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，感謝你們的支持，歡迎來到第三季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。 （操作員說明）

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

我現在想將電話轉交給首席財務官 Richard Galanti 先生。請繼續，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.

謝謝約瑟夫，大家下午好。我將首先說明這些討論將包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些陳述涉及風險和不確定性，可能導致實際事件、結果和/或業績與那些存在重大差異由此類聲明表示。風險和不確定性包括但不限於今天電話會議中概述的風險以及公司向 SEC 提交的公開聲明和報告中不時確定的其他風險。前瞻性陳述僅在作出之日起生效，公司不承諾更新這些陳述，除非法律要求。

In today's press release, we reported operating results for the third quarter of fiscal 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，我們報告了 2020 財年第三季度（截至 5 月 10 日的 12 週）的經營業績。該季度報告的淨收入為 8.38 億美元或每股攤薄收益 1.89 美元。相比之下，去年第三季度為 9.06 億美元或每股攤薄收益 2.05 美元。現在，今年第三季度受到與 COVID-19 相關的工資安全和衛生成本增加帶來的 2.83 億美元的稅前直接費用或每股攤薄收益 0.47 美元的負面影響。去年第三季度為 2.05 美元，其中包括 7300 萬美元或每股攤薄收益 0.16 美元的非經常性稅收項目的收益。

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%.

本季度淨銷售額增長 7.3% 至 364.5 億美元，高於去年第三季度的 339.6 億美元。在第三季度同店或可比銷售額的基礎上，在報告的 12 週內，美國為 5.9%。排除天然氣通貨緊縮和外匯影響，12 週的 5.9% 為 8.0%。據報導，加拿大為-2.5%。防爆氣體通貨緊縮和外匯加 3.0%。據報導，其他國際公司以 6.2% 的比例進入。再一次，除天然氣通貨緊縮和外匯加 12.2%。總而言之，整個公司的報告率為 4.8%。再一次，排除天然氣通貨緊縮和外匯，4.8% 將是 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%.

我還可能會注意到，據報導，電子商務是 64.5% 的補償和排除天然氣通貨緊縮或排除外彙的 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.

現在，相對於美元的外幣對銷售產生了約 110 個基點的負面影響，而汽油價格通縮對整個公司的銷售產生了約 190 個基點的負面影響，因此為 300 個基點。此外，由於大流行導致駕駛減少，本季度汽油量或加侖量同比下降約 20%。這些調整後的數字——汽油加侖的影響不在我剛才描述的調整後的數字中。

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.

在流量方面，我們的購物頻率在本季度全球下降了 4.1%，在美國下降了 2.0%。第三季度，我們的平均交易或票證增長了 9.3%，9.3% 確實包括天然氣通貨緊縮和外彙的負面影響。

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.

現在，我們第三季度的綜合銷售數據也確實反映了我們的一些業務，特別是光學、助聽器和照片，在第三季度的大部分時間裡都關閉了。在第三季度的大部分時間裡，我們的美食廣場商品的很大一部分也被淘汰了。同樣，我們在此期間取消了美食廣場的座位。這些重新開放開始 - 這些 - 那些在第三季度結束前 10 天的 4 月 30 日開始，大約 20% 的地點在第三季度末恢復運營。

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.

在過去的 2 到 3 週內，幾乎所有設備都將在 6 月中旬恢復運營。至於已經開放的美食廣場，但菜單更加有限，我們已經添加了一些，但不是所有的項目。總之，我們在第三季度早些時候為您提供的報告的銷售數字估計會因這些商品被關閉或限製而減少 1 到 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.

其次，關於損益表。報告的會員費收入為 8.15 億美元或 2.24%，比去年第三季度的 7.76 億美元或 2.9% 增長 5% 或 3900 萬美元。外匯疲軟、3900 萬美元的增長和 5% 的增長將增加 4700 萬美元或 6%。在本季度，我們有 2 個新職位空缺，年初至今共 4 個。

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.

在續訂率方面。在第三季度末，我們的美國和加拿大續訂率為 91.0%，比第二季度末的水平有所上升。全球比率為 88.4%，與上一財季前相同。請記住，COVID 對續訂率的任何影響，無論是正面的還是負面的，都會在接下來的幾個月中反映出來。

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.

從第三季度末的會員數量來看，會員家庭和持卡人。就家庭而言，我們在第三季度末有 5580 萬戶家庭，高於 12 週前的 5530 萬戶。持卡人總數為 1.018 億，高於 12 週前的 1.009 億。在第三季度末，付費高管會員人數為 2180 萬，比過去 12 週增加了 135,000 人。

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.

下降到毛利率線。我們報告的毛利率同比增長 54 個基點，從 10.99% 上升到 11.53%。現在 54 ex gas 通貨緊縮將增加 33 個基點。像往常一樣，我會要求你在兩列中寫下幾個數字，然後我們將進行解釋。

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 20 年第三季度的報告而言，核心商品同比增長 51 個基點，不含天然氣通貨緊縮，增長 33 個基點。輔助業務在報告的基礎上增加 26 個基點； ex gas 通貨緊縮，加 21。2% 的獎勵，減 6 和減 4 個基點。其他，負 17 和負 17，你把這兩列加起來，在報告的基礎上再次報告了 54 個基點和 33 個基點——毛利率上升了 33 個基點，不包括天然氣通貨緊縮。現在，毛利率的核心商品部分在通縮前再次高出 51 或 33。請記住，在本季度，我們的銷售從輔助業務和其他業務轉向核心業務，這導致我們來自核心業務的總毛利率貢獻更高。

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.

看看僅與他們自己的銷售額或我們所說的核心對核心相關的核心商品類別，利潤率同比下降 17 個基點，5 個基點，順便說一下，其中與損失相關到我們新的家禽場。這是我在過去兩個季度中指出的，我們下個季度可能也會這樣做。

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.

