好市多 (COST) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the fourth quarter earnings call.

歡迎來到第四季度財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your first speaker for today, Mr. Richard Galanti, CFO.

我現在想將會議交給您今天的第一位發言人，首席財務官 Richard Galanti 先生。

Thank you.

謝謝你。

Please go ahead.

請繼續。

Thank you, Ann, and good afternoon to everyone.

謝謝你，安，大家下午好。

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

我將首先說明這些討論將包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

These statements involve risks and uncertainties that may cause actual events, results and/or performance to differ materially from those indicated by such statements.

這些陳述涉及風險和不確定性，可能導致實際事件、結果和/或業績與此類陳述所表明的存在重大差異。

The risks and uncertainties include, but are not limited to, those outlined in today's call as well as other risks identified from time to time in the company's public statements and reports filed with the SEC.

風險和不確定性包括但不限於今天電話會議中概述的風險以及公司向美國證券交易委員會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 of fiscal 2021, the 16 weeks ended August 29.

在今天的新聞稿中，我們報告了 2021 財年第四季度（截至 8 月 29 日的 16 週）的經營業績。

Reported net income for the quarter came in at $1.67 billion or $3.76 per share.

本季度報告的淨收入為 16.7 億美元或每股 3.76 美元。

Last year's fourth quarter net income came in at $1.389 billion or $3.13 per diluted share.

去年第四季度的淨收入為 13.89 億美元或攤薄後每股收益 3.13 美元。

This year's fourth quarter included an $84 million pretax or $0.14 a share charge for the write-off of certain IT assets.

今年第四季度包括註銷某些 IT 資產的 8400 萬美元的稅前費用或每股 0.14 美元的費用。

Last year's fourth quarter included $281 million pretax charge or $0.47 a share of COVID-related costs, as well included a $36 million or $0.06 a share pretax charge related to the prepayment of $1.5 billion of debt, partially offset by an $84 million or $0.15 per share benefit for the partial reversal of a reserve related to a product tax assessment taken in the fiscal year 2019.

去年第四季度包括 2.81 億美元的稅前費用或每股 0.47 美元的 COVID 相關成本，還包括與提前償還 15 億美元債務相關的 3600 萬美元或每股 0.06 美元的稅前費用，部分被 8400 萬美元或每股 0.15 美元抵消。與 2019 財年進行的產品稅評估相關的準備金的部分衝回的分享收益。

Net sales for the quarter increased 17.5% to $61.44 billion, up from $52.28 billion a year earlier in the fourth quarter.

本季度淨銷售額增長 17.5% 至 614.4 億美元，高於去年第四季度的 522.8 億美元。

Comparable sales for the fourth quarter, as reported an hour ago, for the 16 weeks on a reported basis, U.S. was 14.9%.

一小時前報告的第四季度可比銷售額在報告的 16 週內為 14.9%。

Excluding gas inflation and FX, the 14.9% would be 10.3% positive.

不包括天然氣通脹和外匯，14.9% 將是 10.3% 的正數。

Canada reported 19.5% plus; ex gas inflation and FX, 6.7%.

加拿大報告 19.5% 以上；不含天然氣通脹和外匯，6.7%。

Other international reported 15%.

其他國際報告為 15%。

Without gas inflation and FX, 7.3%; total company, 15.5% reported, 9.4% ex gas inflation and FX.

不計天然氣通脹和外匯，7.3%；公司總數，報告的 15.5%，除天然氣通脹和外匯外 9.4%。

E-commerce, by the way, reported was 11.2% positive; ex gas inflation and FX, 8.9%.

順便說一下，電子商務報告的積極性為 11.2%；扣除天然氣通脹和外匯，8.9%。

In terms of Q4 comp sales metrics, traffic or shopping frequency increased 9.2% worldwide and 8.8% in the U.S. Our average transaction or basket was up 5.8% worldwide and 5.6% in the U.S. during the fourth quarter.

就第四季度的銷售指標而言，全球流量或購物頻率增長了 9.2%，美國增長了 8.8%。第四季度，我們的全球平均交易或購物籃增長了 5.8%，美國增長了 5.6%。

Those numbers including the positive impact from gas inflation and FX.

這些數字包括天然氣通脹和外彙的積極影響。

Foreign currencies relative to the U.S. dollar positively impact sales by approximately 230 basis points, whereas gasoline price inflation positively impacted sales by approximately 385 basis points.

相對於美元的外幣對銷售額的積極影響約為 230 個基點，而汽油價格通脹對銷售額的積極影響約為 385 個基點。

Moving down the income statement to the membership line.

將損益表向下移動到會員行。

Membership fee income for the fourth quarter came in at $1.234 billion in the fourth quarter of 2021.

2021 年第四季度的會員費收入為 12.34 億美元。

That's up $128 million from the prior year's fourth quarter membership fee income of $1.106 billion.

這比去年第四季度的會員費收入 11.06 億美元增加了 1.28 億美元。

The $128 million represents an 11.7% increase year-over-year.

1.28億美元同比增長11.7%。

Excluding the benefit from positive FX, the $128 million positive number would have been $107 million positive or a 9.7% effective increase.

排除正外匯帶來的好處，1.28 億美元的正數將是 1.07 億美元的正數或 9.7% 的有效增長。

In terms of renewal rates, at the fourth quarter end, our U.S. and Canada renewal rate was 91.3%, up 0.3 percentage point from 16-week earlier number at Q3 end.

在續訂率方面，第四季度末，我們的美國和加拿大續訂率為 91.3%，較第三季度末 16 週前的數字上升 0.3 個百分點。

And worldwide rate came in -- renewal rate came in at 88.7%, also up 0.3 percentage point from Q3 and 16 weeks earlier.

全球範圍內的更新率 - 更新率為 88.7%，也比第三季度和 16 週前增加了 0.3 個百分點。

Renewal rates are benefiting, we believe, for more members auto renewing as well as increased penetration of executive members who, on average, renew at a higher rate than nonexecutive members.

我們認為，續訂率正在受益，因為更多的會員自動續訂，以及執行會員的滲透率提高，平均而言，他們的續訂率高於非執行會員。

Our first year renewal rates have also improved as well during this time.

在此期間，我們的第一年續訂率也有所提高。

In terms of number of members at Q4 end, member households and total cardholders, at Q4 -- fiscal year-end a few weeks ago, total paid households were 61.7 million.

就第四季度末的會員人數、會員家庭和持卡人總數而言，在第四季度（幾週前的財年末），付費家庭總數為 6170 萬。

That's up 1.1 million from the 60.6 million figure we shared with you 16 weeks earlier.

這比我們 16 週前與您分享的 6060 萬數字增加了 110 萬。

Total cardholders came in at 111.6 million or 1.8 million higher than the 109.8 million we had as of Q3 end.

持卡人總數為 1.116 億，比我們截至第三季度末的 1.098 億高出 180 萬。

At Q4 end, paid executive members were -- came in at 25.6 million, an increase of a little over 1 million new executive members, and that's during the 16-week period as well.

在第四季度末，付費執行成員為 2560 萬，增加了 100 萬多一點的新執行成員，這也是在 16 週期間。

Moving down to the gross margin line.

向下移動到毛利率線。

Our reported gross margin in the fourth quarter was lower year-over-year by 32 basis points.

我們報告的第四季度毛利率同比下降 32 個基點。

And actually, excluding gas inflation, it was higher by 5 basis points.

實際上，不包括天然氣通脹，它高出 5 個基點。

As I usually do, I ask you jot down 2 columns of numbers, a little gross margin matrix, if you will.

像我通常做的那樣，我要求你記下 2 列數字，一個小的毛利率矩陣，如果你願意的話。

The line items will be core merchandise, ancillary -- second line item would be ancillary and other businesses.

行項目將是核心商品，輔助 - 第二行項目將是輔助和其他業務。

Third line item would be 2% Reward.

第三行項目將是 2% 的獎勵。

Fourth line item would be LIFO.

第四行項目是 LIFO。

And last line item would be other.

最後一個項目將是其他項目。

And then the -- finally, the last line item would be total.

然後——最後，最後一項是總計。

Two columns.

兩列。

The first one being reported year-over-year in the fourth quarter, and the second column, excluding gas inflation.

第一個在第四季度同比報告，第二個列，不包括天然氣通脹。

So core merchandise on a reported basis was lower year-over-year by 90 basis points.

因此，報告的核心商品同比下降 90 個基點。

Ex gas inflation, it was lower, minus 57 basis points.

除天然氣通脹外，它更低，負 57 個基點。

Ancillary and other businesses, plus 44 on a reported basis and plus 53 ex gas inflation.

輔助業務和其他業務，加上報告的 44 項，加上 53 項除天然氣通脹外。

2% Reward, plus 1 basis point and minus 3 year-over-year on ex gas inflation.

2% 的獎勵，加上 1 個基點和減去 3 年的除氣通脹。

LIFO, minus 5 and minus 5 basis points.

LIFO，負 5 和負 5 個基點。

And other, plus 18 and plus 17.

以及其他，加 18 和加 17。

If you add up the 2 columns, you get the total for reported, the 32 basis points that I just mentioned.

如果將 2 列加起來，就得到報告的總數，即我剛才提到的 32 個基點。

And again, ex gas inflation, plus 5 basis points.

再一次，除天然氣通脹外，再加上 5 個基點。

Now the core merchandise component you see here are lower by 90 year-over-year and lower by 57 ex gas inflation.

現在，您在此處看到的核心商品成分同比下降 90，並降低 57 ex gas 通脹。

Similar to last quarter, this is primarily a function of sales shifting from core to ancillary versus the last year as we begin to revert back to more historical sales penetrations.

與上一季度類似，這主要是由於我們開始恢復到更多的歷史銷售滲透率，因此與去年相比，銷售從核心轉向輔助。

Recall last year, we saw a significant shift of sales out of ancillary and other businesses and into the core.

