家得宝 2025年度报告

LETTER TOSHAREHOLDERS Dear Shareholders: best-in-class merchandising team partners with leadingsuppliers to deliver innovation, exclusivity, and everydayvalue. Fiscal 2025: A Year of Continued Focus on our GrowthStrategy During fiscal 2025 our teams executed well despiteseveral dynamics pressuring housing and homeimprovement demand. Fiscal 2025 was also a yearof progress on our growth strategy, as we investedin a number of areas across the business to positionourselves for continued success. Nothing speaks to the vitality of our business more than ourcommitment to open new stores. During our Investor andAnalyst Conference in 2023, we announced plans to build80 new stores over a five-year period. We are building thesestores in geographic areas that have experienced significantpopulation growth, or where we need to relieve pressure onexisting high-volume stores. The performance in the 37 newstores we have built over the past three years is exceedingour expectations, which is why at our 2025 Investor andAnalyst Conference we announced that following thecompletion of our approximately 80 new stores plan in2027, we anticipate that we will continue to build 15 to 20stores per year for the foreseeable future. During fiscal 2025, total sales grew by $5.2 billion or 3.2percent to $164.7 billion, compared to fiscal 2024. Fiscal2025 comparable sales growth was 0.3 percent for thetotal Company and 0.5 percent in the U.S. Our fiscal 2025net earnings were $14.2 billion, and adjusted(1)earningsper diluted share decreased 3.6 percent to $14.69. Focused on our Growth StrategyOver the last few years, we have successfully managed through a dynamic environment, including elevatedinterest rates, pressured housing affordability, and generaleconomic uncertainty. Throughout this period our growthstrategy has remained unchanged: drive our core andculture, deliver a frictionless interconnected experience,and win with the Pro. And everything we do is rooted inour enduring set of values and empowering culture. Ourobjectives to grow market share and deliver shareholdervalue also remain unchanged. While our stores are the center of our ecosystem, it’sour orange-blooded associates and culture that bringthem to life every day. Our Culture has guided us as werevolutionized home improvement, and it will continue toguide us as our business evolves. Our Values Wheel isour North Star, and our Inverted Pyramid reminds us whomatters most – our customers and our associates. Deliver a Frictionless Interconnected ExperienceWe know our customers navigate between our physical and digital assets and it is our intent to deliver a frictionlessinterconnected customer experience regardless of how ourcustomers choose to engage and shop with us. This year, akey focus area was speed of delivery. Through investmentsin inventory, technology, and our nearly 200 last-miledistribution assets, we achieved the fastest delivery speedsin our history. We accomplished this by using ship from bestlocation, a proprietary algorithm that looks across all of ourdistribution assets, including our stores, to optimize speed,determining when, where and how to most effectively shipproducts to our customers. Despite our delivery volumes’ Drive our Core and Culture Our stores remain the core of our business, and we willcontinue to invest in our associates and store experienceto deliver the best customer experience in homeimprovement. Knowledgeable associates and on shelfavailability are critical to the store experience, and we areempowering our associates to drive sales by enhancingtraining and product knowledge, optimizing processes,simplifying tasks, and leveraging technology to drive abetter customer experience. Customers expect us tohave a broad assortment of quality products and our rapid growth in 2025, over half of our deliveries onproducts we stock are now same day or next day. on the site experience, delivery experience, and everyaspect of the interconnected shopping experience. In addition to the progress we have made arounddelivery, we have made similar strides with thecustomer experience across our digital assetsby leveraging technology. These investmentsinclude everything from search, recommendations,compatibility, cart building, catalog data, sourcinglogic, delivery route intelligence, to post-purchasesupport, and more. One of our investments, MagicApron, is a suite of proprietary generative AI productsthat help our customers with their online shoppingjourney. Customers use Magic Apron for that sametype of orange apron in-store assistance online,whether it is a product or project inquiry, customerfeedback, or as a shopping assistant. As a result,Magic Apron has improved the customer experiencemeaningfully, which is translating into higher levels ofconversion and sales. Win the Pro We have an enormous opportunity to grow our share ofthe Pro’s wallet. Nearly all Pros shop at The Home Depot,and we are building differentiated capabilities to betterserve