BJ's Wholesale Club Holdings Inc (BJ) 2025 Q1 法說會逐字稿

Hello, and welcome to BJ's Wholesale Club Holdings, Inc. first quarter fiscal 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 BJ's Wholesale Club Holdings, Inc. 2025 財年第一季財報電話會議。（操作員指示）

I will now pass the call over to your host, Cathy Park, VP of Investor Relations. Please go ahead.

現在我將把電話轉給主持人、投資人關係副總裁 Cathy Park。請繼續。

Good morning, and welcome to BJ's first quarter fiscal 2025 earnings call. With me today are Bob Eddy, Chairman and Chief Executive Officer; Laura Felice, Chief Financial Officer; and Bill Werner, Executive Vice President, Strategy and Development.

早安，歡迎參加 BJ 2025 財年第一季財報電話會議。今天與我在一起的是董事長兼執行長 Bob Eddy； Laura Felice，財務長；以及策略與發展執行副總裁比爾沃納 (Bill Werner)。

Please remember that we may make forward-looking statements on this call that are based on our current expectations. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from what we say on this call.

請記住，我們可能會根據目前的預期在本次電話會議上做出前瞻性的陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們在本次電話會議上所說的有重大差異。

Please see the Risk Factors sections of our most recent SEC filings for a description of these risks and uncertainties. Please also refer to today's press release and latest investor presentation posted on our Investor Relations website for our cautionary statement regarding forward-looking statements and non-GAAP reconciliations.

請參閱我們最近向美國證券交易委員會提交的文件中的風險因素部分，以了解這些風險和不確定性的描述。另請參閱我們投資者關係網站上發布的今天的新聞稿和最新投資者介紹，以了解我們關於前瞻性陳述和非公認會計準則對帳的警示聲明。

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

說完這些，我會把電話轉給鮑伯。

Good morning, everyone. Thank you for joining us. This morning, we reported a strong start to the year with our first quarter top and bottom line results exceeding expectations.

大家早安。感謝您加入我們。今天上午，我們報告了今年開局強勁的結果，第一季的營收和淨利潤均超出預期。

We grew net sales by nearly 5% and and we managed the business well, resulting in operating income and net income growth of 27% and 35%, respectively. Our team continues to execute on our long-term strategic priorities as we work hard to take care of the families who depend on us.

我們的淨銷售額增長了近5％，並且我們管理得很好，導致營業收入和淨收入分別增長了27％和35％。我們的團隊繼續執行我們的長期策略重點，同時努力照顧依賴我們的家庭。

Consumers are always looking for value, but it's paramount in challenging times like these. Due to this, BJ's remains a leading destination for our members to find what they need and want at a great value. The drivers of our business remain strong.

消費者總是在尋求價值，但在當今充滿挑戰的時代，價值至關重要。正因為如此，BJ's 仍然是我們會員尋找所需和想要的物超所值的商品的首選目的地。我們的業務驅動力依然強勁。

Membership continues to grow nicely. Our continued improvements in merchandising and digital convenience are driving traffic, and we're gaining share in our clubs and gas stations. Finally, we are accelerating our club openings to serve more families.

會員數持續良好成長。我們在商品銷售和數位便利方面的持續改進正在推動客流量，我們在俱樂部和加油站的份額正在增加。最後，我們正在加快俱樂部的開業速度，以服務更多的家庭。

We are excited about our momentum. Our comparable club sales, excluding gas sales grew by 3.9% in the first quarter and were led by traffic and units once again. Traffic grew for the 13th consecutive quarter, contributing about 2.5 points to our comp in the quarter.

我們對我們的發展勢頭感到興奮。我們的可比較俱樂部銷售額（不包括汽油銷售額）在第一季成長了 3.9%，並且再次由客流量和單位數帶動。流量連續第 13 個季度成長，為本季的業績貢獻了約 2.5 個百分點。

Consumers across the country have digested meaningful inflation over the past few years and the uncertain economic environment drove members to prioritize value in their purchases during the quarter. Members are consistently spending with us, especially in household essentials.

過去幾年，全國各地的消費者都經歷了顯著的通貨膨脹，不確定的經濟環境促使會員在本季優先考慮購買價值。會員一直在我們這裡消費，尤其是購買家庭必需品。

Our Perishables, Grocery, and Sundries division delivered more than 4% comp growth in the first quarter, with unit volumes increasing across all three divisions. Perishables remains the strongest driver of our growth as more and more members make us their weekly destination for produce, dairy and meat.

我們的易腐品、雜貨和雜貨部門在第一季實現了超過 4% 的同比增長，三個部門的單位銷量均有所增加。隨著越來越多的會員每週將我們作為購買農產品、乳製品和肉類的目的地，易腐食品仍然是我們成長的最強勁動力。

We also saw terrific growth in our own brands during the quarter. Our general merchandise and services division comps decreased slightly in the first quarter. We delivered positive comps in apparel and toys where the combination of an elevated assortment, low price points and compelling value have kept our members engaged.

本季度，我們也看到自有品牌取得了顯著成長。第一季度，我們的日用百貨和服務部門的銷售額略有下降。我們在服裝和玩具方面表現出色，豐富的品種、低廉的價格和極具吸引力的價值讓我們的會員保持了較高的參與度。

We also grew comps in consumer electronics, led by computer equipment, such as laptops, desktops and monitors. Unfavorable weather and pressures on consumer sentiment impacted big-ticket highly discretionary categories such as patio sets, gazebos and outdoor sheds in the quarter.

我們在消費性電子產品領域的銷售額也實現了成長，其中以筆記型電腦、桌上型電腦和顯示器等電腦設備為主。本季度，惡劣的天氣和消費者情緒的壓力影響了露台套裝、涼亭和戶外棚屋等昂貴且高度可自由支配的類別。

That said, we are maintaining our momentum on our transformation strategy, and it's clear that members are responding well to an improving treasure hunt. Tariffs have been top of mind for companies and consumers alike in recent months.

儘管如此，我們仍保持著轉型策略的勢頭，而且很明顯，會員們對不斷改進的尋寶活動反應良好。近幾個月來，關稅一直是企業和消費者最關心的問題。

BJ's is less impacted by imports than many of our competitors, but tariffs aren't new to us, and we have a great team to help us find our way in an incredibly dynamic environment that's been changing by the day. We have strong capabilities in areas like analytics and input cost tracking, tools we've used in past disruptions and are applying with discipline today.

與許多競爭對手相比，BJ 受進口的影響較小，但關稅對我們來說並不陌生，而且我們擁有一支優秀的團隊，幫助我們在日新月異的極具活力的環境中找到自己的路。我們在分析和投入成本追蹤等領域擁有強大的能力，這些工具是我們在過去的混亂中使用過的，今天仍在嚴格應用。

I'm so proud of our teams across merchandising, supply chain, finance and analytics, who have remained agile in navigating these challenges. This includes sourcing from alternative countries of origin, reassessing orders and collaborating with our vendors all to drive the best outcomes for our members.

我為我們在商品銷售、供應鏈、財務和分析方面的團隊感到驕傲，他們在應對這些挑戰時始終保持敏捷。這包括從其他原產國採購、重新評估訂單以及與我們的供應商合作，所有這些都是為了為我們的會員帶來最好的結果。

We're always leaning into our model to deliver value, and while upward pressure on costs may drive prices higher, we are doing everything possible to minimize the impact to our members. Moreover, we will invest for the long term as we should gain share in a market disrupted by rising prices.

我們始終依靠我們的模式來實現價值，雖然成本上行壓力可能會推高價格，但我們正在盡一切可能將對我們會員的影響降至最低。此外，我們將進行長期投資，因為我們應該在因價格上漲而混亂的市場中獲得份額。

As we gain more clarity, our teams are ready to adapt and pivot, but our guiding principles will remain the same, delivering great value is nonnegotiable for BJs, and we will always make the right decisions for our members.

隨著我們獲得更清晰的認識，我們的團隊已準備好適應和轉變，但我們的指導原則將保持不變，為 BJ 提供巨大的價值是不可協商的，我們將始終為我們的成員做出正確的決定。

Our first quarter results underscore the progress we are making on our four strategic priorities. As a reminder, these priorities are improving member loyalty, giving our members an unbeatable shopping experience, delivering value conveniently and growing our footprint.

我們第一季的業績凸顯了我們在四大策略重點上的進展。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影響力。

Our business starts and ends with our members. We are strengthening membership quarter after quarter. We're growing total member counts in new and existing clubs and upgrading more members into our premium tiers, while keeping our renewal rates strong.

我們的業務始於我們的會員，終於我們的會員。我們每季都在加強會員人數。我們正在增加新俱樂部和現有俱樂部的會員總數，並將更多會員升級到我們的高級會員級別，同時保持強勁的續訂率。

Higher tier members spend more and are more likely to renew, driving greater lifetime value. Over the past couple of years, we enhanced our credit card program, invested in a gas discount for our Club Plus members, and in January, we added benefits for Plus members by giving them two free same-day deliveries every year.

更高等級的會員消費更多，並且更有可能續約，從而帶來更高的終身價值。在過去的幾年裡，我們改進了信用卡計劃，為 Club Plus 會員投資了汽油折扣，並且在今年一月份，我們為 Plus 會員增加了福利，每年為他們提供兩次免費的當日送達服務。

These investments in our value proposition are paying off. In the first quarter, higher tier membership penetration grew by over 100 basis points sequentially from the fourth quarter, surpassing 40% for the first time in our history. Our momentum in membership is a direct reflection of the unbeatable shopping experience we provide at BJ's.

