好市多 (COST) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q1 earnings call.

女士們，先生們，感謝你們的支持，歡迎來到第一季度財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

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

我現在想把會議交給你今天的演講者，首席財務官 Richard Galanti 先生。

Please go ahead, sir.

請繼續，先生。

Thank you, Laurie, and good afternoon to everyone.

謝謝你，勞裡，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 first quarter of fiscal 2020, the 12 weeks ended November 24.

在今天的新聞稿中，我們報告了 2020 財年第一季度（截至 11 月 24 日的 12 週）的經營業績。

Reported net income for the quarter came in at $844 million or $1.90 per share compared to $767 million or $1.73 a share last year in the first quarter.

本季度報告的淨收入為 8.44 億美元或每股 1.90 美元，而去年第一季度為 7.67 億美元或每股 1.73 美元。

This year's first quarter results included a $77 million or $0.17 per share income tax benefit related to stock-based compensation.

今年第一季度的業績包括與股票薪酬相關的 7700 萬美元或每股 0.17 美元的所得稅優惠。

Last year's first quarter results included a $59 million or $0.13 per share income tax benefit related to stock-based compensation.

去年第一季度的業績包括與股票薪酬相關的 5900 萬美元或每股 0.13 美元的所得稅優惠。

Net sales for the quarter came in at $36.24 billion, a 5.6% increase over the $34.31 billion sold during the first quarter of last year.

本季度淨銷售額為 362.4 億美元，比去年第一季度的 343.1 億美元增長 5.6%。

Comparable sales for the first quarter of fiscal 2020, in the U.S., on a reported basis, was 4.7%, ex gas deflation it was 5.0%.

據報告，2020 財年第一季度美國的可比銷售額為 4.7%，除天然氣通貨緊縮外為 5.0%。

Canada reported a 2.9%, ex gas deflation and FX plus 5.1%.

加拿大報告 2.9%，不含天然氣通貨緊縮和外匯加 5.1%。

Other international reported 3.2%, ex gas deflation and FX plus 4.5%.

其他國際報告為 3.2%，不含天然氣通貨緊縮和外匯加 4.5%。

So total company was a 4.3% reported, and ex gas deflation and FX of 5.0%.

因此，報告的總公司為 4.3%，除天然氣通貨緊縮和外彙為 5.0%。

Our e-commerce, on a reported basis was a 5.5% and a 5.7% on a reported basis.

在報告的基礎上，我們的電子商務分別為 5.5% 和 5.7%。

Total and comparable company sales for the quarter were negatively impacted by approximately 0.5% due to Thanksgiving occurring a week later this year.

由於今年晚些時候的感恩節，本季度公司總銷售額和可比公司銷售額受到約 0.5% 的負面影響。

E-commerce sales in the quarter were negatively impacted by an estimated 12 percentage points, so again, the 5.5% and the 5.7% were impacted to the negative by 12 percentage points.

本季度的電子商務銷售額估計受到了 12 個百分點的負面影響，因此 5.5% 和 5.7% 再次受到 12 個百分點的負面影響。

In terms of Q1 comp sales metrics, first quarter traffic or shopping frequency increased 3.4% worldwide, and 3.1% in the U.S. This again includes the impact of the Thanksgiving holiday shift.

就第一季度的銷售指標而言，第一季度全球流量或購物頻率增加了 3.4%，美國增加了 3.1%。這再次包括感恩節假期轉變的影響。

Weakening foreign currencies relative to the U.S. dollar negatively impacted sales by approximately 30 basis points, and gasoline price deflation negatively impacted sales by approximately 40 basis points.

外幣兌美元貶值對銷售產生了約 30 個基點的負面影響，汽油價格通縮對銷售產生了約 40 個基點的負面影響。

Our average transaction or ticket was up [0.9%] during the quarter, including the negative impacts of gas deflation, FX and the holiday shift.

本季度我們的平均交易或機票上漲 [0.9%]，包括天然氣通貨緊縮、外彙和假期轉變的負面影響。

And next on the income statement, membership fee income.

接下來是損益表，會員費收入。

Reported membership fee income came in at $804 million, up 6.1% or $46 million from last year's $758 million.

報告的會員費收入為 8.04 億美元，比去年的 7.58 億美元增長 6.1% 或 4600 萬美元。

Deflation -- foreign -- FX currencies would have impacted that by $1 million to the negative, so it would be about $1 million higher ex FX.

通貨緊縮 - 外國 - 外匯貨幣會對負數產生 100 萬美元的影響，因此它會比外匯前高出約 100 萬美元。

In terms of renewal rates, at Q1 end our U.S. and Canada renewal rates was -- came in at 90.9%, and worldwide rate was 88.4%.

就續訂率而言，在第一季度末，我們的美國和加拿大續訂率為 90.9%，全球續訂率為 88.4%。

Both of these figures remaining at the same renewal rate levels that were achieved at the 12 weeks ago at the fiscal year-end.

這兩個數字都保持在與 12 週前財年結束時相同的續訂率水平。

In terms of number of members at Q1 end, member households and total cardholders, at Q4 end, back in, I think, on September 1, we had 53.9 million member households, at Q1 and 12 weeks later, it was 54.7 million.

就第一季度末的會員數量、會員家庭和持卡人總數而言，在第四季度末，我認為，在 9 月 1 日，我們有 5390 萬會員家庭，在第一季度和 12 週後，為 5470 萬。

And total cardholders increased from fiscal year-end of 98.5 million to 99.9 million at Q1 end.

持卡人總數從財年末的 9850 萬增加到第一季度末的 9990 萬。

During the quarter, we had 3 new openings, all in the U.S., a business center in Dallas, Texas; and 2 additional Costco warehouses in Connecticut and Minnesota.

在本季度，我們有 3 個新開業，都在美國，德克薩斯州達拉斯的一個商務中心；以及在康涅狄格州和明尼蘇達州的另外 2 個 Costco 倉庫。

We also relocated 1 of our units in Canada.

我們還搬遷了我們在加拿大的 1 個單位。

At Q1 end, paid executive memberships were -- totaled 21.4 million, an increase of 579,000 or 48,000 per week since Q4 end.

在第一季度末，付費高管會員總數為 2140 萬，自第四季度末以來每週增加 579,000 或 48,000。

This included the recent launch of offering executive memberships to our

這包括最近推出的向我們的

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（技術難度）

the first time as of the beginning of the fiscal year.

會計年度開始時的第一次。

Even taking those out, the average weekly increase would have been, ex the new Japan -- executive members, it would have been 41,000 a week.

即使剔除這些，平均每週增加量也會是，除新的日本 - 執行成員外，每週增加 41,000 人。

Going down the gross margin line -- to the gross margin line.

沿著毛利率線向下 - 到毛利率線。

Our reported gross margin in the fourth quarter was higher year-over-year by 30 basis points, coming in at 11.05% as compared to a year ago, 10.75%, and again, on a reported basis, 30, ex gas deflation it would have been plus 26.

我們報告的第四季度毛利率同比增長 30 個基點，與去年同期相比為 11.05%，為 10.75%，並且在報告的基礎上，30，除天然氣通貨緊縮外，它將已經加26了。

Doing the little chart that we do each quarter, 2 columns, reported ex gas deflation, first line item would be core merchandise year-over-year in Q1 of '20 compared to a year-earlier quarter, minus 3 basis points on a reported basis and minus 6 on an ex gas deflation basis.

做我們每個季度做的小圖表，兩列，報告除天然氣通貨緊縮，第一行項目將是 20 年第一季度的核心商品與去年同期相比，負 3 個基點基數和負 6 在除氣通貨緊縮的基礎上。

Ancillary businesses, plus 20 and plus 19, no change to the 2% reward; and other was plus 13 and plus 13, so a total of plus 30 basis points on a reported basis and plus 26 ex deflation.

輔助業務，加20加19，2%獎勵不變；其他是加 13 和加 13，因此在報告的基礎上總共加 30 個基點，加上 26 個通縮。

Now the core merchandise component of gross margin, again, lower by 3 year-over-year, reported minus 6 ex gas deflation.

現在，毛利率的核心商品部分再次同比下降 3，報告了 -6 的天然氣通貨緊縮。

Looking at the core merchandise categories in relation to their own sales, core-on-core, if you will, margins year-over-year were higher by 4 basis points.

查看與其自身銷售額相關的核心商品類別，如果您願意的話，核心商品類別的利潤率同比增長了 4 個基點。

Subcategories within the core margins year-over-year in Q1 showed increases in hard lines, soft lines and food and sundries, and a decrease in fresh foods.

第一季度核心利潤率內的子類別顯示硬線、軟線和食品雜貨增加，而新鮮食品減少。

Nearly all of that decrease in fresh foods was the result of the initial operating losses from our new poultry complex.

幾乎所有新鮮食品的減少都是由於我們新的家禽養殖場最初的運營虧損。

That will be a small headwind throughout the year.

這將是全年的一個小逆風。

And recall that we commenced operations at the Nebraska chicken plant on September 10, with a -- roughly a 45 week plan to get to full production and processing capacity, and we're currently on track to do so.

回想一下，我們於 9 月 10 日在內布拉斯加州雞肉廠開始運營，併計劃在大約 45 週內達到全面生產和加工能力，我們目前正按計劃進行。

Ancillary and other businesses gross margin higher by 20, reported a 19 ex gas deflation.

輔助和其他業務的毛利率提高了 20 倍，報告了 19 倍的天然氣通貨緊縮。

The highlights being -- year-over-year, being gas, optical, tire shop and hearing aids.

亮點是 - 與去年同期相比，汽油、光學、輪胎店和助聽器。

The other, the plus 13, compared to a year ago, this relates to what we mentioned last year in the quarter to adjusting our estimate of breakage on rewards for the Citi/Visa cobranded card program last year.

另一個是加 13，與一年前相比，這與我們去年在本季度提到的調整我們對去年花旗/Visa 聯名卡計劃獎勵破損的估計有關。

And that was, again, sort of [a comparison] of the hit last year versus 0 this year.

這又是去年的熱門與今年的 0 的比較。

Moving to SG&A.

轉移到 SG&A。

Our reported SG&A percentage in Q1 over Q1 year-over-year was higher by 17 basis points, coming in at 10.30%, up from 10.13% last year.

我們在第一季度報告的 SG&A 百分比與去年同期相比上升了 17 個基點，達到 10.30%，高於去年的 10.13%。

Ex gas deflation, SG&A was higher or worse by 13 basis points.

除天然氣通貨緊縮外，SG&A 高或低 13 個基點。

Again, the little matrix that we do, both reported and without gas deflation: Operations, minus 9 basis points -- meaning higher by 9 basis points versus minus 5 basis points in -- ex deflation; central, minus 4 and minus 4; stock compensation, minus 4 and minus 4; for a total, again, of minus 17 and minus 13.

同樣，我們所做的小矩陣，無論是報告還是沒有氣體通縮：操作，負 9 個基點——意味著比通縮時的負 5 個基點高 9 個基點；中央，負 4 和負 4；股票補償，負4和負4；總共是負 17 和負 13。

The figure -- these figures include -- in terms of the core being minus 5 on an ex gas deflation basis, this figure includes the impact from the wage increases that we've talked about in the last couple of quarters.

這個數字——這些數字包括——在排除天然氣通縮的基礎上核心為負5，這個數字包括我們在過去幾個季度談到的工資增長的影響。

This impact relates to the wage increases that occurred in March of 2019, which hit the year-over-year comparison by 3 to 4 basis points in the quarter.

