好市多 (COST) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the quarter 3 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎來到第三季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would like to hand the conference over to your speaker today, Mr. Richard Galanti. Sir, you may begin.

我想把今天的會議交給你的演講者，理查德·加蘭蒂先生。先生，您可以開始了。

Thank you, Sarah, 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. 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.

謝謝你，莎拉，大家下午好。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。這些陳述涉及風險和不確定性，可能導致實際事件、結果和/或業績與那些存在重大差異由此類聲明表示。風險和不確定性包括但不限於今天電話會議中概述的風險以及公司向 SEC 提交的公開聲明和報告中不時確定的其他風險。

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

前瞻性陳述僅在作出之日起生效，公司不承諾更新這些陳述，除非法律要求。

In today's press release, we reported operating results for the third quarter of fiscal 2021 to 12 weeks ended this past May 9. Reported net income for the quarter was $1.220 billion or $2.75 per diluted share. Last year's third quarter net income was -- came in at $838 million or $1.89 per share. This year's third quarter included $57 million pretax or $0.09 per share in COVID-19-related costs. Last year's third quarter included $283 million pretax or $0.47 per share of COVID-19-related costs.

在今天的新聞稿中，我們報告了截至今年 5 月 9 日的 2021 財年第三季度至 12 週的經營業績。該季度報告的淨收入為 12.20 億美元或每股攤薄收益 2.75 美元。去年第三季度的淨收入為 8.38 億美元或每股 1.89 美元。今年第三季度的 COVID-19 相關成本包括稅前 5700 萬美元或每股 0.09 美元。去年第三季度包括 2.83 億美元的稅前或每股 0.47 美元的 COVID-19 相關成本。

Net sales for the quarter increased year-over-year in the quarter by 21.7% from $44.38 billion -- to $44.38 billion this year from $36.45 billion a year ago. Comparable sales for the third quarter of fiscal '21 were as follows: in the U.S., on a reported basis, sales or comparable sales were up 18%, ex gas inflation, up 15.2%; Canada, on a reported basis, up 32.3%, ex both gas and strong Canadian dollar, ex gas and FX, up 16.7%; other international reported plus 22.9%, ex gas and FX, plus 13.1%. All told, company reported comp sales of 20.6% and, again, ex gas and FX, 15.1% up; e-commerce, on a reported basis, was 41.2%, ex FX was up 38.2%, and that's on top of a year ago in the third quarter when it was up 66.1% in Q3 a year ago versus the prior year to that.

本季度淨銷售額同比增長 21.7%，從 443.8 億美元增至今年的 443.8 億美元，而一年前為 364.5 億美元。 21 財年第三季度的可比銷售額如下：在美國，根據報告，銷售額或可比銷售額增長 18%，不含天然氣通脹，增長 15.2%；加拿大，在報告的基礎上，上漲 32.3%，不含天然氣和強勁的加元，不含天然氣和外匯，上漲 16.7%；其他國際報告加 22.9%，除天然氣和外匯外加 13.1%。總而言之，公司報告的複合銷售額增長了 20.6%，此外，除天然氣和外匯外，增長了 15.1%；據報導，電子商務為 41.2%，ex FX 增長 38.2%，高於一年前的第三季度，去年第三季度同比增長 66.1%。

In terms of Q3 comp sales metrics, traffic or shopping frequency increased 12.5% worldwide and plus 11.9% in the U.S. Our average transaction or ticket was up 7.3% worldwide and up 5.7% U.S. during the third quarter. And these numbers include the positive impact both of gas inflation and FX. So adjusting for that, they would be in the 1.8% and 2.7% in the U.S. adjusted for those.

就第三季度的銷售指標而言，全球客流量或購物頻率增加了 12.5%，在美國增加了 11.9%。第三季度，我們在全球的平均交易或機票增加了 7.3%，在美國增加了 5.7%。這些數字包括天然氣通脹和外彙的積極影響。因此，對此進行調整後，他們將在美國調整後分別為 1.8% 和 2.7%。

Foreign currencies relative to the U.S. dollar positively impacted sales by approximately 290 basis points. And gasoline price inflation positively impacted sales by approximately 260 basis points.

相對於美元的外幣對銷售額產生了約 290 個基點的積極影響。汽油價格上漲對銷售產生了約 260 個基點的積極影響。

Going down the income statement. Membership fee income reported for the third quarter, $901 million or 2.03% of sales. Again, we had strong FX and so adjusting for that out, the $86 million reported increase would have been up $67 million, so FX up 8.2%, on a reported basis up 10.6%.

往下看損益表。第三季度報告的會員費收入為 9.01 億美元，佔銷售額的 2.03%。同樣，我們有強勁的外匯，因此進行調整後，報告的 8600 萬美元增加了 6700 萬美元，因此外匯增加了 8.2%，在報告的基礎上增加了 10.6%。

In terms of renewal rates, the U.S. and Canadian rate of -- came in at 91.0%, the same as it was at Q2 end. Worldwide, our total company renewal rate was 88.4% at Q3 end or 0.1% lower during the prior quarter end. China entered the renewal calculation for the first time this fiscal quarter. First year renewal rates generally lag those of later years. And excluding China, the worldwide rate would have actually improved 0.1% versus the prior quarter.

就續訂率而言，美國和加拿大的續訂率為 91.0%，與第二季度末相同。在全球範圍內，我們的公司總續約率在第三季度末為 88.4%，比上一季度末低 0.1%。中國在本財季首次進入續約計算。第一年的續訂率通常落後於以後的年份。不包括中國，全球利率實際上比上一季度提高了 0.1%。

In terms of number of members at Q3 end, both member households and total cardholders, At the end of third quarter, total paid households 60.6 million, up from 59.7 million 12 weeks earlier. Total cardholders, 109.8 million, up from 108.3 million at the end of the second quarter 12 weeks ago. At Q3 end, paid executive membership totaled 24.6 million members, an increase of 817,000 during the 12 weeks since Q2 end.

從第三季度末的會員數量來看，無論是會員家庭還是持卡人總數，第三季度末，付費家庭總數為 6060 萬，高於 12 週前的 5970 萬。持卡人總數為 1.098 億，高於 12 週前第二季度末的 1.083 億。在第三季度末，付費高管會員總數為 2460 萬，自第二季度末以來的 12 週內增加了 817,000 名。

Moving down to gross margin line. Our reported gross margin in the third quarter was lower year-over-year by 35 basis points, coming in at 11.18% compared to a year ago at 11.53%.

向下移動到毛利率線。我們報告的第三季度毛利率同比下降 35 個基點，為 11.18%，而去年同期為 11.53%。

As I usually do, I ask you to jot down a few numbers, 2 columns, both the reported year-over-year change in gross margin and the second column, ex gas inflation. Merchandise core, reported minus 52 basis points year-over-year and ex gas inflation, minus 29 basis points. Ancillary and other businesses reported plus 2 basis points and ex gas inflation plus 7 basis points. 2% Reward, plus 1 basis point and minus 2 basis points. Other, plus 14 basis points in both columns. Total, therefore, reported gross margin, again, year-over-year was reported down 35 basis points and ex gas inflation down 10 basis points.

像我通常做的那樣，我請你記下一些數字，兩列，報告的毛利率同比變化和第二列，除天然氣通脹。商品核心報告同比負 52 個基點，不含天然氣通脹，負 29 個基點。輔助和其他業務報告加 2 個基點，除氣通脹加 7 個基點。 2% 獎勵，加 1 個基點和負 2 個基點。其他，兩列加 14 個基點。因此，道達爾報告的毛利率再次同比下降 35 個基點，除天然氣通脹下降 10 個基點。

The core merchandise component, as you show here was -- as I mentioned here, was down 52 basis points year-over-year on -- and down 29% on ex gas inflation. This is primarily a function of sales shifting from core to ancillary versus last year as we begin to revert back to more historical sales penetrations. Recall, last year, we saw a significant shift of sales out of ancillary and other businesses and into the core.

正如您在此處顯示的那樣，核心商品組成部分 - 正如我在這裡提到的那樣，同比下降了 52 個基點 - 並且由於不含天然氣通脹下降了 29%。與去年相比，這主要是銷售從核心轉向輔助的功能，因為我們開始恢復到更多的歷史銷售滲透率。回想一下，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 third quarter, the core and core margin were better by plus 27 basis points, with nonfood up significantly, rebounding from last year's lows. Food and sundries flat year-over-year and fresh foods down from last year, the latter still strong by historical standards.

從自身銷售的核心利潤率來看，第三季度，核心和核心利潤率均提高了 27 個基點，其中非食品明顯上升，從去年的低點反彈。食品和雜貨同比持平，新鮮食品同比下降，後者按歷史標準衡量仍然強勁。

Fresh, as we've mentioned over the last few quarters, is lapping exceptional labor productivity and low product spoilage that occurred from the outsized sales that began a year ago in Q3 with the onset of COVID.

正如我們在過去幾個季度中提到的那樣，Fresh 正在利用一年前第三季度隨著 COVID 的爆發而開始的超大規模銷售所帶來的卓越的勞動生產率和低產品損壞率。

Ancillary and other business gross margins, again, ex gas inflation was up 7 basis points year-over-year in the quarter. We have a lot going on here as last year we had closed the hearing aid and optical departments and had severely limited the service and selection at our food courts for most of Q3 last year.

輔助和其他業務的毛利率在本季度除天然氣通脹外同比增長 7 個基點。我們在這裡有很多事情要做，因為去年我們關閉了助聽器和光學部門，並在去年第三季度的大部分時間裡嚴格限制了我們美食廣場的服務和選擇。

Gas had a particularly good quarter a year ago, which had helped to offset some of those closures a year ago. This year, we're showing margin improvement in optical, food court, e-com and hearing aids, somewhat offset by gas.

一年前，天然氣的季度表現特別好，這有助於抵消一年前的部分關閉。今年，我們在光學、美食廣場、電子商務和助聽器方面的利潤率有所提高，但在一定程度上被汽油所抵消。

The 2% Reward was, again, on excluding gas inflation, was lower by 2 basis points, indicating higher sales penetration to our executive members and the rewards associated with it. And other is plus 14 basis points. 9 of the 14 basis points is attributable to lower COVID-19 costs year-over-year. $44 million hit to margin in Q3 a year ago versus a $14 million hit to margin this year in the third quarter.

2% 的獎勵再次在不包括天然氣通脹的情況下降低了 2 個基點，表明對我們的執行成員的銷售滲透率更高以及與之相關的獎勵。其他是加14個基點。 14 個基點中有 9 個可歸因於 COVID-19 成本同比下降。一年前第三季度的利潤率為 4400 萬美元，而今年第三季度的利潤率為 1400 萬美元。

Last year, we incurred 10 weeks of the incremental $2 an hour premium wage. This -- that portion you see here relates to the labor associated with our fulfillment manufacturing businesses. This year, we incurred 2 weeks of the incremental 2 hour -- the incremental $2 an hour premium wage as the program was discontinued at the end of the second week of Q3 after 52 weeks in place.

去年，我們增加了 10 週的時薪 2 美元。這 - 你在這裡看到的那部分與我們的履行製造業務相關的勞動力有關。今年，我們增加了 2 週的 2 小時——由於該計劃在實施 52 週後在第三季度的第二週結束時終止，因此每小時增加 2 美元的額外工資。

The other plus 5 basis points or $19.7 million came from accruing a reserve last year in Q3 for certain third-party gift cards and ticket programs that were adversely impacted by the onset of COVID. One other comment, as I discussed during our March 4 Q2 earnings conference call. In conjunction with the discontinuing of the $2 an hour premium pay, we implemented a permanent wage increase for our hourly employees as well as most of our salaried manager employees, which took effect in week 3 of this fiscal quarter. Since it's a permanent wage increase going forward, its impact is simply in our reported numbers and not separated out as COVID-related.