事實上，總的來說，與我們在第二季度的同比影響非常相似。因此，雖然今年我們總銷售額的較高滲透率來自核心業務，但毛利率同比略低。這主要歸因於商品類別之間和商品類別內的銷售組合。

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.

儘管與家禽綜合體相關的成本增加帶來了第一年的不利因素，但我們的新鮮食品毛利率再次上升。由於高銷售額降低了我們的腐敗以及勞動力成本佔銷售額的百分比，從而能夠以高於正常水平的速度利用這些成本，因此生鮮市場的優勢。

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.

軟裝、食品、雜貨和硬裝本季度的利潤率均低於去年同期。一個例子，非食品類，既是硬線又是軟線，非食品受到銷售轉向利潤率較低的部門的影響，特別是像專業和高價電子產品這樣的部門。

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.

2 欄中的輔助和其他業務毛利率提高了 26 個基點，除天然氣通縮外，再次提高了 21 個基點。這一結果主要是由於天然氣和電子商務毛利率同比增長，部分被由於天然氣價格和銷量下降以及我談到的一些輔助業務的關閉導致輔助銷售滲透率下降所抵消關於早些時候。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% 的獎勵高於或在報告的基礎上降低了 6 個基點和 4 個通貨緊縮，這意味著我們的銷售額中有略高的百分比有資格獲得執行成員獎勵。

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.

另一行項目，17個基點為負。 17 個基點中有 12 個可歸因於 COVID 成本。而這 12 個基點，大約是新聞稿中提到的 2.83 億美元數字中的 4400 萬美元。這些是分配給我們的成本部門和商品履行操作的增量工資、安全和衛生成本的成本。所以我只是說它達到了邊緣。其他 5 個基點或 1970 萬美元來自某些第三方禮品卡和門票計劃的累積準備金。後者，即 1970 萬美元，不包括在我們稱之為 COVID 直接增加費用的 2.83 億美元總金額中。

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.

轉移到 SG&A。我們報告的 SG&A 百分比同比增長 59 個基點，佔銷售額的 10.51%，高於 9.92%。排除氣體通縮，負 59 將是負 40 或更高 40。

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，請記下以下 SG&A 組件，然後我們將完成。報告的核心業務為 9 或更低，為 9，收益為 9。除天然氣通貨緊縮外，為 24，或為 24 個基點。中央，0 和 2。股票補償，加上 3 和 3。其他，負 71 和負 69。你把這兩列加起來，你得到報告的 SG&A 增長 59 個基點和除汽油通縮，而是減去40 - 高 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，再次，核心運營部分降低了 9，排除氣體通貨緊縮降低了 24。核心運營中的 SG&A，不包括 - 這不包括我將在稍後討論的與 COVID 相關的費用，它們是不必要的可以說，借助強勁的核心商品銷售。 Central 基本持平，相對於（包括天然氣通貨緊縮）略有改善。股票比較，毫不奇怪，SG&A 略微受益 3 個基點。再一次，另一個組成部分，即 71 個或 69 個 ex gas 通貨緊縮——在 71 個、66 個基點中的 71 個可歸因於 COVID-19 的增量成本，即媒體報導的 2.83 億美元總額中的 2.39 億美元發布。同樣，這些是增加工資以及與安全和衛生相關的直接費用的成本。 71 個基點數字的餘額為 5 個基點或 1850 萬美元。這來自與我們最近收購 Innovel 的收購和整合相關費用相關的成本，這是我們幾個月前收購的大型和笨重的最後一英里交付和安裝操作。

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.

損益表上的下一個是開業前費用。開業前費用減少了 600 萬美元，本季度為 800 萬美元，而一年前為 1400 萬美元。同樣，我們今年有 2 個職位空缺。去年本季度，我們有 3 個，儘管其中有很多——每個數字都與第四季度的待定職位空缺有關。

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.

總而言之，2020 年第三季度報告的營業收入增長了 5.1%，今年為 11.79 億美元，而一年前為 11.22 億美元。現在這 5% 的增長是，儘管我們談到了增量成本——我剛才談到了 2.83 億美元以及我剛才提到的 1970 萬美元和 1850 萬美元，這些都是在第三四分之一。

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.

在營業收入線以下，利息支出同比增加 200 萬美元，今年本季度為 3700 萬美元，而去年同期為 3500 萬美元。回想一下，我們在第三季度於 4 月 20 日完成了 40 億美元的債券發行。債務發行完成後，我們稱未償債務將於 2021 年 5 月到期，即 10 億美元，另外還有 500 萬美元將於 22 年 2 月到期。在 30 天的電話通知後，我們今天早上已經還清了這兩筆款項。將有 3600 萬美元的稅前費用與較早的時間或全部債務有關，這將影響我們第四季度的利息收入和損益表中的其他項目。

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.

其次，關於損益表。本季度的利息收入和其他收入同比下降 1500 萬美元，主要是由於利息收入下降，主要是由於其中的利率下降。總體而言，20 財年第三季度報告的稅前收入增長了 3.6%，為 11.63 億美元，而去年為 11.23 億美元。再一次，這 11.63 億美元是在考慮了我之前提到的那些費用的影響之後。

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.

在所得稅方面。我們在第三季度的稅率是——今年是 26.7%。去年是18.5%的稅率。同樣，去年，它包括一項 7300 萬美元的非經常性稅收項目的好處。

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.

其他一些注意事項。在倉庫擴張方面，我們 - 正如我所提到的，我們在第三季度開設了 2 個單位。這使我們處於 5 - 實際上在前 3 個季度總共有 5 個單位。我們預計第四季度將開放 10 個，包括 2 個 relos，因此減去 8 個。所以看起來我們今年的淨總數將在 13 個左右。有一些受到 COVID-19 的施工延誤和影響已被推入 21 財年的第一部分，該部分於 9 月初開始。截至第三季度末，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.

