BJ's Wholesale Club Holdings Inc (BJ) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to BJ's Wholesale Club Holding Inc. second quarter fiscal 2024 earnings conference call. My name is Kiki and I will be coordinating your call today. (Operator Instructions) I now pass the call over to your host, Cathy Park. Please go ahead.

大家好，歡迎參加 BJ's Wholesale Club Holding Inc. 2024 財年第二季財報電話會議。我叫 Kiki，今天我將協調您的電話。 （操作員指示）我現在將電話轉給您的主持人 Cathy Park。請繼續。

Good morning, and welcome to BJ's second quarter fiscal 2024 earnings call. With me today are Rob Eddy, Chairman and Chief Executive Officer; Laura Felice, Chief Financial Officer; and Will Werner, Executive Vice President, Strategy and Development.

早安，歡迎參加 BJ 2024 財年第二季財報電話會議。今天與我在一起的有董事長兼執行長 Rob Eddy；勞拉‧菲利斯，財務長；以及策略與發展執行副總裁 Will Werner。

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 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 sections 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 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.

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。

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.

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。

Now I'll turn the call over to Rob.

現在我將把電話轉給羅布。

Good morning. Thank you for joining us today. Our second quarter results demonstrate the power of our business model and our unrelenting focus on delivering value, especially at a time when members needed most. We drove quarterly comps and profits that were higher than anticipated while making considerable investments in long-term initiatives that we believe will drive our business.

早安.感謝您今天加入我們。我們第二季的業績證明了我們商業模式的力量以及我們對創造價值的不懈關注，尤其是在會員最需要的時候。我們推動季度業績和利潤高於預期，同時對我們認為將推動我們業務發展的長期計劃進行大量投資。

For the 10 consecutive quarter, we drove traffic gains in our business. We also grew market share inside our clubs and at the gas pumps. Those short term gains are great, but we're playing a long game, and we're also seeing striking progress in our long-term initiatives.

我們連續 10 個季度推動業務流量成長。我們也擴大了俱樂部內部和加油站的市場份額。這些短期收益是巨大的，但我們正在打一場持久戰，而且我們的長期計劃也取得了顯著進展。

Perhaps the greatest marker of long-term progress is our 9% growth in membership fees. This is driven by the largest member count growth in a quarter since the pandemic. We also saw great growth in premium tier memberships and strong renewal rates. Our digital business continues to grow in incredible fashion positioning us for the future.

也許長期進步的最大標誌是我們的會員費增加了 9%。這是由大流行以來一個季度最大的會員數量增長所推動的。我們也看到高級會員數量的大幅成長和強勁的續訂率。我們的數位業務以令人難以置信的方式持續成長，為我們的未來奠定了基礎。

Further, our real estate pipeline is growing faster than it has in years. These investments are heavy today, but in the years ahead, we will be thrilled that we made it. Comparable club sales, excluding gas sales, grew by 2.4% in the second quarter.

此外，我們的房地產管道成長速度比多年來更快。這些投資在今天是巨大的，但在未來的幾年裡，我們將為我們的成功感到興奮。第二季可比俱樂部銷售額（不包括瓦斯銷售額）成長了 2.4%。

Our compelling value proposition led to accelerating traffic in the quarter that contributed 4-percentage- points to our comp. We believe our members are rewarding us for our merchandising improvements and amazing value. As a result, we gained grocery market share in both units and dollars in the quarter. We gained share at our gas stations two with 5% comp gallon growth in the second quarter.

我們引人注目的價值主張導致本季的流量加速，為我們的業績貢獻了 4 個百分點。我們相信我們的會員會因為我們的銷售改進和驚人的價值而獎勵我們。結果，我們在本季度獲得了以單位和美元計算的雜貨市場份額。第二季度，我們的加油站份額增加了 5%，加侖數增加了 5%。

Our gas performance compares to the single digit declines currently being reported by the broader industry. Our perishables, grocery and sundries division delivered close to 3% comp growth in the second quarter as more and more members rely on BJ's for their household essentials and more often too.

與更廣泛的行業目前報告的個位數下降相比，我們的天然氣表現。隨著越來越多的會員越來越頻繁地依賴 BJ's 來獲取家庭必需品，我們的易腐食品、雜貨和雜貨部門在第二季度實現了近 3% 的複合增長率。

Our perishables business continue to lead this growth and we're pleased that our work to strengthen our perishables offering is delivering results. We saw broad-based growth across this division anchored by fresh produce (technical difficulty) Our general merchandise business improved sequentially from the first quarter and delivered comp growth of over 1% in the second quarter.

我們的易腐貨物業務繼續引領這一增長，我們很高興我們加強易腐貨物產品的工作正在取得成果。我們看到該部門以生鮮農產品（技術難度）為基礎的廣泛成長。

Our seasonal GM comps improved dramatically from the first quarter, increasing over 1,000 basis points sequentially. Better weather, coupled with great value led to favorable seasonal appliance sales in the quarter. It's worth noting that members remain discerning in their purchasing behavior, which was evident in big ticket seasonal categories such as [patio sets] and structures.

我們的季節性 GM 業績較第一季大幅改善，季增超過 1,000 個基點。更好的天氣加上巨大的價值導致本季季節性家電銷售良好。值得注意的是，會員在購買行為中仍然保持著敏銳的洞察力，這在[露台套裝]和結構等大件季節性類別中表現得很明顯。

Nonetheless, our members are spending with us recognizing the enhancements in the value and quality of our GM offering. Our assortment gets more and more exciting each quarter and we are presenting it in the right way, at the right time and at the right price.

儘管如此，我們的會員仍與我們一起消費，並認識到我們通用汽車產品的價值和品質的提高。每個季度我們的產品種類都變得越來越令人興奮，我們會在正確的時間以正確的價格以正確的方式展示它。

We believe our Treasure Hunt is gaining traction. Our apparel, consumer electronics and home categories have all performed well in the second quarter with positive comps similar to those seen in the first quarter. Apparel is an area we are extremely proud of. Our work in this category continues to pay off with high single-digit comp growth in the quarter led by increases in both unit volumes and AUR.

我們相信我們的尋寶活動正在獲得越來越多的關注。我們的服裝、消費性電子產品和家居品類在第二季均表現良好，與第一季的表現類似。服裝是我們非常自豪的領域。我們在這一類別的工作繼續獲得回報，在單位數量和 AUR 的成長帶動下，本季的複合成長率很高。

We believe the combination of an elevated assortment, compelling value, clean presentation, and powerful marketing is driving our success in the category.

我們相信，豐富的品種、引人注目的價值、簡潔的展示和強大的行銷相結合，正在推動我們在該類別中取得成功。

Our home business also delivered strong unit volumes despite the choppy consumer environment. And in consumer electronics, we continue to win with televisions and audio categories, producing double digit unit growth year-over-year.

儘管消費環境動盪，我們的家庭業務也實現了強勁的銷售量。在消費性電子產品領域，我們持續以電視和音訊類別取勝，銷售量較去年同期成長兩位數。

For BJ's, our consumables offering is the driver of trips today. Moving forward, we see general merchandise also inspiring the shop, driving incremental trips, and expanding members' baskets. Naturally, as members spend and trips grow, we expect this behavior to strengthen loyalty and membership renewals.

對 BJ 來說，我們的消耗品產品是當今旅行的驅動力。展望未來，我們看到百貨也能激發商店的活力，推動增量旅行，並擴大會員的購物籃。當然，隨著會員消費和旅行次數的增加，我們希望這種行為能增強忠誠度和會員續約。

This is why improving general merchandise is a significant opportunity for the long-term growth of this company. Our general merchandise performance this quarter is a testament to the progress we continue to make in our GM transformation efforts. I'm confident that we have the right team in place to realize the significant potential we see in this division.

這就是為什麼改善一般商品對於該公司的長期發展是一個重要的機會。本季我們的一般商品業績證明了我們在通用汽車轉型努力中繼續取得的進展。我相信我們擁有合適的團隊來實現我們在該部門看到的巨大潛力。

Our four strategic priorities are critical to our long-term success. As a reminder, these priorities are improving member loyalty giving our members an unbeatable shopping experience, delivering value, conveniently and growing our footprint. We are making meaningful strides in each of these areas. Our membership momentum is strong and growing.

我們的四個戰略重點對於我們的長期成功至關重要。提醒一下，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。我們正在這些領域中的每一個領域取得有意義的進展。我們的會員勢頭強勁且不斷增長。

Our continued success in growing both the size and quality of the membership resulted in another robust membership fee income quarter with 9.1% year-over-year growth in the second quarter. Member counts grew both on a year-over-year and sequential basis. Even better, our comp clubs contributed about two thirds of that number growth. It's promising to see that we are expanding our member base organically in our existing markets through both renewals and effective acquisition efforts.

我們在會員規模和品質方面不斷取得成功，會員費收入季度也表現強勁，第二季年增 9.1%。會員數較去年同期均有成長。更好的是，我們的比賽俱樂部貢獻了大約三分之二的數位成長。令人鼓舞的是，我們正在透過續約和有效的收購努力，在現有市場中有機地擴大我們的會員基礎。

This combined with the benefit of new clubs drove the largest overall member growth in any quarter since the pandemic year in fiscal 2020. We expect to reach our next membership milestone of 7.5 million members in the back half of the year. And the second quarter, we improved our higher tier membership penetration to 39%, led by continued double-digit year-over-year growth in our highest one plus year.

這與新俱樂部的好處相結合，推動了 2020 財年疫情爆發以來任何季度最大的整體會員增長。第二季度，我們將較高等級的會員滲透率提高至 39%，這得益於我們最高一年多的持續兩位數年成長。

One plus members pay the premium $110 fee and hold our co-brand credit card. These are our most loyal and highest spending members exhibiting the greatest lifetime value. Moreover, our growth in our co-brand member base has translated to even greater growth in total credit card spend. This suggests that our members are having a great experience with the new program.

