勞氏公司 (LOW) 2022 Q2 法說會逐字稿

Good morning, everyone, and welcome to Lowe's Companies Second Quarter 2022 Earnings Conference Call. My name is Rob, and I'll be your operator for today's call. As a reminder, this conference is being recorded. I will now turn the call over to Kate Pearlman, Vice President of Investor Relations. Please go ahead.

大家早上好，歡迎參加勞氏公司 2022 年第二季度收益電話會議。我的名字是 Rob，今天我將擔任您的接線員。提醒一下，本次會議正在錄製中。我現在將把電話轉給投資者關係副總裁 Kate Pearlman。請繼續。

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.

謝謝你，早上好。今天和我在一起的是董事長兼首席執行官馬文·埃里森（Marvin Ellison）；我們的商品銷售執行副總裁比爾·博爾茨（Bill Boltz）； Joe McFarland，我們的商店執行副總裁；以及我們的執行副總裁兼首席財務官 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 2022. 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. Additionally, we'll be discussing certain non-GAAP financial measures. A reconciliation of these items to U.S. GAAP can be found in the quarterly earnings section of our Investor Relations website.

我想提醒您，我們關於前瞻性陳述的通知已包含在我們今天上午的新聞稿中，該新聞稿可在 Lowe 的投資者關係網站上找到。在本次電話會議中，我們將發表前瞻性評論，包括我們對 2022 財年的預期。由於各種風險、不確定性和重要因素，包括風險中討論的那些，實際結果可能與明示或暗示的結果存在重大差異因素、MD&A 和我們關於 10-K 表格的年度報告和我們其他 SEC 文件的其他部分。此外，我們將討論某些非公認會計準則財務指標。這些項目與美國公認會計原則的對賬可以在我們的投資者關係網站的季度收益部分找到。

Now I'll turn the call over to Marvin.

現在我將把電話轉給馬文。

Thank you, Kate, and good morning, everyone. In the second quarter, our total company comparable sales declined 0.3%, while U.S. comps increased 0.2%. For the quarter, Pro sales remained strong. In fact, this is the ninth consecutive quarter that we've driven double-digit Pro growth. As a reminder, at Lowe's, 75% of our sales are driven by the DIY customer while 25% of our sales is from the Pro. And while underlying home improvement trends remain strong, our DIY sales were lower than expected in the second quarter and the first half of the year.

謝謝你，凱特，大家早上好。第二季度，我們公司的可比銷售額總額下降了 0.3%，而美國公司的銷售額增長了 0.2%。本季度，Pro 銷售仍然強勁。事實上，這是我們連續第九個季度實現兩位數的 Pro 增長。提醒一下，在 Lowe's，我們 75% 的銷售額來自 DIY 客戶，而 25% 的銷售額來自 Pro。儘管潛在的家居裝修趨勢依然強勁，但我們的 DIY 銷售額在第二季度和上半年低於預期。

As I mentioned on our previous call, the timing of spring disproportionately impacts DIY sales as many seasonal categories like lawn and garden are heavily concentrated in DIY. In addition to spring arriving late, it also ended early, quickly moving from a cold winter to a hot summer in some regions. This showed in the planting season and pressured lawn and garden sales.

正如我在之前的電話會議中提到的，春天的時間不成比例地影響了 DIY 的銷售，因為草坪和花園等許多季節性類別都高度集中在 DIY 中。除了春天來得晚，它也結束得早，在一些地區迅速從寒冷的冬天進入了炎熱的夏天。這表現在種植季節並給草坪和花園銷售帶來壓力。

Also, while we plan for a modest sector pullback this year as we lap outsized DIY consumer demand, we now believe that certain categories like patio and grills are disproportionately impacted by the unprecedented demand from 2020 and 2021. This unprecedented demand was likely fueled by the combination of 3 rounds of government stimulus, an increase in consumer savings rate and a temporary shift away from spending on services towards spending on goods, including home improvement products. These factors drove more discretionary purchases over the past 2 years than it was possible to precisely measure at the time.

此外，雖然我們計劃在今年因 DIY 消費者需求超大而出現適度回調，但我們現在認為，露台和烤架等某些類別受到 2020 年和 2021 年前所未有的需求的不成比例的影響。這種前所未有的需求可能是由三輪政府刺激措施、消費者儲蓄率的提高以及暫時從服務支出轉向商品支出，包括家居裝修產品。這些因素在過去 2 年中推動了更多的可自由支配購買，而當時無法精確衡量。

And some of you have asked whether we're seeing consumers trade down in their purchase activity. At this point, we are not seeing indications of material trade down. If anything, we're seeing the opposite with continued strong demand for our new and innovative products at higher price points. Bill will provide more context on our customer spending trends later in the call.

你們中的一些人問我們是否看到消費者的購買活動減少了。在這一點上，我們沒有看到材料貿易下降的跡象。如果有的話，我們看到的是相反的情況，對更高價位的新產品和創新產品的持續強勁需求。比爾將在電話會議稍後提供有關我們客戶支出趨勢的更多背景信息。

To summarize, our DIY trends, despite slower sales in select discretionary categories like patios and grills, the DIY customer remains resilient, which reflects continued strong home improvement demand trends.

總而言之，我們的 DIY 趨勢，儘管露台和烤架等特定非必需品類的銷售放緩，但 DIY 客戶仍然保持彈性，這反映了持續強勁的家居裝修需求趨勢。

Now turning to Pro. We continue to outperform the market, delivering growth of 13% and 37% on a 2-year basis. We're particularly pleased with the momentum we're seeing with our Pro loyalty program, MVP's Pro Rewards, which is designed to make every Pro feel like an MVP regardless of the size of their business. Because time is money for Pros, one of the most valuable ways that we can serve them is by saving them time with enhanced fulfillment. Therefore, we are actively piloting convenient fulfillment options, including a new Pro fulfillment center in Charlotte, and gig network solutions that offer same-day delivery for both Pro and DIY. Joe will provide a further update on our strategic initiatives to improve Pro penetration later on the call.

現在轉向專業版。我們繼續跑贏市場，在 2 年的基礎上實現了 13% 和 37% 的增長。我們對 Pro 忠誠度計劃 MVP 的 Pro Rewards 所看到的勢頭感到特別高興，該計劃旨在讓每位 Pro 都感覺自己是 MVP，無論其業務規模如何。因為時間對專業人士來說就是金錢，所以我們可以為他們服務的最有價值的方式之一就是通過提高成就來節省他們的時間。因此，我們正在積極試行便捷的履行選項，包括在夏洛特新建的 Pro 履行中心，以及為 Pro 和 DIY 提供當日送達的演出網絡解決方案。 Joe 將在電話會議後提供有關我們戰略舉措的進一步更新，以提高 Pro 滲透率。

On Lowes.com, sales grew 7% this quarter, representing a sales penetration of nearly 10%. We're continuing to invest in omnichannel capabilities because we believe there is still tremendous runway for further growth ahead. In Canada, Q2 performance lagged the U.S. And as a reminder, because our Canadian business is more heavily weighted towards lumber, it disproportionately benefited from record high lumber prices last year.

在 Lowes.com 上，本季度銷售額增長 7%，銷售滲透率接近 10%。我們將繼續投資於全渠道能力，因為我們相信未來仍有巨大的增長空間。在加拿大，第二季度的表現落後於美國。提醒一下，由於我們的加拿大業務更多地偏重於木材，因此它不成比例地受益於去年創紀錄的高木材價格。

Let me now discuss our operating performance for the second quarter. I'm particularly pleased with the operating discipline that we've developed across our business, which is demonstrated by our ability to improve operating margin once again despite lower sales. During the quarter, operating margin expanded 12 basis points, and we delivered diluted earnings per share of $4.67, which is an increase of nearly 10% versus last year. The progress also reflects our team's disciplined focus on our perpetual productivity initiatives or PPI. Not only did PPI support our first half operating margin improvement, it will also help to drive operating leverage for the balance of the year and for the next several years. Joe will discuss the success of our PPI initiatives in more detail later in the call.

現在讓我談談我們第二季度的經營業績。我對我們在整個業務中製定的運營紀律感到特別滿意，儘管銷售額下降，但我們有能力再次提高運營利潤率就證明了這一點。本季度，營業利潤率擴大了 12 個基點，我們實現了每股攤薄收益 4.67 美元，與去年相比增長了近 10%。這一進展還反映了我們團隊對我們的永久生產力計劃或 PPI 的嚴格關注。 PPI 不僅支持我們上半年運營利潤率的提高，還將有助於推動今年餘下時間和未來幾年的運營槓桿。 Joe 將在稍後的電話會議中更詳細地討論我們 PPI 計劃的成功。

Now I'd like to address some concerns that I've heard from our shareholders about the home improvement market. I want to begin by clarifying that the market dynamics that pressure the home builder are not necessarily the same market dynamics that pressure the home improvement retailer. At Lowe's, the 3 highest correlating factors of home improvement demand are home price appreciation, the age of the housing stock and disposable personal income. While housing turnover is important, it does not index at the same rate as home price appreciation, housing age and disposable personal income.

現在我想談談我從股東那裡聽到的關於家居裝修市場的一些擔憂。首先，我想澄清一下，給房屋建築商帶來壓力的市場動態不一定與給家居裝修零售商帶來壓力的市場動態相同。在 Lowe's，與家裝需求相關的 3 個最高相關因素是房價升值、住房存量和可支配個人收入。雖然房屋周轉率很重要，但它與房價升值、住房年齡和可支配個人收入的指數並不相同。

And while we acknowledge that housing turnover has slowed, home prices and home equity remains at record highs, which gives customers confidence that they will get a return on the investment that they make in their homes. And also importantly, those homes keep getting older. More than half of the homes in the U.S. are over 40 years old and millions more built at the peak of the housing boom in the early 2000s are now starting to turn 20 years old, which is a key inflection point for big-ticket repairs.

雖然我們承認房屋周轉率有所放緩，但房價和房屋淨值仍處於歷史高位，這讓客戶相信他們將在房屋投資中獲得回報。同樣重要的是，這些房屋不斷變老。美國一半以上的房屋已使用 40 年以上，在 2000 年代初的房地產繁榮高峰期建造的數百萬房屋現在開始進入 20 歲，這是大修的關鍵轉折點。

In terms of disposable personal income, household wealth is still at an all-time high. Consumer savings are roughly $2.6 trillion higher than they were pre-pandemic. And 75% of that excess savings is concentrated in middle- and high-income households who are more likely to be homeowners, which highlights another key benefit of our industry, our core customer is the homeowner.

