好市多 (COST) 2019 Q2 法說會逐字稿

Good afternoon.

午安.

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

我叫文森特，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 Q2 earnings call and February sales.

此時此刻，我謹歡迎大家參加第二季的財報電話會議和二月的銷售。

(Operator Instructions) I will now turn the call over to your speaker today, Mr. Richard Galanti, CFO.

（操作員指示）我現在將把電話轉給今天的發言人，首席財務官理查德·加蘭蒂先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, Vincent, and good afternoon to everyone.

謝謝你，文森特，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。

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 second quarter of fiscal 2019, the 12 weeks ended February 17, as well as February retail sales for the 4 weeks ended this past Sunday, March 3. Note that the first 2 weeks of February fell into this second fiscal quarter with weeks 3 and 4 of February are the first 2 weeks of our fiscal third quarter.

在今天的新聞稿中，我們報告了2019 財年第二季度、截至2 月17 日的12 週的營運業績，以及截至3 月3 日週日的4 週的2 月份零售額。請注意，2月的前2 週進入第二財季，2 月的第 3 週和第 4 週是我們第三財季的前兩週。

The reported net income for the quarter came in at $889 million or $2.01 per share, a 27% increase compared to the $701 million or $1.59 per share last year in the quarter.

報告本季的淨利潤為 8.89 億美元，即每股 2.01 美元，比去年同期的 7.01 億美元，即每股 1.59 美元增長了 27%。

In terms of sales, net sales for the quarter came in at $34.63 billion, a 7.3% increase over the $32.28 billion reported last year in the second quarter.

銷售額方面，本季淨銷售額為 346.3 億美元，比去年第二季的 322.8 億美元成長 7.3%。

Comparable sales for the second quarter as shown on the press release, for the 12 weeks on a reported basis, U.S. was 7.4%; Canada was minus 0.3%; Other International, 0.7%; for the total company, a 5.4%; as well, e-commerce for the 12 weeks on a reported basis was 20.2%.

如新聞稿所示，在報告的 12 週內，美國第二季的可比銷售額為 7.4%；加拿大為-0.3%；其他國際，0.7%；對於整個公司來說，為 5.4%；此外，據報道，過去 12 週的電子商務率為 20.2%。

Excluding gas deflation, the impact of FX and some weakening foreign currencies relative to the dollar as well as revenue recognition, which is -- impact this year, the 7.4% reported in the U.S. would have been a 7.2%.

排除天然氣通貨緊縮、外匯和一些外幣相對於美元疲軟的影響以及收入確認（即今年的影響），美國報告的 7.4% 應該是 7.2%。

The minus 0.3% in Canada would be a plus 6.0%.

在加拿大，負 0.3% 就是正 6.0%。

Other International, instead of being 0.7% reported, would be plus 4.8%.

其他國際公司的報告不是 0.7%，而是 4.8%。

With total company, the 5.4% reported would become a 6.7%.

就公司總數而言，所報告的 5.4% 將變為 6.7%。

And again, e-commerce reported at 20.2%; ex gas, FX and rev rec, 25.5% plus.

電子商務佔比再次達到 20.2%；不含汽油、外匯和轉速記錄，加 25.5%。

In terms of Q2 comp sales metrics, second quarter traffic or shopping frequency increased 4.9% worldwide and 5.2% in the United States.

就第二季比較銷售指標而言，第二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 impact sales by approximately 140 basis points.

外幣相對於美元走弱對銷售產生約 140 個基點的負面影響。

And gasoline price deflation was another minus 50 basis points of impact.

汽油價格通貨緊縮又受到負50個基點的影響。

Rev rec actually benefited comp sales by about 55 basis points to the positive.

Revre 實際上使公司銷售受益約 55 個基點。

These are the 3 factors that we adjust for and that are presented in today's release as the adjusted column.

這是我們調整的 3 個因素，並在今天的版本中作為調整後的列呈現。

In addition, weather conditions adversely impacted Q2 sales by around 0.5 percentage point.

此外，天氣狀況對第二季銷售額產生了約0.5個百分點的不利影響。

And cannibalization weighed in on the comps by about minus 70 basis points.

蠶食對綜合指數的影響約為負 70 個基點。

In terms of front-end transaction or what we call ticket, our average front-end ticket was up 0.4% during the quarter.

就前端交易或我們所說的門票而言，本季我們的平均前端門票上漲了 0.4%。

And excluding the impacts from gas deflation, FX and rev rec, our average ticket was up approximately 1.8%.

排除天然氣通貨緊縮、外匯和轉速記錄的影響，我們的平均票價上漲了約 1.8%。

Going down the income statement.

往下看損益表。

Membership fee income reported at -- came in at $768 million or 2.22%.

報告的會員費收入為 7.68 億美元，即 2.22%。

That's up $52 million or 7.3% from a year ago.

比一年前增加了 5,200 萬美元，即 7.3%。

Again, with weak foreign currencies, if you adjusted for flat FX, that would make the up $52 million another $9 million up or up 61% -- up $61 million year-over-year ex FX.

同樣，在外幣疲軟的情況下，如果對匯率持平進行調整，那麼這將使 5,200 萬美元的漲幅再增加 900 萬美元，即增長 61%，即除外匯因素外同比增長 6,100 萬美元。

Reported membership revenue of the plus $50 million -- the plus $52 million amount.

報告的會員收入為 5000 萬美元，即 5200 萬美元。

That's a little more than half of that -- a little more than $20 million of that related to the membership fee increases taken in June of 2017 in the U.S. and Canada.

這略多於其中的一半，其中略高於 2000 萬美元與 2017 年 6 月美國和加拿大的會員費上漲有關。

We're now nearing the end of that 23-month cycle to recognize the incremental benefit of the fee increases or what's known as deferred accounting into our P&L.

我們現在已接近 23 個月週期的末尾，認識到費用增加或所謂的損益表遞延會計帶來的增量收益。

The benefit to our P&L will be fully recognized in the next 2 quarters by the end of the fiscal year.

我們的損益表的收益將在本財年末的未來兩季內得到充分認可。

But as with this last couple of quarters, it diminishes each quarter.

但與過去幾個季度一樣，它每個季度都會減少。

In Q3, we'll have about half the benefit recorded in Q2.

在第三季度，我們將獲得第二季度記錄的大約一半的收益。

And in Q4, well there'll be very -- a very small benefit.

在第四季度，將會有非常非常小的好處。

In terms of renewal rates in the second quarter, our U.S. and Canada member renewal rates in Q2 came in at 90.7%, up from 90.5% 12 weeks earlier at Q1 end.

就第二季的續訂率而言，第二季我們的美國和加拿大會員續訂率為 90.7%，高於 12 週前第一季末的 90.5%。

And worldwide, the rate improved to 88.3%, up from 88.0% at Q1 end, so an improvement in the renewal rates.

在全球範圍內，該比率從第一季末的 88.0% 提高至 88.3%，因此續訂率有所提高。

In terms of the number of members at Q2-end, the member households and total cardholders, we ended Q1 12 weeks earlier with 52.2 million member households.

從第二季末的會員數、會員家庭和持卡人總數來看，我們提前 12 週結束第一季度，會員家庭數為 5,220 萬。

At Q2-end, there was 52.7 million.

第二季末，數字為 5,270 萬。

And total cardholders increased from 95.4 million at Q1-end.

持卡人總數較第一季末的 9,540 萬有所增加。

And so 12 weeks later at Q2-end, 96.3 million.

12 週後，第二季末達到 9,630 萬。

During the quarter, we had 1 new opening in Coral Springs, Florida, and we also relocated [a] Miami location.

本季度，我們在佛羅裡達州珊瑚泉開設了 1 家新店，並且還搬遷了邁阿密的一個地點。

At Q2-end, our paid Executive Membership base is right at 20 million.

第二季末，我們的付費執行會員基數為 2,000 萬。

This is an increase during the quarter of 341,000 or about 28,000 per week since Q1-end.

本季度增加了 341,000 人，即自第一季末以來每週增加約 28,000 人。

Now this includes the recent introduction of the Executive Membership in Korea, which is our fifth country offering Executive Membership.

現在，這包括最近在韓國推出的執行會員資格，這是我們提供執行會員資格的第五個國家。

For Q2, Korea contributed a little over half of those increases.

第二季度，韓國貢獻了略多於一半的成長。

Going down to the gross margin line.

下降到毛利率線。

Reported gross margin in the quarter came in at 11.29%, up 31 basis points from last year's Q2 '18 of 10.98%.

該季度報告的毛利率為 11.29%，比去年 2018 年第二季的 10.98% 上升了 31 個基點。

The 31 basis point improvement ex gas, FX and rev rec would be plus 30 basis points.

扣除天然氣、外匯和轉速記錄後，31 個基點的改善將增加 30 個基點。

I gave you the chart.

我給了你圖表。

There's not a whole lot to it given that the adjustment column is not that different than the reported column.

鑑於調整列與報告的列沒有太大不同，因此並沒有太多內容。

In terms of core merchandise, year-over-year in Q2 was up 1 basis point on a reported basis as well, ex the gas deflation and the rev rec, up 1 basis point.

就核心商品而言，按報告計算，第二季度同比也增長了 1 個基點，不包括天然氣通貨緊縮和轉速記錄，增長了 1 個基點。

Ancillary businesses, up 33 on a reported basis and up 32 on an adjusted basis.

輔助業務報告成長 33 項，調整後成長 32 項。

2% Reward, minus 3 and minus 3 basis points year-over-year and then total, up 31 basis points, as I just mentioned, on a reported basis and up 30 basis points ex gas, deflation and rev rec.

2% 的獎勵，同比負 3 和負 3 個基點，然後總計上升 31 個基點，正如我剛才提到的，在報告的基礎上，上升 30 個基點（扣除天然氣、通貨緊縮和轉速記錄）。

The core merchandise component again is up -- was higher by 1 basis point here.

