勞氏公司 (LOW) 2022 Q1 法說會逐字稿

Good morning, everyone. And welcome to Lowe's Companies' First Quarter 2022 Earnings Conference Call. My name is Kevin, 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, Investor Relations. Please go ahead, Kate.

大家，早安。歡迎參加勞氏公司 2022 年第一季度收益電話會議。我的名字是凱文，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，凱特。

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.

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。

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.

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。

Additionally, we will 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.

此外，我們將討論某些非公認會計原則的財務措施。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。

Before we turn to our first quarter results, I would like to announce that we will be hosting an Analyst and Investor Conference in-person on Wednesday, December 7, from 8:00 a.m. to 1:00 p.m. Eastern Time in New York City. For those of you who are unable to attend in-person, the event will also be live-streamed on video. At this event, our executive leadership team will provide updates on the key growth initiatives in our Total Home strategy and our long-term financial targets.

在我們轉向第一季度業績之前，我想宣布我們將於 12 月 7 日星期三上午 8:00 至下午 1:00 親自主持分析師和投資者會議。紐約市東部時間。對於那些無法親自參加的人，該活動也將通過視頻進行直播。在本次活動中，我們的執行領導團隊將提供有關我們的 Total Home 戰略和長期財務目標的關鍵增長計劃的最新信息。

With that, I'll turn the call over to Marvin.

有了這個，我會把電話轉給馬文。

Thank you, Kate, and good morning, everyone.

謝謝你，凱特，大家早上好。

In the first quarter, our total company comparable sales declined 4% with the U.S. comps down 3.8%. Excluding our seasonal category, sales were in line with our expectations for the first quarter.

第一季度，我們公司的可比銷售額總額下降了 4%，美國公司的銷售額下降了 3.8%。不包括我們的季節性類別，銷售額符合我們對第一季度的預期。

Looking at sales goals on a 2-year basis, total company comps and U.S. comps were up approximately 20%. In Pro, we delivered growth of 20% and 64% on a 2-year basis. We also saw solid DIY demand for core nonseasonal home improvement projects. However, we experienced a delayed spring selling season due to prolonged unfavorable weather that impacted spring-related categories.

從 2 年的銷售目標來看，公司總收入和美國收入增長了約 20%。在 Pro 中，我們在 2 年的基礎上實現了 20% 和 64% 的增長。我們還看到核心非季節性家居裝修項目的 DIY 需求強勁。然而，由於長期不利的天氣影響了與春季相關的類別，我們經歷了延遲的春季銷售季節。

In fact, to put this into historical context, the past April was the coldest in over 20 years and one of the wettest in recent memory. But now spring has finally arrived, and we are seeing the anticipated improvement in our seasonal sales in the month of May.

事實上，把它放在歷史背景下，過去的四月是 20 多年來最冷的一個，也是最近記憶中最潮濕的一個。但現在春天終於來了，我們看到 5 月份的季節性銷售出現了預期的改善。

I would like to provide some perspective on the impact that a very delayed spring has on our do-it-yourself or DIY sales. As a reminder, roughly 75% of our sales are to the DIY consumer in many seasonal categories like live goods, outdoor power equipment, grills and patio furniture are more heavily concentrated in DIY. And while spring was delayed across all geographies, the season came particularly late in the north, where sales were down double digits in many of our northern markets. And at the same time, sales in our Florida, Charlotte, Nashville, Houston, Atlanta, Dallas and Richmond regions were ahead of our sales expectations, even though spring weather was unfavorable in those regions as well. Simply stated, the further north you look, the larger the negative impact to our seasonal categories.

我想就非常延遲的春天對我們自己動手或 DIY 銷售的影響提供一些看法。提醒一下，我們大約 75% 的銷售額來自許多季節性類別的 DIY 消費者，例如現場用品、戶外動力設備、烤架和庭院家具，這些類別更多地集中在 DIY 上。雖然春季在所有地區都推遲了，但北方的季節來得特別晚，我們北方許多市場的銷售額下降了兩位數。與此同時，我們在佛羅里達、夏洛特、納什維爾、休斯頓、亞特蘭大、達拉斯和里士滿地區的銷售超出了我們的銷售預期，儘管這些地區的春季天氣也不利。簡而言之，您越往北看，對我們的季節性類別的負面影響就越大。

Although the late spring postponed our DIY sales, our Pro customers continue to shop to fuel their strong business demand. And our recent Pro surveys indicate that the majority of our Pro customers continue to report strength in their business and a full slate of projects for the year. At Lowe's, we see spring as a first half event. And as I mentioned, we are encouraged by the improved sales trends we're seeing in the month of May. We're also ready to capitalize on the increased demand with our enhanced assortment, strong inventory position, improved supply chain capabilities and seasonal staffing in place to serve our customers. Later in the call, Bill will discuss our plans to win spring again this year, while Joe will discuss how we are serving our customers during this busy season.

儘管晚春推遲了我們的 DIY 銷售，但我們的 Pro 客戶繼續購物以推動他們強勁的業務需求。我們最近的 Pro 調查表明，我們的大多數 Pro 客戶繼續報告他們的業務實力和今年的一系列項目。在 Lowe's，我們將春季視為上半年的盛事。正如我所提到的，我們對 5 月份看到的銷售趨勢改善感到鼓舞。我們還準備好利用我們增強的產品種類、強大的庫存狀況、改進的供應鏈能力和季節性人員配備來為我們的客戶提供服務，從而利用不斷增長的需求。稍後在電話會議中，比爾將討論我們今年再次贏得春天的計劃，而喬將討論我們如何在這個繁忙的季節為客戶提供服務。

Importantly, our Total Home strategy has given us the agility and flexibility to deliver operating margin improvement even when sales decline. During the quarter, operating margin expanded approximately 65 basis points, leading to diluted earnings per share of $3.51, which is an increase of over 9% versus last year. These results reflect great operational discipline in addition to excellent execution in a number of key initiatives, including our enhanced labor management tools, our perpetual productivity improvement or PPI initiatives, and our improved pricing capabilities.

重要的是，我們的 Total Home 戰略賦予了我們敏捷性和靈活性，即使在銷售額下降的情況下也能提高營業利潤率。本季度，營業利潤率增長約 65 個基點，攤薄後每股收益為 3.51 美元，比去年增長 9% 以上。這些結果反映了良好的運營紀律以及許多關鍵舉措的出色執行，包括我們增強的勞動力管理工具、我們的永久生產力改進或 PPI 舉措，以及我們改進的定價能力。

Our Total Home strategy also enabled us to win with both the Pro and DIY customer in Q1 as we elevate our product assortment and provide our customers with the products and brands that they need across all of their home improvement projects.

我們的 Total Home 戰略還使我們在第一季度贏得了 Pro 和 DIY 客戶的青睞，因為我們提升了產品種類，並為我們的客戶提供了他們在所有家居裝修項目中所需的產品和品牌。

Let me now discuss the progress that we're making with our Pro customer. As I mentioned, we delivered Pro growth of 20% in the quarter on top of 36% comps last year. The progress with this very important customer is reflected in the nearly 600-basis-point increase in Pro sales penetration in the U.S. from approximately 19% in Q1 of 2019 to approximately 25% in 2022. Later in the call, Joe will discuss how we continue to drive growth in Pro with the early success of our Lowe's MVP's Pro Rewards and Partnership Program that was launched in the first quarter.

現在讓我討論一下我們與 Pro 客戶取得的進展。正如我所提到的，我們在本季度實現了 20% 的 Pro 增長，而去年同期增長了 36%。與這個非常重要的客戶取得的進展反映在美國 Pro 銷售滲透率從 2019 年第一季度的約 19% 增長到 2022 年的約 25% 近 600 個基點。在電話會議的稍後部分，喬將討論我們如何隨著我們在第一季度推出的 Lowe's MVP 的 Pro 獎勵和合作夥伴計劃的早期成功，繼續推動 Pro 的增長。

On Lowes.com, sales grew 2% on top of over 36% growth in the first quarter of 2021, which represents a 2-year comp of over 39% and nearly 10% sales penetration. As we enhance our omnichannel offering, we are gaining traction with consumers who increasingly expect a fully integrated shopping experience. We're also expanding our market delivery strategy by adding other big and bulky products in Florida including patio, grills and riding lawn mowers to the appliances that we already deliver from our cross-dock terminals. By adding these incremental products, we're better leveraging our fixed costs while enhancing customer service at the same time. We've also converted our fourth geographic area, the Tennessee, Kentucky region to this new delivery model. And we're on track to convert our full portfolio of stores to market delivery by the end of 2023.

在 Lowes.com 上，銷售額在 2021 年第一季度增長超過 36% 的基礎上增長了 2%，這代表了 2 年超過 39% 和近 10% 的銷售滲透率。隨著我們增強我們的全渠道產品，我們正在吸引越來越多期望完全集成的購物體驗的消費者。我們還通過在佛羅里達州添加其他大型和笨重的產品來擴展我們的市場交付策略，包括庭院、烤架和騎乘式割草機，這些產品已經從我們的交叉碼頭碼頭交付。通過添加這些增量產品，我們可以更好地利用我們的固定成本，同時增強客戶服務。我們還將我們的第四個地理區域，田納西州，肯塔基州地區轉換為這種新的交付模式。我們有望在 2023 年底之前將我們的全部門店組合轉變為市場交付。

Turning to our results in Canada where our performance lagged the U.S. in Q1. Last year, Canada's results benefited from record high lumber prices due to the higher lumber mix in our Canadian business.

談到我們在加拿大的業績，我們在第一季度的表現落後於美國。去年，由於我們加拿大業務的木材組合較高，加拿大的業績受益於創紀錄的木材價格。

In closing, despite some increased uncertainty in the macro environment, our long-term outlook for the home improvement industry remains positive. Homeowner balance sheets are very strong, and their confidence to purchase big-ticket items is supported by continuing home price appreciation. Other factors like the extension of remote work, the age of the housing stock, millennial household formation and baby boomers preference to age in place, all are long-term tailwinds for home improvement.

