BJ's Wholesale Club Holdings Inc (BJ) 2025 Q2 法說會逐字稿

Good morning, all, and thank you for joining us for BJ Wholesale Club's Q2 2025 earnings conference call. My name is Carlin, I'll be coordinating today's call. (Operator Instructions)

大家早安，感謝您參加 BJ Wholesale Club 2025 年第二季財報電話會議。我叫卡林，我將負責協調今天的電話會議。（操作員指示）

I'd now like to hand over to our host, [Anj] Singh, to begin. The floor is yours.

現在我想把時間交給我們的主持人 [Anj] Singh 來開始。現在輪到你了。

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

早安，歡迎參加 BJ 2025 財年第二季財報電話會議。今天與我一起出席的還有董事長兼執行長鮑勃‧艾迪 (Bob Eddy)、財務長勞拉‧菲利斯 (Laura Felice) 和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 can cause actual results to differ materially from what we say on this call. Please see the Risk Factors sections of our most recent SEC filings for a description of these risks and uncertainties.

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。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。

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.

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。

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

現在，我將把電話轉給鮑伯。

Good morning, everyone. Thanks for joining us today to discuss our second quarter results. Our business delivered solid results in Q2 as we continued to provide our members unbeatable value along with exceptional convenience, in an environment that remains very dynamic. Our commitment to taking care of the families who depend on us is more than just a slogan, and we view the performance this quarter as demonstrable proof of the power and relevance of our business model in a volatile backdrop. Now more than ever, we will maintain an unwavering focus on the priorities that will drive value for our members both now and into the future.

大家早安。感謝您今天加入我們討論我們的第二季業績。我們在第二季度取得了穩健的業績，因為我們在充滿活力的環境中繼續為會員提供無與倫比的價值以及卓越的便利性。我們致力於照顧依賴我們的家庭，這不僅僅是一句口號，我們認為本季的業績充分證明了我們的商業模式在動盪的背景下所具有的力量和相關性。現在，我們比以往任何時候都更加堅定地關注那些能夠為我們的會員現在和將來創造價值的優先事項。

Our Q2 results included comparable club sales, excluding gas, of 2.3%, led by our 14th consecutive quarter of traffic growth and our 11th consecutive quarter of market share growth. Our membership base continues to grow, and I'm happy to announce that we reached the 8 million member milestone this quarter, representing 55% growth in our membership base since our IPO seven years ago.

我們第二季的業績包括可比俱樂部銷售額（不包括汽油），為 2.3%，這得益於我們連續第 14 個季度的客流量增長和連續第 11 個季度的市場份額增長。我們的會員基礎持續成長，我很高興地宣布，本季度我們的會員數量達到了 800 萬，這意味著自七年前 IPO 以來，我們的會員基礎增長了 55%。

Our digital business continues to shine and represents a generational unlock for us as we deliver value to our members how and where they want. This business grew 34% during the quarter. These results were solid in the face of market environment influenced by both macro uncertainty as well as the unseasonably wet and cold weather to start the quarter, especially in our core Northeast and Mid-Atlantic markets. We saw our business accelerate as the weather improved.

我們的數位業務繼續閃耀光芒，代表著我們時代的變革，我們以會員希望的方式和地點為他們提供價值。該業務本季成長了 34%。儘管市場環境受到宏觀不確定性以及本季初異常潮濕和寒冷天氣的影響，尤其是在我們的核心東北部和中大西洋市場，但這些業績仍然穩健。隨著天氣好轉，我們的業務也加速發展。

Our Perishables Grocery and Sundries division led our Q2 performance with healthy 3% comp growth and a two-year stack that held steady with Q1. The investments we've made in both Fresh 2.0 and our category management process have driven continued share gains across our consumables franchise. We saw the most strength in perishable categories like dairy, meat and fresh produce. The investments we've made in our Fresh 2.0 capabilities continue to deliver value for the company and our members, and we're building on these gains as we expand our efforts to our meat and seafood franchises.

我們的易腐食品雜貨和雜貨部門在第二季度的業績表現領先，實現了 3% 的健康成長，並且兩年的成長與第一季保持穩定。我們對 Fresh 2.0 和品類管理流程的投資推動了我們的消費品特許經營份額持續成長。我們發現乳製品、肉類和新鮮農產品等易腐爛類別表現最強。我們對 Fresh 2.0 功能的投資繼續為公司和我們的會員帶來價值，我們正在利用這些收益，將我們的努力擴展到肉類和海鮮特許經營。

Our GM and services business declined 2.2% on a comp basis in the quarter, with the results being impacted by both the weather and macro factors that I noted earlier. Certain higher-ticket discretionary categories in GM such as recreation and lawn and garden experienced double-digit declines in comp sales. Our team was quick to react to these early quarter trends, and we aggressively managed orders and markdowns to ensure we exited the quarter in a prudent inventory position. I'll share more about our inventory results and strategy later in the call.

我們的通用汽車和服務業務本季同比下降了 2.2%，其結果受到我之前提到的天氣和宏觀因素的影響。通用汽車某些高價位非必需品類別（如娛樂產品、草坪和花園產品）的銷售額出現了兩位數的下滑。我們的團隊對這些季度初的趨勢做出了快速反應，並積極管理訂單和降價，以確保我們在本季度結束時保持審慎的庫存狀況。我將在稍後的電話會議中分享更多有關我們的庫存結果和策略的資訊。

Our GM business did show bright spots, validating the fruits of our transformation efforts. For example, our Apparel business grew comp in the low single digits despite the weather headwinds, and further built on the positive trend in this business with a two-year comp stack in the high single digits.

我們的通用汽車業務確實展現出亮點，驗證了我們轉型努力的成果。例如，儘管面臨天氣不利因素，我們的服裝業務仍實現了低個位數的同比增長，並且進一步鞏固了該業務的積極趨勢，兩年的同比增長率達到高個位數。

As we step out of the discrete quarterly results and evaluate the state of our membership base more broadly, we did see members across all income levels turn a bit more cautious during the quarter, driven by the uncertain macro environment. Despite this change in consumer sentiment, our members continue to count on BJ's and total spending increased in total and on a per member basis, with low-income households demonstrating incredible loyalty. This is a clear validation of our value proposition at a time when families are under a seemingly endless cost pressure.

當我們走出離散的季度業績並更廣泛地評估我們的會員基礎狀況時，我們確實看到，受不確定的宏觀環境的影響，所有收入水平的會員在本季度都變得更加謹慎。儘管消費者情緒發生了這種變化，我們的會員仍然依賴 BJ，並且總體支出和每位會員的總支出都有所增加，低收入家庭表現出了令人難以置信的忠誠度。在家庭面臨無止盡的成本壓力的當下，這清楚地驗證了我們的價值主張。

In what is an exceptionally dynamic environment, I'm proud of how our teams are laser-focused on controlling what we can control and continuing to execute our strategy with discipline. We are improving member loyalty, giving our members an unbeatable shopping experience, delivering value conveniently and growing our footprint. These are the pillars that will drive long-term value creation, and we made further progress this quarter.

在這個異常動態的環境中，我為我們的團隊能夠全神貫注地控制我們能夠控制的事情並繼續嚴格執行我們的策略而感到自豪。我們正在提高會員忠誠度，為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。這些是推動長期價值創造的支柱，本季我們取得了進一步的進展。

Let me now take a minute to provide an update on each. We continue to put up robust results in membership growing total member counts, all while maintaining our strong renewal rates. Reaching the 8 million member milestone this quarter is a significant achievement with growth coming not only from the new clubs that we've added to our chain but also from our legacy comp clubs.

現在請允許我花一點時間來介紹每個訊息的最新情況。我們的會員總數持續保持強勁成長，同時保持強勁的續訂率。本季達到 800 萬會員這一里程碑是一項重大成就，成長不僅來自我們連鎖店新增的俱樂部，也來自我們現有的俱樂部。

Growing the number of members and retaining them at high levels is an impressive feat, but we are also improving the member mix, signing up a greater percentage of higher tier members who qualify for our best-in-class rewards, both in the club and at the pump. In the second quarter, higher tier membership penetration continued to set records, improving 50 basis points sequentially to an all-time high of 41%, and we continue to see more upside going forward.

增加會員數量並保留高水平會員是一項令人印象深刻的成就，但我們也在改善會員結構，簽約更大比例的高級別會員，這些會員有資格享受我們一流的獎勵，無論是在俱樂部還是在加油站。第二季度，高等級會員滲透率繼續創下新高，環比提高 50 個基點，達到 41% 的歷史新高，我們繼續看到未來還有更大的上升空間。

Our membership growth is the result of our focus on delivering an unbeatable shopping experience. Our merchandising transformation is focused on offering the right products at the right price. A fantastic example of this is the sustained success of Fresh 2.0, which we rolled out to win our member shop and grow frequency of trips.

我們的會員數量成長是我們致力於提供無與倫比的購物體驗的結果。我們的商品轉型專注於以合適的價格提供合適的產品。一個很好的例子就是 Fresh 2.0 的持續成功，我們推出該功能是為了贏得會員商店並增加出行頻率。

As a proof point to the sustainable nature of this effort, I'm pleased to report that our Fresh 2.0 pilot clubs, now in their second year, are continuing to see perishables comp at chain levels. It's clear that this transformation has driven a significant and durable improvement in these members' behavior. We're now taking our lessons learned and applying this data-driven approach to our meat and seafood categories.

作為這項努力可持續性的證明，我很高興地報告，我們的 Fresh 2.0 試點俱樂部現已進入第二年，並繼續在連鎖層面看到易腐商品的競爭。顯然，這種轉變已經推動這些成員的行為發生顯著而持久的改善。我們現在正在吸取經驗教訓，並將這種數據驅動的方法應用到我們的肉類和海鮮類別中。

Let me talk a little about what we are doing in these key categories. We're using our internal number data along with demographic data and competitive insights to inform complex fresh meat and seafood assortment decisions, providing members more of what they want and making it easier for them to shop these categories. We're also looking to be more regionally relevant to our members as we align offerings with trade area intelligence focusing on ethnic and cultural preferences, all while we continue to deliver outstanding value and quality.

