好市多 (COST) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q3 earnings call. (Operator Instructions) And please note that this conference is being recorded. (Operator Instructions)

女士們、先生們，感謝您的耐心等待，歡迎參加第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。 （操作說明）

And I would now like to hand the call over to Mr. Richard Galanti, CFO. Please go ahead, sir.

現在我將把電話交給財務長理查‧加蘭蒂先生。請您發言，先生。

Thank you, Joseph, 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. 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Joseph，大家下午好。首先我要說明，本次討論將包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些陳述涉及風險和不確定性，可能導致實際事件、結果和/或績效與此類陳述所指明的內容有重大差異。這些風險和不確定性包括但不限於本次電話會議中概述的風險和不確定性，以及公司不時在公開聲明和提交給美國證券交易委員會（SEC）的報告中披露的其他風險。前瞻性陳述僅代表其發布之日的觀點，除法律要求外，本公司不承擔更新這些陳述的義務。

In today's press release, we reported operating results for the third quarter of fiscal 2020, the 12 weeks ended May 10. Reported net income for the quarter came in at $838 million or $1.89 per diluted share. This compared to $906 million or $2.05 per diluted share last year in the third quarter. Now this year's third quarter was negatively impacted by direct expenses of $283 million pretax or $0.47 per diluted share from incremental wage safety and sanitation costs related to COVID-19. And last year's third quarter number of $2.05 included the benefit from a nonrecurring tax item of $73 million or $0.16 per diluted share.

在今天的新聞稿中，我們公佈了2020財年第三季（截至5月10日的12週）的營運表現。本季淨利為8.38億美元，即每股攤薄收益1.89美元。相較之下，去年同期淨利為9.06億美元，即每股攤薄收益2.05美元。今年第三季業績受到與新冠疫情相關的額外工資、安全和衛生成本的負面影響，稅前直接支出為2.83億美元，即每股攤薄收益0.47美元。而去年同期每股收益2.05美元則包含了7,300萬美元的非經常性稅收收益，即每股攤薄收益0.16美元。

Net sales for the quarter increased 7.3% to $36.45 billion, up from $33.96 billion last year in the third quarter. On a same-store or comparable sales basis for the third quarter, for the 12 weeks on a reported basis, the U.S. was a 5.9%. Excluding gas deflation and FX impact, the 5.9% would have been for the 12 weeks 8.0%. Canada on a reported basis was minus 2.5%. Ex gas deflation and FX plus 3.0%. Other International came in on a reported basis at 6.2%. And again, ex gas deflation and FX plus 12.2%. All told, the total company came in with a reported 4.8%. And again, ex gas deflation and FX, the 4.8% would have been 7.8%.

本季淨銷售額成長7.3%，達364.5億美元，高於去年同期的339.6億美元。以同店銷售額計算，第三季前12週（以報告基準），美國市場成長率為5.9%。若剔除天然氣價格下跌及匯率影響，則該成長率應為8.0%。加拿大市場按報告基準為-2.5%。剔除天然氣價格下跌及匯率影響後，成長率為3.0%。其他國際市場按報告基準為6.2%。同樣，剔除天然氣價格下跌和匯率影響後，成長率為12.2%。總而言之，公司整體按報告基準的成長率為4.8%。同樣，剔除天然氣價格下跌和匯率影響後，該成長率應為7.8%。

I might also note that e-commerce on a reported basis was 64.5% comp and ex gas deflation or ex FX, 66.1%.

我還要指出，以報告數據計算，電子商務佔比為 64.5%，若不計天然氣通貨緊縮或匯率因素，則佔比為 66.1%。

Now foreign currencies relative to the U.S. dollar negatively impacted sales by approximately 110 basis points, and gasoline price deflation negatively impacted sales by approximately 190 basis points, for the total company, therefore, the 300 basis points. Additionally, gasoline volumes or gallons were down about 20% year-over-year in the quarter as a result of less driving due to the pandemic. These adjusted figures -- the impact of gasoline gallons is not in the adjusted figures that I just described above.

外幣兌美元匯率波動對銷售額造成了約110個基點的負面影響，汽油價格通貨緊縮對銷售額造成了約190個基點的負面影響，因此，對公司整體銷售額的影響總計為300個基點。此外，由於疫情導致出行減少，本季汽油銷售（加侖）較去年同期下降約20%。以上數據皆為調整後數據－汽油銷售的影響並未包含在我剛才提到的調整後數據中。

In terms of traffic, our shopping frequency decreased in the quarter worldwide by 4.1% and in the U.S. by 2.0%. Our average transaction or ticket was up 9.3% during the third quarter, and the 9.3% does include the negative impacts from gas deflation and FX.

就客流量而言，本季全球購物頻率下降了4.1%，美國下降了2.0%。第三季平均交易金額或客單價成長了9.3%，這9.3%的成長已包含了汽油價格下跌和匯率波動帶來的負面影響。

Now our third quarter comp sales figures did reflect also that a few of our businesses, notably optical, hearing aids and photo, were closed for much Q3. And a good portion of our food court item offerings were eliminated also for much of Q3. As well, we eliminated the food court seating during this time. Reopenings of these began -- these -- the ones that were closed began on April 30, 10 days prior to the third quarter end, with about 20% of the locations back operating by Q3 end.

第三季同店銷售額也反映出，部分業務，特別是眼鏡店、助聽器店和照相館，在第三季的大部分時間都處於關閉狀態。此外，美食廣場的大部分菜餚也在第三季的大部分時間裡停售。同時，我們也在此期間取消了美食廣場的座位。這些關閉的門市已於4月30日開始重新營業，比第三季結束提前了10天，到​​第三季末，約有20%的門市恢復了營業。

In the past 2 to 3 weeks and nearly all will be back in operation by mid-June. In terms of the food courts, which have been opened, but again, a much more limited menu, we've added some, but not all the items back as of now. In all, an estimated hit to the reported sales numbers that we gave you earlier in Q3 by 1 to 2 percentage points by those items being closed or restricted.

過去兩到三週內，大部分門市已恢復營業，預計六月中旬前將全部恢復營運。美食廣場雖然已經開放，但菜單仍然非常有限，我們已恢復部分菜餚，但目前尚未全部恢復。整體而言，由於部分門市關閉或供應受限，預計銷售額將比我們先前在第三季公佈的銷售額下降1%至2個百分點。

Next, on the income statement. Membership fee income reported came in at $815 million or 2.24%, up 5% or $39 million from $776 million or 2.9% last year in Q3. Ex FX weakness, the $39 million increase, and 5% increase would have been up $47 million or 6%. During the quarter, we had 2 new openings and a total of 4 year-to-date.

接下來是損益表。會員費收入為8.15億美元，增幅2.24%，較去年同期的7.76億美元（增幅2.9%）增長5%，即3,900萬美元。若不計匯率波動的影響，這3,900萬美元的成長以及5%的增幅本應為4,700萬美元，增幅達6%。本季我們新增了2家分店，年初至今共新增4家。

In terms of renewal rates. At Q3 end, our U.S. and Canada renewal rate came in at 91.0%, a tick up from where we were at Q2 end. And the worldwide rate came in at 88.4%, the same as it was a fiscal quarter ago. Keep in mind that any impact on renewal rates from COVID, positive or negative, are reflected over the next several months.

就續保率而言，第三季末，我們在美國和加拿大的續保率為91.0%，較第二季末略有上升。全球續保率為88.4%，與上一季持平。請注意，新冠疫情對續保率的任何影響，無論是正面的還是負面的，都將在未來幾個月內逐漸顯現。

In terms of the number of members at Q3 end, member households and cardholders. In terms of households, we ended the third quarter with 55.8 million households, up from 55.3 million 12 weeks earlier. And total cardholders came in at 101.8 million, up from 100.9 million 12 weeks earlier. At Q3 end, paid executive memberships came in at 21.8 million, an increase of 135,000 over the last 12 weeks.

截至第三季末，會員數、會員家庭數和持卡人數量均有所增加。就家庭數量而言，第三季末會員家庭數量為5,580萬戶，高於12週前的5,530萬戶。持卡人總數為1.018億，高於12週前的1.009億。第三季末，付費高級會員數為2,180萬，較上一季增加了13.5萬。

Going down to the gross margin line. Our reported gross margin was higher year-over-year by 54 basis points on a reported basis, coming in at 11.53%, up from 10.99%. Now the 54 ex gas deflation would have been plus 33 basis points. As I usually do, I'll ask you to write down a few numbers in 2 columns, and then we'll go through that explanation.

接下來我們來看毛利率。以報告數據計算，我們的毛利率年增54個基點，達到11.53%，高於去年的10.99%。如果剔除天然氣價格下跌的影響，毛利率將增加33個基點。像往常一樣，我會請你們在兩列中寫下一些數字，然後我們再一起分析。

In terms of reported in Q3 '20, year-over-year, the core merchandise was up 51 basis points on a reported basis, and without gas deflation, up 33. Ancillary businesses was, on a reported basis, plus 26 basis points; ex gas deflation, plus 21. The 2% reward, minus 6 and minus 4 basis points. Other, minus 17 and minus 17, And you add up those 2 columns, total reported again up 54 basis points on a reported basis and up 33 basis points -- gross margins was up 33 basis points ex gas deflation. Now the core merchandise component of gross margin, again, higher by 51 or 33 ex deflation. Keep in mind that in the quarter, we had a decent sales shift from ancillary and other businesses to core businesses, which resulted in a higher contribution of our total gross margin dollars coming from the core.

就2020年第三季報告數據而言，核心商品毛利率年增51個基點（以報告基準計算），若不計入天然氣價格下跌，則成長33個基點。輔助業務毛利率年增26個基點（以報告基準計算），若不計入天然氣價格下跌，則成長21個基點。 2%的獎勵分別下降6個基點和4個基點。其他業務毛利率分別下降17個基點和17個基點。將這兩項數據相加，毛利率總計年增54個基點（以報告基準計算），若不計入天然氣價格下跌，則成長33個基點。核心商品毛利率部分再次成長51個基點，若不計入天然氣價格下跌，則成長33個基點。需要注意的是，本季我們實現了銷售額從輔助業務和其他業務向核心業務的顯著轉移，這使得核心業務對毛利率的貢獻率更高。

Looking at the core merchandise categories in relation to only their own sales or what we call core-on-core, margins year-over-year were lower by 17 basis points, 5 basis points, by the way, of which was the losses related to our new poultry complex. This is something I've pointed out in the last 2 quarters, and we'll probably do so next quarter as well.

如果僅從核心商品類別本身的銷售額（即我們所說的核心對核心銷售額）來看，其利潤率年減了17個基點，其中5個基點是與我們新建的家禽養殖場相關的虧損。我在過去兩個季度都提到過這一點，下個季度我們可能會再次提及。

In total, pretty similar, in fact, to our year-over-year impact in Q2. So while higher penetration of our total sales came from the core this year, it was at a slightly lower gross margin percentage year-over-year. This is mostly attributed to sales mix of both between and within merchandise categories.