這種影響與 2019 年 3 月發生的工資增長有關，該季度與去年同期相比增加了 3 至 4 個基點。

As mentioned previously, we would expect a similar impact that will occur in Q2 before we anniversary that wage increase midway through Q3.

如前所述，我們預計在第三季度中期工資增長周年之前的第二季度也會出現類似的影響。

Central was higher again by 4 basis points year-over-year.

Central 同比再次上漲 4 個基點。

IT was the biggest driver of the increase as we continue not only to maintain and upgrade but expand our capabilities and activities, and certainly, we have a lot going on there.

IT 是增長的最大推動力，因為我們不僅繼續維護和升級，而且還在擴展我們的能力和活動，當然，我們還有很多工作要做。

And stock comp, again, minus 4 basis points of hit there.

股票補償再次下跌 4 個基點。

That hit usually is in Q1 year-over-year based on the fact that we grant our issues in that quarter and how we do things for employees, 25, 30 and 35 years out.

根據我們在該季度批准我們的問題以及我們如何為 25、30 和 35 年後的員工做事這一事實，這一打擊通常是在第一季度同比發生的。

On the income statement.

在損益表上。

Next on it is the preopening expense, it's lower by $8 million, it came in at $14 million this year in the first quarter versus $22 million.

接下來是開業前費用，減少了 800 萬美元，今年第一季度為 1400 萬美元，而今年為 2200 萬美元。

This year, in the quarter, we had 4 total openings, 3 plus the relocation.

今年，在本季度，我們總共有 4 家開業，其中 3 家加上搬遷。

Last year, we had 8 total openings, 6 plus 2 relocations.

去年，我們總共有 8 個職位空缺，6 個加 2 個搬遷。

All told, operating income in Q1 increased by 11.8%, coming in at $1,061 million this year compared to $949 million last year.

總而言之，第一季度的營業收入增長了 11.8%，今年為 10.61 億美元，而去年為 9.49 億美元。

Below the operating income line, interest expense was $2 million higher year-over-year, $38 million this year in Q1 compared to $36 million last year.

在營業收入線以下，利息支出同比增加 200 萬美元，今年第一季度為 3800 萬美元，而去年為 3600 萬美元。

Interest income in other for the quarter was higher or better by $13 million.

本季度其他方面的利息收入增加或增加了 1300 萬美元。

Interest income was actually higher by $11 million; and other, the plus $2 million variance, was primarily favorable FX year-over-year.

利息收入實際上增加了 1100 萬美元；其他，加上 200 萬美元的差異，主要是同比有利的外匯。

Overall, pretax income in the first quarter of 2020 was up 13%, coming in at $1,058 million compared to last year's $935 million.

總體而言，2020 年第一季度的稅前收入增長了 13%，達到 10.58 億美元，而去年為 9.35 億美元。

In terms of income taxes.

在所得稅方面。

Our reported tax rate in Q1 2020 was 19.1% compared to 16.9% in Q1 of last year.

我們在 2020 年第一季度報告的稅率為 19.1%，而去年第一季度為 16.9%。

Both of these first quarter tax rates, this year and last year, benefited from the tax treatment of stock-based compensation, as mentioned earlier.

如前所述，今年和去年這兩個第一季度的稅率都受益於股票薪酬的稅收待遇。

Last year's rate also benefited from an additional discrete items, which we mentioned in the quarter last year.

去年的利率還受益於我們在去年季度提到的額外離散項目。

A few other items of note.

其他一些注意事項。

In terms of warehouse expansion, we expect to open net new units of somewhere around 20, plus or minus, with a lot of it -- planned new openings, much of it back-loaded towards the end of the fiscal year.

在倉庫擴建方面，我們預計將開設大約 20 個左右的淨新單位，其中有很多——計劃中的新開張，其中大部分在本財政年度結束時重新裝載。

As of Q1 end, we had total warehouse square footage of 114 million square feet.

截至第一季度末，我們的倉庫總面積為 1.14 億平方英尺。

Regarding capital expenditures, in Q1, our total spend was approximately $700 million, and our estimate [of CapEx] for all of fiscal '20 remains right around the $3 billion amount.

關於資本支出，在第一季度，我們的總支出約為 7 億美元，而我們對 20 財年所有 [資本支出] 的估計仍然在 30 億美元左右。

In terms of e-commerce.

在電子商務方面。

Our overall e-commerce sales on a reported basis in the quarter was a 5.5%, as I mentioned earlier, and again, ex FX a 5.7%.

正如我之前提到的，在本季度報告的基礎上，我們的整體電子商務銷售額為 5.5%，除外匯外，為 5.7%。

Again, those numbers, you could add roughly 12 percentage points to each of those to account for our estimate of the impact of the holiday shift.

同樣，這些數字，您可以在每個數字上增加大約 12 個百分點，以解釋我們對假期轉變影響的估計。

A few of the stronger departments: home furnishings, domestics, tires and pharmacy.

一些實力較強的部門：家居用品、家居用品、輪胎和藥房。

Majors, electronics were not among those departments as we feel that was -- we believe it's the one most impacted by the holiday shift.

專業，電子產品不在我們認為的那些部門之列 - 我們認為這是受假期轉變影響最大的部門。

Total online grocery continues to grow at a faster rate than the core e-commerce comps, although, again, it's still a relatively small piece of the business.

在線食品雜貨總量繼續以比核心電子商務組合更快的速度增長，儘管它仍然是業務中相對較小的一部分。

New online during the quarter, expanded tickets offerings, including airline gift cards, Lyft and Uber cards and Super Bowl packages.

本季度新上線的產品增加了機票產品，包括航空公司禮品卡、Lyft 和 Uber 卡以及超級碗套餐。

We also, during the quarter, launched as a test in a few locations same-day prescription RX Delivery with Instacart.

在本季度，我們還通過 Instacart 在幾個地點推出了當日處方 RX Delivery 作為測試。

And we launched in the quarter, same-day alcohol delivery also through Instacart in California, such that as of today, it's being offered in 12 states.

我們在本季度還通過加利福尼亞州的 Instacart 推出了當日送酒服務，截至今天，它已在 12 個州提供。

And lastly, this week -- earlier this week, we launched our Japan e-commerce site, with our Australia site planned to open in the first half of 2020 -- calendar 2020.

最後，本週——本週早些時候，我們推出了我們的日本電子商務網站，我們的澳大利亞網站計劃於 2020 年上半年開放——2020 年日曆。

In terms of tariffs, there continues to be a lot of moving parts and changes, up to and including an hour ago.

在關稅方面，直到一個小時前（包括一個小時前），仍然有很多變動的部分和變化。

Currently, there, again, there's 3.5 lists, if you will, it's 1, 2, 3 and 4A, totaling about $360 billion-worth of imports.

目前，還有 3.5 個清單，如果你願意的話，分別是 1、2、3 和 4A，總價值約 3600 億美元的進口。

There were possibilities that there would be 4B list, would go into place December 15.

有可能會有 4B 清單，將在 12 月 15 日生效。

Although the current news out today is that China and the U.S. are close to a deal on finalizing a Phase 1 part of the trade deal, and so we'll have to wait and see.

雖然今天的消息是中美即將就第一階段貿易協議達成一致，所以我們只能拭目以待。

In terms of EU, currently, again, there's $7.5 billion of U.S. imports that are subject to a current 25% tariff, mostly food items like olive oil, cheese, wine, whiskey, butter cookies, et cetera.

就歐盟而言，目前再次有 75 億美元的美國進口商品被徵收 25% 的關稅，主要是橄欖油、奶酪、葡萄酒、威士忌、黃油餅乾等食品。

Again, last week -- last Monday, the White House announced that a proposed 100% -- increase to 100% tariff on $24 billion in imports, which would include those, among other items.

同樣，上週 - 上週一，白宮宣布提議對 240 億美元的進口商品徵收 100% 的關稅至 100%，其中包括這些商品等。

We'll just have to wait and see where that is.

我們只需要等待，看看它在哪裡。

I believe comments aren't even anticipated to be complete until early to mid-January.

我相信直到 1 月初到中旬才能完成評論。

That's pretty much it on our part.

這就是我們的部分。

Lastly, in terms of upcoming releases, we will announce our December sales results for the 5 weeks ending Sunday, January 5, on Wednesday, January 8, after market close.

最後，關於即將發布的版本，我們將在收市後於 1 月 8 日星期三公佈截至 1 月 5 日星期日的 5 週 12 月銷售結果。

And with that, I'll open it up to Q&A and turn it back to Laurie.

有了這個，我會把它打開到問答環節，然後把它轉回給勞裡。

Thank you.

謝謝你。

(Operator Instructions) Your first question comes from the line of Christopher Horvers from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Christopher Horvers。

So I just wanted to step back and get your thoughts in terms of how you plan the holiday season this year, given that there are 6 fewer days.

所以我只是想退後一步，看看你如何計劃今年的假期，因為現在還有 6 天。

It seems like a lot of retailers are expecting a big surge at the end, bigger than normal into Christmas given the shortened season.

似乎很多零售商都預計到最後會出現大幅上漲，鑑於季節縮短，到聖誕節的幅度將超過正常水平。

Is that something -- I'm not asking about December, just how you planned it.

那是什麼——我不是在問十二月，而是你如何計劃的。

Is this something you saw in [2013]?

這是您在 [2013] 中看到的嗎？

Is this something you're planning for in 2019?

這是您在 2019 年計劃的事情嗎？

And maybe any comment through what you've reported so far.

也許對您迄今為止報告的內容有任何評論。

Well I think we've planned it with some historical knowledge of what's happened in the past when you've got the shortest period of time between Thanksgiving and Christmas.

好吧，我認為我們已經計劃了它，對過去發生的事情有一些歷史知識，那時你在感恩節和聖誕節之間的時間最短。

And we plan assuming that we're going to continue to have the types of levels of comps that we have in general, recognizing sometimes there's a switch between months, as an example, being the switch -- Thanksgiving being in November versus -- of Q1 rather, versus Q2 for us, in our example.

我們計劃假設我們將繼續擁有我們通常擁有的比賽級別的類型，認識到有時幾個月之間會有轉換，例如，作為轉換 - 感恩節在 11 月與 -在我們的示例中，Q1 與我們的 Q2 相比。

But -- so yes, we expect to ramp up on a per day basis.

但是 - 所以是的，我們預計每天都會增加。

We'll have to wait and see where it goes.

我們將不得不等待，看看它會去哪裡。

But we went into the planning, I think, with the confidence that we've had good shopping frequency increases and good renewal rates and pretty good comps.

但我認為，我們在進行規劃時充滿信心，我們已經有了良好的購物頻率增加、良好的續訂率和相當好的補償。

Understood.

明白了。

And then on the pricing environment, it seems like Sam's has been taking some bigger hits to the gross margin line, and it seems to be benefiting comps.

然後在定價環境上，山姆的毛利率似乎受到了一些更大的打擊，而且似乎使公司受益。

So are you seeing a step-up in terms of -- in that core club channel, are you seeing a step-up in price investment from your peers?

那麼，您是否看到在核心俱樂部渠道方面有所提升，您是否看到同行的價格投資有所增加？

In a word, no.

一句話，沒有。

Got it.

知道了。

That's fair enough.

這很公平。

And then my last question is, in 2Q, you're going to lap, I think, a pretty big benefit on -- in the ancillary line last year.

