好市多 (COST) 2005 Q4 法說會逐字稿

At this time I would like to welcome everyone to the fiscal 2005 and fourth quarter conference call. (OPERATOR INSTRUCTIONS).

現在我謹歡迎大家參加 2005 財年和第四季的電話會議。 （操作員說明）。

I would now like to turn the call over to Richard Galanti, Chief Financial Officer of Costco Wholesale Corporation.

我現在想把電話轉給 Costco 批發公司財務長 Richard Galanti。

You may begin your call, sir.

您可以開始通話了，先生。

Good morning to everyone.

各位早安。

This morning's press release covers three major items, our fourth quarter and fiscal year 2005 operating results, our September 5 week sales results, and our announcement of an increase in our authorization to buy back our common stock.

今天早上的新聞稿涵蓋三個主要內容：我們的 2005 年第四季和財政年度的經營業績、我們 9 月 5 日當週的銷售業績以及我們宣布增加回購普通股的授權。

As with every conference call let me start by stating that the discussions we're having will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

就像每次電話會議一樣，我首先要聲明，我們正在進行的討論將包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

And that the statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements.

而這些陳述涉及風險和不確定性，可能導致實際事件、結果和/或績效與此類陳述所顯示的存在重大差異。

The risks and uncertainties include, but are not limited to, those outlined in today's call and press release, as well as other risks identified from time to time in the Company's public statements and reports filed with the SEC.

風險和不確定性包括但不限於今天的電話會議和新聞稿中概述的風險和不確定性，以及公司向 SEC 提交的公開聲明和報告中不時發現的其他風險。

To begin with our sixteen week fourth quarter of fiscal 2005 operating results.

首先是我們 2005 財年第四季第 16 週的經營業績。

For the quarter we came in a reported $0.73 a share, which benefited greatly from a very low reported income tax rate of 28.9% for the quarter.

本季我們的報告每股收益為 0.73 美元，這很大程度上受益於本季報告的 28.9% 的極低所得稅率。

As I will discuss later, using a more normalized tax rate, earnings from the quarter would have been we estimate $0.66.

正如我稍後將討論的，使用更標準化的稅率，我們估計該季度的收益為 0.66 美元。

This compares to our April 22nd guidance of $0.63 to $0.66, and for FirstCall of $0.64.

相比之下，我們 4 月 22 日的指導價為 0.63 美元至 0.66 美元，FirstCall 指導價為 0.64 美元。

By the way, last year's fourth quarter was $0.62 a share.

順便說一句，去年第四季每股收益為0.62美元。

For the fiscal year we came in at a reported $2.18 a share, again, assuming a more normalized income tax rate for the year, which would exclude both an unusual tax benefit we had at year end, a number of benefits, as well as a significant tax benefit reported in the second quarter.

在本財年，我們的每股收益為 2.18 美元，同樣假設該年度所得稅稅率更加正常化，這將排除我們在年底獲得的不尋常的稅收優惠、許多優惠以及第二季度報告了重大稅收優惠。

It would also exclude a onetime non-cash charge that we booked in the second quarter related to an adjustment to our method of accounting for leases.

它還排除了我們在第二季度登記的與租賃會計方法調整相關的一次性非現金費用。

Taking those out, we estimate that our earnings for fiscal '05 on a normalized basis would have been $2.04.

除去這些，我們估計我們 05 財年的標準化利潤為 2.04 美元。

Again this compares to our prior guidance of $2.00 to $2.04 for FirstCall, which I believe virtually all sell-side analysts were assumed numbers on a normalized basis excluding those items -- a FirstCall estimate of $2.01.

這再次與我們之前對 FirstCall 2.00 美元至 2.04 美元的指導進行了比較，我相信幾乎所有賣方分析師都在標準化的基礎上假設了數字，不包括這些項目——FirstCall 的估計為 2.01 美元。

And again this compares to earnings for fiscal '04 of $1.85.

與 04 財年 1.85 美元的收益相比。

In terms of sales for the quarter, as previously reported our sixteen week comparable sales figures showed an increase of 7%, and for the fiscal year also an increase of 7%.

就本季的銷售額而言，正如先前報導的那樣，我們的十六周可比銷售額數據顯示增長了 7%，本財年也增長了 7%。

And regarding our comps for the five-week reporting month of September, these were particular strong coming in at an 11% rate of increase.

就我們 9 月為期五週的報告月的比較而言，這些數據特別強勁，成長率為 11%。

And I will add some color to that in a minute.

稍後我將為其添加一些顏色。

I will also speak later in the discussion as to comments related to stock buybacks.

我還將在稍後的討論中談到與股票回購相關的評論。

Other topics of interest that I will review with you this morning, our opening plans.

今天早上我將與您一起回顧其他感興趣的主題，即我們的開業計劃。

As you know in fiscal '06 we fell a little short of our original plan and we opened a total of 16 net new locations during fiscal 2005, which ended this past August 28th, 11 new in the U.S., 2 new in Canada, as well as 1 new each in the UK, Taiwan and Japan.

如您所知，在06 財年，我們與最初的計劃略有差距，在2005 財年（截至今年8 月28 日）我們總共開設了16 個淨新地點，其中在美國新開設了11 個地點，在加拿大也新開設了2 個地點英國、台灣和日本各新增 1 個。

The 16 new units are consolidated into our operating results.

這 16 個新單位已合併到我們的經營業績中。

As well we opened 3 additional units in Mexico, which we account for on an equity basis, and therefore not included in our consolidated numbers.

此外，我們還在墨西哥開設了另外 3 個單位，我們以權益為基礎進行核算，因此未包含在我們的合併數字中。

We also had 5 relocations during the fiscal year.

本財政年度我們也進行了 5 次搬遷。

In fiscal 2006 we are planning a higher level of expansion, which of course this year began August 29th.

在 2006 財年，我們計劃進行更高水準的擴張，當然今年的擴張是從 8 月 29 日開始的。

And I'll talk about that later in the call.

我稍後會在電話中討論這一點。

Also this morning, I will review with you our ancillary business results, the Costco Online results, membership trends, our balance sheet, and updated guidance for the upcoming fiscal year.

今天早上，我也會與您一起回顧我們的輔助業務績效、Costco Online 業績、會員趨勢、我們的資產負債表以及下一財年的最新指導。

With that said, let's start with sales again.

話雖如此，讓我們再次從銷售開始。

Sales for the quarter, up 10% on a total basis to $16.4 billion, on a comp basis in the sixteen week fourth quarter, up 7%.

本季銷售額總計成長 10%，達到 164 億美元，與第四季 16 週的比較相比，成長 7%。

Now the 7% was comprised of most of May, which was a 5%.

現在，7% 涵蓋了 5 月的大部分時間，即 5%。

We reported a 9% in June, this benefited from an extra day in terms of how July 4th fell.

我們報告 6 月的成長率為 9%，這得益於 7 月 4 日的下降多了一天。

We reported a 5 in July, which was hurt by having one lost day -- and having given that to June -- and a 9 in August.

我們在 7 月報告了 5 分，因為有一天失利而受到影響——並將這一天交給了 6 月——而在 8 月我們報告了 9 分。

If you normalize June and July to account for like, like days, effectively comps for May, June, July and August were 5, 6, 9, 9.

如果您將 6 月和 7 月標準化以考慮類似的天數，則 5 月、6 月、7 月和 8 月的有效比較為 5、6、9、9。

For the quarter, our 7% reported comps sales were a combination of an average trend -- higher average transaction size of about 5.5 to 6% for the quarter, and an average frequency increase of about 1.5% for the quarter.

本季度，我們報告的 7% 的可比銷售額是平均趨勢的結合——該季度平均交易規模增加約 5.5% 至 6%，該季度平均頻率增加約 1.5%。

For the year by the way, if you look at our average sales per warehouse for all locations, companywide if you go back to '03, fiscal '03, the average warehouse on an annualized basis did 105 million, in '04 115, and in '05 the year just ended, 120 million.

順便說一下，今年，如果您查看全公司所有地點每個倉庫的平均銷售額，如果您回到 03 年 03 財年，您會發現 04 115 年，年化平均倉庫銷售額為 1.05 億，並且剛剛結束的05年，1.2億。

Looking just at the U.S. for those three fiscal years it was 112 million in '03, 121 million in '04, and 124 million in '05.

只看美國這三個財年，03 年為 1.12 億，04 年為 1.21 億，05 年為 1.24 億。

We are very -- we feel very good about those numbers.

我們對這些數字感到非常滿意。

Included in the average transaction of 6% that I mentioned for Q4, we of course benefited from the weak dollar and therefore the strong FX component.

包括我提到的第四季 6% 的平均交易量，我們當然受益於美元疲軟以及強勁的外匯成分。

That represented about 125 basis points of a boost to the quarterly comps into the average transaction size increase.

這意味著季度比較平均交易規模增加了約 125 個基點。

That is a little less than the nearly 135 basis point impact to sales for the fiscal year.

這略低於本財年銷售額近 135 個基點的影響。

In terms of sales results for the five weeks of September, sales were 5.14 billion, up 13% from 4.53 billion last year, and up again a very strong 11% on a comparable sales basis.

就 9 月前五週的銷售結果而言，銷售額為 51.4 億美元，比去年的 45.3 億美元增長 13%，在可比銷售額基礎上再次強勁增長 11%。

In terms of that 11% reported comps average transaction was up by just under 10%, and average frequency by a little over 1%.

就這 11% 報告的比較而言，平均交易量增加了不到 10%，平均頻率增加了 1% 多一點。

Of course the 10% jump in average transaction includes again the benefit of the weak U.S. dollar on foreign sales figures.

當然，平均交易量成長 10% 再次包括美元疲軟對國外銷售數據的好處。

This is again about 1.4 percentage points.

這又是約 1.4 個百分點。

And significant gasoline price inflation added another 2.5 percentage points to the figure.

汽油價格大幅上漲又使這一數字又增加了 2.5 個百分點。

But even if you take out that combined roughly almost 4 percentage points, even taking those out, this is one of our strongest comps in many months.

但即使你把它們加起來大約有 4 個百分點，即使把它們去掉，這也是我們幾個月來最強勁的對比之一。

In terms of sales comparisons by geographic regions, while we don't give out specifics anymore, if you look again -- Q4 for the total Company was a 7% comp, and September alone was an 11, so an increase of 4 percentage points, if you will.

就按地理區域劃分的銷售額比較而言，雖然我們不再提供具體細節，但如果您再看一下，第四季度整個公司的同比增長率為7%，而僅9 月份就達到了11%，因此成長了4 個百分點，如果你願意的話。

We had a little bit stronger increase than that on the West Coast, essentially northwestern California, and a little less of an increase relative to that 4 percentage point increase in many other parts of the country and Canada.

我們的增幅比西海岸（主要是加州西北部）稍強一些，但相對於全國許多其他地區和加拿大的 4 個百分點的增幅來說，增幅略小。

That notwithstanding is all of them showed improvement.

儘管如此，他們所有人都表現出了進步。

In terms of merchandise categories all four major categories, food and sundries, hardline, softline and fresh foods, the comps were higher in September than in Q4.

就商品類別而言，食品及雜貨、硬品、軟品和生鮮食品四大品類，9 月的比較均高於第四季。

In terms of a little color on the comps in terms of merchandising, within food and sundries, again, higher in September than in any quarter last year.

就食品和雜貨商品銷售的比較而言，九月的表現再次高於去年任何季度。

All subcategories were up year-over-year.

所有子類別均較去年同期成長。

Really no big outliers.

確實沒有大的異常值。

Within hardlines, majors and automotive were the two departments that were strongest -- were the strongest subcategories -- up 15 to 20%.

在強硬派中，專業和汽車是最強勁的兩個部門，也是最強的子類別，成長了 15% 至 20%。

And within softlines, housewares, domestics, home furnishings and small appliances were strong.

在紡織品方面，家庭用品、家居用品、家居用品和小家電表現強勁。

And this is offset by weaker comps in media and photo camera.

這被媒體和相機領域較弱的競爭所抵消。

And fresh foods continues to be strong for us and frequency driver into our locations.

新鮮食品對我們來說仍然很強勁，並成為我們門市的頻率驅動因素。

Now moving on to the line items of the income statement beyond that.

現在繼續討論損益表中除此之外的項目。

Membership fees reported in the fourth quarter -- membership fees were 339.8 million or 2.08% sales.

第四季會員費報告顯示，會員費為 3.398 億美元，佔銷售額的 2.08%。

In dollars that was up 11% from the 306.4 last year.

以美元計算，比去年的 306.4 成長了 11%。

And again it was up 11% or up $33.4 million.

再次上漲 11%，即 3,340 萬美元。

And notwithstanding a decent sales figure -- increase in sales last year that was up 1 basis point year-over-year from a 207 to a 208.

儘管銷售數字不錯，但去年的銷售額比去年同期成長了 1 個基點，從 207 增加到 208。

Again, strong renewal rates and the increasing penetration of our $100 per year Executive Membership in the U.S. and Canada.

同樣，強勁的續約率以及我們每年 100 美元的高級會員資格在美國和加拿大的滲透率不斷提高。

In terms of the number of members at year end, we ended the year with 16.2 million Gold Star members.

從年末會員數來看，我們的金星會員數為 1,620 萬。

That is up 1.2 million from the 15 million member level at fiscal '04 end.

這比 04 財年末的 1,500 萬會員增加了 120 萬。

Primary business, 5.1 million, up from 4.8 million a year ago.

主營業務為 510 萬，高於一年前的 480 萬。

Business add-ons remained at 3 5.

業務附加元件仍保持在 3 5 個。

Part of that has to do with some of them are converting to Gold Star and becoming Executive members.

部分原因是他們中的一些人轉為金星會員並成為執行會員。

And then including free spouse cards we ended the fiscal year with 45.3 million members, up from 42.4 million a year ago.

如果算上免費的配偶卡，我們在本財政年度結束時擁有 4,530 萬名會員，高於一年前的 4,240 萬名會員。

At fiscal year end, August 28, our paid Executive member base was 4.25 million.

截至 8 月 28 日的財政年度結束，我們的付費執行會員人數為 425 萬人。

That is an increase of 9% from third quarter end, and an increase of 30% from 3.27 million a year ago.

這比第三季末成長了 9%，比去年同期的 327 萬成長了 30%。

Clearly these are still a minority of our total membership base less than 20%, but significantly important to us in terms of sales.

顯然，這些人在我們的會員總數中仍然只佔不到 20% 的少數，但在銷售方面對我們來說非常重要。

In terms of membership renewal rates, I mentioned they were -- continued strong.

