Albertsons Companies Inc (ACI) 2025 Q3 法說會逐字稿

Welcome to the Albertsons Companies' third-quarter 2025 earnings conference call and thank you for standing by. (Operator Instructions)

歡迎參加艾伯森公司2025年第三季財報電話會議，感謝您的耐心等待。（操作說明）

This call is being recorded. I would now like to hand the call over to Cody Perdue, Senior Vice President of Treasury, Investor Relations and Risk Management. Please go ahead.

本次通話正在錄音。現在我謹將電話交給財務、投資者關係和風險管理高級副總裁科迪·珀杜。請繼續。

Good morning and thank you for joining us for the Albertsons Companies third-quarter 2025 earnings conference call. With me today are Susan Morris, our CEO; and Sharon McCollam, our President and CFO.

早安，感謝各位參加艾伯森公司2025年第三季財報電話會議。今天陪我一起的有我們的執行長蘇珊莫里斯，以及我們的總裁兼財務長莎倫麥克科勒姆。

Today, Susan will provide an overview of our third quarter of 2025 and update you on our progress against our strategic priorities. Then Sharon will provide the details related to our third-quarter financial results and our outlook for the remainder of fiscal 2025, before handing it back to Susan for closing remarks. After management comments, we will conduct a Q&A session.

今天，Susan 將概述我們 2025 年第三季的計劃，並向大家報告我們在策略重點方面的進展。然後，莎倫將詳細介紹我們第三季度的財務業績以及我們對 2025 財年剩餘時間的展望，之後再將發言權交還給蘇珊，由她作總結發言。管理層發言後，我們將進行問答環節。

I would like to remind you that management may make forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in our filings with the SEC. Any forward-looking statements we make today are only as of today's date, and we undertake no obligation to update or revise any such statements as a result of new information, future events or otherwise.

我想提醒各位，管理階層可能會根據聯邦證券法做出前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。這些風險和不確定性包括但不限於我們在向美國證券交易委員會提交的文件中確定的因素。我們今天所作的任何前瞻性陳述僅代表截至今日的觀點，我們不承擔因新資訊、未來事件或其他原因而更新或修改任何此類陳述的義務。

Additionally, we will be discussing certain non-GAAP financial measures. A reconciliation of these financial measures to the most directly comparable GAAP financial measures can be found in this morning's earnings release.

此外，我們也將討論一些非GAAP財務指標。今天早上發布的獲利報告中提供了這些財務指標與最直接可比較的 GAAP 財務指標的調整表。

And with that, I will hand the call over to Susan.

接下來，我會把電話交給蘇珊。

Thanks, Cody. Good morning, everyone, and happy new year. This quarter marked the first since we declared a new day at Albertsons, and we delivered. We drove bold decisions in our tech and AI transformation, purposeful investments to strengthen our customer value proposition, and accelerated execution in digital and pharmacy.

謝謝你，科迪。各位早安，新年快樂！本季是我們宣布 Albertsons 開啟新篇章後的第一個季度，我們做到了。我們在技術和人工智慧轉型方面做出了大膽的決策，進行了有目的的投資以加強我們的客戶價值主張，並加快了在數位化和藥房領域的執行。

In the face of a government shutdown, SNAP delays and a challenging consumer backdrop, our team executed with discipline and urgency. Identical sales grew 2.4%. Digital sales rose 21%. And adjusted EBITDA was $1.039 billion. These results underscore the resilience of our model, anchored by more than 2,240 neighborhood stores. Our proximity, deep fresh expertise and trusted portfolio of brands give us a clear advantage in serving more than 49 million loyal customers and advancing our Customers for Life strategy.

面對政府停擺、SNAP（補充營養援助計劃）延遲發放以及充滿挑戰的消費環境，我們的團隊以嚴謹的態度和緊迫的行動執行了任務。同店銷售額成長2.4%。數位銷售額成長了21%。調整後 EBITDA 為 10.39 億美元。這些結果凸顯了我們模式的韌性，該模式以超過 2240 家社區商店為支撐。我們憑藉著地理優勢、深厚的專業知識和值得信賴的品牌組合，在服務超過 4,900 萬忠實客戶和推進「終身客戶」策略方面擁有明顯的優勢。

We're building a structurally advantaged Albertsons, one that wins in any environment. And yet our current valuation does not reflect the progress that we've made or the long-term earnings power we're creating. This disconnect only sharpens our resolve to execute faster, scale our transformation, and deliver the performance that ultimately commands the value this company deserves.

我們正在打造一家結構上具有優勢的艾伯森超市，一家能夠在任何環境下都取得成功的超市。然而，我們目前的估值並沒有反映出我們所取得的進展，也沒有反映出我們正在創造的長期獲利能力。這種脫節只會更加堅定我們加快執行速度、擴大轉型規模、並最終取得應有業績的決心，從而為公司贏得應有的價值。

Our mission is clear: growing customers for life by leveraging our strength, sharpening our competitive edge and delivering consistent value for customers, all while driving sustainable long-term value for our shareholders.

我們的使命很明確：透過發揮自身優勢、增強競爭優勢、為客戶提供持續價值，從而實現客戶終身成長，同時為股東創造可持續的長期價值。

During the quarter, execution was strong, and we delivered meaningful efficiencies through intentional and methodical cost control. Importantly, year over year unit trends improved sequentially versus the second quarter, reflecting the impact of our surgical price investments and reinforcing the effectiveness of our broader strategy. I'm extremely proud of how our team is executing.

本季執行力強勁，我們透過有意識、有條不紊的成本控制，實現了顯著的效率提升。重要的是，與第二季度相比，同比單位趨勢有所改善，這反映了我們在手術價格方面的投資的影響，並鞏固了我們更廣泛策略的有效性。我為我們團隊的執行力感到無比自豪。

Also during the quarter, we continued to advance our strategic priorities with intent and conviction to position us for profitable growth as we enter 2026. These priorities include modernizing capabilities through technology, scaling digital engagement and monetizing our media collective, enhancing our customer value proposition and unlocking structural productivity gains.

本季度，我們繼續有意識、有信心地推進我們的策略重點，為在 2026 年實現獲利成長做好準備。這些優先事項包括透過技術實現能力現代化、擴大數位參與度和媒體資源貨幣化、增強客戶價值主張以及釋放結構性生產力提升。

As we look forward, one of the most exciting drivers of our transformation and a key source of long-term competitive advantage is technology. Our advanced cloud data infrastructure provides the foundation for scaling AI solutions and business processes across the enterprise.

展望未來，推動我們轉型升級的最令人興奮的動力之一，也是我們長期競爭優勢的關鍵來源，就是科技。我們先進的雲端資料基礎設施為在企業範圍內擴展人工智慧解決方案和業務流程奠定了基礎。

Additionally, we're enhancing our agility and speed to market with our global capability center in Bengaluru. We're not just adopting AI; we're working to scale it across the enterprise to fundamentally change how we operate and how customers experience Albertsons. This is not incremental. It's designed to be step change in speed, intelligence and personalization.

此外，我們位於班加羅爾的全球能力中心正在提升我們的敏捷性和市場反應速度。我們不僅在採用人工智慧，還在努力將其推廣到整個企業，從根本上改變我們的營運方式以及客戶體驗 Albertsons 的方式。這不是漸進式的。它旨在實現速度、智慧和個性化方面的飛躍式發展。

Our teams are energized and our foundation is strong, and our strategic priorities are clear. With bold decisions and partnering with world-class leaders like Google, OpenAI, and Databricks, we're building a future where every decision is smarter, every process is more efficient, and every interaction is more seamless.

我們的團隊充滿活力，基礎穩固，策略重點明確。透過大膽的決策，並與Google、OpenAI 和 Databricks 等世界一流領導者合作，我們正在建立一個未來，在這個未來中，每一個決策都更智能，每一個流程都更有效率，每一次互動都更順暢。

So where are we focused first? Our transformational big bets are in four critical areas. First in digital customer experience. Digital customer experience is a critical pillar of our growth strategy. By leveraging AI, we're creating differentiated experiences that go beyond convenience. They increase basket size drive repeat trips and deepen loyalty.

那我們首先應該關注什麼呢？我們在四個關鍵領域進行了變革性的重大投入。數位客戶體驗領域的先驅。數位化客戶體驗是我們成長策略的關鍵支柱。透過利用人工智慧，我們正在創造超越便利性的差異化體驗。它們可以增加購物籃金額，促進重複購買，並加深客戶忠誠度。

Early results are compelling. Our ask AI search capability is already delivering a 10% increase in basket size for those customers using it, signaling a meaningful revenue upside as adoption scales. In addition, our autonomous shopping assistants are meeting customers where they are and delivering frictionless, personalized journeys, keeping our omnichannel customer experience modernized and on trend.

初步結果令人信服。我們的 AI 搜尋功能已經為使用該功能的客戶的購物籃金額增加了 10%，這表明隨著採用規模的擴大，收入將有顯著增長。此外，我們的自主購物助理能夠隨時隨地滿足顧客的需求，提供流暢、個人化的購物體驗，使我們的全通路客戶體驗保持現代化和潮流化。

Next, in merchandising intelligence. We'll be equipping our merchants with AI-driven insights and automated execution to optimize pricing, promotion and assortment decisions, transforming category management, and driving margin improvement.

接下來是商品情報。我們將為商家提供人工智慧驅動的洞察和自動化執行，以優化定價、促銷和商品組合決策，從而轉變品類管理，並推動利潤率提升。

Our vision is a future where intelligent automation guides these decisions, freeing our people to focus on strategy and innovation. Our ambition is for customers to truly feel seen, to reliably find the essentials they need at prices they trust, while also discovering unique inspiring items that make our stores a destination and eliminate the need for a trip elsewhere.

我們的願景是，未來智慧自動化將指導這些決策，使我們的員工能夠專注於策略和創新。我們的目標是讓顧客真正感受到被關注，可靠地找到他們需要的必需品，並享受他們信賴的價格，同時發現獨特而令人振奮的商品，使我們的商店成為顧客的目的地，並讓他們無需再去其他地方購物。

Next, in empowering and managing labor. We're deploying generative AI to optimize labor forecasting and scheduling across our retail labor model, reducing costs while improving associate experience through intuitive conversational tools.

其次，要重視賦予勞動力和管理勞動力。我們正在部署生成式人工智慧來優化零售勞動力模型中的勞動力預測和排班，透過直覺的對話工具降低成本並改善員工體驗。

By leveraging AI, we ensure the right associates are in the right place at the right time, which not only drives productivity, but also elevates customer service. This transformation simplifies complex scheduling tasks, frees up associates to focus on the customer and positions us to deliver consistent execution across thousands of stores.

