好市多 (COST) 2016 Q2 法說會逐字稿

Good morning. My name is Brittany and I will be your conference operator today. At this time I would like to welcome everyone to the Q2 earnings call and February sales conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session, (Operator Instructions). Thank you.

早安.我叫布列塔尼，今天將由我擔任你們的會議接線生。此時此刻，我謹代表全體與會者歡迎參加第二季財報電話會議和二月銷售電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言結束後，將進行問答環節（操作說明）。謝謝。

Mr. Richard Galanti, CFO, you may begin your conference.

財務長理查德·加蘭蒂先生，您可以開始您的會議了。

Thank you, Brittany and good morning to everyone. I will start by stating that our discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements. The risks and uncertainties include but are not limited to those outlined in today's call as well as other risks identified from time to time in the Company's public statements and reports filed with the SEC.

謝謝你，布列塔尼，大家早安。首先我要說明的是，我們的討論將包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些聲明涉及風險和不確定性，可能導致實際事件、結果和/或績效與此類聲明所指出的內容有重大差異。風險和不確定性包括但不限於今天電話會議中概述的風險和不確定性，以及公司不時在公開聲明和向美國證券交易委員會提交的報告中確定的其他風險和不確定性。

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.

前瞻性聲明僅代表其發布之日的情況，除法律要求外，我們不承擔更新這些聲明的義務。

So last night's press release reported our second-quarter and first half fiscal 2016 operating results for the 12- and 24-week periods ended February 14, as well as our monthly sales results for the four-week reporting month of February which ended this past Sunday, February 28.

因此，昨晚的新聞稿公佈了我們截至 2 月 14 日的 2016 財年第二季度和上半年的 12 週和 24 週期間的經營業績，以及截至上週日（2 月 28 日）的 2 月份（四周報告期）的月度銷售業績。

For the quarter, reported earnings came in at $1.24 a share compared to last year's second-quarter earnings per share of $1.35. Note that last year's earnings were positively impacted by two discrete income tax items that together benefited last year's second quarter earnings by $43 million or $0.10 a share and that excluding these two items, earnings for the second quarter last year would have been $1.25 a share.

本季公佈的每股收益為 1.24 美元，而去年同期每股收益為 1.35 美元。請注意，去年的收益受到兩項獨立所得稅項目的正面影響，這兩項項目合計使去年第二季的收益增加了 4,300 萬美元，即每股 0.10 美元；如果排除這兩項項目，去年第二季的收益將為每股 1.25 美元。

Among the factors that impacted our second-quarter year-over-year earnings comparison, foreign exchange, FX as compared to a year ago. During the quarter, the foreign currencies where we operate continue to weaken versus the US dollar in all countries but primarily in Canada, Mexico and Korea resulting in our foreign earnings in the second quarter when converted into US dollars being lower by about $32 million or $0.07 a share than if exchange rates had been flat year-over-year.

影響我們第二季年比收益比較的因素之一是外匯匯率，與去年同期相比。本季度，我們營運所在地的所有國家的外幣兌美元持續走弱，尤其是在加拿大、墨西哥和韓國，導致我們第二季度的海外收益（按美元計算）比匯率同比持平的情況下減少了約 3200 萬美元，即每股 0.07 美元。

The second item of comparison is our cobranded credit card transition in the US that relates to that. As you know we are transitioning to a new cobranded credit card relationship in the US this year. As we wind down our current relationship, new cobranded credit card sign-ups stopped several months ago. The short-term negative earnings impact to the loss cobranded credit card sign-ups was $18 million pretax or a $0.03 per share hit to the second quarter. Recall that the earnings impact was $15 million pretax or $0.02 a share last fiscal year and it will continue to impact earnings in Q3 and a little even into the first month of Q4.

第二個對比項目是我們在美國的聯名信用卡轉型，這與此相關。如您所知，我們今年將在美國過渡到新的聯名信用卡合作關係。隨著我們目前合作關係的結束，新的聯名信用卡申請已於幾個月前停止。聯名信用卡註冊業務的虧損對短期收益產生了負面影響，第二季稅前虧損達 1,800 萬美元，即每股虧損 0.03 美元。回想一下，上個財年，該事件對收益的影響為稅前 1500 萬美元，即每股 0.02 美元，並且將繼續影響第三季度的收益，甚至在第四季度的第一個月也會略有影響。

As of today, we expect to have the new cobranded Visa cards in the hands of our members in May with a go live transition date in June. While I can't give you any specifics regarding the new card, contractually I can't do that yet, I do look forward to sharing more details with you at that time.

截至目前，我們預計將於 5 月將新的聯名 Visa 卡發放給我們的會員，並於 6 月正式上線轉場。雖然我現在還不能透露有關新卡的具體細節（由於合約限制），但我期待屆時與您分享更多細節。

Third item, IT modernization; our major IT modernization efforts continue to impact SG&A expense percentages especially as depreciation begins on the new systems that are now being placed into service.

第三項，IT現代化；我們主要的IT現代化工作持續影響銷售、一般及行政費用百分比，尤其是隨著新系統投入使用後開始折舊。

In the second quarter on an incremental year-over-year basis, these costs impacted SG&A by about $10 million or an estimated 3 basis points, 2 basis points without the gas deflation which was about a penny a share. There is a light at the end of this tunnel with SG&A headwinds. Based on our current estimates, we would expect the year-over-year basis point impact to SG&A is likely to be just a couple of additional basis points in fiscal year 2017 and then flatten out hopefully a little better than flattening out over the next couple of years after that.

第二季度，這些成本以年比計算，對銷售、一般及行政費用的影響約為 1,000 萬美元，或估計為 3 個基點；若不計入每股約 1 美分的天然氣價格下跌，則影響為 2 個基點。儘管面臨銷售、管理及行政費用的逆風，但隧道盡頭終有光明。根據我們目前的估計，我們預計 2017 財年銷售、一般及行政費用同比基點影響可能只會增加幾個基點，然後預計在接下來的幾年裡趨於平穩，並且趨於平穩的程度會比之前略好一些。

Stock compensation expense was higher year-over-year second quarter by $14 million or $0.02 a share. And lastly in terms of the year-over-year comparison LIFO, last year the second quarter we recorded a pretax LIFO credit of $4 million. This year in the second quarter with deflation being a little bit more impactful than in the past couple of months we had a LIFO pretax credit of $15 million resulting in a year-over-year delta of $11 million or $0.02 per share.

第二季股票補償支出較上年同期增加 1,400 萬美元，即每股 0.02 美元。最後，就年比後進先出法而言，去年第二季我們錄得稅前後進先出法抵免 400 萬美元。今年第二季度，由於通貨緊縮的影響比過去幾個月更大，我們獲得了 1500 萬美元的後進先出稅前抵免，導致同比增幅為 1100 萬美元，即每股 0.02 美元。

Now turning to our second-quarter sales, reported sales were up 3% and our 12-week reported comp sales figure was up 1%. For the quarter, sales negatively impacted by gasoline price deflation to the tune of 80 basis points and by weakening foreign currencies relative to the US dollar by minus 340 basis points such that excluding gas deflation, the reported plus 3% US comp for the second quarter would have been a plus 4%. The reported Canadian comp of a minus 7% in the second quarter would be a plus 10%, excluding both gas deflation and assuming flat FX rates year-over-year. And the reported minus 3% international comp figure for the quarter excluding gas and FX would have been a plus 6%. Total comps again reported 1% for the quarter and excluding gas and FX would have been up 5%.

現在來看我們第二季的銷售情況，報告銷售額成長了 3%，12 週報告的同店銷售額成長了 1%。本季銷售額受到汽油價格通貨緊縮 80 個基點以及外幣兌美元貶值 340 個基點的負面影響，因此，如果不考慮汽油價格通縮，第二季報告的美國同店銷售額增長 3% 將達到 4%。據報道，加拿大第二季同業拆借數據為-7%，若不考慮天然氣價格下跌，並假設匯率同比持平，則實際年增幅將達到10%。據報道，本季國際同店銷售額下降 3%，但若不計入天然氣和外匯因素，則實際成長率將達 6%。本季總銷售額再次成長 1%，若不計入汽油和外匯因素，成長幅度將達到 5%。

For the four-week month of February which again ended this past Sunday, reported comps came in flat at 0% and that consisted of a plus 2 comp on a reported basis in the US, a minus 2 reported in Canada and a minus 8% other international. As we discussed last month, the calendar shift of Super Bowl moved sales out of January reporting period into February. We estimated that this shift benefited our US sales for the month of February by about 0.75% and the total Company by about 0.5%.

截至上週日結束的二月四周內，報告的同店銷售額持平於 0%，其中美國報告的同店銷售額增長 2%，加拿大報告的同店銷售額下降 2%，其他國際地區的同店銷售額下降 8%。正如我們上個月討論的那樣，超級盃的賽程調整導致銷售額的報告期從一月份轉移到了二月。我們估計，這一轉變使我們 2 月在美國的銷售額增長了約 0.75%，使公司整體銷售額增長了約 0.5%。

Sales were negatively impacted by again gas deflation which started to head down again during the month, about 180 basis point negative impact to the number and also by weakening FX, foreign currencies relative to the US dollar to the tune of 250 basis points. Excluding gas deflation in the US, the reported plus 2% US comp for February would have been a plus 4%. Excluding gas deflation and FX in February a minus 2% comp in Canada would have been a plus 10% and the reported minus 8% international comp would have been flat year-over-year ex-gas and FX.

銷售額再次受到天然氣通貨緊縮的負面影響，天然氣價格在本月開始再次下跌，對銷售額造成了約 180 個基點的負面影響；此外，外匯匯率（外幣兌美元匯率）也走弱，下跌了約 250 個基點。如果排除美國天然氣價格下跌的影響，2 月美國同業拆借利率報告的 2% 增幅將達到 4%。若排除 2 月的天然氣通貨緊縮和匯率因素，加拿大年減 2% 將變為年增 10%；而通報的國際年減 8% 則與去年同期持平，但不包括天然氣和匯率因素。

Total Company comps reported again zero for the month, would have been a plus 4% excluding gas and FX. I might mention that the other international normalized number in other words ex-gas and FX of zero mostly relates to the timing of the Chinese Lunar New Year holidays. We don't think that will be an issue after the timing of that.

本月公司總銷售額再次為零，若不計入汽油和外匯因素，則本應成長 4%。我還要提一下，另一個國際標準化數字（即不含天然氣和外匯的零）主要與中國農曆新年假期的時間有關。我們認為，在那個時間點之後，這不會是個問題。

Final comment on deflation. Beyond gasoline price deflation that we have always pointed out each month, we have seen a little additional deflation across many merchandising categories such that sales have been impacted a bit a little bit more in the past couple of months.

關於通貨緊縮的最後一點評論。除了我們每個月都指出的汽油價格通貨緊縮之外，我們還看到許多商品類別的價格出現了一些額外的通貨緊縮，因此在過去的幾個月裡，銷售額受到了更大的影響。

In terms of new openings, our opening activities and plans, we opened 13 units, new units in Q1 including two relocations so a net of 11 new locations in the first quarter. In Q2, we opened one new business center in Westminster, California. For all of fiscal 2016, we are still on target to do 30 net new locations, 21 of which will be in the US, three in Canada, two in Japan and one each in the UK, Taiwan, Australia and Spain.

就新店開幕而言，我們的開幕活動和計劃，我們在第一季度開設了 13 家新店，其中包括兩家搬遷店，因此第一季淨增 11 家新店。第二季度，我們在加州威斯敏斯特開設了一家新的商務中心。2016 財年，我們仍有望實現新增 30 個地點的目標，其中 21 個在美國，3 個在加拿大，2 個在日本，英國、台灣、澳洲和西班牙各 1 個。

Also this morning I will review with you our e-commerce activities, membership trends and renewal information, additional discussion of course of margins and SG&A and a couple of other items of note.

今天上午，我也會和大家一起回顧我們的電子商務活動、會員趨勢和續費信息，進一步討論利潤率和銷售、一般及行政費用以及其他一些值得注意的事項。

Okay, in terms of second-quarter results, sales for the quarter were $27.57 billion, up 3% from last year. On a reported comp basis, Q2 comps were up 1% for the quarter, up 5% gas and FX. For the quarter, our plus 1% reported comp was a combination of an average transaction decrease of minus 2.5% and an average shopping frequency increase of just over 3%.

好的，就第二季業績而言，該季度銷售額為 275.7 億美元，比去年同期成長 3%。以報告的同店銷售額計算，第二季同店銷售額成長了 1%，其中汽油和外匯銷售額成長了 5%。本季度，我們報告的同店銷售額成長 1%，是由於平均交易量下降 2.5% 和平均購物頻率增加 3% 以上共同造成的。

Now in terms of the minus 2.5% average transaction decrease again taking FX and gas out of that number, that minus 2.5 would have been a positive number that would be just under plus 2%.

現在，如果將平均交易量下降 2.5%，再扣除外匯和 Gas 費用，那麼 -2.5% 將會是一個正數，略低於 +2%。

In terms of sales comparisons geographically, in the US, the Midwest Texas and California regions were strongest. Internationally in Q2 with local currencies better performing countries were Mexico, Canada, Australia and Taiwan. In terms of merchandising categories for the quarter, for the same quarter within food sundries overall flattish meat, deli and sundries were the leaders. Tobacco negative in the low double digits as we continue to eliminate tobacco SKUs from various locations.

從地理銷售比較來看，在美國，中西部德州和加州的銷售表現最為強勁。第二季度，以當地貨幣計價的國際市場表現較好的國家為墨西哥、加拿大、澳洲和台灣。就本季的商品類別而言，在同一季度，食品雜貨中，肉類、熟食和雜貨總體上處於領先地位。由於我們持續從各個地點淘汰菸草 SKU，菸草業務的下滑幅度在兩位數以下。

For hard lines overall in the mid single-digit range. Departments with the strongest results were consumer electronics which was up in the low to mid teens; sporting goods; lawn and garden and tires. Within the low to mid single-digit soft lines, domestics and apparel were the standouts. And in fresh foods, comp sales were in the low single-digit range with produce showing the best results are among the four main fresh foods categories.

整體而言，硬線都在個位數的中間範圍內。業績表現最強勁的部門是消費性電子產品（增幅在10%到15%之間）、運動用品、草坪和花園用品以及輪胎。在個位數低到中等的軟性商品類別中，家居用品和服裝表現突出。在生鮮食品方面，同店銷售額僅略低於個位數，其中農產品在四大生鮮食品類別中表現最佳。

Lastly, as we mentioned during the December and January sales calls, in the US we are seeing deflation in the low single-digit range for foods, sundries and fresh foods and now again a little bit more on the nonfood side as well. In terms of February, traffic was up a little over 3.5% while the average transaction was down a little under 4%, about 3.75%.

最後，正如我們在 12 月和 1 月的銷售電話會議中提到的那樣，在美國，我們看到食品、日用品和新鮮食品的通貨緊縮幅度在個位數低位，現在非食品方面也出現了一些通貨緊縮。2 月份，流量成長略高於 3.5%，而平均交易量下降略低於 4%，約為 3.75%。

Again gas as I mentioned earlier fell again a little more dramatically. In February, the average sales price year-over-year in gas was down 21% for the month which is a bigger decline year-over-year than we saw in the quarter overall.

正如我之前提到的，天然氣價格再次大幅下跌。2月份，汽油平均銷售價格年減了21%，這一降幅比本季整體降幅還要大。

In terms of geographic regions again for February, Texas, Southeast and Midwest regions were strongest and internationally in local currencies, Mexico and Canada were at the top.

從地理區域來看，2 月德州、東南部和中西部地區表現最為強勁；從國際市場來看，以當地貨幣計算，墨西哥和加拿大位居榜首。

From a merchandise categories standpoint ex-FX, all categories, food, sundries, hard lines, soft lines, fresh foods were in the mid single-digit range for February reporting period. Again a little deflation impacting these and it is a little deflation but it is more than we had seen historically of recent history.

從商品類別（不計外匯影響）來看，2 月報告期間所有類別（食品、日用品、硬線商品、軟線商品、生鮮食品）的成長率均在個位數中段。再次出現輕微通貨緊縮，雖然只是輕微的通貨緊縮，但比我們近期歷史上所見到的要嚴重得多。

Moving down the line items of the income statement, membership fees, we came in for this fiscal year at $603 million up 4% or $21 million from $582 million a year ago and up 2 basis points as a percent of sales. Again that $21 million increase and 4% dollar increase if you assume flat FX, the $21 million would have been a $40 million increase and a 4% increase ex FX would have been a 7% increase.

