BJ's Wholesale Club Holdings Inc (BJ) 2022 Q2 法說會逐字稿

Hello, everyone, and welcome to BJ's Wholesale Club Holdings, Inc. Second Quarter 2022 Earnings Conference Call. My name is Davie, and I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎來到 BJ's Wholesale Club Holdings, Inc. 2022 年第二季度收益電話會議。我的名字是戴維，今天我會協調你的電話。 （操作員說明）

I'll now pass the call over to your host, Cathy Park. Cathy, please go ahead.

我現在將把電話轉給您的主持人 Cathy Park。凱茜，請繼續。

Good morning, and thank you for joining BJ's Wholesale Club's Second Quarter Fiscal 2022 Earnings Conference Call. On the call today are Bob Eddy, President and Chief Executive Officer; Laura Felice, Chief Financial Officer; and Bill Werner, Executive Vice President, Strategy and Development.

早上好，感謝您參加 BJ 批發俱樂部的 2022 財年第二季度收益電話會議。今天的電話會議是總裁兼首席執行官 Bob Eddy； Laura Felice，首席財務官； Bill Werner，戰略與發展執行副總裁。

Please remember that during this call, we may make forward-looking statements within the meaning of the federal securities laws. These statements are based on our current expectations and involve risks and uncertainties that could cause actual results to differ materially from our expectations described on this call.

請記住，在本次電話會議期間，我們可能會做出聯邦證券法含義內的前瞻性陳述。這些陳述基於我們當前的預期，涉及風險和不確定性，可能導致實際結果與我們在本次電話會議中描述的預期存在重大差異。

Please see the Risk Factors section of our most recent Form 10-K and Form 10-Q filed with the SEC for a description of those risks and uncertainties. Finally, please note that on today's call, we'll refer to certain non-GAAP financial measures that we believe will provide useful information for investors. The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

請參閱我們最近向 SEC 提交的 10-K 表和 10-Q 表的風險因素部分，了解這些風險和不確定性的描述。最後，請注意，在今天的電話會議中，我們將提及某些我們認為將為投資者提供有用信息的非公認會計準則財務指標。此信息的呈現不應孤立地考慮或替代根據公認會計原則呈現的財務信息。

Please refer to today's press release posted on our Investor Relations website for a reconciliation of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP.

請參閱今天發佈在我們的投資者關係網站上的新聞稿，以了解這些非公認會計原則財務措施與根據公認會計原則編制的最具可比性的措施的對賬。

With that, I'll turn the call over to Bob.

有了這個，我會把電話轉給鮑勃。

Good morning. Thank you for joining us today. In the second quarter, we produced strong results in a marketplace influenced by inflation, waning government stimulus and high gas prices. Investments we've made to transform this company and our relentless focus on executing our long-term initiatives have put us in a place to capitalize on current trends and deliver it with strong performance.

早上好。感謝您今天加入我們。在第二季度，我們在受通貨膨脹、政府刺激減弱和高油價影響的市場中取得了強勁的業績。我們為改造這家公司所做的投資以及我們對執行長期計劃的不懈關注，使我們能夠利用當前的趨勢並以強勁的業績交付它。

Our member base is growing in both size and quality. We're improving our merchandising to deliver more value. We're advancing our digital business, offering more convenience and optionality for our members. We are expanding our footprint into new and existing markets with success. We have built a great team to further advance these initiatives and our business model is made for the current consumer environment where value is king.

我們的會員群在規模和質量上都在增長。我們正在改進我們的商品銷售以提供更多價值。我們正在推進我們的數字業務，為我們的會員提供更多的便利和選擇。我們正在成功地將我們的足跡擴展到新的和現有的市場。我們建立了一支優秀的團隊來進一步推進這些舉措，我們的商業模式是為當前價值為王的消費者環境而製定的。

We are well placed to take share by doing what we do best, delivering great value to our members. Comp sales in the second quarter were up 7.6% ex gas. Adjusted EBITDA grew 24% to a record $274 million, and adjusted EPS grew 29% to surpass the $1 mark for the first time in the history of the company at $1.06.

我們有能力通過做我們最擅長的事情來分享，為我們的會員提供巨大的價值。第二季度的可比銷售額除汽油外增長了 7.6%。調整後 EBITDA 增長 24% 至創紀錄的 2.74 億美元，調整後每股收益增長 29% 至 1.06 美元，在公司歷史上首次超過 1 美元大關。

Our second quarter comp was driven by significant gains in traffic and market share, led by our grocery and perishable categories, and our general merchandise and services comp improved both year-over-year and sequentially. Finally, another strong gas quarter contributed nicely to our profits. Our fuel business is one of the most visible ways in which members can see their savings and a great way for us to drive foot traffic.

我們第二季度的收入受到了交通和市場份額的顯著增長的推動，這主要是我們的雜貨和易腐品類別，我們的一般商品和服務收入同比和環比都有所改善。最後，另一個強勁的天然氣季度為我們的利潤做出了很好的貢獻。我們的燃料業務是會員可以看到他們的儲蓄的最明顯方式之一，也是我們增加客流量的好方法。

With average U.S. gas prices in the second quarter running about 45% higher than last year, the value that we offer has resulted in robust growth in comp gallons as members relied on BJ's to save at the pump. Our comp gas gallons were up 18% in the second quarter versus an overall market with negative comp gallons. On a 2-year stack, our comp gallons were up over 40% versus an overall market that was up only slightly.

由於美國第二季度的平均天然氣價格比去年高出約 45%，我們提供的價值導致了comp 加侖的強勁增長，因為會員依靠 BJ 來節省汽油。我們的補償氣體加侖在第二季度與整體市場的負補償加侖相比增長了 18%。在 2 年的堆棧中，我們的 comp 加侖上漲了 40% 以上，而整體市場僅略有上漲。

To put our gas gallons into context, the average C-store sells approximately 1.5 million to 2 million gallons per year. Our stations exceed that volume meaningfully and nearly 1/4 of our stations are on track this year to selling 4 to 5x as much as that average C-store. These trends are an important measure of our relevance with our members.

將我們的汽油加侖放在上下文中，平均 C 商店每年銷售大約 150 萬到 200 萬加侖。我們的電台顯著超過了這個數量，今年我們近 1/4 的電台的銷量有望達到平均 C 商店的 4 到 5 倍。這些趨勢是衡量我們與會員相關性的重要指標。

In addition, falling input costs mid-quarter led to higher-than-normal profit per gallon driven by the natural lag effect in retail pricing. This dynamic, combined with our gallon growth, resulted in a very strong gas business for us in the second quarter. We continue to deliver on our strategic priorities, which are growing and retaining members, bringing significant value to our members, improving convenience with digital and expanding our footprint. These priorities are key to driving long-term sustainable growth in our business.

此外，由於零售定價的自然滯後效應，季中投入成本下降導致每加侖利潤高於正常水平。這種動態，再加上我們的加侖增長，在第二季度為我們帶來了非常強勁的天然氣業務。我們繼續實現我們的戰略重點，即增加和留住會員，為我們的會員帶來巨大的價值，通過數字化提高便利性並擴大我們的足跡。這些優先事項是推動我們業務長期可持續增長的關鍵。

Let me touch briefly on each. Our business starts with membership, and it continues to be the strongest that I've seen in my history with the company. In the second quarter, growth in our member count was impressive at 6% year-over-year. This was led by a combination of strong renewal rates and membership acquisition helped by our growing success in digital acquisition. Our digitally acquired member penetration grew by 1,000 basis points year-over-year in the second quarter. Our first year and tenured renewal rates are improving over last year's levels, and we continue to believe that we will report new all-time high results in these rates at year-end.

讓我簡要介紹一下。我們的業務始於會員資格，並且仍然是我在公司歷史上見過的最強大的。在第二季度，我們的會員數量同比增長 6%，令人印象深刻。這是由強勁的續訂率和我們在數字化收購方面取得的日益成功所幫助的會員收購共同推動的。第二季度，我們通過數字渠道獲得的會員滲透率同比增長 1,000 個基點。我們的第一年和終身續約率比去年的水平有所提高，我們仍然相信我們將在年底報告這些利率的歷史新高。

Speaking of all-time highs, easy renewal enrollment hit a record of over 77% this quarter, up 3 points over last year. We made progress on improving the quality of our members as well. Higher tier membership penetration grew yet again to 37%, up 4 points year-over-year, helped by increasing adoption rates for our co-branded credit card. I'm sure that the fact that members are able to save an extra $0.10 on gas has something to do with that.

說到歷史最高點，本季度的輕鬆續訂入學率創下了超過 77% 的歷史新高，比去年增加了 3 個百分點。我們在提高會員質量方面也取得了進展。高級會員滲透率再次增長至 37%，同比增長 4 個百分點，這得益於我們聯合品牌信用卡的採用率提高。我敢肯定，會員能夠額外節省 0.10 美元的汽油這一事實與此有關。

Higher-tier members are more valuable given their higher spending and greater loyalty. Therefore, as the penetration of these members increases, the quality of our membership improves meaningfully. These efforts led to membership fee income growth of 11% in the second quarter with our average MFI dollars per member still running above $60. The current inflationary trend continues to influence purchasing behavior.

鑑於較高的消費和較高的忠誠度，較高級別的會員更有價值。因此，隨著這些會員的滲透率增加，我們的會員質量也有顯著提高。這些努力使第二季度的會員費收入增長了 11%，我們每位會員的平均 MFI 美元仍高於 60 美元。當前的通脹趨勢繼續影響購買行為。

During the second quarter, we were pleased to see year-over-year and sequential spend per member growth across all of our income cohorts. The majority of our merchandise comps were driven by a nice uptick in trips, led by our higher-end income cohorts and this remains a bright spot for us.