我來簡單講一下我們在這些關鍵類別上所做的工作。我們正在使用內部數字數據以及人口統計數據和競爭見解來為複雜的新鮮肉類和海鮮分類決策提供信息，為會員提供更多他們想要的東西，並使他們更容易購買這些類別的產品。我們也希望與我們的會員在區域上更加相關，因為我們將產品與關注民族和文化偏好的貿易區情報相結合，同時我們繼續提供卓越的價值和品質。

In early days, we're seeing exciting results with substantial improvements in sales and salvage expense for these categories. Our focus on convenience is shown in our digital results with growth of 34% this quarter and 56% on a two-year stack basis, driven by consistently robust BOPIC and same-day delivery expansion and rapidly increasing penetration of Express Pay.

在早期，我們看到了令人興奮的結果，這些類別的銷售和殘值費用都有了顯著的改善。我們對便利性的關注體現在我們的數位業績上，本季度增長了 34%，兩年疊加增長了 56%，這得益於 BOPIC 和當日送達服務的持續強勁擴張以及 Express Pay 滲透率的快速提升。

Our digital adoption sets new records every quarter and our app usage continues to grow with more than half of our active members now regularly using the app. When we can leverage the convenience of digital to unlock the value of our club, the value creation opportunity for both our company and our members is tremendous.

我們的數位化採用率每季都創下新紀錄，我們的應用程式使用量持續成長，現在有超過一半的活躍會員定期使用該應用程式。當我們能夠利用數位科技的便利性來釋放俱樂部的價值時，我們公司和會員的價值創造機會都是巨大的。

And last but not least, our new club footprint expansion. We started our fiscal year '25 strong, opening five clubs in the first quarter. This quarter, we completed our first relocation since our IPO, opening our new club in Mechanicsburg, Pennsylvania on August 1. Our teams did an amazing job executing the transition plan and early feedback is that our members love their brand new home. Mechanicsburg joins a class of new clubs that continue to exceed expectations, with the clubs on the maturity curve comping about 3 times the rate of the tenured base.

最後但同樣重要的是，我們的新俱樂部足跡不斷擴大。我們以強勁的勢頭開啟了 25 財年，第一季開設了 5 傢俱樂部。本季度，我們完成了自 IPO 以來的首次搬遷，並於 8 月 1 日在賓夕法尼亞州 Mechanicsburg 開設了新俱樂部。我們的團隊在執行過渡計劃方面做得非常出色，早期回饋表明我們的成員非常喜歡他們的新家。梅卡尼克斯堡 (Mechanicsburg) 加入了一類持續超出預期的新俱樂部，成熟度曲線上的俱樂部的增長率約為終身製俱樂部的 3 倍。

Looking forward to the rest of the year, we plan to open eight more clubs with our club in Warner Robins, Georgia in early September and seven more clubs in Q4. As we look out to 2026 and beyond, our pipeline of clubs remain stronger than it has been in years, and the team is hard at work both building our pipeline and planning for our future openings, including our entry into the Dallas-Fort Worth market early next year. We remain on track to add 25 to 30 new clubs in two years.

展望今年剩餘時間，我們計劃在 9 月初在喬治亞州沃納羅賓斯開設另外 8 傢俱樂部，並在第四季度開設另外 7 傢俱樂部。展望 2026 年及以後，我們的俱樂部儲備將比過去幾年更加充足，團隊正在努力建立儲備並規劃未來的開業，包括明年初進入達拉斯-沃斯堡市場。我們仍計劃在兩年內增加 25 至 30 個新俱樂部。

As we look forward to the rest of the year and especially the external factors that will impact our business, the tariff situation and its impact on the broader macro environment and consumer mindset continues to be ever changing. In a difficult backdrop for all parties, we believe that our business becomes increasingly relevant to consumers, and we are better insulated from the impact of imports than most of our competitors.

展望今年剩餘時間，尤其是影響我們業務的外部因素，關稅情況及其對更廣泛的宏觀環境和消費者心態的影響仍在不斷變化。在各方都面臨困難的背景下，我們相信，我們的業務與消費者的關係越來越密切，而且我們比大多數競爭對手更能抵禦進口產品的影響。

We're proud of our team members helping us chart through a turbulent environment and allowing us to stand tall for our members as we extend our value proposition. More specifically, our teams are running a playbook that we've successfully used in the past to navigate inflation, and we are dynamically changing our sourcing according to the fluid situation. We took a deep look at our buys for the back half, we repointed the country of origin where applicable, and then we rightsized our orders to balance the impact on our business while still standing tall for our members.

我們為我們的團隊成員感到自豪，他們幫助我們度過動蕩的環境，並讓我們在擴展價值主張的同時為我們的成員挺身而出。更具體地說，我們的團隊正在運行一個我們過去成功使用過的劇本來應對通貨膨脹，我們正在根據不斷變化的情況動態地改變我們的採購。我們深入研究了下半年的採購情況，在適用的情況下重新確定了原產國，然後調整了訂單規模，以平衡對我們業務的影響，同時仍為我們的會員提供支援。

I'd be remiss if I did not call out that these decisions likely limit our upside versus original expectations for the year. While we always want to sell more and buying less may hamper that ability if consumer sentiment improves rapidly, we believe prudence is the better part of valor in this constantly changing risky environment.

如果我不指出這些決定可能會限制我們今年的業績超出最初預期，那我就是失職了。雖然我們總是希望賣出更多，但如果消費者情緒迅速改善，買入減少可能會妨礙這種能力，但我們相信，在這個不斷變化的風險環境中，謹慎是勇氣的重要組成部分。

Despite some of the uncertainties I've highlighted today, as we look towards the back half of this year, we do so with confidence. We have record-high membership metrics and we're building on that strength every quarter. We're steadily gaining share against our competitors even as volatility remains pervasive. We're entering the fall season with healthy inventory levels and do not anticipate any markdown risk of significance. Our teams are energized and we are focused on carrying our momentum into the fall and holiday seasons, being there for our members when they need us most.

儘管我今天強調了一些不確定性，但展望今年下半年，我們充滿信心。我們的會員數量創歷史新高，而且我們每季都在鞏固這一優勢。儘管市場波動依然普遍，但我們仍在穩步贏得競爭對手的市場份額。我們正進入秋季，庫存水準健康，預計不會有任何重大降價風險。我們的團隊充滿活力，我們致力於將這種勢頭延續到秋季和假期，在我們的會員最需要我們的時候為他們提供幫助。

Before I turn it over to Laura, I want to thank our team members across the organization for their continued commitment to serving our members and delivering unbeatable value while living our purpose day in and day out.

在將權力移交給勞拉之前，我想感謝我們整個組織的團隊成員，感謝他們日復一日地致力於服務我們的會員，提供無與倫比的價值，同時實踐我們的目標。

Thanks, Bob. I want to begin by expressing my appreciation of incredible team members in our clubs, club support center and distribution centers. Your commitment to our company and the communities we serve has helped deliver another solid quarter, showing sustained momentum towards our long-term story.

謝謝，鮑伯。首先，我要對我們俱樂部、俱樂部支援中心和配送中心的優秀團隊成員表示感謝。您對我們公司以及我們所服務社區的承諾幫助我們實現了又一個穩健的季度，為我們的長期發展展現了持續的動力。

Let's now review our second quarter results. Net sales in the quarter were approximately $5.3 billion, growing 3.2% over the prior year. Total comparable club sales in the second quarter, including gas sales, decreased 0.3% year-over-year as the average price of gas declined low double digits year-over-year. Merchandise comp sales, which exclude gas sales, increased by 2.3% year-over-year and by 4.7% on a two-year stack. We were pleased to grow both traffic and units in the quarter.

現在讓我們回顧一下第二季的業績。本季淨銷售額約 53 億美元，較上年成長 3.2%。由於汽油平均價格年減兩位數，第二季包括汽油銷售在內的可比俱樂部總銷售額年減 0.3%。商品銷售額（不含汽油銷售額）較去年同期成長 2.3%，兩年累計成長 4.7%。我們很高興看到本季度的流量和單位數量都有所增長。

Our second quarter comp in our grocery, perishables and sundry division grew 3% year-over-year driven primarily by strength in comp units, which outpaced the broader market. Our general merchandise and services division comp decreased 2.2% in the second quarter, with general merchandise driving the decline and services about flat for the period.

我們食品雜貨、易腐品和雜貨部門第二季度的銷售額年增 3%，主要得益於銷售額成長超過大盤的強勁表現。我們的日用百貨和服務部門的銷售額在第二季度下降了 2.2%，其中日用百貨是導致下降的主要原因，而服務部門的銷售額則基本持平。

Digitally enabled comp sales in the second quarter grew 34% year-over-year and 56% on a two-year stack. Over 90% of our digital sales are fulfilled by our clubs with services like BOPIC, Express Pay or same-day delivery. All of our digital offerings are intended to deliver value by maximizing convenience. Members who engage with us digitally have a better and more convenient shopping experience, and they in turn become some of our best members. We will continue to focus on augmenting our digital capabilities to increase convenience for our members.

第二季數位化銷售額年增 34%，兩年累計成長 56%。我們的俱樂部透過 BOPIC、Express Pay 或當日送達等服務實現了 90% 以上的數位銷售。我們所有的數位產品都旨在透過最大限度地提供便利來實現價值。透過數位方式與我們互動的會員將獲得更好、更方便的購物體驗，從而成為我們最好的會員。我們將繼續致力於增強我們的數位能力，為我們的會員提供更多便利。

Membership fee income, or MFI, grew 9% to approximately $123.3 million in the second quarter on strong membership acquisition and retention across the team. We also continued to benefit from the recent fee increase, which went into effect at the beginning of the year. While the fee increase is certainly a component of growing MFI, we are also improving the quality of our member base, improving the mix as well as the size of our member base while keeping retention rates at high levels. We see upside on all of these levers to drive more MFI growth in the future.

