好市多 (COST) 2018 Q2 法說會逐字稿

Good afternoon.

下午好。

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

我叫克里斯蒂，今天我將擔任你們的會議接線員。

At this time, I'd like to welcome everyone to the quarter 2 earnings call and February sales.

在這個時候，我想歡迎大家參加第二季度的財報電話會議和二月份的銷售。

(Operator Instructions)

（操作員說明）

I will now turn the conference over to CFO, Mr. Richard Galanti.

我現在將會議轉交給首席財務官 Richard Galanti 先生。

You may begin.

你可以開始了。

Thank you, Christy.

謝謝你，克里斯蒂。

Good afternoon to everyone.

大家下午好。

I'll start by stating that these discussions will include forward-looking statements within the meaning of the Private Security (sic) [Securities] Litigation Reform Act of 1995 that these statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements.

我首先聲明，這些討論將包括 1995 年私人證券 (sic) [證券] 訴訟改革法案含義內的前瞻性陳述，這些陳述涉及可能導致實際事件、結果和/或性能與此類聲明所指示的性能存在重大差異。

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.

前瞻性陳述僅代表作出之日的情況，除法律要求外，公司不承諾更新這些陳述。

In today's press release, we reported operating results for the second quarter of fiscal 2018, the 12 weeks ended February 18 as well as February retail sales for the 4 weeks ended this past Sunday, March 4. Reported net income for the quarter came in at $701 million or $1.59 a share, a 36% increase compared to last year's second quarter results of $515 million or $1.17 a share.

在今天的新聞稿中，我們報告了 2018 財年第二季度、截至 2 月 18 日的 12 週的經營業績以及截至上週日（3 月 4 日）的 4 週的 2 月零售額。報告的本季度淨收入為7.01 億美元或每股 1.59 美元，與去年第二季度 5.15 億美元或每股 1.17 美元的業績相比增長 36%。

This year's earnings per share included $0.17 due to a net income tax benefit of $74 million as a result of the tax legislation recently passed by Congress.

今年的每股收益包括 0.17 美元，這是由於國會最近通過的稅收立法帶來的 7400 萬美元的淨所得稅收益。

Excluding this benefit, net income grew by 22% year-over-year.

剔除這一收益，淨收入同比增長 22%。

This afternoon, I'll start by reviewing our Q2 operating results, beginning with sales.

今天下午，我將首先回顧我們第二季度的經營業績，首先是銷售額。

Net sales for the quarter came in at $32.3 billion, a 10.8% increase over the $29.1 billion of sales during the second quarter of last fiscal year.

本季度淨銷售額為 323 億美元，比上一財年第二季度的 291 億美元銷售額增長 10.8%。

This year's 12-week second quarter included 1 additional sales day in the United States versus last year due to the shift of Thanksgiving.

由於感恩節的轉移，今年第二季度為期 12 週，美國比去年多了 1 個銷售日。

But while we gained a sales day in the quarter, our pre-Thanksgiving and Black Friday holiday weekend sales fell on the first quarter this year compared to the second quarter last year.

但是，雖然我們在本季度獲得了銷售日，但與去年第二季度相比，我們今年第一季度感恩節前和黑色星期五假期週末的銷售額有所下降。

Combined, these 2 factors negatively impacted second quarter sales results by an estimated 1.4% in the U.S. and slightly less worldwide, somewhat at or about 1.1%.

綜合起來，這兩個因素對第二季度的銷售結果產生了負面影響，在美國估計下降了 1.4%，在全球範圍內略微下降，約為 1.1%。

The shift also negatively impacted e-commerce sales results by an estimated minus 7 to minus 8 percentage points in the second quarter.

這一轉變還對第二季度的電子商務銷售業績產生了負面影響，估計下降了 7 至 8 個百分點。

Recall that in Q1, we had an estimated 10% improvement relative to the shift in e-commerce, 5% to 10%.

回想一下，在第一季度，相對於電子商務的轉變，我們估計有 10% 的改善，從 5% 到 10%。

I think if you look at the 24-week fiscal year-to-date comparable sales results in our earnings release, it essentially eliminates the impact from the holiday shift altogether.

我認為，如果您在我們的收益發布中查看 24 週財政年度迄今的可比銷售結果，它基本上完全消除了假期轉變的影響。

Now for the second quarter 12-week comparable sales results.

現在為第二季度 12 周可比銷售結果。

In the U.S., we reported a 7.1% increase; ex gas and FX, 5.7%.

在美國，我們報告了 7.1% 的增長；不包括天然氣和外匯，5.7%。

And then we'd estimate that you'll add the 1.4% back for the switch in the holiday.

然後我們估計您將在假期中為轉換添加 1.4%。

Canada, 8.7% reported; and 2.5%, ex gas and FX.

加拿大，8.7% 報告；和 2.5%，不包括天然氣和外匯。

Other and International reported 15.7%; 7.4 %, ex gas and FX.

其他和國際報告 15.7%； 7.4 %，不包括天然氣和外匯。

So total company would be an 8.4% reported and a 5.4% ex gas and FX and a little over 1% of impact, negative impact on that 5.4% from the Thanksgiving shift.

因此，報告的公司總數將是 8.4%，不包括天然氣和外彙的 5.4%，以及略高於 1% 的影響，以及感恩節轉變對 5.4% 的負面影響。

E-commerce reported was 28.5% comp sales; 27.3%, ex gas and FX.

電子商務報告的銷售額為 28.5%； 27.3%，不包括天然氣和外匯。

And again, we estimate that 27.3% was hit by about 7 to 8 percentage points related to the holiday shift, so something in the low to mid-30s, ex that.

再一次，我們估計 27.3% 的人受到與假期變化相關的大約 7 到 8 個百分點的影響，所以在 30 多歲到 30 多歲之間，除此之外。

In terms of Q2 sales metrics.

在第二季度的銷售指標方面。

Second quarter traffic or shopping frequency was up 3.7% worldwide and 3.4% in the U.S. Also, these numbers were negatively impacted by the Thanksgiving holiday shift, as I just discussed.

第二季度全球流量或購物頻率增長 3.7%，美國增長 3.4%。此外，正如我剛剛討論的那樣，這些數字受到感恩節假期轉變的負面影響。

In terms of the impact on FX and gas.

就對外彙和天然氣的影響而言。

For the company, FX, assuming flat currency relative to the U.S. dollar over the last year that impacted sales, strengthening in foreign countries -- foreign currencies impacted sales by approximately 180 basis points to the positive, and gas inflation contributed another 125 basis points.

對於公司而言，外匯假設去年貨幣相對於美元持平影響了銷售額，在國外走強——外國貨幣對銷售額產生了大約 180 個基點的正面影響，而天然氣通脹又貢獻了 125 個基點。

So together, about 3 percentage points.

所以加在一起，大約 3 個百分點。

Cannibalization weighed in on the comp by the tune of -- to the tune of 55 basis points to the negative.

同類相食對 comp 的影響達到了 55 個基點的負面影響。

Our average front-end transaction or ticket was up 4.6% in the quarter.

本季度我們的平均前端交易或票證增長了 4.6%。

Excluding net benefits from gas inflations and strong foreign currencies relative to the dollar, it was up a little over 1.5%.

不包括天然氣通脹和相對於美元的強勢外幣帶來的淨收益，它上漲了 1.5% 多一點。

Our February sales results were also reported in today's release.

今天的新聞稿中還報告了我們 2 月份的銷售結果。

I'll review these results at the end of the call.

我將在通話結束時查看這些結果。

Moving down the income statement for the second quarter as membership income is the next line item.

下移第二季度的損益表，因為會員收入是下一個項目。

And reported in Q2, $716 million, up $80 million from the $636 million last year second quarter and up about 4 basis points or 12.6% in dollars.

第二季度報告為 7.16 億美元，比去年第二季度的 6.36 億美元增加了 8000 萬美元，按美元計算增加了約 4 個基點或 12.6%。

Now ex FX, the benefit of strong foreign currencies benefit the number by about $12 million.

現在不包括外匯，強勢外幣的好處使該數字受益約 1200 萬美元。

Of the $80 million increase in membership fees, increase year-over-year, about $37 million related to membership fee increases.

在 8,000 萬美元的會員費增長中，同比增長，約有 3,700 萬美元與會員費增長有關。

The majority of the $37 million came from fee increases taken last June 1 in the U.S. and Canada with a smaller balance from the fee increases taken in our Other International operations, starting back in September of 2016.

3700 萬美元中的大部分來自於去年 6 月 1 日美國和加拿大的費用增加，而從 2016 年 9 月開始的我們其他國際業務的費用增加的餘額較小。

So all told, if you take out both of those, we would -- our normalized basis membership fees were up $31 million or about 5%.

總而言之，如果你把這兩者都去掉，我們的標準化基礎會員費將增加 3100 萬美元或約 5%。

In terms of renewal rates, our renewal rates improved in Q2 to 90.1% in the U.S. and Canada, up from 90% a quarter earlier; and worldwide, improved to 87.3% as of Q2 end, up 0.1% from the 87.2% at Q1 end.

在續訂率方面，我們第二季度在美國和加拿大的續訂率從上一季度的 90% 提高到 90.1%；在全球範圍內，截至第二季度末提高至 87.3%，比第一季度末的 87.2% 上升 0.1%。

I think the most important thing here, of course, is the trends we've seen with the conversion of the credit card over the last 1.5 years in the U.S. and slightly overlapping that prior to that in Canada and happy to see that what we expected came through there, and we're seeing a slight improvement now.

當然，我認為這裡最重要的是我們在過去 1.5 年中看到的美國信用卡轉換的趨勢，與加拿大之前的趨勢略有重疊，很高興看到我們所期望的通過那裡，我們現在看到了輕微的改善。

In terms of members at Q2 end.

在Q2結束時的成員方面。

At Q2 end, we had 39.6 million Gold Star members, up from 39.3 million 12 weeks earlier.

在第二季度末，我們擁有 3960 萬金星會員，高於 12 週前的 3930 萬。

Primary businesses were 7.5 million at both quarter end.

兩個季度末的主要業務為 750 萬。

Business add-ons, which was 3.2 million at Q1 end, at Q3 end was 3.3 million.

業務附加組件在第一季度末為 320 萬，在第三季度末為 330 萬。

So total member households, 49.9 million at Q1 '18 end, up to 50.4 million at Q '18 end.

因此，18 年第一季度末的成員家庭總數為 4990 萬，到 18 年第一季度末達到 5040 萬。

Total cardholders at 92.2 million at the end of the quarter, up from 91.5 million 12 weeks earlier.

本季度末持卡人總數為 9220 萬，高於 12 週前的 9150 萬。

During the quarter, we only had one opening.

在本季度，我們只有一個職位空缺。

At Q2 end, paid Executive Members were 18.8 million, an increase of about 46,000 from the second quarter end or about 4,000 a week, a little softer than it had been in recent quarters.

在第二季度末，付費執行會員為 1880 萬，比第二季度末增加了約 46,000 人，即每週增加約 4,000 人，比最近幾個季度有所放緩。

When we look at the quarter, though, it started off quite a bit weaker, and I'm happy to say that the last several weeks have been in the high teens, low 20s, on average, per week.

不過，當我們看這個季度時，它開始時要弱一些，我很高興地說，過去幾周平均每周處於十幾歲、二十多歲的低位。

And lastly, in terms of the portion of membership fee increases related to the recent fee increases.

最後，就與最近費用增加相關的會員費增加部分而言。

That year-over-year quarterly membership fee income increase will continue to grow each quarter this year and into fiscal '19 given the deferred accounting treatment as to when it benefits our income statement.

考慮到對何時有利於我們的損益表的遞延會計處理，今年季度會員費收入的同比增長將在今年每個季度繼續增長，並進入 19 財年。

The year-over-year increase will peak in Q4 this fiscal year, so the $37 million Q2 increase related to that will increase in Q3 and increase again in Q4 based on the P&L on deferred accounting and still have even small -- yet smaller increases in the next couple or 3 quarters after that into '19.

同比增長將在本財年第四季度達到頂峰，因此與此相關的 3700 萬美元第二季度增長將在第三季度增長，並根據遞延會計的損益表在第四季度再次增長，而且增長幅度仍然很小——但更小在接下來的幾個或 3 個季度之後進入 19 年。

Going down the gross margin line.

走下毛利率線。

Our reported gross margin came in at 10.98% or 2 basis points lower year-over-year.

我們報告的毛利率為 10.98% 或同比下降 2 個基點。

On a reported basis, that minus 2 basis points, it was actually plus 11 basis points, excluding gas and FX.

在報告的基礎上，負 2 個基點，實際上是加 11 個基點，不包括天然氣和外匯。

Within that, I'll have you just jot down the 4 or 5 -- 2 columns with the 4 or 5 numbers in each column.

在其中，我會讓您記下 4 或 5 - 2 列，每列中有 4 或 5 個數字。

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

第一列將如所報告的那樣被報告，第二列將沒有氣體膨脹。

The core merchandise on a reported basis was, year-over-year, down 20 basis points, down 8 basis points without gas inflation.

報告基礎上的核心商品同比下降 20 個基點，在沒有天然氣通脹的情況下下降 8 個基點。

Ancillary businesses, up 23 basis points in the quarter and up 25 ex gas inflation; 2% Reward, plus 1 and 0 in those 2 columns.

輔助業務，本季度上漲 23 個基點，扣除天然氣通脹上漲 25 個基點； 2% 獎勵，在這兩列中加上 1 和 0。

And other, minus 6 and minus 6 basis points.

和其他，負 6 和負 6 個基點。

So all told, if you add up column 1, the reported year-over-year gross margin change was the minus 2 basis points.

總而言之，如果將第 1 列加起來，報告的毛利率同比變化為負 2 個基點。

And ex gas inflation was plus 11.

除去氣體通貨膨脹率是 11。

If we look at -- as I've done in the past, if you look at the core merchandise categories in relation to their own sales, even though, again, on an ex gas inflation basis, the core as it contributed to the total company was minus 8. If you look at core categories on core sales, margins year-over-year in Q2 were higher by 14 basis points.

如果我們看——就像我過去所做的那樣，如果你看一下核心商品類別與其自身銷售額的關係，即使再一次，在排除天然氣通脹的基礎上，核心商品對總銷售額的貢獻公司為負 8。如果您查看核心銷售額的核心類別，第二季度的利潤率同比高出 14 個基點。

Subcategories within core margins year-over-year in Q2, food and sundries, hardlines and fresh foods were up.

第二季度核心利潤率的子類別、食品和雜貨、硬線和新鮮食品均有所上升。

Softlines was down a little, notwithstanding all these improvements are notwithstanding greater values to our members as we've continue to do.

儘管所有這些改進都為我們的會員帶來了更大的價值，但正如我們一直在做的那樣，Softlines 有所下降。

Ancillary and other businesses gross margin, up 23 basis points and 25 ex gas inflation.

輔助和其他業務的毛利率上升 23 個基點和 25 個不包括氣體通脹。

Gas represented a little more than half of that improvement.

天然氣佔該改進的一半多一點。

It's both a combination of higher sales penetration and improved margins within the business with hearing aids, pharmacy, optical business centers and travel all showing higher year-over-year gross margins.

這是更高的銷售滲透率和更高的業務利潤率的結合，助聽器、藥房、光學業務中心和旅遊都顯示出更高的同比毛利率。

And that contributed to that number as well.

這也促成了這個數字。

2% Reward, again essentially flat ex gas.

2% 獎勵，同樣基本持平 ex gas。

Lastly, in other, as was in the case of the first quarter, we've -- we we're incurring incremental costs related to the rollout of our new centralized returns facilities.