另一個加 5 個基點或 1970 萬美元來自去年第三季度為某些受 COVID 發作不利影響的第三方禮品卡和票務計劃積累的準備金。正如我在 3 月 4 日第二季度財報電話會議上討論的那樣，還有另一條評論。在終止每小時 2 美元的加薪的同時，我們對我們的小時工以及我們的大多數受薪經理員工實施了永久性加薪，這在本財政季度的第 3 週生效。由於這是一個永久性的工資增長，它的影響只是在我們報告的數字中，而不是與 COVID 相關的。

Moving to SG&A. Our reported SG&A in the third quarter was lower or better year-over-year by 107 basis points. Again to jot down these following 2 columns and numbers, first column is reported, and second column, excluding gas inflation. In terms of operations, year-over-year, plus 37 basis points, meaning lower or better by 37 basis points, ex gas inflation, plus 20 basis points. Central plus 4 basis points and plus 1 basis point; stock compensation, plus 5 and plus 4; other, plus 61 and plus 61. For a total, on a reported basis, again, SG&A year-over-year was lower or better by 107 basis points on a reported basis and excluding gas inflation, better by -- or lower by 86 basis points.

轉移到 SG&A。我們報告的第三季度 SG&A 同比下降或上升 107 個基點。再次記下以下兩列和數字，報告第一列，第二列，不包括氣體膨脹。在運營方面，同比增長 37 個基點，意味著降低或提高 37 個基點，不含天然氣通脹，加上 20 個基點。中央加4個基點和加1個基點；股票補償，加 5 和加 4；其他，加 61 和加 61。總體而言，在報告的基礎上，SG&A 與去年同期相比，在報告的基礎上降低或提高了 107 個基點，不包括天然氣通脹，提高了 - 或降低了 86基點。

Again, looking here, the core operation was better by 37 and plus -- better by 20, excluding the impact of gas inflation. A good result, particularly given that we implemented a permanent $1 an hour wage increase for the last 10 of the 12 weeks that comprise Q3. Central, nothing surprising there. Same with stock comp, and other, the plus 61 basis points ex gas inflation, 56 of the 61 was attributable to the lower cost from COVID. $239 million hits SG&A in Q3 a year ago compared to $44 million in Q3 this year. The balance or plus 5 basis points, lower by 5 basis points, was $18.5 million were cost associated with the acquisition and integration of Innovel a year ago.

再一次，在這裡看，核心業務好於 37 和以上 - 好於 20，不包括天然氣通脹的影響。一個很好的結果，特別是考慮到我們在第三季度的 12 周中的最後 10 週實施了每小時 1 美元的永久性加薪。中央，那裡沒有什麼奇怪的。與股票補償相同，除汽油通脹外，加 61 個基點，61 個基點中有 56 個歸因於 COVID 成本降低。一年前第三季度的 SG&A 為 2.39 億美元，而今年第三季度為 4400 萬美元。餘額或加 5 個基點，減少 5 個基點，為 1850 萬美元，是與一年前收購和整合 Innovel 相關的成本。

Next on the income statement is preopening expense. Basically, this year, it was -- it came in at $10 million, $2 million higher than the $8 million in Q3 of fiscal '20. Nothing out of the ordinary with the preopening this quarter.

損益表上的下一個是開業前費用。基本上，今年是 1000 萬美元，比 20 財年第三季度的 800 萬美元高出 200 萬美元。本季度開幕前沒有什麼不尋常的。

All told, reported operating income in Q3 '21 increased 41%, coming in at $1.663 billion this year compared to $1.179 billion a year ago in the quarter.

總而言之，21 年第三季度報告的營業收入增長了 41%，今年該季度為 16.63 億美元，而去年同期為 11.79 億美元。

Below the operating income line, interest expense was $40 million this year versus $37 million a year ago. Interest income and other for the quarter was higher by $6 million or better by $6 million. Interest income was actually lower by $2 million year-over-year due to lower interest rates. Additionally, FX and other was higher by $8 million year-over-year.

在營業收入線以下，今年的利息支出為 4000 萬美元，而一年前為 3700 萬美元。本季度的利息收入和其他收入增加了 600 萬美元或更高 600 萬美元。由於利率降低，利息收入實際上同比減少了 200 萬美元。此外，外彙和其他業務同比增長 800 萬美元。

Overall, reported pretax income in the third quarter was up -- reported pretax income was up 42%, coming in at $1.650 billion this year compared to $1.163 billion a year ago. In terms of e-commerce, our e-commerce sales, as I mentioned earlier -- I'm sorry, before I go to e-commerce, our tax rate in the third quarter came in at 25.2% compared to 26.7% a year earlier. This quarter benefited from onetime discrete tax item that benefited our number.

總體而言，第三季度報告的稅前收入增長了——報告的稅前收入增長了 42%，今年為 16.50 億美元，而一年前為 11.63 億美元。在電子商務方面，我們的電子商務銷售，正如我之前提到的——對不起，在我去電子商務之前，我們第三季度的稅率是 25.2%，而一年是 26.7%早些時候。本季度受益於曾經使我們的數字受益的離散稅收項目。

For all of '21, based on our estimates, which, of course, are, sadly, subject to change, we anticipate that our effective normalized total company tax rate for the year to be in the 26% to 27% range. A few other items of note. In terms of warehouse expansion, in Q3, we opened 6 new warehouses, 1 in the U.S.; 3 in Canada; and 2 internationally. We also have plans in Q4 to open 7 additional ones, 5 in the U.S. and 2 others internationally. And that would put us in a total of 21 net new warehouses for the fiscal year, 23 -- which included 2 relocations, so 21 net.

對於 21 年的所有情況，根據我們的估計，當然，遺憾的是，這些估計可能會發生變化，我們預計我們今年的有效標準化總公司稅率將在 26% 至 27% 的範圍內。其他一些注意事項。倉庫擴張方面，Q3新開6個倉庫，美國1個； 3 在加拿大；和 2 國際。我們還計劃在第四季度再開 7 家，其中 5 家在美國，另外 2 家在國際上。這將使我們在本財年總共有 21 個淨新倉庫，即 23 個——其中包括 2 個搬遷，因此淨增 21 個。

In addition to the 21 planned openings for fiscal '21, we are looking to open about 25 new units, net new units in each of the next 2 fiscal years, including a second warehouse in China in fiscal '22, which would be the end of -- towards the end of calendar '21 and a third expected to open in late calendar '22, which would be early fiscal year '23.

除了計劃在 21 財年開設的 21 個新單位外，我們希望在接下來的 2 個財年中每年開設大約 25 個新單位，包括在 22 財年在中國開設的第二個倉庫，這將是結束的 - 接近 '21 日曆年底，三分之一預計將在 '22 日曆後期開放，這將是早期財政年度 '23。

Regarding CapEx, the third quarter fiscal '21 spend was approximately $1.03 billion. Our full year CapEx spend is now estimated to be in the $3.3 billion to $3.5 billion range, increased a little from our estimate made 12 weeks earlier to include the recent $340 million purchase of a distribution facility on the West Coast to support our big and bulky delivery activities.

關於資本支出，21 財年第三季度的支出約為 10.3 億美元。我們的全年資本支出現在估計在 33 億美元到 35 億美元之間，比我們 12 週前的估計略有增加，其中包括最近 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配送設施交付活動。

Now going -- turning to e-commerce. Again, e-commerce sales in the third quarter ex FX increased 38.2% year-over-year. Stronger departments included jewelry, home furnishings, sporting goods, hardware and majors, which, of course, includes both everything from appliances to consumer electronics.

現在開始——轉向電子商務。同樣，第三季度除外匯外的電子商務銷售額同比增長 38.2%。更強大的部門包括珠寶、家居用品、體育用品、硬件和專業，當然，這包括從電器到消費電子產品的所有領域。

In terms of Costco Logistics and an update there, we anniversary-ed the purchase of Innovel, now called Costco Logistics this fiscal quarter. Costco Logistics continues to drive big and bulky sales with the U.S. e-com sales on these items up 53% during the quarter.

就 Costco Logistics 和那裡的更新而言，我們在本財政季度對 Innovel 的收購進行了周年紀念，現在稱為 Costco Logistics。 Costco Logistics 繼續推動大宗銷售，本季度這些商品在美國的電子商務銷售額增長了 53%。

Costco Logistics fulfilled about 70% of all U.S. big and bulky orders, and we also continue to add some new big and bulky vendors. Overall, we've improved delivery time on many items from up to 2 weeks to in many -- in several cases, now 5 to 7 days. As well, we've taken several items that were previously vendor-drop shipped that are now -- and are now being direct imported allowing us to not only speed up delivery but reduce prices to our members.

Costco Logistics 完成了大約 70% 的美國大件和大件訂單，我們還繼續增加一些新的大件和大件供應商。總體而言，我們已將許多商品的交貨時間從最多 2 週縮短到很多——在某些情況下，現在為 5 到 7 天。此外，我們還採用了一些以前由供應商直接發貨的物品，現在這些物品現在可以直接進口，這使我們不僅可以加快交貨速度，還可以降低會員的價格。

From a supply chain perspective, port delays are continuing to have an impact. We are utilizing additional carriers, in some cases, to help alleviate some of that. Containers and pallets are also facing shortages anecdotally, 35% to 50% increase in incoming containers this year versus a year ago. Some of that's pent-up demand, but just from the low points a year ago. The turnaround of a container hitting the U.S., delivering its contents and being back at the U.S. port to head back overseas has gone from approximately 25 days to 50 days. So a combination of things in terms of delays.

從供應鏈的角度來看，港口延誤正在繼續產生影響。在某些情況下，我們正在利用額外的運營商來幫助緩解其中的一些問題。有趣的是，集裝箱和托盤也面臨短缺，今年進貨集裝箱比一年前增加了 35% 到 50%。其中一些是被壓抑的需求，但只是一年前的低點。集裝箱到達美國、運送貨物並返回美國港口返回海外的周轉時間從大約 25 天縮短到 50 天。因此，在延遲方面的組合。

Chips shortages are impacting many items from an inflation standpoint, some items more than others. And again, as I mentioned, with regard to containers and shipping, transportation costs have increased as well. Despite these issues, we continue to work to mitigate cost increases and supply chain delays in a variety of different ways as best we can. The biggest way we've handled supply chain delays is adjusted ordering and front-loading, if you will, orders of many items. And we think we've got that pretty well under control.

從通貨膨脹的角度來看，芯片短缺正在影響許多項目，有些項目比其他項目更嚴重。同樣，正如我所提到的，關於集裝箱和航運，運輸成本也有所增加。儘管存在這些問題，我們仍將繼續努力以各種不同的方式盡可能減輕成本增加和供應鏈延遲。我們處理供應鏈延遲的最大方式是調整訂購和預先裝載（如果您願意的話）許多物品的訂單。我們認為我們已經很好地控制了這一點。

This will continue -- the feeling is that this will continue for the most part of this calendar year. We've had a lot of questions about inflation over the past few months. There have been and are a variety of inflationary pressures that we and others are seeing. Inflationary factors abound. These include higher labor costs, higher freight costs, higher transportation demand, along with the container shortage and port delays that I mentioned, increased demand in various product categories some shortages, various shortages of everything from chips to oils and chemical supplies by facilities hit by the Gulf freeze and storms and, in some cases, higher commodity prices.

這將繼續 - 感覺是這將在本日曆年的大部分時間裡繼續。在過去的幾個月裡，我們有很多關於通貨膨脹的問題。我們和其他人已經看到並且正在看到各種通脹壓力。通脹因素比比皆是。其中包括更高的勞動力成本、更高的貨運成本、更高的運輸需求，以及我提到的集裝箱短缺和港口延誤，各種產品類別的需求增加，一些短缺，從芯片到石油和化學品供應的各種短缺，受到設施的影響海灣凍結和風暴，在某些情況下，商品價格上漲。

Some inflationary sound bites, if you will. Price increases on items shipped across the ocean with suppliers paying up to double for containers and shipping. Price increases of pulp, paper goods, some things up 4% to 8%, plastic and resin increases from trash bags to plastic cups, plates, et cetera, and plastic wraps. Metals, aluminum foil, mid-single-digit cost increases also cans for sodas and other beverages. Higher import prices on cheeses, the combination of the product itself as well as some FX strength of some foreign currencies as well as freight, anywhere from 3% to 10% increases on certain apparel items, not all.

