好市多 (COST) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Q4 earnings call.

歡迎來到第四季度財報電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I would now like to hand the conference over to your respective host, Mr. Richard Galanti, CFO.

我現在想把會議交給你們各自的主持人，首席財務官 Richard Galanti 先生。

Sir, you may begin.

先生，您可以開始了。

Well, thank you, and good afternoon to everyone.

好的，謝謝大家，大家下午好。

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

我首先要說的是，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，這些陳述涉及可能導致實際事件、結果和/或業績與此類聲明所表明的那些。

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以及公司向 SEC 提交的公開聲明和報告中不時確定的其他風險。

Forward-looking statements speak only as of the date they are made, and the company does not undertake to update these statements except as required by law.

前瞻性陳述僅在作出之日起生效，公司不承諾更新這些陳述，除非法律要求。

In today's press release, we reported operating results for the fourth quarter and fiscal year 2019, the 16 and 52 weeks ended September 1. Reported net income for the quarter was $1.097 billion or $2.47 a share.

在今天的新聞稿中，我們報告了截至 9 月 1 日的第 16 周和第 52 週的 2019 財年第四季度和 2019 財年的經營業績。該季度報告的淨收入為 10.97 億美元或每股 2.47 美元。

That compared to $1.043 billion a year ago or $2.36 a share.

相比之下，一年前為 10.43 億美元或每股 2.36 美元。

This year's fourth quarter was negatively impacted by a $123 million pretax reserve to SG&A or $96 million after tax or $0.22 per share related to a product tax assessment.

今年第四季度受到 SG&A 的 1.23 億美元稅前準備金或稅後 9600 萬美元或與產品稅評估相關的每股 0.22 美元的負面影響。

In terms of this $123 million pretax reserve or charged to SG&A, last week we received an assessment related to certain product taxes.

就這 1.23 億美元的稅前準備金或向 SG&A 收取的費用而言，上週我們收到了與某些產品稅相關的評估。

They covered a 7.5-year period from January of 2009 through July 2016.

它們涵蓋了從 2009 年 1 月到 2016 年 7 月的 7.5 年期間。

While we will be filing a protest to this, a reserve for this assessment was recorded in the fourth quarter in accordance with U.S. GAAP.

雖然我們將對此提出抗議，但根據美國公認會計原則，該評估的準備金已在第四季度記錄。

Excluding this reserve, Q4 '19 net income would have been $1.19 billion or $2.69 a share, a 14% increase over last year's fourth quarter.

不計此準備金，19 年第四季度的淨收入為 11.9 億美元或每股 2.69 美元，比去年第四季度增長 14%。

Net sales for the quarter came in at $46.45 billion, a 7% increase over the $43.41 billion last year.

本季度淨銷售額為 464.5 億美元，比去年的 434.1 億美元增長 7%。

And for the entire fiscal year, net sales in fiscal '19 came in at $149.35 billion, a 7.9% increase over last year's $138.43 billion.

整個財年，19 財年的淨銷售額為 1493.5 億美元，比去年的 1384.3 億美元增長 7.9%。

In terms of comp sales as was reported in the release, for the 16-week fourth quarter, reported U.S. was 6.2%.

就新聞稿中報告的補償銷售額而言，在為期 16 週的第四季度，美國報告的銷售額為 6.2%。

Excluding gas deflation, FX and revenue recognition, it was 5.2%.

不包括天然氣通貨緊縮、外彙和收入確認，為 5.2%。

Canada reported 2.6%; ex deflation, FX and rev rec, 4.7%.

加拿大報告為 2.6%；除通貨緊縮、外彙和 rev rec，4.7%。

Other International reported 1.9%; ex those items, 5.0%.

其他國際報告為 1.9%；除這些項目外，5.0%。

So total company both for the 16 weeks with and without those items was a 5.1%.

因此，在有和沒有這些項目的 16 週內，公司總數為 5.1%。

E-commerce was a 19.8% reported comp and a 21.9% ex FX and rev rec.

電子商務是 19.8% 的報告補償和 21.9% 的 ex FX 和 rev rec。

In terms of Q4 comp sales metrics, fourth quarter traffic or shopping frequency increased 3.7% worldwide and 3.6% in the U.S. Weakening foreign currencies relative to the U.S. dollar negatively impacted sales by about 60 basis points.

就第四季度的銷售指標而言，第四季度全球流量或購物頻率增加了 3.7%，美國增加了 3.6%。外幣兌美元走弱對銷售額造成了約 60 個基點的負面影響。

Gas price deflation was a negative 50 basis points, and rev rec benefited comp sales in the quarter by a plus 110.

天然氣價格通縮為負 50 個基點，rev rec 使本季度的 comp 銷售額增加了 110 個基點。

So those 3 things together essentially zeroed out.

所以這三件事加在一起基本上歸零了。

Our average transaction or ticket during the fiscal quarter was up 1.4%, both with and without the impacts of gas, FX and rev rec.

我們在本財季的平均交易或門票增長了 1.4%，無論是否受到天然氣、外彙和 rev rec 的影響。

Next on the income statement, our membership fee income reported in the fourth quarter was $1.050 billion, up $53 million or 5.3% over last year's fourth quarter.

接下來是損益表，我們在第四季度報告的會員費收入為 10.50 億美元，比去年第四季度增加 5300 萬美元或 5.3%。

Ex the impact of FX, the $53 million increase would have been $58 million or up 5.8%.

除去外彙的影響，5300 萬美元的增長將達到 5800 萬美元或增長 5.8%。

During the fourth quarter, the 23-month cycle to recognize the incremental P&L benefit of the fee increases that began in June of '17 was completed, and the impact in the Q4 results was almost 0 or less than $1 million benefit to the quarter.

在第四季度，確認從 17 年 6 月開始的費用增加帶來的增量損益收益的 23 個月週期已經完成，對第四季度結果的影響幾乎為 0 或不到 100 萬美元。

In terms of renewal rates, at Q4 end, our U.S. and Canada membership renewal rate came in at a 90.9%, up 0.2% from 90.7% as of the end of the last quarter.

在續訂率方面，第四季度末，我們的美國和加拿大會員續訂率為 90.9%，比上一季度末的 90.7% 增長 0.2%。

And worldwide, the renewal rate was 88.4%, up from 88.3% a quarter ago, both of these figures' all-time highs.

在全球範圍內，續訂率為 88.4%，高於一季度前的 88.3%，這兩個數據均創歷史新高。

In terms of number of members at Q4 and fiscal year-end, we had 53.9 million member households.

就第四季度和財年末的會員數量而言，我們擁有 5390 萬戶會員家庭。

That's up from a quarter ago of 53.1 million.

這比一個季度前的 5310 萬有所增加。

And total cardholders at the end of the year, 98.5 million, up from 97.2 million at the end of Q3.

年底持卡人總數為 9850 萬，高於第三季度末的 9720 萬。

During the quarter, we had 10 net new openings, 8 in the U.S., 1 in the U.K. and our first warehouse opening in China in Shanghai.

本季度，我們有 10 個淨新開張，其中 8 個在美國，1 個在英國，我們在中國的第一個倉庫在上海開業。

At fourth quarter end, paid Executive Memberships totaled 20.8 million, which was an increase during the quarter of 362,000 or 23,000 a week.

在第四季度末，付費執行會員總數為 2080 萬，比本季度增加了 362,000 或每週 23,000。

In terms of going down the gross margin line, our reported gross margin in the fourth quarter was higher year-over-year by a reported 14 basis points and ex gas deflation and rev rec, up by 20 basis points.

在毛利率下降方面，我們報告的第四季度毛利率同比增長 14 個基點，除天然氣通貨緊縮和 rev rec 增長 20 個基點。

As usual, I'll ask you to jot down a few items for explanation purposes.

像往常一樣，我會請你記下一些項目以進行解釋。

In the fourth quarter, you'll have 2 columns, both reported and then without gas deflation and rev rec.

在第四季度，您將有 2 列，均已報告，然後沒有 gas 通貨緊縮和 rev rec。

The line items would be -- the first line item would be merchandise, core merchandise.

行項目將是——第一個行項目是商品，核心商品。

On a reported basis, the year-over-year was down 8 basis points.

根據報告，同比下降 8 個基點。

Ex gas and rev rec, it was down 3 basis points.

Ex gas 和 rev rec，下跌 3 個基點。

Ancillary businesses, up 29 basis points and ex those items, up 31 basis points year-over-year.

輔助業務增長 29 個基點，除這些項目外，同比增長 31 個基點。

2% Reward, minus 3 and minus 4 basis points; other, minus 4 and minus 4. If you add those up, you get the plus 14 basis points as reported and again, ex gas and rev rec, up 20.

2% 獎勵，負 3 和負 4 個基點；其他，負 4 和負 4。如果你把它們加起來，你會得到報告的正 14 個基點，再一次，ex gas 和 rev rec，增加 20。

Now in terms of the core merchandise component of gross margin, it was lower by 8 or [might] really lower by 3 ex gas and rev rec.

現在就毛利率的核心商品部分而言，它降低了 8 或 [可能] 真的降低了 3 ex gas 和rev rec。

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 4 basis points.

從與自身銷售額或我們所說的核心商品類別相關的核心商品類別來看，利潤率同比提高了 4 個基點。

Subcategories within that, the year-over-year and the fourth quarter showed increases in fresh and softlines, partially offset by a little down year-over-year in hardlines with food and sundries being relatively flat year-over-year.

其中的子類別，同比和第四季度顯示新鮮和軟線的增加，部分被硬線的同比下降所抵消，食品和雜貨同比相對持平。

Ancillary and other business, as mentioned, was higher by 29 basis points and 31 higher ex gas and rev rec.

如前所述，輔助和其他業務增長了 29 個基點，ex gas 和 rev rec 增長了 31 個。

Mostly -- most of that was attributable to strong gasoline margins.

大部分——其中大部分歸因於強勁的汽油利潤。

Other was minus 4 in both columns.

兩列中的其他為負4。

Moving to SG&A.

轉移到 SG&A。

I'll ask you to jot down the following, again, 2 columns, reported and ex deflation -- gas deflation and rev rec.

我會要求你再次記下以下兩列，報告和前通貨緊縮——氣體通貨緊縮和 rev rec。

Operations, plus 3 basis points and minus 2, so minus 2 meaning it's higher by 2; central, minus 5 and minus 5 or higher by 5; stock compensation, plus 2 and plus 2, so lower by 2 basis points year-over-year; and then other, minus 27 and minus 27.

操作，加 3 個基點和負 2，所以負 2 意味著它高 2；中央，負 5 和負 5 或更高 5；股票薪酬，加 2 和加 2，因此同比下降 2 個基點；然後是其他，負 27 和負 27。

And with that, you would get to the -- our reported SG&A percentage year-over-year being higher or worse by 27 basis points coming in at 10.09% of sales, up from 9.82% of sales a year ago.

有了這個，你會得到 - 我們報告的 SG&A 百分比同比上升或下降 27 個基點，佔銷售額的 10.09%，高於一年前的 9.82%。

Again, excluding the onetime item discussed earlier, the SG&A would have been flat year-over-year on a reported basis and ex gas and rev rec, higher by 5.

同樣，排除之前討論的一次性項目，SG&A 在報告的基礎上將與去年同期持平，除汽油和 rev rec 高出 5。

Now in terms of the components here, the core operations component, excluding the impacts of gas and rev rec again was 2 basis points higher.

現在就此處的組件而言，核心運營組件（不包括gas和rev rec的影響）再次高出2個基點。

This figure included the impact of the 2 wage increases that were taken in June of '18 and March of '19, which essentially hit the year-over-year comparison by an estimated 5 to 6 basis points in the quarter.

