好市多 (COST) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Costco Q4 earnings call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎來到 Costco Q4 財報電話會議。 （操作員說明）

I would now like to hand the conference over to Richard Galanti. Please go ahead.

我現在想把會議交給理查德·加蘭蒂。請繼續。

Thank you, Laurie, and good afternoon to everyone. I will start by stating that these discussions will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. 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.

謝謝你，勞裡，大家下午好。我首先聲明，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/或表現與所示內容存在重大差異通過這樣的陳述。風險和不確定性包括但不限於今天的電話會議中概述的風險和不確定性，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。前瞻性陳述僅代表作出之日的情況，除法律要求外，公司不承諾更新這些陳述。

In today's press release, we reported operating results for the fourth quarter and fiscal year 2020, the 16 and 52 weeks ended August 30. Reported net income for the fourth quarter came in at $1.389 billion or $3.13 per diluted share compared to $1.097 billion or $2.47 a share -- per diluted share last year in the fourth quarter.

在今天的新聞稿中，我們報告了截至 8 月 30 日的第 16 周和第 52 週的第四季度和 2020 財年的經營業績。報告的第四季度淨收入為 13.89 億美元或攤薄後每股收益 3.13 美元，而 10.97 億美元或 2.47 美元A 股——去年第四季度每股稀釋後的股份。

This year's fourth quarter was negatively impacted by incremental expense related to COVID-19 premium wages and sanitation costs totaling $281 million pretax or $0.47 a share, as well as a $36 million pretax charge or $0.06 per share related to early payment of $1.5 billion of debt. These items were partially offset by an $84 million pretax benefit or $0.15 a share for the partial reversal of a reserve of $123 million pretax, $0.22 per diluted share related to our product tax assessment taken in the fourth quarter of last year.

今年第四季度受到與 COVID-19 保費工資和衛生成本相關的增量費用的負面影響，總計稅前 2.81 億美元或每股 0.47 美元，以及與提前支付 15 億美元債務相關的 3600 萬美元稅前費用或每股 0.06 美元.這些項目被 8400 萬美元的稅前收益或每股 0.15 美元的部分抵消，部分沖銷了 1.23 億美元的稅前準備金，與我們去年第四季度進行的產品稅收評估相關的每股攤薄收益 0.22 美元。

Net sales for the quarter increased 12.5% to $52.28 billion, up from $46.45 billion in the fourth quarter a year earlier. For the fiscal year in its entirety, fiscal 2020 came in at $163.22 billion, a 9.3% increase over the $149.35 billion in fiscal 2019.

本季度淨銷售額增長 12.5% 至 522.8 億美元，高於去年第四季度的 464.5 億美元。就整個財年而言，2020 財年的收入為 1632.2 億美元，比 2019 財年的 1493.5 億美元增長 9.3%。

Comparable sales for the fourth quarter of fiscal 2020 were as follows: on a reported basis for the 16 weeks, U.S. was 11%. Excluding gas deflation and FX, U.S. was 13.6%. Canada reported 9.1% up. Again, ex gas deflation and FX, 12.6% up. Other international reported 16.1%, ex gas deflation and FX, 18.8%, bringing the total company to a reported number of 11.4% comp, and again, ex gas deflation and FX, up 14.1%. For the company, e-commerce reported was 90.6% up. And ex gas and FX, 91.3% up.

2020 財年第四季度的可比銷售額如下：根據 16 週的報告基礎，美國為 11%。不包括天然氣通縮和外匯，美國為 13.6%。加拿大報告上漲 9.1%。同樣，不包括天然氣通貨緊縮和外匯，上漲 12.6%。其他國際報告為 16.1%，不包括天然氣通縮和外匯，為 18.8%，使報告的公司總數達到 11.4%，同樣，不包括天然氣通縮和外匯，增長 14.1%。對於該公司，報告的電子商務增長了 90.6%。不包括天然氣和外匯，上漲 91.3%。

In terms of the fourth quarter comp sales metrics, foreign currencies relative to the U.S. dollar negatively impact sales by about 50 basis points, and gasoline price deflation negatively impacted sales by approximately 220 basis points. Traffic or shopping frequency on a worldwide basis was down 1.2% during the fourth quarter and showed an increase of 1.2% in the U.S. Our average transaction, our average basket size was up 12.7% during the fourth quarter, notwithstanding the negative impacts from gas deflation and FX, which are included in that number.

就第四季度的銷售指標而言，外幣兌美元匯率對銷售額產生了約 50 個基點的負面影響，而汽油價格通縮對銷售額產生了約 220 個基點的負面影響。第四季度全球範圍內的交通或購物頻率下降了 1.2%，而美國則增長了 1.2%。儘管受到天然氣通縮的負面影響，第四季度我們的平均交易量和平均購物籃規模增加了 12.7%和 FX，它們包含在該數字中。

We've kept you up-to-date in our monthly sales calls on the impacts from the pandemic as we've been able to identify those. Overall merchandise sales in the core, core being food and sundries, hardlines, softlines and fresh, as well as pharmacy, have all been strong, while sales in our ancillary, other ancillary and travel businesses, though now open, have been soft.

由於我們已經能夠識別出這些影響，因此我們會在每月的銷售電話中讓您了解大流行的最新影響。核心的整體商品銷售，核心是食品和雜貨、硬線、軟線和生鮮，以及藥房，都表現強勁，而我們的輔助、其他輔助和旅遊業務的銷售雖然現已開放，但一直疲軟。

Next, moving down the income statement, membership fee income. We reported a fourth quarter membership fee income of $1.106 billion, up $56 million from $1.05 billion in the fourth quarter of '19. The $56 million increase ex FX would have been $60 million up. During the quarter, we opened 8 net new units and 13 for the entire fiscal year. In terms of renewal rates, at fourth quarter end, our U.S. and Canada renewal rate remained at 91.0%. And worldwide rate also remained at its similar number from a quarter ago at 88.4%.

接下來，向下移動損益表，會員費收入。我們報告第四季度會員費收入為 11.06 億美元，比 19 年第四季度的 10.5 億美元增加了 5600 萬美元。不含外彙的 5600 萬美元增加本應增加 6000 萬美元。在本季度，我們淨開設了 8 個新單位，整個財政年度新增了 13 個單位。在續訂率方面，在第四季度末，我們的美國和加拿大續訂率保持在 91.0%。全球比率也保持在與一個季度前相似的數字，即 88.4%。

In terms of the number of members at Q4 end, both member households and cardholders, total paid households at fourth quarter end was up -- was -- came in at 58.1 million and cardholders, 105.5 million. In the fourth quarter, we standardized the membership count methodology globally, which we'd apparently done differently in different markets, North America versus others, and so that increase includes that slight adjustment. The change resulted in adding approximately 1.3 million paid members and 2.0 million cardholders to our member base.

就第四季度末的會員數量而言，包括會員家庭和持卡人在內，第四季度末的付費家庭總數增加了——是——達到了 5810 萬，持卡人達到了 1.055 億。在第四季度，我們在全球範圍內標準化了會員計數方法，我們在不同的市場（北美與其他市場）顯然採取了不同的做法，因此這一增長包括了輕微的調整。這一變化導致我們的會員基礎增加了大約 130 萬付費會員和 200 萬持卡人。

So as an example, from Q3 to Q4 when we showed going from 55.8 million to 58.1 million or up 2.3 million, that 2.3 million increase includes the 1.3 million adjustment upwards. Similarly, the 3.7 million increase from the end of third quarter to fourth quarter, that 3.7 million increase includes 2.0 million of an adjustment. I'd like to note, however, that neither the membership fee income dollars nor the renewal rate calculations were affected by this adjustment. At fourth quarter end, paid executive memberships totaled 22.6 million, an increase of 765,000 during the 16 weeks since third quarter end.

例如，從第三季度到第四季度，當我們顯示從 5580 萬增加到 5810 萬或增加 230 萬時，增加 230 萬包括向上調整 130 萬。同樣，從第三季度末到第四季度增加了 370 萬，這 370 萬增加包括 200 萬的調整。但是，我想指出，會員費收入美元和續訂率計算均不受此調整的影響。截至第四季度末，付費高管會員總數為 2260 萬，自第三季度末以來的 16 週內增加了 765,000。

Going down the gross margin line -- going down to the gross margin line, our reported gross margin came in at 11.24%, up 18 basis points from last year's fourth quarter gross margin of 11.06%. That 18 basis point increase, excluding gas deflation, came in what would have been minus 4 basis points, and excluding a portion of the direct COVID expenses would have been up 8%, and I'll show you that in the numbers that I ask you to jot down here.

向下看毛利率線——向下看毛利率線，我們報告的毛利率為 11.24%，比去年第四季度的 11.06% 的毛利率高 18 個基點。這 18 個基點的增長，不包括天然氣通貨緊縮，本來是負 4 個基點，如果不包括 COVID 直接支出的一部分，將會增長 8%，我會告訴你我問的數字你在這裡記下來。

If you jot down the following numbers, 2 columns. First column will be fourth quarter as reported. Second column will be fourth quarter ex gas deflation. The first line item would be core merchandise. Year-over-year on a reported basis, core merchandise was up 101 basis points; ex gas deflation, up 82 basis points, so plus 101 and plus 82 in the first line item. Ancillary businesses being the second line item reported minus 66 basis points, and without gas deflation, minus 71; 2% reward, minus 4 and minus 2 basis points; other, minus 13 and minus 13 basis points, and that would give you totals on a reported basis of plus 18 basis points, which I mentioned, and ex gas deflation, the minus 4.

如果您記下以下數字，則為 2 列。第一列將是報告的第四季度。第二列將是第四季度（不包括天然氣通貨緊縮）。第一個項目是核心商品。根據報告，核心商品同比上漲 101 個基點；排除氣體通貨緊縮，上漲 82 個基點，因此在第一行項目中加 101 和加 82。第二行的輔助業務報告負 66 個基點，沒有天然氣通縮，負 71； 2%的獎勵，負4和負2個基點；其他，負 13 和負 13 個基點，這將使你在報告的基礎上得到正 18 個基點的總數，我提到過，以及前氣體通貨緊縮，負 4。

Now the core merchandise component of gross margin again was higher by 101 basis points year-over-year and 82 basis points higher ex gas deflation. Similar to last quarter and even more dramatic of an impact during this quarter, we had a significant sales shift from ancillary and other businesses to the core. This resulted in a higher contribution of our total gross margin dollars coming from the core operations versus last year.

現在毛利率的核心商品部分再次同比高出 101 個基點，不包括天然氣通貨緊縮高出 82 個基點。與上一季度類似，本季度的影響更為顯著，我們的銷售從輔助業務和其他業務向核心業務轉移。這導致來自核心業務的總毛利率貢獻高於去年。

Looking at the core merchandise categories in relation to only their own sales, so core-on-core, if you will, margins year-over-year were up by 70 basis points. Fresh foods was the biggest driver of the year. With the strong sales in fresh, we benefited from efficiency gains in both labor productivity and significantly lower, what we call, D&D or damage and destroyed or products spoilage. Food and sundries, softlines, hardlines, as well, as I mentioned, fresh foods already, but in addition, food and sundries, softlines and hardlines, all had higher margins year-over-year in the quarter as well.

看看核心商品類別與其自身銷售額的關係，所以核心對核心，如果你願意的話，利潤率同比增長了 70 個基點。新鮮食品是今年最大的推動因素。憑藉新鮮的強勁銷售，我們受益於勞動生產率的提高和顯著降低，我們稱之為 D&D 或損壞和破壞或產品變質。食品和雜貨、軟線、硬線，正如我提到的，已經有新鮮食品，但除此之外，食品和雜貨、軟線和硬線在本季度的利潤率也比去年同期更高。

Ancillary and other businesses gross margin again was lower by 66 basis points and 71 basis points ex gas deflation. Most of the -- our ancillary businesses were lower year-over-year, with the most significant negative impact coming from gasoline and travel, which accounted for about 3/4 of the decline. Costco Logistics, which was primarily our acquisition this past March of the big and bulky last-mile carrier called Innovel that was our newly acquired business, that impacted ancillary margins by minus 8 basis points. Again, we acquired this, this past March and we anticipated losses in this business as it ramps up. Note that these losses do not take into account any added sales from expanded product offerings, lower delivery prices and improved member satisfaction.

輔助和其他業務的毛利率再次下降了 66 個基點和 71 個基點（不包括天然氣通縮）。大多數 - 我們的輔助業務同比下降，最顯著的負面影響來自汽油和旅行，約佔下降的 3/4。 Costco Logistics，這主要是我們在今年 3 月收購了名為 Innovel 的大型笨重的最後一英里承運人，這是我們新收購的業務，這對輔助利潤率產生了負 8 個基點的影響。同樣，我們在今年三月收購了它，我們預計該業務會隨著業務的增長而出現虧損。請注意，這些損失並未考慮因擴大產品種類、降低運費和提高會員滿意度而增加的銷售額。

Next, 2% Reward, nothing really to say there, minus 2 basis points ex gas deflation. And other, the minus 13 basis points, nearly all of this is attributable to the costs from COVID, $64 million of the $281 million previously mentioned. These are direct costs for incremental wages and sanitation allocated to our cost departments and to our merchandise fulfillment operations so it impacts cost of sales.

