好市多 (COST) 2019 Q3 法說會逐字稿

Good afternoon.

午安.

Ladies and gentlemen, my name is Jerome, and I will be your conference operator today.

女士們先生們，我叫傑羅姆，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 Third Quarter Earnings Conference Call.

在此，我歡迎大家參加 Costco 第三季財報電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

Now it's my pleasure to hand the call over to Mr. Richard Galanti, Chief Financial Officer.

現在我很高興將電話轉交給財務長理查‧加蘭蒂先生。

The floor is yours.

地板是你的。

Thank you, Jerome, and good afternoon to everyone.

謝謝傑羅姆，大家下午好。

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

我首先要指出的是，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 from the third quarter of fiscal 2019 to 12 weeks ended May 12.

在今天的新聞稿中，我們報告了 2019 財年第三季至截至 5 月 12 日的 12 週的營運表現。

Our reported net income for the quarter came in at $906 million or $2.05 per share.

我們報告的本季淨利潤為 9.06 億美元，即每股 2.05 美元。

This compared to $750 million or $1.70 per share last year.

相比之下，去年為 7.5 億美元，即每股 1.70 美元。

As mentioned in the release, this year's third quarter benefited from a nonrecurring tax item of $73 million or $0.16 per share.

正如新聞稿中所提到的，今年第三季受益於 7,300 萬美元或每股 0.16 美元的非經常性稅項。

Excluding this item, earnings for the fiscal third quarter were up 11% year-over-year.

不計此項目，第三財季獲利年增 11%。

Net sales for the quarter came in at $33.96 billion, a 7.4% increase over the $31.62 billion sales the year -- last year in the quarter.

該季度淨銷售額為 339.6 億美元，比去年同期的 316.2 億美元銷售額成長 7.4%。

Comparable sales for the third quarter were as follows:

第三季的可比銷售額如下：

For the 12 weeks on a reported basis, U.S. was 7.0%.

根據報告，過去 12 週美國的成長率為 7.0%。

Excluding gas inflation, FX and rev rec, was 7 -- it would have been a 5.5%.

如果不包括天然氣通膨、外匯和轉速記錄，則為 7——即 5.5%。

Canada reported at a 1.3%; ex those items, a 5.1% positive.

加拿大報告為 1.3%；除這些項目外，陽性率為 5.1%。

Other International reported 1.7%; ex those items, 6.9% to the positive.

其他國際報1.7%；除這些項目外，6.9% 為正。

So total company, we reported a 5.5% comp sales figure for the 12 weeks.

因此，我們報告的 12 週公司整體銷售額成長了 5.5%。

Excluding those 3 items almost negated each other, coming in at 5.6% excluding those items.

排除這 3 個項目幾乎相互抵消，排除這些項目後的得分為 5.6%。

E-commerce was 22% for the quarter on a reported basis and 19.5% ex those items.

根據報告，本季電子商務佔 22%，扣除這些項目後佔 19.5%。

In terms of Q3 comp sales, our third quarter traffic or shopping frequency increased by 3.7% worldwide and up 3.4% in the U.S. In terms of the impact of the items of gas, FX and rev rec, weakening foreign currencies relative to the U.S. dollar negatively impacted sales by about 130 basis points.

就第三季比較銷售而言，我們第三季的全球流量或購物頻率增加了 3.7%，美國增加了 3.4%。就天然氣、外匯和轉速記錄項目的影響而言，外幣相對於美元走弱對銷售產生約130 個基點的負面影響。

Gasoline price inflation impacted sales by a small amount, plus 10 basis points; and rev rec benefited comp sales by about 110 basis points.

汽油價格上漲對銷量產生了小幅影響，增加了 10 個基點； REV REC 讓比較銷售受益約 110 個基點。

So the net of the 3, about a minus 10 basis points.

因此，3 個基點的淨值約為負 10 個基點。

Our average front-end transaction or ticket was up 1.8% during the third quarter.

第三季我們的平均前端交易或門票成長了 1.8%。

And excluding the impacts from gas, FX and rev rec, our average ticket was up approximately 1.9%.

排除汽油、外匯和轉速記錄的影響，我們的平均票價上漲了約 1.9%。

Next on the income statement, membership fee income.

接下來是損益表，會員費收入。

We reported membership income in the third quarter of $776 million or 2.29% of sales.

我們報告第三季的會員收入為 7.76 億美元，佔銷售額的 2.29%。

This is up $39 million or 5.3% from last year's $737 million.

這比去年的 7.37 億美元增加了 3,900 萬美元，即 5.3%。

FX had a negative impact on that number that impacted that $39 million increase.

外匯對這一數字產生了負面影響，導致增​​加了 3,900 萬美元。

It would have been about just under $10 million higher than that ex FX.

這比扣除外匯成本高出約 1,000 萬美元。

Our reported membership fee revenue again was up to $39 million or 5.3%.

我們報告的會員費收入再次達到 3,900 萬美元，即 5.3%。

In addition to FX impact and net to the negative, it does have the benefit of the fee increases we took almost 2 years ago, really the last fiscal quarter of that, those increases that we took in June of '17 in the U.S. and Canada.

除了外匯影響和淨負面影響之外，它確實受益於我們近兩年前（實際上是最後一個財政季度）的費用增加，我們在 17 年 6 月在美國和加拿大採取了這些費用增加。

We now have effectively completed that 23-month cycle it takes to recognize the incremental benefit from the fee increases.

我們現在已經有效地完成了 23 個月的週期，並認識到費用增加帶來的增量收益。

The benefit to our P&L in Q4 will be very small, less than $1 million.

第四季我們的損益收益將非常小，不到 100 萬美元。

In terms of renewal rates, at Q3 end, our membership rates -- renewal rates remained strong.

就續訂率而言，在第三季末，我們的會員費續訂率仍然強勁。

In the U.S. and Canada, membership renewal rates came in at 90.7%, the same as it was a quarter ago.

在美國和加拿大，會員續約率為 90.7%，與一個季度前持平。

And worldwide, the rate was 88.3%, that figure also the same as of Q2 end.

在全球範圍內，該比率為 88.3%，該數字也與第二季末相同。

In terms of number of members, at Q3 end, the number of member households we had was 53.1 million at Q3 end.

從會員數來看，第三季末，我們的會員家庭數為 5,310 萬戶。

That's up from 52.7 million 12 weeks earlier.

這比 12 週前的 5,270 萬有所增加。

In terms of total cardholders, we came in at 97.2 million, up from 96.3 million 12 weeks earlier at Q2 end.

就持卡人總數而言，我們的持卡人數量為 9,720 萬，高於 12 週前第二季末的 9,630 萬。

During the quarter, we opened 3 new warehouses, 1 each in the United States, Korea and Australia.

本季度，我們開設了 3 個新倉庫，美國、韓國和澳洲各 1 個。

At Q3 end, in terms of paid Executive Members, they stood at 20.4 million, which was an increase of 406,000 during the quarter or 34,000 per week.

截至第三季末，就付費執行會員而言，人數為 2,040 萬人，季增加 406,000 人，每週增加 34,000 人。

Korea was actually very small piece of that increase, so we've had a good continued increases in Executive Member penetration in other countries as well, most notably U.S. and Canada.

韓國實際上只佔這一成長的一小部分，因此我們在其他國家（尤其是美國和加拿大）的執行會員滲透率也有良好的持續成長。

Going down the gross margin line.

毛利率下降。

Our reported gross margin in the third quarter was lower year-over-year by 6 basis points coming in at 10.99% versus last year's 11.05%.

我們報告的第三季毛利率年減 6 個基點，為 10.99%，而去年為 11.05%。

Now excluding the items that I've excluded before, FX, rev rec and the like, the 6 basis point lower number would be actually plus 5 basis points excluding gas inflation and rev rec.

現在，排除我之前排除的項目，例如外匯、轉速記錄等，降低 6 個基點的數字實際上是加上 5 個基點，不包括天然氣通膨和轉速記錄。

If I ask you to jot down a couple of numbers here, 2 columns, both reported and an ex gas inflation and revenue recognition for the third quarter of 2019 as compared to a year earlier.

如果我要求你在這裡記下幾個數字，兩欄，都是報告的，以及 2019 年第三季度與去年同期相比的天然氣通膨和收入確認。

The first line item here would be core merchandise.

這裡的第一行項目是核心商品。

On a reported basis year-over-year in the quarter, it was reported 1 basis point lower.

據報告，本季年減 1 個基點。

Ex gas and rev rec, it was 9 basis points positive; ancillary businesses, minus 3 and minus 1 basis point; 2% Reward, minus 2 and minus 3. And summing all those up, you'd have the reported number, 6 basis points lower, and ex gas and rev rec, 5 basis points higher.

扣除汽油和轉速記錄後，為 9 個基點；輔助業務，-3和-1個基點； 2% 獎勵，負 2 和負 3。將所有這些加起來，您將得到報告的數字，降低 6 個基點，而排除汽油和轉速記錄，則提高 5 個基點。

One thing you'll all note compared to last -- the second quarter, in the second quarter, we had a big increase in ancillary business margin as we pointed out last quarter's earnings release.

與去年相比，你們都會注意到一件事——第二季度，正如我們在上個季度的收益發布中指出的那樣，第二季度我們的輔助業務利潤率大幅增加。

The core merchandise component here, again, lower by 1 basis point.

這裡的核心商品成分又下降了 1 個基點。

If you look at the core merchandise categories in relation to their own sales core-on-core, if you will, margins year-over-year were higher in Q3 year-over-year by 21 basis points.

如果你仔細觀察核心商品類別與其核心銷售的關係，你會發現第三季的利潤率較去年同期高出 21 個基點。

The subcategories within the quarter, all 4 named subcategories, food and sundries, hardlines, softlines and fresh foods, were all up year-over-year in the third quarter on their own sales.

本季的所有 4 個子類別（食品和雜貨、硬品、軟品和新鮮食品）在第三季的銷售額均較去年同期成長。

And that's a trend that we've seen last quarter.

這是我們上個季度看到的趨勢。

It was up less than that amount in Q1, down a little bit year-over-year.

增幅低於第一季度，年比略有下降。

Ancillary and other businesses gross margin, again, lower by 1 basis point on the ex gas and rev rec.

輔助和其他業務的毛利率再次下降 1 個基點（扣除天然氣和轉速記錄）。

Nothing really to speak of, in terms of things there.

