勞氏公司 (LOW) 2021 Q3 法說會逐字稿

Good morning, everyone, and welcome to Lowe's Companies Third Quarter 2021 Earnings Conference Call.

大家早上好，歡迎參加勞氏公司 2021 年第三季度收益電話會議。

My name is Sherry, and I will be your operator for today's call.

我的名字是雪莉，今天我將擔任您的接線員。

As a reminder, this call is being recorded.

提醒一下，此通話正在錄音中。

I will now turn the call over to Kate Pearlman, Vice President of Investor Relations.

我現在將把電話轉給投資者關係副總裁 Kate Pearlman。

Thank you and good morning.

謝謝你，早上好。

Here with me today are Marvin Ellison, Chairman, President and Chief Executive Officer; Bill Boltz, our Executive Vice President, Merchandising; Joe McFarland, our Executive Vice President, Stores; and Dave Denton, our Executive Vice President and Chief Financial Officer.

今天和我在一起的是董事長、總裁兼首席執行官馬文·埃里森；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 Dave Denton。

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 2021.

在本次電話會議中，我們將發表前瞻性評論，包括我們對 2021 財年的預期。

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.

由於各種風險、不確定性和重要因素，包括風險因素、MD&A 和我們關於 10-K 表格的年度報告的其他部分和我們其他 SEC 文件中討論的那些，實際結果可能與明示或暗示的結果存在重大差異。

Additionally, we'll be discussing certain non-GAAP financial measures.

此外，我們將討論某些非公認會計準則財務指標。

A reconciliation of these items to U.S. GAAP can be found in the Quarterly Earnings section of our Investor Relations website.

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 third quarter results, I would like to announce that we will be hosting a Lowe's 2022 Financial Outlook virtual investor event on Wednesday, December 15 from 8 to 9 a.m.

在我們轉向第三季度業績之前，我想宣布，我們將於 12 月 15 日星期三上午 8 點至 9 點舉辦勞氏 2022 年財務展望虛擬投資者活動。

Eastern Time.

東部時間。

We would like to provide greater transparency around our 2022 expectations in this still uncertain operating environment.

在這個仍不確定的運營環境中，我們希望為 2022 年的預期提供更大的透明度。

Marvin will speak to the key growth initiatives in our Total Home strategy, while Dave will outline our 2022 financial targets and priorities to assist with your modeling.

Marvin 將介紹我們 Total Home 戰略中的關鍵增長計劃，而 Dave 將概述我們 2022 年的財務目標和優先事項，以協助您進行建模。

After our prepared remarks, we will host a Q&A session.

在我們準備好的發言之後，我們將主持一個問答環節。

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。

Our momentum continued this quarter with comparable sales up 2.2% for the total company and 2.6% for the U.S. on top of over 30% growth last year.

本季度我們的勢頭繼續保持，整個公司的可比銷售額增長了 2.2%，美國的可比銷售額增長了 2.6%，而去年增長了 30% 以上。

This resulted in comp sales of 33% for the total company and 33.7% for the U.S. on a 2-year basis.

這導致公司總銷售額為 33%，美國為 33.7%，以 2 年為基礎。

These outstanding results were driven by disciplined execution of our Total Home strategy, which allowed us to grow our share of wallet with both Pro and DIY customers as they gain confidence in Lowe's as the right destination for all of their project needs.

這些出色的結果是由我們嚴格執行 Total Home 戰略推動的，這使我們能夠增加我們在 Pro 和 DIY 客戶中的錢包份額，因為他們對 Lowe's 作為滿足其所有項目需求的正確目的地充滿信心。

Our results also benefited from the great work by our merchants and supply chain teams who delivered competitive in-stock positions as we leverage our scale and carrier relationships to build inventory in key high-demand categories despite widespread disruption in the global supply chain.

我們的業績還得益於我們的商家和供應鏈團隊的出色工作，儘管全球供應鏈普遍中斷，但我們利用我們的規模和運營商關係在關鍵的高需求類別中建立庫存，他們提供了具有競爭力的庫存位置。

Later in the call, Bill will discuss how we are navigating these unprecedented challenges in order to meet the continued strong demand for home improvement products.

稍後在電話會議中，比爾將討論我們如何應對這些前所未有的挑戰，以滿足對家居裝修產品的持續強勁需求。

After Labor Day, we saw an increase in DIY demand on the weekends as travel activity slowed down and children returned to school.

勞動節過後，隨著旅行活動放緩和孩子們重返學校，我們看到週末的 DIY 需求有所增加。

As a result, consumers were once again spending more time on projects in their homes.

結果，消費者再次將更多時間花在他們家中的項目上。

Our elevated product assortment across our home decor offerings are resonating with consumers, resulting in particularly strong performance in appliances and flooring and contributing to an 11% increase in ticket over $500.

我們在家居裝飾產品中的升級產品種類引起了消費者的共鳴，導致電器和地板的表現特別強勁，並使超過 500 美元的票價增加了 11%。

The strength in the higher-ticket categories reflects the continued consumer confidence in their homes as a sound investment and reflects the early success of our Total Home strategy.

高價類別的強勢反映了消費者對他們的房屋作為一項合理的投資的持續信心，並反映了我們的 Total Home 戰略的早期成功。

We're also making significant progress growing Pro sales.

我們也在增加 Pro 銷售方面取得了重大進展。

Pro once again outpaced DIY this quarter with Pro growth over 16% and over 43% on a 2-year basis.

Pro 在本季度再次超過 DIY，Pro 增長超過 16%，兩年增長超過 43%。

Over the past 2 years, we have relentlessly focused on improving the Pro offering in our stores and online with better service levels, deeper inventory quantities, a more intuitive store layout combined with an increased number of Pro national brands.

在過去的 2 年裡，我們不懈地專注於改進我們商店和在線的 Pro 產品，提供更好的服務水平、更深的庫存數量、更直觀的商店佈局以及更多的 Pro 民族品牌。

As we continue to drive higher Pro growth, we will increase sales productivity and operating leverage across our stores.

隨著我們繼續推動更高的 Pro 增長，我們將提高我們商店的銷售效率和運營槓桿。

Later in the call, Bill will discuss our continuing efforts to expand our Pro product offerings, and then Joe will discuss how we continue to enhance our Pro shopping experience.

稍後在電話會議中，比爾將討論我們繼續努力擴大我們的 Pro 產品供應，然後 Joe 將討論我們如何繼續增強我們的 Pro 購物體驗。

For the past 18 months, the home has increased in importance for all of us and perhaps especially for our baby boomer customers, who are increasingly interested in aging in place in their own homes.

在過去的 18 個月裡，家對我們所有人來說變得越來越重要，也許對於我們的嬰兒潮一代客戶來說尤其如此，他們越來越有興趣在自己的家中就地養老。

This morning, we are delighted to announce the launch of our Lowe's Livable Home product and installation services in a unique collaboration with AARP.

今天早上，我們很高興地宣布與 AARP 合作推出我們的 Lowe's Livable Home 產品和安裝服務。

We will offer affordable on-trend solutions like walk-in bathtub, grab bars, stairlifts, nonslip floors, pull-down cabinets and wheelchair ramps.

我們將提供經濟實惠的流行解決方案，如步入式浴缸、扶手、樓梯升降機、防滑地板、下拉式櫥櫃和輪椅坡道。

These solutions will help our customers modify their homes to fit their lifestyle needs.

這些解決方案將幫助我們的客戶改造他們的房屋以適應他們的生活方式需求。

Our collaboration with AARP will leverage their trusted brand and expertise as we help to educate our customers on how to approach aging in place.

我們與 AARP 的合作將利用他們值得信賴的品牌和專業知識，因為我們幫助教育我們的客戶如何應對就地老齡化。

We look forward to updating you on this very exciting initiative on future calls.

我們期待在未來的電話會議上向您介紹這一非常激動人心的舉措。

Now turning to Lowes.com.

現在轉向 Lowes.com。

Sales grew 25% on top of 106% growth in the third quarter of 2020, which represents a 9% sales penetration this quarter and a 2-year comp of 158%.

銷售額在 2020 年第三季度增長 106% 的基礎上增長了 25%，這代表本季度的銷售滲透率為 9%，兩年期的銷售額為 158%。

As we modernize our omnichannel offering, we continue to gain traction with consumers who increasingly expect a seamless integrated shopping experience.

隨著我們對全渠道產品進行現代化改造，我們繼續吸引越來越多期望無縫集成購物體驗的消費者。

And as a further indication of the strides we've made in upgrading our dot-com platform, I'm pleased to announce that we have recently launched Lowe's' One Roof Media Network.

作為我們在升級 .com 平台方面取得的進展的進一步指示，我很高興地宣布，我們最近推出了 Lowe's 的 One Roof Media Network。

Our recognition for the first time in 17 years as Fortune's Most Admired Specialty Retailer and our inclusion as 1 of the top 3 marketers of the year in Ad Age's annual list means that we are well positioned to put our vendor partners at the forefront of the home lifestyle movement, helping them to capitalize on the shift in consumer behavior and sentiment toward the home.

我們 17 年來首次被評為《財富》雜誌最受推崇的專業零售商，並且我們被列入 Ad Age 年度榜單的年度前 3 名營銷商之一，這意味著我們有能力將我們的供應商合作夥伴置於家庭的最前沿生活方式運動，幫助他們利用消費者行為和家庭情緒的轉變。

We're excited to participate in this rapidly growing segment of digital advertising.

我們很高興能夠參與這個快速增長的數字廣告領域。

During the quarter, operating margin expanded approximately 240 basis points, leading to diluted earnings per share of $2.73, which is a 38% increase as compared to adjusted diluted earnings per share in the prior year.

本季度，營業利潤率增長約 240 個基點，攤薄後每股收益為 2.73 美元，與去年調整後的攤薄後每股收益相比增長 38%。

Our improved operating performance continues to reflect the great execution of the team as well as the benefits of our new price management system and the success of our perpetual productivity improvement initiatives, or PPI.

我們改進的運營績效繼續反映團隊的出色執行力以及我們新價格管理系統的好處以及我們永久生產力改進計劃或 PPI 的成功。

Dave and Joe will provide further details on both of these initiatives later in the call.

Dave 和 Joe 將在稍後的電話會議中提供有關這兩項舉措的更多詳細信息。

Now turning to our results in Canada.

現在轉向我們在加拿大的結果。

While our performance lagged the U.S. as the Canadian business is more heavily weighted towards lumber, the Canadian leadership team remains focused on driving productivity by leveraging technology and processes that have already yielded strong results in the U.S.