這個數字包括了 18 年 6 月和 19 年 3 月兩次加薪的影響，這在本季度與去年同期相比基本上下降了 5 到 6 個基點。

We estimate that once the first 1 anniversaries now during the quarter, we estimate that the impact in Q1 and Q2 until that 1 anniversaries will be about a 3 to 4 basis point hit.

我們估計，一旦本季度的前 1 個週年紀念日，我們估計在第 1 個週年紀念日之前的第一季度和第二季度的影響將約為 3 到 4 個基點。

Central was higher year-over-year by 5 basis points, both with and without gas and rev rec.

Central 同比增長 5 個基點，無論有無天然氣和 rev rec。

IT was the biggest driver of that increase.

IT 是這一增長的最大推動力。

In terms of stock comp, again, that was helped -- that helped SG&A by 2 basis points.

在股票補償方面，這再次起到了幫助——幫助 SG&A 提高了 2 個基點。

And again, lastly as discussed earlier, the hit -- $123 million hit to SG&A [this side only counts] for the 27 basis point.

再一次，最後如前所述，27 個基點對 SG&A 造成了 1.23 億美元的打擊 [僅此方計算在內]。

Next on the income statement, preopening expense.

接下來是損益表，開店前費用。

Preopening expense for the fourth quarter came in at $41 million, $10 million higher than the $31 million fourth quarter last year.

第四季度的開業前費用為 4100 萬美元，比去年第四季度的 3100 萬美元高出 1000 萬美元。

This year in the fourth quarter, we opened 12 -- we had 12 total openings, 10 net plus 2 relos.

今年第四季度，我們開了 12 家——我們總共開了 12 家，10 家淨加 2 家。

Our total preopening was up year-over-year primarily due to the preopening costs related to our chicken plant in Nebraska.

我們的開業總營業額同比增長，主要是由於與我們在內布拉斯加州的雞肉廠相關的開業成本。

It's now open for business, and we'll have an estimated 45-week ramp-up to fill -- to full production from the September 10 go-live date.

它現在已經開始營業，我們將有大約 45 週的時間來填補——從 9 月 10 日上線日期開始全面生產。

All told, reported operating income in Q4 increased 1%, coming in at $1.463 billion this year compared to $1.446 billion last year.

總而言之，第四季度報告的營業收入增長了 1%，今年為 14.63 億美元，而去年為 14.46 億美元。

And again, excluding the onetime item discussed earlier, operating income was up 9.7%.

再一次，不包括前面討論的一次性項目，營業收入增長了 9.7%。

Below the operating income line, interest expense was $3 million lower or better year-over-year coming in at $45 million, down from $48 million a year earlier.

在營業收入線以下，利息支出同比減少或增加 300 萬美元，為 4500 萬美元，低於去年同期的 4800 萬美元。

And interest income and other for the quarter was higher or better by $23 million year-over-year.

本季度的利息收入和其他收入同比增加或增加了 2300 萬美元。

Actual interest income was better by $15 million, a combination of both higher invested cash balances and higher interest rates with the balance of $8 million positive variance, primarily favorable FX-related items year-over-year.

實際利息收入增加了 1500 萬美元，投資現金餘額增加和利率增加，餘額為 800 萬美元正差異，主要是與去年同期相比有利的外匯相關項目。

So overall, pretax income again reported, including the onetime item, was up 3%, coming in at $1.492 billion this year, up from $1.449 billion last year.

因此，總體而言，包括一次性項目在內的稅前收入再次增長了 3%，今年為 14.92 億美元，高於去年的 14.49 億美元。

And again, excluding the onetime SG&A charge discussed earlier, operating income would have been up about 11.5%.

再一次，不包括前面討論的一次性 SG&A 費用，營業收入將增長約 11.5%。

In terms of income taxes, our tax rate in the fourth quarter came in at 25.7% compared to 27.4% in the fourth quarter a year ago.

在所得稅方面，我們第四季度的稅率為 25.7%，而去年第四季度為 27.4%。

This quarter tax rate benefited from a few favorable discrete tax adjustments.

本季度稅率得益於一些有利的離散稅收調整。

A few other items of note.

其他一些注意事項。

Again, in the fourth quarter, as I mentioned, we opened 12 total locations, net of relos, 10 net new locations.

同樣，正如我所提到的，在第四季度，我們總共開設了 12 個地點，其中包括 relos 和 10 個新地點。

For the whole year, we opened 25 total locations, including 5 relocations, so a net increase of 20.

全年共開店25家，其中搬遷5家，淨增20家。

About 3/4 of those were in the U.S. and 1/4 of them international.

其中大約 3/4 在美國，其中 1/4 在國際。

At Q4 end, our square footage stood at 114 million square feet.

在第四季度末，我們的平方英尺為 1.14 億平方英尺。

Regarding CapEx, fiscal '19 total spend was right at $3.0 billion.

關於資本支出，19 財年的總支出為 30 億美元。

We'd estimate the CapEx for the upcoming year will be that or slightly above that, not that different than the past fiscal year.

我們估計下一年的資本支出將是這個或略高於那個，與上一財年沒有太大不同。

In terms of stock buybacks in the fourth quarter, we repurchased 52 million shares, 194,000 shares at an average price per share of $268.08.

在第四季度的股票回購方面，我們以每股268.08美元的平均價格回購了5200萬股、19.4萬股。

That brought the total year to 247 million shares -- $247 million on 1.097 million shares at an average price of $225.16.

這使得全年總股數達到 2.47 億股——2.47 億美元，109.7 萬股，平均價格為 225.16 美元。

Moving on to a couple other items of note.

繼續討論其他一些注意事項。

E-commerce, again as mentioned, for the quarter on a -- ex gas and rev rec was up 21.9%.

再次如前所述，本季度的電子商務——除汽油和轉速收入增長了 21.9%。

We saw particularly strong growth during the quarter in what we call majors, electronics and appliances and the like.

我們在本季度看到了我們所謂的專業、電子和電器等領域的特別強勁的增長。

Total online grocery continues to grow at a very healthy clip but recognizing it's still pretty small.

在線食品雜貨總量繼續以非常健康的速度增長，但認識到它仍然很小。

And that both includes the 2-day as well as 1-day fresh with the help of Instacart.

在 Instacart 的幫助下，這兩者都包括 2 天和 1 天新鮮。

E-comm for the first time this past quarter carried some new items like KitchenAid appliances, Weber grills and several high-quality beauty brands for the first time.

E-comm 在上個季度首次推出了一些新產品，例如 KitchenAid 電器、Weber 烤架和幾個優質美容品牌。

In addition, we rolled out a few examples of what we -- if you've shopped at the warehouse, what we call merchandise roadshows, kind of a treasure hunt for the warehouses.

此外，我們推出了一些我們的例子——如果你在倉庫購物，我們稱之為商品路演，有點像倉庫尋寶。

Some of those things are now being put online.

其中一些東西現在正在網上發布。

We sold another large diamond ring during the quarter for $220,000.

我們在本季度以 220,000 美元的價格出售了另一枚大鑽戒。

And we have upcoming e-comm sites planned for 2 new countries, Japan and Australia -- excuse me, Japan and Australia later this fiscal year, sometime mid-fiscal year.

我們計劃在日本和澳大利亞這兩個新國家/地區推出即將推出的電子商務網站——對不起，本財年晚些時候，日本和澳大利亞，某個財年中期。

In terms of the Costco app, we've started to add a few things to it, including the new -- it can be used as the new -- as your digital membership card.

在 Costco 應用程序方面，我們已經開始添加一些東西，包括新的——它可以用作新的——作為你的數字會員卡。

That was added in July.

這是在 7 月添加的。

We now have over 2.5 million activations during the quarter.

我們現在在本季度有超過 250 萬次激活。

Currently, the app allows, in addition to digital membership and -- to register as well, view current gas prices.

目前，除了數字會員資格之外，該應用程序還允許註冊，查看當前的汽油價格。

Executive members can view their growth in their annual 2% Executive Member Reward.

執行會員可以查看他們每年 2% 的執行會員獎勵的增長情況。

We have a few things related to the pharmacy in terms of refilling and managing pharmacy prescriptions as well as being able to renew and upgrade and the beginnings of some new shopping lists and current promotional offerings.

在重新填寫和管理藥房處方以及能夠更新和升級以及一些新購物清單和當前促銷產品的開始方面，我們有一些與藥房相關的事情。

I do want to tell you additional enhancements are in the works, and we'll continue to roll those out and more tie-ins with Costco both in warehouse and online.

我確實想告訴您，其他增強功能正在開發中，我們將繼續推出這些功能，並在倉庫和在線上與 Costco 進行更多合作。

I mentioned earlier that, during the quarter, we opened our first unit in China in the city of Minhang, part of Shanghai.

我之前提到過，在本季度，我們在上海的閔行市開設了我們在中國的第一家分店。

That was on August 27, to great interest.

那是在 8 月 27 日，引起了極大的興趣。

Due to the overwhelming crowds, it was actually closed about 4 hours into the opening day.

由於人山人海，它實際上在開幕日大約 4 小時後就關閉了。

Subsequent backgrounds have been well managed, and sales have remained very strong over the past month.

隨後的背景得到了很好的管理，過去一個月的銷售一直非常強勁。

We've had record sign-ups there.

我們在那裡有創紀錄的註冊。

I think it's been helped by first one that we've opened there as well as the social media presence.

我認為這得益於我們在那裡開設的第一個以及社交媒體的存在。

We have over -- we currently have over 200,000 members signed up.

我們已經結束了——我們目前有超過 200,000 名會員註冊。

Just to put that in perspective, worldwide, the average Costco, ones that have been open for months and months that have been open for 35 years, all told, have approximately 68,000 member households per location.

從這個角度來看，在全球範圍內，平均每家開店數月和已開店 35 年的 Costco 總共有大約 68,000 個會員家庭。

Our next opening is planned for early 2021 and also in Shanghai in the area of Pudong.

我們的下一次開業計劃於 2021 年初在上海浦東地區開業。

In terms of tariffs, next item, a quick update.

在關稅方面，下一項，快速更新。

There continues to be a lot of moving parts and changes and a few increases along the way.

在此過程中，仍然有很多移動部件和變化，還有一些增加。

A few comments.

幾點評論。

As you're probably aware, the first 3 lists, which total about $250 billion of imports from China, includes things from water pitchers and air purifiers to bicycles to steel shelving to furniture to luggage to shredders to things like that.

您可能已經知道，前 3 個清單，從中國進口的總額約為 2500 億美元，包括從水壺和空氣淨化器到自行車、鋼架、家具、行李箱、碎紙機等等。

That's current -- those are currently being tariffed at 25%.

這是目前的情況——目前對這些產品徵收 25% 的關稅。

With the current plan, we understand to possibly go to 30% effective October 15, but we'll just have to wait and see.

根據目前的計劃，我們知道可能會在 10 月 15 日生效，達到 30%，但我們只能拭目以待。

List 4A, which is about $110 billion, includes things like kitchenware and cookware and domestics.

清單 4A 價值約 1100 億美元，包括廚具、炊具和家庭用品等。

It includes TVs, although I don't think we source from there on that.

它包括電視，儘管我認為我們不是從那裡採購的。

That started at 15% tariff on September 1, and we'll see where that goes.

從 9 月 1 日開始徵收 15% 的關稅，我們將拭目以待。

And then List 4B, which is an additional $155 billion worth of goods, including electronics, laptops, tablets, toys, small appliances and some apparel and footwear as well, that's currently planned to go to 15% tariff effective December 15.

然後是清單 4B，這是價值 1550 億美元的額外商品，包括電子產品、筆記本電腦、平板電腦、玩具、小家電以及一些服裝和鞋類，目前計劃從 12 月 15 日起徵收 15% 的關稅。

Again, we'll wait and see.

再次，我們將拭目以待。

Since the beginning of these tariffs over a year ago, we continue to be active in managing and where possible, mitigating their impact.