在資本支出方面，第三季度總支出——2020 財年第三季度總支出約為 6.26 億美元，我們估計的 20 財年所有資本支出目前在 27 億美元至 29 億美元之間，比我們的略有下降。四分之一之前就已經猜測和估計了。再一次，我認為這與自 COVID 問題以來的一些施工延誤有關。

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.

在電子商務方面。正如我之前提到的，總體而言，我們的電子商務銷售額在報告的基礎上增長了 64.5% 和 66.1%（不含外匯）。我可能會提到 - 我應該注意到，在這 61 家零售商中，與許多零售商一樣，我們看到過去幾個月電子商務銷售的實力水平不斷提高。如果我看一下 12 週——構成我們第三季度 12 週的 3 週、4 週期間，大約 66.1%——或者前 4 週報告的 64.5% 的數字在 25% 範圍內以及接下來的 4 週在 50% 的增長范圍內，最近的 4 週在 90% 的範圍內。但在報告的基礎上總計 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.

一些比較強的部門，健康和美容輔助，辦公室，專業，家居用品和小電器。第三季度，在線食品雜貨總量以驚人的速度增長——在第三季度，我相信很多地方都是如此。剛剛提到的補償數字緊隨其後——這是 64% 的數字。他們遵循我們的歷史慣例——我們排除了我們的第三方或當日雜貨計劃，因為那些——進入倉庫由第三方提取並交付給我們的會員。如果我們將該第三方包括在我們的電子商務數字中，那麼 60% 的中間數將略高於 100%。因此，我們已經看到以這種方式推動業務的強大力量。

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，儘管數量急劇增加，但我們的電子商務網站在本季度運行得相當順利。此外，隨著訂單量的增加，我們能夠在整個季度內縮短交貨時間。

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.

現在轉向冠狀病毒以及圍繞它的所有問題和影響。從銷售的角度來看，正如上個季度所討論的，以及我們所做的月度銷售業績表明，我們在第三季度開始時表現強勁。我認為它實際上是從 2 月的第四周開始到 3 月的前 2.5 週，銷售非常強勁，因為人們在信息發布之前就開始囤貨——擔心某些關鍵產品的可用性以及各種停留的實施-在家訂購。

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.

本季度中期表現疲軟，因為我們經營的許多地區都發布了限制流動的命令。同樣，我們在這段時間內實施了自己的限制。最近，隨著各州開始放寬限制，我們的銷售開始有所恢復。

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、新鮮食品和其他必需品一直非常強勁，儘管本季度某些商品（例如衛生紙、紙巾、清潔用品等）在本季度末出現了缺貨，肉類和蛋白質，洗手液之類的。辦公室和專業在本季度的在家工作舉措的推動下也表現強勁，而大多數其他非必需品類別在本季度則略顯疲軟，例如珠寶、行李箱、第三方禮品卡，它們普遍疲軟。其他弱勢類別，包括體育用品、草坪和花園、庭院和服裝等，雖然表現疲軟，但在本季度末有所反彈。

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，我將為您提供 40,000 英尺的視角。在非食品方面，由於涉及從中國進口，大多數工廠現在都在運轉。其他主要國家供應商，印度的紡織品和國內供應商，墨西哥，主要用於電視組裝等，在恢復正常方面落後中國幾週，但每週都在改善。

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.

在食品和雜貨方面，紙製品在某些地區仍處於分配和閒置限制狀態。金槍魚和雞肉等罐頭食品的零星限制。最棘手的領域仍然是洗手液、消毒濕巾和來蘇爾噴霧劑等。牛奶和黃油等物品一般都可以。而且我們還 - 我們已經像冷凍一樣消除了某些烤冷凍蛋白質，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.

在新鮮方面。在蛋白質方面，商品是存在的，但在生產和加工方面具有挑戰性。目前，對我們來說，豬肉是受影響最小的，但也有一些影響。但我相信，過去 3 週我們所做的，在新鮮牛肉、雞肉和豬肉食品或那些蛋白質食品上，我們總共限制了 3 種新鮮食品。對於某些冷凍食品，例如 10 磅漢堡肉餅或雞胸肉等，我們還對每個 SKU 有 1 個限制。

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.

在海鮮和農產品方面，這一切都很好。再次，與我們在這些類別中的買家交談，他們通常 - 再次，可能除了洗手液之外，因為 - 不僅僅是人們在囤積它，他們 - 使用量大大增加並且對這些物品的需求仍在繼續。但我們預計每週都會持續改善。

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，Costco Travel。例如，由於需求減少以及以前的圖書旅行取消，本季度可能會受到重大影響。會員現在開始實際再次預訂旅行，儘管通常比我們歷史上看到的更遠。當然，我們會在旅行或活動發生時預訂這些結果。

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.

我們的倉庫總體上保持開放，儘管我們在本季度的幾週內確實在美國大部分地點減少了營業時間。 5 月 4 日恢復正常工作時間，並在工作日早上為老年人和殘疾人增加一小時。倉庫仍在遵循社交距離和消毒指南。此外，正如所討論的，我們的一些倉庫業務，如助聽器、光學和照片，在本季度的大部分時間裡，美食廣場在一定程度上被關閉或緩解。

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.

