好市多 (COST) 2010 Q3 法說會逐字稿

Good morning.

早上好。

My name is Christie and I will be your conference operator today.

我叫克里斯蒂，今天我將擔任你們的會議接線員。

At this time I would like to welcome everyone to the third quarter earnings release conference call.

在這個時候，我想歡迎大家參加第三季度財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路都已設為靜音以防止任何背景噪音。

After the speakers' remarks there will be a question-and-answer session.

發言者發言後將進行問答環節。

(Operator Instructions).

（操作員說明）。

Mr.

先生。

Richard Galanti, you may begin your conference.

Richard Galanti，你可以開始你的會議了。

Thank you, Christie.

謝謝你，克里斯蒂。

Good morning to everyone.

各位早上好。

This morning's press release reviews our third quarter fiscal 2010 operating results for the 12 weeks ended May 9.

今天上午的新聞稿回顧了截至 5 月 9 日的 12 週內我們 2010 財年第三季度的經營業績。

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

與每次電話會議一樣，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 these statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements.

並且這些陳述涉及風險和不確定性，可能導致實際事件、結果和/或性能與此類陳述所表明的大不相同。

The risks and uncertainties include, but are not limited to, those outlined in today's call, 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中概述的風險和不確定性，以及公司向美國證券交易委員會提交的公開聲明和報告中不時確定的其他風險。

To begin with our 12-week third quarter fiscal 2010 operating results, for the quarter our earnings per share came in at $0.68, up 42% from last year's reported third quarter earnings per share of $0.48.

從我們為期 12 週的 2010 財年第三季度運營業績開始，本季度每股收益為 0.68 美元，比去年報告的第三季度每股收益 0.48 美元增長 42%。

As will be discussed in more detail in a moment, both this year's and last year's Q3 results and the comparison of these results included a couple items of note.

正如稍後將更詳細地討論的那樣，今年和去年的第三季度結果以及這些結果的比較包括幾個值得注意的項目。

These were out lined in this morning's press release and include the following.

這些已在今天上午的新聞稿中列出，包括以下內容。

First, you will recall that last year in Q3 we took a pre-tax charge of $34 million related to a litigation settlement covering our membership renewal policy.

首先，您會記得去年第三季度，我們收取了 3400 萬美元的稅前費用，這與涉及我們的會員更新政策的訴訟和解有關。

This charge hit the membership fee income line of our income statement last year in Q3 for $27 million and our SG&A line item for $7 million, negatively impacting last year's third quarter earnings by $0.05 a share.

這筆費用在去年第三季度達到了我們損益表中 2700 萬美元的會員費收入線和 700 萬美元的 SG&A 線項目，對去年第三季度的每股收益產生了 0.05 美元的負面影響。

This year in Q3, our SG&A line was reduced or benefited by a $14 million pre-tax reversal of part of a charge related to a Canadian tax liability that we had previously taken in the second quarter of fiscal 2007.

今年第三季度，我們的 SG&A 項目減少或受益於我們之前在 2007 財年第二季度承擔的與加拿大納稅義務相關的部分費用的 1400 萬美元稅前沖銷。

This had to do with stock option protection, the option issues, and protecting our employees in Canada who receive such options.

這與股票期權保護、期權問題以及保護我們在加拿大獲得此類期權的員工有關。

This is an SG&A impact, not an income tax impact.

這是 SG&A 影響，而不是所得稅影響。

Adding back the $0.05 to last year's third quarter, the EPS of $0.48, and subtracting the $0.02 EPS picked up I just described, year-over-year Q3 EPS would have gone from $0.53 last year to $0.66 this year for a 25% year-over-year increase.

將去年第三季度的 0.05 美元加回 0.48 美元的每股收益，並減去我剛才描述的 0.02 美元每股收益，第三季度每股收益同比從去年的 0.53 美元增加到今年的 0.66 美元，同比增長 25%-同比增長。

As I will discuss, there are other items of note that impacted each of last year's and this year's fiscal third quarter results.

正如我將討論的那樣，還有其他值得注意的項目影響了去年和今年的第三財季業績。

Some positive items, some negative; from income tax rates to LIFO and FX and closing costs, et cetera.

一些積極的項目，一些消極的；從所得稅率到 LIFO 和 FX 以及關閉成本等等。

I will mention the FX issue right now; what I refer to as FX tail winds.

我現在會提到外匯問題；我稱之為外匯尾風。

As you know, the US dollar this year as compared to last year, relative to several of the foreign countries and countries which we operate, had weakened so our foreign earning results when converted and reported in US dollars has helped us this year and has helped us in Q3 by a little over $28 million pre-tax, or $0.04 per share.

如您所知，今年的美元與去年相比，相對於我們經營的幾個外國國家和國家而言，已經走弱，因此我們以美元換算和報告的外匯收入結果今年對我們有所幫助，並幫助我們在第三季度稅前略多於 2800 萬美元，或每股 0.04 美元。

That is assuming FX exchange rates are flat year-over-year.

這是假設外匯匯率同比持平。

This year's foreign operating results in Q3 would have been lower by that amount.

今年第三季度的海外經營業績本應低於這個數額。

In all, we look at our Q3 results as a continuation of positive trends that we saw in Q2.

總而言之，我們將第三季度的業績視為我們在第二季度看到的積極趨勢的延續。

In terms of sales for the 12-week quarter, reported total sales were up 12% and our 12-week reported comparable sales figure was up 10%.

就 12 周季度的銷售額而言，報告的總銷售額增長了 12%，我們報告的 12 周可比銷售額增長了 10%。

For the quarter, both total sales and comp sales were positively impacted by gasoline price inflation and by the strengthening foreign currencies relative to the US dollar year-over-year.

本季度，總銷售額和復合銷售額均受到汽油價格上漲和外幣相對於美元同比走強的積極影響。

On a comp sales basis, the plus 6% US sales increase in Q3 that is outlined in the press release, if you exclude gas inflation, that would have been a plus 3%.

在比較銷售額的基礎上，新聞稿中概述的第三季度美國銷售額增長 6%，如果排除天然氣通脹，那將是增長 3%。

Similarly, the reported plus 26% international comp figure, assuming flat year-over-year FX rates, would have instead been plus 8%.

同樣，假設年同比匯率持平，所報告的 26% 的國際 comp 數字應該是 8%。

In total Company comps, again we reported a plus 10% for the quarter, excluding both the gas inflation and excluding FX changes, would have been plus 4% for the Company during the fiscal quarter.

在公司總收入中，我們再次報告本季度增長 10%，不包括天然氣通脹和不包括外匯變動，本財季公司將增長 4%。

Other topics of interest, our opening activities and plans, we opened one new location in Q3 in Pacoima, California.

其他感興趣的話題，我們的開幕活動和計劃，我們在加利福尼亞州帕科伊馬的第三季度開設了一個新地點。

That is within the city limits of Los Angeles.

那是在洛杉磯市區範圍內。

In Q4, which began on May 10, we plan to open six new locations.

在 5 月 10 日開始的第四季度，我們計劃開設六個新地點。

The first of these six opened this morning in St.

這六個中的第一個今天早上在聖路易斯開業。

John's, New Brunswick, Canada.

約翰，新不倫瑞克，加拿大。

This is our 78th Canada warehouse location and brings our total warehouses worldwide to 568.

這是我們在加拿大的第 78 個倉庫位置，使我們在全球的倉庫總數達到 568 個。

The five additional buildings we plan to open by fiscal year end include two additional ones in Canada, one in Queens, New York, an area called Rigo Park, one in Roseburg, Oregon, and our 22nd location in the UK, in Coventry which is about 95 miles northwest of London.

我們計劃在財政年度結束前開放的另外五座建築包括加拿大的另外兩座，一座在紐約皇后區，一個叫做 Rigo Park 的地區，一座在俄勒岡州的羅斯堡，以及我們在英國的第 22 個地點，位於考文垂位於倫敦西北約 95 英里處。

Also this morning, I will review with you our expansion plans for fiscal 2011 which are up, Costco online results, membership trends, certainly discussion a little bit more about margins and SG&A, and an update on our stock buyback activities and a couple of other items of interest.

同樣在今天早上，我將與您一起回顧我們 2011 財年的擴張計劃、Costco 在線業績、會員趨勢，當然還會更多地討論利潤率和 SG&A，以及我們股票回購活動的最新情況和其他一些事情感興趣的項目。

In terms of the discussion of the quarter results, again sales for the quarter were $17.4 billion, up 12% from last year's Q3 of $15.5 billion.

就季度業績的討論而言，本季度的銷售額再次為 174 億美元，比去年第三季度的 155 億美元增長 12%。

Again, on a reported comp basis, it was at plus 10%.

同樣，在報告的補償基礎上，它是正 10%。

And the plus 10% third quarter comp was comprised of a 9% in February, a 10% in March and an 11% in April.

第三季度 10% 的增幅包括 2 月份的 9%、3 月份的 10% 和 4 月份的 11%。

And there were some seasonal -- some holiday changes, but essentially pretty close range there.

並且有一些季節性 - 一些假期變化，但基本上非常接近那裡的範圍。

Again excluding gas and FX, the 9%, 10%, and 11% for February March, and April would have been a 4% and 3% and 4%.

再次排除天然氣和外匯，2 月、3 月和 4 月的 9%、10% 和 11% 分別為 4%、3% 和 4%。

The 10% reported comp was positively impacted by just under 4% due to the year-over-year strengthening of foreign currencies relative to the dollar.

由於外幣相對於美元的同比走強，報告的 10% 的 comp 受到略低於 4% 的積極影響。

As I mentioned, the local currency comp rate if you will for all of the foreign countries was a plus 8% when converted into US dollars because the FX was plus 26%.

正如我提到的，如果您願意，所有外國的當地貨幣補償率在轉換為美元時為 8%，因為 FX 為 26%。

As I mentioned gasoline had a big impact, about 3 percentage points.

正如我提到的，汽油產生了很大的影響，大約 3 個百分點。

That is the reported US comp 6% would have been a 3 without that.

也就是說，如果沒有它，報告的美國 comp 6% 將是 3。

Our average transactions increase was a little over 6% for the quarter, which of course includes gas inflation and FX.

本季度我們的平均交易量增長略高於 6%，其中當然包括天然氣通脹和外匯。

And the average frequency increase was a little more than 3.5%.

平均頻率增加略高於 3.5%。

In fact, the frequency trend during the past three calendar reporting months of February, March, and April, was 3.7%, a 3.5%, and a 3.7%, so pretty consistent.

事實上，過去三個日曆月（2 月、3 月和 4 月）的頻率趨勢分別為 3.7%、3.5% 和 3.7%，非常一致。

I think most importantly these frequency figures are on top of a roughly 4-plus percent frequency increase during Q3 of '09 so pretty strong frequency continuing.

我認為最重要的是，這些頻率數字是在 09 年第三季度大約 4% 以上的頻率增長之上的，因此相當強勁的頻率持續。

Recognizing people seem to be coming in more frequently, but are buying a little less each time, perhaps buying a little more on the food side as well.

認識到人們似乎更頻繁地進來，但每次購買的東西都少了一點，也許在食品方面也多買了一點。

For the quarter, in terms of sales comparisons by geographic region, for the quarter, the midwest, southeast and Texas were the strongest, followed by a good showing in the Northwest.

對於本季度，就按地理區域進行的銷售比較而言，本季度中西部、東南部和得克薩斯州表現最為強勁，其次是西北地區的良好表現。

California actually had a trendwise over the last four quarters also had a good improvement track record, but at a lower level.

加州實際上在過去四個季度有一個趨勢，也有良好的改善記錄，但處於較低水平。

Internationally, in local currencies, we're doing quite well despite all the craziness around the world.

在國際上，以當地貨幣計算，儘管世界各地都很瘋狂，但我們做得很好。

Canada in local currency is up close to 10% with Taiwan, Korea, averaging in the mid teens.

以當地貨幣計算，加拿大上漲了近 10%，而台灣、韓國平均上漲了 15% 左右。

UK is closer to flat.

英國接近持平。

In terms of merchandise categories for the quarter, our soft lines was the strongest core category, followed by fresh foods, food sundries, with hard lines being the relative weakest one of those four.

就本季度的商品類別而言，我們的軟線是最強的核心類別，其次是新鮮食品、食品雜貨，硬線是這四個中相對最弱的一個。

Within food sundries, every sub category was positive in the quarter, ranging from 1% up to 12% up.

在食品雜貨中，每個子類別在本季度都是積極的，從 1% 到 12% 不等。

Tobacco was actually a little higher than the 12%, but that was an anomaly related to I believe an increase last year that tends to greatly vary sales levels based on the pending tax increase -- tobacco tax increase.

煙草實際上比 12% 高一點，但這是一個異常現象，我認為去年的增長往往會根據未決的稅收增加——煙草稅增加——而大大改變銷售水平。

Within hard lines, the comp, the strongest sub categories were sporting goods, hardware, health and beauty aids, lawn and garden and tires.

在硬線產品中，最強的子類別是體育用品、硬件、健康和美容用品、草坪和花園以及輪胎。

The one of note that was a slight negative comp was what we call majors or electronics.

值得注意的是我們所說的專業或電子學。

That's not inconsistent with what I think Bob Nelson has said on the monthly sales voice calls.

這與我認為 Bob Nelson 在每月銷售語音電話中所說的並不矛盾。

What we're seeing in TVs is there is not a lot of promotional activity out there, as the underlying components of the flat screens, notably the panels, as demand has increased in Asia from the Chinese consumers and what have you, that there is less need to -- for the manufacturers to provide incentives.

我們在電視中看到的是，作為平面屏幕的基礎組件，尤其是面板，沒有太多的促銷活動，因為中國消費者在亞洲的需求增加了，你有什麼，有較少需要——為廠商提供獎勵。

As you've seen in our VM mailers over the last several months, there not as much exciting activity in terms of promotional activity for TVs.

正如您在過去幾個月中在我們的 VM 郵件中看到的那樣，在電視促銷活動方面並沒有那麼令人興奮的活動。

Within the soft lines comp, most every category was strong.

在柔和的線條組合中，幾乎每個類別都很強。

Generally every sub category but one was in the 9% to 22% comp range, with housewares, small electrics, domestics, media, home furnishing being stand outs.

一般來說，除一個子類別外，每個子類別的競爭範圍都在 9% 到 22% 之間，家庭用品、小型電子產品、家用電器、媒體、家居用品脫穎而出。

And within fresh foods, all sub fresh food category, meat, bakery, produce, what have you, were all positive, each in the mid to high single digits and averaging in the high single digits.

在生鮮食品中，所有子生鮮食品類別、肉類、麵包店、農產品，你有什麼，都是積極的，每個都在中高個位數，平均在高個位數。

Now moving down the line items in the income statement, I will start with membership fees.

現在向下移動損益表中的行項目，我將從會員費開始。

And again, recall membership fees, first I want to take you out -- the component of that $34 million charge from last year, $27 million of which hit last year's Q3 membership fee income line.

再一次，回憶一下會員費，首先我想把你去掉——去年 3400 萬美元費用的組成部分，其中 2700 萬美元達到了去年第三季度的會員費收入線。

I want to take that out in terms of comparison.

我想把它拿出來進行比較。

And then of course, I will show you without FX, since the -- with the relatively weaker US dollar, we show dollar increases greater in the foreign countries.

然後，當然，我會在沒有外彙的情況下向您展示，因為——隨著美元相對疲軟，我們顯示美元在國外的漲幅更大。

On a reported basis, for the quarter, we -- this year, we had $395 million, or 2.27%.

根據報告，本季度，我們 - 今年，我們有 3.95 億美元，即 2.27%。

Reported last year was $329 million.

去年報告的金額為 3.29 億美元。

But again, I want to add in the $27 million, so the comparison to the $395 million will be $356 million, or 2.30%.

但同樣，我想加上 2700 萬美元，所以與 3.95 億美元的比較將是 3.56 億美元，即 2.30%。

That's again without that membership litigation settlement in Q3 of last year.

這又沒有去年第三季度的會員訴訟和解。

On that basis, $395 million versus $356 million, dollars were up 11% and basis points were down 3 basis points.