核心商品成分再次上漲——上漲了 1 個基點。

Looking at the core merchandise categories in relation to their own sales or what we call core-on-core, margins year-over-year were higher by 8 basis points.

從核心商品類別與其自身銷售額（或我們所謂的「核心對核心」）的關係來看，利潤率比去年同期提高了 8 個基點。

Within the 4 key subcategories, both food and sundries and fresh foods were up a little and softlines and hardlines were down a little.

四大類中，食品及雜貨、生鮮品類均小幅上漲，軟裝、硬裝品類小幅下跌。

But the net of the 4 departments on their own sales was up 8 basis points.

但 4 個部門各自的銷售額淨值成長了 8 個基點。

Ancillary and other business gross margin was up 33 basis points, up 32 ex gas, deflation and rev rec, primarily driven by gas and also benefiting somewhat from e-comm and a few other things.

輔助和其他業務毛利率增長了 33 個基點，扣除天然氣、通貨緊縮和轉速記錄後增長了 32 個基點，這主要是由天然氣推動的，同時也受益於電子商務和其他一些因素。

Moving to SG&A.

轉向 SG&A。

Our SG&A percentage Q2 over Q2 was lower or better by 2 basis points and both with and without the adjustments, coming in at 10.0% of sales this year compared to 10.02% last year.

我們第二季的 SG&A 百分比比第二季降低或提高了 2 個基點，無論是否進行調整，今年佔銷售額的 10.0%，而去年為 10.02%。

In the chart that we -- I normally give out, there really is not a whole lot to tell you.

在我們通常給出的圖表中，確實沒有太多東西可以告訴你。

Operations was an improvement of 2 basis points in both columns.

兩欄的營運情況均改善了 2 個基點。

The other 2 line items that we usually point out, central and stock compensation expense, were 0 and 0, so the total remained at 2 basis points.

我們通常指出的另外兩個項目，即中央費用和股票補償費用，分別為0和0，因此總數仍保持在2個基點。

So overall, 2 basis points better.

所以整體來說，2個基點比較好。

In terms of that 2 basis points better, we feel it's a pretty good result given that we're still facing the headwinds from the U.S. wage increases to our hourly employees that went into effect last June 11 of 2018.

就這 2 個基點而言，我們認為這是一個相當不錯的結果，因為我們仍然面臨著美國於 2018 年 6 月 11 日生效的小時工工資上漲的阻力。

As mentioned in past -- in the past couple fiscal quarters, those wage increases negatively impacted SG&A by about 7 to 8 basis points during Q2 year-over-year.

正如過去所提到的，在過去的幾個財政季度中，薪資上漲對第二季的 SG&A 產生了約 7 至 8 個基點的負面影響。

It'll continue to impact SG&A comparisons through Q3, which ends May 12, and into the first month of our 16-week fiscal fourth quarter to anniversary on that June 11.

它將繼續影響 SG&A 比較，直至 5 月 12 日結束的第三季度，以及我們為期 16 週的第四財季的第一個月，直至 6 月 11 日週年紀念日。

Additionally, this past Monday, we began our new 3-year employee agreement.

此外，上週一，我們開始了新的三年期員工協議。

With the new agreement, we announced that we're taking our starting wages from $14 and $14.50 up to $15 and $15.50 per hour in both the U.S. and Canada.

根據新協議，我們宣布將美國和加拿大的起薪從每小時 14 美元和 14.50 美元提高到每小時 15 美元和 15.50 美元。

In addition, we're also increasing wages for supervisors and introduced -- and also introduced paid bonding leave for all hourly employees.

此外，我們還提高了主管的工資，並為所有小時工引入了帶薪休假。

These items are incremental to the usual annual top-of-scale wage increases that are typically done each March.

這些項目是通常每年三月進行的年度最高薪資成長的增量。

Collectively, these additional items will add about 3 to 4 basis points to SG&A over the next 4 quarters.

總的來說，這些額外項目將在未來 4 個季度為 SG&A 增加約 3 到 4 個基點。

Now again, this is on top of that 7 to 8 basis point impact I just mentioned that will impact SG&A through this coming mid-June, otherwise, pretty comparable year-over-year in terms of central and stock comp and other various SG&A expense line items.

現在再說一遍，這是我剛才提到的7 到8 個基點的影響之上的，這將在即將到來的6 月中旬影響SG&A，否則，在中央和股票補償以及其他各種SG&A 費用方面，同比相當可比行項目。

Next on the income statement is preopening.

損益表的下一步是預開盤。

Preopening expenses were actually lower by $3 million coming in this year at $9 million compared to $12 million last year.

今年的開業前費用實際上比去年的 1200 萬美元減少了 300 萬美元，達到 900 萬美元。

This year again, we had 2 openings, 1 net opening and 1 relocation.

今年，我們再次有 2 個職缺、1 個淨空缺和 1 個搬遷。

Last year, we actually just had 1 opening.

去年，我們實際上只有 1 個職缺。

There's other activities that relate to preopening as well.

還有其他與開業前相關的活動。

Year-over-year, primarily the differences was due to the $4 million in Q2 last year related to our opening of our new meat plant in Morris, Illinois, slightly offset by higher warehouse preopening this year due to the additional opening.

與去年同期相比，差異主要是由於去年第二季度與我們在伊利諾伊州莫里斯市開設新肉類工廠相關的400 萬美元，但由於今年額外開設而導致的倉庫預開數量增加，略有抵消。

All told, reported operating income in Q2 '19 was up 18.4% coming in at $1,203,000,000 this year compared to $1,016,000,000 last year.

總而言之，2019 年第二季的營業收入比去年的 10.16 億美元成長了 18.4%，達到 12.03 億美元。

Below the operating income line, reported interest expense was $3 million lower or better year-over-year, coming in at $34 million this year in Q2 as compared to $37 million last year.

在營業收入線以下，報告的利息支出年減或增加了 300 萬美元，今年第二季為 3,400 萬美元，而去年為 3,700 萬美元。

The actual interest expense quarter-over-quarter each year is about the same, a little bit more -- a little delta in improvement in capitalized interest amounts.

每年季度與季度之間的實際利息支出大致相同，只是資本化利息金額有所改善，略有增加。

Interest income and other for the quarter was better by $39 million year-over-year.

該季度的利息收入和其他收入年增了 3,900 萬美元。

Interest income itself was higher by $17 million year-over-year in the quarter, a combination of higher interest rates being realized and also higher invested cash balances.

由於利率上升和投資現金餘額增加，本季利息收入本身比去年同期增加了 1,700 萬美元。

Also benefiting year-over-year comparison were the various FX items in the amount of $22 million.

與去年同期相比，各種外匯項目也受益匪淺，金額為 2,200 萬美元。

Recognize that much of this is essentially an offset to the lower reported operating income and earnings in our foreign operations due to the strength of the U.S. dollar versus many of the foreign countries -- currencies in the countries where we operate compared to last year.

認識到，這在很大程度上是對我們報告的營業收入和海外業務收益較低的抵消，原因是美元兌許多外國貨幣（我們經營所在國家的貨幣）較去年走強。

Overall, pretax income in Q2 was up 23% coming in at $1,215,000,000 this year compared to last year, $986 million.

總體而言，今年第二季的稅前收入為 12.15 億美元，比去年的 9.86 億美元成長了 23%。

In terms of income taxes, our income tax was -- our income tax rate was a little better than we had anticipated.

在所得稅方面，我們的所得稅稅率比我們預期的要好一些。

It came in at $25.8 million -- 25.8% effective tax rate during Q2 '19 compared to 27.7% in Q2 last year.

19 年第二季的營收為 2,580 萬美元，有效稅率為 25.8%，而去年第二季為 27.7%。

For all of fiscal '19, based on our current estimates, which again are subject to change, we anticipate our effective total company tax rate for this fiscal year to be approximately 26% to 26.5%.

對於 19 財年的整個會計年度，根據我們目前的估計（可能還會發生變化），我們預計本財年的有效總公司稅率約為 26% 至 26.5%。

This figure is about 0.5 percentage point lower or better than we had previously estimated a quarter ago.

這個數字比我們之前一個季度前的估計低或好約 0.5 個百分點。

This is primarily due to a Q2 tax rate that now includes a onetime benefit for certain foreign tax credits.

這主要是由於第二季的稅率現在包括某些外國稅收抵免的一次性福利。

This onetime tax benefit will continue through the end of the fiscal year, but we do not anticipate a similar type of benefit beyond fiscal '19.

這種一次性稅收優惠將持續到本財年結束，但我們預計 19 財年後不會再出現類似的優惠。

A few other items of note.

其他一些值得注意的事項。

Again, we opened a net 1 unit during Q2, opened 2, including a relo.

同樣，我們在第二季開設了淨 1 個單位，開設了 2 個單位，包括 relo。

In Q3, we have 3 new openings planned and no relos.

第三季度，我們計劃開設 3 家新店，但沒有重新營業。

We actually opened this morning in Bayonne, New Jersey.

實際上，我們今天早上在新澤西州巴約訥開業了。

In late April, we plan to open our 16th location in Korea, and in early May, our 11th location in Australia.

4 月底，我們計劃在韓國開設第 16 家門市，5 月初在澳洲開設第 11 家門市。

The big expansion quarter for us this year is Q4.

今年我們最大的擴張季度是第四季。

We plan to open a net of 12 units, 14 openings, including 2 relos, including our first opening in China in Shanghai in the city of Minhang and also our third unit in Spain, which would be our second in the Madrid area.

我們計劃淨開設12 個單位，14 個空缺職位，其中包括2 個重新開設的單位，其中包括我們在中國上海閔行市的第一個單位，以及我們在西班牙的第三家單位，這將是我們在馬德里地區的第二個單位。

Though many of these can slip a little bit, but our current best guess right now is 14 openings, including 2 relos, so a net of 12.

