Albertsons Companies, Inc. (ACI) 2025 Q4 法說會逐字稿

Welcome to the Albertsons Companies fourth quarter and full year 2025 earnings conference call, and thank you for standing by. (Operator Instructions) This call is being recorded.

歡迎參加 Albertsons Companies 2025 會計年度第四季暨全年財報電話會議，感謝各位耐心等候。(接線員指示) 本通話將被錄音。

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

現在我想把電話交給 Cody Perdue，資深副總裁，負責財務庫務、投資人關係與風險管理。請開始。

Good morning, and thank you for joining us. With me today are Susan Morris, our CEO; and Sharon McCollam, our President and CFO. Today, Susan will provide an overview of our fourth quarter and full year 2025 results and update you on our strategic progress, highlighting areas of particular focus as we enter fiscal 2026.

各位早安，感謝各位加入我們。今天與我一同出席的有我們的執行長 Susan Morris，以及我們的總裁兼財務長 Sharon McCollam。今天，Susan 將概述我們 2025 會計年度第四季與全年業績，並向各位更新我們的策略進展，重點說明在邁入 2026 會計年度之際我們特別聚焦的領域。

Then Sharon will provide the details related to our fourth quarter and full year financial results and our outlook for 2026 before handing it back to Susan for closing remarks. After management comments, we will conduct a Q&A session.

接著 Sharon 將說明與第四季及全年財務結果，以及我們對 2026 年的展望相關的細節，之後再交回給 Susan 做結語。管理團隊發言後，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.

提醒各位，管理層可能會在聯邦證券法的定義下發表前瞻性陳述。這些陳述存在風險與不確定性，可能導致實際結果與我們的預期與推估出現重大差異。

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.

這些風險與不確定性包括但不限於我們向美國證券交易委員會（SEC）提交之文件中所識別的因素。我們今天所做的任何前瞻性陳述僅截至今日為準；因新資訊、未來事件或其他原因，我們不承擔更新或修訂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，我們將討論若干非 GAAP 財務衡量指標。這些財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表，可在今早發布的財報新聞稿中查閱。

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

那麼，我現在把電話交給 Susan。

Thanks, Cody. Good morning, everyone, and thanks for joining us today. In the fourth quarter, our teams led with operational agility and strong execution. Despite greater-than-expected pharmacy headwinds, identical sales increased 0.7%, while our resilient operating model and ongoing productivity drove better-than-expected adjusted EBITDA of $903 million.

謝謝你，Cody。各位早安，感謝今天加入我們。在第四季，我們的團隊以營運敏捷性與強勁執行力領先推進。儘管藥局業務逆風大於預期，同店銷售仍成長 0.7%；同時，我們具韌性的營運模式與持續的生產力提升，帶動調整後 EBITDA 達 9.03 億美元，優於預期。

For the full year, we delivered results in line with our expectations, while investing in capabilities that strengthened our business, further positioning us for long-term growth.

就全年而言，我們交出符合預期的成果，同時投資於強化業務的能力，進一步為長期成長奠定更有利的定位。

Also during fiscal '25, we returned more than $1.8 billion to shareholders through share repurchase and dividends, underscoring our commitment to shareholder returns and disciplined capital allocation.

此外，在 2025 會計年度期間，我們透過庫藏股回購與股利發放向股東回饋超過 18 億美元，彰顯我們對股東報酬與嚴謹資本配置的承諾。

Throughout 2025, our teams leaned into a new day, executing with focus amidst a volatile and uncertain macro environment. The results we delivered validate the effectiveness of our investments, the progress we're making across the business and the strength of the foundation that we have built.

在 2025 年全年，我們的團隊擁抱嶄新的一天，在波動且不確定的總體環境中仍專注執行。我們所交出的成果驗證了投資的有效性、我們在各項業務上的進展，以及我們所建立之基礎的強韌。

As we enter 2026, we do so with confidence as reflected in today's outlook. This confidence is further reinforced by our announcement this morning to increase our quarterly dividend by 13% and refresh our existing share repurchase authorization to $2 billion.

邁入 2026 年，我們充滿信心，並反映在今天提供的展望之中。這份信心也因我們今早宣布將季度股利提高 13%，並將既有的股票回購授權更新至 20 億美元而進一步強化。

But before we talk more about the fourth quarter and 2026, I want to step back and talk about how we see the future of Albertsons and how we're positioning the company to win in a competitive value-focused grocery environment that requires differentiation.

不過，在我們進一步談第四季與 2026 年之前，我想先退一步，談談我們如何看待 Albertsons 的未來，以及我們如何讓公司在競爭激烈、以價值為導向且需要差異化的雜貨零售環境中取得勝利。

At the core of our strategy is a clear conviction. The future of grocery is personal, and true personalization is a durable competitive advantage.

我們策略的核心是一個明確的信念。雜貨零售的未來是個人化，而真正的個人化是一項持久的競爭優勢。

Our mission is to become the most loved grocer in the neighborhoods we serve by transforming routine transactions into differentiated customer connections and experiences that deepen engagement. It's not a reinvention of who we are, it's a deliberate build on strengths that already differentiate us and give us the right to win.

我們的使命是透過將例行交易轉化為具差異化的顧客連結與體驗、深化互動參與，成為我們所服務社區中最受喜愛的雜貨商。這不是對我們本質的重新發明，而是有意識地在既有、已能使我們脫穎而出的優勢上持續打造，並賦予我們取勝的正當性。

We have one of the strongest store networks in the country. In our markets, our stores are within 15 minutes of approximately 120 million people, giving us a structural advantage in trip frequency, pharmacy access and fast same-day fulfillment.

我們擁有全美最強大的門市網絡之一。在我們的市場中，我們的門市距離約 1.2 億人口的生活圈皆在 15 分鐘內，讓我們在到店頻率、藥局可近性與快速當日履約方面具備結構性優勢。

Put simply, our store network cannot be replicated and is further strengthened by our team, our data, AI and next-generation technology capabilities, which allow us to personalize a customer's entire experience.

簡而言之，我們的門市網絡無法被複製；而且在團隊、數據、AI 與次世代科技能力的加持下更為強化，使我們能夠為顧客的整體體驗進行個人化。

We also have the scale and capabilities to deliver sustainable value. In our stores, we provide market tailored fresh offerings and value-enhancing services. In e-commerce, we offer speed, convenience and variety from our store-based fulfillment model.

我們也具備規模與能力以提供可持續的價值。在門市端，我們提供符合各市場需求的生鮮商品與提升價值的服務。在電商端，我們透過以門市為基礎的履約模式，提供速度、便利與多樣選擇。

In pharmacy, we don't just fill prescriptions, we immunize and treat our patients along their wellness journey. And we have a strong loyalty engagement where deep relationships with our banners and brands provide us the data and insights to personalized experiences at scale.

在藥局端，我們不僅是配藥，也在顧客的健康旅程中提供疫苗接種與治療。同時，我們擁有強大的忠誠度互動機制，與旗下各旗艦品牌與自有品牌的深厚關係，為我們提供數據與洞察，得以大規模打造個人化體驗。

These foundational strengths working together bring our strategy to life under three tightly connected pillars: a winning footprint, a customer-centric experience and balanced value.

這些基礎優勢相互協同，讓我們的策略在三個緊密連結的支柱下落地：致勝版圖、以顧客為中心的體驗，以及均衡價值。

Our winning footprint is not only a critical differentiator but a deep and structural competitive advantage that enables both convenience and local relevance.

我們的致勝版圖不僅是關鍵差異化因素，更是一項深層且結構性的競爭優勢，能同時帶來便利性與在地相關性。

We're taking a disciplined market-by-market approach to banner optimization, store modernization, market densification where we have the right to win and store rationalization where the economics are structurally challenged.

我們以市場為單位採取嚴謹的方法，推動旗幟品牌（banner）最佳化、門市現代化、在具備取勝條件的市場進行密度提升，以及在經濟性結構性受挑戰之處進行門市汰弱留強。

This is not about growth for growth's sake, it's about optimizing return on investment, elevating the customer-centric experience and ensuring that every store plays a clear role in winning in its local market.

這不是為了成長而成長，而是為了最佳化投資報酬、提升以顧客為中心的體驗，並確保每一家門市在其在地市場的致勝策略中都扮演清晰角色。

To elevate the customer experience, we're creating scalable yet personal experiences, experiences that are differentiated, combine caring service, quality and fresh, convenience, value and own brands, all while remaining simple and easy for our customers to navigate.

為了提升顧客體驗，我們正在打造可規模化但仍具個人感的體驗——具差異化、融合關懷式服務、品質與生鮮、便利、價值與自有品牌，同時保持簡單、讓顧客容易理解與使用。

To deliver this, we're building on capabilities and offerings where our brands already have credibility and our customers trust.

為了實現這一點，我們將在既有品牌已具公信力、且顧客信任的能力與產品供給上持續加碼。

Fresh is a great example. Our customers know they can trust us with their custom birthday cake order, to have perfectly trimmed steaks for their barbecue or to be there for them with our fresh-cut options. We're leaning into our strength as a scaled fresh destination combining service, solutions, innovation and expertise to drive both loyalty and share.

生鮮就是一個很好的例子。顧客知道他們可以信任我們處理客製化生日蛋糕訂單、為烤肉準備修切得恰到好處的牛排，或在需要時提供我們的新鮮現切選項。我們正加大發揮作為具規模的生鮮目的地之優勢，結合服務、解決方案、創新與專業，帶動忠誠度與市占提升。

We're also expanding into what we call food now, broadening our role in customers daily lives by providing meal solutions that allow us to compete for a larger share of food occasions, not just the weekly stock up. Today, our deli and prepared foods drive more than 1/3 of total trips, and we have outsized share of wallet that continues to grow in this area.

我們也在擴展我們所稱的「即食餐食（food now）」領域，透過提供餐食解決方案，擴大我們在顧客日常生活中的角色，使我們能在更多用餐情境中競爭更大的份額，而不僅是每週一次的補貨採買。目前，我們的熟食與即食餐點帶動超過總到店次數的三分之一，而我們在此領域的錢包份額明顯高於平均，且仍持續成長。

At the heart of our mission, we are deepening the personal digital and loyalty relationship, connecting online and in-store experiences so customers feel recognized, seen and valued wherever they engage with us. The outcome we're driving here is simple.

在我們使命的核心，我們正深化個人化的數位與忠誠度關係，串聯線上與門市體驗，讓顧客無論以何種方式與我們互動，都能感受到被認可、被看見並被重視。我們在此推動的成果很簡單。

Customers don't just shop with us, they choose us. We're very clear-eyed about today's consumer. They remain focused on value, making a balanced value proposition more critical than ever.