我們對價值主張的這些投資正在獲得回報。第一季度，高等級會員滲透率較第四季季增超過100個基點，史上首次超過40%。我們會員數量的增長直接反映了我們在 BJ's 提供的無與倫比的購物體驗。

Our merchandising strategies span our entire box and aim to deliver exceptional value to our members. That means having the right products at the right price presented in the right way. Great pricing is foundational to our model. Our advantage structure allows us to consistently offer up to 25% of grocery store prices, and we are committed to maintaining this edge.

我們的行銷策略涵蓋整個領域，旨在為我們的會員提供卓越的價值。這意味著以正確的方式提供正確的產品、正確的價格。優惠的價格是我們模式的基礎。我們的優勢結構使我們能夠持續提供高達 25% 的雜貨店價格，並且我們致力於保持這一優勢。

Beyond pricing, we deliver value through our highly curated assortment, which we have dramatically improved over the past few years. We renovated our general merchandise business to regain credibility in our treasure hunt.

除了定價之外，我們還透過精心挑選的產品組合來提供價值，過去幾年來，我們在這方面取得了顯著的進步。我們革新了百貨商品業務，以在尋寶活動中重新贏得信譽。

We launched Fresh 2.0 to win our members shop and grow trip frequency. We continuously elevate our own brands to deepen loyalty. The result is great member engagement and market share as evidenced by our growth in traffic, comp sales and, of course, in membership. I'd like to provide a little more color around our current work in Fresh.

我們推出了 Fresh 2.0，吸引會員購物並增加出遊頻率。我們不斷提升自己的品牌以加深忠誠度。我們的流量、銷售額以及會員數量的成長都證明了會員參與度和市場份額的大幅提升。我想更詳細地介紹一下我們目前在 Fresh 的工作。

As you know, we launched our Fresh 2.0 initiative in produce last year based on the insight that perishables, especially produce, dictate our member's first weekly shop. We knew that if we won in produce, we would win trip frequency and wallet share.

如您所知，我們去年推出了農產品 Fresh 2.0 計劃，基於這樣的認識：易腐爛食品（尤其是農產品）決定了我們會員的每週首次購物。我們知道，如果我們在產品上獲勝，我們就會贏得出行頻率和錢包份額。

Since launching in the second quarter of last year, the program has driven quarterly produce comps of high single digit to low double digits. We're not only introducing new members into our produce category, but they are regularly reengaging in produce as well.

自去年第二季啟動以來，該計劃已推動季度產量年增從高個位數成長至低兩位數。我們不僅在農產品類別中引入了新成員，而且他們也定期重新參與農產品生產。

The success we've seen in produce has given us confidence to extend Fresh 2.0 to meat and seafood, which we piloted in Florida late last year and launched chain-wide this month. Similar to our early work in fresh produce, our meat and seafood initiatives are built on comprehensive market studies and competitive assessment.

我們在農產品領域的成功讓我們有信心將 Fresh 2.0 擴展到肉類和海鮮領域，我們去年年底在佛羅裡達州進行了試點，並於本月在整個連鎖店推出。與我們早期在新鮮農產品領域的工作類似，我們的肉類和海鮮計劃建立在全面的市場研究和競爭評估的基礎上。

Our research determined that our biggest opportunity was in our assortment and presentation. First, we optimized our assortment to better reflect localized member preferences, adding items that members wanted and removing less relevant ones.

我們的研究表明，我們最大的機會在於我們的產品種類和展示方式。首先，我們優化了商品分類，以更好地反映本地會員的偏好，添加會員想要的商品，並刪除不太相關的商品。

Second, we added signage and dividers in our coolers for cleaner presentation and easier navigation, reminiscent of our efforts in produce. We also reflowed our merchandise to reflect how our members shop meat.

其次，我們在冷藏櫃中增加了標誌和分隔物，以便更清晰地展示和更容易導航，讓人想起我們在農產品方面的努力。我們也重新調整了我們的商品，以反映我們的會員如何購買肉類。

For example, we created a single destination for preseasoned and marinated proteins, making these ready-to-cook products easier to find. While these products comprise a small percentage of our protein sales today, the example illustrates how we're leveraging our understanding of shopper behavior to rethink all aspects of our business.

例如，我們為預先調味和醃製的蛋白質創建了一個單一目的地，使這些即食產品更容易找到。雖然這些產品目前只占我們蛋白質銷售額的一小部分，但這個例子說明了我們如何利用對購物者行為的了解來重新思考我們業務的各個方面。

As part of these efforts, we've also armed our field team members with better tools and reporting to track performance and reduce salvage. Our members love the improvements in Fresh, and we will continue to invest to drive trips, baskets and member loyalty.

作為這些努力的一部分，我們還為現場團隊成員配備了更好的工具和報告，以追蹤績效並減少殘值。我們的會員喜歡 Fresh 的改進，我們將繼續投資以推動出行次數、購物籃和會員忠誠度。

Speaking of what members love, let's talk about our digital conveniences. Today, our members have multiple ways to save their time in addition to 25% lower grocery store prices through BOPIC, Express Pay, curbside pickup and same-day delivery. These have helped fuel double-digit growth in digitally-enabled comp sales each year for the past four years.

說到會員喜歡什麼，我們來談談我們的數位便利設施。今天，我們的會員除了可以透過 BOPIC、Express Pay、路邊取貨和當日送達享受 25% 的雜貨店價格折扣外，還可以透過多種方式節省時間。過去四年來，這些因素推動了數位化銷售額每年實現兩位數成長。

In the first quarter, digitally-enabled comp sales grew by 35% year over year and 56% on a two-year stack. We're using technology to achieve greater labor efficiencies and accommodate the continued growth of our digital business. Consider our journey with digital order fulfillment.

第一季度，數位化銷售額年增 35%，兩年累計成長 56%。我們正在利用技術來提高勞動效率並適應數位業務的持續成長。考慮一下我們數位化訂單履行的歷程。

Today, OPEC curbside and same-day delivery comprised the majority of our digitally enabled sales and our team members are picking these orders in our clubs. Over the past 18 months, with the product location data provided by our autonomous inventory robots and the help of AI.

如今，OPEC 路邊配送和當日送達佔據了我們數位化銷售的大部分，我們的團隊成員正在俱樂部中挑選這些訂單。在過去的18個月裡，借助我們的自主盤點機器人提供的產品位置數據和人工智慧的幫助。

We developed and rolled out tools that optimized order batches and pick routes. This has enabled us to reduce the time required to pick an item by over 45%. As more members adopt our digital conveniences and reward us with their spending and loyalty, we will continue investing to drive operational efficiencies and member lifetime value.

我們開發並推出了優化訂單批次和揀貨路線的工具。這使得我們將挑選一件商品所需的時間減少了 45% 以上。隨著越來越多的會員採用我們的數位便利設施並透過消費和忠誠度回報我們，我們將繼續投資以提高營運效率和會員終身價值。

Finally, we're making meaningful progress on our real estate strategy. We hit the ground running in the first quarter, opening five new clubs, including our very first club on Staten Island as well as four gas stations. Our new clubs are performing well against our expectations, and our future growth pipeline is strong. We remain on track to open 25 to 30 new clubs over the next two years.

最後，我們的房地產策略取得了有意義的進展。我們在第一季就開始了業務拓展，開設了五家新俱樂部，包括我們在史坦頓島的第一傢俱樂部以及四家加油站。我們的新俱樂部表現超越我們的預期，而且我們未來的成長潛力巨大。我們計劃在未來兩年內開設 25 至 30 家新俱樂部。

As we continue to demonstrate the success of our new club playbook, we've also asked ourselves how we can bring the same level of premium experience to the existing chain. In the past several years, we've updated our clubs with the latest signed packages and invested to support our key growth initiatives, including digital and Fresh 2.0.

當我們繼續展示新俱樂部策略的成功時，我們也問自己如何為現有連鎖店帶來同樣水準的優質體驗。在過去的幾年裡，我們為俱樂部更新了最新的簽約套餐，並投資支持我們的關鍵成長計劃，包括數位化和 Fresh 2.0。

We're also looking to identify relocation opportunities to better position our fleet for tomorrow. As part of this strategy, we expect to open a relocated club in the coming months in Mechanicsburg, Pennsylvania. We will have more relocations planned over the next several years, including in Rotterdam, New York next year.

我們也正在尋找搬遷機會，以便為我們的車隊做好明天的更好準備。作為該策略的一部分，我們預計在未來幾個月內在賓州梅卡尼克斯堡開設一家搬遷俱樂部。未來幾年，我們將計劃進行更多搬遷，包括明年在鹿特丹和紐約的搬遷。

Stepping back and assessing the current state of the consumer, broader uncertainty in the marketplace continues to drive consumers toward value and our members are relying on BJ's to provide it. Spending behavior remains solid across our membership in the first quarter as we drove healthy year-over-year growth in spend and trips across our high, mid- and low-income cohorts.

回顧並評估消費者的當前狀況，市場上更廣泛的不確定性繼續推動消費者追求價值，而我們的會員依靠 BJ 來提供價值。第一季度，我們會員的消費行為依然保持穩健，因為我們推動了高收入、中收入和低收入群體的支出和旅行次數同比增長。

Even in these uncertain times, some things remain constant, and here's what you can expect from us. You can expect us to stay committed to delivering the value our members rely on every time they shop with us. You can also expect us to remain focused on our long-term growth priorities.

