好市多 (COST) 2019 Q1 法說會逐字稿

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

我叫 Luz，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 Costco Q1 2019 Earnings Call.

此時此刻，我歡迎大家參加 Costco 2019 年第一季財報電話會議。

(Operator Instructions) Mr. Richard Galanti, you may begin your conference.

（操作員指示）理查德·加蘭蒂先生，您可以開始會議了。

Thank you, Luz, and good afternoon to everyone.

謝謝你，Luz，祝大家下午好。

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

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。

Our 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.

我們的前瞻性陳述僅反映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 first quarter of fiscal 2019, the 12 weeks that ended this past November 25.

在今天的新聞稿中，我們報告了 2019 財年第一季（截至去年 11 月 25 日的 12 週）的營運表現。

Net income for the quarter came in at $767 million or $1.73 per share, a 19.3% per share increase compared to $640 million or $1 -- or $1.45 per share last year in the first quarter.

該季度淨利潤為 7.67 億美元，即每股 1.73 美元，與去年第一季的 6.4 億美元，即 1 美元，即每股 1.45 美元相比，每股增長 19.3%。

In comparing year-over-year operating results, there were 3 items noted in the release.

在比較年比經營績效時，新聞稿中提到了 3 個項目。

One, this year's first quarter benefited from a $59 million or $0.13 per share income tax benefit related to stock-based compensation.

第一，今年第一季受益於與股票薪酬相關的 5,900 萬美元或每股 0.13 美元的所得稅優惠。

Last year, the benefit was $41 million or $0.09 a share in the first quarter last year.

去年第一季的收益為 4,100 萬美元，即每股收益 0.09 美元。

And number two, the company also recognized an additional tax benefit this year of $27 million or $0.06 a share, and this is related to the implementation of the 2017 tax act.

第二，該公司今年也確認了 2,700 萬美元或每股 0.06 美元的額外稅收優惠，這與 2017 年稅收法案的實施有關。

And the third item noted in the release, this year's first quarter results included a charge of $43 million pretax or $31 million after tax, which is $0.07 a share, for an adjustment to our estimate of breakage on rewards for the Citi/Visa co-branded credit card program.

新聞稿中提到的第三項是，今年第一季的業績包括稅前4,300 萬美元或稅後3,100 萬美元的費用，即每股0.07 美元，用於調整我們對花旗/Visa 合作夥伴獎勵中斷的估計。品牌信用卡計劃。

More on this in our discussion of gross margin.

在我們對毛利率的討論中對此進行了更多討論。

In terms of sales, net sales for the quarter came in at $34.31 billion, a 10.3% increase over the $31.12 billion reported last year in the first quarter.

銷售額方面，本季淨銷售額為 343.1 億美元，比去年第一季的 311.2 億美元成長 10.3%。

In terms of comp sales in the release today, for the 12-week fiscal first quarter, U.S. comp sales on a reported basis were up 11.0% and ex not only gas inflation and FX but revenue rec, revenue recognition, the 11.0% would be 8.3%.

就今天發布的公司銷售而言，在為期 12 週的第一財季，美國公司銷售按報告計算增長了 11.0%，不包括天然氣通膨和外匯，還包括收入記錄、收入確認，11.0% 將是8.3 %。

Canada reported 2.4%.

加拿大報告為 2.4%。

Ex gas, FX and revenue recognition, it would be plus 5.5%.

扣除天然氣、外匯和收入確認後，將增加 5.5%。

Other International reported 4.0%; ex those items, plus 5.8%.

其他國際報4.0%；除這些項目外，再加 5.8%。

So total company, reported, 8.8%; ex gas, FX and revenue recognition impact, 7.5% plus.

據報道，公司總數為 8.8%；扣除天然氣、外匯和收入確認影響，增加 7.5% 以上。

E-commerce, 12 weeks reported, 32.3%; and again, ex those items, plus 34%, 34.0%.

電子商務，12週報道，32.3%；再一次，除這些項目外，加上 34%、34.0%。

-- I'm sorry, 26.2%.

——對不起，26.2%。

In terms of Q1 sales metrics, first quarter traffic or shopping frequency increased 4.9% worldwide, and within the U.S., 5.2%.

就第一季銷售指標而言，第一季全球流量或購物頻率成長了 4.9%，美國成長了 5.2%。

Weakening foreign currencies relative to the U.S. dollar negatively impacted sales.

外幣相對於美元疲軟對銷售產生了負面影響。

Gas price inflation benefited Q1 comps, and revenue recognition benefited as well.

天然氣價格上漲使第一季的公司受益，收入確認也受益。

Combined, those 3 items added about 130 basis points, essentially the difference you see between the 8.8% reported and the 7.5% that I mentioned above.

這 3 個項目加起來大約增加了 130 個基點，基本上就是您所看到的 8.8% 報告與我上面提到的 7.5% 之間的差異。

Cannibalization weighed in on the comp by approximately minus 70 basis points.

蠶食對公司的影響約為負 70 個基點。

Our average front-end transaction or ticket was up 3.7% during Q1, and excluding the impacts from gas and FX and revenue recognition, the average ticket was up approximately 2.4%.

第一季度，我們的平均前端交易或門票增長了 3.7%，排除天然氣和外匯以及收入確認的影響，平均門票增長了約 2.4%。

Next on the income statement is membership.

損益表的下一個是會員資格。

Membership, we reported an increase of 9.5% or $66 million, coming in, in the quarter, at $758 million in the first quarter this year compared to $692 million last year.

就會員而言，我們報告今年第一季的會員收入成長了 9.5%，即 6,600 萬美元，達到 7.58 億美元，而去年為 6.92 億美元。

FX had a negative effect of approximately $6.4 million.

外匯造成約 640 萬美元的負面影響。

So the 9.5% increase would have been about 10.4% ex FX.

因此，9.5% 的增幅約為 10.4%（不含外匯）。

Reported membership revenue again was up 9.5%.

據報告，會員收入再次成長 9.5%。

About half of that is related to the membership fee increases taken back in June of 2017.

其中約一半與 2017 年 6 月取消的會員費上漲有關。

And as you all know, it takes about 23 months to get through the book part of the income statement, that benefit.

眾所周知，大約需要 23 個月才能完成損益表的帳面部分，即收益。

Our renewal rates also rose in Q1.

我們的續訂率在第一季也有所上升。

Our U.S. and Canada membership renewal rates in Q1 end came in at 90.5%.

第一季末我們的美國和加拿大會員續約率為 90.5%。

That's up from 90.4%, just 12 weeks earlier at Q4 end.

這一數字較 12 週前第四季末的 90.4% 有所上升。

And worldwide rate improved to 88.0%, also up 0.1%, up from 87.9% 12 weeks ago at Q4 end.

全球範圍內的比率提高至 88.0%，也較 12 週前第四季末的 87.9% 上升 0.1%。

In terms of number of members at first quarter end, Gold Star at Q1 end was 41.3 million, and that compares to 12 weeks earlier of 40.7 million; Business Primary, 7.6 million both at quarter end -- this first quarter end and the year-end.

從第一季末的會員數量來看，金星第一季末的會員數量為 4,130 萬，而 12 週前為 4,070 萬；商業初級業務在季度末（第一季末和年底）均為 760 萬。

Business add-ons stayed at 3.3 million.

業務附加價值維持在 330 萬。

All told, we started the fiscal year -- or we ended last fiscal year with 51.6 million members.

總而言之，我們在本財年開始時——或在上一財年結束時擁有 5,160 萬名會員。

We ended Q1 at 52.2 million.

第一季結束時，我們的用戶數為 5,220 萬。

Total cardholders at year-end from last quarter was 94.3 million, and again, at this first quarter end, it was 95.4 million.

截至上季末，持卡人總數為 9,430 萬，今年第一季末持卡人總數為 9,540 萬。

We opened 6 new warehouses during the quarter.

本季我們開設了 6 個新倉庫。

Also, at first quarter end, paid Executive Memberships came in a total at 19.7 million, which is an increase of 442,000 or 37,000 a week since 12 weeks earlier.

此外，截至第一季末，付費執行會員總數為 1,970 萬，較 12 週前每週增加 442,000 人，即每週增加 37,000 人。

That's one of the biggest weekly deltas.

這是最大的每週增量之一。

Part of it depends on when we do different activities to get members to upgrade and to -- as new members sign up as well.

部分取決於我們何時進行不同的活動來讓會員升級以及新會員註冊。

So you'll see that fluctuate, but certainly a good showing in the quarter.

所以你會看到它的波動，但本季肯定會有良好的表現。

Related to the annual fee increases.

與年費上漲有關。

Again, I mentioned earlier we're now past the halfway point at last year's fourth quarter of the 23-month cycle it takes to recognize the incremental benefit from the fee increase.

我之前再次提到，我們現在已經過了去年第四季 23 個月週期的中點，需要認識到費用增加帶來的增量收益。

The benefit will continue to diminish in each of the remaining 3 quarters in Qs 2, 3 and 4, very little in Q4 actually.

在第 2、3 和 4 季的剩餘 3 個季度中，收益將繼續減少，實際上在第 4 季減少得很少。

And again, that's based on the deferred accounting, which we use.

再說一遍，這是基於我們使用的遞延會計。

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 50 basis points, coming in at 10.75% as compared to 11.25% a year earlier.

我們報告的第四季毛利率年減 50 個基點，為 10.75%，而去年同期為 11.25%。

Now excluding gas, inflation and rev rec, revenue recognition, that minus 50 would have been a minus 26.

現在排除天然氣、通貨膨脹和轉速記錄、收入確認，負 50 就是負 26。

And I'll start by line items if you want, comparing this minus 50 to the minus 26.

如果您願意的話，我將從行項目開始，將負 50 與負 26 進行比較。

If you just jot down 2 columns of numbers, the -- in 5 lines, the first line is core merchandise; the second line, ancillary businesses; the third line, 2% Reward or the Executive Membership; the fourth line, other; and then the fifth line, of course, total.

如果你只記下 2 列數字，那麼在 5 行中，第一行是核心商品；二線，附屬業務；第三行，2% 獎勵或行政會員資格；第四行，其他；然後是第五行，當然是總計。

On a reported basis, the core merchandise year-over-year in Q1 was minus 43 basis points.

根據報告，第一季核心商品年減-43個基點。

Ex gas, inflation and revenue recognition, the minus 43 would be minus 22.

扣除天然氣、通貨膨脹和收入確認後，負 43 將變為負 22。

Ancillary businesses, which was a plus 5 reported, ex those items would have been a plus 11; 2% Reward, 0 and a minus 2; other, minus 12 and minus 13.

輔助業務，報告為+ 5，除這些項目外，報告為+ 11； 2%獎勵，0加負2；其他，負12和負13。

And if you add up those 2 columns, you get to the minus 50 reported; and then ex gas, inflation, revenue recognition, the minus 26.

如果將這兩列相加，就會得到負 50；然後扣除天然氣、通貨膨脹、收入確認，負26。

Now again, going to the core with the minus 43, ex those items going to minus 22, that's again based on the sales penetration of that as compared to the total company as well.

現在再次回到負 43 的核心，除那些項目為負 22 之外，這也是基於與整個公司相比的銷售滲透率。

If you look at just the core merchandise categories in relation to their own sales, what I call core-on-core, margins year-over-year were lower by 6 basis points.

如果你只看核心商品類別與其自身銷售額的關係，即我所說的“核心對核心”，利潤率比去年同期下降了 6 個基點。

Subcategories within core gross margin year-over-year in Q1, both food and sundries and hardlines were up, and softlines and fresh foods were down.

第一季核心毛利率中的子類別與去年同期相比，食品和雜貨以及硬品均有所上升，而軟品和生鮮食品則有所下降。

And the net of those 4 categories was a minus 6. Ancillary and other businesses, I mentioned reported, plus 5; plus 11, ex gas and revenue recognition in the quarter.