一加會員支付110美元的保費並持有我們的聯名信用卡。這些是我們最忠誠、消費最高的會員，展現最大的終身價值。此外，我們聯合品牌會員基礎的成長已轉化為信用卡總支出的更大成長。這表明我們的會員對新計劃有很好的體驗。

We will remain focused on maintaining our strength in membership to drive long-term value for both our members and shareholders. A great shopping experience leads to repeat trips, greater wallet share and better loyalty. This is why we continually strive to enhance the member experience through improvements in our merchandising, digital and in collect conveniences, all while we aim to deliver unbeatable value.

我們將繼續致力於維持我們的會員實力，為我們的會員和股東帶來長期價值。良好的購物體驗會帶來重複購物、更大的錢包份額和更高的忠誠度。這就是為什麼我們不斷努力透過改善我們的銷售、數位化和取貨便利性來增強會員體驗，同時我們的目標是提供無與倫比的價值。

At this point on our last call, we delved into our fresh initiatives, including fresh 2.0. Recall that our work was built on member insights, along with our desire to cement BJ's as a weekly destination for our members' shopping needs.

在我們上次通話時，我們深入研究了新的舉措，包括新的 2.0。請記住，我們的工作建立在會員洞察的基礎上，以及我們希望鞏固北京作為滿足會員購物需求的每週目的地的願望。

When we and our members produce the meat shop, we win their first shop of the week, thereby increasing trips and spend and resulting in more loyal members over time. Through our fresh initiatives, we worked hard over the past year to bring excitement and even more freshness to our operators offering.

當我們和我們的會員創建肉店時，我們贏得了他們本週的第一家商店，從而增加了旅行和消費，並隨著時間的推移產生了更多忠誠的會員。透過我們的新舉措，我們在過去的一年裡努力工作，為我們的營運商產品帶來興奮和更多的新鮮感。

With full control over our perishable distribution centers, we improved supply chain velocity where it mattered. We expanded vendor relationships to increase in-stocks and put the new seasonally relevant produce on rotation. We implemented essential fresh training across our clubs. We upgraded our marketing and presentation.

透過完全控制我們的易腐爛配送中心，我們提高了重要的供應鏈速度。我們擴大了供應商關係以增加庫存，並輪換新的季節性相關產品。我們在各個俱樂部實施了必要的新培訓。我們升級了行銷和展示。

By the end of July, we completed the rollout of our stand-alone coolers stationed at our front entrances, so that our members are captivated by our high-quality, low-priced seasonal produce as soon as they arrive in our clubs.

到7月底，我們完成了位於前門入口處的獨立冷藏櫃的安裝工作，讓我們的會員一到達俱樂部就會被我們高品質、低價的季節性產品所吸引。

As we assess our second quarter results, it's clear that we are increasingly gaining our members' trust for their fresh groceries. In fact, our product categories delivered low double digit comp growth in the second quarter, almost entirely driven by unit volumes. What's even more encouraging is that we drove over 90 basis points of year-over-year growth in produce transaction penetration as well.

當我們評估第二季的業績時，很明顯，我們的生鮮食品越來越贏得會員的信任。事實上，我們的產品類別在第二季度實現了低兩位數的複合成長，幾乎完全由單位銷售推動。更令人鼓舞的是，我們的農產品交易滲透率也實現了超過 90 個基點的同比增長。

While still early, we are thrilled with how our members are responding to our efforts, and we're excited about what this could mean for member loyalty over the long term. The structural benefits of our club model allow us to regularly invest in value proposition. As such, our pricing position remains strong.

雖然還為時過早，但我們對會員對我們的努力做出的反應感到興奮，並且我們對這對長期會員忠誠度意味著什麼感到興奮。我們俱樂部模式的結構性優勢使我們能夠定期投資於價值主張。因此，我們的定價地位仍然強勁。

In addition to our inherent advantages, we continue to execute on our category management process or CMP across the business. CMP is a muscle that we've worked to build over the years, but our latest iteration is far more comprehensive and approach and crucially built on our members' feedback. As part of this process, we are fine-tuning our assortment to drive better member engagement and share of wallet while optimizing our costs.

除了我們固有的優勢外，我們還繼續在整個業務範圍內執行品類管理流程或 CMP。 CMP 是我們多年來努力打造的力量，但我們最新的迭代更加全面和方法性更強，而且關鍵是建立在我們會員的回饋之上。作為此過程的一部分，我們正在微調我們的產品組合，以提高會員參與度和錢包份額，同時優化我們的成本。

This affords us the flexibility to deliver value to our members in a number of ways. For example, while inflation has moderated this year, consumers are still digesting prices that are significantly higher than they were two years ago. In recent months, the cost of some key dairy and protein articles is climbing once again.

這使我們能夠靈活地以多種方式為我們的會員提供價值。例如，雖然今年通膨有所放緩，但消費者仍在消化明顯高於兩年前的價格。近幾個月來，一些關鍵乳製品和蛋白質製品的成本再次攀升。

These frequently purchased items such as milk and eggs are putting outsized pressure on members' baskets. We have invested considerably in order to help our members make their baskets work within the confines of their budgets. Investing in value as part of our DNA and what our members expect from BJ's.

牛奶和雞蛋等經常購買的物品給會員的購物籃帶來了巨大的壓力。我們投入了大量資金，以幫助我們的會員在預算範圍內使他們的購物籃發揮作用。投資價值是我們 DNA 的一部分，也是我們的會員對 BJ's 的期望。

These investments may pressure our short-term results, but will power our business in the future. Our accelerating traffic and units in the second quarter tell us we're making the right decisions to take care of the families who depend on us and deliver growth longer term.

這些投資可能會對我們的短期業績帶來壓力，但將為我們未來的業務提供動力。第二季不斷增長的客流量和單位數量告訴我們，我們正在做出正確的決定來照顧依賴我們的家庭並實現長期成長。

Our own brands, Wellsley Farms and Berkley Jensen continue to provide members with high-quality products at substantial value. Over 95% of our own brands, products earn ratings of four out of five stars or more demonstrating the rigor in which our teams ensure that we have the best combination of assortment, quality, and price, which is consistently a significant value to the comparable national brands.

我們的自有品牌 Wellsley Farms 和 Berkley Jensen 繼續為會員提供物超所值的高品質產品。我們超過95% 的自有品牌產品獲得了四顆星（滿分五顆星）或更高的評級，這證明了我們的團隊確保我們擁有品種、品質和價格的最佳組合的嚴謹性，這始終是同類產品的重要價值民族品牌。

We recently relaunched our Wellesley farms snack nuts program and our cashews have earned 4.9 stars. Our new Berkley Jensen food storage bags have also received glowing reviews with top-selling products earning 4.8 stars. We're growing our own brands, sales penetration each quarter and remain confident in our goal of reaching 30% in the future.

我們最近重新啟動了韋爾斯利農場零食堅果計劃，我們的腰果獲得了 4.9 顆星。我們的新款 Berkley Jensen 食品儲存袋也獲得了好評，最暢銷的產品獲得了 4.8 顆星。我們每季都在發展自己的品牌和銷售滲透率，並對未來達到 30% 的目標充滿信心。

We work hard to save our members on in addition to money. Our digital capabilities continue to deliver these savings to our members in a way that is convenient for them. Our convenience offerings 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 the express pay checkup.

除了金錢之外，我們也努力為會員節省開支。我們的數位能力繼續以方便我們的會員的方式為他們提供這些節省。我們的便利服務包括線上購買、俱樂部提貨、路邊提貨和當日送達。在俱樂部購物者還可以利用我們的數位優惠券庫，並透過快速付款檢查免排隊。

Our digital business was basically non-existent five years ago, and we've grown by leaps and bounds since then making up about 12% of our merchandise sales today. Our momentum continued in the second quarter with digitally enabled comp sales up 22% year-over-year. We believe our digital conveniences are only getting better from here.

五年前，我們的數位業務基本上還不存在，但從那時起我們就實現了突飛猛進的發展，目前約占我們商品銷售額的 12%。第二季我們繼續保持勢頭，數位化銷售年增 22%。我們相信我們的數位便利從此只會變得更好。

In the second quarter, we launched our product location capabilities on our app. We like a treasure hunt, but can now spare our members the scavenger hub. This is one of the various enhancements enabled by our autonomous inventory robots, which are 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.

第二季度，我們在應用程式上推出了產品定位功能。我們喜歡尋寶，但現在我們的會員可以不用去尋寶中心了。這是我們的自主庫存機器人實現的各種增強功能之一，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，為我們的會員提供更多價值和便利。

Finally, our real estate strategy is progressing well, and we remain on track to deliver on our new clubs opening in the back half of the fiscal year. We recently opened membership centers in Palm Coast Florida and Carmel Indiana at the start of a stretch that will see us open 11 new clubs in the next six months.

最後，我們的房地產策略進展順利，我們仍有望在本財年下半年開幕新俱樂部。我們最近在佛羅裡達州棕櫚海岸和印第安納州卡梅爾開設了會員中心，我們將在未來六個月內開設 11 個新俱樂部。

Our new club program continues to drive success for our company and value to the communities we have the pleasure to serve. Just one statistic to put a fine point on why we've been working on this so hard. The new clubs that we have opened since our IPO have delivered comp sales growth of more than three times the chain average for the second quarter.

