勞氏公司 (LOW) 2026 Q2 法說會逐字稿

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Good morning, everyone, and welcome to Lowe's Companies second quarter 2026 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 Lowe's Companies 2026 會計年度第二季財報電話會議。我是 Rob，將擔任今天會議的接線員。提醒各位，本次會議將被錄音。

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

現在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.

我想提醒各位，我們今早新聞稿中已包含關於前瞻性陳述的公告，可於 Lowe's 投資人關係網站查閱。

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.

在本次電話會議中，我們將發表若干前瞻性評論，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（包括我們在 Form 10-K 年報以及其他向 SEC 申報文件中的風險因素、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存在重大差異。

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 之間的調節表，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. In the second quarter, we delivered sales of $26 billion with comparable sales increasing 0.2%. Despite the heightened competitive landscape as competitors use tariff refunds to lower prices later in the quarter, we're encouraged by the continued momentum in our total home strategy.

謝謝你，Shelly。各位早安。第二季我們實現 260 億美元銷售額，可比銷售成長 0.2%。儘管競爭環境更趨激烈，且競爭對手在本季後段利用關稅退稅下調價格，我們仍對「全方位居家（Total Home）」策略持續展現的動能感到鼓舞。

Strong performance in Pro, Online, and Home Services help to offset persistent macro pressures, softer DIY discretionary spend, and the challenging weather during Memorial Day weekend. And I'm pleased with our entire team's ability to effectively manage the business and remain agile in this environment.

Pro（專業客戶）、線上與居家服務的強勁表現，有助於抵銷持續的總體經濟壓力、DIY（自己動手）非必需性支出轉弱，以及國殤日週末具挑戰性的天候影響。我也很滿意整個團隊在此環境下有效管理業務並保持敏捷的能力。

Our teams executed at a high level throughout the quarter with compelling value, strong in-stock position, and outstanding customer service across stores and digital channels, while maintaining a disciplined focus on expense management. This operational discipline enables us to deliver better-than-expected flow-through while absorbing elevated fuel, transportation, energy, and other input costs, even when excluding the impact of tariff refunds.

本季我們的團隊在各方面都以高水準執行：提供具吸引力的價值、維持充足的現貨供應，並在門市與數位通路提供卓越的客戶服務，同時保持對費用管理的嚴謹聚焦。這種營運紀律使我們在吸收偏高的燃料、運輸、能源及其他投入成本時，仍能帶來優於預期的利潤流轉（flow-through），即使排除關稅退稅的影響亦然。

Later in the call, Bill will provide more detail on our category performance and the customers' response to our assortment, value, and seasonal execution.

稍後在電話會議中，Bill 將就各品類表現，以及顧客對我們商品組合、價值主張與季節性執行的反應，提供更多細節。

So let me begin with Pro, where we delivered another quarter of growth. Pros continued to respond to our differentiated assortment, strong inventory position, dedicated service levels, fulfillment capabilities, and tailored digital experience. Later in the call, Joe will provide additional perspective on the initiatives that continue to drive this momentum.

我先從 Pro（專業客戶）談起，我們再度交出一季成長。專業客戶持續對我們差異化的商品組合、強健的庫存水位、專屬服務水準、履約能力，以及量身打造的數位體驗做出正面回應。稍後 Joe 也將就持續推動此動能的各項措施提供更多觀點。

Additionally, we're pleased with the integration progress of Foundation Building Materials or FBM and Artisan Design Group or ADG. Our teams continue to work closely together to share best practices and build solutions for our customers. We believe these acquisitions position us to grow share with our larger Pro customers long-term while capturing more planned Pro spend.

此外，我們也對 Foundation Building Materials（FBM）與 Artisan Design Group（ADG）的整合進展感到滿意。我們的團隊持續緊密合作，分享最佳實務並為客戶打造解決方案。我們相信，這些收購將使我們在長期能夠提升在大型 Pro 客戶中的市占，同時掌握更多可規劃的 Pro 支出。

Turning to Online. We delivered online sales growth of 15.7% this quarter, reflecting the continued benefits of our investments in the digital experience. These investments include tailored experiences on Lowes.com and our mobile app, as well as expanded visualization capabilities and the ongoing growth of our online Marketplace.

接著談線上業務。本季線上銷售成長 15.7%，反映我們在數位體驗上的投資持續帶來效益。這些投資包括在 Lowes.com 與行動 App 上的客製化體驗、擴增的視覺化能力，以及線上 Marketplace 的持續成長。

The improved user experience along with the compelling value offered by our loyalty programs are driving increased conversion and enabling us to respond to dynamic customer preferences. And our online AI agent, MyLow, continues to add value to digitally engaged customers as they asked the tool for help with home improvement projects, product specifications, and solutions to fit their needs.

更佳的使用者體驗，加上我們忠誠計畫所提供的具吸引力價值，正推動轉換率提升，並使我們能回應不斷變化的顧客偏好。此外，我們的線上 AI 代理 MyLow 持續為高度數位互動的顧客創造價值，因為顧客會向該工具尋求居家改善專案協助、產品規格資訊，以及符合其需求的解決方案。

Since its inception, MyLow, which also powers our associate AI companion application, has supported over 25 million questions from customers and associates, demonstrating the strong adoption and resonance of the tool. In fact, the conversion rate for online customers who use MyLow is triple that of customers who do not use the tool. Reinforcing that a well-designed agentic AI experience can be a clear driver in the purchasing decision.

自推出以來，MyLow（同時也為我們的員工 AI 夥伴應用程式提供核心能力）已支援超過 2,500 萬個來自顧客與員工的提問，顯示該工具具有高度採用率與共鳴。事實上，使用 MyLow 的線上顧客，其轉換率是未使用者的三倍。這也再次印證：設計良好的代理式 AI（agentic AI）體驗，能成為購買決策的明確驅動因素。

Now to Home Services. We delivered another quarter of growth as Do-It-For-Me customers continue to engage with the simpler and more convenient experience we've created, especially in replacement projects. The enhancements have improved conversion, cycle time, and customer satisfaction, giving us confidence in our position to capture more of these larger projects when homeowners are ready to take them on.

接著談居家服務。我們再度交出一季成長，因為「Do-It-For-Me（由我們代做）」客群持續投入我們打造的更簡單、更便利的體驗，尤其是在汰換型專案上。這些強化改善了轉換率、週期時間與顧客滿意度，使我們更有信心在屋主準備啟動這些較大型專案時，能掌握更多機會。

Now let me transition to the macro environment. While the long-term fundamentals supporting home improvement remain intact, the near-term environment continues to be dynamic. Elevated fuel prices combined with broader economic uncertainty have influenced household budgets.

接下來我談談總體環境。雖然支撐居家修繕的長期基本面依然完好，但短期環境仍持續變動。偏高的燃料價格加上更廣泛的經濟不確定性，已影響家庭預算。

Customers continue to tell us that they're being cautious about their spending and prioritizing where and when they invest in their homes. As a result, discretionary DIY demand remains under pressure. Despite this, we continue to see solid performance from our Pro customers and our Do-It-For-Me businesses reflecting the success of our Total Home strategy. Given Lowe's' customer mix, the pace and health of DIY demand remains an important driver of our overall performance.

顧客持續告訴我們，他們在支出上更為謹慎，並優先考量在何處、何時投資於住家。因此，DIY（自己動手）非必需性需求仍承受壓力。儘管如此，我們仍看到 Pro 客戶與 Do-It-For-Me 業務維持穩健表現，反映我們「全方位居家（Total Home）」策略的成功。考量 Lowe's 的客戶組合，DIY 需求的速度與健康程度仍是驅動整體表現的重要因素。

While these external conditions remain uncertain, we remain committed to being a workplace of choice for our Associates, providing our customers with a great shopping experience, and advancing our strategic investments. This approach has enabled us to deliver five consecutive quarters of positive comps, demonstrating the resilience of our strategy across changing economic conditions.

雖然外部條件仍不明朗，我們仍致力於成為員工首選職場、為顧客提供優質的購物體驗，並推進我們的策略性投資。這樣的做法使我們連續五季實現可比銷售正成長，展現我們策略在不同經濟情境變化下的韌性。

Equally important, our perpetual productivity improvement initiatives, or PPI, continue to advance. This disciplined expense control and focus on optimizing our resources gives us the flexibility to continue investing in our strategic priorities, positioning the company to outperform as market conditions improve.

同樣重要的是，我們的「持續性生產力改善計畫」（Perpetual Productivity Improvement initiatives，PPI）也持續推進。這種嚴謹的費用控管與資源最佳化的聚焦，讓我們具備彈性得以持續投資於策略優先事項，並在市場狀況改善時使公司更有能力跑贏同業。

Before I close, I'd like to thank our frontline associates for everything they do to serve our customers every day. Spending time in stores each week remains one of the most rewarding parts of my job, and every visit reinforces the passion, expertise, and commitment that our associates bring to Lowe's. Their insights continue to help us improve the customer experience and their dedication remains one of our greatest competitive advantages.

在結束前，我想感謝我們第一線同仁每天為服務顧客所付出的一切。每週到門市走訪仍是我工作中最有收穫的部分之一，而每次造訪都再次印證同仁帶給 Lowe's 的熱情、專業與承諾。他們的洞見持續協助我們改善顧客體驗，而他們的投入也始終是我們最重要的競爭優勢之一。

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. This quarter, we delivered positive comp sales in 9 of our 13 merchandise divisions, demonstrating continued strong execution, a commitment to value, and disciplined approach to managing through the current challenging environment.

謝謝你，Marvin，各位早安。本季我們在 13 個商品部門中的 9 個實現可比銷售正成長，展現持續強勁的執行力、對價值的承諾，以及在當前具挑戰性的環境下以紀律方式管理營運的作法。

In Building Products, we generated broad-based growth with positive comps in Rough Plumbing, Millwork, Electrical, and Lumber. These results reflect our strategic investments in Pro and ongoing strength in repair and maintenance projects.

在建材產品（Building Products）方面，我們實現廣泛性的成長，其中粗裝管材（Rough Plumbing）、門窗木作（Millwork）、電工（Electrical）與木材（Lumber）皆呈現可比正成長。這些成果反映我們對 Pro（專業客戶）的策略性投資，以及維修與保養專案的持續強勁需求。

Within Rough Plumbing, we drove sales in HVAC, water heaters, and air circulation, supported by trusted brands like AO Smith and SharkBite, whose solutions make installation fast and simple. We also delivered positive comps in Lumber, specifically in treated lumber, siding and composite decking with leading brands like Trex, TimberTech and Deckorators.