如果你願意的話，一些通貨膨脹的聲音。跨洋運輸的物品價格上漲，供應商為集裝箱和運輸支付高達兩倍的費用。紙漿、紙製品價格上漲 4% 至 8%，塑料和樹脂價格從垃圾袋增加到塑料杯、盤子等和保鮮膜。金屬、鋁箔、中個位數的成本也增加了汽水和其他飲料的罐頭。奶酪進口價格上漲、產品本身的組合以及一些外幣和運費的一些外匯強勢，某些服裝商品的漲幅在 3% 到 10% 之間，而不是全部。

In terms of fresh, higher protein prices, for example, meat overall year-over-year is up 7%. Beef in the last month has been up as much as 20%. Some of that is due to feed labor and transportation costs as well as restocking some of the additional increased demand coming now from institutional needs as restaurants start to reopen. And the list could go on and on.

例如，在新鮮、較高的蛋白質價格方面，肉類總體同比上漲 7%。上個月牛肉價格上漲了 20%。其中一些是由於勞動力和運輸成本的增加，以及隨著餐館開始重新開業，機構需求增加了一些額外的需求。而且這個名單可以繼續下去。

Now all this being said, I was asked back on our March 4 -- second quarter call. At what level we felt inflation was running overall at that time with our goods. I stated that our best guess was somewhere in the 1% to 1.5% range. As of today, we guess that overall price inflation at the selling level, and excluding our gasoline sales, would be estimated to be probably more in the 2.5% to 3.5% range.

現在說了這麼多，我在 3 月 4 日的第二季度電話會議上被問到了。當時我們認為我們的商品總體上通貨膨脹在什麼水平。我說我們最好的猜測是在 1% 到 1.5% 的範圍內。截至今天，我們猜測銷售水平的整體價格通脹，不包括我們的汽油銷售，估計可能會在 2.5% 到 3.5% 的範圍內更高。

Some items are up more and some items, the sale prices haven't yet changed. And some items are even down a little bit. We think, again, we've done pretty well in terms of controlling that as best as we can, but the inflation pressures abound.

有些商品漲價了，有些商品的售價還沒有變化。有些項目甚至下降了一點。我們再次認為，我們在盡可能地控制它方面做得很好，但通脹壓力比比皆是。

In terms of sampling and demos in the warehouse, as you all know, we eliminated our popular food sampling and demo activities in our warehouses last March at the onset of the pandemic. As various states opened and closed last summer and fall, we tried a few sampling events. A few single-serve items like cookies and crackers, take-out only, no cook to prepared sample items and a few enhanced talking demos such as items for display only.

在倉庫的採樣和演示方面，眾所周知，我們在去年 3 月大流行開始時取消了我們倉庫中流行的食品採樣和演示活動。隨著去年夏天和秋天各個州的開放和關閉，我們嘗試了一些抽樣活動。一些單份項目，如餅乾和薄脆餅乾，僅限外賣，無需烹飪即可準備樣品，以及一些增強的談話演示，如僅用於展示的項目。

I'm happy to report that over the next couple of weeks, we're beginning a phased return to full sampling. This will come in waves. The first wave of locations, about 170 of our 550-ish locations in the U.S. will be activated by the first week of June, with most of the remaining locations returning towards the near -- or towards the end of June. The first wave will actually determine how fast we roll out and what and when restrictions are lifted. I'm sure there will be a few states with unique restrictions as well.

我很高興地報告，在接下來的幾週內，我們將開始分階段恢復全面採樣。這將一波又一波。第一波地點，即我們在美國的 550 個地點中的大約 170 個，將在 6 月的第一周啟用，其餘大部分地點將在 6 月底或附近恢復。第一波實際上將決定我們推出的速度以及解除限制的內容和時間。我敢肯定，一些州也會有獨特的限制。

Increased safety protocols are and will be in place, including all samples prepared behind plexiglass, prepared in smaller batches for better safety control and distribute it to members one at a time.

增加的安全協議已經並將實施，包括在有機玻璃後面製備的所有樣品，以小批量製備以更好地控制安全，並一次將其分發給成員。

Food courts, same thing as well. I'm pleased to report that our food courts are also coming back over the next few weeks in a bigger way. Last March, again in 2020 as the pandemic took hold, we pared back menu basically to hotdogs and pizza and soda and smoothies, and we eliminated all seating, those takeout only. We began several weeks ago adding back tables and seating and -- at a handful of outdoor food courts in a few states.

美食廣場，同樣的事情。我很高興地報告，我們的美食廣場也在接下來的幾週內以更大的方式回歸。去年 3 月，同樣是在 2020 年，隨著大流行的蔓延，我們將菜單基本上縮減為熱狗、比薩餅、蘇打水和冰沙，我們取消了所有座位，只限外賣。幾週前，我們開始在幾個州的少數戶外美食廣場增加後桌和座位。

Over the past few months, we've also added back a few more food items, including bringing back a new and improved churros, which will be at all U.S. locations by the 4th of July, and adding a high-end soft ice cream to replace our frozen yogurt.

在過去的幾個月裡，我們還增加了一些食品，包括帶回一種新的和改進的油條，它將在 7 月 4 日之前在美國所有地點推出，並添加一個高端軟冰淇淋到更換我們的冷凍酸奶。

And by June 7, we plan to have tables in seating back at most locations, but with more physical separation, tables of 4 instead of 6 and 8 and about half the seating capacity as we had before. Again, these are still subject to doing this in waves and see how it goes and subject to any additional state rules or restrictions in a few cases.

到 6 月 7 日，我們計劃在大多數位置設置座位靠後的桌子，但物理上的分隔更多，4 人的桌子而不是 6 人和 8 人的桌子，座位容量大約是我們以前的一半。同樣，這些仍然需要分批進行，看看它是如何進行的，並且在少數情況下會受到任何額外的州規則或限制的約束。

Finally, in terms of upcoming releases, we will announce our May sales results. For the 4 weeks ending the Sunday, May 30, on next Thursday, June 4 after market closes. With that, I will open up to questions and answers, and I'll turn it back over to Sarah. Sarah?

最後，在即將發布的版本中，我們將公佈 5 月份的銷售結果。在 5 月 30 日星期日結束的 4 週內，在市場收盤後的 6 月 4 日下星期四。有了這個，我會敞開心扉接受問題和答案，然後我會把它交給莎拉。莎拉？

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

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

Richard, you outlined a variety of inflationary pressures that you're seeing in the business. How is this going to impact Costco's gross margin over the next couple of quarters? Costco tends to move more slowly with changing prices than others, should we expect this to be a pressure point, especially as you lap a period of strong gross margin gain given the good sell-through last year?

理查德，您概述了您在業務中看到的各種通脹壓力。這將如何影響 Costco 在未來幾個季度的毛利率？ Costco 的價格變化往往比其他公司的移動速度更慢，我們是否應該認為這是一個壓力點，尤其是考慮到去年的良好銷售情況，您經歷了一段強勁的毛利率增長期？

Well, I mean, we'll have -- of course, Michael, we'll have to wait and see. I mean our view is, is that while historically, we want to be -- mitigate those increases and work with our vendors and try to be as efficient as possible to lower those pressure points, some of it will pass through, and some of it has passed through. From a competitive standpoint, our view is it has not really impacted our margins in any big way. Some of the inflationary pressures, some very simple examples might be things like our $4.99 rotisserie chicken and our $2.99 40-packet of water. Those have stayed the same, notwithstanding there's been some pressure on some cost components of these items. So those are already impacting our margins a little. And I don't -- I think overall, relative to competition, that's not going to be an impact -- a big impact of where we go margin-wise.

好吧，我的意思是，我們會有——當然，邁克爾，我們必須拭目以待。我的意思是，我們的觀點是，雖然從歷史上看，我們希望 - 減輕這些增長並與我們的供應商合作，並嘗試盡可能高效地降低這些壓力點，其中一些會通過，還有一些會通過已經通過了。從競爭的角度來看，我們認為它並沒有真正對我們的利潤率產生任何重大影響。一些通貨膨脹壓力，一些非常簡單的例子可能是我們 4.99 美元的烤雞和 2.99 美元的 40 包水。儘管這些項目的某些成本組成部分存在一些壓力，但這些保持不變。所以這些已經對我們的利潤產生了一些影響。而且我不 - 我認為總體而言，相對於競爭，這不會產生影響 - 對我們在利潤方面的巨大影響。

Okay. My follow-up question is on the value of the Costco membership. Amazon is enhancing the value of its membership with more media content. Walmart continues to focus on the value of its membership offering. Do you think these factors are influencing the pricing power that Costco has to raise the fees associated with either the gold or executive membership? And do you feel like there has been a sharp increase in the value of a Costco membership over the last 4 years is that as you approach the normal cadence of when you would typically raise your fees, you could do it this time again?

好的。我的後續問題是關於 Costco 會員的價值。亞馬遜正在通過更多的媒體內容來提升其會員的價值。沃爾瑪繼續關注其會員服務的價值。您認為這些因素是否會影響 Costco 必須提高與黃金或行政會員相關的費用的定價能力？您是否覺得在過去 4 年中 Costco 會員的價值急劇增加是因為當您接近通常提高費用的正常節奏時，您可以再次這樣做嗎？

Sure. Well, look, we focus first on driving more value. And I would like to think that some of the benefits that we've had in terms of strong business over the last -- not only the last year with COVID, certainly, we've been helped by the fact that we've been deemed an essential business and the strength in fresh and food items has helped quite a bit as well and buying things for the home.

當然。好吧，看，我們首先專注於推動更多價值。而且我想認為，我們在過去的強勁業務方面所獲得的一些好處——不僅僅是去年的 COVID，當然，我們已經被認為一項必不可少的業務以及新鮮和食品方面的實力也有很大幫助，並為家庭購買東西。

But I think we've gained market share on top of that, and that's all about value. I mean our model is -- our view is our model is intact as it relates to the best prices on the best quality goods and services. And certainly, our buying power keeps improving in that regard.

但我認為我們已經獲得了最重要的市場份額，而這一切都與價值有關。我的意思是我們的模型是——我們的觀點是我們的模型是完整的，因為它與最優質商品和服務的最優惠價格有關。當然，我們的購買力在這方面不斷提高。

We've added things as it relates to different forms of procuring the merchandise, whether it's in-store or a big increase like many people with e-commerce. Certainly, our acquisition of what's now called Costco Logistics has been a big boom for our -- we believe, for our sales strength and competitiveness in those areas. So we think from a value proposition standpoint, the value of what we offer our members keeps going up.

我們添加了與不同形式的商品採購相關的內容，無論是在店內還是像許多電子商務人士一樣大幅增加。當然，我們對現在被稱為 Costco Logistics 的收購對我們來說是一個巨大的繁榮——我們相信，因為我們在這些領域的銷售實力和競爭力。因此，我們認為從價值主張的角度來看，我們為會員提供的價值不斷上升。

As it relates to fee increases, historically, we've done it about every 5 years, so we would expect now to start getting questions since this is a year before that, and our answer is pretty straightforward. We'll have to wait and see. But we certainly feel good about our competitive position.

由於它與費用增加有關，從歷史上看，我們大約每 5 年完成一次，所以我們希望現在開始收到問題，因為這是一年前，我們的答案非常簡單。我們將不得不拭目以待。但我們當然對我們的競爭地位感覺良好。

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

您的下一個問題來自摩根士丹利的 Simeon Gutman。

Richard, the core on core, I think you said up 27. And I know you don't guide on this. I just want to ask maybe about the puts and the takes, if you talk about other categories that are higher margin that have yet to recover on the positive side. And then on the other side, the spoilage and some other things that helped you last year sort of come back. So just kind of think are there more good guys, the bad guy and just another way to think about the gross margin core on core going forward?