回想去年，我們看到銷售從輔助業務和其他業務轉向核心業務的重大轉變。

In terms of the core margin on their own sales, in the fourth quarter, the core-on-core margins were lower by 40 basis points with nonfood slightly up, food and sundries slightly lower year-over-year.

從自身銷售的核心利潤率來看，第四季度，核心對核心利潤率下降了 40 個基點，其中非食品類小幅上升，食品雜貨類同比小幅下降。

Fresh foods was down and was the fundamental driver of the core on core being lower in the quarter.

生鮮食品下跌，是本季度核心核心指數走低的根本驅動因素。

Now fresh foods is lapping exceptional labor productivity and low product spoilage that occurred from the outsized sales a year ago in Q4.

現在，新鮮食品正在超越一年前第四季度的超額銷售所導致的出色的勞動生產率和低產品腐敗。

We retained some of that productivity gains -- some of those productivity gains as volumes have remained high.

我們保留了一些生產力收益——由於產量保持高位，其中一些生產力收益。

However, we've also elected to hold, delay and/or mitigate some of the price increases in this increasingly inflationary environment over the last few months.

然而，在過去幾個月的通脹日益加劇的環境中，我們也選擇了維持、推遲和/或緩解部分價格上漲。

Ancillary and other business gross margin, as you see in the chart in the matrix, was higher by 44 basis points and higher by 53 ex gas inflation in the quarter.

正如您在矩陣中的圖表中看到的那樣，輔助和其他業務的毛利率在本季度上升了 44 個基點，並上升了 53 個基點（不含天然氣通脹）。

Gasoline had a good quarter as we are lapping year-over-year a softer quarter due to the pandemic.

汽油的季度表現不錯，因為由於大流行，我們的季度同比疲軟。

We also showed improvement in food court, optical, travel, all of which were benefited by easy compares versus last year, also due to the impacts of COVID on those businesses.

我們還展示了美食廣場、光學、旅行方面的改善，與去年相比，所有這些都受益於簡單的比較，這也是由於 COVID 對這些業務的影響。

Now LIFO, this is a gross margin charge that we haven't seen in this matrix for about 7 years.

現在後進先出，這是我們在這個矩陣中大約 7 年沒有看到的毛利率費用。

LIFO was lower by 5 basis points, both with and without gas inflation.

後進先出降低了 5 個基點，無論有沒有天然氣通脹。

We had a $30 million LIFO charge in the quarter, the first such charge since 2014.

我們在本季度收取了 3000 萬美元的 LIFO 費用，這是自 2014 年以來的首次此類費用。

This is a result of the continued inflationary cost pressures, which I'll discuss more in a few minutes.

這是持續的通脹成本壓力的結果，我將在幾分鐘內詳細討論。

2% Reward, higher by 1 basis point on a reported basis, but more importantly, lower by 3 basis points ex gas inflation, again, implying a slightly higher penetration of sales going to the executive member and the associated rewards that come with it.

2% 的獎勵，在報告的基礎上提高了 1 個基點，但更重要的是，除汽油通脹外降低了 3 個基點，這再次意味著執行成員的銷售滲透率和隨之而來的相關獎勵略高。

And other is up 18 basis points and then up 17 ex gas inflation.

其他上漲 18 個基點，然後上漲 17 個 exgas 通脹。

This is primarily related to COVID-related costs from a year ago.

這主要與一年前與 COVID 相關的成本有關。

Moving to SG&A.

轉移到 SG&A。

Our reported SG&A in the fourth quarter was lower or better year-over-year by 45 basis points and lower or better by 13 basis points, excluding gas inflation.

我們報告的第四季度 SG&A 同比下降或上升 45 個基點，下降或上升 13 個基點，不包括天然氣通脹。

Second matrix of the day, the 2 columns reported and ex gas inflation and 5 line items: operations; second line item, central; third line item, stock compensation; fourth line item, other; and then total.

當天的第二個矩陣，2 列報告和 ex gas 通貨膨脹和 5 行項目：操作；第二行項目，中央；第三行項目，股票補償；第四行項目，其他；然後總計。

On a reported basis, core operations was lower or better by plus 19 basis points and ex gas inflation higher by 8 basis points or minus 8 basis points.

在報告的基礎上，核心業務下降或上升了 19 個基點，除氣通脹上升了 8 個基點或負 8 個基點。

Central, plus 12 and plus 8. Stock compensation, plus 2 and plus 2. And other, plus 12 and plus 11.

中央，加12加8。股票補償，加2加2。其他，加12加11。

Adding up the columns again, SG&A on a reported basis was better or lower by 45 basis points and lower ex gas inflation by 13.

再次加起來，SG&A 在報告的基礎上好或低了 45 個基點，而 ex gas 通脹降低了 13 個。

As you can see in the matrix, the core operations component again was better by 19 and higher by -- lower by 19 and then -- or higher by 8, excluding the impact from gas inflation.

正如您在矩陣中看到的那樣，核心運營部分再次提高了 19 倍，提高了 - 降低了 19 倍然後 - 或提高了 8 倍，不包括天然氣通脹的影響。

Keep in mind, this result includes the permanent $1 an hour wage increase that we implemented in March of this year.

請記住，這一結果包括我們在今年 3 月實施的每小時 1 美元的永久性加薪。

This higher by 8 basis point year-over-year expense result includes the 14 basis point cost of the $1 an hour wage increase.

這一同比增長 8 個基點的費用結果包括每小時 1 美元工資增長的 14 個基點成本。

Central, again, improved by 8 basis points ex gas inflation.

除汽油通脹外，中環再次提高了 8 個基點。

And stock compensation, also with strong sales, helped by 2 basis points.

股票補償，也有強勁的銷售，幫助了 2 個基點。

Now the other of plus 12 or plus 11 without gas inflation, so lower -- that was [another] basis points.

現在是加 12 或加 11 中的另一個，沒有汽油通脹，那麼低 - 那是 [另一個] 基點。

Included in other last year was the COVID expense of $217 million or 42 basis points and the reversal of a product tax assessment reserve of $84 million or 16 basis points.

其他去年包括 2.17 億美元或 42 個基點的 COVID 費用，以及 8400 萬美元或 16 個基點的產品稅收評估準備金的沖銷。

This year includes the write-off of the IT assets totaling $84 million or 14 basis points.

今年包括註銷的 IT 資產總額為 8400 萬美元或 14 個基點。

So you add all those up, that's where you get the 11.

所以你把所有這些加起來，這就是你得到 11 的地方。

Next on the income statement is preopening.

損益表上的下一個是開業前。

Preopening this year was $35 million.

今年的預開業是 3500 萬美元。

Last year, $26 million, so higher by $9 million.

去年為 2600 萬美元，因此增加了 900 萬美元。

Preopening is up year-over-year in part due to the timing of openings and given different amount of preopening on a given location both within the quarter and in the following quarter.

開業前年同比增加的部分原因是開業時間以及本季度和下一季度特定地點的開業前數量不同。

All told, reported operating income in the fourth quarter increased by 18%, coming in at $2.275 billion this year compared to $1.929 billion a year earlier.

總而言之，第四季度報告的營業收入增長了 18%，今年為 22.75 億美元，而去年同期為 19.29 億美元。

Below the operating income line, interest expense was $52 million this year, essentially the same at $51 million a year ago.

在營業收入線以下，今年的利息支出為 5200 萬美元，與一年前的 5100 萬美元基本相同。

Interest income and other for the quarter was higher by $77 million year-over-year.

本季度的利息收入和其他收入同比增長 7700 萬美元。

Roughly half of that is due to favorable FX, and the other half is related to last year's fourth quarter charge for the make-whole debt prepayment.

其中大約一半是由於有利的外匯，另一半與去年第四季度的全額債務預付有關。

Overall, reported pretax earnings in the fourth quarter of 2021 came in up 23%, coming in at $2.291 billion compared to last year's $1.869 billion.

總體而言，2021 年第四季度報告的稅前收益增長 23%，為 22.91 億美元，而去年為 18.69 億美元。

Now our tax rate in the fourth quarter was 26.1%, higher than last year's fourth quarter rate of 24.9%.

現在我們第四季度的稅率是26.1%，高於去年第四季度的24.9%。

For fiscal '22, based on our current estimates, which, of course, can always change, we anticipate that our effective normalized total company tax rate to be similar to fiscal '21, somewhere in the 26% to 27% range.

對於 22 財年，根據我們目前的估計，當然，這總是可以改變的，我們預計我們的有效標準化總公司稅率與 21 財年相似，在 26% 到 27% 的範圍內。

Unless, of course, there are changes to the U.S. corporate tax rates, we'll have to see -- wait and see.

當然，除非美國公司稅率發生變化，否則我們將不得不拭目以待——拭目以待。

A few other items of note, warehouse expansion.

其他一些值得注意的項目，倉庫擴建。

For fiscal '21 which just ended, we opened net openings of 20.

對於剛剛結束的 21 財年，我們開設了 20 個淨開口。

We actually had 22 openings, including 2 relocations, but a total increase of 20 net units.

我們實際上有 22 個空缺，包括 2 個搬遷，但總共增加了 20 個淨單位。

This year, we're looking to open at least 25 net new units, including second warehouses in each of China and France and our first location in New Zealand.

今年，我們計劃開設至少 25 個淨新單位，包括在中國和法國的第二個倉庫以及我們在新西蘭的第一個倉庫。

As well, we plan to relocate 5 locations.

此外，我們計劃搬遷 5 個地點。

Regarding capital expenditures, our fourth quarter 2021 spend, capital expenditure was approximately $1.09 billion.

關於資本支出，我們 2021 年第四季度的支出，資本支出約為 10.9 億美元。

Our full year CapEx spend was $3.59 billion.

我們全年的資本支出為 35.9 億美元。

As I mentioned in last quarter's call, this included a relatively recent $340 million purchase of a distribution facility on the West Coast to support our big and bulky delivery activities.