在粗裝管材（Rough Plumbing）中，我們帶動 HVAC、熱水器與空氣循環品類的銷售，並由 AO Smith 與 SharkBite 等值得信賴的品牌支撐，其解決方案讓安裝更快速且更簡單。我們在木材（Lumber）也實現可比正成長，特別是在防腐處理木材、壁板與複合材露台板方面，並有 Trex、TimberTech 與 Deckorators 等領先品牌帶動。

In Electrical, we delivered growth in electrical cable, landscape lighting, and fire safety. This quarter, we completed the rollout of Cree within our light bulb assortment, bringing this innovative brand exclusively to Lowe's in the home center channel. One standout product is Cree's new 6-way bulb, which lets customers easily adjust the color temperature either on the bulb or from the wall switch.

在電氣品類方面，我們在電纜、景觀照明與消防安全上實現成長。本季我們完成將 Cree 納入燈泡品類的全面上架，並在家居賣場通路將這個創新品牌獨家引進 Lowe's。其中一項亮點產品是 Cree 全新的 6 段式燈泡，讓顧客可在燈泡本體或透過牆壁開關輕鬆調整色溫。

Turning to Home Décor. We delivered strong performance across our interior categories, including positive comps in Appliances, Paint, and Kitchen and Bath.

接著談到家居裝飾（Home Décor）。我們在室內品類表現強勁，包括家電、油漆以及廚房與衛浴等品類的同店銷售皆為正成長。

Starting with Appliances, where we delivered our 7th consecutive quarter of positive comp sales growth as we continue to reinforce our leadership position as the destination for both planned purchases and urgent replacement needs through a best-in-class omnichannel experience, fast reliable fulfillment, and the broadest assortment of leading brands, including LG, GE, Bosch and Whirlpool.

先從家電開始：我們已連續第 7 個季度實現同店銷售正成長。我們持續透過一流的全通路體驗、快速可靠的履約，以及最廣泛的領導品牌組合（包括 LG、GE、Bosch 與 Whirlpool），鞏固我們作為「計畫性購買」與「緊急汰換需求」首選目的地的領導地位。

We're also bringing consumers the latest innovations to make life easier, like the new GE Profile refrigerator with Kitchen Assistant that features the first of its kind built-in barcode scanning technology. This refrigerator can scan everyday grocery items and automatically add them to a shared digital shopping list that then can be synced to Instacart for quick delivery.

我們也為消費者帶來讓生活更便利的最新創新，例如全新的 GE Profile 冰箱搭載 Kitchen Assistant，具備同類首創的內建條碼掃描技術。這款冰箱可掃描日常雜貨並自動加入共享的數位購物清單，之後可同步至 Instacart 以快速配送。

And because speed of Appliance delivery is so important during a duress occasion, Lowe's can deliver and install the broadest selection of major appliances next day in virtually every U.S ZIP Code. This is truly the fastest fulfillment in home improvement.

此外，由於在緊急情境下家電配送速度至關重要，Lowe's 幾乎可在全美各郵遞區號提供隔日配送與安裝最廣泛的主要家電選擇。這確實是家居裝修領域最快的履約服務。

Beyond Appliances, we saw demand for repair and refresh projects in Kitchen and Bath across categories like vanities, bathing, and toilets. And Paint also remained a bright spot with growth in interior paint, sundries and buckets.

除家電之外，我們也看到廚房與衛浴的維修與翻新專案需求，涵蓋浴櫃、沐浴設備與馬桶等品類。油漆同樣維持亮點，室內漆、周邊耗材與桶類產品皆呈現成長。

Now let's shift to Hardlines, where we grew comp sales in Lawn and Garden and Tools and Hardware. Our spring seasonal categories performed well throughout the first half of the year as customers responded to compelling value in Live Goods, Hardscapes, and landscape products. And our attractive credit offers help support demand in Outdoor Power Equipment as our broad assortment and key brands like John Deere, Toro, Ariens and EGO remained key points of differentiation.

接著轉到硬線（Hardlines）品類，我們在草坪與園藝，以及工具與五金方面實現同店銷售成長。今年上半年春季季節性品類表現良好，顧客對活體植物（Live Goods）、硬景（Hardscapes）與景觀產品的高性價比反應熱烈。我們具吸引力的信用卡優惠也有助於支撐戶外動力設備需求；同時，我們廣泛的商品組合與 John Deere、Toro、Ariens、EGO 等關鍵品牌仍是重要差異化優勢。

Tools and Hardware also performed well, particularly in metal storage and fastening, where we have one of the strongest brand lineups in home improvement, offering customers both trusted national brands and our own private brands. Craftsman continued to deliver value and innovation with products made in the USA, including a limited-edition workbench with a magnetic flag designed to celebrate America's 250th birthday. And customers responded to Kobalt's wide range of colors in metal storage, helping them personalize their workspace.

工具與五金也表現不俗，尤其是金屬收納與緊固件領域；我們擁有家居裝修業界最強的品牌陣容之一，為顧客提供值得信賴的全國性品牌與自有品牌。Craftsman 持續以美國製造的產品帶來價值與創新，包括一款限量版工作台，配有磁吸旗幟設計，用以慶祝美國 250 週年。顧客也對 Kobalt 金屬收納的多樣色系反應熱烈，協助他們打造個人化的工作空間。

Looking ahead, while discretionary DIY spending remains under pressure and the K-shaped economy continues to shape consumer spending, we're encouraged by the plans that we have in place to drive demand for both our price conscious and premium customers in the second half of the year.

展望未來，儘管可自由支配的 DIY 支出仍承壓，且 K 型經濟持續影響消費支出，我們對下半年已規劃的方案感到鼓舞，將同時帶動重視價格的顧客與高端顧客的需求。

For example, we're expanding our assortment of premium appliances on Lowes.com, giving customers more choices across a wider range of price points and allowing us to unlock additional sales in our largest category. We're bringing that same approach to Patio by expanding our assortment of premium outdoor furniture, both online and in our year-round markets. Together, these expanded assortments position us well to capture more demand from more customers by offering luxury design and innovation to serve customers across a broad range of price points.

例如，我們正在 Lowes.com 擴充高端家電的商品組合，讓顧客在更廣泛的價格帶上有更多選擇，並協助我們在最大品類中解鎖更多銷售。我們也將同樣策略應用於庭院（Patio），在線上與全年營運市場擴充高端戶外家具的商品組合。這些擴充後的商品組合，讓我們能以奢華設計與創新服務不同價格帶的顧客，從更多顧客身上捕捉更多需求。

We're also continuing to strengthen our brand assortment and maintain strong in-stock positions across key destination categories. And we're expanding our selection of power tools, hand tools, and storage with hundreds of new products that will appeal to both DIY and Pro customers, including over 150 new DeWalt items, the number one Pro preferred brand.

我們也持續強化品牌組合，並在關鍵目的地品類維持強勁的現貨供應水位。同時，我們正擴充電動工具、手工具與收納品類，新增數百項新品，將同時吸引 DIY 與專業客戶（Pro），其中包括超過 150 項全新 DeWalt 產品——這是專業客戶最偏好的第一品牌。

And in Bosch and Kobalt, we are adding new 4-volt lifestyle products that help our DIY customers complete household tasks more efficiently. To help customers with landscape projects this fall, we're leaning into our outdoor strengths by offering compelling values and a great assortment to support lawn restoration, fall planning, and seasonal cleanup projects, particularly in markets affected by droughts this summer.

此外，在 Bosch 與 Kobalt 方面，我們正新增 4 伏特的生活風格產品，協助 DIY 顧客更有效率地完成家務。為協助顧客在今年秋季進行景觀專案，我們將發揮戶外優勢，提供具吸引力的價值與完善的商品組合，以支援草坪修復、秋季規劃與季節性清理專案，特別是在今年夏季受乾旱影響的市場。

We're also pleased to welcome Traeger to our already strong grilling lineup. As one of the leading brands in outdoor grilling, Traeger will begin rolling out in select stores and online nationwide later this year, further strengthening our assortment of grills, pellets, and accessories and giving our customers even more reasons to choose Lowe's for their outdoor projects.

我們也很高興歡迎 Traeger 加入我們本就強勁的烤爐產品陣容。作為戶外燒烤領導品牌之一，Traeger 將於今年稍晚在部分門市與全美線上通路陸續上架，進一步強化我們在烤爐、木屑顆粒（pellets）與配件的商品組合，並讓顧客有更多理由選擇 Lowe's 來完成戶外專案。

And as those customers engage with Lowe's, we'll continue to build on the momentum from our My Lowe’s Rewards Loyalty program. We have more than 30 million members who shop more frequently and spend more per visit than non-members. We'll continue to reward that loyalty with exclusive member offers, special events, and enhanced sameday fulfillment options, making it even more valuable to choose Lowe's.

而當這些顧客與 Lowe's 互動時，我們也將持續延續 My Lowe’s Rewards 會員忠誠計畫所帶來的動能。我們擁有超過 3,000 萬名會員，他們的購買頻率更高、每次到店消費也高於非會員。我們將持續以會員專屬優惠、特別活動與強化的當日履約選項回饋這份忠誠，讓選擇 Lowe's 更具價值。

Before I wrap up, let me touch on another important driver behind our performance, our Perpetual Productivity Improvement or PPI initiatives. Our teams continue to make meaningful progress supporting our Total Home strategy by simplifying processes, improving execution and helping our associates spend more time serving customers.

在我結束之前，我想談談另一個推動我們表現的重要動能：我們的「持續生產力改善」（Perpetual Productivity Improvement，PPI）計畫。我們的團隊持續取得實質進展，透過簡化流程、提升執行力，並協助門市同仁把更多時間用於服務顧客，以支持我們的 Total Home 策略。

One example is the rollout of self-watering plant tables in more than 700 stores. This solution removes the routine watering work from our garden centers, reduces plant damage, and frees up our MST associates to focus on keeping shelf stock and servicing bays.

其中一個例子是在超過 700 家門市導入自動澆灌植物展示桌。此方案將例行澆水工作從園藝中心移除，降低植物損耗，並讓我們的 MST 同仁能更專注於補貨與維護貨架區塊（bays）。

In addition, we're also investing in new digital tools for our MST team to help them prioritize the highest impact bays, improve sales per square foot productivity, and create a better shopping experience for our customers. And we are on track with our expansion of pet and workwear to all stores by year-end as part of our space productivity initiative. These investments make our stores easier to shop and easier to operate.

此外，我們也投資 MST 團隊的新數位工具，協助他們優先處理影響最大的貨架區塊（bays）、提升每平方英尺銷售生產力，並為顧客創造更好的購物體驗。同時，作為空間生產力計畫的一部分，我們正按計畫在年底前將寵物與工作服品類擴展至所有門市。這些投資讓門市更好逛、也更好營運。

As I close, we remain focused on doing what we do best, bringing customers compelling values, innovative products and brands along with an outstanding shopping experience. I'd like to thank our merchants, our MST associates, and our supplier partners for their collaboration, commitment, hard work, and outstanding execution. Their work is invaluable to delivering an experience that sets Lowe's apart.