這 4 個類別的淨值是負 6。我提到的輔助和其他業務是正 5；加 11，扣除本季的天然氣和收入確認。

Gas was up.

瓦斯漲了。

E-comm was up a little.

電子商務小幅上漲。

Business center was up a little.

商務中心上漲了一點。

Pharmacy, a couple of little things were down a little.

藥房，一些小事下降。

But net of those all, they were up 11 basis points ex those items.

但扣除所有這些因素後，扣除這些項目後，它們上漲了 11 個基點。

The other, that's the $43 million pretax amount that I mentioned earlier related to the Citi/Visa co-branded card.

另一個，就是我之前提到的與花旗/Visa 聯名卡相關的 4,300 萬美元稅前金額。

And we put it here because it's -- part of the deal is things like the rewards that are paid out to the cardholders as well as bounties that are earned and revenues that are shared.

我們把它放在這裡是因為它是交易的一部分，例如支付給持卡人的獎勵以及獲得的獎金和分享的收入。

So this impacts the revenue line of our company or the sales line, and therefore, it impacts the gross margin percentage.

因此，這會影響我們公司的收入線或銷售線，進而影響毛利率。

So the $43 million, this relates to our Citi/Visa co-branded credit card program.

因此，這 4,300 萬美元與我們的花旗/Visa 聯名信用卡計劃有關。

Over the past few months, we've made the decision to expand our efforts to remind our members to redeem their outstanding rewards.

在過去的幾個月裡，我們決定加強提醒我們的會員兌換他們的傑出獎勵。

By stepping up our reminders, we saw a step-up in redemptions relative to what we had experienced previously.

透過加強提醒，我們發現兌換率比之前有所提高。

These are the reward certificates that were sent out in February of 2018.

這些是2018年2月發出的獎勵證書。

The rewards program on the Citi/Visa card is a calendar year program.

Citi/Visa 卡的獎勵計劃是日曆年計劃。

So these -- the rewards certificate are sent out in February of '18 for rewards earned on Citi/Visa card transactions over calendar '17 and that expire at the end of this calendar year.

因此，這些獎勵證書將於 18 年 2 月發出，用於在 17 日曆年透過 Citi/Visa 卡交易獲得的獎勵，並在本日曆年年底到期。

The $43 million adjustment relates to 2 things: one, to the thing I just explained -- I described, to the recent increase of these redemptions; and second, the additional breakage amounts now estimated on the rewards being earned and accrued on calendar year 2018 card transactions.

4300萬美元的調整與兩件事有關：一是我剛才解釋的事情——我描述的，與最近這些贖回的增加有關；二是與我剛才解釋的事情有關。其次，額外破損金額現在根據 2018 日曆年卡交易賺取和累積的獎勵進行估算。

These rewards will be sent to these Citi/Visa cardholders in February of 2019.

這些獎勵將於 2019 年 2 月發送給這些 Citi/Visa 持卡人。

So what you see in this line is basically adjustment to our estimate of breakage on rewards earned on purchases made prior to the beginning of fiscal '19.

因此，您在這一行中看到的基本上是對我們對 19 財年開始之前購買所獲得獎勵的破損估計的調整。

Going forward, we're using this lower reward breakage assumption.

展望未來，我們將使用這種較低的獎勵破損假設。

Moving to SG&A.

轉向 SG&A。

Our SG&A percentage, Q1 over Q1, was lower or better by 23 basis points on a reported basis and flat or 0 without gas, inflation and revenue recognition, again, came in at 10.13% this year on a reported basis compared to 10.36% last year.

根據報告，我們第一季的SG&A 百分比比第一季度低或好23 個基點，並且在沒有天然氣、通貨膨脹和收入確認的情況下持平或為0，今年按報告的基礎再次達到10.13%，而去年為10.36%年。

Again, I'll ask you to jot down 2 columns and 5 line items.

我會再次要求您記下 2 列和 5 個行項目。

The first column, of course, is reported and the second is ex those items.

當然，第一列是報告的，第二列是前那些項目。

First line is operations, core operations.

第一行是運營，核心運營。

Q1 '19 reported was lower or better by 23 basis points and lower or better by 4 ex those items.

19 年第一季的報告顯示，除這些項目外，下降或好轉了 23 個基點，下降或改善了 4 個基點。

Central -- lower or better, I'll use a plus sign.

中央－更低或更好，我會使用加號。

Central, plus 4 and plus 2. Stock compensation, which is always the biggest impact seems to be in Q1 because that's when we do our annual grants for over 5,000 employees.

中央，加 4 和加 2。股票薪酬，這始終是最大的影響似乎是在第一季度，因為那時我們為超過 5,000 名員工提供年度補助。

Stock compensation, minus 4 and minus 6. And then other is 0. So your total, again reported, the sum of those 3 line items, plus 23 basis points or lower year-over-year on a reported basis by 23; and the second column, basically flat year-over-year on a ex those items basis.

股票薪酬，負 4 和負 6。然後其他為 0。因此，再次報告您的總數，即這 3 個項目的總和，加上 23 個基點或按報告計算的同比下降 23；第二欄，在扣除這些項目的基礎上，比去年同期基本持平。

The core operations component again was lower.

核心營運部分再次走低。

This is primarily a result of sales growth in part -- offset in part by the U.S. wage increase to our hourly employees that went into effect -- to most of our hourly employees that went into effect on June 11.

這主要是銷售成長的結果——部分被美國 6 月 11 日生效的大多數小時工工資上漲所抵消。

The wage increase negatively impacted SG&A by approximately 8 basis points in Q1 year-over-year.

第一季薪資上漲對 SG&A 的負面影響約為 8 個基點。

And this will continue to impact the SG&A year-over-year comparisons over the next 2 quarters.

這將繼續影響未來 2 個季度的 SG&A 年比比較。

I believe we did it effective June 11 in '17.

我相信我們從 17 年 6 月 11 日起就這樣做了。

So -- June 11, '18.

那麼——2018 年 6 月 11 日。

So we'll go through the same time period a year later.

所以一年後我們將經歷同樣的時期。

Central expense was lower or better year-over-year by 4 on a reported basis and lower or better by 2 without those items.

根據報告，中央費用年減或改善 4 倍，如果沒有這些項目，則減少或改善 2 倍。

Within that IT spend in the quarter was flat as a percentage of sales.

其中，本季的 IT 支出佔銷售額的百分比持平。

Stock compensation, as I mentioned, the biggest impact typically is in the first quarter but -- so you'll see a little bit of a difference there.

正如我所提到的，股票薪酬最大的影響通常是在第一季度，但是 - 所以你會看到那裡有一些差異。

Next on the income statement is preopening expense.

損益表的下一個是開業前費用。

It was $5 million higher in this year's first quarter, coming in at $22 million compared to $17 million a year earlier.

今年第一季的營收增加了 500 萬美元，達到 2,200 萬美元，而去年同期為 1,700 萬美元。

We had one more opening this year, but there's plenty of other things going on, not just opening new warehouses, with everything from chicken plants to expansion of depots and fulfillment.

今年我們又開設了一個新倉庫，但還有很多其他事情正在進行，不僅是開設新倉庫，還有從養雞場到擴建倉庫和履行訂單的一切。

All told, reported operating income in Q1 came in at $949 million compared to $951 million in Q1 last year.

總而言之，第一季報告的營業收入為 9.49 億美元，而去年第一季為 9.51 億美元。

Two of the things I mentioned in this report, of course, is the $43 million related to the Citi rewards program as well as the hourly wage increases.

當然，我在這份報告中提到的兩件事是與花旗獎勵計劃相關的 4,300 萬美元以及每小時工資的增長。

Those are certainly 2 things that have impacted the year-over-year comparison.

這些肯定是影響同比比較的兩件事。

Below the operating income line, reported interest expense was $1 million lower year-over-year, so coming in at $36 million compared to $37 million; and on the interest income and other, essentially flat year-over-year.

在營業收入線以下，報告的利息支出年減 100 萬美元，因此為 3,600 萬美元，而去年同期為 3,700 萬美元；利息收入和其他收入比去年同期基本持平。

Interest income within the number was actually $8 million better year-over-year, higher interest rates, and a little higher invested cash balance, offset by FX items that amounted to about $9 million to the negative.

該數字中的利息收入實際上比去年同期增加了 800 萬美元，利率更高，投資現金餘額略高，但被外匯項目抵消了約 900 萬美元的負數。

The FX tends to fluctuate both up and down in prior quarters.

前幾季的外匯往往會上下波動。

In total, pretax income was -- came in at $935 million compared to $936 million a year ago.

總體而言，稅前收入為 9.35 億美元，而一年前為 9.36 億美元。

In terms of income tax rates -- income taxes, our reported tax rate in the first quarter was 16.9% compared to 30.4% in the first quarter of last year.

就所得稅稅率而言－所得稅，我們第一季報告的稅率為16.9%，而去年第一季為30.4%。

This quarter's tax rate benefited from the lower federal rate related to tax law changes as well as some favorable discrete adjustments, and notably the $59 million tax benefit related to stock-based compensation compared to $41 million a year ago, and the $27 million benefit related to the implementation of the 2017 tax act, as I mentioned earlier in the call.

本季的稅率受益於與稅法變更相關的較低聯邦稅率以及一些有利的離散調整，特別是與股票薪酬相關的5,900 萬美元的稅收優惠（去年同期為4,100 萬美元），以及與股票薪酬相關的2,700 萬美元的稅收優惠正如我之前在電話會議中提到的，2017 年稅法的實施。

For fiscal '19, based on our current estimates and as I mentioned each quarter -- these, of course, are subject to change, we anticipate that our effective total company tax rate for the fiscal '19 to be in the 26.5% to 27% range.

對於 19 財年，根據我們目前的估計以及我提到的每個季度 - 當然，這些估計可能會發生變化，我們預計 19 財年的有效總公司稅率將在 26.5% 至 27 ％ 範圍。

This figure is a little more than a percentage point lower than what we had previously estimated, as I had mentioned on our last quarterly conference call, but lower is good.

正如我在上一次季度電話會議上提到的那樣，這個數字比我們之前的估計低了一個百分點多一點，但越低越好。

A few other items of note.

其他一些值得注意的事項。

In terms of warehouse expansion, we've opened 8 locations, including 2 relos, so a net of 6 in the first quarter.

在倉庫擴張方面，我們開設了 8 個倉庫，其中包括 2 個倉庫，因此第一季淨增 6 個倉庫。

For all of '19, we expect to open about 23 net new warehouses as well as 4 relocations, the 2 we've opened plus 2 more planned for the rest of the year.

在 19 年全年，我們預計將淨開設約 23 個新倉庫以及 4 個搬遷倉庫，其中 2 個是我們已經開設的，另外 2 個計劃在今年剩餘時間內開設。

Within the 23 net new, about 3/4 of them are in the U.S. and about 1/4 of them are international.

在 23 個淨新增項目中，約 3/4 來自美國，約 1/4 來自國際。

We're also under construction with our first Costco in China, in Shanghai, with the expected opening later in calendar 2019.

我們也在上海興建中國第一家 Costco 門市，預計 2019 年稍後開幕。

As of first quarter end, total warehouse square footage stood at 111 million square feet.

截至第一季末，倉庫總面積為 1.11 億平方英尺。

In terms of stock buybacks, in Q1, we repurchased $34.5 million of stock, 150,000 shares.

股票回購方面，第一季我們回購了15萬股，價值3,450萬美元的股票。

I'll turn my attention to e-commerce.

我會把注意力轉向電子商務。

Overall, e-commerce sales increased, continued at good levels both for the quarter, and just last week, of course, we reported the 4 weeks of -- the calendar 4 weeks of November, which would include the first week of Q2.

