好市多 (COST) 2016 Q4 法說會逐字稿

Good afternoon.

下午好。

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

我叫阿曼達，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Q4 earnings call.

在這個時候，我想歡迎大家參加第四季度財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Mr. Richard Galanti.

我現在想把會議轉交給理查德·加蘭蒂先生。

Please go ahead.

請繼續。

Thank you, Amanda, and good afternoon to everyone.

謝謝你，阿曼達，大家下午好。

As you know, these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

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

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

這些陳述涉及風險和不確定性，可能導致實際事件、結果和/或業績與此類陳述所指示的大相徑庭。

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 written reports filed with the SEC.

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，以及公司公開聲明和向美國證券交易委員會提交的書面報告中不時確定的其他風險。

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

前瞻性陳述僅在作出之日發表，我們不承諾更新這些陳述，除非法律要求。

Today we reported our fourth quarter and year-to-date FY16 operating results for the 16- and 52-week periods ended this past August 28.

今天，我們報告了截至今年 8 月 28 日的 16 周和 52 週期間的第四季度和年初至今的 2016 財年運營業績。

For the quarter, earnings came in at $1.77 a share, up 2%, or $0.04, over last year's fourth quarter earnings of $1.73 a share.

本季度每股收益為 1.77 美元，比去年第四季度的每股收益 1.73 美元增長 2% 或 0.04 美元。

In comparing the year-over-year fourth quarter earnings results, a couple of items of note, in looking at a comparison.

在比較第四季度的同比收益結果時，有幾點需要注意。

FX.

外匯。

As compared to a year ago during the fourth quarter, foreign currencies in the countries and other areas where we operate were weaker overall versus the US dollar, primarily in Mexico, Canada, UK and Korea.

與去年第四季度相比，我們經營所在國家和其他地區的外幣兌美元總體走弱，主要是墨西哥、加拿大、英國和韓國。

This resulted in our foreign earnings in Q4, when converted into US dollars, being lower by about $13 million after tax, or $0.03 a share, had exchange rates been flat year-over-year.

如果匯率與去年同期持平，這導致我們第 4 季度的國外收益（如果換算成美元）稅後減少約 1300 萬美元，即每股 0.03 美元。

Gasoline profitability.

汽油盈利能力。

Our profits from gasoline during the quarter as compared to last year's fourth quarter were lower by about $27 million pre tax, or $0.04 a share, primarily a function of last year's very strong profit results in the fourth quarter.

與去年第四季度相比，本季度我們的汽油利潤減少了約 2700 萬美元（稅前），即每股 0.04 美元，這主要是由於去年第四季度非常強勁的利潤結果。

Our numbers were fine this quarter, but did pretty well last year, as well.

本季度我們的數據還不錯，但去年也表現不錯。

IT modernization.

信息技術現代化。

That was about a $0.02 year-over-year impact.

這大約是 0.02 美元的同比影響。

I'm not going to go through the detail on that.

我不打算詳細介紹它。

But that was about $16 million pre tax, or 4 basis points, primarily to the SG&A line.

但這大約是稅前 1600 萬美元，或 4 個基點，主要用於 SG&A 項目。

Income taxes.

所得稅。

Both this year and last year's fourth quarter results had several positive, net positive tax benefits that, in the aggregate, benefited each of the fourth quarters' earnings-per-share figures by $0.05.

今年和去年第四季度的業績都有多項積極的、淨積極的稅收優惠，總的來說，使第四季度每個季度的每股收益數字受益 0.05 美元。

Excluding those positive tax items, this year's underlying Q4 tax rate was about 0.6 of a percentage point higher than last year's.

剔除那些積極的稅項，今年第四季度的基礎稅率比去年高出約0.6個百分點。

That would have been about $0.02 a share.

那將是每股約0.02美元。

But again, year-over-year in the quarter, each of those fiscal quarters benefited by about $0.05 a share from positive items.

但同樣，在本季度，每個財政季度都從積極項目中每股收益約 0.05 美元。

LIFO.

後進先出法。

This year in the fourth quarter, we reported pre-tax LIFO credit of $31 million.

今年第四季度，我們報告了 3100 萬美元的稅前 LIFO 信貸。

That compares to last year in the fourth quarter of $14 million.

相比之下，去年第四季度為 1400 萬美元。

So both deflationary, although we've all talked about the increased levels of deflation of recent time.

所以兩者都是通貨緊縮，儘管我們都在談論最近通貨緊縮程度的增加。

So a year-over-year delta of $17 million, or about $0.02 a share, related to the higher deflation and LIFO credit in the quarter, up higher by that amount.

因此，與本季度更高的通貨緊縮和後進先出信用相關的同比增量為 1700 萬美元，即每股約 0.02 美元，增幅更高。

In terms of sales for the fourth quarter, total reported sales were up 2%.

就第四季度的銷售額而言，報告的總銷售額增長了 2%。

Our 16-week reported comparable sales figures were flat year-over-year.

我們報告的 16 周可比銷售數據同比持平。

Comparable sales were negatively impacted by gas price deflation -- that was a little over 200 basis points of impact to the Company -- and by weaker foreign currencies relative to the US dollar.

可比銷售額受到天然氣價格通縮的負面影響——對公司的影響略超過 200 個基點——以及外幣相對於美元走弱。

The latter, about 1 percentage point of impact to sales.

後者對銷售額的影響約為 1 個百分點。

Excluding deflation, the flat US comp sales figure for the fourth quarter would have been plus 2. The reported Canadian comp figure of plus 2 would have been plus 5, ex gas and FX, and the reported minus 2 other international comp figure, ex these two factors, would have been plus 1.

不計通貨緊縮，第四季度持平的美國 comp 銷售數字應該是正 2。報告的加拿大 comp 數字是正 2，不包括天然氣和外匯，而報告的其他國際 comp 數字是負 2，不包括這些兩個因素，本來是加 1。

Total comps were reported at zero for the quarter.

本季度報告的總收入為零。

And again, excluding gas and FX, would have been plus 3. And of course, the plus 3, that plus 3 adjusted figure is still being impacted by a bit of increased general merchandise deflation outside of gasoline.

再說一遍，不包括汽油和外匯，應該是加 3。當然，加 3，調整後的加 3 數字仍然受到汽油以外的一般商品通貨緊縮有所增加的影響。

Openings.

開口。

In Q4, we opened 10 new locations and also completed 1 relo.

在第四季度，我們開設了 10 個新地點，還完成了 1 個 relo。

And for the fiscal year, we opened 29 net new locations, on top of that, 4 relocations, I believe 2 of them which were relocated and the old units converted into new business centers.

在本財年，我們淨開設了 29 個新地點，除此之外，還有 4 個搬遷地點，我相信其中 2 個是搬遷的，舊單位被改造成新的商業中心。

Of the 29 locations, 21 were in the US, 2 were in Canada, 2 were in Japan, and 1 each were in UK, Taiwan, Australia and Spain.

在這 29 個地點中，21 個在美國，2 個在加拿大，2 個在日本，英國、台灣、澳大利亞和西班牙各有 1 個。

This afternoon, I'll also review with you our membership trends and renewal rates, additional discussion about margin and SG&A, talk about e-commerce and a few other items of note, including an update on our recent switch over to the new Citi Visa Anywhere card.

今天下午，我還將與您一起回顧我們的會員趨勢和續訂率，關於保證金和 SG&A 的額外討論，談論電子商務和其他一些注意事項，包括我們最近切換到新的 Citi Visa 的更新隨處卡。

This occurred on June 20, after six weeks into the fourth quarter.

這發生在 6 月 20 日，即第四季度進入六週後。

So on to the fourth quarter results.

所以關於第四季度的結果。

Quickly, sales for the fourth quarter were $35.7 billion, up 2% from last year's fourth quarter sales of $35 billion.

很快，第四季度的銷售額為 357 億美元，比去年第四季度的 350 億美元銷售額增長了 2%。

Again, a flat comp on a reported basis, plus 3% excluding gas deflation and FX.

同樣，在報告的基礎上持平，加上 3%，不包括天然氣通縮和外匯。

The flat comp sales results on a reported basis, that consisted of an average transaction decrease of 2.8%.

報告基礎上的持平銷售結果，包括平均交易減少 2.8%。

Again excluding gas deflation and FX, the average transaction was slightly positive year-over-year and an average shopping frequency increase of right around 2.5%.

再次排除天然氣通縮和外匯，平均交易量同比略有增長，平均購物頻率增加約 2.5%。

In terms of sales comparisons by geography, Texas, Bay Area and the Midwest regions within the United States showed the best results.

在按地域進行的銷售比較中，得克薩斯州、灣區和美國境內的中西部地區表現最好。

Internationally in local currencies, better performing countries were Canada, Mexico, Spain and the UK.

在國際上以當地貨幣計算，表現較好的國家是加拿大、墨西哥、西班牙和英國。

In terms of merchandise categories for the quarter, sales for that, within food and sundries, overall slightly negative year-over-year in the fourth quarter.

就本季度的商品類別而言，第四季度食品和雜貨的銷售額總體同比略有下降。

Within that, though, spirits, sundries and deli came in best.

不過，在其中，烈酒、雜貨和熟食店表現最好。

Tobacco was the big negative, of course, as we've talked about that.

當然，煙草是最大的負面因素，正如我們已經討論過的那樣。

That was down 21% year-over-year, as we continue to see lower sales in that category.

同比下降 21%，因為我們繼續看到該類別的銷售額下降。

If I look at the food and sundries category, again, on a comp basis, it was slightly negative year-over-year for the quarter.

如果我再次查看食品和雜貨類別，在比較的基礎上，該季度同比略有負增長。

Ex the tobacco department, it was plus 3. And you'll continue to see tobacco impacting us into the early spring.

前煙草部門，它是加 3。你會繼續看到煙草影響我們進入早春。

Hardlines overall up mid-single digit.

強硬派整體上漲中等個位數。

The departments with the strong results were majors, electronics, sporting goods, health and beauty aids, hardware and tires.

表現強勁的部門是專業，電子，體育用品，健康和美容輔助，硬件和輪胎。

Within softlines, which was up in the low single digits, apparel, small electrics and home furnishings were the standouts.

在以低個位數增長的紡織品中，服裝、小型電子產品和家居用品表現突出。

Within fresh foods, produce and deli were the strongest of the four departments.

在新鮮食品中，農產品和熟食是四個部門中最強的。

Of course, meat and other types of protein had a weakness relative to deflation.

當然，肉類和其他類型的蛋白質相對於通貨緊縮有弱點。

In ancillary businesses, hearing aids, pharmacy and optical showed the best results.

在輔助業務中，助聽器、醫藥和光學表現最好。

I mentioned earlier, we've recently seen a little pick up in the level of deflation overall, some categories in the low to mid single digit range; and several fresh food categories, notably meat and pork and things like that, in a 5% to 10% range in some cases.

我之前提到過，我們最近看到整體通貨緊縮水平略有回升，某些類別處於中低個位數範圍內；以及幾種新鮮食品類別，特別是肉類和豬肉等，在某些情況下，比例在 5% 到 10% 之間。

Overall, though, we're seeing a net increase in deflation, but not at those levels.

不過，總體而言，我們看到通貨緊縮出現淨增長，但並未達到這些水平。

And some non-food categories, as well.

還有一些非食品類別。

Moving to the line items on the income statement.

轉到損益表上的行項目。

Membership fees, we saw good results for the quarter.

會員費，我們在本季度看到了良好的結果。

Reported were $832 million, up 9 basis points and $47 million, or up 6% in dollars versus last year's fourth quarter.

報告的收入為 8.32 億美元，增長 9 個基點和 4700 萬美元，與去年第四季度相比增長 6%。

The $47 million would have been up $50 million if you had adjusted for FX.

如果對外匯進行調整，4700 萬美元會增加 5000 萬美元。

In terms of membership, we continue to enjoy strong renewal rates, 90% in US and Canada and 88% worldwide.

在會員資格方面，我們繼續享有強勁的續訂率，美國和加拿大為 90%，全球為 88%。

Continuing increasing penetration of Executive Memberships, as well.

繼續增加執行會員的滲透率。

In terms of number of members at fourth quarter and year-end.

根據第四季度和年底的成員數量。

At year-end, we had 36.8 million Gold Star members, up from 36.2 million 16 weeks earlier, at the end of the third quarter.

截至年底，我們擁有 3680 萬金星會員，高於 16 週前第三季度末的 3620 萬。

Primary Business ticked up to 7.3 million from 7.2 million.

主要業務從 720 萬上升到 730 萬。

Business add-on remained at 3.5 million, for a total of 47.6 million member households at Q4 end, compared to 16 weeks earlier, when it was 46.9 million.

第四季度末，新增業務保持在 350 萬戶，會員家庭總數為 4760 萬戶，而 16 週前為 4690 萬戶。

And including add-on cards, in terms of people walking around with a Costco membership card in their wallet, 86.7 million at year-end, up from 85.5 million just 16 weeks earlier.

包括附加卡在內，就錢包裡帶著 Costco 會員卡四處走動的人數而言，到年底有 8670 萬人次，高於 16 週前的 8550 萬人次。

In terms of Executive Members, of the 47.6 million member households, we have 17.4 million.

在執行會員方面，在4760萬會員家庭中，我們有1740萬。

That was an increase of 370,000 during the 16-week fourth quarter, or about 23,000 a week increase.

這是在為期 16 週的第四季度增加了 370,000，即每週增加約 23,000。

And that's a combination, of course, of new members signing up as an Executive Member, as well as members converting to it.

當然，這是註冊成為執行會員的新會員和轉為執行會員的會員的結合。

Executive Members now account for a little over 33% of our base and a little more than 66% of our sales, where Executive Members are offered.

執行會員現在占我們基礎的 33% 多一點，占我們銷售額的 66% 多一點，其中提供了執行會員。

In terms of membership renewal rates, we ended the year at 90.3% in the US and Canada.

就會員續訂率而言，我們在美國和加拿大以 90.3% 結束了這一年。

That's a tick down from 90.4% at the end of Q3; and in the first half, it was 90.5%.

這比第三季度末的 90.4% 有所下降；上半年為90.5%。

Worldwide, 87.6%, which was the same at Q3 end, ticking down from 87.7% in the previous quarter, again, the second quarter.

在全球範圍內，這一比例為 87.6%，與第三季度末相同，低於上一季度的 87.7%，也是第二季度。

As I've talked about in the last few quarters, in Canada we finally, in Q4, saw a reversal of some reductions in renewal rates, which we had anticipated when we converted about a year and half or so ago to a new [co-brand] card up there.

正如我在過去幾個季度所說的那樣，在加拿大，我們終於在第四季度看到了續約率下降的逆轉，這是我們在大約一年半前轉換為新 [co -brand]卡在那裡。

In that case, the portfolio from American Express wasn't purchased, so it really had to start all over and you don't have as many auto renewals to start with.

在那種情況下，沒有購買美國運通的投資組合，所以它真的必須從頭開始，而且你沒有那麼多的自動續訂可以開始。

But that's quickly changed, and again, in Q4 we saw a slight increase in the renewal rate there.

但這很快就改變了，在第四季度，我們再次看到續訂率略有上升。

A little different reason, but the same thing a little bit in the US, with having no new sign-ups for the last nine months, prior to June 20, as we were switching over on June 20.

原因有點不同，但在美國也有一點相同，在 6 月 20 日之前的過去九個月裡沒有新註冊，因為我們在 6 月 20 日進行了切換。

So overall, pretty much the same, and we'll see where that goes from here.

所以總的來說，幾乎是一樣的，我們將從這裡看到它的去向。

Regarding membership fees, effective the beginning of this month, we increased annual membership fees by about 10% in the three Asia locations, Taiwan, Korea and Japan, as well as in Mexico and the UK.

關於會員費，從本月初開始，我們將台灣、韓國和日本這三個亞洲地區以及墨西哥和英國的年度會員費提高了約 10%。

On an annual basis, as you know, fee increases hit the membership fee income line over about 23 months, based on deferred accounting.

如您所知，根據遞延會計，每年約 23 個月的費用增加會影響會員費收入線。

For example, the first month, people that are seeing this in September, those are people that originally signed up, presumably, in September and this is when they renew.

