好市多 (COST) 2017 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Christy, and I'll be your conference operator today.

我叫克里斯蒂，今天我將擔任你們的會議接線員。

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

在這個時候，我想歡迎大家參加第四季度財報電話會議和九月銷售。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I will now turn the call over to CFO Richard Galanti.

我現在將把電話轉給首席財務官理查德加蘭蒂。

You may begin, sir.

你可以開始了，先生。

Thank you, Christy, and good afternoon to everyone.

謝謝你，克里斯蒂，大家下午好。

I'll start by stating that these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我首先聲明，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 reports filed with the SEC.

風險和不確定性包括但不限於今天的電話會議中概述的風險和不確定性，以及公司向美國證券交易委員會提交的公開聲明和報告中不時確定的其他風險。

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

前瞻性陳述僅在作出之日起生效，除法律要求外，公司不承諾更新這些陳述。

In today's press release, we reported our fourth quarter and fiscal year-end 2017 operating results for the 17-week and 53-week periods ended September 3 and our September sales results for the 5-week retail month ended this past Sunday, October 1. For the 17-week fiscal fourth quarter, reported earnings came in at $2.08 a share, up $0.31 over last year's fourth quarter earnings per share of $1.77.

在今天的新聞稿中，我們報告了截至 9 月 3 日的 17 周和 53 週期間的第四季度和 2017 財年末的經營業績，以及截至上週日（10 月 1 日）的 5 週零售月的 9 月銷售業績. 對於為期 17 週的第四財季，報告的每股收益為 2.08 美元，比去年第四季度的每股收益 1.77 美元增長 0.31 美元。

In comparing our year-over-year fourth quarter operating results, several items to note: First, of course, this year's fiscal fourth quarter was comprised of 17 weeks of operations.

在比較我們第四季度的同比運營結果時，有幾點需要注意：首先，當然，今年第四財季的運營時間為 17 週。

Last year's fourth quarter results covered 16 weeks.

去年第四季度的業績涵蓋了 16 週。

We just finished a year which had the extra week in it.

我們剛剛結束了一年，其中有額外的一周。

Second, the improved results related to cobrand credit card.

第二，與聯名信用卡相關的業績改善。

As we reported in each of our first 3 quarters of fiscal '17, the Citi Visa cobranded credit card program again positively impacted our year-over-year gross margins by 14 basis points and SG&A expenses by 8 basis points and our overall bottom line in Q4 benefiting earnings year-over-year by an aggregate of 22 basis points or $0.13 a share over the 17-week fourth quarter.

正如我們在 17 財年的前 3 個季度報告的那樣，花旗 Visa 聯名信用卡計劃再次對我們的同比毛利率產生了 14 個基點的積極影響，對 SG&A 費用產生了 8 個基點的積極影響，我們的整體底線為在為期 17 週的第四季度中，第四季度的收益同比總計增加 22 個基點或每股 0.13 美元。

More detail to follow later in the call on this.

更多細節將在稍後的電話會議中跟進。

Gas profitability, the third item.

燃氣盈利能力，第三項。

Our profits from gas during the quarter as compared to last year's fourth quarter were higher by about $40 million pretax or $0.05 a share.

與去年第四季度相比，我們本季度的天然氣利潤高出約 4000 萬美元（稅前）或每股 0.05 美元。

Number four, gross margin.

第四，毛利率。

This year's fourth quarter margin -- gross margin included $20 million of pretax benefits from nonrecurring legal items, which were partially offset by about a $10 million reserve charge for inventory losses attributable to Hurricane Harvey.

今年第四季度的利潤率——毛利率包括來自非經常性合法項目的 2000 萬美元稅前收益，這部分被哈維颶風造成的庫存損失的約 1000 萬美元準備金費用所抵消。

Together, this net $10 million pretax benefit represented a benefit of 2 basis point improvement to gross margin or about $0.015 share -- a benefit to earnings per share.

總的來說，這 1000 萬美元的淨稅前收益代表毛利率提高 2 個基點或每股收益約 0.015 美元——每股收益。

Fifth item of note, SG&A.

第五項注意事項，SG&A。

This year's fourth quarter SG&A expenses included an $11 million or about $0.015 negative hit related to Hurricane Harvey.

今年第四季度的 SG&A 費用包括與颶風哈維相關的 1100 萬美元或約 0.015 美元的負面影響。

This represented about a 3 basis point detriment to our reported SG&A percentage in the quarter.

這對我們報告的本季度 SG&A 百分比造成了約 3 個基點的損害。

Number six, modernization-related IT.

第六，與現代化相關的 IT。

As a percent of sales, only slightly higher by 1 basis point year-over-year.

作為銷售額的百分比，同比僅略高 1 個基點。

Next, FX.

接下來，外匯。

There's 2 FX items to point out on an operating basis compared to a year ago.

與一年前相比，在運營基礎上有 2 個外匯項目需要指出。

Foreign currencies had a very slight negative impact to earnings, less than $1 million pretax, also in our interest income and other line, the year-over-year swing in gains and losses related to accounting for our FX exposures in the other countries where we operate.

外幣對收益產生了非常輕微的負面影響，稅前不到 100 萬美元，在我們的利息收入和其他項目中，與我們在其他國家/地區的外匯敞口相關的損益同比波動操作。

In Q4, the year-over-year swing was about a minus $12 million pretax or $0.02 a share hit impact to EPS year-over-year.

在第四季度，同比波動對 EPS 的同比影響約為負 1200 萬美元或每股 0.02 美元。

Last year, in Q4, we had a gain of $11 million in terms of these items.

去年第四季度，我們在這些項目上獲得了 1100 萬美元的收益。

This year, we had a loss of about $1 million recorded in this year in the fourth quarter.

今年，我們在今年第四季度錄得約 100 萬美元的虧損。

Number eight, income taxes.

第八，所得稅。

We had favorable discrete tax items in both fourth quarters both this year and last.

今年和去年第四季度，我們都有優惠的離散稅項。

In last year's fourth quarter, discrete tax items benefited last year's fourth quarter earnings by $0.05 a share.

在去年第四季度，離散稅項目使去年第四季度每股收益增加了 0.05 美元。

This year's fourth quarter discrete positive tax items benefited earnings per share by $0.03, so $0.02 less of benefit this year over last year.

今年第四季度的離散正稅項使每股收益受益 0.03 美元，因此今年的收益比去年減少 0.02 美元。

And lastly, LIFO.

最後，後進先出法。

There was no LIFO charge or credit in this year's fourth quarter results, whereas last year's fourth quarter results had a LIFO credit of $31 million, reflecting deflation in our LIFO indices a year ago or a $0.04 per share benefit last year versus 0 this year.

今年第四季度的業績中沒有後進先出費用或貸記，而去年第四季度的業績有 3100 萬美元的後進先出貸記，反映了一年前我們後進先出指數的通貨緊縮或去年每股收益 0.04 美元，而今年為 0。

Turning to fourth quarter sales.

轉向第四季度的銷售。

Reported sales were up 16% in the quarter, including the benefit from the extra week.

本季度報告的銷售額增長了 16%，其中包括額外一周的收益。

And reported comparable sales figure, which compares a like-for-like number of weeks year-over-year, was up 6.1%.

報告的可比銷售額增長了 6.1%，該數字與去年同期的同類週數進行了比較。

For the quarter, the plus 6.1% comp sales figure was helped by gasoline price inflation to the tune of about 0.5 percentage point and hurt slightly by a slight detriment from the FX impact.

在本季度，汽油價格上漲約 0.5 個百分點，推動銷售增長 6.1%，並受到外匯影響的輕微損害。

In terms of new openings, in Q4, we opened 12 new locations, 6 in the U.S., 2 in Canada and 1 each in Australia, Japan, Iceland and France, the last 2 countries being new countries for us as well.

在新開店方面，第四季度，我們新開了 12 家門店，美國 6 家，加拿大 2 家，澳大利亞、日本、冰島和法國各 1 家，最後 2 個國家也是我們新開的國家。

As our fiscal -- as of our fiscal year-end, we operated 741 locations worldwide, including 26 new buildings during the year.

作為我們的財政——截至我們的財政年度結束時，我們在全球經營著 741 個地點，其中包括 26 座新建築。

We opened 28, but 2 of them are relos.

我們開了 28 家，但其中 2 家是 relos。

This afternoon, I'll also review with you membership trends and renewal rates, an update on our cobrand Citi Visa card.

今天下午，我還將與您一起回顧會員趨勢和續訂率，以及我們聯合品牌 Citi Visa 卡的更新。

I'll discuss a little bit further about margins and expenses.

我將進一步討論利潤和費用。

I'll discuss e-commerce results and some recent initiatives, a couple of other new initiatives as well.

我將討論電子商務的結果和最近的一些舉措，以及其他一些新舉措。

And lastly, I'll give you a recap of our September sales results for the 5-week period ended this past Sunday.

最後，我將回顧一下截至上週日的 5 週內我們 9 月份的銷售業績。

So on to the results.

所以關於結果。

Sales for this year's fourth quarter, the 17 weeks ended September 3, were $41.36 billion, up 16% over last year's $35.73 billion.

今年第四季度（截至 9 月 3 日的 17 週）的銷售額為 413.6 億美元，比去年的 357.3 億美元增長 16%。

On a reported comp basis, Q4 comp sales were up 6.1%; for the quarter on a reported basis, up 5.7% after accounting for fluctuations in gas prices and FX.

在報告的基礎上，第四季度的銷售額增長了 6.1%；在報告的基礎上，本季度在考慮天然氣價格和外匯波動後增長了 5.7%。

For the quarter, our reported 6.1% comp sales results were a combination of an average transaction increase of 2.1% for the quarter, and average shopping frequency increased for the company worldwide, 3.9% up.

本季度，我們報告的 6.1% 的銷售業績是本季度平均交易量增長 2.1% 以及公司全球平均購物頻率增加 3.9% 的綜合結果。

And within that 3.9%, it's up 4.4% for the U.S.

在這 3.9% 中，美國上漲了 4.4%。

In terms of sales comparisons by geography.

在按地域進行的銷售比較方面。

For the fourth quarter within the U.S., the Midwest, Southeast and Texas regions were the strongest with other U.S. regions not far behind.

就美國第四季度而言，中西部、東南部和德克薩斯地區表現最為強勁，美國其他地區緊隨其後。

Internationally, in local currencies, better-performing countries were Japan, Mexico and the U.K.

在國際上，以當地貨幣計算，表現較好的國家是日本、墨西哥和英國。

In terms of merchandise categories for the quarter, within that 6% reported comp, food and sundries up about 4%.

就本季度的商品類別而言，在這 6% 的受訪者中，食品和雜貨增長了約 4%。

Strong categories include spirits, deli and frozen; hardlines up in the mid-single digits.

強勢類別包括烈酒、熟食和冷凍；硬線在中間個位數。

Overall, strongest department results were lawn and garden, tires, toys.

總體而言，最強的部門結果是草坪和花園、輪胎、玩具。

And consumer electronics itself were up in the high singles.

消費電子產品本身也名列前茅。

Softlines were up in the high singles overall with housewares, jewelry and home furnishings showing the best results.

紡織品在總體上排名靠前，其中家居用品、珠寶和家居用品表現最好。

And in fresh foods, comp sales were in the mid-single digits, relatively consistent across various departments of meat, bakery, deli and produce.

在生鮮食品中，銷售額處於中等個位數，在肉類、麵包店、熟食店和農產品的各個部門之間相對一致。

Within ancillary, gasoline had strong comps in the quarter, aided by higher average sale price this year versus last as well as very strong gallon growth.

在輔助產品中，汽油在本季度表現強勁，這得益於今年平均銷售價格高於去年以及非常強勁的加侖增長。

In addition, hearing aids were up in the mid-teens followed by optical and food court.

此外，助聽器的價格在十幾歲左右上升，其次是光學和美食廣場。

Moving to the line items of the income statement.

轉到損益表的行項目。

I'll start with membership fees.

我將從會員費開始。

Membership fees were up 13.4% or $111 million year-over-year.

會員費同比增長 13.4% 或 1.11 億美元。

As a percent of sales, they were down 5 basis points, as we expected in part due simply to strong sales results.

作為銷售額的百分比，它們下降了 5 個基點，正如我們預期的那樣，部分原因僅僅是強勁的銷售業績。

Of the $111 million increase in fees year-over-year, about $15 million related to the membership fee increases we took, a little over half of that $15 million from the fee increases taken in our international operations last September 2016, and the balance from the June 1 increases taken in the U.S. and Canada recently.

在同比增加的 1.11 億美元費用中，約有 1500 萬美元與我們收取的會員費增加有關，其中略多於 1500 萬美元的一半來自 2016 年 9 月我們國際業務的費用增加，其餘部分來自最近在美國和加拿大採取的 6 月 1 日的增長。

In terms of membership, renewal rates are fine.

就會員資格而言，續訂率很好。

There's still some slight negative renewal rate impact from the U.S. credit card conversion last year, and we expect that to continue for at least a quarter or 2, and we continue to see increased penetration of our Executive Membership.

去年美國信用卡轉換對續訂率仍有一些輕微的負面影響，我們預計這種情況至少會持續一到兩個季度，而且我們繼續看到我們的執行會員的滲透率有所提高。

In terms of number of members at Q4 end.

就第四季度末的成員數量而言。

At year-end -- Q3 end, we started with Gold Star of 37.8 million.

在年底 - 第三季度末，我們以 3780 萬美元的金星開始。

And at the end of the quarter or at the end of the year, we had 38.6 million.

在本季度末或年底，我們有 3860 萬。

Business, Primary was 7.4 million at each period; Business add-on, 3.4 million; total member households, 48.6 million at third quarter end; and 17 weeks later at fiscal year-end, 49.4 million.

Business, Primary 在每個時期為 740 萬；業務附加值，340萬；第三季度末成員家庭總數為 4860 萬； 17 週後的財年末，為 4940 萬。

All told, cardholders were 88.9 million a quarter ago, and fourth quarter at year-end was 90.3 million.

總而言之，持卡人一季度前為 8890 萬，年底第四季度為 9030 萬。

At year-end, paid Executive Memberships totaled 18.5 million, an increase of 274,000 since third quarter end, which is about 16,000 per week increase in the quarter.

截至年底，付費執行會員總數為 1850 萬，自第三季度末以來增加了 274,000，本季度每週增加約 16,000。

Executive Members are about 38% of our member base and about 2/3 of our sales.

執行會員約占我們會員群的 38%，約占我們銷售額的 2/3。

In terms of renewal rates, at year-end, Business Members renewed at 94%; Gold Star members at 89.3%.

續費率方面，年末商務會員續費率為94%；金星會員為89.3%。

These numbers are for the U.S. and Canada combined, which is over 80% of our company; and total, U.S. and Canada, 90.0%; worldwide, 87.2%, a slight tick down of 0.1% or 0.2% from the last quarter.

這些數字是美國和加拿大的總和，占我們公司的 80% 以上；美國和加拿大的總和，90.0%；全球為 87.2%，比上一季度略微下降 0.1% 或 0.2%。

A lot of that, as I mentioned earlier, we believe, relates to, in the U.S., the conversion last June to the new credit card program and -- with auto rebill.

正如我之前提到的，我們認為，其中很多與去年 6 月在美國轉換為新的信用卡計劃以及自動重新計費有關。

And we -- again, we expect that to continue to downtrend a little bit the next quarter or 2.

我們 - 再一次，我們預計下一季度或第二季度將繼續呈下降趨勢。

While I'm on the subject of membership, I'd like to spend a couple of minutes to respond to the many questions we get literally every day relating to concerns -- the following concerns: one, that new member sign-ups might be slowing; two, that the average number of member households per location seems to be coming down a little; and three, that with the increasing overlap of people having both a Costco membership and an Amazon Prime account and the fact that more and more people are having groceries delivered by everyone, is this the beginning of something that will impact Costco?

當我談到會員資格時，我想花幾分鐘時間來回答我們每天收到的許多與擔憂有關的問題——以下擔憂：第一，新會員註冊可能是減速；第二，每個地點的平均成員家庭數量似乎有所下降；第三，隨著同時擁有 Costco 會員資格和 Amazon Prime 賬戶的人越來越多地重疊，以及越來越多的人都擁有由每個人送貨的雜貨，這是影響 Costco 的事情的開始嗎？

As to new memberships sign-ups slowing, we believe it's -- virtually are related to timing, the timing of openings and the timing of 2 online new membership initiatives we undertook, 1 each in the past 2 fiscal years.

至於新會員註冊速度放緩，我們認為這實際上與時間、開放時間以及我們開展的 2 項在線新會員計劃的時間有關，過去 2 個財政年度各 1 項。

For example, in the first 3 fiscal quarters of 2017 -- fiscal 2017, in these 36 weeks, we opened 16 new warehouses, including 2 openings with outsized sign-ups both in Asia, a new unit in each of Korea and Taiwan.

例如，在 2017 年的前 3 個財政季度——2017 財年，在這 36 週內，我們開設了 16 個新倉庫，其中 2 個在亞洲開設了 2 個，在韓國和台灣各開設了一個新倉庫。

Those were done last January.

這些是去年一月完成的。

Each of these locations added almost 60,000 new members to our base.

這些地點中的每一個都為我們的基地增加了近 60,000 名新成員。

In Q4, we opened -- in these 17 weeks, we opened 12 new locations, 3 with large sign-ups in Japan, Iceland and France.

在第四季度，我們開設了——在這 17 週內，我們開設了 12 個新地點，其中 3 個在日本、冰島和法國有大量註冊。

Again, these 3 locations each opened for only 5 to 15 weeks in the fourth quarter, added a total of 180,000 members to our base, again an average of about 60,000 new members per building.

同樣，這 3 個地點在第四季度各只開放了 5 到 15 週，為我們的基地增加了 180,000 名會員，平均每棟大樓新增約 60,000 名會員。

So timing of those certainly impact the numbers in terms of averages.

因此，這些時間肯定會影響平均值方面的數字。

Conversely, when we looked at openings that cannibalized existing nearby locations, you'll add maybe a few thousand, at the most, new members at that new location.

相反，當我們查看蠶食附近現有地點的空缺時，您最多可能會在該新地點添加幾千名新成員。

The result will drive an expected $80 million to $100 million of new annual sales in that market but lower the average number of members for each building in that market by 10,000 or more.

結果將在該市場推動 8000 萬至 1 億美元的新年銷售額，但會使該市場每棟建築的平均會員人數減少 10,000 人或更多。

The other timing issue.

另一個時間問題。

In the last 2 years -- fiscal years, we've done 2 online new membership drives, each with an added -- each which added an average of around 200,000 members, 1 a little less and 1 a little more.

在過去的 2 年中——財政年度，我們做了 2 次在線新會員活動，每次都增加了——每次平均增加了大約 200,000 名會員，1 人少了一點，1 人多了一點。

The fiscal 2016 event occurred in February of '16 near the end of our second quarter.

2016 財年事件發生在 16 年 2 月，接近我們第二季度末的時候。

The fiscal '17 event occurred in August in the fourth quarter this year.

17 財年事件發生在今年第四季度的 8 月。

So again, timing played an issue with that.

因此，時間再次成為問題。

One last data point.

最後一個數據點。

If I take all of the U.S. and Canada locations and I exclude all the new openings in all locations that were being cannibalized in many cases by these new openings, the average number of members at these remaining locations grew by -- grew year-over-year from the end of fiscal '16 to the end of fiscal '17 by approximately 4% year-over-year.

如果我把美國和加拿大的所有地點都排除在外，並排除在許多情況下被這些新空缺蠶食的所有地點的所有新空缺，那麼這些剩餘地點的平均會員數量增長 - 同比增長 -從 16 財年末到 17 財年末的年度同比增長約 4%。

So our view is that we're fine, and hopefully, that answers some of the many questions we've got on these questions.