總體而言，實際上與我們第二季度同比的影響非常相似。因此，雖然今年核心產品的銷售額佔比更高，但毛利率比去年同期略有下降。這主要歸因於不同商品類別之間以及同一商品類別內部的銷售組合變化。

Our fresh foods gross margin percentage was up again despite any first year headwinds from the ramp-up costs associated with the poultry complex. The strength in fresh as a result of high sales driving down our spoilage as well as labor cost as a percent of sales being able to leverage those at a greater-than-normal rate.

儘管家禽養殖場的初期投入成本帶來了一些不利因素，但我們的生鮮食品毛利率再次上升。生鮮食品銷售強勁，有效降低了損耗率，同時人工成本佔銷售額的比例也低於正常水平，從而實現了比正常水平更高的利潤增長。

Softlines, food and sundries and hardlines all had lower margin percentage year-over-year in the quarter. One example, nonfoods, which is both hardlines and softlines, nonfoods was impacted by a shift in sales towards lower-margin departments, particularly things like majors and big-ticket electronics.

本季度，軟線、食品雜貨和硬線商品的毛利率較去年同期下降。例如，非食品類商品（包括硬線和軟線商品）的毛利率下降，主要是由於銷售重心轉移到了毛利率較低的部門，尤其是大型商品和高價電子產品等。

Ancillary and other business gross margin in the 2 columns, higher by 26 basis points, and again, 21 higher basis points ex gas deflation. This result was primarily due to strength in gas and e-com gross margin dollars year-over-year, partially offset by a lower penetration of ancillary sales due to lower gas prices and volumes and the closures of some of those ancillary businesses that I talked about earlier. Several of those businesses have higher gross margins.

兩列中，輔助業務和其他業務的毛利率分別增長了26個基點，若不計入天然氣價格下跌，則增長了21個基點。這一結果主要得益於天然氣和電商業務毛利率同比增長，但部分被輔助業務銷售滲透率下降所抵消，後者下降的原因是天然氣價格和銷量降低，以及我之前提到的一些輔助業務的關閉。其中一些業務的毛利率較高。

2% reward was higher or was a hit to gross margin by 6 basis points on a reported basis and 4 ex deflation, implying that a slightly higher percentage of our sales were eligible for the executive member reward.

2% 的獎勵按報告基準計算會提高毛利率 6 個基點，以通貨緊縮基準計算會降低毛利率 4 個基點，這意味著我們銷售額中符合執行會員獎勵條件的比例略高。

The other line item, 17 basis points to the negative. 12 of the 17 basis points is attributable to the COVID costs. And the 12 basis points, that's about $44 million of the $283 million number that was mentioned in the press release. These are the costs for incremental wages, safety and sanitation costs allocated to our cost departments and merchandise fulfillment operations. So I just say it hits the margin. The other 5 basis points or $19.7 million came from accruing reserve for certain third-party gift cards and ticket programs. This latter, $19.7 million, was not included in the $283 million total amount that we called out as a direct incremental expenses from COVID.

另一項指標為負17個基點。其中12個基點歸因於新冠疫情相關成本。這12個基點約佔新聞稿中提到的2.83億美元總額的4,400萬美元。這些成本包括分配給成本部門和商品履行營運部門的額外工資、安全和衛生費用。因此，我認為這部分會影響利潤率。剩餘的5個基點，即1,970萬美元，來自為某些第三方禮品卡和票務項目計提的準備金。這1,970萬美元並未計入我們先前提到的2.83億美元新冠疫情直接新增支出總額中。

Moving to SG&A. Our reported SG&A percentage year-over-year was higher by 59 basis points, coming in at 10.51% of sales, up from 9.92%. Ex gas deflation, the minus 59 would have been minus 40 or higher by 40.

接下來是銷售、一般及行政費用。我們報告的銷售、一般及行政費用佔銷售額的百分比年增了59個基點，達到10.51%，高於去年的9.92%。若不計入天然氣價格下跌的影響，這59個基點的降幅將達到40個基點更高。

If you begin, please jot down the following SG&A components, and then we'll go through that. Core operations reported was plus 9 or lower by 9, a benefit of 9. Ex gas deflation, plus 24 or a benefit of 24 basis points. Central, 0 and plus 2. Stock compensation, plus 3 and plus 3. Other, minus 71 and minus 69. And you add up those 2 columns, you get to the reported SG&A increase of 59 basis points and ex gas deflation rather, minus 40 -- higher by 40 basis points.

如果您開始計算，請先記下以下銷售、一般及行政費用 (SG&A) 的組成部分，然後我們再逐一分析。核心營運報告顯示，SG&A 增加 9 個基點或減少 9 個基點，即收益為 9 個基點。剔除天然氣價格下跌的影響後，SG&A 增加 24 個基點，即收益為 24 個基點。中央營運費用為 0 個基點，淨增加 2 個基點。股票補償費用為 3 個基點，淨增加 3 個基點。其他費用為 -71 個基點，淨增加 69 個基點。將這兩列加起來，得出報告的 SG&A 增加 59 個基點，而剔除天然氣價格下跌的影響後，SG&A 則減少 40 個基點，即收益增加 40 個基點。

Now, again, the core operations component, lower by 9 and ex gas deflation lower by 24. SG&A in the core operations, excluding -- that's excluding the COVID-related expenses that I'll talk about in a minute, they were, needless to say, leveraged with strong core merchandise sales. Central was essentially flat and a slight improvement relative to -- including ex gas deflation. Stock comp, no surprises there, a slight benefit to SG&A by 3 basis points. And again, the other component, the 71 or 69 ex gas deflation -- of the 71, 66 basis points of the 71 is attributable to the incremental costs of COVID-19 or $239 million of that $283 million total amount that was in the press release. Again, these are the costs for incremental wages and safety and sanitation-related direct expenses. The balance of the 71 basis point figure was 5 basis points or $18.5 million. This came from the costs associated with the acquisition and integration-related expenses of our recent acquisition of Innovel, that last-mile delivery and installation operation for big and bulky that we acquired a few months ago.

現在，核心營運部分再次下降了9個百分點，剔除天然氣價格下跌的影響後下降了24個百分點。核心營運的銷售、管理及行政費用（SG&A），不包括我稍後會提到的與新冠疫情相關的支出，這些支出無疑得益於強勁的核心商品銷售。中央業務基本上持平，相對於剔除天然氣價格下跌的影響略有改善。股票補償方面，不出所料，SG&A 略微上漲了3個基點。另一部分，即剔除天然氣價格下跌後的71個百分點或69個百分點——這71個百分點中的66個百分點歸因於新冠疫情帶來的額外成本，即新聞稿中提到的2.83億美元總額中的2.39億美元。這些成本包括新增工資以及與安全和衛生相關的直接費用。剩餘的5個基點，即1850萬美元，是造成這71個百分點下降的原因。這筆費用來自我們最近收購 Innovel 的相關成本和整合費用。 Innovel 是一家為大型笨重物品提供最後一公里配送和安裝服務的公司，我們幾個月前收購了它。

Next on the income statement is preopening expense. Preopening expense was lower by $6 million, coming in at $8 million in the quarter versus $14 million a year ago. Again, we had 2 openings this year. Last year in the quarter, we had 3, although chunks of these -- each of these numbers relate to pending openings in Q4 as well.

接下來是損益表中的開業前費用。本季開業前費用為 800 萬美元，比去年同期減少了 600 萬美元，而去年同期為 1,400 萬美元。今年我們新開了兩家店。去年同期我們新開了三家店，但這些新店的數量各不相同——這些數字也與第四季度即將開業的店鋪有關。

All told, reported operating income in the third quarter of 2020 increased by 5.1%, coming in at $1.179 billion this year compared to $1.122 billion a year ago. Now this 5% increase is, notwithstanding the incremental cost that we talked about -- that I just talked about, the $283 million as well as the $19.7 million and the $18.5 million that I just mentioned as well, those were all taken in the third quarter.

總的來說，2020年第三季報告的營業收入成長了5.1%，達到11.79億美元，去年同期為11.22億美元。這5%的成長並未計入我們剛才提到的增量成本──我剛才提到的2.83億美元、1,970萬美元和1,850萬美元，這些成本都計入了第三季。

Below the operating income line, interest expense was higher year-over-year by $2 million, coming in at $37 million this year in the quarter versus $35 million a year ago. Recall that we completed a $4 billion debt offering on April 20 during the third quarter. Following the completion of the debt offering, we called the outstanding debt due May of 2021, that was a $1 billion tranche, and an additional $5 million tranche that was due in February of '22. Both of these tranches we've paid off this morning after a 30-day call notice. There will be a pretax expense of $36 million related to the earlier time in or make-whole of this debt, which will hit our Q4 results on the interest income and other line in our P&L.

在營業收入項下，利息支出較去年同期增加200萬美元，本季達到3,700萬美元，去年同期為3,500萬美元。回顧一下，我們在第三季的4月20日完成了40億美元的債券發行。債券發行完成後，我們提前償還了2021年5月到期的10億美元債務，以及2022年2月到期的500萬美元債務。在發出30天的催收通知後，我們已於今天上午償還了這兩筆債務。由於提前償還或補償這部分債務，將產生3,600萬美元的稅前費用，這將計入我們第四季損益表中的利息收入和其他項目。

Next, on the income statement. Interest income and other for the quarter, it was lower by $15 million year-over-year, mostly attributable to lower interest income and mostly attributed to lower interest rates within that. Overall, reported pretax income in Q3 fiscal '20 was up 3.6%, coming in at $1.163 billion versus $1.123 billion last year. And again, the $1.163 billion is after taking the impacts of those charges that I've previously mentioned.

接下來是損益表。本季利息收入及其他收入年減1500萬美元，主要原因是利息收入下降，而利息收入下降的主要原因是利率走低。整體而言，2020財年第三季報告的稅前利潤成長3.6%，達到11.63億美元，去年同期為11.23億美元。需要再次強調的是，這11.63億美元是扣除我之前提到的那些費用影響後的淨利。

In terms of income taxes. Our tax rate in Q3 was -- this year was 26.7%. Last year, it was 18.5% tax rate. Again, last year, it included a benefit of a nonrecurring tax item of $73 million.

就所得稅而言，我們第三季的稅率為26.7%。去年同期為18.5%。此外，去年同期的稅率包含了一項7,300萬美元的非經常性稅收優惠。

A few other items of note. In terms of warehouse expansion, we -- as I mentioned, we opened 2 units in the third quarter. That puts us at 5 -- actually 5 units total through the first 3 quarters. We expect in Q4 to open 10, including 2 relos, so net of 8. So it looks like our net total this year will be somewhere around 13. There's been a few that have been impacted by COVID-19 in terms of construction delays and have been pushed into the first part of fiscal '21, which starts in early September. As of Q3 end, total warehouse square footage stood at 115 million square feet.

