好市多 (COST) 2015 Q4 法說會逐字稿

Good morning.

早上好。

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

我叫凱拉，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 Q4 earnings conference call.

在這個時候，歡迎大家參加第四季度財報電話會議。

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）

I will now hand today's call over to Richard Galanti.

現在，我將把今天的電話轉交給理查德·加蘭蒂 (Richard Galanti)。

Please go ahead, sir.

請繼續，先生。

Thank you, Kayla.

謝謝你，凱拉。

Good morning to everyone.

各位早上好。

Last night, we reported operating results for the 16-week fourth quarter and 52-week fiscal year that ended August 30.

昨晚，我們報告了截至 8 月 30 日的為期 16 週的第四季度和為期 52 週的財政年度的經營業績。

These results are compared to the similar 16- and 52-week periods of FY14, which ended last year on August 31.

這些結果與去年 8 月 31 日結束的 FY14 的類似 16 周和 52 週期間進行了比較。

Please note that these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

請注意，這些討論將包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

These statements address risks and uncertainties, and may cause actual events, results and/or performance to differ materially from those indicated by such statements.

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

These 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.

這些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。

Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements except as required by law.

前瞻性陳述僅在作出之日起生效，除法律要求外，我們不承諾更新這些陳述。

To begin with, our fourth-quarter FY15 operating results.

首先是我們 2015 財年第四季度的經營業績。

Net sales for the fourth quarter came in at $35 billion, up 1% overall a year ago.

第四季度的淨銷售額為 350 億美元，同比增長 1%。

Comp sales were down 1% on a reported basis, but were up 6% including the negative gas and FX impacts.

Comp 銷售額在報告的基礎上下降了 1%，但上升了 6%，包括負面的氣體和外匯影響。

Gas prices for the quarter were down 21% year over year, negatively impacted US comp figures by a little more than 3 percentage points, so a plus[6%] US comp excluding gas price deflation.

本季度的天然氣價格同比下降 21%，對美國 comp 數據的負面影響略高於 3 個百分點，因此，不包括天然氣價格通縮的美國 comp 為正[6%]。

Foreign currencies overall were weaker relative to the dollar, year over year, in the fourth quarter, such that our reported international comps, on a reported basis, of minus 10% in Canada and a minus 7% in other international, assuming flat year-over-year FX rates and excluding gas price deflation, would have been plus 7% in Canada and plus 6% elsewhere internationally.

第四季度外幣相對於美元整體走弱，因此我們報告的國際比較，在報告的基礎上，加拿大為負 10%，其他國際為負 7%，假設年持平-不包括天然氣價格通縮在內的年內匯率在加拿大將上漲 7%，在國際其他地方將上漲 6%。

For the quarter, earnings per share came in at $1.73, up $0.15 or 10% from last year's $1.58 figure.

本季度每股收益為 1.73 美元，比去年的 1.58 美元增長 0.15 美元或 10%。

In terms of a year-over-year comparison -- EPS comparison, a few items of note.

就同比比較而言——EPS 比較，有幾點需要注意。

And the biggest item of note, FX.

最值得注意的是 FX。

In Q4 year over year, the foreign currencies where we operate were weaker versus the US dollar, resulting in our reported foreign earnings this year in Q4 being lower by about $53 million after tax, or $0.12 a share, than these earnings would have been had FX exchange rates been flat year over year.

在第 4 季度，我們經營的外幣兌美元走弱，導致我們今年第 4 季度報告的外國收益比這些收益低約 5300 萬美元，即每股收益 0.12 美元外匯匯率同比持平。

Number two, income taxes.

第二，所得稅。

Our income taxes this year in Q4 included several discrete items that, in the aggregate, decreased our income tax line by $23 million, or about $0.05 a share.

我們今年第 4 季度的所得稅包括幾個獨立的項目，這些項目總共使我們的所得稅額度減少了 2300 萬美元，或每股約 0.05 美元。

The largest component of the $23 million figure was a $17 million, or almost $0.04 a share, income tax benefit that resulted from our decision to repatriate, in the near future, from Canada back to the US, CAD750 million, or about $560 million, of cash balances.

2300 萬美元的最大部分是 1700 萬美元，或每股近 0.04 美元的所得稅收益，這是由於我們決定在不久的將來從加拿大匯回美國，7.5 億加元，或約 5.6 億美元，現金餘額。

Third item of note, IT modernization.

第三項注意事項，IT 現代化。

As discussed in the past several quarters, our major IT modernization efforts are ongoing, and will continue to negatively impact our SG&A expense percentages through the next fiscal year, and possibly beyond, especially as new major systems are placed into service and depreciation begins.

正如過去幾個季度所討論的那樣，我們的主要 IT 現代化工作正在進行中，並將繼續對我們的 SG&A 費用百分比產生負面影響，直到下一個財政年度，甚至可能更長，尤其是在新的主要係統投入使用和折舊開始時。

In the fourth quarter, on an incremental year-over-year basis, these costs impacted SG&A by an estimated $22 million, or 6 basis points, 4 basis points without deflation and FX, or about $0.03 a share.

在第四季度，按年同比遞增，這些成本對 SG&A 的影響估計為 2200 萬美元，即 6 個基點，不考慮通貨緊縮和外匯影響為 4 個基點，即每股約 0.03 美元。

And lastly, LIFO.

最後，後進先出法。

Last year in the fourth quarter, we recorded a pretax LIFO charge of $11 million pretax, or $0.02 a share.

去年第四季度，我們記錄了 1100 萬美元的稅前後進先出費用，即每股 0.02 美元。

This year, we actually had a LIFO credit, or a bring-back of $14 million pretax, or $0.02 a share.

今年，我們實際上獲得了 LIFO 抵免額，即 1400 萬美元的稅前收益，即每股 0.02 美元。

A lot of that had to do with gas deflation.

這在很大程度上與天然氣緊縮有關。

In terms of new openings for all of FY15, we opened 25 new locations, which included two relos, so a net of 23.

就 2015 財年全年新開的門店而言，我們新開了 25 家門店，其中包括兩家 Relos，因此淨增 23 家。

12 new in the US, 3 each in Mexico and Japan, and 1 each in Canada, UK, Taiwan, Korea and Australia.

美國有 12 個，墨西哥和日本各有 3 個，加拿大、英國、台灣、韓國和澳大利亞各有 1 個。

Which therefore ended FY15, a few weeks back, with 23 net new warehouses, and a total of 686 locations operating worldwide.

因此，在幾週前結束的 2015 財年，淨增 23 個新倉庫，全球共有 686 個運營地點。

For the current FY16, our plans are to add up to 32 net new warehouses, including a few business centers in the US.

對於當前的 2016 財年，我們計劃淨增 32 個新倉庫，其中包括美國的幾個商業中心。

18 to 20 of the planned new locations will be in the United States, with the remaining in international markets, including our second opening in Spain and our first opening planned for France.

計劃中的 18 到 20 個新地點將在美國，其餘的在國際市場，包括我們在西班牙的第二家門店和我們計劃在法國開設的第一家門店。

During the first four months of 2016 through calendar year end, we plan to open 13 of those up to 32 warehouses, including two relos, so net of 11.

從 2016 年前四個月到日曆年年底，我們計劃開設 13 個倉庫，最多 32 個，包括兩個 relos，減去 11 個。

9 in the US, 1 each in Canada, Australia, Japan and Spain, and then the 2 US relos are in that 11 figure -- in the 9 figure, sorry.

美國有 9 個，加拿大、澳大利亞、日本和西班牙各有 1 個，然後 2 個美國 relos 位於第 11 個數字中——在第 9 個數字中，抱歉。

Also this morning, I'll review with you our membership trends and related activities, our e-commerce activities.

同樣在今天上午，我將與您一起回顧我們的會員趨勢和相關活動，我們的電子商務活動。

Plenty of discussion on margins and SG&A, and recent stock repurchase activities.

關於利潤率和 SG&A 以及最近的股票回購活動的大量討論。

Okay.

好的。

So for our fourth-quarter results, sales, again, for the fourth quarter, the 16 weeks ended August 30, were $35 billion, up 1% from last year's $34.8 billion.

因此，對於我們第四季度的業績，截至 8 月 30 日的 16 週，第四季度的銷售額再次為 350 億美元，比去年的 348 億美元增長 1%。

On a reported basis, again, comps were down minus 1%.

在報告的基礎上，comps 再次下降了-1%。

For the quarter, this minus 1% reported comp figure was a combination of an average transaction decrease of about 4.5% for the quarter.

對於本季度，這一負 1% 的報告薪酬數字是本季度平均交易量下降約 4.5% 的綜合結果。

And again, this included the detriment from FX of a little over 4%, and gasoline price deflation of a little over 2.5% impact.

同樣，這包括外匯損失略高於 4%，以及汽油價格通縮略高於 2.5% 的影響。

So as you can see, excluding these negative factors, comps overall were up 6%, and the transaction actually, on an ex-gas and FX, would have been slightly positive.

因此，正如您所看到的，排除這些負面因素，整體收入增長了 6%，而實際上，在不考慮天然氣和外彙的情況下，交易本來會略有積極。

And an average frequency increase of just under 4%, at about 3 3/4%.

平均頻率增加略低於 4%，約為 3 3/4%。

In terms of sales by geographic region, most US regions registered low single-digit comp increases.

就按地理區域劃分的銷售額而言，美國大部分地區的銷售額都出現了較低的個位數增長。

Again, these numbers include the impact of gas deflation of a little over 3% in the US, with the Midwest, Texas and California being the strongest.

同樣，這些數字包括美國 3% 多一點的天然氣通貨緊縮的影響，其中中西部、得克薩斯州和加利福尼亞州最為嚴重。

Internationally, in local currencies, the strongest results were in Australia, Mexico, Taiwan and Spain, recognizing Spain only has one new unit -- one unit.

在國際上，以當地貨幣計算，結果最強勁的是澳大利亞、墨西哥、台灣和西班牙，認識到西班牙只有一個新單位——一個單位。

In terms of comp sales by merchandise categories for the quarter, for food and sundries, comps were mostly flat for the quarter.

就本季度按商品類別劃分的商品銷售額而言，食品和雜貨方面，本季度的商品銷售額基本持平。

Again, all these figures include about a 4% detriment from FX.

同樣，所有這些數字都包括約 4% 的外匯損失。

The better-performing departments were deli, sundries and candy.

表現較好的部門是熟食、雜貨和糖果。

Within hard lines, in the low single-digit range, better-performing departments were sporting goods, hardware and automotive.

在硬線中，在較低的個位數範圍內，表現較好的部門是體育用品、硬件和汽車。

Consumer electronics were negative low single-digit year over year, positive low single-digit ex-FX.

消費電子產品為負低個位數同比，正低個位數 ex-FX。

For soft lines, comps were in the low single digit range.

對於軟線，補償處於低個位數範圍內。

Better-performing departments included home furnishings and domestics.

表現較好的部門包括家居用品和家居用品。

And within fresh foods, comps were in the low single-digit range, as well, with the best results in deli, produce and meat.

在新鮮食品中，comps 也處於較低的個位數範圍內，在熟食、農產品和肉類中效果最好。

Moving on down the income statement to membership fees.

將損益表向下移動到會員費。

On a reported basis, membership fees came in at $785 million, or 2.24% of sales.

據報導，會員費收入為 7.85 億美元，佔銷售額的 2.24%。

That's up $17 million, or 2% in dollars, and up 3 basis points.

這增加了 1700 萬美元，或以美元計算增加了 2%，增加了 3 個基點。

Again, FX has a big impact on these dollar figures.

同樣，外匯對這些美元數字有很大影響。

Assuming flat year-over-year FX, the 2% dollar increase would have been up 6%.

假設匯率同比持平，2% 的美元漲幅將上升 6%。

In terms of membership, we continue to enjoy strong renewal rates, 91% in the US and Canada and 88% worldwide.

在會員資格方面，我們繼續享有強勁的續訂率，在美國和加拿大為 91%，在全球範圍內為 88%。

And a strong -- also, we're enjoying strong sign-ups, both new and existing warehouses, and continued strength in our executive member program.

還有一個強大的 - 此外，我們正在享受強大的註冊，包括新的和現有的倉庫，以及我們的執行會員計劃的持續實力。

In terms of members at fiscal year end, we had 34 million gold star members, up from the most recent quarter of 33.2 million.

就財年末的會員而言，我們擁有 3400 萬金星會員，高於最近一個季度的 3320 萬。

Primary business, 7.1 million, up from 7 million.

主營業務，710 萬，高於 700 萬。

We continue to have business add-on members of 3.5 million.

我們繼續擁有 350 萬的業務附加成員。

So all told, member households, 44.6 million at fiscal year end, which is up from 43.7 million 16 weeks earlier.

因此，總的來說，成員家庭在財政年度結束時為 4460 萬，高於 16 週前的 4370 萬。

Including additional cards, total card holders out there stood at 81.3 million at fiscal year end, up from 79.6 million a fiscal quarter ago.

包括附加卡在內，持卡人總數在財年末達到 8130 萬，高於上一財季的 7960 萬。

At fiscal year end, executive memberships were 16.1 million, which was an increase of about 400,000 members since Q3 end, so about 25,000 a week increase in the quarter.

截至財年末，高管會員人數為 1610 萬，自第三季度末以來增加了約 40 萬，因此本季度每週增加約 25,000 人。

In terms of membership renewal rates, as I mentioned, they continue strong.

正如我所提到的，就會員續訂率而言，它們繼續保持強勁勢頭。

Total came in at -- rounds up to a 91%, and -- for US and Canada, and total worldwide rounds up to an 88%.

總數達到了——四捨五入達到 91%，而且——對於美國和加拿大，全球總數達到了 88%。

Getting back to the income statement.

回到損益表。

Our gross margin in the fourth quarter, on a reported basis, was higher year over year by 44 basis points, coming in at 11.14% this year, versus a year ago fourth quarter at 10.7%.