同樣從 5 月 4 日起，我們現在要求所有成員、倉庫中的員工佩戴口罩。在本季度，包括那個 2.83 億美元的大數字，我們在口罩、手套以及增量清潔和清潔用品以及諸如有機玻璃隔板之類的東西上花費了大約 3200 萬美元，所有這些都與 COVID 相關，但這是在這個 2.83 億美元的數字。

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 億美元和成本相關的一些舉措將延續到第四季度。我們預計與這些與 COVID 相關的費用相關的增量費用在第四季度將超過 1 億美元，但比我們在第三季度的 2.83 億美元要低很多。不過，我們將不得不拭目以待。

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，就即將發布的版本而言，我們將在收市後公佈截至 5 月 31 日星期日、6 月 3 日下星期三結束的 4 週的 5 月銷售業績。

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

有了這個，我將打開它進行問答並將其轉回給約瑟夫。謝謝你。

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

（操作員說明）我們有來自摩根士丹利的 Simeon Gutman 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，我知道我們必須等到我們得到 5 月的結果，但我不知道你能預覽多少，因為環境在銷售的產品組合、倉庫流量方面是多麼的動態。由於環境的原因，現在您開始看到其他州和商店營業。好奇是否有什麼可以作為 5 月預覽的內容。

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.

我真的不能稱之為預覽。我在本文檔中發表的一些評論與本季度末有關，我們看到某些事情有所好轉。事實上，我們最近恢復了全時工作，我們都變得更好了——我們、我們的員工和我們的成員都可以更好地通過倉庫。因此，季節性地，我認為在線上的一些商品已經回升，我們已經討論過。而且 - 但我們將在下週拭目以待。

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。然後是我對會員資格的跟進。我想你說的是前外匯，如果我發現的話，他們上漲了 6 點。如果那是正確的數字，您能否分析出美國在本季度相對於 6 的情況？然後關於新成員的實際數量增長速度或任何地理因素讓您感到驚訝嗎？

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.

一般來說，沒有。但是我們在第二季度末和本季度初談到的時候，我們看到一些回升，當時有很多 - 當我們有這些瘋狂的強勁數字並且人們進來購買所有必需品時在 2 月底和 3 月上半月的那幾周里，我們看到了一些額外的註冊，但相對於我們整個公司而言，供應短缺、需求旺盛和供應短缺。除此之外，我認為流量下降了一點，但平均票價上升了，你有一些成員進來並增加了一點。但是 - 然後你有一些成員不經常進來。所以這會打擊你一點。但總的來說，我們認為我們處於相當好的狀態。

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

好的。我可以再偷偷溜進去一個嗎？我只是想補充...

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。另一種評論是，我們還看到了從步入式註冊到在線註冊的轉變。這很好。當您在線註冊時，我知道您還需要有汽車賬單，從長遠來看，這對續訂率是有利的。

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。最後一個是關於電子商務，分類，SKU 分類。任何類似的戰略思維認為我們應該有比你更多的分類？我認為您一直在添加，但是否重新考慮 SKU 的總數？

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.

我認為不一定——唯一的總增長是我們去了一些額外的供應商和一些非常有限的項目。因此，我們在一些有限的情況下擴展了我們的供應商網絡。除此之外，它更像是一種轉變。如果你願意的話，它從一些大而笨重的物品開始，這在 COVID 之前就開始了，比如白色家電，而且這種情況還在繼續。當然，我們在網上擁有的實力，無論是通過我們的 2 天雜貨店或電子商務或某些第三方提供商（如 Instacart 和 Shipt 等）在線報導，所有這些都推動了一些業務從倉庫上線。再說一次，我認為我們——如果我回到 6、8、10 週前，無論正常的時間是什麼，特別是像 2 天的雜貨店遠遠超過 2 天。我們回到了2天。同一天，我們的第三方供應商遇到了挑戰。如果他們在幾週內增加了 200,000 多名新員工，那麼在過去幾週內情況也會好很多。所以我猶豫使用戰略這個詞。我們當然知道，大而笨重的東西也可以通過倉庫中的一些顯示器在網上非常有效地完成，但是通過在線交付和安裝，這將繼續下去。由於這個原因，它可能一直在擴大一點，家裡的人，運動器材和大型電子產品之類的東西。

We have our next question from Chris Horvers from JPMorgan.

我們有來自摩根大通的 Chris Horvers 的下一個問題。

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?

所以有幾個關於邊際前沿的問題。你能談談 - 根據你在天然氣的好處方面所看到的與你在其他類別中混合看到的逆風相比，稍微分解一下輔助利潤。展望未來，鑑於您目前看到的天然氣價格，您是否會期望天然氣的好處——如果本季度價格保持較高水平？

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.

好吧，上個季度發生了一場完美的風暴，因為它與天然氣的利潤率有關。而且我認為有 - 甚至沒有我們的信息，但有關於銷售汽油的毛利率方面實力的公開信息。我們當然從中受益。對此的一點補償是減少了加侖的數量。但無論如何，它特別強大。我認為這在矩陣中得到了證明。

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.

您在其他一些輔助業務上的利潤率更高。就像光學和助聽器一樣，雖然體積小，但利潤率更高，因為我們必須考慮驗光師和助聽器技術人員等的額外成本。所以那些類型的東西，天然氣是其他東西中最大的一部分，但一切都結束了，這對我們在這個季度來說是淨淨收益。

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?

那麼有沒有 - 你在服裝類別方面有什麼影響嗎？你必須採取任何降價嗎？當你展望未來時，你是如何考慮的——該類別影響的潛在風險？或者您是否看到該類別出現一些反彈，並且不認為這會在下一季度成為逆風？

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，我們還沒有看到很多降價促銷。我的意思是我們的服裝很漂亮——其中很大一部分是季節性的。當這件事剛開始時，我們能夠與供應商交談並達成交易，在某些情況下，某些東西還沒有製造出來，或者他們有原材料，但他們還沒有完成產品。所以讓我們支付部分完工費用——原材料的費用，但要等到下個賽季。我們堅持——我們將——我們已經——我們去借錢的原因之一是考慮最壞的情況，在我們看來，這種情況並沒有發生。但是，如果我們必須持有大量的季節性物品，我們會——無論我們做出什麼承諾，我們都會尊重。

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，與我們的供應商合作以及這些領域的銷售額反彈略高於預期。並不是說人們進來，每條過道都走下去。有些人只是去拿他們的必需品並離開道奇。但是在一天結束的時候，我認為隨著天氣的轉變，我們已經多了一點——對事情感覺好了一點。不過，誰知道明天會帶來什麼。

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。你有沒有提到電子商務實際上是一種好處？隨著電子商務增長的加速，我們看到的大多數零售商都面臨著巨大的逆風，但這似乎並沒有發生在這裡，因為——你能詳細說明一下嗎？

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.