在第二季度，我們很高興看到我們所有收入群體的每位會員支出同比和連續增長。我們的大部分商品收入都是由我們的高端收入群體帶動的旅行大幅增長推動的，這對我們來說仍然是一個亮點。

Our members are increasingly relying on us to fulfill their shopping needs. Units were up significantly in our grocery businesses, highlighting the increasing value that we provide our members. Again, not only were these better results year-over-year, but also against first quarter performance. Our strong membership base is a testament to our success in delivering real value to our members. With waning government aid and elevated levels of inflation impacting virtually every aspect of consumer spending today, households across the U.S. are being forced to do more with less.

我們的會員越來越依賴我們來滿足他們的購物需求。我們的雜貨業務的單位顯著增加，突顯了我們為會員提供的不斷增加的價值。同樣，這些結果不僅比去年同期更好，而且與第一季度的業績相比也是如此。我們強大的會員基礎證明了我們在為會員提供真正價值方面取得的成功。隨著政府援助的減少和通脹水平的升高，幾乎影響了當今消費者支出的方方面面，美國各地的家庭正被迫事半功倍。

In these challenging times, we remain steadfast in helping our members save money every day on their purchases. In fact, based on our internal analysis, our pricing positions against our core competitors improved in the second quarter as we invested to showcase value, especially in key items. Take our full service deli as an example, which is always a great value for our members. Over the course of the year, we have seen competition raised prices in this area. And our savings have grown to approximately $2.50 per pound on average.

在這個充滿挑戰的時代，我們始終堅定地幫助我們的會員每天在購物上省錢。事實上，根據我們的內部分析，我們對核心競爭對手的定價地位在第二季度有所改善，因為我們投資以展示價值，尤其是在關鍵項目上。以我們全方位服務的熟食店為例，這對我們的會員來說總是很有價值。在這一年中，我們看到競爭提高了該領域的價格。我們的儲蓄平均增長到大約每磅 2.50 美元。

That means a member shopping us weekly and buying a pound of turkey and a pound of cheese will save about $260 a year just on these 2 items alone. That savings equates to almost 5x our base membership fee. We strive to meet the everyday shopping needs of our members and exceed their expectations by offering the optimal assortment of products and services at unbeatable prices. Our own brands help us achieve this goal.

這意味著會員每周向我們購物併購買一磅火雞和一磅奶酪，僅這兩件商品每年就可以節省約 260 美元。節省的費用幾乎是我們基本會員費的 5 倍。我們努力滿足會員的日常購物需求，並以無與倫比的價格提供最佳的產品和服務組合，超越他們的期望。我們自己的品牌幫助我們實現了這一目標。

In the second quarter, own brand penetration improved by 200 basis points year-over-year to 25%. In fact, our own brands comp sales in the second quarter outpaced the market, most notably in sundries. We've made significant progress on our own brand penetration to date, and I know that there is a lot more room for growth here. At our IPO 4 years ago, we highlighted our goal to grow own brands to 25% of sales.

第二季度，自有品牌滲透率同比提高 200 個基點至 25%。事實上，我們的自有品牌在第二季度的銷售額超過了市場，尤其是在雜貨方面。迄今為止，我們在自有品牌滲透方面取得了重大進展，我知道這裡還有很大的增長空間。在 4 年前的首次公開募股中，我們強調了將自有品牌增長到銷售額的 25% 的目標。

Now that we've hit that mark, we believe that a longer-term aspirational goal of over 30% is achievable, and we will continue to add talent and resources to accomplish this goal. On the digital front, we are generating robust growth across our digital channels, anchored by buy online, pickup in club and curbside.

既然我們已經達到了這個目標，我們相信超過 30% 的長期理想目標是可以實現的，我們將繼續增加人才和資源來實現這一目標。在數字方面，我們通過在線購買、俱樂部和路邊取貨等數字渠道實現強勁增長。

Through the pandemic, our members have significantly altered the way they engage with us. Today, more than half of our members engage with us digitally, and this compares to approximately 25% pre-pandemic. This is important because digitally engaged members typically have higher average baskets and shop with us more frequently, which increases the likelihood for membership renewal. Thanks to our successful expansion of omnichannel offerings, the member shopping experience is more convenient than ever.

通過大流行，我們的成員顯著改變了他們與我們互動的方式。今天，我們一半以上的會員以數字方式與我們互動，而大流行前這一比例約為 25%。這一點很重要，因為參與數字化的會員通常擁有更高的平均購物籃並且更頻繁地與我們一起購物，這增加了會員續訂的可能性。由於我們成功擴展了全渠道產品，會員購物體驗比以往任何時候都更加便捷。

We see potential for even more digitally enabled growth in the coming years as we further enhance our capabilities, deepen loyalty through targeted personalization and unlock opportunities in retail media. Finally, we remain on track with our expansion plans and continue to expect 11 new club openings in the fiscal year.

隨著我們進一步增強我們的能力，通過有針對性的個性化加深忠誠度，並在零售媒體中釋放機會，我們看到了未來幾年數字化增長的潛力。最後，我們繼續推進我們的擴張計劃，並繼續預計本財年將有 11 家新俱樂部開業。

From 2016 to 2020, we opened 10 clubs in aggregate, and now we expect to do that every year. Our decision to accelerate our new club opening pace stems from the performance of new clubs over the past handful of years, both in existing and new markets. In existing markets, sales at these new clubs are running well above our initial expectations.

從 2016 年到 2020 年，我們總共開設了 10 個俱樂部，現在我們希望每年都這樣做。我們加快新俱樂部開業步伐的決定源於過去幾年新俱樂部在現有市場和新市場中的表現。在現有市場中，這些新俱樂部的銷售額遠高於我們最初的預期。

Further, we are seeing the impact of the network effect of membership coming to life, where members who have signed up with these new clubs are increasingly shopping, not only at the new clubs but the other BJ's clubs in the area as well. As a result, our overall return on investment is running substantially ahead of our plans.

此外，我們看到會員網絡效應的影響正在顯現，與這些新俱樂部簽約的會員越來越多地購物，不僅在新俱樂部，而且在該地區的其他 BJ 俱樂部也是如此。因此，我們的整體投資回報率大大超出了我們的計劃。

In new markets, we continue to execute on our membership acquisition and new member experience to drive lifetime value in our new clubs. Clubs opened in new markets over the past 12 months already have the total membership enrollment and higher-tier penetration in line with the chain average. This performance gives us confidence as we continue our expansion into Columbus, Indianapolis and Nashville in the coming months.

在新市場，我們繼續執行我們的會員獲取和新會員體驗，以推動我們新俱樂部的終身價值。過去 12 個月在新市場開設的俱樂部的會員註冊總數和更高級別的滲透率已與連鎖店平均水平保持一致。這一表現讓我們充滿信心，因為我們將在未來幾個月繼續向哥倫布、印第安納波利斯和納什維爾擴張。

Before I hand it over to Laura to delve into the numbers, I'd like to take a few minutes to discuss our current outlook. At the halfway point of the year, I'm pleased with the trajectory of the business. As I reflect on how we're trending versus our expectations at the beginning of the year, we have certainly seen higher sales, traffic and market share. That has been balanced by investments and margin rates to help maintain our value prop.

在我把它交給勞拉深入研究這些數字之前，我想花幾分鐘時間討論一下我們目前的前景。在年中的時候，我對業務的發展軌跡感到滿意。當我回顧今年年初我們的趨勢與我們的預期時，我們肯定看到了更高的銷售額、流量和市場份額。這已通過投資和保證金率來平衡，以幫助維持我們的價值支柱。

Significant gains in gasoline profitability have allowed us to spend into the beat and make these important investments. Our business model is clearly resonating with our members, old and new, perhaps more now than ever. And I believe that delivering value to our members will drive loyalty, market share and long-term growth. I'm grateful to our team members who remain true to this core principle as they serve our members every day. To our team members who are listening in today, thank you for your hard work. We are a much stronger company today with a clear path for sustainable long-term growth and value creation, and I'm very excited about our future.

汽油盈利能力的顯著提高使我們能夠投入大量資金並進行這些重要的投資。我們的商業模式顯然與我們的新老會員產生了共鳴，也許現在比以往任何時候都更加強烈。我相信，為我們的會員提供價值將推動忠誠度、市場份額和長期增長。我感謝我們的團隊成員，他們每天都在為我們的成員服務，他們始終忠於這一核心原則。對於今天收聽的我們的團隊成員，感謝你們的辛勤工作。今天，我們是一家更強大的公司，擁有清晰的可持續長期增長和價值創造道路，我對我們的未來感到非常興奮。

I will now turn it over to Laura to provide more details on our results and outlook for the rest of the year.

我現在將把它交給勞拉，以提供有關我們今年剩餘時間的業績和展望的更多細節。

Thank you, Bob. Before I begin, I'd like to echo Bob's gratitude for our team members across our clubs, club support center and distribution centers, including the 850 new team members that are fresh distribution centers who officially joined us in May.

謝謝你，鮑勃。在開始之前，我想回應 Bob 對我們分會、分會支持中心和配送中心的團隊成員的感謝，其中包括 850 名新的團隊成員，他們是新的配送中心，他們於 5 月正式加入我們。

The success of our company is a result of our team members' hard work. Now let's discuss our results. Net sales in the second quarter were $5 billion, a 22% increase over the prior year. Merchandise comp sales, which exclude sales of gasoline, increased by 7.6%. And for the second consecutive quarter, were predominantly driven by traffic growth. Inflation contributed approximately 9 points to our comp as we continue to pass on a large portion of growing input costs, while strategically investing in our key value items and maintaining our key competitive pricing positions.

我們公司的成功是我們團隊成員努力工作的結果。現在讓我們討論一下我們的結果。第二季度的淨銷售額為 50 億美元，比去年同期增長 22%。不包括汽油銷售的商品補償銷售額增長了 7.6%。連續第二個季度，主要是由流量增長推動的。通貨膨脹為我們的業績貢獻了大約 9 個百分點，因為我們繼續將大部分不斷增長的投入成本轉嫁給我們，同時戰略性地投資於我們的關鍵價值項目並保持我們的關鍵競爭定價地位。

Our 2-year stack was up 4%, reflecting a 3-year stack of up 28%. Comps in our grocery, perishables and sundries division grew by 8% in the second quarter and a 5% on a 2-year stack and 29% on a 3-year stack. We grew market share in the second quarter, led by grocery and perishables as members increasingly shopped with us for household essentials at lower unit prices.