最後，儘管宏觀環境的不確定性有所增加，但我們對家居裝修行業的長期前景仍然樂觀。房主資產負債表非常強勁，他們購買大件物品的信心受到房價持續上漲的支持。其他因素，如遠程工作的延長、住房存量的年齡、千禧一代的家庭形成和嬰兒潮一代對居家養老的偏好，都是家居改善的長期利好因素。

And over the past few years, we have greatly improved our operating capabilities so that we now have the agility needed to respond in this dynamic macro environment. These enhanced capabilities will allow us to continue to take market share while expanding our operating margin.

在過去的幾年裡，我們大大提高了我們的運營能力，因此我們現在擁有在這個動態的宏觀環境中做出反應所需的敏捷性。這些增強的能力將使我們能夠繼續佔據市場份額，同時擴大我們的營業利潤率。

And as a reflection of Lowe's' commitment to the community, at the beginning of the year, we announced a new community impact program called Lowe's Hometowns. This is a 5-year $100 million investment to improve the communities in which we live and work and to ensure we remain committed to giving back to our customers.

作為 Lowe's 對社區承諾的體現，今年年初，我們宣布了一項名為 Lowe's Hometowns 的新社區影響計劃。這是一項為期 5 年的 1 億美元投資，旨在改善我們生活和工作的社區，並確保我們繼續致力於回饋客戶。

And before I close, I would like to welcome Brandon Sink to his new role as EVP and Chief Financial Officer. Brandon brings tenure, home improvement expertise and strong financial and operational acumen to this role, and we're excited to have him on the executive leadership team. I would also like to take a moment to thank Dave Denton for the contribution he made as CFO in the past 3 years.

在結束之前，我想歡迎 Brandon Sink 擔任執行副總裁兼首席財務官的新職務。 Brandon 為這個職位帶來了任期、家居裝修專業知識以及強大的財務和運營敏銳度，我們很高興他能加入執行領導團隊。我還要花一點時間感謝 Dave Denton 在過去 3 年中擔任首席財務官所做的貢獻。

And at Lowe's, we believe that our store associates are a competitive advantage, and I would like to close by thanking our frontline associates for their hard work and dedication.

在 Lowe's，我們相信我們的門店員工具有競爭優勢，最後我要感謝我們的一線員工的辛勤工作和奉獻精神。

And with that, I will 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.

謝謝，馬文，大家早上好。

In the first quarter, U.S. comparable sales declined 3.8%, but were up 19.7% on a 2-year basis. This quarter, we delivered a strong positive comp in building products, driven by our momentum with the Pro, while sales in home decor came in above our expectations driven by solid DIY demand. However, comps and hardlines were down compared to prior year as a delayed spring season impacted seasonal categories.

第一季度，美國可比銷售額下降了 3.8%，但在兩年的基礎上增長了 19.7%。本季度，在我們對 Pro 的推動下，我們在建築產品方面實現了強勁的正增長，而在強勁的 DIY 需求的推動下，家居裝飾的銷售額超出了我們的預期。然而，由於春季延遲影響了季節性類別，與去年相比，補償和強硬派有所下降。

We are particularly pleased to see improved demand in seasonal categories over the past few weeks as the spring weather has finally arrived. In the quarter, 10 of 15 categories were above company average while 8 categories were up over 20% on a 2-year basis. Within our home decor division, paint and flooring delivered the strongest comps this quarter. Inside our paint category, the biggest growth drivers were in interior and exterior paint and primers as our in-stocks continue to improve throughout the quarter.

隨著春季天氣終於到來，我們特別高興地看到過去幾周季節性類別的需求有所改善。本季度，15 個類別中有 10 個高於公司平均水平，而 8 個類別在 2 年的基礎上增長了 20% 以上。在我們的家居裝飾部門中，油漆和地板在本季度的表現最為強勁。在我們的油漆類別中，最大的增長動力是室內和室外油漆和底漆，因為我們的庫存在整個季度持續改善。

Also, our investments in our Pro Paint offering continue to pay off as we've enhanced our Pro service model, expanded associate training and have built out our job site delivery capabilities. We are building on this momentum with the recent launch of our new, incremental paint reward program for our MVPs Pro customers, in addition to the other meaningful rewards they have already received.

此外，我們對 Pro Paint 產品的投資繼續獲得回報，因為我們增強了 Pro 服務模式、擴大了員工培訓並建立了我們的工作現場交付能力。除了他們已經獲得的其他有意義的獎勵外，我們最近還為我們的 MVPs Pro 客戶推出了新的增量油漆獎勵計劃，從而鞏固了這一勢頭。

Within flooring, luxury vinyl was once again the top contributor as our consumers continue to prefer the low maintenance and stylish solutions that this product category has to offer. We also refreshed our STAINMASTER carpet lineup, continuing to reflect current styles and consumer preferences. And in late March, we launched our first extension of the STAINMASTER brand in tile. And right behind tile, we are launching new laminate and luxury vinyl products in STAINMASTER as well. We're excited to have the STAINMASTER brand within our portfolio and to extend its high-performance characteristics and stain-resistant warranty to these new product categories. With this new brand lineup, we are offering innovative and functional products for the home, all with a great value for our customers.

在地板中，豪華乙烯基再次成為最大的貢獻者，因為我們的消費者繼續偏愛該產品類別必須提供的低維護和時尚的解決方案。我們還更新了 STAINMASTER 地毯系列，繼續反映當前風格和消費者偏好。在 3 月下旬，我們推出了 STAINMASTER 品牌在瓷磚領域的首次擴展。在瓷磚後面，我們也在 STAINMASTER 中推出了新的層壓板和豪華乙烯基產品。我們很高興在我們的產品組合中擁有 STAINMASTER 品牌，並將其高性能特性和防污保修擴展到這些新產品類別。通過這個新的品牌陣容，我們為家庭提供創新和實用的產品，所有這些產品都對我們的客戶具有巨大的價值。

Now turning to building products. We continue to see broad-based strength across key Pro categories, including electrical, building materials, rough plumbing, millwork and lumber, driven by strong Pro demand and competitive in-stock positions. Building on last year's strong performance, we delivered a positive 38% 2-year comp in building products, which continues to reflect the persistent underlying strength in consumer demand for larger core home improvement projects and, to a lesser extent, commodity inflation.

現在轉向建築產品。在強勁的專業需求和有競爭力的庫存狀況的推動下，我們繼續看到關鍵專業類別的廣泛實力，包括電氣、建築材料、粗管道、木製品和木材。在去年的強勁表現的基礎上，我們在建築產品方面實現了 38% 的 2 年正增長，這繼續反映了消費者對大型核心家居裝修項目的持續潛在需求以及在較小程度上的商品通脹。

Over the past several years, we have been focused on expanding our brand and product offerings to meet the needs of our Pro customers. In this quarter, we are excited about the introduction of Owens Corning new fiberglass rebar known as Pink bar. This Pro family product is stronger than traditional steel rebar and 7x lighter which makes it both easier for the Pro to work with and less costly to ship.

在過去的幾年裡，我們一直專注於擴大我們的品牌和產品供應，以滿足我們專業客戶的需求。在本季度，我們對歐文斯科寧推出名為 Pink bar 的新型玻璃纖維鋼筋感到興奮。這款 Pro 系列產品比傳統鋼筋更堅固，重量減輕 7 倍，這使得 Pro 更易於使用且運輸成本更低。

We are also excited to announce the national expansion of the APOC roof coating brand, which is a leading manufacturer in roofing and an important strategic partner to Lowe's. These new products and brands are strong additions to our outstanding Pro brand portfolio, which already includes other powerful brands 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.

我們也很高興地宣布 APOC 屋頂塗料品牌在全國范圍內擴張，該品牌是屋頂領域的領先製造商，也是 Lowe's 的重要戰略合作夥伴。這些新產品和品牌是我們出色的 Pro 品牌組合的有力補充，其中已經包括其他強大的品牌，如 Bosch、Crescent、DEWALT、Eaton、Estwing、FastenMaster、FLEX、GRK、ITW、LESCO、Little Giant、Lufkin、Mansfield、Marshalltown 、Metabo、SharkBite、Simpson Strong-Tie、SPAX、Spyder 和 Werner。

Now looking at our performance in hardlines. As I mentioned earlier, our seasonal categories were impacted by delayed spring. As the weather has finally broken over the past few weeks, we have now seen higher demand across the seasonal categories. And it's important to remember that spring is always a first half event. And while this year's spring season has started slow, the teams are focused on delivering a successful spring again this year.

現在看看我們在強硬派方面的表現。正如我之前提到的，我們的季節性類別受到春季延遲的影響。由於過去幾週天氣終於好轉，我們現在看到季節性類別的需求增加。重要的是要記住，春天總是上半場。雖然今年的春季開局緩慢，但各團隊都專注於今年再次取得成功的春季。

From the convenience and quality of the EGO, Kobalt, CRAFTSMAN and Skill brands with their zero-emission rechargeable equipment to our other leading brands such as John Deere, Honda, Husqvarna, Aaron's and CRAFTSMAN, we offer the products that our customers need to have the best-looking yard in the neighborhood. We are also continuing to expand our private brand lineup with new products in Origin 21, our new modern brand as well as our popular allen + roth brand, which is tailored to the more traditional taste.

從 EGO、Kobalt、CRAFTSMAN 和 Skill 品牌及其零排放可充電設備的便利性和質量，到我們的其他領先品牌，如 John Deere、Honda、Husqvarna、Aaron's 和 CRAFTSMAN，我們提供客戶需要的產品附近最好看的院子。我們還將繼續擴大我們的自有品牌陣容，包括 Origin 21 的新產品、我們的新現代品牌以及我們受歡迎的 Allen + Roth 品牌，該品牌專為更傳統的口味量身定制。

SpringFest, which is our new approach to spring, is a multiweek event, and we leveraged several strategic promotions for popular spring items like mulch, soils and hanging baskets to deliver great value for our customers. And we are well positioned to capitalize on the late surge in spring demand, and I look forward to updating on this first half event on our second quarter call.

SpringFest 是我們應對春季的新方法，是一個為期數週的活動，我們利用多項戰略促銷活動來推廣流行的春季物品，如覆蓋物、土壤和吊籃，為我們的客戶提供巨大的價值。我們已經準備好利用春季需求的後期激增，我期待在第二季度電話會議上更新上半年的活動。

Now looking at Lowes.com. As Marvin mentioned, we saw a positive 2% sales growth in the quarter and over 39% positive growth on a 2-year basis. We continue to enhance the user experience on Lowes.com and our omnichannel capabilities, which is critical for consumers who increasingly expect flexibility and seamlessness in their shopping experience. Our new paint and countertop visualizers are driving better conversion rates and we also enabled our customers the ability to order bagged goods online for in-store pickup ahead of the spring season.