正如我在上個季度的電話會議中提到的，這包括最近以 3.4 億美元在西海岸購買了一個配送設施，以支持我們龐大而笨重的交付活動。

For e-commerce, e-commerce sales in the fourth quarter ex FX increased by 8.9% year-over-year.

電子商務方面，第四季度的電子商務銷售額（不含外匯）同比增長 8.9%。

That's on top of last year's Q4 e-commerce sales increase of 91%.

這是在去年第四季度電子商務銷售額增長 91% 的基礎上實現的。

Stronger departments, jewelry.

更強的部門，珠寶。

We actually sold a couple of rings in the $100,000 range.

我們實際上賣出了幾枚 100,000 美元左右的戒指。

Home furnishings was strong.

家裝很給力。

Pharmacy was strong.

藥房很強大。

And sporting goods was strong.

體育用品表現強勁。

A couple of other large departments like majors and electronics, while very good sales, we had really outsized sales a year ago in the fourth quarter during COVID.

其他幾個大型部門，如專業和電子產品，雖然銷售額非常好，但在一年前的第四季度 COVID 期間，我們的銷售額確實非常大。

Update on Costco Logistics.

Costco 物流更新。

Logistics continues to drive big and bulky sales.

物流繼續推動龐大而龐大的銷售。

For the quarter, Costco Logistics sales within -- our delivery was up 130%, and in the quarter, represented 24% of all sales on our U.S. e-commerce site.

本季度，Costco Logistics 的銷售額增長了 130%，在本季度，占我們美國電子商務網站所有銷售額的 24%。

That compares to -- that 24% compares to 11% of e-commerce sales last year.

相比之下，24% 與去年電子商務銷售額的 11% 相比。

Mind you, much of that relates to moving things from other third parties to our own internal logistics department.

請注意，其中大部分與將其他第三方的物品轉移到我們自己的內部物流部門有關。

Approximately -- currently, approximately 7,000 to 10,000 daily deliveries via Costco Logistics are occurring and continuing to grow.

大約 - 目前，通過 Costco Logistics 每天大約有 7,000 到 10,000 件貨物正在發生並繼續增長。

In terms of our e-comm app, we have over 10 million downloads.

就我們的電子商務應用而言，我們的下載量已超過 1000 萬次。

It's continually improving, with additional features coming soon.

它不斷改進，即將推出更多功能。

Digital payment using the Costco credit card, it's in pilot in several locations with full rollout by the middle of next month.

使用 Costco 信用卡進行數字支付，它在幾個地點進行試點，下個月中旬將全面推出。

The ability to view warehouse receipts online, also next month.

下個月也可以在線查看倉單。

More detail on online purchases as well.

更多關於在線購買的細節。

And by October end, we -- an improved mobile site, improved look and feel, a new landing page and expanded information both for dot-com use and for enhanced warehouse information.

到 10 月底，我們 - 一個改進的移動網站，改進的外觀和感覺，一個新的登錄頁面和擴展的信息，用於 .com 使用和增強的倉庫信息。

From a supply chain perspective -- I want to go back to 2 things, supply chain and inflation.

從供應鏈的角度來看——我想回到兩件事，供應鍊和通貨膨脹。

From a supply chain perspective, the factors pressuring supply chains and inflation include port delays, container shortages, COVID disruptions, shortages on various components, raw materials and ingredients, labor cost pressures and trucker and driver shortages -- trucks and driver shortages.

從供應鏈的角度來看，對供應鍊和通貨膨脹施加壓力的因素包括港口延誤、集裝箱短缺、新冠疫情中斷、各種零部件、原材料和配料短缺、勞動力成本壓力以及卡車司機和司機短缺——卡車和司機短缺。

Domestically, anecdotally rather, from -- even on the domestic side, various major brands are requesting longer lead times, some cases, difficulty in finding drivers and trucks on short notice.

在國內，甚至在國內，各種主要品牌都要求更長的交貨時間，在某些情況下，很難在短時間內找到司機和卡車。

Lead times on ingredients and packaging have been extended in some cases.

在某些情況下，配料和包裝的交貨時間已延長。

So planning is crucial, which I feel we -- our people have done a great job with that over the last several months.

因此，計劃至關重要，我覺得我們——我們的員工在過去幾個月裡在這方面做得很好。

Also, we're putting some limitations on key items, like bath tissues, roll towels, Kirkland Signature water, high-demand cleaning-related SKUs related to the uptick in Delta-related demand.

此外，我們對關鍵物品設置了一些限制，例如浴巾、卷巾、Kirkland Signature 水、與達美相關需求上升相關的高需求清潔相關 SKU。

Furniture delays and some shortages have caused traditional rollout times to go from 8 to 12 weeks up to 16 to 18 weeks.

家具延誤和一些短缺導致傳統的推出時間從 8 到 12 週增加到 16 到 18 週。

In some ways, we think that's an advantage.

在某些方面，我們認為這是一個優勢。

We're selling out generally merchandise once it's received within 2 weeks on most items.

大多數商品在 2 週內收到後，我們一般都會售罄。

And we've ordered more and earlier.

而且我們訂購的越來越早。

Same thing with toys in season, we're bringing in some of the items early.

季節性玩具也是如此，我們會提早引入一些物品。

Chip shortages impacting many items, as I mentioned in the last call.

正如我在上次電話會議中提到的，芯片短缺影響了許多項目。

Examples of impacted items: computers, tablets, video games, major appliances.

受影響物品的示例：電腦、平板電腦、視頻遊戲、主要電器。

Feeling is from the buyers is this will likely extend into 2022.

買家的感覺是這可能會延續到 2022 年。

Again, we're ordering as much as we can and getting it in earlier.

再一次，我們盡可能多地訂購併提前收到。

And I think as evidenced by the most recent sales results, we're doing okay with this.

而且我認為正如最近的銷售結果所證明的那樣，我們對此做得很好。

Despite these issues -- sorry, in terms of transportation costs, they're increasing.

儘管存在這些問題——抱歉，就運輸成本而言，它們正在增加。

We're reading about it every day.

我們每天都在閱讀它。

Containers, trucks and drivers all are impacting the timing of deliveries and higher freight costs.

集裝箱、卡車和司機都在影響交貨時間和更高的貨運成本。

Despite all these issues, we continue to work to mitigate cost increases in a variety of different ways and hold down and/or mitigate our price increases passed on to the members.

儘管存在所有這些問題，我們仍將繼續努力以各種不同的方式減輕成本上漲，並抑制和/或減輕轉嫁給會員的價格上漲。

We've also chartered 3 ocean vessels for the next year to transport containers between Asia and the U.S. and Canada.

我們還為明年租用了 3 艘遠洋船隻，在亞洲與美國和加拿大之間運輸集裝箱。

And we've leased several thousand containers for use on these ships.

我們已經租用了數千個集裝箱供這些船隻使用。

Every ship can carry 800 to 1,000 containers at a time, and we'll make approximately 10 deliveries during the course of the next year.

每艘船一次可以運載 800 到 1,000 個集裝箱，我們將在明年交付大約 10 個集裝箱。

Moving to inflation.

轉向通貨膨脹。

Again, there have been many -- there have been a variety of inflationary pressures that we and others are seeing, and more of it.

再一次，有很多——我們和其他人看到了各種各樣的通脹壓力，而且還有更多。

As I discussed on last quarter's call, inflationary factors abound: higher labor costs, higher freight costs, higher transportation demand, along with container shortages and port delays, increased demand in certain product categories, various shortages of everything from computer chips to oils and chemicals, higher commodities prices.

正如我在上個季度的電話會議上所討論的，通脹因素比比皆是：勞動力成本上升、貨運成本上升、運輸需求上升、集裝箱短缺和港口延誤、某些產品類別的需求增加、從計算機芯片到石油和化學品的各種短缺，商品價格上漲。

It's a lot of fun right now.

現在很有趣。

Some inflationary soundbites, if you will.

一些通貨膨脹的聲音，如果你願意的話。

Price increases on items shipped across the oceans, some suppliers or us paying 2 to 6x for containers and shipping.

跨洋運輸的物品價格上漲，一些供應商或我們為集裝箱和運輸支付 2 到 6 倍。

Price increases of pulp and paper goods, some items up 4% to 8%.

紙漿和紙製品價格上漲，部分項目上漲4%至8%。

Again, we're trying to mitigate those where we can, and we think we've done a decent job of mitigating some of it.

同樣，我們正在盡我們所能減輕那些，我們認為我們在減輕其中一些方面做得不錯。

Plastics, resin increases on things like trash bags, Ziploc SKUs, pet products -- resin or (inaudible) PET products, plastic cups, plates, plastic wrap, many items up in the 5% to 11% range.

塑料、樹脂在垃圾袋、Ziploc SKU、寵物產品——樹脂或（聽不清）PET 產品、塑料杯、盤子、保鮮膜等物品上的增加，許多物品增加了 5% 到 11% 的範圍。

Metals, again, aluminum foil, mid-single-digit cost increases as well as cans for sodas and other beverages.

金屬、鋁箔、中個位數的成本增加以及蘇打水和其他飲料的罐頭。

I mentioned commodities earlier, oil, coffee, nuts, they remain generally according to our buyers at 5-year highs and so on.

我之前提到了大宗商品，石油、咖啡、堅果，根據我們的買家，它們普遍保持在 5 年高點等。

Higher import prices on things from Europe like cheeses, for the combination of freight and FX.

由於運費和外彙的結合，奶酪等歐洲商品的進口價格較高。

3% to 10% increases on certain but not all apparel items.

某些但不是所有的服裝項目增加 3% 到 10%。

And fresh foods, inflation is up in the mid- to high single digits, with meat leading the way, up high single to low double digits due to feed, labor and transportation costs.

新鮮食品方面，通貨膨脹率在中高個位數上升，其中肉類領先，由於飼料、勞動力和運輸成本，通脹率從高個位數到低個位數上升。

Now I was asked back in March at our second quarter earnings call, at what level we felt inflation was running overall on the sell price side.

