The Home Depot (NYSE: HD) has rewarded patient long-term investors with a total return of over 1,000% in the last ten years, cementing its status as a best-in-class retailer.
在过去十年中，Home Depot（NYSE：HD）为长期耐心的投资者提供了超过1,000％的总回报，从而巩固了其作为一流零售商的地位。
With an existing network of 2,300 stores already open all over North America, let's see if Home Depot's massive returns can continue into the future.The track record
凭借现有的2,300家门店网络已经遍布北美各地，让我们看看Home Depot的巨额回报能否延续到未来。
Fueling Home Depot stock's rally over the past decade was steady top and bottom-line growth. Over that period, the company's revenue and earnings per share (EPS) enjoyed compound annual growth of 5.3% and 20.0%, respectively.
过去十年来，Home Depot股票的涨势推动了稳定的顶线和底线增长。在此期间，公司的收入和每股收益（EPS）的复合年增长率分别为5.3％和20.0％。
That strength continued in the first quarter of 2020 despite the pandemic. Home Depot reported net sales growth of 7.1% year over year on the back of an 11.0% increase in average ticket size, which mitigated the 3.9% decline in customer transactions.
尽管发生了大流行，但这种力量在2020年第一季度仍在继续。在平均机票尺寸增加11.0％的情况下，Home Depot报告的净销售额同比增长7.1％，缓解了客户交易量下降3.9％的情况。
Even amid the crisis, the company leaned into its "One Home Depot" strategy. The initiative began with the aim of creating an interconnected shopping experience between the digital and physical channels for customers. To achieve this, Home Depot invested heavily to build an e-commerce solution, develop supply chain expertise, and implement in-store enhancements.
即使在危机中，该公司也依靠其“一个家得宝”战略。该计划的最初目的是在数字渠道和实体渠道之间为客户创造互连的购物体验。为了实现这一目标，Home Depot投入大量资金来构建电子商务解决方案，开发供应链专业知识并实施店内增强功能。
In the shadow of COVID-19, the One Home Depot strategy clearly paid off with digital sales coming to the rescue as the company was able to quickly offer its curbside pickup option for customers. Management commented in the most recent earnings call:Investments we have made over the years in our stores, market-leading digital assets, flexible supply chain, and a world-class merchandising organization have allowed us to quickly adapt to shifts in customer needs, preferences, and behaviors. Our interconnected retail strategy and underlying technology infrastructure have supported record level web traffic for several weeks without disruption.
在COVID-19的阴影下，One Home Depot策略显然获得了回报，因为数字销售得以抢救，因为该公司能够迅速为客户提供其路边取货选项。管理层在最近的一次收益电话中表示：多年来，我们在商店中进行的投资，市场领先的数字资产，灵活的供应链和世界一流的销售组织，使我们能够快速适应客户需求，偏好的变化和行为。我们相互联系的零售策略和基础技术基础架构已经连续数周为创纪录水平的网络流量提供了支持，而没有中断。
Sales leveraging our digital platforms increased by approximately 80% in the quarter. And more than 60% of the time, our customers opted to pick up their orders at a store. We were able to extend our in-store focus capabilities to curbside pickup in the US in a matter of days, offering customers an additional choice with respect to fulfillment.
本季度利用我们数字平台的销售额增长了约80％。超过60％的时间，我们的客户选择在商店取货。我们能够在几天之内将店内关注能力扩展到在美国的路边取货，为客户提供更多的履约选择。
Despite the increase in sales, net earnings came in 10.7% lower. This shortfall was largely due to the $850 million of pre-tax expenses behind various initiatives to support employees such as expanding paid time off for hourly associates.Can growth continue?
尽管销售额增加，但净收益仍下降了10.7％。出现这一缺口的主要原因是，为支持员工开展的各种举措（如增加小时工的带薪休假）背后的8.5亿美元税前支出，增长能否继续吗？
Home Depot has taken advantage of its status as an "essential retailer" by providing customers with the necessary supplies for home improvement and repairs. A quick look at new residential sales from a report published on July 24 by the U.S Census Bureau shows that the number of homes sold has been on an uptrend since 2015 with occasional dips. More specifically, new home sales rose by 13.8% month to month and 6.9% year over year in June.