根據報告，我們第四季度的毛利率同比增長 44 個基點，今年為 11.14%，而去年第四季度為 10.7%。

And without the impact of gas price deflation, that increase would be up 15 basis points.

如果沒有天然氣價格通縮的影響，這一增幅將上升 15 個基點。

Now I ask you to jot down just two columns of numbers, looking just at the fourth quarter here.

現在我要求你只記下兩列數字，只看這裡的第四季度。

The column one would be reported basis, and column two would be without gas deflation.

第一欄將報告基礎，第二欄將沒有氣體收縮。

First line item would be core merchandise.

一線項目將是核心商品。

On a reported basis, year over year, up 17 basis points, ex gas deflation, down 8 basis points.

根據報告，同比上漲 17 個基點，不包括天然氣通貨緊縮，下跌 8 個基點。

Ancillary businesses reported plus 25, without gas, plus 18.

輔助業務報告增加 25，沒有天然氣，增加 18。

The 2% reward increasing sales penetration related to executive member sales and the 2% reward, minus 5 reported, and minus 2 ex gas.

2% 的獎勵增加與執行成員銷售相關的銷售滲透率和 2% 的獎勵，-5 報告，-2 ex 氣體。

LIFO, plus 7 and a plus 7. And total reported basis, as I mentioned, plus 44 basis points, and ex-gas plus 15.

後進先出法，加 7 和加 7。正如我提到的，總報告基礎加 44 個基點，除氣加 15。

Now reviewing these figures, again, the core merchandise component was up 17, but minus 8 without gas.

現在再次回顧這些數字，核心商品部分增長了 17，但沒有汽油則為負 8。

Primarily a function of improved year-over-year gross margins within our gasoline and several other ancillary and warehouse businesses.

這主要是由於我們的汽油和其他幾項輔助和倉儲業務的毛利率同比有所提高。

The core merchandise gross margin, which I define as the main four departments -- merchandise departments: food and sundries, hard lines, soft lines and fresh foods -- as a percentage of their own sales, were actually up 13 basis points year over year.

核心商品毛利率，我定義為主要的四個部門——商品部門：食品和雜貨、硬線、軟線和新鮮食品——佔其自身銷售額的百分比，實際上同比增長了 13 個基點.

Food and sundries, hard lines and soft lines were up year over year, while fresh foods was a little lower.

食品和雜貨、硬線和軟線同比上漲，而新鮮食品則略有下降。

Ancillary and other business gross margins were up, as I mentioned in the chart there, up 25 basis points, plus 18 without gas.

正如我在圖表中提到的那樣，輔助業務和其他業務的毛利率上升了 25 個基點，加上 18 個基點（不含汽油）。

We enjoyed broad-based strength across most of our ancillary businesses, with year-over-year gross margin improvements in gas, optical, hearing aids, as well as solid operating results in e-commerce, business centers, travel and executive member services.

我們在大多數輔助業務中享有廣泛的優勢，燃氣、光學、助聽器的毛利率同比有所提高，電子商務、商務中心、旅遊和行政會員服務的經營業績也很穩健。

And LIFO in the fourth quarter, as I mentioned, was about -- year over year, was a 4 basis point benefit, or $14 million, compared to a 3 basis point detriment a year ago, of $11 million.

正如我所提到的，第四季度的後進先出法大約是 - 與去年同期相比，收益增加了 4 個基點，即 1400 萬美元，而一年前損失了 3 個基點，即 1100 萬美元。

Our year-end inventory shrink results were in line with our all -time best results, and our inventory positions are in great shape.

我們的年終庫存縮減結果與我們的歷史最佳結果一致，我們的庫存狀況良好。

All in all, gross margins of inventory is in good shape.

總而言之，存貨毛利率狀況良好。

Moving on to the SG&A.

轉到 SG&A。

Our SG&A percentages, year over year in the fourth quarter, were higher or worse by 27 basis points, coming in at -- right at 10% of sales this year, compared to 9.73% last year.

我們的 SG&A 百分比在第四季度同比上升或下降 27 個基點，恰好佔今年銷售額的 10%，而去年為 9.73%。

Again, taking out gas deflation, essentially flat year over year, higher or worse by 1 basis point.

同樣，排除天然氣通貨緊縮，同比基本持平，或高或低 1 個基點。

Again, I'll ask you to jot down the two columns, Q4 reported and Q4 ex-gas deflation.

再一次，我會請你記下兩欄，第四季度報告和第四季度前氣體通縮。

In terms of operations, reported minus 15, or higher by 15 basis points, without gas deflation, plus 8 basis points, or lower or better by 8. Central, a minus 7 and a minus 5. Stock compensation, a minus 5 and a minus 4. All told, we came in, on a reported basis, higher by 27 basis points of SG&A.

在操作方面，報告負 15，或更高 15 個基點，沒有氣體通縮，加 8 個基點，或更低或更好 8。中央，負 7 和負 5。股票補償，負 5 和負 4. 總而言之，根據報告，我們的 SG&A 高出 27 個基點。

And again, ex-gas deflation, minus 1 basis point.

再一次，排除天然氣通貨緊縮，負 1 個基點。

In looking at these figures, the operations component of SG&A was higher, again, or worse by 15.

在查看這些數字時，SG&A 的運營部分再次或更差 15。

And again, excluding gas, lower or better by 8.

同樣，不包括氣體，降低或提高 8。

Within operations, ex-gas deflation, core warehouse payroll and other operating expenses were better by 10 basis points, half of which was improvement in payroll percent.

在運營方面，扣除天然氣通貨緊縮、核心倉庫工資和其他運營費用改善了 10 個基點，其中一半是工資百分比的改善。

Central expense was higher or worse by 7 basis points year over year, 5 without gas, with nearly all that variance coming from our IT modernization efforts, 6 and 5 basis points, respectively, with and without gas deflation.

中央費用同比增加或減少 7 個基點，其中 5 個沒有天然氣，幾乎所有差異都來自我們的 IT 現代化工作，分別為 6 和 5 個基點，有和沒有天然氣通縮。

Lastly, stock compensation expense represented, again, a minus 5, minus 4 without gas, just we have over 4,000 people on our plan, and that's done well as a compensation tool.

最後，股票補償費用再次代表負 5、負 4，沒有汽油，我們的計劃中只有 4,000 多人，這作為補償工具做得很好。

Next on the income statement is pre-opening, higher by $12 million, coming in at $27 million this year versus $15 million a year ago.

損益表上的下一個是開業前，增加了 1200 萬美元，今年為 2700 萬美元，而一年前為 1500 萬美元。

Last year in the quarter -- in the fourth quarter, we had 10 openings; this year we had 13.

去年第四季度，我們有 10 個職位空缺；今年我們有 13 個。

Of the $12 million year-over-year incremental expense, which is about $0.02 a share, a little under half of it is due to incremental units, 13 versus 10.

在 1200 萬美元的同比增量費用中，約為每股 0.02 美元，其中略低於一半是由於增量單位，13 比 10。

The rest, about $7 million of variance, is simply an increase in pre-opening expenses associated with upcoming openings in the first several months of our new fiscal year, versus the similar period of a year earlier.

其餘大約 700 萬美元的差異，僅僅是與我們新財年頭幾個月即將開業相關的開業前費用與去年同期相比的增加。

All told, reported operating income in the quarter increased $65 million, or 6% year over year, to $1.156 billion this year.

總而言之，本季度報告的營業收入增加了 6500 萬美元，同比增長 6%，今年達到 11.56 億美元。

Below the operating income line, reported interest expense was higher year-over-year, coming in at $40 million this year, up from $35 million a year ago.

在營業收入線以下，報告的利息支出同比增加，今年為 4000 萬美元，高於一年前的 3500 萬美元。

This is mostly due to the interest expense on the $1 billion debt offering that was completed earlier this calendar year, to fund a portion of the special dividend.

這主要是由於本日曆年早些時候完成的 10 億美元債券發行的利息支出，用於支付部分特別股息。

Interest income and other was higher or better year over year by $10 million, coming in at $40 million this year in the fourth quarter, versus $30 million a year ago.

利息收入和其他收入同比增加 1000 萬美元，今年第四季度為 4000 萬美元，而一年前為 3000 萬美元。

Actual interest income for the quarter came in at $12 million, compared to $17 million a year ago, so actually lower by $5 million.

本季度的實際利息收入為 1200 萬美元，而一年前為 1700 萬美元，因此實際上減少了 500 萬美元。

The other component of interest income and other was higher or better by $15 million, primarily related to various FX related items, a lot with the foreign countries, when they're locking in some of their FX needs.

利息收入的其他部分和其他部分更高或更好 1500 萬美元，主要與各種外匯相關項目有關，很多與外國有關，當他們鎖定他們的一些外匯需求時。

Overall, pretax income was up 6%, or $70 million, this year versus last year.

總體而言，今年的稅前收入比去年增長了 6%，即 7000 萬美元。

In terms of our tax rate, our Company tax rate for the quarter came in lower than last year, 32.7% this year versus 35.1% last year in the quarter.

就我們的稅率而言，本季度我們的公司稅率低於去年，今年為 32.7%，而去年本季度為 35.1%。

Again, we benefited from several discrete items in Q4, as I explained -- discussed earlier in the call.

同樣，正如我在電話會議早些時候所解釋的那樣，我們從第四季度的幾個離散項目中受益。

Such that overall net income was up 10% or $70 million, coming in at $767 million this year in the fourth quarter versus last year's fourth quarter, net earnings of $697 million.

因此，今年第四季度的整體淨收入增長了 10% 或 7000 萬美元，為 7.67 億美元，而去年第四季度的淨收入為 6.97 億美元。

For a quick rundown of other items.

快速了解其他項目。

While the balance sheet is included in this morning's press release, a couple of quick balance sheet info items.

雖然資產負債表包含在今天上午的新聞稿中，但有幾個快速的資產負債表信息項目。

Depreciation and amortization for the fourth quarter came in at $351 million, and for the year, $1.127 billion.

第四季度的折舊和攤銷費用為 3.51 億美元，全年為 11.27 億美元。

Our accounts payable, as a percent of inventories, on a reported basis was essentially 100%, 101%, both last year and in this year, fiscal year end.

我們的應付賬款佔存貨的百分比在報告的基礎上基本上是 100%、101%，無論是去年還是今年，即財政年度末。

Ex non-merchandise payables, mostly construction-related would be that, both last year in fourth quarter and in this year fourth quarter, it came in at 89%.

除去年第四季度和今年第四季度外，主要與建築相關的非商品應付款均為 89%。

In terms of inventory per warehouse, average inventory per warehouse was up $200,000, or 2%, to $13 million at Q4 end this year, up from $12.8 million.

就每個倉庫的庫存而言，今年第四季度末每個倉庫的平均庫存從 1280 萬美元增加到 1300 萬美元，增幅為 200,000 美元，增幅為 2%。

That's -- the actual number, again, excluding -- assuming FX was flat year over year, would have been $535,000, or up about 4.2%.

這是——實際數字，再次排除——假設外匯同比持平，將是 535,000 美元，或增長約 4.2%。

The increase pretty much spread across many departments.

這種增長幾乎分佈在許多部門。

No real surprises there.

那裡沒有真正的驚喜。

Overall, our inventories are in good shape, as I mentioned earlier.

總體而言，正如我之前提到的，我們的庫存狀況良好。

In terms of CapEx, in the fourth quarter, we spent $805 million.

在資本支出方面，第四季度我們花費了 8.05 億美元。

And for all of 2015, capital expenditures totaled $2.4 billion.

2015 年全年，資本支出總計 24 億美元。

Our estimate for FY16 CapEx is an increase from that $2.4 billion level, somewhere in the high $2 billions, somewhere between $2.8 billion and $3 billion range.

我們對 2016 財年資本支出的估計比 24 億美元的水平有所增加，大約在 20 億美元左右，介於 28 億美元和 30 億美元之間。

This year-over-year increase in CapEx represents our plans for more openings this year versus last year.

資本支出的同比增長代表了我們今年計劃比去年開設更多的職位。

Increased spending for remodeling, expanding ancillary business operations, planned expansion of our cross-stock and distribution operations, and expenditures related to our ongoing IT spending for our modernization efforts.

增加用於改造、擴展輔助業務運營、計劃擴展我們的跨庫存和分銷業務的支出，以及與我們為實現現代化而進行的持續 IT 支出相關的支出。

In terms of Costco online, we're still operating Costco online in four countries: US, Canada, UK and Mexico.

就Costco online而言，我們仍在四個國家運營Costco online：美國、加拿大、英國和墨西哥。

For the fiscal year, total e-commerce sales came in just under $3.5 billion, up a little over 20% for the year.

本財年，電子商務總銷售額略低於 35 億美元，同比增長略高於 20%。

Comp sales in e-commerce again - were also up 20%, for both the fourth quarter and the fiscal year.

電子商務的 Comp 銷售額在第四季度和本財年再次增長了 20%。

In terms of expansion, I talked earlier about up to 32 units.

在擴展方面，我之前談到了最多 32 個單元。

Net of relos, we would expect 11 in Q1, 3 in Q2, 7 in Q3 and 11 in Q4, Q4 being a little longer fiscal period, of 16 weeks versus 12 weeks, than the others.

扣除 relos 後，我們預計第一季度有 11 個，第二季度有 3 個，第三季度有 7 個，第四季度有 11 個，第四季度的財政週期比其他財政週期長一些，分別為 16 周和 12 週。

In FY15, I mentioned, on a net basis, we added 23 units on a base of 653, so about 3.5% square footage growth.

在 2015 財年，我提到，在淨基礎上，我們在 653 個單位的基礎上增加了 23 個單位，因此面積增長約 3.5%。

This year, assuming the 32 units on a base of 686, that would be just under 5% square footage growth.

今年，假設在 686 個單位的基礎上有 32 個單位，那麼面積增長將略低於 5%。

In terms of new locations by country, assuming that 30, 32 figure, about 18 in the US, Canada up 3, 2 each in Japan and Australia, and 1 each in UK, Taiwan, Korea, Mexico, Spain and France.