總體而言，電子商務銷售額有所增長，並在本季度繼續保持良好水平，當然，就在上週，我們報告了11 月的4 週——日曆上的4 週，其中包括第二季度的第一周。

For the quarter, reported e-commerce came in at 32.3% up.

據報道，本季電子商務成長了 32.3%。

Ex FX and rev rec, they were up 26%.

扣除外匯和收益記錄後，它們上漲了 26%。

And as you saw last week, the numbers are even a little higher than that, both for the 4-week November period.

正如您上週所看到的，11 月為期 4 週的數字甚至比這個數字還要高一些。

In fact -- well, the good news is we've established all kinds of records for orders and sales during the Black Friday through Cyber Monday weekend, as I'm sure many of else have as well.

事實上，好消息是我們已經在黑色星期五到網路星期一週末建立了各種訂單和銷售記錄，我相信其他許多人也有這樣的記錄。

The top growth categories in the quarter were grocery, consumer electronics, hardware, health and beauty aids and automotive.

本季成長最快的類別是雜貨、消費性電子產品、硬體、健康和美容輔助品以及汽車。

One highlight of our website refinement during the quarter was our redesign of the home categories.

本季我們網站改進的一個亮點是我們對家居類別的重新設計。

We feel that the refresh made departments like furniture, domestics and housewares easier to shop.

我們認為，這次更新讓家具、家庭用品和家居用品等部門更容易購物。

With that change, we also expanded some of the product selection within those subcategories.

透過這項變化，我們也擴大了這些子類別中的一些產品選擇。

We've now passed our 1-year anniversary of the grocery launch last October.

去年十月，我們已經過了雜貨店推出一週年紀念。

Same-day grocery delivery is now available to members within a 20-minute drive of 99% of our U.S. locations.

現在，我們在 99% 的美國門市 20 分鐘車程範圍內的會員均可享有雜貨當日送貨服務。

2-day grocery, which we do for our business centers, is available throughout the Continental United States.

我們為商務中心提供的 2 天雜貨服務在整個美國大陸都有提供。

We continue to focus on providing great values on high-quality merchandise, and we had a few interesting new merchandise items online this quarter, a couple of examples, fresh white truffles, golf simulators, all types of high-end cosmetics and creams like La Mer, Pendleton apparel and domestics, George Simonton Couture cashmere coats, Wheels Up memberships for air travel, and even a few Super Bowl packages.

我們繼續專注於提供高品質商品的巨大價值，本季度我們在網上推出了一些有趣的新商品，例如新鮮白松露、高爾夫模擬器、所有類型的高端化妝品和麵霜，例如 La Mer、Pendleton 服裝和家居用品、George Simonton Couture 羊絨大衣、Wheels Up 航空旅行會員資格，甚至還有一些超級盃套餐。

And hot off the press, we went live online, I think, yesterday or last evening, but this morning with a full online -- with a nearly complete -- with a basically complete line of Apple Mac products, both from MacBook Air to MacBook Pro to the iMac and to the MacBook.

新聞發布後，我們在網上進行了直播，我想是在昨天或昨晚，但今天早上，我們進行了全面的在線直播——幾乎完整的——Apple Mac 產品線基本完整，從 MacBook Air 到 MacBook適用於iMac 和MacBook。

And we're excited about that.

我們對此感到興奮。

And stay tuned for similar offerings in store, and we're working out the logistics of that.

請繼續關注商店中的類似產品，我們正在製定相關的物流方案。

We've also continued to improve our online and in-line cross-marketing initiatives, continue to do that in addition to drawing attention to our online offerings with these digital communications.

我們也繼續改進我們的線上和內聯交叉行銷計劃，除了透過這些數位通訊吸引人們對我們線上產品的關注之外，我們還將繼續這樣做。

We're leveraging that to highlight and feature warehouse items and Hot Buys in store and driving traffic.

我們利用這一點來突出和展示倉庫商品和商店中的熱門商品並增加流量。

We believe that certainly, some of our strength in traffic has to do with that.

我們相信，我們在流量方面的實力肯定與此有關。

In terms of update on buying online and picking up in the store, we've expanded the selection, no new categories but some additional assortment, testing pickup lockers in about 10 locations for this program.

在網上購買和商店提貨的更新方面，我們擴大了選擇範圍，沒有新的類別，但增加了一些分類，為此計劃在大約 10 個地點測試了提貨儲物櫃。

Overall, these efforts continue to -- we view as positive impacting our businesses, and again, most importantly, not only online but in warehouse and helping the sales in both ways.

總的來說，這些努力仍在繼續——我們認為這對我們的業務產生了積極影響，而且最重要的是，不僅在網上，而且在倉庫中，並以兩種方式幫助銷售。

Quickly on tariffs.

快速徵收關稅。

There's not a whole lot new to tell you there.

那裡沒有太多新東西要告訴你。

The big news, of course, in the last week or so is the fact that the planned increase on many items from a 10% to a 25% tariff rate effective January 1 has been pushed out, I believe, 60 or 90 days, and so not a whole lot new from a quarter earlier.

當然，上週左右的大新聞是，原定於 1 月 1 日生效的許多商品關稅稅率從 10% 提高到 25% 的計劃已被推遲了 60 或 90 天，而且所以與一個季度相比並沒有什麼新鮮事。

There are some items that, when the tariffs have been in the 10-plus percent range, have been very low impact on the sales.

有些商品，當關稅達到 10% 以上時，對銷售的影響非常小。

Some, there's been a little bit more negative impact.

有些，還有更多的負面影響。

We think we've done a good job and it's 1 of the 2 new merchants mentioned.

我們認為我們做得很好，它是提到的 2 個新商家之一。

This is what we do with the regular price increases as well, cost increases.

這也是我們對定期漲價、成本增加所做的事。

We figure out how to get to minimize it.

我們找出如何將其最小化。

And we brought in additional containers of certain seasonal merchandise early before the January 1 deadline, and we'll continue to keep you posted.

我們在 1 月 1 日截止日期之前提前引入了額外的貨櫃某些季節性商品，我們將繼續向您通報最新情況。

Lastly, in terms of upcoming press releases, we'll announce our December sales results for the 5 weeks ending Sunday, January 6, on January 9 after the market closes.

最後，就即將發布的新聞稿而言，我們將在 1 月 9 日收盤後公佈截至 1 月 6 日星期日的 5 週的 12 月份銷售結果。

With that, I will open up to questions, and I'll turn it back to you, Luz.

這樣，我將提出問題，然後我會將其轉回給你，Luz。

(Operator Instructions) Our first question comes from the line of Michael Lasser from UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的 Michael Lasser。

Within your core-on-core gross margin, it's been trending a little bit lower over the last couple of quarters.

在核心毛利率中，過去幾季一直呈下降趨勢。

What's been driving that?

是什麼推動了這一點？

Are you starting to feel the impacts of your pretty rapid e-commerce sales and the margin dilution from that on your core-on-core gross margin?

您是否開始感受到相當快速的電子商務銷售以及由此帶來的利潤稀釋對核心毛利率的影響？

And then I have a follow-up.

然後我有一個後續行動。

There's 2 people in the room here, 1 senior merchant.

這裡房間裡有2個人，1個是高級商人。

It's really us.

確實是我們。

There's not been a lot of change.

沒有太大變化。

I was just looking back like in the fourth quarter.

我只是回顧一下第四季的情況。

I believe year-over-year, it was lower by 2. I believe in 1 of the 2 previous quarters, on a year-over-year quarterly basis, it's in the 4 to 6 range.

我相信，與去年同期相比，下降了 2。我相信，在前 2 個季度中，有 1 個季度，與去年同期相比，下降幅度在 4 到 6 之間。

So it's really -- we don't really view it as much more than the things that we're doing to drive our business.

所以，我們實際上並不認為它比我們為推動業務所做的事情更重要。

We are pretty excited to figure out how to drive sales.

我們很高興弄清楚如何推動銷售。

And whether it Buyer's Picks or Hot Buys or some of the promotional seasonal items, I think that's seen in our -- the strength of our business.

無論是買家精選、熱門商品或一些季節性促銷商品，我認為這都體現在我們的業務實力中。

The only thing that I pointed out in the past quarter or 2 is on the fresh side, we've seen a little bit more margin pressure as there's been a little bit more retail competitive pressure out there, not only from supermarkets but Sam's as well.

我在過去一兩個季度中指出的唯一一件事是新鮮的一面，我們看到了更多的利潤壓力，因為零售競爭壓力更大了，不僅來自超市，還來自山姆。

But that's part of the business.

但這是業務的一部分。

My follow-up question is on the expense side.

我的後續問題是關於費用方面的。

I recognize that you've been investing in wages and investments over the tax benefits that you've got.

我認識到您一直在工資和投資上進行投資，而不是您所獲得的稅收優惠。

But you have put up some of the best comps we've seen in a long time.

但你們已經做出了一些我們長期以來見過的最好的比賽。

I know expense leverage has been modest.

我知道費用槓桿一直不大。

So when can we start to see that improve?

那我們什麼時候可以開始看到這種情況的改善呢？

Well, keep in mind, within these numbers, there's about 8 basis points related to -- specifically to that, what I'll call that extra wage increase that we did in June post the tax act changes.

好吧，請記住，在這些數字中，大約有 8 個基點與——具體來說，我稱之為我們在 6 月稅法變更後所做的額外工資增長有關。

We -- on the IT side, we've got a heck of a lot going on.

我們－在 IT 方面，我們做了很多事。

I think it still will bounce around a little bit.

我認為它仍然會反彈一點。

But having been flat on a year-over-year basis in the quarter, we're starting to see that.

但由於本季同比持平，我們開始看到這一點。

Look, it's all sales-related.

看，這一切都與銷售有關。

There's really a lot of different things.

確實有很多不同的事情。

We will go through all the activities we've got going on now, whether it's related to bringing into some of our depots the returns activities, the fulfillment side.

我們將回顧現在正在進行的所有活動，無論是否與將退貨活動、履行方面帶入我們的一些倉庫有關。

With the success -- with the rapid rollout a year ago into our business centers of the 2-day and frankly with the success of e-commerce, including a lot of small ticket items -- or smaller-ticket items than just the much higher-penetration or bigger-ticket items that we used to do, you've got a lot of small package fulfillment.

隨著電子商務的成功，一年前我們的兩天商務中心迅速推出，坦率地說，電子商務的成功，包括許多小票商品，或者比高得多的小票商品-我們以前做過的滲透或大件物品，你有很多小包裹履行。

We're making sure things get there on time even if it costs us a little more.

我們會確保貨物按時到達，即使這會增加我們的成本。

So I mean, there's a lot -- I can go through a list.

所以我的意思是，有很多——我可以列出一個清單。

There's lots of little things, but I think we've got a lot of good things going on.

有很多小事情，但我認為我們有很多好事發生。

And as long as we can keep sales going, you'll see that.

只要我們能夠保持銷售，您就會看到這一點。

So should we interpret that answer as even if you continue this rate of sales growth, expense leverage should continue to be modest?

那麼，我們是否應該將這個答案解釋為即使您繼續保持這種銷售成長率，費用槓桿也應該繼續保持適度？

Well, we'll see.

好吧，我們拭目以待。

I mean, we never want to predict where it's going to go.

我的意思是，我們永遠不想預測它會去哪裡。

Our first -- we are clearly a top line company.

我們的第一名——我們顯然是一家頂級公司。

We clearly aren't going to do things to wages or to health care costs.

我們顯然不會對工資或醫療保健費用採取任何行動。

One of the -- over the time, people have always asked us, how do we -- what are we doing to control health care costs?

其中之一 - 長期以來，人們總是問我們，我們如何 - 我們正在做什麼來控制醫療保健成本？

It's -- my first somewhat flipped but real answer is expand more overseas.

這是——我的第一個有點翻轉但真正的答案是向海外擴張。

Health care cost as a percentage of sales in the U.S. are 20 to 60 basis points as a percent of sales higher than all other countries.

