好市多 (COST) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Q1 earnings call. (Operator Instructions)

大家好，感謝您的耐心等待，歡迎參加第一季財報電話會議。 （操作說明）

I would now like to hand the conference over to your speaker today, Richard Galanti. Thank you. Please go ahead.

現在我謹將會議交給今天的演講嘉賓理查‧加蘭蒂先生。謝謝。請開始吧。

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

謝謝薩迪，大家下午好。首先我要說明，本次討論將包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。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指明的內容有重大差異。

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. 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.

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，以及公司不時在公開聲明和提交給美國證券交易委員會（SEC）的報告中披露的其他風險。前瞻性陳述僅代表其發布之日的情況，除法律要求外，本公司不承擔更新這些陳述的義務。

In today's press release, we reported operating results for the first quarter of fiscal '22, the 12 weeks ended November 21. Net income for the quarter came in at $1.324 billion or $2.98 per diluted share compared to $1.166 billion or $2.62 per diluted share last year. This year included a tax benefit of $91 million or $0.21 a share related to stock-based compensation and a write-off of certain IT assets of $118 million pretax or $0.20 per share.

在今天的新聞稿中，我們公佈了2022財年第一季（截至11月21日的12週）的經營業績。本季淨利為13.24億美元，即每股攤薄收益2.98美元，去年同期為11.66億美元，即每股攤薄收益2.62美元。今年的淨利潤包括與股權激勵相關的9,100萬美元（合每股0.21美元）的稅收優惠，以及稅前1.18億美元（合每股0.20美元）的IT資產減損。

Last year included tax benefits of $145 million or $0.33 per diluted share, $0.16 of which was due to the deductibility of the $10 per share special cash dividend received by the company's 401(k) plan participants and $0.17 related to stock-based compensation as well an incremental expenses for COVID-19 premium wages of $212 million pretax, which was hit last year in the quarter of $0.35 per share.

去年，該公司獲得了 1.45 億美元的稅收優惠，即每股攤薄收益 0.33 美元，其中 0.16 美元是由於公司 401(k) 計劃參與者收到的每股 10 美元特別現金股息可抵扣，0.17 美元與股票期權激勵稅有關，此外還有 2.12 億美元的工資 COVID-19 35 美元。

Net sales for the quarter increased 16.7% to $49.42 billion, up from $42.35 billion a year earlier in the first quarter. Same-store sales for the first quarter were as follows. In the U.S., on a reported basis for the 12 weeks, up 14.9%; and excluding gas inflation and the impacts of FX, up 9.9%. Canada reported 17.2%; ex gas and FX, plus 8.3%. Other International, reported, 13.4%; ex gas inflation and FX, up 10.9%. All told, the company reported a 15% increase on a comp basis and 9.8% up ex gas and FX. In e-commerce, which was reported at 14.3%, ex FX, was 13.3%.

本季淨銷售額成長16.7%，達到494.2億美元，高於去年同期的423.5億美元。第一季同店銷售額如下：美國地區，以報告的12週數據計算，成長14.9%；剔除汽油價格上漲及匯率影響後，成長9.9%。加拿大地區成長17.2%；剔除汽油價格上漲及匯率影響後，成長8.3%。其他國際地區，依報告的12週數據計算，成長13.4%；剔除汽油價格上漲及匯率影響後，成長10.9%。整體而言，公司以同店銷售額計算成長15%，剔除汽油價格上漲及匯率影響後，成長9.8%。電子商務銷售額按報告的12週數據計算成長14.3%，剔除匯率影響後，成長13.3%。

In terms of Q1 comp sales metrics, traffic or shopping frequency increased 6.8% worldwide and up 5.9% in the U.S. during the quarter. Our average transaction or ticket was up 7.7% worldwide and 8.5% in the U.S. during the quarter. Excluding the positive impact from gas inflation and FX, the average ticket was up ex that plus 2.5% worldwide and plus 3.5% in the U.S. Foreign currencies relative to the U.S. dollar positively impact sales by about 90 basis points. And gasoline price inflation positively impacted sales by approximately 430 basis points.

就第一季同店銷售指標而言，全球客流量或購物頻率在本季成長了6.8%，美國成長了5.9%。平均交易額或客單價在本季成長了7.7%，美國成長了8.5%。在剔除汽油價格上漲和匯率波動帶來的正面影響後，平均客單價在全球成長了2.5%，在美國成長了3.5%。外幣兌美元匯率對銷售額產生了約90個基點的正面影響。汽油價格上漲對銷售額產生了約430個基點的正面影響。

Next on the income statement, membership fee income reported in the quarter, $946 million, up $85 million or 9.9% from last year's $861 million figure. Ex FX, the $85 million increase would have been $80 million and the 9.9% increase would be 9.3%.

接下來是損益表中的會員費收入，本季報告的會員費收入為9.46億美元，比去年同期的8.61億美元增加了8,500萬美元，增幅為9.9%。剔除匯率因素後，8,500萬美元的增幅將為8,000萬美元，9.9%的增幅將為9.3%。

In terms of renewal rates, at first quarter end, our U.S. and Canada renewal rate came in at 91.6%, up 0.3% from the 12-week earlier figure at Q4 end. As well, the worldwide rate came in at 89.0%, also up 0.3% from 12 weeks ago at Q4 quarter end -- at Q4 end. The renewal rates are continuing to benefit from more members auto renewing as well as increased penetration of executive members who, on average, renew at a higher rate than the nonexecutive members and first year renewal rates, which have improved a little.

就續費率而言，截至第一季末，美國和加拿大地區的續費率為91.6%，較12週前（第四季末）的數據增加0.3%。全球續費率為89.0%，同樣較12週前（第四季末）的數據成長0.3%。續費率的持續成長得益於更多會員選擇自動續費，以及高階主管會員滲透率的提高（高階主管會員的平均續費率高於非高階主管會員），同時首年續費率也略有提升。

In terms of number of members at end of first quarter -- in terms of member households as well as total cardholders, at Q1 end, total paid households was 62.5 million, up 800,000 from 61.7 million a quarter ago. And total cardholders 113.1 million, up 1.5 million from the 111.6 million 12 weeks ago. At Q1 end, paid executive members totaled 26.5 million, an increase of 836,000 during the 12 weeks since Q4 end. Executive members represent 42% of our members and a little over 70% of our sales.

截至第一季末，以會員家庭及持卡人總數計算，付費家庭總數為6,250萬戶，較上一季的6,170萬戶增加80萬戶。持卡人總數為1.131億，較12週前的1.116億增加150萬。截至第一季末，付費高級會員總數為2,650萬，較上一季末的12週增加83.6萬。高級會員佔會員總數的42%，銷售額佔比略高於70%。

Moving down to the gross margin line. Our reported gross margin for the first quarter was lower year-over-year by 49 basis points, and excluding gas inflation, lower year-over-year by 6 basis points. As I normally do, I ask you a jot down a few numbers. The 2 columns, both reported year-over-year in Q1 and then without gas inflation year-over-year in Q1.

接下來來看毛利率。我們第一季的毛利率年減了49個基點，剔除天然氣通膨因素後，年減了6個基點。像往常一樣，請您記下幾個數字。這兩列數據分別是第一季年比毛利率和剔除天然氣通膨因素後的年比毛利率。

First line item would be core merchandise, minus 63 basis points year-over-year on a reported basis and minus 26 basis points without gas inflation. Ancillary and other businesses, plus 2 on a reported basis and plus 12 ex gas inflation; 2% Reward, plus 3 and minus 1 basis point; LIFO, minus 3 in both columns; other, plus 12 basis points in both columns. Total then on a reported basis, margins were down 49 basis points year-over-year; and ex gas inflation, down 6 basis points.

第一項為核心商品，以報告基準計算年減 63 個基點，剔除汽油通膨因素後下降 26 個基點。輔助業務及其他業務，按報告基準計算增長 2 個基點，剔除汽油通膨因素後增長 12 個基點；2% 獎勵，增長 3 個基點，下降 1 個基點；後進先出法（LIFO），兩列均下降 3 個基點；其他業務，兩列基點增長 12 個基點。因此，以報告基準計算，總利潤率年減 49 個基點；剔除汽油通膨因素後，下降 6 個基點。

In terms of the core merchandise component of gross margin being lower by 63% year-over-year and 26 basis points ex gas inflation. Recall last year in Q1, the core reported was up 83 basis points; and ex gas, up 66 basis points. So we retained a good portion of the improvement from 2 years ago in the quarter.

就核心商品毛利率而言，年減63%，剔除汽油通膨因素後下降26個基點。回顧去年第一季，核心毛利率成長83個基點；剔除汽油通膨因素後成長66個基點。因此，本季我們保留了兩年前大部分的成長成果。

In terms of the core margin on their own sales, in the first quarter, our core-on-core margins were lower by 18 basis points, with non-foods slightly up and food and sundries slightly lower year-over-year. Also lower year-over-year, fresh foods was the primary driver of the core-on-core being lower in the quarter. Fresh continues to lap exceptional labor productivity and low product spoilage that occurred from the outside sales that began the year -- that happened a year ago in the quarter.

就其自身銷售的核心利潤率而言，第一季我們的核心利潤率同比下降了18個基點，其中非食品略有增長，而食品和雜貨則略有下降。同樣較去年同期下降的還有生鮮食品，這是本季核心利潤率下降的主要原因。生鮮食品利潤率持續受益於年初外部銷售帶來的卓越勞動生產力和低產品損耗——這種情況在去年同期已經出現。

Ancillary and other business gross margin was higher by 2 basis points on a reported basis and, again, plus 12 basis points ex gas inflation. Gas and travel were better year-over-year as they anniversary a softer quarter a year ago, offset by e-comm, which was particularly strong a year ago and also related to the pandemic.

輔助業務及其他業務的毛利率按報告基準計算增長了2個基點，剔除天然氣通膨因素後，毛利率則增加了12個基點。天然氣和旅遊業務年比有所改善，這是因為這兩個業務在去年同期經歷了較為疲軟的季度，但電子商務業務的強勁表現抵消了部分損失，而電子商務業務在去年同期表現尤為突出，且也與疫情相關。

LIFO, we had a 3 basis point or $14 million LIFO charge in the quarter. 2% Reward, higher by 3 on a reported basis and lower by 1, excluding gas inflation, a reflection of slightly higher sales penetration going to the increased number of executive members. And other was up 12 basis points. This is related to COVID-related costs from a year ago. That portion of the COVID-related wages that go into the cost of sales like many of our manufacturing businesses and our meat and bakery departments. Given the inflationary pressures and our ongoing efforts to mitigate price increases to our members in the face of inflation as best we can, our Q1 gross margin's results, all in all, I think were pretty good.

本季度，我們採用後進先出法（LIFO）提列了3個基點，即1,400萬美元的LIFO費用。 2%的獎勵，按報告基準計算增加了3個基點，但剔除汽油通膨因素後減少了1個基點，這反映了銷售滲透率略有提高，主要歸因於高管會員數量的增加。其他成本增加了12個基點，與去年同期的新冠疫情相關成本有關。這部分與新冠疫情相關的工資計入了銷售成本，例如我們許多製造企業以及肉類和烘焙部門的工資。考慮到通膨壓力以及我們持續努力盡可能降低會員價格上漲的影響，我認為我們第一季的毛利率整體表現相當不錯。

Moving to SG&A. Our reported SG&A in the first quarter was lower or better year-over-year by 66 basis points and 29 basis points, excluding gas inflation. Again, jotting down 2 columns of numbers, first column being reported and the second column being ex gas inflation. Operations was better or lower by 40 basis points, and ex gas inflation, better or lower by 11 basis points.

