好市多 (COST) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q2 earnings call and February sales conference call.

女士們先生們，感謝你們的支持，歡迎參加第二季度財報電話會議和二月份銷售電話會議。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Mr. Richard Galanti, CFO.

（操作員說明）我現在想將會議交給您今天的演講者，首席財務官 Richard Galanti 先生。

Thank you.

謝謝你。

Please go ahead.

請繼續。

Thank you, Rochelle, and good morning to everyone -- good afternoon to everyone.

謝謝你，Rochelle，大家早上好——大家下午好。

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

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

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

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

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

風險和不確定性包括但不限於今天電話會議中概述的風險以及公司向 SEC 提交的公開聲明和報告中不時確定的其他風險。

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

前瞻性陳述僅在作出之日起生效，公司不承諾更新這些陳述，除非法律要求。

In today's press release, we reported operating results for the second quarter of fiscal 2020, the 12 weeks ended this past February 16, as well as February retail sales results for the 4 weeks ended this past Sunday, March 1.

在今天的新聞稿中，我們報告了 2020 財年第二季度的經營業績，截至 2 月 16 日的 12 週，以及截至 3 月 1 日星期日的 4 週的 2 月零售業績。

Reported net income for the quarter came in at $931 million or $2.10 per share.

本季度報告的淨收入為 9.31 億美元或每股 2.10 美元。

This compared to last year's second quarter of $889 million or $2.01 per share.

相比之下，去年第二季度為 8.89 億美元或每股 2.01 美元。

Net sales for the quarter came in at $38.26 billion, a 10.5% increase over the $34.63 billion realized last year in the quarter.

本季度淨銷售額為 382.6 億美元，比去年本季度實現的 346.3 億美元增長 10.5%。

Comparable sales for the second quarter were as follows.

第二季度的可比銷售額如下。

In the U.S. for the 12 weeks on a reported basis, 9.1%; excluding gas inflation and the impacts of FX, 8.1%.

據報導，在美國的 12 週內為 9.1%；不包括天然氣通脹和外彙的影響，為 8.1%。

Canada, on a reported basis, 8.9%; ex gas and FX, 6.8%.

加拿大，據報導，8.9%；不含天然氣和外匯，6.8%。

Other International, 7.9% reported; and 7.1% ex gas and FX.

其他國際，7.9% 報告；和 7.1% ex gas 和 FX。

For total company, a reported 8.9% same-store sales increase and ex gas and FX of 7.9%.

就整個公司而言，報告的同店銷售額增長了 8.9%，除氣和外匯增長了 7.9%。

Both of those numbers were positively impacted as well by approximately 0.5% due to the Thanksgiving holidays occurring 1 week later this year than last year.

由於今年的感恩節假期比去年晚 1 週，這兩個數字也受到了約 0.5% 的積極影響。

On e-commerce, we reported a 28.4% comp for the 12 weeks, ex -- and a 28% ex FX.

在電子商務方面，我們報告了前 12 週的 28.4% 的補償，以及 28% 的外匯。

And again, there was a bigger impact of this Thanksgiving holiday shift there given the importance of that to e-commerce.

再一次，鑑於感恩節假期對電子商務的重要性，這一轉變產生了更大的影響。

E-commerce sales in the quarter were positively impacted by an estimated 11 percentage points and, hence, the 28% comp result.

本季度的電子商務銷售受到了大約 11 個百分點的積極影響，因此得到了 28% 的比較結果。

In terms of second quarter comp sales metrics, second quarter traffic or shopping frequency increased 5.9% worldwide and 6.1% in the U.S. Strengthening foreign currencies relative to the dollar -- U.S. dollar positively impacted sales by about 0.25% -- I'm sorry, by about 25 basis points.

就第二季度的銷售指標而言，第二季度全球流量或購物頻率增加了 5.9%，美國增加了 6.1%。 相對於美元走強外幣——美元對銷售額產生了約 0.25% 的積極影響——對不起，約 25 個基點。

And gasoline price inflation positively impacted these numbers by about 80 basis points.

汽油價格通脹對這些數字產生了約 80 個基點的積極影響。

Our average transaction size or ticket was up 2.9% during the quarter, which includes the positive impacts of gas inflation and FX.

本季度，我們的平均交易規模或單價增長了 2.9%，其中包括天然氣通脹和外彙的積極影響。

Later in the call, I will review our February sales results.

稍後在電話會議中，我將回顧我們 2 月份的銷售業績。

Moving down the income statement for the second quarter.

向下移動第二季度的損益表。

Membership fee income came in at $816 million or 6.3% higher than the $768 million recorded in Q2 of last year for a $48 million increase.

會員費收入為 8.16 億美元，比去年第二季度的 7.68 億美元增加了 4800 萬美元，增長了 6.3%。

That percent increase is about the same as it was Q1 year-over-year.

這一百分比增長與第一季度同比增長大致相同。

In Q1, we opened 3 -- we had 3 new openings.

在第一季度，我們開了 3 家——我們有 3 家新店。

In Q2, we had no new openings.

在第二季度，我們沒有新的職位空缺。

In terms of renewal rates, at Q2 end, our U.S. and Canada renewal rates were -- came in at 90.9%, and worldwide renewal rate at 88.4%.

在續訂率方面，在第二季度末，我們的美國和加拿大續訂率為 90.9%，全球續訂率為 88.4%。

These are the same levels of renewal that we've achieved in each of the last 2 fiscal quarters.

這些更新水平與我們在過去 2 個財政季度的每一個季度中實現的水平相同。

In terms of number of members at second quarter end, in terms of member households and total cardholders, at the end of second quarter, we had 55.3 million member households, up about 600,000 from the 54.7 million 12 weeks earlier.

從第二季度末的會員數量來看，從會員家庭和持卡人總數來看，第二季度末，我們擁有 5530 萬會員家庭，比 12 週前的 5470 萬增加了約 60 萬。

And total cardholders totaled 100.9 million, up about 1 million from the 99.9 million we reported at the end of the first quarter.

持卡人總數為 1.009 億，比我們在第一季度末報告的 9990 萬增加了約 100 萬。

At Q2 end, paid executive memberships stood at 21.7 million members, an increase of 321,000 during the 12 weeks or about 27,000 per week increase since Q1 end.

在第二季度末，付費高管會員人數為 2170 萬，在 12 週內增加了 321,000 人，或自第一季度末以來每週增加約 27,000 人。

Going down the -- to the gross margin line.

向下 - 到毛利率線。

Our reported gross margin in the second quarter was lower year-over-year by 31 basis points, coming in at 10.98% compared to 11.29% a year ago.

我們報告的第二季度毛利率同比下降 31 個基點，為 10.98%，而一年前為 11.29%。

That 31 basis point reduction, lower number year-over-year, excluding gas inflation, it would have been 22 basis points lower.

減少 31 個基點，同比減少，不包括天然氣通脹，它會減少 22 個基點。

If you'll please jot down the 5 -- 4 line items and 2 columns as we usually do.

如果您願意，請像我們通常所做的那樣記下 5 - 4 行項目和 2 列。

First column is reported for the second quarter, and the second would be without gas inflation.

第一欄是第二季度的報告，第二欄是沒有天然氣通脹的。

The core merchandise margin was down on a reported basis 30 basis points year-over-year in the quarter.

據報導，本季度核心商品利潤率同比下降 30 個基點。

Ex gas inflation, it was down 22.

不含天然氣通脹，下降了 22。

Ancillary businesses, a minus 5 and a minus 2 basis points.

輔助業務，負5和負2個基點。

2% Reward, plus 4 and plus 2. And in total, as I mentioned, 31 basis points lower year-over-year on a reported basis; and ex gas inflation, 22 basis points lower.

2% 的獎勵，加 4 和加 2。總而言之，正如我所提到的，在報告的基礎上，同比下降 31 個基點；除天然氣通脹外，降低 22 個基點。

The majority of the lower year-over-year core margin was driven by higher sales penetration of -- to significant lower-margin segments of our operations, which are growing at a faster rate than the core, notably gasoline and e-com as well as the start-up losses at our new poultry complex, which I had mentioned in the first quarter as well.

與去年同期相比，核心利潤率下降的大部分原因是我們業務中利潤率較低的重要細分市場的銷售滲透率較高，這些細分市場的增長速度快於核心業務，尤其是汽油和電子商務作為我們新家禽綜合體的啟動損失，我在第一季度也提到過。

Looking at the core merchandise categories in relation to only their own -- to their own sales, core on core, if you will, margins year-over-year were lower on a reported basis by 15 basis points, of which 6 basis points related to the losses from the new poultry complex.

只看與他們自己相關的核心商品類別——與他們自己的銷售、核心對核心，如果你願意的話，利潤率在報告的基礎上同比下降 15 個基點，其中 6 個基點相關新家禽養殖場的損失。

Within the core gross margin year-over-year in Q2, we showed a gross margin increase in softlines; food and sundries was about even year-over-year; and decreases in both hardlines and fresh foods.

在第二季度的核心毛利率同比中，我們顯示軟線毛利率增加；食品和雜貨幾乎與去年同期持平；強硬食品和新鮮食品的減少。

Hardlines was down in the quarter, primarily due to holiday timing, which shifted more promotional activity into Q2 this year.

Hardlines 在本季度有所下降，主要是由於假期時間安排，這將更多的促銷活動轉移到了今年的第二季度。

Fresh was negatively impacted by our -- a step-up in price investments versus last year in fresh and by the margin impact from the new poultry complex, as I had just mentioned.

正如我剛才提到的，新鮮食品受到了我們的負面影響——與去年相比，新鮮食品價格投資的增加以及新家禽綜合體的利潤率影響。

And we're now halfway through our first year of operations of the poultry facility, which opened on September 10, and we would expect the gross margin headwinds to decline but -- continue but to decline a little bit as we get to full production capacity and improve operations.

我們現在已經完成了 9 月 10 日開業的家禽設施的第一年運營的一半，我們預計毛利率不利因素會下降，但是隨著我們達到滿負荷生產能力，會繼續下降一點並改進運營。

Ancillary and other businesses gross margins on a reported basis, minus 5 basis points year-over-year and minus 2 ex gas inflation in the quarter.

報告基礎上的輔助和其他業務毛利率，同比負 5 個基點，本季度除天然氣通脹外負 2。

Basically, you had a few things that hurt you and a few things that helped you, but overall, minus 2 ex gas inflation.

基本上，你有一些傷害你的事情和一些幫助你的事情，但總體而言，減去 2 ex gas 通貨膨脹。

2% Reward was better by 4 on a reported basis and by 2 basis points ex gas inflation.

在報告的基礎上，2% 的獎勵提高了 4 個基點，扣除氣體通脹後提高了 2 個基點。

This relates primarily to a true-up of our breakage estimate of the Executive Member rewards.

這主要與我們對執行會員獎勵的破損估計值的校正有關。

Moving to SG&A.

轉移到 SG&A。

Our reported SG&A percentage year-over-year was lower or better by 22 basis points, coming in at 9.78% of sales, down from a 10.0% a year earlier.

我們報告的 SG&A 百分比同比下降或上升 22 個基點，佔銷售額的 9.78%，低於去年同期的 10.0%。

Without gas inflation, SG&A was lower by 13 basis points.

如果沒有天然氣通脹，SG&A 下降了 13 個基點。

Again, if you jot down the following few numbers, 4 line items and the 2 columns.

同樣，如果您記下以下幾個數字、4 行項目和 2 列。

Core operations, year-over-year in Q2 on a reported basis, showed an improvement.

根據報告，第二季度的核心業務同比有所改善。

It was lower, so I'll say a plus 17 basis points; and ex gas inflation, plus 10.

