BJ's Wholesale Club Holdings Inc (BJ) 2024 Q1 法說會逐字稿

Hello, everyone, and welcome to the BJ's Wholesale Club Holdings, Inc. First Quarter Fiscal 2024 Earnings Conference Call. My name is Candice, and I will be coordinating your call today. After speaker's remarks, there will be a question and answer session. (Operator Instructions). I would now like to hand the conference call over to your host, Cathy Park. Please go ahead.

大家好，歡迎參加 BJ's Wholesale Club Holdings, Inc. 2024 財年第一季財報電話會議。我叫坎迪斯，今天我將協調您的電話。演講者發言後，將進行問答環節。 （操作員說明）。現在我想將電話會議轉交給主持人凱西·帕克 (Cathy Park)。請繼續。

Good morning, and welcome to BJ's First Quarter Fiscal 2024 Earnings Call. Joining me today are Bob Eddy, Chairman and Chief Executive Officer; Laura Felice, Chief Financial Officer; and Bill Werner, Executive Vice President, Strategy and Development.

早安，歡迎參加 BJ 2024 財年第一季財報電話會議。今天與我一起出席的有董事長兼執行長鮑勃艾迪 (Bob Eddy)；勞拉‧菲利斯，財務長； Bill Werner，策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. 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.

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。這些陳述是基於我們目前的預期，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有重大差異。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，以了解這些風險和不確定性的描述。

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. 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.

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。此資訊的呈現不應被孤立地考慮或作為根據 GAAP 呈現的財務資訊的替代品。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，以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較指標的對帳情況。

And now I'll turn the call over to Bob.

現在我將把電話轉給鮑伯。

Good morning, everyone. Thanks for joining us today to discuss our first quarter results. This quarter was marked by continued strong growth in membership fees and market share. We are also proud of the continued growth in comp sales. We expected the first quarter to be a tough lap given last year's inflation dynamics. So we are particularly proud of our continued momentum underpinned by strong traffic and unit growth.

大家，早安。感謝您今天加入我們討論我們第一季的業績。本季的特點是會員費和市場份額持續強勁增長。我們也為公司銷售的持續成長感到自豪。鑑於去年的通膨動態，我們預計第一季將是艱難的一季。因此，我們對強勁的流量和銷售成長所支撐的持續發展勢頭感到特別自豪。

Our team continues to manage the day-to-day well while staying laser-focused on executing our long-term strategic priorities. Comparable club sales excluding gas sales, grew by 0.6% in the first quarter. Our compelling value proposition both in the club and at our gas stations drove strong traffic contributing 3 percentage points in the quarter, similar to our traffic trend in the fourth quarter of last year. Inflation was above flat, and we continue to grow unit volumes with our perishables, grocery and sundries division increasing comp units in the first quarter.

我們的團隊繼續做好日常管理，同時專注於執行我們的長期策略重點。不包括燃氣銷售的可比俱樂部銷售額第一季成長了 0.6%。我們在俱樂部和加油站的令人信服的價值主張帶來了強勁的流量，在本季度貢獻了 3 個百分點，與去年第四季的流量趨勢類似。通貨膨脹率高於持平水平，我們的單位銷售量持續成長，我們的易腐食品、雜貨和雜貨部門在第一季度增加了複合單位。

Our members are rewarding us for our merchandising improvements and our amazing value. Consequently, we gained market share in both units and dollars in the quarter. Comp growth for our perishables, grocery and sundries division was up over 1% in the first quarter. We experienced the strongest growth in perishables, particularly in unit volumes, led by our fresh produce and dairy categories. Comp unit growth in grocery and sundries was equally impressive, especially when compared with declines in the broader marketplace.

我們的會員因我們的銷售改進和驚人的價值而獎勵我們。因此，本季我們在單位和美元方面都獲得了市場份額。第一季度，我們的易腐食品、雜貨和雜貨部門的綜合成長率超過 1%。我們的易腐食品成長最為強勁，尤其是單位數量，其中以新鮮農產品和乳製品類別為主導。雜貨和雜貨的複合單位成長同樣令人印象深刻，特別是與更廣泛市場的下降相比。

Our general merchandise business delivered a slightly negative comp in the first quarter as a handful of weather-sensitive categories weighed on the overall division. We saw about a 10-point variance in GM comp performance across markets that experienced better weather versus markets with cooler and wetter weather compared to the prior year.

我們的百貨業務在第一季的業績略有下降，因為少數對天氣敏感的類別對整個部門造成了壓力。我們發現，與前一年相比，天氣較好的市場與天氣涼爽濕潤的市場相比，通用汽車公司的業績表現存在約 10 個百分點的差異。

Consumers remain discerning in their purchasing, and we have also found that members are increasingly waiting to shop higher ticket seasonal categories such as patio sets and air conditioners exactly when the weather turns, not in anticipation of it. When presented with great quality of value members are spending, general merchandise is critical to our model and we continue to make outstanding progress on our transformation efforts.

消費者在購買時仍然很挑剔，我們還發現，會員越來越多地等待天氣變化時購買價格更高的季節性類別，例如露台套裝和空調，而不是在預期天氣變化時購買。當會員消費時獲得高品質的價值時，一般商品對我們的模式至關重要，我們將繼續在轉型工作中取得顯著進展。

We are intensely focused on delivering a new and exciting assortment that has presented and marketed in the right way at the right time and at the right price.

我們專注於提供令人興奮的新產品系列，並在正確的時間以正確的價格以正確的方式進行展示和行銷。

Successful execution quarter after quarter is crucial to shifting member perception and we believe we are delivering on this front. In fact, the categories that drove our general merchandise growth in last year's fourth quarter continued to showcase strength in the first quarter with consumer electronics and apparel both comping meaningfully positive.

每季的成功執行對於改變會員的看法至關重要，我們相信我們正在這方面取得成果。事實上，去年第四季推動我們的一般商品成長的類別在第一季繼續表現強勁，消費性電子產品和服裝都取得了顯著的積極表現。

We're especially pleased with the performance of our home categories, which turned positive for the first time in a long time with the segment comping nearly 7% in the first quarter. Home textiles led much of this growth. Higher-quality products such as our bath towels and sheets are resonating with our members. We've also elevated and enhanced the assortment in our kitchen and cleaning appliances leaning into trend-right items in higher-growth categories designed to drive greater member demand.

我們對家居品類的表現尤其滿意，該品類在很長一段時間以來首次實現積極增長，第一季佔比接近 7%。家用紡織品引領了這一增長。我們的浴巾和床單等更高品質的產品引起了我們會員的共鳴。我們也提升和增強了廚房和清潔用具的品種，傾向於高成長類別中的潮流產品，旨在推動更大的會員需求。

Members who engage in general merchandise exhibit trip and spend behaviors that highly correlate to membership renewal. Strengthening the treasure hunt and inspiring the general merchandise shop is a significant opportunity for the long-term growth of this company. I'm proud of the progress we're making and remain confident in our ability to realize the significant potential we see in this division.

從事百貨業務的會員表現出與會員續約高度相關的旅行和消費行為。加強尋寶、激勵百貨公司，是該公司長期發展的重大機會。我對我們所取得的進步感到自豪，並對我們實現該部門巨大潛力的能力充滿信心。

Our 4 strategic priorities remain critical to our long-term success. These priorities are improving member loyalty, giving our members an unbeatable shopping experience, delivering value conveniently and growing our footprint. We are making significant progress in each of these areas.

我們的 4 項策略重點對於我們的長期成功仍然至關重要。這些優先事項是提高會員忠誠度、為我們的會員提供無與倫比的購物體驗、方便地提供價值並擴大我們的足跡。我們在每個領域都取得了重大進展。

Our membership momentum continues to build, demonstrating the power of our growing value proposition and 90% renewal rate. Member counts increased both year-over-year and sequentially. We are expanding membership in both new and existing markets with our digital platforms powering nearly half of this growth.

我們的會員勢頭持續增強，展示了我們不斷增長的價值主張和 90% 的續訂率的力量。會員數量同比和環比均有所增加。我們正在擴大新市場和現有市場的會員數量，我們的數位平台推動了近一半的成長。

We're improving membership quality as well. Our highest tier member base consists of our One+ members who pay $110 fee and hold our co-brand credit card, which we believe is the best offering in retail today. As you know, these are our most loyal and highest spending members exhibiting the greatest lifetime value. This tier continues to grow double digits year-over-year, helping our higher tier membership penetration surpassed 38% in the first quarter.

我們也在提高會員品質。我們的最高等級會員基礎包括支付 110 美元費用並持有我們的聯名信用卡的 One+ 會員，我們認為這是當今零售業最好的產品。如你所知，這些是我們最忠誠、消費最高的會員，展現最大的終身價值。這一級別的會員繼續以兩位數的速度同比增長，幫助我們的高級會員滲透率在第一季超過了 38%。

As a testament to ongoing success, in the first quarter, we reported membership fee income growth of 8.6% year-over-year. We will remain focused on maintaining our strength in membership to drive long-term value for both our members and owners.

作為持續成功的證明，我們第一季的會員費收入年增 8.6%。我們將繼續專注於維持我們的會員實力，為我們的會員和業主帶來長期價值。

A great shopping experience keeps our members coming back to shop with us, deepening their loyalty and driving higher renewals. This is why we continually strive to improve the member experience through merchandising, digital and in-club conveniences, and of course, amazing value.