美國的醫療保健成本佔銷售額的百分比比所有其他國家高出 20 至 60 個基點。

Our foreign pipeline, international pipeline is -- has expanded, and I think you'll see that 70-30 or 75-25 U.S. versus international start to move a little more in international.

我們的國外管道，國際管道正在擴大，我想你會看到美國與國際的 70-30 或 75-25 開始在國際上移動更多。

So there's things that we do to ourselves based on when we do it.

所以我們會根據自己做事的時間來對自己做些事。

We've got a lot -- again, we've got a lot of things going on with ancillary businesses, with expanding the whole fulfillment and depot system.

我們有很多——再說一遍，我們在輔助業務方面做了很多事情，擴大了整個履行和倉庫系統。

I think -- I'm beating around the bush because, a, we can't really tell you where and when.

我想——我這是在拐彎抹角，因為，a，我們無法真正告訴你地點和時間。

We feel good about -- we're building to accommodate even more growth on e-commerce and on the delivery side, and we know that we'll see some of those costs associated with that come down as a percentage of those sales.

我們感覺很好——我們正在努力適應電子商務和交付方面的更多成長，我們知道，我們將看到與此相關的一些成本佔銷售額的百分比下降。

But we're not going to tell you when.

但我們不會告訴你什麼時候。

It'll take some time.

這需要一些時間。

Last one, Michael.

最後一位，麥可。

I mentioned earlier the stock compensation.

我之前提到過股票補償。

Stock compensation is not just to a few people at this company.

股票補償不僅僅是針對這家公司的少數人。

It's over 5,000 employees.

它有超過 5,000 名員工。

And it's, in many cases, from warehouse manager above and buying managers and above and certainly the senior people, it's 60% to 80% of compensation.

在許多情況下，來自倉庫經理以上、採購經理以上，當然還有高階人員的薪資佔 60% 到 80%。

Because of our annual grants that invest nearly over 5 years are granted in October, which is Q1, the fact that our stock price has increased as well, an acceleration related to 25, 30 and 35, that was 6 basis points of it.

由於我們投資近 5 年以上的年度撥款是在 10 月（即第一季）發放的，因此我們的股價也上漲了，增幅分別為 25、30 和 35，即 6 個基點。

You're not going to see that kind of thing forever.

你不會永遠看到那種事。

If you look back over the last couple of years, you'll see that typically in the first quarter, and that will ease off in the next 3 quarters.

如果你回顧過去幾年，你會發現這種情況通常出現在第一季度，而接下來的三個季度將會有所緩解。

And the next question is from the line of Simeon Gutman from Morgan Stanley.

下一個問題來自摩根士丹利的西蒙古特曼。

Richard, I missed some of the prepared remarks.

理查德，我錯過了一些準備好的發言。

So I didn't hear what the core-on-core merch margin was, but my question is if margins, let's say, came in a little lighter than what the Street was looking for, I'm curious if you can talk about -- is the cost of business going up?

所以我沒有聽說核心商品利潤率是多少，但我的問題是，比方說，利潤率是否比華爾街所尋求的要低一些，我很好奇你是否可以談談 - - 業務成本是否上漲？

Is it reinvestment?

是再投資嗎？

Is it investment?

是投資嗎？

Is it external factors?

是外在因素嗎？

And then I know you don't like to comment on the reinvestment rate, but is that -- did that change this quarter given how much of -- how good sales were and there's more dollars flowing in?

然後我知道你不喜歡評論再投資率，但是考慮到銷售情況有多好以及有更多的美元流入，本季度這種情況是否發生了變化？

Well, in terms of -- we're not that scientific and smart about how we do it.

嗯，就我們的做法而言，我們並不那麼科學和聰明。

We're merchants at heart.

我們本質上是商人。

And when we see things work, we go for it.

當我們看到事情有效時，我們就會去做。

As it relates to the core-on-core, year-over-year was down 6 basis points.

就核心對核心而言，年減了 6 個基點。

As I mentioned in the last couple of quarters, we've seen a little bit more competition on the fresh side, which is fine.

正如我在過去幾個季度中提到的，我們看到新鮮方面的競爭增加，這很好。

We've got good fresh sales numbers, but we, like others, our competitors -- so we're feeling a lower margin there and we're not going to let anybody take it away from us.

我們有很好的新銷售數據，但我們和其他人一樣，我們的競爭對手 - 所以我們感覺到那裡的利潤率較低，我們不會讓任何人從我們手中奪走它。

But that's a small piece of that delta.

但這只是三角洲的一小部分。

There's a lot of other moving pieces to it.

還有很多其他的活動。

Part of it is related to the fulfillment side of it.

其中一部分與它的履行面有關。

We are encountering slightly smaller margins in some of that stuff as we roll it out very fast.

當我們快速推出某些產品時，我們遇到了稍微較小的利潤。

But again, we don't really see -- in terms of reinvesting more because we have it, no.

但同樣，我們並沒有真正看到更多的再投資，因為我們擁有它，沒有。

We invest more because whether we have it or not and we see these things working for us.

我們投資更多是因為無論我們是否擁有這些東西，我們都看到這些東西對我們有用。

Okay.

好的。

And then just 2 quick ones.

然後只有 2 個快速的。

Can you tell us what the e-comm penetration is either in the quarter or just where e-comm stands?

您能否告訴我們本季的電子商務滲透率是多少，或者電子商務的現況如何？

And then the other piece is just the cents per gallon of the gas margins.

另一部分只是每加侖汽油利潤的美分。

I don't know if -- I'm sure you spoke about what they were in and of itself, but have the margins widened out?

我不知道——我確信你談到了它們的本質，但是邊緣是否擴大了？

Margins in gas have widened out.

天然氣利潤已擴大。

I mean, everybody -- our sense is everybody's making more money out there.

我的意思是，每個人——我們的感覺是每個人都在賺更多的錢。

As they make more money, we make a little more money but we sell a heck of a lot of gas.

當他們賺更多的錢時，我們也賺更多的錢，但我們賣了大量的天然氣。

In the last -- I don't know what it was this quarter, but in the last couple of quarters, U.S. -- whereas overall U.S. gallon consumption is in the very low single digits, we've been in the high single digits of gallon consumption, physical people coming in and filling up their tanks.

上個季度——我不知道這個季度是什麼，但在過去幾個季度，美國——雖然美國加侖的總體消費量處於非常低的個位數，但我們一直處於高個位數的水平加侖消耗，實際人員進來並加滿他們的油箱。

And so that's all good in that regard.

從這方面來說，這一切都很好。

What was the other piece of the question?

問題的另一部分是什麼？

I'm sorry.

對不起。

The e-commerce?

電子商務？

The e-comm penetration, yes.

電子商務的滲透，是的。

I think the -- I think it's just under 5%, 4.8%.

我認為——我認為它略低於 5%、4.8%。

That's approximately 4.8%, so somewhere between 4% and 5%, I think 4.8%.

大約是 4.8%，所以介於 4% 到 5% 之間，我認為是 4.8%。

But on that, I think it was about 60-ish, 80 basis points impact for the comp.

但就這一點而言，我認為這對公司的影響大約是 60 到 80 個基點。

No, higher than that.

不，比這個更高。

100, including revenue recognition.

100，包括收入確認。

We have the line of Chuck Grom from Gordon Haskett.

我們有戈登·哈斯克特的查克·格羅姆的台詞。

Just on the grosses again.

剛剛又上榜了。

I think you said overall, down 50; ex rev rec and gas, it's down 26.

我想你說的是整體下降50；扣除轉速和汽油後，下降了 26。

Can you quantify what the actual rev rec impact was for 2Q and how we should think about that with the upcoming quarters?

您能否量化第二季的實際轉速影響，以及我們應該如何考慮未來幾季的影響？

Hold on.

堅持，稍等。

What was that?

那是什麼？

I can't give it to you.

我不能給你。

I don't have it exactly.

我沒有具體的。

Revenue overall was down about 1/2.

整體收入下降了約 1/2。

I'll give you the extreme example though.

不過我會給你一個極端的例子。

Historically, what they call a curated travel package where we put it together, we have a commitment to the different components of that travel package, be it the hotels or the cruise or whatever, historically, that was a brokerage fee, a brokerage commission.

從歷史上看，他們稱之為策劃的旅行套餐，我們將其組合在一起，我們對該旅行套餐的不同組成部分做出承諾，無論是酒店還是遊輪或其他什麼，從歷史上看，這是經紀費，經紀佣金。

And I'm making this up completely.

這完全是我編出來的。

But let's say there was a $500 broker's commission.

但假設經紀人佣金為 500 美元。

You had no sales but you had -- I'm sorry, you had $500 in sales, the brokerage commission, and essentially no cost of sales.

你沒有銷售額，但你有——對不起，你有 500 美元的銷售額、經紀佣金，基本上沒有銷售成本。

And so needless to say, that's a very high margin percentage.

不用說，這是一個非常高的利潤率。

Now if that was related to -- and again, I'm making this up, a $5,000 cruise package or $5,500 cruise package, you'd have $5,500 in sales, $5,000 cost of sales, and very low.

現在，如果這與——再說一遍，我編造了一個 5,000 美元的遊輪套餐或 5,500 美元的遊輪套餐，那麼您的銷售額將是 5,500 美元，銷售成本是 5,000 美元，而且非常低。

Now it's a very small piece of our business, but that's -- for the year, that's $700 million of it on that revenue recognition line.

現在它只占我們業務的一小部分，但今年的收入確認線中有 7 億美元。

So there's lots of moving parts within this thing.

所以這個東西裡面有很多活動部件。

Okay.

好的。

We thought it maybe could be about 10, 12 basis points.

我們認為可能是 10、12 個基點左右。

I don't know if Bob there can comment about that.

我不知道鮑勃是否可以對此發表評論。

I'm sorry, how much?

抱歉，多少錢？

What's that?

那是什麼？

Roughly 10 basis points in the quarter, or we thought that's what it would be.

本季大約 10 個基點，或者我們認為應該是這樣。

A little less than 10.

不到10個。

Yes, and qualitatively, I'm hearing in this room a little less than half of it, so 10 sounds like it's a little less than half of 22.

是的，從品質上來說，我在這個房間裡聽到的聲音略小於它的一半，所以 10 聽起來像是略小於 22 的一半。

Okay, okay, fair enough.

好吧好吧，很公平。

And then just again here just on the model, this 2017 tax impact that you had, was that just a onetime item in the first quarter or is that going to repeat?

然後，再次就模型而言，2017 年的稅收影響，這只是第一季的一次性項目還是會重複？

It doesn't sound right -- it doesn't sound like it will based on your 26% -- 26% to 27% tax rate for the year, but I just wanted to make sure.

這聽起來不太對——聽起來不像是基於你們當年 26%——26% 到 27% 的稅率，但我只是想確定一下。

It was a onetime.

這是一次。

It relates to the tax act, but some of it relates to things that started for us in fiscal '19.

它與稅法有關，但其中一些與我們在 19 財年開始的事情有關。

And by the way, there's still some moving parts to the tax act.

順便說一句，稅法仍有一些變化的部分。

I mean, it's hundreds of pages.

我的意思是，它有數百頁。

Some of the things still [weren't] completely outlined.

有些事情仍然沒有完全概述。

There may be little pluses and minuses.

可能會有一些小的優點和缺點。

This was a little bit bigger than a little plus, which was good.

這比一點點大一點，這很好。

Okay.

好的。

And then just with -- I think a year now under the belt with CostcoGrocery and Instacart.

然後就是——我想現在已經和 CostcoGrocery 和 Instacart 合作一年了。

I'm just wondering, it doesn't seem it like based on how strong November was, just wondering if you think you're losing any in-store traffic from somebody just replacing that trip with buying online either through CG or Instacart.