就會員續約率而言，我提到它們仍然強勁。

We remain at the 86% at year end.

到年底我們仍維持在 86%。

We were 92% Business and 84 Gold Star.

我們獲得了 92% 的商業評級和 84% 的金星評級。

That compares -- that is exactly the same as it was a year ago at fiscal year end.

相比之下，這與一年前財年結束時的情況完全相同。

Gross margin in the fourth quarter, year-over-year came in at a 10 4 4 versus a 10 81 a year ago, so lower by 37 basis points.

第四季的毛利率為 10 4 4，而去年同期為 10 81，下降了 37 個基點。

Again, I will just ask you to jot down a couple of numbers and then can provide some editorial comment on them.

同樣，我只會要求您記下幾個數字，然後可以對它們提供一些編輯評論。

If you would, the two columns would simply be Q4 and fiscal year.

如果願意的話，這兩列將只是第四季和財政年度。

And then the five line items would be merchandising.

然後這五個項目將是商品推銷。

The second one would be 2% Reward.

第二個是 2% 獎勵。

The third one would be LIFO.

第三個是後進先出法。

And the last one would be the EITF 310, which I promise that won't talk about after today.

最後一個是 EITF 310，我保證今天之後不會再談論它。

In terms of going across, merchandising in the fourth quarter year-over-year was down 24 basis points, for the fiscal year down 3. 2% Reward was down 9 in the quarter and 10 for the year.

就跨度而言，第四季度的商品銷售年減了 24 個基點，本財年下降了 3. 2% 獎勵本季度下降了 9 個基點，全年下降了 10 個基點。

These are basis points year-over-year.

這些是同比基點。

LIFO minus 4 in the quarter, and minus 1 for the fiscal year.

後進先出法在本季為負 4，在財年為負 1。

And EITF 310 had no impact in the fourth quarter.

EITF 310 對第四季沒有影響。

And for the year it benefited us by 5 basis points.

今年它使我們受益了 5 個基點。

So adding up the first column, and for the Q4 the minus 24, the minus 9 and the minus 4, and the zero is minus 37, which I just mentioned, for the fiscal year.

因此，將第一列加起來，對於第四季度，本財年的第四季是負24，負9和負4，零是負37，這是我剛才提到的。

And minus 3, minus 10, minus 1, plus 5 equals a total year-over-year of margins reported 9 basis points lower.

-3、-10、-1、+5 等於總利潤率較去年同期下降 9 個基點。

So as you can see, our overall merchandising gross margin was lower Q4 over Q4 by 24 basis points, and year-over-year by 3.

正如您所看到的，我們第四季的整體商品毛利率比第四季低 24 個基點，比去年同期低 3 個基點。

In terms of the quarter, fuel prices negatively impacted the gross margin in three ways.

就本季而言，燃料價格從三個方面對毛利率產生了負面影響。

One, a lower year-over-year gross margin in the retail gas business.

一是零售天然氣業務毛利率較去年同期下降。

Two, a significant increase in sales penetration of this lower gross margin business.

二是毛利率較低的業務的銷售滲透率顯著提高。

And three, increased cost of sales via merchandise -- increased merchandise freight costs, which hit frankly much harder in the fourth quarter then in previous quarters this past year.

第三，商品銷售成本增加——商品運輸成本增加，坦白說，第四季的打擊比去年前幾季的打擊嚴重得多。

We have by the way -- when it first hits you feel the impact of it to your margin.

順便說一下，當它第一次襲擊你時，你會感受到它對你的利潤的影響。

Much of that tends to be passed on now that we've gotten past that transition.

既然我們已經度過了這一轉變，其中大部分內容就會被傳承下去。

On a Q4 over Q4 basis, a lower retail gasoline margin impacted our Company margin in the quarter by we estimate by about 10 basis points.

與第四季相比，零售汽油利潤率下降對本季我們公司的利潤率產生了約 10 個基點的影響。

A bigger impact was the reduced sales penetration of our main merchandise categories, food and sundries, hardlines, softlines and fresh foods.

更大的影響是我們的主要商品類別、食品和雜貨、硬品、軟品和新鮮食品的銷售滲透率下降。

And this we estimate represented a little over 20 basis points detriment to the year-over-year quarterly comparison.

我們估計這對同比季度比較造成了略高於 20 個基點的損害。

As well, cost of sales were higher year-over-year in Q4 by about 5 basis points due to increased freight costs.

此外，由於貨運成本增加，第四季銷售成本年增約 5 個基點。

On a positive note, our core merchandise categories showed gross margin improvement year-over-year in Q4.

從積極的方面來看，我們的核心商品類別在第四季度的毛利率比去年同期有所改善。

In these four categories, and again these four categories, food and sundries, hardlines, softlines and fresh foods, represents about 85% of our total sales.

在這四個類別中，食品及雜貨、硬品、軟品和新鮮食品這四個類別約占我們總銷售額的 85%。

Our gross margin increased year-over-year in Q4 by 9 basis points.

第四季我們的毛利率年增 9 個基點。

Well, then, how did we have this minus 20 impact from it?

那麼，我們是如何受到這種負 20 影響的呢？

Basically it is the lower sales penetration on merchandise that typically is 700 to 900 or even more basis points greater margin than gasoline, and that negatively impacts our total reported gross margin.

基本上，商品的銷售滲透率較低，利潤率通常比汽油高 700 至 900 個基點甚至更多，這對我們報告的總毛利率產生了負面影響。

Also, Q4 gross margin was impacted negatively by 9 basis points, as I mentioned, from higher sales penetration of the 2% Executive Member program.

此外，正如我所提到的，由於 2% 執行會員計畫的銷售滲透率較高，第四季度毛利率受到了 9 個基點的負面影響。

Again, that is an indication of its growth and success, and we are pleased with the impact that those members are having on our total Company profitability.

這再次表明了其成長和成功，我們對這些成員對我們公司整體盈利能力的影響感到高興。

And lastly, the 4 basis points of LIFO, no big surprise there.

最後，後進先出法的 4 個基點，這並不令人意外。

We would expect this year to have a LIFO impact as well.

我們預計今年也會產生後進先出的影響。

I would also like to note that our year-end inventory shrinkage results were our best ever, helping us by a couple of basis points.

我還想指出，我們的年終庫存縮減結果是有史以來最好的，為我們提供了幾個基點的幫助。

So overall Q4 gross margins, while just fine in our core merchandise categories, was ripped sawed, if you will, by energy costs, lower margin in the gas business, lower mix of other higher margin categories, and higher cost of sales with a (inaudible) index as well.

因此，第四季度的整體毛利率雖然在我們的核心商品類別中表現良好，但如果你願意的話，由於能源成本、天然氣業務利潤率較低、其他較高利潤類別的組合較低以及銷售成本較高（聽不清楚）還有索引。

As I will discuss in a moment, these higher sales figures from retail gasoline did help SG&A.

正如我稍後將討論的那樣，零售汽油銷售數據的增加確實對 SG&A 有所幫助。

In terms of our gross margin outlook going into '06, we would guess that reported gross margins will probably be down a little to start the year due in large part to this gas, non-gas sales penetration issue.

就我們進入 06 年的毛利率前景而言，我們猜測，年初報告的毛利率可能會略有下降，這在很大程度上是由於天然氣、非天然氣銷售滲透問題。

But the impact from increasing Executive Member business should still be a small hit to reported gross margin as we continue to increase sales penetration and member penetration, if you will, of Executive members, but a little as impact than in '05.

但是，隨著我們繼續提高執行會員的銷售滲透率和會員滲透率（如果您願意的話），增加執行會員業務的影響仍然會對報告的毛利率造成輕微影響，但影響比 05 年要小一些。

LIFO, again, we assume will be a little negative impact from inflation.

後進先出，我們再次假設通膨會帶來一些負面影響。

But again we looked at the core merchandise groups, which is 85% of our sales, and we feel fine about the trends in those categories.

但我們再次審視了占我們銷售額 85% 的核心商品組，我們對這些類別的趨勢感到滿意。

In terms of our ancillary businesses, pharmacy, we added 4 pharmacies to be at 374 at fiscal year end; 6 food courts to be at 427; 6 mini labs, one-hour photo labs, to be at 423; 6 optical shops to be at 414.

在我們的輔助業務－藥局方面，我們增加了4家藥房，到財年末達到374家； 6 個美食廣場面積為 427 人； 6 間迷你沖印室，一小時攝影沖印室，數量為 423； 6家眼鏡店共414家。

We remain at 10 print copy shops.

我們仍然保留 10 家影印店。

We added 5 hearing aid centers to be at 168.

我們增加了 5 個助聽器中心，總數達到 168 個。

And we added 6 gas stations to be at 225.

我們增加了 6 個加油站，達到 225 個。

These businesses are all profitable, even gasoline on an annual basis in most months.

這些業務都是盈利的，甚至大多數月份的汽油業務也是盈利的。

They drive our business.

他們推動我們的業務。

They are great for membership, and they have good comps overall -- better than the Company average typically.

他們非常適合成為會員，並且總體上有很好的薪酬——通常比公司的平均水平要好。

Moving towards SG&A, again, we had good SG&A results in Q4.

再次轉向 SG&A，我們在第四季度取得了良好的 SG&A 表現。

Our SG&A percentage year-over-year in the fourth quarter was lower or better by 9 basis points coming in at 9.55 in this year's fourth quarter versus a 9.64% of sales in last year's fourth quarter.

我們第四季的 SG&A 百分比年減或上升了 9 個基點，今年第四季為 9.55，去年第四季為 9.64%。

Again, let me ask you to just jot down a few numbers, and I will go back and ask you to do three columns, Q3 '05, Q4 '05 and for fiscal year '05.

再次，讓我請您記下一些數字，然後我會回去請您做三欄：05 年第 3 季、05 年第 4 季以及 05 財年。

And the line items would be operations, central, stock option expense, EITF 310, quarterly adjustments, then total.

行項目將是營運、中央、股票選擇權費用、EITF 310、季度調整，然後是總計。

Operate -- and then going across in this chart pluses mean good or lower SG&A year-over-year.

營運—然後在這張圖表中出現的「優點」意味著 SG&A 同比良好或較低。

Operations, plus 1 basis point in Q3 year-over-year, plus 17 in Q4, and plus 14 in fiscal '05 overall.

營運，第三季年增 1 個基點，第四季增加 17 個基點，05 財年整體增加 14 個基點。

Central, minus 1, minus 1 and zero.

中央，負1，負1和零。

Stock options, minus 7, minus 7 and minus 6.

股票選擇權，負7，負7，負6。

EITF 310, zero, zero and minus 5.

EITF 310，零，零和負 5。

Quarterly adjustments, zero, zero and minus 1.

季度調整，零，零和負1。

And total for Q3 '05 year-over-year, as you recall we were higher, or a negative 7 basis points, or worse by 7 basis points.

05 年第三季的總額較去年同期上升，如您所知，我們較高，或負 7 個基點，或更差 7 個基點。

In Q4 better or plus 9 SG&A basis points lower year-over-year, and a plus 2 for the year.

第四季的 SG&A 年減 9 個基點，全年上升 2 個基點。

So better by 2 basis points for the year.

因此，今年的表現優於 2 個基點。

In terms of a little editorial on these SG&A figures, let me point out the following.

關於這些 SG&A 數據的一點社論，讓我指出以下幾點。

As we were hurt, if you will, in our gross margin percentage for mix changes, it helped us a little in SG&A.

因為我們受到了傷害，如果你願意的話，在我們的組合變化的毛利率百分比中，它對我們的銷售管理費用（SG&A）有一點幫助。

Not by as much as it hurt gross margin, but some part of that.

毛利率受到的影響雖然不是那麼嚴重，但也有一定程度的影響。

Also, we benefited in Q4 year-over-year in our largest expense category, of course, payroll improved by 10 basis points.

此外，我們在第四季度最大的支出類別中比去年同期受益，當然，薪資提高了 10 個基點。

And workers' compensation expense is finally showing some improvement due to legislative changes in California.

由於加州的立法變化，工傷賠償支出終於出現了一些改善。

As well, for the year, health care costs helped lower SG&A by a slight amount.

此外，今年醫療保健成本也導致 SG&A 略有下降。

A small negative to SG&A in Q4 of the costs associated with Sarbanes-Oxley 404, as we completed our first year of implementation, remediation and compliance.

隨著我們完成第一年的實施、補救和合規工作，第四季度與 Sarbanes-Oxley 404 相關的成本對 SG&A 產生了小幅負面影響。

Year-over-year in Q4 these costs added 2 basis points to SG&A for the quarter.

與去年同期相比，這些成本使該季度的 SG&A 增加了 2 個基點。

And finally, our stock up option expense I mentioned year-over-year was higher by 7 basis points in Q4.

最後，我提到的我們的庫存選擇權費用在第四季度同比增加了 7 個基點。

Let me spend a minute talking about stock option and the expensing of them.

讓我花一點時間談談股票選擇權及其費用。

As you know, we began expensing stock options back in fiscal 2002.

如您所知，我們早在 2002 財政年度就開始將股票選擇權費用化。

So we now have three years of gradual expensing -- gradual expensing under our belt, if you will.

因此，我們現在有三年的逐步支出——如果你願意的話，可以說是逐步支出。

Our options typically vest over five years.

我們的選擇權通常在五年內歸屬。

And under FAS 123 starting back in fiscal 02, -- I'm sorry, starting back in fiscal '03 -- we would record as an expense that portion of the options based on the Black-Shoales evaluation model that vested that year.

根據 FAS 123，從 02 財年開始——抱歉，從 03 財年開始——我們會將基於當年授予的 Black-Shoales 評估模型的那部分期權記錄為費用。

So, if you will, starting in '03 we had one-fifth of grants in '03 -- a fifth of that value was expensed in '03.

所以，如果你願意的話，從 03 年開始，我們在 03 年獲得了五分之一的補助金——其中五分之一在 03 年支出。

And likely one-fifth of each of those, of the '03 grants, would be then expensed in '04, 5, 6, and 7.

03 年撥款中每項撥款的五分之一可能會在 04 年、5 年、6 年和 7 年支出。

Similarly, in '04 you would have two-fifths because you would have one-fifth of '03's grant and one-fifth of '04's grant.

同樣，在 04 年，您將獲得五分之二，因為您將獲得 03 年撥款的五分之一和 04 年撥款的五分之一。

To touch that by '07 under FAS 123, we would include in our income essentially five-fifths of the stock option, 1/5 of each of the five years.

為了在 07 年根據 FAS 123 實現這一目標，我們將基本上將五分之五的股票選擇權納入我們的收入中，即五年中每年的 1/5。

In that regard our pretax expense to earnings in fiscal years 2003, 4, and 5 were $12 million, because it was only for a partial year, $37 million and $68 million, respectively.

