劳氏称业主仍不愿装修，专业客户、线上与家居服务业务支撑增长

环球市场播报02-26

专题：聚焦美股2025年第四季度财报　　作者：尼古拉斯・G・米勒　　劳氏公布第四季度销售额上升，得益于面向专业建筑商的业务持续增长，抵消了家装市场的疲软表现。　　劳氏预计，2026 年家装市场将维持平淡状态 —— 房屋销售停滞、高利率与经济不确定性持续导致业主推迟装修与维修项目。　　“鉴于房地产宏观环境持续波动，我们对 2026 年的展望仍持谨慎态度，” 首席执行官马文・埃利森在公司财报...

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href=https://finance.sina.com.cn/stock/usstock/c/2026-02-26/doc-inhpahra4834004.shtml><strong>环球市场播报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>专题：聚焦美股2025年第四季度财报\n\n　　作者：尼古拉斯・G・米勒\n　　劳氏公布第四季度销售额上升，得益于面向专业建筑商的业务持续增长，抵消了家装市场的疲软表现。\n　　劳氏预计，2026 年家装市场将维持平淡状态 —— 房屋销售停滞、高利率与经济不确定性持续导致业主推迟装修与维修项目。\n　　“鉴于房地产宏观环境持续波动，我们对 2026 年的展望仍持谨慎态度，” 首席执行官马文・埃利森在公司财报...</p>\n\n<a 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growth","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LOW":1.5},"content_text":"专题：聚焦美股2025年第四季度财报\n\n　　作者：尼古拉斯・G・米勒\n　　劳氏公布第四季度销售额上升，得益于面向专业建筑商的业务持续增长，抵消了家装市场的疲软表现。\n　　劳氏预计，2026 年家装市场将维持平淡状态 —— 房屋销售停滞、高利率与经济不确定性持续导致业主推迟装修与维修项目。\n　　“鉴于房地产宏观环境持续波动，我们对 2026 年的展望仍持谨慎态度，” 首席执行官马文・埃利森在公司财报电话会议上表示，“这种不确定性继续对大额非必需的 DIY 项目构成压力，许多消费者不愿对住房进行大额投入。”\n　　这家家装零售商的 2026 年盈利指引不及预期，股价下跌 5%，报 264.54 美元。\n　　周二，家得宝也表示正受到经济不确定性与冰冻般房地产市场的压力。\n　　埃利森周三呼应了上述观点：“在通胀压力与整体经济不确定性的影响下，消费者信心依然低迷。”\n　　“持续的‘锁定效应’仍在，房屋周转与新屋开工承压，这让我们预计房地产和家装市场的复苏将是渐进式的。”\n　　尽管许多业主今年将获得更高退税，但 “目前尚不清楚其中有多少会用于家装，” 首席财务官布兰登・辛克表示，“同样不清楚抵押贷款利率何时会回落，而这将继续对成屋销售和新屋建设构成压力。”\n　　劳氏预计，2026 年家装市场增速将在 下滑 1% 至增长 1% 之间。\n　　但即便在市场低迷期，公司仍通过面向专业建筑商的业务实现了收入增长。分析师表示，家得宝与劳氏正在争夺专业客户更稳定的支出，尤其是在消费者推迟大型装修和 DIY 项目的背景下。\n　　去年 10 月，劳氏完成以 88 亿美元收购 Foundation Building Materials，在家得宝大举收购之后，大举进军专业建筑商市场。\n　　第四季度关键业绩：\n\n销售额：205.8 亿美元，高于上年同期 185.5 亿美元，高于华尔街预期的 203.4 亿美元\n同店销售额：增长 1.3%，远超预期的 0.2%，主要由专业客户、线上及家居服务业务增长以及假日旺季表现驱动\n净利润：9.99 亿美元，合每股 1.78 美元，低于上年同期 11.3 亿美元、每股 1.99 美元\n季度内计入与收购相关的税前费用 1.49 亿美元\n调整后每股收益：1.98 美元，高于预期的 1.94 美元\n\n　　2026 财年指引：\n\n总销售额：920 亿~940 亿美元\n同店销售：持平至增长 2%\n调整后每股收益：12.25~12.75 美元\n\n　　分析师预期：销售额 932.6 亿美元，同店增长 1.8%，调整后每股收益 12.90 美元。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：郭明煜","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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