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

女士們、先生們，感謝各位的耐心等待，歡迎參加第二季財報電話會議和二月銷售電話會議。（操作說明）現在我謹將會議交給今天的發言人，財務長理查‧加蘭蒂先生。

Thank you. Please go ahead.

謝謝。請繼續。

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

謝謝你，羅謝爾，大家早安，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. 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.

首先我要說明的是，這些討論將包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些聲明涉及風險和不確定性，可能導致實際事件、結果和/或績效與此類聲明所指出的內容有重大差異。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和不確定性，以及公司不時在公開聲明和提交給美國證券交易委員會的報告中確定的其他風險和不確定性。前瞻性聲明僅代表其發布之日的情況，除法律要求外，本公司不承擔更新這些聲明的義務。

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，我們公佈了 2020 財年第二季（截至今年 2 月 16 日的 12 週）的營運業績，以及截至上週日（3 月 1 日）的 2 月份零售銷售業績。

Reported net income for the quarter came in at $931 million or $2.10 per share. This compared to last year's second quarter of $889 million or $2.01 per share. 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.

該季度公佈的淨利潤為 9.31 億美元，即每股 2.10 美元。相比之下，去年第二季營收為 8.89 億美元，即每股 2.01 美元。本季淨銷售額為 382.6 億美元，比去年同期實現的 346.3 億美元成長了 10.5%。

Comparable sales for the second quarter were as follows. In the U.S. for the 12 weeks on a reported basis, 9.1%; excluding gas inflation and the impacts of FX, 8.1%. Canada, on a reported basis, 8.9%; ex gas and FX, 6.8%. Other International, 7.9% reported; and 7.1% ex gas and FX. For total company, a reported 8.9% same-store sales increase and ex gas and FX of 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.

第二季同店銷售額如下。在美國，依報告的 12 週數據，成長率為 9.1%；若不計入汽油通膨和匯率影響，則為 8.1%。加拿大（依報告資料）為 8.9%；剔除天然氣及外匯因素後為 6.8%。其他國際業務佔7.9%；若不計天然氣和外匯，則佔7.1%。公司整體同店銷售額成長8.9%，剔除汽油及外匯因素後成長7.9%。由於今年的感恩節假期比去年晚了一周，這兩個數字也因此都增加了約 0.5%。

On e-commerce, we reported a 28.4% comp for the 12 weeks, ex -- and a 28% ex FX. And again, there was a bigger impact of this Thanksgiving holiday shift there given the importance of that to e-commerce. E-commerce sales in the quarter were positively impacted by an estimated 11 percentage points and, hence, the 28% comp result.

在電子商務方面，我們報告稱，12 週的同店銷售額為 28.4%（不計入匯率因素），不計入匯率因素的銷售額為 28%。而且，考慮到感恩節假期對電子商務的重要性，這次假期調整對電子商務的影響也更大。本季電子商務銷售額受到約 11 個百分點的正面影響，因此實現了 28% 的同店銷售額成長。

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

就第二季同店銷售指標而言，第二季全球客流量或購物頻率成長了 5.9%，美國成長了 6.1%。外幣兌美元走強——美元對銷售額產生了約 0.25% 的積極影響——抱歉，應該是約 25 個基點。汽油價格上漲對這些數字產生了約 80 個基點的正面影響。

Our average transaction size or ticket was up 2.9% during the quarter, which includes the positive impacts of gas inflation and FX. Later in the call, I will review our February sales results.

本季我們的平均交易規模或單筆交易金額成長了 2.9%，其中包括天然氣價格上漲和匯率波動帶來的正面影響。稍後我將在電話會議中回顧我們二月份的銷售業績。

Moving down the income statement for the second quarter. 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. That percent increase is about the same as it was Q1 year-over-year. In Q1, we opened 3 -- we had 3 new openings. In Q2, we had no new openings.

接下來我們來看第二季的損益表。會員費收入為 8.16 億美元，比去年第二季的 7.68 億美元成長了 6.3%，增加了 4,800 萬美元。這一增幅與去年第一季的增幅基本持平。第一季度，我們新開了 3 家店。第二季度我們沒有新增職缺。

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

就續約率而言，截至第二季末，我們在美國和加拿大的續約率為 90.9%，全球續約率為 88.4%。這些更新水準與我們在過去兩個財政季度所達到的水平相同。

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. 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. 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.

截至第二季末，就會員數、會員家庭數和持卡人總數而言，我們擁有 5,530 萬個會員家庭，比 12 週前的 5,470 萬個增加了約 60 萬個。持卡人總數達到 1.009 億，比第一季末報告的 9,990 萬增加了約 100 萬。截至第二季末，付費高級會員人數為 2,170 萬，在 12 週內增加了 32.1 萬，或自第一季末以來每週增加約 2.7 萬。

Going down the -- to the gross margin line. 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. That 31 basis point reduction, lower number year-over-year, excluding gas inflation, it would have been 22 basis points lower.

向下走到毛利率線。我們第二季公佈的毛利率年減 31 個基點，為 10.98%，去年同期為 11.29%。31個基點的降幅，低於去年同期的降幅；如果不計入汽油價格上漲，降幅將達到22個基點。

If you'll please jot down the 5 -- 4 line items and 2 columns as we usually do. First column is reported for the second quarter, and the second would be without gas inflation. The core merchandise margin was down on a reported basis 30 basis points year-over-year in the quarter. Ex gas inflation, it was down 22. Ancillary businesses, a minus 5 and a minus 2 basis points. 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.

請您像往常一樣，記下 5 項內容—4 行和 2 列。第一列數據為第二季數據，第二列數據不包含天然氣通膨因素。本季核心商品毛利率按報告基準年減 30 個基點。剔除天然氣通膨因素，該指數下降了22%。輔助業務，-5 和 -2 個基點。2% 的獎勵，加上 4 和 2。正如我所提到的，總而言之，以報告數據計算，年減 31 個基點；剔除汽油通膨因素，下降 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.

核心利潤率同比下降的主要原因是，我們業務中利潤率較低的重要業務板塊的銷售滲透率較高，這些板塊的增長速度比核心業務更快，特別是汽油和電子商務，以及我們新的家禽綜合體的啟動虧損，我在第一季也提到過這一點。

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

如果只看核心商品類別與它們本身的銷售額（也就是核心對核心的銷售額），那麼按報告計算，其利潤率同比下降了 15 個基點，其中 6 個基點與新家禽綜合體的虧損有關。第二季核心毛利率較去年同期來看，軟性商品毛利率成長；食品和雜貨毛利率與去年同期基本持平；而硬性商品和新鮮食品的毛利率均有所下降。本季硬線產品銷量下降，主要是由於假日安排，導致今年的促銷活動更集中在第二季。正如我剛才提到的，生鮮產品受到了我們價格投資增加（與去年相比）以及新家禽綜合設施的利潤率影響的負面影響。我們家禽加工廠於 9 月 10 日開業，現在已經運營了一年，我們預計毛利率的不利因素會減少，但隨著我們達到滿載生產能力和改進運營，這些不利因素會繼續存在，但會略有下降。

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

輔助業務和其他業務的毛利率按報告基準計算，年減 5 個基點，扣除本季天然氣通膨因素後下降 2 個基點。基本上，你遇到了一些對你有害的事情，也遇到了一些對你有益的事情，但總的來說，減去 2 項（例如，通貨膨脹）。

2% Reward was better by 4 on a reported basis and by 2 basis points ex gas inflation. This relates primarily to a true-up of our breakage estimate of the Executive Member rewards.

以報告數據計算，2% 的回報比之前高出 4 個基點；剔除天然氣通膨因素後，則高出 2 個基點。這主要與我們對執行會員獎勵的破損率估算進行調整有關。

Moving to 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. Without gas inflation, SG&A was lower by 13 basis points. Again, if you jot down the following few numbers, 4 line items and the 2 columns. Core operations, year-over-year in Q2 on a reported basis, showed an improvement. It was lower, so I'll say a plus 17 basis points; and ex gas inflation, plus 10. Central, plus 1 and plus 0. Stock compensation was lower -- or plus 4 and plus 3 on -- ex gas inflation. 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.

移至銷售、一般及行政管理部門。我們報告的銷售、一般及行政費用百分比較去年同期下降或改善了 22 個基點，達到銷售額的 9.78%，低於一年前的 10.0%。剔除天然氣通膨因素，銷售、一般及行政費用降低了 13 個基點。再說一遍，如果你記下以下幾個數字、4 個項目和 2 列。按報告數據，第二季核心營運較去年同期有所改善。實際利率較低，所以我說上漲 17 個基點；剔除天然氣通膨因素後，上漲 10 個基點。中央，加 1 和加 0。股票補償較低——或加 4 和加 3——不包括天然氣通膨。再一次，以報告基準計算，銷售、一般及行政費用總額下降了 22 個基點，加上 22；如果排除天然氣通膨因素，則加上 13，因此下降了 13。

The core operations component, again, 17 reported; 10, excluding impact from gas. This figure includes the impact of the wage increases that occurred last March of '19. This hit our year-over-year comparison by an estimated 3 to 4 basis points. We anniversaried that increase just this past week so the impact in Q3 will be minimal.

