BJ's Wholesale Club Holdings Inc (BJ) 2023 Q2 法說會逐字稿

Hello, everyone, and welcome to the BJ's Wholesale Club Holdings, Inc. Second Quarter 2023 Earnings Conference Call. My name is Carla, and I will be coordinating your call today. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions) I'll now pass the conference over to your host, Cathy Park. Please go ahead.

大家好，歡迎參加 BJ's Wholesale Club Holdings, Inc. 2023 年第二季度收益電話會議。我叫卡拉，今天我將協調您的電話。演講者發言後，將進行問答環節。 （操作員指示）我現在將會議轉交給主持人 Cathy Park。請繼續。

Good morning, and thank you for joining BJ's Wholesale Club Second Quarter Fiscal 2023 Earnings Conference Call. On the call today are Bob Eddy, Chairman and Chief Executive Officer; Laura Felice, Chief Financial Officer; and Bill Werner, Executive Vice President, Strategy and Development. 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.

早上好，感謝您參加 BJ 批發俱樂部 2023 財年第二季度收益電話會議。今天參加電話會議的是董事長兼首席執行官鮑勃·艾迪 (Bob Eddy)；勞拉·菲利斯，首席財務官； Bill Werner，戰略與發展執行副總裁。請記住，在本次電話會議中，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 will 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. Please refer to today's press release and latest investor presentation 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. With that, I'll turn the call over to Bob.

請參閱我們向 SEC 提交的最新 10-K 表格和 10-Q 表格中的“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，在今天的電話會議上，我們將提及某些非公認會計準則財務指標，我們相信這些指標將為投資者提供有用的信息。此信息的呈現不應被孤立地考慮或作為根據 GAAP 呈現的財務信息的替代品。請參閱今天的新聞稿和我們投資者關係網站上發布的最新投資者介紹，了解這些非公認會計原則財務指標與根據公認會計原則制定的最具可比指標的對賬情況。這樣，我會將電話轉給鮑勃。

Good morning, and thanks for joining us to discuss our second quarter results. Our team managed the business well during the second quarter, leaning into our structurally advantaged operating model to deliver great value. This was validated by our members who voted with their feet and wallets as we gained traffic and accelerated our market share gains in the second quarter. By staying focused on executing our long-term strategic priorities and taking care of our members, we delivered strong profitability during the quarter.

早上好，感謝您加入我們討論我們的第二季度業績。我們的團隊在第二季度很好地管理了業務，依靠我們具有結構優勢的運營模式來創造巨大的價值。我們的會員用腳和錢包投票驗證了這一點，因為我們在第二季度獲得了流量並加速了市場份額的增長。通過專注於執行我們的長期戰略重點並照顧我們的會員，我們在本季度實現了強勁的盈利能力。

Our membership is strong. We are making progress on our merchandising improvements. Our digital conveniences continue to save our members' time and we're successfully growing our footprint. Our second quarter merchandise comparable club sales, which exclude GAAP sales were up 1.1%. This increase was driven entirely by traffic. Further, our focus on delivering great value to our members once again resulted in sales growth across each of our income cohorts, driven by increases in trips and spend per member. We were pleased with this result considering continued grocery disinflation, a tough lap in traffic provided by last year's elevated gasoline prices and a tight discretionary spending environment.

我們的會員資格很強大。我們在銷售改進方面正在取得進展。我們的數字便利設施不斷節省會員的時間，並且我們正在成功擴大我們的足跡。我們第二季度的商品可比俱樂部銷售額（不包括 GAAP 銷售額）增長了 1.1%。這一增長完全是由流量推動的。此外，我們致力於為會員提供巨大價值，這在每個會員的旅行和支出增加的推動下，再次實現了每個收入群體的銷售增長。考慮到食品雜貨持續通貨緊縮、去年汽油價格上漲造成的交通運輸困難以及可自由支配支出環境緊張，我們對這一結果感到滿意。

Our Grocery & Consumables business continues to be very strong. In fact, according to (inaudible), we gained market share once again in the second quarter with sales growing nearly 2x faster than our key competition across the markets in which we operate. We have grown in the quarter and year-to-date periods as well as in each of the last 3 years. Our 52-week share is nearly 60 basis points above pre-COVID levels. The structural advantages provided by our model, most notably the value we provide serve as an even more important reason for our members to visit our stores. We know that in uncertain times like these, consumers search for value. Therefore, it is even more important that we continue to invest in value every day. That will not change. While these categories experienced sustained disinflation during the quarter, our member participation and transactions grew nicely, stacking upon last year's gains.

我們的雜貨和消費品業務仍然非常強勁。事實上，根據（聽不清），我們在第二季度再次獲得了市場份額，銷售額增長速度比我們經營所在市場的主要競爭對手快了近兩倍。我們在本季度和年初至今以及過去三年中都取得了增長。我們的 52 週份額比新冠疫情前的水平高出近 60 個基點。我們的模式提供的結構優勢，尤其是我們提供的價值，是我們的會員訪問我們商店的更重要的原因。我們知道，在這樣的不確定時期，消費者會尋求價值。因此，我們每天持續進行價值投資就顯得更加重要。這不會改變。雖然這些類別在本季度經歷了持續的通貨緊縮，但我們的會員參與度和交易量增長良好，與去年的收益相疊加。

As a result, we delivered robust food and sundries performance with comp sales in this division up over 4%. Success with our own brands, Wellsley Farms and Berkley Jensen have contributed nicely to our share gains, having access to high-quality products at compelling values as deeply resonated with our members. A great example is in our paper category, which is up nearly 10 percentage points year-to-date in unit penetration. In fact, during early August, sales of our Berkley Jensen paper towels eclipsed a bounty in both units and dollars for the first time ever. It's a great product and an outstanding value. I encourage all of you to try it.

因此，我們在食品和雜貨領域取得了強勁的業績，該部門的銷售額增長了 4% 以上。我們自有品牌 Wellsley Farms 和 Berkley Jensen 的成功為我們的份額增長做出了巨大貢獻，以令人信服的價值獲得了高質量的產品，並與我們的會員產生了深刻的共鳴。一個很好的例子是我們的紙張類別，今年迄今為止其單位滲透率增長了近 10 個百分點。事實上，八月初，我們的 Berkley Jensen 紙巾的銷量首次超過了銷量和金額。這是一款出色的產品，具有卓越的價值。我鼓勵大家都嘗試一下。

We have consistently strengthened our own brand offering each quarter and are confident in our goal of ultimately reaching 30% penetration. Members who engage in our own brands spend more, visit us more often, and are, therefore, better numbers. Our general merchandise and services comp was down 13% year-over-year in the second quarter, reflecting 3 realities: First, we made an intentional and considered effort to rebaseline certain categories to get our general merchandise business to a healthier profile. That meant less inventory and considerably higher margin rates than last year. This is an important step as we begin to set new on-trend assortments for the future.

我們每個季度都不斷加強自己的品牌產品，並對最終達到 30% 滲透率的目標充滿信心。參與我們自有品牌的會員消費更多，訪問我們的頻率更高，因此數量也更多。第二季度我們的百貨和服務比較同比下降 13%，反映了 3 個現實：首先，我們有意且深思熟慮地努力重新調整某些類別的基準，以使我們的百貨業務更加健康。這意味著庫存量減少，利潤率比去年高得多。這是我們開始為未來製定新的流行品種的重要一步。

With that said, we continue to be optimistic about our ability to inflect our general merchandise business and grow it for the long term. Bright spots during the second quarter included our small appliances category, which was supported by better presentation and an improving assortment. Our back-to-school set, which runs from late Q2 into Labor Day, has historically been small relative to the rest of our GM business, but we're encouraged by our performance season to date.

話雖如此，我們仍然對我們影響百貨業務並實現長期增長的能力持樂觀態度。第二季度的亮點包括我們的小家電類別，這得益於更好的展示和改進的品種。我們的返校活動從第二季度末一直持續到勞動節，從歷史上看，相對於通用汽車的其他業務而言，我們的返校活動規模較小，但我們對迄今為止的業績表現感到鼓舞。

Next, after years of stimulus fuel purchasing, the discretionary dollar is harder for our members to part with and buying habits are returning towards normal. This has affected sizable general merchandise categories such as consumer electronics, along with more seasonal categories like patio and outdoor furniture. The reality is that if you needed something in these categories over the last couple of years, you likely already bought it and purchase cycles are long.

接下來，經過多年的刺激性燃料購買，我們的會員更難放棄可自由支配的美元，購買習慣正在恢復正常。這影響了消費電子產品等相當大的一般商品類別，以及露台和戶外家具等季節性類別。現實情況是，如果您在過去幾年中需要這些類別的東西，您可能已經購買了它，並且購買週期很長。

Finally, weather in our core Northeast markets during the second quarter was notably cold and rainy. Just one data point. July was the second wettest month in history in Boston, that was after a very wet May and June. Seasonal goods comprise a considerable amount of overall general merchandise sales in the second quarter and sales in these categories were certainly impacted.

最後，第二季度我們的核心東北市場的天氣特別寒冷且多雨。只有一個數據點。繼五月和六月非常潮濕之後，七月是波士頓歷史上第二個最潮濕的月份。季節性商品在第二季度的一般商品銷售總額中佔有相當大的份額，這些類別的銷售肯定受到了影響。

Moving on to merchandise gross margins. We drove significant improvement in the second quarter as last year's supply chain challenges dissipated. We also managed our general merchandise inventory better this year, resulting in a healthier sales mix and more margin dollars and rate. In our gasoline business, while retail gas prices were approximately 25% lower year-over-year, we were pleased to maintain our significant share gains from the last several years. Volumes for the broader industry remained down double digits versus prepandemic levels, and we are outperforming this trend with year-to-date comp gallons up over 30% versus 2019.