就那裡的事情而言，沒什麼好說的。

Moving to SG&A.

轉向 SG&A。

Our SG&A percentage Q3-over-Q3 was lower or better by 6 basis points, coming in at 9.92% of sales this year.

第三季的 SG&A 百分比比第三季降低或提高了 6 個基點，佔今年銷售額的 9.92%。

This compared to 9.98% reported last year.

相比之下，去年報告的這一比例為 9.98%。

Ex gas inflation and rev rec, it was higher or slightly worse by 5 basis points.

扣除天然氣通膨和轉速記錄後，上漲或略差 5 個基點。

Again, to jot down a few numbers here in 2 columns, reported and the second column, without gas, inflation and rev rec -- gas inflation and rev rec, our core operations on a reported basis was better by 7 basis points, so plus 7; ex rev rec, minus 2; central, minus 1 and minus 2 basis points; stock compensation, 0 and minus 1. Summing up those 2 columns again on a reported basis, SG&A was lower or better by plus 6 basis points and ex those other items, worse by 5 basis points.

再次，在兩列中記下一些數字，報告和第二列，沒有天然氣、通貨膨脹和轉速記錄——天然氣通貨膨脹和轉速記錄，我們在報告的基礎上的核心業務好於7 個基點，所以再加上7；前轉速記錄，負 2；中央，負1和負2個基點；股票薪酬，0 和負 1。在報告的基礎上再次總結這兩列，SG&A 較低或較好，增加 6 個基點，排除其他項目，較差 5 個基點。

Now the key thing here is within the 7 basis points of improvement or -- rather, the minus 2 basis points ex gas and rev rec, that's notwithstanding the fact that we're still facing pretty big headwinds from the U.S. wage increases to our hourly employees that went into effect in June of 2018, as well as additional wage increases implemented in March of 2019.

現在，這裡的關鍵是7 個基點的改善，或者更確切地說，負2 個基點（不包括汽油和轉速記錄），儘管事實上我們仍然面臨著美國工資增長到我們的每小時工資增長的相當大的阻力。2018 年 6 月生效的員工薪資調整，以及 2019 年 3 月實施的額外薪資上漲。

Both of these wage increases negatively impacted SG&A during the quarter, representing about 10 to 12 basis points of the year-over-year variance.

這兩項薪資上漲均對本季的 SG&A 產生了負面影響，年比差異約 10 至 12 個基點。

In Q4, the estimated impact will be about minus 5 to 6 basis points, which is the residual impact from June of '18 plus the March 2019 increases.

第四季度，預計影響約為-5至6個基點，這是18年6月的殘餘影響加上2019年3月的增加。

And then we'll tick down to 3 to 4 basis points, and that's what we estimate in Q1 of 2020.

然後我們將下調至 3 到 4 個基點，這就是我們對 2020 年第一季的估計。

Central, nothing to speak of there.

中央，沒什麼好說的。

It was higher by 2 basis points on an ex gas and rev rec basis.

在扣除汽油和轉速記錄的基礎上，該數值高出 2 個基點。

Stock compensation, flat year-over-year and then again, minus 1.

股票薪酬，與去年同期持平，然後再負1。

Next on the income statement is preopening expense.

損益表的下一個是開業前費用。

Preopening expense came in at $14 million this year in Q3, up $6 million from a year ago.

今年第三季開業前費用為 1,400 萬美元，比去年同期增加 600 萬美元。

We had 1 additional opening, 3 openings this year versus 2 last year.

我們新增了 1 個職缺，今年有 3 個職缺，去年有 2 個。

There was also about $2 million of preopening expense in the number related to the chicken plant that we plan to start beginning of production in later this summer.

我們計劃在今年夏天晚些時候開始生產的養雞廠也涉及約 200 萬美元的開業前費用。

Additionally, some of this quarter's expense relates to our higher number of openings we have in Q4.

此外，本季的部分費用與我們在第四季度的空缺職位數量增加有關。

In Qs 1 through 3 and the first 36 weeks of this year, we will open a total of 10 new locations.

在第一季至第三季以及今年的前 36 週，我們將總共開設 10 個新地點。

In Q4, we have 11 planned.

第四季度，我們計劃了 11 個。

So there were some remnants of beginning of some of the preopening there.

因此，那裡有一些預開放開始時的一些殘餘。

All told, reported operating income in Q3 was up 5%, coming in at $1.122 billion this year compared to $1.067 billion last year.

總而言之，第三季報告的營業收入成長了 5%，今年達到 11.22 億美元，而去年為 10.67 億美元。

Below the operating income line, reported interest expense was $2 million lower or better year-over-year, coming in at $35 million versus $37 million.

在營業收入線以下，報告的利息支出較去年同期減少或增加了 200 萬美元，分別為 3,500 萬美元和 3,700 萬美元。

That's just a slight difference in capitalized interest amounts.

這只是資本化利息金額的細微差別。

Interest income and other for the quarter was lower by $5 million year-over-year.

本季利息收入及其他收入年減 500 萬美元。

Interest income itself was actually higher by $11 million year-over-year.

利息收入本身實際上比去年同期增加了 1100 萬美元。

However, various FX items in the amount of a minus $16 million negatively impacted the year-over-year comparison.

然而，各種外匯項目的金額為負 1,600 萬美元，對年比產生了負面影響。

Overall, pretax income in Q3 was also up 5%, coming in at $1.123 billion versus $1.071 billion last year.

總體而言，第三季稅前收入也成長了 5%，達到 11.23 億美元，而去年為 10.71 億美元。

In terms of income taxes, our reported tax rate in Q3 of fiscal '19 was 18.5% compared to 28.8% in Q3 last year.

在所得稅方面，我們報告的 19 財年第三季稅率為 18.5%，而去年第三季為 28.8%。

As was mentioned in today's release, this quarter's earnings and our tax rate benefited from a nonrecurring $73 million item.

正如今天的新聞稿中所提到的，本季的收益和稅率受益於 7,300 萬美元的非經常性項目。

Excluding the $73 million item, our third quarter tax rate would have been 24.9%.

如果不包括 7300 萬美元的項目，我們第三季的稅率將為 24.9%。

And we estimate that our effective total company tax rate for fiscal -- for Q4 of fiscal '19 to be more in the 26.5% to 27% range.

我們估計 19 財年第四季的有效總公司稅率將在 26.5% 至 27% 的範圍內。

A few other items of note.

其他一些值得注意的事項。

In terms of expansion, as I mentioned, we've opened through the third quarter to date a total of -- actually opened 12 units -- I'm sorry, opened 13 units, but that includes 3 relocations, so net of 10.

在擴張方面，正如我所提到的，截至第三季度，我們迄今為止總共開設了 12 個單位，很抱歉，開設了 13 個單位，但這包括 3 次搬遷，因此扣除 10 家單位。

In Q4, we'll open 13 locations, which includes 2 relos, so net of 11, which should put us, in terms of net new openings for the fiscal year at, 21, the same number that we had in fiscal '18.

在第四季度，我們將開設 13 家門市，其中包括 2 家 relos，因此扣除 11 家後，我們本財年的淨新開業數量將達到 21 家，與 18 財年的數量相同。

About 3/4 of the openings this year are in the U.S. and about 1/4 internationally.

今年約 3/4 的職缺位於美國，約 1/4 位於國際。

This also includes our anticipation of opening our first Costco in China, in Shanghai, tentatively scheduled to open on August 27, right before the fiscal year ends.

這也包括我們預計在上海開設中國第一家 Costco 店，暫定於 8 月 27 日（即本財年結束前）開幕。

As of Q3 end, total warehouse square footage stood at 112 million square feet.

截至第三季末，倉庫總面積為 1.12 億平方英尺。

In terms of CapEx, while our new warehouse openings remains in the low 20s, the CapEx then is in line with prior years.

就資本支出而言，雖然我們的新倉庫開張數量仍保持在 20 左右，但資本支出與前幾年持平。

Excuse me, is in line with prior years.

對不起，與往年一致。

We've got a lot more money being spent on fulfillment, both e-commerce and grocery expansion and automation; the chicken plant, which is what we mentioned and as well as ongoing expansion in depot and infrastructure, as well as IT modernization.

我們在電子商務、食品雜貨擴張和自動化方面投入了更多的資金；我們提到的養雞廠以及倉庫和基礎設施的持續擴張以及 IT 現代化。

In terms of stock buybacks in Q3, during the third quarter, we expended $44 million repurchasing 192,000 shares at an average price of $226.57.

在第三季的股票回購方面，第三季我們花了 4,400 萬美元回購了 192,000 股股票，平均價格為 226.57 美元。

To date, we've expended $195 million or 903,000 shares at about a $216 per share price.

迄今為止，我們已花費 1.95 億美元或 903,000 股股票，每股價格約為 216 美元。

As a reminder, at the last Board meeting, the board approved the reauthorization of a stock repurchase program, authorized a new $4 billion program that will remain in effect through April 2023.

提醒一下，在上次董事會會議上，董事會批准了股票回購計劃的重新授權，並授權了一項新的 40 億美元計劃，該計劃將一直有效到 2023 年 4 月。

In terms of e-commerce, overall, our e-commerce sales increased as we mentioned on a comp basis, 19.5%; reported, 22%; 19.5%, ex FX and gas.

在電子商務方面，總體而言，正如我們所提到的，我們的電子商務銷售額比去年同期成長了 19.5%；據報道，22%； 19.5%，扣除外匯和天然氣。

I might point out, by the way, that these numbers do not include the increases that we're seeing with Instacart.

順便說一句，我可能會指出，這些數字不包括我們在 Instacart 上看到的增長。

Instacart comes into our warehouses and purchases, and that goes into warehouse sales.

Instacart 進入我們的倉庫和採購，然後進入倉庫銷售。

The top growth categories in the quarter were electronics, health and beauty aids, furniture, small appliances, automotive, and optical.

本季成長最快的類別是電子、健康和美容輔助品、家具、小家電、汽車和光學。

New brands and items online during the quarter included high-end televisions from Sony and Samsung, as well as the latest generation Apple products or AirPods to iMacs and the like.

本季上線的新品牌和商品包括索尼和三星的高階電視，以及最新一代的蘋果產品或 AirPods 到 iMac 等。

Other things would include things like bareMinerals beauty cosmetics.