出色的購物體驗可以讓我們的會員再次光顧我們的商店，加深他們的忠誠度並推動更高的續約量。這就是為什麼我們不斷努力透過推銷、數位化和俱樂部內便利設施，當然還有驚人的價值來改善會員體驗。

We know our members choose where they do their weekly grocery shopping based on produce and meat. Members already love our assortment as well as the differentiated amenities such as our full service deli. While we know they value the selection and quality of our meat, we knew we could do better at produce. Having full control over our perishable supply chain has been an enormous benefit, and we launched our Fresh 2.0 initiative last April, bringing even more freshness and excitement to our produce offering.

我們知道我們的會員根據農產品和肉類選擇每週去哪裡購物。會員已經喜歡我們的品種以及差異化的設施，例如我們的全方位服務熟食店。雖然我們知道他們重視我們肉類的選擇和品質，但我們知道我們可以在農產品方面做得更好。完全控制我們的易腐爛供應鏈是一個巨大的好處，我們去年四月推出了 Fresh 2.0 計劃，為我們的農產品供應帶來更多新鮮感和興奮感。

Fresh 2.0 was built directly on insights and feedback from our members. We reassessed every step of our process from sourcing to packaging to marketing. We implemented robust training, giving our team members the knowledge and tools to maintain maximum freshness and quality of our produce. We invested in speeding up the supply chain in areas such as berries, resulting in faster and fresher arrivals at our clubs and ultimately into members' homes.

Fresh 2.0 直接基於我們會員的見解和回饋而建構。我們重新評估了從採購到包裝再到行銷的流程的每一步。我們實施了強有力的培訓，為我們的團隊成員提供了知識和工具，以保持我們產品的最大新鮮度和品質。我們投資加快了漿果等領域的供應鏈，從而更快、更新鮮地到達我們的俱樂部，並最終到達會員家中。

We strengthened existing vendor relationships and also forge new ones to improve in-stocks and introduce newer seasonally relevant products. We've already received great feedback on new offerings such as sumo mandarins and dragon fruit.

我們加強了現有的供應商關係，並建立了新的供應商關係，以改善庫存並推出更新的季節性相關產品。我們已經收到了有關相撲柑橘和火龍果等新產品的良好回饋。

Our comprehensive Fresh 2.0 pilot, which ran through much of last year, drove incremental member engagement in the category and yielded 6% more produce trips than our control clubs. In light of this success, we are scaling the program chain-wide this year with compelling displays and signage in club that help improve navigation and showcase our freshness, quality and value.

我們全面的 Fresh 2.0 試點計畫在去年的大部分時間裡進行，推動了會員對該類別的參與度不斷提高，與我們的對照俱樂部相比，農產品旅行增加了 6%。鑑於這一成功，我們今年將在整個連鎖店範圍內推廣該計劃，在俱樂部內引入引人注目的展示和標牌，以幫助改善導航並展示我們的新鮮度、品質和價值。

This month, we began installing coolers at the front of our clubs so that our members are drawn in by this high-quality, low-priced produce in the first moments of their visit. We're amplifying this effort in our marketing with featured content and enticing promotions across all our channels.

這個月，我們開始在俱樂部前面安裝冷卻器，以便我們的會員在訪問的第一刻就被這種高品質、低價的產品所吸引。我們正在透過所有管道的特色內容和誘人的促銷活動來加強行銷。

We believe the improvements we've made in our fresh offering in the last year have delivered significant value to our members, contributing to our perishables performance and supporting our consistently strong traffic trends. In fact, our fresh produce category has delivered 8 points of comp unit growth in the first quarter, outperforming the market. As we advance our Fresh 2.0 rollout this year, we will continue to work to win the shop aiming to further solidify BJ's as our member's destination.

我們相信，去年我們在新鮮產品方面所做的改進為我們的會員帶來了巨大的價值，為我們的易腐爛產品績效做出了貢獻，並支持了我們持續強勁的流量趨勢。事實上，我們的生鮮農產品類別在第一季實現了 8 個百分點的複合單位成長，跑贏了市場。隨著今年我們推進 Fresh 2.0 的推出，我們將繼續努力贏得商店，旨在進一步鞏固 BJ's 作為我們會員目的地的地位。

We're innovating with our own brands, Wellsley Farms and Berkley Jensen to provide members with high-quality products at substantial value. Our own brand sales penetration continues to grow each quarter. Our sundries categories lead the way in areas such as paper and trash.

我們正在利用自己的品牌 Wellsley Farms 和 Berkley Jensen 進行創新，為會員提供物超所值的優質產品。我們自有品牌的銷售滲透率每季都在持續成長。我們的雜貨類別在紙張和垃圾等領域處於領先地位。

In the first quarter, we've launched our own food storage bags. This offering is a strong illustration of our capabilities and approach to own brands. Our research suggests that our members were seeking greater value than the national brands offer. We underwent extensive benchmarking and analysis and identified a partner to help develop high-quality products that are comparable to the leading national brand while offering a value of more than 30%.

第一季度，我們推出了自己的食品儲藏袋。該產品有力地說明了我們的能力和自有品牌的方法。我們的研究表明，我們的會員正在尋求比國家品牌提供的更大的價值。我們進行了廣泛的對標和分析，並確定了一個合作夥伴來幫助開發與領先的民族品牌相媲美的高品質產品，同時提供超過 30% 的價值。

Our members' response has exceeded our expectations, improving the category sales trend with more than half of the sales coming from new members to the category. Owned brand sales make up over 1/4 of our business, and we're confident in our goal of reaching 30% in the future.

我們會員的反應超出了我們的預期，改善了品類銷售趨勢，超過一半的銷售額來自該品類的新會員。自有品牌銷售額占我們業務的1/4以上，我們對未來達到30%的目標充滿信心。

Finally, gas is a traffic driver for us for (inaudible) a way in which we deliver value to our members. We gained share once again in the first quarter with comp gallons growing by approximately 6% year-over-year. This compares to the broader U.S. market, which was down mid-single digits in the same period.

最後，天然氣是我們的流量驅動因素（聽不清楚），這是我們為會員提供價值的一種方式。我們在第一季度再次獲得了市場份額，加侖數同比增長約 6%。相較之下，美國整體市場同期下跌了個位數左右。

Our philosophy on gas, like the rest of our business is grounded in delivering value. This mindset allows us to proactively offer extra savings to our members through gas promotions and our co-brand credit card which we believe deepens member loyalty. We work hard to save our members' time and money.

與我們的其他業務一樣，我們的天然氣理念也以創造價值為基礎。這種心態使我們能夠透過汽油促銷和我們的聯名信用卡主動為會員提供額外的節省，我們相信這可以加深會員忠誠度。我們努力節省會員的時間和金錢。

For members taking advantage of our value proposition is easier than ever as our digital conveniences allow them to shop our clubs how they want. Our convenience initiatives include buy online, pickup in club, curbside pickup and same-day delivery. In club shoppers can also leverage our digital coupon gallery and skip the lines with Express Pay checkout.

對於會員來說，利用我們的價值主張比以往任何時候都更容易，因為我們的數位便利設施使他們能夠按照自己的意願購買我們的俱樂部。我們的便利措施包括線上購買、俱樂部提貨、路邊取貨和當日送達。在俱樂部購物者還可以利用我們的數位優惠券庫並透過 Express Pay 結帳免排隊。

Our digitally enabled sales have posted double-digit growth in every quarter in the past 2 years. This is on top of meaningful growth through the pandemic. In fact, our digitally enabled comp sales in the first quarter were up 21% year-over-year.

過去兩年，我們的數位化銷售額每季都實現了兩位數成長。這是在大流行期間實現有意義的成長的基礎上的。事實上，第一季我們的數位化產品銷售額年增了 21%。

We're continuously refining and improving our user experience. In fact, this month, we are rolling out the ability to locate products through our app, making shopping in our 100,000 square foot clubs a whole lot easier. This is one of the numerous enhancements enabled by our autonomous inventory robots, which is also driving labor efficiencies in our digital order fulfillment process. We will continue to lean into our digital capabilities to deliver even more value and convenience to our members in the future.

我們不斷改進和改善我們的用戶體驗。事實上，本月，我們推出了透過應用程式定位產品的功能，使在我們 100,000 平方英尺的俱樂部購物變得更加容易。這是我們的自主庫存機器人實現的眾多增強功能之一，它也提高了我們數位訂單履行流程中的勞動力效率。我們將繼續依靠我們的數位能力，在未來為我們的會員提供更多價值和便利。

Finally, we continue to make great progress on our real estate strategy. We opened our third club in the Nashville market in Goodlettsville earlier this year. We expect to open 11 more clubs in the back half of our fiscal year, including openings in new markets like Louisville, Knoxville, Southern Pines and Myrtle Beach while also expanding in our core markets with 2 openings in the New York Metro market and 4 openings in Florida.

最後，我們的房地產策略持續取得重大進展。今年早些時候，我們在古德利茨維爾的納許維爾市場開設了第三傢俱樂部。我們預計在本財年後半段將再開設11 傢俱樂部，包括在路易斯維爾、諾克斯維爾、南松樹和默特爾比奇等新市場開設俱樂部，同時也在我們的核心市場擴張，在紐約地鐵市場開設2 傢俱樂部，在紐約地鐵市場開設4 傢俱樂部。

In addition to our new unit expansion, we are investing into our existing footprint with upgraded signage as well as remodels as part of Fresh 2.0. We continue to move at an accelerated pace with our real estate initiatives and are building on our future pipeline, which remains at the highest levels in our company's history.

除了新單位擴建之外，我們還投資於現有的佔地面積，升級標誌以及進行改造，作為 Fresh 2.0 的一部分。我們繼續加快房地產計劃的步伐，並正在建立我們未來的產品線，該產品線仍保持在我們公司歷史上的最高水平。

As we assess the health of the consumer, members remain selective and incredibly value focused, which we believe bodes well for our business model. In a limited SKU environment, members rely on us to deliver a highly curated assortment that maximizes quality, value and convenience. In doing so, we are driving great member engagement as exhibited by growth in trips, units and market share in the first quarter, an achievement in today's challenging retail backdrop.