顧客不只是跟我們購物，他們會選擇我們。我們對當今消費者有非常清晰的認知。他們仍然以價值為核心，使得「均衡價值主張」比以往任何時候都更為關鍵。

Our approach to this is deliberate and sustainable. Scale is a real advantage that we will leverage every day, including capitalizing on buying better together at the national level, expanding our own brand penetration, and growing our retail media platform, all to provide fuel to reinvest in value.

我們對此採取審慎且可持續的做法。規模是一項真正的優勢，我們將每天加以運用，包括在全國層級把握「共同採購、買得更好」的效益、提升自有品牌滲透率，以及擴大我們的零售媒體平台，藉此提供資源以再投資於價值。

At the same time, we're accelerating automation and AI-enabled tools across merchandising stores and supply chain to improve efficiency to add further fuel for investment.

同時，我們正加速在商品營運門市與供應鏈導入自動化與 AI 賦能工具，以提升效率，進一步為投資提供更強動能。

We are surgically investing where it matters most to our customer. That includes getting sharper on key value items and driving own brand penetration, both funded through structural margin improvement in productivity, not short-term trade-offs.

我們以精準、聚焦的方式在對顧客最重要之處進行投資。這包括更聚焦於關鍵價值商品並提升自有品牌滲透率，而這些投入皆由生產力帶來的結構性毛利改善所支應，而非以短期權衡取捨來換取。

But it also includes the convenience, speed and value we can offer with our assortment. The result is building a balanced value equation that works for customers, and in turn for all stakeholders while protecting long-term returns and making us our customers retailer of choice.

但也包括我們透過商品組合所能提供的便利性、速度與價值。其結果是建立一個能為顧客帶來效益、並進而惠及所有利害關係人之均衡價值方程式，同時保護長期報酬，並讓我們成為顧客首選的零售商。

Underpinning all of this is our team powered data-driven and AI-enabled company, using technology not to replace the human element, but to amplify it. As we look ahead, our focus is on building a company that can grow sustainably through all cycles.

支撐這一切的是我們以團隊為核心、數據驅動且 AI 賦能的公司；我們運用科技不是為了取代人的元素，而是為了放大它。展望未來，我們的重點是打造一家能在各種景氣循環中都可持續成長的公司。

We have a clear path to accelerating revenue growth, strengthening margins and improving returns while staying true to what makes Albertsons distinctive. Becoming the most loved grocer in our neighborhood is how we bring this to life, while building on the initiatives and capabilities we've been focused on, making grocery personal at scale, earning customers for life and delivering long-term value for shareholders.

我們有一條清晰的路徑，可在忠於 Albertsons 獨特之處的同時，加速營收成長、強化利潤率並提升報酬。成為社區中最受喜愛的雜貨商，是我們將此願景落地的方式；同時延續我們一直聚焦的倡議與能力，以規模化方式讓雜貨更貼近個人、贏得顧客終身忠誠，並為股東創造長期價值。

I'll now turn back to the quarter to highlight the progress we are making across our priorities that continue to strengthen our foundation and position us for sustainable, profitable growth in fiscal 2026. Technology and AI fit at the center of our transformation.

接下來我將回到本季，重點說明我們在各項優先事項上的進展；這些進展持續強化我們的基礎，並使我們在 2026 會計年度實現可持續且具獲利性的成長。科技與 AI 位於我們轉型的核心。

Our four big bets, digital customer experience, merchandising intelligence, labor optimization and supply chain optimization are not pilot programs. They're all long-term structural initiatives designed to drive growth and expand margins.

我們的四大押注——數位顧客體驗、商品營運智慧、勞動力最佳化與供應鏈最佳化——不是試點計畫。它們都是旨在推動成長並擴大利潤率的長期結構性倡議。

This quarter, we continue to see tangible progress. In digital customer experience, AI-driven capabilities are modernizing the way customers shop, delivering personalization that drives higher conversion, larger baskets and greater loyalty.

本季我們持續看到具體進展。在數位顧客體驗方面，AI 驅動的能力正在現代化顧客的購物方式，提供能帶動更高轉換率、更大客單與更高忠誠度的個人化體驗。

Merchandising intelligence. Automated insights and intelligent pricing tools are improving category decision-making and supporting structurally stronger margins. We are in flight with tools that are reimagining price and promotional strategy as well as category management and assortment decisions.

商品營運智慧。自動化洞察與智慧定價工具正在改善品類決策，並支撐結構性更強的利潤率。我們正推進一系列工具，重新構想定價與促銷策略，以及品類管理與商品組合決策。

Labor optimization. Our generative AI scheduling tools will improve forecast accuracy, reducing complexity for associates and driving labor efficiency.

勞動力最佳化。我們的生成式 AI 排班工具將提升預測準確度，降低同仁作業複雜度，並推動人力效率。

In supply chain, our AI power demand forecasting and computer vision are improving availability, quality and freshness, while lowering inventory and fulfillment costs.

在供應鏈方面，我們的 AI 驅動需求預測與電腦視覺正在提升可得性、品質與新鮮度，同時降低庫存與履約成本。

As part of our investments in supply chain, we've launched [gateway], a proprietary AI-powered tool that boosts inventory efficiency and replenishment for promotional center store SKUs. All of these initiatives are building the modern technology-enabled Albertsons that will define our competitiveness in fiscal 2026 and beyond.

作為我們供應鏈投資的一部分，我們已推出 [gateway]，這是一項自研的 AI 賦能工具，可提升促銷型中間貨架（center store）SKU 的庫存效率與補貨能力。所有這些倡議正在打造現代化、科技賦能的 Albertsons，並將在 2026 會計年度及其後定義我們的競爭力。

Our digital and e-commerce business continues to be a strong growth engine. Building on the momentum that we delivered throughout fiscal '25, digital penetration surpassed 10% in Q4, a new milestone for our omnichannel ecosystem.

我們的數位與電商業務持續是強勁的成長引擎。延續我們在 2025 會計年度全年的動能，第四季數位滲透率突破 10%，成為我們全通路生態系的新里程碑。

Our first-party business continues to scale rapidly and contributed nearly 90% of our 16% digital growth this quarter as we continue to elevate our customer experience. Our AI-enabled shopping assistance, already showing meaningful lift in basket size, continues to enhance personalization, and we see significant runway ahead as customer adoption increases.

我們的第一方業務持續快速擴張，且在我們持續提升顧客體驗的同時，本季貢獻了我們 16% 數位成長中的近 90%。我們的 AI 賦能購物輔助功能已顯示對客單大小有顯著提升，並持續強化個人化；隨著顧客採用率提高，我們仍看到可觀的成長跑道。

The strength of our store-based fulfillment model also continues to differentiate. Our proximity advantage enables speed and efficiency at scale as we continue to fulfill more than half of digital orders in under 3

我們以門市為基礎的履約模式之優勢也持續形成差異化。我們的鄰近優勢使我們能以規模化方式提供速度與效率，因為我們持續履行超過一半的數位訂單在不到 3

hours.

小時內完成。

Additionally, the vast majority of delivery households are eligible for a 30 minute flash delivery, which is our fastest growing digital segment.

此外，絕大多數配送家庭符合 30 分鐘快閃配送資格，這也是我們成長最快的數位區隔。

We maintained strong conviction in digital as a driver of sustainable growth and margin expansion as we scale retail media, enhance marketing efficiency and strengthen loyalty engagement. Our third-party business also remains a convenient choice for some customers and is a gateway for introducing new customers to our first-party offering.

我們對數位作為可持續成長與利潤率擴張驅動因素的信念依然堅定，並將持續擴大零售媒體規模、提升行銷效率與強化忠誠度互動。我們的第三方業務對部分顧客而言仍是便利的選擇，也是一個入口，可將新顧客導入我們的第一方服務。

Our loyalty ecosystem continues to be one of our strongest competitive advantages, creating deeper stickiness and fueling our strategy. Membership grew 12% to more than 51 million members, with more frequent transactions, easier reward redemption and higher spending among engaged households.

我們的忠誠度生態系持續是最強的競爭優勢之一，帶來更深的黏著度並推動我們的策略。會員數成長 12% 至超過 5,100 萬名會員，且在高互動家庭中呈現更頻繁的交易、更容易的回饋兌換與更高的消費。

The program's momentum reflects both simplicity and relevancy. Customers are gravitating toward immediate value, including increasing redemption through the cash off option, which is clear evidence that we're meeting their needs in a value-focused environment.

該計畫的動能反映了「簡單」與「相關性」兩大特質。顧客正傾向於即時價值，包括透過「現金折抵」選項提高兌換率；這清楚證明我們在以價值為導向的環境中滿足了他們的需求。

Loyalty is also a flywheel for growth. It enriches our data, strengthens our media collective and helps us personalize promotions with increasing precision. Across the board, loyalty is driving higher lifetime value, deeper omnichannel engagement and a more predictable, resilient revenue base, all essential components of our long-term growth algorithm.

忠誠度也是成長的飛輪。它豐富我們的數據、強化我們的媒體聯盟，並幫助我們以更高精準度進行促銷個人化。整體而言，忠誠度正推動更高的終身價值、更深的全通路互動，以及更可預測、更具韌性的營收基礎——這些都是我們長期成長演算法的關鍵組成。

Our media business gained further momentum in Q4, driven by deeper integration across our platform. By embedding media into the customer journey and merchant partnerships, we're delivering targeted, measurable value at scale.

我們的媒體業務在第四季進一步增強動能，主要受益於在平台上的更深度整合。透過將媒體嵌入顧客旅程與商家合作關係中，我們正以規模化方式提供可衡量、具針對性的價值。

In the quarter, our personalized ad pilots delivered a 90% lift in conversion and click-through rates, validating a clear path to scale personalization, driving higher relevance and improved return on ad spend. This approach is translating into a structurally attractive profit stream that amplifies and fuels our core retail business.

本季，我們的個人化廣告試點在轉換率與點擊率上帶來 90% 的提升，驗證了擴大個人化規模的清晰路徑，進而提高相關性並改善廣告投資報酬率。此一作法正轉化為結構性具吸引力的獲利來源，放大並為我們的核心零售業務提供動能。

Our customer value proposition continues to strengthen, making shopping more affordable, intuitive and personalized across our market. By combining our rich store, customer and category level data with disciplined price investments, we are delivering clear, more consistent value.

我們的顧客價值主張持續強化，使我們在各市場的購物體驗更可負擔、更直覺且更個人化。透過結合我們豐富的門市、顧客與品類層級數據，以及有紀律的價格投資，我們正提供更清晰且更一致的價值。

Through targeted pricing actions, improved loyalty-driven promotions and continued on brand innovation, we're reinforcing trust with customers who increasingly expect transparency and consistency in their weekly shop.