我們的 2 年籌碼增長了 4%，反映出 3 年籌碼增長了 28%。我們的雜貨、易腐爛和雜貨部門的 Comps 在第二季度增長了 8%，兩年期增長了 5%，三年期增長了 29%。隨著會員越來越多地與我們一起以較低的單價購買家庭必需品，我們在第二季度增加了市場份額，其中以雜貨和易腐食品為主導。

Our general merchandise and services division comp grew by 4% in the second quarter and up 2% and up 24% on a 2-year and 3-year stack respectively, as discretionary spend continues to normalize towards a new higher base from the past 2 years.

我們的一般商品和服務部門在第二季度增長了 4%，在 2 年和 3 年的堆棧中分別增長了 2% 和 24%，因為可支配支出繼續正常化，從過去 2 年開始朝著新的更高基數發展年。

Digitally enabled sales in the second quarter grew 47% year-over-year and over 350% on a 3-year stack. Approximately 80% of our digitally enabled sales are fulfilled by our clubs with services like BOPIC and same-day delivery. We gained share in our gasoline business as consumers felt the pressure of higher gas prices relative to last year.

第二季度數字化銷售額同比增長 47%，三年累計增長超過 350%。我們大約 80% 的數字化銷售是由我們的俱樂部通過 BOPIC 和當日送達等服務完成的。由於消費者感受到與去年相比較高的汽油價格壓力，我們在汽油業務中獲得了份額。

In the second quarter, our comp gas gallons grew by approximately 18%, significantly outpacing the broader market, which saw a negative same-store volumes. Our strong gallon growth, combined with greater than historical gas margins, resulted in gas profits that once again meaningfully outperformed our internal plan.

在第二季度，我們的comp gas 加侖增長了約18%，大大超過了同店銷量為負的大盤。我們強勁的加侖增長，加上高於歷史的天然氣利潤率，導致天然氣利潤再次顯著超過我們的內部計劃。

Membership fee income, or MFI, grew by 11% to $99 million in the second quarter and continues to underscore the progress we have made improving our business. We are pleased with our membership trends, including higher-tier penetration, easy renewal and first year and tenured renewal rates.

第二季度會員費收入或 MFI 增長 11% 至 9900 萬美元，並繼續強調我們在改善業務方面取得的進展。我們對我們的會員趨勢感到滿意，包括更高級別的滲透率、輕鬆續訂以及第一年和終身續訂率。

Moving on to gross margins. Excluding the gasoline business, our merchandise gross margin rate decreased by 50 basis points, primarily due to growing supply chain costs and inflation, which we highlighted in our last call. Furthermore, as our competitors intensified promotional activity and efforts to address excess inventory, we took markdowns across our general merchandise business, which further pressured our second quarter margins.

繼續討論毛利率。不包括汽油業務，我們的商品毛利率下降了 50 個基點，這主要是由於我們在上次電話會議中強調的供應鏈成本和通貨膨脹的增長。此外，隨著我們的競爭對手加強促銷活動和解決過剩庫存的努力，我們對我們的一般商品業務進行了降價銷售，這進一步給我們第二季度的利潤率帶來了壓力。

Let me touch briefly on inventory. We ended the second quarter with $343 million more inventory on our balance sheet than last year. As a reminder, we closed on the acquisition of our perishable distribution centers on May 2, and these operations are now fully consolidated in our financial statements beginning in the second quarter. It is important to note that this includes inventory of about $90 million.

讓我簡單談談庫存。第二季度末，我們的資產負債表上的庫存比去年增加了 3.43 億美元。提醒一下，我們於 5 月 2 日完成了對易腐爛配送中心的收購，這些業務現在已完全合併到我們從第二季度開始的財務報表中。需要注意的是，這包括大約 9000 萬美元的庫存。

This inventory was not on our books in the prior year quarter as prior to the acquisition, we did not take possession of it until it arrived at our clubs. Excluding the impact of the acquired inventory, our baseline year-over-year increase was approximately $250 million.

與收購前一樣，該庫存在上一季度沒有出現在我們的賬簿上，直到它到達我們的俱樂部時我們才擁有它。排除收購庫存的影響，我們的基準同比增長約為 2.5 億美元。

About 50% was related to new club growth and other strategic actions we've taken to better position our business, such as improving in-stock levels over last year. About 40% was attributable to cost inflation. The remaining 10% was related to general merchandise, and we are pleased with the progress we've made in the second quarter.

大約 50% 與新俱樂部的增長和我們為更好地定位我們的業務而採取的其他戰略行動有關，例如與去年相比提高庫存水平。約 40% 歸因於成本膨脹。剩下的 10% 與一般商品有關，我們對第二季度取得的進展感到滿意。

As we sit here today, we are confident in our ability to work through the remaining general merchandise inventory and our team has worked to rightsize inbound inventory of merchandise ahead of the holiday season. SG&A expenses for the quarter were $651 million, the year-over-year increase was primarily attributable to the increased labor costs associated with the wage investment we made last year as well as acquisition, integration and operating expenses related to the acquisition of our perishable distribution centers.

當我們今天坐在這裡時，我們對處理剩餘的一般商品庫存的能力充滿信心，我們的團隊已努力在假日季節之前調整入站商品庫存的規模。本季度的 SG&A 費用為 6.51 億美元，同比增長主要是由於與我們去年進行的工資投資相關的勞動力成本增加以及與收購我們易腐爛的分銷相關的收購、整合和運營費用中心。

Our second quarter adjusted EBITDA grew by 24% to $274 million, reflecting our sales growth and outpaced gas profits. We incurred approximately $4 million of onetime costs related to the acquisition of our perishable distribution centers. These costs were adjusted for in our adjusted EBITDA metric.

我們第二季度調整後的 EBITDA 增長了 24% 至 2.74 億美元，反映了我們的銷售增長和超過了天然氣利潤。我們因收購易腐爛的配送中心而產生了大約 400 萬美元的一次性成本。這些成本在我們調整後的 EBITDA 指標中進行了調整。

Adjusted net income for the second quarter was $144 million or $1.06 per share and reflected a 29% year-over-year growth on a per share basis. The onetime costs related to the acquisition of our perishable distribution centers have been adjusted for in this metric as well as onetime noncash write-off of fees related to our ABL credit facility that we refinanced during the quarter.

第二季度調整後的淨收入為 1.44 億美元或每股 1.06 美元，反映每股同比增長 29%。與收購我們易腐爛的配送中心相關的一次性成本已在此指標中進行了調整，以及與我們在本季度再融資的 ABL 信貸額度相關的一次性非現金沖銷費用。

Turning to our capital structure. In the second quarter, we closed our new 5-year $1.2 billion credit facility, which we upsized from $1 billion. This new facility together with our robust free cash flow, of which we generated approximately $300 million in the second quarter provides us with the financial and strategic flexibility as we continue to grow the business.

轉向我們的資本結構。在第二季度，我們關閉了新的 5 年期 12 億美元信貸額度，我們從 10 億美元擴大了額度。這一新設施以及我們強勁的自由現金流（我們在第二季度產生了約 3 億美元）為我們提供了財務和戰略靈活性，因為我們將繼續發展業務。

We ended the second quarter with less than a turn of net leverage, which remained unchanged from the first quarter despite having partially funded the acquisition of our perishable distribution facilities with debt. As we allocate our capital going forward, our priority remains growing our business. Investments to support membership, digital and our real estate growth plans will be funded by these cash flows and enabled by our strong balance sheet.

我們在第二季度結束時的淨槓桿率不到一圈，儘管已經部分資助了我們用債務收購易腐爛的分銷設施，但與第一季度相比保持不變。隨著我們向前分配資金，我們的首要任務仍然是發展我們的業務。支持會員、數字和我們的房地產增長計劃的投資將由這些現金流提供資金，並由我們強大的資產負債表提供支持。

We also believe that share repurchases are a good use of excess capital and expect to continue buying back shares opportunistically. At the end of the second quarter, we had $413 million remaining under our $500 million buyback authorization. Let me now touch on our current outlook for the year. We are seeing sustained strength in our grocery business, and we believe we can continue gaining market share because of our intense focus on value.

我們還認為，股票回購是對過剩資本的一種很好的利用，並希望繼續機會主義地回購股票。在第二季度末，我們在 5 億美元的回購授權下剩餘 4.13 億美元。現在讓我談談我們目前對今年的展望。我們看到我們的雜貨業務持續強勁，我們相信由於我們對價值的高度關注，我們可以繼續獲得市場份額。

We are also operating in a rapidly evolving marketplace where high inflation is still impacting many aspects of our business. We're working to stay ahead of shifting consumer behavior and have proven our ability to work through these challenges effectively and remain laser-focused on execution. Starting at the top of the P&L for fiscal 2022, we now expect comparable club sales ex gas to increase in the 4% to 5% range. As we reflected on several consecutive quarters of the significant year-over-year growth in our gas business, we have updated our approach on gas and now account for low-teen comp gallon growth in the back half of the year.

我們還在一個快速發展的市場中運營，高通脹仍在影響我們業務的許多方面。我們正在努力在不斷變化的消費者行為中保持領先，並證明我們有能力有效應對這些挑戰，並始終專注於執行。從 2022 財年損益表的頂部開始，我們現在預計可比的俱樂部除汽油銷售額將增長 4% 至 5%。正如我們對天然氣業務連續幾個季度的顯著同比增長進行反思時，我們更新了我們的天然氣方法，現在考慮到今年下半年的低青少年補償加侖增長。

This is predicated on our assumption that we will continue to gain outsized volume share despite moderating retail gas prices. We have also slightly increased our profit-per-gallon assumption to capture sustained benefit in the third quarter. We expect ongoing but slightly easing merchandise margin pressure throughout the back half of the year, driven by continued investments in price and growth in freight costs offset by a better position in general merchandise.