接下來是銷售、一般及行政費用 (SG&A)。我們第一季報告的 SG&A 年減或下降了 66 個基點，剔除天然氣通膨因素後下降了 29 個基點。同樣，我們記下兩列數字，第一列為報告數值，第二列為剔除天然氣通膨因素後的數值。營運成本較去年同期下降或下降了 40 個基點，剔除天然氣通膨因素後下降或下降了 11 個基點。

Central, reported better by 10; without inflation -- gas inflation, better by 6; stock compensation, better by 2 and worse by 1 in the 2 columns; and other, better by 14 and better by 13 year-over-year. Total then, again, on a reported basis, our SG&A was better or lower by 66 basis points, and ex gas inflation, lower or better by 29 basis points.

中央支出報告值較上年同期下降10個百分點；剔除天然氣通膨因素後，下降6個百分點；股票薪酬方面，上年同期下降2個百分點，下年同期下降1個百分點；其他方面，上年同期分別下降14個百分點及13個百分點。因此，以報告資料計算，我們的銷售、管理及行政費用（SG&A）較上年同期下降或下降66個基點，剔除天然氣通膨因素後，下降或下降29個基點。

Keep in mind, the terms of the core, again, better by 40 or better by 11 ex gas inflation. Keep in mind, this result includes the permanent $1 an hour wage increase that began in March of 2021 and 4 weeks of additional starting wage increases that we just took this past October, going from $16 to $17 and from $16.50 to $18 for our 2 main categories of hourly employees. These latest changes in the starting wages went into effect October 25, just 6 weeks ago, and 4 weeks of those 6 weeks were included in Q1.

請注意，核心條款再次強調，除天然氣通膨因素外，實際收益將提高 40% 或 11%。請注意，此結果包含自 2021 年 3 月起生效的永久性每小時 1 美元工資增長，以及我們去年 10 月實施的為期 4 週的額外起薪增長，即我們兩類主要小時工的起薪分別從 16 美元提高到 17 美元，以及從 16.50 美元提高到 18 美元。這些最新的起薪調整於 10 月 25 日生效，距今僅 6 週，其中 4 週已計入第一季。

Central, and that's -- no surprises there. Again, on an ex gas inflation basis, better by 6; stock comp, as I mentioned, a little better, a little worse by 1 ex gas inflation; and other, the 14 and the 13 basis points numbers. This consisted of a COVID expense of $159 million last year and the $118 million write-off of the impacted IT assets that I mentioned earlier.

中心部分——不出所料。同樣，剔除天然氣通膨因素後，業績提升了6個百分點；股票估值方面，正如我之前提到的，略有改善，但剔除天然氣通膨因素後略有下降1個百分點；其他方面，分別為14和13個基點。這其中包括去年1.59億美元的COVID相關支出，以及我之前提到的1.18億美元受影響IT資產的減損損失。

Next on the income statement is preopening expense. This year in the quarter, $28 million; last year in the quarter, $22 million or $6 million higher. All told, reported operating income in the first quarter increased 18%, coming in at $1.693 billion this year in the quarter compared to $1.43 billion last year.

接下來是損益表中的開業前費用。今年第一季為2,800萬美元；去年同期為2,200萬美元，比今年高出600萬美元。總而言之，第一季報告的營業收入成長了18%，達到16.93億美元，去年同期為14.3億美元。

Below the operating income line, interest expense was $39 million each of the first quarters of fiscal '21 and '22. Interest income -- interest expense, rather. Interest income and other for the quarter was higher by $13 million year-over-year, primarily due to favorable FX. Overall, reported pretax income in the first quarter was up 19%, coming in at $1.696 billion this year compared in the first quarter last year of $1.42 billion.

在營業收入項下，2021財年及2022財年第一季的利息支出均為3,900萬美元。此處應為利息收入，而非利息支出。本季利息收入及其他收入年增1300萬美元，主要得益於有利的匯率變動。整體而言，本季報告的稅前利潤成長19%，達到16.96億美元，去年同期為14.2億美元。

In terms of income taxes, our tax rate in the first quarter of '22 was 20.7% compared to 16.8% in Q1 last year. Again, both years' tax rates benefited from the tax treatment of stock-based compensation, as mentioned earlier, at $91 million this year and $75 million last year in the quarter. Additionally, last year's tax rate benefited from the tax deductibility of the special dividend, that portion payable to the company's 401(k) plan participants. The fiscal '22 effective tax rate, excluding these discrete items, is currently projected to be between 26% and 27%.

就所得稅而言，2022年第一季的稅率為20.7%，而去年同期為16.8%。如前所述，這兩年的稅率均受益於股權激勵的稅務處理，今年第一季股權激勵金額為9,100萬美元，去年同期為7,500萬美元。此外，去年的稅率還受益於特別股息的稅收抵扣，該股息支付給該公司401(k)計劃的參與者。剔除這些特殊項目後，2022財年的實際稅率目前預計在26%至27%之間。

A few other items of note. In terms of warehouse expansion, as you know, for fiscal '21, we opened 22 units, including 2 relos, so a net increase of 20 units during fiscal '21. And this quarter that ended a couple of weeks ago, we opened 9 units, including one relo, so net openings of 8. For the remainder of the year, we plan to open 23 new units and also -- plan to open 23 units, 4 of which would be relocations. So a net of 19, if all goes as planned.

還有幾點要說明。關於倉庫擴建，如您所知，在2021財年，我們新增了22個倉庫，其中包括2個搬遷倉庫，因此2021財年淨增20個倉庫。在幾週前結束的這個季度，我們新增了9個倉庫，其中包括1個搬遷倉庫，因此淨增加8個倉庫。今年剩餘時間裡，我們計畫新增23個倉庫，其中4個為搬遷倉庫。如果一切照計畫進行，淨增加19個倉庫。

It's been a busy past 7 days. We opened our second Costco in France last Saturday on December 4, followed by our second building in China, which opened yesterday, as well as 2 buildings opening this morning -- opening today, one in the U.S. and Florida and our fourth unit in Spain.

過去7天非常忙碌。上週六（12月4日），我們在法國開設了第二家Costco門市；昨天，我們在中國開設了第二家門市；今天早上，我們又開設了兩家店，一家位於美國佛羅裡達州，另一家位於西班牙，這也是我們的第四家門市。

Regarding CapEx, our first quarter fiscal '22 spend was approximately $1.05 billion. Our full year CapEx spend is estimated to be just about $4 billion. This would represent an increase of more than $400 million over last year's entire CapEx figure of $3.6 billion. The largest areas of increase coming from international spending for new warehouse expansion and increased investment in our logistics and e-comm fulfillment operations.

關於資本支出，我們2022財年第一季的支出約為10.5億美元。全年資本支出預計約40億美元。這將比去年​​全年36億美元的資本支出增加4億多美元。成長的主要領域是用於新倉庫的國際支出，以及對物流和電商履約營運的加大投資。

In terms of e-commerce sales in the quarter, ex FX increased 13.3% year-over-year, and that's, of course, on top of an 86% plus increase a year ago in the first quarter. Stronger apartments in terms of year of percentages include jewelry, tires and home furnishings. Our largest merchandise department in terms of sales majors, which is everything from consumer electronics and TVs to appliances, et cetera, was up in the high single digits, also on a very strong sales increase a year earlier.

本季電商銷售額（不計匯率影響）年增13.3%，而去年同期第一季的增幅已超過86%。年比增幅較大的類別包括珠寶、輪胎和家居用品。我們最大的商品部門（涵蓋消費性電子產品、電視、家電等）銷售額也實現了接近兩位數的成長，而去年同期的銷售額增幅同樣非常強勁。

In terms of an update on Costco Logistics, it continues to drive our big and bulky sales. For the quarter, Costco Logistics deliveries were up over 50% and now represent about 70% of our U.S. e-comm big and bulky shipments.

關於 Costco 物流的最新進展，它繼續推動我們的大件商品銷售。本季度，Costco 物流的配送量成長超過 50%，目前約占我們美國電商大件商品出貨量的 70%。

Average, we've averaged during the quarter more than 50,000 stops per week. And for the year, we project more than 3 million stops, which would be anything from dropping something off to installing and taking away the old appliance for logistics in the full year.

本季平均每週停靠次數超過 5 萬次。預計全年停靠次數將超過 300 萬次，涵蓋從送貨到安裝以及全年物流中回收舊家電等各種情況。

Our e-comm mobile app, we continue to improve the site with additional features. Thus far, as I've talked about in the last few quarters -- quarterly calls, we redesigned the app header and footer. We've updated and improved the menu layout. Our members now have the ability to view warehouse receipts online via both the app and desktop. Our co-brand Citi/Visa card is now linked -- can now be linked to the digital membership card and can be used for payment.

我們的電商行動應用也不斷改進，新增了許多功能。正如我在過去幾季的季度電話會議上提到的，我們重新設計了應用程式的頁首和頁腳，並更新和優化了選單佈局。現在，我們的會員可以透過應用程式和電腦在線上查看倉庫收據。此外，我們的花旗/維薩聯名卡也已與電子會員卡關聯，可用於付款。

Our members are now able to much more easily reschedule e-comm deliveries in the U.S. and Canada, same goes for rescheduling returns, returns pickups. And delivering in the first half of the new -- upcoming new calendar year, labeling a fulfillment -- a better labeling of fulfillment methods, members will be able to easily see fulfillment options, be it e-comm, same day and even nearby warehouse availability of a particular item -- at a particular level.

現在，我們的會員可以更輕鬆地重新安排美國和加拿大的電商配送，退貨和退貨取件的重新安排也同樣便捷。在新年度上半年，我們將改善配送方式的標識，使會員能夠更清晰地查看配送選項，包括電商配送、當日達，甚至特定商品在附近倉庫的庫存情況。

We're rolling out new e-comm kiosks in the warehouse, with video signage and easy touch screen ordering. As well, we're rolling out e-commerce lockers. Currently in the U.S., we have 112 locations with more -- and we plan to more than double that number during calendar year 2022.

我們正在倉庫中推出新型電商自助終端，配備視訊看板和便利的觸控螢幕訂購系統。此外，我們也正在推廣電商儲物櫃。目前，我們在美國已有112個網點，而且數量還在增加——我們計劃在2022年將網點數量增加一倍以上。

In terms of e-commerce, there's a program that received some press just yesterday called Costco Next. In a way, it's like our warehouse road shows but online. Currently, there are 34 suppliers and growing, but it's still quite small, offering just under 1,000 items, curated items with Costco value. So please check it out when you have a chance.

在電商方面，昨天有個叫 Costco Next 的專案引起了媒體關注。某種程度上來說，它就像是我們實體店巡迴展銷會的線上版。目前已有 34 家供應商入駐，而且還在不斷增加，但規模仍然不大，只提供不到 1000 種精選商品，而且都是物有所值的 Costco 商品。所以，有機會的話，不妨去看看。

From a supply chain perspective, similar issues that we outlined in 12 weeks ago on the last quarterly call. Each issue ebbs and flows a little bit. But overall, the factors pressuring supply chains, and inflation include port delays container challenges, COVID disruptions, shortages of varying components, raw materials, ingredients and even packaging supplies, labor cost pressures and truck and driver challenges.