其他東西包括諸如 bareMinerals 美容化妝品之類的東西。

Sales highlights for the quarter included some significant diamond ring purchases, 1 in the $400,000 range and big-ticket items like golf simulators that sold for $14,000 each, which we've sold during a 5-day period.

本季度的銷售亮點包括購買了一些重要的鑽戒（其中一枚價值 400,000 美元），以及高爾夫模擬器等高價商品，每件售價 14,000 美元，我們在 5 天內售出了這些商品。

We also continue to improve our online and in-line cross-marketing initiatives, a lot of push notifications for start and end of warehouse promotions, e-mails featuring hot items and suggestions for Mother's Day and other holidays like Cinco de Mayo.

我們也繼續改進我們的線上和內聯交叉行銷計劃，大量關於倉庫促銷開始和結束的推播通知，包含熱門商品的電子郵件以及母親節和其他節日（如五月五日節）的建議。

During the quarter, we also completed the rollout of 6 regional grocery distribution centers located within our existing depots.

本季度，我們也完成了位於現有倉庫內的 6 個區域雜貨配送中心的推出。

You'll recall that previously, we had fulfilled, since late 2017 when we began the 2-day grocery, we did that through our business centers.

您可能還記得，自 2017 年底開始提供 2 天雜貨服務以來，我們一直透過商務中心實現這一目標。

As it expands, we pushed it into our depot operations, and we'll also have, in those cases, regional assortments.

隨著它的擴張，我們將其推入我們的倉庫運營中，在這種情況下，我們還將擁有區域品種。

An update on -- in terms of our buy online and pick up in store.

關於我們在線購買和店內取貨的最新情況。

In the quarter, we began rolling out additional pick-up lockers.

本季度，我們開始推出更多的自取儲物櫃。

Over the last several months, we've had 10 locations, but we're in the process of rolling that out to an additional 100 locations over the next 4 or 5 months, before the September through December holiday season.

在過去的幾個月裡，我們已經開設了 10 個地點，但我們正在接下來的 4 到 5 個月（即 9 月到 12 月的假期季節之前）將其擴展到另外 100 個地點。

Continued growth in Costco app use among our members, we continue to experience that with new features recently added like pharmacy orders and pick-up notifications, easier shopper -- easier shopping ability on member savings events, photo center and various push notifications.

我們的會員中Costco 應用程式的使用持續增長，我們繼續體驗到最近添加的新功能，如藥房訂單和取貨通知、更輕鬆的購物者- 會員儲蓄活動、照片中心和各種推播通知的更輕鬆的購物能力。

And expect several additional new features are planned for July and the upcoming months thereafter.

預計 7 月以及此後的幾個月將計劃推出一些額外的新功能。

We continue to focus on getting merchandise to customers faster.

我們繼續專注於更快地將商品交付給客戶。

Some of that has to do with where we locate the merchandise in these depot and other ancillary operations.

其中一些與我們在這些倉庫和其他輔助業務中放置商品的位置有關。

As discussed last quarter, we will begin e-commerce operations in Japan later this summer and Australia, late summer, early fall.

正如上季所討論的，我們將在今年夏末在日本以及夏末秋初在澳洲開始電子商務業務。

Next thing I want to touch on for a minute is the whole question of tariffs.

接下來我想談談關稅的整個問題。

I'm sure we'll be getting some questions on that, so a few comments.

我確信我們會收到一些關於此的問題，所以我想發表一些評論。

As we indicated a couple of quarters ago in our earnings release, there continue to be a lot of moving parts, although some of the moving parts are getting bigger and -- but it is still pretty fluid.

正如我們在幾個季度前的財報中指出的那樣，仍然有很多變化的部分，儘管一些變化的部分正在變得越來越大，但它仍然相當不穩定。

The actions that we took then and we continue to take, where we're able to, not in a big way, we're accelerating shipments before certain tariffs were put into effect or would be increased in the percentage of the tariff, although there's limited ability to do that.

我們當時採取的行動以及我們繼續採取的行動，只要我們能夠，但幅度不大，我們就會在某些關稅生效之前加快發貨，或者提高關稅的百分比，儘管有這樣做的能力有限。

We've worked with suppliers.

我們與供應商合作。

We've gone to potentially to every supplier on every item, as you might expect, to see what we can do to both reduce cost and figure out how to do that.

正如您所期望的那樣，我們已經潛在地拜訪了每件商品的每個供應商，看看我們可以採取哪些措施來降低成本並找出如何做到這一點。

In some cases, we've reduced order commitments on certain items.

在某些情況下，我們減少了某些商品的訂單承諾。

We've looked at alternative country sourcing where possible and feasible, although again, there's a limited amount of the ability to do that.

我們已經在可能和可行的情況下考慮了替代國家採購，儘管這樣做的能力仍然有限。

And we've taken advantage of lower pricing on certain U.S. items that have been impacted the other way.

我們也利用了某些受到其他影響的美國商品的較低定價。

In summary, we'll continue to see our customers and competitors react to this.

總之，我們將繼續看到我們的客戶和競爭對手對此的反應。

What's interesting is if you -- as you know, this List 3, which is the biggest of the 3 lists of potential tariff items, those were listed back in September of '18 at 10% tariffs.

有趣的是，如您所知，清單 3 是 3 個潛在關稅項目清單中最大的一個，這些清單早在 18 年 9 月就以 10% 的關稅列出。

And were going to go to 25% at December -- as of December 31, 2018.

截至 2018 年 12 月 31 日，這一比例將在 12 月達到 25%。

That date has continued to move, although it's now moved and it's, in fact, at 25% for items that I believe are exported after May 10.

該日期繼續發生變化，儘管現在已經發生變化，事實上，對於我認為 5 月 10 日之後出口的商品，稅率為 25%。

So we're just starting to see some of those impacts.

所以我們才剛開始看到其中一些影響。

As you might expect, it's all over the board in terms of every item and every vendor is different.

正如您所預料的那樣，每個項目都是全面的，每個供應商都是不同的。

In some cases, it's being passed on.

在某些情況下，它正在被傳遞。

In some cases, we're able to work to figure out how to move merchandise.

在某些情況下，我們能夠努力弄清楚如何運輸商品。

And then the impact of when the price increase does go through, it has a different impact of how it affects sales.

當價格上漲確實發生時，它會對銷售產生不同的影響。

We think that we're in a good position in terms of our size and our ability and our relationships with our vendors, and we'll keep you posted on how it goes.

我們認為，就我們的規模、我們的能力以及我們與供應商的關係而言，我們處於有利位置，我們將隨時向您通報進度。

This last piece, again, includes -- it's the biggest list of the 3 lists and includes things like furniture, luggage, bikes, vacuums, grills and more items like that.

最後一項再次包括——它是 3 個清單中最大的清單，包括家具、行李箱、自行車、吸塵器、烤架和更多類似物品。

That's pretty much it on our side.

我們這邊差不多就是這樣。

And lastly, in terms of upcoming releases, we will announce our May sales results for the 4 weeks ending this Sunday, June 2, next Wednesday, June 5, after the market close -- closes.

最後，就即將發布的產品而言，我們將在收盤後公佈截至 6 月 2 日週日、6 月 5 日下週三的 4 週的 5 月份銷售結果。

And with that, I will open it up for Q&A and turn it back to Jerome.

然後，我將打開它進行問答，然後將其返回給傑羅姆。

Thank you.

謝謝。

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

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

Richard, how are you going to comp the $400,000 diamond ring?

理查德，你打算如何補償價值 40 萬美元的鑽戒？

It's going to be tough next year.

明年會很艱難。

Well, do you have an anniversary coming up?

那麼，你們即將迎來週年紀念日嗎？

Even if I did, I can't afford it.

即使我做到了，我也買不起。

My question relates to the comp.

我的問題與比較有關。

The traffic's been moderating a bit.

交通已經緩和了一些。

Should we think about this as just more reversion to the mean?

我們是否應該認為這只是更多地回歸均值？

Or do you think that there's something else going on?

還是你認為還有其他事情發生？

Well, look, every time, it reminds me of a few years ago when we saw slight moderation in traffic, and it was, oh my God, it's -- this has been the normal.

好吧，看，每次，這都讓我想起幾年前，當時我們看到交通略有放緩，天哪，這已經是常態了。

And our answer then was we don't know what to do -- we don't know if it is or it isn't.

當時我們的答案是我們不知道該怎麼辦——我們不知道是或不是。

What we know is we've got a lot of exciting things going on in buying.

我們知道，購買過程中發生了很多令人興奮的事情。

We certainly -- the different buckets of money we've talked about over the last few years, whether it's the fee income for membership fee increases, the credit card switch, the tax reform, all those things don't go away.

當然，過去幾年我們討論過的不同類別的資金，無論是會員費增加的費用收入、信用卡轉換、稅收改革，所有這些都不會消失。

They, in fact, grow each year a little bit.

事實上，它們每年都會成長一點。

And so I think that we feel that we're in a good position to keep driving it.

因此，我認為我們認為我們處於繼續推動這一趨勢的有利位置。

As it relates to where it goes from here, we'll have to see.

由於它關係到它從這裡走向何方，我們必須拭目以待。

We think, relatively speaking, our value proposition is as strong, if not, stronger than it's ever been out there, and we'll have to see where it goes.

我們認為，相對而言，我們的價值主張比以往任何時候都更強大，甚至更強大，我們必須看看它會走向何方。

Now what are some of the headwinds?

現在有哪些不利因素？

Recent headwinds included the weather and other things that started back in February.

最近的不利因素包括天氣和二月開始的其他事情。

Certainly, the -- this new word with a capital T called tariff, there's questions out there that we read about every day and we will see.

當然，這個大寫 T 的新字叫做關稅，我們每天都會讀到一些問題，我們將會看到。

Again, we feel whatever the impact is, we feel that in the earlier tariffs last year, recognizing many of them were in the 10% range, not the 25% range, we actually thought we'd pick up a little market share in some cases.

再次強調，無論影響是什麼，我們認為在去年早些時候的關稅中，我們認識到其中許多關稅在10% 的範圍內，而不是25% 的範圍內，我們實際上認為我們會在某些領域獲得一點市場佔有率。案例。

We don't know what will happen tomorrow, but we feel we're in a good position from a buying power standpoint and certainly have the ability to drive sales the way we know how to do it with good value.

