BJ's Wholesale Club Holdings Inc (BJ) 2024 Q3 法說會逐字稿

Welcome all, and thank you for joining us for the BJ's Wholesale Club Q3 2024 earnings conference call.

歡迎大家，感謝您參加 BJ's Wholesale Club 2024 年第三季財報電話會議。

My name is Carlin.

我叫卡林。

I'll be coordinating your call today.

今天我將協調您的電話。

(Operator Instructions) I'd now like to hand to your host, Kathy Park to begin.

（操作員指示）我現在請主持人凱西·帕克開始。

Good morning, and welcome to BJ's third quarter fiscal 2024 earnings call.

早安，歡迎參加 BJ 2024 財年第三季財報電話會議。

With me today are Bob Eddy, Chairman and Chief Executive Officer; Laura Felice, Chief Financial Officer; and Bill Werner, Executive Vice President, Strategy & Development.

今天與我在一起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.

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。

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.

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。

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 on today's call, we will refer to certain non-GAAP financial measures that we believe will be -- will provide useful information for investors.

最後，請注意，在今天的電話會議上，我們將提及某些我們認為將為投資者提供有用資訊的非公認會計準則財務指標。

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.

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。

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

現在我將把電話轉給鮑伯。

Good morning.

早安.

Thank you for joining us.

感謝您加入我們。

Today, we reported impressive third quarter results that demonstrate the power of our model and the impact of great value and fantastic execution.

今天，我們報告了令人印象深刻的第三季業績，展示了我們模型的力量以及巨大價值和出色執行力的影響。

We drove quarterly comps and profits that were higher than anticipated.

我們的季度業績和利潤高於預期。

Our business was once again fueled by robust traffic, unit volumes and market share growth inside our clubs and at the gas pumps.

我們的業務再次受到俱樂部和加油站強勁的客流量、銷售和市場份額成長的推動。

We continue to invest in our long-term initiatives while growing merchandise margins in the quarter as our efforts continue to take shape.

隨著我們的努力不斷成形，我們將繼續投資於我們的長期計劃，同時在本季提高商品利潤。

We are most pleased with the consistent strength we've driven in membership, leading to over 8% growth in membership fee income and hitting a milestone of 7.5 million members in the third quarter.

我們對會員資格的持續成長感到非常滿意，會員費收入成長了 8% 以上，並在第三季達到了 750 萬會員的里程碑。

Since fiscal 2018, we've grown our member base by 40% and while achieving the highest renewal rates in the company's history.

自 2018 財年以來，我們的會員數量增加了 40%，同時實現了公司歷史上最高的續訂率。

We've more than doubled the number of members in our premium tiers and higher tier membership penetration continues to grow.

我們的高級會員數增加了一倍多，而且高級會員的滲透率持續成長。

We also announced our first membership fee increase in 7 years.

我們也宣布七年來首次提高會員費。

Effective January 1, our base annual membership will increase by $5 to $60.

自 1 月 1 日起，我們的基本年度會員資格將增加 5 美元至 60 美元。

For the plus tier, we're increasing the annual membership fee by $10 to $120 and bolstering the premium value prop to include a new added benefit of 2 free same-day deliveries a year.

對於高級會員，我們將年費增加 10 美元至 120 美元，並增強超值支柱，包括每年 2 次免費當日送貨的新附加福利。

This new benefit alone is worth about 3x the fee increase for our Plus members.

對於我們的 Plus 會員來說，光是這項新福利就相當於費用上漲的 3 倍。

Since our last fee increase in 2018, we have invested heavily in the value of a BJ's membership.

自 2018 年上次上調費用以來，我們在 BJ 會員價值上投入了大量資金。

We've raised average hour wages by nearly 40% across our clubs and DCs.

我們已將俱樂部和 DC 的平均小時工資提高了近 40%。

We provide better rewards and gas benefits and launched a new co-brand credit card to deliver more value to our members.

我們提供更好的獎勵和瓦斯福利，並推出了新的聯名信用卡，為我們的會員帶來更多價值。

In fact, rewards to our members have gone from about $130 million in fiscal 2018 to more than $350 million in the last year.

事實上，我們會員的獎勵已從 2018 財年的約 1.3 億美元增加到去年的超過 3.5 億美元。

7 years ago, our members had only one way to shop us.

7 年前，我們的會員只有一種購物方式。

Today, they can access a range of digitally enabled conveniences to save time and money.

如今，他們可以使用一系列數位化便利設施來節省時間和金錢。

We've improved our assortment in fresh and general merchandise and leaned into our own brands, which are now over 1/4 of our merchandise sales.

我們改良了生鮮和百貨商品的品種，並轉向自有品牌，目前自有品牌占我們商品銷售額的 1/4 以上。

Our efforts have paid off in the form of a much stronger business that's delivering significantly more value to our members today.

我們的努力得到了回報，業務變得更加強大，為我們的會員提供了更多的價值。

We plan to reinvest the proceeds from the fee increase announced today in labor and better value, not to mention the 2 free deliveries in order to keep our momentum up.

我們計劃將今天宣布的費用上漲的收益再投資於動力和更高的價值，更不用說兩次免費送貨，以保持我們的勢頭。

Comparable club sales excluding gas sales grew by 3.8% in the third quarter.

第三季不包括瓦斯銷售的可比俱樂部銷售額成長了 3.8%。

The East Coast port strike last month created temporary shifts in member behavior reminiscent of the pandemic.

上個月的東岸港口罷工造成會員行為的暫時轉變，讓人聯想到大流行。

This, along with the 2 hurricanes in the quarter, positively impacted our comp sales by a bit less than 1 point.

這與本季的 2 場颶風一起，對我們的公司銷售產生了略低於 1 個百分點的正面影響。

Said differently, excluding the port strike and hurricane shifts, our results slightly beat expectations, demonstrating the progress we continue to make on our long-term priorities.

換句話說，排除港口罷工和颶風轉移的影響，我們的業績略好於預期，這表明我們在長期優先事項上繼續取得進展。

Traffic accelerated once again, contributing over 4 percentage points to our comp, and we gained grocery market share in both units and dollars in the quarter.

客流量再次加速，為我們的業績貢獻了超過 4 個百分點，本季我們獲得了雜貨市場份額（以單位數和美元計）。

Our perishables grocery and sundries division delivered over 4% of comp growth in the third quarter, with broad-based strength across all 3 divisions.

我們的易腐食品雜貨部門在第三季度實現了超過 4% 的同比增長，所有 3 個部門都具有廣泛的實力。

Perishables led the growth boosted by our strong showing in dairy, meat and of course, produce.

由於我們在乳製品、肉類，當然還有農產品方面的強勁表現，易腐食品引領了成長。

Our general merchandise and services division delivered approximately flat comps in the third quarter.

我們的百貨和服務部門在第三季的業績大致持平。

We're pleased with the underlying progress our teams are making to sustainably grow this part of our business.

我們對我們的團隊在永續發展這部分業務方面所取得的基本進展感到高興。

Our assortment and presentation in our home and apparel categories are improving each quarter.

我們的家居和服裝類別的品種和展示每個季度都在改進。

Notably, our seasonal GM categories delivered positive comps in the third quarter for the first time in 9 quarters.

值得注意的是，我們的季節性通用汽車類別在第三季實現了 9 個季度以來的首次盈利。

Members have increasingly taken notice of our elevated assortment in areas like toys and books.

會員越來越注意到我們在玩具和書籍等領域的豐富品種。

Our nimble teams also adapted our localization strategies to take advantage of an unseasonably warmer fall season and capture opportunistic sales in drilling, producing low double-digit comps in the category.

我們靈活的團隊還調整了本地化策略，以利用異常溫暖的秋季，抓住鑽探機會性銷售，在該類別中產生低兩位數的競爭。

Finally, in consumer electronics, members continue to find phenomenal value in our enhanced offering with meaningful comp growth in categories like audio and video games.

最後，在消費性電子產品領域，會員繼續在我們增強的產品中發現驚人的價值，在音訊和視訊遊戲等類別中實現有意義的競爭成長。

We are still seeing members being thoughtful in their purchasing behavior, especially around larger ticket discretionary categories, which we're accommodating with high-quality items at compelling price points.

我們仍然看到會員在購買行為時考慮周全，尤其是在較大的門票可自由支配類別方面，我們以極具吸引力的價格提供高品質的商品。

Thanks to our well-curated assortment we are an attractive TV destination for our members, delivering comp unit growth once again in the quarter.

由於我們精心策劃的產品組合，我們成為對會員有吸引力的電視目的地，在本季再次實現了複合單位成長。

As we approach the holidays, we've built on last year's success in gifting, providing more great options for everybody on our members' lists.

隨著節日的臨近，我們在去年送禮方面取得成功的基礎上，為會員名單上的每個人提供了更多優質選擇。

Our toy assortment has all the top brands our members are looking for, including Barbie, Hot Wheels, LEGO, Bluey and many more.

我們的玩具品種包含會員正在尋找的所有頂級品牌，包括芭比娃娃、風火輪、樂高、Bluey 等等。

We are also delivering an assortment that includes the latest tech, including video games, audio, TVs and more.

我們也提供包含最新技術的產品，包括電玩遊戲、音訊、電視等。

True to our DNA, we will also be offering exceptional value on all of the holiday essentials, including seasonal decor, updated home furnishings and items for hosting holiday gatherings.

秉承我們的基因，我們還將提供超值的所有節日必需品，包括季節性裝飾、更新的家居用品和舉辦節日聚會的物品。

And of course, the convenience of a one-stop holiday shop alongside our grocery offering makes the treasure hunt even more valuable.

當然，一站式假日商店的便利性以及我們提供的雜貨產品使尋寶活動更加有價值。

Our 4 strategic priorities are critical to our future success.

