BJ's Wholesale Club Holdings Inc (BJ) 2025 Q3 法說會逐字稿

Hello, and welcome to BJ's Wholesale Holdings, Inc. third quarter fiscal [2024-'25] earnings conference Call. (Operator Instructions)

大家好，歡迎參加 BJ's Wholesale Holdings, Inc. 第三財季（2024-2025 財年）收益電話會議。（操作說明）

I now pass the call over to our host, An Singh, VP of FP&A. Please go ahead.

現在我將電話轉交給我們的主持人，財務規劃與分析副總裁安·辛格。請繼續。

Good morning, and welcome to BJ's third 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公司2025財年第三季財報電話會議。今天與我一同出席的有：董事長兼執行長鮑伯‧艾迪；財務長勞拉‧費利斯；以及負責策略與發展的執行副總裁比爾‧沃納。

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. Please see the Risk Factors sections of our most recent SEC filings for a description of these risks and uncertainties.

請記住，我們在本次電話會議中可能會根據我們目前的預期做出一些前瞻性陳述。前瞻性陳述存在風險和不確定性，可能導致實際結果與我們在本次電話會議中所說的內容有重大差異。有關這些風險和不確定性的描述，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。

Please also refer to today's press release and latest investor presentation posted in our Investor Relations website for a 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日新聞稿和最新投資者演示文稿，以了解有關前瞻性聲明和非GAAP調整的警示性聲明。

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

現在我把電話交給鮑伯。

Good morning. Thank you for joining us to discuss our third quarter results. Our business delivered strong results in Q3 and performed well in an incredibly dynamic environment. Once again, we gained share and grew traffic, marking the 12th consecutive quarter of market share growth and the 15th consecutive quarter of traffic growth. These consistent results are a testament to the value that we provide to our members each day as we are guided by our purpose of taking care of the families who depend on us.

早安.感謝各位蒞臨本次研討會，共同探討我們第三季的表現。第三季度，我們的業務取得了強勁的業績，並在瞬息萬變的市場環境中表現出色。我們再次擴大了市場份額並提高了流量，實現了連續第 12 季的市佔率成長和連續第 15 季的流量成長。這些持續的成果證明了我們每天為會員提供的價值，因為我們始終秉持著照顧依賴我們的家庭的宗旨。

This purpose has never been more relevant as many of our members are dealing with a considerable level of unpredictability in their everyday lives. This has impacted consumer confidence, which has been at low levels for much of this year. And we are taking these conditions as a call to action to lean even further into value for our members everyday needs.

這個宗旨從未像現在這樣重要，因為我們的許多成員在日常生活中都面臨著相當大的不確定性。這影響了消費者信心，而今年以來，消費者信心一直處於低迷狀態。我們將這些情況視為行動的號召，進一步致力於滿足會員的日常需求，創造更多價值。

Some of our actions include incremental offers to those members that may need a little bit more help in the current environment. In addition, we're rolling out reduced delivery fees to make our most convenient shopping channel even more accessible. The combination of value and convenience is a powerful unlock for us, and this will help our members realize even more value from their BJ's membership. We've also launched a 10% discount for our team members as a way of thanking those who are on the front lines living our purpose every day.

我們採取的一些措施包括向在當前環境下可能需要更多幫助的會員提供增量優惠。此外，我們正在降低配送費用，使我們最方便的購物管道更加普及。價值與便利性的結合對我們來說是一個強大的優勢，這將幫助我們的會員從他們的 BJ's 會員資格中獲得更多價值。我們也為團隊成員推出了 10% 的折扣，以此感謝那些每天在前線實踐我們使命的人們。

For the quarter, we delivered merchandise comparable comp sales growth of 1.8% and adjusted earnings per share of $1.16. It's helpful to evaluate the performance on a two-year stack basis to normalize for the impact of last year's port strike and hurricane activity. Our two-year stack comp was 5.5%, an acceleration of nearly 1 point versus the first half.

本季，我們實現了商品同店銷售額成長1.8%，調整後每股收益為1.16美元。為了消除去年港口罷工和颶風活動的影響，將業績按兩年的數據進行評估會更有幫助。我們兩年的堆疊比較率為 5.5%，比上半年提高了近 1 個百分點。

Our Q3 comp performance was evenly balanced across our two reportable divisions. Our perishables Grocery and Sundries division grew comp sales by 1.8% with a two-year stack that accelerated sequentially of 6%. 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 such as fresh meat, dairy and produce, aided by our Fresh 2.0 investments.

我們第三季的業績在兩個可報告部門之間保持均衡。我們的生鮮雜貨和日用品部門同店銷售額成長了 1.8%，兩年內增速逐年加快，達到 6%。我們在 Fresh 2.0 和品類管理流程方面的投資，推動了我們在消費品業務領域市場份額的持續成長。我們看到，生鮮品類（如鮮肉、乳製品和農產品）表現最為強勁，這得益於我們在 Fresh 2.0 方面的投資。

We also saw strength in nonalcoholic beverages and candy and snacking driven by enhanced assortment and more prominent placement in our clubs. Our general merchandise and services business also grew by 1.8% on a comp basis in the quarter. Consumer electronics comped in the high single digits on success in computer equipment and tablets. Apparel, which we've highlighted on several recent calls, continues to grow, comping in the low single digits.

我們也看到，由於產品種類更加豐富，以及在俱樂部中擺放位置更加醒目，非酒精飲料、糖果和零食的銷售也表現強勁。本季度，我們的一般商品和服務業務也實現了1.8%的同店銷售成長。受電腦設備和平板電腦業務成功推動，消費性電子產品實現了接近兩位數的成長。我們在最近幾次電話會議中都重點提到了服裝行業，該行業繼續保持增長，同比增長率保持在個位數低位。

The offsets we saw this quarter were in home and seasonal, which continued to be impacted by lower discretionary demand and consumer confidence, as well as some of the decisions we made earlier this year to tighten our inventories in light of the anticipated impact of tariffs. Our services business also contributed to the improved performance in this division during the quarter.

本季我們看到的抵銷因素主要來自家居用品和季節性用品，這些用品繼續受到非必需品需求和消費者信心下降的影響，以及我們今年早些時候為應對預期關稅影響而做出的收緊庫存的一些決定的影響。本季度，我們的服務業務也為該部門業績的提升做出了貢獻。

Looking at the behavior of our membership base this quarter, we continue to see members across all income levels remain cautious, which tracks with what we broadly see in the consumer confidence data. We saw members exhibiting value-seeking behavior, including higher sensitivity to promotions, increasing purchasing of private label items and some trade down. For example, given the high price of beef, we saw higher purchasing of ground beef versus more expensive cuts.

從本季會員的行為來看，我們發現各個收入水平的會員仍然保持謹慎，這與我們在消費者信心數據中普遍看到的情況相符。我們發現會員表現出追求性價比的行為，包括對促銷活動更加敏感、購買更多自有品牌商品以及部分商品降級。例如，鑑於牛肉價格高昂，我們發現碎牛肉的銷售量高於價格較高的其他部位牛肉。

Despite this type of behavior, member trends exhibited stability quarter-over-quarter across all cohorts when adjusting for the noise from the port strike. While value-sensitive members remain more exposed to the macro backdrop, we did not see any incremental pullback from them. That resilience reinforces BJ's position as a trusted destination for strong value and convenience when it matters most.

儘管存在這種行為，但在調整港口罷工帶來的噪音後，所有群體成員的趨勢均表現出季度間的穩定性。雖然對價值敏感的投資者更容易受到宏觀經濟環境的影響，但我們並未看到他們的投資出現任何逐步回落。這種韌性鞏固了 BJ 作為值得信賴的購物目的地的地位，使其在最需要的時候能夠提供物美價廉和便捷的服務。

The environment continues to move quickly, but our teams haven't lost sight of the fundamentals. By zeroing in on our controllables, they're advancing our strategic agenda, increasing member stickiness, making our clubs better places to shop, expanding convenience and growing our physical footprint. These elements are central to creating value over time, and we built further momentum in each this quarter.

環境瞬息萬變，但我們的團隊始終沒有忘記基本原則。透過專注於我們可控的因素，他們正在推進我們的策略議程，提高會員黏性，使我們的俱樂部成為更好的購物場所，擴大便利性並增加我們的實體店面。這些要素是長期創造價值的核心，而我們在本季在每個方面都取得了進一步的進展。

I'll now provide an update on how those pieces are evolving. Our membership results continue to be robust, and we grew membership fee income by nearly 10% this quarter, driven by strong member counts, mix benefits and the effects of our recent fee increase. We expect the growth rate to show further improvement into the fourth quarter and to once again deliver a 90% tenured renewal rate for the full year. The core of our membership health is driven by growing the number of members as well as improving the mix of those members.

接下來我將報告這些作品的進度。我們的會員業績持續強勁，本季會員費收入增長了近 10%，這得益於會員數量的增長、會員福利的多元化以及近期會員費上漲的影響。我們預計第四季成長率將進一步提高，並再次實現全年90%的續約率。我們會員健康的核心在於增加會員數量以及改善會員組成。

In the third quarter, our higher tier membership penetration reached another new record, improving by 50 basis points sequentially. And we continue to see more opportunity to push here. We would not be able to deliver sustainable membership growth without parallel improvements in our merchandise. We are launching many new owned brands products, which are aimed at improving the member experience by offering excellent quality at an unbeatable price.

第三季度，我們的高級會員滲透率再創新高，季增了 50 個基點。我們看到這裡還有更多推進的機會。如果我們不同步改進產品，就無法實現會員數量的永續成長。我們正在推出許多新的自有品牌產品，旨在透過提供卓越的品質和無與倫比的價格來改善會員體驗。

Some of the products we are excited about include Wellsley Farms branded tortilla and potato chips, protein shakes, frozen poultry and coffee pods. This is just a small list of many new high-quality products that we plan to launch at amazing price points.