最後，我們仍專注於把我們最擅長的事做到最好：為顧客帶來具吸引力的價值、創新產品與品牌，以及卓越的購物體驗。我要感謝我們的採購團隊、MST 同仁與供應商夥伴的合作、投入、辛勤付出與出色執行。他們的工作對於打造讓 Lowe's 脫穎而出的體驗至關重要。

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

接下來，我把電話會議交給 Joe。

Thank you, Bill. Good morning, everyone. Let me start by thanking Frontline Associates for their hard work throughout the key spring and summer selling season. During one of the busiest times of the year for home improvement, they remain focused on one thing: making it easier for our customers to complete their projects. Their commitment continues to make a meaningful difference across our stores.

謝謝你，Bill。各位早安。首先，我要感謝第一線同仁在春季與夏季關鍵銷售旺季期間的辛勤付出。在家居裝修一年中最忙碌的時段之一，他們始終專注於一件事：讓顧客更容易完成他們的專案。他們的投入持續在我們各門市帶來實質的正面影響。

We drove steady momentum in our same-day fulfillment offering during the quarter as more and more customers take advantage of our delivery options to keep their projects moving. By giving customers another fast and convenient way to access our broad assortment, same-day fulfillment is becoming an increasingly important part of the Lowe's omnichannel experience.

本季我們的當日履約服務持續推進並保持穩健動能，越來越多顧客利用我們的配送選項，讓專案進度不中斷。透過為顧客提供另一種快速且便利的方式來取得我們廣泛的商品組合，當日履約正成為 Lowe's 全通路體驗中愈來愈重要的一環。

Another way we're delivering a better experience for the customer is through the continued associate adoption of Mylow Companion. As Marvin mentioned, this AI-powered resource is being leveraged in a big way by our teams. More associates are engaging with the tool every day as it gives them greater confidence to help customers across departments and enables them to answer questions more quickly and spend more time doing what matters most, serving customers.

我們提供更佳顧客體驗的另一種方式，是持續推動同仁採用 Mylow Companion。如 Marvin 所提到，這項 AI 驅動的資源正被我們團隊大幅運用。越來越多同仁每天使用該工具，因為它能提升他們跨部門協助顧客的信心，讓他們更快速回答問題，並把更多時間投入最重要的事——服務顧客。

Turning now to our second quarter performance, I'll start with Pro, where we delivered another quarter of growth driven by our small and medium-sized Pro customers. We know our Pros value three things above all else: time, availability and value, and that's exactly where we focused our investments.

現在轉到我們第二季的表現，我先從 Pro 業務談起；在中小型 Pro 客戶帶動下，我們再度交出一季成長。我們知道 Pro 客戶最重視三件事：時間、供應可得性與價值，而這正是我們投資聚焦的方向。

Through advancement of initiatives and technology, we're giving Pros even more access to what they need for their jobs and businesses in one seamless shopping experience. Additionally, our digital Pro Business tools, along with the My Lowe's Pro Rewards loyalty offering, continue to strengthen the value we offer to the Pros.

透過推進各項計畫與技術，我們讓 Pro 客戶在一個無縫的購物體驗中，更容易取得其工作與業務所需的一切。此外，我們的數位 Pro Business 工具，以及 My Lowe's Pro Rewards 忠誠回饋方案，持續強化我們為 Pro 客戶提供的價值。

These expanded tools support Pros by enabling them to plan, quote, manage, and grow their business all within the Lowe's platform. In our recent survey, our core Pro customers shared that their backlogs are steady. However, they are seeing a homeowner that is more cautious about their spending. This is leading to consistently smaller projects focused on repair and maintenance needs rather than larger remodeling jobs.

這些擴充的工具可支援 Pro 客戶在 Lowe's 平台內完成規劃、報價、管理並拓展其業務。在我們近期的調查中，核心 Pro 客戶表示其在手訂單（backlog）維持穩定。然而，他們也觀察到屋主在支出上更為謹慎。這使得專案規模持續偏小，重點轉向修繕與維護需求，而非較大型的翻新工程。

Shifting to productivity, we are pleased with the advancement of our PPI initiatives in Q2. The impact of our Perpetual Productivity Improvement effort is evident in our successful transition of all store and field Associates to a new centralized communications portal that consolidates several previously separate channels into one efficient platform. This new tool helps to reduce complexity, enhances clarity, and prioritization and results in real payroll productivity.

轉到生產力方面，我們對第二季 PPI 計畫的推進感到滿意。我們的「持續性生產力改善」（Perpetual Productivity Improvement）成果，體現在我們成功將所有門市與外勤同仁轉移至新的集中式通訊入口網站，將先前分散的多個渠道整合為單一高效率平台。這項新工具有助於降低複雜度、提升清晰度與優先順序安排，並帶來實質的人事薪資生產力。

Looking ahead to the second half of the year, we will continue our focus on productivity as we continue to roll out and adoption of Freight Flow 3.0 and Full Shelf replenishment. Both of these projects are aimed at improving in-stocks and inventory accuracy by identifying and prioritizing the highest stocking needs and simplifying the product flow process from truck to shelf.

展望下半年，我們將持續聚焦生產力，並繼續推動 Freight Flow 3.0 與 Full Shelf 補貨的上線與採用。這兩個專案皆旨在透過辨識並優先處理最高補貨需求、以及簡化從卡車到貨架的商品流轉流程，來提升到貨可售率（in-stocks）與庫存準確性。

Not only do these efforts drive labor productivity and customer service, they also ensure that customers can find the products they need where and when they need them.

這些努力不僅提升勞動生產力與客戶服務，也確保顧客能在需要的時間與地點找到所需商品。

As I close, I want to thank all of our associates for their professionalism, care, and commitment they demonstrate every day. Their ability to embrace new technology while staying focused on serving customers is what continues to set Lowe's apart. I'm deeply grateful for all they do to support our customers, one another and the communities they serve.

在結語之前，我要感謝所有同仁每天展現的專業、關懷與承諾。他們在擁抱新科技的同時仍專注於服務顧客，正是 Lowe's 持續脫穎而出的關鍵。我由衷感謝他們為支持我們的顧客、彼此，以及其所服務的社區所付出的一切。

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

接下來，我把電話會議交給 Brandon。

Thank you, Joe, and good morning. In Q2, we generated sales growth and significant free cash flow, reflecting the resilience and flexibility of our operating model as continued productivity progress and an enterprise-wide focus on execution and cost management enabled us to effectively navigate the quarter and deliver our earnings expectations.

謝謝你，Joe，大家早安。第二季我們實現銷售成長並產生可觀的自由現金流，反映出我們營運模式的韌性與彈性；在生產力持續進展、以及全企業對執行力與成本管理的聚焦之下，我們得以有效應對本季並達成我們的獲利預期。

Beginning with our Q2 results, we generated GAAP diluted earnings per share of $4.27. In the quarter, we recognized $96 million in pre-tax non-GAAP charges from acquisitionrelated intangible asset amortization. Excluding these impacts, we delivered adjusted diluted earnings per share of $4.40. GAAP diluted earnings per share and adjusted diluted earnings per share both include an $0.11 benefit from IEEPA tariff refunds. Adjusted diluted earnings per share exceeded expectations, even excluding this benefit.

先從第二季業績開始，我們的 GAAP 稀釋每股盈餘為 4.27 美元。本季我們認列 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 4.40 美元。GAAP 稀釋每股盈餘與調整後稀釋每股盈餘皆包含 IEEPA 關稅退稅帶來的 0.11 美元利益。即使不含此項利益，調整後稀釋每股盈餘仍高於預期。

My comments from this point forward will include certain non-GAAP comparisons that exclude the impact of non-GAAP charges where applicable. Sales for the second quarter were $26 billion, up 8.3% from the second quarter of last year.

從現在起，我的評論將在適用情況下納入若干排除非 GAAP 費用影響的非 GAAP 比較。第二季銷售額為 260 億美元，較去年同期成長 8.3%。

Comparable sales rose 0.2% with May down 0.4%. June up 1.7% and July down 1.2%. Please note the shift in timing of the July 4th holiday drove an approximately 75 basis points comp sales benefit to fiscal June, which was offset by a similar drag to fiscal July. While we continue to gain traction this quarter in Pro, Online and Home Services, we continue to manage through a challenging home improvement backdrop and soft DIY demand.

同店銷售成長 0.2%，其中 5 月下滑 0.4%。6 月成長 1.7%，7 月下滑 1.2%。請注意，7 月 4 日假期時點的移動，為會計 6 月帶來約 75 個基點的同店銷售利多，但在會計 7 月則出現類似幅度的拖累而相互抵銷。雖然本季我們在 Pro、線上與居家服務方面持續取得進展，但在居家修繕市場環境具挑戰性、以及 DIY 需求疲弱的情況下，我們仍持續因應與管理。

Comparable average ticket increased 2.3%, reflecting modest price inflation and continued strength in Pro, while comparable transactions declined 2.1%, driven by pressure from weather sensitive outdoor and seasonal categories. For the second quarter, gross margin was 33%, down 80 basis points versus prior year adjusted gross margin, including the diluted impact of the FBM and ADG acquisitions, partially offset by favorable credit revenue.

同店平均客單價成長 2.3%，反映溫和的價格通膨以及 Pro 業務持續強勁；同店交易筆數則下滑 2.1%，主要受天候敏感的戶外與季節性品類承壓所致。第二季毛利率為 33%，較去年調整後毛利率下滑 80 個基點，其中包含 FBM 與 ADG 併購帶來的稀釋影響，部分由較有利的信用收入所抵銷。

Gross margin also includes approximately $80 million or 30-basis-point benefit from tariff refunds, which were largely offset by elevated fuel and transportation costs during the quarter. SG&A was 17.2% of sales, leveraging 14 basis points versus prior year adjusted SG&A in line with our expectations. Adjusted operating margin rate of 14% was down 62 basis points versus prior year adjusted operating margin.

毛利率亦包含關稅退稅帶來約 8,000 萬美元、或 30 個基點的利益，但本季較高的燃料與運輸成本大致抵銷了這項利益。SG&A（銷售、一般及行政費用）占銷售比重為 17.2%，較去年調整後 SG&A 改善 14 個基點，符合我們的預期。調整後營業利益率為 14%，較去年調整後營業利益率下滑 62 個基點。

As Marvin, Bill and Joe mentioned earlier, our PPI initiatives continue to deliver meaningful results this quarter and our disciplined approach to cost management allowed us to manage profitability effectively despite softer-than-expected sales. The effective tax rate was 24.4%. Inventory ended the second quarter at $17.7 billion, up approximately $1.4 billion versus prior year. The increase is driven by the normalization of prior-year tariff related timing disruptions, investments to support in-stock levels, and approximately $500 million from last year's acquisition of FBM.