這是基於我們的假設，即儘管零售天然氣價格放緩，我們仍將繼續獲得超大的銷量份額。我們還略微提高了每加侖利潤的假設，以在第三季度獲得持續收益。我們預計，由於價格的持續投資和運費的增長被一般商品的更好地位所抵消，我們預計下半年商品利潤率壓力將持續但略有緩解。

Said more directly, we expect the year-over-year change in our merchandise margin rate to remain negative in the third and fourth quarters, but improved sequentially as we progress through the rest of the year. We continue to expect pressure on interest expense throughout the back half of the year, driven by the current rate environment as compared to our initial plan.

更直接地說，我們預計第三和第四季度我們的商品利潤率同比變化將保持負數，但隨著我們在今年剩餘時間的進展，將連續改善。與我們最初的計劃相比，在當前利率環境的推動下，我們繼續預計整個下半年的利息支出將面臨壓力。

Taking all of this into consideration and after rolling our Q2 upside forward, we now expect our full year EPS to be in the range of $3.50 to $3.60, up from our original expectation of approximately $3.25. Before turning it back to Bob, I'd like to reiterate our confidence in the strength of our business and the transformation that we have made. As a result of improvements we've made in membership, footprint expansion and digital, further amplified by the structural advantages of our warehouse club model, we believe we are positioned to deliver a better growth profile than prior to the pandemic longer term.

考慮到所有這些因素，並在將第二季度的上行空間向前推進後，我們現在預計全年每股收益將在 3.50 美元至 3.60 美元之間，高於我們最初預期的約 3.25 美元。在將其轉回給 Bob 之前，我想重申我們對我們的業務實力和我們所做的轉變的信心。由於我們在會員資格、足跡擴張和數字化方面取得的進步，再加上我們倉庫俱樂部模式的結構優勢進一步放大，我們相信我們有能力提供比大流行之前更好的長期增長狀況。

With that, I'll turn it back to Bob for closing remarks.

有了這個，我將把它轉回給 Bob 做結束語。

Thanks, Laura. Before we close out our prepared remarks, I'd like to leave you with some final thoughts. We know that when prices rise, the outlook is uncertain and times get tough, members deepen their trust in BJ's in search for great value. We've worked hard over the years to build a stronger and more resilient company in pursuit of driving membership lifetime value.

謝謝，勞拉。在結束我們準備好的評論之前，我想給你一些最後的想法。我們知道，當價格上漲、前景不明朗和形勢嚴峻時，會員會加深對 BJ 的信任，以尋求巨大的價值。多年來，我們一直在努力打造一家更強大、更有彈性的公司，以追求推動會員終生價值。

Here are just some examples of how far we've come. Our membership base has grown roughly 25% since our IPO. Higher-tier membership penetration is 37%, up from around 21% at our IPO. Own brands penetration is trending up 600 basis points from our IPO. An Easy Renewal penetration is at 77%, which compares to 39% at our IPO.

這裡只是一些例子，說明我們已經走了多遠。自首次公開募股以來，我們的會員基礎增長了大約 25%。高級會員滲透率為 37%，高於我們 IPO 時的 21% 左右。與我們的首次公開募股相比，自有品牌滲透率呈上升趨勢 600 個基點。 Easy Renewal 的滲透率為 77%，而我們的 IPO 為 39%。

We've made significant progress in strengthening our business, and I believe we are well positioned today to help our members stretch their dollars. We will remain focused on solidifying the long-term prospects of our business by executing on our strategic initiatives, and above all, prioritizing value in everything we do.

我們在加強我們的業務方面取得了重大進展，我相信我們今天已經做好了幫助我們的會員增加資金的準備。我們將繼續專注於通過執行我們的戰略計劃來鞏固我們業務的長期前景，最重要的是，我們所做的一切都將價值放在首位。

With that, I'll now turn it back over to the operator to take your questions.

有了這個，我現在把它交給接線員來回答你的問題。

(Operator Instructions)

（操作員說明）

Our first question is from Peter Benedict from Baird.

我們的第一個問題來自 Baird 的 Peter Benedict。

A couple of questions. First one, just around the new member sign-ups. Curious -- any color on the complexion there, income, demographics, those types of things? How do they look relative to kind of your current base? And on the MFI growth, do you think that can sustain double-digit pace over the back half of the year? That's my first question.

幾個問題。第一個，就在新會員註冊附近。好奇——那裡的膚色，收入，人口統計，那些類型的東西有什麼顏色嗎？相對於您當前的基礎類型，它們看起來如何？關於小額信貸機構的增長，您認為下半年能否保持兩位數的增長？這是我的第一個問題。

Pete, thanks for your question. And thanks, everybody, for their time and their support this morning. You're right on one of the key issues. This is a quarter about traffic gains and market share gains, but most of all it's about the continuing strength in our membership base. We continue to grow the size and the quality of the membership base, as we talked about in our prepared remarks. We've done a nice job growing -- besides growing new means to us, meaning digital acquisition. And have done just a continuing stellar job, renewing members and improving the Higher Tiers and Easy Renewal as we talked about.

皮特，謝謝你的提問。感謝大家今天早上的時間和支持。你在關鍵問題之一上是對的。這是關於流量增長和市場份額增長的四分之一，但最重要的是我們會員基礎的持續實力。正如我們在準備好的評論中談到的那樣，我們將繼續擴大會員基礎的規模和質量。我們在成長方面做得很好——除了為我們增加新的手段，這意味著數字化收購。正如我們所談到的，他們已經完成了一項持續的出色工作，更新了會員並改進了更高級別和輕鬆更新。

We're seeing new member gains across our portfolio in new clubs and in existing clubs from a demographic perspective, I would say they are largely consistent with our core membership. Those that come in digitally traditionally have been a shade younger, as you would expect, but not meaningfully different.

從人口統計的角度來看，我們在新俱樂部和現有俱樂部的投資組合中看到了新會員的增長，我想說它們與我們的核心會員基本一致。正如你所料，那些傳統上以數字方式出現的人比你想像的要年輕，但並沒有太大的不同。

And we're seeing new members come in from across the economic spectrum as well, even as you do see some pressure on the lower side of the economic spectrum, given the waning government stimulus, those folks need to save money more than the average, and we're certainly seeing a lot of folks on the higher end that come in as well as they search for value.

我們也看到來自各個經濟領域的新成員加入，儘管你確實看到經濟領域的低端存在一些壓力，鑑於政府刺激措施的減弱，這些人需要比平均水平節省更多的錢，我們肯定會看到很多高端人士進來並尋求價值。

As we think about growth, I do think we are bullish on that continuing going forward. Certainly, our model here is resonating out there in the market. It has been resonating for years in good times and bad times. But certainly, the value that we provide every day where you can save 25% or more off of your groceries, it was certainly built for inflationary times like these. So we do think we can keep up the growth -- as you know, we grew bodies by 6% year-over-year this quarter. We grew sequentially as well over last quarter. And the mix of our members has been going up over time. So the dollars per member is still running at sort of all-time high levels around $60. And we would anticipate growing both bodies and dollars nicely in the back half.

當我們考慮增長時，我確實認為我們看好這種持續向前發展。當然，我們的模型在市場上引起了共鳴。多年來，它一直在好時光和壞時光中引起共鳴。但可以肯定的是，我們每天提供的價值可以讓您從雜貨中節省 25% 或更多，它肯定是為這樣的通貨膨脹時期而建立的。因此，我們確實認為我們可以保持增長——如你所知，本季度我們的車身同比增長了 6%。與上一季度相比，我們也實現了連續增長。隨著時間的推移，我們成員的組合一直在增加。因此，每位會員的收入仍然保持在 60 美元左右的歷史最高水平。我們預計後半部分的機構和美元都會增長。

Okay. That's helpful, Bob. And then just on the -- thinking about maybe the grocery comp at 8%. I mean you talked about 9% inflation. You talked about units being up in certain areas. Can you talk about maybe items per transaction mix trade down? Kind of just help us square up all that -- all those numbers.

好的。這很有幫助，鮑勃。然後就在考慮雜貨店的收入可能為 8%。我的意思是你談到了 9% 的通貨膨脹。你談到了某些地區的單位正在上升。你能談談每筆交易組合交易的物品嗎？有點只是幫助我們整理所有這些 - 所有這些數字。

Yes, no doubt. Certainly, grocery led the way inside of our box this quarter, not surprisingly given what's going on in the market. But we had strong performance across our portfolio, including in general merchandise and sundries, which improved sequentially and year-over-year as well. The grocery business is very, very strong. It is comp positive, traffic positive, unit positive, which is important given the inflation. And I don't see that phenomenon going away anytime soon. It roots back to value, right? Our members and consumers in general are on a huge hunt for value at this point given the inflation, our merchant team has been able to be very effective in managing inflation and managing our margin rates in the face of that inflation.

是的，毫無疑問。當然，雜貨店在本季度引領了我們的行列，考慮到市場上正在發生的事情，這並不奇怪。但我們的投資組合表現強勁，包括日用百貨和雜貨，環比和同比都有所改善。雜貨業務非常非常強大。考慮到通貨膨脹，這是比較積極的，交通積極的，單位積極的，這很重要。而且我認為這種現像不會很快消失。它植根於價值，對吧？鑑於通貨膨脹，我們的會員和廣大消費者在這一點上都在尋找價值，我們的商人團隊能夠非常有效地管理通貨膨脹並在通貨膨脹面前管理我們的保證金率。

And they operate with a simple principle that we need to always provide the most value that we can provide our members. And that's what you're seeing come through our grocery business at this point, driving traffic, driving units, driving member shopping frequency as well. And as you know, that's the key to membership for us, it is the #1 predictor of renewal of membership. Many times we get people in the box. So grocery has been very strong for us this quarter, and I see that continuing in the back half.