例如，第一個月，在 9 月看到這個的人，那些最初註冊的人，大概是在 9 月，這是他們續訂的時間。

People that did not sign up or aren't renewing until next March, it will be in March and for 12 months hence.

直到明年 3 月才註冊或未續訂的人，將在 3 月和此後的 12 個月內。

So that's hence, the 23 months overall.

因此，總共有 23 個月。

That will be about $50 million pre tax to membership income line.

這將是大約 5000 萬美元的稅前會員收入線。

I'm sure there will be some offset in terms of what we do in terms of competitive pricing and everything.

我敢肯定，我們在有競爭力的價格和一切方面所做的工作會有一些抵消。

Before continuing down the income statement line items, let me spend a minute updating you on our transition from American Express to Citi Visa in the US and Puerto Rico.

在繼續介紹損益表項目之前，讓我花一分鐘時間向您介紹我們在美國和波多黎各從美國運通到花旗 Visa 的過渡情況。

As I mentioned, this took place on June 20, the beginning of the seventh week into the fiscal fourth quarter.

正如我提到的，這發生在 6 月 20 日，即第四財季第七週的開始。

Beginning June 20, we stopped accepting American Express at all US and Puerto Rico Costcos and on Costco.com and begin accepting all Visa cards, including, of course, the new Citi Visa Anywhere card.

從 6 月 20 日開始，我們停止在美國和波多黎各的所有 Costcos 以及 Costco.com 上接受美國運通卡，並開始接受所有 Visa 卡，當然包括新的 Citi Visa Anywhere 卡。

It was a lot of effort and, as you know, there were a few operational glitches during the first few weeks after the cut over.

這是一項巨大的努力，而且如您所知，在切換後的最初幾週內出現了一些操作故障。

We're now past that.

我們現在已經過去了。

And more importantly, the new card is fantastic for our members.

更重要的是，這張新卡對我們的會員來說非常棒。

In terms of increased cash back rewards, we estimate it's about a 40% to 50% improvement in the reward program, which was already previously a very good reward program to the members using the Citi Visa Anywhere card.

在增加的現金返還獎勵方面，我們估計獎勵計劃提高了 40% 到 50%，這在以前對於使用 Citi Visa Anywhere 卡的會員來說已經是一個非常好的獎勵計劃。

And it's also great for us, in terms of driving member value and sales over the next years, and of course, lowering our effective cost of accepting credit and debit cards.

這對我們來說也很好，在未來幾年推動會員價值和銷售，當然，降低我們接受信用卡和借記卡的有效成本。

In terms of improved cash back member rewards, our former card provided a 3% cash back on gas, 2% on restaurant and travel, and 1% everywhere else, including everywhere at Costco other than the gas.

在提高現金返還會員獎勵方面，我們以前的卡提供 3% 的加油現金返還，2% 的餐廳和旅行現金返還，以及 1% 的其他任何地方，包括 Costco 除了加油站以外的所有地方。

With the new Citi Visa Anywhere card, 3% on gas now is 4%, 2% on restaurant and travel is now a 3%, and probably the most significant rewards improvement in terms of the total bucket here is the previous 1% reward on all other Costco purchases doubled from the previous 1% cash back rewards now to 2%.

使用新的 Citi Visa Anywhere 卡，3% 的汽油現在是 4%，2% 的餐廳和旅行現在是 3%，就這裡的總桶而言，最顯著的獎勵改進可能是以前的 1% 獎勵所有其他 Costco 購買的現金返還獎勵從以前的 1% 現在翻了一番到 2%。

We think this is big, and it's even bigger for our Executive Members, who are also earning a 2% reward from us on most Costco purchases.

我們認為這很重要，對於我們的執行會員來說更是如此，他們在 Costco 的大多數購買中也從我們這裡獲得 2% 的獎勵。

So combined, an Executive Member using the new card, with just a few exceptions, will earn 4% back at Costco.

因此，除了少數例外，使用新卡的執行會員將在 Costco 賺取 4% 的返利。

We think that's exciting and we think it will be good for our business over the next several years.

我們認為這很令人興奮，我們認為這對我們未來幾年的業務有好處。

Lastly, for all other purchases outside of Costco on the card, it will remain at a 1% cash back reward.

最後，對於卡上 Costco 以外的所有其他購買，將保持 1% 的現金返還獎勵。

A few basic stats on the new card.

新卡的一些基本統計數據。

Approximately 11.4 million American Express co-branded cards, representing just under 7.5 million accounts, were transferred over to Citi during the conversion.

在轉換過程中，約有 1140 萬張美國運通聯名卡（代表近 750 萬個賬戶）被轉移到花旗。

Nearly 85% of those cards we considered active, that is, the card had been used for purchases over the previous 60 days.

我們認為這些卡中有近 85% 是活躍的，也就是說，該卡在過去 60 天內曾用於購買。

Currently, over 85% of the accounts transferred over have now been activated with Costco.

目前，超過85%的轉賬賬戶已經在Costco激活。

And since June 20, in just the past many weeks, 1.1 million members have applied for the new card and over 730,000 new accounts have been activated, or a little over 1 million additional Citi Visa cards in circulation.

自 6 月 20 日以來，在過去的幾週內，已有 110 萬會員申請了新卡，並激活了超過 730,000 個新賬戶，即流通的 Citi Visa 卡略多於 100 萬張。

It's still early.

現在還早。

We launched only 14 weeks ago.

我們僅在 14 週前推出。

But so far, we're beating our initial expectations in terms of conversion, usage and new sign-ups to the card.

但到目前為止，我們在卡片的轉換、使用和新註冊方面超出了我們最初的預期。

In terms of gross margin, our reported gross margin was higher year-over-year in the fourth quarter by 28 basis points, up from 11.14% a year ago to 11.42%.

就毛利率而言，我們報告的第四季度毛利率同比增長 28 個基點，從一年前的 11.14% 上升至 11.42%。

I'll let you jot down the normal numbers that I ask you to jot down.

我會讓你記下我要求你記下的正常數字。

We'll have four columns, reported and without gas deflation, Q3 2016 and Q3 2016 would be the first two columns.

我們將有四列，報告且沒有天然氣通縮，2016 年第三季度和 2016 年第三季度將是前兩列。

The third and fourth columns would both be Q4 2016 and also reported in without gas depreciation.

第三列和第四列都是 2016 年第四季度的數據，並且在沒有天然氣折舊的情況下進行報告。

The core merchandise in Q3 on a reported basis was higher year-over-year by 16 basis points.

根據報告，第三季度的核心商品同比增長 16 個基點。

Without gas deflation, down 2 basis points year-over-year.

沒有天然氣通縮，同比下降 2 個基點。

In the fourth quarter, up 29 basis points of this in 2016; and again, ex gas deflation, up 9 basis points.

第四季度，比 2016 年上漲 29 個基點；再一次，排除天然氣通貨緊縮，上漲 9 個基點。

Ancillary businesses in Q3, plus 9 and plus 4 reported and without deflation.

第三季度的輔助業務，plus 9 和 plus 4 報告沒有通貨緊縮。

And in Q4 2016, ancillary businesses have reported minus 4, and minus 9 without gas deflation.

在 2016 年第四季度，輔助業務報告為負 4 和負 9（沒有天然氣通縮）。

2% reward, a zero and a plus 2 in Q3, and a minus 2 and a zero in Q4.

2％的獎勵，Q3 為零和正 2，Q4 為負 2 和零。

LIFO, plus 2 and plus 2; and in Q4 2016 -- I'm sorry plus 5 and plus 4. Other, in Q3 2016 both, columns had a plus 7, and in Q4, no issue, a zero on zero.

LIFO，加 2 加 2；在 2016 年第 4 季度——我很抱歉加 5 和加 4。其他，在 2016 年第 3 季度，這兩個列都有加 7，而在第 4 季度，沒問題，零對零。

So all told, and reported on a year-over-year basis in Q3 of 2016 compared to the prior Q3, up 34 basis points on a reported basis and up 13 on a ex-gas deflation basis.

綜上所述，2016 年第三季度與上一季度相比，同比增長 34 個基點，在排除天然氣通縮的基礎上增長 13 個基點。

This year in the fourth quarter, of course, you saw the 28 basis point up.

當然，今年第四季度，您看到了 28 個基點的上漲。

That would have been plus 4, ex gas deflation.

那本來是加 4，不包括天然氣通貨緊縮。

I might add that the plus 7 a year ago -- I'm sorry, in Q3 -- that was simply a one-time legal settlement that benefited margin.

我可能會補充說，一年前的 plus 7——對不起，在第三季度——這只是一次有利於保證金的一次性法律和解。

As you can see overall, again, our margin was higher by 28.

如您所見，總體而言，我們的利潤率再次高出 28 倍。

But without gas, plus 4. The core merchandise component that you see that I just mentioned, the plus 29, or the plus 9 ex-gas deflation, that's the thing I'll focus on to start with.

但是沒有汽油，plus 4。你看到我剛才提到的核心商品組件，plus 29，或 plus 9 ex-gas 通貨緊縮，這就是我要開始關注的事情。

Our core gross margins, which is fresh foods, food sundries, hardlines, softlines and fresh foods, as a percentage of their own sales were higher year-over-year in the quarter by 12 basis points, with food and sundries and hardlines showing higher year-over-year gross margins slightly, softlines being about flat year-over-year, and fresh foods being ever so slightly down year-over-year.

我們的核心毛利率，即新鮮食品、食品雜貨、硬線、軟線和新鮮食品，佔其自身銷售額的百分比在本季度同比增長 12 個基點，其中食品和雜貨以及硬線的毛利率更高毛利率同比略有下降，軟線同比持平，生鮮食品同比略有下降。

Ancillary and other business gross margins were down 4 basis points, ex gas deflation down 9, all a functional of lower year-over-year gas profits, and as discussed earlier in the call.

輔助和其他業務毛利率下降了 4 個基點，不包括天然氣通貨緊縮下降 9 個基點，這都是天然氣利潤同比下降的結果，正如電話會議早些時候所討論的那樣。

But excluding gas, all other ancillary and other businesses' gross margins as a percent of their own sales were up 6 basis points.

但不包括天然氣，所有其他輔助業務和其他業務的毛利率佔其自身銷售額的百分比上升了 6 個基點。

So margins were fine in the quarter overall.

因此，整個季度的利潤率都很好。

And again, LIFO added 4 basis points to the equation.

同樣，後進先出法在等式中增加了 4 個基點。

In terms of SG&A expenses, for the quarter year-over-year we were up 34 basis points, coming in at a 10.34 versus a 10.00 a year ago.

在 SG&A 費用方面，本季度同比增長 34 個基點，達到 10.34，而一年前為 10.00。

And again, that 34, I'll have you jot down a couple of numbers.

再一次，那個 34，我會讓你記下幾個數字。

That 34, ex gas deflation, is a minus 13 -- or higher by 13, not higher by 34.

34，不包括氣體通貨緊縮，是負 13——或高出 13，而不是高出 34。

Again, the same four columns, Q3 2016 for reported and Q3 2016 without gas, and the same two column headings for Q4 2016 and Q4 2016.

再次，相同的四列，2016 年第三季度報告和 2016 年第三季度無氣體，以及 2016 年第四季度和 2016 年第四季度的相同兩個列標題。

Core operations, minus 24 basis points -- and a minus means higher -- higher by 24 basis points in Q3 2016 on a reported basis, higher by 8 ex gas deflation.

核心業務，負 24 個基點——負意味著更高——在 2016 年第三季度報告的基礎上提高了 24 個基點，高出 8 個天然氣通貨緊縮。

In the fourth quarter, higher by 24 and higher by 6. Central, higher by 6 and higher by 4 in Q3; and then in Q4, higher by 9 and higher by 7, ex gas deflation.

四季度上漲24家，上漲6家。中環上漲6家，第三季度上漲4家；然後在第 4 季度，高 9 高 7，不包括天然氣通貨緊縮。

Stock compensation, higher by 3 and higher by 2 in the third quarter, and higher by 1 and flat in the Q4 columns.

股票薪酬，第三季度上漲 3 點，上漲 2 點，第四季度上漲 1 點，持平。

Then total reported in Q3 2016 compared to Q3 2015, on a reported, SG&A was higher by 33, but really higher by 14 ex gas deflation, and the higher by 34 this time was higher by 13.

然後 2016 年第三季度的總報告與 2015 年第三季度相比，在一份報告中，SG&A 高出 33，但實際上高出 14，不包括天然氣通貨緊縮，這次高出 34，高出 13。

So not that different, looking at it that way.

所以並沒有那麼不同，以這種方式看待它。

The operations component, the minus 6 core operations ex gas deflation, that consisted of higher payroll and benefits, partly due to the slightly weaker sales and the deflation, particularly in fresh, that impacts that number, somewhat offset by a variety of other controllable expense improvements, in particular, lower year-over-year bank fees as a result of the AmEx - Citi Visa switch during the quarter.

運營部分，即天然氣通貨緊縮前的負 6 核心業務，包括更高的工資和福利，部分原因是銷售略微疲軟和通貨緊縮，特別是新鮮的通貨緊縮，影響了這個數字，在一定程度上被各種其他可控費用所抵消改進，特別是由於本季度 AmEx - Citi Visa 轉換導致銀行費用同比下降。

Central expense was higher year-over-year by 9, 7 ex gas.

中央費用同比增加 9, 7 ex gas。

Increased IT spending related to modernization, that was 4 of those 7. And a couple other basis points higher from a few small legal settlements in the quarter.

與現代化相關的 IT 支出有所增加，佔 7 項中的 4 項。本季度的一些小額法律和解也增加了其他幾個基點。

And again, stock compensation was really not an issue year-over-year.

再一次，股票薪酬與去年同期相比確實不是問題。

Next on the income statement, pre opening, pretty much in line with openings themselves.

接下來是損益表，開盤前，與開盤本身幾乎一致。

Last year, we had $27 million pre opening expense; this year, $3 million lower, or $24 million.

去年，我們有 2700 萬美元的開業前費用；今年減少了 300 萬美元，即 2400 萬美元。

Last year in the quarter, we had 13 openings; this year in the quarter, we had 11, which includes that relo, pretty much in line again with what we would expect.

去年本季度，我們有 13 個職位空缺；今年本季度，我們有 11 個，其中包括 relo，這與我們的預期非常一致。

All told, operating income in the fourth quarter came in at $1.191 billion, which is $35 million higher, or 3% higher year-over-year than last year's $1.156 billion.

總而言之，第四季度的營業收入為 11.91 億美元，比去年的 11.56 億美元增加了 3500 萬美元，同比增長 3%。

Below the operating income line, interest expense in the fourth quarter came in at $39 million this year versus $40 million last year, essentially flat year-over-year, essentially the same amount of debt outstanding at the various interest rates.

在營業收入線以下，今年第四季度的利息支出為 3900 萬美元，而去年為 4000 萬美元，同比基本持平，在不同利率下未償債務的數量基本相同。

Interest income and other was lower year-over-year by $11 million in the quarter, coming in at $29 million versus $40 million a year ago.

本季度利息收入和其他收入同比減少 1100 萬美元，為 2900 萬美元，而一年前為 4000 萬美元。

Actual interest income was higher year-over-year -- I'm sorry, was a little lower year-over-year.

實際利息收入同比增加——對不起，同比略低。

The big difference was the other category, which was $16 million, primarily various FX transactions.

最大的不同是另一類，為 1600 萬美元，主要是各種外匯交易。

This year in the fourth quarter, if I'd added up all the various FX, which is marking to market items in FX from foreign exchange contracts, we made about $11 million pre tax.

今年第四季度，如果我將所有不同的外匯加起來，即從外匯合約中按市場計價的外匯項目，我們的稅前收入約為 1100 萬美元。

A year ago, it was a little outsized.

一年前，它有點過大。

We made $26 million.

我們賺了 2600 萬美元。

That generally fluctuates.

這通常是波動的。

Usually, it's plus or minus $5 million, sometimes a little more up or less.

通常，它是正負 500 萬美元，有時會多一點或少一點。

Overall, pretax income was higher by 2%, or $25 million higher, coming in at $1.181 billion.

總體而言，稅前收入增加了 2%，即增加了 2500 萬美元，達到 11.81 億美元。

In terms of taxes, I mentioned that earlier, both fiscal fourth quarters, this year and last year, each benefited by about $0.05 per share from various positive items.