我們非常期待的一些產品包括 Wellsley Farms 品牌的玉米餅和薯片、蛋白奶昔、冷凍家禽和咖啡膠囊。這只是我們計劃以極具吸引力的價格推出的眾多優質新產品中的一小部分。

Owned brands products have a multitude of benefits as they are typically priced at about 30% below national brands while offering comparable quality of national branded items. This gives our members even more compelling value for their hard-earned dollars, which in turn drives loyalty and higher lifetime value.

自有品牌產品具有許多優勢，其價格通常比全國性品牌低約 30%，同時品質與全國性品牌產品相當。這讓我們的會員能夠用他們辛苦賺來的每一分錢獲得更大的價值，從而提高會員忠誠度和終身價值。

Home Brands products also deliver higher penny profit for us, which we can use to invest back into the member experience, further propelling the flywheel that drives our business. We're excited to see how our customers respond to our improved offerings.

自有品牌產品也能為我們帶來更高的利潤，我們可以將這些利潤再投資於會員體驗，進而進一步推動我們業務的飛輪效應。我們非常期待看到客戶對我們改進後的產品和服務有何回饋。

Our efforts to continue to improve the convenience of shopping our clubs can be seen in the digital growth of 30% this quarter and 61% on a two-year stack basis, driven by strength in BOPIC, same-day delivery and Express Pay. We're looking to further drive innovation by utilizing AI to deliver enhanced content highlights and attributes making shopping even easier for our members. We also recently beta launched an AI shopping assistant and personalized member shopping lists, and we're looking forward to taking these live to our members soon.

我們不斷努力提升顧客在我們俱樂部購物的便利性，這體現在本季度數位業務成長了 30%，兩年累計成長了 61%，這主要得益於線上訂購線下門市 (BOPIC)、當日送達和快捷支付等服務的強勁表現。我們希望透過利用人工智慧進一步推動創新，提供更優質的內容亮點和功能，讓會員的購物體驗更輕鬆、更方便。我們最近也推出了人工智慧購物助理和個人化會員購物清單的測試版，我們期待著盡快將這些功能正式上線，供我們的會員使用。

Last but not least, our new club footprint expansion. We opened our club in Warner Robins Georgia during Q3 and just last week, we opened our fifth Tennessee club in Sevierville. I'm pleased to report that both clubs are off to a great start joining the class of 2025 clubs that have outperformed expectations, with membership counts 25% ahead of plan. The community reaction at all of our recent openings has been nothing short of phenomenal, and we are proud to serve these communities.

最後，也是非常重要的一點，我們擴大了俱樂部的規模。我們在第三季度在喬治亞州華納羅賓斯開設了第一傢俱樂部，就在上週，我們在田納西州塞維爾維爾開設了第五傢俱樂部。我很高興地報告，這兩個俱樂部都取得了良好的開端，加入了 2025 年表現超出預期的俱樂部行列，會員人數比計劃高出 25%。我們近期所有新店開幕都獲得了社區的熱烈反響，我們很榮幸能為這些社區服務。

Our expansion strategy has been a sustained and accelerating success with clubs opened over the last 5 years delivering comp performance about 3 times the chain average. OnDeck for new club openings; our Springfield, Massachusetts; Sumter, South Carolina; Castleberry, Florida; Chattanooga, Tennessee; Soma, North Carolina; and Delray, Florida. That will make 14 new clubs for the year, the most we've had in many years. We remain on track to add 25 to 30 new clubs in two years, and our pipeline of new clubs is as large as it has ever been.

我們的擴張策略取得了持續且不斷加速的成功，過去 5 年新開的俱樂部業績約為連鎖店平均水準的 3 倍。OnDeck 為新俱樂部開業做好準備；我們在馬薩諸塞州斯普林菲爾德、南卡羅來納州薩姆特、佛羅裡達州卡斯爾伯里、田納西州查塔努加、北卡羅來納州索馬和佛羅裡達州德雷海灘均設有分店。這將使今年的新俱樂部數量達到 14 家，是多年來最多的一次。我們仍有望在兩年內新增 25 至 30 傢俱樂部，而我們未來的新俱樂部儲備規模也達到了前所未有的高度。

Speaking of our pipeline, we are excited to announce two more 2026 openings in Foley, Alabama and Mesquite, Texas as well as a relocation of our club in Rotterdam, New York. Mesquite will be our fifth Dallas-Fort Worth Club opening in 2026. We've been impressed with the warm welcome we've received as we've introduced the BJ's brand to the market over the past few months, including our Friday Night Life sponsorships, which was capped off with South Grand Prairie taking home the trophy and the Prairie Ball sponsored by BJ's Wholesale Club. The enthusiasm we've seen in these new markets has been awesome, and we can't wait to bring the value of BJ's Wholesale Club to Texas families early next year.

說到我們的發展計劃，我們很高興地宣布，2026 年將在阿拉巴馬州弗利和德克薩斯州梅斯基特再開設兩家分店，同時還將把我們在紐約州鹿特丹的俱樂部遷址。梅斯基特將是我們第五家在達拉斯-沃斯堡地區開設的俱樂部，預計於 2026 年開幕。在過去的幾個月裡，我們向市場推出了 BJ's 品牌，並受到了熱烈的歡迎，這給我們留下了深刻的印象。其中包括我們贊助的“週五夜生活”活動，最終南格蘭德普雷裡隊贏得了獎杯，並獲得了由 BJ’s Wholesale Club 贊助的“草原舞會”獎杯。我們在這些新市場看到的熱情令人驚嘆，我們迫不及待地想在明年初將 BJ's Wholesale Club 的價值帶給德州的家庭。

As I look at our business, I see improving momentum. Our membership is growing in size and quality. We are making improvements in merchandising and continue to capitalize on the convenience of our digital offerings. And as I just said, our footprint expansion is accelerating and successful. While the short term may be somewhat unpredictable, I'm confident that our company is in an excellent position to deliver value to our members and make good on our commitments to shareholders.

從我的角度來看，我們公司的發展動能正在增強。我們的會員數量和品質都在不斷提高。我們正在改進商品銷售方式，並繼續充分利用我們數位化產品的便利性。正如我剛才所說，我們的業務擴張正在加速並取得成功。雖然短期內可能會有些難以預測，但我相信我們公司處於非常有利的地位，能夠為我們的成員創造價值，並履行我們對股東的承諾。

We will continue to act with purpose in building our structurally advantaged business for the long term, and you should continue to expect that we will run the business with lifetime value at the core of our actions.

我們將繼續有目的地發展我們具有結構優勢的業務，以實現長期發展，你們也應該繼續期待我們將以終身價值為核心來經營業務。

Before I turn it over to Laura, I want to thank our team members. Your dedication to serving the families who depend on us and your commitment to supporting one another, make BJ's a great place to shop and a truly special place to work. I'm proud of all that we are accomplishing together.

在把發言權交給勞拉之前，我想感謝我們的團隊成員。你們對服務依賴我們的家庭的奉獻精神，以及你們對彼此支持的承諾，使 BJ's 成為一個很棒的購物場所，也是一個真正特別的工作場所。我為我們共同取得的所有成就感到自豪。

Thank you, Bob. I'd like to start by recognizing the outstanding efforts of our team members in our clubs at our Club Support Center and throughout our distribution network. Your hard work and commitment to serving our members and communities are instrumental in delivering a solid quarter and advancing our long-term growth agenda.

謝謝你，鮑伯。首先，我要表揚我們俱樂部、俱樂部支援中心以及整個分銷網絡中所有團隊成員的傑出努力。你們的辛勤工作和對服務會員及社區的承諾，對於實現穩健的季度業績和推進我們的長期增長計劃至關重要。

Let's look at our third quarter results. Net sales for the quarter were approximately $5.2 billion, growing 4.8% over the prior year. Total comparable club sales in the third quarter, including gas sales, increased 1.1% year-over-year as the average price of gas declined mid-single digits year-over-year. Merchandise comp sales, which exclude gas sales increased by 1.8% year-over-year and by 5.5% on a two-year stack. We are pleased to grow traffic and units in the quarter.

讓我們來看看第三季的業績。本季淨銷售額約 52 億美元，較上年成長 4.8%。第三季度，包括汽油銷售額在內的同店總銷售額年增 1.1%，原因是汽油平均價格年減了中位數個位數。商品同店銷售額（不含汽油銷售額）較去年同期成長 1.8%，兩年累計成長 5.5%。我們很高興本季客流量和銷量均有所成長。

This quarter, we lapped the surge of business brought by last year's port strike. At this time last year, we estimated it to have contributed about 1 point of comp in September. Moving to this year, September was by far the weakest month as we comped the strike with August and October generally performing in line with our expectations. We believe it may be helpful to evaluate trends on a two-year stack basis to assess the business, and I'll reference this metric in my overview.

本季度，我們未能趕上去年港口罷工帶來的業務激增。去年這個時候，我們估計它在9月貢獻了約1個百分點的競爭優勢。回到今年，由於罷工的影響，9 月是迄今為止最疲軟的月份，而 8 月和 10 月的業績總體上符合我們的預期。我們認為，以兩年為週期評估技術堆疊的發展趨勢對評估業務可能有所幫助，我將在概述中引用這一指標。

Our third quarter comp in our Grocery, Perishables and Sundries division grew 1.8% year-over-year with a two-year stack of 6%, showing slight acceleration versus the first half. Our General Merchandise and Services division comp also increased by 1.8% in the third quarter with a two-year stack of about 2%, an improvement versus the declines seen in the first half. As Bob noted earlier, traffic and market share grew again in this quarter, and we experienced approximately 1 point of inflation. Digitally enabled comp sales for the third quarter grew 30% year-over-year and 61% on a two-year stack.