在此基礎上，3.95 億美元對 3.56 億美元，美元上漲 11%，基點下降 3 個基點。

And in dollars it was up $39 million.

以美元計算，它增加了 3900 萬美元。

Now, again, another complication is the gas inflation, which tends to screw up some of the percentage comparisons.

現在，另一個複雜因素是氣體膨脹，它往往會搞砸一些百分比比較。

That minus 3 basis points number without gas inflation would have been plus 4 basis points.

如果沒有天然氣通脹，這個負 3 個基點的數字本來是正 4 個基點。

Pretty good showing given the sales strength and relative membership strength.

鑑於銷售實力和相對會員實力，表現相當不錯。

Let's talk about FX.

讓我們談談外匯。

Again, F X last year, the $356 million number would have been the starting point.

同樣，去年的 FX，3.56 億美元的數字將是起點。

The $395 million, assuming flat FX year-over-year, would have been $381 million which I think is probably the most appropriate comparison.

假設 FX 同比持平，3.95 億美元應該是 3.81 億美元，我認為這可能是最合適的比較。

That would show that dollars were up $25 million, excluding FX or currency, or up 7%, the same reported minus 3 basis points, but excluding gas inflation would have been plus 4 basis points.

這將表明美元上漲了 2500 萬美元，不包括外匯或貨幣，或上漲 7%，與報告相同的是負 3 個基點，但不包括天然氣通脹將是正 4 個基點。

A lot to digest, but I think that is the best way to look at it.

有很多東西需要消化，但我認為這是看待它的最佳方式。

In terms of membership, we have strong renewal rates and we continue to see improving, increasing penetration of the executive membership.

就會員資格而言，我們的續訂率很高，而且我們繼續看到高管會員的滲透率不斷提高。

Really despite only two net new openings in the past six months in Q2 and Q3 combined, our new membership signups in Q3, were up 2% year-over-year in the fiscal quarter.

實際上，儘管在第二季度和第三季度的過去六個月中只有兩個淨新職位，但我們在第三季度的新會員註冊人數在本財政季度同比增長了 2%。

That is actual new signups.

那是實際的新註冊。

In terms of member numbers in Q3 end, we had gold stars, 22.2 million and that compares to 22.0 million at the end of Q2.

就第三季度末的會員數量而言，我們擁有 2220 萬金星，而第二季度末為 2200 萬。

Business primary, 5.75 million versus 5.7 million at the end of Q2 so slightly up there.

主要業務為 575 萬，而第二季度末為 570 萬，因此略有上升。

Business add-on, rounding down to 3.3 million from a 3.4 million a quarter ago.

業務增加，從一個季度前的 340 萬四捨五入到 330 萬。

Part of that is, is that as add-ons become executive members, if they're individuals they go in the gold star category.

部分原因是，隨著附加成員成為執行成員，如果他們是個人，他們就會進入金星類別。

Really the 22 million to the 22.2 million in gold star probably is a little lower than that 200,000 person increase and also which is part -- part of that is an offset to the reduction in add-ons.

實際上，金星中的 2200 萬到 2220 萬可能略低於 200,000 人的增長，這也是一部分 - 部分是對附加組件減少的抵消。

All totaled, if you add up the numbers, is 31.1 million households at the end of Q2 and up to 31.3 million households at the end of Q3.

總計，如果你把數字加起來，第二季度末有 3110 萬戶家庭，第三季度末有 3130 萬戶家庭。

And if you include spouse cards, we went at the end of Q2, 56.9 million, up to 57.4 million.

如果你包括配偶卡，我們在第二季度末達到了 5690 萬，達到了 5740 萬。

Now, these numbers by the way do not include Mexico since we don't consolidate, including Mexico, 57.4 million would be 60.3 million.

現在，順便說一句，這些數字不包括墨西哥，因為我們不合併，包括墨西哥在內，5740 萬將是 6030 萬。

At Q3 end on May 9, our paid executive member base was 9.9 million -- just a shade over 9.9 million, an increase of 292,000 or 3% in just the 12 week second quarter.

截至 5 月 9 日的第三季度末，我們的付費高管人數為 990 萬——略高於 990 萬，僅在第二季度的 12 週內就增加了 292,000 人或 3%。

We added about 24,000 executive members per week during the 12-week third quarter.

在為期 12 週的第三季度中，我們每週增加約 24,000 名執行成員。

Executive members now represent about one- third of our membership base and just about two-thirds of our sales.

執行成員現在約占我們會員人數的三分之一，約占我們銷售額的三分之二。

In terms of membership renewal rates, they actually tweaked up a little bit in the quarter.

就會員續訂率而言，他們實際上在本季度有所調整。

We went from a 92.0% on the business side, renewal rate at Q2 end, to a 92.1% and on the gold star side from an 86.0% at the end of Q2 to an 86.3% at the end of Q3.

我們從業務方面的 92.0%，第二季度末的續約率上升到 92.1%，而在金星方面，我們從第二季度末的 86.0% 上升到第三季度末的 86.3%。

All totaled, an 87.4% is now an 87.5%.

總計，87.4% 現在是 87.5%。

Those are figures by the way which have always been for US and Canada since some of the newer countries have a lot of new locations which tend to distort that.

順便說一下，這些數字一直適用於美國和加拿大，因為一些較新的國家/地區有很多新地點，這些地點往往會扭曲這一點。

We have always done it that way.

我們一直都是這樣做的。

And now going down to the gross margin line, our gross margin in the third quarter was lower year-over-year by 11 basis points, from a 10.99 down to a 10.88 this year.

現在下降到毛利率線，我們第三季度的毛利率同比下降 11 個基點，從今年的 10.99 下降到 10.88。

The two things I asked you to jot down of course are the two matrices for gross margin SG&A and we will start here with the gross margin.

我要求你記下的兩件事當然是毛利率 SG&A 的兩個矩陣，我們將從毛利率開始。

The line items are merchandising core, ancillary businesses, 2% reward and LIFO, and then of course total.

行項目是商品銷售核心、輔助業務、2% 獎勵和後進先出法，當然還有總計。

And we will look at Q3, -- Q1, Q2, and Q3 for the fiscal year, and going across, merchandising core, plus 15 basis points in Q1, plus 15 in Q2, minus 10 in Q3.

我們將看看第三季度，本財年的第一季度、第二季度和第三季度，以及銷售核心，加上第一季度的 15 個基點，第二季度的 15 個基點，第三季度的減去 10 個基點。

Ancillary, minus 20, plus 16, and plus 6.

輔助、負 20、正 16 和正 6。

2% reward, minus 3, minus 1, minus 3.

2%的獎勵，負3，負1，負3。

LIFO, minus 1, minus 4, minus 4.

後進先出法，負 1，負 4，負 4。

For a total in Q1 year-over-year, we were minus 9 basis points.

第一季度的總額同比下降了 9 個基點。

And in Q2, plus 26.

在第二季度，加上 26。

And in Q3, minus 11.

而在第三季度，負 11。

Now, again, the craziness here in terms of understanding percentages has to do with gas inflation -- or last year, we were explaining gas deflation.

現在，再一次，在理解百分比方面的瘋狂與天然氣膨脹有關——或者去年，我們正在解釋天然氣通縮。

Keep in mind, if you have gas inflation this year, your denominator in calculating any number over the reported sales number is going to tend to lower the percentages.

請記住，如果你今年有汽油價格上漲，你在計算任何超過報告銷售數字的數字時的分母往往會降低百分比。

On the margin side, lower means it looks a little worse.

在保證金方面，較低意味著它看起來更糟。

On the SG&A side, lower means it looks a little better and we will try to explain that to you here.

在 SG&A 方面，較低意味著它看起來更好一些，我們將在此處嘗試向您解釋。

If you start with the overall number, 11 basis points, within this 11 basis points figure, our core merchandising gross margin as you showed -- as we showed in the matrix was down 10 basis points and ancillary gross margins, principally gas, contributed 6 basis points.

如果你從總數開始，11 個基點，在這 11 個基點的數字中，如你所示，我們的核心商品毛利率下降了 10 個基點，輔助毛利率，主要是天然氣，貢獻了 6基點。

On a stand-alone basis, our gas gross margin was actually up close to 50 basis points.

單獨來看，我們的天然氣毛利率實際上接近 50 個基點。

But because it is a gross margin business that is 700 or 800 basis points lower gross margin than the rest of the Company, and the low to mid single digits, that that increased penetration at that lower amount, notwithstanding a pretty good year-over-year gross margin improvement in the gas business, contributed 6 basis points there.

但由於這是一項毛利率業務，毛利率比公司其他業務低 700 或 800 個基點，而且是中低個位數，因此儘管同比增長相當不錯，但在較低的數額下滲透率有所增加燃氣業務的年度毛利率改善，貢獻了 6 個基點。

Sales penetration of our higher margin core businesses was down 2 percentage points in Q3, representing 81% of our sales this year, versus 83% of our sales last year.

我們利潤率較高的核心業務的銷售滲透率在第三季度下降了 2 個百分點，占我們今年銷售額的 81%，而去年佔銷售額的 83%。

Whereas our sales penetration or ancillary business, again gasoline sales which is a much lower margin business was up 2 percentage points, this one was down -- the rest of the business was down 2 percentage points.

而我們的銷售滲透率或輔助業務，同樣是利潤率低得多的業務的汽油銷售增長了 2 個百分點，而這個業務卻下降了——其餘業務下降了 2 個百分點。

The sales penetration or our core merchandising business was down year-over-year.

銷售滲透率或我們的核心商品銷售業務同比下降。

As you see here, the minus -- hold on a second, I just lost the page -- the minus 10 basis points number.

正如你在這裡看到的，減號——等一下，我剛剛丟失了頁面——負 10 個基點數。

If you look at just the core merchandise business margin versus the core merchandise business sales, and that is proven sundries, hard lines soft lines and fresh foods, which represents right around 80% of our total company, those realized gross margins in those realized businesses in Q3 were up 14 basis points year-over-year.

如果你只看核心商品業務利潤率與核心商品業務銷售額的對比，那就是經過驗證的雜貨、硬線軟線和新鮮食品，占我們公司總數的 80% 左右，這些已實現業務的已實現毛利率第三季度同比增長 14 個基點。

But again, the lower sales penetration caused it to be down on this chart.

但同樣，較低的銷售滲透率導致它在這張圖表上的排名下降。

The respective merchandise category gross margins were the strongest in hard lines, followed by soft lines, and then food and sundries.

各個商品類別的毛利率在硬線中最高，其次是軟線，然後是食品和雜貨。

Fresh food margins were actually down year-over-year, primarily to lower gross margins in meat.

新鮮食品的利潤率實際上同比下降，主要是因為肉類的毛利率下降。

In talking to Jeff Lyons, who is the senior VP in charge of fresh foods, meat has tended to be inflationary during the quarter, but still very competitive pricing out there, not only among the warehouse clubs but the major retail supermarket chains as well.

在與負責新鮮食品的高級副總裁 Jeff Lyons 交談時，肉類在本季度往往會出現通貨膨脹，但那裡的價格仍然非常有競爭力，不僅在倉儲俱樂部，而且在主要的零售連鎖超市中也是如此。

Prices have lagged a little bit in terms of covering that.

就涵蓋這一點而言，價格略有滯後。

All in all, a good showing in the gross margin line, with nice increases in three of the four core subcategories and good increases in gas margins as well.

總而言之，毛利率表現良好，四個核心子類別中的三個都有不錯的增長，天然氣利潤率也有不錯的增長。

The impact from growing our executive member business, which results in higher 2% rewards, as you showed, jumped 3 basis points.

正如您所展示的，我們的高管會員業務增長帶來的 2% 更高回報的影響躍升了 3 個基點。

The implication there is that the sales penetration of rewardable off merchandise was up about 1.5 percentage points.

這意味著可獎勵非商品的銷售滲透率上升了約 1.5 個百分點。

LIFO, last year, in all four quarters, we took LIFO credits.

LIFO，去年，在所有四個季度中，我們都獲得了 LIFO 學分。

I think totaling over $30 million pre-tax for the fiscal year '09.

我認為 09 財年的稅前總額超過 3000 萬美元。

This year, now that we're essentially -- you can't go below zero the way I can describe it and even though there has been slight deflationary trends this year, that is starting to switch but nonetheless, slight deflationary trends, you can't go below zero so there is no LIFO charge or credit in Q3, compared to a $6 million LIFO credit last year.

今年，現在我們基本上——你不能像我描述的那樣低於零，儘管今年出現了輕微的通貨緊縮趨勢，但這種趨勢開始轉變，但儘管如此，輕微的通貨緊縮趨勢，你可以低於零，因此與去年 600 萬美元的後進先出信用額度相比，第三季度沒有後進先出費用或信用額度。

That was a 4 basis points detriment to this year, versus the comparison of last year.

與去年相比，這對今年不利了 4 個基點。

This is one of those items that I mentioned early on, in terms of the pluses and minuses in looking at the Q3 year-over-year comparisons.

這是我早些時候提到的那些項目之一，就第三季度同比比較的優缺點而言。

Now, after taking all of this gross margin information in, perhaps the easiest way to summarize Q3 over Q3 gross margin comparisons is that excluding gasoline sales year-over-year, Costco's gross margins would have been up in Q3 by 5 basis points and this is notwithstanding the minus 3 basis points variance year-over-year from the 2% reward and the minus 4 basis points variance from LIFO.

現在，在考慮了所有這些毛利率信息之後，總結第三季度與第三季度毛利率比較的最簡單方法可能是排除汽油銷售同比，Costco 的毛利率在第三季度上升了 5 個基點，而這儘管與 2% 的獎勵相比有負 3 個基點的差異，與後進先出法相比有負 4 個基點的差異。

Moving on to SG&A, our SG&A percentages in Q3 over Q3 were lower, or better by 40 basis points, coming into the 10.29% of sales this year, compared to 10.69% last year.

轉向 SG&A，我們在第三季度的 SG&A 百分比比第三季度更低或更好 40 個基點，今年佔銷售額的 10.29%，而去年為 10.69%。

Again, I will ask you to jot some numbers down and then try to as best I can explain it.

再一次，我會要求你記下一些數字，然後儘我所能解釋它。

These line items would be operations, central, stock options, quarterly adjustments, total.

這些行項目將是運營、中央、股票期權、季度調整、總計。

And then again looking at the three columns, it would be Q1, Q2, and Q3.

然後再次查看這三列，即 Q1、Q2 和 Q3。

In operations, it is minus 16, going across, and minus means higher, or higher or bad.

在操作中，它是負 16，越過，負意味著更高，更高或更差。

And Q2 is zero.

Q2 為零。

And Q3 is plus 14.

Q3 是加 14。

Central, minus 3, plus 2, and plus 4.

中央、負 3、正 2 和正 4。

Stock options, or stock [ or recompensation] now that we do our issues, minus 3, plus 1, and plus 5.

股票期權，或股票[或報酬]，現在我們處理我們的問題，減 3，加 1，加 5。

Quarterly adjustments, plus 18, minus 12 and plus 17.

季度調整，加 18、減 12 和加 17。

Total, minus 4, minus 9, and plus 40.

總計，負 4、負 9 和正 40。

Let me give you a little editorial here.

讓我在這裡給你一點社論。

Looking at the first thing, operations was lower or better, core operations was lower or better year-over-year in Q3 by 14 basis points, but it is all about sales mix change.

首先，第三季度的運營或好或壞，核心業務同比低或好 14 個基點，但這全都與銷售組合變化有關。

Just like with gross margin percentages, where increased gasoline sales penetration hurt us, it correspondingly helped SG&A by about 22 basis points.

就像毛利率一樣，汽油銷售滲透率的增加對我們造成了傷害，它相應地幫助 SG&A 提高了約 22 個基點。

The plus 14, minus the 22, if you will is a minus 8.

正 14，負 22，如果你願意的話，就是負 8。

So where is the minus 8 in the core operations?

那麼核心操作中的負8在哪裡呢？

It is mostly higher health care and other benefits related costs.

這主要是較高的醫療保健和其他福利相關費用。

But as I will explain in a minute, there seems to be a little light at the end of that health care tunnel.

但正如我稍後將解釋的那樣，醫療保健隧道的盡頭似乎有一點曙光。

The rate of dollar increases in these benefits related areas increased year-over-year in Q3 at a rate of increase lower than has been the case in the last three fiscal quarters.