還有幾點要說明。關於倉庫擴建，正如我之前提到的，我們在第三季新開了兩個倉庫。這樣一來，前三個季度我們總共開了五個倉庫。我們預計第四季將新開十個倉庫，其中包括兩個搬遷項目，淨增加八個。因此，我們今年的淨倉庫總數預計在十三個左右。由於新冠疫情的影響，部分倉庫的建設進度有所延誤，因此被推遲到2021財年上半年，也就是從九月初開始的那個財年。截至第三季末，倉庫總面積為1.15億平方英尺。

In terms of capital expenditures, the third quarter total -- third quarter fiscal 2020 total spend was approximately $626 million, and our estimated CapEx for all of fiscal '20 is currently in the $2.7 billion to $2.9 billion range, a slight decline from what we had guesstimated and estimated a quarter ago. And again, I think that has to do with some of the delays in construction since this COVID issue.

就資本支出而言，2020財年第三季總支出約為6.26億美元，我們目前預計2020財年全年資本支出在27億至29億美元之間，較上一季的預估略有下降。我認為這與新冠疫情導致的一些建設工程延誤有關。

In terms of e-commerce. As I mentioned earlier, overall, our e-commerce sales on a reported basis increased 64.5% and 66.1% ex FX. I might mention -- I should note that within that 61 and like many retailers out there, we saw an increasing level of strength in e-commerce sales over the last few months. If I look at the 12-week -- the 3-, 4-week periods that comprise our 12-week third quarter, roughly that 66.1% -- or that 64.5% reported number in the first 4 weeks was in the 25% range and the next 4 weeks in the 50% increase range and the most recent -- in the last 4 weeks in the 90% range. But totaling that 64.5% on a reported basis.

就電子商務而言，正如我之前提到的，總體而言，我們的電子商務銷售額按報告資料計算增長了64.5%，剔除匯率因素後增長了66.1%。需要指出的是，與許多零售商一樣，我們在過去幾個月中也看到了電子商務銷售的強勁成長。如果我看一下構成我們第三季12週的12週週期（即每3週或4週），那麼前4週的增幅約為25%，接下來的4週約為50%，而最近4週的增幅則高達90%。總而言之，以報告數據計算，我們的電子商務銷售額成長了64.5%。

A few of the stronger departments, health and beauty aids, office, majors, housewares and small electrics. Total online grocery grew at an incredible rate within the third -- during the third quarter, as I'm sure it did in many places. The comp numbers just mentioned again follow -- that's the 64% number. They follow our historical convention that -- where we exclude our third-party or same-day grocery program since that -- those -- that comes into the warehouse to be picked up by the third party and delivered to our member. If we were to include that third party in our e-commerce number, that mid-60% comp number would be slightly over 100%. So we've seen big strength in driving the business that way.

一些表現強勁的部門包括保健美容用品、辦公用品、大型商品、家居用品和小家電。第三季度，線上食品雜貨銷售額實現了驚人的成長——我相信很多地方都是如此。剛才提到的同店銷售額成長了64%。這符合我們以往的慣例，即不包含第三方或當日達的食品雜貨配送服務，因為這些商品會先進入倉庫，然後由第三方取貨並配送給我們的會員。如果我們把這些第三方配送也算進電商銷售額中，那麼這個60%左右的同店銷售額成長將略高於100%。因此，我們看到這種業務成長方式非常有效。

Overall, our e-com sites have worked pretty smoothly during the quarter despite dramatic volume increases. And as well, we were able to improve on delivery times throughout the quarter as we adjusted to the ramped up order volumes.

總體而言，儘管訂單量大幅增長，但我們的電商網站在本季度運作基本順暢。同時，隨著我們不斷調整以適應激增的訂單量，本季我們的配送速度也得到了提升。

Now turning to coronavirus and all the issues and impacts surrounding it. From a sales perspective, as discussed last quarter and indicated by our monthly sales results that we do, we started Q3 strong. I think it started actually in the fourth week of February and into the first 2.5 weeks of March with very strong sales as people were stocking up prior to the information -- the concern about availability of certain key products as well as the implementation of various stay-at-home orders.

現在來談談新冠病毒及其帶來的所有問題和影響。從銷售角度來看，正如上個季度討論的那樣，也正如我們月度銷售業績所顯示的那樣，我們第三季度開局強勁。我認為，銷售強勁的勢頭實際上始於二月的第四周，並延續到三月的前兩周半，因為人們在疫情資訊公佈之前就開始囤貨——他們擔心某些關鍵產品的供應，以及各種居家隔離令的實施。

The middle of the quarter was weaker as many of the geographies in which we operate had issued mandates limiting movement. As well, we have implemented our own restrictions during these times. Recently, our sales have started to recover somewhat as states have begun to relax restrictions.

本季中期業績疲軟，因為我們營運的許多地區都發布了限制人員流動的指令。同時，我們也在此期間實施了自身的限制措施。近期，隨著各州開始逐步放寬限制，我們的銷售額已開始回升。

Within the merchandise categories, foods, fresh and other essentials have been very strong despite out of stocks on some items throughout the quarter, such as toilet paper, paper towels, cleaning supplies, et cetera, meats and proteins toward the end of the quarter, hand sanitizers and the like. Office and majors were also strong during the quarter driven by work-from-home initiatives, while most other discretionary categories were a little weaker during the quarter, such as jewelry, luggage, third-party gift cards, they were generally weak. Other weak categories, which include things like sporting goods, lawn and garden, patio and apparel, while they were weak, they've rebounded somewhat towards the end of the quarter.

在商品類別中，食品、生鮮食品和其他必需品表現強勁，儘管本季部分商品出現缺貨，例如衛生紙、紙巾、清潔用品等，以及季度末肉類和蛋白質、洗手液等。辦公用品和主要商品在本季也表現強勁，主要得益於居家辦公政策的推動。而其他大多數非必需品類別在本季表現略顯疲軟，例如珠寶、箱包、第三方禮品卡等。其他表現疲軟的類別，例如體育用品、草坪和花園用品、庭院用品和服裝，雖然在本季度表現不佳，但在本季末有所回升。

From a supply chain perspective, I'm going to give you a 40,000-foot view of that. On the nonfood side, as it relates to imports from China, most of the factories are now up and running. Other major country suppliers, India for textiles and domestics, Mexico, primarily for things like TV assembly, a few weeks behind China in terms of getting back to normal, but each week is showing improvement.

從供應鏈的角度來看，我將從宏觀角度進行分析。就非食品領域而言，從中國進口的大部分工廠目前已經復工。其他主要供應國，例如紡織品和家用電器的供應國印度，以及主要生產電視組裝等產品的墨西哥，在恢復正常方面比中國落後幾週，但每週都在好轉。

On the foods and sundries side, paper goods are still on allocation and idle limits on certain items in certain regions. Sporadic limited limits on canned food items like tuna and chicken. The toughest areas again are still hand sanitizers, disinfecting wipes and Lysol sprays and the like. Items like milk and butter are generally okay. And we've also -- we have eliminated like frozen -- certain roast frozen proteins like chicken and beef items.

食品和日用品方面，紙製品在某些地區仍實行限購，部分商品也受到限制。罐頭食品，例如鮪魚和雞肉，也偶爾會受到限購。最難買到的還是洗手液、消毒濕紙巾和Lysol噴霧等。牛奶和奶油等商品一般供應正常。此外，我們也取消了部分冷凍肉類產品，例如雞肉和牛肉。

In terms of fresh. On the protein side, the merchandise is there but challenging from a production and processing side. Currently, for us, pork is the least affected, but somewhat affected. But what we've done for the last couple of 3 weeks, I believe, on fresh beef, chicken and pork items or those protein items, we limit 3 fresh items in total. We also have limits on -- of 1 per SKU on certain frozen items like 10 pounds of hamburger patties or chicken breast or the like.

就新鮮食材而言，蛋白質方面貨源充足，但生產和加工方面面臨挑戰。目前，豬肉受到的影響最小，但並非完全沒有影響。過去兩到三週，我們對新鮮牛肉、雞肉和豬肉等蛋白質產品採取了限購措施，每人限購三件。此外，我們也對某些冷凍產品（例如10磅漢堡肉餅或雞胸肉等）實施限購，每SKU限購一件。

In terms of seafood and produce, that's all good. And again, talking to our buyers in these categories, they're generally -- again, probably with the exception of the hand sanitizer because of just -- it's not just people were hoarding it, they're -- a great increase in use and demand of those items continued. But we expect continued improvement generally each week.

就海鮮和農產品而言，情況都很好。我們和這些品類的採購員溝通後發現，除了洗手液之外，其他商品的需求普遍都很高——洗手液的情況可能略有不同，因為不僅僅是人們囤積洗手液，而是這些商品的使用量和需求量持續大幅增長。但我們預計每週情況都會持續改善。

And lastly, Costco Travel. It was maybe, say, significantly impacted during the quarter due to reduced demand as well as cancellations of previous book trips. Members are now starting to actually book travel again, although generally further out than we have historically seen. And of course, we book those results when the trips or activities occur.

最後說說Costco Travel。由於需求下降以及先前預訂的行程被取消，Costco Travel在本季可能受到了顯著影響。現在會員們已經開始重新預訂行程，儘管通常比以往的預訂時間要長一些。當然，我們會根據實際的行程或活動情況來記錄這些業績。

Our warehouses have overall remained open, although we did operate at reduced hours at most of our U.S. locations for several weeks during the quarter. Regular hours resumed May 4 with an additional hour on weekday mornings for seniors and persons with disabilities. Warehouses are still following social distancing and sanitizing guidelines. Additionally, as discussed, some of our warehouse businesses like hearing aid, optical and photo and, to a partial extent, the food courts were closed or mitigated during the majority of the quarter.

雖然本季大部分美國倉庫曾縮短營業時間數週，但我們的倉庫整體上仍保持開放。 5月4日起恢復正常營業時間，並在工作日上午額外增加一小時，方便老年人和殘障人士購物。倉庫目前仍嚴格遵守保持社交距離和消毒的各項規定。此外，如前所述，在本季大部分時間裡，我們的一些倉庫業務，例如助聽器、眼鏡和照相服務，以及部分美食廣場，都處於關閉或縮減營運規模的狀態。

Also effective May 4, we now require all members, employees in the warehouses to wear masks. During the quarter, including that -- again, that big $283 million number, we spent about $32 million on masks, gloves and incremental cleaning and cleaning supplies and things like plexiglass partitions, and you name it, all related to COVID, but that's in that $283 million number.