我們的 4 項策略重點對於我們未來的成功至關重要。

As a reminder, these priorities are improving member loyalty, giving our members an unbeatable shopping experience, delivering value conveniently and growing our footprint.

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。

We have a lot to be proud of in each of these areas.

我們在這些領域都有很多值得自豪的地方。

Our membership momentum is incredibly strong.

我們的會員勢頭非常強勁。

Our success in growing both the size and quality of membership resulted in another robust fee income quarter and our member count surpassing 7.5 million.

我們在會員規模和品質方面的成功導致了另一個強勁的費用收入季度，我們的會員人數超過了 750 萬。

We continue to drive strong renewals and effective member acquisition across new and existing markets.

我們繼續在新市場和現有市場上推動強勁的續訂和有效的會員獲取。

We're also on track to deliver another strong 90% renewal rate this year, supported by our 39% higher tier membership penetration.

在我們 39% 的更高級別會員滲透率的支持下，我們今年預計將再次實現 90% 的強勁續訂率。

We're especially pleased with our continued strength in our One+ credit card tier, our highest tier, which is outpacing the growth of the rest of our member base.

我們對 One+ 信用卡等級（我們的最高等級）的持續實力感到特別滿意，該等級的成長速度超過了我們其他會員群的成長速度。

Our One+ members are our most loyal and highest spending members, exhibiting the greatest lifetime value.

我們的 One+ 會員是我們最忠誠、消費最高的會員，展現最大的終身價值。

In addition to our strong value proposition, we've made strategic investments to motivate growth and higher tier memberships.

除了我們強大的價值主張之外，我們還進行了策略性投資來刺激成長和更高級別的會員資格。

Our successful conversion of our credit card portfolio to Capital One early last year was a milestone on our membership growth journey.

去年年初，我們成功將信用卡組合轉為第一資本，這是我們會員成長歷程中的一個里程碑。

Since the conversion, we've added over 750,000 new accounts to the program, driving substantial incremental rooms for our members and incremental lifetime value for BJ's.

自轉換以來，我們已向該計劃添加了超過 750,000 個新帳戶，為我們的會員帶來了大量增量客房，並為 BJ's 帶來了增量終身價值。

The team is proud of the growth and hungry to drive our higher tier penetration north of 40% and beyond.

團隊對我們的成長感到自豪，並渴望將我們的更高層滲透率推向 40% 及以上。

We continually work to deliver an unbeatable shopping experience and great value to our members, which comes in multiple ways across merchandising, pricing and convenience.

我們不斷努力為我們的會員提供無與倫比的購物體驗和巨大價值，這透過銷售、定價和便利性等多種方式實現。

We're going after repeat trips and greater wallet share ultimately in pursuit of our first strategic priority, deepening member loyalty.

我們最終會追求重複旅行和更大的錢包份額，以實現我們的首要戰略重點，即加深會員忠誠度。

As with most, if not all, of our strategic work, our merchandising initiatives begin with a fundamental understanding of how our best and most loyal members engage with us and how they want to maximize their value with BJ's.

就像我們大多數（如果不是全部）策略工作一樣，我們的行銷計劃始於對我們最好和最忠誠的會員如何與我們互動以及他們希望如何透過 BJ's 實現價值最大化的基本了解。

These insights have served as the foundation for our recent initiatives in general merchandise category management process, our CMP and also in Fresh 2.0. Fresh 2.0 was devised from our own data informing us that members who shop BJ's as their primary fresh destination, visit us at least once a week and on average, have nearly 30% greater baskets per trip compared to members who don't engage with us in Fresh.

這些見解成為我們最近在百貨類管理流程、CMP 以及 Fresh 2.0 方面的舉措的基礎。 Fresh 2.0 是根據我們自己的數據設計的，這些數據告訴我們，與不與我們互動的會員相比，以BJ's 為主要生鮮目的地的會員每周至少訪問我們一次，平均每次購物的購物量增加了近30%在新鮮。

As a result, these members spend about 8x per year than non-fresh shopping members.

因此，這些會員每年的消費金額是非生鮮購物會員的 8 倍左右。

They're also more likely to be higher tier members.

他們也更有可能成為更高級別的會員。

Our fresh initiatives are designed to encourage these behaviors across our broader member base.

我們的新措施旨在鼓勵更廣泛的會員群體中的這些行為。

We've worked hard over the past year to bring excitement and even more freshness to our produce assortment.

在過去的一年裡，我們努力工作，為我們的農產品品種帶來更多的興奮和新鮮感。

We improved supply chain velocity where it mattered.

我們在重要的地方提高了供應鏈速度。

We expanded vendor relationships to increase in stocks and put new seasonally relevant produce on rotation.

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。

We implemented essential fresh training across our clubs.

我們在各個俱樂部實施了必要的新訓練。

We upgraded our marketing and presentation.

我們升級了行銷和展示。

Finally, in the second quarter, we completed the rollout of our standalone cooler stationed at our front entrances to highlight incredible quality and value drawing members into the category.

最後，在第二季度，我們完成了位於前門入口處的獨立冷卻器的推出，以突出令人難以置信的品質和價值，吸引會員進入該類別。

Our third quarter results continue to showcase our mounting credibility and success in Fresh.

我們第三季的業績繼續展示了我們在生鮮領域日益增長的信譽和成功。

Our produce categories delivered low double-digit comp growth in the third quarter, almost entirely driven by unit volumes and our NPS performance in Fresh has also dramatically improved in the last 2 quarters.

我們的農產品類別在第三季度實現了兩季的低成長率，幾乎完全是由單位數量推動的，而且我們在生鮮領域的 NPS 表現在過去兩個季度也有了顯著改善。

We're thrilled with the early results and are excited about the long-term benefits of more loyal members driving sustainable growth in our business.

我們對早期成果感到非常興奮，並對更多忠誠會員推動我們業務可持續成長所帶來的長期利益感到興奮。

Our own brands provide members with high-quality products at spectacular value.

我們自己的品牌為會員提供物超所值的高品質產品。

We are elevating our offering where we see opportunity.

我們在看到機會的地方提升我們的產品。

Our snack nuts program, which we recently relaunched is a great example as one of our best-performing owned brand categories in the third quarter.

我們最近重新推出的零食堅果計畫就是一個很好的例子，它是我們第三季表現最好的自有品牌類別之一。

We spent months refreshing our assortment, elevating the quality, especially in our almonds and cashews and improving the packaging for better aesthetics and functionality, all while continuing to offer our strong club value.

我們花了幾個月的時間更新我們的品種，提高質量，特別是杏仁和腰果，並改進包裝以獲得更好的美觀和功能，同時繼續提供我們強大的俱樂部價值。

We're just about 1 full quarter in, and we're already happy with the level of member engagement.

我們已經完成了大約 1 個完整季度，我們已經對會員參與感到滿意。

Our third quarter own brands penetration in the category rose over 1,000 basis points.

第三季我們的自有品牌在該類別的滲透率上升了 1,000 個基點以上。

We're growing our own brand sales penetration each quarter and remain confident in our goal of reaching 30% over time.

我們每季都在提高自有品牌的銷售滲透率，並對隨著時間的推移達到 30% 的目標充滿信心。

Our digital business is growing rapidly.

我們的數位業務正在快速成長。

Today, members can save hours on their shopping through digital conveniences such as BOPIC, curbside pickup and same-day delivery.

如今，會員可以透過 BOPIC、路邊取貨和當日送達等數位便利設施節省購物時間。

When in our clubs, they can also leverage our digital coupon gallery and skip the lines with Express Pay checkout.

在我們的俱樂部中，他們還可以利用我們的數位優惠券庫並透過 Express Pay 結帳免排隊。

Adoption rates in these conveniences continue to grow, driving our 30% growth in digitally-enabled comp sales in the third quarter.

這些便利設施的採用率持續成長，推動第三季數位化產品銷售額成長 30%。

While our digital offerings have been available to our members for several years now, we've been constantly refining and tailoring the experience to how our members want to shop, making it even more seamless.

雖然我們的數位產品已經向會員提供多年，但我們一直在根據會員想要的購物方式不斷完善和客製化體驗，使其更加無縫。

For example, our order process has evolved to include the ability to substitute items and allow members to add items to their order after checkout.

例如，我們的訂單流程已經發展到包括替換商品的能力，並允許會員在結帳後將商品添加到訂單中。

We've also enhanced how our team members are fulfilling digital orders through optimized batch orders, AI-enabled pick passing and temperature control safeguarding.

我們也透過優化大量訂單、支援人工智慧的揀選傳遞和溫度控制保障，增強了團隊成員履行數位訂單的方式。

Our efforts have delivered gains in both team member efficiency and member experience, including an estimated 20% reduction in item cancellation rates and meaningful improvements in our member satisfaction scores.

我們的努力提高了團隊成員的效率和會員體驗，包括預計商品取消率降低了 20%，以及會員滿意度分數的顯著提高。

During the holidays, we typically see increased search activity across our digital platforms.

在假期期間，我們通常會看到數位平台上的搜尋活動增加。

We know how important it is for our members to quickly find the products they want and need during this busy time.

我們知道，對於我們的會員來說，在這個繁忙的時期快速找到他們想要和需要的產品是多麼重要。

In preparation, we recently launched a new AI-powered search engine to improve search relevancy and we're already seeing better member engagement and conversion.

為了做好準備，我們最近推出了一個新的人工智慧搜尋引擎來提高搜尋相關性，並且我們已經看到了更好的會員參與度和轉換率。

We will continue to adapt and enhance our digital conveniences to deliver greater value to our members.

我們將繼續調整和增強我們的數位便利設施，為我們的會員提供更大的價值。

Finally, we're making great progress on our real estate strategy, opening 3 new clubs and 4 gas stations in the third quarter.