自一年多前開始徵收這些關稅以來，我們繼續積極管理並儘可能減輕其影響。

Where we can, we accelerate shipments before tariff is being put into effect or is being planned for an increase in terms of the tariff percentage level.

在可能的情況下，我們會在關稅生效或計劃提高關稅百分比水平之前加快發貨。

We are working with suppliers daily.

我們每天都在與供應商合作。

We've gone to pretty much every supplier on every item to see what we can do to both reduce costs and figure out how to do that.

我們已經就每件商品拜訪了幾乎所有供應商，看看我們可以做些什麼來降低成本並弄清楚如何做到這一點。

In some cases, we've reduced our commitments on certain items and again, based on the impact of what we expect.

在某些情況下，我們會根據我們預期的影響再次減少對某些項目的承諾。

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

我們在可能和可行的情況下研究了替代國家採購，儘管同樣，這樣做的能力有限。

And we've taken advantage of lower pricing on a certain -- on a few U.S. items that have not been impacted the other way.

我們還利用了某些商品的低價優勢——一些美國商品沒有受到其他方式的影響。

The exchange rate, by the way, between our 2 countries has helped a little bit.

順便說一句，我們兩國之間的匯率有所幫助。

So all those things.

所以所有這些東西。

As you might expect, it's all over the board.

正如您所料，它無處不在。

Every item and every vendor is a little different.

每個項目和每個供應商都有點不同。

In some cases, we're able to hold off on some.

在某些情況下，我們可以推遲一些。

In some, we're able to -- we need to push it forward and to pass it on.

在某些情況下，我們能夠 - 我們需要推動它並傳遞它。

And we'll continue to pursue that.

我們將繼續追求這一點。

Overall, we think we're in a good position relative to retail overall given our size and scale and our ability and relationships with our vendors.

總體而言，鑑於我們的規模和規模以及我們的能力和與供應商的關係，我們認為我們相對於整體零售而言處於有利地位。

The last thing on tariffs, just another area of potential tariffs, it relates to yesterday's WTO announcement that the U.S. can legally impose tariffs of up to $7.5 billion in EU-produced goods annually.

關於關稅的最後一件事，只是另一個潛在關稅領域，它與昨天世貿組織宣布美國可以合法地每年對歐盟生產的商品徵收高達 75 億美元的關稅有關。

Later yesterday, the USTR released a list of products it plans to target with duties planning to take effect October 18.

昨天晚些時候，美國貿易代表辦公室發布了一份計劃針對的產品清單，關稅計劃於 10 月 18 日生效。

Some of the products included on the lists include 25% duties on certain whiskeys and apparel items for the U.K., various cheeses and olive oils from certain European countries and certain pork products, butter and yogurt from various European countries to name a few.

清單中的一些產品包括對英國的某些威士忌和服裝商品徵收 25% 的關稅、來自某些歐洲國家的各種奶酪和橄欖油以及來自歐洲各個國家的某些豬肉產品、黃油和酸奶等等。

So that's pretty much it in terms of what we have to say.

就我們要說的而言，這就是它。

Lastly, in terms of upcoming releases, we will release -- we will announce our September sales results for the 5 weeks ending this coming Sunday, October 6; on Wednesday, October 9 after the market closes.

最後，關於即將發布的版本，我們將發布——我們將公佈截至 10 月 6 日星期日結束的 5 週的 9 月銷售結果； 10 月 9 日星期三市場收盤後。

With that, I'll open it up to questions and answer and turn it back to the operator.

有了這個，我將把它開放給問題和答案，然後把它轉回給操作員。

Thank you.

謝謝你。

(Operator Instructions) We have your first question coming from the line of Michael Lasser from UBS.

（操作員說明）您的第一個問題來自 UBS 的 Michael Lasser。

So you've recently run a few promotions to drive membership growth.

因此，您最近開展了一些促銷活動來推動會員人數的增長。

You've done this in the past periodically.

您過去定期執行此操作。

Should we interpret this as any different than that particularly given that you're now anniversary all the benefit from the price increase?

我們是否應該將此解釋為與特別考慮到您現在是周年紀念日從價格上漲中受益的任何不同？

I guess you could say, well, you want to increase membership growth and so you -- that's what's driving that decision.

我想你可以說，嗯，你想增加會員增長，所以你——這就是推動這個決定的原因。

How should we think about that?

我們應該怎麼想？

No.

不。

I think as it relates to the one I think we've got currently underway, it's very similar to the 3 or 4 we've done over the last 3 years, 4 years I think.

我認為它與我認為我們目前正在進行的一項有關，它與我們在過去 3 年（我認為是 4 年）中所做的 3 或 4 非常相似。

No real -- we try to put some time between them.

不是真的——我們試著在他們之間留一些時間。

We don't want to get people waiting for a promotional item, but they do work and they help.

我們不想讓人們等待促銷品，但他們確實工作並且他們提供幫助。

And any of the timing is just that.

任何時間都是如此。

Nothing beyond that.

除此之外沒有什麼。

I don't anticipate doing another one for a while as we have in the past.

我預計不會像過去那樣在一段時間內再做一個。

Okay.

好的。

That's very helpful.

這很有幫助。

And then on your growth in China, did it surpass your expectation?

然後你在中國的成長，有沒有超出你的預期？

And does that influence how many and how quickly you can expand in that country?

這會影響你在那個國家擴張的數量和速度嗎？

Well, it clearly surpassed all of our very high expectations.

嗯，它顯然超出了我們所有非常高的期望。

That being said, we're pretty methodical when we go into a new country wherever it is.

話雖如此，當我們進入一個新國家時，無論它在哪裡，我們都非常有條理。

And we opened 1 or 2 units to start with over the first year or 2 and go from there.

我們在第一年或第二年開設了 1 或 2 個單位，然後從那裡開始。

A lot of it has to do with the fact of building the people structure within a country.

這在很大程度上與在一個國家內建立人員結構這一事實有關。

While we have help from neighboring countries and other areas to start the process, you really want to build your supervisor, your functional managers in the country.

雖然我們有鄰國和其他地區的幫助來啟動這個過程，但你真的想在該國建立你的主管，你的職能經理。

So if you'd asked us before we even opened the first one and felt positive, it would be good but how did we do -- how well we would do, yes, how many we have 5 years hence, the answer would probably be the same as it is today.

所以如果你在我們打開第一個之前問我們並且感覺很積極，那會很好，但我們做得如何——我們會做得多好，是的，5 年後我們有多少，答案可能是和今天一樣。

We'll open a couple in the first year or 2 and then open a couple more perhaps and see where we go from there.

我們將在第一年或第二年開設一對，然後再開設幾個，看看我們從那裡開始。

And we're certainly pleased and excited about what we've seen, but maybe it gets a little bigger but certainly nothing that -- we're going to be pretty methodical about it as we have in other countries.

我們當然對我們所看到的感到高興和興奮，但也許它會變得更大一些，但肯定沒有什麼——我們將像在其他國家一樣有條不紊地處理它。

We have your next question coming 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。

So on gross margin, it looked pretty solid.

所以在毛利率上，它看起來相當穩固。

I want to make sure I heard properly.

我想確保我聽到正確。

The core-on-core was up 4, which I'd say looks pretty normal for you, up a little, down a little, which means that the reported, it sounds like the ancillary, the gas was a big piece of that.

核心對核心上升了 4，我會說這對你來說看起來很正常，上升一點，下降一點，這意味著報告，聽起來像是輔助，氣體是其中的很大一部分。

Can I ask you if the dynamics there, I think over the past couple of years, have improved?

我能問你那裡的動態，我認為在過去的幾年裡，有沒有改善？

In general, are they still getting better?

總的來說，他們還在好轉嗎？

Or this was just pure market dynamics on the gas side?

或者這只是天然氣方面的純粹市場動態？

I think the last few years not only for us but other big gas retailers, the supermarkets and the Walmarts, generally, the new normal over the last couple of years has been better.

我認為過去幾年不僅對我們，而且對其他大型天然氣零售商、超市和沃爾瑪來說，總的來說，過去幾年的新常態更好。

And particularly for us, I think as prices historically have come down and some retailers bring them down a little and some a little more, it's still given us the ability to, in our view, to have improved margins and operations and probably showing a greater savings relative to what we had a few years ago.

特別是對我們來說，我認為隨著歷史上價格已經下降，一些零售商將價格降低了一點點，一些零售商降低了一些，在我們看來，它仍然使我們有能力提高利潤率和運營，並可能表現出更大的相對於我們幾年前的儲蓄。

That being said, the quarter was good.

話雖如此，這個季度還是不錯的。

There are a couple of quarters, a few quarters back year-over-year that was also good.

有幾個季度，與去年同期相比有幾個季度也很好。

It does fluctuate, but I'd say the new normal overall is, on average, better than it had been.

它確實會波動，但我想說的是，總體而言，新常態總體上比以前要好。

And the core-on-core was pretty normal for you as well?

核心對核心對你來說也很正常嗎？

The core-on-core, well, yes.

核心對核心，嗯，是的。

I don't think there was any big surprises there.

我不認為那裡有什麼大的驚喜。

We always tell you that when it's up a little year-over-year, maybe it'll come down a little.

我們總是告訴你，當它同比上升一點時，也許它會下降一點。

When it's down a little, maybe it will come up a little bit.

當它下降一點時，它可能會上升一點。

As it relates to the underlying factors of competition, we feel that there -- we haven't seen any giant changes in the competitive landscape out there.

由於它與競爭的潛在因素有關，我們認為那裡 - 我們沒有看到競爭格局發生任何巨大變化。

There's still a lot of competition, and there's a lot of headlines out there.

仍然有很多競爭，那裡有很多頭條新聞。

But at the end of the day, we're still pretty darn competitive ourselves.

但歸根結底，我們自己的競爭力仍然很強。

Okay.

好的。

And my follow-up is on the EBIT dollar growth.

我的後續行動是息稅前利潤的增長。

It looked like it came in high single digit, like 9-ish percent this year.

看起來它的個位數很高，比如今年的 9%。

And if you take the average over the last several years, it's come in around high single digit that range.

如果你取過去幾年的平均值，它在這個範圍內大約是高個位數。

As you look out to your next fiscal year, is there anything one way or the other that should impact that?

當您展望下一個財政年度時，是否有任何一種方式或另一種方式會影響到這一點？

I think the consensus is modeling a lower rate.

我認為共識是模擬較低的利率。

I know you don't comment on that.

我知道你不會對此發表評論。

But it's been several years of a little bit outsized growth, so I'm just curious if there's any big spending items, margin issues that we should think about as we model the next year.

但幾年來的增長有點過大，所以我只是好奇是否有任何大的支出項目，我們在明年建模時應該考慮的利潤問題。

There's lots of everything, Simeon.

有很多東西，西蒙。

We really don't talk about the future.

我們真的不談論未來。

I mean we certainly feel good about what we're doing merchandising-wise, where all retailers are impacted to with tariffs right now.

我的意思是，我們當然對我們在銷售方面所做的事情感覺良好，因為所有零售商現在都受到關稅的影響。

That's having a little bit of an impact.

這有點影響。

But beyond that, we feel good about what we got going on in terms of opening up another 20-ish units next year and driving membership.

但除此之外，我們對明年開設另外 20 個單位和推動會員資格方面的進展感到滿意。

We're certainly -- we're pleased with seeing our renewal rates continue to go in a -- the higher direction and getting new members.

我們當然 - 我們很高興看到我們的續訂率繼續朝著更高的方向發展並獲得新成員。

So overall, we feel good, but we'll see.

所以總的來說，我們感覺很好，但我們會看到的。

We have the next question coming from the line of John Heinbockel from Guggenheim.

下一個問題來自古根海姆的 John Heinbockel。

Richard, 2 questions on gas.