雖然我們的表現落後於美國，因為加拿大業務更側重於木材，但加拿大領導團隊仍然專注於通過利用在美國已經取得強勁成果的技術和流程來提高生產力。

I'd now like to take a moment to discuss how we're expanding our fulfillment capabilities to meet the ever-increasing consumer demand for omnichannel shopping solutions.

我現在想花點時間討論一下我們如何擴展我們的履行能力，以滿足消費者對全渠道購物解決方案不斷增長的需求。

This quarter, we completed the conversion of our second geographic area, the Ohio Valley region, to the market-based delivery model for big and bulky product, building on the success we gained in Florida.

本季度，我們在佛羅里達州取得成功的基礎上，完成了第二個地理區域俄亥俄河谷地區向基於市場的大件產品交付模式的轉換。

As a reminder, in the market-based delivery model for big and bulky products flowing from our supply chain directly to consumers' homes, bypassing the stores all together.

提醒一下，在基於市場的交付模式中，大件和大件產品從我們的供應鏈直接流向消費者家中，完全繞過商店。

This replaces the legacy store delivery model, which is highly inefficient and relies on each store to function as its own distribution node for these products.

這取代了傳統的商店交付模式，該模式效率極低，並且依賴每個商店作為這些產品的自己的分銷節點。

This new delivery model is already driving higher sales in appliances, improved operating margins, reduced inventory and higher on-time delivery rates.

這種新的交付模式已經推動了電器銷售額的增長、營業利潤率的提高、庫存的減少和準時交付率的提高。

We plan to complete the rollout across the entire U.S. over the next 18-plus months.

我們計劃在接下來的 18 個月內完成在整個美國的推廣。

Now let's talk about the importance of culture at Lowe's.

現在讓我們談談勞氏文化的重要性。

This year, we're celebrating our centennial with a $10 million investment in 100 communities across the country with projects ranging from renovating homeless shelters, updating youth centers and addressing unique needs for communities all around the country.

今年，我們正在慶祝我們的百年誕辰，向全國 100 個社區投資 1000 萬美元，項目包括翻修無家可歸者收容所、更新青年中心和滿足全國各地社區的獨特需求。

You can go to Lowes.com and see a full list of all 100 community projects.

您可以訪問 Lowes.com 並查看所有 100 個社區項目的完整列表。

This is our way of expressing our appreciation for our loyal customers and paying tribute to the company's long-standing commitment to community service.

這是我們表達對忠誠客戶的感激之情，也是對公司長期致力於社區服務的敬意。

In addition to commitment to the community, at Lowe's, we are proud of our relationship with and support of our military veterans and active-duty service members.

除了對社區的承諾外，在 Lowe's，我們為與退伍軍人和現役軍人的關係和支持感到自豪。

This is demonstrated by the $1 billion in discounts that we give our military families in our country this year through our Military Discount program.

今年我們通過軍事折扣計劃為我們國家的軍人家庭提供了 10 億美元的折扣，這就是證明。

Joe will discuss this program in more detail later in the call.

Joe 將在稍後的電話會議中更詳細地討論這個程序。

Before I close, I would like to extend my appreciation for our frontline associates.

在結束之前，我想對我們的一線員工表示感謝。

Every week, I'm fortunate to travel across the country visiting stores, and I'm impressed by our associates' resilience and commitment to serving our customers and our communities.

每週，我都有幸在全國各地參觀商店，我們員工的韌性和為客戶和社區服務的承諾給我留下了深刻的印象。

And I'm very pleased to announce that for the seventh consecutive quarter, 100% of our stores earned a Winning Together profit-sharing bonus.

我很高興地宣布，我們連續第七個季度 100% 的商店獲得了 Winning Together 利潤分享獎金。

This $138 million payout to our frontline hourly associates is $70 million above the target payment level and reflects our appreciation for the hard work of our hourly workforce.

支付給我們一線小時工的 1.38 億美元比目標支付水平高出 7,000 萬美元，這反映了我們對小時工辛勤工作的感謝。

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

有了這個，我現在將把電話轉給比爾。

Thanks, Marvin, and good morning, everyone.

謝謝，馬文，大家早上好。

In the third quarter, U.S. comparable sales increased 2.6% and 33.7% on a 2-year basis as our Total Home strategy continues to gain traction with our DIY and Pro customers.

第三季度，隨著我們的 Total Home 戰略繼續受到 DIY 和 Pro 客戶的青睞，美國可比銷售額在兩年內分別增長了 2.6% 和 33.7%。

This quarter, we drove positive comps across our home decor and hardlines divisions.

本季度，我們在家居裝飾和強硬派部門推動了積極的競爭。

Comps in the building products divisions were down slightly as compared to the prior year as we cycled over a period of extremely high DIY demand for lumber.

與上一年相比，建築產品部門的銷售額略有下降，因為我們經歷了一段對木材的 DIY 需求極高的時期。

Growth continued to be broad-based on a 2-year basis with all product categories up more than 17% in that time frame.

在 2 年的基礎上繼續廣泛增長，所有產品類別在此期間增長超過 17%。

In our home decor division, appliances and flooring delivered standout performances as we leveraged our competitive in-stock positions and updated product assortments to deliver strong positive comps on top of 20% growth in these categories last year.

在我們的家居裝飾部門，電器和地板表現出色，因為我們利用我們具有競爭力的庫存頭寸和更新的產品種類，在去年這些類別增長 20% 的基礎上實現了強勁的正增長。

Within appliances, sales of refrigerators, freezers and washers and dryers were particularly strong.

在電器方面，冰箱、冰櫃和洗衣機和烘乾機的銷售尤其強勁。

In flooring, vinyl flooring remains the top-performing category supported by innovative product like the WetProtect from Pergo, which is exclusive to Lowe's.

在地板方面，乙烯基地板仍然是由 Pergo 的 WetProtect 等創新產品支持的表現最佳的類別，該產品是 Lowe's 獨有的。

And we are pleased to see the new product offerings in our own allen + roth brand resonating with our customers, like the new allen + roth Lifestyle Performance rugs.

我們很高興看到我們自己的 allen + roth 品牌的新產品與我們的客戶產生共鳴，例如新的 allen + roth Lifestyle Performance 地毯。

These rugs have the appearance of an indoor rug, but they are hose-washable, which makes them ideal for busy families with kids and pets.

這些地毯具有室內地毯的外觀，但它們可以用軟管清洗，這使得它們非常適合有孩子和寵物的忙碌家庭。

Turning to our performance in our hardlines division.

談到我們在強硬派部門的表現。

Customers also invested in outdoor entertainment and upgrading their outdoor living spaces as well as holiday decorations for their homes and yards, driving strong positive comps in seasonal and outdoor living and lawn and garden, resulting in 2-year comps over 43% in each category.

客戶還投資於戶外娛樂併升級他們的戶外生活空間以及家庭和庭院的節日裝飾，在季節性和戶外生活以及草坪和花園方面推動了強勁的積極收益，導致每個類別的 2 年收益超過 43%。

We were also pleased with our performance in Halloween as we've sold through much earlier than in previous years.

我們也對我們在萬聖節的表現感到滿意，因為我們的銷售時間比往年要早得多。

And our early sales of holiday trim and tree are tracking ahead as well as consumers are getting a jump start on their holiday decorating.

我們的假日裝飾和樹木的早期銷售正在領先，消費者也開始開始他們的假日裝飾。

In addition to early sales of holiday, we have also seen customers purchasing cold weather products like snow throwers earlier than in years past.

除了假期的提前銷售，我們還看到客戶比往年更早地購買了除雪機等寒冷天氣產品。

With broader awareness of potential global supply chain disruptions, we are seeing many consumers looking to purchase products as soon as they are available in our stores.

隨著對潛在的全球供應鏈中斷的更廣泛認識，我們看到許多消費者希望在我們的商店有貨時立即購買。

In the quarter, we also leveraged our #1 position in outdoor power equipment to deliver over 20% growth in battery-operated outdoor power equipment.

在本季度，我們還利用我們在戶外動力設備領域的第一名地位，在電池供電的戶外動力設備方面實現了 20% 以上的增長。

Both our DIY and Pro customers are enjoying the zero-emission rechargeable products available in the EGO, Kobalt, CRAFTSMAN and Skill brands.

我們的 DIY 和 Pro 客戶都在享受 EGO、Kobalt、CRAFTSMAN 和 Skill 品牌的零排放可充電產品。

We continue to expand our brand and product assortment, building on the powerful lineup of brands that include John Deere, Honda, Husqvarna, Aaron's and CRAFTSMAN.

我們繼續擴大我們的品牌和產品種類，以強大的品牌陣容為基礎，包括約翰迪爾、本田、Husqvarna、Aaron's 和 CRAFTSMAN。

In building products, comps were down slightly due to a decline in DIY lumber sales despite double-digit comps in electrical and strong positive comps in rough plumbing and building materials.

在建築產品中，由於 DIY 木材銷售量下降，儘管電氣產品的銷量達到兩位數，而粗製管道和建築材料的產品銷量強勁，但銷量略有下降。

We feel good about the traction that we are gaining with the Pro customer as we continue to build out our product assortments that are tailored to their needs.

隨著我們繼續構建適合他們需求的產品組合，我們對 Pro 客戶的吸引力感到滿意。

This quarter, we completed the launch of the SPAX fastener program in our stores.

本季度，我們在門店完成了 SPAX 緊固件項目的啟動。

SPAX is the market leader in multi-material construction screws.

SPAX 是多材料結構螺釘的市場領導者。

We also continue to build out our Pro power tool accessory program with new launches from Spyder and DEWALT.

我們還繼續通過 Spyder 和 DEWALT 推出的新產品來構建我們的 Pro 電動工具配件計劃。

This quarter, Spyder will be launching their new TARANTULA circular saw blades, offering 7 new options to tackle a wider variety of tough construction jobs, all of which are exclusive to Lowe's.

本季度，Spyder 將推出其新型 TARANTULA 圓鋸片，提供 7 種新選擇，以應對更廣泛的艱鉅建築工作，所有這些都是 Lowe's 獨有的。

And DEWALT will be launching their new ELITE SERIES circular saw blades, which are designed to maximize productivity for heavy-duty projects, and these will also be exclusive to Lowe's.

DEWALT 將推出其新的 ELITE SERIES 圓鋸片，旨在最大限度地提高重型項目的生產力，這些也將是 Lowe's 獨有的。

These new products are strong additions to our Pro brand lineup, which includes great programs like Simpson Strong-Tie, DEWALT, Metabo, Bosch, Spyder, GRK, FastenMaster, ITW, Lufkin, Marshalltown, Estwing, Eaton, SharkBite and LESCO and the recent additions of FLEX, SPAX and Mansfield.