在個人可支配收入方面，家庭財富仍處於歷史最高水平。消費者的儲蓄比大流行前高出大約 2.6 萬億美元。 75% 的超額儲蓄集中在更有可能成為房主的中高收入家庭，這凸顯了我們行業的另一個關鍵優勢，我們的核心客戶是房主。

In addition to having significantly more disposable income, most homeowners are benefiting from lower fixed mortgage rates. And as low housing supply and high interest rates make moving less desirable, homeowners are motivated to invest in their current homes to fit their needs. This is one of the key reasons that home improvement can win in markets when housing turnover is strong and when it slows as we saw in the mid-1990s when home improvement spend grew despite rising interest rates and a slowdown in housing turnover.

除了擁有更多的可支配收入外，大多數房主還受益於較低的固定抵押貸款利率。由於低住房供應和高利率使得搬家變得不那麼理想，房主有動力投資他們目前的房屋以滿足他們的需求。這是當房屋周轉率強勁且放緩時房屋裝修能在市場上獲勝的關鍵原因之一，正如我們在 1990 年代中期看到的那樣，儘管利率上升和房屋周轉率放緩，但房屋裝修支出仍在增長。

Now shifting to trends in Pro. We continuously survey our Pros and their confidence in their job prospects is the highest it's been in years. The Pro is busier than ever, and the strength of the Pro backlog speaks to the significant pent-up demand for their services. In short, we are fortunate to operate in this retail sector and despite the macro uncertainty and unprecedented seasonal demand in the past 2 years, our long-term outlook for the home improvement industry and the Pro customer remains positive.

現在轉向 Pro 的趨勢。我們不斷調查我們的專業人士，他們對工作前景的信心是多年來最高的。 Pro 比以往任何時候都更忙，而 Pro 積壓的力量說明了對其服務的巨大壓抑需求。簡而言之，我們很幸運能夠在這個零售領域開展業務，儘管過去 2 年存在宏觀不確定性和前所未有的季節性需求，但我們對家居裝修行業和 Pro 客戶的長期前景仍然樂觀。

As I close, I would like to personally thank our associates for their hard work and dedication. In recognition of some of the cost pressures they are facing due to high inflation, we are providing an incremental $55 million in bonuses to our hourly frontline associates this quarter. These associates have the most important jobs in our company, and we deeply appreciate everything they do to serve our customers to deliver a best-in-class experience.

在結束之際，我要親自感謝我們的員工的辛勤工作和奉獻精神。認識到他們因高通脹而面臨的一些成本壓力，我們將在本季度向我們的每小時一線員工提供 5500 萬美元的增量獎金。這些員工在我們公司擔任著最重要的工作，我們非常感謝他們為服務我們的客戶以提供一流的體驗所做的一切。

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

有了這個，我會把電話轉給比爾。

Thanks, Marvin, and good morning, everyone. In the second quarter, U.S. comparable sales were up 0.2%. I'd like to walk you through the trends that we are seeing in the business, beginning with our DIY results. As Marvin mentioned, we had a short spring moving directly from winter to summer in many areas of the country, impacting demand for outdoor garden products like fertilizer, chemicals and live nursery. After 2 years of outsized growth in home-related sales, we plan for sales to slow in certain categories this year. And our disciplined planning process enabled us to mitigate many of the inventory pressures you're seeing across the retail industry.

謝謝，馬文，大家早上好。第二季度，美國可比銷售額增長了 0.2%。我想帶您了解我們在業務中看到的趨勢，從我們的 DIY 結果開始。正如馬文所說，在該國許多地區，我們有一個短暫的春季直接從冬季進入夏季，這影響了對肥料、化學品和活苗圃等戶外花園產品的需求。在家居相關銷售連續兩年大幅增長後，我們計劃今年某些類別的銷售放緩。我們嚴格的計劃流程使我們能夠減輕您在整個零售行業看到的許多庫存壓力。

But certain categories were still down more than expected, like patio furniture and outdoor grills, which is consistent with trends across the broader market. But even within patio, our newly designed Origin 21 items sold out first in most stores, like our exclusive Brennfield egg chair that retailed at $628.

但某些類別的跌幅仍超出預期，例如庭院家具和戶外烤架，這與整個市場的趨勢一致。但即使在庭院內，我們新設計的 Origin 21 產品在大多數商店中都首先售罄，例如我們的獨家 Brennfield 蛋椅，零售價為 628 美元。

Another interesting trend from the quarter is the ongoing demand for innovation, reflecting underlying consumer strength. Rather than seeing trade down, in many cases, we are seeing customers trade up, spending more to purchase the latest technology like battery-powered products available in the EGO, Kobalt, CRAFTSMAN and Skill brands. In fact, one of our top-performing products this quarter was an EGO 56-volt self-propelled mower that retailed for over $700. This unit dramatically outperformed our sales forecast despite being one of the most expensive battery mowers in our assortment, proven what we have said before that value doesn't have to be low priced.

本季度另一個有趣的趨勢是對創新的持續需求，反映了潛在的消費者實力。在許多情況下，我們看到的客戶並沒有看到交易下降，而是增加了交易，他們花更多的錢購買最新的技術，例如 EGO、Kobalt、CRAFTSMAN 和 Skill 品牌中可用的電池供電產品。事實上，我們本季度表現最好的產品之一是 EGO 56 伏自行式割草機，零售價超過 700 美元。儘管它是我們產品系列中最昂貴的電池割草機之一，但它的銷售業績大大超過了我們的銷售預測，證明了我們之前所說的，價值不一定是低價的。

In Refrigeration, we continue to see consumers trade up to higher-priced products in brands like KitchenAid, Samsung and LG, with features and benefits that serve a busy family's lifestyle. And while client sales were below our expectations, we continue to take incremental share and lead the market as the #1 appliance retailer in the U.S. We also continue to source new products that make projects easier for our DIY savvy customers, like our expanded STAINMASTER lineup, including laminate flooring, sheet vinyl and tile, which are getting overwhelmingly positive customer feedback due to how easy they are to install and keep clean. Or how about our new build-in Batten product, a Lowe's exclusive? This new pre-sized and miter molding makes it easy and cost-effective for the do-it-yourself or to do highly intricate designs like wanes coating.

在製冷領域，我們繼續看到消費者購買 KitchenAid、三星和 LG 等品牌的價格更高的產品，這些產品的功能和優勢可滿足忙碌家庭的生活方式。雖然客戶銷售額低於我們的預期，但我們繼續佔據增量份額，並作為美國第一大家電零售商引領市場。我們還繼續採購新產品，使我們的 DIY 客戶更容易開展項目，例如我們擴大的 STAINMASTER 陣容，包括強化木地板、乙烯基板材和瓷磚，由於它們易於安裝和保持清潔，因此獲得了非常積極的客戶反饋。或者我們新的內置板條產品，勞氏獨家產品怎麼樣？這種新的預尺寸和斜接成型使自己動手或進行高度複雜的設計（如 wanes 塗層）變得容易且具有成本效益。

And for the Pro, it saves them time on these jobs as well. Customers can transform a wall in a day for less than $300. And across the store and within each of our merchandising categories, we offer value at all price points and feature leading products from our all-star brands like Trex, Owens Corning, John Deere, EGO, Honda, KitchenAid, Samsung, LG, Kohler, Moen, Whirlpool, Husqvarna and Aaron's.

對於專業人士來說，這也節省了他們在這些工作上的時間。客戶可以在一天內以不到 300 美元的價格改造一堵牆。在整個商店和我們的每個商品類別中，我們提供所有價位的價值，並提供來自我們全明星品牌的領先產品，如 Trex、歐文斯科寧、約翰迪爾、EGO、本田、KitchenAid、三星、LG、科勒、摩恩、惠而浦、富世華和亞倫的。

Shifting gears now to our Pro customer, we delivered broad-based and strong results with positive comps across rough plumbing, building materials, paint, electrical, millwork and hardware. We are pleased with the traction that we are making with this important customer and we continue to optimize our Pro assortments to ensure we offer the products Pros need from the brands that they know and trust.

現在轉向我們的 Pro 客戶，我們在粗糙的管道、建築材料、油漆、電氣、木製品和硬件方面取得了廣泛而強勁的業績。我們對這一重要客戶的吸引力感到滿意，我們將繼續優化我們的 Pro 產品系列，以確保我們提供專業人士所需的產品，這些產品來自他們了解和信任的品牌。

This quarter, we launched Eden Creek, a liquid additive that improves the quality, durability and sustainability of concrete projects. We also launched the new stack lithium battery technology in our line of FLEX cordless power tools, making Lowe's now the only destination to have this new battery technology available in both FLEX and DEWALT, which brings more power in a smaller package.

本季度，我們推出了 Eden Creek，這是一種液體添加劑，可提高混凝土項目的質量、耐用性和可持續性。我們還在我們的 FLEX 無繩電動工具系列中推出了新的堆疊鋰電池技術，使 Lowe's 現在成為唯一一家在 FLEX 和 DEWALT 中都使用這種新電池技術的目的地，它以更小的包裝提供更多的電力。

And in millwork, we also were the first to market with our own reliable stock exterior black trim vinyl window, an increasingly popular trend to give homes a more premium look, with some Pros even buying pallets of these products before they even hit our shelves. We also added JELD-WEN prefinished interior doors, which come pre-painted from the factory, saving Pros the time and expense required to paint the door. These additions have further strengthened our portfolio of trusted programs like Bosch, Crescent, DEWALT, Eaton, Estwing, FastenMaster, FLEX, GRK, ITW, LESCO, Little Giant, Lufkin, Mansfield, Marshalltown, Metabo, SharkBite, Simpson Strong-Tie, SPAX, Spyder and Werner.

在木製品方面，我們也是第一個使用我們自己的可靠庫存外部黑色裝飾乙烯基窗的市場，這是一種日益流行的趨勢，使家庭看起來更高檔，一些專業人士甚至在這些產品上架之前就購買了托盤。我們還添加了 JELD-WEN 預製室內門，這些門是在工廠預塗漆的，為專業人士節省了油漆門所需的時間和費用。這些新增內容進一步加強了我們值得信賴的項目組合，如博世、新月、得偉、伊頓、Estwing、FastenMaster、FLEX、GRK、ITW、LESCO、Little Giant、Lufkin、Mansfield、Marshalltown、Metabo、SharkBite、Simpson Strong-Tie、SPAX 、 Spyder 和維爾納。

In our lumber business, comps declined modestly as we cycled over record high prices in the previous year. However, unit volumes were up significantly year-over-year, which reflects the strong underlying project demand.