現在看 Lowes.com。正如馬文所說，我們看到本季度銷售額實現了 2% 的正增長，兩年內實現了超過 39% 的正增長。我們將繼續增強 Lowes.com 的用戶體驗和我們的全渠道能力，這對於越來越期望購物體驗的靈活性和無縫性的消費者而言至關重要。我們新的油漆和檯面可視化工具正在推動更高的轉化率，我們還使我們的客戶能夠在春季之前在線訂購袋裝商品以便在店內取貨。

And as Marvin mentioned, our enhanced supply chain capabilities, including our expanded coastal holding facility network are now in place to enable us to flow product quickly to where it's needed as weather breaks across the country. And we continue to leverage our scale and carrier relationships to secure capacity and work to mitigate cost increases within our supply chain.

正如 Marvin 所提到的，我們增強的供應鏈能力，包括我們擴大的沿海倉儲設施網絡，現在已經到位，使我們能夠在全國各地天氣惡劣時迅速將產品運送到需要的地方。我們繼續利用我們的規模和運營商關係來確保容量並努力減輕我們供應鏈中的成本增加。

Before I close, I'd like to once again thank our vendor partners and our merchants for their hard work and dedication. Thank you, and I'll now turn the call over to Joe.

在結束之前，我想再次感謝我們的供應商合作夥伴和商家的辛勤工作和奉獻精神。謝謝，我現在把電話轉給喬。

Thanks, Bill, and good morning, everyone. I would like to begin by thanking our frontline associates for their continued commitment to serving our customers, especially in this busy spring season. We are laser-focused on delivering a consistent and high-quality customer experience. At the same time, we have labor aligned to demand patterns so that we effectively managed our payroll this quarter even in a lower sales environment. The investments that we've made over the past several years and our enhanced labor management tools are clearly paying dividends as we flex labor across stores and departments so effectively that we continue to achieve strong customer satisfaction scores.

謝謝，比爾，大家早上好。首先，我要感謝我們的前線員工繼續致力於為我們的客戶服務，尤其是在這個繁忙的春季。我們專注於提供一致和高質量的客戶體驗。同時，我們的勞動力與需求模式保持一致，因此即使在銷售環境較低的情況下，我們也能有效地管理本季度的工資單。我們在過去幾年中所做的投資以及我們增強的勞動力管理工具顯然正在帶來紅利，因為我們如此有效地在商店和部門之間靈活分配勞動力，從而使我們繼續獲得強大的客戶滿意度得分。

Also, the technology enhancements that we've made over the past several years enable our associates to spend 60% of their time serving customers and only 40% on manual tasking activities. As a reminder, as recently as 2018, 60% of all associated time was allocated on tasks that did not support the customer. We flipped this ratio by enabling more and more capabilities on our associates handheld mobile devices, which eliminated many time-consuming tasks. This is in addition to new technology that has enhanced our point-of-sale checkout, modernized project management, improved inventory visibility and digitized in-store pricing for appliances and lumber. This improved associate productivity has not only driven profitability, but it has also enhanced our customer service.

此外，我們在過去幾年中所做的技術改進使我們的員工能夠將 60% 的時間用於服務客戶，而僅將 40% 的時間用於手動任務活動。提醒一下，就在 2018 年，所有相關時間的 60% 都分配在不支持客戶的任務上。我們通過在員工的手持移動設備上啟用越來越多的功能來扭轉這一比例，從而消除了許多耗時的任務。此外，新技術增強了我們的銷售點結賬、現代化的項目管理、提高了庫存可見性以及電器和木材的數字化店內定價。這種提高的員工生產力不僅提高了盈利能力，而且還增強了我們的客戶服務。

And we continue to unlock further productivity through our Perpetual Productivity Improvement or PPI initiatives. As a reminder, our PPI initiatives are not onetime efforts but rather a series of initiatives that are scaling across our stores over time, all of which contribute to operational efficiency as well as a culture of continuous improvement. As Marvin mentioned earlier, the success of our PPI initiatives contributed to our strong operating margin performance in Q1.

我們將繼續通過我們的永久生產力改進或 PPI 計劃來進一步提高生產力。提醒一下，我們的 PPI 計劃不是一次性的努力，而是隨著時間的推移在我們的商店中擴展的一系列計劃，所有這些都有助於提高運營效率和持續改進的文化。正如馬文之前提到的，我們 PPI 計劃的成功促成了我們在第一季度的強勁營業利潤率表現。

Now I would like to take a few minutes to discuss our strong Pro results in the first quarter when we launched our MVPs Pro Rewards and Partnership Program, which is centered around creating a business partnership with our Pro. We are really pleased to see the better-than-expected adoption rates for the new program and we expect to build on this momentum with the Pros as we launch enhanced features to the loyalty program in the coming months.

現在，我想花幾分鐘時間討論一下我們在第一季度推出的 MVP Pro 獎勵和合作夥伴計劃，該計劃的重點是與 Pro 建立業務合作夥伴關係。我們真的很高興看到新計劃的採用率好於預期，並且我們希望在未來幾個月為忠誠度計劃推出增強功能時，與 Pros 一起利用這一勢頭。

Through this program, we are also gaining valuable insight about our Pro customers that will enable us to better anticipate and meet their project needs through our Pro CRM platform and allow us to continue to expand our share of wallet with these valuable customers. And we're expanding our Pro fulfillment capabilities with our new Pro fulfillment center in Charlotte, where we are stocking the top SKUs that Pros consistently need in job lot quantities. As we pilot this new approach to Pro fulfillment, we are building on our existing job site delivery capabilities handled through our stores and Lowe's Pro supply branches today. Although we are pleased with our 600 basis points of growth in Pro penetration over the past 3 years, improving our fulfillment capabilities will allow us to accelerate this growth and continue to gain market share.

通過該計劃，我們還獲得了有關 Pro 客戶的寶貴見解，這將使我們能夠通過 Pro CRM 平台更好地預測和滿足他們的項目需求，並使我們能夠繼續擴大我們與這些有價值的客戶的錢包份額。我們正在夏洛特新的 Pro 履行中心擴展我們的 Pro 履行能力，我們在那裡儲存專業人士在工作批次中始終需要的頂級 SKU。在我們試行這種新的 Pro 履約方法時，我們正在通過我們的商店和 Lowe's Pro 供應分支機構處理現有的工作現場交付能力。儘管我們對過去 3 年 Pro 滲透率增長 600 個基點感到滿意，但提高我們的履行能力將使我們能夠加速這一增長並繼續獲得市場份額。

In addition to the success of our new Pro initiatives, I am pleased with our strides to become the employer of choice in retail. As a company, we are committed to investing in continuous learning and development throughout our associates careers through Lowe's University as well as a new debt-free education program that we just announced. Through this initiative, more than 300,000 associates are eligible to participate in over 50 academic programs free of charge. These programs are designed to help associates excel in their jobs today and built toward their future careers within Lowe's, including pathways into supply chain, logistics, data analytics, cybersecurity, technology and more.

除了我們新的 Pro 計劃取得成功之外，我對我們在成為零售業首選雇主方面取得的進展感到高興。作為一家公司，我們致力於通過勞氏大學以及我們剛剛宣布的一項新的無債務教育計劃，在我們員工的整個職業生涯中投資於持續學習和發展。通過這一舉措，超過 300,000 名員工有資格免費參加 50 多個學術項目。這些計劃旨在幫助員工在今天的工作中表現出色，並為他們在 Lowe's 的未來職業發展奠定基礎，包括進入供應鏈、物流、數據分析、網絡安全、技術等領域的途徑。

Finally, I'm pleased to report that we are in a better position from a hiring and staffing standpoint than we were at this time last year. We accelerated our associate hiring process through new technology that dramatically reduce the time it takes process applications. These new tools ensure that we capture the best candidates in the pipeline and helped us staff up quickly for spring. Looking forward, we are making the right investments to continue to drive productivity while also enhancing our customer service, and we are well positioned to serve our customers to meet the surge in demand for spring products.

最後，我很高興地報告，從招聘和人員配置的角度來看，我們比去年這個時候處於更好的位置。我們通過新技術加快了員工招聘流程，大大減少了處理申請所需的時間。這些新工具確保我們在管道中捕獲最佳候選人，並幫助我們在春季快速配備人員。展望未來，我們正在做出正確的投資，以繼續提高生產力，同時加強我們的客戶服務，我們有能力為客戶提供服務，以滿足對彈簧產品的需求激增。

As I close, I would like to once again thank our store associates for their relentless focus on serving customers and driving productivities in our stores.

在我關門之際，我想再次感謝我們的店員，他們不懈地專注於為客戶服務和提高我們商店的生產力。

With that, I will now turn it over to Brandon.

有了這個，我現在把它交給布蘭登。

Thank you, Joe. I'd like to begin by saying what an honor it is to serve as Lowe's CFO. Over the past several years, we've made tremendous progress transforming Lowe's into a leading omnichannel retailer with a world-class finance organization. I'm extremely excited to be joining the executive leadership team in my new capacity as we continue our momentum.

謝謝你，喬。首先我想說的是，擔任 Lowe's 首席財務官是多麼榮幸。在過去幾年中，我們在將 Lowe's 轉變為擁有世界級金融機構的領先全渠道零售商方面取得了巨大進展。隨著我們繼續保持勢頭，我非常高興能夠以我的新身份加入執行領導團隊。

Now turning to Q1 results. We delivered diluted earnings per share of $3.51, an increase of 9% compared to prior year driven by improved gross margin rate and disciplined expense management against lower sales. As expected, we lapped our most difficult sales comparison of the year, given the approximately 300-basis-point benefit from government stimulus last year.