這些新產品是我們 Pro 品牌陣容的重要補充，其中包括 Simpson Strong-Tie、DEWALT、Metabo、Bosch、Spyder、GRK、FastenMaster、ITW、Lufkin、Marshalltown、Estwing、Eaton、SharkBite 和 LESCO 等優秀項目以及最近的FLEX、SPAX 和 Mansfield 的加入。

Now shifting to Lowes.com.

現在轉移到 Lowes.com。

We delivered sales growth of 25% in the quarter and 158% on a 2-year basis.

我們在本季度實現了 25% 的銷售額增長，在 2 年的基礎上實現了 158% 的增長。

Following the launch of Lowe's virtual kitchen design and visual search in Q2, we enhanced our omnichannel customer experience with the introduction of our paint visualizer on Lowes.com in the third quarter.

在第二季度推出 Lowe 的虛擬廚房設計和視覺搜索之後，我們在第三季度在 Lowes.com 上推出了我們的油漆可視化工具，從而增強了我們的全渠道客戶體驗。

We are continually working to remove friction from the buying process and to fully integrate the online and in-store shopping experience.

我們一直在努力消除購買過程中的摩擦，並充分整合在線和店內購物體驗。

Before I close, I'd like to discuss how we're navigating the unprecedented disruptions across the global supply chain that are impacting the retail industry.

在結束之前，我想討論一下我們如何應對影響零售業的全球供應鏈前所未有的中斷。

As one of the largest importers in the U.S., we are fortunate to be able to leverage our scale and carrier relationships to secure shipping and transportation capacity and work to minimize the impact of cost increases.

作為美國最大的進口商之一，我們很幸運能夠利用我們的規模和承運人關係來確保航運和運輸能力，並努力將成本增加的影響降至最低。

We're also taking a very proactive approach by ordering inventory earlier than the years past, including our seasonal buys for both 2021 and 2022.

我們還採取了非常積極主動的方法，比過去幾年更早地訂購庫存，包括我們在 2021 年和 2022 年的季節性採購。

This gives us more time to manage through any unforeseen delays in either the production or the distribution of our orders.

這讓我們有更多時間來應對生產或訂單分配中的任何不可預見的延誤。

Once the product lands in the U.S., we are able to leverage our growing network of coastal holding facilities so that we can hold the product upstream from our regional distribution centers and bulk distribution centers until it's needed.

一旦產品登陸美國，我們就可以利用我們不斷增長的沿海倉儲設施網絡，以便我們可以將產品從我們的區域配送中心和散裝配送中心保存到上游，直到需要為止。

From there, we can quickly flow the product to the right areas of the country.

從那裡，我們可以將產品快速運送到該國的正確地區。

Looking ahead, we are ready to flex our seasonal pads to a variety of different winter and early spring offerings after we sell through our trim and tree product.

展望未來，在我們通過修剪和樹木產品銷售後，我們準備將我們的季節性墊子用於各種不同的冬季和早春產品。

The investments that we made in the U.S. stores reset last year expanded our operating capabilities and has allowed us to respond rapidly to the changing consumer shopping habits, like the early season buying that we're seeing right now.

去年我們在美國商店進行的投資重置擴大了我們的運營能力，使我們能夠快速響應不斷變化的消費者購物習慣，比如我們現在看到的季初購買。

Once again, I'd like to thank our merchants, supply chain team and our vendor partners for their hard work and support, which has allowed us to manage through this changing environment.

再次感謝我們的商家、供應鏈團隊和我們的供應商合作夥伴的辛勤工作和支持，使我們能夠度過這個不斷變化的環境。

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

謝謝，我現在把電話轉給喬。

Thanks, Bill, and good morning, everyone.

謝謝，比爾，大家早上好。

As Marvin mentioned, this quarter, 100% of our stores earned their Winning Together profit-sharing bonus, resulting in a payout of $138 million to our frontline hourly associates.

正如馬文所說，本季度，我們 100% 的商店獲得了 Winning Together 利潤分享獎金，從而為我們的一線小時工支付了 1.38 億美元。

I would like to thank our associates not only for their outstanding execution this quarter, but for their commitment to the communities during the numerous severe weather events across the country.

我要感謝我們的員工，不僅感謝他們在本季度的出色執行，而且感謝他們在全國眾多惡劣天氣事件中對社區的承諾。

The current hiring environment remains competitive, and we continue to align labor to meet demand.

當前的招聘環境仍然具有競爭力，我們將繼續調整勞動力以滿足需求。

Our labor management system has allowed us to serve the needs of our customers while addressing the lifestyle demands of our associates.

我們的勞動力管理系統使我們能夠滿足客戶的需求，同時滿足員工的生活方式需求。

Lowe's offers a unique opportunity for job seekers as we foster a culture that is geared towards associates' skill and career development.

Lowe's 為求職者提供了一個獨特的機會，因為我們培養了一種面向員工技能和職業發展的文化。

During the quarter, we expanded Lowe's University leadership curriculum across all of our stores.

在本季度，我們在所有門店擴展了勞氏大學領導力課程。

Lowe's U provides all associates with new learning and development opportunities in addition to the standard onboarding courses.

除了標準的入職課程外，Lowe's U 還為所有員工提供新的學習和發展機會。

Our program provides small digestible lessons that improve their product and how-to knowledge and is tailored to the associate's role.

我們的計劃提供易於消化的小課程，以改進他們的產品和操作知識，並根據員工的角色量身定制。

The additional training complements their existing knowledge and supports improved customer service and leadership development.

額外的培訓補充了他們現有的知識，並支持改進的客戶服務和領導力發展。

Lowe's University is available for all store associates via our smart mobile devices on the sales floor or in the newly created Lowe's U learning labs in our stores, and we continue to expand it into our contact centers as well as our distribution centers.

Lowe's University 可供所有商店員工通過我們在銷售大廳的智能移動設備或在我們商店中新創建的 Lowe's U 學習實驗室使用，我們將繼續將其擴展到我們的聯絡中心和配送中心。

In addition to competitive wages and benefits and rewarding career opportunities, Lowe's U will play a pivotal role in our efforts to retain an experienced and engaged workforce.

除了具有競爭力的工資和福利以及有益的職業機會外，Lowe's U 將在我們努力留住經驗豐富且敬業的員工隊伍中發揮關鍵作用。

I'd also like to provide you with an update on our perpetual productivity improvement initiatives, which continue to drive payroll leverage through the quarter.

我還想為您提供有關我們永久生產力改進計劃的最新信息，這些計劃將繼續推動整個季度的工資槓桿。

As a reminder, PPI is an ongoing process in a series of initiatives that scale over time instead of one large single project.

提醒一下，PPI 是一系列隨著時間的推移而擴展的計劃中的一個持續過程，而不是一個大型的單個項目。

One example is the simplified interface that we introduced in the checkout area last year, which allowed us to accelerate the cashier training process and improve the customer experience.

一個例子是我們去年在結賬區域引入的簡化界面，它使我們能夠加快收銀員培訓過程並改善客戶體驗。

We have begun introducing the simplified interface to other selling stations throughout the store, including appliances, kitchens and bath and millwork.

我們已經開始將簡化的界面引入整個商店的其他銷售站，包括電器、廚房、浴室和木製品。

This new interface will replace the primitive green screen technology that is cumbersome and difficult to learn.

這個新界面將取代繁瑣難學的原始綠屏技術。

Associates are starting to use this intuitive modern platform for consultative selling.

員工開始使用這個直觀的現代平台進行諮詢銷售。

With more time to focus on the customer, the associate is now better able to capture the entire project.

隨著更多時間專注於客戶，員工現在能夠更好地捕捉整個項目。

Lowe's homegrown self-checkout is another PPI initiative that will drive increased labor productivity as we scale it over time.

Lowe 自主研發的自助結賬是另一個 PPI 計劃，隨著時間的推移，它將推動勞動生產率的提高。

This new option, which was designed specifically for the home improvement shopper, is so much easier to use that we are already seeing higher customer adoption rates.

這個專為家居裝修購物者設計的新選項非常容易使用，我們已經看到更高的客戶採用率。

These 2 initiatives are fantastic examples of what PPI is all about: leveraging technology to reduce tasking and drive labor productivity while improving the associate and the customer experience.

這兩項舉措是 PPI 的絕妙例子：利用技術減少任務並提高勞動生產率，同時改善員工和客戶體驗。

Shifting to Pro.

轉移到專業版。

I would like to thank our Pro team for delivering outstanding results once again this quarter, driving Pro comps of over 16% for the quarter and over 43% on a 2-year basis.

我要感謝我們的 Pro 團隊在本季度再次取得出色的成績，推動本季度 Pro comps 超過 16% 和 2 年超過 43%。

Our Pro customers are expressing appreciation for our new in-store convenience features, including Pro trailer parking, free phone charging stations and air stations for refilling tires.

我們的 Pro 客戶對我們新的店內便利功能表示讚賞，包括 Pro 拖車停放、免費電話充電站和輪胎充氣站。

This helps them get in and out of our stores quickly with additional conveniences that cut down on the number of stops they need to make during the week.

這有助於他們快速進出我們的商店，並提供額外的便利，減少他們在一周內需要停靠的次數。

Time is money for this busy customer, so we're focused on helping them maximize the time they spend on the job site.

對於這個忙碌的客戶來說，時間就是金錢，因此我們專注於幫助他們最大限度地利用他們在工作現場花費的時間。

We recently completed our inaugural Pro Pulse Survey, which provides great insight into what is on the Pro's mind and how they view their future business opportunities.

我們最近完成了首屆 Pro Pulse 調查，該調查深入了解 Pro 的想法以及他們如何看待未來的商機。

We are encouraged to learn more about their optimistic outlook and their strong job pipelines.

我們被鼓勵更多地了解他們的樂觀前景和強大的工作渠道。

I look forward to updating you on future calls on our ongoing initiatives to grow share with this very important customer.

我期待著在未來的電話會議上向您更新我們正在採取的措施，以增加與這個非常重要的客戶的份額。

In honor of Veterans Day, I would like to thank my fellow veterans at Lowe's for their service, 25,000 strong across our company.

為紀念退伍軍人節，我要感謝我在 Lowe's 的退伍軍人同事們的服務，我們公司有 25,000 名員工。

As a veteran, I'm particularly proud of the commitment to the 10% discount for active-duty service members and our veterans and their families every single day with no purchase limit.