我們的新俱樂部計劃將繼續推動我們公司的成功，並為我們樂於服務的社區創造價值。只需一項統計數據就能很好地說明我們為何如此努力地致力於這項工作。自首次公開募股以來，我們開設的新俱樂部的銷售額增長是第二季度環比平均水平的三倍以上。

Finally, we continue to grow our pipeline to enable even more accelerated growth of new clubs. The health of the consumer remains top of mind for many from. Our vantage point members remain value focused in their purchasing behavior and they are seeking us out to attain that. We believe we have a winning business model in any economic backdrop, but it is especially relevant in times when consumers prioritize value.

最後，我們繼續擴大我們的管道，以實現新俱樂部的更快成長。消費者的健康仍然是許多人最關心的問題。我們的優勢會員在他們的購買行為中仍然以價值為中心，他們正在尋求我們來實現這一目標。我們相信，在任何經濟背景下，我們都有一個成功的商業模式，但在消費者優先考慮價值的時代，它尤其重要。

Spend per shopper remains very healthy at higher income levels and continues to improve at the lower end, especially as we've moved past, the tougher laps related to government aid in the second quarter. Critically, in the quarter, we drove greater trip frequency and overall spend growth across high mid and low income levels.

在較高收入水平上，每位購物者的支出仍然非常健康，在低收入水平上繼續改善，特別是當我們已經度過了第二季度與政府援助相關的更艱難的時期時。至關重要的是，在本季度，我們提高了高中低收入水準的旅行頻率和整體支出成長。

This continues to illustrate that our strong value prop is resonating with our entire member base regardless of their financial standing. We're pleased with how our members are engaging with us today, but we also recognize the building uncertainty in macroeconomic and geopolitical factors in the near term. These dynamics and their impact on consumer demand are beyond our control, But we will remain focused on what we do best. That's bringing great value to our members.

這繼續表明，我們強大的價值支撐正在與我們的整個會員群產生共鳴，無論他們的財務狀況如何。我們對成員今天與我們的互動感到滿意，但我們也認識到近期宏觀經濟和地緣政治因素的不確定性正在增加。這些動態及其對消費者需求的影響超出了我們的控制範圍，但我們將繼續專注於我們最擅長的事情。這為我們的會員帶來了巨大的價值。

Looking past the near term, we are confident in our ability to grow the business reinforced by strong membership traffic and unit volumes. As I stated before, these are key markers of the underlying strength of our company.

展望近期，我們對強勁的會員流量和單位數量增強業務成長的能力充滿信心。正如我之前所說，這些是我們公司潛在實力的關鍵標誌。

Furthermore, we believe the operating model, deep focus on our strategic priorities and unwavering dedication to delivering value will keep us well positioned for long-term success. I'd like to close it my gratitude for our team members to go to great lengths daily to take care of the families who depend on us. As I do every quarter, I'd like to say to all of our team members, thank you again for all your hard work. I'll now turn it over to Laura to provide more details on our results and outlook for the year.

此外，我們相信，營運模式、對策略重點的高度關注以及對創造價值的堅定不移的奉獻精神將使我們處於長期成功的有利地位。最後，我要感謝我們的團隊成員每天盡力照顧依賴我們的家庭。正如每個季度所做的那樣，我想對我們所有的團隊成員說，再次感謝你們的辛勤工作。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。

Thanks, Bob. I'd like to echo Bob's gratitude from our amazing team members across our clubs, support center and distribution centers, whose dedication to our company and communities contributed to another strong quarter.

謝謝，鮑伯。我想回應鮑伯對我們俱樂部、支援中心和配送中心的出色團隊成員的感激之情，他們對我們公司和社區的奉獻為我們另一個強勁的季度做出了貢獻。

Let's now review our second quarter results. Net sales in the quarter were approximately $5.1 billion, growing 4.8% over the prior year. Total comparable club sales in the second quarter, including gas sales grew 3.1% year-over-year, led by gallons sold. Merchandise comp sales, which exclude gas sales increased by 2.4% year-over-year and by 3.5% on a two year stack.

現在讓我們回顧一下第二季的業績。該季度淨銷售額約為 51 億美元，比上年增長 4.8%。第二季可比俱樂部總銷售額（包括汽油銷售額）年增 3.1%，其中加侖銷量成長最快。商品銷售（不包括天然氣銷售）年增 2.4%，連續兩年成長 3.5%。

We were pleased to deliver accelerating traffic and unit growth in the quarter. Inflation was nearly flat for the quarter. Our second quarter comp in grocery, perishables and sundries division grew nearly 3% year-over- year, underpinned by growth in comp units, which outpaced the broader market. Our general merchandise and services division comp increased slightly in the second quarter, with general merchandise outperforming the rest of the divisions in this calculation.

我們很高興在本季度實現了流量和銷量的加速成長。本季通膨幾乎持平。我們第二季雜貨、易腐食品和雜貨部門的綜合業績同比增長近 3%，這得益於綜合單位的增長，其增長速度超過了大盤。我們的一般商品和服務部門的業績在第二季略有成長，在此計算中，一般商品的表現優於其他部門。

Digitally enabled comp sales in the second quarter grew 22% year-over-year and 37% on a two-year stack. Over 90% of our digital sales are fulfilled by our clubs with services like buy online pickup in club or bouquet and same-day delivery, which remain meaningful drivers of our digital growth.

第二季數位化銷售年增 22%，兩年成長 37%。我們超過 90% 的數位銷售是由我們的俱樂部完成的，提供在線購買俱樂部或花束提貨以及當日送達等服務，這些仍然是我們數字增長的重要推動力。

In fact, [Opics] alone comprises about half of our digital sales today. Our digital offering is intended to deliver value by maximizing convenience. Members who leverage our digital convenience save time with an easier shopping experience and thus become more loyal members. We will continue leaning into these mutually beneficial enhancements in the future.

事實上，僅 [Opics] 就占我們當今數位銷售額的一半左右。我們的數位產品旨在透過最大限度地提高便利性來創造價值。利用我們數位便利設施的會員可以透過更輕鬆的購物體驗節省時間，從而成為更忠誠的會員。未來我們將繼續致力於這些互利的增強。

Membership fee income or MFI grew 9.1% to approximately $113.1 million in the second quarter, driven by strong membership acquisition and retention across the chain. We are especially pleased with the performance of our comp clubs whose growth in new member sign-ups and renewals core drove upside to our planned MSI in the second quarter.

在整個鏈條中強勁的會員獲取和保留的推動下，第二季度會員費收入或 MFI 增長了 9.1%，達到約 1.131 億美元。我們對我們的競賽俱樂部的表現特別滿意，其新會員註冊和續約核心的成長推動了我們第二季計畫的 MSI 的成長。

Moving on to gross margins. Excluding the gasoline business, our merchandise gross margin rate increased by approximately 10 basis points year-over-year, led by disciplined cost management and continued execution on our long-term initiatives, including that of our own brands. This was slightly lower than our planned rate for the quarter as we work to invest in our business and in our members. We expect to continue to invest in the back half to continue to do the right thing for our members, which will be the right thing for us in the long term.

轉向毛利率。不包括汽油業務，我們的商品毛利率年增約 10 個基點，這得益於嚴格的成本管理和持續執行我們的長期計劃（包括我們自己的品牌的計劃）。這略低於我們本季的計劃利率，因為我們致力於投資於我們的業務和會員。我們希望繼續在後半段進行投資，繼續為我們的會員做正確的事情，從長遠來看，這對我們來說是正確的事情。

SG&A expenses for the quarter were approximately $750.3 million, exhibiting expected deleverage as a percentage of net sales. This was primarily attributable to our new unit growth and other investments to drive our strategic priorities. As Bob mentioned earlier, we continue to gain share in our gas business with comp gallons growing by approximately 5% year-over-year. Furthermore, stronger profitability contributed to overall gas profits that exceeded our expectations in the quarter.

本季的 SG&A 費用約為 7.503 億美元，顯示出預期的去槓桿化佔淨銷售額的百分比。這主要歸功於我們新單位的成長和其他投資來推動我們的策略重點。正如鮑勃之前提到的，我們在天然氣業務中的份額繼續增加，加侖數同比增長約 5%。此外，更強的獲利能力使得本季天然氣整體利潤超出了我們的預期。

Our second quarter adjusted EBITDA grew 4.9% year-over-year to $281.3 million. As a reminder, our calculation no longer includes pre-opening and non-cash rent expense [edbex]

我們第二季調整後 EBITDA 年成長 4.9% 至 2.813 億美元。提醒一下，我們的計算不再包括開業前和非現金租金費用 [edbex]

Attending to the first quarter, our second quarter effective tax rate of 24.1% was primarily driven by an unplanned tax windfall. All in our second quarter adjusted earnings per share of $1.9 increased by approximately 10.1% year-over-year, reflecting the growth in our top line and gross margins and robust membership trends.

就第一季而言，我們第二季的有效稅率為 24.1%，這主要是由計劃外的稅收暴利推動的。第二季調整後每股收益為 1.9 美元，年成長約 10.1%，反映了我們營收和毛利率的成長以及強勁的會員趨勢。

Moving on to our balance sheet, we ended the second quarter with absolute inventory levels about flat year-over-year and down 2% year-over-year on a per club basis. We are operating six more clubs in our chain today compared to a year ago. Our team continues to work to allocate the right amount of product to the right clubs at the right time.

轉向我們的資產負債表，第二季末我們的絕對庫存水準與去年同期持平，按俱樂部計算年減 2%。與一年前相比，今天我們的連鎖店多了六個俱樂部。我們的團隊繼續努力在正確的時間將正確數量的產品分配給正確的俱樂部。

In the second quarter, we improved our in-stock levels by approximately 50 basis points over the same period last year. Our capital allocation strategy is consistent with the framework we have set out in the past. We continue to believe that the best use of our cash is applying it towards profitably growing our business.

