好市多 (COST) 2018 Q4 法說會逐字稿

Good afternoon.

午安.

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

我叫布蘭妮，今天我將擔任你們的會議操作員。

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

此時此刻，我謹歡迎大家參加第四季的財報電話會議。

(Operator Instructions) I would now like to turn the call over to our host, Mr. Richard Galanti.

（操作員指示）我現在想將電話轉給我們的主持人理查德·加蘭蒂先生。

Thank you, Britney, and good afternoon to everyone.

謝謝你，布蘭妮，祝大家午安。

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

首先我要指出的是，這些討論將包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

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

這些陳述涉及風險和不確定性，可能導致實際事件、結果和/或績效與此類陳述所顯示的存在重大差異。

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電話會議中概述的風險和不確定性以及公司向 SEC 提交的公開聲明和報告中不時發現的其他風險。

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.

前瞻性陳述僅代表截至其作出之日的情況，除法律要求外，本公司不承諾更新這些陳述。

In today's press release, we reported operating results for the fourth quarter of fiscal 2018 and the 16 weeks ended September 2. Net income for the quarter came in at $1,043,000,000 or $2.36 per share, a 13.5% increase compared to the $909 million or $2.08 per share in the 17-week fourth quarter last year.

在今天的新聞稿中，我們報告了2018 財年第四季和截至9 月2 日的16 週的營運業績。該季度淨利潤為1,043,000,000 美元，即每股2.36 美元，比9.09 億美元或每股2.08 美元成長13.5%去年第四季 17 週的份額。

If you normalize the number of weeks, it's about a 20% increase.

如果將週數標準化，大約會增加 20%。

In terms of sales, net sales for the quarter came in at $43.4 billion, a 5% increase over the $41.4 billion last year, again, 16 versus 17 weeks.

就銷售額而言，本季淨銷售額為 434 億美元，比去年的 414 億美元成長 5%，同樣是 16 週比 17 週成長。

On a comp basis, which is on a like week basis, comps were up 9.5% for the quarter.

以同週比較計算，本季的比較成長了 9.5%。

Sales for the 52-week fiscal year 2018, they increased 9.7% to $138.4 billion from $126.2 billion last year in the 53-week year.

2018 財年為期 52 週，銷售額成長 9.7%，從去年為期 53 週的 1,262 億美元增至 1,384 億美元。

And on a comp basis for the year as well, we reported a 9.5% comp.

在今年的比較基礎上，我們報告了 9.5% 的比較。

Now comp sales for the fourth quarter were as follows, and again, it's in the press release.

現在第四季的銷售情況如下，同樣在新聞稿中。

In the U.S., on a reported basis, was 10.8%.

據報道，美國的這一比例為 10.8%。

Ex gas and FX, it would have been a 7.8%.

除去天然氣和外匯，該比例為 7.8%。

Canada reported was a 5.7% for the 16 weeks.

加拿大報告稱這 16 週的成長率為 5.7%。

On ex gas and FX was 4.6% and Other International, 6.7% reported, a 6.9% ex gas and inflation -- gas inflation and FX.

據報道，除天然氣和外匯外的利率為 4.6%，其他國際利率為 6.7%，除天然氣和通膨外的利率為 6.9%——天然氣通膨和外匯。

All told, total company, as I mentioned, reported a 9.5%.

正如我所提到的，總而言之，整個公司的成長率為 9.5%。

Ex gas and FX is 7.2%.

不含天然氣和外匯為 7.2%。

As well e-commerce, which we've started reporting about a year ago on a monthly basis as well, e-commerce for the 16 weeks was a 26.2% comp and ex gas and FX at 26.3%.

電子商務也是如此，我們大約一年前就開始按月進行報告，這 16 週的電子商務佔 26.2%，扣除天然氣和外匯後佔 26.3%。

In terms of Q4 sales metrics, fourth quarter traffic or shopping frequency was up 4.9%, both on a worldwide basis as well as in the U.S. Weakening foreign currencies relative to the U.S. dollar negatively impacted sales by about 25 basis points, and gas inflation benefited Q4 comps by about 260 basis points.

就第四季度的銷售指標而言，第四季度的客流量或購物頻率在全球範圍內以及在美國均增長了4.9%。外幣相對於美元的疲軟對銷售產生了約25 個基點的負面影響，而天然氣通膨則受益第四季年增約 260 個基點。

Cannibalization, by the way, weighed on the comp by about 55 basis points to the negative.

順便說一下，蠶食對公司股價造成了約 55 個基點的負面影響。

Our average front-end transaction was up 4.4% during Q4, and excluding the impacts of inflation and FX, our average ticket was up a little over 2%.

第四季度，我們的平均前端交易量成長了 4.4%，排除通貨膨脹和外匯的影響，我們的平均票價增加了 2% 多一點。

Next on the income statement line, membership income.

損益表行的下一個是會員收入。

We reported $997 million or 2.30% of membership fee income in Q4 of '18.

我們報告 18 年第四季的會員費收入為 9.97 億美元，佔會員費收入的 2.30%。

Last year, in the 17-week quarter, it was $943 million or 2 basis points lower so about $54 million -- on a reported basis, $54 million increase or up 5.7%.

去年，在為期 17 週的季度中，這一數字減少了 9.43 億美元，即下降了 2 個基點，約為 5,400 萬美元——根據報告，增加了 5,400 萬美元，即增長了 5.7%。

Again, on a like weeks basis, up a little over 12%.

同樣，按週計算，漲幅略高於 12%。

Of this normalized 12% number increase year-over-year in Q4, a little over half related to membership fee increases.

在第四季度同比增長 12% 的正常數字中，一半多一點與會員費增加有關。

The majority of which came from the $5 and $10 annual fee increases taken last June 1 in the U.S. and Canada.

其中大部分來自去年 6 月 1 日美國和加拿大年費上漲 5 美元和 10 美元。

In terms of membership renewal rates, renewal rates rose in Q4, and our U.S. and Canada membership renewal rate at Q4 end stood at 90.4%.

從會員續費率來看，第四季續費率有所上升，第四季末我們美國和加拿大的會員續費率為90.4%。

That's up from 90.1% at Q3 end 16 weeks earlier.

這比 16 週前第三季末的 90.1% 有所上升。

And our worldwide rate improved from 87.9% -- improved to 87.9%, up from 87.5% at Q3 end.

我們的全球比率從 87.9% 提高到 87.9%，高於第三季末的 87.5%。

In terms of number of members at Q4 end, at Q4 end, we had 40.7 million Gold Star households.

從第四季末的會員數來看，第四季末，我們擁有 4,070 萬個金星家庭。

That's up from 16 weeks earlier, 40.0 million.

這比 16 週前的 4,000 萬有所增加。

Primary business, 7.6 million, up from 7.5 million.

主營業務為 760 萬，高於 750 萬。

Business add ons stood at 3.3 million, both at Q3 and at Q4 end.

第三季和第四季末的業務新增數量均為 330 萬。

So all told, we went from 50.9 million member households a quarter ago end to 51.6 million at Q4 end.

總而言之，我們的會員家庭數量從上季末的 5,090 萬增加到第四季末的 5,160 萬。

In terms of cardholders.

就持卡人而言。

We ended the year with 94.3 million cardholders, up from 93.0 million at Q3 end.

截至年底，我們的持卡人數量為 9,430 萬，高於第三季末的 9,300 萬。

During the quarter, we had 13 net new openings.

本季度，我們淨新增 13 個職缺。

Also at Q4 end, paid Executive Memberships stood at $19.3 million.

同樣在第四季末，付費執行會員資格達到 1,930 萬美元。

That's an increase of 229,000 Exec Members during the 16 weeks or about 14,000 increase per week, which, by the way, is the same average for the whole year.

這意味著在 16 週內增加了 229,000 名執行成員，或每週增加約 14,000 名，順便說一下，這與全年的平均水平相同。

Related to the annual fee increases.

與年費上漲有關。

The year-over-year quarterly fee income benefit peaked in this quarter -- the fourth quarter.

同比季度費用收入收益在本季（即第四季）達到高峰。

It will continue to be additive to our numbers during the upcoming 4 quarters, very little in Q4 of '19 but during the 4 quarters but will moderate each quarter.

在接下來的 4 個季度中，它將繼續增加我們的數字，在 19 年的第 4 季中很少，但在這 4 個季度中，但每個季度都會有所放緩。

And this is due to the nature of deferred accounting treatment of the fee increases.

這是由於費用增加的遞延會計處理的性質所致。

Going down to the gross margin line.

下降到毛利率線。

Our reported gross margin in the fourth quarter was lower year-over-year by 35 basis points, coming in at 10.92%, down from 11.27%.

我們報告的第四季毛利率年減 35 個基點，從 11.27% 降至 10.92%。

And that 35 basis point negative, excluding gas inflation, was minus 9 basis points.

不包括天然氣通膨，35 個基點為負值，即負 9 個基點。

As I would ask you to do, we jot down 2 columns of numbers.

正如我要求您做的那樣，我們記下了兩列數字。

One is Q4 '18 reported and then Q4 '18 ex gas inflation.

第一個是 18 年第 4 季的報告，然後是 18 年第 4 季的天然氣通膨數據。

The first line item would be core merchandise.

第一個項目將是核心商品。

On a year-over-year basis, on a reported basis, core merchandise gross margin was down 44 basis points year-over-year.

根據報告，核心商品毛利率年減 44 個基點。

Ex gas inflation, was down 22.

扣除天然氣通膨後，下降了 22。

Ancillary businesses were plus 14 reported, the plus 21 ex gas inflation; 2% Reward, plus 1, minus 2 basis points.

報告的輔助業務為+14，扣除天然氣通膨後為+21； 2%獎勵，加1，減2個基點。

Other was minus 6 and minus 6 basis points year-over-year.

其他為負6個基點，較去年同期為負6個基點。

And if you add those 2 columns up, you'll get 35 basis point negative, which we reported and the minus 9 basis point, which I just mentioned on an ex gas inflation basis.

如果你把這兩列加起來，你會得到 35 個基點負值（我們報告過）和負 9 個基點（我剛剛在天然氣通膨基礎上提到過）。

Now the core merchandise component, again, on a reported basis, was lower by 44 and lower by 22 ex gas inflation.

現在，根據報告，核心商品成分再次下降了 44，扣除天然氣通膨後下降了 22。

That still takes into account the sales penetration of the different categories.

這仍然考慮到了不同類別的銷售滲透率。

If you look at the core merchandise categories in relation to their own sales, the core merchandise margin categories in terms of their own sales quarter-to-quarter, if you will, margins year-over-year in Q4 were lower by 2 basis points.

如果你看一下核心商品類別與其自身銷售額的關係，那麼核心商品類別的利潤率按季度計算，如果願意的話，第四季度的利潤率同比下降了 2 個基點。

Within -- food and sundries and hardlines was up a little.

其中，食品、雜貨和強硬品價格略有上漲。

Softlines and fresh were down a little.

Softlines 和 Fresh 略有下降。

But all told, it was minus 2 on core-on-core.

但總而言之，核心對​​核心的結果為負 2。

Ancillary and other business gross margins, I mentioned, was up 14 reported and up 21 ex gas inflation.

我提到過，輔助業務和其他業務的毛利率報告增加了 14 倍，扣除天然氣通膨後成長了 21 倍。

That's because of the extra good margins as well as the sales penetration.

這是因為額外的利潤以及銷售滲透率。

Other was minus 6 as was the case in the first 3 quarters of fiscal '18.

其他為負 6，就像 18 財年前 3 個季度的情況一樣。

I've mentioned to you that we're incurring some incremental costs primarily related to the rollout of centralized return facilities throughout the country.

我已經向您提到過，我們產生了一些增量成本，主要與在全國範圍內推出集中退貨設施有關。

And that was -- during the quarter, that was a 4 basis point detriment, which is, relatively speaking, an improvement from the first 3 quarters.

也就是說，在本季度，損失了 4 個基點，相對而言，比前 3 個季度有所改善。

In addition, we're cycling some onetime items that last year in the quarter -- which net-net benefited last year's quarter by 2 basis points.

此外，我們還在本季循環使用了去年的一些一次性項目——這些項目使去年季度的淨收益提高了 2 個基點。

There was a positive legal settlement offset by some impact from last year's Hurricane Harvey.

去年颶風哈維的一些影響抵消了積極的法律和解。

Moving to SG&A.

轉向 SG&A。

Our SG&A percentage was lower or better by 15 basis points and -- but on ex gas deflation and FX, it was worse by 8 basis points.

我們的 SG&A 百分比降低或提高了 15 個基點，但扣除天然氣通貨緊縮和外匯因素後，情況降低了 8 個基點。

Coming in at a [9 82] of sales this year, that would be 15 basis points lower than the [9 97] on a reported basis.

以今年的銷售額 [9 82] 計算，這將比報告的 [9 97] 低 15 個基點。

Again, for ease of explanation, we'll jot down 2 columns of numbers: Q4 '18 as reported and then Q4 '18 ex gas inflation.

同樣，為了便於解釋，我們將記下兩列數字：報告中的 18 年第 4 季度，然後是 18 年第 4 季（不含天然氣通膨）。

Core operations is the first one, lower by 16 -- I'll say plus 16 basis points, and minus 4 basis points or worse by 4 basis points on an ex gas inflation basis; central, minus 4 and minus 7; stock compensation, 0 and 0; and other, it was a benefit of plus 3 and plus 3. Again, you add up the columns, you get, on a reported basis, we were lower or better by 15 basis points in ex gas inflation higher or worse by 8 basis points.