作為一名退伍軍人，我為現役軍人和我們的退伍軍人及其家人每天提供 10% 折扣的承諾感到特別自豪，而且沒有購買限制。

And I also wanted to mention that we offered our first responders a Lowe's discount for the first time this quarter.

我還想提一下，我們在本季度首次為急救人員提供了勞氏折扣。

This recognition reflects our heartfelt appreciation for their commitment to serving others during the ongoing pandemic.

這種認可反映了我們對他們在持續的大流行期間為他人服務的承諾的衷心感謝。

At Lowe's, we remain focused on improving the communities where our associates work and live, and there is no better way to do this than to support our first responders.

在 Lowe's，我們始終專注於改善員工工作和生活的社區，沒有比支持我們的急救人員更好的方法了。

I would like to close by once again thanking our store associates for their continued hard work and dedication and the great results they delivered this quarter.

最後，我要再次感謝我們的門店員工持續的辛勤工作和奉獻精神，以及他們在本季度取得的巨大成果。

With that, I will turn it over to Dave.

有了這個，我會把它交給戴夫。

Thank you, Joe.

謝謝你，喬。

I'll begin this morning with a few comments on the company's disciplined capital allocation program.

今天早上，我將首先對公司嚴格的資本分配計劃發表一些評論。

In Q3, we generated $1.9 billion in free cash flow, driven by better-than-expected operating results.

在第三季度，在好於預期的經營業績的推動下，我們產生了 19 億美元的自由現金流。

Capital expenditures totaled $410 million in the quarter as we invest in our strategic initiatives to drive the business and support long-term growth.

本季度的資本支出總額為 4.1 億美元，因為我們投資於我們的戰略計劃以推動業務和支持長期增長。

We returned $3.4 billion to our shareholders through a combination of both dividends as well as share repurchases.

我們通過股息和股票回購相結合的方式向股東返還了 34 億美元。

During the quarter, we paid $563 million in dividends at $0.80 per share.

在本季度，我們以每股 0.80 美元的價格支付了 5.63 億美元的股息。

Additionally, we repurchased 13.7 million shares for $2.9 billion and have over $10.7 billion remaining on our share repurchases authorization.

此外，我們以 29 億美元回購了 1370 萬股股票，我們的股票回購授權剩餘超過 107 億美元。

And today, I'm excited to announce that we are now planning to repurchase an incremental $3 billion of shares in Q4.

今天，我很高興地宣布，我們現在計劃在第四季度回購 30 億美元的增量股票。

This will bring our total share repurchases to approximately $12 billion for the full year, a clear reflection of our commitment to driving long-term value for our shareholders.

這將使我們全年的股票回購總額達到約 120 億美元，這清楚地反映了我們致力於為股東創造長期價值的承諾。

Our balance sheet remains very healthy with $6.1 billion in cash and cash equivalents at quarter end.

我們的資產負債表仍然非常健康，季度末有 61 億美元的現金和現金等價物。

Adjusted debt-to-EBITDAR stands at 2.14x, well below our long-term stated target of 2.75x.

調整後的債務與 EBITDAR 之比為 2.14 倍，遠低於我們 2.75 倍的長期目標。

Now I'd like to turn to the income statement.

現在我想談談損益表。

In the quarter, we reported diluted earnings per share of $2.73, an increase of 38% compared to adjusted diluted earnings per share last year.

本季度，我們報告的攤薄後每股收益為 2.73 美元，與去年調整後的攤薄後每股收益相比增長了 38%。

This increase was driven by better-than-expected sales growth, improved gross margin rate and SG&A leverage as a result of strong execution across our business.

這一增長是由好於預期的銷售增長、提高的毛利率和 SG&A 槓桿推動的，這是我們業務執行力強的結果。

My comments from this point forward will include approximations where applicable.

從這一點開始，我的評論將包括適用的近似值。

In the quarter, sales were $22.9 billion with a comparable sales increase of 2.2%.

本季度銷售額為 229 億美元，可比銷售額增長 2.2%。

Comparable average ticket increased 9.7% driven primarily by higher-ticket sales of appliances and flooring as well as product inflation.

可比平均票價增長了 9.7%，主要是受電器和地板的高票價以及產品通脹的推動。

Keep in mind that commodity inflation did not have a material impact on comparable sales in Q3 as deflation in lumber was largely offset by inflation in other categories, including copper.

請記住，商品通脹並未對第三季度的可比銷售額產生重大影響，因為木材的通貨緊縮在很大程度上被包括銅在內的其他類別的通脹所抵消。

Year-to-date, commodity inflation had lifted total sales by approximately $2.1 billion and improved comp growth by 300 basis points.

年初至今，大宗商品通脹使總銷售額增加了約 21 億美元，並使公司業績增長了 300 個基點。

In the quarter, comp transaction count declined 7.5% due to lower sales to DIY customers of smaller-ticket items as well as lower DIY lumber unit sales.

本季度，comp 交易數量下降 7.5%，原因是小額商品的 DIY 客戶銷售額下降以及 DIY 木材單位銷售額下降。

In the quarter, we once again cycled over a period where consumer mobility was limited.

在本季度，我們再次在消費者流動性有限的時期內循環。

So many of our DIY customers were working on smaller home improvement projects.

我們的許多 DIY 客戶都在從事較小的家居裝修項目。

Comp transactions increased 16.4% last year, which resulted in a 2-year comp transaction increase of 7.7%.

補償交易去年增長了 16.4%，這導致兩年補償交易增長了 7.7%。

We continue to gain momentum in our Total Home strategy as both Pro and DIY customers alike increasingly look to Lowe's for a one-stop solution to their project needs.

隨著 Pro 和 DIY 客戶越來越多地向 Lowe's 尋求滿足其項目需求的一站式解決方案，我們繼續在 Total Home 戰略中獲得動力。

We delivered growth of over 16% in Pro, 25% on Lowes.com and positive comps across all home decor categories.

我們在 Pro 上實現了超過 16% 的增長，在 Lowes.com 上實現了 25% 的增長，並且在所有家居裝飾類別中都實現了正增長。

U.S. comp sales increased 2.6% in the quarter and was up 33.7% on a 2-year basis.

本季度美國複合銷售額增長 2.6%，兩年增長 33.7%。

Our U.S. monthly comp sales were down 0.4% in August, up 1.1% in September and up 7.7% in October.

我們在美國的月銷售額在 8 月份下降了 0.4%，在 9 月份增長了 1.1%，在 10 月份增長了 7.7%。

Trends improved as we moved through the quarter with stronger weekend traffic post Labor Day.

隨著我們在勞動節後的周末交通更加強勁，我們在本季度進行了改善，趨勢有所改善。

As Bill mentioned, we are seeing some indications of early seasonal buying, consistent with broader retail trends.

正如比爾所說，我們看到了一些早期季節性購買的跡象，這與更廣泛的零售趨勢一致。

Looking at U.S. comp growth on a 2-year basis.

以 2 年為基礎觀察美國的複合增長率。

From 2019 to '21, August sales increased 28.4%, September increased 33.3% and October increased 40%.

從 2019 年到 21 年，8 月的銷售額增長了 28.4%，9 月增長了 33.3%，10 月增長了 40%。

U.S. comp transaction count improved each month of the quarter and in October, up double digits on a 2-year basis.

本季度和 10 月的每個月，美國的補償交易數量都有所增加，兩年內增長了兩位數。

Gross margin was 33.1% of sales in the third quarter, up 38 basis points from last year.

第三季度毛利率為銷售額的 33.1%，比去年同期增長 38 個基點。

Product margin rate declined 25 basis points.

產品保證金率下降 25 個基點。

Lumber margins were pressured, particularly towards the beginning of the quarter as we sold through the higher-cost inventory layers after the steep drop in lumber prices in early July.

木材利潤率受到壓力，尤其是在本季度初，因為我們在 7 月初木材價格急劇下跌後通過成本較高的庫存層進行銷售。

As our Canadian business is more heavily concentrated in lumber, the margin pressure was more acute there than in the U.S. These pressures were largely mitigated by data-driven pricing and product cost management strategies across many other product categories.

由於我們的加拿大業務更多地集中在木材上，因此那裡的利潤率壓力比美國更大。這些壓力在很大程度上通過數據驅動的定價和許多其他產品類別的產品成本管理策略得到緩解。

Gross margins also benefited from 5 basis points of favorable product mix due to a lower percentage of lumber sales versus the third quarter of last year.

由於與去年第三季度相比木材銷售百分比較低，毛利率也受益於有利的產品組合 5 個基點。

In addition, higher credit revenue benefited margins by 60 basis points, while improved shrink contributed 20 basis points of benefits this quarter.

此外，較高的信貸收入使利潤率提高了 60 個基點，而本季度改善的收縮貢獻了 20 個基點的收益。

These benefits were partially offset by 30 basis points of increased supply chain costs due to higher importation and transportation costs as well as the expansion of our omnichannel capabilities.

由於進口和運輸成本增加以及我們全渠道能力的擴展，供應鏈成本增加了 30 個基點，部分抵消了這些好處。

We are leveraging our scale and our carrier relationships to minimize the impacts of these higher distribution costs.

我們正在利用我們的規模和我們的運營商關係來盡量減少這些更高的分銷成本的影響。

However, we are not immune to these rising costs, and we expect that we will continue to absorb higher cost in our distribution network going forward.

然而，我們不能倖免於這些不斷上升的成本，我們預計未來我們將繼續在我們的分銷網絡中吸收更高的成本。

SG&A at 19.1% of sales levered 230 basis points versus LY due to better-than-expected sales and disciplined expense management.

由於好於預期的銷售和嚴格的費用管理，佔銷售額 19.1% 的 SG&A 與 LY 相比提高了 230 個基點。

We incurred $45 million of COVID-related expenses in the quarter as compared to $290 million of COVID-related expenses last year.

我們在本季度發生了 4500 萬美元的與 COVID 相關的費用，而去年與 COVID 相關的費用為 2.9 億美元。

The $245 million reduction in these expenses generated 110 basis points of SG&A leverage.

這些費用減少 2.45 億美元產生了 110 個基點的 SG&A 槓桿。

Additionally, we incurred $100 million of expenses related to the U.S. stores reset in the third quarter of last year.

此外，我們在去年第三季度發生了與美國商店重置相關的 1 億美元費用。

As we did not incur any material expense related to this project this year, this generated 50 basis points of SG&A leverage compared to LY.

由於我們今年沒有產生與該項目相關的任何重大費用，因此與 LY 相比，這產生了 50 個基點的 SG&A 槓桿。

And finally, we've generated approximately 50 basis points of favorable SG&A leverage from our PPI initiatives.