雖然其中許多可能會稍微下滑，但我們目前最好的猜測是 14 個空缺，包括 2 個 relos，所以總共有 12 個。

As of Q2-end, total warehouse square footage [totaled] 112 million square feet.

截至第二季末，倉庫總面積[總計]1.12 億平方英尺。

I might also add that, in terms of CapEx, we continue to allocate more CapEx to grow and support our operations, including, as you know over the last year, 1.5 years, we opened a second meat plant, the first one in California many years ago and then in Morris, Illinois also, a little while ago, our Canadian bakery commissary in Canada.

我還想補充一點，就資本支出而言，我們繼續分配更多的資本支出來發展和支持我們的運營，包括，正如你所知，在過去的一年裡，1.5 年，我們開設了第二家肉類工廠，第一家在加州許多幾年前，然後在伊利諾伊州莫里斯，不久前，我們在加拿大的加拿大麵包店小賣部。

We are under construction with the big chicken plant in Nebraska.

我們正在興建內布拉斯加州的大型養雞廠。

We plan to start initial processing and production later this year.

我們計劃在今年稍後開始初步加工和生產。

Depot expansion.

倉庫擴建。

We're doing that in many areas around the world.

我們正在世界各地的許多地區這樣做。

Also, we just -- just a month ago, I believe, we started up our first, what we'll call fulfillment automation operation near our -- next to our -- as part of our Mira Loma depot.

另外，我相信，我們剛剛——就在一個月前，我們在我們的米拉洛馬倉庫附近——我們的旁邊——啟動了我們的第一個，我們稱之為履行自動化操作的東西。

This is for small packages for e-commerce.

這適用於電子商務的小包裝。

And we plan to do 2 more of those this year at other depots.

我們計劃今年在其他倉庫再做兩次這樣的事情。

In terms of 2-day grocery, which, as you know, we started in October about 1.5 years ago, we did that out of 10 or 11 of our business centers around the country.

就 2 天雜貨而言，如您所知，我們於大約 1.5 年前 10 月開始，我們在全國各地的 10 或 11 個商業中心開展了這項業務。

We're in the process of moving those -- these operations to 10 -- out of the 10 to 11 business centers to 6 of our depots over the next several months.

在接下來的幾個月裡，我們正在將這些營運中心從 10 到 11 個業務中心轉移到 6 個倉庫。

I think we've done our first one, and we've got several more planned the -- right around the end of spring, beginning of summer.

我想我們已經完成了第一個項目，我們也計劃了幾個項目——就在春末夏初左右。

In terms of stock buybacks, in Q2, we expended $117 million to repurchase 561,000 shares at an average price of $208.72.

股票回購方面，第二季度，我們花費1.17億美元回購了561,000股股票，平均價格為208.72美元。

The $117 million, of course, is higher -- significantly higher than the Q1 purchases of $35 million.

當然，1.17 億美元的金額更高——明顯高於第一季 3500 萬美元的採購額。

In terms of e-commerce, overall, again, e-commerce sales increased during the quarter on a reported basis, 20.2%; and ex FX and rev rec, up 25.5%.

在電子商務方面，整體而言，本季電子商務銷售額已按報告數據再次成長 20.2%；扣除外匯和收入後，成長了 25.5%。

Continued increases in e-commerce in terms of orders and sales and profits and other metrics.

電子商務的訂單、銷售額和利潤等指標持續成長。

Top growth categories in the quarter, quite a few, actually: Grocery; consumer electronics, what we call majors; hardware; health and beauty aids; tire and automotive; toys seasonal; and apparel.

實際上，本季成長最快的類別有很多：雜貨；消費性電子，我們所說的專業；硬體;健康及美容輔助品；輪胎和汽車；玩具季節性；和服裝。

We've now passed our 1-year anniversary on the grocery launch, which was again a year ago October.

現在我們已經過了雜貨店上市一週年紀念日，那是一年前的 10 月。

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

現在，我們美國 99% 的門市都可以在很短的車程範圍內為會員提供雜貨當日送貨服務。

2-day grocery is available anywhere throughout the Continental United States.

美國大陸各地均可提供 2 天雜貨服務。

And while still these are small pieces of our total business operation, they're growing nicely.

雖然這些仍然只是我們整個業務運營的一小部分，但它們成長良好。

We now have grocery shipments to all 50 states.

我們現在向所有 50 個州運送雜貨。

In terms of e-commerce, in terms of new brands and items online during the quarter, we're now offering a much broader selection of Apple products, including the recent addition of MacBooks and iMacs.

在電子商務方面，就本季線上新品牌和商品而言，我們現在提供更廣泛的 Apple 產品選擇，包括最近新增的 MacBook 和 iMac。

And yes, you would expect good values to our members.

是的，您會期望我們的會員獲得良好的價值。

Also, the first of what we expect several products from Sony.

此外，這是我們期待索尼推出的幾款產品中的第一個。

They just started to arrive.

他們剛開始到達。

In terms of health and beauty aids, new names like Living Proof shampoo and conditioner, Murad skin care and Kate Somerville items.

在健康和美容輔助品方面，新品牌包括 Living Proof 洗髮精和護髮素、Murad 護膚品和 Kate Somerville 商品。

On the exercise front, NordicTrack is a new name.

在運動方面，NordicTrack 是一個新名字。

And finally, I had to point out the now somewhat famous 180-serving 23-pound 20-year shelf life macaroni and cheese for $89.99.

最後，我不得不指出現在有點著名的 180 份 23 磅、保質期 20 年的通心粉和奶酪，售價 89.99 美元。

If interested, you can find that online under emergency supplies and in a few of the Costco locations.

如果您有興趣，您可以在網路上的緊急用品項下和一些 Costco 門市找到該產品。

We continue to improve our online and in-line cross-marketing initiatives, and we think that's continuing to drive our business.

我們繼續改進我們的線上和線內交叉行銷計劃，我們認為這將繼續推動我們的業務。

In terms of buying online and pick up in store, in the quarter, we expanded our selection within the same categories, jewelry, some electronics and handbags, and continue to test pick-up lockers in 10 locations for this program.

在線上購買和店內取貨方面，本季我們擴大了同一品類的選擇範圍，包括珠寶、一些電子產品和手袋，並繼續在 10 個地點測試取貨儲物櫃。

Lastly, this calendar year, we will begin e-commerce operations in Japan, early summer likely, and, in Australia, late summer, early fall.

最後，今年，我們將在日本（可能是初夏）開始電子商務業務，並在澳洲（夏末秋初）開始電子商務業務。

Finally, I'll turn to our February sales results, the 4 weeks ended March 3, 2019, compared to the same period a year ago.

最後，我將談談我們 2 月的銷售結果，即截至 2019 年 3 月 3 日的 4 週與去年同期的比較。

As reported in our release, net sales for the month came in at $10.72 billion, an increase of 5.0% from $10.21 billion a year earlier.

正如我們在新聞稿中所報導的，本月淨銷售額為 107.2 億美元，比去年同期的 102.1 億美元成長 5.0%。

In terms of comparable sales, U.S. on a reported basis for the 4 weeks was 6.0%.

就可比較銷售額而言，美國 4 週報告的銷售額成長了 6.0%。

Ex gas, FX and rev rec, that 6.0% would be 5.7%.

排除天然氣、外匯和轉速記錄後，6.0% 將變為 5.7%。

Canada on a reported basis is 0%.

據報告，加拿大為 0%。

Ex gas, FX and rev rec, plus 4.8%.

不含汽油、外匯和轉速記錄，加 4.8%。

Other International reported minus 5.9%.

其他國際公司的股價為-5.9%。

And again, adjusted with ex those things, minus 1.2%.

再次，根據這些因素進行調整，負 1.2%。

[First] net total company came in at a 3.5% reported and a 4.6% ex those items.

[第一]公司總淨值報告率為 3.5%，扣除這些項目後為 4.6%。

In terms of e-commerce, reported for the 4 weeks, 24.2%; and ex those adjustments -- appropriate adjustments, 21.6% up.

電子商務方面，連續 4 週通報為 24.2%；除去這些調整－適當的調整，成長了 21.6%。

February sales were negatively impacted by weather throughout the U.S. and Canada in a big way.

二月的銷售受到美國和加拿大天氣的嚴重影響。

We estimate that negative impact on the total company was approximately 1% and a little more than the 1% figure in the U.S. and Canada.

我們估計對整個公司的負面影響約為 1%，略高於美國和加拿大的 1%。

In addition, Lunar New Year, Chinese New Year occurred in February the same as last year, however, 11 days earlier this year.

此外，農曆新年、農曆新年與去年相同，不過今年提早了11天。

This is an important holiday in terms of sales strength.

就銷售實力而言，這是一個重要的節日。

The holiday shift negatively impacted February's Other International sales by, we estimate, 450 basis points or 4.5 percentage points and total company sales by about 0.5 percentage point.

我們估計，假期變化對 2 月其他國際銷售額產生了 450 個基點或 4.5 個百分點的負面影響，對公司總銷售額產生了約 0.5 個百分點的負面影響。

Looking at January and February combined, effectively eliminating the impact of that holiday shift, the comp for Other International for the 8 weeks was 0.2% reported and plus 4.9% ex FX, gas deflation and rev rec.

綜合來看 1 月和 2 月，有效消除了假期變化的影響，其他國際公司 8 週的綜合報告為 0.2%，加上 4.9%（除外匯、天然氣通貨緊縮和預期轉速外）。

U.S. regions with the strongest results in February were Midwest, Northeast and Southeast.

美國二月業績最強勁的地區是中西部、東北部和東南部。

And internationally, the strongest results were Mexico, Japan, U.K. and Spain.

在國際上，表現最強勁的是墨西哥、日本、英國和西班牙。

Spain, of course, is relatively new with 2 locations.