最後，在其他方面，就像第一季度的情況一樣，我們已經產生了與推出新的集中退貨設施相關的增量成本。

And this will continue to impact us, as I said, last quarter and each of the next few quarters, likely a little less each quarter.

正如我所說，這將繼續影響我們，上個季度和接下來幾個季度的每個季度，每個季度可能會減少一點。

And it was down a basis point this time from 7 to minus 6. Long term, we believe it's a big benefit to us.

這次它從 7 下降了一個基點到負 6。從長遠來看，我們相信這對我們來說是一個很大的好處。

Moving to reported SG&A.

轉向報告的 SG&A。

Our expenses, our SG&A percentage Q2 over Q2 was lower or better 21 basis points and better by 9 basis points, plus 9 basis points, ex gas inflation, coming in at 10.02% of sales this year compared to 10.23% on a reported basis.

我們的支出，我們的第二季度 SG&A 百分比比第二季度低或高 21 個基點，高 9 個基點，加上 9 個基點，不包括天然氣通脹，佔今年銷售額的 10.02%，而報告的基礎上為 10.23%。

Again the 2 columns, reported and without gas inflation.

同樣是 2 列，報告且沒有氣體膨脹。

The first line item will be operations, plus 19 basis points and plus 8 basis points, ex gas inflation; central, minus 1 basis point and minus 2 basis points; stock compensation, plus 3 basis points in each column; and then total, plus 21 basis points or lower or better by 21 basis points on a reported basis and ex gas inflation better by 9 basis points.

第一個項目是運營，加上 19 個基點和 8 個基點，不包括天然氣通脹；中央，負 1 個基點和負 2 個基點；股票薪酬，每欄加 3 個基點；然後總計，加上 21 個基點或更低或更高 21 個基點（在報告的基礎上）和 ex gas 通脹更好 9 個基點。

Not a whole lot of unusual items here.

這裡沒有很多不尋常的物品。

The core operations component again was better by 8, ex gas inflation.

核心運營部分再次好於 8，不包括天然氣通脹。

Strong top line sales, we believe, led to year-over-year improvement in payroll, benefits and other traditional expenses like utilities and maintenance.

我們認為，強勁的頂線銷售導致工資、福利和其他傳統費用（如公用事業和維護）同比改善。

Central expense, higher by a couple of basis points, ex gas.

中央費用，高出幾個基點，不包括汽油。

We got a lot going on.

我們發生了很多事情。

Stock compensation, better year-over-year by 3 basis points, again strong sales.

股票補償，同比提高 3 個基點，銷售再次強勁。

And usually, that's a number that's most impacting Q1 when we do the big grant every year.

通常，當我們每年進行大額贈款時，這是對第一季度影響最大的數字。

Next on the income statement is preopening expenses.

損益表的下一個是開業前費用。

They were better or lower by $3 million.

他們好於或低了 300 萬美元。

In Q2 this year, they were $12 million; last year, $15 million.

今年第二季度，他們是 1200 萬美元；去年，1500萬美元。

Now again, this year, we only opened 1 new unit.

再一次，今年，我們只開了 1 個新單位。

Last year, we opened 4. However, we also have quite a bit of preopening related to 2 big manufacturing plants that we -- the one we've just opened and one were under construction, a new meat plant in the Midwest as well as our major new chicken plant in Nebraska that's under construction.

去年，我們開設了 4 家。但是，我們也有很多與我們的 2 家大型製造廠相關的開業前準備——一家我們剛剛開業，一家正在建設中，一家位於中西部的新肉類工廠以及我們在內布拉斯加州正在建設的主要新養雞場。

All told, reported operating income for Q2 came in at $1.16 billion, up $172 million or 20% higher year-over-year from last year's $844 million number.

總而言之，報告的第二季度營業收入為 11.6 億美元，比去年同期的 8.44 億美元增長 1.72 億美元或 20%。

Below the operating income line, reported interest expense came in at plus $6 million -- at $6 million higher year-over-year at $37 million this year compared to $31 million a year ago, primarily a result of last year's debt offering.

在營業收入線以下，報告的利息支出增加了 600 萬美元——今年同比增加 600 萬美元，達到 3700 萬美元，而去年同期為 3100 萬美元，這主要是去年債券發行的結果。

Interest income and other was better year-over-year by $11 million in the quarter.

本季度利息收入和其他收入同比增長 1100 萬美元。

Actual interest income for the quarter was better year-over-year by $5 million.

本季度的實際利息收入同比增加 500 萬美元。

Also benefiting this line item is the year-over-year comparison various FX items, mostly various FX items in the amount of a positive $6 million.

該項目的另一個好處是與去年同期比較各種外匯項目，主要是金額為正 600 萬美元的各種外匯項目。

Overall, pretax earnings were higher by 22% or $177 million higher in Q2 coming in at $986 million this year compared to $809 million last year in the second quarter.

總體而言，與去年第二季度的 8.09 億美元相比，今年第二季度的稅前利潤增加了 22% 或 1.77 億美元，達到 9.86 億美元。

In terms of income taxes.

在所得稅方面。

Our tax rate in the second quarter came in at 27.7% for the quarter compared to 35.6% last year.

我們第二季度的稅率為 27.7%，而去年為 35.6%。

Of course, the lower tax rate for Q2 this year is a result of tax law changes.

當然，今年第二季度較低的稅率是稅法變化的結果。

The primary benefit was the result of the lowering of the U.S. federal corporate income tax rate from 35% to 21%.

主要好處是美國聯邦企業所得稅稅率從 35% 降至 21%。

Given that our fiscal -- we don't have a calendar year, and so it doesn't align with the digital calendar year.

鑑於我們的財政——我們沒有日曆年，因此它與數字日曆年不一致。

You take the number of days in each -- in our fiscal year, which fall before or after December 31.

在我們的財政年度中，您需要計算 12 月 31 日之前或之後的每一天的天數。

In our case, it's a blended U.S. federal rate, 35% for 119 days of a fiscal year and 21% at the remaining 245 days of a fiscal year.

在我們的案例中，它是一個混合的美國聯邦利率，一個財政年度的 119 天為 35%，一個財政年度剩餘的 245 天為 21%。

You get an average of 25.58%.

你得到平均 25.58%。

The impact of the lower -- that lower rate on Q2 pretax income was $52 million of the $72 million I just mentioned -- of the $74 million I just mentioned.

較低的影響 - 較低的利率對第二季度稅前收入的影響是我剛才提到的 7200 萬美元中的 5200 萬美元 - 我剛才提到的 7400 萬美元。

The other $22 million is basically 2 main things.

其他 2200 萬美元基本上是兩件主要的事情。

One is a true-up of Q2 -- of Q1.

一個是 Q2 的調整 - Q1。

Recognizing in Q1, we assumed -- we had no reason to assume this much lower federal income tax rate.

在第一季度認識到，我們假設 - 我們沒有理由假設聯邦所得稅率低得多。

So truing up for the first quarter, I said that we're in tune for the whole year.

因此，為第一季度做好準備，我說我們整年都在調整。

The other piece is some -- both positives and some offsets to that relating to various things that have come with the new tax legislation.

另一部分是一些 - 與新稅法帶來的各種事情相關的積極因素和一些抵消因素。

All told, the net impact of these items in Q2 was an additional $22 million benefit, tax benefit.

總而言之，這些項目在第二季度的淨影響是增加了 2200 萬美元的稅收優惠。

So total tax benefit in Q2, $74 million.

因此，第二季度的稅收總收益為 7400 萬美元。

The $52 million, what I'll call, normalized to Q2, the $22 million relating to truing up Q1 and other offsets that go along with the original change in tax laws.

我稱之為 5200 萬美元，標準化為第二季度，與調整第一季度相關的 2200 萬美元以及與稅法原始變化相伴的其他抵消。

Going forward, we anticipate that the effective company-wide rate for the balance of '18 in Q3 and 4 will be probably in the 29.5% to 30% range.

展望未來，我們預計 18 年第三季度和第四季度剩餘時間的全公司有效利率可能在 29.5% 至 30% 之間。

And in fiscal '19, based on what we currently know, and of course, all that's subject to change, is approximately -- we assume it will be approximately 28%, plus or minus.

在 19 財年，根據我們目前所知，當然，所有可能發生變化的，大約是——我們假設它大約是 28%，正負。

As we know more, we'll share it with you.

隨著我們了解更多，我們將與您分享。

Overall, the reported net income was higher by 36%, coming in at $701 million in Q2 compared to the $515 million last year, again up 22%, ex the tax benefits I just spoke about.

總體而言，第二季度報告的淨收入增長了 36%，為 7.01 億美元，而去年為 5.15 億美元，再次增長 22%，不包括我剛才談到的稅收優惠。

Before I leave the subject of tax law changes, a few comments as to what our plans are vis-à-vis these savings.

在我結束稅法變更的主題之前，先談談我們針對這些節省的計劃。

Overall, one, we do not expect any major changes to our capital allocations plans.

總的來說，第一，我們預計我們的資本配置計劃不會有任何重大變化。

We're generally a net positive cash flow operator, notwithstanding CapEx and dividends and what have you.

我們通常是一個淨正現金流運營商，儘管有資本支出和股息以及你有什麼。

As many other -- number two, as many others have done, we will use some of these savings to benefit our employees.

與許多其他人一樣 - 第二，正如許多其他人所做的那樣，我們將使用其中的一些儲蓄來造福我們的員工。

We're working on that and stay tuned.

我們正在努力，敬請期待。

Number three, we'll invest some of the savings to drive -- to continue to drive greater value to our members.

第三，我們將把節省下來的部分資金用於推動——繼續為我們的會員創造更大的價值。

This will certainly include investing in price as well as other activities.

這當然包括價格投資和其他活動。

And number four, when asked and we have been, if any of these tax savings will fall to the bottom line, the answer is yes, most importantly, indirectly, by investing in driving value.

第四，當我們被問及這些節稅中的任何一項是否會落到底線時，答案是肯定的，最重要的是，通過投資驅動價值間接地實現。

We've seen what that does, and we know what that does.

我們已經看到了它的作用，我們知道它的作用。

And much of that investing in value and price comes back in greater earnings and directly perhaps a little bit.

大部分對價值和價格的投資會帶來更高的收益，而且可能直接帶來一點收益。

Again, stay tuned.

再次，敬請期待。

A few others -- a few other items of note, warehouse expansion.

其他一些——其他一些值得注意的項目，倉庫擴建。

As I mentioned, we opened only 1 unit in Q2.

正如我所提到的，我們在第二季度只開設了 1 個單位。

That's on top of 5 net new units in Q1.

這是在第一季度的 5 個淨新單位之上。

Our plans for this current quarter, which will end in mid-May, is 2 more.

我們本季度的計劃（將於 5 月中旬結束）還有 2 個。

And then Q4 is the big quarter.

然後第四季度是大季度。

It's a 16-week quarter, but we plan to open net 15 units, 18 openings, including 3 relos.

這是一個為期 16 週的季度，但我們計劃淨開放 15 個單位，18 個空缺，包括 3 個 relos。

Assuming we got there, we'd have 23 net openings for the year.

假設我們做到了這一點，我們今年將有 23 個淨職位空缺。

My guess it will be 22 or 23, a little better than I think I mentioned a quarter ago but somewhere in those low 20s.

我猜它會是 22 或 23，比我一個季度前提到的要好一點，但在 20 多歲左右。

For all of '18, again we expect to open something around 22 or 23 with 3 quarters of those in the next 2 quarters and most of it in the fourth quarter.

對於整個 18 年，我們再次希望在接下來的兩個季度中打開 22 或 23 左右的東西，其中 3 個季度，其中大部分在第四季度。

As of Q2 end, total warehouse square footage stood at 108 million square feet.

截至第二季度末，倉庫總面積為 1.08 億平方英尺。

In terms of stock buybacks.

在股票回購方面。

In all of fiscal 2017, we expended $473 million, purchasing just under 3 million shares at an average price of just under $158.

在整個 2017 財年，我們花費了 4.73 億美元，以略低於 158 美元的平均價格購買了近 300 萬股股票。

In the first quarter, we expended, as mentioned, $119 million at an average price of about $162.5.

如前所述，在第一季度，我們花費了 1.19 億美元，平均價格約為 162.5 美元。

And this quarter just ended, we expended an additional $59 million at an average price of $187.70 per share.

本季度剛剛結束，我們以每股 187.70 美元的平均價格額外支出了 5900 萬美元。

For now, for an update on our e-commerce business.

現在，了解我們電子商務業務的最新情況。

We currently operate e-commerce sites in the U.S., Canada, U.K., Mexico, Korea and Taiwan.

我們目前在美國、加拿大、英國、墨西哥、韓國和台灣運營電子商務網站。

Total e-commerce sales for the quarter -- for the second quarter came in at $1.5 billion, up 29% year-over-year.

第二季度電子商務總銷售額為 15 億美元，同比增長 29%。

Overall, our e-commerce sales increase has continued with very strong levels.

總體而言，我們的電子商務銷售額繼續以非常強勁的水平增長。

If you look back in Q1, we -- ex FX, it was a positive 42.1%.

如果你回顧第一季度，我們——不包括外匯，這是一個積極的 42.1%。

Again, that -- there was a chunk in there that related to the benefit of the Thanksgiving holiday shift.

同樣，其中有一大塊與感恩節假期輪班的好處有關。

In Q2, 27.3%, as I just mentioned, ex FX.

在第二季度，27.3%，正如我剛才提到的，不包括外匯。

Adding the first half together, again taking out the Thanksgiving shift there, the first half altogether was plus 33.7%.

將上半年加在一起，再次剔除那裡的感恩節輪班，上半年總共增加了 33.7%。

And in February, as you saw in the press release and I'll talk about February overall in a minute, came in at 37%, so continued very strong sales growth and momentum in these numbers.

在 2 月份，正如你在新聞稿中看到的那樣，我將在一分鐘內談論 2 月份的總體情況，達到 37%，因此這些數字繼續保持非常強勁的銷售增長和勢頭。

We continue to improve our offerings.

我們繼續改進我們的產品。

We've been -- and we continue to be helped by the improved member experience with better search checkout, returns processes that I've shared some of that with you in the past.

我們一直 - 我們繼續通過更好的搜索結帳改進會員體驗來幫助我們，退貨流程我過去曾與您分享過其中的一些內容。

In the quarter, our site traffic and conversion rates and orders were up nicely year-over-year.

在本季度，我們的網站流量、轉化率和訂單同比都有很好的增長。

Our warehouses are supporting costco.com with signage and tablets in the store.

我們的倉庫通過店內的標牌和平板電腦支持 costco.com。

We now have that in 195 U.S. buildings, and that's used to help search and purchase costco.com items for our members from our warehouses.

我們現在在 195 座美國建築物中擁有該功能，用於幫助我們的會員從我們的倉庫中搜索和購買 costco.com 商品。

We continue to capture more e-mail addresses.

我們繼續捕獲更多的電子郵件地址。

In addition, our improved content is resulting in increasing our open rate of e-mails, again driving traffic, both in store and online.

此外，我們改進的內容提高了電子郵件的打開率，再次增加了店內和網上的客流量。

If you go right now to costco.com, I think it talks about hot buys.

如果你現在去 costco.com，我認為它談論的是熱銷商品。

And you'll see that some of them are in warehouse only as supplies last, and we think that we've got some excitement going here in terms of driving traffic, both specifically in store, using the Internet and e-mails as well as driving traffic online.

你會看到其中一些只在倉庫中作為最後的供應品，我們認為我們在推動客流量方面有些興奮，特別是在商店，使用互聯網和電子郵件以及在線推動流量。

A great example of that is, again, you can look for it yourself with these hot buys in the warehouse.