接下來是商品毛利率。隨著去年的供應鏈挑戰消失，我們在第二季度取得了顯著的進步。今年我們還更好地管理了一般商品庫存，從而實現了更健康的銷售組合以及更高的利潤率和利率。在我們的汽油業務中，雖然零售汽油價格同比下降約 25%，但我們很高興保持了過去幾年的顯著份額增長。與大流行前的水平相比，整個行業的銷量仍然下降了兩位數，但我們的表現優於這一趨勢，今年迄今為止的比較加侖數比 2019 年增長了 30% 以上。

Following tough compares in May and June, July comp gallons were meaningfully positive. Profitability continues to normalize when compared to last year. Our second quarter profit per gallon landed near Q1 levels, which was slightly ahead of our expectations. Overall gas profits while in line with our expectations, were significantly lower when compared to last year's record Q2 gas profits. All in, we reported second quarter adjusted EBITDA of approximately $269 million and adjusted earnings per share of $0.97. The combination of positive traffic, market share gains and margin improvement contributed to stronger-than-expected bottom line results in the quarter.

經過五月和六月的艱難比較後，七月的加侖數顯著增加。與去年相比，盈利能力繼續正常化。我們第二季度的每加侖利潤接近第一季度的水平，略高於我們的預期。整體天然氣利潤雖然符合我們的預期，但與去年第二季度創紀錄的天然氣利潤相比明顯較低。總而言之，我們報告第二季度調整後 EBITDA 約為 2.69 億美元，調整後每股收益為 0.97 美元。積極的客流量、市場份額的增長和利潤率的提高共同促成了本季度強於預期的淨利潤。

While our teams are focused on optimizing our performance in the near term, we have not lost sight of advancing our strategic priorities, which remain crucial to our long-term growth. They are improving member loyalty, driving an unbeatable shopping experience, delivering value conveniently through digital and growing our footprint. Let me briefly highlight each.

雖然我們的團隊專注於優化短期業績，但我們並沒有忽視推進我們的戰略重點，這對我們的長期增長仍然至關重要。他們正在提高會員忠誠度，推動無與倫比的購物體驗，通過數字化便捷地傳遞價值並擴大我們的足跡。讓我簡要強調一下每一項。

Our members are at the heart of everything we do, and I'm pleased with the progress our teams continue to make in strengthening the size and quality of our membership. In the second quarter, we grew both membership fee income and member count by 5% year-over-year, leveraging both our new and existing clubs as well as growing digital acquisition. In addition to overall member growth, we are improving the quality of our membership with investments like our new co-brand credit card program, where new account growth is exceeding our plan. Higher-tier members are especially benefiting from our new program through greater awards and the increase in our gas discount program.

我們的會員是我們所做一切的核心，我對我們的團隊在加強會員規模和質量方面不斷取得的進展感到高興。第二季度，我們利用新俱樂部和現有俱樂部以及不斷增長的數字收購，會員費收入和會員數量同比增長了 5%。除了整體會員增長之外，我們還通過新的聯合品牌信用卡計劃等投資來提高會員質量，其中新帳戶的增長超出了我們的計劃。高級會員尤其受益於我們的新計劃，包括更大的獎勵和汽油折扣計劃的增加。

In the first half of this year, the total rewards delivered to our higher tier members were over 20% higher than last year. We expect our continued investment into our membership value prop will increase higher tier penetration and strengthen lifetime value going forward. As I reflect on the past 5 years, we have made significant strides in membership, growing our base by more than 30% to over 7 million members today. While doing so, we remained focused on maximizing member lifetime value through improvements in higher tier penetration and renewal rates. Our higher tier penetration has grown by nearly 15 points to 38% today. We grew our tenured renewal rate to a record 90% last year, up 3 points from fiscal 2018, and we expect to sustain that 90% this year.

今年上半年，我們為高級會員提供的總獎勵比去年增加了20%以上。我們預計，我們對會員價值支柱的持續投資將提高更高級別的滲透率並增強未來的終身價值。回顧過去 5 年，我們在會員數量方面取得了長足進步，會員數量增長了 30% 以上，目前已超過 700 萬會員。在此過程中，我們仍然專注於通過提高更高級別的滲透率和續訂率來最大化會員終身價值。如今，我們的高端滲透率增長了近 15 個百分點，達到 38%。去年，我們將終身任期續約率提高到創紀錄的 90%，比 2018 財年提高了 3 個百分點，我們預計今年將維持這一 90%。

Further, the meaningful expansion of our member base has not diluted member behavior with our members continuing to shop over 20 times a year on average. Membership fee income has grown every year over the past 25 years, and we believe our commitment to value will help us drive sustainable MFI growth in the future. Strong loyalty is a direct outcome of great customer experiences. Our second strategic priority is delivering an unbeatable member experience, which for us is centered around value.

此外，我們會員群的有意義擴張並沒有削弱會員行為，我們的會員平均每年購物超過 20 次。過去 25 年來，會員費收入每年都在增長，我們相信我們對價值的承諾將幫助我們推動未來小額信貸機構的可持續增長。強大的忠誠度是出色的客戶體驗的直接結果。我們的第二個戰略重點是提供無與倫比的會員體驗，對我們來說，這以價值為中心。

Last year, we demonstrated our ability to strengthen our competitive advantage in periods of rampant inflation as we improved our pricing position by 130 basis points across our competitive set. As we face disinflation this year, we have continued to invest in key value items in order to drive trips and maintain our strong pricing position. Last quarter, we highlighted our investments in our Wellsley Farms bottled water. In the second quarter, we invested in our USDA certified Choice Strip Steaks offering them at up to a 38% discount against our competitors. This grew average number of baskets and trips as well as new engagement into the category. About 20% of our members who took advantage of this promotion were completely new to the fresh beef category, and many have already returned to the category after the promotion ended.

去年，我們在競爭中將定價地位提高了 130 個基點，證明了我們有能力在通貨膨脹猖獗的時期加強我們的競爭優勢。由於今年我們面臨通貨緊縮，我們繼續投資於關鍵價值項目，以推動旅行並保持我們強勁的定價地位。上季度，我們強調了對韋爾斯利農場瓶裝水的投資。在第二季度，我們投資了美國農業部認證的精選牛排，與競爭對手相比，它們的折扣高達 38%。這增加了購物籃和旅行的平均數量以及該類別的新參與度。在利用本次促銷活動的會員中，約有 20% 是新鮮牛肉類別的新手，許多人在促銷結束後又回到了該類別。

Pricing is a crucial way we deliver value to our members, but we are also working to offer meaningful value in other ways, including through merchandising improvements and digital convenience. On the former, we are especially excited about our general merchandise transformation, which comes to life starting in the back half of this year. General merchandise is an area where we can make a profound impact and showcasing value to our members, yet it is currently less than 15% of our business. We believe we have significant opportunity to profitably grow this division over the next few years.

定價是我們為會員提供價值的重要方式，但我們也在努力以其他方式提供有意義的價值，包括通過商品推銷改進和數字便利。就前者而言，我們對今年下半年開始的一般商品轉型感到特別興奮。百貨商品是我們可以產生深遠影響並向會員展示價值的領域，但目前它只占我們業務的不到 15%。我們相信，我們有重大機會在未來幾年內實現該部門的盈利增長。

While about 80% of our members shop at general merchandise today, engagement is low. The majority of our members shop in only 1 or maybe 2 categories in GM, whether that is apparel, consumer electronics, home or seasonal. We know that members who shop GM derive more value out of their BJ's membership and spend about 4x more per year at BJ's than members who do not engage in GM. We're working to reignite our treasure hunt experience by elevating the quality of our merchandise while preserving the great value that our members expect at BJ's.

雖然目前我們約 80% 的會員購買日用百貨，但參與度較低。我們的大多數會員只在 GM 購買 1 個或 2 個類別，無論是服裝、消費電子產品、家居還是季節性商品。我們知道，購買 GM 的會員可以從 BJ 會員資格中獲得更多價值，並且每年在 BJ's 的消費比不購買 GM 的會員高出約 4 倍。我們正在努力提高商品質量，同時保留會員在 BJ's 所期望的巨大價值，從而重新點燃我們的尋寶體驗。

Better assortments should allow us to grow member penetration and get members shopping across multiple GM categories, which we believe will expand our share of members' wallets and deeper loyalty over time. It is important to note that this is a long-term build. It will take a while to grow our credibility in certain GM categories. And while the current operating environment may mute our efforts somewhat, our general merchandise transformation is a crucial part of our long-term growth strategy. We will continue to invest and innovate until we're there.

更好的分類應該能讓我們提高會員滲透率，讓會員在多個通用汽車類別中購物，我們相信，隨著時間的推移，這將擴大我們在會員錢包中的份額，並提高忠誠度。值得注意的是，這是一個長期構建。我們需要一段時間才能提高我們在某些通用汽車類別中的信譽。儘管當前的經營環境可能會在一定程度上削弱我們的努力，但我們的一般商品轉型是我們長期增長戰略的重要組成部分。我們將繼續投資和創新，直到實現這一目標。

Digital convenience is our third strategic priority and it's especially pertinent to our space, where shopping in 100,000 square foot boxes can at times be a high-friction experience. Through our app and website, we have improved upon the ways in which members engage with us over the years, and members' preferences for these platforms are growing. Our digitally enabled comp sales grew by 15% in the second quarter to approximately 10% of our net merchandise sales.