自5月4日起，我們要求所有會員和倉庫員工佩戴口罩。本季（包括上述規定在內，也就是那2.83億美元的巨額支出）中，我們花費了約3200萬美元用於口罩、手套、額外的清潔用品以及諸如有機玻璃隔板之類的東西，所有這些都與新冠疫情相關，但都包含在2.83億美元的支出中。

Some of the initiatives related to the $283 million and costs will extend into Q4. We would expect the incremental expenses related to these types of expenses related to COVID to exceed $100 million in Q4 but be quite a bit lower than the $283 million that we had in Q3. We'll have to just wait and see, though.

與2.83億美元相關的部分項目和成本將延續到第四季。我們預計第四季與新冠疫情相關的此類新增支出將超過1億美元，但遠低於第三季的2.83億美元。不過，我們只能拭目以待。

Finally, in terms of upcoming releases, we will announce our May sales results for the 4 weeks ending the Sunday, May 31, next Wednesday, June 3, after market close.

最後，關於即將發布的產品，我們將於下週三（6月3日）股市收盤後公佈截至5月31日星期日的4週的5月份銷售業績。

With that, I will open it up for Q&A and turn it back to Joseph. Thank you.

接下來，我將開放問答環節，然後把問題交還給約瑟夫。謝謝。

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

（操作員說明）我們收到摩根士丹利西蒙古特曼的第一個問題。

Richard, I know we have to wait until we get the May results, but I don't know how much you can preview us just given how dynamic the environment is in terms of the mix of product that's being sold, traffic to warehouse. Because of the environment, now you're starting to see other states and the stores open. Curious if there's anything you can call out as a preview for May.

理查德，我知道我們得等到五月份的業績公佈才能知道結果，但鑑於目前產品組合和倉庫客流量等因素變化莫測，我不知道你能提前透露多少信息。正因為如此，現在其他州和商店也開始陸續開放。我很想知道你是否能對五月的情況做一些預判。

I really can't call anything as a preview. Some of the comments I made in this document as it relates to towards the end of the quarter, we saw certain things pick up. The fact that we went back recently to full hours, we're all better -- both us, our employees and our members are better getting through the warehouse. So seasonally, I think some of the items that were online have picked up that we've talked about. And -- but we'll wait and see next week.

我真的無法把任何事情稱為「預告」。我在這份文件中提到的一些情況，尤其是在季度末，我們看到某些方面有所改善。最近我們恢復了全天候營業時間，這讓我們所有人——包括我們自己、我們的員工和我們的會員——都感覺好多了，倉庫的運作也更加順暢。所以，從季節性角度來看，我認為我們之前提到的一些線上商品銷售有所回升。不過，我們還是等到下週再看看情況吧。

Okay. And then my follow-up on memberships. I think you said ex FX, they were up 6, if I caught that. Can you parse out U.S. in the quarter relative to that 6, if that is the right number? And then anything that surprised you with regard to the pace of new members' growth of the actual amount or anything geographic?

好的。接下來想問一下會員人數的問題。我記得您說過剔除外匯因素後，會員人數增加了6%，如果我沒記錯的話。您能否具體分析一下美國會員人數在本季相對於這6%的成長情況？另外，關於新會員成長速度、實際數量或地理分佈方面，有沒有什麼讓您感到驚訝的地方？

Generally, no. But what we talked about way back when the end of Q2 and the beginning of this quarter, we saw some pick up when there was a lot of -- when we had these crazy strong numbers and people were coming in to buy all those essential in short supply, high demand and short supply items, we saw some additional sign-ups but not meaningful relative to our whole company in those weeks towards the end of February and the first half of March. Other than that, I think the fact that the traffic is down a little bit, but the average ticket is up, you've got some members that are coming in and bulking up a little more. But -- and then you have some members that are not coming in as often. So that hits you a little bit. But overall, we think that we're in pretty good stead.

總的來說，不是。但我們在第二季末和本季初討論過，當時銷量非常強勁，人們紛紛湧入搶購那些緊缺、需求旺盛的必需品，我們看到了一些額外的註冊用戶，但相對於我們公司整體而言，在二月底和三月上半月的那幾周里，這些增長並不顯著。除此之外，我認為流量略有下降，但平均客單價上升，有些新會員增加了購買量。但同時也有一些會員減少了訪問頻率。所以這確實會造成一些影響。但總的來說，我們認為公司目前狀況良好。

Okay. Can I just sneak in one more? I just want to add on...

好的。我能再加一個嗎？我只是想補充一點…

Yes. One other comment is that we have also seen a switch from walk-in sign-ups to online sign-ups. And that's good. When you sign up online, I know you're also required to have auto bill, which is a positive for renewal rates in the long term.

是的。另外，我們也注意到註冊方式從現場辦理轉向了線上辦理。這是好事。我知道線上註冊通常需要設定自動續費，從長遠來看，這對提高續費率很有利。

Yes. And then the last one is on e-commerce, the assortment, the SKU assortment. Any like strategic thinking that we should have a bigger assortment than you do? I think you were always adding, but is there a rethink as far as the total number of SKUs?

是的。最後一個問題是關於電商的，包括產品種類和SKU數量。你們有沒有考慮過應該比你們提供更豐富的產品種類？我記得你們一直在增加產品，但是SKU的總數有沒有重新考慮過？

I don't think necessarily -- the only total increase is where we've gone to some additional suppliers and some very limited items. So we've expanded our supplier network in some limited cases. Beyond that, it's more of a shift. It started with, if you will, some of the big and bulky items, and this started well before COVID like white goods, and that's continuing. And certainly, the strength that we've had online, whether it's reported online through our 2-day grocery or through e-commerce or certain third-party providers like Instacart and Shipt and others, all that stuff has driven some of the business from the warehouse online. And again, I think we -- if I go back 6, 8, 10 weeks ago, whatever the normal time to get something was, particularly like 2-day grocery was well more than 2 days. We're back to 2 days. Same day, our third-party suppliers had challenges. If they ramped up in the 200,000-plus new employees in a matter of weeks, that, too, has gotten a lot better in the last few weeks. So I hesitate to use the word strategic. We certainly know that big and bulky can be done very effectively online with a few displays in the warehouse as well, but have that delivered and installed through online, and that will continue. It probably has been expanding a little bit because of this, people at home, things like exercise equipment and big electronics and things.

我不認為絕對如此——唯一的成長點是我們新增了一些供應商，並且只增加了一些非常有限的商品。所以我們在少數情況下擴大了供應商網路。除此之外，更多的是一種轉變。這種轉變始於一些大型的笨重商品，例如白色家電，這在新冠疫情之前就已經開始了，而且這種趨勢還在持續。當然，我們在線業務的強勁表現，無論是透過我們的兩日達雜貨配送服務，還是透過電商平台，或是像Instacart和Shipt等第三方供應商，都推動了部分倉庫業務轉移到線上。再說一遍，我認為——如果我回顧6、8、10週前，無論是什麼，正常情況下收到商品的時間，特別是像兩日達雜貨配送這樣的服務，遠遠超過兩天。現在我們又回到了兩天。當天，我們的第三方供應商也面臨挑戰。如果說他們在短短幾週內就迅速增加了20多萬名新員工，那麼過去幾週情況也好轉了很多。所以我不太願意用「戰略性」這個詞。我們當然知道，大型笨重的商品可以透過線上銷售，倉庫裡也可以擺放一些展示櫃，然後透過線上管道完成配送和安裝，這種模式將會持續下去。或許正是因為人們居家辦公的緣故，健身器材、大型電子產品等等這類商品的需求增加。

We have our next question from Chris Horvers from JPMorgan.

接下來，我們來聽聽摩根大通的克里斯‧霍弗斯提出的問題。

So a couple of questions on the margin front. Can you talk about -- break down the ancillary margin a little bit in terms of what you saw in terms of the benefit of gas versus the headwinds that you would see from mixing down in those other categories. And as you look ahead, given where you see gas prices are at this point, would you expect that benefit of gas to -- if prices held to be higher in the current quarter?

關於利潤率方面，我有幾個問題。您能否詳細談談輔助利潤率，特別是您觀察到的汽油收益與其他類別產品混合銷售帶來的不利影響之間的對比？展望未來，鑑於目前的汽油價格，如果本季油價維持在較高水平，您認為汽油收益是否會進一步提升？

Well, there was a perfect good storm in the last quarter as it relates to margins in gas. And I think there's -- not even our information, but there's public information on strength in retailers that sell gasoline in terms of gross margins. We certainly benefited from that. A little offset to that was a reduced number of gallons. But nonetheless, it was particularly strong. I think that's evidenced in the matrix.

上個季度，汽油利潤率可謂天時地利人和。我認為，即便不是我們掌握的信息，但公開數據顯示，汽油零售商的毛利率表現強勁。我們當然也從中受益。銷量下降，略微抵消了部分利好。但即便如此，整體而言，汽油零售業的利潤率依然非常高。我認為這一點在矩陣圖中有所體現。

You have higher margins on some of those other ancillary businesses. Like optical and hearing aid, while small in size, there's a higher-margin because we have to account for the additional cost of optometrists and hearing aid technicians and the like. And so those types of things, gas being the biggest piece of it towards the other stuff, but it all ends up, it was net-net good for us in the quarter.

其他一些輔助業務的利潤率更高。例如眼鏡和助聽器業務，雖然規模不大，但利潤率更高，因為我們需要支付驗光師和助聽器技師等額外費用。所以，這些因素，再加上汽油成本佔比最大，最終都對我們本季的業績產生了正面影響。

And so was there any -- did you have any impact in terms of like the apparel category? Did you have to take any markdowns? And as you look ahead, how are you thinking about that -- the potential risk of that category impacting? Or are you seeing some rebound in that category and don't expect that to be a headwind in the next quarter?

那麼，服飾品類是否受到了影響？你們是否不得不進行降價促銷？展望未來，你們如何看待該品類可能帶來的潛在風險？還是你們看到該品類出現反彈，預計不會在下一季構成不利因素？

Fortunately, we haven't seen a lot of markdowns. I mean apparel for us is a pretty -- there's a big component of it that's seasonal. And when this thing first started, we were able to talk to suppliers and work deals where, in some cases, certain things hadn't been made yet or they had the raw materials, but they hadn't finished the product. So let's pay for part of the finish -- for the raw materials but hold off until next season. We've held on -- we'll have -- we've -- one of the reasons we went and borrowed money was looking at the worst case, which, in our view, has not happened. But what if we had to hold some big volumes of seasonal stuff, we were going to -- whatever commitments we had, we were going to respect.