最後，我們的房地產策略取得了巨大進展，在第三季開設了 3 個新俱樂部和 4 個加油站。

We recently opened our membership center in Louisville, Kentucky as we prepare for entry into our 21st state in a couple of months.

我們最近在肯塔基州路易斯維爾開設了會員中心，為幾個月後進入我們的第 21 個州做準備。

During the fourth quarter, we will bring our total club count to over 250 clubs, a year ahead of our original goal.

第四季度，我們的俱樂部總數將達到 250 多個，比我們最初的目標提前一年。

While the recent hurricanes have caused some minimal delays in our timeline, we are on pace to open 8 more clubs by the time of our next earnings call.

雖然最近的颶風對我們的時間表造成了一些輕微的延遲，但我們計劃在下次財報電話會議之前再開設 8 個俱樂部。

Based on the engagement we've seen with membership sign-ups, our future communities can't wait for us to open.

根據我們在會員註冊中看到的參與度，我們未來的社區迫不及待地等待我們開放。

We're excited about our growing pipeline, which will enable further acceleration of new club openings in the coming years.

我們對不斷增長的管道感到興奮，這將使未來幾年新俱樂部的開幕進一步加速。

Complementing our in-club experience is our fuel business.

我們的燃料業務是對我們俱樂部內體驗的補充。

Gas is yet another great way in which we deliver significant savings to our members, particularly our co-brand credit card holders.

天然氣是我們為會員（特別是我們的聯名信用卡持有者）節省大量費用的另一種好方法。

Because of the strong member loyalty tied to this amenity, we have strategically revisited older stand-alone club locations across the chain to add gas.

由於會員對這項便利設施的忠誠度很高，我們策略性地重新審視了整個連鎖店中較舊的獨立俱樂部地點，以增加天然氣。

This is why our gas station openings have outpaced new club growth over the past several years.

這就是為什麼我們的加油站開業速度在過去幾年裡超過了新俱樂部的成長速度。

In fact, one of the 4 gas flights we opened in the third quarter was in Medford, Massachusetts.

事實上，我們第三季開通的 4 個天然氣航班之一是在麻薩諸塞州梅德福。

BJ's very first club now has a gas station 40 years later.

40 年後，BJ 的第一傢俱樂部如今擁有了加油站。

We're pleased with the continued share gains we're delivering with nearly 3% growth in comp gallons in the third quarter.

我們對市場份額的持續成長感到滿意，第三季的加侖數成長了近 3%。

This compares to the single-digit declines currently being reported by the broader industry.

相比之下，更廣泛的行業目前報告的個位數下降。

As we assess the health of the consumer today, members remain focused on value, and they are increasingly relying on BJ's to attain that value.

當我們評估當今消費者的健康狀況時，會員仍然專注於價值，並且他們越來越依賴 BJ's 來實現這一價值。

We have an advantaged business model that gathers share not just in the good times, but also in times of uncertainty.

我們擁有優勢的商業模式，不僅在經濟繁榮時期，而且在不確定時期也能分享份額。

Our performance in the third quarter validates this very notion where amid some choppy events, we produced year-over-year growth in trips and spend across all high, medium and low-income levels.

我們第三季的業績證實了這一觀點，即在一些動蕩的事件中，我們在所有高、中、低收入水平的旅行和支出上都實現了同比增長。

Our strong value prop is resonating with our entire member base regardless of their financial standing.

我們強大的價值支撐與我們的整個會員群產生共鳴，無論他們的財務狀況如何。

Our third quarter results also underscore our team members' dedication to our purpose of taking care of the families who depend on us.

我們第三季的表現也突顯了我們的團隊成員致力於照顧依賴我們的家庭的目標。

I'm incredibly proud to see them go the extra mile, showing up for our members every day, especially in times of need.

我非常自豪地看到他們加倍努力，每天為我們的會員服務，尤其是在有需要的時候。

In advance of a storm, BJ's is often the last retailer to close and in its wake, often the first to open, making us a reliable destination for our communities.

在暴風雨來臨之前，BJ's 通常是最後一個關門的零售商，而風暴過後，往往是第一個開業的零售商，這使我們成為社區的可靠目的地。

I'd like to thank our team members who navigated the hurricanes and pork led spikes in demand with tremendous grace, working around the clock to support our communities and each other.

我要感謝我們的團隊成員，他們以極大的優雅度過了颶風和豬肉需求激增的考驗，日以繼夜地工作以支持我們的社區和彼此。

Looking ahead, we are confident in our ability to sustainably grow the business, reinforced by strong membership traffic and unit volumes.

展望未來，我們對永續發展業務的能力充滿信心，強勁的會員流量和單位數量將增強此能力。

These remain key markers of the underlying strength of our company.

這些仍然是我們公司潛在實力的關鍵指標。

Furthermore, we believe our operating model, investments in our strategic priorities and unwavering dedication to delivering value keep us well positioned for the future.

此外，我們相信我們的營運模式、對策略重點的投資以及對創造價值的堅定不移的奉獻精神使我們為未來做好了準備。

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。

Thanks, Bob.

謝謝，鮑伯。

I'd also like to thank our team members across our clubs, club support center and distribution centers.

我還要感謝我們俱樂部、俱樂部支援中心和配送中心的團隊成員。

Their outstanding dedication to our company and communities contributed to another strong quarter.

他們對我們公司和社區的傑出貢獻為另一個強勁的季度做出了貢獻。

Let's now review the third quarter results.

現在讓我們回顧一下第三季的業績。

Net sales in the quarter were close to $5 billion increasing 3.4% over the prior year.

該季度淨銷售額接近 50 億美元，比上年增長 3.4%。

Merchandise comp sales, which exclude gas sales, increased by 3.8% year-over-year.

商品銷售（不包括天然氣銷售）年增 3.8%。

Our accelerating traffic and comp unit growth in the quarter serve as a strong testament to members finding significant value in their BJ's membership.

本季流量和補償單位的加速成長有力地證明了會員發現其 BJ 會員資格具有巨大價值。

Total comparable club sales in the third quarter, including gas sales, grew 1.5% year-over-year.

第三季可比俱樂部總銷售額（包括瓦斯銷售額）年增 1.5%。

An approximate 13% year-over-year decline in retail gas price per gallon was partially offset by market share gains with comp gallons growing nearly 3% year-over-year.

每加侖零售汽油價格年減約 13%，但市佔率的成長部分抵消了每加侖汽油零售價格年增近 3% 的影響。

Digitally enabled comp sales in the third quarter grew 30% year-over-year and 47% on a 2-year stack.

第三季數位化銷售年增 30%，兩年成長 47%。

Over 90% of our digital sales are fulfilled by our clubs with services like BOPIC and same-day delivery, which remain meaningful drivers of our digital growth.

我們超過 90% 的數位銷售是由我們的俱樂部透過 BOPIC 和當日送達等服務完成的，這仍然是我們數位成長的重要推動力。

BOPIC alone comprises about half of our digital sales today.

光是 BOPIC 就占我們當今數位銷售額的一半左右。

Our digital offerings is intended to deliver value by maximizing convenience, thereby improving member loyalty.

我們的數位產品旨在透過最大限度地提高便利性來提供價值，從而提高會員忠誠度。

We will continue leaning into these mutually beneficial enhancements in the future.

未來我們將繼續致力於這些互利的增強。

Membership fee income, or MFI, grew 8.4% and to approximately $115 million in the third quarter, driven by strong membership acquisition and retention across the team.

在整個團隊強勁的會員獲取和保留的推動下，第三季度的會員費收入 (MFI) 增長了 8.4%，達到約 1.15 億美元。

We're incredibly pleased with surpassing 7.5 million members this quarter and the strong momentum we are building in membership.

我們對本季超過 750 萬會員以及我們在會員方面建立的強勁勢頭感到非常高興。

Moving on to gross margins.

轉向毛利率。

Excluding the gasoline business, our merchandise gross margin rate increased by approximately 20 basis points year-over-year, led by our continued execution of our long-term initiatives and disciplined cost management.

不包括汽油業務，在我們持續執行長期計劃和嚴格的成本管理的帶動下，我們的商品毛利率同比增長約20個基點。

Last quarter, we highlighted several areas of investment we are making to strengthen our business longer term.

上季度，我們強調了我們為加強長期業務而進行的幾個投資領域。

First, our perishables business continued to drive strong comp sales as we advance our fresh initiatives.

首先，隨著我們推動新舉措，我們的易腐爛業務持續推動強勁的銷售。

While a growing fresh mix is naturally margin rate dilutive, we are committed to growing our fresh business due to its favorable influence on long-term member behavior.

雖然不斷增長的生鮮組合自然會攤薄利潤率，但由於其對長期會員行為的有利影響，我們致力於發展生鮮業務。

Second, we have made considerable progress on executing CMT which, as a reminder, is our end-to-end assortment planning approach to deliver a member relevant assortment that drives profitable sales and market share growth.

其次，我們在執行 CMT 方面取得了相當大的進展，提醒一下，CMT 是我們的端到端品種規劃方法，旨在提供與會員相關的品種，從而推動盈利銷售和市場份額的增長。

At this point, we have rolled out CMT across all of our key grocery and sunrise categories and the initiative is yielding our intended results of better member engagement and share gains.

目前，我們已經在所有主要雜貨和日出類別中推出了 CMT，該計劃正在產生我們預期的結果，即更好的會員參與度和份額收益。

As a result, we're driving structurally better margins too, contributing to our merchandise margin performance in the third quarter.

因此，我們也從結構上推動了利潤率的提高，為第三季的商品利潤率表現做出了貢獻。

SG&A expenses for the quarter were approximately $733.6 million primarily driven by our new unit growth and other investments to drive our strategic priorities as well as an expected increase in accrued incentive compensation.