核心業務是第一個，在扣除天然氣通膨的基礎上，降低了 16 個基點——我會說加 16 個基點，負 4 個基點或更差 4 個基點；中央，負4和負7；股票補償，0和0；等等，這是加3和加3的好處。同樣，你把這些列加起來，你會得到，根據報告，我們在扣除天然氣通膨後降低或好了15個基點，高了或差了8個基點。

Now the core operation component, I'll say the U.S. wage increase that we -- went into effect in July -- June 11 to our hourly employees in the U.S., that negatively impacted SG&A by 6 basis points.

現在是核心營運部分，我要說的是，我們在 7 月至 6 月 11 日對美國的小時工實施了工資上漲，這對 SG&A 產生了 6 個基點的負面影響。

And as I mentioned, probably last quarter, this will continue to impact the SG&A comparison over the next 3 quarters of June 11 through June 10 of next year.

正如我所提到的，可能是上個季度，這將繼續影響明年 6 月 11 日至 6 月 10 日的未來 3 個季度的 SG&A 比較。

Central expense was higher year-on-year in Q4 by 4 basis points, 7 ex gas inflation.

第四季中央支出較去年同期上升 4 個基點（扣除天然氣通膨後為 7 個基點）。

IT expenses were about 2 basis points of that, and the balance coming from a lot of small changes in a variety of miscellaneous items, frankly, but net-net, it added up to a minus 7 ex gas.

IT 費用大約是其中的 2 個基點，坦白說，餘額來自各種雜項項目的許多小變化，但淨淨值加起來為 -7（不含汽油）。

And lastly, other was better by 3 that related to expenses incurred last year on the SG&A line as well from the Hurricane Harvey.

最後，與去年 SG&A 線以及颶風哈維產生的費用相關的其他費用提高了 3。

Next on the income statement, preopening expense, about the same year-over-year.

接下來是損益表，開業前費用與去年同期大致相同。

This year, it came in at $31 million.

今年的收入為 3100 萬美元。

Last year, it was $30 million so $1 million higher.

去年是 3000 萬美元，現在增加了 100 萬美元。

Last year in the quarter, Q4, we opened 15 openings, 13 net plus a couple of relos.

去年第四季度，我們開設了 15 個職缺，其中淨 13 個，外加幾個重新開放。

This year, we had 12 openings: 8 in the U.S. and Canada and 4 international.

今年，我們有 12 個職缺：8 個在美國和加拿大，4 個在國際。

All told, reported operating income for the 16-week Q4 of '18 came in at $1,446,000,000.

總而言之，2018 年第四季 16 週的營業收入為 1,446,000,000 美元。

This compares to $1,450,000,000 in the 17 weeks results of last year in the fourth quarter.

相比之下，去年第四季 17 週的業績為 14.5 億美元。

Below the operating income line, reported interest expense was $5 million lower year-over-year, coming in at $48 million this year in Q4 compared to $53 million last year.

在營業收入線以下，報告的利息支出年減 500 萬美元，今年第四季為 4,800 萬美元，而去年為 5,300 萬美元。

Interest income and other for the quarter was higher year-over-year by $29 million.

本季利息收入及其他收入年增 2,900 萬美元。

Interest income itself was higher by $11 million despite 1 less week year-over-year, a combination of higher interest rates earned on the cash proceeds, cash that we have as well as higher invested cash balances.

儘管與去年同期相比減少了一周，但利息收入本身仍增加了 1,100 萬美元，這是現金收益、我們擁有的現金以及投資現金餘額增加所賺取的更高利率的綜合作用。

Also, benefiting the year-over-year comparison were positive year-over-year FX items that, in total, amounted to $14 million.

此外，年成長也受益於外匯項目的年成長，總計達 1,400 萬美元。

Overall, pretax income was higher by 2% or $30 million in this year's 16-week quarter coming in at $1,449,000,000 this year versus last year's 17 weeks results of $1,419,000,000.

總體而言，今年 16 週季度的稅前收入為 1,449,000,000 美元，比去年 17 週的 1,419,000,000 美元增長了 2%，即 3,000 萬美元。

In terms of income taxes, our tax rate in Q4 '18 came in at 27.4% and 28.4% for all of fiscal '18.

就所得稅而言，我們 18 年第四季的稅率為 27.4%，18 年全年的稅率為 28.4%。

This compared to -- the 27.4% for Q4, we compared to last year's Q4 of 34.3%.

相比之下，第四季為 27.4%，而去年第四季為 34.3%。

And this quarter's tax rate benefited, of course, from the income tax reform that was effective January 1 as well as some favorable discrete tax adjustments.

當然，本季的稅率得益於 1 月 1 日生效的所得稅改革以及一些有利的離散稅收調整。

For fiscal '19, based on our current estimates, which, of course, are subject to change, we anticipate our effective total company tax rate to be approximately 28%.

對於 19 財年，根據我們目前的估計（當然可能會發生變化），我們預計我們的有效總公司稅率約為 28%。

A few other items of note.

其他一些值得注意的事項。

During -- in all of fiscal '18, we opened a net of 21 new units plus additional -- 4 additional relos.

在 18 財年的整個財年中，我們淨開設了 21 家新單位，另外還有 4 家重新營業單位。

Of the 21 net, 13 were in the United States and 8 were international.

在 21 個網路中，13 個來自美國，8 個來自國際。

For '19, we expect to open 20 plus -- low 20s net new warehouses.

對於 19 年，我們預計將開設 20 多個（淨新倉庫數量少於 20 個）。

About 3/4 will be in the United States and about 1/4 international as well we plan to relocate 4 units that are located in larger facilities, same number as we did this year.

大約 3/4 將位於美國，大約 1/4 位於國際，我們計劃重新安置位於更大設施中的 4 個單元，數量與今年相同。

We're also under construction with our first Costco in China in Shanghai with the opening expected late next September.

我們也在上海興建中國第一家 Costco 門市，預計明年 9 月底開幕。

As of Q4 end, total warehouse square footage stood right at 110 million square feet.

截至第四季末，倉庫總面積為 1.1 億平方英尺。

And next subject, stock buybacks in Q4.

下一個主題是第四季的股票回購。

We repurchased $89 million worth of cost of stock or 419,000 shares at an average price of $211.35.

我們以 211.35 美元的平均價格回購了價值 8,900 萬美元的股票成本或 419,000 股股票。

After all of 2018, we repurchased $322 million at an average price of $183.13 per share.

2018 年全年，我們以每股 183.13 美元的平均價格回購了 3.22 億美元。

Moving to e-commerce activities.

轉向電子商務活動。

Overall, e-commerce sales increased as continued strong levels for the quarter end at 26.2% and for the year at 32.2%.

整體而言，電子商務銷售額持續強勁成長，季末成長 26.2%，全年成長 32.2%。

First and foremost, we continue to deliver great values for our members as well we continue improving and slightly expanding our offerings, including some new brands and higher end brands.

首先也是最重要的是，我們繼續為我們的會員提供巨大的價值，同時我們繼續改進和略微擴展我們的產品，包括一些新品牌和高端品牌。

We continue to improve the member experience as well.

我們也不斷改善會員體驗。

This past fiscal year, our site traffic, conversion rates and orders all improved year-over-year.

上一財年，我們的網站流量、轉換率和訂單均較去年同期有所改善。

Online grocery, of both our dry grocery as well as -- our dry grocery 2-day delivery as well as our same-day fresh delivery, the latter through Instacart and others like Shipt, are growing nicely but still a very small part of our company's sales.

線上雜貨，包括我們的乾雜貨以及我們的乾雜貨 2 天送達以及我們的當日新鮮送達，後者通過 Instacart 和 Shipt 等其他公司，增長良好，但仍然只占我們的很小一部分。公司的銷售。

In terms of online 2-day grocery, which is the dry side, we're generating sales in all 50 states, including the 6 states where no physical Costcos are present, still relatively small to our company.

就線 2 天雜貨（即乾貨）而言，我們在所有 50 個州都有銷售，其中包括 6 個沒有實體 Costco 的州，這對我們公司來說仍然相對較小。

We continue to improve the online merchandise and sales offerings and services offerings with hot buys and Buyer Picks and buy online and pick up in store.

我們繼續透過熱門購買和買家精選以及線上購買和店內取貨來改善線上商品和銷售產品以及服務。

We'll continue to do exciting merchandising activities.

我們將繼續進行令人興奮的行銷活動。

Overall, all these efforts, we feel, are positively impacting our business, both online and in warehouse, and are helping our sales increasing member awareness of our digital presence as well as increased traffic that we've enjoyed in our warehouses.

總的來說，我們認為所有這些努力都對我們的線上和倉庫業務產生了積極影響，並幫助我們的銷售人員提高了會員對我們數位形象的認識，並增加了我們倉庫的流量。

The next subject I'll touch on is tariffs and their impact on our business.

我要談的下一個主題是關稅及其對我們業務的影響。

As you know, there are many moving parts and is extremely fluid starting with the actions and reactions by both the U.S. and Chinese governments.

如您所知，從美國和中國政府的行動和反應開始，有很多變化的部分，並且非常不穩定。

What actions are we exploring and taking in some short term and some long term?

我們在短期和長期探索和採取哪些行動？

Accelerating shipments before tariffs go into effect, recognizing there's a limited ability to do so.

在關稅生效之前加快發貨，並認識到這樣做的能力有限。

Everybody's trying to.

每個人都在努力。

Working with suppliers to see what can be done to reduce and/or absorb some of the costs, in some cases, reducing our commitments on certain impacted items.

與供應商合作，看看可以採取哪些措施來減少和/或吸收部分成本，在某些情況下，減少我們對某些受影響項目的承諾。

Alternative country sourcing, sure, but again, it's where possible and feasible.

當然，可以選擇替代國家採購，但同樣，這是在可能且可行的情況下進行的。

It's a limited ability that takes time.

這是一種有限的能力，需要時間。

Five, taking advantage of lower pricing on some U.S. items because of the reverse, if you will, such as pork, nuts and soybeans.

第五，如果你願意的話，可以利用一些美國商品的較低價格，例如豬肉、堅果和大豆。

In summary, we'll have to see how customers and competitors react to tariffs and what impacts it will have -- what impacts we'll have remain to be seen.

總之，我們必須了解客戶和競爭對手對關稅的反應以及它將產生什麼影響——我們將產生什麼影響還有待觀察。

A last topic, as was noted in this afternoon's press release, we plan to report in our Form 10-K the material weakness in internal control related to general IT controls.

最後一個主題，正如今天下午的新聞稿中所指出的，我們計劃在 10-K 表格中報告與一般 IT 控制相關的內部控制的重大缺陷。

These controls relate to internal user access and program change management over a certain of our IT systems that relate to our financial reporting processes.

這些控制涉及內部使用者存取和某些與我們的財務報告流程相關的 IT 系統的程序變更管理。

I can tell you that there have been no misstatements identified in the financial statement as a result of the deficiencies, and we expect to timely file our Form 10-K.

我可以告訴您，財務報表中不存在因缺陷而導致的錯報，我們希望及時提交 10-K 表格。

In terms of remediation, remediation efforts have begun, but material weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and we can conclude through testing that the controls are operating effectively.

在補救方面，補救工作已經開始，但只有在適用的控制措施運行足夠長的時間並且我們可以通過測試得出控制措施有效運行的結論之前，重大缺陷才會被視為已得到補救。

We expect that the remediation of the material weakness will be completed prior to the end of fiscal 2019.

我們預計重大缺陷的修復將在 2019 財政年度結束前完成。

Lastly, in terms of upcoming releases, we will announce our September sales results for the 5 weeks ending this Sunday, October 7; next week on October 10.

最後，就即將發布的版本而言，我們將公佈截至 10 月 7 日星期日的 5 週 9 月份銷售結果；下週，10 月 10 日。

With that, I'll turn the call back over to Britney for Q&A.

這樣，我會將電話轉回給布蘭妮進行問答。

Thank you.

謝謝。

Britney?

布蘭妮？

(Operator Instructions) And at this time, we have a question from Michael Lasser.

（操作員說明） 此時，Michael Lasser 向我們提出了一個問題。

With the core gross margin down 2 basis points, the expectation was that you'd be taking some of the tax reform and investing it in the value proposition, particularly price.

由於核心毛利率下降了 2 個基點，預計您將採取一些稅收改革並將其投資於價值主張，特別是價格。

So have those investments been made?

那麼這些投資已經完成了嗎？

And if they have, is it just split in [other] areas?

如果有的話，是否只是分散在[其他]領域？

And where do you think your pricing currently stands with others in the marketplace that have been investing in price?

您認為您目前的定價與市場上其他一直在價格方面進行投資的人相比處於什麼位置？

Well, keep in mind, we invest in price as -- it's in our DNA.

好吧，請記住，我們對價格進行投資，因為這是我們的 DNA。

Certainly, over the last few years, there's been several buckets, if you will, that we've talked about, starting with a credit card transition that afforded us some great savings, some of which we used to invest in price if you will.

當然，在過去的幾年裡，如果你願意的話，我們已經討論過幾個方面，從信用卡過渡開始，這為我們提供了一些巨大的節省，如果你願意的話，其中一些我們用來投資價格。

Next was the -- what's occurred generally every 5 or 6 years, a fee increase in June of '17 and then, of course, the tax reform.