當我們評估消費者的健康狀況時，會員仍然保持選擇性並極度注重價值，我們相信這對我們的商業模式來說是個好兆頭。在 SKU 有限的環境中，會員依靠我們提供精心策劃的產品組合，最大限度地提高品質、價值和便利性。在這個過程中，我們正在推動會員的積極參與，第一季的旅行、單位和市場份額的成長就體現了這一點，這是在當今充滿挑戰的零售背景下取得的成就。

We're driving greater trip frequency across all income levels that we track, high, mid and low. Spend per shopper remains consistently strong with our mid- to higher income members while our low-income members remain under pressure, particularly due to waning government aid, they continue to supplement their purchases with additional forms of tender, meaning they're spending more of their limited budget with us and not elsewhere. In fact, in the first quarter, overall sales from this member base started to grow again year-over-year after 2 consecutive quarters of declines.

我們正在提高我們追蹤的所有收入水準（高、中、低）的出行頻率。我們的中高收入會員的每位購物者的支出始終保持強勁，而我們的低收入會員仍然面臨壓力，特別是由於政府援助的減少，他們繼續透過其他形式的招標來補充購買，這意味著他們花費更多的錢他們在我們這裡的預算有限，而不是在其他地方。事實上，在第一季度，該會員群的整體銷售額在連續兩個季度下降後再次開始同比增長。

Looking ahead, we remain confident in our ability to grow the business, reinforced by healthy membership, traffic and market share. These are key markers of the underlying strength of our company. Furthermore, we believe our operating model, deep focus on our strategic priorities, and unwavering dedication to delivering value keep us well positioned for long-term success.

展望未來，我們對發展業務的能力仍然充滿信心，健康的會員資格、流量和市場份額將增強此能力。這些是我們公司潛在實力的關鍵指標。此外，我們相信我們的營運模式、對策略優先事項的高度關注以及對創造價值的堅定不移的奉獻精神使我們處於長期成功的有利位置。

I'd like to close with my gratitude for our 34,000 team members. I'm impressed and inspired by their dedication to taking care of the families who depend on us every single day. To our team members listening in today, thank you for all of your hard work.

最後，我謹對我們 34,000 名團隊成員表示感謝。他們致力於照顧每天依賴我們的家庭，這給我留下了深刻的印象和啟發。對於今天聆聽的我們的團隊成員，感謝你們的辛勤工作。

I'll now turn it over to Laura to provide more details on our results and outlook for the year.

現在我將把它交給勞拉，以提供有關我們今年業績和前景的更多詳細資訊。

Thank you, Bob. I'd like to join Bob in thanking our team members across our clubs, club support center and distribution centers, whose efforts contributed to another quarter of strong financial results.

謝謝你，鮑伯。我想與鮑伯一起感謝我們俱樂部、俱樂部支援中心和配送中心的團隊成員，他們的努力為另一個季度的強勁財務業績做出了貢獻。

Let's dig into our results. Net sales in the quarter were approximately $4.8 billion, growing 4% over the prior year. Total comparable club sales in the first quarter, including gas sales were up 1.6% year-over-year, led by gallons sold. Merchandise comp sales, which exclude gas sales, increased by 0.6% year-over-year and by 6.3% on a 2-year stack.

讓我們深入研究我們的結果。該季度淨銷售額約為 48 億美元，比上年增長 4%。第一季可比俱樂部總銷售額（包括天然氣銷售額）年增 1.6%，其中加侖銷量居首。商品銷售（不包括天然氣銷售）年增 0.6%，兩年成長 6.3%。

We are pleased to maintain traffic and unit growth in the quarter, which demonstrates our strong value prop, which continues to resonate with our members. As Bob mentioned, inflation was about flat for the quarter, April inflecting slightly positive following several months of slight deflation.

我們很高興在本季度保持流量和單位成長，這證明了我們強大的價值支柱，並繼續與我們的會員產生共鳴。正如鮑伯所提到的，本季通膨基本上持平，在經歷了幾個月的小幅通貨緊縮之後，四月份通膨略有上升。

Our first quarter comp in our grocery, perishables and sundries division grew by more than 1% year-over-year. We drove market share gains once again in this quarter, which supports our belief in a growing and loyal member base that relies on BJ's for its shopping needs. Our general merchandise and services division comp decreased by just under 5% for the first quarter with general merchandise outperforming the rest of the divisions in this calculation.

我們的雜貨、易腐食品和雜貨部門第一季的業績年增超過 1%。本季我們再次推動了市場佔有率的成長，這支持了我們對依賴 BJ's 來滿足購物需求的忠誠會員群不斷增長的信念。我們的一般商品和服務部門第一季的業績下降了近 5%，其中一般商品的表現優於其他部門。

Digitally enabled comp sales for the first quarter grew 21% year-over-year and 40% on a 2-year stack. About 90% of our digital sales are fulfilled by our clubs with services like buy online, pick up in club and same-day delivery, which remain meaningful drivers of our digital growth. Members who leverage our digital conveniences, save time in their shopping and become more loyal members. This is a major win-win, and we will continue leaning into these mutually beneficial enhancements in the future.

第一季數位化銷售年增 21%，兩年成長 40%。我們約 90% 的數位銷售由我們的俱樂部完成，提供線上購買、俱樂部提貨和當日送達等服務，這些仍然是我們數位成長的重要推動力。利用我們的數位便利設施的會員可以節省購物時間並成為更忠誠的會員。這是一項重大的雙贏，我們將在未來繼續致力於這些互利的增強。

Membership fee income, or MFI, grew 8.6% to approximately $111.4 million first quarter, driven by broad-based strength in membership acquisition and retention across both new and existing clubs. In addition to our Goodlettsville club opening in the first quarter, we also continued to add new members from the 5 clubs that mostly opened late in the fourth quarter. We are pleased with our momentum in growing membership size and quality.

第一季會員費收入 (MFI) 成長 8.6%，達到約 1.114 億美元，這得益於新俱樂部和現有俱樂部在會員獲取和保留方面的廣泛實力。除了第一季開業的古德利茨維爾俱樂部之外，我們還繼續從主要在第四季末開業的 5 個俱樂部中增加新會員。我們對會員規模和品質不斷增長的勢頭感到高興。

Moving on to gross margins. Excluding the gasoline business, our merchandise gross margin rate decreased by approximately 50 basis points year-over-year. As expected, we experienced some unfavorable lapping of our co-brand financial flows as we anniversary last year's launch, which led to the quarter year-over-year decline. Our first quarter merchandise gross margin rate remains higher than historical levels.

轉向毛利率。剔除汽油業務，我們的商品毛利率較去年同期下降約50個基點。正如預期的那樣，在去年推出週年紀念日之際，我們的聯合品牌財務流量出現了一些不利的情況，導致本季同比下降。我們第一季的商品毛利率仍然高於歷史水準。

SG&A expenses for the quarter were approximately $721.8 million. The year-over-year increase was primarily attributable to our new unit growth and other investments to drive our strategic priorities.

本季的 SG&A 費用約為 7.218 億美元。同比成長主要歸功於我們的新單位成長和其他投資來推動我們的策略重點。

As Bob mentioned earlier, we continue to gain share in our gas business with comp gallons growing by approximately 6% year-over-year. From a profitability perspective, the broader industry faced margin headwinds in the quarter, resulting in profits that fell below our expectations.

正如鮑勃之前提到的，我們在天然氣業務中的份額不斷增加，加侖數同比增長約 6%。從獲利能力的角度來看，整個產業在本季面臨利潤率不利因素，導致利潤低於我們的預期。

We reported first quarter adjusted EBITDA of $236.4 million, which, as a reminder, no longer includes preopening and noncash rent expense add-backs. Our effective tax rate of 24.4% was primarily driven by higher-than-expected tax windfall. All in, our first quarter adjusted earnings per share of $0.85 were flat year-over-year and in line with our expectations.

我們報告第一季調整後 EBITDA 為 2.364 億美元，提醒一下，其中不再包括開業前費用和非現金租金費用加回。我們的有效稅率為 24.4%，主要是因為稅收意外收入高於預期。總而言之，我們第一季調整後每股收益為 0.85 美元，與去年同期持平，符合我們的預期。

Moving on to our balance sheet. We feel good about our inventory position. Our team is working hard, improving our ability to have the right amount of product in the right clubs at the right time. We ended the first quarter with inventory about flat year-over-year despite 7 new clubs and approximately 180 basis points of improvement in our in-stock levels over the same period.

繼續我們的資產負債表。我們對庫存狀況感覺良好。我們的團隊正在努力工作，提高我們在正確的時間向正確的俱樂部提供正確數量的產品的能力。儘管有 7 個新球桿，並且我們的庫存水準在同一時期提高了約 180 個基點，但我們第一季末的庫存與去年同期基本持平。

Our capital allocation strategy is consistent with the framework we set forth a year ago at our Investor Day. We continue to believe that the best use of our cash is applying it towards profitably growing our 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 ended the first quarter with 0.6 turns of net leverage which aligns with our long-term target of sub 1 term.

我們的資本配置策略與我們一年前在投資者日制定的框架一致。我們仍然相信，現金的最佳用途是將其用於盈利性的業務成長。因此，支持會員資格、商品推銷、數位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。第一季結束時，我們的淨槓桿率為 0.6 倍，這與我們低於 1 期限的長期目標一致。

Returning excess cash to shareholders remains an important part of our capital allocation strategy as well. We repurchased approximately 405,000 shares for $30.2 million. And as of the quarter end, we have approximately $159 million remaining under our current authorization. We will continue to take a disciplined and balanced approach to deploying our capital to maximize shareholder value.