核心營運部分再次報告了 17 起；不包括天然氣的影響，則為 10 起。該數字包含了 2019 年 3 月發生的工資上漲的影響。這使我們的同比數據下降了約 3 至 4 個基點。我們上週剛慶祝了那次成長，因此對第三季的影響將微乎其微。

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.

第二季度，銷售滲透率同比下降，SG&A 也受益於銷售滲透率向 SG&A 較低的業務板塊轉移——也就是說，向 SG&A 較低的業務板塊轉移，這些板塊的增長速度比核心業務（即天然氣和電子商務）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. We continue to invest and spend in IT to the tune of about 5 basis points higher year-over-year. That was offset by improvement in other expense items and, of course, helped by strong sales. And stock comp, as I mentioned, on an ex gas inflation, improvement of 3 basis points. This varies quarter-to-quarter. 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. Nothing really unusual to report there.

中心價格下跌－在銷售、一般及行政費用中，中心價格按報告基準下跌 1 個基點，與去年同期持平（不包括天然氣通膨）。我們持續增加對資訊科技的投資和支出，較去年同期增加約 5 個基點。其他費用項目的改善抵消了這一影響，當然，強勁的銷售也起到了幫助作用。如我之前提到的，剔除天然氣通膨因素後，股票價格比較提高了 3 個基點。每個季度情況都不一樣。從過去幾年的情況來看，通常第一季會受到輕微衝擊，而其他季度則基本上持平或略有增長。沒什麼特別異常的情況發生。

Next on the income statement is preopening expense. Preopening expense was lower. It came in at $7 million compared to $2 million in Q2 a year ago. As I mentioned earlier, this year, we had no openings. Last year, we had 2 openings both in the U.S., 1 net new opening and 1 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. 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. Those will both open during the next couple of weeks.

損益表上的下一個項目是開業前費用。開業前費用較低。與去年同期相比，第二季營收達到 700 萬美元，去年同期為 200 萬美元。正如我之前提到的，今年我們沒有空缺。去年，我們在美國有 2 個職位空缺，1 個是新職位，1 個是搬遷職位。本季第二季的開業前費用主要與將在第三和第四財季開業的倉庫有關。我們即將在澳洲珀斯開設分店，同時也將在密西西比州里奇蘭開設第一家分店，這將是我們開展業務的第 45 個州。這兩家店都將在未來幾週內開業。

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.

總的來說，2020 年第二季報告的營業收入成長了 5.2%，達到 12.66 億美元，而去年同期為 12.03 億美元。

Below the operating income line. Interest expense was the same year-over-year coming in both quarters at $34 million. And interest income and other for the quarter was lower by $1 million, so almost flat year-over-year.

低於營業收入線。兩個季度的利息支出與去年同期持平，均為 3,400 萬美元。本季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.

稅前總收入成長5.1%，達到12.77億美元，去年同期為12.15億美元。

In terms of income taxes, our rate was just slightly higher year-over-year. In the second quarter, it was -- it came in at 25.9% rate compared to 25.8% in Q2 last year. 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%.

就所得稅而言，我們的稅率比前一年略有上升。第二季度，該比率為 25.9%，而去年第二季度為 25.8%。根據我們目前的估計（當然，這些估計可能會有所變化），我們預計 2020 財年全年公司實際正常總稅率約為 26% 至 26.5%。

In terms of openings, as I mentioned, we had no openings in Q2. We plan 2 net new openings in Q3. And I'll give you a range for Q4, which is our 16-week fiscal quarter of 11 to 13. Part of that, again, most of the openings concentrated in our fourth fiscal quarter. And of course, there's probably a few subject to slipping into early part of next year based on weather. As of Q2 end, total warehouse square footage stood at 114 million square feet.

至於職位空缺方面，正如我之前提到的，我們第二季度沒有職位空缺。我們計劃在第三季淨增 2 個營業點。我將給出第四季度（即我們為期 16 週的財政季度）的預期範圍，即 11 至 13。其中一部分，同樣，大部分新增職位都集中在我們的第四財季。當然，根據天氣狀況，可能有些比賽會延到明年年初舉行。截至第二季末，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. And our estimated CapEx for all of fiscal '20 remains right around $3 billion.

就資本支出而言，本季我們花費了約 5.45 億美元。我們對 2020 財年全年資本支出的估計仍在 30 億美元左右。

In terms of e-commerce, again, we reported a 28.4% comp sales increase and 28% without FX. Again, a lot of that had to do -- a lot of that increase had to do with the Thanksgiving shift. We estimate again that about 11 percentage points of that related to Thanksgiving falling a week later this year and helping this number.

就電子商務而言，我們再次報告稱，同店銷售額增長了 28.4%，不計匯率因素則增長了 28%。再說，這很大程度上與感恩節的消費習慣轉變有關。我們再次估計，其中約有 11 個百分點與今年感恩節推遲一周有關，這有助於提高這一數字。

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

整體而言，一些實力較強的部門、主要部門、特殊訂單亭商品、季節性部門以及玩具和家居用品部門，這些部門普遍受益於假日的銷售變化。就線上雜貨總量而言，其成長速度繼續超過實體店電商，無論是 2-day 還是 Instacart，後者並未計入我們的電商數據，因為他們是到倉庫採購的。雖然銷售滲透率仍然很低，但銷售額比去年同期成長幅度相當大，達到了兩位數的高點。

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. And not to be outdone, we recently sold another high-value large carat diamond for a little over $600,000. If anyone's interested, please give me a call.

第二季度，我們分別在 12 月和 2 月成功推出了日本電子商務網站和澳洲電子商務網站。為了不甘示弱，我們最近又賣出了一顆價值不斐的大克拉鑽石，售價略高於 60 萬美元。如有興趣，請打電話給我。

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

接下來來看看我們二月的銷售業績，截至上週日（3月1日）的這四周與去年同期相比的情況。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，比去年同期的 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%. Canada reported a 10.2%; ex gas and FX, a 10.4%. Other International, a 12.5%; ex gas and FX, a 13.5%. So total company, a 12.1% reported; and a 11.7% ex gas and FX. E-com for the 4-week period, 22.6% for the reported and 22.7% ex FX.

從地理來看，美國報告稱，過去 4 週的同店銷售額為 12.4%；剔除天然氣和外匯因素後，為 11.6%。加拿大報告成長10.2%；剔除天然氣和外匯因素後，成長10.4%。其他國際業務佔 12.5%；除天然氣和外匯業務外，佔 13.5%。因此，公司整體報告率為 12.1%；剔除天然氣和外匯因素後為 11.7%。4 週期間的電子商務，報告值為 22.6%，扣除外匯影響後為 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. This positively impacted the month's total and comparable sales numbers by approximately 3 percentage points.

我們2月份的業績受益於上週（上個月的第四週）銷售額的大幅增長，我們認為這主要與人們對冠狀病毒的擔憂有關。這使當月的總銷售額和可比較銷售額提高了約 3 個百分點。

U.S. regions with the strong sales results in February were the Northwest, Texas and the Midwest. Internationally in local currencies, we saw strong results in Taiwan, Japan, Spain and Mexico.

2月美國銷售業績強勁的地區為西北部、德州和中西部地區。從國際市場（以當地貨幣計）來看，我們在台灣、日本、西班牙和墨西哥都取得了強勁的表現。

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

本月，外幣兌美元年比匯率下跌導致加拿大 2 月同店銷售額下降約 60 個基點。它對其他國際業務造成了約 110 個基點的負面影響，對公司整體業務造成了約 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.

蠶食效應對美國市場造成了約 10 個基點的影響，對其他國際市場造成了約 140 個基點的影響，對公司整體造成了約 30 個基點的影響。

Moving to merchandise highlights. The following comparable sales results by category. Food and sundries were positive in the low teens. Strongest departments included foods, frozen foods, sundries and candy. Hardlines were positive in the high singles. Better-performing departments were lawn and garden, health and beauty aids and tires. Softlines were up in the mid-single digits. Better-performing departments included housewares, domestics and jewelry. And finally, fresh foods were up in the low double digits. Better-performing departments included meat and produce.

接下來進入商品亮點展示環節。以下是按類別劃分的可比較銷售業績。食品和雜貨價格在十幾美元左右。銷售最強的部門包括食品、冷凍食品、日用品和糖果。強硬派在高單打比賽中表現積極。業績較好的部門包括草坪和花園用品部、保健美容用品部和輪胎部。軟線商品銷售額成長了個位數中段。業績較好的部門包括家居用品、家政用品和珠寶。最後，新鮮食品價格也出現了兩位數的微幅成長。表現較好的部門包括肉類和農產品部門。

Within ancillary, pharmacy, gas and hearing aids had some of the better comp sales increases in February. And gas price inflation, I think I mentioned this, positively impacted total reported comp sales by about 60 basis points.

在輔助用品方面，藥局、汽油和助聽器在 2 月的同店銷售成長較為明顯。我想我之前提到過，汽油價格上漲對總報告同店銷售額產生了約 60 個基點的正面影響。

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%. And again, within the 8.9% U.S. frequency number for the 4 weeks, within that for the 3 weeks, it was 6.9%. So still a good showing prior to that. For February, the average transaction was up 2.7%.