接下來是——通常每 5 或 6 年發生一次，17 年 6 月費用增加，當然還有稅改。

And all those things, I think, has afforded us [stability].

我認為所有這些都為我們提供了[穩定]。

So I don't know if -- it's not like just one thing, but these monies are fungible.

所以我不知道——這不僅僅是一件事，但這些錢是可以互換的。

And we're not only investing in price.

我們不僅投資於價格。

We're investing in infrastructure that we would have done anyway, mind you with the initial successes of 2-day and 1-day fresh.

我們正在投資基礎設施，無論如何我們都會這樣做，請注意 2 天和 1 天新鮮的初步成功。

So there's a lot going on.

所以發生了很多事情。

And in terms of how we feel competitively, I can tell you, every 4 weeks when we meet -- for our daily budget meeting in each of the -- in the U.S., as an example, each of the -- all regions, including foreign regions, but in the U.S., the 8 geographic regions, they do price shops compared to our direct competitors and we feel very good about those where we stand competitively.

就我們的競爭感受而言，我可以告訴你，每 4 週我們會在各個地區舉行每日預算會議，以美國為例，各個地區，包括國外地區，但在美國的8 個地理區域，與我們的直接競爭對手相比，他們進行了定價，我們對我們的競爭地位感到非常滿意。

As it relates to monies that traditional retailers, whether supermarkets or the other big boxes, look, it works and it helps, but we think it impacts other traditional retailers a lot more than it does us.

因為它與傳統零售商（無論是超市還是其他大賣場）所關注的資金相關，所以它有效且有幫助，但我們認為它對其他傳統零售商的影​​響比對我們的影響要大得多。

I think that we've seen, as evidenced by our strong traffic numbers and our -- frankly, our strong comps in store, we feel pretty good about where we stand on that.

我認為我們已經看到，正如我們強勁的流量和我們的——坦率地說，我們強大的競爭所證明的那樣，我們對我們在這方面的立場感到非常滿意。

And speaking -- when you've been accelerating your e-commerce growth and it's grown at a very nice clip, so would you consider further doubling down on some of your e-commerce investments in light of the fact that you've been able to show growth through both channels?

說到——當你一直在加速你的電子商務成長並且它以非常好的速度成長時，你會考慮進一步加倍你的一些電子商務投資，因為你已經能夠透過兩個管道顯示成長？

Well, I -- doubling down is -- yes, there could be lots of definitions of doubling down.

嗯，我——加倍下注是——是的，加倍下注可能有很多定義。

I think we are.

我想我們是。

I mean, we certainly are putting a lot of focus on, and I can tell you, within IT, we've got a lot of efforts going into fulfillment and sourcing and you name it.

我的意思是，我們當然非常關注，而且我可以告訴你，在 IT 領域，我們在履行和採購方面付出了很多努力，凡是你能想到的。

The -- but we're -- I think part of our long-term natured DNA is that we're going to do what we feel comfortable doing and grow it nicely.

但我們——我認為我們的長期本質 DNA 的一部分是，我們會做我們覺得舒服的事情，並且很好地發展它。

We've got a lot of activities in that area.

我們在該領域開展了很多活動。

We've added brands.

我們添加了品牌。

We've added some categories, but for us, doubling or tripling 3,000 or 4,000 SKUs to 8,000 or 9,000 is a lot for us.

我們添加了一些類別，但對我們來說，將 3,000 或 4,000 個 SKU 增加一倍或三倍到 8,000 或 9,000 個對我們來說已經很多了。

But there are plenty of opportunities that we're seeing.

但我們看到了很多機會。

Not only on adding products but the way we do it.

不僅在於添加產品，還在於我們的做法。

We feel that the 1- and 2-day delivery options that we now offer at, frankly, better prices than our items were being offered by other third parties before.

坦白說，我們認為我們現在提供的 1 天和 2 天交貨選項的價格比其他第三方之前提供的產品價格更好。

Dramatically better pricing should help us, should help that process.

更好的定價應該對我們有幫助，應該有助於這個過程。

We're finding the ability to benefit not only with e-commerce but using online and e-mails to drive traffic into the warehouse, again, with hot buys and perhaps, in some cases, some targeted buys and online and e-commerce to be able to sell some items that were seasonal in nature that we might only have for 8, 10, 12 weeks, notably patio furniture and lawn and garden or furniture during the summer.

我們發現，不僅可以從電子商務中受益，而且還可以利用線上和電子郵件來增加倉庫的流量，同樣，透過熱銷，也許在某些情況下，還可以透過一些有針對性的購買以及線上和電子商務來增加倉庫的流量。能夠出售一些季節性商品，這些商品可能只能保存 8、10、12 週，特別是夏季的露台家具、草坪和花園或家具。

The patio and lawn and garden, we generally were in and out of that stuff for 10, 12 weeks.

露臺、草坪和花園，我們通常會在這些地方進出 10、12 週。

Now we're in it 52 weeks online, and there are some real sales to be had there.

現在我們已經上線 52 週了，而且已經有一些真正的銷售了。

So part of it's on us, though, to keep that awareness going and improving that awareness.

因此，我們有一部分責任是保持這種意識並提高這種意識。

I think we're doing a better job of it, but we have more to do there.

我認為我們在這方面做得更好，但我們還有更多工作要做。

And your next question comes from the line of Simeon Gutman.

你的下一個問題來自西蒙·古特曼（Simeon Gutman）。

This is Josh Kamboj on for Simeon Gutman.

我是喬許·坎博傑（Josh Kamboj）代表西蒙·古特曼（Simeon Gutman）。

Comps have been very strong for the last few quarters.

過去幾季的競爭非常強勁。

If you look at the basket that consumers are buying, would you attribute the strength more to capturing a broader set of categories?

如果您觀察消費者正在購買的購物籃，您是否會將這種優勢更多地歸因於捕捉更廣泛的類別？

Or are customers trading up within your core consumable categories?

或者客戶是否在您的核心消費品類別內進行交易？

And if the former, which new categories are you seeing the most success in?

如果是前者，您認為哪些新類別最成功？

It's really pretty balanced, I think, not only for us but the other nonfood retailers like Walmart and Target and certainly, Best Buy.

我認為，這確實非常平衡，不僅對我們而言，對其他非食品零售商如沃爾瑪和塔吉特，當然還有百思買也是如此。

Electronics has been strong, and there are some higher price points there in general.

電子產品一直表現強勁，價格普遍較高。

Apparel has been helpful to us, so we've had continued strong results for several years now in apparel, both brand and Kirkland Signature.

服裝對我們很有幫助，因此我們在服裝領域（品牌和 Kirkland Signature）連續幾年取得了強勁的業績。

And we keep trying to put another can in that package.

我們一直在嘗試在那個包裹中放入另一個罐頭。

And so I think all those things help.

所以我認為所有這些事情都有幫助。

But it's more -- I'd say it's more broad based than specific.

但我想說的是，它的基礎更廣泛，而不是具體。

And then just as a quick follow-up.

然後作為快速跟進。

Looking at the consumer health through your lens now, gas prices have leveled off for a while.

現在透過鏡頭觀察消費者的健康狀況，汽油價格已經穩定了一段時間。

They're beginning to rise again.

他們又開始崛起了。

Are you seeing greater sensitivity in any of those big-ticket categories?

您是否發現這些高價類別中的任何一個都更加敏感？

Well, we haven't yet, but again, every day is a new day.

好吧，我們還沒有，但是，每一天都是新的一天。

One thing I -- we found that when gas prices were going down, some retailers weren't taking it down as much as they could have, in our view, which is fine with us.

我發現，當汽油價格下跌時，一些零售商並沒有盡其所能地降低價格，我們認為這對我們來說很好。

We could have been down a little more, but still, we're able to make a little.

我們本來可以再跌一點，但我們還是能夠賺到一點。

So that helped us and enhanced that value proposition.

這對我們有幫助並增強了價值主張。

Generally, when prices go up, same thing.

一般來說，當價格上漲時，情況也是如此。

We generally can find when people are more conscious.

我們通常可以發現人們何時更有意識。

I know -- I remember back in the first part of calendar '08 when the economy was on fire and gas prices were north of $4 and some were saying is going into $5.

我知道——我記得 08 年上半年，經濟火爆，汽油價格超過 4 美元，有些人說要漲到 5 美元。

We saw a big increase in comp gallons.

我們看到補償加侖數大幅增加。

Same thing we're seeing in the last couple of years, we've seen -- we've enjoyed a big increase in comp gallons because of that value proposition.

我們在過去幾年中看到了同樣的情況——由於這一價值主張，我們享受了補償加侖數的大幅增長。

And it's hard to say how that impacts our numbers.

很難說這對我們的數字有何影響。

Our numbers are fortunately pretty good.

幸運的是，我們的數字相當不錯。

And your next question comes from the line of Chuck Grom.

你的下一個問題來自查克·格羅姆（Chuck Grom）。

Richard, just first question is on the ancillary part of the gross profit margin composition that you provided.

理查德，第一個問題是關於您提供的毛利率構成的輔助部分。

Just wondering why the ancillary line was up 14 basis points.

只是想知道為什麼輔助線漲了 14 個基點。

It's a big reversal from the third quarter.

與第三季相比，這是一個巨大的逆轉。

Well, the big thing is gas.

嗯，最重要的是天然氣。

Gas is now low double-digit percent of our total sales on a price point that's 20-plus percent higher per gallon than a year ago.

目前，天然氣占我們總銷售額的比例較低，只有兩位數，而每加侖的價格比一年前高出 20% 以上。

So -- and while it's a low-margin business relative to the rest of the company, its margins have improved year-over-year.

因此，儘管與公司其他業務相比，這是一項利潤率較低的業務，但其利潤率卻逐年提高。

So on that penetration, that helped us.

因此，在滲透方面，這對我們有幫助。

E-comm helped us a little as well.

電子商務也為我們帶來了一些幫助。

Okay.

好的。

So e-comm is sort of captured in that line item, okay?

那麼電子商務就包含在該行項目中，好嗎？

And then as far as...

然後直到...

Yes, and [interesting]

是的，還有[有趣]

Okay.

好的。

And then the second question is, I know you guys have talked about -- you've talked about sort of store targets in the low 30s.

第二個問題是，我知道你們已經談論過 30 歲以下的商店目標。

Now you're talking low 20s.

現在你說的是20歲以下。

Just wondering why the positive deceleration in number of openings planned for 2019.

只是想知道為什麼 2019 年計劃的職位空缺數量出現積極下降。

Yes.

是的。

Well, look, we have a budget that's -- it's between 20 and 25, and so I come in at the low 20s just to be conservative.

嗯，你看，我們的預算在 20 到 25 之間，所以為了保守起見，我把預算定在 20 左右。

We've got more on our plate.

我們還有更多工作要做。

If you look at this year, this coming year, it's like 3/4, 1/4 U.S. There's more in the pipeline now internationally, but that pipeline takes longer to get through.

如果你看看今年，明年，它就像美國的 3/4、1/4。現在國際上還有更多的管道，但管道需要更長的時間才能通過。

It's a longer pipeline.

這是一條更長的管道。

And so I think you'll see that change, best guess, in 2020 and '21.

所以我認為你會在 2020 年和 21 年看到這種變化，最好的猜測。

If I was a betting person, over the next 5 years beyond '19, probably some number in the mid-20s is a likely number, but we'll have to see.

如果我是賭徒，那麼在 19 年後的未來 5 年裡，20 多歲左右的某個數字可能是一個可能的數字，但我們必須拭目以待。

That's subject to change.

這可能會發生變化。

Okay.

好的。

And then just last question on e-commerce.

最後一個關於電子商務的問題。

What do you think about the impact from consumers buying online?

您如何看待消費者在線上購買的影響？

Have you seen any change in how they're shopping in store?

您發現他們在商店購物的方式有什麼改變嗎？

In other words, are they coming less frequently to the store?

換句話說，他們去商店的頻率是否降低了？

And I don't think you're too concerned about it but if you could just kind of flesh out maybe the entire basket for -- and trends for total household when you blend in the store trips along with the online buying habits.

我不認為你太關心這個問題，但如果你能將商店購物和線上購買習慣結合起來，也許可以充實整個籃子以及整個家庭的趨勢。

Well, I mean, the fact that traffic is actually as strong as it's ever been, we enjoy like a [4.2] average compounded annual traffic increase for 7 years from '09 to '15.

嗯，我的意思是，事實上，流量實際上與以往一樣強勁，從 09 年到 15 年的 7 年裡，我們享受著 [4.2] 年平均複合流量增長。

And I know everybody was concerned, you guys, everybody was concerned that would -- got down to the low 3s.

我知道每個人都很擔心，你們，每個人都擔心會——降到最低的三分。

And we've enjoyed it back in the 4s now, in [4.95] the last couple of months, I believe.

我相信，在過去的幾個月裡，我們在 4 年代就已經很享受它了，在 [4.95] 中。

And so it's hard to say it should have been higher than that if e-commerce.

因此很難說它應該高於電子商務。

We think it's been net additive, but it's hard to say at this point.

我們認為它是淨添加劑，但目前還很難說。

And at this time, we have a question from John Heinbockel.

此時，約翰·海因博克爾向我們提出了一個問題。

So Rich, let me start with the -- right, the difference from the minus 22 margin ex deflation and the minus 2 in their own categories.

Rich，讓我從——對的，除通貨緊縮後的負 22 利潤率和各自類別中的負 2 利潤率之間的差異開始。

So that -- so obviously adverse mix and I think that's maybe picked up a little bit the last 6 months.