即使在這些不確定的時期，有些事情仍然保持不變，以下是您可以期待的。您可以期待我們繼續致力於為會員提供每次購物時所依賴的價值。您也可以期待我們繼續專注於我們的長期成長重點。

Our business model is built to win in both good times and times when consumers feel pressured. This especially holds true today as the investments we're making in the business are driving results.

我們的商業模式旨在無論在順境或消費者感到壓力的時候都能取勝。今天尤其如此，因為我們在業務上所做的投資正在產生成果。

This year is turning out to be more dynamic than we all thought, and I'd like to thank our team members who continue to rise to the occasion and work tirelessly to take care of the families who depend on us. I'm confident in our ability to execute through the near term together and more convinced than ever that we're set up for long-term sustainable growth.

今年比我們想像的更充滿活力，我要感謝我們的團隊成員，他們不斷迎難而上，不知疲倦地照顧著依賴我們的家庭。我對我們共同完成短期目標的能力充滿信心，並且比以往任何時候都更加確信我們已經為長期可持續成長做好了準備。

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

現在我將把時間交給勞拉，讓她提供有關我們的結果和展望的更多細節。

Thanks, Bob. First, I'd like to echo Bob's gratitude for our team members across our clubs supply chain and club support center, whose dedication to BJ's led to another strong quarter.

謝謝，鮑伯。首先，我想表達鮑伯對我們俱樂部供應鏈和俱樂部支援中心團隊成員的感激之情，他們對 BJ 的奉獻使 BJ 迎來了一個強勁的季度。

Net sales in the first quarter were $5 billion, increasing 4.7% year over year. Merchandise comp sales, which exclude gas sales, increased by 3.9% year over year led by traffic and units as our value prop continues to resonate with our members.

第一季淨銷售額為50億美元，較去年同期成長4.7%。由於我們的價值主張持續引起會員的共鳴，商品銷售額（不包括汽油銷售額）在客流量和單位數的推動下年增 3.9%。

Our performance was consistently strong in February and April, with the later Easter shift impacting March. Total comparable club sales in the first quarter, including gas sales grew 1.6% year over year. Lower year-over-year retail gas prices partially offset our market share gains at our pumps.

我們的業績在二月和四月持續強勁，而復活節的後期變化對三月產生了影響。第一季包括汽油銷售在內的可比俱樂部總銷售額年增 1.6%。零售汽油價格年減部分抵消了我們加油站市場份額的成長。

First quarter comp gallons rose about 2% year over year with total volume growing even faster due to new stations coming online. This compares to continued year-over-year volume declines across the broader industry in the US.

第一季汽油銷量年增約 2%，由於新加油站投入使用，總銷量成長速度更快。相比之下，美國整個產業的銷量較去年同期持續下降。

Digitally enabled comp sales in the quarter grew 35% year over year, contributing significantly to our overall sales growth. Members who use our digital conveniences are better members with greater spend and higher NPS scores than members who only shop in Club.

本季數位化銷售額年增 35%，為我們的整體銷售額成長做出了重大貢獻。與僅在俱樂部購物的會員相比，使用我們的數位便利設施的會員是更好的會員，他們的消費額更大，NPS 分數也更高。

As a result, we will continue to invest in enhancing our digital conveniences in the future. Membership fee income, or MFI, grew 8.1% to approximately $120.4 million in the first quarter, led by strong membership acquisition and retention across the chain. MFI also benefited from a fee increase that went into effect on January 1, 2025.

因此，我們將來會繼續投資於增強我們的數位便利性。會員費收入（MFI）在第一季度增長了 8.1%，達到約 1.204 億美元，這主要得益於整個連鎖店強勁的會員獲取和保留。MFI 也受惠於 2025 年 1 月 1 日生效的費用上調。

First quarter merchandise gross margins increased by approximately 30 basis points year over year with minimal tariff-related impacts in the quarter. We continue to manage our margins prudently and our category management process is yielding profitable growth across the broader assortment.

第一季商品毛利率年增約 30 個基點，本季受關稅相關影響極小。我們持續審慎管理利潤率，我們的品類管理流程正在為更廣泛的產品類別帶來獲利成長。

SG&A expenses in the first quarter were approximately $760.9 million, resulting in approximately 10 basis points of year-over-year deleverage as a percentage of net sales. This was primarily driven by our continued investments to drive our strategic priorities and more specifically, in outsized growth in depreciation as we accelerate new club openings.

第一季銷售、一般及行政費用約為 7.609 億美元，佔淨銷售額的百分比年減約 10 個基點。這主要是由於我們持續投資以推動我們的戰略重點，更具體地說，隨著我們加快新俱樂部的開業，折舊也出現了大幅增長。

In our fuel business, first quarter profit per gallon ran above last year's levels and slightly higher than our expectations, resulting in year-over-year growth in gas profits. All in, we reported first quarter earnings per share of $1.13 and adjusted earnings per share of $1.14.

在我們的燃料業務中，第一季每加侖利潤高於去年同期水平，略高於我們的預期，導致汽油利潤同比增長。總體而言，我們報告第一季每股收益為 1.13 美元，調整後每股收益為 1.14 美元。

Our first quarter performance reflects our strong membership and traffic, merchandising improvements and digital conveniences, all reinforced by our investments in the business to drive long-term growth. Our effective tax rate of 22.2% was driven by higher-than-anticipated tax windfall.

我們第一季的業績反映了我們強大的會員數量和客流量、商品銷售的改善和數位便利，所有這些都得益於我們為推動長期成長而進行的業務投資。我們的有效稅率為 22.2%，這是由高於預期的稅收意外收入所推動的。

Let's move to our balance sheet. We ended the first quarter with absolute inventory levels down 2% on a per club basis. In stocks also improved by 30 basis points year over year thanks to the team's great work in allocating the right amount of product to the right clubs at the right time.

讓我們來看看資產負債表。第一季結束時，每個俱樂部的絕對庫存水準下降了 2%。由於團隊在正確的時間向正確的俱樂部分配了正確數量的產品，庫存也比去年同期提高了 30 個基點。

Our capital allocation strategy is consistent with our historical framework as we continue to take a disciplined approach to maximize shareholder value. We believe the best use of cash is applying it towards profitably growing the business.

我們的資本配置策略與我們的歷史框架一致，我們將繼續採取嚴謹的方法來最大化股東價值。我們相信，現金的最佳用途是將其用於實現業務的獲利成長。

As such, investments to support membership, merchandising, digital and real estate initiatives continue to be funded entirely by our cash flows in the first quarter and our capital expenditures were approximately $140.5 million. Our strong balance sheet provides meaningful flexibility, allowing us to look past the short-term noise and continue pursuing our long-term growth agenda.

因此，第一季用於支持會員、商品銷售、數位和房地產計劃的投資繼續完全由我們的現金流資助，我們的資本支出約為 1.405 億美元。我們強勁的資產負債表提供了有意義的靈活性，使我們能夠忽略短期噪音並繼續追求我們的長期成長議程。

We ended the first quarter with less than half a turn of net leverage. In light of these priorities, our share repurchases were lower than our typical ranges in the first quarter. Our overall philosophy around buybacks has not changed, and we will continue to return excess cash to shareholders this year.

我們在第一季結束時的淨槓桿率還不到一半。鑑於這些優先事項，我們第一季的股票回購量低於正常水平。我們圍繞回購的整體理念沒有改變，今年我們將繼續向股東返還多餘的現金。

Turning to our outlook for fiscal 2025. We are operating in uncertain times. Despite the greater level of unpredictability, we are confident in our team, our positioning in the marketplace and the growth drivers that are within our control.

談談我們對 2025 財年的展望。我們正處於不確定的時期。儘管存在較大不可預測性，但我們對我們的團隊、我們在市場中的定位以及我們能夠掌控的成長動力充滿信心。

We will stay focused on our long-term priorities to drive continued traffic and market share gains. In terms of our financial outlook, the range of potential outcomes have become wider since we issued our annual guidance. We expect the current environment to increasingly influence costs and consumer spending patterns, which may ultimately impact our financial performance.

我們將繼續專注於我們的長期優先事項，以推動流量和市場份額的持續成長。就我們的財務前景而言，自從我們發布年度指引以來，潛在結果的範圍變得更加廣泛。我們預計當前環境將越來越多地影響成本和消費者支出模式，最終可能會影響我們的財務表現。

Based on what we know today, we are keeping our initial full year guidance unchanged, which as a reminder, was 2% to 3.5% comp sales growth, excluding gas, and $4.10 to $4.30 in adjusted earnings per share. We will continue to evaluate this guidance as the year progresses.

根據我們今天所掌握的信息，我們維持全年初始指引不變，即不包括汽油在內的可比銷售額增長 2% 至 3.5%，調整後每股收益為 4.10 至 4.30 美元。隨著時間的推移，我們將繼續評估這項指導。

With these caveats in mind, here's how we're broadly thinking about the year. On the top line, please remember from our last call that we expect our first half comps ex gas to be a little bit better than the back half. In other words, we expect our first quarter comps ex gas to be the high watermark for the year.