幸運的是，我們並沒有看到太多降價。我的意思是，對我們來說，服裝很大程度上是季節性的。疫情初期，我們能夠與供應商溝通並達成協議，在某些情況下，某些產品尚未生產，或他們有原料但尚未完成。所以我們可以先支付部分原料費用，然後等到下一季再出貨。我們一直堅持了下來——我們也會繼續——我們之所以去借錢，其中一個原因就是考慮到了最壞的情況，而我們認為這種情況並沒有發生。但如果我們真的需要囤積大量季節性商品，我們就會履行我們所做的所有承諾。

But I think the combination of working with our vendors as well as -- sales have rebounded in those areas a little more than expected. It's not that people are coming in, going down every aisle. Some are just going and getting their essentials and heading out of Dodge. But at the end of the day, I think as the weather has turned, we've been a little bit more -- felt a little more good about things. Who knows what tomorrow brings, though.

但我認為，與供應商的合作以及銷售的共同作用，使得這些地區的銷售額比預期略有回升。當然，並不是說人們會蜂擁而至，把每個貨架都逛逛。有些人只是買些必需品就匆匆離開。但總的來說，隨著天氣變暖，我們對情勢的信心也稍微增強了一些。不過，誰也說不準明天會發生什麼事。

Okay. And then just the last question also on gross margin. Did you mention that e-commerce was actually a benefit? Most retailers we've seen have a substantial headwind as e-commerce growth accelerated, but it didn't seem to occur here because -- so could you elaborate on that?

好的。最後一個問題也是關於毛利率的。您提到電子商務實際上帶來了好處嗎？我們看到的大多數零售商在電子商務加速成長時都面臨著相當大的阻力，但這種情況似乎並沒有發生在您這裡，因為—您能詳細解釋一下嗎？

Well, first of all, it's -- like, I think everybody, for us, it's certainly a lower-margin business as we try to build it over time. Where the gross margin -- it's really the gross margin dollars are stronger because of the huge sales volume. We are spending more money in it. And so probably -- I don't have it in front of me, but as a percent of profits as a percent of sales, I'm sure, is down a little bit, and that's expected. But the total gross margin dollars are up simply because of the sheer strength of it.

首先，我想大家都會明白，對我們來說，隨著業務的逐步發展，利潤率一定會降低。但毛利率——確切地說是毛利總額——之所以更高，是因為銷量龐大。我們在這個領域投入了更多資金。所以，雖然我手邊沒有具體數據，但利潤佔銷售額的百分比肯定略有下降，這也在意料之中。但毛利總額的成長，完全是因為這個領域本身的強勁表現。

We have our next question from Michael Lasser from UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

Richard, are you reaching an upper bound of your membership potential in the U.S. with the view that if a pandemic is not going to motivate a regular consumer to sign up for a membership, then it may be hard for them to sign up under any scenario?

理查德，你是否認為你在美國會員數的潛力已經達到上限？因為如果疫情都無法激勵一般消費者註冊會員，那麼在任何情況下，他們可能都很難註冊會員？

Well, we certainly don't believe that. There's going to be 2 or 3 new normals over the next 2 or 3 years and probably not a real new normal and then with its own set of difficulties besides that. We were asked the question constantly. When I talk about this giant 10-plus fold increase in same-day grocery delivery, that's certainly because people -- there's a group of people that don't want to go out. There's others that want to come in, but they come in less frequently and buy more each time. There's going to be some new normals.

我們當然不這麼認為。未來兩三年內可能會出現兩到三種新的常態，可能不會出現真正意義上的新常態，即便出現，也會面臨一系列新的挑戰。我們常被問到這個問題。我之前提到當日生鮮配送量激增十倍以上，這當然是因為──一部分人不想出門。還有一些人想來，但他們來的頻率降低了，每次購買的量卻增加了。未來一定會出現一些新的常態。

Our guess is, is that whatever it's gotten to is not going to necessarily -- does it back down a little bit at some point? Still be higher than it was the day before all this? Sure. But who knows? That's everything that we talk about every day around here. And I think over time, there's been a lot of questions, and we're happy with our renewal rates. And we're all going to have to get past this.

我們猜測，目前的水平未必會下降——或許會在某個時候有所回落？甚至可能比前一天更高？當然有可能。但誰知道呢？這就是我們每天都在討論的問題。我認為隨著時間的推移，大家提出了很多問題，而我們對目前的續約率感到滿意。我們都必須渡過難關。

One of the things we and some others of, what I call the big essential retailers, we've all been fortunate that we've been open. And when you talk to people, anecdotally, they feel, frankly, more comfortable coming into Costco, which is bigger, more wide open, with certainly the 6 feet apart that we're all doing with the mask requirements. There are a few people don't like it, but there's -- most people do. So I think all the things that we're doing, including the visible things that you see in store. And then, look, at the end of the day, it's a value proposition. Our average gross margin is in the very low -- very, very low double digits, 11% or 12%, implying whatever, 13-or-so percent markup. Traditional retail grocers are in the mid- to high 20s, and other big boxes are above that. And regular retail is way above that.

我們和其他一些大型必需品零售商一樣，很幸運能維持營業。和顧客交流後發現，他們普遍覺得來Costco更安心，因為Costco更大、更寬敞，而且我們都要求顧客保持6英尺的社交距離並佩戴口罩。雖然也有少數人不喜歡這樣，但大多數人還是可以接受的。所以我認為我們採取的所有措施，包括你在店內看到的那些措施，都起到了作用。歸根究底，這關乎價值主張。我們的平均毛利率非常低，只有兩位數，11%或12%，這意味著加價幅度大概在13%左右。傳統零售雜貨店的毛利率在20%到30%之間，其他大型超市的毛利率更高。而普通零售店的毛利率則遠高於此。

So ultimately, it's got to be a combination of all those things. We got to figure out ways to get you in. And I think we've so far, at least successfully, sometimes progressively, but successfully figuring out how to get you stuff online as well. And it'll be a combination, but we'll have to see over time.

所以歸根結底，這必須是所有這些因素的綜合。我們得想辦法讓你參與。我認為到目前為止，我們至少已經成功地——雖然有時進展緩慢，但總體上成功地——找到了讓你也能在線訪問內容的方法。這會是一個綜合方案，但我們需要時間來觀察。

And my follow-up question is speaking of online, given the success that you've enjoyed as of late, coupled with the acquisition you made a couple of months ago and the overall increase in online penetration that we've witnessed across retail in the last few months, is there an inclination within Costco to push harder to market your online channel more to expand your offerings to consumers or because of the desire to still push consumers into the store that you will maintain your posture?

我的後續問題是，就線上業務而言，鑑於您最近取得的成功，加上幾個月前進行的收購，以及我們在過去幾個月裡看到的零售業線上滲透率的整體增長，Costco 是否有意加大力度推廣線上渠道，以擴大對消費者的產品和服務範圍？還是因為仍希望將消費者吸引到實體店，所以會維持目前的策略？

Well, I think by necessity, we have responded. And maybe for those of you -- sometimes, I'm not suggesting you, Michael, but -- that feel that we've been a little stubborn or not wanting to do some of this stuff. We still want you to come in. You're going to buy more stuff when you come in, period. And we think we can do both. I mean we recognize -- and I think white goods was the best example way before COVID. 4 years ago in the U.S., we did $50 million in white good sales. 3 years later, we did $600 million on our way to $1 billion, which is getting there faster simply because of COVID right now.

嗯，我覺得我們做出回應是迫不得已。也許有些人——我不是說你，麥可——覺得我們有點固執，或不想做某些事。我們仍然希望你們光顧。你們來我們店裡一定會買更多東西，這是毋庸置疑的。而且我們認為我們可以兼顧兩者。我的意思是，我們意識到——我認為白色家電就是最好的例子，早在新冠疫情之前就是如此。四年前，我們在美國白色家電的銷售額是5000萬美元。三年後，我們的銷售額達到了6億美元，正朝著10億美元的目標邁進，而現在，由於新冠疫情的影響，我們實現這一目標的速度更快了。

Certainly, the acquisition of Innovel helps a lot of higher ticket, big and bulky items, many of which people don't want to put in their back of their suburban or trucking take home. So I think we'll have to see over time.

當然，收購Innovel肯定有助於銷售許多高價、體積大、重量重的商品，其中許多商品人們都不願意放在郊區車的後車箱裡，或是用卡車運回家。所以我覺得我們得拭目以待。

We feel we've also been pretty good. Again, COVID has changed things a little bit right now, doing marketing and having e-mail promotions that are in warehouse. And again, time will tell over time, and we'll figure it out together.

我們覺得自己做得還不錯。當然，新冠疫情確實為現在的情況帶來了一些變化，例如行銷和電子郵件推廣活動目前都還在倉庫裡。總之，時間會證明一切，我們會一起找到解決方法。

We have our next question from Chuck Grom from Gordon Haskett.

接下來，我們來聽聽戈登·哈斯克特的查克·格羅姆提出的問題。

It's actually John Parke on for Chuck. Can you talk a little bit more about what you're seeing from a gas gallons perspective towards the end of the quarter? A crossover to those visiting the club. And then how some of those metrics have changed as certain areas have opened back up and are starting to normalize?

現在是約翰·帕克代替查克主持節目。能否再詳細談談本季末的汽油消耗量？以及到訪俱樂部的人數。隨著某些地區重新開放並開始恢復正常，這些指標又發生了哪些變化？

Yes. Look, just driving to work, there's less gas gallons being bought. I think it has picked up a little. Just hearing from the news and seeing I know in the state of Washington, they have each day, the percentage of cars traveling on different interstates is improving a little bit. Part of it is some of the stay-at-home stuff and part of it is the weather has gotten nicer, and people want to get out of Dodge. It does -- it has to impact a little. One of our frequency catalysts -- the frequency catalysts that we've always talked about are fresh foods, executive member and gas. And so the extent that gas has come down a little bit, that hurts you a little bit. Offsetting that has been the fact that, one, the average ticket in the store was way up, which helps offset the lower traffic. And again, who knows what tomorrow brings.

是的。你看，就拿開車上班來說，汽油的銷售量確實下降了。我覺得現在情況有好轉。我從新聞上了解到，在華盛頓州，每天各州際公路的車輛行駛比例都在略為上升。一部分原因是居家隔離措施，另一部分原因是天氣變暖，人們想要出門走走。這肯定會產生一些影響。我們一直提到的影響客流量的因素之一是新鮮食品、高級會員和汽油。所以，汽油價格的下降確實會造成一些影響。但另一方面，商店的平均客單價大幅上漲，有助於抵消客流量下降的影響。而且，誰也不知道明天會發生什麼事。

We're encouraged of how we got through so far. We've seen some things pick up a little bit in the last several weeks in terms of categories or as weather turns. Certainly, some of the openings, I think, should help us. But again, we'll let you know.

我們對目前的進展感到鼓舞。過去幾週，我們看到一些行業類別或天氣狀況有所改善。當然，我認為一些新店開業應該會對我們有幫助。不過，我們會隨時向您報告最新情況。

We have our next question from John Heinbockel from Guggenheim.