然後我的最後一個問題是，在第二季度，我認為你將在去年的輔助線中獲得相當大的好處。

I think it was up 33 basis points, big part of that being gas.

我認為它上漲了 33 個基點，其中很大一部分是汽油。

So you're going to have gas prices, do we have to give that all back?

所以你將有汽油價格，我們必須全部退還嗎？

I mean, gas prices look like they will be up year-over-year at this point, but it's still going to be down a bit sequentially.

我的意思是，在這一點上，汽油價格看起來會同比上漲，但仍會按順序下降。

And I know there's an interplay between those 2 dynamics.

我知道這兩種動態之間存在相互作用。

So any thoughts you could give us around lapping that 33 basis points, given those dynamics would be super helpful?

因此，考慮到這些動態會非常有幫助，您可以給我們提供 33 個基點的任何想法嗎？

Well, I think profitability for gas for us and as we've read from other retailers -- big retailers that have gas stations as part of their retail concept, the new normal over the last few years is it's been a more profitable business.

好吧，我認為天然氣對我們來說是有利可圖的，正如我們從其他零售商那裡讀到的——將加油站作為其零售概念的一部分的大型零售商，過去幾年的新常態是它是一項更有利可圖的業務。

We -- I think, benefit from the fact that we've seen our gallon increases on a comp basis in the very high single digits compared -- so we know we're taking market share.

我們 - 我認為，受益於我們已經看到我們的加侖在比較基礎上以非常高的個位數增長 - 所以我們知道我們正在佔據市場份額。

Despite increased profitability in that business, our savings, in our view [when we come to do] price shops of competitors' gas, has never been as strong.

儘管該業務的盈利能力有所提高，但在我們看來，[當我們開始]為競爭對手的天然氣定價時，我們的儲蓄從未如此強勁。

So we feel very good about where we are with that.

因此，我們對自己所處的位置感覺非常好。

Now sequentially -- part of the increase, when you look at it on a year-over-year basis, last year's plus 30 or whatever, I don't have it in front of me, but whatever it was, had as much to do with what it was the year before.

現在按順序 - 增長的一部分，當你按年看時，去年的加 30 或其他什麼，我沒有它在我面前，但不管它是什麼，有同樣多的處理前一年的情況。

I think when you -- again, when you read what others have said and what we've said in the last couple of quarters, it's been pretty good for all of us.

我認為，當您再次閱讀其他人所說的以及我們在過去幾個季度中所說的話時，這對我們所有人來說都很好。

So maybe you're not going to see that kind of delta on top of the big delta last year.

所以也許你不會在去年看到大三角洲之上的那種三角洲。

But it's still -- nor are you going to see the big negative from that, a negative from it coming back to 2 years ago.

但它仍然是 - 你也不會從中看到很大的負面影響，它會回到 2 年前。

But we'll have to wait and see.

但我們將不得不拭目以待。

The thing we've learned about gas profitability is it can be very fleeting.

我們了解到的關於天然氣盈利能力的事情是它可能非常短暫。

Right now, it's been good as it was last quarter and as it was over the last couple of years in general.

現在，它和上個季度以及過去幾年的總體情況一樣好。

But you never know how to predict it from sometimes week-to-week.

但你永遠不知道如何每週預測它。

Your next question comes from the line of Michael Lasser from UBS.

您的下一個問題來自瑞銀的 Michael Lasser。

Richard, you touched on this briefly, but how have tariffs impacted Costco's profitability?

理查德，您簡要介紹了這一點，但關稅如何影響 Costco 的盈利能力？

And if some of the tariffs are rolled back, how is Costco going to handle this?

如果部分關稅被取消，Costco 將如何處理？

Should we be modeling margin benefit over the next couple of quarters from this dynamic?

我們是否應該從這種動態中模擬未來幾個季度的利潤率收益？

I think generally we've said on a qualitative basis that overall, I think, companies of scale, and certainly we are one of those, and the fact that we feel that we've had a relatively good mitigation plan, if you will, are easier on a 10% tariff than a 25%; I think one thing, again, on top of our scale in general, our ability to move in and out of items.

我認為總的來說，我們已經在定性的基礎上說過，總體而言，我認為，規模公司，當然我們就是其中之一，而且我們認為我們有一個相對較好的緩解計劃，如果你願意的話， 10% 的關稅比 25% 的關稅更容易；我認為還有一件事，在我們的總體規模之上，我們進出物品的能力。

If all of your items are 25% tariff, because you were a furniture retailer or whatever retailer, that's different than a company that has a small percentage of our business in that area.

如果您的所有商品都徵收 25% 的關稅，因為您是家具零售商或其他任何零售商，這與在該地區擁有我們一小部分業務的公司不同。

Like others, we've moved a few things where we can and sourced it from other countries.

像其他人一樣，我們已經盡可能地轉移了一些東西，並從其他國家採購。

I think our total China imports into the U.S. is about -- is just a few percentage points lower than a year ago.

我認為我們從中國進口到美國的總量大約是——僅比一年前低了幾個百分點。

So nobody can do a lot of that, nor can we.

所以沒有人可以做很多事情，我們也做不到。

But generally speaking, I don't think it's -- it's hard enough for us to budget into our numbers.

但總的來說，我不認為這對我們來說很難預算到我們的數字中。

What we look at is the fact that in some cases when the price has gone up, and we've passed on all or some of it, we haven't seen an impact to the unit sales, on others we have.

我們所看到的事實是，在某些情況下，當價格上漲時，我們已經全部或部分轉嫁了，我們沒有看到對單位銷售的影響，對其他我們有影響。

And we never know until it happens which ones are more elastic than others, if you will.

如果你願意的話，我們永遠不會知道哪些比其他的更有彈性。

But at the end of the day, we think that we've done as good as anybody in terms of being able to mitigate the impact.

但歸根結底，我們認為我們在減輕影響方面做得和任何人一樣好。

And so again, I think the fact that our margins -- our core margins, generally speaking, even in the departments like hardlines and softlines, have been slightly up year-over-year.

再說一次，我認為我們的利潤率——我們的核心利潤率，一般來說，即使是在硬線和軟線等部門，也同比略有上升。

And certainly, we haven't done that without, first and foremost, being the most competitive out there.

當然，我們沒有做到這一點，首先，我們要成為最具競爭力的公司。

That makes us feel that it's -- now, we don't want it to continue and we don't want List 4B to come on or anything else to go higher.

這讓我們覺得它是——現在，我們不希望它繼續下去，我們不希望列表 4B 出現或其他任何事情變得更高。

But I think we've done okay by it.

但我認為我們已經做得很好了。

So in cases where you have taken price or reengineered a product to make it cheaper, how do you handle that?

因此，如果您已經定價或重新設計產品以使其更便宜，您將如何處理？

Well, first of all, I don't think, ever, we try to reengineer a product.

嗯，首先，我不認為，我們曾經嘗試重新設計產品。

We're going to try to figure out how to get the price down a little bit with the help of our suppliers, sometimes our own money, or whatever else we can -- or moving a few items to another country, and sometimes eliminating an item and putting something else in its place here.

我們將嘗試找出如何在供應商的幫助下將價格降低一點，有時是我們自己的錢，或者我們能做的任何其他事情——或者將一些物品轉移到另一個國家，有時消除一個item 並在此處放置其他東西。

So I remember -- I think, one anecdotal story would be in late calendar '08, when the economic downturn hit hard and what hit hard in our case was a lot of -- as good as our values are on $1,000 and $1,500 patio furniture, we had a lot of markdowns to take care -- to get through that in January, February and March, when that stuff hit the floors.

所以我記得 - 我想，一個軼事故事發生在 08 年後期，當時經濟衰退重創，我們的案例重創了很多 - 就像我們對 1,000 美元和 1,500 美元庭院家具的價值一樣好，我們有很多降價需要處理——為了在 1 月、2 月和 3 月這些東西落地時度過難關。

I can remember vividly, come June, following that, when we were still in a bad economic downturn and our head of merchandising and our CEO, reminding everybody at the budget meeting, "I don't want to see us bringing down the quality and stuff to hit a price point." I don't want -- we've taken 20, 30 years to get our members comfortable with the types of items we can bring, particularly on better-end goods.

我記得很清楚，到了六月，在那之後，當我們仍然處於嚴重的經濟低迷時期時，我們的採購主管和首席執行官在預算會議上提醒大家，“我不希望看到我們降低質量和達到價格點的東西。”我不希望——我們花了 20 年、30 年的時間讓我們的會員對我們可以攜帶的物品類型感到滿意，特別是在更好的終端商品上。

And so, might we buy a few less units or something?

那麼，我們可以少買幾個單位嗎？

Yes.

是的。

Might we augment it a little bit with some offerings?

我們可以通過一些產品來增加它嗎？

Yes, but we try not to.

是的，但我們盡量不這樣做。

That's helpful.

這很有幫助。

And my follow-up question is given the well-publicized website outage over the holiday weekend, should we read that as Costco needs to make a more meaningful investment in its technology infrastructure to keep up with the growing size of that business?

我的後續問題是假期週末期間廣為人知的網站中斷，我們是否應該閱讀，因為 Costco 需要對其技術基礎設施進行更有意義的投資以跟上該業務不斷增長的規模？

Well, first of all, we live it every day here.

嗯，首先，我們每天都住在這裡。

And certainly -- and we are.

當然——我們也是。

It was unfortunate.

很不幸。

Despite all the efforts to have plenty of capacity -- processing capacity, if you will, there was something that incurred.

儘管為擁有足夠的容量做出了所有努力——處理能力，如果你願意的話，還是有一些事情發生。

When we looked at the 5 days between Thanksgiving and Monday -- Cyber Monday, those 5 days on a year-over-year basis, I mean, we still were up in the very high teens as a percentage on e-commerce.

當我們查看感恩節和星期一之間的 5 天——網絡星期一，這 5 天的年同比，我的意思是，我們在電子商務中的百分比仍然處於非常高的水平。

So consistent with what we've showed you what we've currently been running.

與我們向您展示我們目前正在運行的內容非常一致。

What tells us, we could have done better than that.

什麼告訴我們，我們本可以做得更好。

So we did leave something on the table there.

所以我們確實在桌子上留下了一些東西。

And again, we were able to correct it.

再一次，我們能夠糾正它。

It took several hours that day, unfortunately.

不幸的是，那天花了幾個小時。

But rest assured, we're spending a lot of money on things like that.

但請放心，我們在這樣的事情上花了很多錢。

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。

First question, on MFI, now that we're past the fee increase and FX is normalizing, just wondering if you see any material reason why the 6% growth you reported in the quarter wouldn't be a good proxy in the coming quarters.

第一個問題，關於小額信貸機構，既然我們已經過了費用增長期並且外匯正在正常化，只是想知道您是否看到任何實質性原因說明您在本季度報告的 6% 增長在未來幾個季度不會是一個很好的代理。

Well, who knows?

嗯，誰知道呢？

Certainly, one of the reasons why it's growing a little faster than the total sales line, a little of it -- a couple of recent openings, like the China opening, that's a little of it.

當然，它的增長速度比總銷售線快一點的原因之一是它——最近的幾次開業，比如中國開業，這就是它的一小部分。

I think more importantly -- and some of the things that we have done a much better job of getting new members to sign up as an executive member.