我們不知道明天會發生什麼，但我們認為從購買力的角度來看我們處於有利位置，並且當然有能力以我們知道如何以高價值實現的方式推動銷售。

My follow-up question is your core-on-core gross margin expanded rate, that accelerated quite a bit from the last couple of quarters.

我的後續問題是你們的核心毛利率擴張率，比過去幾季加快了許多。

Is that because of what you are doing proactively?

是因為你主動去做的事情嗎？

Or is it just that the market becoming a little less competitive and as a result, you're able to earn a little bit more on your sales?

或者只是市場競爭變得不那麼激烈，因此您能夠從銷售中獲得更多收入？

I think it is.

我覺得是這樣的。

It's a little of everything, and I think some of it's internal controls.

一切都有一點，我認為其中一些是內部控制。

We still manage the basics, managing spoilage and D&D and negotiating with vendors.

我們仍然管理基礎知識，管理損壞和 D&D 以及與供應商談判。

It's a lot easier to do that.

這樣做要容易得多。

Our buying power or our strength per item is enormous, given our $150 million is over 4,000 given items at a given time.

我們的購買力或每件商品的實力是巨大的，因為我們的 1.5 億美元相當於在特定時間購買超過 4,000 件特定商品。

Certainly, I get back to some of those other buckets we've had available.

當然，我會回到我們已經擁有的其他一些桶子。

We're able to use those, and we're able -- we've also been able to show that we drive even greater value.

我們能夠利用這些，而且我們能夠──我們也能夠證明我們可以創造更大的價值。

We -- the vendor sees a big increase in pick-up in the unit sales, and I think that's worked to our benefit.

我們－供應商看到單位銷售的大幅成長，我認為這對我們有利。

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 ask about margins, just the performance on the core margin and then the core-on-core, which obviously was even better.

我想問一下利潤率，只是核心利潤率的性能，然後是核心對核心的性能，這顯然更好。

Any additional color on the puts and takes there and then, how we should maybe be thinking about that for the remainder of the year, particularly as tariffs start to accelerate?

看跌期權和看跌期權有任何額外的顏色，然後，我們應該如何在今年剩餘的時間裡考慮這個問題，特別是在關稅開始加速的情況下？

Well, I mean, look, when -- we've always been asked when prices are going up.

嗯，我的意思是，你看，我們總是被問到價格何時會上漲。

But when costs are going up, we want to be the last to raise them.

但當成本上升時，我們希望成為最後一個提高成本的人。

And when prices are going down, we want to be the first to lower them.

當價格下降時，我們希望成為第一個降低價格的人。

We're not afraid to use some of those monies to, again, drive business.

我們並不害怕再次利用其中一些資金來推動業務。

I think a lot of things worked in our favor this quarter.

我認為本季很多事情都對我們有利。

Just when you get comfortable with us, we'll do something else, right?

當你對我們感到滿意時，我們就會做別的事情，對嗎？

But there's -- again, we don't really give -- provide direction or guidance on where to go in the future.

但同樣，我們並沒有真正提供關於未來走向的方向或指導。

We feel pretty good right now about our competitive position, relative to both in line and online and the value proposition that we bring.

我們現在對我們的競爭地位（相對於線上和線上以及我們帶來的價值主張）感到非常滿意。

In fact, some of the weakness, whether it's tariff-related or whatever it's related, in some cases, we feel that it gives us a leg up as it relates to we can go in there and buy large quantities of something and at great value.

事實上，在某些情況下，無論是與關稅相關的還是其他相關的弱點，我們認為這給我們帶來了優勢，因為它涉及我們可以進入那裡並以高價值購買大量的東西。

And these are all anecdotal comments though.

不過，這些都是軼事評論。

Overall, we feel again good about our competitive position and the things that we have in the pipeline as it relates to having good -- great merchandise and great prices.

總的來說，我們對我們的競爭地位和我們正在開發的產品再次感到滿意，因為它與擁有優質的商品和優惠的價格有關。

And just maybe a follow-up on the tariff side.

也許只是關稅方面的後續行動。

As we think about List 3 and we think about 25%, your philosophy, I guess, generally, I mean you've always been a bit more of a customer-first organization.

當我們考慮清單 3 時，我們會想到 25%，我想，您的理念，一般來說，我的意思是您一直是個客戶至上的組織。

Is there margin risk associated with that?

是否存在與此相關的保證金風險？

And then as we think about any potential for List 4, how strategically would you think about that?

然後，當我們考慮清單 4 的潛力時，您會如何從策略角度考慮這一點？

Well, there's always risk.

嗯，風險總是存在的。

At some point, you can't -- needless to say, no one [is able to eat up] all these tariffs.

在某些時候，你不能－不用說，沒有人[能夠吃掉]所有這些關稅。

We work with vendors.

我們與供應商合作。

Yes, there's been some switching, a small amount of switching to other countries of origin where we can, although we're not the only one in town trying to do that.

是的，我們已經進行了一些轉換，少量轉換到我們可以的其他原籍國，儘管我們並不是城裡唯一嘗試這樣做的人。

At the end of the day, prices will go up on things.

最終，東西的價格將會上漲。

What's interesting is, is it's hard to predict what the impact is.

有趣的是，很難預測其影響是什麼。

We've seen strengthened patio furniture even with certain tariff price increases, although part of that is because there was a little bit of slowdown in patio furniture because of the bad weather in January and February and we get into seasons early.

即使關稅價格有所上漲，我們也看到露台家具的銷量有所增強，儘管部分原因是由於一月和二月的惡劣天氣，露台家具的銷售略有放緩，而且我們提前進入了季節。

So again, it's hard to analyze each one.

再說一遍，很難對每一個進行分析。

I think what we're most cognizant of is a key price point.

我認為我們最了解的是一個關鍵的價格點。

If you're something at $9.99, you hate to go to a new calculation that was at $10.49.

如果你的價格是 9.99 美元，你不願意重新計算 10.49 美元。

But if it's 25% on $9.99, needless to say, you're not worried about $10.49.

但如果 9.99 美元有 25% 的折扣，不用說，你就不用擔心 10.49 美元。

You've got to figure out where it is above that.

你必須弄清楚它在上面的位置。

And again, I think we've done everything we can, and we'll see where it goes from here.

再說一次，我認為我們已經盡力了，我們將看看接下來的發展。

And then the real unknown is how long it's going to last.

然後真正的未知數是它會持續多久。

And to the extent it gets into List 4, that's a whole new ballgame as well.

就其進入清單 4 而言，這也是一個全新的遊戲。

That's the rest of everything, if you will, including electronics and apparel and the phones and televisions.

如果你願意的話，這就是剩下的一切，包括電子產品、服裝、電話和電視。

And so -- and the more discretionary an item is -- we were, again, I think a little comparably surprised on the patio side, although we also have to recognize there was some buildup because the weather -- it took a little while for the weather to turn.

因此，越是隨意的項目，我們再次感到在露台一側感到有點驚訝，儘管我們也必須認識到，由於天氣原因，有一些積聚，花了一點時間天氣轉。

And -- but if you start getting 25% tariffs on that List 4 -- but List 4 is not here yet.

而且，如果你開始對清單 4 徵收 25% 的關稅，但清單 4 還沒有出現。

And we're hopeful that the ebbs and flows of the relations between our countries improves in that regard.

我們希望我們兩國之間的關係在這方面有所改善。

Your next question comes from the line of Simeon Gutman from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Simeon Gutman。

This is Josh Kamboj on for Simeon.

我是西蒙的喬許‧坎博伊 (Josh Kamboj)。

The expense levers that you saw in the quarter was encouraging especially against the wage headwinds that you're facing.

您在本季看到的費用槓桿令人鼓舞，尤其是在您面臨的工資逆風的情況下。

Can you maybe go into a little bit more detail about what's driving those specifically?

您能否更詳細地介紹一下這些具體驅動因素是什麼？

And then ignoring the benefit from lapping the wage increase next year, can you continue to drive expense leverage in the same areas for the foreseeable future to offset tariffs?

然後忽略明年薪資成長帶來的好處，在可預見的未來，你能否繼續在同一領域提高費用槓桿以抵消關稅？

Look, the biggest -- depending on the level of tariffs.

看，最大的——取決於關稅水平。

If it's a lot, no.

如果很多的話，就沒有。

But as we've always said, we're -- the biggest thing is driving sales, if we can drive sales.

但正如我們一直在說的，我們最重要的是推動銷售，如果我們能夠推動銷售的話。

We're not very good at leveraging expenses if sales are weakening relative to others perhaps.

如果銷售相對於其他公司而言可能疲軟，我們就不太擅長利用費用。

Those are things we're not going to do.

這些是我們不會做的事情。

We're not going to postpone a wage increase and things like that.

我們不會推遲工資上漲之類的事情。

And we work on expenses every day and every week and every month at our budget meetings literally, and I think we -- again, there'll be a little reduced headwind in each of the next few quarters with the big increase as we saw on hourly wages both in June of '17 and now in March -- sorry, in June of '18 and now in March of '19 as those -- that 10 to 12 negative goes to 6 or 7 goes to 4 or 5 or whatever I said earlier.

我們每天、每週、每月都在預算會議上處理支出問題，我認為，在接下來的幾個季度中，每個季度的逆風都會有所減少，而正如我們所看到的那樣，逆風會大幅增加17 年 6 月和現在 3 月的時薪 - 抱歉，18 年 6 月和現在 19 年 3 月 - 10 到 12 負數變為 6 或 7 變為 4 或 5 或其他什麼我前面說過。

Beyond that, there's also -- I mean there's basis points here and there that go both ways.

除此之外，我的意思是這裡那裡都有雙向​​的基點。

A lot of the things we're doing like in the new fulfillment centers, the automation, none of this stuff goes completely smoothly.

我們正在做的很多事情，像是在新的履行中心、自動化，這些事情都進展得很順利。

And we don't point out each one of these things, but I'm sure there are some extra hits of 0.5 basis point here and 0.5 basis point there, and there's other things that improve.

我們不會一一指出這些事情，但我確信這裡有一些額外的 0.5 個基點，那裡有 0.5 個基點，還有其他一些改進。

At the end of the day, sales is paramount.

歸根究底，銷量才是最重要的。

The other thing is that as -- I think not over this next year but over the next several years, to the extent that we have a higher increase of openings outside the United States, that tends to help the overall percentages on things like healthcare.