嗯，首先，我想每個人，對我們來說，這肯定是一個利潤率較低的業務，因為我們試圖隨著時間的推移建立它。毛利率在哪裡——實際上是毛利率更高，因為銷量巨大。我們在其中花更多的錢。所以很可能——我面前沒有它，但作為利潤的百分比和銷售額的百分比，我敢肯定，下降了一點，這是意料之中的。但總毛利率上升僅僅是因為它的強大。

We have our next question from Michael Lasser from UBS.

我們有來自瑞銀的 Michael Lasser 的下一個問題。

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，您是否達到了您在美國的會員潛力的上限，並認為如果大流行不會激勵普通消費者註冊會員，那麼他們在任何情況下都可能很難註冊?

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.

好吧，我們當然不相信。在接下來的 2 或 3 年內將出現 2 或 3 個新常態，而且可能不是真正的新常態，除此之外還有其自身的一系列困難。我們不斷地被問到這個問題。當我談到當日雜貨配送量大幅增加 10 倍以上時，那肯定是因為人們——有一群人不想出門。還有其他人想進來，但他們進來的頻率較低，每次都買得更多。會有一些新常態。

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.

我們的猜測是，無論它得到什麼都不一定——它在某個時候會退縮嗎？還是比這一切的前一天還要高？當然。但誰知道呢？這就是我們每天在這裡談論的一切。而且我認為隨著時間的推移，出現了很多問題，我們對我們的續訂率感到滿意。我們都必須克服這個問題。

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.

我們和其他一些人，我稱之為大型必需品零售商的事情之一，我們都很幸運，我們一直在營業。而且，當你與人交談時，坦率地說，他們覺得進入 Costco 會更舒服，因為它更大、更開闊，當然，我們都在滿足口罩要求的 6 英尺。有一些人不喜歡它，但有——大多數人喜歡。所以我認為我們正在做的所有事情，包括您在商店中看到的可見事物。然後，看，歸根結底，這是一個價值主張。我們的平均毛利率非常低——非常非常低的兩位數，11% 或 12%，這意味著無論如何，13% 左右的加價。傳統的零售雜貨店處於 20 多歲的中高水平，而其他大賣場則在此之上。常規零售遠高於此。

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.

所以最終，它必須是所有這些東西的結合。我們必須想辦法讓你加入。我認為到目前為止，我們至少成功，有時是漸進的，但也成功地弄清楚瞭如何讓你的東西上網。這將是一個組合，但隨著時間的推移，我們將不得不看到。

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?

我的後續問題是關於在線的，鑑於您最近取得的成功，再加上您幾個月前進行的收購以及我們在零售業中目睹的在線滲透率的總體增長過去幾個月，Costco 內部是否傾向於更加努力地推銷您的在線渠道以向消費者擴展您的產品，或者因為仍希望將消費者推入商店以保持您的姿態？

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.

好吧，我認為我們必須做出回應。也許對於你們中的那些人——有時，我不是在建議你，邁克爾，而是——覺得我們有點固執或不想做這些事情。我們仍然希望你進來。當你進來時，你會買更多的東西，期間。我們認為我們可以兩者兼得。我的意思是我們認識到——我認為白色家電是 COVID 之前最好的例子。 4 年前，我們在美國的白色家電銷售額達到了 5000 萬美元。 3 年後，我們在 10 億美元的道路上投入了 6 億美元，這僅僅是因為現在的 COVID-19。

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 幫助了很多高票、大而笨重的物品，其中許多人不想放在郊區或卡車帶回家的後面。所以我認為隨著時間的推移我們將不得不看到。

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.

我們覺得我們也做得很好。再一次，COVID現在改變了一些事情，做營銷和在倉庫裡進行電子郵件促銷。再說一次，時間會證明一切，我們會一起解決。

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

我們有來自 Gordon Haskett 的 Chuck Grom 的下一個問題。

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?

實際上是約翰·帕克替查克上場。你能多談談你在本季度末從汽油加侖的角度看到的情況嗎？對那些訪問俱樂部的人來說是一種交叉。然後，隨著某些領域重新開放並開始正常化，其中一些指標是如何變化的？

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。看，只是開車上班，買的汽油加侖少了。我認為它已經有所回升。剛從新聞中聽到我在華盛頓州看到的消息，他們每天都有，在不同州際公路上行駛的汽車的百分比正在提高一點。部分原因是一些留在家裡的東西，部分原因是天氣變好了，人們想離開道奇。它確實——它必須產生一點影響。我們的頻率催化劑之一——我們一直在談論的頻率催化劑是新鮮食品、執行成員和氣體。因此，氣體下降的程度會稍微降低您的負擔。抵消這一事實的是，第一，商店的平均門票價格上漲，這有助於抵消較低的客流量。再說一次，誰知道明天會發生什麼。

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.

到目前為止，我們對我們如何度過難關感到鼓舞。在過去的幾周里，我們已經看到一些事情在類別或天氣變化方面有所好轉。當然，我認為，一些空缺應該對我們有所幫助。但是，我們會再次通知您。

We have our next question from John Heinbockel from Guggenheim.

我們有來自古根海姆的 John Heinbockel 的下一個問題。

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，當您想到 Innovel 時，從客戶的角度來看，最大的影響是什麼？也許這只是巧合。看起來如果你看一些郵件，你在這裡推得又大又笨重。那是 - 所以這與 Innovel 無關。這就是你無論如何都會做的。

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.