最後，我們從 PPI 計劃中產生了大約 50 個基點的有利 SG&A 槓桿。

We are very pleased with our operating income performance as we are driving solid growth in operating profits while significantly expanding operating margin rate.

我們對我們的營業收入表現感到非常滿意，因為我們正在推動營業利潤的穩健增長，同時顯著擴大營業利潤率。

For the quarter, operating profit was $2.8 billion, adding $600 million or a 28% increase over last year.

本季度，營業利潤為 28 億美元，比去年增加 6 億美元或 28%。

Operating margin of 12.2% of sales for the quarter increased approximately 240 basis points over LY driven by improved SG&A leverage and higher gross margin rate.

本季度營業利潤率為銷售額的 12.2%，比 LY 增加了約 240 個基點，這得益於 SG&A 槓桿率的提高和毛利率的提高。

The effective tax rate was 26.1%.

有效稅率為26.1%。

This is above the prior year rate where there was a timing shift that benefited Q3 at the expense of Q4.

這高於上一年的比率，其中時間變化使第三季度受益而第四季度為代價。

At the end of the quarter, inventory was $16.7 billion, which is $1 billion higher than the third quarter of 2020 when our in-stock positions were pressured due to strong consumer demand and COVID-related supply constraints.

截至本季度末，庫存為 167 億美元，比 2020 年第三季度高出 10 億美元，當時我們的庫存頭寸因強勁的消費者需求和與 COVID 相關的供應限製而受到壓力。

Inflation did not have a material impact on inventory levels as deflation in lumber was largely offset by inflation in other categories, including copper.

通脹並未對庫存水平產生重大影響，因為木材的通貨緊縮在很大程度上被包括銅在內的其他類別的通脹所抵消。

Our push to land spring product earlier than normal has increased our inventory position modestly, and this approach also limits our ability to significantly improve inventory turns in the near term.

我們比正常情況更早地推出春季產品的舉措適度增加了我們的庫存狀況，這種方法也限制了我們在短期內顯著改善庫存周轉率的能力。

However, as both Marvin and Bill have indicated, our relatively strong in-stock positions create a competitive advantage in the current environment given the ongoing global supply chain constraints.

然而，正如馬文和比爾都指出的那樣，鑑於全球供應鏈的持續限制，我們相對強大的庫存狀況在當前環境中創造了競爭優勢。

Now before I close, I'd like to comment on our current trends and our improved 2021 financial outlook.

現在在我結束之前，我想評論一下我們當前的趨勢和我們改進的 2021 年財務前景。

We are seeing continued momentum in our business as reflected in better-than-expected results.

我們看到我們的業務持續發展勢頭，這反映在好於預期的結果中。

Month-to-date, November U.S. comparable sales trends are materially consistent with October's performance level on a 2-year basis as we continue to see early holiday spending trends.

本月至今，美國 11 月可比銷售趨勢與 10 月兩年的業績水平基本一致，因為我們繼續看到提前的假期支出趨勢。

Our improved expectations for 2021 include sales of approximately $95 billion for the year, representing 2-year comparable sales growth of approximately 33%.

我們對 2021 年的改進預期包括全年銷售額約為 950 億美元，相當於 2 年可比銷售額增長約 33%。

This compares to our prior expectations of approximately $92 billion of sales, which represents approximately 30% comparable sales growth on a 2-year basis.

相比之下，我們之前預計的銷售額約為 920 億美元，相當於 2 年可比銷售額增長約 30%。

We continue to expect gross margin rate to be up slightly versus 2020 levels.

我們繼續預計毛利率將較 2020 年水平略有上升。

With higher projected sales levels and our productivity efforts taking hold, we are raising our outlook for operating income margin to 12.4% from 12.2% for the full year.

隨著更高的預期銷售水平和我們的生產力努力，我們將營業利潤率預期從全年的 12.2% 提高到 12.4%。

We expect capital expenditures of up to $2 billion for the year.

我們預計今年的資本支出將高達 20 億美元。

And as I mentioned earlier, we're now planning to return excess capital to shareholders via an additional $3 billion in share repurchases in Q4.

正如我之前提到的，我們現在計劃在第四季度通過額外的 30 億美元股票回購將多餘的資本返還給股東。

This will bring our total share repurchases to approximately $12 billion for the full year, which is higher than our original expectations of $9 billion due to better-than-anticipated performance.

這將使我們全年的股票回購總額達到約 120 億美元，高於我們最初預期的 90 億美元，原因是業績好於預期。

In closing, we are operating ahead of expectations, expect to benefit from the secular tailwinds over the next several years.

最後，我們的運營超出預期，預計將在未來幾年受益於長期順風。

I am confident that the combination of our strong operating results and our shareholder-focused capital allocation strategies will continue to drive meaningful long-term shareholder value.

我相信，我們強勁的經營業績和我們以股東為中心的資本配置策略將繼續推動有意義的長期股東價值。

And as Kate announced earlier, we look forward to providing you with our 2022 financial outlook on December 15.

正如凱特早些時候宣布的那樣，我們期待在 12 月 15 日為您提供我們的 2022 年財務展望。

With that, we are now ready for questions.

有了這個，我們現在準備好提問了。

(Operator Instructions) Our first question is from 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 on the Q4 guidance.

我的第一個問題是關於第四季度的指導。

And Dave, you just gave us the color on the stacks holding for now.

戴夫，你剛剛給了我們現在持有的堆棧的顏色。

Are there any reasons the stacks -- I know it's a crystal-ball question, but is there any reason the stacks won't hold through the quarter?

籌碼有什麼原因嗎？我知道這是一個水晶球問題，但是有什麼理由籌碼不能堅持到本季度嗎？

And then on margin, is there anything to be wary of?

然後在邊緣，有什麼需要警惕的嗎？

It sounds like not on gross margin.

聽起來好像不在毛利率上。

Anything on SG&A in terms of flow-through, why the business could see anything different than how the business performed in the third quarter?

關於流通方面的 SG&A 的任何內容，為什麼該業務會看到與第三季度的業務表現不同的情況？

Simeon, this is Dave.

西蒙，這是戴夫。

The short answer is no.

最簡潔的答案是不。

There's no difference in the -- in Q4 versus the year-to-date performance.

第四季度的表現與年初至今的表現沒有區別。

I would say that just -- obviously, Q4 is the lowest sales volume of the quarter.

我想說的是——顯然，第四季度是本季度銷量最低的。

So obviously, the flow-through is typically compressed in that quarter.

很明顯，流通量通常在該季度被壓縮。

I would just also just make an observation here that, clearly, we're operating in a very uncertain environment, and the company is focused on managing those items in which we can control.

我也只想在這裡觀察一下，很明顯，我們在一個非常不確定的環境中運營，公司專注於管理我們可以控制的那些項目。

And despite this uncertainty, we do have a view of the future, and we develop plans that both drive our sales performance as well as our profit performance over time.

儘管存在這種不確定性，但我們確實對未來有看法，我們制定的計劃既能推動我們的銷售業績，也能隨著時間的推移提高我們的利潤表現。

And we believe strongly that it's best practice that we share these views and our plans with investors so that you can better access and understand our performance.

我們堅信，最好的做法是與投資者分享這些觀點和我們的計劃，以便您更好地了解和了解我們的業績。

And the company continues to really focus really on 2 things: one is gaining share in the marketplace; and two is improving our profit performance.

該公司繼續真正專注於兩件事：一是在市場上獲得份額；二是改善我們的盈利表現。

And I think our outlook both for this year really demonstrates that we're focused on achieving both of those objectives.

我認為我們對今年的展望確實表明我們專注於實現這兩個目標。

And really, as you said, off to a really solid start as we enter Q4 and look forward to December to talk about 2022.

正如您所說，當我們進入第四季度並期待 12 月談論 2022 年時，確實有了一個非常穩固的開端。

I guess my follow-up is on December 15.

我想我的後續行動是在 12 月 15 日。

And I think the point of December 15 is to talk about it then, but I'm going to make a try anyway.

我認為 12 月 15 日的重點是屆時討論它，但無論如何我都會嘗試一下。

And so maybe this is for Marvin and for you, Dave.

所以也許這是給馬文和你的，戴夫。

Anything that's come up as far as investment cadence that you philosophically want to expedite where you don't let margin flow?

就投資節奏而言，您在哲學上希望在不讓保證金流動的情況下加快投資節奏？

And then the part for you, Dave, is assuming that the business grows and the environment stays favorable into next year, is there any reason why the margins for this business shouldn't continue to grow?

然後，戴夫，您的部分假設是業務增長並且環境保持有利到明年，是否有任何理由為什麼該業務的利潤率不應該繼續增長？

Yes.

是的。

Simeon, good question.

西蒙，好問題。

Listen, we'll go through that in depth a bit on December 15.

聽著，我們將在 12 月 15 日深入討論一下。

Really, we'll give you an outlook of how we expect the markets to perform from a macro perspective and how we as a company would plan to execute our financial plan into '22.

真的，我們將從宏觀角度向您展示我們對市場的預期表現，以及我們作為一家公司將如何計劃在 22 年執行我們的財務計劃。

The short answer is we do believe the market is really constructive within home improvement.

簡短的回答是，我們確實相信市場在家居裝修方面確實具有建設性。

We believe that it is over the longer term.

我們認為這是長期的。

I think it's probably a little harder in the really near term to estimate exactly how we're going to perform.

我認為在短期內準確估計我們將如何表現可能會有點困難。

But I do think longer term, really nice tailwinds to the market.

但我確實認為對市場來說是長期的、非常好的順風。

Number two, we set a very specific plan to continue to improve our operating margin rate.

第二，我們制定了一個非常具體的計劃來繼續提高我們的營業利潤率。

And we are very focused on doing that, and we have line of sight long term to continue to expand that.

我們非常專注於做這件事，我們有長期的視線繼續擴大這一點。

Simeon, this is Marvin.

西蒙，這是馬文。

And just to set expectations for everyone, we have no plans to announce any big changes to our strategy.

只是為了給每個人設定期望，我們沒有計劃宣布對我們的戰略進行任何重大改變。

We have no plans to announce an acquisition.

我們沒有宣布收購的計劃。

This is about transparency, to Dave's point.

在戴夫看來，這是關於透明度的。

Look, we noted we're operating in very uncertain times, and we have -- other retail and other larger public companies decided not to share any outlook.

看，我們注意到我們在非常不確定的時期運營，而且我們已經 - 其他零售和其他大型上市公司決定不分享任何前景。

So we want to be as transparent as we can because we know that you all are trying to set your models for next year.