另一件事是，我認為不是明年，而是未來幾年，在美國以外的職缺數量增加的情況下，這往往有助於醫療保健等領域的總體百分比。

Healthcare is 30 to 70 basis points higher (sic) [lower] in every other country than the U.S., things like that.

其他所有國家的醫療保健費用都比美國高出 30 到 70 個基點（原文如此）[較低]，諸如此類。

And so -- I'm sorry, lower, healthcare expense as a percent of sales is lower in every other country outside the United States.

因此，抱歉，醫療費用佔銷售額的百分比在美國以外的所有其他國家/地區都較低。

So there's -- we've been fortunate that our concept works in virtually every other country we've gone to.

所以，我們很幸運，我們的理念幾乎適用於我們去過的所有其他國家。

Takes -- sometimes, it takes a few years to get there when we first open in a country.

當我們首次在一個國家/地區開業時，有時需要幾年時間才能實現這一目標。

But at the end of the day, that will help.

但歸根結底，這會有所幫助。

And that's not going to help tomorrow.

這對明天沒有幫助。

That's over the next 5 and 10 years.

那是未來5年和10年的事。

And just as a quick follow-up, following up with some of the other questions a little bit more directly.

就像快速跟進一樣，更直接地跟進其他一些問題。

Do you think over the next few quarters your merch margin can continue to expand, that's the core-on-core one, as tariffs have a greater impact on your business?

您認為在接下來的幾個季度中，您的商品利潤率是否可以繼續擴大，這是核心對核心的利潤率，因為關稅對您的業務影響更大？

First of all, we don't guide.

首先，我們不做指導。

That's where I should say stop.

這就是我應該說停止的地方。

But look, tariffs, to the extent that we want to be the last to raise prices, it doesn't mean we're going to wait and not do it at all.

但是看，關稅，就我們想成為最後提高價格的程度而言，這並不意味著我們會等待並且根本不這樣做。

We've got to be pragmatic about it.

我們必須務實地對待它。

But net-net those, that would be a drag, a little bit of a drag.

但是網-網那些，那將是一個拖累，一點點拖累。

Now hopefully, it's a drag for a plus 20, not a minus 5.

現在希望，這是正20的阻力，而不是負5。

Your next question comes from the line of Scot Ciccarelli from RBC Markets.

您的下一個問題來自 RBC Markets 的 Scot Ciccarelli。

Scot Ciccarelli.

斯科特·西卡雷利。

I was curious if you guys have considered providing a click-and-collect kind of process for your grocery offering, given the success that Walmart's had with their grocery pickup.

鑑於沃爾瑪在雜貨提貨方面的成功，我很好奇你們是否考慮過為您的雜貨產品提供點擊提貨的流程。

Not at this juncture.

不是在這個時候。

I mean the click and collect that we're doing is simply -- or is more for small sized, big-ticket items like electronics and jewelry and handbags.

我的意思是，我們所做的「點擊取貨」只是——或者說更多的是針對電子產品、珠寶和手提包等小尺寸、大件商品。

We continue to look at it.

我們繼續關注。

We continue to scratch our head about it.

我們仍然對此摸不著頭腦。

We recognize that they and some others are putting in a lot of financial commitment to doing this.

我們認識到他們和其他一些人為此投入了大量的財務承諾。

I think what you're going to find is like everything else in life at Costco, over time, we figure out how to do it our way that makes sense for us that still works.

我想你會發現就像在 Costco 生活中的其他事情一樣，隨著時間的推移，我們會找到對我們有意義且仍然有效的方法。

One of the reasons that, whether it's Instacart or a smaller-scale Shipt, in the Southeast, which is the -- which is growing its geographic footprint as well as Google, all those things are ways to do that without us having to get into that business in a big way.

原因之一是，無論是 Instacart 還是規模較小的 Shipt，在東南部，它的地理足跡和谷歌一樣不斷擴大，所有這些都是不需要我們介入就能做到這一點的方法。這項業務規模很大。

And that's on 2 day.

那是2天。

And recognizing, if somebody wants something in an hour, they're probably not going to get it from us.

並且認識到，如果有人在一小時內想要某樣東西，他們可能不會從我們這裡得到。

But what we see is, is we're -- the other thing is we still want to drive you into the warehouse and so far, what we see in small bite sizes here in some of the things we've done.

但我們看到的是，我們 - 另一件事是我們仍然想開車送你進入倉庫，到目前為止，我們在我們所做的一些事情中看到了小規模的東西。

The net of having that 1-day grocery with third parties or 2-day drag grocery through us, it has been slightly additive.

與第三方合作的 1 天雜貨店或透過我們提供 2 天拖雜貨店的網絡，它已經稍微增加了。

So it's not cannibalizing -- well, it cannibalizes the number of visits to a warehouse a little but some of it still is an increase in sales.

所以它並沒有蠶食——嗯，它稍微蠶食了倉庫的訪問次數，但其中一些仍然是銷售額的增加。

These are small data points in -- over a short period of time, so we have to see.

這些都是短時間內的小數據點，所以我們必須看看。

But we'll figure out how to keep doing it our way and hopefully, that'll work.

但我們會想出如何繼續按照我們的方式行事，希望這會奏效。

Got it.

知道了。

So certainly nothing in the near future.

所以在不久的將來肯定不會有任何事情。

Okay.

好的。

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 in light of like the trade war rhetoric and market volatility and some of the [soft] concerns, I'm just wondering if you've seen any change in the consumer behavior, particularly in some of your more important markets such as California.

理查德，鑑於貿易戰言論和市場波動以及一些[軟]擔憂，我只是想知道您是否看到消費者行為發生任何變化，特別是在一些更重要的市場，例如加利福尼亞州。

PBH was out saying some things last night.

PBH 昨晚出去說了一些事情。

Curious if you're seeing anything on your consumer.

很好奇您是否在您的消費者身上看到了任何東西。

No, we really haven't.

不，我們真的沒有。

No?

不？

Okay.

好的。

Great.

偉大的。

And then just thinking on and just to follow up on Ed's question about operating margins, they're much stronger than a decade ago, and frankly, not many in retail can say that.

然後，只要思考並跟進艾德關於營業利潤率的問題，他們就比十年前強得多，坦白說，零售業沒有多少人可以這麼說。

Just curious, when you look ahead and you think bigger picture about some of the puts and takes, what do you think about operating margin dollar growth in the future?

只是好奇，當您展望未來並對一些看跌期權和看跌期權進行更宏觀的思考時，您對未來營業利潤率的增長有何看法？

Well, I guess, more, more.

嗯，我想，更多，更多。

The slide that has been shown at our international managers' meeting every year for that 3- or 4-day event, from the beginning of time and through Craig Jelinek's tenure over the last 8 years, we're a top line company.

每年在我們的國際經理會議上為期 3 或 4 天的活動中都會展示這張幻燈片，從一開始以及過去 8 年 Craig Jelinek 的任期，我​​們都是一家頂級公司。

And as long as we can keep driving sales, all those other things fall into place.

只要我們能夠繼續推動銷售，所有其他事情都會迎刃而解。

The fact that we have been successful longer than I thought and are continuing to get more people to convert to Executive Membership, the benefit that we have with a great value on our credit card, all those things drive loyalty and will drive sales, and everything else will take care of itself.

事實上，我們成功的時間比我想像的要長，並且正在繼續讓更多的人轉換為執行會員，我們的信用卡具有巨大的價值，所有這些都可以提高忠誠度並推動銷售，等等否則會自己解決的。

And we feel pretty comfortable right now with the -- recognizing value is not just price but value -- the price is still the biggest piece of value on what we do.

我們現在感到非常滿意——認識到價值不僅僅是價格，而是價值——價格仍然是我們所做的事情中最大的價值。

Your next question comes from the line of Christopher Mandeville from Jefferies.

您的下一個問題來自傑富瑞 (Jefferies) 的克里斯多福曼德維爾 (Christopher Mandeville)。

Can I just ask in terms of competition on the consumable side?

可以問一下消耗品方面的競爭嗎？

Are you seeing anything notable in terms of change on pricing, whether it be greater aggression or maybe a greater willingness to pass on overall cost inflation?

您是否看到定價方面有任何值得注意的變化，無論是更大的侵略性還是更願意轉嫁總體成本通膨？

And I guess I'm definitely curious about categories like eggs and pork where we've seen some significant deviations on pricing.

我想我肯定對雞蛋和豬肉等類別感到好奇，我們發現這些類別的定價存在一些重大偏差。

Over -- yes, I mean pork has been all over the board as I understand.

結束了——是的，據我所知，我的意思是豬肉已經遍布了整個董事會。

But overall, the answer to your overall question is not really.

但總的來說，你的整體問題的答案並不是真的。

If anything, I mean using gasoline as an extreme example, I think the fact that our -- most gasoline retailers have been willing to make more on gas and it has enabled us to have a bigger value gap and make a little more.

如果有的話，我的意思是使用汽油作為一個極端的例子，我認為事實是，我們的大多數汽油零售商一直願意在天然氣上賺更多錢，這使我們能夠擁有更大的價值差距並賺得更多。

And so that suited us well.

所以這很適合我們。

Again, I think we're fortunate that many of the price wars that are out there, the traditional retailers in any given category are impacted a lot more than we are on those things.

再說一遍，我認為我們很幸運，因為存在許多價格戰，任何特定類別的傳統零售商受到的影響都比我們在這些事情上受到的影響要大得多。

So that's -- I think we've been fortunate.

所以我認為我們很幸運。

And on basics, what I'll call the supermarket ads of yesteryear, we've been watching those every week since the beginning of time and continue to do so.

從根本上講，我稱之為去年的超市廣告，我們從一開始就每週都會觀看這些廣告，並將繼續這樣做。

And where we've helped ourselves is in areas of private label and areas of organic and specialty items.

我們幫助自己的地方是自有品牌領域以及有機和特色產品領域。

I mean you go into even something as basic as the cheeses.

我的意思是你甚至會研究像奶酪這樣基本的東西。

We're not just selling the basic cheeses anymore.

我們不再只銷售基本的起司。

We're selling premium cheeses.

我們出售優質起司。

And I think in everything we do in packaged food items, we stepped up the quality and whether it's organic or antibiotic free or you name it.