我只是想知道，這似乎與 11 月的強勁程度無關，只是想知道您是否認為您正在失去任何店內流量，因為有人只是通過 CG 或 Instacart 在線購買來取代那次旅行。

I think the view is it's incremental.

我認為這種觀點是漸進的。

It's hard to say when the in-store frequencies are so strong.

很難說店內頻率什麼時​​候這麼強。

And I don't think we've done a lot of polling of members to see, is this incremental or not, but we're -- we feel that we're seeing less than we originally thought, which wasn't a lot to begin with in terms of does it take away from the frequency in-store.

我認為我們沒有對會員進行大量民意調查，看看這是否是增量，但我們覺得我們看到的比我們最初想像的要少，這並不是很多首先，它是否會減少店內的頻率。

It can't add to it, but it has opened some new markets for us or some expanded markets.

它不能增加它，但它為我們打開了一些新的市場或一些擴大的市場。

Anecdotally, I have plenty of friends that come up to me and have told me that -- how they love it in terms of they're doing more -- some of their incremental food shopping that way or making it more convenient on themselves.

有趣的是，我有很多朋友來找我並告訴我——他們多麼喜歡這樣做，因為他們做得更多——他們以這種方式增加了一些食品購物，或者讓自己更方便。

And we're finding that people that live further away are using it more, but these are all anecdotal, nothing science-related to those -- my comments there.

我們發現住得更遠的人更多地使用它，但這些都是軼事，與這些沒有任何科學相關——我在那裡的評論。

Okay.

好的。

And just to follow up on Simeon's question about the e-commerce margins.

只是為了跟進西蒙關於電子商務利潤率的問題。

My understanding is historically, it's been a margin-accretive category for you.

我的理解是，從歷史上看，這對你來說是一個可以增加利潤的類別。

In other words, it garners a higher margin than the store margins.

換句話說，它獲得的利潤高於商店的利潤。

I just want to make sure that that's still -- is that correct?

我只是想確保這仍然是正確的嗎？

Is that maybe...

難道這也許是…

No, that's never been a higher margin.

不，這是從未有過的更高的利潤。

It's been a little lower margin.

利潤率有點低了。

You've got competitive categories like electronics and things which dominates the penetration.

你有競爭性的類別，如電子產品和主導滲透率的東西。

And then there's cost of shipping, and so it's a little lower margin.

然後還有運輸成本，因此利潤率會低一些。

It's a little lower margin and a lot lower SG&A.

利潤率低一些，SG&A 低得多。

So it's a higher P&L, if you will, in terms of the earnings, recognizing that not every expense is allocated back to it.

因此，如果您願意的話，就收益而言，這是一個更高的損益，因為您認識到並非所有費用都會分配回其中。

The next question is from John Heinbockel from Guggenheim Securities.

下一個問題來自古根漢證券公司的約翰·海因博克爾。

So Richard, a couple of things.

理查德，有幾件事。

Did you see any COGS pressure from port congestion, right, either having to pay to prioritize fly product in?

您是否看到港口擁塞帶來的銷貨成本壓力，對吧，要么必須付費才能優先運送飛行產品？

And are you seeing any of that today as we go into '19?

今天，當我們進入 19 世紀時，你看到了這些嗎？

Nothing more than usual at this time of year.

每年的這個時候，沒有比平常更多的事情了。

Again, anecdotally, I know that when we had very strong produce sales on a few items like watermelons around Labor Day, when you had to get an extra container somewhere fast, not shipping across -- I'm just talking about truck containers on the side trailers, something you paid $1,500 for might cost $3,500 for that last truck.

再次，有趣的是，我知道當我們在勞動節前後西瓜等一些商品的農產品銷售非常強勁時，你必須快速在某個地方獲得一個額外的集裝箱，而不是運送過去 - 我只是在談論卡車集裝箱側拖車，您花費1,500 美元購買的最後一輛卡車可能要花費3,500 美元。

But again, these were anecdotal stories I heard.

但同樣，這些都是我聽到的軼事故事。

My understanding is there's a little backup in China and Shanghai but not a heck of a lot there.

我的理解是，中國和上海有一點備份，但不是很多。

And probably a part of that is every extra container that goes out there, merchants like Costco were filling them to bring in things in anticipation of certain tariffs going to 25% on January 1. Can I interest you in some patio furniture?

其中一部分可能是每一個額外的貨櫃，像 Costco 這樣的商家都在裝滿這些貨櫃，以進口一些東西，預計 1 月 1 日某些關稅將達到 25%。我可以給你買一些露台家具嗎？

And then broader on supply chain, right.

然後是更廣泛的供應鏈，對吧。

So you think about, I guess, calendar '19, what -- is the chicken plant the only lumpy thing?

所以你想想，我猜，19 年曆，什麼——雞植物是唯一塊狀的東西嗎？

So I think that's still slated for calendar '19.

所以我認為這仍然是 19 年曆上的事情。

The opening of that, can that -- will that actually -- will we actually be able to see that in the P&L?

首先，我們真的能夠在損益表中看到這一點嗎？

And is there anything else lumpy like that, that might impact specifically supply chain in '19?

還有其他類似的事情可能會特別影響 19 年的供應鏈嗎？

Well, first of all, I think the plan is by early summer, they'll start processing but not at 100% capacity and that will take 6 or 8 months to get to 100% capacity.

嗯，首先，我認為計劃是在初夏之前，他們將開始加工，但不會達到 100% 的產能，需要 6 到 8 個月才能達到 100% 的產能。

So it's really into fiscal '20 or even mid-fiscal '20, where, God willing, it's running smoothly or close to full capacity.

因此，實際上已經進入了 20 財年，甚至是 20 財年中期，如果上帝保佑，它會順利運行或接近滿載運行。

There's a few other things that aren't as big and slightly less lumpy.

還有一些其他東西沒有那麼大，也沒有那麼笨重。

We -- last year, we opened a commissary -- bakery commissary in Canada.

去年，我們在加拿大開設了一家麵包店小賣部。

It's by no means at full capacity yet.

它還沒有達到滿載。

We're adding items that we sell but doing some things that didn't -- we didn't start off doing there.

我們正在添加我們出售的商品，但做了一些不出售的事情——我們一開始就沒有這樣做。

Same thing, we've had a meat plant in Tracy, California for 20-plus years.

同樣，我們在加州特雷西擁有一家肉類工廠已有 20 多年了。

We opened a second meat plant in Morris, Illinois that will handle the Midwest and East Coast.

我們在伊利諾州莫里斯開設了第二家肉類工廠，負責中西部和東海岸的肉類生產。

It's by no means at full capacity yet.

它還沒有達到滿載。

And so there is some lumpiness and that's -- both of those latter 2 things have been around -- the commissary has been around for over a year, maybe closer to 2. And the meat plant has been around for a year-ish.

所以有一些塊狀的東西——後兩件事都已經存在了——小賣部已經存在了一年多，也許接近 2。而肉類工廠已經存在了一年左右。

And so those are some of those -- when I talked earlier about -- I think Michael Lasser was talking about are there -- what are the things that are -- or challenges to SG&A.

這些就是其中的一些——當我之前談到時——我認為邁克爾·拉瑟（Michael Lasser）正在談論這些——有哪些事情——或者對SG&A 的挑戰。

There's lots of little things like that.

諸如此類的小事還有很多。

Notably, some additional -- the ramp-up in getting up and running fulfillment both for e-commerce and all those other 2-day deliveries.

值得注意的是，還有一些額外的因素——電子商務和所有其他 2 天送達的啟動和運作履行的增加。

So we've got a lot of little things going on like that.

所以我們有很多這樣的小事。

The big lumpy is going to be -- I mean, just by sheer size of it, is the chicken plant, but that has more to do with -- there's -- there'll be some more preopening and there'll be some -- perhaps a little more depreciation.

那個大塊狀的東西將是——我的意思是，僅從它的大小來看，就是雞植物，但這更多地與——有——會有更多的預開放，會有一些— — - 或許會多一點折舊。

All right.

好的。

And then just lastly, are you seeing any early signs of pickup in fresh inflation, meat, produce?

最後，您是否看到新鮮通膨、肉類、農產品出現任何回升的早期跡象？

Looks like it might be percolating a little bit, but have you seen that yet?

看起來可能有點滲透，但你有看過嗎？

We haven't.

我們沒有。

One of the merchants here is shaking their head.

這裡的一位商人正在搖頭。

Next question is from Chris Horvers from JPMorgan.

下一個問題來自摩根大通的克里斯霍弗斯。

So first, on the rev rec, so as we think about that gross margin pressure that you experienced in this quarter, is that something you expect for the rest of the year essentially?

首先，關於轉速記錄，當我們考慮您在本季經歷的毛利率壓力時，您對今年剩餘時間的預期是這樣的嗎？

There is no recapture.

沒有重新奪回的可能。

It will be a pressure all year because of the change in accounting?

因為會計的變動會是一整年的壓力嗎？

And then also, on the top line front, I know you mentioned that it was a benefit to this month on the top line in November, but that has pressure in December and January.

然後，在營收方面，我知道您提到過，11 月的營收對本月來說是有利的，但 12 月和 1 月有壓力。

So over the year, is the rev rec impact to the top line neutral?

那麼一年來，轉速記錄對營收的影響是中性的嗎？

That latter question related really to e-comm.

後一個問題確實與電子商務有關。

The rev rec will be for the year.

轉速記錄將針對當年。

I think in -- I think our September sales release, we talked about the fact that for all of '19, we estimate that this new standard will benefit sales by about 1%, so 1-point-something billion dollars.

我認為，在我們 9 月的銷售發布中，我們談到了這樣一個事實：對於 19 年全年，我們估計這一新標準將使銷售受益約 1%，即 1 個百分點，約為 10 億美元。

Some of the things have more margin percentage impact, but at the end of the day, it has no impact on the bottom line.

有些事情對利潤率的影響更大，但最終對利潤沒有影響。

But -- understood.

但是——明白了。

So you had a big benefit in this sort of the November month in this quarter because of e-commerce, right, and that's rev rec?

因此，由於電子商務，您在本季的 11 月獲得了很大的收益，對吧，這就是轉速記錄？

So you had a bigger benefit now.

所以你現在有了更大的好處。

So it just mitigates throughout the rest of the year essentially or goes the other way?

那麼，它只是在今年剩餘時間基本上有所緩解還是相反？

Yes.

是的。

There's -- relatively speaking, there's a bigger benefit in the end of Q1 and into December because of the holidays and the strength in e-commerce.

相對而言，由於假期和電子商務的強勁，第一季末和 12 月的收益更大。

Okay.

好的。

And then the gross margin?

那麼毛利率呢？

I know it's up and down to the SG&A line, but the gross margin impact persists all year perhaps a little bit.

我知道這會影響SG&A線，但毛利率的影響全年都會持續，也許會有點影響。

As it relates -- yes, at some degree of it, yes.

正如它所涉及的——是的，在某種程度上，是的。

Of course.

當然。

We said it.

我們說過了。

Yes.

是的。

It will be an 8 to 10 basis point headwind just optically.

僅從視覺上看，這將是 8 到 10 個基點的逆風。

Yes.

是的。

Optically, it will be an 8 to 10 basis point headwind.

從表面上看，這將是 8 到 10 個基點的逆風。

Understood.

明白了。

And then in terms of the e-commerce strength in the month of November, you've added a lot of stuff to the website.

然後就 11 月份的電子商務實力而言，您在網站上添加了很多內容。

You're advertising it more.

你這廣告又多了

Were you more, I guess, aggressive with advertising or promotions because it was Black Friday?

我猜你是不是因為那天是黑色星期五而在廣告或促銷上更激進？

Or is this just a new normalized rate of like, "Hey, this is what we're offering," and sort of there's some sustainability to that growth that you saw in the month in November?