因此，非常明顯的不利組合，我認為這可能在過去 6 個月中有所回升。

What's the primary driver of that?

其主要驅動力是什麼？

Is that mostly the strength in electronics?

這主要是電子領域的優勢嗎？

Or are there other factors at work?

還是有其他因素在作用？

It's not mix, and no, electronics margins are generally where they've been.

這不是混合，也不，電子產品的利潤率整體上處於原來的水平。

It's not -- there's not a big issue there.

這不是——那裡沒有什麼大問題。

It's gas.

這是氣體。

You've got a business that's -- what percentage of gas is our business now?

您的業務是—我們現在的業務佔天然氣的比例是多少？

12%, 13%?

12%、13%？

12%.

12%。

12% is our -- 12% of our total company sales is gas on a much different margin structure.

12% 是我們公司總銷售額的 12% 是天然氣，但利潤結構卻大不相同。

Yes.

是的。

But I think, when you pull out the -- right, so ex gas deflation, right, I think margins were down 22, but they were down only 2, right, when you looked at in their own categories.

但我認為，當你把——對，所以前天然氣通貨緊縮，對，我認為利潤率下降了 22，但當你看看他們自己的類別時，他們只下降了 2，對吧。

The difference between the 2 is not mix driven?

2者的差別是不是混合驅動？

Well, it may be mix driven somewhat, but keep in mind, there's lots of other things that go into margin.

嗯，這可能在某種程度上是混合驅動的，但請記住，還有很多其他因素會影響利潤。

There's the ancillary businesses that have higher -- margins -- if you think about pharmacy and optical, their gross margin, which is sales minus cost of sales, is a higher gross margin than the 14 or 15 we talk about because it includes the [special] optometrists and pharmacists.

有一些輔助業務的利潤率更高，如果你考慮一下製藥和光學業務，它們的毛利率（即銷售額減去銷售成本）比我們談論的 14 或 15 的毛利率更高，因為它包括 [特別] 驗光師和藥劑師。

So it's kind of like what is the price the customer's buying it all in at that.

所以這有點像是客戶購買全部產品的價格是多少。

And you've got other categories that have -- ancillary categories or services that have higher margins.

還有其他類別的輔助類別或服務具有更高的利潤。

So all those things go into the mix.

所以所有這些東西都會混合在一起。

Okay.

好的。

But you're seeing penetration of KS continue to rise.

但您會看到 KS 的滲透率持續上升。

And is it rising same as it had been, faster or slower?

它的上升速度與以前一樣，是更快還是更慢？

I think it's been consistently rising, not faster or slower.

我認為它一直在持續上升，而不是更快或更慢。

I mean, keep in mind, there are still new items out there, and -- but you've got a lot of items that start out at 10 million and 20 million and 30 million.

我的意思是，請記住，仍然有新的商品存在，而且——但是有很多商品的起價為 1000 萬、2000 萬和 3000 萬。

The big items like toilet paper and water, we saw a big growth over the last couple of years in water as -- where we brought the price down from $3.49 to $2.99.

像衛生紙和水這樣的大件商品，過去幾年我們看到水的價格大幅增長，我們將價格從 3.49 美元降至 2.99 美元。

I'm just looking down our list.

我只是看看我們的名單。

Of late, the Kirkland Signature 14-cartridge razor blades with the handle, several -- the organic cheeseburger in the food court, fragrances, the KS Fragrances, all kinds of beverages.

最近，Kirkland Signature 14 盒帶手柄刮鬍刀刀片、幾種——美食廣場上的有機起司漢堡、香水、KS 香水、各種飲料。

Okay.

好的。

And then just separate topic, the -- you obviously were doing some stuff with BOPUS on a limited basis.

然後只是單獨的主題，--您顯然是在有限的基礎上使用 BOPUS 做一些事情。

I think you wanted to keep it limited.

我想你想限制它。

Is it still just applying to those items, right, the notebooks or the bags?

它仍然只適用於那些物品，對吧，筆記本或包包？

Or is there an idea of expanding that?

或者有擴大這範圍的想法嗎？

Well, we've talked -- in the past, we mentioned things like jewelry, some limited electronics items like tablets and small-sized items as well as handbags, high-end handbags and things.

嗯，我們已經談過了——過去，我們提到過珠寶、一些有限的電子產品（例如平板電腦和小件物品）以及手提包、高端手提包之類的東西。

We have expanded it to some additional electronics items.

我們已將其擴展到一些其他電子產品。

And -- but it's still we're -- we still want to do it our way.

而且——但我們仍然——我們仍然想按照我們的方式去做。

We think that these are areas where we've been surprised that many people were buying it because it's convenient and then they're going to come by to shop.

我們認為，在這些區域，我們感到驚訝的是，很多人購買它，因為它很方便，然後他們就會過來購物。

Not to suggest these are all incremental shops, by no means.

絕不是說這些都是增量商店。

But while they're in there, over half of them are not just picking up the item.

但當他們在那裡時，超過一半的人不僅僅是撿起物品。

They're going into the shop.

他們要進商店了。

They, frankly, shop at a higher -- much higher average than the average shop.

坦白說，他們的購物價格比普通商店的平均價格要高得多。

So so far, so good, and we'll see.

到目前為止，一切都很好，我們拭目以待。

And your next question comes from the line of Karen Short.

你的下一個問題來自凱倫·肖特（Karen Short）。

I just wanted to start with e-commerce for a second.

我只是想先從電子商務開始。

Can you just give us an update on where e-commerce is as a percent of sales?

您能否向我們介紹電子商務在銷售額中所佔百分比的最新情況？

And then I wanted to see if you could give us a little color on how to think about the growth rate of e-commerce going forward.

然後我想看看您能否給我們一些關於如何思考電子商務未來成長率的資訊。

I'm sorry, what was the last part of the question?

抱歉，問題的最後一部分是什麼？

How to think about the growth rate of e-commerce going forward.

如何思考未來電子商務的成長率。

Well, I mean, the number's right around 5% of sales.

嗯，我的意思是，這個數字大約佔銷售額的 5%。

I think a shade under -- I'm sorry, a little over 4%.

抱歉，我認為略低於 4%。

And look, we're going to drive as much as we can.

看，我們將盡可能多地開車。

I think a few months ago, when we went from a string of monthly 30 pluses to 23 or something, people were disappointed a little bit out there.

我想幾個月前，當我們從每月 30+ 增加到 23 左右時，人們感到有點失望。

We feel very good about it.

我們對此感覺非常好。

I think we've shown in the last couple of months -- I can't say anything about September.

我想我們在過去的幾個月裡已經展示了——我不能對九月說什麼。

That will be next week.

那將是下週的事。

But we've seen -- the numbers, we feel we -- look, we have the benefit of having not focused on a lot for many years and now taking advantage of that in a big way.

但我們已經看到了——這些數字，我們感覺我們——看，我們有好處，多年來我們沒有專注於很多事情，現在卻在很大程度上利用了這一點。

And I mean the example of some big-ticket seasonal items like home furnishings and furniture on 1 part of the year and adding 40 extra weeks of offerings, if you will, offering online now as well as what we've done with white goods and the success there.

我指的是一些高價季節性商品的例子，例如一年中的某一段時間的家居用品和家具，如果您願意的話，可以額外增加40 週的供應，現在可以在線提供，以及我們對白色家電所做的事情和那裡的成功。

Then 3 years, we've gone from $50 million to $500 million in white goods sales, which has been helped, of course, by the brands willing to sell us good high-end stuff and our ability to sell it.

在接下來的三年裡，我們的白色家電銷售額從 5000 萬美元增加到 5 億美元，這當然得益於願意向我們出售優質高端產品的品牌以及我們銷售這些產品的能力。

Okay, that's helpful.

好的，這很有幫助。

And then just in terms of the tariff commentary they made, any way you could give some sense of what percent of product is imported from China today and where you kind of the see that going in the next few years?

然後就他們所做的關稅評論而言，您能以某種方式了解今天從中國進口的產品百分比以及您認為未來幾年會發生什麼情況嗎？

It's really hard to -- no, we don't want to give out specifics.

這真的很難——不，我們不想透露具體細節。

There've been some of your -- some of the analysts out there that have done some estimates that are -- seem to be within the range, but it's fluid.

你們的一些分析師——一些分析師已經做了一些估計——似乎在這個範圍內，但它是不穩定的。

But the real answer is things can't change overnight.

但真正的答案是事情不可能在一夜之間改變。

What can change is demand for an item if it's -- if the prices have to go up 15% or 25%.

如果價格必須上漲 15% 或 25%，那麼對某種商品的需求就會改變。

But we've experienced not dissimilar things.

但我們經歷過相似的事情。

I mean, in Mexico, when you've got a bunch of U.S.-sourced goods historically and where the peso to the dollar has changed dramatically from MXN 3 to MXN 8 to MXN 10 and then from MXN 10 to MXN 14 and more recently, in the last couple of years, from MXN 14 to the MXN 18 to MXN 20 range, that'll have a dampening effect on certain products.

我的意思是，在墨西哥，當你歷史上有很多來自美國的商品，比索兌美元匯率發生了巨大變化，從3 墨西哥比索到8 墨西哥比索，再到10 墨西哥比索，然後從10 墨西哥比索到14墨西哥比索，最近，在過去幾年中，從 MXN 14 到 MXN 18 到 MXN 20 系列，這將對某些產品產生抑製作用。

And so it has less of a dampening product impact.

因此它對產品的影響較小。

So I -- it's really too early to tell.

所以我——現在說還太早。

Okay.

好的。

And just last question, I guess, can you just give us the inflation in 4Q, both on -- at cost and at retail and then expectations for inflation given all the narratives from vendors based -- calling out passing on cost increases?

我想，最後一個問題，您能否向我們提供第四季度的通膨情況，包括成本和零售方面的通膨情況，以及基於供應商的所有敘述的通膨預期——呼籲轉嫁成本上漲？

I don't know -- I don't have that.

我不知道——我沒有那個。

Off the top of my head, on a cost basis, and this is purely like looking at LIFO indices and not on sales because some categories have a higher penetration, it's very small -- it's slightly inflationary, but I'm talking about capital S in the word slightly.

在我的腦海中，以成本為基礎，這純粹就像看後進先出指數，而不是銷售，因為某些類別具有更高的滲透率，它非常小- 它有點通貨膨脹，但我說的是資本 S於言略。

Okay.

好的。

And then what are your thoughts just generally because there has been a lot of narrative from the vendors in terms of passing on price increases?

那麼，由於供應商在轉嫁價格上漲方面有很多說法，您總體上有什麼想法？

Where do you guys kind of stand?

你們站在哪裡？

Or what are you seeing on that front?

還是你在這方面看到了什麼？

Well, I mean, our DNA is we want to be the last to raise the price and we want to work with any supplier to figure out how not do that.

嗯，我的意思是，我們的基因是我們希望成為最後一個提高價格的人，我們希望與任何供應商合作，找出不這樣做的方法。

But ultimately, you can't eat all these, and -- but we feel, competitively, we'll keep doing what we do that we're usually the last to raise the price and the first to lower it.

但最終，你不能吃掉所有這些，而且 - 但我們覺得，在競爭中，我們將繼續做我們所做的事情，我們通常是最後一個提高價格，第一個降低價格的。

And I think we have -- as a company, one advantage is, is that we don't have to sell every brand alternative, every size alternative, every SKU alternative of given item.

我認為，作為一家公司，我們的一個優勢是，我們不必銷售給定商品的每種品牌替代品、每種尺寸替代品、每種 SKU 替代品。

And there are times when, I think, we -- our buying power as -- in effect, the octane of that buying power is more than $138 billion of purchasing power because it's to a much number of limited items and not only brands competing but also what we know about many of these items because of our private label nature.

我認為，有時候，我們——我們的購買力——實際上，這種購買力的辛烷值超過 1,380 億美元，因為它涉及大量有限的商品，不僅是品牌競爭，而且是競爭。由於我們的自有品牌性質，我們對其中許多產品也有所了解。

So it affords us, I think, some opportunities that perhaps make it a little easier for us.

因此，我認為，它為我們提供了一些機會，也許可以讓我們變得更容易一些。

But nothing's [equal].

但沒有什麼是[平等的]。

And your next question comes from the line of Christopher Horvers.

你的下一個問題來自克里斯多福·霍弗斯。

So first question is you mentioned in the release that there have been no misstatements found related to the internal control weakness.

第一個問題是，您在新聞稿中提到，沒有發現與內部控制缺陷相關的錯誤。

What's so -- is that behind this?

這是怎麼回事──這背後是什麼？

Is there any risk that there could be a misstatement of the financials in the future?

未來是否有財務資訊錯報的風險？

Or is it more about just sort of just fixing the systems and getting the testing done?

或者更多的是只是修復系統並完成測試？

Well, keep in mind, first of all, that we feel comfortable, and we feel that our -- ultimately, our auditors feel comfortable.

好吧，請記住，首先，我們感覺很舒服，而且我們覺得我們的——最終，我們的審計師也感覺很舒服。

We wouldn't have expressed the level of comfort we did in the press release about the time that there's no mistake [there's the timing that] we filed on time, including the K. The issues had to do with internal user access, so people within IT or contractors and when somebody who may have had access to something they should have and sometimes that they -- once they should have had that access relieved, it took a little too long to do so.