我們第三季的食品雜貨、生鮮食品和日用品部門的同店銷售額年增 1.8%，兩年累計成長 6%，與上半年相比略有加速成長。第三季度，我們的一般商品和服務部門的同店銷售額也成長了 1.8%，兩年累計成長約 2%，與上半年的下滑趨勢相比有所改善。正如鮑伯之前提到的，本季流量和市佔率再次成長，我們經歷了約 1 個百分點的通貨膨脹。第三季數位化賦能的同店銷售額年增 30%，兩年累計成長 61%。

Our digital businesses performance is an affirmation of the values our members find in the improved and dramatically more convenient shopping experience. We find that the members that engage with us the most digitally and utilize all of our offerings, end up being the most valuable members with the highest lifetime value. We will continue to invest in our digital capabilities to gain even more wallet share of our members.

我們的數位化業務表現印證了會員們對更便利高效的購物體驗的認可。我們發現，那些與我們進行數位互動最多、充分利用我們所有服務的會員，最終會成為最有價值的會員，擁有最高的終身價值。我們將繼續投資於數位化能力，以贏得更多會員的錢包份額。

Membership fee income, or MFI, grew 9.8% to approximately $126.3 million in the third quarter on strong membership acquisition and retention across the gene. We also continued to benefit from the fee increase that went into effect at the beginning of the year. Our underlying member growth remains healthy, and we continue to improve the member mix.

由於整個基因的會員獲取和留存率強勁，會員費收入（MFI）在第三季度增長了 9.8%，達到約 1.263 億美元。我們也繼續受惠於年初生效的費用上漲政策。我們的基礎會員成長依然健康，我們也不斷改善會員結構。

Moving on to gross margins. Excluding the gasoline business, our merchandise gross margin rate was flat on a year-over-year basis as we continue to invest in our business and in our members, along with execution towards our longer-term objectives. We expect to continue to invest in Q4 and beyond as we lean into our purpose and do the right thing for our members, which will be the right thing for us in the long term.

接下來是毛利率。除汽油業務外，我們的商品毛利率與去年同期持平，因為我們繼續投資於我們的業務和我們的會員，並努力實現我們的長期目標。我們預計將在第四季度及以後繼續投資，因為我們將秉承我們的宗旨，為我們的會員做正確的事，從長遠來看，這對我們自己也是正確的。

SG&A expenses for the quarter were approximately $788.2 million and deleveraged slightly as a percentage of net sales year-over-year. Adjusting for the legal settlement benefit that we realized last year, SG&A as a percentage of net sales was about flat year-over-year.

本季銷售、一般及行政費用約為 7.882 億美元，佔淨銷售額的比例較去年同期略有下降。扣除去年獲得的法律和解收益後，銷售、一般及行政費用佔淨銷售額的百分比與上年基本持平。

We continue to grow comp gallons and gain share in our gas business. Our comp gallons in the quarter grew 2% year-over-year, a nice improvement versus Q2's flat performance and again significantly outpaced the industry, which declined low single digits on a comp basis over the same time frame. We have been in a much less volatile gas margin environment this year with profitability just modestly ahead of our expectations in Q3.

我們持續提高汽油銷量，並在汽油業務中不斷擴大市場份額。本季我們的同店銷量年增 2%，較第二季持平的業績有了顯著改善，再次大幅超過了行業平均水平，同期同店銷量出現了個位數的下滑。今年天然氣利潤率環境波動性小得多，第三季獲利能力略高於預期。

Our third quarter adjusted EBITDA was down about 2% year-over-year to $301.4 million, owing largely to lapping the benefit of a legal sentiment last year. Adjusting for the settlement, adjusted EBITDA grew approximately 5% year-over-year on higher top line and strong cost discipline. Our third quarter effective tax rate was 26.9%, slightly lower than our statutory rate of approximately 28%.

由於去年法律情緒帶來的利多因素尚未完全顯現，我們第三季的調整後 EBITDA 年減約 2% 至 3.014 億美元。經結算調整後，調整後的 EBITDA 年成長約 5%，主要得益於更高的營收和嚴格的成本控制。我們第三季的實際稅率為 26.9%，略低於約 28% 的法定稅率。

All in, our third quarter adjusted earnings per share of $1.16 decreased approximately 2% year-over-year due to the legal settlement. Adjusted earnings per share grew approximately 8% year-over-year, normalizing for the settlement benefit last year.

綜合來看，由於法律和解的影響，我們第三季調整後每股收益為 1.16 美元，年減約 2%。經調整後的每股盈餘年增約 8%，已剔除去年的和解收益。

Moving to our balance sheet. We ended the third quarter with total and per club inventory levels down 1.5% and 5% year-over-year, respectively, while our in-stock levels increased by 90 basis points. Note that we are operating 9 more clubs in our chain compared to a year ago. The favorability in our inventory investment continues to be related to reduced inventory buys.

接下來來看看我們的資產負債表。第三季末，總庫存水準和各俱樂部庫存水準年比分別下降了 1.5% 和 5%，而我們的庫存量水準則上升了 90 個基點。請注意，與一年前相比，我們連鎖店的數量增加了 9 家。我們庫存投資的有利因素仍與庫存採購減少有關。

I am proud of our team's hard work to stock even more of our merchandise our members want while improving the operating efficiency of our business. This is yet another driver of the flywheel with which we can pass along even more savings to our loyal members.

我為我們團隊的辛勤工作感到自豪，他們不僅增加了會員想要的商品庫存，還提高了我們業務的營運效率。這是推動飛輪運轉的另一個因素，透過它可以為我們忠實的會員節省更多費用。

Our capital allocation strategy remains consistent. We believe profitably growing the business is our best use of cash and investments to support membership, merchandising, digital and real estate initiatives will continue to be funded by our cash flows. We ended the third quarter with net leverage of 0.5 times.

我們的資本配置策略維持不變。我們相信，實現業務盈利增長是現金的最佳用途，而支持會員發展、商品銷售、數位化和房地產計劃的投資將繼續由我們的現金流提供資金。第三季末，我們的淨槓桿率為0.5倍。

Share buybacks are a key component of our capital allocation framework and in Q3, we took advantage of the lower share price and repurchased approximately 905,000 shares for $87.3 million. As of quarter end, we have approximately $866 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關鍵組成部分，在第三季度，我們利用股價較低的機會，以 8,730 萬美元的價格回購了約 905,000 股股票。截至季末，我們根據最近續簽的回購授權，還有約 8.66 億美元剩餘。我們將繼續採取嚴謹平衡的方式運用資本，以達到股東價值最大化。

Looking ahead to the remainder of the year, we are confident in the momentum of our business and our ability to deliver sustained growth, especially in an uncertain economic backdrop. Our teams are focused on controlling the controllables while executing towards our long-term objectives.

展望今年剩餘時間，我們對公司業務的發展勢頭以及實現持續成長的能力充滿信心，尤其是在當前經濟情勢不明朗的情況下。我們的團隊專注於控制可控因素，同時朝著我們的長期目標努力。

With regards to guidance and as we have been speaking to on this call, the macro environment is challenging. We have made decisions to be prudent with inventories in the face of this environment, challenging our ability to grow general merchandise sales. We made that choice in order to allow continued investment in member value in the rest of the business. While it will hamper sales in the short term, we remain confident that this was the right decision.

關於指導意見，正如我們在本次電話會議中討論的那樣，宏觀環境充滿挑戰。面對這種環境，我們決定謹慎管理庫存，這對我們提高一般商品銷售的能力構成了挑戰。我們做出這項選擇是為了能夠繼續投資於提升會員價值，以發展業務的其他部分。雖然短期內會影響銷售，但我們仍然相信這是一個正確的決定。

With that in mind, we are narrowing our guidance for the full year merchandise comp sales to a range of 2% to 3% for the full year. We are also increasing our range of expected adjusted earnings per share to be $4.30 to $4.40. The actions we've taken to support stronger, more sustainable growth are working, and our long-term road map is solid. With a resilient business model and clear strategic direction, we're well equipped to keep building on our success and deliver substantial value to our shareholders in the years ahead.

考慮到這一點，我們將全年商品同店銷售額的預期成長範圍縮小至 2% 至 3%。我們同時將預期調整後每股盈餘範圍上調至 4.30 美元至 4.40 美元。我們為支持更強勁、更永續的成長所採取的措施正在奏效，我們的長期發展路線圖也十分穩健。憑藉著穩健的商業模式和清晰的策略方向，我們完全有能力在未來幾年繼續鞏固成功，並為股東創造巨大價值。

Bob, back over to you.

鮑勃，把鏡頭交還給你。

Thanks, Laura. As I noted earlier, we are making progress in building momentum. We're elevating the quality of our membership base while it grows. We're curating a stronger, more relevant assortment at prices that reinforce our value promise. Our digital tools are improving member experience and our expansion strategy is bringing the BJ's model to new high potential markets.

謝謝你，勞拉。正如我之前提到的，我們在積蓄力量方面正在取得進展。隨著會員數的成長，我們也不斷提升會員的品質。我們正在精心挑選更優質、更貼合需求的商品，並以符合我們價值承諾的價格進行銷售。我們的數位化工具正在改善會員體驗，我們的擴張策略正在將 BJ's 模式帶到新的高潛力市場。

Looking forward, our commitment doesn't change. We will keep living our purpose and focusing on the people and communities who rely on us every day while executing on the long-term priorities that drive our growth. Thanks again for joining us today and for your support of BJ's Wholesale Club.

展望未來，我們的承諾不會改變。我們將繼續秉承我們的宗旨，專注於每天依賴我們的人民和社區，同時推動推動我們發展的長期優先事項。再次感謝您今天光臨，也感謝您對BJ's Wholesale Club的支持。

We will now take your questions.