現在，在 3 月份的第二季度財報電話會議上，有人問我，我們認為通貨膨脹在售價方面總體上處於什麼水平。

I stated that our best guess at the time was somewhere between 1% and 1.5%.

我說當時我們最好的猜測是在 1% 到 1.5% 之間。

I updated that 16 weeks earlier -- 16 weeks ago on our May 26 third quarter call, and we estimate to be in the 2.5% to 3.5% range.

我在 16 週前更新了這一點——16 週前在我們 5 月 26 日的第三季度電話會議上，我們估計在 2.5% 到 3.5% 的範圍內。

As of today and talking with our senior merchants, we would estimate overall price inflation of the products we're selling to be in the 3.5% to 4.5% range.

截至今天，在與我們的高級商家交談時，我們估計我們銷售的產品的整體價格通脹在 3.5% 到 4.5% 的範圍內。

As I discussed earlier, this inflation was the driver of the $30 million LIFO charge that we took in the quarter.

正如我之前所討論的，這種通貨膨脹是我們在本季度收取 3000 萬美元 LIFO 費用的驅動因素。

But all of this said, I feel very good with the job that our merchants, our traffic department and our operators have all been doing and able to -- in order to get the products that we need, pivot when and where necessary and keep our warehouses full while keeping prices as low as we can for our members and continuing to show incredible value versus our competitors.

但所有這一切都表明，我對我們的商家、交通部門和運營商一直在做並且能夠做的工作感到非常滿意——為了獲得我們需要的產品，在必要的時間和地點進行調整併保持我們的倉庫已滿，同時為我們的會員保持盡可能低的價格，並繼續與我們的競爭對手相比顯示出令人難以置信的價值。

I think this is reflected in our strong reported sales and profits that we've achieved despite challenges and our typical aggressive pricing.

我認為這反映在我們報告的強勁銷售和利潤中，儘管面臨挑戰和我們典型的激進定價，但我們已經取得了這些成就。

Finally, in terms of upcoming releases, we will announce our September sales results for the 5 weeks ending Sunday, October 3, on Wednesday, October 6, after the market close.

最後，就即將發布的版本而言，我們將在收市後於 10 月 6 日星期三公佈截至 10 月 3 日星期日的 5 週的 9 月銷售結果。

And with that, I will open it up for questions with Ann.

有了這個，我將向 Ann 提出問題。

Ann?

安?

Thank you.

謝謝你。

(Operator Instructions) We have our first question from the line of Simeon Gutman from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Simeon Gutman。

Richard, my first question is on next fiscal year.

理查德，我的第一個問題是關於下一個財政年度。

I know you don't give a lot in terms of guidance, but wanted to ask if you think -- or how should we think about EBIT, whether it grows or not next year.

我知道您在指導方面沒有提供太多指導，但想問您是否認為 - 或者我們應該如何考慮息稅前利潤，明年是否會增長。

And if you don't answer that, I was going to ask if comps grow in fiscal '22, should EBIT grow?

如果你不回答這個問題，我想問一下 22 財年的薪酬是否增長，息稅前利潤應該增長嗎？

Well, on the first question, of course, I can't say we don't provide guidance.

那麼，關於第一個問題，當然，我不能說我們不提供指導。

But we've always talked about being a top line company, and that helps a lot of things.

但我們一直在談論成為一家頂級公司，這對很多事情都有幫助。

So depending on what level of sales, we'll have to wait and see.

因此，取決於銷售水平，我們將不得不拭目以待。

We do have the dollar increase that started in March that will anniversary next February, so at the end of Q2 next year.

我們確實有從 3 月開始的美元上漲，明年 2 月將是周年紀念日，所以在明年第二季度末。

But again, we've shown that even with what we view as holding the line as much as we can on pricing and being pretty aggressive there and taking that into account, we've shown that with strong sales, we can certainly improve the bottom line as well.

但是，我們再次證明，即使我們認為在定價上盡可能地保持底線，並且在那裡非常激進並考慮到這一點，我們已經證明，隨著銷售強勁，我們當然可以改善底部行也。

So fingers crossed.

於是十指相扣。

So my follow-up, maybe 2 parts, and one of them is on sales, and then you mentioned the wage increase.

所以我的後續，可能是兩部分，其中一個是銷售，然後你提到了工資增長。

So on the sales side, is there anything that you're looking at or approaching different?

所以在銷售方面，你有什麼不同的地方嗎？

I know extreme value is one angle, but timing of mailers, inventory availability looking better.

我知道極值是一個角度，但郵寄時間、庫存可用性看起來更好。

Is it ancillary that hasn't recovered?

是沒有恢復的輔助嗎？

What can you do on the top line given how big of a lap?

考慮到一圈有多大，你能在頂線上做什麼？

And then you mentioned the wage increases, and I know you'll lap those in March, but you've seen I think Amazon and Walmart have moved up.

然後你提到了工資增長，我知道你會在三月份超越那些，但你已經看到我認為亞馬遜和沃爾瑪已經上漲了。

And so I'm just curious if -- how do you think about -- or should we expect another increase in terms of wages?

所以我只是好奇——你如何看待——或者我們是否應該期待工資再次增加？

Sure.

當然。

Well, first of all, as it relates to all the anecdotal comments I made about supply chain and inflation, I think overall, we feel that we're doing a heck of a job in that stuff.

嗯，首先，因為它與我對供應鍊和通貨膨脹所做的所有軼事評論有關，我認為總的來說，我們覺得我們在這方面做得很好。

And I think some of the advantage we have is, is that we certainly have the financial ability to bring in things early or to order early and to mitigate whatever delay may have occurred.

我認為我們擁有的一些優勢是，我們當然有財務能力提早引入或提早訂購，並減輕可能發生的任何延誤。

We certainly have the space to keep some of this stuff, most particularly because of our Costco Logistics acquisition a year ago, 2 additional storage space, if you will.

我們當然有空間來存放這些東西，尤其是因為我們在一年前收購了 Costco Logistics，如果您願意的話，還有 2 個額外的存儲空間。

Not that we're having an issue with that because it's turning pretty fast.

並不是說我們對此有問題，因為它轉得很快。

And the fact that we're able to pivot.

以及我們能夠轉動的事實。

We're bringing in new items.

我們正在引進新項目。

We're bringing in items off season.

我們將在淡季帶來物品。

For Christmas, not -- pre-COVID, it was not -- it was toys and Trim A Home and electronics.

對於聖誕節，不是——在新冠疫情之前，不是——而是玩具、裝飾傢居和電子產品。

Today, it's all those things, plus things for the house from barbecue grills, even summer items, but anything you can get your hands on.

今天，所有這些東西，加上燒烤架上的房子，甚至是夏季用品，但任何你能拿到的東西。

And again, I think we've done a very good job of adding suppliers where we can and also making sure we're coming up with new items and being creative and innovative on -- even on the food and sundry side.

再說一次，我認為我們在盡可能增加供應商方面做得非常好，並確保我們提出新產品並在 - 即使在食品和雜貨方面也具有創造性和創新性。

So I think from that standpoint, despite sometimes looking at each other, the merchants and the traffic people, everybody is saying, boy, this -- when is this going to end?

所以我認為從這個角度來看，儘管有時會互相看著對方，商人和交通人員，每個人都在說，男孩，這——這什麼時候結束？

The fact is I think we're doing a very good job with that.

事實上，我認為我們在這方面做得很好。

So from an inventory standpoint, I think for those of you who -- several of you do go in and visit our locations on a random basis, they're full.

因此，從庫存的角度來看，我認為對於你們中的一些人來說——你們中的幾個人確實隨機進入我們的地點，他們已經滿了。

They look good compared to some of the pictures we see from others sometimes.

與我們有時從其他人那裡看到的一些圖片相比，它們看起來不錯。

And so I feel from that standpoint, we have a good issue.

所以我覺得從這個角度來看，我們有一個很好的問題。

With inflation -- to the extent that there's permanent inflationary items like freight costs or even somewhat permanent for the next year, we can't hold on to all those.

隨著通貨膨脹——如果有永久性的通貨膨脹項目，如運費成本，甚至明年有些永久性，我們無法堅持所有這些。

Some of that has to be passed on, and it is being passed on.

其中一些必須傳遞，並且正在傳遞。

We're pragmatic about it.

我們對此很務實。

But we recognize that since things have been so successful and our sales have been strong, we can hold the line on some of those things and do a little better job -- hopefully do a better job than some of our competitors have and be even that more extreme in the value.

但我們認識到，既然事情如此成功，而且我們的銷售一直很強勁，我們可以在其中一些事情上堅持到底，做得更好——希望比我們的一些競爭對手做得更好，甚至做到這一點更極端的價值。

So I think all those things so far, at least despite the challenges, have worked in our favor a little bit.

所以我認為到目前為止，所有這些事情，至少儘管面臨挑戰，都對我們有所幫助。

Our next question comes from the line of Michael Lasser from UBS.

我們的下一個問題來自瑞銀的 Michael Lasser。

Richard, in the past, what you've said, is that Costco's profitability tends to draft off the profitability of the overall retail sector.

理查德，過去，你說過，Costco 的盈利能力往往會影響整個零售行業的盈利能力。

In the last 1.5 years, the profitability of the overall retail sector has moved nicely higher.

在過去的 1.5 年中，整個零售業的盈利能力大幅提升。

Also, Costco's profitability, its margins have moved nicely higher.

此外，Costco 的盈利能力和利潤率也大幅提高。

Do you view this as sustainable?

你認為這是可持續的嗎？

Well, first of all, let me finish.

好吧，首先，讓我說完。

Simeon had one other question on wages, and let me just respond to that.

西蒙還有另一個關於工資的問題，讓我來回答一下。

Look, we're known for always being one to have the best wage package and benefits package and take care of our employees' package out there in big retail -- and big boxes and all forms of big retail.