數字便利性是我們的第三個戰略重點，它與我們的空間尤其相關，在 100,000 平方英尺的盒子裡購物有時會是一種高摩擦體驗。多年來，通過我們的應用程序和網站，我們改進了會員與我們互動的方式，會員對這些平台的偏好也在不斷增長。第二季度，我們的數字化贈品銷售額增長了 15%，約占淨商品銷售額的 10%。

Our BOPIC and curbside services are popular convenience options contributing to the majority of our digital growth. In fact, this quarter, we have made several enhancements including functionality to allow members to add or replace items after completing their order. We're also working to leverage technology to make BOPIC and curbside more efficient for our team members with a goal of cutting down member wait times for their orders.

我們的 BOPIC 和路邊服務是受歡迎的便利選擇，為我們的數字增長做出了巨大貢獻。事實上，本季度，我們進行了多項增強功能，包括允許會員在完成訂單後添加或更換商品的功能。我們還致力於利用技術提高 BOPIC 和路邊服務對我們團隊成員的效率，以減少成員等待訂單的時間。

Our digitally enabled members are more loyal, as indicated by higher spending and renewal rates. We will continue to lean into convenience initiatives that we believe will deliver outsized value to our members. Finally, we remain pleased with the performance of our newer clubs and continue to grow our footprint through new openings. In fact, the 27 clubs we've opened since reinventing our new club opening model in 2016 contributed nearly $100 million of EBITDA over the last 12 months, more than double their original projection. In mid-June, we took another step Westward with the opening of our first club in the Nashville, Tennessee market, our 19th state.

我們的數字化會員更加忠誠，更高的消費率和續訂率表明了這一點。我們將繼續致力於便利舉措，我們相信這些舉措將為我們的會員帶來巨大的價值。最後，我們對新俱樂部的表現仍然感到滿意，並通過開設新俱樂部繼續擴大我們的足跡。事實上，自 2016 年重新打造新的俱樂部開業模式以來，我們開設的 27 傢俱樂部在過去 12 個月內貢獻了近 1 億美元的 EBITDA，是最初預測的兩倍多。六月中旬，我們又向西邁出了一步，在我們的第 19 個州田納西州納什維爾市場開設了第一傢俱樂部。

Feedback from our new members has been incredibly supportive and the club is off to a great start. Our team will be busy with anticipated openings later this year as we enter our 20th state in Madison, Alabama, opened 2 additional Tennessee clubs in Mount Juliet and Goodlettsville as well as a few others.

我們的新會員的反饋非常支持，俱樂部有了一個良好的開端。今年晚些時候，隨著我們在阿拉巴馬州麥迪遜進入第20 個州，我們的團隊將忙於處理預期的開業事宜，並在朱麗葉山和古德利茨維爾以及其他一些地方另外開設了2個田納西州俱樂部。

I'd like to close my remarks with my sincere gratitude for our team members. They show up every day for our members, our communities and each other, united in our purpose of taking care of the families that depend on us. To our team members who are listening in today, thank you for your dedication and hard work. I'm proud to be working alongside all of you. I'll now turn it over to Laura to provide more details on our results and outlook for the rest of the year.

在結束髮言時，我謹向我們的團隊成員表示誠摯的謝意。他們每天都為我們的會員、社區和彼此服務，為了照顧依賴我們的家庭這一目標而團結一致。對於今天聆聽的我們的團隊成員，感謝你們的奉獻和辛勤工作。我很自豪能與你們大家一起工作。現在我將把它交給勞拉，以提供有關我們今年剩餘時間的業績和前景的更多詳細信息。

Thank you, Bob. Before I get to the numbers, I'd like to echo Bob's gratitude for our team members across our clubs, club support center and distribution centers who remain critical to the success of our company. Now let's discuss our results.

謝謝你，鮑勃。在談這些數字之前，我想表達鮑勃對我們俱樂部、俱樂部支持中心和配送中心的團隊成員的感激之情，他們對我們公司的成功仍然至關重要。現在讓我們討論一下我們的結果。

Net sales in the second quarter were approximately $4.9 billion, a 2.9% decrease over the prior year. Total comparable club sales, including gas sales decreased by 5.3% year-over-year with merchandise sales growth offsetting the decline in our gas sales, primarily driven by sharply lower retail prices at the pump. Merchandise comp sales, which exclude gas sales, increased by 1.1% year-over-year and almost 9% on a 2-year stack.

第二季度淨銷售額約為49億美元，比上年同期下降2.9%。包括天然氣銷售在內的可比俱樂部總銷售額同比下降 5.3%，商品銷售增長抵消了天然氣銷售的下降，這主要是由於加油站零售價格大幅下降所致。商品銷售（不包括天然氣銷售）同比增長 1.1%，兩年增長近 9%。

Our second quarter comp was driven entirely by traffic, which grew year-over-year on top of the strong traffic aided by high gas prices in the second quarter of last year. The impact of inflation on our sales moderated through the quarter and at a slower pace than the first quarter. As Bob mentioned earlier, our second quarter comp in our grocery, perishables and sundries division grew by 4% year-over-year and was up 12% on a 2-year stack. We are especially pleased to have delivered strong gains in market share in the quarter, which substantiates our belief in a healthy and growing loyal member base that relies on BJ's for their shopping needs.

我們第二季度的業績完全由流量推動，在去年第二季度高油價推動的強勁流量基礎上，流量同比增長。通貨膨脹對我們銷售的影響在整個季度有所緩解，且增速低於第一季度。正如鮑勃之前提到的，我們的雜貨、易腐食品和雜貨部門第二季度的業績同比增長了 4%，並且在 2 年的基礎上增長了 12%。我們特別高興的是，本季度市場份額實現了強勁增長，這證實了我們對依賴 BJ's 滿足購物需求的健康且不斷增長的忠誠會員基礎的信念。

Our general merchandise and services comp decreased by 13% in the second quarter and was down 9% on a 2-year stack. As we called out last quarter, an increasingly discerning consumer dynamic has resulted in our members' shopping closer to need. We also estimate that roughly 1/3 of our general merchandise and services comp was driven by unfavorable impact of weather-sensitive categories. We believe our digital offerings have made our members' shopping experience more convenient than ever.

我們的一般商品和服務比較在第二季度下降了 13%，與 2 年相比下降了 9%。正如我們上個季度所指出的，日益挑剔的消費者動態導致我們會員的購物更加貼近需求。我們還估計，大約 1/3 的一般商品和服務收入是受到天氣敏感類別的不利影響所推動的。我們相信我們的數字產品使我們會員的購物體驗比以往更加便捷。

Digitally enabled comp sales for the second quarter grew 15% year-over-year and approximately 90% of our digitally enabled sales are now fulfilled by our clubs with services like BOPIC and same-day delivery. We remain committed to improving convenience by increasing our level of digital engagement for our members over time.

第二季度的數字化銷售同比增長 15%，大約 90% 的數字化銷售現在由我們的俱樂部通過 BOPIC 和當日送達等服務完成。我們始終致力於通過不斷提高會員的數字參與水平來提高便利性。

Our gas business performed broadly in line with our expectations. Comp gallons in the second quarter were down slightly year-over-year and about flat year-to-date as we sustained our significant share gains from recent quarters. As Bob mentioned, comp gallons are growing again in July and August as we have come off last year's pricing peaks. Our gas profits were lower year-over-year as profit per gallon continued to normalize from last year's levels.

我們的天然氣業務表現基本符合我們的預期。由於我們維持了最近幾個季度的顯著份額增長，第二季度的比較加侖數同比略有下降，與年初至今基本持平。正如鮑勃提到的，隨著我們已經擺脫了去年的定價峰值，七月和八月的補償加侖數再次增長。由於每加侖利潤從去年的水平繼續正常化，我們的天然氣利潤同比下降。

Membership fee income, or MFI, grew approximately 5% to $103.7 million in the second quarter, and we remain pleased with our membership trends, including in higher tier penetration, easy renewal and first year and tenured renewal rates. Moving on to gross margins, excluding the gasoline business, our merchandise gross margin rate improved by 90 basis points year-over-year. Much like the first quarter, this improvement was primarily due to the unwinding of supply chain costs that challenged our business last year.

第二季度會員費收入 (MFI) 增長約 5%，達到 1.037 億美元，我們對我們的會員趨勢仍然感到滿意，包括更高的會員滲透率、輕鬆續訂以及第一年和終身續訂率。說到毛利率，除去汽油業務，我們的商品毛利率同比提高了90個基點。與第一季度非常相似，這種改善主要是由於去年對我們業務構成挑戰的供應鏈成本的緩解。

Better inventory management also worked in our favor, skewing our mix to more margin accretive sales, particularly in general merchandise, where we had less markdown activity versus prior year. Speaking of inventory, our merchandising, finance and planning and allocation teams remain diligent in optimizing our inventory for the current environment, and we feel very good about our position today. We ended the second quarter with inventory up about $164 million year-over-year, which was mostly driven by inflation and elements that are strategic in nature, including supporting new clubs and in-stock improvements in our consumable categories.