從供應鏈的角度來看，我們面臨的問題與我們12週前在上一次季度電話會議上概述的問題類似。每個問題都有其自身的波動。但總體而言，對供應鏈構成壓力的因素以及通貨膨脹包括：港口延誤、貨櫃運輸難題、新冠疫情造成的干擾、各種零件、原材料、配料甚至包裝用品的短缺、勞動力成本壓力以及卡車和司機面臨的挑戰。

Overall, we feel we've dealt pretty well with the supply chain challenges in terms of delayed container arrivals on the Pacific Coast. About 79% of our import containers are late by an average of 51 days, a few percentage of those are actually a few days early, and many of them are a few days more than 51 late.

總體而言，我們認為在應對太平洋沿岸貨櫃延誤到貨的供應鏈挑戰方面，我們已經做得相當不錯了。大約79%的進口貨櫃平均延誤51天，其中一小部分實際上提前幾天到達，而許多貨櫃的延誤時間則超過51天。

Virtually all departments are impacted. We've ordered early in many cases, as I mentioned, I think, earlier -- on earlier calls, given the longer lead times. Less product and packaging challenges, but still quite a bit. Still some limitations on key items, but improving. Again, it ebbs and flows. Chip shortage is still impacting many items, some more than others. In some instances, delayed inventory simply extends the season. An example might be lawn and garden and patio. As soon as the product arrives, it sells pretty quickly, but it may extend into -- beyond the normal seasonal time.

幾乎所有部門都受到了影響。正如我之前提到的，考慮到較長的交貨週期，我們在許多情況下都提前下了訂單——在更早的電話溝通中就下了訂單。產品和包裝方面的問題減少，但仍然不少。一些關鍵產品的供應仍然受限，但情況正在改善。總之，情況時好時壞。晶片短缺仍然影響著許多產品，有些產品受到的影響更大。在某些情況下，庫存延遲只會延長銷售季。例如，草坪、花園和庭院用品。這類產品一旦到貨，很快就會售罄，但銷售季可能會持續到正常的銷售季節之外。

Toys and seasonal, in fact, same thing, some inventory, in fact, won't make it before Christmas, but we've mitigated that as best as possible and feel pretty good about it. And in terms of -- moving on to -- despite all the supply chain issues, again, we're pretty -- feel pretty good about staying in stock and continuing to work to mitigate cost and price increases as best we can.

玩具和季節性商品的情況其實是一樣的，有些庫存確實趕不上聖誕節，但我們已盡力減少這種情況，對此我們感到比較樂觀。至於其他方面——儘管供應鏈存在諸多問題，但我們仍然對保持庫存充足以及繼續努力控製成本和價格上漲感到比較樂觀。

Moving on to inflation. Again, it's pretty much the same story that we told during each of the last 2 quarters. There have been a variety of inflationary pressures that we and others are seeing from labor costs to freight costs, to higher demand, to container shortages and port delays, to increased demand on certain product categories, much of what you see and read out there, various shortages on everything from chips to oils and chemicals still supplied by facilities hit by the gulf storms a while back, higher commodities prices.

接下來談談通膨。情況和我們前兩個季度描述的基本相同。我們和其他機構都看到了各種各樣的通膨壓力，包括勞動成本上升、運費上漲、需求增加、貨櫃短缺和港口延誤、某些產品類別需求增加等等。正如你所看到的，從晶片到油品和化學品，各種商品都出現了短缺，這些短缺是由於先前受墨西哥灣風暴影響的工廠造成的，此外還有大宗商品價格上漲。

For Q1 '22 and talking with our merchants -- senior merchants, we estimate that overall year-over-year price inflation to be in the 4.5% to 5% range. That's a little bit higher of an estimated inflation rate that I discussed a quarter ago, but I think pretty consistent with what you read out there.

2022年第一季度，我們與資深商家溝通後預計，整體年價格通膨率將在4.5%至5%之間。這比我上季預測的通膨率略高，但與外界普遍預期基本一致。

All this said, much kudos to the job that our merchants and our traffic department and our operators have all been able to do in order to get the products that we need, pivot when and where necessary, and keep our warehouses full, while keeping prices low for our members and continuing to show value versus our competitors. Look, I think overall, this is best reflected in the operating results that we continue to achieve despite these many challenges.

綜上所述，我要高度讚揚我們的商家、物流部門和營運人員，感謝他們為我們提供所需產品、在必要時靈活調整策略、保持倉庫充足、同時為會員提供低價商品並持續展現相對於競爭對手的價值所做出的貢獻。我認為，總的來說，我們克服重重挑戰所取得的卓越營運業績，最能體現這一點。

Anecdotally, on merchandising, holiday stuff has been strong. Again, sometimes it depends on when the merchandise gets in. Banking items, more people seem to be getting together are strong. Gift cards are up dramatically from a year ago, but it was weak a year ago. Pet products, as you might expect, are strong with the benefit of increasing pet population over the past couple of years.

就商品銷售而言，節慶用品表現強勁。當然，這也取決於商品的到貨時間。銀行相關產品銷售也不錯，因為人們似乎更傾向於聚會。禮品卡銷售量較去年同期大幅成長，但去年同期銷售疲軟。寵物用品銷售不出所料地強勁，這得益於過去幾年寵物數量的成長。

Alcohol and spirits are strong, including gift boxes of various items. And, of course, continued strength in consumer electronics, appliances, furniture and mattresses and the like. Apparel actually has enjoyed much stronger sales growth this year, albeit compared to a relatively flat apparel sales a year ago.

酒類飲品銷售強勁，包括各種禮盒裝產品。當然，消費性電子產品、家電、家具、床墊等也持續走強。服裝銷售今年的成長勢頭實際上更為強勁，儘管去年服裝銷售基本上持平。

One last comment. Our sustainability commitment website received a major refresh this week. So please feel free to visit the site. It's linked directly from our home page under the column About Us and then click on Sustainability Commitment.

最後補充一點。我們的永續發展承諾網站本週進行了重大更新，歡迎造訪。您可以在首頁“關於我們”欄目下找到該網站的鏈接，然後點擊“可持續發展承諾”即可。

Finally, in terms of upcoming releases, we will announce our December sales results for the 5 weeks ending Sunday, January 2, on Wednesday, January 5, after market close.

最後，關於即將發布的產品，我們將於 1 月 5 日星期三收盤後公佈截至 1 月 2 日星期日的 5 週的 12 月銷售業績。

With that, I will open it up to questions and turn it back over to Sadie. Thank you.

接下來，我將開放提問環節，並將問題交還給薩迪。謝謝。

For our first question, we have Michael Lasser from UBS.

我們的第一個問題由瑞銀集團的麥可·拉塞爾回答。

Richard, your point about 4% to 5% inflationary increase across the assortment. Typically, Costco has been slower to raise prices than everyone else. That seems to be a number that's in line with others across the retail sector.

理查德，你提到全線商品價格普遍上漲4%到5%這一點。通常來說，Costco的漲價速度比其他零售商都要慢。這個漲幅似乎與其他零售業的漲幅基本一致。

So has the posture changed with respect to passing along price increases? Why is that the case? And does Costco have more pricing power today than it ever has in the past given the pricing gaps between you and others in the market?

那麼，貴公司在轉嫁價格上漲的態度是否有改變？為什麼會這樣呢？鑑於貴公司與其他市場參與者之間的價格差距，貴公司如今是否比以往任何時候都擁有更大的定價權？

Well, I think as it relates to passing on, we've always said we want to be the last to raise the price and the first to lower the price, recognizing there's a limit to what you can do based on these cost increases. First and foremost, I think because of our relative purchasing power and our relationships with our vendors, we, with our suppliers, work to mitigate those increases in any way, shape or form we can.

嗯，關於價格轉嫁，我們一直堅持要做到最後漲價、最先降價，因為我們也意識到，在成本上漲的情況下，我們能做的也有限。首先，我認為憑藉我們相對的購買力和與供應商的良好關係，我們會與供應商一起，盡一切可能來緩解成本上漲的影響。

Ultimately, that may include us taking a little less markup and maybe them taking a little less markup. There's no complete consistent answer throughout, as you might expect. But overall, I think we've done a relatively good job with that, and there is inflation in those numbers. Those numbers are kind of a combination of our cost increases as well as our -- some price increases. And again, it fluctuates. There's -- for every few examples of something going up, there may be an example of something flat or going down a little bit for unrelated reasons.

最終，這可能意味著我們和他們各自都會降低一些利潤率。正如你所預料的，並沒有一個完全統一的答案。但總的來說，我認為我們在這方面做得還不錯，而且這些數字也反映了通貨膨脹。這些數字是我們成本上漲和部分價格上漲的綜合體現。而且，這些數字還會波動。每當出現一些上漲的例子時，可能就會出現一些持平或因其他原因而略有下降的例子。

And so again, it's a best guess. It's fluid. We saw inflation starting several months ago in a bigger way, I think, in our fiscal Q4 this summer and continuing into this fiscal year and as we all have read articles -- general articles out there about certain different major consumer product manufacturers announcing increases and continuing to do so. So I think it's going to continue. Hopefully, we're getting towards the top, and it'll start flattening out and subsiding. But we'll see.

所以，這只是我的猜測，情況瞬息萬變。幾個月前，我們看到通膨開始加劇，我認為是在今年夏季的第四財季，並且一直持續到本財年。正如我們都讀到的一些文章——一些大型消費品製造商宣布提價並持續加價——所報導的那樣。所以我認為通膨還會繼續。希望通膨已經接近頂峰，之後會趨於平緩並逐漸消退。但我們拭目以待。

My follow-up question is with the core merchandise margin ex fuel and the core on core gross margin getting less bad or declining at a lesser rate this quarter than last, is this a sign that the margin here is stabilizing? And do you think Costco exits the pandemic with a structurally higher gross margin than it had in the past? Or are all these dynamics simply a function of what you've often said, which is when overall retail margins go up, so do Costco's but just a little less than others?

我的後續問題是，本季核心商品毛利率（不含燃油）和核心商品毛利率的下滑幅度比上季有所縮小或下降速度放緩，這是否表明其毛利率正在趨於穩定？您認為Costco在疫情結束後，其毛利率是否會比以往更高？或者，所有這些變化僅僅反映了您經常提到的情況，即當整體零售毛利率上升時，Costco的毛利率也會上升，但幅度會略低於其他公司？

I think on the last comment, yes, in terms of that last comment you made. Look, I think at the end of the day, I think we, in many ways, have benefited from market share gains. Hopefully, some or most of which will be sticky. The biggest thing that impacts margins many often is not only on the buying power side. And arguably, I can't think of any company that has the buying power per item that we do because we do our roughly $200 billion in sales with 4,000-ish items versus anybody else that's doing it with hundreds of thousands of items or 50,000 items.

關於您最後那條評論，我覺得你說得對。總的來說，我認為我們在許多方面都受益於市場份額的成長。希望其中一部分或大部分能夠維持下去。影響利潤率的最大因素往往不只在於採購能力。而且可以說，我想不出有哪家公司擁有我們這樣的單品採購能力，因為我們用大約4000種商品就實現了近2000億美元的銷售額，而其他公司可能用幾十萬種甚至五萬種商品來達到同樣的目標。

But I think that having higher levels of sales productivity, particularly in things like fresh foods, helps your margin. We'll keep some of that, and we'll use some of it to be even more competitive and hopefully build a bigger moat a little bit. But I think that some of it is probably structurally there. But as some famous TV actress said once, it's always going to be something. And we'll keep fighting that battle out there.