第二季度，我們的庫存水準比去年同期提高了約 50 個基點。我們的資本配置策略與我們過去所製定的框架是一致的。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。

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 second quarter with half a turn of net leverage, which aligns with our long-term target of sub one turn.

因此，支持會員資格、商品銷售、數位和房地產計劃的此類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。在第二季結束時，我們的淨槓桿率達到了半週，這與我們低於一周的長期目標一致。

Returning excess cash to shareholders remains an important part of our capital allocation strategy as well. In the second quarter, we repurchased nearly 452,000 shares for approximately $40.4 million. As of the second quarter end, we have approximately $119 million remaining under our current share repurchase program. 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。第二季度，我們以約 4,040 萬美元的價格回購了近 452,000 股股票。截至第二季末，我們目前的股票回購計畫剩餘約 1.19 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, we continue to expect to deliver fiscal 2024 comp sales, excluding GAAP, between 1% to 2% growth. Within this range, we expect to be towards the high end with Q4 performing better than Q3.

談到我們對今年的展望，我們繼續預期 2024 財年公司銷售額（不包括 GAAP）將成長 1% 至 2%。在此範圍內，我們預期第四季的表現將優於第三季。

We are proud of our achievements in membership, which has performed better than our expectations thus far this year. There are various elements that drive membership fee income, including the timing of new club openings, renewals, and the cadence of promotions to name a few. With these in mind, we still expect our fiscal 2024 MSI growth rate to track better than our long-term algo of mid-single digits, but moderate from the growth rates we delivered in the first half of this fiscal year.

我們對我們在會員方面取得的成就感到自豪，今年迄今為止的表現比我們的預期要好。推動會員費收入的因素有很多，包括新俱樂部開幕的時間、續會以及促銷的節奏等等。考慮到這些，我們仍然預計 2024 財年的 MSI 成長率將優於我們長期演算法中個位數的水平，但與我們在本財年上半年實現的成長率相比將有所放緩。

As Bob mentioned, our business models and strategies around CMP and our own brands have allowed us to invest in our value prop and help our members stretch their dollars. We will remain consistent in this approach to deepen member loyalty over time.

正如 Bob 所提到的，我們圍繞 CMP 和自有品牌的商業模式和策略使我們能夠投資於我們的價值支柱，並幫助我們的會員充分利用資金。我們將堅持這種方法，隨著時間的推移加深會員忠誠度。

Our perishables business is driving upside to our comp sales, especially as we advance our fresh initiatives. We expect that's further strengthening our fresh business will boost trip frequency and share of wallet, positioning us for growth longer term. Greater than expected throughput in the near term has pressured our perishable supply chain in the form of additional DC labor and freight cost. These are investments in our business that we are making today for long-term gains.

我們的易腐爛品業務正在推動我們的銷售成長，尤其是在我們推進新舉措的情況下。我們預計，進一步加強我們的新鮮業務將提高旅行頻率和錢包份額，為我們的長期成長做好準備。短期內高於預期的吞吐量給我們的易腐爛供應鏈帶來了額外的勞動力和貨運成本壓力。這些是我們今天為長期收益而進行的業務投資。

As we do what's right for our members, we now expect our full year fiscal 2024 merchandise gross margin rate will be about flat year-over-year. We are planning for SG&A deleverage in the back half of fiscal 2024 as we continue to invest in our growth initiatives, particularly in unit growth and new club sales continue to ramp over a multiyear period.

當我們為會員做正確的事情時，我們現在預計 2024 財年全年商品毛利率將與去年同期持平。我們計劃在 2024 財年後半段實施銷售管理、行政管理（SG&A）去槓桿化，因為我們將繼續投資於我們的成長計劃，特別是在單位成長和新俱樂部銷售在多年期間持續成長方面。

A reminder that we are also lapping variable compensation tailwinds from fiscal 2023. As we prepare for our 11 new club openings in the back half of the year, we also expect preopening expenses to ramp accordingly, amounting to approximately $30 million in aggregate across the third and fourth quarters.

提醒我們，從2023 財年開始，我們還將迎來可變薪酬的順風車。約3000 萬美元和第四季。

We are planning for an effective tax rate of approximately 20% in the back half of the fiscal year. We are maintaining our guidance for fiscal 2024 adjusted EPS, which was in the $375 to $4 range with investments for the long term, potentially driving us towards the lower end of that range.

我們計劃在本財年後半段實施約 20% 的有效稅率。我們維持對 2024 財年調整後每股收益的指導，該指引在 375 美元至 4 美元的範圍內進行長期投資，可能會推動我們走向該範圍的下限。

Finally, recall that we are lapping a 53 week in the fourth quarter of last year that contributed approximately $0.1 to our earnings per share. Longer term, we remain confident in our underlying strength of our business and believe we are well positioned to deliver sustainable growth to maximize shareholder value. Rob, back over to you.

最後，回想一下，去年第四季我們已經過了 53 週，為我們的每股盈餘貢獻了約 0.1 美元。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，以最大限度地提高股東價值。羅布，回到你身邊。

Thanks Laura. Over the past five years, we have transformed our business by building a top-notch team, taking calculated chances on key strategic opportunities, executing at the highest level, and playing the long game while staying focused on what matters most delivering value to our members.

謝謝勞拉。在過去的五年裡，我們透過建立一流的團隊、精心把握關鍵策略機會、以最高水準執行、堅持長遠發展，同時專注於最重要的事情為我們的會員創造價值，實現了業務轉型。

In doing so, we have demonstrated our ability to profitably grow our business and drive shareholder value since we re-entered the public market in 2018. We are a stronger company today, unified by our purpose of taking care of the families who depend on us and we are working to grow stronger.

透過這樣做，我們證明了自 2018 年重新進入公開市場以來，我們有能力實現業務盈利增長和推動股東價值。努力變得更強大。

The rate of change in our company is very high. We have a lot of irons in the fire. These efforts significantly increased near-term complexity and may require more investments in the back half, but we believe these efforts keep us poised for future success.

我們公司的變革率非常高。我們有很多熨斗正在燃燒。這些努力顯著增加了近期的複雜性，並且可能需要在後半段進行更多投資，但我們相信這些努力使我們為未來的成功做好了準備。

We will grow the size and quality of our membership, we will offer an unbeatable member experience through our merchandising improvements. We will provide more digital conveniences to save our members money and time, and we will profitably grow our footprint. Above all, we will continue to deliver compelling value to our members. Thanks again for joining us today and for your support of BJ's Wholesale Club. We will now take your questions.

我們將擴大會員規模並提高會員質量，我們將透過改進商品銷售來提供無與倫比的會員體驗。我們將提供更多數位便利，以節省會員的金錢和時間，我們將有利地擴大我們的足跡。最重要的是，我們將繼續為我們的會員提供令人信服的價值。再次感謝您今天加入我們並感謝您對 BJ's Wholesale Club 的支持。我們現在將回答您的問題。

Thank you. We will now start the Q&A session. (Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員說明）

Robbie Ohmes, Bank of America.

羅比·歐姆斯，美國銀行。

This is Maddie on for Robbie. Thank you for taking our question. Our question is what are the general merchandise trends telling you on how you're positioned for holiday. Can you talk about any trends through the quarter and any color on how back-to-school is trending? Thank you.

這是麥迪替羅比上場。感謝您提出我們的問題。我們的問題是，一般商品趨勢是什麼，可以告訴您如何為假期做好準備。您能談談本季的趨勢以及返校趨勢的色彩嗎？謝謝。

Hi Maddie. Thanks for your question. During the quarter, we're pleased with our general merchandise business in getting back to positive comp growth. As we talked about it in the prepared remarks, we saw continued great performance out of our consumer electronics business, our apparel business and certainly continued progress in our home business.

嗨，麥迪。謝謝你的提問。在本季度，我們對百貨業務恢復正成長感到滿意。正如我們在準備好的演講中談到的那樣，我們看到我們的消費電子業務、服裝業務持續取得出色的業績，當然，我們的家居業務也持續取得進展。

Seasonal had a much better track record in the second quarter than it did in the first. Some of that obviously being the better weather year-over-year and some of it was the great value that we put forward. As we look at our general merchandise business, we're very proud of the progress that we're making in providing the best assortment for our members, the best value for our members, each and every day.

季節性在第二季的業績記錄比第一季好得多。其中一些顯然是天氣逐年好轉，還有一些是我們提出的巨大價值。當我們審視我們的日用百貨業務時，我們為我們每天為會員提供最好的商品種類、最大的價值所取得的進步感到非常自豪。

As we get through the third and fourth quarter is certainly as we get into holiday, GM becomes a big, a bigger portion of our business. Back-to-school, back-to-college is not a huge business for us, but certainly the holiday season is general merchandise becomes a bigger penetration of our overall business at that point, for obvious reasons.

當我們度過第三季和第四季時，當然也就進入了假期，通用汽車成為我們業務的一個很大的組成部分。返校、返校對我們來說並不是一項大生意，但由於顯而易見的原因，假日季節日用品在我們整體業務中的滲透率更高。

We're very excited about the assortment that we're putting forward and bringing in to our distribution centers in our clubs pretty shortly here. And we're hoping for great results during the back half from a general merchandise perspective.

我們對即將推出並引入我們俱樂部配送中心的產品種類感到非常興奮。從一般商品的角度來看，我們希望下半年能有出色的成果。

Thank you. And maybe just one quick follow-up. Are you giving yourself any room to invest in price and general merchandise?