如 Marvin、Bill 與 Joe 先前所提，我們的 PPI 計畫本季持續帶來顯著成果；同時，我們在成本管理上的紀律性作法，使我們即便在銷售低於預期的情況下，仍能有效管理獲利能力。有效稅率為 24.4%。第二季末庫存為 177 億美元，較去年增加約 14 億美元。增加原因包括：去年關稅相關時點干擾的正常化、為支撐到貨可售率所做的投資，以及去年併購 FBM 帶來約 5 億美元的影響。

Moving to capital allocation. In Q2, we generated $3.1 billion in free cash flow and capital expenditures totaled $542 million, reflecting our continued commitment to invest in key Total Home strategy initiatives. We paid $673 million in dividends at $1.20 per share, reinforcing our commitment to returning capital to shareholders and our status as a Dividend Aristocrat.

接著談資本配置。第二季我們產生 31 億美元自由現金流，資本支出合計 5.42 億美元，反映我們持續承諾投資於「Total Home」策略的關鍵計畫。我們支付股利 6.73 億美元、每股 1.20 美元，強化我們回饋股東的承諾，以及我們作為「股利貴族」（Dividend Aristocrat）的地位。

And we finished the quarter with adjusted debt-to-EBITDAR of 3.0 times as we progressed toward our 2.75 times leverage ratio target, which we expect to achieve in mid-2027. And we ended Q2 with $3.2 billion of cash and cash equivalents and delivered Return on Invested Capital of 25.5%. Today, we are updating our full year 2026 financial outlook to reflect first half results as well as current consumer demand and housing trends.

本季結束時，調整後負債對 EBITDAR 比率為 3.0 倍，朝向我們 2.75 倍的槓桿比率目標邁進，預期於 2027 年年中達成。第二季末我們持有 32 億美元的現金及約當現金，投入資本報酬率（ROIC）為 25.5%。今天，我們更新 2026 全年財務展望，以反映上半年結果以及目前的消費者需求與房市趨勢。

Across retail home improvement, macro pressure like interest rates, inflation and gas prices continue to influence DIY demand. And although elevated mortgage rates continue to suppress new home construction activity and pressure larger Pros and home builders, we remain committed to the investments we are making across our Total Home strategy and the growth platforms we are building through FBM and ADG.

在零售居家修繕領域，利率、通膨與油價等總體壓力仍持續影響 DIY 需求。此外，偏高的房貸利率持續壓抑新屋建築活動，並對較大型的 Pro 客戶與住宅建商造成壓力；但我們仍致力於持續投資於 Total Home 策略，以及透過 FBM 與 ADG 所打造的成長平台。

We continue to believe these investments position us well to take share and capitalize on the medium- to long-term opportunity in both home improvement and residential construction. And at the same time, we are focused on taking actions that strengthen our performance regardless of the environment.

我們仍相信，這些投資使我們具備良好條件，在居家修繕與住宅建築兩個領域中擴大市占並把握中長期機會。同時，我們也專注採取行動，在任何環境下都能強化我們的表現。

The second half sales driving initiatives outlined by Bill and Joe reflect our commitment to investing for future growth and offering our Pro and DIY customers compelling value. We are also committed to driving productivity and managing expenses with discipline and executing the integration actions that we expect will strengthen the business as the market recovers.

Bill 與 Joe 所概述的下半年銷售推動計畫，反映我們對投資未來成長的承諾，並為 Pro 與 DIY 客戶提供具吸引力的價值。我們也致力於提升生產力、以紀律方式管理費用，並執行我們預期可在市場復甦時強化業務的整合行動。

Based on this, we are updating our full-year outlook in line with the bottom end of the previous guidance range. We expect sales of approximately $92 billion with roughly flat comparable sales, and we expect adjusted operating margin of approximately 11.6% and full year adjusted diluted earnings per share of approximately $12.25. We also continue to expect capital expenditures of up to $2.5 billion.

基於此，我們將全年展望更新至先前指引區間的下緣。我們預期銷售額約 920 億美元、同店銷售約持平；並預期調整後營業利益率約 11.6%，全年調整後稀釋每股盈餘約 12.25 美元。我們也仍預期資本支出最高可達 25 億美元。

The outlook includes the tariff benefits we recognized in Q2 but excludes any potential additional benefits in the second half of the year. We will provide an update on any future tariff refunds received and how those are used on future earnings calls. The outlook also reflects continued pressure in the residential construction end market for FBM and ADG, where softer for longer new home construction is creating heightened near-term pressure on demand.

展望包含我們在第二季確認的關稅利益，但不包含今年下半年任何可能的額外利益。我們將在未來的財報電話會議中，更新任何後續收到的關稅退稅以及這些退稅如何被運用。展望亦反映FBM與ADG所面臨的住宅建築終端市場持續承壓；新屋開工「疲弱且時間更長」正對需求造成更高的短期壓力。

And for the third quarter, we expect comp sales to be in line with our full year outlook and adjusted diluted earnings per share to be approximately 7% below prior year adjusted diluted earnings per share.

至於第三季，我們預期同店銷售將與我們的全年展望一致，而調整後稀釋每股盈餘將約較去年同期的調整後稀釋每股盈餘低7%。

In closing, we remain focused on serving the customer, driving productivity, and continuing our investments to build a stronger business that unlocks long-term growth and shareholder value.

最後，我們仍將專注於服務客戶、提升生產力，並持續投資以打造更強健的業務，進而釋放長期成長與股東價值。

And with that, we are now ready to take your questions.

接下來，我們準備開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Steven Forbes, Guggenheim Securities.

Steven Forbes，Guggenheim Securities。

Good morning. Marvin, you mentioned competitive pressures to end the quarter, and so I was hoping maybe if you could just expand on that comment given the July monthly comp. Are there specific regions, categories, channels where those pressures are emerging? And then maybe just provide a little more color on how you've incorporated maybe reactive or proactive plans to combat those pressures into the back half of the year?

早安。Marvin，你提到本季末出現競爭壓力，因此我想請你就7月的月度同店表現，進一步說明一下這點。這些壓力是否出現在特定地區、品類或通路？另外，也請多分享一些你們如何把因應（被動或主動）的計畫納入今年下半年的規劃，以對抗這些壓力？

Yes, Steve, thanks for the question. As I said in the prepared comments, we observed some heightened competitive pressures, primarily in July. We had competitors being aggressive on price, primarily seasonal categories. So think about grills, patio, and live goods that probably drove unit and sales performance for them but obviously was not very profitable. So if you look at our July results, you can see that as an impact.

好的，Steve，謝謝你的問題。如同我在事先準備的發言中所說，我們觀察到競爭壓力有所升高，主要發生在7月。我們看到競爭對手在價格上採取更積極的策略，主要集中在季節性品類。例如烤爐、庭院用品與活體植物等，這些可能帶動了他們的銷量與銷售表現，但顯然獲利性並不高。因此，如果你看我們7月的結果，就能看到其影響。

Having said that, our goal is to be very transparent on what we're seeing in the competitive marketplace, but also to be very clear on the initiatives we're working on and how we're trying to drive the business, not only in the second quarter, but in the second half of the year.

話雖如此，我們的目標是對我們在競爭市場中所看到的情況保持高度透明，同時也要清楚說明我們正在推動的各項措施，以及我們如何驅動業務，不僅是在第二季，也包括今年下半年。

So let me hand it over to Bill to just outline some of the things that we're doing to stay really focused on providing value, innovation, and leveraging the differentiation we have with our loyalty platform and some of the other initiatives to serve customers.

所以我把時間交給Bill，請他概述我們正在做的一些事情，讓我們能持續聚焦於提供價值與創新，並運用我們在忠誠度平台上的差異化優勢，以及其他一些服務客戶的計畫。

Yes, Marvin, thanks. And Steve, as we look at the back half, where we stay focused. First of all, as we look at Q3, it's really around Labor Day, making sure we can have a successful Labor Day event. We're also driving our member events with our My Lowe’s Reward members. We've got to continue the momentum that we've got in our businesses that are already working, especially for that small and medium-sized Pro areas like I called out with Rough Plumbing, Millwork, Electrical, Paint, Lumber as examples.

好的，Marvin，謝謝。Steve，談到下半年我們的聚焦重點。首先，第三季的重點其實圍繞在勞動節，確保我們能有一場成功的勞動節活動。我們也會透過My Lowe’s Reward會員持續推動會員活動。我們必須延續目前已在發揮成效的業務動能，特別是我提到的中小型Pro（專業客戶）相關領域，例如粗配管、木作（Millwork）、電工、油漆、木材等。

We've got some great plans in place for Labor Day, as I said, really focused around fall planting, lawn restoration. We set our stores for Halloween and then we'll quickly transition to trim-a-tree later on in the quarter. We've got a bunch of new products coming that we're excited about innovation across Kobalt, Craftsman, DeWalt.

如我所說，我們已為勞動節準備了很好的計畫，重點聚焦在秋季種植與草坪修復。我們已在門市完成萬聖節陳列，之後會在本季稍晚快速轉換到trim-a-tree活動。我們也有一系列令人期待的新產品即將推出，涵蓋Kobalt、Craftsman、DeWalt等品牌的創新。

I shared in my prepared remarks, we've got a lot of energy around Appliances, seven straight quarters now of positive growth, but really looking to try to grab some opportunity in this premium appliance space, looking at brands like Bosch, KitchenAid, LG Signature, Cafe, ZLINE, FORNO, all trying to meet the customer where they want to purchase some of this better-quality type product.

我在事先準備的發言中也分享過，我們在家電品類上動能很強，已連續七個季度實現正成長；同時我們也希望把握高階家電市場的機會，聚焦Bosch、KitchenAid、LG Signature、Cafe、ZLINE、FORNO等品牌，努力在客戶希望購買更高品質產品的場景中滿足其需求。

And then in the Flooring category, we will have completed the rollout of Daltile, which we're really excited about. We saw that come in early in the first half, but we'll complete that in hard surfaces in the third quarter.

另外在地板品類方面，我們將完成Daltile的全面導入，我們對此非常期待。上半年我們已提前看到初步成效，而第三季我們將在硬質地材完成導入。

And then I shared around grills. Bringing Traeger to the grill lineup is a big advantage for us, really adding to the brands we already carry with Char-Broil, Pit Boss, Weber. And now the Traeger brand gives us some great credibility in that space. We're excited about that. So we got a lot of energy. And then we've got obviously as we come out of the Q4 and get ready for spring, there's lots of stuff coming, but a lot of stuff that we've planned and focused on both online and in store.