本季的 SG&A 費用約為 7.336 億美元，主要是由我們的新單位成長和其他投資推動的，以推動我們的策略重點以及應計激勵薪酬的預期成長。

We also benefited from the net impact of legal settlements of approximately $20 million in the quarter, partially offsetting the SG&A deleverage as a percent of net sales.

我們也受惠於本季約 2,000 萬美元的法律和解淨影響，部分抵銷了 SG&A 去槓桿化佔淨銷售額的百分比。

Our third quarter adjusted EBITDA grew 13.5% year-over-year to $308.3 million.

第三季調整後 EBITDA 年成長 13.5%，達到 3.083 億美元。

As a reminder, our calculation no longer includes preopening and noncash rent expense add-backs.

提醒一下，我們的計算不再包括預開業和非現金租金費用加回。

All in, our third quarter adjusted earnings per share of $1.18 increased by approximately 18% year-over-year, reflecting the underlying growth in our business.

總而言之，我們第三季調整後每股收益為 1.18 美元，年增約 18%，反映了我們業務的基本成長。

Strong gas profitability also contributed to overall profits that exceeded our expectations in the quarter.

強勁的自然獲利能力也導致本季整體利潤超出我們的預期。

Excluding the effects of the port strike, hurricane and net impact of legal settlements, our third quarter results were slightly better than expected.

排除港口罷工、颶風和法律和解的淨影響，我們第三季的業績略優於預期。

Let's move on to our balance sheet.

讓我們繼續看看我們的資產負債表。

We ended the third quarter with absolute inventory levels, up 3% year-over-year and flat on a per club basis with 9 more clubs in our chain today compared to a year ago.

截至第三季末，我們的絕對庫存水準年增 3%，按俱樂部計算持平，與去年同期相比，今天我們連鎖店中的俱樂部數量增加了 9 個。

I'm especially proud of the team's work in the third quarter in allocating the right amount of product to the right clubs at the right time.

我對團隊在第三季的工作感到特別自豪，他們在正確的時間向正確的俱樂部分配了正確數量的產品。

Despite the inventory challenges caused by the port strike led demand, we improved our in-stock levels by approximately 70 basis points over the same period last year.

儘管港口罷工導致需求帶來庫存挑戰，但我們的庫存水準比去年同期提高了約 70 個基點。

Our capital allocation strategy is consistent with our historical framework.

我們的資本配置策略與我們的歷史框架一致。

We believe that the best use of our cash is applying it towards profitably growing the business.

我們相信，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.

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。

We ended the third quarter with half a turn of net leverage.

第三季結束時，我們的淨槓桿率增加了一半。

Returning excess cash to shareholders remains an important part of our capital allocation strategy as well.

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。

In the third quarter, we repurchased nearly 680,000 shares for approximately $58.2 million.

第三季度，我們以約 5,820 萬美元回購了近 68 萬股。

With our existing share repurchase program expiring in January, we announced today that the Board has approved a new $1 billion share repurchase program effective February 1, 2025.

由於我們現有的股票回購計劃將於 1 月份到期，我們今天宣布董事會已批准一項新的 10 億美元股票回購計劃，該計劃將於 2025 年 2 月 1 日生效。

We will continue to take a disciplined approach to deploying our capital to maximize shareholder value.

我們將繼續採取嚴格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.

轉向我們的展望。

We are raising full year fiscal 2024 guidance to reflect the third quarter results.

我們正在上調 2024 財年全年指引，以反映第三季的業績。

We expect our fourth quarter 2024 comp sales, excluding gas, to grow between 2.5% and 3%, bringing us above the high end of our original full year guidance range.

我們預計 2024 年第四季的公司銷售額（不包括天然氣）將成長 2.5% 至 3%，使我們高於原來的全年指導範圍的上限。

This remains consistent with our original expectations of getting closer to our long-term algo comps by year-end.

這與我們最初的預期一致，即在年底前更接近我們的長期演算法比較。

We continue to navigate an uncertain economic backdrop but expect our strong value proposition to drive traffic and market share especially through the holidays.

我們繼續應對不確定的經濟背景，但預計我們強大的價值主張將推動流量和市場份額，尤其是在假期期間。

In the fourth quarter, we have also embedded a little bit of unwind in port strike led sales from the third quarter.

在第四季度，我們也對第三季港口罷工主導的銷售進行了一些放鬆。

We are proud of our achievements in membership, which has performed better than our expectations and our long-term algo this year.

我們對我們在會員方面所取得的成就感到自豪，今年的表現比我們的預期和我們的長期演算法都要好。

We expect to end the year strong despite continued moderation in the year-over-year growth rate and minimal impact from the fee increase in the fourth quarter.

儘管同比成長率持續放緩且第四季費用上漲的影響微乎其微，但我們預計今年將表現強勁。

We anticipate that any fee increase related MFI will be invested back into our value prop, consistent with our philosophy.

我們預計，任何與小額信貸機構相關的費用增加都將投資回我們的價值支柱，這與我們的理念是一致的。

Our fiscal 2024 merchandise gross margin expectations remain unchanged at approximately flat year-over-year as we execute on our long-term initiatives while investing in the business.

由於我們在投資業務的同時執行長期計劃，我們對 2024 財年的商品毛利率預期保持不變，與去年同期基本持平。

Consistent with the first 3 quarters of the year, we are planning SG&A deleverage for the fourth quarter of fiscal 2024 as we invest in growth initiatives, particularly in unit growth and new club sales ramp over a multiyear period.

與今年前三個季度一致，我們計劃在 2024 財年第四季度進行銷售、管理和行政費用去槓桿化，因為我們投資於增長計劃，特別是多年期間的單位增長和新俱樂部銷售增長。

While these investments have tempered our earnings power in the near term, we have high conviction that this is the right thing to do for the long term.

雖然這些投資在短期內削弱了我們的獲利能力，但我們堅信，從長遠來看，這是正確的做法。

A reminder that we are also lapping variable compensation tailwinds from the fourth quarter of last year.

提醒我們，我們也從去年第四季開始受益於可變薪酬的順風。

Subsequent to quarter end, we opportunistically repriced our $400 million term loan to provide for a 25-basis point reduction in our spread, the equivalent of approximately $1 million in annual interest savings.

季度末後，我們機會性地重新定價了 4 億美元的定期貸款，以將利差降低 25 個基點，相當於每年節省約 100 萬美元的利息。

We are planning for an effective tax rate of approximately 28% in the fourth quarter.

我們計劃第四季的有效稅率約為 28%。

Finally, we expect adjusted EPS to range from $0.78 to $0.88 in the fourth quarter and $3.90 to $4 for the full year of fiscal 2024 at the high end of our original range of $3.75 to $4.

最後，我們預計第四季度調整後每股收益將在0.78 美元至0.88 美元之間，2024 財年全年調整後每股收益將在3.90 美元至4 美元之間，處於我們最初範圍3.75 美元至4美元的上限。

Please also recall that we are lapping a 53rd REIT from the fourth quarter of last year that contributed approximately $350 million of net sales and $0.10 of earnings per share.

請同時記住，我們正在收購去年第四季以來的第 53 個房地產投資信託基金，該基金貢獻了約 3.5 億美元的淨銷售額和 0.10 美元的每股收益。

Longer term, we remain confident in the underlying strength of our business and believe we are well positioned to deliver sustainable growth to maximize shareholder value.

從長遠來看，我們對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，從而最大限度地提高股東價值。

Bob, back over to you.

鮑勃，回到你身邊。

Thanks, Laura.

謝謝，勞拉。

We continue to transform our business, investing in great talent and executing on a prudent strategy focused on delivering great value and driving long-term growth.

我們持續進行業務轉型，投資優秀人才並執行審慎的策略，專注於提供巨大價值並推動長期成長。

We are unified by our purpose of taking care of the families who depend on us.

我們的共同目標是照顧依賴我們的家庭。

We will grow the size and quality of our membership.

我們將擴大會員規模並提高會員品質。

We will offer an unbeatable member experience through our merchandising improvements.

我們將透過我們的銷售改進來提供無與倫比的會員體驗。

We will provide more digital conveniences to save our members' money and time, and we will profitably grow our footprint.

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。

Thanks again for joining us today and for your support of BJ's Wholesale Club.

再次感謝您今天加入我們並感謝您對 BJ's Wholesale Club 的支持。

We will now take your questions.

我們現在將回答您的問題。

(Operator Instructions)

（操作員說明）

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

First just around kind of the membership, the 7.5 million members, you said 39% are at the higher tier.

首先是會員類型，750 萬會員，你說 39% 屬於較高階層。

I just wanted to clarify, is that the right way to think about maybe the number of members that are paying $110 right now?

我只是想澄清一下，這樣考慮現在支付 110 美元的會員數量是否正確？

It's a little less than 3 million members that will be going to $120?

會員人數不到 300 萬，就要花 120 美元？

Or is it the subsector or a subset of that group?

或者它是該群體的子部門或子集？

And how are you thinking about attrition rates?

您如何看待員工流動率？

That's my first question.

這是我的第一個問題。

Peter, thanks for the question.

彼得，謝謝你的提問。

Look, we're thrilled about our membership performance so far there, as we talked about in previous quarters and in today's call so far.

看，我們對迄今為止的會員表現感到興奮，正如我們在前幾個季度和今天的電話會議中所討論的那樣。

Our team has done a fantastic job growing the size of our membership, growing the quality of the membership.

我們的團隊在擴大會員規模、提高會員品質方面做得非常出色。

We've got all-time high renewal rates.

我們的續訂率創歷史新高。

The behavior of our members is improving every day and that gives us the confidence to announce the fee increase that we announced today.