接下來，2% 的獎勵，沒什麼可說的，減去 2 個基點（不包括氣體通縮）。和其他，負 13 個基點，幾乎所有這些都歸因於 COVID 的成本，即前面提到的 2.81 億美元中的 6400 萬美元。這些是分配給我們成本部門和商品履行業務的增量工資和衛生設施的直接成本，因此它會影響銷售成本。

Moving to SG&A. Our reported SG&A percentage year-over-year was lower or better by 47 basis points, coming in at 9.62% of sales this year in the fourth quarter versus 10.09% last year in the fourth quarter. Ex gas deflation, SG&A was lower or better by 66 basis points.

搬到 SG&A。我們報告的 SG&A 百分比同比下降或上升 47 個基點，今年第四季度佔銷售額的 9.62%，而去年第四季度為 10.09%。排除天然氣通貨緊縮，SG&A 降低或改善了 66 個基點。

Again, if you jot down the following 2 columns of numbers, first column is reported year-over-year SG&A change and the second column would be ex gas deflation. Core operations as reported were better or lower by 42 basis points and ex gas deflation lower or better by 57 basis points, so plus 42 and plus 57; central, plus 1 and plus 3; stock compensation, plus 3 and plus 4; other, plus 1 and plus 2. And that gives you the total on a reported basis SG&A being better by 47 basis points and ex gas deflation being better by 66.

同樣，如果您記下以下兩列數字，第一列報告的是同比 SG&A 變化，第二列是不包括天然氣通貨緊縮。報告的核心業務好於或低於 42 個基點，不包括天然氣通貨緊縮，低於或高於 57 個基點，因此加 42 和加 57；中央，加 1 和加 3；股票補償加3加4；其他，加 1 和加 2。這讓你在報告的基礎上總計 SG&A 好 47 個基點，前天然氣通貨緊縮好 66 個。

SG&A in the core, excluding COVID-related expenses, which I'll discuss in a moment, was significantly leveraged, of course, with a strong core merchandise sales increases. As I mentioned, central stock compensation showing small improvements year-over-year as a percent of sales. And now the other plus 1 and -- plus 1 basis point reported and plus 2 ex gas deflation, as I discussed earlier in the call, the quarter was positively impacted by an $84 million reversal of last year's fourth quarter $123 million pretax reserve related to a product tax assessment taken a year ago in the fourth quarter.

核心的 SG&A，不包括我稍後將討論的與 COVID 相關的費用，當然，隨著核心商品銷售的強勁增長，槓桿作用很大。正如我所提到的，中央股票薪酬佔銷售額的百分比同比略有改善。現在另一個加 1 和 - 加 1 個基點報告和加 2 前天然氣通貨緊縮，正如我在電話會議早些時候討論的那樣，該季度受到去年第四季度 1.23 億美元稅前準備金的 8400 萬美元逆轉的積極影響一年前在第四季度進行的產品稅收評估。

The net impact from this item was plus 43 basis points. That plus 43 basis points is in this plus 1 and plus 2 basis point number. Also included in other are the incremental COVID costs or $217 million of the $281 million total amount. That equates to 42 or 41 basis points without gas deflation, offsetting it the other way. So that's why you have a very small number in that line. Again, these are the cost for incremental wages and safety and sanitation.

該項目的淨影響為 43 個基點。那加43個基點就是這個加1和加2基點數。其他還包括增加的 COVID 成本或 2.81 億美元總額中的 2.17 億美元。這相當於 42 或 41 個基點，沒有天然氣通貨緊縮，以相反的方式抵消了它。所以這就是為什麼你在該行中的人數非常少。同樣，這些是增加工資以及安全和衛生的成本。

Next on the income statement, preopening expense. Preopening expense last year in the fourth quarter was $41 million. This year in the fourth quarter, it was $15 million less, coming in at $26 million. Last year in the fourth quarter, we had 12 gross openings, 10 net and 2 relos, and that compares to 10 openings gross or 8 net in the fourth quarter of this year. The big difference in those 2 numbers, this year's fourth quarter relates primarily to warehouses opened during the quarter as well as warehouses scheduled to open in the first quarter. Last year's preopening included $12 million in preopening expenses related to our new -- our then new poultry complex.

接下來是損益表，開業前費用。去年第四季度的開業前費用為 4100 萬美元。今年第四季度，減少了 1500 萬美元，為 2600 萬美元。去年第四季度，我們有 12 個總開張，10 個淨開張和 2 個重新開張，而今年第四季度有 10 個開張或 8 個淨開張。這兩個數字的巨大差異，今年第四季度主要與本季度開設的倉庫以及計劃在第一季度開設的倉庫有關。去年的開業前費用包括 1200 萬美元與我們的新家禽綜合設施相關的開業前費用。

All told, reported operating income in Q4 increased 32%, coming in at $1,929,000,000 this year compared to $1,463,000,000 last year. And it would be a slightly higher percent increase if you excluded the items that I had mentioned earlier.

總而言之，報告的第四季度營業收入增長了 32%，今年達到 19.29 億美元，而去年為 14.63 億美元。如果排除我之前提到的項目，增幅會略高。

Below the operating income line, interest expense was higher year-over-year by $6 million, coming in at $51 million this year compared to $45 million last year. Interest income and other for the quarter was lower by $83 million year-over-year. As discussed earlier, following the completion of the debt offering, we prepaid $1.5 billion of debt during the quarter. There was a pretax expense of -- or what's known as a make-whole payment of $36 million related to the early retirement of that debt. That's in this interest income and other line.

在營業收入線以下，利息支出同比增加 600 萬美元，今年為 5100 萬美元，而去年為 4500 萬美元。本季度的利息收入和其他收入同比減少 8300 萬美元。如前所述，在債券發行完成後，我們在本季度預付了 15 億美元的債務。有一筆稅前費用——或者所謂的與提前償還該債務相關的 3600 萬美元的全額付款。那是在利息收入和其他方面。

Actual interest income was lower by $28 million lower -- it was actually lower by $28 million year-over-year in the quarter due principally to lower interest rates being realized. And lastly, FX and other was lower by $19 million.

實際利息收入減少了 2800 萬美元——本季度實際上同比減少了 2800 萬美元，這主要是由於實現了較低的利率。最後，FX and other 減少了 1900 萬美元。

Overall, reported pretax income in the fourth quarter was up -- came in higher by 25%, coming in at $1.869 billion this year compared to $1.492 billion last year. Again, these exclude those items I point -- that's including those items I pointed out earlier. In terms of the income tax rate, our tax rate in Q4 of '20 was 24.9%, a little lower than a year ago when it was at 25.7% in the fourth quarter a year ago, so a little benefit there.

總體而言，第四季度報告的稅前收入增加了 25%，與去年的 14.92 億美元相比，今年達到 18.69 億美元。同樣，這些不包括我指出的那些項目——包括我之前指出的那些項目。就所得稅率而言，我們在 20 年第四季度的稅率為 24.9%，略低於去年第四季度的 25.7%，因此有一點好處。

A few other items of note. In terms of warehouse expansion, with COVID, we had some delays in some of the planned openings for the fiscal year that just ended this past August 30, and a few of those have been pushed into this year that we're in now. In the -- for the year, we opened 16 total units, including 3 relos. So last year, we opened a net increase of 13 locations. Our plans for this year is to open about 20 net, 23, including 3 relos. That's our best guess and plan at this point. And as of Q4 end, our total warehouse square footage stood at 116 million square feet.

其他一些注意事項。在倉庫擴建方面，由於 COVID，我們在剛剛過去的 8 月 30 日結束的財政年度的一些計劃開放時間有所延遲，其中一些已被推遲到我們現在所在的今年。在這一年中，我們總共開設了 16 個單位，其中包括 3 個 relos。所以去年，我們淨增了13家門店。我們今年的計劃是打開大約 20 個網絡，23 個，包括 3 個 relos。這是我們目前最好的猜測和計劃。截至第四季度末，我們的倉庫總面積為 1.16 億平方英尺。

In terms of capital expenditures, for the 16-week fourth quarter, we spent approximately $852 million, and the full year, we spent $2.8 billion. Our estimated CapEx for all of fiscal '21 is in the $3 billion to $3.2 billion range.

在資本支出方面，在為期 16 週的第四季度，我們花費了大約 8.52 億美元，全年花費了 28 億美元。我們估計整個 21 財年的資本支出在 30 億至 32 億美元之間。

E-commerce. Overall, our e-commerce sales, as you've seen each month, have increased nicely. For the fourth quarter on a reported basis, up 90.6%, and ex FX, 91.3% increase during the fourth quarter. A few of the stronger departments, and there are several, health and beauty aids, food and sundries, appliances, TVs, computers and tablets, housewares and small electrics. Total online grocery grew a very strong rate in Q4, several hundred percent. This e-commerce comp, if you will, that number -- the e-commerce numbers I just mentioned above follow our usual convention, which we exclude the third-party same-day grocery program. If we included that third-party same-day, our e-commerce comps result would have been approximately 120% up during the quarter.

電子商務。總體而言，正如您每個月所見，我們的電子商務銷售額增長良好。根據報告，第四季度增長 90.6%，除外匯外，第四季度增長 91.3%。一些比較強大的部門，還有幾個，保健和美容用品、食品和雜貨、電器、電視、電腦和平板電腦、家庭用品和小型電器。第 4 季度在線雜貨店總量增長非常強勁，達到百分之幾百。這個電子商務比較，如果你願意的話，那個數字——我剛才提到的電子商務數字遵循我們通常的慣例，我們排除了第三方當日雜貨計劃。如果我們在同一天包括第三方，我們的電子商務補償結果在本季度將增長約 120%。

Overall, our e-comm sites were relatively smoothly during the quarter despite the dramatic volume increases, and we were able to improve our delivery times throughout -- on delivery times throughout the quarter as we adjusted to the ramped-up order volumes.

總體而言，儘管數量大幅增加，但我們的電子商務網站在本季度相對平穩，並且我們能夠在整個季度內改善我們的交付時間——隨著我們調整以適應不斷增加的訂單量，整個季度的交付時間。

Now quickly turning to COVID and the coronavirus and some of the issues and impacts surrounding it. From a sales perspective, as indicated by our past 3 monthly sales releases, we've enjoyed strong sales results during the June, July and August time frame. Certainly, the sales strength starts with our being deemed essential, resulting in strong sales of fresh foods, and foods and sundries, and health and beauty aids and the like.

現在迅速轉向 COVID 和冠狀病毒以及圍繞它的一些問題和影響。從銷售的角度來看，正如我們過去 3 個月的銷售發布所表明的那樣，我們在 6 月、7 月和 8 月的時間框架內取得了強勁的銷售業績。當然，銷售強勢始於我們被認為是必不可少的，導致生鮮食品、食品雜貨、保健美容輔助品等的銷售強勁。

We've also benefited from the much improved sales and products and items for the home outside of the food area. As people are spending less on travel, air and hotel and dining out, they seem to have redirected at least some of those dollars to categories like lawn and garden, furniture and mattresses, exercise equipment, bicycles, housewares, cookware, domestics and the like. And lastly, a few of our ancillary businesses, notably our optical and hearing aid operations, were closed for 12 to 16 weeks and reopened during the mid-summer.

我們還受益於食品區以外家庭的銷售、產品和物品的大幅改善。隨著人們在旅行、機票、酒店和外出就餐上的花費減少，他們似乎至少將其中的一些錢重新分配到草坪和花園、家具和床墊、健身器材、自行車、家庭用品、炊具、家居用品等類別.最後，我們的一些輔助業務，特別是我們的光學和助聽器業務，關閉了 12 至 16 週，並在仲夏期間重新開放。

From a supply chain perspective, kind of a 40,000-foot view, in terms of China, at least judging by the shipments to us, most of the factories are up and running. There are still some production challenges due to certain components downstream in the supply chain in areas like electronics, computer and certain white goods. It is getting better and improving each week. And like us, we feel that our suppliers' factories have gotten a bit better over the last several months of instituting safety protocols. That's our best guess.

從供應鏈的角度來看，從 40,000 英尺的角度來看，就中國而言，至少從對我們的出貨量來看，大多數工廠都在運轉。由於電子、計算機和某些白色家電等供應鏈下游的某些組件，生產仍然存在一些挑戰。它每週都在變得越來越好。和我們一樣，我們覺得我們供應商的工廠在過去幾個月制定安全規程的過程中有所改善。這是我們最好的猜測。

And in terms of getting back to normal, each week is showing improvement and catching up, still a little behind. Food and sundries, some limits on paper goods but getting better. Toughest area overall is still sanitizing wipes as well as latex gloves. In terms of other PP&E, we're in pretty good shape, selling quite a bit of masks and the like. Milk and butter, things like that are generally okay.

在恢復正常方面，每週都在進步和追趕，但仍然落後了一點。食品和雜貨，紙製品有一些限制，但正在好轉。總體上最困難的區域仍然是消毒濕巾和乳膠手套。就其他 PP&E 而言，我們的狀況非常好，銷售了相當多的口罩等。牛奶和黃油之類的東西一般都可以。

In terms of fresh foods, proteins are currently all pretty good. There had been some slowdowns over the past few months and some allocations and some limits that we had to put on some sales of those items, but that's gotten back to normal at this point. Seafood and produce, all good as it has generally been throughout.

生鮮方面，蛋白質目前都還不錯。在過去的幾個月裡出現了一些放緩，我們不得不對這些項目的一些銷售進行一些分配和一些限制，但此時已經恢復正常。海鮮和農產品，一如既往的好。

In terms of holiday merchandise planning, Halloween, a few -- a small reduction in the amount of costumes, some more basic candy items as well as for Christmas going a little more basic in some areas and as well as looking at things and needs and uses for the house, but viewing it, given our strength of late, relatively optimistically.