所以我們的觀點是我們很好，希望這能回答我們在這些問題上提出的許多問題中的一些。

As to the other questions as it relates to increased delivery options by everyone.

至於其他問題，因為它與每個人增加的交付選項有關。

Is it impacting us?

對我們有影響嗎？

And is it impacting our brick-and-mortar?

它會影響我們的實體店嗎？

A few comments: One, of course, our sales and our comps are strong and have even trended up.

幾點評論：其中之一，當然，我們的銷售和我們的競爭很強勁，甚至呈上升趨勢。

Two, our shopping frequency is strong and has also trended up.

第二，我們的購物頻率很高，而且呈上升趨勢。

Three, our value proposition, we believe, it's stronger than ever.

第三，我們相信，我們的價值主張比以往任何時候都更強大。

Four, we're just getting started on some of the new delivery options of our own, and I'll talk about that in a minute.

第四，我們剛剛開始使用我們自己的一些新交付選項，稍後我會討論這個。

And five, we're using online and the Internet to drive businesses both to e-commerce as well as in-store.

第五，我們正在使用在線和互聯網來推動電子商務和實體店業務。

So stay tuned, and we'll continue to discuss that in each quarter.

所以請繼續關注，我們將在每個季度繼續討論這個問題。

Before continuing down the income statement line items, a couple of updated stats on the Citi Visa card offering.

在繼續查看損益表項目之前，請先更新一些花旗 Visa 卡產品的統計數據。

Again, this began in Q4 of last year, in June, about June 20, I believe.

同樣，這開始於去年第四季度，即 6 月，大約 6 月 20 日，我相信。

With the conversion to Citi Visa card in June of '16, there were 11.4 million cobranded cards or about 7.4 million accounts being transferred over to Citi.

隨著 16 年 6 月轉換為花旗 Visa 卡，有 1140 萬張聯名卡或大約 740 萬個賬戶被轉移到花旗。

At Q4 end -- as of Q4 end, just over a year since the conversion, we now have 1.8 million new approved member accounts or about 2.4 million new cards, including about 270,000 new accounts during the past 17 weeks.

在第四季度末——截至第四季度末，轉換後僅一年多，我們現在有 180 萬個新批准的會員賬戶或約 240 萬張新卡，其中包括過去 17 週內約 270,000 個新賬戶。

Overall, we're seeing the Citi Visa cobranded portfolio total spend higher year-over-year, both organically and from these new accounts.

總體而言，我們看到 Citi Visa 聯合品牌組合的總支出同比增加，包括有機支出和來自這些新賬戶的支出。

Despite the fact that we had a partial comparison to the conversion last year since it was midway through Q4, it was still positive year-over-year to gross margin, SG&A and EPS, and I mentioned that earlier.

儘管自去年第四季度中期以來我們與去年的轉換進行了部分比較，但毛利率、SG&A 和 EPS 同比仍為正，我之前提到過。

I should note though that we'd anticipate the year-over-year comparisons to moderate -- of course, as it did actually in Q4 as well, to moderate starting with the first quarter.

我應該指出，儘管我們預計同比比較會溫和——當然，就像第四季度的實際情況一樣，從第一季度開始就會溫和。

Lastly, we continue to enhance the value proposition not only of being a Costco member but then being a Costco Executive Member and then, even better, a Costco Executive Member using the Citi Visa Anywhere card.

最後，我們繼續提升價值主張，不僅成為 Costco 會員，而且成為 Costco Executive 會員，甚至更好的是，使用 Citi Visa Anywhere 卡成為 Costco Executive 會員。

I'll share a couple of new examples of that during the remainder of this call.

在本次電話會議的剩餘部分，我將分享幾個新示例。

Overall, in terms of conversion, usage and sign-ups for the card, all good at this point.

總的來說，在卡的轉換、使用和註冊方面，在這一點上都很好。

Going down to the gross margin line.

下降到毛利率線。

Our reported gross margin in the fourth quarter was lower year-over-year by 15 basis points.

我們報告的第四季度毛利率同比下降 15 個基點。

As I do always, I'll ask you to jot down a few numbers.

像往常一樣，我會請你記下一些數字。

We'll do 4 columns.

我們將做 4 列。

The first 2 columns are year-over-year basis point changes for the third quarter.

前兩列是第三季度的同比基點變化。

First column would be as reported, and the second column would be without gas inflation, and then Q4 reported and Q4 without gas inflation.

第一列將如報告的那樣，第二列將沒有氣體膨脹，然後是 Q4 報告和 Q4 沒有氣體膨脹。

So those will be the 4 columns.

所以這些將是 4 列。

First line item would be core merchandising.

第一行項目將是核心商品。

In Q3, we reported improvement year-over-year of plus 7 basis points; without gas inflation, plus 20; this year, in Q4, minus 8 and minus 3. Ancillary in Q3 was plus 15 reported and plus 19 ex inflation in gas; in Q4, minus 1 and plus 1. 2% Reward from Executive Membership, minus 2 and minus 4; in the third and fourth columns, plus 1 and 0. LIFO, minus 5 and minus 5 in Q3; and minus 9 and minus 9 in Q4.

在第三季度，我們報告同比增長 7 個基點；沒有充氣，加 20；今年，在第四季度，負 8 和負 3。第三季度的輔助報告為正 15，加上天然氣通貨膨脹前的 19；在第四季度，負 1 和正 1。 2% 來自執行會員的獎勵，負 2 和負 4；在第三和第四列中，加 1 和 0。後進先出法，負 5 和 Q3 中的負 5；以及第四季度的負 9 和負 9。

Other, minus 7 and minus 7 in Q3; and the 2 columns for Q4, plus 2 and plus 2. So all told, on a reported basis in Q3 '17 year-over-year, we were up 8 basis points; without gas inflation, up 23; and in Q4, on a reported basis, down 15, and without gas inflation, minus 9. Now mind you in these numbers, the Citi Visa impact, as I mentioned earlier, in Q4 was plus 14 as -- on a reported basis and on a -- without gas inflation.

其他，Q3負7和負7；以及第 4 季度的 2 列，加 2 和加 2。總而言之，根據 17 年第 3 季度的報告，我們上漲了 8 個基點；沒有充氣，上升 23；在第四季度，根據報告，下降了 15，沒有天然氣通脹，負 9。現在請注意，在這些數字中，花旗 Visa 的影響，正如我之前提到的，在第四季度是正 14，因為 - 在報告的基礎上和在 - 沒有充氣。

So if you look at it that way, the plus -- the minus 15 would be minus 29 ex that, and the minus 9 would be minus 23 ex that.

因此，如果您這樣看，加號 - 負 15 將是負 29，而負 9 將是負 23。

Now overall, as I mentioned, reported margins were 15 basis points down year-over-year; and 9 ex gas; and as I just mentioned, taking out the Citi Visa benefit, minus 29 and minus 23.

現在總體而言，正如我提到的，報告的利潤率同比下降了 15 個基點；和 9 ex 氣體；正如我剛才提到的，去掉 Citi Visa 福利，負 29 和負 23。

Now within that, the core merchandise component of gross margin was lower by 8 reported; but 3 excluding gas.

現在其中，毛利率的核心商品部分降低了 8；但 3 不包括氣體。

As I've shared before, the subcategories within our gross -- our core gross margin, which is almost 80% of our sales than anywhere else, food and sundries, hardlines, softlines and fresh foods.

正如我之前分享的那樣，我們毛利率中的子類別——我們的核心毛利率，幾乎占我們銷售額的 80%，比其他任何地方都高，包括食品和雜貨、硬線、軟線和新鮮食品。

As a percent of their own sales, they were essentially flat year-over-year notwithstanding the investing in price that we have done during the course of this; with food and sundries and softlines being up a little bit year-over-year and hardlines and fresh being down a little bit, again investing in price.

儘管我們在此過程中對價格進行了投資，但作為他們自己銷售額的百分比，他們基本上同比持平；食品、雜貨和軟線產品同比略有上漲，而硬線和新鮮產品略有下降，再次投資於價格。

Ancillary and other business gross margin was down 1 basis point; up 1 basis point ex gas inflation.

輔助及其他業務毛利率下降1個基點；上漲 1 個基點（不含天然氣通脹）。

In the quarter, higher year-over-year margin contribution in gasoline, hearing aids, business centers and travel was offset by lower year-over-year margin contribution in e-commerce, again investing in price as well as pharmacy lower margins year-over-year.

在本季度，汽油、助聽器、商務中心和旅遊的同比利潤率貢獻被電子商務的同比利潤率貢獻降低所抵消，再次投資於價格以及藥品較低的利潤率超過一年。

LIFO.

後進先出法。

I already shared with you the fact that we had a LIFO credit last year to the tune of $31 million versus 0 this year.

我已經與您分享了一個事實，即我們去年的後進先出信用額度達到 3100 萬美元，而今年為 0。

So year-over-year, that was the 9 basis point delta.

所以與去年同期相比，這是 9 個基點的三角洲。

And Hurricane Harvey -- well, that was the net of 2 items.

颶風哈維——好吧，那是兩個項目的淨值。

So I won't go through that one.

所以我不會通過那個。

But overall, margins were down relative to last year, and we feel it's a function of our own initiative to drive sales and enhance member loyalty and satisfaction.

但總體而言，利潤率與去年相比有所下降，我們認為這是我們推動銷售、提高會員忠誠度和滿意度的舉措。

Moving to reported SG&A.

轉向報告的 SG&A。

Our reported SG&A year-over-year in Q4 was better or lower by 37 basis points and 31 without gas inflation, coming in at 9.97% for the year compared to 10.34% last year.

我們報告的第 4 季度 SG&A 同比好於或低於 37 個基點，在沒有天然氣通脹的情況下為 31 個基點，全年為 9.97%，而去年為 10.34%。

Excluding the Citi Visa benefit -- and again, the Citi Visa benefit was 8 basis points benefit to SG&A year-over-year lower.

不包括 Citi Visa 福利——同樣，Citi Visa 福利對 SG&A 的收益同比下降 8 個基點。

Again, I'll ask you to jot down those 4 columns, Q3 reported and Q3 without gas and then Q4 reported and Q4 without gas.

再一次，我會要求你記下這 4 列，第 3 季度報告和第 3 季度沒有天然氣，然後是第 4 季度報告和第 4 季度沒有天然氣。

In terms of core operations.

在核心業務方面。

In Q3, plus 21 basis points -- and plus means good or lower; and plus 9 without gas; in Q4, plus 32 and plus 27.

Q3，加上21個基點——加上意味著好或更低；加 9 不加油；在第四季度，加上 32 和 27。

Central, minus 1 and minus 3; and in Q4, reported and adjusted for gas, plus 8 and plus 7. Stock compensation, minus 1 and minus 1; and then in Q4, 0 and 0. Other, minus 5 and minus 5; and then in Q4, minus 3 and minus 3.

中央，負 1 和負 3；在第四季度，報告並調整了天然氣，加 8 和加 7。股票補償，減 1 和減 1；然後在Q4中，0和0。其他，負5和負5；然後在第四季度，負 3 和負 3。

So reported Q3, lower or plus 14 basis points reported; and flat without gas inflation.

所以報Q3，報低或加14個基點；並且平坦，沒有充氣。

And reported, plus 37 or lower by 37 basis points year-over-year; and plus 31 or lower by 31 basis points ex gas.

與報告相比，加37或更低37個基點；加上 31 或更低的 31 個基點（不含天然氣）。

And again, each of those numbers, those -- that 37 and 31, you could adjust -- you could look at it from the standpoint that 8 basis points came from the improvement year-over-year related to the Citi Visa card.

再一次，每一個數字，那些——37 和 31，你可以調整——你可以從 8 個基點來自與花旗 Visa 卡相關的同比改進的角度來看待它。

And while that's been a great improvement each of the last 4 quarters as it was to margin, we'll start to see that benefit -- we'll still expect to see some benefit, but it will be greatly reduced after the first full year.

雖然這在過去 4 個季度的每一個季度都有很大的改善，因為它是利潤率，但我們將開始看到這種好處——我們仍然希望看到一些好處，但在第一個完整的一年後會大大減少.

In terms of our SG&A performance in Q4, the operations component again was quite good.

就我們在第四季度的 SG&A 表現而言，運營部分再次相當不錯。

Strong top line sales frankly led to year-over-year improvement in payroll benefits and other items, particularly bank fees.

坦率地說，強勁的頂線銷售導致工資福利和其他項目（尤其是銀行費用）同比改善。

Central expense was lower year-over-year by 8 basis points and 7 without gas.

中央費用同比下降 8 個基點，不含汽油則下降 7 個基點。

Again, we saw nice improvement in payroll and benefits expense percentages, again offset very slightly by 1 basis point from IT modernization.

同樣，我們看到工資和福利支出百分比有了很好的改善，再次被 IT 現代化略微抵消了 1 個基點。

And lastly, other was worse by 3 basis points that impacted negatively and that was the $11 million I mentioned earlier related to Hurricane Harvey.

最後，其他情況惡化了 3 個基點，產生了負面影響，那就是我之前提到的與颶風哈維相關的 1100 萬美元。

Next on the income statement is preopening expense.

損益表的下一個是開業前費用。

Last year in Q4, we had $24 million.

去年第四季度，我們有 2400 萬美元。

This year was $6 million higher at $30 million.

今年增加了 600 萬美元，達到 3000 萬美元。

Last year, we opened 11 new units -- 11 units, 10 that are relos.

去年，我們開設了 11 個新單位——11 個單位，其中 10 個是 relos。

2 of those 11 were international.

這 11 人中有 2 人是國際性的。

This year, while we opened up only 1 more, 12 total, 6 were international, and international tend to have higher preopening.

今年，雖然我們只多開了 1 個，但總共有 12 個，其中 6 個是國際的，國際往往有更高的預開。

Overall, higher year over preopening cost is -- again, it's a higher -- really a reflection of higher penetration from international.

總體而言，高於開業前成本的年份——再一次，它更高——確實反映了國際滲透率更高。

All told, operating income in Q4 came in at $1,450,000,000, up $259 million or 22% higher year-over-year than last year's results.

總而言之，第四季度的營業收入為 14.5 億美元，比去年同期增長 2.59 億美元或 22%。

Below the operating income line, reported net interest expense came in at $53 million as compared to $39 million last year, primarily a result of the incremental new debt offering we did this past May in conjunction with the special dividend, which was discussed in last quarter's earnings call, plus there's 1 extra week in Q4 this year than last year.

在營業收入線以下，報告的淨利息支出為 5300 萬美元，而去年為 3900 萬美元，這主要是由於我們在去年 5 月與特別股息一起進行的增量新債發行，這在上一季度的討論中進行了討論財報電話會議，再加上今年第四季度比去年多了一周。

Interest income and other was lower year-over-year by $7 million, coming in at $22 million this year compared to $29 million last year.

利息收入和其他收入同比減少 700 萬美元，今年為 2200 萬美元，而去年為 2900 萬美元。

Within that number, actual interest income for the quarter was better year-over-year by $5 million.

在這個數字中，本季度的實際利息收入同比增加 500 萬美元。

However, it was more than offset by that minus $12 million of FX-related items I discussed at the beginning of the call.

然而，它被我在電話會議開始時討論的 1200 萬美元的外匯相關項目所抵消。

Overall, pretax income was higher by 20% or $238 million higher in Q4, coming in at $1,419,000,000 this year.

總體而言，第四季度稅前收入增加了 20% 或 2.38 億美元，今年達到 14.19 億美元。

In terms of income taxes, our tax rate in Q4 '17 came in at 34.3% for the quarter compared to 33.6% last year.

在所得稅方面，我們在 17 年第四季度的稅率為 34.3%，而去年為 33.6%。

Again, as I mentioned earlier in the call, we benefited from the 2 positive discrete items -- tax items in both fourth quarters but are -- but more last year than this year.

同樣，正如我之前在電話會議中提到的，我們受益於 2 個積極的離散項目——兩個第四季度的稅收項目——但去年比今年更多。

Our effective rate for the entire fiscal year that we just ended came in at 35.36%.

我們剛剛結束的整個財政年度的有效利率為 35.36%。

With that, reported net income was higher by 18% or coming in at $919 million this year compared to $779 million in net income reported last year in Q4.

因此，與去年第四季度報告的淨收入 7.79 億美元相比，今年報告的淨收入增長了 18%，達到 9.19 億美元。

For now for a quick rundown of other topics.

現在快速了解其他主題。

The balance sheet is included in today's press release; a couple of balance sheet info items.

資產負債表包含在今天的新聞稿中；幾個資產負債表信息項目。

Depreciation and amortization in Q4 totaled $441 million, so for the entire year, depreciation of $1,370,000,000.

第四季度的折舊和攤銷總額為 4.41 億美元，因此全年折舊為 13.7 億美元。

Our accounts payable ratio, if you recall last year, we were converting in IT our accounting system.

我們的應付賬款比率，如果你還記得去年的話，我們正在 IT 中轉換我們的會計系統。

So we paid an extra week of invoices early to make sure we weren't going to run into any snafus with that conversion on day 1 of the fiscal year that just ended.

因此，我們提前支付了額外一周的發票，以確保我們不會在剛剛結束的財政年度的第一天因轉換而遇到任何麻煩。

But adjusting for that, our -- last year, our accounts payable as a percent of inventories was 104%.

但對此進行調整，我們 - 去年，我們的應付賬款佔庫存的百分比為 104%。

Reported was 85% but 104% taking that adjustment out, down at -- it came down to 98% at the end of this fiscal year.

報告為 85%，但 104% 將調整排除在外，在本財政年度末降至 98%。

If you take construction payables out there and other types of payables that are not merchandise, last year's normalized number at year-end was 91%, a little down at 89%, roughly 90% in both year-ends of last year on a merchandise-only basis and normalized for that -- paying the bills out early.

如果你把建築應付賬款和其他類型的非商品應付賬款計算在內，去年年末的標準化數字為 91%，略微下降至 89%，去年年底的商品約為 90% - 唯一的基礎和規範化 - 提前支付賬單。

In terms of average inventory per warehouse, this year at fourth quarter-end, it was about $12.28 million per location; last year, $11.85 million, so up about $430,000 per location.

就每個倉庫的平均庫存而言，今年第四季度末，每個地點約為 1228 萬美元；去年為 1185 萬美元，因此每個地點增加了約 430,000 美元。

There is -- that's at the warehouse level.

有——那是在倉庫層面。

We've broken out this time the increase in inventories elsewhere because we have quite a bit of expanded inventory with our expansion of e-commerce fulfillment locations and activities as well as some of the vertical integration things we're doing in those businesses.

這次我們打破了其他地方庫存的增加，因為隨著我們電子商務履行地點和活動的擴展，以及我們在這些業務中所做的一些垂直整合，我們有相當多的庫存擴展。

In terms of CapEx.

在資本支出方面。

In Q4, we spent -- we expended $779 million, which, for all of 2017, would put us right at $2.5 billion, which is about the same as fiscal '16.

在第四季度，我們花費了——我們花費了 7.79 億美元，對於整個 2017 年，這將使我們達到 25 億美元，這與 16 財年大致相同。

We'd anticipate spending to be a little higher in fiscal '18 not only as it relates to the net increase -- relates to the sum of everything we do, not only openings but also some manufacturing businesses that we're expanding as well as e-commerce and some other things.

我們預計 18 財年的支出會略高，這不僅與淨增長有關——與我們所做的一切的總和有關，不僅是開業，還有我們正在擴張的一些製造業務以及電子商務和其他一些東西。

Next, in terms of e-commerce, we're, of course, in the U.S., Canada, U.K., Mexico, Korea and Taiwan.