考慮到這些注意事項，我們對今年的展望如下。首先，請記住我們上次通話時所說的，我們預計上半年的汽油價格會比下半年好一點。換句話說，我們預計第一季除天然氣外的可比較價格將成為今年的最高水位。

On the margin side, we will continue to exercise strong cost discipline, while investing in our value proposition for the long term. This becomes especially important in a rising cost environment. We remain confident in the underlying strength of our company, and we believe we're well positioned to deliver sustainable growth to maximize shareholder value.

在利潤方面，我們將繼續嚴格控製成本，同時投資於我們的長期價值主張。在成本上升的環境下，這一點變得特別重要。我們仍然對公司的潛在實力充滿信心，並且我們相信我們有能力實現永續成長，從而實現股東價值最大化。

Bob, back over to you.

鮑勃，回到你這裡。

Thanks, Laura. We've made tremendous progress transforming our business, investing in the right talent, sharpening our strategic focus and delivering more value and convenience to our members. Membership is at record levels, and we're launching exciting merchandising initiatives to drive even stronger performance.

謝謝，勞拉。我們在業務轉型、投資合適的人才、強化策略重點以及為會員提供更多價值和便利性方面取得了巨大進展。會員數量達到了創紀錄的水平，我們正在推出令人興奮的行銷計劃，以推動更強勁的業績。

Our digital capabilities are playing a key role in our growth, and we're scaling our new club playbook to expand our footprint profitably. Our long-term strategies remain crystal clear. We will continue to invest for the future and do the right thing for our members, team members and communities in order to take care of the families that depend on us.

我們的數位能力在我們的成長中發揮關鍵作用，我們正在擴展我們的新俱樂部劇本以擴大我們的獲利範圍。我們的長期戰略依然清晰。我們將繼續為未來投資，為我們的會員、團隊成員和社區做正確的事情，以照顧依賴我們的家庭。

Thanks again for joining us today and for your support of BJ’s Wholesale Club. We will now take your questions.

再次感謝您今天的加入我們以及對 BJ 批發俱樂部的支持。我們現在將回答大家的提問。

(Operator Instructions) Peter Benedict, Baird.

（操作員指示）彼得·本尼迪克特，貝爾德。

Yes, I guess I'm just going to ask about the real estate strategy. Can you just remind us how you think about locations as you accelerate the pace of club openings here, how you think about the target markets, the competitive considerations, the pool of potential members in a market. Just curious for an update on that as you're going to accelerate these club openings in the next couple of years.

是的，我想我只是想問房地產策略。您能否提醒我們，在加快這裡的俱樂部開業步伐時，您是如何考慮地點的，您是如何考慮目標市場、競爭考慮因素以及市場中的潛在會員群的？我只是好奇這方面的最新消息，因為你們將在未來幾年加速這些俱樂部的開幕。

Yes. Thanks for the question. Maybe I'll start off and hand it over to Bill. You've seen us in the last few years get pretty aggressive from a real estate perspective given the success of the effort and the new clubs that we've been able to open to serve members around our geography and into new geographies.

是的。謝謝你的提問。也許我應該先把它交給比爾。鑑於努力的成功以及我們能夠開設新的俱樂部來為我們所在地區和新地區的會員提供服務，您可以看到，過去幾年我們在房地產方面變得非常積極。

The success of those clubs has given us the confidence to continue to do that and push into new markets while opportunistically expanding existing markets. And so as that success was built in the last couple of years, we continue to put pressure on Bill and team to go even faster. And I think we're in a place where discount retailer in the club sector is winning.

這些俱樂部的成功給了我們信心，讓我們能夠繼續這樣做，進軍新市場，同時抓住機會擴大現有市場。隨著過去幾年的成功，我們不斷向比爾和他的團隊施加壓力，要求他們加快步伐。我認為，我們正處於俱樂部領域折扣零售商正在獲勝的階段。

And so we're trying to go as fast as we can. And we're really excited about what we've seen so far in our real estate portfolio and the pipeline is as big as it's ever been. So we're very pleased with what the team's work. And maybe I'll hand it over to Bill. He can tackle some of your specific points.

因此，我們正在盡力加快速度。我們對目前為止在房地產投資組合中看到的情況感到非常興奮，而且我們的投資管道比以往任何時候都要大。因此，我們對團隊的工作非常滿意。也許我會把它交給比爾。他可以解決你的一些具體問題。

Yes. Thanks, Bob. Peter, I would say that we are more excited about our real estate progress than any time in the company's history that I've been here. And I think certainly for people who have been here a long time, it's probably the most exciting point in time maybe since the company was founded.

是的。謝謝，鮑伯。彼得，我想說，我們對我們的房地產進展感到興奮，比我任職期間公司歷史上的任何時候都更興奮。我認為，對於那些在這裡工作了很長時間的人來說，這可能是公司成立以來最令人興奮的時刻。

And it really starts with the share gains that we've seen across the portfolio, as we gain share, that opens up the models for more and more opportunities for us to continue to build new clubs. And we talked about year end accelerating the transformation to 25 to 30 clubs over the next two years.

這一切始於我們在整個投資組合中看到的份額增長，隨著份額的增加，我們開闢了越來越多的機會模式，以便繼續建立新的俱樂部。我們談到了年底加速轉型，在未來兩年內將俱樂部數量增加到 25 至 30 個。

We continue to put our foot on the gas in terms of opportunities both in new and existing markets. We've seen broad-based success across both some of our core infill clubs.

我們將繼續加大力度，抓住新市場和現有市場中的機會。我們已經看到我們的一些核心填充俱樂部取得了廣泛的成功。

We just opened up our first club here in Staten Island this quarter, which was a great win for the team, that clubs off to an amazing start as well as new markets, like we just opened up in Myrtle Beach and Southern Pines, both clubs and the Carolinas and the response of the community has been amazing so far to us coming up from the town.

本季度，我們剛剛在斯塔頓島開設了第一傢俱樂部，這對團隊來說是一個巨大的勝利，這些俱樂部不僅有了一個驚人的開端，而且開拓了新的市場，就像我們剛剛在默特爾比奇和南松開設的俱樂部一樣，卡羅來納州和社區對我們來自小鎮的反應到目前為止都非常棒。

So all the proof points we have are great. We continue to be pretty aggressive in terms of getting to market and trying to get the clubs on the ground, and we'll continue to do that going forward.

因此，我們擁有的所有證據點都非常好。我們繼續積極地進入市場並努力讓俱樂部落地生根，並且我們將繼續這樣做。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

We wanted to ask a longer-term question with regards to the longer-term algorithm. Just as you see the continued strength in membership, is there anything we should be considering that could change in the longer-term algorithm? And should we still be thinking of a three-year maturity ramp for new customers? Or has anything changed there as you enter new markets with new stores?

我們想就長期演算法提出一個長期問題。正如您所看到的會員數量持續增長，我們是否應該考慮在長期演算法中可能出現的變化？我們是否仍應考慮為新客戶提供三年的成熟期？或者當您進入新市場並開設新店時，那裡有什麼變化嗎？

Well, okay. Thanks for the question. We're very pleased with what's going on in membership for sure. We continue to build the size and the quality of the membership as we've talked about for many quarters now. Our ability to attract new members, our ability to renew them at all-time high rates, our ability to engage them and push them up into the premium tiers, we talked about a new all-time high this morning as well.

嗯，好的。謝謝你的提問。我們對會員的進展感到非常滿意。正如我們過去多個季度所討論的那樣，我們將繼續擴大會員規模並提高會員品質。我們吸引新會員的能力、我們以歷史最高價格續訂會員的能力、我們吸引會員並將他們推向高級會員的能力，我們今天早上也談到了新的歷史最高水平。

And our next opportunity really is to continue to figure out how to better activate and engage these members. And to the degree that we're able to make progress doing that, then I think you might see your way forward to changing certain components of the algorithm.

我們的下一個機會實際上是繼續研究如何更好地激活和吸引這些成員。如果我們能夠在這方面取得進展，那麼我認為您可能會看到改變演算法某些組件的方法。

But as we sit here today, for the past few years, we've been working towards that economic algorithm that we put forward a couple of years ago on our Investor Day. This quarter was a nice progress towards that, and we don't necessarily see that changing all that much at this point in time, particularly given the level of uncertainty out there in the market. Anything to add, Laura?

但今天我們坐在這裡，過去幾年來，我們一直在努力實現幾年前在投資者日提出的經濟演算法。本季我們在這方面取得了良好的進展，我們並不認為目前會出現太大的變化，特別是考慮到市場存在的不確定性。還有什麼要補充的嗎，蘿拉？

No, I think you covered it all, Bob. I think, Kate, I'll just maybe pick up on your second point about the membership the maturity of our members. And similar to Bob's commentary on acquisition of members and how they're shopping, I think that hasn't changed either from what we're seeing right now. We will continue to watch that. But that plays into how we're thinking about the long-term algo and leaving it as it is right now.

不，我認為你已經把一切都說清楚了，鮑伯。凱特，我想我可能只想談談你的第二點，關於會員資格和會員成熟度的問題。與鮑勃對會員獲取和購物方式的評論類似，我認為這與我們現在看到的情況沒有什麼變化。我們將繼續關注此事。但這影響到我們如何考慮長期演算法並維持其現狀。

Robbie Ohmes, Bank from America.

羅比‧歐姆斯 (Robbie Ohmes)，美國銀行。

I want to follow up on Laura's commentary at the end there before Q&A. -- the high watermark of the comps, but also the margin investments that you mentioned, is that -- like on the margin investment side, is that the Fresh impact? Is that the meat and seafood launch that you're thinking about? Or is it tariffs?