但我認為，提高銷售效率，尤其是在生鮮食品等領域，有助於提升利潤率。我們會保留部分利潤，並利用這部分利潤來增強競爭力，希望能進一步拓寬我們的競爭優勢。但我認為，部分優勢可能已經存在於結構性因素之中。正如一位著名電視女演員曾經說過的那樣，總是會有一些挑戰。我們會繼續努力，爭取更好的結果。

But we feel pretty good about some of the structural things that have occurred that hopefully will help us in the future. But we'll have to wait and see.

但我們對一些已經發生的結構性變化感到相當滿意，希望這些變化將來能對我們有所幫助。不過，我們還得拭目以待。

For our next question, we have Simeon Gutman from Morgan Stanley.

下一個問題，我們請到了摩根士丹利的西蒙古特曼。

I'll be Simeon for this call. My first question is actually a follow-up to Michael's second question. Maybe I'll ask it a different way, Richard. The 2-year core-on-core looks like it's actually getting better. And you said it yourself, you thought you did a pretty good job on it, and it looks like you are.

這次通話我叫西蒙。我的第一個問題其實是麥可第二個問題的後續。理查德，或許我換個方式問。兩年的核心對核心訓練看起來確實越來越好了。你自己也說過，你覺得你做得相當不錯，現在看來確實如此。

So if we're kind of getting -- it feels like you're managing through the worst of it, and the environment maybe getting better at the margin. I don't want to go too far and say that. Why shouldn't this be the worst for the core-on-core, notwithstanding comparisons, but they -- as they get harder, but then they start to get easier.

所以，如果我們感覺像是——你正在熬過最糟糕的時期，環境可能正在略微好轉。我不想說得太絕對。撇開比較不談，為什麼這不應該是核心對核心競爭最糟糕的情況？但是，隨著競爭加劇，情況會逐漸改善。

Yes. Look, I think that's hopefully how the storybook goes. It's always going to be something. But no, look, jokes aside, we feel pretty good about, structurally, what we've been able to accomplish, and part of that's market share with higher sales levels. And we've not stopped the, what I'll call, the buyer creativity of working with suppliers to figure out how to continue to drive greater value.

是的。你看，我希望故事能這樣發展。總是會有事情發生。不過，不開玩笑地說，我們對目前所取得的成就感到非常滿意，這其中就包括市佔率的提升和銷售額的成長。而且，我們並沒有停止與供應商合作，探索如何持續創造更大價值，這種合作可以說是買方創造力的體現。

I can think of 50 examples, but at the end of the day, we're continuing to drive value in lots of ways and whether it's changing packaging or using our volume, moving certain production to different parts of the world and to take -- again, to make that moat even a little bigger. So I agree with you that, so far, the story that you've suggested is playing out. And hopefully, it'll continue to play out.

我可以舉出五十個例子，但歸根究底，我們一直在透過多種方式持續創造價值，無論是改變包裝，還是利用我們的規模優勢，亦或是將部分生產轉移到世界各地，都是為了進一步加深我們的競爭優勢。所以我同意你的觀點，到目前為止，你所描述的情況正在發生。希望這種情況能夠持續下去。

Fair enough. My second question is more on SG&A and the business' leverage point. We used to chat about Costco always doing mid-single-digit comps, and that's good enough to cover the SG&A dollar growth. I think this quarter, the business did about 6.5% dollar growth adjusted and you're going to have some of these wage investments that will annualize, well, maybe not to the middle or closer to the end of the year.

好吧。我的第二個問題比較是關於銷售、管理及行政費用（SG&A）以及公司的槓桿點。我們以前常說，Costco 的同店銷售額通常保持在個位數中段，足以涵蓋 SG&A 的美元成長。我認為本季度，公司調整後的銷售額成長約為 6.5%，而其中一些薪資支出需要按年計算，可能要到年中或接近年底才能反映出來。

So I'm trying to get at what a normal post-COVID SG&A rate may look like. And then does that mean it's sort of that mid-single-digit comp rate that leverage those expenses?

所以我想了解新冠疫情後正常的銷售、一般及行政費用率大概是多少。那是不是意味著它會是那種利用這些費用來支撐的個位數中段的薪酬比率呢？

I think as it relates to the -- probably the best guesstimate, and I say guesstimate, not estimate, on where do you start -- where's the inflection point of leveraging SG&A, probably still is in that mid-single-digit range. Beyond that, who the heck knows?

我認為，就槓桿化銷售、管理及行政費用（SG&A）的拐點而言——或許最好的估計（我說的是估計，不是確切的估計）——可能仍然在個位數的中段範圍內。再往後，誰知道呢？

I mean we've been able -- notwithstanding some of these increases, we've been -- particularly in wages, we've been able -- again, strong comps have helped these numbers. But I think we feel pretty good about having the sales volumes that continue to be able to leverage those expenses.

我的意思是，儘管有些成本有所上漲，但我們仍然能夠——尤其是在工資方面——強勁的同店銷售額也對這些數據起到了一定的幫助。我認為我們對目前的銷售感到相當滿意，它能夠有效抵消這些支出。

So as soon as we find out, we'll let you know. But again, we're feeling pretty good about things at this juncture. And at some point, I would assume comps have to come back to, hopefully, better than peer average, but something -- and back to where they had been pre-COVID, but on a higher base. And even that helps you a little bit.

所以一旦我們有了確切消息，就會立即通知您。不過，目前我們對情勢還是比較樂觀的。我估計，在某個時候，同業比較數據應該會回升到高於同業平均的水平，至少會恢復到疫情前的水平，但基數會更高。即使這樣，對您也會有一些幫助。

For the next question, we have Christopher Horvers from JPMorgan.

下一個問題，我們請到了摩根大通的克里斯多福‧霍弗斯。

So I wanted to ask a little bit about your thoughts on holiday pull forward. Obviously, you saw an acceleration in trend on a 2-year basis in October. And then November, things obviously still an amazing comp and gaining share, but trends decelerated and was sort of against what was a weaker, I think, end of the month last year.

所以我想問您對假日銷售提前結束的看法。顯然，您觀察到10月的銷售趨勢比兩年前有所加速。然後是11月份，雖然年比數據依然非常出色，市佔率也在成長，但成長速度有所放緩，這與去年11月底較為疲軟的銷售情況有些相反。

So can you talk about like what do you think is driving that? How do you think about the rest of the holiday season? And as you think about a consumer that's going to lap a bunch of stimulus in the first half of next year, what are your initial thoughts on how that all could play out?

那麼，您能否談談您認為推動這一趨勢的因素是什麼？您如何看待接下來的假期季節？考慮到消費者將在明年上半年享受大量的刺激性政策，您認為這一切最終會如何發展？

Well, I think, again, as you just mentioned, November's comps were a shade under outside expectations, still very good. A couple of percentage points different than what we had been enjoying up months prior to that. Probably the view is, a little bit of that was pulling forward. But even within last month's number, the weeks varied. And overall, we're good.

嗯，我覺得，正如你剛才提到的，11月份的業績略低於預期，但仍然非常不錯。與我們之前幾個月取得的成績相比，只差了幾個百分點。可能有人認為，部分成長提前到了11月。但即使在上個月的業績中，每週的波動也很大。總的來說，我們情況良好。

But just when it comes -- is reduced a little, the next day, it's better than you expected. So I think the one thing that I feel good about is our in-stocks. Our senior merchant just the other day had indicated that his view is, is that -- his feeling is, is that we're better in-stock than anybody out there. And I think part of that is the fact of limited selection. We are an item business. We could put something else in place or something. But we've done a pretty good job.

但當價格稍微下降一些時，第二天就會比你預期的還要好。所以我覺得我們庫存充足這一點讓我很滿意。我們的高級採購員前幾天也表示，他的看法是，我們的庫存比市面上任何其他公司都好。我認為部分原因是商品種類有限。我們是單品銷售。我們可以採取其他措施，但我們目前做得相當不錯。

I mean I had -- it was a little bit of a chuckle at a call just yesterday from a reporter asking about how are we doing on cream cheese. And so I checked, and we're -- there's a cream cheese shortage out there, and the bagel shops are being challenged. We actually got -- as the buyer said, it took a little extra work, but we've got all the cream cheese we need. So I think we've done a good job in merchandising.

昨天接到一個記者的電話，問我奶油乳酪的供應情況，我當時忍不住笑了。我檢查了一下，發現市面上奶油乳酪短缺，貝果店的生意受到了影響。採購員說，雖然費了點功夫，但我們最後還是拿到了足夠的奶油乳酪。所以我覺得我們在商品銷售方面做得很好。

Got it. And so I guess as you think about last year and the stimulus, I mean, do you think that -- I mean, actually, I think the consumer as you get closer to Christmas and New Year's probably comes back if people are entertaining more like you said on the baking side. But as you get into January and stimulus in the spring, do you think your business lifted off of stimulus last year?

明白了。所以我想，回想去年的經濟刺激政策，您覺得——我的意思是，實際上，我認為隨著聖誕節和新年臨近，消費者可能會回歸，就像您剛才說的，如果人們在烘焙方面更多地進行招待活動的話。但到了1月份，隨著春季經濟刺激政策的出台，您認為去年的刺激政策是否帶動了您的業務成長？

Look, it couldn't hurt. It probably helped a little bit. I know historically, when there's been some stimulus items out there factors, our view is that we have not been impacted as much as others. But directionally, we've been impacted the same.

你看，這沒什麼不好。可能還有點幫助。我知道從歷史經驗來看，當政府推出一些刺激經濟的政策時，我們認為我們受到的影響不如其他國家那麼大。但從方向來看，我們受到的影響是一樣的。

Look, if next year, there's a reduction in stimulus, Lord knows what's going to happen with the stock market in general and how people feel about where the -- how they feel financially. That may all change a little bit. But I feel -- we feel pretty good around here that one of the things that we've shown over the years that in both in good and bad times, we tend to do well. In good times because people want to spend more. And even in less good times, people want to save more.

你看，如果明年刺激措施減少，天知道股市整體會如何波動，人們的財務狀況又會如何。這一切都可能改變。但我感覺——我們這裡感覺相當不錯，因為多年來我們已經證明，無論經濟形勢好壞，我們往往都能取得不錯的成績。經濟情勢好的時候，人們願意增加消費。即使在經濟狀況不好的時候，人們也更願意儲蓄。

And so I think from a merchandising -- and in tougher times, there's additional products and services that might be willing to sell us for the first time. So in our own perverse way, we sometimes benefit from good and bad. And right now, we're feeling pretty good about what the future looks like.

所以我覺得從商品銷售的角度來看——在經濟不景氣的時候，可能會有更多產品和服務首次向我們出售。所以從某種意義上來說，我們有時會從好壞兩方面受益。而現在，我們對未來充滿信心。

By the way, the other thing -- Bob just mentioned that even if certain things head south in some way, shape or form like a reduction or elimination of certain stimulus items, supply chain at some point is going to get better. As good as our numbers are, we could do better if we had more supply of certain of those items. Even in some categories in nonfood that are up 20% and 30-plus percent, the buyer's view -- we're still running out of stuff or could do better if we had more.

順便提一下，還有一件事——鮑伯剛才提到，即使某些方面出現下滑，例如某些刺激性商品的減少或取消，供應鏈最終也會好轉。儘管我們目前的業績不錯，但如果某些商品的供應量更大，我們還能做得更好。即使在一些非食品類別中，銷售量成長了20%甚至30%以上，採購人員仍然覺得我們缺貨，或者說如果供應更充足，我們還能做得更好。

And that's not just us. I mean it rains on everybody. But I think some improvement in supply chain will be an offset to any other things that are detrimental to that thought.

而且這不只是我們遇到的情況。我的意思是，每個人都會遇到下雨。但我認為供應鏈的改善可以抵銷其他不利因素的影響。

For our next question, we have Chuck Grom from Gordon Haskett.