接著我也提到烤爐。將Traeger納入烤爐產品線對我們而言是一大優勢，能進一步強化我們既有的品牌組合，包括Char-Broil、Pit Boss、Weber。而Traeger品牌也為我們在該領域帶來很高的公信力。我們對此感到興奮。所以我們充滿動能。此外，當我們走出第四季並為春季做準備時，還有很多事情會推出；但目前我們已規劃並聚焦了許多項目，涵蓋線上與門市兩端。

And Steve, look, just one last comment. We're committed to operational discipline. As I mentioned and so did Brandon, I mean, we dealt with elevated fuel costs, transportation and lots of other cost inputs. But even with that, we stayed really focused on delivering strong flow-through, committed to profitability, and efficiency as a management team. That's something that we're pleased with and that's going to be the hallmark of what we stand for irrespective of what the macro environment serves up to us.

Steve，最後再補充一點。我們致力於營運紀律。如我所提、Brandon也提到，我們面對了偏高的燃料成本、運輸成本以及許多其他成本投入。即便如此，我們仍高度聚焦於實現強勁的利潤流轉（flow-through），並作為管理團隊堅守獲利能力與效率。這是我們感到滿意的地方，也將是我們的核心標誌，不論總體環境帶來什麼挑戰。

Thank you both and maybe just a quick follow-up for Brandon. Curious how FBM and ADG performed during the quarter and if the revision to full year guide towards the low end of the initial includes a reduction in the planned organic growth for those two businesses?

謝謝兩位。再快速追問Brandon一題。想了解FBM與ADG在本季的表現如何？以及將全年指引修正至原先區間的低端，是否包含下調這兩項業務原先規劃的有機成長？

Yeah, sure, Steve. So as we think about FBM and ADG, certainly seeing elevated rates more pronounced in residential construction, and we're seeing that suppress both new builds and near-term housing demand. FBM, ADG working through these challenges. As a reminder, ADG 100% exposed FBM about 45% exposed to residential construction. As we look at homebuilding, single-family, multi-family, well documented that it's bumping along at multi-year lows.

好的，當然可以，Steve。談到FBM與ADG，我們確實看到利率維持在較高水準，且在住宅建築領域的影響更為明顯；這正在抑制新建案以及短期住宅需求。FBM與ADG正在因應這些挑戰。提醒一下，ADG對住宅建築的曝險為100%，FBM約為45%。就住宅建築而言，無論是獨棟或集合住宅，都已眾所周知地在多年低點附近徘徊。

FBM's business, we are and continue to be pleased with the commercial business, which represents 55%. But as I mentioned, the outlook assumes continued elevated pressures in residential construction and that persisting over the second half, and that's impacting both top and bottom lines at FBM and ADG.

就FBM的業務而言，我們對其商用業務（占比55%）的表現感到滿意，且仍將持續如此。但如我所提，展望假設住宅建築仍將持續承受偏高壓力，且此情況會延續到下半年，這正影響FBM與ADG的營收與獲利表現。

So teams are continuing to drive meaningful integration benefits. In the meantime, we're pursuing aggressively tuck-in opportunities where those exist, and we expect to emerge on the backside of this as a more scaled player, and our longer-term goal is to take advantage of 14 million homes over the next decade.

因此，各團隊持續推動具實質意義的整合效益。同時，我們也在有機會的地方積極尋求補強型（tuck-in）併購機會；我們預期在度過這段期間後，將以更具規模的角色走出來，而我們的長期目標是把握未來十年新增1,400萬戶住宅的機會。

Thank you.

謝謝。

Thanks, Steve.

謝謝你，Steve。

Kate McShane, Goldman Sachs.

Kate McShane，Goldman Sachs。

Hi, thanks for taking our question. I think your comments about the heightened promo environment and its impact it had on your comp in July is one of the bigger impacts we've seen in quite a long time. So can you maybe comment a little bit about what you're seeing so far in Q3 when it comes to promotions? Can you talk about how you're going to manage that going forward? And do you think that there's any kind of significant change here if this is the new normal?

嗨，謝謝讓我們提問。我認為你們提到促銷環境升溫及其對7月同店的影響，是我們很長一段時間以來看到的較大影響之一。所以你們能否談談第三季迄今在促銷方面看到的情況？也請談談你們接下來將如何管理這件事？以及你們是否認為這裡出現了任何重大變化——如果這成為新的常態的話？

Kate, this is Marvin. We don't think it's the new normal. We think it's transitory. We think it's the result of competitors having tariff refund dollars and looking for different ways to use those dollars to drive the top-line. And so we don't see this as something that's going to shift.

Kate，我是Marvin。我們不認為這是新的常態。我們認為這是暫時性的。我們認為這是競爭對手手上有關稅退稅資金，並在尋找不同方式運用這些資金來帶動營收成長所造成的結果。因此，我們不認為這會是會發生轉變的事情。

Historically, as you know, home improvement tends to be a very rational and predictable promotional and price environment. We believe we're going to get back to that in the second half of the year. Quite candidly, we're going to be very disciplined around how we come to market. One of the reasons why we have a DIY loyalty program is so we can offer differentiated value to loyalty customers, and we can do it in a very consistent, very profit-driven, coherent way, and that's something that we continue to do.

如你所知，從歷史上看，居家修繕的促銷與定價環境通常非常理性且可預測。我們相信在今年下半年會回到那樣的狀態。坦白說，我們在進入市場的方式上會非常自律。我們之所以設有DIY忠誠計畫，其中一個原因是我們可以為忠誠客戶提供差異化價值，而且能以非常一致、以獲利為導向且連貫的方式來執行，而這也是我們持續在做的事情。

However, we have some really exciting things that we're going to be driving in the second half of the year so that we can remain competitive. And I'll just let Bill outline some of the things we're really committed to that we think will drive value for our customers and will continue to show up in a way that customers will put us at the top of their list.

不過，我們在今年下半年將推動一些非常令人振奮的事項，以便保持競爭力。我就請Bill概述幾項我們非常投入、我們認為能為客戶帶來價值的事情，並且會持續以讓客戶把我們列為首選的方式呈現。

Thanks, Marvin. I shared a couple of these examples in the first question, Kate, but we've got -- we'll also finish our rollout with Pet and Workwear in the back half. We're excited about what those categories are doing. If you remember, that was an opportunity for us around our Perpetual Productivity Iniatives, which is all about making space work harder inside our stores and online, and so we're excited about that.

謝謝你，Marvin。Kate，我在第一個問題時分享了其中幾個例子，但我們也會在下半年完成寵物與工作服品類的全面推廣。我們對這些品類的表現感到興奮。如果你還記得，這是我們「持續生產力倡議」（Perpetual Productivity Iniatives）的一個機會，核心在於讓門市與線上空間更有效率地運作，因此我們對此感到很期待。

We've got a lot of innovation. I rattled off a number of those with over 150 new tool items across multiple brands in the back half that will help drive our gifting timeframe. We've got a lot of new stuff in our holiday set this year that we're excited that we know drives traffic to the store.

我們有很多創新。我剛才提到其中不少：下半年將在多個品牌推出超過150項新工具商品，將有助於帶動我們的送禮檔期。今年我們的假期陳列（holiday set）也有很多新品，我們很興奮，因為我們知道這能帶動門市人流。

Some new characters that you can put in your front yard and a lot of things that we're excited about as well on the Pro side where we've got just a lot of energy around Millwork and some of these businesses that have just had a really nice run with consecutive quarters of performance.

還有一些新的角色造型，你可以放在前院；另外在專業客群（Pro）方面也有很多讓我們興奮的事，我們在門窗木作（Millwork）以及其中一些業務上充滿動能，這些業務已連續多個季度表現亮眼。

We've had Rough Plumbing with six straight quarters of positive growth. Paint, Electrical, Millwork, all four- and five consecutive quarters of positive growth. So we're going to continue to drive that. And then as we touched on in the first question, Labor Day for us is really first and foremost and it's all about taking care of the folks that want to get into fall planning, shift into that fall season, put those pumpkins on the porch, do those things that decorate their house and get it started for fall.

粗配管（Rough Plumbing）已連續六個季度正成長。油漆、電工、門窗木作（Millwork）也都連續四到五個季度正成長。因此我們會持續推動。另外，如同我們在第一個問題提到的，對我們而言，勞動節（Labor Day）最重要的是照顧那些想開始規劃秋季、切換到秋季氛圍的人：把南瓜放到門廊上，做一些裝飾房子的事情，為秋天做準備。

And Kate, this is Brandon. One last thing I'll mention. We are seeing an emerging trend of just increased take rates during the promo periods as customers seek out and respond to value. We are making recent investments to enhance our back-end promotional tools that are and continue to better inform our promo strategy.

Kate，我是Brandon。我最後再補充一點。我們看到一個新興趨勢：在促銷期間，顧客為了尋找並回應價值，帶動了更高的購買轉換率（take rates）。我們近期也在投資強化後端促銷工具，以便更好地為我們的促銷策略提供資訊與支持。

But as Marvin and Bill both mentioned, leaning into member offers, in-store events, enhance fulfillment and believe our second half guide reflects all of these dynamics from a comp standpoint, from a traffic standpoint, from a margin standpoint.

但正如Marvin與Bill都提到的，我們會更著重會員優惠、門市活動、強化履約（fulfillment），而且我們對下半年的指引已反映這些動態——無論是同店（comp）、人流（traffic）或毛利（margin）的角度。

Thank you.

謝謝。

Christopher Horvers, JP Morgan.

JP Morgan的Christopher Horvers。

Thanks. Good morning, everybody. So my first question is a bit of a geographic question. We've heard from a number of home-related retailers and the strength of the coastal housing markets versus pressures or underperformance in the South and you're certainly seeing that in home prices, relative home price performance in many of those markets. So can you talk about regional performance and how you think about maybe that affects your business versus some of your peers.

謝謝。各位早安。我的第一個問題比較偏地理區域。我們從多家居家相關零售商那裡聽到，沿海房市相對強勁，而南部則面臨壓力或表現不佳；你也確實能從房價、以及許多市場的相對房價表現看到這點。所以你能談談區域表現，以及你如何看待這可能對你們的業務、相較於部分同業會造成什麼影響嗎？

Chris, this is Marvin. As you can imagine, we look at this on a weekly basis, and candidly, there is no material difference in geographies other than weather impacts. We had some drought-like conditions in certain parts of the country. We've had some traumatic conditions in the Midwest. But when you look at all the other housing-related factors, we look at it closely. But from a materiality standpoint, weather continues to be the biggest driver in geographic performance.

Chris，我是Marvin。如你所想像，我們每週都會檢視這件事；坦白說，除了天氣影響之外，各地區並沒有實質差異。我們在全國某些地區遇到類似乾旱的狀況。中西部也出現一些嚴重的天候狀況。但當你檢視其他所有與房市相關的因素時，我們確實會密切關注。不過就重要性而言，天氣仍是影響各地區表現的最大驅動因素。

Understood. It's a great segue. I mean obviously Memorial Day weekend was tough for everybody just rain on a lot of rain. But as you think about last year, I think you did have a bathtub benefit into the second quarter from the first quarter, and that showed up a lot in July. So can you talk about the weather dynamics year over year?