繼續查看損益表的各項內容，會員費方面，本財年會員費收入為 6.03 億美元，比上年同期的 5.82 億美元增長了 4% 或 2100 萬美元，佔銷售額的百分比增長了 2 個基點。再說一遍，如果假設匯率不變，那麼2,100萬美元的成長加上4%的美元成長，2,100萬美元的成長將變成4,000萬美元的成長，而4%的成長（不考慮匯率）將變成7%的成長。

In terms of membership, renewal rates remained strong, 91% in the US and Canada and 88% rounded up worldwide. Continuing increasing penetration and the executive member I think helps that. New membership sign-ups in Q2 companywide were up 4%. I will point out last month the early part of February and into the second week of February for 12 days we ran a new membership promotion on Living Social. Recall that we also ran a membership promotion with Living Social about 18 months ago. Like that one it went well and we don't do it too often. I don't want to get people used to it but it was a good result.

會員續費率依然強勁，美國和加拿大為 91%，全球平均為 88%。我認為，持續提高滲透率和執行委員的加入對此有所幫助。第二季公司整體新增會員註冊量成長了 4%。我要指出的是，上個月二月初到二月第二週，我們連續 12 天在 Living Social 上進行了一項新的會員促銷活動。還記得大約 18 個月前我們也和 Living Social 合作進行過會員推廣活動嗎？那次很順利，我們不會常常這樣做。我不想讓人習以為常，但這的確是個好結果。

In terms of new members at Q2 end, Goldstar members at Q2 end was 35.4 million, up from 34.7 million at Q1 and 12 weeks earlier. Business primary remained at 7.2 million, business add-ons remained at 3.5 million so all total at Q2 end, we were at 46.1 million versus 45.4 million at Q1 end and total cardholders would be 84.0 million up from 82.7 million.

截至第二季末，Goldstar 的新會員數為 3,540 萬，高於第一季末的 3,470 萬（12 週前）。企業主卡持卡人數量維持在 720 萬，企業附加卡持卡人數量維持在 350 萬，因此第二季末總計持卡人數量為 4,610 萬，而第一季末為 4,540 萬，持卡人總數將從 8,270 萬增加到 8,400 萬。

As of the end of the second quarter, paid executive memberships totaled 16.6 million of our members, an increase of 214,000 over the 12-week month or about 18,000 a week increase in the quarter. And as I mentioned before, executive members are a little more than one-third of our membership base and about two-thirds of our sales results.

截至第二季末，付費高級會員總數達到 1,660 萬，比上月增加了 21.4 萬，相當於本季每週增加約 1.8 萬。正如我之前提到的，執行會員占我們會員總數的三分之一多一點，貢獻了我們約三分之二的銷售表現。

In terms of renewal rates as I mentioned, they continued strong. Business in US Canada was at 94.5%, same as it was a quarter ago. Goldstar was 89.7%, same as a quarter ago. Total US and Canada 90.5%, same as a quarter ago. Our worldwide at 87.7% down a tick from 87.8% at Q1 end and a little bit of rounding and then as you know all new markets we generally have in the first year lower renewal rates in that second year and the first year of renewals.

正如我之前提到的，續約率依然強勁。美國和加拿大的業務量為 94.5%，與上一季持平。Goldstar 的持股比例為 89.7%，與上個季度持平。美國和加拿大總計 90.5%，與上一季持平。我們全球的續約率為 87.7%，比第一季末的 87.8% 略有下降，這其中存在一些四捨五入的誤差。而且，如您所知，所有新市場的第一年續約率通常都會低於第二年和第一年的續約率。

I had mentioned I think in the last couple of months that in Canada when we did the credit card conversion which is a little different than the one we are doing here, it was what was referred to as a de novo thing where everybody had to sign up for a new credit card and apply and what have you. And so your renewal rates related to auto renewals which by definition are high, it comes down a little. That will be anniversarying after next quarter so we saw a little tick down in Canada this quarter year-over-year as we had in the last couple of quarters as well. There should be one more quarter of that again not terribly meaningful but we have been asked.

我想在過去的幾個月裡，我曾提到過，在加拿大，當我們進行信用卡轉換時（這與我們在這裡進行的轉換略有不同），那被稱為從頭開始，每個人都必須註冊新的信用卡併申請等等。因此，與自動續訂相關的續訂率（按定義來說通常很高）會略有下降。下個季度之後就是周年紀念日了，所以我們看到加拿大本季同比略有下降，就像過去幾個季度一樣。應該還有四分之一的時間，雖然意義不大，但我們被要求這樣做。

Going down the gross margin line, our gross margin in the second quarter was higher year-over-year on a reported basis by 17 basis points. As always we will jot down four columns of numbers with six line items. The first two columns are Q1 2016 and Q1 2016; the columns would be reported column 1. Column 2 would be without gas deflation and then we would have Q2 2016 two columns reported and without gas deflation.

從毛利率來看，我們第二季的毛利率按報告基準計算比去年同期增加了 17 個基點。像往常一樣，我們將記下四列數字，每列六個項目。前兩列分別是 2016 年第一季和 2016 年第一季；這兩列將作為第 1 列報告。第 2 列將不包含氣體通縮，然後我們將有 2016 年第二季的兩列報告，並且不包含氣體通貨緊縮。

Reading across, core merchandising Q1 on a reported basis was up 24 basis points, ex gas deflation was down 3 basis points year-over-year. For Q2 2016, reported was plus 5 basis points and without deflation minus 3 basis points. Ancillary plus 11 basis points and plus 4 points in the first quarter year-over-year, plus 9 basis points and plus 7 basis points in Q2. 2% reward minus 3 basis points and minus 1 basis points. Q2 minus 1 basis points and zero. LIFO plus 1 basis points and plus 1 basis points. And in Q2 plus 4 basis points and plus 4 basis points. Other was minus 7 points and minus 7 basis points a year ago and not an issue, zero and zero in Q2, such that total reported year-over-year in Q1 we were up 26 basis points in gross margin. Without gas deflation, down 6 basis points and in Q2 we were up 17 basis points and up 8 basis points ex gas deflation.

從各方面來看，第一季核心商品銷售額按報告計算成長了 24 個基點，剔除天然氣通貨緊縮因素後較去年同期下降了 3 個基點。2016 年第二季度，報告顯示為加 5 個基點，不考慮通貨緊縮則為減 3 個基點。輔助業務在第一季同比分別成長 11 個基點和 4 個基點，在第二季分別成長 9 個基點和 7 個基點。2% 的獎勵減去 3 個基點，再減 1 個基點。Q2 減 1 個基點，即零。後進先出法加 1 個基點，再加 1 個基點。第二季加 4 個基點，再加 4 個基點。其他因素一年前為負 7 個百分點和負 7 個基點，這不是問題；第二季為零和零，因此第一季報告的總同比毛利率上升了 26 個基點。不計天然氣通貨緊縮，下降 6 個基點；第二季上升 17 個基點；不計天然氣通貨緊縮，上升 8 個基點。

As you can see the core component of gross margin was higher by 5 basis points, 3 basis points excluding gas deflation in the quarter. Core gross margins, food, sundries, hard lines, soft lines and fresh foods as a percentage of their own sales were positive year-over-year in Q1 by 11 basis points with food, sundries and hard lines showing higher year-over-year gross margins as a percent of their own sales while softlines and fresh foods a little lower year-over-year as a percent of sales. But again, the net of those four major categories as a percent of their own sales was up year-over-year in the quarter by 11 basis points.

如您所見，毛利率的核心組成部分提高了 5 個基點，若不計入本季天然氣價格下跌的影響，則提高了 3 個基點。第一季度，核心毛利率、食品、雜貨、硬線、軟線和生鮮食品佔自身銷售額的百分比均同比增長 11 個基點，其中食品、雜貨和硬線的毛利率佔自身銷售額的百分比同比較高，而軟線和生鮮食品的毛利率佔銷售額的百分比同比略低。但同樣，這四大類別的淨銷售額佔其自身銷售額的百分比在本季度同比增長了 11 個基點。

Ancillary and other business gross margins were up 9 basis points, 7 without gas. Both in terms of ancillary businesses, our gas business, our food courts, our hearing aid centers, our tire shops and our many labs all showed higher gross margins year-over-year as a percentage of their own sales.

輔助業務和其他業務的毛利率上升了 9 個基點，不計天然氣業務則上升了 7 個基點。就輔助業務而言，我們的加油站業務、美食廣場、助聽器中心、輪胎店和眾多實驗室的毛利率佔其自身銷售額的百分比均較上年有所提高。

Again, executive membership not an issue without deflation, a zero impact year-over-year and again LIFO a 4 basis point benefit to the gross margin year-over-year.

再次強調，如果沒有通貨緊縮，高階主管會員資格就不會成為問題，年比影響為零，而且採用後進先出法（LIFO）還能將毛利率年增 4 個基點。

Moving to reported SG&A, our SG&A percentage in Q2 was higher or worse year-over-year by 34 basis points on a reported basis and higher or up by 27 basis points ex deflation.

再來看已報告的銷售、一般及行政費用，我們第二季度的銷售、一般及行政費用百分比按報告計算同比上升或下降了 34 個基點，按剔除通貨緊縮因素計算則上升或上升了 27 個基點。

Let me again give you these tabular numbers and then I will give you some text around those. Again the four columns would be reported Q1, the first two columns would be Q1 2016, year-over-year reported and without gas and deflation and Q2 reported and without gas. Those would be the four columns.

讓我再次列出這些表格數據，然後再就這些數據添加一些文字說明。同樣，這四列數據將按第一季報告，前兩列數據將以 2016 年第一季度同比報告，不考慮天然氣和通貨緊縮的影響，第二列數據將按第二季度報告，不考慮天然氣的影響。這就是四列。

First line item, operations would be zero basis points in Q1 reported and plus 26 without gas deflation, a plus meaning lower or better. In Q2, minus 22 and minus 16. Central, minus 8 and minus 6; in Q1 and Q2 minus 8 and minus 7. Stock expense minus 12 and minus 10 in Q1, and Q2 minus 4 and minus 4 and quarterly adjustments or unusual items minus 8, minus in Q1 and no usual items to point out zero and zero in Q2. Such that in Q1 year-over-year on a reported basis, SG&A was minus 28 basis points or higher by 28 basis points. In Q1 ex gas it was better or lower by 2 basis point so a plus 2. In Q2, it was minus 34 as I mentioned and minus 27 ex gas deflation so by higher by 27.

第一行項目，第一季報告的營運成本為零基點，如果沒有天然氣通貨緊縮，則為正26，正值意味著更低或更好。第二季度，-22 和 -16。中心，-8 和 -6；第一季和第二季分別為 -8 和 -7。股票費用在第一季分別為 -12 和 -10，第二季分別為 -4 和 -4，季度調整或特殊項目分別為 -8，第一季為負數，第二季無特殊項目，皆為零。因此，以報告基準計算，第一季同比銷售、一般及行政費用為-28個基點或更高28個基點。第一季剔除天然氣因素後，匯率上漲或下跌了 2 個基點，即上漲了 2 個基點。第二季度，正如我之前提到的，匯率下跌了 34 個基點，剔除天然氣通貨緊縮因素後下跌了 27 個基點，即上漲了 27 個基點。

Now a core operations rations component, the minus 22 again minus 16 ex the impact of gas deflation. Of that minus 16, payroll was about minus 2, benefits and workers comp were minus 8 with the remaining minus 6 basis point being a variety of items including bank fees, depreciation and various other items. Again, I think a few of those things relate to a very slight change in sales increases and a couple of things just going a basis point in the wrong direction.

現在核心營運配給組成部分，-22，再次-16，不包括天然氣通貨緊縮的影響。在這 -16 個基點中，工資支出約佔 -2 個基點，福利和工傷賠償支出約佔 -8 個基點，其餘的 -6 個基點則包括銀行手續費、折舊和其他各種項目。我認為其中一些因素與銷售成長的輕微變化有關，還有一些因素只是朝著錯誤的方向移動了一個基點。

I will also point out that within the benefits of workers' comp, one thing that stood out is just in January we had what was referred to as high cost claims for employee benefits, medical claims. Typically it averages over the last two years -- this is the US about $6 million or $7 million. A year ago it was a little lower than that, it was about $3.5 million, this year it was about $13 million. So nothing unusual other than what we refer to as high cost claims anything over $100,000 but it just spiked and that is a few basis points there but again, that will come and go in both directions.

我還要指出，在工傷賠償的許多好處中，有一點很突出，那就是就在一月份，我們遇到了所謂的高成本員工福利索賠，即醫療索賠。通常來說，過去兩年的平均值為——美國約為 600 萬或 700 萬美元。一年前這個數字略低一些，大約是 350 萬美元，今年大約是 1300 萬美元。所以除了我們所說的超過 10 萬美元的高額索賠之外，沒有什麼不尋常的，但索賠額剛剛飆升，雖然只有幾個基點，但這種情況會反覆出現。

In terms of central expense, higher year-over-year in Q2 by 8 basis points, 7 without gas. As I mentioned earlier, IT was 3 basis points of that or 2 without gas deflation. In addition, we had several one-time items which in total represented about $9 million. Again, we always have a few one-time things that could go either way. We had three items that together totaled $9 million but they are what they are and they did impact our SG&A.

就中心支出而言，第二季年增 8 個基點，不包括天然氣支出則上升 7 個基點。正如我之前提到的，IT 比這高出 3 個基點，或者說，如果沒有天然氣通縮，IT 比這高出 2 個基點。此外，我們還有幾項一次性項目，總計約 900 萬美元。同樣，總是會有一些一次性事件，結果可能好也可能壞。我們有三項支出，總計 900 萬美元，但事情就是這樣，它們確實對我們的銷售、一般及行政費用產生了影響。

Lastly, the stock compensation expense was 4 basis points.

最後，股票補償費用為 4 個基點。

But before I move on from SG&A, I do want to mention one additional expense headwind that is just starting. In March every three years, we review our pay scales and in fact our entire employee agreement. We always review top of scale and historically increase the top of scale every year in March where the roughly 60%, 65% of our employees that are at top of the scale already.

但在我繼續討論銷售、一般及行政費用之前，我想先提一下剛開始出現的另一個額外的支出阻力。每三年三月份，我們會對薪酬標準以及整個員工協議進行審查。我們每年都會審查最高等級，並且歷來都會在 3 月份提高最高等級，屆時我們大約 60% 到 65% 的員工已經達到最高等級。

In addition this year we are also changing the starting level or entry level hourly wages. This is the first change to the entry-level wages in nine years. Since 2007, our entry-level wage in US and Canada was $11.50 or $12 an hour. Effective this month in the US and Canada, we are increasing our starting wages from $11.50 and $12 to $13 and $13.50. So up $1.50. We estimate that this will cost us about $0.01 a share in Q3 year-over-year and about $0.02 a share in each of the next three fiscal quarters.

此外，今年我們還將調整起始等級或入門級時薪。這是九年來首次調整入門級薪資標準。自 2007 年以來，我們在美國和加拿大的入門級工資為每小時 11.50 美元或 12 美元。從本月起，美國和加拿大的起薪將分別從 11.50 美元和 12 美元提高到 13 美元和 13.50 美元。所以上漲了1.50美元。我們估計這將使我們第三季每股成本年增約 0.01 美元，並在接下來的三個財政季度中，每股成本逐年增加約 0.02 美元。

Again, part of what we do -- there are a few warehouses that we have already started people at a higher level since -- markets like Bay area or some limited markets like that but at the end of the day, it will be about the numbers I mentioned in terms of the impact to our earnings.

再說一遍，我們所做的工作之一——我們已經在一些倉庫裡開始讓更高層級的人員上崗——比如灣區或一些類似的有限市場，但歸根結底，這取決於我提到的那些數字，以及它們對我們收益的影響。

Next on the income statement is preopening expense. Pretty much the same year-over-year at $9 million last year and $10 million this year. Last year we had no actual openings in the quarter but a lot of that relates to openings that are just getting ready to occur or just occurred as well as one opening this year. All told, operating income in Q2 came in at $856 million, down 2% from a year ago was $877 million.

損益表上的下一個項目是開業前費用。與去年相比基本持平，去年為 900 萬美元，今年為 1000 萬美元。去年本季我們沒有實際的職缺，但許多職缺都與即將開放或剛開放的職缺有關，此外今年還有一個職缺。總的來說，第二季營業收入為 8.56 億美元，比去年同期的 8.77 億美元下降了 2%。

Below the operating income line, reported interest expense in Q2 came in at $31 million. That is up $4 million from last year's $27 million. The increase is primarily due to interest on the $1 billion debt offering that was completed in Q3 last year related to our one-time special dividend that we did back in February a year ago.

在營業收入項下，第二季報告的利息支出為 3,100 萬美元。這比去年的 2700 萬美元增加了 400 萬美元。此次成長主要是由於去年第三季完成的 10 億美元債務發行所產生的利息，這與我們一年前 2 月發放的一次性特別股息有關。

Interest income and other was lower year-over-year by $4 million coming in at $20 million last year and only $16 million this year. Actual interest income for the quarter was lower year-over-year by about $8 million primarily a factor of less cash on hand this year as compared to a year earlier. This is a result again of two things, we had a $1.2 billion debt payoff last December as well as we used about $1 billion of our cash towards paying that $5 a share special dividend last February 27, a year ago.