更好的庫存管理也對我們有利，使我們的產品組合轉向更多利潤增值的銷售，特別是在一般商品方面，與去年相比，我們的降價活動較少。說到庫存，我們的銷售、財務以及規劃和分配團隊仍在努力優化當前環境的庫存，我們對今天的狀況感到非常滿意。第二季度結束時，我們的庫存同比增加了約 1.64 億美元，這主要是由通貨膨脹和戰略性因素推動的，包括支持新俱樂部和消耗品類別的庫存改進。

Coming back to the P&L. SG&A expenses for the quarter were $695 million. The year-over-year increase was primarily attributable to our new unit expansion and other investments to drive our strategic priorities. We reported second quarter adjusted EBITDA of $268.8 million and adjusted EPS of $0.97, which reflects our merchandise sales and margin growth as well as our membership strength, offset by the lap in our gas business as well as higher interest and tax expense year-over-year.

回到損益表。本季度的 SG&A 支出為 6.95 億美元。同比增長主要歸功於我們的新部門擴張和其他投資來推動我們的戰略重點。我們報告第二季度調整後EBITDA 為2.688 億美元，調整後每股收益為0.97 美元，這反映了我們的商品銷售和利潤增長以及我們的會員實力，但被我們天然氣業務的下滑以及同比更高的利息和稅收費用所抵消。年。

Turning to our capital structure. We ended the quarter with $859.1 million of debt and 0.8 [churns] of net leverage consistent with the prior 2 quarters. We expect to maintain this strength in the future.

轉向我們的資本結構。本季度結束時，我們的債務為 8.591 億美元，淨槓桿率為 0.8 [流失]，與前兩個季度一致。我們希望未來能夠保持這種優勢。

Our capital allocation strategy is consistent with the framework we set forth on our Investor Day. We believe that the best use of our cash is applying it towards profitably growing the business. As such, investments to support membership, merchandising, digital and real estate initiatives will continue to be funded by our cash flows and enabled by our strong balance sheet. We also recognize that when valuation levels deem appropriate, investing in our business through share repurchases is a prudent way to drive long-term value as well.

我們的資本配置策略與我們在投資者日制定的框架一致。我們相信，現金的最佳用途是將其用於盈利性的業務增長。因此，支持會員資格、商品推銷、數字和房地產計劃的投資將繼續由我們的現金流提供資金，並由我們強大的資產負債表支持。我們還認識到，當估值水平合適時，通過股票回購投資我們的業務也是推動長期價值的謹慎方式。

In light of this view and our confidence in the long-term trajectory of our business, we accelerated our buybacks to over 715,000 shares in the second quarter for approximately $45 million. Year-to-date, we have executed approximately $60 million of share repurchases, which compares to approximately $61 million of free cash flow we generated over the same period.

鑑於這一觀點以及我們對業務長期發展軌蹟的信心，我們在第二季度以約 4500 萬美元的價格加速回購了超過 715,000 股股票。今年迄今為止，我們已執行了約 6000 萬美元的股票回購，而同期我們產生了約 6100 萬美元的自由現金流。

We have $259 million remaining under our current authorization. Let me now address our outlook for the rest of the year. Our business as well as the broader industry continues to navigate shifts in consumer behavior resulting from lapping stimulus, dwindling savings, disinflation and rising interest rates. Disinflation or (inaudible) year-over-year inflation continued into the second quarter with the pace showing signs of moderation as grocery and sundries categories cycled through elevated levels from last year and fresh categories are bottoming out to more normal levels.

我們目前的授權還剩 2.59 億美元。現在讓我談談我們對今年剩餘時間的展望。我們的業務以及更廣泛的行業繼續應對因刺激措施失效、儲蓄減少、通貨緊縮和利率上升而導致的消費者行為變化。通貨緊縮或（聽不清）同比通脹持續到第二季度，隨著雜貨和雜貨品類在去年的較高水平上循環，而生鮮品類正在觸底回升到更正常的水平，其步伐顯示出放緩的跡象。

While members have become more resourceful on tighter budgets, they are clearly still spending with us for their household essentials and we feel great about our ability to maintain the momentum in our market share gains. We are confident in our plans for general merchandise as well and believe that we can leverage our traffic to engage members with our new assortment and strategies. Furthermore, a favorable shift in GM category mix and year-over-year GM sales comparisons should aid a recovery beginning in the back half of the year. We also acknowledge the considerations of macro-driven pressures on broader consumer demand. As a result, we have refined our sales outlook for the rest of the year to address the uncertainty in discretionary spend.

雖然會員在預算緊張的情況下變得更加足智多謀，但他們顯然仍在與我們一起購買家庭必需品，我們對我們保持市場份額增長勢頭的能力感到非常滿意。我們對日用百貨的計劃也充滿信心，並相信我們可以利用我們的流量來吸引會員了解我們的新品種和策略。此外，通用汽車品類組合和同比通用汽車銷量比較的有利轉變應有助於今年下半年開始的複蘇。我們還承認宏觀驅動的壓力對更廣泛的消費者需求的影響。因此，我們調整了今年剩餘時間的銷售前景，以解決可自由支配支出的不確定性。

We now expect comparable club sales, excluding gas, to grow by approximately 2% for fiscal 2023. We continue to expect a robust consumable business as value continues to resonate with our members. We remain confident in the assortment improvements we're making in our general merchandise business, but are taking a more conservative view on the near-term discretionary spend given the macro backdrop. We expect year-over-year inflation to ease through the back half. To be clear, we still believe we will exit the year with year-over-year inflation, not deflation.

我們現在預計 2023 財年可比俱樂部銷售額（不包括天然氣）將增長約 2%。隨著價值繼續與我們的會員產生共鳴，我們仍然預計消耗品業務將會強勁。我們對日用百貨業務的品種改進仍然充滿信心，但鑑於宏觀背景，我們對近期可自由支配支出採取更為保守的看法。我們預計下半年通脹將有所緩解。需要明確的是，我們仍然相信今年結束時將出現同比通脹，而不是通貨緊縮。

We expect MFI growth for the full fiscal 2023 to be approximately 5% aided by member growth and sustained strength in higher-tier penetration. Moving down the P&L. We maintain our view that year-over-year improvement in merchandise gross margin rate will be (inaudible) weighted this year. That being said, our year-to-date performance has exceeded our expectations. As a result, we are raising our fiscal 2023 guidance to an increase of approximately 50 basis points year-over-year.

我們預計，在會員增長和高層滲透率持續強勁的推動下，2023 財年小額信貸機構的增長率將約為 5%。損益表向下移動。我們維持我們的觀點，即今年將（聽不清）加權商品毛利率的同比改善。話雖如此，我們今年迄今為止的表現超出了我們的預期。因此，我們將 2023 財年指導方針同比提高約 50 個基點。

In our gas business, we continue to expect slight comp growth in gallons for the full year. Our profitability assumptions also have not changed. As we've seen year-to-date, we believe that we will settle into more normalized gas margins as compared to prior years. As a reminder, when breaking down our gas business by quarters, we are lapping our toughest comparisons in gas margins in the second and third quarters this year.

在我們的天然氣業務中，我們繼續預計全年加侖的複合增長率將小幅增長。我們的盈利假設也沒有改變。正如我們今年迄今為止所看到的，我們相信與前幾年相比，我們將實現更加正常化的天然氣利潤率。提醒一下，在按季度細分我們的天然氣業務時，我們正在對今年第二和第三季度的天然氣利潤率進行最嚴格的比較。

Some additional comments on our below-the-line items. While our debt levels have remained stable year-over-year, the average rate that we pay on debt has nearly doubled from last year, resulting in higher net interest expense in the quarter. We are reflecting similar assumptions on rate for the rest of the year.

對我們的線下項目的一些附加評論。雖然我們的債務水平同比保持穩定，但我們支付的平均債務利率幾乎是去年的兩倍，導致本季度的淨利息支出更高。我們對今年剩餘時間的利率做出了類似的假設。

On our tax rate, we anticipate a tax rate of approximately 28% in the back half of the year due to lower tax benefits as we saw in the second quarter. In summary, we expect in-club sales growth and merchandising gross margin improvements to partially offset normalizing gas profitability. As sales moderate into ongoing disinflation, we are also laser-focused on maintaining cost discipline to maximize our operating leverage.

就我們的稅率而言，由於我們在第二季度看到的稅收優惠較低，我們預計下半年的稅率約為 28%。總之，我們預計俱樂部內銷售增長和商品毛利率改善將部分抵消天然氣盈利能力的正常化。隨著銷售放緩導致持續的通貨緊縮，我們也專注於維持成本紀律，以最大限度地提高我們的運營槓桿。

Putting all this together, we expect to deliver fiscal 2023 GAAP and adjusted EPS of $3.80 to $3.92 with EPS in the third quarter, once again facing a tougher gas lap and the fourth quarter benefiting from a 53rd week.

綜上所述，我們預計第三季度的 2023 財年 GAAP 和調整後每股收益為 3.80 美元至 3.92 美元，再次面臨更嚴峻的油耗問題，第四季度將受益於第 53 週。

Before turning it back to Bob, I'd like to reiterate our confidence in the strength of our business and the transformation we continue to make in our company. We believe we are positioned to deliver sustainable growth longer term. With that, I will turn it back to Bob for closing remarks.

在把問題轉回給鮑勃之前，我想重申我們對我們業務的實力以及我們公司繼續進行的轉型的信心。我們相信，我們有能力實現長期可持續增長。至此，我將把它轉回給鮑勃，讓他發表結束語。

Thanks, Laura, and thanks to everyone listening for their attention and support. We spend a lot of time on these calls discussing short term up to the minute trends. So I'd like to close with some comments on the long-term view of our business. We participate in a segment of retail that reliably gather share in good times and bad. We have considerably improved our membership, operations, digital business and many other things. But one thing matters most and that is value. Wholesale clubs have the best value and we invest every day to make our offering to our members even better. It is the largest reason why our membership is up 30% since 2018. It's why our co-brand credit card continues to grow above our expectations. It's why people flock to our gasoline business. It's why we continue to grow transactions when other forms of retail don't.