它更低，所以我會說加 17 個基點；和 ex gas 膨脹，加 10。

Central, plus 1 and plus 0. Stock compensation was lower -- or plus 4 and plus 3 on -- ex gas inflation.

中央，加 1 加 0。股票補償較低——或加 4 加 3——不含天然氣通脹。

And again, the total on a reported basis, SG&A was lower by 22 basis points, plus 22; and without gas inflation, plus 13, so lowered by 13.

同樣，在報告的基礎上，SG&A 的總數降低了 22 個基點，再加上 22 個基點；並且沒有氣體膨脹，加上 13，所以降低了 13。

The core operations component, again, 17 reported; 10, excluding impact from gas.

核心業務部分再次報告 17； 10、排除氣體影響。

This figure includes the impact of the wage increases that occurred last March of '19.

這個數字包括 19 年 3 月發生的工資增長的影響。

This hit our year-over-year comparison by an estimated 3 to 4 basis points.

這使我們的同比比較估計下降了 3 到 4 個基點。

We anniversaried that increase just this past week so the impact in Q3 will be minimal.

我們在過去一周剛剛慶祝了這一增長，因此對第三季度的影響將是最小的。

SG&A also benefited during Q2 year-over-year from the shift of sales penetration to lower SG&A -- if you will, lower SG&A segments of our operations, which are growing at a faster rate than the core, again, gas and e-com.

SG&A 在第二季度也受益於銷售滲透率向較低 SG&A 的轉變——如果你願意的話，我們業務的 SG&A 部分的增長速度也比核心、天然氣和電子商務的增長速度更快。 .

Central was lower -- within SG&A, central was lower on a reported basis by 1 basis point or flat year-over-year ex gas inflation.

Central 較低——在 SG&A 內，Central 在報告的基礎上下降 1 個基點或與去年同期持平（不含天然氣通脹）。

We continue to invest and spend in IT to the tune of about 5 basis points higher year-over-year.

我們繼續在 IT 方面的投資和支出同比增長約 5 個基點。

That was offset by improvement in other expense items and, of course, helped by strong sales.

這被其他費用項目的改善所抵消，當然，這也得益於強勁的銷售。

And stock comp, as I mentioned, on an ex gas inflation, improvement of 3 basis points.

正如我所提到的，股票補償在排除天然氣通脹的情況下提高了 3 個基點。

This varies quarter-to-quarter.

這會因季度而異。

Looking at the last couple of years, generally, it's a small hit in Q1 and flat to a small benefit in the other quarters.

回顧過去幾年，總體而言，第一季度受到的打擊很小，而其他季度的收益則很小。

Nothing really unusual to report there.

那裡沒有什麼不尋常的報告。

Next on the income statement is preopening expense.

損益表上的下一個是開業前費用。

Preopening expense was lower.

開業前費用較低。

It came in at $7 million compared to $2 million in Q2 a year ago.

與一年前第二季度的 200 萬美元相比，它的收入為 700 萬美元。

As I mentioned earlier, this year, we had no openings.

正如我之前提到的，今年我們沒有空缺職位。

Last year, we had 2 openings both in the U.S., 1 net new opening and 1 relo.

去年，我們在美國開設了 2 家新店，1 家淨新店和 1 家 relo。

This year's Q2 preopening expense in this quarter relates primarily to a warehouse that will open during the third and fourth fiscal quarters.

本季度今年第二季度的開業前費用主要與將在第三和第四財季開放的倉庫有關。

Coming up very soon are our opening in Perth, Australia and also our first in the state of Mississippi, in Ridgeland, Mississippi, that will be our 45th state where we operate.

我們即將在澳大利亞珀斯開業，也是我們在密西西比州里奇蘭的第一家開業，這將是我們開展業務的第 45 個州。

Those will both open during the next couple of weeks.

這些都將在接下來的幾週內開放。

All told, reported operating income in the second quarter of 2020 increased by 5.2%, coming in at $1.266 billion this year compared to $1.203 billion a year ago.

總而言之，2020 年第二季度報告的營業收入增長了 5.2%，今年為 12.66 億美元，而一年前為 12.03 億美元。

Below the operating income line.

低於營業收入線。

Interest expense was the same year-over-year coming in both quarters at $34 million.

兩個季度的利息支出與去年同期相同，均為 3400 萬美元。

And interest income and other for the quarter was lower by $1 million, so almost flat year-over-year.

本季度的利息收入和其他收入減少了 100 萬美元，與去年同期相比幾乎持平。

Overall pretax income was up 5.1%, coming in at $1.277 billion compared to last year's $1.215 billion.

總體稅前收入增長 5.1%，為 12.77 億美元，而去年為 12.15 億美元。

In terms of income taxes, our rate was just slightly higher year-over-year.

在所得稅方面，我們的稅率同比略高。

In the second quarter, it was -- it came in at 25.9% rate compared to 25.8% in Q2 last year.

在第二季度，它的增長率為 25.9%，而去年第二季度為 25.8%。

For all of fiscal 2020 based on our current estimates, which, of course, are subject to change, we anticipate that our effective normalized total company tax rate to be approximately 26% to 26.5%.

根據我們目前的估計，對於整個 2020 財年，當然可能會發生變化，我們預計我們的有效標準化總公司稅率約為 26% 至 26.5%。

In terms of openings, as I mentioned, we had no openings in Q2.

正如我所提到的，就空缺而言，我們在第二季度沒有空缺。

We plan 2 net new openings in Q3.

我們計劃在第三季度淨開設 2 個新職位。

And I'll give you a range for Q4, which is our 16-week fiscal quarter of 11 to 13.

我會給你一個第四季度的範圍，這是我們從 11 到 13 的 16 週財政季度。

Part of that, again, most of the openings concentrated in our fourth fiscal quarter.

同樣，其中大部分職位空缺集中在我們的第四財季。

And of course, there's probably a few subject to slipping into early part of next year based on weather.

當然，根據天氣情況，可能有一些可能會滑到明年年初。

As of Q2 end, total warehouse square footage stood at 114 million square feet.

截至第二季度末，倉庫總面積為 1.14 億平方英尺。

In terms of capital expenditures, during the quarter, we spent approximately $545 million.

在資本支出方面，本季度我們花費了大約 5.45 億美元。

And our estimated CapEx for all of fiscal '20 remains right around $3 billion.

我們估計的 20 財年所有資本支出仍然在 30 億美元左右。

In terms of e-commerce, again, we reported a 28.4% comp sales increase and 28% without FX.

在電子商務方面，我們再次報告了 28.4% 的比較銷售額增長和 28% 沒有外匯。

Again, a lot of that had to do -- a lot of that increase had to do with the Thanksgiving shift.

再說一次，其中很多都必須做——很多增加與感恩節的轉變有關。

We estimate again that about 11 percentage points of that related to Thanksgiving falling a week later this year and helping this number.

我們再次估計，今年晚些時候與感恩節有關的事件中約有 11 個百分點下降，這對這個數字有所幫助。

Overall, a few of the stronger departments, majors, special order kiosk items, seasonal and toys and housewares, these departments generally benefited from the holiday shift.

總體而言，少數實力較強的部門、專業、特殊訂單亭項目、季節性和玩具和家庭用品，這些部門普遍受益於假期轉移。

In terms of total online grocery, that continues to grow at a faster rate than the store e-com comp, both 2-day and Instacart, the latter of which isn't included in our e-commerce numbers since they come into the warehouse to buy.

就在線雜貨總量而言，它的增長速度繼續快於商店電子商務組合，包括 2 天和 Instacart，後者因為進入倉庫而未包含在我們的電子商務數據中買。

Although the sales penetration is still very small, the sales are quite large in the high double-digit range year-over-year.

儘管銷售滲透率仍然很小，但銷售額同比在兩位數的高位範圍內相當大。

During the second quarter, we successfully launched both our Japan e-commerce site in December and our Australia e-commerce site this past month in February.

在第二季度，我們在 12 月成功推出了日本電子商務網站，並在 2 月的上個月成功推出了我們的澳大利亞電子商務網站。

And not to be outdone, we recently sold another high-value large carat diamond for a little over $600,000.

並且不甘示弱，我們最近以略高於 600,000 美元的價格出售了另一顆高價值的大克拉鑽石。

If anyone's interested, please give me a call.

如果有人有興趣，請給我打電話。

Turning to our February sales results, the 4 weeks ended this past Sunday, March 1, compared to the same period last year.

談到我們 2 月份的銷售業績，與去年同期相比，3 月 1 日上週日結束的 4 週。

As reported in our release, net sales for the month of February came in at $12.2 billion, a 13.8% increase from $10.72 billion a year ago.

正如我們在新聞稿中報導的那樣，2 月份的淨銷售額為 122 億美元，比一年前的 107.2 億美元增長了 13.8%。

In terms of geography, U.S. reported comp for the 4 weeks, 12.4%; ex gas and FX, 11.6%.

在地理方面，美國報告了 4 週的補償，12.4%；不含天然氣和外匯，11.6%。

Canada reported a 10.2%; ex gas and FX, a 10.4%.

加拿大報告為 10.2%；不含天然氣和外匯，10.4%。

Other International, a 12.5%; ex gas and FX, a 13.5%.

其他國際，12.5%；不含天然氣和外匯，13.5%。

So total company, a 12.1% reported; and a 11.7% ex gas and FX.

因此，公司總數為 12.1%；以及 11.7% 的 ex gas 和 FX。

E-com for the 4-week period, 22.6% for the reported and 22.7% ex FX.

電子商務為 4 週期間，報告為 22.6%，外彙為 22.7%。

Our February results benefited by last week's big uptick in sales, the fourth week of last month, mostly, we believe, related to concerns around the coronavirus.

我們 2 月份的業績得益於上週（上個月的第四周）銷售額的大幅增長，我們認為，這主要與對冠狀病毒的擔憂有關。

This positively impacted the month's total and comparable sales numbers by approximately 3 percentage points.

這對該月的總銷售額和可比銷售額產生了大約 3 個百分點的積極影響。

U.S. regions with the strong sales results in February were the Northwest, Texas and the Midwest.

美國 2 月份銷售業績強勁的地區是西北、德克薩斯和中西部。

Internationally in local currencies, we saw strong results in Taiwan, Japan, Spain and Mexico.

在國際上，以當地貨幣計算，我們在台灣、日本、西班牙和墨西哥看到了強勁的業績。

For the month, foreign currencies year-over-year relative to the dollar hurt Feb comp -- February comp sales in Canada by about 60 basis points.

就本月而言，外幣兌美元匯率同比下降了 2 月份的銷售額——加拿大 2 月份的銷售額下降了約 60 個基點。

It impacted negatively Other International by about 110 basis points and total company by about 20 basis points.

它對 Other International 產生了約 110 個基點的負面影響，對整個公司產生了約 20 個基點的負面影響。

Cannibalization was about a 10 basis point impact to the U.S., a minus, 140 basis point minus impact to Other International and 30 basis points overall to the company.

蠶食對美國的影響約為 10 個基點，對 Other International 的影響為負 140 個基點，對公司整體影響為 30 個基點。

Moving to merchandise highlights.

轉向商品亮點。

The following comparable sales results by category.

以下是按類別劃分的可比銷售結果。

Food and sundries were positive in the low teens.

低齡青少年的食物和雜物是積極的。

Strongest departments included foods, frozen foods, sundries and candy.

最強的部門包括食品、冷凍食品、雜貨和糖果。

Hardlines were positive in the high singles.

強硬派在高單打中是積極的。

Better-performing departments were lawn and garden, health and beauty aids and tires.

表現較好的部門是草坪和花園、健康和美容輔助設備和輪胎。

Softlines were up in the mid-single digits.

軟線在中個位數上升。

Better-performing departments included housewares, domestics and jewelry.