這些福利相關領域的美元增長率在第三季度同比增長，增長率低於過去三個財政季度的增長率。

I also mention that -- while that was the -- the plus number went to a minus number, one of the positives was a payroll comparison which we're seeing some payroll leverage in Q3 over Q3.

我還提到——雖然那是——正數變為負數，但其中一個積極因素是薪資比較，我們在第三季度看到了一些薪資槓桿。

Payroll percentages showed improvement of 10 basis points year-over-year in Q3; pretty good given the relatively low underlying label -- the levels of sales growth.

薪資百分比顯示第三季度同比增長 10 個基點；考慮到相對較低的基礎標籤——銷售增長水平，這是相當不錯的。

Now, in terms of health care costs, in fiscal '09, US health care costs in dollars jumped 26% in Q3 '09, versus Q3 '08, and 27% in Q4 '09 versus Q4 '08.

現在，就醫療保健成本而言，在 09 財年，以美元計算的美國醫療保健成本在 09 年第三季度與 08 年第三季度相比增長了 26%，與 08 年第四季度相比在 09 年第四季度增長了 27%。

If you recall, that's when we started talking about what I call the double whammy.

如果你還記得的話，那就是我們開始談論我所說的雙重打擊的時候。

One, there is health care inflation.

第一，醫療保健通貨膨脹。

And two, with the reduction in new openings or warehouses, which is where you have a lot of new hires, particularly new part-time hires that take up to six months to become benefits eligible, as we open fewer warehouses, that meant that the mix of employees became more eligible instead of having these new part-timers.

第二，隨著新開店或倉庫的減少，你有很多新員工，特別是新的兼職員工，他們需要長達六個月才能獲得福利資格，因為我們開設的倉庫較少，這意味著員工組合變得更有資格，而不是擁有這些新的兼職人員。

Similarly, existing employees are not leaving their jobs.

同樣，現有員工也不會離職。

Our turnover rate overall which in good times, good economy, economic times a couple of years ago tended to be in the 20% range and is now in the 10% range.

我們的整體離職率在幾年前的好時期、好經濟時期往往在 20% 的範圍內，現在在 10% 的範圍內。

Again, we've seen a double whammy which seems to be now anniversarying that we have more -- higher percentage of our base of our employees in the US being covered with health care.

再一次，我們看到了雙重打擊，現在似乎是周年紀念，我們有更多 - 我們在美國的員工中有更高比例的人享受醫療保健。

Again, in looking at Q3 and Q4 last year, as compared to their respective quarters the prior year, we saw US health care costs go up 26% and 27%.

同樣，回顧去年第三季度和第四季度，與去年同期相比，我們看到美國醫療保健成本分別上漲了 26% 和 27%。

In the first half of this year, Q1 and Q2 combined, the increases were about 20%.

今年上半年，Q1和Q2加起來漲幅在20%左右。

And in Q3, the quarter that I'm talking about right now, as we have anniversaried at least the big increase in percentage of employees who are benefits eligible, our Q3 year-over-year increase in health care costs was up a little over 11%.

在第三季度，也就是我現在談論的那個季度，由於我們至少迎來了符合福利條件的員工比例的大幅增長，我們第三季度醫療保健成本的同比增長略高於11%。

Hopefully, that trend will continue.

希望這種趨勢將繼續下去。

Our central expense was lower or better year-over-year in Q3 by 4 basis points.

我們的中央費用在第三季度同比下降或下降了 4 個基點。

Again, a chunk of that is the gas inflation.

同樣，其中很大一部分是氣體膨脹。

Stock compensation expense was 5 basis points better.

股票補償費用好 5 個基點。

The latter, a slightly lower dollar figure on strong total reported sales figures.

後者，由於報告的總銷售數據強勁，美元數字略低。

Finally, the quarterly adjustment line of 17 basis points in SG&A consists of last year's -- that component of the $34 million that hit SG&A line, about $7 million of that $34 million, and this year's $14 million dollars credit for the partial recovery for the Canadian charge taken in '07.

最後，SG&A 中 17 個基點的季度調整線包括去年 - 達到 SG&A 線的 3400 萬美元的組成部分，這 3400 萬美元中的約 700 萬美元，以及今年的 1400 萬美元部分恢復信貸07 年加拿大人負責。

Again, that Canadian charge was -- it was Canadian taxes to our employees that we protected those employees that received those options up there.

同樣，加拿大的收費是 - 加拿大對我們的員工徵稅，我們保護那些在那裡獲得這些選擇權的員工。

That hit the SG&A line, not the income tax line.

這觸及了 SG&A 線，而不是所得稅線。

And there were 4 basis points of miscellaneous items hitting Q3 last year, but more on a one-time basis.

去年第三季度雜項項目有 4 個基點，但更多是一次性的。

Overall, I think probably in the last couple of years, one of our better SG&A performances given the current sales levels, and the slowing rate of growth but escalating -- still escalating costs of health care.

總的來說，我認為可能在過去幾年中，考慮到當前的銷售水平，我們的 SG&A 表現更好，增長速度放緩但不斷上升——醫療保健成本仍在上升。

We continue to work hard and we're focused on SG&A, and that's the primary focus of Jim and Craig.

我們繼續努力工作，我們專注於 SG&A，這是吉姆和克雷格的主要關注點。

Next on the income statement line, preopening expense, $9 million last year in Q3, and $3 million this year in Q3, so $6 million or 4 basis points better.

接下來是損益表行，開業前費用，去年第三季度為 900 萬美元，今年第三季度為 300 萬美元，因此 600 萬美元或 4 個基點更好。

Last year Q3, we had five openings and this year in Q3, we had one opening.

去年第三季度，我們有五個職位空缺，今年第三季度，我們有一個職位空缺。

Also last year in Q3 we had quite a bit of preopening.

同樣在去年第三季度，我們進行了相當多的開業前活動。

About half of it expended in Q3, related to several upcoming openings and international.

其中大約一半在第三季度支出，與即將到來的幾個開放和國際相關。

No real surprises here.

這裡沒有真正的驚喜。

It will fluctuate.

它會波動。

Of course preopening expenses will start to increase as our opening plans for Q4 and fiscal 2011 start to increase.

當然，隨著我們 2011 財年第 4 季度的開業計劃開始增加，開業前的費用也會開始增加。

In terms of provision for impaired assets and closing costs line.

在減值資產撥備和結算費用方面。

In Q3 '09, last year we had a charge of $7 million for the quarter, compared to charges of $3 million this year.

2009 年第三季度，去年我們該季度的費用為 700 萬美元，而今年的費用為 300 萬美元。

Last year, $7 million charge included a $5 million reserve to cover the closing costs and asset impairments related to the then planned closing of our two Costco home units which actually took place on July 3rd last year.

去年，700 萬美元的費用包括 500 萬美元的儲備金，用於支付與當時計劃關閉我們的兩套 Costco 住宅單元相關的關閉成本和資產減值，實際發生在去年 7 月 3 日。

All totaled, operating income in Q3 versus operating income in Q3 a year ago was up 36% year-over-year.

總而言之，第三季度的營業收入與去年同期相比增長了 36%。

And of course, excluding the items noted in the press release, that operating income increase year-over-year would have been up 21%.

當然，排除新聞稿中提到的項目，營業收入同比增長 21%。

Below the operating income line, reported interest expense was slightly higher year-over-year in Q3, and Q3 coming in at $27 million, versus $25 million in last year.

在營業收入線以下，第三季度報告的利息支出同比略高，第三季度為 2700 萬美元，而去年為 2500 萬美元。

That is actually a little under $1.5 million increase.

這實際上略低於 150 萬美元的增長。

It is due to rounding, the $27 million and the $25 million.

這是由於四捨五入，2700 萬美元和 2500 萬美元。

These amounts mainly reflect the interest expense on our $2 million debt offering we did in February 2007, with the amount of capitalized interest in the quarter being virtually the entire reason for the year-over-year $1 million difference.

這些數額主要反映了我們在 2007 年 2 月進行的 200 萬美元債務發行的利息支出，本季度的資本化利息數額幾乎是造成 100 萬美元同比差異的全部原因。

Interest income was higher year-over-year by $4 million.

利息收入同比增加 400 萬美元。

It came in at $10 million, versus $6 million a year ago.

它的收入為 1000 萬美元，而一年前為 600 萬美元。

Interest income was higher -- that $4 million delta, interest income was actually higher year-over-year by $1 million.

利息收入更高——400 萬美元的增量，利息收入實際上同比增加了 100 萬美元。

Rates have not gone up dramatically needless to say, but the amount of cash has.

不用說，利率並沒有大幅上漲，但現金數量卻上漲了。

With most of the rest representing higher year-over-year Q3 earnings from our half interest in our Costco Mexico.

其餘大部分代表我們在 Costco Mexico 的一半權益帶來的第三季度更高的收益。

Overall, pretax earnings were up 39% in Q3 from $340 million last year to $474 million this year.

總體而言，第三季度稅前收益從去年的 3.4 億美元增長 39% 至今年的 4.74 億美元。

Of course, excluding the items outlined in this morning's press release, that being the $34 million charge taken in Q3 last year, and the $14 million benefit, benefiting this year's Q3, pre-tax income would have been up 23%, from $374 million last year to $460 million this year.

當然，如果不包括今天上午的新聞稿中概述的項目，即去年第三季度的 3400 萬美元費用，以及受益於今年第三季度的 1400 萬美元收益，稅前收入將從 3.74 億美元增長 23%去年增加到今年的 4.6 億美元。

Our company tax rate came in at 34.5% this year versus 37.75% last year.

我們今年的公司稅率為 34.5%，而去年為 37.75%。

Last year's tax rate had a couple of discrete items that added slightly to the rate whereas this year, we had a couple of items that benefited, or lowered the effective rate slightly.

去年的稅率有幾個獨立的項目略微增加了稅率，而今年，我們有幾個項目受益或略微降低了實際稅率。

Again, there is the multitude of state, various state and government-related tax audits, and that will always fluctuate a little bit from that roughly 36.5%, 37% underlying number.

同樣，有大量的州、各種州和政府相關的稅務審計，並且總是會從大約 36.5%、37% 的基本數字略有波動。

For a quick rundown of other topics, I won't be going over the balance sheet as it is included in this morning's press release.

為了快速概述其他主題，我不會詳細介紹資產負債表，因為它包含在今天上午的新聞稿中。

You have that already.

你已經有了。

I will mention depreciation and amortization.

我會提到折舊和攤銷。

For Q3, it was $180 million and year to date for the first three quarters was $549 million.

第三季度為 1.8 億美元，今年前三個季度為 5.49 億美元。

In terms of the balance sheet, needless to say, quite strong, low debt to cap ratio.

就資產負債表而言，不用說，相當強勁，負債率很低。

Accounts payable in terms of us being able to show dramatic improvements and not having to front a lot of our inventories, on a reported basis, last year in Q3 -- at Q3 end, our accounts payable as a percentage of inventories was 102%.

根據去年第三季度的報告，就我們而言，應付賬款能夠顯示出顯著的改善並且不必預付大量庫存——在第三季度末，我們的應付賬款佔庫存的百分比為 102%。

This year, in Q3, reported was 108%.

今年，在第三季度，報告為 108%。

That includes other payables in addition to merchandise payables, like construction payables.

除了商品應付款，這還包括其他應付款，例如建築應付款。

If you look at just merchandise payable to accounts payable, last year in Q3, it was 85% this year in Q3, it was 90.

如果你只看應付賬款，去年第三季度是 85%，今年第三季度是 90%。

Again, an improvement there and a reflection of some finely -- some small amount of sales strength, and very little increase -- effective increase in the inventory levels.

再次，那裡的改善和一些精細的反映 - 一些少量的銷售實力，並且很少增加 - 庫存水平的有效增加。

Average inventory per warehouse was up $277,000 per warehouse from $10.089 million to $10.366 million or up 3%.

每個倉庫的平均庫存增加了 277,000 美元，從 1,008.9 萬美元增加到 1,036.6 萬美元，增幅為 3%。

And actually the $277,000 figure would only be up $90,000 if you exclude the year-over-year FX impact of $187,000, so no inventory concerns.

實際上，如果排除 187,000 美元的同比外匯影響，那麼 277,000 美元的數字只會增加 90,000 美元，因此無需擔心庫存問題。

If anything, we saw some examples like seasonal patio furniture the last several weeks, we've been scrambling as we sold through that pretty well early in the seasonal season.

如果有的話，我們在過去幾週看到了一些例子，比如季節性庭院家具，我們一直在爭先恐後地銷售，因為我們在季節性季節的早期銷售得很好。

In terms of CapEx, in Q3 '09, we spent $226 million.

就資本支出而言，在 09 年第三季度，我們花費了 2.26 億美元。

In Q3 2010, we spent $139 million so a little less, as you might expect.

在 2010 年第三季度，我們花費了 1.39 億美元，所以少了一點，正如您所預料的那樣。

Year to date, we've spent all of $644 million.

年初至今，我們已經花費了 6.44 億美元。

I would estimate that our FY 2010 CapEx would be somewhat lower than last year's figure, probably $950 million to $1 billion.

我估計我們 2010 財年的資本支出將略低於去年的數字，可能為 9.5 億至 10 億美元。

In terms of that -- of course will increase and I will talk about expansion in a minute.

就此而言 - 當然會增加，我會在一分鐘內談論擴張。

Costco online, as you know in '09, Costco online was down about 4% or 5%.

Costco online，如你所知，在 09 年，Costco online 下跌了大約 4% 或 5%。

For the third quarter and the third quarter year to date, sales were up 5% in the quarter and 7% year to date.

對於第三季度和今年第三季度，銷售額在本季度增長了 5%，今年迄今增長了 7%。

E-commerce profits were up 7% in the quarter and 14% year to date.

本季度電子商務利潤增長 7%，今年迄今增長 14%。

Our average ticket has come down a little, as you might expect, with the fact that we have a very high average ticket because of the items that we sell.

正如您所料，我們的平均票價有所下降，因為我們銷售的商品導致我們的平均票價非常高。

But site traffic continues to grow and was up 9% in the quarter year-over-year.

但網站流量繼續增長，本季度同比增長 9%。

Like the four-walled warehouses, on e-commerce, big chunk of the business is electronics.

就像四壁倉庫一樣，在電子商務中，很大一部分業務是電子產品。

Again, there hasn't been a lot of promotional excitement or lower price excitement on the flat screen side with increased worldwide demand of flat screens.

同樣，隨著全球對純平屏幕需求的增加，純平屏幕方面並沒有太多的促銷活動或降價活動。

That seems to be coming to a near end.

這似乎快要結束了。

And the sense that I got from our GM in charge of electronics who just yesterday came back from Asia, talking to the electronics manufacturers that supplies and hopefully pricing will ease up as we start into the -- near the end of the summer.

我從我們負責電子產品的總經理那裡得到的感覺是，他昨天剛從亞洲回來，與供應的電子產品製造商交談，希望隨著我們進入夏末，價格會有所緩和。

In terms of expansion, I mentioned we opened one new in the quarter.

在擴張方面，我提到我們在本季度開設了一家新店。

We plan six for Q4.

我們計劃在第四季度推出六個。

That would give us a net total of 15 openings, one of which was a relocation so 14 net openings in 2010.

這將使我們總共有 15 個淨空缺，其中之一是搬遷，因此 2010 年有 14 個淨空缺。

In 2011, the current construction schedule shows 26 locations, including two relocations so 24 net.

2011 年，當前施工進度顯示 26 個地點，包括兩個搬遷地點，因此 24 個地點。

Now, I will mention before I go into fiscal 2011, I will mention that the Q3 end, our total square footage, some of you have asked for that, stood at 76,190,000 square feet of retail space.

現在，在我進入 2011 財年之前，我會提到第三季度末，我們的總面積，你們中的一些人要求的，零售面積為 76,190,000 平方英尺。

In terms of expansion plans for 2011, currently there are 24 net new projects active on the current construction list.

就2011年的擴張計劃而言，目前在建清單上有24個淨新項目處於活躍狀態。

Nine of these are planned for months 11 and 12 of that year.