將多餘現金回饋給股東仍然是我們資本配置策略的重要組成部分。我們以 3,020 萬美元回購了約 405,000 股股票。截至本季末，我們目前的授權剩餘約 1.59 億美元。我們將繼續採取嚴格和平衡的方法來部署我們的資本，以最大限度地提高股東價值。

Turning to our outlook for the year. Our guidance for the fiscal year remains unchanged. We continue to expect our fiscal 2024 comp sales, excluding gas, to range from 1% to 2%, getting closer to our long-term algorithm towards the back half of the year.

轉向我們對今年的展望。我們對本財年的指導維持不變。我們繼續預期 2024 財年公司銷售額（不包括天然氣）將在 1% 至 2% 之間，更接近我們下半年的長期演算法。

We are still assuming a slightly inflationary year and a strong consumable business led by traffic, units and market share. Despite external pressures beyond our control, we are pleased with our continued progress in general merchandise.

我們仍然假設今年會出現輕微通膨，消費品業務將在流量、銷售和市場份額的帶動下表現強勁。儘管外部壓力超出了我們的控制範圍，但我們對日用百貨業務的持續進展感到滿意。

We are proud of our achievements in membership as we consider all of the elements that drive membership fee income, including the aforementioned timing of new club openings last year, and the cadence of openings this year, we believe the year-over-year MFI increase of 8.6% in the first quarter will be the highest growth rate of the year. We continue to expect to deliver merchandise gross margin rate improvement of approximately 20 basis points for fiscal 2024 driven by strong cost management and continued growth in our own brands.

我們為我們在會員方面取得的成就感到自豪，因為我們考慮了推動會員費收入的所有因素，包括上述去年新俱樂部開業的時間以及今年開業的節奏，我們相信 MFI 同比增長第一季8.6%的增速將創年內最高增速。我們繼續預計，在強有力的成本管理和自有品牌持續成長的推動下，2024 財年的商品毛利率將提高約 20 個基點。

We are planning for continued SG&A deleverage in fiscal 2024 as we invest in our growth initiatives, particularly in unit growth as new club sales continue to ramp over a multiyear period. A reminder that we are also lapping variable compensation tailwinds from fiscal 2023.

我們計劃在 2024 財年繼續去槓桿化，因為我們投資於我們的成長計劃，特別是隨著新俱樂部銷售在多年期間持續成長而在單位成長方面進行投資。提醒我們，從 2023 財年開始，我們也將迎來可變薪資的順風車。

Our expectations for gas remain unchanged. We are planning for an effective tax rate of approximately 28% for the remaining 3 quarters of the fiscal year. Putting all of this together, we continue to expect to deliver adjusted EPS in the $3.75 to $4 range. Longer term, we remain confident of the underlying strength of our business and believe we are well presumed to deliver sustainable growth to maximize shareholder value.

我們對天然氣的預期保持不變。我們計劃本財年剩餘 3 個季度的有效稅率約為 28%。綜上所述，我們繼續預期調整後每股收益將在 3.75 美元至 4 美元範圍內。從長遠來看，我們對我們業務的潛在實力仍然充滿信心，並相信我們有能力實現永續成長，以實現股東價值最大化。

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

接下來，我將把它轉回給鮑勃，讓他作結束語。

Thanks, Laura. We are celebrating the company's 40th anniversary this year. As I reflect on our history, we've taken a great business model and transformed it to be even better, particularly over the past 5 years. Our purpose is clear and simple. We take care of the families who depend on us. This, combined with our strategic priorities has built a strong foundation in the way we operate, leading to sustainable growth and value creation.

謝謝，勞拉。今年我們慶祝公司成立 40 週年。當我回顧我們的歷史時，我們採用了一個偉大的商業模式，並將其變得更好，特別是在過去的五年裡。我們的目的明確而簡單。我們照顧依賴我們的家庭。這與我們的策略重點相結合，為我們的營運方式奠定了堅實的基礎，從而實現永續成長和價值創造。

We will grow the size and quality of our membership. We will offer unbeatable member experience through our merchandising improvements. We will elevate our digital conveniences to save our members' money and time, and we will profitably grow our footprint and strengthen our brand. Above all, we will always deliver compelling value to our members. I'm proud of our entire team, and I'm excited for our future. Thanks again for joining us today and for your support of BJ's Wholesale Club.

我們將擴大會員規模並提高會員品質。我們將透過我們的銷售改進來提供無與倫比的會員體驗。我們將提升數位便利性，以節省會員的金錢和時間，我們將有利地擴大我們的足跡並強化我們的品牌。最重要的是，我們將始終為我們的會員提供令人信服的價值。我為我們整個團隊感到自豪，我對我們的未來感到興奮。再次感謝您今天加入我們並感謝您對 BJ's Wholesale Club 的支持。

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

我現在將其轉回接線員以回答您的問題。

(Operator Instructions) The first question comes from the line of Peter Benedict of Baird.

（操作員說明） 第一個問題來自貝爾德的彼得‧本篤。

First, just on the MFI growth. Obviously, very impressive there. I recognize it is 8.6%. It's probably the fastest growth rate. But as we look out through the balance of the year, just any reason why the dollar number would step down sequentially? Or should we expect it to continue to grow a little bit? And curious kind of how the robust performance influences you're willing to consider a fee increase at some place this year? That's my first question.

首先，關於小額信貸機構的成長。顯然，那裡令人印象深刻。我知道是8.6%。這可能是最快的成長率。但當我們回顧今年剩餘時間時，美元數字會連續下降的原因是什麼？或者我們應該期望它繼續增長一點嗎？好奇的是，強勁的業績如何影響您願意考慮今年在某個地方增加費用？這是我的第一個問題。

Thanks, Pete. Morning, took the first question to get to the fee increase. Look, I think we had a great quarter from a membership perspective. The team is doing pretty impressive things, signing up new members and renewing members, getting them up through the premium to our field folks have been doing a fantastic job of interacting with our members. We're engaging them nicely as well.

謝謝，皮特。早上，第一個問題是關於費用增加的。看，我認為從會員角度來看，我們度過了一個很棒的季度。團隊正在做一些令人印象深刻的事情，註冊新會員和更新會員，讓他們透過溢價升級，我們的現場人員在與我們的會員互動方面做得非常出色。我們也很好地吸引了他們。

So I think we've got a lot to be proud of there. As we said in the prepared remarks, 8.6% was pretty high, and we don't expect that to recur, most of that increment over our previous trend was just the way the spacing of the clubs last year fell and how that falls into this year. But with that said, we are slightly ahead of last year's trend ex that and slightly ahead of our own plans. So we're pretty pleased with what we're doing and where we're going from a membership fee perspective.

所以我認為我們有很多值得自豪的地方。正如我們在準備好的評論中所說，8.6% 相當高，我們預計這種情況不會再次發生，與我們之前的趨勢相比，大部分增量只是去年俱樂部間距下降的方式以及如何落入這個範圍。但話雖如此，我們比去年的趨勢略超前，也比我們自己的計劃略超前。因此，從會員費的角度來看，我們對我們正在做的事情以及我們的發展方向感到非常滿意。

As to the fee increase, we haven't really given a whole bunch of thought to it at this point. And so when there's news to share, we'll definitely share it.

至於費用增加，我們目前還沒有真正考慮過。因此，當有消息要分享時，我們一定會分享。

Got you. Fair enough. So my follow-up is on kind of on inventory and merch margins, inventory looked really clean. Just curious kind of your progress there, what you've done to kind of get that in line? And what does that mean for kind of the merch margin path from here, down 50 basis points in the first quarter, your sales 20% for the year. Maybe just help us understand maybe the cadence in 2Q and then versus the second half.

明白你了。很公平。所以我的後續行動是關於庫存和商品利潤，庫存看起來非常乾淨。只是好奇你在那裡取得的進展，你做了什麼來保持一致？這對於從現在開始的商品利潤率路徑意味著什麼，第一季下降 50 個基點，全年銷售額下降 20%。也許只是幫助我們理解第二季以及下半場的節奏。

Sure. Yes. Look, we're pretty happy with where our inventories are at this point. The team has been doing a bunch of work. We frankly weren't happy with our inventory levels last year, particularly from an in-stock perspective. And so the team has done a bunch of work to raise our in-stocks which are significantly higher today than they were a year ago today and to find ways to offset those increases in inventory levels by reducing inventory that frankly, we don't need. Not inventory that's going to go bad, but just a more efficient way to present and move inventory around.

當然。是的。看，我們對目前的庫存狀況非常滿意。該團隊已經做了很多工作。坦白說，我們對去年的庫存水準並不滿意，特別是從庫存角度來看。因此，團隊做了很多工作來提高我們的庫存，今天的庫存明顯高於一年前，並找到透過減少庫存來抵消庫存水準增加的方法，坦白說，我們不需要。不是庫存會變壞，而是一種更有效的方式來展示和移動庫存。

So I think we've got continued upside there. We should be able to raise the in-stocks even further and continue to rationalize the inventory base as well. Obviously, we've got new clubs coming into the portfolio that drives inventory up a little bit. So we're pretty pleased with where we landed for the end of the quarter.

所以我認為我們已經繼續上漲。我們應該能夠進一步增加庫存，並繼續合理化庫存基礎。顯然，我們的產品組合中加入了新的俱樂部，這使得庫存略有增加。因此，我們對本季末的表現非常滿意。

And maybe I'll let Laura tackle the margin question.