我認為更重要的是——以及我們在讓新成員註冊成為執行成員方面做得更好的一些事情。

You saw the -- in terms of the number of new member -- which is a combination of new memberships signing up as executive members as well as conversions to the executive member, we're doing a better job of that as well.

你看到了 - 就新成員的數量而言 - 這是新成員註冊為執行成員以及轉換為執行成員的組合，我們也在這方面做得更好。

And of course, that -- aside from improving membership fees, they are a more loyal member that shop more frequently and renew at a slightly higher rate.

當然，除了提高會員費外，他們是更忠誠的會員，購物頻率更高，續訂率略高。

And so I think a lot of it is some of the things that we're doing, getting those that use -- the growing number of members, I'm using U.S. as an example here, with the Citi/Visa card, signing up for that and having auto renewal as well as opting into auto renewal on other Visa cards that somebody may choose to use at Costco.

所以我認為其中很多是我們正在做的一些事情，讓那些使用 - 越來越多的會員，我在這里以美國為例，用花旗/維薩卡註冊為此並進行自動續訂以及選擇在有人可能選擇在 Costco 使用的其他 Visa 卡上進行自動續訂。

And so those are the things that help as well.

所以這些也是有幫助的。

I'd like to think it's all related to just great value, and that's more things that we offer the member, which is certainly part of it, too.

我想這一切都與巨大的價值有關，這就是我們為會員提供的更多東西，這當然也是其中的一部分。

Okay, that's great.

好的，那太好了。

And just -- sorry, just to switch over to the balance sheet a little bit.

只是 - 對不起，只是稍微切換到資產負債表。

Inventory levels were a little bit heavy.

庫存水平有點沉重。

I presume that's just the timing of Thanksgiving.

我想這只是感恩節的時間。

Any way to normalize for that, maybe inventory per club or some other metric, just to get a sense for what sort of apples-to-apples would look like?

任何標準化的方法，可能是每個俱樂部的庫存或其他一些指標，只是為了了解什麼樣的蘋果對蘋果會是什麼樣子？

Yes.

是的。

Well, I think it's mostly the shift of holiday.

嗯，我認為這主要是假期的轉變。

Some of it is a build up with e-commerce in those holidays as well, with more in the system.

其中一些是在這些假期中建立的電子商務，系統中還有更多。

We're doing more fulfillment on that side.

我們在這方面做得更多。

Again, in the few days since then, it's come down as we've expected, so I don't think there's a whole lot to read into it.

再一次，從那以後的幾天裡，它像我們預期的那樣下降了，所以我不認為有很多東西可以讀。

Okay.

好的。

Great.

偉大的。

And then just last one on the quarter-on-quarter up 4, maybe quantify for us the drag that you're going to continue to see, and then what you saw here in the current quarter from the chicken plant, just to get a sense for how much that was to the quarter.

然後是季度環比上升 4 的最後一個，也許為我們量化你將繼續看到的阻力，然後你在本季度從雞肉廠看到的東西，只是為了得到一個感覺這對本季度有多少影響。

Well, if you think about it, if we opened the chicken plant -- the first chicken, if you will, went through on September 10.

好吧，如果你想一想，如果我們開了養雞廠——如果你願意的話，第一隻雞在 9 月 10 日通過。

Hopefully, 45 weeks later, there'll be roughly 2.2 million chickens a week going through there.

希望 45 週後，每周大約有 220 萬隻雞經過那裡。

The first 3 months, if you will, which is Q1 here, September, October and part of most of November, you were at the lowest end of that.

前 3 個月，如果你願意的話，這裡是第一季度，9 月，10 月和 11 月的大部分時間，你處於最低端。

I don't want to straight line it completely, but it's close enough for this discussion going from 1 chicken to 2.2 million chickens, if you will.

我不想把它完全直線化，但如果你願意的話，它對於從 1 隻雞到 220 萬隻雞的討論來說已經足夠接近了。

There's a lot of operating costs in running the plant.

運營工廠需要大量運營成本。

And while we don't have both production lines running yet, now -- there's just a lot of costs associated with that.

雖然我們還沒有兩條生產線都在運行，但現在 - 與此相關的成本很高。

It will be a -- it should be a diminishing drag in Q2 and then Q3 and then Q4 and then not be an issue.

這將是一個 - 它應該在第二季度，然後是第三季度，然後是第四季度減少阻力，然後不是問題。

And we have Chris Mandeville from Jefferies.

我們有來自 Jefferies 的 Chris Mandeville。

So a quick question on central SG&A similar to Michael's.

因此，關於中央 SG&A 的快速問題類似於邁克爾的問題。

I'm just curious with respect to the IT investment if we should be assuming that, that pressure that was realized in the quarter actually progressively gets a little bit more prominent on a go-forward basis.

如果我們應該假設的話，我只是對 IT 投資感到好奇，在本季度實現的壓力實際上在前進的基礎上逐漸變得更加突出。

I don't know if that's what you were trying to reference or allude to with respect to expanding your capabilities and activities, or if we should be thinking about something similar on a go-forward basis.

我不知道這是否是您在擴展您的能力和活動方面試圖引用或暗示的內容，或者我們是否應該在前進的基礎上考慮類似的事情。

If I look over the last several years with that word we've stopped using completely called modernization, and now it's some modernization, but other things as well, we talked about in the last -- I talked about it the last several quarters, things like income fulfillment, spending a lot of money on that.

如果我回顧過去幾年，我們已經不再使用完全稱為現代化的詞，現在它是一些現代化，但還有其他事情，我們在上個季度談到過——我在過去幾個季度談到過，事情就像收入實現一樣，為此花很多錢。

A lot of that hits SG&A in terms of all that technology -- the chicken plant, to some extent.

就所有這些技術而言，其中很多都打擊了SG&A——在某種程度上，雞廠。

There's -- we've also, over the last couple of years, done a reset of certain departments within IT based on salary -- wage competition in this part of the woods, up here in the northwest.

在過去的幾年裡，我們還根據薪水對 IT 中的某些部門進行了重新設置——在這片森林，在西北部的工資競爭。

So I mean, there's a lot of things that go into it.

所以我的意思是，裡面有很多東西。

And we've got a lot going on, whether it's e-com, continued increases in infrastructure and vertical integration as well as our depot operations and modernization.

我們還有很多事情要做，無論是電子商務、基礎設施和垂直整合的持續增長，以及我們的倉庫運營和現代化。

So I don't know.

所以我不知道。

I think the -- when we first started talking about modernization years ago, it was just that.

我認為——當我們幾年前第一次開始談論現代化時，就是這樣。

As best we could, we estimated, originally, over a few years, it would be an incremental 10 basis points to the company.

我們盡我們所能，最初估計，在幾年內，這將為公司增加 10 個基點。

And then quickly, we found it could be 13, and ultimately it was 18 or 19.

然後很快，我們發現它可能是 13，最終是 18 或 19。

And then there are a couple of years when on a quarter-over-quarter basis, some quarters, it was 6 and some quarters it was 0 or -- 2 or 0. So I think a couple of quarters ago, maybe 3 quarters ago, it was flat year-over-year, that impact.

然後有幾年，按季度計算，有些季度是 6，有些季度是 0 或 -- 2 或 0。所以我想幾個季度前，也許是 3 個季度前，與去年同期持平，這種影響。

And I reminded people that don't read anything into that like we've hit an inflection point.

我提醒人們不要像我們已經達到拐點一樣閱讀任何內容。

We have a lot going on, both related to modernization stuff as well as expanding as well as vertical integration.

我們有很多事情要做，既與現代化有關，又與擴展和垂直整合有關。

So my guess is it will still be a negative year-over-year.

所以我的猜測是它仍然會同比下降。

There's a negative -- when those negatives anniversary a year hence, will we have incremental negative?

有一個負面因素——當這些負面因素一年後的周年紀念日時，我們會增加負面因素嗎？

That I can't say.

我不能說。

At some point, it's supposed to slow down.

在某些時候，它應該放慢速度。

Okay.

好的。

And then just my follow-up would be with respect to the Instacart pilot and delivering RX to your members.

然後我的後續工作將是關於 Instacart 試點並將 RX 交付給您的成員。

I guess just what exactly you're attempting to accomplish there?

我猜你到底想在那裡完成什麼？

Is the structure of delivering pharmacy any different in terms of how you're approaching things from a grocery perspective?

就您從雜貨店的角度處理事物的方式而言，提供藥房的結構有什麼不同嗎？

Yes -- well, no, I mean, look, it's convenience.

是的——嗯，不，我的意思是，看，這很方便。

Like anything in life out there, as you might expect, we're always asked, "When are you going to start to do order online and pick up in store?

正如您所料，就像生活中的任何事情一樣，我們總是被問到，“您什麼時候開始在線訂購併在商店取貨？

When are you going to do this?

你打算什麼時候做這個？

When are you going to have something else?" And we kind of do things our own way.

你什麼時候有別的東西？”我們有點用自己的方式做事。

We look at all these things, and this is one area that, with the Instacart relationship, where we have them already coming into our locations.

我們關注所有這些事情，這是一個領域，通過 Instacart 關係，我們已經讓它們進入我們的位置。

Let's give this a shot.

讓我們試一試。

We already have a good and growing mail order business.

我們已經擁有良好且不斷增長的郵購業務。

We have 500-and-whatever-40-ish pharmacies around the country.

我們在全國有 500 家和 40 家左右的藥店。

But this is another opportunity.

但這是另一個機會。

Our pharmacies are sometimes -- somebody doesn't want to come out if they're not feeling well, and so it was an opportunity, given -- and as density increases, that should help.

我們的藥房有時——如果有人感覺不舒服就不想出來，所以這是一個機會，給定的——隨著密度的增加，這應該會有所幫助。

But you've already got these drivers delivering groceries to others, so hopefully, we can do this.

但是您已經讓這些司機將雜貨運送給其他人，所以希望我們可以做到這一點。

And it is something to add to the competitive belt here.

它可以添加到這裡的競爭帶中。

Is that a notable impact to one's RX margin profile?

這對一個人的 RX 保證金狀況有顯著影響嗎？

I guess I'm just curious about the economics there.

我想我只是對那裡的經濟感到好奇。

No, no.

不，不。

And first of all, it's brand new.

首先，它是全新的。

And it's in just a few locations.

它只在幾個地方。

We're going to roll out to a few more shortly, so we'll see where it goes.

我們將很快推出更多，所以我們會看看它的去向。

Your next question is from Simeon Gutman from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Simeon Gutman。

This is Michael Kessler on for Simeon.

這是西蒙的邁克爾凱斯勒。

So a question on the competitive environment, we've seen Sam's Club undergoing kind of an unexpected round of investments recently.

所以關於競爭環境的問題，我們看到山姆俱樂部最近經歷了一輪意想不到的投資。

And I guess, is there anything notable that you would feel the need to respond to as far as what they're doing?

我想，有沒有什麼值得注意的事情讓你覺得有必要對他們正在做的事情做出回應？

Or anything that changes on your end from some of their investments?

或者他們的一些投資對您有什麼影響？

Not really.

並不真地。

I mean look, our warehouse managers are in their locations every week.

我的意思是看，我們的倉庫經理每週都在他們的位置。

We hear about it, and I hear about it here every month by location -- or by region, rather.

我們聽說過它，我每個月都會按地點或按地區聽到它。

And look, they're a good operator and a good competitor, and we feel that we do a lot of things very well, too.