透過利用人工智慧，我們確保合適的員工在適當的時間出現在適當的地點，這不僅可以提高生產力，還可以提升客戶服務水準。這項變革簡化了複雜的排班任務，使員工能夠專注於客戶，並使我們能夠在數千家門市提供一致的執行。

Finally, optimizing our end-to-end supply chain. AI demand forecasting is central to our supply chain transformation, enabling precise product tracking from vendor to customer. By applying advanced analytics and computer vision, we're improving forecasting accuracy, fulfillment, quality and on-shelf availability, optimizing labor and inventory while ensuring that customers can find the products they need when and where they need them.

最後，優化我們的端到端供應鏈。人工智慧需求預測是我們供應鏈轉型的核心，它能夠實現從供應商到客戶的精準產品追蹤。透過應用先進的分析和電腦視覺技術，我們正在提高預測準確性、履行率、品質和貨架供應情況，優化勞動力和庫存，同時確保客戶能夠在需要的時間和地點找到他們需要的產品。

In sum, our tech and AI initiatives are designed to be scalable, enterprise-wide programs that can deliver measurable impacts and build the foundation for tomorrow. By embedding it across our business, we will unlock structural cost advantages, accelerate speed to market and create new profit pools. We're turning technology into a growth engine, improving margins, deepening customer loyalty and positioning us to win. With momentum accelerating and a clear road map, we're confident that this transformation will help drive sustainable value for customers and long-term returns for shareholders.

總而言之，我們的技術和人工智慧計畫旨在成為可擴展的企業級項目，能夠產生可衡量的影響，並為未來奠定基礎。透過將其融入我們的業務中，我們將釋放結構性成本優勢，加快產品上市速度，並創造新的利潤池。我們正在將技術轉化為成長引擎，提高利潤率，加深客戶忠誠度，並使我們處於致勝的關鍵地位。隨著發展動能加快和路線圖清晰明確，我們相信此次轉型將有助於為客戶創造永續價值，並為股東帶來長期回報。

Turning to our digital and e-commerce business. We continue to gain market share with sales up 21% this quarter and penetration now at 9.5%. As we've consistently said about our e-commerce business, the resilience, scalability, and customer proximity of our store-based fulfillment model remains a structural advantage and last-mile fulfillment and positions us well for profitable growth. In fact, during Q3, more than half of our orders were delivered in three hours or less, underscoring the speed and convenience that differentiate our offering.

接下來談談我們的數位和電子商務業務。本季銷售額成長 21%，市佔率持續成長，滲透率達 9.5%。正如我們一直以來對我們的電子商務業務所說，我們基於門市的履行模式的韌性、可擴展性和與客戶的距離仍然是我們的結構優勢和最後一公里履行優勢，並使我們處於有利地位，能夠實現盈利增長。事實上，在第三季度，超過一半的訂單在三小時或更短時間內送達，這凸顯了我們產品的速度和便利性優勢。

In addition, more than 95% of our delivery households are eligible to receive our Flash Delivery in as soon as 30 minutes. We're also adding features to our platform like the AI shopping assistant I just mentioned, a groundbreaking tool that redefines the shopping experience. This AI-powered assistant enables customers to interact in natural language, receive personalized recommendations and build smarter baskets faster whether they're planning meals, discovering new products or shopping for specific occasions.

此外，超過 95% 的送貨家庭符合條件，可在 30 分鐘內收到我們的快速送貨服務。我們還在平台上添加了一些功能，例如我剛才提到的AI購物助手，這是一個突破性的工具，它重新定義了購物體驗。這款人工智慧助理讓顧客能夠用自然語言進行互動，獲得個人化推薦，並更快地建立更聰明的購物籃，無論他們是在規劃膳食、發現新產品還是為特定場合購物。

This innovation enhances convenience for our customers while strengthening our competitive advantage by leveraging rich data to optimize marketing, improve loyalty, and unlock new monetization opportunities through our media collective.

這項創新提高了客戶的便利性，同時透過利用豐富的數據優化行銷、提高客戶忠誠度，並透過我們的媒體聯盟釋放新的獲利機會，從而增強了我們的競爭優勢。

Our pharmacy and health business delivered another outstanding quarter. Growth was driven by strong execution in our immunization offering, GLP-1 therapies and core prescriptions. We captured leading share in immunizations and strengthened long-term customer relationships. These efforts reinforce our position as a trusted health partner and deepen engagement across channels. Customers who engage across both grocery and pharmacy continue to demonstrate significantly higher lifetime value, underscoring the strength of our Customers for Life strategy.

我們的藥房和健康業務又迎來了一個出色的季度。成長主要得益於我們在免疫產品、GLP-1療法和核心處方藥方面的出色執行。我們在免疫接種領域佔據了領先的市場份額，並加強了與客戶的長期關係。這些努力鞏固了我們作為值得信賴的健康合作夥伴的地位，並加深了各通路的合作。同時在超市和藥局消費的顧客，其終身價值明顯更高，凸顯了我們「終身顧客」策略的優勢。

Based on the strength of this performance, we remain on track to deliver profitable growth in our pharmacy business in 2025, supported by disciplined execution and efficiency initiatives. Scaling higher-margin services, expanding central fill capabilities, driving innovative procurement and leveraging operational efficiencies continue to be key priorities as we position this business for sustained growth into 2026 and beyond.

憑藉這一強勁的業績，在嚴謹的執行和提高效率的舉措支持下，我們仍有望在 2025 年實現藥房業務的盈利增長。擴大高利潤服務規模、擴大中央補貨能力、推動創新採購和提高營運效率仍然是我們為實現該業務在 2026 年及以後的持續成長而採取的關鍵優先事項。

In loyalty, we continue to drive digital engagement and value creation with membership growing 12% to over 49 million members in the third quarter. Program enhancements and simplification continue to fuel deeper engagement. Members are transacting more frequently, redeeming rewards more easily and spending more. 40% of engaged households continue to choose the cash off option, underscoring the appeal of immediate value for our most engaged and loyal customers.

在會員忠誠度方面，我們持續推動數位互動和價值創造，第三季會員人數成長 12%，超過 4,900 萬名會員。項目的改進和簡化不斷促進更深入的參與。會員交易頻率更高，兌換獎勵更便利，消費性更高。 40%的活躍家庭仍然選擇現金回饋選項，這凸顯了即時價值對我們最活躍、最忠誠的客戶的吸引力。

Loyalty also serves as a rich data source for our merchants and for our media collective, enabling targeted marketing and monetization. Most recently, we again extended the value of our loyalty platform beyond grocery with the launch of a new offering with Uber One, offering members exclusive benefits and savings, further strengthening engagement and broadening the appeal of our platform.

忠誠度也為我們的商家和媒體聯盟提供了豐富的數據來源，從而能夠進行有針對性的行銷和獲利。最近，我們透過與 Uber One 合作推出一項新服務，再次將我們的忠誠度平台的價值擴展到雜貨以外，為會員提供專屬福利和優惠，進一步加強了用戶參與度，並擴大了我們平台的吸引力。

Our media collective continues to gain traction as a high-margin growth engine. In Q3, on-site media delivered double-digit growth year-over-year. We also strengthened performance by adding transaction capability to off-site ad units. These improvements drove higher ROI for our partners, faster campaign activation, positioning us to capture incremental spend.

我們的媒體集團持續發展壯大，成為高利潤的成長引擎。第三季度，現場媒體實現了兩位數的年成長。我們還透過為站外廣告單元添加交易功能來增強效能。這些改進為我們的合作夥伴帶來了更高的投資報酬率，加快了行銷活動的啟動速度，使我們能夠獲得更多的支出。

While the retail media space remains highly competitive, our advantage lies in the depth of our loyalty data and omnichannel reach, which enable targeted measurable campaigns that improve both partner outcomes and the customer experience. Looking ahead, we're focused on scaling these capabilities and unlocking new monetization opportunities, creating a structural profit pool that complements our core retail business.

儘管零售媒體領域競爭依然非常激烈，但我們的優勢在於我們擁有豐富的忠誠度數據和全通路覆蓋，這使我們能夠開展有針對性的、可衡量的營銷活動，從而改善合作夥伴的業績和客戶體驗。展望未來，我們將專注於擴大這些能力並解鎖新的獲利機會，從而創造一個與我們核心零售業務相輔相成的結構性利潤池。

Few companies possess the depth of store level, customer level, and category level data that we do. And we're increasingly using that data to deliver a more relevant, localized and differentiated customer experience.

很少有公司像我們一樣擁有如此深入的門市等級、客戶等級和品類等級數據。我們正越來越多地利用這些數據來提供更具相關性、在地化和差異化的客戶體驗。

From a customer value perspective, we continue to invest in value through loyalty enhancements, personalized promotions and selective price investments in key categories. And these actions combined with vendor funding and own brands innovation are strengthening engagement and driving unit growth. In our own brands portfolio, we have a clear path to growing penetration from 25% to 30%.

從顧客價值的角度來看，我們將持續透過提升顧客忠誠度、個人化促銷和對重點品類進行選擇性價格投資來提升價值。這些舉措，加上供應商的資金支持和自有品牌的創新，正在加強用戶參與度並推動銷售成長。在我們自己的品牌組合中，我們有明確的路徑將滲透率從 25% 提高到 30%。

In the divisions where we've launched our new lower price campaign, we continue to see fundamentally better unit trends and growth in unit share, reflecting the impact of our targeted strategies. We also very carefully manage the pass-through of inflation to deliver value for customers across the entire company, ensuring affordability while protecting margin.

在我們推出新的低價策略的地區，銷售趨勢和市場份額持續呈現根本性改善，這反映了我們針對性策略的影響。我們也非常謹慎地控制通膨的傳導，為整個公司的客戶創造價值，在保證價格可負擔性的同時保護利潤率。

Importantly, unit trends for the quarter improved sequentially, even with the government shutdown, again, underscoring the resilience of our approach.

重要的是，即使政府停擺，本季的單位趨勢也較上季改善，再次凸顯了我們方法的韌性。

Productivity remains a cornerstone of our transformation and a critical enabler of our investment. Our teams are executing with discipline across multiple fronts, optimizing our labor model, redesigning ways of working, including a targeted global diversification of talent to drive efficiency at scale. We're also unlocking structural savings through automation, advanced analytics and process simplification across merchandising, supply chain and store operations.

生產力仍然是我們轉型的基石，也是我們投資的關鍵推動因素。我們的團隊在多個方面嚴謹執行，優化勞動力模式，重新設計工作方式，包括有針對性的全球人才多元化，以大規模提高效率。我們也透過自動化、進階分析和流程簡化，在商品銷售、供應鏈和門市營運方面釋放結構性節省。

In pharmacy, where growth continues to accelerate, we're streamlining fulfillment and procurement to improve cost to serve while also enhancing the customer experience. These efforts are not isolated. They're part of our comprehensive plan to deliver $1.5 billion in productivity gains over the next three fiscal years, creating capacity to fund innovation, strengthen our value proposition and improve profitability.