在我們的木材業務中，由於我們在上一年的創紀錄高價上循環，因此價格略有下降。然而，單位數量同比顯著增長，這反映了強勁的潛在項目需求。

Turning now to Lowes.com, sales grew 7%, building on top of the tremendous growth we have seen over the past few years. We continue to invest in the online user experience by expanding and enhancing our assortments, building out and improving our visualizer and configurator tools, and enhancing the delivery experience to make it easier for our customers to track their orders.

現在轉向 Lowes.com，銷售額增長了 7%，這是我們在過去幾年中看到的巨大增長基礎之上的。我們通過擴展和增強我們的分類、構建和改進我們的可視化工具和配置工具以及增強交付體驗來繼續投資在線用戶體驗，以使我們的客戶更容易跟踪他們的訂單。

As I close, I'd like to thank my entire merchandising team, along with our finance, inventory and supply chain teams for their disciplined inventory management and planning process in a complex retail environment. And lastly, I'd also like to thank our vendor partners for their continued partnership and hard work to ensure our customers have the products they need for every home improvement project they tackle.

在結束之際，我要感謝我的整個銷售團隊，以及我們的財務、庫存和供應鏈團隊，感謝他們在復雜的零售環境中嚴格的庫存管理和計劃流程。最後，我還要感謝我們的供應商合作夥伴的持續合作和辛勤工作，以確保我們的客戶擁有他們處理的每個家居裝修項目所需的產品。

Thank you, and I'll now turn the call over to Joe.

謝謝，我現在把電話轉給喬。

Thank you, Bill, and good morning, everyone.

謝謝你，比爾，大家早上好。

Let me begin by expressing my appreciation for our associates. They delivered strong customer service and profitability this quarter due to their commitment to our perpetual productivity improvement initiatives or PPI. Over the first half of the year, we have made meaningful strides. I'd like to spend some time now discussing what we are focused on for the remainder of 2022, including how we continue to simplify our store processes.

首先讓我對我們的同事表示感謝。由於他們對我們的永久生產力改進計劃或 PPI 的承諾，他們在本季度提供了強大的客戶服務和盈利能力。今年上半年，我們取得了有意義的進展。現在我想花一些時間討論我們在 2022 年剩餘時間裡的重點，包括我們如何繼續簡化我們的商店流程。

Earlier this year, we launched what we call Project Simple in our stores, one of our many PPI initiatives with a focus on further reducing daily duplicative tasks that distract from customer service and drive needless expense. In fact, as we continue rolling out Project Simple, we expect that it will eliminate over 80 nonproductive hours per store per week in the second half.

今年早些時候，我們在商店推出了我們稱之為 Project Simple 的項目，這是我們眾多 PPI 計劃之一，其重點是進一步減少日常重複任務，這些任務會分散客戶服務的注意力並增加不必要的開支。事實上，隨著我們繼續推出 Project Simple，我們預計下半年每家商店每週將減少 80 多個非生產時間。

In February, I discussed the launch of our game-changing, new store inventory management system, or SIMS. While we are just 6 months into the implementation, we are already seeing strong results. With the improved inventory visibility, we are reducing nonproductive hours the associates spend searching for product while also improving the customer shopping experience, in-store and online.

2 月，我討論了我們改變遊戲規則的新商店庫存管理系統或 SIMS 的推出。雖然我們實施僅 6 個月，但我們已經看到了強勁的成果。隨著庫存可見性的提高，我們減少了員工在搜索產品上花費的非生產時間，同時還改善了客戶在店內和在線的購物體驗。

And in the second half, we will leverage SIMS for an exciting new feature, prescriptive pack down. This new process will provide specific downstocking instructions to our associates based on sell-through rates. So they know whether the product needs to go directly on to the shelf or the end cap bypassing the top stock altogether. This drives a more efficient, proactive replenishment and inventory planning process.

下半年，我們將利用 SIMS 實現令人興奮的新功能，即規範性打包。這一新流程將根據銷售率向我們的員工提供具體的庫存減少指示。因此，他們知道產品是否需要直接上架或完全繞過頂部庫存的端蓋。這推動了更高效、更主動的補貨和庫存計劃流程。

As these examples illustrate, PPI is not a static set of initiatives that will expire at a predetermined date. PPI's perpetual process of ongoing initiatives that will continue to deliver productivity, not only in the second half, but for many quarters to come.

正如這些示例所示，PPI 不是一組將在預定日期到期的靜態計劃。 PPI 的持續舉措將繼續提供生產力，不僅在下半年，而且在未來的許多季度。

Now shifting our focus to the Pro. We continue to deliver incredible results with Pro comps of over 13% in the quarter. In fact, this is the ninth quarter in a row that we have driven double-digit Pro comps. Even in a quarter that is traditionally our most DIY-heavy, we saw Pro penetration of over 23% in the U.S., an increase of over 500 basis points from 2019.

現在將我們的注意力轉移到 Pro 上。我們在本季度繼續以超過 13% 的 Pro comps 提供令人難以置信的結果。事實上，這是我們連續第九個季度推動兩位數的 Pro 組合。即使在傳統上我們最依賴 DIY 的季度，我們也看到 Pro 在美國的滲透率超過 23%，比 2019 年增加了 500 多個基點。

And we are further enhancing our Pro offering with our new MVPs Pro Rewards and Partnership Program. This Pro loyalty program launched in the first quarter, and it continues to outperform our expectations.

我們正在通過新的 MVP 專業獎勵和合作夥伴計劃進一步增強我們的專業產品。這項 Pro 忠誠度計劃於第一季度推出，並且繼續超出我們的預期。

In July, we launched MVP's Bonus Points in conjunction with our first-ever Lowe's MVP bonus days event with a focus on the products that Pros use every day. Pros earn extra bonus points on our leading brands such as DEWALT, Valspar, FLEX, Metabo, A.O. Smith and Frigidaire. Our Pros can redeem their points for other products or gift cards in the MVP Pro Reward Center. It is their choice, and we made it easy for all Pros to benefit.

7 月，我們推出了 MVP 獎勵積分，與我們的首個 Lowe's MVP 獎勵日活動相結合，重點關注專業人士每天使用的產品。專業人士通過我們的領先品牌獲得額外獎勵積分，例如 DEWALT、Valspar、FLEX、Metabo、A.O.史密斯和弗里吉代爾。我們的專業人士可以在 MVP Pro 獎勵中心將他們的積分兌換成其他產品或禮品卡。這是他們的選擇，我們讓所有專業人士都能輕鬆受益。

As our MVP's Pro Rewards program continues to mature in the second half, we are excited to present our Pros with compelling offers that will be tailored just for them.

隨著我們 MVP 的 Pro Rewards 計劃在下半年繼續成熟，我們很高興向我們的 Pro 提供專為他們量身定制的極具吸引力的優惠。

Before I close, let me discuss the investments that we are making in our most important asset, our associates, as we strive to become the employer of choice in retail. We recently announced expanded scheduling options for our full-time associates. Most full-time associates can now request a fixed 4-day work week, fixed days off or even choose their preferred shift providing them with predictability on their terms. This is a significant improvement in our associates' quality of life, and it is another way that we are differentiating ourselves from other retailers.

在我結束之前，讓我討論一下我們對我們最重要的資產——我們的員工所做的投資，因為我們努力成為零售業的首選雇主。我們最近宣布了為我們的全職員工擴展的日程安排選項。大多數全職員工現在可以要求每週工作 4 天、固定休息日，甚至可以選擇他們喜歡的班次，從而為他們的條款提供可預測性。這是我們員工生活質量的顯著改善，也是我們區別於其他零售商的另一種方式。

As Marvin mentioned, to help our frontline hourly associates during this period of high inflation, we are awarding an incremental bonus of $55 million. Also for a designated time frame, we are providing our associates with an additional 10% discount on everyday household and cleaning items. Associates can now purchase these products at a 20% discount, which we hope will ease the burden of inflation impacting many of these items. We will continue to look for meaningful ways to improve our associates work-life balance, while providing them with the tools to build a career at Lowe's. I would like to thank our associates once again for their commitment to Lowe's and to our customers.

正如馬文所說，為了在這個高通脹時期幫助我們的一線小時工，我們將獎勵 5500 萬美元的增量獎金。同樣在指定的時間範圍內，我們為我們的員工提供額外 10% 的日常家居和清潔用品折扣。員工現在可以以 20% 的折扣購買這些產品，我們希望這將減輕影響其中許多項目的通貨膨脹負擔。我們將繼續尋找有意義的方法來改善我們員工的工作與生活平衡，同時為他們提供在 Lowe's 建立職業生涯的工具。我要再次感謝我們的員工對 Lowe's 和我們客戶的承諾。

Now I'll turn the call over to Brandon.

現在我將把電話轉給布蘭登。

Thank you, Joe. Let me begin with our Q2 results. We delivered diluted earnings per share of $4.67, an increase of 9.9% compared to prior year as we drove productivity in a dynamic operating environment. Q2 sales were $27.5 billion, with comparable sales down 0.3%. Comparable average ticket increased 6.1% as higher Pro sales and product inflation drove higher average ticket. This was offset by comp transactions declining 6.4% as we cycle over 2 years of outsized growth in DIY sales.

謝謝你，喬。讓我從我們的第二季度結果開始。我們實現每股攤薄收益 4.67 美元，與去年相比增長 9.9%，因為我們在動態的運營環境中提高了生產力。第二季度銷售額為 275 億美元，可比銷售額下降 0.3%。由於更高的專業銷售和產品通脹推動了更高的平均票價，可比平均票價增長了 6.1%。這被補償交易量下降 6.4% 所抵消，因為我們循環了 2 年多來 DIY 銷售的大幅增長。

Comp transactions improved over 650 basis points sequentially from Q1. U.S. comp sales were up 0.2% in the quarter. Our sales were impacted by the shortened spring season, lower demand in certain DIY discretionary categories and lower-than-expected lumber prices. This was partially offset by a 13% increase in Pro customer sales. On Lowes.com, sales increased 7% in the quarter.