現在轉向第一季度的結果。我們的攤薄後每股收益為 3.51 美元，與去年同期相比增長 9%，這得益於毛利率的提高和針對銷售額下降的嚴格費用管理。正如預期的那樣，鑑於去年政府刺激措施帶來了大約 300 個基點的收益，我們完成了今年最困難的銷售比較。

Q1 sales were $23.7 billion with a comparable sales decrease of 4%. Comparable average ticket grew 9.1%, driven by higher Pro sales, increased levels of product inflation and 150 basis points of commodity inflation. This was offset by comp transaction count declining 13.1% due to a later start to spring as well as the impact of cycling over government stimulus and storm recovery in the prior year. Keep in mind that comp transactions increased 11.8% last year, which results in a 2-year comp transaction count decrease of 2.9%.

第一季度銷售額為 237 億美元，可比銷售額下降 4%。可比平均票價增長了 9.1%，這主要得益於 Pro 銷售量的增加、產品通脹水平的提高和 150 個基點的商品通脹。這被補償交易數量下降 13.1% 所抵消，原因是春季開始較晚，以及上一年政府刺激措施和風暴恢復的影響。請記住，去年的補償交易增加了 11.8%，這導致 2 年的補償交易數量減少了 2.9%。

U.S. comp sales were down 3.8% in the quarter and up 19.7% on a 2-year basis. Our Pro sales outpaced DIY with 20% sales growth in the quarter as we continue to build on our momentum with the Pro driven by our elevated product and service offering. And while demand for core DIY categories remain strong, lower sales in seasonal categories pressured sales by approximately $350 million in the quarter or approximately 150 basis points. On Lowes.com, sales increased 2% in the quarter and over 39% on a 2-year basis.

本季度美國複合銷售額下降 3.8%，兩年增長 19.7%。我們的 Pro 銷售額在本季度以 20% 的銷售額增長超過了 DIY，因為在我們提升的產品和服務產品的推動下，我們繼續利用 Pro 的發展勢頭。儘管對核心 DIY 類別的需求依然強勁，但季節性類別的銷售額下降使本季度銷售額減少了約 3.5 億美元或約 150 個基點。在 Lowes.com 上，本季度的銷售額增長了 2%，兩年內增長了 39% 以上。

Our U.S. monthly comps were up 8.5% in February, down 7.8% in March and down 6.9% in April. In March, we cycled over the third round of government stimulus and the storm recovery sales in Texas while April sales were negatively impacted by unfavorable weather. Looking at U.S. comp growth on a 2-year basis from 2020 to 2022, February sales increased 34.5%, March increased 25.3% and April increased 6%.

我們的美國月度綜合指數在 2 月份上漲 8.5%，在 3 月份下降 7.8%，在 4 月份下降 6.9%。 3 月，我們在德克薩斯州的第三輪政府刺激和風暴恢復銷售中循環，而 4 月的銷售受到不利天氣的負面影響。從 2020 年到 2022 年的 2 年美國綜合增長率來看，2 月份的銷售額增長了 34.5%，3 月份增長了 25.3%，4 月份增長了 6%。

Gross margin was 34.03% of sales in the first quarter, up 74 basis points from last year. Product margin rate improved 50 basis points as we leveraged our disciplined pricing and product cost management strategies to effectively manage product cost inflation and lumber price volatility. Also, higher credit revenue drove 25 basis points of benefit to gross margin this quarter, while a favorable product mix drove 20 basis points of benefit. These benefits were partly offset by 10 basis points of pressure from live goods damaged by unseasonably cold weather as well as 10 basis points of planned pressure from increased distribution costs.

一季度毛利率為銷售額的34.03%，比去年同期增長74個基點。由於我們利用嚴謹的定價和產品成本管理策略有效管理產品成本膨脹和木材價格波動，產品利潤率提高了 50 個基點。此外，較高的信貸收入推動本季度毛利率提高了 25 個基點，而有利的產品組合則提高了 20 個基點。這些收益被異常寒冷天氣損壞的活貨帶來的 10 個基點壓力以及分銷成本增加帶來的 10 個基點計劃壓力部分抵消。

SG&A of 18.19% levered 21 basis points compared to SG&A in Q1 last year. As Joe mentioned, we drove improved store labor productivity which was offset by lower fixed cost leverage against lower sales and increased wage rate. Operating profit was $3.3 billion, in line with prior year. Operating margin rate of 13.96% of sales levered 67 basis points versus prior year. Our ability to leverage operating margin despite a decline in sales reflects our improved operating capabilities that enable us to rapidly adjust in a dynamic operating environment.

與去年第一季度的 SG&A 相比，18.19% 的 SG&A 槓桿率提高了 21 個基點。正如喬所說，我們推動了商店勞動生產率的提高，這被較低的固定成本槓桿抵消了較低的銷售額和提高的工資率。營業利潤為 33 億美元，與上年持平。營業利潤率為銷售額的 13.96%，比上年提高了 67 個基點。儘管銷售額下降，但我們利用營業利潤率的能力反映了我們提高的運營能力，使我們能夠在動態的運營環境中快速調整。

The effective tax rate was 23.7%, in line with prior year. Inventory ended the quarter at $20.2 billion, up $2.6 billion from Q4 levels in line with seasonal trends. This reflects a $1.9 billion or 10% increase from Q1 2021. Our inventory balance reflects an approximately 13% increase from both product and commodity inflation, while balances were also higher than expected due to a late breaking spring.

實際稅率為 23.7%，與上年持平。本季度末庫存為 202 億美元，比第四季度的水平增加 26 億美元，與季節性趨勢一致。這反映了與 2021 年第一季度相比增加了 19 億美元或 10%。我們的庫存餘額反映了產品和商品通脹增加了約 13%，而由於春天來晚了，餘額也高於預期。

Now turning to our 2022 financial outlook. Our Q1 performance was in line with our expectations, excluding seasonal categories. However, as Bill mentioned, spring is truly a first half event and the timing is driven by when weather breaks across the country. Over the past 2-plus weeks, we are seeing improved trends in our seasonal categories, which is reinforcing our confidence that we will deliver first half results in line with our full year guide.

現在轉向我們的 2022 年財務展望。我們第一季度的表現符合我們的預期，不包括季節性類別。然而，正如比爾所提到的，春天確實是上半年的事件，時間是由全國各地天氣何時發生決定的。在過去兩週多的時間裡，我們看到季節性類別的趨勢有所改善，這增強了我們的信心，即我們將根據全年指南交付上半年業績。

This morning, we reaffirmed our full year 2022 financial outlook. We continue to expect 2022 sales in a range of $97 billion to $99 billion for the year, representing comparable sales of down 1% to up 1%. We continue to expect Pro to outpace DIY for the year. 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 for the full year to be up slightly as compared to prior year. However, as lumber prices declined several weeks earlier than we expected, gross margin pressure will shift into Q2 as we continue to turn through our higher cost inventory layers. As a result, we now expect to see our gross margin for the first half to be up slightly compared with our gross margin in the first half of 2021.

今天上午，我們重申了 2022 年全年財務展望。我們繼續預計 2022 年全年銷售額在 970 億美元至 990 億美元之間，相當於可比銷售額下降 1% 至上升 1%。我們繼續預計 Pro 在今年將超過 DIY。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。我們繼續預計全年毛利率將較上年略有上升。然而，由於木材價格比我們預期的提前幾週下跌，隨著我們繼續通過更高成本的庫存層，毛利率壓力將轉移到第二季度。因此，我們現在預計上半年的毛利率將比 2021 年上半年的毛利率略有上升。

We also continue to expect operating margin in the range of 12.8% to 13% for the full year, driven by a slightly higher gross margin rate and continued execution of our PPI initiatives. We are also confirming our outlook for diluted earnings per share in a range of $13.10 to $13.60. In 2022, we still expect capital expenditures of approximately $2 billion, and we remain committed to our disciplined capital allocation strategy with approximately $12 billion in share repurchases this year while also supporting our 35% target dividend payout ratio. Finally, we are affirming our outlook of return on invested capital above 36% for the year.

我們還繼續預計全年的營業利潤率在 12.8% 至 13% 之間，這主要是由於毛利率略高和 PPI 計劃的持續執行。我們還確認了每股攤薄收益在 13.10 美元至 13.60 美元之間的前景。到 2022 年，我們仍預計資本支出約為 20 億美元，我們將繼續致力於我們嚴格的資本分配戰略，今年將進行約 120 億美元的股票回購，同時也支持我們 35% 的目標股息支付率。最後，我們確認今年投資資本回報率超過 36% 的前景。

Now I'd like to close by reviewing one of our value creation drivers at Lowe's, our shareholder-focused capital allocation strategy. In Q1, the company generated $2.6 billion in free cash flow. And through a combination of both dividends and share repurchases, we returned $4.7 billion to our shareholders. During the quarter, we repurchased 19.2 million shares for $4.1 billion, and we paid $537 million in dividends at $0.80 per share. Capital expenditures totaled $343 million in the quarter, as we continue to invest in the business to drive growth and enhance returns.

現在，我想回顧一下我們在 Lowe's 的價值創造驅動因素之一，即我們以股東為中心的資本配置策略。第一季度，該公司產生了 26 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 47 億美元。本季度，我們以 41 億美元的價格回購了 1920 萬股股票，並以每股 0.80 美元的價格支付了 5.37 億美元的股息。本季度的資本支出總額為 3.43 億美元，因為我們繼續投資於該業務以推動增長和提高回報。

We ended the quarter with $3.4 billion of cash and cash equivalents, which includes proceeds from our $5 billion notes offering in March. This larger-than-planned bond issuance enabled us to slightly accelerate our share repurchase plans in the quarter. The balance sheet remains extremely healthy, and we continue to make progress towards our target of 2.75x adjusted debt-to-EBITDAR, ending the quarter at 2.24x. Driven by both strong operating performance and a disciplined capital allocation strategy, we delivered return on invested capital of 33.8% in the quarter, up 380 basis points versus last year.

我們在本季度末擁有 34 億美元的現金和現金等價物，其中包括 3 月份發行的 50 億美元票據的收益。這種規模大於計劃的債券發行使我們能夠在本季度略微加快我們的股票回購計劃。資產負債表仍然非常健康，我們繼續朝著 2.75 倍調整後債務與 EBITDAR 的目標取得進展，本季度末達到 2.24 倍。在強勁的經營業績和嚴格的資本配置策略的推動下，我們在本季度實現了 33.8% 的投資資本回報率，比去年增加了 380 個基點。

In closing, we are confident in our trajectory and excited for the substantial opportunity ahead of us as we continue to grow our market share, expand operating margin and deliver meaningful shareholder value. And with that, we are now ready for questions.