當然，西班牙相對較新，有兩個地點。

Foreign currencies year-over-year relative to the U.S. dollar hurt Feb comp sales by -- hurt February comp sales in Canada by approximately 460 basis points; Other International also by about the same number of basis points, about 4.5 percentage points; and total company by an estimated 130 basis points.

外幣相對於美元的匯率年比對加拿大 2 月公司銷售造成約 460 個基點的影響；其他國際也上漲了大約相同數量的基點，約 4.5 個百分點；公司整體預計將上漲 130 個基點。

The negative impact of cannibalization was about 50 basis points to the negative in U.S., 80 in Canada and 120 in Other International; for total company, minus 70.

美國的負面影響約為 50 個基點，加拿大為 80 個基點，其他國家為 120 個基點；對整個公司來說，負 70。

Within ancillary businesses, hearing aids, optical and food court had the best comp sales in February.

在輔助業務中，助聽器、眼鏡和美食廣場在 2 月的銷售額最高。

Gas price deflation negatively impacted total reported comps by about 75 basis points.

天然氣價格通貨緊縮對報告的整體業績產生約 75 個基點的負面影響。

The average selling price during the 4-week month compared to a year earlier was down 6.3% year-over-year, coming -- the average gallon a year ago, we sold for $2.74.

與去年同期相比，這 4 週月份的平均售價年減了 6.3%，一年前的平均加侖售價為 2.74 美元。

This year, $2.56 a gallon.

今年，每加侖 2.56 美元。

Including the adverse impact of weather and the holiday shift in Asia, our comp traffic or frequency for February, even after taking those into effect -- taking those impacts into effect and for February was up 2.7% worldwide and plus 3% -- 3.2% in the U.S. For February, the average transaction was up [0.8%] for the month.

包括天氣和亞洲假期變化的不利影響，我們 2 月份的航班流量或班次，即使在這些影響生效之後 - 考慮到這些影響，2 月份全球範圍內增長了 2.7％，並且增加了 3％ - 3.2％美國2 月平均交易量上漲[0.8%]。

Again, this includes combined impacts from FX, gas deflation and rev rec.

同樣，這包括外匯、天然氣通貨緊縮和轉速記錄的綜合影響。

So that's about it in terms of our prepared notes.

我們準備的筆記就是這樣。

Lastly, in terms of upcoming releases, we will announce our March sales results for the 5 weeks ending Sunday, April 7, on April 10 after market close -- after the market closes.

最後，就即將發布的產品而言，我們將在 4 月 10 日收盤後（收盤後）公佈截至 4 月 7 日星期日的 5 週 3 月份銷售結果。

With that, I'll open up to Q&A and turn it back over to Vincent.

這樣，我將開放問答並將其轉回文森特。

Thank you.

謝謝。

(Operator Instructions) We have -- your first question comes from the line of Christopher Horvers from JPMorgan.

（操作員說明）我們－您的第一個問題來自摩根大通的克里斯多福‧霍弗斯（Christopher Horvers）。

Richard, so a question on the core margins.

理查德，這是一個關於核心利潤的問題。

The core margins performance this quarter was much better sequentially, I think.

我認為，本季的核心利潤率表現比上一季好得多。

Everyone was sort taken by surprise by the core margins ex gas in the last quarter, and now they're looking much better.

每個人都對上個季度的核心利潤（不含天然氣）感到驚訝，現在看起來好多了。

So can you put that into context?

那麼你能把它放在上下文中嗎？

What sort of drove that change?

是什麼推動了這種改變？

And any commentary about how you're thinking about core margins as you look forward?

關於您如何看待未來的核心利潤率，有什麼評論嗎？

Honestly, we drive our business by driving sales.

老實說，我們透過推動銷售來推動我們的業務。

And usually, that means lowering prices on things which we continue to do.

通常，這意味著降低我們繼續做的事情的價格。

And we're also buying better all the time.

而且我們一直在購買更好的產品。

Some of it's mix.

有些是混合的。

Some of it -- the one category that shifted, if you look back to the last few quarters or reports when we look at core-on-core, fresh foods has been a little down.

如果你回顧過去幾個季度或報告，當我們審視核心對核心的報告時，其中一些——發生變化的類別有所下降。

And I think the keyword there is little.

而且我覺得這個關鍵字還很少。

I appreciate the fact that every basis points for us is $14 million plus pretax a year of $140-plus billion, but you're talking about 5 to 10 basis point swings here, and there's lots of things that impact it, whether it's freight, tariffs, some which are negative, some cases not as bad as we thought.

我很欣賞我們的每個基點是 1400 萬美元，加上每年稅前 140 多億美元，但你在這裡談論的是 5 到 10 個基點的波動，有很多因素會影響它，無論是貨運，關稅，有些是負的，有些情況並不像我們想像的那麼糟。

I think we've done a great job and we continue to do a great job, particularly in fresh with organics where there's a little -- I believe there's a little less pricing pressure and some -- or competitive pressure.

我認為我們已經做得很好，而且我們將繼續做得很好，特別是在新鮮的有機食品方面，我相信定價壓力會稍微小一些，或者競爭壓力。

But don't get me wrong.

但請不要誤會我的意思。

As soon as we have a good quarter, the next quarter, we will change that.

一旦我們有一個好的季度，下個季度，我們就會改變這一點。

Not that I'm giving any guidance.

我並不是提供任何指導。

We know that we keep it pretty steady and we feel pretty good about it, whether it was up a few basis points or down a few basis points.

我們知道，我們保持了相當穩定的水平，而且無論是上漲幾個基點還是下降幾個基點，我們都感覺很好。

Got it.

知道了。

And then just a question about the gas margins industry-wide, I understand there are a few ways that gas impacts margin.

然後是關於整個行業的天然氣利潤率的問題，我知道天然氣影響利潤率的方式有幾種。

But if you just focus on the fact that it seems like the core cents per gallon has improved across the industry, the independents maybe and the integrated has taken a little bit more, and that's giving you some room to take a little bit more.

但如果你只關注這樣一個事實，即整個行業的每加侖核心美分似乎有所提高，獨立廠商可能會多花一點錢，而綜合廠商則多花一點錢，這給了你多花一點錢的空間。

So can you talk about what you're making sort of per gallon, I guess, relative to, say, last year and maybe a couple years before that?

那麼你可以談談你每加侖的產量嗎？我想，相對於去年或前幾年來說？

And as you think about the upcoming year, is there anything that you're seeing that would suggest that, that core profitability of every gallon sold is all of a sudden going to revert back to what it was a number of years ago?

當您思考即將到來的一年時，是否有任何事情表明，每售出一加侖的核心盈利能力會突然恢復到幾年前的水平？

I think over the last several years, the new normal is better.

我認為過去幾年，新常態更好。

If you go back to when gas prices skyrocketed several years ago and as they started coming down, what we saw and what we read, frankly, from others is that as they came down, not all of those savings were passed on to the consumer.

如果你回到幾年前汽油價格飆升並開始下降時，坦白說，我們從其他人那裡看到和讀到的是，當價格下降時，並非所有這些節省都轉嫁給了消費者。

That gave us perhaps a little bit bigger window.

這或許給了我們更大的窗口。

We're still -- I think if you ask our gas -- the people in charge of gas operations around here, we're saving the customer a little more today and making a little more because there's just a bigger opportunity of gap there.

我們仍然——我想如果你問我們的天然氣——這裡負責天然氣運營的人，我們今天為客戶節省了更多一點，賺了更多一點，因為那裡有更大的差距機會。

It really comes down to that.

歸根結底就是這樣。

It is still a volatile, no pun intended, profitability item.

它仍然是一個不穩定的、無雙關語的獲利項目。

It can swing back and forth based on underlying cost of goods sold that change daily and -- but the new normal is better in all those examples.

它可以根據每天變化的基本銷售成本來回波動——但在所有這些例子中，新常態都更好。

But I'm sure there'll be quarters -- Q2 is a particularly good quarter.

但我確信會有幾個季度——第二季度是一個特別好的季度。

But as I believe, Q2 a year ago was a little better than the other 3. But that's not seasonal necessarily.

但正如我所相信的那樣，一年前的第二季度比其他三個季度要好一些。但這不一定是季節性的。

It's just there's a lot of different factors.

只是有很多不同的因素。

What's going on in the news internationally?

國際上發生了什麼新聞？

What's going on with inventory levels: world and U.S. inventory levels?

庫存水準發生了什麼事：世界和美國庫存水準？

What's going on with -- inevitably, a refinery shuts down for 2 weeks for their planned repairs, and it takes 4 weeks.

這是怎麼回事——煉油廠不可避免地要停工 2 週進行計劃維修，而實際需要 4 週時間。

So any of those things switching from winter to summer blend and back.

因此，從冬季到夏季的任何變化都會相互融合。

All those things impact it.

所有這些事情都會影響它。

I think we're fortunate in the fact that we turn a lot of gas.

我認為我們很幸運，因為我們消耗了大量的汽油。

We literally turn inventory about daily.

我們幾乎每天都會盤點庫存。

And as you know, we have locations with up to 24 pumps in there backed up all the time.

如您所知，我們有多達 24 個泵浦始終處於備用狀態。

It's great.

這很棒。

And so I think we're in a fortunate position that, overall, retailers, whether it's retailers that have gases in their parking lots like supermarkets and discount stores and ourselves or, [for one], independent retailers or the ones with the convenience stores, I think everybody seems to have been taken a little more, and that's giving us the ability to do so over the last couple years.

因此，我認為我們處於一個幸運的位置，總的來說，零售商，無論是超市、折扣店和我們自己等停車場有汽油的零售商，還是獨立零售商或便利商店零售商，我認為每個人似乎都受到了更多的影響，這使我們有能力在過去幾年中做到這一點。

But I guarantee you it will be volatile and we'll always tell you that it was certainly a little more of a benefit this quarter than normal, but it was a year ago, too.