謝謝。也許只是一個快速的後續行動。您在價格和百貨方面為自己留有投資空間嗎？

Look, as you know Maddie, values what we do, right? So we are always investing in our business. We're always investing in value, always investing in our members and I think that's what the -- what you're seeing really in this fantastic membership statistics that we've seen this past quarter, the first quarter and in the last couple of years as we grow the size and quality of the membership for growing renewal rate meaningfully, growing our premium tiers.

你看，正如你所知，麥迪重視我們所做的事情，對吧？所以我們一直在投資我們的業務。我們始終投資於價值，並始終投資於我們的會員，我認為這就是您在上個季度、第一季和過去幾個季度看到的出色的會員統計數據中真正看到的。擴大會員規模和質量，以顯著提高續訂率，並提高我們的高級會員等級。

It's all about value and certainly these days values even more paramount as folks digest all the inflation we've seen over the past couple of years. So we continue to invest every day, we will continue to invest in the future across our business, not just in general merchandise.

這一切都與價值有關，當然，隨著人們消化過去幾年我們所看到的所有通貨膨脹，價值變得更加重要。因此，我們每天都會繼續投資，我們將繼續投資於整個業務的未來，而不僅僅是一般商品。

Thank you. Really appreciate it.

謝謝。真的很感激。

Thanks, Maddie.

謝謝，麥迪。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

Hi. Thanks, guys. Good morning. So my first question is just kind of around the profitability view here. You talked about the change in the merchandise margin outlook. It sounds like are there some DC related stuff there?

你好。謝謝，夥計們。早安.所以我的第一個問題是關於獲利能力的看法。您談到了商品利潤前景的變化。聽起來好像有一些與 DC 相關的東西？

There's also some investment in perishable pricing. I'm just curious if any of that and particularly matters in reaction to something you're seeing in the market is something you're doing proactively. Just kind of curious, maybe a comment on the competitive. That's my first question.

還有一些對易腐爛食品定價的投資。我只是好奇其中是否有任何一個特別重要的是你在市場上看到的事情是你主動做的事情。只是有點好奇，也許是對競爭的評論。這是我的第一個問題。

Good morning, Pete, thanks for the question. But I think as it regards what we're seeing and doing from a merchandise margin perspective, I think you can categorize it as playing the long game. We are really trying to invest not just for a particular quarter, but for the long-term success of our franchise and building our membership and building our members positive feelings about our franchise.

早安，皮特，謝謝你的提問。但我認為，從商品利潤的角度來看，我們所看到和所做的事情，我認為你可以將其歸類為長期遊戲。我們真正努力的投資不僅僅是為了某個特定季度，而是為了我們特許經營權的長期成功，建立我們的會員資格，讓我們的會員對我們的特許經營權產生積極的感覺。

So as you think about the dynamics in the second quarter and then our forecast are there for the rest of the year. I think you really have three things to let's talk about. One investments in price and promotion. Not a surprise to anybody on this call that our members and consumers broadly have had to digest a lot of inflation over the last couple of years.

因此，當您考慮第二季的動態時，我們對今年剩餘時間的預測也是如此。我認為你確實有三件事要我們談談。一是在價格和促銷方面的投資。對於參加本次電話會議的任何人來說，我們的會員和消費者在過去幾年中普遍不得不消化大量通貨膨脹並不奇怪。

They do remember what old price points are and there are -- we are seeing a consumer that well, very resilient, and very happy to be shopping in our buildings is a little bit more sensitive to price and promotion than they have been in the past. And so we are taking advantage of that and making sure that we have the right price gas, making sure that we help our members through their shopping needs.

他們確實記得舊的價格點是什麼——我們看到消費者非常有彈性，並且非常樂意在我們的建築物中購物，他們對價格和促銷比過去更加敏感。因此，我們正在利用這一點，確保我們擁有合適的汽油價格，確保我們幫助我們的會員滿足他們的購物需求。

Number two really is our the strength of our perishable business, right? We have talked a lot about fresh 2.0. We've talked about the importance of driving our members into that weekly shop mode through categories like meat and produce. We've seen tremendous gains, frankly, higher than what we thought we would see in terms of perishable units, and that's providing a bit of pressure.

第二確實是我們易腐業務的實力，對吧？我們已經談論了很多關於新鮮2.0的話題。我們已經討論過透過肉類和農產品等類別促使我們的會員進入每週購物模式的重要性。坦白說，我們已經看到了巨大的收益，高於我們對易腐爛單位的預期，這帶來了一些壓力。

As you know, perishables, whilst incredibly important to our members view of us and their purchasing habits over the long term and their renewal habits over the long term. It does require a little bit of extra labor, a little bit of extra handling in the distribution center and some extra freight versus our plans. And so we are investing proactively there to make sure that we see the results in the future that we want, meaning that those extra trips across the box not just in perishables and then the associated membership benefits from that.

如您所知，易腐爛物品對於我們的會員對我們的看法以及他們的長期購買習慣和他們的長期更新習慣非常重要。與我們的計劃相比，它確實需要一點額外的勞動力、配送中心的一點額外處理以及一些額外的運費。因此，我們正在積極投資，以確保我們在未來看到我們想要的結果，這意味著這些額外的運輸不僅僅是易腐爛的物品，然後相關的會員資格也會從中受益。

And then finally, we are transforming our merchandising across the business at a fast pace. We really are assorting for the long term, trying to provide our members with the greatest value and assortment that we can. And we are changing things all over the box and quite candidly, that's providing some growing pains as we go through those transitions. We are actively doing this stuff because we think it benefits next year or the year after the year after that, even if it is a little bit of a burden this year.

最後，我們正在快速轉變整個業務的營銷方式。我們確實在長期進行分類，盡力為我們的會員提供最大的價值和分類。坦白說，我們正在全面改變一切，這在我們經歷這些轉變時帶來了一些成長的煩惱。我們積極做這件事是因為我們認為明年或後年有好處，即使今年有一點負擔。

Well, saying that, I think the team is doing a wonderful job picking items. I think the team's doing a much better job managing inventory levels, as Laura talked about in her comments being flat year-over-year and inventory being down on a per club basis, in spite of everything going on like our in-stock rates going up and building new stores, I thought that was a fantastic result.

嗯，話雖如此，我認為團隊在挑選物品方面做得非常出色。我認為團隊在管理庫存水平方面做得更好，正如勞拉在她的評論中所說的那樣，儘管我們的庫存率等一切都在發生，但庫存水平同比持平，並且每個俱樂部的庫存都在下降。

And so while we are seeing some growing pains, we are really managing the day-to-day pretty well. And so as we look forward, we'll continue to invest in our membership. We'll continue to invest in perishables because we know how important it is and we'll look to iron out the growing pains as we go .

因此，雖然我們遇到了一些成長的煩惱，但我們的日常管理確實做得很好。因此，展望未來，我們將繼續投資於我們的會員資格。我們將繼續投資於易腐爛食品，因為我們知道它的重要性，我們將尋求解決發展過程中的麻煩。

Great. That all makes sense. Thanks. My follow-up question probably around membership, member growth and MFI comp club member growth is driving two thirds of the total member growth. I think that's what you guys said earlier. What are you guys doing differently to create that as a because I'm pretty sure that has not been the case historically. So what have you really changed in terms of how you kind of go after members in existing markets.

偉大的。這一切都是有道理的。謝謝。我的後續問題可能是關於會員資格、會員成長和 MFI 俱樂部會員成長推動了三分之二的會員成長。我想你們之前也是這麼說的。你們做了什麼不同的事情來創造這個，因為我很確定歷史上並非如此。那麼，在現有市場上吸引會員的方式方面，你們真正改變了什麼？

And then related to that, the MFI strength, how does that impact if at all your willingness or to consider a fee increase at some point either later this year or into 2025? Thank you.

與此相關的是，小額信貸機構的實力，如果您願意或考慮在今年稍後或 2025 年的某個時候增加費用，這會產生什麼影響？謝謝。

Yes, good questions. So look, we couldn't be more proud of the results we had in the second quarter. They built on top of the fantastic results of the first quarter, both quarters beating our expectations for our MFI performance. And really, we saw great results across the MFI metrics that we care most about us as we talked about seeing fantastic growth in total memberships both from a renewal rate perspective and from a new member acquisition perspective, we're seeing MFI dollars per member grow.

是的，好問題。所以看，我們對第二季的業績感到非常自豪。它們建立在第一季出色業績的基礎上，兩個季度都超出了我們對小額信貸機構表現的預期。事實上，我們在我們最關心的MFI 指標上看到了巨大的成果，因為我們談到從續約率和新會員獲取的角度來看，會員總數都出現了驚人的增長，我們看到每個會員的MFI 美元正在成長。

Remember, we've talked about that as the fee increase without a fee increase before I get to your fee increase question. And then the team is doing a spectacular job driving members up into our premium tiers and into our co-branded credit card.

請記住，在我討論您的費用增加問題之前，我們已經討論過費用增加而不增加費用。然後，團隊正在出色地推動會員升級到我們的高級會員和我們的聯名信用卡。

And so look, I think the strength in membership is a couple of things. One, we are running a better business today than we ever have. We are providing more value than ever. We are finding ways to convince our members of that. We are showing it to them in ways that are evidence just with their eyes. You can look across our buildings and see better assortments and better value.

因此，我認為會員資格的優勢有幾個面向。第一，我們今天的業務比以往任何時候都更好。我們正在提供比以往更多的價值。我們正在尋找方法讓我們的成員相信這一點。我們正在以他們親眼所見的方式向他們展示這一點。您可以瀏覽我們的建築，看到更好的品種和更高的價值。

We are saving them time through our digital processes. We're doing a lot of things really well. The 9.1 was a little bit ahead of our expectations for the quarter as lower. So there's a lot of stuff that goes in there, timing, accounting adjustments, promotions things like that. And so I think that will moderate in the back half a bit. That takes nothing away from the strength of what we see in our membership franchise.