最後，我們對我們的發展軌跡充滿信心，並為我們面前的重大機遇感到興奮，因為我們將繼續擴大我們的市場份額、擴大營業利潤率並提供有意義的股東價值。有了這個，我們現在準備好提問了。

(Operator Instructions) Our first question today is coming from Greg Melich from Evercore.

（操作員說明）我們今天的第一個問題來自 Evercore 的 Greg Melich。

I have 2 questions. One is just to understand the shift of spring and stimulus. Should we be looking at a 3-year comp when we think about how that flows in, in the second quarter, sort of in the mid-30s? And then my second question is on inventory.

我有 2 個問題。一是了解春天和刺激的轉變。當我們考慮到第二季度（大約在 30 年代中期）如何流入時，我們是否應該考慮 3 年期的比較？然後我的第二個問題是關於庫存。

Greg, this is Brandon. Just as I mentioned in my prepared remarks, we came out of April, U.S. comps down 7% for the month. And I'll say early on, we feel really good about our trends in May, especially within our seasonal categories comping positive and above the company average as spring is breaking across the country. We have some of our biggest volume weeks ahead with Memorial Day, Father's Day, J4. We're pleased with the sequential sales improvement, confident in the full Q2 recovery of the $350 million. And then when we look at the balance of the year, I think with the weather trends, Q2, $350 million. We're going to continue to see the Pro strength 20% comp in Q1, [64%] 2 year. Inflation is going to continue to be a bit of a tailwind for us as well. But all that being said, our range is down 1 to plus 1. We're confident in that go-forward for the full year. And that yields Q2 to Q4. That's a slight positive comp over the balance of the year for the 1 year.

格雷格，這是布蘭登。正如我在準備好的講話中提到的那樣，我們從 4 月份出來，本月美國股價下跌了 7%。而且我要早點說，我們對 5 月份的趨勢感覺非常好，尤其是在我們的季節性類別中，隨著春季在全國范圍內的爆發，我們的正向和高於公司平均水平。在陣亡將士紀念日、父親節和 J4 之前，我們將迎來一些銷量最大的幾週。我們對連續銷售的改善感到滿意，對第二季度全面收回 3.5 億美元充滿信心。然後當我們查看今年的餘額時，我認為第二季度的天氣趨勢為 3.5 億美元。我們將繼續在第一季度看到 Pro 強度 20%，[64%] 2 年。通脹也將繼續成為我們的一股順風。但話雖如此，我們的範圍從 1 下降到正 1。我們對全年的前進充滿信心。這產生了第二季度到第四季度。與 1 年的餘額相比，這是一個輕微的積極補償。

Perfect. And then on inventory, you mentioned the 10% growth that inflation was -- and mix was about 13% of that. Am I -- does that imply that units are actually down 3% year-on-year.

完美的。然後在庫存方面，您提到通貨膨脹的增長率為 10%，而混合增長率約為 13%。我是不是 - 這是否意味著單位實際上同比下降了 3%。

Yes, Greg, Spot on. Inventory balance was up 10%, and we have in the prepared remarks price and commodity inflation, along with carrying additional seasonal inventory in Q2 -- heading into Q2 is pressuring both dollars and terms. I will remind the group every year, we do manage our seasonal inventory to the first half and we have a strong holiday lineup upcoming and a couple of other things. We continue to strategically invest in inventory to support the Pro, job locked quantities and we've had a couple of constrained categories where we've made in-stock improvements, in particular, in paint and appliances. But we're in our best in-stock position since the beginning of the pandemic, and I'll kick it over to Bill, if there's anything more he wants to add there.

是的，格雷格，當機立斷。庫存餘額增加了 10%，我們在準備好的評論中提到了價格和商品通脹，以及第二季度額外的季節性庫存——進入第二季度對美元和條款都有壓力。我每年都會提醒大家，我們確實將季節性庫存管理到上半年，我們還有一個強大的假期陣容即將到來，還有其他一些事情。我們繼續戰略性地投資於庫存以支持 Pro、工作鎖定的數量，並且我們有幾個受限類別，我們在這些類別中進行了庫存改進，特別是在油漆和電器方面。但是，自大流行開始以來，我們的庫存狀況處於最佳狀態，如果他還想補充什麼，我會把它交給比爾。

No, I think, Brandon, I think you hit it. I think the key for us is making sure that we're focused on sell-through the seasonal buys that we've made. We shared with you during the fourth quarter call that we brought in some of the seasonal inventory ahead of the season. And so we're focused on working through that through the first half of the year.

不，我想，布蘭登，我想你成功了。我認為我們的關鍵是確保我們專注於通過我們所做的季節性購買進行銷售。我們在第四季度的電話會議中與您分享了我們在賽季前引入了一些季節性庫存。因此，我們專注於在今年上半年解決這個問題。

And you guys haven't seen any trade down, it sounds like?

你們還沒有看到任何交易下降，聽起來像？

Greg, this is Marvin. The answer is no. As you can imagine, we spent quite a bit of time looking at this literally on a daily, weekly basis with the DIY and Pro customer across geographies, online, and we've seen no material trade down in our business.

格雷格，這是馬文。答案是不。正如您可以想像的那樣，我們每天、每週都在網上與 DIY 和 Pro 客戶一起研究這個問題，並且我們沒有看到我們的業務出現實質性的下降。

Our next question is coming from Brian Nagel from Oppenheimer.

我們的下一個問題來自奧本海默的 Brian Nagel。

First off, Brandon, congratulations on your new role.

首先，布蘭登，祝賀你擔任新角色。

Thank you, Brian.

謝謝你，布賴恩。

My question, and I get -- maybe I'll direct it to Marvin primarily, but thanks for all the detail on the call. And I guess what I'll say is there, as analysts following where the news of weather disruptions are now well documented. As you look at the business, what gives you the greatest confidence that these slower spring sales were, in fact, weather-related and not indicative of a now say be more cautious consumer pulling back on discretionary spending?

我的問題，我明白了——也許我會主要把它交給馬文，但感謝電話中的所有細節。我想我會說什麼，因為分析師們正在追踪天氣中斷的消息現在有據可查的地方。當您查看業務時，您最有信心的是，這些春季銷售放緩實際上與天氣有關，而不是表明現在說要更加謹慎的消費者減少可自由支配的支出？

Brian, this -- it's a really good question. This is Marvin. So I'll take the first part, and I'll let Bill just give more of a product-specific assessment. So when you take a look at the quarter, the month of February was really strong, 8.5% of positive comp in the U.S. In the month of March, we were running to a stimulus overlap and so we were anticipating that negative comping March was, and we had really difficult weather on top of stimulus. And then April, as we mentioned, was the coldest in over 20 years. And when we start to look at the categories and their anticipated performance, it was obvious to us that this was a weather-driven event.

布賴恩，這是一個非常好的問題。這是馬文。所以我將參加第一部分，我會讓比爾給出更多特定於產品的評估。因此，當您查看該季度時，2 月份非常強勁，在美國占 8.5% 的正補償。在 3 月份，我們正面臨刺激重疊，因此我們預計 3 月份的負補償是，除了刺激措施之外，我們還遇到了非常艱難的天氣。然後，正如我們所提到的，四月是 20 多年來最冷的。當我們開始查看這些類別及其預期表現時，我們很明顯這是一個天氣驅動的事件。

The good news is, well, I mean, we operate in all states. So we could easily look at the southern parts of the country where we were in something relatively close to seasonal weather and all of these categories were performing exceptionally well, live goods, outdoor power, grilled patio, et cetera. And then the moment we get a glimpse of weather in some of these northern markets, those categories would take off and perform well in the moment, the weather would shift. I mean, obviously, you'd see the decline.

好消息是，我的意思是，我們在所有州都有業務。因此，我們可以輕鬆查看該國南部地區，那裡的天氣相對接近季節性天氣，所有這些類別的表現都非常出色，包括直播用品、戶外動力、燒烤露台等。然後，當我們一瞥這些北方市場的天氣時，這些類別就會起飛並在當下表現良好，天氣就會發生變化。我的意思是，很明顯，你會看到下降。

So the way we analyze this literally on a daily, weekly basis is very obvious to us that the Q1 impact was driven by weather. And as Brandon and I both mentioned in our prepared comments, as we look at the month of May, I mean we're pleased with the trends we're seeing. And that also reflects that the moment we are getting to what is more of a seasonal weather environment, those same categories that underperformed in April, are now overperforming the company in the month of May. So I'll let Bill add any other details.

因此，我們每天、每週分析這一點的方式對我們來說非常明顯，第一季度的影響是由天氣驅動的。正如布蘭登和我在準備好的評論中提到的那樣，當我們回顧 5 月份時，我的意思是我們對所看到的趨勢感到滿意。這也反映了當我們進入季節性天氣環境時，那些在 4 月份表現不佳的類別現在在 5 月份表現優於公司。所以我會讓比爾添加任何其他細節。

No, I think the only thing to add, Marvin, is that we're also seeing strength out of new and innovative product. And so you look at the strength of like the EGO brand and the battery-powered outdoor product just continuing to perform very well. The strength of John Deere, the strength of Aaron's in the riding mower segments doing very well. And as you touched on, as we saw green shoots of weather throughout the first quarter, we saw the strength in project -- outside project businesses like live nursery, like exterior Pro projects. So it just gives us good confidence that we can carry that through Q2.

不，我認為唯一要補充的是，馬文，我們也看到了新產品和創新產品的力量。因此，您會看到 EGO 品牌的實力和電池供電的戶外產品繼續表現良好。 John Deere 的實力，Aaron 的實力在割草機領域做得很好。正如你所提到的，當我們在整個第一季度看到天氣的萌芽時，我們看到了項目的實力——像現場苗圃這樣的外部項目業務，比如外部 Pro 項目。因此，這讓我們充滿信心，我們可以在第二季度實現這一目標。

Brian, I'll just add one additional comment there. If you look at our Pro growth that Marvin mentioned earlier at 20%, and then you look at the strength and the health of that Pro -- strong Pro market trends we're seeing, our revamped Lowe's Pro offering, the expanded Pro product that Bill mentioned earlier in his prepared remarks, the deeper inventory and then the launch of our new MVP program. And so I think we've got good confidence in the underlying trends there.

