in the hopper of what we're doing online, continue to take friction out for our consumer that's starting online to shop literally every single category the online teams have done just a great job with our merchants to continue to take that friction out and make it easier for the consumer to navigate.

所以我們在線上端也有很多正在推進的事項，持續為從線上開始購物的消費者降低摩擦；線上團隊與我們的商品團隊合作得非常好，幾乎在每一個品類都在持續去除摩擦，讓消費者更容易瀏覽與找到所需。

Yeah. And Zach, just a few comments on the Pro, so we still have meaningful growth opportunity ahead of us as we think about areas like Pro Extended Aisle. This is a multiyear build-out. So we continue to add new capabilities, new suppliers, new programs, enhanced fulfillment options, and we're continuing to be very, very pleased. So we expand through markets, localization, and we're seeing green shoots there.

是的。Zach，關於 Pro 我再補充幾點：當我們思考像 Pro Extended Aisle 這類領域時，前方仍有顯著的成長機會。這是一個多年期的建置計畫，因此我們持續新增新能力、新供應商、新方案，以及更強化的履約選項；我們也持續感到非常、非常滿意。我們透過市場拓展與在地化來擴張，也在那裡看到一些初現的正向跡象（green shoots）。

Peter Benedict, Baird.

Peter Benedict，Baird。

I mean PPI is important, right, for helping you guys protect profitability in this period where demand is sluggish. There was some discussion of AI in the prepared remarks around how it's helping associates. It's also helping customers online.

我的意思是，PPI 很重要，對吧？在需求疲弱的這段期間，它能幫助你們維持獲利能力。你們在事先準備的發言中也談到一些 AI，說它如何幫助門店同仁；同時也在幫助線上客戶。

I'm wondering if there's -- if you can talk a little more about maybe what is out there in terms of AI, helping on your systems and your back-end systems and the opportunity to drive productivity there? I'm thinking demand planning, pricing and promotion, replenishment, those types of things. Maybe it's not a '26 deliverable, but is there something on the horizon there that we should be thinking about?

我想問的是——你們能否再多談一點 AI 在你們的系統、以及後端系統方面可能有哪些應用，以及在那裡提升生產力的機會？我想到的是需求規劃、定價與促銷、補貨（replenishment）等這些類型的事情。也許這不是 2026 年的交付項目（deliverable），但是否有一些值得我們關注的方向正在醞釀？

So Peter, it's Marvin. I'll take the first part of that. Look, we're really excited about the framework we've put around how we leverage AI, and we framed it in how we sell, how we shop and how we work. And as I mentioned, our virtual assistant Mylow and Mylow Companion built on an open AI platform has been incredibly instructive for us, understanding the power of agentic commerce.

Peter，我是 Marvin。我先回答前半段。你看，我們對於如何運用 AI 所建立的框架感到非常興奮；我們把它歸納在「如何銷售、如何購物、如何工作」三個面向。正如我提到的，我們的虛擬助理 Mylow 與 Mylow Companion 建構在開放式 AI 平台之上，對我們而言非常具有啟發性，讓我們理解 agentic commerce 的力量。

As I mentioned and Joe mentioned, if you combine both associate and customer inquiries, would get roughly 2 million a month going into the system and it's learning and it's getting smarter, it's getting better, it's getting more intuitive. And what we were so pleased to see is even our most tenured associates are adapting to this tool, which we were not sure if they would because these are associates with high level of technical skill, and we were not sure if they would embrace it, but because the system is so intuitive and is working so well, is being embraced across all levels of tenure.

如我所說、Joe 也提到，如果把同仁與客戶的詢問合併計算，每個月大約有 200 萬筆進入系統；它在學習、變得更聰明、變得更好、也更直覺。我們非常高興看到的是，即便是資歷最深的同仁也在適應這個工具；我們原本不確定他們是否會，因為這些同仁具備很高的技術能力，我們不確定他們是否會接受它。但由於系統非常直覺、運作也非常好，因此在各種資歷層級都被採用。

And Joe and I went to a store a couple of weeks ago, and we ran across associates who have been onboard for less than a month. And he was able to walk us through and do a full demo of how to use the Companion tool and how it helped him to transition quickly into a really complex environment that home improvement is. But also in addition to that, our tech team is using AI tools for development and code review, and this has resulted in double-digit productivity gain.

Joe 和我在幾週前去了一家門店，我們遇到一些入職不到一個月的同仁。他能帶著我們完整示範如何使用 Companion 工具，以及它如何幫助他快速轉換並融入居家修繕這個非常複雜的環境。此外，我們的技術團隊也在使用 AI 工具進行開發與程式碼審查，這已帶來兩位數的生產力提升。

So we understand that AI is going to be incredibly important to do a couple of things. Number one, it's going to create great productivity possibilities for us as we look at redesigning jobs and redesigning what AI agents can do for us, you know, independent of positions.

所以我們理解 AI 將在幾件事上極其重要。第一，它將在我們重新設計工作、以及重新設計 AI 代理（agents）能為我們做什麼時，創造很大的生產力可能性——你知道的，獨立於職位本身。

But we're also learning how AI is making existing associates so much more effective in their current job. Bill can go through a list of things as merchants are leveraging AI to be more efficient. The same thing in the store where you're seeing 200 basis points of customer satisfaction improvement based on the use of the Companion tool.

但我們也在學習 AI 如何讓現有同仁在其目前工作中變得更有效率。Bill 可以列舉一系列事項，說明商品團隊如何運用 AI 來提升效率。門店端也是一樣：基於 Companion 工具的使用，你會看到顧客滿意度提升了 200 個基點。

So we're leveraging it. We understand that it is definitely a tool for productivity, but it's also a tool to enhance capabilities of existing associates. I'll let Brandon wrap it up.

所以我們正在運用它。我們理解它確實是提升生產力的工具，但同時也是強化現有同仁能力的工具。我讓 Brandon 來做個總結。

Yeah. Peter, I'll just add Marvin covered off there on how we shop, how we sell under the framework. You mentioned a few areas all very much in motion under the how we work, right? So demand planning, allocation, replenishment. Our pricing and promotional platforms, assortment planning.

是的，Peter，我補充一下：Marvin 已經在「如何購物、如何銷售」這個框架下說明得很完整。你提到的幾個領域，都非常符合「如何工作」這一塊，而且都在推進中，對吧？像是需求規劃、分配（allocation）、補貨。我們的定價與促銷平台、選品規劃（assortment planning）。

These are all areas as we've allocated capital this year that we're investing heavily in. We're starting to see benefits. The $1 billion of PPI that we've messaged, starting to become more and more apportionment to these efforts and these categories. So we're going to continue to drive that, continue to work through that, and that gives us confidence again to our ability to deliver the $1 billion for this year.

這些都是我們今年在資本配置上正在大力投資的領域。我們已開始看到效益。我們對外傳達的 10 億美元 PPI，正越來越多地歸因於這些努力與這些類別。因此我們會持續推動、持續落實，這也再次讓我們對今年達成 10 億美元的能力充滿信心。

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

感謝各位今天的參與。我們期待在 8 月的第二季財報電話會議上再與各位交流。

This concludes the Lowe's first quarter 2026 earnings call. You may now disconnect.

以上為 Lowe's 2026 會計年度第一季財報電話會議。您現在可以中斷連線。