看，他們是一個很好的運營商和一個很好的競爭對手，我們覺得我們很多事情也做得很好。

And -- but there's nothing that I could point out.

而且——但是我沒有什麼可以指出的。

A year or so ago, we had pointed out that they had gotten a little more aggressive on fresh.

大約一年前，我們指出他們在新鮮食品方面變得更加激進。

And some of these things ebb and flow, but at the end of the day, we feel very good about our competitive position.

其中一些事情起起落落，但歸根結底，我們對自己的競爭地位感到非常滿意。

Got it.

知道了。

Okay.

好的。

Great.

偉大的。

And just one follow-up on China, the new store that you opened there.

只是對中國的一個跟進，你在那裡開的新店。

You're a little further away from the opening.

你離開口有點遠。

Is there anything notable that you've learned over the last couple of months?

在過去的幾個月裡，你學到了什麼值得注意的東西嗎？

And any changes to your plans as far as the rollout, which I know is a little more on the slower side, but any updates on that front?

就推出而言，您的計劃有任何變化，我知道這在較慢的方面要多一些，但在這方面有什麼更新嗎？

Well first of all, on the rollout side, and we have one other one planned, which was planned previously, that's probably about a year and a quarter -- 1.5 years away, and we'll continue to look -- see what we want to do next.

首先，在推出方面，我們還計劃了另一個，這是之前計劃的，可能大約一年零四分之一 - 1.5年之後，我們將繼續尋找 - 看看我們想要什麼接下來做。

But not a lot of change there.

但那裡沒有太大變化。

There's -- overall, it's -- the location has exceeded our expectations.

總體而言，它的位置超出了我們的預期。

We brought in additional help from neighboring places to help, but the sales continue to grow.

我們從鄰近地區帶來了額外的幫助，但銷售額繼續增長。

The sign-ups continue to do very well there.

那裡的註冊繼續做得很好。

And we'll see.

我們拭目以待。

So we've had a great reception.

所以我們得到了很好的接待。

We feel good about from a merchandising standpoint and maintaining a supply chain, very good.

從銷售的角度來看，我們感覺很好，維護供應鏈，非常好。

And we're getting, I think, good reviews over there.

我認為，我們在那裡得到了很好的評價。

We've also identified a few items, one in particular that -- and is again just anecdotal, we've done a very good job over there with sea cucumbers, which I still have never tried.

我們還確定了一些項目，特別是其中的一個 - 再次只是軼事，我們在海參方面做得非常好，我仍然從未嘗試過。

But we have found is, is that, particularly on the West Coast in several cities where you've got customers that value that as a great item, we have done very well.

但我們發現，尤其是在西海岸的幾個城市，您的客戶認為這是一件很棒的事情，我們做得很好。

So just like anything in life we have found items that makes sense in other parts of our operation throughout the world.

因此，就像生活中的任何事情一樣，我們發現了對我們在世界各地的其他運營部門有意義的項目。

And it's fun to see out there, and it's a high-value -- high-priced item at a great value at Costco.

在那裡看到很有趣，而且它是高價值的高價商品，在 Costco 中物超所值。

And we have a question from the line of Greg Badishkanian from Citi.

我們有一個來自花旗的 Greg Badishkanian 的問題。

This is actually Spencer Hanus on for Greg.

這實際上是格雷格的斯賓塞漢努斯。

You guys called out some sales headwinds related to the website issue.

你們提出了一些與網站問題相關的銷售逆風。

Do you think those sales have been lost?

你認為那些銷售已經丟失了嗎？

Or do you think they were just pushed out?

或者你認為他們只是被推出來了？

I think some was pushed out, some went to the warehouse and some was lost.

我想有些被推出了，有些去了倉庫，有些丟失了。

In the scope of things, given our whole company, recognizing that e-commerce, while growing faster than the rest of inline, is still 5 -- a little over 5% of our company.

在事物的範圍內，考慮到我們整個公司，認識到電子商務雖然比其他在線業務增長更快，但仍然占我們公司的 5%——略高於 5%。

So it's not -- I don't want to be cavalier about it.

所以不是——我不想對此漫不經心。

We -- it didn't excite the members that were delayed.

我們——它並沒有讓被延遲的成員興奮。

And -- but we feel we've got some -- we extended the values that hit the 30-plus million e-mails that we sent out in the early hours of Thursday.

而且 - 但我們覺得我們已經得到了一些 - 我們擴展了我們在周四凌晨發送的 30 多萬封電子郵件的價值。

We extended those deals for an extra 2 days, and so we think we got some of it back.

我們將這些交易延長了 2 天，因此我們認為我們收回了一些。

And again, for that 5-day period, we did just fine.

再一次，在這 5 天的時間裡，我們做得很好。

Frankly, we feel we did lose something though, we could have done better than we had anticipated.

坦率地說，我們覺得我們確實失去了一些東西，但我們本可以做得比我們預期的更好。

And then any comment on big ticket sales trends that you're seeing?

然後對您看到的大票銷售趨勢有何評論？

And then how does the consumer feel heading into the holiday season this year?

那麼消費者對今年進入假日季節有何感想？

Yes, big ticket items are strong, particularly electronics items.

是的，大件商品很強勁，尤其是電子產品。

The fact that back in March or April this past year, we were able now to offer a full line of Apple products, including the Macs and the watches and the like, and we've done very well with those.

事實上，在去年 3 月或 4 月，我們現在能夠提供全系列的 Apple 產品，包括 Mac 和手錶等，我們在這些方面做得很好。

If I -- and online, we've done even better with those.

如果我 - 和在線，我們在這些方面做得更好。

And it's not just the Apple products, it's other big-ticket high-end game computers and game consoles, big screen TVs are huge, recognizing the price and value of those things for consumers keep coming down, which is great.

而且不只是蘋果的產品，其他的高價高端遊戲電腦和遊戲機，大屏幕電視都是巨大的，消費者認識到這些東西的價格和價值不斷下降，這很棒。

Those are the things that have done very well for us.

這些都是為我們做得很好的事情。

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。

Just a couple of questions, I guess starting with the quarter-on-quarter.

只是幾個問題，我想從季度環比開始。

So you've obviously had pretty meaningful stability, I guess, in the quarter-on-quarter, and you alluded to this a couple of quarters ago in terms of your scale and your buying power.

因此，我想，在季度環比中，您顯然已經有了非常有意義的穩定性，並且您在幾個季度前就您的規模和購買力提到了這一點。

But I'm wondering if you could just frame a little bit on how we should think about quarter-on-quarter going forward because it does seem like we're kind of in a new norm of that being stable to up generally.

但我想知道你是否可以稍微介紹一下我們應該如何考慮未來的季度環比，因為看起來我們確實處於一種新常態，即總體上保持穩定。

Well, I think the fact is that you're right, all the things that we do to drive value or to get better pricing or based on our volume or Kirkland Signature or whatever, just when you think it's safe to go out, we're going to use it to drive business, which we've done.

好吧，我認為事實是你是對的，我們所做的所有事情都是為了提高價值或獲得更好的定價，或者基於我們的銷量或 Kirkland Signature 或其他任何東西，當你認為外出安全時，我們'重新使用它來推動業務，我們已經做到了。

We talked in the past about the monies from increasing the membership fee, the monies from the changing credit cards, the income tax reform, recognizing about a little over 1/3 of the income tax reform went to improve hourly wages.

過去我們談到了提高會員費的錢，換信用卡的錢，所得稅改革，承認大約1/3的所得稅改革用於提高小時工資。

But at the end of the day, those have given us additional monies to continue to drive value.

但歸根結底，這些為我們提供了額外的資金來繼續推動價值。

And there are times when we see something, a particular department or something, where the margin might be very strong year-over-year, that's the first thing we look at.

有時我們會看到某些東西，一個特定的部門或其他東西，其利潤率可能會非常強勁，這是我們首先要看的東西。

Even if we're giving a greater savings to the customer, is it too much?

即使我們為客戶節省更多，是否太多了？

And so again, we are a for-profit business.

同樣，我們是一家營利性企業。

We want to grow our top line first, and that will help the other things.

我們想首先增加我們的收入，這將有助於其他事情。

But we don't manage it completely to the basis point.

但我們並沒有完全做到這一點。

Net-net, we'd like to see year-over-year EBITDA go up a little bit, but we have avenues to do that.

Net-net，我們希望看到 EBITDA 同比上升一點，但我們有辦法做到這一點。

Okay.

好的。

And then on tariffs, just specifically to the tariffs for this Sunday, if they were or not to go into effect.

然後是關稅，特別是本週日的關稅，如果它們是否生效。

Sorry, I'm just -- can you just clarify, I mean, the rest of the list like went through 4A, I guess, obviously it's kind of already embedded.

抱歉，我只是 - 你能澄清一下嗎，我的意思是，列表的其餘部分就像經歷了 4A，我猜，顯然它已經嵌入了。

But is there anything to think about in terms of 4B does not go into effect with respect to your positioning or the model or anything?

但是關於你的定位或模型或其他任何東西，4B 不會生效有什麼要考慮的嗎？

Well, in a way, we don't know.

嗯，在某種程度上，我們不知道。

I mean to the extent that we bought in advance certain merchandise, to the extent we could, anticipating that, that was going to go into place, and so let's get it in before the tariff, we did.

我的意思是，在我們提前購買某些商品的範圍內，在我們可以預料到的情況下，這將會到位，所以讓我們在關稅之前把它放進去，我們做到了。

But -- what's that -- it wouldn't change it, right?

但是——那是什麼——它不會改變它，對吧？

Someone here was saying -- it wouldn't change things immediately there.

這裡有人說——它不會立即改變那裡的情況。

So if any -- I mean, if anything, we've had a little extra inventory in advance of it.

因此，如果有的話——我的意思是，如果有的話，我們提前有一些額外的庫存。

Okay.

好的。

And then last few for me is just housekeeping on inflation in food and also in nonfood, and then thoughts on cash on the balance sheet as it continues to build.

然後對我來說，最後幾個只是對食品和非食品通脹的管家，然後是資產負債表上的現金，因為它繼續增加。

Inflation is almost a nonissue.

通貨膨脹幾乎不是問題。

It's not either inflation or deflation, generally speaking.

一般來說，它既不是通貨膨脹也不是通貨緊縮。

I mean yes, we mentioned there's slightly deflationary year-over-year.

我的意思是，是的，我們提到同比略有通縮。

Tariffs is slightly inflationary, of course, on those limited items.

當然，關稅對那些有限的物品來說是輕微的通貨膨脹。

Yes, proteins are up a little.

是的，蛋白質上升了一點。

My understanding, that has to do partly with China and with the swine flu as well as more demand for beef.

我的理解，這部分與中國和豬流感以及對牛肉的更多需求有關。

Other than that, not a lot to talk about there.

除此之外，沒有太多可談的。

But what was the other part of the question?

但問題的另一部分是什麼？

It was cash on the balance sheet building.

這是資產負債表上的現金。

Yes.

是的。

Yes, well, we have 2 debt payments coming due this week or the next Monday -- next week and in mid-February, totaling $1.7 billion from prior debt offerings.

是的，好吧，我們有 2 筆債務將於本週或下週一到期——下周和 2 月中旬，之前的債務發行總額為 17 億美元。

Beyond that, of course, cash at the end of Q1, generally, is the highest level because you've started to sell more, but you haven't paid for everything yet relative to seasonal stuff for Thanksgiving and Christmas.