了解。這是個很好的銜接。顯然，陣亡將士紀念日（Memorial Day）週末對大家都很艱難，因為雨下個不停。但回想去年，我認為你們確實在第二季享有第一季帶來的「浴缸效應」（bathtub benefit），而這在7月表現得很明顯。所以你能談談天氣在年對年比較下的動態嗎？

And as you think about July and on a one-year basis negative X , even with the adjustment, but on a two-year basis, you saw a strong improvement. So I guess maybe try to wrap the weather around how you're thinking about July and what that would suggest going forward with the business?

另外，當你看7月時，以一年期來看是負的X（即使做了調整），但以兩年期來看，你看到明顯改善。所以我想請你把天氣因素納入，談談你如何看待7月，以及這對未來業務走勢可能意味著什麼？

Chris, hey, this is Brandon. I think as Marvin said, the main weather headline was really around Memorial Day. Memorial Day weekend was one of our biggest DIY events of the year. It kind of drug on the full quarter results, and I think as you look at even that on a two-year stack, we were cycling a really tough Memorial Day last year.

Chris，嗨，我是Brandon。我認為如Marvin所說，天氣方面最主要的重點確實是在陣亡將士紀念日。陣亡將士紀念日週末是我們一年中最大的DIY活動之一。它某種程度上拖累了整個季度的結果；而且如果你看兩年期疊加（two-year stack），我們去年也正好是在對比一個非常艱難的陣亡將士紀念日。

So you're mentioning some of the two-year trends. I think the two-year trends, for May, negative because of that dynamic, but we were actually encouraged -- I mentioned the 75 basis points shift on monthly results just during the holiday. But if we look at two years pure as we move through May, June, July, they actually accelerated as we moved across the quarter. So from a two-year standpoint, we exited July at plus 3.4. So comfortable and confident, again, kind of teasing out the weather that business is on a good trajectory just as we turn into Q3.

你提到一些兩年期趨勢。我認為兩年期趨勢在5月是負的，原因就是那個動態；但我們其實受到鼓舞——我提到過，僅在那個假期期間，月度結果就出現了75個基點的變化。但如果我們純粹看兩年期，隨著我們走過5月、6月、7月，趨勢其實在整個季度中逐步加速。因此從兩年期角度看，我們在7月底的表現是正的3.4。也就是說，我們感到踏實且有信心；再次強調，若把天氣因素剔除，業務在進入第三季時的走勢是良好的。

Understood. Thanks so much.

了解。非常感謝。

Thanks, Chris.

謝謝你，Chris。

Simeon Gutman, Morgan Stanley.

Morgan Stanley的Simeon Gutman。

Hey, good morning, everyone. My first question is on the second half outlook. Can you elaborate on anything that changed? Did your initial outlook have a, I guess, upward tilt in the back half and that upward tilt is no longer in existence or is the consumer just gotten worse or maybe a mixture of both?

嗨，各位早安。我的第一個問題是關於下半年的展望。你能說明一下有哪些變化嗎？你們最初的展望是否原本預期下半年會有某種上行傾向，但現在這個上行傾向已不復存在？還是消費者狀況變得更差？或可能兩者兼具？

Hey, Simeon, this is Brandon. I think when we look at the outlook, first half results, second half current DIY trends, and pressures on residential construction, those are really the two things that we're projecting out into the second half. We also continue to expect strength and momentum in our Total Home strategy. So the areas that we've highlighted where we had strength in the first half we expect those to continue: Pro, Online, Loyalty, Home Services.

嗨，Simeon，我是Brandon。我認為當我們看展望時，上半年結果、下半年目前的DIY趨勢，以及住宅建築所承受的壓力，這兩點是我們推估到下半年的主要因素。我們也仍然預期「全方位居家」（Total Home）策略會持續展現強度與動能。因此，我們在上半年強勁的領域，我們預期會延續：Pro、線上、忠誠計畫、居家服務。

But if I just look at the -- if I unpack that and just look at the cadence Q3 as we mentioned, is expected to be flat and that reflects again a very similar demand environment to what we just saw here in Q2. So status quo and more of the same there.

但如果我只看——如果我把它拆開來看，正如我們提到的，Q3 的節奏預期將持平，這也再次反映出與我們剛在 Q2 看到的非常相似的需求環境。所以就是維持現狀，基本上還是同樣的情況。

And then as we push out to Q4, it is implied negative, really it's similar expectations on kind of mix of our business and the momentum as what I just said for Q3. And the one big difference there is the winter storm that we're cycling last year that came through in January and that's going to create about a 50 basis points drag for us in Q4 this year.

接著當我們往 Q4 推進時，隱含是負向的，實際上它與我剛才對 Q3 所說的——就我們業務組合以及動能而言——是類似的預期。而其中一個最大的差異是，我們正在對去年一月發生的冬季風暴進行同比基期循環，這將在今年 Q4 對我們造成約 50 個基點的拖累。

But overall, when we look at the second half outlook, it is based on expectations and normal weather trends and we're not baking anything in terms of expected events. So this is really in Q4, just all about what we're cycling.

但整體而言，當我們看下半年展望時，它是基於預期與正常的天氣趨勢，我們並沒有把任何預期事件納入假設。所以在 Q4，這真的就只是關於我們正在做的同比基期循環。

Simeon, this is Marvin. The only final comment I'll make is, we don't anticipate that we're going to run into additional macro pressure or we're going to have any overlap other than the weather that Brandon cited in Q4. We're just trying to be prudent and we're trying to just take a view of the first half and basically make the assumption that the second half is going to look a lot like the first half.

Simeon，我是 Marvin。我最後唯一想補充的是，我們不預期會遇到額外的總體經濟壓力，除了 Brandon 在 Q4 提到的天氣因素之外，也不預期會有任何其他重疊影響。我們只是希望保持審慎，並試著以對上半年的觀察為基礎，基本假設下半年看起來會很像上半年。

Now, if the macro environment gives us any type of tailwind or we're able to have accelerated performance and some of the initiatives that Bill outlined, we'll be very pleased with that. But we felt like that it was the disciplined thing to do to just look at the second half and basically carry the first half performance into the second half.

現在，如果總體環境給我們任何形式的順風，或者我們能在 Bill 概述的一些計畫上加速表現，我們會非常樂見其成。但我們認為，採取紀律性的做法，就是看下半年並基本上把上半年的表現延續到下半年。

Okay. And then my follow-up, as you think about allocating capital to each side of the business, DIY and Pro or allocating investment, does anything change? Does this kind of stagnant housing market make you push one way or the other? Do you lean in where your sales exist today or do you push much harder into where your Pro segment, where you have less exposure?

好的。那我的追問是，當你們考慮把資本配置到業務的兩端——DIY 與 Pro——或是配置投資時，有任何改變嗎？這種停滯的房市會讓你們更偏向某一邊嗎？你們會在目前銷售所在的領域加碼，還是會更用力推進你們曝險較少的 Pro 區隔？

So look, I'll take that one. I think from a philosophical perspective, we have a great balance sheet and so we're going to always invest in the future. We're not running the business quarter to quarter, we're not running the business with a short-term point of view. What we do know -- when you look at John Burns Real Estate Consulting as an example, they estimate there's anywhere between $20 billion and $50 billion of pent-up deferred project demand in home improvement.

我來回答這題。我認為從理念上來看，我們有很強的資產負債表，所以我們會一如既往投資未來。我們不是以季度對季度的方式經營，也不是用短期視角來經營。我們知道的是——以 John Burns Real Estate Consulting 為例，他們估計家居改善領域存在約 200 億到 500 億美元的累積、延後的專案需求。

And so we know that this environment we're in is cyclical, it goes down, but at some point, it comes back up. That is the business thesis around investments in ADG and FBM. This is a really difficult single-family and multifamily construction environment, but it's not going to always be that way.

因此我們知道，我們所處的環境是循環性的，會下行，但在某個時間點會回升。這就是投資 ADG 與 FBM 的商業論點。目前單戶與多戶住宅的建築環境非常艱難，但不會永遠如此。

We know at some point we're going to have to build houses in this country and when we do, we're better positioned today and we'll be better positioned in the future than we've ever been in the history of this company. And so we're going to look at our capital allocation based on where we believe we can get the best return to our shareholders.

我們知道，在某個時間點這個國家必須蓋房子，而當那一天到來時，我們今天的定位比以往更好，未來也會比公司歷史上任何時候都更有利。因此，我們會根據我們認為能為股東帶來最佳回報的地方來看待資本配置。

We're extremely pleased we have one of the best Return On Invested Capital results in all of retail and we're going to maintain that disciplined focus. And we believe if we do that, we're going to benefit our shareholders over the long-term.

我們非常滿意，我們擁有零售業中最好的投資資本報酬率（ROIC）表現之一，我們也會維持這種有紀律的聚焦。我們相信，只要做到這點，長期而言就能讓股東受益。

I appreciate it. Good luck.

感謝。祝好運。

Thanks, Simeon.

謝謝你，Simeon。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

Hi, thanks. I have two questions. First, on tariffs, you mentioned there could be more coming. Could you help frame what you think is coming in reference to the size of what you just saw this quarter? And then my follow-up was on the comp trend.

嗨，謝謝。我有兩個問題。第一個關於關稅，你提到可能還會有更多進來。你能否協助說明，你認為接下來可能會發生什麼，並相對於你們本季剛看到的規模來做個框架？然後我的追問是關於同店趨勢。

Hey, Greg, this is Brandon. So as we highlighted, we recorded tariff benefit in Q2, $80 million or $0.11, that was largely offset by fuel and transportation pressure. We are moving through the filing process for additional refunds. We don't have any estimates in our outlook in the second half, just purely due to the uncertainty of the timing.

嗨 Greg，我是 Brandon。如同我們強調的，我們在 Q2 認列了關稅收益，為 8,000 萬美元或每股 0.11 美元，而這大多被燃料與運輸壓力所抵銷。我們正在進行額外退款的申報流程。由於時點不確定性，我們在下半年展望中沒有納入任何估計。

And I will say our Q2 refund amount represents a smaller portion of the total IEEPA tariffs that we paid here over the last year to 18 months. So we're pursuing all of that, all that we're eligible to collect and anticipate any further benefits are going to be reinvested in customer-facing actions that are going to continue to reinforce our value prop.

我也要說，我們 Q2 的退款金額只占我們在過去 12 到 18 個月所支付的 IEEPA 關稅總額中的較小一部分。因此我們正在追討所有我們有資格收回的部分，並預期任何進一步的收益都會再投資於面向客戶的行動，以持續強化我們的價值主張。

And as Marvin mentioned earlier, we're going to continue to be mindful of the competitive dynamics, focus on taking share in the second half, and at the same time maintaining disciplined margins at the same time. So we'll have more on that as we move through the second half on future earnings calls as it relates to tariff refunds and our plans for how we might leverage the benefit.