一個很好的例子是，您可以自己在倉庫中尋找這些熱門商品。

Online grocery.

在線雜貨店。

Both our dry grocery 2-day delivery and our same-day fresh delivery through Instacart, as I mentioned last quarter, rolled out in early October.

正如我在上個季度提到的，我們的干貨 2 天送貨和通過 Instacart 的當天新鮮送貨都在 10 月初推出。

It's been quite positive year-to-date and growing.

今年迄今為止，它一直非常積極，並且還在增長。

We're just starting to do some limited marketing.

我們剛剛開始做一些有限的營銷。

Instacart now is in 441 of our U.S. warehouses and should be in most of the remainder -- our U.S. warehouses by calendar year-end.

Instacart 現在在我們美國的 441 個倉庫中，並且應該在其餘的大部分倉庫中——到日曆年底我們在美國的倉庫中。

We continue to improve the online merchandise and services offerings, again with -- not only in general, but with hot buys.

我們繼續改進在線商品和服務產品，不僅在一般情況下，而且在熱銷方面。

We've improved our apparel offerings.

我們改進了我們的服裝產品。

We're doing a better job of focusing and adding items that are complementary to our warehouse offerings.

我們在關注和添加與我們的倉庫產品互補的項目方面做得更好。

We're doing some great things with some big ticket seasonal items where we might be out of them at a given date or starting with a certain date in store.

我們正在用一些大件季節性商品做一些很棒的事情，我們可能會在給定日期或從商店的某個日期開始缺貨。

But online, we can afford greater availability of those.

但是在網上，我們可以負擔得起這些服務的更多可用性。

And then we're doing some other exciting things.

然後我們正在做一些其他令人興奮的事情。

Currently, there's over a hundred high-end beauty items online.

目前，在線上有超過一百種高端美容產品。

In Q1 '18, we added the 2% Reward to all travel purchases through Costco Travel.

在 18 年第一季度，我們通過 Costco Travel 為所有旅行購買增加了 2% 的獎勵。

That's something we have not done in the past.

這是我們過去沒有做過的事情。

That's if you -- sorry, Executive Members.

那就是如果你 - 對不起，執行成員。

As well, if you use your Costco Visa card, co-branded card, you get 3% that way, so it will be 5% off of what's already great values and seeing great growth in Costco Travel.

同樣，如果您使用 Costco Visa 卡，聯名卡，您將獲得 3% 的折扣，因此它將比 Costco Travel 已經很有價值並看到巨大增長的產品優惠 5%。

I think I mentioned last time in the call, we're offering a very limited buy online, pick up in store.

我想我上次在電話中提到過，我們提供非常有限的在線購買，店內提貨。

These are really basically selected small-sized, big-ticket items where many people aren't likely to want to leave them at their doorstep.

這些基本上都是精選的小件大件物品，許多人不太可能想將它們留在家門口。

So there are some jewelry, tablets and laptops, and most recently, handbags.

所以有一些珠寶、平板電腦和筆記本電腦，最近還有手提包。

All these things are driving shops in-store.

所有這些都在推動實體店的發展。

Over half the people that are doing this are shopping in-store when they're there.

超過一半的這樣做的人在店內購物。

But again, this is limited.

但同樣，這是有限的。

This is -- we'll continue to see how it works.

這是——我們將繼續觀察它是如何運作的。

All these efforts that I just mentioned are having a positive impact on our business, both online and in warehouse, and that we believe helps in the sales momentum and increased awareness of our digital presence as well as the traffic that we enjoyed recently in our warehouses.

我剛才提到的所有這些努力都對我們的在線和倉庫業務產生了積極影響，我們相信這有助於促進銷售勢頭和提高我們對數字存在的認識以及我們最近在倉庫中享受的流量.

In sum, we're continuing to expand these activities.

總之，我們將繼續擴大這些活動。

It's evolving and improving and will drive our business, both online and in-store.

它正在發展和改進，並將推動我們的在線和店內業務。

And certainly, some of the tax savings will go towards driving that as well.

當然，一些節稅也將用於推動這一點。

Next, let me review the February sales results, the 4 weeks ended March 4. As reported in our release, net sales for the month came in at $10.21 billion, a 12.8% increase from the $9.05 billion last year.

接下來，讓我回顧一下 2 月份的銷售結果，即截至 3 月 4 日的 4 週。正如我們發布的報告所述，當月淨銷售額為 102.1 億美元，比去年的 90.5 億美元增長 12.8%。

The Lunar New Year and Chinese New Year, that occurred in February this year as compared to January last year.

與去年一月相比，今年二月的農曆新年和農曆新年。

We estimate that this positively impacted the Other International February sales by about 4.5 percentage points and the total company February sales by a little more than 0.5 percentage point.

我們估計，這對其他國際 2 月份的銷售額產生了約 4.5 個百分點的積極影響，對公司 2 月份的總銷售額產生了略高於 0.5 個百分點的影響。

For the first 26 weeks of fiscal 2018, we reported sales of -- we have now reported sales of $68.51 billion, 12.0% increase from $61.18 billion, the same number of weeks last year.

在 2018 財年的前 26 週，我們報告了銷售額——我們現在報告的銷售額為 685.1 億美元，比去年同期的 611.8 億美元增長 12.0%。

I won't go through all the numbers that you see in the press release.

我不會一一列舉您在新聞稿中看到的所有數字。

But again, on a 4-week basis, the reported 9% U.S., ex gas and FX, will be 7.5%.

但同樣，在 4 週的基礎上，報告的 9% 美國，不包括天然氣和外匯，將是 7.5%。

The 8.4% reported for Canada would be a 3.2%.

加拿大報告的 8.4% 為 3.2%。

The 22.2% Other International would still be a very strong 14.1%.

22.2% 的其他國際仍將是非常強勁的 14.1%。

And total company, 10.5% reported comp, ex gas and FX, 7.7% to the positive.

在公司總數中，10.5% 報告了 comp、ex gas 和 FX，7.7% 為正面。

And as I mentioned, e-commerce, ex gas -- I'm sorry, ex FX, is 37% compared to the reported 38.1%.

正如我提到的，電子商務，不包括天然氣——對不起，不包括外匯，與報告的 38.1% 相比，它是 37%。

In terms of regional and merchandising categories for February, general highlights for the month.

就 2 月份的區域和商品類別而言，該月的總體亮點。

U.S. regions with a strong results were Southeast, Los Angeles and Midwest.

美國表現強勁的地區是東南部、洛杉磯和中西部。

Internationally and local currencies, Taiwan, Japan and Mexico were at the top of the list this month.

國際和本地貨幣方面，台灣、日本和墨西哥本月位居榜首。

Foreign currencies year-over-year relative to the dollar, total company benefited by about 150 basis points.

相對於美元，外幣同比增長約 150 個基點。

Again, I think for the last quarter, it was 180.

同樣，我認為最後一個季度是 180。

Canada was helped by about 425 basis points, while Other International was helped by about 800 basis points.

加拿大獲益約 425 個基點，而其他國際獲益約 800 個基點。

The impact of cannibalization on the total company in February was about 60 basis points, and the impact on the U.S. was about 40.

2 月份蠶食對整個公司的影響約為 60 個基點，對美國的影響約為 40 個基點。

Canada, where we did quite a few openings this year, it was about 140 basis points impact from that.

加拿大，我們今年在那裡開設了很多職位，受到了大約 140 個基點的影響。

Very small impact in Other International to the tune of 30 basis points.

對其他國際的影響非常小，只有 30 個基點。

In terms of merchandise highlights.

在商品亮點方面。

Food and sundries comp sales for the month were positive mid- to high single digits.

本月食品和雜貨的銷售額為正的中高個位數。

Departments with the strong results -- excuse me, with the strongest results were tobacco, liquor and candy.

成績最好的部門——不好意思，成績最好的是菸酒和糖果。

Hardlines were up low double digits.

強硬派上漲了兩位數。

Better-performing departments were majors; tires; and health and beauty aids, HABA.

表現較好的係是專業；輪胎；以及健康和美容輔助用品，HABA。

Majors were up mid- to high 20s, led by appliances, computers and tablets, so very strong show in there, both in-store and online.

主要產品在家電、電腦和平板電腦的帶領下上升到 20 多歲，因此在店內和網上的表現都非常強勁。

Softlines were up mid- to high single digits.

軟線產品數量達到中高個位數。

Better-performing departments included domestics, jewelry and apparel.

表現較好的部門包括國貨、珠寶和服裝。

Fresh foods was up in the high single digits.

新鮮食品以高個位數增長。

Better-performing departments were meat, bakery and deli.

表現較好的部門是肉類、麵包店和熟食店。

Within ancillary businesses, gas also was still helped by cannibalization, but gas, food court and optical had the best comp sales results in February.

在輔助業務中，天然氣也仍然受到同類化的幫助，但天然氣、美食廣場和光學在 2 月份的銷售業績最好。

And then gas prices were higher year-over-year and had a positive impact on our total reported comps of about 135 basis points.

然後天然氣價格同比上漲，對我們報告的總收入產生了約 135 個基點的積極影響。

Our comp traffic or frequency for February was up 5.2% worldwide and 4.8% in the U.S., so an improvement over Q2's frequency figures as well.

我們 2 月份的流量或頻率在全球範圍內增長了 5.2%，在美國增長了 4.8%，因此也比第二季度的頻率數據有所改善。

For February, the average transaction was up 5.1% for the month, which includes the impacts both of FX and gas as well as the shift of the Lunar Chinese New Year.

2 月份的平均交易量增長了 5.1%，其中包括外彙和天然氣的影響以及農曆新年的變化。

I did want to make one other comment.

我確實想發表另一條評論。

As you know, we reported our earnings 45 minutes before the call.

如您所知，我們在電話會議前 45 分鐘報告了我們的收入。

And the first thing that comes out in some of the news releases very quickly in where we beat the number or we missed the number.

在一些新聞發布中，第一件事很快就會出現在我們擊敗數字或錯過數字的地方。

When we look at first call and the 27-or-so analysts that put numbers in there, it appears to us there are about 12 to 27 over the last month or so have adjusted their numbers, their estimates for some estimate of tax reform benefit.

當我們查看第一次電話會議和 27 位左右的分析師時，在我們看來，在過去一個月左右的時間裡，大約有 12 到 27 位分析師調整了他們的數字，他們對稅收改革收益的一些估計.

If you adjust, based on what they were before that, it looks like the first call number of $1.46, I believe, comes down $0.05 or $0.06 -- $0.04 or $0.05.

如果你根據之前的情況進行調整，我相信第一個電話號碼 1.46 美元會下降 0.05 美元或 0.06 美元——0.04 美元或 0.05 美元。

But I'm just mentioning that because there is -- I assume there's confusion out there on everybody as we report given this is the quarter of transition.

但我只是提到這一點，因為有 - 我假設在我們報告時每個人都感到困惑，因為這是過渡的四分之一。

Lastly, our fiscal '18 third quarter scheduled earnings release date for the 12-week third quarter ending May 13, we'll do the same thing, and it will be in after market close on Thursday, May 31, with the earnings call that afternoon at 2:00 Pacific time.

最後，我們的 18 財年第三季度預定收益發布日期為截至 5 月 13 日的為期 12 週的第三季度，我們將做同樣的事情，它將在 5 月 31 日星期四收市後發布，收益電話會議太平洋時間下午 2:00。

With that, I'll open it up for questions.

有了這個，我會打開它來提問。

Back to you, Christie.

回到你身邊，克里斯蒂。

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

（操作員說明）第一個問題來自摩根士丹利的 Simon Gutman（原文如此）[Simeon Gutman]。

It's Simeon.

是西蒙。

First question, Richard.

第一個問題，理查德。

Can you discuss what's happening with spend per member trend?

你能討論一下每位會員的支出趨勢嗎？

It's clearly increasing, ex gas.

它明顯在增加，ex gas。

But can you talk about if members are spending in existing categories or new ones?

但是你能談談會員是在現有類別還是新類別上消費嗎？

And then I have a follow-up to that.

然後我有一個後續行動。

Well, it's a little of both.

好吧，兩者兼而有之。

I think you also have to add in there that our -- I don't have the numbers in front of me, but I'm willing to bet that I know our average price per item has come down.

我想你還必須補充一點，我們的——我面前沒有數字，但我敢打賭，我知道我們每件商品的平均價格已經下降。

I mean, we've done a lot of driving greater value.

我的意思是，我們已經做了很多來推動更大的價值。

Just on the MVMs alone, you're seeing significant savings, in some cases, a small amount from us but more from the -- from our suppliers because it drives more sales.

僅在 MVM 上，您就看到了顯著的節省，在某些情況下，我們節省了少量，但更多來自我們的供應商，因為它推動了更多的銷售。

And we're getting -- we're 20% to 30% fewer items, more total sales and more gross margins dollars.

我們得到了——我們的商品減少了 20% 到 30%，總銷售額增加了，毛利率也增加了。

So I would guess that -- now to the extent that we're doing things like I'll give you examples over time like certain apparel items like women's athletic wear that's gone from 0 to $100 million in the last few years.

所以我猜想——現在我們正在做的事情就像我會隨著時間的推移給你舉一些例子，比如某些服裝，比如在過去幾年裡從 0 到 1 億美元的女式運動服。

Certainly, in the last year, 1.5 years, we've seen a big improvement in white goods with the advent of being supplied by all the majors.

當然，在過去的 1.5 年裡，隨著所有專業公司的出現，我們看到了白色家電的巨大進步。

And I don't have the exact numbers in front of me, but I'd be willing to guess while we had some of the prior first, second quarter on an annualized basis, that's well over $250 million, $300 million a year and growing.

我沒有確切的數字，但我願意猜測，雖然我們在第一季度和第二季度的年化基礎上有一些，但每年超過 2.5 億美元，3 億美元，並且還在增長.

So there's going to be a few of those things as well.

所以也會有一些這樣的事情。

And can you share what percentage...

你能分享多少百分比...

It's mostly frequency, frankly, when you look at it.

坦率地說，當您查看它時，它主要是頻率。

Okay.

好的。

Can you share what percentage of your members are spending online with you?

你能和你分享一下你的會員中在線消費的百分比嗎？

And is there any change in how frequently they're visiting?

他們訪問的頻率是否有任何變化？

I don't have the exact numbers.

我沒有確切的數字。

It's still -- I'm sure it's still a low number.

它仍然 - 我確定它仍然是一個低數字。

I don't know, frankly, off the top of my head if it's 10 or 20 or 25.

坦率地說，我不知道是 10、20 還是 25。

I know that when I -- from last week's budget meeting, when we look at -- in terms of the number of the open rate of e-mails, it has gone up substantially.

我知道當我——從上週的預算會議上，當我們看到——就電子郵件的打開率而言，它已經大幅上升。

Part of that is what we're sending them.

其中一部分是我們發送給他們的。

We're sending them some really hot items that get their attention, including while supplies last in-store on some of these items.

我們向他們發送了一些引起他們注意的非常熱門的商品，其中一些商品在店內售完即止。

And that gets their interest.

這引起了他們的興趣。

We're seeing -- I know we're seeing a better connect rate.

我們看到了——我知道我們看到了更好的連接率。

And again, I don't want to give you numbers that I don't know exactly, but all those things are growing in the right direction, as they should, given, as I've said before, there's a lot of low-hanging fruit there because there's a lot of things we haven't done in the past.

再一次，我不想給你我不確切知道的數字，但所有這些事情都在朝著正確的方向發展，正如我之前所說的那樣，有很多低 -在那裡掛水果，因為我們過去沒有做過很多事情。

Okay.