在這方面，我們 2003、4 和 5 財年的稅前支出與收益之比為 1,200 萬美元，因為這只是部分年份，分別為 3,700 萬美元和 6,800 萬美元。

Those, again, for the numbers for '03, '04 and '05.

同樣，這些數字是「03」、「04」和「05」的數字。

And under FAS 123 we would have budgeted a '06 pretax expense of just under $100 million.

根據 FAS 123，我們的 06 年稅前支出預算將接近 1 億美元。

Recently a revised FAS 123, known as FAS 123R came out.

最近，修訂版 FAS 123（稱為 FAS 123R）問世。

And we are adopting it effective the first quarter of fiscal '06.

我們將在 06 財年第一季開始採用該政策。

For us in fiscal '06, we will not only expense one-fifth of each of '03, '04 and '05 grants, as well as part of '06 grants, but now we will look back to those additional grants that happened in latter '01 and into '02, that portion that will vest during fiscal '06.

對我們來說，在 06 財年，我們不僅將支出 03、04 和 05 年撥款的五分之一，以及 06 年撥款的一部分，而且現在我們將回顧 2006 年發生的那些額外撥款。 '01 後期和02 年，該部分將在06 財政年度歸屬。

We estimate the additional charge to pretax earnings in '06 versus the just under $100 million previous estimate would be about an additional $15 million pretax.

我們估計 06 年稅前收益的額外費用將比先前估計的略低於 1 億美元的稅前收益增加約 1,500 萬美元。

This extra mount is included in our estimates for '06.

這個額外的安裝已包含在我們 06 年的預估中。

In terms of the SG&A outlook for '06, I'm encouraged so far certainly by the strong sales start in September.

就 06 年的 SG&A 前景而言，到目前為止，我對 9 月開始的強勁銷售感到鼓舞。

As well, we should be helped slightly by lower anticipated expense percentages in payroll, benefits and workers' comp.

此外，薪資、福利和工人補償方面預期費用百分比的降低也應該對我們有所幫助。

But we do have the slightly higher stock option expense, which I just mentioned, as well as the impact of our ramp of expansion plans, which I will talk about in a minute.

但我們確實有略高的股票選擇權費用，我剛才提到了這一點，以及我們擴張計劃的影響，我稍後會討論這一點。

Next on the income statement is preopening expense.

損益表的下一個是開業前費用。

Last year in Q4 it was $11.6 million or 8 basis points; this year 10.4 million or 6 basis points.

去年第四季為 1,160 萬美元，即 8 個基點；今年為 1,040 萬，即 6 個基點。

So a little lower -- $1.2 million lower, and it actually rounds to 1 basis point lower.

所以稍微低一點——低 120 萬美元，實際上四捨五入為低 1 個基點。

Last year in the fourth quarter we had 7 openings, this year 6 in the fourth quarter.

去年第四季我們有 7 個職缺，今年第四季有 6 個。

No real surprises here.

這裡沒有真正的驚喜。

Now the one impact -- I don't know if I have mentioned yet -- but again compared to the 16 net new openings last year, we would expect that fiscal '06 to more than double that to be in the very high 20s.

現在有一個影響——我不知道我是否已經提到過——但與去年的 16 個淨新職位空缺相比，我們預計 06 財年這一數字將增加一倍以上，達到 20 多位數。

An impact of roughly 12 to 14 more additional units in '06 versus '05 will be higher preopening expenses.

與 05 年相比，06 年新增約 12 至 14 個單位將帶來更高的開業前費用。

We would estimate that our preopening expenses in '06 will be approximately 46 to $48 million, plus or minus a couple from there probably.

我們估計 06 年開業前的費用約為 4,600 至 4,800 萬美元，可能會增加或減少一些。

Recall that in our fiscal '05 preopening figure of 53.2 million, we had a $16 million pretax charge in Q2 that was not related to current year's openings.

回想一下，我們 05 財年的開業前數據為 5,320 萬，其中第二季的稅前費用為 1,600 萬美元，與本年度的開幕無關。

Again, when I talked earlier about normalized earnings I have excluded that 16 million pretax, as well as those significant tax benefits that I already talked about.

同樣，當我之前談到標準化收益時，我已經排除了 1600 萬稅前收入，以及我已經談到的那些重大稅收優惠。

So again, if you looked at fiscal '05, we had 53 million reported, less that 16 of non-recurring, would have been 37 million related to current year's openings, and a little bit of stuff from before and end of the year.

所以，如果你看看 05 財年，我們報告了 5300 萬個，減去 16 個非經常性的，將有 3700 萬個與本年度的空缺相關，還有一些來自今年之前和年底的東西。

So that 37 million would compare to the estimated 46 to 48 million this coming year.

因此，與明年預計的 4,600 至 4,800 萬相比，這一數字為 3,700 萬。

In terms of provision for impaired assets and closing cost lines, in Q4 last year we had a charge of 2.5 million.

在減損資產撥備和期末成本線方面，去年第四季我們的費用為 250 萬美元。

This year that was 3.9 million higher to total at 6.6 million for the quarter.

今年這一數字增加了 390 萬，本季總數達到 660 萬。

The 3.9 million -- about 3.9 million -- I'm sorry, it went from 2.5 to 6.6. 3.9 million of it related to the closing down of some minor food manufacturing businesses.

390 萬——大約 390 萬——抱歉，它從 2.5 增加到了 6.6。其中390萬與關閉一些小型食品製造企業有關。

All told, operating income for Q4 '05 was up slightly year-over-year from 465.5 million last year, up slightly to 467.6 million this year.

總而言之，05 年第 4 季的營業收入較去年的 4.655 億美元略有上升，今年略為上升至 4.676 億美元。

Again, that is reported figures, and this year of course includes that $16 million preopening expense.

同樣，這是報告的數字，今年當然包括 1600 萬美元的開業前費用。

Below the operating income line, reported interest expense was lower year-over-year coming in at 7.3 million this year versus 10.9 last year.

在營業收入線以下，報告的利息支出較去年同期下降，今年為 730 萬美元，而去年為 10.9 美元。

This reflects both the June 15 payoff of a $300 million debt instrument and lower interest expense on our convertible debt, as more of the totals convert into our, if you will, dividend paying common stock.

這不僅反映了 6 月 15 日 3 億美元債務工具的償還，也反映了我們可轉換債務利息支出的降低，因為更多的債務總額轉換為我們（如果您願意）支付股息的普通股。

And like in both recent -- prior recent quarters interest income and other was quite a bit better, higher year-over-year by 22 million in the quarter, up at 38.6 million this year versus 16.5 last year.

與最近兩個季度一樣，最近幾季的利息收入和其他收入也好得多，本季同比增加了 2,200 萬，今年達到 3,860 萬，而去年為 16.5。

The $22 million higher income figure, 20 million of it was due to higher investment income, both a higher cash balance as well as a higher level of interest rate -- higher interest rate.

收入增加了 2,200 萬美元，其中 2,000 萬美元是由於更高的投資收入、更高的現金餘額以及更高的利率水準——更高的利率。

So with that, overall pretax income was up 6% at 471.1 last year versus 498.9 this year.

因此，整體稅前收入去年增長了 6%，達到 471.1，而今年為 498.9。

Let me step back for a minute and talk about the impact of the tax rates and why we had such unusually low -- lower-than-expected tax rates in Q4 and for the fiscal year.

讓我退後一步，談談稅率的影響，以及為什麼我們第四季和本財年的稅率如此之低——低於預期。

If we recall at Q2 we indicated there was a multiyear settlement of a transfer pricing issue between Canada and the U.S., such that we took back into income about 50 plus -- a little over $50 million related to that.

如果我們回想一下，在第二季度，我們表示加拿大和美國之間的轉讓定價問題達成了多年和解協議，因此我們收回了大約 50 多美元的收入——略高於 5000 萬美元的相關收入。

So that was an after-tax benefit to the income tax line at Q2.

因此，這是第二季所得稅線的稅後收益。

Needless to say, that is not ongoing, and we would take that out of normalized -- looking at our numbers on a normalized basis.

不用說，這並沒有持續下去，我們會將其從標準化中剔除——在標準化的基礎上查看我們的數字。

At year end, in terms of income taxes, everything seemed to go our way, the little things as well as one additional unusual item.

到了年底，就所得稅而言，一切似乎都按我們的意願進行，包括一些小事以及一項額外的不尋常的項目。

Historically in Canada our operations, we considered them to be -- all monies we put up in Canada and invested in Canada -- to be what it is called permanently invested.

從歷史上看，我們在加拿大的業務，我們認為它們是——我們在加拿大投入並投資加拿大的所有資金——是所謂的永久投資。

And under FAS 109 the way you account for that, you are taxed on those earnings up in Canada at the Canadian tax rates.

根據 FAS 109 的規定，您在加拿大的收入需按加拿大稅率繳稅。

Historically over the past 10 or 15 years -- while not today, but historically, the Canadian tax rate at times was as much as 5 or 10 percentage points higher than the U.S. federal rate, such that those earnings were being tax and reported at a higher rate.

從過去 10 或 15 年的歷史來看，加拿大的稅率有時比美國聯邦稅率高出 5 或 10 個百分點，因此這些收入要以更高的比率。

Given that our rate of growth up there is typically -- and I will give you a wide range -- 2 to 5 new units a year on a base of about 65 units, and our cash flow up there greatly -- now greatly exceeds the capital required anticipated going forward to open those number of units each year, we have evaluated and concluded that we are no longer permanently invested in all our invested assets up there.

考慮到我們在那裡的成長率通常是——我會給你一個很大的範圍——每年2 到5 個新單位，以大約65 個單位為基礎，而且我們在那裡的現金流量很大——現在大大超過了預計每年開設這些數量的單位所需的資本，我們已經評估並得出結論，我們不再永久投資於那裡的所有投資資產。

As such, under FAS 109 as you bring some of those unremitted -- what is termed unremitted earnings back to the U.S. -- you adjust the tax rate accordingly such that those earnings that had previously been taxed at a significant -- and sometimes a significantly higher rate in the 40 plus percent range -- would be if you will tax adjusted down to the U.S. rate.

因此，根據FAS 109，當您將其中一些未匯出的收入（即所謂的未匯出的收入）帶回美國時，您會相應地調整稅率，從而使那些之前已被課稅的收入（有時甚至是大幅）被課稅。如果您將稅收調整至美國稅率，則稅率將在 40% 以上。

That impact based on -- as of fiscal year, what we consider to be permanently reinvested and not permanently reinvested up there, that we brought back and reduced our reported effective income tax rate by $20.6 million.

這種影響是基於——截至本財年，我們認為是永久再投資而不是永久再投資的，我們收回了報告的有效所得稅率並將其降低了 2060 萬美元。

And this impact -- it is a fourth quarter item, because that is when this calculation was determined.

這種影響是第四季度的項目，因為這是確定計算的時間。

Going forward we will continue to look at that each quarter and would assume, at least over the near term, to have a small improvement in our tax rate related to it.

展望未來，我們將繼續每季關注這個問題，並假設至少在短期內，與之相關的稅率會有小幅改善。

But again, this is kind of a onetime big, look see, and going forward it will certainly be a lot smaller.

但同樣，這是一次很大的事情，看看吧，未來它肯定會小很多。

Again, so that was 20.6 million that impacted the fourth quarter rate as well as the total fiscal year rate.

同樣，2060 萬美元影響了第四季度的成長率以及整個財年的成長率。

The other thing that helped us was basically lower state taxes as compared to the prior year in terms of how that affects the Company's total effective income tax rate.

對我們有幫助的另一件事是，與前一年相比，州稅基本上較低，這對公司的總有效所得稅率有何影響。

Lower state taxes, due to the changing mix of proportioned income in each various state.

由於各州收入比例的變化，州稅降低。

States that do have income tax -- difference -- every state does it a little differently.

確實徵收所得稅的州——差異——每個州的做法都略有不同。

Some states are based on profitability within the state; some are based on the ratio of different ratios of profits, assets, employees, payroll, you name it, as compared to the total Company.

有些州是基於州內的獲利能力；有些是基於利潤、資產、員工、薪資等不同比率與公司總額的比較。

That is always a moving target each year.

這始終是每年不斷變化的目標。

And when we have done it at the end of this year, the impact was about a 1 percentage point reduction of the Company's total rate.

當我們今年年底完成這項工作時，影響是公司總費率降低了約 1 個百分點。

But again, it is being impacted positively all in Q4.

但同樣，它在第四季度都受到了積極的影響。

So that estimate of that amount was about 17 million positive for the year.

因此，今年這一數字的估計約為 1700 萬。

And again looking at just Q4, about 5 million of it related to Q4, so we would have taken, if you will -- taken out about 12 million out of Q4 in terms of trying to come up with a normalized rate.

再次看看第四季度，其中大約 500 萬與第四季度相關，所以如果你願意的話，我們會從第四季度中取出大約 1200 萬，以試圖得出標準化比率。

And then there were a lot of other little things that ended up to a few million dollars, not enough to really talk about.

然後還有很多其他的小事，最終花費了幾百萬美元，不足以真正談論。

If you do that in Q4 our reported income tax rate was 28.9%.

如果您在第四季度這樣做，我們報告的所得稅率為 28.9%。

A normalized tax rate would leave you at 35.8%.

標準化稅率將為 35.8%。

Still down from the 37% a year ago.

仍低於一年前的 37%。

For the year our reported tax rate was 31.4%.

今年我們報告的稅率為 31.4%。

We would estimate that would it be 36.2% on a normalized basis for the year.

我們預計今年標準化後的成長率為 36.2%。

In terms of our outlook for '06, we are starting by assuming about a 37% rate to start off the year.

就我們對 06 年的展望而言，我們首先假設年初的成長率約為 37%。

And again we could be wrong by a half a percentage point or more either way, but we think that is a good estimate at this point.

不管怎樣，我們可能會錯誤半個百分點或更多，但我們認為目前這是一個不錯的估計。

In terms of our balance sheet at year end August 28, cash and equivalents 3,460,000,000, 3 4 6 0, inventories 4 billion 015, other current 612, total current 8 0 8 7, net PP&E 7 7 9 0, other assets 637, for a total of 16 5 1 4.

就我們截至8 月28 日的資產負債表而言，現金及等價物3,460,000,000、3 4 6 0、存貨40 億015、其他流動612、流動總額8 0 8 7、淨資產及設備7 7 9 0、其他資產637，共 16 5 1 4。

Short term -- on the right side, short-term debt, 54, Accounts Payable, 4 billion 2 1 4, other current, 2 billion 341, total current 6 6 0 9, long-term debt 711, deferred and other, 254, for total liabilities of 7 5 7 4, minority interest of 59, stockholders equity of 8 billion 881.