在稅收方面，我之前提到過，今年和去年的第四財季，每個季度都從各種積極項目中獲益約每股 0.05 美元。

And excluding these items, the normalized rate this year was still up about 0.06% from a year earlier.

不包括這些項目，今年的標準化利率仍比去年同期上升約 0.06%。

And again, net income, coming in at $779 million for the fiscal quarter, was up 2% from a year ago.

同樣，本財季的淨收入為 7.79 億美元，同比增長 2%。

A quick rundown of some other topics.

一些其他主題的快速概述。

In this afternoon's release, we provided you balance sheet information.

在今天下午的新聞稿中，我們為您提供了資產負債表信息。

One thing that is not on the balance sheet that I'm always asked about is depreciation and amortization.

我經常被問到的資產負債表上沒有的一件事是折舊和攤銷。

For the fourth quarter, that came in at $408 million.

第四季度的收入為 4.08 億美元。

And for the entire fiscal year, D&A came in at $1.255 billion.

在整個財政年度，D&A 的收入為 12.55 億美元。

One thing that looked perhaps a little odd on the balance sheet was cash levels and accounts payable and the like.

資產負債表上看起來有點奇怪的一件事是現金水平和應付賬款等。

That has to do with modernization and switching our basic accounting platform over.

這與現代化和轉換我們的基本會計平台有關。

This has been a two-plus year effort.

這是兩年多的努力。

It was installed.

它已安裝。

And it's really the platform that a lot of the legacy systems will now sit on as we continue to develop them over the next couple of years.

隨著我們在未來幾年繼續開發它們，它確實是許多遺留系統現在所處的平台。

Not only was it a big effort, it was an expensive effort.

這不僅是一項巨大的努力，而且是一項代價高昂的努力。

But nonetheless, to make sure that we had an extra week at the beginning, since this [Soo] system went in on day one, anything that was set up in the system, any merchandise or other payables that were set up in our system to be paid during week one of the new fiscal year, we prepaid a week early, up to a week early, the prior Friday, I believe.

但是儘管如此，為了確保我們在開始時有額外的一周，因為這個 [Soo] 系統在第一天就投入使用，系統中設置的任何東西，我們系統中設置的任何商品或其他應付款項在新財政年度的第一周支付，我們提前一周預付，最多提前一周，我相信是在周五之前。

And so we paid about $1.7 billion extra in week 52 of this past fiscal year.

因此，我們在上一財年的第 52 週額外支付了約 17 億美元。

And that's why you'll see the cash levels down and the payables levels down associated with that.

這就是為什麼您會看到現金水平下降以及與之相關的應付賬款水平下降的原因。

So again, one of the statistics we always share with you is accounts payable as a percent of inventory.

同樣，我們經常與您分享的統計數據之一是應付賬款佔庫存的百分比。

Last year fourth quarter end on a reported basis, it was 101%.

根據報告，去年第四季度末為 101%。

What you'll see now is 85%.

您現在看到的是 85%。

But again, taking out that $1.7 billion, it's 104%, actually a slight improvement in our payables ratio.

但同樣，除去那 17 億美元，它是 104%，實際上我們的應付比率略有改善。

And excluding construction payables and other types of non-merchandise payables, last year it was an 89%, again on what I'll call a normalized basis.

不包括建築應付賬款和其他類型的非商品應付賬款，去年是 89%，我稱之為標準化基礎。

Assuming we hadn't prepaid the $1.7 billion of payables, the 89% would have been up a couple of percentage points to 91%.

假設我們沒有預付 17 億美元的應付款項，則 89% 會上升幾個百分點至 91%。

So seem to be managing that okay.

所以似乎管理得很好。

In terms of average inventory per warehouse, last year at fourth quarter end, it stood at exactly $13 million per warehouse.

就每個倉庫的平均庫存而言，去年第四季度末，每個倉庫恰好為 1300 萬美元。

This year came in at just slightly over $12.5 million, or about $460,000 lower, or 3% lower.

今年的收入略高於 1250 萬美元，或減少約 460,000 美元，或減少 3%。

Really, lower per warehouse inventory is pretty much spread across many categories, including the impact of deflation in many of the food and fresh departments, as well as electronics.

實際上，每個倉庫庫存較低的情況幾乎分佈在許多類別中，包括通貨緊縮對許多食品和生鮮部門以及電子產品的影響。

A little bit of it has to do with FX.

其中一點與外匯有關。

But most of it is just coming down a little bit on inventory levels.

但其中大部分只是庫存水平略有下降。

In terms of CapEx, in Q4 we spent approximately $850 million.

在資本支出方面，我們在第四季度花費了大約 8.5 億美元。

And for all of FY16, we came in at $2.6 billion.

整個 2016 財年，我們的收入為 26 億美元。

That $2.6 billion, by the way, compares to $2.4 billion for the prior fiscal year in 2015.

順便說一下，這 26 億美元與 2015 年上一財年的 24 億美元相比。

Our estimate for FY17 CapEx is in the range of $2.6 billion to 2.8 billion, so about the same level as compared to last year, perhaps a little higher.

我們對 2017 財年資本支出的估計在 26 億美元至 28 億美元之間，因此與去年相比水平大致相同，或許略高。

It depends on timing.

這取決於時機。

Next, Costco online.

接下來，Costco在線。

We're currently in the United States, Canada, UK, Mexico and more recently launched in Korea and Taiwan.

我們目前在美國、加拿大、英國、墨西哥開展業務，最近在韓國和台灣推出。

For the fourth quarter, sales and profits were up year-over-year.

第四季度，銷售額和利潤同比增長。

Total sales were up 12% in the quarter,13% ex FX.

本季度總銷售額增長 12%，不含匯率因素後增長 13%。

And for all of 2016, 15% reported and plus 17 ex FX.

在 2016 年全年，15% 的報告外加 17 個 ex FX。

On a comp basis, for the quarter we were up 10% reported and 11% excluding FX; and for the year, 14% and 17%.

在比較的基礎上，本季度我們報告了 10%，不包括外彙在內增長了 11%；全年分別為 14% 和 17%。

Next discussion in terms of expansion, as I mentioned, in terms of net new locations this year, we opened 29.

下一步關於擴張的討論，正如我提到的，就今年的淨新地點而言，我們開了 29 家。

That's up from 23 openings in all of 2015.

這高於 2015 年全年的 23 個職位空缺。

This current year, we've got in our budget 31 net openings, but 3 of them are relos.

今年，我們的預算中有 31 個淨空缺，但其中 3 個是 relos。

So something certainly in the high 20s, but I think our current best guess is the 31.

所以肯定在 20 多歲左右，但我認為我們目前最好的猜測是 31。

If you look back over the last couple of years, the 23 we opened in 2015, that represented about a 3.5% square footage growth.

如果回顧過去幾年，我們在 2015 年開業的 23 家酒店面積增長了約 3.5%。

In FY16, the 29 units recognizing they tend to be a little bigger and we've also expanded a few units, it's about 4.5% square footage growth.

在 2016 財年，這 29 個單位意識到它們往往更大一些，我們也擴大了一些單位，大約增長了 4.5% 平方英尺。

And in 2017, assuming we got to 31, that would be in the low to mid 4s, as well, in terms of percentage of square footage growth.

在 2017 年，假設我們達到 31，那麼就建築面積增長百分比而言，這也將處於 4 的中低水平。

Our planned FY17 locations, assuming the 31 number, would be 17 in the US, 7 in Canada, and one each in Taiwan, Korea, Japan, Australia, Mexico, France, our first in France, and also a unit in Iceland.

我們計劃的 2017 財年地點，假設是 31 個，美國 17 個，加拿大 7 個，台灣、韓國、日本、澳大利亞、墨西哥、法國各有一個，我們的第一個在法國，還有一個在冰島。

And both France and Iceland are currently targeted for mid to late spring, late spring in calendar 2017.

法國和冰島目前的目標是在 2017 年的春季中後期和晚春。

And as we know, sometimes these may slip, but that's our best guess at this point.

正如我們所知，有時這些可能會失誤，但這是我們目前最好的猜測。

Note again that these are our first locations in France and Iceland, and we look forward to seeing some of you over there.

再次請注意，這是我們在法國和冰島的第一家分店，我們期待在那裡見到你們中的一些人。

As of fourth quarter end, total square footage stood at 103.2 million square feet.

截至第四季度末，總建築面積為 1.032 億平方英尺。

In terms of common stock repurchases for the fourth quarter, we purchased $131 million worth of stock, or 856,000 shares, at an average price at just over $153 a share.

在第四季度的普通股回購方面，我們以每股略高於 153 美元的平均價格購買了價值 1.31 億美元的股票，即 856,000 股。

For all of FY16, we purchased $477 million of stock.

在整個 2016 財年，我們購買了 4.77 億美元的股票。

That compares to $493 million in 2015 and $333 million in 2014.

相比之下，2015 年為 4.93 億美元，2014 年為 3.33 億美元。

In terms of dividends, our current quarterly dividend stands at $0.45 a share.

在股息方面，我們目前的季度股息為每股 0.45 美元。

We increased that this past spring, a few months ago.

幾個月前，我們在去年春天增加了這一數量。

That was a 12.5% increase from the prior quarterly and annual rate.

這比之前的季度和年率增長了 12.5%。

So this year, at $0.45 a quarter, this yearly $1.80 a share dividend represents an annual cost to the Company of just under $800 million.

因此，今年每季度 0.45 美元，今年每股 1.80 美元的股息代表公司的年度成本略低於 8 億美元。

Next Wednesday, October 5, at 6 PM Pacific time, we will announce our September sales results for the five-week period ending Sunday, October 2, this coming Sunday.

下週三，即 10 月 5 日太平洋時間下午 6 點，我們將在下週日公佈截至 10 月 2 日週日的五週期間的 9 月份銷售結果。

This five-week period will include 34 selling days in the US and Canada, recognizing the closure of business in observance of Labor Day in those two countries.

這五週期間將包括美國和加拿大的 34 個銷售日，以確認這兩個國家為慶祝勞動節而關閉的業務。

Lastly, our FY17 first quarter results for the 12 weeks ending November 20, we will do it as we've done this time.

最後，我們將在截至 11 月 20 日的 12 週內公佈 2017 財年第一季度業績，我們將像這次那樣做。

We will report shortly after the market close on Wednesday, December 7, with the earnings call that afternoon at 2:00.

我們將在 12 月 7 日星期三收市後不久發布財報，當天下午 2:00 召開財報電話會議。

With that, Amanda, I will turn it back to you for Q&A.

有了這個，阿曼達，我會把它還給你進行問答。

My pleasure.

我的榮幸。

(Operator Instructions)

（操作員說明）

And your first question comes from John Heinbockel.

你的第一個問題來自 John Heinbockel。

Richard, let me start with expansion.

理查德，讓我從擴張開始。

I think you said seven in Canada.

我想你在加拿大說了七個。

Was that right?

是這樣嗎？

Yes.

是的。

So not in recent years have you opened that many in Canada.

所以不是最近幾年你在加拿大開了那麼多。

What drove that?

是什麼驅使它？

Some unique real estate opportunities?

一些獨特的房地產機會？

Does cannibalization pick up over the next year in Canada?

明年加拿大的自相殘殺會加劇嗎？

And then tying that back to the US, when you think about where you sit today, if you've really done any deeper thinking about what the saturation level in the US could be beyond where we sit today?

然後將其與美國聯繫起來，當您考慮今天的坐姿時，如果您真的更深入地思考美國的飽和水平可能會超出我們今天的坐姿？

Well, first of all, in Canada, I think it's a couple reasons.

嗯，首先，在加拿大，我認為有幾個原因。

If you think back five or so years ago, or even 10 years ago, when we had probably 65, 70 units, we thought the market might be 90 one day.

如果你回想五年前，甚至 10 年前，當我們可能有 65、70 個單位時，我們認為市場可能有一天會達到 90 個。

And today we have 90 or 91, and we think that it will certainly be over 100, and we keep adding a few to that concept.

今天我們有 90 或 91 個，我們認為它肯定會超過 100 個，並且我們不斷向該概念添加一些。

I think the fact that we're opening so many right now has to do as much with very strong sales over the last few years.

我認為我們現在開這麼多店的事實與過去幾年非常強勁的銷售有很大關係。

We've been enjoying 5% to 9% comps in local currency in each of the last few years up there.

在過去的幾年裡，我們每年都享受當地貨幣 5% 到 9% 的補償。

And so it keeps getting stronger.

所以它越來越強大。

And just like in the US, even in mature markets, we find that we can -- while there will be some cannibalization, the net business that's added when we open a unit, even though it's cannibalizing, net of cannibalization, we'll find that existing members will then be shopping more frequently because they're closer.

就像在美國，即使在成熟市場，我們發現我們可以——雖然會有一些蠶食，當我們開設一個單位時增加的淨業務，即使它是蠶食，蠶食淨額，我們會發現現有會員會更頻繁地購物，因為他們離得更近了。

And so I think it's a combination of those things.

所以我認為這是這些事情的結合。

And I don't know what the new five or 10-year guesstimate is in Canada.

我不知道加拿大新的 5 年或 10 年預測是多少。

I don't think we're going to open seven a year.

我認為我們不會一年開七次。

But once we decided to go to look and see where we're going and how strong we've been, this is the result of probably an effort that started over a year ago to put a few more in the pipeline up there.

但是，一旦我們決定去看看我們要去哪里以及我們有多強大，這可能是一年多前開始的一項努力的結果，目的是在那裡增加更多的管道。

In terms of the US, I think the same story holds true.

就美國而言，我認為同樣的故事也是如此。

If you had asked us five or so years ago, by now how many would be in the US versus outside the US, and we would have said probably we'd be down from 75% or 80% in the US to 50% and heading south of there as we saturate.

如果您在大約五年前問我們，那麼現在有多少人在美國，而在美國以外，我們會說我們可能會從美國的 75% 或 80% 下降到 50% 並朝著我們飽和時在南邊。

We have found in the US that we can put more units in existing markets.

我們在美國發現我們可以在現有市場投放更多的單位。

I think in a couple of months, we're getting ready to open our 17th or so unit in the Puget Sound, having opened our 16th or so unit less than a year ago.

我想幾個月後，我們準備在普吉灣開設我們的第 17 個左右的單元，不到一年前我們開設了第 16 個左右的單元。

The other thing, of course, in the US that we have perhaps upped our expectation is markets that five or so years ago we did not think we'd have any near-term interest in considering, medium size markets where other direct competition was there.

當然，在美國，我們可能提高了預期的另一件事是市場，大約五年前我們認為我們不會有任何近期興趣考慮其他直接競爭存在的中等規模市場.

And what we have found is is we've done pretty well when we go to these markets.

我們發現，當我們進入這些市場時，我們做得很好。

Now some of these markets are smaller and it takes a little longer, but there is clearly an opportunity for us there.

現在其中一些市場較小，需要更長的時間，但顯然我們在那裡有機會。

And as we've gone into Tulsa and New Orleans and Birmingham and Rochester and Toledo, these are markets that, again, weren't high on the radar seven or eight years ago.

當我們進入塔爾薩、新奧爾良、伯明翰、羅切斯特和托萊多時，這些市場在七八年前再次受到關注。

And what we've seen is, is that our deal works.

我們所看到的是，我們的交易奏效了。

The last thing, of course, includes adding to some of the business centers.

當然，最後一件事包括增加一些商務中心。

For many years, we only had six or eight or so business centers.

多年來，我們只有六個或八個左右的業務中心。

We opened four last year, to be at 11.

我們去年開了四家，現在是 11 家。

And we're planning to open four this year, to be at 15, including our first business center in Canada.

我們計劃今年開設四家，達到 15 家，其中包括我們在加拿大的第一家商務中心。

So again, that adds a few in both the Canada question and the US question, it includes that opportunity on a small basis.

因此，這再次在加拿大問題和美國問題中增加了一些，它在一個小的基礎上包括了這個機會。

An aside on that is, as I mentioned, I think two of the four relos this year -- two of the four business center openings this year were relos, one back in many of your neck of the woods, when we took an older, smaller parking lot, no gas station, Hackensack Costco and relocated it to Teterboro nearby, where the big size unit, with lots of great parking, great ingress and egress, and a gas station, and converted the Hackensack unit into a business center.