在藥局這個成長持續加速的領域，我們正在簡化訂單履行和採購流程，以降低服務成本，同時提升客戶體驗。這些努力並非個案。這是我們全面計劃的一部分，旨在未來三個財政年度實現 15 億美元的生產力增長，從而創造能力為創新提供資金，增強我們的價值主張並提高盈利能力。

Already in 2025, we're seeing the benefits of our productivity through reduced SG&A spend as we accelerate our efforts around labor optimization. By attacking waste, modernizing labor planning and embedding technology into core processes for building a leaner, more agile organization that's positioned to win.

到 2025 年，我們已經看到生產力提高帶來的好處，銷售、一般及行政費用減少，因為我們加快了勞動力優化的努力。透過消除浪費、實現勞動力規劃現代化以及將技術融入核心流程，打造一個更精簡、更敏捷的組織，從而贏得成功。

Finally, before I hand it over to Sharon to cover the financial details of the quarter and our outlook for the remainder of the year, I want to spend a minute on the consumer backdrop and what we continue to see from our customers. Consistent with what you've heard from others, the environment remains mixed and continues to reflect pressure across income segments.

最後，在將發言權交給 Sharon 來介紹本季度的財務細節以及我們對今年剩餘時間的展望之前，我想花一分鐘時間談談消費者背景以及我們繼續從客戶那裡看到的情況。正如你從其他人那裡聽到的那樣，市場環境依然喜憂參半，各個收入階層都持續面臨壓力。

At the low end, shopper is clearly stretched, putting fewer items in the basket each trip and prioritizing essentials while visiting more frequently as they manage their cash flow. Middle income households, which have been relatively resilient, are showing some signs of softening with increased price sensitivity and trade-down behavior emerging in certain categories.

在消費程度較低的消費者中，他們顯然經濟拮据，每次購物時放入購物籃的商品數量較少，優先購買必需品，為了控制現金流，購物頻率會更高。中等收入家庭先前一直表現出較強的韌性，但現在也出現了一些疲軟跡象，對價格的敏感度增加，並且在某些類別中出現了降級消費行為。

At the high end, spending patterns remain largely stable, but even these customers are becoming more conscious of price and value, reflecting a broader shift towards cautious discretionary spending.

高端消費模式基本上保持穩定，但即使是這些顧客也越來越注重價格和價值，這反映出消費者在可自由支配支出方面出現了更廣泛的謹慎轉變。

Looking ahead, our outlook and actions are fully aligned with these dynamics. We're leaning into personalized promotion, loyalty enhancements and the surgical management of cost inflation to deliver immediate value while continuing selective price investments in key categories to support unit growth.

展望未來，我們的前景和行動完全符合這些發展趨勢。我們正著力於個人化促銷、提升顧客忠誠度以及精準控製成本上漲，以提供即時價值，同時繼續在關鍵類別中進行選擇性的價格投資，以支持銷售成長。

At the same time, we're leveraging technology and AI, just as we discussed, to deepen engagement and optimize the shopping experience, ensuring that our strategy not only addresses current consumer behavior, but also positions us to capture share and drive profitable growth as behaviors evolve.

同時，正如我們之前討論的那樣，我們正在利用技術和人工智慧來加深互動並優化購物體驗，確保我們的策略不僅能夠應對當前的消費者行為，還能讓我們在消費者行為不斷變化時搶佔市場份額並推動盈利增長。

Sharon, over to you.

莎倫，該你了。

Thank you, Susan, and good morning, everyone. It's great to be here with you today.

謝謝你，蘇珊，大家早安。今天能和大家在一起真是太好了。

Building on Susan's comments, Q3 did mark a new day for our Albertsons teams. Disciplined execution and purposeful investments drove a 2.4% identical sales increase and a 21% increase in digital sales, while temporary headwinds from the government shutdown and delayed staff funding negatively impacted ID sales by approximately 10 to 20 basis points. We sequentially strengthened our year-over-year unit trends, clear evidence that our targeted price investments are working and reinforcing the resilience of our model.

根據Susan的評論，第三季確實標誌著我們Albertsons團隊的新篇章。嚴謹的執行和有目的的投資推動了同店銷售額增長 2.4%，數位銷售額增長 21%，而政府停擺和員工資金延遲到位等暫時不利因素對 ID 銷售額產生了約 10 至 20 個基點的負面影響。我們逐年增強了銷售成長趨勢，這清楚地表明，我們有針對性的價格投資正在發揮作用，並增強了我們模式的韌性。

In pharmacy and health, sales increased 18% as we delivered another strong quarter and deepened engagements through immunization and value-added services. Loyalty membership grew to 49.8 million, reinforcing the strength of our Customers for Life strategy.

在藥局和健康領域，銷售額成長了 18%，因為我們又實現了強勁的季度業績，並透過免疫接種和增值服務加深了客戶關係。忠誠會員人數成長至 4,980 萬，鞏固了我們「終身客戶」策略的優勢。

At the same time, as Susan shared, we continued scaling the media collective and advancing our technology transformation, including embedding AI across the enterprise and modernizing capabilities to drive productivity and growth. Each of these initiatives contributed to the results we just delivered for the third quarter, which I will discuss now.

同時，正如蘇珊所說，我們繼續擴大媒體集團的規模，推動技術轉型，包括在整個企業中嵌入人工智慧，並實現能力現代化，以推動生產力和成長。這些舉措都為我們剛剛公佈的第三季業績做出了貢獻，我現在將對此進行討論。

From a top-line perspective, ID sales grew 2.4%, which is net of the 10 to 20 basis point government shutdown headwind. And we saw encouraging growth in areas where we made price investments.

從總體上看，ID 銷售額增長了 2.4%，這已扣除了政府停擺帶來的 10 至 20 個基點的不利影響。我們在進行價格投資的領域看到了令人鼓舞的成長。

Gross margin came in at 27.4%, a decline of 55 basis points year-over-year, excluding fuel and LIFO, reflecting the expected mix shift impact of digital and pharmacy and our targeted price investments. Importantly, year-over-year gross margin improved sequentially versus Q2 as productivity benefits partially offset targeted investments, demonstrating that our actions are delivering results even as we prioritize value for customers.

毛利率為 27.4%，年減 55 個基點（不包括燃料和後進先出法），反映了數位和藥局的預期組合轉變影響以及我們針對價格的投資。重要的是，與第二季度相比，毛利率環比有所提高，生產力提升部分抵消了定向投資的影響，這表明即使我們優先考慮為客戶創造價值，我們的行動也正在取得成效。

Our selling and administrative expense rate was 24.9%, down 33 basis points year over year, excluding fuel, another clear proof point of disciplined cost management. This improvement reflects ongoing productivity initiatives and the operating leverage, which we are using to fuel our investments to drive growth.

不包括燃料費用，我們的銷售和管理費用率為 24.9%，年減 33 個基點，這是嚴格成本管理的另一個明顯例證。這項改善反映了我們正在進行的生產力提升措施和營運槓桿作用，我們正利用這些舉措和槓桿作用來推動投資，從而實現成長。

Interest expense increased $7 million to $116 million this quarter, primarily due to borrowings related to our $750 million accelerated share repurchase program announced last quarter. Adjusted EBITDA in Q3 was $1.039 billion and adjusted EPS was $0.72 per diluted share, in line with our expectations and reflective of the strategic investments we're making in long-term growth.

本季利息支出增加 700 萬美元，達到 1.16 億美元，主要原因是與我們上季宣布的 7.5 億美元加速股票回購計畫相關的借款。第三季調整後 EBITDA 為 10.39 億美元，調整後每股稀釋收益為 0.72 美元，符合我們的預期，反映了我們對長期成長的策略投資。

Turning to capital allocation. Our priorities remain clear: invest in the business to drive growth and value for our customers, maintain and grow our dividend over time, opportunistically repurchase shares, and preserve a strong balance sheet that gives us flexibility to accelerate investment when opportunities arise.

接下來討論資本配置。我們的優先事項仍然明確：投資業務以推動成長並為客戶創造價值，維持並逐步提高股息，擇機回購股票，並保持強勁的資產負債表，使我們能夠在機會出現時靈活地加速投資。

In Q3, we invested $462 million in capital expenditures to upgrade our store fleet and advance digital technology and supply chain capabilities. In our store fleet, we opened 2 new stores, completed 23 remodels and closed 16 underperforming locations, all actions that strengthen our asset base for long-term competitiveness.

第三季度，我們投資了 4.62 億美元用於資本支出，以升級我們的門市網絡，並推進數位技術和供應鏈能力。在我們的門市網路中，我們開設了 2 家新店，完成了 23 家門市的改造，並關閉了 16 家業績不佳的門市，所有這些舉措都增強了我們的資產基礎，從而提高了我們的長期競爭力。

From a digital and technology perspective, we further invested in AI and digital transformation to create structural cost advantages, deepen customer loyalty and unlock new profit pools, further modernizing the company for sustainable profitable growth in an evolving retail landscape.

從數位化和技術角度來看，我們進一步投資於人工智慧和數位轉型，以創造結構性成本優勢，加深客戶忠誠度，並挖掘新的利潤來源，進一步實現公司現代化，從而在不斷變化的零售環境中實現可持續的盈利增長。

We also returned $77 million to shareholders through our quarterly dividend of $0.15 per share, and continued our $750 million accelerated share repurchase program, which began last quarter and is expected to be complete in early 2026. The benefit of this ASR will accrue to EPS as we move through fiscal 2026. There is also $1.3 billion remaining under our existing $2.75 billion authorization that can be executed at the completion of the ASR.

我們還透過每股 0.15 美元的季度股息向股東返還了 7,700 萬美元，並繼續執行 7.5 億美元的加速股票回購計劃，該計劃於上個季度開始，預計將於 2026 年初完成。隨著我們進入 2026 財年，ASR 的收益將逐步計入每股盈餘。在 ASR 完成後​​，我們現有的 27.5 億美元授權中還剩餘 13 億美元可以執行。

Our net debt to adjusted EBITDA ratio ended the quarter at 2.29 times, underscoring the strength of our balance sheet and capacity to fund growth while returning capital to shareholders.

本季末，我們的淨負債與調整後 EBITDA 比率為 2.29 倍，這凸顯了我們資產負債表的穩健性以及在為股東返還資本的同時為成長提供資金的能力。

Finally, in the third quarter, we also refinanced $1.5 billion of existing indebtedness in 2 tranches: $700 million of 5.5% notes due 2031 and $800 million of 5.75% notes due 2034. These proceeds were used to refinance our $750 million 2026 bond maturity and repay $750 million in borrowings under our revolving credit facility, demonstrating the strength and flexibility of our balance sheet.