透過具針對性的定價行動、改善以忠誠度驅動的促銷，以及持續的自有品牌創新，我們正在強化顧客信任；顧客在每週採買上愈來愈期待透明度與一致性。

Our approach remains deliberate, protect affordability, sharpen value perception and use data-driven personalization to meet customers where they are across income levels, trip types and missions. The results, a value engine that supports growth and protects margins through all cycles.

我們的方法仍然審慎：維護可負擔性、強化價值感知，並運用數據驅動的個人化，在不同收入層級、不同購物行程類型與不同任務情境中與顧客接軌。其成果是一個價值引擎，能在各種景氣循環中支持成長並保護利潤率。

In pharmacy, we delivered improved profitability despite top line pressure from the government-mandated Inflation Reduction Act that took effect this quarter.

在藥局業務方面，儘管本季生效的政府強制《通膨削減法案》（Inflation Reduction Act）對營收端造成壓力，我們仍實現了獲利能力的改善。

This performance reinforces our confidence in our strategy to improve pharmacy stand-alone profitability, while also driving materially higher customer lifetime value among customers who shop both pharmacy and grocery.

這項表現強化了我們對策略的信心：提升藥局單體獲利能力，同時也在同時購買藥局與雜貨的顧客中，實質提高顧客終身價值。

Looking ahead to 2026, we remain focused on increasing operational productivity through expanded central fill, enhanced procurement and the scaling of higher-margin services while maintaining disciplined management of reimbursement and regulatory headwinds.

展望 2026 年，我們仍聚焦於透過擴大中央配藥（central fill）、強化採購，以及擴大高毛利服務規模來提升營運生產力，同時維持對給付（reimbursement）與法規逆風的紀律性管理。

Finally, productivity remains a foundational pillar of our strategy and a meaningful source of both fuel and flexibility. Across fiscal '25, our teams executed with discipline, unlocking efficiencies across labor, store operations, supply chain, merchandising and global capability centers.

最後，生產力仍是我們策略的基礎支柱，也是動能與彈性的關鍵來源。在 2025 會計年度，我們的團隊以紀律執行，在人力、門市營運、供應鏈、商品營運與全球能力中心等面向釋放效率。

This included a deliberate focus on reducing shrinking expense and improving units per labor hour, driving better in-store execution and structurally lower cost.

其中包括有意識地聚焦於降低耗損（shrink）費用並提升每工時產出件數（units per labor hour），以帶動更佳的店內執行並形成結構性更低的成本。

Importantly, this work does not reset in 2026, it builds. As we enter fiscal '26, we are scaling the same productivity engine further through a $2 billion three year productivity program, supported by our technology agenda and our four big bets in AI.

重要的是，這項工作不會在 2026 年重置，而是持續累積。隨著我們進入 2026 會計年度，我們將透過一項為期三年、規模 20 億美元的生產力計畫，進一步擴大同一套生產力引擎；該計畫由我們的科技議程以及在 AI 上的四大押注所支撐。

Our progress continues to strengthen our operating model and reinforce our ability to grow through all cycles. Our teams delivered a strong close to fiscal '25, and we are entering fiscal '26 from a position of confidence, clarity and momentum.

我們的進展持續強化我們的營運模式，並鞏固我們在各種景氣循環中成長的能力。我們的團隊在2025會計年度強勁收官，而我們正以信心、清晰度與動能進入2026會計年度。

With that, I'll turn it over to Sharon to walk through our financial results and 2026 outlook.

接下來，我將把時間交給Sharon，請她帶大家回顧我們的財務結果與2026年的展望。

Thank you, Susan, and good morning, everyone. It's great to be here with you today. Before turning to results, I want to briefly update you on this morning's announcement of our proposed nationwide opioid legal settlement framework.

謝謝你，Susan，各位早安。很高興今天能在這裡與各位相聚。在談到業績之前，我想先簡要更新我們今早宣布的全國性阿片類藥物法律和解框架提案。

This framework provides for a $774 million settlement payable over nine years that was recorded during the fourth quarter. This proposed settlement is a meaningful step toward resolving our opioid-related litigation without any admission of wrongdoing or liability.

此框架包含一項7.74億美元的和解金，將於九年內支付，並已於第四季入帳。這項擬議和解是在不承認任何不當行為或法律責任的情況下，朝解決我們與阿片類藥物相關訴訟邁出的重要一步。

We remain committed to patient safety, strong pharmacy practices and being a constructive partner in addressing the opioid crisis as communities needs evolve.

我們仍致力於病患安全、健全的藥局作業，並在社區需求演變之際，成為因應阿片危機的建設性合作夥伴。

Now let me turn back to our fourth quarter results. In Q4, we delivered better-than-expected adjusted EBITDA and adjusted EPS despite industry-wide pharmacy dynamics that pressure reported identical sales.

現在讓我回到第四季的業績。在第四季，儘管全產業藥局動態對申報的同店銷售造成壓力，我們仍交出優於預期的調整後EBITDA與調整後EPS。

ID sales in Q4 increased 0.7%, net of approximately 145 basis points of pharmacy-related headwinds versus the expectation we provided in our Q3 outlook of approximately 65 to 70 basis points.

第四季同店銷售成長0.7%，已扣除約145個基點的藥局相關逆風；相較之下，我們在第三季展望中提供的預期約為65至70個基點。

These headwinds were primarily driven by a greater impact from the Inflation Reduction Act, which I will call IRA, and broader industry affordability dynamics. Specifically, IRA pricing and mix pressure accelerated more quickly than expected, while the industry shifted toward a higher generic to brand mix.

這些逆風主要來自《降低通膨法案》（以下簡稱IRA）影響更大，以及更廣泛的產業可負擔性動態。具體而言，IRA帶來的定價與組合壓力加速得比預期更快，同時產業轉向更高的學名藥相對品牌藥的組合。

Together, these factors represented an approximate 105 basis point headwind to ID sales in the quarter. Importantly, while the top line impact was meaningful, the margin impact was favorable as generics are structurally more accretive.

合計而言，這些因素在本季對同店銷售造成約105個基點的逆風。重要的是，雖然對營收端的影響顯著，但對毛利的影響反而有利，因為學名藥在結構上更具增益性。

In addition, we saw a greater moderation in GLP-1 growth, driven by tighter payer criteria and increased direct-to-consumer penetration. This represented an incremental 40 basis point headwind to identical sales compared to our Q3 outlook.

此外，我們也看到GLP-1成長進一步趨緩，主因是付款方條件更嚴格，以及直面消費者（DTC）滲透率提高。相較於我們第三季展望，這對同店銷售額外造成40個基點的逆風。

So in total, pharmacy created an approximate 145 basis point headwind to our Q4 ID sales expectations, with better-than-expected adjusted EBITDA flow-through. In grocery, units in ID sales in Q4 remained pressured in our lowest income cohorts.

因此合計來看，藥局業務對我們第四季同店銷售預期造成約145個基點的逆風，但調整後EBITDA的轉化率優於預期。在雜貨方面，第四季同店銷售的銷量在我們最低收入族群中仍承受壓力。

Egg deflation also created a meaningful sales headwind as we cycled the significant egg shortages from a year ago, a dynamic that we expect to persist into the first quarter of 2026.

雞蛋價格下跌也造成顯著的銷售逆風，因為我們正在比較一年前嚴重缺蛋的高基期；我們預期這種動態將延續至2026年第一季。

Gross margin in Q4 was 27.2%, a decline of 25 basis points year-over-year, excluding fuel and LIFO. The decrease in gross margin rate continued to be driven by the mix shift impact of outsized growth in digital sales, while productivity benefits offset our surgical price investments.

第四季毛利率為27.2%，在排除燃料與LIFO影響後，年減25個基點。毛利率下滑仍主要由數位銷售超常成長所帶來的組合轉移影響所致，而生產力效益抵銷了我們精準的價格投資。

The gross margin rate also reflected the favorable rate impact associated with lower sales due to the pharmacy IRA.

毛利率亦反映了因藥局IRA導致銷售較低所帶來的有利比率影響。

Selling and administrative expense, excluding the impact of fuel and the opioid settlement framework, improved by 2 basis points year-over-year as we continue to accelerate productivity and cost-containment discipline.

銷售與管理費用（不含燃料與阿片和解框架影響）年對年改善2個基點，因我們持續加速提升生產力並強化成本控管紀律。

The SG&A rate also reflected the unfavorable rate impact associated with lower sales due to the pharmacy IRA. Q4 interest expense increased $40 million to $141 million, compared to $101 million last year due to higher borrowings in the extra week in the fourth quarter of 2025 compared to 2024.

SG&A費用率也反映了因藥局IRA導致銷售較低所帶來的不利比率影響。第四季利息費用增加4,000萬美元至1.41億美元，去年同期為1.01億美元，主因是2025年第四季相較2024年多了一週，借款水位較高。

Adjusted EBITDA in Q4 was $903 million, including approximately $68 million related to the 53rd week, and adjusted EPS was $0.48 per diluted share as productivity continued to drive fuel for investment and the bottom line.

第四季調整後EBITDA為9.03億美元，其中約6,800萬美元與第53週相關；調整後EPS為每股稀釋0.48美元，生產力持續提供投資燃料並推動最終獲利。

For the full year, identical sales increased 2%, and we generated $3.9 billion of adjusted EBITDA. This performance reflects the resilience of our operating model and our ability to continue to drive productivity across the business.

全年同店銷售成長2%，我們創造了39億美元的調整後EBITDA。此表現反映我們營運模式的韌性，以及我們持續在全公司推動生產力的能力。

These results reflect our financial agility to both reinvest in the business and return capital to shareholders, which brings us to capital allocation. I want to reiterate our capital allocation priorities. First, invest in the business to drive growth and value for our customers.

這些結果也反映我們的財務靈活性，能同時再投資於業務並回饋資本給股東，這也帶到資本配置。我想重申我們的資本配置優先順序。第一，投資於業務，以推動成長並為客戶創造價值。

Next, maintain and grow our dividend, which we increased 13% this morning to $0.68 per share. And finally, opportunistically repurchase shares while maintaining a strong balance sheet.

其次，維持並提高股利；我們今早將股利提高13%至每股0.68美元。最後，在維持強健資產負債表的同時，伺機回購股票。

In order of these priorities, we invested $1.84 billion in capital expenditures in fiscal '25 to modernize our store fleet, advance our AI, digital and technology capabilities and elevate our supply chain.

依照上述優先順序，我們在2025會計年度投入18.4億美元資本支出，用於現代化門市據點、推進AI、數位與科技能力，並提升供應鏈。

In the store fleet, we remodeled 94 stores and opened nine stores as we refresh the asset base for long-term growth. In AI, digital and technology, we accelerate our investment in our four big bets as we create greater structural cost advantages, deepen customer loyalty and unlock new profit pools.