除此之外，正如我提到的，我認為今年四個 relos 中的兩個 - 今年四個商務中心開放中的兩個是 relos，一個在你的許多脖子上，當我們拿了一個更老的，較小的停車場，沒有加油站，Hackensack Costco 並將其搬遷到附近的 Teterboro，那裡的大型單位，有很多很棒的停車場，入口和出口都很好，還有一個加油站，並將 Hackensack 單位改造成商務中心。

So just a small additional benefit in terms of having a use for units as we move some of those to bigger locations.

因此，當我們將其中一些移動到更大的位置時，就使用單元而言，這只是一個小的額外好處。

So all that's, I think, been part of it.

所以我認為，所有這些都是其中的一部分。

All right.

好的。

And lastly, have you finalized or thought about the percentage of the AmEx to Visa benefit that you're going to get, how much you keep versus providing that back to members?

最後，您是否最終確定或考慮過您將獲得的 AmEx 與 Visa 利益的百分比，您保留多少與將其返還給會員？

When you think about putting it back to members, when you think about price, labor and/or service and then maybe product development, where is the most lucrative place to reinvest?

當您考慮將其返還給會員時，當您考慮價格、勞動力和/或服務以及產品開發時，再投資最有利可圖的地方在哪裡？

And I don't know if it would be price.

我不知道這是否會是價格。

But is it something like product development and pushing the envelope more on Kirkland?

但這是否類似於產品開發和在 Kirkland 上更進一步？

Well, some of those things that you threw out as possible ways to use parts of this bucket of money, we do all those anyway.

好吧，你扔掉的一些東西作為使用這桶錢的一部分的可能方式，我們無論如何都會做所有這些。

I think probably the best, simplest answer is that just like when we buy a physical product better, lower, whether it's lower freight, greater purchasing power, or greater production efficiencies or whatever we figure out with our supplier, we generally want to take 80% or 90% of that, the vast majority of it, and give it back to the customer in terms of lower price.

我認為最好、最簡單的答案可能是，就像當我們以更好、更低的價格購買實物產品時，無論是運費更低、購買力更強、生產效率更高，還是我們與供應商達成的任何協議，我們通常都希望獲得 80 % 或 90%，絕大部分，然後以較低的價格返還給客戶。

Because that's what drives us and drives our business.

因為這就是推動我們和推動我們業務發展的動力。

And if we do it more next year, we'll give 80% or 90% of that back.

如果明年我們做得更多，我們將回饋其中的 80% 或 90%。

And it's not an exact number, but it's well closer to 80% or 90% than not.

這不是一個確切的數字，但它比沒有更接近 80% 或 90%。

That same MO and philosophy occurred here.

同樣的 MO 和理念也發生在這裡。

So when we sat down and negotiated all the various levers that relate to what I call this bucket of money, there's lots of ways one can use it.

因此，當我們坐下來協商與我所說的這一桶錢相關的所有各種槓桿時，人們可以通過多種方式使用它。

Most importantly, by improving the reward on the card to the member that's going to utilize it, and that will drive value to that member and loyalty to us and also more business to us.

最重要的是，通過提高卡上對將要使用它的會員的獎勵，這將為該會員帶來價值和對我們的忠誠度，並為我們帶來更多業務。

And secondly, what's left over, and when we originally did it, we did it such that we're going to keep a small amount of it.

其次，剩下的，當我們最初做的時候，我們這樣做是為了保留少量。

Now to the extent, we're not going to change the rewards program every afternoon if we see that there's more money in the bucket.

現在就某種程度而言，如果我們看到桶裡有更多的錢，我們不會每天下午都更改獎勵計劃。

So that will additionally accrue to us, but it's not changing what we're doing with it.

所以這將額外增加給我們，但它不會改變我們正在用它做的事情。

We're going to still do those other things.

我們仍將做其他事情。

So again, I think over time, we'll look at it.

所以，我想隨著時間的推移，我們會再看看它。

And you can rest assured, in a few years, if the success of the card and the economics of the card to us, we're not going to allow ourselves to keep a lot of an extra.

你可以放心，在幾年內，如果卡片的成功和卡片的經濟性對我們來說，我們不會讓自己保留很多額外的東西。

But we start with a small amount of a big bucket is good.

但是我們先從少量大桶開始是好的。

And if it's a little better, because the card is working in directions that are even better than we expected, that's good.

如果它好一點，因為這張卡的工作方向比我們預期的還要好，那就太好了。

And we're still going to do those other things anyway.

無論如何，我們仍將做其他事情。

Okay.

好的。

Thank you.

謝謝。

And your next question comes from [Simone Gusman].

你的下一個問題來自 [Simone Gusman]。

Thanks, guys.

多謝你們。

Simeon Gutman.

西蒙·古特曼。

Richard, thinking about the top line, we're on the verge of cycling some of the worst of food deflation.

理查德，考慮到頂線，我們正處於循環一些最嚴重的食品通貨緊縮的邊緣。

I know you mentioned it's picking up a little, and then some of the traffic that the business got on the gas side, and I think the tobacco headwinds you mentioned, there's still a little more to go.

我知道你提到它有點回升，然後是天然氣方面的一些業務，我認為你提到的煙草逆風，還有更多的路要走。

First, is that fair that we're on the verge of a cycling that?

首先，我們正處於騎自行車的邊緣，這公平嗎？

And then if we are, should we expect a pick up in the business from a top line?

然後，如果我們是，我們是否應該期望業務從頂線開始回升？

Are you expecting the pick up?

你期待接機嗎？

Just curious how you think about that.

只是好奇你是怎麼想的。

What was the last part of the question, Simeon?

問題的最後一部分是什麼，Simeon？

Should we see the business inflect from a top line as some of these deflation/top line headwinds abate?

隨著其中一些通貨緊縮/頂線逆風減弱，我們是否應該看到業務從頂線發生變化？

I think, first of all, I think there's another -- first of all, when I ask different buyers in different merchandise categories, their view is it's going to be three to six more months.

我認為，首先，我認為還有另一個 - 首先，當我詢問不同商品類別的不同買家時，他們的觀點是還需要三到六個月。

Recognizing these are also guesses, perhaps educated.

認識到這些也是猜測，也許是受過教育的。

Unless you know that something specifically is happening, like you're anniversarying the bird flu or you're anniversarying really high feed prices on the commodity side, sometimes there's a little more predictability on that side.

除非你知道有什麼特別的事情正在發生，比如你是禽流感週年紀念日，或者你是商品方面非常高的飼料價格週年紀念日，有時在這方面會有更多的可預測性。

But beyond that, I would say probably best guess is five or six months of continued deflation at these newer levels, in some cases.

但除此之外，我想說，在某些情況下，最好的猜測可能是在這些新水平上持續通貨緊縮五到六個月。

Gas, who the heck knows?

煤氣，誰知道呢？

(Inaudible) What?

（聽不清）什麼？

Bob is here.

鮑勃在這裡。

Barring any major changes out there, you'd see an inflection point probably in -- late fall?

除非那裡有任何重大變化，否則您可能會在深秋看到一個拐點？

So that's a few months.

所以這是幾個月。

That sounds like a definite maybe.

這聽起來像是一個確定的也許。

If you take the deflation in the food categories, if you take some of the deflation maybe in electronics, or do this analysis of looking at the units versus the sales, what is that delta, if you put it all together, your best guess at that?

如果你在食品類別中採取通貨緊縮，如果你在電子產品中採取一些通貨緊縮，或者做這個查看單位與銷售額的分析，那個三角洲是什麼，如果你把它們放在一起，你最好的猜測是那？

I'd have to get back to you on that.

我必須就此回复你。

And I'd give you some sound points, if you will.

如果你願意，我會給你一些聲音點。

There are some examples, particularly like in meats, we see them every month at the budget meeting where we will have literally a 10 or so percentage point drop in the price per pounds, and a 3% or 4% or 5% increase in labor productivity per pounds and less efficiency, because of the fact that the price per pound went down much more than that.

有一些例子，尤其是肉類，我們每個月都會在預算會議上看到它們，每磅價格實際上會下降 10 個百分點左右，而勞動力會增加 3% 或 4% 或 5%每磅生產率和效率降低，因為每磅價格下降的幅度遠不止於此。

And so that's the kind of stuff that hits your profitability, of course, too.

因此，這當然也會影響您的盈利能力。

There's some interesting things going on with some commodities.

一些商品正在發生一些有趣的事情。

I was just looking at a chart.

我只是在看圖表。

Coffee, these are average sales, but it's consistent with average cost, down 16%.

咖啡，這些是平均銷售額，但與平均成本一致，下降了 16%。

A lot of things, certain cheeses are down 10% to 20%.

很多東西，某些奶酪都下降了 10% 到 20%。

I believe eggs are way down right now.

我相信雞蛋現在正在下降。

And so those things are all impacting you.

所以這些事情都在影響你。

Now it impacts you on selling eggs.

現在它影響你賣雞蛋。

It helps you a little bit in selling muffins, because we're not necessarily changing a 16-pack of muffins from -- I'm making the numbers up, I don't know what we sell them for, but $5.99 down to $5.89.

它對你銷售鬆餅有一點幫助，因為我們不一定要把 16 包鬆餅從——我編造數字，我不知道我們賣什麼，但 5.99 美元降到 5.89 美元.

But I'd say the net of those two is still a detriment to us.

但我要說的是，這兩個人的網絡仍然對我們不利。

By the way, when I mentioned earlier about late fall, that had to do specifically with gas.

順便說一句，當我之前提到晚秋時，那必須專門與氣體有關。

We'll see an inflection point.

我們會看到一個拐點。

It looks like we're going to see an inflection point with gas, all things being equal out there, in the next couple of months.

看起來我們將在接下來的幾個月裡看到天然氣的拐點，一切都一樣。

Okay.

好的。

And then my follow-up is related to the credit card.

然後我的跟進與信用卡有關。

Looking back, you've only had a couple months, but are there signs that there was some deferred spending on either big ticket items?

回顧過去，您只有幾個月的時間，但是否有跡象表明在這兩個大件商品上有一些延期支出？

And then if you have the data, is the same member who was either buying on AmEx or not on the cobranded card, is their spending up individually year-over-year, meaning they're incented by the card and they're actually spending more with you?

然後，如果你有數據，那麼在 AmEx 或不在聯名卡上購買的同一個會員，他們的個人支出是否同比增長，這意味著他們受到該卡的激勵並且他們實際上在消費更多與你？

As it relates to the first question, absolutely.

因為它涉及到第一個問題，絕對。

We probably saw it biggest in something that the Millennials don't buy, hearing aids.

我們可能在千禧一代不買的東西中看到了最大的助聽器。

We saw a big decline for a few weeks leading up to it and a big increase right afterwards.

我們看到在它之前的幾週內出現大幅下降，隨後又出現大幅增長。

Also a big ticket, but generally speaking, jokes aside on Millennials, across the board we saw bigger ticket purchases, which again, that makes sense.

這也是一張大票，但總的來說，拋開千禧一代的笑話，我們看到了整體上更大的門票購買量，這又是有道理的。

People are waiting.

人們在等待。

Now there's all types of movement in both directions.

現在在兩個方向上都有各種類型的運動。

You had existing, a member with existing Visa cards in his or her wallet, and maybe they're using that one, not ours.

你有一個現有的會員，他或她的錢包裡有現有的 Visa 卡，也許他們正在使用那個，而不是我們的。

That's fine.

沒關係。

We still have a negotiated good rate on certain things.

我們在某些事情上仍然有協商好的利率。

You have people that were using debit their whole lives, because they perhaps did not want an American Express card or they applied for one and did not get one.

有些人一生都在使用借記卡，因為他們可能不想要美國運通卡，或者他們申請了一張但沒有得到一張。

And so for 16 years, they used cash, check and debit.

16 年來，他們一直使用現金、支票和借記卡。

Now for the first time, they can use a credit card, and I'm sure that's where we saw many of those new sign-ups as well, or part of them.

現在他們第一次可以使用信用卡，我敢肯定這也是我們看到許多新註冊的地方，或者其中的一部分。

But in terms of are they buying more with us, anecdotally we're hearing that from our warehouse managers who talk with their biggest wholesale customers.

但就他們是否與我們一起購買更多商品而言，有趣的是，我們從與他們最大的批發客戶交談的倉庫經理那裡聽到了這一點。

But it's purely anecdotal at this juncture.

但這純粹是軼事。

And I think we'll see more of it.

我想我們會看到更多。

I haven't actually looked at any statistics on that.

我實際上還沒有看過任何關於這方面的統計數據。

Okay.

好的。

Thanks, Richard.

謝謝，理查德。

And your next question comes from Matt Fassler.

你的下一個問題來自 Matt Fassler。

Good afternoon, Richard.

下午好，理查德。

Matt Fassler from Goldman Sachs.

來自高盛的馬特法斯勒。

A couple of questions.

幾個問題。

First of all, you spoke in fairly general terms about how you plan to make use of the better economics of the credit card, where you hope to direct it.

首先，您相當籠統地談到了您計劃如何利用信用卡的更好經濟性，以及您希望將其用於何處。

If you think about the impact on the P&L this quarter along with launch, I don't know if there were special provisions in place for the cost of launching the card.

如果你考慮到本季度隨著發布對損益的影響，我不知道是否有針對發布卡的成本的特殊規定。

I'm not sure if there are elements of the changed arrangement that started the impact.

我不確定是否有改變安排的因素開始產生影響。

But would you say that there was any offset to SG&A or meaningful offset to gross margin that resulted from the transition this quarter?

但是你會說本季度的過渡對 SG&A 有任何抵消或對毛利率有有意義的抵消嗎？

Certainly certain costs were subsidized on the transition from our partners.

當然，某些成本在我們的合作夥伴的過渡中得到了補貼。

But at the end of the day, and I mentioned, I think, when I was going through the SG&A, payroll and benefits for our Company were up year-over-year in the quarter in SG&A, and that was somewhat offset by -- and I said in particular, rounded up to everything, anything related to this credit card transition.

但在一天結束時，我提到，我認為，當我進行 SG&A 時，我們公司的工資和福利在 SG&A 的季度同比增長，這在一定程度上被抵消了——我特別說過，匯總了與信用卡過渡相關的所有內容。

So yes, there's improvement related to that.

所以是的，有與此相關的改進。

Got it.

知道了。

And then second question, if we think about other international, you obviously didn't call out Asia and any Asian countries as strong countries.

然後第二個問題，如果我們考慮其他國際，你顯然沒有把亞洲和任何亞洲國家稱為強國。

You've spoken over the course of the month in releases about comping some of the big openings that you had in recent years.

在整個月的發布過程中，您都談到了彌補近年來的一些重大空缺。

And the other international comp number, ex FX, was a bit lower than we had typically seen.

而另一個國際公司的數字，ex FX，比我們通常看到的要低一些。

Anything to think about about the franchise in those markets or the macro or how you're resonating in that part of the world?

關於這些市場或宏觀的特許經營權或您在世界那個地區的共鳴有什麼要考慮的嗎？

No.

不。

It has more, I think, to do with a little bit of cannibalization in a couple of those countries, where when you've got 10 or 12 locations in Korea and Taiwan, I think we had a cannibalization in Australia, as well.

我認為，它與其中幾個國家的一些蠶食有關，當你在韓國和台灣有 10 或 12 個地點時，我認為我們在澳大利亞也有蠶食。

But one location, take a $200 million or $300 million building down $70 million, $80 million and that's what's in your comp, not the new building.

但是在一個地點，將一棟價值 2 億美元或 3 億美元的建築減去 7000 萬美元、8000 萬美元，這就是你的補償，而不是新建築。

So that's as much to do with it as anything.

所以這與它一樣重要。

We feel very good about the markets.

我們對市場感覺非常好。

And as we've said, the one market that has been a weak start, which we remind ourselves that there was a time when we were going to close Korea and Taiwan, and they're our most and almost our most profitable and productive countries and locations.

正如我們所說，一個開局不佳的市場，我們提醒自己，曾經有一段時間我們要關閉韓國和台灣，它們是我們最賺錢和最有生產力的國家和地點。

And we've talked about, our first unit in Sevilla got off to a slow start.

我們已經談到，我們在塞維利亞的第一個單位起步緩慢。

It's growing nicely now.