理查德，關於汽油的 2 個問題。

One, I don't think you -- no, maybe I'm wrong.

一，我不認為你——不，也許我錯了。

You guys think about an interaction between gas margin and core-on-core, right?

你們考慮一下gas margin和core-on-core之間的相互作用，對吧？

Meaning if you're getting more margin at the pump, in any given quarter, you can put that back a little bit into core-on-core.

這意味著如果您在泵上獲得更多利潤，在任何給定的季度，您都可以將其放回到核心核心。

Do you think about it that way?

你是這樣想的嗎？

And then on gas gallon growth, where is that now versus where it's been over the last year or 2?

然後是汽油加侖的增長，現在與過去一兩年相比在哪裡？

Yes.

是的。

Well, look, we don't -- in terms of the margin, if we're doing stronger in one, do we -- can we be a little more competitive elsewhere?

好吧，看，我們不 - 就利潤率而言，如果我們在一個方面做得更強大，我們 - 我們可以在其他地方更具競爭力嗎？

Well, not completely.

嗯，不完全。

I mean, human nature dictates that, sure, when things are going well in one area, you see what else you can do in another area.

我的意思是，人性決定了，當然，當一個領域的事情進展順利時，你會看到在另一個領域你還能做什麼。

But I would say there -- we don't manage it that way necessarily.

但我會說——我們不一定要那樣管理它。

As it relates to gallons, I think our gallons were up in the high singles.

因為它與加侖有關，我認為我們的加侖在高單價中上升了。

You have a theory, yes.

你有一個理論，是的。

So we continue to do, in terms of gallon comps, much stronger than the whole U.S. industry of gallon -- gasoline.

所以我們繼續做，就加侖比較而言，比整個美國的加侖工業要強得多——汽油。

And then secondly, what's your -- where do you stand now with the opening schedule for the year maybe by geography and cadence?

其次，你的 - 你現在站在哪裡，今年的開幕時間表可能是地理和節奏？

Is it -- I guess, this past year was a little bit back-end loaded, and I guess, it's the same in 2020.

是嗎 - 我想，過去的一年有點後端負載，我想，2020 年也是如此。

Yes, well, probably so.

是的，嗯，大概是這樣。

We generally try to get things open before the holidays, so when things are -- if you miss the holiday, whether it's February or April or May, who cares as much?

我們通常會嘗試在假期前開門，所以如果您錯過了假期，無論是 2 月、4 月還是 5 月，誰在乎呢？

But you try to push them forward a little bit as you approach back to school, Labor Day all the way through Christmas and New Year's.

但是當你回到學校時，你會試著把他們向前推一點，從勞動節一直到聖誕節和新年。

And so I think the last -- the year before was the same way.

所以我認為最後一個 - 前一年是同樣的方式。

We opened a disproportionate number of the locations in Q4.

我們在第四季度開設了不成比例的地點。

So generally speaking, yes.

所以一般來說，是的。

I don't have a schedule in front of me exactly, but...

我面前沒有確切的時間表，但是...

We have your next question coming from the line of Christopher Horvers from JPMorgan.

您的下一個問題來自摩根大通的 Christopher Horvers。

So one -- ask you a question about average ticket growth ex FX and gas.

所以一個——問你一個關於外彙和汽油的平均票價增長的問題。

If you take a look in August, that showed slowdown pretty sharply relative to the prior trend.

如果你在 8 月份看一下，相對於之前的趨勢，這表明放緩非常明顯。

So one pick at that.

所以一個選擇。

Is that a comparison?

這是比較嗎？

Is that a change in mix or perhaps lapping against some of the center aisle grocery price increases that the vendors started to put through last year?

這是組合的變化，還是可能與供應商去年開始實施的一些中央過道雜貨店價格上漲相抵觸？

Is it investment in price?

是價格投資嗎？

And so just want to get your thoughts on what's driving that?

所以只是想知道是什麼驅動了你的想法？

And any thoughts on the outlook there?

對那裡的前景有什麼想法嗎？

Well, I think the prior -- if I'm not -- if I'm correct, I think the last in Q3, it was like 1.8 or 1.9, and this quarter, it was a 1.4.

好吧，我認為之前的 - 如果我不是 - 如果我是正確的，我認為第三季度的最後一個是 1.8 或 1.9，而本季度是 1.4。

I don't have a good answer, a specific answer for you on that.

我沒有一個好的答案，一個具體的答案給你。

It could be mix.

它可以是混合的。

It probably is mix, but I don't know off the top of my head.

它可能是混合的，但我不知道。

Got it.

知道了。

And then on the tariffs, as you think about what's been passed through, how are peers acting?

然後是關稅，當您考慮通過了什麼時，同行的表現如何？

Are you seeing more -- are your peers taking a portfolio approach in terms of trying to keep price items at certain price points and then balancing out versus, say, less elastic items and how you're assessing the landscape on that side?

您是否看到更多——您的同行是否採取了組合方法，試圖將價格項目保持在某個價格點，然後平衡與彈性較小的項目，以及您如何評估這方面的情況？

Yes.

是的。

Well, I can say, to start with, that we don't see any major competitive issues.

好吧，我可以說，首先，我們沒有看到任何重大的競爭問題。

Certainly, it's -- I personally think it's easier to manage some subset of our 3,800 total items that we sell at a given time and location versus retailers that's selling 50,000 and 100,000, 150,000 items and they're dealing with categories.

當然，我個人認為，與銷售 50,000 件和 100,000 件、150,000 件商品並處理類別的零售商相比，管理我們在特定時間和地點銷售的 3,800 件總商品中的一部分更容易。

Certainly, on bigger ticket items, it's harder.

當然，在更大的票品上，這更難。

I mean you -- it's hard -- with smaller-ticket item, it might be easier to eat a little bit of it.

我的意思是你——這很難——用小票的東西，吃一點可能更容易。

With something like furniture or Lawn & Garden, things like that, that's a little harder.

對於家具或草坪和花園之類的東西，這有點難。

But overall, we have -- we generally feel pretty good about it.

但總的來說，我們有 - 我們通常對此感覺很好。

And we're -- by the way, the other thing is we're an item-driven business.

我們 - 順便說一句，另一件事是我們是一個項目驅動的業務。

I'm sure -- I don't have examples in front of me, but I'm sure there have been examples of items where, if we weren't able to greatly mitigate or mitigate as best we can the -- some of that tariff, in some cases, again, we would try to geographically move the item or source from another supplier.

我敢肯定——我面前沒有例子，但我敢肯定有一些例子，如果我們不能盡可能地大大減輕或減輕——一些這種關稅，在某些情況下，我們會再次嘗試從另一個供應商處轉移商品或來源。

There are limits to what you can do on that.

你能做的事情是有限度的。

But overall, I think we're able to decide not to sell something and put something else in its place.

但總的來說，我認為我們能夠決定不出售某些東西並用其他東西代替它。

I think that makes it a little easier for us relative to general merchandisers.

我認為這讓我們相對於一般採購商來說更容易一些。

But again, it's -- it impacts us all.

但同樣，它 - 它影響著我們所有人。

Got it.

知道了。

And then on the announcement last night, I mean there are some items on there that standout, olive oil and cheese.

然後在昨晚的公告中，我的意思是那裡有一些突出的項目，橄欖油和奶酪。

Can you talk about -- particularly on the olive oil side, I would imagine you might be the largest seller of olive oil in the United States.

你能談談 - 特別是在橄欖油方面，我想你可能是美國最大的橄欖油銷售商。

So can you talk about where you're sourcing there?

那麼你能談談你在哪裡採購嗎？

We think Spain's covered but Italy is not.

我們認為西班牙有保障，但意大利沒有。

Yes.

是的。

We source from several countries, including the ones that you just mentioned.

我們從多個國家採購，包括您剛才提到的國家。

But there'll be some impact.

但是會有一些影響。

Got it.

知道了。

And then I guess the last question is the money question here, is another quarter down and we haven't had any announcement as to what you're going to do with all the cash in the balance sheet that continues to build.

然後我想最後一個問題是這裡的資金問題，又是一個季度，我們還沒有宣布你將如何處理資產負債表中繼續增加的所有現金。

So can you talk about what your thought process is there?

那麼你能談談你的思維過程嗎？

Has anything changed?

有什麼改變嗎？

Are you trying to keep dry powder for any particular reason?

您是否出於任何特殊原因嘗試保留乾粉？

Sure.

當然。

Well, I don't think there's any dry powder -- M&A-related dry powder.

嗯，我不認為有任何干粉——與併購相關的干粉。

We really haven't or currently plan to do anything.

我們真的沒有或目前計劃做任何事情。

We do have a total of $1.7 billion coming due in December and February, $1.2 billion and then $500 million I believe.

我們確實有 17 億美元在 12 月和 2 月到期，我相信是 12 億美元，然後是 5 億美元。

And so we'll write -- we'll pay that down.

所以我們會寫——我們會付清的。

We are always asked about questions about the special dividend, and our comments have been is that we've done 3 of them.

我們總是被問到有關特別股息的問題，我們的評論是我們已經完成了其中的 3 個。

They seem to have worked well, viewed positively.

他們似乎運作良好，被積極看待。

So it's still in the -- it's still in our back pocket.

所以它仍然在 - 它仍然在我們的後兜里。

But they are special, and so we'll have to wait and see what we decide to do in the future.

但它們很特別，所以我們必須拭目以待，看看我們決定在未來做什麼。

But there's nothing specific that we have planned.

但是我們沒有任何具體的計劃。

We have your next question coming from the line of Karen Short from Barclays.

您的下一個問題來自巴克萊銀行的 Karen Short。

Just on the operating profit growth.

僅就營業利潤增長而言。

I mean it was -- so the 10%-ish growth, it was up $140 million excluding the product tax assessment.

我的意思是——所以 10% 的增長，不包括產品稅評估，增加了 1.4 億美元。

But can you just give a little color on how much stronger year-over-year gas margins might have impacted that growth rate?

但是，您能否稍微說明一下天然氣利潤率的同比增長可能對增長率產生了多大的影響？

Because I was kind of backing into about $150 million in incremental dollars from better gas margins.

因為我有點支持從更好的天然氣利潤中增加約 1.5 億美元。

Any color there really...

真的有什麼顏色...

Well, we don't disclose specifics.

好吧，我們不透露細節。

We don't disclose the specifics, but as I think I mentioned, I think it was Q2 year-over-year that we also had a good gas margin.

我們沒有透露具體細節，但正如我所提到的，我認為與去年同期相比，我們的天然氣利潤率也不錯。

Certainly, that was a help to that.

當然，那是有幫助的。

Okay.

好的。

But is that estimate like somewhere in the range?

但這個估計值是否在範圍內的某個地方？

Or am I -- is it way too high?

還是我——是不是太高了？

I -- we really don't -- Karen, we really don't go into that specific a detail.

我 - 我們真的沒有 - 凱倫，我們真的沒有進入那個具體的細節。

Okay.

好的。

And then wondering if you could maybe give a little color in terms of elasticity and anything you could point to on elasticity response with categories where you did raise prices.

然後想知道您是否可以在彈性方面給出一點顏色，以及您可以指出的任何關於您確實提高價格的類別的彈性響應。

Sure.

當然。

I mean, generally speaking, the bigger the ticket items where you also have a good portion of the tariff is -- impacts the price, raises the price.

我的意思是，一般來說，你也有很大一部分關稅的機票項目越大 - 影響價格，提高價格。

I mean there was -- this is an anecdotal example, but there was one category of those types of items that typically is up mid-single digits year-over-year and instead was flat to down a couple of percent.

我的意思是——這是一個軼事示例，但其中一類項目通常同比增長中個位數，而持平至下降幾個百分點。

And that is -- that included some price increases, so probably, it was down 10% in units.