看，我們一直以擁有最好的工資待遇和福利待遇而聞名，並在大型零售店以及大盒子和各種形式的大型零售店中照顧我們員工的一攬子計劃。

And even if the -- and we raised our lowest -- our starting wage to that $16 and $16.50 of late.

即使 - 我們將最低工資 - 我們的起薪提高到 16 美元和最近的 16.50 美元。

Mind you, our average hourly wage is, I think, slight -- in the U.S. is slightly north of $24 with a very healthy employee benefit plan.

請注意，我認為我們的平均小時工資是微不足道的——在美國，略高於 24 美元，並有一個非常健康的員工福利計劃。

We'll do whatever it takes to continue that model.

我們將盡一切努力繼續這種模式。

And who knows when and where, but we feel pretty good about where we are and -- but as many of you on the call know, irrespective of what's going on with our company in terms of strong sales or weak sales, we're going to do what's right by our employees.

誰知道何時何地，但我們對自己所處的位置感覺非常好 - 但正如你們中的許多人所知道的那樣，無論我們公司在銷售強勁還是銷售疲軟方面發生了什麼，我們都會去做我們員工認為正確的事情。

And Michael, I'm sorry, I go back to your question.

邁克爾，對不起，我回到你的問題。

Yes.

是的。

The question was, we've seen an improvement in profitability across retail that tends to influence the profitability of the profit margins of Costco.

問題是，我們已經看到整個零售業的盈利能力有所提高，這往往會影響 Costco 利潤率的盈利能力。

Do you view this improvement to your profit margin as sustainable from here?

您認為從這裡開始，您的利潤率提高是可持續的嗎？

Okay.

好的。

Well, look, I think the anomaly over the last 1.5 years has been that when a lot of big boxes or big retailers were enjoying comps pre-COVID in the, I'll call it, the 2% to 4% range or the 2% to 5% range, and we were enjoying 5s, 6s and 7s.

好吧，看，我認為過去 1.5 年的異常情況是，當許多大盒子或大型零售商在 COVID 之前享受補償時，我稱之為 2% 到 4% 的範圍或 2 % 到 5% 的範圍，我們享受 5s、6s 和 7s。

Now we've been enjoying mid-teens or effectively low to mid-teens over -- and we've taken some market share from others.

現在我們一直在享受十幾歲或十幾歲的青少年——我們已經從其他人那裡獲得了一些市場份額。

We think that some of that will stick, and we hope it will stick.

我們認為其中一些會堅持下去，我們希望它會堅持下去。

And we feel pretty good right now about what we've done and what we've accomplished.

我們現在對我們所做的和取得的成就感覺很好。

To the extent that we can generate greater than industry average comps, I think -- and that -- they don't have to be in the low to mid-teens.

在某種程度上，我們可以產生高於行業平均水平的補償，我認為 - 而且 - 他們不必處於低到中青少年。

They could still be in the mid- to high singles that we should continue to improve.

他們仍然可能處於中高單曲水平，我們應該繼續改進。

But again, I get back to the comment that has been reinforced internally from the beginning of time, we are a top line company, and everything else will take care of itself.

但是，我再次回到從一開始就在內部得到強化的評論，我們是一家頂級公司，其他一切都會自行解決。

Got it.

知道了。

My second question is on your gross margin.

我的第二個問題是關於你的毛利率。

There's a lot of moving pieces as there are a lot of moving pieces with everything that's happening with Costco right now.

有很多動人的部分，因為現在 Costco 發生的一切都有很多動人的部分。

But specifically, you're giving back some of the core-on-core gross margin gains that you experienced from really strong fresh sales last year.

但具體而言，您正在回饋您從去年真正強勁的新銷售中獲得的一些核心毛利率收益。

But on the other hand, your ancillary businesses are doing really well.

但另一方面，您的輔助業務做得非常好。

So is that dynamic where you're making up for the pressure on the fresh with strong ancillary, is that sustainable?

那麼，您通過強大的輔助工具來彌補對新鮮事物的壓力，這種動態是可持續的嗎？

And as part of that, the perception is that Costco tends to raise prices at a slower rate than others in the retail landscape, which tends to pressure its margins as inflation is heating up.

作為其中的一部分，人們認為 Costco 的提價速度往往比零售領域的其他公司要慢，這往往會隨著通脹升溫而給其利潤率帶來壓力。

What would be different this time to make that not happen?

這次有什麼不同可以避免這種情況發生？

Well, I think your first part of your question, I think, tells part of the tale is there are so many moving parts.

好吧，我認為你的問題的第一部分，我想，說明了故事的一部分是有這麼多活動的部分。

If you look at gasoline, which is a -- is 10-plus percent of our sales, it's a huge business, which can have huge variations of gross margin.

如果你看一下汽油，它占我們銷售額的 10% 以上，這是一項巨大的業務，毛利率可能會有巨大的變化。

Knock on wood, always profitable, but it's still quite a range of gross margin.

敲木頭，總是有利可圖的，但它仍然是相當範圍的毛利率。

And that's more reflective of what's going on with competition in the retail gasoline market.

這更能反映零售汽油市場的競爭情況。

We feel that sometimes other large retailers of gasoline are looking to make a little more, which gives us the ability to be quite profitable but still show an even bigger savings.

我們覺得有時其他大型汽油零售商希望賺得更多，這使我們有能力獲得相當大的利潤，但仍然顯示出更大的節省。

So there's lots of puts and takes.

所以有很多看跌期權。

Certainly, from last year, you had -- I mean I think there was a 16-week -- roughly a 16-week period where our optical and our hearing aid centers were outright closed.

當然，從去年開始，你有 - 我的意思是我認為有 16 週 - 大約有 16 週的時間，我們的光學和助聽器中心完全關閉。

Travel went to literally having negative revenue because it was not having new business, and it was refunding previously booked business at the trough of COVID.

旅行實際上是負收入，因為它沒有新業務，並且在 COVID 低谷時退還先前預訂的業務。

And so there's those kind of anomalies.

所以有那些異常。

Again, I get back to thinking that due to the unfortunate thing called COVID, some businesses have benefited in the sense that we were essential, in the sense that our cavernous places, we feel that people felt comfortable coming in.

再次，我回想一下，由於被稱為 COVID 的不幸事件，一些企業在我們至關重要的意義上受益，在我們巨大的地方，我們覺得人們進來感覺很舒服。

To the extent that we are able merchandise wise to have pivoted and maintain, notwithstanding supply chain issues, maintain exciting full warehouses of merchandise.

在某種程度上，儘管供應鏈存在問題，但我們能夠明智地調整和維護商品，維持令人興奮的完整商品倉庫。

So I think those are the things that help us.

所以我認為這些對我們有幫助。

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

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

Richard, if inflation stays up in that 2.5% to -- I'm sorry, 3.5% to 4.5% range over the next couple of quarters, would you expect that LIFO charge to be [about] $30 million per quarter?

理查德，如果通脹率在接下來的幾個季度保持在 2.5% 到 - 對不起，3.5% 到 4.5% 的範圍內，您是否預計 LIFO 費用將是每季度 [約] 3000 萬美元？

Or should we -- could we adjust it per week or -- years ago, you used to have that charge every quarter or sometimes a credit.

或者我們應該 - 我們可以每週調整它嗎？或者 - 幾年前，你曾經每季度收取一次費用，有時甚至是信用。

Just wondering how we handle that from here.

只是想知道我們如何從這里處理。

It's hard to say.

很難說。

I wouldn't just say it's that much based on that -- it really depends.

我不會只是說它基於此——這真的取決於。

And mind you, when you had -- again, we've enjoyed a number of years of effectively very little, if any, no LIFO or eating into a previous LIFO credit 5 and 6 years ago.

請注意，當你有 - 再一次，我們已經享受了很多年，實際上很少，如果有的話，沒有 LIFO 或在 5 和 6 年前吃掉之前的 LIFO 信用。

So -- but if there's consistent inflation going forward for the next 2, 3, 4 quarters, you're going to also see some price increases to those customers.

所以——但如果接下來的 2、3、4 個季度持續通脹，你也會看到這些客戶的價格上漲。

And may I say some -- there's been some already.

我可以說一些 - 已經有一些了。

But in our view, there is less than we could have done, and that'll continue.

但在我們看來，我們本可以做的還少，而且還會繼續。

And I think the more consistent inflation -- if inflation raise stayed at this level, and we don't know that, but if it did stay at this level, even with a LIFO charge, in some ways, it'll be offset by price increases.

而且我認為更一致的通脹——如果通脹上升保持在這個水平，我們不知道，但如果它確實保持在這個水平，即使有後進先出收費，在某些方面，它也會被抵消價格上漲。

But also, it stays (inaudible)

但是，它仍然存在（聽不清）

Okay.

好的。

Okay.

好的。

Great.

偉大的。

And then on -- I just don't know if you had a follow-up there.

然後——我只是不知道你是否有後續行動。

And then on the labor front, I'm curious if you guys have observed an increase in applications in roughly 20 states that ended unemployment benefits on September 1. A number of companies have spoken to a big increase in job applications recently.

然後在勞動力方面，我很好奇你們是否觀察到在 9 月 1 日結束失業救濟金的大約 20 個州的申請數量有所增加。一些公司最近談到了工作申請的大幅增加。

I don't know the -- I haven't asked it.

我不知道——我沒問過。

I don't know the answer to that.

我不知道答案。

It makes sense.

這說得通。

Next question comes from the line of Karen Short from Barclays.

下一個問題來自巴克萊銀行的 Karen Short。

I just want to clarify one thing on that last line of questioning.

我只想在最後一行提問中澄清一件事。

In terms of the LIFO charge, was this $30 million a catch-up for the whole year?

就 LIFO 收費而言，這 3000 萬美元是全年的追趕嗎？

Or was that something that was reflective of the quarter itself because that then speaks to the run rate?