現在長得很好。

Madrid got off to a much better start and it's growing nicely.

馬德里的開局要好得多，而且發展得很好。

And so again, we're patient.

再一次，我們很有耐心。

But in terms of that other international comp number, I would guess -- and I don't have the detail in front of me, but what I've seen before in recent times is that it's cannibalization more than anything.

但就其他國際競爭數字而言，我猜——我面前沒有詳細信息，但我最近看到的是，蠶食比什麼都重要。

And that's good to hear on Spain, by the way.

順便說一句，很高興聽到關於西班牙的消息。

If you think about the cadence of openings and year-ago openings and where the new stores are going to open in some of those markets, is this an issue, the cannibalization issue, that should stay with you for a little while or is it set to abate at some point over the course of the new fiscal year?

如果您考慮開張和一年前開張的節奏，以及新店將在其中一些市場開張的位置，這是一個問題，蠶食問題，應該暫時困擾您還是已經確定在新財政年度的某個時候減少？

Sorry, which one?

抱歉，哪一個？

The cannibalization, primarily in Asia, presumably.

據推測，蠶食主要發生在亞洲。

I hope it doesn't abate.

我希望它不會減弱。

We're working hard to get more openings there.

我們正在努力在那裡獲得更多職位空缺。

These are generally no-brainer locations, in terms of very predictable, successful locations for us.

就我們而言非常可預測、成功的地點而言，這些通常是無需動腦筋的地點。

We feel we've developed a great franchise over there with great loyalty and great success, and we would like to do it a little more, if we can.

我們覺得我們已經在那裡建立了一個偉大的特許經營權，忠誠度很高，而且取得了巨大的成功，如果可以的話，我們想多做一點。

We're working hard to get more locations in both Korea and Taiwan, as an example.

例如，我們正在努力在韓國和台灣獲得更多地點。

And it takes a long time in Taiwan and longer than a long time in Korea, because of zoning and other restrictions.

由於分區和其他限制，在台灣需要很長時間，在韓國需要很長時間。

And it rains on everybody.

每個人都會下雨。

Other big boxes in those areas have the same impact.

這些地區的其他大盒子也有同樣的影響。

Great.

偉大的。

Thank you so much.

太感謝了。

And your next question comes from Michael Lasser.

你的下一個問題來自 Michael Lasser。

Good evening.

晚上好。

Thanks a lot for taking my question.

非常感謝您提出我的問題。

Richard, are you seeing any evidence that you're attracting new members to your club as a result of the more lucrative credit card offer?

理查德，你是否看到任何證據表明你正在通過更有利可圖的信用卡優惠吸引新會員加入你的俱樂部？

Yes.

是的。

And again, this is very early.

再一次，這還很早。

We have seen in the tens of thousands of sign-ups or people that were members that signed up because of activities in Citi branches and bank branches.

我們已經看到數以萬計的註冊會員或因花旗分行和銀行分行的活動而註冊的會員。

We've seen from the blogs, of course, the first few weeks of the blogs, all we saw was about the 30 minute waiting times are longer and other hassles like that.

我們從博客中看到，當然，在博客的前幾週，我們所看到的只是大約 30 分鐘的等待時間更長以及其他類似的麻煩。

But the reality is, I would say it's still a small percentage, really.

但現實是，我會說這仍然是一小部分，真的。

What I mentioned there was 730,000 new accounts.

我提到的是 730,000 個新帳戶。

I would guess well less than 100,000, but call it 50,000 to 100,000, I'm guessing, would be that.

我猜不到 100,000，但我猜它是 50,000 到 100,000。

A lot of it has to do with existing members that are seeing the value of that card when they walk in.

這在很大程度上與現有會員有關，他們在走進來時看到了該卡的價值。

And do you have any plans to try and accelerate the sign-up on new members by raising awareness of the card through marketing efforts?

您是否有任何計劃通過營銷努力提高對該卡的認識來嘗試加速新會員的註冊？

We're doing that already, but maybe were not doing a good enough job.

我們已經在這樣做了，但可能做得還不夠好。

There's nothing else that we're doing right now.

我們現在沒有其他事情要做。

And when I say us, us and our partners, as well, because they're doing some things, as well.

當我說我們、我們和我們的合作夥伴時，也是因為他們也在做一些事情。

But we're getting the word out in a big way in the warehouse, with handouts, with signage.

但是我們在倉庫里大肆宣傳，有講義，有標牌。

The word is getting out.

這個詞正在傳開。

And we are, again, as I mentioned earlier, we're beating our own expectations of what we had planned for these initial 14 weeks, if you will.

而且，正如我之前提到的，我們再次超出了我們對最初 14 週計劃的預期（如果您願意的話）。

And so we feel pretty good about it.

所以我們對此感覺很好。

And my follow-up question is, so you're beating your expectations on the credit card overall.

我的後續問題是，所以您對信用卡的總體預期超出了預期。

You mentioned that spending for some of your larger customers on the card has been a little bit better and maybe picked up as a result of it.

你提到你的一些大客戶在卡上的支出有所好轉，可能因此有所回升。

Yet your overall comps have been a little bit more sluggish in the last couple of months.

然而，在過去的幾個月裡，你的整體表現有點低迷。

So does that suggest that you're seeing either that marginal customer, that marginal member go away or some other behavioral change that's driving --

那麼，這是否表明您正在看到邊緣客戶、邊緣成員離開或其他一些正在推動的行為變化——

It's really hard to tell.

這真的很難說。

Arguably, there's probably 50 different factors that impact sales every day and every week and every month and we try to look at the big picture here.

可以說，每天、每周和每個月可能有 50 種不同的因素影響銷售，我們嘗試著眼於全局。

We feel very good about what we're doing in merchandising-wise.

我們對我們在推銷方面所做的事情感到非常滿意。

We feel very good about what we have seen with the crossover to this.

我們對與此交叉所看到的情況感到非常滿意。

Our view has been, we don't think that many people left Costco because they can't use their American Express card.

我們的觀點是，我們認為很多人離開 Costco 並不是因為他們不能使用美國運通卡。

American Express is a great brand, and it was a great relationship for many years.

美國運通是一個偉大的品牌，多年來我們一直保持著良好的關係。

But at the end of the day, they're coming to Costco because of our quality and our value.

但歸根結底，他們會因為我們的質量和價值而來到 Costco。

And as you would well know, we get a lot of questions all the time, are we going to be impacted by the internet, losing some.

正如您所知，我們一直收到很多問題，我們是否會受到互聯網的影響，失去一些。

The internet is taking from everybody.

互聯網正在從每個人身上奪走。

Our view is it takes a little less from us.

我們的觀點是它需要我們少一點。

And interestingly, when you look at the categories within our slightly lower sales over the last few months, the categories that have bucked that trend have been discretionary non-food categories, like apparel and housewares and electronics.

有趣的是，當你查看我們過去幾個月銷售額略有下降的類別時，逆勢而上的類別是可自由支配的非食品類別，如服裝、家庭用品和電子產品。

Now when we look at food and sundries, we absolutely do not believe it's delivery services.

現在我們看食品雜貨，絕對不相信是送貨服務。

We do absolutely believe it's deflation more than anything.

我們絕對相信通貨緊縮比什麼都重要。

But again, everybody takes a little piece of something.

但同樣，每個人都會拿一點東西。

It's a little piece that we would rather have ourselves, or not lose.

這是我們寧願擁有自己也不願失去的一小部分。

But again, we feel good about what initiatives we've got going on.

但同樣，我們對我們正在進行的舉措感到滿意。

And again, when I talk about the new card being a reward to the member, based on their previous spending habits, 40% to 50% greater reward, that's big.

再一次，當我談到新卡是對會員的獎勵時，根據他們以前的消費習慣，獎勵增加 40% 到 50%，這很重要。

When I talk about going from 1% to 2% on Costco purchases when they use that card, that's big.

當我談到使用該卡在 Costco 購買時從 1% 到 2%，那是很大的。

But it's not big overnight, where they just change their habits completely.

但這不是一夜之間就大了，他們只是徹底改變了他們的習慣。

You'll see it first in Business members, and that's where we have seen it.

您將首先在商務會員中看到它，這就是我們看到它的地方。

Mind you, during the transition, there was probably a little loss of sales from some of those Business members in some cases.

請注意，在過渡期間，在某些情況下，其中一些商業會員可能會出現一些銷售損失。

I'm sure American Express didn't sit around not doing anything.

我敢肯定美國運通不會坐視不理。

They're good at what they do and they were able to figure out how to get people.

他們擅長自己的工作，並且能夠弄清楚如何吸引人。

They're marketing elsewhere.

他們在別處營銷。

But we think that our members at Costco, primarily for us, I think again, it's a lot of different things, different factors.

但我們認為我們在 Costco 的會員，主要是對我們來說，我再次認為，這是很多不同的事情，不同的因素。

And again, having gone to our budget meeting forever, but having gone every four weeks, just even in the last few, some of the initiatives I see going on merchandising-wise, I think we've got a lot of good things going on.

再一次，我一直參加我們的預算會議，但每四個星期參加一次，即使是在最近幾週，我看到一些在營銷方面的舉措，我認為我們有很多好的事情正在進行.

Not that we're trying to solve a problem from yesterday.

並不是說我們要解決昨天的問題。

It's what we do every day.

這是我們每天都在做的事情。

Thank you so much.

太感謝了。

And your next question comes from Dan Binder.

你的下一個問題來自 Dan Binder。

Hi.

你好。

It's Dan Binder.

我是丹·賓德。

Thanks.

謝謝。

Just following onto your comment about the web taking a little bit from everybody.

只是按照您對網絡的評論從每個人那裡獲取一些信息。

Does that change the way you think about your own web strategy and the type of items you're willing to put on and delivery times, et cetera, just to create greater convenience?

這是否會改變您對自己的網絡策略以及您願意投放的項目類型和交付時間等的看法，只是為了創造更大的便利？

Because price doesn't really ever show up on our screen as the major factor.

因為價格並沒有真正作為主要因素出現在我們的屏幕上。

First of all, I don't see us -- yes, we're doing some things anyway.

首先，我沒有看到我們——是的，我們無論如何都在做一些事情。

And are we doing more things?

我們在做更多的事情嗎？

Absolutely.

絕對地。

But we're not freaking out about it.

但我們並沒有為此感到害怕。

We recognize that we're not going to be the provider.

我們認識到我們不會成為提供者。

We may be the provider to somebody that wants to deliver, like an Instacard or a Google Express, but we're not going to be dropping off small items at our prices at your doorstep.

我們可能是想要送貨的人的提供商，例如 Instacard 或 Google Express，但我們不會以我們的價格在您家門口投遞小件物品。

That being said, we have and we continue to add things.

話雖如此，我們已經並將繼續添加內容。

On the merchandise initiative side, we've added various sundries items and health and beauty aids items.

在商品計劃方面，我們增加了各種雜貨和保健美容用品。

And on the apparel, trying to get to a more treasure hunt.

而在服裝上，試圖去尋寶。

I think you're going to see big differences, literally in the next several weeks, of the types of hot items that you see on there on the nonfood side and that treasure hunt.

我認為在接下來的幾週內，你會看到你在非食品方面和尋寶活動中看到的熱門商品類型的巨大差異。

I think that's probably the biggest single thing.

我認為這可能是最大的一件事。

Operationally, there's a few things.

在操作上，有幾件事。

We are by no means near one click.

我們絕不接近一次點擊。

We recognize our site has had some challenges.

我們認識到我們的網站遇到了一些挑戰。

You're going to see in the next few months a big improvement in the number of clicks.

在接下來的幾個月中，您將看到點擊次數的巨大改進。

You're going to see in the next six or eight months, some big improvement on search.

您將在接下來的六到八個月內看到搜索方面的一些重大改進。

You're going to see a much streamlined returns process.

您將看到一個大大簡化的退貨流程。

We've never been big on convenience.

我們從來都不注重便利。

Our success has been based on price and value, quality and quantity at the lowest possible price.

我們的成功基於價格和價值、質量和數量以及盡可能低的價格。

We do appreciate that value also is convenience.

我們很欣賞價值也很方便。

We're going to greatly improve what we do.

我們將大大改進我們的工作。

But it doesn't mean we're going to get something to you in two hours.

但這並不意味著我們會在兩小時內為您提供一些東西。

And I think again, though, when I look at some of the things that we're doing internally, and I'm not trying to be cute here, but there are certain things I can't talk about yet.

不過，我又想了想，當我看到我們內部正在做的一些事情時，我並不是想在這裡表現得很可愛，但有些事情我還不能談論。

You will see some differences, and most of these differences are from an offensive standpoint, not a defensive standpoint.

你會看到一些差異，而這些差異大部分是從進攻的角度來看的，而不是防守的角度。

But we look at our core business of getting you into the store still is paramount to what we want to do.

但我們認為讓您進入商店的核心業務仍然是我們想要做的最重要的事情。

And if I heard the numbers correctly, it sounded like the growth rate slowed a little bit this quarter on dot com.

如果我沒聽錯的話，本季度互聯網公司的增長率似乎有所放緩。

Any particular callouts in terms of merchandise that was offered this year, not last year, or any particular categories that are slower?

在今年而不是去年提供的商品方面有任何特定的標註，或者任何特定類別的速度較慢？

I wasn't going to bring that up, only because I didn't want to sound defensive.

我不打算提起這個，只是因為我不想听起來很防禦。

But there were two things last year in electronics that were big.

但去年電子行業有兩件大事。

The iPhone 6, launched last year, was huge and the iPhone 7 launch was not is huge.

去年發布的 iPhone 6 非常龐大，而 iPhone 7 的發布規模不大。

And the other thing is last year was the introduction of the Windows 10.

另一件事是去年推出的 Windows 10。

And there were two things, prior to a year ago comparison, a few months prior to that, people were waiting for the Windows 10 launch.

在一年前的比較之前，有兩件事，在那之前的幾個月，人們在等待 Windows 10 的發布。

And so you had a lot of pent up demand and the launch itself, compared to a year later.

因此，與一年後相比，你有很多被壓抑的需求和發布本身。

So those two things alone were part of that.

因此，僅這兩件事就是其中的一部分。

That's frankly, I think, one of the bigger things.

坦率地說，我認為這是更重要的事情之一。

But again, as I've said jokingly and half seriously and have jokingly in the past, some of the things that we haven't done historically gives a great opportunity to do these And there's still some blocking and tackling, like a couple of things that I just mentioned.

但是，正如我開玩笑和半認真地說的，過去也開玩笑說的那樣，我們過去沒有做過的一些事情給了我們一個很好的機會來做這些事情還有一些阻礙和解決，比如一些事情我剛才提到的。

We have greatly improved our delivery, but it was from bad to better.

我們已經大大改善了我們的交付，但它是從壞到好。

It still takes too long.

仍然需要很長時間。

And again, we're not going to get something to you in two hours, but you're going to see logistically some things.

再說一遍，我們不會在兩個小時內給您帶來任何東西，但是您會從邏輯上看到一些東西。

And handling returns, particularly big-ticket returns, we haven't done a good job of that and that's already in process.

處理退貨，尤其是大額退貨，我們在這方面做得不夠好，而且已經在進行中。

So you will see some changes that will help.

所以你會看到一些有幫助的變化。

The biggest thing, though, is going to be the merchandise initiatives.

不過，最重要的是商品計劃。

And again, I think you're going to see, we have added items and we are adding some items.

再一次，我想你會看到，我們已經添加了項目並且我們正在添加一些項目。

But we're not try to figure out what 20,000 additional items, because that's not what we're going to do.

但我們不會試圖找出額外的 20,000 個項目，因為那不是我們要做的。

But there will be velocity items, or repetitive items, in sundries areas, as well.

但是雜項區域也會有速度項目或重複項目。

And you're right, when you look on your radar screen, price is not way up there.

你是對的，當你在雷達屏幕上看時，價格並沒有上漲。

But I challenge anybody on the call to compare the exact branded items and a big basket of them, not just an occasional loss leader that some retailer or dot com may have out there.

但我挑戰電話中的任何人比較確切的品牌商品和一大籃子商品，而不僅僅是一些零售商或互聯網公司可能會偶爾出現的虧損領導者。

You're going to see, yes, it's savings here.

你會看到，是的，這是節省。

But you'll be shocked how much savings.