短期－右側，短期債務，54，應付帳款，40 億 2 1 4，其他流動，20 億 341，流動總額 6 6 0 9，長期債務 711，遞延及其他，254 ，負債總額為7 5 7 4，少數股東權益為59，股東權益為80 億881。

And again for total of 16 5 1 4.

再次總計 16 5 1 4。

As you can see our balance sheet is strong.

正如您所看到的，我們的資產負債表很強勁。

You will note that the cash is down from Q3 end, reflecting both the $300 million debt payment back in June, as well as the 400 -- a little over $400 million in stock repurchases.

您會注意到，現金較第三季末有所下降，反映了 6 月 3 億美元的債務償還，以及 400 美元（略高於 4 億美元）的股票回購。

But still plenty of financial strength.

但資金實力還是充沛的。

Our Accounts Payable reported was 105% as percent of inventories versus 99% a year ago.

我們報告的應付帳款佔庫存的比例為 105%，而一年前為 99%。

If you look at just merchandise AP, which again is more of a reflection of our success in increasing our inventory turns and getting extra dating from vendors, at Q4 end a year ago merchandise AP as a percent of inventories was 82%.

如果你只看商品 AP，這又更反映了我們在增加庫存週轉和從供應商那裡獲得更多約會方面的成功，去年第四季度末，商品 AP 佔庫存的百分比為 82%。

At fiscal -- at year end this year, 87%, so up 5 percentage points.

今年財年年底，這一比例為 87%，上升了 5 個百分點。

That is notwithstanding that the average inventory per warehouse has increased.

儘管如此，每個倉庫的平均庫存還是增加了。

At year end Q4 last year it was 8 million 738 per location; this year 9 million 272.

去年第四季末，每個地點的人數為 800 萬 738；今年900萬272。

So up about .5 million or 6% year-over-year.

年增約 50 萬或 6%。

I might add that the 9 272 is down a couple of hundred thousand from the 9 4 6 2 at Q3 end.

我可能會補充一點，9 272 比第三季末的 9 4 6 2 減少了幾十萬。

Now why is it higher by $0.5 million?

那麼為什麼它增加了 50 萬美元呢？

About one-quarter of it, about 125,000, is due to the weak dollar versus FX.

其中約四分之一（約 125,000 人）是由於美元兌外匯疲軟造成的。

We -- on a more conscious basis consumer electronics inventories, given brand availability and success in that area, is up a little under $200,000 year-over-year -- about 175,000.

考慮到該領域的品牌可用性和成功，我們更加有意識地消費電子產品庫存，同比增長略低於 200,000 美元，約為 175,000 個。

Also, and probably starting the Christmas season a little early in terms of jewelry and toys by a few weeks, about $140,000 higher in jewelry and toys inventories in the aggregate.

此外，就珠寶和玩具而言，聖誕節季節可能提前幾週開始，珠寶和玩具庫存總計增加約 14 萬美元。

There are no inventory concerns whatsoever.

不存在任何庫存問題。

Again, as I mentioned, our year end fiscal inventories were our best ever in terms of shrinkage.

正如我所提到的，就收縮而言，我們的年終財政庫存是有史以來最好的。

In terms of capital expenditures for fiscal '05 we spent $995 million.

就 05 財年的資本支出而言，我們花了 9.95 億美元。

This figure, by the way, included about 365 million in Q4, a good portion of which relates to our '06 ramp up level of openings.

順便說一句，這個數字包括第四季度的約 3.65 億人，其中很大一部分與我們 06 年增加的職缺水準有關。

And we have got a lot going on in the first couple months of this year.

今年的前幾個月我們發生了很多事。

I would estimate that our fiscal '06 CapEx will be higher than last year's figure, probably in the 1.2 to $1.4 billion range.

我估計我們 06 財年的資本支出將高於去年的數字，可能在 120 至 14 億美元範圍內。

I give you a wide range there because we are continuing to look to ramp that up.

我為你提供了一個廣泛的範圍，因為我們正在繼續尋求擴大這個範圍。

Also, I want to mention our dividends.

另外，我想提一下我們的股利。

This past May we increased our quarterly dividend from $0.10 a share per quarter to $0.115.

今年 5 月，我們將季度股息從每季每股 0.10 美元增加到 0.115 美元。

This $0.46 per share annualized dividend represents a cost to the Company of just about $220 million based on our current total shares outstanding of about 475 million.

根據我們目前約 4.75 億股的流通股總數，每股 0.46 美元的年化股息意味著公司的成本約為 2.2 億美元。

Briefly in terms of Costco Online, it is continuing to do well, a 45% sales increase in the quarter, and a 44% sales increase for the fiscal year.

簡單來說，Costco Online 繼續表現良好，本季銷售額成長 45%，本財年銷售額成長 44%。

As well, total sales of about 560 million for the year.

全年總銷售額約5.6億美元。

E-commerce is profitable.

電子商務是有利可圖的。

It is growing.

它正在增長。

Our budget for this year we should exceed fiscal year sales in excess of 750 million for the year.

我們今年的預算應該會超過財年銷售額超過7.5億美元。

Next on the discussion list, expansion.

接下來的討論清單是擴充。

We again opened 21 new units last year, 16 of which were net new, because it included 5 relos.

去年我們再次開設了 21 個新單位，其中 16 個是淨新單位，因為其中包括 5 個重新開放單位。

In addition to the 16 net new that we consolidate we opened 3 additional in Mexico.

除了我們整合的 16 家淨新店外，我們還在墨西哥另外開了 3 家。

In fiscal '06, in the first quarter we plan to open 9 units, one of which is a relo, so 8 net new.

在 06 財年，我們計劃在第一季開設 9 個單位，其中一個是 relo，因此淨新建 8 個單位。

For the remaining three quarters a total new including relos of 22 to 24.

剩下的三個季度，總共有 22 到 24 個新項目，其中包括 relos。

Probably 2 relos, so a net new of 20 to 22.

可能是 2 個 relos，所以淨新數量為 20 到 22 個。

And for the year then would put us net new consolidated of 28 to 30.

那麼今年我們的淨新增合併數量將達到 28 至 30 家。

In addition 2 to 3 in Mexico are planned.

此外，墨西哥還計劃設立 2 至 3 個。

Now I know you have heard this story before, I think we started last year in the mid-20s and we ended up at 16.

現在我知道你以前聽過這個故事，我想我們從去年 20 年代中期開始，到 16 歲結束。

Certainly a few of those 28 to 30 are simply delayed into this year.

當然，這 28 至 30 名中的一些人只是簡單地推遲到今年。

But as I mentioned both on April 22nd press release as well as our Q3 conference call up at the end of May, we clearly have much more in the pipeline, much more thing starting.

但正如我在 4 月 22 日的新聞稿以及 5 月底的第三季電話會議中提到的那樣，我們顯然還有更多的事情正在醞釀中，更多的事情正在開始。

And just reviewing yesterday with Jeff and Jim, we feel good about those numbers going into this fiscal year in the high 20s.

昨天與傑夫和吉姆一起回顧，我們對進入本財年的 20 多位數字感到滿意。

So in terms of '06, adding -- using the midpoint of the 28 -- 30 -- adding 29 net new units on this year's beginning consolidated base of 433 units, that would be 6.7% unit growth.

因此，就 06 年而言，使用 28 年至 30 年的中點，在今年年初 433 套的綜合基礎上淨增加 29 套新套，單位增長率將達到 6.7%。

That compares to only 3.8% unit growth in the prior fiscal year, '05 versus '04.

相較之下，2005 年與 04 年上一財年的單位成長率僅 3.8%。

And square footage growth of around 7.5 versus around 4.5 growth last year.

平方英尺增長約 7.5，而去年增長約 4.5。

Lastly, I want to talk about our stock repurchases.

最後我想談談我們的股票回購。

As you probably know, we have had in place an existing common stock repurchase program, allowing us to repurchase up to $500 million of Costco's common stock.

您可能知道，我們已經制定了現有的普通股回購計劃，讓我們可以回購高達 5 億美元的 Costco 普通股。

Through the end of the third quarter, May 8, we had not used any of that existing -- that $500 million plan.

截至 5 月 8 日第三季末，我們尚未使用任何現有的 5 億美元計畫。

We had earlier, a number of years ago, bought about $100 million back and then re-upped the 500 to the 500 that it currently stood at.

幾年前，我們早些時候回購了大約 1 億美元，然後將 500 美元重新提高到目前的 500 美元。

Subsequent thereto, we did repurchase stock during post Q3 end here.

隨後，我們在第三季末回購了股票。

And we have repurchased approximately 9.2 million shares at an aggregate purchase price of about $413 million, or 44.87 a share.

我們回購了約 920 萬股股票，總購買價約 4.13 億美元，即每股 44.87 美元。

We still have repurchase authorization under this program of approximately $87 million.

根據該計劃，我們仍擁有約 8,700 萬美元的回購授權。

And this program expires in November of '07.

該計劃將於 07 年 11 月到期。

Our new program will allow us to repurchase up to an additional $1 billion of common stock on essentially the same terms, basically as management -- as conditions warrant, as management sees fit.

我們的新計劃將使我們能夠以與管理層基本相同的條件額外回購最多 10 億美元的普通股——只要條件允許，管理層認為合適。

And finally, before I turn it back to Latosha for Q&A, let me give you some -- what I will call vague directions for Q1 and fiscal '06.

最後，在我將其轉回 Latosha 進行問答之前，讓我給您一些 - 我將稱之為第一季和 06 財年的模糊指示。

Looking at the most recent FirstCall estimates out there, they have us quarterly -- and this would be the FirstCall sheet that I looked at, which was September 30 -- they have us on average at 44 for Q1.

看看最近的 FirstCall 估計，他們每季度都有我們的數據 - 這就是我查看的 FirstCall 表，即 9 月 30 日的數據 - 他們第一季的平均數據為 44。

That compares to 40 last year in Q1 in fiscal '05.

相比之下，去年 05 財年第一季有 40 個。

They have us at 61 in Q2 compared to 54 last year.

第二季我們的排名為 61，而去年為 54。

And again the 54 is a normalized 54 -- that is when we had those two big -- the big benefit -- the net big benefit last year in Q2.

54 又是標準化的 54——那是我們去年第二季獲得這兩項大——大收益——淨大收益的時候。

They have us at 50 in Q3 compared to 43, and 74 in Q4 compared to 66, recognizing that in Q4 the upcoming fiscal year is a 53 week year therefore the upcoming fourth quarter in fiscal '06 is a 17 week quarter versus a 16 week quarter.

They have us at 50 in Q3 compared to 43, and 74 in Q4 compared to 66, recognizing that in Q4 the upcoming fiscal year is a 53 week year therefore the upcoming fourth quarter in fiscal '06 is a 17 week quarter versus a 16 week四分之一.

We would -- again I am trying to give you some guidance here -- and recognizing that we've gotten off to a good start in September with sales -- it is still tough out there.

我們會 - 我再次試圖在這裡給你一些指導 - 並認識到我們在九月份的銷售方面取得了良好的開端 - 那裡仍然很艱難。

Gas is still going crazy.

天然氣仍然在瘋狂。

People always ask us what is going on with the economy.

人們總是問我們經濟狀況如何。

And notwithstanding our very strong sales, and we appreciate that, and understand it is part of our value proposition, and certainly helped by things like gasoline, we want to remain cautious about what the outlook is.

儘管我們的銷售非常強勁，我們對此表示讚賞，並理解這是我們價值主張的一部分，並且肯定受到汽油等因素的幫助，但我們希望對前景保持謹慎。

So we hope we will keep beating the cautious optimism.

因此，我們希望我們能夠繼續克服謹慎樂觀的情緒。

In Q1, again FirstCall is 44, that is certainly within the range.

在第一季度，FirstCall 再次為 44，這當然在範圍內。

I would probably put it at the high end of the range.

我可能會把它放在該範圍的高端。

But certainly the last two quarters our guidance out there we have come in at the high end of the range.

但可以肯定的是，過去兩個季度我們的指導已經達到了範圍的高端。

For the year, the 229, that would imply on 204 a 12% increase, recognizing that FirstCall currently was at 201, I believe.

今年，229，這意味著 204 增加了 12%，我相信 FirstCall 目前是 201。

Again, I would put that near the high end of our range.

再說一遍，我會把它放在我們範圍的高端附近。

And we are going to start off cautious looking at our outlook, something in the very high single digits to the low double-digits for the year, recognizing that we have a $36 million estimated increase in stock option expense this year.

我們將開始謹慎地審視我們的前景，今年的前景將處於非常高的個位數到低兩位數之間，因為我們認識到今年的股票期權費用預計將增加 3600 萬美元。

We have a 10 to $12 million increase estimated in preopening expense.

我們預計開業前費用將增加 1,000 至 1,200 萬美元。

And you might look at us and say, what about the 16 million from last year?

您可能會看著我們說，去年的 1,600 萬呢？

Again, this is on a normalized basis.

同樣，這是在標準化的基礎上。

And we have the ramp up in expansion.

我們的擴張也在加速。

We think that the FirstCall estimates out there are certainly doable.

我們認為 FirstCall 的估計肯定是可行的。

But we're going to start off a little cautiously and see how the quarter -- how the year goes -- how the quarter goes and how the year goes.

但我們將謹慎地開始，看看本季、全年的情況如何，本季和全年的情況如何。

We feel good about our operations.

我們對我們的營運感覺良好。

We've got a lot of good things going on, and we do a lot of existing market units coming this year, probably well over 85, 90%.

我們正在做很多好事，今年我們會做很多現有的市場單位，可能遠超過 85%、90%。

And we are running on all cylinders right now.

我們現在正全力以赴。

So with that, I will turn it back over to Latosha and open it up for Q&A.

因此，我會將其轉回給 Latosha 並打開進行問答。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Emme Kozloff.

艾米·科茲洛夫。

In terms of the preopening, can you give us a little color on Q1?

關於預開業，您能為我們介紹一下第一季的情況嗎？

Because I would have thought you have had more Q1 expense in the Q4 period, given openings were about three times the size of Q1 last year?

因為我認為你在第四季的第一季支出更多，因為空缺職位的規模約為去年第一季的三倍？

Can you walk us through the timing of openings and related expenses?

您能否向我們介紹開業時間和相關費用？

The real problem was -- is you expense it as you incur it.