那就是 - 這包括一些價格上漲，所以很可能，它的單位下降了 10%。

But that's a subset of a subset of a category, and so I don't want to suggest it was everything.

但這是一個類別子集的一個子集，所以我不想暗示它就是一切。

But -- and I mean given examples from our buyers where there have been items where we've -- essentially most of the tariff is reflected in a price increase and we've sold just as many units as we thought we were going to previous to that.

但是——我的意思是從我們的買家那裡舉出一些我們已經購買過的商品的例子——基本上大部分關稅都反映在價格上漲中，我們售出的單位數量與我們之前認為的一樣多到那個。

There's been others where we've -- the price increase tariff-related, less than half of the tariff went into a price increase in that, we saw -- you saw some unit reduction results.

還有其他我們已經看到的 - 與關稅相關的價格上漲，不到一半的關稅進入了價格上漲，我們看到 - 你看到了一些單位減少的結果。

So it really has been over the board.

所以它真的已經超出了董事會。

But generally speaking, the bigger the item -- when you take an item that retails for $999 and have to get it up -- if we get even about $1,240, then I'm using a 25% example or be 25% of the cost.

但一般來說，商品越大——當你拿一件零售價為 999 美元的商品並且必須把它拿出來時——如果我們得到 1,240 美元左右，那麼我使用的是 25% 的例子，或者是成本的 25% .

But nonetheless, first thing you'd try to do is get it to $1,199 and then go from there or $1,099.

但儘管如此，你要做的第一件事就是把它漲到 1,199 美元，然後再從那裡漲到 1,099 美元。

But we -- it's really over the board.

但是我們 - 它真的超出了董事會。

Net-net that though, it's a slight negative impact.

Net-net 認為，它的負面影響是輕微的。

Okay.

好的。

And then I guess along those lines, can you just maybe give a little color on what inflation was at both, I guess, cost and at retail and then if you could parse that out between consumables and nonconsumables?

然後我猜沿著這些思路，您能否就我猜的成本和零售價格兩者的通脹情況給出一點顏色，然後您是否可以在消耗品和非消耗品之間進行分析？

It was very little.

這是非常少的。

We've seen very little.

我們看到的很少。

You still see -- taking tariffs away for a second on electronics and things, you'll see some deflation.

你仍然會看到——對電子產品和其他東西征收一秒鐘的關稅，你會看到一些通貨緊縮。

Overall in consumables, it's been pretty much steady as she goes.

總的來說，在消耗品方面，她的表現相當穩定。

One question I was asked earlier this week was about what's going on with the freight components, and freight has actually improved a little bit year-over-year.

本週早些時候我被問到的一個問題是關於貨運部分的情況，貨運實際上同比有所改善。

Still higher than it had been a few years ago, but overall, it's all in the soup here.

仍然比幾年前高，但總的來說，這一切都在湯裡。

We have your next question coming from the line of Chuck Grom from Gordon Haskett.

您的下一個問題來自 Gordon Haskett 的 Chuck Grom。

Just on the core-on-core between categories, a couple were up.

就在類別之間的核心核心上，有幾個上升了。

Hardlines was down.

強硬派下降了。

Food and sundries, I think, you said was relatively consistent year-over-year.

我想，你說的食品和雜物與去年同期相比是相對一致的。

Just can you dive into the hardline compression and then also the change from last quarter on the food and sundries segment?

您能否深入研究強硬派壓縮以及食品和雜貨領域與上一季度相比的變化？

Yes.

是的。

A part of it's mix change.

它的一部分是混合變化。

I mentioned earlier online but also in store, electronics and majors, those tend to be a little -- electronics tends to be a little lower-margin business but good growth still.

我之前在網上提到過，還有在商店、電子產品和專業領域，這些往往有點——電子產品往往是利潤率較低的業務，但仍然增長良好。

And not -- again, when asked the $64,000 question of, "is it competition," we're not seeing a lot of big changes out there whether -- and there's a lot of headlines of what's going on, particularly on the food side, but we haven't seen any big changes.

而不是——再次，當被問及“是否存在競爭”這個 64,000 美元的問題時，我們並沒有看到很多重大變化——而且有很多關於正在發生的事情的頭條新聞，尤其是在食品方面，但我們還沒有看到任何大的變化。

Okay.

好的。

Fair enough.

很公平。

And then can you just remind us how you guys are thinking about the company's long-term club growth potential particularly here in the U.S. and if you're seeing any signs of saturation in any of your key markets, both domestically and internationally?

然後你能提醒我們你們是如何考慮公司的長期俱樂部增長潛力的，特別是在美國這裡，如果你看到任何主要市場的飽和跡象，無論是國內還是國際？

Well, by definition, like in the U.S. and Canada and the rate of growth will slow down, but I would have said that 3 years ago with what we've done in the U.S. and Canada.

好吧，根據定義，就像在美國和加拿大一樣，增長率會放緩，但我會說 3 年前我們在美國和加拿大所做的事情。

So we keep finding more opportunities, but over time, it'll slow down.

所以我們一直在尋找更多的機會，但隨著時間的推移，它會放慢速度。

We're also, of course, adding the business centers.

當然，我們也在增加商務中心。

We have, I think, 18 in the U.S. and 1 in Canada with our second coming shortly in Canada.

我認為，我們在美國有 18 個，在加拿大有 1 個，我們的第二個很快就會在加拿大出現。

And so that'll add a little bit to it.

所以這會增加一點。

When asked recently what do you guesstimate and it's truly guesstimate over the next 10 years on a basis of, what, 540-ish in the U.S., maybe another 12 to 12 plus a year.

當最近被問到你猜測什麼時，它在未來 10 年的真實猜測是基於美國的 540-ish，也許是另外 12 到 12 年再加上一年。

Right now, it's been 15 a year, so -- but it'll come down a little bit.

現在，一年已經 15 次了，所以 - 但它會下降一點。

In Canada, 1 plus a year.

在加拿大，1 加一年。

We thought we were a saturated at 80 in Canada and now we have 101 or 102.

我們認為我們在加拿大 80 歲時已經飽和，現在我們有 101 或 102。

So that will keep increasing.

所以會不斷增加。

Certainly, there will be more -- what -- I think the thing that we feel most comfortable saying is 5, 3 years from now, the penetration of the percentage of the total openings will certainly by then -- likely by then, nothing is certain, be outside of the U.S. and Canada.

當然，還會有更多——什麼——我認為我們覺得最舒服的說法是，從現在開始的 5、3 年，到那時，總職位空缺百分比的滲透率肯定會——可能到那時，沒有什麼是當然，在美國和加拿大之外。

Okay.

好的。

Great.

偉大的。

And then just last question, online sales I think are about 5% of the total revenue.

最後一個問題，我認為在線銷售約佔總收入的 5%。

When you guys are analyzing shoppers that are using either CostcoGrocery, Instacart, I'm curious if the purchases have replaced an in-store trip.

當你們分析使用 CostcoGrocery、Instacart 的購物者時，我很好奇這些購買是否取代了店內旅行。

And then I guess if you'd analyzed how that could potentially impact your in-store traffic over the next, say, 2 to 5 years.

然後我猜你是否分析了這可能會如何影響你在接下來的 2 到 5 年內的店內客流量。

Look, it's still early.

看，現在還早。

It's the first full year I guess.

我猜這是第一個完整的年份。

Generally speaking, you see more shops overall recognizing it's a little less when they're shopping online.

一般來說，您會看到更多的商店總體上認識到他們在網上購物時會少一些。

And then net of the 2 is still a slight net positive to what we had seen before.

然後 2 的淨值與我們之前看到的相比仍然略有淨正值。

But you have to be on the lookout is, does it replace the shop.

但你必須要注意的是，它是否取代了商店。

How many shops does it replace?

它取代了多少家商店？

But what we're seeing is you've got more -- and there's somebody who's infilling, if you will, and they'd be reducing their trips to the location a little bit.

但是我們看到的是你有更多的東西——如果你願意的話，有人正在填充，他們會減少到該地點的旅行。

So I'd call it neutral to slightly good right now, but that doesn't -- who knows what happens tomorrow?

所以我現在稱它為中性到稍微好一點，但事實並非如此——誰知道明天會發生什麼？

So far, I mean, we feel good about that by the way and -- but we can't predict.

到目前為止，我的意思是，順便說一下，我們對此感覺很好——但我們無法預測。

I think -- by the way, I think part of it also is when we talked about -- as what I've talked about in the past is we use -- to communicate to our members, aside from the traditional Costco connection and a lot of the e-mails, and the e-mails are not just for shopping online.

我認為 - 順便說一句，我認為部分原因是當我們談論時 - 正如我過去所說的那樣，我們使用 - 除了傳統的 Costco 聯繫和很多電子郵件，這些電子郵件不僅用於在線購物。

E-mails are talking about hot things that are happening in the warehouse, while supplies last in some cases.

電子郵件正在談論倉庫中發生的熱門事情，而在某些情況下供應持續。

And we've seen good examples of that, that can help drive frequency into the warehouse or create a trip.

我們已經看到了很好的例子，這可以幫助將頻率提高到倉庫或創建一次旅行。

And that along with gasoline, not every person that fills up with gas comes in.

再加上汽油，並不是每個加滿汽油的人都會進來。

But I think about half do -- a little over half do.

但我認為大約有一半——略高於一半。

Even if one of them is incremental, that's a positive.

即使其中一個是增量的，那也是積極的。

We don't check to see what that is.

我們不檢查那是什麼。

We're not asking them.

我們不是在問他們。

But we know it's got to -- it can't hurt.

但我們知道它必須——它不會受到傷害。

It's got to help.

它必須提供幫助。

So we think that we're -- I think those are the types of things that have helped us continue to drive traffic into the buildings, which we want to do.

所以我們認為我們是 - 我認為這些類型的事情幫助我們繼續推動交通進入建築物，這是我們想要做的。

We have your next question coming from the line of Scot Ciccarelli from RBC Capital Markets.

您的下一個問題來自 RBC 資本市場的 Scot Ciccarelli。

Scot Ciccarelli.

斯科特·西卡雷利。

Just a quick follow-up on Chuck's kind of store opening question.

只是對 Chuck 開店問題的快速跟進。

Do you have a plan for U.S. versus international store openings for the current fiscal year?

您對本財年的美國和國際開店有計劃嗎？

Yes.

是的。

I think U.S. is still going to be a little more than half.

我認為美國仍然會超過一半。

I don't have the sheet in front of me.

我面前沒有這張單子。

A little more than half.

一半多一點。

Okay.

好的。

That's good enough.

這已經足夠了。

And then, Richard, when you guys bring popular branding products where there's a lot of price transparency, you mentioned Weber grills on the call on your website.

然後，理查德，當你們帶來價格透明的流行品牌產品時，您在您的網站上的電話會議上提到了韋伯烤架。

How are you guys trying to target your pricing on those kinds of products where they can be found in lots of different spots?

你們如何嘗試將定價定位在可以在許多不同地點找到的那些產品上？

And you guys have always been price competitive of course.

當然，你們一直都具有價格競爭力。

But can you provide any color on kind of how you're thinking about kind of price caps when you've got obviously the home improvement guys out there, Amazon, Amazon marketplace, et cetera?

但是，當你有明顯的家居裝修人員，亞馬遜，亞馬遜市場等時，你能提供任何關於你如何考慮價格上限的顏色嗎？

Yes.

是的。

Look, we want to be the lowest priced, and we're going to go as low as we can and feel good about it.

看，我們想成為最低的價格，我們將盡可能地降低並對此感覺良好。

In some instances, we bundle so we create a value that includes perhaps accessories with the item or an extra whatever and -- but these are the real value, I mean real items that have a value to it and that just show an even greater savings.

