家得宝二季度业绩超预期，重申全年指引
Home Depot Beats Estimates on Faster Sales Growth
The housing market, obviously in a bit of a tough place at the moment. How is Home Depot navigating that? Hi. Thanks for having me. Yes. As you mentioned, the second quarter results came in better than expected. It sounds like that DIY consumer is holding in a little bit better than expected. Pros are still spending. Guidance was reaffirmed. I think that's all positive. I will say though, looking at that reaffirmed guidance, it looks like there's a lot of uncertainty heading into the back half because it sort of implies more of a slowdown in that top line growth as we get into the second half, meaning they're not definitely not expecting any rebound in the housing market and maybe continued pressure on consumers with some uncertainty on that spending.
房地产市场，显然目前处境艰难。家得宝是如何应对的？你好，感谢邀请。是的，正如你提到的，第二季度业绩好于预期。听起来DIY消费者的情况比预期要好一些。专业人士仍在消费。业绩指引得到重申。我认为这些都是积极的。不过我要说的是，看那个重申的指引，似乎进入下半年存在很多不确定性，因为它暗示着随着我们进入下半年，营收增长将更加放缓，这意味着他们肯定不指望房地产市场有任何反弹，也许消费者会继续承受压力，支出存在一些不确定性。
Home improvement is expensive, Lindsay. We were just talking about it moments ago. You know that we all do. Anyone that's trying to renovate anything in the last five years has seen the cost of it, and the cost is still climbing. Lindsay, when you start to see things like higher input costs start to come through a business like this, what's the price tolerance to the end consumer like at the moment? That's a massive discussion for economists across this nation.
家装很贵，Lindsay。我们刚才还在讨论这个。你知道我们都明白。过去五年里任何试图翻新的人都会看到成本，而且成本还在攀升。Lindsay，当你开始看到像更高的投入成本这样的因素开始影响这样的企业时，目前对终端消费者的价格承受力是怎样的？这是全国经济学家讨论的重大话题。
What's consumer price tolerance look like for a company like Home Depot? Yeah. These rising input costs are, you know, are are exerting pain on retailers all over. Um, and I think that for home improvement, it's sort of no different than the broader landscape. So that lower income consumer has been squeezed for some time. They have really pulled back. The middle income consumer is also starting to pull back. So a lot of the discretionary spending is really coming out of that higher income consumer.
对于像家得宝这样的公司，消费者的价格承受力如何？是的。这些上升的投入成本，你知道，正在给所有零售商带来压力。嗯，我认为对于家装来说，和整体情况没什么不同。所以低收入消费者已经被挤压了一段时间。他们确实已经退缩了。中等收入消费者也开始退缩。所以很多可自由支配的支出真的来自高收入消费者。
And we have to see, you know, when is the breaking point for them and when might they pull back. I will say I also cover some of the higher end like home furnishings, um, retailers like an RA. And, you know, they are seeing pretty solid demand for these home refreshes, whether it's projects or furnishings coming from that higher income consumer. So so far I think that they are holding in.
我们必须看看，你知道，他们的临界点在哪里，他们什么时候可能会退缩。我要说的是，我也关注一些高端家居装饰，嗯，像RA这样的零售商。你知道，他们看到这些家居焕新的需求相当强劲，无论是项目还是家具，都来自高收入消费者。所以到目前为止，我认为他们还在坚持。
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