表現較好的部門包括家庭用品、家居用品和珠寶。

And finally, fresh foods were up in the low double digits.

最後，新鮮食品價格上漲了兩位數。

Better-performing departments included meat and produce.

表現較好的部門包括肉類和農產品。

Within ancillary, pharmacy, gas and hearing aids had some of the better comp sales increases in February.

在輔助產品中，藥房、氣體和助聽器在 2 月份的銷售額增長較好。

And gas price inflation, I think I mentioned this, positively impacted total reported comp sales by about 60 basis points.

我想我提到了這一點，天然氣價格通脹對報告的總銷售額產生了約 60 個基點的積極影響。

Lastly, our comp traffic or frequency for February was up 9.2% worldwide and 8.9% in the U.S. Now given the impact in week 4 where we really saw the big uptick, as I know many did out there, it was related to the concerns over coronavirus, the first 3 weeks -- within that 9.2% worldwide for 4 weeks, the first 3 weeks stood at 7.6%.

最後，我們 2 月份的比賽流量或頻率在全球範圍內增長了 9.2%，在美國增長了 8.9%。現在考慮到第 4 週的影響，我們確實看到了大幅上升，正如我知道許多人在那裡所做的那樣，這與對冠狀病毒，前 3 週——在全球 9.2% 的 4 週內，前 3 週為 7.6%。

And again, within the 8.9% U.S. frequency number for the 4 weeks, within that for the 3 weeks, it was 6.9%.

同樣，在 4 週的 8.9% 的美國頻率數內，在 3 週內，它是 6.9%。

So still a good showing prior to that.

所以在那之前的表現還是不錯的。

For February, the average transaction was up 2.7%.

2 月份的平均交易量增長了 2.7%。

Now turning to the coronavirus and all the issues and impact surrounding it.

現在轉向冠狀病毒以及圍繞它的所有問題和影響。

Like everyone, we are keeping a close eye on the developments around the coronavirus, including the impact on operations, the health and safety of our members and employees and, of course, our supply chain.

與所有人一樣，我們密切關注冠狀病毒的發展，包括對運營的影響、我們的會員和員工的健康和安全，當然還有我們的供應鏈。

As already discussed, we saw strength in our February traffic and comp sales related to the news and concerns about the virus, particularly in the last week of the month, and that's continuing in the first few days of this week.

正如已經討論過的，我們看到與病毒相關的新聞和擔憂相關的 2 月份流量和復合銷售強勁，尤其是在本月的最後一周，並且在本週的前幾天仍在繼續。

Our warehouses have overall remained open with only a few total days of closures at a couple of locations in Korea.

我們的倉庫總體上保持開放，在韓國的幾個地點只關閉了幾天。

As well, our Shanghai location, there's been some limitations required on the number of people in the facility at any given time.

同樣，我們在上海的位置，在任何給定時間都需要對設施中的人數進行一些限制。

Members are turning to us for a variety of items associated with preparing for and dealing with the virus such as shelf-stable dry grocery items, cleaning supplies, Clorox and bleach, water, paper goods, hand sanitizers, sanitizing wipes, disinfectants, health and beauty aids and even items like water filtration and food storage items.

會員向我們尋求與準備和應對病毒相關的各種物品，例如耐儲存的干雜貨、清潔用品、Clorox 和漂白劑、水、紙製品、洗手液、消毒濕巾、消毒劑、健康和美容輔助工具，甚至水過濾和食品儲存物品等物品。

And we're doing our best to stay in stock on these and other items.

我們正在盡最大努力保持這些物品和其他物品的庫存。

We're getting deliveries daily, but still not enough given the increased levels of demand on certain key items.

我們每天都能收到貨物，但鑑於對某些關鍵物品的需求水平不斷提高，我們仍然不夠。

It's been a little crazy this past week in terms of outside shopping frequency and sales levels and not only in the United States.

就外部購物頻率和銷售水平而言，過去一周有點瘋狂，不僅在美國。

In terms of placing quantity limits on what a member can purchase.

在對會員可以購買的物品進行數量限制方面。

We are doing that in some instances.

在某些情況下，我們正在這樣做。

It tends to be at all locations but may differ regionally based on supply levels.

它往往在所有地點，但可能因供應水平而異。

I do want to give 3 big shout-outs.

我確實想大聲喊出 3 次。

Our buying staffs, both here regionally and abroad, working, in some cases, around the clock to procure supplies for both existing suppliers and from other sources where possible.

我們在本地和國外的採購人員，在某些情況下，全天候工作，為現有供應商和可能的其他來源採購供應品。

Second, a shout-out to our warehouse employees.

其次，向我們的倉庫員工大聲疾呼。

These last 9 or so days has been beyond busy.

過去 9 天左右的時間非常忙碌。

Even with the traffic jams in the parking lots and the long lines to check out, they've been absolutely awesome.

即使停車場的交通擁堵和結賬的隊伍很長，他們也絕對很棒。

And anecdotally, we're hearing that daily from members.

有趣的是，我們每天都從會員那裡聽到這一點。

We hear a few other things occasionally, too.

我們偶爾也會聽到其他一些事情。

And lastly, our suppliers, both domestically and abroad, we feel our strong long-term relationships have helped to this crisis.

最後，我們的國內外供應商認為，我們牢固的長期合作關係有助於應對這場危機。

We've been there for them, and they are certainly there for us now.

我們一直在為他們服務，他們現在當然也在為我們服務。

Overall, in terms of what the coronavirus-related demand items, in terms of that, it's looking better, but not perfect, and we'll see what each day brings.

總體而言，就與冠狀病毒相關的需求而言，它看起來更好，但並不完美，我們將看到每天都會帶來什麼。

At our warehouses, in terms of cleanliness and sanitizing, we have enhanced sanitizing protocols, and safety procedures have been implemented in all the locations.

在我們的倉庫，在清潔和消毒方面，我們加強了消毒規程，並在所有地點實施了安全程序。

Some examples, wiping down cart handles with sanitizing wipes, placing of sanitizing wipes stands at entrances, also along the fresh line wall and food courts.

一些例子，用消毒濕巾擦拭推車把手，在入口處放置消毒濕巾架，也沿著新鮮線牆和美食廣場。

Enhanced procedures at the food courts, patio tables, condiment tables, dispensers and [phone booths], et cetera, the general things you might expect and that we see in all the recommendations.

在美食廣場、露台餐桌、調味品餐桌、分配器和 [電話亭] 等處加強了程序，您可能期望的一般事情以及我們在所有建議中看到的事情。

In terms of supply chain, closures of many manufacturing facilities extended well beyond the typical 1 week Chinese New Year holiday, which was the last week in January.

在供應鏈方面，許多製造設施的關閉時間遠遠超過了典型的 1 週農曆新年假期，即 1 月的最後一周。

In many cases, factories over there were closed for 1 to 2 additional weeks.

在許多情況下，那裡的工廠又關閉了 1 到 2 週。

That's now improving each week.

現在每週都在改善。

Initially, 2 to 3 weeks of factory -- so initially, there are 2 to 3 weeks of factory closures, not 1. Then about 3 weeks ago, and just pulling some of the buyers that -- a deal with the factories, they felt there was a rough number of 20% to 25% production levels, moving up to 40% and now as high as 60% to 80%.

最初是 2 到 3 週的工廠——所以最初是 2 到 3 週的工廠關閉，而不是 1 週。然後大約 3 週前，只是拉動一些買家——與工廠達成協議，他們覺得生產水平大致為 20% 到 25%，上升到 40%，現在高達 60% 到 80%。

But again, it's improving, and this still has a little ways to go.

但同樣，它正在改善，而且還有一些路要走。

In terms of transportation issues, whether it's Chinese New Year and then a couple of additional closure weeks.

在交通問題方面，無論是農曆新年，然後是幾個額外的關閉週。

There were not only product issues but also trucking and port issues.

不僅有產品問題，還有卡車運輸和港口問題。

These are also abating with port capacity in China improving each day as well.

隨著中國的港口運力每天都在提高，這些也在減少。

And I say port capacity, it's also the shipping lines that come to the various ports.

我說的是港口容量，也是到各個港口的航運公司。

Domestically, truck capacity is plentiful.

在國內，卡車運力充足。

However, exporting items, including KS items as well as other U.S.-manufactured items to our locations in Asia and Australia.

但是，向我們在亞洲和澳大利亞的地點出口商品，包括 KS 商品以及其他美國製造的商品。

It's been a little bit of a challenge because of some container shortages here.

由於這裡的一些集裝箱短缺，這有點挑戰。

But overall okay, just taking a little more work.

但總的來說還可以，只是需要多做一點工作。

We're finding other ways to handle any potential out of stocks by shifting SKUs to alternative items and categories, particularly in the areas of domestic goods, food and sundries and fresh.

我們正在尋找其他方法來處理任何潛在的缺貨，將 SKU 轉移到替代商品和類別，特別是在國內商品、食品、雜貨和生鮮領域。

And as you might expect, our travel business is impacted due to reduced demand as well as higher-than-normal cancellations of previously booked trips, particularly as it relates to cruises and international travel.

正如您所料，由於需求減少以及先前預訂的旅行取消率高於正常水平，我們的旅行業務受到影響，尤其是與郵輪和國際旅行有關的旅行。

I don't know if there's any surprise with that.

我不知道這是否有什麼驚喜。

At this point, it's hard to quantify what the financial impact will be for our future results -- to our future results.

在這一點上，很難量化對我們未來結果的財務影響——對我們未來的結果。

Again, the first 1.5 weeks of this fiscal quarter has been -- the last 1.5 weeks has been quite good with the sales, but we'll see what tomorrow brings.

同樣，本財季的前 1.5 週——過去 1.5 週的銷售情況相當不錯，但我們將拭目以待明天會帶來什麼。

We'll continue to pass that information along, and of course, we do report monthly sales results.

我們將繼續傳遞這些信息，當然，我們會報告月度銷售結果。

Finally, in terms of upcoming releases, we will announce our March sales results for the 5 weeks ending Sunday, April 5, on Wednesday, April 8, after the market closes.

最後，關於即將發布的版本，我們將在市場收盤後於 4 月 8 日星期三公佈截至 4 月 5 日星期日的 5 週的 3 月銷售結果。

With that, I will open it up to Q&A and turn it back over to Rochelle.

有了這個，我會把它打開到問答環節，然後把它交給羅謝爾。

Thank you.

謝謝你。

(Operator Instructions)

（操作員說明）

Your first question comes from the line Simeon Gutman from Morgan Stanley.

您的第一個問題來自摩根士丹利的 Simeon Gutman。

Richard, can you hear me okay?

理查德，你能聽到我的聲音嗎？

Yes.

是的。

Okay, good.

好的。

My first question is on the gross margin.

我的第一個問題是毛利率。

I think if we take the core on core, down 15%, and you get rid of the chicken production costs, you're down 9%.

我認為，如果我們將核心放在核心上，下降 15%，並且去掉雞肉的生產成本，就會下降 9%。

Did you say within that what the e-commerce mix shift is and how that compares to prior quarters up to the prior run rate?

您有沒有說過電子商務組合的轉變是什麼，以及與前幾個季度的運行率相比如何？

No.

不。

We weren't that specific, but a lot of it has to do with the fact that, that -- particularly that 1 week where it's so important to e-commerce on promotional items for Black Friday, Cyber Monday, the weekend, the 3 days leading up to Thanksgiving, so you do have some lower-margin -- you have some lower-margin categories in there to start with as well as we do a lot more promotional stuff as most retailers do with that week of Thanksgiving.