其中九個計劃在當年的第 11 個月和第 12 個月進行。

But they are active real projects.

但它們是活躍的真實項目。

My guess is that the figure for 2011 will ultimately be around 20 to 22, including seven or eight outside North America as we ramped up some of our Asian expansion.

我的猜測是 2011 年的數字最終將在 20 到 22 左右，其中包括北美以外的 7 到 8 個，因為我們加快了在亞洲的一些擴張。

Lastly I want to talk about our stock repurchases which we began after buying nearly $5 billion of stock between July of '05 and into the late summer of '08, before the market went to heck and the concerns about liquidity in general became a major concern.

最後我想談談我們的股票回購，我們在 05 年 7 月到 08 年夏末期間購買了近 50 億美元的股票後開始回購股票，當時市場陷入困境，對流動性的擔憂總體上成為一個主要問題.

We purchased -- so again, we purchased quite a bit back then.

我們購買了——因此，我們再次購買了相當多的產品。

During the week of February 8, which was the last week of our fiscal second quarter, we got back into the market, buying about 250,000 shares that week, or about 50,000 a day.

在 2 月 8 日那一周，也就是我們第二財季的最後一周，我們重返市場，當週買入約 250,000 股，即每天約 50,000 股。

During the 12 weeks of Q3, we purchased 1.925 million shares.

在第三季度的 12 週內，我們購買了 192.5 萬股。

Now there were two or three weeks, --several weeks where we were in blackout where we did not buy any.

現在有兩三個星期，有幾個星期我們處於停電狀態，我們沒有購買任何東西。

On the days that we did buy, we bought about 60,000 shares a day as compared to 50,000 a day during that the last week of Q2.

在我們確實買入的日子裡，我們每天買入約 60,000 股，而在第二季度的最後一周，我們每天買入 50,000 股。

During the first couple of weeks of Q4, we have averaged 100,000 shares a day.

在第四季度的前幾週，我們平均每天有 100,000 股。

And principally a reflection of what I have stated in the past, we've got an analysis that we update on a periodic basis.

主要是對我過去所說內容的反映，我們有一個定期更新的分析。

Generally speaking, we're not trying to be perfect in deciding when to buy, but as the stock shows more weakness in the market, not related to us but in general, we buy a little more, and when it shows strength, we buy a little less.

一般來說，我們在決定何時購買時並沒有試圖做到完美，但隨著股票在市場上表現出更多的疲軟，與我們無關但一般來說，我們多買一點，當它顯示強勢時，我們購買少一點。

Overall we have been a net buyer.

總體而言，我們一直是淨買家。

With that, again, there is supplemental information that will be posted on the Costco investors relations site right away, within the next hour.

同樣，補充信息將在接下來的一個小時內立即發佈在 Costco 投資者關係網站上。

You already have the balance sheet.

你已經有了資產負債表。

The other stuff in there relates to the quarterly LIFO items, the actual calculation of EPS, to show you the little components of it to do your fully diluted calculations and the like.

那裡的其他內容與季度 LIFO 項目、EPS 的實際計算有關，向您展示它的小組成部分以進行完全稀釋的計算等。

With that, I will turn it back over to Christie for Q&A.

有了這個，我會把它轉回給科視進行問答。

(Operator Instructions).

（操作員說明）。

Your first question comes from Robbie Ohmes with Banc of America.

你的第一個問題來自美國銀行的 Robbie Ohmes。

Good morning.

早上好。

A couple of quick questions.

幾個簡單的問題。

Great quarter, guys.

偉大的季度，伙計們。

One question was, I was hoping you could talk a little bit more about the executive membership program and I think you said it is one-third now.

一個問題是，我希望你能多談談高管會員計劃，我想你說現在是三分之一。

Where do you foresee that potentially going?

您認為這可能會走向何方？

If you dreamed the dream, where do you think executive membership could get for you guys?

如果你夢想過這個夢想，你認為你們可以從哪裡獲得行政會員資格？

And then just the second question, unrelated is -- I might have missed it, but can you just discuss what the current expectation is for food inflation for you guys over the next six months?

然後是第二個問題，無關的是 - 我可能錯過了，但你能談談目前對你們未來六個月食品通脹的預期嗎？

Thanks.

謝謝。

In terms of the executive membership, and the assumption is that we're not going to just do executive membership and I'm not implying anything by that.

在執行成員方面，假設我們不會只做執行成員，我並不是在暗示什麼。

There have been no discussions.

沒有討論。

At one what point do we say, hey we're only going to offer an executive membership?

在什麼時候我們會說，嘿，我們只提供行政會員資格？

That has not been discussed.

那還沒有討論。

But my personal biggest surprise has been the ongoing increase in penetration, even in the most mature country, the US, where we've done it for, gosh, eight or so years now.

但我個人最大的驚喜是滲透率的持續增長，即使是在最成熟的國家美國，我們已經在那裡做了八年左右的時間。

And the good news there is that the incremental increased penetration has very little, if any, adverse selection.

好消息是，滲透率的增加幾乎沒有逆向選擇。

If you think about it, who is the first member to sign up for this seven eight years ago?

大家想想，這個七八年前第一個報名的會員是誰？

It was the owner of a restaurant or a convenience store, that is already buying $25,000 or more of membership rewardable merchandise.

它是餐館或便利店的老闆，已經購買了 25,000 美元或更多的會員獎勵商品。

And so for doing nothing other than paying an extra $50 or so, they get a check at the end of the year for $500.

因此，除了多付 50 美元左右之外什麼都不做，他們在年底得到了一張 500 美元的支票。

Needless to say, all of those people have done this for a long time.

不用說，所有這些人都已經這樣做了很長時間。

Today, if I had to profile the member who is opting to convert or opting to sign up as an executive member, it is somebody that is likely annual purchases are more towards the breakeven of this program, in other words $50 extra divided by 2%, they have to buy $2,500 a year in rewardable merchandise.

今天，如果我不得不介紹選擇轉換或選擇註冊為執行會員的會員，那麼這個人的年度購買量可能更接近該計劃的收支平衡，換句話說，額外增加 50 美元除以 2% ，他們必須每年購買價值 2,500 美元的獎勵商品。

And those are the people that on an affinity basis, looking at an affinity program, are incented to buy more.

這些人在親和力的基礎上，看著親和力計劃，被激勵購買更多。

Even though these are smaller rates of increase, I'm surprised they're continuing at the levels they are and I think that is good news.

儘管這些增長率較小，但令我驚訝的是它們仍在保持現有水平，我認為這是個好消息。

Keep in mind, also, in the last -- we've had US for the longest period, and Canada has been probably gosh, three or four years now.

還要記住，在過去——我們擁有美國的時間最長，而加拿大可能已經有三四年了。

And the UK and Mexico, although Mexico we don't consolidate so they're not in these number, in the UK we just started this recently, about six months ago, not a big number yet, but again, the UK is -- we just opened -- we're just getting ready to open our 22nd unit so 22 units out of 500-plus.

英國和墨西哥，雖然我們沒有合併墨西哥，所以他們不在這些數字中，在英國，我們最近才開始，大約六個月前，還不是一個大數字，但同樣，英國是——我們剛剛開業——我們正準備開業我們的第 22 個單元，所以 500 多個單元中有 22 個單元。

I think that it will continue.

我認為它會繼續下去。

The other piece of that is, is that if you go back a couple years ago, for every 100 new members signing up, we tended to get 10 or 12 to actually sign up originally as an executive member.

另一點是，如果你回到幾年前，每 100 個新會員註冊，我們往往會有 10 或 12 個最初註冊為執行會員。

Today, that number is in the low to mid-20s.

今天，這個數字在 20 多歲到 20 多歲之間。

And I think that is partly because we do a better job at the counter, if you will, when somebody is coming in to sign up, explaining the virtues of it.

我認為這部分是因為我們在櫃檯做得更好，如果你願意的話，當有人進來註冊時，解釋它的優點。

All of those things bode well.

所有這些都是好兆頭。

These people shop more frequently.

這些人購物的頻率更高。

They buy more.

他們買得更多。

Those that convert, once they convert, they buy at an increasing rate, as compared to the control group and so all that is pretty good.

那些轉換的人，一旦他們轉換了，他們的購買率就會比對照組高，所以這一切都很好。

In terms of food inflation, in polling buyers in all merchandise categories, a couple of weeks ago, the general view is that over the next six months there is inflation, but not a lot.

在食品通脹方面，在幾週前對所有商品類別的買家進行的調查中，普遍認為未來六個月會出現通脹，但幅度不大。

And I think that their view was somewhat influenced by rising oil prices and rising gas -- freight costs and manufacturing costs, and that has subsided in the last couple of weeks.

我認為他們的觀點在一定程度上受到了油價上漲和天然氣價格上漲——運費和製造成本的影響，並且在過去幾週內已經消退。

But if you ask them today, they're still going to say a little bit of inflation.

但如果你今天問他們，他們仍然會說一點通貨膨脹。

And fresh foods, whether it is meat, produce, there is all kinds of anomalies that impact inflation and deflation, not just the economy.

而新鮮食品，無論是肉類、農產品，都存在影響通貨膨脹和通貨緊縮的各種異常現象，而不僅僅是經濟。

But overall I would say, you know, sub 1% or 2%.

但總的來說，我會說，低於 1% 或 2%。

And then that is tempered a little bit at Costco because of the deflationary trends related to increasing penetration of private label.

然後，由於與自有品牌滲透率增加相關的通貨緊縮趨勢，Costco 的情況有所緩和。

Very modest inflation.

非常適度的通貨膨脹。

Great.

偉大的。

Thank you very much.

非常感謝你。

Your next question comes from the line of Mark Miller with William Blair.

你的下一個問題來自馬克米勒和威廉布萊爾。

Good morning.

早上好。

Two main areas of questions.

兩個主要問題領域。

First, on the multi-vendor mailings, what has been the net impact to sales and also margin year to year?

首先，對於多供應商郵件，每年對銷售額和利潤率的淨影響是什麼？

I understand in April there might have been less couponing which hurt the comps and I think you were going to try to pick some action here in May.

我知道在 4 月份可能會有更少的優惠券，這會損害補償，我認為你會在 5 月份嘗試在這裡採取一些行動。

I'm also curious whether that has helped the business this month.

我也很好奇這是否對本月的業務有所幫助。

By the way, the ASH is more of a timing issue.

順便說一下，ASH 更像是一個時間問題。

I think on a fiscal year over fiscal year basis, it is -- maybe 31 versus 33 weeks, or 33 versus 35.

我認為在一個財政年度與財政年度的基礎上，可能是 31 週與 33 週，或者 33 週與 35 週。

It is a couple of extra weeks.

這是額外的幾週。

As related to April, in Bob's comments, on the monthly call, that had to do more with timing of a given mailer, where one started earlier last year.

關於 4 月，在 Bob 的評論中，在月度電話會議上，這更多地與給定郵寄者的時間安排有關，其中一個郵寄者從去年早些時候開始。

We benefited a little -- hurt a little one month and benefited a little the other month.

我們受益了一點——一個月受了一點傷，另一個月也受益了一點。

The big issue with it is if you go back a year ago or a year and a half ago, there was always three or four or five items that were $1,000 TV's or $1200 TV's with $300 off, or $900 for $200 off, as well as a little less of an issue, but the same thing on PC's, or laptops.

最大的問題是，如果你回到一年前或一年半前，總會有三、四或五件商品是 1,000 美元的電視或 1200 美元的電視減 300 美元，或 900 美元減 200 美元，以及問題不大，但在 PC 或筆記本電腦上也是如此。

Again, right now, there is very little of that.

同樣，現在，這樣的事情很少。

I don't have the exact dollar numbers.

我沒有確切的美元數字。

There has probably been a slight less on a per-week basis, a dollar amount of sales from the MBMs.

MBM 的每週銷售額可能略有減少，銷售額為一美元。

But also people are pushing more -- people are pushing more basic household goods, where again, when we talked about on a monthly basis, some of the nonfoods categories that have been in the low to high teens comps, some of those are influenced by some of the items you see there.

但人們也在推動更多 - 人們正在推動更多基本的家庭用品，當我們每月談論時，一些非食品類別已經處於低到高的青少年組合中，其中一些受到影響你在那裡看到的一些物品。

There is lots of $30 to $80 items in the MDMs, whether it is -- I don't have that one in front of me, but things for the home, but not the $1,000 items.

MDM 中有很多 30 到 80 美元的商品，無論是——我面前沒有那個，但家裡的東西，但不是 1,000 美元的商品。

And so that is part of the impact there.

所以這是那裡影響的一部分。

The view is that that will start to lighten up near the end of the summer in terms of being able to offer some promotionals, but there is no guarantee.

有觀點認為，就能夠提供一些促銷活動而言，這將在夏季結束時開始減輕，但不能保證。

My other question is on the gas operations.

我的另一個問題是關於天然氣業務。

What actually was the year-to-year EPS benefit to you in the fiscal third quarter?

在第三財季，您的同比每股收益實際上是多少？

And then we founded the gas price advantage for Costco seems to have widened versus competitors maybe $0.03, $0.05 per gallon over the last six months.

然後我們發現，在過去六個月中，Costco 的汽油價格優勢似乎已經擴大到每加侖 0.03 美元、0.05 美元/加侖。

I'm sorry what was the latter part of that question?

對不起，那個問題的後半部分是什麼？

It is a question about has your gas margin -- sorry, your gas price per gallon -- and it looks like it has widened versus the competition over the last six months.

這是一個關於你的汽油利潤率的問題——抱歉，你的每加侖汽油價格——在過去六個月裡，它看起來比競爭對手有所擴大。

If we're correct on that, has that resulted in better comp gallons?

如果我們在這一點上是正確的，那是否導致了更好的加侖數？

And then with the big drop in oil, can you remind us how it is impacting the business?

然後隨著石油價格的大幅下跌，你能提醒我們它是如何影響業務的嗎？

You turn the inventory faster, would you be seeing a bigger benefit to the bottom line?

你更快地周轉庫存，你會看到更大的利潤收益嗎？

Or would you be putting that into more aggressive pricing?

或者你會把它放入更激進的定價中嗎？

Sorry, I know there are a bunch of questions there.

抱歉，我知道那裡有很多問題。

In general, gas is one of those things that -- it is like a teenager, you love them, but it drives you crazy sometimes.

總的來說，汽油就是其中之一——它就像一個青少年，你愛它們，但有時它會讓你發瘋。

In the quarter and year-over-year, there is a small benefit, less than a couple of cents, maybe a couple of cents at most, $0.01 to $0.02, I think it rounds to $0.02.

在本季度和同比中，有一個小的收益，不到幾美分，最多幾美分，0.01 美元到 0.02 美元，我認為四捨五入為 0.02 美元。

But usually we don't talk about that other than when there is a big delta.

但通常我們不會談論這個，除非有一個大三角洲。

And in terms of the gap of $0.03 to $0.05, are you suggesting that we -- that our prices compared to our competitors, that gap has spread?

就 0.03 美元到 0.05 美元的差距而言，你是否暗示我們 - 我們的價格與競爭對手相比，差距已經擴大？

The gap has widened, as we looked at it, Richard.

理查德，正如我們所看到的，差距已經擴大。

I don't see -- well, I don't see that.

我不明白——好吧，我不明白。

And it may be more regional.

而且它可能更具區域性。

But all I can tell you is that we comp shop our gasoline in some locations two or three times a day, versus the direct competitors of Sam's or some of the discount stores or supermarkets.

但我只能告訴你的是，我們每天在某些地方購買汽油 2 到 3 次，而不是 Sam's 或一些折扣店或超市的直接競爭對手。

And at least once a day in all locations.

在所有地點每天至少一次。

We feel we're very competitive.

我們覺得我們很有競爭力。

We're all -- I assume we're all making more money this week versus two or three weeks ago, as gas prices came down.

與兩三週前相比，我們所有人——我認為本週我們都賺了更多的錢，因為汽油價格下降了。

That is good for us.

這對我們有好處。

We entered Q4 positively.

我們積極進入Q4。

Although we made a decent chunk of money in gas last year in Q4.

儘管去年第四季度我們在天然氣方面賺了一大筆錢。

And what I have learned is, is even though we're 2 one-half weeks into Q4, I can't extrapolate for 16 weeks.