現在開始回答各位的問題。

(Operator Instructions)

（操作說明）

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

I wanted to ask about some of the income demographics and the behavior. It sounded like it was relatively stable. And I think we're hearing a lot this week about kind of that lower and facing some struggles. Can you remind us maybe your exposure to maybe the SNAP program? Talk about the renewal rates you're seeing maybe across these income demographics, just anything further below the surface in terms of behavior across income demographics, both in the third quarter and then as you're kind of entering here into the holiday season?

我想了解一些收入人口統計和行為。聽起來比較穩定。我覺得這週我們聽到了很多關於這種低迷狀態和麵臨一些困境的消息。您能否提醒我們一下您是否了解 SNAP（補充營養援助計劃）？談談您在這些收入群體中看到的續約率，以及在第三季度和即將進入假期季節之際，不同收入群體在行為方面是否存在更深層次的變化？

Pete, maybe I'll kick this one off and Laura can add to it if she sees fit. Our prepared remarks tried to tackle this question because we knew it would be out there. Certainly, everybody is concerned about the low-income consumer, the continued inflation provides clear pressure on that segment of all consumers and certainly that segment of our members.

皮特，或許我可以先拋磚引玉，勞拉如果覺得合適可以再補充。我們事先準備的發言稿試圖回答這個問題，因為我們知道這個問題一定會被問到。當然，每個人都關心低收入消費者，持續的通貨膨脹給所有消費者中的這個群體，當然也包括我們會員中的這個群體，帶來了明顯的壓力。

With that said, removing the noise from the port strike and the hurricanes and stuff last year, we saw their performance in Q3 as being pretty resilient. The purchasing habits were very stable, and we're pleased to see that. There certainly was a lot of noise at the end of the quarter and the beginning of the fourth quarter around the SNAP program and the government shutdown.

也就是說，撇開去年港口罷工和颶風等事件的影響，我們看到他們在第三季的表現相當穩健。購買習慣非常穩定，我們對此感到高興。上一季末和第四季初，圍繞 SNAP 計劃和政府停擺確實有很多喧囂。

I guess I would say there was a slight disruption in the end of Q3, a more meaningful disruption in the opening days of Q4. But now that, that program is back on track, we're recovering those participants as they get access to their benefits are choosing to come to see us and as they have more opportunity to spend. So we're encouraged by that showing from those members and from the members in the medium and high income cohorts that we saw during the quarter as well.

我認為第三季末出現了一些輕微的干擾，而第四季初出現了更嚴重的干擾。但現在，隨著該計劃重回正軌，我們正在幫助那些獲得福利的參與者恢復健康，他們選擇來找我們，並且有了更多消費的機會。因此，我們對這些成員的表現以及我們在本季度看到的中高收入群體成員的表現感到鼓舞。

And maybe one final point. We're also encouraged going forward by the administration's help recently on the tariff front and reducing the cost of things that are not made or grown in the United States. And so that should be helpful to all consumers, but most pressingly, the low-end consumers that you referenced.

最後還有一點。我們也對政府近期在關稅方面提供的幫助以及降低非美國製造或種植商品的成本感到鼓舞。因此，這對所有消費者都有幫助，但對您提到的低端消費者來說尤其重要。

Yes, I think I'd just add on top of it from a membership perspective, we're really proud of our member -- our continued membership results throughout the year. We are acquiring members in our existing clubs, so comp clubs in our new markets and our new clubs that we've opened at the beginning of this year. And there isn't anything when we look at the details of membership to your question about kind of cohorts, that looks different. We're acquiring members across all the cohorts. And so we're really happy with our continued strength from a membership perspective.

是的，我想從會員的角度來看補充一點，我們為我們的會員感到非常自豪——我們全年會員人數持續增長。我們正在現有俱樂部、新市場的俱樂部以及今年年初新開的俱樂部中招募會員。從會員資格的細節來看，對於你提出的關於不同群體的問題，並沒有什麼不同之處。我們正在招募各個年齡層的成員。因此，我們對會員數量的持續成長感到非常滿意。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

We wanted to ask if you believe that the right long-term same-store sales growth for this business is in the 3% to 4% range. If so, why? And what do you think is holding you back from achieving this comp over the last several quarters?

我們想問您是否認為該企業合適的長期同店銷售成長率在 3% 到 4% 之間。如果是這樣，為什麼？你認為過去幾個季度以來，是什麼原因導致你未能達到這個目標？

Kate, as you know, we've been transforming our business over the last several years with the idea of really 4 things: one, growing and maintaining a stickier membership; two, improving our merchandising; three, improving our convenience through digital; and then finally, increasing our footprint through real estate expansion. And as we talked about in the prepared remarks, all those things are heading in the right direction.

凱特，如你所知，過去幾年我們一直在進行業務轉型，其理念主要有四點：第一，發展並維持更穩定的會員群體；第二，改進商品銷售；第三，透過數位化提高便利性；最後，透過房地產擴張擴大業務範圍。正如我們在準備好的發言稿中所說，所有這些事情都在朝著正確的方向發展。

Certainly, the things that we're doing sometimes conflict with what happens in the outside world. We certainly have the luxury of competing against great competition, and it's certainly been a choppy economic backdrop out there. So we have tremendous confidence in our long-term ability to grow this business from a top line perspective. We're showing signs of that in all 4 of those pillars. And we'll continue to work on each of those to get to that point.

當然，我們所做的事情有時與外在世界發生的事情相衝突。我們當然有幸能與強大的競爭對手同台競技，而且當前的經濟狀況也確實動盪不安。因此，我們對公司長期發展壯大這項業務的能力充滿信心，相信能夠實現營收成長。我們在所有這四個支柱領域都表現出了這種跡象。我們將繼續努力，逐一實現這些目標。

The thing that we try hardest to do, obviously, is put the right products on the shelf at the right value. And we made tremendous strides, I think, during Q3 to do that. Our merchandising team has put a lot of effort this year into that idea of greater products, greater values. And we made considerable investments in Q3 with that in mind.

很顯然，我們最努力做到的就是把合適的產品以合適的價格擺上貨架。我認為，我們在第三季在這方面取得了巨大的進步。今年，我們的商品團隊投入了大量精力，致力於提供更優質的產品和更高的價值。正是考慮到這一點，我們在第三季進行了大量投資。

We'll continue to do that because that's what we believe wins. Value and convenience are really what we're after for our members. And we'll keep plugging. We're very optimistic in our long-term aspirations.

我們將繼續這樣做，因為我們相信這樣做才能取得勝利。我們真正追求的是為會員提供價值和便利。我們會繼續努力。我們對長遠目標非常樂觀。

And if I could just follow up with one question. You just mentioned the competitive environment. We were curious about what the competitive response has been when you open in some of these new markets, particularly Dallas, which has a really strong grocery offering and other club offering already. It sounds like things are going well there, but I wondered if you had any more details with the fifth store opening?

我能否再問一個問題？你剛才提到了競爭環境。我們很好奇，當你在一些新市場（尤其是達拉斯）開業時，競爭對手的反應是什麼，因為達拉斯已經擁有非常強大的雜貨店和其他俱樂部服務。聽起來那邊一切進展順利，但我想知道您是否有關於第五家門市開業的更多細節？

Sure. The real estate growth story, and I'll let Bill talk about it since he is the architect of it, he is a great one. It's certainly a continuing sustained success and getting even faster with 14 clubs this year in lots of great markets. Those clubs are doing really well. And so we're very enthusiastic about this ability to grow our company. And we've been received well in the markets that we've entered. So why don't I let Bill talk a little bit more about it.

當然。房地產成長的故事，就讓比爾來談談吧，因為他是這一切的創造者，他非常了不起。這無疑是一項持續不斷的成功，而且發展速度還在加快，今年已在許多重要市場擁有 14 傢俱樂部。這些俱樂部表現都非常出色。因此，我們對公司發展壯大的這種能力感到非常興奮。我們在進入的市場中都受到了良好的迴響。那不如讓比爾再多談談這件事吧。

Kate, I think as Bob mentioned, we're really proud and excited about the success of the new clubs this year thus far and what's left to come for this year. And then as we look forward into Dallas next year, the prospect of going in and winning in that market is really important to the team. We've talked about it a couple of times on these calls that the culture that we've built around new clubs is really important. And the team is actually at a high level.

凱特，我想正如鮑勃所提到的那樣，我們對今年新俱樂部迄今為止的成功以及今年接下來的發展都感到非常自豪和興奮。展望明年達拉斯之行，能否在這個市場取得成功對球隊來說至關重要。我們已經在幾次電話會議中談到，我們圍繞新俱樂部建立的文化非常重要。而且這支隊伍的水準確實很高。

As we look back at this year so far, I think 2025 will go down as the best class of new clubs as far back as I can remember, with the success we've had with our 8 openings to date now and 6 more to go for the rest of the year, what we're seeing so far in those new clubs that haven't opened yet with preopening membership and the engagement of the community. We know that they're going to be outperformers as well.

回顧今年至今，我認為 2025 年將成為我記憶中最棒的新俱樂部之年，迄今為止我們已經成功開設了 8 傢俱樂部，今年剩餘時間還將開設 6 家。此外，我們還看到，那些尚未開業的新俱樂部在開業前就已擁有會員，並且社區也積極參與其中。我們知道他們也會表現出色。

And so as we take that momentum from this best class of openings into next year into Dallas, combined with the work that we've done in the market of raising awareness for our brand and engaging with the community, we have a ton of confidence that not only will we compete, but we'll be in a position to have great success there.

因此，我們將這股勢頭延續到明年達拉斯市場，再加上我們在市場上為提高品牌知名度和與社區互動所做的努力，我們非常有信心，我們不僅能夠參與競爭，而且還能在那裡取得巨大的成功。

Robby Ohmes, Bank of America.