當然，除此之外，第一季度末的現金通常是最高水平，因為你已經開始銷售更多，但你還沒有為感恩節和聖誕節的季節性商品支付所有費用。

So like our AP ratio is always the strongest then on a quarterly basis.

因此，就像我們的 AP 比率一樣，每季度總是最高的。

Beyond that, stay tuned.

除此之外，敬請期待。

And we have a question from John Heinbockel from Guggenheim Securities.

我們有一個來自古根海姆證券公司的 John Heinbockel 的問題。

So Richard, where do you stand now with self-checkout?

那麼理查德，你現在在自助結賬方面的立場是什麼？

I know you've been expanding that.

我知道你一直在擴展它。

How many clubs is that in?

有多少個俱樂部？

What are your learnings, right, in terms of consumer -- member satisfaction, speed of checkout?

就消費者——會員滿意度、結賬速度而言，你學到了什麼？

And then what do you think the rate of expansion of that is going to be?

然後你認為它的擴張速度會是多少？

Well, we currently have it in the U.S. and Canada in about 135 locations.

好吧，我們目前在美國和加拿大的大約 135 個地點擁有它。

It's going well.

進行得順利。

We have another 92 planned for rollout in early calendar 2020, so up above the -- in the low 200s.

我們計劃在 2020 年初推出另外 92 個，因此高於 - 在 200 年代的低點。

And the senior operators continue to discuss additional rollouts with Craig based on the performance.

高級操作員繼續根據性能與 Craig 討論額外的部署。

But overall, it's a positive.

但總的來說，這是積極的。

And so we'll continue to do it, is my expectation.

所以我們會繼續這樣做，這是我的期望。

I mean roughly speaking, when you think about savings, right, I don't know how material that is, but is there an idea that you reinvest that -- can it be enough to reinvest back into the business in something like expanded BOPUS?

我的意思是粗略地說，當你考慮儲蓄時，對，我不知道這有多重要，但有沒有一個想法讓你再投資 - 是否足以再投資於擴大 BOPUS 之類的業務？

Or I know you've been sort of reticent about BOPUS because of the cost, is that something you can now begin to get your arms around or no?

或者我知道你因為成本原因一直對 BOPUS 保持沉默，你現在可以開始擁抱了嗎？

Well, first of all, I think thoughts on either of those are mutually exclusive to one other.

嗯，首先，我認為對其中任何一個的想法都是相互排斥的。

When I look at the millions or billions of front-end seconds we save in labor, we know full well that some of it is -- you don't get it all back.

當我看到我們在勞動力中節省的數百萬或數十億的前端秒數時，我們很清楚其中一些是——你不會把它全部拿回來。

But even if you take a conservative amount, there is money to be saved there.

但即使你採取保守的數額，也有錢可以存在那裡。

More importantly, the members like it.

更重要的是，成員們喜歡它。

The only thing the member doesn't like is when there's a number in front of them that is going through with their full basket and it is taking longer.

會員唯一不喜歡的是，當他們面前有一個號碼，他們的籃子滿了，而且需要更長的時間。

But generally speaking, even in the high volume -- the few high-volume units that I've actually gone to of late, like the ones in Seattle, and I use them when I'm in and out there fast, they work well and fast.

但一般來說，即使是大容量——我最近實際使用的少數大容量單元，比如西雅圖的那些，當我快速進出時使用它們，它們運行良好和快。

So there is a savings, but I think as well, it improves that customer experience.

所以有節省，但我認為也可以改善客戶體驗。

As it relates to buy online and pick up in store, we continue to look at what others do and continue to scratch our head, and recognizing the average Costco, even compared to our 2 direct competitors, is 2 and almost 3x the volume per location -- almost 2 and almost 3x the volume per location.

由於它與在線購買和店內提貨有關，我們繼續關注其他人的做法並繼續摸不著頭腦，並認識到 Costco 的平均水平，即使與我們的 2 個直接競爭對手相比，每個位置的銷量是 2 倍和幾乎 3 倍-- 每個位置的體積幾乎是 2 倍和 3 倍。

So we'll have to wait and see.

所以我們將不得不拭目以待。

We're still not at a point -- we look at it, but we're not at a point that we're planning to do anything with that.

我們還沒有達到這一點——我們正在研究它，但我們還沒有計劃對此做任何事情。

Your next question is from Kate McShane from Goldman Sachs.

您的下一個問題來自高盛的 Kate McShane。

We wanted to ask about apparel.

想問服裝。

I know that this is a category where you've been a little bit more focused.

我知道這是一個你更加專注的類別。

I wondered if you could give some color about the performance of apparel during the quarter, what you see the opportunity to be, and how Costco can kind of position itself to capture some share going into the next year.

我想知道您是否可以就本季度服裝的表現，您看到的機會以及 Costco 如何定位自己以在明年獲得一些份額進行一些說明。

Yes.

是的。

Look, I think it's part of the same story that we talked about, fortunately, for the last few years.

看，我認為這是我們談論的同一個故事的一部分，幸運的是，在過去的幾年裡。

Apparel is a combination of both expanded Kirkland Signature as well as a few additional brands willing to sell us or expanding what they're selling us as well, and great value.

服裝是擴展的 Kirkland Signature 以及一些願意向我們出售或擴展他們向我們出售的產品的其他品牌的組合，並且具有很高的價值。

And it's a category in the several billions of dollars that continues to grow in the roughly high single digits, compared to retail apparel overall, that's a lot less than that.

與整體零售服裝相比，它是數十億美元中的一個類別，繼續以大約高個位數的速度增長，這比這要少得多。

So -- and no, I think -- I'm always amazed at our monthly budget meetings when, in this case, buyers are bringing in and showing what's coming in for the new season, whether it's outerwear -- a few months ago, outerwear for the fall or both men's, women's and children's stuff.

所以 - 不，我認為 - 我總是對我們每月的預算會議感到驚訝，在這種情況下，買家正在引進並展示新季節的新品，無論是外套 - 幾個月前，秋季外套或男裝、女裝和童裝。

Your next question is from Scot Ciccarelli from RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場的 Scot Ciccarelli。

Richard, I had a follow-up question on the Shanghai location.

理查德，我有一個關於上海地點的後續問題。

Could you just provide any context on the sign-up activity of that location relative to a more traditional facility?

您能否提供有關該地點相對於更傳統設施的註冊活動的任何背景信息？

It's beyond good.

好極了。

I'm sitting here with my colleagues, [what I'm allowed to say].

我和我的同事坐在這裡，[我可以說什麼]。

The average Costco in the world has somewhere in the mid- to high-60,000 of member households.

世界上平均每家 Costco 的會員家庭都在 60,000 人左右。

We've had locations in other countries in Asia, where we might be at 100,000, 120,000 after a few years, maybe even after 1 or 2 years.

我們在亞洲的其他國家也有分店，幾年後我們可能達到 100,000、120,000，甚至可能在 1 或 2 年後。

This one is more than twice that.

這個是兩倍多。

That's a lot of press in a city that is populated with 25-plus million people.

在一個擁有 25 多萬人口的城市中，這已經是一大堆新聞。

Yes, I understand.

是的我明白。

So just given the fact that in the past, you've kind of talked about how long it takes locations to hit a breakeven point.

因此，鑑於過去，您已經談到了位置達到盈虧平衡點需要多長時間。

I guess given the early sales and membership trajectory of that location, does that help change how you're kind of thinking about the breakeven point for that warehouse, and hence, the China opportunity?

我想鑑於該地點的早期銷售和會員軌跡，這是否有助於改變您對該倉庫盈虧平衡點的看法，從而改變中國機會？

Or do you need more distribution scale to really get the profitability to where you want it?

或者您是否需要更多的分銷規模才能真正獲得您想要的盈利能力？

Well, getting to 7 or 8 or 10 locations in a country where a bunch of stuff is American-supplied or -- and barge-shipped, not air-flown, you become more efficient as you go from 1 to 3. You may be using some third-party consolidation or storage to do high-volume bulk items because you don't want to run out of water or toilet paper, as you may.

好吧，在一個國家的 7 或 8 或 10 個地點，一堆東西是美國供應的，或者 - 用駁船運輸，而不是空運，當你從 1 到 3 時，你會變得更有效率。你可能使用一些第三方整合或存儲來做大批量的散裝物品，因為你不想用完水或衛生紙，就像你可能的那樣。

They're no-brainer items.

它們是不費吹灰之力的物品。

And over time, by the time we get up to 8 or 10, we want to have a bigger cross dock that then can -- with enough land to continue to expand it over time.

隨著時間的推移，當我們達到 8 或 10 個時，我們希望有一個更大的交叉碼頭，然後可以 - 有足夠的土地隨著時間的推移繼續擴大它。

Across docks in the U.S. and Canada, serve 40 to 60 locations each, and 40 to 60 relatively high-volume locations.

在美國和加拿大的碼頭上，分別為 40 到 60 個地點和 40 到 60 個相對高容量的地點提供服務。

So we have 1 in Australia that services 11 locations.

所以我們在澳大利亞有 1 個為 11 個地點提供服務。

That will continue to be a little bit of economic improvement to that country as it serves 15 and 20 locations.

這將繼續對該國的經濟有所改善，因為它服務於 15 個和 20 個地點。

We've opened 2 in Japan.

我們在日本開了 2 家。

Essentially south to north for all 26 or 27 locations.

所有 26 或 27 個地點基本上從南到北。

We plan to have a lot more there over time.

隨著時間的推移，我們計劃在那裡有更多。

So certainly -- in addition, we have a lot of extra help there.

所以當然——此外，我們在這方面還有很多額外的幫助。

We're doing big volume, and we brought over additional people from Taiwan that speak the local language and that understand our concept.

我們正在做大量的工作，我們從台灣帶來了更多會說當地語言並理解我們概念的人。

And it's been -- we've been fortunate to have that additional history and expertise when we've gone there, but also it cost some more.

而且，當我們去那裡時，我們很幸運能夠擁有額外的歷史和專業知識，但它也花費了更多。

So I think you've got to -- what is the normal once it's doing whatever volume it's doing and it's efficiently run at the warehouse, maybe you don't have all the efficiencies from cross dock, that will take several years.

所以我認為你必須 - 一旦它正在做它正在做的任何數量並且它在倉庫中有效地運行，那麼正常情況是什麼，也許你沒有跨碼頭的所有效率，這將需要幾年時間。

But the most efficiencies are what's in the building and how many people do you need to help that process.

但最有效率的是大樓裡有什麼，以及你需要多少人來幫助這個過程。

And you become more efficient.

你變得更有效率。

So that may take a couple of years to do that.

所以這可能需要幾年時間才能做到這一點。

And that's one of the reasons why we generally go slow in new countries because we want to get it right from a customer experience and an operational side.

這就是我們通常在新國家/地區放慢速度的原因之一，因為我們希望從客戶體驗和運營方面做到正確。

Your next question is from Oliver Chen from Cowen and Company.

您的下一個問題來自 Cowen and Company 的 Oliver Chen。

Richard, on your digital innovation road map, what are your thoughts about fulfillment from in-store and micro fulfillment centers?

理查德，在您的數字創新路線圖上，您對店內和微型履行中心的履行有何看法？

And also thinking about the robotic capabilities across inventory management or supply chain from in-store, would love your thoughts.

並且從店內考慮跨庫存管理或供應鏈的機器人功能，會喜歡你的想法。

Well, we have -- just because of what we did currently a couple of years ago, we have our business centers that act as a focal point, as you know, for today.