最後，我們 2 月的同類流量或頻次在全球範圍內增長了 9.2%，在美國增長了 8.9%。鑑於第四週的顯著增長，正如我知道許多人所看到的，這與對冠狀病毒的擔憂有關，前三週——在 4 週全球 9.2% 的增長中，前三週的增長率為 7.6%。此外，在 4 週內美國 8.9% 的頻率數字中，3 週內的頻率數字為 6.9%。所以在此之前，他們的表現依然不錯。2月平均交易量增加了2.7%。

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

現在讓我們來談談新冠病毒及其帶來的所有問題和影響。和所有人一樣，我們密切關注著冠狀病毒的發展，包括其對營運、會員和員工的健康與安全以及供應鏈的影響。正如之前討論過的，受疫情新聞和擔憂的影響，我們的二月份客流量和同店銷售額都出現了增長，尤其是在當月的最後一周，而且這種增長勢頭在本週的前幾天仍在持續。

Our warehouses have overall remained open with only a few total days of closures at a couple of locations in Korea. As well, our Shanghai location, there's been some limitations required on the number of people in the facility at any given time.

我們的倉庫總體上保持開放，只有韓國的幾個地點總共關閉了幾天。此外，我們在上海的辦公地點也對同一時間內設施內的人數做出了一些限制。

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. And we're doing our best to stay in stock on these and other items. We're getting deliveries daily, but still not enough given the increased levels of demand on certain key items. 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.

會員們紛紛向我們尋求與應對病毒相關的各種物品，例如保質期長的乾貨、清潔用品、漂白劑、水、紙製品、洗手液、消毒濕巾、消毒劑、保健美容用品，甚至還有淨水器和食品儲存用品等。我們正在盡最大努力確保這些商品和其他商品的庫存充足。我們每天都能收到貨物，但考慮到某些關鍵商品的需求量不斷增加，仍然不夠。過去一周，無論是在戶外購物頻率還是銷售水平方面，都出現了一些瘋狂的現象，而且這種情況不僅發生在美國。

In terms of placing quantity limits on what a member can purchase. We are doing that in some instances. It tends to be at all locations but may differ regionally based on supply levels. I do want to give 3 big shout-outs. 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. Second, a shout-out to our warehouse employees. These last 9 or so days has been beyond busy. Even with the traffic jams in the parking lots and the long lines to check out, they've been absolutely awesome. And anecdotally, we're hearing that daily from members. We hear a few other things occasionally, too. And lastly, our suppliers, both domestically and abroad, we feel our strong long-term relationships have helped to this crisis. We've been there for them, and they are certainly there for us now.

就限制會員購買數量方面而言。我們在某些​​情況下會這樣做。它通常在所有地方都有，但可能會因供應水平的不同而有所差異。我特別想表揚三人。我們的採購人員，無論是在本地還是在海外，有時甚至晝夜不停地工作，為現有供應商採購物資，並在可能的情況下從其他管道採購。其次，要特別感謝我們的倉庫員工。過去這九天左右的時間裡，我忙得不可開交。即使停車場交通擁堵，結帳隊伍很長，他們也做得非常棒。而且，我們每天都能從會員那裡聽到類似的回饋。我們偶爾還會聽到其他一些說法。最後，我們也要感謝國內外的供應商，我們認為我們與供應商之間的牢固長期合作關係幫助我們度過了這場危機。我們一直支持他們，他們現在也一定會支持我們。

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，就與新冠病毒相關的需求而言，情況正在好轉，但並不完美，我們將拭​​目以待，看看每天的情況如何。

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

在倉庫清潔和消毒方面，我們加強了消毒規程，並在所有地點實施了安全程序。例如，用消毒濕紙巾擦拭購物車把手，在入口處、生鮮區牆邊和美食廣場放置消毒濕巾架。加強了美食廣場、露台餐桌、調味品台、分發器和[電話亭]等場所的衛生程序，這些都是您可能期望的，也是我們在所有建議中看到的。

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. In many cases, factories over there were closed for 1 to 2 additional weeks. That's now improving each week. 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%. But again, it's improving, and this still has a little ways to go.

就供應鏈而言，許多製造工廠的停工時間遠遠超過了通常為期一周的春節假期（即一月份的最後一周）。在許多情況下，那邊的工廠又停工了 1 到 2 週。情況現在每週都在好轉。最初，工廠停工 2 到 3 週——也就是說，最初工廠停工 2 到 3 週，而不是 1 週。然後大約 3 週前，我們與一些買家達成協議——與工廠達成協議，他們認為生產水準大致在 20% 到 25% 之間，逐漸提高到 40%，現在甚至高達 60% 到 80%。但話說回來，情況正在改善，還有一段路要走。

In terms of transportation issues, whether it's Chinese New Year and then a couple of additional closure weeks. There were not only product issues but also trucking and port issues. These are also abating with port capacity in China improving each day as well. And I say port capacity, it's also the shipping lines that come to the various ports.

就交通運輸問題而言，無論是春節假期，還是之後幾週的額外停工。不僅有產品問題，還存在運輸和港口問題。隨著中國港口吞吐能力的日益提升，這些問題也逐漸緩解。我說港口吞吐能力，也包括到各港口的航運線。

Domestically, truck capacity is plentiful. However, exporting items, including KS items as well as other U.S.-manufactured items to our locations in Asia and Australia. It's been a little bit of a challenge because of some container shortages here. But overall okay, just taking a little more work.

國內卡車運力充足。然而，我們將包括 KS 產品在內的商品以及其他美國製造的產品出口到我們在亞洲和澳洲的工廠。由於這裡集裝箱短缺，所以遇到了一些挑戰。整體來說還可以，就是需要多花點功夫。

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應對任何潛在的缺貨情況，例如將 SKU 轉移到其他商品和類別，尤其是在家庭用品、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. I don't know if there's any surprise with that.

正如您所預料的那樣，由於需求減少以及先前預訂的行程取消數量高於正常水平，我們的旅遊業務受到了影響，尤其是郵輪和國際旅行方面。我不知道這是否令人感到意外。

At this point, it's hard to quantify what the financial impact will be for our future results -- to our future results. 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. We'll continue to pass that information along, and of course, we do report monthly sales results.

目前很難量化這將對我們未來的業績產生怎樣的財務影響。再說一遍，本財季的前1.5週——過去1.5週的銷售情況相當不錯，但我們看看明天會怎樣吧。我們將繼續傳遞這些訊息，當然，我們也會公佈每月銷售業績。

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，關於即將發布的產品，我們將於 4 月 8 日星期三股市收盤後公佈截至 4 月 5 日星期日的 5 週 3 月份銷售業績。

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

接下來，我將進入問答環節，並將發言權交還給羅謝爾。謝謝。

(Operator Instructions)

（操作說明）

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

你的第一個問題來自摩根士丹利的西蒙古特曼。

Richard, can you hear me okay?

理查德，你能聽清楚我說話嗎？

Yes.

是的。

Okay, good. My first question is on the gross margin. I think if we take the core on core, down 15%, and you get rid of the chicken production costs, you're down 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?

好的。我的第一個問題是關於毛利率的。我認為，如果我們只考慮核心成本，下降 15%，再去掉雞肉生產成本，就會下降 9%。你在報告中是否提到電子商務組合的變化情況，以及與前幾季及之前的運作速度相比如何？

No. 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.

不。我們並沒有具體說明，但這很大程度上與以下事實有關：尤其是在黑色星期五、網絡星期一、週末以及感恩節前三天，電子商務促銷商品的銷售非常重要，因此，你會有一些利潤較低的商品類別，而且我們和大多數零售商一樣，在感恩節那一周會做更多的促銷活動。

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

好的。考慮到時間點，而且這只是第四季度——或者說假期期間——的數據，所以這有點不尋常。

Well, I want to stand corrected. There's a couple of people here who just corrected me. The e-com numbers are not in the core on core. So that would be outside of that. But it's still the strength in majors.

好吧，我願意接受指正。這裡有幾個人剛剛糾正了我。電子商務資料不在核心資料中。所以這不屬於那個範疇。但這仍然是大滿貫賽場上的優勢。

Right. Okay. Got it. 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? 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?

正確的。好的。知道了。而且——但總的來說，理查德，電子商務佔比的提高將會降低——嗯，你說它沒有體現在那個數字裡，但它總體上不利於毛利率，這樣說公平嗎？這是因為所購買商品的組合方式，還是因為你們對這些商品給予的折扣或加價？

It's both. 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. If you buy 1 shirt, it's X, if you buy 2, it's a little less for delivery or whatever else. So we're driving that business. And again, we've talked about -- yes. But the big thing is electronics. Electronics tends to be a low-margin business, not only TVs, but all the computer and phone things.