我們會員的行為每天都在改善，這讓我們有信心宣布今天宣布的費用增加。

Your question on the higher tier members.

您關於高級會員的問題。

Obviously, those are our best members.

顯然，這些都是我們最好的成員。

They visit us most often.

他們最常拜訪我們。

They spend the most when they're with us.

當他們和我們在一起時，他們花費最多。

They engage with all of our digital properties.

他們參與我們所有的數位資產。

They are really high lifetime value members.

他們確實是高終身價值的會員。

And as you know, that's a mix of folks that pay the base membership fee and hold a credit card or a co-branded credit card and those folks that either or both pay the higher membership fee and hold a credit card.

如您所知，這是支付基本會員費並持有信用卡或聯名信用卡的人以及支付較高會員費並持有信用卡的人的混合體。

So it's -- it is quite a bit of a mix.

所以這有點混合。

That population has been growing really, really nicely over the past several years.

在過去的幾年裡，人口成長得非常非常快。

And we see a path to grow it even further and faster than we have in the past on the back of the increased value proposition that we're putting forward as part of a reset with 2, 3 same-day deliveries as well as all the past investments we've made and not to mention our co-brand credit card.

我們看到了一條比過去更進一步、更快發展的道路，這是在我們提出的增加價值主張的基礎上，作為重置的一部分，2、3次當日送貨以及所有我們過去所做的投資，更不用說我們的聯名信用卡了。

So we're really thrilled with the performance from our entire team around the membership area of our business.

因此，我們對整個團隊在會員業務領域的表現感到非常興奮。

It's the most important part of what we do, and we're excited about the future.

這是我們工作中最重要的部分，我們對未來感到興奮。

Maybe I'll let Laura jump in.

也許我會讓蘿拉跳進去。

Yes.

是的。

The thing I would add on top of that just for clarity purposes.

為了清楚起見，我會在此基礎上添加一些內容。

I think when we think about the fee increase that we're putting in, in January, there's a little bit of that, that flows in to this year, very small.

我認為，當我們考慮一月份的費用增加時，有一點會流入今年，非常小。

But for next year, I would think about that as about $20 million on an annual basis.

但對於明年，我認為每年約 2000 萬美元。

That will be back half weighted.

這將返回一半加權。

As you know, it will ramp over the course of the year as those dollars flow through.

如您所知，隨著這些美元的流入，它會在一年中不斷增加。

And we intend to run a very similar playbook to what we've done in the past.

我們打算運行一個與我們過去所做的非常相似的劇本。

We will invest that back in the business and our members and make sure we continue to fuel the business going forward.

我們會將其投資回業務和我們的會員，並確保我們繼續推動業務向前發展。

Got it.

知道了。

Okay.

好的。

That's helpful.

這很有幫助。

My next question is to follow-up just on kind of the pace of SG&A growth going forward, you're investing in clubs.

我的下一個問題是跟進 SG&A 未來成長的步伐，你正在投資俱樂部。

You talk about how that kind of impacts a little bit the near-term earnings as you kind of open these, you've got preopening expense.

你談到了當你打開這些時，這會對近期收益產生怎樣的影響，你有開業前的費用。

Maybe just talk to us about the pace of SG&A growth going forward, what level of merch comp you would envision needing to I guess, hold that line steady as a percentage of sales.

也許只是和我們談談未來的 SG&A 成長速度，您認為需要什麼水平的商品補償，我猜，保持該線佔銷售額的百分比穩定。

Just however you want to frame it, but just curious kind of the longer-term view on SG&A from here.

不管你想如何描述它，但只是從這裡對 SG&A 的長期觀點感到好奇。

Yes.

是的。

Look, I think as we step back and look at the business, you know the story on growing our unit base and so that's an important piece of our strategic priorities as we look forward for the long term.

聽著，我認為當我們退後一步審視業務時，您會知道擴大我們的單位基礎的故事，因此這是我們展望長期戰略重點的重要組成部分。

That does provide some SG&A deleverage.

這確實提供了一些SG&A去槓桿化。

Recall, we've talked about those clubs take a number of years to ramp and so as we've ramped our pace of openings, that SG&A leverage is -- or deleverage is coming through.

回想一下，我們已經討論過這些俱樂部需要數年時間才能壯大，因此，當我們加快開業步伐時，SG&A 槓桿正在實現，或者說去槓桿化正在實現。

We will come back to you all in March when we talk about full year and set next year as we think about forward-looking margin structure and SG&A for next year.

我們將在 3 月再次與大家見面，屆時我們將討論全年並設定明年，因為我們將考慮明年的前瞻性利潤結構和 SG&A。

But I would expect there's deleverage as we said in the prepared remarks, for Q4 that we've seen all year this year.

但我預計，正如我們在準備好的發言中所說，今年全年我們都會看到第四季的去槓桿化。

Pete, maybe I'll just add a little bit.

皮特，也許我會補充一點。

This is another area where we're incredibly proud of the progress we've made over the past several years.

這是我們對過去幾年的進步感到無比自豪的另一個領域。

Bill and his team and our whole team really -- not only have we gone from opening no clubs to about 10 a year, but we're doing it in an incredibly effective fashion.

比爾和他的團隊以及我們整個團隊確實——我們不僅從不開設俱樂部發展到每年大約 10 個俱樂部，而且我們正在以一種非常有效的方式做到這一點。

We're able to do it in big chunks as well.

我們也能夠大批量地做到這一點。

And we talked about opening a few clubs in Q3, we will open several sort of all at the same time.

我們談到了在第三季開設一些俱樂部，我們將同時開設多種俱樂部。

That's a huge lift for any organization, but certainly an organization like ours that's learning how to do it.

這對任何組織來說都是一個巨大的提升，但對於像我們這樣正在學習如何做到這一點的組織來說無疑是這樣。

And we're really pleased with the performance of the team.

我們對團隊的表現非常滿意。

We're really pleased with the performance of those new clubs that have come online.

我們對那些上線的新俱樂部的表現非常滿意。

And it's really, as I think about the long-term growth of the company, while it will -- all the depreciation coming in and the explodes from these clubs coming in will pressure our near-term earnings potential. 3, 4, 5 years from now, we will be absolutely ecstatic that we did it this way.

事實上，當我考慮公司的長期成長時，儘管它會——所有的貶值和這些俱樂部的爆炸式增長都會給我們的近期盈利潛力帶來壓力。 3年、4年、5年後，我們一定會為自己這樣做而欣喜若狂。

And -- so as Laura said, we'll talk about next year when we get to the fourth quarter call.

正如勞拉所說，我們將在明年第四季電話會議時討論這個問題。

But that is part of the reason why we issued the guidance we issued for Q4, as we will open a bunch of these new clubs in the next few weeks, which will pressure Q4 a bit.

但這就是我們發布第四季度指導的部分原因，因為我們將在接下來的幾週內開設一些新俱樂部，這將給第四季度帶來一些壓力。

While we're on that topic, maybe I'll ask Bill if he has anything to add.

當我們討論這個主題時，也許我會問比爾是否有什麼要補充的。

Yes, I'd say we're excited about what's going forward.

是的，我想說我們對未來的發展感到興奮。

I think, Peter, we've talked about this a little bit with the investment community.

我想，彼得，我們已經與投資界討論過這個問題。

But the other thing I would just comment on the SG&A piece, as specifically as we think about new clubs, is that we've -- we've purposely shifted to the model of buying the land, building the buildings ourselves and then owning the real estate.

但我想對 SG&A 部分發表評論的另一件事，特別是當我們考慮新俱樂部時，我們已經有意轉向購買土地、自己建造建築物然後擁有的模式。

And while that does come with some incremental pressure on the front end, it certainly creates a ton of shareholder value over the long term, and we'll continue to evaluate the overall capital structure position in terms of how much real estate we want to keep on the books.

雖然這確實會給前端帶來一些增量壓力，但從長遠來看，它肯定會創造大量股東價值，我們將繼續根據我們想要保留多少房地產來評估整體資本結構狀況在書本上。

But we have a ton of flexibility at this point to make those decisions as we go forward.

但目前我們有很大的彈性來在前進過程中做出這些決定。

As we think about the right investment to keep on the balance sheet vis-a-vis the right level of expense trend to come through the P&L on the investment side.

當我們考慮在資產負債表上保留的正確投資以及透過投資方面的損益表得出的正確費用趨勢水準。

So more to come on that.

所以還有更多的事情要做。

But again, to just reiterate Bob's point, really proud of the team and across the board, we've spent the last handful of years building this muscle in terms of opening new clubs, opening them well.

但再次重申鮑勃的觀點，我們真的為球隊和全面感到自豪，我們在過去的幾年裡在開設新俱樂部方面建立了這種力量，並且很好地開放了它們。

We've seen great results.

我們已經看到了很好的結果。

One of our Q3 clubs is already across the 52-week membership goal.

我們的第三季俱樂部之一已經實現了 52 週的會員目標。

As we look forward to the clubs that we're going to open in Q4, 2 of them are -- 2 of our [organic] clubs are already ahead of their preopening goals.

當我們期待將在第四季度開業的俱樂部時，其中 2 個——我們的 [有機] 俱樂部中有 2 個已經提前實現了開業前的目標。

So we've seen strong membership demand across the board, which, again, just speaks to the value that we bring to the communities and the real desire to see us open.

因此，我們看到了全面的強勁會員需求，這再次說明了我們為社區帶來的價值以及看到我們開放的真正願望。

So we're excited for what's ahead here.

因此，我們對即將發生的事情感到興奮。

Robby Ohmes, Bank of America.

羅比·歐姆斯，美國銀行。

Two questions.

兩個問題。

One, just on for the fourth quarter guide.