我認為，在我們在包裝食品方面所做的一切，我們都提高了質量，無論它是有機的還是不含抗生素的，或者你能想到的。

And those things, we're able to show great savings and still maintain decent margin.

就這些而言，我們能夠節省大量資金，同時仍保持可觀的利潤。

Okay.

好的。

And because you brought up fuel, I guess I'm curious that the comments on being able to capture maybe a little bit more margin all while expanding your gap relative to competition, is that broad-based across the country?

因為你提出了燃料問題，我想我很好奇，關於能夠在擴大相對於競爭的差距的同時獲得更多利潤的評論是否在全國範圍內都有廣泛的基礎？

Or is it more so confined to areas like state of California?

或者它更局限於像加州這樣的地區？

And then could you just speak to comp growth on gallons in the quarter?

然後您能談談本季加侖的比較成長嗎？

As I understand it, the only geographic region in the U.S. where that's not the case is parts of the Midwest, and it ebbs and flows there.

據我了解，美國唯一不存在這種情況的地理區域是中西部部分地區，那裡的潮起潮落。

Everywhere else, it's been pretty healthy for us and where -- I think the gaps -- the value gaps, when you look at some of these third-party websites that collect from millions of people across the country pricing, we continue to be shown as the best value out there.

在其他地方，這對我們來說是相當健康的，我認為差距——價值差距，當你查看一些從全國數百萬人那裡收集定價的第三方網站時，我們繼續看到作為那裡最好的價值。

And anything on the comps for gallon growth?

加侖成長的比較有什麼嗎？

They continue to be in the -- I believe they're still in the high single digits in gallons.

它們仍然處於——我相信它們仍然處於高個位數（以加侖為單位）。

Yes, they continue in this quarter to be in the high single digits, whereas I think U.S. gallon consumption is in the low single digits.

是的，本季度它們繼續處於高個位數，而我認為美國加侖的消耗量處於低個位數。

We're driving people into the parking lot.

我們正在開車送人們進入停車場。

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）。

I'm wondering -- our core growth margin, is there -- was there any benefit to core-on-core maybe from timing in terms of accelerating delivery of items that may be passing on some price increases because -- I mean it sounds like it could be a little more structural in nature, although I know you don't really want to commit to that.

我想知道 - 我們的核心成長率是否存在 - 核心對核心是否有任何好處，也許是從加速交付可能會傳遞一些價格上漲的物品的時機來看，因為 - 我的意思是這聽起來就像它本質上可能更具結構性一樣，儘管我知道你並不真的想承諾這一點。

And then I had another question.

然後我還有另一個問題。

Not really because in our mobility, we kept the cost down.

並非如此，因為在我們的移動性方面，我們降低了成本。

Even as costs went up and we had it sooner, we held it off.

即使成本上升並且我們提前完成，我們還是推遲了。

We held off raising price until we were into a higher cost unit or product.

我們推遲提價，直到我們進入成本更高的單位或產品。

Okay.

好的。

And then I guess then that would lead us to think that there may be something more structural in terms of what we just saw on core-on-core.

然後我想這會讓我們認為，就我們剛剛在核心對核心上看到的內容而言，可能存在一些更具結構性的東西。

Or are you reluctant to go down that path?

還是你不願意走這條路？

Look.

看。

Again, I guess I choose to use the word that we try to be pragmatic about it.

再次，我想我選擇使用“我們嘗試務實”這個詞。

We didn't look back 2 quarters ago and say core-on-core was down 5 or 6 basis points year-over-year and then last quarter, it was up 7 or 8 or whatever we reported.

我們沒有回顧兩個季度前，說核心對核心同比下降了 5 或 6 個基點，然後上個季度，它上升了 7 或 8 個基點或我們報告的任何內容。

Now it's up 20.

現在已經漲到20了。

We didn't strategically plan to do it like that.

我們並沒有策略性地計劃這樣做。

It's our buying power.

這是我們的購買力。

I think in some of these weak times in certain categories, apparel is an example.

我認為在某些類別的疲軟時期，服裝就是一個例子。

We can go in and buy huge quantities of something where a manufacturer's volumes have been cut by other merchants and really drive great value and keep a little of it and give even a greater value to the customer.

我們可以進去購買大量的東西，而製造商的產量已經被其他商家削減了，這確實帶來了巨大的價值，並保留了其中的一小部分，為客戶提供了更大的價值。

The private label is a little bit.

自有品牌有點。

Product mix is a little bit.

產品組合有點。

Certainly, private label is a little of it.

當然，自有品牌只是其中的一小部分。

Okay.

好的。

And then if we get -- if List 4 does get implemented, what percent is actually imported from China in totality?

然後如果我們得到——如果清單 4 確實得到實施，那麼實際上從中國進口的總百分比是多少？

Or what would be the increase on what's imported directly from China?

或是直接從中國進口的商品會增加多少？

Or do you just have no way of calculating that really?

或者你真的沒有辦法計算嗎？

There's really not an easy way to calculate it.

確實沒有一個簡單的方法來計算它。

First of all, List 4 is somewhat titled everything else, but who knows what everything else is once it goes through that few month process of exceptions and people appealing the process.

首先，清單 4 的標題有點像“其他一切”，但一旦經歷了幾個月的例外過程和人們對該過程提出上訴，誰知道其他一切是什麼。

And look, it's more significant in the sense it's in categories that are arguably discretionary in nature, apparel to some extent, electronics certainly and more people put that off.

看，它更重要的是，它屬於本質上可以自由裁量的類別，在某種程度上是服裝，當然還有電子產品，而且更多的人推遲了這一點。

Again, getting back to patio furniture, we didn't see it, although we believe part of that is related to just the season starting a little later this year.

再說一次，回到露台家具，我們沒有看到它，儘管我們相信這部分與今年晚些時候開始的季節有關。

Okay.

好的。

And just last question for me.

這是我的最後一個問題。

I think you're testing self-checkout in stores maybe.

我想你可能正在商店測試自助結帳。

Can you just give an update on how many stores that's in?

您能否提供有關有多少家商店的最新資訊？

And then any color on what you're seeing with respect to traffic in those stores where that's been rolled out?

然後，您所看到的那些已推出該功能的商店的客流量有什麼變化嗎？

Of the 540-ish locations in the U.S., it's in about 125, and we're going to move to 250 in rapid order over the next several months.

在美國 540 個左右的地點中，大約有 125 個，我們將在接下來的幾個月內迅速增加到 250 個。

It works -- by the way, for us, it works best in high-volume locations where it's gotten a lot easier particularly if you have a credit card now where the -- where you can just contactless.

它很有效——順便說一句，對我們來說，它在人流量大的地方效果最好，在那裡它變得更容易，特別是如果你現​​在有一張信用卡，在那裡你可以進行非接觸式操作。

And it's very fast, and customers are using it.

而且速度非常快，客戶正在使用它。

Our members are using it.

我們的會員正在使用它。

And so it's saving some labor at the front end, as important.

因此，它節省了前端的一些勞動力，這一點也很重要。

On the highest volume units, it's getting people through the front end faster, which we recognize when you get -- if our average unit is in the 180-190 range, you've got a lot of units in the 250 to 350 range, that helps.

在最高容量的單位上，它可以讓人們更快地通過前端，當你得到時我們會認識到這一點- 如果我們的平均單位在180-190 範圍內，那麼你就會有很多單位在250 到350 範圍內，這有幫助。

Your next question comes from the line of Gregory Melich from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Gregory Melich。

Richard, can you give us a little more on the e-commerce front?

理查德，您能為我們介紹更多電子商務方面的資訊嗎？

Specifically, is it still more profitable from a margin standpoint than retail globally?

具體來說，從利潤率的角度來看，它是否仍然比全球零售業更有利可圖？

And how could that change as you now roll out into Japan and Australia?

當您現在將業務擴展到日本和澳洲時，這種情況會發生什麼變化？

How should we think about that?

我們該如何思考這個問題？

Well, keep in mind, the U.S. dwarfs everybody else.

好吧，請記住，美國讓其他國家相形見絀。

Canada dwarfs everybody else to some extent, proportionate to the size of our company.

與我們公司的規模相比，加拿大在某種程度上讓其他國家相形見絀。

Overall, it's more profitable recognizing we don't charge back every item.

總的來說，認識到我們不會對每件商品進行退款會更有利可圖。

There's a charge that the warehouse gets for accepting merchandise and things like that.

倉庫接收商品和類似物品會收取一定費用。

At the end of the day, it's -- we think it is slightly more profitable at a lower gross margin.

歸根究底，我們認為，在毛利率較低的情況下，它的利潤會略高一些。

And there's certain categories like, I mean the most notable one is white goods.

還有某些類別，我的意思是最引人注目的一個是白色家電。

Four years ago in the U.S., we did maybe 50 million in limited amount of white good sale, meaning refrigerators, washers and dryers and the like.

四年前，在美國，我們限量了約 5,000 萬件白色家電，包括冰箱、洗衣機和烘乾機等。

Now we display a few items in-store in 3 -- go out 3 fiscal years, which was last year's fiscal '18, we did 5-0 something, $500-plus million, a little over $500 million, and that should be -- we should be able to double that to go over $700 million this year so -- and double that in a few years.

現在我們在店內展示了一些商品，在 3 個財年中，即去年的 18 財年，我們做了 5-0 件事，5 億多美元，略多於 5 億美元，這應該是 - - 今年我們應該能夠將這個數字翻一番，超過7 億美元- 並在幾年內翻一番。

So that's a category that, by necessity, nobody was going to go pick it up -- buy it and pick it up in the warehouse anymore.

因此，這個類別必然沒有人會去取貨——購買它並在倉庫中取貨。

And this has enabled us to have -- so there's those kinds of things that have helped as well, where we would have lost some of that business, I think, over time in the warehouse anyway.

這使我們能夠——因此，有些事情也有幫助，我認為，隨著時間的推移，我們在倉庫中無論如何都會失去一些業務。

Patio furniture -- or patio furniture during the 12 to 16 weeks in the January through April period predominantly and regular furniture during the kind of after Memorial Day and before back to school during the 10 or so weeks in the middle of summer, that's when we sold that stuff.

庭院家具——或 1 月至 4 月期間 12 至 16 週內的庭院家具，主要是陣亡將士紀念日之後和夏季中旬返校前的 10 週左右的常規家具，那時我們賣了那個東西。

Now we sell some of that stuff year-round online, most notably patio furniture that we sell year-round in decent amount in geographies where the sun actually shines more often.