利息收入和其他收入年減了 400 萬美元，去年為 2,000 萬美元，今年僅 1,600 萬美元。本季實際利息收入年減約 800 萬美元，主要原因是今年的現金儲備比去年同期減少。這又是兩件事的結果，去年 12 月我們償還了 12 億美元的債務，此外，我們還動用了大約 10 億美元的現金，用於支付一年前（2 月 27 日）每股 5 美元的特別股息。

Overall pretax income was lower by 3% or $29 million in Q2 going from $870 million a year ago to $841 million. In terms of income taxes, we got a little help there. Our Company income tax rate this quarter came in right at 34%, up from a little over 30% a year ago in the quarter. The income tax line on this year's Q2 benefited from a few positive discrete items resulting in a -- in the 34% rate. Our normalized rate would have been a shade over 35%. While last year's income tax line benefited from as I mentioned -- we mentioned earlier, a $43 million benefit primarily relating to our $5 special cash dividend. Overall reported net income of $598 million last year in Q2 compares to $546 million of net income this year in Q2 on a reported basis.

第二季稅前總收入下降了 3%，或 2,900 萬美元，從去年同期的 8.7 億美元降至 8.41 億美元。在所得稅方面，我們得到了一些幫助。本季我公司所得稅稅率為 34%，高於去年同期的 30% 多一點。今年第二季的所得稅項目受益於一些積極的離散項目，導致 34% 的稅率出現 --。我們的標準化比率將略高於 35%。正如我之前提到的，去年所得稅項目受益於 4,300 萬美元的收益，這主要與我們 5 美元的特別現金股息有關。去年第二季報告的淨利潤為 5.98 億美元，而今年第二季報告的淨利潤為 5.46 億美元。

Rundown of a few other items. Balance sheet is included in this morning's press release. A couple of things I always point out on this call, depreciation and amortization for Q2 totaled $285 million for the quarter and $556 million year to date. Our AP ratio, accounts payable as a percentage of payables last year in Q2 on a reported basis, it was 97% and this year 5 percentage points lower at 92%. That includes construction and other payables so if you just looked at merchandise payables as a percent of inventories it would be 87% a year ago and 4% lower or 83% this year.

其他一些事項概述。資產負債表已包含在今天早上的新聞稿中。在這次電話會議上，我總是會指出兩件事：第二季的折舊和攤提總額為 2.85 億美元，年初至今的折舊和攤提總額為 5.56 億美元。去年第二季度，我們的應付帳款比率（以報告基準計算，應付帳款佔應付帳款總額的百分比）為 97%，而今年下降了 5 個百分點，為 92%。這包括建築和其他應付款項，因此，如果只看商品應付款項佔庫存的百分比，一年前是 87%，今年下降了 4%，即 83%。

Last year being higher by 4% or 5% a year is actually the anomaly. A couple of factors, part of it was last year's West Coast port slowdowns. You had a lot less inventory a year ago on some big-ticket low turn items like electronics. And just that one department was $120 million plus of higher inventory and only a few million dollars of higher accounts payable.

去年比去年同期高出 4% 或 5%，這實際上是個異常現象。有幾個因素，其中一部分是去年西海岸港口營運放緩。一年前，你們在一些高價低週轉率商品（例如電子產品）上的庫存量要少得多。光是這個部門，庫存就增加了 1.2 億美元以上，而應付帳款只增加了幾百萬美元。

And then gas payables again was $20 million or $30 million to the wrong side of this AP calculation as we tried to keep our tanks a little more full when prices decline. So again, that is the running the business and nothing per se exceptional there.

然後，由於我們在油價下跌時試圖保持油箱略微滿一些，導致應付天然氣款項再次比AP計算結果少了2000萬或3000萬美元。所以，這就是企業營運的本質，本身並沒有什麼特別之處。

In terms of average inventory per warehouse, pretty much flat year-over-year coming in just $6000 higher this year and average inventory per warehouse of $12.761 million from $12.755 million a year ago. Ex-FX year-over-year inventory levels per warehouse were up more than the $6000, they were up $286,000 or up 2%. For that again on a normalized basis I think is one of the smaller increases we have seen year-over-year in that.

就每個倉庫的平均庫存而言，與去年同期相比基本持平，今年僅增加了 6000 美元，每個倉庫的平均庫存為 1276.1 萬美元，而去年同期為 1275.5 萬美元。扣除外匯影響後，每個倉庫的年比庫存水準增長超過 6000 美元，實際增長了 286,000 美元，增幅達 2%。再次強調，從正常水平來看，我認為這是我們近年來看到的同比增幅較小的增幅之一。

Overall inventories are in good shape. Not only are they in good shape, we just completed our midyear fiscal inventories and it is our best shrink results ever by a basis point plus. So again, I think it is indicative of running a clean shop there.

整體庫存狀況良好。不僅如此，我們剛剛完成了年中財務盤點，而且損耗率比以往任何一年都低了一個基點。所以，我認為這再次表明這家店的經營環境很乾淨整潔。

In terms of CapEx, in Q1 we spent $715 million. In Q2 we spent approximately $650 million more. We were still on track this year for a fiscal 2016 CapEx to be in the range of $2.8 billion plus, maybe as high as $3 billion but $2.8 billion to $3 billion. That compares to $2.4 billion CapEx in fiscal 2015.

就資本支出而言，我們在第一季花費了 7.15 億美元。第二季我們額外支出了約 6.5 億美元。我們今年的進度仍符合預期，2016 財年的資本支出將在 28 億美元以上，可能高達 30 億美元，但會在 28 億美元到 30 億美元之間。相較之下，2015 財年的資本支出為 24 億美元。

Next, Costco e-commerce, Costco online, we are now in six countries having recently opened in three in Taiwan. We are also of course in the US, Canada, UK and Mexico. For Q2, sales and profits were up over last year. Total sales were up 19% in the quarter, up 22% ex-FX and on a comp basis, up 18% reported and up 21% ex-FX. So continued good results in terms of growing our e-commerce efforts.

接下來是 Costco 電子商務，Costco 線上商城，我們目前已進入六個國家，最近在台灣的三個國家開設了分店。當然，我們在美國、加拿大、英國和墨西哥也有業務。第二季銷售額和利潤均較去年同期成長。本季總銷售額成長 19%，剔除匯率因素後成長 22%；以同店銷售額計算，報告銷售額成長 18%，剔除匯率因素後成長 21%。因此，我們在發展電子商務方面繼續取得了良好的成果。

In terms of expansion, fiscal 2016 again we opened ahead of 11 units in Q1, one new unit in Q2 so 12 through midyear. We plan seven net openings in Q3, nine openings including two relocations so seven net. And in Q4 we are on task to do 11 so that would give us the 30 total for the fiscal year.

就擴張而言，2016 財年我們再次提前開業，第一季度開設了 11 個單元，第二季度開設了 1 個新單元，到年中將達到 12 個。我們計劃在第三季淨增七個職位，加上兩個搬遷職位，共新增九個職位，因此淨增七個職位。第四季我們的目標是完成 11 個項目，這樣本財年的總項目數就將達到 30 個。

If you go back a year ago in fiscal 2015, we added 23 net new units on a base of what was beginning base of 653, so about 3.5% square footage growth. This year assuming we get to the 30 that would be about 4.5% square footage growth.

如果回顧一年前的 2015 財年，我們在 653 平方英尺的初始基礎上新增了 23 個淨單元，因此建築面積增加了約 3.5%。假設今年我們能達到 30 平方英尺，將意味著大約 4.5% 的建築面積成長。

Again the new locations by country if we do the 30, 21 in the US, three in Canada, one in the UK, and three in Asia, one in Taiwan and two in Japan, one more in Australia and one more in Spain.

若依國家劃分，新地點如下：美國 30 個，加拿大 21 個，英國 1 個，亞洲 3 個，台灣 1 個，日本 2 個，澳洲 1 個，西班牙 1 個。

At 2Q end, total square footage stood at 100.7 million square feet. Next in terms of stock buybacks in Q1 as I mentioned a quarter ago, we spent about $130 million buying 898,000 shares back so an average price of just under $145 a share. In Q2, we spent $80 million on 531,000 shares so an average price at just over $150 a share.

截至第二季末，總建築面積為1.007億平方英尺。接下來，關於第一季的股票回購，正如我上個季度提到的，我們花了約 1.3 億美元回購了 89.8 萬股股票，平均價格略低於每股 145 美元。第二季度，我們花費 8,000 萬美元購買了 531,000 股股票，平均價格略高於每股 150 美元。

During the first five weeks of the past quarter, very little stock was repurchased in fact of the total $80 million, $3 million of the $80 million was purchased in the first five weeks and the remainder, the vast majority was in the last seven weeks and that is purely a function of how we do it. We look at kind of a matrix pricing. As it goes up a little, we buy a little less and if it comes down a little, we buy a little more. As long as we feel comfortable about our runway, I think we will continue to do that.

上個季度的前五週，實際上回購的股票很少，總共 8000 萬美元中，前五週只回購了 300 萬美元，其餘的絕大部分都是在最後七週回購的，這完全取決於我們的操作方式。我們採用的是一種矩陣式定價方法。價格上漲一點，我們就少買一點；價格下跌一點，我們就多買一點。只要我們對目前的跑道狀況感到滿意，我想我們會繼續這樣做。

In terms of dividends, our current quarterly dividend stands at $0.40 a share so $1.60 annualized which on an annual basis is about a $700 million number.

就股息而言，我們目前的季度股息為每股 0.40 美元，年化股息為 1.60 美元，按年計算約為 7 億美元。

That is the quick and dirty of how Q2 went. I will turn it back to Brittany now and be happy to answer any questions. Brittany?

以上就是第二季度情況的簡要概述。我現在就把這件事轉交給布列塔尼，我很樂意回答任何問題。布列塔尼？

(Operator Instructions). John Heinbockel, Guggenheim Securities.

（操作說明）John Heinbockel，古根漢證券。

Richard, I know you have this data. I don't know if you -- how deeply you dig into it but if you look at traffic in the US by your different customer segments and in particular your most loyal customers, are the most loyal customers generally fresh food customers? Is that a good part of the basket? Do you think is it possible that a little bit of the moderation in traffic is are you maxing out with your truly best customers and it is just kind of hard to grow frequency with that group?

理查德，我知道你掌握這些數據。我不知道您是否會深入研究這個問題，但如果您按不同的客戶群體，特別是您最忠實的客戶群來查看美國地區的流量，那麼最忠實的客戶通常是新鮮食品的顧客嗎？這是籃子裡比較好的一部分嗎？你認為流量略有下降是否有可能因為你已經將流量集中到最優質的客戶身上，而很難提高這部分客戶的訪問頻率？

I would have to look into it. I don't know. My guess would be that our more frequent customers are bimodal, they are the ones that you mentioned that are shopping more frequency as families on a regular basis and certainly food is a meaningful part of that, that is in my view one of the two or three main factors that get people in the door on a more frequent basis.

我得調查一下。我不知道。我猜想，我們比較頻繁的顧客是雙峰型的，他們就是你提到的那些經常以家庭為單位定期購物的顧客，而食品當然是其中重要的一部分，在我看來，這是吸引人們更頻繁光顧的兩三個主要因素之一。

You also have small business members who are buying a lot of things, not necessarily fresh foods. Some restaurants come in and will buy some of that. But in terms of actually -- I have said it before, I continue to be surprised how many more executive members we are getting even among the existing longer tenured members. So we have to keep what we are doing in terms of being good merchants and constantly improving the value and there is always saturation in everything that you do. We are pretty good at figuring out ways to offset that.

還有一些小型企業會員購買了很多東西，但不一定是新鮮食品。有些餐廳會來進一些貨。但就實際情況而言——我以前說過，我仍然感到驚訝的是，即使在現有資深成員中，我們也獲得了越來越多的執行委員會成員。所以我們必須繼續做好商家的工作，不斷提高價值，你做的任何事情都會有飽和期。我們很擅長找到彌補這種損失的方法。

In the last year or two, certainly organics has helped not only bringing in arguably some newer, perhaps younger members but taking existing members who love Costco but there are certain things that they didn't buy at Costco because they are an organic family. So I think we will keep coming up with stuff.

在過去一兩年裡，有機食品無疑不僅吸引了一些新的、或許更年輕的會員，而且還吸引了一些喜歡 Costco 的現有會員，但他們因為是有機食品家庭，所以不會在 Costco 購買某些東西。所以我覺得我們會繼續想出辦法。

But I would bet that logically that makes a little sense but I bet you it is not that big of a factor that concern.

但我敢打賭，從邏輯上講，這有點道理，但我敢肯定，這並不是什麼值得關注的大問題。

Do you think the -- are your best customers -- do you think they are shopping three, four times a month or more frequently than that?

你認為你的最佳客戶——你認為他們每月購物三到四次，還是更頻繁？

I am sorry, who?

抱歉，你是誰？

Your best customers in terms of shopping frequency, do think they are up to three, four times a month or even more?

就購物頻率而言，您認為您最好的客戶每月購物次數會達到三到四次，甚至更多嗎？

Yes, I would say three or four times a month. I think, look, you have some customer shopping twice a week. A core of those are small business -- I have a friend that shops six times a week. That is what he tells me and I run into him a lot and I scratch my head -- why?

是的，我估計一個月三到四次。我認為，你看，你們有一些顧客每週購物兩次。其中大部分是小型企業——我有個朋友每週購物六次。他就是這麼跟我說的，我常常碰到他，我百思不得其解──為什麼？

But jokes aside, I mean arguably when there is a family that is getting to shop four times a week, are they on that curve of incremental frequency increases that it is going to be harder and harder to do. But again, we are pretty good at figuring out a reason why they need to come back.

但玩笑歸玩笑，我的意思是，如果一個家庭每週購物四次，那麼他們是否正處於購物頻率逐漸增加的曲線上，以至於購物變得越來越困難呢？但是，我們總是很擅長找出他們需要回來的理由。

And we are getting -- we feel good about the fact that in the last couple of years our average members' age which half a dozen years ago was they were four years older than the US population is now just under two. So that is going in the right direction for a lot of reasons. The fact that we keep adding some gas stations is driving frequency.

我們感到欣慰的是，在過去的幾年裡，我們會員的平均年齡比美國人口的平均年齡大了四歲，而六年前這個數字還比美國人口的平均年齡大了四歲，現在這個數字已經接近兩歲了。所以從很多方面來看，這都是朝著正確方向發展。我們不斷增加加油站的事實推高了加油頻率。

I remember years ago, I have heard 30 years -- now that this thing is maxing out, fresh foods or gas stations whatever it is, we keep figuring out new things and I feel good about some of the things we are doing in a lot of the non-foods categories. Fresh foods never ceases to amaze me and we will keep going.

我記得多年前，我聽說過 30 年——現在這件事已經達到極限了，無論是新鮮食品還是加油站，我們都在不斷探索新事物，我對我們在許多非食品類別中所做的一些事情感到滿意。新鮮食材總是讓我驚嘆不已，我們會繼續探索。

And then just lastly, so you talked about two of the categories were up in gross, two were down. So just maybe a little more color on the ones that are up versus down, how much is mix a factor? I guess I thought fresh food might just because of deflation and a little bit of delayed pass-through -- but I guess maybe you pass through that a little more quickly.

最後，您剛才提到，其中兩個類別的總收入上升，兩個類別的總收入下降。那麼，對於上漲和下跌的股票，或許可以再詳細分析一下，股票混合因素的影響有多大？我原以為新鮮食品可能會因為通貨緊縮和流通延遲而減少——但我想也許你會更快消化掉這些影響。

Well, we do that. By the way, one thing that Bobby reminded me of, another issue in terms of the year-over-year comparison or as some of you like to talk, the two-year stack, it was a year ago when gas fell dramatically in a big way and we had a couple of months there, we had a 5.5% frequency for a couple of months. So look, I think some of it is the deflation that we are seeing now a little bit but some of it is that year-over-year comparison when we had some pretty nice numbers there.

嗯，我們確實會這樣做。順便說一下，鮑比提醒了我一件事，關於同比數據，或者像你們有些人喜歡說的那樣，兩年期數據，還有另一個問題，一年前天然氣價格大幅下跌，我們經歷了幾個月，價格跌幅達到了 5.5%。所以你看，我認為部分原因是我們現在看到的通貨緊縮，但部分原因是去年同期的數據相當不錯。

Now I am hopeful -- we will find out in the next couple of months once we -- now that we have anniversaried that.

現在我充滿希望——我們將在接下來的幾個月中知道結果，因為我們已經慶祝了那個週年紀念日。

Okay, thank you.

好的，謝謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

This is Joshua (inaudible) on for Simeon. If gas prices stay low, do you expect you would see traffic slow as that competitive advantage starts to diminish?

這是約書亞（聽不清楚）代表西緬發言。如果汽油價格持續走低，你認為隨著這種競爭優勢的減弱，交通流量會減少嗎？

Again in theory, it should be less of a factor of helping sales because we are not on the news every night. We love it every year when Gas Buddy comes out. Now three or four years in a row since they started it, that we are the lowest price nationally on average. I think we still get positive feedback from that.