謝謝勞拉，也感謝所有聆聽者的關注和支持。我們花了很多時間在這些電話會議上討論短期到最新的趨勢。最後，我想就我們業務的長期前景發表一些評論。我們參與的零售業無論順境還是逆境都能可靠地積累份額。我們極大地改善了我們的會員資格、運營、數字業務和許多其他方面。但有一點是最重要的，那就是價值。批發俱樂部具有最佳價值，我們每天都在投資，以便為會員提供更好的服務。這是我們的會員數量自 2018 年以來增長 30% 的最大原因。這也是我們的聯名信用卡增長持續超出我們預期的原因。這就是人們湧向我們的汽油業務的原因。這就是為什麼我們的交易量持續增長，而其他形式的零售卻沒有增長。

The fundamentals of our business are strong and favorably positioned to win in the broader retail landscape. We will continue to play the long game. We will grow the size and quality of our membership. We will improve our general merchandise business to match the value and credibility we have in our food and consumables business. We will grow our digital business and our store footprint, all while bringing more value to more members. I'm proud of our entire team, and I'm excited for the future they're creating for our great company. With that, I will now turn it back over to the operator to take your questions.

我們的業務基礎強勁，有利於在更廣泛的零售領域獲勝。我們將繼續打持久戰。我們將擴大會員規模並提高會員質量。我們將改善我們的百貨業務，以匹配我們在食品和消費品業務中的價值和信譽。我們將發展我們的數字業務和商店足跡，同時為更多會員帶來更多價值。我為我們整個團隊感到自豪，也為他們為我們偉大的公司創造的未來感到興奮。現在我將把它轉回接線員來回答你們的問題。

Thank you. We will now start the Q&A session. (Operator Instructions) Our first question comes from the line of Peter Benedict from Baird.

謝謝。我們現在開始問答環節。 （操作員說明）我們的第一個問題來自貝爾德 (Baird) 的彼得·本尼迪克特 (Peter Benedict)。

I guess the first one, maybe you talked about the member trends in 2Q, sounds like you ended a little over [$7] million. Just maybe talk a little bit about what you're seeing from sign-ups from renewals. And then on the MFI related to that, expecting 5% growth this year. I think previously, you were 5% to 6%, just curious why focusing at the lower end of that range for this year. That's my first question.

我想第一個，也許你談到了第二季度的會員趨勢，聽起來​​你的收入略高於[7]百萬美元。也許只是談談您從續訂註冊中看到的情況。然後是與此相關的 MFI，預計今年增長 5%。我想以前是 5% 到 6%，只是好奇為什麼今年要關注這個範圍的低端。這是我的第一個問題。

Peter, it's Bob. Listen, we're very happy with our performance in growing our membership in both size and quality from a number of different angles. As you -- as you noted, we gained 5% in the number of members and dollars in the second quarter, pretty great year-on-year and sequential growth for us. And it's important to note that we're stacking those gains on top of gains from prior years as well in both bodies and dollars, right? And we're focused on finding the right members for us and engaging them with fantastic products and great value across our building.

彼得，是鮑勃。聽著，我們對從多個不同角度增加會員規模和質量方面的表現感到非常滿意。正如您所指出的，我們第二季度的會員數量和美元增長了 5%，這對我們來說是相當不錯的同比和環比增長。值得注意的是，我們將這些收益疊加在前幾年的收益以及實體和美元收益之上，對嗎？我們專注於為我們尋找合適的會員，並讓他們在我們的建築中享受出色的產品和巨大的價值。

We've also grown premium tier members. Our co-brand program is growing very well. And as we mentioned in the prepared remarks, we're well on track to another 90% renewal rate for the year. So we're proud of where we are. And I have the luxury, I've been around this business for a long time when growing members and MFI dollars sequentially and year-over-year wasn't -- wasn't a given like it is now, we are doing quite a fine job consistently growing in the size and quality of our membership over the past several years. With that said, we're not satisfied. That's why we continue to invest in value every day. That's why we're trying to reinvent our general merchandise business to engage our members even further in our platform. That's why we continually try and pass the value back to our members through pricing, through promotions, through our co-brand product or our gas discount program and tons of other different ways. So we're happy with what we've done. We're excited for what we can do in the future, and I'm confident we can build on the gains that we've made today.

我們還發展了高級會員。我們的聯合品牌計劃發展得非常好。正如我們在準備好的發言中提到的，我們今年的續訂率有望達到 90%。所以我們為我們所處的位置感到自豪。我很幸運，我已經從事這項業務很長一段時間了，當時會員和小額信貸機構的資金逐年增長並沒有像現在這樣理所當然，我們正在做相當多的事情。過去幾年，我們的會員規模和質量不斷提高，幹得好。話雖如此，我們並不滿意。這就是我們每天繼續進行價值投資的原因。這就是為什麼我們試圖重塑我們的百貨業務，以進一步吸引我們的會員參與我們的平台。這就是為什麼我們不斷嘗試通過定價、促銷、我們的聯合品牌產品或汽油折扣計劃以及許多其他不同的方式將價值傳遞給我們的會員。所以我們對我們所做的事情感到滿意。我們對未來能夠做的事情感到興奮，並且我相信我們能夠在今天取得的成果的基礎上再接再厲。

Okay. And then I just -- my follow-up would just be around the general merchandise outlook for the back half of the year. Obviously, you guys have taken that down a little bit. The inventory, I think Laura had mentioned a lot of consumables in there, new club growth, et cetera. But -- just maybe talk a little bit about how you've got your inventory planned in general merchandise for the back half of the year and kind of the moderating demand outlook on that front leaves you exposed in any way or if you feel good about where you are in general merchandise inventory.

好的。然後我的後續行動將圍繞今年下半年的一般商品前景進行。顯然，你們已經把它降低了一點。庫存，我認為勞拉在那裡提到了很多消耗品，新俱樂部的成長等等。但是——也許可以談談你如何在今年下半年規劃普通商品的庫存，以及這方面需求前景的緩和讓你以任何方式暴露在外，或者你是否感覺良好您在一般商品庫存中的位置。

Sure. So let's talk a little bit about GM. As we talked about in the prepared remarks, a bunch of stuff impacting the second quarter, a lot of it having to do more, frankly, with last year than the current year. But first and foremost, we've taken the opportunity to rebalance how we think about the sales and margin trade in general merchandise. And that's really an integral part of building the business for the long term as we see it. We've talked a little bit about changing assortments. I think about that as what to buy, but this quarter, we took a little bit of a look at how we buy as well in terms of building the resilience of the general merchandise processes and procedures around how much to buy, how much inventory they have, how to mark it down, how to exit seasons clean. We are really building all those processes and procedures as we go with an eye towards a sustainable, growing, profitable general merchandise business going forward.

當然。那麼讓我們來談談GM。正如我們在準備好的發言中談到的，有很多影響第二季度的事情，坦率地說，其中很多事情必須比去年做更多的事情。但首先也是最重要的是，我們藉此機會重新平衡了我們對一般商品銷售和保證金貿易的看法。正如我們所見，這確實是長期發展業務不可或缺的一部分。我們已經討論了一些關於改變品種的問題。我認為這就是買什麼，但本季度，我們對如何購買以及圍繞購買多少、庫存多少建立一般商品流程和程序的彈性進行了一些研究。有，如何記下來，如何干淨地退出季節。我們確實正在構建所有這些流程和程序，著眼於未來的可持續、增長、盈利的百貨業務。

So our team is really doing the right things. We had tough compares against last year with all of the low- to no-margin liquidations of seasonal goods and certainly had some tough weather in the Northeast to deal with, which really depressed the sales of those seasonal goods in a pretty significant way. But as we look forward, we are bullish because we are putting more relevant assortments in front of our members. And where we've seen that so far, we've seen good results. That should come to life a little bit more in the back half as we get through reinventing us more assortments in general merchandise. And as we continue to do that quarter in, quarter out, we should gain a lot more credibility with our members as we put better brands, better products, more value in front of our members on a repeated fashion. That will allow us, obviously, to capitalize on the tremendous traffic and market share we have on the other side of our business and add more value to our membership going forward.

所以我們的團隊確實在做正確的事情。與去年相比，我們經歷了艱難的時期，季節性商品的所有低利潤甚至無利潤清算，而且東北部的惡劣天氣確實需要應對，這確實極大地抑制了這些季節性商品的銷售。但展望未來，我們感到樂觀，因為我們正在向我們的會員提供更多相關的品種。到目前為止，我們已經看到了良好的結果。隨著我們重新發明更多的日用商品品種，這一點應該會在後半段變得更加生動。隨著我們繼續不斷地做到這一點，我們應該在我們的會員中獲得更多的信譽，因為我們不斷地將更好的品牌、更好的產品和更多的價值呈現在我們的會員面前。顯然，這將使我們能夠利用我們在業務另一端擁有的巨大流量和市場份額，並為我們的會員未來增加更多價值。

In the prepared remarks, we talked a little bit about our inventory balance. It is up year-over-year. That is all in our grocery and consumables business. In fact, our general merchandise inventory is considerably lower this year than it was last year. Again, we had a lot of seasonal goods last year to liquidate still at this point in time. And most of the increase in our inventory is really structural things that we're making choices to do. Certainly, part of it is inflation, right, as we sit here today. There's still a few points of inflation in our groceries and sundries business. That's driving some inventory balance, but most of it is choices we are making and investing in growth. So think about inventory to support new clubs. Think about a 300 or 400 basis point increase in in-stock levels in our consumable business year-over-year. Really things that we're doing to drive the health of the overall business and be the best version of what we can be when our members show up every day in our business. So GM inventory is doing just fine, and we are not concerned about the level of consumables inventory. We are intentionally making investments there to better serve our members.