按國家新增地點來看，假設30個，32個數字，美國約18個，加拿大增加3個，日本和澳大利亞各2個，英國、台灣、韓國、墨西哥、西班牙和法國各1個。

As of fourth quarter end, total square footage stood at 98.7 million square feet.

截至第四季度末，總建築面積為 9870 萬平方英尺。

In terms of common stock repurchases, buybacks, for the fourth quarter, we spent $260 million on 1.836 million shares, at an average price of just under $142.

在普通股回購、回購方面，第四季度我們花費 2.6 億美元購買了 183.6 萬股股票，平均價格略低於 142 美元。

On an annualized basis, that would be about $850 million, as an annualized run rate during the quarter.

按年化計算，這將約為 8.5 億美元，作為本季度的年化運行率。

For the year, we spent $494 million, at an average price of $142.87.

這一年，我們花費了 4.94 億美元，平均價格為 142.87 美元。

In terms of dividends, our current quarterly dividend stands at $0.40 a share, or $1.60 a share annualized.

在股息方面，我們目前的季度股息為每股 0.40 美元，年化後為每股 1.60 美元。

It was up 12.5% from the prior quarterly rate, and paid in the first two quarters of FY15.

它比上一季度增長 12.5%，並在 2015 財年的前兩個季度支付。

This year's $1.60 per share dividend represents an annual cost to the Company of about $700 million.

今年每股 1.60 美元的股息意味著公司每年的成本約為 7 億美元。

And as you know, back in February, we did a special dividend of $5 per share, which was a total of a $2.2 billion special dividend paid out to shareholders.

如您所知，早在 2 月份，我們就派發了每股 5 美元的特別股息，總計向股東支付了 22 億美元的特別股息。

Lastly, and before I turn it over to Kayla for Q&A, our FY16 first-quarter scheduled earnings release date, for the 12-week first quarter ending on November 22, will be after market close on Tuesday, December 8, with the earnings call the following morning on the 9 of December.

最後，在我將其轉交給 Kayla 進行問答之前，我們的 2016 財年第一季度預定收益發布日期（截至 11 月 22 日的為期 12 週的第一季度）將在 12 月 8 日星期二市場收盤後召開收益電話會議12 月 9 日的第二天早上。

With that, I'll open it up for questions, and turn it back to Kayla.

有了這個，我會打開它來提問，然後把它轉回 Kayla。

(Operator Instructions)

（操作員說明）

And our first question comes from Charles Grom from Sterne Agee Credit.

我們的第一個問題來自 Sterne Agee Credit 的 Charles Grom。

Good morning, Richard.

早上好，理查德。

Hi.

你好。

Just on the core margin performance in the quarter, I think you said it was up 13 basis points.

就本季度的核心利潤率表現而言，我想你說它上升了 13 個基點。

Could you delve into the performance by the four sub-categories?

您能否深入探討四個子類別的表現？

I know you said that food, hard lines and soft lines were all up.

我知道你說食物、硬線和軟線都漲了。

Just curious, the -- (multiple speakers) why the pressure on the fresh food side?

只是好奇，--（多個發言者）為什麼新鮮食品方面的壓力？

I think the pressure on the fresh food side is us.

我認為生鮮方面的壓力是我們。

We -- when you've got some inflation on some of the commodity items, like eggs, you -- or nuts, you've got a -- we're not changing the price of a 16 pack of muffins, or a slice of pizza, or hot dogs.

我們——當一些商品出現通貨膨脹時，比如雞蛋，你——或堅果，你有——我們不會改變 16 包鬆餅或一片鬆餅的價格披薩或熱狗。

So it has more to do with that.

所以它與此有更多關係。

Nothing really surprising there.

沒什麼好驚訝的。

If you look at each of those four categories, again, overall, the gross margin as a percent of sales, their own sales, year over year in the quarter, was up 13 [basis points].

如果你再看看這四個類別中的每一個，總體而言，毛利率佔銷售額的百分比，他們自己的銷售額在本季度同比增長了 13 [基點]。

I think the range was in the low [20%s], on the high side, and the mid-teens on that negative downside.

我認為範圍在低 [20%s]，在高邊，在負面下行的中間十幾歲。

So not -- pretty much similar or slightly above last year.

所以不是——與去年非常相似或略高於去年。

No real big changes there.

那裡沒有真正的大變化。

Okay.

好的。

Good.

好的。

And then when you look to next year, just switching gears a little bit, when you switched to Visa from AmEx, can you shape out for us how the switch is going to work and be handled?

然後當你展望明年，只是稍微改變一下，當你從 AmEx 轉向 Visa 時，你能為我們說明這種轉變將如何運作和處理嗎？

And what you're planning to do with the interchange savings that you're going to generate?

您打算如何處理將產生的交換節省？

And also, just looking back, how you handled it in Canada, and any surprises on that front?

而且，回顧一下，您在加拿大是如何處理的，這方面有什麼驚喜嗎？

No.

不。

Things in Canada, first of all, went -- have gone fine, a little different in Canada because of certain Canadian issues.

首先，加拿大的事情進展順利，但由於某些加拿大問題，加拿大的情況有所不同。

The portfolio was not purchased by the new issuer, so we had -- essentially, you have people apply for it.

該投資組合不是由新發行人購買的，所以我們 - 基本上，你有人申請它。

That being said, they shop at Costco, they want that co-branded card, and it's done just fine.

話雖這麼說，他們在好市多購物，他們想要那張聯名卡，而且做得很好。

You see a little bit of change in renewal rate when that happens, because of auto renewals.

發生這種情況時，由於自動續訂，您會看到續訂率略有變化。

You've got to re-sign people up and everything.

你必須重新簽下人和一切。

But from an improvement in terms of additional monies, be it for us, in terms of lower merchant fees, or our members, in terms of better rewards on the co-brand, that's all been as planned.

但從額外資金方面的改善來看，無論是對我們來說，在降低商家費用方面，還是對我們的會員來說，在聯合品牌的更好獎勵方面，這一切都在按計劃進行。

In the US, we're working through everything right now.

在美國，我們現在正在努力解決所有問題。

The plan is for, again, the current contract ends on March -- the end of March next year.

該計劃再次針對當前合同於 3 月——明年 3 月底結束。

That could be in and around a month or two from there.

那可能是在一兩個月左右。

The two parties, AmEx and Citi, continue to work towards that end, and we would expect to tell you more when we can.

美國運通和花旗這兩家公司將繼續朝著這個目標努力，我們希望在可能的時候告訴您更多信息。

In terms of how it's going to be split between merchant fees and rewards, I think our -- I think I've stated in the past, our philosophy is to, when we save money on product purchases, we want to give most of it back to the consumer, to the customer.

就如何在商戶費用和獎勵之間進行分配而言，我認為我們——我想我過去說過，我們的理念是，當我們在產品購買上省錢時，我們想把大部分錢都捐出去回饋給消費者，回饋給客戶。

And we're looking at all kinds of opportunities to do that.

我們正在尋找各種機會來做到這一點。

So stay tuned.

敬請期待。

Okay.

好的。

Fair enough.

很公平。

And just last question, August comps were obviously pretty good.

最後一個問題，August comps 顯然相當不錯。

Just wondering, with September almost closed here, any surprises on September sales for you guys?

只是想知道，隨著 9 月即將結束，9 月的銷售對你們有什麼驚喜嗎？

If I could tell you, I would.

如果我能告訴你，我會的。

We'll wait until next week.

我們等到下週。

All right.

好的。

Fair enough.

很公平。

Thanks.

謝謝。

Our next question comes from Simeon Gutman from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

Good morning, Richard.

早上好，理查德。

Quick question.

快速提問。

I think you telegraphed this on the sales side, Labor Day, realizing it was in September both years.

我想你在銷售方面傳達了這一點，勞動節，意識到那是兩年的九月。

But this year, the quarter may not have caught the -- I guess the lead-up to it.

但今年，該季度可能沒有趕上——我猜是它的前奏。

I don't know if that's a big deal, from a sales or earnings perspective.

從銷售或收益的角度來看，我不知道這是否是一件大事。

Just quickly on that.

很快就可以了。

More of just a sales perspective, given you're talking mid single, low single-digit numbers, reported -- normalized and reported.

考慮到你說的是中等個位數、低個位數、報告——標準化和報告，更多的只是銷售角度。

We basically, in August, it was a -- we feel, a negative impact of about 1 percentage point, and there will be a corresponding improvement in September reported for the same reason.

基本上，在 8 月份，這是一個 - 我們認為，負面影響約為 1 個百分點，並且出於同樣的原因，9 月份將有相應的改善。

Because of the -- but it's four weeks versus five, so it's a little less of a positive, maybe 0.7% or 0.8%, if our crystal ball is correct.

因為——但它是四個星期對五個星期，所以如果我們的水晶球是正確的，那麼它的積極性就小一些，可能是 0.7% 或 0.8%。

So yes, the August numbers were impacted negatively a little, the September number will show a little positive [to that], and we'll point that out in the release.

所以，是的，8 月的數據受到了一些負面影響，9 月的數據將顯示出一些積極的影響，我們將在發布中指出這一點。

Okay.

好的。

And then the second question, on membership fees and potential increases.

然後是第二個問題，關於會員費和潛在增長。

Just a question on the thought process, and I think in the past, largely, you've done them to cover inflation.

只是一個關於思維過程的問題，我認為在過去，你所做的主要是為了應對通貨膨脹。

I'm sure there's been inflation over the past five years in many areas.

我敢肯定過去五年在許多地區都出現了通貨膨脹。

So can you talk about considerations, and how you think about it?

那麼您能談談考慮因素，以及您是如何考慮的嗎？

Are you surveying?

你在測量嗎？

Are you probing customers ahead of time, to understand what's tolerable?

您是否提前調查客戶，了解什麼是可以容忍的？

And then taking into account that the landscape is evolving a little, you have some nontraditional online model, membership model.

然後考慮到格局正在發生一點變化，你有一些非傳統的在線模式，會員模式。

So how do you think about the right range to raise that?

那麼，您如何看待提高這一水平的正確範圍？

I think we've done six $5 increases over roughly 30 years, generally about every 5 or so years.

我認為我們在大約 30 年的時間裡已經完成了 6 次 5 美元的漲幅，通常大約每 5 年左右一次。

We don't do a lot of polling.

我們不做很多投票。

We look at it internally of, have we improved the value of that membership to our member?

我們從內部看，我們是否提高了該會員資格對我們會員的價值？

In terms of the tolerability of it to the member, I know our historical $5, and in the case of the executive member last time, five years ago, a $10 increase, is a heck of a lot less than we see in other types of fees out there, be it fees for your television or your phones or other services out there.

就會員的容忍度而言，我知道我們歷史上的 5 美元，就上次執行會員而言，五年前，增加 10 美元，比我們在其他類型的會員中看到的要少得多那裡的費用，無論是電視費用還是電話費用或那裡的其他服務費用。

So I personally don't think it's going to ever be an issue.

所以我個人認為這永遠不會成為問題。

When is -- we really haven't talked about it a lot.

什麼時候——我們真的沒有談論太多。

It's something that we'll probably do at some point, but stay tuned.

這是我們可能會在某個時候做的事情，但請繼續關注。

Okay.

好的。

Thanks.

謝謝。

Our next question comes from Paul Trussell from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Paul Trussell。

Good morning, Richard.

早上好，理查德。

Wanted to just discuss assortment and fulfillment online.

只想在線討論分類和履行。

Certainly, across the industry, there's been a lot of competition and investments being made in fulfillment, whether it's Amazon, or Jet.com, or some of the newer initiatives from Sam's Club.

當然，在整個行業中，無論是亞馬遜、Jet.com，還是山姆會員店的一些新舉措，都存在大量的競爭和投資。

Could you just discuss some of your recent -- your recent online sales trends?

你能談談你最近的一些——你最近的在線銷售趨勢嗎？

And any updates that you could provide for us on upcoming enhancements around assortment or fulfillment online?

您可以為我們提供關於即將推出的關於在線分類或履行的增強功能的任何更新嗎？

I don't think there's -- in terms of -- there are a few things I mentioned over the last few quarters, on a topical basis.

我不認為 - 就 - 在過去幾個季度中，我在主題基礎上提到了一些事情。

We certainly expanded, to some extent, the SKU selection, and added what I'd call more frequently purchased items, be it food and sundries or a few office needs.

我們當然在某種程度上擴大了 SKU 的選擇範圍，並添加了我稱之為更常購買的商品，無論是食品和雜物，還是一些辦公用品。

Everything from, again, sundry items to health and beauty aids, K-cups, a few apparel items.

從雜貨到健康和美容輔助用品、K 罩杯和一些服裝，應有盡有。

And so we've expanded that.

所以我們擴展了它。

We took certain key departments and brought them in line.

我們接管了一些關鍵部門並使他們保持一致。

So we're not competing with each other, and providing, I think, a little more excitement to that.

所以我們不是在互相競爭，我認為，我們會為此提供更多的刺激。

We ship out of more than one depot.

我們從多個倉庫發貨。

When we first started this, for the first several years, in the US, everything was shipped out of one depot in Southern California, which meant that it might take a little longer to get to you, and it cost us a little more, in terms of delivery or the member.

當我們剛開始做這個的時候，頭幾年，在美國，所有東西都是從南加州的一個倉庫運出的，這意味著可能需要更長的時間才能到達你的手中，而且我們花了更多的錢，在交貨條款或成員。

And as we've expanded, we've improved that quite a bit, as well -- quite a bit for us.

隨著我們的擴展，我們也改進了很多 - 對我們來說相當多。

And we're pleased with the fact that sales for the last -- gosh, the last two or three years at least -- have been, on a year-over-year comp basis, around 20%.

我們很高興最近的銷售額 - 天哪，至少過去兩三年 - 與去年同期相比，銷售額約為 20%。

So we're doing it methodically.

所以我們正在有條不紊地進行。

We're not going to go crazy out there.

我們不會在那裡發瘋。

I think our mobile apps have improved, and will continue to improve.