其次電商方面，當然是美國、加拿大、英國、墨西哥、韓國、台灣。

You should expect additional countries to be open over the next year, 1.5 years.

您應該期望在明年（1.5 年）內開放更多國家/地區。

Total e-commerce sales in fiscal 2017 came in at $4.6 billion, up 15% from -- right at $4 billion at the end of -- for fiscal '16.

2017 財年的電子商務總銷售額為 46 億美元，比 16 財年末的 40 億美元增長了 15%。

For Q4, sales were -- profits were, of course, up.

對於第四季度，銷售額 - 利潤當然有所增加。

Total e-commerce sales were up 27% in the quarter.

本季度電子商務總銷售額增長了 27%。

Of course, that includes an extra week, 17 versus 16 weeks, and up 21% on a comp sales basis with a trending positive during the roughly 4 months of the quarter.

當然，這包括額外的一周，從 17 周到 16 週，並且在本季度大約 4 個月的銷售基礎上增長了 21%，趨勢為正。

As discussed over the past few quarters, much of our efforts over the past year focused on improving the functionality of our site.

正如過去幾個季度所討論的那樣，我們過去一年的大部分努力都集中在改進我們網站的功能上。

We improved search, streamlined the checkout process, improved our members' ability to track their orders, and automated much of the returns process.

我們改進了搜索，簡化了結帳流程，提高了會員跟踪訂單的能力，並自動化了大部分退貨流程。

And we also improved our online merchandising efforts by adding high-end and well-known brand names, a few examples of late, Marmot, Spyder, ExOfficio, GE Appliances and Jiffy Lube services.

我們還通過添加高端和知名品牌、Marmot、Spyder、ExOfficio、GE Appliances 和 Jiffy Lube 服務等一些知名品牌來改進我們的在線銷售工作。

We've expanded our KS offerings.

我們已經擴展了我們的 KS 產品。

We're providing new hot buys, limited-time offers with extra discounts.

我們正在提供新的熱銷商品、限時優惠和額外折扣。

We're also -- we've started doing what we call Buyer's Picks and unique offerings through our partnership -- Buyer's Picks; and lastly, some unique offerings through partnerships with Citi Visa, where we're offering in the cases of -- we've done it with Samsung Electronics.

我們也 - 我們已經開始通過我們的合作夥伴關係 - 買家精選；最後，通過與 Citi Visa 的合作夥伴關係，我們提供了一些獨特的產品——我們已經與三星電子合作。

We've done it with tires and a few other things where you buy it at Costco and you use your Citi Visa card.

我們已經用輪胎和其他一些東西做到了，你可以在 Costco 購買它並使用你的 Citi Visa 卡。

On top of all the other great savings, there's anywhere from a 10% to 15% cash offer.

除了所有其他巨大的節省之外，還有 10% 到 15% 的現金優惠。

And leveraging.

並發揮作用。

As well, we're leveraging our global brick-and-mortar buying power to expand and improve our online value proposition by lowering prices even further.

此外，我們正在利用我們的全球實體購買力，通過進一步降低價格來擴大和改善我們的在線價值主張。

Lastly, we continue to build awareness of our site with Costco members through warehouse signage, special offers and targeted e-mails.

最後，我們繼續通過倉庫標牌、特別優惠和有針對性的電子郵件來提高 Costco 會員對我們網站的認識。

I expect us to discuss some of those activities more in 2018.

我希望我們在 2018 年更多地討論其中一些活動。

We feel that all these efforts, which are ongoing, result in increased traffic in sales, both online and in-store during the past couple of quarters in particular.

我們認為，所有這些正在進行的努力導致了在線和店內銷售流量的增加，尤其是在過去幾個季度。

Looking forward, we'll continue to expand these types of activities to drive our businesses.

展望未來，我們將繼續擴大這些類型的活動以推動我們的業務發展。

You'll hear more from us in the coming quarters about driving online sales with ongoing site improvements, improved online marketing activities and, of course, along with great products and services at fantastic prices.

在接下來的幾個季度中，您會從我們那裡聽到更多關於通過持續改進網站、改進在線營銷活動來推動在線銷售的信息，當然，還有價格優惠的優質產品和服務。

That's what we do.

這就是我們所做的。

In terms of what's new.

就新事物而言。

3 days ago, we rolled out 2 new online delivery-related offerings: the first, CostcoGrocery, which is -- which consists of nonperishable food and sundries items.

3 天前，我們推出了 2 個新的在線交付相關產品：第一個是 CostcoGrocery，它由不易腐爛的食品和雜貨組成。

This offers 2-day delivery on dry grocery; and a second, an expanded white-label, same-day grocery delivery offering through our partnership with Instacart that includes both dry and fresh grocery.

這提供干雜貨 2 天送達服務；第二，通過我們與 Instacart 的合作夥伴關係，擴展了白標雜貨當日送貨服務，包括乾貨和新鮮雜貨。

You can find both sites by going to costco.com and then clicking on the grocery tab.

您可以訪問 costco.com，然後單擊“雜貨店”選項卡，找到這兩個網站。

You'll then be taken to a page offering and explaining both of these new online delivery options.

然後您將被帶到一個頁面，提供並解釋這兩個新的在線交付選項。

A few details about each option.

關於每個選項的一些細節。

As it relates to CostcoGrocery, just under 500 dry grocery SKUs; again, no fresh; free delivery with orders over $75; 2-day or less delivery throughout the Continental United States.

與 CostcoGrocery 相關，只有不到 500 個乾雜貨 SKU；再次，不新鮮；訂單滿 75 美元免費送貨；整個美國大陸 2 天或更短的交貨時間。

The boxes are up to 40-pound shipment through UPS.

這些箱子通過 UPS 運輸，重量不超過 40 磅。

Orders are fulfilled at several of our business delivery centers.

訂單在我們的幾個業務交付中心完成。

These offer very competitive pricing and value proposition, in fact, significantly better pricing than even we had at costco.com on many of these items.

這些產品提供了極具競爭力的價格和價值主張，事實上，其中許多產品的價格甚至比我們在 costco.com 上的價格要好得多。

We'd expect to expand these offerings over time.

我們希望隨著時間的推移擴展這些產品。

The second option I mentioned, Instacart white label.

我提到的第二個選項，Instacart 白標。

This is currently offered at 376 of our U.S. locations -- are live with it.

目前，我們在美國的 376 個地點都提供這種服務——可以接受。

And we -- there'll be a number of additional U.S. locations planned added between now and the end of calendar '18 as our partnership expands.

而且我們 - 隨著我們的合作夥伴關係的擴大，從現在到 18 日曆年末，我們將計劃增加一些額外的美國地點。

There are approximately 1,700 SKUs, both dry and fresh, that are offered and can be fulfilled through the Instacart white-label option.

大約有 1,700 個 SKU，包括幹的和新鮮的，可以通過 Instacart 白標選項提供和履行。

Again, I mentioned it's same-day delivery.

我再次提到它是當天交貨。

It's same-day delivery.

是當天送達。

It's also a very competitive pricing value proposition, better than before.

這也是一個非常有競爭力的定價價值主張，比以前更好。

And again, Costco members will now have access to our promotional pricing like on MVMs as well.

同樣，Costco 會員現在也可以像 MVM 一樣享受我們的促銷價格。

Costco Executive Members will also receive the 2% Reward, and members utilizing the cobranded Costco Visa card will now earn that 2% on these purchases, similar to in-store purchases; just starting this week and stay tuned.

Costco Executive 會員也將獲得 2% 的獎勵，使用聯名 Costco Visa 卡的會員現在將在這些購買中獲得 2% 的獎勵，類似於店內購買；本周剛剛開始，敬請期待。

Next on the discussion list here, warehouse expansion.

此處討論列表的下一個是倉庫擴建。

For fiscal '17, we opened 26 net new units, about 3.5% square footage growth.

對於 17 財年，我們淨開設了 26 個新單位，面積增長約 3.5%。

For fiscal '18, we'd expect to open about 25 net new warehouses, a little under 2/3 of them in the U.S. and about 1/3 internationally.

對於 18 財年，我們預計將淨開設約 25 個新倉庫，其中略低於 2/3 在美國，約 1/3 在國際。

As well, we plan to relocate 6 warehouses to better located and larger facilities.

此外，我們計劃將 6 個倉庫搬遷到位置更好、規模更大的設施。

That compares to 2 to 3 relos in each of the last several years.

相比之下，過去幾年每年都有 2 到 3 個 relos。

At -- as of Q4-end, total warehouse square footage stood at 107.3 million square feet.

截至第四季度末，倉庫總面積為 1.073 億平方英尺。

In terms of stock buybacks, in the first 3 fiscal quarters of 2017, over these 36 weeks, we expended $233 million to buy just under 1.5 million shares at an average price of $156.51.

在股票回購方面，在 2017 年前三個財政季度的這 36 週內，我們花費 2.33 億美元以平均 156.51 美元的價格購買了近 150 萬股股票。

In Q4, these 17 weeks, we expended a little more than that $233 million.

在第 4 季度，也就是這 17 週，我們的支出略高於 2.33 億美元。

We expended $240 million for about 1.5 million shares at an average price of $159.21 a share; so for the year, $473 million on stock repurchases, 2.998 million shares repurchased at an average price of $157.87.

我們花費 2.4 億美元以每股 159.21 美元的平均價格購買了約 150 萬股股票；因此，這一年，股票回購金額為 4.73 億美元，以平均 157.87 美元的價格回購了 299.8 萬股股票。

In terms of dividends, our current dividend stands at $0.50 per share per quarter.

在股息方面，我們目前的股息為每季度每股 0.50 美元。

That's up 11% from the previous quarterly amount.

這比上一季度增長了 11%。

This yearly $2 per share annualized dividend represents a total payout from the company of approximately $880 million.

每年每股 2 美元的年化股息代表公司的總支出約為 8.8 億美元。

Finally, before I turn it back for Q&A, I'll discuss September sales results.

最後，在我將其轉回進行問答之前，我將討論 9 月份的銷售結果。

For September, which is the 5 weeks ended this past Sunday, sales for the 5-week month were $12.4 billion, up 12.1% from the comparable 5-week period last year of $11.06 billion.

9 月，也就是上週日結束的 5 週，前 5 週的銷售額為 124 億美元，比去年同期的 110.6 億美元增長 12.1%。

They were up -- sorry, yes, they were up 12.1%.

他們上漲了——對不起，是的，他們上漲了 12.1%。

On a reported comp basis, September comp sales were up 8.9% and 6.2% after accounting for fluctuation in gas prices and FX.

在報告的基礎上，考慮到天然氣價格和外彙的波動，9 月份的銷售額分別增長了 8.9% 和 6.2%。

For September, our reported 8.9% comp was a combination of an average transaction increase of 4.1%.

對於 9 月份，我們報告的 8.9% 是平均交易增長 4.1% 的組合。

And again, that 4.1%, of course, includes the benefits from FX and gas; and an average shopping frequency of 4.7% worldwide, and within the 4.7%, a 5.4% in the U.S.

同樣，這 4.1% 當然包括外彙和天然氣帶來的好處；全球平均購物頻率為 4.7%，在 4.7% 之內，美國為 5.4%

Gasoline price inflation and FX both contributed positively in the month.

汽油價格通脹和外彙在本月都做出了積極貢獻。

Gas added 160 basis points, while FX was favorable in the month by 110 basis points.

天然氣上漲 160 個基點，而當月外匯上漲 110 個基點。

Cannibalization impacted Canada in September by 325 basis points.

蠶食對加拿大的影響在 9 月份達到了 325 個基點。

As you know, we opened, I believe, 6 or 7 locations on a base of 90 -- in the low 90s this year, so a lot of cannibalization going out there, while the U.S. was negatively impacted by 60 basis points and Other International by 155; so total company 110 basis points of impact in cannibalization.

如你所知，我相信，我們在 90 個基點上開設了 6 或 7 個地點——在今年的 90 年代低點，所以那裡發生了很多蠶食，而美國受到 60 個基點和其他國際的負面影響155；因此，公司在蠶食中的影響總計 110 個基點。

And I -- as -- I'm not sure if I mentioned early, e-commerce, comp sales in the month were up 30%.

我——因為——我不確定我是否提早提到過，當月的電子商務、電子產品銷售額增長了 30%。

In terms of sales by geographic region, Texas and Midwest, both low double digits, were strongest with California and the Southeast regions being in the 7% range.

就地理區域而言，得克薩斯州和中西部地區的銷售額均處於低位兩位數，其中加利福尼亞州和東南部地區在 7% 範圍內最為強勁。

Internationally, in local currencies, better performing countries were Japan, Mexico and the U.K.

在國際上，以當地貨幣計算，表現較好的國家是日本、墨西哥和英國。

In terms of merchandise categories for September, within food and sundries, tobacco, candy and cooler were the leaders.

就 9 月份的商品類別而言，在食品和雜貨中，煙草、糖果和冷卻器是領先的。

Tobacco, of course, we've anniversaried back in June some of the big declines, and we're seeing strength since that point.

煙草，當然，我們在 6 月份經歷了一些大幅下跌，並且從那時起我們看到了力量。

For hardlines, which was up low double digits, strongest department results were lawn and garden, automotive, tires, consumer electronics and toys.

對於漲幅較低的兩位數的強硬派，表現最強的部門是草坪和花園、汽車、輪胎、消費電子產品和玩具。

Softlines, which were up in the mid-single digits, housewares, small appliance, domestics and apparel showed strong results -- strongest results.

紡織品、家庭用品、小家電、家居用品和服裝以中等個位數增長，表現強勁——表現最為強勁。

And in fresh foods, comp sales, which were in the mid-single digits, again consistent pretty much across most -- all 4 main categories.

在新鮮食品中，銷售額處於中等個位數，在所有 4 個主要類別中也幾乎保持一致。

Within ancillary, gasoline again had very strong comps in the month, driven by both high -- both price inflation and the cost of gallon of gas as well as strong comp gallon growth.

在輔助產品中，汽油在本月再次有非常強勁的表現，這受到高價格通脹和加侖汽油成本以及強勁的加侖增長的推動。

In addition, hearing aids were up in the teens, and optical was not far behind.

此外，助聽器的價格上漲了十幾歲，而光學助聽器緊隨其後。

Lastly, before I turn it back for Q&A, our fiscal '18 first quarter scheduled earnings release date for the 12 weeks, first quarter ending on November 26.

最後，在我將其轉回進行問答之前，我們的 18 財年第一季度計劃收益發布日期為 12 週，第一季度於 11 月 26 日結束。

These will be reported after market close on Thursday, December 14, with the earnings call that afternoon at 2:00 Pacific time.

這些將在太平洋時間 12 月 14 日星期四收市後以及當天下午 2:00 的財報電話會議上公佈。

With that, I'll be happy to answer questions, and I'll turn it over back to Christy.

有了這個，我會很樂意回答問題，我會把它轉回給克里斯蒂。

(Operator Instructions) First question comes from the line of Simon Gutman from Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Simon Gutman。

It's Simeon.

是西蒙。

The first -- I wanted to ask one on membership and I want to ask another on gross margins.

第一個——我想問一個關於會員資格的問題，我想問另一個關於毛利率的問題。

So first on membership, the renewal rates have been moderating a little bit, and there's been some explanation behind it.

所以首先在會員方面，續訂率有所緩和，這背後有一些解釋。

I think there was some credit card friction.

我認為存在一些信用卡摩擦。

And then regarding -- and I'm just curious if that's still the case.

然後關於 - 我只是好奇情況是否仍然如此。

Or what's going on there?

或者那裡發生了什麼？

And then -- and as part of that, the membership growth, can you talk to the composition in the U.S. versus international?

然後——作為會員增長的一部分，你能談談美國和國際的組成嗎？

Yes.

是的。

Again, in terms of renewal rate, we believe the biggest issue is the auto bill.

同樣，就續訂率而言，我們認為最大的問題是汽車賬單。

When I -- when we look back at Canada, which occurred 1.5, 2 years prior, the conversion up there, from its peak renewal rate, I think, all the way back to early fiscal '15, if I looked out 6 quarters, it came down about a full percentage point.

當我——當我們回顧 2 年前發生的 1.5 年的加拿大時，如果我觀察 6 個季度，那裡的轉換率從其峰值續訂率一直回到 15 財年早期，它下降了大約一個百分點。

It's now actually 0.1% above where it was a year -- that year earlier at its peak.

它現在實際上比一年前的水平高出 0.1%——那一年的峰值。

So -- and when I look at the -- we're now 4 to 5 -- 4.5 quarters into it, not 6, and it's down -- again, it was down a full percentage point in the U.S. And recognize it's a little bit different scenario with conversion, but it's down about 0.7%.

所以 - 當我看到 - 我們現在是 4 到 5 - 4.5 個季度，而不是 6 個季度，而且它下降了 - 再一次，它在美國下降了整整一個百分點並且認識到它有點轉換情況略有不同，但下降了約 0.7%。

So we believe that's what it is.

所以我們相信這就是事實。

We don't -- when we look at -- we talked to the membership marketing people, and we ask them about what are the reasons when somebody doesn't renew.

我們不——當我們看的時候——我們與會員營銷人員交談，我們詢問他們有人不續約的原因是什麼。

We get consistent answers of what they've heard for the last several years.

我們對他們在過去幾年中聽到的內容得到了一致的答案。

So our view at this point is that we're not seeing -- we're not concerned about it.

所以我們目前的觀點是我們沒有看到——我們並不關心它。

We'll have to see what happens over the next couple quarters if after that it doesn't change, but we assume it will at this point.

如果在那之後它沒有改變，我們將不得不看看接下來的幾個季度會發生什麼，但我們假設它會在這一點上發生。

And I'm sorry, the second...

對不起，第二...

And then the membership.

然後是會員資格。

If you just look at the overall membership, trying to dissect what the U.S. run rate is or how are -- I guess, same unit membership trends, I guess if you can try to take out cannibalization, just the direction and what the trend line's been in the U.S.

如果你只看整體會員，試圖剖析美國的運行率是多少，或者如何——我猜，相同的單位會員趨勢，我想如果你可以嘗試消除蠶食，只是方向和趨勢線是什麼在美國

Well, in the U.S. and Canada, which again, is 80% of our company, 80-plus percent of our company, it was 4. We just did that because we're getting the question every day.

好吧，在美國和加拿大，我們公司的 80%，80% 以上，是 4 個。我們這樣做是因為我們每天都會收到這個問題。

We can look at it.

我們可以看看。

I don't have enough -- we didn't do that.

我沒有足夠的——我們沒有那樣做。

We -- actually, we're trying to respond to some of the many questions.

我們 - 實際上，我們正在嘗試回答許多問題中的一些問題。

I think internationally, particularly since you've got newer units internationally particularly in Asia and Australia, which is where you're impacted, less so in Mexico and U.K. where it's older, my sense is you'll see the same thing.

我認為在國際上，特別是因為你在國際上有新的單位，特別是在亞洲和澳大利亞，這是你受到影響的地方，在墨西哥和英國的影響較小，我的感覺是你會看到同樣的事情。

It'll be positive but greatly affected by cannibalization.

這將是積極的，但受到蠶食的影響很大。

When you've got -- in a city in Taiwan where you've got 2 very high-volume units, which -- with well over 60,000 members per warehouse and you open up a new one, you're still going to get a lot of new openings -- not a lot of new members relative to what we see here, but my guess it's still -- that's going to cause it to come down.

當你 - 在台灣的一個城市，你有 2 個非常大的單位 - 每個倉庫有超過 60,000 名成員，並且你開了一個新的，你仍然會得到一個很多新的空缺——相對於我們在這裡看到的，新成員不是很多，但我猜它仍然是——這將導致它下降。

So again, it has more to do with timing than any -- cannibalization than anything.