理查德，核心上的核心，我想你說的是 27。而且我知道你沒有在這方面提供指導。如果您談論其他利潤率較高但尚未從積極方面恢復的類別，我只想問一下看跌期權和收益。然後另一方面，去年幫助你的腐敗和其他一些事情又回來了。所以只是想想有更多的好人，壞人，只是另一種思考核心毛利率的方式嗎？

Sure. Well, there's always different pieces to that equation. As I mentioned, one of the things that we mentioned over the last few quarters was particularly strong fresh foods margins with higher labor productivity and much lower products spoilage. While, again, we're still above where we were pre-COVID, it's come down a little from its peak a year ago in Q3, but still nonetheless better than historical numbers.

當然。嗯，這個等式總是有不同的部分。正如我所提到的，我們在過去幾個季度提到的一件事是生鮮食品利潤率特別高，勞動生產率更高，產品變質率更低。雖然我們仍然高於 COVID 之前的水平，但與一年前第三季度的峰值相比略有下降，但仍好於歷史數據。

One of the things that I mentioned picked up was nonfood. Again, the strength that we've seen in nonfoods has continued. It really started in the summer when people buying things for their home. Outside of that, certainly, I would expect on an ancillary business, taking gas out of it for a minute because that goes up and down at -- with a lot of factors causing it who the heck knows. But at the end of the day, if you look at some of the other ancillary businesses, I would expect to see, of course, margin improvement with optical and hearing aid relative to a year ago, for sure, even in Q4.

我提到的一件事是非食物。同樣，我們在非食品領域看到的力量仍在繼續。真正開始於夏天人們為自己的家買東西的時候。除此之外，當然，我希望在輔助業務中抽出一分鐘的時間，因為這會上升和下降 - 有很多因素導致它知道誰知道。但歸根結底，如果你看看其他一些輔助業務，我當然希望看到與一年前相比，光學和助聽器的利潤率有所提高，當然，即使在第四季度也是如此。

Same thing with travel. Travel is coming back as we see on the news every night. Travel is coming back in a big way with the improvement with COVID as well as probably a lot of pent-up demand. And we're seeing that ourselves in our travel business. And that's a high-margin business, although a small piece of the total sales action for the company.

旅行也是一樣。正如我們每晚在新聞中看到的那樣，旅行正在回歸。隨著 COVID 的改善以及可能大量被壓抑的需求，旅行正在大舉回歸。我們在旅遊業務中也看到了這一點。這是一項高利潤的業務，儘管只是公司總銷售活動的一小部分。

So I think, overall, we seem to figure out how to get there in different ways, even something like Costco Logistics that in the last 3-or-so quarters, I pointed out, it was a 5 to 7 basis point hit to margin. It's finally -- anniversary-ed some of that, and hopefully, we'll start to show some improvement. But there's little things like that that might show you a little improvement in the future.

所以我認為，總的來說，我們似乎想出瞭如何以不同的方式到達那裡，甚至像 Costco Logistics 這樣的方式，在過去 3 個左右的季度中，我指出，利潤率下降了 5 到 7 個基點.終於 - 週年紀念版了其中一些，希望我們會開始表現出一些改進。但是，像這樣的小事可能會讓你在未來有所進步。

So -- but overall, it gets back to our ability to price our goods for great value and being competitive and still hopefully improving the bottom line will continue. But we'll let you know each quarter.

所以 - 但總的來說，它回到了我們以高價值和競爭力定價我們的商品的能力，並且仍然希望改善底線將繼續。但我們會在每個季度通知您。

Okay. Sorry about the noise, but one quick question on inflation. It sounds like maybe other retailers are raising prices, but you're just -- your prices are up and not letting them lag. So I guess you're seeing the demand staying healthy. Or are you seeing the environment just stay rationale all across the board, and that's allowing you to take pricing up sort of at the same time as the input costs go up?

好的。對噪音感到抱歉，但有一個關於通貨膨脹的快速問題。聽起來可能其他零售商正在提高價格，但你只是 - 你的價格上漲了，而不是讓他們落後。所以我猜你看到需求保持健康。還是您認為環境只是全面保持合理性，這使您可以在投入成本上升的同時採取定價？

Well, look, I think, first of all, we look at what we can do with our own blinders on. There's been a lot of CPG companies, both in paper goods, soda pop that have announced increases. And many of them are sticking because we and other retailers are aware of the underlying costs associated with it. I think we -- I'd like to think we can do as good a job as any given our purchasing power and limited number of SKUs that can mitigate that as best we can. To the extent that those are happening, the fact that, on average, our competitors are taking those probably as fast as not a little faster than us is a positive. But we've taken some price increases on things that have gone up.

好吧，看，我想，首先，我們看看我們可以用自己的眼罩做什麼。有很多 CPG 公司，無論是紙製品，還是汽水，都宣布增加。他們中的許多人之所以堅持，是因為我們和其他零售商都知道與之相關的潛在成本。我認為我們 - 我想認為我們可以做得和任何人一樣好，因為我們的購買力和 SKU 數量有限，可以盡我們所能減輕這種情況。就這些情況而言，平均而言，我們的競爭對手採取這些措施的速度可能比我們快一點，這是一個積極的事實。但是我們已經對上漲的東西採取了一些價格上漲的措施。

Your next question comes from the line of Paul Lejuez from Citigroup.

您的下一個問題來自花旗集團的 Paul Lejuez。

It's Tracy Kogan filling in for Paul. I have a question about your customer -- the customers that you've gained over the past year during the pandemic. And I was wondering if you could talk about maybe the demographics of that customer and what the repeat purchases have looked like, and how their spending might differ from your core group of customers.

是特蕾西·科根（Tracy Kogan）代替保羅。我有一個關於您的客戶的問題——您在過去一年中在大流行期間獲得的客戶。我想知道您是否可以談論該客戶的人口統計數據以及重複購買的情況，以及他們的支出可能與您的核心客戶群有何不同。

Right. What's -- I guess, most interesting is, other than from an age standpoint, being a demographic that's so -- the next young generation of Gen Z or millennials before that and Gen Y or whatever else, we're getting our share of them. We did see over the -- as COVID hit, there was, of course, a spike not only -- there was a big spike, a big increase with same-day fresh delivery in many -- in most cases, with us with our relationship with Instacart. And also doing ourselves 2-day dry grocery and some other items.

正確的。什麼——我想，最有趣的是，除了從年齡的角度來看，作為這樣的人口統計——下一代 Z 世代或在此之前的千禧一代和 Y 世代或其他任何人，我們正在從中分得一杯羹.我們確實看到了——隨著 COVID 的襲擊，當然，不僅出現了峰值——在許多情況下，隨著當天新鮮交貨的出現大幅增長——在大多數情況下，我們和我們的與 Instacart 的關係。並且還自己做 2 天的干雜貨和其他一些物品。

And again, anecdotally, we know that we garnered some additional members that way. On the 2-day, since that is done via mostly UPS, you may have -- we've gotten some members that are outside of our geographic market areas of physical warehouses, but not a big giant number. So overall, I think if anything, we've seen our continued strength of adding net new members to existing warehouses.

再一次，有趣的是，我們知道我們通過這種方式獲得了一些額外的成員。在 2 天，由於這主要是通過 UPS 完成的，您可能有 - 我們已經獲得了一些不在我們的實體倉庫地理市場區域之外的成員，但不是一個很大的數字。所以總的來說，我認為如果有的話，我們已經看到我們在現有倉庫中增加淨新成員的持續實力。

Certainly, opening new warehouses helps and perhaps getting a few related to the online next-day delivery of fresh and things like that. Beyond that, again, when we see who from -- again, from an age demographic, we're getting -- we think that we're getting our good share of younger people as we did in previous. That was -- historically, that was sometimes a concern of some on Wall Street. Is this for the older generation? And what we're finding is as long as we keep changing our product mix to gear towards our -- who the member is, and in our case, when you see what we've done with organics over the last 10 years or more now, and summer sporting equipment and you name it, we get our fair share of those people.

當然，開設新倉庫會有所幫助，並且可能會獲得一些與在線次日交付新鮮物品等相關的東西。除此之外，再次，當我們看到誰來自 - 再一次，從年齡人口統計來看，我們得到了 - 我們認為我們正在像以前一樣獲得我們在年輕人中的良好份額。那是——從歷史上看，這有時是華爾街一些人的擔憂。這是給老一代的嗎？我們發現，只要我們不斷改變我們的產品組合，以適應我們的——會員是誰，在我們的例子中，當你看到我們在過去 10 年或更長時間裡對有機物所做的事情時, 和夏季運動裝備，你的名字，我們得到了這些人的公平份額。

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

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

Richard, inventory dollars were up about 27%, which is much higher than you guys currently run. Just curious if there's any pull forward of items. And I guess, how do you feel about the current -- the position right now?

理查德，庫存美元增加了大約 27%，這比你們現在的運行要高得多。只是好奇是否有任何項目的拉動。我想，你對當前的 - 現在的位置感覺如何？

I think what's interesting is -- yes, it was a little lower last year because we were just being hit with it. And so while we were scurrying to get merchandise in, we would also -- if you recall, back in March and early April, as we were realizing like everybody else that this was going to last longer, we were starting to cut back where we could seasonal orders and might have reduced our patio furniture needs for the part of the summer season and some of our Halloween needs and Christmas needs.

我認為有趣的是——是的，去年它有點低，因為我們只是被它擊中了。因此，當我們急於進貨時，我們也會——如果你還記得，早在 3 月和 4 月初，當我們像其他人一樣意識到這將持續更長時間時，我們開始削減我們在可能是季節性訂單，並且可能減少了我們在夏季部分時間的庭院家具需求以及我們的一些萬聖節需求和聖誕節需求。

And then we found out that we needed it even more. So probably some of it has to do with the fact that it being a little lower. And then as what I talked to earlier in this call about front-loading and buying early, that's -- we are happy to have some extra inventory. We clearly have a lot of -- we have plenty of cash to do that. And certainly, the cost of buying forward a little bit on some of these things is de minimis relative to what we earn on our cash.

然後我們發現我們更需要它。所以可能其中一些與它有點低的事實有關。然後正如我在本次電話會議早些時候談到的關於提前裝載和提前購買的內容，那就是 - 我們很高興有一些額外的庫存。我們顯然有很多——我們有足夠的現金來做這件事。當然，相對於我們的現金收入而言，提前購買其中一些東西的成本是微不足道的。

Okay. Great. That makes sense. And then just on the consumer. Curious what you're seeing over the past few weeks or maybe the past couple of months from a behavior perspective, both frequency in your clubs, basket sizes, particularly in states that are further along in the reopening process.

好的。偉大的。那講得通。然後就在消費者身上。好奇您在過去幾週或過去幾個月從行為的角度看到的情況，無論是在您的俱樂部中的頻率，籃筐大小，尤其是在重新開放過程中更進一步的州。

Well, again, it's hard to figure all these out because so many things were happening particularly last year in April, May, June time frame. What we saw is the states that opened a little early, we started seeing a little bit more shopping frequency a little earlier like Texas and Florida, but not in a meaningful discernible way. Trend-wise, yes, but not like let's wait for that everywhere.

好吧，再一次，很難弄清楚所有這些，因為發生了很多事情，特別是去年的 4 月、5 月、6 月時間框架。我們看到的是開放時間稍早的州，我們開始看到更多的購物頻率，比如德克薩斯州和佛羅里達州，但不是以一種有意義的可辨別方式。趨勢方面，是的，但不像讓我們到處等待。

But even in states that have been a little bit more closed, I mean the U.S., in particular, has opened up quite a bit in the last 1 month, 1.5 months as evidenced by new CDC guidelines and I think the spring weather in general, and so -- and just the pent up interest in doing that. So I think a lot of that's already in there.