家得宝（Home Depot）通过为客户提供进行家装和维修的必要用品，充分利用了其“重要零售商”的地位。美国人口普查局（US Census Bureau）在7月24日发布的报告中快速浏览了新住宅的销售情况，结果显示自2015年以来，售出房屋的数量一直呈上升趋势，但偶有下降。更具体地说，6月份新屋销售月比增长13.8％，同比增长6.9％。
Similarly, MarketWatch reported that existing home sales are also seeing an uptick. The increase in home sales -- both new and existing -- is a good sign that demand will remain strong long term for Home Depot.
同样，MarketWatch报道说，现有房屋销售也呈上升趋势。房屋销售（无论是新房还是现有房屋）的增长都是一个很好的信号，表明对Home Depot的长期需求将保持强劲。
Management noted during the earnings call: "But for the most part, those dynamics in the housing economy that most influence home improvement demand have remained relatively stable. And so we haven't seen anything that really changes our view of how the housing economy will impact home improvement."Dividend payout and potential
管理层在财报电话会议上指出：“但是，在大多数情况下，对房屋装修需求有最大影响的那些房地产经济一直保持相对稳定。因此，我们没有看到任何能够真正改变我们对房地产经济前景的看法。影响家庭装修。“股息支付和潜力
The home improvement giant announced a 10% payout increase in February, bringing the quarterly dividend to $1.50 per share, or $6.00 annually. Since 2015, Home Depot's quarterly payout has nearly tripled, and the stock yields 2.3% as of this writing.
这家家庭装修巨头宣布在2月份增加10％的派息，使季度股息达到每股1.50美元，即每年6.00美元。自2015年以来，Home Depot的季度派息几乎增长了两倍，截至撰写本文时，该股的收益率为2.3％。
The stability of Home Depot's dividend is supported by strong free cash flow. The company generated $12.2 billion of free cash flows over the past four quarters and distributed approximately half to shareholders, putting its free cash flow payout ratio in a healthy range.
强大的自由现金流支持了Home Depot股息的稳定性。在过去的四个季度中，该公司产生了122亿美元的自由现金流，并向股东分配了大约一半的现金，这使其自由现金流的支付比率处于合理范围内。
Home Depot's consistent execution and strong financial position should lead to consistent dividend increases in the years ahead for patient investors.
Home Depot一贯的执行力和强大的财务状况将使耐心的投资者在未来几年内不断提高股息。
Reaffirming its position as a source of stability for investors to ride out the current uncertainty, management said during the earnings call:As we look ahead, we are focused on continuing to provide essential products and services to our customers and communities in a safe and responsible way. The investments we have made across our business has helped us to be flexible and agile in this fluid and dynamic situation. We will continue to adapt and improve the ways in which we serve customers in this new environment.
管理层在财报电话会议上重申其作为投资者摆脱当前不确定性的稳定来源的地位：展望未来，我们专注于继续以安全和负责任的态度为我们的客户和社区提供重要的产品和服务方式。我们在整个业务中进行的投资帮助我们在这种瞬息万变的动态情况下变得灵活，敏捷。我们将继续适应和改进在这种新环境中为客户提供服务的方式。
Home Depot can continue to outperform the retail sector overall, and investors would be wise to pick up shares before the stock builds on its 20% year-to-date gains.
家得宝（Home Depot）总体上将继续跑赢零售板块，因此明智的做法是，投资者在股价上涨20％的基础上，回购股票。
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Home Depot wasn't one of them! That's right -- they think these 10 stocks are even better buys.
大卫和汤姆（David and Tom）刚刚透露了他们认为目前投资者最适合购买的十只股票……而Home Depot并不是其中之一！是的-他们认为这10只股票是更好的选择。
Saket Jhajharia has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Home Depot and recommends the following options: long January 2021 $120 calls on Home Depot and short January 2021 $210 calls on Home Depot. The Motley Fool has a disclosure policy.
Saket Jhajharia在上述任何股票中均无仓位。 Motley Fool拥有并推荐Home Depot的股票，并推荐以下选项：2021年1月下旬，Home Depot买入价为120美元，而2021年1月下旬，Home Depot卖出价为210美元。杂色傻瓜有一项披露政策。