因此，再次強調，它與時間的關係比任何事情都重要——蠶食比任何事情都重要。

I just don't have beyond that.

我只是沒有那個。

Canada is -- and the U.S. are pretty similar.

加拿大 - 和美國非常相似。

Okay.

好的。

And then my follow-up was on gross margin.

然後我的後續行動是毛利率。

And I don't expect you to give a clear answer because I don't think you give a lot on the outlook.

而且我不希望您給出明確的答案，因為我認為您對前景的看法不多。

But trying to think of price investment in particular, right, there's been a pretty favorable trend up until this quarter.

但是，特別是要考慮價格投資，對吧，直到本季度之前一直有一個非常有利的趨勢。

And I think you said down 3 ex fuel.

我想你說的是 3 ex fuel。

So I guess, how do you think of the price investment?

所以我猜，你是怎麼看待價格投資的？

I know it's constant for the business, but you'll have some tough compares as you head into next year both on a gross margin and an overall EBIT growth perspective.

我知道這對企業來說是不變的，但是當你進入明年時，你會在毛利率和整體息稅前利潤增長方面進行一些艱難的比較。

So how do you think of that as the next several quarters play out?

那麼，在接下來的幾個季度中，您如何看待這一點？

Well, I mean, in a couple of words, we're fine.

好吧，我的意思是，簡而言之，我們很好。

I think what we saw this fiscal quarter in terms of sales growth cures a lot of things and driving it with value.

我認為我們在本財季看到的銷售增長解決了很多問題並以價值推動它。

We've had a good fortune of having better-than-expected economics from our new credit card, and we certainly -- we just -- are just starting the benefit, if you will, to the membership fee line item, which will start -- continue over the next 20-ish quarters -- 20-ish months as the fee increase in the U.S. and Canada.

我們有幸從我們的新信用卡中獲得了好於預期的經濟效益，而且我們當然 - 我們只是 - 才剛剛開始受益，如果你願意的話，會員費項目將開始- 在接下來的 20 個季度繼續 - 隨著美國和加拿大費用增加的 20 個月份。

That is -- again, that's a fee increase that's about $240 million peaking 12 months after we started.

也就是說 - 再一次，這是一筆費用增加，在我們開始後 12 個月達到頂峰時約為 2.4 億美元。

It takes 23 months because of deferred accounting get in there.

由於遞延會計進入那裡需要 23 個月。

So there's plenty to go around, and our view is that we can do both and we feel quite good.

所以有很多事情要做，我們的觀點是我們可以做到這兩點，而且我們感覺很好。

Oh, let me add one last comment on that, I forgot to mention.

哦，讓我對此添加最後一條評論，我忘了提及。

A big chunk of it also is penetration of gas.

其中很大一部分也是氣體的滲透。

Gas -- while gas was great year-over-year, profitability was great, it's a much lower-margin business.

天然氣——雖然天然氣同比增長很好，但盈利能力很好，這是一項利潤率低得多的業務。

It's 9% or -- 9% to 10% -- 9-plus percent of our total sales at 500 to 700 less margin -- basis points of margin.

它是我們總銷售額的 9% 或 - 9% 到 10% - 9% 以上，利潤率減少 500 到 700 個基點。

So when you've got huge, increasing sales price per gallon and 10-plus percent sales growth on 10% of your business, that ate into it as well.

因此，當您的每加侖銷售價格大幅上漲且 10% 的業務銷售額增長超過 10% 時，這也會影響到它。

I'll take that lower-margin percentage every day for $40 extra million of profits in the quarter.

我將每天採用較低的利潤百分比，以獲得本季度額外 40 萬美元的利潤。

The next question comes from the line of Michael Lasser from UBS.

下一個問題來自瑞銀的 Michael Lasser。

Richard, on the metric you provided about 4% membership per club growth ex cannibalization in the U.S. and Canada.

理查德，根據您提供的指標，在美國和加拿大，每個俱樂部增長的會員人數約為 4%（不包括自相殘殺）。

Is it just a coincidence that that's kind of in line with where your traffic has been trending over the last couple of quarters?

這與您過去幾個季度的流量趨勢一致只是巧合嗎？

Or should we think about it as your traffic growth is highly correlated to that membership growth ex cannibalization?

還是我們應該考慮一下，因為您的流量增長與會員增長高度相關？

I don't think -- I think they're separate.

我不認為——我認為它們是分開的。

I mean, a lot of times -- I'll give you a simple example here in the Seattle region.

我的意思是，很多時候——我會給你一個西雅圖地區的簡單例子。

We have 3 locations on the east side of the lake: Issaquah, which is across the street from where I am; Kirkland, which is where we used to be; and Woodinville.

我們在湖的東邊有 3 個地點： Issaquah，在我所在的街道對面；柯克蘭，這是我們過去常去的地方；和伍丁維爾。

All 3 kind of align north to south on the east side of this Puget Sound.

所有 3 種類型都在這個 Puget Sound 的東側從北向南對齊。

Last November, we opened Redmond, which is where, of course, Microsoft is headquartered.

去年 11 月，我們開設了微軟總部所在地雷德蒙德。

And basically, we -- I think we had, as of opening, less than 1,000 new sign-ups at the Redmond location because we have close to 80% market household penetration in the Puget Sound, which is extreme.

基本上，我們——我認為，截至開業之日，我們在雷德蒙德地區的新簽約人數不到 1,000 人，因為我們在普吉特海灣的市場家庭滲透率接近 80%，這是極端的。

This is where we're headquartered and we've been forever.

這是我們的總部所在地，我們一直都在。

We've taken the average number of members per location down from the mid-60s to the low 50s by just adding a new unit, but we'll add $80 million to $100 million in sales in the first year in this market.

僅通過添加一個新單元，我們就將每個地點的平均會員數量從 60 年代中期減少到 50 年代的低水平，但我們將在這個市場的第一年增加 8000 萬至 1 億美元的銷售額。

So you -- when you've got locations that are doing 250 to 300-plus per unit, you've got to cannibalize them.

所以你 - 當你有每個單位做 250 到 300 多個位置時，你必須蠶食它們。

So I mean, that's an example of that.

所以我的意思是，這就是一個例子。

So I don't think the 2 are correlated.

所以我不認為這兩個是相關的。

Okay.

好的。

Just thinking about the comp frequency or the frequency component of your comp, it would seem some of your most longstanding members are probably going to Costco about as much as they can.

僅考慮補償頻率或補償的頻率成分，似乎您的一些最長期會員可能會盡可能多地去 Costco。

So is it that the newer members are building their frequency and that's where the bulk of the frequency across your population is growing?

那麼，新成員是否正在建立他們的頻率，而這正是你們人口中大部分頻率正在增長的地方？

Or are you seeing growth in frequency across your entire population of members?

或者您是否看到整個會員群體的頻率都在增長？

I think it's over the entire population.

我認為這是對整個人口的影響。

First of all, new members -- every new member is going to presumably be more frequent every year for several years.

首先，新成員——每個新成員可能會在幾年內每年都更頻繁地出現。

I believe that some of the things we're doing -- I didn't give any example on the call here, but we've done several e-mail initiatives to members to drive them in store.

我相信我們正在做的一些事情——我沒有在這裡的電話會議上給出任何例子，但我們已經向會員發送了幾封電子郵件，以推動他們進店。

We did it over the holidays with New York strip steaks at $6.99.

我們在假期以 6.99 美元的價格購買了紐約牛排。

We did it with Copper River salmon over just a very limited, I think, a 10-or-so day period.

我們在非常有限的時間裡對銅河鮭魚進行了處理，我認為是 10 天左右的時間。

These are little things, little anecdotal things, but we think that we keep doing things that drive you in more frequently as well.

這些都是小事，小事，但我們認為我們會繼續做一些讓你更頻繁地參與進來的事情。

So I would bet that most of it, the bulk of our sales come from the members that are more than 1 year, more than 2 years or more than 3 years.

所以我敢打賭，我們的大部分銷售額來自 1 年以上、2 年以上或 3 年以上的會員。

We're getting them in as well -- a little more frequent.

我們也讓他們進來——更頻繁一點。

My follow-up question is on September's frequency growth of 5.4% that there's obviously a lot of moving pieces within the landscape in September between the hurricanes.

我的後續問題是關於 9 月 5.4% 的頻率增長，在颶風之間的 9 月景觀中顯然有很多移動的部分。

You also had Amazon close on its acquisition of Whole Foods, and there was a lot of noise around that.

你還讓亞馬遜接近完成對全食超市的收購，圍繞這件事有很多噪音。

If you look at this -- your clubs around Whole Foods, was there any impact?

如果你看看這個——你在 Whole Foods 周圍的俱樂部，有什麼影響嗎？

And what do you think drove such strong frequency growth in September?

您認為是什麼推動了 9 月份如此強勁的頻率增長？

Mel Brooks once said it's merchandising.

梅爾·布魯克斯 (Mel Brooks) 曾說過這是推銷。

It's value and merchandising and some of the other little things we're doing here.

這是價值和商品銷售以及我們在這裡做的其他一些小事情。

We -- as it relates to the tragic things of the hurricanes in Texas and Florida and Puerto Rico, frankly, you get a -- whenever there's a pending tragedy that's on the news everyday with this pending tragedy like a hurricane, you get a build-up in sales leading up to it.

我們——因為它與德克薩斯州、佛羅里達州和波多黎各颶風的悲慘事件有關，坦率地說，你會得到一個——每當新聞中每天都有懸而未決的悲劇，就像颶風一樣，你就會得到一個構建-導致它的銷售額。

You're closed for a few days perhaps or more in a couple locations.

您可能在幾個地方關閉了幾天或更長時間。

But when we look at -- as I think I mentioned, the comp sales in Texas in September were one of the stronger regions.

但是當我們看——正如我想我提到的那樣，9 月份德克薩斯州的 comp 銷售是強勁的地區之一。

Now that's partly because the entire state wasn't impacted by it.

現在這部分是因為整個州沒有受到它的影響。

So we don't think that was a big impact at all.

所以我們認為這根本不會產生重大影響。

As it relates to the publicity and the news and the noise around Amazon-Whole Foods, all we can do is perform.

由於它涉及到亞馬遜全食超市周圍的宣傳、新聞和噪音，我們所能做的就是執行。

When we look at the value proposition, our view is our value propositions got better.

當我們審視價值主張時，我們的觀點是我們的價值主張變得更好了。

You read about Whole Foods having a giant increase in member shops or customer shops that first week.

您了解到 Whole Foods 在第一周的會員商店或客戶商店數量大幅增加。

I would hope they do and I would expect them to.

我希望他們這樣做，我希望他們這樣做。

There's a lot of news out there.

那裡有很多新聞。

There's a lot of things.

有很多事情。

When we've done our own -- we've read about the price changes, the lowering of prices, gives us more confidence that our value was even greater.

當我們自己完成時——我們已經了解了價格變化、價格下降，這讓我們更有信心我們的價值更大。

So we'll have to wait and see.

所以我們必須拭目以待。

Nobody can predict everything.

沒有人能預測一切。

All we know is that our brick-and-mortar is strong -- as strong as it's ever been and trending in the right direction even a bit from there.

我們所知道的是，我們的實體店很強大——一如既往地強大，並且從那裡開始朝著正確的方向發展。

And we know we've done a lot of -- there's 100 different things you do every day.

我們知道我們已經做了很多——您每天要做 100 件不同的事情。

I gave you a couple of the soundbites, the example.

我給了你幾個聲音片段，例子。

So again, at this point, we feel pretty good about what we're doing.

因此，在這一點上，我們對自己正在做的事情感覺非常好。

We feel good that we've got a few delivery options for our members that frankly are better than the ones they were doing the day before with us or with Instacart or with anybody else.

我們感覺很好，我們為我們的會員提供了一些送貨選擇，坦率地說，這比他們前一天與我們或 Instacart 或其他任何人一起做的更好。

So we feel that to the extent somebody wants to choose to use that route, they'll be able to, and we'll be able to generate the sales from it.

因此，我們認為，在某種程度上，有人想選擇使用這條路線，他們將能夠，我們將能夠從中產生銷售。

The next question comes from the line of John Heinbockel with Guggenheim Securities.

下一個問題來自古根海姆證券公司的 John Heinbockel。

So Richard, I just want to start on SG&A leverage, right.

所以理查德，我只想從 SG&A 槓桿開始，對吧。

So both operations in Central, this was about as good a quarter as you've had in a long time.

因此，在 Central 的兩個業務，這與您很長一段時間以來的季度一樣好。

Extra week play any role in that?

額外的一周有什麼作用呢？

And maybe a little more detail on particularly operations because -- that you're down 27.

也許還有更多關於特定操作的細節，因為 - 你下降了 27。

You think about wages, benefits...?

你考慮工資、福利……？

The only benefit is it's 1/16 more of earnings number.

唯一的好處是它是收益數字的 1/16。

I mean, I guess, you could take the 208 and divide it by 17 weeks, but there's nothing -- there's not a week with no rent expense in it because we prorate that daily.

我的意思是，我猜，你可以拿 208 把它除以 17 週，但是什麼都沒有——沒有一周沒有租金支出，因為我們每天按比例分配。

Yes.

是的。

So if you -- I mean, if you think about it, you sort of -- you think about a sea change here, right, because you've typically been up in Central and now down.

所以如果你——我的意思是，如果你考慮一下，你有點——你會想到這裡發生了翻天覆地的變化，對吧，因為你通常在中環上行，現在下行。

And again, you were down quite a bit more than the third quarter.

再一次，你比第三季度下降了很多。

What is different -- or what was different, the fourth quarter versus third?

第四節與第三節有什麼不同——或者有什麼不同？

I'm just curious of what was different, how sustainable that is?

我只是好奇有什麼不同，它的可持續性如何？

Well, it's sales.

嗯，是銷量。

I mean, we hope it's sustainable.

我的意思是，我們希望它是可持續的。

We've got a lot of good things going on, but we're only a little bit better predictor than you guys are at that.

我們有很多好事正在發生，但我們在這方面的預測能力只比你們好一點點。

We feel good about the initiatives we've got going on.

我們對我們正在進行的舉措感到滿意。

We feel good about the monies we have to invest in price and to still drive the other line items of our income statement and...

我們對我們必須投資於價格的資金感到滿意，並且仍然推動我們損益表的其他項目和......

Okay, all right.

好的，好的。

And then just on the openings, right.

然後就在開口處，對吧。

So it sounds like maybe 8 or 9, 7 or 8 outside the U.S. Is that sort of 2 Canada and maybe 6 or 7 Other International?

所以聽起來美國以外可能有 8 或 9、7 或 8。那是 2 加拿大和 6 或 7 其他國際嗎？

And then where in Other International?

然後在其他國際在哪裡？

I'll tell you.

我會告訴你。

(inaudible) yes, I mean, basically, a couple in Canada, 2 or 3, a couple, 4, 5 between the 3 countries in Asia, another 1 probably in Australia.

（聽不清）是的，我的意思是，基本上，一對在加拿大，2 或 3 個，一對，4 個，5 個在亞洲 3 個國家之間，另外 1 個可能在澳大利亞。

That's generally where they are.

他們通常在那裡。

Okay.

好的。

And then just -- and then one last thing.

然後 - 然後是最後一件事。

When you think about your delivery options here, what's your sense as to how customers will use those and alter their behavior, right.

當你在這裡考慮你的交付選項時，你對客戶將如何使用這些選項並改變他們的行為有何看法，對吧。

So you think about the nonperishable food and sundries on the 2-day, do people simply get -- do you think they'll get those delivered at home and then come in to buy fresh and nonfood, some of the treasure hunt items and not have their cards loaded with some of those sundries?

所以你想想 2 天的不易腐爛的食物和雜物，人們只是簡單地得到 - 你認為他們會把那些送到家裡然後進來購買新鮮和非食物，一些尋寶物品而不是他們的卡片上是否裝滿了這些雜物？

How do you sort of -- you get comfort about the impact on traffic to what you're doing?

你如何 - 你對你正在做的事情對交通的影響感到安慰？

Well, needless to say, we have to continue to watch that.

好吧，不用說，我們必須繼續觀察。

We've had some limited experience with our relationship with Google starting a few years ago and with Instacart over the last couple years.

我們在幾年前開始與穀歌的關係以及過去幾年與 Instacart 的關係方面經驗有限。

What we found so far is it's more fill-in than replacement of a shop.

到目前為止，我們發現它更多的是填補而不是更換商店。

And the key is, is you come down a couple or 3 shops a year, one way, you add several more shops as fill-in or alternatives occasionally.

關鍵是，你是一年下來幾家還是 3 家商店，一種方式是，你偶爾會增加幾家商店作為補充或替代品。

That's what we saw, but we have very little time and data to feel comfortable about where it'll go.

這就是我們所看到的，但我們幾乎沒有時間和數據來確定它的發展方向。

We have to keep getting you -- we want to do both, of course, but we have to keep getting you in store because you're going to buy more and you're going to see more even if we have everything online, but we don't, of course.

我們必須不斷地吸引您——當然，我們想同時做到這兩點，但是我們必須不斷地讓您進店，因為即使我們所有的東西都在網上，您也會購買更多，您會看到更多，但是我們當然不知道。

And one of the things I mentioned was how do we get you in store?

我提到的其中一件事是我們如何讓你進店？

We were just literally scratching the surface of any type of targeted internet, e-mail marketing initiatives.

我們只是從字面上觸及任何類型的有針對性的互聯網、電子郵件營銷計劃的表面。

We have a very -- as you know, a very loyal -- hopefully, you're one of them, loyal member, and we're just scratching the surface with figuring out how to get you in stores well more often.

我們有一個非常——如你所知，非常忠誠——希望你是其中之一，忠誠的成員，我們只是在摸索表面，想辦法讓你更頻繁地進入商店。

And on the few examples -- on the several examples that we tried, it's great, and we'll have to see how that goes.

在幾個例子中——在我們嘗試過的幾個例子中，它很棒，我們必須看看結果如何。

I guess, the one question that none of us know is, is everybody going to sit home and order stuff, recognizing you've got to pay for it?

我想，我們都不知道的一個問題是，是不是每個人都會坐在家裡點東西，並意識到必須付錢？

And no matter who ultimately -- and there'll be several of the lowest-cost supplier/provider delivering to you at home, there are people that actually want to go out.

不管最終是誰——會有幾個成本最低的供應商/供應商在家里為你送貨，有些人真的想出去。

There are people that actually want to go touch their fresh foods and decide, pick it themselves.

有些人真的想去觸摸他們的新鮮食物並決定自己採摘。

And it's going to change over time.

而且它會隨著時間的推移而改變。

There's going to be an increasing percentage of online and online delivery.

在線和在線交付的比例將會增加。

And the question is, is in brick-and-mortar, we've been asked for years, well, how can you drive sales if you're not offering as many alternatives and -- or whatever else?

問題是，在實體店中，我們多年來一直被問到，如果你不提供盡可能多的替代品和 - 或者其他任何東西，你怎麼能推動銷售？

We've done it with value, and our case value, first and foremost, is quality and low price.

我們以價值做到了這一點，而我們的案例價值首先是質量和低價格。

Over time, the percentage of delivery of fresh will change.

隨著時間的推移，新鮮的交付百分比會發生變化。

How much so?

多少錢？

We'll have to wait and see.

我們將不得不拭目以待。

Next question comes from the line of Chris Horvers from JPMorgan.

下一個問題來自摩根大通的 Chris Horvers。

So first question, just on the SG&A front, can you talk about -- the IT headwind was small from a basis point perspective, but of course, the overall top line has accelerated.