接下來，我們來聽聽古根漢美術館的約翰·海因博克爾提出的問題。

Richard, when you think about the Innovel, what's the biggest impact that's going to have from a customer perspective? And maybe it's just coincidence. It looks like if you look at some of the mailers, you've been pushing big, big and bulky a little more here. That's -- so that's not tied to Innovel. That's just what you would have done anyway.

理查德，你覺得Innovel對客戶最大的影響是什麼？也許這只是巧合。如果你看看你們的一些宣傳郵件，會發現你們似乎更注重郵件的體積和厚度。但這和Innovel無關，你們本來就會這麼做。

I think it's kind of what we would have done anyway. It certainly is because we now have the confidence that we can provide a better service at, frankly, a lower total price. Innovel was one of our suppliers that has always done a good job as have some others, but we -- and as we build more volume on it and get more density, that tool will allow us to lower the cost and lower the cost to our members.

我認為這其實是我們本來就會做的。的確如此，因為我們現在有信心能夠以更低的總價提供更好的服務。 Innovel 一直是我們的供應商之一，他們和其他一些供應商一樣，一直表現出色。但是，隨著我們擴大業務量、提高覆蓋密度，這個工具將使我們能夠降低成本，並降低會員的費用。

Certainly, with that, and what we have seen, again, I think if you had asked us 4 months ago, hey, we're going to have this big COVID thing, and this is what's going to happen, we certainly weren't -- didn't know that we would sell more big and bulky items. What we're finding is, is because people are at home, notwithstanding some of the economic things of layoffs and furloughs, people are buying things for the house. We saw that again more recently was not related to big and bulky, but lawn and garden. If you had asked us 2 months ago, how is lawn and garden going to look, and we'd say that's going to not be very good because of all the economic issues.

當然，就目前的情況來看，如果四個月前你問我們，新冠疫情會這麼嚴重，會發生什麼，我們肯定想不到我們會賣出更多大型笨重物品。我們發現，由於人們待在家裡的時間增多，儘管面臨裁員和停薪留職等經濟問題，人們仍然在購買家居用品。我們最近發現，這種成長並非來自大型笨重物品，而是來自草坪和花園用品。如果兩個月前你問我們草坪和花園用品的銷售前景如何，我們會說情況不會太好，因為經濟問題重重。

So I think at the end of the day, we are marketing additionally right now because we have the confidence that we can -- we've seen the delivery times on certain big and bulky items improved dramatically on small groups of items as we onboard some of those items. It's a year plus process.

所以我覺得歸根究底，我們現在加大行銷力度是因為我們有信心——我們已經看到，隨著部分大件商品陸續上線，小批量商品的配送時間顯著縮短。這是一個超過一年的過程。

And on the savings book, thought process there, it looks like the assortment sort of getting back to normal, right, from a food and sundries standpoint. When is that fully back to normal? And do you go back to mailings or stay digital-only for now?

至於儲蓄帳戶，從食品和日用品的角度來看，商品種類似乎逐漸恢復正常，對吧？什麼時候才能完全恢復正常？你們會恢復郵寄服務，還是暫時只提供電子版服務？

We will go back to mailings in June.

我們將於六月恢復郵寄服務。

And the assortment normalizes in June as well?

六月商品種類也會恢復正常嗎？

Yes. For the most part, yes.

是的，大部分情況下是這樣。

We have our next question from Karen Short from Barclays.

下一個問題來自巴克萊銀行的凱倫·肖特。

A couple of questions on, I guess, e-com in general. Wondering first within the membership growth, any color you could provide on growth in online sign-ups versus walk-in? And then I wanted to just ask a little bit more about e-com generally. I mean I know you've kind of -- obviously, you're blessed and cursed with very high-velocity units than you've had to do the distancing, which has impacted traffic, but would that kind of cause you to rethink potentially much more robust click-and-collect model? And then I just had one other follow-up.

我有一些關於電商方面的問題。首先，關於會員成長，您能否具體說明一下線上註冊和到店註冊的成長情況？然後，我還想再問一些關於電商方面的問題。我知道你們的銷售週期非常長，這既是優勢也是劣勢，因為你們必須採取保持社交距離的措施，這影響了客流量。但這種情況是否會促使你們重新考慮採用更完善的線上訂購線下取貨模式？最後，我還有一個後續問題。

Well, first of all, in terms of online sign-ups, a member that -- again, there are some members that aren't coming in and coming in less frequently. To the extent they didn't come in the first part of this month, and this is normally when they would come in and when they went through the checkout, they would notify them that they're up for renewal, they're now getting their e-mail, which they would have gotten had they not renewed. And so that's pushing some of it that way. Certainly, that -- there certainly anecdotally have been plenty of people that have signed up and become members simply because of the 1-day fresh or the 2-day dry on grocery. And we're seeing -- so we're seeing a big push.

首先，就線上註冊而言，有些會員——確實有些會員不再光顧，或者光顧的頻率降低了。例如，他們本月初沒有來，而這通常是他們來購物的時間。當他們結帳時，我們會通知他們會員資格即將到期，現在他們會收到續費郵件，即使他們沒有續費，也會收到這封郵件。所以，這在某種程度上促使他們續費。當然，我們也看到，很多人註冊成為會員只是因為超市提供一日保鮮或兩天保鮮期的食品配送服務。我們看到，這種優惠活動確實帶來了很大的成長。

I think it's too early to tell what happens in the future. I think more of it will go online just like everything else in life, and we'll do that.

我覺得現在預測未來還太早。我認為就像生活中的其他一切一樣，越來越多的事情會轉移到線上，我們也會這樣做。

In terms of click and collect, we have very limited click and collect right now. It's in some of those high-value jewelry, small electronics. We did add pharmacy to it, and that's not only click and collect. That's click and deliver through -- we're expanding. We're not everywhere yet with the benefit of Instacart. Tires were doing that where you could go online, order it and schedule it -- schedule your tire installation.

就線上訂購線下取貨服務而言，我們目前的服務範圍非常有限。目前僅限於部分高價值珠寶和小型電子產品。我們新增了藥局服務，藥局提供的服務不僅限於線上訂購線下取貨，還包括線上訂購線下配送－我們正在不斷拓展這項服務。目前，借助 Instacart 的平台，我們還沒有涵蓋所有地區。之前輪胎行業就提供這項服務，顧客可以在線上訂購並預約安裝服務。

Photo.

照片。

Photo. So we are doing more things. But if you're asking the question to buy online and pick up in store, in general, we're not looking at doing that on a regular product basis.

照片。所以我們正在做更多的事情。但如果你問的是網路購買、門市自提的問題，一般來說，我們目前不打算將這種服務作為常規產品線。

Delivery?

送貨？

We do delivery instead, again, through third parties in a big way as well as around 2 day.

我們改為透過第三方進行大規模配送，配送時間約 2 天。

Okay. And then I mean I know it kind of seems like a lifetime from now. But when we look towards the fall as it relates to merchandising, like back to school, Halloween, I guess the question is, well, 2, how much flexibility do you have to pivot to the extent that there really isn't much of Halloween or back to school? And then the second question is just bigger picture. Everybody loves to go to Costco for the sampling. So I'm just curious how you think about that going forward. Is that something that we'll not likely ever see again? Is there anything that you're discussing in terms of how you could reintroduce that safely? Anything there?

好的。我知道這聽起來好像是很久以後的事了。但當我們展望秋季的商品銷售，例如返校季、萬聖節的時候，我想問的問題是：首先，如果萬聖節或返校季的銷售規模不大，你們的應對彈性有多大？其次，從更宏觀的角度來看，大家都喜歡去Costco試吃。所以我很好奇你們對未來如何看待這個問題有什麼看法。我們以後可能再也看不到這種試吃活動了嗎？你們有沒有討論過如何安全地重新推出這項活動？有什麼進展嗎？

Karen, I missed the second part of the question. In terms of how do we feel -- our ability to pivot it, and look, if you go back 2 or 3 months -- 3 months ago, we were cutting order -- reducing orders, recognizing there's going to be plenty of merchandise out there in these categories. Certainly, for things like Christmas, we -- I think we reduced the selection of a few things. And so a little more regular items than out there items, but -- and now we're pivoting to try to get a few of those items, which are available. So I think -- frankly, I think in some ways, it's been easier for us because we have so many fewer SKUs, and we're willing to try a few new things.

凱倫，我漏看了問題的第二部分。關於我們目前的感受——我們調整策略的能力，你看，如果你回顧兩三個月前——三個月前，我們一直在削減訂單，因為我們意識到這些品類的商品市場上會非常充足。當然，像聖誕節這樣的節日，我們——我想我們減少了一些商品的選擇。所以，我們減少的商品種類比市面上常見的要少一些，但是——現在我們正在調整策略，努力爭取進一些市面上有貨的商品。所以我覺得——坦白說，我認為在某些方面，這對我們來說反而更容易了，因為我們的SKU少了很多，而且我們也願意嘗試一些新的東西。

And now I didn't get the second part of your question.

現在我沒明白你問題的第二部分。

The other part of it was just people love going to Costco for sampling, food sampling. That's a big part of the experience. So how are you thinking about that, just bigger picture, when we get to a new kind of abnormal?

另一方面，人們喜歡去Costco試吃，試吃各種食物。這是購物體驗的重要組成部分。那麼，從更宏觀的角度來看，當我們面臨一種新的異常情況時，您是如何看待這個問題的呢？

We're going to start doing some things in mid-June on a slow rollout basis in sampling. I can't tell you anymore, but it's, needless to say, not going to be where you go and just pick up an open sample with your fingers. But sampling and both food and nonfood items are popular -- and road shows as well. I think you'll see a little bit more excitement on the road show side. So things that we can do to get people excited about coming in.

我們計劃從六月中旬開始逐步推出一些試吃活動。現在還不能透露更多細節，但可以肯定的是，這不會是那種你可以直接用手指抓取樣品的地方。不過，無論是食品或非食品的試吃活動都很受歡迎——路演活動也是如此。我認為路演活動會更受歡迎。所以我們會採取一些措施來激發人們的參與熱情。

We have our next question from Greg Badishkanian from Wolfe Research.

接下來，我們來聽聽來自 Wolfe Research 的 Greg Badishkanian 提出的問題。

This is actually Spencer Hanus on for Greg. Just turning to e-commerce again. Can you give us any color on the repeat rates that you're seeing from the new customers that it looks like you're adding to the platform? And then have you been able to take advantage of some of the lower online advertising costs that are in the marketplace today?

這裡是 Spencer Hanus 替 Greg 發言。我們再來聊聊電子商務。能否介紹一下您平台上新增客戶的複購率狀況？另外，您是否利用了目前市場上較低的線上廣告成本？

On the second question, the latter question, I don't know. I'm not up to speed on that in terms of lower prices. I would assume -- it's what I've read in the paper in general. So I'd assume we have some of that ability, recognizing we don't spend a lot to start with.