所以我們希望盡可能透明，因為我們知道你們都在努力為明年設定模型。

So the intent of December is to do exactly what Dave says: for me to provide the strategic outlook on where we think the growth initiatives will deliver, and then Dave is going to provide our best view of our outlook for 2022.

因此，12 月的目的是完全按照戴夫所說的去做：對我來說，就我們認為增長計劃將實現的目標提供戰略展望，然後戴夫將提供我們對 2022 年前景的最佳看法。

And that's the sole intent of the investor update on the 15th of December.

這就是 12 月 15 日投資者更新的唯一目的。

Our next question is from Michael Lasser with UBS.

我們的下一個問題來自瑞銀的 Michael Lasser。

The traffic has been declining as the DIY -- smaller DIY projects have been under pressure as we return to normalcy.

隨著 DIY 的出現，流量一直在下降——隨著我們恢復正常，較小的 DIY 項目一直面臨壓力。

Do you think that this is a good barometer, a good proxy for how traffic is going to unfold over the next few quarters?

您是否認為這是一個很好的晴雨表，可以很好地代表未來幾個季度的交通情況？

Or could you be in a prolonged period where traffic is going to be down for quite some time as we have this road back to whatever the new normal is?

或者您是否會在一段較長的時間裡交通流量將下降很長一段時間，因為我們有這條路可以恢復到新常態？

And as part of that, can you give us a sense for how much noncommodity-related inflation contributed to your performance in the quarter and recently given that you're -- it looks like you're running a double-digit comp quarter-to-date?

作為其中的一部分，您能否讓我們了解與非商品相關的通貨膨脹對您本季度的業績有多大貢獻，並且最近考慮到您 - 看起來您正在運行兩位數的季度業績-日期？

And this is important, obviously, because to the extent that you do see a drag from DIY traffic being down and you have to lap the stimulus, perhaps some of the noncommodity-related inflation can support your same-store sales growth even in the face of those headwinds.

顯然，這很重要，因為如果您確實看到 DIY 流量下降帶來的拖累，並且您必須採取刺激措施，也許一些非商品相關的通貨膨脹可以支持您的同店銷售增長，即使面對那些逆風。

The 2020 was one of the most unique periods, not only in retail but in the history of our country and our globe.

2020 年是最獨特的時期之一，不僅在零售業，而且在我們國家和全球的歷史上。

And we saw a significant number of low-dollar transactions for cleaning supplies, for PPE and for other around-the-house-related projects.

我們看到大量的清潔用品、個人防護裝備和其他家庭相關項目的低價交易。

So when we look at traffic trends for DIY and for Pro, Dave cited the numbers on a 2-year basis.

因此，當我們查看 DIY 和 Pro 的流量趨勢時，Dave 引用了 2 年的數據。

The reality is the only way we can really get a true understanding of the trends of our business is to look at everything on a 2-year basis because last year was such a unique anomaly when it comes to revenue and traffic and, quite candidly, as it relates to operating expenses.

現實是，我們真正能夠真正了解我們業務趨勢的唯一方法是每兩年觀察一次，因為去年在收入和流量方面是如此獨特，而且坦率地說，因為它與運營費用有關。

At a high level, we feel great about our performance.

在高層次上，我們對自己的表現感覺很好。

As a company, we feel great about the macro indicators that support home improvement.

作為一家公司，我們對支持家裝的宏觀指標感覺很好。

And as Joe mentioned in his prepared comments, our Pulse survey with our Pro customers give us enormous confidence that they're going to continue to see growth in their business based on what they're seeing in their pipeline.

正如喬在他準備好的評論中提到的那樣，我們對 Pro 客戶的 Pulse 調查給了我們極大的信心，即他們將根據他們在管道中看到的情況繼續看到他們的業務增長。

And as we look at initiatives like our Total Home strategy and our Lowe's Livable Home strategy, we think that we have great initiatives to support our DIY customers to create ongoing demand.

當我們審視我們的 Total Home 戰略和 Lowe's Livable Home 戰略等舉措時，我們認為我們有很好的舉措來支持我們的 DIY 客戶創造持續的需求。

My follow-up question is -- it would be helpful to have a bit of a flavor for your gross margin over the next couple of quarters.

我的後續問題是——在接下來的幾個季度對你的毛利率有所了解會有所幫助。

You've got some idiosyncratic drivers that are helping given the more strategic approach to pricing and discounting.

考慮到定價和折扣更具戰略性的方法，您有一些特殊的驅動因素正在幫助。

To what extent can that offset some of these very unique supply chain challenges that you're going to continue to experience over the next couple of quarters, especially because it sounds like this credit portfolio benefit that you experienced in the third quarter won't be as significant moving forward?

這在多大程度上可以抵消您將在接下來的幾個季度中繼續經歷的一些非常獨特的供應鏈挑戰，特別是因為聽起來您在第三季度經歷的這種信貸組合收益不會是重要的前進？

Michael, it's Dave here.

邁克爾，這裡是戴夫。

Listen, from a gross margin perspective, as we've indicated previously, is we expect gross margin to expand slightly this year in 2021.

聽著，從毛利率的角度來看，正如我們之前所指出的，我們預計 2021 年今年的毛利率會略有增長。

And from a longer-term perspective, it is our expectation that we were going to essentially maintain flattish gross margin over time.

從長期來看，我們預計隨著時間的推移，我們將基本保持平穩的毛利率。

Keep in mind that what we're doing here is we're essentially managing and improving product margin rate, at the same time, investing in our supply chain capabilities that compress gross margin but relieve the stores with a lot of SG&A that expands operating income.

請記住，我們在這裡所做的是本質上是在管理和提高產品利潤率，同時投資於我們的供應鏈能力，以壓縮毛利率，但通過大量 SG&A 來擴大營業收入來減輕商店的負擔.

So you should think about the algorithm from a financial perspective with that lens.

因此，您應該從財務角度考慮該算法。

And we feel very strongly that the tools and processes that we are putting in place and have in place will allow us to manage to that objective.

我們非常強烈地認為，我們正在實施和已經實施的工具和流程將使我們能夠實現這一目標。

Our next question is from Christopher Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Christopher Horvers。

So just jumping back, obviously, really strong quarter-to-date.

所以只是跳回來，顯然，非常強勁的季度至今。

It seems like running, say, low double-digit kind of trend, clear acceleration.

看起來像是運行，比如說，低兩位數的趨勢，明顯的加速。

You talked about some early buying of seasonal and holiday.

您談到了一些季節性和假期的早期購買。

If you're running low double digit and sort of implying like a flattish comp trend, I guess, and decelerating the CAGR relative to 3Q, I mean, is this sort of like a prudent estimate?

我猜，如果你的業績處於兩位數的低位，並且有點像平淡的競爭趨勢，並且相對於第三季度的複合年增長率下降，我的意思是，這有點像審慎的估計嗎？

Are you able to look at some of the seasonal sell-through here in November and then project forward?

您是否能夠查看 11 月的一些季節性銷售情況，然後再進行預測？

Like how much of a maybe divot that would -- could create in the December time frame?

就像在 12 月的時間框架內會創造多少可能的草皮？

So just trying to understand really how you're thinking quantitatively about pull-forward risk and sort of the embedded deceleration.

因此，只需嘗試真正了解您如何定量地思考前拉風險和某種嵌入式減速。

Chris, it's Dave.

克里斯，我是戴夫。

We feel very strongly that we're off to a really great start.

我們非常強烈地感覺到我們已經有了一個非常好的開始。

A few of our bigger weeks are ahead of us, coming forward here from a holiday perspective.

從假期的角度來看，我們還有幾個更大的星期即將到來。

But let's not get totally overindexed and focused on Q4.

但是，我們不要完全過度索引並專注於第四季度。

We set a realistic and achievable forecast for the quarter.

我們為本季度設定了一個現實且可實現的預測。

I think the merchant and store ops team are really well positioned to flex as we sell through holiday product to be able to flex into other categories to maintain momentum as we move throughout the quarter and set us up for a really strong 2022.

我認為商家和商店運營團隊非常適合靈活調整，因為我們通過假日產品進行銷售，以便能夠靈活調整到其他類別，以在我們整個季度的移動中保持勢頭，並為我們在 2022 年做好準備。

So Chris, this is Marvin.

克里斯，這是馬文。

And look, you can appreciate how difficult it is to provide a precise forecast in this environment.

看，你會明白在這種環境下提供精確預測是多麼困難。

And I'll just repeat what I've said.

我將重複我說過的話。

We have certain retailers that hadn't provided any outlooks.

我們有一些零售商沒有提供任何展望。

So we don't want to be punished for trying to provide a level of transparency around where we think the business is headed.

因此，我們不想因為試圖在我們認為業務發展方向提供一定程度的透明度而受到懲罰。

I do want Bill Boltz to talk a little bit about the plans to flex that seasonal area because we're seeing robust sell-through, which we're excited about.

我確實希望比爾·博爾茨 (Bill Boltz) 談談調整該季節性區域的計劃，因為我們看到強勁的銷售量，我們對此感到興奮。

But we're prepared for that, and we're prepared to transition to other areas.

但我們為此做好了準備，我們也準備好過渡到其他領域。

I'm going let Bill talk about some of those plans.

我要讓比爾談談其中的一些計劃。

Thanks, Marvin.

謝謝，馬文。

And just -- I think it's also important to understand that whenever you can sell through the holiday program early, that's a benefit for everybody.

只是 - 我認為理解這一點也很重要，只要你可以提前通過假期計劃進行銷售，這對每個人都有好處。

And so obviously excited about the early sell-through of holiday.

顯然對假期的提前銷售感到興奮。

But we do have really robust plans to transition that space.

但我們確實有非常強大的計劃來過渡這個空間。

We certainly shifted into a gifting time frame with our tools business.

我們的工具業務當然轉變為送禮時間框架。

We moved quickly into winter storage.

我們迅速進入冬季儲藏室。

(inaudible) look to pack stuff up and put things away, and that's become a big event for us.

（聽不清）收拾東西收拾東西，這對我們來說是一件大事。

And then we've also built this winter bath and flooring event that is very, very successful, especially in our [north] (inaudible) where spring comes a little later.

然後我們還建立了這個非常非常成功的冬季浴室和地板活動，尤其是在我們的[北部]（聽不清）春天來得稍晚一些。

And then in our deep south markets, we'll transition to spring.

然後在我們的南部市場，我們將過渡到春天。

And so we've got really good plans on how to rotate the floor and make it seasonally relevant across the country.

因此，對於如何輪換地板並使其在全國范圍內具有季節性相關性，我們制定了非常好的計劃。

Got it.