理論上講，這應該不會對銷售產生太大影響，因為我們不會每晚都出現在新聞裡。我們每年都盼著Gas Buddy上市。自從他們開始這項調查以來，已經連續三、四年，我們的平均價格都是全國最低的。我認為我們仍然能從中獲得正面的回饋。

So yes, I mean at the end of the day is it better when we had -- is it better than when we had gas was going down a dollar year-over-year or over a couple of months and it is on the news every night? Sure, that helps us a little more. But we still find people that are just signing up and can't believe our gas prices. So again, it is a net positive. It is less of a positive than it was in the first year and the second year and the third year.

所以，是的，我的意思是，歸根結底，現在的情況是不是比以前汽油價格每年或幾個月下降一美元，而且每天晚上新聞都在報道的時候要好？當然，這確實對我們有幫助。但我們仍然發現一些新用戶對我們的汽油價格感到難以置信。所以總的來說，這是一個積極的方面。與第一年、第二年和第三年相比，正面影響有所減弱。

And a follow-up to John's question. I don't if you have this in front of you but would you be able to compare traffic and ticket growth across demographic groups?

這是對約翰問題的後續提問。我不知道你手邊是否有相關數據，但你能否比較一下不同人口統計群體之間的流量和票務成長？

I know that our membership marketing people look at that and I've seen it but I don't know if we want to go that -- I don't have it in front of me so I can't answer that question.

我知道我們的會員行銷人員會關注這一點，我也看過，但我不知道我們是否想這樣做——我手邊沒有相關資料，所以我無法回答這個問題。

Last one for me then. If you could talk about the dynamics between the credit card transition and a potential membership price increase in terms of timing?

那對我來說就是最後一個了。您能否談談信用卡過渡和潛在的會員價格上漲在時間上的動態關係？

There is no real dynamic. I mean it looks like we are on task. As you know just last week I believe American Express and Citi announced the agreement to purchase the portfolio which I believe we are on track to issue -- Citi is on track to issue cards to the existing millions of members that have the current cobranded card in May with a transition date likely in early June. But again that can slip a week or two too. We will see.

缺乏真正的活力。我的意思是，看起來我們正在按計劃進行。如你所知，就在上週，我相信美國運通和花旗宣布了收購該業務組合的協議，我相信我們正在按計劃發行——花旗計劃在 5 月份向目前持有聯名卡的數百萬現有會員發行新卡，過渡日期可能在 6 月初。但同樣，這種情況也可能延後一到兩週。我們會看到。

In terms of transition, there is not a lot contractual yet we can do. Until then and of course when the cardholders are being sent those cards by Citi, they will be getting information from Citi and I think that will start that process of making our members aware of what the new card brings to them and then we will go from there.

就過渡而言，我們目前在合約方面能做的事情還不多。在此之前，當然還有當花旗銀行向持卡人寄送卡片時，他們會收到花旗銀行的訊息，我認為這將開啟讓我們的會員了解新卡能為他們帶來什麼的進程，然後我們再從那裡開始。

Look, we are excited about getting it done. It is a big transition in the sense that there is millions of members that have the current card and they will get the new card in the mail. We are excited about the value proposition to our members and we think it will be a net positive long-term.

你看，我們很興奮能完成這件事。這是一個重大的轉變，因為有數百萬會員持有現有會員卡，他們將透過郵件收到新卡。我們對這項服務能為會員帶來的價值感到興奮，我們認為從長遠來看，這將帶來淨收益。

Like anything, when we can save money, we want to give most of it to our members and this will be like that as well. We will get a little benefit from it.

就像其他事情一樣，當我們能省錢的時候，我們希望把大部分錢都給會員，這件事也不例外。我們會從中獲得一些好處。

As it relates to the fee increase, we really haven't made any decisions which would be consistent with the six times we did it in the past. History has shown if you just dot it out chronologically, it is about every 5.5 years to six years -- five to six years. The last time we did it was in January of 2012 so five years would be January of 2017 and six years would be a year later. I can only tell you that logic would dictate we certainly wouldn't do anything during the transition. We've got going on this year, midyear when we are doing this credit card transition and so all of those align to a possible answer.

至於費用上漲的問題，我們實際上並沒有做出任何與過去六次漲價做法一致的決定。歷史表明，如果按時間順序統計，大約每 5.5 到 6 年就會發生一次——也就是五到六年。我們上次這樣做是在 2012 年 1 月，所以五年後是 2017 年 1 月，六年後是一年。我只能告訴你，從邏輯上講，我們在過渡期間肯定不會做任何事情。今年年中，我們正在進行信用卡過渡工作，所有這些工作都與可能的解決方案相吻合。

At the end of the day, I don't know when we will do it. I can tell you that we feel as comfortable today as ever about the loyalty of our members and we feel as comfortable as ever today that we feel that we have improved the value on that membership way more than the likely increases that you have seen in the past.

說到底，我也不知道我們什麼時候才能做到。我可以告訴大家，我們今天對會員的忠誠度依然充滿信心，而且我們今天也依然有信心，我們已經大大提高了會員的價值，遠遠超過了你們過去可能看到的增長幅度。

Thanks, Richard.

謝謝你，理查。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks, good morning. So I wanted to follow up on the potential membership increase as well. Last time you raised the executive membership price in addition to Goldstar. But I believe -- correct me if I'm wrong -- that was the first time you had ever done it. So can you walk us through how you thought about that last time and maybe reflect on how -- what that could possibly mean for the next potential increase?

謝謝，早安。因此，我也想跟進一下會員人數可能增加的情況。上次你們除了提高 Goldstar 會員費之外，還提高了高級會員費。但我相信——如果我錯了請糾正我——那是你第一次這樣做。那麼，您能否跟我們說說您上次是怎麼考慮這個問題的，並反思一下這可能對下一次潛在的成長意味著什麼？

I think the big issue is for about I think it is 10 or 12 or so years we had the executive membership out there, the executive membership from its inception was $100 and our view at the time was let's build it. In theory every time -- if you think about it when we originally did the executive, I think the Goldstar was $45 and so there was a $55 delta if you will and $55 assuming a 2% reward, breakeven if you will between do I stay a regular member, become an executive was an incremental $2750 of annual purchases. And as the $45 went to $50 and to $55 that delta became less. So in theory, another bucket of I think it was 2+ million additional members that fell into that bucket of being above breakeven and below breakeven and so we wanted to grow it.

我認為最大的問題是，大約有 10 到 12 年的時間，我們一直都有執行會員制度，執行會員制度從一開始就收取 100 美元的會費，我們當時的想法是，讓我們把它發展壯大。理論上每次——如果你想想我們最初推出高管會員計劃時，我認為 Goldstar 會員費是 45 美元，所以如果你願意的話，會有 55 美元的差額，假設有 2% 的獎勵，那麼我是否繼續做普通會員，成為高管會員，盈虧平衡點就是每年額外消費 2750 美元。隨著 45 美元漲到 50 美元，再漲到 55 美元，這種差價就變小了。所以理論上，還有 200 千萬名新增會員落入了損益平衡點以上和損益平衡點以下的行列，因此我們希望擴大這個群體。

As we decided to raise it almost five years ago, four plus years ago from not only from $50 to $55 but the $100 to $110, I think felt that we gotten a lot of that benefit and certainly there is a lot more benefit incrementally than $10 and so we felt comfortable doing that. That is how we got there. How we get to the next one stay tuned.

大約五年前，確切地說是四年多前，我們決定將捐款金額從 50 美元提高到 55 美元，甚至從 100 美元提高到 110 美元。我認為我們當時覺得已經從中獲益良多，而且每次增加的金額肯定比增加 10 美元要多得多，所以我們覺得這樣做是合適的。我們就是這樣到達那裡的。敬請期待下一期節目。

Understood. And then just reflecting back on the traffic, I think ex the Super Bowl, still 3+ traffic comp, do you think that much has changed in terms of the behavior of the consumer within the box in terms of maybe are you seeing it in different mix, buying less discretionary items, less trade up within the category or any commentary there that you can talk about the consumer and how they are behaving in the store?

明白了。然後，回顧一下客流量，我認為除了超級盃之外，客流量仍然保持在3倍以上，您認為在客流量方面，消費者的行為發生了多大變化？例如，您是否觀察到不同的商品組合，購買的非必需品減少了，品類內升級換購的減少了？或者您有什麼關於消費者及其在商店中的行為的評論嗎？

In terms of discretionary, some of our stronger categories are not foods and so that flies in the face of that concern. Did we see a little bit of -- a little less strong numbers in some of his higher ticket categories in parts of Texas or Canada -- Canada was strong. Notwithstanding that or I guess North Dakota -- I don't know about North Dakota. I know Texas was a little different even though Texas overall was fine. I know that when I talk to our head of international because of the strong dollar, they saw a little bit of -- a little weakening of that strength in the bigger ticket discretionary items. But overall, we have had our best percentage dollar increases in electronics and statistically in TVs the last couple of months in a few years.

就非必需消費品而言，我們有些表現較好的類別並非食品，這與人們的擔憂背道而馳。我們是否看到，在德州或加拿大的一些高價票類別中，票房數字略有下降——加拿大票房表現強勁。儘管如此，或者我猜是北達科他州——我對北達科他州並不了解。我知道德克薩斯州的情況有點特殊，儘管德克薩斯州總體來說還不錯。我知道，由於美元走強，當我與我們的國際業務主管交談時，他們發現美元在大宗非必需消費品上的強勢有所減弱。但整體而言，近幾個月來，電子產品和電視機的銷售額百分比增幅最大。

Thanks very much.

非常感謝。

Dan Binder, Jefferies.

丹賓德，傑富瑞集團。

Good morning, thank you. My question was around membership as well. You obviously have a good retention rate and then presumably in existing clubs you have members that sign up to help fill the gap. I'm just curious if you can give us some metrics around comp membership growth, how that looks in the US and then how that looks on international?

早安，謝謝。我的問題也與會員資格有關。你們的會員留存率顯然很高，而且想必在現有俱樂部中，也有會員報名填補空缺。我只是好奇您能否提供一些關於免費會員成長的指標，例如在美國的情況如何，以及在國際上的情況如何？

First of all any new market even when we went into New Orleans, where we had been in Louisiana before a couple of years ago, you are going to see a year hence when you have your first class of renewals, it is going to be a number quite a bit lower than our company average. I think in the US we typically see numbers in that first full year in a new market and there aren't that many new markets anymore but when we do, something in the low 70s perhaps.

首先，即使是我們進入新奧爾良這個新市場（幾年前我們曾在路易斯安那州涉足過），一年後當你迎來第一批續保訂單時，你會發現續保數量會比我們公司的平均水平低很多。我認為在美國，我們通常會在一個新市場的第一個完整年度看到銷量，而現在新市場已經不多了，但如果有的話，銷量可能會在 70 左右。

Overseas when we first opened in Korea, Taiwan and Japan, and as we have opened new units and new geographic markets in those countries, we might see in the first year renewal rates in the high 50s to low 60s and it grows from there. So our renewal rates -- and that is why you see that -- we separate US and Canada which is the most mature. That number is a little higher than the worldwide number for that very reason.

在海外，我們最初在韓國、台灣和日本開設分店時，隨著我們在這些國家開設新分店和新市場，第一年的續約率可能在 50% 到 60% 之間，然後逐年增長。所以我們的續約率——這就是你看到的原因——我們將美國和加拿大分開計算，加拿大市場最成熟。正因如此，這個數字比全球平均略高一些。

We always see a higher renewal rate among the executive members. They get it. They are investing another $55 on top of the main $55 on that upgrade because they get it and they get the value of it. And we think that works, reward programs works, cobranding credit card rewards works, fresh food and gas works. So all those things help.

我們發現，執行委員會成員的續任率通常較高。他們明白了。除了最初投入的 55 美元之外，他們還額外投資了 55 美元進行升級，因為他們理解這項升級的價值。我們認為這些方法有效，獎勵計劃有效，聯名信用卡獎勵有效，新鮮食品和汽油有效。所以這些都有幫助。

So looking in aggregate, mature clubs and new markets, is the Company actually experiencing a comp store membership growth?

那麼從整體來看，包括成熟俱樂部和新興市場，該公司是否真的實現了同店會員數量的成長？

Yes, I am sorry. Most of our sign-ups are comp sign-ups. So the answer is yes. I mean this is a rounded number here but when asked, if you have a 90% or 91% -- we use 90% for this example -- if you have a 90% renewal rate and you had 100 members, what do you have a year hence? You have about 101 or 102. You lose 10 and you gain 11 or 12 and that is kind of have how it has been. And I'm shooting from the hip with this one but that is pretty consistent with my assumption of if overall new member sign-ups are in the 4% range this past quarter.

是的，我很抱歉。我們的大部分註冊都是透過免費註冊獲得的。所以答案是肯定的。我的意思是，這裡是一個四捨五入的數字，但當被問到，如果你有 90% 或 91% 的續訂率——我們在這個例子中使用 90%——如果你有 90% 的續訂率，並且你有 100 名會員，那麼一年後你會有多少會員？你大約有101或102個。你失去 10 個，得到 11 個或 12 個，情況大致就是這樣。我這只是憑感覺說的，但這與我的假設相當一致，即上個季度新會員註冊總量在 4% 左右。

And you mentioned the Living Social campaign was good. Can you give us a little color around how many and how many were millennials?

你也提到 Living Social 的活動很不錯。能否簡單介紹一下總人數，以及其中有多少是千禧世代？

No. Millennials were -- not in terms of the number. We were pleased with our results based on our expectations of it but again, we don't want to get people comfortable waiting for that kind of value proposition to sign up. So that is why we waited 18 months.

不。千禧世代－不是指人數上的數量。我們對結果感到滿意，符合我們的預期，但我們仍然不想讓人們習慣等待這種價值主張才註冊。所以這就是我們等了18個月的原因。

And as it relates to millennials, I don't have the chart in front of me but I know the chart that our head of membership marketing showed at the budget meeting, yes, it over indexes the other way towards younger people relative to our existing base which is what you would expect.

至於千禧世代，我手邊沒有圖表，但我知道我們的會員行銷主管在預算會議上展示的圖表，是的，它相對於我們現有的用戶群而言，過度偏向年輕人，這也在意料之中。

And then my last question for you on the LIFO credit based on what you know today about deflation storewide, are you expecting additional LIFO credits as we get into the back half of the year?

那麼，關於後進先出（LIFO）信貸，根據您目前對全店通貨緊縮的了解，我最後一個問題：您是否預計隨著下半年到來，會有額外的後進先出信貸？

If it were today I would say yes but you never know. Keep in mind when we have a LIFO credit, your markup is probably impacted a little the other way. When you have a LIFO charge, it is because there is inflation, you raise your prices a little bit, sometimes there is a little bit of a gap there. So it is part of margin. But yes, I think all things we see today it would be a LIFO credit, a little bit of an extra LIFO credit.

如果是今天，我會答應，但誰也說不準。請記住，當我們採用後進先出法（LIFO）進行貸項時，您的加價可能會受到相反方向的影響。當採用後進先出法（LIFO）進行價格調整時，是因為有通貨膨脹，所以你會稍微提高價格，有時會出現一些價格缺口。所以它是利潤的一部分。但是，是的，我認為我們今天看到的一切都將是一種後進先出（LIFO）的抵免，或者說是一種額外的後進先出抵免。

Great, thank you.

太好了，謝謝。

Michael (sic) Lasser, UBS.

Michael Lasser，瑞銀集團。

Good morning. Thanks a lot for taking my question. On the wage increases, is the increase that you are giving this year consistent with what you have done in the past? And when you have done this in the past, have you noticed any change in your sales trajectory? So employee satisfaction goes up and that leads to a better membership experience or it coincides with broader wage inflation and some people have more money to spend and they spend it at the warehouses?

早安.非常感謝您回答我的問題。關於薪資成長，您今年的漲幅是否與您過去的做法一致？過去你這樣做的時候，有沒有註意到銷售趨勢發生了任何變化？所以員工滿意度上升，從而帶來更好的會員體驗；或者這與更廣泛的工資上漲同時發生，有些人有更多錢可以花，然後他們就把錢花在了倉儲式超市？

Somebody once said it is like chicken soup, it can't hurt. I think at the end of the day at the top of the scale, we have done every year for as long as I can remember. When you've got somebody that has reached top of scale, they want to know what they are going to get a year hence. And we have always erred to the high side on that. I think over the last three years top of scale in the US is in the $23 range, $22.50 or something just top of scale. And so if you -- and I think it was a $0.50 or $0.60 increase so let's say $0.55 on $23 would be about a little under 2.5% increase. I believe the current increases are similar to that kind of percentage.