在節日商品規劃方面，萬聖節，一些--服裝數量的小幅減少，一些更基本的糖果項目以及聖誕節在某些地區變得更基本，以及查看事物和需求和房子的用途，但考慮到我們最近的實力，相對樂觀地看待它。

And Costco travel has shown some very modest improvement but still significantly impacted during the quarter due to reduced demand. We do see our members starting to book travel again although generally further out than we have historically seen.

Costco 的旅行表現出一些非常溫和的改善，但由於需求減少，該季度仍受到重大影響。我們確實看到我們的會員再次開始預訂旅行，儘管通常比我們以往看到的要遠。

Our warehouses overall have remained open and are back to regular hours, with additional -- with an additional hour on certain weekday mornings and many markets for seniors and persons with disabilities. The warehouses are still, of course, following the social distancing and sanitation guidelines -- sanitization guidelines. And since May 4, as you know, we've required all members and employees in the warehouse to wear masks.

我們的倉庫總體上保持開放，並恢復正常營業時間，並在某些工作日的早晨和許多針對老年人和殘疾人的市場增加營業時間。當然，倉庫仍然遵循社交距離和衛生準則——消毒準則。如您所知，自 5 月 4 日起，我們要求倉庫中的所有成員和員工都佩戴口罩。

Finally, in terms of upcoming releases, we will announce our September sales results, which is for the 5 weeks ending Sunday, October 4, on that following Wednesday, October 7, after market close.

最後，就即將發布的產品而言，我們將在 10 月 7 日星期三收市後公佈 9 月份的銷售結果，即截至 10 月 4 日星期日的 5 週。

With that, I will open it up to Q&A and give it back to Laurie. Thank you.

有了這個，我會打開它進行問答，然後把它還給 Laurie。謝謝。

(Operator Instructions) And your first question is from Simeon Gutman from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Simeon Gutman。

Richard, my first question is, how should we think about or how are you planning COVID costs for Q1 of the next fiscal year? And if I'm not mistaken, I thought that for this fourth quarter, there was a range -- I don't know if there was a range, but we were expecting them to be lower sequentially and I think they were pretty similar. So you mentioned the basics, what it constituted, but can you talk about why?

理查德，我的第一個問題是，我們應該如何考慮或如何計劃下一財年第一季度的 COVID 成本？如果我沒記錯的話，我認為第四季度有一個範圍——我不知道是否有一個範圍，但我們預計它們會連續下降，我認為它們非常相似。所以你提到了基礎知識，它是由什麼構成的，但你能談談為什麼嗎？

Sure. As you may recall, on our third quarter conference call, we indicated that such types of costs in the Q4 would be at least $100 million or over $100 million, and of course, $281 million is over $100 million, but quite a bit larger. But the reality is, the biggest factor is we chose to continue, at least for the time being, the $2 an hour premium. That represents about $14 million a week. To date, we are doing that and we've committed to doing that at least through, I believe, the first 8 weeks of fiscal -- of this fiscal quarter.

當然。您可能還記得，在我們的第三季度電話會議上，我們表示第四季度的此類成本至少為 1 億美元或超過 1 億美元，當然，2.81 億美元超過 1 億美元，但要大得多。但現實情況是，最大的因素是我們選擇繼續（至少暫時）每小時 2 美元的保費。這相當於每週約 1400 萬美元。迄今為止，我們正在這樣做，並且我們已經承諾至少在本財政季度的前 8 週內做到這一點。

And again, we'll take that time and again. Our numbers have been very good. Our employees are on the front line. And so that -- mind you, the fourth quarter was a 16-week quarter versus Q3, which was a 12-week quarter so on a per week basis, it's come down. There's other things that have been -- that won't be repeated in the first quarter, at least.

再一次，我們會一次又一次地這樣做。我們的數字非常好。我們的員工在第一線。所以 - 請注意，第四季度是一個 16 週的季度，而第三季度是一個 12 週的季度，所以每週都在下降。還有其他事情 - 至少在第一季度不會重複。

If you go back to the very beginning of time, for the first 4 to 5 weeks when we stopped doing food samples, we employed those third-party employees ourselves. We paid our third party to have them help us in the warehouse. That was during those 3 to 4 weeks of craziness in late February to mid- to late March when people were coming in and hoarding and what have you, and that helped quite a bit.

如果你回到最開始的時候，在我們停止做食品樣品的前 4 到 5 週，我們自己僱用了那些第三方員工。我們付錢給第三方讓他們在倉庫裡幫助我們。那是在 2 月下旬到 3 月中下旬的 3 到 4 週的瘋狂時期，當時人們進來囤積，你有什麼，這幫助了很多。

So there's some costs that have -- that I don't expect to be continued. The biggest component, of course, would be the $2 premium. And we'll see. At this juncture, we've committed to it our employees for the first 8 weeks of this quarter.

所以有一些成本 - 我不希望繼續。當然，最大的組成部分是 2 美元的保費。我們拭目以待。在此關頭，我們已在本季度的前 8 週內向我們的員工承諾。

Okay. My follow-up is you mentioned the holiday, and I think you said you're looking at it optimistically or favorable for now. Can you talk about maybe a little more detail why? It seems like the results speak for themselves for now, but there could be a lot of change over the next couple of months. And has your customer diversified their basket with you? And you think you'll be able to retain them across more categories and keep trips as more retail gets their traffic back?

好的。我的後續行動是你提到了假期，我想你說你現在樂觀或有利地看待它。您能否更詳細地談談原因？現在看來結果不言而喻，但在接下來的幾個月裡可能會有很多變化。您的客戶是否與您一起多樣化了他們的購物籃？你認為你能夠在更多類別中保留它們並隨著更多零售店的流量恢復而保持旅行？

Sure. Sure. Well, look, I mean, the main data points that we look at is, is how strong things have been in the last 3.5, 4 months. June, July and August sales results, which we've all shared with you guys, the trend in traffic has improved so it's been positive the last couple of months instead of slightly or even more than slightly negative going back to April and May. While the average ticket or average basket size has continued to be relatively strong.

當然。當然。嗯，看，我的意思是，我們看的主要數據點是，過去 3.5、4 個月的情況有多強勁。我們已經與大家分享了 6 月、7 月和 8 月的銷售結果，流量趨勢有所改善，因此過去幾個月是積極的，而不是回到 4 月和 5 月時略有甚至更多的消極。而平均票價或平均籃子規模繼續相對強勁。

So -- and probably if you ask what's -- what are the -- what's some of the biggest surprises that we had looking at the last 3 months of sales results compared to what we had expected a few months before that. I mean, the big surprise is, is we expected fresh and food and sundries and paper goods and the like and health and beauty aids to be strong, particularly food because of the weakness -- people dining out. But I think we're a little surprised by the strength in many of these discretionary nonfood categories, things for the house and big-ticket items.

所以 - 可能如果你問什麼 - 什麼是 - 與我們幾個月前的預期相比，我們在過去 3 個月的銷售結果中看到的最大驚喜是什麼。我的意思是，最大的驚喜是，我們預計新鮮食品、雜貨、紙製品等以及健康和美容用品會很強勁，尤其是食品，因為弱點——人們外出就餐。但我認為我們對許多非食品類別、家居用品和大件商品的強勁表現感到有些驚訝。

Again, not only furniture for the -- inside the house but patio furniture. Live goods were particularly strong, where, in some instances, we had try to cut back a few orders back in March and April for seasonal summer goods like patio furniture. Very quickly, we were having to scramble for more of those. And so, so far, so good.

同樣，不僅是室內家具，還有庭院家具。現場商品特別強勁，在某些情況下，我們曾試圖在 3 月和 4 月減少一些季節性夏季商品（如露台家具）的訂單。很快，我們不得不爭先恐後地爭取更多。所以，到目前為止，一切都很好。

We recognize that people were coming into Costco. We believe they feel safe, given the safety protocols and the mask requirements. The sheer size of the building itself and the width of the aisles. So all those things have helped us in that regard.

我們認識到人們正在進入 Costco。鑑於安全規程和口罩要求，我們相信他們感到安全。建築物本身的龐大規模和過道的寬度。所以所有這些事情都在這方面幫助了我們。

We're also back to, after a couple of months of not having our traditional multi-vendor mailer coupon type of offerings, because several key items were limited or on allocation, we've gotten back to that. And so I think our -- at least our most recent 3-plus month history has given us some comfort at this point.

我們也回來了，在幾個月沒有我們傳統的多供應商郵寄優惠券類型的產品之後，因為幾個關鍵項目是有限的或分配的，我們已經回到了那個。所以我認為我們 - 至少我們最近 3 個多月的歷史在這一點上給了我們一些安慰。

Now as soon as I say that, things may change. But at this juncture, we feel very good about how will we -- what it looks like going forward, recognizing, looking at some of these things with a more basic in terms of Halloween and Christmas and the like.

現在我一這麼說，事情可能會改變。但在這個時刻，我們對我們將如何發展感到非常滿意 - 它看起來像前進，認識到，從萬聖節和聖誕節等方面更基本地看待其中的一些事情。

Your next question is from Chris Horvers from JPMorgan.

你的下一個問題來自摩根大通的 Chris Horvers。

So my first question is, what's driving that strong core-on-core margin outside of the fresh category, which clearly would benefit from a shrink perspective? Is it sell-through and low clearance? Is it mix within the categories? Or is it something else?

所以我的第一個問題是，是什麼推動了新鮮類別之外的強勁核心對核心利潤率，這顯然會從收縮的角度受益？它是通過銷售和低清倉率嗎？它在類別中混合嗎？或者是別的什麼？

Well, on fresh, it's all of the above. I mean it's strong sales on a relatively higher initial margin business within our small confines of margin range. But then 2 components of cost of sales in fresh is labor productivity and spoilage. We don't have spoilage. We sell out, not literally, but almost literally to the piece on these end things and so you're not throwing stuff away. You're not -- there's -- it's a great business from a gross margin dollar perspective, given the sales strength in it. So that's clearly the biggest thing.

好吧，就新鮮而言，就是以上所有。我的意思是，在我們的小範圍利潤率範圍內，初始利潤率相對較高的業務銷售強勁。但是新鮮的銷售成本的兩個組成部分是勞動生產率和變質。我們沒有腐敗。我們賣光了，不是字面意思，而是幾乎字面意思是這些最終的東西，所以你不會扔掉東西。考慮到它的銷售實力，從毛利率美元的角度來看，你不是 - 有 - 這是一項偉大的業務。所以這顯然是最重要的事情。

But again, if you look at the other 3 core areas, core food and sundries, hardlines and softlines, they're all up but up a nice amount but nothing like fresh foods. So that's helped.

但同樣，如果你看看其他 3 個核心領域，核心食品和雜貨，硬線和軟線，它們都在上漲，但漲幅不錯，但與新鮮食品不同。所以這很有幫助。

Now mind you, other things have offset that and the sum of all of those things is still a positive. The things that have offset it would be things like the fact that certain ancillary businesses, which are higher-margin businesses, were closed for a 12- to 16-week period. Our food court, of course, has been limited of what we do there. We took out all the tables. We've limited their product offerings.

請注意，其他因素已經抵消了這一點，所有這些因素的總和仍然是積極的。抵消它的是某些輔助業務，即利潤率較高的業務，關閉了 12 到 16 週。當然，我們的美食廣場限制了我們在那裡的活動。我們把所有的桌子都拿出來了。我們限制了他們的產品供應。

Travel, which is -- while a small business, is an extreme example of high margin. Many items in travel is just a brokerage fee. It's almost sales minus no cost of sales equal gross margin, if you will. It's the markup or the commission on some of that stuff, a portion of that.

旅遊雖然是一家小型企業，但卻是高利潤率的一個極端例子。旅行中的很多項目只是一筆中介費。如果您願意的話，這幾乎是銷售額減去無銷售成本等於毛利率。這是其中一些東西的加價或佣金，其中的一部分。

So those things have come down, but the sum of all those negatives are outweighed by the overall strength in core merchandise sales. And pharmacy, pharmacy has been relatively strong, too. And within that, fresh has been the biggest driver of it.

所以這些事情已經下降，但所有這些負面因素的總和被核心商品銷售的整體實力所抵消。而藥學，藥學也一直比較強勢。其中，新鮮一直是最大的推動力。

Got it. So a follow-up question that you were surprised by the negative gas impact in ancillary. I mean, your peers, while not the same quarter, saw tailwinds for the periods that crossed over. And so can you talk about how much of that 66 basis points is specifically gas versus the other businesses? And as you look forward, considering that opticals open and food courts, at least for the smaller menu, open and starting to see some traction around travel and gas prices being stable, do you expect that at this point that, that ancillary headwind could abate?

知道了。所以後續的問題是你對輔助的負面氣體影響感到驚訝。我的意思是，你的同行雖然不是同一個季度，但在交叉時期看到了順風。那麼你能談談這 66 個基點中有多少是專門用於天然氣與其他業務的嗎？當你展望未來時，考慮到光學開放和美食廣場，至少對於較小的菜單，開放並開始看到圍繞旅行和汽油價格穩定的一些牽引力，你是否預計在這一點上，輔助逆風會減弱？

I think it will be less negative, but I think it's going to be around for a while. I mean, if you look at gas, gas is more profitable per dollar -- per gallon of sales than it was a couple of years ago, because I think if prices have come down, traditional retail has not been as competitive, which allows us to be more competitive, but still make a little more. And it's -- and our trough at the lowest point, I'm guessing, back in April and May, there was a week where we -- our gallons were down close to half.