但即使是在更封閉一些的州，我的意思是美國在過去 1 個月，1.5 個月中已經開放了很多，正如 CDC 新指南所證明的那樣，我認為總體上是春季天氣，等等 - 只是對這樣做的被壓抑的興趣。所以我認為其中很多內容已經存在。

And in other countries, in Canada, there's still some -- for much of the last fiscal quarter, in about 38 of the 101 or 102 Costcos in Canada, one of the main provinces, there was limitations on -- we had to cordon off nonessential items or so nonfood items. We can only sell food and cleaning supplies and paper goods and health and beauty and the like. So -- but that's -- even that is, I think, in a big way pretty much over.

在其他國家，在加拿大，仍然有一些——在上一財季的大部分時間裡，在加拿大主要省份之一的 101 或 102 家 Costcos 中，約有 38 家受到限制——我們不得不封鎖非必需品或非食品物品。我們只能賣食品和清潔用品和紙製品和保健美容之類的。所以——但那是——即使這樣，我認為，在很大程度上已經結束了。

Okay. Great. And then just last one for me. COVID costs were down meaningfully here in the third quarter. I'd imagine relative to the $281 million that you booked in the fourth quarter last year, you'd expect them to come down a lot. Is that a fair assumption for 4Q?

好的。偉大的。然後是我的最後一個。第三季度，COVID成本顯著下降。我想相對於你在去年第四季度預訂的 2.81 億美元，你會預計它們會下降很多。這是對 4Q 的合理假設嗎？

Yes. Yes, again, a big chunk of that is the $2 an hour premium, which has been eliminated. And again, mind you that there'll still be a chunk related to the $1 permanent -- mostly $1 permanent wage increase that we did.

是的。是的，再一次，其中很大一部分是每小時 2 美元的保費，它已被取消。再一次，請注意，仍然會有很大一部分與 1 美元的永久工資相關——主要是我們所做的 1 美元的永久工資增長。

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

您的下一個問題來自巴克萊銀行的 Karen Short。

Actually, just following up on that last question. So looking at your sales growth versus your SG&A growth and recognizing that within SG&A dollars, you did still have the $2 for part of the quarter, I mean, it's been -- it's a much wider gap than we've seen for a long time, like even kind of looking at pre-COVID. So I'm wondering if there's anything you could point to on that specifically, and how to think about that going forward. And then I had one other question.

實際上，只是跟進最後一個問題。因此，查看您的銷售增長與您的 SG&A 增長，並認識到在 SG&A 美元內，您在本季度的部分時間裡仍然有 2 美元，我的意思是，這是 - 這是一個比我們長期以來看到的更大的差距，甚至有點像看 COVID 之前的情況。所以我想知道你是否可以具體指出這一點，以及如何考慮這一點。然後我還有另一個問題。

Sure. I think first and foremost, it's sales, strong sales. This is a business that we know the benefits -- the operating leverage we got when we could do a 7% comp instead of a 4 or 5, and enjoying the comps that we have now, that's the biggest single piece of it. If anything, in the quarter, health care cost probably a little higher because people weren't going for their regular doctor visits a year ago in the third quarter. And so that was probably a little bit of a hit. But more -- what offsets all those types of anecdotal things is strong sales and just a core labor costs.

當然。我認為首先是銷售，強勁的銷售。這是一項我們知道好處的業務——當我們可以做 7% 的補償而不是 4 或 5 時獲得的運營槓桿，並享受我們現在擁有的補償，這是其中最大的一部分。如果有的話，在本季度，醫療保健成本可能會略高一些，因為一年前的第三季度人們不會定期去看醫生。所以這可能有點受歡迎。但更多——抵消所有這些軼事的是強勁的銷售和核心勞動力成本。

Okay. And then...

好的。接著...

Gas as well, taking gas inflation out of there would reduce that a little bit.

氣體也是如此，消除氣體膨脹會稍微減少一點。

Right. Okay. And then my second question or actually maybe 2 more, with respect to the membership fee, obviously, recognizing the value of membership fee to your members, how are you thinking about time line on the next possible increase just because I think we did anniversary what would be the 5-year mark?

正確的。好的。然後我的第二個問題，或者實際上可能還有兩個問題，關於會員費，顯然，認識到會員費對您的會員的價值，您如何考慮下一次可能增加的時間線，因為我認為我們做了周年紀念會是5年大關嗎？

No. Actually, the 5-year mark is next June.

不。實際上，5 年大關是明年 6 月。

Okay. And so what's -- how are you thinking about that philosophically?

好的。那麼是什麼——你是如何從哲學上思考這個問題的？

Philosophically, I get to think about not thinking about it for several months. No, jokes aside, again, we feel good about our member loyalty. Needless to say, with our renewal rates, we feel very good about our competitive position. But there's -- we really haven't given a lot of thought yet.

從哲學上講，我開始考慮幾個月不去想它。不，除了玩笑，我們再次對會員的忠誠度感到滿意。不用說，憑藉我們的續訂率，我們對自己的競爭地位感到非常滿意。但是有——我們真的還沒有考慮太多。

Okay. And then just my last question. In terms of e-com, obviously, you gave us a good percent of sales and the growth that doesn't include third party. Can you actually give us a number -- and can you just give us an update on where that stands when you include the third-party in food?

好的。然後就是我的最後一個問題。在電子商務方面，很明顯，你們給了我們很大比例的銷售額和不包括第三方的增長。你能不能給我們一個數字——當你把第三方包括在食物中時，你能給我們一個最新的信息嗎？

Yes. I think it's -- my guess is it's probably not as impactful now. The third party, most particularly the same-day fresh delivery really peaked last, I want to say, May or April, late April. And where -- it was huge and, I mean, it was tenfold increase. And it's now probably halved, still huge relative to pre-pandemic. But -- so it's not as impactful as it was. So again, I think there are a couple of quarters where we had -- a couple of quarters ago, we had like an 86% comp in e-commerce.

是的。我認為它 - 我的猜測是它現在可能沒有那麼有影響力了。第三方，尤其是當日生鮮真的是最後一次見頂，我想說，五月或四月，四月下旬。在哪裡 - 它是巨大的，我的意思是，它增加了十倍。現在它可能已經減半，但與大流行前相比仍然很大。但是——所以它沒有以前那麼有影響力了。再說一次，我認為我們有幾個季度 - 幾個季度前，我們在電子商務中有 86% 的競爭。

And we said that if you added back the stuff that we don't put in there like same-day fresh since third parties come in and buy it in the warehouse and take it to you, that 86% -- that 85% or 86% was up towards 100%. If you just -- this is -- I'm shooting from the hip here, but if that was 15 percentage points, let's assume it's 5 to 8 percentage points, but certainly not 15.

我們說如果你把我們沒有放在那裡的東西像當天新鮮的一樣添加回來，因為第三方進來並在倉庫裡購買並把它拿給你，那 86% - 那 85% 或 86 % 接近 100%。如果你只是 - 這是 - 我在這裡從臀部射擊，但如果那是 15 個百分點，讓我們假設它是 5 到 8 個百分點，但肯定不是 15。

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

您的下一個問題來自古根海姆的 John Heinbockel。

Richard, let me start, Costco Logistics, where are you guys now with capacity utilization? And where will you be when you add this new facility? And to the degree that costs are coming down, have you yet invested in price? Or are you investing more in delivery timetable, quickness of delivery?

理查德，讓我開始吧，好市多物流，你們現在的產能利用率在哪裡？當你添加這個新設施時，你會在哪裡？在成本下降的情況下，您是否還投資於價格？還是您在交貨時間表和交貨速度上投入更多？

Well, we were proving -- not to say that we don't have a few complaints every day from someone that screwed something up. But at the end of the day, we're improving in a big way. We actually were aggressive on pricing immediately. It's kind of like when we went into a new country like France or Spain, we're pricing in low volume, less efficient departments like fresh as if we were doing a lot of volume. And so those are examples where it's hurting us to start with as it relates to -- we're going to price the goods or lower the price of a mattress or a furniture set delivery based on what we can do before we actually do it.

好吧，我們證明了——並不是說我們每天都沒有從某個搞砸了的人那裡收到一些抱怨。但歸根結底，我們正在大幅改進。實際上，我們立即積極定價。這有點像當我們進入一個像法國或西班牙這樣的新國家時，我們以低產量、低效率的部門定價，比如新鮮的，就好像我們在做大量的產量一樣。因此，這些例子一開始就傷害了我們——我們將根據我們在實際做之前能做的事情來為商品定價或降低床墊或家具套裝的價格。

Now that's thankfully catching up for itself -- with itself. In terms of capacity, it has a lot of capacity. As I mentioned, right now, about 70% of our big and bulky is now delivered through Costco Logistics. Some of it was being delivered by third parties that we're doing fine, but now we're doing it ourselves. That business, as I mentioned, is continuing to grow very handily not only for us but industry-wide with furniture and things for the home, exercise equipment, TVs and the like. And we think that we have tremendous capacity available. What we bought was at a capacity of less than 50% of what it had been doing itself a few years before. But again, those aren't completely -- you can't completely compare those two.

現在，謝天謝地，它正在迎頭趕上——它自己。就容量而言，它的容量很大。正如我所提到的，現在，我們大約 70% 的大件商品現在是通過 Costco 物流交付的。其中一些是由第三方交付的，我們做得很好，但現在我們自己做。正如我所提到的，這項業務正在繼續非常方便地增長，不僅對我們，而且對整個行業來說，包括家具和家居用品、健身器材、電視等。我們認為我們有巨大的可用容量。我們購買的產品容量不到幾年前的 50%。但同樣，這些並不完全——你不能完全比較這兩者。

What we just bought was a huge facility and acreage that allow us to do more big and bulky and recognizing so many things come in from overseas in big and bulky, and it's again on the West Coast in California. And so it's going to help us continue to grow that business.

我們剛剛購買的是一個巨大的設施和麵積，使我們能夠做更大更笨重的事情，並認識到有很多東西來自海外，而且又大又笨重，它又是在加利福尼亞的西海岸。因此，它將幫助我們繼續發展該業務。

We think we have a lot of growth. Way before COVID and more big and bulky and everything else, recall in the U.S., what we saw over the last 5 years, I think it was 5 years ago, we said in just white goods when all we did was sell them in store, we did about $50 million. And the year pre-COVID, 3 years hence, we did about $750 million or something. We're well beyond that now, both natural growth as well as what COVID has done in terms of people buying things for the home and then us being able to become more competitive on pricing.

我們認為我們有很大的增長。在 COVID 之前，更大更笨重以及其他一切，回想在美國，我們在過去 5 年中看到的，我認為那是 5 年前，我們說的只是白色家電，而我們所做的只是在商店出售它們，我們做了大約5000萬美元。在 COVID 之前的那一年，也就是 3 年後，我們做了大約 7.5 億美元或其他一些事情。我們現在遠遠超出了這一點，無論是自然增長，還是 COVID 在人們為家庭購買東西方面所做的事情，然後我們能夠在定價上變得更具競爭力。

We've seen items, not across the board, but items where we've lowered the price by 10% and 15% or more, greatly improved the delivery time and are driving that business.

我們看到的商品不是全面的，而是我們將價格降低了 10% 和 15% 或更多的商品，大大縮短了交貨時間並推動了該業務。

And then just real quick, lastly, the cold and frozen delivery program, the 2-day program, how is that being fulfilled? And how do you think about that conceptually, right, in terms of consumer uptake versus the dry grocery that you did previously?

然後真的很快，最後是冷藏和冷凍交付計劃，2天計劃，它是如何實現的？您如何從概念上考慮這一點，對，就消費者的吸收率與您之前所做的干雜貨店相比？

It's really too early, John, to tell. We just started that 3 weeks ago, and something that our people in that operation wanted to try. And business centers, it's -- we think it's something that lends itself well to our business customer needs as well, and we'll see.

約翰，現在說還為時過早。我們在 3 週前才開始這樣做，而我們在該操作中的人員想要嘗試的東西。和商務中心，它是 - 我們認為它也很適合我們的商業客戶需求，我們將拭目以待。

Your next question comes from the line of Scott Mushkin from R5 Capital.