在問答環節之前，我想跟進勞拉最後的評論。 - 同行業的高水位線，以及您提到的保證金投資，是 - 就像保證金投資方面一樣，這是新的影響嗎？這就是您所考慮的肉類和海鮮新品發布嗎？還是關稅？

Or is it competition or signs of the consumer weakening, maybe more color on how you guys are thinking about margin investments for the rest of the year? And also a little more color on why the comps could fade as you move through the year.

或者是競爭或消費者疲軟的跡象，也許更多地影響了你們如何考慮今年剩餘時間的保證金投資？並且還解釋了為什麼隨著時間的推移，同店銷售額可能會下降。

Robby, thanks for the question. Maybe I'll start with your second point on margin investments. And so nothing has changed how we think about the business and value continues to be our North Star. And so we're always looking at pricing and making sure we're delivering the best value to our members every day.

羅比，謝謝你的提問。也許我將從關於保證金投資的第二點開始。因此，我們對業務的看法沒有任何改變，價值仍然是我們的北極星。因此，我們始終關注定價並確保每天為會員提供最佳價值。

And so that's how we'll continue to think about it as the year progresses. As you know, it's a dynamic environment. But I think value, if we continue to stay with that. That is what our members are rewarding us with as they continue to show up in our clubs and shop and drive their baskets.

隨著時間的推移，我們將繼續這樣思考這個問題。如您所知，這是一個動態的環境。但我認為，如果我們繼續堅持下去，它就有價值。這就是我們的會員對我們的回報，他們繼續出現在我們的俱樂部、購物並開車兜風。

Your second question on comp cadence for the year. It's a similar answer to when we set out our guidance in Q4. In looking at the year, we thought that the first half would be stronger than the second half from a cadence perspective, that is unchanged as we see the environment right now.

您的第二個問題是關於今年的比賽節奏。這與我們在第四季提出的指導意見時的答案類似。回顧今年，我們認為從節奏的角度來看，上半年會比下半年更強勁，從目前的環境來看，這一點沒有改變。

Some of that is lapse of last year. And some of it is how we're thinking about Fresh 2.0 and other points of our business. So I think nothing new to report there, but we will continue to watch it as we go through the year.

其中一些是去年發生的。其中一些是我們對 Fresh 2.0 和我們業務的其他要點的看法。所以我認為這裡沒有什麼新消息可以報告，但我們會在今年繼續關注。

And just to clarify, Fresh 2.0 and then the meat and seafood launch, are they a significant headwind to margin or not so much?

需要澄清的是，Fresh 2.0 以及隨後推出的肉類和海鮮是否會對利潤造成重大阻礙？

Robby, I think what we say is -- and you'll remember this because we've talked about it so much the gross margin rates across our our four divisions are about the same. The contribution margin rates might differ with perishables being lower given the increased labor associated with -- from a gross margin perspective, they're all within striking distance of one another.

羅比，我想我們所說的是──你會記得這一點，因為我們已經討論過很多次了，我們四個部門的毛利率大致相同。由於涉及的勞動力增加，貢獻邊際率可能會有所不同，易腐爛品的邊際率較低——從毛利率的角度來看，它們都在彼此的可比範圍內。

So mixing towards perishables doesn't necessarily help or hurt gross margin all that much, provided we don't mess up from a salvage perspective. What it does do is drive the engagement of our members, right? That was the entire thesis behind Fresh 2.0, right?

因此，只要我們從救援的角度不搞砸，混合易腐爛物品不一定會對毛利率產生太大的幫助或損害。它的作用是推動我們會員的參與，對嗎？這就是 Fresh 2.0 背後的整個論點，對嗎？

How can we get people -- we know our Fresh members are involved in produce, in particular and meat as well. How do we get more of our members to engage with us in those categories? And even though that takes some effort and it takes some investment, particularly in places below gross margin, as I talked about.

我們如何吸引人們——我們知道我們的新鮮成員參與農產品，特別是肉類。我們如何讓更多的會員參與這些類別？儘管這需要一些努力和投資，特別是在毛利率低於的地方，正如我所說的。

The more people we can get into those categories, the better off we are. So we certainly saw that from a previous perspective in the first innings of Fresh 2.0 and now in the middle innings, we're taking those lessons that we've learned and that same thesis towards meat and seafood and will ultimately take it to a bakery and dairy and the other disciplines within the perishable is complex.

我們能夠將越多的人納入這些類別，我們的狀況就越好。因此，我們當然從 Fresh 2.0 第一階段和現在的中期角度看到了這一點，我們正在吸取所學到的教訓，並將同樣的論點應用於肉類和海鮮，最終將其應用於麵包店和奶製品店以及易腐爛食品中的其他複雜學科。

The same thesis arguably hopefully, will be the same result if we can continue to make our clubs a weekly shopping destination for our members. That augers towards all sorts of good things, participation in other categories, growth in general merchandise, more trips, more traffic, more renewal rate, all the things that we hope to prove out.

如果我們能夠繼續讓我們的俱樂部成為會員每週的購物目的地，那麼同樣的論點有望得到同樣的結果。這預示著各種好事的發生，包括參與其他類別、日用百貨的成長、更多的旅行、更多的流量、更高的續約率，所有這些都是我們希望證明的事情。

And we've certainly seen great results in produce, and we're hoping for the same type of a thing to be seen in meat, but it shouldn't be a margin story. If we do things right, it should be a sales story and a membership study.

我們在農產品方面確實看到了巨大的成果，我們希望在肉類方面也能看到同樣的成果，但這不應該只是一個利潤故事。如果我們做得對，它應該是一個銷售故事和會員研究。

Mike Baker, D.A. Davidson.

麥克貝克（Mike Baker），地方檢察官戴維森。

Fresh 2.0 question with a couple of just digging in a little bit deeper. You said you're seeing high single-digit to low double-digit growth in produce from that initiative. If you said it, I missed it, but can you tell us what understanding it's early innings, what lift are you seeing in meat and seafood?

新鮮的 2.0 問題，其中有幾個問題需要深入探討。您說，透過這項舉措，您看到農產品實現了高個位數到低兩位數的成長。如果您這麼說，我錯過了，但是您能告訴我們，對於目前的早期局面，您在肉類和海鮮方面看到了什麼提升嗎？

And then can you the relative size of the opportunity in meat and seafood and that dairy and bakery to come relative to the size of the produce business?

那麼，您能否比較一下肉類、海鮮、乳製品和烘焙食品的市場機會與農產品業務規模的相對大小？

Mike, thanks for the question. I guess what I would say is individually produce and meat are about the same size from a category perspective. They're not exactly the same, but they're somewhat comparable. So obviously, produce helped drive our business all last year, we did talk about high single digits to low double-digit unit movement in produce.

麥克，謝謝你的提問。我想說的是，從類別角度來看，農產品和肉類的大小大致相同。它們並不完全相同，但具有一定的可比性。顯然，農產品在去年全年推動了我們的業務，我們確實談到了農產品的單位變動從高個位數到低兩位數。

That's certainly something we continue to see in the first quarter. We would anticipate a similar result in meat. And the thing that we don't yet understand and hopefully occurs is ng reaction to that, right, meaning one plus one equals equals three.

這是我們在第一季繼續看到的情況。我們預期肉類也會出現類似的結果。我們尚不理解但希望發生的事情是對此做出反應，對吧，意思是一加一等於三。

If people are shopping heavily in produce and in meat, it should really change their member profile and the number of trips and their renewal rates. And so we've seen good results in meat so far. That was certainly a category that we liked the results of in the first quarter.

如果人們大量購買農產品和肉類，這確實會改變他們的會員狀況、旅行次數和續約率。到目前為止，我們在肉類方面已經看到了良好的效果。這無疑是我們喜歡第一季業績的一個類別。

It's way too early to see how it might drive trips in total or how it might be that multiplier effect with produce, given it's only been out in the wild for a few weeks now. But we are excited about what we're seeing. We're excited about the member engagement. And we'll continue to invest in these categories.

由於這種昆蟲才剛在野外出現幾週，現在判斷它如何推動整體出行量或如何對農產品產生乘數效應還為時過早。但我們對所看到的一切感到非常興奮。我們對會員的參與感到非常興奮。我們將繼續對這些類別進行投資。

We haven't quite flushed out really anything yet from bakery and dairy and other categories. Yes, we've been focusing on this year. But I think what you should take away from this conversation is a big opportunity for us. If we do it right, it could materially change our business for the long term.

我們還沒有從烘焙食品、乳製品和其他類別中清除任何東西。是的，我們一直關註今年。但我認為，你們從這次談話中得到的對我們來說是一個巨大的機會。如果我們做得對，它可能會從根本上改變我們的長期業務。

And so we'll continue to really invest heavily in getting this stuff right and hopefully, it works out for our members first and foremost because if it works out for them, it will work out for us.

因此，我們將繼續投入大量資金來做好這些事情，並希望它首先對我們的會員有用，因為如果它對他們有用，它將對我們有用。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Congrats on a great quarter. Laura, on the guide and the expectation for a wider range of outcomes, I think we can all appreciate that given where we are. But is there a way to think about how much you exceeded your internal first quarter plan to assess some of that conservatism? And then one near-term question. Just curious how May sales are running relative to April strength?