我認為我們的移動應用程序已經改進，並將繼續改進。

And we like the value proposition we have.

我們喜歡我們擁有的價值主張。

We're recognizing that we can't be everything to everybody.

我們認識到我們不可能成為所有人的一切。

That's not what we do for a living.

那不是我們謀生的目的。

And -- but we have great value.

而且 - 但我們有很大的價值。

We also like the fact that some of these other services are buying from us.

我們還喜歡這樣一個事實，即其中一些其他服務是從我們這裡購買的。

Some of our top customers are some of those guys.

我們的一些頂級客戶就是其中一些人。

So if we can't deliver that single unit of milk or cereal to your doorstep, someone that is may want to buy from us.

因此，如果我們無法將那單位牛奶或麥片運送到您家門口，那麼可能會有人想從我們這裡購買。

Got it.

知道了。

That's helpful.

這很有幫助。

And you spoke about the impact to margins, from an IT modernization standpoint.

您從 IT 現代化的角度談到了對利潤率的影響。

Could you just give us a little bit more detail about what some of the latest focus points have been, in terms of system upgrades?

您能否就係統升級方面的一些最新焦點向我們提供更多細節？

And what we should be looking forward to you all tackling over the FY16 period?

我們應該期待你們在 2016 財年期間解決哪些問題？

Going back, again, three-ish years ago, we embarked on a pretty significant effort to really upgrade and modernize all our systems.

再次回到大約三年前，我們開始了一項非常重要的工作，以真正升級和現代化我們所有的系統。

Our systems were, for the most part, legacy systems, many of them written in-house, many of them, what I'll say, were Band-Aided over the years.

在大多數情況下，我們的系統是遺留系統，其中許多是內部編寫的，我要說的是，其中許多是多年來的創可貼。

And worked fine, but were arguably strained.

並且工作正常，但可以說是緊張。

Some of the systems that were included in that, that were not legacy were from outside suppliers that were not going to be supported going forward, or had not been supported.

其中包含的一些非遺留系統來自外部供應商，這些系統將不會在未來得到支持，或者沒有得到支持。

And so we probably started a little later than we should have a few years ago, and we've got a lot going on.

因此，我們可能比幾年前開始得晚了一點，而且我們正在進行很多工作。

As I've indicated over the last -- each quarter, frankly, what we try to do is just show you really what the expense associated with those incremental efforts are.

正如我在上個季度所指出的那樣 - 每個季度，坦率地說，我們試圖做的只是向您展示與這些增量工作相關的費用是多少。

We've installed a new membership system a little under a year ago, I think.

我想我們在不到一年前安裝了一個新的會員系統。

We installed a new point of sale system, which is another deliverable, if you will.

如果您願意，我們安裝了一個新的銷售點系統，這是另一個可交付成果。

There's a lot of small deliverables that I won't go into.

有很多我不會討論的小的可交付成果。

We've got several more over -- that are heavy into the expense side, and should be forthcoming over the next year to two years.

我們還有幾個——在費用方面很重要，應該會在未來一年到兩年內完成。

The other thing I mentioned, in terms of -- I talk where it's hitting SG&A.

我提到的另一件事，就——我談論它在哪裡影響 SG&A。

On an incremental basis, over the last few years, I think we're now up to something in the low teens, 12, 13 basis points.

在增量的基礎上，在過去的幾年裡，我認為我們現在已經達到了十幾歲、12、13 個基點。

Those [2s, 3s and 5s] that have added each year.

那些每年增加的 [2s、3s 和 5s]。

And recognizing your denominator, your sales, [ex piece expense] over sales, sales keep increasing.

並認識到你的分母，你的銷售額，[按件費用]超過銷售額，銷售額不斷增加。

We're seeing all the costs associated with it.

我們看到了與之相關的所有成本。

I think we'll start to see benefits when we look out beyond 2016.

我認為當我們展望 2016 年以後時，我們將開始看到收益。

Doesn't mean that this SG&A line will not go up a few more basis points.

並不意味著這條 SG&A 線不會再上漲幾個基點。

We'll see.

我們拭目以待。

But we're -- there's a light at the end of the tunnel.

但我們 - 隧道盡頭有光。

It's -- sometimes it's long.

它——有時它很長。

Some days it's a longer tunnel than others.

有時候，它比其他隧道更長。

But we're starting to see some deliverables from it.

但我們開始看到它的一些可交付成果。

So there's not a lot I can tell you about where the benefits are.

所以我不能告訴你很多好處在哪裡。

There are clearly some benefits that we're going to see, on the transportation side, and some of the ancillary businesses like travel and other things.

在交通方面，以及一些輔助業務，如旅遊和其他方面，我們顯然會看到一些好處。

But the big switch-over will be when buyers are buying on the new system a year or so down the road, and as well as the benefits in transportation and other.

但最大的轉變將發生在買家在一年左右的時間裡購買新系統時，以及在交通和其他方面的好處。

But we don't want to put any dollars or basis points on those improvements.

但我們不想在這些改進上投入任何資金或基點。

We had to do this, if we want to double our size over a 10 or so year period, starting a couple years ago with these expenses.

如果我們想在 10 年左右的時間內將我們的規模擴大一倍，我們就必須這樣做，從幾年前開始就用這些費用。

Because we had a lot of systems that were really strained, and this is going to set us up for the years to come.

因為我們有很多非常緊張的系統，這將使我們在未來幾年做好準備。

Much appreciated.

非常感激。

Good luck.

祝你好運。

Our next question comes from Oliver Chen from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Oliver Chen。

Hi.

你好。

Thanks a lot.

多謝。

Good morning, Richard.

早上好，理查德。

Regarding a bigger picture question, and I was curious about your thoughts on what really set you apart from other Internet pure plays, in terms of your supply chain and vertical integration.

關於一個更大的問題，我很好奇你在供應鍊和垂直整合方面與其他純互聯網公司真正不同的地方。

And then this buying scale and scale you have there?

然後你有這個購買規模和規模嗎？

And then also, international is a nice piece of the business.

此外，國際業務也是一項不錯的業務。

Just as we look at our models, and talk to this part of the story, which countries do you have the most opportunity to increase your store base versus maximum potential?

正如我們查看我們的模型並談論故事的這一部分一樣，您最有可能在哪些國家/地區增加您的商店基礎而不是最大的潛力？

Thank you.

謝謝。

Sure.

當然。

In terms of e-commerce, first, we're different because -- for us, we have a lot more items.

在電子商務方面，首先，我們與眾不同，因為——對我們來說，我們有更多的商品。

We have 8,000 or 10,000 or so, instead of 3,700 in-store.

我們有 8,000 或 10,000 左右，而不是店內的 3,700。

That's a nit, compared to everybody else out there, that has hundreds of thousands if not millions of items.

與其他擁有數十萬甚至數百萬件物品的人相比，這簡直是小巫見大巫。

I think what separates us is, we've got -- certainly, we and others will have great quality merchandise.

我認為讓我們與眾不同的是，我們擁有——當然，我們和其他人將擁有優質商品。

We've got the best pricing overall.

總體而言，我們的定價是最優惠的。

We work on margins that are at or slightly below our reported total Company margins, but up there in the high singles, very low double digits.

我們的利潤率等於或略低於我們報告的公司總利潤率，但在高個位數，非常低的兩位數中。

We'll compare that to anybody out there.

我們會將其與外面的任何人進行比較。

Again, we recognize we're not going to be selling single items delivered within an hour, or four hours, or overnight necessarily.

同樣，我們認識到我們不會銷售在一個小時、四個小時或一夜之間送達的單件商品。

The -- but in a methodical way, we think we're doing just fine, and we think we'll have additional opportunities.

- 但以一種有條不紊的方式，我們認為我們做得很好，我們認為我們會有更多的機會。

And as I mentioned earlier, we're selling to a lot of these other guys that are wanting to deliver in certain unique ways.

正如我之前提到的，我們正在向許多其他想要以某些獨特方式交付的人銷售產品。

There's room for all of us.

我們所有人都有空間。

We've got to keep -- there's a -- it's a big pie out there, in terms of market share, and we think that we'll be able to take our share of that.

我們必須保持 - 有一個 - 就市場份額而言，這是一個很大的餡餅，我們認為我們將能夠分享我們的份額。

Some little sub-departments, you lose a little.

一些小的子部門，你就損失了一點。

Others, you make a little.

其他的，你賺一點。

Certainly, we want people to still come into our warehouses.

當然，我們希望人們仍然能進入我們的倉庫。

In terms of opportunities outside of -- in terms of warehouse club growth opportunities, I think the first comment, and for those of you on the call who have known us for a long time, the market potential keeps improving.

關於倉庫俱樂部增長機會之外的機會，我認為第一個評論，對於那些認識我們很長時間的人來說，市場潛力不斷提高。

I don't think we ever would have thought, when we had 60 or so locations in Canada, we'd ever thought we'd have more than 80.

我不認為我們曾經想過，當我們在加拿大擁有 60 多個地點時，我們曾經想過我們會擁有超過 80 個。

We now have more than that, and we'll certainly be over 100 at some point in the next several years.

我們現在擁有的不僅如此，而且在未來幾年的某個時候我們肯定會超過 100 個。

In the US, we're expanding.

在美國，我們正在擴張。

If you had asked me five years ago, when we were 80 US, 20 international, I'd say five years hence, or now, it's probably 50/50, and going further south, in terms of the percentage of openings in the US.

如果你五年前問我，當我們在美國有 80 個，在國際上有 20 個時，我會說五年後，或者現在，就美國的空缺職位百分比而言，它可能是 50/50，並進一步向南.

We keep finding more opportunities here.

我們一直在這裡尋找更多機會。

So that's good news.

所以這是個好消息。

In terms of other countries, we think we've certainly got a lot of potential in the three countries in Asia we're currently at.

就其他國家而言，我們認為我們目前在亞洲的三個國家肯定有很大的潛力。

Bigger market, of course, is Japan, much bigger than Korea and Taiwan.

更大的市場當然是日本，比韓國和台灣大得多。

But we think we can go from the low teens in each of Taiwan and Korea, double over the next 10 years, but we'll see.

但我們認為我們可以從台灣和韓國的低十幾歲開始，在未來 10 年內翻一番，但我們拭目以待。

It's one at a time.

一次一個。

Australia, we only have seven units in a -- seven?

澳大利亞，我們只有七個單元——七個？

Yes, in a country that's, what, two-thirds, or a little more of that, than the population of Canada, which has 80 or 90.

是的，在一個比加拿大有 80 或 90 人的人口三分之二或更多的國家。

And I'm not suggesting we're going to have two-thirds of that any time soon, but we certainly can add a few there.

我並不是說我們很快就會擁有其中的三分之二，但我們當然可以在那裡增加一些。

Western Europe, we'll see.

西歐，我們拭目以待。

It's been tough getting in, with all the rules, regulations and permitting process.

有所有的規則、規定和許可程序，很難進入。

But we're pretty interested in continuing that process.

但我們非常有興趣繼續這個過程。

Again, we'll open our second unit in Spain next month, in Madrid, in Getafe.

同樣，下個月我們將在西班牙馬德里的赫塔菲開設我們的第二家分店。

A third unit, second in the Madrid area, next calendar year.

第三個單位，第二個在馬德里地區，下個日曆年。

And hopefully, our first in France towards the end of the next fiscal year.

希望在下一個財政年度結束時，我們在法國的第一個。

So we think there's plenty of opportunities.

所以我們認為有很多機會。

I think we feel comfortable that, over the next five years, we'll continue to open 30-ish-plus units a year.

我認為我們感到很自在，在接下來的五年裡，我們將繼續每年開設 30 多個單位。

We thought we would do that this year that just ended, up certainly in the high 20s.

我們認為我們會在今年剛剛結束的時候做到這一點，肯定會達到 20 多歲。

A few of those got delayed, and that's life, but we've got a pipeline that's full.

其中一些被推遲了，這就是生活，但我們的管道已經滿了。

The international generally takes a lot longer, for a variety of reasons, by country.

由於各種原因，按國家/地區劃分，國際通常需要更長的時間。

And -- but so we think that we'll continue to grow, and do just fine, in terms of that.

而且 - 但是我們認為我們會繼續增長，並且在這方面做得很好。

Okay.

好的。

And Richard, just a quick follow-up.

理查德，只是快速跟進。

There has been talk, in terms of competitors, in relation to how competitors are dealing with vendors.

就競爭對手而言，一直在談論競爭對手如何與供應商打交道。

Could you just update us on your thoughts, on your vendor relationships?

你能告訴我們你的想法，你的供應商關係嗎？

And any catalyst there?

那裡有什麼催化劑嗎？

Given your buying scale and your leverage and your heritage, I was just curious on your thoughts.

鑑於你的購買規模、你的影響力和你的傳統，我只是對你的想法感到好奇。

Thanks.

謝謝。

I'd like to think that the comment that we share internally, and that we talk to you guys about, is that we're tough but fair.

我想我們在內部分享的評論，以及我們與你們談論的評論是，我們強硬但公平。

We are tough.

我們很堅強。

We fight for our member every day, and we -- I'd like to think that we do that as much, if not more, than anybody else.

我們每天都在為我們的會員而戰，而且我們——我認為我們在這方面做得和其他任何人一樣多，如果不是更多的話。

The good news about us, in terms of our view of our competitiveness is, is we give the vast majority of any improvement back to the member.

就我們對競爭力的看法而言，關於我們的好消息是，我們將任何改進的絕大部分回饋給會員。

And that, in our view, creates that moat that hopefully continues to get bigger.

在我們看來，這創造了一條有望繼續擴大的護城河。

We -- one of the challenges and opportunities we have is just the sheer size of our needs of various commodities -- organics, nuts, long staple cotton, you name it.

我們——我們所面臨的挑戰和機遇之一就是我們對各種商品的需求——有機物、堅果、長絨棉，應有盡有。

And so we've got a lot of efforts in that area that I think many of our competitors don't necessarily go to that level, because they're dealing with vendors, and lots of more items.