有人說過，這就像喝雞湯一樣，不會有什麼壞處。我認為歸根結底，就我記憶所及，我們每年都做到了最好。當一個人達到事業巔峰時，他們想知道一年後自己能得到什麼。我們在這方面一直都傾向於高估自己。我認為在過去三年裡，美國最高檔次的藥品價格在 23 美元左右，或 22.50 美元左右，總之就是最高檔次的藥品價格。所以，如果你——我認為漲幅是 0.50 美元或 0.60 美元，那麼假設 23 美元漲 0.55 美元，漲幅大約略低於 2.5%。我認為目前的成長幅度與這個百分比差不多。

What we haven't done every year is bottom of scale. We like to be -- and by the way, I want to also say that the amount of cumulative hours it takes for somebody to get from bottom of scale to top of scale on a full-time basis, not that people always start full-time, they don't, but on a full-time basis it takes about 4.5 years which is a very, very short period of time. And so our employees get it but we think this will help and it is important to do. We want to be the premium at all levels. We are a huge premium at the top of scale.

我們每年都沒有做到的是規模最小。我們喜歡這樣——順便說一句，我還想說，一個人從最低級別晉升到最高級別所需的累計工時，全職工作，並不是說人們總是從全職開始，他們不是，但是全職工作的話，大約需要 4.5 年，這是一個非常非常短的時間。我們的員工都明白這一點，但我們認為這樣做會有幫助，而且這樣做很重要。我們希望在各個層面都做到最好。我們在規模頂端佔據著巨大的溢價。

That is -- as others raise their rates at the bottom -- and frankly in some markets, this is a physically challenge -- physically challenging job. You're on your feet and you're lifting cases, you're pushing carts at these entry-level jobs, and so we thought it was time to do it.

也就是說——當其他人提高底線利率時——坦白說，在某些市場，這是一項體力上的挑戰——一項體力上的挑戰性工作。在這些入門級工作中，你需要站著搬運箱子、推車，所以我們認為是時候採取行動了。

So that is incremental and that is when I mentioned earlier in the call, the $0.01 a share in Q3 and the $0.02 a share in each of the next three quarters because there are four quarters; that is that incremental piece that I'm talking about.

所以這是增量，正如我之前在電話會議中提到的，第三季度每股增加 0.01 美元，接下來三個季度每股增加 0.02 美元，因為總共有四個季度；這就是我所說的增量部分。

Now I would like to think that we are not going to have less shrink or employee shrink because of it, or they are going to be better service providers to our members. I think it reinforces what they already feel, and that is what we are all about.

現在我希望，這樣一來，我們的損耗或員工流失不會減少，或者他們會成為我們會員更好的服務提供者。我認為這強化了他們已有的感受，而這正是我們所追求的。

And then my second question is on the competitive landscape. Traffickers remain good on a multiyear basis, but a little bit more volatile just on a one-year basis. Are you seeing any signs that you are having more interference from competition? It certainly doesn't look like it from some of your club peers, but maybe some of your online players are peeling off, some members, or peeling off some trips from your member base.

我的第二個問題是關於競爭格局的。從多年來看，人口販運者仍然表現良好，但從一年來看，他們的波動性稍大。你是否發現任何跡象表明你受到的競爭幹擾有所增加？從你們俱樂部的一些同行看來，情況可能並非如此，但也許你們的一些線上玩家、一些會員，或者一些會員正在減少出行次數。

I don't think so. Again, on the margin are there a few? I'm sure there is somebody that made one less trip to Costco because they bought something online or somewhere else. But I think we are still doing a pretty good job of getting them in the door, particularly with fresh foods, with gas, with executive member, with a quality co-brand offer in terms of rewards. So all of those things help.

我不這麼認為。此外，邊緣地帶是否也有一些？我相信肯定有人因為在網上或其他地方買了東西，而少去了一次 Costco。但我認為我們仍然在吸引顧客方面做得相當不錯，尤其是在新鮮食品、汽油、高級會員以及優質的聯名獎勵方面。所以這些因素都有幫助。

I think we have, again -- online is taking a piece, and some of those pieces we are not going to take. We are not going to take the single-unit items, some small value food and sundry things that are going to be delivered to your door by 7:00 in the morning if you ordered six hours earlier. That is not us. We can't do that at 10%, 11% margins. But we are taking little pieces of other things, and again we still feel pretty good about what is going on.

我認為我們又一次——網路正在蠶食一部分市場，而其中一些市場我們不會接受。如果您提前六小時訂購，我們將不會在早上 7 點前將單件商品、一些小件食品和雜物送到您家門口。那不是我們。我們不可能以 10% 或 11% 的利潤率做到這一點。但我們也藉鑒了一些其他事物，而且我們對目前的情況仍然感覺良好。

Awesome. Thank you so much.

驚人的。太感謝了。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

Good morning. Thanks for taking my questions. I want to go back, and this may be a follow-up from some of the earlier questions. But in the US comps ex-gas in January and February, so my numbers -- you had a 1% and a 4%. And you had mentioned before there was some shift between those two months, just given weather and then the timing of the Super Bowl. I guess the question now, Richard, if you look at those month and then maybe take them in total, is that tracking; are sales in the US tracking where you would expect them to be and if not, is there something we can point to to explain why?

早安.謝謝您回答我的問題。我想回去繼續討論，這可能是對之前一些問題的後續。但在美國，1 月和 2 月的比較數據不包括天然氣，所以我的數據是——1% 和 4%。你之前也提到過，這兩個月之間會有一些變化，這主要是因為天氣原因，以及超級盃的舉辦時間。理查德，我想現在的問題是，如果你看一下這些月份的數據，然後再把它們加起來，那麼銷售額是否符合預期？如果不是，我們能否指出一些原因來解釋原因？

Look, like a teenager, we always want more. I think when we look at the detail, deflation is probably the biggest factor, and that gives us comfort that fundamentally there has not been a lot of change in our view. We still -- it bothers us that it tracked a little differently but again, that just makes us look at everything what else can we do? And we've got a lot of good things going on out there. Would we like it a little better? Sure.

你看，就像青少年一樣，我們總是想要更多。我認為，當我們仔細分析細節時，通貨緊縮可能是最大的因素，這讓我們感到欣慰，從根本上來說，我們的觀點並沒有太大變化。我們仍然——它的發展軌跡略有不同，這讓我們感到困擾，但這也促使我們審視一切，我們還能做些什麼？我們有很多好事正在發生。我們是不是希望它能好一點？當然。

And on the deflation point, you probably gave these numbers already, but was deflation a more significant factor here in the first two months of 2016 than it had been say in the second half or latter part of 2015?

關於通貨緊縮這一點，您可能已經給出了這些數字，但是與 2015 年下半年或下半年相比，2016 年前兩個月的通貨緊縮是否是一個更重要的因素？

Again, there are different ways to measure deflation. The answer is yes, first of all. But there's different ways to measure deflation. If I looked at the first just from a LIFO Index which is US inventories if everything started at a cost, everything we had in our warehouse at a cost of 100.00, that was the baseline, at the end of Q1, so in late November, that LIFO Index was 99.49. So 0.5% lower on average, that is that inventory LIFO calculation.

同樣，衡量通貨緊縮的方法有很多種。首先，答案是肯定的。但衡量通貨緊縮的方法有很多種。如果我只從後進先出指數（LIFO 指數）來看第一個數據，即美國庫存，假設所有商品都以成本 100.00 美元開始，那麼我們倉庫中所有商品的成本就是基準，在第一季末，也就是 11 月下旬，該後進先出指數為 99.49。因此，平均低0.5%，這就是庫存後進先出法（LIFO）的計算結果。

In the last eight weeks, the 99.5 has gone to 99.06 so down 4 basis points. So yes, that has continued so that is where I got -- it is a little lower. We are seeing a little bit more deflation particularly we are seeing in some of those nonfood categories.

在過去的八周里，99.5 已經降至 99.06，下降了 4 個基點。是的，這種情況一直持續到現在，所以我得出的結果是——它稍微低了一些。我們看到通貨緊縮的趨勢加劇，尤其是在一些非食品類別中。

When I look at the 85+% of our goods that go through our depot operations, again this is just one parameter, the number of pounds being shipped through with a dollar value, that dollar value is down a little over 1% year-over-year. Now year-over-year, not from the beginning of this fiscal year. So again, that would indicate to me again we are seeing a little bit more deflation.

當我查看我們超過 85% 的貨物通過我們的倉庫運營時，這只是一個參數，即通過我們倉庫運輸的貨物的磅數和美元價值，這個美元價值同比下降了略高於 1%。指的是同比數據，而不是本財政年度開始的數據。所以，這再次顯示我們正在經歷一絲通貨緊縮。

I could give you crazy numbers on given items. On a year-over-year basis when you look down -- candy, M&Ms down 10% year-over-year; American single slices of cheese down 15%; bacon down 20%. But there is also some inflationary items. But overall I think the LIFO Index and that depot calculation although it is not a perfect calculation would indicate that we are seeing a little bit more deflation than we had overall. And particularly on the nonfood side you are seeing it.

我可以提供你一些特定商品的驚人數字。從年比來看，糖果銷量年減 10%；美式單片起司銷量較去年同期下降 15%；培根銷量較去年同期下降 20%。但其中也包含一些通膨因素。但總的來說，我認為後進先出指數和庫存計算（儘管它不是一個完美的計算）表明，我們看到的通貨緊縮程度比之前略高一些。尤其是在非食品領域，這種現象更為明顯。

And I think I mentioned a quarter or two ago when asked about that with oil prices coming down, what about some nonfood items like plastic bags and things that require a lot of petroleum-based products, and the answer I got back and I shared with everybody was yes, you are seeing it but you've got to ask for it more frequently and more strongly. And even then it took a little longer because sometimes you've vendors that have committed out several months if not a year on raw material prices and we are going to work with them. We are not going to -- we are going to do what we can but we are not going to create hurt.

我想我在一兩個季度前提到過，當被問及油價下跌時，像塑膠袋這類需要大量石油基產品的非食品類物品的情況如何，我得到的答复（我也和大家分享了）是，是的，你看到了，但你必須更頻繁、更強烈地提出要求。即使這樣也需要更長的時間，因為有時供應商會承諾幾個月甚至一年的原材料價格，而我們將與他們協商。我們不會——我們會盡力而為，但我們不會製造傷害。

So again, we are starting to see a little of that but that is retail.

所以，我們開始看到一些這樣的現象，但這只是零售業的情況。

That is helpful. Then the second question I had just with respect to the forthcoming shift in credit card and I know it is early but is there anything you are watching as some type of leading indicator as to how your members may or may not react to this shift?

那很有幫助。那麼，我的第二個問題是關於即將到來的信用卡變革，我知道現在還為時過早，但您是否正在關註一些先行指標，以了解您的會員可能會如何應對這種變革？

Look. You've got 11 million or so million members that have a co-brand card, you've got however many high 20 million of member households in the US. We have had our share of letters both ways, good -- I'm glad you are changing, I never liked whoever. And then you've got those that say how dare you change. I got it for this reason and I love my card, my existing card.

看。你們有大約 1100 萬會員持有聯名卡，在美國有近 2000 萬個會員家庭。我們之間來來回回了很多信，很好——我很高興你改變了，我從來都不喜歡你。還有一些人會說，你怎麼敢改變？我就是因為這個原因才辦的卡，我很喜歡我的卡，我現有的這張卡。

Aside from that, we feel comfortable or we wouldn't have done it. We recognize that -- (inaudible) afterwards. I think with the reward proposition, with any possible improvement in merchant fee to us, with the fact that the new card will be accepted in more places, there is a lot of reasons why it should be a positive. We have to get there and see.

除此之外，我們感覺很自在，否則我們也不會這麼做。我們意識到──（聽不清楚）之後。我認為，考慮到獎勵機制、商家手續費的任何可能降低、以及新卡將在更多地方被接受等因素，有很多理由說明這應該是件好事。我們得親自去看看。

Thank you very much. Appreciate it.

非常感謝。謝謝。

Paul Trussell, Deutsche Bank.

保羅‧特魯塞爾，德意志銀行。

Good morning, Richard. You spoke about the incremental labor costs that are forthcoming with the $0.01 hit in Q3 and $0.02 thereafter over the next 12 months. But can you just dig a little bit more into the expense deleverage from the second quarter? Certainly as you mentioned, there was a little bit lighter sales volume so perhaps that had been impact. But how should we think about the results in 2Q and the outlook on payroll and benefits and operations central, etc.?

早上好，理查德。您提到，隨著第三季每單位成本增加 0.01 美元，以及未來 12 個月每單位成本增加 0.02 美元，勞動成本將會增加。您能否更深入分析一下第二季的費用去槓桿化？正如您所提到的，銷量確實略有下降，這或許產生了一定的影響。但我們該如何看待第二季的業績以及薪資福利和營運中心等方面的展望呢？

I think first of all, sales drive leverage and I remember years ago when we were always asked the question, what comps sales number do you need to get any leverage at all or to be consistent? And our guesstimate at the time -- this was a number of years ago -- was something in the 4% or 5% range as an underlying comp. But my stronger and more confident portion of response was whatever other companies do to be able to better leverage if sales showed a little weakness, we are not going to be as good because we are not going to do some things. We are going to still clean the bathrooms every hour and we are going to still make sure all the parts are inside and not sitting out there and we are not going to cut labor. In fact, we will enhance labor. We have done that at times at the front end to drive more business.

我認為首先，銷售額是槓桿作用的關鍵。我記得幾年前，我們總是被問到，你需要達到怎樣的同店銷售才能獲得任何槓桿作用或保持穩定？而我們當時的估計——那是幾年前的事了——作為基準比較，大約在 4% 或 5% 的範圍內。但我更有力、更有信心的回應是，無論其他公司如何努力才能在銷售出現輕微疲軟時更好地利用這些優勢，我們都做不到，因為我們不會做一些事情。我們仍將每小時清潔一次衛生間，我們仍將確保所有零件都在室內而不是放在外面，我們也不會削減勞動力。事實上，我們將加強勞動投入。我們有時會在前期階段這樣做，以促進業務成長。

And so I think again, the bottom of the scale increase that is easy, that is quantifiable.

所以我認為，規模成長的底部很容易衡量，這是可以量化的。

A few of the moves lined up on a few items, I mentioned the high cost claims was 3 or 4 basis points. I mentioned there were 3 other items that usually 2 of them go one way and one go the other way and so it is a couple of million or a quarter or half a penny impact to the quarter. This time it was all in one direction.

一些舉措在一些項目上達成一致，我提到過高成本索賠為 3 或 4 個基點。我提到還有另外 3 項，通常其中 2 項朝著一個方向發展，1 項朝著另一個方向發展，因此對季度的影響可能只有幾百萬、四分之一或半美分。這一次，一切都朝著同一個方向發展。

And so you are always going to have that. But I guess I too get a little more defensive when we miss the number. Some of it was is we could have done a little better job. And so directionally we are going to try to do a better job. We are going to hope that the moves line up to 2 to 1 to the positive, not 3 to 0 the other way and we know that we are getting a little less hit from IT modernization a year or two in. Other than that, that is what we do for a living.

所以你總是會有這種情況。但我想，當我們沒能打準號碼時，我也會變得更敏感。有些地方我們本來可以做得更好。因此，我們將朝著更好的方向努力。我們希望這些舉措能以 2 比 1 的正面比例進行，而不是 3 比 0 的負面比例。我們知道，經過一兩年的 IT 現代化改造，我們受到的衝擊會比較小。除此之外，這就是我們的謀生之道。

I think the other thing is to drive more business and we are pretty good at that. By the way, then the credit card. You have heard it before, I have said it before whatever this additional bucket of potential money is, we are going to give most of it to the customer in the form of the cobrand offering. But we are going to keep a little of it and that helps merchant fees but that is not going to start until the summer and we will go from there. So that should help us a little. We've got our fingers crossed.

我認為另一件事是促進業務成長，而我們在這方面做得相當不錯。對了，還有信用卡。你們以前都聽過，我也說過，無論這筆額外的潛在資金有多少，我們都會將大部分以聯名產品的形式回饋給客戶。但我們會保留一部分，這有助於降低商家手續費，但這要到夏天才會開始，到時候再看情況吧。這應該對我們有幫助。我們祈禱一切順利。

I appreciate that color. Certainly we will take a look at the 10-Q when that is out to see some of the margin detail geographically. But could you maybe just give us a little bit of preview of any changes year-over-year from a US or Canada or international standpoint? Maybe you can just speak to some of the performances ongoing in those particular markets?

我喜歡這個顏色。當然，我們會在 10-Q 報告發布後仔細查看，以了解一些地理上的利潤率細節。能否請您從美國、加拿大或國際角度，簡單介紹一下與往年相比有哪些變化？或許您可以談談這些特定市場正在進行的一些演出情況？

No, I think we will have to wait until the quarter is out. The only thing that you've seen in the past historically is gas continues to be strong but on a year-over-year basis, there is not a big difference. Gas is a big thing to the US. I think you have seen a couple of quarters in the 10-Q in the last two or three quarters where the biggest improvement year-over-year in the segment analysis of operating income as a percent of sales, you had the most improved was the US column which is one of the lower columns. And we mentioned part of that is attributed to gas. But I know in Q2, there was not a bit -- it was still good but it also was very good a year ago. So other than that I can't really talk to you about it until it comes out.