還是這反映了季度本身，因為這說明了運行率？

It's the quarter.

這是季度。

It's basically -- if you take your cost silos of inventory and what was it at Q3 end and what is it now at Q4 end.

基本上是-如果您考慮庫存的成本孤島，以及第三季度末的情況以及第四季度末的情況。

Okay.

好的。

So I guess, obviously, as you listed all these different pressure points on pricing, I guess my bigger picture question is, how do you think about the membership fee structure in general?

所以我想，很明顯，當你列出所有這些不同的定價壓力點時，我想我更大的問題是，你如何看待一般的會員費結構？

Does all these pressures on, I guess, your business but also on the consumer from an inflationary standpoint make you more likely, less likely?

我猜，從通貨膨脹的角度來看，對您的業務以及對消費者的所有這些壓力是否使您更有可能，不太可能？

Or how does it impact your membership fee increase decision process?

或者它如何影響您的會員費增加決策過程？

What we've said over the years is that certainly, we look at our gross profit as a combination of a gross margin plus a membership fee.

我們多年來所說的是，當然，我們將我們的毛利潤視為毛利率和會員費的組合。

But we really don't look at it together in that way that, hey, if we do something with a membership fee, we could be more aggressive on pricing.

但是我們真的不會這樣看待它，嘿，如果我們用會員費做某事，我們可能會在定價上更具侵略性。

I remember years ago, somebody had asked when the economy had softened and our comps had weakened a little bit, and we're coming up on kind of that fifth anniversary-ish of a pending increase and somebody said, given the economy is weaker, you -- and your sales have weakened a little bit, still a positive number, but weakened a little bit, would you still do it?

我記得幾年前，有人問過經濟何時走軟，我們的薪酬有所減弱，我們即將迎來五週年——即將到來的增長，有人說，鑑於經濟疲軟，你——你的銷售額有所減弱，仍然是一個正數，但有所減弱，你還會這樣做嗎？

And the response at the time was more likely we're going to do it because that's what we do.

當時的反應是我們更有可能這樣做，因為這就是我們所做的。

We could drive lower prices with it and drive more business.

我們可以通過它降低價格並推動更多業務。

And so we really do -- we look at the loyalty.

所以我們確實這樣做了——我們關注忠誠度。

And certainly, the loyalty and renewal rates have been up...

當然，忠誠度和續訂率一直在上升......

(inaudible)

（聽不清）

Yes.

是的。

Honestly, we're still ways away from anniversarying the last -- the fifth year or so -- fifth plus year anniversarying of the last increase.

老實說，我們距離最後一次的周年紀念還有很長的路要走——第五年左右——最後一次增長的第五年多周年。

So we're a little ways from thinking about it.

所以我們離思考還有一點距離。

Okay.

好的。

And then just -- we had a conference today with some large cap names that kind of indicated that their new view on what their actual cash balance should be going forward relative to prepandemic had actually increased.

然後只是 - 我們今天舉行了一次會議，其中一些大盤股的名字表明他們對相對於大流行前的實際現金餘額應該如何發展的新看法實際上已經增加。

So wondering if you could just talk about your perspective on what you think the right like sustainable cash balance could be because, obviously, you're still sitting on a pretty hefty excess cash balance now.

所以想知道你是否可以談談你對可持續現金餘額的看法，因為很明顯，你現在仍然持有相當大的超額現金餘額。

I think if the -- we've always been considered to have more cash and have a more conservative balance sheet.

我認為，如果我們一直被認為擁有更多現金並且擁有更保守的資產負債表。

I think if the world is saying that they think that it should be going up more, I don't think we've thought about it going up more.

我認為，如果全世界都在說他們認為它應該上漲更多，我認為我們沒有考慮過它會上漲更多。

In fact, when we did the capital raise in April of '20, it's related specifically to what was the worst case of COVID.

事實上，當我們在 20 年 4 月進行融資時，它與 COVID 的最壞情況特別相關。

Once -- 6 months later, we saw that we didn't need it.

一次—— 6 個月後，我們發現我們不需要它。

We promptly gave it back to our shareholders and then a little.

我們立即把它還給了我們的股東，然後還給了一點。

So I think we're -- the other anomaly has been is we've been blessed with a very good fiscal year.

所以我認為我們 - 另一個異常情況是我們很幸運有一個非常好的財政年度。

The last 1.5 years in terms of net income and operating cash flow relative to our CapEx, our regular dividend and the special, let's say, that kind of offset the debt capital -- the debt we did.

過去 1.5 年的淨收入和運營現金流相對於我們的資本支出、我們的定期股息和特殊的，比方說，抵消債務資本——我們所做的債務。

And so at the end of the day, I don't see us changing our MO in that at this point.

所以在一天結束的時候，我看不到我們在這一點上改變我們的 MO。

Next question comes from the line of Chris Horvers from JPMorgan.

下一個問題來自摩根大通的 Chris Horvers。

I'll stick by the price (inaudible).

我會堅持價格（聽不清）。

I guess if I'm interpreting what you're saying, is it basically because these pressures seem more structural in nature and because the demand environment is so good, you feel less compelled to be more aggressive on price, and if the environment slows, then that could change your calculus?

我想如果我在解釋你所說的話，主要是因為這些壓力在本質上似乎更具結構性，而且因為需求環境非常好，你會覺得不太需要在價格上更具侵略性，如果環境放緩，那麼這會改變你的微積分嗎？

It's really all about the value proposition.

這真的是關於價值主張。

If anything, I think from the outside, people would look at us relative to other retailers and say, we've been more aggressive on holding prices than others, at least that's how we feel.

如果有的話，我認為從外部來看，人們會相對於其他零售商來看待我們，然後說，我們在保持價格方面比其他人更積極，至少我們是這樣認為的。

But we have to be pragmatic.

但我們必須務實。

As these things are permanent and consistent, you've got to raise the price.

由於這些東西是永久且一致的，因此您必須提高價格。

We can't be completely noble here.

我們在這裡不能完全高尚。

But we feel that, if anything, that moat has probably widened a little bit for us.

但我們覺得，如果有的話，那條護城河可能對我們來說已經擴大了一點。

And that's great.

這很棒。

We like wider moats.

我們喜歡更寬的護城河。

So the third variable being others are raising prices faster than you, so the price gaps have widened.

所以第三個變量是別人提價的速度比你快，所以價格差距擴大了。

That's our view.

這就是我們的觀點。

That's our buyer's view.

這是我們買家的看法。

But we're looking at really at us, given -- frankly, given how strong it's been -- and we -- in our DNA, we hate raising prices.

但我們真的在看我們自己，坦率地說，考慮到它的強大程度——而且我們——在我們的 DNA 中，我們討厭提高價格。

We want to be the last to raise it and the first to lower it.

我們想成為最後一個提高它並第一個降低它的人。

In our DNA, not even -- putting on shades on the side and not even looking at others, we're looking at how do we drive our own business.

在我們的 DNA 中，甚至沒有——戴上陰影，甚至不看別人，我們正在研究如何推動我們自己的業務。

And we know that being the most -- the best value out there and having great merchandise and all that other wonderful stuff is how you do it.

我們知道，成為最有價值的人，擁有優質商品和所有其他美妙的東西就是你如何做到的。

And as we've seen such strength in our numbers and then as we've encountered rising levels of inflation, where can we hold the price on some things?

當我們看到我們的數字如此強勁，然後我們遇到了不斷上升的通脹水平，我們可以在哪裡控制某些東西的價格？

And that's what we do.

這就是我們所做的。

It's an art form more than a science, but it seems to work for us.

它是一種藝術形式，而不是一門科學，但它似乎對我們有用。

For sure.

當然。

So my second question is on the membership fee, MFI growth, ex the FX benefit that you've seen, that number has accelerated the past 2 quarters.

所以我的第二個問題是關於會員費、小額信貸機構的增長，除您所看到的外匯收益外，這個數字在過去兩個季度中加速了。

So is it -- given that the accounting of this is over a 12-month basis, you sort of -- you have a view -- you have some inkling on what that growth could be as you look forward.

是嗎 - 考慮到這是超過 12 個月的計算，你有點 - 你有一個看法 - 你對未來的增長可能會有一些了解。

Higher renewal rates, obviously, taking a ton of share.

顯然，更高的續訂率佔據了大量份額。

Should, all else equal, that level, again, MFI growth ex FX, continue to accelerate?

在其他條件相同的情況下，小額信貸機構除外匯外的增長是否應該繼續加速？

Well, the big answer is we hope so.

好吧，最大的答案是我們希望如此。

The fact that we're opening more units in '21 than we did in '20 is a positive.

我們在 21 年開設的單位比 20 年多，這一事實是積極的。

The fact that there are several international units, which tend to have higher growth rates, the fact that auto renew is kind of a freebie in the sense that more people getting -- signing up and putting a credit card on their application -- in their application or signing up for the most -- more importantly, signing up for the Citi Visa card, that helps you a little bit.

事實上，有幾個國際單位的增長率往往更高申請或註冊最多——更重要的是，註冊Citi Visa卡，對你有一點幫助。

Driving executive -- getting more people today -- for every 100 people signing up today, I think, a little over half, I don't have an exact number, sign up as an executive member.

駕駛執行官——今天吸引更多人——對於今天每 100 人註冊，我想，有一半多一點，我沒有確切的數字，註冊為執行成員。

I remember 6, 7 years ago, 8 years ago, it was half that percentage, and these are rough numbers, so don't hold me to them.

我記得 6、7 年前，8 年前，是這個百分比的一半，這些都是粗略的數字，所以不要拘泥於他們。

But at the end of the day, the executive members, by its definition, have higher renewal rates.

但歸根結底，按照其定義，執行成員的續約率更高。

They shop more frequently.

他們購物更頻繁。

They buy more stuff.

他們買更多的東西。

So all that stuff is -- that's -- those are all good factors for us.