我認為它不會那麼消極，但我認為它會持續一段時間。我的意思是，如果你看一下天然氣，每美元 - 每加侖銷售額的天然氣比幾年前更有利可圖，因為我認為如果價格下降，傳統零售業就沒有那麼有競爭力，這讓我們更有競爭力，但還是多賺一點。而且它 - 我們的低谷處於最低點，我猜，回到四月和五月，有一周我們 - 我們的加侖下降了近一半。

Today, they're down closer to maybe down 10%, maybe 5% to 15% depending on the day or the week. But in normal times, for the last few years pre-COVID, when the U.S. gasoline industry had comps in the very low single digits, we'd be in the very, very high single digits or close to 10% or 11% even sometimes.

今天，根據一天或一周的不同，它們可能會下降 10%，可能下降 5% 到 15%。但在正常情況下，在 COVID 之前的最後幾年，當美國汽油行業的利潤率處於非常低的個位數時，我們會處於非常非常高的個位數，甚至有時甚至接近 10% 或 11% .

So we've -- so things have changed there. It's still a profitable business. And -- but when your sales -- when your price per gallon goes down 20%, 30% and your gallons are down even some small amount, and it's a 10-plus percent of sales of our business, it has that effect on it. At the end of the day, the sum of all of this has still been quite good for us.

所以我們 - 所以那裡的情況發生了變化。這仍然是一項有利可圖的業務。而且 - 但是當你的銷售額 - 當你的每加侖價格下降 20%、30% 並且你的加侖價格下降了一點點，並且它占我們業務銷售額的 10% 以上時，它就會對其產生影響.歸根結底，所有這一切的總和對我們來說還是相當不錯的。

And could you break out that -- the 66 that's specifically related to gas?

你能打破那個——與天然氣特別相關的 66 嗎？

No. What we said, 3/4 of it was...

不，我們所說的，其中 3/4 是……

Gas and travel.

汽油和旅行。

Gas and travel. That's as good as we get here. I don't have the detail in front of me. My guess is gas is more of it than travel, but they're both impactful.

汽油和旅行。這和我們到達這裡一樣好。我面前沒有細節。我的猜測是汽油比旅行更重要，但它們都具有影響力。

Your guess is better than mine.

你的猜測比我的好。

And your next question is from Chuck Grom from Gordon Haskett.

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

Curious, Richard, how you're thinking about the recovery of your gasoline business, particularly from a gallons perspective. And I guess, how this interplay is holding back foot traffic into your store. Clearly, it's getting better but it's being impacted a little bit by the gas business.

好奇，理查德，你是如何考慮你的汽油業務的複甦的，特別是從加侖的角度來看。我想，這種相互作用是如何阻止客流量進入您的商店的。顯然，它正在好轉，但它受到了天然氣業務的一點影響。

Well, I don't know exactly. I haven't seen numbers in the last week or 2, but I believe our, call it, 10% negative gallon comp is still way better than the U.S. as a whole -- the U.S. gallon -- gasoline industry as a whole. And so -- but we'd rather have plus 10% to minus 10%. The fact is, is that people are coming in less but they're buying more each time, and the sum of those 2 things, as we've shown, we used to enjoy 5% to 8% comps pre-COVID on a regular basis. And the last 3 months, we've enjoyed 14s, if you will. And so overall, we'll take that. But it's got to be a small impact still.

好吧，我不完全知道。我沒有看到過去一周或兩週的數字，但我相信我們的 10% 負加侖 comp 仍然比整個美國——美國加侖——汽油行業整體要好得多。所以——但我們寧願有正 10% 到負 10%。事實是，人們的收入減少了，但他們每次都購買了更多，正如我們所展示的，這兩件事的總和，我們過去常常在 COVID 之前定期享受 5% 到 8% 的補償基礎。在過去的 3 個月裡，我們享受了 14 秒，如果你願意的話。所以總的來說，我們會接受的。但它必須仍然是一個小的影響。

Okay. And then just it's been a while since I asked this, but the crossover between customers that purchase gas and then shop in the store on like kind hours, do you have that number handy?

好的。自從我問這個問題以來已經有一段時間了，但是購買汽油然後在類似時間在商店購物的客戶之間的交叉，你有這個號碼嗎？

I haven't seen it lately, but historically, it had been -- during the hours that the warehouse itself is open because the gas station is open a couple of hours perhaps on either side of that, it's in the low 50s.

我最近沒見過它，但從歷史上看，它曾經是——在倉庫本身開放的幾個小時內，因為加油站可能在其兩側開放幾個小時，它處於 50 年代的低位。

Low 50s. Okay, great. And then just switching gears a little bit on capital allocation. You ended the year with over $30 per share in cash and cash equivalents, and you obviously remain significantly under-levered. Curious how you and the Board are approaching this high-class problem?

低 50 歲。好的，太好了。然後只是在資本配置上稍微改變一下。您在年底以每股超過 30 美元的現金和現金等價物結束了這一年，而且您的槓桿率顯然仍然嚴重不足。想知道您和董事會是如何解決這個高級問題的嗎？

Well, we have our regular quarterly Board meeting in a couple of weeks, we'll see. But at the end of the day, we talk about it every Board meeting, all the different alternatives. Certainly, we -- when we went out to borrow the $4 billion, which was really a net increase of $2.5 billion because we used $1.5 billion to pay off existing debt, the fact was is that we were planning for a worst-case scenario where we would need more -- there'd be a slew of seasonal summer merchandise that we might have to hold for a year, as well as there'd be a lower inventory turn, particularly on discretionary nonfood categories.

好吧，我們將在幾週後召開定期的季度董事會會議，我們拭目以待。但歸根結底，我們在每次董事會會議上都會討論所有不同的備選方案。當然，當我們出去借 40 億美元時，實際上是淨增加了 25 億美元，因為我們用 15 億美元償還了現有債務，事實是我們正在為最壞的情況做計劃我們將需要更多——我們可能需要持有大量季節性夏季商品一年，而且庫存周轉率較低，尤其是非食品類別。

Up until June, when we've seen the numbers really go in the northern way, June, July and August, much of that need has not occurred. So yes, we are in a good position right now. We'll continue to look at it. But you'll know this after we know.

直到 6 月，當我們看到數字真正向北移動時，即 6 月、7 月和 8 月，大部分需求都沒有發生。所以是的，我們現在處於有利位置。我們將繼續關注它。但你會在我們知道之後知道這一點。

your next question is from Karen Short of Barclays.

你的下一個問題來自巴克萊銀行的 Karen Short。

I guess, first question, just on the $2 premium. I guess, the real question is, I mean, I know you called out the 8 weeks, but would it be more prudent, as we kind of model this, to just kind of think that that's more or less the new norm? Meaning $14 million a week is kind of what we should add on, on an ongoing basis? It just seems that it's hard to take something like that away once you've offered it. So just thoughts on that.

我想，第一個問題，只是關於 2 美元的保費。我想，真正的問題是，我的意思是，我知道你已經宣布了 8 週，但在我們對此進行建模時，是否會更謹慎地認為這或多或少是新規範？這意味著每週 1400 萬美元是我們應該持續增加的？似乎一旦你提供了它就很難拿走這樣的東西。所以只是想到這一點。

I don't think it's completely hard to take away. We communicate via our CEO and our Head of HR to our employees. We've done that and we've continued to extend it but saying this will be it and then we've added a little more.

我不認為它是完全難以帶走。我們通過我們的首席執行官和人力資源主管與我們的員工進行溝通。我們已經做到了這一點，並且我們繼續擴展它，但說這就是它，然後我們添加了更多。

I think we'll see. I think something that will -- I think it may be hard, but not impossible. And we want to make sure we communicate to our employees of why we're doing it and we'll have to wait -- we'll just have to wait and see, Karen.

我想我們會看到的。我認為有些事情會——我認為這可能很難，但並非不可能。我們想確保我們與我們的員工溝通我們為什麼要這樣做，我們將不得不等待——我們只需要拭目以待，凱倫。

Okay. And then I wanted to just...

好的。然後我只想...

I wouldn't necessarily budget it in for the full fiscal year, but we don't know at this point. We know it's at least 8 of the 12 weeks in Q1 and it may be more.

我不一定會為整個財政年度編制預算，但我們目前還不知道。我們知道第一季度的 12 周中至少有 8 週，而且可能更多。

Okay. And then just back to traffic for a second. So within your reported traffic numbers is obviously e-comm, right? So I wanted to just ask a little about what your physical in-store traffic looks like? And then I think on the last call, you were asked on color on traffic with your more loyal executive members versus the lower level members. Do you have any color on both of those?

好的。然後回到交通一秒鐘。所以在你報告的流量數字中顯然是電子通訊，對吧？所以我想問一下您的實體店內客流量是什麼樣的？然後我想在最後一次電話會議上，你被問及更忠誠的執行成員與較低級別成員的流量顏色。這兩個都有顏色嗎？

Looking real quick. I really -- I don't have color in terms of -- generally, I mean, executive members do everything, spend more -- come in more frequently, buy more each time and renew at a higher rate.

看起來真快。我真的——我沒有顏色——一般來說，我的意思是，執行成員會做所有事情，花更多錢——更頻繁地進來，每次都買更多，並以更高的速度續約。

I'm looking real quick here, hold on. I don't have traffic. Comps -- within our comp number, e-commerce benefits it by a little over 3%.

我看得很快，等一下。我沒有流量。補償——在我們的補償數字中，電子商務使它受益了 3% 多一點。

Of the comp, not the traffic.

補償，而不是流量。

Of the comp, yes, not the traffic number.

在比賽中，是的，不是交通號碼。

Average ring is doubled versus the warehouse.

平均環比倉庫多一倍。

And the average ring has more than doubled.

而且平均環數翻了不止一倍。

No. No. The average ring on e-comm has doubled.

不，不。電子通訊的平均響鈴次數翻了一番。

Oh, I'm sorry, the average ring on e-comm versus the warehouse is about twice. And that's because you've got a lot of -- you still -- even though we've expanded on food and sundries and apparel, we still have got big-ticket items like electronics and furniture, exercise equipment and the like.

哦，對不起，e-comm 和倉庫的平均環數大約是兩倍。那是因為你有很多——你仍然有——儘管我們已經擴大了食品、雜貨和服裝的範圍，但我們仍然有大件商品，如電子產品、家具、健身器材等。

Hence, the traffic. But it's nothing like 1 to 2 that's virtually…

因此，交通。但這實際上不像 1 到 2 那樣……

Bob here is saying he's guessing that the traffic impact would be 1 to 2, but we don't have that broken out.

Bob 在這裡說他猜測交通影響將是 1 比 2，但我們沒有具體說明。

And your next question is from Michael Lasser from UBS.

你的下一個問題來自瑞銀的 Michael Lasser。

So Richard, now that we're 6 months into the pandemic, does Costco come out of this situation in better position to experience incremental margin expansion over time? And is there any factors that you've learned that would allow the company to generate more margin expansion than it would have otherwise?

那麼理查德，現在我們已經進入大流行 6 個月了，Costco 是否能夠更好地擺脫這種情況，隨著時間的推移經歷增量利潤擴張？您是否了解到任何因素可以使公司產生比其他情況更多的利潤率擴張？

Well, the more margin we can generate, the more likely we're going to give some of it back. In this case, arguably, given our strength, we've certainly given it back, but we've remained very competitive, but we've also maintained that $2 premium to our employees, which we appreciate.

好吧，我們可以產生的利潤越多，我們就越有可能回饋其中的一部分。在這種情況下，可以說，鑑於我們的實力，我們當然已經回饋了它，但我們仍然非常有競爭力，但我們也保持了對員工的 2 美元溢價，我們對此表示讚賞。

I -- the first part of your question when you started asking about how do we feel we're going to come out of the pandemic and as things change? I mean, look, there's factors, as people eat out more and go out more or travel more, there's less for the home, that's on a macro basis. We have to believe here and we do believe that we have picked up new members. We've picked up sales from existing members, from categories that they're buying more at Costco now, relatively speaking, in part because certain other venues or traditional venues are either closed or not frequently -- not frequent as often.

我——你的問題的第一部分，當你開始問我們如何看待我們將如何擺脫大流行以及隨著情況的變化？我的意思是，看，有一些因素，隨著人們外出就餐的次數增加，外出次數增加或旅行次數增加，在家的次數減少，這是宏觀的。我們必須在這里相信，我們確實相信我們已經吸收了新成員。我們已經從現有會員那裡獲得了銷售額，他們現在在 Costco 購買更多的類別，相對而言，部分原因是某些其他場所或傳統場所要么關閉要么不經常關閉 - 不那麼頻繁。

So again, we've been blessed in that regard. I think the other thing that I've witnessed over the last several months is our merchants' ability to pivot and to add items for the houseware items, additional items. And so I think net of all those things, I still think, on a macro basis, when people start eating out more and start flying more and attending -- going on vacations, some of these monies that are now being used for purchasing things for the home is going to move that way.