好的。

And my follow-up is just on the Visa card.

我的跟進只是在 Visa 卡上。

You're cycling the benefits.

你循環的好處。

I know we're not talking about the buckets anymore, but can you just tell us how your profit pool is performing versus your own expectations?

我知道我們不再談論桶了，但你能告訴我們你的利潤池與你自己的期望相比表現如何嗎？

As it relates to Citi Visa?

因為它涉及到花旗簽證？

Exactly, yes.

沒錯，是的。

I'm smiling.

我在笑。

The first 4 quarters, we -- because it was so sizable, we shared with you the effective basis points of improved SG&A or -- and margin related to how it compared to the prior deal.

前 4 個季度，我們 - 因為它非常龐大，我們與您分享了改進 SG&A 的有效基點或 - 以及與之前交易相比的利潤率。

We're now in the first couple of quarters -- 3 quarters after that.

我們現在處於前幾個季度 - 之後的 3 個季度。

For the year, it will still be an improvement but relatively small improvement.

對於這一年，這仍然是一個改進，但改進相對較小。

When we start -- when you -- at the beginning of the anniversary, the first anniversary, because when you started, you got some extra money to drive things, those fall off.

當我們開始——當你——在周年紀念日開始時，一周年紀念日，因為當你開始時，你有一些額外的錢來開東西，那些東西就掉了。

We're still getting new sign-ups.

我們仍然有新的註冊。

We're still getting new accounts.

我們仍在獲得新帳戶。

We're seeing people spend more on it.

我們看到人們在這方面花費更多。

We're seeing people spend more outside on it, which, again, is part of the revenue share.

我們看到人們在戶外花費更多，這也是收入份額的一部分。

So I would say we're still very pleased with it.

所以我想說我們仍然對此非常滿意。

My guess is it will continue to grow this year less than our sales growth, total company, and then probably consistent with that in the future a little from this big benefit that we started with.

我的猜測是今年它的增長將繼續低於我們的銷售增長，總公司，然後可能與我們開始的這一巨大利益在未來保持一致。

Now by the way, we're using some of that as well.

順便說一句，我們也在使用其中的一些。

I mentioned the -- adding the Executive Membership.

我提到了——增加執行成員資格。

We did several things that were successful over the holidays, where if on top of the fact already that if you have the Citi Visa card, if you buy a television, for example, at Costco, you automatically get a 90-day return policy and a 2-year warranty.

我們在假期做了幾件成功的事情，如果你已經擁有花旗 Visa 卡，如果你在 Costco 購買電視，你將自動獲得 90 天退貨政策，並且2 年保修。

If you purchase it with a Citi Visa card, not only you'd get another 2% off on that on top of the 2% if you're an Executive Member, but you get another 2-year warranty, so you get a 4-year warranty.

如果您使用 Citi Visa 卡購買它，如果您是 Executive Member，您不僅可以在 2% 的基礎上再享受 2% 的折扣，而且您還可以獲得另外 2 年的保修期，因此您可以獲得 4 - 年保修。

On top of all that, we use some of the monies, some of the bucket, if you will, to drive even greater values, which drove people in.

最重要的是，如果你願意的話，我們會使用一些錢，一些桶來推動更大的價值，從而吸引人們加入。

Where there -- examples, I don't have them in front of me, but literally, on a $1,200, $1,300 retail TV where we already had great savings.

在那裡 - 例如，我沒有在我面前看到它們，但實際上，在 1,200 美元、1,300 美元的零售電視上，我們已經節省了很多錢。

On top of that, if you use your Citi Visa card, you got $150 to $300 cash card, depending on what TV and when it was.

最重要的是，如果您使用 Citi Visa 卡，您將獲得 150 至 300 美元的現金卡，具體取決於電視類型和時間。

So we're figuring out -- I think I mentioned last time what we see with these dollars wherever they're coming, whether it's from that bucket, from the membership fee income bucket, from tax reform bucket, you name it, there's a lot of buckets right now, there's -- we believe that we can use those to drive sales in lots of ways that perhaps give us a little more octane than we would have thought.

所以我們正在弄清楚 - 我想我上次提到了我們看到的這些美元無論它們來自哪裡，無論是來自那個桶，來自會員費收入桶，來自稅收改革桶，你的名字，有一個現在有很多桶，有 - 我們相信我們可以使用這些桶以多種方式推動銷售，這可能會給我們帶來比我們想像的更多的辛烷值。

Next question comes from the line of John Heinbockel.

下一個問題來自 John Heinbockel。

So Richard, if I look at the 2019 new tax rate, am I right that the tax benefit, in aggregate, is about $300 million?

所以理查德，如果我看一下 2019 年的新稅率，我認為稅收優惠總額約為 3 億美元是對的嗎？

Is that fair?

這公平嗎？

Well, take your pretax and -- well, we don't know exactly.

好吧，拿你的稅前和 - 好吧，我們不確切知道。

But if you look at, we've been running at about a 35.5%, 30% and subtract about -- and now we say it's 28%, it's about -- it's around 7 percentage points.

但如果你看一下，我們一直在運行大約 35.5%、30% 並減去大約——現在我們說它是 28%，大約——大約是 7 個百分點。

I don't know if it's 6.5 or 7.5.

不知道是6.5還是7.5。

It's -- you've got U.S., which is -- this is broad brush stroke, 70% of our earnings.

這是 - 你有美國，這是 - 這是廣泛的筆觸，占我們收入的 70%。

So that's the side that gets the benefit.

所以這就是獲得好處的一方。

You have some offsets from that, clearly some of the benefits from deferred tax, foreign tax credits and things that go away and things like that.

你有一些抵消，顯然是遞延稅、外國稅收抵免和消失的東西以及類似的東西帶來的一些好處。

So net-net, all of it included, we estimate that it's going to be around the 28%, plus or minus, level.

所以 net-net，所有這些都包括在內，我們估計它將在 28% 左右，正負水平。

It sounded -- you talked about the benefit to the bottom line being more indirect.

聽起來——你談到了對底線的好處是更間接的。

So whatever that is, it sounds like the vast majority of whatever the savings is, but the plan is to reinvest that in some form.

所以不管那是什麼，這聽起來像是節省的絕大部分，但計劃是以某種形式將其再投資。

Is that fair?

這公平嗎？

And you listed a bunch of buckets.

你列出了一堆水桶。

Is there -- are they all sort of, of equal sizes?

有沒有——它們大小一樣嗎？

And you didn't mention an e-commerce bucket.

而且您沒有提到電子商務桶。

Is that -- is there one of those?

那是——有其中之一嗎？

Or is that blended into the other ones you talked about?

或者它是否融入了您所說的其他內容？

Well, when I talk about buckets, I really talk about what are additional monies that we've gotten through things we've done in the last couple of years or benefited from during the last couple of years, notably credit card switch, membership fee increase, and of late, tax legislative changes.

好吧，當我談到桶時，我真的是在談論我們通過過去幾年所做的事情或過去幾年從中受益的額外資金，特別是信用卡轉換、會員費增加，最近，稅收立法的變化。

All those things allow us to do more of what we do.

所有這些都使我們能夠做更多我們所做的事情。

And so again, I'm not being cute.

再說一次，我並不可愛。

But will some fall to the bottom line?

但有些人會落入底線嗎？

Yes.

是的。

We also take care of our employees.

我們也照顧我們的員工。

We're looking at a lot of different things now.

我們現在正在研究很多不同的東西。

Whatever we do, it's going to be something that's permanent, not a onetime bonus necessarily.

無論我們做什麼，都將是永久性的，不一定是一次性的獎金。

And we're going to take care of things.

我們會處理好事情。

And we're also -- what we have seen is many of the things we've done, value-wise, have -- while maybe lower to gross margin dollars per sell unit that we've seen increased gross margin dollars because we sell a heck of a lot more units.

而且我們也 - 我們看到的是我們所做的許多事情，在價值方面，有 - 雖然我們已經看到毛利率美元有所增加，但可能會降低每銷售單位的毛利率美元，因為我們出售更多的單位。

And if we -- and some of the things we're seeing now with the benefit of doing a better job of getting you to even open your e-mail.

如果我們 - 以及我們現在看到的一些事情能夠更好地讓您打開電子郵件。

Now I don't know if we've gone from a D to a C or a C to a B or a B to an A, but my guess is there's still some room for benefit there.

現在我不知道我們是從 D 變成了 C，還是從 C 變成了 B，或者是從 B 變成了 A，但我的猜測是那裡仍然有一些受益的空間。

And I think the biggest thing we want to communicate is we feel good about what we're doing and good about what's going on, and -- but there's never a dull moment out there.

而且我認為我們想要傳達的最重要的事情是我們對我們正在做的事情感覺良好，對正在發生的事情感覺良好，而且 - 但那里永遠不會有沉悶的時刻。

How does the -- you talked about sort of pushing value.

如何 - 你談到了某種推動價值。

How does -- anything new with regard to KS in terms of product development or your pricing versus national brands?

在產品開發或您的定價與國內品牌方面，關於 KS 的任何新內容如何？

How does that play into this?

這如何發揮作用？

Well, I mean, the one that I read about recently in the press was our new hazelnut spread, which is basically Nutella.

嗯，我的意思是，我最近在媒體上讀到的是我們新推出的榛子醬，基本上就是能多益巧克力醬。

I mean, it is literally flying off the shelves.

我的意思是，它簡直就是下架了。

It's a great value, and it's a great quality.

這是一個偉大的價值，它是一個偉大的品質。

There are several -- in every budget meeting and every board meeting, we see a whole litany of new items that we're getting ready to try and roll out, whether it's organic, shelf-stable food items or apparel KS items and others, cosmetics.

有幾個——在每次預算會議和每次董事會會議上，我們都會看到一連串的新項目，我們正準備嘗試和推出，無論是有機的、耐儲存的食品還是服裝 KS 項目和其他，化妝品。

We've got a couple of fragrance items out there under our name that we've tested and we're going to continue to drive, so it's lots of little things.

我們已經測試了一些我們名下的香水項目，我們將繼續推動，所以這是很多小事。

All right.

好的。

And then just lastly, do you guys yet know -- or maybe if you've calculate your -- the benefit you get to U.S. comp from the Sam's closings?

最後，你們是否知道——或者如果你已經計算過——你從 Sam 的關閉中獲得的美國補償的好處？

Have you started to see -- I imagine you've started to see that already, right?

你開始看到了嗎——我想你已經開始看到了，對吧？

We started to see it after the first week.

我們在第一周後開始看到它。

The first week, you had everybody rushing to get sale items on 20% or 30% off.

第一周，每個人都爭先恐後地購買打折 20% 或 30% 的商品。

It's small, as we expected.

正如我們所料，它很小。

We each have to do our own estimate, but we think we've gotten a little bit of sales out of it and little bit of member sign-ups from it, and that's continuing.

我們每個人都必須做自己的估計，但我們認為我們已經從中獲得了一些銷售額和一些會員註冊，而且這種情況還在繼續。

My guess is if the average Sam's Club in the U.S., as I understand it, is in the low 90s, needless to say the 63 they close were less than that.

我的猜測是，據我所知，美國山姆俱樂部的平均水平是否處於 90 年代的低位，不用說他們關閉的 63 家比這還少。

And when I spoke to Craig immediately about it and the heads of operations, their collective view was is that we'll probably get 10% or 20% of it, not 50% or 70% of it.

當我立即與克雷格和運營負責人談及此事時，他們的集體觀點是我們可能會得到其中的 10% 或 20%，而不是 50% 或 70%。

I originally thought that was low.

我原本以為那是低的。

But when you recognize not all of them are immediately close.

但是，當您意識到並非所有這些都立即關閉時。

Many of them are, but some of them aren't.

他們中的許多人是，但有些人不是。

Some of us, not the same customer and that we won't necessarily get it overnight.

我們中的一些人，不是同一個客戶，我們不一定會在一夜之間得到它。

And some, we will.

還有一些，我們會的。

But listen, it's -- with every -- with all the other buckets, even a small bucket is a nice thing to have here.

但是聽著，對於所有其他水桶來說，即使是一個小水桶在這裡也是一件好事。

Next question comes from the line of Chris Horvers.

下一個問題來自 Chris Horvers。

I think a lot of investors trying to figure out the strength in e-commerce, and I know there's a lot going on in terms of what you're doing on checkout and category extensions and so forth.

我想很多投資者都在試圖弄清楚電子商務的優勢，而且我知道在結賬和類別擴展等方面有很多事情要做。

But could you perhaps sort of rank the benefits, whether it's -- where would you put appliances versus extending the aisle and versus some of the brands and versus the rollout of online grocery?

但你能否對這些好處進行排序，無論是——你會把電器放在哪裡，與擴展過道、與某些品牌相比，還是與在線雜貨店的推出相比？

The rollout of online grocery is a very small piece of it.

在線雜貨店的推出只是其中的一小部分。

That just started -- excuse me, but it is driving traffic.

那才剛剛開始 - 對不起，但它正在推動交通。

I think the biggest things are awareness and cross marketing, doing more activities in-store to let people know about what's online and a better job of getting people to open their e-mails.

我認為最重要的是提高知名度和交叉營銷，在店內開展更多活動讓人們了解在線商品，並更好地讓人們打開電子郵件。

And that's come with the headline, if you will, which is something that's really hot in-store.

如果你願意的話，這是標題，這是店內非常熱門的東西。

And there's also hot -- you go to the -- if you go to -- if haven't gone to the site lately, take a look.

還有熱門的——你去——如果你去——如果最近沒有去過該網站，請看一看。

And again, I think we are starting from a low base and a low metric given what we hadn't done in the past.

再一次，我認為我們是從低基數和低指標開始的，因為我們過去沒有做過。

And so you talk to our e-commerce people and our head of -- relative department heads of merchandising, our head of merchandising, they feel pretty good that this will continue.

因此，您與我們的電子商務人員和我們的相關銷售部門負責人，我們的銷售主管交談，他們認為這將繼續下去非常好。

I'm not suggesting 40 on 40 on 40 every year, but even when it hit 30 for the first time.

我不是建議每年 40 對 40 對 40，但即使是第一次達到 30。

Bob Nelson and I are asking, well, what happens a year from now, and the view is there's a lot of things they got going on that should continue to drive it.

Bob Nelson 和我問的是，好吧，一年後會發生什麼，並且認為他們正在進行的很多事情應該繼續推動它。

But stay tuned.

但敬請期待。

We'll see.

我們拭目以待。

On top of that, we're getting off to a good start, albeit with a conscious slow -- soft opening of both delivery sites.

最重要的是，我們有了一個良好的開端，儘管有意識地緩慢——兩個交付站點的試營業。

And that's really my follow-up.

這真的是我的後續行動。

And so how is the -- sort of what uptake are you getting in the online grocery?

那麼，您在網上雜貨店的接受度如何？

And could you compare the 2-day delivery option versus Instacart?

您能否將 2 天送達選項與 Instacart 進行比較？

And I think a lot of people ask us, is this going to diminish the trip to the warehouse?

我想很多人問我們，這會減少去倉庫的次數嗎？

And thus sort of the overall spend that I have goes down and then the margin rate of me as a customer also goes down?

因此，我的總體支出下降了，然後我作為客戶的保證金率也下降了？

Any thoughts on that as well?

對此有什麼想法嗎？

Sure.

當然。

Well, look, the only data that we notice more than 3 months old or 6 months old is going back to the original data that we have from when we did -- when we're doing Google Shopping Express, the longest period of time in the Bay Area where it was the strongest.

嗯，你看，我們注意到超過 3 個月或 6 個月的唯一數據是回到我們做 Google Shopping Express 時的原始數據，最長的時間段最強的灣區。

What we typically saw back then -- and again that did not include Fresh though.