也許我會讓勞拉解決保證金問題。

Yes. On merch margins, it is as we expected when we guided for Q1 when we gave a little bit of color on it, largely what happened in Q1 was the transition of our co-brand portfolio last year and lapping that. So we continue to expect that, that was a Q1 event only and will not drive margins down as we progress through the remainder of the year.

是的。在商品利潤方面，正如我們在第一季指導時所預期的那樣，當時我們對其進行了一些說明，主要是第一季度發生的事情是我們去年聯合品牌組合的轉變並對此進行了總結。因此，我們仍然預計，這只是第一季的事件，隨著我們今年剩餘時間的進展，不會導致利潤率下降。

The next question comes from the line of Kate McShane of Goldman Sachs.

下一個問題來自高盛的 Kate McShane。

Last quarter, we had asked you about the promotional environment and pricing. And I think the answer at the time was maybe the environment was a little bit more promotional. But how are you thinking about it now, especially in the context of pricing actions taken by a competitor and rollbacks from another? I know you have your competitive price gap, but how are you thinking about that right now?

上個季度，我們向您詢問了促銷環境和定價。我認為當時的答案可能是環境更具促銷性。但你現在如何看待這個問題，特別是在競爭對手採取定價行動和另一個競爭對手回滾的背景下？我知道你們有競爭性的價格差距，但你們現在怎麼看待這個問題？

Kate, thanks for the question. Certainly a relevant one. And I guess what I would say is others are searching for value, and that's what we and the club channel provide every day of the week. So there's a lot of space between us and some of our competitors out there. So I'm not sure that we spend a lot of time thinking about what's been in the news (inaudible).

凱特，謝謝你的提問。當然是相關的。我想我想說的是其他人正在尋找價值，這就是我們和俱樂部頻道每週每天提供的。因此，我們和一些競爭對手之間存在著很大的空間。所以我不確定我們是否花了很多時間思考新聞中的內容（聽不清楚）。

We spend a lot of time, obviously, thinking about how we can provide better value to our members every single day, whether that's through pricing or whether it's through promotions, whether it's through the co-brand credit card. All sorts of different things rolling into I think, a pretty fantastic value proposition for our members. And so we'll just keep sticking to our knitting and making sure we're providing the right day-to-day shelf value and promotional values as we go.

顯然，我們每天花費大量時間思考如何為會員提供更好的價值，無論是透過定價還是透過促銷，無論是透過聯名信用卡。我認為，各種不同的事物不斷湧現，這對我們的會員來說是一個非常美妙的價值主張。因此，我們將繼續堅持我們的針織，並確保我們提供正確的日常貨架價值和促銷價值。

Next comes from the line of Simeon Gutman of Morgan Stanley.

接下來來自摩根士丹利的西蒙古特曼 (Simeon Gutman)。

I want to follow up on the MFI. The spread in MFI growth versus club growth, I think it's been the highest in quite some time. So can you talk about why it was so good in the quarter? And then why should it step down from here?

我想跟進MFI的情況。我認為小額信貸機構成長與俱樂部成長的差距是相當長一段時間以來最高的。那麼您能談談為什麼本季表現如此出色嗎？那麼為什麼它要從這裡下台呢？

And I guess you'll be opening more clubs, I guess, throughout the year. So just thinking about the timing and why that was so strong?

我想你會在這一年開設更多的俱樂部。那麼，只要考慮一下時機以及為什麼如此強烈？

Simeon, thanks for the question. It really has to do with the fact that we opened several clubs right around the end of the fiscal year. And so we didn't -- we had signed up a bunch of members in those clubs and didn't recognize any membership fees really until the first quarter here. And so there is an artificial bump. You're absolutely right that as we open more clubs in the end of this year, we've got a bunch in Q3 and a lot in Q4, that should serve as an upward for us on membership fees. But really, the Q1 number should be the highest.

西蒙，謝謝你的提問。這確實與我們在本財年末開設了幾傢俱樂部有關。所以我們沒有——我們已經在這些俱樂部裡簽了一堆會員，直到第一季才真正承認任何會員費。所以存在一個人為的碰撞。你說得對，隨著我們在今年年底開設更多俱樂部，我們在第三季度有很多俱樂部，在第四季度有很多俱樂部，這應該會提高我們的會員費。但實際上，Q1 的數字應該是最高的。

As I said earlier, we're very proud of what we're doing. We are definitely ahead of our plans. But as we sit here and look at the rest of the year, our plan doesn't start with an 8, put it that way. And it's sort of slightly ahead of where we ended last year from a full-year MFI perspective.

正如我之前所說，我們對我們所做的事情感到非常自豪。我們絕對領先於我們的計劃。但當我們坐在這裡審視今年剩餘時間時，我們的計劃並不是從 8 開始，這麼說吧。從全年小額信貸機構的角度來看，這比我們去年結束時的情況略有領先。

But with all that said, we're very pleased. Members continue to come in. Prospective members continue to come in, they're reacting to our communications and promotions for membership and team is doing a fantastic job engaging them when they do interact with us and selling them the appropriate membership for them and turning them into good members over time. So we're very, very pleased with the progress we're making there.

但話雖如此，我們還是很高興。會員繼續加入。推移，成為優秀的會員。因此，我們對在那裡取得的進展感到非常非常滿意。

And can you share any insight if you take new members that had never been to BJ's before, and look across the spend, what they're spending on across categories and you compare it to an existing member. Are you able to see the traction you're making in some of, I guess, the nonfood items in that spend? Or do they typically start with the grocery, food and then you get them into the other categories?

如果您邀請以前從未去過 BJ's 的新會員，請查看他們的支出，他們在不同類別上的支出，並將其與現有會員進行比較，您能否分享任何見解。我猜你能看到你在一些非食品項目上的支出所帶來的吸引力嗎？還是他們通常是從雜貨、食物開始，然後你把他們歸類在其他類別？

Look, I think there are two different trip missions when you come to BJ's, one is in grocery trip and one is a general merchandise trip, and we've talked a lot about the fact that we run a fantastic grocery business that's, I think, in dispute of what we are doing a great job meeting our member needs for their day-to-day grocery purchases. And we have a tremendous opportunity in expanding general merchandise.

聽著，我認為當你來到BJ's 時，有兩種不同的旅行任務，一種是雜貨旅行，一種是日用品旅行，我們已經討論了很多這樣的事實，即我們經營著一家出色的雜貨業務，我認為，對我們在滿足會員日常雜貨購買需求方面所做的出色工作存在爭議。我們在擴大百貨商品方面擁有巨大的機會。

I think we've done it in -- we've had great capability in general merchandise in certain categories like consumer electronics for a long time. And our aim is really to expand that credibility into other categories. And we talked about the fantastic Q4 results in CE and apparel. Really apparel all year long last year. The momentum there is continued in those two categories. We talked about our home business coming alive for the first time in a long time. That's 3 out of the 4 big ones. We've got to get the seasonal business going. I think that's largely weather-related at this point. And we're finally getting some warm weather here in the Northeast. So we should have a good read on that very soon.

我認為我們已經做到了——長期以來，我們在消費電子產品等某些類別的一般商品領域擁有強大的能力。我們的目標實際上是將這種可信度擴展到其他類別。我們也討論了消費性電子和服裝領域第四季的出色表現。去年真是全年無休的服裝。這兩個類別的勢頭仍在繼續。我們談論了我們的家庭生意很長一段時間以來第一次活躍起來。這是 4 個大事件中的 3 個。我們必須開展季節性業務。我認為目前這很大程度上與天氣有關。我們東北部終於迎來了溫暖的天氣。所以我們應該盡快好好閱讀。

With that said, we're pleased with the progress we're making in GM to sort of build on the success of the food business. As we look at member spending levels, as we talked about in the prepared remarks, they are increasing. And so it looks like we're going in the right direction as we continue to attract new members and bring them into the fold.

話雖如此，我們對通用汽車在食品行業成功的基礎上取得的進展感到高興。當我們審視會員支出水準時，正如我們在準備好的發言中所談到的那樣，它們正在增加。因此，隨著我們繼續吸引新成員並讓他們加入，我們似乎正在朝著正確的方向前進。

The next question comes from the line of Robbie Ohmes of Bank of America.

下一個問題來自美國銀行的羅比·歐姆斯。

Bob, Laura. My -- I'll give my two questions upfront. The -- can you -- Bob, can you talk about the new market clubs and how those are doing versus your expectations? And if there are differences between the more recently opened clubs, some better than others, what the reason you're finding that is?

鮑伯、蘿拉。我的——我會提前提出我的兩個問題。鮑勃，你能談談新市場的俱樂部以及這些俱樂部的表現與你的預期相比如何嗎？如果最近開設的俱樂部之間存在差異，有些俱樂部比其他俱樂部更好，那麼您發現這種情況的原因是什麼？

And then the second question is just the coolers in front of clubs. I probably have missed that. You're talking about them before. Can you just remind me what you're doing there and what kind of driver that is to comps?

第二個問題是俱樂部前面的冷卻器。我可能已經錯過了。你之前談論過他們。你能提醒我你在那裡做什麼以及對比賽來說是什麼樣的車手嗎？

Yes, sure. Why don't we take them in reverse order. The coolers are a part of our Fresh 2.0 effort. We talked a lot about that in our prepared remarks today. We spent most of last year testing in Florida how to make our produce assortment better and how to make members react to it better. And we learned a lot. We were I think, good at produce, but not great. And Fresh 2.0 really has put a light on ways to improve.