Comp 交易從第一季度開始連續改善超過 650 個基點。本季度美國公司的銷售額增長了 0.2%。我們的銷售受到春季縮短、某些 DIY 非必需品類別的需求下降以及木材價格低於預期的影響。這被 Pro 客戶銷售額增長 13% 部分抵消。在 Lowes.com 上，本季度銷售額增長了 7%。

Our U.S. monthly comps were down 1.5% in May, up 0.9% in June and up 1.1% in July. Gross margin was 33.24% of sales in the second quarter, down 54 basis points from last year. This is consistent with the expectations that we discussed in May. As expected, product margin rate was down 35 basis points versus the prior year.

我們的美國月度綜合指數在 5 月份下降 1.5%，在 6 月份上升 0.9%，在 7 月份上升 1.1%。第二季度毛利率為銷售額的 33.24%，比去年下降 54 個基點。這與我們在 5 月討論的預期一致。正如預期的那樣，產品利潤率比去年下降了 35 個基點。

Lumber prices declined significantly from late April through mid-June. As we sold through our higher-cost inventory layers, product margin rate was pressured. Higher transportation costs, both import and domestic as well as the expansion of our supply chain network, also drove 35 basis points of pressure. Additionally, we experienced 10 basis points of shrink pressure largely due to live goods damaged by unseasonable weather.

從 4 月下旬到 6 月中旬，木材價格顯著下降。當我們通過成本較高的庫存層進行銷售時，產品利潤率受到壓力。更高的進口和國內運輸成本以及我們供應鍊網絡的擴張也推動了 35 個基點的壓力。此外，我們經歷了 10 個基點的收縮壓力，主要是由於不合時宜的天氣損壞了活貨。

These impacts were partly offset by 30 basis points related to more favorable product mix. Despite the product cost pressures in the quarter, gross margin for the first half was up slightly compared to the first half of 2021. This reflected our ability to effectively navigate a volatile lumber market over the first half of the year as well as product cost inflation. I'm very pleased with the strong cross-functional collaboration from the teams as well as our diligent planning efforts.

這些影響被與更有利的產品組合相關的 30 個基點部分抵消。儘管本季度產品成本壓力較大，但與 2021 年上半年相比，上半年毛利率略有上升。這反映了我們在上半年有效應對動蕩的木材市場以及產品成本通脹的能力.我對團隊強大的跨職能協作以及我們勤奮的規劃工作感到非常滿意。

SG&A of 16.22% levered 80 basis points relative to Q2 2021. We drove substantial productivity across the enterprise in the quarter against slightly lower sales. Operating profit was $4.2 billion, up slightly versus the prior year. Operating margin rate of 15.39% of sales levered 12 basis points as SG&A leverage was partly offset by lower gross margin rate. The effective tax rate was 24.5%, in line with prior year. Inventory ended the quarter at $19.3 billion, up $2 billion or 11.6% from Q2 last year driven by product cost inflation of 15%, while units were down low single digits.

與 2021 年第二季度相比，16.22% 的 SG&A 槓桿率提高了 80 個基點。我們在本季度推動了整個企業的顯著生產力，而銷售額略有下降。營業利潤為 42 億美元，比上年略有上升。營業利潤率為銷售額的 15.39%，提高了 12 個基點，因為 SG&A 槓桿被較低的毛利率部分抵消。實際稅率為 24.5%，與上年持平。本季度末庫存為 193 億美元，比去年第二季度增加 20 億美元或 11.6%，主要受產品成本通脹 15% 的推動，而單位數量則下降了個位數。

This morning, we are affirming our full year 2022 financial outlook. We now expect that our 2022 sales will be near the bottom of our range of approximately $97 billion to $99 billion for the year, representing comparable sales towards the bottom end of the range of down 1% to up 1% for the year. This reflects our first half results and our second half expectations of continued Pro momentum and improving DIY sales trends. We continue to expect Pro to outperform DIY for the remainder of the year.

今天上午，我們確認了 2022 年全年的財務展望。我們現在預計，我們 2022 年的銷售額將接近我們全年約 970 億美元至 990 億美元範圍的底部，這意味著可比銷售額接近年內下降 1% 至上升 1% 的範圍的底端。這反映了我們上半年的業績以及我們對持續 Pro 勢頭和改善 DIY 銷售趨勢的下半年預期。我們繼續預計 Pro 在今年剩餘時間內的表現將優於 DIY。

As a reminder, our 2022 sales outlook includes a 53rd week, which equates to approximately $1 billion to $1.5 billion in sales. We continue to expect gross margin rate to be up slightly as compared to the prior year.

提醒一下，我們 2022 年的銷售前景包括第 53 週，這相當於約 10 億至 15 億美元的銷售額。我們繼續預計毛利率將較上年略有上升。

Given our better-than-expected flow-through in the first half, we now expect operating margin to be at the top end of our range of 12.8% to 13% for the full year. Our ability to lever gross margin and SG&A despite lower-than-expected sales reflects the company's focus, hard work and effective investments over the last several years. Taking all of this into consideration, we now expect diluted earnings per share for the year to be at the top end of the range of $13.10 to $13.60.

鑑於我們上半年的流通量好於預期，我們現在預計全年營業利潤率將處於 12.8% 至 13% 範圍的高端。儘管銷售額低於預期，但我們利用毛利率和 SG&A 的能力反映了公司過去幾年的專注、努力和有效投資。考慮到所有這些因素，我們現在預計今年的攤薄後每股收益將處於 13.10 美元至 13.60 美元之間的高端。

At Lowe's, we remain committed to our best-in-class capital allocation strategy. For 2022, we continue to expect approximately $2 billion in capital expenditures and $12 billion in share repurchases. Finally, we are affirming our outlook of return on invested capital above 36% for the year.

在 Lowe's，我們始終致力於我們一流的資本配置策略。對於 2022 年，我們繼續預計大約 20 億美元的資本支出和 120 億美元的股票回購。最後，我們確認今年投資資本回報率超過 36% 的前景。

Turning to our shareholder-focused capital allocation strategy. In Q2, the company generated $2.7 billion in free cash flow. And through a combination of both dividends and share repurchases, we returned $4.5 billion to our shareholders. During the quarter, we repurchased 21.6 million shares for $4 billion. We also paid $524 million in dividends at $0.80 per share and we announced a 31% increase to $1.05 per share in support of our 35% target dividend payout ratio.

轉向我們以股東為中心的資本配置策略。第二季度，該公司產生了 27 億美元的自由現金流。通過股息和股票回購的結合，我們向股東返還了 45 億美元。本季度，我們以 40 億美元回購了 2160 萬股股票。我們還以每股 0.80 美元的價格支付了 5.24 億美元的股息，我們宣布將股息提高 31% 至每股 1.05 美元，以支持我們 35% 的目標股息支付率。

Capital expenditures totaled $344 million in the quarter as we invest in the business to support our strategic growth initiatives. We continue to make progress towards our target of 2.75x adjusted debt-to-EBITDAR, ending the quarter at 2.23x, and we remain committed to maintaining our BBB+ rating. Finally, we delivered return on invested capital of 34.5% in the quarter, up 548 basis points versus last year.

本季度資本支出總額為 3.44 億美元，因為我們投資於該業務以支持我們的戰略增長計劃。我們繼續朝著 2.75 倍調整後債務對 EBITDAR 的目標邁進，本季度末達到 2.23 倍，我們仍致力於維持 BBB+ 評級。最後，我們在本季度實現了 34.5% 的投資資本回報率，比去年增加了 548 個基點。

As I look ahead, I'm highly confident that we are making the right investments in our people and capabilities to support our business and drive meaningful long-term shareholder value. And with that, we will open it up for questions.

展望未來，我非常有信心，我們正在對我們的員工和能力進行正確的投資，以支持我們的業務並推動有意義的長期股東價值。有了這個，我們將打開它的問題。

(Operator Instructions) Our first question comes from the line of Simeon Gutman with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Simeon Gutman。

My first question is DIY comps are negative and units are down. the units appear to be bottoming or still decelerating. And do you have a view if we rebaseline this year or there's more to go in '23?

我的第一個問題是 DIY 組合是負數，單位下降。這些單位似乎正在觸底或仍在減速。如果我們今年重新設定基線，或者 23 年還有更多，你有什麼看法嗎？

Yes. So, Simeon, this is Brandon. Just as we look at DIY specifically, the business was heavily weighted to DIY seasonal in the first half of the year, I think, underperformed a bit just due to the weather, the pull forward that we mentioned in patio and grills. Second half of the year, transitioning more to the core the interior of the store. And in particular, post-July 4, over the last 6 weeks, we've seen continued momentum building in these categories.

是的。所以，西蒙，這是布蘭登。就像我們專門看 DIY 一樣，該業務在今年上半年主要受 DIY 季節性影響，我認為，僅僅由於天氣，我們在露台和烤架中提到的推動力，表現略遜一籌。下半年，更多地過渡到店內的核心。特別是在 7 月 4 日之後，在過去的 6 周里，我們看到這些類別的勢頭持續增強。

We've seen a clear step-change in the business, 1- to 3-year comps improving, again, in particular, in Pro and core interior. And then I'll point back to transactions, Q1, Simeon, down 13. We saw improvement in Q2 down 6. So we like the momentum we're seeing and optimistic around the step-changes again that we're seeing in the second half.

我們已經看到業務發生了明顯的變化，1 到 3 年的組合有所改善，特別是在 Pro 和核心內飾方面。然後我會回到交易，第一季度，西蒙，下降 13。我們看到第二季度的改善下降了 6。所以我們喜歡我們看到的勢頭，並對我們在第二個看到的步驟變化再次感到樂觀一半。

Simeon, this is Marvin. I think it's important to note that when you look at the first half of the year, the first half is obviously more seasonal. And so we had weather impacts that drove a lot of our negative units, if you think about outdoor lawn and garden, chemicals, et cetera. And then if you think about what we talked about the unprecedented demand we saw in the last couple of years in some of these DIY discretionary categories, specifically, patio and grills. We're not going to experience the seasonality of the business in the second half of the year, and we're not going to experience that unprecedented overlap in those 2 highly seasonal discretionary categories.

西蒙，這是馬文。我認為重要的是要注意，當您查看上半年時，上半年顯然更具季節性。因此，如果您考慮戶外草坪和花園、化學品等，我們的天氣影響會導致我們產生很多負面影響。然後，如果您考慮一下我們在過去幾年中在某些 DIY 非必需品類別中看到的前所未有的需求，特別是露台和烤架。我們不會在下半年體驗業務的季節性，也不會在這兩個高度季節性的可自由支配類別中體驗前所未有的重疊。

And maybe, Marvin, if I can ask you a follow-up. I know we have this Analyst Day later in the year, and you're coming off of a couple of years of historic top line growth, and you've been able to get to margin goals much faster. Do you sense or do you feel that these gains keep going as long as sales productivity keeps rising? Or do you feel like there's any part of you that says, "Hey, we could pause, reinvest and then we can even drive faster growth in the out years?