羅比‧奧姆斯，美國銀行。

I wanted to follow up on the inventory positioning that Laura talked about. I just wanted to understand how you're thinking about that for the fourth quarter. Is it the positioning that sort of limits sales upside, but supports margins? Just how -- what's the pluses and minuses of the tight inventory and semi-related Fresh 2.0 was like a great tailwind in comp driver, the benefit, the tailwind has slowed here Is there anything that can reaccelerate? Is there a Fresh 3.0 or something like that, that's in the work here to kind of get that -- to reaccelerate?

我想跟進一下勞拉提到的庫存佈局問題。我只是想了解一下你對第四季的計劃是什麼。這種市場定位是否在某種程度上限制了銷售成長空間，但卻提高了利潤率？究竟如何——庫存緊張和半相關的 Fresh 2.0 的優點和缺點是什麼？它就像一股強大的順風，推動著競爭，但好處是，這股順風已經減弱了。有什麼可以重新加速嗎？這裡是否有類似 Fresh 3.0 之類的東西正在開發中，以實現某種程度的重新加速？

Robby, maybe I'll take a shot at starting off and Laura can fill in. I think what you're referencing is Laura's comments around proactively managing our general merchandise inventory. When we were in the beginning part of the year, I'm trying to understand where prices would go and costs would go as a result of tariffs. We made some proactive decisions to manage potential markdowns to allow us to fund greater investment in overall value for our members.

羅比，或許我可以先試試，蘿拉可以頂替我。我想你指的是勞拉關於積極管理我們一般商品庫存的評論。今年年初的時候，我一直在努力了解關稅會對價格和成本產生什麼樣的影響。我們採取了一些積極主動的措施來應對潛在的降價，以便我們能夠為提升會員的整體價值提供更大的投資。

And I think that was the right decision. I think you want us to do that every day. That is really why we're here. We've taken those dollars and, in fact, invested them across the rest of the business. In Q3, significantly reduced pricing on own brands, water, on several other beverages, on some paper products across our produce assortment.

我認為那是個正確的決定。我想你是希望我們每天都這樣做。這就是我們來這裡的真正原因。我們已經把這些資金投入到公司的其他業務中。第三季度，我們大幅降低了自有品牌、水、其他幾種飲料以及部分紙製品的價格，涵蓋了我們的農產品系列。

So we are really trying to balance those two things. And so we do have a more conservative inventory position from a general merchandise perspective, that was true in Q3. It remains true for the fourth quarter. And I do think it will limit the upside of the general merchandise business. But again, allow us to continue investing for the overall value for our members.

所以我們正在努力平衡這兩件事。因此，從一般商品的角度來看，我們的庫存狀況更為保守，第三季的情況也是如此。第四季情況依然如此。而且我認為這將限制百貨公司的上漲空間。但請允許我們繼續投資，以提升會員的整體價值。

I think the other story within inventory is really an absolutely terrific performance in managing the overall inventory levels of the company. The team has done a really masterful job in the whole business to have our in-stock rates go up 90 basis points into inventories that are down.

我認為庫存方面還有另一層意義，那就是公司在管理整體庫存水準方面表現出色。團隊在整個業務中做得非常出色，使我們的庫存率在庫存下降的情況下提高了 90 個基點。

We are doing a much better job allocating inventory throughout our chain, making sure that things are where they need to be, when they need to be there and to be in stock for our members every day. We need to keep turning that handle and get better and better every day, but I couldn't be more proud of the team to make a performance like that happen.

我們在供應鏈中更好地分配庫存，確保商品在需要的時間出現在需要的地方，並且每天都能為我們的會員提供庫存。我們需要繼續努力，每天都進步一點點，但我為團隊能取得這樣的成績感到無比自豪。

Anything else, Laura, on inventory? No?

蘿拉，還有其他庫存東西嗎？不？

Fresh 2.0, I think it was another terrific program continues to yield benefits. You know that started out in our produce business. We had terrific produce results during the quarter. Again, and what you're seeing from the perishables business overall is some of the reduced benefits from egg inflation and things that are offsetting some of that great performance. So with that said, we've talked about the next iteration of Fresh 2.0 and call it what you want, 2.1 or 3.0.

我認為 Fresh 2.0 是另一個非常棒的項目，並且持續帶來好處。你知道，這一切都是從我們的農產品生意開始的。本季我們的農產品銷售業績非常出色。此外，從整個易腐品產業來看，雞蛋價格上漲的收益減少，一些因素抵消了部分良好的表現。綜上所述，我們已經討論了 Fresh 2.0 的下一個迭代版本，你可以隨意稱呼它為 2.1 或 3.0。

We have made another set of considerable improvements in meat and seafood. And we're looking to doing the same in bakery and other categories as we go forward.

我們在肉類和海鮮方面又取得了一系列重大改進。未來，我們也希望在烘焙和其他類別中採取同樣的做法。

The mission there is the same, right? Our best members interact with us in these categories. If we can show them the greatest product, the freshest product at compelling value is displayed in a way that is compelling, freeing our team members so that they are experts in all these disciplines, we can provide a better experience for our members, get more people into those categories and grow the overall traffic of the business.

那裡的任務是一樣的，對吧？我們最優秀的會員透過以下類別與我們互動。如果我們能以引人入勝的方式向他們展示最優質、最新鮮的產品，並以極具吸引力的價格呈現，從而解放我們的團隊成員，使他們成為所有這些領域的專家，我們就能為我們的會員提供更好的體驗，吸引更多的人進入這些類別，並提高業務的整體流量。

That is certainly the result that we saw from Fresh 2.0 in the produce segment. The early returns on meat and seafood are good as well. And so we're very optimistic about that program and its ability to drive sales within those categories, but also to get to that further bigger goal of driving traffic in the whole business, which obviously drives lifetime value. So some of these investments are expensive, but they're very much worth it in terms of driving the top line and the overall value of membership to BJ's.

這正是我們在生鮮食品領域從 Fresh 2.0 計畫中看到的成果。肉類和海鮮的早期收益也不錯。因此，我們對該計劃及其在這些類別中推動銷售的能力非常樂觀，同時也對實現推動整個業務流量這一更大的目標持樂觀態度，這顯然會提高終身價值。因此，其中一些投資雖然昂貴，但從提升營收和提高 BJ's 會員的整體價值來看，是非常值得的。

(Operator Instructions)

（操作說明）

Steven Zaccone, Citi.

史蒂文‧扎科內，花旗集團。

I wanted to ask about the implied fourth quarter same-store sales as you referenced in the release that you've also seen some holiday momentum -- or excuse me, start momentum to start the holiday season. Can you just talk through your category assumptions in the fourth quarter? And then how you think about low end versus high end of the range?

我想問您在新聞稿中提到的第四季度同店銷售額，您也看到了假期季節的成長勢頭——或者抱歉，是假期季節的開端勢頭。能否簡單介紹一下您對第四季各類別業績的預測？那麼，您如何看待產品系列中的低端產品和高端產品？

Sure. Again, maybe I'll start, and Laura can fill in, Steve. We certainly, I think, had a good performance in the third quarter. I keep using that word resilient, but into the face of the port strike and the hurricane activity and all that stuff, our sales were a bit higher than we thought they might be in the range of outcomes. And the team's preparation for the holiday season, I think, has been fantastic.

當然。或許我可以先開始，蘿拉可以頂替我，史蒂夫。我認為，我們在第三節的表現確實不錯。我一直在用「韌性」這個詞，但面對港口罷工、颶風災害以及所有這些事情，我們的銷售量比我們預期的結果範圍要高一些。我認為，球隊為假期所做的準備工作非常出色。

We've been investing in value. We've got incremental promotions out there. We're continuing our really successful Free Turkey promotion, where if you spend $150 in 1 basket, you can get a free turkey for your family for Christmas. We're doing a lot of these things to really build on the momentum we saw in Q3 and get our members in our clubs and make them happy.

我們一直在投資價值股。我們正在逐步推出促銷活動。我們正在繼續進行非常成功的免費火雞促銷活動，如果您在一個購物籃中消費滿 150 美元，即可為您的家人獲得一隻免費的聖誕火雞。我們正在做很多這樣的事情，以鞏固我們在第三季度看到的勢頭，讓我們的會員加入我們的俱樂部，讓他們感到滿意。

With that said, it's a choppy economic backdrop out there, right? We talked about the low-end consumer at this point. And we certainly have a little bit of a harder hill to climb from a comparative perspective. We had a good Q4 last year. But net-net, while it's a wide range of outcomes that can happen in any quarter, most notably the fourth quarter, we are cautiously optimistic about our ability to put up some good numbers in the fourth quarter.

話雖如此，當前的經濟狀況確實動盪不安，對吧？我們當時討論的是低端消費者。從相對角度來看，我們面臨的挑戰確實更大。我們去年第四季業績不錯。但總的來說，雖然每個季度，尤其是第四季度，都可能出現各種各樣的結果，但我們對第四季度取得一些好成績的能力持謹慎樂觀態度。

Steve, the only thing I might add to all the commentary, Bob just said is I'd remind you about our inventory positioning that would be already talked about for general merchandise. So we've factored that into the range of outcomes. That doesn't mean that we will be out of stock in general merchandise. It just means that we've tightened up the buys and we've picked the best of the best assortment. So we're ready for Thanksgiving, like Bob talked about, and we're ready for our members for holiday kind of as we roll into December.

史蒂夫，我唯一想補充的是，鮑伯剛才說的那些評論，我想提醒你我們關於一般商品的庫存定位問題。所以我們已將此因素納入了結果範圍。但這並不意味著我們的普通商品會斷貨。這只是意味著我們收緊了採購，並且挑選了最好的商品組合。所以，就像鮑伯說的那樣，我們已經為感恩節做好了準備，我們也為會員們在12月到來之際的假期做好了準備。

Okay. Thanks. The follow-up I have then is on that general merchandise. So when we think about the inventory planning assumptions and maybe just talk about the buying environment, how does that look for the first half of next year, right? Because you made changes to the second half, presumably based on tariff uncertainty, but how does that apply to general merchandise plan as we kind of glance into 2026?