兩者兼具。我的意思是，在過去一年左右的時間裡，我們一直在嘗試建立新的產品類別，例如服裝，我們也推出了一些非常優惠的商品。如果你買一件襯衫，價格是 X；如果你買兩件，運費或其他費用會稍微少一點。所以我們正在推動這項業務的發展。我們又談到了——是的。但最重要的是電子產品。電子產品產業的利潤率往往很低，不僅是電視機，還有電腦和手機等所有產品。

Got it. Okay. My follow-up is on just overall reinvestment, right? Your business is growing at a really high level, high single-digit comps. I'm not sure if you planned for that level. And the core on core, in general, is doing relatively well. It's not down 20 or 30. And I guess, the SG&A that you're spending seems somewhat in line. But I assume you're not flowing through all the leverage that's coming through this model. And so my question is where are you finding places to reinvest. 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. Are you finding other places to spend in SG&A?

知道了。好的。我的後續問題只是關於整體再投資，對嗎？您的業務成長速度非常快，同店銷售額實現了接近兩位數的成長。我不確定你是否預料到了那個層次。總的來說，核心對核心的競爭表現相對良好。並沒有下降20或30分。我想，你所支付的銷售、管理及行政費用似乎還算合理。但我估計你並沒有充分利用這個模型所帶來的所有槓桿效應。所以我的問題是，你們要去哪裡再投資的機會？再次強調，核心零件的價格似乎並沒有下降到足以表明你正在將其價格拉回原來的水平。您在銷售、管理及行政費用方面還有其他消費選擇嗎？

Well, I'd argue that we are putting a lot of it back in price. 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. And when we see strong sales, I think it encourages us to do more of that. And the other thing is I'm not going to go through 10 different things. But there's lots of things we're very busy. It's not just the 5 basis points I mentioned in IT. 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. These are small things, but each of these are various numbers of basis points. CCPA is the privacy -- California Privacy Act. We don't point it out because I'm sure there's something that goes the other way sometimes. 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.

我認為，我們實際上是將其中許多成本反映在了價格上。請記住我們過去討論過的所有收入來源，從會員費收入到稅收改革再到信用卡的變化，這些收入來源都在不斷增長，這使我們能夠保持競爭力。當我們看到強勁的銷售業績時，我認為這會鼓勵我們做得更多。還有一點，我不會去嘗試10種不同的東西。但我們有很多事情要做，所以非常忙。這不只是我之前在IT領域提到的5個基點。我們有很多關於雞肉產業的電子商務履行工作要做，正如我之前提到的，還有很多——關於 CCPA 的工作。這些都是小事，但每件事都涉及不同數量的基點。CCPA 是隱私權法—加州隱私權法案。我們不刻意指出這一點，因為我確信有時候事情也會朝著相反的方向發展。但歸根結底，有很多事情正在發生，我們對目前的支出感到相當滿意，儘管我們始終會努力改善支出。

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

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

Richard, 2 things I wanted to follow up. One is on the membership fee income, could you give us what that is in constant currency. And also, if you're seeing any membership sign-ups inflect like the way sales and traffic have in the last couple of weeks.

理查德，有兩件事我想跟進一下。一是關於會員費收入，能否告知我們以固定匯率計算的金額是多少？此外，如果您發現會員註冊量的變化與過去幾週的銷售和流量的變化類似，也請引起重視。

It's $2 million, is it? $2 million? It's $2 million even with FX.

是200萬美元，對吧？200萬美元？即使加上外匯，也是 200 萬美元。

Got it. Once we adjust for that. Got it. And then on the sign-ups, have you seen any change there in the rate of sign-ups?

知道了。一旦我們對此進行調整。知道了。那麼，在註冊方面，您是否觀察到註冊率有任何變化？

I honestly don't know. I know even a few people -- I mean the shopping frequency is off the charts for the last few days. And you see it on social media with people sending in pictures. So I've got to believe there's been a little bit of it, but not enough to move the needle.

我真的不知道。我知道甚至有些人——我的意思是，最近幾天購物頻率簡直爆表了。你在社群媒體上也能看到人們發送的照片。所以我相信這方面確實有一定程度的影響，但還不足以產生顯著效果。

Got it. And then secondly was just on gasoline. What -- did you have the average selling price this quarter? And if you have any sort of trends on the gallons would be great as well.

知道了。其次就是汽油問題。什麼？你們這季的平均售價是多少？如果您有任何關於加侖數的趨勢數據，也請不吝賜教。

I don't have it in front of me. I know that there was -- gas was inflationary, correct?

我手邊沒有。我知道當時汽油價格上漲，對吧？

Yes.

是的。

I think -- hold on a minute. Gas price, in Q2, it was 7.9% inflationary.

我想——等一下。第二季度，汽油價格上漲了7.9%。

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

通貨膨脹。這是每加侖汽油的平均價格與一年前相比的變化嗎？

Yes. $2.75 versus $2.55.

是的。2.75美元對比2.55美元。

Got it. And then last, I'll sneak it in because I know it's common. The balance sheet, very strong, more volatile markets. How should we think about buyback capital structure in the current rate environment and environment of the world?

知道了。最後，我還要偷偷提一下，因為我知道這很常見。資產負債表非常穩健，但市場波動性較大。在目前的利率環境和世界環境下，我們該如何看待股票回購的資本結構？

Well, every banker calls us every day to let us know that rates are even lower today, time to borrow. But no, look, we continue to look at it. We talked about it in every Board meeting, and all I can tell you is to stay tuned.

每天都有銀行家打電話告訴我們今天的利率更低了，是時候貸款了。但是，不，你看，我們仍在繼續關注它。我們在每次董事會會議上都討論過這個問題，我只能告訴你們敬請期待。

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

你的下一個問題來自摩根大通的克里斯霍弗斯。

So a few follow-ups. First on March. I mean you are limiting some of those high-volume items. It does look like you've got some pretty low in stocks out there. Do you see the potential for conference later this month?

所以還有一些後續問題。三月第一。我的意思是，你們限制了一些高銷售商品的數量。看起來你們那邊的股票價格確實很低。您認為本月稍後有可能召開會議嗎？

Well, we don't know. People have asked us what happens when people have been bulking up on certain items. And yes, there's out of stocks every day, too. But overall, the numbers are incredible because there's so many people coming in. And they're buying other stuff as well. So I don't know what tomorrow brings. 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. Some of them putting it in their basements for another day. Some of it related to the fact that people aren't eating out as much. I think it's a combination of those factors. 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. And so we'll see what tomorrow brings.

我們不知道。有人問我們，當人們大量攝取某些東西時會發生什麼事。是的，每天都會出現缺貨的情況。但總的來說，這些數字令人難以置信，因為進來的人太多了。他們還在購買其他東西。所以我不知道明天會發生什麼事。當被問及人們是否會因此額外購買水、保質期長的食品等等時，我想，這要視情況而定。有些人把它放到地下室裡，留著以後再用。部分原因在於人們外出用餐的次數減少了。我認為這是多種因素共同作用的結果。我們只知道，從上週二或週三開始（當時許多新聞在美國進一步發酵），交通流量大幅增加，這種情況持續到週末，並在本月初的幾天裡進一步加劇。所以，讓我們拭目以待明天會發生什麼。

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. And while we're getting shipments daily somewhere in the U.S., whatever limited amounts we get or allocated is gone pretty quickly. And I would assume that over the next few weeks or several weeks that will abate. But it depends on what else happens with the virus itself.

再說，在供應方面，很明顯，不僅僅是 Costco，其他地方也一樣，你真的很難進去就找到消毒用品之類的東西。雖然我們每天都能從美國某個地方收到貨物，但我們獲得或分配到的有限數量很快就會用完。我估計在接下來的幾週內，這種情況會有所緩解。但這取決於病毒本身的發展。

Yes. I was at a store on Saturday. I've never -- right after they open, I've never seen the line that long, all the way back to dairy. 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. Obviously, you have the pantry load, but you also sell a lot of general merchandise. You also sell a lot of big ticket. 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?

是的。我星期六去了一家商店。我從未見過──就在他們開門營業後，隊伍排得那麼長，一直延伸到乳製品區。我的後續問題是，這可能很難解釋清楚，但我認為投資人最關心的問題是消費者的行為方式。顯然，你不僅銷售食品儲藏室裡的商品，還銷售很多日用百貨。你們也賣很多高價商品。那麼，在過去一周左右的時間裡，您是否能夠大致判斷出一些非必需消費品和高價商品類別是否出現了相對於趨勢的回檔？

Yes. What's interesting, I'm just looking at some hand-written notes from our -- I spoke to our senior buyers yesterday. You would think things like patio furniture would be impacted because it's a big-ticket discretionary item. The comment was we're selling it extremely well. 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. And so -- and what else, lawn and garden is doing well. The buyers grew, and that's more weather-related in certain markets. There has been some impact in -- excuse me?

是的。有趣的是，我正在看一些我們——我昨天和我們的高級採購員談過——的手寫筆記。你可能會認為像露台家具這樣的物品會受到影響，因為它是昂貴的非必需品。評論說，我們的產品賣得非常好。部分原因是客流量增加了，所以每位顧客的購買量可能略有下降，但顧客數量卻增加了很多。所以——還有什麼呢，草坪和花園都長得很好。買家數量增加，這在某些市場與天氣關係更大。這方面受到了一些影響──不好意思？

TV? Did you say TV? Were you going to say TV?