我學到的是，即使我們進入第 4 季度還有 2 個半週，我也無法推斷 16 週。

As soon as you bring out the party frills, something happens and gas prices go up, and oil prices go up, and the profitability is tempered some.

一旦你拿出派對的裝飾，就會發生一些事情，汽油價格上漲，油價上漲，盈利能力有所緩和。

But we're starting off well.

但我們開局不錯。

That's helpful.

這很有幫助。

The other small question in there was the change in the comp gallon trend.

另一個小問題是壓縮加侖趨勢的變化。

Has there been any?

有過嗎？

Gallons are up.

加侖漲了。

I don't think there has been -- if anything, last year, the trend was flat a little bit and it is improving a little bit this year.

我認為沒有——如果有的話，去年的趨勢有點持平，今年有所改善。

Great.

偉大的。

Thanks.

謝謝。

When we saw a big comp gallon change was in '08 when prices went through the roof and people were talking $4 a gallon gas during the spring and summer of '08.

當我們看到 comp gallon 的大變化是在 08 年，當時價格飆升，人們在 08 年春季和夏季談論每加侖汽油 4 美元。

That's when we -- and I'm sure some other warehouse clubs, but virtually in every market in the country, whether it was Missoula, Montana or Los Angeles, when the local TV consumer advocate was on the nightly news, talking about where is the cheapest place to buy gas, we benefited greatly from that and we saw gallon comp goes up dramatically as people were trying to save money.

那時我們——我敢肯定還有其他一些倉庫俱樂部，但實際上在這個國家的每個市場，無論是米蘇拉、蒙大拿還是洛杉磯，噹噹地的電視消費者權益倡導者在晚間新聞中談論哪裡是購買汽油最便宜的地方，我們從中受益匪淺，我們看到加侖補償急劇上升，因為人們試圖省錢。

That is not as big of an issue now, but we're still seeing some.

現在這不是什麼大問題，但我們仍然看到一些問題。

As prices fell dramatically, again it was flattish and now it is up a little.

隨著價格大幅下跌，它再次持平，現在略有上漲。

Next question?

下一個問題？

It comes from the line of Charles Grom of JPMorgan.

它來自摩根大通的 Charles Grom 系列。

Good morning, Richard.

早上好，理查德。

I just wanted to go into the gross profit and make sure I understood -- heard you correctly.

我只想進入毛利並確保我理解 - 沒聽錯。

The total is down 11.

總數下降了 11。

If you look within core, you're down 10.

如果你看核心，你下降了 10。

But I believe you said the core -- within the core, was up 14.

但我相信你說過核心——在核心中，上升了 14。

Is that correct?

那是對的嗎？

You're within the four -- 80% of the businesses was up 14?

你在這四個中 - 80% 的企業上漲了 14？

Yes.

是的。

That is correct.

那是正確的。

You think about it, and these are not exact number, I'm just doing this on the back of the envelope here.

你想想看，這些不是確切的數字，我只是在信封背面做的。

If you assume that the core, relative to gas, is 800 basis points delta, and have you -- it might be even a little more than that, if you have 800 basis points and a little over 2 percentage points of reduced sales penetration of that higher margin stuff, the core, 2.25 or 2.5 percentage points -- about 2, 3, penetration difference, times 800 or 900 is 20 basis points.

如果你假設核心，相對於天然氣，是 800 個基點的三角洲，並且你 - 它可能甚至比這多一點，如果你有 800 個基點和略多於 2 個百分點的銷售滲透率下降利潤率更高的東西，核心，2.25 或 2.5 個百分點——大約 2、3，滲透率差異，乘以 800 或 900 是 20 個基點。

That 14 compares to the plus five a year ago, right?

那個 14 與一年前的正五相比，對嗎？

Yes.

是的。

That is a plus 19 versus a down 3 last quarter so I'm just trying to get a sense for what changed within the quarter that led to such a big improvement.

這是一個正 19 與上個季度的下降 3，所以我只是想了解本季度內發生的變化導致如此大的改進。

Was the markup great?

標記很棒嗎？

Was it IMU?

是IMU嗎？

Was it lower markdowns?

是降價降價了嗎？

I think it is a little bit of everything.

我認為這是一切的一點點。

It is higher penetration of fresh foods.

新鮮食品的滲透率更高。

It is slightly lower what we call D&D.

它略低於我們所說的 D&D。

It is an improvement in our sales returns reserve a little bit which impacts the margins through the salvage estimates.

我們的銷售退貨儲備有所改善，這會通過殘值估計影響利潤率。

It really is a lot of little things.

真的是很多小事。

It is not like we sat around the table 12 weeks ago and said, how can we improve margins more?

這不像我們 12 週前圍坐在桌旁說，我們怎樣才能更多地提高利潤率？

There is generally a trend that margins are not the issue, that we can show some improvement and still be competitive.

通常有一種趨勢，即利潤率不是問題，我們可以表現出一些改善並仍然具有競爭力。

Bob Nelson is sitting here saying, well you and I did.

鮑勃尼爾森坐在這裡說，你和我都做到了。

Yes, but we're not the merchants.

是的，但我們不是商人。

The fact is it is a lot of little things.

事實是很多小事。

Fair enough.

很公平。

And then my second question, just moving down the P&L, interesting comment in the second quarter was $30 million, this quarter I believe it was $10 million.

然後我的第二個問題，只是向下移動損益表，第二季度有趣的評論是 3000 萬美元，我認為本季度是 1000 萬美元。

Your cash balance increased.

您的現金餘額增加了。

I'm just trying to connect the dots.

我只是想把這些點聯繫起來。

Is that just lower other income coming from the JV from Mexico that led to the --

來自墨西哥的合資企業的其他收入是否只是較低導致 -

I'm sorry, interest income was $10 million versus $6 million.

對不起，利息收入是 1000 萬美元，而不是 600 萬美元。

Last quarter was $6 million?

上個季度是 600 萬美元？

I'm sorry, last quarter --

對不起，上個季度——

I'm looking at sequentially.

我在看順序。

Okay.

好的。

Hold on.

堅持，稍等。

I've got my cheat sheets here.

我這裡有備忘單。

Bear with me a second.

請耐心等待。

Bear with me a second.

請耐心等待。

Okay.

好的。

Interest income -- the interest income was actually --

利息收入——利息收入實際上是——

It was down $20 million sequentially.

它連續下降了 2000 萬美元。

It is a pretty big dropoff.

這是一個相當大的下降。

Hold on.

堅持，稍等。

We're looking at it.

我們正在研究它。

I don't -- there is nothing -- I need to find out what it is.

我沒有——什麼都沒有——我需要找出它是什麼。

I just don't have it in front of me.

我只是沒有它在我面前。

I'm happy to call you and --

我很高興給你打電話——

All right.

好的。

I will circle back with you offline.

我會在線下與您聯繫。

My last question is if you look at cash and short-term investments per share, you're sitting at I think an all-time time high of $12.

我的最後一個問題是，如果你看一下每股現金和短期投資，我認為你坐在 12 美元的歷史最高點。

It sounds like you're starting to buy back stock, but are there any other plans to utilize cash in any other way, get a little more aggressive with the buyback or sitting with a lot of cash?

聽起來你開始回購股票，但是否有任何其他計劃以任何其他方式利用現金，更積極地回購或持有大量現金？

My comments a minute ago implied that we are more aggressive.

我一分鐘前的評論暗示我們更具侵略性。

We are more aggressive in the latter part of Q3 than the beginning of Q3.

我們在第三季度末比第三季度初更積極。

We are more aggressive in the first two weeks of Q4 than all of Q3 or the latter part of Q3.

我們在第四季度的前兩週比整個第三季度或第三季度的後半部分更積極。

Yes, more aggressive there.

是的，那裡更具侵略性。

In addition, my guess is, is $900 million of the $2 billion debt was five-year money that comes due in March of 2012 which is now only less than two years away.

此外，我的猜測是，在 20 億美元的債務中，有 9 億美元是 2012 年 3 月到期的五年期資金，距現在只有不到兩年的時間。

We will write a check of that, so that is $900 million that we will spend.

我們將為此開一張支票，因此我們將花費 9 億美元。

And CapEx should ramp up nicely in 2011 and 2012 compared to the roughly a little over $1 billion in '08 and '09.

與 08 年和 09 年的 10 億美元略多一點相比，2011 年和 2012 年的資本支出應該會大幅增加。

Those are the three areas that I would see more.

這些是我會看到更多的三個領域。

Okay.

好的。

Great.

偉大的。

Thanks a lot.

非常感謝。

Your next question comes from the line of Mark Wiltamuth of Morgan Stanley.

你的下一個問題來自摩根士丹利的 Mark Wiltamuth。

Good morning.

早上好。

Richard, if you look at the average of the monthly comps you've been announcing for the US business, that 3% ex-gas number that you posted this morning for the quarter, that implies that the stub of the first nine days of May may be up.

理查德，如果你看一下你為美國業務宣布的每月平均收入，你今天早上發布的本季度 3% 的 ex-gas 數字，這意味著 5 月前 9 天的存根可能起來了。

Could you maybe comment on that a little bit?

你能對此發表一點評論嗎？

I'm sorry.

對不起。

Somebody was chatting here.

有人在這裡聊天。

Could you repeat the question?

你能重複這個問題嗎？

The average of the three monthly numbers that you've released already, comes in below the 3% comp that you reported today for the US business excluding gas.

您已經發布的三個月度數據的平均值低於您今天報告的美國業務（不包括天然氣）的 3%。

I'm wondering if that implies that the first nine days of May is trending above what you did on those April numbers?

我想知道這是否意味著 5 月的前 9 天的趨勢高於您對 4 月的數字所做的？

There is a little bit of an anomaly, because our quarter is like February 10th or so.

有一點異常，因為我們的季度大約是 2 月 10 日左右。

February, March, April, so we didn't give out anything for May, so he is saying the implication is it is a little better.

2 月、3 月、4 月，所以我們沒有為 5 月提供任何信息，所以他說的意思是它好一點。

I would have to look at the numbers.

我得看看數字。

I don't think there is any major change either way.

我認為這兩種方式都沒有任何重大變化。

Okay.

好的。

And then also if you give us a little update on what is going on competitively out there, Wal-mart is getting more aggressive on roll-backs.

然後，如果您向我們提供一些關於競爭情況的最新信息，沃爾瑪在回滾方面變得更加積極。

We're starting to see that roll into the beverage area a little bit.

我們開始看到它開始進入飲料領域。

Are you feeling any impact from that?

你覺得這有什麼影響嗎？

Or can you see it at all in your stores?

或者你能在你的商店裡看到它嗎？

We have not seen it, but it is top of mind discussion every day around here and the merchants are out there looking.

我們還沒有看到它，但它是這裡每天討論的頭等大事，商家們都在外面尋找。

Recognizing we're less impacted by what Wal-mart is doing versus what Sam's is doing.

認識到與山姆的做法相比，沃爾瑪的做法對我們的影響較小。

And Sam's has always been very competitive, as have we.

和我們一樣，Sam's 一直非常有競爭力。

They are taking certain items down dramatically.

他們正在大幅減少某些物品。

There are certain items, I won't say which ones, that we have taken down to cost, a very small number, by the way.

順便說一句，有些項目，我不會說是哪些，我們已經降低成本，數量非常少。

And we will do what we have to do.

我們將做我們必須做的。

But overall, that has not really been a big impact to us.

但總的來說，這對我們並沒有產生太大影響。

I think it is a much bigger impact to supermarkets and general merchandise retailers.

我認為這對超市和百貨零售商的影響要大得多。

Okay.

好的。

And on the quarter here, part of the margin performance you posted was much better SG&A control.

在這裡的季度，您發布的部分利潤率表現是更好的 SG&A 控制。

In fact, you said this is one of your best SG&A controls -- quarters in some time.

事實上，你說這是你最好的 SG&A 控制之一——一段時間內的季度。

Is there anything you can point to specifically that you're doing that we could -- give us some comfort that that trend will continue or is that just lapping some of those health care problems?

有什麼你可以具體指出你正在做的我們可以 - 讓我們感到安慰的是，這種趨勢將繼續下去，或者只是解決了其中一些醫療保健問題？

The health care is lapping, but all of the health care and related benefits costs were still a detriment, but a much lower detriment Q3 over Q3, as compared to Q2 over Q2, or Q1 over Q1.

醫療保健正在重疊，但所有醫療保健和相關福利成本仍然是不利的，但與第二季度相比第二季度或第一季度相比第一季度相比，第三季度對第三季度的損害要小得多。

I think payroll is the biggest one.

我認為工資單是最大的。

I think in the last year, we've reduced the average SKU count, which means we still have the same square footage so we're just mapping up and more efficient in what we are selling.

我認為在去年，我們減少了平均 SKU 數量，這意味著我們仍然擁有相同的面積，所以我們只是在映射並提高我們銷售的產品的效率。

We have gone back -- and I think I've used the comment that for many years, I would always say, there is not a lot of silver bullets because we're pretty efficient.

我們已經回去了——我想我多年來一直在使用這樣的評論，我總是說，沒有太多的靈丹妙藥，因為我們非常有效率。

But in tough times, one gets more efficient.

但在艱難時期，人們會變得更有效率。

Everybody out there I think is working a little harder.

我認為每個人都在更加努力地工作。

Even the little things we're doing, whether it was changing out the color copiers to being -- you have to opt into color, I have used that example.

即使是我們正在做的小事，無論是將彩色複印機換成——你必須選擇彩色複印機，我已經用過那個例子。

There are lots of little things.

有很多小東西。

There is no big giant changes out there in the warehouse, other than a focus -- a renewed focus on expenses.

倉庫中沒有大的巨大變化，除了一個焦點——重新關注開支。

Okay.

好的。

Thank you very much.

非常感謝你。

Your next question comes from the line of Adrianne Shapira with Goldman Sachs.

你的下一個問題來自高盛的 Adrianne Shapira。

Thanks.

謝謝。

Richard, if we could just continue on that line of the expense control, it looks as if that 10 basis points of payroll leverage is quite good.

理查德，如果我們能繼續進行費用控制，那 10 個基點的工資槓桿似乎相當不錯。

Could you remind us what happened with the negotiations of the contracts, what that implies in terms of leverage opportunity going forward?

您能否提醒我們合同談判發生了什麼，這對未來的槓桿機會意味著什麼？

Every three years, which the three-year periods are -- most recently is March of 2010, we re-write our employee agreement.

每三年，也就是三年期間——最近一次是 2010 年 3 月，我們會重寫我們的員工協議。

It is not a contract.

這不是合同。

It is actually an employee agreement that we sent to them, on the 60 locations out of 500-plus that are union.

這實際上是我們發給他們的一份員工協議，涉及 500 多家工會中的 60 家。

That is a contract, but it is very similar to what you see in the employee agreement for the nonunion employees.

那是一份合同，但它與您在非工會員工的員工協議中看到的非常相似。

And the question, if you go back a year ago, that with the economy bad, what happens to top of scale, which is about a little over half of our hourly employees are at top of scale, what type of increases are they going to get each year.

問題是，如果你回到一年前，在經濟不景氣的情況下，最高層會發生什麼，我們大約有一半多一點的小時工處於最高層，他們將增加什麼樣的增長每年得到。

Basically, very little change from prior years.

基本上，與往年相比變化不大。

If you look back at the last two or three year employee agreements, so 2007 and 2010, 2004 to 2007 and so on, once they are top of scale, they rise pretty quickly from where they start here, over the first for our five years to get to top of scale, with big increases each year.

如果你回顧過去兩三年的員工協議，那麼 2007 年和 2010 年，2004 年到 2007 年等等，一旦它們達到頂峰，它們就會從這裡開始的地方迅速上升，這是我們五年來的第一個達到規模的頂峰，每年都有很大的增長。

Once they hit top of scale, historically it has been somewhere around a 2.5% increase.

一旦他們達到規模的頂峰，從歷史上看，它一直在增加 2.5% 左右。

Roughly number at top of scale is $20 you assume and $0.50 an hour would be a 2.5% increase.

您假設最高的大致數字是 20 美元，每小時 0.50 美元將增加 2.5%。

We went into discussing things, but generall speaking, we thought this was an important time to continue that when employees are in need.