所以第一個問題，就 SG&A 方面而言，你能談談——從基點的角度來看，IT 逆風很小，但當然，整體頂線已經加速。

So as you think about the IT modernization, that debt central expense line, the underlying dollars, is that dollar growth year-over-year decelerating at this point?

因此，當您考慮 IT 現代化時，債務中央支出線，即基礎美元，此時美元的同比增長是否在減速？

Or when do you think that dollar growth actually decelerates?

或者您認為美元增長何時真正減速？

Basically, I think we're in the middle of that.

基本上，我認為我們正處於其中。

I think it was a quarter or 2 ago where we -- actually, it was lower year-over-year by a basis point.

我認為這是一個季度或 2 年前我們 - 實際上，它同比下降了一個基點。

And I said don't -- that's not an inflection point.

我說不要——那不是拐點。

Certainly, even this 1 or 0 basis point this quarter was helped greatly by sales growth.

當然，即使是本季度這個 1 或 0 個基點，銷售增長也有很大幫助。

It' going to still increase.

它仍然會增加。

I think part of it is, is we're right at or about to enter our fifth year of, "modernization." So that line will start getting fuzzier and fuzzier.

我認為部分原因是，我們是否正處於或即將進入“現代化”的第五個年頭。所以那條線會開始變得越來越模糊。

We certainly added things to what we're modernizing, taking major systems and doing that we had not contemplated at first.

我們當然在我們正在現代化的東西中添加了一些東西，採用主要係統並做我們最初沒有考慮過的事情。

And so my guess is in the next year, assuming regular decent sales.

所以我的猜測是在明年，假設定期銷售不錯。

As a percent of sales, a lot of these systems, you spend $60 million or $100 million on 1 system, it's kind of like building a building.

作為銷售額的百分比，很多這樣的系統，你在一個系統上花費 6000 萬或 1 億美元，這有點像建造一座大樓。

It starts depreciating the day you open or the day you turn it on.

它從您打開或打開它的那一天開始貶值。

And it was probably 3 to 4 years ago that we started turning a system on in that regard as we complete them.

大概是 3 到 4 年前，我們在完成它們時就開始在這方面開啟一個系統。

So it'll be another year before we've got, if you will, the plate full with these bigger expenses that then amortize over generally 5 to 7 years.

因此，如果你願意的話，我們還需要一年的時間才能完成這些更大的支出，這些支出通常需要 5 到 7 年才能攤銷。

But as sales rose, the denominator in this calculation grows, that'll be an offset to it.

但是隨著銷售額的增加，這個計算中的分母會增加，這將是對它的抵消。

So I'm shooting from the hip here and it's a guess, but all things being equal, sometime in the next year, there's maybe an inflection point.

所以我在這裡從臀部開槍，這是一個猜測，但所有事情都是平等的，在明年的某個時候，可能會有一個拐點。

But it's going to be in the 1 or 2 basis points either way, hopefully.

但無論哪種方式，它都將處於 1 或 2 個基點，希望如此。

And at some point here, we'll stop talking about it.

在這裡的某個時候，我們將停止談論它。

Okay.

好的。

And then you said on the Visa benefits, the gross margin and SG&A, you said the word -- used the term moderate but not go away.

然後你說了 Visa 福利、毛利率和 SG&A，你說了這個詞——使用了適度但不會消失的術語。

So I think last quarter, you talked about that sort of we're going to start to lap that, guys, and that's going to go away.

所以我認為上個季度，你們談到了那種我們將開始採用這種方式，伙計們，這種情況將會消失。

So is it just moderation?

那麼這只是適度嗎？

Or does it go away?

或者它會消失嗎？

And is that...?

那是……？

Well, it's Moderation with a capital M. I think in the first 3 quarters this fiscal year, the sum of the benefit of improvement in SG&A and margin was 37 or 38 basis points.

好吧，這是資本 M 的適度。我認為在本財年的前 3 個季度，SG&A 和利潤率改善的收益總和為 37 或 38 個基點。

The aggregate in Q4 was 22.

第四季度的總數為 22。

Now mind you, a year ago in Q4, you had a lot of things happening.

請注意，一年前的第四季度，發生了很多事情。

You were getting off the old program, and there was some detriment to that in those last several weeks anyway, the first 5 weeks of Q4.

你正在退出舊計劃，無論如何，在最後幾週，即第四季度的前 5 週，這對它有一些不利影響。

Then you had it, but there was also some noise and friction around getting the conversion done for 2 or 3 weeks.

然後你有了它，但是在完成轉換 2 或 3 週的過程中也有一些噪音和摩擦。

So my guess is, is it'll be a much -- it should improve because we're seeing increased penetration of usage.

所以我的猜測是，它會是很多 - 它應該有所改善，因為我們看到使用率有所提高。

We're seeing increased revenue share from people seeing the value of this card and not only at Costco but their top of wallet.

我們看到人們看到這張卡的價值，不僅在好市多，而且在他們的錢包裡，收入份額也在增加。

I forget if I mentioned it on my part of this call, but using travel as an example.

我忘了我是否在這次電話會議中提到過它，但以旅行為例。

We just added Costco Travel to the Executive Member, first of all, effective September 1. So you get 2% on travel, which you hadn't gotten before.

我們剛剛將 Costco Travel 添加到執行會員中，首先，從 9 月 1 日起生效。因此，您可以獲得 2% 的旅行折扣，這是您之前沒有獲得的。

On top of that, if you use our Costco cobranded Visa Anywhere card -- Citi Visa card, you get another 3% by using that on travel.

最重要的是，如果您使用我們的 Costco 聯名 Visa Anywhere 卡——花旗 Visa 卡，您在旅行時使用該卡還可獲得 3% 的優惠。

So there's a 5% off unbelievable prices.

所以有 5% 的折扣令人難以置信。

Understood.

明白了。

And then the last thing is you did do -- you talked about the timing in the Groupon, January or earlier and then in August.

然後最後一件事是你做的——你談到了 Groupon 的時間，1 月或更早，然後是 8 月。

Can you talk about what the rationale was to do it in August?

你能談談在八月份這樣做的理由是什麼嗎？

I think a lot of people look out there and say, hey, they see this growth in membership slowing, so sort of a desperation pass for the end zone to buffer the numbers into the print.

我想很多人看著外面說，嘿，他們看到會員人數的增長正在放緩，所以對於端區來說，這是一種絕望的通行證，可以將數字緩衝到印刷品中。

So maybe just talk about what the genesis of that was.

所以也許只是談談它的起源是什麼。

What -- does it make you -- is it an expression that you're concerned about Millennial retention or Millennial customer acquisition?

什麼 - 它讓你 - 它是一種表達你關心千禧一代保留或千禧一代客戶獲取的表達嗎？

Just talk broadly about that.

只是泛泛地談一下。

No, I mean, I think -- first of all, we did it because it works.

不，我的意思是，我認為 - 首先，我們這樣做是因為它有效。

We don't do it every month or every 6 months because we don't want to get people comfortable waiting for the next online offering with added value it would give back -- give to them.

我們不會每個月或每 6 個月都這樣做，因為我們不想讓人們舒適地等待下一個具有附加值的在線產品，它會回饋給他們。

We want them to sign up as a member and pay for it.

我們希望他們註冊成為會員並支付費用。

And so it works.

所以它有效。

The timing difference is simply we have a lot going on.

時間差異只是我們有很多事情要做。

I believe, if I recall -- if I look back, we did the fee increase effective June 1, and we didn't want to do it over that month or 2 period of time, so we pushed it out a little bit.

我相信，如果我記得 - 如果我回頭看，我們從 6 月 1 日開始增加費用，我們不想在那一個月或 2 個月內這樣做，所以我們把它推遲了一點。

And then just from what you've seen in terms of the millennial customer from a renewal rate perspective on these deals going back in time.

然後從你從千禧一代客戶的角度來看，從這些交易的續訂率角度來看，這些交易可以追溯到過去。

Yes, yes.

是的是的。

Going back to your question though, you were asking if we do it because we're concerned about Millennial.

回到你的問題，你問我們這樣做是不是因為我們擔心千禧一代。

I don't think we're smart enough to understand that.

我認為我們不夠聰明，無法理解這一點。

The fact is we do it just to drive membership.

事實上，我們這樣做只是為了吸引會員。

We recognize that it has a good Millennial benefit.

我們認識到它對千禧一代有很好的好處。

I don't have the one on the one that we just did, but the one we did 1.5 years ago and the one we did like 2.5, 3 years ago versus a walk-in, a higher percentage of people that sign up on these LivingSocial or Groupon offers are millennials, not as much as you'd expect.

我沒有我們剛剛做的那個，但是我們 1.5 年前做的那個和我們做的那個喜歡 2.5，3 年前與步入式相比，註冊這些的人比例更高LivingSocial 或 Groupon 提供的是千禧一代，並不像您期望的那麼多。

I think in walking in, if I recall correctly, is like mid- to...

我想走進去，如果我沒記錯的話，就像中...

39%.

39%。

39% of those that walk in this last one were Millennials.

39% 走在最後一個的人是千禧一代。

I think I go back to the previous one, it was 36% of walk-ins were Millennials, whereas, Millennials under this program, it was like in the mid- to high 40s.

我想我回到上一個，36% 的步行者是千禧一代，而在這個項目下的千禧一代，就像 40 多歲的中高齡。

So about 10 extra percentage points.

所以大約額外增加 10 個百分點。

So not a huge distortion or a difference between those 2. But it helps.

所以這兩者之間並沒有太大的失真或差異。但它有幫助。

Next question comes from the line of Karen Short with Barclays.

下一個問題來自 Karen Short 與 Barclays 的對話。

Actually, just since we're on the subject of Millennials, I'm wondering, can you maybe just give us an update a little bit on the average age of your membership?

實際上，就在我們談到千禧一代的主題時，我想知道，您能否向我們介紹一下您會員的平均年齡？

I know you kind of give that periodically.

我知道你會定期給它。

It seems to have been trending down.

它似乎一直在下降。

Any color you can give on that.

你可以給它任何顏色。

I don't have any [view] in front of me.

我面前沒有任何[視圖]。

I know that when we did it a couple -- not a couple years, about a year ago, it was looking at U.S. members.

我知道當我們做這件事的時候——不是幾年，大約一年前，它關注的是美國成員。

It was 52 years versus 54 years across the U.S., not -- the entire population of U.S. adults, which was about -- so we were 2 years older instead of a few years earlier than that, we were 4 years older.

這是 52 歲，而不是全美國的 54 歲，而不是 - 整個美國成年人口，大約 - 所以我們大了 2 歲，而不是比那早幾年，我們大了 4 歲。

I have not seen anything since that.

從那以後我什麼都沒看到。

If I have it, you can ask me.

如果我有，你可以問我。

I'll find out.

我會查明真相的。

But I don't recall.

但我不記得了。

Okay.

好的。

And then one of the questions I think you were asked and I didn't catch the answer if you gave it, but do you have any color just specifically on the performance of your stores that are in close proximity to Whole Foods since the price reductions took place at Whole Foods?

然後我想你被問了一個問題，如果你給出了我沒有得到答案，但是你有什麼顏色可以專門說明自降價以來與 Whole Foods 非常接近的商店的表現發生在全食超市？

Any color you could give.

你可以給的任何顏色。

Yes.

是的。

We essentially overlap everywhere.

我們基本上到處都是重疊的。

And I'm not trying to be cute, but other than reading about it on the news, in the paper, on Wall Street, we have not -- and we recognize -- I read yesterday that there's some specialties, brick-and-mortars, retail stores that are impacted more than others.

我並不是想裝可愛，但除了在新聞、報紙、華爾街上讀到它之外，我們還沒有——而且我們認識到——我昨天讀到有一些特色，實體店——迫擊砲，比其他人受影響更大的零售店。

We don't believe we've seen an impact from it.

我們認為我們沒有看到它的影響。

(inaudible) at all, I guess.

（聽不清）我猜。

And then I guess on the online grocery, I just want to clarify, you gave 1,700 SKUs.

然後我想在網上雜貨店，我只想澄清一下，你給了 1,700 個 SKU。

And I think what you said was that possibly the price points would possibly be cheaper than Costco.

而且我認為您所說的是價格可能會比 Costco 便宜。

Did I catch that right?

我沒聽錯嗎？

And then maybe you were...

然後也許你是...

No, no, it'll be lower -- currently, you can go to certain other parties, Google Express, Instacart, as it was before October 1, costco.com, Costco Business Center, unlimited delivery within 40- or 70-mile radius of those 15 locations shipped down in the Southeast, I believe, boxed.

不，不，它會更低——目前，你可以去某些其他方，Google Express，Instacart，就像 10 月 1 日之前一樣，costco.com，Costco Business Center，40 或 70 英里內無限送貨我相信，這 15 個地點的方圓在東南部運送下來，是盒裝的。

I'm sure there's some others out there that I'm missing.

我敢肯定還有其他一些我想念的人。

When we look at the pricing that anybody, both a member and a nonmember, as the case may be, depending on each one and how they price their goods, what they ultimately have -- what their delivery price is, this is better, including on some of the items which you could buy at great value and better value than those areas on costco.com already.

當我們查看任何人的定價時，無論是會員還是非會員，視情況而定，取決於每個人以及他們如何為商品定價，他們最終擁有什麼 - 他們的交貨價格是多少，這更好，包括在一些您可以以比 costco.com 上的那些區域更有價值和更有價值的商品上購買。

Got it.

知道了。

And then just the last question.

然後是最後一個問題。

There seems to have been some rumblings that you are looking to expand into China.

似乎有一些傳言說您希望將業務擴展到中國。

I don't know if you could comment on that a little bit.

我不知道你是否可以對此發表一些評論。

It's the 20-year discussion is we're looking.

我們正在尋找 20 年的討論。

As a rule, until we have permits to do something -- building permits to do something, we don't announce, whether it's in Alabama or China.

通常，在我們獲得做某事的許可之前——建築許可做某事，我們不會宣布，無論是在阿拉巴馬州還是在中國。

But we are looking, and at some point, we'll announce something.

但我們正在尋找，在某個時候，我們會宣布一些事情。

Next question comes from the line of Matt Fassler with Goldman Sachs.

下一個問題來自高盛的馬特法斯勒。

Richard, my first question relates to the line item that talks about core margin categories on their own sales.

理查德，我的第一個問題與談論他們自己銷售的核心利潤類別的行項目有關。

And I guess that line item, this is inclusive of gas.

我猜這個項目，這包括天然氣。

And I might not have caught the number, ex gas, had been up for the first...

而且我可能沒有抓住這個數字，ex gas，已經成為第一個......

It's exclusive of gas.

它不含氣體。

Okay.

好的。

So only in core categories.

所以只在核心類別中。

That number had been up, I think, each quarter of the year, and in fact, I think it'd been up something like 11 straight quarters.

我認為，這個數字每年每個季度都在上升，事實上，我認為它已經連續 11 個季度上升了。

Last time it was down, I think, was in -- 10 straight quarters, second quarter of fiscal '15.

我認為，上一次下跌是在連續 10 個季度，即 15 財年第二季度。

And I know it was flat this quarter.

我知道這個季度持平。

And the differences are not very big, but it was a bit of a break in the pattern.

而且差別不是很大，但還是有點打破了格局。

So was there any particular area where you invested in price?

那麼，您在價格方面有什麼特別的投資領域嗎？

And was there a concerted effort to invest to a greater degree in price that would have led to the increases in that line item abating here?

是否有共同努力在更大程度上投資於價格，從而導致該訂單項的增加在這裡減弱？

Well, yes.

嗯，是。

But again, we don't sit -- honestly, we don't sit down.

但同樣，我們不坐——老實說，我們不坐。

We decide like here's a bucket of money, if you will, and how we're going to use it.

我們決定，如果你願意的話，這裡有一大筆錢，以及我們將如何使用它。

And we don't do a bunch of sensitivity analyses.

而且我們不做一堆敏感性分析。

I mean we're merchants and -- I'm not, but they are -- here.

我的意思是我們是商人——我不是，但他們是——在這裡。

And we look at what are the things that drive business in retail grocery or retail nonfood, as the case may be.

我們會視情況而定，看看是什麼因素推動了零售雜貨店或零售非食品行業的業務。

And certainly on key items, I think I mentioned -- I used the example of New York strip steaks where we were $7 and $8.99 and we went down to $6.99.

當然，在關鍵項目上，我想我提到過——我用紐約牛排的例子，當時我們的價格是 7 美元和 8.99 美元，然後我們降到了 6.99 美元。

And by the way, we did that and still had a decent margin because of how we bought it in on -- we're a giant buyer of this stuff.

順便說一下，我們做到了，並且仍然有可觀的利潤，因為我們是如何購買它的——我們是這些東西的大買家。

We've done it on several items and it works.

我們已經在幾個項目上完成了它並且它有效。

So I think the comment you made, the point you made though is -- while it's not a lot directionally, it's different.

所以我認為你發表的評論，你提出的觀點是——雖然沒有太多的方向性，但它是不同的。

That's fine.

沒關係。

We're really not concerned about that.

我們真的不關心那個。

Fair enough.

很公平。

And then secondly, so Instacart, I know, is a prominent delivery partner.

其次，我知道 Instacart 是一個傑出的交付合作夥伴。

I know that prior to Amazon acquiring Whole Foods, Whole Foods had made an equity investment in Instacart.

我知道在亞馬遜收購Whole Foods之前，Whole Foods對Instacart進行了股權投資。

Does that have any impact on that partnership on the future of -- and obviously, you're not the only partner Instacart has and it's probably a question a lot of their business partners are having.

這對未來的合作夥伴關係有什麼影響嗎？顯然，你不是 Instacart 唯一的合作夥伴，這可能是他們的許多業務合作夥伴都在問的問題。

Is that a relevant consideration at all as we think about the forward 8 for Instacart?

當我們考慮 Instacart 的前鋒 8 時，這是否是一個相關的考慮因素？

No.

不。

In fact, when we announced -- when we started -- when we initiated this week, our discussion is both before and after that.

事實上，當我們宣布——當我們開始——當我們在本周啟動時，我們的討論是在這之前和之後進行的。

Both before and after June 15 or 16.

6 月 15 日或 16 日之前和之後。

Great.

偉大的。

And then finally, so the e-commerce business, I know, has accelerated over the past few months.

最後，據我所知，電子商務業務在過去幾個月中加速發展。

And you spoke about -- you spoke in the past couple of quarters about some of the changes that you made replatforming, et cetera, and the capacity you have.

你談到了——你在過去幾個季度談到了你所做的一些改變，比如重新平台化等等，以及你擁有的能力。

Are there any particular categories where you're seeing that acceleration to the extent that you've kind of more than doubled the pace of growth in e-commerce?

在某些特定類別中，您是否看到了這種加速，以至於電子商務的增長速度翻了一番以上？

I know you're not to refresh that, obviously, and you're expanding your e-commerce efforts with some of these brand-new initiatives.

我知道您顯然不會更新這一點，並且您正在通過其中一些全新的舉措來擴展您的電子商務工作。

But anywhere in particular where the business is taking off?

但特別是在業務起飛的任何地方？

Well, on the nonfood side, I think we mentioned 1 quarter or 2 ago appliances is a big area.

好吧，在非食品方面，我認為我們在 1 個季度或 2 年前提到過電器是一個很大的領域。

Apparel -- on the nonfood area, (inaudible) apparel and sundries.

服裝——在非食品領域，（聽不清）服裝和雜貨。

So we continue, I think, to do a better job and then added foods on the food and sundries side -- on the dry food and sundries side and some big ticket items.

因此，我認為，我們繼續做得更好，然後在食品和雜物方面添加食物——在乾糧和雜物方面以及一些大件物品。

And then I look at 2 examples.