一，剛發布第四季指南。

What's the holiday assumption for that 2.5% to 3% comps?

2.5% 至 3% 的假期假設是​​多少？

What's the general merchandise comp assumption in there?

其中的一般商品比較假設是什麼？

Is it general merchandise comps expected to accelerate solidly from what you did in the third quarter?

與第三季相比，百貨公司的業績預計會穩定成長嗎？

Any color to that also mix of digital versus in-store that you expect?

您期望數字與實體店的混合有什麼顏色嗎？

And maybe remind us whether that matters a lot to your margins if it ends up being more digital than in-store.

也許可以提醒我們，如果最終比店內更數位化，這對你的利潤是否很重要。

And then maybe for Laura, just the fresh initiatives.

也許對勞拉來說，只是新的舉措。

I don't know if you can give us any more color on the margin impact assumed for that in the fourth quarter?

我不知道您是否可以給我們更多關於第四季度假設的利潤影響的資訊？

And any thoughts for next year that we should be thinking about on fresh impact on margins next year.

以及我們應該考慮明年對利潤率的新影響的任何想法。

Yes.

是的。

Thanks, Robby.

謝謝，羅比。

Good questions.

好問題。

As we think about Q4, certainly a lot to take in, given the holiday shift and coming out of the election and the weather we've seen here in the Northeast and all sorts of different things to get through.

當我們考慮第四季度時，考慮到假期的轉變和選舉的結束，以及我們在東北部看到的天氣以及需要經歷的各種不同的事情，當然有很多事情需要考慮。

But overall, we're cautiously optimistic.

但整體而言，我們持謹慎樂觀的態度。

We feel like we've got the right assortment out in front of our members.

我們覺得我們已經在會員面前提供了正確的產品組合。

We're very proud of what the general merchandise team has put out there as I traveled clubs in the last couple of weeks, it all looks great.

我們對百貨團隊在過去幾週走訪俱樂部時所推出的商品感到非常自豪，一切看起來都很棒。

Our ops team has merchandised it very well for our members and our members are in those aisles shopping as I've traveled.

我們的營運團隊為我們的會員很好地推銷了它，正如我所旅行的那樣，我們的會員也在那些過道裡購物。

So I think we're pleased.

所以我想我們很高興。

We certainly got the traffic in our business to support that.

我們的業務當然有流量來支持這一點。

And it's obviously driven by the fresh business, as we talked about a little bit earlier.

正如我們之前談到的，這顯然是由生鮮業務推動的。

But as folks are coming in for their holiday food shop, I expect them to be in our general merchandise as well.

但隨著人們來到假日食品店，我希望它們也會出現在我們的日用百貨中。

I would expect a better performance in GM in Q4 versus Q3.

我預計通用汽車第四季的表現會比第三季更好。

We had some weather noise in Q3 given the abnormally warm fall and a few other items in the third quarter, but we really are happy about what we've got on the floor for Q4.

考慮到第三季異常溫暖的秋季和其他一些因素，我們在第三季遇到了一些天氣噪音，但我們對第四季的情況感到非常滿意。

And hopefully, our members respond in the way that in the way that we expect them to do.

希望我們的成員能夠以我們期望的方式回應。

Our digital business is frankly on fire at this point, putting up 30% growth this past quarter on top of huge growth the previous quarter -- previous year in the same quarter.

坦白說，我們的數位業務目前正火熱進行中，在上一季（去年同季）大幅成長的基礎上，上一季實現了 30% 的成長。

We're really doing a great job saving our members' time through our all of our digital properties.

透過我們所有的數位資產，我們確實在節省會員時間方面做得非常出色。

I see great growth in the use of our app, great growth in the use of ExpressPay to skip the lines at checkout.

我看到我們的應用程式的使用量有了很大的增長，使用 ExpressPay 來跳過結帳排隊的人數也有了很大的增長。

And our members are really telling us all the time that we're helping them save time as they do that.

我們的會員一直告訴我們，我們正在幫助他們節省時間。

So it is a little bit more costly in some of those things.

因此，其中一些事情的成本要高一些。

Certainly, as we're picking orders, that causes a little bit more labor, but the baskets are bigger in digital orders and folks that interact with us digitally tend to have more incremental shopping beer and better renewal rates as well.

當然，當我們挑選訂單時，這會導致更多的勞動力，但數位訂單的籃子更大，與我們進行數位互動的人往往會擁有更多的增量購物啤酒和更好的續約率。

And so if we have to invest a little bit more in labor, we're happy to do that for the long term.

因此，如果我們必須在勞動力方面多投資一點，我們很樂意長期這樣做。

And maybe, Laura, why don't you tackle the first question?

也許，蘿拉，你為什麼不解決第一個問題呢？

You recall in Q3, we talked a lot about our fresh story.

你還記得在第三季度，我們談了很多我們的新鮮故事。

And as we've seen that ramping through our business at a faster pace than we expected.

正如我們所看到的，我們的業務發展速度比我們預期的要快。

We saw that business to continue to do very well in the third quarter, as we talked about in the prepared remarks.

正如我們在準備好的評論中談到的那樣，我們看到該業務在第三季度繼續表現出色。

That business does come at a lower margin rate just by the natural structure of it.

由於其自然結構，該業務的利潤率確實較低。

But we continue to think that it's important for the long term for our members to engage in that category.

但我們仍然認為，從長遠來看，我們的會員參與該類別很重要。

And we know if our members engage in the fresh category, they are more likely to expand their basket over time and shop more frequently, all of which are important to the life cycle of membership.

我們知道，如果我們的會員參與生鮮品類，他們更有可能隨著時間的推移擴大購物籃並更頻繁地購物，所有這些對於會員的生命週期都很重要。

If they have bigger baskets and they shop more frequently, they are more likely to renew.

如果他們的購物籃更大且購物更頻繁，他們更新的可能性就更大。

So we feel really good about that business. we continue to see it trending well and expect it will do so in the future.

所以我們對這項業務感覺非常好。我們繼續看到它的趨勢良好，並預計未來也會如此。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Bob, I was curious if you could just take a step back and maybe talk about the timing of the fee increase as it pertains to why it's right for your company today.

鮑勃，我很好奇您是否可以退後一步，談論費用增加的時間，因為這與為什麼今天適合您的公司有關。

And as part of this, could you talk about first year retention rates, trend in discounting related to signing up members?

作為其中的一部分，您能否談談第一年的保留率以及與註冊會員相關的折扣趨勢？

And just kind of what I'm getting at is just a bit more detail around how you're feeling about the momentum of new member growth?

我想說的是，您對新會員成長動能的感受如何？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

I'll take the last part of the question first.

我先回答問題的最後一部分。

We feel really bullish about our momentum from a membership perspective.

從會員的角度來看，我們對我們的勢頭感到非常樂觀。

I was asked recently what the biggest unlock in our company has been over the past several years, and it has been exactly this point, the ability to grow our membership period, but also specifically to do it in comp clubs, right?

最近有人問我，過去幾年我們公司最大的解鎖是什麼，而正是這一點，能夠延長我們的會員期限，而且還特別是在競爭俱樂部中做到這一點，對嗎？

Our team has done a nice job figuring out the right mix of ways to interact with potential new members.

我們的團隊在找出與潛在新成員互動的正確方式組合方面做得很好。

And then once they're signed up to engage those new members.

然後，一旦他們簽約，就可以吸引這些新成員。

And that's really allowed us to put up some of the numbers that we've been putting up quarter after quarter and year after year.

這確實讓我們能夠公佈一些我們逐季、年復一年公佈的數字。

We're incredibly proud of the team for doing that.

我們為團隊做到這一點感到無比自豪。

It is it's quite possibly the thing that I'm most excited about in running the company.

這很可能是我在經營公司過程中最興奮的事。

Obviously, membership underlies everything we do.

顯然，會員資格是我們所做一切的基礎。

And whether it's our ability to sign up new members or renew the ones that we have, the team has made just incredible gains in the last several quarters and the last couple of years.

無論是我們簽約新成員還是續約現有成員的能力，團隊在過去幾季和過去幾年都取得了令人難以置信的進步。

Our first year renewal rates are at all-time highs.

我們的第一年續訂率處於歷史最高水準。

They have a 7 handle on them.

他們的手柄上有一個 7 號手柄。

That's as high as we've ever seen them.

這是我們見過的最高水平。

We've got another good year on tap from a tenured renewal rate as well.

我們的終身續約率也將迎來另一個好年。

And that's really a testament to the overall business that we're running, right?

這確實證明了我們正在運營的整體業務，對嗎？

We're finding the members to sign up.

我們正在尋找會員來報名。

We are engaging them at the right time.

我們在正確的時間與他們接觸。

And we are continually showing them value, saving them time through our digital properties and putting fantastic assortments in front of them.

我們不斷向他們展示價值，透過我們的數位資產節省他們的時間，並將精彩的品種擺在他們面前。

So I think we really do have that flywheel going in this part of our business, and hopefully, we can build upon that in the rest of our business.

因此，我認為我們確實在這部分業務中使用了飛輪，並希望我們可以在其餘業務中以此為基礎。

As it leads into this fee increase discussion.

因為它導致了關於費用增加的討論。

We think this is the right time for all the reasons I talked about in the prepared part of the call today.

出於我在今天電話會議的準備部分中談到的所有原因，我們認為現在是正確的時機。

We have invested an incredible amount in our business over the past 7 years since our last fee increase.

自上次費用上漲以來，過去 7 年我們在業務上投入了大量資金。

And I gave you some of those data points.

我給了你一些數據點。

They're fairly powerful when we look at it.

當我們看到它們時，它們相當強大。

And we have been hearing from our members that we're doing a great job.