我們開始討論事情，但總的來說，我們認為這是在員工有需要時繼續這樣做的重要時刻。

There is not a lot of benefit to their bottom line from saying, hey, we can only do half as much, because we chose to do as much.

說，嘿，我們只能做一半，因為我們選擇做那麼多，這對他們的底線沒有太大好處。

I think we're really going to see a benefit on the labor side, as we have great employee relations.

我認為我們真的會看到勞工方面的好處，因為我們擁有良好的員工關係。

I think we've seen some of the improvement in payroll percent, is that people get it -- our people get it, and they are working harder and smarter.

我認為我們已經看到工資百分比有所改善，人們明白了——我們的人明白了，他們工作得更努力、更聰明。

I think also if we get a little leverage from sales, that will help.

我認為，如果我們從銷售中獲得一點影響力，那也會有所幫助。

Where I think the opportunity is going to be is some actions that we can take on the health care side.

我認為機會在於我們可以在醫療保健方面採取的一些行動。

That's a big nut.

這是一個大堅果。

It is growing.

它正在增長。

Forgetting about the increased number of people eligible, because of the slowing warehouses, that will improve as we ramp up warehouses a little bit, but more importantly, making our employees better consumers.

忘記符合條件的人數增加，因為倉庫放慢，隨著我們稍微增加倉庫，這會有所改善，但更重要的是，讓我們的員工成為更好的消費者。

We're not going to do take-aways, but we, like a lot of companies, are looking at a lot of things, like -- I will give you a simple example.

我們不會做外賣，但我們和很多公司一樣，正在研究很多事情，比如——我會給你一個簡單的例子。

In the greater Puget Sound, let's say there's 20 places, hospitals, medical clinics, where you get a standard MRI, mammogram, or colonoscopy.

在更大的普吉特海灣，假設有 20 個地方、醫院、醫療診所，您可以在那裡進行標準 MRI、乳房 X 光檢查或結腸鏡檢查。

Those are three major items.

這是三個主要項目。

The contract in negotiated large company here rates range, it could be a four-fold delta between the cheapest and the most expensive in the community.

在這裡談判的大公司的合同費率範圍，它可能是社區中最便宜和最昂貴之間的四倍三角洲。

Now, we're not going to just say you can only go to the cheapest, but it has been structured so they can go anywhere.

現在，我們不會只是說你只能去最便宜的，但它的結構是這樣的，它們可以去任何地方。

And there's got to be some rationale there that something that costs $1,000 in one hospital and eight miles away in another well known hospital costs $2800.

在一家醫院花費 1,000 美元而在八英里外的另一家知名醫院花費 2800 美元的東西一定有一定的道理。

We're not doing anything that other companies are not doing, but we're looking at all of those types of things and we think we can save money, and to help control that a little more.

我們沒有做其他公司沒有做的任何事情，但我們正在研究所有這些類型的事情，我們認為我們可以省錢，並幫助控制更多。

Okay.

好的。

Just to be clear on the employment agreements, no change.

只是要明確就業協議，沒有變化。

It had been -- we had been calling it out as perhaps a BB, not a silver bullet, but an opportunity.

它曾經是——我們一直稱其為 BB，而不是靈丹妙藥，而是一個機會。

But it sounds as if no change there.

但聽起來好像那裡沒有變化。

Correct.

正確的。

Okay.

好的。

Got it.

知道了。

And then just talking about on the -- you had mentioned on the earlier question, a small number of items you priced at cost.

然後只是談論 - 你在前面的問題中提到過，你按成本定價的少量物品。

Can you just perhaps dig into that a little bit?

你能不能稍微深入一下？

I know not that long ago, a year ago, you guys got a jump on being quite aggressive and we saw -- traffic picked up, but we also saw the impact on margins.

我知道不久前，一年前，你們變得非常積極，我們看到了——流量增加了，但我們也看到了對利潤率的影響。

Could you give us a sense, as you talk about Wal-mart as top of mind and top of center around the discussion around there as it relates to the roll-backs, what would be the tipping point in terms of getting more aggressive, like we saw last year?

你能給我們一個感覺，當你談論沃爾瑪作為圍繞那裡的討論的首要任務和中心時，因為它與回滾有關，在變得更積極方面的轉折點是什麼，比如我們去年見過？

First of all, last year, which we were talking about is essentially December of '08, when commodity prices had fallen precipitously, but the underlying commodities from vendors were lagging four to eight weeks.

首先，去年，我們談論的基本上是 08 年的 12 月，當時商品價格急劇下跌，但供應商的基礎商品滯後四到八週。

And we chose to -- given that comps were heading towards zero, and we chose to basically take upon our ourselves about $30 million to $35 million in commodity markdowns on a limited number of items.

我們選擇了 - 鑑於補償接近零，我們選擇基本上在有限數量的商品上承擔大約 3000 萬至 3500 萬美元的商品降價。

But in the aggregate, $30 million to $35 million.

但總的來說，3000 萬到 3500 萬美元。

And it was just chickens, milk, cheese, butter, to drive traffic, and we saw an improvement in frequency.

只是雞肉、牛奶、奶酪、黃油來增加流量，我們看到頻率有所提高。

That was the perfect storm as I described it back then because we knew it was a matter of weeks, not months or years, where the underlying procurement cost to us would come down and fall in place, but that hurt us because we didn't get price protection on that.

正如我當時所描述的那樣，那是一場完美的風暴，因為我們知道這是幾周而不是幾個月或幾年的時間，我們的基本採購成本將下降並落實到位，但這傷害了我們，因為我們沒有獲得價格保護。

I don't see any current scenario that dictates that.

我沒有看到任何當前的情況表明這一點。

Again, Wal-mart is amazing at what they can do and what they're doing right now.

再一次，沃爾瑪對他們能做什麼和他們現在正在做什麼感到驚訝。

But a lot of that is Wal-mart versus supermarkets, not Sam's versus Costco.

但其中很多是沃爾瑪與超市的對比，而不是山姆與好市多的對比。

I think we and Sam's and BJ's, but we and Sam's in this regard, are fiercely competitive, have always been.

我認為我們和 Sam's 和 BJ's，但我們和 Sam's 在這方面的競爭非常激烈，一直都是。

I think we both know that if one of us gets aggressive, the other one is going to be equally aggressive.

我想我們都知道，如果我們中的一個人變得咄咄逼人，另一個人也會同樣咄咄逼人。

Arguably, we've got Jim, and we're aggressive.

可以說，我們有吉姆，而且我們很有侵略性。

And I don't see that as a current issue.

我不認為這是當前的問題。

Things could change tomorrow, but we're going to hold our stand here.

明天事情可能會改變，但我們會堅持我們的立場。

But there is nothing in today's tea leaves that tell me differently.

但今天的茶葉中沒有任何東西告訴我不同的東西。

Okay.

好的。

And the items that are down to cost in terms of -- could you be a little bit more specific in terms of categories, where they are?

以及那些降低成本的項目——你能否在類別方面更具體一點，它們在哪裡？

There is one -- I heard one example yesterday in a meeting, and it wasn't a meeting on Wal-mart, it was a meeting on a lot of things.

有一個——我昨天在一次會議上聽到了一個例子，那不是關於沃爾瑪的會議，而是關於很多事情的會議。

There was one item in health and beauty aids where they're selling it below cost and we have take continue down to cost.

有一種保健和美容輔助用品以低於成本的價格出售，我們已繼續降低成本。

It is one little item and I don't want to say what it is.

這是一件小事，我不想說它是什麼。

But it is meaningless to the Company.

但這對公司毫無意義。

Other than, I'm sure there are some other things out there.

除此之外，我敢肯定還有其他一些東西。

But we are -- let's face it, we and Sam's are fierce competitors and respect one another.

但我們 - 讓我們面對現實吧，我們和 Sam's 是激烈的競爭者並且彼此尊重。

And we both also have pressure to make money.

而且我們倆也都有賺錢的壓力。

And I think that we will hold our own here.

而且我認為我們將在這裡保持自己的地位。

Okay.

好的。

And then just lastly, on California, an update there, the trends that you're seeing?

最後，關於加利福尼亞，那裡的更新，你看到的趨勢？

Again, at a lower base, but the quarterly sequential over the last four quarters have been good, including Q3.

同樣，基數較低，但過去四個季度的季度連續性良好，包括第三季度。

Great.

偉大的。

Thank you.

謝謝你。

Any more questions?

還有問題嗎？

Yes, sir.

是的先生。

The next question comes from the line of Peter Benedict with Robert Baird.

下一個問題來自 Peter Benedict 和 Robert Baird 的台詞。

Hi, guys.

嗨，大家好。

Just a couple.

只是一對。

Quickly, Richard, the third quarter buyback, how much money did you spend to buy those shares back?

快點，理查德，第三季度回購，你花了多少錢買回那些股票？

I have it right here.

我這裡有。

$114.6 million.

1.146億美元。

Okay.

好的。

Thank you.

謝謝你。

And then the G&A growth I think you said it was $180 million and the growth was 5% year-over-year.

然後是 G&A 增長，我想你說的是 1.8 億美元，同比增長 5%。

That was a big stepdown.

那是一個很大的退步。

And I think in the second quarter, G&A was up 15% year-over-year.

我認為在第二季度，G&A 同比增長了 15%。

Is that correct?

那是對的嗎？

And if so, is it just a slowdown in the club?

如果是這樣，這只是俱樂部的放緩嗎？

And it seems like a pretty street dropoff.

這似乎是一個漂亮的街道下車點。

Is that what we should be thinking going forward?

這是我們應該考慮的嗎？

I think it is more than anything timing of openings.

我認為這最重要的是開放時間。

I asked the same question this morning when I said, sequentially it looked like it was a little less of an increase in Q3.

我今天早上問了同樣的問題，當時我說，從順序上看，第三季度的增長似乎要少一些。

It is just timing of a few things.

這只是一些事情的時機。

Nothing dramatic there.

那裡沒有什麼戲劇性的。

Once we ramp up expansion -- I think part of it is also is we had committed a little more over the last year to IT which has three and five-year write-downs.

一旦我們加速擴張——我認為部分原因也是我們在過去一年中對 IT 投入了更多的資金，其中有三年和五年的減記。

Nothing earth-shattering there.

那裡沒有什麼驚天動地的。

And just lastly, on private label, can you give us a sense what the penetration was in the third quarter versus last year?

最後，關於自有品牌，您能否告訴我們第三季度與去年相比的滲透率？

Penetration year-over-year is up about one -- a little over 1.5 percentage points.

滲透率同比增長約一個——略高於 1.5 個百分點。

About 1 percentage point -- maybe 1.25.

大約 1 個百分點——也許是 1.25。

Great.

偉大的。

Thanks very much.

非常感謝。

Your next question comes from the line of Robert Drbul with Barclays Capital.

你的下一個問題來自巴克萊資本的 Robert Drbul。

Good morning, Richard.

早上好，理查德。

Two questions for you.

兩個問題問你。

One, you talked about a lower SKU count in the store.

第一，你談到了商店中較低的 SKU 數量。

What is the current number that you guys are operating with?

你們目前使用的數字是多少？

SKU count, 3750.

SKU 數量，3750。

And is there a plan to change that or take that any lower from where you are today?

是否有計劃改變它或將其降低到今天的水平？

I think we are comfortably low right now.

我認為我們現在很舒服。

Keep in mind, probably four years ago when the stated goal internally was 4000, it was inching towards 4200.

請記住，大概四年前，當內部規定的目標是 4000 時，它正在向 4200 緩慢推進。

When Jim in every monthly budget meetings would say, guys, would you like me to do it -- would you like to do it or like me to do it and it would take about half an hour.

當吉姆在每個月度預算會議上都會說，伙計們，你們願意我做嗎——你們願意做還是希望我做，這大約需要半個小時。

And then the feeling is, the top 200 items or 5% of the items represent near 40% of the sales and you can imagine what the bottom 200 and let's max out and do more aggregate volume.

然後感覺是，前 200 件商品或 5% 的商品代表了近 40% 的銷售額，您可以想像後 200 件是什麼，讓我們最大化並做更多的總銷量。

I think we feel comfortable where we are right now.

我認為我們現在的處境很舒服。

And then are there any new brands or different categories that you're excited about, things that you're selling now or you're looking to get that you can talk about?

然後有沒有讓你興奮的新品牌或不同類別的東西，你現在正在銷售的東西或者你正在尋找可以談論的東西？

I think in terms of -- there is certainly -- and I'm sorry, I just don't have -- I missed that one, so I don't have that list in front of me.

我認為 - 當然有 - 對不起，我只是沒有 - 我錯過了那個，所以我面前沒有那個清單。

I know there is more brands in apparel and more availability of some apparel.

我知道服裝品牌越來越多，一些服裝的可用性也越來越高。

There's -- in terms of the KS, I think between now and the end of the year and into next year, look for some more branded private label and lots of supermarket consumables, canned goods and things like that.

就 KS 而言，我認為從現在到今年年底到明年，尋找更多品牌的自有品牌和大量超市消耗品、罐頭食品等。

And I think last six months you've seen things like KS macaroni and cheese and the like, so both dry and canned foods.

我想過去六個月你已經看到了像 KS 通心粉和奶酪之類的東西，所以既有乾食品也有罐頭食品。

Electronics I think again is -- 3D will happen.

電子我再次認為是——3D 將會發生。

I'm not sure everybody will jump on it the first day, but it will be there.

我不確定第一天每個人都會喜歡它，但它會在那裡。

LED, back lit, there are some things there that are exciting on that side.

LED，背光，那裡有一些令人興奮的東西。

But I'm stretching here.

但我在這裡伸展。

All right.

好的。

And so Richard, when you look overall at the trends, some of the things you're naming, but discretionary versus nondiscretionary, where do you think we are from a consumer perspective today?

因此，理查德，當你從整體上看趨勢時，你正在命名的一些東西，但自由裁量權與非自由裁量權，你認為我們今天從消費者的角度來看在哪裡？

I think the biggest change from now versus a year and a half ago was the fact that as TVs -- flat screens went from $2000 to $1500 to $1200 to $800 to $700 in demand, units were up huge.

我認為與一年半前相比，現在最大的變化是隨著電視——平板電視的需求從 2000 美元到 1500 美元到 1200 美元到 800 美元到 700 美元，單位數量大幅增加。

And finally, I think that is satiated a little bit, their appetite as well with increasing demand worldwide, like in China and India, what have you is what I've being told.

最後，我認為這已經有點滿足了，他們的胃口以及全球需求的增長，比如在中國和印度，你所擁有的就是我被告知的。

For the first time in a long time, the last few months, the underlying cost of the panels, the OEM cost of panels was up dramatically, so there is not a lot of promotional money to do any of the multivendor mailers and things like that.

很長一段時間以來，過去幾個月，面板的基本成本，面板的 OEM 成本急劇上升，所以沒有太多的促銷資金來做任何多供應商郵寄和類似的事情.

Not only do you have price deflation in some of those categories over the last couple of year, you have a little less demand than you have historically.

在過去的幾年中，您不僅在其中一些類別中出現價格通縮，而且您的需求也比歷史上少了一點。

That being said, I think we -- what is a positive for us?

話雖這麼說，我認為我們 - 對我們來說有什麼積極意義？

We went into this season for patio furniture, which we sell between January and March, a couple of months before the season starts, and want to be out a couple of months before the season ends.

我們進入了這個季節的庭院家具，我們在 1 月到 3 月期間銷售，也就是季節開始前的幾個月，我們希望在季節結束前幾個月停止銷售。

We have been scrambling for probably by mid March, we were scrambling for extra inventory, because we -- while we were a little conservative committing this year, not a lot of conservative, but a little conservative, we sold through it very well.

我們可能在 3 月中旬之前一直在爭先恐後地爭奪額外的庫存，因為我們 - 雖然我們今年有點保守，但不是很多保守，而是有點保守，我們賣得很好。

Whereas people -- my favorite article that I read about all of this was called, Frugality Fatigued.

而人們——我讀到的關於所有這些的最喜歡的文章叫做，節儉疲勞。

People were frugal last year.

去年人們很節儉。

Some of them are a little tired of being frugal and they're buying things for the home.