而如同 Marvin 先前提到的，我們會持續留意競爭態勢，在下半年專注於提升市占，同時也維持有紀律的毛利水準。因此，隨著我們進入下半年，關於關稅退款以及我們可能如何運用這些收益的計畫，我們會在後續的財報電話會議上提供更多資訊。

That's great. And my follow-up is on the online sales growth. I mean, 16%, a pretty good number. I'd love to maybe just unpack that a little bit. What do you see driving that? Is it speed, assortment? What sort of initiatives do you have? And if we were to think about the comp transactions down 2%, is the split-- is this Pro? Are Pro transactions up and DIY down that much? Or how do we think about online and how it interacts on overall traffic?

很好。我的追問是關於線上銷售成長。我的意思是，16% 是個相當不錯的數字。我很想請你們把它拆解一下。你們看到是什麼在驅動？是速度、品類組合嗎？你們有哪些相關的計畫？另外，如果我們把同店交易筆數下滑 2% 納入考量，這個拆分——這是 Pro 嗎？是 Pro 交易上升而 DIY 下滑那麼多嗎？或者我們該如何看待線上與整體來客數之間的互動？

Yeah, so Greg, I'll take the online question and Brandon will respond to the transaction question. So what drove our performance, it's a combination of a lot of things. But first and foremost, we're pleased to have two consecutive quarters of online comps north of 15%. So we saw strength across Pro and DIY in online. We saw higher traffic and increased conversion.

好的，Greg，我來回答線上的問題，Brandon 會回應交易筆數的問題。推動我們表現的是多種因素的組合。但首先也是最重要的，我們很高興連續兩季線上同店成長都超過 15%。因此我們看到 Pro 與 DIY 的線上表現都很強勁。我們看到更高的流量以及更高的轉換率。

We saw great take rate based on the total improvement in our digital experience. We've had tailored experiences for customers. We expanded our visualization capabilities, and we have really strong adoption of our new fulfillment options. So we're excited that customers really responded to our free delivery and same-day delivery options that we launched early in the year, and that's something that really drove our online business.

基於我們數位體驗的整體改善，我們看到很好的採用率。我們為客戶提供了更貼近需求的體驗。我們擴充了視覺化能力，且我們新的履約選項採用度非常高。因此我們很興奮，客戶對我們在年初推出的免運與當日送達選項反應非常好，而這確實推動了我們的線上業務。

Also, I mentioned in my prepared comments that our digital agent, Mylow, has been a very, very nice addition to our online business. So as I stated, we have roughly 25 million questions since its inception. And within that, customers who engage with Mylow while shopping online convert at 3 times greater than customers that don't. And so all of those things are playing a huge role.

另外，我在事先準備的發言中提到，我們的數位代理 Mylow 對我們的線上業務是一個非常、非常好的新增功能。如我所說，自推出以來，我們大約累積了 2,500 萬個問題。在這之中，線上購物時與 Mylow 互動的客戶，其轉換率是未互動客戶的 3 倍。因此，所有這些因素都扮演了非常重要的角色。

And it's still early days with our Marketplace, and we're excited about what we're learning. The great thing about our Marketplace is that it's given our customers great pricing options, not only on the value side, but on the premium side. And so we're seeing really, really good adoption.

我們的 Marketplace 仍處於早期階段，我們對正在學到的內容感到興奮。我們的 Marketplace 最棒之處在於，它為客戶提供了很好的價格選擇，不僅在高性價比端，也在高端產品端。因此我們看到非常、非常好的採用率。

So as Bill talked about that K-shaped economy, online is a great place to really look at that in real time because we see premium customers and value-oriented customers shopping and we believe that we're just getting started. We have lots of investments planned for online and we think this is going to be a continued driver of our business. I'll let Brandon talk about the transactions.

因此，正如 Bill 談到的那種 K 型經濟，在線上其實是很適合即時觀察的地方，因為我們看到高端客戶與重視性價比的客戶都在購物，而我們相信我們才剛剛開始。我們規劃了許多線上投資，我們認為這將持續成為我們業務的驅動力。我讓 Brandon 來談談交易量。

Greg, your second question on the transaction decline, it is largely centered around DIY. The contraction was mainly in transactions that were driven by pressure and weather sensitive, outdoor and seasonal categories and that was in particular in the southern geographies and kind of centered around that Memorial Day activity that we had kind of highlighted. So that's the main driver of the pressure.

Greg，你的第二個問題關於交易量下滑，主要集中在 DIY。收縮主要發生在受壓力影響、且對天氣敏感的戶外與季節性品類所帶動的交易，尤其是在南部地區，並且某種程度上與我們先前提到的陣亡將士紀念日（Memorial Day）活動相關。所以這是壓力的主要驅動因素。

That's great. Thanks and good luck, guys.

很好。謝謝，祝你們好運，各位。

Thanks, Greg.

謝謝你，Greg。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

Hey, guys. Good morning. So the rest of you, I know we've discussed this a lot later, the tariff-refund, some of the pricing actions, but I wanted to further probe that if I could. So I guess from the question, I mean, you mentioned competitors. Any more color on that? Is it the smaller competitors, larger competitor?

嗨，各位。早安。所以其餘各位，我知道我們稍後已經討論過很多，包括關稅退款、一些定價行動，但我想如果可以的話再深入追問一下。所以我想從這個問題來看，你們提到競爭對手。能否再多提供一些細節？是較小的競爭對手，還是較大的競爭對手？

And then, I guess, as I understand, given the commentaries from Lowe's, did you choose not to match these pricing actions and as a result, lost, temporarily lost market share, was that happening? Do you stick with that strategy going forward and assuming that maybe some of these pricing actions on the part of your competitors stick?

另外，我的理解是，根據 Lowe's 的說法，你們是否選擇不去匹配這些定價行動，因此而暫時流失市占率——是否確實發生了這種情況？若假設競爭對手的部分定價行動會持續，你們未來是否仍會堅持這個策略？

Hey, so Brian, this is Marvin. I think the most transparent way to answer this is what I said earlier. We think it's transitory. We believe we had competitors, plural, that received tariff refunds and decided to take pricing action to either A, drive units and B, to clear out seasonal inventory. And that's what we saw. So that's just giving you a view of the competitive landscape.

嗨，Brian，我是 Marvin。我認為最透明的回答方式就是我先前說的。我們認為這是暫時性的。我們相信有不只一家競爭對手收到了關稅退款，並決定採取定價行動，A，是為了拉動銷量，B，是為了清理季節性庫存。這就是我們所看到的。所以這是我們對競爭態勢的觀察。

We did not choose to match some of those promotions because they were not in our financial plan, nor did we think it was financially prudent to match them. It's pretty easy to determine who did what, just look at their tariff refunds versus their gross margin versus last year. And you can determine pretty much who did what.

我們沒有選擇去匹配其中一些促銷，因為那不在我們的財務計畫之內，而且我們也不認為在財務上審慎去匹配它們。其實很容易判斷誰做了什麼——只要看他們的關稅退款、他們的毛利率相較去年如何。你基本上就能判斷出誰做了什麼。

So for us, we're extremely pleased that we're going to remain disciplined. That's why we are happy with the fact that we dealt with lots of cost pressures like everyone is dealing with. But we were able to leverage our PPI initiatives to ensure that we were able to take the right plan steps to drive profitability, to create really good flow-through.

因此，對我們而言，我們非常高興能夠保持紀律。這也是為什麼我們對於自己在面對像大家一樣的各種成本壓力時，仍能妥善應對而感到滿意。同時，我們也能運用我們的 PPI 計畫，確保採取正確的計畫步驟來推動獲利能力，並創造非常好的利潤流入（flow-through）。

Now, we're going to be competitive, but we're going to be rational with our competitiveness. And again, we think this is transitory. We don't see this happening in the second half of the year because we don't see additional tariff refunds coming to competitors in the second half of the year that's going to give them the ability to be this aggressive on price. It was a moment in time, it impacted July, and we're just being transparent with what we saw in the competitive landscape.

我們會具備競爭力，但我們會以理性的方式來競爭。而且再次強調，我們認為這是暫時性的。我們不認為下半年會再發生，因為我們不預期下半年競爭對手還會收到額外的關稅退款，使他們能在價格上如此激進。這是一個特定時間點的事件，它影響了 7 月，我們只是就我們在競爭環境中看到的情況保持透明。

Very helpful, Marvin. Just my follow-up question, bigger picture. So as we step back, obviously a lot of moving pieces here, tariffs being one of them, weather, etc. But as you're looking at this demand dynamic at Lowe's, is the consumer getting better, worse, staying the same? How would you characterize the underlying demand dynamic there?

很有幫助，Marvin。我再追問一個更宏觀的問題。所以當我們退一步看，顯然這裡有很多變動因素，關稅是其中之一，天氣等等也是。但當你們觀察 Lowe's 的需求動態時，消費者是在變好、變差，還是維持不變？你們會如何描述其背後的需求動態？

So look, I'll give you a perspective. I'll let Brandon provide maybe some financial analysis around it. Look, in our point of view, Brian, we think the customer is basically the same. I mean, as we've said numerous times, we feel really good about the overall health of our consumer. Our core consumer is the middle-income homeowner. They have a strong personal balance sheet, they have real disposable income growth, their house is getting older and they have increased equity.

我來給你一個觀點。我也會讓 Brandon 可能從財務角度提供一些分析。Brian，以我們的觀點來看，我們認為客戶基本上沒有變。我的意思是，正如我們多次提到的，我們對整體消費者的健康狀況感覺非常好。我們的核心消費者是中等收入的屋主。他們個人資產負債表強健，可支配所得確實成長，房屋屋齡變老且房屋淨值增加。

But the caveat to all of that is that this consumer is being cautious. And it's not just about fuel prices. Fuel prices make up roughly 2% of their annual spend, but it's a combination of fuel prices, geopolitical events, and other uncertain things in the macro. And so when you combine all these things together, people are just being cautious with their discretionary spend.

但上述的一個但書是，這位消費者正變得謹慎。而且不只是油價的問題。油價大約只占他們年度支出的 2%，但這是油價、地緣政治事件，以及其他宏觀層面的不確定因素的綜合。因此把這些因素加總起來，人們對於可自由支配的支出就會更謹慎。

Look, as I said earlier, we think this is cyclical. We do think it's a moment in time. The good news is we've delivered five consecutive quarters of positive comps with a DIY penetration north of 60%. So we feel great about how we are managing our business and in an arguably one of the most difficult DIY environments and we know the moment we get any type of macro tailwind that our business is going to perform, we're going to perform proportionate to that tailwind because we're doing a lot of things right.