因此，我們在這方面再次受到祝福。我認為在過去幾個月裡我目睹的另一件事是我們的商家有能力為家庭用品和其他項目進行調整和添加項目。因此，我認為除去所有這些因素後，我仍然認為，從宏觀上看，當人們開始更多地外出就餐、開始更多地飛行和參加——去度假時，其中一些錢現在被用於購買東西家將朝那個方向移動。

That being said, I think there are several areas where we've -- we're retaining more of their dollars, and some portion of that will continue to retain when it gets back to normal.

話雖這麼說，我認為我們已經在幾個領域——我們保留了他們更多的美元，其中一部分將在恢復正常時繼續保留。

Okay. And on an unrelated note, looking at e-commerce growth, what percentage of your membership base is currently buying from you online? What's the profile of the member who's driving the growth? And presumably, a lot of the spend is incremental because the spend of those numbers is going up. Could that change how you are thinking about emphasizing or investing behind your e-commerce business?

好的。與此無關的一點是，看看電子商務的增長情況，您的會員群中有多少目前在網上向您購買商品？推動增長的成員的概況如何？據推測，很多支出是增量的，因為這些數字的支出正在上升。這會改變您對強調或投資電子商務業務的看法嗎？

Yes. I don't have all those specifics. What I know is what was happening even before COVID and has been exacerbated in a positive way since COVID is more -- some members have signed up to utilize those services. More members are utilizing those services and spending more on it. If you think about the 1-day fresh, it is up several hundred percent-fold, recognizing it was a smaller base, even as it's gone down from its peak a couple or 3 months ago, it's still a lot higher than it was before. And my guess is even as people get used to wanting to go out, there's some people right now that aren't going to the supermarket or aren't going out to Costco to shop. They love this service.

是的。我沒有所有這些細節。我所知道的是，甚至在 COVID 之前就已經發生的事情，並且由於 COVID 的出現而以積極的方式加劇——一些成員已經註冊使用這些服務。越來越多的會員正在使用這些服務並為此花費更多。如果您考慮 1 天新鮮，它上漲了百分之幾百，認識到它是一個較小的基數，即使它從幾個或 3 個月前的峰值下降，它仍然比以前高很多.我的猜測是，即使人們習慣了外出，現在也有一些人不去超市或不去 Costco 購物。他們喜歡這項服務。

There are some people that are going to -- there's going to be some group of people going to like that. And given our quality and value, we and the supermarket are not mutually exclusive of one another, and we think we'll keep some of that. So we are certainly doing more to market to members, not only in-store promotions but online promotions as well.

有些人會 - 會有一些人會喜歡那樣。考慮到我們的質量和價值，我們和超市並不相互排斥，我們認為我們會保留其中的一部分。因此，我們當然會做更多的工作來向會員進行營銷，不僅是店內促銷，還有在線促銷。

We feel better too on offerings (inaudible).

我們對產品也感覺更好（聽不清）。

Yes. We feel -- I feel better about our offerings today certainly than a year ago or than 2 years ago, recognizing there's a lot of low-hanging fruit because some of the things we hadn't done historically. We know that on the -- I'll hate to use the phrase again, but on the big and bulky side, a lot of those things -- yes, for 4 years, we had talked, which is pre-COVID, we talked about going from $50 million in white goods sales in store in the U.S. with a limited sales penetration, if you will, to fiscal '19 doing almost $700 million, I think, just under $700 million.

是的。我們覺得——我對今天的產品感覺肯定比一年前或兩年前更好，因為我們認識到有很多唾手可得的果實，因為有些事情我們過去沒有做過。我們知道——我不想再次使用這個短語，但在大而笨重的方面，很多事情——是的，4 年來，我們談過，這是在 COVID 之前，我們談過如果你願意的話，從美國店內白色家電銷售額 5000 萬美元，銷售滲透率有限，到 19 財年銷售額接近 7 億美元，我認為略低於 7 億美元。

That business has increased at a more rapid pace than the last year for 2 reasons: COVID and people buying things for the home as well as, in our view, the original things we're seeing trends-wise in terms of how to utilize -- better utilize our big and bulky Innovel acquisition, what we call now -- what we now call Costco Logistics for big-ticket furniture items, lawn and garden items, exercise equipment and the like.

該業務的增長速度比去年更快，原因有兩個：COVID 和人們為家庭購買東西，以及在我們看來，我們在如何利用趨勢方面看到的原始事物 - -更好地利用我們龐大而龐大的 Innovel 收購，我們現在稱之為 Costco Logistics，用於大件家具、草坪和園藝用品、健身器材等。

(Operator Instructions) Your next question is from Paul Lejuez of Citi.

（操作員說明）你的下一個問題來自花旗銀行的 Paul Lejuez。

Paul Lejuez. Richard, can you maybe talk about what you're seeing in terms of spending by new customers relative to existing customers, but also relative to what you would typically see from a new customer? And then second, I guess I'm curious if you have looked at club usage by members at all. What percent of your members used the club this quarter versus last quarter? Any way to frame that?

保羅·萊胡埃茲。理查德，你能否談談你所看到的新客戶相對於現有客戶的支出，以及相對於你通常從新客戶那裡看到的支出？其次，我想我很好奇你是否看過會員對俱樂部的使用情況。與上一季度相比，本季度使用俱樂部的會員百分比是多少？有什麼方法可以框起來嗎？

I don't know if I can answer all those specifically, but keep in mind, some of our new members signed up simply for same-day fresh or 2-day dry. Same-day fresh, you have to be within a market -- a trade area where there's a Costco; 2-day dry, you can be anywhere, I think, almost anywhere in the United States; and with Instacart, it's both United States and a good part of Canada now.

我不知道我是否可以具體回答所有這些問題，但請記住，我們的一些新成員只是註冊了當天新鮮或 2 天干的。當天新鮮，你必須在一個市場內——一個有好市多的貿易區； 2天干，你可以在任何地方，我想，幾乎在美國的任何地方；有了 Instacart，它現在既是美國，也是加拿大的很大一部分。

And so we have some members, if they weren't a member but they're signing up just to get 2-day dry and they're not near a Costco, needless to say they're just buying those types of basic dry grocery items and that's it.

所以我們有一些會員，如果他們不是會員，但他們註冊只是為了獲得 2 天的干爽，而且他們不在 Costco 附近，不用說他們只是購買那些基本的干貨雜貨項目，僅此而已。

Generally speaking, what we've seen in any given member, whatever type of member, they buy more each year over the first few years of their membership. And then there's the age thing as well. The sweet spot for us is still 40 to 55 year olds as they've grown economically, grown family-wise and are not on the downside of that curve in terms of empty nesting and what have you. But I don't have any specifics beyond that to give you.

一般來說，我們在任何給定會員身上看到的情況，無論是什麼類型的會員，他們在成為會員的頭幾年每年都會購買更多商品。然後還有年齡問題。對我們來說，最佳點仍然是 40 到 55 歲的人，因為他們在經濟上和家庭方面都在成長，並且在空巢和你有什麼方面沒有處於曲線的下行。但除此之外我沒有任何細節可以給你。

How about club usage?

俱樂部使用情況如何？

Club usage? Same thing. Again, I can tell you, I don't have anything specific, right, the last few months. But club, other than traffic, has improved greatly from its trough 5 months ago, not back to where it was pre-COVID. But one of the things that we see is that the typical member over the first 3 to 5 years is growing their total purchases, which is a combination of their basket and their frequency. And clearly, when we can convert somebody to an executive member, they are buying more and shopping more frequently than that.

俱樂部使用？一樣。再一次，我可以告訴你，我沒有任何具體的，對的，過去幾個月。但是俱樂部，除了客流量，已經從 5 個月前的低谷有了很大改善，沒有回到 COVID 之前的水平。但我們看到的一件事是，在前 3 到 5 年內，典型會員的總購買量正在增加，這是他們的購物籃和頻率的結合。很明顯，當我們可以將某人轉變為執行成員時，他們的購買量和購物頻率會更高。

Your next question is from Oliver Chen of Cowen.

你的下一個問題來自 Cowen 的 Oliver Chen。

Richard, on the e-commerce frontier, it's been really impressive what you've done. What is some of the lower-hanging fruit that you see ahead there? And also, if you could brief us on the penetration now and how you might see that step change and where that will head in the future.

理查德，在電子商務前沿，你所做的真的令人印象深刻。您在那裡看到的一些較低的果實是什麼？而且，如果你能向我們介紹一下現在的滲透情況，你會如何看待這一步驟的變化以及未來的發展方向。

Well, I mean, the main lower penetration things are, if you go back 3 or 4 years ago, I don't think we had good e-mail addresses for much more than 1/3 of our member base and we didn't focus on that kind of stuff. Today, we have well over 60% and growing. We now require you, when you sign up, and more members are signing up online than in-store in general anyway, when you sign up, you sign up with an e-mail address. So we're doing a lot more to collect and gather those e-mail addresses and then communicating with them more often. So that's probably the single biggest low-hanging fruit.

好吧，我的意思是，滲透率較低的主要因素是，如果你回到 3 或 4 年前，我認為我們有超過 1/3 的會員群沒有好的電子郵件地址，而且我們也沒有專注於那種東西。今天，我們已經超過 60%，並且還在增長。我們現在要求你，當你註冊時，在線註冊的會員比一般的店內註冊會員多，當你註冊時，你註冊時使用電子郵件地址。所以我們正在做更多的工作來收集和收集這些電子郵件地址，然後更頻繁地與他們聯繫。所以這可能是最容易實現的目標。

The other thing is, is we feel that we've been able to use e-mails, if you will, not only to drive e-commerce special promotions, but also in-store special promotions. As well, the COVID, we were pleasantly surprised by just the sheer increase in people using same-day fresh. Anecdotally, I can't tell you how many people have mentioned to me how they love it, and they may very well be shopping same-day fresh or same-day whatever from their local supermarket as well. But we've got a lot of great items on there and it's hitting a chord.

另一件事是，我們覺得我們已經能夠使用電子郵件，如果你願意的話，不僅可以推動電子商務特別促銷，還可以推動店內特別促銷。同樣，在 COVID 期間，我們對使用當日新鮮食品的人數激增感到驚喜。有趣的是，我無法告訴你有多少人向我提到他們是多麼喜歡它，而且他們很可能也會從當地超市購買當天新鮮或當天購買的任何東西。但是我們那裡有很多很棒的東西，而且很受歡迎。

And Richard, as we look to this holiday season, which is definitely like no other, what factors would you prioritize as how you're planning it as best you can differently this year versus others? And is the multi-vendor mailer in good shape? And are you going to leverage that a lot for holiday as well? I would love thoughts around dynamics of supply chain and marketing for holiday.

理查德，當我們展望這個絕對與眾不同的假期時，你會優先考慮哪些因素作為今年與其他人不同的最佳計劃？多供應商郵遞員的狀況是否良好？你也會在假期中大量利用它嗎？我喜歡關於供應鏈動態和假期營銷的想法。

Well, the multi-vendor mailer is back, and there may be a few items that we don't have because of certain supply limitations. But for the most part, it's completely back after, I think, 2 or 3 of those, so 6 or 9 weeks of multi-vendor mailers, if you will, that we didn't do. I think the biggest difference is, again, for the Christmas holidays, is getting back to basics. But you're still going to see some hot exciting items at Costco.

好吧，多供應商郵寄器又回來了，由於某些供應限制，我們可能沒有一些物品。但在大多數情況下，它完全恢復了，我認為，其中 2 或 3 個，所以 6 或 9 週的多供應商郵件，如果你願意的話，我們沒有這樣做。我認為最大的不同是，對於聖誕假期來說，是回歸基礎。但您仍然會在 Costco 看到一些令人興奮的熱門商品。

The -- again, as I mentioned, even on Halloween, we still have costumes. I think we brought in something like 80% of what we would have normally brought in, 80% or 90%, and we're actually selling them. So we added some vendors over the last several months, given certain shortages. One of the challenges is, right now, we've had great numbers in electronics and white goods, notwithstanding the fact that the numbers would be better if there was greater supply. We all read about there are certain supply issues on laptops and computers and things like that, on some of the gaming things, on some of the white goods, where there might be downstream shortage or at least some allocation of compressors. So we're doing very well on that. We've added some different vendors in some cases. And I think the fact that we did so well this summer relative to what we had anticipated has given us the confidence to be still pretty aggressive going into the fall.

再次，正如我提到的，即使在萬聖節，我們仍然有服裝。我認為我們帶來了我們通常帶來的 80% 的東西，80% 或 90%，而且我們實際上正在出售它們。因此，鑑於某些短缺，我們在過去幾個月中增加了一些供應商。挑戰之一是，目前，我們在電子產品和白色家電方面擁有大量產品，儘管如果供應更多，這些產品的數量會更好。我們都讀到過筆記本電腦和電腦之類的東西、一些遊戲產品、一些白色家電存在某些供應問題，這些地方可能存在下游短缺或至少有一些壓縮機分配。所以我們在這方面做得很好。在某些情況下，我們添加了一些不同的供應商。而且我認為我們今年夏天相對於我們的預期表現如此出色這一事實讓我們有信心在進入秋季時仍然非常積極。

Our last question on same-day fresh and the momentum there, what are the margins like and what are your thoughts about that margin and the take rate and also taking some of those capabilities in-house versus using the white label?

我們關於當天新鮮的最後一個問題和那裡的勢頭，利潤率是多少，您對利潤率和採用率有何看法，以及在內部使用其中一些功能與使用白標相比？

Well, at this juncture, we have a very good relationship with other competitors, I'm sure, having a good relationship also with Instacart. There's a few other smaller ones that we're using. We're not necessarily looking to take that in-house at this juncture. But we are always looking at various third parties, and we have good existing relationships, and we want to keep growing those as well.