現在，我們全年在網上銷售其中一些東西，最引人注目的是露台家具，我們在陽光照射更頻繁的地區全年銷售相當數量的家具。

Got it.

知道了。

And so is it fair to say that still that e-commerce business is very general merchandise heavy?

那麼，可以說電子商務業務仍以百貨為主嗎？

And can you update us on what vendor direct is as a percentage of that business or just -- and just how big it is as a percent of sales?

您能否向我們介紹供應商直接銷售佔該業務的百分比或僅佔銷售額的百分比有多大？

Well, vendor direct, yes.

嗯，供應商直接，是的。

When we first started years ago, it was mostly all vendor direct because it was big ticket -- it was solely big-ticket items being shipped, drop shipped.

當我們幾年前剛開始時，大部分都是供應商直接的，因為它是大件商品——只是運送大件商品，直接運輸。

That's a lot smaller percentage today than it's ever been.

今天這個比例比以往任何時候都要小得多。

First of all, in addition, over the last few years, where we have gone as to -- we wanted to improve the site greatly itself, whether it's search, returns, you name it.

首先，此外，在過去的幾年裡，我們一直在努力——我們希望極大地改進網站本身，無論是搜尋、返回，等等。

We've added categories to create more velocity and more reasons for you -- some of you to think about going to costco.com, whether it's health and beauty aids or food and sundries and things like that.

我們添加了類別，為您創造更快的速度和更多的理由——您中的一些人會考慮訪問 costco.com，無論是健康和美容輔助品還是食品和雜貨等等。

And so -- and I think you'll see that continue, one of the reasons that we're doing some of these automation fulfillment for small packages, if you will.

所以——我想你會看到這種情況繼續下去，如果你願意的話，這也是我們為小包裹做一些自動化實現的原因之一。

And that's the natural progression of how we do things.

這就是我們做事方式的自然發展。

And I was reading an article just this morning about a -- the writer was suggesting a small percentage of our members shop online at Costco.

今天早上我讀了一篇文章，作者建議我們的一小部分會員在 Costco 網上購物。

That is -- it is small relative to others, but it's increased each year and is increasing at greater level now, and we're getting better at it.

也就是說，它相對於其他國家來說很小，但每年都在增加，而且現在正在以更高的水平增加，而且我們在這方面做得越來越好。

But again, we still want to use the Internet to get you into the store as well, and we think we've done a pretty good job on both of those.

但同樣，我們仍然希望使用互聯網讓您進入商店，並且我們認為我們在這兩方面都做得很好。

Great.

偉大的。

And just a clarification on the tariffs.

只是對關稅的澄清。

It sounds like if, just pick a number, let's say 15% of your COGS came from China, List 3 would be less than half of that and List 4, theoretically, would be bigger if it went on everything.

聽起來，如果只選擇一個數字，假設 15% 的銷貨成本來自中國，清單 3 將不到一半，而清單 4 從理論上講，如果涵蓋所有內容，會更大。

Is that fair?

這樣公平嗎？

List 4 would be -- yes, absolutely.

列表 4 是－是的，絕對是。

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

您的下一個問題來自古根漢證券公司的約翰·海因博克爾。

So Richard, let me start with -- the sequential improvement in core-on-core, I'll beat that horse again.

所以理查德，讓我從核心對核心的連續改進開始，我將再次擊敗那匹馬。

Is that fairly broad-based, right, the 8 to the 21?

8 到 21 的範圍相當廣泛嗎？

And then secondly, I don't think -- you guys don't spend a lot of time thinking about item-by-item elasticity, or do you, and have a real good sense where the -- where some of that can be given back productively?

其次，我不認為——你們不會花很多時間思考逐項彈性，或者你們確實有很好的感覺——其中一些可以在哪裡有效地回報？

Right.

正確的。

It is broad-based, and we certainly do not think a lot about price elasticity.

它具有廣泛的基礎，我們當然不會過度考慮價格彈性。

Other -- well, we think about price elasticity in one direction.

其他——嗯，我們考慮一個方向的價格彈性。

If we lower the price, will we sell more?

如果我們降低價格，我們會賣更多嗎？

And if you think back, John, a couple -- 2 or 3 years ago when we kind of restructured the MVM, which had worked well, improved sequentially over 15 years -- -plus years and it was a little stale.

如果你回想一下，約翰，兩三年前，當我們重組 MVM 時，它運作得很好，在 15 年多的時間裡不斷改進，而且已經有點陳舊了。

And so we've changed it out, fewer items and at greater values each.

因此，我們對其進行了更改，減少了物品數量，並提高了每件物品的價值。

And what we found is, is on some cases, it worked and on some cases, it didn't.

我們發現，在某些情況下，它有效，而在某些情況下，它沒有。

But I don't think we ever think about what if we raised the price and sell 2% less units.

但我認為我們從未考慮過如果我們提高價格並減少 2% 的銷量會怎麼樣。

Yes.

是的。

I'm thinking more on the -- if we cut the price, if we reinvest some of our core-on-core benefit, can we get more share?

我更多考慮的是——如果我們降低價格，如果我們將一些核心利益再投資，我們能否獲得更多份額？

Or are we just pushing on a string?

或者我們只是在推動一條繩子？

We do that.

我們這樣做。

And I think we tried the most extreme example of saying can we drive more value out of more volume.

我認為我們嘗試了最極端的例子，即我們能否從更多的數量中獲得更多的價值。

And if we can't, we don't stubbornly push on a string in every case.

如果我們做不到，我們也不會在任何情況下都固執地推動。

All right.

好的。

And then secondly, where do you think we stand gross and net openings for next year, right?

其次，您認為明年的總職缺和淨職缺情況如何，對吧？

So I know you probably want it to get up, both of those, right, gross openings probably in the high 20s and maybe get a bit higher than it's been.

所以我知道你可能希望它上升，這兩個，對，總空缺可能在 20 左右，也許比以前更高一點。

And obviously, you'll open Shanghai.

顯然，你將打開上海。

But what's going on with China?

但中國到底怎麼了？

Does that give you any pause for additional openings beyond Shanghai?

這是否會讓您猶豫是否要在上海以外的地區開設更多職位？

Or no, you're still looking for real estate?

或者不，您還在尋找房地產嗎？

Well, at this juncture, we -- by giving -- we have 2 locations, 1 that we're opening this late summer and 1 that we would, all things go well, about a year -- almost 2 years from now.

好吧，在這個節骨眼上，我們——透過捐贈——我們有2 個地點，其中1 個是我們在今年夏末開業的，還有1 個我們會在大約一年後——幾乎兩年後，一切順利。

So let's say 1.5 years-plus after the first 1 opens.

假設第一部開放後 1.5 年多。

That's different than what we've done in other countries.

這與我們在其他國家所做的不同。

I think in Australia, we opened 3 over the first 4 years.

我認為在澳大利亞，我們在前 4 年開設了 3 家。

I think in Japan, we opened 5 -- we opened actually, we went fast, we opened 6 over 5 years.

我認為在日本，我們開了 5 家——實際上我們開了 5 家，我們發展得很快，5 年來我們開了 6 家。

In Spain, we opened 2 over 4 years.

在西班牙，我們在 4 年內開了 2 家。

So that's not inconsistent.

所以這並不矛盾。

We'll continue -- when they're there, Craig and the real estate guys and Jim Murphy, the Head of International, and the local country managers, they're looking at other sites.

我們將繼續——當他們在那裡時，克雷格和房地產人員以及國際主管吉姆墨菲和當地的國家經理，他們正在尋找其他地點。

But right now we want to get to -- look, China's a little unique in many ways, aside from any issues right now with tariffs.

但現在我們想要──看，除了目前的關稅問題之外，中國在許多方面都有點獨特。

That's not hopefully a long-term issue.

這希望不是一個長期問題。

Each item has to be registered separately.

每個項目都必須單獨註冊。

We're fortunate in the sense that we have a successful operation in Taiwan, which we were able to bring some key people.

我們很幸運，我們在台灣的業務非常成功，我們能夠帶來一些關鍵人才。

But we want to hire from within and like we do in other countries, start with a very small core group of people from -- that are expats but really grow it internally.

但我們希望從內部招聘，就像我們在其他國家一樣，從一小部分核心人員開始——他們是外籍人士，但真正在內部發展。

And if it's also -- what we've said is if a new country is very successful, we're perfectly happy to have a couple of units over the first 2 or 3 years and 4 or 5 total units 4 or 5 years after we opened our first, and we'll go from there.

如果我們所說的是，如果一個新國家非常成功，我們非常高興在前 2 或 3 年內擁有幾個單位，並在 4 或 5 年後擁有 4 或 5 個單位。打開我們的第一個，我們將從那裡開始。

And your thoughts on openings this coming year?

您對明年的空缺職位有何看法？

Excuse me?

打擾一下？

This coming year, 2019 [over] August of '20, early thought on gross and net, where really that goes to?

即將到來的一年，即 2019 年 20 世紀 8 月，關於總收入和淨收入的早期思考，到底會去哪裡？

Yes, I think the next year will look about the same as this year.

是的，我認為明年會和今年一樣。

All right.

好的。

So like mid-20s gross and low 20s net.

就像 20 多歲的總收入和 20 多歲的淨收入一樣。

Yes.

是的。

Your next question comes from the line of Scott Mushkin from Wolfe Research.

您的下一個問題來自沃爾夫研究中心的 Scott Mushkin。

Got 2 questions.

有 2 個問題。

Richard, you talked about driving top line sales and that's the key to the company.

理查德，您談到了推動營收成長，這是公司的關鍵。

Everything else takes care of itself.

其他一切都會自行解決。

And if you kind of look back over the last, I guess, 5 years, you did a huge expansion, even blew out a number of centers to add to the fresh, so I think that helped a lot.

如果你回顧過去，我想，五年來，你進行了大規模的擴張，甚至拆除了一些中心以增加新鮮感，所以我認為這有很大幫助。

The credit card helped a lot.

信用卡幫了很大的忙。

When you look out over the next year or 2 or 3, what do you see that's already substantial?

當您展望未來一年或兩三年時，您認為哪些內容已經很重要了？

What do you see as kind of similar type of sales drivers potential?