您的下一個問題來自 R5 Capital 的 Scott Mushkin。

So Richard, I actually wanted to get back at this big and bulky that we were talking about before. Kind of hoping you can maybe size the opportunity. Obviously, you guys are putting a lot of money into it. What kind of -- maybe you can give us like what percentage of your sales are in those items now, where do you think it's going to go. Like how much do you think you can drive sales? I was just wondering if you could do anything to size it because it's obviously a big focus for the company and a big capital investment.

所以理查德，我實際上想回到我們之前談論的這個又大又笨重的東西。有點希望你能把握機會。顯然，你們投入了很多錢。什麼樣的——也許你可以告訴我們你現在這些項目的銷售額有多少百分比，你認為它會去哪裡。比如你認為你可以推動銷售多少？我只是想知道你是否可以做任何事情來調整它的規模，因為這顯然是公司的一大重點，也是一筆巨大的資本投資。

Yes. I don't have that detail in front of me. We're seeing 30% and 50% increases on items within some of those categories, everything from outdoor patio furniture or indoor furniture to mattresses to exercise equipment, the TV's along the way.

是的。我面前沒有那個細節。我們看到其中一些類別的商品增加了 30% 和 50%，從戶外庭院家具或室內家具到床墊到健身器材，電視一直在路上。

And is your expectation to bring in more vendors? And I don't know how many SKUs you're offering, but will you have more SKUs? And how are you thinking about advertising at your membership base?

您是否期望引入更多供應商？我不知道你們提供多少 SKU，但你們會提供更多 SKU 嗎？您如何看待在您的會員基礎上做廣告？

Well, yes, I mean, first of all, I think that when we look at our 3- to 5-year plan, we think there will be outsized growth certainly for the next 3-plus years, we'll see. In terms of adding SKUs, yes, but we're not going crazy. Certainly, there's more SKUs online furniture sets, sofa and chair sets. We might have 1 or 2 on display, sometimes, in a warehouse, we'll have a dozen or so online. So we are adding both vendor names as well as additional selection, but still greatly limited relative to the traditional retail of those items.

嗯，是的，我的意思是，首先，我認為當我們審視我們的 3 到 5 年計劃時，我們認為未來 3 年多的時間肯定會有超大的增長，我們拭目以待。在添加 SKU 方面，是的，但我們不會發瘋。當然，還有更多的 SKU 在線家具套裝、沙發和椅子套裝。我們可能會展示 1 或 2 個，有時，在倉庫中，我們會有十幾個在線。因此，我們添加了供應商名稱以及其他選擇，但相對於這些商品的傳統零售方式，仍然受到很大限制。

Perfect. And then my second question is something we've talked about all the time, and I could go at it again. It's just on the openings. I know you said 25 this year over '22 and 25 in '23, I guess. I mean obviously, our research suggests you guys could do a lot more. And I know we've talked about the, I guess, the hard thing of getting the right locations and everything else. But what would it take to get that to 30 to 35, again on a more permanent basis? And is that something you guys would kind of strive to do? Because clearly the market opportunity is there.

完美的。然後我的第二個問題是我們一直在討論的問題，我可以再談一次。它只是在開口處。我知道你說今年 25 比 '22 和 25 在 '23，我猜。我的意思很明顯，我們的研究表明你們可以做得更多。而且我知道我們已經討論過，我猜，找到正確的位置和其他一切的困難。但是，如何才能再次將其提高到 30 到 35 倍，並且是更持久的呢？那是你們會努力做的事情嗎？因為顯然市場機會就在那裡。

This is the operator. I'm sorry. The line of the speaker got disconnected for a second.

這是運營商。對不起。揚聲器的線路斷開了一秒鐘。

(technical difficulty)

（技術難度）

Sorry about that. Scott, let's go back to your question. My apologies.

對於那個很抱歉。斯科特，讓我們回到你的問題。我很抱歉。

That's all right. So my question was, I don't know what -- did you guys hear any of my question or no?

沒關係。所以我的問題是，我不知道是什麼——你們有沒有聽到我的問題？

You can start again.

你可以重新開始。

Okay. So basically, you said fiscal '22 and '23, 25 clubs and 25 clubs, we've talked about this a number of times about trying to get that number up. Obviously, the market opportunity is there. Can you beef up the real estate department? Like what's the -- what's holding you guys back to getting to 30 to 35? Again, because it looks like the opportunity is there to us with the research.

好的。所以基本上，你說 22 財年和 23 財年，25 家具樂部和 25 家具樂部，我們已經多次討論過這個問題，試圖提高這個數字。顯然，市場機會就在那裡。你能加強房地產部門嗎？比如是什麼——是什麼讓你們回到 30 到 35 歲？再次，因為看起來我們有機會進行研究。

Well, I think some other countries tend to be a little slower and challenged, but we have beefed it up. That's one of the reasons I think that I went out as far as I did by saying 25 in each of the next 2 years. We feel relatively confident that the -- all the items that we have in the fire right now, both U.S. and Canada as well as other parts of the world, we feel good about. We've got a lot of things going on.

嗯，我認為其他一些國家往往會慢一些並面臨挑戰，但我們已經加強了它。這就是我認為我在接下來的 2 年中每年都說 25 次的原因之一。我們相對有信心 - 我們現在在火災中擁有的所有物品，無論是美國和加拿大以及世界其他地區，我們都感覺良好。我們有很多事情要做。

Now going from 25 to 35, I'm not sure we're prepared to do that yet. Could we do it? Yes. But certainly, in some of the countries that are smaller, we like to go slow. And I mean, we picked up the pace in China by now having 2 ready either under construction or getting ready to be under construction and to open over the next 18 months. And for us, that's faster than we would have gone. And you'll see more announcements both there and elsewhere over the next few quarters.

現在從 25 到 35，我不確定我們是否準備好這樣做。我們能做到嗎？是的。但可以肯定的是，在一些較小的國家，我們喜歡放慢腳步。我的意思是，我們加快了在中國的步伐，現在有兩個正在建設中或準備在建設中並在未來 18 個月內開放。對我們來說，這比我們去的要快。在接下來的幾個季度中，您將在那里和其他地方看到更多公告。

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

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

This is actually Erica Eiler on for Rupesh. So first, I wanted to touch on your services business. As we look at travel and optical and food court, is there any way you can help us frame, at this point, how much of your service businesses have recovered versus 2019 levels?

這實際上是 Rupesh 的 Erica Eiler。首先，我想談談你們的服務業務。當我們審視旅遊、光學和美食廣場時，您有什麼辦法可以幫助我們確定，在這一點上，您的服務業務與 2019 年的水平相比有多少恢復了？

Well, there's a few different things. I mean if I look at travel, I think, in the last month, we probably had 10 of our top 15 days ever in our history, so even at holiday time in '19. Part of that, again, though, was the pent-up demand. So we'll see where it normalizes out. Right now, both car rentals, we also pivoted and added in addition to -- while cruises are still down, they're being booked again now, but still down.

嗯，有一些不同的東西。我的意思是，如果我看一下旅行，我想，在上個月，我們可能經歷了歷史上前 15 天中的 10 天，所以即使是在 19 年的假期。不過，部分原因還是被壓抑的需求。所以我們會看到它在哪裡正常化。現在，這兩種汽車租賃，我們也進行了調整和補充——雖然遊輪仍在下降，但它們現在又被預訂了，但仍然下降。

We did a big push starting several months ago to negotiate and offer some great deals on other, what I'll call, U.S., Mexico and Hawaii-type trips -- vacation trips.

我們從幾個月前開始大力推動談判，並就其他的，我稱之為美國、墨西哥和夏威夷類型的旅行——度假旅行——提供一些優惠。

Yes. So bookings, they're not revenue yet, but bookings are particularly strong now. And hearing aid, you had a little bit of the same issue when they were essentially closed down because of direct one-to-one contact, when you're getting fitted for a hearing aid. There was a lot of pent-up demand that we've seen and we continue to see, the same with optical. We think that will continue to be normalized, but we'll have to wait and see.

是的。所以預訂，它們還不是收入，但現在預訂特別強勁。和助聽器，當你因為直接的一對一接觸而基本上被關閉時，你有一點同樣的問題，當你安裝助聽器時。我們已經看到並且我們繼續看到很多被壓抑的需求，光學也是如此。我們認為這將繼續正常化，但我們將不得不拭目以待。

Food courts is probably going to take another several months. Having tables out there will help, expanding the menu will help. And of course, pharmacy didn't really ever see a big dramatic downturn.

美食廣場可能還需要幾個月的時間。有桌子會有所幫助，擴展菜單會有所幫助。當然，藥房並沒有真正經歷過大幅下滑。

Okay. Great. And then your food categories have held up really well in spite of lapping the difficult comparisons last year. So maybe just an update on how you're thinking about food-at-home consumption from here.

好的。偉大的。儘管去年進行了艱難的比較，但您的食品類別仍然表現得非常好。因此，也許只是關於您如何從這裡思考家庭食品消費的最新信息。

Well, I mean, our 40,000-foot view of that is that what was gained because of food away from home stopping a year ago, and while it picked up some with takeout and delivery, it's now starting to improve a little bit, but some of that's going to be sticky. I don't know what the exact number is going to be, but our view is, is that it still certainly hasn't reverted back.

嗯，我的意思是，我們 40,000 英尺的觀點是，一年前停止在家外的食物所獲得的收益，雖然它通過外賣和送貨獲得了一些，但現在開始有所改善，但有些其中會很粘。我不知道確切的數字是多少，但我們的觀點是，它肯定還沒有恢復。

I mean restaurants are just beginning to open in a bigger way. In many cases, still people are reluctant to go in. In many cases, the tables are further separated. So some of that's going to continue for the next 6-plus months, is my guess. Beyond that, when all is said and done, will some of it still be sticky? Our view is probably the fact that we, as a company, have done a pretty good job of staying in stock and certainly the quality of our fresh foods, I think that we've not only benefited from that. I'd like to think that we gain market share from other traditional food retailers in that regard, particularly on the fresh side.

我的意思是餐館才剛剛開始以更大的方式開業。很多情況下，人們還是不願意進去。很多情況下，桌子被進一步分開了。因此，我的猜測是，其中一些將在接下來的 6 個多月內持續下去。除此之外，當一切都說了又做了，其中一些還會有粘性嗎？我們的觀點可能是，作為一家公司，我們在保持庫存以及新鮮食品的質量方面做得很好，我認為我們不僅從中受益。我想我們在這方面從其他傳統食品零售商那裡獲得市場份額，尤其是在新鮮食品方面。

Your next question comes from the line of Kelly Bania from BMO Capital Markets.

您的下一個問題來自 BMO Capital Markets 的 Kelly Bania。

Richard, first, just wanted to ask about executive membership, the penetration, I guess, up over $800,000 this quarter. This is high as I can see it in our model here. Just was curious if that's still happening in a meaningful way in the U.S.? Or if there's any other countries? And just any color you can provide on that point.

首先，Richard 只是想問一下高管會員資格，我猜這個季度的滲透率超過了 800,000 美元。這是很高的，我可以在我們的模型中看到它。只是好奇這是否仍在美國以有意義的方式發生？或者如果有其他國家？以及您可以在這一點上提供的任何顏色。

I think the 1 factor that was a little a bit of an anomaly is as we -- just in the last year, we expanded executive membership to Japan where we have 29 locations, 28 locations -- 29 locations, and including 2 new Japan locations this quarter. And as a company, I think, overall, we continue to get better at signing people up as executive members, telling them what the virtue of it is and doing a better job of having a higher percentage of every 100 new members that sign up as well as converting.