真正的問題是──你在產生它的同時就將它費用化了。

And some locations take 100 days to open -- to construct and open, and some locations take nine months.

有些地點需要 100 天才能開業——建造和開業，有些地點需要九個月。

Boise, Idaho was going to be closer to 100 days, and our New Jersey location is going to be nine months or more.

愛達荷州博伊西的服務時間將接近 100 天，而我們新澤西州的服務時間將是 9 個月或更長時間。

We've got one in Vancouver, BC that is at the bottom of a high-rise construction project that is going to take 2.5 years.

我們在不列顛哥倫比亞省溫哥華市有一個高層建築項目的底部，該項目需要 2.5 年的時間。

So we will incur preopening expense for a significant period of time.

因此，我們將在相當長的一段時間內承擔開業前的費用。

There's a lot out of -- for lack of a better word, swag, that goes (indiscernible) expenses as it incurs.

有很多東西——因為沒有更好的詞，贓物，在它產生的時候就消失了（難以辨認的）費用。

I would be happy to look at it more closely.

我很樂意更仔細地觀察它。

I don't have all the detail in front of me.

我面前沒有所有細節。

On a given quarter you have relos that when you think about new openings you sometimes think -- depending on where a relo is, as well as if you've got a few of those that are getting ready to open, or getting ready to open up several months from now.

在特定季度，當您考慮新開業時，您有時會想到 - 取決於重新開業的位置，以及您是否有一些正在準備開業或準備開業的重新開業從現在起幾個月後。

But I will be happy to look through it and call you on that.

但我很樂意查看並就此致電您。

And then in terms of the share repurchase, do you have a rough timeframe in mind for when you might complete the $1 billion program, say, 12 to 24 months maybe?

然後就股票回購而言，您是否有一個大概的時間框架來完成這個 10 億美元的計劃，例如 12 到 24 個月？

History -- you guys wouldn't be sitting there saying, sometimes between now and never.

歷史－你們不會坐在那裡說，有時從現在到永遠。

Clearly, the 500 we had in place -- without a lot of effort we spent in about a 2.5 -- about a three-month period, because we only buy back stock -- we buy back stock aligning ourselves with our own blackout schedule.

顯然，我們已經到位的500 隻股票——沒有我們在大約2.5 個月——大約三個月的時間內花費太多努力，因為我們只回購股票——我們回購股票與我們自己的停電時間表格保持一致。

And we black ourselves out for the entire week each month for sales, and for the entire period starting before a fiscal quarter or a year closes, through the following Monday after the reporting -- or two days after the reporting.

我們每個月整整一周的銷售時間，以及從財政季度或年度結束之前開始的整個期間，一直到報告後的下一個星期一（或報告後的兩天）。

In this case, since we are reporting on a Thursday, we have been blacked out since August 26 or whatever -- that Friday, and we are blacked out through this coming Monday.

在這種情況下，由於我們在星期四進行報告，因此自 8 月 26 日或其他時間（週五）以來我們一直處於停電狀態，並且在下週一之前我們都處於停電狀態。

I wouldn't extrapolate it completely, but I am sure as many of you call me with your own budgets and your own models and say, what do you think -- do you o think you'll spend 500 this year?

我不會完全推斷，但我確信你們中的許多人都用你們自己的預算和你們自己的模型打電話給我並說，你們覺得怎麼樣——你們認為你們今年會花 500 美元嗎？

Do you think you will spend 750 this year, or do you think you'll spend 1 billion before the year is up?

你覺得今年會花750，還是年底前花10億？

I would probably say, yes, that is reasonable to all three of those.

我可能會說，是的，這對這三個人來說都是合理的。

It is -- the program is as market conditions warrant.

該計劃是根據市場情況制定的。

My guess is we will do something on a steady basis, and probably be opportunistic beyond that if we or the economy or the stock market stubbed its toe.

我的猜測是，我們將在穩定的基礎上做一些事情，如果我們、經濟或股市出現問題，我們可能會採取機會主義的做法。

So I'm being -- I sound like a weatherman from Seattle here about what it is going to do today.

所以我聽起來就像是西雅圖的天氣預報員，談論今天會發生什麼。

But I am -- I think we have indicated -- our actions over the last quarter speak well of what we plan.

但我認為——我認為我們已經表明——我們上個季度的行動很好地說明了我們的計劃。

Deborah Weinswig.

黛博拉·溫斯威格。

You talk with respect to gross margins, the fact that the reduced sales penetration is going to remain that.

當您談到毛利率時，銷售滲透率下降的事實將繼續存在。

Merchandise categories, I think you have about a 20 basis point decrement.

商品類別，我認為有大約 20 個基點的減少。

Can you give us a little bit more color on that?

你能為我們提供更多的資訊嗎？

Let me just give you an example that is not exact to this quarter or this year, but not exact to this quarter.

讓我給大家一個例子，這個例子不精確到本季或今年，但也不精確到本季。

But if you had a -- let's make up some numbers.

但如果你有——讓我們編一些數字。

Gas is 5 to 7% of sales or whatever for us.

對我們來說，天然氣佔銷售額的 5% 到 7%。

Let's say -- let's just make it up and say it is 5%.

假設——讓我們彌補一下，說是 5%。

And let's say the 5% was at a low single digit margin.

假設 5% 的利潤率很低。

You pick the number.

你選號碼。

I'm asking you to pick the number, so I'm not (multiple speakers).

我要求你選擇號碼，所以我不（多個發言者）。

2%.

2%。

Okay, 2%.

好的，2%。

And if our Company average margin is around 11, clearly that -- excluding gas -- is more than 11.

如果我們公司的平均利潤率約為 11，那麼很明顯（不包括天然氣）超過 11。

Let's call it 12.

我們姑且稱之為12吧。

And again I just taking this up as we go along.

我再次在我們進行的過程中繼續討論這個問題。

Under that scenario, if 5% of our sales were at 2% and 95% were at 12% -- I'm hoping this works, by the way -- that would give you an 11.50% margin.

在這種情況下，如果我們銷售額的 5% 為 2%，95% 為 12%（順便說一句，我希望這能奏效），那麼您的利潤率為 11.50%。

If over the course on a year-over-year comparison -- I am again making this up -- in this example we're doing 1,000 basis point difference.

如果在整個過程中逐年比較——我再次編造這一點——在這個例子中，我們正在做 1,000 個基點的差異。

Let's say the 5 went to 7, which means the 95% penetration went to 93.

假設從 5 變為 7，這意味著 95% 的滲透率變為 93。

So at .07 times 2% and .93 times 12%, that gives you an 11.30.

因此，以 0.07 乘以 2% 和 0.93 乘以 12%，所得的結果是 11.30。

It couldn't have worked out better for my example.

對我的例子來說，這是再好不過的了。

That is 20 basis points.

即20個基點。

So what you see there is that -- and again this is not exact -- but as you have a significant increase in penetration and gas, even though the core businesses showed year-over-year improvement in margin, the reported Company margin, because there is such a wide disparity of the range of margins.

所以你看到的是——這又不準確——但是隨著滲透率和天然氣的顯著增加，儘管核心業務的利潤率（報告的公司利潤率）同比有所改善，因為利潤範圍差異如此之大。

Now 1,000 is on the high end, but that is what -- that is why we had the April 22nd conference call where we talked about what happens during that time.

現在 1,000 是高端，但這就是——這就是為什麼我們在 4 月 22 日召開電話會議，討論了那段時間發生的事情。

But in terms of your higher margin categories, you're not seeing any change in terms of sales mix, etc.?

但就利潤率較高的類別而言，您沒有看到銷售組合等方面有任何變化？

Nothing out of the ordinary.

沒什麼不尋常的。

Clearly things like consumer products have been on fire.

顯然，像消費品這樣的東西已經火了。

Consumer electronics have been on fire for the last couple of years and have remained so.

消費性電子產品在過去幾年中一直很火爆，而且一直如此。

As I mentioned on the call, consumer electronics and automotive were both in the 15 to 20% range.

正如我在電話中提到的，消費性電子產品和汽車都在 15% 到 20% 的範圍內。

Things like photo processing has come down, as it is -- the industry is.

像照片處理這樣的行業已經衰落了，事實上，這個行業就是如此。

We are down less than the industry, but nonetheless down.

我們的下滑幅度小於產業，但仍下滑。

But the answer to your question simply is no.

但你的問題的答案是否定的。

We feel good about what is going on in merchandising.

我們對行銷方面的進展感到滿意。

And then second question, which I think you did a great job handling on the call in terms of the expansion goals for 2006.

然後是第二個問題，我認為您在電話會議上就 2006 年的擴張目標處理得很好。

Can you talk about, especially versus '05, is there anything different in your approach to 2006 that would give us additional confidence in the 28 to 30 net new units?

您能否談談，特別是與 05 年相比，您對 2006 年的做法是否有什麼不同，可以讓我們對 28 至 30 個淨新單位更有信心？

That's a fair question.

這是一個公平的問題。

Some of the guys in the room here are laughing.

房間裡的一些人在笑。

A couple of years we have missed that.

幾年來我們已經錯過了這一點。

I think the biggest thing is how many things -- how many things on that list are what I would call done deals.

我認為最重要的是有多少事情——清單上有多少事情是我所說的已完成的交易。

If I look back -- and again, we're not trying to fool anybody out there.

如果我回頭看，我們並不是想愚弄任何人。

We are pushing ourselves to get as many open as possible.

我們正在努力讓盡可能多的人開放。

If I go back a year ago August when the number -- I don't have the transcript in front of me -- was somewhere in the major high 20s, I think -- or probably I said our budget was closer to 30, but therefore let's be safe and do 25.

如果我回到一年前的 8 月，當時這個數字（我面前沒有文字記錄）大約在 20 左右，我想，或者我可能說我們的預算接近 30，但是因此，為了安全起見，我們還是做25吧。

Probably 12 or 13 of them were in August, in month 12.

其中可能有 12 或 13 個是在 8 月第 12 個月發生的。

And those are the ones we're all working hard to do.

這些都是我們都在努力要做的事。

Inevitably a few died, a couple got delayed, whatever else.

不可避免地會有一些人死亡，有些人被延誤，等等。

When I look at the list now, and again the reference point I would -- I recently recall is April 22nd when we had our earnings guidance call, and we talked about this very same question.

當我現在查看這份清單時，我會再次參考——我最近記得是 4 月 22 日，當時我們召開了盈利指導電話會議，我們討論了同樣的問題。

If you look back in April of '05 -- I'm sorry, in April of '04 looking at fiscal '05, the opening expected, as of T minus five months in April of '04 we only had 11 or 12 done deals signed, sealed, delivered -- a couple of them even under construction.

如果你回顧一下 05 年 4 月——我很抱歉，在 04 年 4 月看看 05 財年的開盤情況，截至 04 年 4 月 T 減去 5 個月，我們只完成了 11 或 12 筆交易簽字、蓋章、交付——其中有幾個甚至正在建設中。

If we looked back at April 22nd when we went through that same list of what we're looking at for fiscal '05 starting -- fiscal '06 starting now, we had doubled that number of done deals.

如果我們回顧 4 月 22 日，當時我們查看了 05 財年開始的相同清單 - 從現在開始的 06 財年，我們已完成的交易數量增加了一倍。

And again, just yesterday I sat down with Jim and Jeff and we went through the detailed list, which was only two weeks old, and on that list he subtracted two and added three to get to where we are on this call today.

再說一次，就在昨天，我與吉姆和傑夫坐下來，我們瀏覽了只有兩週前的詳細清單，他在清單上減去了兩個並添加了三個，以達到我們今天的電話會議的目的。

So there's always going to be some changes, but given -- I guess I would say to be cautious here that if our guidance last year was in the mid to high 20s, and we came in at 16, and my guidance today is 28 to 30, I feel more comfortable saying it wouldn't be less than 25.

所以總是會有一些變化，但考慮到——我想我會說要謹慎，如果我們去年的指導是在20 多歲左右，而我們的指導是16 歲，而我今天的指導是28 歲到20歲左右。30，我覺得不會低於25更舒服。

But I think you're going to see it closer to that 30 number.

但我認為您會看到它更接近 30 這個數字。

I also look at the 28 to 30 and there is only four or five in August -- looking out 12 months, not 10 or 12.

我還查看了 28 至 30 個月，8 月只有四到五個——展望 12 個月，而不是 10 或 12 個月。

That is my story, and I'm sticking to it.

這就是我的故事，我會堅持下去。

That's very helpful.

這非常有幫助。

Thank you, Richard.

謝謝你，理查。

Greg Melich.

格雷格·梅利奇.

A couple of questions.

有幾個問題。

One was on the payables, and then a little follow-up on the stores.

一是應付帳款，然後是商店的一些後續行動。

Where were you getting the traction on the extending of payables?

您從哪裡獲得延長應付帳款的動力？

Was that in certain categories or areas of the world?

這是在世界的某些類別或地區嗎？

When we look at it, the constant theme to our buyers, as I'm sure they are at all retailers, is to get more of every thing that is good and get less of everything that is bad.

當我們審視這個問題時，我們的買家的不變主題（我確信他們在所有零售商中都是如此）是多買一些好的東西，少買一些不好的東西。

You know, more turns, more discounts.

你知道，轉彎越多，折扣就越多。

And clearly in lower interest rate environments it is easier to go back to vendors and try to get extra dating.

顯然，在較低的利率環境下，更容易回到供應商並嘗試獲得額外的約會。

Now there's some that you're not going to get anything from.

現在有一些你不會從中得到任何東西。

These are their deals.

這些是他們的交易。

And those typically tend to be the bigger companies.

這些通常都是較大的公司。

But all retailers, including (indiscernible) have been trying to figure that out.

但所有零售商，包括（音訊不清晰），一直在試圖解決這個問題。

I think it is a combination of slightly improving turns.

我認為這是稍微改進的轉彎的組合。

We already have a relatively high turn.

我們已經有了一個相對較高的轉折點。

International -- there has been a little more focus international.

國際化－國際化更加受到重視。

Certainly as our purchasing power in these countries, as we go from the 8 to 10 to 16 locations in a UK, or from 3 to 5 locations either in a Taiwan, or from zero to 5 locations in a Japan, there's a little improvement there.

當然，就我們在這些國家的購買力而言，當我們從英國的8 個地點增加到10 個到16 個地點，或者從台灣的3 個地點增加到5 個地點，或者從日本的0 個地點增加到5 個地點時，那裡有一點改善。 。

Although that is -- that is little because it is little in terms of the percentage of our Company.

雖然這個數字很小，因為它占我們公司的比例很小。

But I think it is just a constant focus on it every month at our budget meeting where we talk about everything from AP ratios to inventory turns and turns and discounts.