不，我想我們得等到本季結束。從歷史數據來看，唯一可見的現像是天然氣價格持續走強，但與往年相比，並沒有太大的變化。天然氣對美國來說非常重要。我認為在過去兩三個季度的 10-Q 報告中，您已經看到，在營業收入佔銷售額百分比的分部分析中，同比改善幅度最大的是美國那一欄，而美國那一欄通常是排名較低的欄目之一。我們之前提到過，其中一部分原因是天然氣造成的。但我知道第二季的情況並不樂觀——雖然仍然不錯，但一年前的情況也非常好。所以除此之外，在它正式發布之前，我真的沒辦法跟你談論這件事。

Thank you. Lastly from me and very quickly on e-commerce, you continue to have very solid growth, up I think it was 19% this quarter or 22% ex-FX. Can you just speak to some of the categories really driving that strength? Is there any expansion of assortment that we have seen online of late? Just a quick update on the Google and Instacart partnerships.

謝謝。最後，我想快速地談談電子商務，你們繼續保持著非常穩健的成長，我認為本季成長了 19%，如果扣除匯率因素，則成長了 22%。您能否具體談談推動這種優勢的幾個面向？最近我們在網路上看到產品種類有增加嗎？關於Google和Instacart的合作關係，這裡簡單報告一下最新進展。

Well, we have over the last couple of years expanded some of the categories what we will call the velocity categories, some sundries items, some limited nonperishable food items, some apparel items, socks and underwear, things like that, health and beauty aids. So yes, that is a little of it but those are small pieces relative to if you could drive sales in furniture and exercise equipment and electronics. So those things are helping as well.

嗯，在過去的幾年裡，我們擴大了一些類別，我們稱之為“銷售速度類別”，包括一些雜貨、一些有限的不易腐爛的食品、一些服裝、襪子和內衣之類的東西，以及保健和美容用品。是的，這其中確實包含一些影響，但與推動家具、健身器材和電子產品的銷售相比，這些只是很小的一部分。所以這些因素也起了幫助作用。

I think it is a lot of the things we have done, some out there would argue it is about time but we are getting to it and we are driving it and we are starting to do a few new things.

我認為，我們所做的很多事情，有些人可能會說早就該做了，但我們正在朝著這個方向努力，我們正在推進它，我們正在開始做一些新的事情。

Peter Benedict, Robert Baird.

彼得·本尼迪克特，羅伯特·貝爾德。

How has the growth in trips to pump changed as gas prices have dropped here to around $2? Has that been -- have you seen a noticeable change there? And remind us what percentage of those fill-up trips correspond with a visit inside the club.

隨著本地汽油價格降至每加侖 2 美元左右，加油次數的成長發生了怎樣的變化？情況如何？你覺得那裡有什麼明顯的改變嗎？請提醒我們，在這些加油行程中，有多少百分比是到俱樂部內部消費的。

For every 100 people that pump gas during the hours that we are open in the warehouse because we open a couple of hours earlier than the warehouse opens at the gas pump and close an hour later, it is in the low 50s. And that has improved a little from 50 and 49 but it is in the low 50s. What was the other part of a question?

在我們倉庫營業時間內，每 100 位加油者中，有 50 人左右會來加油，因為我們的營業時間比倉庫在加油站的營業時間早幾個小時，關門時間晚一個小時。雖然比 50 和 49 略有改善，但仍在 50 出頭。問題的另一部分是什麼？

Have you seen the growth in trips moderate as gas prices have fallen? I think whether you measure that by comp gallon growth or what have you?

隨著汽油價格下跌，您是否注意到出行次數的成長放緩？我認為，無論你用比較加侖數增長或其他什麼方式來衡量，都行。

What we see is when it really spiked a year and a quarter ago, we saw a spike there as well in terms of gallonage comps. It is still positive and it still beats the US averages out there but it is more muted than when you have those big deltas.

我們看到，一年零三個月前，當油價真正飆升時，油價的年比數據也出現了飆升。雖然仍為正值，也仍然高於美國平均水平，但與出現大幅波動的情況相比，波動幅度要小得多。

Okay, that is fair. That makes sense.

好吧，這很公平。這很有道理。

By the way, that means we are retaining it.

順便說一句，這意味著我們將保留它。

Understood. And then just on the organics, can you remind us where your penetration is at this point, what the pace of growth has been and where you think you can take that? Do you have more room to continue to improve the penetration of organics?

明白了。那麼，就有機產品而言，您能否提醒我們一下，您目前的市場滲透率是多少，成長速度如何，以及您認為未來可以發展到什麼程度？你們是否還有提升有機物滲透性的空間？

Yes, we are about 4 billion which was I think the last two years it was up 30%-ish and we are on task -- I think our goal this year is on task to have a double-digit number that has a two in front of it and we feel good about it. We are I think doing as good a job as anybody in terms of sourcing and part of the challenge is availability and the industry is growing needless to say. There are more farmers and more poultry producers and more bee producers that are committing more to this and we are certainly out there literally in the fields here and abroad getting these growers and processors to do more. So I think it still has some good opportunities there.

是的，我們的人口大約有 40 億，我認為過去兩年增長了 30% 左右，我們正朝著目標前進——我認為我們今年的目標是達到兩位數，前面帶個 2，我們對此感到很滿意。我認為我們在採購方面做得和任何人一樣好，而部分挑戰在於供應情況，而且毋庸置疑，這個行業正在不斷發展。越來越多的農民、家禽養殖戶和養蜂戶正在加大投入，我們當然也在國內外實地走訪，努力讓這些種植者和加工商做得更多。所以我認為它仍然有一些不錯的機會。

Okay. And then last question just on D&A was up about 9% year-over-year in the quarter. Is that a pace that you are comfortable with kind of going forward? Is that going to accelerate at all as some of these investments come in or I'm just trying to get a sense for how we should be thinking about the growth in D&A going forward?

好的。最後一個問題是關於折舊和攤銷的，該季度同比增長約 9%。你覺得這樣的節奏對你未來的發展是適當的嗎？隨著這些投資的到來，這種情況會加速嗎？或者我只是想了解我們應該如何看待D&A未來的成長？

It is partly going up because of IT modernization. And because we are opening 30 units instead of 23. And although this 30, 21 or so are in the US which is a little different than I would have guessed two years ago what it would be by now. And so I would say that for a couple of years here it has kicked up, we have got at least one more year it will kick up because of IT modernization and then this year and next. And it probably kicks up a little bit because of just a little more expansion and a little bit more expensive expansion.

部分原因是資訊科技現代化導致其價格上漲。因為我們開設的是 30 家分店，而不是 23 家。雖然這 30 人中大約有 21 人在美國，這與我兩年前預想的現在的情況略有不同。所以我認為，過去幾年這裡的情況有所好轉，由於 IT 現代化，至少還會再好一年，然後今年和明年也會繼續好轉。而且，價格可能會略微上漲，因為規模擴大了一些，而且擴張成本也略高了一些。

So (multiple speakers) take the number. If sales were growing at X, does D&A grow at X plus 2 or 3? I would have to look at it but it is probably as good a guess as anybody and I would look at what it has done historically and probably it grows a little faster than that in the next couple of years, couple or three years percentage wise.

所以（多位發言者）記下數字。如果銷售額以 X 的速度成長，那麼折舊和攤提的成長率是 X 加 2 還是 3？我得查一下，但這可能是我猜得最準的了。我會看看它過去的表現，未來兩三年它的成長速度可能會比現在更快一些，以百分比計算。

Okay, makes sense. Thank you.

嗯，有道理。謝謝。

Oliver Chen, Cowen and Company.

Oliver Chen，Cowen and Company。

Thanks a lot, Richard. The average transaction increase was impressive at that plus 2% range. Do you expect that that will be a dynamic that will continue and within consumer electronics, what are the major pluses there given that it had such nice performance?

非常感謝，理查德。平均交易量成長幅度在 2% 以上，這一增幅令人印象深刻。你認為這種趨勢會持續下去嗎？考慮到消費性電子產品表現如此出色，其主要優勢是什麼？

Richard, as we do model the next year, what is the magnitude of deflation in terms of the impacts to comps? Is it in the 100 basis point range? And just I think you mentioned several different categories but is there an overall take on which categories it is applying to most?

Richard，當我們對明年進行建模時，通貨緊縮的幅度對同業比較的影響有多大？是否在 100 個基點的範圍內？而且，您提到了幾個不同的類別，但有沒有一個整體的看法，說說它最適用於哪些類別？

Starting with the last question first, again I think the difference now is we are seeing a little bit more deflation on some of the nonfood items, particularly like an example love plastic bags, garbage bags and things like that that require petroleum-based products. I still think again, you get the sound bites of the things that are down 10% and 20% but overall if deflation as measured by our LIFO Indexes are down, have been down a 0.25% a year and then last year maybe was more than that, this year seems like it is a little more. It is less than 1%. Maybe it is 0.5% to 1% instead of 0.25% to 0.5% but I am guessing there.

先從最後一個問題開始，我認為現在的不同之處在於，我們看到一些非食品類商品的價格出現了一些通貨緊縮，特別是像塑膠袋、垃圾袋以及類似需要石油基產品的東西。我仍然認為，雖然你會聽到一些下降 10% 和 20% 的消息，但總體而言，如果按照我們的後進先出指數衡量的通貨緊縮是下降的，那麼每年下降 0.25%，去年可能下降得更多，而今年似乎下降得更多一些。不到1%。或許是 0.5% 到 1% 而不是 0.25% 到 0.5%，但這只是我的猜測。

And then in terms of electronics, I think a couple of things. I think arguably if we have a higher end member that probably helps. We certainly over index on bigger TVs. I know that during the four weeks between Thanksgiving and New Year's, Thanksgiving and Christmas, we had outsized TV sales dollars talking to every major supplier that we buy from relative to everybody else online and off-line. And I think part of that was that over indexing to 60 and 80 inch TVs.

至於電子產品方面，我認為有幾點需要注意。我認為，如果我們能引進一位高端會員，那可能會有所幫助。我們顯然對大尺寸電視的需求過高。我知道，在感恩節到新年、感恩節到聖誕節這四個星期裡，我們透過電視廣告與我們所有主要供應商洽談，獲得了遠超線上線下其他供應商的銷售額。我認為部分原因是過度關注 60 吋和 80 吋電視。

But we are seeing strength in phones. TVs is the thing that drives that. Cameras are better but the cameras are better because they were weaker the last couple of years.

但我們看到手機市場表現強勁。電視是造成這種現象的根本原因。相機性能提高了，但這是因為前幾年的相機性能較弱。

Richard, just remind us as a percentage of total, what is consumer electronics?

理查德，請你提醒我們一下，消費性電子產品佔總量的百分比是多少？

I don't have it in front of me but I think Department 24 is four or five -- four plus. TVs would probably be 40+% of that.

我手邊沒有，但我認為 Department 24 是四五──四以上。電視機可能佔其中的 40% 以上。

Okay. And Richard, as you think about Costco for the long-term just for the five-year story of Costco, we know that you don't have the buy online and pick up in store, the BOPUS, but what are customers asking for as you really try to execute to customer desires? Is there anything on the delivery speed front and mobile that you would highlight as where you are focusing efforts on in terms of your human capital and strategic priorities as you look to bricks and clicks over the long-term?

好的。理查德，當你從長遠角度考慮 Costco 的未來五年發展時，我們知道 Costco 目前還沒有線上購買線下取貨 (BOPUS) 服務，但當你真正努力滿足顧客的需求時，顧客究竟想要什麼呢？在配送速度和行動端方面，您認為有哪些方面是您在人力資本和策略重點方面需要重點關注的，因為從長遠來看，您致力於實現線上線下融合的模式？

One of the challenges we have with picking up at the store is we have got an average location that is doing $175 million, $180 million which means we've got a bunch of locations that are doing $200 million to $300 million and several that are doing more than that. We don't want somebody to come by and necessarily pick it up. Maybe that would change if we were having minus 3% comps in our lives. So we want to do everything possible to get them in the store and not just come and pick something up. So I don't see that as being a strategic focus of ours at least in the near-term.

我們在門市提貨方面面臨的挑戰之一是，我們平均每家店的銷售額為 1.75 億美元至 1.8 億美元，這意味著我們有很多門市的銷售額為 2 億至 3 億美元，還有一些門市的銷售額甚至更高。我們不希望有人過來把它拿走。如果我們的生活中出現-3%的薪資差距，情況或許會有所改變。所以我們希望盡一切可能讓他們進店購物，而不僅僅是來店裡隨便拿點東西。因此，至少在短期內，我認為這不會成為我們的策略重點。

We also -- part of the thing of trying to get people in the store with treasure hunt items, with fresh foods and with gas. So we keep driving that. As we have done, our relationship with like in six markets with Google shopping and I think 16 markets with Instacart, there are people that want things delivered to them and we are selling them. We are still selling it but we are doing it that way. And so I think that is what we will continue to do.

我們也試圖透過尋寶遊戲、新鮮食品和汽油來吸引人們進店。所以我們會繼續推進這件事。正如我們所做的那樣，我們與Google購物在六個市場，與 Instacart 在十六個市場建立了合作關係，人們希望商品被送到他們手中，而我們正在向他們銷售這些商品。我們仍在銷售，但銷售方式有所不同。所以我認為我們會繼續這樣做。

We are getting better and again, some out there would say we have gone from an F to a C or an F to a D, some would say that we have gone to a B+. We would like to think of ourselves -- we still have some things to do but we have improved our mobile apps, we have gotten a little smarter about how we do it. We know that when you come in store you are going to buy a lot more than when you shop online in general. And recognizing our average online transaction is actually higher than our in-store visit, that is because we started with just big-ticket items. It is just recently we have put on some other smaller ticket items. But we know that compared to an Instacart or a Google experience, the in-store visit is 2.5 to 3 times if not a little more than that.

我們正在進步，有些人會說我們已經從 F 升到了 C，或者從 F 升到了 D，有些人會說我們已經升到了 B+。我們想對自己說——我們還有一些事情要做，但我們已經改進了行動應用程序，我們在做事的方式上也變得更加聰明了一些。我們知道，一般來說，您在實體店購物時購買的商品數量會比網上購物時多得多。我們意識到，我們的平均線上交易額實際上高於我們的實體店客流量，這是因為我們最初只銷售高價商品。最近我們才開始上架一些價格較低的商品。但我們知道，與 Instacart 或 Google 的體驗相比，實體店購物的體驗是其 2.5 到 3 倍，甚至可能更高。

Now what we are finding is that that customer comes in a little less frequently, does the online several times and the net of the two is an aggregate improvement in their comp. So that works. But we are still taking it slowly in terms of -- I don't see us doing pick up at store at least in the next year or two because we've got enough traffic there and we are trying to figure out how to keep driving that.

現在我們發現，這位顧客到店的頻率略有降低，但在線購物的次數卻有好幾次，兩者結合起來，他們的整體業績得到了提升。這樣可行。但我們仍然在穩步推進——至少在未來一兩年內，我不認為我們會開展店內取貨服務，因為我們目前的客流量已經足夠大了，我們正在努力思考如何繼續保持這種客流量。

Richard, you have been experiencing such robust traffic and healthy fundamentals. What is your take on the health of the consumer because there seems to be different factors going on at different income levels and at the same time, there is definitely stock market volatility? And a related question is if there is something that keeps you up at night for the next year, what would you highlight as risk factors as you evaluate them and think about them internally?

理查德，你的流量一直非常強勁，基本面也很健康。您如何看待消費者的健康狀況？因為不同收入水準的消費者似乎受到不同的影響，同時，股市也確實有波動。還有一個相關的問題是，如果有什麼事情讓你在接下來的一年裡夜不能寐，那麼在評估和思考這些事情時，你會專注於哪些風險因素？

I think from all of the things I read, first and foremost when we do our competitive price shops, we feel as good if not better than ever. When we look at our renewal rates and our customer loyalty, we feel as good as ever. When we look at our employee loyalty and our turnover rates, we feel as good if not better than ever.

我認為，從我讀到的所有資料來看，首先也是最重要的是，當我們進行價格比較時，我們感覺比以往任何時候都好，甚至更好。當我們查看續約率和客戶忠誠度時，我們感覺一如既往地好。當我們審視員工忠誠度和員工流動率時，我們感覺比以往任何時候都好，甚至更好。

We certainly like to read those nice things that everybody says about us and I think it reinforces and we are doing it because we do it and reap the benefit of it. So I think from that perspective -- now at the same token, my favorite negative phrase out there -- we talked about the volatility and the choppiness. There is a lot of what somebody referred to not me -- but toxic anxiety out there. The world is a little different and the dollar strength doesn't help everything. And even the US economy while good, there is not a big engine driving it necessarily.