我們並沒有那麼具體，但很多都與以下事實有關，尤其是在黑色星期五、網絡星期一、週末、3感恩節前幾天，所以你確實有一些較低的利潤率——你有一些利潤率較低的類別開始，我們會做更多的促銷活動，就像大多數零售商在感恩節那一周所做的那樣。

Okay.

好的。

So this was a little bit unusual given the timing and given just the fourth quarter -- or the holiday period was in that number.

因此，考慮到時間和僅考慮到第四季度，這有點不尋常 - 或者假期期間是這個數字。

Well, I want to stand corrected.

好吧，我想糾正一下。

There's a couple of people here who just corrected me.

這裡有幾個人剛剛糾正了我。

The e-com numbers are not in the core on core.

電子商務號碼不在核心上的核心。

So that would be outside of that.

所以那將不在此範圍內。

But it's still the strength in majors.

但它仍然是專業的力量。

Right.

正確的。

Okay.

好的。

Got it.

知道了。

And -- but broadly speaking, the greater mix of e-com, Richard, is going to depress -- well, you're saying it's not in that number, but it's unfavorable to gross margin broadly, though, is that fair?

而且——但從廣義上講，電子商務的更大組合，理查德，將會壓抑——嗯，你是說它不在那個數字上，但它對毛利率是不利的，但是，這公平嗎？

And is that because of the mix of products that are being bought or because of the discounts or the markup that you're putting on those items?

是因為購買的產品種類繁多，還是因為您在這些商品上打折或加價？

It's both.

兩者都是。

I mean as we try to build new categories over the last year or so, like apparel, we're giving some hot deals out there.

我的意思是，當我們在過去一年左右嘗試建立新的類別時，比如服裝，我們在那裡提供了一些熱銷商品。

If you buy 1 shirt, it's X, if you buy 2, it's a little less for delivery or whatever else.

如果你買 1 件襯衫，那就是 X，如果你買 2 件，送貨或其他費用會少一些。

So we're driving that business.

所以我們正在推動這項業務。

And again, we've talked about -- yes.

再一次，我們談到了——是的。

But the big thing is electronics.

但最重要的是電子產品。

Electronics tends to be a low-margin business, not only TVs, but all the computer and phone things.

電子產品往往是一項低利潤的業務，不僅是電視，還有所有的電腦和電話產品。

Got it.

知道了。

Okay.

好的。

My follow-up is on just overall reinvestment, right?

我的後續行動只是整體再投資，對嗎？

Your business is growing at a really high level, high single-digit comps.

您的業務正在以非常高的水平、高個位數的比例增長。

I'm not sure if you planned for that level.

我不確定你是否計劃達到那個級別。

And the core on core, in general, is doing relatively well.

總的來說，核心上的核心表現相對較好。

It's not down 20 or 30.

它沒有下降20或30。

And I guess, the SG&A that you're spending seems somewhat in line.

而且我想，您花費的 SG&A 似乎有點符合要求。

But I assume you're not flowing through all the leverage that's coming through this model.

但我假設你沒有通過這個模型產生的所有槓桿作用。

And so my question is where are you finding places to reinvest.

所以我的問題是你在哪裡找到再投資的地方。

Again, it doesn't seem like the core on core is getting -- is going down enough to suggest you're putting it back in price.

再一次，似乎核心上的核心並沒有得到 - 下降到足以表明您將其重新定價。

Are you finding other places to spend in SG&A?

您是否正在尋找其他可以在 SG&A 消費的地方？

Well, I'd argue that we are putting a lot of it back in price.

好吧，我會爭辯說我們把很多錢都放回了價格上。

Keep in mind of all the buckets we talked about historically from the membership fee income to the tax reform to the change in credit card, those things keep growing, and it allows us to be competitive.

記住我們在歷史上談到的所有方面，從會員費收入到稅收改革再到信用卡的變化，這些事情一直在增長，它讓我們具有競爭力。

And when we see strong sales, I think it encourages us to do more of that.

當我們看到強勁的銷售時，我認為這會鼓勵我們做更多的事情。

And the other thing is I'm not going to go through 10 different things.

另一件事是我不會經歷 10 種不同的事情。

But there's lots of things we're very busy.

但是我們有很多事情很忙。

It's not just the 5 basis points I mentioned in IT.

這不僅僅是我在 IT 中提到的 5 個基點。

We got a lot going on with the e-com fulfillment with the chicken complex, which I mentioned, there's a lot -- with the CCPA.

我們在雞肉綜合體的電子商務實現方面做了很多事情，我提到過，有很多 - 與 CCPA。

These are small things, but each of these are various numbers of basis points.

這些都是小事，但每一個都是不同數量的基點。

CCPA is the privacy -- California Privacy Act.

CCPA 是隱私——加州隱私法。

We don't point it out because I'm sure there's something that goes the other way sometimes.

我們沒有指出這一點，因為我確信有時會發生相反的情況。

But at the end of the day, there's a lot of things going on, and we feel pretty good about where our expenses are, though we're always going to try to improve them.

但歸根結底，有很多事情在發生，我們對自己的支出狀況感到非常滿意，儘管我們總是會努力改善它們。

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

您的下一個問題來自 Evercore ISI 的 Gregory Melich。

Richard, 2 things I wanted to follow up.

理查德，我想跟進兩件事。

One is on the membership fee income, could you give us what that is in constant currency.

一個是關於會員費收入的，你能告訴我們那是不變的貨幣嗎？

And also, if you're seeing any membership sign-ups inflect like the way sales and traffic have in the last couple of weeks.

此外，如果您看到任何會員註冊都會像過去幾週的銷售和流量一樣發生變化。

It's $2 million, is it?

這是200萬美元，是嗎？

$2 million?

200萬美元？

It's $2 million even with FX.

即使使用 FX 也是 200 萬美元。

Got it.

知道了。

Once we adjust for that.

一旦我們對此進行調整。

Got it.

知道了。

And then on the sign-ups, have you seen any change there in the rate of sign-ups?

然後在註冊時，您是否看到註冊率有任何變化？

I honestly don't know.

老實說，我不知道。

I know even a few people -- I mean the shopping frequency is off the charts for the last few days.

我什至認識一些人——我的意思是最近幾天的購物頻率超出了圖表。

And you see it on social media with people sending in pictures.

你會在社交媒體上看到人們發送圖片。

So I've got to believe there's been a little bit of it, but not enough to move the needle.

所以我必須相信它有一點點，但還不足以移動針。

Got it.

知道了。

And then secondly was just on gasoline.

其次是汽油。

What -- did you have the average selling price this quarter?

什麼——你有本季度的平均售價嗎？

And if you have any sort of trends on the gallons would be great as well.

如果你對加侖有任何趨勢，那就太好了。

I don't have it in front of me.

我面前沒有它。

I know that there was -- gas was inflationary, correct?

我知道有 - 天然氣是通貨膨脹的，對嗎？

Yes.

是的。

I think -- hold on a minute.

我想——等一下。

Gas price, in Q2, it was 7.9% inflationary.

天然氣價格，在第二季度，通貨膨脹率為 7.9%。

Inflationary.

通貨膨脹。

And that's the average selling price per gallon versus a year ago?

這就是與一年前相比的每加侖平均售價？

Yes.

是的。

$2.75 versus $2.55.

2.75 美元對 2.55 美元。

Got it.

知道了。

And then last, I'll sneak it in because I know it's common.

最後，我會偷偷溜進去，因為我知道這很常見。

The balance sheet, very strong, more volatile markets.

資產負債表非常強勁，市場波動較大。

How should we think about buyback capital structure in the current rate environment and environment of the world?

在當前的利率環境和世界環境下，我們應該如何看待回購資本結構？

Well, every banker calls us every day to let us know that rates are even lower today, time to borrow.

好吧，每個銀行家每天都打電話給我們，讓我們知道今天的利率更低，是時候借錢了。

But no, look, we continue to look at it.

但是不，看，我們繼續看。

We talked about it in every Board meeting, and all I can tell you is to stay tuned.

我們在每次董事會會議上都談到了這一點，我只能告訴你，請繼續關注。

Your next question comes from the line of Chris Horvers from JPMorgan.

您的下一個問題來自摩根大通的 Chris Horvers。

So a few follow-ups.

所以做了一些後續。

First on March.

第一次在三月。

I mean you are limiting some of those high-volume items.

我的意思是你正在限制一些大批量的項目。

It does look like you've got some pretty low in stocks out there.

看起來你的股票確實很低。

Do you see the potential for conference later this month?

您是否看到本月晚些時候召開會議的潛力？

Well, we don't know.

好吧，我們不知道。

People have asked us what happens when people have been bulking up on certain items.

人們問我們，當人們囤積某些物品時會發生什麼。

And yes, there's out of stocks every day, too.

是的，每天也都缺貨。

But overall, the numbers are incredible because there's so many people coming in.

但總的來說，這些數字令人難以置信，因為進來的人太多了。

And they're buying other stuff as well.

他們也在購買其他東西。

So I don't know what tomorrow brings.

所以我不知道明天會帶來什麼。

When asked the question, are the people then go through this additional purchasing of water and shelf-stable food items and everything, I guess, it depends.

當被問到這個問題時，人們是否會額外購買水和耐儲存食品以及所有東西，我想，這取決於。

Some of them putting it in their basements for another day.

他們中的一些人把它放在地下室再放一天。

Some of it related to the fact that people aren't eating out as much.

其中一些與人們不在外面吃飯的事實有關。

I think it's a combination of those factors.

我認為這是這些因素的綜合。

All we know is that last week, starting Tuesday or Wednesday, which is when a lot of the news went even -- went -- in the U.S. went even further, we had a huge pickup in traffic, which continued over the weekend and increased the first few days of this -- even further in the first few days of this month -- this week.

我們所知道的是，從上週開始，從周二或週三開始，美國的很多新聞甚至更進一步，我們的流量大幅增加，並持續到週末並增加本週的頭幾天——甚至在本月的頭幾天——這週。

And so we'll see what tomorrow brings.

因此，我們將看看明天會帶來什麼。

And again, on the supply side, there is clearly, not just at Costco but other places, you really can't go in and generally find sanitizing items and what have you.

再說一次，在供應方面，很明顯，不僅在 Costco，在其他地方，你真的不能進去，一般都找不到消毒物品和你有什麼。

And while we're getting shipments daily somewhere in the U.S., whatever limited amounts we get or allocated is gone pretty quickly.

雖然我們每天都在美國某個地方收到貨物，但無論我們獲得或分配的數量有限，都會很快消失。

And I would assume that over the next few weeks or several weeks that will abate.

我會假設在接下來的幾週或幾週內，這種情況會減弱。

But it depends on what else happens with the virus itself.

但這取決於病毒本身會發生什麼。

Yes.

是的。

I was at a store on Saturday.

星期六我在一家商店。

I've never -- right after they open, I've never seen the line that long, all the way back to dairy.

我從來沒有——就在他們開張之後，我從來沒有見過這麼長的隊伍，一直回到乳品店。

The -- my follow-up question is, this might be hard to parse out, but I think the big question on investors' minds is how the consumer is going to behave.

我的後續問題是，這可能很難解析，但我認為投資者心中的大問題是消費者將如何行事。

Obviously, you have the pantry load, but you also sell a lot of general merchandise.

顯然，你有食品儲藏室，但你也賣了很多普通商品。

You also sell a lot of big ticket.

你也賣了很多大票。

So were you able to sort of tease out if you're seeing any pullback relative to trend in the past week or so in some of the more discretionary and larger-ticket categories?

那麼，如果您在過去一周左右看到一些更自由裁量且價格更高的類別中相對於趨勢的任何回調，您是否能夠梳理一下？

Yes.

是的。

What's interesting, I'm just looking at some hand-written notes from our -- I spoke to our senior buyers yesterday.