但我向你保證，它會波動，我們總是會告訴你，本季的收益肯定比正常情況要多一些，但也是一年前的情況。

So then just a quick one on that.

那就簡單介紹一下吧。

So of the 30-odd basis points in ancillary this quarters, should we assume some portion of that comes out next year in the second quarter?

那麼，在本季輔助利率上升 30 多個基點中，我們是否應該假設其中一部分會在明年第二季出現？

Is it like -- anything that you would say as onetime that we should put back next year on behalf of it?

您是否曾經說過我們應該代表它在明年放回的任何內容？

I wouldn't use the word onetime.

我不會一次性使用這個詞。

I'd say unpredictable.

我想說不可預測。

I mean, it truly is not predictable.

我的意思是，這確實是不可預測的。

I mean, we know that when demand rises at the beginning of summer, that impacts -- gas prices have a little bit more positive pressure on them.

我的意思是，我們知道，當夏初需求上升時，天然氣價格會對他們產生更大的正面壓力。

And when prices are going up, not only for us, but when I read the profitability of gas in other big retailers, supermarkets and Walmart alike, it impacts them as well.

當價格上漲時，不僅對我們來說，而且當我讀到其他大型零售商、超市和沃爾瑪等的天然氣獲利能力時，也會對他們產生影響。

When pricing goes up, we're all making a little less.

當價格上漲時，我們的收入都會減少一些。

When pricing go down, we'll make a little more.

當價格下降時，我們會多做一點。

We, I think, are in the enviable position of being extreme.

我認為，我們正處於令人羨慕的極端地位。

And as overall the retailer environment has chose to make a little more, it gives us an ability to make a little more -- a little less than a little more and still make more but even be greater savings to our member.

總體而言，零售商環境選擇多賺一點，這使我們有能力多賺一點——少一點而不是多一點，但仍然賺更多，甚至為我們的會員節省更多。

I mean, and that's the thing that we focus on, can -- are we saving our member more than we used to?

我的意思是，這就是我們關注的事情——我們是否比以前更多地拯救我們的會員？

And we are.

我們是。

Next question comes 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。

A follow-up on the gross margin or the core margin.

對毛利率或核心利潤率的追蹤。

You mentioned mix helped a little.

你提到混合有一點幫助。

Can you dig in -- anything about mix that was either seasonal or something that is changing?

你能深入研究一下——任何關於季節性或正在變化的混合的事情嗎？

You said you would always lower product acquisition cost.

您說過您總是會降低產品採購成本。

Can you remind us when the -- your own chicken plant is coming up?

您能提醒我們您自己的養雞工廠即將建成嗎？

And then one more in that mix.

然後還有一個這樣的組合。

Can you tell us that the channel mix between physical and digital, is that sort of growth embedded gross margin improving as well?

您能否告訴我們，實體店和數位店之間的通路組合，這種成長是否也會帶來毛利率的改善？

Overall, our gross margin online is a little lower than our company overall.

整體而言，我們的線上毛利率略低於公司整體毛利率。

Part of it's the product mix itself, and part of it is we're driving that business.

部分原因在於產品組合本身，部分原因在於我們正在推動這項業務。

The demand hasn't changed.

需求沒有改變。

That's been that way.

就是這樣。

We also were kind of lower SG&A online, as you might expect.

正如您所預料的那樣，我們的線上 SG&A 也較低。

In terms of mix, there's so many different pieces to it, honestly.

老實說，就混合而言，有很多不同的部分。

Part of it is, is when you walk into a Costco in the U.S., 90 -- roughly 90% of the goods come through our cross-dock operations.

部分原因是，當你走進美國的 Costco 時，90%——大約 90% 的貨物來自我們的越庫操作。

For us, cross docks are very profitable.

對我們來說，交叉轉運非常有利可圖。

It's the most cost-efficient way to ship stuff.

這是最具成本效益的運輸方式。

Nobody can do that to the extent that we do it because of how we sell goods: in pallet and large case quantities.

沒有人能像我們一樣做到這一點，因為我們銷售貨物的方式：托盤和大箱子數量。

So I mean, there's lots of little pieces to it.

所以我的意思是，它有很多小部分。

I think private label and continuing penetration of private label, fresh.

我認為自有品牌和自有品牌的持續滲透是新鮮的。

But all these are anecdotal.

但所有這些都是軼事。

There's no one thing that's driving in a particularly large direction.

沒有一件事是朝著特別大的方向發展的。

We think we're pretty good at what we do, and we're constantly buying better.

我們認為我們非常擅長我們所做的事情，並且我們不斷購買更好的產品。

Even as it related to tariffs, which so far, so good in terms of being on hold, but we don't know what's going to happen in the future.

即使它與關稅有關，到目前為止，關稅暫停的情況很好，但我們不知道未來會發生什麼。

I think bigger retailers have the ability to buy better.

我認為較大的零售商有能力購買更好的產品。

Right.

正確的。

And then shifting to SG&A.

然後轉向 SG&A。

In the past, I think you talked about as long as your comps hold up in mid-single digits you're leveraging, and that was based on some imputed rate of spending.

在過去，我認為您談到了只要您的比較保持在中個位數，您就可以利用槓桿，這是基於一些估算的支出率。

There was IT.

有IT。

There was technology.

有技術。

Has anything on the spending side changed?

支出方面有什麼變化嗎？

Any curve that's increasing/decreasing in that same mantra of about mid-single-digit comps that you felt should be enough to give you leverage?

任何在中個位數比較中增加/減少的曲線，您認為應該足以為您帶來槓桿作用？

Well, hopefully, it [will].

好吧，希望它[會]。

While -- like the word modernization, I think, it's finally been retired around here.

我想，就像「現代化」這個詞一樣，它終於在這裡被淘汰了。

We're still spending a lot, and we're going to continue to spend a lot.

我們仍然花費很多，而且我們將繼續花費很多。

As some of these new things come online like the chicken plant, like the fulfillment automation, these are $50 million to $100-plus million items, chicken plant's more, where a bigger chunk of it is things like equipment and software that is appreciated over a shorter period of time than steel buildings.

隨著一些新事物的上線，例如養雞廠，例如履行自動化，這些價值5000 萬美元到1 億美元以上的物品，養雞廠更多，其中更大的一部分是設備和軟體之類的東西，這些東西的升值超過了比鋼結構建築工期更短。

And so all those things are hitting us a little.

所有這些事情都對我們造成了一些打擊。

I think the fact is, is we've been fortunate with our sales levels.

我認為事實是，我們的銷售水平很幸運。

As they go down, that'll hurt us a little.

當他們倒下時，我們會受到一點傷害。

We're achieving our current SG&A with all the things that we haven't talked about, some of these other items that impacted the other way.

我們正在透過所有我們沒有討論過的事情來實現當前的 SG&A，其中一些其他項目會以其他方式產生影響。

They're lots of little things, and we're not terribly worried, though.

雖然都是很多小事，但我們並不十分擔心。

If some of these things -- if sales were to come down a little and some of these things were impacted, so be it.

如果其中一些事情 - 如果銷售額略有下降並且其中一些事情受到影響，那就這樣吧。

We're going to do what we do and drive the top line.

我們將做我們該做的事情並推動營收成長。

Your next question comes from the line of Chuck Grom from Gordon Haskett.

你的下一個問題來自戈登·哈斯克特的查克·格羅姆。

Richard, just on the pricing front.

理查德，只是在定價方面。

I'm curious how you guys are handling increases in certain categories, including any of those that may be impacted by tariffs.

我很好奇你們如何處理某些類別的成長，包括任何可能受到關稅影響的類別。

Just, are you looking to pass along those increases?

只是，你想傳遞這些成長嗎？

And do you think that may have helped out the core margins at all here in the second quarter?

您認為這可能有助於提高第二季的核心利潤嗎？

I don't think it would have helped the margins.

我認為這不會對利潤率有幫助。

Its question is did it hurt it or not hurt it?

它的問題是它傷害了它還是沒有傷害它？

It probably hurt it less than one might think.

它對它的傷害可能比人們想像的要小。

But then again, it gets back to our ability to buy right.

但話說回來，這又回到了我們正確購買的能力。

And to the extent there's 10% tariff items, those examples, versus 25, that's a big difference.

從這些例子來看，關稅項目有 10%，而關稅項目有 25%，這是一個很大的差異。

In some cases, you've got your vendors along with us eating into that a little bit, sometimes not.

在某些情況下，您的供應商會與我們一起參與其中，有時則不會。

But I think it gets back.

但我認為它會回來。

That's just one piece of what we do.

這只是我們所做的一部分。

The fact that organic helps us, the fact that KS helps us, the fact that we don't talk about it but we really plan for a lot, all the marketing dollars that are out there now, some of those impact cost of sales.

有機幫助我們的事實，KS幫助我們的事實，我們不談論它但我們確實計劃了很多的事實，現在所有的行銷資金，其中一些會影響銷售成本。

Okay.

好的。

And I guess just a follow-up on Chris' question.

我想這只是克里斯問題的後續。

And you've got 3 consecutive quarters in a row of the core-on-core, core being negative, and then this quarter, it flips to positive.

連續 3 個季度的核心對核心，核心為負值，然後本季度，它轉為正值。

Is there anything else you could point to...?

還有什麼可以指出的嗎...？

I wouldn't read a lot -- Look, we're happy about it, and you're hopefully, you're happy about it.

我不會讀太多書——聽著，我們對此感到高興，希望你也對此感到高興。

It's not -- it's how we run our business.

這不是——這就是我們經營業務的方式。

We didn't sit there and say, hey, let's get it up a little higher.

我們沒有坐在那裡說，嘿，讓我們把它提高一點。

It is a few basis -- I know we're a basis point company and for you guys who have known us for 30-plus years, we talk basis points.