電視？你說的是電視嗎？你是想說電視嗎？

No, I said lawn and garden, weather-related. 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. But I would say, overall, the initial thought -- my initial thought is that big-ticket discretionary items might be negatively impacted right now. To the extent they are, it's been more than offset, at least in these last several days, by the influx of shopping frequency. I don't know what that means for tomorrow, we'll have to see.

不，我說的是草坪和花園，與天氣有關。然後，在某些電子產品中，雖然有些產品表現強勁，但也有一些產品，例如某些筆記型電腦和某些手機，出現了供應鏈問題。但總的來說，我的初步想法是，目前大宗非必需品可能會受到負面影響。即便有這種影響，至少在過去幾天裡，購物頻率的增加也足以抵消這種影響。我不知道這對明天意味著什麼，我們拭目以待。

Understood. And super helpful. And I'm sure all the media outlets are picking this a lot. My other questions, 2 quick ones. One is have you expanded the number of SKUs in the MVM. It seems to have picked up over the past couple of months, but wanted to get your thoughts there. 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. So sort of what's been the strategy there? And is that new or just a repackaging of something you already have?

明白了。而且非常實用。我相信所有媒體都在大量報導這件事。我還有兩個問題，簡單問一下。一是您是否增加了 MVM 中的 SKU 數量。過去幾個月情況似乎有所好轉，但我想聽聽你們的看法。最後，你們的應用程式和網站上似乎新增了雜貨配送選項，這是一種延長配送時間的選項，既不是 2 天送達也不是當天送達。那麼，那裡的策略是什麼呢？這是新產品，還是只是現有產品的重新包裝？

Generally, there's been no change in MVM items. I mean, if it's up a little or down a little, I think that's random, not planned. And as it relates to shipping, at least the people in the room with me here are not aware of that. Was it?

整體而言，MVM 專案沒有變更。我的意思是，如果它稍微上漲或下跌一點，我認為這是隨機的，不是計劃好的。至於運輸方面，至少在座各位對此並不了解。是嗎？

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

好的。這肯定只是你已有產品的重新包裝。

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

你的下一個問題來自戈登·哈斯克特的查克·格羅姆的詩句。

This is actually John Parke on for Chuck. 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?

實際上，這是約翰·帕克代替查克上台。你們能否簡單介紹一下當日達和 Costco 兩日達服務的表現，以及這對使用這些服務的顧客的總消費額有何影響？

It's still relatively new for us over the last year. Overall, and my knowledge of this is a couple of months old, it's a slight improvement. The concern, of course, is they buy more, having delivered in 1 day and 2 day, and then they come in less frequently. But how less frequently, and they are coming in a little less frequently, but the sum of the 2 still is fine. Again, it's too early to tell, in our view, just fine, continue, or does it change a little bit? 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.

過去一年來，這對我們來說仍然是相對較新的事物。總的來說，雖然我對這方面的了解只有幾個月的時間，但這算是一個略微的改進。當然，令人擔憂的是，他們購買的商品數量會增加，因為送貨時間縮短到了 1 天或 2 天，然後他們光顧的頻率就會降低。但是頻率降低了，而且它們出現的頻率也略有下降，但兩者的總和仍然很好。再次強調，現在判斷情況還為時過早，我們認為，一切都很好，會繼續保持，還是會稍微改變？我們仍然——但也要記住，我們仍然會透過電子郵件等方式有意識地做很多事情，以吸引您回到店內，並提供一些僅限店內提供的促銷活動。

Got it. And then I guess just going back to the coronavirus. I mean is there any way to kind of indicate whether the margin on these sales are materially different than your traditional shop?

知道了。然後，我想我們還是回到新冠病毒的話題來吧。我的意思是，有沒有辦法表明這些銷售的利潤率是否與傳統商店的利潤率有實質差異？

Food and sundries overall is...

食品和雜貨總體而言…

In line.

排隊。

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

是的，我認為這與公司平均值基本一致。

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

你的下一個問題來自巴克萊銀行的凱倫·肖特。

A couple of questions. You -- Richard, you commented on the fresh gross margin decline. And I'm wondering if you could just give a little bit of color on that, and that's obviously excluding the poultry. You kind of called that a step-up in price investments.

幾個問題。理查德，你曾對毛利率的最新下降發表過評論。我想請您就此稍作補充說明，當然，這裡不包括家禽。你把這稱為價格投資的升級。

Yes. We're just -- I mean at the end of the day, our heart is we're merchants, and we try to drive business. And fresh is an area that also is a frequency driver. So it's more -- my comment is more anecdotal than some new change in strategy.

是的。我們只是——我的意思是，歸根結底，我們是商人，我們努力促進業務發展。新鮮感也是一個重要的頻率驅動因素。所以，我的評論更多的是一種軼事，而不是某種新的策略變化。

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

但不一定——也請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. And that hasn't changed.

不，我之前提到的競爭加劇，可以追溯到一年半以前。這一點至今未變。

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

好的。那麼，您能否稍微澄清一下──我猜，就是關於破損率估算的修正問題？

Well, I mean, at the end of the day, it's a small amount of basis points. 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. And we send out those certificates, and there's always going to be some slippage. Notwithstanding the fact that we send out reminders to our members that you haven't cashed this. At the end of the day, we tend to be -- we do our best guess to accrue for slippage. And I'd like to think that we tend to be a little conservative. And therefore, when there's a review, it picks up the other way. But at the end of the day, we -- accounting rules say you do your best guess of what it should be. And then when you re-review it, you adjust that.

嗯，我的意思是，歸根結底，這只是很小的幾個基點而已。當我們發放大量獎勵時——您可以自己反推一下，看看我們銷售額的 2% 獎勵佔多少百分比。我們寄出這些證書，但總是會有一些延誤。儘管我們已向會員發送提醒，但您尚未兌現此獎勵。歸根結底，我們往往——我們盡力猜測以彌補滑坡。而且我認為我們傾向於稍微保守一點。因此，當出現評論時，情況就會反過來發展。但歸根結底，會計準則告訴我們，要盡力猜測它應該是多少。然後當你重新審核時，你就可以進行調整了。

Okay. 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. But maybe any thoughts on what you think that the actual annual volumes could and will settle out at for that store? And then any update on the number of members at that store since the last call? 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. It's actually about the volume per unit.

好的。然後我想換個話題聊聊上海店，我記得你說過你很快就會開第二家店。不過，您覺得這家店的實際年銷售量最終會穩定在什麼水準呢？那麼，自上次通話以來，該門市的會員人數有更新資訊嗎？然後，我的意思是，我提出這個問題的背景是，如果中國是個機遇，那麼關鍵就不在於數量了。實際上，關鍵在於單位體積。

Right. Well, it's hard to say because this one is so off the charts. 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. But I mean that was either our top or second-largest location in our company for the several weeks leading up to that. And the number of members is, again, off the charts, nearly 5x the company.

正確的。嗯，這很難說，因為這太出乎意料了。我的意思是，再說一遍，過去幾週——過去幾週，由於部分時間內對成員人數有所限制，情況發生了一些變化。但我的意思是，在那之前的幾周里，那要不是我們公司規模最大，就是規模第二大的地點。而會員數再次爆表，幾乎是公司規模的 5 倍。

Okay. And -- but would we take that same number and apply that to the total revenue for that box? Or how should we think about that?

好的。那麼——我們是否應該將這個數字應用到該盒子的總收入上呢？我們該如何看待這個問題？

No, no, no. 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. We don't know yet because we opened it in August. But we know from other countries -- I'm sorry, lower renewal rate. And no, and you can't just simply multiply that out. 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.

不，不，不。因為考慮到上海的人口規模，以及這件事在社群媒體上的傳播，而且在上海非常受歡迎，續訂率會比較高。我們還不知道，因為我們是八月才開業的。但我們從其他國家了解到——很抱歉，續約率較低。不，你不能簡單地把這些數相乘。但是，就整體而言，我們的單位，再次強調，要么是第一名，要么是第二名，直到最近幾週由於冠狀病毒疫情的影響，它一直是我們排名前二的單位之一。

Okay. And then just last question for me. 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? Because it does seem like the momentum is really continuing to increase in terms of your share gains.

好的。最後一個問題。我好像很久沒問過這個問題了，但您能否更新一下您對目前美國高級會員的平均會費與普通會員的平均會費的看法，以及過去幾年的趨勢？因為就你的市佔率成長而言，這股勢頭似乎確實在持續增強。

Yes. Look, we don't disclose that, but more Executive Members and more penetration of Executive Members is good. More members who have the -- in the case of the United States, the co-brand credit card is good. And if they have both, the Executive and that, it's even better. All those things, I think, are -- help our sales growth.

是的。雖然我們不會公開這些訊息，但執行委員人數越多、執行委員滲透率越高都是好事。對於更多擁有聯名信用卡的會員來說－以美國為例，聯名信用卡是不錯的選擇。如果他們兩者都有，既有高階主管又有其他職位，那就更好了。我認為所有這些都有助於我們的銷售成長。

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

你的下一個問題來自古根漢美術館的約翰·海因博克爾。

Richard, the price investments you mentioned in fresh food, was that actually proactive price investments or more delays in passing through vendor increases? And then where those investments occurred, is that -- was that more protein as opposed to other categories?