恭喜本季取得優異成績。勞拉，關於指南和對更廣泛結果的期望，我想考慮到我們現在的狀況，我們都能理解這一點。但是，有沒有辦法思考一下你超出了第一季內部計劃的多少，以評估其中的一些保守性？然後是一個近期的問題。只是好奇五月的銷售情況相對於四月的銷售情況如何？

Chuck, thanks for the question. Look, I think as you can appreciate and you alluded to, it's a dynamic environment, and very fluid right now. And so that is a piece of what we took into consideration as we maintained our guidance for the full year.

查克，謝謝你的提問。看，我想正如你所理解和提到的，這是一個動態的環境，而且現在非常不穩定。因此，這是我們在維持全年指導時考慮的一部分。

We -- the teams are working diligently to make sure that we continue to deliver value to our members, and we're doing it in the right places across the business. And so that's how we're thinking about the year as we go forward. Your question on May sales, you know we don't really comment on current trends.

我們——團隊正在努力工作，以確保我們繼續為我們的會員提供價值，並且我們在整個業務的正確位置上進行這項工作。這就是我們對未來一年的展望。關於五月銷售額的問題，您知道我們實際上不會對當前趨勢發表評論。

So maybe I'll leave that for now. But we were really happy with the first quarter. I think that 3.9% comp was fantastic and proves the strength of our membership and continued momentum of the business.

所以也許我現在就不談這個了。但我們對第一季的表現確實很滿意。我認為 3.9% 的成長率非常出色，證明了我們會員的實力和業務的持續發展勢頭。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

I wanted to follow up on the subject of tariffs. Curious just to start, as you think about the guidance that you provided and reiterated today, I'm assuming that the guidance includes your best estimate of the current tariff rates and the impact that, that might have on you.

我想繼續討論關稅問題。首先我很好奇，當您考慮您今天提供並重申的指導時，我假設該指導包括您對當前關稅稅率的最佳估計以及這可能對您產生的影響。

If you could just confirm what's in guidance related to that. And then the second part of the question is just related to how you're thinking about pricing and elasticities on the items that you have that are impacted. And then how you're planning inventory against that uncertainty just to ensure that you don't have markdown issues as it relates to the consumer response.

如果您能確認與此相關的指導內容。然後問題的第二部分與您如何考慮受影響商品的定價和彈性有關。然後，您如何針對這種不確定性來規劃庫存，以確保不會出現與消費者反應相關的降價問題。

Listen, I appreciate the nature of the question. It's certainly an uncertain market out there. It's something we're all really trying to figure out, while it's hard to quantify the impacts given that uncertainty. What I would tell you is, first, we import less than many of our competitors.

聽著，我理解這個問題的本質。這確實是一個不確定的市場。這是我們所有人都在努力弄清楚的事情，但由於不確定性，很難量化其影響。我想告訴你的是，首先，我們的進口量比許多競爭對手都要少。

So we will likely be a bit less affected and others. With that said, even for us, this is a large complex problem to figure out. We have significant muscle around dealing with inflation and cost changes.

因此我們和其他人受到的影響可能會小一些。話雖如此，即使對我們來說，這也是一個需要解決的複雜大問題。我們在應對通貨膨脹和成本變化方面擁有強大的實力。

We've been employing all sorts of tactics none of which will surprise you to blunt the impact, including resourcing items from different countries, changing items, even eliminating items from our assortment where the elasticity might make -- may not make any sense for our members. Certainly, we're spending a ton of time with our supplier partners working the problem collaboratively.

我們一直在採用各種各樣的策略來減輕影響，這些策略都不會讓您感到驚訝，包括從不同國家採購物品、更換物品，甚至從我們的產品系列中剔除可能對我們的會員沒有任何意義的物品。當然，我們花了大量時間與供應商合作夥伴共同解決這個問題。

And I guess, finally, what I would say, we will act according to our purpose and taking care of the families that depend on us. These actions might differ day-to-day, but our performance in the past quarters and years has all been centered around that powerful idea of doing the right thing for our members.

最後我想說的是，我們將按照我們的宗旨行事，照顧好那些依賴我們的家庭。這些行動可能每天都會有所不同，但我們過去幾季和幾年的表現都圍繞著為我們的會員做正確的事情這一強有力的理念。

We would expect to invest for the long term as much as possible within the framework of our economic structure. For example, during the first quarter, we invested heavily in eggs and gas prices have come down meaningfully as well.

我們希望在我們的經濟結構框架內盡可能進行長期投資。例如，在第一季度，我們在雞蛋方面投入了大量資金，而且天然氣價格也大幅下降。

And we would expect to, and we're looking to gain market share in these times of disruption. So when consumers are challenged, they come towards value, and we're a great place to come for them to achieve that goal.

我們也期望如此，並且我們希望在這些混亂的時期獲得市場份額。因此，當消費者面臨挑戰時，他們就會追求價值，而我們是他們實現目標的最佳選擇。

And we'll have to be agile because the answer seems to change by the hour, by the day, but you can expect steadfast support of our members as we go through whatever is coming in the next few weeks. We've tried to run a range of scenarios. Obviously, today's tariff situation and maybe whatever could happen tomorrow.

我們必須保持敏捷，因為答案似乎每時每刻都在變化，但你可以期待我們的成員在我們經歷未來幾週發生的一切時給予堅定的支持。我們嘗試運行了一系列場景。顯然，今天的關稅情況以及明天可能發生的任何事情。

All of that is in our guidance ranges. That could obviously change. We don't know what's coming tomorrow. So we try to make our best guesses. And we've -- as we've talked about in the prepared remarks, our inventory is in better shape.

所有這些都在我們的指導範圍內。顯然，這種情況可能會改變。我們不知道明天會發生什麼事。因此我們盡力做出最好的猜測。正如我們在準備好的演講中談到的那樣，我們的庫存狀況更好。

Our team has done a pretty remarkable work over the past couple of quarters, both increasing in stock, which is obviously incredibly important to running a great business for our members, and reducing inventory levels overall down 2% on a per club basis.

在過去的幾個季度中，我們的團隊做了非常出色的工作，既增加了庫存，這對於為我們的會員開展良好的業務顯然非常重要，又將每個俱樂部的庫存水平總體降低了 2%。

So we're trying to be very judicious from a buying perspective. We're trying to do the right thing for our members and hopefully, that gets us through this period of disruption.

因此，從購買角度來看，我們力求非常明智。我們正在努力為我們的會員做正確的事情，希望這能幫助我們度過這段混亂時期。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Good quarter. I wanted to ask and make it two parts. First, share gains. Food retail clearly continues, and it's going well. It seems like you bent the curve on other categories, discretionary, which you're taking share. We can't see given the markets how granular that share gain looks like.

好季度。我想問一下並將其分為兩部分。一是分享收益。食品零售業顯然仍在繼續，而且進展良好。看起來你在其他類別上改變了曲線，自由裁量權，你正在佔據這些類別的份額。從市場來看，我們無法看出份額成長的具體細節。

Curious how you feel or you would assess your share gain in nonfood categories? And then you -- is there visibility on where that higher tier penetration can get to? Are there the leading indicators and how a member is spending such that, that penetration rate can keep going north of 40%?

好奇您的感受如何或您如何評估非食品類別的份額成長？然後你──是否可以預見更高層次的滲透可以達到什麼程度？是否存在領先指標以及會員的支出狀況，使得滲透率能夠持續維持在 40% 以上？

Yes. Good questions. We're pretty happy with our share gains in the past quarter -- in the past few quarters. We continue to grow it in both food and nonfood. The general merchandise share is a bit harder to measure.

是的。好問題。我們對過去一個季度——過去幾個季度——的股價上漲感到非常滿意。我們繼續在食品和非食品領域種植它。日用商品的份額有點難以衡量。

But as we look across Circana data and other sources of data that we have, certainly, we're building in the grocery business quarter after quarter after quarter after quarter. In the GM business, even though those comps were slightly negative during the quarter, we still took share in categories.

但是，當我們查看 Circana 數據和我們擁有的其他數據來源時，我們確實正在一個季度又一個季度地擴大雜貨業務。在通用汽車業務中，儘管本季的同比業績略有下降，但我們仍然在各個類別中佔有份額。

So we're doing the same things that have been we've been doing it in the past few quarters to make it work right. Playing the right stuff on the shelf, being sensitive to what the right value is, what the right price is, how we're displaying it as we transform general merchandise. And that's helping us gain share.

因此，我們正在做與過去幾季相同的事情，以使其正常運作。在貨架上擺放合適的商品，敏感地了解什麼是合適的價值，什麼是合適的價格，以及我們在改造一般商品時如何展示它。這有助於我們獲得市場佔有率。

Electronics is a great example. This quarter, we had great share in electronics. We've built share in a number of GM categories. And even if we look back longer term, Circana data all the way back through the pandemic as has gone up in all four of our big businesses.

電子產品就是一個很好的例子。本季度，我們在電子產品領域佔有很大的份額。我們已經在多個 GM 類別中佔據了份額。即使我們回顧更長遠的未來，Circana 的數據在整個疫情期間一直保持成長，我們的四大業務也都實現了成長。

One important thing outside the club, obviously, from a share perspective is fuel. We continue to gain tremendous amounts of share with positive gallon growth quarter in, quarter out, while the market continues to go backwards from a a gallon perspective.