因此，我們在該領域做出了很多努力，我認為我們的許多競爭對手不一定會達到那個水平，因為他們正在與供應商打交道，還有更多的項目。

And so I think we have some opportunities and challenges that -- but opportunities and challenges that I think create something special about us.

所以我認為我們有一些機遇和挑戰——但我認為機遇和挑戰創造了我們的一些特別之處。

I don't think anything has changed.

我認為沒有任何改變。

We -- as we get bigger, we can be tougher, but still fair.

我們——隨著我們變得更大，我們可以更加強硬，但仍然公平。

And we work with our vendors.

我們與我們的供應商合作。

We think we have good relationships with them.

我們認為我們與他們有良好的關係。

Would assume that most of them would agree, probably a few don't.

假設他們中的大多數人會同意，可能有少數人不同意。

But we'll continue to be very transparent in how we deal with our vendors, and we have very good relationships with many, many of them.

但我們在如何與供應商打交道方面繼續保持非常透明，我們將與他們中的許多人保持良好的關係。

Best regards.

此致。

Thank you.

謝謝。

Our next question comes from Dan Binder from Jefferies.

我們的下一個問題來自 Jefferies 的 Dan Binder。

Hi, good morning, it's Dan Binder.

嗨，早上好，我是 Dan Binder。

My question had to do with ancillary margins.

我的問題與輔助邊距有關。

The last five quarters, you've had three quarters where ancillary margins were up about 15 basis points, ex-gas deflation, and then two quarters where they were up substantially more than that.

在過去的五個季度中，有三個季度的輔助利潤率上升了約 15 個基點，排除了通貨緊縮，然後有兩個季度的增幅遠不止於此。

It happens to coincide with the decline in gas prices.

它恰好與天然氣價格的下降相吻合。

And what I'm trying to understand is, how much of that gross margin improvement in ancillary is sustainable versus just being a function of the way gas was fluctuating during the quarter?

我想了解的是，輔助毛利率的改善有多少是可持續的，而不是僅僅取決於本季度天然氣波動的方式？

Gas, for I think most if -- I think most of the last five fiscal quarters, on a year-over-year basis, has helped a lot.

天然氣，我認為大多數情況下——我認為過去五個財政季度的大部分時間與去年同期相比，都有很大幫助。

But other -- the other ancillary businesses continue to grow.

但其他 - 其他輔助業務繼續增長。

And whether it's optical or hearing aid, or some of the other warehouse club businesses, all those things add up.

無論是光學或助聽器，還是其他一些倉庫俱樂部業務，所有這些都加起來了。

Travel, you name it.

旅行，隨你便。

So I think -- I hope it's sustainable.

所以我認為——我希望它是可持續的。

Other -- clearly gas, we have no illusion that at some point in life, gas prices go up and margins -- our margin will be more normal relative to our history.

其他 - 顯然是天然氣，我們不幻想在生活的某個時刻，天然氣價格上漲和利潤率 - 我們的利潤率相對於我們的歷史會更加正常。

Right now, it's good for our member, in terms of low gas prices, and good for us, in terms of, albeit a lower top line sales, it's been more profitable on a year-over-year basis.

現在，就低油價而言，這對我們的會員有利，對我們也有利，儘管銷售額較低，但與去年同期相比利潤更高。

Okay.

好的。

And then the other item I wanted to talk about was other income, which I realize is a function of these FX contracts you talked about earlier in the call.

然後我想談的另一個項目是其他收入，我意識到這是你在電話中早些時候談到的這些外匯合約的一個功能。

Always a challenge to model.

對模特來說總是一個挑戰。

I'm just curious, if FX rates were to stay roughly where they are today, how do you think that line item would look in Q1?

我只是好奇，如果匯率大致保持在今天的水平，您認為該項目在第一季度會如何？

All I -- I don't know.

我——我不知道。

All I can tell you is, is that we look at it that way, too.

我只能告訴你的是，我們也是這樣看待它的。

We manage it, in the sense that if you've got a foreign country, where some of their inventory purchases are paid for in dollars or euros sometimes, but use dollars as the bigger example, they will -- once they're comfortable with a price point, that they're going to be able to convert at that level, and sell goods in their local currency in their local country, they're going to choose to figure out how much of that they want to lock in.

我們管理它，從某種意義上說，如果你有一個外國，他們的一些庫存採購有時以美元或歐元支付，但使用美元作為更大的例子，他們會 - 一旦他們習慣了一個價格點，他們將能夠在那個水平上轉換，並在當地國家以當地貨幣銷售商品，他們將選擇弄清楚他們想要鎖定多少。

Recognizing locking in just makes it that they're comfortable at that price.

認識到鎖定只會讓他們對這個價格感到滿意。

If the local currency continues to weaken, that was good.

如果當地貨幣繼續走弱，那很好。

If local currency then strengthens relative to the US dollar, shouldn't have done as much.

如果當地貨幣相對於美元走強，就不應該做那麼多。

But we don't try to be completely right either way.

但無論哪種方式，我們都不會試圖做到完全正確。

And so I think over the years, in the last four or five years, that's a number that has probably ranged from plus or minus $15 million pretax, usually a little less than the number that we had this period, where it was up about [15] or so.

所以我認為多年來，在過去的四五年裡，這個數字可能在稅前正負 1500 萬美元之間，通常略低於我們這一時期的數字，它上升了大約 [ 15]左右。

But -- and I'd say it's -- we just want to point it out, because it's the component of the income statement.

但是——我想說的是——我們只想指出它，因為它是損益表的組成部分。

It's very hard to predict.

很難預測。

I think by doing it -- I think by doing it the way we do it, we're not going to ever have any giant surprise either way, because of some drastic change in FX prices.

我認為通過這樣做——我認為按照我們的方式來做，無論哪種方式，我們都不會因為外匯價格的一些劇烈變化而有任何巨大的驚喜。

And then the last item, the share repurchase picked up a bit this quarter.

然後是最後一項，本季度股票回購有所回升。

How are you thinking about it for next -- for this coming year?

您如何考慮明年 - 來年？

Well, we'll tell you each quarter end.

好吧，我們會在每個季度末告訴您。

It's part of our -- what we do with our cash.

這是我們的一部分——我們用現金做什麼。

We -- as long as we feel good about our future, we're not going to ever be -- we're going to buy on a regular basis, not try to pick the market.

我們——只要我們對未來感覺良好，我們就不會——我們會定期購買，而不是試圖挑選市場。

I think the fact that we bought a little more this quarter, as the stock has come down a little bit, but as I've said in the past, we buy a little more when it goes down.

我認為我們本季度多買了一點，因為股票下跌了一點，但正如我過去所說的那樣，當它下跌時我們多買了一點。

And -- but we certainly -- I certainly feel comfortable about our future prospects as a Company.

而且 - 但我們當然 - 我當然對我們作為一家公司的未來前景感到滿意。

So don't expect giant changes in how we've done it in the past.

所以不要指望我們過去的做法會發生巨大變化。

Certainly, we've trended, each quarter this year, on an annualized basis, upward.

當然，我們今年每個季度的年度化趨勢都呈上升趨勢。

And we're certainly comfortable at the current level.

我們當然對目前的水平感到滿意。

Great.

偉大的。

Thanks.

謝謝。

Our next question comes from John Heinbockel from Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 John Heinbockel。

So Richard, if you look at the three categories, or the three broad departments where you saw some margin improvement, so two things.

所以理查德，如果你看看這三個類別，或者你看到利潤率有所提高的三個主要部門，那麼有兩件事。

Was there any common themes there, in terms of maybe COGS doing a better job on your cost or KS mix?

是否有任何共同主題，也許 COGS 在您的成本或 KS 組合方面做得更好？

So any commonality there?

那麼有什麼共同點嗎？

And then have we reached a point here, because I assume the KS mix will continue to get better, and how you buy that will continue to get better, where there should be an upward drift in growth, just secularly.

然後我們在這里達到了一個點，因為我認為 KS 組合將繼續變得更好，並且你購買它的方式將繼續變得更好，增長應該會向上漂移，只是長期的。

Because there would be -- the elasticity of what you would choose to invest in doesn't merit, right, putting all of that back into the market, price-wise?

因為會有 - 你選擇投資的彈性不值得，對吧，將所有這些重新投入市場，價格明智？

I'd like to think that we were that smart.

我想我們是那麼聰明。

Overall, we try to improve margins a little, while lowering prices.

總的來說，我們試圖在降低價格的同時稍微提高利潤率。

I mean that sincerely.

我的意思是真誠的。

And we're going to give most of it back to the customer, and to our member.

我們將把其中的大部分返還給客戶和我們的會員。

As you know, we're pretty stubborn and intent on maintaining, in a rising commodity standpoint, prices on certain fresh foods.

如您所知，從大宗商品上漲的角度來看，我們非常頑固並打算維持某些新鮮食品的價格。

So we've seen some impact there to the negative.

所以我們已經看到了一些負面影響。

I think you're right, though, as we continue to improve, increase penetration of KS, that helps a little.

不過，我認為你是對的，隨著我們不斷改進，增加 KS 的滲透率，這會有所幫助。

Certainly, as we've had relative strength in departments over the last couple of years, like soft lines and domestics and housewares, and some of those items, we can improve that a little bit.

當然，由於過去幾年我們在部門中具有相對優勢，例如軟線、家庭用品和家庭用品，以及其中一些項目，我們可以稍微改進一下。

And that's, of course, outside of the ancillary and other businesses, which, in some cases, work on higher margins as a starting point, be it pharmacy or hearing aid center, or optometry or whatever else.

當然，這不包括輔助業務和其他業務，在某些情況下，這些業務以更高的利潤率作為起點，無論是藥房或助聽器中心，還是驗光或其他任何業務。

So but -- organics helps, in a small way.

所以，但是——有機物有幫助，只是在某種程度上。

I mentioned in the past, not only are organics, relative to their substitute, the non-organic same products, organics sell at a higher price point.

我過去提到過，不僅是有機物，相對於它們的替代品，非有機的相同產品，有機物的售價更高。

But our view is, is that others, while it may be competitive, we actually can be -- we show a more competitive framework, and a little bit higher margin than on the underlying non-organic items.

但我們的觀點是，其他人雖然可能具有競爭力，但我們實際上可以——我們展示了一個更具競爭力的框架，以及比基礎非有機項目更高的利潤率。

So it's really, in our view, a win-win for us, the challenge being getting more organic.

因此，在我們看來，這對我們來說真的是雙贏，挑戰變得更加有機。

And that's not just a challenge for us, of course, it's a challenge for everybody out there.

當然，這不僅是對我們的挑戰，也是對每個人的挑戰。

So all those things help.

所以所有這些都有幫助。

I don't think we started the fiscal quarter and said, let's see how we can get an extra 10 or 15 or 20 basis points higher than year over year.

我不認為我們在財政季度開始時說，讓我們看看如何比去年同期高出 10、15 或 20 個基點。

But we're always trying to improve a little, as we know we have challenges elsewhere.

但我們一直在努力改進一點，因為我們知道我們在其他地方也有挑戰。

And do you think -- at least I've noticed this particularly, I think more in the soft lines.

你認為 - 至少我特別注意到這一點，我認為更多的是柔和的線條。

But do you think the quality of KS -- it seems to continue to get better, maybe at a faster pace even than it has in the recent past.

但是你認為 KS 的質量——它似乎在繼續變得更好，甚至可能比最近的速度更快。

Do you think that's fair?

你覺得這樣公平嗎？

The quality's getting better, that's the investment, not price point so much?

質量越來越好，那是投資，而不是價格點那麼多？

I think two things.

我想兩件事。

Like on the soft lines side, like apparel and everything, we've -- over the last few years, we've made a bigger effort in that area.

就像在柔軟的線條方面，像服裝和其他一切，我們——在過去的幾年裡，我們在那個領域做出了更大的努力。

We took what sometimes would be a retail branded item, at $200 to $300 for a pair of slacks, that were $49.99.

我們拿了有時會是零售品牌的商品，一條休閒褲的價格為 200 到 300 美元，即 49.99 美元。

But when you go out and buy the same fabric, and make, hopefully, a very good quality item, and commit to 0.5 million or 1 million units of something, that helps.

但是當你出去購買同樣的面料，並希望製作出質量非常好的產品，並承諾購買 50 萬或 100 萬件東西時，這會有所幫助。

So we're always pushing the quality and the quantity and buying power of that.

所以我們一直在推動它的質量、數量和購買力。

And that quality/value relationship continues to, I think, improve.

我認為，這種質量/價值關係會繼續改善。

Okay.

好的。

And then just lastly, I don't think you guys have done a whole lot of data mining, right, with your membership base.

最後，我認為你們沒有對你們的會員基礎進行大量的數據挖掘，對吧。

Do you see that -- does IT modernization allow you to do that?

您看到了嗎 - IT 現代化是否允許您這樣做？

And then I'm wondering, when you think about sales -- comp sales by comparable member, I'm just curious.

然後我想知道，當你考慮銷售時——可比較成員的比較銷售，我只是好奇。

When you look, going forward, do you guys see a bigger opportunity to get -- and I'm not saying the most loyal members, maybe somebody a little bit below the top, to come in more frequently?

當你展望未來時，你們是否看到了更大的機會——我不是說最忠誠的成員，也許是一些稍微低於高層的人，更頻繁地進來？

And that's a fresh food driver?

那是生鮮司機？

Or more of an opportunity to get product in -- more items in the basket per trip?

或者更多的機會獲得產品——每次旅行購物籃中的更多物品？

When you think about sustainability of comps by somebody who's been a member for whatever, three, five, six years, where do you see the bigger opportunity?

當您考慮已經成為會員三年、五年、六年的人的 comps 的可持續性時，您在哪裡看到更大的機會？

First and foremost, we've gone from doing virtually nothing to being a little more open minded about it.

首先也是最重要的是，我們已經從幾乎什麼都不做變成了對此持更開放的態度。

I think there's a lot of low hanging fruit that we haven't done.