好的。謝謝。接下來我要跟進的是一般商品方面的問題。所以，當我們考慮庫存計畫假設，或是談談購買環境時，明年上半年的情況如何？因為你們對下半年的計畫進行了調整，大概是基於關稅的不確定性，但當我們展望 2026 年時，這些調整對一般商品計畫有何影響？

Yes. Look, it's -- I don't want to get too far over skis and talk about next year. But obviously, the fourth quarter seasonal merchandise was bought in the spring when there was considerably more uncertainty around what the tariff exposures might be and what the consumer's response might be to any increase in prices. Every quarter we go through, we get more and more clarity and we get more information from our members as well. And so we obviously alter our buys accordingly.

是的。聽著，我不想多談論滑雪，也不想談論明年的事。但顯然，第四季的季節性商品是在春季購買的，當時關稅風險以及消費者對價格上漲的反應都存在相當大的不確定性。每個季度過去後，我們的情況都會越來越清晰，我們也會從會員那裡獲得更多資訊。因此，我們顯然會相應地調整採購策略。

I guess the other thing I would say is Q4 typically is a higher general merchandise penetration and obviously lower in the first quarter. And so this question becomes a little bit less important as we get into the beginning of the year.

我想補充一點，第四季一般商品滲透率通常較高，而第一季則明顯較低。因此，隨著新年的到來，這個問題的重要性就稍微降低了一些。

Mike Baker, D.A. Davidson.

麥克貝克，D.A.戴維森。

I hate to focus on the short term so -- myopically. But, your fourth quarter implied guidance, to me, I'm calculating around 2%, 2.5% or something in that range. Correct me if I'm wrong on that, at least at the midpoint of the outlook. But if you are in that range, that's a pretty big pickup on a two-year basis against the 4.6% last year. So given all the caution you're talking about, can you square that? Or is it more reasonable to think about maybe the low end of the implied fourth quarter guidance? In other words, consistent on a two-year basis?

我討厭只關注短期利益，所以目光短淺。但是，根據你第四季的業績指引，我估計成長幅度在 2% 到 2.5% 左右。如果我理解有誤，請指正，至少在展望的中點上是如此。但如果你處於這個範圍內，那麼與去年的 4.6% 相比，兩年內這是一個相當大的漲幅。鑑於你所說的種種謹慎，你能解釋清楚嗎？或者，考慮一下第四季業績預期下限是否更合理？換句話說，兩年內保持一致？

Mike. Look, let's just focus on the fact that we're cautiously optimistic, as I said earlier. We've done a lot of planning, a lot of action around providing our members the right products at the right value. We talked about incremental promotion and building into that. We're certainly where we need to be from a digital perspective. People are loving interacting with our digital properties to get what they need from a convenience perspective.

麥克風。正如我之前所說，我們只需專注於我們持謹慎樂觀態度這一事實即可。我們做了大量的規劃和行動，致力於為我們的會員提供物美價廉的產品。我們討論了循序漸進的推廣方式以及如何逐步推進。從數位化角度來看，我們無疑已經達到了應有的水準。人們喜歡與我們的數位平台互動，從便利的角度獲取他們所需的資訊。

And we just -- we are trying to act within our purpose and take care of the families that depend on us. And that is all those things, right, getting those -- getting the products on the shelf. We're doing a fantastic job doing that in an improved way, putting sharper prices on things, which we, again, had considerable improvements in during the quarter. And really trying to take care of all the different communities within our membership.

我們只是──我們努力實踐我們的使命，照顧好那些依賴我們的家庭。所有這些事情，對吧，就是把產品上架。我們在這方面做得非常出色，而且改進了定價方式，使商品價格更具競爭力，而我們在本季度也在這方面取得了相當大的進步。我們真心實意地想要照顧到會員中的所有不同群體。

And we talked a little bit in our prepared remarks about our team members, maybe I'd take 1 minute to thank those team members out there every day, taking care of our members. They have the hardest job in our company. And guys, I'd really like to thank you for all your efforts.

我們在準備好的演講稿中稍微談到了我們的團隊成員，我想花一分鐘時間感謝那些每天在外照顧我們成員的團隊成員。他們是我們公司工作最辛苦的。各位，我真的非常感謝你們所付出的所有努力。

We initiated for the first time in our company's history, a 10% discount for our team members to really say thank you to acknowledge that it's tough out there for everybody and to help our team members through their holiday season purchasing as well.

我們公司史上首次為團隊成員提供 10% 的折扣，以此表達我們對他們的感謝，並承認現在大家的日子都不好過，同時也為了幫助團隊成員度過假期購物季。

So I think we have a lot to be proud of. I think we have some momentum coming out of the quarter. The early days of Q4 have been reflective of that momentum. But we understand that there's a lot of road to go throughout the quarter. We're only a couple of weeks in.

所以我覺得我們有很多值得驕傲的地方。我認為我們在本季末取得了一些進展。第四季初的情況也反映了這種發展勢頭。但我們明白，本季還有很長的路要走。我們才過了兩週而已。

Next week -- this weekend and next week are huge for the quarter as are the remaining weeks in December. So we feel like we're in a good spot, but it's very, very early. And so that thought process really is what drove us to have the guidance that we put out there.

下週——本週末和下週對本季度至關重要，12 月剩餘的幾週也是如此。所以我們感覺目前處境不錯，但現在還為時過早。正是這種思考過程促使我們發布了我們所發布的指導意見。

Ed Kelly, Wells Fargo.

艾德凱利，富國銀行。

This is John Parke on for Ed. It sounds like the messaging is that you've been investing in price, but I guess merchant margins were flat. So I guess, what are some of the offsets in gross margin that helps you get there? And then anything on Q4 merch margins and how we should think about that?

這裡是約翰·帕克，替艾德報道。聽起來你們傳遞的訊息是一直在加大價格投入，但我猜商家的利潤率並沒有改變。所以我想問，毛利率中有哪些抵銷因素可以幫助你達成目標？那麼，關於第四季度商品利潤率以及我們應該如何看待這個問題呢？

John. We certainly have invested -- we widened our price gaps in Q3 considerably with those investments versus competition. So I'd like to say thanks to our merchandising team for making those moves. It's important to our company, important to our members for sure. And we have many different levers to offset that throughout the business, not just within the margin construct. We will try and be as efficient as possible throughout the business to fund investments in member value.

約翰。我們確實進行了投資——透過這些投資，我們在第三季大幅拉大了與競爭對手的價格差距。所以我要感謝我們的商品銷售團隊採取了這些措施。這對我們公司很重要，對我們的會員也肯定很重要。我們有很多不同的手段來抵消這種影響，這種影響遍及整個業務，而不僅僅是在利潤率結構中。我們將努力提高業務效率，為提升會員價值的投資提供資金。

Certainly, some of the offsets that you might think about within the merchandising world would be being more efficient in the distribution centers, trying to be more efficient from a trends perspective, growing our retail media program, which has been growing very, very nicely. The team is doing a great job there. There are many different things that we've tried to do so we can pass more value back to our members, and we'll continue to do that.

當然，在商品銷售領域，您可以考慮的一些抵銷措施包括提高配送中心的效率、從趨勢角度提高效率、發展我們的零售媒體計劃（該計劃發展得非常好）。團隊在那裡做得非常出色。我們嘗試過很多不同的方法，以便為我們的會員創造更多價值，我們將繼續這樣做。

(Operator Instructions)

（操作說明）

Simeon Gutman from, Stanley.

來自史丹利的西蒙·古特曼。

This is Pedro Gil on for Simeon. Nice job continuing to grow your digital business, really impressive. Could you comment on the work you're doing in retail media there? And also more broadly, we've heard some of your peers recently announcing partnerships and agentic-commerce. Could you give us an update how you're thinking about the AI opportunity in e-commerce?

這是佩德羅·吉爾代表西蒙上場。你們的數位業務發展勢頭良好，令人印象深刻。您能否談談您在零售媒體領域所做的工作？此外，更廣泛地說，我們最近也聽到一些同行宣布了合作關係和代理商務。能否介紹一下您對人工智慧在電子商務領域應用前景的看法？

Sure. As we've talked about, our digital business is an important part of our strategy. It has been growing by leaps and bounds for years now. So 30% during the quarter, over 60% on a two-year stack. It is approaching 17% of our sales at this point. We are at a point that, frankly, a few of us didn't think we'd ever get to. And so we have a lot to be proud of there.

當然。正如我們之前討論過的，我們的數位化業務是我們策略的重要組成部分。多年來，它一直處於快速發展狀態。所以本季佔 30%，兩年累計佔比超過 60%。目前，它已占我們銷售額的近 17%。坦白說，我們現在所處的階段，是我們當中一些人以前從未想過會達到的。所以，我們在這方面有很多值得驕傲的地方。

It all comes on the back of convenience. We have an incredibly talented digital team that builds these capabilities for our members to help them get access to tremendous value in a more convenient way than they otherwise might.

這一切都源自於便利性。我們擁有一支才華橫溢的數位團隊，他們為我們的會員建立這些功能，幫助他們以比以往更方便的方式獲得巨大的價值。

Most of our business, as you know, is in what we call BOPIC, Buy Online, Pickup In Club as well as same-day delivery as well as Express Pay, where you check out in the club using your phone. Well over 90% of our total digital sales are fulfilled by our clubs. So we are efficiently building this business. It is certainly a moneymaking opportunity for us. We are really pleased with the way that it's growing.