是的，當然。我們為什麼不以相反的順序來處理它們呢？冷卻器是我們 Fresh 2.0 努力的一部分。我們在今天準備好的演講中對此進行了很多討論。去年我們花了大部分時間在佛羅裡達州測試如何使我們的產品種類更好以及如何讓會員對其做出更好的反應。我們學到了很多。我認為我們擅長生產，但並不出色。 Fresh 2.0 確實揭示了改進的方法。

And it was all across the board as we talked about. We have really changed our sourcing methodology a bit. We've changed our assortment. We've changed the way that product flows through our system to get it here faster. We've changed our marketing. We changed signage in the clubs. And then we put these coolers in really as sort of a signpost to get people thinking about it. Get people to understand that they should be buying produce from us. We tend to put things in that cooler that are right from a timing perspective, they are priced right, they're fresh. They are at the right time of year. And it's been a big win.

正如我們所討論的，這一切都是全面的。我們確實稍微改變了我們的採購方法。我們改變了我們的品種。我們改變了產品流經我們系統的方式，以便更快到達這裡。我們改變了行銷方式。我們改變了俱樂部的標誌。然後我們把這些冷卻器當作一種路標來讓人們思考它。讓人們明白他們應該從我們這裡購買農產品。我們傾向於將那些從時機角度來看是正確的、價格合適、新鮮的東西放在冷藏箱中。他們正值一年中正確的時間。這是一個巨大的勝利。

I wouldn't say there's been a tremendous driver to comps, but it is certainly raising the visibility of our produce to our members. And we've seen gains across the produce business as a result of not just the coolers, but the entire Fresh 2.0 effort. We need to make sure that we're giving our members the freshest produce because they're buying it in bigger quantities than they would at a grocery store. So we need to give them more days of freshness. Give it to them in the right pack sizes, give it to them at the right price. And Fresh 2.0 is really aimed at all of that. And the early returns are pretty favorable.

我不會說這對比賽有巨大的推動力，但它確實提高了我們產品對會員的知名度。我們看到整個農產品業務的成長不僅歸功於冷卻器，還歸功於整個 Fresh 2.0 的努力。我們需要確保為會員提供最新鮮的產品，因為他們購買的產品數量比在雜貨店購買的數量要多。所以我們需要給他們多幾天的新鮮感。以合適的包裝尺寸提供給他們，以合適的價格提供給他們。 Fresh 2.0 真正的目標是實現這一切。而且早期的回報相當可觀。

So we've got a lot of room to run. We haven't rolled it out through the entire chain yet. We need to keep pushing on it. But our members are telling us they like what they see, and they're certainly buying more produce in the clubs that have undergone this transformation. So we'll keep pushing there.

所以我們有很大的運行空間。我們還沒有將其推廣到整個鏈條。我們需要繼續推動它。但我們的會員告訴我們，他們喜歡他們所看到的，而且他們肯定會在經歷這種轉變的俱樂部購買更多的產品。所以我們會繼續努力。

From a real estate perspective, Bill and the team have been doing a great job getting more costs into the pipeline. We said it's the biggest pipeline we've ever had. That's true by a long shot. We've got a fantastic slate for this year, back-end weighted, as I said earlier, good slate for next year as well. I guess I would tell you, all of our new clubs really since we started opening new clubs again several years ago, have done well, and they met or exceeded their underwriting.

從房地產的角度來看，比爾和團隊在增加成本方面做得非常出色。我們說這是我們有史以來最大的管道。從長遠來看，確實如此。正如我之前所說，我們今年的陣容非常出色，後端加權的陣容也很出色，明年的陣容也很好。我想我會告訴你，自從幾年前我們再次開始開設新俱樂部以來，我們所有的新俱樂部都做得很好，並且達到或超過了他們的承保。

We are learning how to interact with new members in these new clubs, learning how to tell our story in new markets, learning how to really run a new club in an efficient and effective fashion. But the returns across the portfolio have been great. And that's why we've got our foot hard on the gas pedal at this point.

我們正在學習如何與這些新俱樂部的新會員互動，學習如何在新市場中講述我們的故事，學習如何以高效和有效的方式真正經營一個新俱樂部。但整個投資組合的報酬率非常高。這就是為什麼我們此時要大力踩油門。

Do you want to add anything, Bill?

比爾，你想補充什麼嗎？

No, I would just add, Robbie, that last year was a big year for us with entry into the Nashville market, entry into our 20th state in Alabama and Madison, and we've seen a really good response to our membership in those markets. And as we look forward to this year, its continued expansion. We'll continue our growth in Tennessee, moving into the Knoxville market with the new club and Maryville that we just announced.

不，我只想補充一點，羅比，去年對我們來說是重要的一年，我們進入了納許維爾市場，進入了我們的第20 個州阿拉巴馬州和麥迪遜，我們在這些市場的會員資格得到了非常好的迴響。正如我們所期待的那樣，今年它的持續擴張。我們將繼續在田納西州的發展，透過我們剛剛宣布的新俱樂部和瑪麗維爾進入諾克斯維爾市場。

And then also great expansion throughout our core, a lot of growth down in Florida. We talked about a couple of clubs in our key New York metro market, including our first club on Staten Island. So as we look out, Bob mentioned our pipeline, we talked about it being the most robust in the company's history at Q4. We've grown it by the pipeline by a bunch of units here in Q1. So it's now even deeper, and we continue to see great results, and we're going to continue to lean in.

然後我們的核心業務也得到了巨大的擴張，佛羅裡達州也有了很大的成長。我們討論了紐約主要地鐵市場的幾個俱樂部，包括我們在史泰登島的第一個俱樂部。因此，當我們展望未來時，鮑勃提到了我們的管道，我們在第四季度談到了它是公司歷史上最強大的管道。我們在第一季透過一系列單位將其發展起來。所以現在它變得更加深入，我們繼續看到很好的結果，我們將繼續努力。

Yes, sorry, Laura.

是的，對不起，蘿拉。

That's okay. I was just going to jump on to the cooler comments. And just a reminder, all of that work that we're doing on Fresh 2.0 including the coolers and the comments I've already made, started with our acquisition of Burris, and so this is something we've been working on for a while. And so we're just starting to see it all kind of coming to the market and really showing our members what that supply chain and acquiring that did for the company.

沒關係。我只是想跳到更酷的評論。提醒一下，我們在 Fresh 2.0 上所做的所有工作，包括冷卻器和我已經發表的評論，都是從我們收購 Burris 開始的，所以這是我們已經工作了一段時間的事情。因此，我們才剛開始看到它進入市場，並真正向我們的會員展示供應鏈和收購對公司的影響。

The next question comes from the line of Chuck Grom of Gordon Haskett.

下一個問題來自戈登·哈斯克特的查克·格羅姆。

Bob, can you talk a little bit more about general merchandise. You sound really good on CE apparel, but there's obviously other parts of the business that need to pick up the slack a little bit. And I noticed that the overall category, including services were down 5%. So I guess what's going on in services that's weighing on the category.

鮑勃，可以多談談一般商品嗎？聽起來您在消費電子服裝方面確實很不錯，但顯然該業務的其他部分需要稍微彌補一下不足。我注意到，包括服務在內的整個類別下降了 5%。所以我猜想服務業正在發生的事情對該類別造成了壓力。

Look, Chuck, you've got a few things in there. You've got sort of core GM, you've got services, and you've got what we call ancillary or other. That's where the co-brand accounting lies through. So that's sort of the biggest drag to make the [vision] negative. Services was slightly negative. We're still pleased with the way the business is working. There's some timing going on through there.

瞧，查克，你裡面有一些東西。你有核心總經理，你有服務，你還有我們所說的輔助或其他。這就是聯合品牌會計的用武之地。所以這是使[願景]變得消極的最大阻力。服務略有負面。我們仍然對業務的運作方式感到滿意。那裡有一些時間安排。

We would expect services to be fine in Q2. And GM was very slightly negative for GM as we talked about.

我們預計第二季的服務會很好。正如我們所討論的，通用汽車對通用汽車的態度非常消極。

Really strong results in CE and apparel, continuing that trend. The home business is doing really well. Members reacting to a new assortment there. That's been really the key in a lot of these categories. I'm making sure we've talked about this, making sure we have the right stuff on the shelf, is making sure it's on trend, making sure it's at the right quality, making sure the value is correct, and making sure it's simple, quite honestly, and part of the magic here in apparel is reducing the number of brands, reducing the number of color ways in a particular SKU so that the member can easily shop at and understand what we're doing.

消費性電子和服裝領域的業績非常強勁，延續了這一趨勢。家庭生意做得非常好。會員們對那裡的新品種做出了反應。這確實是許多此類類別的關鍵。我確保我們已經討論過這個問題，確保我們的貨架上有正確的東西，確保它是流行的，確保它具有正確的質量，確保價值是正確的，並確保它是簡單的老實說，服裝的神奇之處在於減少品牌數量，減少特定SKU 中的顏色方式數量，以便會員可以輕鬆購物並了解我們在做什麼。

So we were delighted to see the home business come alive. That was one that we thought was going to be harder to fix and we are by no means done. But certainly, the stuff that we have done in that category so far have resonated with our members. And seasonal, this quarter is very highly weighted. As we get into this summer seasonal time of year, it becomes such a big part of our business that (inaudible) weather in the Northeast really had a pretty ugly impact on that category and because it's so big on the overall calculation for core GM.

因此，我們很高興看到家庭業務蓬勃發展。我們認為這是一個更難解決的問題，但我們還沒有完成。但可以肯定的是，到目前為止我們在該類別中所做的事情引起了我們的會員的共鳴。而且是季節性的，這個季度的權重非常高。當我們進入一年中的夏季季節時，它成為我們業務的重要組成部分，以至於東北部的（聽不清楚）天氣確實對該類別產生了相當醜陋的影響，因為它對核心通用汽車的整體計算影響如此之大。

But as I talked about in the prepared remarks, in our Southeast clubs or actually all those clubs with warmer weather, we saw a 10-point differential positive comps from north to south. So we're pretty confident that as the weather starts to turn here, some of that stuff will turn on. And we'll get back to positive comps in GM in the second quarter.