我們當時通常看到的是——但又不包括 Fresh。

And then we saw an existing member and I'm making these numbers up.

然後我們看到了一個現有成員，我正在編造這些數字。

It was -- they were growing their total purchases with us by 3% a year.

這是——他們在我們這裡的總採購量每年增長 3%。

They grew it by more than 3%, but they came in a couple of -- 2 to 3 less -- 2 to 4 less times and shopped online more times, several more times than that.

他們增長了 3% 以上，但他們來了幾次——少了 2 到 3 次——少了 2 到 4 次，而且網上購物的次數更多了，比那多了好幾次。

Because when they shop online, it was a lower average ticket than when they came in-store.

因為當他們在網上購物時，平均票價低於他們在實體店購物時的平均票價。

Mind you, it's a little different.

請注意，這有點不同。

We're seeing a bigger average spend from -- on the Instacart site and some of the -- and on the 2 day.

我們在 Instacart 網站和一些網站上以及第 2 天看到了更大的平均支出。

And we're actually adding some items.

我們實際上正在添加一些項目。

I think last time I mentioned, we started through our business at about 10 business centers, which covers essentially the entire Continental United States, virtually the entire Continental United States.

我想我上次提到的時候，我們從大約 10 個商業中心開始我們的業務，這些中心基本上覆蓋了整個美國大陸，幾乎覆蓋了整個美國大陸。

We started with 470 or 480 SKUs out of the regular warehouse being serviced out of business centers.

我們從常規倉庫中的 470 或 480 個 SKU 開始，這些 SKU 由業務中心提供服務。

We've actually added some items to that, and I think the goal is to add a couple hundred over the next 6 months.

我們實際上已經添加了一些項目，我認為目標是在接下來的 6 個月內添加幾百個。

And it's working so far, but it's new.

到目前為止它一直有效，但它是新的。

And so we can't promise anything.

所以我們不能承諾任何事情。

We recognize with fresh how much of it is going to be fill-ins versus I'll go a few times less to Costco.

我們清楚地認識到其中有多少是填充物，而我去 Costco 的次數要少幾倍。

What gives us a little comfort at this point, but that's all it is, is the results that we've seen from the ways we communicate with our member online.

在這一點上讓我們感到些許安慰的是，僅此而已，這是我們從與會員在線交流的方式中看到的結果。

And -- which if you go online right now, you'll see there are several very exciting items that are just in-store and while supplies last.

而且——如果你現在上網，你會看到有幾件非常令人興奮的商品就在店內，售完即止。

That drives traffic and that gets you in the store.

這會增加流量並讓您進入商店。

So as much as I think everybody is going to know somebody that's going to shop a lot less in-store because they're getting all their groceries at Costco or more stuff fresh delivered.

因此，我認為每個人都會認識一些人，他們會減少在店內購物的次數，因為他們在好市多 (Costco) 購買所有雜貨，或者更多的東西是新鮮配送的。

Mind you, it's at a better price than the day before on Instacart because the prices are better today, and even a better price through Costco.com, at Costco.

請注意，它在 Instacart 上的價格比前一天更好，因為今天的價格更好，甚至通過 Costco.com 在 Costco 的價格也更好。

And even better, of course, as you come in.

甚至更好，當然，當你進來的時候。

And we'll keep sending that message as well.

我們也將繼續發送該消息。

But I think we're, honestly, 2-plus years before we really know something on that.

但我認為，老實說，我們還需要 2 年多的時間才能真正了解它。

Certainly, 9 to 12 months before we have any inkling of what it means.

當然，我們還需要 9 到 12 個月才能理解它的含義。

.

.

Next question comes from the line of Edward Kelly.

下一個問題來自愛德華·凱利的台詞。

So I just wanted to ask about price investment.

所以我就想問一下價格投資。

And not so much about the quantity, but I was hoping that you could just maybe talk about the elasticity on price investment in your business and how maybe it differs from some of your traditional competitors.

與其說是數量，不如說是希望你能談談你的企業價格投資的彈性，以及它與你的一些傳統競爭對手有何不同。

Whether having less SKUs -- less, that you need to focus on less SKU overlap, how that actually impacts what you're seeing from an elasticity standpoint when you actually do make those investments.

是否擁有更少的 SKU——更少，你需要關注更少的 SKU 重疊，當你實際進行這些投資時，從彈性的角度來看，這實際上如何影響你所看到的。

Well, it was just a year ago when we had a slightly disappointing second quarter result, partly because of the change in the number of days the MVMs were out there.

嗯，就在一年前，我們的第二季度業績略顯令人失望，部分原因是 MVM 上市天數發生了變化。

And in explaining why we did it, to start with, was is because over time, whatever you do, it gets a little stale.

在解釋我們為什麼這樣做時，首先是因為隨著時間的推移，無論你做什麼，它都會變得有點陳舊。

Or not in every instance, but in some instances.

或者不是在所有情況下，但在某些情況下。

So you try new things.

所以你嘗試新事物。

Over those few months and continuing to today, we continue to try new things with our vendors as well.

在這幾個月裡，一直持續到今天，我們也繼續與我們的供應商一起嘗試新事物。

And I use water as an example.

我以水為例。

We were a great value on 40 0.5 liters of Kirkland Signature, and the price may be different in a given state or something based on transportation.

我們購買 40 升 0.5 升 Kirkland Signature 非常划算，在給定的州或基於交通的情況下，價格可能會有所不同。

But I think we were at $3.49, which is the best price out there, doing a heck of a lot of volume.

但我認為我們的價格是 3.49 美元，這是目前最好的價格，成交量很大。

And now we're, I believe, $2.99 every day.

我相信，現在我們每天的費用是 2.99 美元。

Well, you can imagine, our various suppliers said, "Well, who's going to -- how can we do this?

好吧，你可以想像，我們的各個供應商說，“好吧，誰來——我們怎麼才能做到這一點？

Well, you have huge increases in unit volumes." And guess what happened on the way to the forum?

好吧，你的單位數量有了巨大的增加。”猜猜在去論壇的路上發生了什麼？

The brands need to come down in price, too, because they're losing market share.

這些品牌也需要降價，因為它們正在失去市場份額。

I think that's something that's unique about us, that limited selection, we can take -- I'd get back to that word I used about more octane in a dollar that we use.

我認為這是我們的獨特之處，我們可以選擇有限的選擇——我會回到我使用的那個詞，即我們使用的一美元的辛烷值更高。

You take something like that TV example, we did $30 million, $40 million on 1 SKU in 6 to 8 days.

以電視為例，我們在 6 到 8 天內在 1 個 SKU 上賺了 3000 萬美元，4000 萬美元。

And how do you do that?

你是怎麼做到的？

You do that because, one, it's limited; two, it's already a great price; and three, it's even a greater value because of what we do with our -- what we can do with it with partnering with our suppliers on it.

你這樣做是因為，第一，它是有限的；二、已經是天價了；第三，它甚至具有更大的價值，因為我們用我們所做的——我們可以通過與我們的供應商合作來用它做的事情。

And then on top of that, there's these other buckets, I gave the example of if you use your Citi Visa card.

然後最重要的是，還有這些其他的桶，我舉了一個例子，如果你使用你的 Citi Visa 卡。

Well, we got some sign-ups out of that -- some applications on that.

好吧，我們從中得到了一些註冊——一些關於它的應用程序。

So I think that tends to be a little different.

所以我認為這往往有點不同。

I gave the example last quarter at the end of that -- for the 10 days leading up to and through Labor Day weekend, when everybody -- when traditional retailers out there selling USDA Choice strip steaks at -- I'm making the number -- of $8.49 or $8.99, and we're at $7.99.

我在上個季度末給出了這個例子——在勞動節週末之前和整個週末的 10 天裡，當每個人——當傳統零售商在那裡銷售 USDA Choice 牛排時——我正在做這個數字—— - 8.49 美元或 8.99 美元，我們是 7.99 美元。

We were at $6.99.

我們的價格是 6.99 美元。

And we locked up lots of New York strip steaks in the weeks preceding that and we saw a noticeable drive into the warehouse.

在那之前的幾周里，我們鎖住了很多紐約條形牛排，我們看到了一個明顯的驅動器進入倉庫。

So I think that having -- it's a lot easier to do when you've got 3,800 items out there versus 50,000 in a supermarket or 100-plus thousand in multi-general stores, supercenter stores.

所以我認為，當你有 3,800 件商品，而不是超市裡的 50,000 件商品或綜合商店、超級中心商店裡的 100 多萬件商品時，這樣做要容易得多。

Okay.

好的。

And then I just wanted to ask you about labor generally and tax reinvestment.

然後我只想問你關於一般勞動力和稅收再投資的問題。

There's been a lot of talk in the marketplace about investing in labor.

市場上有很多關於投資勞動力的討論。

I mean, we heard from Target earlier this week about moving to $12 an hour.

我的意思是，我們本週早些時候從 Target 那裡聽說要提高到每小時 12 美元。

I mean, you're at the upper end of the pay scale for in terms of what you're paying your employees, but does a rising tide just lift all boats here.

我的意思是，就你支付給員工的薪水而言，你處於薪資等級的上端，但上漲的潮水是否會把所有的船都抬到這裡。

Like, how are you thinking about this philosophically?

比如，你如何從哲學上思考這個問題？

Are you looking to maintain, like, historical wage gaps that you've had?

您是否希望維持您曾經存在的歷史工資差距？

How should we be thinking about this for you?

我們應該如何為您考慮這個問題？

Well, I think we always want to maintain a significant premium overall.

好吧，我認為我們總是希望整體保持可觀的溢價。

We have to look at all the pieces of it.

我們必須看看它的所有部分。

It's not just the headline starting wage.

這不僅僅是標題起薪。

It's not just a onetime bonus.

這不僅僅是一次性獎金。

It's also health care.

這也是保健品。

If you look at the average, I'll use U.S., because every country is different, but relative to what's in that country, it's the same types of premiums.

如果你看平均值，我會使用美國，因為每個國家都不一樣，但相對於那個國家的情況，這是相同類型的保費。

The average U.S. wage of our -- 90% of our employees were hourly.

我們 90% 的員工的平均美國工資是小時工資。

Whether they started yesterday or 20 years ago is in the $22.25 to $22.5, I believe.

我相信，無論是昨天還是 20 年前開始，價格都在 22.25 美元到 22.5 美元之間。

On top of that, whether you're part-time or full-time, you've got a great medical, dental and vision plan that, on average, costs the company over -- it's over $10,000, a little over $10,000 where we pay 90% of it roughly.

最重要的是，無論你是兼職還是全職，你都有一個很棒的醫療、牙科和視力計劃，平均而言，這會使公司花費超過 10,000 美元，我們的成本略高於 10,000 美元大致支付其中的90%。

So we have a great -- now, by the way, that covers -- cover spouses and dependents as well, but on average, it's a little over 2 people per covered employee.

所以我們有一個很好的 - 現在，順便說一句，它涵蓋了 - 配偶和家屬，但平均而言，每個受保員工超過 2 人。

But at the end of the day, even if the bottom of the scale gets a little closer, the delta between the entire compensation is significantly greater.

但歸根結底，即使標尺的底部更近一點，整個薪酬之間的差值也會大得多。

Notwithstanding that, we do what we're going to even before tax law changes.

儘管如此，我們甚至在稅法改變之前就做我們要做的事情。

We're going to do a little more because we can.

我們會做更多，因為我們可以。

Next question comes from the line of Dan Binder.

下一個問題來自 Dan Binder。

It's Dan Binder.

我是丹·賓德。

I saw you had a program out there on the auto renewals where you get a $20 gift card if you sign up.

我看到你有一個關於自動續訂的程序，如果你註冊，你將獲得一張 20 美元的禮品卡。

I was just curious how effective that program has been?

我只是好奇該計劃的效果如何？

And then also on membership, you had mentioned that there was a slow start to Executive conversions in the quarter.

然後在會員方面，您提到本季度高管轉換起步緩慢。

Just curious what you think that was related to and then how you will be able to shift the pace on that?

只是好奇你認為這與什麼有關，然後你將如何改變這方面的步伐？

Well, as to the latter question, our membership marketing people are looking at it.

那麼關於後一個問題，我們的會員營銷人員正在看。

I don't know exactly.

我不清楚。

My guess, it has -- we had a strong first quarter where it averaged over 21,000 a week of new.

我的猜測是——我們在第一季度表現強勁，平均每週新增超過 21,000 個。

Our sign-ups during the quarter were fine.

我們在本季度的註冊量很好。

But my guess is it has to do with what did we do a year earlier or how are they collecting certain data.

但我猜這與我們一年前做了什麼或他們如何收集某些數據有關。

I'm just relieved that the second half of the quarter, it improved greatly.

令我感到欣慰的是，本季度後半段情況有了很大改善。

And my guess is it's not a big issue.

我猜這不是什麼大問題。

Now the first question?

現在第一個問題？

I just saw through personal experience that you had a $20 gift card offer for signing up on auto renewal for members that haven't done it yet related to the new card.

我剛剛通過個人經驗看到，你們有一個 20 美元的禮品卡優惠，用於為尚未完成與新卡相關的會員註冊自動續訂。

I was just curious how effective that program has been.

我只是好奇該計劃的效果如何。

I don't know specifically of that program.

我不知道具體的程序。

I know we're -- we do a lot of things as it relates to that.

我知道我們 - 我們做了很多與此相關的事情。

We did some -- it sounds silly, but we did some programs to sign up, get members' e-mail addresses, which we do a better job when they sign up now as a new member.

我們做了一些——聽起來很傻，但我們做了一些程序來註冊，獲取成員的電子郵件地址，當他們現在註冊為新成員時，我們做得更好。

But we were below 50% with valid e-mail addresses.

但是我們只有不到 50% 的人擁有有效的電子郵件地址。

And in 2 instances in the last few months, in about a week or 10-day period, we got over 1 million members, get their e-mail addresses, by giving them something like $2 off on muffins or something.

在過去幾個月的兩個例子中，在大約一周或 10 天的時間內，我們獲得了超過 100 萬會員，通過給他們提供像鬆餅 2 美元的折扣之類的東西來獲取他們的電子郵件地址。

So with the improvement in the renewal rates this quarter, the trends obviously reversed.

因此，隨著本季度續訂率的提高，趨勢明顯逆轉。

Would you anticipate small improvements over the next several quarters based on that experience that you talked about in prior calls with what you saw in Canada?

根據您之前在電話中談到的在加拿大看到的情況，您是否預計在接下來的幾個季度會有小的改進？

I would hope so.

我希望如此。

I mean, if I could just copy what happened over the several quarters after Canada, Canada is now above where it was before the conversion started 2.5 years ago.

我的意思是，如果我能複制加拿大之後幾個季度發生的事情，加拿大現在的水平高於 2.5 年前開始轉變之前的水平。

And Canada went down over 6 quarters, from the conversion quarter, to 6 quarters to 5 more quarters out by 100 -- I believe, 100 basis points, their renewal rate.

加拿大下降了 6 個季度，從轉換季度到 6 個季度到 5 個季度，下降了 100——我相信，100 個基點，他們的更新率。

And now it's 0.2% or 0.3% higher than it was before that.

現在它比之前高出 0.2% 或 0.3%。

U.S. only went down around 60 basis -- about 0.6%.

美國僅下跌約 60 個基點——約 0.6%。

So now it's back up 0.1% from that minus 0.6%.

所以現在它從負 0.6% 回升了 0.1%。

History should show that, that will happen, but we'll have to wait and see.

歷史應該表明，那將會發生，但我們必須拭目以待。

And then just last item on freight.