他們遵循一個簡單的原則，即我們需要始終提供我們可以為會員提供的最大價值。這就是你在這一點上通過我們的雜貨業務看到的，推動流量、推動單位、推動會員購物頻率。如您所知，這對我們來說是會員資格的關鍵，它是會員資格更新的第一預測指標。很多時候，我們讓人們在盒子裡。因此，本季度雜貨對我們來說非常強大，我認為這種情況在後半部分仍在繼續。

Okay. And if I could sneak 1 more in. You mentioned some digital opportunities. I think you said in retail media, it sounds like maybe a longer-term opportunity, but just curious if you could expand on that, what you're thinking on that front?

好的。如果我可以再偷偷溜進去 1。你提到了一些數字機會。我認為您在零售媒體中說過，這聽起來可能是一個長期機會，但只是好奇您是否可以對此進行擴展，您在這方面的想法是什麼？

Yes, of course. You know that we've been growing our digital presence nicely out in the market. We talked about our digitally enabled sales up significantly in the year-over-year period as well as in the 3-year stack, that was above 350%. That's really one of the key ways we can grow this company is taking the value that we provide every day and layering on convenience. Everyone knows that the value has always been a hallmark of the wholesale club industry, but it hasn't always been as convenient as we want. And digital helps us solve that problem.

是的當然。你知道我們一直在很好地擴大我們在市場上的數字存在。我們談到我們的數字化銷售額在同比和 3 年堆棧中顯著增長，超過 350%。這確實是我們發展這家公司的關鍵方式之一，那就是利用我們每天提供的價值並增加便利性。每個人都知道，價值一直是批發俱樂部行業的標誌，但它並不總是像我們想要的那樣方便。數字化幫助我們解決了這個問題。

If we can give people dollars back and time, both sources of huge value, we should absolutely be doing that, and that should help us win long term. As we grow that business, the data that we capture, obviously, has a lot of value. And our competitors are, frankly, a little bit ahead of where we are from a retail media perspective, given their digital businesses are a bit ahead of ours, but we are making meaningful gains in share there, and this will be a great place to invest going forward. We have great data. We have great ability now that we've built our digital properties to monetize that data.

如果我們可以回饋人們金錢和時間，這都是巨大價值的來源，我們絕對應該這樣做，這應該有助於我們贏得長期勝利。隨著我們業務的發展，我們捕獲的數據顯然具有很大的價值。坦率地說，從零售媒體的角度來看，我們的競爭對手比我們領先一點，因為他們的數字業務領先於我們，但我們正在那裡獲得有意義的份額，這將是一個很好的地方往前投資。我們有很好的數據。我們現在擁有強大的能力，因為我們已經建立了我們的數字資產來將這些數據貨幣化。

And although it's relatively new for us now, it should be a growing piece of our business going forward.

儘管它現在對我們來說相對較新，但它應該是我們未來業務中不斷增長的一部分。

(Operator Instructions)

（操作員說明）

Our next question is from Edward Kelly from Wells Fargo.

我們的下一個問題來自富國銀行的 Edward Kelly。

First question, just on comps. Can you just provide a bit more color on your expectation in the back half? I mean the comparison looks easier in Q4 than in Q3. And I guess as part of this, last holiday was a little bit of a disappointment in general merchandise and end of this doesn't get fixed overnight. But just how are you approaching that opportunity this year, particularly given that the marketplace is uncertain, certainly in that category?

第一個問題，只是關於comps。您能否在後半部分為您的期望提供更多顏色？我的意思是，第四季度的比較看起來比第三季度更容易。我想作為其中的一部分，上個假期對一般商品有點失望，而且這種情況的結束不會在一夜之間得到解決。但是今年你如何接近這個機會，特別是考慮到市場是不確定的，當然在那個類別中？

Yes, sure. Thanks for the question. It's a very good one. I guess I would start off by saying we are much more bullish on our back half prospects than we were at the beginning of the year. You pointed out an important distinction between the quarters. Q3 last year will be our toughest lap this year. We had a stellar performance in Q3 and a couple of sort of unusual items in there.

是的，當然。謝謝你的問題。這是一個非常好的。我想我首先要說的是，與今年年初相比，我們對後半場的前景更加樂觀。你指出了季度之間的一個重要區別。去年的第三季度將是我們今年最艱難的一圈。我們在第三季度有出色的表現，其中有一些不尋常的項目。

One was a big pull forward in sundries business into Q3 from Q4. And the other one was -- that was our peak from a government stimulus perspective in the third quarter. So if you remember, at the beginning of the year, we talked about Q3 being negative comp this year, we no longer think that. We think it will be positive. I would tell you, a positive low single, so 1%, 2% comp, something in that neighborhood.

一是雜貨業務從第四季度進入第三季度。另一個是 - 從第三季度政府刺激的角度來看，這是我們的峰值。所以如果你還記得，在今年年初，我們談到今年第三季度是負競爭，我們不再這麼認為了。我們認為這將是積極的。我會告訴你，一個積極的低單曲，所以 1%，2% 補償，在那個附近。

And then Q4, you're right on it again, general merchandise business was not something we were proud of last quarter -- last fourth quarter. We have, as you know, been allocating tons of time and energy and talent to improving that business. It's a long build. As you know, a lot of those categories are long lead time categories.

然後第四季度，你又說對了，一般商品業務上個季度並不是我們引以為豪的事情——上個第四季度。如您所知，我們一直在投入大量時間、精力和人才來改善該業務。這是一個漫長的構建。如您所知，其中很多類別都是長交貨期類別。

But we've made nice gains so far. We do think we will be meaningfully ahead of third quarter comps in the fourth quarter. So where we might be plus 1% or 2% in the third quarter, we should be plus 4% or 5%, I would hope in the fourth quarter. And that's a bit of the easier lap, but it's also our confidence in what we're doing to grow the general merchandise business.

但到目前為止，我們已經取得了不錯的成績。我們確實認為我們將在第四季度大幅領先於第三季度。因此，我們可能在第三季度增加 1% 或 2%，我們應該增加 4% 或 5%，我希望在第四季度。這是更容易的一圈，但這也是我們對我們為發展一般商品業務所做的事情的信心。

Great. And just a quick follow-up. On the gross margin, you started out this year, I think, expecting sort of a flattish margin, and there's been a number of unusual things that have been impacting you. Is there any reason to think, though, that you don't get this margin back eventually?

偉大的。只是一個快速的跟進。在毛利率方面，我認為，您今年開始時預計毛利率會持平，並且有許多不尋常的事情一直在影響您。但是，有什麼理由認為您最終不會拿回這個利潤嗎？

Well, look, I think the long-term story has always been our margins when you get them to be apples-to-apples with our club competitors are a little bit lower. And that math is a little bit tangly to do, and you have to estimate it a little bit. But we figured it was somewhere around 1 point of margin growth to be had over time when you think about our ability to buy better as we grow our push into own brands and the margin that, that provides.

好吧，看，我認為長期的故事一直是我們的利潤率，當你讓我們的俱樂部競爭對手與蘋果對蘋果時，我們的利潤率會低一點。而且這個數學有點難做，你必須稍微估計一下。但我們認為，隨著時間的推移，當您考慮到我們在加大對自有品牌的推動力以及由此提供的利潤率時，我們有能力進行更好的購買時，利潤率將增長大約 1 個百分點。

And our push into services as well, which tends to be a bit more margin dense. Those story points are still around. You saw some of it this quarter with the great own brands penetration growth and our continued investments there should drive that going forward. We continue to do our best to buy better. It's a tough market to buy in these days and manage inflation and raise your margins. If given the choice between margins and value, we are always going to pick value, we will continue to invest as much as possible because value drives our business. It drives membership.

我們也在推動服務，這往往是一個更密集的利潤。這些故事點仍然存在。您在本季度看到了其中一些自有品牌滲透率的大幅增長，我們在那裡的持續投資應該會推動這一趨勢的發展。我們將繼續盡最大努力購買更好的產品。在這些日子裡，這是一個很難購買、管理通貨膨脹和提高利潤的市場。如果在利潤和價值之間做出選擇，我們總是會選擇價值，我們將繼續盡可能多地投資，因為價值驅動著我們的業務。它推動會員制。

But I do think over the long term, there is still some margin to go get. Certainly, in this quarter, there were some extraneous events with increasing supply chain costs and general merchandise markdowns that should hopefully not recur in the future. But I think the long-term story of margin growth is still alive.

但我確實認為，從長遠來看，仍有一些餘地。當然，在本季度，供應鏈成本增加和一般商品降價等一些無關緊要的事件有望在未來不再發生。但我認為利潤率增長的長期故事仍然存在。

Our next question is from Robby Ohmes from Bank of America.

我們的下一個問題來自美國銀行的 Robby Ohmes。

I had actually 2 follow-up questions. Just 1 kind of quickly, and thanks for giving the comp guidance for the back half. Is the inflation assumption for the back half plus 9% roughly? And any other color you can give us on the food inflation outlook would be really helpful. And the other question, I'll just give it to you upfront. Bob, maybe historically, if you have -- and I don't think there's been a lot of inflation this high, but when -- like when gas inflation comes back down, say, rapidly, what happens to the membership trends historically, this sort of gaining the numbers kind of drop off maybe, remind us the pattern there.

我實際上有兩個後續問題。只是一種快速，感謝您為後半部分提供比賽指導。後半部分的通脹假設是粗略加上 9% 嗎？您可以為我們提供的任何其他關於食品通脹前景的顏色都會非常有幫助。另一個問題，我會提前告訴你。鮑勃，也許從歷史上看，如果你有 - 我認為沒有這麼高的通貨膨脹，但是當 - 比如當天然氣通貨膨脹迅速回落時，歷史上的會員趨勢會發生什麼，這獲得數字可能會下降，提醒我們那裡的模式。

Yes. Robby, thanks for those questions. So it's difficult to predict what's going to happen from an inflation perspective. I tend to think it's not going to slow down based on what we see from and hear from our supplier partners. We tend to hear things like they've only passed through a portion of the overall inflation that they've seen in their cost base in the last couple of years.