這是一些基點——我知道我們是一家基點公司，對於認識我們 30 多年的你們來說，我們談論的是基點。

It's some minor switches.

就是一些小開關。

It's nothing that we've changed dramatically.

我們並沒有發生太大的改變。

And there's so many different moving parts to it, frankly.

坦白說，它有很多不同的活動部件。

I guess the other bright spot here in the quarter was the renewal rates are ticking up nicely.

我想本季的另一個亮點是續訂率大幅上升。

If you look back at the cadence in '18, they were pretty steady, but they're showing a nice uptick both in the U.S. and worldwide.

如果你回顧 18 年的節奏，你會發現它們相當穩定，但在美國和全球範圍內都呈現出良好的上升趨勢。

Just wondering if you could comment on that improvement.

只是想知道您是否可以對這一改進發表評論。

Well, we like it.

嗯，我們喜歡它。

Look, we focus on all the things that we feel we should be focusing on, customer service, great products, great services at the best prices.

看，我們專注於我們認為應該關注的所有事情，客戶服務，優質的產品，以最優惠的價格提供優質的服務。

We've been fortunate, notwithstanding the fact that we really don't have a PR department, per se, that there's been a lot of good press about us, about Kirkland Signature, about our e-commerce site and customer satisfaction.

我們很幸運，儘管我們實際上沒有公關部門，但有很多關於我們、Kirkland Signature、我們的電子商務網站和客戶滿意度的好評。

I think that we have been blessed that some of the weaknesses that traditional bricks-and-mortars or traditional formats have had in some ways have helped certain other discounters like ourselves.

我認為我們很幸運，傳統實體店或傳統形式的一些弱點在某種程度上幫助了像我們這樣的其他折扣店。

And hopefully that'll continue.

希望這種情況能夠持續下去。

Your next question comes from the line of Edward Kelly from Wells Fargo.

您的下一個問題來自富國銀行的愛德華凱利。

I wanted to start with just a follow-up on fuel.

我想從燃料的後續行動開始。

If we were thinking about trying to strip out fuel and the impact, do we take the majority of the 33 basis points in order to do that?

如果我們考慮嘗試剔除燃油和影響，我們是否會採用 33 個基點中的大部分來實現這一目標？

And then is there any intentional reinvestment to sort of consider as we think about this?

那麼當我們考慮這個問題時，是否需要考慮任何有意的再投資？

On the latter part of the question, there's no intentional reinvestment.

關於問題的後半部分，沒有有意進行再投資。

I mean there's 100 different moving parts to our company all the time.

我的意思是我們公司始終有 100 個不同的移動部件。

And we do what we feel is right.

我們做我們認為正確的事。

It's kind of like the question that was asked a year ago when we were asked about would the extra earnings from the lower tax rate, will that change what we're doing with automation online, fulfillment or whatever else, and the answer was, of course, no.

這有點像一年前被問到的問題，當時我們被問到較低稅率帶來的額外收入是否會改變我們在線上自動化、履行或其他方面所做的事情，答案是，當然，不。

We've had more cash than we spend.

我們擁有的現金比我們花的還多。

This will add to that, and that's all good.

這會增加這一點，這一切都很好。

But we're constantly figuring out what other things we can do there.

但我們一直在思考我們還可以在那裡做哪些事情。

What was the first part of the question?

問題的第一部分是什麼？

I'm sorry.

對不起。

Just trying to -- yes...

只是想——是的…

On stripping out fuel.

關於剝離燃料。

Well, we don't disclose every component.

好吧，我們不會透露每個組件。

It certainly was the biggest piece of it.

這無疑是其中最大的一部分。

Okay.

好的。

In the last quarter, you mentioned a little bit of competitive pressure, specifically talked about Sam's and fresh.

上個季度，您提到了一點競爭壓力，特別談到了山姆和生鮮。

I'm just curious if you could give us an update on the competitive backdrop, what you're seeing.

我只是好奇您能否向我們介紹一下競爭背景的最新情況以及您所看到的情況。

And then as part of this, it seems like we're starting to see maybe a little bit of food price inflation.

作為其中的一部分，我們似乎開始看到食品價格略有上漲。

Just curious on your thoughts on pass-through, I guess, and expectations for the year.

我想只是想知道您對傳遞的想法以及對今年的期望。

Well, I think the keyword on price -- on inflation is little.

嗯，我認為關於價格——通貨膨脹的關鍵字很少。

We're not seeing -- other than the tariff impacts on things.

除了關稅對事物的影響之外，我們沒有看到任何其他情況。

But in terms of food and what have you, it is, frankly, very little.

但坦白說，就食物和你擁有的東西而言，很少。

And...

和...

[It won't last even 1 quarter]

[連1季都堅持不了]

Yes, over time, it will go up.

是的，隨著時間的推移，它會上升。

Our comments over the years have continually be -- we'll the last to go up and the first to go down, and I think that holds true as well.

多年來我們的評論一直是——我們將是最後上漲的，也是最先下跌的，我認為這也是如此。

In terms of the comment last time on Sam's, that was a interesting comment because I think, after the call, the headline in the press was that's why things -- margins were down.

就上次 Sam's 的評論而言，這是一個有趣的評論，因為我認為，在電話會議之後，媒體的頭條新聞是，這就是事情的原因 - 利潤率下降。

And the fact of the matter is, is we called it out because we're pretty transparent.

事實是，我們之所以大聲疾呼，是因為我們非常透明。

Sam's -- and others, but Sam's has been more competitive and as we -- as are we, and that's the nature of the business as it has been for 30 years.

Sam's 和其他公司一樣，但 Sam's 一直更具競爭力，而我們也是如此，這就是 30 年來的業務本質。

We see that continuing.

我們看到這種情況仍在繼續。

And I think the fact that it's continuing, we've still shown improvement in so many things is a good sign for us.

我認為事實是，這種情況仍在繼續，我們在很多方面仍然取得了進步，這對我們來說是一個好兆頭。

Next question comes from the line of David Schick from Consumer Edge Research.

下一個問題來自 Consumer Edge Research 的 David Schick。

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

您的下一個問題來自巴克萊銀行的凱倫·肖特（Karen Short）。

Sorry to harp on this gas margin question, but -- or gas profit question, but is there any way you could just help us get a feel for how much it benefited EPS this quarter?

很抱歉一直在談論這個天然氣利潤問題，但是——或者天然氣利潤問題，但是你有什麼辦法可以幫助我們了解它對本季度每股收益的好處有多大嗎？

Because the data we saw in gas margins for the quarter throughout your whole market area was just astronomically high gas margins.

因為我們在整個市場區域的本季天然氣利潤率中看到的數據只是天文數字般的高天然氣利潤率。

We share an area throughout the United States.

我們在美國各地共享一個區域。

Well, we map it by kind of stores by state, but gas is where it's particularly strong.

好吧，我們按州的商店類型來繪製它，但天然氣是它特別強大的地方。

Yes, well, we don't disclose that.

是的，我們不會透露這一點。

Again, it was well more than half but not all.

同樣，這一比例遠遠超過一半，但不是全部。

Okay.

好的。

And then I guess just wondering a little bit in terms of the wage increase that you called out for March, is there anything to think about in terms of the basis point impact as we get into the next quarter?

然後我想只是想知道您呼籲的三月工資增長，當我們進入下一個季度時，在基點影響方面有什麼需要考慮的嗎？

Yes.

是的。

I mean, starting March 4, this past Sunday, I think I indicated, on top of the 7 to 8, that will continue through June 11, if you will.

我的意思是，從 3 月 4 日開始，也就是上週日，我想我已經表示，除了 7 日到 8 日之外，如果你願意的話，這將持續到 6 月 11 日。

So all through Q3 and the first month of the -- the first 4 weeks of the 16-weeks fourth quarter, effective March 4, we'll have that additional on top of that 3 to 4 basis points.

因此，從 3 月 4 日起，整個第三季和第 1 個月（為期 16 週的第四季的前 4 週），我們將在 3 到 4 個基點的基礎上增加額外的利率。

Okay.

好的。

So the year-over-year, [that tallies up].

所以逐年來看，[結果相符]。

And that 3 to 4 will be March 4 to March 3 of 2020, if you will.

如果你願意的話，那 3 日到 4 日就是 2020 年 3 月 4 日到 3 月 3 日。

3 to 4 basis points.

3至4個基點。

Okay.

好的。

And then just wondering if you could call anything out in terms of tax refund data like in terms of your expectations on driving sales?

然後想知道您是否可以在退稅數據方面提出任何信息，例如您對推動銷售的預期？

There's a lot of noise on the time line of that.

時間線上有很多噪音。

But any color what you're thinking it will do to comps or not do, I guess.

但我想，無論你認為什麼顏色，它都會對比較產生影響或不會產生影響。

Well, honestly, I haven't heard anybody here talk about that, and I've read some of the same things that you've read.

好吧，老實說，我沒有聽到這裡有人談論過這個，而且我讀過一些與你讀過的內容相同的內容。

It started off in the period as a little lower, and now at the end of the period, it was a little higher, not a lot higher but a little higher.

這段時期開始時有點低，現在到了這段時期結束時，有點高，不是高很多，而是高一點。

Typically, on a macro basis, that impacts retail overall.

通常，從宏觀角度來看，這會影響整體零售業。

And on whatever impact it has to that, it's typically a little less to us.

不管它對此有什麼影響，對我們來說通常要小一些。

That's what we've seen historically, whether it was a change in tax rates or dividend rates or you name it.

這就是我們歷史上所看到的，無論是稅率或股息率的變化還是你能想到的。

EBT, food stamps, whenever there is any kind of macro change that impacts retail across the United States, there's a little bit of less of an impact to us.

EBT、食品券，每當有任何影響美國零售業的宏觀變化時，對我們的影響都會稍微小一點。

But nobody's really -- we've not really seen or even know how to answer that.