我認為有點異常的一個因素是我們——就在去年，我們將高管成員擴展到日本，我們有 29 個地點，28 個地點——29 個地點，包括 2 個新的日本地點本季度。作為一家公司，我認為，總的來說，我們在讓人們註冊為執行成員方面繼續做得更好，告訴他們這樣做的好處是什麼，並且做得更好，每 100 名新成員中註冊為執行成員的比例更高以及轉換。

I think within that 817,000 something just under 200,000 was Japan. So even taking that out, I think it was 180-something thousand. So even taking that out, the 6 30 or 40 pluses, it was still a very strong number for the quarter outside of that.

我認為在這 817,000 人中，不到 200,000 人是日本。所以即使把它拿出來，我認為它是180-1000。因此，即使將其剔除，6 個 30 或 40 個加號，對於除此之外的季度來說，這仍然是一個非常強勁的數字。

Okay. That's helpful. And then just any update on the pickup test that's happening?

好的。這很有幫助。然後只是關於正在發生的皮卡測試的任何更新？

It's still a test. We're still just doing it in New Mexico in 3 locations. And the utilization of it, when we first did it, we marketed a little bit. The utilization has not set the world on fire in terms of where it's trending.

這仍然是一個測試。我們仍然只是在新墨西哥州的 3 個地點進行。以及它的利用，當我們第一次這樣做的時候，我們營銷了一點。就其趨勢而言，這種利用率並沒有讓世界著火。

Your next question comes from the line of Laura Champine from Loop Capital.

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

So Richard, you mentioned the negative impact on renewals from the Chinese store lapping. Are they renewing at about the same pace that you would normally expect first year renewals relative to prior store openings in new geographies?

所以理查德，你提到了中國商店研磨對續訂的負面影響。他們的更新速度是否與您通常預期的第一年更新速度與之前在新地區開設的商店的速度相同？

One of the unique things, if I go back over the last 15 years when we've opened in new countries, you have outsized new sign-ups and, frankly, probably some that are just [lucky of us]. And so you have a lower-than-average renewal rate to start with. When I look back at the 7 or 8 countries outside of the U.S. and Canada, I mean, there's 10 or so, but what we've seen is that instead of -- in the U.S. or Canada, we might add anywhere from 5,000 to 20,000 members in the first year, recognizing in some of these are existing markets. So you've got people shopping more often because they're closer to the new opening.

其中一件獨特的事情是，如果我回顧過去 15 年我們在新國家開業時的情況，您的新註冊人數非常多，坦率地說，可能有些只是 [幸運的我們]。因此，您的續訂率一開始就低於平均水平。當我回顧美國和加拿大以外的 7 或 8 個國家時，我的意思是，大約有 10 個，但我們看到的是，在美國或加拿大，我們可能會增加 5,000 到 5,000 到第一年有 20,000 名會員，其中一些是現有市場。所以你讓人們更頻繁地購物，因為他們更接近新的開業。

We've enjoyed in Korea, Taiwan, Japan and even more so in China 50,000 to 100,000 new member sign-ups when we open up. And then a year later, 1.5 years later, when they're renewing -- when that first batch is renewing for the first time to get to that 88-plus worldwide renewal rate and the 90.1 in the U.S. and Canada, it starts off, it could be anywhere from the high 50s to the mid-60s in that first year.

當我們開放時，我們在韓國、台灣、日本甚至在中國都有 50,000 到 100,000 名新會員註冊。然後一年後，1.5 年後，當他們更新時——當第一批第一次更新以達到 88+ 的全球更新率和美國和加拿大的 90.1 時，它開始了，在第一年，它可能是從 50 年代高到 60 年代中期的任何地方。

And I don't have in front of me what China is. But China is also outsized in that regard. I think we have close to 400,000 members in that 1 location. Remind you, it's a very large city and Costco entered as a well-known entity, notwithstanding the fact that it was our first one. So for all those reasons, it alone affected that worldwide renewal rate.

我面前沒有中國是什麼。但中國在這方面也超乎尋常。我認為我們在這 1 個地點有近 400,000 名成員。提醒您，這是一個非常大的城市，Costco 作為一個知名實體進入，儘管它是我們的第一個實體。因此，出於所有這些原因，僅它就影響了全球續訂率。

We're not surprised. And by the way, even whatever renewals, nonrenewals we've been -- that have been incurred, we've gotten more than that in terms of new sign-ups. I think at the end of about 3 months after we opened in China, which was August of '19, we had around 300,000 members, and I think now we have about 400,000. So even if we've lost a bunch, we've gained a bunch plus some more.

我們並不感到驚訝。順便說一句，即使我們已經發生了任何續約，未續約 - 已經發生，我們在新註冊方面得到的不僅僅是這些。我想在我們在中國開業大約 3 個月後，也就是 19 年 8 月，我們有大約 300,000 名會員，我想現在我們有大約 400,000 名會員。因此，即使我們失去了一堆，我們也得到了一堆加上更多。

Understood. And then secondly, on the roughly 30 basis points decline in core margins on an ex gas basis, you mentioned that that is related in part to the sales shift back to lower-margin ancillary business. Was this the quarter where you're lapping the most extreme move away from ancillary? Or is it -- are we likely to see a similar impact as we move through the year?

明白了。其次，在基於天然氣的核心利潤率下降大約 30 個基點的情況下，您提到這部分與銷售轉向利潤率較低的輔助業務有關。這是你最極端遠離輔助的季度嗎？或者是——我們是否可能會在這一年中看到類似的影響？

I think Q3 was probably the most. It will still be impactful in Q4, probably not as much.

我認為第三季度可能是最多的。它在第四季度仍然會產生影響，可能不會那麼大。

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

您的下一個問題來自 Evercore ISI 的 Greg Melich。

Two questions. First on e-commerce and multichannel. Do you have an update on the penetration now for e-commerce? Is it 10% or close? And what are you seeing in terms of the percentage of members that use multichannel and what their renewal rates look like, if they're any different?

兩個問題。首先是電子商務和多渠道。您是否有關於電子商務滲透率的最新信息？是10%還是接近？您對使用多渠道的會員百分比以及他們的續訂率有什麼看法，如果他們有任何不同的話？

First of all, I think it's about 7.5 or 8, and part of that is the huge shrink in gas.

首先，我認為它大約是 7.5 或 8，其中一部分是氣體的巨大收縮。

Got it.

知道了。

And what was the other part of the question, Greg?

格雷格，問題的另一部分是什麼？

The other part of that was just for people that -- like what percentage of members actually use multichannel offering? Like used either 2-day or Instacart, is it majority that have used it? And then what do their renewals look like once they've used you in multiple channels?

另一部分只是針對那些——比如有多少百分比的成員實際使用多渠道產品？喜歡使用 2-day 或 Instacart，是大多數人使用過嗎？然後，一旦他們在多個渠道中使用了您，他們的續訂會是什麼樣子？

Somewhere around 45% of our members have used e-commerce. And the renewal rate is slightly better. I'm not talking about new members that signed up that have just used e-commerce, I'm talking about just how many people -- how many existing members have used e-commerce.

大約 45% 的會員使用過電子商務。並且續訂率稍好一些。我不是在談論剛剛使用電子商務的註冊新成員，而是在談論有多少人——有多少現有成員使用過電子商務。

Got it. No, that's great. And then the second question was on gasoline, I just want to make sure I got this right. Do you have a number for what the gallons growth was? And a penny profit was up or down. I think -- I know it hurts the mix, but just where we are in that cycle right now with gas inflation?

知道了。不，那太好了。然後第二個問題是關於汽油的，我只是想確保我做對了。你有加侖增長的數字嗎？一分錢的利潤有漲有跌。我想——我知道這會傷害到混合體，但是我們現在處於那個循環中的哪個階段呢？

Gas dollar profits were down because we had a -- it was interesting. Notwithstanding the fact that -- well, if you think back again in the third quarter last year, it was mid-February effectively to mid-May. The first 4 -- 3 to 4 weeks of that, there was a frenzy. It was either pre-COVID or the frenzy of people hoarding and everything. So gas was pretty strong in those first few weeks.

汽油美元利潤下降是因為我們有一個 - 這很有趣。儘管如此——好吧，如果你再回想一下去年第三季度，那實際上是從 2 月中旬到 5 月中旬。前 4 到 3 到 4 週，出現了狂熱。要么是 COVID 之前，要么是人們囤積的狂熱和一切。所以在最初的幾周里，天然氣非常強勁。

Then it plummeted and -- but not withstanding the fact that it plummeted, pricing was less competitive. So we had a very strong P&L, as I think I'm sure I mentioned last year in the quarter, it was particularly strong. We had a fine gas profit this quarter. But last year was fine with a capital F.

然後它暴跌 - 但儘管它暴跌的事實，但定價的競爭力降低了。所以我們有一個非常強勁的損益表，正如我想我確定我去年在本季度提到的那樣，它特別強勁。本季度我們的汽油利潤不錯。但去年用大寫 F 還不錯。

Got it. And so the pressure on any penny profit that you can get when gallons are recovering, I mean gallons are recovering now. Are we at that stage?

知道了。因此，當加侖恢復時，您可以獲得的任何一分錢利潤的壓力，我的意思是加侖現在正在恢復。我們是否處於那個階段？

Yes, very much so.

是的，非常如此。

Okay. And what's -- do you have a number that you can give us in the quarter?

好的。還有什麼 - 你有一個可以在本季度給我們的數字嗎？

I have one I cannot give you. No, I can't. Gas has been -- for those of you who've known us for many years, gas used to be a business that, on a given day or week, on a fully allocated P&L, could actually lose a little or all the way to make a lot. And it would be very volatile. In a matter of a week or 2, it could switch from the top to the bottom there.

我有一個我不能給你。不，我不能。天然氣 - 對於那些認識我們多年的人來說，天然氣曾經是一項業務，在給定的一天或一周，在完全分配的損益表上，實際上可能會損失一點或全部很多。而且它會非常不穩定。在一周或兩週內，它可以從那裡從頂部切換到底部。

The normal over the last few years has been it is a profitable business, and there's still some outlying big profitable days and a lot more days that are just regularly profitable. But the fact that it's coming up and the fact that it is probably overall a little less competitive out there, but that's not just in the last few weeks, that's been over the last year.

過去幾年的常態是它是一項有利可圖的業務，並且仍然有一些偏遠的大盈利日子，還有更多的日子只是定期盈利。但是它即將出現的事實以及它可能總體上沒有那麼有競爭力的事實，但這不僅僅是在過去的幾周里，而是在過去的一年裡。

Your next question comes from the line of Robert Moskow from Crédit Suisse.

您的下一個問題來自 Crédit Suisse 的 Robert Moskow。

I want to know, do you have any data you can share about the demographics or income levels of the new members that you've picked up in the past year? Is it trending any differently than your typical new member growth? Is it younger? I think Tracy kind of asked this question already, but I wonder if you had any specifics.

我想知道，您是否有任何數據可以分享您在過去一年中獲得的新成員的人口統計或收入水平？它的趨勢與典型的新成員增長有什麼不同嗎？是不是更年輕了？我想 Tracy 已經問過這個問題了，但我想知道你是否有任何細節。

And then lastly, I wanted to know, do you think you've got any benefit this quarter from consumers having just more money in their pocket from stimulus payments? Or is that not really characteristic of your membership?

最後，我想知道，你認為本季度消費者從刺激支付中獲得了更多的錢，這對你有什麼好處嗎？或者這不是您的會員資格的真正特徵？

I don't have any economic average income demographics in front of me. I know when we look at new member sign-ups currently versus a year ago versus 2 and 3 years ago, we still are getting our share of younger people maybe a little younger than that right now simply because of e-com and what have you has helped a little bit on that area, but nothing discernibly different.

我面前沒有任何經濟平均收入人口統計數據。我知道，當我們查看當前與一年前與 2 年和 3 年前的新會員註冊時，我們仍然在獲得我們的年輕人份額，可能比現在更年輕，這僅僅是因為電子商務和你有什麼在該領域有所幫助，但沒有明顯不同。

As it relates to where we helped -- when we've looked at things in the past as it relates to some unusual stimulus, our view is we haven't seen as big a benefit as some of the other discounters or general merchandise discounters have seen. But it can't hurt. So my guess is it certainly it's probably helped us some, but not as much as others.