下一個問題，我們請到了 Gordon Haskett 的 Chuck Grom。

Richard, Bob, team, you guys are doing well. Just a question on leverage. If we backup the onetime charge this quarter, it looks like you enjoyed over 100 basis points of improvement year-over-year and 65 basis points last quarter. Now fully realizing the comps on a stack basis were better, but wondering if some investments or other costs may have rolled off? Just some thoughts on that front.

Richard、Bob、團隊，你們做得很好。關於槓桿率，我有個問題。如果我們把本季的一次性費用考慮進去，你們的業績年比提升了100多個基點，上季提升了65個基點。現在我們完全意識到，以總業績計算，比較基數更高，但我想知道是否有一些投資或其他成本已經攤銷完畢？以上只是我的一些想法。

I think more of it is just the leverage of sales growth, frankly. Again, taking out the specific COVID-related charges that we talked about. And the fact that what we didn't talk about in terms of separating in the press release was that $1 an hour increase we did in March and the new one that had a small impact in Q1 because it started 6 weeks ago.

坦白說，我認為更多是銷售成長帶來的槓桿效應。當然，前提是剔除我們先前提到的與新冠疫情相關的具體費用。另外，我們在新聞稿中沒有單獨提及的是，3月份每小時1美元的加薪，以及最近一次加薪，由於這次加薪是6週前才開始實施的，所以對第一季的影響不大。

But in that regard, there's nothing that stands out in my view and my guess estimate. I'm looking at my guys here. It was -- strong sales would be the #1 factor.

但就這一點而言，在我看來，並沒有什麼特別突出的地方，我的估計也是如此。我看看我的團隊就知道了。強勁的銷售業績才是最重要的因素。

Okay. Okay. Fair enough. And then just on the store front, 14 opened thus far in '22. So you're more than halfway to the goal, which is great. I'm just wondering bigger picture, has there been any more discussions to backfill some of your existing markets, your higher density areas where perhaps some stores just can't handle any more productivity or any more throughput just because of the volumes?

好的，好的，沒問題。就門市而言，2022年至今已經開了14家新店。所以你們已經完成了一半以上的目標，這很棒。我只是想了解一下更宏觀的情況，你們是否討論過如何填補現有市場，特別是那些客流量較大的地區，因為這些地區的門市可能已經無法再提高產能或吞吐量了？

I think that's -- the answer is yes, and I think that'll be small methodical increases in that thought over the next several years. I mean, it used to be that we talked about when we had 400 warehouses and we average -- I'm making these numbers up. But the average was 180. And now the -- I think we have an average several years later in the high 200s, in the U.S. at least.

我認為答案是肯定的，而且我認為未來幾年這種趨勢會穩定成長。我的意思是，以前我們討論過，當我們有400個倉庫時，平均數量是——我舉個例子——平均是180個。而現在——我認為幾年後，至少在美國，我們的平均數量已經接近200個了。

And we have a number of units in the 300 to 400 range. I mean not hundreds, but tens of -- and so we are looking for more infill. But we've been doing that. And if it was 3 to 5 a year or 3 to 7 -- 3 to 5 a year in the last 5 years, is it going to be 5 to 8 a year? Could be. I don't have that kind of detail in front of me.

我們有一些單元房，數量在300到400套之間。我的意思是，不是幾百套，而是幾十套——所以我們正在尋找更多的填充式開發項目。我們一直在做這件事。如果過去五年每年新增3到5套或3到7套──3到5套，那麼今年會是每年5到8套嗎？有可能。我手頭上沒有這方面的具體數據。

Okay. Great. And then my last one is just to follow-up on Christmas on November. I believe you guys did call out that there was some moderation in retail inflation, maybe 150 basis points or so. I'm just wondering if you could provide any color on, I guess, on where that retail inflation came in. And I guess, why that happened? Was it self-inflicted? Just wondering if you could give some color there.

好的，太好了。最後一個問題是關於11月份聖誕節的後續情況。我相信你們提到零售通膨有所緩和，大概緩和了150個基點左右。我想請教一下，零售通膨的來源是什麼？為什麼會出現這種情況？是企業自身造成的嗎？希望能得到一些解釋。

One thing that was a little lower was from the increases in food and sundries -- some food and sundries items and fresh. That had spiked even more. It's still up year-over-year. But despite a little -- it came down a little bit from where it has been. And we haven't quantified anything specifically on that.

食品和日用品（包括一些新鮮食品、日用品和日用品）的價格漲幅略有下降。這些商品的價格漲幅甚至更高。雖然同比仍然上漲，但價格比之前略有回落。我們尚未對此進行具體量化分析。

And by the way, as you might expect, there are suppliers out there that are saying, hey, come January, February, you'll see some more increases. And again, this is not inconsistent with what you -- what I've read in general articles in the various business periodicals.

順便一提，正如你可能預料到的，有些供應商表示，到了明年一月、二月，價格還會進一步上漲。而且，這與我從各種商業期刊文章中讀到的內容並不矛盾。

Okay. So just a lot of timing differences. Okay.

好的。所以只是時間上有很多差異。好的。

Yes.

是的。

For the next question, we have John Heinbockel from Guggenheim.

下一個問題，我們請到了古根漢美術館的約翰·海因博克爾。

So Richard, how is KS performing? And what happens -- or how do you think about it in an inflationary environment in terms of how you take price versus like items on the national brand side? And does KS do better in an inflationary environment?

理查德，KS 的表現如何？在通貨膨脹環境下，你會如何看待它的價格，尤其是與同類全國性品牌產品相比？ KS 在通膨環境下表現會更好嗎？

Look, many of our KS items are of such large volumes. It's not unlike dealing with the comparable large volumes we do in a branded CPG item. And so we're out there fighting with both of them to try to mitigate those cost increases.

你看，我們很多KS產品的銷售量都非常大。這跟我們處理品牌消費品的大量訂單很相似。所以我們都在努力與這兩類客戶周旋，試圖降低成本上漲的幅度。

KS still grows at a little faster rate than others, but nothing discernible. I think we keep finding new items to do KS with and for a variety of different reasons. And so it continues to drive that brand. But no, I don't think there's a -- we don't see a big difference of how that's changing.

KS的成長速度仍然比其他品牌略快，但差異並不明顯。我認為我們一直在尋找新的產品來推廣KS，原因也多種多樣。因此，它持續推動著這個品牌的發展。但是，不，我不認為——我們沒有看到它發生顯著的變化。

Okay. Secondly, you -- the 70% on Costco Logistics, the 70% of your needs, you're at what capacity in logistics? Is it still 50%? Or has it crept above that?

好的。其次，關於您提到的Costco物流70%的需求，也就是您70%的物流需求，您目前的物流能力如何？還是50%嗎？還是已經超過這個比例了？

It's in the 50% range. And maybe it's slightly higher than that based on our -- when we originally bought what's now Costco Logistics 1.5 years ago. We've moved over a bunch of volume. We've grown it as well -- grown our total base of need. And I think we're slightly above the 50% that we felt we had capacity for at the time, and we certainly have plenty of capacity over the next few years.

大概在50%左右。根據我們一年半前收購現在的Costco物流公司的情況來看，可能略高於這個數字。我們已經轉移了大量的貨量，業務規模也隨之成長——我們的總需求量也增加了。我認為我們目前的產能略高於當時預估的50%，未來幾年我們的產能肯定綽綽有餘。

Mind you, we're spending money on it. Part of our fulfillment and logistics, as I think I mentioned on the last quarterly call, within CapEx, we had spent $340-or-so million on a multi-acre 1 million -- 1.6 million square foot distribution facility in Southern California. And that's for a variety of needs.

請注意，我們確實為此投入了資金。正如我在上個季度電話會議上提到的，作為我們履行和物流的一部分，在資本支出中，我們已經花費了大約3.4億美元在南加州建造了一個佔地數英畝、面積達100萬至160萬平方英尺的配送中心。這滿足了我們各種各樣的需求。

Some of the -- much of what we bought in the Innovel acquisition in March or April of 2020, more than 10 million square feet of space around the country, much of it is leased. Much of it's fine, by the way. But we're -- not all of it was geographically, particularly the big sites, the 1 million square foot sites, were in areas where we're stronger relative to where Sears is stronger or they had most of their business at the time. So we're still spending money on it and upgrading it.

我們在2020年3月或4月收購Innovel時獲得的資產中，有相當一部分——超過1000萬平方英尺——遍布全國各地，其中大部分是租賃的。順便說一句，這些資產大部分狀況良好。但並非所有資產在地理位置上都佔優，尤其是那些面積達100萬平方英尺的大型物業，它們位於我們相對於西爾斯百貨優勢區域或當時其業務主要集中的區域。因此，我們仍在投入資金進行升級改造。

And -- but we're -- again, from a merchandising standpoint, we're very excited about it, and it's helped us grow that business in a big way. And given our small market share of many of those items, particularly on the appliance side, we feel there's a lot of growth potential for us.

而且——但是——從商品銷售的角度來看，我們對此感到非常興奮，它極大地促進了我們業務的成長。鑑於我們在許多商品（尤其是家電類商品）的市佔率較小，我們認為我們還有很大的成長潛力。

For the next question, we have Karen Short from Barclays.

下一個問題，我們請到了巴克萊銀行的凱倫‧肖特。

I wanted to just talk about ticket a little bit. So U.S. ticket at 3.5%. Can you kind of parse that out on units per transaction versus AUP, but also tie that into the inflation numbers that you called out for the quarter and/or your expectations on inflation?

我想稍微談談票價。美國票價是3.5%。您能否從每筆交易的銷售和平均票價的角度來分析一下，並將其與您在本季度提到的通膨數據和/或您對通膨的預期聯繫起來？

Honestly, I can't. I don't have that detail or thought in front of me. Generally speaking, you've got electronics that -- like TVs and what have you that are going down in price, maybe a little less this year because there's less promotions because of shortages.

說實話，我答不出來。我手頭上沒有這方面的細節或想法。總的來說，像電視之類的電子產品價格都在下降，今年可能降幅會小一些，因為缺貨導致促銷活動減少。

I mean at every budget meeting every 4 weeks, we're presented examples of items where we're taking down the price of high-volume key items by changing the packaging, by moving some aspect of manufacturing to another part of the world. And so I don't have the detail, Karen, in front of me for that. Sorry.

我的意思是，每四周一次的預算會議上，我們都會聽到一些例子，說明我們如何透過改變包裝、將部分生產環節轉移到世界其他地方來降低高銷售關鍵產品的價格。所以，凱倫，我手邊沒有這方面的詳細資料。抱歉。

Okay. And then I wanted to -- I don't think this has been asked for a while, but can you give an update maybe on what the average ticket is for Executive members versus Gold? And then I know you gave the -- obviously, you've given the percent of sales, but frequency of Executive versus Gold, how maybe that's changed over the last almost 2 years of the pandemic?

好的。然後我想問——我知道這個問題可能很久沒人問過了，但您能否更新一下高級會員和黃金會員的平均客單價是多少？我知道您已經給出了——顯然，您已經給出了銷售百分比，但是高級會員和黃金會員的消費頻率，在過去近兩年的疫情期間，這個數字發生了哪些變化？

I will -- somebody is just running out of the room to see if they can grab that sheet and I will answer it as soon as they get back. If you want to ask another question or move on to the next one and -- but I'll intervene when he gets back.