由於整個團隊的會員獲取和保留能力強勁，會員費收入（MFI）在第二季度增長了 9%，達到約 1.233 億美元。我們也繼續受惠於今年年初生效的最新費用上調。雖然費用增加無疑是小額信貸機構成長的因素，但我們也在提高會員基礎的質量，改善會員基礎的結構和規模，同時保持較高的保留率。我們認為所有這些槓桿都具有推動未來小額信貸機構進一步成長的優勢。

Moving on to gross margins. Excluding the gasoline business, our merchandise gross margin rate increased by approximately 10 basis points year-over-year, led by disciplined cost management and continued execution of our long-term initiatives.

繼續討論毛利率。除汽油業務外，我們的商品毛利率年增約 10 個基點，這得益於嚴格的成本管理和持續執行的長期計劃。

SG&A expenses for the quarter were approximately $786.4 million and deleveraged slightly as a percent of net sales year-over-year. This was primarily attributable to our new unit growth and other investments to drive our strategic priorities.

本季銷售、一般及行政費用約為 7.864 億美元，與去年同期相比，佔淨銷售額的百分比略有下降。這主要歸功於我們的新單位成長和推動我們策略重點的其他投資。

As Bob mentioned earlier, we continue to gain share in our gas business. Our comp gallons in the quarter were flat year-over-year, significantly outpacing the industry, which declined low single digits on a comp basis over that same timeframe. A reminder that gas gallons can also be affected by wet and colder weather at the beginning of the quarter as people curtail their driving patterns. Elevated market volatility in June contributed to overall gas profits that slightly exceeded our expectations in the quarter.

正如鮑勃之前提到的，我們的天然氣業務份額持續增長。本季我們的可比加侖數與去年同期持平，明顯超過行業平均水平，而行業平均水平在同一時間段內下降了個位數。需要提醒的是，由於人們在本季初減少駕駛習慣，潮濕寒冷的天氣也會對汽油價格產生影響。6 月市場波動加劇導致本季天然氣整體利潤略微超出我們的預期。

Our second quarter adjusted EBITDA grew approximately 8% year-over-year to $303.9 million, reflecting our growing top line, increase in merchandise margins and membership trends that remain robust. The growth here underscores the durability and consistency of our business and financial model. Our second quarter effective tax rate was 26.9%, slightly lower than our statutory tax rate of approximately 28%. All in, our second quarter adjusted earnings per share of $1.14 increased 4.6% year-over-year.

我們第二季的調整後 EBITDA 年成長約 8%，達到 3.039 億美元，這反映了我們不斷增長的營收、商品利潤率的提高以及會員趨勢的強勁增長。這裡的成長凸顯了我們的業務和財務模式的持久性和一致性。我們第二季的有效稅率為 26.9%，略低於約 28% 的法定稅率。總體而言，我們第二季調整後的每股盈餘為 1.14 美元，年增 4.6%。

Moving to our balance sheet. We ended the second quarter with absolute inventory levels down about 2% year-over-year and down 6% year-over-year on a per club basis. Note that we are operating 11 more clubs in our chain today compared to a year ago. While some of this decrease relates to tighter inventory buys for the back half, most of it is us doing a much better job allocating inventory for our members. Despite the inventory declines, our in-stock levels improved by approximately 50 basis points over the same period last year and are at the highest levels we've seen in some time.

前往我們的資產負債表。截至第二季末，我們的絕對庫存水準年減約 2%，以每個俱樂部計算年減 6%。請注意，與一年前相比，我們目前在連鎖店中經營的俱樂部增加了 11 家。雖然這種下降部分與下半年庫存採購緊張有關，但大部分是因為我們為會員分配庫存做得更好了。儘管庫存下降，我們的庫存水準比去年同期提高了約 50 個基點，達到了一段時間以來的最高水準。

For some longer-term perspective, if we look at the growth in inventory levels versus net sales since pre-pandemic times, we have seen our inventories grow approximately 45%, with net sales having grown by roughly 60%. Said another way, we are managing our inventories as well as we ever have. This great result is a testament to our investments in our supply chain team and the systems that support our efficient operating model.

長期來看，如果我們觀察自疫情爆發前以來庫存水準與淨銷售額的成長情況，我們會發現庫存成長了約 45%，淨銷售額成長了約 60%。換句話說，我們的庫存管理一如既往地好。這一出色的成績證明了我們對供應鏈團隊和支援高效營運模式的系統的投資。

Our capital allocation strategy remains consistent. We believe the best use of our cash is applying it towards profitably growing the business. As such, investments to support membership, merchandising, digital and real estate initiatives will continue to be funded by our cash flows and enabled by our strong balance sheet. We ended the second quarter with net leverage of 0.4 times.

我們的資本配置策略保持一致。我們相信，現金的最佳用途是將其用於實現業務的獲利性成長。因此，支持會員、商品銷售、數位和房地產計劃的投資將繼續由我們的現金流資助，並由我們強勁的資產負債表提供支持。我們第二季末的淨槓桿率為0.4倍。

Share buybacks are an integral part of our capital allocation framework and, in Q2, we repurchased approximately 375,000 shares for $41.2 million. As of quarter-end, we have approximately $953 million remaining under our recently renewed repurchase authorization. We will continue to take a disciplined and balanced approach to deploying our capital to maximize shareholder value.

股票回購是我們資本配置框架的一個組成部分，在第二季度，我們以 4,120 萬美元回購了約 375,000 股。截至季末，我們最近更新的回購授權剩餘金額約為 9.53 億美元。我們將繼續採取嚴謹、平衡的方式來配置我們的資本，以實現股東價值最大化。

Looking ahead to the back half, we are maintaining our balanced and thoughtful approach to guidance. The uncertainty and volatility in the macro environment remains elevated and we expect it to influence cost and consumer spending patterns. But we also remain confident in the underlying strength of our business and our ability to deliver sustained growth. We will continue to be focused on the things that we can control while executing towards our long-term priorities.

展望下半年，我們將繼續保持平衡、周到的指導方針。宏觀環境的不確定性和波動性仍然很高，我們預期這將影響成本和消費者支出模式。但我們也對我們業務的潛在實力和實現持續成長的能力充滿信心。我們將繼續專注於我們能夠控制的事情，同時執行我們的長期優先事項。

More specifically, as it relates to top line guidance, while we had contemplated the lap of the port strike in Q3 and the strong general merchandise performance in Q4 when we initially set guidance, we had not anticipated the tariff-related macro volatility. While we believe these to be headwinds versus our original expectations for our full year outcome, we do not anticipate them impacting us in delivering towards the ranges shared earlier.

更具體地說，由於它與頂線指導有關，雖然我們在最初設定指導時已經考慮到了第三季度的港口罷工和第四季度的強勁百貨商品表現，但我們沒有預料到與關稅相關的宏觀波動。雖然我們認為這些與我們對全年業績的最初預期相反，但我們預計它們不會影響我們實現先前分享的範圍。

As it relates to earnings, we similarly expect there could be some volatility as we manage investments through the back half. But our year-to-date earnings performance allows us to approach those investments from a position of strength, while also increasing our full year earnings guidance. The result is we are maintaining our guidance of comp sales growth, excluding gas, to be in the range of 2% to 3.5% for the full year. We are also updating our adjusted earnings per share guide to be in the range of $4.20 to $4.35.

就收益而言，我們同樣預期在下半年管理投資時可能會出現一些波動。但我們今年迄今的獲利表現使我們能夠以強勢姿態對待這些投資，同時也提高了我們的全年獲利預期。因此，我們維持全年銷售額（不包括天然氣）成長預期，介於 2% 至 3.5% 之間。我們還將調整後的每股盈餘指南更新為 4.20 美元至 4.35 美元之間。

It is admittedly challenging to provide guidance as the headlines have been changing rapidly. As we go through the rest of the year, know that we will do the right thing for our franchise for the long term, which likely means investing in the short term. Our efforts to deliver sustainable growth at elevated levels are generating results and our longer-term vision is on track. We remain confident in the underlying strength of our business and believe we are well positioned to build on our momentum and maximize shareholder value in the future.

不可否認，由於新聞標題瞬息萬變，提供指導頗具挑戰性。當我們度過今年剩餘的時間時，請知道我們將為我們的特許經營權做長期正確的事情，這可能意味著短期投資。我們為實現更高水準的永續成長所做的努力正在取得成果，我們的長期願景正在順利實現。我們對我們業務的潛在實力仍然充滿信心，並相信我們有能力在未來繼續保持發展勢頭並實現股東價值最大化。

Bob, back over to you.

鮑勃，回到你這裡。

Thanks, Laura. In closing, I wanted to remark on the undeniable momentum in our business as we evaluate progress against our strategic objectives. We are improving the quality of our membership base while growing it to an ever-larger scale. We are making our merchandise increasingly more compelling in terms of both the product and price. Our digital capabilities are improving the convenience of shopping our clubs. And we are well on our path to growing our footprint at an elevated pace in attractive high-growth markets. As we continue to execute on our long-term priorities, we will continue to remain focused on taking care of the families that depend on us, as well as our members, our teams and our communities.

謝謝，勞拉。最後，當我們根據策略目標評估進展時，我想評論一下我們業務中不可否認的發展勢頭。我們正在提高會員基礎的質量，同時擴大其規模。我們正在使我們的商品在產品和價格方面越來越具有吸引力。我們的數位化能力正在提高我們俱樂部購物的便利性。我們正穩步推動在具有吸引力的高速成長市場中擴大業務的步伐。在我們繼續執行長期優先事項的同時，我們將繼續專注於照顧依賴我們的家庭以及我們的成員、我們的團隊和我們的社區。

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。

Maybe just two questions here. First, just can you give us a sense of maybe how the second quarter played out? It sounded like, obviously, the pressure of the first half the quarter, maybe how you exited would be kind of an interesting (technical difficulty) you to get for you guys what that weather impact was overall. And then as you think about the back half, 3Q, 4Q, recognizing that there's a lot of puts and takes there, just how would you love in terms of comps and earnings. Any digital color you can give on that? You've got the port strike to lap in 3Q, you've also got the legal benefit. So just want to make sure we're all on the same page as we're thinking about the back half of the year.