我們當然喜歡看到大家對我們的好評，我認為這會增強我們的信心，我們這樣做是因為我們努力這樣做，並從中受益。所以我覺得從這個角度來看——現在說說我最喜歡的負面說法——我們討論了波動性和不穩定性。確實有很多像某人（不是我）提到的那種有害的焦慮情緒存在。世界情勢有些不同了，美元走強也並非萬能。即使美國經濟狀況良好，也沒有什麼強大的引擎在驅動它。

So there is a lot going on out there. I think I am comforted by our consistency even if it has come down a little bit in the last couple of months. And again I can explain some of that with the strength in frequency a year ago. But look, we would still like in extra half a point or a point there.

所以外面發生了很多事。儘管最近幾個月我們的表現有所下滑，但我仍然感到欣慰，因為我們一直保持著穩定的表現。我可以用一年前的頻率強度來解釋其中的一些原因。但是，我們還是希望能夠再多得0.5分或1分。

In terms of what keeps me up at night, what do we as a Company or what does Craig, our CEO get, what am Bob and I and Jeff asked about, a lot of it centers around dot-com and what are you going to do? And we try to not of avoid it or be arrogant about it but also recognize we try not to freak out about it.

至於讓我夜不能寐的事情，我們公司或我們的執行長 Craig 會問到什麼，我和 Bob 以及 Jeff 會問到什麼，很多問題都圍繞著網路以及你們打算怎麼做。我們盡量不迴避它，也不傲慢自大，但我們也意​​識到，我們盡量不對此感到恐慌。

I think in my older age I am -- I lose sleep for age-related issues, not Company related issues. I really feel pretty good fundamentally about our Company and what we've got going on, what we are doing in terms of global sourcing, what we are doing in terms of the strength of our current signature brands. And things could change but we will keep trying to do a few things on the Internet more but we are going to take it steady.

我認為隨著年齡增長，我失眠的原因更多是與年齡相關的問題，而不是與公司相關的問題。從根本上來說，我對我們公司以及我們正在做的事情，包括我們在全球採購方面所做的工作，以及我們現有標誌性品牌的實力，都感到非常滿意。情況可能會有所變化，但我們會繼續嘗試在網路上做更多的事情，不過我們會穩紮穩打。

Are you still selling tons of diamonds? Have your diamond luxury sales been really good?

你還在大量銷售鑽石嗎？你們的鑽石奢侈品銷售表現真的很好嗎？

Yes, I know in fiscal 2015 they were up percentage wise up to like 150,000+ carats which is up 15% or so. Yes.

是的，我知道在 2015 財年，他們的產量以百分比計算增加了 15 萬多克拉，大約成長了 15%。是的。

Thank you. Best regards.

謝謝。此致。

Meredith Adler, Barclays. Matthew Fassler, Goldman Sachs.

梅雷迪思·阿德勒，巴克萊銀行。馬修法斯勒，高盛。

Thanks so much and good afternoon at this point. My first question relates to the US versus international traffic and ticket mix. When the numbers were quite similar in terms of total sales or comp growth ex gas and FX for US international, I guess we were a bit less curious about how the traffic trends you are seeing that you report which I believe are our global -- correct me if I am wrong -- were different so any sense as to how different the traffic number is in the US particularly over the past few months?

非常感謝，祝您下午愉快。我的第一個問題與美國國內及國際交通及票務組成有關。當美國國際市場的總銷售額或扣除汽油和外匯影響後的同店銷售額增長數字非常相似時，我們可能不太關心您報告的流量趨勢（我相信這是我們的全球流量趨勢——如果我錯了請糾正我）有何不同，所以您能否說明一下，特別是過去幾個月，美國的流量數字有何不同？

No, I mean again, the biggest factor was a year ago with the gas, our view is it was gas related. We had a couple of months of mid-5s which was an anomaly the other way and so we are just finishing comparing to that.

不，我的意思是，最大的因素還是一年前的天然氣問題，我們認為這與天然氣有關。我們經歷了幾個月氣溫在 5 分左右的時期，這與往常的氣溫偏高的情況截然不同，所以我們現在正在與那段時間進行比較。

What surprises me in Canada, the underlying comp there is surprisingly strong given that oil prices are down. When I looked at for Q2 in terms of kind of front end transaction growth which is shopping frequency that is how we measure it, overall we were again in the low 3s, the mid-3s. The US was the mid-2s although that impacted again by -- more impacted than anybody by gas, by the gas a year ago the shopping frequency. When I look internationally, it ranges from flat to up 14% and no rhyme or reason to it. A little of it is in the Asian countries Q2 was a little flatter because of opening new units as well.

令我驚訝的是，在油價下跌的情況下，加拿大的基本面依然強勁。當我查看第二季前端交易成長（即購物頻率，這是我們衡量成長的方式）時，總體而言，我們再次處於 3% 左右的低位，3% 左右的中位。美國當時處於 2000 年代中期，儘管這再次受到了影響——比任何人都更受汽油的影響，一年前的汽油影響了購物頻率。從國際範圍來看，漲幅從持平到上漲 14% 不等，沒有任何規律可循。其中一部分成長來自亞洲國家，第二季由於新廠的開設，市場表現略顯平淡。

Got it. If I could also focus on sales for a second question, so I guess the difference really between January and February in the US if you knock out the weather and Super Bowl, etc., it is actually seems to be at least in the overall number seems to be less about traffic and more about ticket. I know there is a component of ticket that is obviously deflation. Is the deceleration in ticket ex gas and FX in the past couple of months entirely about deflation or is there any change in basket size or units per basket, etc.?

知道了。如果我可以再問一個關於銷售的問題，我想問的是，如果排除天氣、超級碗等因素，美國一月和二月之間的真正區別，實際上似乎至少在總體數字上，與其說是交通問題，不如說是門票問題。我知道票價中顯然包含通貨緊縮的成分。過去幾個月機票價格（不含汽油和外匯）的放緩完全是由於通貨緊縮造成的，還是籃子規模或每籃子單位數量等因素發生了變化？

Well, it is basket size related to deflation.

嗯，這與通貨緊縮有關，指的是購物籃的大小。

So deflation pure and simple rather than any kind of -- store transaction?

所以，這純粹是通貨緊縮，而不是任何類型的——商店交易？

A month ago, we don't do this all the time, but a month ago, Bob had everybody look at -- the last two months, we looked at the basket size and the actual number of items in the basket, the number of items in the basket was up less than 1% but 0.25% and the average basket dollar amount was a little down. So that would imply again a little deflation but (inaudible) slightly more things than a year ago, slightly.

一個月前，我們雖然不常這樣做，但一個月前，鮑伯讓大家查看了過去兩個月的數據，我們查看了購物籃的大小和購物籃中的實際商品數量，購物籃中的商品數量增加了不到 1%，但增加了 0.25%，而平均購物籃金額略有下降。所以這意味著通貨緊縮略有增加，但（聽不清楚）比一年前略微多一些，略微多一些。

Understood. And then finally on SG&A and the forward guide on wages just to be clear is what is different over the upcoming four quarters or so, simply the change in the entry-level hourly wage rather than the increases you would give your experienced team members or does that increase also flow through at a greater than usual rate to the (multiple speakers)?

明白了。最後，關於銷售、一般及行政費用和工資展望指南，為了明確起見，我想問的是，未來四個季度左右有什麼不同之處，僅僅是入門級小時工資的變化，而不是給經驗豐富的團隊成員的工資增長，還是說這種增長也會以比平時更高的速度傳遞給（多位發言人）？

Top of scale close to the same rate but again if you have 60+% of your employees who currently are making $22 or $23 whatever that top of scale is and every March they got a $0.55 to $0.60 an hour increase, we have experienced that through all times for 30 years, which percentage-wise is pretty similar. The unique thing this time is the bottom of the scale which just taking what would it be without it and what would it be with it and it affects not only the entry-level, it affects the first couple of increases. If we were at $11.50 and $12 currently prior to now, three months or however many cumulative hours later, somebody goes from $11.50 to $11.75 and then $11.75 to $12 or $12.25. Well, everybody below $13 an hour is not going to $13.

最高工資標準接近相同的水平，但是，如果你有 60% 以上的員工目前每小時工資為 22 或 23 美元（無論最高工資是多少），並且每年三月他們的工資都會增加 0.55 到 0.60 美元，這種情況我們已經經歷了 30 年，從百分比來看，這非常相似。這次的獨特之處在於規模的底部，即沒有它時會是什麼樣子，有了它時又會是什麼樣子，這不僅影響入門級，還影響最初幾次增長。如果在此之前我們的工資是 11.50 美元和 12 美元，那麼三個月或累計幾個小時後，有人從 11.50 美元漲到 11.75 美元，然後從 11.75 美元漲到 12 美元或 12.25 美元。嗯，所有時薪低於 13 美元的人都不會漲到 13 美元。

But what is the incremental cost all things thing equal? The incremental cost is about $0.08 a share over the course of a year. It is a penny this quarter because it is a partial quarter and then it is more -- it is about $0.02 a quarter and then it will anniversary next time next year at this time.

但在其他條件相同的情況下，增量成本是多少？一年下來，每股的增量成本約為 0.08 美元。本季度是一美分，因為本季還不到一季度，之後會更多——大約每季度 0.02 美元，明年這個時候將是周年紀念日。

Got it. Thank you and thanks for the transparency today.

知道了。謝謝，也謝謝你們今天的坦誠。

Bob Drbul, Nomura Securities.

Bob Drbul，野村證券。

I just have a couple of questions I think. The first one is on the membership fee income growth, what would it have been without the impact of no American Express sign-ups?

我想問幾個問題。第一個問題是會員費收入成長，如果沒有美國運通卡註冊的影響，成長情況會如何？

Higher. We don't measure it. On the margin, we think somebody is coming to sign up because of us first and the program cart second, a distant second whether it is AmEx or Citi Visa or anybody. They come in to be a member of Costco. So I don't think they come to the desk and say never mind and walk away.

更高。我們不對其進行測量。從表面上看，我們認為有人會先因為我們而註冊，其次才是因為程序本身，至於美國運通卡、花旗銀行維薩卡或其他任何卡，則遠遠排在最後。他們來這裡是為了成為 Costco 的會員。所以我認為他們不會走到櫃檯前說“算了”然後走開。

So I think now -- because part of our relationship with our former partner and our upcoming new partner current and soon-to-be former partner and our upcoming new partner is they do some marketing for us, they do some things to get people to come in also. So I think there's probably a little bit but we don't try to measure it. We just know it is zero right now.

所以我覺得現在——因為我們與前合作夥伴和即將成為前合作夥伴的現有和即將成為前合作夥伴以及即將成為新合作夥伴的關係的一部分是，他們為我們做一些營銷，他們也做一些事情來吸引人們進來。所以我覺得可能有一點點，但我們不會去測量它。我們只知道它現在是零。

In your softlines business, there has been -- the private label component I think has increased and I was just wondering if you could talk through a little bit on the impact that weather has played in that segment of your business both from like a markdown perspective but also in terms of what you are really seeing as buying opportunities throughout the last few months in the current market?

在您的紡織品業務中，自有品牌部分我認為有所增加，我想請您談談天氣對您業務這一部分的影響，包括降價幅度，以及您在過去幾個月中看到的當前市場中的購買機會？

The only thing that was impactful was I believe there was a relatively warm -- there is more men's outerwear markdowns this last few months than we had historically. It was just completely weather related. I didn't even point it out in the call. That is probably a little bit of a softline impact. That is one of the reasons that the softline's margins I mentioned year-over-year was a little down.

唯一有影響的是，我認為最近幾個月男士外套的降價幅度比以往都要大，而且相對來說比較溫暖。這完全是天氣原因造成的。我在通話中甚至都沒提到這一點。這可能有點軟線衝擊。這就是我之前提到的軟線利潤率比去年同期略有下降的原因之一。

Beyond that at the last budget meeting when we were looking at some of the apparel buyers came in and talked about some of their new seasonal things, we keep getting a few more brands. I can't think of any of the top of my head right now. But I think it is a consistent -- we have enjoyed apparel business with comps in the 10% to 15% range compounded for a couple of years now and we are still seeing some decent growth in those areas. So it is a good category for us.

除此之外，在上次預算會議上，當我們查看一些服裝採購員的資料時，他們談到了一些新的季節性產品，我們又陸續引進了一些新的品牌。我一時想不起來有什麼例子。但我認為這是一個持續的趨勢——過去幾年，我們的服裝業務同店銷售額複合成長率一直保持在 10% 到 15% 之間，而且我們仍然看到這些領域有相當可觀的成長。所以這對我們來說是一個很好的類別。

I know we are committing -- I think we are trying a couple of men's athletic items. We have been very successful with the two or three, the three pieces, the bottom, the top and the jacket. I know we are bringing in a few other items on the men's pants not just a fancy wool pant but the khakis and the gabardines.

我知道我們正在投入——我想我們正在嘗試幾款男士運動產品。我們推出的兩件套裝或三件套裝——下裝、上裝和外套——都非常成功。我知道我們正在引進一些男士褲裝的新款式，不僅僅是高檔羊毛褲，還有卡其褲和華達呢褲。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO資本市場。

Thanks for taking my question. Richard, just wanted to go back to the credit card transition. You have talked in the past about kind of reinvesting some of the savings but I think you just also mentioned maybe keeping a little bit of it. I'm just curious, is that a change, are you considering letting some more of that flow through -- I mean you have had a lot of expense on the IT front now with the wage increase FX has been a headwind? So just curious if there is any change in how you are thinking about the savings there? And now that we are kind of very close to it, any comment on what those savings could be in terms of magnitude?

謝謝您回答我的問題。理查德，我只是想回到信用卡過渡的話題。你之前曾談到將部分積蓄再投資，但我想你剛才也提到或許可以留一部分下來。我只是好奇，這是一個改變嗎？您是否考慮讓更多資金流入？我的意思是，隨著薪資上漲，外匯市場一直是不利因素，而您在 IT 方面的支出已經很高了。所以，我只是好奇您對這方面的節省有什麼看法上的變化嗎？現在我們離目標已經非常接近了，對於這些節省的金額，您有什麼看法？

No comments until we get there so it really is going to be probably not until early October when we report our yearend and fourth-quarter numbers since early June would be the beginning -- about three weeks into our fourth-quarter.

在公佈最終結果之前，我們不會發表任何評論。因此，我們可能要到 10 月初才會公佈年終和第四季的數據，因為 6 月初才算開始——大約是第四季開始後的三週。

Actually I can't really tell you anything about it. We have made no change in what piece of this bucket we are thinking of saving. If anything as we went through the final negotiation several months ago of what the reward structure would be, Craig pushed it further towards the customer, towards the member who would get his card. We want it to be a great card and so if anything, we went the other way a little bit.

其實我真的什麼都不能告訴你。我們並沒有改變要從這個桶子裡取出哪一部分水來保存的想法。幾個月前，當我們最終協商獎勵結構時，克雷格反而更傾向於顧客，傾向於獲得會員卡的會員。我們希望這是一張很棒的賀卡，所以如果非要說有什麼不同的話，那就是我們採取了稍微相反的做法。

I just mentioned and perhaps I didn't mention it that when I talk to people as people talk to me, my standard line has been anything we do when we save a dollar on a piece of merchandise, we can buy better, we are going to give as a rule of thumb the majority of it, maybe 80%, even 90% back to the customer. We are going to do the same thing here. We are going to give most of it back to the member.

我剛才提到過，也許我沒提到過，當我和別人交談時，就像別人和我交談一樣，我的標準說法是，如果我們在一件商品上節省了一美元，我們可以買到更好的商品，那麼我們通常會把大部分，也許是 80%，甚至 90% 的利潤返還給顧客。我們在這裡也要這樣做。我們將把大部分錢還給會員。

That being said, again in the throes of the final figuring out of what exactly do we want the reward structure to be because we want that card to be top of wallet as we do with our current program, top of wallet and to be used not only at Costco but outside of Costco and to be used at Costco as much as possible. Craig pushed the envelope with us and with the third parties to make sure that that value proposition is geared more towards them than us so there has been no change in terms of that.

也就是說，我們仍在最終確定獎勵結構的具體內容，因為我們希望這張卡像我們目前的計劃一樣，成為錢包裡的必備之物，不僅可以在 Costco 使用，也可以在 Costco 以外的地方使用，並且盡可能多地在 Costco 使用。Craig 與我們和第三方一起不斷突破界限，確保這種價值主張更多地面向他們而不是我們，因此在這方面沒有任何變化。

Got it. That is helpful. And then just on the transition, will you have any grace period for a member that say doesn't have the cobranded card but tends to use their AmEx at the store and didn't get a new card in the mail obviously but gets up to the register and goes to pay and you are not taking AmEx any more or will they just have to find a debit card or have you thought about how to treat that situation?

知道了。那很有幫助。那麼，在過渡期間，對於沒有聯名卡但習慣在店內使用美國運通卡的會員，如果顯然沒有收到新卡，卻在收銀台付款時發現你們不再接受美國運通卡，你們是否會給予寬限期？還是他們只能找金融卡付款？你們有沒有考慮過如何處理這種情況？

First of all, there is going to be a lot of communication several times by us to our members about timing and everything. Contractually there is a lot of things we can't do until near the end. There will be plenty of information provided. We are still going to upset a few members when they come in. We did it with gas pumps years ago when we stopped accepting certain things. But at the end of the day, there will be plenty of opportunities.