理查德，你提到的新鮮食品的價格投資，實際上是主動的價格投資，還是只是延遲轉嫁供應商漲價？那麼，這些投資都集中在哪些領域呢？是更多投資於蛋白質領域，而不是其他類別嗎？

It's definitely proactive on our part. And I think it's all of the above. It's protein. It's fresh -- I mean it's produce.

這絕對是我們主動出擊的表現。我認為以上所有因素都成立。它是蛋白質。它很新鮮——我的意思是，它是新鮮農產品。

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

好的。然後，如果你——我的意思是，如果你看看新鮮食品的比較，對吧？我想你說過兩位數的低位，而且這還包括最後一周，對吧？所以這是你們最近參加過的最棒的新鮮食品比賽了。我不知道你是否能分辨出來，或許你可以透過觀察最後一週的情況來判斷，其中有多少是與新冠病毒相關的，又有多少是與價格投資相關的？

Who knows? Clearly, week 4 was different than weeks 1, 2 and 3 for everything, just the sheer number of people coming into the warehouse. 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. So those things helped a little bit as well.

誰知道呢？顯然，第四週與第一週、第二週和第三週在各方面都不同，光是進入倉庫的人數就非常多。我個人認為，鑑於過去幾週餐廳可能受到了一些影響，所以他們會更多地在超市和 Costco 購買商品。所以這些因素也起了一定的作用。

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

最後，仔細想想，我知道你說過其中一些產品的利潤率與平均水平基本一致。當你考慮到補貨和處理如此大批量訂單的相關成本，以及與該訂單量相關的息稅前利潤率時，通常情況下，息稅前利潤率——增量利潤率會高得多。因為維持如此龐大的業務量需要付出高昂的成本，所以這種情況在這裡並不常見嗎？

Well, yes, I think there's a lot of additional things that cost you. I mean there's not a lot of it, but I'm sure there's a little airfreight going on. 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. So -- but it's still a net positive. In the scheme of things, I don't know if it helps or hurts the bottom a little bit. Yes. And the other thing is they're not just coming and getting those 5 items and leaving. They're shopping a little bit. Again, I personally was surprised that patio furniture is strong. And maybe per person, it's a little weaker, but there's a lot more persons.

是的，我認為還有很多其他東西需要花錢。我的意思是，雖然數量不多，但我確信還是有一些空運貨物運輸的。而且我確信，當你面對像水這樣體積大、重量重、價值低的物品時，比如 40 瓶 0.5 公升的水只要 2.99 美元，而你消耗的速度比你把它倒在地上的速度還快，那麼就會產生更多的人工和其他成本。所以——但整體來說還是利大於弊。從整體來看，我不知道這到底是有點幫助還是有點傷害了底部。是的。還有一點是，他們不只是來拿走那5件東西就走。他們正在逛街。再次強調，我個人對戶外家具的堅固程度感到驚訝。或許以人均計算，影響會小一些，但人口數量多得多。

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

你的下一個問題來自野村證券的麥克貝克。

Okay. A couple of questions. One, can you tell us how gas profits were this year versus last year? And then remind us, if you could, how much that helped 2Q '19 versus 2Q '18.

好的。幾個問題。第一，您能告訴我們今年天然氣產業的利潤與去年相比如何嗎？如果可以的話，請您提醒我們一下，這在 2019 年第二季與 2018 年第二季相比有多大的幫助。

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

是的。我相信——我手邊沒有相關資料，但我相信去年我們說過，與前一年相比，汽油對我們有幫助。很漂亮——無論今年和去年相比，都沒什麼好說的優劣之分。

Okay. Got it. Okay. Shifting gears, a couple more, if I could. 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.? Or is it -- did it impact one region more than the other? And the real question is, when you strip that out, February was much stronger than you've been running even so. In other words, I presume the first 3 weeks were strong. So what do you think is behind that uptick even before you got to week 4?

好的。知道了。好的。換擋，如果可以的話，再換幾個擋位。所以二月份，即使你先扣除——首先，300個基點，我們能否按比例在國際和美國之間扣除？或者說——它對某個地區的影響比其他地區更大？真正的問題是，即使剔除這些因素，二月的業績也比你一直以來的表現好得多。換句話說，我推測前三週表現強勁。那麼，你認為在第四週之前出現這種成長的背後原因是什麼？

It must be those investments in price. No, at the end of the day, it is generally around the world. I think Korea has been a little less of that -- probably a little less of that benefit. 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. 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. And I'm sorry, what was the last part of the question?

一定是那些價格方面的投資。不，歸根結底，這通常是全球性的。我認為韓國在這方面做得稍微少一點——可能享受到的這種好處也稍微少一點。但是，那裡爆發了疫情，引起了廣泛關注，我認為可能有更多的人待在家裡或不出門。但是，當我查看美國、加拿大和其他幾個國家時，發現它們在過去 9 天左右的時間裡都出現了大幅上升。不好意思，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. So what do you think is behind that big uptick?

你覺得第 1 週——也就是第 1、2 和 3 週——表現為什麼這麼強？因為即使去掉那 300 個基點，也仍然是──接近兩位數的差距。那麼你認為這波大幅成長的背後是什麼原因呢？

There's probably lots of little things I'd like -- my mother would say we're good merchants and great stuff at low prices. There's nothing that stands out completely. Certainly, there was not a lot of press out there of issues around coronavirus, even though it was in the news a little bit. So maybe on a macro basis, there's a little bit of that in there. I think there may have been some weather issues a year ago that may have impacted a little. 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.

可能有很多小東西我想買──我媽會說我們是好商家，東西好，價格低。沒有特別突出的地方。當然，儘管新冠病毒疫情在新聞上有所報導，但媒體對相關議題的報導並不多。所以從宏觀角度來看，或許其中確實包含一些這樣的因素。我認為一年前的天氣可能造成了一些影響。但總的來說，在那三週裡——先不說第四周的情況（那週的情況簡直是超乎尋常）——我們感覺相當不錯，因為從商品銷售和定價的角度來看，我們正在做的一些事情是有效的。

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

你的下一個問題來自奧本海默公司的魯佩什·帕里克。

And thanks for all the comments on the coronavirus. So I guess, Richard, just going back to your commentary on the supply chain. So as you guys look forward, at this point, do you expect any impact on your supply chain related to coronavirus? Or is it too early to tell, earlier in the year?

感謝大家對新冠病毒疫情的所有評論。所以，理查德，我想回到你之前對供應鏈的評論。展望未來，你們目前預期新冠病毒會對你們的供應鏈造成任何影響嗎？或者說，年初的時候判斷還太早？

Well, I think first of all, there has been an impact on it. It's now starting to get a little bit further than normal, back to normal on regular stuff. 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. When I ask the buyers, they're working day-to-day with suppliers. You've got suppliers that are literally working around the clock to produce and to ship. But again, people are coming in and buying stuff, if you will, for their basement.

嗯，我認為首先，這已經產生了一定的影響。現在情況開始比平常略好一些，日常事務也逐漸恢復正常。人們購買的一些與病毒相關的物品，例如水、消毒用品、紙質地磚等等，還需要一段時間才能到貨。當我詢問採購人員時，他們說他們每天都在與供應商打交道。你們的供應商們真的在日以繼夜地生產和出貨。但是，人們又開始進來購買東西，用來佈置他們的地下室。

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. Just curious if you expect an impact.

那麼——我想我問的是其他一些類別，例如電子產品以及一些可能來自亞洲的類別。只是好奇你是否預期會產生影響。

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. I think one thing that helps us a little is we're able to pivot a little bit. 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. But we just don't know what's going to happen tomorrow.

嗯，我想我之前提到過，我們已經看到一些筆記型電腦和手機受到了一些輕微的影響，我認為這與我們在報紙上讀到的一些關於零件短缺導致的延誤有關。我認為對我們略有幫助的一點是我們能夠稍微調整策略。所以，如果某個地區出現短缺或其他問題，我們可以用其他產品來替代，因為我們幾乎什麼都賣。但我們真的不知道明天會發生什麼事。

First order of business is to get the supply chains back open and running well. There are 2 kinds of supply chain issues. 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. And then there's just stuff. I mean everything from furniture to apparel to electronics coming from China. 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. And so -- but then there was 2 more weeks of closures. 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. And some of those things are also being abated, some of the issues there. 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.

首要任務是恢復供應鏈的暢通和良好運作。供應鏈問題分為兩類。與戰鬥和自衛相關的各種高需求物品，例如飲用水、消毒用品等等，都存在供應鏈問題。然後就只剩下一些雜物了。我的意思是，從家具到服裝到電子產品，所有東西都來自中國。至於後者，至少在第一周——請記住，考慮到計劃中的中國新年周，有些東西提前運來了，不僅是我們，我相信其他人也運來了。於是——但隨後又停業了兩週。所以，在過去三週裡，我們與買家進行了溝通，供應鏈——製造商現在已經重新開工，他們的產能從0%到25%到40%到50%到60%到80%，現在貨物正在運往港口。有些問題也在逐漸緩解。所以我的猜測是，即使明天一切都好轉，從擔憂的角度來看，你仍然需要幾週時間來填補供應鏈的空缺。

Great. And one follow-up question. Just on the holiday season. You guys had a really strong performance, even with fewer selling days. So just curious if there's any surprises or what do you think contributed to the really strong outperformance.