關於第二個問題，也就是後一個問題，我不太清楚。我對降價方面的情況不太了解。我猜——這是我從報紙上看到的整體情況——我們應該有一定的能力，畢竟我們本來就沒花多少錢。

On the first question was what? Repeat business.

第一個問題是什麼？回頭客。

[What are the -- what's the repeating rate?]

重複率是多少？

Yes. You know what, that's another one that I don't know off the top of my head. Sorry.

是的。你知道嗎，這個問題我一時也想不起來。抱歉。

Great. And then just if we could turn to small business customers, can you talk about what you're seeing there? How did the sales go throughout the quarter for that segment of your customer base?

好的。接下來，我們能否談談小型企業客戶的狀況？您能否談談這部分客戶在本季的銷售情況？

Well, look, I mean, foodservice-related small business is down everywhere. It's been helped a little bit by some of -- we're less about serving the big restaurant change, but the mom-and-pop restaurants. And so the takeouts in your neighborhood, the Japanese, the Chinese, the Thai, those types of things, they're doing some business. Arguably, what business we're losing on some of those things we're gaining because you're eating at home. So overall, I think just in looking at fresh foods and the food items of what we call food and sundries, it's been way up, particularly in fresh foods and somewhat in the rest. So I think overall, we've been blessed. Now the question beyond that is what happens when everything opens up. I think it's going to be a -- the new normal is still going to take some time, and we -- you see on the news that even in states where it's been open, there's not everybody running to sit down, and then there's restrictions on how many people can be in a certain place at this given time. So again, having fresh foods has been certainly something that has been very positive for us.

嗯，你看，我的意思是，餐飲服務相關的小企業普遍下滑。一些小餐館——我們說的不是大型連鎖餐廳，而是夫妻店——的情況略有改善。所以，你家附近的那些外賣店，像是日料店、中餐館、泰餐廳等等，生意還不錯。可以說，我們失去的那些生意，因為大家都在家吃飯，反而得到了其他方面的成長。所以總的來說，我認為，就新鮮食品和我們所說的食品雜貨而言，銷量大幅上升，尤其是新鮮食品，其他食品也有一定程度的增長。所以我覺得，總的來說，我們算是幸運的。現在的問題是，當一切都恢復正常後會發生什麼事。我認為，新的常態還需要一段時間才能適應，而且——你看新聞報道，即使在已經開放的州，也不是每個人都急著去餐廳堂食，而且每個場所同一時間的人數也有限制。所以，能夠吃到新鮮食物對我們來說無疑是一件非常正面的事情。

We have our next question from Kelly Bania from BMO Capital.

接下來，我們來聽聽 BMO Capital 的 Kelly Bania 提出的問題。

Richard, I think you mentioned executive penetration, if I heard it correctly, was up 135,000, which seemed to be just a little bit of a slowdown. I'm wondering if it was just impacted by the environment and if you have to do anything to change your process in terms of convincing members to upgrade there.

理查德，我記得你提到高階主管滲透率增加了13.5萬人，這似乎只是略微放緩了一下。我想知道這是否只是受環境影響，以及你是否需要改變策略來說服會員升級。

Yes. It fluctuates all over the board. Certainly, it shows improvement when we add a country like we've done in Japan and Korea in the last couple of years. It certainly is down from its peak a few years back. Probably, the biggest things are that getting back to traffic. That is down a little bit. The other thing is, one of the things we do in-store lock is something we internally call e-block or electronic block. So based on when your membership is scanned, based on your historical purchases, it makes all the sense in the world for you to upgrade to an executive member. We've chosen for the last couple of few months not to do e-block because it's one-on-one direct contact with the member while they're waiting in line at the register. And so we've probably -- my guess would be a little higher, but -- and then we haven't opened a lot of warehouses year-to-date. So we'll get back to normal on these things, but I -- we don't -- it does not raise the concern for us at all at this point.

是的，波動幅度很大。當然，當我們像過去幾年在日本和韓國那樣新增市場時，情況肯定會有所改善。但肯定比幾年前的峰值低。可能最大的原因是客流量正在恢復，目前略有下降。另外，我們店內的一種鎖定機制，內部稱之為「電子鎖定」。根據您會員卡的掃描時間和歷史購買記錄，系統會根據您的情況自動推薦您升級到高級會員。過去幾個月，我們選擇暫停使用電子鎖定功能，因為這樣可以在會員排隊結帳時與他們進行一對一的直接溝通。所以，我們可能——我估計實際數字會更高一些——而且今年到目前為止，我們沒有開設很多倉庫。所以這些方面都會恢復正常，但就目前而言，我們並不擔心。

Okay. And just as a follow-up. In terms of renewal rates, I think you mentioned any impact from COVID there will be in the next few months? Maybe just -- can you give us any color on what we should expect to see? I was thinking maybe there could be a positive impact to renewal rates from this environment, but any color you can share would be helpful.

好的。還有一個後續問題。關於續保率，我記得您提到過新冠疫情在未來幾個月會對其產生什麼影響？您能否具體說明一下我們應該預期的情況？我原本以為疫情可能會對續保率產生正面影響，但您提供的任何資訊都會很有幫助。

Well, we do what's called -- we've always done it this way, a fully captured rate for renewal rates. So let's say you signed up originally in January. And so in sometime in December, you get your renewal notice. And let's say, we ultimately get to that 91% renewal rate in the U.S. and Canada. By the end of January, you went for all the people that signed up in January, maybe by the end of January -- I'm making these numbers up here, at 75%. And by the end of February, you're at 82%. And the end of March, you're at 85%. And it takes -- you might even get the last 0.5% or 1% of that renewal rate 6 months out because it's -- if somebody that is a snowbird or somebody that just doesn't come in that often, there's always going to be that.

我們一直以來都是這樣做的，也就是所謂的「完全捕獲續費率」。假設您最初是在一月份註冊的。然後在十二月的某個時候，您收到了續費通知。假設我們最終在美國和加拿大達到了 91% 的續費率。到一月底，所有一月註冊的用戶，續費率可能達到 75%（我這裡只是舉個例子）。到二月底，續費率達 82%。到三月底，續費率達 85%。甚至可能需要六個月的時間才能達到剩餘的 0.5% 或 1%，因為總是會有一些不常來或冬季常住的會員。

In addition, whenever you have a group of new members irrespective of whether it's online and in-store or in a new country, you have a lower renewal rate in that first prospective year, and then it builds each year over as your 3 becomes the combination of somebody renewing for the second time at a higher percentage than those that signed up originally in year 2 and renewing for the first time in year 3. So -- and I just want -- we don't know which direction. We know that -- we wanted to say that because we don't know where it's going to go, but the renewal rate right now is mostly related to stuff that happened 4, 5 and 6 months ago and 7 months ago.

此外，無論新會員是透過線上、線下管道或在新的國家加入，第一年的續約率都會比較低。之後每年續約率都會逐漸提高，因為第三年的續約率會隨著第二年新會員和第三年新會員的續約率的增加而提高。所以——我只是想說——我們不知道未來的發展方向。我們知道——我們想說明這一點是因為我們不知道最終結果會如何，但目前的續約率主要與4個月、5個月、6個月甚至7個月前發生的事情有關。

We have our next question from Paul Lejuez from Citi.

下一個問題來自花旗銀行的保羅‧萊朱茲。

Richard, can you remind us of the economics of an online order in terms of basket size and what's in that basket? And then separately, curious if there are any categories within the box that you would say you're a bit high from an inventory perspective.

理查德，你能否從購物車大小和購物車內商品的角度，簡要介紹一下在線訂單的經濟效益？另外，從庫存角度來看，你認為哪些類別的商品庫存略高？

Well, first of all, from online, there's regular online, which includes a lot of the big-ticket items. So I don't have the number in front of me, but if our -- if in-store, the -- during regular times, the average front-end transaction was in the 160 range -- 140 range. I'm sorry, 140 range. Online, which include a lot of big-ticket items was probably 300 to 400 range. As we've added -- as we added 2-day grocery, that number has come down. Certainly, while we don't again include e-com, the same-day grocery, the likes of Instacart and others come in and do, that's going to be lower as well. So all these things are in flux right now.

首先，線上銷售分為常規線上銷售和一般線上銷售。常規線上銷售通常包含許多高價商品。我手頭上沒有具體數字，但如果是實體店，在正常情況下，平均每筆交易金額約在140美元。抱歉，應該是140美元左右。而線上銷售，也包含許多高價商品，平均每筆交易金額可能在300到400美元之間。隨著我們增加了兩日達的生鮮配送服務，這個數字有所下降。當然，雖然我們這裡沒有把Instacart等當日達的生鮮配送服務算進去，但這個數字也會更低。所以，所有這些數據目前都在變化之中。

Got you. And then on the inventory side?

明白了。那庫存方面呢？

Again, I'm happy to report this less than we braced for the worst case a few months ago or a couple of months ago and when we decided to raise some extra capital. Might we have to take things like seasonal apparel and seasonal lawn and garden and luggage -- we do have some luggage to sell you, but it's a small category. But at the end of the day, all those things are less than we thought. So yes, there will be a small amount of items of -- I mean probably in the few hundred to several hundred million dollars that will hold for a season or up to a year. But these are not things that are going out of style even in items like apparel, which, again, I think we did -- our buyers did a very good job of mitigating that impact initially with suppliers. And also, it's come back a little better than we thought. Not all the way back by any stretch, but better than we thought.

再次，我很高興地報告，目前的狀況比幾個月前我們預想的最壞情況要好，當時我們決定籌集一些額外資金。我們可能需要處理一些季節性商品，例如服裝、園藝用品和行李箱——我們確實有一些行李箱可以出售，但這只是一個很小的類別。但最終，所有這些商品的銷售量都低於我們的預期。所以，是的，會有少量商品——我的意思是，大概幾億美元到幾億美元——可以維持一個季度或一年。但即使是像服裝這樣的商品，它們也不會過時。再次強調，我認為我們的採購人員在最初與供應商溝通時，已經很好地減輕了這種影響。而且，情況也比我們預想的要好一些。當然，遠未完全恢復，但比我們預想的要好。

And in addition, we're not exactly high fashion where things are going out of style. A lot of the things that we have, whether it's some furniture items or apparel. Our senior merchant in the room is not pleased with that comment. But yes, we're basic. We're fashion basic. We're not (inaudible) about that.

而且，我們也不走時尚路線，不會像其他一些店那樣追求過時。我們店裡的很多東西，無論是家具還是服裝，都很經典。我們店裡的高級採購員對這種說法不太滿意。沒錯，我們走的是基本款路線，是時尚的基本款。我們不追求那種（聽不清楚）。

Got you. Got you. And then just, Richard, what percent of members shop the club in 3Q versus last year? And did this quarter mark a peak in that metric?