在門市據點方面，我們翻新了94家門市並新開9家門市，以更新資產基礎、支撐長期成長。在AI、數位與科技方面，我們加速對四大重點押注的投資，以建立更大的結構性成本優勢、深化客戶忠誠度，並開啟新的獲利池。

Also in fiscal '25 from a cash return to shareholders perspective, we returned $1.8 billion of capital to shareholders, including $322 million in dividends and nearly $1.5 billion in share repurchases, including the completion of our $750 million accelerated share repurchase program.

此外，從2025會計年度現金回饋股東的角度，我們共回饋18億美元資本給股東，其中包括3.22億美元股利，以及近15億美元的股票回購，並完成了7.5億美元的加速股票回購（ASR）計畫。

As we look forward to 2026 and beyond, we remain confident in the strength of our balance sheet and our cash flow generation. As such, now that the ASR is complete, the Board has again increased our remaining share repurchase authorization to $2 billion in total, which we expect to opportunistically complete over approximately the next three years.

展望2026年及以後，我們對資產負債表的強度與現金流創造能力仍具信心。因此，在ASR完成後，董事會再次將我們剩餘的股票回購授權提高至合計20億美元，我們預期將在未來約三年內伺機完成。

We ended the year with our net debt to adjusted EBITDA ratio at 2.24x, demonstrating the strength of our balance sheet and capacity to fund growth and return capital to our shareholders.

年底時，我們的淨負債對調整後EBITDA比率為2.24倍，展現資產負債表的強健，以及為成長提供資金並回饋股東資本的能力。

Finally, in the fourth quarter, we opportunistically refinanced $2.1 billion of existing bonds in two tranches, $1.2 billion of 5.625% notes due 2032 and $900 million of 5.75% tack-on notes due 2034. These proceeds were used to refinance our $1.35 billion 2027 and $750 million 2028 note maturity.

最後，在第四季，我們把握時機以兩個批次再融資21億美元既有債券：12億美元、票息5.625%、2032年到期的票據，以及9億美元、票息5.75%、2034年到期的增額發行（tack-on）票據。這些資金用於再融資我們13.5億美元於2027年到期與7.5億美元於2028年到期的票據。

I'll now walk through our 2026 outlook. As we look ahead to 2026, we view the year as an important step in returning the business to earnings growth, while continuing to invest in the capabilities that support sustainable long-term value creation.

接下來我將說明我們對2026年的展望。展望2026年，我們將其視為讓業務重回獲利成長的重要一步，同時持續投資於支持可持續長期價值創造的能力。

Our strategy remains focused on the areas where we see the greatest opportunity to drive profitable growth. Digital continues to be a powerful engine as we expand our base of loyal, engaged customers and scale the business in a disciplined and increasingly profitable way.

我們的策略仍聚焦於我們認為最有機會推動獲利性成長的領域。隨著我們擴大忠誠且高度互動的客戶基礎，並以有紀律且愈加獲利的方式擴張業務規模，數位仍是強勁的成長引擎。

At the same time, our focus on cost control and productivity remains central to our approach, enabling us to reinvest in high-impact initiatives, expand margins and maintain financial strength. In pharmacy, we expect continued improvement in the underlying trajectory of the business.

同時，我們對成本控制與生產力的重視仍是方法論的核心，使我們得以再投資於高影響力計畫、擴大利潤率並維持財務實力。在藥局方面，我們預期業務基本走勢將持續改善。

Excluding the top line headwinds associated with the IRA, we believe pharmacy scripts will continue to grow, supported by immunizations in value-added clinical services that enhance customer engagement and profitability.

若排除與IRA相關的營收端逆風，我們相信藥局處方量將持續成長，並由免疫接種與增值型臨床服務所支撐，以提升客戶互動與獲利能力。

With that backdrop, our fiscal '26 outlook represents a year in line with our long-term algorithm and a double-digit TSR, including our expected dividend yield and share repurchases.

在此背景下，我們對 2026 財年的展望代表將是符合我們長期演算法的一年，並可望實現雙位數 TSR（股東總回報），其中包含我們預期的股息殖利率與股票回購。

Identical sales are expected to be in the range of 0% to 1% or 1.5% to 2.5%, excluding the 150 basis point headwind from the IRA and assuming near flat reported pharmacy sales.

同店銷售預期將落在 0% 至 1% 的區間；若排除 IRA 帶來的 150 個基點逆風，且假設藥局申報銷售額接近持平，則同店銷售預期為 1.5% 至 2.5%。

Looking at quarterly cadence, we expect identical sales in the first quarter to track below our full year range, including the IRA and significant ongoing egg deflation. As we move beyond this dynamic, we anticipate a sequential improvement in sales trends throughout the year.

就季度節奏而言，我們預期第一季同店銷售將低於全年區間，原因包含 IRA 影響以及雞蛋價格持續且顯著的通縮。隨著我們逐步走出這些因素，我們預期全年銷售趨勢將逐季改善。

Adjusted EBITDA is expected to be in the range of $3.85 billion to $3.925 billion, representing growth of approximately 2.5% at the top end of the range, excluding the 53rd week impact in 2025.

調整後 EBITDA 預期介於 38.5 億美元至 39.25 億美元之間；在區間上緣，若排除 2025 年第 53 週的影響，約代表 2.5% 的成長。

Adjusted EPS is expected to be in the range of $2.22 to $2.32, including approximately $600 million of share repurchases during fiscal '26, underscoring our confidence in the business and our commitment to returning capital to shareholders.

調整後 EPS 預期介於 2.22 美元至 2.32 美元之間，其中包含 2026 財年約 6 億美元的股票回購，凸顯我們對業務的信心，以及我們致力於向股東回饋資本的承諾。

The effective income tax rate is expected to be in the range of 24% to 25% and capital expenditures are expected to be in the range of $2 billion to $2.2 billion as we accelerate our investment in new stores, remodels, AI-powered technologies and digital capabilities.

有效所得稅率預期介於 24% 至 25%；資本支出預期介於 20 億美元至 22 億美元之間，因我們將加速投資於新店、改裝、AI 驅動技術與數位能力。

Taken together, we believe fiscal '26 marks an important step forward, delivering adjusted EBITDA growth, strengthening earnings resilience and positioning the company to create sustained value.

綜合而言，我們相信 2026 財年是重要的向前一步，將帶來調整後 EBITDA 成長、強化獲利韌性，並使公司具備創造持續價值的定位。

And with that, I'll turn it back to Susan for closing remarks.

接下來我把時間交回 Susan 做結語。

Thanks, Sharon. As we look ahead, three things should be clear. First, Albertsons has a differentiated growth model built to win in a highly competitive industry, and is rooted in proximity, customer centricity and balanced value.

謝謝你，Sharon。展望未來，有三點應該很清楚。第一，Albertsons 擁有差異化的成長模式，旨在於高度競爭的產業中勝出，其根基在於就近便利、以客為中心與均衡價值。

Second, fiscal 2026 is the year where the investments that we've made begin to translate into accelerating earnings power and improving returns. And third, our confidence is grounded in the strength of our productivity engine, efficiencies we are driving across the business that expand margins, fund reinvestment and give us the flexibility to grow through cycles.

第二，2026 財年是我們過去投入開始轉化為更快的獲利動能與更佳報酬的一年。第三，我們的信心建立在強大的生產力引擎之上：我們正在全公司推動效率提升，以擴大毛利率、支應再投資，並讓我們具備穿越景氣循環仍能成長的彈性。

The environment remains dynamic and competitive intensity across food retail is not easing, but our strategy is built for this reality.

外部環境仍然多變，食品零售的競爭強度也未見緩和，但我們的策略正是為了這樣的現實而打造。

We have a defensible footprint that creates everyday convenience, distinct fresh experiences, a differentiated digital and loyalty ecosystem that deepens engagement and lifetime value of pharmacy business with long-term earnings power and an AI-enabled operating model that strengthens margins, improves execution and compounds returns over time.

我們擁有具防禦性的據點布局，提供日常便利、獨特的生鮮體驗、差異化的數位與會員忠誠生態系以深化互動，以及具長期獲利動能的藥局業務終身價值；同時，我們也有 AI 賦能的營運模式，可強化利潤率、提升執行力，並隨時間累積報酬。

Above all, our confidence in the year ahead comes from our people. To our 280,000 associates, thank you. Your resilience, your commitment to customers and pride in our banners bring our strategy to life every day, whether it's delivering fresh, high-quality food, supporting customers on their wellness journeys or serving communities with care.

最重要的是，我們對未來一年的信心來自我們的員工。致我們 28 萬名同仁，謝謝你們。你們的韌性、對顧客的承諾，以及對我們各品牌旗幟的自豪，讓我們的策略每天都能落地實現——無論是提供新鮮高品質的食品、支持顧客的健康旅程，或是以關懷服務社區。

You are the foundation of our success. And as we advance our transformation, we will continue to invest in the tools, technology and support systems to help you do your best work.

你們是我們成功的基石。隨著我們推進轉型，我們將持續投資於工具、技術與支援系統，協助你們發揮最佳表現。

I want to thank all of you on the call today for your time and support. We know who we are, how we win and where we're going.

也感謝今天參與電話會議的各位撥冗與支持。我們清楚知道自己是誰、如何取勝，以及要往哪裡去。

And we're building a company that can grow sustainably generate strong cash flow and deliver long-term value for shareholders. We look forward to sharing our progress with you in the quarters ahead. I'll now turn the call over to the operator for questions and answers.

我們正在打造一家能夠永續成長、創造強勁現金流，並為股東帶來長期價值的公司。我們期待在接下來的季度與各位分享我們的進展。現在我把電話交給接線員進行問答。

(Operator Instructions) Leah Jordan with Goldman Sachs.

（接線員指示）Goldman Sachs 的 Leah Jordan。

Susan and Sharon, I wanted to start out on productivity, you talked about your efforts building as we go through '26. Just, can you provide more detail on what you've been vetted regarding productivity within the guide as we move through the year? And how we should think about the split between COGS and SG&A at this point?

Susan 和 Sharon，我想先從生產力談起。你們提到在 2026 財年期間相關工作會逐步累積。能否更詳細說明，隨著年度推進，你們在指引中對生產力的假設與納入情況為何？另外，目前我們應如何看待 COGS 與 SG&A 之間的分配？

Yes, we just reset our productivity to $2 billion over the next three years. You can think of that ratably over that period of time. And when you look at the big areas that, that comes out of, it's going to be our store operations, including shrinkage and Rx, you're going to see us buying better together.