我們從會員那裡得知我們做得很好。

They're certainly showing us that through their performance and their behaviors.

他們確實透過他們的表現和行為向我們展示了這一點。

And frankly, we don't want to disrupt the momentum that we have out there.

坦白說，我們不想破壞我們現有的勢頭。

But I think the behaviors that we're seeing today would tell us that there's little disruption to come.

但我認為我們今天看到的行為會告訴我們，未來不會有什麼幹擾。

We've done a nice job, as I said, getting them integrated into our business and renewing them well.

正如我所說，我們做得很好，將它們融入我們的業務並很好地更新。

There's always a little risk from a renewal rate perspective when you raise the fee, but I would imagine this time around, given the performance of our business in general, that it will be significantly less risk than the last time that we raised the fees.

從續約率的角度來看，當您提高費用時，總是存在一些風險，但我想，考慮到我們業務的整體表現，這次的風險將比上次提高費用時的風險要小得多。

And so we're pretty bullish on our ability to do it.

因此，我們非常看好我們的能力。

And we're doing it really because it will allow us to invest further into the value of a BJ's membership.

我們這樣做的真正目的是因為這將使我們能夠進一步投資於 BJ 會員的價值。

We will continue to raise our labor rates and our labor hours in the clubs in order to best service our members and do things like the digital conveniences and obviously, fresh has a higher component of labor to it than other parts of our business.

我們將繼續提高俱樂部的人工費率和工作時間，以便為我們的會員提供最好的服務，並做諸如數字便利之類的事情，顯然，新鮮的勞動力比我們業務的其他部分更高。

It will allow us to really focus even harder on the value that we provide in terms of price and promotion and invest in other areas of our business as well.

這將使我們能夠真正更加專注於我們在價格和促銷方面提供的價值，並投資於我們業務的其他領域。

So I think it's the right time.

所以我認為現在是時候了。

I think we're very, very happy with the momentum that we have, and I don't see that momentum slowing down.

我認為我們對我們所擁有的勢頭非常非常滿意，而且我認為這種勢頭不會放緩。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

The first question I wanted to ask was just about your comments around adding gas stations to existing clubs.

我想問的第一個問題是關於您對向現有俱樂部添加加油站的評論。

We wondered what kind of lift you see to membership and/or comps?

我們想知道您對會員資格和/或獎金有何提升？

And how big of an opportunity could that be going forward?

未來會有多大的機會？

Thanks for the question.

謝謝你的提問。

This has been an interesting thing to put a gas station in a club like Metro Massachusetts that's 40 years old.

在像 Metro Massachusetts 這樣擁有 40 年歷史的俱樂部裡設立一個加油站是一件很有趣的事。

It was a little bit of a feat of engineering, and it's obviously always an interesting proposition to get the zoning approval from the relevant authorities to put guests in the ground anywhere, but never mind in the way that we did it.

這是一個工程上的壯舉，顯然，獲得有關當局的分區批准將客人安置在任何地方總是一個有趣的提議，但不要介意我們這樣做的方式。

And we'll continue to do that because we do see a big benefit in the performance.

我們將繼續這樣做，因為我們確實看到了性能上的巨大好處。

I would venture to say every club that we have that has gas performs better than similar clubs without gas.

我敢說，我們擁有的每一個有氣體的俱樂部都比沒有氣體的類似俱樂部表現得更好。

And they do it in the 2 ways that are most important.

他們以兩種最重要的方式做到這一點。

They comp better and membership renewal rates are higher.

他們的待遇更好，會員續約率也更高。

You know that gas is probably the best way to show value out there.

您知道天然氣可能是展示價值的最佳方式。

Everybody knows a good gas price because there's a sign on every street corner.

每個人都知道良好的汽油價格，因為每個街角都有一個標誌。

And we tend to have better prices than the Street.

而且我們的價格往往比街上更好。

And we then layer on all sorts of gas discounts on top of it up to $0.15 a gallon with our top-tier credit card.

然後，我們還可以使用我們的頂級信用卡享受各種汽油折扣，最高可達每加侖 0.15 美元。

So we take a great price and making an outstanding value that way.

因此，我們採取了優惠的價格，並以這種方式創造了卓越的價值。

And so it's a great way to show value.

因此，這是展示價值的好方法。

It's a great way to get people in our parking lots.

這是吸引人們進入我們停車場的好方法。

It's a great way to get people shopping in our buildings as well.

這也是吸引人們在我們的建築內購物的好方法。

And we'll generally add gas just about anywhere we can figure out how to do it, whether it's with a new club or with an existing club, whether it's on the pad or shortly off the pad, because we do think it really improves the trend of the club.

我們通常會在任何我們能弄清楚如何做到這一點的地方添加氣體，無論是使用新球桿還是現有球桿，無論是在墊上還是很快離開墊，因為我們確實認為它確實改善了俱樂部的趨勢。

Bill's team has done an outstanding job finding ways to do this and going back and sort of mining our existing club infrastructure to see if we can figure out ways to do it, and we'll continue to do that for the foreseeable future.

比爾的團隊做得非常出色，他們找到了實現這一目標的方法，並回過頭來挖掘我們現有的俱樂部基礎設施，看看我們是否能找到實現這一目標的方法，在可預見的未來，我們將繼續這樣做。

And then we just wanted to ask a question on the CMP initiative.

然後我們只是想問一個關於 CMP 倡議的問題。

You mentioned you're through grocery and sundries.

你提到你正在買雜貨和雜貨。

We wondered if you're ahead of where you thought you'd be when you spoke to at the end of the second quarter?

我們想知道您是否已經超越了您在第二季末接受採訪時的預期？

And if there is an end date of when you're through and when these costs will persist into '25?

如果有結束日期，以及這些費用何時會持續到 25 年？

That's a great question.

這是一個很好的問題。

CMP, I don't think we'll ever really stop.

CMP，我認為我們永遠不會真正停止。

It will ultimately become embedded in the way that our merchandising team goes to work every day.

它最終將融入我們的銷售團隊每天的工作方式。

We -- relative to your cost question, we did have some external help in this up and running and the costs that are running through the P&L today are representative of that.

相對於您的成本問題，我們在啟動和運行方面確實得到了一些外部幫助，今天損益表中運行的成本就代表了這一點。

Over time, that will that cost will fall off, and it will be our internal team that's doing it.

隨著時間的推移，成本將會下降，而這將由我們的內部團隊來做。

It's a great program.

這是一個很棒的節目。

It is yielding very good results.

它正在產生非常好的結果。

Those categories that have gone through the CMP process in the aggregate are doing better than those that haven't.

整體而言，那些經歷過 CMP 流程的品類比那些沒有經歷過的品類做得更好。

We'll continue to go through those categories that haven't been through CMP were sort of tinkering with other categories that are harder to put through the type of a model, like our perishable categories, given the volatility and the seasonality and things in perishables.

我們將繼續檢查那些尚未經過 CMP 的類別，這些類別是對其他更難通過模型類型的類別進行的修補，例如我們的易腐爛類別，考慮到易腐爛物品的波動性、季節性和事物。

But the core tenets of -- let's look at the data and understand what our members actually want from us from an assortment perspective and figure out the right cost to buy it at are relevant in every category in the building.

但核心原則是——讓我們看看數據，從分類的角度了解我們的會員實際上想從我們這裡得到什麼，並找出購買它的正確成本，這些原則與建築物中的每個類別都相關。

And so whether we run it through the official CMP route or not.

因此，無論我們是否通過官方 CMP 路線運行它。

I think every category in the building will go through at least those 2 pieces of it.

我認為建築物中的每個類別都會至少經歷這兩個部分。

And hopefully, yield great results.

希望能產生好的結果。

We did have some uneven execution as we went through CMPs this year, and we will get better at doing that and changing the assortment.

今年我們在進行 CMP 時確實遇到了一些不平衡的執行情況，我們會在這方面做得更好並改變產品種類。

But the confidence that the results give us to proceed is significant.

但結果給我們繼續前進的信心是巨大的。

Like I said, those categories that go through this process, perform better in comp and margin rate than those that haven't.

就像我說的，那些經歷過這個過程的類別在競爭和利潤率方面比那些沒有經歷過的類別表現得更好。

And so we'll continue to do it.

所以我們將繼續這樣做。

Our merchandising team has done a fantastic job.

我們的銷售團隊做得非常好。

Our analytics team has done a fantastic job with it. and it will be a key part of how the team goes to work in the future.

我們的分析團隊在這方面做得非常好。這將是團隊未來工作方式的關鍵部分。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

This is Zach on for Simeon.

這是紮克替補西蒙。

Given the increased rate of unit openings, can you give us a little bit more color on what preopening expenses might look like in the fourth quarter, please?

鑑於單位開業率的增加，您能給我們更多關於第四季度開業前費用的情況嗎？

Zach, we're thinking about preopening for the fourth quarter around $15 million.

扎克，我們正在考慮在第四季度預開業 1500 萬美元左右。

That corresponds to the pace of openings in Q4 versus Q3, it will accelerate.

這對應於第四季與第三季的開業速度，它將加速。

And so that's kind of how we're thinking about it for the fourth quarter.

這就是我們對第四季的看法。

And then just as a quick follow-up.

然後作為快速跟進。

Regarding the Fresh 2.0 strategy, appreciate the color you've given on the call this morning.

關於 Fresh 2.0 策略，請欣賞您今天早上在電話會議上給出的顏色。

As a follow-up, are you finding vendors supportive at all to fund some of those investments in Fresh 2.0?

作為後續行動，您是否發現供應商完全支持為 Fresh 2.0 的部分投資提供資金？

Look, I think the supplier community has been great as we've changed our assortment.

聽著，我認為供應商社群非常棒，因為我們改變了我們的產品種類。

As we talked about, we have done a bunch of different things with the vendor community.