但沒有人真正——我們還沒有真正看到過，甚至不知道如何回答這個問題。

Okay.

好的。

And then just last question.

然後是最後一個問題。

I know that you want to -- don't want to have people get in the habit of assuming that there'll be a special dividend on a regular basis, but any thoughts on your philosophy on that as it relates to the timing within this year because we're at the 2-year mark?

我知道你不想讓人們養成假設定期派發特別股息的習慣，但是對你的哲學的任何想法，因為它與此中的時間相關因為我們已經過了兩年了？

Yes.

是的。

I mean our thoughts continue as they have been.

我的意思是我們的想法一如既往。

The 3-week data, we're about 2-and-a-quarter years apart, but that doesn't mean anything going forward.

從三週數據來看，我們大約相隔了兩年又四分之一年，但這並不意味著未來會發生任何事情。

It's still a topic on the table, and we need to continue to talk about it along with other things.

這仍然是一個擺在桌面上的話題，我們需要繼續與其他事情一起討論。

So I really -- not a whole lot of news to tell you about.

所以我真的沒有太多新聞可以告訴你。

The next question comes from the line of 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, what are you guys seeing with regard to inbound freight?

理查德，你們對入境貨運有何看法？

Is that a slight directional drag?

這是輕微的方向阻力嗎？

And then if anything, what are you doing to mitigate that?

如果有的話，你正在採取什麼措施來緩解這種情況？

I'm shooting from the hip a little on this one.

我在這件事上有點魯莽行事。

But I believe while it's been up a little bit because of new restrictions on how many hours long haulers should drive and just capacity -- and truck capacity out there, it's gone up for everybody.

但我相信，雖然由於對運輸車的行駛時長和運力以及卡車運力的新限製而有所上升，但每個人的運力都上升了。

I believe we had certainly look at it in our freight department as a freight factor, a premium factor or fuel factor, whatever we call it.

我相信我們的貨運部門肯定已經將其視為貨運因素、溢價因素或燃料因素，無論我們如何稱呼它。

I forget.

我忘了。

And it's up a little less than it was a couple of months ago, but it's still up.

它的漲幅比幾個月前要少一些，但仍然在上漲。

And it's come down a little bit from where it was, but it's still up from a year ago, is my guess.

我猜，它比原來的水平有所下降，但仍然比一年前有所上升。

Okay.

好的。

And you had the adjustment item right in gross margins related to some supply chain investments not there now.

您在毛利率方面有與某些供應鏈投資相關的調整項目，但現在不存在。

Does that -- is that now gone for the duration?

那是不是——現在已經消失了？

Or does that come back with other supply chain investments that you might make, whether it's the chicken plant or other depots?

或者，這會隨著您可能進行的其他供應鏈投資（無論是養雞廠還是其他倉庫）而得到回報？

Oh, yes, like one of the things was the return set as we talked about for a few quarters.

哦，是的，其中一件事就是我們討論了幾個季度的回歸設定。

I think there's more things happening that impact us a little bit negatively to start.

我認為還有更多的事情發生，對我們產生了一些負面影響。

We opened a new meat plant, major capital expenditure.

我們開設了一家新的肉品工廠，主要資本支出。

First, it takes a few things out of our Tracy meat plant that goes to the East Coast.

首先，它從我們運往東海岸的特雷西肉類工廠中取出一些東西。

With Tracy, we couldn't accommodate all our needs just from that plant.

有了特雷西，我們無法僅透過該工廠滿足我們的所有需求。

And then you've got a new plant that's starting with its own -- even though we know how to run one, it has its innate inefficiencies when you first start, and it's low -- not full capacity.

然後你就有了一個新工廠，它正在啟動自己的工廠——儘管我們知道如何運行一個工廠，但它在剛啟動時就存在固有的低效率，而且效率低——沒有滿載運轉。

Same thing with the commissary, which is more of a learning experience 2 years ago over the last 2 years up in Canada.

小賣部也是如此，這更多的是兩年前在加拿大過去兩年的學習經驗。

I think all these things will impact us.

我認為所有這些事情都會影響我們。

And the comment I made earlier is, is we're not going to point out each one of these.

我之前發表的評論是，我們不會逐一指出。

But in the aggregate, my guess, it's still a little bit of a drag, which is offset by other things, most particularly sales.

但總的來說，我猜，這仍然有點拖累，這被其他因素（尤其是銷售）所抵消。

All right.

好的。

And then lastly, there was a period there where you'd stepped up growth of the business centers for a period of time.

最後，有一段時間你們加快了商務中心的發展一段時間。

What's the philosophy now on where they go, U.S. or internationally, as part of your expansion over the next couple of years?

作為您未來幾年擴張的一部分，他們現在在美國或國際上的發展理念是什麼？

I think right now, we have one in Canada and what, 16, I believe, 16 in the U.S.?

我想現在，我們在加拿大有 1 個，我想，在美國有 16 個，16 個？

I would expect 1 or 2 a year for the next couple of years.

我預計在接下來的幾年裡每年會出現 1 到 2 次。

But there's -- which is not really a change of what we thought.

但這並沒有真正改變我們的想法。

The change was several years ago when we went from 0 to 8 over a million years over a long period of time, and then we started opening a couple a year.

改變是在幾年前，當時我們在很長一段時間內從 0 到 8 超過了一百萬年，然後我們開始在一年內開放幾個。

And so we'll continue to open a few, but we're not -- it's part of the plan, but our focus is regular warehouses and, quite frankly, a lot of the infrastructure things that we're doing now and continue it in a bigger way.

因此，我們將繼續開設一些倉庫，但我們不會——這是計劃的一部分，但我們的重點是常規倉庫，坦率地說，我們現在正在做的許多基礎設施建設工作都會繼續下去。以更大的方式。

The next question comes from the line of Scot Ciccarelli from RBC Capital.

下一個問題來自 RBC Capital 的 Scot Ciccarelli。

Scot Ciccarelli.

斯科特·西卡雷利。

Richard, with your first opening in China coming up, what is the best way to think about U.S. versus international store openings over the next, call it 2 to 3 years?

理查德，隨著您在中國的第一家店即將開業，考慮未來（即 2 到 3 年）在美國和國際上開設商店的最佳方式是什麼？

And then related to that, any reason why we should see international profitability levels decline as you start to move into some of these new markets like China?

與此相關的是，當您開始進入中國等一些新市場時，我們為什麼會看到國際獲利水準下降？

I think, well, first of all, if you would ask this 5, 6, 7 years ago, by now, what percentage our units would be outside of the U.S. and Canada?

我想，首先，如果你問 5、6、7 年前的問題，那麼現在，我們的單位在美國和加拿大以外的比例是多少？

I include Canada as part of the original mature, fully grown-out area.

我將加拿大納入原始成熟、完全成熟地區的一部分。

By now, we'd probably be 50-50 international outside of U.S. and Canada, and we're not, which probably -- it's well -- it's 65-35, 70-30 U.S. Canada still.

到目前為止，我們在美國和加拿大以外的地區可能是 50-50，但我們不是，這可能 - 這很好 - 美國和加拿大仍然是 65-35，70-30。

Part of that is the opportunities that we've had in the U.S. and Canada, and part of it is the pipeline's taking a little longer elsewhere.

部分原因是我們在美國和加拿大擁有的機會，部分原因是其他地方的管道需要更長的時間。

I think you'll continue to see that change in the directions toward more to international.

我認為您將繼續看到這種朝著更國際化的方向發生的變化。

But I can't sit here and tell you that it'll be 50-50 3 years from now or 5 years from now.

但我不能坐在這裡告訴你 3 年或 5 年後將會是 50-50。

But clearly, we've got more things going on.

但顯然，我們還有更多事情要做。

Now as it relates, whenever we go into a new country, it's almost by definition, you're going to lose money for the first few years even if that first location or 2 contributes a small amount of profitability, if it does.

現在，正如它所涉及的，每當我們進入一個新的國家時，幾乎按照定義，你將在最初幾年虧損，即使第一個或第二個地點貢獻了少量的盈利能力（如果確實如此） 。

Because you still have the central expense for the whole full thing -- the infrastructure.

因為你仍然需要承擔整件事的核心費用——基礎設施。

I look back at Japan.

我回頭看看日本。

When we first went to Japan, we opened 6 units in the first 5 years, and the goal was to be at breakeven at the end of year 5. And I think we beat it by about 10 months.

當我們第一次去日本時，我們在前 5 年開設了 6 個單位，目標是在第 5 年年底實現盈虧平衡。我認為我們提前了大約 10 個月。

But at the end of the day, fast-forward another 10, 12 years past those 5 years, and we now have in the high 20s, and we'll grow from there faster and more profitable than it was in that mid-term when we were opening several units on a small base.

但歸根結底，再快進 10 年、12 年過去，這 5 年過去了，我們現在已經進入了 20 多歲，從那時起，我們的增長速度將比中期時更快、利潤更高。我們在一個小基地上開了幾個單位。

But it takes time.

但這需要時間。

And as we go into France, as we went into Spain, by definition, those are going to add more to the bottom line sales in that calculation of return on sales and, sometimes, even subtract a little at the top.

當我們進入法國時，當我們進入西班牙時，根據定義，這些將在銷售回報計算中增加更多的底線銷售，有時甚至會在頂部減去一點。

The key is balancing a little of that.

關鍵是平衡其中一點。

And I think we're big enough now that even if we're doing a little bit of some of that new stuff, it's okay.

我認為我們現在已經足夠大了，即使我們做了一些新的事情，也沒關係。

We'll let you know if it costs us an extra basis point or 2.

如果需要額外增加一個基點或 2 個基點，我們會通知您。

Next question comes from the line of Mike Baker from Deutsche Bank.

下一個問題來自德意志銀行的麥克貝克。

A couple of clarifications.