知道了。

That makes sense.

這就說得通了。

And just -- can you talk a little bit about in terms of the average ticket?

只是——你能談談平均票價嗎？

Maybe disaggregate that into sort of AUR, UPT mix and so forth.

也許將其分解為 AUR、UPT 組合等。

And is there any area in your assortment that you're seeing price -- negative price elasticity as you've passed through price increases?

在您的分類中，您是否看到了價格——在經歷價格上漲時出現負價格彈性？

This is Dave.

這是戴夫。

Probably that's a level of detail we won't go into specifically.

可能這是我們不會具體討論的詳細程度。

But I would just say one area that we continue to see really solid performance is in our appliance business.

但我只想說，我們繼續看到真正穩健表現的一個領域是我們的家電業務。

That's the business that, as you know, historically, has been a very high-load business.

如您所知，從歷史上看，這就是一項非常高負荷的業務。

We've been moving to more of an everyday competitive price profile in that category, and it continues to perform quite well for us, both top line and bottom line.

在該類別中，我們一直在轉向更具競爭力的日常價格配置，並且無論是頂線還是底線，它對我們的表現都非常好。

Our next question is from Chuck Grom with Gordon Haskett.

我們的下一個問題來自 Chuck Grom 和 Gordon Haskett。

Great quarter.

很棒的季度。

The one metric that stood out to us as being a little bit light was just inventory, which is counterintuitive.

對我們來說有點輕的一個指標就是庫存，這是違反直覺的。

You usually want to be light, but right now, you want to be heavy.

你通常想變輕，但現在，你想變重。

So just wondering about how you're thinking about your inventory balance throughout the quarter and your ability to chase sales here in 4Q.

因此，只是想知道您如何看待整個季度的庫存餘額以及您在第四季度追逐銷售的能力。

This is Dave.

這是戴夫。

We feel that we're -- we feel very good about our position from an inventory perspective.

我們覺得我們 - 從庫存的角度來看，我們對我們的位置感覺非常好。

Obviously, there are areas that we would love to be a little bit deeper in that global supply chain has some constraints around.

顯然，我們希望在全球供應鏈存在一些限制的情況下更深入一些領域。

But relatively speaking, if you look at where we stand from an in-stock perspective and our depth of inventory relative to others in the marketplace, we feel like we're very nicely positioned.

但相對而言，如果你從庫存的角度來看我們的立場以及我們相對於市場上其他人的庫存深度，我們覺得我們的定位非常好。

I feel like we'll have a really strong Q4, nicely positioned from a spring perspective as we cycle into '22.

我覺得我們將有一個非常強大的第四季度，從春天的角度來看，我們將進入 22 年。

Okay.

好的。

That's great.

那太棒了。

And then, Marvin, I was wondering if you could share some color on the Pro Pulse Survey that you guys conducted in the third quarter.

然後，馬文，我想知道你們是否可以分享你們在第三季度進行的 Pro Pulse 調查的一些顏色。

In particular, just wondering what you're hearing from Pros on the backlog.

特別是，只是想知道您從積壓的 Pros 那裡聽到了什麼。

And then bigger picture, penetration is much lower than Depot.

再大一點，滲透率遠低於 Depot。

Do you think over time you can grow it?

你認為隨著時間的推移你可以成長嗎？

And do you want to grow it?

你想種植它嗎？

Just some thoughts on that front.

只是在這方面的一些想法。

No.

不。

Thanks for the question.

謝謝你的問題。

So I'll take the penetration question, and I'm going to let Joe just provide a little bit of detail on what we learned from the Pulse survey.

所以我會回答滲透問題，我會讓 Joe 提供一些關於我們從 Pulse 調查中學到的細節的細節。

The thing that we talk a lot about here is the importance of being customer-centric.

我們在這裡經常談論的是以客戶為中心的重要性。

What I learned from past mistakes is when you set penetration targets for customer segments, you tend to make decisions to support the target versus decisions to support the needs of the customer.

我從過去的錯誤中學到的是，當您為客戶細分設定滲透目標時，您往往會做出支持目標的決策，而不是支持客戶需求的決策。

So we have every expectation that, that penetration number is going to grow.

因此，我們完全期望，滲透率將會增長。

Any time you deliver a 16% comp number, which equates to a 43% growth on a 2-year basis, it gives you at least confidence that the business is headed in the right direction.

每當您提供 16% 的補償數據時，即相當於 2 年增長 43%，它至少讓您確信業務正朝著正確的方向前進。

So at a high level, we expect the penetration to grow.

因此，在較高的水平上，我們預計滲透率會增長。

We know when it grows, it provides great operating leverage throughout the whole store and space productivity, but we are not setting targets that we're trying to chase.

我們知道當它增長時，它會為整個商店和空間生產力提供巨大的運營槓桿，但我們並沒有設定我們試圖追求的目標。

So let me let Joe give just a little bit of detail on some of the key learnings from the Pulse survey.

因此，讓我讓 Joe 稍微詳細介紹一下 Pulse 調查中的一些關鍵知識。

Chuck, thanks for the question.

查克，謝謝你的提問。

Listen, we put this Pro Pulse Survey out and really got some great responses and insights for 2022.

聽著，我們發布了這份 Pro Pulse 調查，並確實得到了 2022 年的一些很好的回應和見解。

And so things like 80% of Pros expect the increased home improvement demand seen in the pandemic is going to greatly improve and continue into 2022.

因此，像 80% 的專業人士預計，大流行中增加的家居裝修需求將大大改善並持續到 2022 年。

They're more reliant on their teams than ever.

他們比以往任何時候都更加依賴他們的團隊。

We've got insight into the top 5 projects in 2022 that the Pros will be focused on.

我們深入了解了 2022 年專業人士將重點關注的前 5 個項目。

And a lot of our Pros are saying this is the time of year to take advantage of all the holiday deals.

我們的很多專業人士都說這是一年中利用所有假期優惠的時候。

They're planning on a lot of tool purchase, supply purchases.

他們計劃進行大量工具採購、供應採購。

So we feel really good about the capabilities we have increased in the Pro and what the Pros are telling us.

所以我們對我們在 Pro 中增加的功能以及 Pros 告訴我們的內容感覺非常好。

Our next question is from Steven Forbes with Guggenheim.

我們的下一個問題來自古根海姆的史蒂文福布斯。

I wanted to focus on OpEx productivity.

我想專注於 OpEx 生產力。

So Dave, I think you mentioned 50 basis points of leverage during the quarter from your PPI initiatives.

所以戴夫，我認為您在本季度從您的 PPI 計劃中提到了 50 個基點的槓桿率。

I'm curious if you can expand on how the initiatives are progressing relative to the original time frame provided last year.

我很好奇您是否可以擴展這些舉措相對於去年提供的原始時間框架的進展情況。

And the idea, right, is just trying to get an understanding of how much opportunity is still ahead of us?

這個想法，對，只是試圖了解我們面前還有多少機會？

Steven, in general, the PPI efforts are tracking along fairly consistent with our plan for 2021.

Steven，總的來說，PPI 的努力與我們的 2021 年計劃相當一致。

I would say the one area that you think really over the next 18 months that we have opportunities to continue to improve from an OpEx perspective is really around our market delivery rollout.

我想說的是，您認為在接下來的 18 個月裡，從運營支出的角度來看，我們有機會繼續改進的一個領域實際上是圍繞我們的市場交付推出。

Keep in mind, we have that now, as Marvin indicated in his remarks, in 2 markets today.

請記住，正如馬文在他的講話中指出的那樣，我們現在在今天的 2 個市場中擁有這一點。

We're working to roll that out over the remainder of our markets over the next 18 to 24 months.

我們正在努力在未來 18 到 24 個月內將其推廣到我們的其餘市場。

When that is fully operational, that will put -- that will dampen a bit on gross margin but really relieves the store with a lot -- from a lot of labor and SG&A, ultimately enhancing our flow-through.

當它完全投入運營時，這將降低毛利率，但確實可以讓商店從大量勞動力和 SG&A 中解脫出來，最終提高我們的流通量。

That's probably the biggest area over the next couple of years where we're leaning in to really drive operating profit improvement.

這可能是未來幾年我們真正推動運營利潤改善的最大領域。

And we feel really bullish about where we stand today and optimistic about the outlook of that program.

我們對我們今天的立場感到非常樂觀，並對該計劃的前景持樂觀態度。

And then just a quick follow-up.

然後只是快速跟進。

Because if I remember correctly, another large opportunity was store inventory management systems.

因為如果我沒記錯的話，另一個大機會是商店庫存管理系統。

So maybe just provide an update on where the business is in sort of rolling out and optimizing the line of sight into inventory location at the store level.

因此，也許只是提供有關業務在哪裡推出和優化視線到商店級別的庫存位置的更新。

Yes.

是的。

Steve, we're excited.

史蒂夫，我們很興奮。

Joe and his team have done great work with our IT team to just give our associates and our customers better visibility to inventory.

Joe 和他的團隊與我們的 IT 團隊合作，讓我們的員工和客戶更好地了解庫存。

I'm going to let Joe just give you a couple -- 2 or 3 of the key points to this new inventory management system and why we're so excited about the productivity that we're going to gain from it.

我打算讓 Joe 給你幾個 - 2 或 3 個關於這個新庫存管理系統的關鍵點，以及為什麼我們對我們將從中獲得的生產力如此興奮。

Thanks, Marvin.

謝謝，馬文。

Listen, we've been laser-focused on trying to improve the accuracy of our on-hands in the store.

聽著，我們一直專注於提高我們在商店中手頭的準確性。

It helps greatly when customers are searching online from different products they want to pick up in the store.

當客戶從他們想要在商店中挑選的不同產品中在線搜索時，它有很大幫助。

And a big challenge for the last 30 years, I can remember, in home improvement is where the overstocked product is, where the product is in multiple locations in the store.

我記得，過去 30 年的一個巨大挑戰是，在家居裝修中，積壓的產品在哪裡，產品在商店的多個位置。

And we're very, very pleased, number one, with the ease of use for our associates, the adoption of the tools that we're giving them.

我們非常非常高興，第一，我們的員工易於使用，採用我們提供給他們的工具。

And it's just great partnership through the store operations team as well as the IT team.

這只是通過商店運營團隊和 IT 團隊建立的良好合作關係。

And we feel really good about the productivity enhancement that's going to continue to drive.

我們對將繼續推動的生產力提高感到非常滿意。

And Steve, when Joe and team surveyed our associates' activity during the day, we found out that one of the most nonproductive activities in advance that happens on a daily basis is looking for product.