您認為類似類型的銷售驅動因素有哪些潛力？

Well, I think we continue to see -- first of all, I think fresh foods is -- continues to evolve and grow, specialty items within both food and nonfood, organic, both fresh and shelf stable.

嗯，我認為我們將繼續看到——首先，我認為新鮮食品——繼續發展和增長，食品和非食品、有機、新鮮和保質期穩定的特色產品。

One of the things that's -- again, the good news in my view is a lot of these -- there's lots of little things, not one giant thing.

其中一件事——再次強調，在我看來，好消息有很多——有很多小事，而不是一件大事。

We continue to add gas stations in other countries besides U.S. and Canada.

除美國和加拿大外，我們繼續在其他國家增加加油站。

It works.

有用。

E-commerce, as I mentioned, we'll add it to 2 more countries this year.

正如我所提到的，今年我們將把電子商務添加到另外 2 個國家。

All those things add on each other.

所有這些都是相輔相成的。

One of the things that we historically have not done a lot, and again, this is not a game changer overnight in terms of our performance, is we're very -- we've been very good at taking items in the U.S. and bringing them elsewhere and maybe to a small extent, some Canadian items because of the size that we are up there.

我們歷史上沒有做過很多的事情之一，再說一次，就我們的表現而言，這並不是一夜之間改變遊戲規則的，我們非常擅長在美國獲取物品並將其帶入美國。它們在其他地方，也許在某種程度上，還有一些加拿大物品，因為我們在那裡的規模很大。

We've been bringing and continuing to test items that we find in other countries that are high-end, specialty, unique items, and we're getting some success with that.

我們一直在引進並繼續測試我們在其他國家發現的高端、專業、獨特的產品，並且我們在這方面取得了一些成功。

It's a small thing right now, but we're very good at figuring out how to do that and taking it to the next step.

現在這只是一件小事，但我們非常擅長弄清楚如何做到這一點並將其推進下一步。

So I think you're going to continue to -- we're merchants and we're the best price.

所以我認為你會繼續下去——我們是商人，我們提供最優惠的價格。

And I think that's more than anything what you'll see with us.

我認為這比您在我們身上看到的更重要。

I think we're doing a better job on the membership side in terms of converting people to Executive.

我認為，在將人們轉變為高階主管方面，我們在會員方面做得更好。

We're still seeing good sign-ups with the credit card.

我們仍然看到信用卡的良好註冊情況。

And as those rewards get bigger, we believe that, that member becomes even more loyal.

我們相信，隨著這些獎勵越來越多，該會員會變得更加忠誠。

So I think we continue to see -- the good news is some of the concerns that many of you have had over the years that we haven't moved fast enough in certain areas, whether it's the Internet or e-commerce, there's a lot of low hanging fruit out there, and we're benefiting from some of that.

所以我認為我們繼續看到——好消息是你們中的許多人多年來一直擔心的一些問題，即我們在某些​​領域的行動不夠快，無論是互聯網還是電子商務，有很多那裡有很多唾手可得的成果，我們正在從中受益。

So I got to tell you, I come to every -- I go to every budget meeting, and you hear the merchants or the merchants from some of the other countries talk about some things that we're doing, and I think that's exciting.

所以我必須告訴你，我參加了每一次預算會議，你會聽到商人或來自其他一些國家的商人談論我們正在做的一些事情，我認為這很令人興奮。

We're now the size, from a value proposition, there's certain bulk, high-volume Kirkland items and paper goods and the like, water where we're now of the size where we can produce them in another country at the same quality level and dramatically lower the freight cost.

我們現在的規模，從價值主張來看，有某些散裝、大批量的柯克蘭物品和紙製品等，我們現在的規模可以在另一個國家以相同的品質水平生產它們並大幅降低貨運成本。

Now this is not across the board on everything, but there's lots of those types of opportunities that we continue to do.

現在，這並不是所有事情上都是全面的，但我們仍然在繼續做很多這樣的機會。

There's not a shortage of things to stay busy trying to drive our business around here that we feel pretty good about.

這裡並不缺少讓我們忙碌的事情來推動我們的業務，讓我們感覺非常好。

Perfect.

完美的。

And then my follow-up question really goes to the competitive climate.

然後我的後續問題實際上涉及競爭環境。

And we're seeing that maybe one of your competitors, biggest competitors, is kind of tacked a little bit differently.

我們發現，也許你的競爭對手之一，最大的競爭對手，採取的策略有點不同。

Maybe they were investing a lot in price a year ago and not so much now.

也許他們一年前在價格上投入了大量資金，而現在卻沒有那麼多。

Is that part of what's going on with the core-on-core gross margins, is that the competitive climate is just a little bit easier?

這是核心毛利率的一部分嗎？競爭環境是否變得更容易了？

It's really across the board with traditional retail as well.

傳統零售業也確實如此。

One of the things that I mentioned on the last few quarters' calls on the SAM side is, on the fresh side, they become and continue to be more competitive than they had been historically.

我在過去幾季的 SAM 方面電話會議中提到的一件事是，從新鮮的角度來看，他們變得並將繼續比歷史上更具競爭力。

That's the nature of the beast.

這就是野獸的本性。

But I think -- and again, we're not competing with just one direct competitor.

但我認為——再說一遍，我們不僅與一個直接競爭對手競爭。

We're competing with traditional merchandise retailers and supermarkets, and on an overall basis, we haven't seen any dramatic change.

我們正在與傳統商品零售商和超市競爭，總體而言，我們沒有看到任何巨大的變化。

So you see the competitive climate's stable, not worsening, not getting better.

所以你會看到競爭氣氛是穩定的，沒有惡化，也沒有好轉。

I think that's fair.

我認為這是公平的。

Your next question comes from the line of Rupesh Parikh from Oppenheimer.

您的下一個問題來自奧本海默的 Rupesh Parikh。

This is actually Erica Eiler on for Rupesh.

這實際上是艾麗卡艾勒 (Erica Eiler) 為魯佩什 (Rupesh) 配音。

So I was actually hoping to dive a little bit deeper into your online grocery efforts.

所以我實際上希望更深入地了解你們的線上雜貨工作。

Can you maybe talk a little bit more about how the Instacart and dry grocery ramps are going so far and what you're seeing with these offerings?

您能否多談談 Instacart 和乾貨雜貨坡道到目前為止的進展以及您對這些產品的看法？

And then any metrics you can provide such as type of basket you're seeing and how you're viewing the incrementality of the purchase, et cetera, would be helpful.

然後，您可以提供的任何指標（例如您看到的購物籃類型以及您如何看待購買增量等）都會有所幫助。

Yes.

是的。

Look, 2-day -- first of all, with 2-day dry, which we do with UPS primarily, it's now the entire Continental United States.

看，2 天 - 首先，2 天乾貨，我們主要透過 UPS 進行，現在是整個美國本土。

Much of it arrives in 1 day, but we guarantee 2 day.

大部分商品會在 1 天內送達，但我們保證 2 天送達。

And it's expanding, and we're obviously getting a small number of sign-ups where that member is signing up just to receive online because they're too far away from driving.

而且它正在擴大，我們顯然收到了一小部分註冊會員，這些會員註冊只是為了在線接收，因為他們離開車太遠了。

On Instacart, they too as you, I'm sure know, have dramatically increased their geographic footprint over the last 2 or 3 years.

在 Instacart 上，我確信他們也和您一樣，在過去的兩三年裡顯著增加了他們的地理足跡。

I think the thing that's most notable is that the value proposition to someone buying either directly from Instacart, going to their site or going to our same-day grocery site -- what did they say, 1 day?

我認為最值得注意的是，對於直接從 Instacart 購買、訪問他們的網站或訪問我們的當日雜貨網站的人來說，價值主張 - 他們怎麼說，1 天？

1-day, sorry, 1-day grocery site, which is the Instacart engine for fresh, we've dramatically improved the value proposition over the last 2 years.

1 天，抱歉，1 天雜貨網站，這是新鮮的 Instacart 引擎，我們在過去 2 年裡極大地改進了價值主張。

And I think that's reflective of the fact that they've grown and have their own structure in place and if -- we believe we can be that anchor-type customer, anchor-type tenant in terms of driving value.

我認為這反映了這樣一個事實：他們已經成長並擁有自己的結構，如果我們相信我們可以成為錨定型客戶、錨定型租戶，從而推動價值。

And so we have sequentially I think now 4x brought down pricing over the last 2 years of what the ultimate markup on goods is above what you could walk into a Costco and buy it for.

因此，我認為過去兩年商品的最終加價已經連續降低了 4 倍，高於您走進 Costco 購買的價格。

And so we're doing more business.

所以我們正在做更多的生意。

It's growing at big numbers, high double-digit numbers, but it's on a small base.

它的成長速度很大，高達兩位數，但基數很小。

Your last question comes from the line of Simeon Siegel from Nomura.

你的最後一個問題來自野村證券的西蒙·西格爾（Simeon Siegel）。

It's Steve McManus on for Simeon.

史蒂夫·麥克馬納斯替補西蒙。

So apparel's obviously been a huge call out for you guys, but it looks like the softline comps have been trending a little bit lower over the last couple of months kind of towards the mid-single-digit range.

因此，服裝顯然對你們來說是一個巨大的挑戰，但看起來在過去的幾個月裡，紡織品的價格一直在走低，接近中個位數的範圍。

Can you just give us some color on what you're seeing within the category?

您能給我們一些關於您在該類別中看到的內容的資訊嗎？

Any notable call out there?

有什麼值得注意的呼籲嗎？

Hold on.

堅持，稍等。

Within softlines, jewelry, that's been a little soft.

在軟線、珠寶中，這有點軟。

Household furniture, although that -- some of that had to do with -- I don't know.

家用家具，儘管——其中一些與——我不知道。

It's been a little soft.

已經有點軟了。

All right.

好的。

If I could squeeze one more in.

如果我能再擠一個進去就好了。

On the MFI growth, did you guys call out what exactly was the [fee high] contribution for the quarter?

關於小額信貸機構的成長，你們有沒有指出本季的[費用高]貢獻到底是多少？

$10 million.

1000萬美元。

$10 million?

1000萬美元？

Yes, that's -- thank you very much.

是的，那就是——非常感謝。

Have a good afternoon, everyone.

祝大家下午好。

Thank you, and that concludes Costco's Third Quarter Earnings Conference Call.

謝謝大家，好市多第三季財報電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連線。