如您所知，我們的大部分業務都是我們所說的 BOPIC（線上購買，店內取貨）以及當日送達和快捷支付，您可以在店內使用手機結帳。我們超過 90% 的數位銷售額都是透過我們的俱樂部完成的。所以我們正在有效率地發展這項業務。這對我們來說無疑是一個賺錢的機會。我們對其發展現狀非常滿意。

Included in there is our retail media program that you referenced, and I talked a bit about it a few seconds ago. While still small, our team has been growing that quite nicely as well as we improve our website, as we improve the way that we partner out there with our advertisers, the way that we really coordinate between our different properties, whether it's our website or our app, we are coming up with more ways to engage our members and allow our advertising partners to reach our members with compelling values that first and foremost, to help our members but also help us and our advertising partners. So we will continue to invest in that business in the future. Again, it's still small, but is growing quite nicely and allows us to make other investments in member value as we go forward.

其中包括您提到的我們的零售媒體計劃，我剛才也簡單介紹過。雖然團隊規模仍然很小，但隨著我們不斷改進網站、改進與廣告商的合作方式、改進我們不同平台（無論是網站還是應用程式）之間的協調方式，我們的團隊也在穩步發展。我們正在探索更多與會員互動的方式，並讓我們的廣告合作夥伴能夠以引人入勝的價值觸及我們的會員。這些價值首先是為了幫助我們的會員，同時也幫助我們和我們的廣告合作夥伴。因此，我們未來將繼續投資該業務。雖然規模仍然很小，但發展勢頭良好，這使我們能夠在未來對會員價值進行其他投資。

Everyone talks about AI. We are no different. AI is a big part of our future. It is most notably used in our digital group at this point. And the use cases would not surprise you. They were on the vanguard of using it to make coding more efficient, making testing code more efficient and they will continue to use AI in consumer-facing avenues as well.

人人都談論人工智慧。我們也不例外。人工智慧是我們未來發展的重要組成部分。目前它最主要應用於我們的數位團隊。這些應用場景應該不會讓你感到驚訝。他們率先利用人工智慧來提高編碼效率、提高程式碼測試效率，也將繼續在面向消費者的領域使用人工智慧。

And so I'll give you a couple of examples. As we talked about in the prepared remarks, we've got beta launched AI shopping assistants and are using AI to do predictive shopping lists for folks. Probably the thing that's most well along, however, is partnering AI with the robotics that we have in our stores. We have a robot that roams our stores named Tally.

那我舉幾個例子吧。正如我們在準備好的演講稿中提到的，我們已經推出了人工智慧購物助理測試版，並且正在使用人工智慧為人們產生預測性購物清單。不過，目前進展最順利的可能是將人工智慧與我們商店中現有的機器人結合。我們有一台名叫Tally的機器人，它會在我們的商店裡巡邏。

And initially, Tally was just helping us with inventory accuracy and price line accuracy. And now we have taken that much farther where Tally's imagery creates a digital twin of each of our buildings, something that we've never had before because our buildings don't have warehouse management systems.

最初，Tally 只是幫助我們確保庫存和價格線的準確性。現在，我們更進一步，Tally 的圖像技術為我們的每一棟建築創建了一個數位孿生體，這是我們以前從未有過的，因為我們的建築沒有倉庫管理系統。

And that has enabled really cool things from an operational perspective where not only are we getting better inventories and better pricing accuracy, but we are efficiently spotting problems for our team members to take care of. We are efficiently generating to do list for our team members in the clubs (technical difficulty) what should they be doing first we're going to build them, reusing it [to make help] us spot quality issues in our Fresh businesses as well, so we can make sure that our standards there are tiptop every day.

從營運角度來看，這帶來了一些非常棒的事情，我們不僅可以獲得更好的庫存和更準確的定價，而且還能有效地發現問題，以便我們的團隊成員可以處理。我們正在有效率地為俱樂部團隊成員產生待辦事項清單（技術難題），他們首先應該做什麼？我們將建造並重複使用它[以幫助]我們發現生鮮業務中的品質問題，從而確保我們那裡的標準每天都是一流的。

We're finding new ways to use Tally and the data that provides every day. I think the thing that's been most effective so far has been using those digital twins to predict the most efficient pick path for our team members to pick orders for BOPIC or curbside or same day, where they are about 40% more efficient today than they were before.

我們每天都在探索使用 Tally 及其提供的數據的新方法。我認為目前最有效的方法是利用數位孿生技術來預測我們團隊成員揀選 BOPIC、路邊取貨或當日訂單的最有效路徑，他們現在的效率比以前提高了約 40%。

So we'll continue to build on the use of AI. We'll continue to focus on long-term investments that really will allow us to continue our mission, which is to offer our folks the best products at the best prices. Probably the next thing up from a robotics and AI perspective will be our automated distribution center in Ohio that will go live next year. That will be when it gets going far more efficient than a traditional distribution center, and we'll operate almost entirely in a robotic fashion.

因此，我們將繼續推動人工智慧的應用。我們將繼續專注於長期投資，這才能真正使我們能夠繼續履行我們的使命，那就是以最優惠的價格為我們的人民提供最好的產品。從機器人和人工智慧的角度來看，下一個值得關注的項目可能是我們位於俄亥俄州的自動化配送中心，明年將投入使用。屆時，它的運作效率將遠遠超出傳統配送中心，我們將幾乎完全以機器人方式運作。

So it will be fun to see that. I've been out there to see it recently, and I can't wait to see it with all the machinery going in there to see how it works. But it's all in the same spirit of providing even greater value for our members.

所以，到時候一定會很有趣。我最近去那裡看過，我迫不及待地想看看所有機器安裝完畢後它是如何運作的。但這一切都是為了給我們的會員更大的價值。

Pedro, I'd just add all that commentary that Bob just said about Tally and the robotics we have in our club, there is a closed tie to that with the work that our planning and allocation teams are doing that we already spoke about in our prepared remarks. And that is producing our in-stock levels that have improved kind of year-over-year. So there is a tie beyond some of the digital efforts into how we're putting product on our shelves and how our teams internally are using the data from Tally as well.

佩德羅，我只想補充鮑伯剛才提到的關於塔利和我們俱樂部機器人技術的所有評論，這與我們計劃和分配團隊正在做的工作有著密切的聯繫，我們在準備好的發言稿中已經談到了這一點。這使得我們的庫存水準較去年同期有所改善。因此，除了某些數位化措施之外，我們還在努力將產品上架，以及我們內部團隊如何使用來自 Tally 的數據。

Awesome. Fantastic. And as a follow-up, if I could ask you, if you could comment on the competitive environment. You had a nice improvement in merch margin in the first half, a little more even this quarter. To the extent that you can comment, and I totally get it, it's still early, how should we think about the level of investments next year? Are there any particular areas within grocery or gen merch that you're looking to prioritize?

驚人的。極好的。最後，請問您能否談談目前的競爭環境？上半年商品利潤率有了不錯的提升，本季也更加穩定了。在您能夠發表意見的範圍內（我完全理解現在還為時過早），我們應該如何看待明年的投資水準？在食品雜貨或一般商品領域，您是否希望優先考慮某些特定領域？

Look, I don't want to talk too much about next year, but I would just echo the comments that I've already made around the fact that our job is to provide our members great value every day. We've made considerable investments all year in doing so and have been pretty creative to find ways to fund it, having the merch margin results that we had in Q3, while making the investments that we made was a good result. I would anticipate further investment going forward.

我不想過多談論明年，但我只想重申我之前說過的話，那就是我們的工作就是每天為我們的會員提供巨大的價值。今年我們為此投入了大量資金，並且想方設法籌集資金，在第三季度取得了商品利潤率方面的良好成績，同時我們也進行了相應的投資。我預計未來會有更多投資。

As the competitive environment out there is, I think, consistent, but it's consistently competitive, and we need to continue to do our jobs to reward our members for their faith in us and the membership fees that they pay. So we will continue to try and ride that balance between margin and value, but we will always err on the side of value to try and operate the business for the long term.

我認為，外部競爭環境一直都很激烈，我們需要繼續做好我們的工作，以回報會員對我們的信任和他們所支付的會員費。因此，我們將繼續努力在利潤率和價值之間取得平衡，但我們始終傾向於價值，以期實現業務的長期發展。

(Operator Instructions)

（操作說明）

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

On the margin front, just to move down the P&L a little bit. Your SG&A per square foot levels have been really tight, which is good, but your peers are up a lot, suggesting maybe some investment in technology and other areas. So I guess my question is, how sustainable do you think maintaining that SG&A per square foot at that level over the next couple of years, particularly as you move into Texas?

在利潤率方面，只是想稍微降低一下損益表的金額。你們每平方英尺的銷售、管理及行政費用水平一直很低，這很好，但你們的同行卻大幅上漲，這表明你們可能需要在技術和其他領域進行一些投資。所以我想問的是，您認為在未來幾年內，尤其是在您進軍德克薩斯州之後，將每平方英尺的銷售、管理及行政費用維持在該水平上是否可持續？

Yes, it's a good question, Chuck. Our teams have done a good job over time being very efficient with our buildings, making sure that, that they're in good shape. They're in far better shape today than they were five years ago. With that said, we need to continue to do that and maybe even accelerate it. I think one of the things that we're seeing out there is our competitors getting sharper with their boxes.

是的，查克，你問得好。我們的團隊一直都做得很好，有效率地維護我們的建築物，確保它們處於良好狀態。他們現在的狀況比五年前好得多。也就是說，我們需要繼續這樣做，甚至可能需要加快速度。我認為我們目前看到的一個趨勢是，我們的競爭對手在包裝盒的設計上越來越精益求精。

And so we will have to continue to do that, not just because of the competitive environment, but we want to show our members the best box we can every day. And so I would imagine we'll spend some capital going forward, remodeling our boxes. We will obviously continue to spend into our new club pipeline as well. And we'll do that as efficiently as we can, but obviously, with an eye for the long term.