是的，我們剛把生產力目標重設為未來三年累計 20 億美元。你可以把它視為在這段期間內大致平均實現。而從主要來源來看，將包括門市營運（含耗損與處方藥 Rx），你也會看到我們透過「一起買得更好」來提升採購效益。

Sourcing, both GNFR and in the admin areas, we expect to see benefit supply chain. So we have amplified our activities in this area materially, and we feel very confident in the delivery of this new productivity target over the next three years.

在採購方面，包含 GNFR（非轉售商品與服務）以及行政領域，我們預期也會在供應鏈端看到效益。因此我們已在此領域大幅強化相關行動，並對未來三年達成這個新的生產力目標非常有信心。

Leah, what I would add to that is that the strength of the productivity really shown through for us in FY25. We showed that we can fund strong investments, still deliver EBITDA. And as Sharon mentioned, as we think about the shape of productivity moving forward, the fact that we raised our expectations there from $1.5 billion to $2 billion over the next three years, that shows that we believe there's more to be had.

Leah，我補充一點：生產力的強勁在 2025 財年已充分展現。我們證明了可以在支應強力投資的同時，仍交出 EBITDA。而如 Sharon 所提，當我們思考未來生產力的走勢時，我們把未來三年的預期從 15 億美元提高到 20 億美元，這顯示我們相信還有更多可挖掘的空間。

We mentioned our AI big bets, and we're starting to see returns there on those investments. Our buying better together is yielding strong results, and we can talk more about that. The bulk of the savings though will be coming through the SG&A side of the business.

我們提到 AI 的重大押注，而我們已開始看到這些投資帶來回報。「一起買得更好」也正在產生強勁成果，我們可以再多談。不過，大部分的節省將主要體現在業務的 SG&A 端。

Okay. That's very helpful. And then I just wanted to follow up on the ID sales guide. Thanks for the color, Sharon, on the improving sequential outlook for the year. But just if you can provide more detail on the grocery side of the house, your view of volumes and inflation as we move through the year?

了解。這非常有幫助。接著我想追問同店銷售（ID）指引。謝謝你，Sharon，對於全年逐季改善展望的補充說明。但能否就雜貨（grocery）端再多提供一些細節：你們對於今年各期的銷量與通膨走勢有何看法？

So Leah, what I would say there, and I'll hand it over to Sharon, is first, remember, and we shared this in the script. The reported IDs of 0% to 1% include about a 150 basis point headwind from the IRA. So if you think about that, the underlying business will be running closer to 1.5% to 2% range.

Leah，我先說一下，之後再交給 Sharon。首先請記得，我們在講稿中也分享過：申報口徑的同店銷售 0% 至 1% 包含 IRA 約 150 個基點的逆風。因此若把這點納入考量，基礎業務的運行會更接近 1.5% 至 2% 的區間。

Also, remember that we're thinking about this not just about how we grow top line, but the quality of top line growth. And there are several things that we mentioned in the call. We've got the advantage of proximity and trip frequency.

另外也請記得，我們思考的不只是營收如何成長，還包括營收成長的品質。我們在電話會議中提到幾點：我們具備就近便利與到店頻率的優勢。

We're now looking at how we can optimize our stores to drive better returns. From a customer-centric perspective, we're really engaging deeply in loyalty, digital personalization and increasing our fresh penetration to drive frequency and lifetime value.

我們也正在評估如何優化門市，以帶來更好的報酬。從以客為中心的角度，我們正深度投入會員忠誠、數位個人化，並提高生鮮滲透率，以推動到店頻率與終身價值。

And from a pricing perspective, we're closing pricing gaps where it matters, but we're doing it with productivity funding, not through margin erosion. Sharon, anything to add?

在定價方面，我們會在關鍵處縮小價差，但我們是以生產力節省來支應，而不是透過侵蝕利潤率來達成。Sharon，你要補充嗎？

Yes. And Leah, your question is how do we see the cadence [ex-Rx] as we move through the year. We're expecting the industry units to remain pressured, particularly in the first half of the year and expect Q1, we said it will actually be below our guidance range in total, including IRA. And then we will have sequential improvement as we move through the year and expect likely to be positive in the back half.

好的。Leah，你的問題是：隨著年度推進，我們如何看待節奏（不含 Rx）。我們預期產業銷量（units）仍將承壓，尤其在上半年；而第一季我們也說過，包含 IRA 在內的整體表現實際上會低於我們的指引區間。之後隨著年度推進將逐季改善，並預期下半年很可能轉為正成長。

Mark Carden with UBS.

UBS 的 Mark Carden。

So to start, just on the pricing front, some of your larger competitors continue to talk about investing in their value propositions. Have you seen much of a step change on this front? And then you talked about being able to fund your anticipated changes with your productivity initiatives.

那我先從定價面開始問，幾家較大的競爭對手仍在談持續投資其價值主張。您是否看到這方面有明顯的躍升？另外您也提到，可以透過生產力計畫來為預期的變革提供資金。

Just curious if you see much risk or need to make any deeper investments in the year ahead in any of your specific markets like you did this past year?

想請教您是否看到明年在某些特定市場（像今年一樣）有很大的風險或需要做更深度的投資？

Mark, thanks for the question. So a couple of things. First of all, we closed the gap on pricing versus MULO in the fourth quarter. So we are seeing improvements there. And I think we shared a year ago, we have a very different price position across the many markets that we operate in.

Mark，謝謝你的問題。我想說幾點。首先，我們在第四季縮小了相較於 MULO 的定價差距。所以我們確實看到改善。而且我想我們一年前也分享過，我們在所營運的眾多市場中，價格定位其實差異很大。

So our approach is very surgical, not broad-based. We're investing where it matters most to customer value perception, especially in key value items on our private label, our own brands, and also through loyalty and personalization.

因此我們的做法非常精準（surgical），而不是全面性。我們把投資放在最能影響顧客價值感知的地方，特別是在自有品牌（private label）與我們自有品牌的關鍵價值品項上，同時也透過會員忠誠與個人化來強化。

We're funding that through structural productivity and margin improvement, not looking for short-term trade-offs, and that's how we're improving the comprise competitive perspective of our business, but also protecting long-term gross margin growth.

我們透過結構性生產力與毛利率改善來支應這些投資，不追求短期取捨；這就是我們如何提升公司在競爭面向的整體表現，同時也保護長期毛利成長。

Great. That's helpful. And then with everything that's going on in the Middle East, can you walk through the main implications you expect to see from higher fuel prices? Do you see demand destruction or trade down tend to accelerate when the price of gasoline is at a certain level?

很好。這很有幫助。另外，考量中東目前的情勢，能否請您說明油價上升可能帶來的主要影響？當汽油價格到達某個水準時，您是否看到需求被破壞（demand destruction）或消費降級（trade down）加速？

Does it change your inflation outlook? And just broadly speaking, how impactful do you expect it to be on your fuel margins?

這會改變你們對通膨的展望嗎？以及更廣泛地說，您預期對燃油毛利的影響會有多大？

Yes. So we're still expecting industry inflation, food inflation to run around that 2% range. That said, you should know that we have not been passing through that inflation at the 2% rate. We've been working on that to help bolster our price position surgically across the company.

是的。我們仍預期產業通膨、食品通膨大約落在 2% 左右。不過你應該知道，我們並沒有以 2% 的幅度把通膨完全轉嫁出去。我們一直在做相關工作，以更精準的方式在全公司範圍內強化我們的價格定位。

And as we look forward, from a fuel perspective, what I would say is maybe this and just thinking about the consumer for a second. We do see units remaining pressured across the industry, and that pressure certainly is unevenly distributed.

展望未來，從燃油角度來看，我想先談一下消費者。我們確實看到全產業的銷量（units）仍然承壓，而且這種壓力的分布並不均勻。

What we're seeing is increasing pressure on the lower income cohorts. It's reflected in ongoing affordability changes, we're seeing further pressure from staff regulation and so forth. So, and by the way, the middle and income customers remain more stable in terms of the pressures that we're seeing there.

我們看到較低收入族群的壓力正在加大。這反映在持續的可負擔性變化上，我們也看到來自員工法規等方面的進一步壓力。另外，中等與高收入顧客在我們觀察到的壓力面向上仍相對穩定。

But that said, we recognize our customers are focused on value. Our lower income households are most elastic, and that's why we continue to describe our value actions as very surgical. We're trying to improve the value perception where it changes behavior, again, while protecting long-term returns through productivity funding.

但即便如此，我們也認知到顧客仍聚焦在價值。我們的低收入家庭對價格最具彈性，因此我們才會持續把價值行動描述為非常精準。我們希望在能改變行為的地方提升價值感知，同時再次強調，透過生產力挹注資金來保護長期報酬。

Edward Kelly with Wells Fargo.

Wells Fargo 的 Edward Kelly。

Yes. Could we just start with the gross margin, and I'm curious if you could provide a bit more color on how you're thinking about the gross margin in the upcoming year. There's a number of, I think, puts and takes here. And just curious as to whether you think that's a line item that we'll continue to improve.

是的。我們能否先從毛利率談起？我想請您多補充一些，您如何看待未來一年的毛利率走勢。我認為這裡有不少利多與利空因素交錯。也想請教您是否認為這個科目會持續改善。

Yes. So in 2026, we will continue to see benefit from the IRA. So you can anticipate that there will be a positive coming from that piece of it.

是的。在 2026 年，我們將持續受惠於 IRA。因此你可以預期這部分會帶來正面貢獻。

On the mix shift side where we are seeing the digital business continue to grow, while less than previous years because of the improvement we're seeing in profitability in the digital business, it's still not running, obviously, margins of the grocery business.

在組合轉移方面，我們看到數位業務持續成長，雖然成長幅度低於前幾年；但由於數位業務獲利能力正在改善，它仍然（很明顯）無法達到雜貨業務的毛利水準。

So we see the digital mix still playing out. And the investments that we're making price and others, we've got the productivity to offset it. So we should see the margin flat to slightly better as we progress through the year in 2026.

因此我們認為數位組合的影響仍會持續發酵。而我們在價格等方面所做的投資，我們有生產力可以抵銷。所以在 2026 年，隨著年度推進，我們應該會看到毛利率大致持平到略為改善。

And when we think about that, the previous question about how is the Iran situation affecting us. One of the things to keep in mind is what we know at this point, we've included the pressures that the higher fuel costs will provide related to our transportation and the distribution expenses, et cetera. Obviously, we're expecting that, hoping that this comes to an end in some shorter period of time. If that continued throughout the year, there could be some incremental pressure, but we are very comfortable right now with what we've included in our outlook.