最後，在第三季度，我們還分兩批對 15 億美元的現有債務進行了再融資：7 億美元的 2031 年到期的 5.5% 票據和 8 億美元的 2034 年到期的 5.75% 票據。這些收益用於為我們 2026 年到期的 7.5 億美元債券進行再融資，並償還我們循環信貸額度下的 7.5 億美元借款，這體現了我們資產負債表的實力和靈活性。

Before we turn to the outlook, I'd like to give you a quick update on our year-to-date labor negotiations. As a reminder, in fiscal '25, we had collective bargaining agreements covering 120,000 associates up for renewal. As of today, we've successfully reached agreements covering more than 112,000 of these associates, leaving only 8,000 left to bargain this year.

在展望未來之前，我想先向大家簡要報告我們今年迄今的勞資談判進展。提醒一下，在 2025 財年，我們有 12 萬名員工的集體談判協議需要續約。截至今日，我們已成功與超過 112,000 名員工達成協議，今年僅剩 8,000 名員工需要談判。

Now let's walk through our 2025 outlook. Our focus remains squarely on investing in and driving long-term profitable growth through our strategic priorities. Digital remains a powerful growth engine as we continue to add loyal shoppers to our ecosystem and scale the business profitably.

現在讓我們一起展望一下2025年。我們始終專注於透過策略重點投資和推動長期獲利成長。隨著我們不斷為生態系統增加忠實顧客並實現業務獲利成長，數位化仍然是強大的成長引擎。

Disciplined cost control and productivity also remain a key focus of our strategy, fueling reinvestment into these high-impact initiatives while maintaining financial strength. At the same time, we expect our pharmacy business to continue to accelerate driven by immunizations and value-added services that enhance customer engagement through profitability.

嚴格的成本控制和生產力仍然是我們策略的重點，這為對這些高影響力舉措的再投資提供了動力，同時保持了財務實力。同時，我們預期在免疫接種和增值服務的推動下，我們的藥局業務將繼續加速發展，這些服務透過提高獲利能力來增強客戶參與度。

In pharmacy, however, on January 1, 2026, the Inflation Reduction Act Medicare Drug Price Negotiation Program took effect, reducing consumer prices and supplier costs on certain branded drugs. While this will result in lower reported pharmacy sales, the impact to profit is near neutral. In the fourth quarter, we estimate and have included in our outlook an approximate 65 to 70 basis point headwind to identical sales, which will equate to a 16 to 18 basis point impact for the full year, with no impact to adjusted EBITDA.

然而，在藥局方面，2026 年 1 月 1 日，《通膨降低法案》醫療保險藥品價格談判計畫生效，降低了某些品牌藥品的消費者價格和供應商成本。雖然這將導致報告的藥局銷售額下降，但對利潤的影響幾乎為零。我們預計第四季度同店銷售額將受到約 65 至 70 個基點的不利影響，並將此影響納入我們的展望中，這將對全年業績產生 16 至 18 個基點的影響，但不會對調整後的 EBITDA 產生影響。

With that as the backdrop, we're updating our fiscal '25 outlook as follows. For identical sales, we are narrowing our range to reflect the impact of the Inflation Reduction Act to 2.2% to 2.5%. Adjusted EBITDA is now expected to be in the range of $3.825 billion to $3.875 billion, including the approximate $65 million in adjusted EBITDA in the fourth quarter related to our 53rd week. We are narrowing our adjusted EPS to a range of $2.08 to $2.16. The effective income tax rate is expected to be in the range of 23% to 24%. And capital expenditures are unchanged in the range of $1.8 billion to $1.9 billion.

在此背景下，我們對 2025 財年的展望更新如下。對於相同的銷售額，我們將價格範圍縮小至 2.2% 至 2.5%，以反映通貨膨脹抑制法案的影響。調整後 EBITDA 目前預計在 38.25 億美元至 38.75 億美元之間，其中包括與第 53 週相關的第四季度約 6500 萬美元的調整後 EBITDA。我們將調整後的每股盈餘預期範圍縮小至 2.08 美元至 2.16 美元。實際所得稅率預計在 23% 至 24% 之間。資本支出維持不變，介於 18 億美元至 19 億美元之間。

And with that, I will hand it back to Susan for closing remarks.

接下來，我將把發言權交還給蘇珊，請她作總結發言。

In closing, our Customers for Life strategy is building a future-fit distinct Albertsons company, one that combines scale with local relevance, advanced analytics with deep experience of our teams and operational excellence, with bold growth ambitions. The path forward is clear, the opportunities are significant, and we're just getting started. Q3 demonstrates the strength of the foundation and the acceleration of our transformation. We're not just navigating a competitive and dynamic environment, we're reshaping it.

最後，我們的「終身客戶」策略旨在打造一家面向未來、獨具特色的艾伯森公司，將規模與本地相關性、先進的分析能力與團隊的豐富經驗和卓越的營運能力相結合，並懷有遠大的成長目標。前進的道路很清晰，機會很多，而我們才剛起步。第三季展現了我們堅實的基礎和加速的轉型。我們不僅身處競爭激烈、瞬息萬變的環境中，我們還在重塑這個環境。

Our investments in digital, loyalty, pharmacy and retail media are delivering measurable results today, while our AI strategy positions us to tomorrow. When we get together again for our fourth quarter earnings results, we'll share the next evolution of our Customers for Life strategy, building on the progress we've made and the strength of our model.

我們在數位、忠誠度、藥局和零售媒體方面的投資如今已取得可衡量的成果，而我們的人工智慧策略則讓我們為未來做好準備。當我們再次聚在一起公佈第四季度收益結果時，我們將分享「終身客戶」策略的下一步發展，該策略建立在我們已取得的進展和我們模式的優勢之上。

As we've said at the core of this evolution is a deeper integration of data and AI across the enterprise. We're not using AI as a short-term lever, we're embedding it into merchandising, labor and supply chain to create a durable structural advantage. From personalized shopping and merchandising intelligence to supply chain optimization, these capabilities are already scaling, driving lower cost, faster execution and compounding returns that will support growth and profitability for years to come.

正如我們所說，這一演變的核心是將數據和人工智慧更深入地整合到整個企業中。我們不把人工智慧當作短期槓桿，而是將其融入商品銷售、勞動力和供應鏈中，以創造持久的結構性優勢。從個人化購物和商品智慧到供應鏈優化，這些能力已經擴展，從而降低成本、加快執行速度並帶來複利回報，這將支持未來幾年的成長和獲利能力。

We're also focused on delivering a more differentiated customer experience. We'll provide an overview of micro market merchandising and how we're leveraging our robust customer data to create more curated experiences across assortment, pricing and promotion, while further strengthening our leadership in fresh and expanding affordable meal solutions.

我們也致力於提供更具差異化的客戶體驗。我們將概述微型市場商品銷售，以及我們如何利用強大的客戶數據，在商品種類、定價和促銷方面打造更精心策劃的體驗，同時進一步鞏固我們在新鮮食品領域的領先地位，並不斷擴大價格實惠的餐飲解決方案。

In parallel, we're actively transforming our portfolio for the future. We'll outline how we plan to densify, differentiate and scale our network, including through strategic partnerships. We're targeting markets where we have strong share and growth and as well as opportunities where we see a clear right to win through new store development and strategic acquisitions that enhance our footprint, drive supply chain efficiencies and create meaningful synergies.

同時，我們正在積極調整投資組合，以適應未來發展。我們將概述我們計劃如何提高網路密度、差異化和規模化，包括透過策略合作夥伴關係。我們瞄準的是我們擁有強大市場份額和成長潛力的市場，以及我們看到有明確權利透過新店開發和策略性收購來贏得市場的機會，這些收購可以擴大我們的業務範圍，提高供應鏈效率，並創造有意義的協同效應。

Supporting all of this is our continuous productivity engine. We'll reiterate our commitment to disciplined cost management while outlining the next tranche of initiatives designed to deliver benefits in 2026 and beyond, fueling reinvestment in growth, innovation and customer value.

這一切的背後是我們持續的生產力引擎。我們將重申對嚴格成本管理的承諾，同時概述旨在2026年及以後帶來效益的下一批舉措，從而推動對成長、創新和客戶價值的再投資。

As we approach fiscal 2026, we do so with confidence and a clear path to sustainable profitable growth. To our 280,000 associates, thank you for your passion and commitment. You are the driving force behind this transformation. And together, we're creating an Albertsons that wins for our customers, our communities and our shareholders today and for the long term. We look forward to continuing this journey and delivering against our priorities.

隨著 2026 財年的臨近，我們充滿信心，並擁有實現可持續獲利成長的清晰路徑。致我們28萬名員工，感謝你們的熱情與奉獻。你是這場變革背後的驅動力。我們共同努力，打造一個能夠為我們的客戶、社區和股東帶來當下和長遠成功的艾伯森超市。我們期待繼續這段旅程，並實現我們的各項優先事項。

Thank you, and we'll now take your questions.

謝謝，現在我們來回答大家的問題。

(Operator Instructions) Mark Carden, UBS.

（操作說明）馬克卡登，瑞銀集團。

So to start, you continue to make surgical investments in value, and they seem to be gaining traction with the grocery unit growth. At the same time, you've got some of your larger competitors continuing to make price investments as well. Just how has the overall pricing environment lined up relative to your initial expectations? And do you see much risk ahead for the need for incremental price investments?

首先，你們繼續進行精準的價值投資，隨著雜貨店數量的成長，這些投資似乎正在發揮成效。同時，你的一些大型競爭對手也持續進行價格上的投入。整體價格環境與您最初的預期相比如何？您認為未來是否有因需要增加價格投資而帶來的巨大風險？

Mark, thanks for the question. So first, I'd start out with we are taking a very surgical and targeted data-driven approach to our price investments. And I think we've shared that we've seen green shoots in the categories we're investing.

馬克，謝謝你的提問。首先，我要說明的是，我們在價格投資方面採取的是非常精準、有針對性的數據驅動方法。我認為我們已經表達過，在我們投資的領域，我們已經看到了復甦的跡象。

I also want to make sure that I call out that price investment comes in three ways for us -- well, many ways, but three of them are our investments in loyalty, our investments in pulling forward on promotion, base price investments, and then how we're managing through inflation. We're working very hard to soften the pass-through of inflation to our customers.

我還要特別指出，我們的價格投資主要體現在三個方面——當然，有很多方面，但其中三個方面分別是：客戶忠誠度投資、促銷提前投資、基礎價格投資，以及我們如何應對通貨膨脹。我們正在努力減輕通貨膨脹對客戶的影響。

So that said, we are pleased with the progress that we see in our price investments to date. I also want to make sure that you understand that our price gaps are very market-driven, category-driven, and we're very thoughtful about how we're approaching each of these investments.

綜上所述，我們對迄今為止在價格投資方面取得的進展感到滿意。我還想確保你們明白，我們的價格差距很大程度上是由市場和品類驅動的，我們對每項投資都經過了深思熟慮。

Our price indices versus competitors often miss our personalized loyalty discounts, and that really materially makes the difference at our effective price. So we do intend to continue to invest very surgically, very thoughtfully. We're pleased with the initial results that we've seen and recognize there are some more surgical opportunities out there.