也許，馬文，如果我可以問你一個後續。我知道我們將在今年晚些時候舉辦這個分析師日，您正在擺脫幾年來歷史性的頂線增長，並且您已經能夠更快地實現利潤率目標。只要銷售效率不斷提高，您是否感覺到或是否覺得這些收益會繼續增長？或者您是否覺得您的任何部分都在說，“嘿，我們可以暫停，再投資，然後我們甚至可以在未來幾年推動更快的增長？

Simeon, it's a really good question. I think it depends on the financial category. So I'll remind you that home improvement is a $900 billion marketplace. And I think it's easy to just focus on the 2 largest players and determine the overall market share gain just based on that, but this is a really fragmented marketplace. So on the revenue side, we absolutely believe that we have an incredible wrong way to continue to grow, just focus specifically on the fact that our Pro penetration is hovering around 23% to 25%. And we know we can get that number significantly higher.

西蒙，這是一個非常好的問題。我認為這取決於金融類別。所以我要提醒你，家居裝修是一個價值 9000 億美元的市場。而且我認為很容易只關注兩個最大的參與者並據此確定整體市場份額的增長，但這是一個非常分散的市場。所以在收入方面，我們絕對相信我們有一種令人難以置信的錯誤方式來繼續增長，只需特別關注我們的 Pro 滲透率徘徊在 23% 到 25% 左右的事實。我們知道我們可以讓這個數字顯著提高。

Now the good news is, as Joe mentioned, is increased 500 basis points since 2019. So on the sales revenue side, we think we have an incredible opportunity to continue to grow. On operating margin, I mean, we said consistently that 12% was not a plateau. It was a baseline. Now we're going to say the same thing about 13%. We think when we hit that plateau, it's just going to be another baseline that we can continue to grow from. Joe talked about the importance of our PPI initiatives that is not a static list, but this is something that we see benefit in future quarters and candidly future years. So in both those areas, we think that we have room to grow, and we look forward to providing a very detailed outlook at the December conference.

現在好消息是，正如喬所說，自 2019 年以來增加了 500 個基點。所以在銷售收入方面，我們認為我們有一個難以置信的機會繼續增長。關於營業利潤率，我的意思是，我們一直說 12% 不是一個平台期。這是一個基線。現在我們要對 13% 說同樣的話。我們認為，當我們達到那個高原時，它只是我們可以繼續成長的另一個基線。 Joe 談到了我們的 PPI 計劃的重要性，這不是一個靜態列表，但這是我們認為在未來幾個季度和未來幾年中受益的東西。因此，在這兩個領域，我們認為我們還有增長空間，我們期待在 12 月的會議上提供非常詳細的展望。

Next question comes from the line of Kate McShane with Goldman Sachs.

下一個問題來自高盛的 Kate McShane。

We wondered if you could talk a little bit more about your inventory composition cost per unit versus units. And then this inventory seem to be lower than your competitor. Just what is your view on current in-stocks? And are you chasing any categories?

我們想知道您是否可以多談談您的單位庫存構成成本與單位之間的關係。然後這個庫存似乎低於你的競爭對手。您對當前的庫存有什麼看法？你在追逐任何類別嗎？

So, Kate, I'll take the first part of that, and I'll let Brandon and Bill jump in. I would say, first and foremost, I am extremely pleased with the disciplined collaboration and planning that's taken place to put us in a really good inventory position vis-a-vis the retail industry. Any time you could have units declining in this environment with supply chain constraints and just incredible difficulties in forecasting, it points to a lot of hard work.

所以，凱特，我會做第一部分，我會讓布蘭登和比爾加入。我想說，首先，我對為讓我們參與而進行的紀律嚴明的合作和計劃感到非常滿意與零售業相比，庫存狀況非常好。任何時候，在這種環境下，由於供應鏈限制和預測困難，您可能會遇到單位數量下降的情況，這表明您需要付出大量的努力。

So the headline is we feel really good about our current inventory position, and we feel good about our in-stock position in the second half of the year versus last year. So I'm going to let Brandon talk a little bit about the financial expression and I'll let Bill talk about where we are and where we feel like that we're in a much better position versus what we've been in past years and past quarters.

因此，標題是我們對當前的庫存狀況感覺非常好，並且我們對下半年的庫存狀況與去年相比感覺良好。所以我要讓布蘭登談談財務表達，我會讓比爾談談我們現在的情況以及我們覺得我們處於比過去幾年更好的位置和過去的幾個季度。

Kate, this is Brandon. The only thing I would add in the prepared remarks, we talked about units being down. I think it has allowed us to make the needed investments, in particular, in the Pro space as we've seen momentum there. To continue to support demand, we've had improved in-stocks and in certain areas that we struggled a bit through the pandemic. So as Marvin said, really pleased where we are from an inventory position.

凱特，這是布蘭登。我唯一要在準備好的評論中添加的內容是，我們談到了單位正在倒閉。我認為它使我們能夠進行必要的投資，特別是在專業領域，因為我們已經看到了那裡的勢頭。為了繼續支持需求，我們改善了庫存，並且在某些地區我們在大流行中遇到了一些困難。正如馬文所說，我們非常高興我們從庫存位置。

We're managing seasonal, just like we would every year. In-stock levels are better than they've been here over the last 2.5 years. And any expected exit of seasonal fully included in the margin expectations that we have for second half.

我們正在管理季節性，就像我們每年一樣。庫存水平比過去 2.5 年要好。任何預期的季節性退出都完全包含在我們對下半年的利潤率預期中。

And Brandon, the only thing I would add is that the quality level of the inventory is good, although there are still categories across the store that we want to see improvements in. And so we're continuing to work with our vendor partners to do that, working with our supply chain teams in order to expedite that product to the store into the shelf and the teams are working on those. And -- but the quality level of inventory this year versus last year is dramatically better than it's been.

布蘭登，我唯一要補充的是庫存的質量水平很好，儘管我們仍然希望在商店中看到改進的類別。所以我們將繼續與我們的供應商合作夥伴合作與我們的供應鏈團隊合作，以加快該產品到商店上架的速度，團隊正在努力解決這些問題。而且 - 但今年的庫存質量水平與去年相比要好得多。

Our next question is from the line of Peter Benedict with Baird.

我們的下一個問題來自 Peter Benedict 和 Baird。

First question, just like the operating agility you guys have shown has been impressive, clearly. How do you ensure you're not sacrificing service levels as you manage these SG&A dollars? Any metrics that you can share that maybe give you confidence that service levels in the stores are still holding up?

第一個問題，就像你們所展示的操作敏捷性令人印象深刻，很明顯。您如何確保在管理這些 SG&A 資金時不會犧牲服務水平？您可以分享的任何指標可能會讓您相信商店的服務水平仍然保持不變？

Peter, it's a really good question. Obviously, we pay very close attention to what we describe as service levels versus as task levels. And the thing that Joe and the store operators have done an incredible job is investing in service while taking hours away from tasks. So when you see that SG&A leverage, it's not like the old days where you just kind of rip payroll out and you risk service.

彼得，這是一個非常好的問題。顯然，我們非常關注我們所描述的服務級別與任務級別。喬和商店經營者所做的一項令人難以置信的工作是投資於服務，同時從工作中抽出數小時。因此，當您看到 SG&A 的槓桿作用時，它不像過去那樣，您只是撕掉工資單並冒著服務風險。

What Joe and his team have done a masterful job of is pulling hours away from non-customer-facing parts of the store, taking some of those dollars to the bottom line, but then reinvesting dollars on the service side. So I'll let Joe give you some specifics. But the headline is likelihood to recommend up for both DIY and Pro in the quarter with SG&A leverage, and that is not easy to do. So, Joe, you could provide some detail.

喬和他的團隊所做的一項出色的工作是從商店的非面向客戶的部分中抽出數小時，將其中的一些資金用於盈利，然後將資金再投資於服務方面。所以我會讓喬給你一些細節。但標題很可能在本季度通過 SG&A 槓桿推薦 DIY 和 Pro，這並不容易。所以，喬，你可以提供一些細節。

Thanks, Marvin. And listen, I think it goes back to the focus that we've had on our associates. And again, with the PPI initiatives, we're moving unnecessary daunting tasks replacing them with technology and just enabling the associates' time on the floor to be more productive. We've done things, the flexible scheduling. We've talked many times in the past about our new labor management engine. And so as we continue moving forward, we measure every single day, every single week, and we're very pleased with the progress we've made both in the operational expense and the customer experience.

謝謝，馬文。聽著，我認為這可以追溯到我們對員工的關注。再一次，通過 PPI 計劃，我們正在轉移不必要的艱鉅任務，用技術代替它們，讓員工在場上的時間更有效率。我們已經做了事情，靈活的調度。我們過去曾多次談論過我們新的勞動力管理引擎。因此，隨著我們繼續前進，我們每天、每週都進行衡量，我們對我們在運營費用和客戶體驗方面取得的進展感到非常滿意。

That's helpful. That's great. And then just I guess -- next question would just be around what kind of metrics do you guys watch internally that would maybe signal to you, maybe a softening of demand, whether it be Pro or DIY relative to trend? Are there any categories? Are there any behaviors? I know you're watching it constantly. But just curious kind of what you have your eyes on as you kind of navigate this volatile environment.

這很有幫助。那太棒了。然後我猜——下一個問題是你們內部觀察什麼樣的指標，這可能會向你們發出信號，可能是需求的疲軟，無論是相對於趨勢的 Pro 還是 DIY？有沒有分類？有沒有什麼行為？我知道你一直在看。但是，當您在這個多變的環境中導航時，只是好奇您的眼睛在看什麼。

Look, as you can imagine, there are quite a few things that we look at. And I think the thing that I'm most pleased with, when I look around the table of my team is there's a lot of experience, a lot of people who live through quite a few different iterations of macro slowdowns in the home improvement space. So we have some pretty effective playbooks on the merchandising side, on the store operations side, on managing cost and inventory. I think it's one of the reasons why we've demonstrated quite a bit of agility in some of these unique times. Having said that, I'll let Brandon give you a little bit of the things that we look at just to make sure that we have our finger on the pause of the health of the business.