另外回到前一題關於伊朗情勢如何影響我們。需要記住的一點是，就我們目前所知，我們已把較高燃油成本所帶來的壓力納入考量，包括運輸與配送費用等。當然，我們預期、也希望這件事能在較短時間內結束。如果全年都持續，可能會有一些額外壓力，但就目前我們納入展望的假設而言，我們非常有信心。

Okay. And then I just wanted to follow up on the guidance that you talked about with the share repo. I think you mentioned $600 million this year and $2 billion in three years. With cash, with CapEx going up and the opioid sentiment, there's roughly, I think, a $300 million incremental headwind there.

了解。我想再追問一下你提到的庫藏股（share repo）指引。我記得你提到今年 6 億美元、三年 20 億美元。在現金運用上，資本支出（CapEx）上升，加上阿片類（opioid）相關情緒/議題，大約有我想約 3 億美元的額外逆風。

Can you just talk about what the offsets are to that? How you're thinking about leverage within the context of all of that? Just kind of curious as to the drivers of the cash flow to deliver the share repo.

能否談談有哪些抵銷因素？在這些因素之下，你們如何看待槓桿（leverage）？也想了解支撐現金流以完成庫藏股的驅動因素是什麼。

Yes. So one area, when you look at the big bets and you listen to the initiatives that are underlying our productivity, we are expecting in 2026, an improvement in working capital. And our guess would be that half of that probably will be funded by working capital improvements.

是的。其中一個面向是，當你看我們的「重大押注」（big bets），以及支撐生產力的各項計畫時，我們預期在 2026 年營運資金會改善。我們的推估是，其中大約一半可能會由營運資金改善來提供資金來源。

In addition to that, we continue to believe that we are going to be able to take this CapEx and invest it, improve the store fleet, see the benefits in the back half of the year coming from the 4 big bets and be able to then at the back half of the year further accelerate working capital.

此外，我們仍相信我們能夠把這些資本支出投入下去、改善門市組合，並在下半年看到來自四大押注的效益，進而在下半年進一步加速營運資金的改善。

So from a leverage point of view, we're very comfortable with where we are and we will see how this progresses through the year, but feel very confident in the returns that we will see from those capital investments.

因此從槓桿角度來看，我們對目前的水位非常放心；我們會觀察全年進展，但對這些資本投資所帶來的報酬非常有信心。

Simeon Gutman with Morgan Stanley.

Morgan Stanley 的 Simeon Gutman。

Susan, Sharon, first, more of a philosophical question. It looks like the implied guidance is flattish margins, you can correct me if I'm wrong. If the comps end up being a little bit better at the high end, are you in reinvest mode at almost, at any cost?

Susan、Sharon，先問一個比較偏理念層面的問題。看起來隱含的指引是毛利率大致持平，你們可以糾正我如果我理解錯了。如果同店（comps）最後在高端表現稍微更好，你們會進入再投資模式，幾乎不計成本嗎？

Or do you let that flow through to earnings? How should we think about that both this year and the next couple of years?

還是會讓它流入獲利？我們應該如何看待今年以及未來幾年的取捨？

Simeon, thanks for the question. So I'll start and I'll ask Sharon to chime in a little bit as well. So first and foremost, we want to, I want to underscore the impact of our productivity agenda. And again, as I mentioned before, when you look at the results from FY25, we've shown that we can actually deliver strong productivity and strong EBITDA flow-through.

Simeon，謝謝你的問題。我先回答，然後也請 Sharon 補充一些。首先，我想強調我們生產力議程的影響。而且如我先前提到的，回頭看 FY25 的結果，我們已經證明我們確實能交出強勁的生產力，以及強勁的 EBITDA 流入（flow-through）。

And we're scaling that further in FY26. And that agenda is now accelerated and amplified by our 4 AI big bets, which are already yielding real results. We're starting to see increased customer take on AI-enabled shopping assistance.

而我們將在 FY26 進一步擴大這項規模。而這項議程如今也因我們的 4 項 AI 重大押注而加速並被放大，且已經開始產生實質成果。我們開始看到客戶對 AI 賦能的購物協助採用度提升。

We're seeing a basket lift size there. In merchandising, we're already in flight with tools that help us reimagine price and promo and manage our margin spend very, very effectively.

我們看到那裡的客單籃（basket）金額提升。在商品採購與管理（merchandising）方面，我們已經在使用一些工具，協助我們重新構想定價與促銷，並非常、非常有效地管理我們的毛利投入。

We've talked about supply chain helping us with our in-stock perspective and optimizing inventory levels through our proprietary gateway forecasting capability. So we see strong improvements there. We think it will be a very balanced year from that perspective.

我們也談到供應鏈如何從缺貨（in-stock）的角度協助我們，並透過我們自有的 Gateway 預測能力來最佳化庫存水位。因此我們在那方面看到強勁改善。從這個角度來看，我們認為這將會是相當均衡的一年。

Sharon?

Sharon？

And Simeon, as I think about if units inflected faster than we expected and we saw real momentum with our customer, we will evaluate when that moment comes.

Simeon，當我在思考如果件數（units）回升的速度比我們預期更快，而且我們在客戶端看到真正的動能時，我們會在那個時點到來時評估。

But to get that flywheel going and to get that momentum going, we will definitely invest behind the customer and the growth because long term, that will be a catalyst for staying in the algorithm and maybe even improving the algorithm over time, and that would be our goal for 2026.

但為了讓這個飛輪轉起來、讓動能建立起來，我們一定會在客戶與成長上加大投資，因為長期而言，那將成為維持在演算法之中、甚至隨時間改善演算法的催化劑，而那會是我們 2026 年的目標。

Okay. And then a follow-up. It sounds like you have a digital advantage and you have the assets and capabilities in place to drive it. Can you tell us the KPIs? When you report the e-commerce growth, how, like what level of growth are you targeting?

好的。接著一個追問。聽起來你們具備數位優勢，也已具備推動它所需的資產與能力。你能告訴我們 KPI 嗎？當你們報告電商成長時，你們的目標成長率大概是多少？

What level of growth are you satisfied by, like, and are you turning, are you bending the curve in, across all markets? Are you seeing some progress scattered across your regions?

你們覺得滿意的成長水準是什麼？另外，你們是否正在讓曲線轉折——在所有市場都一樣嗎？你們是否看到一些分散在各區域的進展？

Thanks, Simeon. So we're very pleased with the results of our digital penetration. We shared on the call that it's now surpassed 10%. If sales grew 16% in the fourth quarter, but what's important to note there, it's over 40% to your stack. And by the way, we're not done.

謝謝你，Simeon。所以我們對數位滲透率的成果非常滿意。我們在電話會議上分享過，它現在已經超過 10%。第四季銷售成長 16%，但需要注意的是，對你的堆疊（stack）而言是超過 40%。而且順帶一提，我們還沒做完。

We think there's still a lot of upside there. We're excited about the growth. 90% of that roughly coming from our first party, which is very attractive for us because of the relationship with the customer and the data side.

我們認為那裡仍有很大的上行空間。我們對成長感到興奮，其中約 90% 來自我們的第一方（first party），這對我們非常有吸引力，因為它帶來與客戶的關係以及數據面向的優勢。

On the other side of it, execution has been strong. More than half of our orders are delivered in less than three hours. Our flash delivery, under 35 minutes, I believe, is one of our fastest-growing verticals in that space.

另一方面，執行表現一直很強。我們超過一半的訂單在三小時內送達。我們的快閃配送（flash delivery）——我記得是 35 分鐘內——是該領域成長最快的垂直之一。

And then we're really excited about the improvements that we made from a five star service program. We've gained return customers because we're delivering better in-stock, on-time deliveries and high-quality fresh products that we're committing to our customers.

此外，我們也對五星服務計畫所帶來的改善感到非常振奮。因為我們提供更好的到貨率（in-stock）、準時配送，以及我們承諾給客戶的高品質生鮮商品，所以我們獲得了回流客。

Paul Lejuez with Citibank.

花旗銀行（Citibank）的 Paul Lejuez。

Curious, can we go back to the fuel for a second. I'd love to hear what your assumption is for fuel profits in F26? And also, if you have witnessed any change in consumer behavior since gas prices have increased over the past month or so? And then I also wanted to ask about your own brand performance in 4Q relative to the rest of the store and what your assumptions are for F26 on own brand?

好奇想回到燃油（fuel）話題一下。我想聽聽你們對 F26 燃油獲利的假設是什麼？另外，過去一個月左右油價上漲後，你們是否觀察到消費者行為有任何改變？最後我也想問自有品牌在第四季相對於全店其他品類的表現，以及你們對 F26 自有品牌的假設是什麼？

So we are seeing, again, a shift in the consumer, primarily localized with the lower income consumers that shift towards the value. We've spoken about the increase in auto cash back on our loyalty program. So we are starting to see some changes there. At the same time, we're also still seeing consumers making trips to multiple retailers. So we'll watch that closely over time.

所以我們再次看到消費者出現轉變，主要是較低收入的消費者在地區性（localized）地轉向更重視價值。我們談過在忠誠計畫中提高汽油現金回饋（auto cash back）。因此我們開始看到一些變化。同時，我們也仍看到消費者會到多家零售商購物。所以我們會隨時間密切觀察。

And then we anticipate to see it, an uplift in our fuel rewards program moving forward.

另外，我們預期未來我們的燃油回饋計畫（fuel rewards program）將會出現提升。

Sharon?

Sharon？

And from a fuel perspective, at this point in time, again, within our forecast, we are assuming that this conflict is going to end in a reasonable period of time. And assuming that's the case, we're expecting, let's think of it, in the near flat trajectory for 2026.

就燃油而言，在目前這個時間點，同樣地，在我們的預測中，我們假設這場衝突會在合理的時間內結束。在此假設成立的情況下，我們預期 2026 年將呈現接近持平的走勢。

And then the own brand penetration as you look out to F26?

那麼展望到 F26，自有品牌滲透率呢？

So on brand, as we mentioned before, we're seeing fairly flat penetration at this moment in time, but it's one of our top priorities as we move forward into 2026.

所以自有品牌方面，如同我們先前提到的，目前我們看到的滲透率大致持平，但這是我們邁向 2026 年時的首要優先事項之一。

We've made some pretty significant investments in restructuring the team, in cost negotiation improvements, while also amplifying, we're certainly protecting the quality that we have. So one of our primary initiatives in terms of driving value now and through the rest of 2026 is absolutely increasing own brand penetration.

我們已投入相當顯著的資源來重整團隊、改善成本議價，同時也在加強——我們當然會保護既有的品質。因此，就現在以及 2026 年其餘時間推動價值的主要舉措之一，絕對是提高自有品牌滲透率。

John Heinbockel with Guggenheim Partners.