與競爭對手相比，我們的價格指數往往忽略了我們提供的個人化會員折扣，而這確實會對我們的實際價格產生實質的影響。所以我們打算繼續進行精準、深思熟慮的投資。我們對目前所取得的初步結果感到滿意，同時也意識到還有一些手術機會。

But also I want to remind you that we look at price as one key piece of the value equation. Along with that, our fresh capabilities, our proximity to our customers, our e-commerce and pharmacy expertise that add value for the customer.

但我也想提醒大家，我們將價格視為價值等式中的關鍵組成部分。此外，我們擁有全新的能力，我們與客戶的緊密聯繫，以及我們在電子商務和藥房方面的專業知識，這些都能為客戶創造價值。

And Susan, I might also add -- oh, go ahead, Mark.

還有蘇珊，我還要補充一點──哦，馬克，請繼續。

No, please, Sharon, go on.

不，莎倫，請繼續。

I also want to add that another area of key focus for us, which we can talk about later, is our own brand focus. That has been a primary offering that we have put front and center for our customers because to provide value, our own brands is one of the tools in our toolbox in order to do that. And it is an area that we are doubling down and amplifying.

我還想補充一點，我們另一個重點關注的領域（我們稍後可以討論）是我們自己的品牌建立。這是我們一直優先向客戶強調的主要服務，因為要提供價值，我們自己的品牌是我們實現這一目標的工具之一。而這正是我們正在加倍投入和擴大的領域。

And then just as a follow-up, you guys have talked in the past about your ability to capitalize on some of the drug store closures that are taking place across the country. How are you progressing with getting your new pharmacy shoppers to cross over and purchase more grocery items? Are you seeing any changes to the timing or lift just given some of the macro pressures that you highlighted on the call?

另外，你們之前也談過，你們有能力利用全國各地正在發生的藥局倒閉潮來獲利。您目前在引導新藥局顧客購買更多食品雜貨方面進展如何？鑑於您在電話會議中提到的一些宏觀壓力，您是否觀察到時機或提速方面有任何變化？

Sure. So again, we're very pleased with our pharmacy growth overall. We've -- much of it has come from organic growth inside our store. We're seeing core scripts, excluding GLPs, grow. Obviously, GLPs play a factor as well.

當然。所以，我們對藥房的整體成長非常滿意。大部分成長都來自我們店內的自然成長。我們看到核心腳本（不包括 GLP）的數量正在增加。顯然，良好實驗室規範（GLP）也發揮了作用。

What we typically see is the bulk of our customers are already shopping with us in some way, shape or form in grocery. And as they convert into the pharmacy, that's when we start to see the deeper relationship. They become more really engaged. They adopt our digital platforms. They engage in our loyalty programs.

我們通常看到的是，我們的大部分客戶已經以某種方式在我們這裡購買食品雜貨了。當他們轉型成為藥局時，我們才開始看到更深層的關係。他們會變得更加投入。他們採用了我們的數位平台。他們參與了我們的會員忠誠計劃。

And I think we've shared with you in the past, it's somewhere around a one to two-year journey, depending on the customer, to get to a fully robust loyalty platform with us. But that said, again, I want to remind you that the bulk of our customers are already shopping in the store. It's really about deepening that engagement. We're pleased with the acquisitions that we've had, both some that we've paid for, and many of our customers are just choosing to come to us, which we see as a structural advantage from the services that we provide.

我想我們之前也和你們分享過，根據客戶的不同，在我們這裡建立一個完全強大的忠誠度平台大約需要一到兩年的時間。但是，我還是要再次提醒大家，我們的顧客大多已經在店內購物了。關鍵在於加深這種互動。我們對已取得的收購成果感到滿意，其中一些是我們付費收購的，而許多客戶只是選擇來找我們，我們認為這是我們提供的服務帶來的結構性優勢。

Leah Jordan, Goldman Sachs.

莉亞喬丹，高盛集團。

Susan and Sharon, thanks for all the detail on the call today. I know it's a little too early to guide for FY26 at this point, but there are a number of potential headwinds and investors have been concerned about, such as disinflation and just ongoing volume pressure within food across the industry, along with the lower Medicare drug prices, as you noted in the prepared comments.

蘇珊和莎倫，謝謝你們今天在電話會議上提供的所有細節。我知道現在對 2026 財年做出預測還為時過早，但存在一些潛在的不利因素，投資者也對此感到擔憂，例如通貨緊縮和整個食品行業持續的銷售壓力，以及醫療保險藥品價格的下降，正如您在準備好的評論中提到的那樣。

But then you have your own efforts and in driving unit improvements, which we saw this quarter, along with the ongoing productivity efforts. So just if you could comment on a high level the puts and takes we should think about next year and your confidence in being on algo?

但同時，我們也付出了自身的努力，推動了部門的改進，正如我們本季所看到的，以及持續的生產力提升工作。那麼，您能否就明年我們應該考慮的買賣策略以及您對演算法交易的信心發表一下高層次的看法？

You bet, Leah. So first and foremost, I want to reiterate our confidence in our algo. And the reasons we believe in that is our Customers for Life strategy is working. We see that we have outsized upside in pharmacy, in our digital and customer growth.

當然，莉婭。首先，我想重申我們對演算法的信心。我們相信這一點的原因是，我們的「終身客戶」策略正在發揮作用。我們看到，我們在藥房業務、數位化和客戶成長方面擁有巨大的發展潛力。

Our media collective, which we've shared, is very early in its journey. We've talked about our focus on value enhancement, which includes pricing, it includes loyalty, as Sharon just mentioned, own brands. We're pleased with our technology modernization, but again, that's early stages, and we believe there are more unlocks to come in the future there. And then our productivity agenda continues to deliver quarter-over-quarter, and we only expect that to grow.

我們共同創建的媒體平台還處於起步階段。我們已經討論過我們對價值提升的關注，包括定價、忠誠度，正如莎倫剛才提到的，還有自有品牌。我們對技術現代化感到滿意，但話說回來，這只是早期階段，我們相信未來還有更多突破的空間。而且，我們的生產力提升計畫每季都持續取得成效，我們預期這個數字還會持續成長。

And I think all of these feed one another. Pharmacy, digital and loyalty grow engagement in basket. Media creates high-margin fuel. Our productivity and tech agenda frees up resources to reinvest in value. So we are very confident in our ability to deliver the algorithm.

我認為這些因素是相互促進的。藥局、數位化和會員忠誠度提升了購物籃中的互動度。媒體創造了高利潤的燃料。我們的生產力和技術發展策略釋放了資源，可以重新投資於創造價值。因此，我們對交付該演算法的能力非常有信心。

Sharon, would you add to that?

莎倫，你還有什麼要補充的嗎？

I would only add that each of these initiatives, Leah, build on one another. And as you think about it for '26, you think about the year, it's gradually and incrementally going to build. So as you're calendarizing the year, think of it in that way. And I think that this concept of gradual and incremental, I don't care who you're talking to about AI and some of the digital transformation that's occurring, that learning is so powerful and the value that it's bringing to the bottom line just continues to grow.

我只想補充一點，莉婭，這些舉措都是相輔相成的。當你展望 2026 年時，你會想到這一年將會逐步發展。所以，在製定年度計畫時，可以這樣想。我認為這種循序漸進的概念，無論你和誰談論人工智慧和正在發生的數位轉型，學習的力量都非常強大，它為企業帶來的價值也在不斷增長。

So as we look forward to next year -- the other thing about the algo that Susan didn't say is, remember when we gave that, we talked about this last quarter, we ran multiple scenarios. We know that this environment is constantly changing and evolving, and we acknowledge everything that you just said around the different aspects of the macro that could be affecting us. But our plan at this point in time has levers to pull. And again, I will reiterate Susan's confidence in our ability to get into the algo next year.

展望明年——蘇珊沒有提到的關於演算法的另一件事是，還記得我們上次介紹的時候嗎？上個季度我們討論過這個問題，我們運行了多個場景。我們知道這個環境不斷變化和發展，我們也理解您剛才所說的關於可能影響我們的宏觀經濟各個方面的所有觀點。但我們目前的計畫還有一些變數可以利用。我再次重申蘇珊對我們明年進入演算法交易市場的信心。

That's all really helpful color. Just wanted to go back to the lower ID sales guide for this year. And I understand the impact from the Medicare drug prices that you detailed. But within the lower guide, it's still implying a fairly wide range for the fourth quarter. So just maybe more detail on how you're thinking about the key drivers there.

這些顏色都非常實用。只是想回顧一下今年的低收入者銷售指南。我理解您詳細介紹的聯邦醫療保險藥品價格的影響。但即便在較低的預期範圍內，也意味著第四季的波動幅度相當大。所以，或許可以更詳細地談談您是如何看待這些關鍵驅動因素的。

What gets you to the high versus low end? And how much is just tied to the uncertainty in the consumer, as you highlighted, just a broadening pressure across income cohorts? And then if you could, any color on kind of where quarter-to-date trends are tracking for ID sales?

是什麼因素決定了產品是高端還是低端？正如您所強調的，這其中有多少僅僅是由於消費者的不確定性，以及各個收入群體面臨的日益擴大的壓力造成的？如果可以的話，能否簡要介紹本季迄今 ID 銷售的趨勢走向？

I think there's two key areas, Leah, where the guidance range is wide. First and foremost, we've got this 65 to 70 basis point impact that we are anticipating from the Inflation Reduction Act drug pricing issue. So you pointed that out. We've tried to incorporate that. That's 10 to 20 -- 16 to 18 basis points on the full year. It's very significant.

莉亞，我認為有兩個關鍵領域，指導範圍很廣。首先，我們預期《通膨削減法案》對藥品定價的影響將達到 65 至 70 個基點。你指出了這一點。我們已嘗試將其融入其中。這相當於全年下降 10 到 20 個基點——16 到 18 個基點。這意義重大。

But within pharmacy, there's also a lot of other opportunities happening, there's scenarios where GLP-1 is going, what's going to be the adoption with New Year's resolutions around weight loss, the pill that's coming out for GLP-1s. So there is upside in our mind, depending on how each of those play out.

但在藥學領域，還有很多其他的機會正在發生，GLP-1 的發展前景如何，以及新年伊始人們減肥的決心，還有即將推出的 GLP-1 類藥物，這些都可能成為人們的首選。所以，我們認為有利有弊，這取決於每件事的最終結果如何。

We're also keeping a, I would say, a cautious view around industry units. You pointed it out on the units in the industry, and that can be ranged. So within those ranges, we're keeping everything that we currently see in mind. And again, I would say this, when you take out the impact of the Inflation Reduction Act on the drug pricing, we are very much where we expected to be at this point in time.