看，正如你可以想像的那樣，我們看到了很多東西。而且我認為我最滿意的事情是，當我環顧團隊的桌子時，他們有很多經驗，很多人在家居裝修領域經歷了很多不同的宏觀放緩迭代。因此，我們在銷售方面、商店運營方面、管理成本和庫存方面有一些非常有效的手冊。我認為這是我們在某些特殊時期表現出相當多的敏捷性的原因之一。話雖如此，我會讓布蘭登給你一些我們正在研究的事情，以確保我們對業務健康的暫停有所了解。

Yes, Peter, I would just call out just in this dynamic environment, I think really important for us to look at unit trends in particular. So between the merchant teams, the finance teams, week in, week out, we're down at a very detailed category assortment level. We're looking at 1-, 2- and 3-year trends and what -- how much of the business is being driven by inflation, ticket, the offset, how much we're driving in terms of units and demand. We've mentioned some of these categories in seasonal where we've seen units get back to pre-pandemic levels. We talked about patio and grills.

是的，彼得，我只想在這個動態的環境中呼籲，我認為特別關注單位趨勢對我們來說非常重要。因此，在商業團隊、財務團隊之間，一周又一周，我們的品類分類水平非常詳細。我們正在研究 1 年、2 年和 3 年的趨勢以及什麼——有多少業務是由通貨膨脹、機票、抵消、我們在單位和需求方面推動的。我們已經在季節性中提到了其中一些類別，我們已經看到單位恢復到大流行前的水平。我們談到了露台和烤架。

So starting to understand and get comfortable and the flip side is we're seeing great unit growth in other areas like the Pro business that we want to continue to feed. So looking across the assortment, looking at those impacts, how that impacts inventory replenishment ordering and the drivers of the business teams are really focused on that.

因此，開始了解並感到舒適，另一方面，我們看到其他領域的單位增長很大，例如我們希望繼續提供的 Pro 業務。因此，縱觀整個分類，看看這些影響，它如何影響庫存補貨訂單，業務團隊的驅動力真正專注於這一點。

Our next question comes from the line of Steven Forbes with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的史蒂文福布斯。

I wanted to start with the Pro. So, Marvin or Joe, you mentioned Lowe's MVP loyalty program, and I realize it's new, but curious if you can note what tier the majority of Pros sit in today and whether you saw any sort of early signs of Pros tiering up during the quarter as we look out to the back half?

我想從 Pro 開始。所以，Marvin 或 Joe，你提到了 Lowe 的 MVP 忠誠度計劃，我意識到它是新的，但很好奇你是否能注意到今天大多數職業選手所處的層級，以及你是否看到任何形式的職業選手在本季度分層的早期跡象當我們看到後半部分？

Steve, so let me just -- I'm not going to answer that question specifically, let me say that first. So but I'll give you just some thoughts on the Pro loyalty program. We talked about the 13% comp growth in Pro and 37% growth on a 2-year basis. And we think that the foundation of what's driving that is really monetizing the investments we've already made from a service, staffing and technology.

史蒂夫，所以讓我 - 我不打算具體回答這個問題，讓我先說一下。所以，但我只是給你一些關於 Pro 忠誠度計劃的想法。我們談到了 Pro 13% 的複合增長率和 2 年 37% 的增長率。我們認為，真正推動我們從服務、人員配備和技術方面進行的投資的基礎是貨幣化。

I think the second reason why you're seeing growth is the investments in brand that Bill talked about in his prepared comments and that's an ongoing process. Fulfillment is improved as a third kind of component of improvement. And we know that we have work to do to continue to make fulfillment easier for our Pro customers. And that's one of the things that, as I mentioned, that we're piloting a fulfillment center gig network, and we're excited about the possibilities.

我認為你看到增長的第二個原因是比爾在他準備好的評論中談到的品牌投資，這是一個持續的過程。履行作為改進的第三種組成部分得到改進。而且我們知道，我們還有工作要做，以繼續讓我們的 Pro 客戶更容易實現。正如我所提到的，這是我們正在試行履行中心演出網絡的事情之一，我們對這些可能性感到興奮。

And then the last foundational point is what you asked is loyalty. And we think our new MVP program is incredibly successful in the early stages. And so how do I define that? Customers that are engaged in Pro loyalty and credit spend 3x more than Pros that don't. I mean, to me, that's the key metric that we look at. Do we understand the level of Pros that's tiering up we do, we don't want to discuss that externally. But what I will tell you is all the events that we've launched this year, leveraging points and Pro loyalty have exceeded our expectations, and we have a lot more to come. And we'll provide some level of granularity in the future, but it's too early to share it externally, but I will tell you that we're pleased with the progress.

然後最後一個基本點是你問的是忠誠度。我們認為我們新的 MVP 計劃在早期階段非常成功。那麼我該如何定義呢？參與 Pro 忠誠度和信用的客戶的支出是不參與的 Pro 的 3 倍。我的意思是，對我來說，這是我們關注的關鍵指標。我們是否了解我們所做的分層的專業人士的水平，我們不想在外部討論這個問題。但我要告訴你的是我們今年推出的所有活動，利用積分和 Pro 忠誠度都超出了我們的預期，我們還有更多活動要做。我們將在未來提供一定程度的粒度，但現在對外分享還為時過早，但我會告訴你，我們對進展感到滿意。

I appreciate the color, Marvin. And then maybe just a quick follow-up for Brandon. Based on the gross margin guidance, it sort of implies a relatively flattish outlook for the back half. Clearly, we got the supply chain build-out and transportation cost pressure. So maybe there's any help on the offset if it's from mix or just product margin strength?

我很欣賞這種顏色，馬文。然後也許只是布蘭登的快速跟進。根據毛利率指引，這在某種程度上意味著下半年的前景相對平淡。顯然，我們面臨供應鏈建設和運輸成本壓力。那麼，如果它來自混合或只是產品利潤率強度，也許對抵消有任何幫助？

Yes. We have -- we feel like we have a pretty good handle on the gross margin drivers of the business here over the second half. We expect modest product margin improvement, as you mentioned, offset by higher supply chain costs. That's inclusive of distribution, transportation. We mentioned the drag in Q2 and the expanded network. Shrink credit, fairly neutral as we look across the second half as it relates to other contributors to margin. So full year unchanged as it relates to guiding to slightly up from a gross margin standpoint. We feel really, really good about our ability to deliver that.

是的。我們有 - 我們覺得我們對下半年業務的毛利率驅動因素有很好的處理。正如您所提到的，我們預計產品利潤率的適度改善會被更高的供應鏈成本所抵消。這包括配送、運輸。我們提到了第二季度的拖累和擴大的網絡。收縮信貸，在我們展望下半年時相當中性，因為它與其他利潤率貢獻者有關。因此全年保持不變，因為它與從毛利率的角度略微上升有關。我們對我們實現這一目標的能力感到非常非常好。

Our next question is from the line of Scot Ciccarelli with Truist Securities.

我們的下一個問題來自於 Truist Securities 的 Scot Ciccarelli。

So another DIY question. I know you bounced around this a little bit, but we -- the cycling of stimulus, the short spring season, that all makes sense as reasons why DIY would be negative. And I know this is an opinion, but I guess the question is, what gives you confidence that the softer trends you've seen in DIY over the last few months, isn't the beginning of the slowdown following several years of accelerated demand?

所以另一個DIY問題。我知道你對此有所反彈，但我們 - 刺激的循環，短暫的春季，這一切都是有道理的，因為 DIY 會是負面的。我知道這是一種觀點，但我想問題是，是什麼讓你相信過去幾個月你在 DIY 中看到的疲軟趨勢不是在幾年需求加速後開始放緩？

It's a fair question. So, Scot, I'll take the first part, and I'll let Brandon provide some context. So when you look at DIY and you look at the first half, I think it's important to understand that a lot of the negative impacts have been relatively isolated in discretionary categories. We talked a lot about patio and grills. But candidly, for the last 2 or 3 years with the lack of mobility that we've all had and the amount of time we spend at home, once you make an investment for patio furniture and grill is really not an overriding demand to do it again a year or 2 later, and we understand that.

這是一個公平的問題。所以，Scot，我會講第一部分，我會讓 Brandon 提供一些背景信息。因此，當您查看 DIY 並查看上半年時，我認為重要的是要了解許多負面影響在可自由支配的類別中是相對孤立的。我們談了很多關於露台和烤架的事情。但坦率地說，在過去的 2 或 3 年裡，由於我們所有人都缺乏流動性以及我們在家裡度過的時間，一旦你投資了露台家具和烤架，這真的不是一個壓倒一切的需求一年或兩年後再次，我們明白這一點。

And also, we talked quite a bit about the shortened weather season of spring and how that put a lot of pressure on lawn and garden outside categories, and that's almost exclusively for us, DIY-specific. So when we try to put in characterization, what drove the DIY slowness in the first half, we can be very specific on that. But as we look at the back half, we know that a shift is coming based on our business trends. And I'll let Brandon just provide a little context on the trends we are seeing. And when we look to the interior of the store, what we believe will happen in the back half of the year.

而且，我們還談了很多關於春季縮短的天氣季節以及這如何給草坪和花園以外的類別帶來很大壓力，而這幾乎完全是針對我們的，特定於 DIY。因此，當我們嘗試進行表徵時，是什麼導致了上半年 DIY 的緩慢，我們可以非常具體地說明這一點。但當我們回顧後半部分時，我們知道根據我們的業務趨勢正在發生轉變。我會讓布蘭登就我們所看到的趨勢提供一些背景信息。當我們查看商店的內部時，我們相信會在今年下半年發生。

Yes. So, Scot, I think confidence, just given the first half isolated impacts that Marvin called out around the weather, the DIY discretionary, I mentioned earlier just momentum that we're seeing in the business, in particular, post-July 4 and again, looking at 1-year and 3-year comps, clear step-change that we're seeing in the business there. And then I think last, just as we look at the second half and really the structural sort of setup of the business, it's less seasonal. It's definitely interior-focused as we get into the core categories. And we think that, just coupled with the momentum, again, that we're seeing with the Pro, we feel like that plays really well when we look at the second half outlook that we have on the business.