因為它與我們幫助的地方有關——當我們過去看待與一些不尋常的刺激相關的事情時，我們的觀點是，我們沒有看到像其他一些折扣店或一般商品折扣店那樣大的好處見過。但它傷不起。所以我的猜測是，它肯定對我們有所幫助，但不如其他人那麼多。

It probably helped a little, not a lot. Okay.

它可能有一點幫助，不是很多。好的。

Yes.

是的。

Your next question comes from the line of Peter Benedict from Baird.

您的下一個問題來自 Baird 的 Peter Benedict。

Richard, first question, just given the sourcing challenges around the pandemic, I'm just curious, any updated thoughts you have on your vertical sourcing initiatives? Anything being sped up or slowed down? Just what's your -- what's the latest update on that?

理查德，第一個問題，剛剛考慮到圍繞大流行的採購挑戰，我很好奇，您對垂直採購計劃有什麼最新想法嗎？有什麼正在加速或減速？什麼是你的——最新的更新是什麼？

Yes. Well, look, I mean, in a big way, I think the fact that we've got 2 meat plants and a chicken plant and a bakery commissary and a couple of optical grinding labs, if anything, those things have helped us a little bit. They're at full production in a big way. When feed costs go up -- in the chicken plant, for example, we go out somewhat with feed costs, but I'm sure we don't hedge ourselves completely in either directions, but we've done a pretty good job of managing those costs.

是的。好吧，看，我的意思是，在很大程度上，我認為我們有 2 家肉類工廠、一家雞肉工廠、一家麵包店小賣部和幾個光學研磨實驗室，如果有的話，這些東西對我們有一點幫助少量。他們在很大程度上處於全面生產狀態。當飼料成本上升時——例如，在雞肉廠，我們會在一定程度上降低飼料成本，但我確信我們不會完全對沖任何一個方向，但我們在管理方面做得很好那些費用。

Yes, go ahead -- but nothing major there. And then what was the other question?

是的，繼續——但那裡沒什麼大不了的。然後另一個問題是什麼？

No. Yes, I was just wondering if you accelerated any initiatives that you maybe had in the pipeline, given what you've seen in COVID? Or if there's been any maybe new areas of the business that you maybe weren't considering vertical before, but maybe now you are?

不。是的，我只是想知道，鑑於您在 COVID 中看到的情況，您是否加快了您可能正在進行的任何計劃？或者，如果您之前可能沒有考慮過垂直業務的任何新領域，但現在您可能會考慮？

Yes. I think the big one that has -- again, that has surprised us in the sense that we think there's lots of opportunity there is the whole Costco Logistics side. For a variety of reasons, not only handling it ourselves and controlling the destiny of delivery times. But actually, there's a number of items that we historically have drop-shipped, if you will. The supplier carries the inventory, the supplier sends it and, needless to say, there's a cost associated with that. As we get bigger and higher volume and do some of those things direct, we're able to basically improve the delivery time and lower the price, and we've seen that.

是的。我認為有一個大的 - 再次讓我們感到驚訝，因為我們認為整個 Costco 物流方面都有很多機會。由於各種原因，不僅要自己處理，還要控制交貨時間的命運。但實際上，如果您願意的話，我們歷史上已經有許多物品直接發貨。供應商攜帶庫存，供應商發送庫存，不用說，這會產生相關成本。隨著我們的產量越來越大並直接做一些事情，我們基本上能夠縮短交貨時間並降低價格，我們已經看到了這一點。

And then we're getting better at insulation. That's something that we will continue to improve on as well. So I think that's probably the one area. I don't -- there's nothing currently planned in terms of the next big chicken plant, if you will. There's going to still be significant money spent on fulfillment, in distribution and logistics, as I just mentioned earlier about our CapEx. Beyond that, there was one other thing I was going to mention, which I can't remember now. Why don't we take 2 more questions.

然後我們在絕緣方面變得更好。這也是我們將繼續改進的地方。所以我認為這可能是一個領域。我不——如果你願意的話，目前沒有關於下一個大型養雞廠的計劃。正如我剛才提到的關於我們的資本支出的那樣，仍然會在履行、分銷和物流方面花費大量資金。除此之外，還有一件事我要提，我現在想不起來了。我們為什麼不多問兩個問題。

No worries. Richard, just one follow-up on self-checkout, that effort you have. How penetrated is that across the chain right now? And what's been the member feedback? Are you guys pleased with the service you're giving there? Obviously, volumes are really high through the club, so I'm just curious on that.

不用擔心。理查德，只是自助結賬的一個後續行動，你所付出的努力。現在整個鏈條的滲透程度如何？會員的反饋是什麼？你們對那裡提供的服務滿意嗎？顯然，俱樂部的交易量真的很高，所以我對此很好奇。

Self-checkout works. It's in 90-plus percent of our warehouses. I've seen locations where we started with 6, 2 stacks of 3, and now we're at 9 and 12 in a couple of locations. So it's working. Certainly, the customer likes it. And it improves the frontline and service. So -- and it's cost efficient.

自助結賬有效。它存在於我們 90% 以上的倉庫中。我已經看到我們從 6、2 堆 3 開始的位置，現在我們在幾個位置分別是 9 和 12。所以它正在工作。當然，客戶喜歡它。它改善了前線和服務。所以 - 它具有成本效益。

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

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

This is Jake Chinitz on for Scott. I know you've done a couple of things to stay more in touch with members, especially on the e-commerce side, for example, building a database of updated member e-mails. So can you just give us an update where that may be from a progression standpoint? And any results you've seen from that?

這是斯科特的傑克奇尼茨。我知道您已經做了一些事情來與會員保持更多聯繫，尤其是在電子商務方面，例如，建立一個更新會員電子郵件的數據庫。那麼，您能否從進度的角度向我們提供更新？你從中看到了什麼結果？

Well, I think we're improving and a lot of the improvement we're doing in terms of a better mobile site and is -- and better service to our members, and ability to communicate to our members. Hold on 1 second here.

嗯，我認為我們正在改進，我們正在做的很多改進是在更好的移動網站方面，並且是——以及為我們的會員提供更好的服務，以及與我們的會員溝通的能力。在這裡保持 1 秒。

In the last quarter -- I'm sorry, the last year, we've gone -- we've increased the number of e-mailable addresses by 24%. And we're seeing higher conversion rates, as I mentioned already. And we're doing more things in the warehouse with -- to drive traffic online as well. So I think all those things are working, and we'll continue to improve our mobile. I'll make a point on the next earnings call to talk about -- I mentioned on Q2 earnings call, there were kind of like 3 phases of upgrades to our mobile site starting in September and then over the next 6-or-so months after that. I'll make a point of pointing some of those things out. Recognizing some of those things others have been doing, and we're just getting around to do.

在上個季度——對不起，去年我們已經離開了——我們將可郵寄地址的數量增加了 24%。正如我已經提到的，我們看到了更高的轉化率。我們正在倉庫中做更多的事情——也可以增加在線流量。所以我認為所有這些事情都在發揮作用，我們將繼續改進我們的手機。我將在下一次財報電話會議上談一談——我在第二季度財報電話會議上提到，從 9 月開始，我們的移動網站有 3 個升級階段，然後在接下來的 6 個月左右在那之後。我會指出其中的一些內容。認識到其他人一直在做的一些事情，我們只是在做。

Why don't we take 1 more question and that will be it.

我們為什麼不再問1個問題，就是這樣。

Your last question, sir, comes from the line of Edward Kelly from Wells Fargo.

先生，您的最後一個問題來自富國銀行的 Edward Kelly。

Just first one for you, Richard, on timing and next openings in China. Any more detail on when that next door is going to open? And then you talked about good news coming on pace of maybe opening beyond that. Thoughts on the potential to accelerate there now that you've had that first store open for a while?

理查德，關於在中國的時間安排和下一次開業，這只是給你的第一個。關於隔壁何時打開的更多細節？然後你談到了好消息可能會在此之外開放。既然您已經開設了第一家商店一段時間，那麼您是否考慮過在那裡加速發展的潛力？

Well, yes. I mean our view originally was we'd open 1, and even before that opening, we -- where would be 5 years hence, maybe we'd have 3. And my guess is today, we'll shoot for a number a little bigger than that, maybe 4 or 5. But there's a lot of -- there's a few irons in the fire over there, but those are the 2 that are signed, sealed and under construction.

嗯，是。我的意思是，我們最初的看法是我們會開 1，甚至在開 場之前，我們 - 5 年後，也許我們會有 3。我猜今天，我們會爭取一個數字比這更大，可能是 4 個或 5 個。但是有很多——那裡有一些鐵桿在火裡，但那些是 2 個已簽名、密封和正在建設中的。

And the next opening, when is that scheduled for?

下一次開幕，安排在什麼時候？

I believe the fall -- hold on a second. Late next summer.

我相信秋天——等一下。明年夏末。

Calendar '22.

日曆'22。

Yes, calendar '22, which would be Q1 of '23.

是的，日曆 '22，這將是 '23 的第一季度。

And then just one for -- on your business customer. Just remind us of your business customer mix. And then what are you seeing in that customer as things start to recover? Do you think there's any permanent damage to that business at all? Or do you expect it to just sort of come back with reopen?

然後只為您的商業客戶提供一個。只需提醒我們您的業務客戶組合。然後，隨著情況開始好轉，您在該客戶身上看到了什麼？您認為該業務是否存在任何永久性損害？還是您希望它會隨著重新開放而恢復？

Look, there's fewer businesses. I mean yes, I think one of the things that recognize this change over our 37 years or so in business, if you go back in the first few years, it was probably 75-25 or 80-20 business to consumer. And consumers were buying a lot of institutional business items. Today, arguably while we're still a wholesaler and, certainly, business members are important to us, it's probably 75-25 the other way, 75 consumer. And recognize one of the reasons we've done our business center is to focus more on that as well. In fact, I think all 3 openings in Canada this coming quarter or this past quarter, are business centers. And our deliveries are starting to come back.

看，生意越來越少。我的意思是，是的，我認為在我們 37 年左右的業務中認識到這種變化的一件事，如果你回到最初的幾年，可能是 75-25 或 80-20 的業務對消費者。消費者購買了大量的機構業務項目。今天，可以說，雖然我們仍然是批發商，當然，商業成員對我們很重要，但可能是 75-25 反之，75 消費者。並認識到我們建立業務中心的原因之一就是更多地關注這一點。事實上，我認為下個季度或上個季度在加拿大的所有 3 個職位空缺都是商務中心。我們的交貨開始回來了。

Look, at the end of the day, I don't have the statistics in front of me, but if there were -- for every 100 small restaurants, be it a food truck or takeout or ethnic, I don't know how many of them closed, probably not a lot, but was it 10 or 20, I don't know. And the others are coming back. So there's probably a little bit of detriment there. And as I mentioned earlier, though, our view is that we think some of the business, not just in the food area, will be sticky to us as well.

看，歸根結底，我沒有擺在我面前的統計數據，但如果有的話——每 100 家小餐館，無論是食品卡車、外賣還是種族，我不知道有多少其中關閉了，可能不是很多，但我不知道是 10 還是 20。其他人都回來了。所以那裡可能有一點損害。不過，正如我之前提到的，我們的觀點是，我們認為一些業務，不僅僅是食品領域，也會對我們產生粘性。

There are no question at this time. Sir, you may continue.

目前沒有任何問題。先生，您可以繼續。

I would like to just say one last thing. At the end of the call before opening it to Q&A, I mentioned that our May sales release for the 4 weeks ending May 30 would be on Thursday, June 4. It's actually Thursday, June 3. So thanks for that correction. Thank you, everyone, and have a good day.

我只想說最後一件事。在打開問答之前的電話結束時，我提到我們在 5 月 30 日結束的 4 週的 5 月銷售發布將在 6 月 4 日星期四。實際上是 6 月 3 日星期四。所以感謝您的更正。謝謝大家，祝您有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。