我認為這是我們無論如何都會做的事情。這當然是因為我們現在有信心，坦率地說，我們可以以更低的總價格提供更好的服務。 Innovel 是我們的供應商之一，與其他一些供應商一樣，我們一直做得很好，但是我們——並且隨著我們在其上建立更多的數量並獲得更高的密度，該工具將使我們能夠降低成本並降低我們的成本成員。

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，有了這個，以及我們所看到的，我想如果你在 4 個月前問過我們，嘿，我們將會有這個大的 COVID 事情，這就是將要發生的事情，我們當然不是——不知道我們會賣更多的大件和笨重的物品。我們發現，因為人們在家，儘管有一些經濟上的裁員和休假，人們還是在為房子買東西。我們最近再次看到，這與大而笨重無關，而是與草坪和花園有關。如果您在 2 個月前問我們，草坪和花園的外觀如何，我們會說由於所有經濟問題，這不會很好。

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.

所以我認為歸根結底，我們現在正在另外進行營銷，因為我們有信心我們可以——我們已經看到某些大件和大件物品的交付時間顯著改善，因為我們裝載了一些小件物品。那些項目。這是一年多的過程。

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?

在儲蓄簿上，那裡的思考過程，從食品和雜貨的角度來看，看起來分類有點恢復正常。什麼時候完全恢復正常？您現在是返回郵件還是僅保持數字化？

We will go back to mailings in June.

我們將在 6 月恢復郵寄。

And the assortment normalizes in June as well?

並且該分類也在 6 月正常化？

Yes. For the most part, yes.

是的。多半是對的。

We have our next question from Karen Short from Barclays.

我們有來自巴克萊的 Karen Short 的下一個問題。

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.

我想一般來說有幾個關於電子商務的問題。首先想知道在會員增長中，您可以為在線註冊與步入式的增長提供什麼顏色？然後我想問更多關於電子商務的問題。我的意思是我知道你有點 - 顯然，你有幸和詛咒了非常高速的單位，而不是你不得不做的疏遠，這影響了交通，但那會讓你重新思考潛在的更強大的點擊收集模型？然後我又進行了一次後續行動。

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.

嗯，首先，就在線註冊而言，一個成員——同樣，有些成員沒有加入，而且加入的頻率較低。如果他們在本月上旬沒有來，這通常是他們進來的時候，當他們結賬時，他們會通知他們他們準備續訂，他們現在得到他們的電子郵件，如果他們不更新，他們會收到的。所以這推動了它的一些方式。當然，確實有很多人僅僅因為 1 天新鮮食品或 2 天干食品而註冊並成為會員。我們看到了——所以我們看到了巨大的推動力。

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.

我認為現在說未來會發生什麼還為時過早。我認為更多的內容會像生活中的其他事情一樣上線，我們會這樣做。

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.

在點擊收集方面，我們目前的點擊收集非常有限。它存在於一些高價值的珠寶、小型電子產品中。我們確實在其中添加了藥房，而不僅僅是點擊和收集。這就是點擊和交付——我們正在擴展。 Instacart 的好處還不是無處不在。輪胎正在這樣做，您可以上網，訂購併安排它 - 安排您的輪胎安裝。

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。但是，如果您問的是在線購買並在商店取貨的問題，一般來說，我們不會考慮在常規產品的基礎上這樣做。

Delivery?

送貨？

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

相反，我們再次通過第三方大量交付，大約 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。然後我的意思是我知道從現在開始這似乎是一生。但是，當我們展望與商品銷售相關的秋季時，比如返校、萬聖節，我想問題是，嗯，2，你必須有多大的靈活性，以至於萬聖節真的不多還是回學校？然後第二個問題是更大的圖景。每個人都喜歡去 Costco 取樣。所以我只是好奇你對未來的看法。那是我們再也看不到的東西嗎？關於如何安全地重新引入它，您有什麼要討論的嗎？有什麼嗎？

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，我錯過了問題的第二部分。就我們的感覺而言——我們調整它的能力，看看，如果你回到 2 或 3 個月——3 個月前，我們正在削減訂單——減少訂單，認識到將會有大量商品被淘汰在這些類別中有。當然，對於聖誕節這樣的事情，我們——我認為我們減少了一些事情的選擇。因此，常規物品比現有物品要多一些，但是 - 現在我們正在嘗試獲取其中一些可用的物品。所以我認為 - 坦率地說，我認為在某些方面，這對我們來說更容易，因為我們的 SKU 少了很多，而且我們願意嘗試一些新事物。

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

現在我沒有得到你問題的第二部分。

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?

另一部分是人們喜歡去 Costco 取樣，食品取樣。這是體驗的重要組成部分。那麼，當我們遇到一種新的異常時，您如何看待這一點，只是更大的圖景？

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.

我們將在 6 月中旬開始在抽樣的基礎上緩慢推出一些事情。我不能再告訴你了，但不用說，它不會是你去的地方，只是用你的手指拿起一個打開的樣本。但是樣品以及食品和非食品項目都很受歡迎——路演也很受歡迎。我想你會在路演方面看到更多的興奮。所以我們可以做一些事情來讓人們對進來感到興奮。

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

我們有來自 Wolfe Research 的 Greg Badishkanian 的下一個問題。

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?

這實際上是格雷格的斯賓塞漢努斯。只是再次轉向電子商務。您能否就您從新客戶那裡看到的看起來像是您正在添加到平台的重複率給我們提供任何顏色？然後，您是否能夠利用當今市場上一些較低的在線廣告成本？

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，後一個問題，我不知道。就較低的價格而言，我沒有跟上這方面的步伐。我會假設 - 這是我在論文中讀到的一般內容。所以我假設我們有一些能力，認識到我們一開始不會花很多錢。

On the first question was what? Repeat business.