在準備好的發言中，我們討論了一些關於我們的庫存平衡的問題。它逐年上升。這就是我們雜貨和消費品業務的全部內容。事實上，今年我們的一般商品庫存比去年低得多。同樣，我們去年還有很多季節性商品需要清算。我們庫存的大部分增加實際上是我們正在選擇做的結構性事情。當然，部分原因是通貨膨脹，對吧，正如我們今天坐在這裡一樣。我們的食品雜貨業務仍然存在一些通脹點。這推動了一些庫存平衡，但大部分是我們做出的選擇和對增長的投資。因此，請考慮庫存以支持新俱樂部。想像一下我們的消費品業務的庫存水平同比增加 300 或 400 個基點。我們正在做的事情確實是為了推動整體業務的健康發展，並在我們的會員每天出現在我們的業務中時成為最好的版本。所以通用汽車的庫存表現很好，我們並不關心消耗品庫存的水平。我們有意在那裡進行投資，以更好地為我們的會員服務。

Our next question comes from the line of Robert Ohmes from Bank of America.

我們的下一個問題來自美國銀行的羅伯特·奧姆斯。

A follow-up on -- maybe for Laura, just in terms of the cadence of merchandise gross margin you're expecting for 3Q and 4Q, and (inaudible) is the freight impact or benefit year-over-year, I guess, I should say, is expected to be similar in 3Q versus 2Q and then maybe less so in 4Q, maybe some color on that. And then the -- just another follow-up on the same-store sales expectation for the back half. Is there any cadence between the quarters? Should the general merchandise changes you're making show up over the fourth quarter than the third quarter? Or any other color you guys could give.

後續行動——也許對勞拉來說，就您預期的第三季度和第四季度商品毛利率的節奏而言，以及（聽不清）貨運影響或同比收益，我想，我應該說，預計第三季度與第二季度的情況相似，第四季度的情況可能會有所不同，也許會有一些顏色。然後是下半年同店銷售預期的另一個後續行動。各季度之間有節奏嗎？您所做的一般商品變化是否應該在第四季度而不是第三季度出現？或者你們可以給任何其他顏色。

Yes. Robbie, thanks for the questions. As we think about merch margin for the remainder of the year, certainly, in the second quarter, it was healthier than what we anticipated. In our prepared remarks, I talked about supply chain unwind. And part of that was also how we managed our general merchandise business. So we're really proud of the second quarter merch margin growth. As it relates to the back half, I think what we're anticipating is that the levels of merch margin growth year-over-year will moderate. So Q3 coming off of Q2 and Q4 being the lowest growth year-over-year.

是的。羅比，謝謝你的提問。當我們考慮今年剩餘時間的商品利潤時，當然，第二季度的商品利潤比我們的預期要健康。在我們準備好的發言中，我談到了供應鏈放鬆。其中一部分也是我們管理百貨業務的方式。因此，我們對第二季度商品利潤率的增長感到非常自豪。由於與下半年有關，我認為我們預計商品利潤率的同比增長水平將會放緩。因此，第三季度是繼第二季度和第四季度之後同比增長最低的。

So I think the only other thing I would add in there is freight costs are certainly embedded in our assumptions, but I think it will moderate. Part of that moderation is your second question on same-store sales growth. I think it will be relatively balanced in Q3 and Q4. As you dig under that, I think there are 2 things that we are considering. Disinflation will continue in our core consumable business. So I think the rate of inflation will come off and trail off through Q3 and be the lowest in Q4. And that will be balanced off by general merchandise growth. So we think Q4 will be the strongest of the 2 quarters.

因此，我認為我要添加的唯一另一件事是運費肯定已包含在我們的假設中，但我認為它會有所緩和。這種調節的一部分是關於同店銷售增長的第二個問題。我認為第三季度和第四季度會相對平衡。當你深入挖掘時，我認為我們正在考慮兩件事。我們的核心消費品業務將繼續面臨通貨緊縮的局面。因此，我認為通脹率將在第三季度下降，並在第四季度達到最低水平。這將被一般商品的增長所抵消。因此，我們認為第四季度將是兩個季度中最強勁的。

Our next question comes from the line of Edward Kelly from Wells Fargo.

我們的下一個問題來自富國銀行的愛德華·凱利。

Can you provide a bit more color on the cadence of the traffic that you saw in Q2? You had that deceleration from, I think, close to [4%] in Q1 to around [1%] in Q2, but obviously, a difficult gallon compares. So I'm curious how that traffic changed, if it was similar to what you saw in the gallons? And then what are you seeing traffic-wise so far this quarter, given that gas prices are being go up again? I'm just curious if you've seen any reacceleration in traffic.

您能否對您在第二季度看到的流量節奏提供更多信息？我認為，減速從第一季度的接近 [4%] 到第二季度的 [1%] 左右，但顯然，一加侖比較困難。所以我很好奇流量是如何變化的，如果它與您在加侖中看到的類似的話？鑑於汽油價格再次上漲，本季度到目前為止，您對流量有何看法？我只是好奇你是否看到交通流量重新加速。

Yes, it's a good question. Certainly, our gas business was interesting to watch during the second quarter. As we talked about May and June had tough compares, that was the peak of last year's elevated gas prices, and we certainly gained traffic last year that really resulted from our members caring a lot about saving money on gasoline at $5 a gallon last year. We're still at pretty considerably elevated levels today at around $4 a gallon. And so our members are certainly cognizant of that, and we are -- we maintained our gallon share during Q1. But the context underneath that is we lost some gallon growth and some traffic in May and June and then July was back to considerably positive growth. That has continued in August here. So it feels like after lapping that peak last year, we were back to the gallon traffic market share growth that we've seen over the past couple of years within our gas business. As you know, that tends to drive performance inside the club as well as those close with gas stations are nearly always perform better than those without in terms of comp, in terms of membership, and most notably, membership renewal.

是的，這是一個好問題。當然，我們的天然氣業務在第二季度值得關注。正如我們所討論的，5 月和6 月進行了艱難的比較，那是去年汽油價格上漲的高峰，去年我們確實獲得了流量，這實際上是由於我們的會員非常關心去年每加侖5 美元的汽油省錢。目前，我們的價格仍處於相當高的水平，約為每加侖 4 美元。因此，我們的成員當然認識到這一點，而且我們在第一季度保持了加侖份額。但其背後的背景是，我們在 5 月和 6 月失去了一些加侖的增長和一些流量，然後 7 月又恢復到相當大的正增長。這種情況在八月份一直持續著。因此，感覺在去年達到峰值後，我們又回到了過去幾年在天然氣業務中看到的加侖流量市場份額的增長。如您所知，這往往會提高俱樂部內部的績效，而那些靠近加油站的俱樂部幾乎總是比那些沒有加油站的俱樂部在薪酬、會員資格以及最顯著的會員更新方面表現得更好。

Gas was a little bit interesting from a profitability perspective in the quarter as well. As we talked about cents per gallon profit was about where we landed on Q1, and that seems to be settling in as kind of the new normal in cents per gallon. With that said, we're lapping huge profitability from last quarter. And so a total number of dollars was down pretty considerably, profit dollars down pretty considerably from last year.

從本季度盈利能力的角度來看，天然氣也有點有趣。當我們談到每加侖美分利潤時，我們談到了第一季度的利潤，這似乎已經成為每加侖美分的新常態。話雖如此，我們從上季度開始獲得了巨大的盈利能力。因此，總金額大幅下降，利潤金額比去年大幅下降。

But it is a great place for us to illustrate value to our members. We invest in the price every day. We talked about our co-brand card and the premium tier, getting increased gas discounts this year versus previous years. And that has been a great way for us to grow the co-brand card program and pass more value on to our members. So we'll continue to try and use the gas business to really source traffic and membership for the rest of the business.

但這是我們向會員展示價值的好地方。我們每天都在投資價格。我們討論了我們的聯名卡和高級卡，今年與往年相比，汽油折扣有所增加。這是我們發展聯合品牌卡計劃並向會員傳遞更多價值的好方法。因此，我們將繼續嘗試利用天然氣業務來真正為其他業務獲取流量和會員資格。

Okay. Great. And just a quick follow-up on MFI. Can you just talk about the cadence of any discounting that you might be doing to try to continue to bring in members? And then the other question related to MFI is you have a 53rd week, does that help in MFI? It's actually unclear if you go back to the last year that you had this.

好的。偉大的。這是 MFI 的快速跟進。您能否談談您為繼續吸引會員而可能採取的折扣節奏？然後與 MFI 相關的另一個問題是您有第 53 週，這對 MFI 有幫助嗎？實際上並不清楚你是否能回到去年發生這種情況的情況。

And maybe I'll take the first part of that question, and Laura can handle the 53rd week part of it. Again, we're very happy with our membership performance during the quarter and the year. We continue to grow the size and the quality. I think there's not really a ton of cadence to think about in there within the quarter or within the rest of the year as we see it. The market out there has been pretty rational. We always get this question of whether membership is more competitive. We just think it's a mark of the relevance of the membership model, right? Our founders kind of knew this before anybody did, it allows members to exchange their loyalty for lower prices or convenience or cheaper content or all the things that people have built membership models around in the past several years, we've kind of had that since our beginning, obviously. So we're proud of what we've been able to do within that model.