我會的——有人正跑出房間去拿那張紙，等他回來我馬上回答。如果你想問另一個問題或想跳到下一個問題——但他回來後我會介入的。

Well, my standard question would be just on your cash balance in terms of thoughts on special dividend.

嗯，我的常規問題是關於您目前的現金餘額，以及您對特別股息的看法。

Well, as soon as we know, you'll know or the day after. The -- look, our cash position is strong. One of the things I pointed out is our CapEx is also increasing in a conscious way. Notwithstanding that, our cash flow from operations is growing at quite a stronger rate as well. It's something that we've done 4 times in 8 years. We, and the shareholders, seem to like it when we do it. And so I'm not trying to be cute, but we haven't made that decision at this juncture. It's probably a when, not if, but when will be when we do it.

嗯，一旦有了消息，我們會立即通知您，或者第二天就會通知。 ——你看，我們的現金狀況非常穩健。我之前也提到過，我們的資本支出也在穩定成長。儘管如此，我們的經營現金流成長速度也相當強勁。過去八年裡，我們已經這樣做了四次。我們和股東似乎都很樂意見到其成。所以，我並不是故弄玄虛，但我們目前還沒有做出決定。這可能只是時間問題，而不是會不會做的問題，只是我們何時會做的問題。

Okay. And then maybe just while you're waiting for that numbers on the executive, can you just maybe give us some color on what percent of freight is actually spot versus contract? I don't know if you've ever given that number.

好的。那麼，在您等待高階主管報告數據的時候，能否先透露現貨貨運和合約貨運的比例？我不知道您是否曾經透露過這個數據。

I don't have the exact number, but I'm willing to bet, it's 80-plus percent. I could be wrong a little bit, but -- contracted. Now recognizing with contracts, we might do 1-, 2- and 3-year contracts. So we're still benefiting on 3-year stuff and benefiting a little on 2-year stuff and have now gone beyond the benefit of the 1-year stuff. And so it's over a 2- or 3-year period. But our assumption is it'll take less than that time to start to normalize somewhat. Is it higher today than it was? Yes. But it's -- I think we -- again, we probably, with other large users of freight and containers, have probably done a pretty good job of at least staggering that not having to do a lot of spot stuff so far.

我沒有確切的數字，但我敢打賭，超過80%。我可能有點誤差，但——是合約。現在我們意識到，合約期限可能是1年、2年或3年。所以我們還是受益於3年合約，2年合約也略有收益，而1年合約的收益已經超過了3年合約。因此，這需要2到3年的時間。但我們預計，恢復正常所需的時間會比這更短。現在的水平比以前高嗎？是的。但我認為——我們——再次強調，我們可能和其他大型貨運和貨櫃用戶一樣，已經做得相當不錯了，至少到目前為止，我們至少沒有進行大量的現貨交易。

Great. Yes. I mean if you got those numbers on executives and gold on ticket and frequency, that'd be great.

太好了。是的。我的意思是，如果你能拿到高階主管和金卡會員在票價和消費頻率的那些數據，那就太棒了。

Okay. What they came back with right now is we don't have -- I don't have quickly average ticket changes, but the total spend per executive member compared to a gold star member is almost 3x, call it, 2.5 to 3.

好的。他們目前給出的結果是，我們沒有——我沒有快速的平均票務變更數據，但是高級會員的總消費額與金星會員相比幾乎是 3 倍，姑且稱之為 2.5 到 3 倍吧。

For our next question, we have Greg Melich from Evercore ISI.

下一個問題，我們邀請了 Evercore ISI 的 Greg Melich。

I have 2 questions, Richard. One is digging a little bit into the margins, the gross margins. You said gas and travel had helped but then offset by e-commerce. Can you sort of explain where -- so that gas penny profit was up even if the mix hurt, is that...

理查德，我有兩個問題。第一個問題是關於利潤率，也就是毛利率。你說過汽油和差旅費用增加，但後來被電子商務抵銷了。你能解釋一下嗎？也就是說，即使整體利潤結構受到影響，汽油的利潤仍然增加了，這是為什麼？

Margin percent was down, but you've got a 40%, 50% increase in price per gallon. So you still might have more pennies per gallon, but the margin itself was down.

利潤率下降了，但每加侖汽油的價格卻上漲了40%到50%。所以，你每加侖汽油可能還是能多賺幾美分，但利潤率本身卻下降了。

Got it. And then that was offset by e-commerce.

明白了。但後來電子商務抵銷了這部分影響。

Well, e-commerce -- yes. And again, I wouldn't read a lot into any of that description. We're just trying to share with everyone directionally what helps it and hurts it a little bit. E-commerce, just given all the activities, expenditures on fulfillment and expansion and doing what we can over time, when we're pulling tickets if we -- if something else happens, I don't view as a big issue from -- it's not -- whatever -- whether the margin is up a little or down a little, it's less about competition and more about what's the product mix that month or week and what else is going on with this rapid expansion and investment in it.

嗯，電子商務——是的。不過，我也不建議對上述描述過度解讀。我們只是想大致說明哪些因素對它有利，哪些因素會稍微不利。就電子商務而言，考慮到所有活動、在物流和擴張方面的支出，以及我們隨著時間的推移所能做的一切，當我們取消訂單時——如果發生其他情況，我不認為這是一個大問題——無論利潤率是略微上升還是略微下降，這與其說是競爭問題，不如說是當月或當週的產品組合，以及這種快速擴張和投資帶來的其他影響。

Got it. And then maybe to tie back your discussion on the logistics. Big and bulky, if we look at -- if e-commerce is roughly 8% of sales, is big and bulky 1/4 of that? Is that the kind of scale we're talking about?

明白了。然後，或許可以把我們剛才關於物流的討論連結起來。如果我們看一下「體積龐大」這個概念——如果電子商務銷售額約佔總銷售額的8%，那麼「體積龐大」的商品是不是佔了其中的四分之一？我們討論的規模是不是就是這個？

It's over 1/3.

超過三分之一。

It's over 1/3. Great. And then last but not least, the renewal rates continuing to tick up, I guess. Impressive. How do we -- shouldn't that come off at some point just given that you have more first year members?

超過三分之一了，太好了。最後，續費率似乎也在持續上升，令人印象深刻。考慮到你們第一年會員人數較多，這種情況不應該有所改善嗎？

Going to get to 100. No. Just kidding. Look, I think, as I mentioned earlier in -- when I was speaking, probably the single biggest thing that's helping it right now is auto renewal. As we get more people on a credit card, both in the 2 big co-brand in the U.S. and Canada, that's a no-brainer to help a little bit. As we convert people to executive member and as we -- for every 100 new people signing up, a slightly higher number of them sign up as executive members, they are more likely to renew. So those things help as well.

要達到100？不，開玩笑啦。你看，我覺得，就像我之前提到的，目前最大的助力可能是自動續費。隨著越來越多的人使用我們的信用卡，無論是在美國還是加拿大的兩大聯名卡，這無疑都會對續費有所幫助。當我們把用戶轉換為高級會員，每新增100名用戶，其中高級會員的比例略高一些時，他們的續費可能性也會更高。所以這些因素也起了作用。

The thing I mentioned about new warehouses and markets around the world tend to be -- while they have a very much lower renewal rate in their first year of renewal or year 2, they now continue to grow as more people have renewed the prior year, those are starting -- and generally, those are starting at higher rates than they were. So all those things help a little bit. I'd like to think it's all the wonderful things we do and the value proposition. And -- but certainly, auto renew is probably a good help there.

我之前提到的關於全球新倉庫和市場的情況是——雖然它們在第一年或第二年的續約率很低，但隨著更多客戶在前一年續約，這些新倉庫和市場的續約率會持續增長，而且通常情況下，這些新倉庫和市場的續約率都比以前更高。所以所有這些因素都起到了一定的作用。我更願意相信這要歸功於我們所做的一切以及我們所提供的價值主張。當然，自動續約功能肯定也起了很大的作用。

Got it. And then last, because someone has to ask it. Just fee increase, I guess, back half of next year is when it will be 5 years since the last one. What are the thoughts on that just given that the members seem to be self-selecting a fee hike already through the executive membership? Does that change your thought process as to when you might hike the fee?

明白了。最後一個問題，總得有人問。我想，大概就是會費上漲吧，明年下半年剛好是上次漲費五年後。鑑於會員們似乎已經透過執行委員會的決議自發地同意漲費，您對此有何看法？這會改變您何時漲費的想法嗎？

No. And our only thought is we'll probably start getting questions about now. So it's still a while away. And -- but we certainly feel good. As I've said in the past, renewal rates -- strong renewal rates and loyalty help that process -- help that thought process. And we'll see, but it's still a little bit of time to think about it.

不。我們現在唯一的想法是，可能很快就會有人問起這件事了。所以，還有一段時間。不過——但我們感覺還不錯。正如我之前所說，續約率——高續約率和客戶忠誠度——有助於我們做出決定。我們拭目以待，但現在還有一點時間可以考慮。

For our next question, we have Rupesh Parikh from Oppenheimer.

下一個問題，我們邀請了來自奧本海默公司的魯佩什·帕里克。

So I wanted to touch on Canada and other international. So we saw strong and accelerating 2-year content for both Canada and other international. Is there any more color you can provide in terms of maybe what you're seeing in those geographies?

所以我想談談加拿大和其他國際市場。我們看到，加拿大和其他國際市場在過去兩年中的內容成長強勁且加速。您能否就這些地區的觀察結果提供更多細節？

I'm getting a little help here. It's more -- it's probably most -- I agree, it's probably most about how COVID would impact the different countries differently timing-wise. I remember a year ago, 1.5 years ago, some of the foreign countries did better while we were being locked down. And then a little later, they got locked down. And so part of it is -- one of the reasons I think everybody has picked up on the 2-year stack concept, but I think that's -- as much as anything, that's the reason.

我在這裡得到了一些幫助。更重要的是──或許最主要的──我同意，這可能主要與新冠疫情對不同國家的影響時間不同有關。我記得一年前，或者說一年半前，在我們封鎖期間，一些外國的情況反而更好。然後過了一段時間，他們也開始封鎖了。所以，部分原因──我認為大家之所以都接受了「兩年疊加」的概念，原因之一就是──這才是最重要的原因。

Okay. Great. And then as you look at your ancillary businesses, is there a way you can provide an update in terms of how they're trending now versus pre pandemic?

好的，太好了。那麼，當您審視輔助業務時，能否提供它們目前的趨勢與疫情前相比有何不同？

I don't have that detail with me. But generally speaking, tires have picked up, as an example. It's not an ancillary business. But the Costco auto program is down because there's a shortage of cars out there. Travel is up, not where it was pre. It was almost back to where it was pre-COVID, and then Delta variant hit. And then it was coming back again, and then Omicron hit. And so it fluctuates pretty quickly. And I'm trying to think of the other things. Food courts have come back, not -- I don't think they're quite where they were, but they're almost there. Hearing aids have come back, but still, I think, slightly below pre pandemic. School is doing great. Pharmacy is doing great, helped, frankly, by the shots. We, like other retail pharmacies, are providing plenty of vaccines.

我手頭上沒有具體數據。但總的來說，以輪胎為例，銷量有所回升。輪胎並非輔助業務。但好市多（Costco）的汽車租賃項目卻在下滑，因為市場上車輛短缺。旅行量有所回升，但尚未恢復到疫情前的水準。它幾乎恢復到了疫情前的水平，然後達美航空變異株爆發了。之後又開始回升，接著奧密克戎病毒又出現了。所以，旅行量波動很快。我還在努力回想其他方面的情況。美食廣場的生意有所恢復，雖然——我認為還沒有完全恢復到之前的水平，但已經接近了。助聽器的銷量也有所回升，但我認為仍然略低於疫情前的水平。學校的情況很好。藥局的生意也很好，坦白說，這得益於疫苗接種。我們和其他零售藥局一樣，提供了充足的疫苗。

For our next question, we have Stephanie Wissink from Jefferies.