但正如我在準備好的發言中談到的，在我們東南部的俱樂部，或者實際上所有那些天氣溫暖的俱樂部，我們看到從北到南有 10 分的正比差。因此，我們非常有信心，隨著這裡的天氣開始轉變，其中一些東西將會開啟。我們將在第二季度恢復通用汽車的積極業績。

Okay. That's good to hear. And then, Laura, just on the core gross margin down 50. It sounds like that was all Capital One related. So as we look ahead to 2Q through the balance of the year, can you talk about the drivers of the upside on the gross margin line? And if you could tie in your CMP work, SKU rationalization and other efforts that help you get there?

好的。聽起來還不錯。然後，勞拉，核心毛利率下降了 50。因此，當我們展望今年的第二季時，您能談談毛利率上升的驅動因素嗎？您是否可以將 CMP 工作、SKU 合理化以及其他有助於您實現這一目標的努力結合起來？

Yes, look, I think you got part of the answer there. So two things. I would say, right, we think 20 bps for the full year is still a good number. How does that come? That comes from the work we started doing and talked about at year-end with CMP. So that's really looking across categories at assortment and making sure we have the right value, the right assortment on the shelves to deliver that to our members. So a little bit from that.

是的，看，我想你已經得到了部分答案。所以有兩件事。我想說的是，我們認為全年 20 個基點仍然是一個不錯的數字。這是怎麼來的？這來自我們開始做的工作以及年底與 CMP 討論的工作。因此，這實際上是跨類別的分類，並確保我們在貨架上擁有正確的價值和正確的分類，以便將其交付給我們的會員。所以一點點。

And then we continue to work on our own brand efforts. And so we're really happy with the progress we've made there. Longer term, we continue to think that 30% penetration is in sight. And so some of that gross margin expansion will come from the work we continue on that.

然後我們繼續致力於我們自己的品牌努力。因此，我們對在那裡取得的進展感到非常滿意。從長遠來看，我們仍然認為 30% 的滲透率指日可待。因此，部分毛利率的成長將來自我們繼續進行的工作。

In the prepared remarks, we talked a little bit about storage bags, trash and paper that continues to do really well for us. And that's what gives us excitement about the remainder of the year and as we continue to progress on those efforts.

在準備好的發言中，我們討論了一些關於儲物袋、垃圾和紙張的問題，這些對我們來說仍然非常有用。這就是讓我們對今年剩餘時間以及我們在這些努力上繼續取得進展感到興奮的原因。

The next question comes from the line of Greg Melich of Evercore ISI.

下一個問題來自 Evercore ISI 的 Greg Melich。

It sounds like gas profits came down in the quarter. Is that alleviated? Or could you update us on where we are penny profit?

聽起來本季天然氣利潤有所下降。就這樣緩解了嗎？或者您可否向我們介紹一下我們的利潤狀況？

Yes. Certainly, it was a tougher quarter from a profitability perspective in gas. Despite a pretty significant gallon growth and market share growth, we're very proud of our members continuing to react to our great value every day in that segment of our business being up 6% on top of a big number last quarter -- sorry, last year at the same time. We've been growing market share for a couple of years. They're now in leaps and bounds. So we'll take that all day long.

是的。當然，從天然氣獲利角度來看，這是一個更艱難的季度。儘管加侖成長和市佔率成長相當顯著，但我們感到非常自豪的是，我們的會員每天都繼續對我們在該業務領域的巨大價值做出反應，在上個季度的大幅增長基礎上增長了6 % - 抱歉，去年同一時間。幾年來我們的市場份額一直在增長。他們現在正突飛猛進。所以我們會整天這樣。

As you know, we typically sell out of gas every day. And so in a rising cost environment like we saw in Q1, we are constantly putting more and more expensive gas in the ground versus our sort of normal everyday competitors who sell far less volume than we do. So it compresses margin and rising cost environment. So that's exactly what we saw in the first quarter as oil and gasoline costs rose pretty precipitously given what's going on in the world. That has gone a bit better here in Q2 so far.

如您所知，我們通常每天都會賣完汽油。因此，在像我們在第一季看到的成本不斷上升的環境中，我們不斷地向地下注入越來越昂貴的天然氣，而我們普通的日常競爭對手的銷量遠低於我們。因此，它壓縮了利潤率並提高了成本環境。這正是我們在第一季看到的情況，考慮到世界上正在發生的事情，石油和汽油成本急劇上升。到目前為止，第二季情況有所改善。

And so Q1 was below our plan by, call it, a couple of million dollars, a few million dollars. Q2 so far is better. Gas is impossible to predict. We don't try and do it quarter by quarter. We can tell you with reasonable certainty a year. And as we sit here today, our plan for the year is still a good one. We have not changed it. We're still confident we can continue to grow the business. We're still confident we can continue to grow the interaction of our gas business with our core business and get folks from the pumps into our clubs. And we're still confident that it's a profitable part of our business and will drive our bottom line as well.

因此，第一季比我們的計劃低了幾百萬美元、幾百萬美元。到目前為止，Q2 更好。天然氣是無法預測的。我們不會嘗試一個季度一個季度地這樣做。我們可以合理確定地告訴您一年。當我們今天坐在這裡時，我們今年的計劃仍然是一個很好的計劃。我們沒有改變它。我們仍然有信心能夠繼續發展業務。我們仍然有信心能夠繼續加強天然氣業務與核心業務的互動，並讓加油站的人們加入我們的俱樂部。我們仍然相信，這是我們業務的獲利部分，也將推動我們的獲利。

That's great, Bob. I guess my follow-up would be back on margins. I think, Laura, you said the gross merch margin from the credit card changeover was mostly but not all down because of that. Could you help unpack the rest of the credit card changeover and how that's impacting the top line margin SG&A?

太棒了，鮑伯。我想我的後續行動將回到邊緣。我想，蘿拉，你說過信用卡轉換帶來的毛利率大部分下降，但並非全部下降。您能否協助解開信用卡轉換的其餘部分以及這對銷售、管理及管理費用 (SG&A) 頂線利潤率的影響？

Yes. So you're right. What the depression of the Q1 merch margin rate was largely driven by lapping of co-brand. There is a component of it that is dragging down comp in the first quarter slightly. As I said before, that dissipates as we go into the remainder of the year. So as we look at Q2, Q3 and Q4, we expect that there won't be any disruption from the lapping of co-brand and it will be really core business, merch margins.

是的。所以你是對的。 Q1商品利潤率的低迷很大程度上是由聯名品牌的研磨造成的。其中有一個因素略微拖累了第一季的業績。正如我之前所說，隨著今年剩餘時間的到來，這種情況就會消失。因此，當我們觀察第二季、第三季和第四季時，我們預期聯合品牌的整合不會造成任何干擾，這將是真正的核心業務、商品利潤。

Again, like I already talked about, we expect that those will grow over the course of the year, about 20 bps, largely from our CMP efforts, and own brand penetration and all the great work that our merchants are doing, thinking about value and assortments that we offer to our members every day.

再次，就像我已經談到的那樣，我們預計這些將在一年內增長約20 個基點，這主要歸功於我們的CMP 努力、自有品牌滲透以及我們的商家正在做的所有出色工作，考慮價值和我們每天為會員提供的品種。

And just as a reminder, last year, that switch was -- the impact this year, I think, is roughly 1/3 of what it was last year, at least on the top line. I have that in my note somewhere, but I want to make sure I got it right.

提醒一下，去年的轉變——我認為今年的影響大約是去年的 1/3，至少在營收方面是如此。我的筆記裡有這樣的內容，但我想確保我做對了。

So the transition last year, first quarter, I don't know that we've quantified the number, but again, we'll kind of lap it, and it's a [nonevent] for the remainder of the year.

因此，去年第一季的過渡，我不知道我們是否已經量化了這個數字，但我們會再次關注它，並且在今年剩餘時間內這將是一個[非事件]。

Next question comes from the line of Mike Baker of D.A. Davidson.

下一個問題來自 D.A. 的 Mike Baker。戴維森。

(inaudible) by that, can you -- I'll ask the sort of monthly cadence question. Can you talk about your trends throughout the quarter as the weather gets better here in the Northeast, does that business -- do you lose that business when it wasn't when the weather was bad or does that business come back?

（聽不清楚）這樣的話，我會問類似每月節奏的問題。您能否談談整個季度的趨勢，隨著東北部天氣好轉，您是否會失去該業務（不是天氣不好時）還是會恢復？

And then a follow-up, I'll ask upfront. The dumb math suggest comps get better as we go through the year because comparisons are easier and you talked about some things like that co-branded credit card pressure going away. Is that a correct assumption that comp should get better throughout the year?

然後是後續行動，我會事先詢問。愚蠢的數學表明，隨著我們一年的過去，比較會變得更好，因為比較更容易，而且你談到了一些事情，例如聯合品牌信用卡壓力的消失。這是一個正確的假設，即全年業績應該會變得更好嗎？

Mike, you are pretty correct, comps will get better throughout the year, the way we planned it. Part of it is the co-brand rolling away. Part of it is easier lapse. Part of it is progress, frankly, as we build a better business through things like Fresh 2.0 and general merchandise and signing up more members.