因此，我們必須繼續這樣做，不僅是因為競爭環境，而且我們希望每天都能為會員提供最好的盒子。因此，我想我們接下來會投入一些資金來改造我們的箱子。我們顯然也會繼續加大對新俱樂部培養計畫的投入。我們會盡可能有效率地完成這項工作，但顯然，我們也要著眼於長遠發展。

Chuck, it's Bill. I'll just tack on to that as well. In addition to our existing clubs for the first time ever, we've really started to build a relocation program for some of our older clubs as well. So we had great success with our recent relocation in Mechanicsburg, PA. We announced this morning that we're going to relocate Rotterdam next year.

查克，我是比爾。我再補充一點。除了我們現有的俱樂部之外，我們還首次真正開始為一些舊俱樂部建立搬遷計劃。我們最近搬遷到賓州梅卡尼克斯堡的計畫非常成功。我們今天早上宣布，明年我們將把鹿特丹辦事處遷走。

And so it's not just an eye to our existing clubs, but also to the long-term future of these strong markets where we may have buildings out a little bit on the older side, we're taking the opportunity to invest into the future there as well.

因此，我們不僅著眼於現有的俱樂部，也著眼於這些強勁市場的長期未來。在這些市場中，我們可能有一些比較老舊的建築，我們也正抓住機會，為未來投資。

Got you. Great. And then on general merchandise, right, like up 1.8% on the stocks much better than front half of the year, even with limiting inventory. You talked a little bit about the category improvement. I guess what do you think it's going to take to get home and seasonal to catch up to CE and apparel and other areas? And then I guess anything that you guys are excited about as we walk stores over the next couple of months into the holidays?

抓到你了。偉大的。然後是一般商品，對吧，例如股票上漲了 1.8%，比上半年好得多，即使庫存有限。您剛才簡單談到了品類改進的問題。我想問你，要怎麼樣才能回到家鄉，從事季節性工作，趕上CE、服裝和其他領域的發展？那麼，我想問大家，在接下來的幾個月裡，當我們逛商店直到假期來臨之際，有沒有什麼讓你們感到興奮的事情？

Yes, sure. Maybe I'll start, and you guys can pick up. Look, I think we've done some great things from a general merchandise perspective. As we talked about, we had a strong showing in Q3 from a consumer electronics perspective and from an apparel perspective. Consumer electronics has been a hallmark of GM for a while.

當然可以。或許我可以先開始，然後你們可以接著做。你看，我認為從一般商品的角度來看，我們已經取得了一些很棒的成就。正如我們之前討論過的，從消費性電子產品和服裝的角度來看，我們在第三季都取得了強勁的業績。消費性電子產品一直是通用汽車的標誌性產業。

It's always been a pretty good business for us, and it gets better. We have very talented merchants in that group. Our apparel team has done a great job over the past few years. Really, making sure that we simplify our assortment and bring in better brands, put great value out in front of our members every day. We need to continue to do those things, right?

這對我們來說一直都是一項相當不錯的生意，而且生意還在不斷好轉。我們這個群體裡有很多非常有才華的商人。過去幾年，我們的服裝團隊做得非常出色。實際上，我們要確保簡化產品種類，引進更好的品牌，每天為我們的會員提供超值商品。我們需要繼續做這些事情，對吧？

We might need to simplify our assortment a bit more. We need to continue to put great brands out there and put fantastic values on there as well.

我們或許需要進一步簡化產品種類。我們需要繼續推出優秀的品牌，並為其提供極具吸引力的價值。

We need to apply those same lessons to the rest of the business. And we are actively at work on those things. We've seen some green shoots in previous quarters. We've talked about those with you like toys and some of our gifting in previous quarters. I like our toy assortment this year as well.

我們需要將這些經驗教訓應用到公司的其他業務中。我們正在積極推進這些工作。前幾個季度我們已經看到了一些復甦跡象。我們之前幾季已經和你們討論過玩具以及我們的一些禮物贈送活動。我也很喜歡我們今年的玩具種類。

And I'm excited about the way our gifting looks in the front of our clubs as well. But we need to have more sustained transformation in home and then seasonal going forward. These are probably the toughest categories, particularly the seasonal categories, maybe in the building. But certainly, among the GM categories, these are really tough categories.

我也很興奮看到我們俱樂部門口的禮物展示效果。但我們需要在家庭和季節性方面進行更持久的變革。這些可能是最難的類別，特別是季節性類別，或許是整棟大樓裡最難的。但可以肯定的是，在通用汽車的各個類別中，這些類別確實非常艱難。

You need to be right on trend. You need to be right on style and color, on price point, all sorts of different things. And while we've made strides, we're not done. We're not satisfied with where we are. We need to continue to turn the crank and get better going forward.

你必須緊跟潮流。款式、顏色、價格等等各方面都需要做到完美。雖然我們已經取得了長足的進步，但我們還沒有完成。我們並不滿足於現狀。我們需要繼續努力，爭取做得更好。

So we were under no illusions that renovating general merchandise would be easy or short in tenure. We've had nice success in the past, and we need to keep investing in that business because it is such an important part of the wholesale club model, where provides that treasure hunt, that emotional connection, those cool wow items that are so important to driving incremental trips.

因此，我們很清楚，翻新百貨公司不會是一件容易的事，也不會很快完工。我們過去取得了不錯的成功，我們需要繼續投資這項業務，因為它是批發俱樂部模式中非常重要的一部分，它提供了尋寶的樂趣、情感聯繫以及那些令人驚豔的商品，這些對於促進顧客增加購物次數至關重要。

And quite honestly, that question around membership renewal is not only tightly linked with the grocery business, but it's really tightly linked with our general merchandise business when you can have more opportunity to save your entire membership fee in one purchase rather than stacking up just good values on smaller ring items. You can save a couple of hundred bucks on a television or a mattress or a great seasonal item. That becomes a really important part of our overall long-term growth of our company.

坦白說，關於會員續費的問題不僅與食品雜貨業務密切相關，而且與我們的百貨商品業務也密切相關，因為與其在小件商品上累積優惠，不如一次性購買全部會員費，這樣您就更有機會節省這筆費用。你可以省下幾百美元，買一台電視、一張床墊或一件很棒的季節性商品。這將成為我們公司整體長期發展中非常重要的一部分。

So let me see if the guys want to file on, No? All right? So we're happy with our GM so far. We've got to get better and we'll continue to work at it.

那麼讓我看看他們是否想繼續提交申請，否？好的？所以目前為止我們對總經理很滿意。我們必須做得更好，我們會繼續努力。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

Just going back to your commentary about 2025 clubs, the membership count is 25% ahead of plan. What do you think is contributing to that significant outperformance?

回到您之前關於 2025 年俱樂部的評論，會員人數比計劃提前了 25%。你認為是什麼因素促成了這種顯著的優異表現？

Rupesh, it's Bill. I always come back to the success with the new club program comes back to the culture that the team has built. I think I've mentioned this a couple of times on previous calls that everyone that has evolved within new club program internally is fully engaged and fully bought in and want to see us be successful.

魯佩什，我是比爾。我始終認為，新俱樂部計畫的成功歸功於團隊所建立的文化。我想我在之前的幾次電話會議中提到過，所有在新俱樂部計劃內部成長起來的人都全身心投入，完全認同並希望看到我們取得成功。

So we started this program way back in 2016 and the reps that we've built along the way. We talked about the goal of making the next opening, the best opening in the history of the company. Opening a new club where you have to build up, especially in the new market, membership base entirely from scratch is not easy to do, and it takes a lot of practice and a lot of learnings to do it right.

所以我們早在 2016 年就開始了這個項目，並且一路走來累積了不少經驗。我們討論了下一個開業的目標，那就是打造公司史上最好的開幕盛況。開設一家新俱樂部，尤其是在新市場中，從零開始建立會員基礎並不容易，需要大量的實踐和學習才能做好。

And we're executing at a higher level than we've ever executed. And as we think about going into the Dallas-Fort Worth market next year as well as all the other markets, a market like Foley, Alabama that we announced this morning is a really cool, unique market, and we're going to be really excited to be there. And we wouldn't be able to do that. We wouldn't have the confidence to do that without all the success that we've built up to this point.

我們現在的執行水準比以往任何時候都高。當我們考慮明年進軍達拉斯-沃斯堡市場以及其他所有市場時，像我們今天早上宣布的阿拉巴馬州弗利這樣的市場就是一個非常酷、獨特的市場，我們非常期待在那裡開展業務。我們做不到這一點。如果沒有我們迄今為止所取得的所有成功，我們不可能有信心這樣做。

So like I said, we're really pleased with what we've done here in 2025. It really has been probably the best class that we've ever opened in at least as far as I've been here. And it gives us a lot of confidence going forward. So more to come, but excited about what we've accomplished.

正如我所說，我們對2025年所取得的成就感到非常滿意。這可能是我在這裡工作以來開設過的最好的一門課了。這讓我們對未來充滿信心。未來還有更多精彩內容，但我們對已取得的成就感到非常興奮。

Thank you very much. This marks the end of the Q&A session. I'd like to hand back to Bob Eddy for any closing remarks.

非常感謝。問答環節到此結束。我謹將發言權交還給鮑伯·艾迪，請他作總結發言。

Thanks, Carl. Thanks, everybody, for your attention this morning, for your thoughtful questions, for your interaction, your support of our company. I wish you all a happy Thanksgiving, and we'll talk to you at the end of the fourth quarter. Thanks so much.

謝謝你，卡爾。感謝各位今天上午的關注、提出的寶貴問題、積極互動以及對我們公司的支持。祝大家感恩節快樂，我們第四季末再見。非常感謝。

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

在今天的電話會議即將結束之際，我們衷心感謝各位的參與。現在您可以斷開線路了。