但是您會驚訝於節省了多少。

And again, we recognize, also, we've got to move a little direction, and we're doing that.

再一次，我們也認識到，我們必須朝著一個小方向前進，我們正在這樣做。

Great.

偉大的。

Thank you.

謝謝。

Your next question comes from Karen Short.

你的下一個問題來自 Karen Short。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I guess it's hard to butcher my name, in general.

我想一般來說很難抹黑我的名字。

I was just curious, on the gas impact, you gave the $0.02 impact.

我只是好奇，關於天然氣的影響，你給出了 0.02 美元的影響。

But I was wondering if you could give some color on how much of that was gas margin versus maybe weaker gallon comps, in light of fuel prices being down.

但我想知道，鑑於燃料價格下跌，你是否可以給出一些顏色，說明其中有多少是汽油利潤，而加侖利潤可能較弱。

And then I'm wondering, as price per gallon increases, I'm thinking it should obviously help traffic.

然後我想知道，隨著每加侖價格的上漲，我認為它顯然應該有助於交通。

Is that fair, or is there anything else to consider in terms of the state of the consumer or the competitive landscape?

這是否公平，或者在消費者狀況或競爭格局方面是否還有其他需要考慮的因素？

And then I had a follow-up.

然後我進行了跟進。

The gas was $0.04.

天然氣價格為 0.04 美元。

Last year, we had very strong gas prices.

去年，我們的汽油價格非常強勁。

The year earlier in Q4, we had very strong gas profits.

去年第四季度，我們的天然氣利潤非常可觀。

So that's why a year ago, we didn't really talk about it a lot.

所以這就是為什麼一年前，我們並沒有真正談論它。

This year, we actually beat our own internal budget by a little, a little, from the beginning of the year; but again, it was $0.04 a share lower than it was in Q4 a year ago.

今年，我們實際上比年初略微超出了自己的內部預算；但同樣，它比一年前的第四季度每股低 0.04 美元。

Generally, when prices go down, while it impacts some of these basis point percentage calculations, we make more money.

一般來說，當價格下跌時，雖然它會影響其中一些基點百分比的計算，但我們會賺更多的錢。

When it goes up, we make a little less money, although I would say for the last couple of years, there's has been a new normal, where when prices went down, our view is retail gas overall, they'd lowered their prices, but not as much as they could have.

當價格上漲時，我們賺的錢會少一些，儘管我會說過去幾年出現了一種新常態，當價格下跌時，我們認為整體零售天然氣，他們降低了價格，但沒有他們所能擁有的那麼多。

And we lowered it more than that and were still able to benefit a little from it.

而且我們將它降低得更多，並且仍然能夠從中受益。

So that was a positive.

所以這是積極的。

I think it's a value proposition more than anything that gets people in our parking lot.

我認為這是一個比讓人們進入我們停車場的任何東西都重要的價值主張。

And we're helped by the GasBuddy.coms out there that two years in a row, that they've done it.

GasBuddy.com 連續兩年幫助我們，他們已經做到了。

And then the 4% rebate.

然後是4%的回扣。

There's a lot of different promotional things at the majors out there, whether it's $0.10 a gallon off.

那裡的專業有很多不同的促銷活動，無論是每加侖 0.10 美元。

4% is big.

4% 很大。

As the price per gallon goes up, 4% gets bigger.

隨著每加侖價格的上漲，4% 變得更大。

And so I think that will be a positive for us, as well.

因此，我認為這對我們也將是積極的。

But if you've been to our gas stations, when you've got, in some cases, 20 pumps now pumping at the same time and the lines move fast, but there will be six or eight people in each line, that not only drives the success of the gas business, but 51 or so of those people, for every 100, come in.

但是如果你去過我們的加油站，當你看到，在某些情況下，現在有 20 個泵同時抽油，而且隊伍移動得很快，但每條隊伍會有 6 到 8 個人，那不僅推動了天然氣業務的成功，但每 100 人中就有 51 人左右加入。

And even if one of them is incremental, that's good for us.

即使其中之一是增量的，這對我們也有好處。

And so can you give some color on what gallon comps were doing this quarter?

那麼，您能否說明本季度加侖公司的表現？

I don't know if we do that.

我不知道我們是否這樣做。

I know it continues to be higher than the US average.

我知道它繼續高於美國平均水平。

I'll get back to that answer in a minute.

我會在一分鐘內回到那個答案。

Somebody's looking it up for me.

有人在幫我查。

I believe it's in the mid-singles, unless I say otherwise.

我相信它處於單打中期，除非我另有說明。

Okay.

好的。

And then just to clarify on your comments on deflation, I know you were talking that deflation in food, and then there was also deflation in fuel.

然後為了澄清你對通貨緊縮的評論，我知道你說的是食品通貨緊縮，然後燃料也出現通貨緊縮。

So you had said that fuel prices should start to rebound in late fall, but deflation in food, are you, just to clarify, five or six more months in deflation in food?

所以你說過燃料價格應該在深秋開始反彈，但是食品通縮，你只是想澄清一下，食品通縮還有五六個月嗎？

Is that what you're trying to say?

那是你想說的嗎？

That's our best guess.

這是我們最好的猜測。

Talking to the buyers, that's our best guess.

與買家交談，這是我們最好的猜測。

And can you call out any categories in particular?

你能特別指出任何類別嗎？

The biggest ones would be protein.

最大的是蛋白質。

And then you've got some other things.

然後你還有一些其他的東西。

I was looking at my sheets here.

我在這裡看我的床單。

Hold on a second.

稍等一下。

And this is just a year-over-year this past month.

這只是過去一個月的同比增長。

Walnuts are down 47%.

核桃下降了 47%。

That's our sell price.

那是我們的售價。

No, I'm sorry, that's our cost.

不，對不起，那是我們的費用。

Now a year ago, they had doubled from the prior year.

現在一年前，他們比前一年翻了一番。

So they're back where they were.

所以他們回到了原來的地方。

Almonds, down 38%.

杏仁，下降 38%。

Whole eggs, down 54%.

全蛋，下降了54%。

Large eggs, down 53%.

大雞蛋，下降了53%。

I'm just looking down the sheet of the top 50 items.

我只是在查看前 50 項的表格。

Those things, particularly things like eggs, really add up.

這些東西，尤其是雞蛋之類的東西，真的很合算。

On the inflation page, just for fun, there's some 20s and 30s.

在通貨膨脹頁面上，為了好玩，有一些 20 和 30。

But if I look at the top 25 or so items, just in the last four weeks of the fiscal year, regular unleaded gasoline was down 12.8% and was over $3.5 million of credit, if you will, to LIFO.

但如果我看一下前 25 項左右的項目，就在本財政年度的最後四個星期，普通無鉛汽油下降了 12.8%，並且如果你願意的話，向 LIFO 提供超過 350 萬美元的信貸。

We don't book it every month like that, but that would have been $3 million.

我們不會像那樣每個月都預訂，但那將是 300 萬美元。

So the biggest items on the deflation sheet add to the LIFO credit of $2 million to $3.5 million, $2 million to $4 million.

因此，通貨緊縮單上最大的項目會增加 200 萬至 350 萬美元、200 萬至 400 萬美元的 LIFO 信用。

The biggest items on the inflationary sheet add $300,000 to $500,000 of LIFO charge.

膨脹表上最大的項目增加了 300,000 美元到 500,000 美元的後進先出費用。

Again, it gives you a sense of where it's going.

同樣，它讓您了解它的去向。

Again, another data point is the US inventories at LIFO.

同樣，另一個數據點是後進先出法的美國庫存。

That's a US accounting concept.

那是美國的會計概念。

I look at the indices, where you start off costs on the exact items at the beginning of FY16 at 100.00, and what does it go to?

我查看了指數，您從 2016 財年年初的 100.00 開始了確切項目的成本，它會去哪裡？

Food is down 2.25%, with half of that, about 0.5% being in just the last couple of months.

食品價格下跌 2.25%，其中一半，大約 0.5% 發生在過去幾個月。

Sundries was about, down less than 0.5% and not terribly changed in the last three months.

雜貨大約下降了不到 0.5%，並且在過去三個月中變化不大。

Apparel, almost right at the same, 100.00, a year ago, almost right there.

服裝，幾乎與一年前一樣，100.00，幾乎就在那裡。

Computers, you'd expect down, a little under 2%.

計算機，你預計會下降，略低於 2%。

So it's all over the board.

所以它是全面的。

Again, you have extreme categories, like meat, which is high-volume.

同樣，你有極端的類別，比如肉類，它是大批量的。

But meat is also, we turn it so much faster.

但是肉也是，我們把它轉得快得多。

It has a higher turn.

它有更高的轉彎。

It turns, I would think, at more than 52 times a year.

我認為，它每年發生超過 52 次。

That's a deflationary item.

那是一個通貨緊縮項目。

If you have an inflationary item that is turning 8 times in non-foods, it's going to be a different story of how it impacts.

如果你有一個在非食品中旋轉 8 次的通貨膨脹物品，那麼它的影響將是一個不同的故事。

Any color on produce?

產品有顏色嗎？

That was one category you hadn't mentioned.

那是你沒有提到的一類。

I didn't have that in front of me.

我面前沒有那個。

It was not as big.

它沒有那麼大。

I think it was in the low to mid singles.

我認為這是中低單打。

Inflationary or deflationary?

通貨膨脹還是通貨緊縮？

It was up a little.

它漲了一點。

Inflationary in the last few weeks.

過去幾週通貨膨脹。

Got it.

知道了。

Okay.

好的。

Thanks very much.

非常感謝。

And your next question comes from Paul Trussell.

你的下一個問題來自 Paul Trussell。

Good afternoon, Richard.

下午好，理查德。

First, just wanted to ask is there anything you've seen from Sam's Club or BJ's or other competition, whether it's on price or membership that you've felt like you needed to react to?

首先，只想問一下，您是否從 Sam's Club 或 BJ's 或其他競爭中看到任何您認為需要做出反應的價格或會員資格？

And then second, I know it's been six or seven years since you've given guidance, but we're moving into a new fiscal year and just big picture, wanted to know if there's anything you can highlight that we should keep an eye on as we model out, whether it's traffic, comps, thoughts on LIFO, IT spend, payroll?

其次，我知道你給出指導已經六七年了，但我們正在進入一個新的財政年度和大局，想知道你是否可以強調我們應該關注的事情當我們建模時，無論是交通、補償、對 LIFO 的想法、IT 支出、工資單？

Any help would be nice.

你能幫忙的話，我會很高興。

First of all, as a relates to competitive reaction, the answer is really no.

首先，作為一個關係到競爭反應，答案是否定的。

We do that for a living daily and weekly, and they do it literally to the weekly comp shops in every market with direct warehouse club competition.

我們每天和每週都這樣做是為了謀生，他們從字面上對每個市場的每週補償商店都這樣做，並與直接倉庫俱樂部競爭。

And certainly, the fresh foods people do more direct pricing competition on sale items at supermarkets, particularly on holiday weekends and things like that and soda pop.

當然，新鮮食品的人們會在超市的促銷商品上進行更直接的定價競爭，尤其是在假期週末和諸如此類的事情以及汽水。

But at the end of the day, if anything, our view is the moat has continues to get bigger.

但歸根結底，我們的觀點是護城河繼續變大。

In other words, our competitive position, pricing-wise, is stronger than it's ever been.

換句話說，我們在定價方面的競爭地位比以往任何時候都強大。

But we are not resting on that.

但我們並沒有就此休息。

We are constantly trying to figure out how to widen it.

我們一直在努力弄清楚如何擴大它。

That's what we do.

這就是我們所做的。

As it relates to guidance, we don't give guidance.

由於它涉及到指導，我們不提供指導。

The points of headwinds and tailwinds and anniversarying of headwinds and tailwinds, things that we talked about in the past, we're hopeful that from a simple FX standpoint, for two-plus year now, the dollar has strengthened year-over-year.

逆風和順風的點以及逆風和順風的周年紀念日，我們過去談到的事情，我們希望從簡單的外匯角度來看，在兩年多的時間裡，美元同比走強。

So it was more than a one-year anniversary.

所以它超過了一周年紀念日。

There was an inflection point of late, although nobody knows what tomorrow brings on that.

最近出現了一個拐點，儘管沒有人知道明天會發生什麼。

But it looks like it won't be as impactful negative to negative.

但它看起來不會像負面影響那麼大。

We got through the headwind of the conversion.

我們度過了轉型的逆風。

That should be a net positive.

這應該是一個淨積極因素。

But I think it will be a net positive over the next few years and probably not easily calculable, but we will try to figure that out.

但我認為這將是未來幾年的淨積極因素，而且可能不容易計算，但我們會設法弄清楚。

We know that we will improve our SG&A component of what I will call merchant and bank fees, in other words, things related to the new card offering.

我們知道我們將改進我稱之為商戶和銀行費用的 SG&A 部分，換句話說，與新卡產品相關的事情。

And again, we will be more quantitative as we get through the next couple of quarters and it's more definable than just for 14 weeks.

再一次，我們將在接下來的幾個季度中更加量化，而且比僅僅 14 週更容易定義。

But again, it's good and we look forward to doing that.

但同樣，這很好，我們期待著這樣做。

I mentioned the international membership fee increases in those certain areas.

我提到了那些特定領域的國際會員費增加。

And that's again, that will improve over a nearly two-year period by about $50 million pretax on the membership fee line.

再說一次，這將在近兩年的時間裡在會員費方面增加約 5000 萬美元的稅前費用。

I imagine you'll see some of that offset on some of the margin line, although not from -- to be more competitive, but not reacting to the competition.

我想你會在一些利潤線上看到一些抵消，雖然不是來自 - 更具競爭力，但不是對競爭做出反應。

I'm trying to think of other things.

我在想其他事情。

Gas, again, I think there's a (inaudible) in gas.

氣體，我認為氣體中有（聽不清）。

There are going to be swings from time to time, but I don't think we're planning anything big.

不時會有波動，但我認為我們沒有計劃任何大的事情。

I think the other issue is we have, and some of you have heard this before, we have lots of little things that are positive for us that continue to drive value, whether it's pharmacy, optical, hearing aid, whether it's Costco Travel.

我認為另一個問題是我們有，你們中的一些人以前聽說過，我們有很多對我們有利的小事情繼續推動價值，無論是藥房、光學、助聽器，還是 Costco Travel。

These are all things -- our ticketing program in the warehouse, a new program which is brand new.

這些都是——我們在倉庫中的票務程序，一個全新的新程序。

We're just testing it in Southern California with Ticketmaster.

我們只是在南加州與 Ticketmaster 進行測試。

You can go to costcotickets.com and check it out.

你可以去costcotickets.com看看。

But again, some real savings on high-end stuff.

但同樣，在高端產品上確實節省了一些錢。

And so there's a lot of things we're doing.

因此，我們正在做很多事情。

We seem to have gotten some breakthroughs on the cosmetic side with SK-II.

我們似乎在 SK-II 的美容方面取得了一些突破。

We hope that brings on others.

我們希望這會帶來其他人。

But we're clearly, given some of the challenges that brick-and-mortar in that area are impacted by, we could sell the heck out of that stuff and provide great value to our members.

但我們很清楚，考慮到該地區的實體店受到的一些挑戰，我們可以賣掉這些東西並為我們的會員提供巨大的價值。

And it's the kind of member that we believe that these manufacturers want.

我們相信這些製造商想要的正是這種成員。

Now talking to myself, I've talked myself into.

現在自言自語，我已經說服自己了。

We've got to talk them into it.

我們必須說服他們。

In terms of gas stations, we continue to add gas stations and hearing aids, not just to new locations, but to existing locations.

在加油站方面，我們繼續增加加油站和助聽器，不僅在新地點，而且在現有地點。

I would say all of those things help a little bit.

我會說所有這些事情都有一點幫助。

Hello?

你好？

And then lastly, on IT modernization spending for this upcoming year.

最後，關於即將到來的一年的 IT 現代化支出。

We'll still have an impact, a hit to SG&A this year and probably into next year.

我們仍然會產生影響，今年對 SG&A 造成打擊，可能會持續到明年。

I keep pushing it out a year.

我一直把它推遲一年。

The amount I push it out keeps getting shorter.

我推出的數量越來越短。

It used to be a couple of years I'd push it out, and then a year, and hopefully, it will be six months.