麥克，你說得很對，全年的比賽都會變得更好，就像我們計劃的那樣。部分原因是聯合品牌的消失。部分原因是更容易失效。坦白說，其中一部分是進步，因為我們透過 Fresh 2.0 和百貨商品以及註冊更多會員等方式建立了更好的業務。

So as we talked about, we should get towards our long-term algo at the end of the year. Were -- sort of we knew this quarter would be a dogfight lapping 10 points of inflation, and that certainly true. We -- our 0.6% comp was a bit better than our plan. So we're happy with that. And I would imagine we see some progress from here as the year plays out.

因此，正如我們所說，我們應該在年底制定長期演算法。我們大概知道本季通膨將上漲 10 個百分點，這確實是事實。我們的 0.6% 補償比我們的計劃要好一些。所以我們對此感到滿意。我想隨著這一年的結束，我們會看到一些進展。

I forgot the followed monthly cadence. I mean, there weren't a huge differences. I will tell you, March was lower than February and April. I think that's no surprise given what we've all heard from everybody else who's reported. Ours was definitely in that same place. As we look at the GM business, I don't want to belabor it, we do think it's weather-sensitive categories that have driven it down. It's still very early in the summer seasonal year.

我忘記了接下來的每月節奏。我的意思是，沒有太大差異。我會告訴你，三月低於二月和四月。考慮到我們從其他被舉報的人那裡聽到的情況，我認為這並不奇怪。我們的肯定是在同一個地方。當我們審視通用汽車業務時，我不想贅述，我們確實認為是對天氣敏感的類別導致了它的下滑。夏季季節還很早。

So I don't think we've really lost any sales. I just think people waited -- they wait until it's not 50 and raining and there's no need to buy (inaudible) when it's raining outside. So I do expect we'll see that business pick up in the second quarter. And this week has been nice in Boston. So hopefully, May is -- we'll end up on a strong note.

所以我認為我們並沒有真正損失任何銷售。我只是認為人們在等待——他們等到不是 50 度並且下雨，而且外面下雨時就沒有必要購買（聽不清楚）。因此，我確實預計我們會在第二季度看到業務回升。這週在波士頓過得很愉快。因此，希望五月——我們最終能取得強勁的成績。

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

下一個問題來自富國銀行的愛德華‧凱利。

I wanted to start just, first, the clarification around membership fee growth this year, Bob. I think you mentioned that you expect to maybe be a little bit about sort of last year when all is sort of set a number. But is that the exit rate that you're talking about? Is that full year? I'm just trying to get a better gauge of like to step down from Q1 there.

鮑勃，我想先澄清一下今年的會員費增長情況。我想你有提到過，你預計可能會有點像去年，當時一切都設定了一個數字。但這是你所說的退出率嗎？那是全年嗎？我只是想更好地衡量是否願意從第一季退出。

Yes. Thanks for the question. I was giving you his commentary on the full-year rate. So we were -- we were 6 and change for the full year last year. We are slightly north of that. And our current version of the plan, but below the Q1 number.

是的。謝謝你的提問。我正在向您提供他對全年利率的評論。所以我們——我們是 6 歲，去年全年都發生了變化。我們稍微偏北一點。我們目前版本的計劃，但低於第一季的數字。

Got it. Okay. And then second question for you around income cohorts. I think I heard you say on the call that your lower-income cohort was positive, better than it's been kind of in a while. That's not something I think we're hearing sort of elsewhere. Can you just talk a bit more about what you're seeing from that customer? Is that lapping a [snap]? Are you seeing [expense] share gain? Just curious as to what you're seeing there.

知道了。好的。然後是關於收入群體的第二個問題。我想我聽到你在電話會議上說，你的低收入人群表現積極，比一段時間以來的情況要好。我認為我們在其他地方沒有聽過這種說法。您能多談談您從該客戶那裡看到的情況嗎？那是一圈[啪]嗎？您看到[費用]份額增長嗎？只是好奇你在那裡看到了什麼。

Yes. Look, I think we're seeing share gain there. We've talked about a couple of things over time. Those folks have always been very sensitive to the direction of government benefits. When they got more, their spending would go up, when they got less their spending would go down. That's largely not been the case with us in the last year or so. They have been spending more of their non-government benefit wallet with us, which we've frankly never seen before last year.

是的。看，我認為我們在那裡看到了份額的增長。隨著時間的推移，我們已經討論了一些事情。這些人一直對政府福利的方向非常敏感。當他們得到更多時，他們的支出就會增加，當他們得到更少時，他們的支出就會下降。去年左右我們的情況基本上並非如此。他們將更多的非政府福利錢包花在我們身上，坦白說，這是我們去年從未見過的。

So that tells me we've convinced them that we are a destination for them. We can provide them the right value. And they need the value more than anybody else. So we're particularly pleased after a couple of quarters of total spending in that cohort going down that spending has turned back around to be slightly positive. I don't think it's a huge source of growth given the number of dollars in their wallet, just to be fair about it, but we're very pleased that they continue to come to see us.

這告訴我，我們已經讓他們相信我們是他們的目的地。我們可以為他們提供正確的價值。他們比任何人都更需要這種價值。因此，在該群體的總支出連續幾季下降之後，我們感到特別高興的是，支出又回升到略為正值。公平地說，考慮到他們錢包裡的美元數量，我認為這並不是一個巨大的成長來源，但我們很高興他們繼續來看我們。

Their trips are holding in there nicely. They're putting the right stuff in their basket. And hopefully, they continue to do that. We're very pleased with their behavior so far.

他們的旅行進展順利。他們把正確的東西放進籃子裡。希望他們能繼續這樣做。到目前為止，我們對他們的行為非常滿意。

Next question comes from the line of Chuck Cerankosky of Northcoast Research.

下一個問題來自北海岸研究中心的 Chuck Cerankosky。

Everyone. Bob and Laura, if you go back to the gross margin line, again, you talked about units improvement. Does that reflect an increased number of clubs as well as average lower retail per item purchased?

每個人。鮑伯和蘿拉，如果你們回到毛利率線，你們再次談到了單位的改善。這是否反映了俱樂部數量的增加以及每件購買商品的平均零售額的下降？

Chuck, when we talk about units, it's comp units, right? So units in our comp base. So new clubs would be excluded. It's really a good measure of what our member base is thinking about. They're certainly looking for value at this point. And they're coming to see us. So I think it's a good mark of share of wallet, how much we're picking up there. We certainly have a tough lap from an inflation perspective. And so if that gain and share continues and the inflation lap wanes, I would expect comps to grow from here.

查克，當我們談論單位時，它是補償單位，對嗎？所以我們的補償庫中的單位。因此新俱樂部將被排除在外。這確實可以很好地衡量我們的會員群的想法。他們此時肯定正在尋找價值。他們要來看我們。所以我認為這是錢包份額的一個很好的標誌，我們在那裡賺了多少錢。從通貨膨脹的角度來看，我們確實經歷了一段艱難的時期。因此，如果這種收益和份額持續下去並且通膨週期減弱，我預計複合成長率將從這裡開始成長。

So we're pleased with the unit behavior. And frankly, the traffic. I mean, we're running 3 points of traffic quarter-on-quarter is a fantastic look at the momentum we have in the business.

所以我們對單位的行為感到滿意。坦白說，交通。我的意思是，我們每季的流量成長了 3 個百分點，這很好地體現了我們的業務勢頭。

And when you're talking about own brands business, can you quantify what is the pickup in that would impact that had on the comps, sales comp simply because the merchandise is priced lower?

當您談論自有品牌業務時，您能否量化僅僅因為商品價格較低而對競爭和銷售競爭產生的影響？

Yes. Look, it's usually a drag on comps. Certainly, there are cases where members are getting into a new category for the first time. We talked about that in the prepared remarks with our food storage bags, but a lot of the own brand increase is just switching from brands given they tend to be 30% cheaper. So just remember that calculus, right? 30% cheaper than the brand, and they're about 1,000 basis points more accretive to us from a margin perspective.

是的。看，這通常會拖累比賽。當然，在某些情況下，會員是第一次進入一個新類別。我們在準備好的食品儲藏袋評論中談到了這一點，但許多自有品牌的成長只是從品牌轉向，因為它們往往便宜 30%。所以只要記住微積分就可以了，對吧？比品牌便宜 30%，從利潤角度來看，它們為我們帶來了約 1,000 個基點的增值。

So for every percentage point of growth tends to be a little bit of a comp headwind, but it tends to give us 10 bps of margin rate growth as well. So you're not going to see the own brand business really in the comp all that much. But you're going to see it in margin. You're going to see it in repeat shopping, renewal rate, member satisfaction, that kind of thing.

因此，每成長一個百分點往往都會對公司帶來一點阻力，但它往往也會為我們帶來 10 個基點的利潤率成長。因此，你不會在競爭中真正看到自有品牌業務那麼多。但你會在保證金中看到它。你會在重複購物、續約率、會員滿意度等方面看到它。

Good luck for the rest of the year.

祝今年剩下的時間一切順利。

This now concludes the Q&A session. So I'd like to hand the conference back over to Bob Eddy, Chairman and CEO, for closing remarks.

問答環節到此結束。因此，我想將會議交回董事長兼執行長 Bob Eddy 致閉幕詞。

Great. Thank you. Thanks for your time this morning, everybody. We're very proud of the results we reported to you this morning, and we've got tremendous confidence in our business going forward. So I wish you all a great summer, and we'll talk to you at the end of the second quarter. Thanks so much.

偉大的。謝謝。謝謝大家今天早上抽出時間。我們對今天早上向您報告的結果感到非常自豪，並且對我們業務的未來發展充滿信心。所以我祝大家有個愉快的夏天，我們將在第二季末與您交談。非常感謝。

This concludes today's conference. You may now disconnect your lines.

今天的會議到此結束。現在您可以斷開線路。