這裡可能只有兩個問題。首先，您能否向我們介紹一下第二季的進展？聽起來，顯然，本季上半段的壓力，也許你如何退出會是一個有趣的（技術難題），讓你了解天氣對你們的整體影響是什麼。然後，當您考慮後半部、第三季、第四季時，您會意識到其中存在著許多的投入和產出，那麼您會如何看待同店銷售額和利潤？您能給出任何數字顏色嗎？您在第三季就解決了港口罷工問題，同時也獲得了合法利益。因此，我們只是想確保我們在考慮下半年時達成共識。

Peter, it's Bob. Thanks for your question. Thanks to everybody listening today. Happy to talk about our good Q2 results this morning. I think the second quarter comp that you pointed out was a little bit interesting to look at given the tough start from a weather perspective and notably better weather in the back half. So certainly, we saw the quarter strengthen as we went through it.

彼得，我是鮑伯。謝謝你的提問。感謝今天收聽的各位。很高興今天上午談論我們第二季的良好業績。我認為，您指出的第二季度的比較有點有趣，因為從天氣角度來看，第二季的開局很艱難，而後半段的天氣明顯好轉。因此，我們當然看到本季的情況有所改善。

May was a pretty weak month and June got better as well as July. And much of that, I think, we think relates to that weather. I think we had 14 or 15 consecutive rainy weekends here in Boston. So you're not out there shopping for cookouts or little league games or buying patio sets or whatever you do when it's warm. And to some degree, that stuff doesn't sell if you don't sell it early in the season.

五月是相當疲軟的一個月，而六月和七月的情況均有所改善。我認為，這很大程度上與天氣有關。我想波士頓已經連續 14 或 15 個週末下雨了。因此，您無需出去購買用於戶外野餐或小聯盟比賽的物品，也無需購買露台用具或任何天氣暖和時需要的東西。從某種程度上來說，如果你不在季初就賣掉這些東西，它們就賣不出去。

And so I think our team did a phenomenal job navigating through the quarter and ending where we did from an inventory perspective. They took action early and often to try and, number one, motivate our members to shop, but number two, make sure we ended in a clean inventory position. I think our inventory is in the best shape it's been in five years or so.

因此，我認為我們的團隊在整個季度中做得非常出色，從庫存角度來看，我們最終取得了成功。他們很早就開始採取行動，並經常嘗試，首先，激勵我們的會員購物，其次，確保我們最終擁有乾淨的庫存。我認為我們的庫存處於五年左右以來的最佳狀態。

We talked a little bit about that in the prepared remarks with the per club inventory down about 6% while raising in-stock levels 50 basis points. That's a huge achievement. It's a great testament to our planning and allocation team and our supply chain team to make sure that we're doing the right thing every single day for our members and, obviously, has financial benefits as we go forward. So I think we're in good shape, but it was sort of an interesting quarter to wade through from a sales cadence perspective.

我們在準備好的演講中談到了這一點，每個俱樂部的庫存下降了約 6%，而庫存水準提高了 50 個基點。這是一個巨大的成就。這充分證明了我們的規劃和分配團隊以及供應鏈團隊能夠確保我們每天都在為會員做正確的事情，而且顯然，隨著我們前進，這會帶來經濟效益。所以我認為我們狀況良好，但從銷售節奏的角度來看，這是一個有趣的季度。

And as to your second question, maybe I'll let Laura comment on some of the puts and takes in the back half. But I think you summarized them nicely. I think in the third quarter, we've got port strike, and we've got some other stuff in fourth quarter. But let me hand that over to Laura.

至於您的第二個問題，也許我會讓勞拉對後半部分的一些內容發表評論。但我認為你總結得很好。我認為在第三季度，我們遇到了港口罷工，在第四季度我們還會遇到其他一些事情。但請讓我把這個交給勞拉。

Peter, Bob hit the big pieces as we enter into the back half and we're looking at the business. I think in Q3 we've got the port strike that you called out. I think in Q4, remember, we had very strong results that we were proud of from our general merchandise transformation last year. And so we're thinking about those things as well as the legal settlements that you raised on earnings.

當我們進入後半部分並開始研究業務時，彼得和鮑勃談到了重要的事情。我認為在第三季我們遭遇了您所提到的港口罷工。我認為在第四季度，我們取得了非常強勁的業績，我們對去年的百貨轉型感到自豪。因此，我們正在考慮這些事情以及您就收益提出的法律和解。

I think Bob's comments that he said earlier on the comp cadence in the quarter and as weather improved gives us confidence as we enter into the back half. And so we'll continue to watch it and make the right decisions for our members to make sure we're offering them value and getting them into our clubs and shopping digitally. But I think all of that said and all of that put together, we are confident as we head into the back half.

我認為鮑勃早些時候就本季度的競爭節奏以及天氣好轉發表的評論讓我們對進入下半年充滿信心。因此，我們會繼續關注並為我們的會員做出正確的決定，以確保我們為他們提供價值並讓他們加入我們的俱樂部並進行​​數位購物。但我認為，綜合以上這些，我們對進入後半段充滿信心。

That's great. And I guess my follow-up would be around membership. Really encouraging adds in terms of new member adds. It seems like that pace in the first half of the year has been, I guess, even historically has been. But just curious kind of where you're sourcing these new members. What's the profile there? And then as you think about membership fee income over the balance of the year, just kind of level-set us (technical difficulty) and where you think you can end the year in terms of your membership fee income.

那太棒了。我想我的後續行動將圍繞著會員資格。在增加新成員方面確實令人鼓舞。我想，看起來今年上半年的成長速度甚至在歷史上都是如此。但我只是好奇你從哪裡尋找這些新成員。那裡的簡介是什麼？然後，當您考慮全年餘額的會員費收入時，只需對我們進行某種程度的設定（技術難度），並根據您認為在年底時您的會員費收入是多少。

Yeah, it's a good question. That's another bright spot for the quarter, for the year-to-date period, Peter. So thank you for bringing that up. We're very proud of our membership results over the past quarter, the past two quarters, the past few years. Certainly, we continue to grow it nicely. We were very pleased to tip over the 8 million member threshold this quarter. And we thought it was fun to look at how fast we achieved that versus hitting the last 500,000 number threshold, we achieved it a lot faster this time. And a lot of that is obviously opening new clubs at a faster pace, that I'm sure we'll talk about today.

是的，這是個好問題。彼得，這是本季、年初至今的另一個亮點。謝謝你提出這個問題。我們對過去一個季度、過去兩個季度以及過去幾年的會員業績感到非常自豪。當然，我們會繼續順利發展。我們非常高興本季會員人數突破了 800 萬大關。我們認為看看我們實現這一目標的速度有多快很有趣，與達到最後 50 萬個數字的門檻相比，這次我們實現的速度要快得多。其中很多顯然是以更快的速度開設新俱樂部，我相信我們今天會討論這個。

But it's also the good work that our teams are doing from an acquisition perspective and from a renewal perspective. We've got -- continuing to have very high renewal rates in our franchise. It obviously is among the most important financial statistics. And our team continues to iterate to figure out new ways to acquire members in our comp clubs as well.

但從收購和更新的角度來看，這也是我們的團隊所做的出色工作。我們的特許經營續約率一直非常高。顯然，它是最重要的金融統計數據之一。我們的團隊也不斷嘗試尋找新方法來吸引俱樂部的會員。

Certainly, we had the fee increase this year that has gone through, really still two quarters in here and no surprises to think about on how that has rolled through. It's played out almost exactly the way the team modeled it. So we're very grateful for that one as well.

當然，我們今年的費用已經上漲了，實際上已經過去了兩個季度，對於費用上漲的進展沒有什麼意外。它的執行方式幾乎與團隊模擬的完全一樣。所以我們對此也非常感激。

And then the last bright spot to talk about there is higher tier, right? 41%. It's the highest we've ever seen from that penetration perspective, grew at 50 bps this quarter. And that continues to be a goal of ours. We know some of our competitors have higher numbers than that and we've got a lot of work to do to get to where they are, but we're pleased that our members are hearing the value from us at the desk and in the communications that we send out, and they're reacting to that and signing up for those higher-tier memberships.

然後要談論的最後一個亮點是更高的層次，對嗎？41%。從滲透率角度來看，這是我們所見過的最高水平，本季成長了 50 個基點。這仍然是我們的目標。我們知道一些競爭對手的數字比這個要高，我們還有很多工作要做才能達到他們的水平，但我們很高興我們的會員在前台和我們發出的通訊中聽到了我們的價值，他們對此做出了反應並註冊了更高級別的會員資格。

We now have to make sure that we show them that value every day and we convert them to spend into those higher tier memberships in the way that they should. But it's a great initial vote of confidence from our new members and those existing members that are upgrading into the higher tier memberships.

我們現在必須確保每天向他們展示這種價值，並以應有的方式促使他們消費成為更高級別的會員。但這是我們的新會員和升級為更高級別會員的現有會員的首次信任投票。

Yeah. I think I'd just add, on a quarter-by-quarter basis, we expect the rate of growth to accelerate through the year. That's largely the fee increase coming in, but it's also coupled with all of the things Bob touched on, the great work that the team is doing from an acquisition and retention perspective.

是的。我想補充一點，我們預計按季度計算，全年成長率將會加快。這主要是費用增加的結果，但也與鮑勃提到的所有事情有關，即團隊從收購和保留的角度所做的出色工作。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

I just wanted to ask a little bit more about your comment on the change in consumer behavior that you saw during the quarter. I think you mentioned it was in each income cohort. Obviously, there's been a lot with regards to inflation and other items that are impacting the consumer. But I wondered if you had any additional insight there. And just what are you exactly seeing when it comes to the behavior?

我只是想進一步詢問一下您對本季看到的消費者行為變化的評論。我想您提到它存在於每個收入群體中。顯然，通貨膨脹和其他因素對消費者產生了很大影響。但我想知道您是否還有其他見解。那麼，當談到這種行為時，您到底看到了什麼？

Yeah. Kate, I think we're seeing overall a pretty resilient consumer in the face of everything going on with the tariffs and the news cycle and the resulting inflation that's come through. As a side note, the inflation that's come through wasn't all that much yet in the quarter. It was about 1 point of inflation, very similar to what you've heard from our competitors that have reported this week. But I do think you're seeing a consumer that is really frustrated by the whole thing.