好吧，我們有 - 只是因為我們幾年前所做的事情，我們的商務中心作為今天的焦點。

We have our depot operations.

我們有我們的倉庫業務。

We've moved some of that fulfillment to annexes off some of our depots as well, where we put in, to our biggest depot, some automation fulfillment, which I talked about over the last few quarters, the last 6 months, and we continue to roll some of that out.

我們已經將其中的一些實現轉移到了我們的一些倉庫的附件中，我們在我們最大的倉庫中放置了一些自動化實現，我在過去幾個季度，過去 6 個月中談到了這一點，我們繼續推出一些。

One of the things we've done is particularly things like how do we improve the time, particularly of items that mightn't even be presented in-store but are only sold online, like white goods, or what I'll call big and bulky and those that require, not only installation but sometimes takes away the old one.

我們所做的其中一件事特別是我們如何改善時間，尤其是那些甚至可能不會在店內展示但只在網上銷售的商品，比如白色家電，或者我稱之為大件和笨重的和那些需要的，不僅安裝，而且有時會帶走舊的。

While many third parties do that, we do a little of it.

雖然許多第三方這樣做，但我們只做了一點。

We've also figured out what are some of these items, based on our volumes, that can be staged efficiently in a dozen -- I'm making the number up, but a dozen geographic locations across the Canada and the United States to take the shipping times down dramatically.

我們還根據我們的數量計算出了其中哪些項目可以在十幾個中有效上演——我正在編造這個數字，但是加拿大和美國的十幾個地理位置可以採取運輸時間急劇下降。

And we've done some of that stuff.

我們已經做了一些這樣的事情。

And that's evolved over the last couple of years, and we'll do more.

在過去的幾年裡，這已經發生了變化，我們會做得更多。

You've got a business just white goods, and that's certainly not the only big and bulky.

你的企業只有白色家電，而且肯定不是唯一的大而笨重的。

There's furniture.

有家具。

There's patio stuff.

有天井的東西。

There's exercise equipment.

有健身器材。

But just on white goods, we've gone from essentially sub-$50 million a year 4 years ago to over $650 million and growing.

但僅在白色家電方面，我們已經從 4 年前的每年不到 5000 萬美元增長到超過 6.5 億美元，而且還在不斷增長。

And that's -- part of that is not just selling this stuff at great prices, it's getting it delivered to you in fewer days.

這就是——其中一部分不僅僅是以高價出售這些東西，而是在更短的時間內將其交付給您。

Okay.

好的。

And Richard, on the vertical integration opportunities ahead, what are you thinking could or should be possible?

理查德，關於未來的垂直整合機會，你認為什麼可能或應該是可能的？

And what's your framework for evaluating what makes sense for you in terms of owning more parts of the supply chain across different categories?

在擁有跨不同類別的供應鏈的更多部分方面，您評估什麼對您有意義的框架是什麼？

Well, what started 25 years ago as a ground beef plant, to save $0.04, $0.06 a pound, we thought, on ground beef, is now -- are now 2 major meat plants, one in Tracy, California, where we started and one in Illinois, which is still growing into itself over the last 1.5 years, 2 years since it opened.

嗯，25 年前開始作為碎牛肉廠，為了節省 0.04 美元，每磅 0.06 美元，我們認為，在碎牛肉上，現在 - 現在是 2 家主要的肉類工廠，一家在加利福尼亞州的特雷西，我們開始的地方和一家在伊利諾伊州，在過去的 1.5 年裡，它仍然在發展壯大，距開業已有 2 年。

I think the one in California does well over 4 million pounds a week of just a handful of items that we -- that's ours, that gave us confidence to do the hotdog plant.

我認為加利福尼亞的那家公司每週生產的商品數量超過 400 萬磅，而這些商品是我們的——那是我們的，這讓我們有信心做熱狗工廠。

We did almost, partly by necessity, a bakery commissary in Canada, which we're finding can serve not only Canada but the U.S. on making more consistent and more efficiently [costed] items like the cookie dough and croissants.

我們幾乎（部分是出於必要）在加拿大開設了一家麵包店小賣部，我們發現它不僅可以為加拿大服務，也可以為美國提供更一致和更有效[成本]的物品，如餅乾麵團和羊角麵包。

So we learn each time we do something.

因此，我們每次做某事時都會學習。

I think there's been some press out there about testing greenhouses for produce.

我認為那裡有一些關於測試溫室農產品的新聞。

We've got one up and running just the last few months in California that I think some of the product is just starting to hit our shelves.

就在最近幾個月，我們在加利福尼亞啟動並運行了一款產品，我認為其中一些產品剛剛開始上架。

But we think there's some great opportunities on the produce side for hothouses and greenhouses, if you will, particularly -- and where transportation costs and time is a necessity on stuff that spoils quickly and easily.

但我們認為溫室和溫室的農產品方面有一些很好的機會，如果你願意的話，特別是 - 運輸成本和時間對於快速和容易變質的東西是必要的。

Right now much of the produce that we ship to our Hawaii locations is air-shipped.

目前，我們運送到夏威夷地點的大部分產品都是空運的。

If you can do some more of that over there, that's a no-brainer.

如果你可以在那裡做更多的事情，那是不費吹灰之力的。

And given our volume and limited SKUs, we think that we -- it's an efficient model to help.

鑑於我們的數量和有限的 SKU，我們認為我們 - 這是一個有效的模型來提供幫助。

But that's not just us.

但這不僅僅是我們。

Others are trying that.

其他人正在嘗試這樣做。

Again, we think that the structure of our business allows us to take more advantage of that.

同樣，我們認為我們的業務結構使我們能夠更多地利用這一點。

But it's new.

但它是新的。

I don't know if there's anything big.

不知道有沒有什麼大不了的。

There's nothing as big as the chicken complex on the drawing boards.

沒有什麼比繪圖板上的雞群大。

But I think we'll continue to do things.

但我認為我們會繼續做事。

But we're catching our breath a little bit right now.

但我們現在有點喘不過氣來。

We've made some major investments in a second meat plant and the bakery commissary just recently and the chicken complex, and even more recently, the first of a few green hothouses.

我們最近在第二家肉類加工廠和麵包店小賣部和雞肉綜合體上進行了一些重大投資，甚至最近，在幾個綠色溫室中的第一個。

So we've got a lot going on.

所以我們有很多事情要做。

And the answer is it works.

答案是它有效。

And so far, so good.

到目前為止，一切都很好。

And our last question, Richard.

最後一個問題，理查德。

Kirkland is a nice competitive advantage.

柯克蘭是一個很好的競爭優勢。

What are your thoughts on how that percentage of mix may increase and categories that it may be suitable for that you're not in yet?

你對這個混合百分比如何增加以及它可能適合你尚未進入的類別有何看法？

And also you cited the new services that you've added to your product assortment, how will services evolve as a percentage of total?

您還提到了您添加到產品分類中的新服務，服務將如何演變為佔總數的百分比？

Just would love the magnitude of what may happen there over time.

只是會喜歡隨著時間的推移可能發生的事情的規模。

Well, first on the Kirkland Signature side, there aren't a lot of $0.5 billion and $1 billion items, like water and various paper goods and things like that, and there are many, but not a lot of many new few hundred million dollar items.

嗯，首先在柯克蘭簽名方面，沒有很多 5 億美元和 10 億美元的物品，比如水和各種紙製品之類的東西，有很多，但不是很多新的幾億美元項目。

But at the end of the day, there's lots of $20 million and $50 million items that can go to $50 million and $100 million.

但歸根結底，有很多 2000 萬美元和 5000 萬美元的物品可以達到 5000 萬美元和 1 億美元。

And certainly, I think, like on high-end packaged food items, on everything from not only organic but antibiotic-free and -- I don't have all the adjectives in front of me, but there's lots of things that we can do that are high-end and that our members want and, frankly, has added benefits of it seemingly gets in the millennials on some of this stuff.

當然，我認為，就像高端包裝食品一樣，從有機食品到無抗生素食品，以及——我沒有擺在我面前的所有形容詞，但我們可以做很多事情那是高端的，我們的會員想要的，坦率地說，它增加了它的好處，似乎在這些東西上得到了千禧一代。

So -- but I think -- we've expanded into some sporting goods.

所以——但我認為——我們已經擴展到一些體育用品領域。

So there's lots of little things that will add to it.

所以有很多小東西會增加它。

But if the number -- and I don't have it exactly in front of me, but ex gas, if the number is 24%, 25%, does it go to 30% over the next 10 or 15 years?

但是，如果這個數字——而且我並沒有完全擺在我面前，而是天然氣，如果這個數字是 24%、25%，那麼在接下來的 10 年或 15 年內會達到 30% 嗎？

Maybe.

也許。

We think this is going to go up, yes, likely a little bit because we found ourselves and our ability -- and our suppliers, some of our private label suppliers are very good at what they do.

我們認為這會上升，是的，可能會上升一點，因為我們發現自己和我們的能力——以及我們的供應商，我們的一些自有品牌供應商非常擅長他們的工作。

But we also are still a branded retailer.

但我們仍然是品牌零售商。

We have very good savings, as you know, on branded items.

如您所知，我們在品牌商品上節省了很多錢。

On the service side, we don't talk about a lot because they're small relative to the size of our company, but it's other things that make the membership sticky and are very profitable, whether it's the auto -- Costco Auto Program or our Travel business, which continues to grow.

在服務方面，我們不談論太多，因為它們相對於我們公司的規模來說很小，但其他讓會員具有粘性並且非常有利可圖的事情，無論是汽車——Costco Auto Program 還是我們的旅遊業務繼續增長。

We now -- a year or so ago, we added the hotel only booking engine, and more recently, the airline reservation only, not just packaged items, packaged trips, and everything.

我們現在 - 大約一年前，我們添加了僅限酒店的預訂引擎，最近，我們添加了僅限航空公司的預訂引擎，而不僅僅是打包物品、打包旅行等等。

And so I think we'll keep adding things.

所以我想我們會繼續添加東西。

I can't tell you what yet, but we keep looking at things.

我還不能告訴你什麼，但我們一直在看。

Your next question is from Greg Melich from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Greg Melich。

Richard, I wanted to get an update on how the private label card -- now that you've had a few years for it to properly season and scale, anything you could say on the penetration or how the sales are doing outside the club and maybe link that to what the auto renewal rates are now as part of the renewal rates.

理查德，我想了解一下自有品牌卡的最新情況——現在你已經有幾年的時間讓它適當的季節和規模了，你可以說什麼關於滲透率或俱樂部外的銷售情況，以及也許將其與現在的自動續訂率聯繫起來，作為續訂率的一部分。

Yes.

是的。

I don't know if [I'm able to do auto renewal rates or if they are] increasing.

我不知道[我能夠做到自動續訂率還是] 增加。

The big issue is where we converted -- prior to conversion, when it was the other provider, there's both the cobranded card plus other branded cards of that provider, like Delta SkyMiles or something.

最大的問題是我們轉換的地方——在轉換之前，當它是另一個提供商時，既有聯名卡，也有該提供商的其他品牌卡，比如達美飛凡里程常客計劃之類的。

And all those are -- all those non-cobrand ones, all those auto renewals went away, went to 0. So that had to be picked up over time, and we saw that impact to our overall renewal rate a little bit.