我們不會在新聞稿中表達我們在沒有錯誤的情況下所做的安慰程度，我們按時提交，包括 K。問題與內部用戶訪問有關，所以人們在IT 或承包商內部，當某人可能有權訪問他們應該擁有的東西時，有時他們- 一旦他們應該釋放該訪問權限，卻花了太長時間才這樣做。

So the controls weren't in place.

所以控制措施沒有到位。

We should have done a better job.

我們應該做得更好。

We went back as far as we could and looked back as far as we could in some systems for the entire fiscal year, which is what you want to do.

我們盡可能回顧整個財政年度的某些系統，這就是你們想要做的。

In some of the newer systems, there was no look back ability for certain things.

在一些較新的系統中，某些事情沒有回溯能力。

I can tell you with all the look backs that we have done and then our outside help has done has found no issues whatsoever in terms of misstatements or breaches.

我可以告訴你，我們所做的所有回顧以及我們的外部幫助所做的工作都沒有發現任何錯誤陳述或違規行為的問題。

So that's what we can tell you.

這就是我們可以告訴你的。

But we can't be more positive than that until we release the 10-K.

但在我們發布 10-K 之前，我們不能比這更積極了。

And as -- and so I don't want to belittle it.

所以我不想貶低它。

We should have -- it should have been fixed, but it was internal to us, not external.

我們應該——它應該被修復，但它是我們內在的，而不是外在的。

And we'll go from there.

我們將從那裡開始。

Understood.

明白了。

That's very helpful.

這非常有幫助。

Can you also talk about sort of the -- like an organic MFI growth number, sort of ex FX in the 53rd week?

您能否也談談第 53 週的有機 MFI 成長數據（不含外匯）？

It looks like, all in, that number was running a little bit below 5% in the first half of the year, and then in the third quarter, sort of picked up over 5% and then in the fourth quarter, nearly 6%.

總而言之，這個數字在上半年略低於 5%，然後在第三季有所回升，超過 5%，然後在第四季接近 6%。

Is that sort of rough math that you're seeing sort of like a MFI comp accelerating ex FX?

您所看到的粗略數學是否有點像 MFI 加速前外匯的計算？

Well, that's pretty good rough math, but keep in mind, one of the issues is on the deferred accounting.

嗯，這是一個很好的粗略數學，但請記住，問題之一是遞延會計。

The U.S. and Canada $5 and $10 fee increases that went into effect June 1 of '17, so in effect, I believe that, in total, was about $245 million.

美國和加拿大的費用增加了 5 美元和 10 美元，並於 2017 年 6 月 1 日生效，因此，我認為實際上總共增加了約 2.45 億美元。

Over the next 12 months, using that number as the example, that's how much more we have in our checking account.

在接下來的 12 個月裡，以這個數字為例，我們的支票帳戶裡還有多少錢。

Based on deferred accounting, it takes 23 months to get that into the P&L.

根據遞延會計，需要 23 個月才能將其計入損益表。

And so part of the increase from Q3 relative -- year-over-year Q3 relative to year-over-year Q4 is you peak in 12 months hence if you think about it.

因此，如果您考慮一下，第三季相對（第三季相對於第四季同比）成長的一部分是在 12 個月內達到高峰。

Somebody who got a $10 increase for the first time, their renewal happen to be in June, that $10 was effectively $0.80 a month for 12 months, right, June to May.

第一次加薪 10 美元的人，他們的續約恰好是在 6 月，這 10 美元實際上相當於每月 0.80 美元，持續 12 個月，對吧，從 6 月到 5 月。

Somebody who got it 11 months later in May, they paid it for the first time 11 months after the first person did, that'll hit the $0.80 a month for months 12 through 23, rough numbers.

有人在11 個月後的5 月收到了它，他們在第一個人收到後11 個月後第一次付款，這將在第12 個月到第23 個月達到每月0.80 美元，粗略數字。

So if you will, at month 12 is when you peak in terms of that getting, what I'll call, the full effect of 1/12 of the $270 million -- $245 million as an example.

所以，如果你願意的話，在第 12 個月，你的收入達到頂峰，我稱之為 2.7 億美元的 1/12 的全部效果——以 2.45 億美元為例。

So I think a little of it probably has to do with that.

所以我認為這可能與此有關。

I wouldn't suggest that what used to be a 4% increase became a 5% and then now a 6%.

我不建議把原來的 4% 的增幅變成 5%，然後變成現在的 6%。

Some of that increase is related to that.

其中一些增長與此有關。

But some of course -- some, of course, is related to how many openings we have and where the openings are.

但當然有些——當然有些與我們有多少空缺以及空缺在哪裡有關。

Where we opened a very successful unit on the east side of Seattle in Redmond 1.5 years ago with 3 other units on the east side, including Kirkland and Issaquah, where we're headquartered here and 1 other, we went from 195,000 members or 65,000 per building on average.

1.5 年前，我們在西雅圖東區的雷德蒙德開設了一個非常成功的分部，並在東區開設了其他3 個分部，其中包括我們總部設在此處的柯克蘭和伊薩誇以及另外1個分部，我們的會員人數從195,000 名（即每人65,000 名）發展到了今天。平均建築。

Maybe we added another 8,000 or 10,000 over the next year.

也許我們明年會再增加 8,000 或 10,000 個。

We reduced the average members, but we added net of cannibalization $120 million, $130 million of extra sales in year 1, and we'll grow from there.

我們減少了平均會員數量，但扣除蠶食後我們增加了 1.2 億美元，第一年的額外銷售額增加了 1.3 億美元，我們將從那裡開始成長。

So when you do that, that changes that growth metric a little bit.

因此，當你這樣做時，就會稍微改變成長指標。

Similarly, when we opened in Australia or Asia, we're afforded huge numbers of new sign-ups in the first year, with a lower renewal rate.

同樣，當我們在澳洲或亞洲開業時，我們在第一年就獲得了大量新註冊用戶，但續訂率較低。

But nonetheless, there have been openings where we've had 40,000, 50,000 new members with the company average for all warehouses whose average age is probably in the high teens, if not, low 20s, an average in the low 60s of warehouses -- of 60,000-plus members.

但儘管如此，我們已經有 40,000 至 50,000 名新會員出現空缺，公司所有倉庫的平均年齡可能在十幾歲左右，如果不是的話，也只有 20 歲以下，倉庫的平均年齡在 60 歲以下——超過60,000 名會員。

So international impacts it, a few of the LivingSocial things that we've done once every year or 2. All those things impact that number a little bit.

所以國際影響它，一些我們每年或兩年做一次的 LivingSocial 事情。所有這些事情都會對這個數字產生一點影響。

Okay.

好的。

So I guess, fighting through all the noise, how would you describe sort of like sort of MFI comp trend over the past 12 months?

所以我想，排除所有噪音，您會如何描述過去 12 個月的 MFI 比較趨勢？

Does it improve?

有改善嗎？

I would say -- well, if you take out the benefit of the fee increase, you take out the difference in weeks, my guess is a bit about the same.

我想說——好吧，如果你去掉費用增加的好處，你就去掉了幾週的差異，我的猜測是差不多的。

I'm guessing, we picked up a little from some of the Sam's closings, the 63 Sam's closings.

我猜，我們從 Sam's 的一些關閉中，即 63 Sam's 的關閉中，學到了一些東西。

We opened up a couple units less than we did a year ago and I think, proportionately, a few less international units.

我們開設的單位比一年前少了幾個，我認為，按比例來說，國際單位也少了一些。

I don't have that in front of me.

我面前沒有那個。

So all those things we're tweaking a little bit one way or another.

因此，我們正在以某種方式對所有這些事情進行一些調整。

I think, overall, the fact that our renewal rates have improved and continue to improve finally after the impact of the transitions with credit cards in the U.S. and Canada makes us feel pretty good about it.

我認為，總體而言，在美國和加拿大信用卡轉型的影響之後，我們的續約率有所提高並最終繼續提高，這一事實讓我們感覺非常好。

Understood.

明白了。

And then last question, could you give us how many Visa cardholders you have in the U.S. currently?

最後一個問題，您能否告訴我們目前您在美國有多少 Visa 持卡人？

And how does that compare to what you entered in with from an Amex cardholder perspective?

從美國運通卡持卡人的角度來看，這與您輸入的內容相比如何？

I don't have that number in front of me.

我面前沒有這個號碼。

It continues to grow.

它繼續增長。

I believe that in the U.S., our Visa tenders -- total Visa, not just the co-branded card, is just -- is approaching 50%, in the high 40s, and it's probably 55%, 45%, the Costco co-brand Visa.

我相信在美國，我們的 Visa 招標——整個 Visa，不僅僅是聯名卡——正接近 50%，在 40 左右，而且可能是 55%、45%，Costco 聯名卡——品牌維薩。

That could be 60-40.

那可能是60-40。

I don't have that number in front of me.

我面前沒有這個號碼。

But it continues to grow.

但它仍在繼續成長。

We continue to get sign-ups.

我們繼續收到註冊。

And I think when somebody sees some of the things we've done with some of those monies and you talked about earlier about investing in price, when you buy something like a high-end television, that's already great value at Costco.

我認為，當有人看到我們用這些錢所做的一些事情時，並且您之前談到了價格投資，當您購買高端電視之類的東西時，這在 Costco 已經很有價值了。

And then when it's on MVM or coupon, it's another $200 off.

如果使用 MVM 或優惠券，還可再享有 200 美元的折扣。

And on top of that, if you use your Citi Visa card, not only is it you'd get a cash card -- and it's not on every item, but in terms of promotional things that we've done over some of the holidays, it's really worked.

最重要的是，如果你使用你的 Citi Visa 卡，你不僅會得到一張現金卡 - 而且它不是在每件商品上，而是在我們在一些假期中所做的促銷活動方面，確實有效。

And so those are the kinds of things that we've used that for.

這些就是我們用它來做的事情。

And your next question comes from the line of Edward Kelly.

你的下一個問題來自愛德華凱利。

So Richard, I wanted to ask you about -- comment on something.

理查德，我想問你關於某事的評論。

I mean, if you could just maybe reflect a little bit on the impressive run that you've had.

我的意思是，如果你能稍微回顧一下你所經歷的令人印象深刻的經歷。

It wasn't long ago in the U.S. that comps had kind of slowed to the low single digits, which now seems like a one-off.

不久前，美國的經濟成長率一度放緩至低個位數，現在看來只是一次性的。

But comps now are above historical -- what you would think, I guess, historical norms.

但現在的比較高於歷史水準——我猜你會認為是歷史標準。

Can you just talk about what you think is driving that incremental strength?

您能談談您認為是什麼推動了這種增量力量嗎？

And then how should we be thinking about, I don't know, I guess what I would call mean reversion and the timing around that?

然後我們應該如何考慮，我不知道，我猜我會稱之為均值回歸以及圍繞它的時機？

And what is the real mean?

真正的意思是什麼？

And is 2016 even relevant to think about?

2016 年還值得思考嗎？

Look, I don't know.

瞧，我不知道。

I remember when in 2016, one, we did a little bit to hurt ourselves when we changed some of the -- changed up the MVMs and greatly reduced the number of promotional days of shopping, if you will.

我記得在 2016 年，當我們改變了一些——改變了 MVM 並大大減少了購物促銷天數（如果你願意的話）時，我們做了一點傷害自己的事情。

And we changed that over a quarter -- over a few months, and then we got back to where it were.

我們在四分之一的時間裡——幾個月的時間裡改變了這一點，然後我們又回到了原來的狀態。

There's also, Ed, on that the conversion of credit cards where you had a lot of people that were auto-renewal on a credit card that lost that auto renewal.

艾德，還有信用卡的轉換，有很多人使用信用卡自動續訂，但信用卡失去了自動續訂功能。

Any member under the old AmEx program that was using a different AmEx card at Costco, whether it was the Delta card or a hotel card, a Starwood card, all those things, some of those became auto-renewal that have members opted in to just have auto-renewal.

任何在舊美國運通計劃下在好市多使用不同美國運通卡的會員，無論是達美卡還是酒店卡、喜達屋卡，所有這些東西，其中一些變成了自動續訂，會員可以選擇只有自動續訂。

Well, when we switched from one card -- one network to another, all those noncards weren't bought by the acquirer.

好吧，當我們從一張卡（一個網路​​）切換到另一個網路時，所有這些非卡片都沒有被收單機構購買。

All those auto-renewals went off.

所有這些自動續訂都消失了。

So I think some of that is tied up into that '16 year.

所以我認為其中一些與 16 年有關。

I also think that some of the things we've done with Buyer's Picks and Hot Buys and collecting e-mail addresses, again, we're proud of the fact that we've greatly increased the number of e-mail addresses we have.

我還認為，我們在買家精選和熱門購買以及收集電子郵件地址方面所做的一些事情，再次讓我們感到自豪的是，我們已經大大增加了我們擁有的電子郵件地址的數量。

Some will look at it and say, "Why didn't you do this all along?" We didn't, and we're now benefiting from that.

有些人會看著它並說：“為什麼不一直這樣做呢？”我們沒有，但我們現在正從中受益。

So all those things, I think, have helped, and hopefully that new normal will continue for a while, but every day is a new day.

因此，我認為所有這些事情都有所幫助，並希望這種新常態能夠持續一段時間，但每一天都是新的一天。

And then just circling back on e-commerce growth.

然後回到電子商務的成長。

Obviously, you started the year strong.

顯然，你今年開局表現強勁。

And you had actually mentioned something, Richard, about people being a little bit disappointed when it slowed.