下一個問題，我們邀請了來自傑富瑞集團的史蒂芬妮·威辛克。

This is Blake on for Steph. First question would be higher level. You guys are a big proponent of the in-store shopping experience. It seems like store sales have been fairly strong as of late for retailers. So wondering how your -- how is your in-store shopping compared versus e-comm versus your expectations recently? And then maybe if you can share any e-comm pilots you might have that you've been working on. I know you mentioned you did a pickup test, but you discontinue that. Anything maybe in the works that you can share?

我是Blake，替Steph提問。第一個問題比較宏觀。你們一直非常重視實體店購物體驗。最近零售商的實體店銷售似乎相當強勁。所以我想問你們，實體店購物體驗與電商相比如何？與你們的預期相比又如何？另外，能否分享一下你們正在進行的電商試點計畫？我知道你們之前提到做過提貨測試，但後來停止了。目前還有其他計劃可以分享嗎？

Well, both in-store and online have picked up. The pickup from things like Instacart for same-day fresh skyrocketed during the lockdowns in mid- to summer -- mid- to late summer 2020. It came down from those peaks, but it's still way above where it was pre-COVID. E-commerce is, as you know, because we talk about every quarter, is 8% or 9% of our sales on a company that did $192 billion in sales for the year ended this last August. So that's a lot bigger than it was 2 years ago.

實體店和線上銷售都有所回升。像Instacart這樣的平台提供的當日送達生鮮配送服務，在2020年夏末疫情封鎖期間銷量飆升。雖然之後有所回落，但仍遠高於疫情前的水平。如您所知（我們每季都會談到這一點），電子商務占我們公司總銷售額的8%到9%，而我們公司截至去年8月的財年銷售額為1920億美元。所以，這比兩年前高很多。

I think the last 3 or 4 quarters, the 2-year stack is 100-plus percent. But notwithstanding that -- and part of that is the big and bulky that has helped that number, which we really weren't driving that kind of business in store anyway.

我認為過去三、四個季度，兩年期庫存佔比都超過了100%。但即便如此——部分原因是大型笨重的庫存提升了這個數字，而我們原本並沒有在實體店大力推廣這類業務。

The fact that I think that as we've heard occasionally that notwithstanding some people don't like our mask requirements when we first put them back in May of 2020, I think overall, people felt if I got to go out, I'm going to go out to one place and bulk up on stuff. And with taller ceilings and wider aisles and all those things, I got to believe that psychologically, that's helped a little bit.

我覺得，雖然我們偶爾會聽到有人不喜歡我們在2020年5月重新實施的口罩強制令，但總的來說，人們覺得如果可以出門，就應該去同一個地方囤貨。而且，更高的天花板、更寬敞的走道等等，我相信從心理上來說，這多少起到了一定的幫助作用。

At the end of the day, we were all surprised by -- if you go back to March of 2020, we're surprised by the strength in non-foods categories. Summer and fall of 2020, much less now -- much the same now. And it was because people weren't traveling, and they weren't going to games and concerts, but they were buying things for their home. And we certainly had, on top of all the food items, all the other things they could buy for their homes. So that was a pleasant surprise to us, and that's continued.

最終，我們都對非食品類商品的強勁表現感到驚訝——如果你回顧2020年3月，你會發現這一點。 2020年夏秋兩季的銷售遠不如現在——但總體來說，情況與當時相差無幾。這是因為人們不再旅行，也不再去看比賽和音樂會，而是購買家居用品。除了食品之外，我們當然也提供了其他各種居家用品。這讓我們感到非常驚喜，而且這種勢頭還在持續。

In terms of other tests, not a whole lot. I mean we did have that small test in New Mexico with buy online, pick up in-store. We are -- as I mentioned on the call, have over -- a year from now have over 200 of our U.S. warehouses with lockers.

至於其他方面的測試，不多。我的意思是，我們確實在新墨西哥州做過一次小規模的測試，嘗試了線上購買、線下取貨的模式。正如我在電話會議上提到的，到一年後，我們將在美國的200多個倉庫配備儲物櫃。

In terms of buying online and pick up in-store, we're not quite sure about that. We have very busy locations. There's not a lot of room for it. And it doesn't seem to be a lot of people clamoring for a fact over half the people that come in and do that on a few things that we buy online and the lockers. They come in and shop while they're there. And so -- and that's what we want.

關於線上購買線下取貨，我們目前還不太確定。我們的門市客流量很大，空間有限。而且似乎沒有很多人強烈要求這種服務，事實上，超過一半的顧客都是在網路上購買部分商品或使用儲物櫃取貨。他們進店後會直接購物。所以——而這正是我們所希望的。

So beyond that, I don't think -- I think some of the things we're doing that I mentioned briefly about mobile and digital, some of these things everybody else have. We are sometimes late to the game on some of these things, but those should be all net additive to what we do.

所以除此之外，我認為——我剛才簡單提到的關於行動和數位化的一些做法，其他公司也都在做。我們有時在某些方面起步較晚，但這些最終都會對我們所做的工作起到積極作用。

That's super helpful. I was also wondering on your inventory positioning, how much are you getting ahead of any seasonal items or any challenges you may foresee for Q2 and Q3 for the spring and summer?

這非常有幫助。我還想了解你們的庫存佈局，你們提前儲備了多少季節性商品？或者你們預計第二季和第三季春夏季節會面臨哪些挑戰？

I don't know exactly. I know that consciously, the buyers, when they present at the budget meetings, are talking about those issues. And we are bringing in things early. We certainly have -- you think about it, our -- what we call our view of distribution system in the U.S., it was something like 10 million square feet. And we essentially slightly more than doubled that with the Innovel acquisition. Aside from other things, that helps us with a little storage if we needed or bringing in things early.

我不太清楚。但我知道，買家在預算會議上報告時，確實會談到這些問題。而且我們也在提前推進相關事宜。想想看，我們在美國建構的配送體系規模大約是1,000萬平方英尺。收購Innovel後，我們的配送空間基本上翻了一番還多。除此之外，這還能幫助我們在需要時提供一些倉儲空間，或是提前推進相關事宜。

And recognizing -- we start with -- we are somewhat seasonal, but historically, we've always brought things in early anyway. So we -- whatever it may be, we certainly have the cash, as somebody mentioned earlier, to have some extra billion dollars invested in inventory, even if it hangs around for a little bit.

我們首先要承認，我們的業務有一定的季節性，但從歷史經驗來看，我們一直都是提前進貨。所以，無論如何，正如之前有人提到的，我們肯定有足夠的現金，可以額外投資十億美元用於庫存，即使庫存會暫時滯銷。

But I think overall, some of our items are still a little later than they would be pre-COVID, but better than they would be if we were not doing as good a job as I think we are doing on forward buying.

但我認為總體而言，我們的部分商品到貨時間仍然比新冠疫情前稍晚一些，但如果我們在預購方面做得不夠好，情況就會好得多。

Perfect. If I could sneak one last one in. I might have missed it, but I think you said for the net new openings this year, you said 19. I thought the last quarter, you were aiming more towards 25. Is there anything to call out there?

太好了。如果可以的話，我再補充一個問題。我可能錯過了，但我記得您說過今年的淨新增開幕數量是19家。我以為上個季度您的目標比較接近25家。還有什麼需要補充的嗎？

What I said it was 19 more in the last 3 quarters of the year -- fiscal year, plus the 8 in Q1.

我之前說過，今年最後三個季度（財政年度）新增了 19 例，加上第一季的 8 例。

For our next question, we have Paul Lejuez from Citi.

下一個問題，我們請到了花旗銀行的保羅‧萊朱茲。

This is Brandon Cheatham on for Paul. I was wondering if we could talk about the increase in CapEx. I think last we spoke, we thought CapEx would have a 3 in front of it. Now it sounds like it has a 4 in front of it. I'm just wondering, was there a change in strategy there. And specifically on the e-comm investments, do you feel like you're playing some catch-up there or laying the groundwork for growth? Just anything that you can share with that.

這裡是布蘭登·奇瑟姆，他代替保羅發言。我想問一下關於資本支出增加的問題。我記得上次我們談到資本支出時，我們以為前面會加個「3」。現在看來好像是「4」了。我想知道，這方面是否有策略上的調整？特別是關於電商投資，您覺得自己在追趕進度，還是在為成長打基礎？有什麼想分享的嗎？

Sure. I think you previously as it relates to this year, we had talked about, I think, "3 8 to 4 2." Now we're saying about 4. These numbers are up from the mid-3s over the last couple of year -- low to mid-3s over the last couple of years. In fact, last year's 3 6 included a $340 million or $345 million asset purchase that I mentioned earlier in the Southwest and Southern California, which is basically 1.5 million-plus square foot facility with lots of acreage to help with our fulfillment as well as our import stuff.

當然。關於今年的業績，我想我們之前討論過，大概是「3.8到4.2」之間。現在我們說的是4左右。這個數字比過去幾年的3.5%有所增長——過去幾年一直維持在3.5%左右。事實上，去年的3.6%包含了一筆價值3.4億美元或3.45億美元的資產收購，我之前提到過，這筆交易發生在西南部和南加州，基本上是一個佔地超過150萬平方英尺的設施，擁有大片土地，可以幫助我們更好地進行物流配送和進口業務。

And so I think there's -- if you said, what are the big things taking you from the low 3s to the low 4s over a few years of period, it's more international expansions, which tends to be a little more expensive for location. More expansion. And in fiscal '20, we were down to 13 net new units because some delays with COVID. I think we were 20 in '21, and we're going to be 27 net new units this fiscal year, plus 5 relos, which is -- 6 relos planned. We might miss that a little bit. But at the end of the day, so there's more warehouses. Clearly more in the whole fulfillment concept, starting with the $1 billion acquisition a year ago of what's now Costco Logistics, starting with adding additional square footage to that as well as the international things.

所以我覺得——如果你問，是什麼讓你們的業績在幾年內從3%左右提升到4%左右，那就是更多的國際擴張，而國際擴張的選址成本往往更高。更多的擴張。在2020財年，由於新冠疫情的一些延誤，我們的淨新增門市數量下降到13家。我認為2021財年是20家，而本財年我們將淨新增27家門市，外加5家搬遷門市－計畫搬遷6家門市。我們可能會略微錯過這個目標。但歸根究底，倉庫數量更多了。顯然，整個物流配送體係都在擴張，這始於一年前以10億美元收購了現在的Costco Logistics，並在此基礎上增加了倉儲面積，以及國際業務的拓展。

And even on the distribution side or what we call our cross-dock depots, spending money overseas now in some of these countries to do some of that in a better way. Actually, building a mini depot in Hawaii where we have 5 locations? 7, I'm sorry, 7 locations, but 7 huge volume locations and with -- so we've gotten to the volume and efficiency there that these are good investments. So it's a lot of those things. Mind you, we still spend all in close to $1 billion a year in IT.

即使在配送方面，或我們稱之為交叉轉運倉庫的環節，我們現在也在一些海外國家投資，以改善營運方式。實際上，我們正​​在夏威夷建造一個小型倉庫，那裡我們有5個……不，是7個，7個貨量巨大的倉庫，而且——我們已經達到了那裡的貨量和效率水平，這些都是值得的投資。所以，我們做了很多類似的事情。請注意，我們每年在IT方面的總支出仍然接近10億美元。

Got it. And that's how we should kind of think about it going forward long term?