我認為，我們對行業單位也持謹慎態度。您指出了行業內的單位，而這些單位是可以變化的。因此，在這些範圍內，我們會將目前所看到的一切因素考慮在內。我再次強調，如果排除通膨降低法案對藥品定價的影響，我們目前的處境與預期基本一致。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

So I just wanted to follow up on that -- the algo next year maybe to start. And I just want to make sure, are you saying that if the backdrop stays where it is currently from a unit volume standpoint, and we have slightly less pricing, which obviously is going to put some pressure on IDs, that you still think that you can get into your algo next year? If that's the case, maybe can you just talk about what the levers are that you might be pulling in order to do that?

所以我想跟進一下——也許明年就可以開始使用演算法了。我只是想確認一下，您的意思是，如果背景幕布的銷量保持不變，而價格略有下降（這顯然會給室內設計師帶來一些壓力），您仍然認為明年您還能將產品納入您的演算法嗎？如果是這種情況，您能否談談您為了達到這個目的可能會採取哪些措施？

And then a big picture here, can you maybe talk about the temptation to move a bit faster from an investment standpoint to generate longer-term growth versus the desire to deliver EBITDA growth in line with the plan?

那麼，從更宏觀的角度來看，您能否談談從投資角度來看，為了實現長期增長而加快步伐的誘惑，與按照計劃實現 EBITDA 增長的願望之間的區別？

I'll start and I'll ask Sharon to chime in as well. So as she stated just a couple of seconds ago, one of the pivotal points of our strategy is our ability to be agile. And recognizing that the market is dynamic, there are different levers that we can pull to meet the algo. We've continued to talk about our acceleration in digital platforms, merchandising intelligence, our pharmacy and customer experience, our price investments and so forth. We believe they'll deliver outsized growth.

我先開始，然後我再請莎倫插話。正如她剛才所說，我們策略的關鍵點之一就是我們的敏捷能力。認識到市場是動態的，我們可以採取不同的措施來滿足演算法的要求。我們一直在談論我們在數位平台、商品智慧、藥房和客戶體驗、價格投資等方面的加速發展。我們相信它們將帶來超乎尋常的成長。

And a lot of that growth is building as we exit 2025 and continues to grow as we go throughout 2026. We recognize there are some pressures from the pharmacy Inflation Reduction Act that we just spoke of, that I want to make sure everybody understands too, though, that that is a top-line pressure. It is not a bottom line pressure. It's actually net neutral to the bottom line. Sharon, what would you add?

2025 年末，這種成長勢頭正在增強，並將持續到 2026 年。我們意識到，正如我們剛才提到的，《藥品通膨削減法案》帶來了一些壓力，我也想確保每個人都明白，這只是一個主要的壓力。這不是底線壓力。實際上，這對最終收益沒有影響。莎倫，你還有什麼要補充的嗎？

Ed, I want to be -- make sure that I understand your question. Because with the Inflation Reduction Act, the 16 to 18 basis points that we have quantified on the full year comp for 2025, that is only two periods for us this year. So you can see the magnitude of that for 2026. It is possible, we said that we would have a 2%-plus comp store sales increase because of this Reduction Act, to that point, it is possible the comp will be on a comparable basis, it won't be comparable, there will be a significant headwind, could be as much as 25 basis points to the comp.

艾德，我想確認我是否理解了你的問題。因為根據《通貨膨脹抑制法案》，我們量化的 2025 年全年比較數據中的 16 至 18 個基點，對我們來說，今年只有兩個時期。所以你可以看出這對 2026 年的影響有多巨大。我們曾說過，由於這項減免法案，同店銷售額可能會成長 2% 以上。但就目前而言，同店銷售額有可能成長，也可能成長幅度不大，會面臨很大的阻力，比同店銷售額下降多達 25 個基點。

And if that was the case, you may not deliver the comp number with -- ex the Inflation Act, it would be in the 2%-plus. But it may be different depending on how many more drugs get added to that. So we've got to think through that.

如果真是那樣的話，你可能無法提供相應的比較數字——例如，根據通貨膨脹法案，比較數字會超過 2%。但這取決於之後添加的藥物種類和數量，結果可能會有所不同。所以我們必須仔細考慮一下。

When we're talking about the algorithm, we are talking about on a comparable basis to 2025, we expect comp store sales growth to be 2%-plus before the adjustment for the Inflation Reduction Act, and that adjusted EBITDA will grow slightly faster than that.

當我們談論演算法時，我們指的是與 2025 年的可比情況，我們預計在未根據《通貨膨脹削減法案》進行調整之前，同店銷售額增長率將超過 2%，而調整後的 EBITDA 增長速度將略高於此。

Got it. And then just a follow-up. I was hoping maybe you could talk about the progress of the cost savings and how you're tracking so far against the plan and the cadence in terms of savings as you think about 2026.

知道了。然後還有一個後續問題。我希望您能談談成本節約方面的進展，以及您在考慮 2026 年時，目前為止與計劃的進度相比如何，以及在節省成本方面的速度。

Yes. So I would -- I'll start off and just say we're executing very well against our $1.5 billion plan, as we've stated, driven by technology, automation, analytics. We've also undergone process redesign across the company, in merchandising, supply chain, store operations.

是的。所以我想說——首先我要說的是，正如我們所說，在技術、自動化和分析的驅動下，我們正在非常順利地執行我們15億美元的計劃。公司內部，包括商品銷售、供應鏈和門市營運等方面，也進行了流程重組。

You can see the results that we've shared in our SG&A. We're very pleased with what's flowing through to the bottom line there from a productivity perspective. That said though, part of our productivity is meant to fuel our growth in terms of the reinvestment in price, how we're structurally managing our store labor, and developing a stronger customer experiences both in-store and online. Sharon, anything you want to offer about our outlook on productivity?

您可以在我們的銷售、一般及行政費用表中看到我們分享的結果。從生產力角度來看，我們對最終的獲利情況非常滿意。話雖如此，我們提高生產力的一部分是為了推動我們的成長，具體體現在價格再投資、我們對門市勞動力的結構性管理，以及在店內和線上開發更強大的客戶體驗等方面。莎倫，你對我們關於生產力的看法有什麼想補充的嗎？

Yes. When we get into 2026 -- in our Q4 discussion that Susan shared in our call, we'll also be giving you an update on productivity. We do see new opportunities with all of the things that we've talked out, and we'll be giving you an update on our productivity agenda. To Susan's point, we are achieving our productivity and, to some extent, exceeding our productivity. You can see that in the numbers that we're delivering.

是的。到了 2026 年——正如 Susan 在電話會議中提到的，在第四季的討論中，我們也會向大家報告生產力的最新情況。我們看到，在我們討論的所有內容中都蘊藏著新的機遇，我們將向您報告我們的生產力提升計劃的最新進展。正如蘇珊所說，我們實現了生產目標，並且在某種程度上超過了生產目標。從我們交付的數據就能看出這一點。

And we expect to continue to be pushing that heavily as we go into 2026. And these opportunities, of course, are, like everything I keep saying, they're gradually incremental because they're building on each other.

我們預計在 2026 年將繼續大力推進這項工作。當然，這些機會就像我一直說的那樣，是逐步累積的，因為它們是相互促進的。

John Heinbockel, Guggenheim Securities.

John Heinbockel，古根漢證券。

You guys have -- you've acquired a lot of customers, this 12% growth, right, year-over-year over the past couple of years. Can you talk to wallet share, right? When I think -- and you also talked about that one to two-year journey with pharmacy. When I think about maybe your upper decile loyalty members, average loyalty brand new, can you maybe at least give us some guidance on how those wallet share numbers differ, right? Like is the highest decile 2 times the average or what does that look like?

你們已經——你們獲得了大量的客戶，在過去幾年裡實現了 12% 的年增長率，對吧。你能和錢包共享系統對話嗎？當我想到──你也談到了那一到兩年的藥劑師學習之路。當我想到貴公司忠誠度排名前 10% 的會員，以及平均忠誠度的新會員時，您能否至少給我們一些指導，說明這些會員的錢包份額數字有何不同，對嗎？例如，最高十分位數是平均數的兩倍嗎？還是說具體情況是怎麼樣的？

And then is there much difference, just with a pharmacy customer, some of those new ones are still lagging, right, the wallet share of mature pharmacy customers?

那麼，僅僅就藥局顧客而言，新顧客和老顧客之間差異很大嗎？一些新顧客的消費份額仍落後於老顧客，對吧？

Thanks, John. So our digitally engaged customers spend approximately 2 to 3 times more than those not engaged in digital. And engagement rises further as they broaden through our ecosystem. So as they engage in online ordering, in loyalty and different features on our apps, or health as an example, our pharmacy. And when we get -- when pharmacy enters that ecosystem, we start to see that number grow 4 times, 5 times.

謝謝你，約翰。因此，積極參與數位化活動的客戶的消費額大約是未參與數位化活動的客戶的 2 到 3 倍。隨著他們在我們的生態系統中不斷擴大，參與度也會進一步提高。因此，當他們參與線上訂購、忠誠度計劃以及我們應用程式上的各種功能時，或者以健康為例，我們的藥房。當藥局進入這個生態系統時，我們會看到這個數字成長 4 倍、5 倍。

So our most loyal customers definitely have outsized growth in lifetime value. And our focus there is to continue to build upon that strength as customers engage with us, delivering more personalized journeys. We talked about our AI assistant, offering meal planning. We can help you curate a party or different occasions. And all of those things help deepen baskets and repeat trips for us.

因此，我們最忠誠的客戶在終身價值方面無疑獲得了超乎尋常的成長。我們的目標是繼續鞏固這項優勢，當客戶與我們互動時，提供更個人化的服務體驗。我們討論了我們的人工智慧助手，它可以提供膳食計劃服務。我們可以幫助您策劃派對或其他各種活動。所有這些都有助於增加我們的購物籃容量，並促使顧客再次光顧。

Okay. And maybe as a follow-up, you talked about the divisions where you've invested in (inaudible). I'm curious, have they crossed over into positive food volume territory? And then maybe related to that, I think you've talked about core, noncore assets and wanting to wanting to double down on some of the strongest markets. Do you see potential to exit markets and redeploy those assets and resources to the strongest ones or not really?

好的。或許您可以接著談談您投資的部門。（聽不清楚）我很好奇，他們的食品銷售是否已經達到正成長水準？然後，或許與此相關，我想您談到了核心資產、非核心資產，以及想要加倍投資一些最強勁的市場。您認為是否有可能退出現有市場，並將這些資產和資源重新部署到最強大的市場？

Okay. So with regards to the price investment, I'll speak to it more at the category level. We have seen strong unit improvement in the categories that we've invested. In many cases, they've moved to positive year-over-year. In other cases, the decline has [seen] substantially.

好的。所以關於價格投資，我將更多地從類別層面來談談。我們在所投資的品類中看到了強勁的銷售成長。在許多情況下，它們的年增幅已經轉為正成長。在其他情況下，下降幅度已經相當大。

And as we think about our price investments, I want to remind you too that we've got some areas where we've executed a new low-price campaign. But there are other areas where we're leveraging price in terms of deepening promotion.