好吧，在這個時刻，我們與其他競爭對手的關係非常好，我敢肯定，與 Instacart 也有良好的關係。我們正在使用其他一些較小的。在這個時刻，我們不一定要在內部進行。但我們一直在尋找各種第三方，我們擁有良好的現有關係，我們也希望繼續發展這些關係。

Your next question is from John Heinbockel of Guggenheim Partners.

你的下一個問題來自 Guggenheim Partners 的 John Heinbockel。

Richard, so a couple of things in gross. If you -- even if you take out fresh food, right, it looks like the other 3 were up quite a bit. Maybe dive into a little bit similarities driving those 3 big categories versus what might be unique to each. And then how sustainable is that, right? Because this obviously is one of the better core in cores we've seen in a while.

理查德，總的來說有幾件事。如果你 - 即使你拿出新鮮食物，對吧，看起來其他 3 個都漲了不少。也許深入研究推動這 3 個大類別的相似之處，而不是每個類別的獨特之處。那麼這有多可持續，對吧？因為這顯然是我們一段時間以來看到的核心中更好的核心之一。

Sure. Well, look, first and foremost, there's -- well, I guess, 2 things. There's a little bit less promotional activity going on. You think about TVs and electronics, those have been such a strong category, not just for Costco but in general. The manufacturers haven't been doing as many promotional things. So -- and the other thing is, is given just the sheer sales strength, when you're comping -- if we comped to the -- whatever it was in August 14, and I don't have it in front of me, whatever, but in some of these categories that we talked about what was stronger, you're talking comps in the low to high 20s. When you've got those -- that kind of sales strength, you have very -- on a much smaller scale, you have less markdowns.

當然。好吧，首先，我猜，有兩件事。促銷活動少了一點。你想想電視和電子產品，這些都是如此強大的類別，不僅對 Costco 如此，對總體而言也是如此。製造商沒有做那麼多的促銷活動。所以 - 另一件事是，當你比較時 - 如果我們比較 - 無論 8 月 14 日是什麼，我都沒有它在我面前，無論如何，但在我們討論過的某些類別中，你說的是 20 多歲到 20 多歲的組合。當你擁有那些 - 那種銷售實力時，你會非常 - 在更小的規模上，你的降價幅度會更少。

So you've got a -- whatever your regular margin is on those categories, less -- a little bit less without a little bit of an offset from end of cycle and some of those cycles are 60, 90 days, by the way, on some of those SKUs. So that's helped you a little bit.

所以你得到了——無論你在這些類別上的常規利潤是多少，少了一點——沒有一點與週期結束的抵消，順便說一下，其中一些週期是 60 天、90 天，在其中一些 SKU 上。所以這對你有一點幫助。

And then on ancillary rights, you said 75% was gas and travel. But it was gas the bulk of that? And if so, was gas more the compare last year versus any decision you made, right, to take less margin? I imagine it's not bad to take less margin and try to drive traffic because market is just not there, right?

然後關於附屬權利，你說 75% 是汽油和旅行。但其中大部分是天然氣？如果是這樣，與你做出的任何決定相比，天然氣是否比去年更多，對吧，減少保證金？我想減少利潤並嘗試增加流量也不錯，因為市場不存在，對吧？

I think in terms of less margin, that's more of our DNA. When things are really good, we're going to drive sales even further and do that. Or when things are good, we're going to -- we feel a little more comfortable doing the $2 an hour for another month, whatever it might be. But at the end of the day, there's probably less price competition out there today than there was a year ago, and so we're able to maintain our fair margins.

我認為就利潤率而言，這更多是我們的 DNA。當情況真的很好時，我們將進一步推動銷售並做到這一點。或者，當一切順利時，我們將——我們覺得再一個月以每小時 2 美元的價格工作會更舒服一些，不管它是什麼。但歸根結底，今天的價格競爭可能比一年前少，因此我們能夠保持公平的利潤率。

All right. And then lastly, what's the current thought process on 2 things: expanded BOPUS, which you haven't wanted to do for cost reasons; and a third tier of membership? I don't know if it'd be a higher tier or a middle tier but sort of segmenting that a little more.

好的。最後，目前對兩件事的思考過程是什麼：擴展 BOPUS，出於成本原因您不想這樣做；和第三層會員資格？我不知道它是更高層還是中間層，但有點細分。

Yes. Well, on buy online and pick up in-store, we continue to look at what others do. We continue to scratch our head a little bit. It's not that we'll never do it but it's not on the agenda for this week. And as it relates to an additional tier of membership, again, I don't think that's on the top of the priority plate at this juncture, given everything else that's going on.

是的。好吧，關於在線購買和店內提貨，我們繼續關注其他人的做法。我們繼續撓頭。這並不是說我們永遠不會這樣做，但它不在本週的議程上。由於它涉及到額外的會員級別，因此，考慮到正在發生的所有其他事情，我認為此時此刻這不是優先事項。

Your next question is from Scott Mushkin of R5 Capital.

你的下一個問題來自 R5 Capital 的 Scott Mushkin。

So I guess I want to get back to Richard, to the e-commerce traffic mix and the comments that you've made prior about really wanting to get people into the club. If the pandemic shifts that, where you're going to see permanently traffic being an issue there, how are we supposed to -- how are we thinking about like impulse purchases and just the Costco model once we exit the pandemic, if this kind of sticks, with omnichannel just being a much bigger piece of the pie overall?

所以我想我想回到理查德，回到電子商務流量組合以及你之前發表的關於真正想讓人們進入俱樂部的評論。如果大流行改變了這種情況，你將看到永久性交通成為那裡的一個問題，我們應該如何——一旦我們退出大流行，我們應該如何考慮衝動購買和好市多模式，如果這種堅持，全渠道只是整體上更大的一塊餡餅？

Well, first of all, keep in mind, if our online business was 5-ish percent a year ago and now it's 8-ish percent, that's a big delta in 1 year. And it'll continue -- it will probably continue to increase as a percentage from there. And that excludes the third-party Instacart type business, the 1-day grocery. And so look, we've been pretty good at pivoting along the way and we recognize there's lots of attributes to value. The first and foremost is the lowest price on the greatest quality or quantity of goods, of services and the trust that we've endeared with our members. I think that we'll figure that out as we go along. We're not -- we may be occasionally stubborn on something but we're not completely intransient if we see we need to do something. We've figured out how to do things in a little different way than others, and we'll continue to do that.

嗯，首先，請記住，如果我們的在線業務在一年前是 5% 左右，而現在是 8% 左右，那是 1 年內的一個大增量。而且它會繼續 - 它可能會從那裡繼續增加百分比。這不包括第三方 Instacart 類型的業務，即 1 天雜貨店。所以看，我們一直很擅長在這個過程中進行調整，我們認識到價值有很多屬性。首先也是最重要的是，以最低的價格提供最高質量或數量的商品、服務以及我們深受會員喜愛的信任。我認為我們會在進行過程中解決這個問題。我們不是——我們可能偶爾會在某些事情上固執己見，但如果我們看到我們需要做某事，我們不會完全漠不關心。我們已經想出如何以與其他人略有不同的方式做事，我們將繼續這樣做。

And as far as the pickup, I know I think you were quoted in a recent article on this. I mean, how are you thinking about pickup over time? And is there a way to bring that to -- bring that arrow into what you guys are doing without better economics? I know you've always been cautious about those economics.

至於皮卡，我知道我認為最近一篇關於此的文章引用了您的話。我的意思是，你如何考慮隨著時間的推移取件？有沒有辦法把它帶到——在沒有更好的經濟學的情況下把那支箭帶到你們正在做的事情中？我知道你一直對那些經濟學持謹慎態度。

Well, keep in mind, when third parties do it, their cost for picking, we believe, we don't know exactly what they are, but we believe based on our wages and benefits, is less. And they've created a model that works with their density and everything else. They're not just buying and delivering from Costco, they're buying and delivering to others. So there are some economics in that model that makes sense. The -- our view also is, is there are some retailers that are doing it because they feel they have to.

好吧，請記住，當第三方這樣做時，他們的採摘成本，我們相信，我們並不確切知道它們是多少，但我們相信根據我們的工資和福利，成本會更低。他們創建了一個模型，適用於他們的密度和其他一切。他們不只是從 Costco 購買和送貨，他們還向其他人購買和送貨。因此，該模型中有一些經濟學意義。我們的觀點也是，是否有一些零售商正在這樣做，因為他們覺得自己必須這樣做。

One of the things the article you're talking about is the article today. The one, in my view, I think, I would disagree in the article is that we should be concerned because our sales have started slowing, which is the contrary. They're stronger than they've ever been in the last 3 months. So we don't have our head in the sand on it. We look at it. We have people here that study it. And maybe we'll surprise you 1 day. But at this juncture, we're not prepared to do that.

您正在談論的文章之一就是今天的文章。一個，在我看來，我認為，我在文章中不同意的是，我們應該擔心，因為我們的銷售已經開始放緩，這是相反的。他們比過去 3 個月的任何時候都更強大。所以我們不會把頭埋在沙子裡。我們看看它。我們這裡有人研究它。也許有一天我們會讓您大吃一驚。但在這個時刻，我們不准備這樣做。

Your next question is from Rupesh Parikh of Oppenheimer.

你的下一個問題來自奧本海默的 Rupesh Parikh。

I guess, just 2 related questions on real estate. So as you look at your store growth for this year, what's the split between international and domestic? And also just given some of the challenges in brick-and-mortar, I'm mostly just curious if you're starting to see more opportunities on the real estate front.

我想，只有 2 個關於房地產的相關問題。因此，當您審視今年的門店增長時，國際和國內的差距如何？而且，鑑於實體店面臨的一些挑戰，我主要只是想知道您是否開始在房地產方面看到更多機會。

Yes. I mean I think our general view is, is that we still feel that we want to open -- looking at this year and the next 5 years, open somewhere between 20 and 25 a year net new units. About half of those, a little more than half will start by coming in the United States. And that'll trend over the 5 years to maybe being slightly over 50-50 in the U.S. to slightly under 50-50 in the U.S. We still think we have plenty of opportunities in the U.S.

是的。我的意思是我認為我們的總體觀點是，我們仍然覺得我們想要開放——看看今年和未來 5 年，每年開放 20 到 25 個淨新單位。其中大約一半，略多於一半將從美國開始。這將在 5 年內呈趨勢，在美國可能略高於 50-50，在美國略低於 50-50。我們仍然認為我們在美國有很多機會。

It does take longer in certain other countries. I think we're just about ready to do a second unit in France. We just opened our third unit in Spain after having opened our first unit in Spain, gosh, 5 years ago. We have 1 unit in China with 2 planned for fiscal '22. We're now in fiscal '21. And so some of these countries do take longer. But we are also putting a little bit more emphasis on that, where we've been successful and we think we can be successful. And -- but I think again, at the 40,000-foot level, if we did 20 to 25, a little more than half in the first couple of years is U.S. and by year 4 or 5 or 6, it'll probably be instead of 60-40 or 55-45 U.S., it'll turn to be just the opposite.

在某些其他國家/地區確實需要更長的時間。我認為我們正準備在法國製作第二個單元。 5 年前，我們在西班牙開設了第一家分店，天哪，我們剛剛在西班牙開設了第三家分店。我們在中國有 1 個單位，22 財年計劃有 2 個。我們現在處於 21 財年。因此，其中一些國家確實需要更長的時間。但我們也更加強調這一點，我們已經成功並且我們認為我們可以成功。而且 - 但我再次認為，在 40,000 英尺的高度，如果我們做了 20 到 25 次，那麼前幾年有一半多一點是美國，到第 4、5 或 6 年，它可能會變成60-40 或 55-45 美國，它會變成恰好相反。

Your next question is from Scot Ciccarelli of RBC Capital.

你的下一個問題來自 RBC Capital 的 Scot Ciccarelli。

Actually, another store growth question. What is the limiting factor for you in terms of accelerating your store growth further? Like you've got a grand total of 1 in France, a grand total of 1 in Spain, like -- and you've been there for 5 years. Like it just seems to me like there could be a lot more store expansion if you really wanted to push it. And I guess what I'm wondering is, what keeps you from accelerating that further?

實際上，另一個商店增長問題。在進一步加速門店增長方面，限制您的因素是什麼？就像你在法國總共有 1 個，在西班牙總共有 1 個，就像——你已經在那裡待了 5 年。在我看來，如果你真的想推動它，可能會有更多的商店擴張。我想我想知道的是，是什麼阻止你進一步加速？

I think there are a couple of things. First of all, I've always said that we're a very hands-on company. And one of the things we've learned when we've gone a little too fast, not to suggest 1 in 5 years is too fast, it's not. But -- and I remember in Japan, we got to 10 or 12 locations and then in about 18-month period, we opened 8 or 9 and we had a little bit of operating indigestion. As it relates to France, it took us close to 10 years to get our first open. The level of people and entities that can appeal that process and fight you to keep you out is unbelievable. And again, in Spain, we actually have 3, fourth this year.