或者這只是一個新的標準化比率，例如“嘿，這就是我們提供的產品”，而您在 11 月看到的成長具有一定的可持續性？

There were the same number of ads or marketing pieces.

廣告或行銷作品的數量相同。

We have more emails that we're sending to.

我們還有更多電子郵件要傳送到。

We've done a better job over the year of collecting e-mails.

這一年我們在收集電子郵件方面做得更好了。

There's better values.

有更好的價值觀。

I think a year ago, we talked about not only online but in store, better values, Hot Buys and Buyer's Picks, higher traffic, higher conversion as well.

我想一年前，我們不僅談論了在線，還談論了實體店、更好的價值、熱門商品和買家的選擇、更高的流量、更高的轉換率。

Those are all things -- some of that stuff is Improving Your Site 101, recognizing that some of these things we had done as well in years prior.

這些就是所有的事情 - 其中一些事情是“改進您的網站 101”，並認識到我們在幾年前也做過其中一些事情。

And the values, I mean I think we're -- we've gotten the attention of the suppliers in many cases and they're coming up -- they see how it's improved their business, particularly in an environment where in some cases, those products aren't doing as well as our competitor brick-and-mortar operators.

我的意思是，我認為我們的價值觀——在許多情況下我們已經引起了供應商的注意，他們正在提出——他們看到它如何改善他們的業務，特別是在某些情況下的環境中，這些產品的表現不如我們競爭對手的實體業者。

Yes.

是的。

I bought a snowboard and it was like 30% cheaper than what I could find at a big box store.

我買了一塊滑雪板，比我在大賣場買到的便宜 30%。

So in November, that was my Black Friday gift.

所以十一月，這是我的黑色星期五禮物。

My last question -- and they delivered to my garage.

我的最後一個問題——他們送到了我的車庫。

My last question is what percentage of e-commerce are you shipping currently versus direct from vendor?

我的最後一個問題是，與直接從供應商處發貨相比，您目前所運輸的電子商務百分比是多少？

And where do you think this goes over time?

您認為隨著時間的推移，情況會如何？

And like what sort of cost savings do you generate over time?

隨著時間的推移，您會節省哪些成本？

We should be about 50% ourselves, and that tends to be the smaller-sized items and small pack sizes and what have you.

我們自己應該佔 50% 左右，這往往是較小尺寸的物品和小包裝尺寸以及您擁有的東西。

All the big stuff and all the white glove stuff like white goods, big electronics, furniture, patio furniture, those typically are done by third parties.

所有的大東西和所有白手套的東西，例如白色家電、大型電子產品、家具、庭院家具，這些通常都是由第三方完成的。

Is that percentage going to go up over time?

隨著時間的推移，這個百分比會上升嗎？

Or just because the mix of small items goes up, that's what drives it up?

或者僅僅因為小商品的組合增加，這就是推動其上漲的原因？

We'll have to see.

我們得看看。

I mean...

我是說...

Most economical.

最經濟。

Whatever -- we're going to do whatever way is most economical.

不管怎樣——我們會採取任何最經濟的方式。

My guess is there are going to be some things that we're currently doing with third party that we'll bring in-house as we get better and more competent at being able to do it.

我的猜測是，我們目前正在與第三方合作做一些事情，隨著我們變得更好、更有能力，我們會將這些事情引入內部。

If you're thinking of going back to some basic things like what we're doing with UPS with 2-day [drive], it's not e-commerce but it's a 2-day drive . What other things can we do in that box size?

如果您考慮回到一些基本的事情，例如我們使用 UPS 進行的 2 天[車程]，它不是電子商務，而是 2 天車程。在這個尺寸的盒子裡我們還能做什麼？

We're working with vendors, as others are, I'm sure, as well, to figure out how to get certain products, how to minimize the freight cost by getting, given our volumes and our predictability of certain items, how we can get closer in a more efficient freight way to the ultimate delivery to the customer.

我確信，我們正在與其他供應商合作，弄清楚如何獲得某些產品，如何透過獲取，考慮到我們的數量和某些物品的可預測性，來最大限度地減少貨運成本，我們如何能夠以更高效率的貨運方式更接近最終交付給客戶的目標。

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

下一個問題來自巴克萊銀行的凱倫·肖特（Karen Short）。

A couple of questions.

有幾個問題。

Just on tariffs, can you maybe just elaborate a little on what your pricing philosophy will be with respect to tariffs, meaning will you address price, I guess, increases if you need to on a SKU-by-SKU basis?

就關稅而言，您能否詳細說明您在關稅方面的定價理念，這意味著如果您需要逐一 SKU 地解決價格問題，我想您是否會考慮增加價格？

Or are you looking at the whole box more broadly and trying to figure out how you can offset with a lower price increase across the box?

或者您是否更廣泛地審視整個盒子，並試圖找出如何透過整個盒子的較低價格上漲來抵消？

It's a SKU-by-SKU basis, recognizing it's a heck of a lot easier to do when you're only selling 3,800 SKUs in its entirety to start with.

這是一個逐個 SKU 的基礎，認識到當您一開始只銷售 3,800 個 SKU 時，這樣做要容易得多。

And again, part of it is price points.

再說一遍，其中一部分是價格點。

Again, I was talking to a merchant yesterday and they gave me examples of where, on a $40 or $50 item that's at 20% or 15% -- 10% to 25%, they see no change in the unit volumes and there's some -- and first of all, if it's in the 10% range, I think we've done -- we feel we've done a good job of working with the supplier, what is the supplier willing to do and to try that -- minimize that or if there's competing suppliers, getting even more.

昨天我再次與一位商家交談，他們給了我一些例子，在40 美元或50 美元的商品上，稅率為20% 或15%——10% 到25%，他們認為單位數量沒有變化，而且有一些—— - 首先，如果在 10% 的範圍內，我認為我們已經完成了 - 我們覺得我們在與供應商的合作方面做得很好，供應商願意做什麼並嘗試 -盡量減少這種情況，或者如果有競爭的供應商，就會得到更多。

So there are some items that even with a 10% increase, we haven't had to change the price.

所以有些商品即使漲了10%，我們也沒有必要改變價格。

Now maybe we ate into our margin a little; sometimes, not at all.

現在也許我們的利潤已經被吃掉了一點；有時，完全不是。

There are some items, bigger ticket items where you -- if you want to go from $500 to $625 at 25% or -- that may impact the unit volume of that stuff.

有一些商品，較大的商品，如果您想以 25% 的價格從 500 美元漲到 625 美元，那麼這可能會影響這些商品的單位體積。

In some cases, in anticipation of a 25% coming, we cut back quantity a little bit on some items.

在某些情況下，由於預期 25% 即將到來，我們會稍微減少某些商品的數量。

So it's all over the board.

所以一切都在板上。

But overall, as you might expect, Karen, we're going to be the last to increase and the lowest.

但總的來說，正如您所預料的那樣，凱倫，我們將是最後一個增加的，也是最低的。

But it's clearly not subsidizing it with other things.

但它顯然沒有用其他東西來補貼它。

Okay.

好的。

And then, I guess, just a color, a little more color on your comment on fresh getting more competitive with both conventional and Sam's, can you just give a little more color on what you're seeing exactly?

然後，我想，只是一種顏色，在你關於新鮮與傳統和山姆相比更具競爭力的評論中多一點顏色，你能就你所看到的確切情況提供更多一點顏色嗎？

And then I guess, the question -- the bigger question I have is, I mean, isn't there a possibility that Sam's continues to get more aggressive on other categories?

然後我想，我的更大問題是，我的意思是，山姆有沒有可能繼續在其他類別上變得更加積極主動？

I mean, the pressure will likely spread.

我的意思是，壓力可能會蔓延。

So I guess, are you seeing any of that today?

所以我想，你今天看到這些了嗎？

Or is it just limited to fresh?

還是僅限於新鮮？

Both.

兩個都。

We're respectful competitors.

我們是值得尊敬的競爭對手。

We've been doing this for 35 years.

我們已經這樣做了 35 年。

We're not moving away and we feel we're in a pretty strong area.

我們不會離開，而且我們感覺自己處於一個非常強大的區域。

I mean, within fresh, it's produce and protein and we don't -- whatever comes our way, we'll figure it out.

我的意思是，在新鮮食品中，它是農產品和蛋白質，而我們不是——無論發生什麼，我們都會弄清楚。

And I'm only -- part of the challenge here in trying to be helpful to all of you guys is give you some examples.

我只是 - 試圖為你們所有人提供幫助的挑戰的一部分是給你們一些例子。

It so happens that fresh right now, year-over-year, is down a little bit.

碰巧的是，現在的新鮮度比去年同期下降了一點。

There are times when it's been up.

有的時候已經漲了。

Right now, it's notable.

現在，值得注意的是。

We still feel that we're getting more bang from our buck from having Sam's close 63 units than certain incremental competition on certain things.

我們仍然認為，與某些方面的增量競爭相比，擁有 Sam 近 63 個單位對我們的投入帶來更大的收益。

And that's what we do.

這就是我們所做的。

We compete.

我們競爭。

Okay.

好的。

And then just last question.

然後是最後一個問題。

You commented on testing pickup lockers in 10 locations.

您評論了在 10 個地點測試取貨儲物櫃。

Can you maybe just elaborate like how big are the pickup lockers?

您能否詳細說明一下皮卡儲物櫃有多大？

Is there -- are you kind of looking to maybe expand that or broaden it?

您是否希望擴大或拓寬它？

And then what kind of SKUs would be able to fit in currently in the lockers?

那麼目前儲物櫃中可以容納什麼樣的 SKU呢？

Well, they're not -- I don't think -- they don't -- they won't fit a 60-inch television, as an example.

嗯，我不認為它們不適合 60 吋的電視，例如。

They're relatively small and clean-looking, I think, in the -- there are 10 locations.

我認為它們相對較小且看起來乾淨，總共有 10 個地點。

Keep in mind, the items that we started with and we chose to do, first of all, were items where we had heard time and again, "I would have bought that from you, Costco, but I can't have it shipped to my office and I don't want it be left on our -- on my doorstep until I get home from work." And so we think we picked up a little incremental there.

請記住，我們首先選擇做的項目是我們一次又一次聽到的項目，「我會從你那裡買這個，好市多，但我不能把它運送到我不想把它留在我的辦公室，直到我下班回家。”所以我們認為我們在那裡取得了一些進展。

But what we're finding is that many of these customers, they shifted -- they bought it that way.

但我們發現，這些客戶中的許多人已經改變了——他們以這種方式購買了產品。

First of all, we have more availability of items because we offer a much broader selection that you can order online and pick up in store.

首先，我們有更多的商品可供選擇，因為我們提供了更廣泛的選擇，您可以在線訂購並在商店提貨。

These items really are limited to jewelry items, some small electronics items and handbags.

這些物品實際上僅限於珠寶、一些小型電子產品和手提包。

All buildings, by the way, offer the service and show you that there's more out there.

順便說一句，所有建築物都提供該服務，並向您展示還有更多服務。

But look, it's a test.

但看，這是一個考驗。

We'll figure it out.

我們會解決的。

What we're not looking to do anytime soon is full order online and pick up in store for groceries and -- a, we don't have the room upfront; and b, we see -- we're probably a little biased but we see that when -- not every customer shows up when they order online and you have to separate it between dry and refrigerated and frozen.

我們不打算很快在網上全訂單並在商店提貨，而且——a，我們沒有預先的房間； b，我們看到——我們可能有點偏見，但我們看到——並不是每個顧客在網上訂購時都會出現，你必須將其分為乾貨、冷藏和冷凍。

And costly.

而且成本高昂。

It's very costly.

這是非常昂貴的。

And we do have the alternative now with the Instacart agent.

現在我們確實有了 Instacart 代理的替代方案。

We have the line of Edward Kelly from Wells Fargo.