是的。所以，蘇格蘭人，我認為信心，只是考慮到馬文在天氣方面所稱的上半年孤立的影響，我之前提到的 DIY 自由裁量權，只是我們在業務中看到的勢頭，特別是在 7 月 4 日之後，看看 1 年和 3 年的比較，我們在那裡的業務中看到了明顯的變化。然後我想最後，就像我們看下半年和真正的業務結構類型一樣，它的季節性較少。當我們進入核心類別時，它絕對以內部為重點。而且我們認為，再加上我們在 Pro 上看到的勢頭，當我們看到我們對業務的下半年前景時，我們覺得這種情況非常好。

Yes, Scot, just add one thing to that. So in a recessionary environment, as you look at the DIY, that tends to shift more to the repair categories versus the big ticket. And so there's a lot of indicators out there that we watch on a very regular basis.

是的，Scot，只需添加一件事。因此，在經濟衰退的環境中，當您查看 DIY 時，往往會更多地轉向維修類別而不是大票。因此，我們會定期觀察很多指標。

Next question comes from the line of Michael Lasser with UBS.

下一個問題來自瑞銀的 Michael Lasser。

You lowered the comp outlook to the lower end of the range, but articulated the view that your earnings will be at the high end of the range, how low could your comps be in the back half of the year and you still hit the EPS guidance for the full year?

您將薪酬前景下調至該範圍的下限，但明確表示您的收入將處於該範圍的高端，您的薪酬在今年下半年可能有多低並且您仍然達到每股收益指導全年？

Yes. So, Michael, this is Brandon. I would just tell you, we're very focused on delivering what the most likely scenario that we have with the business, which is updated in our outlook. So we're looking at top line being down 1%. We're really confident given the ability to manage gross margin, the step-up that we're seeing with SG&A leverage and how that's translating to profit expansion and EPS. Confident in that scenario, confident delivering on what we have in the guide. And that's where we are at this point in time.

是的。所以，邁克爾，這是布蘭登。我只想告訴你，我們非常專注於提供我們與業務最可能發生的情況，這在我們的展望中進行了更新。因此，我們預計營收將下降 1%。考慮到管理毛利率的能力、我們看到的 SG&A 槓桿率的提升以及這如何轉化為利潤擴張和每股收益，我們非常有信心。對這種情況充滿信心，有信心實現我們在指南中的內容。這就是我們目前所處的位置。

And Michael, this is Marvin. The thing that we often talk about internally is that expense is typically relative to sales and expense as a percent of sales and percent of revenue. And so we have proven that we have levers that we can pull so that we can ensure that as revenue goes down, then we can, at the same point, bring our rate of expense down. And that's something that we feel very confident in our ability to deliver upon. And I think Q1 and Q2 of this year should represent that.

邁克爾，這是馬文。我們經常在內部談論的事情是，費用通常是相對於銷售額和費用佔銷售額和收入的百分比。因此，我們已經證明我們有可以拉動的槓桿，這樣我們就可以確保隨著收入的下降，我們可以同時降低我們的費用率。這就是我們對我們的交付能力非常有信心的事情。我認為今年第一季度和第二季度應該代表這一點。

Okay. And my follow-up question is on the nature of where sales stands today versus where they were in 2019. Marvin called out patio furniture and grills as categories that have been well above the trend line in demand. Seasonal and outdoor is about 20 -- excuse me, 10% of the business. Appliances and Other 10% to 15% of the business. Is that the right way to think about the risk of those sales being kind of over-earning from the last couple of years? And how much risk is there that this above trend performance in those categories start to leak into other areas of the business, lighting, flooring, other areas that could be more episodic in nature?

好的。我的後續問題是關於今天的銷售情況與 2019 年的銷售情況的性質。馬文稱庭院家具和烤架是遠遠高於需求趨勢線的類別。季節性和戶外活動大約是 20 - 對不起，佔業務的 10%。電器和其他 10% 到 15% 的業務。這是考慮過去幾年這些銷售收入超額風險的正確方法嗎？這些類別中的上述趨勢表現開始洩漏到業務的其他領域、照明、地板和其他可能在本質上更具偶發性的領域有多大風險？

Michael, it's a really good question. I think you can appreciate that this has been one of the most difficult environments to forecast and to build any kind of consistent modeling on. So what I will say to you is we pay close attention to all the trends, and we are obviously now looking at what we call pre-pandemic sale rates and understanding where we have reverted back by category to those pre-pandemic levels. And so we know where we are and what categories are in those specific run rates, and we know which categories are not.

邁克爾，這是一個非常好的問題。我認為您可以理解，這是最難預測和構建任何類型一致建模的環境之一。因此，我要對您說的是，我們密切關注所有趨勢，顯然我們現在正在研究我們所說的大流行前的銷售率，並了解我們已按類別恢復到大流行前的水平。因此，我們知道我們在哪里以及在這些特定的運行率中屬於哪些類別，並且我們知道哪些類別不是。

And our job is to pay really close attention to those merchandising categories to ensure that we're in a good insight position, that we have good presentation, that were priced right. And that's our best attempt to try to manage it. We'll have a much better answer for you as we wrap up the kind of the back end of the year. Because of the uniqueness of these overlaps, it's really tough to answer that question with any precision just coming out of the second quarter.

我們的工作是密切關注那些商品類別，以確保我們處於良好的洞察力位置，我們有良好的展示，價格合理。這是我們嘗試管理它的最佳嘗試。當我們結束今年的後端時，我們將為您提供更好的答案。由於這些重疊的獨特性，很難準確地回答第二季度剛剛出現的這個問題。

Understood.

明白了。

Our next question is from the line of Eric Bosshard with Cleveland Research.

我們的下一個問題來自 Cleveland Research 的 Eric Bosshard。

Curious for your strategy in regards to promotions and pricing as we move into the back half, considering what you're seeing with units and where you sit with inventory if you're changing relative to the first half.

當我們進入後半部分時，對您在促銷和定價方面的策略感到好奇，考慮到您在單位方面看到的情況以及如果您相對於上半年發生變化，您的庫存位置。

Eric, this is Marvin. Short answer is no plans to change any of our philosophical approach to promotions and pricing. Our key is to be competitive. And again, we've invested in some sophisticated tools that give us real-time visibility to our competitors so we can be price right every single day. I'll let Bill talk more about his thoughts on promotion and pricing just to reinforce that we have a consistent philosophy that we plan to stick with.

埃里克，這是馬文。簡短的回答是沒有計劃改變我們對促銷和定價的任何哲學方法。我們的關鍵是要有競爭力。再一次，我們投資了一些複雜的工具，使我們能夠實時了解我們的競爭對手，這樣我們就可以每天都以正確的價格定價。我會讓比爾更多地談論他對促銷和定價的想法，以加強我們計劃堅持的一致理念。

Eric, thanks for the question. Just a couple of things and just a couple of reminders. We've been on this journey for our merchandising strategy, pricing strategy over really the last 3-plus years. And that has the playbook that we're working to follow and really trying to unwind from what was a high-low pricing strategy to an everyday competitive price strategy. And so the work that we've done between the merchants, the finance team to prop up, the resources to manage and monitor price on a daily, weekly basis is really allowing us to do that. And we feel really good about being very competitive, good line of sight on those key SKUs that matter.

埃里克，謝謝你的問題。只是幾件事，只是幾個提醒。在過去 3 年多的時間裡，我們一直在為我們的銷售策略和定價策略而努力。這就是我們正在努力遵循的劇本，並真正試圖從高低價策略轉變為日常有競爭力的價格策略。因此，我們在商家之間所做的工作、財務團隊的支持、每天、每週管理和監控價格的資源確實讓我們能夠做到這一點。我們對在那些重要的關鍵 SKU 上非常有競爭力和良好的視線感到非常高興。

And then from a promotion perspective, it's all about being there when the customer expects us to be there. So obviously, we've got Labor Day event coming up here in the next couple of weeks. You go into the holiday season, Black Friday. And so we'll continue to supplement those events with key offers and be there with value for the customer and then work really hard to provide that value day in and day out in the store with the changes that we've made through our end cap strategies, flex strategies, et cetera.

然後從促銷的角度來看，這一切都是為了在客戶希望我們在那裡時出現。很明顯，我們將在接下來的幾週內舉辦勞動節活動。你進入假期，黑色星期五。因此，我們將繼續通過關鍵優惠補充這些活動，並為客戶提供價值，然後通過我們通過最終上限所做的更改，日復一日地努力在商店中提供這種價值策略、彈性策略等。

Just a follow-up within that. What have you seen when you have run events, you ran some July 4 events. And I'm just curious, have you seen different consumer engagement with promotions in this environment? Or now relative to the past, are these resonating? Again, I'm just asking, as you look at negative units and a bit softer sales and a bit more inventory. Historically, you promote more, I understand the new Lowe's is less focused on that. But is the payback from those things similar or different? Is the consumer responding similar, different on those?

只是其中的一個後續行動。您在舉辦活動時看到了什麼，您舉辦了一些 7 月 4 日的活動。我只是好奇，你有沒有看到在這種環境下不同的消費者參與促銷活動？或者現在相對於過去，這些是否引起了共鳴？再說一次，我只是在問，當您看到負數、銷售疲軟和庫存增加時。從歷史上看，你宣傳得更多，我知道新的 Lowe's 不太關注這一點。但是這些事情的回報是相似的還是不同的？消費者的反應是相似的，不同的嗎？

Yes, I think there's a couple of things. There's -- first, there's a time and an opportunity to put stuff on value. And so if you think about first half of the year and you think about mulch and live goods promotions and those types of things that get the customer in the door and drive traffic, they play a certain role for us in the role of the category of certain merchandising businesses. And then you have new and innovation, as I said in my prepared remarks, where the customer is finding value in that.

是的，我認為有幾件事。有——首先，有時間和機會讓東西有價值。所以如果你想想今年上半年，你想想覆蓋物和現場商品促銷以及那些讓顧客上門並增加流量的東西，它們在我們的類別中扮演了一定的角色某些商品業務。然後你就有了新的和創新，正如我在準備好的評論中所說的那樣，客戶從中發現了價值。

And a good example is that EGO lawnmower that I talked about in my opening remarks, it's a $700 unit, and it was by far one of our best-selling products, best unit driving products in the assortment. So it's not low priced. It's not on promotion, and it was just out there and the consumer has adopted that battery platform, and they love the product. So it's really a combination of both, and that's the blend that we're trying to manage. And in the appliance business, as you know, hundreds of thousands of appliances break every day. So you've got to be out there with an offer in the appliance business day in and day out. So that's how we're playing it.