首先，我們會多次與會員溝通，並告知時間安排等相關事宜。從合約角度來說，有很多事情我們直到接近尾聲才能做。將會提供大量資訊。我們還是會惹惱一些成員的。多年前，我們停止接受某些東西時，就對加油泵採取了這種做法。但歸根結底，機會總是很多的。

The fact is there will be some members that have an existing Visa card in their wallet. While we would prefer them to have ours, there will be cannibalization that way. Frankly there will be some -- look, whether it is American Express or Citi or any other big credit card issuer, they are the bank that determines credit eligibility for somebody signing up. Now that doesn't impact the portfolio people, all the people that have the current cobrand. They are going to get a new card similar in terms of credit capacity and things from their existing co-brand relationship.

事實上，有些會員的錢包裡已經有Visa卡了。雖然我們更希望他們擁有我們的產品，但那樣就會出現產品被蠶食的情況。坦白說，肯定會有一些——你看，無論是美國運通、花旗或其他任何大型信用卡發行機構，都是銀行決定某人申請信用卡的資格。這不會影響投資組合中的人員，也不會影響所有擁有目前聯名品牌的人員。他們將獲得一張新卡，其信用額度和其他方面與他們現有的聯名卡類似。

But somebody who has to sign up, there are millions of people that never got an AmEx card because they couldn't. They have resorted to debit or cash or check. There are some of those people that will be thrilled, there are some debit cardholders that will do this. But when you add it all up, we think that -- we know that it is in that positive certainly in terms of what we have negotiated and we will see where it goes from there.

但對於必須註冊的人來說，有數百萬人從未獲得美國運通卡，因為他們無法註冊。他們轉而使用借記卡、現金或支票付款。有些人會為此感到高興，有些金融卡持卡人會這樣做。但總的來說，我們認為——我們知道就我們談判的內容而言，這肯定是積極的，我們將看看接下來會如何發展。

Got it. That is helpful and then if I could just ask one more on online. A lot of retailers are spending a lot of money investing in their online business. It has kind of pressured the margins for them there. I believe your e-commerce business is higher margin. Just curious how you think about spending there going forward and is that higher-margin structure sustainable?

知道了。那很有幫助，那我還能再在網路上問一個問題嗎？許多零售商都在投入大量資金發展線上業務。這在某種程度上壓縮了他們的利潤空間。我認為你的電子商務業務利潤率更高。我只是好奇您如何看待未來在該領域的支出，以及這種高利潤率結構是否可持續？

I'm sorry, could you repeat that?

不好意思，你能再說一次嗎？

In terms of online, just a lot of retailers have been talking about how much they are investing in their online business and that pressuring their margins for that side of the business. I believe Costco's margins online are higher margin and I am just curious how you think about spending there and if that higher-margin structure for e-commerce is sustainable?

就線上業務而言，許多零售商都在談論他們對線上業務的投資力度，而這給他們線上業務的利潤率帶來了壓力。我認為 Costco 線上銷售的利潤率更高，我很好奇您對在 Costco 消費的看法，以及這種高利潤率的電商模式是否可持續？

First of all, our gross margins online are a little lower. It is operating margins quite a bit higher because you have a substantially lower SG&A. Now the fact that we are not spending hundreds of millions of dollars online perhaps is part of that but at the end of the day, we certainly make more when that dollar is sold online than it is in the store. Notwithstanding the fact that our gross margin what we charge the member is lower online than it is in store.

首先，我們的線上毛利率略低。由於銷售、管理及行政費用大幅降低，因此營業利潤率高得多。現在，我們沒有在網路上花費數億美元或許是原因之一，但歸根結底，我們在網路上銷售的每一美元肯定比在實體店銷售的每一美元賺得更多。儘管我們向會員收取的毛利率（即線上價格）低於實體店價格。

I guess the question is do you see that as sustainable?

我想問的是，你認為這是可持續的嗎？

I do. Because the SG&A portion is so low and because we are so extreme.

我願意。因為銷售、管理及行政費用部分非常低，而且我們採取了非常極端的做法。

Great, thank you.

太好了，謝謝。

Scott Mushkin, Wolfe Research.

Scott Mushkin，Wolfe Research。

Thanks for letting it go so long. I just wanted to poke at the environment that almost everyone seems to be operating in right now. I mean I think you talked about traffic and I assume February traffic is in that kind of 2 to 2.5 range too. Talked about the deflation outlook. We talked about wages going up. I guess as you kind of move forward here and this is not just a Costco question, I guess this is from an analyst perspective that covers a lot of retail, it seems like everybody is facing a lot of the same challenges.

謝謝你讓我等了這麼久。我只是想探討一下現在幾乎每個人都身處的這種環境。我的意思是，我想你剛才提到了交通狀況，我估計二月的交通狀況也應該在 2 到 2.5 之間。討論了通縮前景。我們討論了工資上漲的問題。我想，隨著你不斷深入研究，這不僅僅是 Costco 的問題，而是從一個涵蓋眾多零售業的分析師的角度來看，似乎每個人都面臨著許多相同的挑戰。

Do you see a light at the end of the tunnel? We had deflation now minus 1 maybe, we have wage inflation, we have traffic that has kind of come down a little bit. Not a great environment and so it seems again that maybe something has to give here. Is the wage inflation going to finally pick up demand? Where does this in your opinion kind of end?

你是否看到了隧道盡頭的曙光？我們現在經歷了通貨緊縮（可能負1%），薪資上漲，交通流量也略有下降。環境並不理想，所以看來這裡或許又得做出一些改變了。薪資上漲最終會提振需求嗎？你覺得這種情況什麼時候才會結束？

Even Costco which is probably one of the best retailers in the world domestically is feeling the pressure. And I'm just trying to understand what is the end game here generally and I don't if you have any thoughts on that? That is my question.

即使是像 Costco 這樣在國內市場可能是全球最好的零售商之一，也感受到了壓力。我只是想了解這件事的最終目的是什麼，不知道你對此有什麼想法？這就是我的問題。

I don't if this will give you comfort or anxiety. We are going to keep doing what we do. In bad times, we probably have the benefit of being more aggressive to drive stuff and if anything, I think we are doing it from a stronger position now than we have ever been in. We are going out there driving prices down, we see our competitive moat actually even relative to traditional brick-and-mortars not only our direct competitors but other forms of -- not just clubs but other forms of category diamond retailers. That moat has widened a little bit of late, of late being the last year or two.

我不知道這會讓你感到安慰還是焦慮。我們將繼續做我們正在做的事情。在逆境中，我們或許可以更積極主動地推動各項事務，我認為，我們現在所處的地位比以往任何時候都更加穩固。我們正在努力降低價格，我們看到我們的競爭優勢實際上甚至相對於傳統的實體店而言，不僅是我們的直接競爭對手，還有其他形式的——不僅僅是俱樂部，而是其他類別的鑽石零售商。近來，這條護城河似乎又加寬了一些，這裡的「近來」指的是過去一兩年。

And the answer around here is can we get a little more margin and the answer is of course not. No. We can drive more business so we can make it tougher on everybody. So I think -- and then again, I think some of the things we are doing in terms of our strength with our vendors and our global sourcing all of that stuff, that helps. We are doing a lot of good things.

而這裡的問題是，我們能否再爭取一點利潤空間？答案當然是否定的。不。我們可以透過拓展業務來加大對所有人的壓力。所以我認為——而且，我認為我們在供應商實力和全球採購等方面所做的一些事情，都會有所幫助。我們做了很多好事。

So do you have concern though given the slow wind down that we are seeing, Richard, a little bit on the components I mentioned, higher costs yet deflation and the traffic? I mean does -- I think someone asked what do you stay up at night? I mean I guess it is hard to stay up because you're getting old but generally does that get you a little nervous as you look at the business and is the broader economy that something is just a little off?

理查德，鑑於我們目前看到的經濟緩慢下滑，你是否對之前提到的幾個方面感到擔憂？例如成本上升、通貨緊縮以及交通壅塞等等？我的意思是──我想有人問過你晚上熬夜都做些什麼？我的意思是，年紀大了，熬夜確實很難，但總的來說，當你審視業務和整體經濟時，你會不會感到有點緊張，覺得有什麼地方不太對勁？

Well, I use the word earlier and I quoted from some economist about toxic anxiety. The world is filled with it. Our economy is darn good compared to a lot of them out there and the fact that wages are increasing and unemployment has improved, all of that is positive and frankly higher wages at the lowest wage levels in my view is a positive.

我之前用過這個詞，也引用過一位經濟學家關於「有害焦慮」的觀點。世界上到處都是這樣的例子。與許多其他國家相比，我們的經濟狀況非常好，工資上漲，失業率下降，所有這些都是積極的，坦白說，在我看來，最低工資水平的提高是一件好事。

I think we have just got our head down and doing a lot of good things. I think that what we are doing again on some of the global sourcing stuff is something that very few could touch. And the strength of our KS brand name and we are going to figure out how to create more value.

我認為我們一直埋頭苦幹，做了很多好事。我認為我們目前在全球採購方面所做的一些事情，是很少人能夠做到的。我們KS品牌的實力不容小覷，我們將努力創造更多價值。

So other than everybody in the world never wanting to leave their house and only typing stuff to order and getting it at the front door, other than that risk, I think that the strength of our merchandising, the strength of our competitiveness, the fact that we are able to be successful in other countries. I come to every four-week budget meeting and listen to merchants and some of the things they are doing and I go out and feel better about what we have got going on.

所以，除了全世界的人都不要出門，只想上網訂購商品然後送貨上門之外，除了這個風險之外，我認為我們強大的商品銷售能力、強大的競爭力以及我們在其他國家取得成功的能力都是我們的優勢。我每四周都會參加預算會議，聽取商家的意見以及他們正在採取的一些措施，然後我就會對我們目前的工作感到更加滿意。

So in terms of -- I think by the way when it is tougher for everybody else, everybody else does it less extreme than us. They figure out ways to cut costs that aren't necessarily long-term the right way or as right of a way in our view. And maybe we are righteous and we are standing on our own pedestal here but it seems to have worked for us through good and bad economies.

所以就這一點而言——順便說一句，我認為當其他人處境更艱難時，其他人的做法都比我們溫和得多。他們想辦法削減成本，但長遠來看，這些方法未必是正確的，或者說是理所當然的。或許我們是正義的，或許我們是自以為是，但無論經濟情勢好壞，這種做法似乎都對我們有效。

Perfect. Thank you for taking my question.

完美的。感謝您回答我的問題。

We are going to take two more questions.

我們還要回答兩個問題。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

I have two questions, Richard. What drove the acceleration in membership fee income growth besides the Living Social program?

理查德，我有兩個問題。除了 Living Social 計畫之外，還有哪些因素推動了會員費收入的加速成長？

Living Social had virtually no impact because it is deferred accounting. Even if we had a little bump in that first week of -- last week of Q2 when the Living Social thing was happening, virtually none of it hits the income statement because for a new member that $55 or $110 goes into the P&L over the next 12 months. And my guess is it is probably some strength a year earlier that we are not getting the full benefit of that. Might even be strong membership.

Living Social幾乎沒有產生任何影響，因為它採用的是遞延會計處理。即使在第二季最後一周（Living Social 活動期間）我們遇到了一些小波動，但實際上幾乎沒有任何影響到損益表，因為對於新會員來說，這 55 美元或 110 美元會在接下來的 12 個月內計入損益表。我猜測可能是因為一年前我們實力較強，所以才沒有充分受益。甚至可能擁有強大的會員基礎。

That is the best reason. So I guess the second question then is on the ancillary business because I know these have been growing a lot and you gave us a few numbers I think last quarter. Is there any way to sort of pull those together and say what percentage of your members are doing a car rental or a travel program or car buying or one of these things that -- is it 5% of the transactions if you think of it that way? (multiple speakers)

這是最好的理由。那麼，我想第二個問題是關於輔助業務的，因為我知道這些業務成長很快，而且我認為您在上個季度也給出了一些數據。有沒有辦法把這些數據匯總起來，看看有多少百分比的會員在進行租車、旅遊項目、購車或其他類似活動——如果這樣算的話，是不是佔交易總額的 5%？（多位發言者）

Some of those services it is 1% or less. I think one number that we have seen and presented in some of our PowerPoint presentations, I think last year we had car rentals of about 2.5 million car rentals. Let's assume 2.5 million car rentals weren't to 2.5 million mutually exclusive customers but maybe it was 2 million members. I don't if it is 1.5 million or 2 million but if it was even 2 million members that would be less than 10%, probably 7% or 8%.

有些服務的費用佔比甚至低於 1%。我認為我們在一些 PowerPoint 簡報中看到並展示的一個數字是，去年我們的汽車租賃量約為 250 萬輛。假設 250 萬次租車並非針對 250 萬個互不重疊的客戶，而是針對 200 萬會員。我不知道是 150 萬還是 200 萬，但即使是 200 萬會員，也低於 10%，可能只有 7% 或 8%。

So my guess is less than that so maybe 5%. Not everybody needs a [mortgage], not everybody is doing forms and check printing but on some of the items like as a percentage of our total membership base it is low but there's a lot of room for it to grow.

所以我猜應該比這個數字少，大概是5%。並非每個人都需要抵押貸款，也並非每個人都需要填寫表格和列印支票，但就某些項目而言，例如占我們會員總數的百分比，雖然很低，但仍有很大的成長空間。

So basically that nice tailwind to gross margin that could be there for a while if we continue to get (multiple speakers)?

所以，如果我們能繼續吸引（多位演講者），那麼這種有利於毛利率的順風局面可能會持續一段時間？

I think it is. Absolutely. It probably over time moves the needle a little. It definitely moves the needle a little positively.

我認為是的。絕對地。隨著時間的推移，這或許會略微改變現狀。它確實起到了一些積極作用。

Good luck.

祝你好運。

Sean Naughton, Piper Jaffray.

肖恩諾頓，派珀傑弗裡。

So just following up on the Living Social deal, understanding that the deferred accounting doesn't really impact it but how did that impact the total membership numbers for the quarter? And then also how was the retention rate really on the one that you had about 18 months ago?

所以，關於 Living Social 的交易，我知道遞延會計處理實際上並沒有影響到它，但是這對本季度的總會員人數產生了怎樣的影響呢？那麼，你們大約 18 個月前推出的那款產品的實際留存率如何呢？

I think in terms of aggregate number of members we signed up a few more than we did the last time and I think the 4% increase would be lower and would be somewhere north of zero and south of 4%.

我認為，就會員總數而言，我們這次註冊的會員比上次略多一些，我認為 4% 的增幅會更低，應該在 0% 到 4% 之間。

But the mechanics of the program when somebody buys that deal, they automatically they get it done. They don't have to take it to the warehouse to get activated?

但根據程序的運作機制，當有人購買該交易時，交易會自動完成。他們不需要把設備送到倉庫去啟動嗎？

No, they buy the coupon or whatever online, they print it out, they go to the warehouse where they sign up for a membership.

不，他們是在網路上購買優惠券或其他東西，列印出來，然後去倉庫辦理會員卡。

Okay, so you don't get those regulate?

好的，所以你沒有那些監管措施？

It is that latter take that when we represent, when we recognize it as a member and we start our deferred accounting which will be small in the first year because you have the offsets, the value proposition to that purchaser.

正是後者，當我們代表它，當我們承認它為成員，並且我們開始遞延會計處理時，第一年就會很小，因為有抵銷，這對購買者來說具有價值。

Okay. So there could be more people that are signing up in the current quarter that we are in now that have purchased that deal?

好的。所以，在本季註冊並購買該套餐的人可能會更多？

There will be, yes.

是的，會有的。

And then I guess the second question would be just around -- you didn't talk much about the other international business being flat in February. You did say something that the Chinese New Year but is there something going on in the Japan business? You haven't called it out in the monthly for a long time as being a real positive contributor to comps. Just any comment you can elaborate on for February for other international and then also specifically in Japan?

那麼，我想第二個問題應該是—您沒有過多提及二月其他國際業務的平穩狀況。你剛才提到了中國新年，但日本商界是不是發生了什麼事？你很久沒有在月報中指出它是對業績提升的真正正面貢獻因素了。您能否就二月份其他國際市場以及日本市場的具體情況發表一些看法？

I think in Japan, the last couple of years we have had probably a little more cannibalization and their economy is soft. I know of late again as it relates to the strong dollar in all countries where the dollar is much stronger, there is a little weakness in some of the bigger ticket items.

我認為在日本，在過去幾年裡，市場蠶食可能加劇，而且他們的經濟也比較疲軟。我最近再次了解到，由於美元走強，在所有美元走強的國家，一些大宗商品的價格略有疲軟。

Okay, thank you, Richard.

好的，謝謝你，理查。

Thank you everyone. Have a good day.

謝謝大家。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。