但我認為這只是我們每月預算會議上持續關注的問題，我們討論從應付帳款比率到庫存週轉率、週轉率和折扣的所有內容。

That is just a constant focus -- to constantly do that.

這只是一個持續的關注——不斷地這樣做。

Now over the years we have also hit it for some things.

多年來，我們也做了一些事。

An extreme example would be tobacco, and this is a number of years ago, but as the tobacco companies -- this is probably 6, 8 years ago -- came out with improving terms, the more you would pay electronically.

一個極端的例子是菸草，這是很多年前的事了，但隨著菸草公司——這可能是六、八年前——提出了改進的條款，你透過電子方式支付的費用就越多。

And at the time you might get -- you paid an extra 6 or 9 days early, you get a discount greater then your own cost of money.

那時你可能會得到——你提前支付了額外的 6 或 9 天，你得到的折扣比你自己的錢成本還要高。

So it was a no-brainer.

所以這是理所當然的。

You did it.

你做到了。

Those things tended to hurt the AP ratio.

這些事情往往會損害 AP 比率。

I think those are fewer and further between today because, like other large retailers and large companies, I think we have all done a pretty good job of pushing the envelope and trying to be creative with our suppliers.

我認為從今天開始，這種情況越來越少，而且越來越遠，因為像其他大型零售商和大公司一樣，我認為我們在挑戰極限並努力與供應商一起發揮創造力方面都做得非常好。

In terms of -- you have added a lot of inventory in consumer electronics -- toys -- I think you also listed jewelry.

就消費性電子產品（玩具）而言，您增加了大量庫存，我認為您還列出了珠寶。

Is that right?

是對的嗎？

I combined jewelry and toys.

我把珠寶和玩具結合在一起。

That is -- that is more -- the jewelry and toys is more bringing in things seasonally a little -- a few weeks earlier.

也就是說，更多的是，珠寶和玩具更多地是按季節引入一些東西——提前幾週。

So has it been going into those categories -- like do you find you're getting better terms in like consumer electronics than you did in the past, or that you just generally get better terms there, or no, it has been across the board?

那麼它是否進入了這些類別——例如你是否發現你在消費電子產品等領域獲得了比過去更好的條款，或者你通常在那裡獲得了更好的條款，或者沒有，它是全面的？

I would say no.

我會說不。

There's nothing unusual in that.

這並沒有什麼不尋常的。

I think it is more -- a few hundred buyers all with their hit sheet of all the things they are supposed be doing every time they renegotiate deals.

我認為更多的是——數百名買家每次重新談判交易時都拿著他們應該做的所有事情的清單。

And then the second was on the store additions.

第二個是關於商店的增加。

It is the -- is the amount through the pipeline getting more visible?

是——通過管道的金額是否變得更加明顯？

Even in the future years, is the strategy still mainly in-fills as opposed to trying to extend markets?

即使在未來幾年，該策略是否仍然主要是填充而不是試圖擴展市場？

I think it is both recognizing that some of the new markets -- ultimately, if you look at just the U.S., you're going to run out of new markets on a figurative basis.

我認為雙方都認識到一些新市場——最終，如果你只看美國，你將會在像徵性的基礎上耗盡新市場。

Chicago, which for a number of -- I think our first one opened in Chicago 4 years ago, 4.5 years ago.

芝加哥，對很多人來說——我想我們的第一家店是 4 年前、4.5 年前在芝加哥開業的。

For a few years we called it a new market.

幾年來我們稱之為新市場。

It is hard to call it a new market now that it is successful, profitable, and it includes 13 units now, 12 units.

現在很難稱其為新市場，因為它是成功的、有利可圖的，現在包括 13 個單位、12 個單位。

We will open a few more there.

我們將在那裡再開一些。

Atlanta, we have 5, and we will open 3 or 4 more over the next few years at least.

亞特蘭大，我們有 5 個，未來幾年我們至少還會再開 3 到 4 個。

But I think more importantly, let's face it, if you look at our lowest hanging fruit, what we constantly surprise ourselves with is how many more you can add to an existing market.

但我認為更重要的是，讓我們面對現實吧，如果你看看我們最容易實現的目標，我們不斷讓自己驚訝的是你可以為現有市場添加多少。

And I'm hoping that that will continue, and that we will keep revising that 800 units in 10 year kind of number upward for the Company.

我希望這種情況能夠持續下去，並且我們將繼續修改公司在 10 年內增加 800 台的數量。

And then on the CapEx front, is that the normalized CapEx for a sort of upper 20s club store growth rate -- the 1.2 to 1.4, if we are building out models for multiple years?

然後在資本支出方面，如果我們要建立多年的模型，這是否是 20 多歲俱樂部商店成長率的標準化資本支出 - 1.2 到 1.4？

Is that fair do you think or is that above trend?

您認為這公平嗎？還是高於趨勢？

The 1.4 is probably above trend.

1.4 可能高於趨勢。

I think our number is in the high 1.2's if we had to just guess exactly.

如果我們必須準確猜測的話，我認為我們的數字在 1.2 左右。

But knowing full well that it could be plus or minus 100, as we have learned.

但正如我們所知，它可能是正負 100。

Let's just do the model really easily.

讓我們非常輕鬆地製作模型。

Let's say it was 30 new and 3 relos.

假設有 30 個新的和 3 個重製版。

That is 33, plus half of 3 units in Mexico, so just call it 35. 35 and -- on average including the fixtures and equipment probably 27 or 28 million.

那是 33 台，加上墨西哥 3 台的一半，所以就稱之為 35。35 以及——包括固定裝置和設備在內的平均數量可能為 27 或 2800 萬台。

So let's be high 28 million. 28 times 35 is 980.

所以讓我們達到2800萬吧。 28 乘以 35 是 980。

Let's figure another 50 to 100 for depots, call it 75.

我們再算出 50 到 100 個倉庫，稱為 75。

Figure another 50 for maintenance, and another 100 for remodels.

另外 50 個用於維護，另外 100 個用於改造。

And remodel is everything from adding a gas station to blowing out a wall in a warehouse and adding 20,000 feet to it.

改造包羅萬象，從增加一個加油站到炸毀倉庫的一面牆，再到增加 20,000 英尺的高度。

So redoing -- restriking a parking lot.

所以重做——重新攻擊停車場。

So that would be 980 and 125.

所以那就是 980 和 125。

We just got to 1 billion 205.

我們剛剛達到 10 億 205。

Okay.

好的。

And maybe you add another 30 for IT or something.

也許您還可以再增加 30 個用於 IT 或其他用途。

But that is a pretty back of the envelope correct number.

但這是一個相當正確的數字。

Bob Drbul.

鮑勃·德布爾.

You talked a little bit about, I think, opening a box under an apartment building.

我想你談到了在公寓樓下打開一個盒子。

Can you elaborate a little bit, if you are noticing anything in some of the more unique boxes that you're opening in terms of returns, expectation for returns, how do they differ?

您能否詳細說明一下，如果您注意到您打開的一些更獨特的盒子中有任何關於回報、回報預期的內容，它們有何不同？

And does would like opening a box with that sort of characteristic change your idea on ultimate size in terms of where the locations are?

打開一個具有這種特徵的盒子是否會改變您對位置的最終尺寸的想法？

And as you go into this year and reaccelerate the square footage, can you just talk about the expectations around cannibalization within the business a little bit?

當你進入今年並重新加速面積時，你能談談對業務內部蠶食的期望嗎？

Let me answer the first question -- the last question first.

讓我先回答第一個問題——最後一個問題。

Each month when we report comps and do our little taped message, and we say what was the impact of comps, and it simply just taking out all the units affected by cannibalization.

每個月，當我們報告比較並製作我們的小錄音訊息時，我們都會說比較的影響是什麼，它只是簡單地取出所有受蠶食影響的單位。

We just take out the cannibalized units and say, this is the comp with and without, and that is the impact.

我們只是取出被蠶食的單位並說，這是有和沒有的比較，這就是影響。

As we increase in-fills now, I guess it goes up -- over the last year or two the impact of cannibalization was somewhere on average around 50, 60 basis points.

隨著我們現在增加填充，我猜它會上升——在過去一兩年裡，蠶食的影響平均約為 50、60 個基點。

As low as 40, 35 or 40, and as high as 80 or 90.

低至 40、35 或 40，高至 80 或 90。

My guess is it doesn't get past that 80 or 90, and it probably is 75 or something as we increase cannibalization.

我的猜測是，它不會超過 80 或 90，隨著我們增加蠶食，它可能會達到 75 左右。

So not a real big impact in that regard.

所以在這方面並沒有真正的大影響。

Clearly opening in an existing market unit versus a new unit, even if you net out the cannibalized sales, which of course you should, you're talking about a net number in an existing market of 70 or 80 million, if not a little more, versus a new market in that first year -- the first 52 weeks -- of 50 or 55 million on average.

顯然，在現有市場單位與新單位中開業，即使你扣除了蠶食的銷售額（當然你應該這麼做），你談論的是現有市場中的淨數量為70 或8000 萬，如果不是多一點的話，而第一年（前 52 週）的新市場平均數量為 50 或 5500 萬。

So clearly the impact of existing marketing units is not as big and have a short-term impact on the P&L as a new market unit.

顯然，現有行銷單位的影響並不像新市場單位那麼大，並且對損益表有短期影響。

What was the first question now --?

現在第一個問題是什麼──？

On returns -- like differing returns on some of the more unique boxes that you guys are opening?

關於退貨——比如你們打開的一些更獨特的盒子有不同的退貨？

First of all, our simple method of looking at new warehouses is we look at a pretax cash -- how long does it take -- can a unit get to, and how long does it take for a unit to get to a pretax cash on cash fully allocated return on investment -- on cash investment of 15%?

首先，我們查看新倉庫的簡單方法是查看稅前現金 - 需要多長時間 - 一個單位可以達到，以及一個單位需要多長時間才能達到稅前現金現金完全分配的投資回報率——現金投資的15 %？

In the I in the ROI model and the denominator, the investment, is the -- again we own most of our facilities, but if we don't we capitalized it to get an apples-to-apples comparison here.

在投資報酬率模型中的 I 和分母（投資）中，我們再次擁有大部分設施，但如果我們不這樣做，我們就會將其資本化以進行同類比較。

But on owned facility it is the land, building and site where the construction costs.

但對於自有設施來說，建設成本是土地、建築物和場地。

It is all the equipment and fixtures.

這是所有的設備和固定裝置。

And that on average is about a $28 million number, or about 26, 27 to $28 million number I threw out earlier on average.

平均而言，這個數字約為 2800 萬美元，或者說我之前拋出的平均數字約為 26、27 至 2800 萬美元。

The R is simply the warehouse P&L.

R 就是倉庫損益表。

Add back the depreciation, and then subtract an amount that is slightly under $1 million a year for our central allocation.

加回折舊，然後減去每年略低於 100 萬美元的金額用於我們的中央分配。

So that is a pretty simple model.

這是一個非常簡單的模型。

And then the question is how long does it get to get there?

那麼問題是需要多長時間才能到達那裡？

Our goal is that it must get to 15 -- a minimum of 15% in ROI.

我們的目標是投資報酬率必須達到 15——至少 15%。

And again we are always going to be wrong in some up and down, but overall if I looked at the class out of each year, generally speaking we have been pretty good; some years a little worse, some years a little better.

再說一遍，我們總是會在某些方面出現錯誤，但總的來說，如果我看看每年的班級，一般來說我們都相當不錯；有些年份差一點，有些年份好一點。

The existing markets we have to get there within three years.

我們必須在三年內到達現有市場。

In many instances we get there in the first week.

在許多情況下，我們會在第一周就到達那裡。

In new markets we have to get there in five years.

在新市場，我們必須在五年內達到目標。

Sometimes we're wrong, and it takes eight, and sometimes we're wrong it takes two.

有時我們錯了，需要八次，有時我們錯了，需要兩次。

So that is really about as good of an explanation -- as simple of an explanation I can give you on how we look at expansions.

所以這確實是一個很好的解釋——我可以給你一個關於我們如何看待擴展的簡單解釋。

When we look at -- clearly that 28 is a component of averages of $28 million for land, building, equipment and fixtures.

當我們觀察時，很明顯，28 是平均 2800 萬美元土地、建築、設備和固定裝置的組成部分。

That 28 could range from the high teens to the high 30s.

這 28 歲的範圍可能從十幾歲到三十多歲。

Now the high 30s are few and far between, and more and more the high teens are few and further between.

現在30多歲的人越來越少，十幾歲的人也越來越少。

But certainly a Tokyo or a downtown -- or a Culver City, California is going to be higher then a Missoula, Montana or a Bend, Oregon.

但可以肯定的是，東京或市中心——或者加州的卡爾弗城將高於蒙大拿州的米蘇拉或俄勒岡州的本德。

But again the average has grown, but not a lot.

但平均數再次成長，但幅度不大。

Clearly when we're looking to put a lot more money in a Japan, we are also -- it is a test.

顯然，當我們希望在日本投入更多資金時，我們也是──這是一個考驗。

We are seeing if it works.

我們正在看看它是否有效。

Clearly we need more than $100 million average to make the ROI work.

顯然，我們平均需要超過 1 億美元才能實現投資報酬率。

We think we're getting there.

我們認為我們已經成功了。

We are profitable in Japan already on a fully -- on a full P&L basis there, just in the last few months.

就在過去的幾個月裡，我們在日本已經完全獲利了——在完全損益的基礎上。

Which is significantly better than we planned in the fifth year of our operations there.

這比我們在那裡運營第五年的計劃要好得多。

It doesn't mean that it is going to work, but it gives us more confidence that it is going to work.

這並不意味著它會起作用，但它讓我們更有信心它會起作用。

In the U.S. we're much more -- we're much less likely to -- we never want to do multideck anything.

在美國，我們更多地——我們不太可能——我們從來不想做多層任何事情。

We would like to have 15 acres or 12 acres, and have a 3.5 acre footprint, a $150,000 footprint of a building, and about 3X for that for parking and landscaping and ingress and egress.

我們希望擁有 15 英畝或 12 英畝的土地，並擁有 3.5 英畝的佔地面積，一棟建築的佔地面積為 150,000 美元，以及大約 3 倍的停車、景觀美化和出入口面積。

In Tokyo we or Seoul, Korea or Brooklyn, New York, frankly, that is not possible, or not -- it is prohibitively expensive.

坦白說，在東京、韓國首爾或紐約布魯克林，這是不可能的，或者說不可能——成本太高了。

I will give you an example.