所有這些都是 - 所有那些非聯合品牌的，所有那些自動續訂都消失了，變成了 0。所以隨著時間的推移，這必須得到改善，我們看到了這對我們的整體續訂率的影響。

The other thing is, as we continue to add new -- increasing number of members that have this, the cobrand card and -- the value keeps getting better and bigger.

另一件事是，隨著我們繼續添加新的 - 越來越多的成員擁有這個，聯名卡和 - 價值越來越大。

And so we think that will continue to be additive.

所以我們認為這將繼續是累加的。

That's helped.

這很有幫助。

I think overall, we've also done a better job, even when somebody walks in, to sign up, not only to upgrade but when they like to auto renew.

我認為總的來說，我們也做得更好，即使有人走進來註冊，不僅是為了升級，而且當他們喜歡自動更新時。

And so all those things help.

所以所有這些都有幫助。

Certainly, the Citi/Visa is probably one of the biggest movers of that because of just the sheer size of it, and the fact that we're still adding new cardholders to that.

當然，Citi/Visa 可能是其中最大的推動者之一，因為它的規模龐大，而且我們仍在為此添加新的持卡人。

Is Citi/Visa doing multiples of sales outside of the club than it's doing in the club at this point?

Citi/Visa 目前在俱樂部外的銷售額是否比在俱樂部內的銷售額高出數倍？

There's certainly more sales being done outside, as there were over the 16 years in the previous relationship that evolved over time.

肯定有更多的銷售是在外面完成的，因為之前的關係在 16 年中隨著時間的推移而發展。

As we would have expected, this would be even greater than that outside versus inside spend and that's where we have revenue share, which is good for us and them presumably, from the standpoint that the Visa card is offered at more smaller businesses, which tend to have higher merchant fees in general anyway.

正如我們所預料的那樣，這將比外部支出和內部支出更大，這就是我們獲得收入份額的地方，這對我們和他們來說可能是有利的，因為 Visa 卡是在更多較小的企業提供的，這往往無論如何，一般都會有更高的商家費用。

So it's a whole new additional market potential of revenue share to those people using that card.

因此，對於那些使用該卡的人來說，這是一個全新的額外收入份額市場潛力。

If my -- if my card is top of wallet, there are certain places previously that I couldn't use it like the local dry cleaner or a restaurant.

如果我的 - 如果我的卡是錢包的頂部，那麼以前有些地方我不能使用它，比如當地的干洗店或餐館。

Now I can.

現在我能。

Got it.

知道了。

And then you mentioned Japan, and I think it was Australia coming for e-commerce, if you look around the world, any early learnings out of the launch in Japan?

然後你提到了日本，我認為是澳大利亞來進行電子商務，如果你環顧世界，從日本推出的任何早期經驗？

Other than it went well, it's been 2 days.

除了一切順利，已經2天了。

So I'm happy to report, I have -- I know nothing.

所以我很高興報告，我有 - 我一無所知。

We'll take 2 more questions.

我們將再回答 2 個問題。

Your next question is from Scott Mushkin from R5 Capital.

您的下一個問題來自 R5 Capital 的 Scott Mushkin。

So I wanted to talk a little bit about maybe growth that's being left, I mean obviously -- left on the table.

所以我想談談可能留下的增長，我的意思很明顯 - 留在桌面上。

Obviously, your performance is incredible, but the number of club openings have come down a little bit.

很顯然，你的表現令人難以置信，但俱樂部的開場數量已經下降了一點。

You might [say through] omnichannel.

你可能會[通過]全渠道說。

So I was just -- as you take a step back, we look at our research, we look like you're kind of almost underserving certain markets in the U.S., how do you think about growth?

所以我只是 - 當你退後一步時，我們看看我們的研究，我們看起來你幾乎沒有為美國的某些市場提供服務，你如何看待增長？

Is it time to speed things up a little bit, get back up to the 30 clubs?

是時候加快速度，回到 30 家具樂部了嗎？

Maybe put a little bit more money behind omnichannel, kind of what's the company's thought process here?

也許在全渠道投入更多的錢，公司的想法是什麼？

I think -- I don't disagree with you.

我想——我不同意你的觀點。

We want to open more than 20-ish units a year.

我們希望每年開設 20 多個單位。

Part of that was, I think, some delays in how long it took overseas.

我認為，其中一部分原因是在海外花費的時間有所延遲。

We've got the pipeline feeling a little bit better.

我們的管道感覺好一點。

And 5 years ago, I always said, our open plan is to do more than we were doing.

5 年前，我總是說，我們的開放計劃是做的比我們做的更多。

Today, I'd say the same thing.

今天，我也會說同樣的話。

We do have -- I think, we'll increase a little bit, but I can't exactly say by how many and when.

我們確實有——我認為，我們會增加一點，但我不能確切地說有多少和什麼時候。

We are a very hands-on company, and we have a lot of other things going on.

我們是一家非常親力親為的公司，我們還有很多其他事情要做。

And certainly, there's a lot of emphasis on the e-commerce side, not only getting into a few remaining countries, but building it, not because we're supposed to, but it's working.

當然，電子商務方面有很多重點，不僅要進入剩下的幾個國家，還要建設它，不是因為我們應該這樣做，而是因為它正在發揮作用。

And we think that in some cases it's either sales that we would have lost anyway, like big white goods, you just don't sell those in-store anymore.

我們認為，在某些情況下，我們無論如何都會失去銷售，比如大型白色家電，你只是不再在店內銷售這些產品。

And -- but we're getting people in the building still and using these things.

而且——但我們仍然讓人們在大樓裡並使用這些東西。

So I think -- don't expect some giant change from 20 to 30 in a couple of years, but our goal is to work harder to open a few more of those, while we're doing all these other things as well.

所以我認為 - 不要期望在幾年內從 20 到 30 發生巨大變化，但我們的目標是更加努力地開放更多這些，同時我們也在做所有這些其他事情。

And your question is from Kelly Bania from BMO Capital.

您的問題來自 BMO Capital 的 Kelly Bania。

Richard, just wanted to ask about executive penetration.

理查德，只是想問一下行政滲透。

You called out Japan and the impact there a little bit.

你提到了日本和那裡的影響。

But just curious how much in the U.S. you're seeing executive penetration move higher.

但只是好奇在美國有多少高管滲透率上升。

I know we've asked this over the years, but just -- and where you think that could kind of level out at some point.

我知道我們多年來一直在問這個問題，但只是 - 你認為這在某個時候可能會趨於平穩。

Hold on a second, I have some numbers here.

等一下，我這裡有一些數字。

When I look by country -- in the U.S. and Canada, where it's been the longest and we've got the most units and the most services as part of the executive membership offering, it's in the mid-70s.

當我按國家/地區查看時 - 在美國和加拿大，它是最長的，作為行政會員提供的一部分，我們擁有最多的單位和最多的服務，它是在 70 年代中期。

In other countries, where it's been -- like Mexico, it's in the 50s and growing.

在其他國家，比如墨西哥，它已經在 50 年代，而且還在不斷增長。

But I think -- and it starts off -- start off lower.

但我認為 - 它開始 - 開始較低。

I don't know if the marketing department has a plan for where it could go.

我不知道營銷部門是否有計劃去哪裡。

It's more of what can we do to get people to convert and sign up originally.

我們可以做更多的事情來讓人們最初轉換和註冊。

And so I think there's -- if I was shooting from the hip totally, at some point, there's going to be some members that don't want an executive membership, period, and even if it provides them some savings.

所以我認為有 - 如果我完全從臀部拍攝，在某些時候，會有一些成員不想要執行成員，期間，即使它為他們提供了一些節省。

And there are some people that want it that sometimes it's not as much savings as they thought, but at the end of the day -- and they revert back.

有些人想要它，有時它不像他們想像的那麼節省，但在一天結束時 - 他們會恢復。

But at the end of the day, I'd be thrilled to think that, that could go to 80 one day.

但在一天結束時，我會很高興地想到，有一天可能會達到 80。

But I have no idea where and how long it will take to get there.

但我不知道到達那裡需要多長時間。

We know that executive members are more loyal in terms of their renewal rates.

我們知道，高管成員在續訂率方面更加忠誠。

They shop more frequently and they spend more each year.

他們購物更頻繁，而且每年花費更多。

Got it.

知道了。

And maybe just one more on gross margin.

也許只是毛利率上的一個。

Obviously, mix impacts some other retailers more than it really impacts you.

顯然，混合對其他一些零售商的影響比它對你的影響更大。

But I guess, over the years, we've talked about things like private label, organics or international or even e-commerce in terms of mix shift.

但我想，多年來，我們已經討論了諸如自有品牌、有機產品或國際甚至電子商務之類的混合轉變。

And just curious, as you kind of look at that quarter-on-quarter up 4, which clearly is very stable, just what kind of mix shift is kind of underlying that?

只是好奇，當你看一下這個季度環比增長 4 時，這顯然是非常穩定的，到底什麼樣的混合轉變是潛在的？

Well, I think it's more than mix shift.

好吧，我認為這不僅僅是混合轉變。

I mean certainly, gas has the biggest impact.

我的意思是當然，天然氣的影響最大。

Gas is more than 10% of our business.

天然氣占我們業務的 10% 以上。

It could be a gross margin line -- first of all -- and there's deflation.

這可能是一條毛利率線——首先——還有通貨緊縮。

And so you could have the gross margin contribution, plus or minus, by a number of basis points.

因此，您的毛利率貢獻可能會增加或減少多個基點。

You have all these services, while they're small, work on higher gross margins than normal, because they cover the pharmacy, the pharmacists and pharmacy tax, in optical, the optometrist.

您擁有所有這些服務，雖然它們很小，但毛利率高於正常水平，因為它們涵蓋了藥房、藥劑師和藥房稅，在光學方面，驗光師。

Things like that.

像這樣的東西。

And those are all growing businesses, generally growing a little faster, some of them, at the company.

這些都是成長中的業務，通常在公司增長得更快，其中一些。

Travel, is an example, would be -- and Travel, some of the things are gross sales and some of them are brokerage fees, so a very high margin.

旅遊就是一個例子，旅遊，有些是銷售總額，有些是經紀費，所以利潤率很高。

There's really no -- very little cost of sales to commission.

真的沒有 - 佣金的銷售成本非常低。

But getting back to the core merchandise, private label generally is a slight positive.

但回到核心商品，自有品牌通常是一個輕微的積極因素。

Although, again, the percentage of stuff that's private label versus branded, while growing, is growing at a slower rate than it has in the past.

儘管自有品牌產品與品牌產品的百分比在增長的同時，其增長速度也比過去慢。

So I think -- and then there's that magic word, competition.

所以我認為——然後就是那個神奇的詞，競爭。

Our view is as we look -- how do we drive the top line?

我們的觀點與我們的看法一樣——我們如何推動收入增長？

How do we -- how can we be the most competitive?

我們如何——我們如何才能成為最具競爭力的？

And we're fortunate that we have different buckets to do that with.

我們很幸運，我們有不同的桶可以做到這一點。

So it's hard enough for us to know where the margins are going each month and each quarter other than we wanted to be flat or up a little bit, and we want to grow the top line, which will solve a lot of things.

所以我們很難知道每個月和每個季度的利潤率在哪裡，除了我們想要持平或上升一點，我們想要增加收入，這將解決很多事情。

Okay.

好的。

Well, thank you, everyone.

嗯，謝謝大家。

And thank you, Laurie.

謝謝你，勞裡。

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。