偉大的。還有一個後續問題。僅限假日期間。即使銷售天數較少，你們的表現也非常出色。所以，我只是好奇有沒有什麼意外情況，或者你認為是什麼因素促成瞭如此強勁的超額收益。

Well, I think we -- this is -- that's what we do. I mean I think we've done a great job. 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. Fresh continues to drive our business. 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. And again, utilizing those different bucket -- even when sales are good, we want to be aggressive in pricing. And when sales are bad, we want to be aggressive -- more aggressive in pricing. When the sales are good, we want to be more aggressive in pricing. It drives -- the top line improvements drive the bottom line.

嗯，我想我們——這就是——這就是我們所做的。我的意思是，我認為我們做得很好。我們受益於一些高價商品類別的強勁成長，例如電子產品、庭院家具、草坪和花園用品，以及其他硬線和軟線商品領域。新鮮食材持續推動我們的業務發展。如你所知，當有人問我們，推動我們業務發展的兩三個主要因素是什麼，或者說，是哪些類別時，答案是：新鮮、汽油、高級會員。再次強調，利用這些不同的類別——即使銷售情況良好，我們也希望在定價方面採取積極主動的態度。當銷售情況不佳時，我們要採取更積極的策略—在定價方面採取更積極的策略。當銷售情況良好時，我們希望在定價方面採取更積極的策略。它驅動－營收的提升驅動利潤的提升。

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

你的下一個問題來自加拿大皇家銀行資本市場的史考特·西卡雷利。

Richard, you talked about expecting margin pressure to moderate a bit from the poultry plant ramp. And I know there was an incubation period there. So is that plant actually turning out product at this point? 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.

理查德，你曾說過，家禽加工廠產能提升預計會稍微緩解利潤率壓力。我知道這其中存在著一段潛伏期。那麼，這家工廠現在已經開始生產產品了嗎？另外，能否請您介紹一下，一旦全面進入生產模式，你們預計能獲得哪些增量收益？

Well, I think it was mid-September when we -- when the first chicken went through the plant, if you will. The plan was that 45 weeks later, there would be approximately 2.2 million birds a week being processed. And so -- call it, September to August. And so we're a little bit past the halfway mark on that. And I believe in terms of projection, we're a little bit past the halfway mark on that. Call it 1 million birds a week. I should be off a little bit on either side. 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. The amount of impairment to margin related to that in Q2 was less than Q1. We would expect it to be less than in Q3 and further. 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. At the end of the day, it's a combination of sourcing and just simple supply. And our view is we can improve, if you will, the ultimate cost per bird. But we don't know that yet. We spent a little more than we planned, but we also upgraded the facility to be air-chilled instead of water-chilled. It truly is a state-of-the-art facility for the U.S. and a very high-volume facility. And I would say, right now, things are going as planned in terms of that 45-week cycle. 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.

嗯，我想應該是九月中旬，當時我們——如果你願意這麼說的話，第一隻雞通過了工廠。計畫是45週後，每週將加工約220萬隻禽類。所以——就叫它九月到八月吧。所以我們已經完成了一半多一點。我相信，就預測而言，我們已經過了一半多一點。算下來每週有100萬隻鳥。我應該稍微偏離中心一點。因此，這很大程度是因為這個大型工廠的產能遠未達到飽和狀態。第二季利潤率減損金額小於第一季。我們預計這一數字將低於第三季及以後的水平。所以一旦我們達到滿載運轉，我認為——而且我相信在最初幾年裡，營運方面也會有一些改進。歸根究底，這是採購和供應兩方面的問題。我們的觀點是，我們可以降低每隻鳥的最終成本。但我們目前還不知道。我們花費的金額比計劃的略多，但我們也對設施進行了升級，將冷卻方式從水冷改為風冷。它確實是美國最先進的工廠，也是產能非常高的工廠。我想說，就目前而言，45 週的週期進展順利。我希望一年後、六個月後或再過兩個季度，這不會再成為我們真正需要討論的問題，因為它不會再影響利潤率。

Got you. I appreciate that.

抓到你了。我很感激。

We talk about it a little bit. I don't think I'll be that wrong.

我們稍微談了一下。我覺得我的判斷不會錯得太離譜。

Got it. And then I know you obviously had the surge in that kind of fourth week, as you pointed out, because of the coronavirus. Warehouses were obviously jammed. Everyone kind of sees that. 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? Or is all the activity concentrated on warehouses?

知道了。然後我知道，正如你所指出的，在第四周，由於新冠病毒的影響，你們的病例明顯激增。倉庫顯然已經爆滿了。大家都看出來了。但我很好奇，你是否注意到電子商務帶來了更大的成長——例如，消費者的行為是否發生了某種轉變？或者說，所有活動都集中在倉庫？

No. I mean we saw an increase, but not really. I mean mind you that -- no, we saw -- yes, throughout February, we saw some increase in e-commerce. 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. And some of those key items, like peanut butter and crackers and the like, we have online as well. And those, too, in some regions, might be in and out of stocks.

不。我的意思是，我們看到了成長，但實際上並沒有。我的意思是，請注意——不，我們看到——是的，在整個二月份，我們看到電子商務有所成長。但話說回來，如果人們想要那種感覺——那種緊迫感，例如“我現在就出去買東西”，像水之類的東西。而像花生醬、餅乾之類的關鍵商品，我們在網路上也有販售。在某些地區，這些商品也可能出現斷貨或進出庫存的情況。

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. You have exposure there potentially weeks ahead of where the U.S. could be, worst-case scenario for the virus. So in terms of demand and kind of stock up, and then potentially demand falling off as the virus spread there, any insights there?

我希望你能幫我們了解過去幾週韓國的局勢發展趨勢。在那裡，你可能比美國提前數週接觸到病毒，而美國的情況可能是最糟糕的。所以，就需求和囤貨而言，以及隨著病毒傳播需求可能下降的情況，您有什麼見解嗎？

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. 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. There's a little less traffic on the highways. And -- but notwithstanding that it's on the highways coming to see us.

嗯，我認為唯一的見解——就我所讀到的而言，並非如此——是越來越多的人待在家裡，甚至不出門。儘管華盛頓州和金縣受到了廣泛的關注，也出現了一些死亡病例，但即便在附近，仍然有人在街上走動。高速公路上的車輛稍微少了一些。但是——儘管如此，它還是會沿著高速公路來見我們。

Got it. And then kind of changing gears. We've seen some stuff about potentially requiring membership in some food courts in the press. Anything behind the thought process there?

知道了。然後就有點轉變方向了。我們從媒體上看到一些報導，說某些美食廣場可能會要求顧客成為會員。這背後有什麼想法嗎？

Well, first of all, it's gotten more press than it deserves. There are, I believe, 7 current locations on the West Coast, where we -- and I believe they are all outdoor locations. 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. You've got member complaints saying, why are you -- I have to pay to come to Costco. And so we took -- we're testing it in 7 locations that we are limiting it to members only. It's easy in locations where you have the food court inside. 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. And so we'll see. But that's -- but again, 7 locations out of 540 we're testing it at and it's gotten a lot of press.

首先，這件事獲得的關注度遠遠超出其應得的。我相信，目前我們在西海岸有 7 個地點——而且我相信它們都是戶外地點。我們遇到的挑戰之一是，尤其是在非常繁忙的地點，每天都有很多非會員顧客來這裡用餐。有會員投訴說，為什麼來 Costco 還要付費。因此，我們正在7個地點進行測試，並且僅限會員參與。在設有美食廣場的地方很容易找到美食。但是，在氣候通常較好的地區，例如加州、亞利桑那州等地，有很多地方都在戶外。我們拭目以待。但是——但再說一遍，我們只在 540 個地點中的 7 個地點進行了測試，而且已經獲得了很多媒體關注。

Okay. Got it. And if I could squeeze in one more. Anything on supply in pharmacy? And any people stocking up there and potentially running out of inventory?

好的。知道了。如果我能再擠出一個就好了。藥局有什麼補給嗎？有沒有人在那裡囤貨，可能會出現庫存告罄的狀況？

This is just a quote from the FDA yesterday. 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. 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. Let's say somebody has a yearlong prescription. 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. And in some cases, even when their particular insurance plan doesn't cover it, they're paying cash. They're just hoarding -- they're hoarding up on their prescription to make sure we're not running out. But that's more, again, I think the same thing you're seeing with paper goods. But from a supply and availability standpoint, we haven't seen anything yet. Why don't we take 2 more questions?

這是美國食品藥物管理局昨天的聲明。報告稱，雖然美國食品藥物管理局和其他媒體報告醫療產品供應中斷，但目前製造商報告稱，由於 COVID-19 的影響，尚無任何特定藥物短缺。昨天我和藥局主管談過，他說我們目前看到的唯一變化是，那邊的銷售量也有所回升。假設某人需要一年的處方藥。所以，4 9——一張處方加上 3 張 90 天的續藥——他們會來，並且想要現在就把這 4 張都配好。在某些情況下，即使他們的保險計劃不涵蓋這種情況，他們也得自費。他們只是在囤積——他們囤積處方藥，以確保我們不會斷藥。但我覺得，這和紙製品的情況很像。但從供應和可用性的角度來看，我們目前還沒有看到任何跡象。我們何不再回答兩個問題呢？

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

好的。下一個問題來自 Cowen 公司的 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. And the second question is related to e-commerce. You made a lot of progress on your mobile app. Just what's ahead for changes to the mobile app? And also more broadly, capital investments related to e-com and supply chain.