Guggenheim Partners 的 John Heinbockel。

Susan, I want to start with, can you talk about the lag between value perception and reality, right? And how long that takes to shift? And I know it will probably differ market by market. With that in mind, is it reasonable to think about exiting '26 with the positive food volumes? Or is that ambitious given the industry backdrop?

Susan，我想先從「價值感知」與「實際價值」之間的落差談起，可以嗎？以及這種轉變通常需要多久？我知道可能會因市場而異。在此背景下，合理的想法是以 2026 年底作為退出時點（exiting '26）能看到食品銷量（food volumes）轉正嗎？還是考量產業背景，這樣太積極？

John, thanks for the question. So it's a very philosophical view, by the way. From a value perception to a reality perspective or, what we're seeing there is really doubling down on how we're communicating to customers about value and what it means to them specifically.

John，謝謝你的問題。順帶一提，這是個很哲學性的觀點。從價值感知到實際價值的角度來看，我們所看到的是：我們正在加倍努力，強化我們如何向客戶溝通「價值」以及它對他們具體代表什麼。

You'll hear us talking a lot about personalization. And of course, that means personalized offers through our app and so forth. But the value perception can come in a variety of ways, simplified pricing at the shelf level.

你會聽到我們大量談到個人化（personalization）。當然，這包含透過我們的 App 提供個人化優惠等等。但價值感知也可以透過多種方式呈現，例如在貨架層級的簡化定價。

Yes, of course, personalized offers coming through our app, but it also comes through relevance in terms of assortment at store level, variety and quality of fresh, which, by the way, as a reminder, we're already in the neighborhoods where our customers live.

是的，當然，透過我們的 App 提供個人化優惠；但它也來自於門店層級在品類組合（assortment）上的相關性、品項多樣性與生鮮品質。順帶提醒一下，我們已經在客戶居住的社區周邊。

So our ability to deliver that fresh fast, whether it's in-store or online, that proximity is an advantage that we have there. Your second part of the question was, remind me?

因此，無論是在店內或線上，我們能夠快速提供生鮮；這種近距離（proximity）是我們在那方面的優勢。你問題的第二部分是——提醒我一下？

Well, just what's, is it ambitious to think about food volumes inflecting as an exit rate at the end of the year?

嗯，就是說，把食品銷量在年底作為退出時點出現轉折，這樣想會不會太積極？

Yes. So we absolutely see an inflection as we go throughout the year. Clearly, the customer, consumer remains pressured in the first quarter, and we're seeing that as much as the industry is, but we expect that to increase sequentially over time.

是的。所以我們確實看到，隨著一年推進會出現轉折。很明顯地，第一季客戶／消費者仍然承壓，我們看到的情況與整個產業一樣，但我們預期隨時間推移會逐季改善、逐步上升。

Sharon, would you add to that?

Sharon，你要補充嗎？

And John, I just, when I answered the question about the cadence through the year of the ID sales, I said that in our outlook, we are assuming that we do get to positive at that point in time. Industry unit is going to be a catalyst that underlies that, and we will see what happens with industry units as they progress through the year as well.

John，我補充一下：當我回答關於 ID 銷售在全年節奏的問題時，我說過在我們的展望中，我們假設在那個時間點會轉為正成長。產業件數（industry unit）將是支撐這一點的催化劑；而我們也會觀察產業件數在全年推進過程中的變化。

Great. And then my follow-up just on, right, sourcing better together, and that's always been a really large opportunity, right, given the base. Where are we on that? Because it sounds like most of the incremental productivity agenda is SG&A. Is there still an equally large opportunity in COGS?

很好。接著我想追問一下，對吧，關於更好地一起採購（sourcing better together），鑑於我們的基礎規模，這一直是個非常大的機會，對吧。我們在這方面進展到哪裡了？因為聽起來大部分新增的生產力議程都在SG&A（銷售、一般及行政費用）。在COGS（銷貨成本）方面是否仍然存在同樣大的機會？

And is that still over that 3-year time period?

而且這仍然是在那個3年的時間區間內嗎？

John, great question. So yes, absolutely, there is more to be had from buying better together. And we were talking about this earlier. I'd say we're somewhere around the fifth inning, if you want to think about it that way, the fourth or fifth inning.

John，問得很好。所以是的，絕對地，透過更好地一起採購，還有更多可以取得的成果。我們先前也談到過這點。如果用棒球來比喻的話，我會說我們大概在第五局左右，第四或第五局。

What's materially changed is we've not only put new leadership in place since late last summer, we've also reconstructed the team here, and we're already working differently with our vendor partners. Some examples, we used to have 3 national sales events. It will be 5 this year. We've already worked with our vendor partners on securing, I'd mentioned this a moment ago, lower owned brands costs. We're now in discussions with our top vendor partners on how we can amplify the value equation for our customers, but do so in a way that protects our margins by asking them to lean in differently and helping us fund that growth as we move forward in the future.

實質上改變的是：自去年夏末以來，我們不僅引進了新的領導層，也重建了這裡的團隊，而且我們已經開始以不同方式與供應商夥伴合作。舉例來說，我們過去有3場全國性銷售活動。今年會有5場。我們也已經與供應商夥伴合作，爭取到——我剛才提到過——更低的自有品牌成本。我們現在正與我們的主要供應商夥伴討論，如何為客戶放大價值方程式，但同時以能保護我們毛利的方式來做：請他們以不同方式更積極投入，並在我們未來推動成長時協助我們為這些成長提供資金。

Rupesh Parikh with Oppenheimer.

Oppenheimer 的 Rupesh Parikh。

I just want to go back to the new higher CapEx range. Is this a new baseline level we should think about going forward? And then in terms of the plans to open up new stores, is there any more color in terms of the number of new stores? And if there's a geography tent and the expectation for store closures?

我想回到新的、更高的資本支出（CapEx）區間。這是否是我們往後應該視為的新基準水準？另外，關於開設新店的計畫，在新店數量方面是否能提供更多細節？以及在地理布局與關店預期方面？

In the new store fleet modernization program, there will be incremental new stores next year. We haven't given a number yet. But think about maybe, not maybe, up 50% from this year. And then on remodels, we are amplifying our remodels materially in that number. So do I expect it to be a new baseline?

在新的門市艦隊現代化計畫中，明年會有額外的新店開出。我們還沒有給出具體數字。但可以想像，大概——不是大概——會比今年增加50%。至於改裝（remodels），我們在這個數字中也會大幅提高改裝量。所以你問我是否預期這會成為新的基準？

These are easily measurable. You open, you've remodeled, you see the result that you get. Assuming that we see those kinds of returns that we're expecting based on the work we did in 2025, we would likely remain in this range, but we'll let you know how it's going throughout the year, and we'll give you an outlook for '27 later in the year, obviously.

這些都是很容易衡量的。你開店、你改裝，然後你就能看到得到的結果。假設我們看到的回報符合我們基於2025年所做工作而預期的那種水準，我們很可能會維持在這個區間，但我們會在全年過程中讓你們知道進展如何，並且顯然會在今年稍晚提供你們對'27年的展望。

Great. And then my follow-up question, just on retail media. Just curious, the key priorities for the year? And then as you look at the efforts this past year, any major surprises of note?

很好。接著我的追問是關於零售媒體（retail media）。想請教今年的關鍵優先事項是什麼？另外回顧過去一年的推動，有沒有什麼值得注意的重大意外或驚喜？

Rupesh, what I would just say there is that we continue to accelerate growth in our media collective. And over the past year, the team has done a phenomenal job of improving return on advertising spend for our vendors, speeding up the rate at which we're able to feed back that data to our vendor partners so they can make better decisions on how they move forward. We've opened up inventory substantially and are leveraging that inventory well.

Rupesh，我想我在這裡要說的是，我們持續加速我們媒體聯盟（media collective）的成長。在過去一年，團隊在提升供應商的廣告投放報酬率（ROAS）方面做得非常出色，也加快了我們把數據回饋給供應商夥伴的速度，讓他們能更好地決策接下來如何推進。我們大幅開放了廣告庫存，並且有效地運用這些庫存。

I think we shared in the script also that we have been highlighting some experiments on personalized ads, which is, which has had incredible take rate from a customer perspective, but also delivers a really strong return from our vendors for our vendors. So we're looking at acceleration there. So as a key driver of not only productivity and funding our digital business, we also see the media collective as a strong source of building relationships with customers and driving unit growth in the future.

我想我們在講稿中也分享過，我們一直在強調一些個人化廣告的實驗；從客戶角度來看，採用率非常驚人，同時也為我們的供應商帶來非常強的回報。所以我們正在尋求在那方面加速。因此，媒體聯盟不僅是生產力與為我們數位業務提供資金的關鍵驅動因素，我們也把它視為建立客戶關係、並在未來推動單位成長（unit growth）的強力來源。

Tom Palmer with JPMorgan.

JPMorgan 的 Tom Palmer。

You gave some helpful detail on ID sales expectations as 2026 progresses. I just wanted to maybe tie that in with the expected cadence of earnings growth and to what extent we should think about earnings, excluding the extra week, of course, aligning with that cadence of ID sales?

你們提供了一些有幫助的細節，說明2026年進行過程中ID銷售（ID sales）的預期。我想把這點和獲利成長的預期節奏連結起來：在排除多出的一週（extra week）之後，我們應該在多大程度上認為獲利會與ID銷售的節奏一致？

Yes. So in the first quarter, that will be our most pressured quarter because of the fact that the comp sales will be below the ID sales range due to the dynamic of the IRA and on top of that, the egg deflation. But when we start getting into Q2, Q3 and Q4, we are expecting adjusted EBITDA growth in every quarter improving sequentially as we get through the year as our productivity kicks in.

是的。所以在第一季，會是我們壓力最大的季度，因為在IRA的影響下，同店銷售（comp sales）會低於ID銷售區間，此外還疊加了雞蛋通縮（egg deflation）。但當我們進入第二季、第三季與第四季時，我們預期每一季的調整後EBITDA都會成長，並且隨著我們的生產力措施發揮作用，全年將呈現逐季改善。

Great. And then I wanted to follow up just on the CapEx. You mentioned both store investments and technology and some expected benefits materializing in the second half, is that mainly related to the technology benefits? And then when we think about some of the store level investments, when do we start to see those becoming more of a contributor?

很好。接著我想追問資本支出（CapEx）。你提到門市投資與科技投資，且一些預期效益會在下半年顯現，這主要是與科技效益相關嗎？另外，當我們考量一些門市層級的投資時，我們何時會開始看到它們成為更主要的貢獻來源？

Yes. On the early remodels we do in the year, you should start seeing benefit as you get into the back half of the year. And that, but they're going to be coming throughout the year. So it's a small benefit in this year, and you'll see it obviously in 2027.