布賴恩，我將在那裡添加一條額外的評論。如果你看看 Marvin 之前提到的 20% 的 Pro 增長，然後你看看該 Pro 的實力和健康狀況——我們看到的強勁的 Pro 市場趨勢，我們改進的 Lowe's Pro 產品，擴展的 Pro 產品比爾早些時候在他準備好的講話中提到，更深入的盤點，然後是我們新的 MVP 計劃的啟動。所以我認為我們對那裡的潛在趨勢充滿信心。

That's all very helpful. I appreciate it. And I guess just one really quick follow-up. So as we think about these seasonal sales and the weakness that happened in Q1, is it fair to assume that basically, all the sales should be made up here in Q2? In other words, there's really no lost demand?

這一切都非常有幫助。我很感激。我想只是一個非常快速的後續行動。因此，當我們考慮這些季節性銷售和第一季度發生的疲軟時，是否可以假設基本上所有的銷售都應該在第二季度彌補？換句話說，真的沒有丟失的需求嗎？

Brian, that's correct. It's fair to assume that the $350 million would shift in fall of Q2.

布賴恩，這是正確的。可以公平地假設 3.5 億美元將在第二季度秋季轉移。

Your next question is coming from Simeon Gutman from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Simeon Gutman。

So the first quarter earnings, at least beat the Street handily and you're not making any change to the year. I think the second quarter, it sounds like you'll make up some sales. And so the first half will be the same. The fact that first quarter was better, did it -- and by the way, no one is getting paid or rewarded for raising any outlook. So I guess, implicitly, it means that something was taken out. I don't know if that's the right way to think of it or just there's conservatism. So curious your thoughts around that? And anything that is changing in the second half, the way you're looking at the business since you have some head start here in the first quarter.

所以第一季度的收益，至少輕而易舉地擊敗了華爾街，而且你不會對今年做出任何改變。我認為第二季度，聽起來你會彌補一些銷售額。所以上半場也是一樣的。事實上，第一季度更好，做到了——順便說一句，沒有人因提高任何前景而獲得報酬或獎勵。所以我想，隱含地，這意味著某些東西被取出了。我不知道這是否是正確的思考方式，或者只是存在保守主義。那麼好奇你對此的想法嗎？下半年發生的任何變化，你看待業務的方式，因為你在第一季度有一些領先優勢。

Yes. So Simeon, this is Brandon. A lot of this is timing-related and specifically around gross margin. So as I said in my prepared results remarks for Q1, 74 basis points of improvement driven by product margin rate mix. We also benefited from proprietary credit. But keep in mind, the benefits on the product margin side are temporary in nature, especially -- can be temporary in nature, especially in periods of inflation. Cost layers are going to lag and that's true for both commodity and product-related inflation.

是的。西蒙，這是布蘭登。其中很多與時間相關，特別是與毛利率有關。正如我在準備好的第一季度業績評論中所說，產品利潤率組合推動了 74 個基點的改善。我們還受益於專有信貸。但請記住，產品利潤率方面的好處本質上是暫時的，尤其是 - 在本質上可能是暫時的，尤其是在通貨膨脹時期。成本層將滯後，商品和與產品相關的通脹都是如此。

So as we cycle into Q2, we do expect some level of step back, specifically due to lumber deflation that began. We began seeing that late March. And then we have some other variables, such as shrink in credit. We expect that to largely be neutral over the back half. And then the supply chain, inclusive of market delivery build-out, higher transportation costs are going to be a slight drag, which is consistent with what we've guided and what we've messaged. So it's mainly margin, it's mainly timing as the cost layers turn a bit of a step back. But for overall margin, modest improvement in margins for first half and up slightly for the full year. So that's the reason we didn't flow the beat to the full year.

因此，當我們進入第二季度時，我們確實預計會出現一定程度的退步，特別是由於木材通貨緊縮已經開始。我們開始看到那個三月下旬。然後我們還有一些其他變量，例如信貸萎縮。我們預計這在後半段基本上是中性的。然後供應鏈，包括市場交付建設，更高的運輸成本將是一個輕微的拖累，這與我們的指導和我們所傳達的信息一致。所以它主要是利潤，主要是時間成本層有點退後。但就整體利潤率而言，上半年利潤率略有改善，全年略有上升。所以這就是我們沒有把節拍流到全年的原因。

So Simeon, this is Marvin. I think it's important for me to note that we're really pleased with the profit performance in the first half. For a retailer our size is really difficult to have declining sales on a year-over-year basis and have leverage from an operating margin and gross margin perspective. That took a lot of work and a lot of operational discipline from the supply chain, cost management, payroll and expense management, et cetera. And to Brandon's point, we're in this unprecedented environment of lumber inflation and deflation. And so we're just planning conservatively because as we say, the last couple of weeks, we start to see lumber starting to shift, and we're just anticipating that, that's going to give us some headwind in Q2.

西蒙，這是馬文。我認為對我來說重要的是要注意到我們對上半年的利潤表現非常滿意。對於零售商而言，我們的規模確實很難實現銷售額同比下降，並且從營業利潤率和毛利率的角度來看具有槓桿作用。這需要供應鏈、成本管理、工資和費用管理等方面的大量工作和大量運營紀律。在布蘭登看來，我們正處於這種前所未有的木材膨脹和通貨緊縮的環境中。所以我們只是保守地計劃，因為正如我們所說，在過去的幾周里，我們開始看到木材開始轉移，我們只是在預測，這將在第二季度給我們帶來一些阻力。

That's helpful. My follow-up, it's related on fuel prices. And Brandon, you just touched on transportation costs. Does this mean that you're adjusting your pricing as well real time? I know you mentioned you'll feel a little pressure, so maybe you don't fully offset it. And does the level of inflation help your business on the top line? Or you assume that there might be some unit degradation as pricing may continue to tick higher?

這很有幫助。我的跟進，它與燃料價格有關。布蘭登，你剛剛談到了運輸成本。這是否意味著您也在實時調整定價？我知道你提到你會感到一點壓力，所以也許你沒有完全抵消它。通貨膨脹水平是否有助於您的業務實現盈利？或者您認為由於價格可能會繼續走高，因此可能會出現一些單位降級？

So let me take -- this is Marvin. I'll take the first part of that. We've spent a lot of time putting in improved systems from a pricing standpoint. So we are scraping and we're doing pricing analysis real time, both in-store and online by geography. One thing that Bill put in place early on when he arrived is that every day competitive pricing strategy where we've gotten off this high-low promotional cadence that Lowe's was known for to more of an everyday competitive price. And the only way you can be competitive every day is you have to have a good line of sight to the competitive prices of your competition by category, by geographic location.

所以讓我接受——這是馬文。我將採取第一部分。從定價的角度來看，我們花了很多時間來改進系統。所以我們正在抓取，我們正在按地理位置進行實時定價分析，包括店內和在線。比爾在他到達時很早就實施的一件事是，每天都有競爭力的定價策略，我們已經擺脫了 Lowe's 以更具競爭力的價格而聞名的這種高低促銷節奏。每天保持競爭力的唯一方法是，您必須對按類別、按地理位置進行競爭的競爭價格有一個很好的了解。

And so we've done a lot of that. And in some cases, with inflation -- product inflation, we have to carry that forward to the consumer. But in a lot of cases, we're just focused on being competitively priced. And I'll let Brandon provide some financial specifics of what that looks like.

所以我們已經做了很多。在某些情況下，隨著通貨膨脹——產品通貨膨脹，我們必須將其傳遞給消費者。但在很多情況下，我們只關注具有競爭力的價格。我會讓布蘭登提供一些財務細節。

Yes, Simeon, I would just add to your question on fuel costs, transportation, also add import container cost into that mix. The teams have done a great job just giving us visibility to where those costs are, when they're going to hit. And it is correct to say as we manage the totality of the portfolio that, that's a consideration set along with direct costs from the vendor. So we are managing that appropriately, managing in this retail environment. So that would be the only additional thing I would add to the comment.

是的，Simeon，我只想補充您關於燃料成本、運輸的問題，還將進口集裝箱成本添加到該組合中。團隊做得很好，只是讓我們了解這些成本在哪裡，什麼時候會受到影響。正確地說，當我們管理整個投資組合時，這是一個考慮因素以及供應商的直接成本。因此，我們正在適當地管理這一點，在這個零售環境中進行管理。所以這將是我要添加到評論中的唯一額外內容。

On transportation, in particular, on fuel, it is a more minor cost of the overall portfolio. When we look at the totality of supply chain, and we feel like we're doing some other things like managing trailers, intermodal and leaning into some of those other things to also help offset that.

在運輸方面，特別是在燃料方面，這是整個投資組合中較小的成本。當我們查看整個供應鏈時，我們覺得我們正在做一些其他的事情，比如管理拖車、多式聯運，並傾向於其他一些事情來幫助抵消這一點。

Next question today is coming from Karen Short from Barclays.

今天的下一個問題來自巴克萊的 Karen Short。

So I had a couple of questions. Just in terms of how you think about traffic versus ticket with respect to your guide, can you maybe talk about that a little bit more? And then within your margin structure, I mean, I do think there's definitional differences with you and your largest competitor on how you actually think about square footage. But can you maybe just give us an update on -- in terms of your 13% operating margin or and/or bridging the gap with your largest competitor?

所以我有幾個問題。就您對導遊的交通與票價的看法而言，您能否多談一點？然後在你的利潤結構中，我的意思是，我確實認為你和你最大的競爭對手在你對平方英尺的實際看法方面存在定義上的差異。但是，您能否就您 13% 的營業利潤率或和/或縮小與最大競爭對手的差距向我們提供最新信息？

Yes. Karen, let me start with the first question, and I'll pass it back to Marvin to get the second point. So on the ticket transaction side, I'll point to Q1 ticket, specifically inflation, a little bit harder to pinpoint. But we do believe from an inflation standpoint, we ran high single digits during Q1, and that's inclusive of 150 basis points from lumber and commodity. And I'll say the finance and merchant teams are still in the thick of this. We're working with our suppliers day in, day out to figure this out.