有趣的是，我只是在看我們的一些手寫筆記——我昨天與我們的高級買家交談過。

You would think things like patio furniture would be impacted because it's a big-ticket discretionary item.

你會認為庭院家具之類的東西會受到影響，因為它是一件大件的非必需品。

The comment was we're selling it extremely well.

評論是我們賣得非常好。

Now part of that is we've got a bunch more people coming in, so maybe per customer -- the purchase per customer is down a little, but there's a lot more customers.

現在部分原因是我們有更多的人進來，所以也許每個客戶 - 每個客戶的購買量有所下降，但有更多的客戶。

And so -- and what else, lawn and garden is doing well.

所以——還有什麼，草坪和花園做得很好。

The buyers grew, and that's more weather-related in certain markets.

買家增加了，這在某些市場與天氣有關。

There has been some impact in -- excuse me?

有一些影響——對不起？

TV?

電視？

Did you say TV?

你說電視？

Were you going to say TV?

你是說電視嗎？

No, I said lawn and garden, weather-related.

不，我說的是草坪和花園，與天氣有關。

And then in some electronics items, while some are strong, there's others like some laptops and some phones where there's been some supply chain issues.

然後在一些電子產品中，雖然有些很強大，但有些筆記本電腦和一些手機存在一些供應鏈問題。

But I would say, overall, the initial thought -- my initial thought is that big-ticket discretionary items might be negatively impacted right now.

但總的來說，我想說的是，最初的想法是——我最初的想法是，大件可自由支配的項目現在可能會受到負面影響。

To the extent they are, it's been more than offset, at least in these last several days, by the influx of shopping frequency.

就它們而言，至少在過去幾天裡，購物頻率的湧入遠遠抵消了這一影響。

I don't know what that means for tomorrow, we'll have to see.

我不知道這對明天意味著什麼，我們必須拭目以待。

Understood.

明白了。

And super helpful.

而且超級有幫助。

And I'm sure all the media outlets are picking this a lot.

我相信所有的媒體都在挑選這個。

My other questions, 2 quick ones.

我的其他問題，2 個快速問題。

One is have you expanded the number of SKUs in the MVM.

一是您是否擴展了 MVM 中的 SKU 數量。

It seems to have picked up over the past couple of months, but wanted to get your thoughts there.

在過去的幾個月裡，它似乎有所好轉，但想把你的想法放在那裡。

And then lastly, it looks like you have a new grocery delivery option in the app and on your website, sort of an extended delivery option, not the 2-day and not the same day.

最後，看起來您在應用程序和您的網站上有一個新的雜貨配送選項，有點像延長配送選項，不是 2 天，也不是同一天。

So sort of what's been the strategy there?

那麼那裡的策略是什麼？

And is that new or just a repackaging of something you already have?

那是新的還是只是對您已有的東西的重新包裝？

Generally, there's been no change in MVM items.

通常，MVM 項目沒有變化。

I mean, if it's up a little or down a little, I think that's random, not planned.

我的意思是，如果它上升一點或下降一點，我認為那是隨機的，不是計劃好的。

And as it relates to shipping, at least the people in the room with me here are not aware of that.

因為它與航運有關，至少和我在一起的房間裡的人不知道這一點。

Was it?

是嗎？

Okay.

好的。

It must be just a repackaging of something that you already have.

它一定只是對你已經擁有的東西的重新包裝。

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

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

This is actually John Parke on for Chuck.

這實際上是 Chuck 的 John Parke。

Can you guys provide a little bit of an update on the performance of same-day and Costco 2-day and how that's impacting kind of total spend from these customers that are utilizing it?

你們能否提供一些關於當天和 Costco 2 天的表現的更新，以及這如何影響這些使用它的客戶的總支出？

It's still relatively new for us over the last year.

在過去的一年裡，它對我們來說仍然相對較新。

Overall, and my knowledge of this is a couple of months old, it's a slight improvement.

總的來說，我對這方面的了解已經有幾個月了，這是一個輕微的改進。

The concern, of course, is they buy more, having delivered in 1 day and 2 day, and then they come in less frequently.

當然，他們擔心的是他們買的更多，在 1 天和 2 天內交付，然後他們進貨的頻率降低了。

But how less frequently, and they are coming in a little less frequently, but the sum of the 2 still is fine.

但是頻率降低了多少，而且他們進來的頻率也降低了一點，但是兩者的總和仍然很好。

Again, it's too early to tell, in our view, just fine, continue, or does it change a little bit?

再說一次，在我們看來，現在說還為時過早，繼續，還是會有所改變？

We're still -- but keep in mind also, we continue to do a lot of things consciously even through e-mails to get you come back in the location with certain promotional things that are in-store only.

我們仍然 - 但請記住，我們會繼續有意識地做很多事情，甚至通過電子郵件讓您回到店內的某些促銷活動。

Got it.

知道了。

And then I guess just going back to the coronavirus.

然後我想只是回到冠狀病毒。

I mean is there any way to kind of indicate whether the margin on these sales are materially different than your traditional shop?

我的意思是有什麼方法可以表明這些銷售的利潤是否與您的傳統商店有很大不同？

Food and sundries overall is...

食物和雜物整體是...

In line.

排隊。

Yes, it's about in line, I would say, on the company averages.

是的，我想說，這與公司平均水平差不多。

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

您的下一個問題來自巴克萊銀行的 Karen Short。

A couple of questions.

幾個問題。

You -- Richard, you commented on the fresh gross margin decline.

你——理查德，你評論了新的毛利率下降。

And I'm wondering if you could just give a little bit of color on that, and that's obviously excluding the poultry.

我想知道你是否可以給它一點顏色，這顯然不包括家禽。

You kind of called that a step-up in price investments.

你有點稱之為價格投資的升級。

Yes.

是的。

We're just -- I mean at the end of the day, our heart is we're merchants, and we try to drive business.

我們只是 - 我的意思是，歸根結底，我們的核心是我們是商人，我們努力推動業務發展。

And fresh is an area that also is a frequency driver.

而新鮮是一個也是頻率驅動的領域。

So it's more -- my comment is more anecdotal than some new change in strategy.

所以它更多 - 我的評論比一些新的戰略變化更具軼事。

But not necessarily -- also comment on the competitive landscape.

但不一定——也對競爭格局發表評論。

No, that is -- the increased level of competition that I've talked about, that goes back 1.5 years plus ago.

不，那是——我談到的競爭水平的提高，可以追溯到 1.5 年前。

And that hasn't changed.

而這並沒有改變。

Okay.

好的。

And then can you just maybe clarify a little bit on the -- I guess, the true-up of the breakage estimates?

然後你能澄清一點——我猜，破損估計的真實性嗎？

Well, I mean, at the end of the day, it's a small amount of basis points.

好吧，我的意思是，歸根結底，這只是少量的基點。

When we issue a significant amount -- you can kind of back into the numbers yourself of what percentage of our sales are the 2% Reward.

當我們發行大量資金時——您可以自己回溯到我們的銷售額中有多少百分比是 2% 的獎勵。

And we send out those certificates, and there's always going to be some slippage.

我們發出這些證書，總會有一些延誤。

Notwithstanding the fact that we send out reminders to our members that you haven't cashed this.

儘管我們向我們的會員發送了提醒您尚未兌現的事實。

At the end of the day, we tend to be -- we do our best guess to accrue for slippage.

歸根結底，我們傾向於——我們盡我們最大的猜測來累積滑點。

And I'd like to think that we tend to be a little conservative.

我想我們傾向於有點保守。

And therefore, when there's a review, it picks up the other way.

因此，當有評論時，它會採取另一種方式。

But at the end of the day, we -- accounting rules say you do your best guess of what it should be.

但歸根結底，我們 - 會計規則要求您盡最大努力猜測它應該是什麼。

And then when you re-review it, you adjust that.

然後當你重新審查它時，你會調整它。

Okay.

好的。

And then I just want to switch gears to the Shanghai store, and I think you said you'll be opening a second one soon.

然後我只是想切換到上海店，我想你說過你很快就會開第二家。

But maybe any thoughts on what you think that the actual annual volumes could and will settle out at for that store?

但是，您可能對您認為該商店的實際年銷量可能而且將會穩定下來有什麼想法嗎？

And then any update on the number of members at that store since the last call?

然後自上次通話以來該商店的會員數量是否有任何更新？

And then, I mean, I ask it in the context that to the extent that China is an opportunity, it's not so much about the units.

然後，我的意思是，我在這樣的背景下問它，就中國是一個機會而言，它與單位無關。

It's actually about the volume per unit.

它實際上是關於每單位的體積。

Right.

正確的。

Well, it's hard to say because this one is so off the charts.

好吧，這很難說，因為這個太離譜了。

I mean, again, the last few weeks -- the last several weeks with some limitations on number of members for some of that period of time, it's changed a little bit.

我的意思是，再一次，在過去的幾週——在過去的幾周里，在某些時間段內，成員數量受到了一些限制，它發生了一些變化。

But I mean that was either our top or second-largest location in our company for the several weeks leading up to that.

但我的意思是，在此之前的幾週內，這要么是我們公司的頂級或第二大位置。

And the number of members is, again, off the charts, nearly 5x the company.

成員的數量再一次打破了圖表，幾乎是公司的 5 倍。

Okay.

好的。

And -- but would we take that same number and apply that to the total revenue for that box?

而且——但是我們會採用相同的數字並將其應用於該盒子的總收入嗎？

Or how should we think about that?

或者我們應該怎麼想？

No, no, no.

不不不。

Because given the population of Shanghai and the fact that this thing went throughout social media, and it was very popular over there, you have a somewhat higher renewal rate.

因為考慮到上海的人口和這個東西在社交媒體上傳播的事實，而且在那裡很受歡迎，所以你的更新率會更高一些。

We don't know yet because we opened it in August.

我們還不知道，因為我們在 8 月打開了它。

But we know from other countries -- I'm sorry, lower renewal rate.

但我們從其他國家/地區得知——對不起，續訂率較低。

And no, and you can't just simply multiply that out.

不，你不能簡單地將其相乘。

But our -- but the unit overall is, again, either #1 or 2, up until the last few weeks with what's going on over there with coronavirus, was 1 of our top 2 units.

但是我們的——但總體而言，這個單位還是 #1 或 2，直到最近幾週，那裡發生了冠狀病毒，是我們排名前 2 的單位之一。

Okay.

好的。

And then just last question for me.

然後是我的最後一個問題。

I don't think I've asked this for a while, but do you have any -- are you willing to give an update on what you think or what the -- where the average ticket is in the U.S. of an Executive Member today versus just the basic membership and how that's trended in the last several years?

我想我已經有一段時間沒有問過這個問題了，但是你有沒有 - 你願意就你的想法或 - 今天執行會員在美國的平均機票在哪裡提供最新信息與只是基本會員資格相比，過去幾年的趨勢如何？

Because it does seem like the momentum is really continuing to increase in terms of your share gains.

因為就您的份額收益而言，勢頭似乎確實在繼續增加。

Yes.

是的。

Look, we don't disclose that, but more Executive Members and more penetration of Executive Members is good.

看，我們沒有透露，但是更多的執行成員和執行成員的更多滲透是好的。

More members who have the -- in the case of the United States, the co-brand credit card is good.

有更多的會員——就美國而言，聯名信用卡是好的。

And if they have both, the Executive and that, it's even better.

如果他們兩者都有，行政人員和那個，那就更好了。

All those things, I think, are -- help our sales growth.

我認為，所有這些都有助於我們的銷售增長。

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

您的下一個問題來自古根海姆的 John Heinbockel。

Richard, the price investments you mentioned in fresh food, was that actually proactive price investments or more delays in passing through vendor increases?