顯然，從股份角度來看，俱樂部之外的一個重要事物就是燃料。我們的市佔率持續大幅成長，季比成長，而市場從加侖角度來看則持續下滑。

And so we're gaining tremendous amounts of share. And that dovetails nicely into the higher tier penetration question that you put forward. We're gaining share in fuel, not just because of our fantastic everyday pricing, where, on average, we're about $0.20 lower than what the average market price would be.

因此，我們獲得了巨大的份額。這與您提出的更高層次的滲透問題完美契合。我們的燃料市場份額不斷增長，這不僅是因為我們每天的定價都非常優惠，平均下來比市場平均價格低約 0.20 美元。

But we've -- as you know, we've done a tremendous job trying to integrate gas into our membership offering. Where every tier of our members, our higher team members now as a gas discount, whether you have a credit card or not. So all the way up to $0.15 a gallon for our highest tier members.

但正如您所知，我們已做了大量工作，試圖將天然氣融入我們的會員服務中。我們的每一級會員，包括我們更高級別的團隊成員現在都可以享受汽油折扣，無論您是否擁有信用卡。因此，對於我們最高級別的會員，價格最高可達每加侖 0.15 美元。

And that's on top of that great opening price point gas that's $0.20 lower than the market. We're also having some fun with our team members who are running $0.25 off a gallon on top of all the other things that they can get to.

而且，這一價格還是高於市價 0.20 美元。我們還與團隊成員一起享受了一些樂趣，他們除了可以獲得其他東西之外，還可以節省每加侖 0.25 美元。

So we're trying to get those team members even more involved in the fuel game, so that they can tell our members about it. I think the overriding goal for higher tier membership is somewhere over 50%. That's where our club competitors are.

因此，我們正嘗試讓這些團隊成員更多地參與燃料遊戲，以便他們可以向我們的成員介紹燃料遊戲。我認為更高等級會員的首要目標是達到 50% 以上。那裡就是我們俱樂部的競爭對手。

We ended the quarter right around 41%. And so we still have tremendous amounts of headroom to do that. We need to make sure that we're putting the right offer out there for people or making sure that they're engaged in the business and getting the rewards associated with doing that. And that will mentum by itself.

本季結束時我們的獲利率約為 41%。因此，我們仍然擁有巨大的發展空間來實現這一目標。我們需要確保我們為人們提供正確的報價，或確保他們參與業務並獲得與此相關的回報。這將會自行發生。

I thought this is a cool quarter to look at because with the fee increase out there, there could have been -- there probably was some pressure to not grow higher tier penetration so to grow it at the fastest rate that we've grown it in a while, we were up well over 100 basis points sequentially.

我認為這是一個很酷的季度，因為隨著費用的增加，可能會有一些壓力，無法增加更高層次的滲透率，因此，為了以我們一段時間以來最快的速度增長，我們連續增長了 100 多個基點。

It was impressive to me and to us. The team did a nice job figuring out the right offers to put out there the team in the field at the desk. Membership desk did a nice job converting people. Our digital team did a great job getting in front of people when they're on the website are playing on the app.

這對我和我們都留下了深刻的印象。團隊出色地完成了工作，找到了合適的報價，並將其提供給前台團隊。會員服務台在吸引會員方面做得很好。當人們在網站上或使用應用程式時，我們的數位團隊出色地將資訊呈現在他們面前。

And so we're excited about it. We think it's a great road to grow the franchise, to grow the lifetime value of our membership, and we'll continue to invest to do that in the future.

因此我們對此感到很興奮。我們認為這是一條發展特許經營權、提高會員終身價值的偉大道路，我們將在未來繼續投資以實現這一目標。

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

It's Tom Nass on for Oliver. I wanted to ask on digital convenience. Seems to be trending quite impressively. Is there any color you could give on the impact that may or may not have on margins for the business overall?

湯姆·納斯 (Tom Nass) 取代奧利佛 (Oliver)。我想問一下數位便利性。看起來趨勢相當驚人。您能否說明一下這對整個業務利潤率可能產生或不產生的影響？

And then as a follow-up, it would be great to hear your outlook for the year on the general merchandise category. And then related to that, how private label fits into the equation with any opportunities or developments planned there?

然後作為後續問題，我們非常希望聽到您對今年日用百貨類別的展望。與此相關的是，自有品牌如何融入其中並規劃任何機會或發展？

Yes. Tom, thanks for the question. Digital has been more and more important over the past several years. We're trying to save our members' time in addition to 25% of their groceries. And what they're telling us is they love what we're doing.

是的。湯姆，謝謝你的提問。過去幾年裡，數位化變得越來越重要。除了節省 25% 的食品雜貨費用外，我們還致力於節省會員的時間。他們告訴我們他們喜歡我們所做的事情。

It grows week in, week out, quarter, quarter in, quarter out, two year stack and digital sales well over 50% again this quarter. So what we're doing is clearly resonating. The predominance of that business, you remember is in and curbside and same-day delivery.

它每週、每季、每季、每季都在成長，兩年累計，本季的數位銷售額再次超過 50%。因此，我們所做的事情顯然引起了共鳴。您記得，該業務的主要業務是路邊送貨和當日送達。

And as we as we fulfill those orders, obviously, they cost a little bit more. They can cost a little bit more because our members -- our team members are doing the picking for our members. And even in the case of curbside, putting in their basket, but -- their car.

當我們完成這些訂單時，顯然成本會稍微高一點。它們的價格可能會稍微貴一點，因為我們的成員——我們的團隊成員正在為我們的會員挑選。即使在路邊，把東西放進籃子裡，但是──是他們的車。

But member shopping behavior tends to increase, the more engage people get in these digital conveniences. And so that incrementality tends to pay the bill for the increased costs. Those costs are largely below gross margin.

但隨著人們更參與這些數位便利，會員購物行為往往會增加。因此，增量往往會彌補增加的成本。這些成本大大低於毛利率。

So just specifically to your margin question, it's not really a gross margin story again from from a contribution margin perspective, these sales will be slightly less accretive. But certainly, the incrementality is what we're looking for. We're trying to grow lifetime value, we're trying to grow engagement in the business.

因此，具體到您的利潤率問題，從貢獻利潤率的角度來看，這實際上不是一個毛利率問題，這些銷售額的增值性會略低一些。但可以肯定的是，我們所追求的是增量。我們正在努力提高終身價值，我們正在努力提高業務參與度。

And our members are telling us every day that these conveniences are incredibly helpful. We also made nice games inside the club and another element of our digital sales, which is Express Pay, the ability to check out using your phone.

我們的會員每天都告訴我們，這些便利非常有用。我們還在俱樂部內製作了精彩的遊戲，並增加了數字銷售的另一個元素，即快速支付，即使用手機結帳的功能。

Once upon a time, that was an incredibly small part of our business, and it's growing every day there, too. General merchandise a little bit softer in the first quarter. All of that was in discretionary high-ticket goods. And I think what you're seeing is the consumer confidence playing out in there and some weather, quite honestly.

曾幾何時，這只是我們業務中很小的一部分，但它也每天都在成長。第一季日用百貨銷售略顯疲軟。所有這些都是可自由支配的高價商品。而且我認為，坦白說，你所看到的是消費者信心和一些天氣因素的影響。

I mean, it's pouring here today in front of where the day we can. So not a great incentive to go buy a patio set or lawn fertilizer at this point. But I think as we go forward, I think the consumer will ebb and flow with whatever happens from an economic standpoint.

我的意思是，今天我們這裡正下著傾盆大雨，這比我們能去的地方還要早。因此，現在去買露台套裝或草坪肥料的動力並不大。但我認為，隨著我們不斷前進，從經濟角度來看，無論發生什麼，消費者都會隨之起伏。

Certainly, in other less discretionary or smaller ticket businesses within GM, we saw some strength. We did well in apparel. We did well in electronics. But I think what you're seeing is people heading more towards need categories than lot categories until there's greater certainty about what's going to happen in the economy.

當然，在通用汽車內部其他不太可自由支配或規模較小的業務中，我們看到了一些優勢。我們在服裝方面做得很好。我們在電子領域做得很好。但我認為，你看到的是，人們更傾向於需求類別而不是地段類別，直到對經濟情勢有更大的確定性。

And I would expect that situation to persist for as long as that uncertainty persists. And then your final question on private label, another all-time record in private label penetration that's, I think, going to two things: one, the continuing search for value for members.

我預計，只要這種不確定性持續存在，這種情況就會持續下去。然後，您關於自有品牌的最後一個問題，自有品牌滲透率的另一個歷史最高紀錄，我認為這與兩件事有關：第一，不斷尋求會員的價值。

You're definitely seeing members be a little bit more promotionally since you're definitely seeing them look at that own brands a little bit more -- but our team is doing a phenomenal job creating own branch products that are great great quality of great value.

您肯定會看到會員們更加熱衷於促銷，因為您肯定會看到他們更專注於自己的品牌——但我們的團隊正在做一項非凡的工作，創造出品質卓越、價值非凡的自有品牌產品。

And now we're even in some cases, splitting them more prominently in the clubs. And we're changing packaging and doing all sorts of other things to really put those in a more robust way.

現在，在某些情況下，我們甚至在俱樂部中將他們劃分得更明顯。我們正在改變包裝並採取各種其他措施，以使它們更加強大。

So I would anticipate the consumer continuing to search for value as we talked about, which would highlight some own brands and then we will try and exercise some self-help as well and to continue to improve our own brands business.