然後是運費的最後一項。

Just curious, there's been a number of retailers talking about that pressure, and in some cases, it's been material impact to the earnings outlook.

只是好奇，許多零售商都在談論這種壓力，在某些情況下，這對盈利前景產生了重大影響。

I didn't really hear much on that today.

我今天並沒有真正聽到太多。

I was curious if you have any thoughts on how it may impact you.

我很好奇您是否對它如何影響您有任何想法。

Well, look, the higher freight costs and availability of containers impacts all of us.

好吧，看，更高的運費和集裝箱的可用性影響了我們所有人。

It's not -- it's interesting, it's not talked a lot about.

它不是 - 它很有趣，它沒有被談論太多。

We're -- I think what it's made us do is we're doing a better job on backhauling, a more conscious effort.

我們——我認為它讓我們做的是我們在回程方面做得更好，這是一種更有意識的努力。

Historically, we always backhauled extra pallets and recycle like cardboard, corrugated and you get -- basically could make more dollars doing that.

從歷史上看，我們總是回運額外的托盤並回收紙板、瓦楞紙和你得到的東西——這樣做基本上可以賺更多的錢。

But we really had done a lot on backhauling supplies -- merchandise from vendors.

但我們確實在回程供應方面做了很多工作——來自供應商的商品。

And so I think that's mitigated it a little bit of late, but I think it's still a net number.

所以我認為這有點晚了，但我認為它仍然是一個淨數字。

My guess would be it's not as impactful to us as it is to traditional retailer based on what I just said.

根據我剛才所說的，我的猜測是它對我們的影響不如對傳統零售商的影響。

90% of our goods go through our cross-dock depot operations.

我們 90% 的貨物通過我們的跨碼頭倉庫操作。

You've got literally thousands but in the low single digit -- several thousand trucks that are going out -- trailers that are now -- not every one of them, but picking up things, whether it's produce from Central Washington or Central California or working with suppliers because we don't do long haul.

你實際上有數千輛，但數量很少——幾千輛卡車正在開動——現在有幾輛拖車——不是每一輛，而是在撿東西，無論是華盛頓中部或加利福尼亞中部的農產品還是與供應商合作，因為我們不做長途運輸。

But we are able -- it's a lot easier to even do these kind of things when you've got limited items.

但我們能夠——當你的物品有限時，做這些事情要容易得多。

Next question comes from the line of Karen Short.

下一個問題來自 Karen Short。

I just wanted to clarify in terms of tax reform benefit.

我只是想澄清稅制改革的好處。

In terms of the kind of puts and takes as we think through the rest of the year and into the fiscal '19, obviously, you commented on investing in employees, investing in price.

就我們在今年餘下時間和 19 財年的考慮來看，很明顯，你評論了對員工的投資，對價格的投資。

Is that something that you -- we should kind of expect fairly quickly?

這是你 - 我們應該很快期待的事情嗎？

Or is that something that both of those, they would have a little bit of lead time and you're kind of still to be determined, just to clarify?

還是這兩者，他們會有一點準備時間，你仍然有待確定，只是為了澄清一下？

I'll be able to give you a better clarity on that in the next call.

在下一次通話中，我將能夠讓您更清楚地了解這一點。

We've continued to invest in price over the last year and we're going to continue to do that.

去年我們繼續投資於價格，我們將繼續這樣做。

I think we've already started a little of that on the employee side.

我認為我們已經在員工方面開始了一些工作。

Something that'll be forthcoming, my guess, is in the next 2 months.

我猜，未來 2 個月內就會出現一些事情。

So it'll impact Q3, less than a full Q3, whatever it is.

所以它會影響第三季度，而不是整個第三季度，不管它是什麼。

On both wage and price?

工資和價格？

And then on full...

然後滿...

On employees.

在員工身上。

On price, we're already starting to do a little of that.

在價格方面，我們已經開始這樣做了。

But we've also had the benefit of various buckets.

但我們也受益於各種桶。

It's not -- all these buckets are fungible.

不是——所有這些桶都是可替代的。

Okay.

好的。

And then I don't think you gave inflation in the quarter.

然後我認為你沒有在本季度給出通貨膨脹。

Wondering if you could give that, both at cost and at retail?

想知道您是否可以按成本和零售價提供？

Inflation?

通貨膨脹？

Yes.

是的。

Hold on a second, I don't have that in front of me.

等一下，我面前沒有那個。

I think it's very -- ever so slightly up on a cost basis, which would lead me to believe it's flat or slightly down on a retail sales basis given what we're doing.

我認為它非常——在成本基礎上略有上升，這會讓我相信，鑑於我們正在做的事情，它在零售銷售基礎上持平或略有下降。

Okay.

好的。

We'll go to the next question and then I'll get it for you in a second.

我們將轉到下一個問題，然後我會在一秒鐘內為您解決。

Okay.

好的。

And just on Instacart, I know you did say that ticket was larger on Instacart.

就在 Instacart 上，我知道你確實說過 Instacart 上的票更大。

So I guess, 2 questions on Instacart.

所以我想，關於 Instacart 的 2 個問題。

One is can you maybe give a little more color on how much larger the average spend is on -- or average ticket is on Instacart?

一個是你能不能給平均花費多少更多的顏色——或者平均票在 Instacart 上？

And then obviously, Sam's announced the rollout of Instacart as well.

然後顯然，Sam's 也宣布推出 Instacart。

Does anything change with your pricing strategy on your Instacart offering as a function of that announcement?

作為該公告的功能，您對 Instacart 產品的定價策略是否有任何變化？

Well, to the latter, no.

好吧，對於後者，不。

I mean, we -- I mean, our strategy is always to be very competitive, and if we have to be more competitive, we will.

我的意思是，我們 - 我的意思是，我們的戰略始終是非常有競爭力，如果我們必須更具競爭力，我們會的。

And we feel we're very competitive on the things that we're doing.

我們覺得我們在我們正在做的事情上非常有競爭力。

What was the first part of the question?

問題的第一部分是什麼？

Just kind of some quantification how much bigger the average ticket is.

只是某種量化平均票價是多少。

Well, when I say it's a little higher average ticket, it's a little higher average ticket than what we experienced with, like, Google Shopping Express, which didn't include fresh.

好吧，當我說它的平均票價高一點時，它比我們體驗過的平均票價高一點，比如不包括生鮮的 Google Shopping Express。

I believe it's in -- it's still -- it's a double-digit number, but in the higher double digits rather than the middle double digits.

我相信它是——它仍然是——它是一個兩位數的數字，但在較高的兩位數而不是中間的兩位數。

Okay.

好的。

And I don't know if you...

而且我不知道你是否...

As it relates to inflation, when I look at our LIFO in this index, that we don't use for anything anymore, right?

由於它與通貨膨脹有關，當我查看該指數中的後進先出法時，我們不再使用任何東西，對嗎？

I'm asking our accounting people.

我問我們的會計人員。

At some point, we will.

在某個時候，我們會的。

If I look at our composite year-to-date fiscal '18 among the various categories, it's a -- it's deflationary by 14 basis points.

如果我看看我們在各個類別中的綜合年初至今的 18 財年，它是一個 - 它通貨緊縮 14 個基點。

That's from our fiscal year end September 3 or 4 last year.

這是我們截至去年 9 月 3 日或 4 日的財政年度。

And I would say, overall, it's slightly inflationary because that is -- in looking at the turnover of the different categories, so my guess is it's -- and in the last 4 weeks, it was exactly 0. So I would say 0 to 2.

我會說，總的來說，這是輕微的通貨膨脹，因為那是 - 在查看不同類別的營業額時，所以我的猜測是 - 在過去的 4 週內，它正好是 0。所以我會說 0 到2.

Cost or retail?

成本還是零售？

This is cost, which would tend -- lead me to believe that we're slightly -- we're definitely deflationary compared to that because we're lower in prices.

這是成本，它傾向於 - 讓我相信我們略有 - 與此相比，我們肯定是通貨緊縮的，因為我們的價格較低。

Next question comes from the line of Chuck Grom.

下一個問題來自 Chuck Grom。

Just trying to understand something here.

只是想在這裡了解一些東西。

So you -- no inflation, you're investing more in price, yet your core-on-core margins as a percent of own sales were up, I think you said, 14 basis points, which is the best performance since the third quarter, with 3 of the 4 large categories up.

所以你 - 沒有通貨膨脹，你在價格上投資更多，但你的核心對核心利潤率佔自身銷售額的百分比上升了，我想你說過，14 個基點，這是自第三季度以來的最佳表現, 4 個大類中的 3 個上升。

So can you just help us understand the improvement in the margins this quarter?

那麼，您能否幫助我們了解本季度利潤率的改善情況？

And looking ahead, any sustainability of that trend?

展望未來，這種趨勢是否具有可持續性？

Recognizing it's not just the full core-on-core, there's so many other little things.

認識到它不僅僅是完整的核心對核心，還有很多其他的小東西。

An improvement in our travel business, which is a very high gross margin business, right?

我們的旅遊業務有所改善，這是一項毛利率非常高的業務，對吧？

We don't -- it's not the value of that plane ticket and hotel, it's the broker commission with very little SG&A associated with it, so very little cost of sales.

我們沒有——這不是機票和酒店的價值，而是經紀人佣金，與之相關的 SG&A 很少，因此銷售成本非常低。

All those things help a little bit.

所有這些都有一點幫助。

I think within the 80% of our business, which is core on core, fresh foods, hardlines, softlines and food and sundries, in talking to our head of merchandising 2 days ago, probably the 2 biggest things are what we call internally improved D&D.

我認為在我們 80% 的業務中，核心是核心、新鮮食品、硬線、軟線以及食品和雜貨，在 2 天前與我們的銷售主管交談時，可能最重要的兩件事就是我們所說的內部改進 D&D .

It's where -- damaged and destroyed.

它就在那裡——遭到破壞和毀壞。

When we're having to mark things down, less, whatever, we get from our vendors.

當我們不得不減價時，我們會從供應商那裡得到。

There might be a spoilage allowance or returns allowance within something.

某物中可能有損壞津貼或退貨津貼。

But generally speaking, we showed an improvement there.

但總的來說，我們在那裡表現出了進步。

And we've also showed a little bit of an improvement with -- now I can't clarify whether that's a basis point or a few, but it's an example.

我們還展示了一些改進——現在我無法澄清這是一個基點還是幾個基點，但這是一個例子。

Another one is you take example of a $1,000 item that we sell for $1,100 just to make the numbers up.

另一個例子是您以 1,000 美元的商品為例，我們以 1,100 美元的價格出售只是為了彌補數字。

So $100 gross margin on $1,100, it's whatever, 9% or whatever it is.

因此，1,100 美元的毛利率為 100 美元，無論是 9% 還是其他。

If we get an extra $150 off through an MVM, we're now selling it for $950, still making $100 gross margin.

如果我們通過 MVM 額外獲得 150 美元的折扣，我們現在以 950 美元的價格出售它，毛利率仍為 100 美元。

So we just improved our gross margin percent.

所以我們只是提高了毛利率。

You're talking about billions of dollars a year in the aggregate, low double digits but still real money.

你說的是每年總計數十億美元，低兩位數，但仍然是真錢。

Fresh foods, penetration increases, generally speaking, even though fresh foods, I believe, it was slightly up.

新鮮食品，滲透率增加，一般來說，即使是新鮮食品，我相信它略有上升。

But fresh foods is a higher-margin department.

但新鮮食品是利潤率較高的部門。

Apparel is a higher-margin department.

服裝是利潤率較高的部門。

We've had good growth.

我們有很好的成長。

I think in the last 3 or 4 years, we've seen what we call apparel in a couple of different departments, men's, women's and kids, up 9-ish percent compounded for 3 or 4 years on a $7 billion or so business worldwide.

我認為在過去的 3 或 4 年裡，我們在幾個不同的部門看到了我們所謂的服裝，男裝、女裝和童裝，全球 70 億美元左右的業務在 3 或 4 年內復合增長了 9% .

So those are -- that tends to be a higher margin.

所以那些 - 這往往是一個更高的利潤率。

So my guess is it's a lot of little things.

所以我猜這是很多小事。

And part of it is getting our vendors to our suppliers, working with them.

其中一部分是讓我們的供應商找到我們的供應商，與他們合作。

We don't want just more money from them if we can't drive more sales to make up for it to get more dollars.

如果我們不能推動更多的銷售來彌補它以獲得更多的美元，我們不希望從他們那裡得到更多的錢。

So all those things help.

所以所有這些都有幫助。

Okay, that's helpful.

好的，這很有幫助。

And then just quickly on February.

然後很快就在二月。

I think you said that hardlines were up low doubles and majors were the highest that we've been tracking, I think you said mid to high-20s.

我想你說過強硬派是低雙打，而大滿貫是我們一直追踪的最高水平，我想你說的是 20 多歲到 20 多歲。

Can you just dissect that for us, what led to the improvement?

您能否為我們剖析一下，是什麼導致了改進？

I presume maybe appliances were very strong around Presidents' Day, but did that help out?

我猜想總統日前後電器可能非常強勁，但這有幫助嗎？

Computers being -- not only desktops, but importantly, laptops and tablets as well, and appliances, those were all very strong.

計算機 - 不僅是台式機，而且重要的是，筆記本電腦和平板電腦以及電器，這些都非常強大。

And online has helped us as well in those categories in the aggregate.

總體而言，在線在這些類別中也為我們提供了幫助。

So some of it has to do with I get back to the $150 to $300 off on a TV that's already at incredibly low price if you use your Costco Visa card.

所以其中一些與我回到電視上 150 到 300 美元的折扣有關，如果你使用 Costco Visa 卡，這台電視的價格已經非常低了。

All those things have helped drive the business.

所有這些都有助於推動業務發展。

I want to get back to the previous question also on -- what I could tell you about quarter-on-quarter gross margin, years ago, we started highlighting that because that's the core business and there's lots of other things like traffic, like gasoline that could go up or down 300 basis points in gross margin within that department and it's 10% of your total company.

我還想回到之前的問題——關於季度毛利率，我可以告訴你什麼，幾年前，我們開始強調這一點，因為這是核心業務，還有很多其他事情，比如交通，比如汽油該部門的毛利率可能上升或下降 300 個基點，占公司總利潤的 10%。

Whatever it is, it'll be a little better or a little worse each quarter.

不管是什麼，每個季度都會好一點或壞一點。

I think it's more important to understand where -- I'm not suggesting, I don't know what the next quarter is going to be.

我認為更重要的是了解在哪裡——我不是在暗示，我不知道下個季度會是什麼。

But Murphy's Law always tell you -- we continue to feel good about what we're doing and there's lots of little pieces that affect that gross margin.

但墨菲定律總是告訴你——我們繼續對我們正在做的事情感覺良好，並且有很多小部分會影響毛利率。

Okay.

好的。

And then just one housekeeping.

然後只是一個家政服務。

You guys said that the -- there's obviously a sales impact on the quarterly results.

你們說 - 顯然對季度業績有銷售影響。

I think you said 140 basis points.

我想你說的是 140 個基點。

Just wondering if there was any bottom line impact in 2Q.

只是想知道第二季度是否有任何底線影響。

Well, the bottom line impact other than the sales themselves, I mean, hopefully, we're doing a pretty good job of scheduling hourly employees in the warehouse.

好吧，除了銷售本身之外的底線影響，我的意思是，希望我們在安排倉庫中的小時工方面做得很好。

When you do a little better than your plan, you beat the heck out of the numbers because you have fewer employees doing the same work.

當你做得比你的計劃好一點時，你就超過了數字，因為你做同樣工作的員工更少了。

And when you miss your number a little bit in sales, it hurts you on the SG&A line.