理查德，關於供應鏈以及你所看到的情況，你對價格上漲——或者潛在的價格上漲——有什麼看法？無論是運輸成本上漲還是其他原因導致的價格上漲，你的買家認為可能會發生什麼事？第二個問題與電子商務有關。你的行動應用開發取得了很大進展。行動應用未來會有哪些變化？更廣泛地說，還包括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. To the extent that there's some raw materials cost increases because of shortages, that's going to rain on everybody. In our view, it rains on us a little less. 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. 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. But overall, there's not been a big issue. Right now, the only increase in transportation is on some very limited items where there's been a little bit of airfreight. What we're finding is that the ports, again, are getting back to capacity, and there's plenty of space. And so that's not been as big an issue.

至於成本方面，買家的普遍看法是——我再回到我之前提到的關於牢固關係的評論。如果因為短缺導致原料成本上漲，那將會波及所有人。在我們看來，這裡下雨的次數稍微少一點。但我認為，鑑於我們購買的商品數量有限，以及我們購買特定商品的數量，我們的買家，我們感覺，對成本結構了解更多。因此，除了一個小小的評論（我在這堆文件中找不到它了）之外，我沒有看到任何內部對此的評論，該評論指出，在某些小情況下，某些特定產品——某些製造工藝的特定原材料——的原材料價格可能會上漲。但總的來說，並沒有出現什麼大問題。目前，運輸量增加的情況僅限於一些非常有限的商品，其中空運量略有增加。我們發現，港口正在恢復滿載運轉，而且還有很多空位。所以這並不是什麼大問題。

As it relates to an e-com investment. There's not a lot I have on my plate to tell you today. We're working on more things related to our app, to our membership digital app. And we certainly have some things going on, on the fulfillment side of e-commerce. And we've been focused on getting 2 more countries opened, as I mentioned in the last quarter. 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.

就電子商務投資而言。今天我沒什麼特別要跟你們說的話。我們正在開發更多與我們的應用程序，特別是我們的會員數位應用程式相關的功能。當然，我們在電子商務的物流方面也有一些事情正在推進。正如我在上個季度提到的那樣，我們一直致力於再開放兩個國家。我們認為——我們還有一些其他的事情正在進行中，下次我很樂意和大家聊聊。

Okay. Is buy online, pick up in-store going as you like? And do you expect a lot of enhancements ahead to that as customers like it?

好的。網上購買、店內取貨的模式是否符合您的預期？鑑於顧客的喜愛，您是否預期未來會有許多改進？

Well, customers like it, but we don't like it necessarily. We're doing buy online and pick up in-store for some small items -- small high-value items. 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. So we're trying to figure out our way. And certainly -- again, the last 9 or so days notwithstanding, seems -- things seem to be working pretty well for us in that regard. 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.

顧客喜歡，但我們未必喜歡。我們正在進行線上購買線下取貨服務，部分小件商品──尤其是高價值的小件商品──可以線上購買，線下取貨。但我們還沒到讓會員在線上購買商品然後到店自提的地步。所以我們正在努力尋找出路。當然——儘管最近九天左右發生了一些事——但就這一點而言，事情似乎對我們相當有利。我們繼續努力——過去幾年我們在電子商務領域取得了良好的銷售業績和強勁勢頭——就是將一些體積龐大、笨重的物品從倉庫中取出，例如白色家電和一些需要送貨上門（有時還需要安裝）的物品，所以我們也繼續努力做這些事情。

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，理查德，鑑於需求激增和客流量趨勢，您是如何管理顧客和顧客滿意度以及門市勞動力等問題的？這些都是我們很感興趣的問題。

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.

你是如何做到既保證客戶滿意，又能根據需求高峰和變化配備適當的勞動力？

Well, again, the last 1.5 weeks, notwithstanding because it's been nuts. No, first of all, member comments and basic member renewal rates. I mean, we actually -- the operators and all the way up to Craig, see weekly information on comments. You can't imagine how many people call and e-mail when they have something that they're concerned about. And we also measure the least expected but the positive letters to that effect.

嗯，再說一遍，過去一周半的情況尤其如此，因為那段時間簡直太瘋狂了。不，首先是會員評論和基本會員續費費率。我的意思是，實際上，從操作員到 Craig，我們每週都能看到評論訊息。你無法想像有多少人會打電話或寄電子郵件諮詢他們關心的事情。我們也會統計那些最意想不到但卻是正面的信件。

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. But at the end of the day, there is a bit of merchandising that is pushed down to the regional and warehouse level. And that's what, I think, drives our business there. 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. And we plan another 100 in the next 3 months. And so always trying to figure out and measuring the number of member transactions through the front end per hour.

在營運方面，關鍵仍然是——除了商品銷售之外，商品銷售的藝術在於給予（分店）經理、助理經理和商品銷售員——倉庫商品銷售員——一些自由裁量權，不是——我的意思是，當然，電子產品在你走進去的時候是用來做防禦性促銷的，而生鮮食品則在後面。但歸根究底，有些商品銷售工作會被下放到區域和倉庫層級。我認為，這正是我們在那裡開展業務的驅動力。就前端而言——管理前端，我認為我們的數量較少——在美國的 540 多個地點中，只有 120 個地點配備了自助結帳系統。我們計劃在未來3個月內再增加100個。因此，我們一直在努力弄清楚並衡量每小時透過前端進行的會員交易數量。

Next question from the line of Peter Benedict from Baird.

下一個問題來自貝爾德的彼得·本尼迪克特。

Richard, just 2 quick ones here to close out. 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. How do you think about the ability for the club to kind of keep up that -- with that pace of demand? 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? Or are you hitting a point where you're not -- you're just not going to get another delivery tomorrow of pick your category?

理查德，最後再簡單說兩句話。所以看來上週的業務成長率可能在 20% 左右，而且考慮到你們接近下班時庫存已經售罄，實際需求可能更高。你認為俱樂部有能力跟上這種需求成長速度嗎？我的意思是，如果這種情況再持續 3、4 週，你們覺得供應鏈能否滿足這種需求水準？或者，你已經到了這樣的地步：你明天不會再收到你選擇的類別的商品了？

Yes. No. Well, I think it's all over the board. Yesterday, I think there was a couple of -- either Los Angeles or San Diego counties that announced a heightened level of concern. King County here in Seattle did that a couple of days ago. When that happens, that's another catalyst that puts people to go out and get more stuff. I would hope -- and look, we would all hope this thing peaks and starts to slow down. It depends what happens tomorrow. We'll be tired but still working hard. 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. Certainly, there are employees that want to work more than part-time, and so we've been able to accommodate some additional hours there. But everybody is a little tired but that's what you do.

是的。不。我覺得情況五花八門。昨天，我記得有幾個縣——可能是洛杉磯縣或聖地亞哥縣——宣布提高了疫情警戒級別。西雅圖的金縣幾天前也這麼做了。當這種情況發生時，這會成為促使人們外出購買更多物品的另一個催化劑。我希望——而且，我們都希望這件事能達到頂峰並開始放緩。這取決於明天會發生什麼。我們會很累，但仍然會努力工作。鑑於我們倉庫中 90% 的員工是按小時計薪的，其中大約一半是全職員工，而這 90% 的員工中大約一半多一點是兼職員工。當然，有些員工希望工作時間超過兼職，因此我們也能夠為他們安排一些額外的工時。雖然大家都有些疲憊，但這就是我們該做的事。

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

好的。最後一個問題是關於草坪和花園的，您提到過幾次，也談到了季節性因素。或許可以再詳細展開說說。您具體在哪裡看到了強勁的勢頭——我想，現在春天已經提前到來了，但也許可以談談您在這方面看到的景象。

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. 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. They're running in to get other concerned items. And the fact was, to my surprise, that they said that certain items like patio furniture and lawn and garden was strong. 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. And -- but clearly, because you got X percent more people coming in every day than normal.

嗯，我當時唯一提到的就是，為了準備今天的電話會議，我與不同類別的幾位資深商家進行了交談。即使不看具體數字，我也想到一點：一些價格較高的非必需品可能會略顯疲軟，因為人們不會蜂擁購買這些商品。他們正跑進去拿其他需要的物品。令我驚訝的是，他們說某些物品，例如庭院家具、草坪和花園用品，都很耐用。他們覺得——而且這只是他們的看法——露台、草坪和花園更適合一些天氣已經轉涼的地區。而且——但很明顯，因為每天進來的人數比平常多 X%。

Okay. Well, thank you, everyone. Have a good afternoon, and we're around to answer any questions. Have a good day.

好的。謝謝大家。祝您下午愉快，如有任何疑問，歡迎隨時與我們聯繫。祝你有美好的一天。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。