是的。凱特，我認為，儘管面臨關稅、新聞週期以及隨之而來的通貨膨脹等各種因素，我們總體上看到消費者表現得相當有韌性。順便說一句，本季的通貨膨脹率還不算太高。通貨膨脹率約為 1 點，與您本週從我們的競爭對手那裡聽到的報告非常相似。但我確實認為你看到的是消費者對整件事感到非常沮喪。

And when we look at the economic cohorts that we talked to you all about, the high, medium and low segments, all of them look like they're a little bit concerned about what they're seeing out there and what they're hearing. Although total spending increased in each of those cohorts and on a per member basis within each of those cohorts, you could definitely see behaviors that indicate that they're on the lookout for value. Their propensity to use coupons or to react to deals is a bit higher.

當我們觀察與你們討論過的經濟群體，即高、中、低收入群體時，他們似乎都對他們所看到和聽到的事情有些擔憂。儘管每個群體的總支出以及每個群體中每個成員的支出都有所增加，但你肯定可以看到他們正在尋找價值的行為。他們使用優惠券或對交易做出反應的傾向更高一些。

Certainly, looking at private label a little bit more than they have in the past, which may be good for us in the long term, but it certainly could be an indication of consumer stress out there. Discretionary categories were more impacted than the non-discretionary, which, again, was not too much different from the first quarter, but all these are indications of a consumer that's a little bit more choosy with their dollars. And it's what I think we'll see for the remainder of the year until we get through this cycle.

當然，與過去相比，現在更專注於自有品牌，從長遠來看這可能對我們有利，但這肯定也可能表明消費者有壓力。可自由支配的類別受到的影響比非可自由支配的類別更大，這與第一季的情況沒有太大區別，但所有這些都表明消費者在花錢方面更加挑剔。我認為，在今年剩餘的時間裡，我們將一直看到這種情況，直到我們度過這個週期。

But this is what we do, right? I mean, our whole business is taking care of the members that depend on us, and that requires us to put the right thing in front of them at the right value. Our teams are working very hard to do that. I'm extremely proud of our of our merchant team, and our general merchandise team, in particular, they've had a heck of a time trying to figure out how to source their way through this past couple of months. And we're confident on the posture with which we go into the back half.

但這就是我們所做的，對嗎？我的意思是，我們的整個業務都是為了照顧依賴我們的會員，這就要求我們以正確的價值向他們提供正確的東西。我們的團隊正在努力實現這一目標。我對我們的商家團隊，尤其是我們的百貨商品團隊感到非常自豪，他們在過去的幾個月裡花了大量的時間試圖弄清楚如何找到出路。我們對進入後半部的姿態充滿信心。

But certainly, the consumer is a little bit more challenged at this point. And we'll have to make sure that we're -- the offers that we have out there are on point to make sure that we do our jobs and take care of the members.

但可以肯定的是，消費者現在面臨的挑戰更大一些。我們必須確保我們提供的服務是準確的，以確保我們做好自己的工作並照顧好會員。

And then I just wanted to ask a quick follow-up question. Is there any we can measure what kind of impact weather had on the general merchandise category during the quarter?

然後我只想問一個簡短的後續問題。我們能否衡量本季天氣對日用百貨類別產生了什麼樣的影響？

There are a bunch of different ways to measure it. I don't know that any of them are wonderful. The best way that we look at it is really the simplest way, sort of the beginning half of the quarter and the back half of the quarter. And it was pretty noticeable. We've looked at it sort of North versus South as well, as the southern clubs did better than the northern clubs.

有很多不同的方法來測量它。我不知道他們中是否有人很出色。我們看待這個問題的最佳方式實際上是最簡單的方式，即季度的前半部分和後半部分。而且它非常引人注目。我們也對北方與南方進行了對比，發現南方俱樂部的表現比北方俱樂部更好。

And it's important to note, Kate, it doesn't just impact the general merchandise business. When you have a continuous rainy, cold cycle, it impacted our whole traffic trend. And so I think that was about half of the difference between where we thought we would land and where we ended up landing. And certainly, I think we tried to do our best to operate through it, but there's only so much you could do when it's 20 degrees colder than it should have been in June.

凱特，值得注意的是，這不僅影響日用百貨業務。當連續的陰雨和寒冷循環發生時，它會影響我們的整個交通趨勢。所以我認為這大約是我們預計著陸地點和最終著陸地點之間差異的一半。當然，我認為我們已經盡了最大努力來應對這種情況，但當 6 月的氣溫比正常溫度低 20 度時，我們能做的只有這麼多。

So we'll take that as it comes. Some years, it's great; some years, it's bad. Certainly, there was a plus and minus during the quarter because we went from terrible weather to pretty great weather in July. But it's a difficult thing to really measure it with any terrific accuracy.

所以我們會順其自然。有些年份，情況很好；有些年份，情況很糟。當然，本季有好有壞，因為 7 月的天氣從惡劣轉為非常好。但要真正以極高的精度來衡量它卻是一件困難的事。

(Operator Instructions) Edward Kelly, Wells Fargo.

（操作員指示）愛德華·凱利，富國銀行。

I wanted to ask you about -- I guess, just a follow-up on comp and the back half guidance. The range is -- it looks a little wide. I mean I guess if you rounded it, it's sort of like 1% to 4%. And I get that there's uncertainty and some tougher compares. But zooming out, you're taking share, you've got a big grocery offering. There's inflation out there in sort of like both sides of the business, which seems like it might accelerate. I'm just kind of curious as to how you're thinking about the back half and maybe what it would take for you to be at the high end versus the low end. And I guess, probably most importantly, where are you running today versus that range?

我想問您一些關於公司和後半部分指導的後續問題。範圍——看起來有點廣。我的意思是，如果你把它四捨五入，它就有點像 1% 到 4%。我知道其中存在著不確定性和一些更棘手的比較。但從規模來看，你正在佔領市場份額，你有大量食品雜貨供應。業務的雙方都存在通貨膨脹，而且這種現像似乎可能會加速。我只是有點好奇你是如何看待後半部分的，以及你需要做些什麼才能處於高端而不是低端。我想，可能最重要的是，相對於這個範圍，您今天的跑步程度如何？

Thanks for your question. It's certainly a good one. It's one that we think a lot about. And I think you highlighted a lot of the things that we think about. Certainly, there are tougher compares as we go through the rest of the year. We highlighted that in the guidance initially for the year. I don't think any of that's changed, obviously. And as we go forward through the year, I do think you'll see more inflation as more suppliers pass on increasing tariff costs and some of that makes its way to the consumer.

謝謝你的提問。這當然是個好主意。這是我們經常思考的問題。我認為您強調了很多我們思考的事情。當然，隨著我們度過今年剩餘的時間，我們將面臨更艱難的比較。我們在今年最初的指導中強調了這一點。顯然，我認為這一切都沒有改變。隨著時間的推移，我確實認為，隨著越來越多的供應商轉嫁不斷上漲的關稅成本，而其中一部分成本又轉嫁給消費者，你會看到通貨膨脹加劇。

But I do think, as I've said all along, building on your comment of our growing market share, I do think as times get tougher, the relevance of our channel increases, and I think you'll see consumers come to us. We have to do our jobs and make sure that we're taking care of those members and investing behind the prices and promotions and things that we show them. But I think that we have the right plan, we're in the right segment of retail, and our team is doing good things.

但我確實認為，正如我一直所說的那樣，基於您對我們不斷增長的市場份額的評論，我確實認為隨著時代變得更加艱難，我們渠道的相關性會增加，我認為您會看到消費者來到我們這裡。我們必須做好自己的工作，確保照顧好這些會員，並在價格、促銷和向他們展示的東西背後進行投資。但我認為我們的計劃是正確的，我們處於零售業的正確領域，我們的團隊正在做得很好。

We left the range alone really because we still think we'll fall within the range. And to your point, it's a fairly wide range at this point. And given the level of uncertainty out there, we thought that that was prudent. So I think we've got a lot of places to go and to win. But this year of all years, I think, was probably the right move to just leave it as a pretty wide range.

我們確實沒有改變這個範圍，因為我們仍然認為我們會在這個範圍內。就你的觀點而言，目前範圍相當廣泛。考慮到目前的不確定性程度，我們認為這是謹慎的做法。所以我認為我們還有很多地方可以去，還有很多地方可以贏得勝利。但我認為，今年將其保持在一個相當寬的範圍可能是正確的舉措。

Okay. And then maybe, Laura, could you expand on your commentary around the potential for -- I think you said maybe even likely second half investments and what that potentially means for the second half gross margin? And what are the factors that would dictate the level of investment that you're contemplating?

好的。那麼，勞拉，也許您能否進一步闡述您對潛力的評論——我想您說的可能是下半年的投資，以及這對下半年的毛利率意味著什麼？那麼，哪些因素會決定您所考慮的投資水準呢？

Yeah. Ed, you hit it, my commentary was really on the margin part of the story. And so you know and we consistently talk about delivering the right price and value to our members and making sure we are in the business of taking care of the families that depend on us. They pay to show up at our clubs and shop. And so delivering them great value is important every day and continues to be important.

是的。艾德，你說對了，我的評論實際上是關於故事的邊緣部分。所以你知道，我們一直在談論為我們的會員提供合適的價格和價值，並確保我們能夠照顧依賴我們的家庭。他們付費來到我們的俱樂部和商店。因此，為他們提供巨大的價值每天都很重要，而且將繼續很重要。

And so as we think about the uncertainty that Bob touched on a little bit earlier, as we head into the back half and some of the behaviors we're seeing from our cohorts that we talked about earlier and some sensitivity, I think that's really all we're getting at. So we will potentially make short-term investments, but that is important for the long-term health of the business and for our membership.