所以所有這些都是 - 那是 - 這些對我們來說都是好的因素。

And just one quick last one.

只有一個快速的最後一個。

Have you shared how many -- the percentage of your membership that have -- in the U.S. that have the Citibank private label card?

您是否分享了在美國擁有花旗銀行自有品牌卡的會員人數（佔會員人數的百分比）？

I don't think we have.

我不認為我們有。

By the way, before the next question, somebody checked on the number of -- we have seen a recent increase in applications in the last couple of weeks.

順便說一句，在下一個問題之前，有人檢查了——我們看到最近幾週申請的數量有所增加。

I think Chuck asked that.

我想查克是這麼問的。

Our next question comes from the line of Paul Lejuez from Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

This is Brandon Cheatham on for Paul.

這是保羅的布蘭登·奇塔姆。

Going to take a stab at the membership question as well.

也會嘗試解決會員問題。

You have some great membership statistics.

你有一些很棒的會員統計數據。

It sounds like you're offering great value in the club.

聽起來你在俱樂部提供了巨大的價值。

I was wondering, are you thinking about not investing as much in the new member promotions?

我想知道，您是否考慮不在新會員促銷活動上投入太多資金？

Anything that you could talk on there.

你可以在那裡談論任何事情。

Has that looked similar to last year?

這看起來和去年相似嗎？

Has that increased?

有沒有增加？

No.

不。

I think when you say member promotions, what do you mean?

我想當你說會員促銷時，你是什麼意思？

I think right now, you're offering $40 Costco cash card if you sign up.

我想現在，如果您註冊，您將提供 40 美元的 Costco 現金卡。

Marketing...

營銷...

Marketing, okay.

營銷，好吧。

We do a variety of things, not a huge basis, but we try some things in the last few years.

我們做各種各樣的事情，不是很大的基礎，但我們在過去幾年嘗試了一些事情。

We've done some things with Groupon and with one other one, LivingSocial.

我們已經在 Groupon 和另一項 LivingSocial 上做了一些事情。

We've done some things like you've mentioned, but those are not on a -- I'd say they're on a regular, irregular basis.

我們已經完成了您提到的一些事情，但這些事情不是——我會說它們是定期的、不定期的。

And we try different things all the time.

我們一直在嘗試不同的事情。

But I think that's really, frankly, independent of looking at the membership fee itself.

但坦率地說，我認為這真的與會員費本身無關。

It's really about how do we drive memberships and what is the incremental cost, what is the true cost of acquiring a new member other than waiting for them to go online or walk into the warehouse to sign up themselves.

這實際上是關於我們如何推動會員資格以及增量成本是多少，獲得新會員的真正成本是什麼，而不是等待他們上線或走進倉庫自行註冊。

And so we're always trying some new things.

所以我們總是在嘗試一些新事物。

Got it.

知道了。

And you mentioned your own chartered ships.

你提到了你自己的包租船。

So I was just wondering, what percentage of your shipping would that represent next year?

所以我只是想知道，明年你的出貨量佔多少百分比？

Less than 20%.

不到 20%。

Less than 20%.

不到 20%。

Got it.

知道了。

And...

和...

Yes.

是的。

Less than 20% of our Asia shipping.

不到我們亞洲航運的 20%。

Got it.

知道了。

Okay.

好的。

And last one for me.

最後一個給我。

On the e-comm side, I was just wondering your customer that shops there, do they visit the store as frequently as a member that doesn't shop online?

在電子商務方面，我只是想知道您的客戶在那裡購物，他們訪問商店的頻率是否與不在線購物的會員一樣頻繁？

I don't know that off the top of my head.

我不知道這是我的頭頂。

What I -- and I don't have all the specific statistics in front of us.

我——而且我沒有擺在我們面前的所有具體統計數據。

All the charts that we look at keep going in the right direction: number of people that bought online, percentage of members, the hit rate when we do something on an e-mail to get people to do something online.

我們看到的所有圖表都在朝著正確的方向發展：在線購買的人數、會員百分比、當我們在電子郵件上做某事以促使人們在線做某事時的點擊率。

I think what we do know is when you shop online and in the warehouse, you typically shop maybe a few less times in warehouse, but you overall spend more...

我認為我們所知道的是，當您在網上和倉庫購物時，您通常在倉庫購物的次數可能會少一些，但總體而言，您會花費更多……

Okay.

好的。

What Bob has mentioned -- thank you, Bob, is that when you -- if you take a regular loyal member and when they do start shopping online, they may shop a few times less in-store, but the aggregate of the 2 is greater than the historical, which makes sense.

Bob 提到過——謝謝你，Bob，當你——如果你帶了一個忠實的忠實會員，當他們開始在線購物時，他們在店內購物的次數可能會少幾倍，但兩者的總和是大於歷史，這是有道理的。

And by the way, the other thing there is that online, while we're constantly putting on what I'll call greater frequency, traffic building items or velocity items like apparel and health and beauty aids and things like that, the fact of the matter is, is more and more big and bulky items are bought online.

順便說一句，另一件事是在線上，雖然我們不斷地投放我稱之為更高頻率的東西，交通建設項目或速度項目，如服裝、健康和美容輔助工具之類的東西，事實上問題是，越來越多的大件物品在網上購買。

Years ago, if you wanted to buy a mattress or a refrigerator, you had to go buy it and pick it up and take it home.

多年前，如果你想買床墊或冰箱，你必須去買，然後拿回家。

We didn't deliver.

我們沒有發貨。

We didn't install.

我們沒有安裝。

That's, of course, changed in the last many years.

當然，在過去的許多年裡，這種情況發生了變化。

And we have an appliance business in the U.S. that's well over $1 billion and growing fast -- continue to grow fast, helped by the Costco Logistics.

我們在美國擁有超過 10 億美元的電器業務，並且增長迅速——在 Costco Logistics 的幫助下繼續快速增長。

So that changes the metric a little bit, too.

所以這也稍微改變了指標。

Our next question comes from the line of Mike Baker from Davidson.

我們的下一個問題來自戴維森的 Mike Baker。

Two questions for me.

我有兩個問題。

One, you did allude to the Delta variant and having to limit some product in areas where we've seen higher cases.

第一，您確實提到了 Delta 變體，並且不得不在我們看到更高案例的區域限制某些產品。

So could you just sort of talk about overall different trends that you might be seeing in areas that are seeing bigger spikes in the new COVID variant versus others?

那麼，您能否談談在新的 COVID 變體與其他變體相比出現更大峰值的區域中可能看到的總體不同趨勢？

I don't know -- I don't have in front of me any detail by region in that regard.

我不知道——在這方面，我沒有按地區劃分的任何詳細信息。

What I do know is like everything right now, it's all over the board.

我所知道的就像現在的一切一樣，它無處不在。

We're talking – I forget what cleaning supply it was, whether it was Clorox or Lysol or some type of antibacterial wipe or whatever it was.

我們在談論——我忘記了它是什麼清潔用品，無論是 Clorox 或 Lysol 還是某種類型的抗菌擦拭巾或其他任何東西。

But there had been -- a year ago, there was a shortage of merchandise.

但是，一年前，商品短缺。

Now they've got plenty of merchandise, but there's 2- or 3-week delays on getting it delivered because there's a limit on short-term changes to trucking and delivery needs of the suppliers.

現在他們有大量的商品，但由於供應商的卡車運輸和交付需求的短期變化受到限制，因此交貨延遲了 2 或 3 週。

So it really is all over the board.

所以它真的是全面的。

And maybe as part of that, are you seeing anything in terms of the travel trends, which I know were coming back really strong as of last quarter, but has Delta reverted that at all?

也許作為其中的一部分，你有沒有看到旅行趨勢方面的任何事情，我知道到上個季度它真的很強勁，但達美航空是否完全恢復了這一點？

Yes.

是的。

Yes.

是的。

If you look to the chart, which went down, so it's at -- last summer or last spring, it was negative, more refunds than new things being booked.

如果你看一下圖表，它是下降的，所以它是在去年夏天或去年春天，它是負數，退款比預訂的新東西多。

It really got back to almost normal.

它真的恢復了幾乎正常。

I'm talking about bookings of resort vacations and -- like to Hawaii and to Mexico and things like that.

我說的是度假勝地的預訂，比如去夏威夷和墨西哥等等。

And just a month ago -- 1.5 months, 2 months ago, at the monthly budget meeting, the charts were showing it was almost back to where it was pre-COVID.

就在一個月前——1.5 個月、2 個月前，在每月預算會議上，圖表顯示它幾乎回到了 COVID 之前的水平。

And then it fell like a rock, not as bad as it was at its trough last spring, but it's certainly come down.

然後它像一塊石頭一樣掉了下來，不像去年春天的低谷那麼糟糕，但它肯定已經掉下來了。

Cars not hit as bad, but that'll fluctuate based on, again, what's going on out there.

汽車的撞擊沒有那麼糟糕，但這會再次根據外面發生的情況而波動。

Yes.

是的。

That all makes sense.

這一切都說得通。

One more quick one.

再來一個快的。

The -- that was one question in 2 parts.

- 那是一個分為兩部分的問題。

You -- can you update us on the curb side pickup tests that you were running in New Mexico, I think, as of -- last time we spoke, it was in 3 stores.

你 - 你能告訴我們你在新墨西哥州進行的路邊皮卡測試嗎，我想，截至我們上次談話時，它是在 3 家商店。

Right.

對。

We're currently not doing it.

我們目前沒有這樣做。

We discontinued for now.

我們暫時停產了。

We'll try some new things somewhere sometime.

我們會在某個地方嘗試一些新事物。

But at this point, we got a lot of good things going on.

但在這一點上，我們發生了很多好事。

And we were -- we really didn't see a lot of traction in it.

而且我們 - 我們真的沒有看到它有很大的吸引力。

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

我們的下一個問題來自奧本海默的 Rupesh Parikh。

So I guess just going back to the core margin.