理查德，你實際上提到過，當經濟放緩時，人們會感到有點失望。

Did that surprise you at all that it has slowed the way that it did?

它的速度如此之慢，你是否感到驚訝？

And then can you talk about how grocery's ramping relative to your expectations, 2-day, same-day?

然後您能談談雜貨店相對於您的預期（兩天或當日）的增長情況如何嗎？

And are there any metrics that you can share on it relative to sort of basket size, margin, et cetera?

您是否可以分享一些與購物籃規模、利潤率等相關的指標？

Well, in terms of what -- like, when renewal rates or comps slowed a little bit, remember when -- or shopping frequency had slowed a little bit after this incredible run from '09 to '15, I remember at the end of '09 when we achieved, I think, a 3 8 or a 4 0 frequency up from a historical average of like 1 7, I was the first to say and remind people, if it's a lot lower than 10, it's still a good 2-year stack because this is not sustainable.

好吧，就什麼而言——例如，當續訂率或補償稍微放緩時，請記住什麼時候——或者購物頻率在從09 年到15 年這段令人難以置信的運行之後有所放緩，我記得在' 年底09 年，當我們實現了3 8 或4 0 頻率，從歷史平均1 7 上升時，我是第一個說並提醒人們的，如果它遠低於10，它仍然是一個很好的2-年堆疊，因為這是不可持續的。

And then for 4 years, we enjoyed it.

然後四年來，我們很享受它。

But I think if you look at the things that we've done merchandising-wise, the added brands we have, the better communications tools that we can communicate with our members and really that low-hanging fruit that we are benefiting from on top of, as one of my colleagues just said, great merchandise at low prices, I mean, there's a lot of good things that we have going on for ourselves.

但我認為，如果你看看我們在行銷方面所做的事情，我們擁有的附加品牌，我們可以與會員溝通的更好的溝通工具，以及我們從中受益的那些唾手可得的成果正如我的一位同事剛才所說，物美價廉，我的意思是，我們為自己做了很多好事。

And I think that should continue.

我認為這種情況應該繼續下去。

We still have a lot of buckets here.

我們這裡還有很多桶子。

[Sorry if] I wasn't clear.

[抱歉]我沒說清楚。

I meant on the e-commerce comp -- or e-commerce growth and what we've seen recently there relative to how you start up the year.

我指的是電子商務的成長，以及我們最近看到的與今年開局相關的情況。

Has that small slowdown surprised you at all?

這種小幅放緩讓您感到驚訝嗎？

And how has like 2-day and same-day delivery [works]?

2 天送達和當日送達等服務如何運作？

So the e-commerce slowed -- well, when we say slowed down, went from a low 30s number to a low to mid-20s number.

因此，電子商務放緩了——好吧，當我們說放緩時，是從 30 多歲的低數字變成了 20 多歲的低數字。

I'll throw the 2-year stack back at you.

我會把兩年的堆疊還給你。

I mean, we feel very good about it.

我的意思是，我們對此感覺非常好。

We feel very good about what we're doing.

我們對我們正在做的事情感覺非常好。

We think we've got a lot of new things to come on and to expand it.

我們認為我們有很多新的東西可以出現並擴展它。

We still have a lot of, if you will, funds in the bucket to drive business in that direction as well.

如果你願意的話，我們還有很多資金可以推動業務朝這個方向發展。

And so -- and the brands that are willing to sell us that historically hadn't.

所以——以及那些願意向我們出售歷史上從未出售過的品牌。

So add all those things up.

所以把所有這些東西加起來。

But I think, again, the biggest thing is we're focusing on it.

但我再次認為，最重要的是我們正在關注它。

But we're focusing in our own way.

但我們正在以自己的方式專注。

We don't need to go buy a company, and we're finding out that there's a lot of opportunity for us doing some of the things that we want to do.

我們不需要去買一家公司，我們發現有很多機會讓我們做一些我們想做的事情。

And your next question comes from the line of Scott Mushkin.

你的下一個問題來自斯科特·穆甚金（Scott Mushkin）。

This is Paul Kearney on for Scott.

這是斯科特的保羅·科爾尼。

Just on -- a question on growth going forward and also just the business today.

剛剛——一個關於未來成長以及今天的業務的問題。

Where do you think you are in terms of wallet share of your current customers?

您認為您目前客戶的錢包份額處於什麼位置？

And what's the biggest opportunity to grow wallet share of the customers?

增加客戶錢包份額的最大機會是什麼？

And also, if you have to divide going forward where most of your growth is coming from, is it coming from wallet share?

而且，如果你必須在未來劃分你的大部分成長來自哪裡，它來自錢包份額嗎？

Is it coming from acquiring new members or continued unit growth in new markets?

是來自獲得新會員還是來自新市場的持續單位成長？

Look, frequency is up.

瞧，頻率上來了。

Average sale is up.

平均銷售額上升。

We know, as an example, when we [did food] that we don't add a lot of new members.

舉個例子，我們知道，當我們[做食物]時，我們並沒有增加很多新成員。

We have a lot of loyal members that are shopping a lot more frequently.

我們有很多忠實的會員，他們購物的頻率更高。

We know that our success with both -- when we're asked the question, what are the big 2 or 3 things that impact -- that helped our sales, I think generally speaking, we've -- we all generally feel it's our strength in fresh foods, which continues to grow and improve.

我們知道，我們在這兩方面的成功——當我們被問到這個問題時，影響我們的最大的兩三件事是什麼——幫助了我們的銷售，我認為一般來說，我們都普遍認為這是我們的生鮮食品實力不斷增強和提升。

It's our gas stations, which gets in the parking lot, and the Executive Membership and we're doing a better job of now e-mailing you.

這是我們的加油站，進入停車場，以及行政會員資格，我們現在在向您發送電子郵件方面做得更好。

So I think all of those things have helped.

所以我認為所有這些事情都有幫助。

But as our head of merchandising would say, it's great merchandise at low prices.

但正如我們的銷售主管所說，這是物美價廉的商品。

And some of these Buyer's Picks and Hot Buys have helped as well.

其中一些買家精選和熱門購買也有所幫助。

Great.

偉大的。

And one quick follow up, and maybe it's too early to tell, but are you seeing any changes in membership trends for your clubs that are more like heavily using Instacart?

快速跟進一下，也許現在下結論還為時過早，但您是否發現您的俱樂部的會員趨勢發生了任何變化，更像是大量使用 Instacart？

So is Instacart delivery for nonmembers leading to any uptick in memberships for those clubs?

那麼，Instacart 為非會員提供的服務是否會導致這些俱樂部會員數量的增加？

Instacart and other third parties like Shyp and others, Instacart's the big one, and we have good relationships with them and it's growing nicely.

Instacart 和其他第三方，如 Shyp 等，Instacart 是最大的第三方，我們與他們有良好的關係，並且發展得很好。

But it's still a pretty small part of our -- we have not observed any big difference there.

但這仍然只是我們的一小部分——我們沒有觀察到任何重大的差異。

When we've looked, and this is anecdotal, not statistically valid, but when we've looked at it, you take a group of loyal Costco members and then a group within that group who had like characteristics of average basket to shopping frequency, almost -- and they're loyal, and then you have them -- some of them will start using Instacart.

當我們研究時，這是軼事，在統計上不有效，但是當我們研究它時，你會看到一群忠實的 Costco 會員，然後該組中的一組具有平均購物頻率的類似特徵，幾乎-他們是忠誠的，然後你就有了他們- 他們中的一些人會開始使用Instacart。

Some of them we're using it to fill in.

其中一些我們用它來填充。

Some of it -- that may reduce their annual shops by a few and increase, this way, several.

其中一些——可能會減少他們的年度商店數量，並以這種方式增加幾個。

The key for us though is making sure they still get into Costco occasionally.

但對我們來說，關鍵是確保他們仍然偶爾進入 Costco。

And so far, we've seen a net increase of that, but it's a very small population and it's a very small size in its entirety at this point.

到目前為止，我們已經看到了淨成長，但人口非常少，而且目前整體規模也非常小。

Your next question comes from the line of Scot Ciccarelli.

你的下一個問題來自 Scot Ciccarelli。

This is Jonathan Livers on for Scot Ciccarelli.

我是喬納森·利弗斯 (Jonathan Livers)，代表斯科特·西卡雷利 (Scot Ciccarelli) 發言。

Just a question on e-commerce as well as it continues to be a focus, and you've made sizable investments there and still putting up pretty impressive growth.

只是關於電子商務的問題，它仍然是一個焦點，你們已經在那裡進行了大量投資，並且仍然取得了相當可觀的成長。

Could you tell us what percentage of e-commerce is shipped by your stores versus shipped by vendors?

您能否告訴我們，您的商店出貨與供應商出貨的電子商務百分比是多少？

Very little if -- I mean...

很少——我的意思是…

I guess, 50%.

我猜，50%。

50% is us.

50%是我們。

But not through the warehouses.

但不是透過倉庫。

Oh, but not through the warehouses, just us shipping directly from our e-commerce fulfillment centers.

哦，但不是透過倉庫，而是我們直接從我們的電子商務履行中心發貨。

Very little is done at the warehouse.

倉庫裡做的事情很少。

And by the way, it's always the business center with our 2-day dry.

順便說一句，我們的 2 天乾貨始終是商務中心。

And your next question comes from the line of Oliver Chen.

你的下一個問題來自Oliver Chen。

Regarding e-commerce, as it becomes a bigger percentage of your total business, what are the main dynamics in terms of the margin impact there?

關於電子商務，隨著它在您的總業務中所佔的比例越來越大，其利潤率影響的主要動態是什麼？

And you have been speaking about this, but what are your main -- how would you prioritize the main drivers to drive the awareness growth of e-comm and the kinds of initiatives that you're pursuing as that seems like a big opportunity?

您一直在談論這個問題，但是您的主要內容是什麼——您將如何優先考慮推動電子商務意識成長的主要驅動因素，以及您正在追求的各種舉措，因為這似乎是一個巨大的機會？

Well, again, we've said before, first and foremost, we wanted to get them to the facility.

好吧，我們之前說過，首先也是最重要的是，我們想讓他們到達該設施。

And there's -- certainly, on some categories like white goods and big ticket -- physical ticket items as well, e-commerce is the way to go in a big way, and we certainly benefited from that.

當然，在白色家電和大件商品等某些類別上，還有實體商品，電子商務是大方向，我們當然從中受益。

We don't see e-commerce taking over our brick-and-mortar.

我們不認為電子商務會取代我們的實體店。

We've also tried to figure out how to do some of the e-commerce or delivery-related activities that some members want, that we could provide the savings to but doing it our way.

我們也試圖弄清楚如何進行一些會員想要的一些電子商務或與送貨相關的活動，我們可以為這些活動提供節省，但按照我們的方式去做。

And so I think there's still plenty of low-hanging fruit, and we don't want you to get comfortable at just shopping at Costco online, unless there's not a Costco within 100 miles.

因此，我認為仍然有很多容易實現的目標，我們不希望您僅在 Costco 網上購物就感到舒服，除非 100 英里內沒有 Costco。

Okay.

好的。

And Richard, from a modeling perspective for CapEx for next year, what are some of the major buckets?

理查德，從明年資本支出的建模角度來看，主要的部分是什麼？

And how should we think about how that will unfold?

我們該如何思考這將如何展開？

Yes, well, first and foremost is warehouses and to the extent there's a few more international, a couple more.

是的，首先也是最重要的是倉庫，某種程度上還有一些國際倉庫。

IT is a few hundred extra.

IT要額外幾百塊。

I mean, not extra from the year before, but in general.

我的意思是，不是前一年的額外，而是整體。

We've got a chicken plant, which is north of $300 million.

我們有一家養雞廠，價值超過 3 億美元。

A big chunk of that is expended in fiscal '19, and we've already started spending money.

其中很大一部分是在 19 財年支出的，我們已經開始花錢了。

The cheapest money was the acreage, the expensive money is the facility and all the equipment and everything.

最便宜的錢是土地面積，最昂貴的錢是設施和所有設備以及一切。

And the whole fulfillment, I guess what's new would be some things like the chicken plant, would be some of the fulfillment activities we have on 2-day delivery.

整個履行，我想新的內容是像雞廠這樣的東西，將是我們在 2 天交付中進行的一些履行活動。

And e-commerce, small package e-comm, where -- that will be a savings, frankly, to us, but we're just -- we were doing a lot of the things a lot more manual than we -- even we need to do and moving delivery date.

電子商務，小包裝電子商務，坦率地說，這對我們來說將是一種節省，但我們只是 - 我們做的很多事情比我們手動得多 - 即使我們需要做並移動交貨日期。

So yes, there's a few extra things.

所以是的，還有一些額外的東西。

I think the number would still be in the very high 2s-ish, low 3s.

我認為這個數字仍然會在很高的 2 秒左右，低的 3 秒左右。

Okay.

好的。

And lastly, the multi-vendor mailer, are you pretty pleased with the state of it now?

最後，多供應商郵件程序，您對它現在的狀態非常滿意嗎？

Is it in the right place?

它在正確的地方嗎？

I know it's an important document, and you've been thinking about making sure that it's efficient with respect to the breadth and depth.

我知道這是一份重要的文件，您一直在考慮確保它在廣度和深度上都高效。

Well, I think we're pleased.

嗯，我想我們很高興。

Other than 1.5 years ago, 1 year and 9 months ago, when we changed the number of frequent flyer -- the number of MVM days in the warehouse, which hurt frequency in the warehouse, once we changed that back, the fact that we've reduced the number of offerings in an MVM by 20-plus percent and increased the total value by more than that and by a net positive.