我認為有幾件事。首先，我一直說我們是一家非常親力親為的公司。當我們走得太快時，我們學到的一件事是，並不是說 5 年 1 年就太快了，事實並非如此。但是——我記得在日本，我們有 10 或 12 個地點，然後在大約 18 個月的時間裡，我們開了 8 或 9 個地點，我們有點消化不良。就法國而言，我們花了將近 10 年的時間才開了第一家店。可以吸引該過程並與您抗爭以將您拒之門外的人員和實體的水平令人難以置信。同樣，在西班牙，我們實際上有 3 個，今年排名第四。

Generally speaking, if I look at various countries, we'd open 5 in the first 5 years, that would be relatively fast for us. And -- but again, it gets back, I think, to getting that hands on and make sure that we feel comfortable how the market is doing. We're probably a little slower than we could be but we feel good about it. And it's worked for us, and we'll, I think, continue to do that.

一般來說，如果我看看各個國家，我們會在前 5 年開設 5 個，這對我們來說相對較快。而且 - 但我認為，它又回到了動手並確保我們對市場的表現感到滿意。我們可能比我們應該的要慢一點，但我們對此感覺很好。它對我們有用，我認為我們會繼續這樣做。

But Richard, that's on the international front. That makes sense. You've got to get comfortable with the market and supply chain, of course. But what about just in the U.S.? Like you're obviously comfortable with all the -- how to navigate kind of store openings and what kind of restrictions you might have. It just seems to me like if you've got a decent amount of white space...

但是理查德，那是在國際方面。這就說得通了。當然，你必須熟悉市場和供應鏈。但是僅僅在美國呢？就像你顯然對所有的事情都感到滿意——如何駕馭開店的方式以及你可能有什麼樣的限制。在我看來，如果你有足夠多的空白空間......

Fair enough. Well, I think some of the white space gets better each year. If I look at even the Seattle market, there was a multiyear period where we didn't open any additional units and then we opened on the East side here, Redmond, and a couple of others. And part of it is cannibalizing nearby units. And -- but no, we try to be relatively methodical and disciplined of kind of the returns that a new unit can generate, net of cannibalization. And could we open 20 instead of 12 or 13 in the U.S.? Absolutely. But it's how fast the real estate people and the regional operations people get with our CEO to go through that process and...

很公平。好吧，我認為每年都有一些空白區域會變得更好。如果我看一下西雅圖市場，有多年我們沒有開設任何額外的單位，然後我們在這裡的東區、雷德蒙德和其他幾個地方開設了。其中一部分是蠶食附近的單位。而且 - 但不，我們試圖相對有條不紊和紀律嚴明地對待新單位可以產生的回報，淨自相殘殺。我們可以在美國開設 20 家而不是 12 家或 13 家嗎？絕對地。但這是房地產人員和區域運營人員與我們的 CEO 一起完成這個過程的速度，並且......

Finding the right properties.

找到合適的屬性。

Finding the right properties, yes.

找到合適的屬性，是的。

Your next question is from Mike Baker from D.A. Davidson.

你的下一個問題來自 D.A. 的 Mike Baker。戴維森。

And it's getting late, so I'll be quick, but I wanted to ask you about the membership fee income up about [5%] and change, I think, this quarter, which has been pretty consistent throughout the year. But I guess, how much of that do you think is from new members that you're picking up because of the pandemic? Some of your competitors are seeing big increases in new members from the pandemic. It's hard to tease that out from your numbers. I mean we compare this -- we can compare it to past MFI numbers but it's a little lumpy because of the fee increases. So any idea of what you're picking up in terms of new members because of the pandemic.

現在已經很晚了，所以我會很快，但我想問你關於會員費收入增長約 [5%] 和變化，我認為，這個季度，這在全年都非常穩定。但我想，您認為其中有多少是由於大流行而從新成員那裡獲得的？您的一些競爭對手看到新成員因大流行而大幅增加。很難從你的數字中弄清楚這一點。我的意思是我們比較這個 - 我們可以將它與過去的 MFI 數字進行比較，但由於費用增加，它有點不穩定。因此，您對由於大流行而在新成員方面獲得了什麼的任何想法。

We don't disclose that. It's still a smaller percentage of the total. It's not a majority of the total.

我們不會透露這一點。它仍然佔總數的一小部分。這不是總數的大多數。

And does it surprise you that those membership numbers aren't accelerating more as you might see from some of your competitors?

您是否感到驚訝，因為這些會員數量並沒有像您從一些競爭對手那裡看到的那樣加速增長？

Our view, when we've looked at some of our competitors' numbers, is partly because they have a much lower number of members per location than we do. And we -- that's our view. But the fact is, is when we look at how penetrated we are in so many of our markets, I mean, we are, even in California, where we have 120, 130 units, I forgot how many units we have there, I believe we're north of 60% -- slightly north of 60% member household market share. In states like Oregon and Washington, we're well in excess of that. So I think that's part of the issue in our view. We've got a lot of people already.

我們的觀點是，當我們查看一些競爭對手的數字時，部分原因是他們每個地點的會員數量比我們少得多。而我們——這是我們的觀點。但事實是，當我們看看我們在這麼多市場中的滲透率時，我的意思是，即使在加利福尼亞州，我們也有 120、130 個單位，我忘記了我們在那裡有多少個單位，我相信我們超過 60%——略高於 60% 的成員家庭市場份額。在俄勒岡州和華盛頓州，我們遠遠超過了這一點。所以我認為這是我們認為的問題的一部分。我們已經有很多人了。

Right. Yes. Yes, it makes sense. All right. If I could ask 1 follow-up on gas gallons sold, you said you're at 10% today. That's not 10% for the quarter, down 10%, that is, I believe, right? That's sort of a point in time. Did you mention how your gas gallons sold were for the -- as we go through the whole quarter?

正確的。是的。是的，這是有道理的。好的。如果我可以問 1 個關於售出汽油加侖的後續行動，你說你今天是 10%。這不是本季度的 10%，下降 10%，我相信，對吧？那是一個時間點。你有沒有提到你銷售的汽油加侖數是如何——我們經歷了整個季度？

We did not. That's a more recent number in the last month, let's say. I mentioned that it may have been even in the end of Q3, which ended like May 10 or May whatever, around then, where we're like a minus 50%. But my guess is, is we're somewhere in the low to mid-teens for the last month.

我們沒有。比方說，這是上個月的最新數字。我提到過，它甚至可能在第三季度末，大約在 5 月 10 日或 5 月結束，大約在那時，我們就像負 50%。但我的猜測是，上個月我們處於十幾歲到十幾歲的某個地方。

For the last quarter or for the last month?

上個季度還是上個月？

The last month in low teens.

十幾歲的最後一個月。

Okay. And so the total quarter is somewhere in between those 2 numbers, presumably?

好的。因此，總季度可能介於這兩個數字之間？

Yes. Yes.

是的。是的。

Your next question is from Peter Benedict of Baird.

你的下一個問題來自 Baird 的 Peter Benedict。

Richard, just a question on how the product shortage issues that you guys have seen around COVID might be influencing your view on where you might go next in terms of vertical sourcing. I mean, I don't assume there's anything electronics or white goods, but has the experience in the last 4 or 5 months maybe bent the curve in terms of when certain initiatives might be pulled forward?

理查德，關於你們在 COVID 周圍看到的產品短缺問題可能會如何影響你們對垂直採購下一步可能去向的看法的問題。我的意思是，我不假設有任何電子產品或白色家電，但過去 4 或 5 個月的經驗是否可能會在某些計劃何時可以推進方面扭轉曲線？

Well, in terms of vertical initiatives, we've got -- the last 2 or 3 years have been quite a bit, not only a bakery commissary that serves U.S. and Canada, just across the Canadian border, not only a second meat plant in Illinois versus the one we've had for many years in California, not only the poultry complex and not only a couple of smaller produce initiatives we've got going on right now. And last, but not even expected, but the acquisition of Innovel or what we now call Costco Logistics. So we got our hands full with a lot of things right now.

好吧，就垂直舉措而言，我們已經 - 過去 2 或 3 年已經相當多了，不僅是服務於美國和加拿大的麵包店小賣部，就在加拿大邊境，不僅是加拿大的第二家肉類加工廠伊利諾伊州與我們在加利福尼亞州多年來擁有的相比，不僅是家禽綜合體，而且不僅是我們現在正在進行的一些較小的農產品計劃。最後，但甚至沒有預料到，是對 Innovel 或我們現在所說的 Costco Logistics 的收購。所以我們現在忙於處理很多事情。

I don't necessarily see -- I think one of the things that we've learned from COVID, we have great relationships with large companies, both consumer product name companies and private label name companies doing literally multi-hundreds of millions of dollars of 1 item. When there has been some shortage of supply, we've had to expand that vendor network a little bit. There are some instances, where given our sheer volume in Asia now, can we find a comparable manufacturer or an existing supplier that wants to do something over there. So I think there's some -- there'll be some ways to continue to reduce costs on key items. But in terms of what's the next big vertical, I don't know if we know at this point.

我不一定看到 - 我認為我們從 COVID 中學到的一件事是，我們與大公司建立了良好的關係，包括消費品品牌公司和自有品牌公司，這些公司實際上做了數億美元的1 項。當出現供應短缺時，我們不得不稍微擴大供應商網絡。在某些情況下，鑑於我們現在在亞洲的龐大數量，我們能否找到一家可比的製造商或一家想要在那裡做某事的現有供應商。所以我認為有一些 - 會有一些方法可以繼續降低關鍵項目的成本。但就下一個大垂直領域而言，我不知道我們現在是否知道。

Okay. No, that's fair. And then just last on the travel bookings, you had mentioned that you're starting to see a pickup there but it's further out than normal. Can you -- can you frame maybe what's normal and what you're kind of seeing right now? I thought that was interesting.

好的。不，這很公平。然後就在旅行預訂的最後，你提到你開始在那裡看到一個皮卡，但它比正常情況更遠。你能——你能描述一下什麼是正常的，什麼是你現在看到的嗎？我覺得這很有趣。

This is my definition of what I've understood previously at normal is if you go back pre-COVID, the majority of your bookings each day related to stuff in the next few months, maybe a little further out for 5 months before Christmas or 5 months before the beginning of summer. Today, you've got people booking things out 5 and 9 months in some cases.

這是我對我之前理解的正常情況的定義，如果你回到 COVID 之前，你每天的大部分預訂都與接下來幾個月的事情有關，可能會在聖誕節前 5 個月或 5夏季開始前幾個月。今天，有些人會提前 5 個月和 9 個月預訂。

Now there's 2 reasons: one, there's some great deals out there; and two, in many instances, there's no cancellation charges. And so we'll have to wait and see. And part of that will be dictated by -- we've actually sold and had some members go on some cruises of late, still a very small number. The car rental business has picked up a little bit better than the other but still down relative to what it had been pre-COVID.

現在有兩個原因：第一，那裡有一些很棒的交易；第二，在許多情況下，沒有取消費。因此，我們將不得不拭目以待。其中一部分將由 - 我們實際上已經出售並讓一些成員最近進行了一些巡遊，但仍然很少。汽車租賃業務比其他業務好一點，但仍低於 COVID 之前的水平。

Overall -- yes. Overall, and mind you, if we book something out 9 months, we don't take it into revenue until it's -- the trip is taken. So even though business has improved in terms of what we show in our numbers, there's very little -- it's just starting to -- it's not -- first of all, it's not negative right now. There are a few months there in April, May, June -- or April, May, certainly, where cancellation costs were greater than trips being taken.

總的來說——是的。總的來說，請注意，如果我們預訂了 9 個月的東西，我們不會將其計入收入，直到它 - 旅行被採取。因此，儘管我們在數字中顯示的業務有所改善，但很少 - 它剛剛開始 - 它不是 - 首先，它現在不是負面的。在 4 月、5 月、6 月——或者 4 月、5 月，當然有幾個月，取消費用高於旅行費用。

Your next question is from Kelly Bania of BMO Capital.

您的下一個問題來自 BMO Capital 的 Kelly Bania。

Just wanted to ask maybe a 2-part question here. More and more, retailers are talking a little bit about advertising maybe as a way to offset their lower margin e-commerce business. And so I was curious, one, if you could talk about where are e-com margins, just with all the acceleration. And maybe just also remind us what bucket that is in your table. But then also just philosophically, how do you think about that? Maybe any -- taking on any more ad revenue to your dotcom business.

只是想在這裡問一個由兩部分組成的問題。越來越多的零售商開始談論廣告，這可能是抵消其利潤率較低的電子商務業務的一種方式。所以我很好奇，一個，如果你能談談電子商務的利潤率在哪裡，只是加速。也許還會提醒我們您桌上的桶是什麼。但是從哲學上講，您如何看待這一點？也許任何 - 為您的網絡業務帶來更多的廣告收入。

Well, we're taking on more ad revenue and we keep learning more about that as well as we drive that business. And -- but overall, the margins, it's lower gross margins. Part of that is category specific. Electronics, which is by far the largest single component of e-commerce, is a high single-digit margin. If you think about it, in the Costco warehouse, you've got fresh that's in the low double digits, sometimes, a preteen or early teen. And you've got, again, conversely electronics, which is mid to high.

好吧，我們正在獲得更多的廣告收入，並且我們在推動該業務的同時不斷了解更多相關信息。而且 - 但總的來說，利潤率，毛利率較低。其中一部分是特定類別的。電子產品是迄今為止電子商務中最大的單一組成部分，利潤率很高。如果您考慮一下，在 Costco 的倉庫中，您的新鮮度低兩位數，有時是青春期前或青少年早期。而且你又得到了相反的電子產品，它是中高檔的。

You also, as we try to drive the business in certain new categories like apparel, where you buy 2 items and get $5 off or whatever they're marketing or promotional item is, there's a lower realized margin on a given category in some of those categories versus in store. So overall, you also have less SG&A. And I get back to what Costco has always been a top line company. We're looking to grow at top line. Certainly, the profitability of e-commerce has improved dramatically in the last year with these strong sales but it's part of the ecosystem.