當你在銷售中稍微錯過你的數字時，它會在 SG&A 線上傷害你。

I don't think that's that big of an issue.

我認為這不是什麼大問題。

Probably a bigger issue, which I can't tell you the answer, I'll just tell you what the issue is, would be holidays, paid holidays.

可能是一個更大的問題，我不能告訴你答案，我只會告訴你問題是什麼，可能是假期，帶薪假期。

When one of those falls in a -- that's more in our monthly budget meetings, our every 4-week budget meetings when the operators will have to explain sometimes, payroll percent was up some 10 or more basis points, but there was an extra -- particularly around Thanksgiving and Christmas and New Year's, or Easter even, sometimes, these things will fall in a different month, in a different 4-week period than we have.

當其中一個發生在我們每月的預算會議上，我們每 4 週的預算會議上，運營商有時不得不解釋，工資百分比上升了大約 10 個或更多基點，但還有一個額外的 - - 特別是在感恩節、聖誕節和新年前後，甚至復活節，有時，這些事情會在不同的月份、與我們不同的 4 週時間段內發生。

And so that impacts it.

所以這會影響它。

Next question comes from the line of Oliver Chen.

下一個問題來自 Oliver Chen。

Regarding the e-commerce details, what's ahead with fulfillment in terms of how you're thinking about fulfillment speed and inventory management, and how that may flow through on a longer-term basis in terms of CapEx and needs and as you think about certain fixed costs associated with the march towards different fulfillment options for the consumer?

關於電子商務的詳細信息，就您如何考慮履行速度和庫存管理而言，履行方面的進展如何，以及在資本支出和需求方面以及您考慮某些方面的長期基礎上如何流動與向消費者提供不同的履行選項相關的固定成本？

And the second e-comm question is just about engagement.

第二個電子通訊問題是關於參與度的。

It really sounds like awareness and marketing is a factor in driving traffic to e-comm at large.

這聽起來真的像是意識和營銷是推動整個電子商務流量的一個因素。

What do you think are the next steps just to improve that engagement over time?

您認為接下來的步驟是什麼，以隨著時間的推移提高這種參與度？

Well, as it relates to fulfillment and the cost, look, we are spending more money.

好吧，因為它涉及到履行和成本，看，我們正在花更多的錢。

We're building some actual e-commerce fulfillment centers.

我們正在建設一些實際的電子商務履行中心。

We -- in part, because we're running out of room in some of the depots where we did it at, I think we're doing one in Tracy, California?

我們 - 部分是因為我們在一些倉庫的空間已經用完了，我想我們正在加利福尼亞州的特雷西做一個？

Or Mira Loma?

還是米拉洛瑪？

Yes.

是的。

An annex, but it's a major multi-double-digit millions of dollars.

一個附件，不過是個大的多兩位數的百萬美金。

We have a little more inventory in the system on e-commerce because we're fulfilling from closer places as we do more business.

我們在電子商務系統中有更多的庫存，因為隨著我們開展更多業務，我們正在從更近的地方發貨。

We have a greater commitment with this delivery, whereas our 2 days -- us, through our business -- through roughly 10 of our business delivery centers with these 500 or so items, you can say that's more inventory in the system right now while we do that.

我們對這次交付有更大的承諾，而我們的 2 天 - 我們，通過我們的業務 - 通過我們大約 10 個業務交付中心和這 500 件左右的物品，你可以說現在系統中的庫存更多，而我們去做。

So all those things are costing us a little more in that regard.

因此，在這方面，所有這些事情都讓我們付出了更多的代價。

That's in the numbers as well, and it will continue to be.

這也在數字中，而且會繼續如此。

In terms of -- if you look at a CapEx company that's in the $2.5 billion range, there's always -- just when you think you're done with cross-dock operations, we're adding -- expanding some, adding a second one to Japan, even though we only have 27 units right now, but geographically, it makes sense now.

就——如果你看一家資本支出在 25 億美元範圍內的公司，總會有——當你認為你已經完成了跨碼頭操作時，我們正在添加——擴展一些，添加第二個到日本，儘管我們現在只有 27 個單位，但從地理上講，現在是有意義的。

Putting one into, I believe, Australia soon.

我相信很快就會把一個放進澳大利亞。

Building a bakery commissary in Canada and a chicken plant in Nebraska and a second meat plant for us in the Midwest.

在加拿大建造一家麵包店，在內布拉斯加州建造一家雞肉廠，並在中西部為我們建造第二家肉類加工廠。

So all those things have been additive to it.

所以所有這些東西都增加了它。

So I think as it relates to fulfillment, you'll still see some more, but it's in the 0 to $200 million a year, not we're going to go and have to spend an extra $500 million a year on stuff.

所以我認為，因為它與實現有關，你仍然會看到更多，但它每年在 0 到 2 億美元之間，而不是我們每年必須在東西上額外花費 5 億美元。

And as we go from 0 to $100 million even, what dropped out of the -- another bucket there.

當我們甚至從 0 增加到 1 億美元時，從那裡掉下來的是另一個桶。

But needless to say, we have cash flow to do it.

但不用說，我們有現金流來做這件事。

We've never sat down and said, "Which can we do first because we have to limit what we do based on not going over X amount of dollars." As it relates to awareness and engagement, short term, there are some of the blocking and tackling.

我們從來沒有坐下來說，“我們可以先做什麼，因為我們必鬚根據不超過 X 美元來限制我們所做的事情。”由於它涉及意識和參與，短期內會有一些阻礙和解決。

I know e-commerce operations have -- they've engaged some outside parties to help with some of the, what I'll call, targeted marketing engagement 101 and -- to see what more we can do.

我知道電子商務運營 - 他們已經聘請了一些外部團體來幫助進行一些我稱之為有針對性的營銷活動 101 以及 - 看看我們還能做些什麼。

But right now, we're -- there's still a lot to be done with just getting more e-mail addresses, refining -- getting that open rate to continue to go up in the right direction, which it is.

但現在，我們——還有很多工作要做，只是獲得更多的電子郵件地址，改進——讓開放率繼續朝著正確的方向上升，事實確實如此。

Okay, Richard.

好的，理查德。

That's very helpful.

這很有幫助。

And you've made a lot of progress with buy online pickup in-store.

您在店內購買在線取貨方面取得了很大進步。

What are you thinking about, for what you're monitoring, about what made sense there?

你在想什麼，對於你正在監視的東西，那裡有什麼意義？

And when you think about refrigeration, will that be an option and a good option?

當您考慮冷藏時，這會是一個不錯的選擇嗎？

Or what kind of items are best suited for that program?

或者什麼樣的項目最適合該程序？

(technical difficulty)

（技術難度）

Next question comes from the line of Matt Fassler.

下一個問題來自 Matt Fassler。

Richard, my first question relates to the ancillary business.

理查德，我的第一個問題與輔助業務有關。

You had a fairly subdued comparison a year ago on gas profitability, presumably.

你大概在一年前對天然氣盈利能力進行了相當低的比較。

And obviously, this year, ancillary was a big contributor and you indicated that gas was a piece of that and also some of the other businesses that you've discussed in Q&A as well.

顯然，今年，輔助是一個很大的貢獻者，你表示天然氣是其中的一部分，還有你在問答中討論過的其他一些業務。

What's your thought process on gas and its contribution to margin, both on the -- based on the current gas price environment, which is relatively stable, and also on the compares as they evolved through last year?

你對天然氣的思考過程及其對利潤率的貢獻是什麼——基於當前相對穩定的天然氣價格環境，以及與去年相比的變化情況？

We're back.

我們回來了。

I don't know what happened there, guys.

我不知道那裡發生了什麼，伙計們。

Sorry about that.

對於那個很抱歉。

I think Oliver might have been in the midst of asking a question when I was called on to the line.

我想當我被叫到電話線時，奧利弗可能正在問問題。

So you can deal with that or go to my question first.

所以你可以處理這個問題或者先回答我的問題。

Well, I'm not sure -- did you hear the answer -- I answered the question related to CapEx and the expansion of physical activities or inventory needs related to driving fulfillment.

好吧，我不確定——你聽到答案了嗎——我回答了與資本支出相關的問題，以及與推動實現相關的物理活動或庫存需求的擴展。

And then I answered the question he had about awareness.

然後我回答了他關於意識的問題。

Did you hear that?

你聽到了嗎？

Some of it.

其中一些。

So it's really up to you...

所以這真的取決於你......

Why don't we go on with your question, and Oliver, if you're there, feel free to get back on the line.

為什麼我們不繼續你的問題，Oliver，如果你在場，請隨時回到電話中。

Did you hear my question on ancillary, Richard?

理查德，你聽到我關於輔助的問題了嗎？

No, I did not.

不，我沒有。

Okay, I'll repeat it, then.

好的，那我再重複一遍。

The question related to the benefit that you received from ancillary this quarter, which was substantial, and some of it related to gas as you discussed and some to non-gas businesses.

這個問題與您本季度從輔助業務中獲得的收益有關，這是巨大的，其中一些與您討論的天然氣有關，一些與非天然氣業務有關。

And taking a look back at a year ago, your ancillary margins were down sharply.

回顧一年前，您的輔助利潤率急劇下降。

Gas, I think, had something to do with it.

我認為，天然氣與此有關。

So what's your thought process on gas margins kind of intrinsically relative to trend, I guess, on a dollar basis or penny per gallon basis in the current environment with relatively stable gas prices, particularly as you come up against, I guess, the more normalized comparisons in the second half of the year?

那麼你對天然氣利潤率的思考過程是什麼本質上與趨勢相關，我想，在當前天然氣價格相對穩定的環境下，以美元或每加侖一美分為基礎，特別是當你遇到的時候，我猜，更正常化下半年對比？

Well, a lot of the gas, whilst the price per gallon is up, profitability has been okay.

好吧，很多汽油，雖然每加侖的價格上漲，但盈利能力還不錯。

It had been pretty good.

已經很不錯了。

And a lot of it has to do with gallons.

其中很多與加侖有關。

I think that gallons are up 9% -- 9%, 10%, almost 10% compared to a U.S. industry that's up in the low -- like, 2%.

我認為加侖上漲了 9%——9%、10%，與處於低位的美國工業相比——大約 2%，幾乎上漲了 10%。

On the ancillaries, I think 2 things.

關於輔助設備，我認為有兩點。

One, if I look back at last year, there was -- Bob, what's the one thing last year that hit us?

第一，如果我回顧去年，有——鮑勃，去年打擊我們的一件事是什麼？

There was a catch-up or something in the ancillary?

輔助中有追趕或其他東西嗎？

(inaudible)

（聽不清）

Yes, yes.

是的是的。

No, I think that -- my guess -- I don't have the exact stuff in front of me.

不，我認為——我的猜測——我面前沒有確切的東西。

My guess is I know we've had strong ancillary performance.

我的猜測是我知道我們有很強的輔助性能。

My guess is nothing was called out last year, or if it was a little disappointing, it was, and so there's probably a little offset there as well.

我的猜測是去年沒有提出任何要求，或者如果它有點令人失望，那也是，所以那裡也可能有一點抵消。

I know that many of the ancillaries are growing nicely and improving margin, bottom line margin.

我知道許多輔助設備增長良好，利潤率和底線利潤率都在提高。

And if I could just ask a second question.

如果我可以問第二個問題。

You're asked about Instacart already.

您已經被問及關於 Instacart 的問題。

If you think about the customer who's turning to Instacart as the program grows with you, do you have a sense as to what the impact is or what the contribution is of legacy Costco customers who are now moving to Instacart and how their behavior changes, if at all, as they shop Instacart in the store?

如果您考慮隨著計劃與您一起成長而轉向 Instacart 的客戶，您是否了解現在轉向 Instacart 的舊 Costco 客戶的影響是什麼或貢獻是什麼，以及他們的行為如何改變，如果完全沒有，因為他們在商店購買 Instacart？

We don't know yet.

我們還不知道。

It's too small to know yet and too new.

它太小了，還太新了。

When we look back at a -- again, the early days in the Bay Area with Google Shopping Express, we saw it was a net increase in total spend a year, with a few trip reductions in-store and several deliveries to more than offset it.

當我們再次回顧早期在灣區使用 Google Shopping Express 時，我們看到它是一年總支出的淨增長，減少了幾次店內行程和幾次送貨以抵消更多它。

My guess is with fresh being more dominant, of course, with Instacart, you might have a little bit -- what we're finding is -- this is more anecdotal -- there are plenty of people that are using it simply fulfillment and still coming just as -- along, but we don't know yet.

我的猜測是新鮮更占主導地位，當然，對於 Instacart，你可能有一點——我們發現的是——這更多的是軼事——有很多人使用它只是為了滿足，但仍然就像——一起來，但我們還不知道。

We're also, by the way, finding -- signing up members that we didn't have before.

順便說一句，我們也在尋找 - 註冊我們以前沒有的成員。

And both with the Instacart white label as well as Costco's 2-day grocery, where we can deliver to places that are 150 miles from a Costco.

並且都有 Instacart 白色標籤以及 Costco 的 2 天雜貨店，在那裡我們可以送貨到距離 Costco 150 英里的地方。

And we're just starting -- and we haven't even tried to market to those people yet.

我們才剛剛開始——我們甚至還沒有嘗試向這些人推銷產品。

And based on your comment on size, it sounds like even though you're in over 400 clubs, it sounds like it's not material to the traffic acceleration.

根據您對規模的評論，即使您在 400 多個俱樂部中，聽起來這對交通加速並不重要。

(technical difficulty)

（技術難度）

We have our next question come from Peter Benedict.

我們的下一個問題來自 Peter Benedict。

By the way, I've taken my arms off the table so I don't touch the cord and disconnecting it.

順便說一下，我已經把我的手臂從桌子上拿開，這樣我就不會觸碰電源線並斷開它。

My apologies.

我很抱歉。

Matt's had a heck of a time with Q&A the last couple of days.

過去幾天，Matt 在問答環節玩得很開心。

So -- but anyway, we'll move on.

所以 - 但無論如何，我們會繼續前進。

Can you give us a sense maybe what percentage of the business today is vertical, with you guys owning product from production all the way to sale?

你能告訴我們今天垂直業務的百分比是多少，你們擁有從生產到銷售的產品嗎？

And if you're not going to speak to any numbers, maybe just, which categories is that most present in?

如果你不打算談論任何數字，也許只是，哪些類別最常見？

And where can you take that over the next few years?

在接下來的幾年裡，你能把它帶到哪裡？

Well, I don't have a percentage calculated.

好吧，我沒有計算百分比。

But where it is, we have a hot dog plant that makes all of the Kirkland Signature hot dogs for the United States.

但它在哪裡，我們有一家熱狗工廠，為美國生產所有柯克蘭招牌熱狗。

Almost all of them.

幾乎所有的人。

We're at capacity.

我們滿負荷運轉。

We have a meat plant in California that is over 4 million pounds a week, 4 or 5 SKUs just for us.

我們在加利福尼亞州有一家肉類加工廠，每週產量超過 400 萬磅，僅供我們使用 4 或 5 個 SKU。

It's our meat plant.

這是我們的肉廠。

We have 2 optical grinding labs that grinds 5.5 million to 6 million pair of prescription glasses that we sell every year.

我們有 2 個光學研磨實驗室，每年研磨我們銷售的 550 萬到 600 萬副處方眼鏡。

I guess you could say we have 2 central fill facilities both for filling prescriptions for our own pharmacies as well as mail order for ours and a few others, third parties.