我認為我們還沒有完成很多容易實現的成果。

Certainly, there's more efforts in these areas, in our membership marketing team, on dot-com a little bit.

當然，在這些領域，在我們的會員營銷團隊中，在互聯網上有一些努力。

But -- we don't do a lot with it, but we're doing a little more than we used to.

但是——我們並沒有用它做很多事情，但我們做的比以前多了一點。

We must get a call -- I must get a call a week from some analytics company that wants to film stuff, to do AB testing.

我們必須接到電話——我必須每週接到一些分析公司的電話，他們想要拍攝東西，做 AB 測試。

Left or -- is the ketchup left or right of the mustard.

Left or -- 是芥末左邊或右邊的番茄醬。

We've done, I think, a better job on our multi-vendor mailer, in terms of that.

我認為，就此而言，我們在多供應商郵件程序上做得更好。

But we have -- I think we have more opportunities than we've even touched the surface on.

但是我們有 - 我認為我們有更多的機會，甚至比我們觸及的更多。

But I'm not suggesting that's going to be tomorrow afternoon.

但我並不是說那將是明天下午。

Marketing has definitely been told to try some new things, and we have, and they generally work.

營銷人員肯定被告知要嘗試一些新事物，我們已經這樣做了，而且它們通常都有效。

I view that more as something, if things start to slow a little bit, we have some opportunities there.

我認為更多的是，如果事情開始放緩一點，我們就有一些機會。

But we're first and foremost focused on just constantly driving quality and value on the products and services we sell.

但我們首先關注的是不斷提高我們銷售的產品和服務的質量和價值。

And that's -- we seem to have not figured out where the bottom of that is.

那就是 - 我們似乎還沒有弄清楚它的底部在哪裡。

Okay.

好的。

Thank you.

謝謝。

Our next question comes from Bob Drbul from Nomura Securities.

我們的下一個問題來自野村證券的 Bob Drbul。

Hi, Richard.

嗨，理查德。

Good morning.

早上好。

I guess I just have a couple questions.

我想我只有幾個問題。

I think last quarter, you had quantified the impact on the gas profit.

我認為上個季度，您已經量化了對天然氣利潤的影響。

I think you said it benefited by $0.01.

我想你說它受益了 0.01 美元。

I was wondering if you could give us that same metric this quarter?

我想知道您是否可以在本季度為我們提供相同的指標？

And the second question that I have is, I think, with some of the remodels that are going on, could you just talk a little bit about category focus in the remodels?

我的第二個問題是，我認為，隨著一些正在進行的改造，你能談談改造中的類別重點嗎？

And your expectation on what the returns and the comp uplifts we might see?

您對我們可能看到的回報和薪酬提升有何期望？

Yes.

是的。

What was the first question?

第一個問題是什麼？

I lost it.

我失去了它。

Gas profit impact on EPS.

天然氣利潤對每股收益的影響。

Yes, I think that's where there was not a big impact.

是的，我認為那是沒有太大影響的地方。

It was a wash, year over year.

年復一年，這是一次洗禮。

It's more than a few cents, but not a heck of a lot.

這不僅僅是幾美分，但不是很多。

We really don't talk about it, other than directionally, which way it helped us.

我們真的不談論它，除了方向性的，它以何種方式幫助了我們。

Certainly, I think four -- at least four of the last five fiscal quarters, on a year-over-year basis, it's been up -- yes, more outsize than normal up.

當然，我認為有四個——過去五個財政季度中至少有四個，與去年同期相比，它一直在上升——是的，比正常情況下的增長幅度更大。

And the second question?

第二個問題？

Remodel.

改造。

So like trends in remodels, what would be the expectation that you see?

所以就像改造趨勢一樣，你看到的期望是什麼？

Category focuses, and how that might impact comp store sales, as we go through this?

類別重點，以及如何影響商店銷售，當我們經歷這個時？

Sure.

當然。

And keep in mind remodels, I think of traditional retail stores remodel, they're doing a whole new front, new flooring and new lighting fixtures.

記住改造，我想到了傳統零售店的改造，他們正在做一個全新的門面、新地板和新照明設備。

A lot of -- our remodels are everything.

很多——我們的改造就是一切。

And we spend a lot of money on increasing refrigeration and frozen in the fresh foods area.

並且我們在生鮮領域投入了大量資金增加冷藏和冷凍。

That continues -- as somebody mentioned earlier, that continues to be a driver of our business.

這種情況仍在繼續——正如前面有人提到的那樣，這仍然是我們業務的驅動力。

It's certainly something we're pretty good at.

這當然是我們非常擅長的事情。

We constantly try to figure out what locations that we don't have, where we can put gas stations, although we're saturating that.

我們不斷地嘗試找出我們沒有的地點，我們可以在哪裡設置加油站，儘管我們已經飽和了。

There's certainly existing locations that are never going to have a gas station, but we still have a few left there.

肯定有一些現有的地點永遠不會有加油站，但我們仍然有一些留在那裡。

And we, of course, have added some gas stations in a few other countries beyond just the US and Canada.

當然，我們還在美國和加拿大以外的其他幾個國家增加了一些加油站。

So there's little things like that.

所以有這樣的小事。

There's typically half a dozen or so units a year where we're breaking out a wall, buying some extra land, perhaps adding 10,000 or 20,000 feet.

通常每年有六個左右的單位，我們要打破一堵牆，購買一些額外的土地，可能會增加 10,000 或 20,000 英尺。

Where it makes sense, and many times it makes sense economically, when there's some government incentives on solar.

當政府對太陽能有一些激勵措施時，在有意義的地方，而且很多時候在經濟上是有意義的。

That's small dollar-wise, but I'm just throwing out some examples.

這在美元方面很小，但我只是舉出一些例子。

So remodeling, for us, is just constantly -- sometimes improving and updating something, but a lot of times just adding some more stuff, more lineal feet of refrigeration is something that comes to mind, in a bigger way, over the last few years.

所以改造，對我們來說，只是不斷地——有時改進和更新一些東西，但很多時候只是添加更多的東西，更多的線性製冷英尺是在過去幾年中以更大的方式浮現在腦海中的東西.

And then just one question on the ancillary businesses.

然後只有一個關於輔助業務的問題。

Can you just talk a little about what's happening in the photo business, and trends in the quarter?

您能簡單談談照片行業的情況以及本季度的趨勢嗎？

And what the expectations are there?

那裡的期望是什麼？

You probably have -- are processing less photos than you used to.

您可能已經——處理的照片比以前少了。

It's actually about -- the business itself, profitability-wise, is about flat year over year.

它實際上是關於 - 業務本身，盈利能力方面，同比持平。

Actual photos processed is down.

實際處理的照片已關閉。

We enhanced the business on a few other things, with everything from canvas pictures to photo books to ink refill cartridges, toner cartridges.

我們在其他一些方面加強了業務，從畫布圖片到相冊到墨水補充墨盒、碳粉盒，應有盡有。

And -- but it's -- that's not a business that's going to come back tomorrow, either.

而且 - 但它 - 這也不是明天會回來的業務。

It's -- of all the ancillary businesses, that's the one that's, it's big, it's profitable, it's not as profitable as it used to be.

它是——在所有的輔助業務中，這是一個，它很大，它是有利可圖的，它不像以前那樣有利可圖。

But it's -- and we'll continue to look at that space, and see what we want to do.

但它是——我們將繼續關注這個空間，看看我們想做什麼。

But we still have it, and it's still -- we still try to figure out how to improve it.

但我們仍然擁有它，而且它仍然——我們仍然試圖弄清楚如何改進它。

Thank you, Richard.

謝謝你，理查德。

Our next question comes from Meredith Adler from Barclays.

我們的下一個問題來自巴克萊銀行的 Meredith Adler。

This is Meredith Adler.

這是梅雷迪思·阿德勒。

I was wondering if you could just talk a little bit about what happened with the store openings this year, which I think missed your expectations?

我想知道你是否可以談談今年新店開張的情況，我認為這超出了你的預期？

I know some slipped into next year but were there any common themes in that?

我知道有些人會進入明年，但其中有什麼共同的主題嗎？

And when you look out, because you've got a nice number of openings for next year, do you think that there's any risk, based on what happened in FY15?

當你往外看時，因為你明年有很多職位空缺，根據 2015 財年發生的情況，你認為有任何風險嗎？

Sure.

當然。

There's going to always be risk.

總會有風險的。

I think prior to the FY15, for the few years leading up to that, we actually got better on track of getting closer to what we think is going to actually open.

我認為在 2015 財年之前的幾年裡，我們實際上在接近我們認為將實際開放的目標方面做得更好。

We put -- this is our original budget.

我們把 - 這是我們的原始預算。

Everything that -- if everything generally goes right, and we've -- it's been green inked, if you will.

一切 - 如果一切正常，我們已經 - 如果你願意的話，它已經被塗上了綠色墨水。

It's been approved internally, based on whatever permits and zoning issues and whatever -- all the issues are out there, we think we have a decent chance of opening it.

它已在內部獲得批准，基於任何許可和分區問題等等 - 所有問題都在那裡，我們認為我們有機會開放它。

We're going to put it in there.

我們要把它放在那裡。

Recognizing, inevitably, there's always 5 or 8 of those units that are budgeted for months 11 and 12, if not a few more, of that fiscal year, maybe 10 units a year, in that last month or two.

不可避免地要認識到，在那個財政年度的第 11 個月和第 12 個月，總是有 5 或 8 個單位的預算，如果不是更多的話，在最後一兩個月，每年可能有 10 個單位。

And inevitably, a few of those fall out.

不可避免地，其中一些會失敗。

I think that we'll get closer than we did this year, relative to our budget.

相對於我們的預算，我認為我們會比今年更接近。

Generally speaking, it's not because we decided not to do a unit that we were going to do it.

一般來說，並不是因為我們決定不做一個單元，所以我們才去做。

The only time that happens, or virtually every time that happens, it's something because something was -- became a big surprise.

唯一一次發生這種情況，或者幾乎每次發生這種情況，都是因為某些事情 - 變成了一個大驚喜。

Doing additional drilling, we found something on the site that was a bigger issue.

進行額外的鑽探後，我們在現場發現了一些更大的問題。

And that, by the way, is generally not our risk.

順便說一句，這通常不是我們的風險。

Because when we do a site, it's for virtually all of them, nearly all of them, we have to feel comfortable we can be able to do it before we commit to it.

因為當我們做一個網站時，它實際上是為了所有人，幾乎所有的人，在我們承諾之前，我們必須感到自在，我們能夠做到這一點。

Okay.

好的。

So there wasn't any -- (multiple speakers)

所以沒有任何 - （多個揚聲器）

I think we'll get closer.

我想我們會更接近。

And there wasn't any common theme to the ones that didn't open this year, or got delayed?

今年沒有開放或延遲開放的主題沒有任何共同點嗎？

No.

不。

It's -- every one's a unique story.

這是——每個人都是一個獨特的故事。

But it's just typical delays: weather, zoning, other surprises that are unrelated to competition or anything else out there.

但這只是典型的延誤：天氣、分區、與比賽無關的其他意外或其他任何事情。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Our next question comes from Michael Lasser from UBS.

我們的下一個問題來自瑞銀集團的 Michael Lasser。

Good morning, thanks a lot for taking my question.

早上好，非常感謝你回答我的問題。

Can you give you us a little more detail on the traffic trends?

您能否為我們提供更多有關流量趨勢的詳細信息？

Not only this quarter, but over the last maybe few years?

不僅在這個季度，而且在過去的幾年裡？

Are you seeing more of the growth come from the middle tier of the membership base?

您是否看到更多的增長來自會員基礎的中間層？

Presumably the most frequent members are tapped out.

大概最頻繁的成員被挖掘出來了。

They can no -- they cannot grow the number of times they're going to Costco.

他們不能——他們不能增加去 Costco 的次數。

So is it more so coming from the mid-tier of the membership population, or is it more like the least attached members are getting a little bit more attached?

那麼，是更多來自中層會員群體，還是更像是最不依戀的會員變得更加依戀？

Maybe people in membership and operations know a little more than I do here.

也許會員和運營人員比我在這裡知道的更多。

I -- and maybe there's some more opportunity -- yes, overall, over time, shops go up.

我——也許還有更多的機會——是的，總的來說，隨著時間的推移，商店會增加。

As people are making more each year, as they're having family, whatever those issues are.

隨著人們每年賺得更多，因為他們有了家庭，不管這些問題是什麼。

And so certainly, an older member, in terms of how long they've been a member, that increases over time.

所以可以肯定的是，老會員，就他們成為會員的時間而言，會隨著時間的推移而增加。

But it's a lot of things.

但它有很多東西。

It's the merchandising.

就是推銷。

It's the frequency drivers, like fresh foods and gas.

它是頻率驅動器，例如新鮮食物和汽油。

It's that incremental shop, because somebody, all of a sudden, needs a maintenance prescription.

這是增量商店，因為突然間，有人需要維護處方。

They've gotten to the age where they're going to come in one extra time a year, because of their timing of their need for a cholesterol-reducing drug or whatever.

他們已經到了一年多來一次的年齡，因為他們需要降膽固醇藥物或其他藥物的時機。

So it's a lot of little things, plus a few of those things, notable things, like fresh foods and gas.

所以它有很多小東西，還有一些值得注意的東西，比如新鮮食物和汽油。

It's also executive membership.

這也是執行會員。

It's also the co-branded card and rewards.

也是聯名卡和獎勵。

It really is all of the above.

確實是以上所有。

I don't -- there's different reasons.

我不——有不同的原因。

Clearly, when we have new members, whether it was new millennial members, or 20 years ago, new Gen whatever members, they buy less when they start, they buy more over time.

顯然，當我們有新成員時，無論是新的千禧一代成員，還是 20 年前的新世代成員，他們開始時購買的數量會減少，但隨著時間的推移會購買更多。

I can't tell you what millennials are going to do, relative to their predecessor age groups overall, not just at Costco but overall buying.