我給你舉個例子。

There is a unit a couple of years ago we looked at in Atlanta, and it was somewhere between 4 and 15 acres and -- but in pushing the envelope to maximize car park we could get the footprint of the selling floor on one floor, but we would have to have double-decker parking.

幾年前，我們在亞特蘭大考察了一個單位，面積在4 到15 英畝之間，而且——但在挑戰極限以最大化停車場的過程中，我們可以將銷售樓層的佔地面積放在一層上，但是我們必須有雙層停車場。

And we chose not to do it, because it was a wash.

我們選擇不這樣做，因為這是一次清洗。

Let's look a little harder there should be ample space to find something that is larger where we could put everything on one floor.

讓我們仔細看看，應該有足夠的空間來找到更大的東西，我們可以把所有東西都放在一層樓上。

That is how we look at things.

這就是我們看待事物的方式。

Can you talk a little bit about inflationary pressures and trends that you are seeing throughout the business?

您能談談您在整個行業中看到的通膨壓力和趨勢嗎？

It is happening.

它正在發生。

It is not going crazy.

它並沒有變得瘋狂。

I remember literally as a kid in my dad's grocery store under President Nixon, when hell you could earn on your cash management account over 1% a month.

我記得小時候在尼克森總統領導下的我父親的雜貨店裡，那時你的現金管理帳戶每月可以賺取超過 1% 的收入。

And, what, prime was at 17.

而且，什麼，巔峰時期是 17 歲。

Nothing like that.

沒有那樣的事。

We are seeing modest inflation.

我們看到溫和的通貨膨脹。

If you looked at our LIFO charge for last year, that would indicate as a simple measurement of inflation -- that would indicate overall on average less than 1% inflation.

如果您查看我們去年的 LIFO 費用，您會發現這是一種簡單的通膨衡量方法，即總體平均通膨率低於 1%。

We don't have anything specifically built into our budget other than what the buyers have done.

除了買家所做的事情之外，我們的預算中沒有任何具體內容。

And you can see it more in some categories than other.

在某些類別中，您可以比其他類別看到更多的內容。

If I look at -- when you say like if we are at less than 1% inflation annualized, or around 1% inflation annualized, even in the month of September -- on the high side it includes things like -- I'm just going down a simple list year here of some of the top items -- pistachios are up 28%.

如果我看一下——當你說，如果我們的年化通膨率低於1%，或者年化通膨率在1% 左右，即使是在9 月——在偏高的情況下，它包括這樣的事情——我只是這裡簡單列出了今年一些頂級產品的清單——開心果上漲了 28%。

Cashmere is up 15 to 20%.

羊絨上漲了15%至20%。

Gasoline, of course, is up significantly.

當然，汽油價格大幅上漲。

On the deflationary side, certainly electronics -- and electronics there is ten different items, minus 10, minus 24, minus 10, minus 14, minus 42, minus 10, minus 4, minus 17.

在通貨緊縮方面，當然是電子產品－而電子產品有十種不同的項目，負10、負24、負10、負14、負42、負10、負4、負17。

Every one of those were electronics.

每一件都是電子產品。

In fact there is a sheet of about 15 items, only two of the items are not electronics.

事實上，一張表約有 15 件物品，其中只有兩種不是電子產品。

But you add all that together, those minus 10s and 20s and the plus 10s and 20s, and you've got up to a plus 1.

但你把所有這些加在一起，那些負 10 和 20 以及正 10 和 20，你就得到了正 1。

Clearly I think there's more pressure today than there was.

顯然，我認為今天的壓力比以前更大。

Anecdotally it was last spring when we were talking about inflationary pressures in paper products.

有趣的是，去年春天我們正在談論紙製品的通膨壓力。

I think I talked to some of you about some of the big companies, whether it was the P&Gs and the Kimberly-Clarks and the James River Corps, or the people that make copy paper or toilet paper or paper towels, and you name it.

我想我和你們中的一些人談論了一些大公司，無論是寶潔公司、金佰利公司和詹姆斯河軍團，還是生產影印紙、衛生紙或紙巾的公司，凡是你能想到的公司。

For several months they were talking to us, and I'm sure to many other major retailers, about the need to raise prices because of higher energy costs.

幾個月來，他們一直在與我們以及我相信許多其他主要零售商討論由於能源成本上升而需要提高價格的問題。

Successfully I think the larger retailers were able to keep pressure on them to hold the line for a while.

我認為較大的零售商能夠成功地向他們施加壓力，讓他們堅持一段時間。

Ultimately last -- probably last May, April or May, in relatively short order over a few week period, many different manufacturers stopped talking and just sent out an announcements that effective June 1, July 1, July 15 prices of these items are going up X percent, usually in the 3 to 6% range back then.

最終，可能是去年5 月、4 月或5 月，在幾週內相對較短的時間內，許多不同的製造商停止了談話，只是發出公告，從6 月1 日、7 月1 日、7月15 日起，這些商品的價格將會上漲X%，當時通常在 3% 到 6% 範圍內。

They weren't talking anymore, they were pushing.

他們不再說話，而是互相推擠。

And I think you'll see more of that going forward, although our job as a retailer is to constantly try to maintain -- to minimize -- to mitigate when those increases occur.

我認為你會看到更多這樣的情況發生，儘管我們作為零售商的工作是不斷嘗試維持 - 盡量減少 - 當這些增加發生時減輕影響。

I think clearly since we have the ability to switch brands, and we are only going to carry one brand in many categories, that gives us perhaps a little more purchasing power on a given item or category.

我清楚地認為，由於我們有能力轉換品牌，而且我們只會在多個類別中銷售一個品牌，這可能會讓我們對特定商品或類別有更多的購買力。

But ultimately it's got to be passed through and ultimately we have got to pass it through to our customers.

但最終它必須被傳遞，最終我們必須將它傳遞給我們的客戶。

Dan Binder.

丹·賓德.

A couple of questions.

有幾個問題。

First, with regard to the '06 outlook is that rough earnings guidance predicated on the usual 6 to 7 comp, or something different?

首先，關於 06 年的前景，粗略的獲利指引是基於通常的 6 到 7 個比較，還是有什麼不同？

I think the comp is in the mid to high 5s.

我認為比較是在中高 5 秒之間。

Mid to high 5s.

中高5秒。

And then the --.

然後是——。

That is a comp that is inclusive of gasoline inflation too, so we are only one month into it, but we're are being helped.

這是一個也包含汽油通膨的補償，所以我們只進行了一個月，但我們正在得到幫助。

You're saying that includes gas -- you said?

你是說其中包括天然氣——你是說？

That should be -- I have got one month of predictability here, but so far so good.

那應該是——我在這裡有一個月的可預測性，但到目前為止還不錯。

Is it at that level that you would expect to get expense leverage?

您期望獲得費用槓桿的等級是否達到這個水準？

Our current budget shows some modest expense leverage and some modest gross margin.

我們目前的預算顯示出一些適度的費用槓桿和一些適度的毛利率。

And then the other question, on the 28 to 30 store, just so I make sure I understand, that includes or excludes the relocations?

然後是另一個問題，關於 28 到 30 號商店，只是為了確保我理解，包括或不包括搬遷？

Excludes relocations.

不包括搬遷。

Three relos planned.

計劃了三個重新開放。

I guess Wal-Mart has talked about being more aggressive during the holidays, and was a little bit more aggressive during back-to-school.

我想沃爾瑪已經談到了在假期期間更加積極主動，並且在返校期間更加積極主動。

Are you seeing that at Sam's at all, or do you expect it to flow through to Sam's during the holidays?

您是否在 Sam's 看到了這種情況，或者您預計這種情況會在假期期間傳播到 Sam's？

I think, again, for the last two years Sam's has been more aggressive.

我再次認為，在過去的兩年裡，山姆的態度更加激進。

Certainly their comps have come up a little relative to where they had been.

當然，他們的比賽比之前有所進步。

I'm sure they are encouraged by that.

我相信他們會因此受到鼓舞。

We don't -- there is a little bit honestly of ebbing and flowing in terms of their level of competitiveness.

我們不認為——老實說，他們的競爭力水平確實有一些起伏。

Overall it is higher.

整體來說還是比較高的。

Even when it is ebbing it is higher than it used to be.

即使它正在衰退，它也比以前更高。

So I think that they are a tough competitor.

所以我認為他們是一個強而有力的競爭對手。

We and they are out there fighting every day.

我們和他們每天都在戰鬥。

Our goal is to show you that we can be the best competitor out there with the best values and the best quality items, and clearly the best comps.

我們的目標是向您展示，我們可以成為最好的競爭對手，擁有最好的價值和最好的質量，並且顯然是最好的競爭。

And if we can do that and show some honest -- our mission is to lower prices and improve margins a little bit.

如果我們能做到這一點並表現出一些誠實——我們的使命就是降低價格並提高利潤率。

And I think we're showing that we can do that, recognizing the penetration switch here has caused a little bit of rip sawing here.

我認為我們正在證明我們可以做到這一點，並認識到這裡的穿透開關已經引起了一些裂鋸。

But looking -- and that is why I pointed it out, our core -- 85% of our business -- the basic four walls of merchandising year-over-year was up 9 basis points, notwithstanding the fact that we think we are as or more competitive than we have ever been.

但看起來——這就是為什麼我指出這一點，我們的核心——我們業務的 85%——銷售的基本四面牆同比增長了 9 個基點，儘管我們認為我們是或比我們以往任何時候都更有競爭力。

Just in terms of the payroll and health care leverage that you think you can get next year, has anything changed other than what you have already done on health care?

就您認為明年可以獲得的工資和醫療保健槓桿而言，除了您在醫療保健方面已經採取的措施之外，還有什麼變化嗎？

Is there anything in terms of the actual payroll, whether it is a part-time, full-time mix or anything that is -- once you've really enhance that payroll leverage from where it has been in prior years?

一旦你真正提高了前幾年的工資槓桿，那麼實際工資方面有什麼變化嗎？無論是兼職、全職混合還是任何其他形式？

I know it was up -- it was favorable this year, but --.

我知道它已經上漲了——今年很有利，但是——。

As it relates to health care, we are seeing -- there is no new changes.

由於它與醫療保健有關，我們看到沒有新的變化。

The changes we have made are in there.

我們所做的更改都在那裡。

If you recall, when we did it at the end of '03, it is four years' worth of changes, with about half of the impact in terms of lower expenses or reduced growth in expenses being in year one.

如果你還記得，當我們在 03 年底這樣做時，這是四年的變化，其中大約一半的影響是在第一年降低費用或減少費用增長方面。

Then of the remaining half probably being skewed a little bit to year four, but the total of that other half in the three years.

然後，剩下的一半可能會稍微偏向第四年，但另一半的總數是三年的。

And so we would expect to keep getting a little there.

因此，我們預計會繼續取得一些進展。

In terms of our employees, we have done absolutely nothing to change what we do.

就我們的員工而言，我們絕對沒有採取任何措施來改變我們的工作。

We still require our warehouses to have a minimum of 50% full-time.

我們仍然要求我們的倉庫至少有 50% 的全職人員。

We do that -- even know it is harder to lower payroll that way -- we do that because people want full-time jobs.

我們這樣做——即使知道這樣降低工資更難——我們這樣做是因為人們想要全職工作。

And we don't want our warehouses screwing around with the schedules to save a few basis points on expense leverage.

我們不希望我們的倉庫為了節省費用槓桿而浪費時間來節省一些基點。

There are other ways to do it.

還有其他方法可以做到這一點。

And I might add is that the other roughly 50% that are part-time, we guarantee all employees 25 hours.

我可能要補充的是，其他大約 50% 是兼職，我們保證所有員工都有 25 小時的工作時間。

So our part-time is darn close to what some retailers consider full-time.

因此，我們的兼職工作非常接近一些零售商所認為的全職工作。

We have not changed that.

我們沒有改變這一點。

If anything that is -- every four weeks one of the things that the operators talk about at the budget meeting -- actually it is our head of HR that talks about it by region -- is the ratio of part-time to full-time.

如果有的話——每四個星期運營商在預算會議上談論的一件事——實際上是我們的人力資源主管按地區談論它——就是兼職與全職的比率。

And when it goes below 50, which it might trend to 49 or 48 in a given region one month, Jim is on their backs getting it changed by the next month.

當它低於 50 時（在某個特定地區，一個月可能會下降到 49 或 48），吉姆就會支持他們在下個月之前改變它。

We have not -- I think it is -- we do have any big things happening like adding -- doing one on one at the front end like we had a year and a half ago.

我們沒有——我認為是——我們確實發生了任何重大事情，例如添加——像一年半前那樣在前端進行一對一的操作。

No, there is nothing unusual, other than I sometimes say tongue in cheek that we spend three years getting our SG&A up 105 basis points.

不，沒有什麼不尋常的，除了我有時會開玩笑地說，我們花了三年時間將 SG&A 提高了 105 個基點。

I think the switch from back to '01 and '02 of opening a lot of new market units and then digesting them in '03 and '04, and now switching and doing more existing marketing units that are starting out at a relatively higher ratio of sales -- that helps.

我認為從01年和02年開始，我們會開闢很多新的市場單位，然後在03年和04年消化它們，現在轉換並做更多現有的營銷單位，這些單位一開始的比例相對較高。銷售——這很有幫助。

Just lastly, a housekeeping item.

最後，一個家務用品。

What was the interest add back on the convert during the quarter?

本季轉換後的利息增加是多少？

And then since you mentioned the fill-in strategy this year, what do you expect the fill-in versus new market mix to be?

既然您提到了今年的填補策略，那麼您預計填補市場與新市場的組合會是什麼樣子？

The mix is -- I don't have the exact number in front of me -- I'm saying 90, 10 in terms of existing markets this year.

混合情況是——我沒有確切的數字——我說的是今年現有市場的 90、10 個。

The add back in Q4 is 2 0 7 3, 2 million 73.

第四季的新增數量為 2 0 7 3，即 200 萬 73。

And for the year it is 7 million 762.

今年的數字是 700 萬 762。

Great.

偉大的。

Thanks.

謝謝。

I believe (inaudible) within in about an hour on our website there will be the Q&A that we provide, and it shows the quarterly LIFO, the effective exchange rates, the tax rates by quarter, and also the specific quarterly -- for the last year -- the quarterly EPS calculations.

我相信（聽不清楚）大約一個小時後，我們的網站上就會出現我們提供的問答，它會顯示季度後進先出法、有效匯率、按季度的稅率，以及最後一個特定的季度年——季度每股收益計算。

Christine Augustine.

克里斯汀·奧古斯丁.

Just to confirm your outlook for '06 then, are you saying that you're comfortable with EPS in the range of sort of 220 to 230?