是的。就年初進行的早期改裝而言，你應該會在下半年開始看到效益。而且——但它們會在全年陸續出現。所以今年的效益會比較小，而你會在2027年明顯看到。

And then on the investments that we are making, we've been making them all year on the 4 big bets. And many of those, like, as an example, one of the ones Susan spoke to, Gateway, in her prepared remarks, actually launched nationwide in February. So the benefit from that initiative, we would start to see growing as we go throughout the year.

至於我們正在進行的投資，我們全年都在四個重大押注（4 big bets）上投入。其中很多項目，例如Susan在事先準備的發言中提到的Gateway，其實在2月已經全國上線。因此，該項倡議的效益，我們會在全年推進的過程中開始看到逐步成長。

Scott Mushkin with R5 Capital.

R5 Capital 的 Scott Mushkin。

So my first one just goes to loyalty. You guys are seeing some really nice growth there. But on a unit basis, and you guys correct me if I'm wrong, but on a market share unit basis, it seems it's in the grocery business, maybe flattish to down. And so I was wondering like kind of square that for me? Because your loyalty is growing really fast.

我的第一個問題是關於會員忠誠（loyalty）。你們在那方面看到相當不錯的成長。但以單位（unit）來看——如果我說錯請你們糾正——以雜貨業的市占單位基礎來看，似乎大概持平到下滑。所以我想請你們幫我把這點對起來。因為你們的忠誠度成長非常快。

I think you said trips are up, but yet, it looks like there's a little market share erosion. So I was wondering if you can kind of walk me through that?

我記得你說交易次數（trips）是上升的，但看起來市占卻有些侵蝕。所以我想請你們帶我梳理一下這背後的原因？

Sure. So thanks for the question, Scott. Yes, as you stated, we definitely see industry units under pressure. And I think we saw a further decline in the industry from Q3 to Q4. That's true for us as well.

當然。Scott，謝謝你的問題。是的，如你所說，我們確實看到產業的單位量（industry units）承受壓力。而且我認為我們看到產業從第三季到第四季進一步下滑。我們也是如此。

That pressure is concentrated, as we mentioned before in our lower income cohorts. And this is where we look at our role is to turn our footprint, our proximity into preference for our customers through sharper value, stronger loyalty engagement, differentiation in fresh, better omnichannel experience and all of those types of things.

如同我們之前提到的，那個壓力集中在我們較低收入的客群（cohorts）。而我們認為我們的角色，是把我們的據點覆蓋（footprint）與就近性（proximity）轉化為客戶的偏好（preference），透過更尖銳的價值主張、更強的忠誠度互動、新鮮品類的差異化、更好的全通路體驗，以及所有這類措施。

So we are, we mentioned before, units will be, are pulling tougher in the first quarter, but we expect and plan for a gradual improvement as we go on throughout the year. Our initiatives are built to drive that improvement. And again, leveraging the value of our proximity, fresh and personalization are some of the key drivers that we're using to achieve that growth over time.

所以我們是這樣，我們先前提到，第一季的單位數表現會比較吃力，但我們預期並規劃，隨著今年推進將逐步改善。我們的各項措施就是為了推動這樣的改善。再者，善用我們「就近」的價值、新鮮與個人化，是我們用來在時間推移中實現成長的一些關鍵驅動因素。

Perfect. And then my second question, just again, like John is maybe a little more philosophical. When you think about your kind of natural shelf price versus your promoted price, how do you guys think about that vis-a-vis the maybe high, pretty high price point at the shelf without it being promoted and the impact on the value perception?

很好。那我的第二個問題，再次延續，就像 John 的問題可能更偏哲學層面。當你們思考自然的貨架價格相對於促銷價格時，你們如何看待：在未促銷時貨架上可能偏高、相當高的價格點，以及這對價值感知的影響？

Sure. So what I would go back to is what I mentioned a few minutes ago and just speak to the fact that we definitely look at price market by market. Our price position is very different across the country, depending where we're at. And so that's a very surgical approach that we take because of that, where we can massage promotional in one area. We're working on frontline pricing in another.

當然。我想回到我幾分鐘前提到的重點，也就是我們確實會逐一市場來看定價。我們在全國各地的價格定位差異很大，取決於我們所在的位置。因此我們採取非常精準、外科手術式的做法；基於這點，我們可以在某些地區調整促銷策略。在其他地區，我們則著力於前線定價（frontline pricing）。

In previous quarters, we mentioned the investments that we've made, largely in frontline pricing, also in promotional pricing, but in our 3 divisions.

在前幾個季度，我們提到我們所做的投資，主要是在前線定價，也包括促銷定價，但都是在我們的三個事業部門中推進。

We've seen strong customer feedback, strong improvements. We're very pleased with those results. But again, even across those 3 deployments, if you will, the execution has been slightly different. One market might need heavier promotional increases, another market might need more relief from a frontline perspective. So a very surgical approach for us moving ahead.

我們看到了強勁的顧客回饋與明顯的改善。我們對這些成果非常滿意。但再次強調，即便是在這三個部署中（如果你願意這麼說），執行方式也略有不同。某個市場可能需要更大幅度的促銷加碼，另一個市場可能需要從前線面向提供更多的價格紓解。因此，對我們而言，未來仍會採取非常精準的做法。

Robby Ohmes with Bank of America.

美國銀行（Bank of America）的 Robby Ohmes。

Susan, Sharon, I'll wrap it into one question. There's actually, it's really just 2 follow-ups. The first, I think, I can't remember, Sharon, I think you mentioned the moderation in GLP-1 growth was more than expected. I was hoping you could give a little more color on is that expected to continue? And does that have a, should we think that it's going to be a negative headwind, obviously, to store traffic?

Susan、Sharon，我把它合併成一個問題。其實主要是兩個追問。第一個，我想——我記不太清了，Sharon，我想你提到 GLP-1 成長放緩的幅度超出預期。我希望你能多補充一些背景：這是否預期會持續？以及我們是否應該認為這顯然會對門市來客數造成負面逆風？

And then the second one was on, I think I think, Susan, you mentioned you have seen more increased cross shopping. Is that, again, another headwind to store traffic? And overall, how is store traffic looking as digital keeps increasing as well?

第二個是關於——我想，Susan，你提到你們看到更多的跨店比價／跨通路購物（cross shopping）增加。這是否同樣是門市來客數的另一個逆風？而且整體而言，隨著數位業務也持續增加，門市來客數的狀況如何？

Let me take the GLP-1 comment. So in our ID sales forecast for 2026, we have assumed that this GLP-1 pressure will continue and, to some extent, and only because of the clampdown from the payers. Many health plans have made a decision not to pay for GLP-1s for consumers in 2026. So for weight loss only, where it's being taken for weight loss only. So we do think it is possible that, that will continue during the year.

我先回應 GLP-1 的部分。在我們 2026 年的同店銷售（ID sales）預測中，我們假設這個 GLP-1 的壓力會在一定程度上持續，主要是因為付款方（payers）收緊給付。許多健康保險計畫已決定在 2026 年不為消費者支付 GLP-1 的費用。也就是僅用於減重的情境——當它只是被用於減重時。因此我們確實認為，這種情況有可能在今年持續。

As far as the question related to GLP-1s and traffic, this is, many of our GLP-1 customers are already customers of the store. If they were not taking GLP-1s, I believe they will continue to come to our store. So I see this is a very unique drug and has a lot of implications as it relates to food. So I don't know that I would immediately make that correlation.

至於 GLP-1 與來客數的問題，我們許多使用 GLP-1 的顧客本來就是我們門市的顧客。如果他們沒有使用 GLP-1，我相信他們仍會繼續來我們的店。所以我認為這是一種非常特殊的藥物，且在食物相關面向有很多影響。因此我不確定我會立刻做出那樣的直接關聯。

I will let Susan talk about traffic in the stores and our customers and where we see that happening.

我會讓 Susan 來談談門市的來客數、我們的顧客，以及我們看到的趨勢。

Thanks, Sharon. And also just a side note, too, on the pharmacy, we are still growing script count. I want to make sure that comes through clearly. And that's important for us for a variety of reasons, including the traffic side, but as well as building larger baskets and customer lifetime value.

謝謝你，Sharon。另外也補充一下，關於藥局，我們的處方量（script count）仍在成長。我想確保這點能清楚傳達。這對我們很重要，原因很多，包括來客數面向，也包括建立更大的購物籃與提升顧客終身價值。

From a traffic perspective, what I would say is, we would say traffic has been fairly steady. And what our focus has been is we've got great proximity. We're already in the neighborhood that serve our customers today. So how do we stop that second trip? And that's where we're focused on increasing in-stock, which we've done.

從來客數的角度，我會說來客數一直相對穩定。而我們的重點在於：我們具備很好的就近性（proximity）。我們已經在社區裡，服務今天的顧客。所以我們要如何阻止那「第二趟」採買？這也是我們聚焦在提升到貨率（in-stock）的地方，而我們也已經做到了。

That's where we're focused on fair pricing, fair frontline pricing, again, surgically across the country, great promotions funded by our productivity, and then excellence in fresh. So if we're giving our customers what they need at prices they're willing to pay in their neighborhood, that's how we think about stopping that second trip. That's why the investment in our store fleet is so important to us. That's why we're thinking about this customer-centric experience, again, loyalty, digital, pharmacy, fresh penetration, all of those things so that we can give them the balanced value equation that resonates uniquely with them.

這也是我們聚焦在合理定價、合理的前線定價——同樣是在全國各地以精準方式推進——由我們的生產力提升所挹注資金的優質促銷，以及在生鮮上的卓越表現。因此，如果我們能在顧客的社區裡，以他們願意支付的價格提供他們所需要的商品，這就是我們對「阻止第二趟」的思考方式。這也是為什麼我們對門市店隊的投資如此重要。這也是為什麼我們在思考以顧客為中心的體驗——再次強調，會員忠誠、數位、藥局、生鮮滲透率等所有這些面向——讓我們能提供一個對他們而言具有獨特共鳴的、平衡的價值方程式。

At this time, we've reached the end of our question-and-answer session. I'll turn the floor back over to Susan for closing remarks.

此刻，我們已到問答環節的尾聲。我把時間交回給 Susan 作結語。

So before we wrap up, I just want to thank our investors and analysts for your questions and your continued engagement. And to any employees that might be listening in, thank you for the work that you do every day to serve our customers and strengthen our business. We appreciate your ongoing support and look forward to continuing dialogue. Have a great day.

在我們結束之前，我想感謝各位投資人與分析師提出的問題，以及你們持續的參與。也對任何正在收聽的員工說聲謝謝，感謝你們每天所做的工作，服務顧客並強化我們的業務。我們感謝你們持續的支持，並期待繼續保持對話。祝各位有美好的一天。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。祝您有美好的一天。