是的。羅比，謝謝你的這些問題。因此，從通貨膨脹的角度很難預測會發生什麼。根據我們從供應商合作夥伴那裡看到和聽到的情況，我傾向於認為它不會放慢速度。我們傾向於聽到這樣的事情，比如他們只經歷了過去幾年在成本基礎中看到的整體通脹的一部分。

I do think you've seen some of the key commodities out there start to roll over. That may slow down the rate of inflation a little bit or at least cause them to think twice about passing even more on. But based on what I see today, I don't see it slowing down. We've baked that into our comp assumptions. We baked the fact that member search for value is driving tremendous traffic gains into our assumptions for the back half as well.

我確實認為你已經看到一些關鍵商品開始翻轉。這可能會稍微減緩通貨膨脹率，或者至少讓他們三思而後行。但根據我今天看到的情況，我認為它並沒有放緩。我們已將其納入我們的比較假設中。我們將會員搜索價值正在推動巨大的流量收益這一事實納入我們對後半部分的假設。

As we talked about in the prepared remarks, the majority of our second quarter comp was driven by traffic that we're sort of forecasting continuing. I still think it's going to be sticky from an inflation perspective for a while. Your question on gas is a great one. I think there are certainly -- there is certainly more of a relevance factor. The higher gas prices go, and I'll tell you in the beginning of the year, in the first quarter, we were seeing higher comp gallon gains than in the second quarter, and some of that is the fall in gas prices in the second quarter. However, our membership gains have not slowed down. And when you think about the traffic gains in our core business, you think about the market share gains in our core business, you think about the relevance that gas provides even though the cost of a gallon of gas is a bit lower today than it was in March, let's say.

正如我們在準備好的評論中談到的那樣，我們第二季度的大部分競爭都是由我們預測的流量驅動的。我仍然認為從通貨膨脹的角度來看，它會持續一段時間。你關於汽油的問題是一個很好的問題。我認為肯定有——當然還有更多的相關因素。汽油價格上漲，我會在年初告訴你，在第一季度，我們看到的補償加侖收益高於第二季度，其中一些是第二季度汽油價格的下跌四分之一。然而，我們的會員增長並沒有放緩。當您考慮我們核心業務的流量增長時，您會考慮我們核心業務中的市場份額增長，您會考慮天然氣提供的相關性，即使今天一加侖天然氣的成本比以前低一點三月，讓我們說。

It's still very much elevated over prior years. And people are overall searching for value. Historically, when costs have gone down, gas gallons have gone down, but the shopping behavior of folks and the membership behavior of folks is sticky. They become habituated to get into our parking lots, get into our stores. And that's what we run the gasoline business for. We don't run it to make a ton of money, even though it's very profitable this quarter. We run it because it has the best value perception of anything out there that I've seen. And we try and run it that way every day.

與前幾年相比，它仍然很高。人們正在全面尋找價值。從歷史上看，當成本下降時，汽油加侖下降，但人們的購物行為和會員行為具有粘性。他們習慣於進入我們的停車場，進入我們的商店。這就是我們經營汽油業務的目的。我們運行它並不是為了賺很多錢，儘管本季度它非常有利可圖。我們運行它是因為它對我所見過的任何東西都有最好的價值感知。我們每天都嘗試以這種方式運行它。

Our forecast for Q3 is bullish from a gallons perspective. And we've -- as Laura talked about in the prepared remarks, we updated our guess as to the profitability of the gasoline business in the third quarter. We're of the view that it probably starts to go back up again in cost in the fourth quarter based on what we know today. Obviously, given the dynamics with Iran and the possible Russian oil embargo and the SPR releases going away. That could all change. But my guess is it goes back up a little bit. That may challenge our profitability, but it will definitely help our value perception and our traffic and our membership.

從加侖的角度來看，我們對第三季度的預測是看漲的。我們已經 - 正如勞拉在準備好的評論中所說，我們更新了對第三季度汽油業務盈利能力的猜測。我們認為，根據我們今天所知道的，它可能會在第四季度再次開始回升成本。顯然，鑑於與伊朗的動態以及可能的俄羅斯石油禁運和 SPR 釋放的消失。這一切都可能改變。但我的猜測是它會回升一點。這可能會挑戰我們的盈利能力，但肯定會有助於我們的價值認知、流量和會員資格。

Our next question is from Kate McShane from Goldman Sachs.

我們的下一個問題來自高盛的 Kate McShane。

Our question is centered around inventory. We wondered if you could maybe tell us where general merchandise inventory is still too high, what categories? And from an in-stock perspective, is there any place where you might want more inventory? And then within that, the promotional environment you've mentioned is still relatively competitive. How are you thinking about promotions around holiday specifically?

我們的問題集中在庫存上。我們想知道您能否告訴我們哪些地方的一般商品庫存仍然過高，哪些類別？從庫存的角度來看，是否有任何地方您可能需要更多庫存？然後在其中，你提到的促銷環境仍然相對競爭。您如何特別考慮假期期間的促銷活動？

Kate, it's Laura. Thanks for your question. Look, as I -- as we look at our general merchandise inventory, I think we -- what you should take away is that we feel really good where we're positioned right now in our overall inventory levels, including Jan-March. You asked about promotional environment. I think we have seen continued pressure. We saw it in the second quarter.

凱特，我是勞拉。謝謝你的問題。看，當我看我們的一般商品庫存時，我認為我們應該帶走的是，我們現在在整體庫存水平（包括 1 月至 3 月）中所處的位置感覺非常好。您詢問了促銷環境。我認為我們看到了持續的壓力。我們在第二季度看到了它。

I don't think it will ease from an overall promotional cadence as some of our competitors have looked to clear out excess inventory and have reduced pricing. We, in turn, reduced pricing as well in some categories to stay competitive and make sure we're offering value to our members. So I think that will continue in the short term, but what you should take away is that we feel really good about where we're positioned as we head into the back half.

我認為它不會從整體促銷節奏中緩和，因為我們的一些競爭對手已經尋求清理多餘的庫存並降低價格。反過來，我們也降低了某些類別的價格，以保持競爭力並確保我們為會員提供價值。所以我認為這將在短期內繼續下去，但你應該帶走的是，當我們進入後半區時，我們對自己所處的位置感覺非常好。

Maybe I'll pile on, Kate. I thought this was really a quarter to be proud of, our logistics teams and our merchandising teams. Given what's going on in the market, the historic levels of markdowns and order cancellations and things that we're seeing from our competitors to manage to the results that we saw in the second quarter, and be on plan from a margin perspective was truly a feat. Very, very proud of the team for getting to that answer. And as Laura said, we feel good about where we are.

也許我會堅持下去，凱特。我認為這真的是值得驕傲的四分之一，我們的物流團隊和銷售團隊。鑑於市場上正在發生的事情，降價和訂單取消的歷史水平以及我們從競爭對手那裡看到的事情，以管理我們在第二季度看到的結果，並且從利潤的角度來看是按計劃進行的，這確實是一個壯舉。非常非常自豪團隊能夠得到這個答案。正如勞拉所說，我們對自己所處的位置感覺良好。

We're -- it continues to be a dynamic marketplace. And so we will continue to work very hard to make sure our orders are rightsized, and we are as nimble as possible in the back half. But we manage Q2 very, very effectively. Your question on promotions is a good one. Certainly, we saw a lot of promotions and markdowns and things in the market in the second quarter. My guess is that continues. I think everybody has been pretty blunt about the fact that there's still some inventory to work through, we are no different in that aspect.

我們 - 它仍然是一個充滿活力的市場。因此，我們將繼續努力確保我們的訂單規模合理，並且我們在後半部分盡可能靈活。但我們非常非常有效地管理第二季度。你關於促銷的問題是一個很好的問題。當然，我們在第二季度在市場上看到了很多促銷、降價和東西。我的猜測是繼續。我認為每個人都直言不諱地說還有一些庫存需要處理，我們在這方面沒有什麼不同。

We still have a little bit too much general merchandise inventory. It is by no means as concerning as some of the other things out in the market given the size of our general merchandise business for one and given how our teams have managed the inventory more effectively. But I do think it's still going to be a little bit of a robust promotional environment. And we'll do our best to stay on it. For the holiday, we're planning for largely the same types of promotions that we've done in the past, and we will obviously alter the scope and the depth of those promotions as we see what's going on in the market.

我們的一般商品庫存仍然有點多。鑑於我們的一般商品業務的規模以及我們的團隊如何更有效地管理庫存，這絕不像市場上的其他一些事情那樣令人擔憂。但我確實認為這仍將是一個強大的促銷環境。我們將盡最大努力堅持下去。對於假期，我們計劃進行與過去大致相同類型的促銷活動，並且隨著我們看到市場上發生的事情，我們顯然會改變這些促銷活動的範圍和深度。

Our next question is from Chuck Grom from Gordon Haskett.

我們的下一個問題來自 Gordon Haskett 的 Chuck Grom。

Can you talk about the improvement in the general merchandise business a little bit more? What's driving that? It's certainly impressive given the deteriorating backdrop today.

能否多談談百貨業務的改善？是什麼驅動了它？鑑於今天不斷惡化的背景，這當然令人印象深刻。

Yes. Thanks, Chuck. As you know, GM is one of the places we have been working very hard on to improve. It's an under-penetrated part of our business. It's a very important part of the value proposition that we should drive for our members. And obviously, we've been around the club business a long time. It's a very important part of the treasure hunt of coming to a club as well. We have a lot of ways to improve it. It should be much bigger, hopefully, a few years from now than it is today, but a lot of it is long lead time.