他們中的一些人有點厭倦了節儉，他們正在為家裡買東西。

And whether it is door mats or house wares or coffee machines or live goods, plants, that's stuff that has been strong.

無論是門墊、家居用品、咖啡機還是生活用品、植物，這些東西都很堅固。

Great.

偉大的。

Thank you.

謝謝你。

Your next question comes from the line of Laura Champine with Cowen and Company.

你的下一個問題來自 Laura Champine 與 Cowen and Company 的合作。

I know that you guys can appreciate the difficulty for us in forecasting gas's net impact on your gross margins.

我知道你們能體會到我們很難預測天然氣對你們毛利率的淨影響。

You cited some changes in penetration, but pretty good gross margins on gas itself now.

你提到了滲透率的一些變化，但現在天然氣本身的毛利率相當不錯。

Do you think that gas will have a more or a less of an impact on Company-wide gross margins in Q4?

您認為天然氣將對第四季度全公司的毛利率產生或多或少的影響嗎？

What is the trend right now?

現在的趨勢是什麼？

I think that -- Bob is saying here -- I was going to say, I think it will be a slight, a lesser negative.

我認為——鮑勃在這裡說的——我想說的是，我認為這會是一個輕微的、較小的負面影響。

You're still going to have year-over-year inflation in gas.

您仍然會遇到天然氣的逐年通貨膨脹。

And so that penetration on lower margin, you will have better margins probably year-over-year, but not as great as I mentioned here in Q3.

因此，以較低的利潤率滲透，您可能會比去年同期獲得更好的利潤率，但不如我在第三季度提到的那麼高。

A year ago in Q3, we lost a little money.

一年前的第三季度，我們損失了一點錢。

This year, we made a little money.

今年，我們賺了一點錢。

Last year in Q4, we made more than a little, not a huge amount, but more than a little.

去年第四季度，我們賺了一點點，不是很多，但不止一點點。

We're entering this quarter pretty good.

我們進入這個季度非常好。

Let's assume we do a little better than last year bottom-line wise, or therefore, gas gross margin wise, still the increasing penetration dwarfs it.

讓我們假設我們在底線方面的表現比去年好一點，或者因此，在天然氣毛利率方面，滲透率的增加仍然使它相形見絀。

Got it.

知道了。

Great.

偉大的。

Thank you.

謝謝你。

Your next question comes from the line of Deborah Weinswig with Citigroup.

你的下一個問題來自花旗集團的 Deborah Weinswig。

A few questions, actually that still haven't been asked.

有幾個問題，實際上還沒有被問到。

If you talk about what you're seeing in terms of spending by small business members?

如果你談論你在小企業成員的支出方面看到了什麼？

Our sales penetration, all I can tell you is that the sales penetration has been fine.

我們的銷售滲透率，我只能告訴你，銷售滲透率一直很好。

There has not been any dramatic change.

沒有任何戲劇性的變化。

I think one of the issues for us has been over the last year when we saw -- everybody talked about restaurant business is down.

我認為我們面臨的一個問題是去年我們看到的——每個人都在談論餐館業務不景氣。

Restaurant -- first of all, the restaurant business was more down for the bigger restaurants, the bigger higher-end restaurants which is not necessarily our customer.

餐廳——首先，更大的餐廳、更大的高端餐廳不一定是我們的客戶，餐廳業務下滑更多。

In the case where the restaurant business was down, who benefited?

餐飲業不景氣，誰受益？

Supermarkets and warehouse clubs.

超市和倉庫俱樂部。

I think we had some offset there.

我認為我們在那裡有一些抵消。

And you said were you impressed with higher traffic on top of difficult comparisons.

你說除了困難的比較之外，你是否對更高的流量印象深刻。

Can you talk about what the basket looked like?

你能談談籃子是什麼樣子的嗎？

When I go out there, it is a lot of foods and assundries.

當我出去的時候，那裡有很多食物和雜貨。

There's fewer TVs in the basket, and not a lot fewer, but fewer.

籃子裡的電視越來越少，不是少了，而是少了。

Again, I think we have become -- I think if there is a silver lining to this horrible economy over the last year and a half is that the warehouse clubs and us in particular, the extreme value proposition, one of our signature categories in our view is fresh foods.

再一次，我認為我們已經成為——我認為如果在過去一年半的時間裡這個可怕的經濟有一線希望的話，那就是倉庫俱樂部，尤其是我們，極端價值主張，我們的標誌性類別之一景色是新鮮的食物。

People are shopping with us more frequently than they used to.

人們比以往更頻繁地與我們一起購物。

Some of that is restaurant business.

其中一些是餐廳業務。

In my view, some of that is supermarket business that people are getting more of their stuff at Costco.

在我看來，其中一部分是超市業務，人們在 Costco 購買的東西越來越多。

They are shopping more frequently, but the overall ticket is less?

他們購物的次數多了，但整體的票卻少了？

Yes.

是的。

Okay.

好的。

And then can you talk about international performance?

然後你能談談國際表現嗎？

As I mentioned, UK's comps were close to flat.

正如我所提到的，英國的收入接近持平。

Everybody else, the local currencies is quite strong.

其他人，當地貨幣相當堅挺。

Canada is the one that is most impressive from the standpoint, in my view, from the standpoint that it is 70 or 80 units, and it is as old, almost as old as our whole Company operation, and so relatively mature, and it is showing 10% comps in local currency.

從我的觀點來看，加拿大是最令人印象深刻的，它有 70 或 80 個單位，它和我們整個公司的運作一樣古老，幾乎和我們整個公司的運作一樣古老，因此相對成熟，而且它是以當地貨幣顯示 10% 的補償。

How should we think about international margins?

我們應該如何看待國際利潤率？

Positively.

積極地。

Okay.

好的。

And then lastly, I just wanted to confirm that the target rate for private label is still 37%.

最後，我只想確認自有品牌的目標率仍然是 37%。

I think it is.

我覺得是這樣的。

But that -- when your children go to college, I think directionally, yes, but it is going to take some time.

但是，當你的孩子上大學時，我認為方向性的，是的，但這需要一些時間。

Okay.

好的。

And clearly, as I get into the remainder of the calendar year, we will be able to talk more about some of the things like some canned goods and some other items, recognizing we tried a mayonnaise two or three years ago and a peanut butter and we underwhelmed you.

很明顯，當我進入日曆年的剩餘時間時，我們將能夠更多地談論一些事情，比如一些罐頭食品和一些其他物品，認識到我們在兩三年前嘗試過蛋黃醬和花生醬和我們讓你不知所措。

Not everything works, but most things do work.

並非一切都有效，但大多數事情都有效。

There is -- not a whole lot of [saccharo sact] in terms of branded goods.

就品牌商品而言，沒有很多 [saccharo sact]。

We want to offer both.

我們想提供兩者。

We want to show our member the quality we can offer.

我們想向我們的會員展示我們可以提供的質量。

Clearly, if we can get them to be loyal to the KS brand, that's great long term and we're pretty much determined to try everything.

顯然，如果我們能讓他們忠於 KS 品牌，那將是一個長期的好主意，我們幾乎下定決心要嘗試一切。

The last one to throw out there, based on the average household income of your members, have you been surprised at the uptake in EBT as a form of tender?

根據您成員的平均家庭收入，最後一個拋出的問題是，您對 EBT 作為一種招標形式的採用感到驚訝嗎？

No, I think it is positive.

不，我認為這是積極的。

It is still small, a very small percentage.

它仍然很小，很小的百分比。

I think it rounds to 1%.

我認為它四捨五入到 1%。

But I think we looked at ourselves in the mirror and said, we probably were a little bit -- a little arrogant not -- for a long time we didn't do it for whatever reason.

但我想我們看著鏡子裡的自己說，我們可能有點——有點傲慢——不是——很長一段時間我們出於某種原因沒有這樣做。

Even though technology-wise, it got a lot simpler and it did not have any real impact to the front end, in terms of slowing up the lines.

即使在技術方面，它變得更簡單，並且在減慢生產線方面對前端沒有任何實際影響。

Our view that it really isn't our member, well the reality is it is everybody's member.

我們認為它確實不是我們的成員，但事實是它是每個人的成員。

If it can help, and it is not very costly to do, which is the case, then it is a positive.

如果它能有所幫助，而且這樣做的成本不是很高（事實就是如此），那麼它就是積極的。

It is a slight net positive.

這是一個輕微的淨積極因素。

Thanks so much and best of luck.

非常感謝，祝你好運。

The next question comes from Colin McGranahan with Bernstein.

下一個問題來自 Colin McGranahan 和 Bernstein。

Good morning, Richard.

早上好，理查德。

Thanks for taking the question.

感謝您提出問題。

Just quick follow-up on two topics that have been discussed already.

只需快速跟進已經討論過的兩個主題。

On SG&A, you gave us the cadence of the growth rate of health care.

在 SG&A 上，你給了我們醫療保健增長率的節奏。

I know some of the things you're looking at in terms of making your employees better consumers, those are long-tailed.

我知道您在使員工成為更好的消費者方面正在考慮的一些事情，這些都是長尾的。

Do you think that the 11% growth right now is more of a steady state growth rate for some period of time?

您是否認為現在 11% 的增長率在一段時間內更像是一個穩定的增長率？

Or should that continue to inch down as the compares maybe get a little easier still?

或者隨著比較可能變得更容易一些，它應該繼續緩慢下降嗎？

I think that on the one hand, there are things -- first of all, the long tail is not completely long.

我認為，一方面，有些事情——首先，長尾巴並不是完全長的。

This is not like smoking cessation programs or weight loss programs or exercise more and eat better so you will have less heart attacks 10 years from now.

這不像戒菸計劃或減肥計劃，也不像多運動和吃得好這樣 10 年後您的心髒病發作就會減少。

This is -- some of these changes can be made in the next year and each one can be a few million bucks.

這是——其中一些改變可以在明年進行，每一個都可能是幾百萬美元。

It is not giant, but they will all help.

它不是巨人，但他們都會提供幫助。

I was going to say one other thing.

我正要說另一件事。

The offset to that is changing health care legislation and not just the new plan.

對此的抵消正在改變醫療保健立法，而不僅僅是新計劃。

One example, next year, and this is -- I don't think this is even part of the what's referred to as the Obama health care plan, is that currently, dependents of employees who are under 22 -- under 18 or under 22 if they're in college, can be on their parent's health care plan.

一個例子，明年，這是——我認為這甚至不是所謂的奧巴馬醫療保健計劃的一部分，目前，22 歲以下——18 歲以下或 22 歲以下僱員的家屬如果他們在上大學，可以參加他們父母的醫療保健計劃。

There is a cost to that, to the employer.

這對雇主來說是有代價的。

The new law is -- I think it goes in effect January -- either January 1 or September 1, based on the fiscal year but I think it is January 1.

新法律是——我認為它在一月份生效——根據財政年度，要么是 1 月 1 日，要么是 9 月 1 日，但我認為是 1 月 1 日。

The new law is up to 26, and you don't have to be in college.

新法最多26歲，不一定要上大學。

If we look at our current employee base in the US of 95,000 or so people, existing employees who had dependents in the plan, but based on their age, they left our plan, either at 18 if they weren't going to college, or 22 if they were going to college, we have about 13,000 or 14,000 people out there that have left our plan of current employees.

如果我們看看我們目前在美國的 95,000 名左右員工，現有員工在計劃中有家屬，但根據他們的年齡，如果他們不上大學，他們會在 18 歲時離開我們的計劃，或者22 如果他們要上大學，我們有大約 13,000 或 14,000 人離開了我們現有員工的計劃。

Now, not all of those are going to jump on our plan.

現在，並非所有這些都會跳上我們的計劃。

If they're working themselves, and many of them are, if they're eligible for their own plan, they can't go on our plan.

如果他們自己工作，他們中的許多人是，如果他們有資格參加他們自己的計劃，他們就不能繼續我們的計劃。

But let's assume half of them do.

但讓我們假設其中一半是這樣的。

That's 7000 and they're young and they're healthy.

那是 7000 人，他們很年輕，而且很健康。

But even if the average cost was only $2000, there is $14 million a year.

但即使平均成本只有 2000 美元，每年也有 1400 萬美元。

There are things to mitigate some of the savings.

有些事情可以減少一些節省。

But nonetheless, I think that -- I can't guess.

但儘管如此，我認為——我猜不出來。

I would expect the growth rate in dollars in Q4, given that we had a high increase last year in Q4, is around the same or a little better.

考慮到我們去年第四季度的高增長，我預計第四季度的美元增長率大致相同或略好一些。

And hopefully it gets a little better, but it is still going to be at best in the high single digits going forward over the next couple of years.

希望它會變得更好一些，但在接下來的幾年裡，它仍然最多只能保持在高個位數。

That's really helpful.

這真的很有幫助。

And final follow-up, through the quarter and really focusing on the US business, the average ticket didn't really improve maybe as much as we might have expected it to.

最後的後續行動，整個季度並真正關注美國業務，平均票價並沒有像我們預期的那樣真正改善。

I know you have talked about more frequent trips still happening, but any other thoughts on that?

我知道你談到過更頻繁的旅行仍在發生，但對此還有其他想法嗎？

I think as the discretionary categories are showing a little bit of life that maybe that average ticket trend should be getting better faster.

我認為，隨著可自由支配的類別顯示出一點活力，平均票價趨勢應該會更快好轉。

Keep in mind, they are coming in more.

請記住，他們進來的更多。

They're buying a little less each time.

他們每次都少買一點。

And also, they're buying more food and assundries and less $1000 TV's.

而且，他們正在購買更多的食品和雜貨，而不是 1000 美元的電視。

That goes a long way to changing that average ticket a little bit.

這對稍微改變平均票價有很大幫助。

And I think we're probably half to a little more than half -- or half to a little less than half of the way through on a year cycle on that, in terms of the pressure of less TV's.

而且我認為，就減少電視的壓力而言，我們可能已經完成了一年周期的一半到一半多一點——或者一半到不到一半。

Just if you go back a year or two or three years ago, one $1000 television in our NBM, in two or three weeks we could sell 20,000 or 30,000 units or $20 million or $30 million of one item.

如果你回到一年、兩年或三年前，在我們的 NBM 中一台價值 1000 美元的電視，在兩到三週內，我們可以售出 20,000 或 30,000 台或 2000 萬或 3000 萬美元的一件商品。

There are none of those right now.

現在這些都沒有。

Those are things that impact.

這些是有影響的事情。

Is it offset by coffee makers and toaster ovens and exercise equipment and a lot of other things?

它會被咖啡機、烤麵包機、健身器材和許多其他東西抵消嗎？

Yes, we're doing a pretty good job of fighting and tackling.

是的，我們在戰鬥和攔截方面做得很好。

My view is a simple one is we got them coming in more frequently and it is not like they're buying it somewhere else.

我的觀點很簡單，就是我們讓他們更頻繁地進來，而不是他們在其他地方購買。

When they start buying it, they are buying it at us.

當他們開始購買時，他們是在我們這裡購買。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Your next question comes from the line of Neil Currie with UBS.

你的下一個問題來自瑞銀的 Neil Currie。

Thanks.

謝謝。

Richard, I wondered if you could follow-up on that question earlier on average ticket.

理查德，我想知道你是否可以在平均票上更早地跟進這個問題。

You mentioned consumer electronics and selling less TVs.

你提到了消費電子產品和銷售較少的電視。

I think we've spoken in the past and you've talked about how there has been more of a shortage of big TVs, and that's led to -- not to pricing potentially, but lower sales.

我想我們過去談過，你也談過大電視的短缺是如何導致的——不是潛在的定價，而是銷量下降。

I was just wondering if you could give us any view on how that is going to change over the next six months or so, whether you see more TV models coming into the system.

我只是想知道您能否就未來六個月左右的情況如何改變向我們發表任何看法，您是否會看到更多的電視型號進入系統。

Whether we should start to expect TV sales to start going up again?

我們是否應該開始期待電視銷量再次開始上升？

The big issue over the last four to eight -- four to 10 week, let's say, has been less promotional opportunity for us at NBM's, and arguably less -- offset a little bit by less deflationary trends in there.