在某些情況下，我們捆綁，因此我們創造了一個價值，其中可能包括與該物品一起的配件或額外的任何東西 - 但這些是真正的價值，我的意思是對它有價值的真正物品，並且只會顯示更大的節省.

And we've done that on all kinds of things, whether it's computers or big appliances.

我們已經在各種事情上做到了這一點，無論是電腦還是大型電器。

And by the way, I think that -- a lot of times, competitive pricing tends to be on some of the entry level on what you see advertised if you will.

順便說一句，我認為 - 很多時候，如果你願意的話，有競爭力的定價往往是你看到的廣告的一些入門級。

And then consumers generally trade themselves up to the -- with all the extra accessories and what have you.

然後消費者通常會用所有額外的配件和你擁有的東西來換取自己。

And that's where we continue to show good savings, too.

這也是我們繼續顯示良好儲蓄的地方。

I mean we look at some of those big-ticket items and we -- they're pretty very strong savings to traditional.

我的意思是我們看看那些大件商品，我們 - 它們對傳統商品來說非常節省。

We have your next question coming from the line of Bobby Griffin from Raymond James.

我們的下一個問題來自 Raymond James 的 Bobby Griffin。

First, I just want to go back to the grocery delivery and some of the initiatives that have been rolled out here in the U.S. Have those been rolled to some of your other international markets that you're operating e-commerce sites in?

首先，我只想回到雜貨配送和在美國推出的一些舉措。這些舉措是否已經推廣到您運營電子商務網站的其他一些國際市場？

Yes, Canada now.

是的，現在是加拿大。

We rolled it out in Canada with some help from others.

在其他人的幫助下，我們在加拿大推出了它。

And we would look to do it in a few other countries, but we haven't said when and where but in short order.

我們希望在其他幾個國家這樣做，但我們沒有說何時何地，但會在短時間內完成。

Okay.

好的。

So some time in -- is it safe to assume some time in FY '20?

所以有一段時間 - 假設在 20 財年有一段時間是否安全？

FY '20, yes.

20 財年，是的。

Starting with the 2 day, which is easier, 2-day dry.

從 2 天開始，這更容易，2 天干燥。

But in Canada, we're doing 1-day fresh as well -- we'll be doing 1-day fresh, but we're not doing it yet.

但在加拿大，我們也在做 1 天新鮮 - 我們將做 1 天新鮮，但我們還沒有這樣做。

We're doing 2-day dry up there already.

我們已經在那裡進行了 2 天的干燥。

Okay.

好的。

I appreciate that.

我很感激。

And I guess lastly for me, I just want to touch on, working capital continues to be impressive with payables, as you know, [eclipsing] over 102% of inventory now.

我想最後對我來說，我只想談一談，營運資金在應付賬款方面仍然令人印象深刻，正如你所知，[超過]現在超過 102% 的庫存。

How much more room do you think you have in that as we model out forward?

當我們向前建模時，你認為你還有多少空間？

And is there any onetime items there that are driving some of the performance that we got to keep in mind?

是否有任何一次性項目推動了我們必須牢記的一些性能？

Well, there are seasonal issues.

嗯，有季節性問題。

Our Q1 ends a month -- right around Thanksgiving time.

我們的第一季度結束一個月——就在感恩節前後。

And that's generally when it's the highest payables as a percent of inventories.

這通常是應付款佔庫存的百分比最高的時候。

The -- so I think generally, the low point is Q2 mid-February when sales are a little softer on a seasonal basis.

- 所以我認為一般來說，低點是 2 月中旬的第二季度，當時銷售在季節性基礎上稍微疲軟。

Other than that, if anything, we -- as we build out e-comm and have more inventory in our -- in there and want to make sure we're trying to grow it, that actually probably impacted a little negatively, notwithstanding the fact that it's currently a very strong number.

除此之外，如果有的話，我們 - 當我們建立電子商務並在我們的庫存中擁有更多庫存時 - 並希望確保我們正在努力發展它，這實際上可能會產生一些負面影響，儘管事實上，它目前是一個非常強大的數字。

We also have some programs where, ideally, sometimes you'll have vendors, usually smaller vendors, that even though we and they have negotiated extended terms in some cases, particularly on seasonal items or stuff that's coming in a few months hence, sometimes, if they need working capital, it's a good rate of return for us to pay early, if you will, what's called anticipation.

我們還有一些計劃，理想情況下，有時您會有供應商，通常是較小的供應商，即使我們和他們在某些情況下已經協商延長條款，特別是在幾個月後即將到來的季節性商品或東西上，有時，如果他們需要營運資金，我們提前支付是一個不錯的回報率，如果你願意的話，這就是所謂的預期。

These are not big numbers, but those impacted a little bit that would reduce it.

這些不是很大的數字，但是那些受到一點影響會減少它的數字。

So overall, I'd probably look at what those percentages were at each of quarter ends for the last few years and assume it's not that different.

所以總的來說，我可能會看看過去幾年每個季度末的這些百分比是多少，並假設它沒有那麼不同。

We have your next question coming from the line of Chris Mandeville from Jefferies.

您的下一個問題來自 Jefferies 的 Chris Mandeville。

This is [Jeff] on the line for Chris.

這是 [Jeff] 為 Chris 準備的電話。

Just a quick question.

只是一個快速的問題。

You touched on it just a little bit with the topic of tariffs.

你剛剛談到關稅的話題。

Just wanted to know your general temperature check on the consumer.

只是想知道您對消費者的一般溫度檢查。

It sounds like they are responding in some ways with big-ticket items, like you said, with price increases.

聽起來他們在某些方面對大件商品做出了回應，就像你說的那樣，價格上漲。

But in general, what's your feeling on how the consumer is reacting, just given both tariff politics and geopolitical concerns and stuff of that nature?

但總的來說，考慮到關稅政治和地緣政治問題以及類似性質的因素，您對消費者的反應有何看法？

I think our number is -- I speak in a sense that we're still seeing good growth, certainly, very good renewal rates, good results at openings.

我認為我們的數字是 - 從某種意義上說，我們仍然看到了良好的增長，當然，非常好的續訂率，在開業時取得了良好的成績。

So we feel pretty good about it.

所以我們對此感覺很好。

If you ask me how does that relate to consumer, who the heck knows?

如果你問我這與消費者有什麼關係，誰知道呢？

I think we all turned off the television and stopped listening to everything every day.

我想我們都關掉了電視，不再每天聽所有的東西。

We'll all knew better.

我們都會更清楚。

I think we're also -- everybody's a little desensitized to everything.

我想我們也是——每個人對一切都有些麻木。

We have your next question coming from the line of Oliver Chen from Cowen and Company.

您的下一個問題來自 Cowen and Company 的 Oliver Chen。

Congrats on the progress on diamonds as well.

也祝賀鑽石方面的進展。

Regarding the digital execution, the mobile app development has been really progressive.

關於數字執行，移動應用程序的開發確實取得了進步。

What are your thoughts on the biggest needle movers there?

您對那裡最大的針頭推動者有何看法？

And as you think across digital, whether that be adding new product or improving checkout and search or your new DC, how would you prioritize the bigger drivers for traffic and growth that large?

當您在數字領域思考時，無論是添加新產品、改進結賬和搜索還是您的新 DC，您將如何優先考慮更大的流量和增長驅動因素？

Well, I think, first of all, as it relates to the app, just getting more people on it.

嗯，我認為，首先，因為它與應用程序有關，只是讓更多人使用它。

I mentioned there's about 2.5 million since we improved it.

我提到自我們改進以來大約有 250 萬。

There's still a lot of work to be done to add things to it, but that was like since July.

還有很多工作要做才能添加東西，但那是自 7 月以來的情況。

I think we have over 10 million members on the app.

我認為我們在應用程序上有超過 1000 萬會員。

One of the other things was just getting e-mail addresses for everybody.

另一件事就是為每個人獲取電子郵件地址。

You guys have done this for a long time.

你們已經做了很長時間了。

We were a little later to the game than others in terms of collecting e-mail addresses years ago.

在幾年前收集電子郵件地址方面，我們比其他人晚了一點。

And we've had a big push in the last couple of years, and we dramatically increased the number of members where we have good e-mail addresses.

在過去的幾年裡，我們大力推動，我們大幅增加了擁有良好電子郵件地址的會員數量。

Now that sounds simple and why did we do that, and I can only tell you we are and it's -- and that's helping.

現在這聽起來很簡單，我們為什麼要這樣做，我只能告訴你我們是而且它是 - 這很有幫助。

We're getting more people.

我們正在吸引更多的人。

We're getting more people to open the e-mails and to click on things.

我們正在讓更多的人打開電子郵件並點擊內容。

And so -- and I think one thing that I talked about in the past, we still have these different buckets of money starting with the improved -- the improvement from the credit card transition a couple of years ago, the membership fee increase, tax reform.

所以——我想我過去談到的一件事，我們仍然有這些不同的錢，從改進開始——幾年前信用卡過渡的改進，會員費增加，稅收改革。

All these things have helped, and as you know, we take that and make it a better value for the member.

所有這些事情都起到了幫助作用，如您所知，我們接受了這一點，並使其為會員帶來更好的價值。

And I think that's helped us, whether it's buyers -- Hot Buys, wow items.

而且我認為這對我們有所幫助，無論是買家 - 熱銷商品，令人驚嘆的商品。

And I think that's given us a little bit of a leg up over the last couple of years in terms of helping achieve the numbers that we have.

而且我認為在過去幾年中，這讓我們在幫助實現我們擁有的數字方面有了一點優勢。

So I think more connections to the members are going to help.

所以我認為與成員建立更多的聯繫會有所幫助。

Certainly, there's no slowdown in renewal rates.

當然，續訂率並沒有放緩。

That's been good to us.

這對我們很好。

Beyond that, it's what we see every 4 weeks in our budget meetings from the buyers, doing exciting stuff, constantly improving existing items.

除此之外，這是我們每 4 週在預算會議上從買家那裡看到的，做令人興奮的事情，不斷改進現有項目。

There are a number of examples of whether -- KS items, we continue to improve the item and lower the price point, while an improved item, and therefore, increase the value dramatically.

有很多例子說明——KS 項目，我們繼續改進項目並降低價格點，同時改進項目，因此大幅增加價值。

There's looking at exciting items not just for us in the U.S. to ship to these other countries but also to take some exciting items from other countries and bringing them to other parts of Costco.

我們正在尋找令人興奮的物品，不僅讓我們在美國運送到這些其他國家，而且還從其他國家帶走一些令人興奮的物品並將它們帶到 Costco 的其他地方。

So I think on -- when I think about from a merchandising standpoint, we're at the top of our game in a lot of things.

所以我想——當我從商品的角度考慮時，我們在很多事情上都處於領先地位。

On the efficiencies side, we've got a lot of expenses going on.

在效率方面，我們有很多開支。

We talked about e-commerce a little bit.

我們談到了電子商務。

There's cost associated to that as we do that.

當我們這樣做時，會產生與此相關的成本。

There's IT in general with everything that we've got going on, whether it's e-commerce or fulfillment and depot infrastructure, the new poultry complex.

總的來說，我們所做的一切都涉及 IT，無論是電子商務還是履行和倉庫基礎設施，新的家禽綜合體。

So there's lots of things that are in our numbers in terms of expenses as well, and we've done pretty well.

因此，在費用方面，我們的數字中也有很多東西，而且我們做得很好。

So it won't -- I think we keep doing the kinds of things that we're doing as it relates to global sourcing and in some cases, some vertical integration and -- but ultimately, just driving more value.

所以它不會 - 我認為我們會繼續做我們正在做的與全球採購相關的事情，在某些情況下，一些垂直整合 - 但最終只是推動更多價值。

And I...

和我...

You've done a good job managing the digital margins overall.

您在管理整體數字利潤方面做得很好。

Do you pursue the right kind of fulfillment options and supply chain and getting the smaller packages to customers with speed?