我想你可以說我們有 2 個中央灌裝設施，既可以為我們自己的藥房配藥，也可以為我們和其他一些第三方的藥店配藥。

We're building a major chicken plant in Nebraska that will allow us to source ourselves about 100 million chickens a year, which is less than 1/4 of our needs, although another 30% to 40% of our needs are sourced in the business what's referred to as dedicated plants.

我們正在內布拉斯加州建設一家大型養雞場，這將使我們每年能夠採購大約 1 億隻雞，這還不到我們需求的 1/4，儘管我們的需求的另外 30% 到 40% 來自該企業所謂的專用植物。

We're not the only one that does it using one of the 3 or 4 large providers that we share in all the profitability and costs related to that plant.

我們不是唯一使用我們分享與該工廠相關的所有盈利能力和成本的 3 或 4 家大型供應商之一來做到這一點的人。

But needless to say, we think we can do that better than others because we have them make much -- have them do many fewer SKUs than a traditional retailer in that area.

但不用說，我們認為我們可以比其他人做得更好，因為我們讓他們賺了很多——讓他們做的 SKU 比該地區的傳統零售商少得多。

We do some packaging of candies and nuts.

我們做一些糖果和堅果的包裝。

So it's semi-vertical.

所以它是半垂直的。

We have a bakery commissary that we just started production in Canada.

我們有一家剛剛在加拿大開始生產的麵包店小賣部。

That was done out of necessity.

那是出於必要。

The 2 largest commissaries up there that serve some of our bakery needs were acquired by the 2 largest grocery retailers over the last few years.

在過去幾年中，兩家最大的雜貨零售商收購了那裡滿足我們一些麵包店需求的兩家最大的小賣部。

But in hindsight, it seems to be working.

但事後看來，它似乎奏效了。

And I'm trying to think what else?

我在想還有什麼？

We do lots of packaging of gift baskets and clamshell-type stuff that we do ourselves, and that's somewhat vertical, not completely.

我們做了很多我們自己做的禮品籃和翻蓋式東西的包裝，這有點垂直，而不是完全垂直。

So -- and I don't know what all that adds up to, my guess, it's 10% or less in total, maybe 5%.

所以——我不知道所有這些加起來是多少，我猜，總共是 10% 或更少，也許是 5%。

But at the end of the day, where is it going to go in the future?

但歸根結底，它的未來將走向何方？

I think you'll see more things related to sourcing of foods and commodities and proteins.

我認為您會看到更多與食品、商品和蛋白質採購相關的內容。

Whether it's a hothouse produce or doing things with chickens and cows, I don't know.

無論是溫室產品還是與雞和牛一起做的事情，我都不知道。

Good.

好的。

No, that's fair enough.

不，這很公平。

On e-commerce, any plans to roll out the signage and the tablets beyond those, I think you said 195 clubs are in today.

在電子商務方面，任何推出標牌和平板電腦的計劃，我想你說今天有 195 個俱樂部。

And just how is the labor in the club used to facilitate to buy online pickup in-store?

俱樂部的勞動力是如何用來促進店內在線提貨的？

Is that a new role or you're just taking existing folks and repurposing them?

這是一個新角色，還是您只是聘請現有員工並重新調整他們的用途？

No, we are rolling it out.

不，我們正在推出它。

First of all, we have employees that actually have a tablet with them and particularly in areas like electronics and perhaps home furnishings with seasonal items, big-ticket items that, in likelihood, they are there and looking at it but may still choose to buy it online.

首先，我們的員工實際上隨身攜帶了一台平板電腦，尤其是在電子產品和可能帶有季節性物品的家居用品、大件物品等領域，他們很可能在那裡看著它，但可能仍會選擇購買它在線。

In some cases like white goods, you could only -- you look at it there, but you could only have it received and ordered online.

在某些情況下，比如白色家電，你只能——你在那裡看，但你只能在網上接收和訂購。

So it's -- we're doing it.

所以它 - 我們正在這樣做。

But it -- it's working so far, and we -- you expect to see it in more locations.

但它 - 到目前為止它正在發揮作用，我們 - 你希望在更多地方看到它。

Okay.

好的。

And then just with the BOP or the buy online pickup in-store, are those -- how are you staffing that from a labor perspective?

然後只是使用 BOP 或店內在線購買提貨，那些 - 從勞動力的角度來看，你是如何配備人員的？

Just staff.

只是工作人員。

I mean, we're -- they're going through training.

我的意思是，我們——他們正在接受培訓。

They're going through a third-party training in some cases.

在某些情況下，他們正在接受第三方培訓。

I mean, we're working with some vendors in some cases.

我的意思是，在某些情況下，我們正在與一些供應商合作。

Okay, that's fair.

好吧，這很公平。

And then last, just housekeeping.

最後，只是家政服務。

The D&A number, I don't know if you gave that for the second quarter.

D&A 數字，我不知道你是否給出了第二季度的數字。

Do you guys have that?

你們有嗎？

Which one?

哪一個？

Depreciation.

折舊。

Depreciation?

折舊？

It will be in the Q. My apologies, we don't.

它將在 Q 中。很抱歉，我們沒有。

Why don't we have 2 more questions?

為什麼我們不再有 2 個問題？

Next question comes from the line of Scott Mushkin.

下一個問題來自 Scott Mushkin。

So I want to give another shot at the e-commerce question on margin.

所以我想再談談關於保證金的電子商務問題。

Richard, we've talked about it over the last couple of years, the challenges of bringing omnichannel to a retailer.

理查德，我們在過去幾年中一直在討論將全渠道帶給零售商的挑戰。

And I was just wondering if you could talk about how you're thinking about as you kind of slowly go down that omnichannel road, and what we should think about as margin?

我只是想知道你是否可以談談你在慢慢走那條全渠道道路時的想法，以及我們應該考慮什麼作為保證金？

It seems like you're almost pricing differently in the different channels.

似乎您在不同渠道中的定價幾乎不同。

But I was wondering if you can kind of frame it for us as that grows as a part of your business.

但我想知道你是否可以為我們構建它作為你業務的一部分。

Clearly, not hurting yet.

很明顯，還沒有受傷。

Well, first of all, with delivery, you've got to -- somebody's got to pay for it.

好吧，首先，對於交付，你必須——有人必須為此付出代價。

In some cases, we're testing to see how, do we include it in the price and do we charge for it, do we subsidize it, whatever.

在某些情況下，我們正在測試如何將其包含在價格中，是否收費，是否提供補貼等等。

We're trying lots of different things.

我們正在嘗試很多不同的事情。

We -- when you say going slowly, arguably, we do a lot of things slowly.

我們——當你說慢慢來時，可以說，我們做很多事情都很慢。

We started with e-commerce slowly 15 or 18 years ago.

我們在 15 或 18 年前慢慢開始電子商務。

I look at it as if there's someone out there that says, "Here are the 50 things we should be doing." Let us look at the menu of 50 things and we're going to choose the 10 or 15 or however many it be that we think works for us in our environment.

我看著它，好像有人在說，“這是我們應該做的 50 件事。”讓我們看看包含 50 種事物的菜單，然後我們將選擇 10 種或 15 種，或者我們認為在我們的環境中適合的數量。

And every time we -- so far, when we do these things, it works.

到目前為止，每次我們做這些事情時，它都會奏效。

It works our way.

它以我們的方式運作。

And it's not unlike when we first started the business, they said, "You can't sell only 3,800 items or whatever it is and have limited categories." We recognize that value is more than just great -- the lowest price on the relative quality and quantity of something where we are second to none.

這和我們剛開始做生意的時候沒什麼不同，他們說，“你不能只賣 3,800 件或其他任何東西，而且類別有限。”我們認識到價值不僅僅是偉大的——我們首屈一指的東西的相對質量和數量的最低價格。

But on top of that, convenience and delivery for some is, as well.

但最重要的是，對某些人來說，便利和交付也是如此。

But we can't be everything to everybody.

但我們不能成為所有人的一切。

So far, that's working very well for us, even as we move, in some cases, slowly, in some of these new areas.

到目前為止，這對我們來說效果很好，即使在某些情況下我們在其中一些新領域進展緩慢。

I think we're fortunate that we're able to find those niches.

我認為我們很幸運能夠找到這些利基市場。

And being an item business, the same concerns that people have about, are we getting our share of millennials?

作為一個項目企業，人們也有同樣的擔憂，我們是否在千禧一代中佔有一席之地？

We are.

我們是。

Are they buying as much?

他們買的一樣多嗎？

Well, they're buying as much as the old gen, whatever did, when they were at that age.

好吧，當他們在那個年齡時，他們購買的東西和老一輩人一樣多，不管他們做了什麼。

But what we're finding is, is items that portend well for that and we'll see.

但我們發現的是，預示著這一點的項目，我們拭目以待。

And which of these are complementary?

其中哪些是互補的？

So again, I don't know where we are 5 years from now.

再一次，我不知道 5 年後我們會在哪裡。

I know we have some things that we've done on the table.

我知道我們已經在桌面上做了一些事情。

We all do now.

我們現在都這樣做。

I know there's some things that we're going to be doing over the next year or so to continue to grow it, and we'll see where we go.

我知道我們將在未來一年左右的時間裡做一些事情來繼續發展它，我們會看看我們要去哪裡。

So my second question is with the tax and the reinvestment, any thoughts like when we -- our surveys to consumers, I don't know, it's just us, is that the 2 stress points for consumers in going to the store at this point, parking lots and check out.

所以我的第二個問題是關於稅收和再投資，任何想法，比如我們對消費者的調查，我不知道，只有我們，是消費者此時去商店的兩個壓力點，停車場和退房。

Any thoughts on trying to ease.

關於嘗試緩解的任何想法。

I mean, it's a good problem to have, but man, the checkout process at Costco can back way up and, of course, the parking lots can.

我的意思是，這是一個很好的問題，但是伙計，好市多的結賬流程可以倒退，當然，停車場也可以。

Any thoughts of using some of the money to try to ease those 2 friction points for consumers?

有沒有想過用一些錢來緩解消費者的這兩個摩擦點？

Well, it's interesting is we've got 4% traffic growth year-on-year-on-year and we've put a lot of time and effort in front end to speed you out.

好吧，有趣的是，我們的流量同比增長了 4%，而且我們在前端投入了大量時間和精力來加快您的速度。

One of the things we're concerned about with order online and pickup in-store is we don't want you there if you're not going to come through.

對於在線訂購和店內取貨，我們擔心的一件事是，如果您不通過，我們不希望您在那裡。

People talk about having urgent care or doc-in-a-box things.

人們談論緊急護理或盒裝文件。

We don't want you to sit for an hour waiting for a shot, and not shopping.

我們不希望您坐一個小時等待注射，而不是購物。

But as it relates specifically to the front end, we continue to expand.

但由於它專門與前端相關，我們會繼續擴展。

In the last probably 8 years, 9 years, we have reduced -- we have sped, in terms of the average number of customers through an open register, an open staffed register has gone from the low 40s to the low 50s per hour.

在過去的大概 8 年、9 年裡，我們已經減少了——就通過開放式登記處的平均客戶數量而言，開放式員工登記處的每小時 40 人減少到 50 人。

Now it may not seem like that, but it's like being in a red light.

現在看起來可能不是那樣，但這就像闖紅燈一樣。

It seems like longer than it is.

似乎比實際更長。

That being said, I just had an off-site meeting last week for 1.5 days, and one of the things we'll be rolling out, some new things at the front end, testing it at about 50 locations, that should continue to work on that.

話雖這麼說，上週我剛剛開了一個為期 1.5 天的場外會議，我們將要推出的其中一件事，前端的一些新東西，在大約 50 個地點進行測試，應該會繼續有效在那上面。

In terms of the parking lots, where we can, we expand the parking lots.

在停車場方面，我們會盡可能擴大停車場。

Beyond that, I can't tell you a whole lot.

除此之外，我不能告訴你很多。

Oh, by the way, the other thing is, is we'll continue to open and infill and cannibalize units.

哦，順便說一句，另一件事是，我們將繼續開放、填充和蠶食單位。

We -- as one of the examples I've given in the last few calls on it for another question was last year, we opened effectively our fourth unit on the East side of Seattle in the Woodinville, Kirkland, Issaquah area and then a fourth one in San Jose in California.

我們——作為我在最近幾次關於另一個問題的呼籲中給出的例子之一是去年，我們在西雅圖東部的伍丁維爾、柯克蘭、伊薩誇地區有效地開設了我們的第四個單位，然後是第四個單位一個在加利福尼亞州的聖何塞。

In both instances, we went from roughly, I'll call it 60,000 members per location in the 3 so -- or 65,000, 180,000 to 195,000 members among 3 warehouses to maybe another 5,000 members of the market.

在這兩種情況下，我們大致從 3 個倉庫中的每個位置 60,000 名成員開始，或者 3 個倉庫中的 65,000、180,000 至 195,000 名成員，再到市場的另外 5,000 名成員。

But we added net of cannibalization, $110 million to $125 million of annual sales, which is great.

但我們加上了蠶食淨額，年銷售額為 1.1 億至 1.25 億美元，這很棒。

And so that certainly is a relief point also.

因此，這當然也是一個緩解點。

Now I can't speak specifically, one of our highest volume units in the continental United States is at Westbury, notwithstanding the fact that we have bought -- I forget what, it was a retail, a big retail store next door, a supermarket maybe or a Kmart, but adding lots of things to it, and it's hard to get to that location nearby.

現在我不能具體說，我們在美國大陸銷量最大的單位之一是在韋斯特伯里，儘管我們已經購買了——我忘了是什麼，那是一家零售店，隔壁的一家大型零售店，一家超市也許是凱馬特，但添加了很多東西，而且很難到達附近的那個位置。

So we'll always have items like that, but we'll keep working on it.

所以我們總是會有這樣的項目，但我們會繼續努力。

The last question comes from the line of Kelly Bania.

最後一個問題來自Kelly Bania 的台詞。

The next question comes from the line of Chuck Cerankosky.

下一個問題來自 Chuck Cerankosky 的台詞。

Chuck Cerankosky.

查克·切蘭科斯基。

I just want to explore a little bit the 15 stores, well, actually 18 (inaudible) the final quarter of the current fiscal year.

我只想探索一下本財政年度最後一個季度的 15 家商店，實際上是 18 家（聽不清）。

What should we think about in terms of preopening expense in that period and any SG&A burden?

在那個時期的開業前費用和任何 SG&A 負擔方面，我們應該考慮什麼？

And then how having those clubs open sets you up for the new year, for fiscal '19, especially going into the holiday season?

然後這些俱樂部的開放如何讓你為新的一年、19 財年做好準備，尤其是進入假期？

Well, some of the preopening will start before because as you open up, let's say, the first several that opened in the first several weeks of Q4, much of the preopening is incurred in the month leading up to it.

好吧，一些預開放會提前開始，因為當你開放時，比方說，在第四季度的前幾週開放的前幾個，大部分預開放是在它之前的那個月發生的。

(inaudible)

（聽不清）

But -- and Q4 is also 16 weeks versus 12.

但是——第四季度也是 16 周而不是 12 週。

So my guess, it'll be -- it will clearly be higher in Q4.

所以我的猜測是——第四季度顯然會更高。

And I don't know how -- necessarily, how it sets us up.

而且我不知道它如何 - 必然如何設置我們。

There may have been a few weeks we've pushed to get into this year just to try to get them open.

我們可能已經花了幾週的時間才進入今年，只是為了讓它們開放。

So that saves you a little bit, but we do that every year.

這樣可以為您節省一點，但我們每年都這樣做。

All right, thank you.

好吧。謝謝。

Thank you, everyone.

謝謝大家。

Have a good day.

祝你有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

You all may now disconnect.

你們現在都可以斷開連接了。