一個很好的例子是我在開場白中談到的 EGO 割草機，它是一個 700 美元的單位，它是迄今為止我們最暢銷的產品之一，是該分類中最好的單位驅動產品。所以價格也不低。它不是在促銷，它只是在那裡，消費者已經採用了那個電池平台，他們喜歡這個產品。所以它實際上是兩者的結合，這就是我們試圖管理的混合。如您所知，在家電業務中，每天有數十萬台電器發生故障。因此，您必須日復一日地在家電業務中提供報價。所以我們就是這樣玩的。

Eric, this is Marvin. And I really appreciate the question because we're in this unique environment with customer demand, especially coming out of that outsized demand in certain discretionary categories during the pandemic. So we are closely monitoring any of our -- we call it, Tier 1 holiday promotions just to see our customers respond. The biggest difference at Lowe's today versus when I arrived about 4 years ago is that there is a rigorous analytical process that we go to coming out of all types of promotions just to look at, did we get the return on investment.

埃里克，這是馬文。我真的很感激這個問題，因為我們處於這個有客戶需求的獨特環境中，尤其是在大流行期間，某些非必需品類別的巨大需求。因此，我們正在密切監控我們的任何 - 我們稱之為一級假日促銷活動，只是為了看到我們的客戶做出回應。今天在 Lowe's 與我大約 4 年前到達時最大的不同是，我們有一個嚴格的分析過程，我們會從所有類型的促銷活動中走出來，看看我們是否獲得了投資回報。

And so what we're not going to do, to Bill's point, is just kind of follow historical trends just because we're going to evaluate whether or not we got a return when the customer responded and we'll adjust accordingly. And we've been doing quite a bit of adjusting because the customers are responding differently because this is such a unique environment. But as I said earlier, we're anxious now look at the back half of the year, we feel good about the trends as Brandon outlined.

因此，在比爾看來，我們不會做的只是追隨歷史趨勢，因為我們要評估當客戶做出回應時我們是否得到了回報，我們會做出相應的調整。我們一直在做很多調整，因為客戶的反應不同，因為這是一個如此獨特的環境。但正如我之前所說，我們現在對下半年感到焦慮，我們對布蘭登概述的趨勢感覺良好。

We feel good about how the customer is shifting on the interior parts of the store because that's where we're really strong and we feel we're well positioned. And we'll have a much better assessment looking at the full year going into next year relative to some of these customer engagement to some of these events.

我們對客戶在商店內部的轉變感覺很好，因為那是我們真正強大的地方，我們覺得我們處於有利地位。相對於這些客戶對其中一些事件的參與度，我們將對進入明年的全年進行更好的評估。

Our next question comes from the line of Christopher Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Christopher Horvers。

So my first question is also a follow-up on the DIY side. Marvin, there were some headlines that talked about the improvement continuing into August and Brandon's comments certainly echo that. Have you seen DIY flip to a positive trend? And then as a follow-up, last year, post-Labor Day, you talked about that consumer coming back from sort of vacation and reengaging in DIY. So how are you thinking about the ability for that to sustain -- what you're seeing now to sustain against the step-up you saw last year?

所以我的第一個問題也是DIY方面的後續。馬文，有一些頭條新聞談到這種改善持續到八月，布蘭登的評論肯定與此相呼應。您是否看到 DIY 轉向積極的趨勢？然後作為後續行動，去年，勞動節後，你談到了消費者從某種假期回來並重新參與 DIY。那麼，您如何考慮維持這種能力的能力 - 您現在看到的能夠維持去年看到的提升的能力？

Well, I'll repeat what Brandon said. We've seen a step change post-July 4 in our business, and that continues into the month of August. But it's early, but early means that the trends that we anticipated, we're seeing those trends, and we're seeing even better than we anticipated in certain categories. So that's a good news. But I'll just let Brandon kind of reiterate why we have confidence in the DIY consumer as we look at the back part of the year.

好吧，我會重複布蘭登所說的話。 7 月 4 日之後，我們的業務發生了重大變化，這種變化一直持續到 8 月份。但現在還早，但早意味著我們預期的趨勢，我們正在看到這些趨勢，而且我們在某些類別中看到的甚至比我們預期的要好。所以這是一個好消息。但我會讓布蘭登重申一下為什麼我們對 DIY 消費者有信心，因為我們回顧了今年下半年。

Yes, Chris, I'm not going to get into too much detail just specifically on DIY comps. But I would say just a response, as I mentioned over the last 6 weeks, especially as we've moved more to the interior of the core, the DIY business within the home decor categories, I think, has been notable, and that's where we're seeing momentum. And then I'd also just call out there's other areas, lumber is going to be a mix between Pro and DIY, but sort of just given where pricing is at that point, too, we're seeing nice response there, and we're seeing activity that we continue to see momentum building as we get into August here.

是的，克里斯，我不會專門討論 DIY 組合的太多細節。但我想說的只是一個回應，正如我在過去 6 周中提到的那樣，尤其是當我們更多地轉向核心內部時，我認為家居裝飾類別中的 DIY 業務已經引人注目，這就是我們看到了勢頭。然後我還要指出其他領域，木材將是 Pro 和 DIY 之間的混合體，但也只是給出了當時的定價，我們在那裡看到了很好的反應，我們隨著我們進入 8 月，我們再次看到勢頭正在增強。

Got it. And then some of the commodities of -- some of the input commodities for a lot of your products have come down recently. You've -- Marvin, since you came on board, you've introduced some very sophisticated pricing and cost deconstructing capabilities. How are you thinking about your intent in the near term to go back at the vendors from -- for some price rollbacks?

知道了。然後一些商品——你們很多產品的一些投入商品最近下降了。你——Marvin，自從你加入以來，你已經引入了一些非常複雜的定價和成本解構功能。您如何看待您在短期內打算從一些價格回滾中回到供應商？

Well, before Brandon was elevated to his more prestigious position, he did that work for us in merchandising with Bill. So I'll let him give you some specifics on that.

好吧，在布蘭登被提升到他更有聲望的職位之前，他為我們與比爾一起做商品銷售。所以我會讓他給你一些細節。

Thanks, Marvin. So, yes, Chris, I would say, just given rate tightening that we're seeing from the Fed, monitoring the commodity markets, we're definitely expecting some normalization as we move across the second half and into next year. We have built as Marvin has mentioned, the disciplined product cost management process. We feel like we have the insights to the cost drivers across our suppliers. We understand where it's coming from in terms of commodities, labor, transportation.

謝謝，馬文。所以，是的，克里斯，我想說的是，鑑於我們從美聯儲看到的利率收緊，監控大宗商品市場，隨著下半年和明年的到來，我們肯定會期待一些正常化。正如馬文所說，我們已經建立了嚴格的產品成本管理流程。我們覺得我們對供應商的成本驅動因素有洞察力。我們了解它在商品、勞動力、運輸方面的來源。

And as raw materials down, we're positioned and prepared to renegotiate prices with our suppliers. We're actually very much underway in certain areas with Bill and his team. And then from a pricing perspective, like we always do, we're going to leverage a portfolio approach if and when we call back the dollars, but we're always going to ensure that we're going to be competitive there as we approach pricing.

隨著原材料價格的下降，我們已經做好了與供應商重新談判價格的準備。實際上，我們與比爾和他的團隊在某些領域進行了很多工作。然後從定價的角度來看，就像我們一直做的那樣，如果我們收回美元，我們將利用投資組合方法，但我們總是要確保在我們接近時我們將在那裡具有競爭力價錢。

Our next question coming from the line of Michael Baker with D.A. Davidson.

我們的下一個問題來自邁克爾貝克與 D.A.戴維森。

Maybe a follow-up. I did want to question the Pro business a little bit and 2 questions. One, Pro business, up double digits for Pro, that's great, but it did slow a little bit from last quarter on a 1-year and a 2-year basis. So wondering what to make of that. And then these comments on this being a little bit better. I guess DIY, but any comment on how the Pro business is doing in the last 6 weeks or so?

也許是一個後續。我確實想對 Pro 業務提出一些問題和 2 個問題。一，Pro 業務，Pro 的兩位數增長，這很好，但在 1 年和 2 年的基礎上，它確實比上一季度有所放緩。所以想知道該怎麼做。然後這些評論會更好一點。我猜是 DIY，但對 Pro 業務在過去 6 週左右的表現有何評論？

Yes. Thanks, Mike. This is Marvin. We feel good about the overall sales volume in the Pro business. And as Joe noted, second quarter is typically our highest DIY penetrating quarter of the year. But when we look at the Pro business, we feel incredibly positive on the momentum and just the daily volume we're seeing across all geographies relative to what we were seeing 2 or 3 years ago. And we think it's very sustainable than it's proven to be.

是的。謝謝，邁克。這是馬文。我們對 Pro 業務的整體銷量感覺良好。正如喬所說，第二季度通常是我們一年中 DIY 滲透率最高的季度。但是，當我們查看 Pro 業務時，我們對勢頭以及我們在所有地區看到的與 2 或 3 年前相比的每日交易量感到非常樂觀。我們認為它比事實證明的更可持續。

And we think as we get into the back half of the year with our new Pro loyalty program, with improved job-like quantity in stocks with some of the brands that Bill outlined that we're going to see this momentum continue. And as I said, it's not just about Pro loyalty, Pro loyalty is one of the foundational pieces of the strategy in addition to all the investments we've made in the store, the brands, the fulfillment improvement.

我們認為，隨著我們新的 Pro 忠誠度計劃進入下半年，隨著 Bill 概述的一些品牌的庫存增加，我們將看到這種勢頭繼續下去。正如我所說，這不僅僅是關於專業忠誠度，專業忠誠度是該戰略的基礎部分之一，除了我們在商店、品牌和履行改進方面所做的所有投資。

And also, just as a reminder, our U.S. reset project last year, literally improved all the adjacencies, specifically for the Pro customer, and we think those things are paying dividends. So that business is performing really well and is performing really well vis-a-vis the DIY and the same trends we're seeing post-July 4 for DIY. Pro is also taking those same positive trends and performing well.

另外，提醒一下，我們去年在美國的重置項目確實改善了所有鄰接，特別是針對 Pro 客戶，我們認為這些事情正在帶來好處。因此，該業務的表現非常好，並且相對於 DIY 以及我們在 7 月 4 日之後看到的 DIY 趨勢也表現得非常好。 Pro 也採取了同樣的積極趨勢並表現良好。

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

感謝大家今天加入我們。我們期待在 11 月的第三季度財報電話會議上與您交談。

Thank you. This concludes the Lowe's second quarter 2022 earnings call. You may now disconnect at this time.

謝謝你。勞氏 2022 年第二季度財報電話會議到此結束。您現在可以斷開連接。