也許我會回答這個問題的第一部分，勞拉可以處理第 53 週的部分。再次，我們對本季度和本年度的會員表現感到非常滿意。我們不斷擴大規模和提高質量。我認為，正如我們所看到的，在本季度或今年剩餘時間內，並沒有太多的節奏需要考慮。那裡的市場相當理性。我們總是被問到會員資格是否更具競爭力。我們只是認為這是會員模式相關性的標誌，對嗎？我們的創始人比任何人都知道這一點，它允許會員用他們的忠誠度來換取更低的價格或便利或更便宜的內容或人們在過去幾年中建立會員模式的所有東西，從那時起我們就已經這樣做了顯然，我們的開始。因此，我們對我們在該模型中所做的事情感到自豪。

We continue to attract the right members for us. We continue to engage them with fantastic prices and promotions. That has yielded continued traffic growth year-over-year as we've talked about and is the obviously underpinning of the market share growth that we've seen over such a long period of time as well. So I think all is well in the membership world, and we're looking forward to continuing to grow the number of bodies as well as the dollars. With that, maybe Laura can talk about the 53rd week.

我們不斷為我們吸引合適的會員。我們繼續以優惠的價格和促銷活動吸引他們。正如我們所討論的，這帶來了持續的流量逐年增長，並且顯然也是我們在很長一段時間內看到的市場份額增長的基礎。所以我認為會員世界一切都很好，我們期待著繼續增加會員數量和資金。說到這裡，也許勞拉可以談談第 53 週。

Yes. So Ed, you're right on this year benefits from 53rd week. As you think about that related to MFI, there is a slight benefit from the 53rd week, but not much. Most of what is embedded in the benefit of the 53rd week to this year is sales margin and all of the relevant variable operating costs that flow with that. So I wouldn't embed any MFI growth in the 53rd week.

是的。 Ed，你說得對，今年第 53 週的福利是這樣的。當你考慮與 MFI 相關的問題時，第 53 周有一點好處，但不多。今年第 53 週的收益中包含的大部分內容是銷售利潤率以及隨之而來的所有相關可變運營成本。因此，我不會在第 53 週嵌入任何 MFI 增長。

Our next question comes from Kate McShane from Goldman Sachs.

我們的下一個問題來自高盛的凱特·麥克沙恩。

We wondered if you could talk a little bit more about what happened with ticket during the quarter and if you've seen any change in units as inflation has dissipated here? And just how you're thinking about the back half composition between ticket and traffic?

我們想知道您是否可以多談談本季度門票的情況，以及隨著通貨膨脹的消散，您是否看到單位發生任何變化？您如何考慮門票和交通之間的後半部分組成？

Okay. Maybe I'll take a shot at it. Thanks for the question, and Laura can fill in anything that I missed. In the second quarter, we didn't see a tremendous change in any of the components of comp relative to Q1 or maybe Q4 last year. So certainly, continued traffic growth, as we've talked about many times already today. And as you know, within the consumables business, the grocery business, where we are continuing to see strong comp, but some of that is obviously the continued inflation, which implies lesser units. That certainly was true in Q2. But again, the trend was pretty similar to what it was in Q1.

好的。也許我會嘗試一下。謝謝你的提問，勞拉可以補充我遺漏的任何內容。在第二季度，我們沒有看到任何比較組成部分相對於去年第一季度或第四季度發生巨大變化。當然，流量持續增長，正如我們今天已經多次討論的那樣。如您所知，在消費品業務、雜貨業務中，我們繼續看到強勁的競爭，但其中一些顯然是持續的通貨膨脹，這意味著單位數量減少。第二季度確實如此。但同樣，這一趨勢與第一季度非常相似。

Importantly, what we continue to see in our member spending is really good data. We track, obviously, a lot of information. We always talk to you all about income cohorts of high, medium and low shoppers. And in the second quarter, that trend was a lot like what we saw in Q1 and in the quarters before that where each cohort that we track grew in terms of total spending and then trips per member and spend per member. So as you know, the trips growth is incredibly important to us because trips are the biggest predictor of membership renewal. And so we're very happy with that data and happy with that trend, and we see that continuing into the future.

重要的是，我們在會員支出中繼續看到的是非常好的數據。顯然，我們跟踪了大量信息。我們總是與您討論高、中、低收入群體的購物者。在第二季度，這種趨勢很像我們在第一季度和之前幾個季度看到的情況，我們跟踪的每個群體的總支出、每位會員的旅行次數和每位會員的支出都在增長。如您所知，旅行的增長對我們來說非常重要，因為旅行是會員續約的最大預測因素。因此，我們對這些數據和趨勢非常滿意，我們認為這種情況在未來會持續下去。

Our follow-up question is just on the credit card transition. I know you mentioned that the new account growth exceeded your plan, but has this impacted your outlook for the second half in any way?

我們的後續問題只是關於信用卡的過渡。我知道您提到新帳戶增長超出了您的計劃，但這是否對您下半年的前景產生了影響？

Well, look, maybe I'll just introduce it and maybe Laura can take it since she runs that program for us. We're incredibly proud of our new co-brand credit card program. Certainly, a wonderful way to engage our members and provide even more value to them. I talked about it in the prepared remarks that our awards are up 20% year-on-year, that's a mark in the growth of the program, but also the tremendous increase in value to each of those members as we go. So we're very happy with where we are, and maybe I'll let Bill give some context underneath that.

好吧，聽著，也許我會介紹一下，也許勞拉可以接受，因為她為我們運行該程序。我們對我們新的聯合品牌信用卡計劃感到非常自豪。當然，這是吸引我們的會員並為他們提供更多價值的絕佳方式。我在準備好的發言中談到，我們的獎項同比增長了 20%，這是該計劃發展的一個標誌，也是我們每個成員的價值的巨大增加。所以我們對目前的情況非常滿意，也許我會讓比爾提供一些背景信息。

Yes. Okay, the only comment I would add is that the credit card is all about stacking for the future. So at this point, we've added close to 250,000 new accounts with Cap One. It's well ahead of the sign-up run rate that we had previously. So we're really excited about what we're seeing on the acquisition side. The other thing we're seeing underneath the data is we're seeing members trade up into the highest tier credit card. So as we sit here today, about 42% of our cards are in the highest tier versus about 37% this time last year. So within that credit card growth, we've seen trade up from people who had the lower-end credit card, so at the $55 level up to the $110 level. And we've also seen members transition from the $110 Rewards membership, our Club Plus membership into the credit card as well. So they're staying within the higher tiers, but they're upgrading within that. And that higher tier credit card comes with double the lifetime value compared to the lower tier credit card. So this is all about structural long-term growth, and it's all about what the credit card program. It's been (inaudible) along is growing the quality of the membership for the long term. So it's not going to have a meaningful change over the next 2, 3, 6 months. But over the long term, the lifetime value we're generating will pay dividends for a long time to come.

是的。好吧，我要補充的唯一評論是信用卡是為了未來的積累。目前，我們已經在 Cap One 中添加了近 250,000 個新帳戶。它遠遠超過了我們之前的註冊運行率。因此，我們對收購方面所看到的情況感到非常興奮。我們在數據下看到的另一件事是我們看到會員升級為最高級別的信用卡。因此，當我們今天坐在這裡時，大約 42% 的卡處於最高級別，而去年同期約為 37%。因此，在信用卡增長的過程中，我們看到持有低端信用卡的人的消費升級，從 55 美元的水平上升到 110 美元的水平。我們還看到會員從 110 美元獎勵會員、我們的 Club Plus 會員過渡到信用卡。所以他們停留在較高的級別，但他們正在其中升級。與較低級別的信用卡相比，較高級別的信用卡的終身價值是其兩倍。因此，這一切都與結構性長期增長有關，也與信用卡計劃有關。從長遠來看，會員質量一直在（聽不清）不斷提高。因此，在接下來的 2、3、6 個月內不會發生有意義的變化。但從長遠來看，我們所產生的終生價值將在未來很長一段時間內帶來紅利。

Our next question comes from the line of Michael Baker from D.A. Davidson.

我們的下一個問題來自 D.A. 的邁克爾·貝克 (Michael Baker)。戴維森。

Okay. Great. I want to ask you about what you're seeing competitively in terms of price with some disinflation. It sounds like you're investing in price and flowing that disinflation through to customers. Are you seeing that from competitors? Can you talk about price gaps. Didn't seem to drive much incremental traffic, I guess. So I presume your competitors are doing the same, but just curious what you're seeing there.

好的。偉大的。我想問一下，在通脹下降的情況下，您所看到的價格競爭情況如何。聽起來好像你正在對價格進行投資，並將通貨緊縮轉嫁給客戶。您從競爭對手那裡看到了這一點嗎？您能談談價格差距嗎？我猜似乎並沒有帶來太多的增量流量。所以我認為你的競爭對手也在做同樣的事情，但只是好奇你在那裡看到了什麼。

Mike, thanks for the question. Our pricing metrics remain very strong. As we've told you, we've made considerable investments last year as we felt there was an opportunity to meaningfully press our advantage against some of our competitors. We've continued to make investments this year in pricing, and we've highlighted some of those in our prepared remarks. It's also important to note that shelf prices are not the sole determinant of value in a member's minds, right? Shelf prices are one thing, promotion is another. And we've continued to invest in new and innovative promotions, one of which we highlighted in our prepared remarks today. Talked a lot about the co-brand credit card and the increase in value provided to our members there. So we feel like we're in a great place from an overall metrics perspective. And all of that is translated into the gains in traffic and market share that we we've talked about.