如我先前所說，我們認為這是景氣循環性的。我們確實認為這是一個特定時間點的現象。好消息是，我們已連續五個季度實現同店正成長，且 DIY 滲透率超過 60%。因此我們對自己在可說是最艱難的 DIY 環境之一中管理業務的方式感到非常好；我們也知道，一旦宏觀出現任何形式的順風，我們的業務就會表現——而且會按比例受惠於那股順風——因為我們做對了很多事情。

And so we don't think the consumer is getting worse. We think it's pretty much the same, but we think it's a healthy consumer that's overly cautious based on all those factors I outlined.

因此我們不認為消費者正在變差。我們認為基本上維持不變，但我們認為這是一位健康、只是基於我所列出的各項因素而過度謹慎的消費者。

Brian, the only thing I would add is, we're looking at the consumer. They do continue to have strong balance sheet, steady job growth, but I think as Marvin was hinting to, affordability remains kind of the major concern, and that's across rates, it's across home prices, insurance, taxes. And that's really translating to prioritization of repair maintenance spend and the projects that our consumers are engaging in and this ongoing trend of caution around big ticket discretionary.

Brian，我唯一想補充的是，我們在觀察消費者。他們的資產負債表仍然強健，就業成長穩健，但我認為如 Marvin 所暗示的，可負擔性仍是主要疑慮，涵蓋利率、房價、保險、稅負。而這確實反映在我們消費者對修繕維護支出的優先排序、他們正在進行的專案類型，以及對大額可自由支配支出的持續謹慎趨勢。

We've been talking about that for the last several years that played out in the first half and our outlook essentially reflects more of the same and that's going to play out in the second half and that's what's reflected in our expectations.

我們過去幾年一直在談這件事，它在上半年已經呈現出來；而我們的展望基本上反映的是同樣的情況，這也會在下半年延續，並反映在我們的預期之中。

Seth Sigman, Barclays.

Seth Sigman，Barclays。

Hey, good morning, everyone. I wanted to focus on the gross margin. So if you back out tariff-refunds and the acquisitions this quarter, the underlying Lowe's gross margin was only down slightly in Q2, despite a lot of external cost pressures. So can you just talk about how those cost pressures are impacting the business, how you were able to manage that?

嗨，大家早安。我想聚焦在毛利率。所以如果把本季的關稅退款與併購因素扣除，Lowe's 的基礎毛利率在第二季其實只小幅下滑，儘管外部成本壓力很大。能否談談這些成本壓力如何影響業務，以及你們如何能夠加以管理？

And then, Brandon, on the Q3 EPS guide, if there's any more color you can provide on the gross margin implications embedded in that would be helpful.

另外，Brandon，關於第三季 EPS 指引，如果你能就其中隱含的毛利率影響再提供一些說明，會很有幫助。

Yes, sure, Seth. I think as you had gross margin Q2, we called out the major factors. The tariff refund was the new piece. We also cited some credit revenue favorability, and that's largely from loss reserves. But if I back up and just look at the overall operating margin kind of flow across the quarters, there are some unique items as we look into the second half.

是的，當然，Seth。我想就如你提到的第二季毛利率，我們已點出主要因素。關稅退稅是新增的部分。我們也提到一些信用收入的有利因素，而那主要來自損失準備金。但如果我退一步、只看整體營業利益率在各季之間的走勢，當我們展望下半年時，會有一些特殊項目。

We talked about the tariff refund really in Q2. We don't have anything in the outlook there for the second half. And really the big item is the pressure from fuel and transportation. So I mentioned, it largely offset the tariff refund benefit in Q2. We are now projecting that across the second half of the year.

我們在第二季確實談到關稅退稅。在下半年的展望中，我們沒有把那部分納入任何內容。而真正的大項目是燃料與運輸帶來的壓力。所以我提到，它在第二季大致抵銷了關稅退稅帶來的利益。我們現在預估這項影響會延續到下半年。

And we're actually expecting it to be a bit more elevated as we start to turn through new cost layers that built up through the first half of the year. So that's mainly what's reflected in the second half that's kind of a newly emerged dynamic from the outlook that we had provided earlier in the year.

而且隨著我們開始消化上半年累積的新成本層，我們其實預期它會略為升高。所以，下半年反映的主要就是這一點；相較於我們年初先前提供的展望，這算是一個新出現的動態。

Okay, that's helpful. And then I guess just a related follow-up. So it sounds like you'll still see a significant amount of refunds in the second half of the year. Is the view that you'll reinvest all of that or could there be upside to the guidance that you just updated since you're already embedding those headwinds to your last point?

好的，這很有幫助。接著我想再追問一個相關問題。所以聽起來你們在今年下半年仍會看到相當可觀的退稅金額。你們的看法是會把這些全部再投資出去，還是說在你剛剛提到已把那些逆風納入之下，你們剛更新的指引可能還有上行空間？

Yes, I'll just reinforce. We'll give you more color on that as we move through the year, Q3, Q4 call. And we're committed to looking at that, looking at opportunities and reinvesting in customer-facing actions that are going to reinforce our value prop. So that was a comment I made earlier. We're going to stick to that, and we'll have more color as we move through the second half of the year.

是的，我再強調一次。我們會在今年進行的過程中，在第三季、第四季電話會議上提供更多細節。我們承諾會審視這件事、尋找機會，並再投資於面向客戶的行動，以強化我們的價值主張。這是我先前提過的評論。我們會堅持這個方向，並在下半年推進時提供更多說明。

Okay. Thanks so much.

好的。非常感謝。

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

那麼，Rob，我們還有時間再問一題。

Chris Nardone, Bank of America.

美國銀行（Bank of America）的 Chris Nardone。

Thank you, guys. Good morning, and thanks for taking our questions. I had one shorter-term question and one longer-term question. First, on the shorter-term one, we talked about this a little bit, but you gave guidance for the third quarter. Just want to see if there's any other drivers in the 4Q guidance outside of lapping FBM that is driving the implied improvement in profitability in the fourth quarter, specifically like any changes in assumptions around supply chain costs quarter-on-quarter?

謝謝各位。早安，謝謝你們回答我們的問題。我有一個較短期的問題和一個較長期的問題。先談短期的，我們稍早有提到一些，但你們給了第三季的指引。我想確認一下，第四季指引中除了 FBM 的基期因素之外，是否還有其他驅動因素，導致第四季隱含的獲利能力改善？特別是例如供應鏈成本在季度之間的假設是否有任何變動？

No, I think Chris, I just mentioned the supply chain fuel transportation pressure is included and projected across the second half. And the one improvement, just if you're looking at operating margin, just a reminder, we're cycling a Q4 discretionary bonus that was paid out last year. So that's probably the one difference just when you look at the dynamic of Q3 and Q4.

沒有，我想 Chris，我剛剛提到供應鏈燃料與運輸的壓力已經納入，並且預估會延續到下半年。而有一項改善，如果你看的是營業利益率，提醒一下，我們正在比較去年第四季發放的一次性酌情獎金的基期。所以當你看第三季與第四季的動態時，這大概是唯一的差異。

Okay, very clear. And then maybe for Marvin. As we sit in this relatively frozen housing market for longer, do you think this potentially amplifies the potential upside for longer-term growth, the longer-term growth algorithm once the market turns? I believe previously you said expectations for about mid-single-digit market growth in an accelerated turn, but curious if there could be even more upside torque as pent-up demand continues to build.

好的，非常清楚。接著可能想請教 Marvin。在這個相對凍結的房市狀態持續更久的情況下，你是否認為一旦市場轉向，這反而可能放大長期成長、也就是長期成長演算法的潛在上行空間？我記得你先前提到，在加速反轉的情境下，市場成長預期約為中個位數，但我想了解，隨著被壓抑的需求持續累積，是否可能帶來更大的上行彈性？

Chris, it's a fair question. My short answer would be, we're expecting that the housing market is going to recover gradually, but we do believe that there is extreme value in the older homes that our customers are living in. As you know, we have the oldest housing stock on record, and we also have customers living in their houses for the longest duration on record.

Chris，這是個合理的問題。我的簡短回答是，我們預期房市會逐步復甦，但我們確實相信，客戶目前居住的老屋具有極高的價值。如你所知，我們目前的住宅存量老化程度創下紀錄，同時客戶居住在同一間房子的時間長度也創下紀錄。

And what we know is wear and tear happens. The only caveat to all of this is that there's so much happening in the macro, in the geopolitical world that customers are just cautious. And again, the good news for us is that these customers are economically healthy. So are we optimistic that the out years can be really strong for us, absolutely.

而我們知道，房屋的磨損是必然會發生的。唯一需要注意的是，總體環境與地緣政治世界發生了很多事情，讓客戶變得更謹慎。再者，對我們而言的好消息是，這些客戶在經濟狀況上是健康的。所以我們是否對未來幾年的表現可能非常強勁感到樂觀？絕對是。

One of the things that we're really focused on, and Brandon and I both spoke to it, is that we're leveraging our balance sheet to make the right capital investments, not just for the short-term, but for the long-term. We believe strongly that Lowe's is a significantly better company than it was pre-housing recession, we just haven't had a chance to benefit from that because we have such a high penetrating business in DIY.

我們非常聚焦的一件事，而且 Brandon 和我都提到過，就是我們正運用資產負債表來進行正確的資本投資，不僅著眼短期，也著眼長期。我們堅信，Lowe's 相較於房市衰退前已是一家顯著更好的公司；只是因為我們在 DIY 業務的滲透率很高，還沒有機會充分受惠。

That may be a bit of a drag on our business today, but we believe strongly that when this market starts to cycle up, although gradually, that's going to be a tremendous benefit for our business because the DIY customer is going to hopefully be the first customer that's going to come out of this with positive growth in all the investments we've made in our e-commerce business, in our DIY loyalty platform, in our fulfillment capabilities, in our customer service initiatives. All those things will start to bear fruit and pay dividends. So we're optimistic, but again, we think it'll be gradual and we're prepared to benefit from whatever recovery we see here in the short-term or the long-term.

這在今天可能對我們的業務造成一些拖累，但我們堅信，當市場開始循環回升（即便是逐步回升）時，這將對我們的業務帶來巨大的助益，因為 DIY 客戶有望成為第一批走出這段期間、恢復正成長的客戶；而我們在電商業務、DIY 會員忠誠平台、履約能力、以及客戶服務計畫上的所有投資，將開始開花結果並帶來回報。這些都會開始結出成果並帶來紅利。因此我們保持樂觀，但同時我們認為復甦會是漸進的；我們也已準備好，無論短期或長期看到何種復甦，都能從中受益。

Great. Thank you guys. Good luck.

很好。謝謝各位。祝順利。

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

感謝各位今天加入我們。我們期待在 11 月的第三季財報電話會議上與各位交流。

Thank you. This concludes the Lowe's second quarter 2026 earnings call. You may now disconnect.

謝謝。本次 Lowe's 2026 年第二季財報電話會議到此結束。您現在可以斷線。