我無法告訴你千禧一代將要做什麼，相對於他們的前輩年齡組而言，不僅是在好市多，而且是整體購買。

If they have smaller houses, and they drive a little less, and they buy fewer sofas, that is not good for anybody.

如果他們有更小的房子，少開車，少買沙發，那對任何人都不利。

But at the end of the day, we think we're getting our share.

但歸根結底，我們認為我們得到了我們的份額。

Okay.

好的。

And my follow-up question is, how have you noticed, or how have you observed your membership population respond to different types of promotions?

我的後續問題是，您如何注意到，或者您如何觀察您的會員群體對不同類型的促銷活動的反應？

And when I say promotions, I'm talking about price investments, rewards through your card, maybe new merchandise offers.

當我說促銷時，我指的是價格投資、通過您的卡獲得的獎勵，也許還有新商品優惠。

Can you give us what's been most -- a sense of what's been most impactful?

你能告訴我們什麼是最有影響力的嗎？

And how it's -- how the response has been?

它是如何 - 反應如何？

Has it been to drive up basket?

是不是推高了籃筐？

Has it been to allow you to sign up more members?

是不是為了讓你註冊更多的會員？

Thank you so much.

太感謝了。

First of all, we're not going to share all the specifics.

首先，我們不會分享所有細節。

But at the end of the day, it's a little bit of all of the above.

但歸根結底，它只是以上所有的一點點。

We work every day to try to improve the value proposition to the member.

我們每天都在努力提高對會員的價值主張。

We work every day to try to up-size an item where it makes sense, because we do want more things and more dollars in that basket.

我們每天都在努力嘗試在有意義的情況下擴大一件商品的尺寸，因為我們確實想要那個籃子裡有更多的東西和更多的錢。

We -- maybe something like the multi-vendor mailer, with the couponing.

我們——也許像多供應商郵寄者一樣，有優惠券。

That grew dramatically from what was originally a six- or eight-week summer item, summer couponing booklet, to 11 or so times a year, for three-plus weeks each.

從最初為期六週或八週的夏季商品、夏季優惠券小冊子，到每年 11 次左右，每次超過三週。

And over time, we and our vendors figure out what works best, and what starts to slow down.

隨著時間的推移，我們和我們的供應商會弄清楚什麼最有效，什麼開始變慢。

So those things keep getting tweaked.

所以這些東西不斷得到調整。

So again, there's -- we focus on trying to improve the value.

再說一次，我們專注於提高價值。

If we can sell you a bigger pack size at a greater value, we're going to do that, and I think that's a catch, too.

如果我們能以更高的價值向您出售更大的包裝尺寸，我們就會這樣做，我認為這也是一個收穫。

We don't just want to increase the size of something 50%, and sell it at the same price per ounce or price per number of units.

我們不只是想增加 50% 的尺寸，並以相同的每盎司價格或單位數量的價格出售它。

We only want to raise it -- for the most part, we try to raise it only the quantity, when we can lower the price per unit to the member.

我們只想提高它——在大多數情況下，當我們可以降低會員的單位價格時，我們只會嘗試提高數量。

And that serves us well, and it serves them well.

這對我們有好處，對他們也有好處。

So that's our religion.

這就是我們的宗教。

Sure.

當然。

I'm thinking more about the card.

我考慮更多的是卡片。

Does that have as much influence in the member's purchase decision or frequency as pricing or coupons, for example?

例如，這對會員的購買決定或頻率的影響是否與定價或優惠券一樣大？

I don't know if one has more than the other.

我不知道一個是否比另一個多。

We know that executive members shop a lot -- take a group of 100,000 members that are similar, in terms of shopping patterns and age groups and tenure as a member, and they're both growing.

我們知道執行成員經常購物——假設有 100,000 名成員在購物模式、年齡組和成員任期方面都很相似，而且他們都在增長。

Both of those groups are growing at roughly the same rate each year.

這兩個群體每年都以大致相同的速度增長。

Get half of them to convert to executive member, and you see a dramatic change in their buying habits.

讓他們中的一半轉變為執行會員，您會發現他們的購買習慣發生了巨大變化。

But that's no change that we've seen over the years.

但這並不是我們多年來看到的變化。

That -- I think what surprises me personally is the continued (technical difficulty) penetration of that area.

那——我認為令我個人感到驚訝的是該領域的持續（技術困難）滲透。

And maybe we've gotten a little better, in store, of doing that.

也許我們在這方面做得更好了。

Clearly, loyalty programs work, whether it's our executive member program or a reward-based co-branded credit card.

顯然，忠誠度計劃有效，無論是我們的執行會員計劃還是基於獎勵的聯名信用卡。

And one of the things that's long-term exciting for us is, we feel that we can continue, even on our co-brand card, continue to improve the value proposition to our member, which hopefully gets them in here more often.

令我們長期興奮的一件事是，我們覺得我們可以繼續，即使是在我們的聯名卡上，繼續改善對我們會員的價值主張，希望這能讓他們更頻繁地來到這裡。

But that's what we do every day.

但這就是我們每天都在做的事情。

Sure.

當然。

All right.

好的。

Good luck with the upcoming year.

祝來年好運。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Our next question comes from Peter Benedict from Robert Baird.

我們的下一個問題來自 Robert Baird 的 Peter Benedict。

Hey, Richard, thanks for taking the question.

嘿，理查德，謝謝你提出這個問題。

A couple here.

這裡有一對。

First of all, can you talk about the new member sign-up trends in the fourth quarter?

首先，您能談談第四季度的新會員註冊趨勢嗎？

I didn't hear -- if you did mention that, I apologize.

我沒聽到——如果你確實提到了，我深表歉意。

I know they were down slightly in the third quarter.

我知道他們在第三季度略有下降。

They were actually up in the fourth quarter, year over year.

他們實際上在第四季度同比增長。

A combination of decent member sign-ups at existing warehouses, probably a few more international units in the quarter, on a comparable year-over-year basis in the quarter.

在本季度可比的同比基礎上，現有倉庫的體面會員註冊組合，本季度可能會增加幾個國際單位。

I think we were up a little over 2 million members in the quarter, from a year ago, in terms of new sign-ups.

就新註冊而言，我認為與一年前相比，本季度我們的會員人數增加了 200 萬多一點。

Okay.

好的。

Great.

偉大的。

And then, you mentioned, when you gave the regional color, you said that Texas was good.

然後，你提到，當你給出區域顏色時，你說得克薩斯州很好。

But can you talk about maybe trends in some of the specific energy markets, thinking like Houston, maybe somewhere up in Alberta?

但是你能談談一些特定能源市場的趨勢嗎，比如休斯頓，也許在艾伯塔省的某個地方？

Like have you seen any kind of moderation in traffic or ticket, or what have you?

比如你有沒有看到任何形式的交通或票務節制，或者你有什麼？

You know, I just don't have that amount of granularity in front of me.

你知道，我只是沒有那麼多的粒度在我面前。

Okay.

好的。

And then the thought process behind repatriating cash from Canada, why now?

然後是從加拿大匯回現金背後的思考過程，為什麼是現在？

And then, you've got a $1.2 billion note that comes due in December.

然後，你有一張 12 億美元的票據，將於 12 月到期。

Is -- are your thoughts here to refinance that or pay it off?

是 - 你的想法是再融資還是還清？

At this point, we'll probably pay it off.

在這一點上，我們可能會還清。

Part of the repatriation is, Canada is a very profitable country.

遣返的一部分是，加拿大是一個非常有利可圖的國家。

So it's -- we've built up cash balances.

所以它是 - 我們已經建立了現金餘額。

At some point, we determined -- on an ongoing basis, we will determine whether we feel it needs to be permanently invested up there or not.

在某個時候，我們確定 - 在持續的基礎上，我們將確定我們是否認為它需要在那里永久投資。

And at such time, we'll make that decision.

在那個時候，我們會做出那個決定。

I think we've done that twice.

我想我們已經做過兩次了。

About a year ago, we brought back a little over $1 billion.

大約一年前，我們帶回了 10 億美元多一點的資金。

And in this case, it was favorable from -- a small favorable from a tax perspective.

在這種情況下，這是有利的——從稅收的角度來看是一個小的優惠。

A year ago, I think it was the third or fourth quarter a year ago, it was slightly unfavorable.

一年前，我認為是一年前的三季度或四季度，略微不利。

But again, we determined -- but small.

但是，我們再次確定 - 但很小。

We determined it was the right time to bring it back, from a reinvestment standpoint.

從再投資的角度來看，我們認為現在是將它帶回來的正確時機。

Okay.

好的。

Fair enough.

很公平。

And then last question, just on CapEx, $2.8 billion to $3 billion this year.

然後是最後一個問題，就資本支出而言，今年為 28 億至 30 億美元。

It's almost double what you did maybe a few years ago.

這幾乎是你幾年前所做的兩倍。

I understand you've got some of the investments you're doing, the higher store growth.

我知道你有一些你正在做的投資，更高的商店增長。

Is that a level you think is one that we should assume holds for several years, assuming you can open 30-plus stores per year?

假設您每年可以開設 30 多家商店，您認為我們應該假設這個水平持續數年嗎？

Or are some of the investments you're doing in IT and systems and distribution, do those taper off a bit, maybe in the out years?

或者您在 IT、系統和分銷方面所做的一些投資是否會逐漸減少，也許在未來幾年？

Just how are you thinking about that?

你是怎麼想的？

I hope IT tapers off a little, but it's -- that's not the biggest piece of it.

我希望 IT 逐漸減少一點，但這並不是其中最大的一部分。

I think -- I'm certainly comfortable with saying it's going to be in $2.5 billion to $3 billion range, is the $2.8 billion to $3 billion this year.

我認為 - 我當然很樂意說它會在 25 億美元到 30 億美元之間，今年是 28 億美元到 30 億美元。

[102] -- likely be [102] higher than the following year.

[102]——可能比下一年高[102]。

Maybe, I don't see that $2.8 billion to $3 billion going to $3.5 billion next year.

也許，我認為明年 28 億至 30 億美元不會增加到 35 億美元。

So yes, something in the high $2 billions is probably a good guesstimate for the next few years.

所以是的，20 億美元的高價可能是未來幾年的一個很好的猜測。

Yes.

是的。

Okay, that makes sense.

好的，這是有道理的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Scott Mushkin from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Scott Mushkin。

Thanks for taking the question.

感謝您提出問題。

Actually had some follow-ups on some of the questions that were already been asked, but I wanted to get some clarity.

實際上對一些已經提出的問題進行了一些跟進，但我想弄清楚一些。

So I think Michael Lasser was asking about the Visa card.

所以我認為 Michael Lasser 問的是 Visa 卡。

And I guess real specifically, do you anticipate that, that card will actually drive membership growth, Richard?

我想具體來說，理查德，你預計這張卡實際上會推動會員增長嗎？

When we get there, we'll let you know.

當我們到達那裡時，我們會通知您。

Okay.

好的。

And then, following up a little bit on John Heinbockel, and he's the technology.

然後，跟進 John Heinbockel，他就是技術。

When you're looking at your executive members, do you guys have clarity to the data?

當你查看你的執行成員時，你們是否清楚數據？

Say, okay, how many -- are these executive members using our ancillary services?

說，好吧，有多少——這些執行成員在使用我們的輔助服務？

What are they using?

他們在用什麼？

And what the penetration rates are?

滲透率是多少？

Yes, absolutely.

是的，一點沒錯。

But we're not going to share with you what those are.

但我們不會與您分享這些是什麼。

Each ancillary business is a little different.

每個輔助業務都有點不同。

Some of them take a decade to really get some good footing.

他們中的一些人需要十年時間才能真正站穩腳跟。

But they're all great values, and yet another reason why somebody wants to be a member.

但它們都是偉大的價值觀，也是有人想成為會員的另一個原因。

And we'll keep improving those values.

我們將不斷改進這些價值觀。

So those are -- whether it's KS or organic or commodities, or these items, those are all things, I think, that gives us a good competitive position.

所以那些 - 無論是 KS 還是有機或商品，或者這些項目，我認為這些都是給我們提供良好競爭地位的東西。

And do you think there's an opportunity to drive additional ancillary business growth with your core members?

您是否認為有機會與您的核心成員一起推動額外的輔助業務增長？

Absolutely.

絕對地。

(multiple speakers) Absolutely.

（多個揚聲器）絕對。

Okay, then the --

好的，那麼——

I would recommend that you try Costco Travel.

我建議您嘗試 Costco Travel。

You'll be amazed.

你會驚訝的。

I'm looking right now at a Costco car buying program, so I hear that's wonderful, as well.

我現在正在查看 Costco 購車計劃，所以我聽說這也很棒。

That, as well.

那也一樣。

I think we're approaching 0.5 million new cars a year on that, and there's a reason.

我認為我們每年接近 50 萬輛新車，這是有原因的。

We use our buying power to get our members a great savings on cars.

我們利用我們的購買力為我們的會員節省大量的汽車費用。

And when you think about getting a little bit more involved in technology, and that relationship with your customers, is one area that you would think could be a lever that could be thrown?

當您考慮更多地參與技術以及與客戶的關係時，您會認為有一個領域可以成為可以拋出的槓桿嗎？

I'm sorry, say that again?

對不起，再說一遍？

When you're looking at data mining, knowing your customers a little bit better, marketing a little bit more aggressively, I think you [mentioned] at the beginning, is this an area that will get a focus, do you think?

當你在研究數據挖掘，更好地了解你的客戶，更積極地營銷時，我想你在開頭[提到]，你認為這是一個會受到關注的領域嗎？

At some point.

在某一點。

And we're a little self deprecating when we talk about that.

當我們談論這個時，我們有點自嘲。

At the end of the day, there's a lot of opportunities to do a lot of that stuff.

歸根結底，有很多機會可以做很多這樣的事情。

We look at it, the 80/20 rule.

我們看一下，80/20 法則。

We're doing a little of it, which we're getting some benefits.

我們正在做一些事情，我們從中得到了一些好處。

There will be plenty of opportunities to do some of that in the future.