過去 4 到 8 週的大問題——比方說，4 到 10 週，我們在 NBM 的促銷機會減少了，可以說更少了——被那裡的通貨緊縮趨勢減少了一點。

Again, our VP of majors and electronics literally just got back yesterday from a week in Asia, meeting with all of the manufacturers.

同樣，我們的專業和電子產品副總裁昨天剛剛結束在亞洲的一周工作，與所有製造商會面。

The view is, is that availability will be greatly enhanced by mid to late summer.

觀點是，到夏中至夏末，可用性將大大提高。

That the capacity is up.

那容量就起來了。

And so there is a feeling going into the seasonal parts of September through Christmas, there will be a little bit more promotional opportunities.

因此，進入 9 月到聖誕節的季節性部分，會有更多的促銷機會。

And I hate to use the word promotional, but let's face it, when you have something that has been declining on its own $200 or $300 a year, and on top of that, a couple hundred, $300, three-week, $300 off in an NBM Mailer, that drives business.

我討厭使用促銷這個詞，但讓我們面對現實吧，當你有一些東西每年自行下降 200 美元或 300 美元，除此之外，還有幾百美元、300 美元、三週、300 美元的折扣一個推動業務發展的 NBM Mailer。

Again, there is not a lot of that excitement in the NBM mailer related to those bigger ticket items right now.

同樣，現在 NBM 郵件中沒有太多與那些大票項目相關的興奮。

You think in the first quarter of this year also we should start seeing them come back in the NBM mailers --

你認為在今年第一季度我們也應該開始看到它們重新出現在 NBM 郵件中——

Four months from now, in early October when we talk about Q4, we will talk about -- it is still an impact in Q4, but near the tail end of Q4 and into the first month of Q1 of September, we start to see a change.

四個月後，即 10 月初，當我們談論第 4 季度時，我們將談論 - 這仍然是第 4 季度的影響，但在第 4 季度末和 9 月第 1 季度的第一個月，我們開始看到改變。

That would be my hope.

那將是我的希望。

Okay.

好的。

Why is the UK so flat against other international markets?

為什麼英國與其他國際市場相比如此平淡？

Is it just economy-based or is there something else going on?

它只是基於經濟還是有其他原因？

In the UK, we operate under a slightly less format.

在英國，我們的運作方式略有減少。

When you walk in, it is a membership warehouse club.

走進去，是會員制的倉庫會所。

It looks like a warehouse club, and it smells like a warehouse club and it walks and talks like a warehouse club.

它看起來像倉庫俱樂部，聞起來像倉庫俱樂部，走路和說話也像倉庫俱樂部。

The one difference there is in order for us to make economic sense, we locate our facilities in what are called commercial trade areas, not retail areas which are still expensive, but not as expensive and are more available.

唯一的區別是為了使我們具有經濟意義，我們將我們的設施設在所謂的商業貿易區，而不是仍然昂貴但不那麼昂貴且更容易獲得的零售區。

Because of that, each -- and I forget if it is cities, states, provinces, but each locale has a minimum required of business to the trade.

正因為如此，每個——我忘了是不是城市、州、省，但每個地區都有對貿易的最低要求。

We do not market nearly as strongly to nontrade members or nonbusiness members, so we have less of a consumer piece over there.

我們對非貿易成員或非商業成員的營銷幾乎沒有那麼強烈，所以我們在那裡的消費品較少。

That always has impacted us a little bit over there.

這總是對我們有一點影響。

Basically what you are saying the business community there is not recovering --

基本上你所說的商業社區沒有恢復——

That's my guess.

那是我的猜測。

And you don't look into the consumer recovery --

而且你不研究消費者復蘇——

Our view is our pricing is more favorable over there relative because there are not other warehouse clubs over there and discounting is not as dramatic.

我們的觀點是，我們的定價相對於那裡更有利，因為那裡沒有其他倉庫俱樂部，而且折扣也沒有那麼大。

But again, the economy -- I'm not an economist, and I don't have the numbers in front of me for the UK, but my guess is it is a little bit of a small business recovery, but also the fact of how we have to market.

但同樣，經濟——我不是經濟學家，我面前沒有英國的數據，但我猜這是小企業的一點點復甦，但也是事實我們如何推銷。

Thanks.

謝謝。

And just finally, any thoughts on the west coast?

最後，對西海岸有什麼想法嗎？

Any changes you're seeing to California economy in particular?

您特別看到加州經濟有什麼變化嗎？

Again, I think that sequentially, we're seeing it pick up nicely.

再一次，我認為依次，我們看到它很好地回升。

It is still at a lower rate than some of the other parts of the country.

它仍然低於該國其他一些地區。

But I think we're all looking for tidbits every week, or every day, when you hear something about finally there is a reduction in the foreclosures.

但我認為我們每個星期或每天都在尋找花絮，當你聽到一些關於最終取消抵押品贖回權減少的消息時。

But the fact is, again, I think the frugality fatigue helps a little bit, but we are seeing a little pickup.

但事實是，我認為節儉疲勞有一點幫助，但我們看到了一點點回升。

There is at least not the concern that the sky is falling.

至少沒有天塌下來的擔憂。

Okay.

好的。

Thank you.

謝謝你。

Why don't we take two more questions.

我們為什麼不再回答兩個問題。

Your next question comes from the line of Dan Binder with Jefferies.

你的下一個問題來自 Jefferies 的 Dan Binder。

Good morning.

早上好。

Question on membership growth going forward.

關於未來會員增長的問題。

You've had a nice little acceleration off of lower levels in prior quarters.

你在前幾個季度的較低水平上有一個很好的加速。

How would you expect that to play out in local currency over the next couple of quarters?

在接下來的幾個季度中，您預計這將如何以當地貨幣計算？

Still at that 7% level?

還是那個7%的水平？

Or does that start to get a little bit better, do you think?

或者你認為這會開始好轉一點嗎？

Could you repeat the question?

你能重複這個問題嗎？

It broke up.

它分手了。

The question was regarding membership growth.

問題是關於會員增長。

It has shown some nice improvement in local currency in the last couple quarters and I was just curious about what your thoughts were over the next couple of quarters.

它在過去幾個季度顯示出當地貨幣的一些不錯的改善，我只是想知道您對接下來幾個季度的想法。

Does it maintain this 7% rate or so?

它是否保持這個 7% 左右的利率？

Or do you think it can improve off that level?

或者你認為它可以改善那個水平嗎？

I would hope it can accelerate somewhat because we've gone from opening one unit in each of the last two quarters to six in Q4, and God willing, around five or six a quarter in all of the quarters next year.

我希望它能有所加速，因為我們已經從過去兩個季度的每個季度開設一個單位增加到第四季度的六個單位，上帝保佑，明年所有季度大約每季度開設五六個單位。

Recognizing whatever -- so that would be -- should be an improvement, an acceleration.

認識到任何事情——那麼這將是——應該是一種改進，一種加速。

Recognizing any acceleration in terms of the P&L, we record membership fee income on a deferred basis.

認識到損益方面的任何加速，我們在遞延的基礎上記錄會員費收入。

We get an incremental new member tomorrow at $50, it is basically $4 a month extra incrementally into the next 12 months.

明天我們將以 50 美元的價格增加新會員，基本上在接下來的 12 個月內每月額外增加 4 美元。

And so that will temper that rate of acceleration.

因此，這將緩和加速度。

Okay.

好的。

And then through the earnings season, we have heard retailers talk about some softness or choppiness related to weather in May.

然後在整個財報季，我們聽到零售商談論 5 月份與天氣有關的一些疲軟或波動。

Obviously we've had a lot of turmoil in the markets over the last few weeks and I realize comps are next week.

顯然，過去幾週我們在市場上經歷了很多動盪，我意識到下週會有補償。

But I'm curious, are you seeing choppiness or any increased volatility in your business, over recent weeks as this has unfolded?

但我很好奇，最近幾週，隨著這種情況的發生，你是否看到你的業務出現波動或波動加劇？

The only choppiness that we see relates to how a holiday falls, like Memorial Day fell a week off, so it helps you one week, hurts you the next week, or vice versa, and the timing of an NBM mailer, where if -- I'm making this up.

我們看到的唯一不穩定與假期如何下降有關，比如陣亡將士紀念日下降了一周，所以它幫助你一周，下週傷害你，反之亦然，以及 NBM 郵件的時間安排，如果 -我正在編造這個。

But let's say, last year it was weeks one through three of the month and this week, it is weeks two through four.

但是，假設去年是每月的第一周到第三週，而這周是第二周到第四周。

And week one this year, since you had an NBM last year, but not this year, you see sales down.

今年的第一周，因為你去年有 NBM，但今年沒有，你會看到銷售額下降。

And in week four, it catches back up.

在第四周，它又回來了。

Okay.

好的。

And just some housekeeping items.

還有一些家政用品。

I don't know if you mentioned earlier, but do you have an expected tax rate for the full year?

我不知道你之前有沒有提到，但是你有全年的預期稅率嗎？

And I was just curious where you think pre-opening and net interest will fall out for the full year also?

我很好奇你認為全年的開盤前利息和淨利息也會下降到哪裡？

Pre-opening should start to escalate some.

開業前應該開始升級一些。

I'm sorry, I don't have that in front of me.

對不起，我面前沒有那個。

Let me look at last year, but it should escalate from where it has been with more openings.

讓我看看去年，但它應該會隨著更多的空缺而升級。

And interest income -- by the way, getting back to I think it was Chuck Grom's question on Q2, interest income.

和利息收入——順便說一句，回到我認為這是查克格羅姆關於第二季度利息收入的問題。

The big delta in Q2 -- interest income, I looked at my notes from Q2 while we were on the call here, and interest income actually was only up a few million dollars year-over-year in the quarter.

第二季度的大三角洲——利息收入，當我們在這裡打電話時，我查看了第二季度的筆記，利息收入實際上只比去年同期增加了幾百萬美元。

And the big difference sequentially that Chuck, you had mentioned, was related to first of all, Q2 has Christmas, and Mexico -- our half of Mexico earnings are dramatically higher then.

你提到的 Chuck 的順序差異首先與第二季度聖誕節和墨西哥有關——那時我們一半的墨西哥收入大幅增加。

In addition, as I mentioned -- I did mention in the Q2 conference call, we did pick up some incremental dollars on FX contracts.

此外，正如我提到的——我在第二季度電話會議中確實提到過，我們確實在外匯合約上獲得了一些增量美元。

Usually that is something that is no more than plus or minus a couple million dollars and I never talk about it.

通常那不過是加減幾百萬美元，我從不談論它。

We happen to have in Q2 a benefit of probably a penny, $7 million or $8 million, and so that was an anomaly in Q2 that is more of an anomaly whether it was a plus or minus in Q2.

我們恰好在第二季度獲得了可能一分錢、700 萬美元或 800 萬美元的收益，因此這在第二季度是一個異常現象，無論是在第二季度是正還是負，這都更像是一個異常現象。

It was nonetheless an anomaly.

儘管如此，這仍然是一個反常現象。

And the other big chunk was just quarterly profits in Q2, and that is dramatically different in Q3.

另一大塊只是第二季度的季度利潤，而第三季度則大不相同。

Looking to Q4, I don't see a big change.

展望第四季度，我看不出有什麼大的變化。

Again, it doesn't matter how much cash you have, there isn't a whole lot of money.

再說一次，不管你有多少現金，都不是很多錢。

And given that we know that we are going to pay off -- we're going to pay off $900 million in March 2012.

鑑於我們知道我們會得到回報——我們將在 2012 年 3 月還清 9 億美元。

In the last few month, we have taken about $900 million and extended it out up to just under two years, and are making an extra 80, 90 basis points.

在過去的幾個月裡，我們花費了大約 9 億美元，並將其延長了不到兩年，並且額外增加了 80、90 個基點。

900, times 80 basis points is $7 million a year.

900，乘以 80 個基點是每年 700 萬美元。

Maybe annualized you will get a couple million a quarter from that, but that's not earth-shattering.

也許按年計算，您每季度會從中獲得幾百萬美元，但這並不是驚天動地的。

And then the tax rate for the full year?

然後是全年的稅率？

I think our tax rate -- I start every quarter with a tax rate assumption of around 37%, or high 36's.

我認為我們的稅率——我每個季度開始時的稅率假設約為 37%，即 36% 左右。

And usually it is between -- again, the percentage in Q3 which was 34.4%, part of that is is Q3 is a lower profit quarter.

通常它介於 - 再一次，第三季度的百分比為 34.4%，其中一部分是第三季度是利潤較低的季度。

When you've got a $3 million or $5 million benefit or hit in a quarter on a lower percentage, that changes the percentage more, on a lower base.

當您獲得 300 萬美元或 500 萬美元的收益或在一個季度中以較低的百分比獲得收益時，這會在較低的基數上改變更多的百分比。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Your final question comes from the line of Chuck Cerankosky with Northcoast Research.

您的最後一個問題來自 Chuck Cerankosky 與 Northcoast Research 的合作。

Good morning, everyone.

大家，早安。

Richard, my question has been answered so why don't you give this to somebody else.

理查德，我的問題已經得到解答，所以你為什麼不把它交給其他人。

Your final question will be from [Damion Wataski] with Gabelli and Company.

您的最後一個問題將來自 [Damion Wataski] 和 Gabelli and Company。

Good morning, Richard.

早上好，理查德。

Just going back to your comments on regional strength, any sense of what percentage you would attribute or just what -- is it the region improving?

回到你對地區實力的評論，你認為你會歸因於多少百分比或只是什麼 - 是該地區正在改善嗎？

Or is it that you're just taking share in those regions?

還是您只是在這些地區分享？

I think in the midwest and Texas, a little of it has to do with we're newer there.

我認為在中西部和得克薩斯州，這在一定程度上與我們在那裡較新有關。

I almost can't say newer anymore because we've been in those regions for 10 or so years, but we're not there for 25 years.

我幾乎不能再說更新了，因為我們已經在這些地區工作了 10 年左右，但我們已經有 25 年不在那裡了。

I think Texas, again, we've been there for 10 or so years and our competitors have been there for 25 years.

我認為得克薩斯州，我們已經在那裡待了 10 年左右，而我們的競爭對手已經在那裡待了 25 年。

I think we're just showing some nice improvement there.

我認為我們只是在那裡展示了一些不錯的改進。

In Florida, or southeast which is Florida, Georgia, the Carolinas, I think it is half and half.

在佛羅里達州，或東南部的佛羅里達州、佐治亞州、卡羅來納州，我認為是一半一半。

I think some of it we're taking market share because we've done a pretty good job and some of it we have some newer units.

我認為其中一些我們正在佔據市場份額，因為我們做得很好，而其中一些我們有一些更新的單位。

And then you haven't -- I haven't seen northeast mentioned in a few quarters here, I think now as a regional strength regional strength, and isn't it just because it didn't fall as far and has less room to improve or what is happening in the northeast?

然後你還沒有——我在這裡幾個季度都沒有看到東北被提及，我認為現在作為一個地區性強國，這不只是因為它沒有下降那麼遠而且空間更小改善或東北發生了什麼？

That is correct.

那是正確的。

But in addition, the northeast, I forget which quarter or which months it was, but they had hard weather patterns.

但除此之外，東北，我忘記是哪個季度或哪個月份了，但他們有惡劣的天氣模式。

There were a couple -- and I hate to use that as an excuse, but I know there were a couple of months there, a few months ago, which really impacted it.

有幾個——我不想以此為藉口，但我知道有幾個月，幾個月前，這真的影響了它。

Okay.

好的。

And then just lastly, are you finding it harder now to find -- to buy in better deals?

最後，你是否發現現在更難找到——購買更好的交易？

And if so, what categories in particular?

如果是這樣，具體是哪些類別？

The only one that I've heard about is the electronic -- the TVs.

我唯一聽說過的是電子產品——電視。

Again, there is not as many deals out there, because of the worldwide increase in demand.

同樣，由於全球需求的增加，交易並不多。

And again, that seems to be finally abating a little bit over the next couple of months.

而且，在接下來的幾個月裡，這似乎終於有所減弱。

Other than that, there's plenty of deals out there.

除此之外，還有很多優惠。

Okay.

好的。

Thank you.

謝謝你。

Thank you, everyone.

謝謝大家。

Have a good day.

祝你有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。