是的。謝謝，查克。如您所知，通用汽車是我們一直在努力改進的地方之一。這是我們業務中滲透不足的部分。這是我們應該為我們的會員推動的價值主張的一個非常重要的部分。很明顯，我們在俱樂部業務上已經有很長時間了。這也是來到俱樂部尋寶的一個非常重要的部分。我們有很多方法可以改進它。希望幾年後它應該比現在大得多，但很多都是很長的交貨時間。

So we started at -- really at the bottom from our perspective, trying to get the best general merchandise team, the best processes, the best procedures to run that business. We've made huge gains from a talent perspective, both getting internal stars into the right roles as well as recruiting external folks to come in and help. And I couldn't be more pleased with the state of the talent at this point. We'll continue to build from there. And as we get these people in the right places, they're out in the market sourcing more and better inventory.

因此，我們從 - 從我們的角度來看實際上是從底層開始，試圖獲得最好的一般商品團隊，最好的流程，最好的程序來運營該業務。從人才的角度來看，我們已經取得了巨大的進步，既讓內部明星擔任正確的角色，又招募外部人員進來提供幫助。在這一點上，我對天才的狀態感到非常滿意。我們將從那裡繼續建設。當我們把這些人放在正確的地方時，他們就會在市場上採購更多更好的庫存。

And as we work that into our plans and our business, hopefully, it will resonate. This should be a big part of our business. I think you'll see sort of initial peaks at some of that stuff in the back half. It really won't start to resonate until next year, definitely by the back half of next year as we get in to key categories there. But you take apparel or you take seasonal, you take electronics, all of those should be much bigger businesses than we have today. And it starts with talent. And then we let them get to work and do the right things in terms of picking the right items and most importantly, providing tremendous value to our members as we go forward. So lots to do, proud of where we've gotten so far in that transformation, but we've got to keep it going.

當我們將其納入我們的計劃和業務時，希望它會引起共鳴。這應該是我們業務的重要組成部分。我想你會在後半部分看到一些初始峰值。它真的要到明年才會開始引起共鳴，肯定是到明年下半年，因為我們進入了那裡的關鍵類別。但是你拿服裝或季節性產品，你拿電子產品，所有這些都應該是比我們今天更大的業務。它始於人才。然後我們讓他們開始工作，做正確的事情，選擇正確的項目，最重要的是，在我們前進的過程中為我們的成員提供巨大的價值。有很多事情要做，為我們在轉型中取得的成就感到自豪，但我們必須繼續前進。

Okay. Great. And then when you take a step back from the near term, given your success, particularly on traffic and membership over the past couple of years, maybe even a little bit longer than that. How are you thinking about the long-term earnings algo? And can you remind us about club growth for the next couple of years and I guess, longer term, where you see the potential club base going to?

好的。偉大的。然後，當你從短期內退後一步時，考慮到你的成功，特別是在過去幾年的流量和會員資格方面，甚至可能比這更長一點。您如何看待長期收益算法？你能提醒我們未來幾年俱樂部的增長嗎？我猜，從長遠來看，你認為潛在的俱樂部基礎會去哪裡？

Yes. Maybe I'll farm that question out. So I'll start with the overriding statement that we see great potential to have a much stronger long-term economic algorithm. And we've sort of forecasted that to you all in the past. I'll let Laura cover that part of it, and then maybe I'll ask Bill to talk about our real estate plans for the next couple of years because those are very, very exciting as well.

是的。也許我會解決這個問題。因此，我將從最重要的聲明開始，即我們認為擁有更強大的長期經濟算法的巨大潛力。我們過去曾向你們所有人預測過這一點。我會讓 Laura 介紹其中的一部分，然後也許我會請 Bill 談談我們未來幾年的房地產計劃，因為這些也非常非常令人興奮。

Yes. Look, I think our long-term algo is kind of as we've communicated it, we continue to see the strength of our membership growth that we've realized over the first half, and we think that will continue in the long term. And the strength of our overall business, combined with the growth of our unit base.

是的。看，我認為我們的長期算法就像我們已經傳達的那樣，我們繼續看到我們在上半年實現的會員增長的力量，我們認為這將在長期內持續下去。以及我們整體業務的實力，以及我們單位基礎的增長。

Chuck, it's Bill. Then on the new club side, we'll do 11 this year. We'll open up 3 here in the third quarter. We'll open up 5 in the fourth quarter. And then as we look forward, we continue to target 4% to 5% unit growth going forward. So I would say that at this point, we have a pretty good visibility into the plans for calendar '23. And the stuff we're working on now is stuff for calendar '24 and '25. So as we look out for the next couple of years, we think that 4% to 5% unit growth rate is sustainable.

查克，是比爾。然後在新俱樂部方面，我們今年將做 11 次。我們將在第三季度在這裡開放 3 個。我們將在第四季度開放 5 個。然後，正如我們展望的那樣，我們繼續以 4% 到 5% 的單位增長為目標。所以我想說，在這一點上，我們對日曆 '23 的計劃有一個很好的了解。我們現在正在處理的東西是日曆 '24 和 '25 的東西。因此，當我們展望未來幾年時，我們認為 4% 到 5% 的單位增長率是可持續的。

And as we said in the prepared remarks, Chuck, this is one of the big hallmarks of our transformation, right? From 2016 to 2020, we opened 10 clubs cumulatively, and now we're doing more than that in a year and consider the fact that we can go forward with that type of pace is a huge change for our business. I should provide a comp tailwind as we go and obviously provides bigger scale that impacts purchasing and efficiency going forward too. So a huge marker of our progress in this company.

正如我們在準備好的評論中所說，查克，這是我們轉型的一大標誌，對吧？從 2016 年到 2020 年，我們累計開設了 10 傢俱樂部，現在我們在一年內做的比這還多，考慮到我們能夠以這樣的速度前進，這對我們的業務來說是一個巨大的變化。我應該在我們前進的過程中提供一個補償順風，並且顯然提供更大的規模，這也會影響未來的採購和效率。因此，這是我們在這家公司取得進展的巨大標誌。

Our next question is from Krisztina Katai from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Krisztina Katai。

Just wanted to talk about some of the bifurcation that you mentioned in your customer base 3 months ago when we talked. I think one of your large peers talked about some changes within their customer base. So can you maybe talk about what are you seeing from your members as we look at the low end versus the high end? Are you seeing still some of the same changes that you saw 3 months ago? Or has essentially the gas price pullback over the last 2 months has resulted in a healthier low end consumer?

只是想談談您在 3 個月前我們交談時在您的客戶群中提到的一些分歧。我認為您的一位大型同行談到了他們客戶群中的一些變化。那麼，當我們查看低端與高端時，您能否談談您從您的成員那裡看到了什麼？您是否仍然看到與 3 個月前相同的一些變化？還是過去 2 個月的天然氣價格回落導致低端消費者更加健康？

Yes. Krisztina, thanks for your question. We are still seeing some of the things that we talked about in the first quarter where lower -- numbers in the lower end of the economic spectrum, we're seeing a little bit of a pullback there, really not in their traffic so much, but in their overall shopping given they have less government aid dollars than they had in the past. They are still coming to see us in good amounts. Their traffic is fine.

是的。 Krisztina，謝謝你的提問。我們仍然看到我們在第一季度談到的一些事情較低 - 經濟範圍較低端的數字，我們看到那裡有一點回落，實際上他們的流量並沒有那麼多，但鑑於他們的政府援助資金比過去少，因此在他們的整體購物中。他們仍然大量來看我們。他們的交通很好。

That's really -- that's really what we're after. Obviously, as I talked about earlier, #1 predictor of membership renewal is frequency. And those folks are shopping us in nice ways. The rest of the cohorts are all shopping us more often, buying more when they're with us, spend is up across the economic cohorts. So you're seeing a little bit of the same stuff that you saw in the first quarter. Your point on gas is a good one.

這真的 - 這就是我們所追求的。顯然，正如我之前所說，會員續訂的第一預測因素是頻率。那些人正在以很好的方式給我們購物。其他人群都更頻繁地向我們購物，與我們在一起時購買更多，整個經濟人群的支出都在增加。所以你看到的東西和第一季度看到的一樣。你關於汽油的觀點是一個很好的觀點。

We haven't seen a tremendous divergence in the income cohorts and their purchases of gasoline. And as gasoline has descended, we haven't really seen any meaningful difference against when it was over $4. I would expect this to continue where you see the lower-end consumer react to having less dollars in their pocket. I would expect the higher-end consumers to continue to search for value as well. We're a great destination for them. We're a one-stop shop. And they have more dollars in their pocket, even though they might not feel like they do at this point. So certainly as I said in my remarks, in a market where value is king, we're a great place to come shop, and I would expect continued momentum going forward.

我們還沒有看到收入群體和他們購買汽油的巨大差異。隨著汽油價格的下跌，我們並沒有真正看到與超過 4 美元時的任何顯著差異。我預計這種情況會繼續下去，你會看到低端消費者對口袋裡的美元減少做出反應。我預計高端消費者也會繼續尋找價值。我們是他們的理想目的地。我們是一站式商店。他們的口袋裡有更多的美元，儘管他們現在可能不覺得自己有這種感覺。因此，正如我在講話中所說，在價值為王的市場中，我們當然是購物的好地方，我希望繼續保持前進的勢頭。

Great. And just secondly, as it relates to the outlook for the back half or especially the fourth quarter, there's still a lot of retailers that are having to promote their general merchandise business to rightsize their inventories. And I know that you are much smaller in that business, but are you at all worried that maybe some of the consumer spending might be getting pulled forward and that would essentially leave some of those dollars that are not going to be spent in the fourth quarter?

偉大的。其次，由於與下半年或特別是第四季度的前景有關，仍有許多零售商不得不推廣其日用品業務以調整庫存。而且我知道您在該業務中的規模要小得多，但是您是否擔心某些消費者支出可能會被拉動，這實際上會留下一些不會在第四季度花費的美元?