理查德，你提到的生鮮食品價格投資，實際上是積極的價格投資還是更多延遲通過供應商增加？

And then where those investments occurred, is that -- was that more protein as opposed to other categories?

然後這些投資發生在哪裡，是 - 與其他類別相比，蛋白質更多嗎？

It's definitely proactive on our part.

這對我們來說絕對是主動的。

And I think it's all of the above.

我認為就是以上所有。

It's protein.

是蛋白質。

It's fresh -- I mean it's produce.

它是新鮮的——我的意思是它是農產品。

Okay.

好的。

And then if you -- I mean if you look at the fresh food comp, right, so I think you said low double digit and that included the final week, right?

然後如果你——我的意思是如果你看新鮮食品，對吧，所以我認為你說的是低兩位數，包括最後一周，對吧？

So that was the best fresh food comp you've had in a while.

所以這是你有一段時間吃過的最好的新鮮食品。

I don't know if you can parse out, and maybe you can looking at the final week, how much -- was some of that coronavirus-related or was a lot of that step-up related to the price investments?

我不知道你是否可以分析出來，也許你可以看看最後一周，有多少——其中一些與冠狀病毒有關，還是與價格投資有關？

Who knows?

誰知道？

Clearly, week 4 was different than weeks 1, 2 and 3 for everything, just the sheer number of people coming into the warehouse.

顯然，第 4 週與第 1 週、第 2 周和第 3 週的所有事情都不同，只是進入倉庫的人數眾多。

I personally believe that given that restaurants probably have been impacted a little bit the last couple of weeks, they're buying more at supermarkets and more at Costco.

我個人認為，鑑於過去幾週餐館可能受到了一些影響，他們在超市購買的東西更多，而在 Costco 購買的東西更多。

So those things helped a little bit as well.

所以這些東西也有一點幫助。

And then lastly, when you think about it, I know you said the margin on some of that stuff is sort of in line with the average.

最後，當你考慮到這一點時，我知道你說過其中一些東西的邊際與平均水平一致。

When you think about the sort of the cost associated with restocking and dealing with that volume and you think about, I don't know, an EBIT margin tied to that volume, normally the EBIT margin will be -- the incremental margin will be a lot higher.

當您考慮與補貨和處理該數量相關的成本時，您會想到，我不知道與該數量相關的息稅前利潤率，通常息稅前利潤率將是 - 增量利潤率將是高很多。

Is that less the case here because of the cost required to keep up with that volume?

由於跟上該數量所需的成本，這裡的情況是否更少？

Well, yes, I think there's a lot of additional things that cost you.

嗯，是的，我認為還有很多額外的東西會讓你付出代價。

I mean there's not a lot of it, but I'm sure there's a little airfreight going on.

我的意思是沒有很多，但我敢肯定有一點空運正在進行。

And I'm sure there's -- when you've got a high-cube, high-weight, low-value item like water, 40 0.5 liter is for $2.99 or something, and you're going through it faster than you could put it on the floor, there's more labor and everything else.

而且我敢肯定——當你有一個像水這樣的高立方、高重量、低價值的物品時，40 0.5 升的售價為 2.99 美元或其他東西，而且你通過它的速度比你想像的要快它在地板上，還有更多的勞動力和其他一切。

So -- but it's still a net positive.

所以 - 但它仍然是一個淨積極因素。

In the scheme of things, I don't know if it helps or hurts the bottom a little bit.

在事情的計劃中，我不知道它是否有助於或傷害底部。

Yes.

是的。

And the other thing is they're not just coming and getting those 5 items and leaving.

另一件事是他們不只是來拿這 5 件物品然後離開。

They're shopping a little bit.

他們正在購物。

Again, I personally was surprised that patio furniture is strong.

同樣，我個人對露台家具的堅固性感到驚訝。

And maybe per person, it's a little weaker, but there's a lot more persons.

也許每人，它有點弱，但有更多的人。

Your next question comes from the line of Mike Baker from Nomura.

您的下一個問題來自野村的 Mike Baker。

Okay.

好的。

A couple of questions.

幾個問題。

One, can you tell us how gas profits were this year versus last year?

一，你能告訴我們今年的天然氣利潤與去年相比如何？

And then remind us, if you could, how much that helped 2Q '19 versus 2Q '18.

然後提醒我們，如果可以的話，這對 2Q '19 和 2Q '18 有多大幫助。

Yes.

是的。

I believe -- I don't have it in front of me, but I believe last year, we said gas helped us relative to the prior year.

我相信 - 我面前沒有它，但我相信去年，我們說天然氣相對於前一年幫助了我們。

It was pretty -- it wasn't worth talking about plus or minus either way, this year versus last.

這很漂亮——無論是今年還是去年，都不值得談論正負。

Okay.

好的。

Got it.

知道了。

Okay.

好的。

Shifting gears, a couple more, if I could.

換檔，如果可以的話，再換幾次。

So February, even if you take out -- first of all, the 300 basis points, can we take that out pro rata across international and the U.S.?

所以 2 月，即使你拿出 - 首先是 300 個基點，我們可以在國際和美國按比例取出它嗎？

Or is it -- did it impact one region more than the other?

或者是——它對一個地區的影響比另一個地區更大嗎？

And the real question is, when you strip that out, February was much stronger than you've been running even so.

真正的問題是，當你把它去掉時，二月份的表現比你一直在運行的要強得多。

In other words, I presume the first 3 weeks were strong.

換句話說，我認為前 3 週很強勁。

So what do you think is behind that uptick even before you got to week 4?

那麼，即使在您到達第 4 週之前，您認為這種上漲背後的原因是什麼？

It must be those investments in price.

一定是那些對價格的投資。

No, at the end of the day, it is generally around the world.

不，歸根結底，它通常在世界各地。

I think Korea has been a little less of that -- probably a little less of that benefit.

我認為韓國少了一點——可能少了一點好處。

But there's been -- there was an outbreak there that had a lot of publicity, and I think there were more people perhaps staying home or not going out.

但是有 - 那裡爆發了很多宣傳，我認為可能有更多的人待在家里或不出去。

The -- but when I look at the U.S., Canada and several other countries, all of them had big upticks in that last -- the past 9 or so days.

- 但是當我查看美國、加拿大和其他幾個國家時，他們都在過去 9 天左右的時間裡出現了大幅上漲。

And I'm sorry, what was the last part of the question?

對不起，問題的最後一部分是什麼？

Just why do you think weeks 1 -- so weeks 1, 2 and 3 were obviously strong as well because when you take out that 300 basis points, it's still -- you're high single digits.

只是為什麼你認為第 1 週——所以第 1、2 和 3 周顯然也很強勁，因為當你拿出 300 個基點時，它仍然——你是個位數的高位。

So what do you think is behind that big uptick?

那麼你認為這次大幅上漲背後的原因是什麼？

There's probably lots of little things I'd like -- my mother would say we're good merchants and great stuff at low prices.

可能有很多我想要的小東西——我媽媽會說我們是好商人，物美價廉。

There's nothing that stands out completely.

沒有什麼是完全突出的。

Certainly, there was not a lot of press out there of issues around coronavirus, even though it was in the news a little bit.

當然，關于冠狀病毒的問題並沒有太多的新聞報導，儘管它在新聞中出現了一點點。

So maybe on a macro basis, there's a little bit of that in there.

所以也許在宏觀的基礎上，那裡有一點點。

I think there may have been some weather issues a year ago that may have impacted a little.

我認為一年前可能有一些天氣問題可能會產生一些影響。

But overall, we were -- in those 3 weeks, forgetting about week 4, which was off the charts, it was -- we're feeling pretty good about it that some of the stuff we're doing is working from a merchandising standpoint and a pricing standpoint.

但總的來說，我們 - 在這 3 週內，忘記了第 4 週，這是超出圖表的，我們感覺非常好，我們正在做的一些事情是從商品的角度來看的和定價的立場。

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

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

And thanks for all the comments on the coronavirus.

並感謝所有關于冠狀病毒的評論。

So I guess, Richard, just going back to your commentary on the supply chain.

所以我想，理查德，回到你對供應鏈的評論。

So as you guys look forward, at this point, do you expect any impact on your supply chain related to coronavirus?

因此，正如你們所期待的那樣，在這一點上，您是否預計與冠狀病毒相關的供應鏈會受到任何影響？

Or is it too early to tell, earlier in the year?

還是說今年早些時候還為時過早？

Well, I think first of all, there has been an impact on it.

嗯，我認為首先，對它產生了影響。

It's now starting to get a little bit further than normal, back to normal on regular stuff.

現在它開始比正常情況更進一步，在正常情況下恢復正常。

On some of the virus-related items that people are buying like water and sanitizing items and paper tiles and things like that, that's going to take a little bit while longer.

在人們購買的一些與病毒相關的物品上，比如水、消毒物品和紙瓦之類的東西，這將需要更長的時間。

When I ask the buyers, they're working day-to-day with suppliers.

當我詢問買家時，他們正在與供應商進行日常工作。

You've got suppliers that are literally working around the clock to produce and to ship.

您的供應商實際上是夜以繼日地工作來生產和發貨。

But again, people are coming in and buying stuff, if you will, for their basement.

但是，如果你願意的話，人們會進來為他們的地下室買東西。

And what about -- I guess I was asking more of some of the other categories like electronics and some of those categories that may come from Asia.

那麼——我想我問的更多的是其他一些類別，比如電子產品和一些可能來自亞洲的類別。

Just curious if you expect an impact.

只是好奇您是否期望產生影響。

Well, I think I mentioned there have been -- we have seen some little impact on some laptops and some cell phones, and I think that's related to some of the things that we all read about in the paper about some shortage -- some delays because of some of the component parts.

好吧，我想我提到過——我們看到一些筆記本電腦和一些手機受到了一些小影響，我認為這與我們在報紙上讀到的一些關於短缺的事情有關——一些延誤因為一些組成部分。

I think one thing that helps us a little is we're able to pivot a little bit.

我認為對我們有一點幫助的一件事是我們能夠稍微轉動一下。

So if there was a shortage or something with one area, we're able to put something else in its place since we sell pretty much everything.

因此，如果某個區域出現短缺或某些問題，我們可以將其他東西放在它的位置，因為我們幾乎賣掉了所有東西。

But we just don't know what's going to happen tomorrow.

但我們只是不知道明天會發生什麼。

First order of business is to get the supply chains back open and running well.

首要任務是讓供應鏈重新開放並運行良好。

There are 2 kinds of supply chain issues.

有兩種供應鏈問題。

There's a supply chain issue related to all these very high demand items related to fighting and protecting yourself, the waters, the sanitizing and things like that.

有一個供應鏈問題與所有這些與戰鬥和保護自己、水域、消毒等相關的高需求項目有關。

And then there's just stuff.

然後就是一些東西。

I mean everything from furniture to apparel to electronics coming from China.

我的意思是從家具到服裝再到來自中國的電子產品。

And on the latter, it seems at least while the 1 week -- and keep in mind, given the planned Chinese New Year week, there were stuff brought in early, not only by us, but I'm sure others.

就後者而言，似乎至少在 1 週內——請記住，鑑於計劃中的農曆新年周，有一些東西提前帶來了，不僅是我們，而且我敢肯定還有其他人。

And so -- but then there was 2 more weeks of closures.

如此 - 但隨後又關閉了 2 週。

So those kind of things over the last 3 weeks in terms of talking to our buyers, the supply chain has -- and the manufacturers are now back open, they went from 0, if you will, to 25% to 40% to 50% to 60%, 80%, and now it's getting to the ports.

因此，在過去 3 周中，與我們的買家交談的那些事情，供應鏈已經 - 製造商現在重新開放，他們從 0，如果你願意的話，從 25% 到 40% 到 50%到 60%、80%，現在它正在到達港口。

And some of those things are also being abated, some of the issues there.