因此，當我們思考鮑勃之前提到的不確定性時，當我們進入後半部分時，我們看到了我們之前談到的同夥的一些行為和一些敏感性，我想這就是我們所要討論的全部內容。因此，我們可能會進行短期投資，但這對業務和會員的長期健康至關重要。

And then maybe I'll just add a little bit of color. I think with the complexion of the guidance that we put forward this quarter, I think, should indicate a little bit of confidence to you, right? We raised the bottom line into a fairly choppy environment. And we've had two pretty profitable quarters here. So we're pretty bullish from a bottom line perspective.

然後我可能只會添加一點顏色。我認為，從我們本季提出的指導意見來看，應該向您表明一點信心，對嗎？我們把底線提高到了一個相當動盪的環境。我們已經有兩個季度獲利頗豐。因此，從底線角度來看，我們非常樂觀。

In spite of those investments, we will and we do have plans to make more investments in the back half than we did in the front half. And we're going to try and be aggressive and lean into those things that we talked to you about in gaining share and the relevance of our model and speaking to our members in a way that better illustrates that. Because I do think this is the time for club. It is what we do, is to try and save our members money.

儘管進行了這些投資，我們仍將並且確實計劃在下半年進行比上半年更多的投資。我們將嘗試積極主動，並傾向於我們與您討論過的那些事情，以獲得份額和我們模型的相關性，並以更好地說明這一點的方式與我們的成員交談。因為我確實認為這是俱樂部的時間。我們所做的就是盡力為我們的會員節省金錢。

And so that requires us to put really sharp price points on things. And in an inflationary environment, that's tough. It requires investment. That's no different than what we saw in 2022, which we navigated very, very effectively. And so we know what to do. We just got to go out and do it. That's what's gotten us here from 2022, and we're going to continue to do that going forward because it will drive us into the future.

所以這就要求我們對產品設定非常明確的價格點。在通貨膨脹的環境下，這很困難。它需要投資。這與我們在 2022 年看到的情況沒有什麼不同，我們非常有效地應對了 2022 年的情況。所以我們知道該做什麼。我們只需要出去做這件事。這就是我們從 2022 年開始走到今天的原因，我們將繼續這樣做，因為它將推動我們走向未來。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯 (Robbie Ohmes)，美國銀行。

This is Maddie on for Robbie. Your Fresh 2.0 initiative in meat and seafood launched in May. How did meat and seafood perform versus your expectations? And now that you've fully lapsed the rollout of Fresh 2.0 in produce, and recognizing it's still early days, are you seeing signs of a multiplier effect of members shopping you for more of both produce and meat?

這是 Maddie 代替 Robbie 上場的。您的 Fresh 2.0 肉類和海鮮計劃於 5 月啟動。肉類和海鮮的表現與您的預期相比如何？現在，您已經完全停止了 Fresh 2.0 在農產品領域的推廣，並且意識到現在還處於早期階段，您是否看到了會員向您購買更多農產品和肉類的乘數效應的跡象？

Maddie, thanks for the question. Fresh 2.0 is perhaps the best illustration of our transformation in the past couple of years. Really was a true 360-degree program where we looked at our entire produce business and tried to say, how do we make this thing the best we can? And obviously, as we've talked to you about it before, we made changes across the business in terms of the spec and quality of what we provide and how we merchandise it, how we talk to our members about the value, how we promote it, how we train our team members, where we locate it in the clubs, all sorts of different things change. And I would call it an overwhelming success in the first year.

麥迪，謝謝你的提問。Fresh 2.0 也許是過去幾年我們轉型的最佳例證。這確實是一個真正的 360 度計劃，我們審視了整個農產品業務，並試圖問自己，我們怎麼能讓這件事變得最好？顯然，正如我們之前與您討論過的，我們對整個業務進行了改變，包括我們提供的產品的規格和品質、我們的行銷方式、我們如何與會員談論價值、我們如何推廣它、我們如何培訓我們的團隊成員、我們在俱樂部中的位置，各種不同的事情都在改變。我認為這在第一年就取得了巨大的成功。

We find ourselves now, as you say, starting to lap that. And we still see perishables driving the business, which is fantastic. Grocery had a good quarter for us with [three] comps. Perishables led that and was roughly double that comp. And it was a tremendous unit growth story embedded in there that was really driven by the Fresh 2.0 initiative in large degree.

正如您所說，我們現在發現自己開始做到這一點。我們仍然看到易腐爛商品推動著業務發展，這真是太棒了。對我們來說，食品雜貨業務本季表現良好，有 [三] 家可比公司。易腐商品佔據首位，數量約為同類商品的兩倍。這是一個巨大的單位成長故事，這在很大程度上是由 Fresh 2.0 計劃推動的。

And as I talked about in my prepared remarks, I think the really cool proof point is to look at our Florida clubs which were our pilot clubs a couple of years ago and to see what's happening there. And they're still comping at the chain level, right? They're doing the same thing in year two that they did in -- changed in year one, which tells you it has that multiplier effect within the perishables business particularly, but we believe it's driving trips in those clubs as well.

正如我在準備好的演講中談到的那樣，我認為真正酷的證明點是看看我們幾年前的試點俱樂部——佛羅裡達俱樂部，看看那裡正在發生什麼。他們仍然在連鎖層面上競爭，對嗎？他們在第二年做的事情與第一年相同——進行了改變，這說明它對易腐爛商品業務尤其具有乘數效應，但我們相信它也會推動這些俱樂部的旅行。

So as we move forward in the meat and seafood, we're sort of in the early innings of those changes, we've redesigned assortments, we're still testing a few things here and there. But we are seeing benefits. Our meat business was great during the quarter. Our seafood business improved. We're seeing units move. And the whole idea behind this is if we can stack a bunch of these categories one on top of the other that are real important weekly shop categories, that they will benefit us in the long term through member engagement and trips and on overall spend and then obviously renewal rates.

因此，隨著我們在肉類和海鮮領域的發展，我們正處於這些變革的早期階段，我們重新設計了產品種類，我們仍在對一些東西進行測試。但我們看到了一些好處。本季我們的肉類業務表現良好。我們的海鮮生意有所改善。我們看到單位正在移動。背後的整個想法是，如果我們可以把這些真正重要的每週購物類別堆疊在一起，那麼從長遠來看，它們將透過會員參與度和旅行以及整體支出以及顯然的續訂率來使我們受益。

So we're really pleased with Fresh 2.0 overall. Early results on meat and seafood are good. But they're early. We need to continue to iterate on that and make sure that we continue to build on the power of this program going forward.

所以整體來說我們對 Fresh 2.0 非常滿意。對肉類和海鮮的早期研究結果良好。但他們來得還早。我們需要繼續重申這一點，並確保我們繼續增強該計劃的力量。

Chuck Brom, Gordon Haskett.

查克布羅姆、戈登哈斯凱特。

This is Ryan Bulger on for Chuck here. I do want to ask about your general merchandise outlook for the back half of the year. I know you guys gave us some color on some of the categories in 2Q, but just how you're thinking about it overall and then both on a category basis. Any color you could provide there would be great.

這是 Ryan Bulger，代替 Chuck 發言。我確實想問一下您對今年下半年百貨商品的前景。我知道你們對第二季的一些類別進行了詳細的說明，但你們是如何從總體上看待這個問題的，然後又是如何從類別的角度看待這個問題的。您能提供的任何顏色都很好。

Look, GM lost a little bit of ground in the second quarter, but into some really tough headwinds that we've talked about. I still think our transformation is underway and on track. And I think the GM team has done a nice job, both to manage through the quarter and to prepare for the back half.

你看，通用汽車在第二季度略有下滑，但遇到了一些我們談到的真正嚴峻的逆風。我仍然認為我們的轉型正在進行中並且正在按計劃進行。我認為通用汽車團隊做得很好，既管理好了本季度，也為下半年做好了準備。

We talked a little bit about how we're thinking about managing through the tariffs and resourcing things and repointing to different countries of origin. I think our team has done a great job doing that. And I think they've taken a prudent stance from an inventory buying perspective. We're certainly in a low-margin business, so we need to be careful from an inventory perspective, particularly when prices rise in a considerable way, because you need to understand the elasticity of those categories and some of the tariffs could put changes on prices that would be tough to understand from an elasticity perspective.

我們稍微談論了我們如何考慮透過關稅和資源管理來重新指向不同的原產國。我認為我們的團隊在這方面做得很好。我認為從庫存購買的角度來看他們採取了謹慎的立場。我們的業務利潤率確實很低，因此我們需要從庫存的角度謹慎處理，特別是當價格大幅上漲時，因為你需要了解這些類別的彈性，而且某些關稅可能會對價格造成變化，而從彈性的角度來看，這種變化是難以理解的。

And so I think we've chosen to be conservative in some categories that we think are more discretionary. But other categories we're being very aggressive in. And you saw a little bit of that in Q2, despite the fact that we had overall headwinds on the GM business, you still saw apparel do incredibly well. And that's a great market of our continuing relevance to our consumer and general merchandise.

因此，我認為我們選擇在一些我們認為更自由的類別中採取保守態度。但在其他類別上我們卻非常正面。您在第二季度看到了一些這樣的情況，儘管通用汽車業務總體上面臨阻力，但您仍然看到服裝業務表現得非常好。這是一個對我們的消費者和日用百貨具有持續重要意義的龐大市場。

So obviously, the first category, I know we've talked about this a few times, the first category, we started from a transformation perspective, and it continues to grow quarter in, quarter out. We're putting the right stuff on the shelf and a clean assortment with great values and that resonates with our members. We need to continue to do that category by category going through the back half. And hopefully, our members react to it.

顯然，第一類，我知道我們已經討論過幾次了，第一類，我們從轉型的角度開始，並且它將逐季持續成長。我們將合適的商品放在貨架上，並進行分類擺放，以提供高價值的商品，引起我們會員的共鳴。我們需要繼續對後半部進行逐一分類。希望我們的成員對此做出反應。

(Operator Instructions) Michael Baker, D.A. Davidson.

（操作員指示）麥可貝克、D.A.戴維森。

Great. Just wanted to follow up. It seems like in some ways you keep talking about being aggressive and going after share, but also it feels like inventory ordering is a little bit more cautious. I guess my question is, are you a bit more cautious today in terms of back-half inventory in your ordering than you were 3 months ago? And how do you square that with, again, it sounds like the quarter ended great and the beginning of this quarter is strong. So why taking what seems like a more cautious approach to the second half of the year?