在考慮價格上的投入時，我也想提醒大家，我們已經在一些領域開展了新的低價促銷活動。但在其他領域，我們也利用價格優勢來深化促銷活動。

And as I mentioned before, the mitigation of inflation pass-through. So we're very pleased to see the positive customer response there in share as well. With regards to our fleet, yes, we're evaluating our entire portfolio end-to-end as we always do.

正如我之前提到的，要緩解通膨的傳導效應。所以我們很高興看到消費者對市場份額的正面回饋。關於我們的機隊，是的，我們正在像往常一樣對我們的整個機隊進行全面評估。

And I think we mentioned a couple of calls ago that because of the merger, we were unable to conduct some of the normal hygiene that we would do in terms of store closures, and you'll see an outsized list closures as we exit 2025 based upon that.

我想我們在之前的幾次電話會議中提到過，由於合併，我們無法像往常一樣進行一些正常的門店關閉工作，因此，到 2025 年底，你會看到一份規模異常龐大的門店關閉名單。

But as we look forward, yes, we're looking very much where we're strong and want to grow, again, organically or through acquisition. And then we'll also evaluate markets where we perhaps aren't performing like we should and make the determination on if we can grow, if we can invest differently and make a change there.

但展望未來，是的，我們正在重點關注我們的優勢領域，並希望再次實現成長，無論是透過自身發展還是透過收購。然後，我們也會評估我們可能表現不佳的市場，並決定我們是否可以成長，是否可以改變投資方式，做出相應的調整。

And John, I would add too that we are also looking to materially sophisticate our real estate operations in 2026. In addition to that, we are looking at all noncore -- when I say noncore assets, (inaudible) real estate, things -- other things like that. Everything is being evaluated at this point in time.

約翰，我還想補充一點，我們也計劃在 2026 年對我們的房地產業務進行實質的改進。除此之外，我們還在關注所有非核心資產──我說的是非核心資產，（聽不清楚）房地產、其他類似的東西。目前一切都在評估之中。

I want to make sure, however, that we are not having a similar conversation to other competitors, in the grocery landscape, we did not have material type investments like others. And in no way do I -- are we indicating or signaling any type of massive write-off in front of us.

不過，我想確保我們不會和其他競爭對手進行類似的對話。在食品雜貨領域，我們沒有像其他公司一樣進行實質的投資。我絕不認為——我們絕不是在暗示或預示某種大規模的損失即將到來。

Rupesh Parikh, Oppenheimer & Company.

魯佩什·帕里克 (Rupesh Parikh)，奧本海默公司。

So just going back to, I guess, the gross margin line, we've seen now improvement for really the last two or three quarters. It's the lowest decline that we've seen all year. Sharon, just curious how you're thinking about Q4, some of the puts and takes there and whether you'd expect further improvement versus what we saw in Q3.

所以，回到毛利率這個指標，我們已經看到最近兩、三個季度毛利率有所改善。這是今年以來我們看到的最低跌幅。Sharon，我很好奇你對第四季有什麼看法，有哪些看漲和看跌的趨勢，以及你是否預期會比第三季有進一步的改善。

Yes. I think as you think about Q4, you should think about it more like Q2. And here's the reason. In the third quarter, we saw an exceptionally strong pharmacy business, and it was in the value-added side of the business, which brought some incremental profit. It really moved from Q4 into Q3.

是的。我認為，在考慮第四季度時，你應該更多地像考慮第二季度那樣考慮它。原因如下。第三季度，我們看到藥局業務表現異常強勁，尤其是在加值業務方面，這帶來了一些額外的利潤。實際上，它從第四季度過渡到了第三季。

Because of what happened nationally with flu and fear of COVID, we saw an acceleration into the third quarter that will then turn itself around in the fourth quarter. And fourth quarter pharmacy margin is never as strong as Q3. So I think if you model out more like Q2, you'll be in the neighborhood.

由於全國流感疫情和對新冠肺炎的恐懼，我們看到第三季經濟加速成長，而第四季經濟將會逆轉。第四季的藥局利潤率通常不如第三季。所以我覺得，如果你的模型比較接近第二季度，結果應該就差不多了。

Great. And then maybe my follow-up question, just going back to GLP-1 conversation. Given some of the enthusiasm out there on the (inaudible) format, does your team at this point -- it sounds like you do. Do you deem at this point that it could be more of a tail -- or maybe even a bigger tailwind as we go into next year? Is that the current process? Or just any thoughts on how your team is thinking about it?

偉大的。然後，我可能還有一個後續問題，就是回到 GLP-1 的話題上來。鑑於目前大家對（聽不清楚）形式的熱情，你們團隊現在是否也這麼認為──聽起來你們是這麼認為的。您認為目前來看，這會是一股逆風，還是明年會成為一股更大的順風？這是目前的流程嗎？或者你們團隊對此事有什麼想法？

Yes, we absolutely think it can be more of a tailwind as we move forward with the accessibility and delivery mechanism change, pills versus shots and so forth.

是的，我們絕對認為，隨著我們在可及性和交付機制方面進行變革（例如從藥丸到注射劑等等），這可以成為更大的助力。

Yes. And Rupesh, I think the inflection on the pill version of the GLP-1, it is not -- so it's not broadly used, obviously. And it will depend likely on the side effects. But at this point, we do not see it having a material impact one way or the other on the EBITDA in pharmacy. This is really about top line and it's really about our patients.

是的。魯佩什，我認為 GLP-1 片劑的屈折變化，顯然不是——所以它並沒有被廣泛使用。這很可能取決於副作用。但就目前而言，我們認為它不會對藥房的 EBITDA 產生實質影響。這真的關乎公司業績，也真的關乎我們的病人。

If they could come out with a pill and provide our patients with a pill form versus the injection form, that would be great for the patients. But from a material P&L point of view, I don't see it in the short term as something that you need to worry about from a modeling point of view as it relates to adjusted EBITDA.

如果他們能研發出藥片，並為我們的患者提供藥片形式而不是注射形式，那對患者來說將是件好事。但從實質損益表的角度來看，我認為短期內從建模的角度來看，就調整後的 EBITDA 而言，這不是需要擔心的問題。

Tom Palmer, JPMorgan.

湯姆‧帕爾默，摩根大通。

I wanted to ask again on just the price investment side. It sounds like there was perhaps a more intense promotional environment in November, especially when SNAP benefits were deferred. One of your competitors discussed the likelihood of (inaudible) promotions persisting in the subsequent quarters.

我想再次詢問投資價格方面的問題。聽起來11月份的促銷活動可能會更加激烈，尤其是在SNAP福利延期發放的情況下。你的一位競爭對手討論了（聽不清楚）促銷活動在接下來的幾季中持續的可能性。

I think you earlier addressed your tactical actions on this call, but I wondered if you might talk maybe more broadly about what you're seeing across the industry and whether we should think about maybe more promotions funded by food producers or if more of that funding is coming from kind of the [grocery] side?

我認為您之前在這次電話會議上已經談到了您的策略行動，但我想知道您是否可以更廣泛地談談您在整個行業中看到的情況，以及我們是否應該考慮由食品生產商資助的更多促銷活動，或者更多資金是否來自（雜貨）方面？

Tom, so with regards to pricing, yes, we also saw a more aggressive promotional environment this year. And certainly, it was accelerated throughout the holiday season. As we've mentioned before, our customers are absolutely more price-sensitive. Our value-focused competition is clearly showing growth. But that said, our market density and strong locations, combined with our loyalty and AI-driven personalization, help us create a more durable edge to serve our customers faster and in a closer proximity while protecting value.

湯姆，關於定價方面，是的，我們今年也看到了更激烈的促銷環境。當然，在假期期間，這種情況更是加速發展。正如我們之前提到的，我們的客戶對價格非常敏感。我們以價值為導向的競爭格局正明顯呈現成長態勢。但即便如此，我們強大的市場密度和優越的地理位置，加上我們的忠誠度和人工智慧驅動的個人化服務，幫助我們創造了更持久的優勢，能夠更快、更貼近地服務客戶，同時保護價值。

So we absolutely see promotional investments continuing. By the way, by nature, we are a promotional merchant. That's who we are, that's who we've always been. And with our Buying Better Together work where we've spoken before about how we're leveraging our size and scale as a national company to procure a lower cost of goods, to secure more promotional funding where it makes sense, all of those things will help us support where we need to be to meet the customers where they are in terms of price impression.

因此，我們完全可以預見促銷投資將會持續下去。順便說一句，我們本質上是一家促銷商。我們就是這樣的人，我們一直都是這樣。在我們之前談到的「攜手採購」工作中，我們將利用我們作為一家全國性公司的規模優勢來降低商品成本，並在適當的時候獲得更多促銷資金，所有這些都將幫助我們在需要的地方提供支持，以滿足客戶在價格方面的期望。

And the timing for us, when you think about our productivity related to buying together, where we're bringing our buying at the divisions and buying together at the national level, the timing of that and the fact that that is an opportunity in front of us, it completely is in line with the timing of the nature of your question. So obviously, that is opportunistic at the moment.

對我們來說，考慮到我們透過聯合採購提高生產力，將各部門的採購工作與全國範圍內的聯合採購相結合，這與我們面前的機會完全吻合，也與您問題的性質完全一致。顯然，這在目前是一種投機取巧的行為。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

This is Zach on for Simeon. You mentioned a sequential improvement in unit trends. Can you speak to the composition of that trend? Is it loyal family spending more? Is it new customers? And how much is coming from digital versus in-store?

這是札克為西蒙所做的報道。您提到單位趨勢有所改善。能談談這趨勢的構成嗎？忠誠的家人消費更多嗎？是新客戶嗎？其中，線上銷售額佔比多少，線下銷售額佔比多少？

What I would say, just a reminder too for everyone, that the industry -- what we've seen in the industry is units were slightly positive in the first quarter, turned negative in the second quarter and remained flat to negative in the third quarter. And obviously, within that backdrop, our unit trends improved sequentially, and we credit that to our surgical price investment and to our loyalty-led value.

我想提醒大家的是，產業現狀是，第一季銷售量略有成長，第二季轉為負成長，第三季維持穩定或負成長。顯然，在這種背景下，我們的單位趨勢逐週改善，這歸功於我們在手術價格方面的投入以及我們以客戶忠誠度為導向的價值策略。

I would say that we continue to see customers very price-sensitive, thinking about how they prioritize essentials. We're seeing some smaller baskets in those price-sensitive customers, and obviously, some trade-down that's happening as well there. We know that customers are more value aware. Their spending remains relatively stable for us. And again, our personalized promotions, our targeted price investments, our own brands innovation, all of these are designed to support unit recovery over time.