其中一些事情也正在減少，其中一些問題。

So my guess is if everything got better tomorrow, from a concern standpoint, you still have a few weeks here where it takes time to fill those supply chains.

所以我的猜測是，如果明天一切都會好起來，從擔憂的角度來看，你還有幾週的時間來填補這些供應鏈。

Great.

偉大的。

And one follow-up question.

還有一個後續問題。

Just on the holiday season.

剛好在假期。

You guys had a really strong performance, even with fewer selling days.

你們的表現非常出色，即使銷售天數更少。

So just curious if there's any surprises or what do you think contributed to the really strong outperformance.

所以只是好奇是否有任何驚喜或者你認為是什麼促成了真正強勁的表現。

Well, I think we -- this is -- that's what we do.

好吧，我認為我們——這就是——這就是我們所做的。

I mean I think we've done a great job.

我的意思是我認為我們做得很好。

We've been helped by strong big-ticket categories, like electronics, like patio furniture and lawn and garden right now, and other hardlines and softlines areas.

我們得到了強大的大件類別的幫助，比如電子產品，比如現在的庭院家具、草坪和花園，以及其他硬線和軟線領域。

Fresh continues to drive our business.

Fresh 繼續推動我們的業務發展。

When we -- as you know, when we're asked, what are the 2 or 3 big factors that drive our business -- or categories, it's fresh, it's gas, it's Executive Membership.

當我們 - 如你所知，當我們被問及推動我們業務的 2 或 3 大因素是什麼 - 或類別時，它是新鮮的，它是氣體，它是執行會員資格。

And again, utilizing those different bucket -- even when sales are good, we want to be aggressive in pricing.

同樣，利用這些不同的存儲桶——即使銷售情況良好，我們也希望在定價方面更具侵略性。

And when sales are bad, we want to be aggressive -- more aggressive in pricing.

當銷售不佳時，我們希望更具侵略性 - 在定價方面更具侵略性。

When the sales are good, we want to be more aggressive in pricing.

當銷售良好時，我們希望在定價方面更具侵略性。

It drives -- the top line improvements drive the bottom line.

它驅動——頂線改進驅動底線。

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

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

Richard, you talked about expecting margin pressure to moderate a bit from the poultry plant ramp.

理查德，你談到預計家禽廠坡道的利潤率壓力會有所緩和。

And I know there was an incubation period there.

我知道那裡有一個潛伏期。

So is that plant actually turning out product at this point?

那麼，這家工廠現在真的在生產產品嗎？

And related to that, can you give us an idea of what the incremental benefit you guys are expecting once you're in full production mode.

與此相關的是，您能否告訴我們，一旦您處於全面生產模式，你們所期望的增量收益是什麼？

Well, I think it was mid-September when we -- when the first chicken went through the plant, if you will.

好吧，我想我們是在 9 月中旬 - 如果你願意的話，當第一隻雞穿過植物時。

The plan was that 45 weeks later, there would be approximately 2.2 million birds a week being processed.

計劃是 45 週後，每周處理大約 220 萬隻雞。

And so -- call it, September to August.

所以 - 稱之為九月到八月。

And so we're a little bit past the halfway mark on that.

所以我們在這方面有點過了一半。

And I believe in terms of projection, we're a little bit past the halfway mark on that.

而且我相信就預測而言，我們已經超過了一半。

Call it 1 million birds a week.

稱其為每週 100 萬隻鳥。

I should be off a little bit on either side.

我應該在兩邊都離開一點。

And so a lot of this has to do with the fact that you've got this big facility that is running at well below capacity.

因此，這在很大程度上與您擁有這個運行在遠低於產能的大型設施這一事實有關。

The amount of impairment to margin related to that in Q2 was less than Q1.

與第二季度相關的保證金減值金額低於第一季度。

We would expect it to be less than in Q3 and further.

我們預計它會低於第三季度甚至更遠。

So once we get the full capacity, I think -- and then I'm sure there's going to be some operational improvements over the first couple of years as well.

因此，一旦我們獲得全部容量，我認為 - 然後我相信在最初的幾年中也會有一些運營改進。

At the end of the day, it's a combination of sourcing and just simple supply.

歸根結底，這是採購和簡單供應的結合。

And our view is we can improve, if you will, the ultimate cost per bird.

我們的觀點是，如果您願意，我們可以提高每隻鳥的最終成本。

But we don't know that yet.

但我們還不知道。

We spent a little more than we planned, but we also upgraded the facility to be air-chilled instead of water-chilled.

我們花了比計劃多一點的錢，但我們也將設施升級為風冷而不是水冷。

It truly is a state-of-the-art facility for the U.S. and a very high-volume facility.

它確實是美國最先進的設施，也是一個非常大容量的設施。

And I would say, right now, things are going as planned in terms of that 45-week cycle.

我想說，現在，就 45 週的周期而言，事情正在按計劃進行。

And I would like to think that a year from now -- 6 months from now or 2 more quarters from now, it's not going to be an issue that we really even talk about as it relates to how it impacted margin.

而且我想從現在起一年 - 從現在起 6 個月或從現在起再過 2 個季度，這不會成為我們真正談論的問題，因為它與它如何影響利潤率有關。

Got you.

得到你。

I appreciate that.

我很感激。

We talk about it a little bit.

我們稍微談一下。

I don't think I'll be that wrong.

我不認為我會錯。

Got it.

知道了。

And then I know you obviously had the surge in that kind of fourth week, as you pointed out, because of the coronavirus.

然後我知道，正如您所指出的，由于冠狀病毒，您顯然在第四周出現了激增。

Warehouses were obviously jammed.

倉庫顯然被堵塞了。

Everyone kind of sees that.

每個人都看到了這一點。

But I'm curious if you happen to see an even larger increase from e-com in terms of -- like, has there been some sort of shift in consumer behavior at all?

但我很好奇你是否碰巧看到電子商務的增長更大——比如，消費者行為是否發生了某種轉變？

Or is all the activity concentrated on warehouses?

還是所有活動都集中在倉庫上？

No.

不。

I mean we saw an increase, but not really.

我的意思是我們看到了增長，但不是真的。

I mean mind you that -- no, we saw -- yes, throughout February, we saw some increase in e-commerce.

我的意思是請注意——不，我們看到了——是的，整個 2 月，我們看到電子商務有所增長。

But again, if people are looking for those -- the sense of urgency, I'm going out right now and get it, things like water and everything.

但同樣，如果人們正在尋找那些——緊迫感，我現在就出去拿它，比如水之類的東西。

And some of those key items, like peanut butter and crackers and the like, we have online as well.

其中一些關鍵商品，如花生醬和餅乾等，我們也有在線銷售。

And those, too, in some regions, might be in and out of stocks.

在某些地區，這些也可能有庫存和無庫存。

Our next question comes from the line Judah Frommer from Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Judah Frommer。

I was hoping maybe you could help us with kind of how things trended in Korea over the last few weeks.

我希望你能幫助我們了解過去幾週韓國的情況。

You have exposure there potentially weeks ahead of where the U.S. could be, worst-case scenario for the virus.

你可能會比美國早幾週暴露在病毒的最壞情況下。

So in terms of demand and kind of stock up, and then potentially demand falling off as the virus spread there, any insights there?

因此，就需求和庫存種類而言，隨著病毒在那里傳播，需求可能會下降，有什麼見解嗎？

Well, I think the only insight is -- from what I've read, it is not -- is the issue that more people are staying at home and not even going out.

嗯，我認為唯一的見解是——從我所讀到的，事實並非如此——更多的人呆在家裡甚至不出門的問題。

Whereas even near the -- with all the publicity the state of Washington and King County is getting, with a few of the deaths, there are people out and about.

甚至在華盛頓州和金縣得到所有宣傳的情況下，儘管有一些人死亡，但仍有人在外面走來走去。

There's a little less traffic on the highways.

高速公路上的車流量少了一點。

And -- but notwithstanding that it's on the highways coming to see us.

而且——儘管它是在高速公路上來看我們的。

Got it.

知道了。

And then kind of changing gears.

然後是換檔。

We've seen some stuff about potentially requiring membership in some food courts in the press.

我們已經在媒體上看到了一些關於可能要求成為某些美食廣場會員的內容。

Anything behind the thought process there?

思考過程背後有什麼東西嗎？

Well, first of all, it's gotten more press than it deserves.

嗯，首先，它得到了比它應得的更多的新聞。

There are, I believe, 7 current locations on the West Coast, where we -- and I believe they are all outdoor locations.

我相信西海岸目前有 7 個地點，我們在那裡——而且我相信它們都是戶外地點。

And one of the challenges we've had is particularly on very busy locations, where people that are nonmembers just come and eat there every day.

我們面臨的挑戰之一尤其是在非常繁忙的地方，非會員的人每天都來那裡吃飯。

You've got member complaints saying, why are you -- I have to pay to come to Costco.

你有會員投訴說，你為什麼——我必須付錢才能來 Costco。

And so we took -- we're testing it in 7 locations that we are limiting it to members only.

所以我們採取了——我們正在 7 個地點對其進行測試，我們將其僅限於會員。

It's easy in locations where you have the food court inside.

在裡面有美食廣場的地方很容易。

But on -- in many of the ones in areas where the weather is generally good, like California, Arizona and things like that, you have a lot of them that are outside.

但是，在許多天氣普遍良好的地區，比如加利福尼亞州、亞利桑那州和類似的地方，你有很多在外面。

And so we'll see.

我們拭目以待。

But that's -- but again, 7 locations out of 540 we're testing it at and it's gotten a lot of press.

但那是 - 但同樣，我們正在測試它的 540 個地點中的 7 個地點，它得到了很多媒體。

Okay.

好的。

Got it.

知道了。

And if I could squeeze in one more.

如果我能再擠一個。

Anything on supply in pharmacy?

藥房有貨嗎？

And any people stocking up there and potentially running out of inventory?

有沒有人在那裡囤貨並可能用完庫存？

This is just a quote from the FDA yesterday.

這只是昨天 FDA 的報價。

It said while the FDA and other outlets are reporting disruptions and medical products are possible, at this time, manufacturers are reporting that no specific drugs experienced a shortage due to the impact of COVID-19.

它說，雖然 FDA 和其他網點報告中斷和醫療產品是可能的，但此時，製造商報告說，由於 COVID-19 的影響，沒有特定藥物出現短缺。

And talking to our head of pharmacy yesterday, he said the only thing that we've seen, there's been a little pickup there as well.

昨天與我們的藥房負責人交談時，他說我們唯一看到的是，那裡也有一些提貨。

Let's say somebody has a yearlong prescription.

假設某人有一個為期一年的處方。

So 4 9 -- a prescription plus 3 90-day refills for -- and they'll come in and they'll want all 4 of them filled now.

所以 4 9 - 一個處方加上 3 個 90 天的補充藥 - 他們會進來，他們現在希望把所有 4 個都填滿。

And in some cases, even when their particular insurance plan doesn't cover it, they're paying cash.

在某些情況下，即使他們的特定保險計劃不包括在內，他們也會支付現金。

They're just hoarding -- they're hoarding up on their prescription to make sure we're not running out.

他們只是在囤積——他們在囤積他們的處方，以確保我們不會用完。

But that's more, again, I think the same thing you're seeing with paper goods.

但更重要的是，我認為你在紙製品上看到的也是同樣的事情。

But from a supply and availability standpoint, we haven't seen anything yet.

但從供應和可用性的角度來看，我們還沒有看到任何東西。

Why don't we take 2 more questions?

我們為什麼不多做 2 個問題呢？

Okay.

好的。

The next question comes from the line of Oliver Chen from Cowen.