正如我們所討論的，我們與供應商社群做了很多不同的事情。

We've put in different items.

我們放入了不同的物品。

We've changed pack sizes.

我們更改了包裝尺寸。

We changed how things are transported over what time they're transported.

我們改變了物品的運輸方式和運輸時間。

We've done a lot of things in those supplier partners of ours have been very willing to help us in this initiative.

我們已經做了很多事情，我們的供應商合作夥伴非常願意在這項措施中幫助我們。

And frankly, they've been rewarded as much as we have with double-digit comp growth, mostly coming from units.

坦白說，他們和我們一樣獲得了兩位數的複合成長回報，其中大部分來自單位。

That's all extra business for them as well.

這對他們來說也是額外的生意。

The thing that makes it a little bit lesser margin for us is, frankly, the labor component in our clubs.

坦白說，導致我們利潤率下降的原因是我們俱樂部中的勞動成分。

And you think about the difference between dropping a pallet of Fruit Loops on the floor versus hand stacking tomatoes or asparagus or bag of salad or something.

你會想想把一托盤水果圈丟在地板上與手工堆放番茄、蘆筍或一袋沙拉之類的東西之間的區別。

There is a slightly different model at play there that is a little bit more costly to run in our environment versus standard pallet configuration.

那裡有一個稍微不同的模型，與標準托盤配置相比，在我們的環境中運行的成本要高一些。

That's something we're absolutely willing to tolerate because we believe in the ultimate payback from our members as we talked about those folks that buy our fresh categories from us are our best members, period.

這是我們絕對願意容忍的事情，因為我們相信會員的最終回報，因為我們談到那些從我們這裡購買新鮮類別的人是我們最好的會員。

And they are worth tremendously more lifetime value than those that do not.

而且它們的終生價值比那些沒有的價值高得多。

We have a reasonable population of folks that don't buy Fresh from us at this point.

目前，我們有相當多的人不會向我們購買新鮮食品。

And we are day by day convincing them to do that by putting better products on the floor and presenting them in a way that matters and a pricing that is an attractive value.

我們每天都在說服他們這樣做，方法是推出更好的產品，並以重要的方式和具有吸引力的價格來展示它們。

And so we'll continue to make that investment because it ultimately will help drive the entire box, not just perishables business.

因此，我們將繼續進行這項投資，因為它最終將有助於推動整個盒子的發展，而不僅僅是易腐爛的業務。

That's really the key part of this program.

這確實是該計劃的關鍵部分。

If we just grow produce comps, that's fine, and we'll take that.

如果我們只是增加產品比較，那很好，我們會接受的。

But the real magic, and we're starting to see that in the club set have had this program for about a year now.

但真正的魔力是，我們開始看到俱樂部裡的這個計畫已經實施了大約一年了。

We're starting to see the overall traffic in those boxes lift.

我們開始看到這些盒子的整體流量上升。

And that's what we saw in the test clubs that we did, and now we're starting to see it in other clubs.

這就是我們在測試俱樂部中看到的情況，現在我們開始在其他俱樂部中看到這種情況。

That will help us next year, the year after, the year after that as we deepen our relationship with these members and really get that repeat traffic coming.

當我們加深與這些會員的關係並真正獲得重複流量時，這將對我們明年、後年、後年有所幫助。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Just two questions for me, one near term, one longer term.

對我來說只有兩個問題，一個是近期問題，一個是長期問題。

On the near-term merch margins, can you talk about the expectations for the merch margin rate to be flat for the year?

關於近期的商品利潤率，您能談談今年商品利潤率持平的預期嗎？

The fourth quarter guide looks a little bit conservative given the lap, especially against the co-brand card cost last year.

考慮到這一圈，第四季的指導看起來有點保守，特別是相對於去年的聯名卡成本。

So if you talk about puts and takes here in the fourth quarter.

因此，如果您在第四季度談論看跌期權和拿股期權。

And then bigger picture, congrats on getting the 7.5 million members, I think that's about 30,000 per club, which is up about I think, from 23,000 per club in 2019.

然後從更大的角度來看，恭喜您獲得了 750 萬會員，我認為每個俱樂部大約有 30,000 名會員，我認為這比 2019 年每個俱樂部 23,000 名會員有所增加。

Can you just discuss the opportunity and strategy to expand the membership within your existing footprint?

您能否討論一下在現有業務範圍內擴大會員數量的機會和策略？

It just seems like there's still a big opportunity relative to your 2 largest peers, particularly Costco.

與兩家最大的同行相比，尤其是好市多，似乎仍然存在很大的機會。

Yes.

是的。

Thanks, Chuck.

謝謝，查克。

Maybe I'll talk about membership and Laura can talk to merch margins.

也許我會談談會員資格，勞拉可以談談商品利潤。

I think you're right.

我認為你是對的。

I think 7.5 million members is fantastic.

我認為 750 萬會員非常棒。

We're very proud of the progress we've made over the past several years in the total amount of members, but also the members per club that you bring up.

我們對過去幾年在會員總數以及您所培養的每個俱樂部的會員數量方面取得的進步感到非常自豪。

As we've talked about in the past, the disconnect between ourselves and our competitors over time has largely been a math exercise.

正如我們過去談到的，隨著時間的推移，我們與競爭對手之間的脫節很大程度上是一個數學練習。

Having to do with our renewal rates for many years of the company's history, the renewal rate -- tenured renewal rate was in the low 80% range and having been at 90% now for a few years and hopefully for the future.

與公司歷史上多年的續約率有關，續約率——終身續約率一直處於 80% 的低水平，幾年來一直保持在 90%，希望未來也能保持在 90% 的水平。

We're obviously retaining more and more members every year, and that math is quite powerful.

顯然，我們每年都留住越來越多的會員，這數字非常強大。

And as I said, we're also finding great ways to grow membership in comp clubs, innovative ways to talk to folks, different promotions to get people to come and be members.

正如我所說，我們還在尋找增加競爭俱樂部會員數量的好方法、與人們交談的創新方式、以及吸引人們成為會員的不同促銷活動。

We're attracting more and more members through digital properties today than we ever have well over 50% of our members come in through digital means today.

如今，我們透過數位資產吸引的會員數量比以往任何時候都多，超過 50% 的會員是透過數位方式加入的。

So we've just done a lot of things right, not everything right, not everything at the same time.

所以我們只是做了很多正確的事情，但並不是所有的事情都正確，也不是所有的事情同時都做對了。

We've still got stuff to work on.

我們還有很多事情要做。

But we've really come a long way from where we were 3, 5, 7, 10 years ago from this perspective, where we were just trying to fill a leaky bucket 10 years ago, and now we're growing day by day, quarter by quarter, year by year.

但從這個角度來看，我們與 3、5、7、10 年前相比確實已經取得了很大的進步，10 年前我們只是想把一個漏水的桶裝滿，現在我們正在一天天成長，逐季、逐年。

So a lot to be happy about.

有很多值得高興的事。

We are by no means done and all the things that we talk about, whether it's Fresh 2.0 or the general merchandise transformation or the digital properties, those are all aimed at the same point.

我們還沒完成，我們講的所有事情，無論是生鮮2.0，還是百貨轉型，還是數位資產，都是為了同一個目標。

We're trying to grow the total size and quality of our membership base.

我們正在努力擴大會員基礎的整體規模和品質。

And that won't be done overnight, but hopefully, the next few years make as much progress as the last few years -- that we really are excited about the momentum that we have and we have a lot of fun stuff on tap to try and keep that going.

這不會在一夜之間完成，但希望未來幾年能取得與過去幾年一樣多的進展——我們對我們所擁有的勢頭感到非常興奮，並且我們有很多有趣的東西可以嘗試並繼續下去。

Laura, do you want to talk about merch margins quickly?

蘿拉，你想快速談談商品利潤嗎？

Yes.

是的。

Chuck.

查克。

On merch margins, I would offer a little bit more color on what we've already talked about a couple of times here.

關於商品利潤，我會在我們已經討論過幾次的基礎上提供更多的色彩。

We're really happy with the March margin growth we delivered in Q3.

我們對第三季實現的三月利潤成長感到非常滿意。

It was a little bit better than we expected, gets us to about flat as we sit here today, year-to-date.

這比我們預期的要好一點，讓我們今天坐在這裡時，年初至今的情況基本上持平。

As we think about Q4, I think it's -- our guide for the full year is flat.

當我們考慮第四季時，我認為我們全年的指導是持平的。

And so that gets us to about where we are today.

這就是我們今天所處的位置。

We're really happy with the progress we're making on CMP, which we've talked about and our fresh business.

我們對 CMP 所取得的進展感到非常滿意，我們已經討論過這一點以及我們的新業務。

And so both of those things we've factored in as we think about our margins in Q4.

因此，在考慮第四季度的利潤率時，我們已經考慮了這兩件事。

Thank you very much.

非常感謝。

We currently have no further questions.

目前我們沒有進一步的問題。

So I'd like to hand back to Bob Eddy for any closing remarks.

因此，我想請鮑勃·埃迪（Bob Eddy）發表結束語。

Thanks, Carlin.

謝謝，卡林。

Thanks, everybody, for your attention this morning and for your support of our company.

感謝大家今天早上的關注以及對我們公司的支持。

We're really excited about our future.

我們對我們的未來感到非常興奮。

And hopefully, today, we've given you some idea of why that is.

希望今天我們已經讓您了解其中的原因。

We will talk to you after our fourth quarter and we wish you all the best holiday season.

我們將在第四季度結束後與您聯繫，並祝您假期愉快。

Thanks very much.

非常感謝。

As we conclude today's call, we'd like to thank everyone for joining.

在我們結束今天的電話會議時，我們要感謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路。