明白了。那我們以後長期來看也該這樣考慮嗎？

By the way, that's not all CapEx. That's expenses as well. Go ahead. I'm sorry.

順便說一下，這不全是資本支出，也包括其他費用。請繼續。不好意思。

And the kind of $4 billion range is what we should think about CapEx for the long term?

那麼，我們應該考慮將資本支出控制在40億美元左右嗎？

I don't know for the long term. I think $4 billion sounds about right for the next year or 2. And if things continue to go well, go well and grow well, maybe it goes up from there a little bit. But we're not looking to spend it if we don't think we have good things to spend it on, just because our cash flow has been exceeding net income plus -- cash flow has been exceeding regular dividend, plus capital expenditures and the like.

我不知道長期情況如何。我覺得未來一兩年40億美元左右比較適合。如果一切進展順利，持續成長，也許還會略有增加。但如果我們沒有合適的支出項目，我們不會輕易動用這筆錢，因為我們的現金流已經超過了淨利潤加上——現金流已經超過了常規股息加上資本支出等等。

Got it. And you also mentioned that you're able to change out products when you're faced with shortages. I was wondering if you could quantify that versus kind of a normal quarter. And if you are switching out more than usual, what impact does that have on consumer behavior there? And anything on the logistics side as well?

明白了。您也提到，當遇到缺貨情況時，您可以更換產品。我想請您量化一下這種情況與正常季度相比的變化。如果你們的更換頻率高於平常，這對消費者的行為會有什麼影響？物流方面又會有什麼影響呢？

I think it's -- I don't have the exact number, but my guess is it's a small -- low to mid-single-digit percentage. What it means, though, is when back -- going all the way back to spring of 2020, and there were -- people were hoarding goods. We were going out to additional suppliers to see what we can get, recognizing from their perspective it creates newer relationships, which will honor going forward, not just for the 3 months that we needed it then. And so I think there are opportunities to just expand product brands by necessity to some things.

我認為——我沒有確切的數字，但我估計只是個位數百分比，大概在個位數的低到中等。不過，這意味著，早在2020年春季，人們都在囤積物資。我們只好聯絡其他供應商，看看能不能拿到貨。從他們的角度來看，這能建立新的合作關係，這種關係不僅能滿足我們當時那三個月的需求，還能持續發展。所以我認為，在某些情況下，出於必要性，我們有機會拓展產品線。

And with, I think, the -- going into last summer and fall with that advent of all the things for the home, both patio furniture and lawn and garden and barbecue grills and indoor furniture and electronics and gadgets for the kitchen, we took advantage of that and brought in additional items. And so it's more of that than anything. And the treasure hunt, yes. So it's still a small piece, but I think it's -- when I -- sometimes when I go into some retailers, I'm not going to name names, but you'll see a shelf half empty or some spaces. First of all, why don't you put something there. And -- but at the end of the day, I think our buyers have done a very good job of keeping the warehouses full.

我認為，去年夏秋兩季家居用品的上市，包括戶外家具、草坪園藝用品、燒烤架、室內家具、電子產品和廚房小工具等等，都帶動了這一趨勢，我們也藉此機會引進了更多商品。所以，這方面的影響更大。當然，還有尋寶遊戲的元素。雖然目前這部分佔比不大，但我覺得——有時候我去一些零售商那裡（我就不點名了），你會看到貨架空了一半，或者有些地方空著。首先，為什麼不在那裡放點東西呢？但歸根結底，我認為我們的採購人員在保持倉庫庫存充足方面做得非常出色。

For our next question, we have Edward Kelly from Wells Fargo.

下一個問題，我們請到了富國銀行的愛德華‧凱利。

Richard, I wanted to ask you gross margin (inaudible) all things considered. Any additional thoughts that you can share (inaudible) current quarter (inaudible) Any reason we should expect some incremental (inaudible) somewhat similar?

理查德，我想問一下，綜合所有因素來看，毛利率是多少？還有什麼其他想法可以分享嗎？本季毛利率是多少？我們有什麼理由預期會有一些成長？

You were breaking up entirely during that call. So I heard about every other word, if you want to repeat yourself.

你打電話的時候一直斷斷續續地說話。所以，如果你要重複一遍的話，我幾乎每個字都聽懂了。

Yes. Sorry. So I wanted to ask you about the gross margin. As you said, pretty good, all things considered. Any additional thoughts you can share on the current quarter? Comparisons in the core look similar, I think. Just wondering if there's any reason we should expect any incremental pressure.

是的，不好意思。我想問您關於毛利率的問題。正如您所說，考慮到各種因素，相當不錯。您對本季還有什麼補充說明嗎？核心業務的同比數據看起來差不多。我只是想知道，我們是否應該預期會面臨任何額外的壓力。

From a competitive standpoint, I mean, there's lots of -- everybody is competitive. Again, I think structurally, our model allows us to benefit from that. We talked about more pennies per gallon of profit. That allows us to do some other things.

從競爭的角度來看，我的意思是，競爭非常激烈——每個人都在競爭。不過，我認為從結構上看，我們的模式使我們能夠從中受益。我們之前討論過每加侖汽油能賺更多錢。這讓我們能夠做其他一些事情。

I think we've got -- I think we have a lot of levers to pull here. And we feel pretty good that we are able to hold the prices on key items and to -- I don't really think that we consider the challenge of achieving a margin. We're pretty good at figuring out how to get there while still being the company we are in terms of competitiveness.

我認為我們有很多可以利用的手段。我們很有信心能夠維持關鍵產品的價格，而且──我並不認為實現利潤率是個挑戰。我們很擅長找到既能實現利潤率目標，又能維持公司現有競爭力的方法。

So no big changes of what we see out there. Just there's a lot of changes every month and some things go up and some things go down. But overall, we feel pretty good about it.

所以，我們看到的情況並沒有太大變化。只是每個月都會有很多變化，有些東西上漲，有些東西下跌。但總的來說，我們感覺還不錯。

All right. And then just one for a little bit more big picture just around customer data. I was hoping maybe you could just provide an update on things like personalization. And then media is something that we hear a lot of people talk about. Maybe just any thoughts on what you're doing with that opportunity as well.

好的。接下來想問一個更宏觀的問題，關於客戶資料方面。我希望您能介紹一下個人化的一些最新進展。另外，我們經常聽到人們談論媒體管道。您能否也談談您在這方面有哪些舉措？

I think there's still low-hanging fruit on the tree here. We've talked about it a little bit. We've done a little bit more targeting than we have ever done, but very little. There is more to come. It was just 1.5 years ago that we hired somewhat at a relatively senior level in terms of data analytics. But that's not the only thing they're working on and the group they put together. But -- so I think those are things that will come over time in the next few years. That's pretty much what I can tell you about that. I'm going to take 2 more questions, Sadie.

我認為這裡還有一些唾手可得的成果。我們之前也稍微討論過。我們做了一些比以往更多的精準行銷，但仍然很少。未來還有更多。就在一年半前，我們聘請了一位在數據分析方面資歷較深的專家。但這並不是他們和他們組成的團隊唯一關注的領域。所以，我認為這些工作會在未來幾年逐步推進。關於這方面，我能告訴你的就這麼多了。薩迪，我再回答兩個問題。

And for the next question, we have Laura Champine from Loop Capital.

下一個問題，我們邀請了 Loop Capital 的 Laura Champine。

Mine will be quick. It's a follow-on. You'd mentioned that renewal rates are still headed higher in part because of -- likely because of the auto renew, what percentage of your membership is on auto renew at this point?

我的回覆會很快，這是後續問題。您之前提到續費率仍在上漲，部分原因是——很可能是因為自動續費——目前您的會員中有多少比例是自動續費的？

It's about 50 in the U.S. and Canada, which would imply -- and that's really where we have it, where we have the co-brand cards. And U.S. and Canada is about 80% of our company, so the 50 becomes a 40, if you -- rough numbers. Sorry, you could do it on any card, not just co-brand. But in the U.S. and Canada, it's about 50.

在美國和加拿大，這個數字大約是50，這意味著——實際上，我們主要在美國和加拿大發行聯名卡。美國和加拿大的業務占我們公司總業務的80%左右，所以如果你仔細算算，50%就變成了40%左右。抱歉，其實任何卡片都可以這麼做，不只是聯名卡。但在美國和加拿大，這個數字大約是50%。

And for our last question, we have Kelly Bania from BMO Capital.

最後一個問題，我們請到了 BMO Capital 的 Kelly Bania。

Just wanted to talk, Richard, about the -- just the inflationary environment. And you've talked a little bit in the past couple of quarters about how your price gaps have widened. Do you think this kind of magnitude of inflation is just good for Costco's business? I mean have you seen anything like this in the past where it could possibly just drive even more volume into your doors?

理查德，我只是想跟你聊聊通貨膨脹的現況。過去幾季你也提到價格差距擴大的問題。你覺得這種程度的通貨膨脹對好市多（Costco）的業務有好處嗎？我的意思是，你以前看過類似的情況嗎？通膨可能會進一步推高你們的銷售量？

I mean from an argument that things are more costly, on the one hand, maybe it reduces demand overall in the sense that we're -- the extreme value proposition that helps us. So who the heck knows? I think what I was reading this morning in the paper was this is the highest inflation in so many years. It wasn't that long ago, though, 10-plus years ago that regular inflation was 2% or 3% a year. And of course, it's going to be a little more for a year. But at the end of the day, I think it helps us a little because of the value proposition that we have.

我的意思是，一方面，物價上漲可能會降低整體需求，因為我們提供的超高性價比產品對我們有利。所以，誰知道呢？我今天早上在報紙上看到，這是多年來最高的通貨膨脹率。但就在不久前，十多年前，正常的通膨率也只有每年2%或3%。當然，今年的通膨率肯定會更高一些。但歸根究底，我認為這對我們還是有一定好處的，因為我們的產品性價比很高。

That makes sense. And a lot has been asked here, but just wanted to also just check on self-checkout and where you are with that. And if there's any color you can help us understand on the savings or the impact on the cost structure when you put in some self-checkout and the potential for that initiative going forward.

這很有道理。這裡已經有很多問題被問到了，但我還是想了解自助結帳的情況，以及你們目前的進展。如果能提供一些關於引入自助結帳後能節省多少成本、對成本結構的影響，以及這項舉措未來發展潛力的信息，那就太好了。

We pretty much have it now in most locations, and I'm speaking of the U.S. and Canada. And I know even across the street, in many locations, we've expanded it from originally 2 lanes of 3 or 6 to 3 lanes of 3 or even 4 lanes of 3. So in a 4-lane area, you could have 12 people checking out. And so my guess is it's still going to grow a little as we expand existing units to offer a little bit more of it. And it's been a positive.

現在我們基本上在大多數地方都實現了這一點，我指的是美國和加拿大。我知道即使在街對面，很多地方我們也把原本兩車道（每車道3人或6人）擴建到了三車道（每車道3人），甚至四車道（每車道3人）。所以在四車道區域，可以同時容納12個人結帳。因此，我估計隨著我們擴大現有門市以提供更多服務，這項服務將繼續發展。而且，這確實是一個正面的信號。

Well, thank you, everyone, and have a good holiday season. And we're around to answer additional questions. Have a good day.

謝謝大家，祝大家假期愉快！如有其他疑問，歡迎隨時與我們聯絡。祝您今天過得愉快！

And ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。