你也一樣，當我們試圖推動某些新類別的業務時，比如服裝，你買 2 件商品並獲得 5 美元的折扣或任何他們正在營銷或促銷的商品，其中一些給定類別的實現利潤率較低類別與商店。所以總體而言，您的 SG&A 也更少。我回到 Costco 一直是頂級公司的話題。我們希望在頂線增長。當然，隨著這些強勁的銷售，電子商務的盈利能力在去年有了顯著提高，但它是生態系統的一部分。

And it's in ancillary with where it is.

它與它所在的位置相輔相成。

Oh, where is it in a matrix? It's in ancillary.

哦，它在矩陣的什麼地方？它是輔助的。

It is in ancillary.

它是輔助的。

Your next question is from Laura Champine of Loop Capital.

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

Just a quick one, Richard. You've managed to improve inventory turns or grow inventories slower than sales since the onset of COVID. I know that some of this has been supply chain issues or issues with certain SKU sourcing, but that seems to be clearing up. How long can you keep improving inventory turns at this pace?

只是一個快速的，理查德。自 COVID 爆發以來，您已設法改善庫存周轉率或庫存增長速度低於銷售速度。我知道其中一些是供應鏈問題或某些 SKU 採購問題，但這似乎正在解決。按照這種速度，您可以持續改進庫存周轉多久？

Well, if we keep doing 14% sales for a while, but I say that tongue-in-cheek because we -- if you go back to April and May, the inventory turn had come down, one of the reasons we were planning for additional capital -- working capital needs. I -- yes. Look, I think we've gotten to a point when we've enjoyed a turn based on how you calculate it in the 12% to 13% range, when you get up to that range, it's difficult to some extent as well. Gas helps it because we turn gas every day. Fresh foods helps it because we turn fresh foods every week or less, I think about every week, maybe a little better than that. And the fact that we didn't have a big denigration on nonfood items, which we had thought would be an offset to that. So it's helped a little bit right now. But if you ask me if I could just keep where we are right now, I'd say sure.

好吧，如果我們在一段時間內保持 14% 的銷售額，但我說這話是開玩笑的，因為我們——如果你回到 4 月和 5 月，庫存周轉率已經下降，這是我們計劃的原因之一額外資本 -- -- 營運資金需求。我——是的。看，我認為我們已經達到了一個點，當我們根據你在 12% 到 13% 範圍內的計算方式享受轉彎時，當你達到這個範圍時，在某種程度上也很困難。天然氣有幫助，因為我們每天都在轉換天然氣。新鮮食物對此有所幫助，因為我們每週或更短時間都會更換新鮮食物，我想每週都這樣，也許比那好一點。事實上，我們沒有對非食品項目進行過大的詆毀，我們原以為這會抵消這一點。所以它現在有點幫助。但如果你問我是否可以保持現在的狀態，我會說當然可以。

Your next question is from Christopher Mandeville of Jefferies.

你的下一個問題來自 Jefferies 的 Christopher Mandeville。

This is Blake on for Chris. I was wondering if you'd comment at all on the extent to how much have existing customers you had before the pandemic that historically didn't buy general merchandise that are now shopping that category. How much of that example have you seen?

這是克里斯的布萊克。我想知道你是否會評論在大流行之前你有多少現有客戶歷史上不購買現在購買該類別的一般商品。你見過多少這樣的例子？

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

是的。我不知道，在我的腦海中，那個。對不起。

Okay. And then just lastly, can you talk about renewal rates and your expectations on those? Should we expect them to maybe creep higher, given all the comp strength you're seeing now?

好的。最後，你能談談續訂率和你對這些的期望嗎？考慮到您現在看到的所有競爭實力，我們是否應該期望他們可能會爬得更高？

Yes. Sorry, you're 0 for 2. We don't guide. No, we don't guide. There are things that help the comp -- that help the renewal rate, getting people to executive, getting people to do our credit card. Some of the things we do now when you sign up online...

是的。對不起，你是 0 為 2。我們不指導。不，我們不指導。有一些東西可以幫助補償——幫助續訂率，讓人們成為高管，讓人們做我們的信用卡。當您在線註冊時，我們現在所做的一些事情......

Autobill.

自動計費。

Autobill. And so those are things that help push it upward a little bit or...

自動計費。因此，這些是有助於將其向上推一點或......

Delivering [and issuing too].

交付[也發布]。

Yes. The fact -- to the extent -- but conversely, if we ramped up internationally, and not that we are going to do that overnight, but if we ramped up internationally, you start -- in any new market or new -- the first few warehouses in a new country, you work on a much lower renewal rate to start with, but a much higher number of initial sign-ups because there's a lot looking at those. And so all those things weigh in. We feel, so far that -- I know as soon as we show a minus 0.1% in the quarter, which, knock on wood, we haven't of late, people will worry what's going on. But our view is, is that we're hanging on to our members. We're getting them to -- we're -- in most countries, even in new countries, we've seen the trend to more often improve than not. And so I think we feel pretty good about that. Why don't we take 2 more questions?

是的。事實上——在某種程度上——但相反，如果我們在國際上加速發展，並不是說我們會在一夜之間做到這一點，而是如果我們在國際上加速發展，你就會開始——在任何新市場或新市場——第一個在一個新的國家很少有倉庫，你開始時的續訂率要低得多，但初始註冊的數量要多得多，因為有很多人關注這些。所以所有這些事情都有影響。我們覺得，到目前為止 - 我知道一旦我們在本季度顯示負 0.1%，敲木頭，我們最近還沒有，人們會擔心發生了什麼.但我們的觀點是，我們正在堅持我們的成員。我們正在讓他們 - 我們 - 在大多數國家，甚至在新國家，我們已經看到這種趨勢往往會有所改善。所以我認為我們對此感覺很好。我們為什麼不再回答 2 個問題？

Your next question is from Greg Melich of Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Greg Melich。

Richard, just 1 clarification and 1 question. Did you say e-commerce was 8% and then over 10%, including Instacart? Was that for the year or the quarter?

理查德，只有 1 個澄清和 1 個問題。你是說電子商務是 8% 然後超過 10%，包括 Instacart？那是一年還是一個季度？

Quarter.

四分之一。

Roughly.

大致。

Quarter and roughly, yes.

大約四分之一，是的。

Yes. Yes, 8-ish and 10-ish, got it. And then...

是的。是的，8-ish 和 10-ish，明白了。進而...

Yes-ish.

是的。

All right. So on traffic, I guess that was my follow-up. You talked a lot about, and it's nice to see the U.S. traffic come back through the quarter. Could you help us understand why international traffic remains negative and if there's any outlier countries driving that? Or is really the U.S. the outlier with traffic would come back? And if you're concerned that, that could influence the renewal rates in those international markets?

好的。所以關於交通，我想那是我的後續行動。你談了很多，很高興看到美國的流量在本季度回升。您能否幫助我們理解為什麼國際流量仍然為負以及是否有任何異常國家在推動這種情況？或者真的是美國。有流量的異常值會回來嗎？如果您擔心這會影響那些國際市場的續訂率？

Well, no, Canada is the outlier internationally. Mind you, U.S. is a little over 70% of our company's sales. Canada is around 10%, maybe...

嗯，不，加拿大在國際上是異類。請注意，美國銷售額占我們公司銷售額的 70% 多一點。加拿大大約是10%，也許...

15%.

15%。

15%? I'm sorry, 15%. And so you've got other international being less than...

15%？對不起，15%。所以你有其他國際不到...

It is going to drive it, but a lot more restriction code here so...

它會驅動它，但是這裡有更多的限制代碼所以......

There have been more restrictions in Canada. Australia also, there have been more lockdowns of late. But Canada, and we have no direct warehouse competition in Canada. We've seen their traffic...

加拿大有更多的限制。澳大利亞也是，最近有更多的封鎖。但是加拿大，我們在加拿大沒有直接的倉庫競爭。我們看到他們的流量...

More negative in the basket, even bigger.

籃下越負，越大。

Yes, more negative with a basket even bigger than the U.S. So we still got them buying and we've seen that improve also. It's -- and that negative has been reduced. So hopefully, that will continue as well. Trends like, the last 4 months have been on the up and up.

是的，籃子比美國還要大，所以我們仍然讓他們買進，而且我們也看到這種情況有所改善。它是 - 並且負面影響已經減少。所以希望這也將繼續下去。過去 4 個月的趨勢一直在上升。

Got it. So the trend's in the right direction, it's just taking longer for those country-specific reasons.

知道了。所以趨勢是正確的，只是因為那些特定國家的原因需要更長的時間。

It went further down, to start with, too. I mean, I think even -- I'm shooting from the hip here, but even several months ago, if the U.S. was a minus 5% traffic, Canada was a minus double-digit traffic.

它走得更遠，也開始了。我的意思是，我認為甚至 - 我在這裡從臀部射擊，但即使在幾個月前，如果美國的流量為負 5%，加拿大的流量為負兩位數。

And we have Robert Moskow of Crédit Suisse.

我們有瑞士信貸銀行的羅伯特·莫斯科。

I wanted to know if you're noticing any regional differences in terms of how consumers are behaving during the pandemic. Infection rates are rising in certain states. There's threat of more, I don't know if it'll fully go to lockdowns or not. But do you see any differences in terms of how they're getting ready for Halloween or worried about trick-or-treating or anything like that? And how are you responding to that?

我想知道您是否注意到消費者在大流行期間的行為方式存在任何地區差異。某些州的感染率正在上升。有更多的威脅，我不知道它是否會完全進入封鎖狀態。但是您是否看到他們在為萬聖節做準備或擔心不給糖就搗蛋或類似活動方面有何不同？你對此有何回應？

I can't be specific -- tell you specifically about Halloween. The only -- if I look back over the last several months, the only thing that we saw was, is when certain states unlocked more quickly, we saw a little pickup there faster earlier because people were getting out faster, some of those states that did that. Other than that, we haven't seen anything dramatic.

我不能具體 - 具體告訴你萬聖節。唯一的——如果我回顧過去幾個月，我們唯一看到的是，當某些州解鎖得更快時，我們看到那裡的回升速度更快，因為人們離開得更快，其中一些州做過某事。除此之外，我們還沒有看到任何戲劇性的東西。

I would say, honestly, too, pandemic has progressed, people were comfortable. They're still going out more.

我也想說，老實說，大流行病已經發展，人們很舒服。他們仍然外出更多。

Right. Yes. Bob makes a good point here. I think -- and we're all a little guilty of it is as the pandemic has progressed, we're all hopefully...

正確的。是的。鮑勃在這裡提出了一個很好的觀點。我認為——我們都對此感到內疚，因為隨著大流行病的發展，我們都希望……

(technical difficulty)

（技術難度）

Hello? God dammit. Hello?

你好？可惡。你好？

Yes. We hear you.

是的。我們聽到你了。

Oh, you hear me now. I thought I hang up on you. Sorry. I think as the pandemic has continued, people have gotten a little more comfortable, hopefully still maintaining the safety protocols but going out more often, and that's helped us. The numbers picked up a little bit as well. And overall, again, anecdotally, we feel that people feel more comfortable coming into a place where masks are required, where the places -- the physical spaces are larger with more cubic feet of open air, if you will. So I think those things have probably helped us. But the only real difference we saw was during those couple of months where some states opened up a little faster than others.

哦，你現在聽到我說的了。我以為我掛斷了你。對不起。我認為隨著大流行的繼續，人們變得更加舒適，希望仍能遵守安全規程，但會更頻繁地外出，這對我們有所幫助。數字也有所回升。總的來說，再一次，有趣的是，我們覺得人們進入一個需要戴口罩的地方會感覺更舒服，這些地方——物理空間更大，露天空間更多，如果你願意的話。所以我認為這些事情可能對我們有所幫助。但我們看到的唯一真正區別是在那幾個月裡，一些州的開放速度比其他州快一點。

Okay. Does that mean net-net, as reopenings eventually improve, that that's a net positive for your business in 2021?

好的。這是否意味著 net-net，隨著重新開放最終改善，這對您的業務在 2021 年是一個淨積極因素？

Well, that's -- it's a net positive but we don't know. Does that also mean as people eat out more frequently, they're going to buy less food, fresh food or food items at supermarkets and Costcos? There's probably some different offsets there. Again, we believe that some of the things that we've picked up through this pandemic, in part because a lot of these nonfood discretionary categories and big-ticket categories, some of that's going to be sticky. And once they've shopped and had a good experience at Costco at a great value, they'll hopefully continue that.

好吧，那是——這是一個淨積極因素，但我們不知道。這是否也意味著隨著人們更頻繁地外出就餐，他們將減少在超市和 Costcos 購買的食物、新鮮食品或食品？那裡可能有一些不同的偏移量。同樣，我們相信我們通過這次大流行病學到的一些東西，部分原因是很多非食品非必需品類別和高價類別，其中一些會很粘。一旦他們以超值的價格在 Costco 購物並獲得了良好的體驗，他們就會希望繼續這樣做。

Well, thank you, everyone. Have a good day, and we're around. Have a good day.

嗯，謝謝大家。祝你有美好的一天，我們就在附近。祝你有美好的一天。

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

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。