因此，正如我們所討論的，我預計消費者會繼續尋找價值，這將突出一些自有品牌，然後我們也會嘗試進行一些自助，並繼續改善我們的自有品牌業務。

It is incredibly important, as you know, from a margin story perspective as well as from a loyalty perspective, even if it comes with a little bit of top line degradation, we'll take the margin on the loyalty all day long.

如您所知，從利潤故事的角度以及從忠誠度的角度來看，這非常重要，即使這會帶來一點點的收入下降，我們也會整天關注忠誠度的利潤。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

I was going to ask two in one. So the first is just really strong merchandise margin strength in the first quarter. Maybe how should we think about that over the course of the year because the compares get a little bit tougher, but just help us understand your outlook there.

我本來想問兩個問題。首先，第一季的商品利潤率確實非常強勁。也許我們應該如何在一年的時間裡思考這個問題，因為比較會變得更加困難，但請幫助我們了解您的觀點。

And then a follow-up on Chuck's question earlier. I guess what I was curious on is the commentary around the wider range of outcomes while still maintaining the guidance. Is that just acknowledging the macro has gotten much more uncertain.

然後對查克之前提出的問題進行後續回答。我想我好奇的是有關在仍然保持指導的同時更廣泛的結果的評論。這是否只是承認宏觀經濟變得更不確定了。

It doesn't sound like anything you're seeing in the business has changed, right? Like it seems like still pretty good momentum from your specific business.

聽起來您在業務中看到的一切都沒有改變，對嗎？看起來您的具體業務仍然保持著良好的發展勢頭。

Look, we're quite pleased with the margin strength during the quarter. It was a little bit of probably our easiest compare during the year. We had some stuff going on last year as we launched Fresh 2.0 that we were able to this quarter. But look, we have a bunch of different irons in the fire to grow margins over time that we've talked about probably just talk about at on the last question, that's a good one.

看，我們對本季的利潤率感到非常滿意。這可能是我們今年最容易比較的事情了。去年我們推出了 Fresh 2.0，本季我們也推出了一些新產品。但是你看，我們有很多不同的舉措來隨著時間的推移增加利潤，我們已經討論過，可能只是在最後一個問題上討論過，這是一個很好的問題。

CMPs, it category management process as we continue to figure out how to put the right brands and products on the shelves at the right value. We're also trying to figure out what the right margin mix is in each category as well, and that should hopefully let us alter margin rates north.

CMP，它是品類管理流程，我們不斷研究如何以合適的價格將合適的品牌和產品擺上貨架。我們也在嘗試找出每個類別中正確的利潤組合，希望這能讓我們改變北方的利潤率。

And there are a few other ones around the business, working better with salvage, changing what we do from a transportation perspective, doing retail media advertising. Those things are all not transformationally large, but they're all individually important. So we'll continue to work on all those things.

還有一些其他的業務，更好地處理廢品，從運輸角度改變我們的工作方式，做零售媒體廣告。這些事情對於改變來說並不大，但它們各自都很重要。因此，我們將繼續致力於所有這些事情。

I would hope that margins continue to perform well during the year. The big question mark, obviously, is what happens from a cost base perspective. And as I said in the response to Ed's question about tariffs, we will go forward and invest to gain market share and do the right thing for our members, unless no matter what happens within the economic structure of what we can afford.

我希望今年的利潤率能繼續保持良好表現。顯然，最大的疑問是從成本基礎的角度來看會發生什麼。正如我在回答艾德關於關稅的問題時所說的那樣，我們將繼續投資以獲得市場份額，為我們的成員做正確的事情，除非無論我們能承受的經濟結構發生什麼變化。

And so while we do see some daylight from a margin perspective, we also anticipate investing more as we go through the year. So that's really why we left the guidance unchanged for the year. It's certainly a dynamic environment.

因此，雖然我們從利潤率角度確實看到了一些曙光，但我們也預計在今年內會投入更多資金。這就是我們維持今年指引不變的原因。這確實是一個充滿活力的環境。

Nobody really knows what's going to happen, but we will control -- we can control on the operational side on the merchandising side, and we will invest for the future of the business, even if that means margins suffer a bit. And I think that answers your question on the wider range as well.

沒有人真正知道會發生什麼，但我們會控制——我們可以控製商品銷售方面的運營，我們會為業務的未來進行投資，即使這意味著利潤率會受到一點影響。我認為這也從更廣泛的角度回答了你的問題。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

So I guess just going back to your relocation commentary. I guess as you look at your store base, do you see a number of opportunities there. And then as you think of relocation opportunities, would this be incremental to what you typically would open in a typical year for stores?

所以我想回到你關於搬遷的評論。我想，當您查看您的商店基礎時，您是否會看到那裡的許多機會。然後，當您考慮搬遷機會時，這是否會對您通常在一年內開設的商店數量產生增量？

Let me pass it over to Bill.

讓我把它交給比爾。

Yes, we talk a little bit about the relocations in the script, and we have a couple right now in the pipeline. I think what you can expect of us is to continue to look at the markets and the communities that we serve and look for opportunities within our existing store base where we have opportunities to serve more members in the instance where either the retail landscape in the market has changed or the population of the market has changed.

是的，我們稍微討論了劇本中的重新定位問題，目前我們有幾個正在籌備中。我想，大家可以期待我們繼續關注我們所服務的市場和社區，並在我們現有的門市基礎上尋找機會，當市場零售格局或市場人口發生變化時，我們就有機會為更多的會員提供服務。

And so as we think about the real estate program broadly, like I said, in my first response, the models are changing pretty quickly, probably quicker than they've ever had in terms of population changes as well as our share growth.

因此，當我們廣泛地思考房地產計劃時，就像我在第一反應中所說的那樣，模型正在迅速變化，可能比人口變化和份額增長方面的變化速度更快。

And I think our investor base should expect us to play offense and look for these very opportunistic opportunities that become available to us to reposition for the future. And we should absolutely go take advantage of them when it makes sense for our members and the company.

我認為我們的投資者群體應該期待我們採取進攻行動，並尋找這些對我們有用的機會，以便為未來重新定位。當這對我們的會員和公司有意義時，我們絕對應該利用它們。

Mark Carden, UBS.

瑞銀的馬克卡登。

So another one on real estate. Just as you think about store growth, how are you thinking about the potential impact from higher materials costs just related to tariffs? Do you see it providing much of a risk impacting the timing of your new store in DC growth?

再來一個關於房地產的。就像您考慮商店成長一樣，您如何看待與關稅相關的材料成本上漲的潛在影響？您是否認為這會對您在華盛頓特區新店的開幕時機帶來很大影響？

Does it impact how you think about prioritizing new market entry versus, say, boosting store counts in your existing markets? Is there an opportunity to play offense? Just any color there.

這會影響您考慮優先進入新市場還是增加現有市場的門市數量？有進攻的機會嗎？任何顏色都可以。

Mark, and thanks for bringing up the point about the DC. We haven't talked about that much, but the construction of our new DC is going great. We're making tremendous progress with that. And we'll be very excited for us to get that online here in the coming year or so.

馬克，謝謝你提出關於 DC 的觀點。我們還沒有談論太多，但我們新 DC 的建設進展順利。我們在這方面取得了巨大進展。我們非常高興能夠在未來一年左右的時間內將其上線。

In terms of the costs, obviously, we've seen some impact of costs within the construction portfolio. And as we think about that over the long term, right, these are 20-, 40-year investments that we're making in new buildings.

就成本而言，顯然我們已經看到建築組合中成本的一些影響。當我們從長遠考慮時，我們對新建築的投資是 20 年、40 年。

And so we're certainly working as we would with any other product that we buy, whether it's our products for merchandise reselling our clubs or our construction costs to leverage our scale, given the number of projects that we have in the pipeline right now to deliver the savings where we can and get these things built as efficiently as possible.

因此，我們當然會像對待我們購買的任何其他產品一樣來做這件事，無論是用於轉售俱樂部商品的產品，還是利用我們的規模來降低建築成本，考慮到我們目前正在籌備的項目數量，我們會盡可能地節省開支，並儘可能高效地建造這些東西。

But as we step back, we feel really great about the overall investment envelope of a new club and the returns that we generated. So we're going to keep going.

但當我們回顧過去時，我們對新俱樂部的整體投資範圍以及我們產生的回報感到非常滿意。所以我們會繼續前進。

That's all the time we have left to for questions. I will now turn it back over to Bob Eddy for closing remarks.

這就是我們留給提問的時間了。現在我將把發言權交還給鮑伯·艾迪，請他作最後發言。

Well, thanks, everybody, for your attention this morning. Thank you for your support of our company. We've got a lot going for us. We have had great results over the past couple of quarters.

好吧，謝謝大家今天早上的關注。感謝您對我公司的支持。我們有很多事情要做。過去幾個季度我們取得了出色的成績。

Certainly a more dynamic environment that we face today than maybe we've ever faced, but we will continue to do the right things to take care of the family to depend on us, and that will power our growth going forward. So we will -- we wish you a great summer. We will talk to you at the end of the next quarter.

當然，我們今天面臨的環境可能比以往任何時候都更加動態，但我們將繼續做正確的事情來照顧依賴我們的家庭，這將推動我們未來的發展。所以我們會——祝你度過一個愉快的夏天。我們將在下個季度末與您交談。

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。