明白了，明白了。然後，理查德，第三季度俱樂部會員的購物比例與去年同期相比是多少？這個季度是否達到了該指標的峰值？

I've never looked at it. I mean it's a good question. We'll have that for next time. Certainly, it's a lower percentage this quarter simply because of new members or people that have decided -- I mean I have friends that have not chosen not to go physically anywhere, and they're having things delivered, and they love the same-day fresh. So my guess is, it's come down a little.

我之前沒關注過這個問題。嗯，這確實是個好問題。我們下次再討論。當然，這季度的比例下降了，主要是因為新會員的加入，或者是因為有些人決定——我的意思是，我有些朋友並沒有選擇完全不去實體店，而是選擇送貨上門，他們很喜歡當天送達的新鮮商品。所以我猜，這個比例確實下降了一些。

We have our next question from Greg Melich from Evercore.

接下來，我們來聽聽來自 Evercore 公司的 Greg Melich 提出的問題。

So Richard, it seems -- sounds like e-commerce was probably 8% of the business in the quarter. And if I'm interpreting it correctly, should we think of it as that, that would have grown to over 10% if you include the Instacart as part of the e-commerce?

所以理查德，聽起來——電子商務在本季的業務佔比大概是8%。如果我理解沒錯的話，如果把Instacart也算作電子商務的一部分，那麼這個比例是不是應該超過10%？

Yes. Yes.

是的。是的。

Okay. And then second is on inflation. You talked about obviously deflation in gas and what that did to the top line. Has there been any inflation, especially given some of the shortages and proteins, et cetera, that's worth noting as an offset?

好的。第二個問題是關於通貨膨脹。您剛才提到了汽油價格下跌以及這對經濟成長的影響。考慮到一些物資短缺，特別是蛋白質等，是否存在值得注意的通貨膨脹因素？

Overall -- ex gas, overall, it's very small. I'm actually guessing because it's a lot more sales volume than it is inventory level. But on certain limited items, we've seen extreme examples were like eggs for a period of time, some of the protein items like meat. But I would guess that it's impacting us a little less than others in some of those categories because of some of our supplier relationships and strength, but it depends on -- and it's coming back now. It's coming down. So overall, it's, I would say, very little difference (inaudible).

整體而言－不包括汽油，整體影響非常小。我猜是因為銷量遠大於庫存水準。但某些特定商品，如雞蛋和一些蛋白質類商品（如肉類），我們曾經遇到極端情況。但我估計，由於我們與供應商的關係和實力，在某些品類中，疫情對我們的影響比其他公司小一些。但這取決於——而且現在情況正在好轉，正在下降。所以整體而言，我認為影響非常小（聽不清楚）。

Got it. And then on Innovel, just a follow-up on that, how much of Innovel's business was distributing other people's things? And where does that revenue show up? And how are you thinking about either growing or reallocating that capacity?

明白了。關於Innovel，還有一個後續問題，Innovel的業務中有多少是分發他人的作品？這部分收入來自哪裡？你們打算如何擴大或重新分配這部分產能？

Well, keep in mind, this -- Innovel was a business built over decades to serve Sears, its owner. And Sears, of course, has come down dramatically over the last few years. And while I can't disclose all the numbers I'm aware of, the component that was actually still servicing their needs had come down. And then also, they had gone through their own reorganization as a retail company. And with that, I think they lost the business along the way. So there's an infrastructure and a capacity in place -- infrastructure in place with great capacity. And so we view this as an ability to do great things with.

請記住，Innovel 是一家經過數十年發展的企業，旨在服務其母公司西爾斯百貨。而西爾斯百貨近年來自然是大幅衰退。雖然我無法透露我所了解的全部數據，但實際上仍在為西爾斯百貨提供服務的部門規模已經縮減。此外，西爾斯百貨本身也經歷了零售業務的重組。我認為，正是這些重組導致了他們最終失去了這部分業務。因此，Innovel 擁有完善的基礎設施和強大的產能——基礎設施和產能都非常雄厚。所以，我們認為這為我們創造了巨大的發展潛力。

Could you describe that capacity a little bit like number of employees or footage or footage or...

您能否簡要描述一下這個容量，例如員工人數、拍攝時長或拍攝素材等等…

The employees were about -- I think the employees were 1,550 -- 1,500. There are about 100 -- there's about -- there's, I think, 11 large facilities, call it, the roughly 800,000 to 1.2 million square foot facilities. And then about 105 smaller facilities, which could be as small as 8,000 or 10,000 feet or as big as 50 or 60, and spread out generally serving, I think, 85% or 90% of the U.S.. And again, there's a lot of ability to -- it has a lot of capacity. And we were doing -- we've worked with them for 5-plus years, I believe, and -- but like anyone else working with them, we're doing a small piece of our business because we didn't know what was happening to the business as parent was going through its own restructuring.

員工人數大約是──我想是1550到1500人。大約有100個——我想是11個大型設施，大概佔地80萬到120萬平方英尺。然後還有大約105個小型設施，小的只有8000到10000平方英尺，大的有50到60平方英尺，分佈廣泛，服務範圍涵蓋了美國85%到90%的地區。再說一遍，他們的產能非常大。我們和他們合作了五年多，我想，但是——和其他和他們合作的人一樣，我們只做了他們業務的一小部分，因為我們不知道他們的母公司當時正在進行重組，所以也不清楚他們的業務會如何發展。

We have our last question from Rupesh Parikh from Oppenheimer.

我們最後一個問題來自奧本海默公司的魯佩什·帕里克。

This is actually Erica Eiler on for Rupesh. So I wanted to touch on the store capacity restrictions that you put in place. You talked a little bit about the impact from some of the ancillary businesses being closed had on your sales. Are you able to quantify for us what you think the impact may have been to sales from the store capacity limitations and restrictions that you put in place? And as things start to open back up in certain markets, are there any changes in these restrictions you put in place? And can we expect to see these restrictions weigh upon sales for a bit longer?

這裡是 Erica Eiler 代表 Rupesh 連線。我想談談你們實施的門市客容量限制。您之前提到過一些附屬業務關閉對銷售的影響。您能否量化一下您認為門市客容量限制對銷售的影響程度？隨著部分市場逐步開放，你們的這些限制是否有所調整？這些限制措施對銷售的影響還會持續一段時間嗎？

Well, the only thing that we pointed -- I pointed out earlier was is those businesses like optical, hearing aid, a reduced food court, those things was somewhere in the middle between 1 and 2 percentage points impact in Q3. Aside from that, when we went from generally closing Monday through Friday at 8:30, we went to, I think, 6, but we also added an hour in the morning for elderly and expanded that from 2 days to 3 days to now to all 5 weekdays. We have not tried to quantify that.

嗯，我們之前提到的唯一一點——我之前也提到過——是像眼鏡店、助聽器店、縮減規模的美食廣場這類業務，在第三季度的影響大概在1%到2%之間。除此之外，我們把周一到週五的關門時間從通常的8:30縮短到了6點，但同時我們也增加了早上一個小時的老年人專屬時段，並將這項服務從每週兩天擴展到三天，現在又擴展到了每週五天。我們還沒有嘗試量化這些措施的影響。

I can tell you that when we've had some very busy locations historically, and we said, let's add an hour in the morning or an hour later at night, what we found is we tend to just spread the business. So I think the same thing here. There's not a lot of big impact other than our view -- our qualitative view was that there's a lot more impact from shelter-in-place and stay-at-home and come in and get what you need and leave than there is from anything else. And again, it's that I was encouraged by some of the things I've seen with a couple of the other retail apparel stores that have just started to open and are showing good numbers because people are coming back. So I think net-net is encouraging, but I don't think it's a big -- it was a big impact to us either way. By the way, yes, there was -- there was and you noticed our numbers, Canada was weaker than the U.S. In Canada -- in Quebec, there's actually -- there's current outstanding limitations of Sunday closes, which is new over the last few months. And there's also, I think, been a little bit more stricter generally over -- up there -- either stricter or people listening better to stay-at home issues. And so we've seen -- in a country where we're the only game in town in terms of warehouse clubs, we've seen weaker traffic, and therefore, slightly weaker numbers in the U.S.

我可以告訴你，以往我們有些門市客流量非常大，當我們嘗試在早上或晚上延長營業時間一小時時，我們發現這樣做反而能分散客流。所以我認為這次的情況也是一樣。除了我們自己的觀察——我們的定性觀察是，居家隔離和居家購物帶來的衝擊遠大於其他因素——人們進店購買所需物品後就離開。此外，我也看到一些其他服裝零售店剛開始營業，業績不錯，這讓我很受鼓舞，因為人們正在回歸。所以總的來說，我認為情況令人鼓舞，但無論如何，這對我們來說並沒有造成太大的影響。順便說一句，是的，確實如此——你也注意到了我們的數據，加拿大比美國的情況更糟。在加拿大——尤其是在魁北克省，目前仍然限制週日關門，這是過去幾個月新出台的措施。而且，我認為，總體而言，那裡的防疫措施也更加嚴格——要么是更嚴格，要么是人們更聽從居家隔離的建議。因此，我們看到──在一個我們是唯一一家倉儲式會員店的國家，客流量有所下降，因此，美國的疫情數據也略微偏低。

Okay. Well, I guess that's a good segue into my next question. So I was just curious on the international side. If there's any more color you can provide on what you're seeing internationally with regards to coronavirus impacts. Are there any notable differences in terms of behavior or any other call-outs versus the U.S.?

好的。我想這正好引出了我的下一個問題。我只是對國際方面的情況比較好奇。您能否就新冠病毒在國際上的影響提供一些更詳細的資訊？在行為或其他方面，與美國相比是否有任何顯著差異？

Well, I think -- again, I'm putting on my blinders for a minute. I mean Taiwan and China are the most encouraging. China, we have one location, of course, that has been open for less than a year, so we don't have a year-over-year comparison. Taiwan is quite strong. Japan is quite strong, maybe a few weeks behind that. We see Australia coming back. So overall, that gives us encouraging news for the U.S. and Canada, but part of that answer is so what until we see it.

嗯，我覺得──我先假設一下，先不看具體情況。台灣和中國大陸的情況最令人鼓舞。中國大陸我們有一家門市，當然，開業還不到一年，所以我們沒有同比數據。台灣的情況相當強勁。日本的情況也相當強勁，可能比台灣晚幾週。我們看到澳洲的情況也在好轉。所以總的來說，這對美國和加拿大來說是個好消息，但最終結果如何，還得等我們看到實際情況。

Okay. Well, thank you, everyone, and me and my guys here are around to answer questions. Have a good day.

好的。謝謝大家，我和我的同事隨時準備回答問題。祝大家今天愉快。