一些澄清。

One, to Karen Short's question, you said the gas was about half of it, a little more than half or a little less than half of it.

一，對於凱倫·肖特的問題，你說氣體大約是一半，略多於一半或略小於一半。

Half of what?

一半什麼？

Was that the year-over-year increase in earnings or operating profit dollars?

這是收入或營業利潤的年增率嗎？

No.

不。

First of all, I said it was more than half.

首先我說的是一半以上。

I didn't say it was a little over half.

我沒說是一半多一點。

It's substantial, but we try not to be that specific.

它很重要，但我們盡量不要那麼具體。

Clearly, there's a lot of things that helped our earnings this quarter, year-over-year, as evidenced by the improvement in core-on-core.

顯然，有許多因素有助於我們本季的獲利年增，核心核心的改善就證明了這一點。

And the fact is evidenced by those things that hurt you a little bit that we don't pick out each one.

事實證明，那些對你造成一點傷害的事情，我們並沒有一一挑出來。

Gas certainly helped.

天然氣確實有幫助。

But again, I think Karen had mentioned she's done some studies in terms of profitability.

但我想凱倫再次提到她在盈利能力方面做了一些研究。

And it's a good piece of it, but it's not entirely.

這是其中的一部分，但並不完整。

There's other things that benefit...

還有其他一些好處...

That's why I'm trying to clarify.

這就是為什麼我想澄清一下。

There's other things that benefited it and other things that hurt it a little, too.

還有其他的事情對它有利，也有其他的事情對它有一點傷害。

It being the growth in earnings?

是收入的成長嗎？

Well, gross margin and earnings, ultimately.

好吧，最終是毛利率和收益。

Okay.

好的。

Understood.

明白了。

One other question.

還有一個問題。

I thought that you'd said that the ancillary margins were helped mostly by gas.

我以為你說過輔助利潤主要是由天然氣推動的。

I get that.

我明白了。

But you said helped by e-commerce.

但你說電子商務有幫助。

So are your e-commerce margins getting better year-over-year?

那麼，您的電子商務利潤率是否逐年提高？

And if so, why is that?

如果是這樣，為什麼呢？

I believe the e-commerce bottom line margin improved a little but now also the sales are stronger than the rest of the company.

我相信電子商務的利潤率略有提高，但現在的銷售也比公司其他部門強勁。

So it's penetration as well.

所以它也是滲透力。

Okay.

好的。

Understood.

明白了。

Last real quick.

最後一次真快。

SNAP.

折斷。

Anything -- any benefit from the pull-forward in SNAP?

SNAP 的前移有什麼好處嗎？

I don't know how much of it is your customer, but it's helped others.

我不知道其中有多少是你的客戶，但它幫助了其他人。

No, we really don't see any of that.

不，我們真的沒有看到這些。

There's very little of it.

數量很少。

Those kind of things don't really impact us.

這類事情不會真正影響我們。

Last question comes from the line of Scott Mushkin from Wolfe Research.

最後一個問題來自沃爾夫研究中心的 Scott Mushkin。

So I just want to go back to e-commerce.

所以我只想回到電子商務。

I know you touched on it in the quarter that it was a little helpful to margins.

我知道您在本季度提到這對利潤率有一點幫助。

But you're putting a lot of money into it, it sounds like.

但聽起來你投入了很多錢。

You go 2-day, 1-day grocery.

你去2天、1天的雜貨店。

I was wondering if you could walk us forward on e-commerce and what you think it's going to do to margins as you go forward.

我想知道您是否可以引導我們在電子商務方面取得進展，以及您認為隨著您的發展，電子商務將對利潤率產生什麼影響。

Well, every company allocates things or puts things in different -- in silos.

好吧，每家公司都會分配東西或將東西放在不同的筒倉中。

In our e-commerce, the 1-day grocery is not part of e-commerce.

我們電商裡，一日雜貨不屬於電商。

Even though you go online to order, it's really the Instacart engine, and it's in warehouse.

即使你上網訂購，它實際上是 Instacart 引擎，而且它在倉庫裡。

They come into our warehouse as they shop.

他們購物時會進入我們的倉庫。

They deliver the same day.

他們當天發貨。

And so that's not part of the e-commerce numbers.

所以這不屬於電子商務資料的一部分。

That and a couple other things would actually increase the percentage increases a little bit, but it's still so small, it wouldn't have that much of an impact.

這和其他一些事情實際上會稍微增加百分比，但它仍然很小，不會產生太大的影響。

And then the rest of the e-commerce business as you -- I think you said you're building out some fulfillment for e-commerce, and I think it's for more consumables.

然後是電子商務業務的其餘部分——我想你說過你正在為電子商務建立一些實現，我認為這是為了更多的消費品。

How are you guys thinking about margins on that business as we move forward?

隨著我們的發展，你們如何看待該業務的利潤率？

So the mix is going to shift, I think.

所以我認為這種組合將會改變。

Right, it has shifted.

對了，已經變了。

As you know, a few years ago, the average ticket was $400 or something because we sold big-ticket items.

如你所知，幾年前，平均票價是 400 美元左右，因為我們賣的是大件商品。

We didn't have lots of little things or things that got you back to the site more frequently and more regularly.

我們沒有做很多小事或讓您更頻繁、更定期地回到網站的事情。

Some of that's just starting.

其中一些才剛開始。

As I talked about the first of 3 planned fulfillment -- what we are calling fulfillment automation centers, we had our first one in Southern California.

正如我談到的 3 個計畫履行中的第一個——我們稱之為履行自動化中心，我們在南加州建立了第一個中心。

It's literally open less than 8 weeks, I believe.

我相信它實際上開放了不到 8 週。

It's over a $100 million investment.

投資額超過1億美元。

First one's the most expensive because you developed all the systems and everything as well.

第一個是最昂貴的，因為你開發了所有系統和所有東西。

We had 2 other planned for depots in other parts of the country.

我們還計劃在該國其他地區建立另外 2 個倉庫。

I would hope that that's something that's going to hit our number a little bit because it means we're doing well in it and we're growing it.

我希望這會對​​我們的數字產生一點影響，因為這意味著我們在這方面做得很好並且我們正在成長。

We're going to see the cost of taking an item dramatically reduced because we've done it not quite manually, but less automated than we can well do over time.

我們將看到取得某件物品的成本大幅降低，因為我們不再完全手動完成這件事，但隨著時間的推移，自動化程度卻低於我們所能做到的。

But that's going to be an ebb and flow over time.

但隨著時間的推移，這將會有潮起潮落。

We'll just see how it goes.

我們將看看事情進展如何。

I think in the scheme of things, recognizing the e-commerce in its entirety is still, what, 5% to 6% of our business, 5-plus percent of our business.

我認為從整體來看，電子商務仍然占我們業務的 5% 到 6%，占我們業務的 5% 以上。

Even as we hope and assume that's going to grow at a higher rate than the rest of the company, it's still going to be in the single digits for a while.

儘管我們希望並假設其成長速度將高於公司其他部門，但在一段時間內仍將維持個位數。

So those impacts -- and even with the first one, you're talking about the inefficiencies of getting something open and running and building it up over the first 6 to 12 months and then the associated depreciation and like.

因此，這些影響 - 即使是第一個影響，您也會談論在前 6 到 12 個月內開放、運行和建造某些東西的低效率，以及相關的折舊等。

Those things in the scheme of things are not huge.

計劃中的那些事情並不大。

As we do 3 and 4 and 5 of them, it's a little bigger.

當我們做 3 個、4 個和 5 個時，它有點大。

So is 1 chicken plant, so is 1 new-concept bakery commissary a few years ago.

1 個養雞場也是如此，幾年前 1 個新概念麵包店小賣部也是如此。

So all these things will be -- I would think these 2 things, we'll hope to balance some of them.

所以所有這些事情都會——我認為這兩件事，我們希望平衡其中一些。

But if they're a little dragged, that's a positive.

但如果他們受到一點拖累，那就是正面的。

All right.

好的。

And then last -- today's last question.

最後一個——今天的最後一個問題。

But February sales and traffic, anything to read there?

但是二月的銷售和流量，有什麼值得一看的嗎？

It seems like it was a little slower than we've been seeing.

看起來比我們看到的要慢一些。

And any thoughts there?

還有什麼想法嗎？

Any read?

有讀過嗎？

No.

不。

Look, I think, we, more than anybody, hate to use the word weather as a reason.

聽著，我想，我們比任何人都更討厭用天氣這個詞當理由。

And you see it every day.

你每天都會看到它。

Clearly, whether it was rain, snow, cold, you name it, that impacts things like patio furniture, spring wear.

顯然，無論是雨、雪、寒冷，凡是你能想到的，都會影響庭院家具、春季服裝等。

But I think if you ex out the things we tried to -- as I pointed out on the call, if you ex the weather, which we assumed, I think I said it was 1% in the month for the full company, a little more therefore in the U.S. and Canada.

但我認為，如果你排除我們試圖做的事情——正如我在電話中指出的那樣，如果你排除我們假設的天氣因素，我想我說的是整個公司這個月的 1%，一點點因此在美國和加拿大更多。

We try to err to the conservative assumption on that.

我們試圖對此做出保守的假設。

I mean, it's not a lot more than that, but we feel comfortable in talking to the operators of the impact.

我的意思是，這並不算多，但我們很樂意與營運商談論影響。

And if you add that back in, you add the holiday shift in Asia, you take those things out, we're a little lower, not a lot lower than we've been enjoying for the last several months.

如果你把它加回來，你加上亞洲的假期班次，你把這些東西去掉，我們的水平比過去幾個月的水平要低一些，但不會低很多。

I guess, we have to wait and see how March is.

我想，我們必須拭目以待，看看三月的情況如何。

Thank you, Vincent.

謝謝你，文森。

And we'll be around to answer questions.

我們將隨時回答問題。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。