與 1.5 年前、1 年 9 個月前不同的是，當我們更改常旅客數量（倉庫中的 MVM 天數）時，這會影響倉庫中的頻率，一旦我們將其改回來，事實是我們'我們將MVM 中的產品數量減少了20% 以上，而總價值則增加了更多，並且實現了淨正值。

And it's definitely working in terms of what we want to get out of it.

就我們想要從中得到的東西而言，它絕對有效。

Mind you also, we think in some of those items, not every item works the same way.

另請注意，我們認為在其中一些專案中，並非每個專案都以相同的方式運作。

Sometimes, some items that had been regular get stale.

有時，一些常規物品會變得陳舊。

Sometimes, we got to shake it up a little bit or change the value proposition.

有時，我們必須稍微調整一下或改變價值主張。

Sometimes, we take it out of the MVM and do it in a different way with these Hot Buys and Buyer's Picks.

有時，我們會將其從 MVM 中取出，並以不同的方式處理這些熱門商品和買家精選。

So I think we've, in a way, added to the arsenal a little bit, and it's working.

所以我認為我們在某種程度上增加了一些武器庫，而且它正在發揮作用。

But it's still -- it'll still evolve some more.

但它仍然會進一步發展。

Yes.

是的。

And do you believe that tariffs will contribute to risk factors with consumer confidence?

您是否認為關稅會增加消費者信心的風險因素？

Like, what are your thoughts on how that may interplay?

例如，您對這如何相互作用有何看法？

Because we have such -- we're in such a great backdrop currently.

因為我們現在處於這樣一個偉大的背景下。

Look, on an item-given basis, when you have an expensive discretionary item, take like a patio set, I'm just using that as an example, you're going to have a little less demand probably.

看，在給定的物品基礎上，當你有一個昂貴的可自由支配物品時，比如庭院套裝，我只是用它作為例子，你的需求可能會少一些。

Is it going to change?

它會改變嗎？

And mind you, there's a few items on the food side that are going the other way because, an example of this is pork, where something like 1/3 of the U.S. pork goes -- is exported to China.

請注意，食品方面有一些產品正在走向相反的方向，因為豬肉就是一個例子，美國大約 1/3 的豬肉出口到中國。

That's changed, and therefore pork prices are way down.

這種情況發生了變化，因此豬肉價格大幅下跌。

There's great savings.

有很大的節省。

That's creating some opportunities.

這正在創造一些機會。

Same thing with nuts, same thing with soybeans, I believe.

我相信，堅果也是如此，大豆也是。

I'm just giving you some anecdotal examples.

我只是給你一些軼事例子。

So you're going to lose some and win some.

所以你會失去一些，也會贏得一些。

How it impacts?

它如何影響？

I think everybody feels that tariffs, people smarter than me don't like them.

我想每個人都覺得關稅，比我聰明的人不喜歡它們。

And so it's probably a small net negative.

所以這可能是一個小小的淨負面影響。

Certainly, whatever negative it is, we can weather it better than others.

當然，無論有什麼負面影響，我們都能比其他人更好地應對。

Your next question comes from the line of Greg Melich.

你的下一個問題來自 Greg Melich。

I had a couple questions.

我有幾個問題。

One was on gasoline, obviously growing a lot.

一種是用汽油，顯然成長了很多。

But what was the gallon growth in the quarter?

但本季的加侖成長是多少？

And did it -- did penny profit actually improved?

確實如此——便士利潤真的有改善嗎？

It sounds like it did, but I just want to see if that's the case.

聽起來確實如此，但我只是想看看是否是這樣。

The gallon increases were in the low double digits, 11, 12 -- 11% or 12%, which is huge compared to the U.S. economy.

加侖的增幅為低兩位數，即 11%、12%、11% 或 12%，與美國經濟相比，這是巨大的。

That's also the new gas stations as well, but I think the comp has got to be in high singles.

這也是新的加油站，但我認為比賽必須是高單打。

Got it.

知道了。

And how many new -- stations are at most of the clubs that you can have them, right?

大多數俱樂部都有多少個新電台，您可以擁有它們，對吧？

Is there a penetration number you have?

你有滲透率嗎？

Well, new openings, we're getting them, more so than not.

好吧，新的職位空缺，我們已經得到了，而且更多的是。

And international, we're still adding where we can.

在國際方面，我們仍在盡可能增加。

I think in the Australia, with 10 locations, we got 4, maybe 5, with gas.

我想在澳洲有 10 個地點，其中 4 個，也許 5 個是有天然氣的。

Mexico, we're adding some.

墨西哥，我們正在添加一些。

Japan, we have a few.

日本，我們有一些。

U.S. and Canada certainly is more saturated with gas stations.

美國和加拿大的加油站肯定更飽和。

Needless to say we're not going to have one in 117th Street, East River Drive.

不用說，我們不會在東河大道 117 街設立一個。

But where we can -- generally speaking, when we relocate, we do.

但只要我們能做到——一般來說，當我們搬遷時，我們就會這樣做。

A good example, in your neck of the woods, we took old land occupied or constrained Hackensack, Costco and moved it to Teterboro and then turned the Hackensack into a business center.

一個很好的例子，在你的樹林裡，我們把哈肯薩克、好市多佔用的舊土地搬到了泰特波羅，然後把哈肯薩克變成了一個商業中心。

The Teterboro is a, I'm guessing here, 20,000 square feet larger with all the bells and whistles with the gas station and with a lot better parking.

我猜泰特波羅 (Teterboro) 面積大 20,000 平方英尺，配有加油站和更好的停車場。

And so a few here and a few there that way.

所以這裡有一些，那裡有一些。

Got it.

知道了。

And then a follow up on the co-branded card.

然後是聯名卡的後續。

If I did my math right, sort of upper 20s percent of the tender now would be on your card in the club.

如果我算得對的話，現在 20% 以上的投標將會出現在你俱樂部的卡上。

If I remember correctly, there -- part of the benefit of this is getting people top of wallet and getting them to use it everywhere.

如果我沒記錯的話，這樣做的部分好處是讓人們節省開支並讓他們在任何地方都可以使用它。

Do you have any sort of update on the usage of how much more is being used outside of Costco and therefore, how much more loyal that member is in terms of using the card and then coming back to the club?

您是否有任何關於 Costco 之外的使用情況的最新信息，以及該會員在使用該卡然後返回俱樂部方面的忠誠度有多少？

I'll just say, yes, we do.

我只想說，是的，我們願意。

We do have that information.

我們確實有這些資訊。

Is it the same -- okay.

是一樣的嗎——好吧。

Is it the same -- is it back to where it was with AmEx, I guess, is what I would say or above?

是一樣的嗎──我想，是不是又回到了美國運通的狀態，還是我上面所說的？

I think it's quite a bit above.

我認為這有點高了。

Quite a bit above.

相當上面一點。

Yes, and continue to grow.

是的，並且還在持續成長中。

That's -- keep in mind, part of that is the fact that it can be used in more places.

請記住，部分原因是它可以在更多地方使用。

So if we get -- whichever of those cards was your top of wallet, you have more potential to use it, say, than you did before.

因此，如果我們得到——無論哪張卡是您錢包中最重要的卡，那麼您比以前更有可能使用它。

And your next question comes from the line of Matt Fassler.

你的下一個問題來自馬特法斯勒。

My first question relates to SG&A.

我的第一個問題與SG&A 有關。

Trying to figure out a couple of the moving pieces.

試圖找出幾個令人感動的部分。

First of all, it looks like the wage increase that you discussed probably drove the SG&A higher by a bit less than a percentage point.

首先，看起來您所討論的薪資上漲可能使 SG&A 上漲了不到一個百分點。

So not an overwhelming increase.

所以增幅並不是很大。

Just trying to benchmark the year-on-year increase when you exclude the factor of the extra week a year ago.

當你排除一年前額外一周的因素時，只是想對同比增長進行基準測試。

I went back and you weren't terribly granular, I think, on last year's call about the expense profile of that extra week.

我回去後發現，我認為，在去年的電話會議上，關於額外一周的費用情況，你並沒有非常詳細地說明。

So as we think about the apples-to-apples increase, because clearly the SG&A seems like it's going to -- might increase at a slightly accelerated rate with the wage increases, how -- was that an average week you would've had for the extra week a year ago?

因此，當我們考慮同類增長時，因為顯然 SG&A 似乎會——可能會隨著工資的增長而以略微加快的速度增長，這是你平均每週會經歷的情況嗎？一年前多出的一周？

Are there expenses that don't get carried in for the extra week?

是否有未結轉額外一週的費用？

There's little, if any, expenses and some of our accounting people said virtually nothing.

幾乎沒有任何費用，而且我們的一些會計人員幾乎什麼也沒說。

So the weeks are fully allocated.

所以周數已完全分配。

It's not like if we took an annual expense and divided it by an extra week or had a free week at the end of the year.

這不像我們把每年的開支除以額外的一周，或在年底有一周的空閒時間。

We don't.

我們不這樣做。

We do it by the number of days in a year.

我們按照一年中的天數來計算。

And so nothing there.

所以那裡什麼都沒有。

What was the other part of the question?

問題的另一部分是什麼？

There was [-- I have a response] for it.

有[--我有一個回應]。

No, I think you got that one.

不，我想你已經明白了。

Oh, in terms of the wage increases related to the tax reform, at the time we did that, we announced there was going to be somewhere between $110 million to $120 million a year.

哦，就與稅改相關的工資成長而言，當時我們宣布每年將增加 1.1 億至 1.2 億美元。

Yes, understood.

是的，明白了。

And so I guess partial impact here in Q4 given the June implementation.

因此，鑑於 6 月的實施，我猜測第四季會產生部分影響。

Right.

正確的。

Since June 11, it generally was about 3/4 -- it was 12 -- even though Q4 is normally a 16-week quarter, not a 12-week, it was about 12 and the 16 weeks was this.

自 6 月 11 日以來，它通常約為 3/4，即 12，儘管第四季度通常是 16 週的季度，而不是 12 週，但它約為 12，而 16 週就是這樣。

Understood.

明白了。

Secondly, your inventory increase was a bit higher.

其次，你們的庫存增幅有點高。

Now you did speak to front-loading some receipts in anticipation of tariffs.

現在您確實談到了在預期關稅的情況下提前加載一些收據。

Was that a factor?

這是一個因素嗎？

Anything else moving the inventory in that direction?

還有什麼其他措施可以將庫存朝這個方向移動嗎？

When I look at the list category-wise, electronics year-over-year is higher by choice.

當我按類別查看清單時，電子產品的同比增長是有選擇的。

A little of it -- some of it's volume.

其中一點——其中一些是音量。

A little of it is what you just mentioned.

你剛才提到的，有一小部分。

And I think the last thing is, is we clearly have increased our inventory levels, particularly in e-commerce and delivery-related items.

我認為最後一件事是，我們顯然增加了庫存水平，特別是在電子商務和交付相關的商品方面。

Great.

偉大的。

And then finally, on renewal rates.

最後，關於續訂率。

You seem to have shaken off some of the cobwebs that emerged, I guess, in the period after the credit card transition.

我想，你們似乎已經擺脫了信用卡轉型後出現的一些蜘蛛網。

Your U.S. and Canada renewal rate is back to where it was in the third quarter of 2016.

您在美國和加拿大的續訂率已恢復至 2016 年第三季的水準。

So I guess the best in 9 quarters or so and even more so for the worldwide rate.

因此，我認為這是 9 個季度左右最好的，對於全球而言更是如此。

Have we sort of shaken the cobwebs off now?

我們現在已經擺脫蜘蛛網了嗎？

Are we -- do you think there's more room to move higher here?

我們──你認為這裡還有更大的上升空間嗎？

Or do you think we're kind of back at the level where we're likely to plateau?

或者您認為我們又回到了可能趨於穩定的水平嗎？

Who knows?

誰知道？

I think we feel good about the loyalty, what we're doing to drive loyalty.

我認為我們對忠誠度以及我們為提高忠誠度所做的事情感到滿意。

There are some things that impacted either a little up or a little down and then it depends on rounding, did you round to the next 1/10 or not.

有些事情會影響一點上升或一點點下降，然後這取決於四捨五入，你是否會四捨五入到下一個 1/10。

When we do one of those -- I think we've done 4 of them now in the last 4 or 5 years of like the LivingSocial or a thing like that, you'll get an extra 250,000 members in a 10-day period or 12-day period and by definition, have a lower renewal rate on them a year hence.

當我們做其中一個時——我想我們在過去 4 或 5 年裡已經做了 4 個，比如 LivingSocial 或類似的事情，你將在 10 天的時間內獲得額外的 250,000 名會員，或者根據定義， 12 天期限的一年後續訂率較低。

So that hurts you a little bit.

所以這讓你有點受傷。

That anniversaries a year later, it helps you a little bit.

一年後的周年紀念日，它對你有一點幫助。

So there's lots of little things like that.

所以類似這樣的小事還有很多。

But when we look to the underlying rates and I look at -- even taking a country like Australia, which is only 10 locations, its renewal rate is lower.

但當我們查看基本費率時，我發現即使像澳洲這樣只有 10 個地點的國家，其續訂率也較低。

It's still in the 70s.

現在還是70年代。

But it's relatively new.

但它相對較新。

The average age of those locations is, what, 4 years-ish maybe.