第一個問題是什麼？重複業務。

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

[什麼是——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，那是另一個我不知道的事。對不起。

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?

偉大的。然後如果我們可以轉向小企業客戶，你能談談你在那裡看到的嗎？您的那部分客戶群在整個季度的銷售情況如何？

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.

好吧，看，我的意思是，與餐飲服務相關的小企業到處都在倒閉。一些人對它有所幫助——我們不是為大型餐廳提供服務，而是為夫妻店服務。所以你附近的外賣，日本人，中國人，泰國人，那些類型的東西，他們在做一些生意。可以說，由於您在家吃飯，我們正在獲得的一些東西上失去了哪些業務。所以總的來說，我認為僅僅看新鮮食品和我們稱之為食品和雜物的食品，它一直在上升，特別是在新鮮食品和其他一些方面。所以我認為總的來說，我們很幸運。現在，除此之外的問題是當一切都打開時會發生什麼。我認為這將是一個——新常態仍需要一些時間，而且我們——你在新聞中看到，即使在它已經開放的州，也不是每個人都跑來坐下，然後有限制在這個特定時間有多少人可以在某個地方。再說一次，吃新鮮食物對我們來說肯定是非常積極的。

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

我們有來自 BMO Capital 的 Kelly Bania 的下一個問題。

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，我想你提到的高管滲透率，如果我沒聽錯的話，上升了 135,000，這似乎只是有點放緩。我想知道它是否只是受到環境的影響，以及您是否必須做任何事情來改變您的流程以說服成員在那裡升級。

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。它在整個板上波動。當然，當我們像過去幾年在日本和韓國所做的那樣添加一個國家時，它會顯示出改進。它肯定比幾年前的高峰有所下降。可能，最重要的事情是恢復交通。那是一點點下降。另一件事是，我們在店內做的一件事是我們內部稱為電子塊或電子塊的東西。因此，根據掃描您的會員資格的時間，根據您的歷史購買記錄，您可以升級為執行會員。在過去的幾個月裡，我們選擇不進行電子封鎖，因為這是在會員在登記處排隊時與會員進行一對一的直接聯繫。所以我們可能 - 我的猜測會更高一點，但是 - 然後我們今年迄今為止還沒有開設很多倉庫。所以我們會在這些事情上恢復正常，但我——我們沒有——在這一點上根本不會引起我們的擔憂。

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。並且只是作為後續行動。在續訂率方面，我認為您提到了未來幾個月 COVID 的任何影響？也許只是——你能告訴我們我們應該看到什麼嗎？我在想，這種環境可能會對續訂率產生積極影響，但是您可以分享的任何顏色都會有所幫助。

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.

好吧，我們做所謂的——我們一直都是這樣做的，一個完全捕獲的續訂率。因此，假設您最初是在一月份註冊的。因此，在 12 月的某個時候，您會收到續訂通知。假設我們最終在美國和加拿大達到了 91% 的續訂率。到 1 月底，你找到了所有在 1 月註冊的人，也許是在 1 月底——我在這裡把這些數字加起來，達到 75%。到 2 月底，你已經達到了 82%。到 3 月底，你達到了 85%。它需要 - 你甚至可能在 6 個月後獲得續訂率的最後 0.5% 或 1%，因為它是 - 如果某人是雪鳥或不經常進來的人，總會有那。

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，每當您擁有一組新成員時，無論是在線和店內還是在新的國家/地區，您在第一個預期年度的續訂率都會較低，然後隨著您的 3 成為某人第二次續約的百分比高於最初在第 2 年註冊的人以及在第 3 年第一次續約的人。所以——我只是想要——我們不知道哪個方向。我們知道——我們想說這一點是因為我們不知道它會去哪裡，但現在的續訂率主要與 4、5 和 6 個月前和 7 個月前發生的事情有關。

We have our next question from Paul Lejuez from Citi.

我們有來自花旗的 Paul Lejuez 的下一個問題。

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，你能提醒我們在線訂單在籃子大小和籃子裡有什麼方面的經濟學嗎？然後分開，好奇盒子裡是否有任何類別，你會說從庫存的角度來看你有點高。

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.

嗯，首先，從網上，有常規的網上，其中包括很多大件物品。所以我面前沒有數字，但如果我們的 - 如果在店內， - 在常規時間，平均前端交易在 160 範圍內 - 140 範圍內。對不起，140範圍。網上，其中包括很多大件物品大概是300到400不等。正如我們所添加的——當我們添加 2 天的雜貨店時，這個數字已經下降。當然，雖然我們不再包括電子商務、當日雜貨店、Instacart 之類的公司和其他人進來做，但它也會更低。因此，所有這些事情現在都在不斷變化。

Got you. And then on the inventory side?

得到你。然後在庫存方面？

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.

再說一次，我很高興地報告這一點，而不是幾個月前或幾個月前我們為最壞情況所做的準備，當時我們決定籌集一些額外的資金。可能我們必須帶季節性服裝、季節性草坪、花園和行李箱之類的東西——我們確實有一些行李箱要賣給你，但這是一個小類別。但歸根結底，所有這些事情都比我們想像的要少。所以是的，會有少量的項目——我的意思是可能在幾百到幾億美元的範圍內，可以保存一個賽季或長達一年。但即使在服裝等物品中，這些也不會過時，我認為我們確實做到了——我們的買家在最初與供應商一起減輕這種影響方面做得非常好。而且，它的回歸比我們想像的要好一些。不是一路回溯，但比我們想像的要好。

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.

此外，我們並不是那種過時的高級時裝。我們擁有很多東西，無論是一些家具還是服裝。我們房間裡的高級商人對這個評論不滿意。但是，是的，我們是基本的。我們是時尚基礎。我們對此不（聽不清）。

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?