我們有來自富國銀行的愛德華凱利的電話。

Richard, you mentioned the gas business and margins rising everywhere.

理查德，你提到天然氣業務和各地的利潤率都在上升。

We are seeing that at our other companies.

我們在其他公司也看到了這一點。

Just thoughts on the reason for that and the sustainability of that?

只是思考其原因及其可持續性？

Well, I think the reason is traditional retail -- well, all companies, including us, we want to make money.

嗯，我認為原因是傳統零售——嗯，所有公司，包括我們，我們都想賺錢。

And what we have found is that as prices have come down, our view is our moat, if you will, our competitive pricing has gotten bigger.

我們發現，隨著價格的下降，我們的觀點就是我們的護城河，如果你願意的話，我們的競爭性定價變得更大。

We're saving -- you can just look every week at GasBuddy.com, but we do our own price studies.

我們正在節省開支——您可以每週訪問 GasBuddy.com，但我們會進行自己的價格研究。

We're saving our customer relative to competitors' stations nearby.

相對於附近競爭對手的加油站，我們正在節省我們的客戶。

Whether they're independents or supermarkets or nationals, we're saving them -- we're saving more today than we've ever saved them per gallon.

無論他們是獨立人士、超市還是國民，我們都在拯救他們——我們今天節省的錢比以往每加侖為他們節省的還要多。

And we're making more than we've ever made partly because everybody else is making more and we're able to make a little more.

我們賺的錢比以往任何時候都多，部分原因是其他人都賺得更多，而我們也能賺得更多。

How long does it last?

持續多久？

I don't know.

我不知道。

It does seem that there's not a heck of a lot of traction on gas prices going up, yes.

是的，天然氣價格上漲似乎沒有太大的動力。

I mentioned earlier -- you've heard this from me before, we make -- we want to make a little a lot of times.

我之前提到過——你以前聽過我說過，我們做——我們想做很多次。

As it relates to gas, I mean, we've been enjoying for the last several quarters on a year-over-year basis close to high single-digit gallon comps in a U.S. population where it's just above flat, in the low single digits.

我的意思是，就天然氣而言，過去幾個季度我們一直在享受與去年同期相比接近高個位數加侖的價格，而美國人口的加侖價格略高於持平，處於低個位數。

So we're definitely taking market share, and we're enjoying, able to do that while making a little more but not a lot.

因此，我們肯定會佔據市場份額，而且我們很享受，能夠做到這一點，同時賺得多一點，但不是很多。

And I just want to take a step back and ask you a question about EBIT growth.

我只想退一步問你一個關於息稅前利潤成長的問題。

If we look at EBIT growth this quarter and adjust for onetime items, like the charge on the breakage, adjusted wage investment, removed the MFI benefit, if you do all that, it looks like EBIT grew somewhere in sort of like the 3.5% to 4% range.

如果我們觀察本季的息稅前利潤成長情況，並對一次性專案進行調整，例如破損費、調整後的薪資投資、取消小額信貸機構的福利，如果你做到了所有這些，看起來息稅前利潤成長了3.5% 左右。4% 範圍。

That was about the same as it was last quarter, but yet your comp is 7% to 8%.

這與上個季度大致相同，但您的利潤率為 7% 到 8%。

Fuel's contributing.

燃料有貢獻。

I'm just kind of curious, if we take a step back here, help us understand how we read that, I guess, why that number is not better?

我只是有點好奇，如果我們退一步，幫助我們理解我們是如何閱讀這個數字的，我想，為什麼這個數字不是更好？

And then how do we think about going forward because you might not be comping 7% to 8% forever.

然後我們如何考慮未來，因為你可能不會永遠獲得 7% 到 8% 的回報。

Does kind of flow-through improve from here?

從這裡開始流量是否有改善？

Right.

正確的。

Well, first of all, 2 things, you mentioned that 3% to 4%.

嗯，首先，有兩件事，你提到了 3% 到 4%。

I think if you'd add those 2 items and -- that impacted the pretax, it's 6% or 7%.

我想如果你把這兩項加起來——這對稅前的影響是 6% 或 7%。

But even that -- and when I say the 2 items, the Citi/Visa breakage as well as the -- our payroll increase that -- on top of everything we took because of the income tax.

但即便如此——當我說這兩項時，花旗/簽證的破損以及——我們的工資單增加了——除了我們因所得稅而拿走的一切之外。

We knew we were going to -- some of that income tax was going to impact the pretax line in that way.

我們知道我們將會——其中一些所得稅將以這種方式影響稅前線。

The other thing -- I'll get back to a couple of the other questions on -- there's lots of stuff going on here guys, and I think we're less worried about was gross margin 5 or 10 basis points different than it could have been.

另一件事——我會回到其他幾個問題——這裡發生了很多事情，我認為我們不太擔心毛利率比實際情況高出 5 或 10 個基點已經。

It could have been a lot better than what we did.

它本來可以比我們所做的好得多。

We don't look at it that way.

我們不這麼看。

We look at what we can do to drive our business and still want to make money.

我們著眼於如何推動我們的業務，同時仍然想賺錢。

We still think long term, we're creating a stronger and more loyal company.

我們仍然從長遠來看，我們正在創造一家更強大、更忠誠的公司。

So I think that we're optimistic about what our future holds in that regard.

所以我認為我們對這方面的未來持樂觀態度。

I can't tell you -- I can't give you guidance of where it will go.

我無法告訴你——我無法指導你它將走向何方。

By the way, in addition to just the payroll hitting the tax, in our case, rough numbers, the first full year post tax -- the tax reform, it's about a little -- it was -- I know it's pretax earnings.

順便說一句，除了工資單影響稅收之外，在我們的例子中，粗略的數字，稅後第一個全年——稅收改革，還有一點——它是——我知道這是稅前收益。

It was a little over $300 million pretax.

稅前金額略高於 3 億美元。

So it's a little over $400 million -- I'm sorry, a little over $300 million tax benefit.

所以這是 4 億多一點——對不起，稅收優惠是 3 億多一點。

So that's a little over $400 million pretax.

稅前金額略高於 4 億美元。

$110 million to $120 million went towards those wages.

1.1 億至 1.2 億美元用於這些工資。

We view these monies as partly our members, and we're doing what we do to drive our business.

我們將這些資金視為我們會員的一部分，我們正在盡我們所能推動我們的業務。

I mean, certainly, what we did to remind our members of the -- of those that have the Citi/Visa card to drive that business, which is long-term positive through the revenue share when it's used outside as we get more and more people to have it and more and more of them to have it top of wallet.

我的意思是，當然，我們所做的就是提醒我們的會員那些擁有花旗/維薩卡來推動這項業務的人，當我們在外面使用它時，隨著我們獲得越來越多的收入，這透過收入分成是長期積極的。人們想要擁有它，而且越來越多的人將它放在錢包裡。

So we think, again, all these things are driving.

所以我們再次認為，所有這些因素都在推動。

Clearly, we -- in the first year of 2-day delivery and fresh -- I'm sorry, 2-day delivery and a big ramp-up in small package with the monies we're investing in fulfillment and the monies -- we're clearly delivering a package to our member even on the 2-day delivery side at a more expensive price when we first started than today, which is still more expensive than it will be tomorrow.

顯然，我們——在 2 天交付和新鮮的第一年——對不起，2 天交付和小包裝的大幅增長，我們投資於履行和資金——顯然，即使在2 天送貨方面，我們剛開始時也會以比今天更貴的價格向我們的會員遞送包裹，但仍然比明天更貴。

We have Rupesh Parikh from Oppenheimer.

我們有來自奧本海默的魯佩什·帕里克 (Rupesh Parikh)。

So first, on the tax rate housekeeping question.

首先，關於稅率內務問題。

The tax rate that you gave, the guidance, does that exclude the benefits that you saw in Q1?

您給予的稅率、指導意見是否排除了您在第一季看到的好處？

There's a tax -- yes, it excludes the benefit of those unusual things.

有稅——是的，它不包括那些不尋常的東西的好處。

Okay, great.

好的，太好了。

And then on the capital allocation front, the share buybacks, again, you guys are not -- you're not buying that many shares back.

然後在資本配置方面，股票回購，你們不會回購那麼多股票。

I was just curious on the special dividend and just how you're thinking about capital allocation going forward.

我只是對特別股息以及您如何考慮未來的資本配置感到好奇。

Well, first of all, in terms of buying back stock, we do buy it regularly.

嗯，首先，就回購股票而言，我們確實定期購買。

We have a matrix that we look at, and we adjust periodically.

我們有一個我們查看的矩陣，並且定期進行調整。

As the stock goes up, we buy a little less each day.

隨著股票上漲，我們每天的買進量會減少一些。

As stock goes down, we buy a little more.

隨著庫存下降，我們會多買一點。

We tended -- even as it was a small number for the quarter, it was a little higher towards the end of the quarter than the beginning of the quarter, but that doesn't -- we'll see what next quarter brings.

我們傾向於——儘管這個季度的數字很小，但到季度末的時候比季度初的要高一些，但事實並非如此——我們將看看下個季度會帶來什麼。

As it relates to special dividends, we have made no decision on our fourth special dividend.

由於涉及特別股息，我們尚未就第四次特別股息做出決定。

We've been asked time and again because each of the 3 that we've done were spaced about 2.5 -- 2.25 years apart from each other.

我們一次又一次被問到，因為我們所做的 3 個項目中的每一個都相隔約 2.5 - 2.25 年。

So we've been asked what happens in 2.25 years from May of '17, and we've said we don't know.

有人問我們從 17 年 5 月起 2.25 年後會發生什麼，我們說我們不知道。

See -- stay tuned and see.

看看——請繼續關注並看看。

When we've done them, they've worked well.

當我們完成它們後，它們效果很好。

We still continue to generate a lot of cash in excess of our CapEx, in excess of a roughly $1 billion annual dividend that has grown historically about 13% a year.

我們仍然繼續產生大量超出資本支出的現金，超過約 10 億美元的年度股息，從歷史上看，股息每年增長約 13%。

So it's certainly on the table, but there's no promises of if and when and how much.

所以這肯定是擺在桌面上的，但沒有承諾是否、何時以及多少。

And next question is from Scot Ciccarelli of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的斯科特·西卡雷利（Scot Ciccarelli）。

Scot Ciccarelli.

斯科特·西卡雷利。

Richard, as you guys change your accrual for the rewards breakage, is that something that will be a notable item on a go-forward basis?

理查德，當你們改變獎勵破損的累積額時，這會是一個值得注意的項目嗎？

Or is it relatively minor and kind of just lost in the lot?

或者它相對較小並且只是迷失在地段中？

It's -- well, it's relatively minor.

這是——嗯，相對較小。

Keep in mind, you're talking about an annual reward that's in the $2 billion range.

請記住，您談論的是 20 億美元範圍內的年度獎勵。

A little -- and if you look at it, this really affected -- we started doing this a few months ago, these reminders in a bigger way.

有一點——如果你看一下，這確實產生了影響——我們幾個月前就開始這樣做了，這些提醒以更大的方式進行。

And if you look at it, it sped up or increased the ones that were going to not be redeemed that related to 2017 calendar purchases on that card.

如果你仔細觀察的話，你會發現，與該卡上 2017 年日曆購買相關的那些無法兌換的交易會加速或增加。

And then we had to then up the accrual for all purchases in '18.

然後我們必須提高 18 年所有採購的應計費用。

We already lowered the accrual from -- prior to this from the previous year, but that's what we do.

我們已經降低了上一年的應計費用，但這就是我們所做的。

On an ongoing basis, I think the impact to the quarter relative to our old one was about $0.01 a share.

從持續的角度來看，我認為相對於我們之前的季度，本季受到的影響約為每股 0.01 美元。

I think it was like $6.5 million, $7 million pretax.

我想稅前大概是 650 萬到 700 萬美元。

So you could annualize that component on an annual basis.