這些地點的平均年齡大概是 4 年左右。

And I look in the last 4 years, I only noticed because I'm going there next week, and its renewal rate is consistently improved for the company in each of the last 4 years, which is consistent with what we've seen in other countries.

我查看過去 4 年，我只是注意到，因為我下週要去那裡，而該公司的續訂率在過去 4 年中每年都在持續提高，這與我們在其他公司看到的情況一致國家。

So I think -- the bellwether is, of course, the U.S. and Canada where we're mature.

所以我認為，領頭羊當然是我們成熟的美國和加拿大。

The average age of these locations are -- is it 20s?

這些地點的平均年齡是 20 多歲嗎？

And so far so good, but...

到目前為止一切都很好，但......

Okay.

好的。

Got you.

明白你了。

And your next question comes from the line of Peter Benedict.

你的下一個問題來自彼得·本尼迪克特。

Richard, a clarification, just on the CapEx.

理查德，就資本支出進行澄清。

I just want to make sure I heard you right.

我只是想確保我沒聽錯。

So CapEx this year, high 2s, maybe low 3s with the incremental increase driven, I guess a part of it, by the chicken plant.

因此，今年的資本支出，高 2 秒，也許低 3 秒，隨著增量成長的推動，我猜其中一部分是由養雞廠推動的。

Is that the way we should think about it?

我們該這樣思考嗎？

Yes.

是的。

Typically, our own internal budgets are $200 million, $300 million above where we come out.

通常，我們自己的內部預算為 2 億美元，比實際預算高出 3 億美元。

I believe this year we maybe were $100 million above, right at 3 or 3 1. But -- and that includes the beginnings of the chicken plant, some additional things we're doing with fulfillment.

我相信今年我們的收入可能會超過 1 億美元，就在 3 或 3 1 的水平。但是——這包括養雞工廠的開始，以及我們正在做的一些額外的事情。

So I think overall, something in the high 2s or -- I think we graduated from 2 5 to 2 8 range to 2 8 to 3 1 range.

所以我認為總的來說，在高 2 或 - 我認為我們從 2 5 到 2 8 範圍升級到 2 8 到 3 1 範圍。

Got it.

知道了。

Do you have the fourth quarter CapEx number?

您有第四季的資本支出數字嗎？

Not yet.

還沒有。

It will be in the K in a couple weeks.

幾週後它將出現在 K 中。

Yes.

是的。

Okay.

好的。

On the international openings.

關於國際開放。

I mean, you said -- well, you said 75% of the clubs this year are going to be in the U.S. But you said you've got a bigger pipeline internationally.

我的意思是，你說——嗯，你說今年 75% 的俱樂部將在美國，但你說你在國際上有更大的管道。

They take longer.

他們需要更長的時間。

But is there a time frame where we should be thinking about when non-U.

但是，當我們不在美國時，我們是否應該考慮一個時間框架？

S. club openings will account for more than half of your openings?

S.俱樂部的空缺將佔你們空缺的一半以上？

Is that a couple years down the road?

那是幾年後的事嗎？

If you had asked me a couple of years ago, I'd say it's 3 years around the road.

如果你幾年前問我，我會說這需要三年。

If you ask me today, it's probably 2 to 3 around the road and I can be wrong by a year further.

如果你今天問我，這條路可能有 2 到 3 公里，而且我可能會錯一年。

We do definitely have more in the pipeline.

我們確實有更多的計劃正在進行中。

And we've also been surprised by more opportunities in the U.S. that we -- if you go back to 10-plus years ago, some of the cities we're in today, we would've said, no, we're not going to go there.

我們也對美國提供的更多機會感到驚訝——如果你回到十多年前，我們今天所在的一些城市，我們會說，不，我們不是要去那裡。

There's always -- there's somebody else there already and it's not that big of a town.

總是有——已經有人在那裡了，而且鎮子並不大。

But we're finding success in those examples.

但我們在這些例子中取得了成功。

And so I think we -- ultimately, international, I don't know what it is, whether it's 3 years or 4 years from now or 2 years from now.

所以我認為我們——最終，國際化，我不知道它是什麼，無論是三年後、四年後還是兩年後。

Right.

正確的。

Okay.

好的。

Last question just around brands, both yours and others.

最後一個問題是關於品牌的，包括你的和其他的。

Which categories beyond white goods are you seeing kind of an incremental step-up in your ability to get premium brands?

除了白色家電之外，您認為哪些類別的產品在獲得優質品牌方面的能力有所提升？

And then what was the private label penetration for 4Q and for the year?

那麼第四季和全年的自有品牌滲透率是多少？

I can't give you the latter number.

我不能給你後一個號碼。

But in terms of ability to get new brands, apparel, continues; cosmetics, some specialty food items, but those are fewer and further between.

但就獲得新品牌、服裝的能力而言，仍在繼續；化妝品、一些特色食品，但數量較少且相差甚遠。

Sporting goods, any -- sporting goods, to some extent.

體育用品，任何－體育用品，在某種程度上。

And your next question comes from the line of Kelly Bania.

你的下一個問題來自凱利·巴尼亞（Kelly Bania）。

Wanted to just ask about with e-commerce now about 4% of sales, just curious what percent of your members are really engaging online.

我想問現在電子商務佔銷售額的 4% 左右，只是想知道你們的會員中真正參與線上活動的比例是多少。

And I guess in connection with kind of the renewal rates question, as you look at those members that are engaging online, are they renewing at a similar rate or a higher rate?

我想，關於續訂率問題，當你觀察那些在線上參與的會員時，他們的續訂率是相似的還是更高的？

Just curious how that could influence the renewal rates over time.

只是好奇隨著時間的推移這會如何影響續約率。

We don't disclose how many of our members.

我們不透露我們有多少成員。

It's increasing dramatically, but from a smaller base because we hadn't tried it in the past.

它正在急劇增加，但基數較小，因為我們過去沒有嘗試過。

As it relates to -- I'm guessing -- I know that an Executive Member is more frequent, more loyal than a Gold Star member.

因為它涉及到——我猜——我知道執行會員比金星會員更頻繁、更忠誠。

An Executive Member with a Citi Visa card is -- comes more often and spends more and is more loyal to that.

擁有花旗 Visa 卡的行政會員——來得更頻繁，消費更多，並且對此更加忠誠。

I would guess that somebody who's using it online, if they'd come from the warehouse and they're using online in addition to that, that's more loyal than their respective groups or those other things.

我猜想，在線使用它的人，如果他們來自倉庫並且除此之外還在在線使用，那比他們各自的團體或其他東西更忠誠。

But beyond that, when you got somebody that's just using it online, I don't know off the top of my head.

但除此之外，當有人在網路上使用它時，我根本不知道。

Okay.

好的。

And just a clarification on the CapEx.

只是對資本支出的澄清。

I think you mentioned some spend there going towards the 2-day delivery program.

我想你提到了一些用於 2 天交付計劃的支出。

I guess, what exactly is that for?

我想，那到底是為了什麼？

Well, the 2-day delivery is with about 7 or -- e-comm -- most of that's e-comm fulfillment.

嗯，2 天的交付大約是 7 或 - 電子商務 - 其中大部分是電子商務履行。

There's some additional expenditures in some of the business centers, including building a couple of the business centers in geographies that will greatly reduce the, what I'd call, the outsized UPS fees relative to the current mileage that has to be traveled to get those packages to their customers.

一些商務中心有一些額外的支出，包括在不同地區建立幾個商務中心，這將大大減少相對於目前獲得這些服務所需行駛里程的巨額 UPS 費用。包裹給他們的客戶。

Okay.

好的。

Got it.

知道了。

And maybe just one last one on wages.

也許只是關於工資的最後一項。

You've obviously been making investments.

顯然你一直在進行投資。

But with the announcement this week from Amazon going to $15, just curious if you see more pressure from that or broadly speaking and how you plan to over the next couple of years.

但隨著亞馬遜本周宣布價格將上漲至 15 美元，我只是好奇您是否會看到更大的壓力，或者從廣義上講，以及您在未來幾年的計劃。

Well, first of all, we raised our entry-level wages to $14 and $14.50 in the United States in the past year related to tax reform.

嗯，首先，去年我們因為稅改，把美國的起薪提高到了14美元和14.50美元。

We give increases at top of scale every year.

我們每年都會大幅增加。

Even though our starting wage is $14 to $14.50, an employee who's been here over a number of years can get up into the equivalent of the low -- the mid-40s to the mid-50s on an hourly basis over time on top of great health benefits.

儘管我們的起薪是 14 到 14.50 美元，但在這裡工作了很多年的員工，隨著時間的推移，每小時的工資也可以達到相當於最低工資的水平——40 多歲到 50 多歲。對健康的益處。

So at the end of the day, we feel very good about where we are.

因此，歸根結底，我們對自己所處的位置感覺非常好。

An employee starting today on a full-time basis, it takes about 5 years to get to top of scale.

一名從今天開始全職工作的員工大約需要 5 年才能達到最大規模。

And I think our average U.S. hourly wage is in the mid-22s, 22.5 roughly, which we believe dwarfs any other retail or retail-type entity out there on a base scale.

我認為我們美國的平均時薪在 22 多歲左右，大約為 22.5 美元，我們認為這在基本規模上使任何其他零售或零售類型實體相形見絀。

And I believe that you'll see more pressure on it.

我相信你會看到更大的壓力。

And by the way, there are some geographies around the country, even before we raise it to $14.50, we were already above that.

順便說一句，全國各地的一些地區，甚至在我們將其提高到 14.50 美元之前，我們就已經高於這個價格了。

We started at a tranche or 2 above that because of necessities.

由於必要，我們從上面的一兩個檔開始。

The Bay Area -- parts of the Bay Area would be an example.

灣區－灣區的部分地區就是一個例子。

And your last question comes from the line of Budd Bugatch.

你的最後一個問題來自巴德·布加奇（Budd Bugatch）。

Most of my questions have been answered, but just on e-commerce, can you give us the e-commerce impact on comps?

我的大部分問題已經得到解答，但就電子商務而言，您能為我們介紹電子商務對比較的影響嗎？

Do we have that number?

我們有這個號碼嗎？

I'm sorry, the comps?

對不起，比較？

Yes, e-commerce impact on comps.

是的，電子商務對比較的影響。

What's -- how many basis points did it impact the comp?

它對比較產生了多少基點的影響？

It's somewhere in the 70 or 80 basis point range.

它在 70 或 80 個基點範圍內。

Okay.

好的。

And...

和...

It's north of 50 and it's not 1.

它在 50 之上，但不是 1。

Say again?

再說一次？

It's north of 50 basis points and it's below 100 or so.

高於 50 個基點，低於 100 左右。

I think it's in the mid to high.

我認為它處於中高水平。

And can you talk a little bit about the demographics of the membership sign-ups by age?

能談談按年齡劃分的會員註冊人口統計數據嗎？

What does it look like?

它是什麼樣子的？

Are you -- is your average age of members reducing, getting younger?

你們的會員平均年齡是否正在降低、變得更年輕？

And what about the sign-up distribution?

註冊分佈又如何呢？

Well, we feel very good about the sign-ups, but -- by the way, when they were called Gen X or Gen Zs or whatever they were called before that, that's where you generally sign these people up.

嗯，我們對註冊感到非常滿意，但是——順便說一下，當他們被稱為“X 世代”或“Z 世代”或之前的任何名稱時，通常就是在這些人中註冊的。

We -- I think we're in the very high 30s or low 40s in terms of younger people signing up, which is consistent with what we've seen.

我認為，就簽約的年輕人而言，我們處於 30 多歲或 40 多歲的水平，這與我們所看到的情況一致。

What was the other part of the question?

問題的另一部分是什麼？

Well, that was the -- just the impact on the base.

嗯，這就是對基地的影響。

I haven't seen that.

我沒見過。

I need to find that out myself.

我需要自己找出答案。

I haven't seen that since we told people that our average customer -- our average member in the U.S. went from 54 to 52.

自從我們告訴人們我們在美國的平均客戶——我們的平均會員從 54 人增加到 52 人以來，我還沒有看到這一點。

That was a number of years ago.

那是很多年前的事了。

Okay.

好的。

And the last one on e-commerce.

最後一篇是關於電子商務的。

Is there e-commerce activity outside of the U.S.?

美國境外是否有電子商務活動？

And can you talk about the strength that you might see there?

您能談談您可能在那裡看到的力量嗎？

Well, we're in the U.S., Canada, Mexico, U.K., Taiwan and Korea.

嗯，我們在美國、加拿大、墨西哥、英國、台灣和韓國。

And over the next 1.5 years, I think we have 2 other countries planned.

在接下來的 1.5 年裡，我認為我們還計劃在另外 2 個國家/地區開展業務。

And look, it's growing nicely in other markets.

看吧，它在其他市場成長得很好。

I -- frankly, in the U.S., e-commerce business dwarfs the others, and it's probably had the biggest benefit other than starting off from a very small base because of where we have taken and combined in line and online buying together a year, 2 years ago.

我 - 坦率地說，在美國，電子商務業務使其他業務相形見絀，而且除了從非常小的基礎開始之外，它可能具有最大的好處，因為我們一年來將線下和在線購買結合在一起， 2年前。

And I think that we've seen a big benefit from that and we'll do that elsewhere, but it works.

我認為我們已經從中看到了巨大的好處，我們會在其他地方這樣做，但它確實有效。

And this concludes today's conference call, you may now disconnect.

今天的電話會議到此結束，您現在可以掛斷電話了。