是的。凱倫，讓我從第一個問題開始，我將把它傳回給馬文以獲得第二點。所以在機票交易方面，我會指出第一季度的機票，特別是通貨膨脹，有點難以確定。但我們確實相信，從通脹的角度來看，我們在第一季度取得了高個位數，其中包括來自木材和商品的 150 個基點。我會說財務和商業團隊仍然處於困境之中。我們日復一日地與我們的供應商合作解決這個問題。

I will say, however, as we lap second half of '21, we do expect the inflation impact to start to moderate. We're expecting mid to high single-digits positive over the balance of the year. And then on the transaction side, as we mentioned in the opening comments, DIY was a primary driver of the decrease there for Q1. It was down double digits, partly planned due to the Texas storms and the stimulus, the weather miss from spring delayed accelerated that. We do believe Q1 will be our low watermark on transactions for 2022 and that, that transaction decrease should moderate as we cycle through the balance of the year.

然而，我會說，隨著我們在 21 年下半年結束，我們確實預計通脹影響將開始緩和。我們預計今年餘下時間將出現中高個位數的正數。然後在交易方面，正如我們在開場評論中提到的那樣，DIY 是第一季度下降的主要驅動力。它下降了兩位數，部分原因是德克薩斯風暴和刺激因素，春季延遲的天氣錯過加速了這一點。我們確實相信第一季度將是我們 2022 年交易的低水位線，並且隨著我們在今年的餘額中循環，交易減少應該會有所緩和。

So net-net, mid to high single-digit positive ticket expected over the balance of the year, offset by down transactions is the formula that will get us to the flat comp, and we expect that dynamic to narrow ticket and transactions as we move through the balance of the year.

因此，預計在今年餘下時間裡，淨淨值、中高個位數的正票，被交易量下降所抵消，是讓我們達到平價的公式，我們預計隨著我們的行動，這種動態會縮小票證和交易的範圍通過當年的餘額。

Karen, I'll take the other question. When you think about our operating margin and you think about kind of the more structural differences between us and our largest competitor, I think it really comes down to the penetration of DIY versus Pro. I think that's an obvious reflection in the first quarter. The good news for us is, we're not setting a Pro penetration target. We just have an expectation we're going to continue to improve that business. And if you think about my prepared comments, in the last 3 years, we've been increasing our Pro penetration by roughly 600 basis points. So we feel like that we're headed in the right direction.

凱倫，我會回答另一個問題。當您考慮我們的營業利潤率並考慮我們與我們最大的競爭對手之間的結構性差異時，我認為這真的歸結為 DIY 與 Pro 的滲透率。我認為這是第一季度的明顯反映。對我們來說好消息是，我們沒有設定 Pro 滲透目標。我們只是期望我們將繼續改善該業務。如果您考慮一下我準備好的評論，在過去 3 年中，我們將 Pro 滲透率提高了大約 600 個基點。所以我們覺得我們正朝著正確的方向前進。

But as you think about overall operating income, we're very pleased with our performance in the quarter, and we have a very good line of sight to getting us to that 13% and beyond just based on executing our Total Home strategy, focusing on Pro, online and all the work that Bill's team is doing on private brands and how we're continuing to grow that business. In the private brands specific initiative, it drives margin improvement. It gives the customer great innovation and style and we can do it all at a really competitive price and it's a key point of differentiation in addition to all the investments we're making in infrastructure, whether that's supply chain or operations and infrastructure. Again, we feel like we have a clear line of sight, and we're going to continue to execute to that, and we have an expectation that we're going to be on track with delivering on that expectation.

但是，當您考慮整體營業收入時，我們對本季度的表現感到非常滿意，並且我們非常有可能僅基於執行我們的 Total Home 戰略，讓我們達到 13% 甚至更高，專注於專業、在線以及 Bill 的團隊在自有品牌方面所做的所有工作，以及我們如何繼續發展該業務。在自有品牌的具體舉措中，它推動了利潤率的提高。它為客戶提供了出色的創新和風格，我們可以以真正具有競爭力的價格做到這一切，這是差異化的關鍵點，除了我們在基礎設施方面進行的所有投資，無論是供應鏈還是運營和基礎設施。再一次，我們覺得我們有一個清晰的視線，我們將繼續執行這一點，我們期望我們將走上實現這一期望的軌道。

Your next question today is coming from Christopher Horvers from JPMorgan.

您今天的下一個問題來自摩根大通的 Christopher Horvers。

So my first question is just following up on the May commentary. You talked about DIY now running ahead of the total company average comp. If you're still getting 20% growth in Pro backing into that math, that will sort of cleanly get you above the mid-single-digit comp. Is that math reasonable?

所以我的第一個問題只是跟進 5 月的評論。您談到 DIY 現在領先於公司的平均薪酬總額。如果您仍然在支持該數學的 Pro 中獲得 20% 的增長，那將完全使您超過中個位數的組合。這個數學合理嗎？

Yes, Chris, this is Brandon. I don't know that we said that DIY is going to be running ahead of Pro in Q2. I would say the majority of the $350 million that we expect to recover is going to be reflected in the DIY business. But the Pro DIY dynamic, certainly unique in Q1, just given the environment we've been in and what we've been cycling, but that breakout in that dynamic, Q2 to Q4 should start to normalize a bit. But Pro is absolutely going to be expected to outpace DIY, grow 2x that of market, which will translate to our guide of down 1% to up 1%. And I'll just remind you, the seasonal performance in the seasonal business through the first couple of weeks outperforming expectations in the balance of the business. So that's how I would answer your question.

是的，克里斯，這是布蘭登。我不知道我們說 DIY 在 Q2 會跑在 Pro 前面。我想說，我們預計收回的 3.5 億美元中的大部分將反映在 DIY 業務中。但是 Pro DIY 動態，在第一季度肯定是獨一無二的，只是考慮到我們所處的環境和我們一直在騎的東西，但是在這種動態中的突破，第二季度到第四季度應該開始有點正常化。但 Pro 絕對有望超過 DIY，增長 2 倍於市場，這將轉化為我們從 1% 到 1% 的指導。我只想提醒你，前幾周季節性業務的季節性表現超出了業務平衡的預期。所以我會這樣回答你的問題。

Okay. Sorry, I thought you said outperforming the company average. It was outperforming expectations.

好的。抱歉，我以為你說的表現優於公司平均水平。它的表現超出預期。

Correct. Correct.

正確的。正確的。

Got it. All right. Sorry about that. And then in terms of -- Marvin, in the press release, it seems like you added just a line around sort of increased macro uncertainty. To an earlier question, you mentioned not seeing any trade down effect in a very responsive business to the weather. So can you expand on that? Is there something you are observing? Is it just simply given all the puts and takes on the consumer being less fulsome now versus maybe 3 months ago?

知道了。好的。對於那個很抱歉。然後就馬文而言，在新聞稿中，您似乎只是圍繞增加的宏觀不確定性添加了一條線。對於較早的問題，您提到在對天氣非常敏感的企業中沒有看到任何降價效應。那你能擴展一下嗎？你有什麼在觀察嗎？與 3 個月前相比，現在是否只是簡單地考慮到消費者的所有看跌和承擔？

It's really more of an acknowledgment of what we're all seeing in just a broader macro economy. And I think what's interesting for home improvement is that, we're aware that we have inflation concerns. We're aware that there is rising interest rates. But as we look at the home improvement sector, we still remain very confident in the outlook and we're very confident in the sector. And so I'll just repeat what I've said. We've seen no material trade down from our customers. We closely monitor Pro and DIY. We look at it intently as you can imagine.

這實際上更像是對我們在更廣泛的宏觀經濟中所看到的一切的承認。而且我認為家居裝修的有趣之處在於，我們意識到我們有通貨膨脹的擔憂。我們知道利率正在上升。但當我們審視家居裝修行業時，我們仍然對前景充滿信心，我們對該行業非常有信心。所以我將重複我說過的話。我們沒有看到客戶的實質性交易。我們密切關注 Pro 和 DIY。正如您想像的那樣，我們專心地看待它。

And when we think about the key economic drivers of our business, it remains home price appreciation. It remains the age of housing stock, it remains those things that give the homeowner confidence and continuing to invest in the home. And as we talk to our Pro customers, they're booked up for the year. We talked to our DIY customers, they would just wait for the sun to come out. And so we feel good about the home improvement sector. And my statement was just more of an acknowledgment of the broader macro environment that we're all seeing.

當我們考慮我們業務的主要經濟驅動因素時，它仍然是房價升值。它仍然是住房存量的時代，它仍然是那些讓房主有信心並繼續投資於房屋的東西。當我們與我們的 Pro 客戶交談時，他們已經預訂了一年。我們與 DIY 客戶進行了交談，他們只會等待太陽出來。因此，我們對家居裝修行業感覺良好。我的發言更多地是對我們所看到的更廣泛的宏觀環境的承認。

Your next question today is coming from Liz Suzuki from Bank of America.

您今天的下一個問題來自美國銀行的 Liz Suzuki。

So we've written recently about how 95% of the base of U.S. homeowners are not impacted by interest rates and that housing turnover isn't really as important as home price appreciation. But the pushback we've gotten is that those 5% of homes that do change hands presumably see a greater degree of renovation spending. So my question is, have you seen any reliable stats on how much the average homeowner spends on renovation when they prepare a home for sale and when they purchase a home? Because we're just trying to get a sense of what that portion of the home improvement market is actually impacted by rising rates.

因此，我們最近寫了一篇關於 95% 的美國房主基礎如何不受利率影響的文章，而且房屋周轉率並不像房價升值那麼重要。但我們得到的阻力是，那些確實易手的 5% 的房屋可能會看到更大程度的裝修支出。所以我的問題是，你有沒有看到任何可靠的統計數據，說明房主在準備出售房屋和購買房屋時平均在裝修上花費了多少？因為我們只是想了解這部分家居裝修市場實際上受到利率上升的影響。

Liz, it would be anecdotal at best. So we don't have any firm data to represent that. But our view of it and our conversations with Pros and consumers, you tell us that your statement is correct. But again, we don't have any fact-based data to support that.

麗茲，這充其量只是軼事。所以我們沒有任何可靠的數據來代表這一點。但是我們對此的看法以及我們與專業人士和消費者的對話，您告訴我們您的陳述是正確的。但同樣，我們沒有任何基於事實的數據來支持這一點。

And then just a quick follow-up on how product innovation has contributed to average ticket. I mean, the growth in average ticket is obviously more than just inflation. So what do you view as the categories where product innovation may be accelerating the normal replacement cycle and how much of a tailwind that could be when inflation does ultimately normalize?