我認為，我們仍然看到顧客對價格非常敏感，他們會考慮如何優先考慮必需品。我們發現，對價格敏感的顧客購買的商品數量有所減少，顯然，他們也出現了降級購買的情況。我們知道，顧客越來越注重性價比。他們的消費對我們來說一直保持相對穩定。此外，我們的個人化促銷、有針對性的價格投資、自有品牌的創新，所有這些都是為了支持產品銷售隨著時間的推移而回升。

And as a quick follow-up regarding digital sales, what does the economic model look like today? And where are you on the profit curve there?

關於數位銷售，我想快速補充一點，目前的經濟模式是什麼樣的？那麼，你目前在利潤曲線上的哪個位置？

Sure. So I'll start and ask Sharon to chime on some of this. But as a reminder, it continues to be a very powerful engine for us. We shared that sales were up 21%. We're very pleased with our penetration growth quarter-over-quarter.

當然。那我就先開始，然後請莎倫就此發表一些看法。但需要提醒的是，它仍然是我們非常強大的引擎。我們分享了銷售額成長21%的消息。我們對本季的市場滲透率成長非常滿意。

And also, we have a structural advantage in that for last mile, over half of our orders are delivered in less than 3 hours. And I think we shared 95% of our households are eligible for Flash Delivery, which means as fast as 30 minutes. So that reinforces speed and convenience for us.

此外，我們在最後一公里配送方面也具有結構性優勢，超過一半的訂單可以在 3 小時內送達。而且我認為我們已經提到，95% 的家庭符合快速送達條件，這意味著最快 30 分鐘即可送達。這樣一來，我們就能享受速度和便利。

From a profitability perspective, we continue to see margin improvement as we scale adoption and embed AI into everything that we're doing end-to-end. And Sharon, do you want to add any color on profit?

從獲利能力的角度來看，隨著我們擴大採用範圍並將人工智慧嵌入到我們所做的每一件事中，利潤率持續提高。莎倫，你想對利潤方面補充些什麼嗎？

Only that we had said that we expect that as we continue to grow, we will get to profitability possibly at the end of this year, going into next year. The volume levers, obviously, the fixed cost. And when we're talking about profitability, we are not including retail media, and we are fully allocating that P&L with fixed cost.

我們只是說過，我們預計隨著公司不斷發展，我們可能會在今年年底或明年年初實現盈利。顯然，銷售槓桿作用於固定成本。當我們談論獲利能力時，我們不包括零售媒體，並且我們將損益表完全按固定成本分配。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO資本市場。

Sharon, I wanted to go back to the efforts to shift the buying to a national buying campaign rather than more localized. Just wondering if you could talk about how that is progressing. Do the savings, are they starting to come through as you expected? And what does that imply for maybe the gross margin outlook into the fourth quarter and next year?

莎倫，我想回到之前的工作，將採購活動從在地化轉向全國性採購活動。想問您能否談談這件事的進展。你的存款是否開始像預期一樣開始產生收益了？那麼，這對第四季和明年的毛利率前景意味著什麼？

When we laid out our productivity, Kelly, we said that we expected the big benefits from that to come in year two and year three of our productivity program. That's the response to the earlier question, that as we are seeing this more competitive environment, this is still in front of us.

凱利，當我們制定生產力計劃時，我們說過，我們預計生產力計劃的第二年和第三年將帶來巨大的收益。這是對先前問題的回答，雖然我們看到的是一個競爭更激烈的環境，但這個問題仍然擺在我們面前。

I'm going to let -- I'm going to turn it over to Susan in a second because the other thing that we're doing simultaneously is, in our four big bets, AI, merchandising intelligence is one of those. And that provides a very data-driven way to approach this change -- material change in the way we're working. And I'll let Susan talk about the merchandising organization and how that's transformed since she took this role. So Susan, you want to add a little bit to that?

我馬上把麥克風交給蘇珊，因為我們同時進行的另一件事是，在我們四大投資中，人工智慧和商品智能就是其中之一。這提供了一種以數據為導向的方式來應對這種變化——我們工作方式的實質變化。接下來，我將請蘇珊談談商品銷售部門以及自從她擔任這個職位以來該部門發生了哪些變化。蘇珊，你想補充一點嗎？

Of course. And I'll just tag on too to your AI comment as well. The merchandising intelligence that we've listed under AI does exactly what Sharon described, but -- and it's also meant to help us not only create better customer experiences, create curated assortment, but also optimize the profitability of our price and promotion end-to-end. So we're very excited about our proprietary work there.

當然。我也想補充你關於人工智慧的評論。我們在人工智慧下列出的商品智慧功能正如莎倫所描述的那樣，而且——它的目的不僅在於幫助我們創造更好的客戶體驗、創建精心挑選的商品組合，還在於幫助我們從頭到尾優化價格和促銷的盈利能力。所以我們對我們在那裡的自主研發成果感到非常興奮。

From an internal construct perspective, we've -- as we've shared before, we've got a new merchant, Michelle Larson took this seat a few months ago. And under her leadership and with the collaboration across all of our divisions, we're actually very bullish about what we're going to be able to capture from a benefits perspective as we leverage our size and scale to buy better together.

從內部結構的角度來看，正如我們之前分享過的，我們有了一位新的商人，米歇爾·拉爾森幾個月前擔任了這個職位。在她的領導下，以及我們所有部門的通力合作下，我們對利用自身規模優勢進行聯合採購所能獲得的利益非常有信心。

We've got alignment across every single one of our divisions. We've got a common calendar. We're building the right processes and tools, as I just mentioned, from an AI perspective to support all of this. So we're very bullish about the future potential benefits that we will deliver in 2026 and beyond.

我們各部門之間都保持一致。我們使用同一個日曆。正如我剛才提到的，我們正在從人工智慧的角度建立正確的流程和工具來支援這一切。因此，我們對2026年及以後將帶來的潛在收益非常樂觀。

That's helpful. Can I just follow up a little bit on the discussion of the units. I believe the plan was to try to approach flattish units by year-end. I was wondering if you can talk about if that's possible still on the horizon in terms of the core grocery categories. And can you also talk about the performance of fresh versus branded. I think you talked a little bit about private label, but just some of the growth in some of those categories versus your expectations.

那很有幫助。可以再補充一點關於單位的討論嗎？我認為計劃是爭取在年底前實現較平坦的房價。我想問一下，就核心食品雜貨類別而言，這在不久的將來是否還有可能實現？能否也談談新鮮食材與品牌食材的表現對比？我想你剛才稍微談到了自有品牌，但其中一些類別的成長與你的預期相比如何？

I'll start and then I'll let Susan take the second half of your question. In the outlook that we have for the fourth quarter and as we think about where we will start to go into the algorithm in 2026, in light of industry units being negative and the trends in that having no clear sign of material improvement or catalyst for improvement, we will -- we did not assume that we would be at flat units coming into 2026, and don't expect to be in 2025 Q4.

我先來，然後請蘇珊回答你問題的後半部。鑑於行業銷量為負，且目前沒有明顯的實質改善跡像或改善催化劑，因此，在展望第四季度以及考慮 2026 年演算法發展方向時，我們並沒有假設 2026 年銷量會持平，也不認為 2025 年第四季度銷量會持平。

And what I would add to that is, again, we've seen strong unit inflection in our price investment categories, and other categories as well. We are bolstered by what we're seeing there, and that only helps us gain confidence in our pricing approach and supports what we want to do as we move into 2026 and beyond.

我還要補充一點，我們已經看到價格投資類別以及其他類別的單位數量出現了強勁的轉折點。我們從那裡看到的情況中得到了鼓舞，這只會增強我們對定價方法的信心，並支持我們邁向 2026 年及以後想要做的事情。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

Can you give us an update on the income demographics earlier in your comments. I'm curious what you actually saw in each of those three during this quarter. And how did that differ in-store versus online? Curious where you're seeing yourselves gain share by income demographic or maybe even losing a little share.

您能否在先前的評論中更新一下收入人口統計？我很想知道你在本季分別對這三個方面都做了哪些觀察。實體店和網上購物有何不同？很好奇你們發現哪些收入群體的市佔率有所成長，或甚至可能出現一些市場佔有率下降的情況。

Sure. So thanks, Paul. So we are by nature, by the -- our go-to-market strategy, we are appeal more to the middle and upper income customer base. Now that said, we serve everyone in many markets across the country. And as we've said before, our low-income customers are certainly stretched, and that is where we're seeing smaller baskets. They're focusing on essentials.

當然。謝謝你，保羅。因此，從本質上講，從我們的市場進入策略來看，我們更傾向於吸引中高收入客戶群。也就是說，我們為全國許多市場的所有人提供服務。正如我們之前所說，我們的低收入客戶的經濟狀況確實比較緊張，因此我們看到他們的購物籃規模較小。他們專注於必需品。

Our middle-income households also though do show some softening. And what we're seeing there is maybe a trade down. So instead of buying a steak, they're buying ground beef and so forth. Our higher-income customers, their spend is largely stable, but also we are starting to see them be increasingly value-conscious.

不過，我們的中等收入家庭也出現了一些疲軟的跡象。我們看到的可能是交易降級。所以他們不去買牛排，而是買碎牛肉等等。我們的高收入客戶，他們的支出總體上保持穩定，但我們也開始看到他們越來越注重性價比。

And that's, again, where we're really leaning into our personalized promotions, our surgical cost inflation management, making sure that we're delivering value across all cohorts. And we're able to leverage our loyalty programs to help us do that in a more meaningful way.

而這正是我們真正著力進行個人化推廣、控製手術成本上漲、確保為所有群體提供價值的地方。我們可以利用會員忠誠度計劃，以更有意義的方式幫助我們實現這一目標。

Just one follow-up on units. If we x out pharmacy in terms of this quarter's ID sales, how did that look in terms of pricing versus units, if we look at the ID sales ex pharmacy?

僅需跟進一次。如果我們在本季的 ID 銷售中剔除藥房，那麼從價格與銷售的角度來看，剔除藥局後的 ID 銷售情況如何？

I think it's going to -- we expect Q4 to look pretty similar. We're expecting to see similar trends to Q3.

我認為情況會是這樣——我們預計第四季度的情況會非常相似。我們預計會出現與第三季類似的趨勢。

And what was that -- the inflation piece, the pricing piece in Q3?

那是什麼呢——第三季的通膨因素和價格因素？

We didn't give that specifically. CPI was up 2% in Q3. We did not pass through 2% and we passed through less than our cost inflation. That's what you see in the margins.

我們沒有明確給出這個訊息。第三季消費者物價指數上漲2%。我們沒有將 2% 的成本轉嫁出去，而且我們轉嫁的成本低於我們的成本通膨率。這就是你在頁邊空白處看到的內容。

Thank you. Okay. Thank you all for your time today. That concludes our Q&A section. Have a great day. Thank you.

謝謝。好的。感謝各位今天抽出時間。我們的問答環節到此結束。祝你有美好的一天。謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。