下一個問題來自 Cowen 的 Oliver Chen。

Richard, regarding the supply chain and what you're seeing, what are your thoughts regarding the price increases -- or potential price increases, whether that be from transportation costs or other and what your buyers think may happen there.

理查德，關於供應鍊和您所看到的，您對價格上漲或潛在價格上漲有何看法，無論是來自運輸成本還是其他以及您的買家認為那裡可能發生的事情。

And the second question is related to e-commerce.

第二個問題與電子商務有關。

You made a lot of progress on your mobile app.

您在移動應用程序上取得了很大進展。

Just what's ahead for changes to the mobile app?

移動應用程序的變化是什麼？

And also more broadly, capital investments related to e-com and supply chain.

更廣泛地說，與電子商務和供應鏈相關的資本投資。

As it relates to costs, the general view of the buyers is that we have -- I get back to the comment I made earlier about strong relations.

由於它與成本有關，買家的普遍看法是我們有 - 我回到我之前關於牢固關係的評論。

To the extent that there's some raw materials cost increases because of shortages, that's going to rain on everybody.

在某種程度上，由於短缺導致一些原材料成本增加，這將對每個人都下雨。

In our view, it rains on us a little less.

在我們看來，我們身上的雨少了一點。

But I think we -- given the limited number of items we buy and the amount of things we -- the amount of a given item that we buy, our buyers, we feel, know a lot more about the cost structure.

但我認為，鑑於我們購買的物品數量和數量有限，我們購買的給定物品的數量，我們覺得，我們的買家對成本結構了解得更多。

And so I haven't seen any commentary on that internally other than there was one small comment -- I can't find it in my mess of papers here, that there may be, in some small cases, some raw material increases on some particular item -- some particular raw material for some manufacturing process.

所以我在內部沒有看到任何評論，除了有一條小評論——我在這裡的一堆亂七八糟的論文中找不到它，在一些小情況下，一些原材料可能會增加特定項目——某些製造過程的某些特定原材料。

But overall, there's not been a big issue.

但總的來說，問題不大。

Right now, the only increase in transportation is on some very limited items where there's been a little bit of airfreight.

目前，運輸的唯一增加是一些非常有限的物品，其中有一點空運。

What we're finding is that the ports, again, are getting back to capacity, and there's plenty of space.

我們發現，港口再次恢復容量，並且有足夠的空間。

And so that's not been as big an issue.

所以這不是一個大問題。

As it relates to an e-com investment.

因為它與電子商務投資有關。

There's not a lot I have on my plate to tell you today.

今天我的盤子裡沒有太多要告訴你的。

We're working on more things related to our app, to our membership digital app.

我們正在做更多與我們的應用程序相關的事情，我們的會員數字應用程序。

And we certainly have some things going on, on the fulfillment side of e-commerce.

在電子商務的履行方面，我們肯定會發生一些事情。

And we've been focused on getting 2 more countries opened, as I mentioned in the last quarter.

正如我在上個季度提到的那樣，我們一直專注於讓另外 2 個國家/地區開放。

And we think -- there are a few other things that we've got going on that I'll be happy to chat with the next time around.

我們認為 - 我們還有其他一些事情要做，下次我很樂意與他們聊天。

Okay.

好的。

Is buy online, pick up in-store going as you like?

網購、店內取貨是否隨心所欲？

And do you expect a lot of enhancements ahead to that as customers like it?

如果客戶喜歡它，您是否期望在此之前進行很多改進？

Well, customers like it, but we don't like it necessarily.

好吧，客戶喜歡它，但我們不一定喜歡它。

We're doing buy online and pick up in-store for some small items -- small high-value items.

我們正在網上購買並在店內提貨一些小物品——小的高價值物品。

But we're not at the point where we're looking for members to buy online and come and pick up their whole grocery baskets.

但我們並不是在尋找會員在線購買並來取他們的整個雜貨籃。

So we're trying to figure out our way.

所以我們正試圖找出我們的方式。

And certainly -- again, the last 9 or so days notwithstanding, seems -- things seem to be working pretty well for us in that regard.

當然 - 再一次，儘管過去 9 天左右，似乎 - 在這方面對我們來說似乎工作得很好。

We continue to work on the -- where we've had good sales and good strength over the last few years in e-commerce is taking certain big and bulky things out of the warehouse, like white goods and things that are delivered, in some cases, installed, and so we continue to work on those kind of things as well.

我們繼續努力——在過去幾年中，我們在電子商務方面取得了良好的銷售和強大的實力，將某些大而笨重的東西從倉庫中取出，比如白色家電和交付的東西，在一些案例，安裝，所以我們也繼續致力於這些事情。

And lastly, Richard, with the surge in demand and the traffic trends that you've seen, how have you managed like this customer and guest satisfaction and also labor in your stores, those kinds of things that we're curious about?

最後，Richard，隨著需求的激增和您所看到的客流量趨勢，您如何管理客戶和客人的滿意度以及在您的商店中的勞動力，這些我們很好奇的事情？

How do we measure it?

我們如何衡量它？

How have you managed it and just tried your best to make sure that customers are happy and also you have the appropriate labor levels relative to spikes and changes in demand.

您是如何管理它的，並儘最大努力確保客戶滿意，並且您擁有與需求高峰和變化相關的適當勞動力水平。

Well, again, the last 1.5 weeks, notwithstanding because it's been nuts.

好吧，再一次，過去的 1.5 週，儘管因為這太瘋狂了。

No, first of all, member comments and basic member renewal rates.

不，首先，會員評論和基本會員續費率。

I mean, we actually -- the operators and all the way up to Craig, see weekly information on comments.

我的意思是，我們實際上 - 運營商一直到克雷格，每週都會查看評論信息。

You can't imagine how many people call and e-mail when they have something that they're concerned about.

你無法想像有多少人在有他們關心的事情時會打電話和發電子郵件。

And we also measure the least expected but the positive letters to that effect.

我們還測量了最不期望但對此效果積極的字母。

On the operations side, the key is still -- well, aside from merchandising, the art of merchandising out there and giving the [branch] managers, the assistant managers and the merchandisers -- warehouse merchandisers, some leeway, not -- I mean, certainly, electronics is when you walk in and there's defensive promotional goods and fresh is in the back.

在運營方面，關鍵仍然是——嗯，除了推銷，推銷的藝術，給[分公司]經理、助理經理和跟單員——倉庫跟單員，一些迴旋餘地，不是——我的意思是，當然，電子產品是當你走進去的時候，有防禦性的促銷品，新鮮的就在後面。

But at the end of the day, there is a bit of merchandising that is pushed down to the regional and warehouse level.

但歸根結底，有一些商品推銷到區域和倉庫層面。

And that's what, I think, drives our business there.

我認為，這就是推動我們在那裡開展業務的原因。

In terms of the front end -- managing the front end, I think we've got less count -- 120 of our 540-ish locations in the U.S. with self-checkout.

在前端方面——管理前端，我認為我們的數量更少——我們在美國的 540 個地點中有 120 個提供自助結賬。

And we plan another 100 in the next 3 months.

我們計劃在接下來的 3 個月內再增加 100 個。

And so always trying to figure out and measuring the number of member transactions through the front end per hour.

所以總是試圖找出和衡量每小時通過前端的會員交易數量。

Next question from the line of Peter Benedict from Baird.

Baird 的 Peter Benedict 的下一個問題。

Richard, just 2 quick ones here to close out.

理查德，這裡只有 2 個快速結束。

So it looks like the business is probably comping in the 20% range there in that last week, and certainly, the demand is probably even higher than that, just given that you guys are running out towards the end of the day.

因此，看起來該業務可能在上週的 20% 範圍內競爭，當然，需求可能甚至更高，只是考慮到你們在一天結束時用完了。

How do you think about the ability for the club to kind of keep up that -- with that pace of demand?

你如何看待俱樂部能夠跟上這種需求的速度？

I mean if this were to go on for 3, 4 more weeks, do you guys think you've got -- does the supply chain able to keep up with that level of demand?

我的意思是，如果這種情況再持續 3 到 4 週，你們認為你們有 - 供應鏈能夠跟上這種需求水平嗎？

Or are you hitting a point where you're not -- you're just not going to get another delivery tomorrow of pick your category?

或者你是否達到了一個你沒有達到的地步——你明天不會再收到另一個交貨來選擇你的類別？

Yes.

是的。

No.

不。

Well, I think it's all over the board.

好吧，我認為這一切都結束了。

Yesterday, I think there was a couple of -- either Los Angeles or San Diego counties that announced a heightened level of concern.

昨天，我認為有幾個——洛杉磯或聖地亞哥縣宣布提高關注程度。

King County here in Seattle did that a couple of days ago.

幾天前，西雅圖的金縣就這樣做了。

When that happens, that's another catalyst that puts people to go out and get more stuff.

當這種情況發生時，這是另一種催化劑，讓人們走出去買更多的東西。

I would hope -- and look, we would all hope this thing peaks and starts to slow down.

我希望 - 並且看，我們都希望這件事達到頂峰並開始放緩。

It depends what happens tomorrow.

這取決於明天會發生什麼。

We'll be tired but still working hard.

我們會很累，但仍然努力工作。

Given that half of our employees -- roughly -- a little over half of our -- of the 90% of employees in our warehouses that are hourly, about a little over half of those 90% are full-time and a little under half are part-time.

考慮到我們倉庫中 90% 的按小時工作的員工中有一半——大約——略多於一半——在這 90% 的員工中，大約有一半是全職，不到一半是全職是兼職的。

Certainly, there are employees that want to work more than part-time, and so we've been able to accommodate some additional hours there.

當然，有些員工希望工作超過兼職，因此我們已經能夠在那里安排一些額外的時間。

But everybody is a little tired but that's what you do.

但每個人都有點累，但你就是這樣做的。

Okay.

好的。

And then my last question is just on lawn and garden, you mentioned that a couple of times, and you talked about seasonal.

然後我的最後一個問題是關於草坪和花園，你提到過幾次，你談到了季節性。

Maybe expand on that a little bit.

也許擴展一點。

Where in particular are you seeing the strong -- I guess, it's an early start to spring, but maybe talk a little bit about what you're seeing on that front.

你在哪里特別看到了強者——我想，這是春天的早期開始，但也許可以談談你在這方面看到的東西。

Well, the only thing I mentioned there was that in -- and getting ready for today's call, I had spoken to several of the senior merchants in the different categories.

好吧，我唯一提到的就是——在為今天的電話會議做準備時，我與不同類別的幾位資深商人交談過。

And one thing without even looking at the numbers, I thought, is I assume some of the big-ticket discretionary items might be a little weaker because people are not running in to get those items.

我想，甚至沒有看數字的一件事是，我認為一些大件可自由支配的物品可能會稍弱一些，因為人們沒有跑進去購買這些物品。

They're running in to get other concerned items.

他們跑進去拿其他有關的物品。

And the fact was, to my surprise, that they said that certain items like patio furniture and lawn and garden was strong.

事實上，令我驚訝的是，他們說庭院家具、草坪和花園等某些物品很堅固。

They felt -- and again, it was just their view, that patio -- lawn and garden was more related to some of the areas of the country where the weather has turned already.

他們覺得——再一次，這只是他們的觀點，那個庭院——草坪和花園與該國天氣已經轉變的一些地區更相關。

And -- but clearly, because you got X percent more people coming in every day than normal.

而且 - 但很明顯，因為每天進來的人比平時多 X%。

Okay.

好的。

Well, thank you, everyone.

嗯，謝謝大家。

Have a good afternoon, and we're around to answer any questions.

祝您下午愉快，我們隨時為您解答任何問題。

Have a good day.

祝你有美好的一天。

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

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。