偉大的。只是想跟進一下。從某種程度上來說，你們似乎一直在談論積極進取和追求市場份額，但同時又感覺庫存訂購要更加謹慎一些。我想我的問題是，與三個月前相比，您今天在訂購後半部分庫存方面是否更加謹慎？您如何看待這一點？聽起來本季結束時情況很好，而本季開始時也很強勁。那麼，為什麼要對下半年採取看似更謹慎的態度呢？

Yeah, Mike, look, I think it's two issues you talk about. Certainly, we want to be aggressive, and we are being aggressive to continue to gain market share. To me, that's more of a pricing question than anything, right? It's an overall value question. And we'll continue to do the things that we've always done and hold prices as long as we can and make sure that our members understand that we're trying to do the right thing for them. That's how we've operated for the past few years. That's how we'll continue to operate for the next few years. And that may get bigger or smaller from an investment perspective going forward, but that's the north star in our business. We need to present the right value to our members every single day.

是的，麥克，看，我認為你談論的是兩個問題。當然，我們希望積極進取，而且我們正在積極進取以繼續獲得市場份額。對我來說，這更多的是一個定價問題，對嗎？這是一個總體價值問題。我們將繼續做我們一直在做的事情，盡可能長時間地保持價格不變，並確保我們的會員明白我們正在努力為他們做正確的事情。過去幾年我們就是這樣運作的。未來幾年我們將繼續以這種方式運作。從未來的投資角度來看，這個數字可能會變大或變小，但這是我們業務的北極星。我們需要每天向我們的會員展示正確的價值觀。

I think you're right that we're being a bit cautious from an inventory perspective, but only in those categories that we think are really discretionary and that have higher tariffs associated with them. And so a good category to think about might be seasonal holiday decor where the vast, vast majority of that stuff is built in China and obviously comes with a steep tariff on it, maybe a little less of a tariff today than we thought a couple of months ago when you're really placing those orders. But regardless, I think the prices are going to rise on things like that.

我認為您說得對，從庫存角度來看，我們確實有點謹慎，但僅限於那些我們認為真正可自由支配且相關關稅較高的類別。因此，一個值得考慮的好類別可能是季節性節日裝飾，其中絕大多數都是在中國製造的，而且顯然伴隨著高額關稅，但今天的關稅可能比我們幾個月前真正下訂單時想像的要低一些。但無論如何，我認為這類東西的價格都會上漲。

And so we'll still be there. We'll have a great assortment for our members. But we've ordered less units this year than we have in the past. And the math there is really simple to think about. Given the low margins at which we operate, you need to sell four or five units at full price to pay off one that you mark down to zero. So we're just trying to better balance the economic equation in our business. I don't think it's an issue of really being cautious from our members not liking what we have or they're not going to come in and see us or they don't like us anymore. I think we're just really trying to understand and, to some degree, guess at what their reaction to any inflation that comes down the pipe might be.

所以我們仍會在那裡。我們將為我們的會員提供豐富多樣的商品。但今年我們的訂購量比過去少。那裡的數學思考起來非常簡單。鑑於我們經營的利潤率很低，您需要以全價出售四到五個單位才能償還降價為零的單位。所以我們只是試著更好地平衡我們業務中的經濟方程式。我不認為我們需要謹慎對待我們的會員不喜歡我們的東西，或者他們不會再來見我們，或者他們不再喜歡我們。我認為我們只是真的想了解，並在某種程度上猜測他們對即將出現的通貨膨脹會如何反應。

So we want to make sure that we meet our promise to our members every day, right? We have to provide that value. We have to provide good products and great brands. But we also understand we have responsibility to the bottom line of the company. And so we're trying to make the right decisions on both of those and mix out the business the way that we think is best.

所以我們要確保每天都能履行對會員的承諾，對嗎？我們必須提供這種價值。我們必須提供優質的產品和優秀的品牌。但我們也明白，我們對公司的底線負有責任。因此，我們正努力對這兩方面做出正確的決定，並以我們認為最佳的方式整合業務。

Good luck. Sounds challenging. Can I ask one other question, just as it relates to trade down from lower income customers. In this kind of environment, it makes sense that the low-income customer is stressed, so in a way that hurts your customer. But could it also drive increased traffic as shoppers who weren't necessarily BJ's members now look to BJ's because they try to -- because they need to save money? And have you seen that in the past?

祝你好運。聽起來很有挑戰性。我可以再問一個問題嗎，因為它與低收入客戶的降級消費有關。在這種環境下，低收入客戶感到壓力是可以理解的，這會在某種程度上損害你的客戶。但是，這是否也能增加客流量，因為那些不一定是 BJ 會員的購物者現在也轉向 BJ 購物，因為他們想——因為他們需要省錢？您以前見過這種情況嗎？

Yeah. It's a good point, Mike. Certainly, lower income consumers are, I think, are a bit more stressed than higher-income consumers. That obviously makes sense given their economic position. But the interesting thing we saw during the quarter and we've seen for the past few now is those lower-income consumers for us are performing a little bit better than we would have thought.

是的。麥克，你的觀點很正確。當然，我認為低收入消費者比高收入消費者壓力更大一些。考慮到他們的經濟地位，這顯然是有道理的。但我們在本季以及過去幾年看到的有趣的事情是，那些低收入消費者的表現比我們想像的要好一些。

In a long view of our company's history, the lower-income consumer went up or went down based on the economy or based on federal EBT budgets. And that hasn't been happening for us lately, which tells me that we've done a nice job convincing them of our value. We're showing them what they want to see from a brand and quality perspective, and we're delivering a great service. And importantly, we haven't talked about digital yet, but we're delivering it conveniently.

從我們公司的長期歷史來看，低收入消費者的數量會根據經濟狀況或聯邦 EBT 預算而上升或下降。而最近我們並沒有發生這種情況，這說明我們已經很好地向他們證明了我們的價值。我們從品牌和品質的角度向他們展示他們想要看到的東西，並提供優質的服務。重要的是，我們還沒有談論數位化，但我們正在方便地提供數位化服務。

So look, I think those folks obviously have less money than everybody else, but that makes them -- that makes us even more relevant to them to your point. So I do think what we're seeing portends good things from that consumer, I think the ones that we have will continue to shop us. And hopefully, they'll tell their friends and we can get more of those consumers into our business.

所以，我認為這些人顯然比其他人擁有的錢少，但這使他們——這使得我們與他們更相關，符合你的觀點。所以我確實認為我們所看到的預示著消費者的良好發展，我認為現有的消費者將繼續購買我們的產品。希望他們能告訴他們的朋友，這樣我們就能吸引更多這樣的消費者加入我們的業務。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

Question on general merchandise. So we've talked a lot about the second half. But can you just help us understand the bigger picture opportunity here for gen merch? What inning are we in when it comes to driving stronger growth from that side of the business?

關於一般商品的問題。我們已經討論了很多關於下半場的事情。但是您能否幫助我們了解通用商品的更大機會？在推動該業務更強勁的成長方面，我們處於什麼階段？

Yeah. Steve, this is Bob. Good question. I like the fact that you pulled it back to the overall transformation question, which is the most important thing. I mean we all focus on quarter-by-quarter stuff. But when I think about where our company needs to go, we need to continue to build on the success of our grocery business and doing things like Fresh 2.0. We need to do it conveniently with our digital business, and we need to be more relevant to our consumer from a general merchandise perspective.

是的。史蒂夫，這是鮑勃。好問題。我喜歡你將其拉回整體轉型問題，這是最重要的事情。我的意思是我們都關注每個季度的事情。但當我思考公司未來發展方向時，我認為我們需要在食品雜貨業務的成功基礎上繼續發展，並推出像Fresh 2.0這樣的產品。我們需要透過數位業務更便利地實現這些目標，並且從日用百貨的角度，更貼近消費者。

If we look at our competitors, that's what they're able to do. And some of them do it the reverse way that we do it, meaning I would argue that our members come in for the weekly grocery shop and sometimes shop general merchandise, some of our competitors have the opposite happen, their consumers are coming in for general merchandise and maybe buying some grocery items when they're there.

如果我們看看我們的競爭對手，就會發現他們能夠做到這一點。他們中的一些人採取與我們相反的方式，這意味著我認為我們的會員每週都會來購買日用品，有時也會購買日用百貨，而我們的一些競爭對手則採取了相反的做法，他們的消費者會來購買日用百貨，有時還會購買一些雜貨。

And I think we're seeking a better balance from that perspective. We have, over a long period of time, not done a wonderful job building the relevance of our general merchandise business. In the last couple of years, that's been the goal, going through systematically category by category and making sure that we have the best brands at a great value, presented the right way, and letting people know that we should be a destination for these categories.

我認為我們正在從這個角度尋求更好的平衡。長期以來，我們在建立百貨業務的相關性方面做得併不好。在過去的幾年裡，我們一直致力於這個目標：系統地逐一類別地進行檢查，確保我們擁有最物有所值的最佳品牌，以正確的方式呈現，並讓人們知道我們應該成為這些類別的目的地。

The only category that I can think of that has been a consistent destination for us over a long period of time is consumer electronics. That business did okay for us in Q2. And consumers know that we're a great place to get a great price on television, as an example. But when you think about other key categories, like seasonal goods, like small appliances, like home, and there are a bunch of others, we had huge opportunities when we looked at what our competitors were doing and what our members were telling us they wanted.

我能想到的唯一一個長期以來一直是我們重點關注的類別是消費性電子產品。這項業務在第二季對我們來說表現還不錯。舉例來說，消費者知道我們是一個可以以優惠價格購買電視的好地方。但是當你考慮其他關鍵類別時，例如季節性商品、小家電、家居等等，當我們觀察競爭對手的行為以及我們的會員告訴我們他們想要什麼時，我們就有了巨大的機會。

Five years ago, they were walking past our general merchandise assortment and going to buy their groceries. And in the last few quarters, we've seen increasing engagement with our members in our general merchandise business. And that, again, is just quarter after quarter trying to turn the crank a little bit and get better brands and get better values and put them out there for people to see it.