然後我看兩個例子。

Again, it was only for, what, a 1- or 2-week period, the Samsung deal using the Citi Visa card.

同樣，它僅適用於 1 或 2 週的時間，三星使用花旗 Visa 卡進行交易。

On top of great pricing on the TV to start with and white-glove service if you want it, it was a -- you've got our great price.

除了開始時電視的優惠價格和白手套服務（如果您需要）之外，這是——您得到了我們優惠的價格。

And if you're an Executive Member, you've got 2%.

如果你是執行成員，你有 2%。

And if you use the Citi Visa card, you've not only got a 2% -- you've got that 2% because you bought it at Costco.

如果你使用 Citi Visa 卡，你不僅可以獲得 2%——因為你是在 Costco 購買的，所以你可以獲得 2%。

But on top of that, you've got a 15% Cash Card.

但除此之外，您還有一張 15% 的現金卡。

And that impacted sales both in line, in store and as well as online.

這影響了在線、商店和在線的銷售。

So these are soundbites but there's lots of them because there's lots that we haven't done yet.

所以這些是聲音摘要，但其中有很多，因為還有很多我們還沒有完成。

Next question comes from the line of Paul Trussell with Deutsche Bank.

下一個問題來自德意志銀行的 Paul Trussell。

First, on membership.

首先，關於會員資格。

I believe the last LivingSocial deal that you ran in 2016, you signed up approximately 200,000, 250,000 new members through that program-or-so.

我相信你在 2016 年進行的最後一次 LivingSocial 交易，你通過該計劃註冊了大約 200,000、250,000 名新會員。

Could you discuss what the more recent program led to in terms of sign-ups?

您能否討論一下最近的計劃在註冊方面帶來了什麼？

And then also, the number you gave earlier on the call in terms of the 4% growth in U.S. and Canada ex cannibalization, what would that number be all-in even if we included the club that did see some cannibalization?

然後，你之前在電話會議上給出的美國和加拿大除蠶食化增長 4% 的數字，即使我們包括確實發生了一些蠶食化的俱樂部，這個數字是多少？

So just kind of overall U.S. maybe versus international growth in membership per club.

因此，美國的總體情況可能與每個俱樂部的國際會員增長情況有所不同。

Yes, I don't have it.

是的，我沒有。

Again, I was trying to be helpful to the -- one thing I guess I want to warn, we're not going to start doing this new calculation every quarter.

再一次，我試圖幫助——我想我想警告的一件事是，我們不會每個季度都開始進行這種新計算。

We try to be helpful here.

我們試圖在這裡提供幫助。

But we know based on our discussions every day at the budget meeting that we felt that we're fine when the question has been asked about the average number of members.

但我們知道，根據我們每天在預算會議上的討論，當有人問到關於平均成員人數的問題時，我們覺得我們沒問題。

(inaudible) seems to be going down.

（聽不清）似乎正在下降。

The new -- total new member sign-ups seems to be -- the rate of growth seems to be slowing a little bit.

新的 - 新會員註冊總數似乎 - 增長率似乎有點放緩。

Again, hopefully, the data points I gave you allay those concerns.

再次，希望我給你的數據點可以減輕這些擔憂。

But I don't have the detail beyond that.

但我沒有除此之外的細節。

What we did is we took -- let's take all the cannibalized units.

我們所做的就是奪取了——讓我們奪取所有被蠶食的單位。

We know that's a big impact, and we -- all the new units, many of them are in small markets.

我們知道這是一個很大的影響，而且我們 - 所有新單位，其中許多都在小市場。

That's an impact.

那是一種影響。

That's going to impact it.

那會影響它。

Understood.

明白了。

And on the LivingSocial sign-ups?

在 LivingSocial 上註冊？

It was a little better than the one 18 months earlier.

它比 18 個月前的那個好一點。

Fair enough.

很公平。

And then just on gross margins, you mentioned at the beginning of the call the benefit -- the pretax benefit that I think netted out to about $10 million-or-so.

然後就毛利率而言，您在電話會議開始時提到了收益——我認為稅前收益約為 1000 萬美元左右。

What line item within gross margins did that impact?

這影響了毛利率中的哪些項目？

And also, just wanted to inquire what, if any, margin impact you are assuming from the new Costco grocery rollout?

而且，我只是想問一下，您假設新 Costco 雜貨店的推出對利潤率有什麼影響（如果有的話）？

And then...

進而...

On the first one, I think it was a separate line item called other.

在第一個，我認為它是一個單獨的項目，稱為其他。

That was the 2 basis points.

那是2個基點。

And as it relates to the impact of the new thing, it's going to be so small to start with, we don't even know yet.

由於它與新事物的影響有關，它一開始會很小，我們甚至還不知道。

Got it.

知道了。

And then just so on that point, as we think about gross margins over the near term, is it fair that we should think that there could -- maybe flat to slightly down will be kind of the near-term run rate just given the investments in price that you've made and the moderating contribution from Visa?

然後就這一點而言，當我們考慮近期的毛利率時，我們是否應該認為可能 - 考慮到投資，短期運行率可能持平或略有下降是否公平價格和 Visa 的調節貢獻？

Well, we don't guide.

好吧，我們不指導。

Visa will be moderating, but moderating still has a plus sign in front of it, even if it's small.

Visa 將適度，但適度前面仍然有一個加號，即使它很小。

I look back though is we still have a chunk of those monies.

我回頭看，我們還有一大筆錢。

We still have -- we have the new membership fee increase that started in June with -- again ultimately, it's $240 million.

我們仍然有 - 我們有從 6 月開始的新會員費增加 - 最終還是 2.4 億美元。

That increase is just the U.S. and Canada that'll hit the P&L, but the total hit to the -- the total benefit to the P&L line won't be for 23 months from June.

這種增長只是美國和加拿大會影響損益表，但總的來說——損益表的總收益不會是從 6 月開始的 23 個月。

So that's May of '19.

那是 19 年 5 月。

But there's plenty of money out there to do both, to be able to -- whether margins go up or down a little bit, again, I get back to it, it is merchandising.

但是有足夠的錢來做這兩件事，能夠——無論利潤率是上升還是下降一點點，我再說一遍，這是商品推銷。

We feel we've got plenty of capacity.

我們覺得我們有足夠的能力。

I think the salient point is, is any of this related to competitive issues out there?

我認為重點是，這是否與競爭問題有關？

For the most part, no.

在大多數情況下，沒有。

It's us.

是我們。

Next question comes from the line of Charles Grom with Gordon Haskett.

下一個問題來自 Charles Grom 和 Gordon Haskett 的對話。

Could you just remind us the profitability of your digital business relative to the club segment and also the SKU overlap between both and what you think the long-term opportunity is for the SKU count on the digital side?

您能否提醒我們您的數字業務相對於俱樂部細分市場的盈利能力以及兩者之間的 SKU 重疊以及您認為 SKU 在數字方面的長期機會是什麼？

E-commerce profitability is a higher percentage of pretax earnings and percent of sales than the brick-and-mortar.

與實體店相比，電子商務的盈利能力佔稅前收入的百分比和銷售額的百分比更高。

But there are a lot of things like that.

但是有很多這樣的事情。

Some of the ancillary businesses are that way.

一些輔助業務就是這樣。

But it has continued.

但它一直在繼續。

If it's come down a little, it's simply because we've invested in price.

如果它下降了一點，那隻是因為我們在價格上進行了投資。

And I would say whatever investment on price is, that number of basis points is less than the reduction in the profitability in e-commerce because we've driven e-commerce profitability.

而且我會說，無論價格投資是多少，這個基點的數量都小於電子商務盈利能力的下降，因為我們推動了電子商務的盈利能力。

Okay.

好的。

And is that mostly on the merch margin side?

這主要是在商品利潤方面嗎？

Or is it on the SG&A side?

還是在 SG&A 方面？

A little bit is SG&A, and a little bit's margin.

一點點是 SG&A，還有一點點利潤。

Okay.

好的。

And then just a follow-up on Chris' question earlier about the millennials.

然後只是跟進克里斯早些時候關於千禧一代的問題。

Could you speak to membership trends and renewal rates for that category or for that cohort of individuals?

您能否談談該類別或該人群的會員趨勢和續訂率？

I don't have any new data on that other than I think what I shared last quarter.

除了我認為我上個季度分享的內容外，我沒有任何新數據。

Millennials, new members tend -- new members generally renew at a lower rate.

千禧一代，新會員傾向於——新會員的續約率通常較低。

Every year, you're stuck around your renew at a better, higher rate until you're really old.

每年，您都會以更好、更高的速度續簽，直到您真的老了。

And millennials generally renew at about the same rate.

千禧一代通常以大致相同的速度更新。

And like that's always -- it's all first year members.

就像這樣——都是第一年的會員。

Yes, in fact, I remember -- I don't have the detail on the one we just did.

是的，事實上，我記得——我沒有我們剛剛做的那件事的細節。

But the one we did 18 months ago versus walk-in, we saw those that sign up on LivingSocial renewed at like a percentage point higher rate in that first year of renewal.

但是我們在 18 個月前所做的與步入式相比，我們看到那些在 LivingSocial 上註冊的人在續訂的第一年以高出一個百分點的速度續訂。

But again, that's plus or minus a little.

但同樣，這是正負一點。

Okay.

好的。

And then just my last question is obviously the compression in your renewal rates and the timing of the Amazon-Whole Foods deal has sort of given a lot of people concern and is obviously a focal point on the call.

然後我的最後一個問題顯然是你們續訂率的壓縮以及亞馬遜與全食超市交易的時機已經引起了很多人的關注，並且顯然是電話會議的焦點。

And I wanted to circle back to Simeon's question earlier and your answer to his question with regards to Canada because I think it gives you a good proxy for sort of halfway for the renewal rate subsequent to the change in tender.

我想回到 Simeon 之前的問題以及你對他關於加拿大的問題的回答，因為我認為它為你提供了一個很好的代理，可以代表招標變更後的續約率的一半。

So could you just remind us and just go over that again?

那麼，您能否提醒我們，然後再討論一遍？

You said the peak to trough was around 100 basis points from the time you rolled out that new credit card.

你說從你推出那張新信用卡時的峰值到谷底大約是 100 個基點。

And what was the recovery time?

恢復時間是多少？

And therefore, you think it's going to be another quarter or 2 before your renewal rates ticked up.

因此，您認為在您的續訂率上升之前還需要一個或兩個季度。

Can you just kind of discuss that?

你能談談嗎？

Because I think it's pretty important.

因為我覺得這很重要。

Yes.

是的。

And mind you, there's still some differences and nuanced differences between Canada and the U.S. But notwithstanding those differences, Canada, I think we did the transition in early fiscal '15.

請注意，加拿大和美國之間仍然存在一些差異和細微差別。但儘管存在這些差異，加拿大，我認為我們在 15 財年早期就完成了過渡。

September of '14.

14 年 9 月。

September of '14, which was Q1 of '15.

14 年 9 月，即 15 年第一季度。

And we were in Canada.

我們在加拿大。

And then if I looked out 6 months later, it dropped -- it continued to drop for 1, 2, 3, 4, 5 -- 6 quarters.

然後，如果我在 6 個月後觀察，它會下降——它繼續下降 1、2、3、4、5——6 個季度。

And it dropped exact -- I mean, I'm rounding to 0.1%, but it dropped 1.0 percentage points.

它準確地下降了——我的意思是，我四捨五入到 0.1%，但它下降了 1.0 個百分點。

The next couple of quarters it picked up half of the delta, and it took another couple quarters to pick up all of the delta.

在接下來的幾個季度中，它獲得了一半的三角洲，又過了幾個季度才獲得了所有的三角洲。

Another quarter-plus to pick up the rest of the delta.

另一個四分之一以上來接收三角洲的其餘部分。

This year, we did -- we converted in Q4 of '16.

今年，我們做到了——我們在 16 年第四季度進行了轉換。

So we're now in the fourth quarter past that, whereas, I saw the trough in Canada, albeit some differences and nuances, 6 quarters out.

所以我們現在已經過了第四個季度，而我看到了加拿大的低谷，儘管有一些差異和細微差別，但已經過了 6 個季度。

So that will tell me it's probably a couple more quarters.

所以這會告訴我可能還有幾個季度。

But that's about as much analysis as we've done.

但這與我們所做的分析差不多。

Next question comes from the line of Oliver Chen with Cowen and [Ford] Company.

下一個問題來自 Oliver Chen 與 Cowen and [Ford] Company 的對話。

Richard, as you do think about e-commerce and you become much more aggressive and considerate about what your strategies are, what are your thoughts about the framework for balancing e-commerce and the convenience factor against margins and cost control from a CapEx and expense perspective?

理查德，當你考慮電子商務時，你變得更加積極和考慮你的戰略是什麼，你對平衡電子商務和便利因素與資本支出和費用的利潤和成本控制的框架有何看法看法？

What's your framework for how you're thinking about evaluating where you should allocate ROIC for the long term?

您考慮如何評估長期分配 ROIC 的框架是什麼？

And our second question was just about the value proposition story, which continues to be very compelling.

我們的第二個問題只是關於價值主張的故事，它仍然非常引人注目。

How are you triangulating the value proposition against core merchandise margin and also working through with vendors in terms of maximizing it for the whole system and sharing and passing on some savings to customers?

您如何根據核心商品利潤率對價值主張進行三角測量，並與供應商合作以最大限度地提高整個系統的利潤率，並將一些節省的費用分享給客戶？

And that's also a little bit related to the multi-vendor mailer and where you are with that project.

這也與多供應商郵件程序以及您在該項目中的位置有關。

It's all of the above.

以上都是。

First of all, in terms of allocation, I mean, with -- first of all, the base e-commerce as we've gone to more fulfillment centers, frankly, it's been a net positive because we've driven down transportation costs, freight costs.

首先，在分配方面，我的意思是，首先，隨著我們進入更多的履行中心，基礎電子商務，坦率地說，這是一個淨積極因素，因為我們已經降低了運輸成本，運輸費。

We've driven down time to get it to you.

我們已經縮短了時間將它交給您。

The improvements -- the costs of the improvements to the site are de minimis.

改進——站點改進的成本是微不足道的。

It's just that perhaps we were a little stubborn for a long time and we haven't done it.

只是或許我們有些固執已久，一直沒有做到。

It wasn't our focus.

這不是我們的重點。

But improving search, improving the site itself, expanding distribution points, those are small pieces of a $2.5 billion CapEx budget.

但改進搜索、改進網站本身、擴大分銷點，這些只是 25 億美元資本支出預算的一小部分。

So I don't really see that -- we've got more than enough money to do it.

所以我真的不明白——我們有足夠的錢來做這件事。

As it relates to driving business, some of these things are tests, clearly.

因為它涉及到推動業務，所以其中一些事情顯然是測試。

Someone else earlier asked the question, what if this thing with grocery is really successful?

前面還有人問了這個問題，如果這個帶雜貨的東西真的成功了呢？

Well, really successful is 2 things.

好吧，真正成功的是兩件事。

It's really successful as a business and how does it impact people coming into -- walking into Costco because we know we're going to -- they're going to buy really a lot more stuff when they walk in.

作為一家企業，它真的很成功，它如何影響人們進入——走進好市多，因為我們知道我們會——他們走進去時會購買更多的東西。

So we have to do that and we think we can manage that by using e-mail to drive people in store as well and the couponing and things like that.

所以我們必須這樣做，我們認為我們可以通過使用電子郵件來吸引人們進店以及優惠券和類似的東西來管理它。

So again, time will tell, and we'll have to see where it goes.

所以再一次，時間會證明一切，我們必須看看它會走向何方。

As it relates to working with vendors, it's pretty simple.

因為它涉及與供應商合作，所以非常簡單。

Based on the volume and the efficiencies that we bring to purchasing product from a vendor, we better get the best price.

根據我們從供應商處採購產品的數量和效率，我們最好獲得最優惠的價格。

And we all hear and sometimes we read and sometimes somebody accidentally us something.

我們都聽到，有時我們讀到，有時有人不小心給我們帶來了一些東西。

But we all hear about all the special deals or what one retailer, whether brick-and-mortar or someone else, I think like all of us out there, we have to keep our options open.

但我們都聽說過所有特價商品或某家零售商，無論是實體店還是其他零售商，我認為就像我們所有人一樣，我們必須保持選擇餘地。

But we feel pretty good about we're getting money.

但我們對能拿到錢感覺很好。

Some of the successes we've had, whether it's these special deals or examples of special deals, working with vendors on hot items and buyers' picks, what I spoke about last February or early March in the second quarter earnings call about, in some cases tweaking, sometimes significantly tweaking how we use the MVM and what items go in it, how we drive greater value and sometimes partnering with a vendor to do that.

我們取得的一些成功，無論是這些特惠還是特惠的例子，與供應商就熱門商品和買家的選擇進行合作，我在去年 2 月或 3 月初的第二季度財報電話會議上談到的，在某些方面案例調整，有時會顯著調整我們使用 MVM 的方式以及其中包含的項目，我們如何推動更大的價值，有時還需要與供應商合作來做到這一點。

All those things are part of the equation.

所有這些都是等式的一部分。

I think it's a lot easier for us to do it when we're trying to manage a few thousand items and the enormity of purchasing power we have within those items and the availability of sourcing those items for many people.

我認為當我們試圖管理幾千件物品時，我們在這些物品中擁有巨大的購買力，並且可以為許多人採購這些物品，這對我們來說要容易得多。

So I think we feel pretty good about what we're doing and how we're getting the monies and how we're spending them.

所以我認為我們對我們正在做的事情以及我們如何獲得資金以及我們如何花費它們感覺非常好。

There's a lot going on.

發生了很多事情。

We'll have to wait and see.

我們將不得不拭目以待。

We're gratified that the things we're doing are driving brick-and-mortar traffic and comps.

我們很高興我們正在做的事情正在推動實體交通和競爭。

And we're gratified by some of these things that we were telling you over the last few quarters of earnings calls about improving the site, adding a few things, have started coming to fruition on e-commerce.

我們很高興在過去幾個季度的財報電話會議上告訴你關於改進網站的一些事情，添加一些東西，已經開始在電子商務中取得成果。

When we think some of these new things, we're excited about it, but there's a lot of unknowns yet.

當我們想到其中一些新事物時，我們會為此感到興奮，但還有很多未知數。

A comment somebody in the room here mentioned.

這裡的房間裡有人提到了評論。

I think appliance is a great example.

我認為家電就是一個很好的例子。

It used to be we sold some appliances in store and other big-ticket items like furniture.

過去我們在商店出售一些電器和家具等其他高價商品。

And if you -- no, we don't deliver, and go get your U-Haul or your friend's pickup truck.

如果你——不，我們不送貨，那就去叫你的 U-Haul 或你朋友的皮卡車。

Well, that's not happening today.

好吧，今天不會發生這種情況。

By displaying some items in store, we're driving more business.

通過在店內展示一些商品，我們正在推動更多業務。

We're doing very well online with furniture with patio furniture with regular furniture with lawn and garden type big-ticket items with electronics, including white-glove service and now with appliances.

我們在網上做得很好，有帶庭院家具的家具、帶草坪的普通家具和帶電子產品的花園類大件商品，包括白手套服務，現在還有電器。

We think appliances, part of it also is brands, having partnerships with GE and LG and Samsung, among others, which are relatively new in the way we're doing it.

我們認為家電，其中一部分也是品牌，與 GE、LG 和三星等公司建立合作關係，這在我們做這件事的方式上相對較新。

We think literally in 3-or-so years, we can add $1 billion of sales, which we started doing about 8 months ago.

我們確實認為在 3 年左右的時間裡，我們可以增加 10 億美元的銷售額，這是我們大約 8 個月前開始做的。

Next question comes from the line of Peter Benedict from Robert Baird.