我們透過數位化流程為他們節省了時間。我們在很多事情上做得非常好。 9.1 比我們對本季的預期稍低一些。所以裡面有很多東西，像是時間安排、會計調整、促銷之類的。所以我認為這會在後半段有所緩和。這絲毫不影響我們在會員資格中所看到的實力。

As you think about the why I mean, I think one of the great strategic unlocks we've pursued as a team over the past several years is growing memberships and comp clubs. And I've been around the company for a long time for a ton of my history with the company, we really couldn't figure out how to grow membership and contracts.

當你思考我的意思時，我認為過去幾年我們作為一個團隊所追求的偉大策略之一是增加會員資格和競爭俱樂部。我在公司工作了很長一段時間，有很多我在公司的歷史，我們真的不知道如何增加會員和合約。

And the team is now unlocked that up there that methodology that allows us to grow comp club memberships at a pretty predictable way. We are giving ourselves permission to experiment with new offer structures and new ways of balancing, getting the right amount of people and versus the quality of those people and we're doing a great job understanding who our best target members are and trying to figure out different ways to talk to them.

現在，團隊已經解鎖了一種方法，使我們能夠以相當可預測的方式增加競爭俱樂部會員資格。我們允許自己嘗試新的報價結構和新的平衡方式，獲得適當數量的人員並與這些人員的品質進行比較，並且我們在了解誰是我們的最佳目標成員並試圖弄清楚誰是我們的最佳目標成員方面做得很好與他們交談的不同方式。

So it's a bunch of different things that's growing, but it's all centered on providing the most value and the best assortment we can every day. As you think about the prospect of a fee increase, I think you need to step back and think about all that stuff that I just said.

因此，這是一堆不同的東西正在增長，但所有這些都集中在我們每天能提供的最大價值和最好的品種上。當你考慮到費用增加的前景時，我認為你需要退一步思考我剛才所說的所有內容。

First and foremost, we have tremendous momentum in our membership statistics from an acquisition perspective from a renewal rate perspective over the past several years, we've really we really have had that fee increase without a fee increase by leveraging folks up into the premium tier memberships.

首先也是最重要的是，過去幾年，從收購角度和續約率角度來看，我們的會員統計數據顯示出巨大的勢頭，我們確實透過利用人們進入高級會員而在不增加費用的情況下實現了費用增加會員資格。

Our MFI per member is up well over $5 from where it was at the last fee increase. We understand where the industry has gone in the last couple of years and couple of months even and we believe that we are providing considerably more value today than we were at the time of our last, we increase you don't have to look farther than our co-brand credit card getting 5% back or $0.05 off gas for our Rewards members. Those are new adds since the last fee increase.

我們的 MFI 每位會員比上次費用上漲時上漲了 5 美元以上。我們了解該行業在過去幾年甚至幾個月中的發展方向，我們相信我們今天提供的價值比上次時要多得多，我們增加您不必再尋找比我們更遠的地方我們的聯名信用卡為我們的獎勵會員提供5% 的返利或0.05 美元的汽油折扣。這些是自上次費用上漲以來新增的內容。

So we're very comfortable where we are for our value offering for our membership momentum perspective. With all that said, our guide for the back half doesn't contemplate a fee increase. And when we have, we have news on that front, we'll share it with everybody.

因此，我們對我們為會員動力觀點提供的價值感到非常滿意。話雖如此，我們的後半部指南並未考慮增加費用。當我們有這方面的新聞時，我們會與大家分享。

Fair enough. Thanks for that perspective.

很公平。感謝您的觀點。

Mike Baker, D.A. Davidson

麥克貝克，D.A.戴維森

Okay, thanks. Maybe a couple of follow-ups on some things we've talked about, but the preopening costs of $30 million, $30 million in the back half, I mean that's almost two times from last year. Was that always the plan or have club has been delayed or the timing, at least of the preopening on the P&L? Is that different than you originally thought. I guess what I'm trying to get at is that a reason why you might be at the lower end in the back half or anything along that relative to the original plan ?

好的，謝謝。也許對我們討論過的一些事情進行一些後續行動，但是開業前的成本為 3000 萬美元，後半部分為 3000 萬美元，我的意思是這幾乎是去年的兩倍。這是否一直是計劃，或者俱樂部是否已經推遲或時間安排，至少是損益表上的預開盤時間？是不是跟你原來想像的不一樣。我想我想表達的是，這就是為什麼你可能處於後半段較低端的原因，或者與原始計劃相關的任何東西？

Hi Mike, thanks for the question. I think it's a good one. We are thrilled with our progress from a real estate perspective as well and we are a little bit ahead of our original plans for the year in terms of the number of boxes that will open, as we said, and I'll let [Bill] talk for a minute here. We've got 11 in the next six months. We had built a few less than that into our original plan for the year.

嗨，麥克，謝謝你的提問。我認為這是一件好事。從房地產角度來看，我們也對我們的進展感到興奮，正如我們所說，就將打開的盒子數量而言，我們比今年最初的計劃提前了一點，我會讓[比爾]在這裡談一分鐘。未來六個月我們將有 11 個。我們今年的計劃比原來的計劃少了一些。

And so it does provide some pressure in the back half. Again, these are great investments for the future. And so even though it pressures the back half of this year, it will bode well for the future. So you're on the right point there. Though, of what else from a real estate perspective.

所以它確實給後半場帶來了一些壓力。同樣，這些都是對未來的巨大投資。因此，儘管今年下半年面臨壓力，但對未來來說是個好兆頭。所以你的觀點是對的。不過，從房地產的角度來看還有什麼。

Yes, I think as I look out 11 clubs in the next six months is probably one of the most aggressive kind of expansion plans that we've had in the company's history. And we're really proud of all the work the team's done as we think about make versus lapping last year. We had five clubs in the back half of last year, we'll do 11 in the back half this year.

是的，我認為，根據我的觀察，未來六個月內的 11 傢俱樂部可能是我們公司歷史上最激進的擴張計劃之一。當我們考慮去年的製造與研磨時，我們對團隊所做的所有工作感到非常自豪。去年下半年我們有5傢俱樂部，今年下半年我們將有11傢俱樂部。

So as you think about sequentially year-over-year, the pre-open expense, that's why that's flowing in that way. But it was always -- the plan was always as we communicated back half-weighted for this year.

因此，當您逐年考慮開盤前費用時，這就是為什麼它會以這種方式流動。但它總是——正如我們今年反饋的那樣，該計劃始終是半權重的。

Okay. Makes sense. For another follow-up to a previous point, you talked about the growing pains in changing the assortment. More color on exactly what that means? Is that markdowns as you change things out, is our labor associated with those changes? And then typically, what's the timing of when that pays off? Does that payoff this holiday season? Does that payoff next year. How to think about that a little more?

好的。有道理。對於另一個上一點的後續行動，您談到了改變品種的成長的煩惱。更多的顏色到底代表什麼？當你改變東西時，是否會降價，我們的勞動力是否與這些變化有關？通常情況下，什麼時候會得到回報？這個假期有回報嗎？明年有回報嗎？怎樣才能多考慮一點呢？

Yes, sure. Look, a little bit of all of the above. We're doing it because our members are asking us for better assortments. Our CMP process working it is yielding really relevant, timely new assortments across the box in many categories. Those categories going through the CMP process are comping better than those that haven't there.

是的，當然。看，上面所有的一點點。我們這樣做是因為我們的會員要求我們提供更好的品種。我們的 CMP 流程在許多類別中產生了真正相關、及時的新品種。那些經過 CMP 流程的類別比那些沒有經過 CMP 流程的類別表現得更好。

They're having better margin results as well. And so we're very happy and proud of what the CMP process is putting forward. But it is requiring a little bit more labor in areas like several of our boxes. We have reset our entire snacking assortment in the middle of the club. We've consolidated the snacking from a number of different runs and put it upfront right near the registers right in prime time where we can take advantage of people's pass through the club and really show off that great assortment that we have.

他們也取得了更好的利潤率結果。因此，我們對 CMP 流程所提出的內容感到非常高興和自豪。但在我們的幾個盒子等區域需要更多的勞動力。我們在俱樂部中央重新設置了整個零食品種。我們整合了許多不同跑步活動中的零食，並在黃金時段將其放在收銀台附近，這樣我們就可以利用人們穿過俱樂部的機會，真正展示我們擁有的豐富品種。

That's an expensive endeavour to move stuff around the clubs as one example. And certainly as we swap out old stuff, new stuff, we are incurring markdowns to get rid of the old stuff. We probably have a little bit more of those than we anticipated, and we are working to streamline our process of hooking the new skews to the old ones and bringing in the new ones when the old ones sell down in their natural course.

舉個例子，在俱樂部之間轉移物品是一項昂貴的努力。當然，當我們更換舊東西、新東西時，我們會進行降價以擺脫舊東西。我們的數量可能比我們預期的要多一些，我們正在努力簡化我們的流程，將新的傾斜與舊的傾斜掛鉤，並在舊的自然下降時引入新的傾斜。

And again, all these things are we believe are great investments for the future. As I said, all the stuff that goes through CMP is performing better. And so we anticipate these investments paying off next year, the back half, I think we'll see some burden associated with it, but we wouldn't be doing it if we didn't see the fantastic results and we are seeing from these categories that go through the process.

再說一遍，我們相信這一切都是對未來的巨大投資。正如我所說，所有經過 CMP 的東西都表現得更好。因此，我們預計這些投資明年下半年會得到回報，我認為我們會看到一些與之相關的負擔，但如果我們沒有看到出色的結果，我們就不會這樣做，我們從這些結果中看到了經歷過程的類別。

Yes awesome. Makes sense. Appreciate the time.