Yes. Look, I think to me, it speaks back to the value point, right? In our own business, and I'll confine my comments to our own business, what we saw in Q2. When we had a product that wasn't moving as fast as we want, and we put a mark down on it, it moves. And so that speaks more to value to me than pull forward or anything else. I spoke to -- spoke to me just from a price perspective. If you had the right item and you put the right price on it, people still will take some money out of their wallet. And take that item home.

是的。看，我想我，它回到了價值點，對吧？在我們自己的業務中，我將把我的評論僅限於我們自己的業務，即我們在第二季度看到的情況。當我們的產品沒有按照我們想要的速度移動時，我們在它上面做了標記，它就會移動。因此，這對我來說比向前推進或其他任何事情更有價值。我和我談過——只是從價格的角度跟我談過。如果你有正確的物品並且你在上面放了正確的價格，人們仍然會從他們的錢包裡拿出一些錢。並將該物品帶回家。

The inventory balances out in the market are absolutely still high. My guess is that as we get into the winter months, summer seasonal goods will be hard to move at any price. And so I would suspect that those things will be carried over the next year or salvage rather than sold. And the comments we've read from our competitors are all about bringing new fresh inventory for the holiday. And hopefully, the market kind of resets from that standpoint. So we are -- we're not anticipating huge markdown headwinds as we go forward into the back half.

市場上的庫存餘額絕對仍然很高。我的猜測是，隨著我們進入冬季，夏季季節性商品將很難以任何價格移動。所以我懷疑這些東西會在明年結轉或打撈而不是出售。我們從競爭對手那裡讀到的評論都是關於為假期帶來新的新鮮庫存。希望從這個角度來看，市場會重新設定。所以我們 - 當我們前進到後半部時，我們並沒有預料到巨大的降價逆風。

We factored certainly some of them into our guidance that Laura talked about. But nothing meaningful. We will obviously react to the market as it goes. It's a dynamic place. People are figuring out their own problems. And as I keep talking about, value is the only thing we care about in these markets and providing, our members expect that from us. It's our responsibility to give it to them. If the market changes in a way that challenges the margins, we will always choose to invest in value, as we try to take a long-term focus and try and build long-term lifetime value of membership. But as we sit here today, we don't see any huge headwinds in the back half.

我們當然將其中一些因素納入了勞拉談到的指導中。但沒什麼意義。我們顯然會對市場做出反應。這是一個充滿活力的地方。人們正在找出自己的問題。正如我一直在談論的那樣，價值是我們在這些市場中唯一關心和提供的東西，我們的會員期望我們做到這一點。把它交給他們是我們的責任。如果市場發生挑戰利潤率的變化，我們將始終選擇投資於價值，因為我們嘗試著眼於長期並嘗試建立會員的長期終身價值。但是當我們今天坐在這裡時，我們看不到後半部有任何巨大的逆風。

Yes. I think I'd just add on to that, to an important point to think about is the traffic gains that we've continued to realize. And as those members continue to shop us, continue to seek the value that Bob talked about, their behavior is changing and they're coming into our boxes and shopping us online. So couple that with everything Bob said, I think we feel -- we continue to feel good about our inventory positions, and we'll see kind of what the market conditions bring in the back half.

是的。我想我只是補充一點，要考慮的一個重要點是我們繼續實現的流量收益。隨著這些成員繼續購買我們，繼續尋求 Bob 談到的價值，他們的行為正在改變，他們進入我們的盒子並在線購物。因此，結合鮑勃所說的一切，我認為我們感覺 - 我們繼續對我們的庫存狀況感覺良好，我們將看到市場狀況在後半部分帶來什麼。

Our next question is from Michael Baker from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Michael Baker。戴維森。

A couple of follow-ups. First, on the gas business, can you remind us how -- what's the metric on percent of customers who fill up of the tank could then come into the club or maybe another way to sort of get to the same ideas, can you tell us your comps in clubs that don't have gas stations versus the ones that do? I know most of them do now, but I think that would be interesting to hear.

幾個後續。首先，關於天然氣業務，您能否提醒我們如何 - 加滿油箱的客戶百分比然後進入俱樂部的指標是什麼，或者可能是另一種獲得相同想法的方式，您能告訴我們您在沒有加油站的俱樂部與有加油站的俱樂部的比賽？我知道他們中的大多數人現在都這樣做了，但我認為這會很有趣。

Yes. Mike, thanks for the question. As you point out, we've been investing in our gas business over the past few years. And right now, a little less than 2/3 of our clubs have a gas station. We continue to open many of them. One of the things -- that's one thing Bill didn't talk about as we opened 11 clubs this year.

是的。邁克，謝謝你的問題。正如您所指出的，過去幾年我們一直在投資天然氣業務。而現在，我們只有不到 2/3 的俱樂部有加油站。我們將繼續開放其中的許多。其中一件事——這是比爾在今年我們開設了 11 傢俱樂部時沒有談到的一件事。

We'll open close to that number of gas stations as well. And so we're aiming towards getting to maybe 3/4 of our clubs to have gasoline. It would be hard to put them in, some of our metro New York locations, for instance. As we've talked about, gas is a huge driver of value perception, particularly as the cost of a gallon of gas goes up. And this is that type of market, right? So we've seen tremendous gains in market share across our business, but most particularly in our gasoline business, right, with gallons up 40% on a 2-year stack and 18% up this last quarter.

我們也將在該數量的加油站附近開放。因此，我們的目標是讓大約 3/4 的俱樂部擁有汽油。很難把它們放進去，例如我們在紐約的一些地鐵地點。正如我們所討論的，天然氣是價值感知的巨大驅動力，尤其是隨著一加侖天然氣成本的上漲。這就是那種類型的市場，對吧？因此，我們在整個業務中看到了巨大的市場份額增長，尤其是在我們的汽油業務中，對了，加侖在兩年內增長了 40%，上個季度增長了 18%。

We have more and more people in our parking lots every day. Historically, about a 1/3 of our members have shopped inside the club when they come to us and bought gasoline. That has decreased a little bit here in this 6-month year-to-date period. As you would expect, as we gain more and more share, people are in just to buy gas a little bit rather than being in the store every day as well. And our continuing push into the co-brand Mastercard product where our members get $0.10 off a gallon every day. When people sign up for that, we effectively get all of their gas purchases for the year as well.

我們的停車場每天都有越來越多的人。從歷史上看，大約 1/3 的會員來我們這裡購買汽油時曾在俱樂部內購物。在這 6 個月的年初至今期間，這一數字略有下降。正如你所料，隨著我們獲得越來越多的份額，人們只是為了買一點汽油，而不是每天都在商店裡。我們繼續推進聯合品牌萬事達卡產品，我們的會員每天每加侖可享受 0.10 美元的優惠。當人們註冊時，我們也有效地獲得了他們當年購買的所有天然氣。

And that drives tremendous value to those members. But obviously, they don't need to be in our -- they might be in our parking lots 3x a week, but they don't need to be in our building 3x a week. I guess I would say our non-gas clubs. Those clubs that do not have a gas station, we're also very positive from a traffic perspective as well. And so well, there is typically a slight difference between gas clubs and non-gas clubs. It's not really meaningful at all.

這為這些成員帶來了巨大的價值。但很明顯，他們不需要在我們的 - 他們可能每週 3 次在我們的停車場，但他們不需要每週 3 次在我們的大樓裡。我想我會說我們的非汽油俱樂部。那些沒有加油站的俱樂部，從交通的角度來看，我們也非常積極。好吧，燃氣俱樂部和非燃氣俱樂部之間通常存在細微差別。這根本沒有真正的意義。

The thing that is meaningful over the long term is those clubs that have a gas station have better membership results, particularly better membership renewal. And that drives our desire to continue to add gas stations over the long term, as we've talked about, we're in the lifetime value business. We're in the membership business. And anything we can do to drive those 2 things is something worth investing in, so we'll continue to do that.

從長遠來看，有意義的是那些擁有加油站的俱樂部有更好的會員結果，特別是更好的會員續簽。這促使我們希望長期繼續增加加油站，正如我們所談到的，我們從事的是終身價值業務。我們從事會員業務。我們可以做的任何事情來推動這兩件事都是值得投資的，所以我們將繼續這樣做。

Makes sense. I know it's about 9:30, but real quick. No one's asked yet, so I'll ask it, pace of comps throughout the quarter by month and maybe even early targets, I guess we have your third quarter outlook, but just wondering about the pace through the quarter.

說得通。我知道現在大約是 9:30，但真的很快。還沒有人問過，所以我會問它，整個季度的競爭速度，甚至可能是早期目標，我想我們有你的第三季度展望，但只是想知道整個季度的速度。

Yes. I would tell you it wasn't all that different. Certainly, you got to look at it from a stack basis. If you look at the individual monthly comps, you'd see a bit of a difference, nothing huge, but on a stack basis, not that much at all. We saw the same type of underlying context in each month of the quarter with very strong traffic and ticket growth as well. The concentration and unit positivity of grocery and perishables and the improvement in GM and services was consistent through the quarter as well. So very pleased with that as we head into the third quarter.

是的。我會告訴你，這並沒有什麼不同。當然，你必須從堆棧的基礎上看它。如果您查看各個月度補償，您會發現有點不同，沒什麼大不了的，但在堆棧的基礎上，根本沒有那麼大。我們在本季度的每個月都看到了相同類型的潛在背景，流量和票務增長也非常強勁。雜貨和易腐爛食品的集中度和單位積極性以及 GM 和服務的改善在整個季度也保持一致。當我們進入第三季度時，對此非常滿意。

Thank you. This is all the questions we have time for today. So this concludes today's call. You may now disconnect your lines, and have a lovely day.

謝謝你。這是我們今天有時間的所有問題。今天的電話會議到此結束。您現在可以斷開線路，度過愉快的一天。