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

Richard, just a quick one.

理查德，快一點。

You mentioned the manufacturing facilities during your prepared remarks.

您在準備好的發言中提到了製造設施。

Can you talk a little bit more just about what you've done there and what kind the strategy is and some of the benefits you see when you start to take some of that stuff in-house?

你能多談談你在那裡做了什麼嗎？戰略是什麼類型的？當你開始在內部採取這些東西時，你會看到一些好處？

Well, that's a continuation of some of the things we've done.

好吧，這是我們所做的一些事情的延續。

Years ago, we opened our first ground beef plant.

多年前，我們開設了第一家碎牛肉廠。

I think it was originally in Tracy, California.

我認為它最初是在加利福尼亞州的特雷西。

And the intention was -- is to: one, assure supply; and two, by definition, have great quality, but then two, lower the price per pound of landed ground beef to our locations.

目的是——是：一，確保供應；兩個，根據定義，質量上乘，但還有兩個，降低我們所在地每磅落地牛肉的價格。

We did that and more.

我們做到了，甚至更多。

We now have a plant in California that supplies us.

我們現在在加利福尼亞州有一家工廠為我們供貨。

It's our plant, 4-plus million pounds a week of half a dozen SKUs.

這是我們的工廠，每週生產 4 多萬磅的 6 個 SKU。

We're building a second plant on the East Coast right now because this one has been beyond capacity for a few years, but we now can accommodate one on East Coast and, by the way, reduce some freight costs along the way, so we'll get more efficiencies from that.

我們現在正在東海岸建設第二家工廠，因為這個工廠已經超出產能幾年了，但我們現在可以在東海岸容納一個工廠，順便說一下，在此過程中減少了一些運費，所以我們將從中獲得更高的效率。

The $300 million we're spending on a chicken plant in Nebraska just broke ground 1 month or 2 ago.

我們在內布拉斯加州投資的 3 億美元的養雞場在一兩個月前剛剛破土動工。

We need over 400 million birds in the U.S. every year.

美國每年需要超過 4 億隻鳥。

This will be less than -- about 100 million, so just under 1/4 of our need.

這將少於 - 大約 1 億，因此不到我們需求的 1/4。

More importantly, we've got 2 other plants run by other well-known suppliers where we -- we call them dedicated facilities.

更重要的是，我們還有 2 家由其他知名供應商運營的工廠，我們稱之為專用設施。

We had them retrofit them, greatly reduce the number of SKUs they're supplying and manufacturing to supermarkets, restaurants and us and other clubs, and driving, guess what, if you greatly reduce the SKUs and you make the manufacturing more efficient, you can, save -- given the week and given what happens with all the byproduct in the markets themselves, we can guarantee sourcing and lower our costs by anywhere from $0.10 to $0.35 a bird depending on what month and what's going on out there in the markets.

我們讓他們對它們進行改造，大大減少他們供應和製造給超市、餐館和我們以及其他俱樂部的 SKU 數量，並且駕駛，猜猜看，如果你大大減少 SKU 並提高製造效率，你可以，節省——給定一周的時間，並考慮到市場本身所有副產品的情況，我們可以保證採購併將我們的成本降低每隻鳥 0.10 美元到 0.35 美元，具體取決於月份和市場上發生的事情。

So it has worked well for us.

所以它對我們很有效。

We're looking to do that in other things.

我們希望在其他方面做到這一點。

The fact that we source produce from 44 countries, it is what makes us who we are, but we're sourcing 30 SKUs-or-so, not 150 SKUs.

事實上，我們從 44 個國家/地區採購產品，這就是我們現在的樣子，但我們採購的是 30 個左右的 SKU，而不是 150 個 SKU。

We're building a -- in Canada, we built a commissary for baking needs.

我們正在建立一個——在加拿大，我們建立了一個滿足烘焙需求的小賣部。

We've got -- so we'll continue to do that, but I think the biggest single commitment we made is this new chicken plant, but it's not like we've gone from 0 to $300 million in this example, we've done a lot of things.

我們已經 - 所以我們會繼續這樣做，但我認為我們做出的最大的單一承諾是這個新的養雞場，但在這個例子中我們並沒有從 0 到 3 億美元，我們已經做了很多事情。

Next question comes from the line of Scott Mushkin with Wolfe Research.

下一個問題來自 Scott Mushkin 與 Wolfe Research 的合作。

I wanted to just kind of attack the elephant in the room.

我只想攻擊房間裡的大象。

We've had a lot of questions on kind of memberships, and I think the elephant in the room, basically, it's the old Peter Lynch of investing, invest in what you know.

我們有很多關於會員資格的問題，我認為房間裡的大象基本上是投資的老彼得林奇，投資於你所知道的。

And I think a lot of people in the investment community have seen -- if they're Costco members, maybe have seen that their shopping frequency to Costco dropped as Amazon's come in with things like Subscribe & Save and other programs that they've done.

而且我認為投資界的很多人已經看到——如果他們是 Costco 會員，可能已經看到他們在 Costco 的購物頻率下降，因為亞馬遜推出了訂閱和保存等他們已經完成的項目.

So Richard, what I wanted to -- I mean, clearly, your sales are just amazing, like, they speed up and they speed up and they speed up and your frequency.

所以理查德，我想做的——我的意思是，很明顯，你的銷售量非常驚人，就像，他們加快了速度，他們加快了速度，你的頻率也加快了。

What are we missing in the investment community where, again, it's the old Peter Lynch thing, kind of invest in what you know, where our experience is, I think, collectively, and I hear it from a lot of investors, but I also have experienced it myself in my own household, we're going to Costco less, and yet your sales are so darn strong.

我們在投資界缺少什麼，這又是彼得林奇的老套路，投資於你所知道的，我們的經驗，我認為，集體，我從很多投資者那裡聽到過，但我也在我自己家裡親身經歷過，我們去 Costco 的次數會減少，但你們的銷售量卻非常強勁。

What are we missing?

我們缺少什麼？

And why do you think we're missing it?

為什麼你認為我們錯過了它？

I wish I -- it was an easy explanation.

我希望我——這是一個簡單的解釋。

We don't see it.

我們看不到。

That's not a good -- it's a good answer from the standpoint that we don't see it and that's good to the numbers.

這不是一個好答案——從我們沒有看到它的角度來看，這是一個很好的答案，這對數字有好處。

To the extent -- clearly, you've done some sampling, yourself, Scott.

在某種程度上——很明顯，你自己做了一些抽樣，Scott。

Others have as well.

其他人也有。

Some of that sampling shows what you just suggested that it appears that, including your family.

其中一些樣本顯示了您剛才建議的內容，包括您的家人。

Others, it doesn't show that.

其他的，它沒有顯示。

I don't know why.

我不知道為什麼。

What we know is, is that we feel good -- well, certainly, we feel good about comps and frequency and renewal rates subject to the -- to some of the credit card stuff.

我們所知道的是，我們感覺良好——嗯，當然，我們對一些信用卡的補償、頻率和續訂率感覺良好。

We feel good about some of the things we're getting ready to offer.

我們對我們準備提供的一些東西感到滿意。

If this stuff is being sold out there at higher prices, and now we're going to -- those prices are going to be even lowered further by us with 1- and 2-day delivery or with the first -- 1 day, the same-day delivery with Fresh.

如果這些東西在那里以更高的價格售罄，現在我們要——我們將通過 1 天和 2 天交貨或第一天——1 天交貨進一步降低這些價格， Fresh 當天送達。

We have to figure out how to communicate that to everybody, but it should -- that should continue to drive our business.

我們必須弄清楚如何將其傳達給每個人，但它應該 - 這應該繼續推動我們的業務。

We'll see.

我們拭目以待。

I don't have a good answer for that one.

我沒有一個很好的答案。

I think part of it is if you take -- using the -- grocery industry, the roughly, whatever it is, $900 billion or $1 trillion industry, everybody out there on this call and elsewhere will have their estimate of what delivery and online will be as a percentage of the total.

我認為部分原因是，如果你採用 - 使用 - 雜貨行業，粗略地說，無論它是什麼，9000 億美元或 1 萬億美元的行業，在這個電話會議上和其他地方的每個人都會對交付和在線將有什麼估計佔總數的百分比。

Whatever it is today, it'll be more tomorrow, and it'll be more the next day.

今天不管，明天更，後天更。

I think everybody, even though has extreme assumption, is it's not going to be 100% ever.

我認為每個人，即使有極端的假設，也不會是 100%。

The question is, is it going to go from, I'm making these numbers up, from 5 to 10 and then slow down?

問題是，它會從 5 到 10，然後放慢速度嗎？

Is it going to go from 20 or 25?

它會從 20 或 25 開始嗎？

Is it going to 40.

會到40嗎。

Who the (expletive) knows?

誰（咒罵）知道？

Whatever it's going to be, we should have a piece of it.

不管它是什麼，我們都應該分一杯羹。

But clearly, whatever that brick-and-mortar or people actually drive somewhere and get it themselves, I think we're going to keep taking pieces of that.

但很明顯，無論是實體店還是人們實際開車到某個地方並自己得到它，我認為我們將繼續從中吸取教訓。

An extreme example is, not even groceries, on apparel, we have a $6-plus billion apparel business that's compounded for 3.5 years at 9-plus percent while the brick-and-mortar apparel is down.

一個極端的例子是，即使不是食品雜貨，在服裝方面，我們有一個超過 60 億美元的服裝業務，在 3.5 年的時間里以 9% 以上的複合增長率增長，而實體服裝卻在下降。

I know why, and we've explained why.

我知道為什麼，我們已經解釋了原因。

So for every point, there seems to be a counterpoint.

所以對於每一點，似乎都有一個對位。

Within grocery itself, part of it's the unique items, whether it's Kirkland Signature items or some of the things we do uniquely ourselves, all those things, hopefully, we get it.

在雜貨店本身，部分是獨特的物品，無論是柯克蘭簽名物品還是我們自己做的一些獨特的東西，所有這些東西，希望我們能得到它。

If we can't get you to come in for it, we'll at least get you to come in occasionally by some of the things we do to drive you in like the Strip Steaks or like the Copper River Salmon or like organics.

如果我們不能讓你進來，我們至少會偶爾讓你進來，通過我們做的一些事情來吸引你，比如牛排、銅河鮭魚或有機食品。

And to the extent you want to pay a little more, that little more will be a lot less more than it was the day before, even through us.

如果您想多付一點錢，即使通過我們，多付的錢也會比前一天少得多。

So that's what we're going to do.

這就是我們要做的。

Yes, I mean, I think, right now, it seems like with the strength of the business that our experience maybe on the investment community is a little different than what's going on in -- for a lot of people.

是的，我的意思是，我認為，就目前而言，我們在投資界的經驗似乎與很多人的經驗略有不同。

I had just one last one on the $75 free delivery.

75 美元免費送貨，我只有最後一件。

I've been on the site during the call.

通話期間我一直在網站上。

Is that -- if you sell items and you deliver for free for over $75 of the order size, are the profits equivalent there with going to the store?

那是——如果你出售商品並且你的訂單金額超過 75 美元就免費送貨，那麼那裡的利潤與去商店的利潤相等嗎？

Repeat the question, somebody was mentioning something.

重複這個問題，有人提到了某事。

Yes.

是的。

So I mean, basically, if it's $75, the delivery is free.

所以我的意思是，基本上，如果是 75 美元，送貨是免費的。

What -- is that -- is the profit equivalent, if I go over $75 and I buy on this Costco grocery, is the profit equivalent there versus the store?

如果我超過 75 美元並在這家 Costco 雜貨店購物，那是什麼利潤當量，那裡的利潤與商店的利潤相等嗎？

Yes.

是的。

And part of that, by the way, is what we do.

順便說一句，其中一部分是我們所做的。

I mean, it's this huge volume that we're doing, like any deliverer out there, including some of the ones that deliver our stuff and that are doing stuff third party with us, it's all about getting more things in the box.

我的意思是，這是我們正在做的巨大數量，就像那裡的任何交付者一樣，包括一些交付我們的東西的人以及正在與我們一起做第三方的東西，這一切都是為了在盒子裡得到更多的東西。

If we get you to maximize that shipment, that goes a big way.

如果我們讓您最大限度地提高出貨量，那將大有幫助。

If we get the volume that we can bring to the table when third-party shippers are also looking for more volume or to spread that volume, that's all good for us and our member.

如果我們在第三方托運人也在尋找更多數量或分散該數量時獲得我們可以帶到桌面的數量，這對我們和我們的成員來說都是好事。

Next question comes from the line of Dan Binder with Jeffries.

下一個問題來自 Dan Binder 和 Jeffries 的對話。

It's Dan Binder.

我是丹·賓德。

On the topic of e-commerce, you talked about the higher profitability of an online sale.

關於電子商務的話題，您談到了在線銷售的更高盈利能力。

I'm just curious.

我只是好奇。

If you would take $1 of sales out of the club and transfer it to online, does the better profit online completely offset the deleverage of pulling that $1 out of the club?

如果您將 1 美元的銷售額從俱樂部中取出並將其轉移到網上，那麼更好的網上利潤是否完全抵消了從俱樂部中取出 1 美元的去槓桿化？

Look, it's going to be a long time before we figure that out.

看，我們要花很長時間才能弄清楚。

At the end of the day, if all we're doing is substituting and taking sales out of brick-and-mortar and doing it online, that's a loss.

歸根結底，如果我們所做的只是將實體店的銷售從實體店中取而代之並在線上進行，那將是一種損失。

That's a money-losing proposition.

那是賠錢的提議。

The fact of the matter is, is if we're going to lose it, a, we should lose it to ourselves.

事實是，如果我們要失去它，我們應該把它丟給自己。

And b, can we drive more business any way, both in-store and online.

b，我們能否以任何方式推動更多業務，包括店內和在線。

The fact that you can get under this Costco grocery dry items throughout the entire Continental United States within 1 year, and 90% of it already starting 2 days ago, that includes lots of geographies where there's not a Costco within 150, 200 miles.

事實上，您可以在 1 年內在整個美國大陸購買 Costco 雜貨乾貨，其中 90% 已經在 2 天前開始銷售，其中包括許多 150、200 英里內沒有 Costco 的地區。

So we think that we're going to drive some business outside of our existing members and, by the way, they're going to need to become a member to do this.

所以我們認為我們將在現有成員之外推動一些業務，順便說一下，他們需要成為成員才能做到這一點。

So they're already doing it, despite ourselves, online with the limited amount of things we had at a higher price.

所以他們已經在這樣做了，儘管我們自己，在網上以更高的價格出售我們擁有的有限數量的東西。

So we think that -- will be some -- will somebody stop becoming a Costco member?

所以我們認為 - 會有一些 - 有人會停止成為 Costco 會員嗎？

Sure, there's going to be somebody.

當然，會有人。

Will somebody shop less in-store because they're now in-filling or fulfilling some of that with buying direct?

有人會減少在店內購物，因為他們現在通過直接購買來填充或滿足其中的一些需求嗎？

Yes.

是的。

But will there be new people that didn't do it before?

但是會不會有以前沒做過的新人呢？

Absolutely.

絕對地。

And will we figure out how to get you in the store, even if you don't want to drive to the store?

即使您不想開車去商店，我們會想辦法讓您進店嗎？

Yes.

是的。

And we've been pleasantly surprised by some little things we've done to do that.

我們對為此所做的一些小事感到驚喜。

People like deals, and we do deals better than anybody.

人們喜歡交易，而我們做的交易比任何人都好。

second question was around renewal rates.

第二個問題是關於續約率。

You talked about the next couple of quarters, possibly before you see that inflection.

你談到了接下來的幾個季度，可能是在你看到這種變化之前。

If I go back far enough, I can recall cycles where you had membership fee increases where the renewal rate would come off a little bit, not a lot.

如果我回溯得足夠遠，我可以回想起會員費增加的周期，而續訂率會下降一點點，而不是很多。

I don't -- I think the last cycle, you didn't see that.

我不——我認為上一個週期，你沒有看到。

I'm just curious, as you look -- because you just raised membership fees, is it possible that, that renewal rate takes a little bit longer than just a couple of quarters until you lap that fee increase next year?

我只是很好奇，正如你所看到的那樣——因為你剛剛提高了會員費，續訂率是否有可能比僅僅幾個季度要長一點，直到你在明年增加費用？

I think it's possible.

我認為這是可能的。

I think what you're talking about originally though is when we do an increase, you'd see an almost an immediate drop in renewal rate for about 1 year and then it catch back up and it continue on.

我認為你最初談論的是當我們增加時，你會看到續訂率幾乎立即下降大約 1 年，然後它會恢復並繼續。

I think it's been like at least 2 if not 3 cycles, so 10 to 15 years prior to that where we saw that.

我認為至少有 2 個週期，如果不是 3 個週期，那麼在我們看到它之前的 10 到 15 年。

Recognizing there's other things that made you want to renew your membership, having gas stations, having fresh foods, becoming the Executive Member, all those things have helped that as well.

認識到還有其他因素讓您想更新您的會員資格，擁有加油站、享用新鮮食品、成為執行會員，所有這些因素也對此有所幫助。

So it's hard to dissect it in that regard.

所以很難在這方面對其進行剖析。

Anecdotally, what we hear from -- again, from membership and from membership when they survey members that have dropped, that it has nothing to -- virtually nothing to do with raising the fee.

有趣的是，我們從會員那裡聽到的消息，以及當他們調查已經退出的會員時從會員那裡聽到的，這與提高費用幾乎沒有任何關係。

Okay.

好的。

Just 2 other questions.

還有 2 個問題。

On the promotional front.

在促銷方面。

If I go back a couple quarters ago, it looked like you were pulling back on the MVM, hit the sales a little bit.

如果我回到幾個季度前，看起來你正在撤回 MVM，稍微影響了銷售額。

But over the years, you've gotten a little bit more business on promotion, maybe a little less on EDLP.

但是多年來，您在促銷方面獲得的業務多了一點，在 EDLP 方面可能少了一點。

There's been a little bit of a shift.

有一點轉變。

And now, I'm just listening to the call today, it sounds like you're going to be more active online.

而現在，我今天剛聽到電話，聽起來你會在網上更加活躍。

So I guess, just in terms of how it fits into the message of the customer about everyday low price and whether they should wait for that promotion, do you feel like you have the right balance today?

所以我想，就它如何適應客戶關於日常低價的信息以及他們是否應該等待促銷而言，你覺得你今天有正確的平衡嗎？

Or do you think there'll be further tweaks, as you do more online, take away some of the MVM in the club?

或者你認為會有進一步的調整，因為你在網上做的更多，帶走俱樂部中的一些 MVM？

Well, first of all, the letter E means every day.

好吧，首先，字母 E 表示每天。

What we talked about -- what we've changed back in February-ish, we continued.

我們談論的內容——我們在 2 月左右改變的內容，我們繼續說道。

What I mentioned.

我提到的。

Did we -- I gave a couple of examples what we've done online of late.

我們有沒有——我舉了幾個例子我們最近在網上做了什麼。

So it's not substituting something else.

所以它不能替代其他東西。

The view is, our collective view is, is that there's -- we have the ability to do all the above, and we're doing it.

觀點是，我們的集體觀點是，我們有能力做到上述所有事情，而且我們正在這樣做。

Okay.

好的。

And then my last question was just around traffic.

然後我的最後一個問題是關於交通的。

Both, I think, in September and the quarter, and I think actually for quite a while, the U.S. traffic -- or at least a couple of quarters, the U.S. traffic has been better than international.

我認為，在 9 月和本季度，我認為實際上在相當長一段時間內，美國的交通——或者至少有幾個季度，美國的交通比國際交通要好。

I was just curious, with a younger international store base, why would that traffic be softer?