五年前，他們走過我們的百貨商品區去買雜貨。在過去的幾個季度中，我們看到我們的會員在日用百貨業務方面的參與度不斷提高。而這，只是每季都試圖稍微改變策略，以獲得更好的品牌和更好的價值，並將它們展示給人們看。

We knew this was not going to be an overnight build, that was going to be a long build. And no transformation goes in a straight line. Certainly, there's been some waviness in our line to think about. But I think that's more due to the outside forces than what we're doing internally.

我們知道這不會是一夕之間就能完成的，而是一個長期的過程。沒有任何轉變是直線進行的。當然，我們的生產線上存在一些波動，值得考慮。但我認為這更多的是由於外部力量而不是我們內部所做的事情。

I still think we have a ton of opportunity to improve our general merchandise assortment. We have our folks hard at work doing that every day. And we're optimistic that showing our members better assortment and better value day after day, month after month, quarter after quarter, over a long period of time, will grow that franchise to be much bigger than it is today and grow our relevance to our members overall.

我仍然認為我們有大量機會來改善我們的日用商品種類。我們的員工每天都在努力工作。我們樂觀地認為，透過日復一日、月復一月、季復一季地向我們的會員展示更好的產品種類和更高的價值，在很長一段時間內，特許經營權將比現在擴大得多，並增強我們與會員的整體相關性。

Great. Then, Laura, just to follow up on Ed's question earlier, merchandise margin expectations in the second half of the year. Is there any differences to be mindful of third quarter versus fourth quarter just given your comments about general merchandise?

偉大的。那麼，勞拉，我們來跟進艾德之前提出的問題，即下半年的商品利潤預期。鑑於您對一般商品的評論，第三季和第四季有什麼需要注意的差異嗎？

Yeah. You'd remember we didn't specifically give any guidance this year on merch margin. And so as we think about the back half, it's the same story as I talked about a little bit earlier, which is less focus on the absolute rate, more on making sure we're delivering the right value to our members every day. And so we may make some investments in the short term to stay true to that. We think that's important. But we will continue to manage the bottom line and make sure we're delivering overall results.

是的。你會記得我們今年沒有具體給出任何有關商品利潤的指導。因此，當我們考慮後半部分時，它與我之前談到的故事相同，即更少關注絕對率，而更專注於確保我們每天為會員提供正確的價值。因此，我們可能會在短期內進行一些投資，以實現這一目標。我們認為這很重要。但我們將繼續管理底線並確保我們取得整體成果。

(Operator Instructions) Rupesh Parikh, Oppenheimer.

（操作員指示） Rupesh Parikh，Oppenheimer。

So I just wanted to just go to expenses. You guys had a really strong performance during Q2. Just curious if there's anything unsustainable in that performance, especially with the strong unit growth out there, you guys did control expenses extremely well.

所以我只是想了解開支。你們在第二季的表現非常出色。只是好奇這種表現是否有不可持續的地方，特別是在單位數量強勁增長的情況下，你們確實很好地控制了開支。

Rupesh, thanks for the question. As we step back from the quarter, we are really proud of the work we did on controlling expenses and the results we delivered. I don't think there's anything unique in that in the quarter other than, as we continue to expand on our footprint and add more clubs in the back half, that will likely put a little bit of incremental pressure on the cost base. And we've talked about that before as slight deleverage from the footprint. We think that's the right decision for the long term of the business. And so I think what you'll see us do in the back half is continue to manage that and make sure we're delivering results.

Rupesh，謝謝你的提問。當我們回顧本季時，我們對我們在控制費用方面所做的工作和所取得的成果感到非常自豪。我認為本季並沒有什麼獨特之處，只不過，隨著我們繼續擴大業務範圍並在下半年增加更多俱樂部，這可能會對成本基礎帶來一些增量壓力。我們之前已經討論過這一點，即略微降低足跡的槓桿率。我們認為這對企業的長遠發展是正確的決定。因此，我認為你會看到我們在下半年會繼續管理這一點並確保我們取得成果。

Great. And then just a quick follow-up. Just on the inventory front. So just given some of the tariff dynamics out there, have you guys had to make any meaningful changes to assortment? It sounds like you definitely cut back on the amount of ordering in GM, but just curious if that's led to a meaningful change in the GM assortment.

偉大的。然後只是快速的跟進。僅在庫存方面。那麼，考慮到目前的一些關稅動態，你們是否必須對產品分類做出任何有意義的改變？聽起來你確實減少了在 GM 的訂購量，但只是好奇這是否會導致 GM 品種發生有意義的變化。

Rupesh, I don't know that it's made a huge difference in what we're ordering. It's more about the quantities in which we're ordering it at this point.

魯佩什，我不知道這對我們訂購的東西有很大的影響。這更多的是關於我們此時訂購的數量。

Mark Carden, UBS.

瑞銀的馬克卡登。

So to start, just it sounds like another solid quarter on gasoline gallon market share, which is encouraging, especially as gas prices have come down a bit recently. Just curious, in weeks where gas prices were lowest, did you see any meaningful changes in the frequency in which customers are driving to your stations to fill up? Just do customers become any less likely to travel further to save on gas? And by extension, do you see any impacts to club traffic in those weeks?

首先，這聽起來像是汽油加侖市場份額又一個穩健的季度，這是令人鼓舞的，特別是在最近汽油價格下降的情況下。只是好奇，在油價最低的幾周里，您是否發現顧客開車到加油站加油的頻率有任何顯著變化？那麼，消費者是否就不再願意為了節省汽油而走更遠的路了呢？進一步說，您是否認為這幾週俱樂部的客流量會受到任何影響？

Mark, why don't I let Bill talk about gas since he runs that division for us?

馬克，既然比爾負責我們的天然氣部門，我為什麼不讓他來談天然氣呢？

Mark, thanks for the question. I would say in terms of the correlation to gas traffic to club traffic, we've seen pretty consistent performance across the quarter. And as we look back in total, we've seen flat gallons at our comp stations, which is probably a couple 100 basis points above what's going on out there in the market. So we continue to gain share in gas. And as we pull the lens back a little bit more, our total gas gallons were up about 7%, and that's attributable to both the stations that we've added, our new clubs, as well as some of our existing clubs as well. So we've continued to increase the gas penetration across our franchise.

馬克，謝謝你的提問。我想說，就汽油流量和俱樂部流量之間的相關性而言，我們看到整個季度的表現相當一致。回顧整體情況，我們發現我們的加油站的汽油銷售持平，可能比市場情況高出數百個基點。因此，我們在天然氣領域的份額不斷增加。當我們把鏡頭拉遠一點時，我們的汽油總加侖數上漲了約 7%，這既歸功於我們新增的加油站、新俱樂部，也歸功於我們現有的一些俱樂部。因此，我們繼續增加整個特許經營店的天然氣滲透率。

So as we think about gas as a way to add value, we're saving our members about $0.20 on average on a gallon of gas out there, so as we grow the gallon base, it's just more and more value that we're delivering back out there to our members. So as we think about the plus 7% total gallon growth in total, that's a lot more money in our members' pockets. So we're proud of that aspect of it.

因此，當我們將汽油視為一種增值方式時，我們平均為會員節省了每加侖汽油約 0.20 美元，因此，隨著加侖基數的增加，我們為會員帶來的價值也越來越大。因此，當我們考慮到整體加侖數增加 7% 時，我們的會員口袋裡的錢就多了很多。所以我們對此感到自豪。

Makes sense. That's helpful. And then as a follow-up, just on the back of some of the tariff questions, you talked about buying less in certain tariff-impacted categories like holiday decor. Just curious, are there any categories where you've been buying more aggressively and just in light of some change in customer demand?

有道理。這很有幫助。然後作為後續問題，就一些關稅問題而言，您談到減少購買某些受關稅影響的類別，例如節日裝飾。只是好奇，是否有一些類別的商品你們在更積極地購買，並且只是因為客戶需求發生了一些變化？

Nothing comes to mind, Mark. I think certainly every category is a little dynamic. Where we're going through this transformation within general merchandise, it's a category-by-category rebuild, as I talked about. So I'm sure there are a few in there that we're buying more than we have in the past, but there are a few that we're buying less given the tariff exposure.

馬克，我想不出什麼。我認為每個類別肯定都有點動態。正如我所說，我們在日用百貨領域正在經歷轉型，這是一個逐一類別的重建過程。因此，我確信我們購買的一些產品比過去要多，但考慮到關稅影響，我們購買的一些產品會減少。

We currently have my further questions. So I'd like to hand to Bobby Eddy for any further remarks.

目前我們還有其他問題。因此，我想將進一步的評論交給 Bobby Eddy。

Thanks, everybody, for your attention this morning. I appreciate your support of our company. And I'd just like to note the one thing we didn't talk about is our digital business and the strength there. And I wanted to thank that team for the fantastic performance with a plus 34% comp and our two-year stack over 50. That is a huge mark of relevance to our member. It's been a ton of work for that team. And I want to thank the field team who obviously picks all those digital orders and delivers them to our members as well.

謝謝大家今天早上的關注。感謝您對我們公司的支持。我想指出的是，我們沒有談論的一件事是我們的數位業務及其優勢。我要感謝團隊的出色表現，我們的薪酬增加了 34%，並且兩年的籌碼超過了 50。這對我們的會員來說具有重大意義。對於該團隊來說這是一個艱鉅的工作。我還要感謝現場團隊，他們挑選了所有的數位訂單並將其發送給我們的會員。

So we will continue to do the right thing for our members for the rest of the year and each quarter in and out. And I'm confident that we will see good results from our members as we go through the back half of the year. So thanks for your attention. I appreciate your support. And we'll talk to you next quarter.

因此，我們將在今年剩餘時間以及每季繼續為我們的會員做正確的事情。我相信，在下半年，我們將看到我們的會員取得良好的成績。感謝您的關注。感謝您的支持。我們將在下個季度與您交談。

As we conclude today's call, we'd like to thank everyone for joining. You may disconnect your lines.

在今天的電話會議結束時，我們要感謝大家的參與。您可以斷開線路。