然後快速跟進產品創新對平均票價的貢獻。我的意思是，平均票價的增長顯然不僅僅是通貨膨脹。那麼，您認為哪些類別的產品創新可能會加速正常的更換週期，以及當通脹最終正常化時可能會有多大的順風？

Yes, Liz, it's Bill. And so what we're seeing with product innovation, we really see it across the store, across every category. But in areas like appliances, you see customers trading up to smart appliances to better quality appliances. As I mentioned in an earlier question in response, battery outdoor power equipment with the EGO brand specifically. You're also seeing it in the likes of gas-powered outdoor power with John Deere and Aaron's, all innovative products there. You're seeing it in paint. So just really across the categories, you see innovation.

是的，麗茲，是比爾。因此，我們在產品創新方面所看到的，我們真的在整個商店、每個類別中都看到了它。但在電器等領域，您會看到客戶將智能電器換成質量更好的電器。正如我在之前回答的問題中提到的，專門使用 EGO 品牌的電池戶外動力設備。您還可以在諸如 John Deere 和 Aaron's 的燃氣戶外動力之類的產品中看到它，這些都是那裡的創新產品。你在油漆中看到它。因此，只要真正跨越類別，您就會看到創新。

And we're also able to offer that in our private brands with the introductions of STAINMASTER. So you're seeing that now start to weave its way in. I talked about -- it's already been in carpet and now you're seeing in tile, vinyl, laminate flooring. So you got Origin 21, which is a new modern brand for us, again, offers great innovation and great value.

隨著 STAINMASTER 的推出，我們還能夠在我們的自有品牌中提供這一點。所以你現在看到它開始編織了。我談到了 - 它已經出現在地毯上，現在你看到了瓷磚、乙烯基、強化木地板。所以你得到了 Origin 21，它對我們來說是一個新的現代品牌，再次提供了巨大的創新和巨大的價值。

And Liz, this is Marvin again. I just want to reinforce the point on the value of home price appreciation to consumer confidence. And it's one of the reasons why I think home improvement is a unique retail sector in kind of this macro environment where there are a lot of questions about the health of the consumer. What our data tells us and it correlates historically is when your home value is going up, you simply have more confidence to invest in that home because you see it as an investment and not an expense.

還有麗茲，這又是馬文。我只是想強調一下房價升值對消費者信心的價值。這也是為什麼我認為在這種宏觀環境下家居裝修是一個獨特的零售行業的原因之一，在這種環境下，消費者的健康存在很多問題。我們的數據告訴我們並且與歷史相關的是，當您的房屋價值上漲時，您只會更有信心投資該房屋，因為您將其視為投資而不是支出。

And we have unprecedented home price appreciation, but we also have an unprecedented supply-demand issue for the availability of homes. So our data tells us, this is less of bubble and it's more of a supply-demand issue where you have 1.5 million, 2 million homes of demand versus the availability. And so if you think about what Bill said about trading up, our customers, they feel more comfortable investing in home because they think they're going to get a return on that investment. And I think that's the value of home price appreciation to our business.

我們有前所未有的房價上漲，但我們也有前所未有的房屋供應供需問題。所以我們的數據告訴我們，這不是泡沫，而是更多的供需問題，你有 150 萬、200 萬套住房需求與可用性。因此，如果您考慮比爾所說的關於交易的內容，我們的客戶，他們會覺得在家裡投資更自在，因為他們認為他們會從這項投資中獲得回報。我認為這就是房價升值對我們業務的價值。

Our next question today is coming from Zach Fadem from Wells Fargo.

我們今天的下一個問題來自富國銀行的 Zach Fadem。

Can you help me reconcile the sequential step-down in SG&A dollars? How much would you quantify as seasonal versus what would you call structural or PPI-driven? And then how should we square the Q1 SG&A takeout versus the balance of the year?

你能幫我調和 SG&A 美元的連續遞減嗎？您將多少量化為季節性而不是您所謂的結構性或 PPI 驅動？那麼我們應該如何將第一季度的 SG&A 外賣與今年的餘額相提並論？

So Zach, this is Marvin. I'll take the first part of that, and then I'm going to let Brandon and Joe provide some context. So relative to payroll, we have an activity-based payroll model that allows us to flex hours up and down based on sales velocity by location of store, but also by department. That is a significant contrast to what we had in place when I arrived in summer of 2018 that we literally were riding complete the schedule from Mooresville, North Carolina and sending that out to every store on a weekly basis, irrespective of volume trends. So I'll let Joe talk about payroll, so you can get a view of why we were able to leverage as effectively as we did in Q1 and how we think that's a sustainable result that we'll see for the balance of the year.

扎克，這是馬文。我先講第一部分，然後讓 Brandon 和 Joe 提供一些背景信息。因此，相對於工資單，我們有一個基於活動的工資單模型，它允許我們根據商店位置以及部門的銷售速度上下調整工作時間。這與我在 2018 年夏天到達時的情況形成了鮮明對比，我們實際上是在完成從北卡羅來納州摩爾斯維爾出發的時間表，並每週將其發送到每家商店，而不管銷量趨勢如何。所以我會讓喬談談工資單，這樣你就可以了解為什麼我們能夠像第一季度那樣有效地利用槓桿，以及我們如何認為這是我們將在今年餘下時間看到的可持續結果。

Yes. Thanks, Marvin. Listen, from a payroll standpoint, I think it's important to think about the PPI initiatives as not just onetime initiatives, but ongoing initiatives. And so as we look at our ability to leverage SG&A through different initiatives, centralized RTVs and get down a whole list of the PPI initiatives. So this is not a onetime, but it's going to continue. And I think we've done it very effectively because both Pro and the do-it-yourself customer are showing increased LTR and service scores. So I think that just kind of points to some good productivity.

是的。謝謝，馬文。聽著，從工資單的角度來看，我認為將 PPI 計劃不僅視為一次性計劃，而且將其視為持續計劃非常重要。因此，當我們審視我們通過不同計劃、集中式 RTV 並獲取 PPI 計劃的完整列表來利用 SG&A 的能力時。所以這不是一次性的，但它會繼續下去。而且我認為我們做得非常有效，因為 Pro 和自己動手的客戶都顯示出更高的 LTR 和服務分數。所以我認為這只是表明一些良好的生產力。

Yes. And the only other thing I would add, Zach, so SG&A leveraged 21 basis points. That's consistent with the earnings algorithm we have for the full year in the range of what we would expect. I think the good news there being able to leverage against our quarter with the highest expected negative comp is going to be a great proof point for us and as we move through the year. And then in this inflationary environment, I think, to Joe's point, really being able to use those workforce optimization tools, understand truly within the business, both in the supply chain and in stores, what are volumes, what are units, what are transactions and being able to flex the model against that demand and understand the split between the drivers of the business has been really powerful for us. So I'll just add to that.

是的。我要補充的唯一另一件事是 Zach，因此 SG&A 槓桿了 21 個基點。這與我們在預期範圍內的全年收益算法一致。我認為，能夠利用預期負收益最高的季度來利用我們的季度的好消息將成為我們的一個很好的證明點，並且隨著我們度過這一年。然後在這種通貨膨脹的環境中，我認為，就喬而言，真正能夠使用那些勞動力優化工具，真正了解供應鍊和商店中的業務，什麼是數量，什麼是單位，什麼是交易並且能夠針對這種需求調整模型並了解業務驅動因素之間的分歧對我們來說非常強大。所以我會補充一點。

Got it. And with the spread between your Pro and DIY comps widening to about 30 points in the quarter, I realize the weather and seasonal component will normalize. But as you think about the balance of the year, how do you square overall industry Pro industry growth versus DIY this year? And is it fair to assume your Pro business can track at a double-digit rate from here?

知道了。隨著你的 Pro 和 DIY 組合之間的差距在本季度擴大到大約 30 個點，我意識到天氣和季節性因素將正常化。但是當您考慮今年的餘額時，您如何將今年的整體行業 Pro 行業增長與 DIY 相提並論？假設您的 Pro 業務可以從這里以兩位數的速度進行跟踪是否公平？

Well, Zach, we talked about our expectation to grow 2x the market in Pro. We think that, that is achievable based on the list of Pro-related products that Bill and his merchant teams have added to our assortment based on our new MVP Loyalty Program that's exceeding expectations on the number of enrollments. And one other really interesting data point, if we look at the Pro customers currently enrolled in our new MVP Loyalty Program and our credit program, they're spending 300% more than Pro customers not enrolled. So it gives us a lot of confidence that our Pro growth is sustainable.

好吧，扎克，我們談到了我們希望在 Pro 市場增長 2 倍的期望。我們認為，這是可以實現的，基於 Bill 和他的商家團隊根據我們的新 MVP 忠誠度計劃添加到我們的分類中的 Pro 相關產品列表，這超出了註冊數量的預期。還有一個非常有趣的數據點，如果我們看看目前註冊了新的 MVP 忠誠度計劃和信用計劃的 Pro 客戶，他們的支出比未註冊的 Pro 客戶多 300%。因此，它讓我們對我們的 Pro 增長是可持續的充滿信心。

And not to mention with some other initiatives that we are filing to include job site fulfillment that we think will give us an opportunity to start in the future to serve a larger Pro. So based on all of those initiatives, we feel like that our Pro growth will continue. Look, it's challenging, none of us have a crystal ball, obviously, and there are a lot of dynamics in our Pro DIY mix. Having said that, we factored all those things into our guidance, and we think that the guidance, as Brandon reinforced is reflected on our view of how we think the DIY Pro mix will play out for the rest of the year.

更不用說我們正在提交的一些其他舉措，包括我們認為的工作現場履行，這將使我們有機會在未來開始為更大的 Pro 服務。因此，基於所有這些舉措，我們認為我們的 Pro 增長將繼續。看，這很有挑戰性，顯然我們都沒有水晶球，而且我們的 Pro DIY 組合中有很多動態。話雖如此，我們將所有這些因素都納入了我們的指導，我們認為，正如 Brandon 所強調的那樣，指導反映了我們對 DIY Pro 組合將如何在今年餘下時間發揮作用的看法。

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

感謝大家今天加入我們。我們期待在 8 月份的第二季度財報電話會議上與您交談。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。