我只是很好奇，有了年輕的國際商店群，為什麼客流量會減少？

Is it strictly cannibalization?

是嚴格意義上的自相殘殺嗎？

Or is it something more than that as you compare it to the U.S. traffic growth?

還是將其與美國的流量增長進行比較？

It's 2 things.

這是兩件事。

It's cannibalization and the newness of the -- it's cannibalization and new members in any state or any country, and that first renewal is less than the second year renewal is less than the third year's.

這是蠶食和新成員——它是蠶食和任何州或任何國家的新成員，而且第一次續約少於第二年的續約少於第三年的續約。

Every time they renew, they're more likely to renew the next year at a higher rate than the previous year class, if you will.

每次他們續訂時，如果您願意的話，他們下一年續訂的可能性都比上一年高。

And so we've got newer market units, and we have cannibalization.

所以我們有更新的市場單位，我們有蠶食。

Next question comes from the line of Kelly Bania from BMO.

下一個問題來自 BMO 的 Kelly Bania。

Just a couple more questions on the 2 new online initiatives.

關於 2 個新的在線計劃的幾個問題。

I guess, first, how will the prices compare for each of them to the stores in the club?

我想，首先，他們每個人的價格與俱樂部商店的價格相比如何？

I believe Instacart has 2 different models, one where the prices actually match the in-store prices, but I believe there's a margin impact for that for the retailer.

我相信 Instacart 有兩種不同的型號，其中一種的價格實際上與店內價格相匹配，但我相信這對零售商的利潤率有影響。

So just any comments on how we should expect or what the message to members will be on how prices will be on the online versus in the club?

那麼，關於我們應該如何期待或向會員傳達的信息是關於網上價格與俱樂部價格的任何評論？

And then are there any plans in terms of testing some more auto replenishment-type programs along with this and any plans to market or advertise this in a meaningful way?

那麼是否有任何計劃測試更多的自動補貨類型的程序以及任何以有意義的方式營銷或廣告的計劃？

On the latter part, I believe there's something already on the site in terms of auto replenishment.

在後一部分，我相信網站上已經有一些關於自動補貨的內容。

That's on there?

就在那兒？

I'm sorry, it doesn't replenish but it comes up with a list based on what you bought before.

抱歉，它不會補貨，但會根據您之前購買的商品列出一份清單。

And again, yes, that'll be tweaked, but that was first order of business to get out there.

再一次，是的，這會被調整，但這是走出去的首要任務。

First of all, in terms of Instacart having 2 different models, the same prices in-store or not, I think they only had one model with us currently, prior to this week, and which included however they charge for delivery or they mark up our goods.

首先，就 Instacart 有 2 種不同的型號而言，店內價格相同與否，我認為他們目前只有一種型號，在本週之前，包括但他們收取送貨費或加價我們的貨物。

So this will be lower when you go on to Instacart and even lower when you go on to Costco grocery or Costco -- the fresh Costco e-commerce.

所以當你去 Instacart 時，這個數字會更低，而當你去 Costco 雜貨店或 Costco——新鮮的 Costco 電子商務時，這個數字會更低。

Did I answer that?

我回答了嗎？

Next question comes from the line of Chuck Cerankosky with Northcoast Research.

下一個問題來自 Chuck Cerankosky 與 Northcoast Research 的合作。

When you're looking at the various reasons people shop the Costco clubs, are you able to look at just how much they enjoy that shopping experience?

當您查看人們購買 Costco 俱樂部的各種原因時，您是否能夠了解他們對這種購物體驗的享受程度？

You've got great sales numbers, and there's a lot of reasons for being in the store, but is there just a factor that indicates people enjoy being in the club?

你的銷售量很大，而且有很多理由來店裡，但是否只有一個因素表明人們喜歡在俱樂部裡？

Well, I'm biased, but of course.

好吧，我有偏見，但是當然。

And we all enjoy being in a club.

我們都喜歡在俱樂部裡。

What was the first part of your question?

你問題的第一部分是什麼？

Well, you've got various reasons like saving money to go to a Costco club and high quality.

嗯，你有各種各樣的理由，比如省錢去 Costco 俱樂部和高品質。

But is there just flat out simply an experiential reason to be in the clubs that is driving traffic numbers that are better than a lot of other brick-and-mortar retail?

但是，是否僅僅是出於體驗原因，就可以加入比許多其他實體零售店更好的客流量？

Well, I think it's several -- look, Chuck, and again I am biased.

好吧，我認為有幾個——看，查克，我又一次有偏見。

It's several things.

這是幾件事。

The gas stations help, fresh foods is second to none, and in our view, that's even gotten -- the motor [oil data] has gotten bigger not smaller since June.

加油站有所幫助，新鮮食品首屈一指，在我們看來，這甚至已經發生了——自 6 月以來，發動機 [oil data] 變得更大而不是更小。

There's Kirkland Signature items.

有 Kirkland Signature 商品。

There's treasure hunt, fresh.

有尋寶，新鮮。

There's organics.

有有機物。

So I mean, I think that's where we do.

所以我的意思是，我認為這就是我們所做的。

When I look -- when I go to the budget meetings every 4 weeks and I look at even some of the things we've got coming in for the various holidays, whether it's outerwear apparel for the winter or some of the holidays like Thanksgiving and Christmas, just -- I think our members are -- should be as excited as ever about some of the exciting new things we have.

當我查看 - 當我每 4 週參加一次預算會議時，我什至會查看我們為各種假期準備的一些東西，無論是冬季的外套還是感恩節和感恩節等假期聖誕節，只是——我認為我們的成員——應該像以往一樣對我們擁有的一些令人興奮的新事物感到興奮。

They keep driving that value proposition.

他們不斷推動這一價值主張。

And all the fees I mentioned earlier in the call, the tweaking the MVM, the -- using the e-mails to get you in to buy it.

以及我之前在電話中提到的所有費用，調整 MVM，以及 - 使用電子郵件讓您購買它。

When everybody out there was at $8.99 to $10.99 on choice New York strip steaks, we went from $7.99 to $6.99.

當每個人都在 8.99 美元到 10.99 美元的精選紐約牛排上時，我們從 7.99 美元漲到 6.99 美元。

That not only drives business and takes it away from chicken and ground beef, it drives traffic.

這不僅推動了業務並將其從雞肉和碎牛肉中帶走，還推動了交通。

And we know how to do that kind of stuff pretty well.

我們知道如何很好地做這類事情。

Going back to membership.

回到會員制。

Our work has been showing that household formations are looking a little better than the census numbers, which are about 1 million new households per year right now.

我們的工作表明，家庭結構看起來比人口普查數字要好一些，人口普查數字目前每年大約有 100 萬個新家庭。

Are you seeing that in membership sign-ups in the U.S.?

你在美國的會員註冊中看到了嗎？

New households?

新戶？

I don't know.

我不知道。

If you want to e-mail me the question, I can find out.

如果您想通過電子郵件將問題發送給我，我可以找到。

Next question comes from the line of Scot Ciccarelli with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Scot Ciccarelli。

Rob Iannarone on for Scot Ciccarelli.

Rob Iannarone 換下 Scot Ciccarelli。

Just one housekeeping item.

只需一件家政用品。

Organic sales, can you tell us how much that was for the year?

有機銷售，你能告訴我們那一年是多少嗎？

Organic?

有機的？

It was up a little over 20% and about $5.5 billion.

它上漲了 20% 多一點，約為 55 億美元。

Great.

偉大的。

And one follow-up also food-related here.

和這裡的食物相關的後續行動。

Anything you're seeing changing in either inflation, deflation?

你看到通貨膨脹、通貨緊縮有什麼變化嗎？

Has the tone of the conversation changed with any suppliers you talk to?

與您交談的任何供應商的談話基調是否發生了變化？

It's pretty stable.

它非常穩定。

I mean, everybody's hoping for a little -- well, we're not hoping for inflation.

我的意思是，每個人都希望有一點——好吧，我們並不希望通貨膨脹。

Everybody's hoping for inflation.

每個人都希望通貨膨脹。

They can't -- it doesn't hurt us.

他們不能——這不會傷害我們。

But it's been pretty stable.

但是一直很穩定。

I mean, if I look at LIFO indices or any type of those metrics, we've gone from deflation to flat or, literally, low single-digit basis points up on a basket.

我的意思是，如果我看一下 LIFO 指數或任何類型的指標，我們已經從通貨緊縮變為持平，或者從字面上看，籃子上的低個位數基點上漲。

Taking -- not taking gas out of the equation, which is quite inflationary right now.

採取——而不是將天然氣從等式中剔除，這在現在是相當通貨膨脹的。

Next question comes from the line of Joe Feldman with Telsey Advisory Group.

下一個問題來自 Joe Feldman 與 Telsey Advisory Group 的對話。

Two quick ones.

兩個快的。

Pickup in-store, I know we've talked about this before with you guys but just curious if you've changed your thinking on it at all or if there's any potential to do a test like a buy online, pick up in store situation?

店內提貨，我知道我們之前和你們討論過這個問題，但我想知道你們是否已經改變了對它的想法，或者是否有可能像在線購買一樣進行測試，店內提貨的情況？

Yes.

是的。

We look at it, but at this point, we're not prepared to do it.

我們看著它，但在這一點上，我們不准備這樣做。

We do it with tires.

我們用輪胎來做。

You can order them online and schedule your appointment.

您可以在線訂購它們並安排您的約會。

Got it.

知道了。

Is it a space issue or a labor issue, you think?

你認為這是空間問題還是勞工問題？

Well, it's, first of all, to tell you the truth, in our view, and maybe we're stubborn, it's a commonsense issue.

好吧，首先，說實話，在我們看來，也許我們很固執，這是一個常識性問題。

You order and then you got -- we have to separate it into dry, refrigerated, frozen and wait for you.

你下單，然後你就得到——我們必須把它分成乾的、冷藏的、冷凍的，等你。

And it's clearly a space issue.

這顯然是一個空間問題。

I mean, we're doing literally twice the volume of some others out there -- 2 to 3x the volume versus our 2 direct competitors.

我的意思是，我們的業務量實際上是其他一些公司的兩倍——是我們兩個直接競爭對手的 2 到 3 倍。

And I'm sure at some point, we'll try it, but it's not on the agenda in the next couple of months.

我敢肯定，在某個時候，我們會嘗試一下，但在接下來的幾個月裡，它不會出現在議事日程上。

Got it.

知道了。

And then the other topic, I think you said the store mix for this year, new stores was 2/3 U.S., 1/3 international.

然後是另一個話題，我想你說過今年的商店組合，新店是美國的 2/3，國際的 1/3。

I feel like that you were trying to push more towards 50-50 the past couple years.

我覺得你在過去幾年試圖將更多的東西推向 50-50。

Just anything to do that you can mention there?

您可以在那裡提及任何可以做的事情嗎？

We're still trying.

我們還在努力。

It's just that there's a longer pipeline, and we've had a lot going on.

只是有更長的管道，我們有很多事情要做。

So there's -- we will get there.

所以有 - 我們會到達那裡。

I look at it.

我看著它。

I think the good news is if you'd asked me 5, 6, 7 years ago, I don't think we'd have as many opportunities in the U.S. as we still think we have.

我認為好消息是，如果你在 5、6、7 年前問我，我認為我們在美國的機會不會像我們現在認為的那樣多。

I mean, saturation continues, but that -- the time with saturation ultimately occurs for new locations keeps being pushed out a little bit further.

我的意思是，飽和仍在繼續，但是——新地點最終出現飽和的時間會被進一步推遲。

Why don't we take 2 last questions?

我們為什麼不回答最後 2 個問題？

The next question comes from the line of Brian Nagel with Oppenheimer.

下一個問題來自 Brian Nagel 與 Oppenheimer 的對話。

This is David Bellinger on for Brian.

這是 Brian 的 David Bellinger。

So my first question is on the price investments you detailed earlier.

所以我的第一個問題是關於你之前詳述的價格投資。

Just to be clear, did those step up in Q4 versus the trend over the first 3 quarters of the year?

需要明確的是，與今年前 3 季度的趨勢相比，第四季度的趨勢是否有所上升？

And if so, was that in some way a reaction to the Amazon-Whole Foods deal?

如果是這樣，那是否在某種程度上是對亞馬遜與全食超市交易的反應？

No, they didn't, other than there's more weeks -- there's 17 weeks versus the first 3 quarters that had 12 weeks.

不，他們沒有，除了有更多的周——有 17 週，而前 3 個季度有 12 週。

And it had absolutely nothing to do with that.

它與那完全無關。

I mean, we price Whole Foods twice a week in many, many markets around the country, and we're kind of scratching our head.

我的意思是，我們每週兩次在全國許多市場為 Whole Foods 定價，我們有點摸不著頭腦。

We did that before the announcement of the acquisition, by the way.

順便說一句，我們在宣布收購之前就這樣做了。

They come down in prices of some items.

他們降低了某些商品的價格。

Sure.

當然。

Overall, and some of you have done your own price baskets while we read about up to 43%, it's a lot closer to 0 than it is 43%.

總的來說，當我們讀到高達 43% 時，你們中的一些人已經完成了自己的價格籃子，它比 43% 更接近 0。

And even with something dramatic, others out there are going to be impacted a lot more than we are, other than people wanting to have stuff delivered, and we're providing that option based on how we do stuff.

即使發生了一些戲劇性的事情，其他人也會受到比我們更大的影響，除了那些希望交付東西的人，我們正在根據我們做事的方式提供這種選擇。

Got it.

知道了。

And then as my follow-up, can you just give us any comments around the recent trajectory of food price deflation and what your expectations are going into 2018.

然後作為我的後續行動，你能否就最近的食品價格通縮軌跡以及你對 2018 年的預期發表任何評論。

We -- it's pretty flat right now.

我們——現在很平淡。

And within fresh, you're going to see variations like meat has come down a little bit.

在新鮮食品中，您會看到肉類的變化有所下降。

It was way up for 1 year.

它上漲了 1 年。

That can be seasonal.

這可能是季節性的。

Produce depends on crops, recent events.

生產取決於作物，最近的事件。

Oil -- gasoline depends on recent events, the hurricanes, but other than that -- taking some of those things out, it's pretty flat.

石油 - 汽油取決於最近的事件，颶風，但除此之外 - 除去其中一些因素，它非常平坦。

The next question comes from the -- the last question comes from the line of Mark Astrachan with Stifel.

下一個問題來自-- 最後一個問題來自Mark Astrachan 與Stifel 的對話。

I wanted to ask, can you give the percentage of sales that Kirkland Signature represents?

我想問一下，你能給出 Kirkland Signature 佔銷售額的百分比嗎？

And I'm just curious if you think about the margins relative to what else is in-store, given increasing competition out there and, obviously, the favorability of the KS products, would you think about increasing the offerings there going forward to help sort of fund and offer uniqueness within the store?

我很好奇你是否考慮過相對於店內其他商品的利潤率，鑑於那裡的競爭日益激烈，顯然，KS 產品的受歡迎程度，你會考慮增加那裡的產品以幫助分類資金和提供店內的獨特性？

Yes.

是的。

Well, percentage-wise, ex gasoline, even though it says Kirkland Signature, gasoline is about 24%, 25% of our total sales -- our non-gas sales.

好吧，從百分比上看，不包括汽油，儘管它說 Kirkland Signature，但汽油約占我們總銷售額的 24%，占我們非天然氣銷售額的 25%。

We'll continue to add items as they make sense.

我們會繼續添加有意義的項目。

We're not really working towards the number.

我們並沒有真正朝著這個數字努力。

We think the number will keep going up a little bit because we do like it, but we've also -- we remind ourselves and our head of merchandising reminds our buyers every day, don't fall in love with it because it has your name on it and, each year, which items, even Kirkland Signature, we just continue because the brand does better.

我們認為這個數字會繼續上升一點，因為我們確實喜歡它，但我們也 - 我們提醒自己，我們的銷售主管每天提醒我們的買家，不要愛上它，因為它有你的在上面寫上名字，每年，哪些項目，甚至是 Kirkland Signature，我們都會繼續，因為該品牌做得更好。

Maybe ours is a better value in our minds and it -- maybe it is a better value, but we're still not successful with it.

也許我們的想法在我們心目中是一個更好的價值——也許它是一個更好的價值，但我們仍然沒有成功。

And by the way, part of the focus of our buyers probably before that is to find more brands.

順便說一句，在此之前，我們買家的部分關注點可能是尋找更多品牌。

We want more brands.

我們想要更多的品牌。

Got it.

知道了。

And then just lastly, you'd previously talked about e-commerce expansion being done organically.

最後，您之前曾談到電子商務的擴張是有機完成的。

Curious if that's still the case.

好奇是否仍然如此。

Or would you potentially take a look at other things, whether it's an actual retailer, whether it's a logistics provider, something that could help sort of bridge what you're doing externally now with something internally?

或者你會不會看看其他的東西，不管它是一個真正的零售商，它是否是一個物流供應商，一些可以幫助你在外部做的事情與內部的東西聯繫起來的東西？

And related to that sort of views on competitive dynamics, meaning you buy something that isn't necessarily something you want but something that somebody else may want that ultimately could negatively impact your business.

與那種關於競爭動態的觀點相關，這意味著您購買的東西不一定是您想要的東西，而是其他人可能想要的東西，最終可能會對您的業務產生負面影響。

I think of the latter part of that, no.

我想到了後半部分，不。

That's going to be the last thing.

那將是最後一件事。

I always joke we're not smart enough to figure that one out.

我總是開玩笑說我們不夠聰明，無法解決這個問題。

I think we're more likely to, first of all, look for partnerships and ventures to jointly venture something rather than to buy something.

我認為我們更有可能，首先，尋找合作夥伴和合資企業來共同冒險而不是購買某些東西。

As you might expect, we, along with other large (inaudible) retailers, get calls every day about everything, whether it's delivery services, food-related meal stuff, all kinds of stuff.

正如您所預料的那樣，我們和其他大型（聽不清）零售商每天都會接到關於所有事情的電話，無論是送貨服務、與食品相關的餐食，還是各種各樣的東西。

And we're fortunate in the sense that, one, we've got some good relationships like the recent expansion of what we're doing with Instacart.

從某種意義上說，我們是幸運的，第一，我們有一些良好的關係，比如最近我們與 Instacart 所做的擴展。

That helped.

那有幫助。

So I don't see us doing that.

所以我不認為我們會那樣做。

That being said, we'll be open-minded to anything, but we'll have to wait and see on that one.

話雖如此，我們對任何事情都持開放態度，但我們必須拭目以待。

We've got a lot going on right now with some of the things we're doing that we're excited about.

我們現在正在做很多讓我們興奮的事情。

And every time -- when we tried something -- I keep bringing up the steak idea or the steak example or the Copper River Salmon answer, then we figure out what else can we do.

每次——當我們嘗試一些東西時——我都會不斷提出牛排的想法或牛排的例子或銅河鮭魚的答案，然後我們就會想出我們還能做些什麼。

And there's a lot of those what elses.

還有很多其他的東西。

And so we've got our plate pretty full of those kind of things.

所以我們的盤子裡裝滿了這些東西。

And we've got -- look, we just rolled this thing out.

我們已經 - 看，我們剛剛推出了這個東西。

It's an -- what we rolled out 3 days ago was a soft opening, if you will.

這是一個 - 如果您願意的話，我們 3 天前推出的是試營業。

There's no publicity out there for it.

那裡沒有宣傳。

We'll have to see how it goes, what it does first.

我們必須先看看它是怎麼回事，它做了什麼。

Thank you, everyone.

謝謝大家。

Have a good day.

祝你有美好的一天。

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目前沒有更多的音頻問題。

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您現在可以斷開連接。