是的，太棒了。有道理。珍惜時間。

Thanks, Mike.

謝謝，麥克。

Charles Grom, Gordon Haskett

查爾斯·格羅姆，戈登·哈斯凱特

So hi, guys, this is Ryan Butcher on for Charles here. I just wanted to ask about the general merchandise categories a little bit. It sounds like it's improving. And as you see these categories that within general merchandise that have been weaker or stronger start to turnaround and rebound? Just kind of wanted to know what's really driving that improvement? Is it the macro or replacement cycle starting to turn or if it's innovation? Just any color on that would be great.

大家好，我是 Ryan Butcher，為 Charles 發言。我只是想問一下一般商品類別。聽起來好像正在好轉。正如您所看到的，一般商品中那些較弱或較強的品類開始出現好轉和反彈？只是想知道是什麼真正推動了這種改進？是宏觀週期或更換週期開始轉變，還是創新？只要有任何顏色就會很棒。

Thank you.

謝謝。

Sure. Thanks, Ryan for the question. Like I said, we're very proud of our GM team and the results that they're putting up with. We've turned around this giant category in our business that incredibly important to the treasure hunt and the emotional aspect of shopping by investing in our team and investing in our members, by showing them even better assortments quarter-over-quarter, year-over-year.

當然。謝謝瑞安提出的問題。就像我說的，我們為我們的總經理團隊和他們所忍受的結果感到非常自豪。我們透過投資我們的團隊和會員，逐季度、逐年向他們展示更好的產品組合，扭轉了我們業務中這個對於尋寶和購物情感方面極其重要的巨大類別。

This is a long-term build for our for our company took us quite a bit of time to get to where we were. A couple of quarters ago in our hopefully our lowest general merchandise penetration of in our history and we are now building back towards an even higher general merchandise penetration. We know it's important to our members.

這是我們公司的長期建設，我們花了相當多的時間才達到現在的水平。幾個季度前，我們希望普通商品的滲透率達到歷史最低水平，而現在我們正在朝著更高的普通商品滲透率邁進。我們知道這對我們的會員很重要。

We know that the Treasure Hunt is important. They want to be surprised and delighted as they do their grocery shop and when they see that great apparel item or the cool thing from one of our home categories are certainly sure one of our best categories consumer electronics. They want to be able to put that in their basket.

我們知道尋寶很重要。他們希望在雜貨店購物時感到驚訝和高興，當他們看到我們的家居類別之一的精美服裝或很酷的東西肯定是我們最好的消費電子產品類別之一時。他們希望能夠將其放入籃子中。

And our job is to move it from an opportunistic business to one that generates trips by itself. And we certainly have that in some categories like CE. We've run that business very effectively over the years. We've always had great margins there and great market share and we are really trying to run that playbook across the business and it starts with getting the right new products in our buildings.

我們的工作就是將其從機會主義業務轉變為能夠自行產生出行的業務。我們在某些​​類別（例如 CE）當然也有這種情況。多年來我們一直非常有效地經營這項業務。我們在那裡一直擁有巨大的利潤和巨大的市場份額，我們確實在努力在整個業務中運行這個劇本，首先是在我們的建築中獲得合適的新產品。

We didn't in the past, have the right brands, the right products. Our value prop was somewhat off, the way we display things was an optimal. We are making great strides in all of those things. It starts with having the right talent here in the building in our club support center here in Massachusetts. Those folks do the hard work of picking the items and making sure they get into the clubs in the right way.

我們過去沒有合適的品牌、合適的產品。我們的價值主張有些偏差，我們展示事物的方式是最佳的。我們在所有這些方面都取得了長足的進步。首先是在馬薩諸塞州的俱樂部支援中心大樓中擁有合適的人才。這些人辛苦地挑選物品並確保它們以正確的方式進入俱樂部。

Takes a lot of investment in the field to present those things the right way. I think about something like furniture, our [patio sets] we've completely renovated the way that we assort those, presenting them in much more Vignette style, lifestyle, thanks to fill members, what it might look like in their home.

需要在該領域進行大量投資才能以正確的方式呈現這些內容。我想到了像家具這樣的東西，我們的[露台套裝]我們已經完全翻新了我們分類它們的方式，以更多的Vignette 風格、生活方式來呈現它們，感謝fill 成員，在他們的家中可能會是什麼樣子。

We've done a lot and yet we still have a lot to go. We need to repeatedly do these things quarter-after-quarter, year-after-year to reintroduce these categories to our members to build credibility with our members and keep building the flywheel from a general merchandise perspective.

我們已經做了很多，但仍有許多工作要做。我們需要逐季、年復一年地重複做這些事情，向我們的會員重新介紹這些類別，以建立會員的信譽，並從一般商品的角度繼續打造飛輪。

Great. Yes, , thank you. And then just a quick follow-up on big ticket. Just a little bit more color there. Are you seeing any difference and big ticket spending trends between your membership tiers or and any metrics you look at in terms of household income? I know you spoke to customer health a little bit earlier, but just any color on the big ticket side of that would be great. Thank you.

偉大的。是的，謝謝。然後對大票進行快速跟進。只是那裡的顏色多一點。您是否發現您的會員等級之間或您在家庭收入方面關注的任何指標之間存在任何差異和大額支出趨勢？我知道您早些時候曾與客戶健康部門談過，但大宗商品方面的任何顏色都很棒。謝謝。

You look at it, I think as you think about the consumer out there, they are certainly resilient and yet value-focused at the same time. As we talked about in the prepared remarks, we're seeing great purchasing behaviours across the economic cohorts that we track. There's undoubtedly more pressure on the folks at the on the bottom of the economic spectrum versus those folks at the top, but they're all exhibiting as we see a great purchasing behaviours.

你看一下，我認為當你想到那裡的消費者時，他們肯定具有彈性，同時又注重價值。正如我們在準備好的演講中談到的那樣，我們在我們追蹤的經濟群體中看到了良好的購買行為。毫無疑問，與經濟頂部的人們相比，處於經濟底部的人們面臨更大的壓力，但他們都表現出了良好的購買行為。

But they are value focused. They are looking for that right item at the right price. When they see it, they will absolutely put it in their basket. And when they don't, they are a little bit more choosy. In places where we have that assortment, we have that credibility. We have those right price points and our big tickets like consumer electronics, they're absolutely purchasing and where it's not perfect on one of those dimensions there, they're a little bit more savvy.

但他們注重價值。他們正在尋找價格合適的合適商品。當他們看到它時，他們絕對會把它放進籃子裡。當他們不這樣做時，他們就會更加挑剔。在我們有這樣的品種的地方，我們就有這樣的信譽。我們有合適的價格點和消費電子產品等大宗商品，他們絕對會購買，而在其中一個維度上不完美的地方，他們會更精明一點。

They're waiting for a markdown, they're waiting for promotion, and we saw some of that in our patio sets and structures this year. Those are abnormally big tickets, a couple of thousand dollars for a structural shift. And in this day and age, you've got to have it. You've got to have it right for folks to do it. So we'll continue to work to provide the best assortment in the best value to our members regardless of what's going on in the economy.

他們在等待降價，他們在等待促銷，今年我們在露台佈景和結構中看到了其中的一些。這些費用異常大，結構性轉變需要數千美元。在當今時代，您必須擁有它。你必須正確地讓人們去做。因此，無論經濟狀況如何，我們都將繼續努力為我們的會員提供最有價值的最佳品種。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Thanks. Good morning. I wanted to ask a little bit about the back half change. So the business has been managed really well and especially this past quarter. I want to I'm curious how much of the back half changed investments that you talked about is responding to the environment that's changing versus and I don't mean this word badly, but underinvestment means things that could have been pre-empted.

謝謝。早安.我想問一下關於後半部變化的事情。因此，該業務管理得非常好，尤其是在過去的一個季度。我想我很好奇你談到的後半部分投資改變有多少是對正在變化的環境的反應，我並不是說這個詞不好，但投資不足意味著本來可以先發製人的事情。

So if you could sort those two out if it's just in responding to environment versus investments that it could have been made earlier in the cycle.

因此，如果你能將這兩者分類出來，如果它只是為了回應環境而不是投資，那麼它本來可以在週期的早期進行。

So look, I think there's a little bit of both where, as I said, we're trying to build our company for the long term, build our franchise and our market share for the long term. We're playing a little bit of offense here, we're sometimes requires investment and we're playing a little bit of defense too knowing that every retailer out there is seeing very similar things to what we're seeing and with very savvy price-sensitive customers and so when you think about -- when we think about providing everyday value, we won't compromise from an investment perspective.

所以，我認為，正如我所說，我們正在努力建立我們的公司的長期目標，建立我們的特許經營權和長期的市場份額。我們在這裡採取了一點進攻，我們有時需要投資，我們也採取了一點防禦，因為我們知道每個零售商都看到與我們所看到的非常相似的東西，並且價格非常精明- 敏感的客戶，所以當你想到- 當我們考慮提供日常價值時，我們不會從投資的角度妥協。

We invest all of all day long, all month long, all quarter long, all year long. And we will continue to do that even if it pressures the back half. Most of the change in the pressure that we're seeing is from choices that we are making that we believe have long-term benefits.

我們全天、全月、全季、全年進行投資。即使這會給後半場帶來壓力，我們也會繼續這樣做。我們所看到的壓力變化大部分來自於我們所做的、我們認為具有長期利益的選擇。

We wouldn't be and proactively growing our perishables business at the pace that we're growing at, if we didn't think that would yield overall trips and renewal rate in the future. We wouldn't be changing our assortment as fast as we are if we didn't see the payoff in our results after we change. We could do those things on a more careful, slow, methodical basis and potentially lessen the burden in the back half.