將來會有很多機會做一些這樣的事情。

But we -- our main focus is on driving value.

但我們 - 我們的主要重點是推動價值。

And a lot of those other things take care of themselves.

還有很多其他事情會自行解決。

And certainly, Craig Jelinek, as our CEO, has told people in e-commerce, people in membership marketing, try some things.

當然，作為我們的首席執行官，克雷格·耶利內克 (Craig Jelinek) 已經告訴電子商務領域的人、會員營銷領域的人，嘗試一些事情。

And they're trying some things.

他們正在嘗試一些事情。

And we'll keep going in that direction.

我們將繼續朝著這個方向前進。

Perfect.

完美的。

And I had just one last follow-up.

我只有最後一次跟進。

This is when Bob was talking about the remodels.

這是鮑勃談論改造的時候。

I'm trying to understand, our local Costco is under remodel in the fresh department.

我想了解一下，我們當地的Costco生鮮部正在改造中。

And if you look at 2016 and 2017, is that the focus of the remodels?

如果你看看 2016 年和 2017 年，這是改造的重點嗎？

Are you expecting to do more of them?

你期待做更多嗎？

And is it focused on fresh?

它是否專注於新鮮？

It seemed like that's where the focus is; I just wanted to get clarity.

似乎這就是重點所在；我只是想弄清楚。

And is it going up, year over year?

它會逐年上升嗎？

I think, as a general rule, it's been going up.

我認為，作為一般規則，它一直在上升。

But it's up.

但它了。

It's a big number.

這是一個很大的數字。

And I don't know if it keeps going up from there.

我不知道它是否會從那裡繼續上升。

I know the one you across the street here, we, again, added 10,000 or 15,000 feet.

我知道你在街對面的那個，我們再次增加了 10,000 或 15,000 英尺。

We expanded greatly the walk-in coolers for customers, in produce and dairy.

我們在農產品和乳製品領域為客戶大大擴展了步入式冷卻器。

When you're doing, in some of these units $200 million, $250 million, $300 million, you can drive some true incremental good sales by not only expanding the -- everything, in terms of the traffic patterns and the ingress and egress in and outside of the warehouse, but adding some of these things like refrigeration, fresh foods.

當你這樣做時，在其中一些 2 億美元、2.5 億美元、3 億美元的單位中，你可以通過不僅擴大 - 一切，就交通模式以及進出和進出而言，推動一些真正的增量銷售在倉庫外面，但增加了一些東西，比如冷藏、新鮮食品。

And it will still continue to be a big number.

而且它仍將是一個很大的數字。

All right.

好的。

So you're doing more fresh remodels, fresh drives traffic.

所以你正在做更多的新改造，新的交通。

Is the focus in that fresh area on organics, or just general?

那個新鮮領域的重點是有機物，還是只是一般性的？

Or is it related towards organics?

還是與有機物有關？

Do you know?

你知道嗎？

I think in terms of CapEx-related, it's everything.

我認為就資本支出相關而言，這就是一切。

Organics is just a piece of that.

有機物只是其中的一部分。

All right.

好的。

Perfect.

完美的。

Thank you so much.

太感謝了。

Really enjoyed the answers.

真的很喜歡答案。

Thanks.

謝謝。

Our next question comes from Greg Melich from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Greg Melich。

Thanks.

謝謝。

You've gone over an hour, and I still have a couple questions.

你已經走了一個多小時了，我還有幾個問題。

So wanted to follow up on gas.

所以想跟進氣。

What was the average gas price in the quarter versus last?

本季度的平均汽油價格與上一季度相比是多少？

And if you could give us the gallons, as well, that would be great.

如果你也能給我們加侖，那就太好了。

The average price in Q4 was $3.65 a year ago, and $2.88 this current fourth quarter.

一年前第四季度的平均價格為 3.65 美元，而當前第四季度為 2.88 美元。

So down 21.2%.

所以下降了 21.2%。

Great.

偉大的。

And if that's the case, I guess going back to gas profitability, understanding it's been a tailwind.

如果是這樣的話，我想回到天然氣盈利能力，理解這是一個順風。

I guess it's that incremental drop, even from last quarter, that's really allowed the profitability to boost up again.

我猜這是增量下降，即使是從上個季度開始，也確實讓盈利能力再次提升。

Is that a -- are we thinking about that right?

那是——我們在考慮這個嗎？

Actually, the price was -- from a quarter ago, the price was up about $0.20 a gallon.

實際上，價格是——從一個季度前開始，價格上漲了大約每加侖 0.20 美元。

But I think there's a little bit of a new normal.

但我認為有一點新常態。

It's not just how it is year over year.

這不僅僅是年復一年的情況。

It's, when it's low, it's better from a profitability standpoint, and it's relative to competition.

它是，當它很低時，從盈利能力的角度來看更好，而且它與競爭有關。

Gas Buddy has continued to say that we're the lowest price out there nationally, and I think we're still pretty good at being very competitive.

Gas Buddy 繼續說我們是全國最低的價格，而且我認為我們仍然非常擅長保持競爭力。

We get a lot of good kudos for that.

我們為此獲得了很多榮譽。

So basically, you can keep your competitive advantage, but the penny profit might be better than it used to be, the way the market is.

所以基本上，你可以保持你的競爭優勢，但一分錢的利潤可能比以前更好，就像市場一樣。

Yes, I think when prices are low, we make more than we used to on average, per gallon or per gas station, and that's good.

是的，我認為當價格低時，我們每加侖或每個加油站的平均產量比過去高，這很好。

And then the second question was going back to membership fee income.

然後第二個問題是回到會員費收入。

I think you said it was 6%, if you exclude FX?

我想你說是 6%，如果你排除外匯？

Yes.

是的。

I believe that's 100 or maybe 200 bps below the trend the last year or two.

我相信這比過去一兩年的趨勢低 100 或 200 個基點。

Is that just fewer openings last year?

是去年的職位空缺減少了嗎？

Or I think last quarter, you mentioned sign-ups per club was actually negative, but it was a comparison issue.

或者我認為上個季度，你提到每個俱樂部的簽約實際上是負數，但這是一個比較問題。

Could you just help us understand?

你能幫我們理解一下嗎？

I think overall, it's just fine.

我覺得總體來說，還可以。

There's a little bit, in Canada, of the auto-renewal issue, when we switch over.

當我們切換時，在加拿大有一點自動續訂問題。

And we'll see that again a year hence, over the next year, starting next year.

我們將在一年後、明年、明年開始再次看到這種情況。

That's a small piece of it.

那隻是其中的一小部分。

I don't think, beyond that, there's a whole lot there, in that regard.

我不認為，除此之外，在這方面還有很多。

There's always going to be the timing.

總會有時機的。

Because when membership fee dollar increases, or we use deferred accounting for it, and so that makes it a little more squishy number.

因為當會員費美元增加時，或者我們對其使用遞延會計，所以這會使它變得更加鬆散。

But overall, the number was in line with what we felt was pretty good.

但總的來說，這個數字符合我們的感覺，相當不錯。

And with the auto renewals -- I'll sneak a third one in -- if I remember correctly, AmEx is roughly 40% of the tender in the stores.

有了自動續訂——我會偷偷加入第三個——如果我沒記錯的話，AmEx 大約佔商店投標的 40%。

So to think of the magnitude that had in Canada when you did the changeover, what was AmEx there?

所以想想當你進行轉換時加拿大的規模，AmEx 在那裡是什麼？

There's one big difference.

有一個很大的不同。

In Canada, the portfolio was not purchased.

在加拿大，投資組合不是購買的。

While I can't guarantee it will be purchased, the contract states that it should be, and we're working towards that -- or Citi and AmEx are working towards that end.

雖然我不能保證它會被購買，但合同規定它應該被購買，我們正在為此努力——或者花旗和美國運通正在為此努力。

That's a different scenario, in terms of auto renewal.

就自動續訂而言，這是一種不同的情況。

Up there, you basically have to re-sign people up.

在那裡，你基本上必須重新簽人。

They have to apply for credit.

他們必須申請信貸。

They get authorized.

他們得到授權。

They have to re-sign up -- opt in for auto renewal.

他們必須重新註冊——選擇自動續訂。

I don't expect that to be an issue in the US.

我不認為這會成為美國的問題。

Got it.

知道了。

At this point.

在此刻。

And the tender there is roughly the same as here, that 40%?

而且那裡的招標跟這裡差不多，那40%？

I think it was a little less.

我覺得少了一點。

But mind you, the market share of our provider up there historically had a lower market share there, relative to Canada, than they do in the US.

但請注意，相對於加拿大，我們的供應商在那裡的市場份額歷來在美國的市場份額低於他們在美國的市場份額。

They have a stronger market share down here.

他們在這裡擁有更大的市場份額。

Okay, got it.

好，知道了。

Thank you.

謝謝。

Why don't we take one more question.

我們為什麼不再回答一個問題。

Our final question comes from Matthew Fassler from Goldman Sachs.

我們的最後一個問題來自高盛的 Matthew Fassler。

Thank you so much for keeping the flame burning just for another moment.

非常感謝你讓火焰再燃燒一會兒。

First question relates to Spain.

第一個問題與西班牙有關。

And just curious, on your learnings from your first Spain opening, and how you expect your Continental European stores to differ from your other international markets, based on what you saw from that first unit?

只是好奇，關於您從第一個西班牙開業中學到的東西，以及您期望您的歐洲大陸商店與其他國際市場有何不同，基於您從第一個單元中看到的內容？

Like any first unit, with maybe the exception of Australia, which was off the charts high to start with, you learn a lot.

像任何第一單元一樣，也許澳大利亞除外，它一開始就高得離譜，你學到了很多東西。

You learn what sells and doesn't sell.

你知道什麼賣什麼不賣。

I think, if I recall from when we first opened in Seville 1.5 years, 2 years ago, we had less -- we had stronger nonfood than we would have expected, and not as strong fresh food.

我想，如果我回想起我們 1.5 年、2 年前在塞維利亞首次開業時的情況，我們的非食品比我們預期的要少，而且新鮮食品也沒有那麼濃。

Usually, in a new market, you've got stronger fresh food.

通常，在新市場中，您會得到更濃的新鮮食品。

Given our great success in countries like Korea and Taiwan and Japan, we have to remind ourselves that Korea and Taiwan, they were not very good for several years.

鑑於我們在韓國、台灣和日本等國家/地區取得的巨大成功，我們必須提醒自己，韓國和台灣幾年來都不是很好。

You start off with slower sales in most countries, other than Australia, when you first enter -- when we first entered a market.

當你第一次進入市場時，除了澳大利亞以外，大多數國家的銷售都比較緩慢。

And that was consistent.

這是一致的。

Probably the worst economy we started was in Spain.

我們開始的最糟糕的經濟可能是在西班牙。

But we're seeing some traction.

但我們看到了一些牽引力。

Membership sign-ups are just fine, and membership renewals have been just fine.

會員註冊很好，會員續訂也很好。

But it's -- one data point does not a story make here.

但它是——一個數據點並不能構成一個故事。

Madrid certainly is a much bigger market than Seville.

馬德里肯定是一個比塞維利亞大得多的市場。

And we've got, again, one unit coming next month, and a second one in and around Madrid coming, I believe, next spring.

下個月我們將再次推出一個單元，我相信明年春天將在馬德里及其周邊地區推出第二個單元。

Certainly sometime in the middle of the calendar year.

當然是在日曆年中的某個時候。

So that will be more telling, in our view, than anything we've seen so far.

因此，在我們看來，這將比我們迄今為止看到的任何事情都更有說服力。

Great.

偉大的。

We continue to be very confident that we've got a good model, and that it works.

我們仍然非常有信心，我們有一個很好的模型，而且它是有效的。

And we're patient, as well.

我們也很有耐心。

A quick second question.

一個快速的第二個問題。

On the online and e-commerce piece, Instacart, I know, is a particularly prominent partnership among the ones that you've got.

在在線和電子商務方面，我知道 Instacart 是您所擁有的合作夥伴中特別突出的合作夥伴。

An it's a concept that from a -- in terms of the number of retailers it's doing business with, and how long that's hung in, seems to be gaining some traction.

這是一個概念，從與它有業務往來的零售商的數量以及它存在的時間來看，它似乎獲得了一些吸引力。

Any sense as to how that relationship has evolved?

關於這種關係如何演變的任何意義？

In particular, how the economics look for you, relative to some of the alternatives?

特別是，相對於某些替代方案，經濟學如何看待你？

Again, we're not going to disclose any specifics.

同樣，我們不會透露任何細節。

We have a good working relationship with Instacart, with -- certainly, with Google Shopping Express, as well.

我們與 Instacart 有著良好的合作關係，當然還有 Google Shopping Express。

And Instacart is in more cities, and anybody you know out there that wants to buy from us, you call us.

Instacart 遍布更多城市，您認識的任何想從我們這裡購買的人，您都可以打電話給我們。

Fair enough.

很公平。

And then finally, I think Greg -- one element of Greg's questions might not have gotten answered was gallon comps.

最後，我認為格雷格——格雷格的問題之一可能沒有得到回答是加侖補償。

You talked a bit about the gas prices.

你談到了一些關於汽油價格的問題。

But I remember, when gas prices first started coming under pressure, gallon comps surged into double digits.

但我記得，當汽油價格開始承受壓力時，加侖價格飆升至兩位數。

Are you still seeing that, with prices down here today?

你還看到嗎，今天這裡的價格下降了？

I'm not sure if it's double digits, but it's certainly positive.

我不確定它是否是兩位數，但肯定是積極的。

And we generally haven't given that out.

而且我們通常沒有給出。

Sometimes, in a moment of weakness, I share it with you guys.

有時候，在軟弱的時刻，我會和你們分享。

But the comps have continued to go in the right direction, in terms of gallons.

但就加侖而言，比賽繼續朝著正確的方向發展。

Thank you so much.

太感謝了。

Thank you everyone.

謝謝大家。

Have a good day.

祝你有美好的一天。