得到你。得到你。然後，理查德，與去年相比，第三季度購買俱樂部的會員比例是多少？本季度是否標誌著該指標的峰值？

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.

我從來沒有看過它。我的意思是這是一個很好的問題。我們下次有這個。當然，本季度的百分比較低，僅僅是因為新成員或決定的人——我的意思是我的朋友沒有選擇不去任何地方，他們正在交付東西，他們喜歡在同一天新鮮的。所以我的猜測是，它下降了一點。

We have our next question from Greg Melich from Evercore.

我們有來自 Evercore 的 Greg Melich 的下一個問題。

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，看起來 - 聽起來電子商務可能佔本季度業務的 8%。如果我的解釋正確，我們是否應該這樣認為，如果將 Instacart 作為電子商務的一部分，這一比例會增長到 10% 以上？

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。其次是通貨膨脹。你談到了天然氣的明顯通貨緊縮以及這對收入的影響。是否有任何通貨膨脹，特別是考慮到一些短缺和蛋白質等，這是值得注意的抵消？

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).

總體而言——除汽油外，總體而言，它非常小。我實際上是在猜測，因為它的銷量比庫存水平高得多。但在某些有限的物品上，我們已經看到過一段時間的極端例子，比如雞蛋，一些蛋白質物品，比如肉。但我猜想，由於我們的一些供應商關係和實力，它在某些類別中對我們的影響比其他類別要小一些，但這取決於 - 現在它又回來了。它正在下降。所以總的來說，我想說，差別很小（聽不清）。

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?

知道了。然後在 Innovel 上，只是一個後續，Innovel 的業務有多少是在分發其他人的東西？收入體現在哪裡？您如何考慮增加或重新分配該容量？

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.

好吧，請記住，這——Innovel 是一家數十年來為服務於其所有者西爾斯而建立的企業。當然，西爾斯在過去幾年裡已經大幅下滑。雖然我不能透露我知道的所有數字，但實際上仍在滿足他們需求的組件已經下降。而且，他們也經歷了自己作為零售公司的重組。因此，我認為他們在此過程中失去了業務。所以有一個基礎設施和一個容量——容量很大的基礎設施。所以我們認為這是一種做大事的能力。

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

你能否描述一下這種能力，比如員工數量或鏡頭或鏡頭或......

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.

員工大約 - 我認為員工是 1,550 - 1,500。大約有 100 - 大約 - 我認為有 11 個大型設施，稱之為，大約 800,000 到 120 萬平方英尺的設施。然後是大約 105 個較小的設施，可能小到 8,000 或 10,000 英尺，也可能大到 50 或 60 個，並且普遍分佈在我認為 85% 或 90% 的美國。再說一次，有很多能力——它有很多能力。我們正在做——我相信，我們已經與他們合作了 5 年多，而且——但就像其他與他們合作的人一樣，我們正在做我們的一小部分業務，因為我們不知道什麼是作為母公司的企業正在經歷自己的重組。

We have our last question from Rupesh Parikh from Oppenheimer.

我們有來自奧本海默的 Rupesh Parikh 的最後一個問題。

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?

這實際上是 Rupesh 的 Erica Eiler。因此，我想談談您實施的商店容量限制。您談到了一些關閉的輔助業務對您的銷售的影響。您能否為我們量化您認為商店容量限制和您實施的限制可能對銷售產生的影響？隨著某些市場開始重新開放，您實施的這些限制是否有任何變化？我們是否可以期望看到這些限制對銷售的影響會更長一點？

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.

好吧，我們唯一指出的——我之前指出的是那些像光學、助聽器、減少的美食廣場這樣的業務，這些事情在第三季度的影響介於 1 到 2 個百分點之間。除此之外，當我們從周一到週五 8:30 關閉時，我們去了，我想，6，但我們還為老年人增加了早上一個小時，並將其從 2 天擴大到 3 天到現在所有 5 個工作日。我們沒有試圖量化這一點。

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，當我們在歷史上有一些非常繁忙的地點時，我們說，讓我們在早上增加一個小時或晚上再增加一個小時，我們發現我們傾向於只是分散業務。所以我在這裡也有同樣的想法。除了我們的觀點之外，沒有太大的影響——我們的定性觀點是，就地避難和呆在家裡，進來得到你需要的東西，然後離開，比任何事情產生的影響都要大得多別的。再說一次，我在其他幾家剛剛開始營業的零售服裝店看到的一些事情讓我感到鼓舞，因為人們回來了，所以它們的銷量很好。所以我認為 net-net 是令人鼓舞的，但我不認為它很大——無論哪種方式，它對我們都有很大的影響。順便說一句，是的，有 - 有，你注意到我們的數據，加拿大比美國弱個月。而且，我認為，一般來說，那裡也更嚴格一些——要么更嚴格，要么人們更好地傾聽留在家裡的問題。所以我們已經看到——在一個我們是城裡倉庫俱樂部方面唯一的遊戲的國家，我們看到流量較弱，因此美國的數字略弱。

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。好吧，我想這是我下一個問題的一個很好的延續。所以我只是對國際方面感到好奇。如果您可以提供更多關於您在國際上看到的關于冠狀病毒影響的信息。與美國相比，在行為或任何其他呼籲方面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.

好吧，我想——再一次，我要戴上眼罩一會兒。我的意思是台灣和中國是最令人鼓舞的。中國，當然，我們有一個營業時間不到一年的地點，所以我們沒有年度比較。台灣很強大。日本相當強大，可能比這晚了幾個星期。我們看到澳大利亞捲土重來。總的來說，這給美國和加拿大帶來了令人鼓舞的消息，但在我們看到之前，答案的一部分就是如此。

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

好的。好吧，謝謝大家，我和我的人在這裡回答問題。祝你有美好的一天。