過去我會把它推出幾年，然後是一年，希望是六個月。

But we are seeing deliverables.

但我們看到了可交付成果。

We are seeing lights at the end of the tunnel.

我們看到隧道盡頭的燈光。

Our single biggest most expensive piece, which is the platform on which all the legacy buying systems and transportation systems, is they're in the process of being rewritten and improved, and I think you will get some real savings from some of those things.

我們最大最昂貴的一個部分，即所有遺留購買系統和運輸系統所在的平台，正在被重寫和改進，我認為你會從其中一些東西中真正節省一些錢。

I know you will.

我知道你會的。

And the first order of business is getting this in place.

首要任務是將其落實到位。

So these are big chunks.

所以這些都是大塊。

I can't tell you when that inflection point is going to be.

我無法告訴你拐點何時會到來。

A couple of years ago, I'd say at the end of 2014.

幾年前，我會說是在 2014 年底。

I would guess that sometime in late 2016, early 2017.

我猜是在 2016 年末，2017 年初的某個時候。

Today, I would say sometime in 2018, probably.

今天，我會說大概在 2018 年的某個時候。

And if it is a little longer, it's because we've got more things that we're doing, not because anything screwed up.

如果它稍長一點，那是因為我們有更多的事情要做，而不是因為有什麼事情搞砸了。

We've already gotten past a lot of the screw up.

我們已經解決了很多問題。

We know what we're spending money on and we're seeing some deliverables, and there's more to do.

我們知道我們在花錢做什麼，我們看到了一些可交付成果，還有更多工作要做。

Thanks for the color, Richard.

謝謝你的顏色，理查德。

Your next question comes from [Shane] Naughton.

你的下一個問題來自 [Shane] Naughton。

Just continuing on th merchandise trends, you were going over some of these things.

只是繼續商品趨勢，你正在討論其中的一些事情。

You didn't mention organic food.

你沒有提到有機食品。

Just curious how that's still performing for you.

只是好奇它對你的表現如何。

I know that's been a good growth driver.

我知道這是一個很好的增長動力。

I think it's a margin enhancer.

我認為這是一個保證金增強器。

Are you seeing any tightness in supply?

您是否看到供應緊張？

Are we experiencing the same sort of deflation in that category as you saw in the rest of the food across the store?

我們是否正在經歷您在整個商店的其他食品中看到的那種類別的通貨緊縮？

Any commentary there on where that's going.

任何關於進展情況的評論。

Thank you for reminding me.

謝謝你提醒我。

No, I didn't call you to remind me.

不，我沒有打電話給你提醒我。

We expect organic to be up 20% this year.

我們預計有機食品今年將增長 20%。

Now some of that will be some cannibalizing of some traditional, conventional.

現在，其中一些將蠶食一些傳統的、傳統的。

But no, and it's the perfect items for us, because it's our member.

但不，它對我們來說是完美的項目，因為它是我們的會員。

It helps us with Millennials, on top of that.

最重要的是，它幫助我們與千禧一代打交道。

We get that.

我們明白了。

It creates a bigger competitive pricing moat, because we have as good, if not better, quality at much better pricing.

它創造了一個更大的有競爭力的價格護城河，因為我們以更好的價格擁有同樣好的甚至更好的質量。

In terms of supply, I think the supply is starting to catch up with the demand out there.

在供應方面，我認為供應開始趕上那裡的需求。

And I think you've heard me talk in the past about many of our global sourcing initiatives.

我想你過去聽過我談論過我們的許多全球採購計劃。

I think that's going to continue to help us and make it more competitively advantageous to us.

我認為這將繼續幫助我們並使它對我們更具競爭優勢。

We have long-term relationships that we have had for a while now and have continued to build.

我們建立了長期的關係，我們已經建立了一段時間，並且還在繼續建立。

And there's going to be pockets of supply issues on different items sometimes.

有時不同的物品會出現供應問題。

But overall, we're doing a lot in that regard ourselves, whether it's produce with farmers, seafood, poultry, you name it.

但總的來說，我們自己在這方面做了很多工作，無論是與農民、海鮮、家禽一起生產的產品，應有盡有。

Okay.

好的。

Great.

偉大的。

And then another question.

然後是另一個問題。

I think this is on a lot of people's minds, the membership fee increase, potential here in the US or Canada.

我認為這是很多人的想法，會員費增加，可能在美國或加拿大發生。

I think we're close to the five-year anniversary mark.

我認為我們已經接近五週年紀念日了。

I think this is something, I know there's no schedule, but typically done every five to six years.

我認為這很重要，我知道沒有時間表，但通常每五到六年進行一次。

Can you update us on your thought process there with respect to MFI in the US?

您能否向我們介紹一下您對美國小額信貸機構的思考過程？

It would be US and Canada.

它將是美國和加拿大。

I didn't say we can't say anything or give any direction on it, other than you're right, every five or six years, we've done something.

我沒有說我們不能說什麼或給出任何方向，除了你是對的，每隔五六年，我們就做了一些事情。

I think the exact fifth anniversary of the last time would be this January.

我認為最後一次的確切五週年紀念日是今年 1 月。

And the sixth anniversary would be the following January -- or this November, and the next November would be the sixth anniversary.

六週年將在接下來的一月——或今年十一月，而下一個十一月將是六週年。

Early this year, we simply just said is we're going to get through the credit card conversion first, which we have now done.

今年年初，我們只是簡單地說，我們將首先完成信用卡轉換，我們現在已經完成了。

And the only other comments I've made in the past is that when we look at our member loyalty, the impact that previous increases had on renewal rates and anything like that, it's really a non-issue.

我過去唯一發表的其他評論是，當我們查看我們的會員忠誠度時，之前的增長對續訂率的影響以及類似的事情，這真的不是問題。

And when we do it, we, of course, use it to be more competitive.

當我們這樣做時，我們當然會用它來提高競爭力。

So it becomes a few year benefit, not a one-time benefit.

所以它變成了幾年的福利，而不是一次性的福利。

But that all being said, we'll let you know when we know.

但話雖如此，我們會在知道時通知您。

We haven't made any decisions yet and really haven't talked about it a lot internally.

我們還沒有做出任何決定，也沒有在內部討論太多。

We act pretty quickly when we do things.

我們做事的時候反應很快。

Okay.

好的。

Real quick, the $50 million pre-tax on the international price hike that you did in a number of markets, that's over the 23 or 24 months, correct?

真的很快，你在 23 或 24 個月內在許多市場上進行的國際價格上漲的稅前 5000 萬美元，對嗎？

That would also be over 23 months, starting in September, now.

那也將超過 23 個月，從 9 月開始，現在。

Thank you.

謝謝。

Sure.

當然。

And your next question comes from Greg Melich.

你的下一個問題來自 Greg Melich。

Hi.

你好。

Thanks.

謝謝。

I have a couple questions.

我有幾個問題。

One is, I just wanted to make sure I understood the dynamic of the new people signing up for the card.

一是，我只是想確保我了解新人註冊該卡的動態。

So it was 730,000 new sign-ups in just a couple months.

所以在短短幾個月內就有 730,000 名新註冊用戶。

New accounts.

新帳戶。

Of new accounts.

新帳戶。

And so now that you're getting the payments for signing those people up, in terms of the SG&A, core ops may have deleveraged 6 basis points, but that's where the benefit of those sign-ups would have showed, so that the payroll may have deleveraged 10 or 12 and that that give you some net?

因此，現在您獲得了簽約這些人的付款，就 SG&A 而言，核心運營可能已經去槓桿化了 6 個基點，但這正是這些簽約的好處本應顯示的地方，因此工資單可能去槓桿化了 10 或 12，這給了你一些淨值？

Am I thinking about that the right way?

我的思考方式正確嗎？

Yes.

是的。

Although I believe, and again, there's different pieces.

儘管我再次相信，有不同的部分。

I look at it all pretty straightforward and simple.

我認為這一切都非常簡單明了。

What is our effective merchant fee?

我們的有效商家費用是多少？

Unfortunately, it doesn't all go on the SG&A line.

不幸的是，它並不都在 SG&A 線上。

There are certain items that benefit sales.

有些項目有利於銷售。

I believe bounty is one of them.

我相信賞金就是其中之一。

So bounty goes to sales, which improves your margin a little bit.

所以賞金用於銷售，這會稍微提高你的利潤。

So that might be a couple basis points in there.

所以這可能是其中的幾個基點。

I haven't calculated it out.

我沒有計算出來。

But yes, some of the offset, again, we're talking a small piece of a big bucket is still decent to us, but we're only in it for a few months.

但是，是的，一些抵消，再次，我們說的是大桶中的一小部分對我們來說仍然不錯，但我們只做了幾個月。

Got it.

知道了。

And the headwinds from payroll, how much of that was related to some of the wage --

以及來自工資單的不利因素，其中有多少與部分工資有關——

We do increases at the top of the scale every year.

我們每年都會在規模的頂部增加。

Every three years, we announce what it's going to be to our employees for the next three Marchs.

每三年，我們都會向我們的員工宣布未來三個三月的計劃。

This past March, we also, in the US and Canada, raised the bottom of the scale by $1.50.

今年 3 月，我們還在美國和加拿大將規模的底部提高了 1.50 美元。

So $11.50 went to $13.00, and $12.00 went to $13.50.

所以 11.50 美元變成了 13.00 美元，12.00 美元變成了 13.50 美元。

Just that piece, the $1.50 at the bottom of the scale, was, I believe, $39 million a year.

我相信，只是那部分，即天平底部的 1.50 美元，就是每年 3900 萬美元。

Call it $40 million a year.

稱之為每年 4000 萬美元。

That would be March to March.

那將是三月到三月。

So through the early weeks of Q3, through the first month of Q3.

所以通過第三季度的前幾週，通過第三季度的第一個月。

That's great.

那太棒了。

That's helpful.

這很有幫助。

And then lastly, and thinking about how the card is being used, I know you said it's better than your expectations.

最後，考慮到這張卡的使用情況，我知道你說過它比你的預期要好。

Could you give us a little more color there, especially with the people that are new to the card, new to Costco with it, as to how much the card is being used outside of the club, now that people have it?

你能給我們更多的顏色嗎？

I'll be able to give you more color on that in the next quarter.

我將在下個季度為您提供更多顏色。

What I can tell you is, one of the assumptions going into this, we want this card, just like we wanted our previous cobrand card, to be our members' top of wallet card.

我可以告訴你的是，其中一個假設是，我們希望這張卡，就像我們希望我們以前的聯名卡一樣，成為我們會員的錢包卡。

They're only using it here, they're using it everywhere.

他們只在這裡使用它，他們到處都在使用它。

The fact that historically I could not use my other card, in my case, at my local dry cleaner or the local restaurant, if it is your top of wallet, there are more places you can use it.

事實上，在我的情況下，我不能在我當地的干洗店或當地餐館使用我的其他卡，如果它是你錢包的頂部，那麼你可以在更多地方使用它。

That grows that small merchant, whoever card is being used at that small merchant, they pay a higher merchant fee.

那個小商戶就增長了，誰的卡在那個小商戶用，他們就交更高的商戶手續費。

There is this whole equation of cobranding and revenue share helps us.

聯合品牌和收入分成的整個等式對我們有幫助。

And so I believe we are already above what we were on the old card, in terms of outside to inside spent.

因此，我相信就從外到內的花費而言，我們已經超過了舊卡上的水平。

It's higher than it was after increasing it over a period of time.

它比在一段時間內增加後更高。

But we would have expected that.

但我們會預料到這一點。

We would have certainly hoped it.

我們當然希望如此。

But we would have expected it.

但我們會預料到的。

I don't know think we knew what to expect to start with, but we probably are a little pleasantly surprised that it's already over that amount.

我不知道我們是否知道從什麼開始，但我們可能有點驚喜，因為它已經超過了這個數量。

And I think it will continue to grow.

而且我認為它會繼續增長。

Bob is whispering in my ear here, we cannot jump to conclusions on this.

鮑勃在我耳邊竊竊私語，我們不能倉促下結論。

It's all of 14 weeks old.

都是14周大的。

And as it relates to new people that signed up, again, it's in the tens of thousands out of that 730,000.

由於它與新註冊的人有關，因此，這 730,000 人中有數万人。

It's not 100,000.

不是十萬。

It's not 200,000.

不是20萬。

And I actually haven't even looked at the data on that.

事實上，我什至沒有看過這方面的數據。

Another good comment that Bob is making, late in the day here, it's been 14 weeks.

Bob 在當天晚些時候發表的另一個好評論，已經 14 週了。

Some of them signed up last week, or two weeks ago, I guess.

他們中的一些人上週或兩週前註冊了，我猜。

And one last housekeeping.

還有最後一次清潔服務。

You said membership fee income was up 6% in US dollar terms.

你說會員費收入以美元計算增長了 6%。

And what was it up in local currency?

以當地貨幣計算是多少？

I believe it was the same.

我相信這是一樣的。

It was $47 million versus $50 million.

這是 4700 萬美元對 5000 萬美元。

But I think it's the same percentage increase.

但我認為這是相同的百分比增長。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Why don't we take two more questions?

我們為什麼不再問兩個問題呢？

And your next question comes from Oliver Chen.

你的下一個問題來自 Oliver Chen。

Oliver, your line is open.

奧利弗，你的電話開通了。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Hi, guys.

嗨，大家好。

Thanks.

謝謝。

Richard, congrats on solid results.

理查德，祝賀你取得了不錯的成績。

A lot of our survey data at Cowen does indicate that the Amazon Prime crossover has mathematically increased over a multi-year period.

我們在 Cowen 的許多調查數據確實表明，亞馬遜 Prime 跨界會員在多年時間裡在數學上有所增加。

What would you highlight as some of the features of your story that make you unAmazonable for the long term?

作為故事的一些特點，您會強調哪些讓您長期無法與亞馬遜打交道？

And as you do your consumer insight and your consumer research, are there aspects of your business model which you're wanting to be on top of, just to make sure that you continue to appeal with Millennials and Generation Z and as shopping habits shift?

當您進行消費者洞察和消費者研究時，您是否希望在商業模式的某些方面處於領先地位，以確保您繼續吸引千禧一代和 Z 世代以及隨著購物習慣的轉變？

I think the first piece of that question, as it relates to the Cowen Research piece they talked about, you guys have surveyed people over the last five or six years and how many people used to have just a Costco card and then how many people had just an Amazon account -- Amazon Prime.

我想這個問題的第一部分，因為它與他們談到的 Cowen Research 文章有關，你們在過去五六年裡調查過人們，有多少人曾經只擁有一張好市多卡，然後有多少人擁有只是一個亞馬遜賬戶——亞馬遜 Prime。

And of course, over time, Amazon has picked up a lot and there's not as many unique ones.

當然，隨著時間的推移，亞馬遜已經收集了很多東西，而且沒有那麼多獨特的東西。

We would have expected that.

我們會預料到的。

My family has an Amazon account.

我的家人有一個亞馬遜賬戶。

Although I don't let them buy a lot.

雖然我不讓他們買很多。

Just kidding.

只是在開玩笑。

At the end of the day, we would expect that.

歸根結底，我們希望如此。

The internet in general is going to take its percentage of different categories.

一般來說，互聯網將佔據不同類別的百分比。

It's going to impact different categories and different retailers of such categories at different levels.

它將在不同層面影響不同類別和此類類別的不同零售商。

I've read the reports that some of you have written about that we and maybe one or two other retailers out there that are unique are Amazon-proof, or internet-proof.

我讀過你們中的一些人寫的關於我們和其他一兩個獨特的零售商的報告，它們是亞馬遜證明或互聯網證明的。

We don't buy that for a minute.

我們一分鐘都不買那個。

We do believe that we do rely and we do expect we're going to be impacted less.

我們確實相信我們確實依賴並且我們確實希望我們受到的影響會更小。

We also don't believe we have to go crazy on the other side.

我們也不相信我們必須在另一邊發瘋。

We want both.

我們都想要。

But our value proposition is best served for us when it's in-store, getting members to come in and buying when they can see everything there that we have.

但我們的價值主張在店內最適合我們，讓會員在看到我們店裡的所有商品時進店購買。

And so we think that we can win back on both parts.