邁克，謝謝你的提問。我們的定價指標仍然非常強勁。正如我們所告訴您的，我們去年進行了大量投資，因為我們認為有機會有效地發揮我們的優勢來對抗一些競爭對手。今年我們繼續在定價方面進行投資，我們在準備好的評論中強調了其中的一些投資。同樣重要的是要注意，貨架價格並不是會員心目中價值的唯一決定因素，對吧？貨架價格是一回事，促銷又是另一回事。我們繼續投資於新的和創新的促銷活動，我們在今天準備的講話中強調了其中一項。談論了很多關於聯合品牌信用卡以及為我們的會員提供的增值服務。因此，從整體指標的角度來看，我們感覺我們處於一個很好的位置。所有這些都轉化為我們所討論的流量和市場份額的增長。

Our competitors, I think, are acting pretty rationally at this point in time, and I don't see that as a change. I think that's been happening for a while now, and I would expect that to be the base case going forward. So we're pretty proud of where we are, and we will continue to invest in ways to keep that value flowing to our members because that underpins our entire business.

我認為，我們的競爭對手目前的行為相當理性，我不認為這是一種變化。我認為這種情況已經發生了一段時間，並且我希望這將成為未來的基本情況。因此，我們對我們所處的位置感到非常自豪，我們將繼續投資於讓價值流向我們的會員的方法，因為這是我們整個業務的基礎。

Got it. Okay. That makes sense. If I could ask one more follow-up. I think it was -- I didn't know if I quite got the answer, but the -- can you talk about the pace of comps throughout the quarter, please.

知道了。好的。這就說得通了。如果我能再問一個後續問題的話。我認為是 - 我不知道我是否完全得到了答案，但是 - 您能談談整個季度的競爭節奏嗎？

Yes. Mike, it's Laura. So as we travel through Q2, the front half of the quarter was certainly more challenging than where we exited from a comp cadence. And that's no different than the storyline out there from everybody else. Weather was certainly an impact. We talked about that in the prepared remarks. So May and June kind of performed similarly and July was the strongest.

是的。邁克，這是勞拉。因此，當我們經歷第二季度時，本季度的前半段肯定比我們退出競爭節奏時更具挑戰性。這與其他人的故事情節沒有什麼不同。天氣無疑是一個影響。我們在準備好的發言中討論了這一點。因此，五月和六月的表現類似，七月最為強勁。

Even with the weather, so I'm up here in Boston, it was the wettest July in a long time. Even with that poor weather in July, July was still better.

即使天氣不好，所以我在波士頓，那是很長一段時間以來最潮濕的七月。即使七月的天氣不好，七月仍然更好。

Yes, that's right.

恩，那就對了。

Yes, that's right. And to some degree, go back to what I talked about in the gas business, Mike, it's certainly that's a great way that we source traffic. And last year, we were definitely getting extra traffic in May and June, that was difficult to lap. So we estimate that had an impact on those months as well.

恩，那就對了。在某種程度上，回到我在天然氣業務中談到的內容，邁克，這當然是我們獲取流量的好方法。去年，我們在五月和六月確實獲得了額外的流量，這很難圈定。因此我們估計這也對這幾個月產生了影響。

Our next question comes from the line of Mark Carden from UBS.

我們的下一個問題來自瑞銀集團的馬克·卡登。

So to start, what are you seeing in terms of initial renewals from some of your customers that signed up at discounted rates last year? Have they shifted at all from what you've historically seen? And how is your member growth trending from new club contributions versus existing club contributions?

首先，您對去年以折扣價簽約的一些客戶的首次續訂有何看法？它們與您歷史上所看到的有什麼不同嗎？新俱樂部捐款與現有俱樂部捐款相比，您的會員增長趨勢如何？

Mark, thanks for your question. As we've talked about a couple of times, we're -- we're very happy with where we are from a membership perspective in growing the membership and the context beneath there with growing our higher tiers and growing engagement and growing our renewal rates. As we said, we expect to maintain our 90% renewal rate. That is a great thing for us to do. As you know, that's an all-time high for us. And sort of 800 or 900 basis points above where we were several years ago. And over that same period of time, not only have we grown the tendered renewal rate, but we've grown the first year renewal rate from something around 50% to something around 70%. And we haven't really seen a change in that trend either. We're doing a wonderful job engaging all of our membership, both new and tenured.

馬克，謝謝你的問題。正如我們已經討論過幾次的那樣，從會員的角度來看，我們對我們在增加會員方面的進展以及其背後的背景感到非常滿意，即提高我們的更高級別、增加參與度和增加我們的更新費率。正如我們所說，我們預計將維持 90% 的續訂率。這對我們來說是一件偉大的事情。如您所知，這對我們來說是歷史最高水平。比幾年前的水平高出 800 或 900 個基點。在同一段時間內，我們不僅提高了投標續約率，而且還將第一年續約率從 50% 左右提高到 70% 左右。我們也沒有真正看到這種趨勢發生變化。我們做得非常出色，吸引了所有新會員和終身會員。

Our new clubs are an integral part of what we're trying to do here at BJ's and growing our overall chain. We gave you a little bit of context around the importance of those new clubs and the growth that they're providing with nearly $100 million of EBITDA for those clubs that have been opened since 2016. That really is because we are doing a wonderful job attracting, engaging and retaining the members in those clubs. We're showing them great assortments. We are integrating the digital experience, much better in our new clubs. And we're operating those clubs very, very effectively from the day that they open through today. So we're proud of our real estate strategy and our execution of that strategy. We're hopeful we can do even better, and we know that it's powering our business going forward.

我們的新俱樂部是我們在 BJ's 努力做的事情和發展我們的整體連鎖店的一個組成部分。我們向您介紹了這些新俱樂部的重要性以及它們為 2016 年以來開業的俱樂部帶來近 1 億美元 EBITDA 的增長。這確實是因為我們做得非常出色，吸引了新俱樂部，吸引並留住這些俱樂部的會員。我們向他們展示了各種各樣的產品。我們正在整合數字體驗，在我們的新俱樂部中做得更好。從俱樂部開業之日起一直到今天，我們都非常非常有效地運營這些俱樂部。因此，我們對我們的房地產戰略以及該戰略的執行感到自豪。我們希望能夠做得更好，我們知道這將推動我們的業務向前發展。

Great. That's helpful. And then as a follow-up, just from a wage standpoint, do you see much risk for the environment requiring another round of investments on that front?

偉大的。這很有幫助。接下來，僅從工資的角度來看，您是否認為環境面臨很大風險，需要在這方面進行另一輪投資？

Yes, it's a good question. I don't know what the future holds for us, Mark, but our team members, first and foremost, are excellent for those listening today. Thank you for being with us, and thank you for doing what you do every day to take care of our members. We've made considerable investments over the past several years, as you know, Mark, from following our story. We will continue to invest in our team members, both in the field, in our distribution centers, in our club support center. But as we sit here today, the dynamics are a bit different than they were a couple of years ago, right? We are fully staffed. We're finding great talented folks that come and work for us. And our churn has decreased over the past couple of years as well. So we feel like we're well positioned. We'll continue to execute, but we know that the wage environment is dynamic and wages aren't going to go down. So I would expect some continued pressure as we go forward. We'll figure out our way to manage that in the context of our overall P&L. I think we've shown a good track record of being able to manage through up cycles and down cycles and still hit our numbers. So I'm very proud of what our team has been able to do this quarter. And again, thanks to those listening.

是的，這是一個好問題。馬克，我不知道我們的未來會怎樣，但我們的團隊成員首先對今天的聽眾來說非常出色。感謝您與我們在一起，感謝您每天所做的事情來照顧我們的會員。馬克，通過關注我們的故事，您知道，我們在過去幾年中進行了大量投資。我們將繼續投資於我們的團隊成員，無論是在現場、在我們的配送中心還是在我們的俱樂部支持中心。但當我們今天坐在這裡時，動態與幾年前有點不同，對吧？我們人員齊全。我們正在尋找優秀的人才來為我們工作。過去幾年我們的客戶流失率也有所下降。所以我們覺得我們處於有利位置。我們將繼續執行，但我們知道工資環境是動態的，工資不會下降。因此，我預計隨著我們的前進，我們會面臨持續的壓力。我們將在整體損益的背景下找到管理這一點的方法。我認為我們已經表現出了良好的記錄，能夠應對上升週期和下降週期，並且仍然達到我們的目標。因此，我對我們團隊本季度所做的事情感到非常自豪。再次感謝那些聆聽的人。

We have no further questions at this time. So with that, I will hand back to Bob Eddy, Chairman and CEO, for final remarks.

目前我們沒有進一步的問題。因此，我將請董事長兼首席執行官鮑勃·艾迪 (Bob Eddy) 發表最後的講話。

Well, thank you, everybody for your attention and support. Again, thanks to the team members on the phone. We are very proud of our second quarter results, our year-to-date results and the results over the past few years, growing our chain, growing our traffic, growing our market share and most of all growing our membership. Thanks for your attention. We'll talk to you when we report our next quarter.

好的，謝謝大家的關注和支持。再次感謝電話中的團隊成員。我們對第二季度的業績、年初至今的業績以及過去幾年的業績感到非常自豪，我們的連鎖店不斷增長，流量不斷增長，市場份額不斷增長，最重要的是我們的會員數量不斷增長。感謝您的關注。當我們報告下一季度時，我們會與您交談。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連接。