因此，您可以每年對該部分進行年度化。

Okay.

好的。

And then I wanted to clarify an answer to an earlier question.

然後我想澄清之前問題的答案。

I think it was from Chuck regarding the profitability of e-commerce.

我認為這是查克關於電子商務盈利能力的。

Can you help us -- I was also under the impression that e-commerce was a higher -- or let's call it, operating profit transaction for you.

你能幫助我們嗎——我也認為電子商務是更高的——或者讓我們稱之為，為你提供營業利潤交易。

But the way you kind of phrased it, it sounds like it's a lower gross margin but maybe its EBIT is a positive contributor.

但按照你的措辭方式，聽起來毛利率較低，但也許其息稅前利潤是一個積極的貢獻者。

Is that the right...

是這樣嗎...

No, it's a higher -- it's a more profitable operating margin.

不，這是更高的——這是更有利可圖的營業利潤率。

It has a little lower gross margin and a lot lower SG&A.

它的毛利率略低，SG&A 也低得多。

Maybe a lot lower SG&A is more preferably termed lower SG&A because there are a few things that we don't allocate necessarily to it.

也許較低的 SG&A 更適合稱為較低的 SG&A，因為有一些東西我們不一定會分配給它。

But like when you buy something online and return it to a warehouse, the warehouse gets charges for that.

但就像你在網上購買東西並將其退回倉庫一樣，倉庫也會收取費用。

So what we try to do are not a complete full, but it's charged IT -- it's charged for its IT expenses and things like that, certainly on the direct buying and what have you.

因此，我們嘗試做的並不是完全完整，而是收取 IT 費用 - 收取 IT 費用和類似費用，當然直接購買等費用。

But at the end of the day, it's -- we view it as more profitable than the bottom line of our company as a whole.

但歸根結底，我們認為它比我們整個公司的利潤更有利可圖。

Got it.

知道了。

And that...

然後...

But not a lot.

但不是很多。

Is part of that fulfillment?

這是實現的一部分嗎？

What?

什麼？

I'm sorry.

對不起。

And that is true whether it's being shipped by you or the third party that you referenced in an earlier question?

無論是由您還是您在先前問題中提到的第三方運送，情況都是如此？

It's all blended together.

這一切都混合在一起。

And for our last question, we have Scott Mushkin of Wolfe.

對於我們的最後一個問題，我們有來自 Wolfe 的 Scott Mushkin。

So I just wanted to make sure I understood the answer to the last question of the $43 million.

所以我只是想確保我理解了 4300 萬美元最後一個問題的答案。

It sounded like $7 million -- $6 million to $7 million of it is actually not onetime.

聽起來像是 700 萬美元——其中 600 萬到 700 萬美元實際上不是一次性的。

It's going to be kind of an ongoing.

這將是一個持續的過程。

Did I get that right?

我做對了嗎？

Or am I misunderstanding?

還是我誤解了？

Well, the $43 million relates to activities prior to the beginning of fiscal 2019.

好吧，這 4300 萬美元與 2019 財年開始之前的活動有關。

That's onetime in the sense that it goes back to anticipated redemptions higher than what had been previously reserved for, both for calendar -- January 1 through December 31, calendar '17 purchases and transactions both in and outside of Costco on the Citi/Visa card.

從某種意義上說，這是一次性的，它的預期兌換量高於先前預留的金額，包括日曆（1 月1 日至12 月31 日）、17 年日曆中使用花旗/維薩卡在Costco 內外進行的購買和交易。

From February of '18, when they were mailed out to everybody, they've been redeemed.

從 18 年 2 月開始，當它們被郵寄給每個人時，它們就已經被贖回了。

In the last few months, we upped the amount of times we remind our members to redeem them.

在過去的幾個月裡，我們增加了提醒會員兌換它們的次數。

That increased the redemption.

這增加了贖回。

So based on what we had previously thought would be redeemed and not expired as of December 31 of this year, we upped the annual net piece.

因此，根據我們先前認為截至今年 12 月 31 日將被贖回且未到期的金額，我們上調了年度淨收益。

That's a little over 1/3 of that $42 million.

這略高於 4200 萬美元的 1/3。

The other piece is all purchases made on this year, those card members will receive a rewards certificate in February of '19.

另一件是今年的所有購買，這些持卡會員將在19年2月收到獎勵證書。

But every time a transaction is -- a reward is earned, we accrue a little bit of the anticipated breakage or slippage in it.

但每次交易獲得獎勵時，我們都會在其中累積一點預期的破損或滑點。

Well, with our reminders, we are going to accrue a little less for that.

好吧，透過我們的提醒，我們為此累積的錢會少一些。

So it's also -- all the purchases made from January 1, '18 through the end of August or September 2, whatever the year-end was of fiscal '18, we upped the accrual on that.

因此，從 18 年 1 月 1 日到 8 月底或 9 月 2 日期間的所有採購，無論 18 財年的年底是什麼，我們都會提高應計費用。

In Q1, based on our lower breakage assumption, therefore higher accrual of breakage, a lower breakage assumption, it will -- that was about just under $7 million pretax.

在第一季度，根據我們較低的破損假設，因此破損應計較高，破損假設較低，稅前金額約略低於 700 萬美元。

That's the piece that will be ongoing.

這就是我們將要繼續進行的部分。

Okay.

好的。

So I think I got that.

所以我想我明白了。

So then my next question is...

那我的下一個問題就是......

The accrual was about almost $49 million -- almost $50 million.

應計費用約為 4,900 萬美元 - 近 5,000 萬美元。

$43 million was onetime prior to Q1, yes.

是的，4300 萬美元是第一季之前的數字。

Perfect.

完美的。

Then my second question is, Rich, more strategic.

那麼我的第二個問題是，Rich，更具策略性。

I mean, we're seeing a lot of companies and I think a couple of questions got to this, is that as we go more and more omnichannel, the flow-through of sales diminishes.

我的意思是，我們看到了很多公司，我認為有幾個問題是，隨著我們越來越多地採用全通路，銷售流量會減少。

The profitability just kind of comes in.

獲利能力就這麼進來了。

How do you think about Costco?

您如何看待 Costco？

I mean, Costco seemed not to have this problem.

我的意思是，Costco 似乎沒有這個問題。

But maybe we are seeing a little bit of it as we go more omnichannel, just the profitability of the business gets a little bit -- it comes down a little bit.

但也許隨著我們更加全通路發展，我們會看到一點點，只是業務的獲利能力有所下降——有所下降。

How do you think about that?

您對此有何看法？

And how should we be thinking about that?

我們該如何思考這個問題？

Well, I think that we are -- in my view, we are fortunate that we're not impacted.

嗯，我認為我們很幸運沒有受到影響。

If you look at traditional department stores which deliver stuff to your home and then you send 70% of it back, it's all free.

如果你看看傳統的百貨公司，他們把東西送到你家，然後你把其中 70% 寄回去，那就都是免費的。

That's the necessary part of their business.

這是他們業務的必要部分。

That's not necessarily profitable relative to the old way.

相對於舊方式，這不一定有利可圖。

In supermarkets, I don't think delivery -- to the extent you can incrementally take a customer or grow market share, that will be -- maybe that's -- the negative is offset by the positive of the incremental sales.

在超市，我不認為送貨——在你可以逐漸吸引顧客或增加市場份額的情況下——也許是這樣——負面的影響會被增量銷售的正面影響所抵消。

I think we've been fortunate.

我想我們很幸運。

The way we've done it as it relates to e-commerce in general or even 2-day delivery, we didn't go and spend hundreds if not $1 billion on our own delivery.

我們的做法與一般的電子商務甚至是 2 天交付有關，我們沒有花數百甚至 10 億美元在我們自己的交付上。

We're doing it with, in that case, a partner with UPS, limiting the things that we do and it seems to be working.

在這種情況下，我們正在與 UPS 合作夥伴合作，限制我們所做的事情，而且似乎正在發揮作用。

Now we're still going to improve the cost of delivery on even that because our -- there are some parts -- we want to be in the entire Continental United States.

現在我們仍然要提高交付成本，因為我們的——有一些部分——我們希望進入整個美國大陸。

There are some places that are a little further away.

有一些地方稍微遠一點。

So we pay a little more on that.

所以我們為此多付一點錢。

I think when we look at -- to the extent it's incremental, we have found -- I think we've also benefited from things like -- just look at white goods.

我認為，當我們看到——就其增量而言，我們發現——我認為我們也從諸如白色家電之類的事情中受益。

Historically, when we had limited white goods in store, I think 4 fiscal years ago, we did $50 million in U.S. in white goods.

從歷史上看，當我們庫存的白色家電有限時，我認為 4 個財年前，我們在美國的白色家電銷售額為 5000 萬美元。

3 years later, in fiscal '18, we did $500 million, like 5 0 something in white goods, none of it in-store.

3 年後，在 18 財年，我們賺了 5 億美元，就像白色家電中的 5 0 個東西一樣，但沒有一個是在店內銷售的。

We have displays in locations and display high-end LG, Samsung, Whirlpool and the like, and most people want it delivered and actually the old one taken away.

我們在一些地方有展示，展示高端的 LG、三星、惠而浦等，大多數人希望它被交付，而實際上舊的被拿走。

So all that white glove service.

所以所有這些白手套服務。

We have been fortunate in that regard.

在這方面我們很幸運。

There's an example of -- because of what's happening in the world.

有一個例子——因為世界上正在發生的事情。

You look -- you've heard me mention apparel, where brick-and-mortar apparel is generally down over the last few years.

你看——你聽我提過服裝，過去幾年實體服裝普遍下滑。

That's giving us an opening to buy certain things that, historically, we couldn't in the quantities.

這為我們提供了購買某些東西的機會，而這些東西在歷史上是我們無法大量購買的。

99-plus percent of our apparel is still in store, not online.

我們 99% 以上的服裝仍在商店中出售，而不是在網路上出售。

We're testing a few things online.

我們正在網上測試一些東西。

It's a $7 billion category that's grown, compounded for 4 years, in the high 8s.

這一價值 70 億美元的類別在 4 年來的複合年增長率中保持在 8 左右。

Furniture, where we have it in store, limited -- 20,000 to 30,000 feet of furniture for 8, 12 weeks in the summer in the slope after Memorial Day and before Labor Day, we still do some of that in store.

我們店裡的家具有限——陣亡將士紀念日之後和勞動節之前，在夏季的 8、12 週內，在斜坡上出售 20,000 到 30,000 英尺的家具，我們仍然在店裡做一些家具。

But now it's year-round online, same with patio furniture, which is in there for 12 or so weeks, January through part, maybe early April.

但現在它全年都在線，露台家具也是如此，在那裡大約有 12 週，從 1 月到部分時間，也許是 4 月初。

And now the -- geographically, the locations that -- where people buy that stuff year round have the ability to do that.

現在，從地理位置上講，人們常年購買這些東西的地點有能力做到這一點。

So I think we've been fortunate there are some things that, given our item nature of our business, has helped us in that regard and perhaps [offset of that].

因此，我認為我們很幸運，考慮到我們業務的專案性質，有些事情在這方面幫助了我們，也許[抵消了這一點]。

Clearly, Scott, in the first couple of years, it's -- certain of these things cost us more, building out some fulfillment centers, where part of that success online is getting people to open the e-mail to click on something and to buy something and we're -- there's -- those are going to be a few years here, I'm sure, of continuing that, but these strong sales have helped that.

顯然，斯科特，在最初的幾年裡，某些事情讓我們付出了更多的代價，建立了一些履行中心，其中在線成功的部分原因是讓人們打開電子郵件點擊某些東西併購買我確信，我們將在幾年內繼續這樣做，但強勁的銷售對此有所幫助。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you, everyone, for participating.

謝謝大家的參與。

You may now disconnect.

您現在可以斷開連線。