所以我們認為我們可以在這兩個方面贏回來。

Have we lost a sale of something to an internet provider out there, whether it's Amazon or someone else?

我們是否失去了對互聯網供應商的銷售，無論是亞馬遜還是其他人？

I'm sure we have.

我確定我們有。

Have we gained more often than not?

我們經常獲得更多嗎？

Absolutely.

絕對地。

As the whole media business, videos, CDs and books, many years later, books for us is a new normal and it's still quite strong.

作為整個媒體行業，視頻、CD 和書籍，多年後，書籍對我們來說是一種新常態，而且它仍然很強大。

Maybe it's 70% or 80% of what it used to be, but it's strong and growing.

也許它是過去的 70% 或 80%，但它很強大並且還在增長。

The other two have changed for a lot of reasons, including streaming.

其他兩個因很多原因而發生了變化，包括流媒體。

That being said, an area that a lot of traditional retailers are getting killed in our there is apparel.

話雖這麼說，但許多傳統零售商在我們的服裝領域被扼殺了。

We are now in our third year averaging compounding over the nearly 3.5 year period in the low to mid teens, probably the mid teens, I don't have the numbers in front of me, and growing.

我們現在已經進入第三個年頭，在近 3.5 年的時間裡，平均複合增長率在十幾歲到十幾歲左右，我面前沒有這些數字，而且還在增長。

I think on the fresh food side, we're glad that fresh is difficult.

我認為在新鮮食品方面，我們很高興新鮮很難。

And we don't believe that everybody is going to have everything delivered.

而且我們不相信每個人都會交付所有東西。

But we're going to work hard to make sure that they want to come to see us.

但我們將努力確保他們願意來看我們。

As it relates to -- what was the last part of your question you were asking?

因為它涉及 - 你問的問題的最後一部分是什麼？

I'm curious about demographics and as you think about younger versus older in your core and where your age profile is shifting.

我對人口統計數據很好奇，當你考慮核心中的年輕與年長以及你的年齡分佈正在發生變化時。

The reality of new customers is this seamless shopping experience.

新客戶的現實是這種無縫的購物體驗。

And what you talked about earlier, Richard, in terms of the access of convenience being a factor in terms of that and what you're thinking as you modernize and continue to stay fresh with younger customers, as well.

理查德，你之前談到的關於便利的獲取是一個因素，以及你在現代化和繼續與年輕客戶保持新鮮時的想法。

Again, we have our limits, by the way, on some of those realities.

同樣，順便說一句，我們對其中一些現實有限制。

I think for a long time, again, convenience wasn't a word we even thought about.

我認為很長一段時間以來，我們甚至都沒有考慮過方便這個詞。

There are certain things that we're not prepared to do.

有些事情我們還沒有準備好去做。

Again, sell smaller sizes at our pricing and have everything in the world available to you.

同樣，以我們的價格出售更小尺寸的產品，並為您提供世界上所有的產品。

Part of our strength is what we do.

我們的部分優勢在於我們所做的。

I think going forward, even with Millennials, our success in organic didn't start by seven or 10 years ago us sitting around a table and saying, how are we going to go after this new generation that want this stuff?

我認為，展望未來，即使是千禧一代，我們在有機食品方面的成功也不是從 7 年或 10 年前開始的，我們圍坐在一張桌子旁說，我們將如何追求想要這種東西的新一代？

We have great merchants and great operators in eight different regions of the US and elsewhere and they're out there trying things.

我們在美國和其他地方的八個不同地區擁有優秀的商家和運營商，他們正在那裡嘗試新事物。

And every month as it got better, and in this case, the Bay Area region, their compatriots tried some things in other regions.

每個月，隨著情況好轉，在這種情況下，灣區地區，他們的同胞會在其他地區嘗試一些事情。

We turn around and nobody can benefit as much and do it as big and as well as we do.

我們轉過身來，沒有人能像我們一樣受益匪淺，做得像我們一樣大。

And so I don't think we sat around strategically saying, how do we go after them?

所以我不認為我們坐下來戰略性地說，我們如何追趕他們？

It evolved into that.

它演變成了那樣。

Now that we're there, though, what else can we do for them, whether it's food items or other things?

不過，既然我們到了那裡，我們還能為他們做些什麼，無論是食品還是其他東西？

Our membership marketing people had done a study recently, a presentation recently, and it showed whatever the previous generation was before it was a Gen whatever.

我們的會員營銷人員最近做了一項研究，最近做了一次演示，它展示了上一代在成為 Gen whatever 之前的樣子。

And I know I'm one of those Baby Boomers, which is not a baby anymore.

我知道我是嬰兒潮一代中的一員，不再是嬰兒了。

Our average age versus the US population just in three or four years has come down two years from a four-year gap to a two-year gap.

我們的平均年齡與美國人口的平均年齡僅在三四年內就從四年差距縮小了兩年到兩年差距。

Our goal is not necessarily to get it to a zero gap.

我們的目標不一定是讓它達到零差距。

Our goal is to drive more business.

我們的目標是推動更多業務。

When we look at the age group of Millennials versus that same age group when the previous generation was that age, they're buying a little less, but not a lot less.

當我們觀察千禧一代的年齡組與上一代那個年齡段的同一年齡組時，他們的購買量有所減少，但不會少很多。

When we look at what we did -- and these are, again, data points or sound bites, but when we look what we did 2.5 years ago on LivingSocial, and now we have a full year of renewals on them.

當我們看看我們所做的事情時——這些又是數據點或聲音片段，但是當我們看看我們 2.5 年前在 LivingSocial 上所做的事情時，現在我們對它們進行了整整一年的更新。

It was very interesting.

它很有意思。

Clearly, we would have expected more of those people to be Millennials that signed up on that LivingSocial 10- or 12-day initiative that we did.

顯然，我們本以為會有更多的人成為千禧一代，他們會像我們所做的那樣簽署 LivingSocial 10 天或 12 天計劃。

And that was correct.

這是正確的。

What we were surprised at is that they actually shopped a little more frequently, bought a little less each time, but the aggregate of those two, they bought more over that year, a little more, in the low single digits, but it was more.

令我們感到驚訝的是，他們實際上購物的頻率更高了一點，每次買的東西少了一點，但是這兩者的總和，他們在那一年買了更多，多了一點，以較低的個位數，但更多了.

It didn't have a bracket around it, and they renewed at a slightly higher rate than the walk-in people that same month that had come in on their own to sign up, just walking to the counter.

它周圍沒有括號，而且他們的續訂率略高於同月自行報名、只是走到櫃檯的預約人員。

And the people that walked in were, on average, a little older, about a 10 to 15 percentage point fewer penetration of Millennials.

走進來的人平均年齡稍大，千禧一代的滲透率低 10 到 15 個百分點。

And so that was encouraging to us.

所以這對我們來說是鼓舞人心的。

So while there are certainly extreme examples in New York and the Bay Area and Tech, there's a lot of people that still aren't embarrassed to tell you that they shop in store and we've got to have a lot of reasons to get you there.

因此，雖然在紐約、灣區和科技城肯定有一些極端的例子，但仍有很多人並不羞於告訴你他們在商店購物，我們必須有很多理由讓你那裡。

I am also excited of what we see we're going to be doing on dot com, but I'm not suggesting it's going to be trying to get your dinner there delivered to your doorstep if you order by noon.

我也很高興我們看到我們將在.com 上做的事情，但我並不是說如果你在中午之前訂購，它會試圖把你的晚餐送到你家門口。

That's not going to be us.

那不會是我們。

Okay,.

好的，。

Thanks, Richard.

謝謝，理查德。

That's super helpful.

這非常有幫助。

Last question is, we're really enthusiastic and encouraged by how well you've done with your store traffic, your core store traffic trends.

最後一個問題是，我們對您在商店流量和核心商店流量趨勢方面做得如何感到非常熱情和鼓舞。

Is your expectation for this study low single digit positive momentum to continue?

您是否期望這項研究繼續保持低個位數的積極勢頭？

Do you foresee that being somewhat volatile, just given the reality of traffic trends?

考慮到交通趨勢的現實，您是否預見到它會有些波動？

And as we do our models, is there anything we should know as the Jet.com deal closes, as well?

在我們製作模型時，隨著 Jet.com 交易的結束，還有什麼我們應該知道的嗎？

Thank you.

謝謝。

With regard to the latter, if they're doing a little business with us, they'll probably stop doing a little business with us.

至於後者，如果他們和我們做一點生意，他們可能會停止和我們做一點生意。

There were a few items on there, I think, that they bought from us, but not a lot.

我想那裡有一些東西是他們從我們這裡買的，但不是很多。

What was the first question?

第一個問題是什麼？

I got off on a tangent there.

我在那里切線了。

About store traffic, the store traffic trends.

關於店鋪流量，店鋪流量趨勢。

We look at all these things.

我們看看所有這些事情。

We block and tackle every day.

我們每天都阻止和解決。

I'm very excited about our merchandising initiatives in-store, as well.

我也對我們的店內銷售計劃感到非常興奮。

I'm excited about some of the global sourcing stuff we're doing.

我對我們正在做的一些全球採購感到興奮。

We come back from our every four week budget meeting, we've got some neat stuff coming out.

我們從每四個星期的預算會議回來，我們得到了一些不錯的東西。

I'm excited.

我很興奮。

It's small.

它很小。

But being able to sell directly SK-II and selling a heck of a lot of it in terms of the total market of that product, and people are talking about it.

但是能夠直接銷售 SK-II 並在該產品的整個市場中銷售大量產品，人們正在談論它。

Again, over 90% of our members coming into a Costco buy a fresh food item.

同樣，超過 90% 的會員進入 Costco 購買新鮮食品。

Those are the kind of things, how do we get you in store?

這些就是那種東西，我們如何讓你進入商店？

Because if we get you in the store, you're going to buy a lot more.

因為如果我們讓你進店，你會買更多。

And we've seen that even with Google Express.

即使使用 Google Express，我們也看到了這一點。

That customer will shop a few less times in-store, shop several more times online, do both.

該客戶將在店內少購物幾次，在網上多購物幾次，兩者兼而有之。

They will buy a little more over the course of the year, but they're buying a lot more each time when they go in the store, because they see all that stuff.

他們會在一年中多買一點，但他們每次去商店時都會買更多，因為他們看到了所有這些東西。

And so that's what we've got to keep doing.

這就是我們必須繼續做的事情。

I think the value thing, I would encourage to do your own pricing study of exact like items.

我認為有價值的東西，我會鼓勵你自己對完全相似的物品進行定價研究。

Maybe you've got to adjust for quantity, because you've to got to buy 128 of something, 124 of something, instead of 24 of something.

也許你必須調整數量，因為你必須購買 128 件，124 件，而不是 24 件。

But at the end of the day, you'll be shocked the difference in pricing, not just here.

但最終，您會震驚於定價的差異，而不僅僅是這裡。

And so we think we've got a lot of things going on for us.

所以我們認為我們有很多事情要做。

We have no illusion, though, that the internet is going away or that we should do more of it online ourself, as well.

不過，我們並不幻想互聯網正在消失，或者我們也應該自己在網上做更多的事情。

But clearly, we feel good about what we're doing in-store and what we're going to continue to do to drive that business.

但很明顯，我們對我們在店內所做的事情以及我們將繼續做的事情感到滿意以推動該業務。

Thanks.

謝謝。

The SK-II is going to be great.

SK-II 會很棒。

Baby Boomers and luxury shoppers are going to love it.

嬰兒潮一代和奢侈品購物者會愛上它。

So congrats on that, as well.

所以也祝賀你。

Thank you.

謝謝。

And your final question comes from Brian Nagel.

最後一個問題來自 Brian Nagel。

Hi.

你好。

This is Dan Farrell on for Brian Nagel.

我是丹·法雷爾 (Dan Farrell) 代替布賴恩·內格爾 (Brian Nagel)。

I was just wondering -- and thanks for sneaking us in, too.

我只是想知道——也謝謝你偷偷帶我們進去。

In terms of the membership benefits and some of the sales benefits you guys have been seeing after the new credit card sign-ups, I was wondering if you had any expectation on how long those would persist throughout the year?

就會員福利和新信用卡註冊後你們看到的一些銷售福利而言，我想知道你們是否預計這些福利會在全年持續多久？

Well, your big hit is going to be in the first three or four months.

好吧，你的大成功將在前三四個月出現。

Really, my guess is through Christmas.

真的，我的猜測是通過聖誕節。

Because there's going to be a lot of people buying more items, bigger ticket items during that period of time.

因為在那段時間裡會有很多人購買更多的物品，更大的門票。

There will be additional initiatives like there were for 16 years, whether it's tabling activities or other marketing pieces that we will continue to do.

將會有像 16 年那樣的額外舉措，無論是表格活動還是我們將繼續做的其他營銷活動。

I made a comment, probably six months ago, on one of these calls.

大概六個月前，我對其中一個電話發表了評論。

In its own way, we think that this could be, in a way, a gift that keeps on giving.

我們認為，在某種程度上，這可能是一種不斷給予的禮物。

The value proposition of what we sell is great.

我們銷售的產品的價值主張是偉大的。

Some of the new things that we have done merchandising-wise, whether it's our tickets, I'm not meaning the Costco tickets for events down in Southern California as a test, I'm talking about the ticketing programs the we have in store, the ever increasing quality of our fresh foods, what we've done in apparel.

我們在營銷方面做了一些新的事情，無論是我們的門票，我不是說南加州活動的好市多門票作為測試，我說的是我們店裡的票務程序，我們的新鮮食品質量不斷提高，我們在服裝方面所做的一切。

There's a lot of things going on that I think that will help us.

有很多事情正在發生，我認為這會對我們有所幫助。

And again, I think the credit card, the new value proposition will be one of them.

再一次，我認為信用卡，新的價值主張將是其中之一。

When you think about the fact that effectively, on virtually everything, you can get 4% off at Costco between -- if you're an Executive Member and use the cobranded Costco and Citi Visa Anywhere card.

當你想到這樣一個事實時，如果你是執行會員並使用聯合品牌的 Costco 和 Citi Visa Anywhere 卡，那麼幾乎所有東西，你都可以在 Costco 享受 4% 的折扣。

For a company that marks its goods up 10% or 12%, I would think that we can buy pretty well and put all our purchasing power in 3,700 items and then give you back up to 4% of that, that's a pretty good value.

對於一家將商品價格上漲 10% 或 12% 的公司，我認為我們可以買得很好，將我們所有的購買力都投入到 3,700 件商品中，然後再返還其中的 4%，這是一個相當不錯的價值。

And we've seen that anecdotally in a big way already from businesses and I think we'll continue to see it.

我們已經在很大程度上從企業中看到了這一點，我認為我們會繼續看到它。

Okay.

好的。

Great.

偉大的。

And then just a follow-up regarding the transition.

然後只是關於過渡的跟進。

Did you see any inflection in sales of things like big-ticket items that people may have been holding off on early when the card was being transitioned, and then once the transition cards were activated, did you see any inflection in those items?

您是否看到人們在轉換卡時早期可能一直推遲的大件商品的銷售出現任何變化，然後一旦轉換卡被激活，您是否看到這些項目有任何變化？

We did.

我們做到了。

Again, it's more dinner party discussion.

同樣，這更像是晚宴上的討論。

The biggest area we saw was hearing aids, of all things.

我們看到的最大領域是助聽器。

And of course, that's not Millennials.

當然，那不是千禧一代。

And the other thing would be big-ticket electronics and the like.

另一件事是高價電子產品等。

And my guess is in the case of the hearing aids, I wouldn't be surprised, since there's a direct Costco employee member conversation, eye to eye, I wouldn't be surprised if there were some people out there that over the several weeks leading up it, they said, if you wait and use this card, you'll get another 2% off on a $2,000 item.

我的猜測是在助聽器的情況下，我不會感到驚訝，因為有直接的 Costco 員工對話，眼對眼，如果幾週內有人在那裡，我也不會感到驚訝首先，他們說，如果您等待並使用這張卡，您將在購買價值 2,000 美元的商品時再享受 2% 的折扣。

So my guess is that that impacted that a little bit, too.

所以我的猜測是，這也有一點影響。

And there are no further questions.

沒有其他問題了。

Okay.

好的。

Thank you, everyone.

謝謝大家。

Have good day.

祝你有美好的一天。

That does conclude today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。