史蒂夫，當喬和團隊調查我們員工白天的活動時，我們發現每天發生的最非生產性活動之一就是尋找產品。

Because, as Joe said, it is very difficult historically to put a location system in the overhead, and home improvement has a lot what we call off-shelf locations for attachments.

因為，正如喬所說，在歷史上很難將定位系統放在頭頂上，而家居裝修有很多我們稱之為附件的現成位置。

Now we have the ability to do that, and we think it's going to unlock incredible customer service benefits and also productivity for our sales -- for associates.

現在我們有能力做到這一點，我們認為這將為我們的銷售人員帶來令人難以置信的客戶服務優勢和生產力。

Our next question is from Brian Nagel with Oppenheimer.

我們的下一個問題來自奧本海默的 Brian Nagel。

Great quarter.

很棒的季度。

Congratulations.

恭喜。

So first question I have, just with regard to the Pro and the efforts.

所以我的第一個問題是關於 Pro 和努力。

Clearly, a lot of emphasis from the management team over the past several quarters to really improve the Pro offering.

顯然，管理團隊在過去幾個季度中非常重視真正改進 Pro 產品。

And you've talked about it in prepared comments, but the question I have is as you look at it now, is the infrastructure basically built?

你已經在準備好的評論中談到了它，但我的問題是你現在看到的，基礎設施基本建成了嗎？

Or are there still tweaks you have to make in order to sort of, say, make your offering even more compelling to the professional customers?

或者，為了讓您的產品對專業客戶更具吸引力，您是否還需要進行一些調整？

It's a really good question, Brian.

這是一個非常好的問題，布賴恩。

I would say the short answer is that the foundation of the infrastructure is built.

我想說的簡短答案是基礎設施的基礎已經建立。

If you think about it, we started with what we call retail fundamentals in Pro.

如果您考慮一下，我們從 Pro 中所謂的零售基礎開始。

And Joe and his team started with basic things like staffing at the desk, loading assistance, something as simple as having the ability for the Pro to actually check out at the Pro desk.

喬和他的團隊從基本的事情開始，比如在辦公桌上配備人員、裝載協助，就像讓 Pro 能夠在 Pro 辦公桌上實際結賬一樣簡單。

We had no point-of-sale terminals at the Pro desk where Pro even check out.

Pro 服務台上沒有銷售終端，Pro 甚至可以在那裡結賬。

And so those things were just problematic.

所以這些事情只是有問題的。

Then Bill, and in partnership with supply chain -- and Joe has tried to work on things like job lot quantities.

然後是比爾，並與供應鏈合作——喬試圖處理諸如工作批次數量之類的事情。

And then Bill and his team have been working tirelessly on improving the number of national brands.

然後比爾和他的團隊一直在不懈地努力提高民族品牌的數量。

Over the past 10 years prior to coming here, Lowe's had diluted most of their national brands out of the assortment, supplementing them with proprietary brands.

在來到這里之前的 10 年裡，Lowe's 已經將他們的大部分民族品牌從產品組合中淡化出來，並以自有品牌作為補充。

And we know that Pros are more attracted to national brands.

而且我們知道專業人士更喜歡民族品牌。

And so Bill and his team -- Bill gave the list that we're adding, and we're continuing to build on that.

所以比爾和他的團隊——比爾給出了我們正在添加的列表，我們將繼續在此基礎上進行構建。

Now we're building our loyalty platform.

現在我們正在建立我們的忠誠度平台。

And now we're building our CRM platform.

現在我們正在構建我們的 CRM 平台。

And now we're going to be building fulfillment platform.

現在我們將建立履行平台。

So the foundation is in place.

所以基礎已經到位。

We just have to earn the Pros' trust and respect.

我們只需要贏得專業人士的信任和尊重。

Because for so many years, they would show up, service was terrible, were out of stock.

因為這麼多年，他們會出現，服務很糟糕，缺貨。

And we couldn't allow them to get in and out quickly or to grow their business.

我們不能讓他們快速進出或發展他們的業務。

Now that we have the foundational elements in place, it's all about consistent execution and reaching out and engaging the customers.

既然我們已經具備了基本要素，那就是一致的執行以及接觸和吸引客戶。

And I give Joe, Bill and our Pro teams a lot of credit for getting us where we are thus far.

我非常感謝 Joe、Bill 和我們的 Pro 團隊，因為他們讓我們走到了現在。

Marvin, that's very helpful.

馬文，這很有幫助。

I appreciate it.

我很感激。

And then the second follow-up question I have, just with regard to supply chain.

然後是關於供應鏈的第二個後續問題。

So Lowe's has been managing the headwinds extraordinarily well as evidenced by the sales or gross margins.

因此，Lowe's 一直在出色地應對逆風，銷售額或毛利率就是明證。

The question I have is as you look out in all the different moving pieces of the ongoing supply chain crisis around the world, are there potentially incremental risks that you see as you move into '22?

我的問題是，當您查看全球持續供應鏈危機的所有不同變化部分時，您是否會在進入 22 世紀時看到潛在的增量風險？

Well, the short answer is yes, but I don't know that the risks are more pronounced than anything that you've heard about or that's been discussed in the marketplace.

嗯，簡短的回答是肯定的，但我不知道風險比你聽說過的或市場上討論過的任何事情都更明顯。

You said another way, when Bill and I talk about spring, the risk that he's looking at is no different than the broader risk of any merchant looking at it from a supply-demand standpoint.

你說的另一種方式，當比爾和我談論春天時，他所看到的風險與任何商人從供需角度看待它的更廣泛的風險沒有什麼不同。

When I talk to Don, who's our supply chain leader, I mean, we have similar risk.

當我與我們的供應鏈負責人 Don 交談時，我的意思是，我們也有類似的風險。

The good news is, as Bill mentioned in his prepared comments, we have scale because of size.

好消息是，正如比爾在他準備好的評論中提到的那樣，我們有規模是因為規模。

And because of that, we've been able to leverage our carrier relationships and also just strategic initiatives like these coastal holding facilities that Bill talked about to land product early, get it in country and then distribute it where needed.

正因為如此，我們已經能夠利用我們的承運人關係以及戰略舉措，比如比爾談到的這些沿海持有設施，以便儘早登陸產品，將其運到國內，然後在需要的地方分發。

So we're going to continue to do that.

所以我們將繼續這樣做。

But it gives us the ability to buy early, land it early so that we can have possession of it.

但它讓我們有能力提前購買，提前登陸，這樣我們就可以擁有它。

And that has worked for us.

這對我們有用。

But again, we're not immune.

但同樣，我們也不能倖免。

I couldn't be more proud of the team's efforts, to your point, to increase gross margin, increase operating income and also sustain competitive in-stocks in the midst of the most complex global supply chain environment that any of us have operated in.

就您而言，我對團隊為提高毛利率、增加營業收入以及在我們任何人經營過的最複雜的全球供應鏈環境中維持有競爭力的庫存所做的努力感到無比自豪。

Yes.

是的。

And Brian, just to add one thing.

布賴恩，只是補充一件事。

We mentioned the Pro Pulse Survey.

我們提到了 Pro Pulse 調查。

And over 80% of our Pro customers are citing pervasive supply chain issues is a challenge, but they're also very, very optimistic about all their 2022 projects.

超過 80% 的 Pro 客戶表示普遍存在的供應鏈問題是一個挑戰，但他們也對 2022 年的所有項目非常非常樂觀。

Our next question is from Liz Suzuki with Bank of America.

我們的下一個問題來自美國銀行的 Liz Suzuki。

Just on the subject of product innovation, I mean, what are the most exciting or highest-growth product categories that you think could be game changers for the next years, like LED lighting was several years ago or LVT in the flooring category?

就產品創新而言，我的意思是，您認為哪些產品類別最令人興奮或增長最快，它們可能會改變未來幾年的遊戲規則，例如幾年前的 LED 照明或地板類別中的 LVT？

And what's the next innovative product that's going to take over its category?

下一個將接管其類別的創新產品是什麼？

So I'll give it to Bill.

所以我會把它交給比爾。

What I'll tell you is we're really excited about a lot of innovation in outdoor power equipment, in flooring, power tools.

我要告訴你的是，我們對戶外動力設備、地板、電動工具方面的許多創新感到非常興奮。

I'll let Bill just highlight

我會讓比爾突出顯示

(technical difficulty)

（技術難度）

excited about that's coming our way.

對即將到來的我們感到興奮。

Yes.

是的。

So thanks, Marvin.

所以謝謝，馬文。

I think there's -- across the store, there's innovation all across the store.

我認為整個商店都有創新。

You think about smart product, whether that's in lighting, whether that's in lightbulbs, whether that's in appliances or even just smart home products in general; when you think about the new launch of our FLEX brand in power tools, new lithium battery technology, innovation in flooring with WetProtect from Pergo; you think about the battery technology in outdoor power, and that continues to expand; and what Eagle has done in their categories with zero-turn riding mowers that operate off of a battery; then you go into categories that you may not think there's innovation in, but you get into building materials and building products.

你會想到智能產品，無論是照明，還是燈泡，無論是電器，還是一般的智能家居產品；當您想到我們在電動工具、新鋰電池技術、使用 Pergo 的 WetProtect 的地板創新方面推出的 FLEX 品牌時；你想想戶外電源中的電池技術，而且這種技術還在繼續擴大；以及 Eagle 在其類別中使用電池供電的零轉彎割草機所做的事情；然後你會進入你可能認為沒有創新的類別，但你會進入建築材料和建築產品。

There's innovation in -- that's coming in ZipWall, there's innovation in drywall, there's innovation all across the store.

有創新—— ZipWall 有創新，幹牆有創新，整個商店都有創新。

So we're very excited and very pleased with what the merchants have done to continue to probe for new.

因此，我們對商家為繼續探索新產品所做的一切感到非常興奮和高興。

We found innovation in our private brands, as I was able to mention, on allen + roth with the Lifestyle Performance rugs.

正如我所提到的，我們在自己的自有品牌中發現了創新，在 Allen + roth 的 Lifestyle Performance 地毯上。

Literally, you can take a garden hose and hose these rugs down.

從字面上看，你可以拿一根花園軟管把這些地毯用軟管壓下來。

And you think about pet spills, you think about kids, you think about crayons and you can just hose it off with your garden hose, pretty cool stuff.

你想到寵物溢出物，你想到孩子，你想到蠟筆，你可以用你的花園軟管把它沖洗掉，很酷的東西。

So a lot of stuff going on.

所以發生了很多事情。

And Liz, We'll be talking more...

還有麗茲，我們會聊得更多……

Thank you.

謝謝你。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。