您是否追求正確的履行選項和供應鏈，并快速將較小的包裹交付給客戶？

What are your thoughts on those investments and how they align with what customers are looking for with speed of delivery?

您對這些投資有何看法，以及它們如何與客戶所尋求的交付速度保持一致？

Well, we're not going to be -- you're not going to be able to order something and we'll drop it off an hour later anytime soon.

好吧，我們不會——您將無法訂購任何東西，我們會在一個小時後的任何時候將其送達。

For us, first order of improvement was actually, remember, it wasn't that long ago where online, particularly on a big-ticket items, but physical item as well, and say expected delivery time 3 to 5 weeks.

對我們來說，首先要改進的是，記住，不久前還在線上，尤其是大件商品，還有實體商品，預計交貨時間為 3 到 5 週。

And now it's 3 to 5 days.

現在是3到5天。

And certain items with certain vendors are now on -- you can actually schedule delivery and installation.

並且某些供應商的某些項目現在正在運行——您實際上可以安排交付和安裝。

So we're -- tires is a great example as well.

所以我們——輪胎也是一個很好的例子。

It used to be -- with those online now, you can actually order them and have them and schedule your appointment at the warehouse where you're shopping at.

過去是——現在有了這些在線產品，您實際上可以訂購併擁有它們，並在您購物的倉庫安排您的預約。

These are all basic things but things that we haven't done for a long time.

這些都是基本的東西，但是我們很久沒有做的事情了。

So I think you'll see continued improvement in that.

所以我認為你會看到這方面的持續改進。

And none of it's easy, and it all costs more than you think.

這一切都不容易，而且成本都比你想像的要高。

But those are our numbers.

但這些是我們的數字。

And finally that you've really had good momentum, including with diamonds at Costco and the big-ticket sales of diamonds.

最後，你真的有很好的勢頭，包括在 Costco 的鑽石和鑽石的高價銷售。

What's your strategy with that business?

您對該業務的戰略是什麼？

And how has it been going?

進展如何？

Any things we should think about?

有什麼我們應該考慮的嗎？

Look, I mean it starts with great quality and great value.

看，我的意思是它從高品質和高價值開始。

Those are the -- one of the things I think that has helped us on -- that's -- the jewelry area is a good example with the lockers that we're now rolling out to a number of locations.

這些是 - 我認為幫助我們的一件事 - 那是 - 珠寶區是一個很好的例子，我們現在正在將儲物櫃推廣到許多地方。

A lot of people on high-value small-sized items, they can't ship it to their place of work and they don't want to leave it at their front porch.

很多人購買高價值的小件物品，他們無法將其運送到工作地點，也不想將其留在前廊。

And so we saw an uptick of some of those items and some other items like handbags and a little bit number of electronics.

因此，我們看到其中一些商品和其他一些商品（例如手提包和少量電子產品）的價格有所上升。

But as it relates to jewelry overall, I know we've got a lot of press because I mentioned a $400,000 diamond a couple of quarters ago.

但由於它與珠寶整體相關，我知道我們有很多媒體，因為我在幾個季度前提到了一顆價值 400,000 美元的鑽石。

We're selling close to 200,000 karats of diamonds a year.

我們每年銷售近 200,000 克拉的鑽石。

That's a lot of karats.

這是很多克拉。

And -- so jewelry business is -- it's one of the things that hits you just past the electronics when you typically walk into a Costco.

而且 - 所以珠寶業務是 - 當您通常走進 Costco 時，它是您剛剛經過電子產品時遇到的事情之一。

And it's all about value and trust.

這一切都與價值和信任有關。

Your next question coming -- comes from the line of Robbie Ohmes from Bank of America.

您的下一個問題來自美國銀行的 Robbie Ohmes。

One question I'm getting is just a lot on the chicken plant.

我得到的一個問題是關於雞肉植物的很多問題。

Can you just sort of let us know how that is going so far versus expectations?

您能否讓我們知道到目前為止與預期的情況如何？

And also, was it about $10 million of the preopening expense this quarter?

此外，本季度的開業前費用是否約為 1000 萬美元？

And how does it affect preopening going forward?

它對未來的開市前有何影響？

And maybe related to chicken plants, are there any other types of vertical integration, things that you might be looking out to do further?

可能與養雞場有關，是否還有其他類型的垂直整合，您可能希望進一步做的事情？

Well, look, this is a big plant.

嗯，看，這是一棵大植物。

I think it's the most state-of-the-art plant that I understand in the country.

我認為這是我所了解的國內最先進的工廠。

It's going to be very efficient, but it's going to take close to a year to get to full production.

這將非常有效，但需要將近一年的時間才能完全投入生產。

And the first several weeks have gone as planned in terms of the first chicken went through and more each day, and -- but you're going to get to 2 million -- processing of 2 million birds a year -- I'm sorry, 2 million birds a week in about 40 more weeks.

前幾週已經按計劃進行，第一隻雞每天都經過，而且 - 但你將達到 200 萬隻 - 每年處理 200 萬隻雞 - 對不起，在大約 40 多周內每周有 200 萬隻鳥。

The preopening stopped effectively when we opened it on September 10.

當我們在 9 月 10 日開放時，預開放實際上停止了。

So there's a little bit in Q1 but not like that big amount.

所以第一季度有一點點，但不是那麼大。

But it's a huge facility, and it's also air chilled.

但這是一個巨大的設施，而且它也是風冷的。

About 95% of U.S. poultry plants are still water chilled.

大約 95% 的美國家禽養殖場仍在進行水冷。

So all the issues in terms of -- it's considered a very high-quality food item, and it allows us to deliver that while doing a lot of things for the environment as well.

所以所有的問題——它被認為是一種非常高質量的食品，它允許我們在為環境做很多事情的同時實現這一點。

So there's a lot of good things.

所以有很多好東西。

It didn't come without a cost.

這不是沒有代價的。

It was a big investment for us and a little bit more in a year, but we're excited about it.

這對我們來說是一筆巨大的投資，一年內還會增加一點，但我們對此感到很興奮。

Other things, we had -- a year ago, we had a second meat plant.

其他事情，我們有 - 一年前，我們有第二家肉類工廠。

We've had one in Tracy, California for many years.

多年來，我們在加利福尼亞州的特雷西擁有一個。

We opened one in Morris, Illinois.

我們在伊利諾伊州莫里斯開了一家。

We also, as you know, opened a bakery commissary in Canada that will also serve much of the United States in terms of things like cookie dough and croissants ready to bake off premise.

如您所知，我們還在加拿大開設了一家麵包店小賣部，該小賣部也將為美國大部分地區提供餅乾麵團和可在現場烘烤的羊角麵包等服務。

We're looking at a variety of greenhouse opportunities.

我們正在尋找各種溫室機會。

There's a lot of technology and new things going on in the area of agriculture.

農業領域正在發生許多技術和新事物。

Would be nice to greatly lower the price of not having to airship things to Hawaii as well as being closer to the market and being better for the environment.

可以大大降低價格，不必將東西空運到夏威夷，而且離市場更近，對環境也更好。

So I think given our size and given some of the things that are going on, we're going to hopefully benefit from that.

所以我認為考慮到我們的規模和正在發生的一些事情，我們有望從中受益。

But that's -- other than that, there's nothing else, I don't think, we've got planned in a big way.

但那是——除此之外，沒有別的了，我不認為，我們已經計劃好了。

But I would say beyond the couple of things I mentioned in the last 1.5 years and certainly this new chicken plant, a few things on the greenhouse side but not the type of capital investment required that was done in the poultry complex.

但我想說的是，除了我在過去 1.5 年提到的幾件事，當然還有這個新的養雞廠，溫室方面的一些事情，但不是在家禽綜合體中所需的資本投資類型。

We have your next question coming from the line of Michael Montani from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Michael Montani。

Just wanted to ask for an update on Executive program rollout, if you can just remind us kind of which countries have it now and which ones might be slated to get it next.

只是想詢問有關執行計劃推出的最新信息，如果您能提醒我們哪些國家現在有它，哪些國家可能接下來會得到它。

Well, we have it in the U.S., Canada, Mexico, U.K., Korea and Japan.

好吧，我們在美國、加拿大、墨西哥、英國、韓國和日本都有它。

And we've just started -- we just rolled it out this month in Japan.

我們才剛剛開始——本月我們剛剛在日本推出了它。

Korea, we rolled out about a year, 1.5 years ago?

韓國，我們推出了大約一年，1.5 年前？

A year ago.

一年前。

A year ago.

一年前。

Okay.

好的。

Great.

偉大的。

One housekeeping one if I could is around gasoline.

如果可以的話，一個家政服務是在汽油附近。

Can you give us a sense -- I've been thinking that was around 10%, 11% of sales for the quarter.

你能給我們一個感覺嗎——我一直認為這大約是本季度銷售額的 10% 到 11%。

And also what was the ASP for gasoline this quarter?

本季度汽油的平均售價是多少？

Hold on.

堅持，稍等。

I think it's on the summary sheet.

我認為它在摘要表上。

$2.94 versus $3.05 a year ago.

2.94 美元，而一年前為 3.05 美元。

Okay.

好的。

And the last thing that I had was on Citi/Visa, can you give us an update just on how many members have that now and what you're seeing in terms of third-party spend, just how it's progressing?

我最後一件事是花旗/Visa，你能告訴我們現在有多少會員，你在第三方支出方面看到了什麼，進展如何？

I don't have those numbers in front of us.

我面前沒有這些數字。

I can tell you we continue to add new members.

我可以告訴你，我們會繼續添加新成員。

We continue to -- the average reward per existing credit card holder on the Citi/Visa card continues to increase.

我們繼續——花旗/維薩卡上每位現有信用卡持有人的平均獎勵繼續增加。

The rewards are substantial, and it's really working well.

回報是可觀的，而且它確實運作良好。

It's probably better than we had originally had hoped, and it's done well for us and hopefully our partners.

這可能比我們最初希望的要好，而且對我們以及希望我們的合作夥伴都做得很好。

We have your next question coming from the line of Kelly Bania from BMO Capital.

您的下一個問題來自 BMO Capital 的 Kelly Bania。

Just wanted to go back to the store potential question really in the U.S. I think it was a few years ago that you know that you were able to kind of go into some smaller communities than you maybe originally thought.

只是想回到美國真正的商店潛力問題。我認為幾年前你知道你能夠進入一些比你最初想像的更小的社區。

And so just curious, as you think about the next couple of years, what kind of size and demographics of the communities are you looking at and planning for new clubs.

所以只是好奇，當您考慮未來幾年時，您正在關注和計劃新俱樂部的社區規模和人口統計數據。

And also, when you go back to the saturation question and think about how do you analyze when you think you are at saturation, what are some of the key metrics that you look at?

此外，當您回到飽和問題並思考當您認為自己處於飽和狀態時如何分析時，您關注的一些關鍵指標是什麼？

Is it the pace of the ramp in terms of sales, the cannibalization of members?

是銷售方面的增長速度，成員的蠶食嗎？

Or just any help on how you guys think about analyzing that?

或者只是對你們如何看待分析有任何幫助？

30 years ago, I think the view was, was you needed about 0.5 million people in a trade area plus a certain number of businesses and all that kind of stuff.

我認為 30 年前的觀點是，你需要在一個貿易區擁有大約 50 萬人，再加上一定數量的企業和所有類似的東西。

Today, that number could be as low as 200,000 sometimes.

今天，這個數字有時可能低至 200,000 人。

It depends.

這取決於。

Some of the smaller or medium markets we've gone into in the last few years generally are markets where our competition, our direct competitors were, in many cases, for 20 or 30 years and we had just never gone there.

在過去幾年中，我們進入的一些中小型市場通常是我們的競爭對手，我們的直接競爭對手，在許多情況下，存在 20 或 30 年，而我們從未去過那裡。

We've gotten probably a little more confident that when we go in that there's room for both of us, and we've done relatively well.