所以我想只是回到核心邊距。

So it sounded like at least this past quarter, on the price side, you guys delayed passing through some of the price increases.

所以聽起來至少在過去的這個季度，在價格方面，你們推遲了一些價格上漲。

So as you look at nonfood versus your foods categories, is it generally easier to pass through on the nonfood side versus the food side?

因此，當您查看非食品與食品類別時，通常在非食品方面與食品方面相比更容易通過嗎？

I wouldn't say that.

我不會這麼說的。

I think food -- fresh turned so fast.

我認為食物——新鮮的變的太快了。

It turns more than 50 times a year, 50 times a year or whatever.

它一年轉 50 多次，一年 50 次或其他。

And when you've got a hot price on strip steaks or keeping the rotisserie chicken at $4.99, that's going to impact you a little faster.

而且，當您對條狀牛排或將烤雞保持在 4.99 美元時，這會更快地影響您。

I don't think it changes the price of muffins every week.

我不認為它每週都會改變鬆餅的價格。

Yes.

是的。

But the comment here is that we're not going to change the price of muffins every week.

但這裡的評論是我們不會每週改變鬆餅的價格。

So we'll take a little less margin on some items.

所以我們會在一些項目上減少一點保證金。

I think it's all over the board.

我認為這一切都在板上。

But at the end of the day, there's -- it's an art form not a science or not a straight across, we're going to do this much on every item.

但歸根結底，這是一種藝術形式，不是一門科學，也不是直截了當的，我們將在每個項目上做這麼多。

Okay.

好的。

Great.

偉大的。

And then a second question.

然後是第二個問題。

Just as you look at your service business, optical, food courts, et cetera, where are we versus where you were prepandemic?

就像您查看您的服務業務、光學、美食廣場等一樣，我們與您在大流行前所處的位置相比在哪裡？

Have those businesses fully recovered at this point?

這些企業此時是否已完全恢復？

Mostly.

大多。

Mostly.

大多。

Yes, pharmacy and optical have.

是的，藥房和眼鏡都有。

Food courts have come back.

美食廣場又回來了。

Hearing aids is getting there.

助聽器正在到來。

Hearing aid is not quite yet, but it's much better than it was at its trough.

助聽器還沒有完全成熟，但比低谷時要好得多。

[I don't think] travel...

[我不認為] 旅行...

And travel is lots of fun based on what's going on with COVID.

根據 COVID 的情況，旅行充滿樂趣。

Okay.

好的。

Great.

偉大的。

And one final question.

最後一個問題。

I may have missed this in your prepared comments.

我可能在您準備好的評論中錯過了這一點。

Did you guys give a forecast for CapEx for the upcoming fiscal year?

你們對即將到來的財政年度的資本支出進行了預測嗎？

No.

不。

It'll have a [3] in front of it.

它前面會有一個 [3]。

Our next question comes from the line of John Heinbockel from Guggenheim.

我們的下一個問題來自古根海姆的 John Heinbockel。

So Richard, you said it's an art not a science.

所以理查德，你說這是一門藝術而不是一門科學。

I'm curious where you guys sit on data science and analytics around price elasticity, one; and two, personalization of the monthly mailer or monthly e-mails.

我很好奇你們在圍繞價格彈性的數據科學和分析方面坐在哪裡，一個；第二，每月郵件或每月電子郵件的個性化。

Where are we on that journey?

我們在這段旅程中的何處？

First of all, as it relates to pricing and elasticity, I think if we were considered the best company in the world with data analytics, we would still not use it for price elasticity.

首先，由於它與定價和彈性有關，我認為如果我們被認為是世界上擁有數據分析能力最好的公司，我們仍然不會將其用於價格彈性。

We're going to do what we do as merchants and look at competitive prices and see how low we can mark something up.

我們將做我們作為商人所做的事情，看看有競爭力的價格，看看我們能把一些東西加到多低。

And the old saying from years ago, we want to improve margins by lowering -- and lower prices at the same time by buying better and doing those things.

多年前的那句老話，我們希望通過降低利潤來提高利潤率——同時通過更好地購買和做這些事情來降低價格。

So I don't see that happening at all.

所以我根本看不到這種情況發生。

As it relates to the other aspect of that, that's coming.

因為它涉及到另一個方面，那就是即將到來。

We made a big investment in what I'll call data analytics for us because we went from darn near 0 to something, but brought on a VP of Data Analytics a year ago March.

我們在我稱之為數據分析的東西上進行了大筆投資，因為我們從接近 0 到某個東西，但在一年前的 3 月聘請了一位數據分析副總裁。

There's been a lot of progress.

有很大的進步。

A lot of focus to date has been on the merchandising side, providing better tools to buy and to project and things like that.

迄今為止，很多重點都放在了銷售方面，提供了更好的購買和項目工具以及類似的東西。

I think you'll see more of that over the next year.

我想你會在明年看到更多。

But again, we're getting there.

但是，我們再次到達那裡。

I always look at it as some of the things that others are doing that will help.

我總是把它看作是其他人正在做的一些有幫助的事情。

It's low-hanging fruit for us because we haven't done it yet, but we'll keep going.

這對我們來說是唾手可得的成果，因為我們還沒有做到，但我們會繼續前進。

But that's where a lot of the data analytics function to date in this past year as we built a department around it has been just that.

但這就是過去一年迄今為止的許多數據分析功能，因為我們圍繞它建立了一個部門。

And then maybe secondly, one of the things you guys have been known for, right, is seasonally getting in and out before everybody else.

然後也許其次，你們眾所周知的一件事，對，就是季節性地先於其他人進出。

So do you lean into that in an environment, right, where it's hard to chase product, get it in early, people buy it, and they're done for the season?

那麼你是否傾向於在一個環境中，對，很難追逐產品，早點得到它，人們購買它，並且他們已經完成了這個季節？

Do you lean into that more in terms of where you can more inventory get it in the club?

您是否更傾向於在俱樂部中獲得更多庫存的地方？

Or is there a limitation, right, because you've got to transition from one season to the next?

還是有限制，對吧，因為你必須從一個賽季過渡到下一個賽季？

(inaudible)

（聽不清）

I think there's a little bit of both.

我認為兩者都有一點。

There's a little bit of taking it where you can get it right now.

有一點把它帶到你現在可以得到的地方。

And certainly, we're consciously bringing in -- I think I mentioned on, what was it, furniture, where the cycle has gone from 12 and 14 weeks to 16 and 18.

當然，我們有意識地引入 - 我想我提到過，它是什麼，家具，週期從 12 周和 14 週變為 16 周和 18 週。

We're bringing in early.

我們提早引進。

And certainly, on seasonal things, we'll do that on some items.

當然，在季節性的事情上，我們會在一些項目上這樣做。

And -- but it's a mixed bag just because we're pivoting and blocking and tackling in 12 different directions like everybody.

而且——但它是一個混合包，因為我們像每個人一樣在 12 個不同的方向上旋轉、阻擋和解決。

Yes, we have time for one last question.

是的，我們有時間回答最後一個問題。

Our last question comes from the line of Kelly Bania from BMO Capital.

我們的最後一個問題來自 BMO Capital 的 Kelly Bania。

Richard, just wanted to ask one more on the inflation.

理查德，只是想再問一個關於通貨膨脹的問題。

You mentioned that the 3.5% to 4.5% range just want to clarify that is retail inflation.

您提到 3.5% 至 4.5% 的範圍只是想澄清這是零售通脹。

Just curious what your cost inflation is.

只是好奇你的成本膨脹是多少。

I'm just trying to get a sense of how much you're absorbing.

我只是想知道你吸收了多少。

And maybe if you can just provide some examples of how Costco and the merchants are mitigating some of the pressures.

也許你能提供一些例子來說明 Costco 和商家如何減輕一些壓力。

Yes, it's both.

是的，兩者都是。

I'm sorry, what?

對不起，什麼？

Margins have (inaudible)

邊距有（聽不清）

Yes.

是的。

Margins have generally stayed the same.

利潤率通常保持不變。

I mean we gave you some examples on the fresh food side where it's changed and why.

我的意思是我們給了你一些關於新鮮食品方面的例子，它發生了變化以及原因。

But generally speaking, I think there's, again, a lot of moving parts, and we continue to figure out how to balance it.

但總的來說，我認為還有很多活動部件，我們繼續想辦法平衡它。

Any examples you want to provide about how you're mitigating some of the pressures?

您想提供有關如何減輕某些壓力的示例嗎？

Well, I mean not on a specific product example, but the fact is, one, we've got strong relationships and good buying power with our vendors.

好吧，我的意思不是針對特定的產品示例，但事實是，第一，我們與供應商建立了牢固的關係和良好的購買力。

When we're eating a little bit into something, we're asking, in some cases, for them to eat a little bit into it.

當我們吃一點東西時，在某些情況下，我們要求他們吃一點。

We're -- during these times, we're constantly figuring out how to be -- where are there any cost savings to offset some of the cost increases, whether it's packaging or whatever it might be.

我們——在這段時間裡，我們一直在想辦法——在哪裡可以節省成本來抵消一些成本增加，無論是包裝還是任何可能的成本。

And so I mean I think one of the things that helps us is that we're worrying about managing 3,800 items, not 100,000 items or 50,000 items, and that's helped us.

所以我的意思是我認為對我們有幫助的一件事是我們擔心管理 3,800 件物品，而不是 100,000 件或 50,000 件物品，這對我們有所幫助。

Yes.

是的。

And there are times where we'll be pivoting in and out of items for that reason also.

有時我們也會因為這個原因而轉入和轉出項目。

It's hard to be vague, but it really is, there's just so many different things out there.

很難含糊，但確實如此，外面有很多不同的東西。

Well, thank you, everyone.

嗯，謝謝大家。

We'll be around for any additional questions, and have a good week, and talk to you next time.

如果您有任何其他問題，我們將隨時待命，祝您度過愉快的一周，下次再與您交談。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。