那麼，為了確認您對 06 年的前景，您是說您對 EPS 在 220 到 230 的範圍內感到滿意嗎？

I would like to be a little more vague than that.

我想說得更模糊一點。

Clearly when I say the high single digits to the low double digits, I think you can multiply that out and get to about that.

顯然，當我說高個位數與低兩位數時，我認為你可以將其相乘並得到這個結果。

Again, I'm trying to be cautious going into the year recognizing, who knows?

再說一次，我在進入這一年時會保持謹慎，誰知道呢？

Clearly we started off better than that with an 11% comp -- and 11% comp flows.

顯然，我們的起步比 11% 的補償和 11% 的補償流量要好。

We don't think GAAP gets any worse.

我們認為 GAAP 不會變得更糟。

Maybe it doesn't get any better for a while, but it doesn't get any worse.

也許暫時不會好轉，但也不會變得更糟。

I think that's a healthy wide -- a purposely healthy wide range.

我認為這是一個健康的大範圍——一個有目的的健康的大範圍。

But I'm not suggesting that you take the midpoint to assume that's where we will be, or the low end.

但我並不是建議你採用中點來假設這就是我們將要達到的位置，或者低端。

Are you including a membership fee increase in January in that guidance or not?

您是否在該指導中包含一月份會員費的增加？

We don't talk specifically about our budgets, and we haven't made any decisions as to if and when.

我們沒有具體談論我們的預算，也沒有就是否以及何時做出任何決定。

What I will say is that, even if you did it in January, and I'm not saying we are, even if you did in January, because of the way deferred accounting works on membership fees, that would be roughly a half of this fiscal year and it would be about a quarter of it -- about a quarter of a half.

我要說的是，即使你在一月份做了，我並不是說我們是，即使你在一月份做了，因為遞延會計對會員費的工作方式，這大約是這個的一半財政年度大約是四分之一——大約四分之一半。

It is less -- it would be a couple of pennies this year, not -- simple math would say 20 million members times $5 is $100 million.

它更少——今年應該是幾美分，而不是——簡單的數學計算表明，2000 萬會員乘以 5 美元就是 1 億美元。

Subtract a little bit for higher nonrenewals and whatever else you want to subtract.

對於更高的非續訂和您想要減去的任何其他內容，減去一點。

Even if you've got that number down to 70 or 80, and then use you say half of that in a year, it is not half of that.

即使你把這個數字降到 70 或 80，然後用你所說的一年內的一半，它也不是一半。

It is less than $0.02 -- it is about $0.02 a share this year, even if you did it in January -- and I'm not saying we are.

它不到 0.02 美元——今年大約是每股 0.02 美元，即使你在一月份這樣做——我並不是說我們是這樣。

We have not made a decision, and when we do, you will know.

我們還沒有做出決定，當我們做出決定時，你就會知道。

Are you planning any new market entries internationally?

您是否計劃進入任何新的國際市場？

Yes, but we haven't announced anything yet, so I can't really tell you a whole lot.

是的，但我們還沒有宣布任何事情，所以我不能告訴你很多。

Even if we do, it wouldn't happen -- if we announced it today, it wouldn't happen in fiscal '06 in terms of getting something opened.

即使我們這樣做了，這也不會發生——如果我們今天宣布，那麼在 06 財年就不會開業了。

I would guess in fiscal '07 we will announce at least one country.

我猜想在 07 財年我們會宣布至少一個國家。

Dan Gaiman.

丹·蓋曼.

Can you talk about what was the change in gasoline traffic counts in September, and may be generally over the last few months?

您能否談談 9 月以及過去幾個月的汽油運輸量變化？

And then also what was the expense of which this traffic might have spilled over into warehouse sales during the month and maybe during the quarter as well?

然後，這些流量可能會在本月甚至本季溢出到倉庫銷售中，產生哪些費用？

I think it clearly spilled over in September.

我認為九月的情況顯然已經蔓延開來。

The rising comp there -- if you take the 11 and subtract out FX and gas, which was a sum of 4.

如果你用 11 減去外匯和汽油，那麼總和就是 4，不斷上升的補償。

So you're at a 7.

所以你現在是 7 分。

And you just looked at the U.S. of 10, the 10 was an 8 without gas -- without gas inflation.

你看看美國的 10，10 就是沒有天然氣的 8——沒有天然氣通貨膨脹。

So clearly -- and that 8 without gas is -- I don't remember when it was an 8.

很明顯——沒有汽油的 8 是——我不記得它是什麼時候的 8。

It has been a long time.

有段時間了。

Empirically you would say, yes, that has helped our business in the four walls.

根據經驗，你會說，是的，這對我們在四面牆的業務有所幫助。

We don't break out specific traffic counts though for that.

不過，我們並未透露具體的流量數據。

Mitch Kaiser.

米奇·凱撒.

I was wondering if you could just comment on the TV category in general?

我想知道您是否可以對電視類別進行總體評論？

I think you said one of the categories within consumer electronics were down -- the prices were down 42% year-over-year.

我想你說過消費電子產品中的一個類別下降了——價格比去年同期下降了 42%。

I was wondering if you could comment on that, and maybe just what your outlook is for that TV category as we head into the holiday season?

我想知道您是否可以對此發表評論，也許您對即將進入假期季節的電視類別有何看法？

That was one item, by the way.

順便說一句，那是一件事情。

I know.

我知道。

I wasn't suggesting that was the whole TV category.

我並不是說這就是整個電視類別。

There's no way it is down that much.

不可能跌這麼多。

If you looked -- I mentioned what we call majors, which is consumer electronics and TVs and computers and printers and cameras and everything else, on a comp basis was up 15 to 20%.

如果你看的話——我提到了我們所說的專業，即消費性電子產品、電視、電腦、印表機、相機和其他所有產品，在比較基礎上增長了 15% 到 20%。

That is probably with average deflation of 20%, recognizing that deflation -- of 15 to 20%.

這可能是平均通縮率為 20%（承認通貨緊縮為 15% 至 20%）。

Recognize deflation -- you might have deflationary trends, but still higher average ticket purchases.

認識通貨緊縮－您可能會出現通貨緊縮趨勢，但平均門票購買量仍然較高。

Think about LCD and plasma -- LCD screens and plasma TVs.

想想液晶顯示器和等離子顯示器——液晶螢幕和等離子電視。

You know, plasma TVs have gone -- the standard 40 inch, 42 inch plasma TVs have gone -- over the last few years from 5, 6, and $7,000 price points to 1,800 to $3,000 price points.

您知道，等離子電視——標準的 40 吋、42 吋等離子電視——在過去幾年中已經從 5、6 和 7,000 美元的價格點下降到 1,800 至 3,000 美元的價格點。

We are just selling a heck -- five years ago -- three or four years ago when the price points were 5 or 6,000, so we can sell them for 4,000 or 4,500, maybe we sold 5 or 10 or $20 million of them.

我們只是在五年前、三、四年前賣掉它們，當時的價格是 5 或 6,000，所以我們可以以 4,000 或 4,500 的價格出售它們，也許我們賣了 5、10 或 2000 萬美元。

We're selling well over $100 million of them now.

我們現在的銷量已超過 1 億美元。

That is the kind of -- that is impacting you more than anything there.

這對你的影響比其他任何事情都大。

Are you seeing -- would you say you're saying price elasticity of like 2.5 to 3?

您是否看到 - 您是否認為價格彈性約為 2.5 至 3？

Then you're getting unit left of -- prices or down 20% year-over-year, are you seeing units up 50 to 60% then?

然後你會看到單位價格年減 20%，那麼你會看到單位價格上漲 50% 到 60% 嗎？

I think that is what some of the other (multiple speakers).

我認為其他一些人（多個發言者）也是如此。

Clearly you are seeing a lot of items.

顯然您看到了很多物品。

First, when you start talking about price lifts, I thought you meant our pricing.

首先，當你開始談論價格上漲時，我以為你指的是我們的定價。

We have no elasticity.

我們沒有彈性。

We just figure out how low can we go.

我們只是想知道我們能降到多低。

But in terms of -- clearly that is what is driving that category.

但顯然，這就是推動該類別的因素。

I was talking to a reporter from -- a small newspaper reporter from a small town a few months ago in.

幾個月前，我正在與一位來自小鎮的小報記者交談。

It was one of my better quotes.

這是我最好的引言之一。

And they asked, why is consumer electronics so strong?

他們問，為什麼消費性電子產品如此強大？

My answer was there is cooler, neater, smaller, cheaper staff.

我的回答是，這裡的員工更酷、更整潔、更小、更便宜。

And that is basically -- that category is full of that stuff.

基本上，這個類別充滿了這樣的東西。

Kelsey Jayer (ph).

凱爾西·賈耶爾（博士）。

I actually have two questions for you.

其實我有兩個問題想問你。

The first one is whether or not you guys could quantify for us how the effect of declining fuel prices on your financial outlook?

第一個是你們能否為我們量化一下燃油價格下跌對你們財務前景的影響？

Declining fuel prices?

燃油價格下降？

Right.

正確的。

I mean I know they are obviously volatile, but the last couple of days it seems to be trending down.

我的意思是，我知道它們顯然不穩定，但最近幾天似乎呈現下降趨勢。

And if this trend continues, what you guys -- if you could quantify that effect?

如果這種趨勢持續下去，你們能量化這種影響嗎？

Not exactly.

不完全是。

Historically as it relates to gas volatility, I will give you a data point.

從歷史上看，由於它與天然氣波動性有關，我將為您提供一個數據點。

Back in April we talked about -- we brought down the quarter -- the guidance for the quarter by 4 percentage points -- I'm sorry, by $0.04.

早在 4 月份，我們就討論過——我們將該季度的指導下調了 4 個百分點——抱歉，下調了 0.04 美元。

We said about three-quarters of it or $0.03 in the quarter related to gasoline profitability.

我們說本季大約四分之三或 0.03 美元與汽油獲利能力有關。

That is about as extreme as it would get in a quarter.

這大約是一個季度內最極端的情況。

That doesn't mean it goes from normal to minus 3.

這並不意味著它會從正常值變為負 3。

Maybe it went from plus 1 to minus -- our expectation of plus 1 to minus $0.02.

也許它從正 1 變為負——我們期望的正 1 變為負 0.02 美元。

So in a given quarter, you typically aren't on the downward trend at the very beginning of the quarter in terms of profitability in that area, and just starting to come out of a downward trend at the very end of a quarter.

因此，在給定的季度中，該領域的獲利能力通常不會在季度初處於下降趨勢，而是在季度末才開始擺脫下降趨勢。

That is what happened over the last couple quarters.

這就是過去幾個季度發生的情況。

But usually you have a little of both.

但通常兩者都會有一點。

And if gas prices gradually went down every quarter -- every month -- I would probably be adding $0.02 or $0.03 to a quarter.

如果天然氣價格每季（每個月）逐漸下降，我可能會在每季增加 0.02 美元或 0.03 美元。

But I don't expect to see that happen.

但我不希望看到這種情況發生。

Also, you guys are giving guidance on your share repurchases.

此外，你們也為股票回購提供了指引。

Are you guys going to revisit your dividend policy this year?

你們今年會重新檢視股利政策嗎？

Yes.

是的。

Let me just -- in terms of say giving guidance, we have told you what we have done so far.

讓我來說說——就提供指導而言，我們已經告訴你們我們迄今為止所做的事情。

We have increased the, or added a new program, so in effect we have about just under 1.1 billion now available, recognizing for a few years we hadn't done anything with the 500 we had.

我們已經增加了，或者增加了一個新的項目，所以實際上我們現在有大約 11 億可用，認識到幾年來我們沒有對我們擁有的 500 個項目做任何事情。

Given our cash position and our feelings, we will most likely continue to do it.

考慮到我們的現金狀況和我們的感受，我們很可能會繼續這樣做。

But technically it is going to be as market conditions warrant.

但從技術上講，這將在市場條件允許的情況下進行。

In terms of our dividend, when we first initiated a dividend five or six fiscal quarters ago -- calendar quarters ago -- and we started off at a $0.40 annualized dividend, and there's no exact predictability.

就我們的股息而言，當我們在五到六個財政季度前（日曆季度前）首次啟動股息時，我們的年化股息為 0.40 美元，並且沒有確切的可預測性。

I think if you let forward five and eight years from now our view is that over time the Company will increase its dividend.

我認為，如果從現在開始五年到八年，我們的觀點是，隨著時間的推移，公司將增加股息。

It may not be every year.

可能不是每年都這樣。

It may be on a irregular basis, but over time we would expect to increase it.

它可能是不定期的，但隨著時間的推移，我們預計會增加它。

Do we increase it at the rate of earnings growth?

我們是否會按照獲利成長率來增加它？

Do we increase it as a percent of pay out?

我們是否會增加它佔支出的百分比？

I don't know.

我不知道。

We started at a level that we felt was easily sustainable and could then be increased over time.

我們從一個我們認為很容易可持續的水平開始，然後可以隨著時間的推移而提高。

We know you never wanted to the other -- change that.

我們知道你從來沒有想過要改變這一點。

But I would say that you could model something that is over a five or ten year period is most likely assuming earnings growth to continue to go up.

但我想說，你可以對五年或十年以上的情況進行建模，最有可能假設收益成長繼續上升。

I don't expect that -- I know that in May this year, which was about -- it would have been our fifth quarterly dividend advancement -- was when we raised it.

我不認為——我知道今年五月——這將是我們第五次季度股息預支——是我們提高股息的時候。

Don't expect that to be exactly every 12 months.

不要指望每 12 個月就會發生一次。

If anything, I think companies like to show that over a longer period it increases, but not with perfect predictability of that.

如果有什麼不同的話，我認為公司喜歡表明，在較長一段時間內，它會增加，但並不是完全可預測的。

I can't tell you at this point.

我現在還不能告訴你。

Right now it is what it is, and we'll see where it goes in the future.

現在就是這樣，我們會看看它將來會走向何方。

At this time, sir, there are no further questions.

先生，目前沒有其他問題了。

Thank you.

謝謝。

Speaking of monthly budget meetings, this is day two of our budget meeting.

說到每月預算會議，這是我們預算會議的第二天。

Because of the holiday on Tuesday, we had to push it to Wednesday and Thursday.

由於週二放假，我們不得不推遲到週三和週四。

So Bob and I and Jeff will be in and out.

所以鮑勃、我和傑夫將進出。

And we will try to get back to you today or tomorrow with answers of any follow-up questions.

我們將盡力在今天或明天回覆您，回答任何後續問題。

Thank you.

謝謝。

This concludes today's Costco's conference call.

Costco 今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。