我們可能更加自信，當我們進去時，我們兩個都有空間，而且我們做得相對較好。

I think the other thing is, if you look back over the last few years and my guess is in the upcoming years, there'll be some infill opportunities.

我認為另一件事是，如果你回顧過去幾年，我的猜測是在未來幾年，將會有一些填充機會。

I've used the example on calls on the East side of Seattle, in the Bellevue side of Seattle where, historically, we had 3 locations, Issaquah, Kirkland and Woodinville.

我在西雅圖東側的電話中使用了這個例子，在西雅圖的貝爾維尤一側，從歷史上看，我們有 3 個地點，伊薩誇、柯克蘭和伍丁維爾。

About 2 years ago, we opened in Redmond.

大約 2 年前，我們在雷德蒙德開業。

And we only added -- let's say in those 3 locations, had about 190-ish thousand members between them, households, so 60,000, 65,000 each.

我們只添加了——假設在這 3 個地點，他們之間有大約 19 萬左右的成員，家庭，所以每個 60,000 和 65,000 人。

We only added about 10,000 new members in the next year, but you had a lot of loyal members that started shopping more frequently because we were closer to them.

在接下來的一年裡，我們只增加了大約 10,000 名新會員，但是您有很多忠誠的會員，因為我們離他們更近，他們開始更頻繁地購物。

Part of that comes with you have high volume.

部分原因在於您的音量很大。

And those -- that example, I think as -- before we opened that fourth location on this side of Seattle, we had I think over $800 million aggregate sales, 1 in the low 3s and the other 2 in the mid- to high 2s.

還有那些——那個例子，我想——在我們在西雅圖這邊開設第四家店之前，我認為我們的總銷售額超過了 8 億美元，其中 1 個在低 3 分，另外 2 個在中高 2 分.

And when you get to that level, that gives a little more comfort that you can afford a little cannibalization.

當你達到那個水平時，這會給你帶來更多的安慰，你可以承受一點蠶食。

In that example, I think the first year, net of cannibalization, we did $120-plus million of business, $120 million, $130 million of business.

在那個例子中，我認為第一年，扣除自相殘殺，我們做了 1.2 億美元以上的業務，1.2 億美元，1.3 億美元的業務。

So it's pretty easy to estimate and guesstimate what you think you can do particularly when you have a loyal membership base.

因此，很容易估計和猜測您認為您可以做什麼，特別是當您擁有忠實的會員基礎時。

And then there are other markets like if you look at the Greater Los Angeles market, I'm talking greater geographic market, I think we probably have 60-ish, roughly 60 units.

然後還有其他市場，比如如果你看看大洛杉磯市場，我說的是更大的地理市場，我想我們可能有 60 個左右，大約 60 個單位。

The view is we can have another 15, but they're all very specific geographies, which are not quite impossible but very difficult.

觀點是我們可以再有 15 個，但它們都是非常具體的地理區域，這並非完全不可能，但非常困難。

And we'd be thrilled to get 1 of those 15 open every couple of years, but you don't know if that can happen.

我們很高興每兩年開放這 15 個中的 1 個，但你不知道這是否會發生。

So I think it's all over the board in terms of smaller trade areas, markets where our competition has been and we are just entering and then continue the expansion and infills.

因此，我認為就較小的貿易領域而言，這是全面的，我們競爭的市場是我們剛剛進入然後繼續擴張和填充的市場。

Okay.

好的。

That's helpful.

這很有幫助。

And maybe just another one on click and collect and how that's going and maybe what you're learning from a logistics and labor perspective as you do that for some of the big ticket items.

也許只是另一個點擊和收集，以及它是如何進行的，也許你從物流和勞動力的角度學到了什麼，因為你為一些大件物品做這件事。

And then any changes or thoughts with respect to broadening that to some other categories like grocery, which I realize are more maybe complicated and labor intensive?

然後關於將其擴展到雜貨等其他類別的任何變化或想法，我意識到這可能更複雜和勞動密集型？

Yes.

是的。

I don't see us going too deep.

我不認為我們走得太深。

I mean we're talking about tires and pharmacy and jewelry, handbags, computers, high-value small-sized items for the time being.

我的意思是我們暫時談論的是輪胎、藥房和珠寶、手袋、電腦、高價值的小件物品。

We have your next question coming from the line of Laura Champine from Loop Capital.

您的下一個問題來自 Loop Capital 的 Laura Champine。

It's just a quick one on inventory.

這只是一個快速的庫存。

Your inventory receipts looks like were -- grew a little less rapidly than they have in prior quarters and also relative to sales growth.

您的庫存收據看起來 - 增長速度比前幾個季度要慢一些，也相對於銷售增長。

So just wanted to get a sense of why you might have cut your ordering and whether that has any -- whether that reflects on your thoughts on our current quarter sales trends.

因此，只是想了解您可能會削減訂單的原因以及是否有任何原因-這是否反映了您對我們當前季度銷售趨勢的看法。

My guess is it's a little bit of an anomaly that I don't read a lot into it.

我的猜測是這有點反常，我沒有深入了解它。

It might be that we've really built up, as an example, increased year-over-year online, inventories related to our e-comm and things like that.

例如，我們可能真的建立了比去年同期增加的在線庫存，與我們的電子商務相關的庫存等等。

But that's happened -- maybe less of that happened in this quarter.

但這已經發生了——本季度發生的可能更少。

We've kind of cycled that for a year, I'm guessing.

我猜我們已經循環了一年。

Other than that, I don't -- there's nothing baked to read into that.

除此之外，我沒有——沒有什麼可以讀到的。

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

您的下一個問題來自 Oppenheimer 的 Rupesh Parikh。

It's actually Erica Eiler on for Rupesh.

實際上是 Erica Eiler 為 Rupesh 效力。

So I just had one quick question just flipping back to international.

所以我有一個簡單的問題，只是回到國際。

So when you look at a market like China, when do you typically see an inflection point and profitability in those clubs?

因此，當您查看像中國這樣的市場時，您通常會在什麼時候看到這些俱樂部的拐點和盈利能力？

Well, at the club level, it could be the first year or a few years down the road.

好吧，在俱樂部層面，這可能是第一年或幾年後。

You've got a big central expense you've geared up.

你已經準備好了一大筆中央開支。

Whether you have 1 location or 10, there's not a big change -- a huge change in the cost of a central -- with the buyers and operations people and accounting department and the like.

無論您有 1 個還是 10 個位置，都沒有大的變化——中心成本的巨大變化——與採購員、運營人員和會計部門等有關。

I mean it'll grow some but not nearly from 1 to 10.

我的意思是它會增長一些，但不會從 1 增長到 10。

And so it depends on the country.

所以這取決於國家。

Usually, it can be year 4 or 5. I think in Japan, which is now 20-ish years old, our original budget was to open 5 in 5 years and turned a quarter of profitability towards the end of year 5. I think we hit profitability near the end of year 4, and we opened 6. So -- but that's probably a good guesstimate.

通常，可能是第 4 年或第 5 年。我認為在已經 20 歲左右的日本，我們最初的預算是在 5 年內開設 5 家，並在第 5 年年底實現四分之一的盈利能力。我認為我們在第 4 年年底達到盈利能力，我們開設了 6 家。所以 - 但這可能是一個很好的猜測。

It's probably going to be slower in a country like France where it took us 10 years to get 1 opened.

在像法國這樣的國家，我們花了 10 年才開了 1 家，這可能會慢一些。

And while we're just looking for additional sites, it still could be a couple of years out.

雖然我們只是在尋找其他網站，但可能還需要幾年時間。

So you're not going to go from 1 to 5 in 5 years.

所以你不會在 5 年內從 1 變為 5。

But that's going to happen.

但這會發生。

We're going to have a mix of those.

我們將混合使用這些。

We have your next question coming from the line of Chuck Cerankosky from Northcoast Research.

您的下一個問題來自 Northcoast Research 的 Chuck Cerankosky。

One housekeeping question.

一個家政問題。

Can you talk about the tax reserve on the product?

你能談談產品的稅收儲備嗎？

What drove that?

是什麼推動了它？

Was it an excise tax kind of thing?

這是消費稅之類的東西嗎？

It was essentially a tax that some authority thought we should have been collecting, and we're, again, going to file a protest and see how much.

這本質上是一些當局認為我們應該徵收的稅款，我們再次提出抗議，看看有多少。

But I can't really talk to -- a lot about it yet.

但我真的不能說話——很多關於它的事。

But again, it relates to, I'd say, a 7.5-year period that ended in 2016 that we were just notified before the formal assessment.

但同樣，它涉及到 2016 年結束的 7.5 年期間，我們剛剛在正式評估之前收到通知。

And again, under GAAP accounting, we've reserved for it.

再一次，根據公認會計原則會計，我們已經為它保留了。

Okay.

好的。

And then looking at the tariff situation, could that maybe an impetus to put -- use private label sourcing on more products as a result to get the price down?

然後看看關稅情況，這可能是一種推動力——在更多產品上使用自有品牌採購，從而降低價格？

And in general, what are you thinking about for new categories, new items for private label in the coming fiscal year?

總的來說，您對下一個財年的新品類、自有品牌的新產品有何看法？

Yes, not really for tariffs.

是的，不是真的關稅。

First of all, some of our private label items are sourced out of China as well, so it's going to impact everybody.

首先，我們的一些自有品牌商品也是從中國採購的，所以它會影響到每個人。

And nothing changes quickly overnight.

沒有什麼會在一夜之間迅速改變。

In terms of KS items, I think that you have seen of late and you'll continue to see a variety of items, I mean recent introductions or things like all kinds of specialty waters, essence waters, extra virgin olive oil that they have some impact on tariffs, chocolate chips.

關於KS的東西，我想你最近看到了，你會繼續看到各種各樣的東西，我是指最近的介紹或者他們有的各種特級水、精華水、特級初榨橄欖油之類的東西對關稅、巧克力片的影響。

I'm just looking down the list here, several apparel items for men, women and children, more housewares.

我只是在看這裡的清單，幾件男士、女士和兒童的服裝，還有更多的家居用品。

So I think you're going to continue to see that grow and even -- and raise the quality further of existing items, that continuous improvement cycle.

因此，我認為您將繼續看到它的增長甚至 - 並進一步提高現有項目的質量，即持續改進週期。

You're going to see that on some frozen food items, diapers.

你會在一些冷凍食品，尿布上看到這一點。

I'm just looking down my list here, soaps, coffee pods.

我只是在這裡查看我的清單，肥皂，咖啡包。

We've taken the KS coffee pod, which I think, 3 or 4 years ago, we went -- it went to fair trade.

我們採用了 KS 咖啡包，我認為，在 3 或 4 年前，我們採用了——它進入了公平貿易。

Since then, we -- it's now organic and recyclable, and we've lowered the price by over 10% to the customer while improving, if you will, the value and the quality.

從那時起，我們——它現在是有機的和可回收的，我們已經將價格降低了 10% 以上，同時提高了價值和質量，如果你願意的話。

And it's driving more sales.

它推動了更多的銷售。

So we -- again, we -- there's lots of little things as regards to the types of items and what we're doing there.

所以我們 - 再說一次，我們 - 關於物品的類型和我們在那裡做的事情有很多小事情。

I think that's it.

我想就是這樣。

Well, thank you, everyone, and the group here will be around if there's any additional questions.

好吧，謝謝大家，如果有任何其他問題，這裡的小組將在附近。

Have a good day.

祝你有美好的一天。

Thank you, everyone, for participating.

謝謝大家的參與。

This concludes today's conference.

今天的會議到此結束。

You may now disconnect.

您現在可以斷開連接。

Have a lovely day.

祝你有個愉快的一天。