如果我們不認為這會帶來未來的整體旅行和續訂率，我們就不會以我們目前的成長速度積極發展我們的易腐業務。如果我們在改變後沒有看到結果的回報，我們就不會那麼快地改變我們的產品組合。我們可以更仔細、更緩慢、有條理地做這些事情，並有可能減輕後半場的負擔。

But we want to position ourselves in the future for the greatest success that we can. And so we really are trying to be mindful of going as fast as we can and investing as much as we can because we are very confident in our future. You don't have to look past the membership statistics and why we're confident. But we understand that it requires continual investment and a really offensive mindset to do it.

但我們希望未來為自己定位，力求最大的成功。因此，我們確實在努力注意盡可能快地前進並盡可能多地投資，因為我們對未來非常有信心。您不必查看會員統計數據以及我們為何充滿信心。但我們知道，這需要持續的投資和真正進攻性的心態才能做到這一點。

And does it change. I think some of it you said the benefit should be felt already in the next fiscal year. Does it change your posture in how you approach investment, I would look at your EBIT margins higher than it was pre-COVID gross to the same.

它會改變嗎？我認為您所說的一些好處應該在下一個財政年度就已經體現出來了。這是否會改變你投資的態度，我會認為你的息稅前利潤率高於新冠疫情前的毛利率。

So it looks like it's the higher sales base covering expenses which doesn't seem not bad, but do you do that the margin of the business lower down to allow for some of these investments? Are you trying to keep the margin of the business where it is while you invest ?

因此，看起來更高的銷售基礎覆蓋了費用，這似乎並不壞，但你是否會降低業務利潤率以允許其中一些投資？您是否在投資時試圖將業務利潤率保持在現有水平？

I think you've got pluses and minuses running through margin, right? You have things like retail media network that are new to us in the last couple of years that are good guys from a margin perspective and we take those dollars and reinvest them back in our membership. You see our ability through CMP to raise our core margin rates. And we usually take that and reinvest that somewhere like we did in our credit card program. We're trying to we build a strong long-term franchise, not really to win in any one particular quarter. So look, I think we're making the investments. We think that we can that that will matter and some of them will pay off in the short term and some will pay off in the long term. And if they don't, we'll change course.

我認為利潤率有優點也有缺點，對嗎？像零售媒體網絡這樣的東西在過去幾年中對我們來說是新的，從利潤的角度來看，它們是好東西，我們將這些美元重新投資回我們的會員資格。您可以透過 CMP 看到我們提高核心利潤率的能力。我們通常會將其重新投資到某個地方，就像我們在信用卡計劃中所做的那樣。我們正在努力建立一個強大的長期特許經營權，而不是真正為了在任何一個特定季度獲勝。所以看，我認為我們正在進行投資。我們認為我們可以做到這一點，其中一些將在短期內獲得回報，一些將在長期內獲得回報。如果他們不這樣做，我們就會改變路線。

Fair enough. Okay, thanks. Good luck. Thanks.

很公平。好的，謝謝。祝你好運。謝謝。

Mark Carden, UBS.

馬克卡登，瑞銀集團。

Good morning. Thanks so much for taking the question guys. The start another question as it relates to the margin. Just on the 20 basis point reduction in your merch margin outlook, is that all being driven by price investments? Or is there much of a mix element involved here? And is there any element of it wouldn't necessarily be worried about that, but do you feel the need to increase discounting for new memberships ? Thank you.

早安.非常感謝你們提出問題。開始另一個問題，因為它與保證金有關。僅就您的商品利潤率預期下降 20 個基點而言，這一切都是由價格投資所驅動的嗎？還是這裡牽涉很多混合元素？是否有任何因素不一定會擔心這一點，但您是否認為有必要增加新會員的折扣？謝謝。

Listen, I don't know that I have a ton to build on the margin point. I think we've said that quite heavily, but other than to say that there is some mix involved as we build perishables as a for instance, that has a little bit of a lower ring on an average basis, then a pack of paper towels or Unidym and general merchandise, so that can provide some margin rate pressure just by the math of it.

聽著，我不知道我還有很多東西可以建立在邊緣點上。我想我們已經說過很多次了，但除了說我們製造易腐爛物品時涉及到一些混合，例如，平均來說有一點較低的環，然後是一包紙巾或Unidym 和一般商品，因此僅通過數學計算就可以提供一些利潤率壓力。

But to really it is those things that we've been talking about the proactive investments we're making in everyday value and growing our franchise for the future. As you think about the membership fee income and attracting new members, the tremendous success that we've seen so far is built on a discounted membership fee model.

但實際上，我們一直在談論的正是這些事情，我們正在對日常價值進行積極投資，並為未來發展我們的特許經營權。當你考慮會員費收入和吸引新會員時，我們迄今為止所看到的巨大成功是建立在會員費折扣模式的基礎上的。

As you know, years ago, we transitioned away from a free trial model to a paid membership model. Most of our members come in on some sort of a deal in the 1 year, contingent upon participating in our Easy Renewal Program where they paid a full membership fee in the 2 year. That's pretty consistent with what goes on in the Club World and with subscription models are all across the economy. We are continuing that it's been very successful and our team has been great at innovating around the offers presented with that structure and it is really about finding the right prospective members and finding an offer that works for those prospective members.

如您所知，幾年前，我們從免費試用模式轉變為付費會員模式。我們的大多數會員都會在第一年簽訂某種協議，條件是參加我們的輕鬆續約計劃，並在第二年支付全額會員費。這與俱樂部世界中發生的情況非常一致，訂閱模式遍布整個經濟。我們繼續認為，它非常成功，我們的團隊非常擅長圍繞該結構提供的優惠進行創新，這實際上是為了找到合適的潛在會員並找到適合這些潛在會員的優惠。

And so I think we'll continue to use that discounted MFI model. We will continue to push people out through the higher tiers. We will continue to renew folks, a thoughtful spread in the 2 year. That's been great underlying strength for us over the past several years. And I don't see a reason why we stop.

所以我認為我們將繼續使用折扣小額信貸機構模式。我們將繼續將人員推向更高層級。我們將繼續更新人員，在兩年內進行深思熟慮的傳播。在過去的幾年裡，這對我們來說是巨大的潛在力量。我看不出我們有什麼理由停下來。

Great. Thank you. And then a follow-up. One of your largest conventional grocery competitors announced shutting down a number of stores in your footprint. When you don't see major grocers closed stores have been your trade areas. Do you typically see a material uptick in membership sign-ups in those markets because customers tend to gravitate towards other conventional grocers just given SKU contact differences? Just what to you see on that front?

偉大的。謝謝。然後是後續行動。您最大的傳統雜貨競爭對手之一宣布關閉您所在地區的多家商店。當你沒有看到大型雜貨店關門的時候，商店就是你的貿易區。您通常會看到這些市場的會員註冊量大幅上升，因為僅僅考慮到 SKU 聯絡方式的差異，顧客往往會傾向於其他傳統雜貨商？你在這方面看到了什麼？

Yes. Look, I think we have tremendous benefits to our model versus a conventional grocer and the biggest one is obviously value. We try and 25% better price than conventional grocers. And in some places, it's even higher than that. I would suspect that club gaining share and BJ's gaining share weighs on conventional grocers and I expect that when folks close their buildings or their customers, if they're not already a member of ours in our markets, they would look to us to fill some of the gap.

是的。看，我認為與傳統雜貨店相比，我們的模式具有巨大的優勢，其中最大的優勢顯然是價值。我們嘗試比傳統雜貨店便宜 25% 的價格。在某些地方，這一數字甚至更高。我懷疑俱樂部的份額增加和BJ 的份額增加會給傳統雜貨店帶來壓力，我預計當人們關閉他們的建築物或他們的顧客時，如果他們還不是我們市場上的會員，他們會指望我們來填補一些空缺。

And so we look at it as an opportunity, we will be a playing offense to trying to get the get an additional share from those customers. And we'll price play to our strengths. We are trying to save our members' time through digital and money through the value that we offer every day.

因此，我們將其視為一個機會，我們將積極進攻，試圖從這些客戶那裡獲得額外的份額。我們將發揮我們的優勢。我們正在努力透過數位技術節省會員的時間，並透過我們每天提供的價值節省金錢。

And it's a usually a pretty compelling case when we face a conventional grocer from that perspective. And so we are pleased to have this opportunity to gain more of our members watch that also shop conventional grocery. And we're pleased to have the opportunity to introduce ourselves to folks that don't know us. It may come over during those transitions.

當我們從這個角度面對傳統雜貨店時，這通常是一個非常引人注目的案例。因此，我們很高興有這個機會讓更多會員觀看同時購買傳統雜貨的商品。我們很高興有機會向不認識我們的人介紹自己。它可能會在這些過渡期間出現。

Great. Thanks so much, guys.

偉大的。非常感謝，夥計們。

Thanks, Mark.

謝謝，馬克。

Thank you. That's the end of Q&A for today's conference. I will now hand over to Rob Eddy, Chairman and Chief Executive Officer for closing remarks.

謝謝。今天的會議問答到此結束。現在我將請董事長兼執行長 Rob Eddy 致閉幕詞。

Well, thanks very much. I appreciate everybody's attention this morning and thank you for your questions for your support of our company, and we wish you the best as we go through the back half, enjoy the rest of the summer. We will talk to you at the end of the third quarter. Thanks so much.

嗯，非常感謝。我感謝大家今天早上的關注，感謝你們提出的問題，感謝你們對我們公司的支持，我們祝福你們在後半段一切順利，享受夏天剩下的時光。我們將在第三季末與您交談。非常感謝。

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

今天的電話會議到此結束。您現在可以斷開連線。